ADT Inc (ADT) 2024 Q4 法說會逐字稿

Thank you for standing by. My name is Rebecca, and I will be your conference operator today. At this time, I would like to welcome everyone to the ADT fourth-quarter 2024 earnings conference call. (Operator Instructions)

感謝您的支持。我叫麗貝卡，今天我將擔任您的會議主持人。現在，我歡迎大家參加 ADT 2024 年第四季財報電話會議。（操作員指示）

I would now like to turn the call over to Elizabeth Landers with ADT Investor Relations. Please go ahead.

現在我想將電話轉給 ADT 投資者關係部的 Elizabeth Landers。請繼續。

Thank you, operator, and good morning, everyone. We appreciate you joining today's call to discuss ADT's fourth-quarter and full-year 2024 results. Speaking on today's call will be ADT's Chairman, President and CEO, Jim DeVries; and our Chief Financial Officer, Jeff Likosar.

謝謝接線員，大家早安。感謝您參加今天的電話會議，討論 ADT 2024 年第四季和全年業績。今天的電話會議發言者將是 ADT 董事長、總裁兼執行長 Jim DeVries；以及我們的財務長 Jeff Likosar。

Following the prepared remarks, we'll have time for analyst questions. Earlier this morning, we issued a press release and slide presentation summarizing our financial results. These materials are available on our website at investor.adt.com.

在準備好的發言之後，我們將有時間回答分析師的問題。今天早些時候，我們發布了一份新聞稿和幻燈片演示，總結了我們的財務表現。這些資料可在我們的網站 investor.adt.com 上找到。

As a reminder, financials and metrics for current and historical periods discussed on this call will be for continuing operations except for non-GAAP cash flow measures, which include amounts related to the commercial business through the date of sale and solar through the second quarter of 2024.

提醒一下，本次電話會議討論的當前和歷史期間的財務和指標將用於持續經營，但非 GAAP 現金流量指標除外，其中包括截至銷售日期的商業業務相關金額和截至 2024 年第二季度的太陽能相關金額。

Today's remarks also include forward-looking statements that represent our beliefs or expectations about future events. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially. Some of the factors that may cause differences are described in our SEC filings.

今天的評論還包括前瞻性陳述，代表我們對未來事件的信念或期望。這些前瞻性陳述受風險和不確定性的影響，可能導致實際結果大不相同。我們的證券交易委員會 (SEC) 文件中描述了一些可能導致差異的因素。

We will also discuss non-GAAP financial measures on the call. The most directly comparable GAAP measures along with a reconciliation to these measures can be found in our earnings presentation on the ADT Investor Relations website.

我們也將在電話會議上討論非公認會計準則財務指標。最直接可比較的 GAAP 指標以及與這些指標的對帳可在 ADT 投資者關係網站上的收益報告中找到。

With that, I'm happy to turn the call over to Jim.

說完這些，我很高興將電話轉給吉姆。

Good morning, everyone, and thank you for joining us today to discuss ADT's fourth-quarter and full-year results, as well as our strategic progress during 2024 and our outlook for 2025.

大家早安，感謝您今天加入我們，討論 ADT 的第四季度和全年業績，以及我們在 2024 年的戰略進展和對 2025 年的展望。

Jeff will provide more detail later, but as we shared in our earnings release ADT delivered very strong top- and bottom-line results for the fourth quarter and the full year 2024, consistent with our objectives. I especially want to highlight our record high recurring monthly revenue balance, our record customer retention, and our very strong cash generation.

傑夫稍後會提供更多細節，但正如我們在收益報告中所分享的那樣，ADT 在第四季度和 2024 年全年實現了非常強勁的營收和利潤業績，符合我們的目標。我特別想強調我們創紀錄的每月經常性收入餘額、創紀錄的客戶保留率以及非常強勁的現金創造能力。

For the full year, our total revenue was $4.9 billion, up 5%. We generated adjusted net income from continuing operations of $685 million or $0.75 per diluted share, an increase of 25%. Our adjusted free cash flow, including interest rate swaps, was up 42% to $744 million.

全年我們的總收入為 49 億美元，成長 5%。我們產生的調整後持續經營淨收入為 6.85 億美元，即每股攤薄收益 0.75 美元，成長 25%。我們的調整後自由現金流（包括利率互換）成長了 42%，達到 7.44 億美元。

As a reminder, following the wind down of our solar operation in 2024, ADT is now completely focused on our core security and smart home business. This market is large and growing towards analysts project at $23 billion and consumers spending within four years. We're also excited at the incremental opportunity in the close adjacencies of standalone devices, and aging in place within residential as well as growing our footprint and small business.

提醒一下，隨著我們的太陽能業務於 2024 年結束，ADT 現在完全專注於我們的核心安全和智慧家庭業務。這個市場規模很大，並且正在朝著分析師預測的 230 億美元和消費者支出的方向增長，四年內即可實現。我們也對獨立設備緊密相鄰、住宅內老化以及擴大我們的業務範圍和小型企業所帶來的增量機會感到興奮。

I'm pleased with our overall 2024 progress and momentum during the year in which we also celebrated our 150th anniversary. At our core, we remain centered on delivering safe, smart, and sustainable solutions to our customers. Will continue to incur our strategy in three areas: innovative offerings, unrivaled safety, and a premium best-in-class customer service experience.

我對我們在 2024 年取得的整體進展和發展勢頭感到滿意，今年也是我們慶祝 150 週年的一年。我們的核心始終是致力於為客戶提供安全、智慧和永續的解決方案。將繼續在三個領域實施我們的策略：創新產品、無與倫比的安全性以及一流的優質客戶服務體驗。

A key component of our strategy has been investing in our product and experience ecosystem to create innovative offerings for our customers. To this end, during 2024, we accomplished a very significant milestone by launching our proprietary ADT+ platform, which is now available across the entire country to a growing percentage of our new customers.

我們策略的關鍵組成部分是投資我們的產品和體驗生態系統，為我們的客戶創造創新產品。為此，我們在 2024 年推出了專有的 ADT+ 平台，實現了一個非常重要的里程碑，該平台現已在全國範圍內向越來越多的新客戶開放。

Our platform provides refreshed hardware, a new user interface and an enhanced overall user experience along with offering installation flexibility and configurability, new use cases and several other advantages for our customers. Our ADT+ app has also consistently received positively end-user feedback averaging 4.8 stars across thousands of reviews and the Apple App Store and Google Play Store.

我們的平台提供更新的硬體、新的使用者介面和增強的整體使用者體驗，同時為客戶提供安裝靈活性和可配置性、新的用例和其他一些優勢。我們的 ADT+ 應用程式也一直獲得正面的最終用戶回饋，在數千條評論以及 Apple App Store 和 Google Play Store 中平均獲得 4.8 顆星的評價。

Our ADT+ platform is the foundation in which we will innovate and build unique experiences tailored to our customers' individual needs. The first example of this type of experience is Trusted Neighbor, which we launched in the third quarter of last year, enabling customers to grant trusted individuals secure access to their homes, for every event such as package delivery or more urgent issues like water leaks.

我們的 ADT+ 平台是我們創新和建構滿足客戶個人化需求的獨特體驗的基礎。這種體驗的第一個例子是“可信鄰居”，我們在去年第三季度推出了這項服務，讓客戶能夠授予受信任的個人安全進入其住宅的權限，以應對包裹遞送等事件或漏水等更緊急的問題。

We're also excited about the innovative ways our customers are able to grant secure access such as with the ADT+ app on a Neighbor's phone, customized codes or in combination with Google via Nest familiar face feature.

我們也對客戶能夠以創新方式授予安全存取權限感到興奮，例如使用鄰居手機上的 ADT + 應用程式、自訂程式碼或透過 Nest 熟悉面孔功能與 Google 結合使用。

We are pleased with the initial results and customer feedback we are receiving on this new feature and the overall ADT+ experience. We're also pleased that Trusted Neighbor was named Home Security Innovation of the Year at the ninth annual Internet of Things Breakthrough awards, underscoring ADT's commitment to advancing home security technology and reimagining how ADT connects and protects customer.

我們對此新功能和整體 ADT+ 體驗的初步結果和客戶回饋感到非常滿意。我們也很高興 Trusted Neighbor 在第九屆年度物聯網突破獎中被評為年度家庭安全創新獎，這突顯了 ADT 致力於推進家庭安全技術並重新構想 ADT 如何連接和保護客戶的承諾。

While we're energized by the new capabilities and smart home features, we're able to offer our customers. I want to underscore the heart of what we do is focused on delivering unrivaled safety, security, and trust to our 6.4 million customers every day.

在我們為新功能和智慧家庭特性所振奮的同時，我們也能夠為客戶提供服務。我想強調的是，我們工作的核心是專注於每天為我們的 640 萬客戶提供無與倫比的安全、保障和信任。

Accordingly, we're proud to be the first company to adopt and implement the alarm validation scoring standard, also known as AVS-01 at national level. This standard uses historical and real-time information to provide first responders with crucial details, including the severity of a threat that can help them quickly determined a well-informed plan of action.

因此，我們很自豪能夠成為第一家在國家層級採用和實施警報驗證評分標準（也稱為 AVS-01）的公司。該標準使用歷史和即時資訊為第一響應者提供關鍵細節，包括威脅的嚴重性，可以幫助他們快速確定明智的行動計劃。

Additionally, ADT again earned the title of the Most Trusted Home Security System Brand for the sixth consecutive year in a study based on consumer ratings conducted by Lifestory Research. We're also proud to have earned The Monitoring Associatio'ns Monitoring Center of the Year award, recognizing ADT's significant contribution to the alarm industry and exceptional customer service.

此外，在 Lifestory Research 進行的一項基於消費者評級的研究中，ADT 連續第六年再次榮獲最值得信賴的家庭安全系統品牌頭銜。我們也很榮幸獲得監控協會頒發的年度監控中心獎，以表彰 ADT 對警報行業的重大貢獻和卓越的客戶服務。

Another 2024 highlight was our continued improvements to enhance and deliver the best-in-class customer experience. We improved our overall customer satisfaction with significant improvements in various customer perception measurements resulting from our continuous improvements in several areas, including virtual service first call resolution and customer onboarding processes.

2024 年的另一個亮點是我們不斷改進，以增強和提供一流的客戶體驗。由於我們在虛擬服務首次呼叫解決率和客戶入職流程等多個領域的不斷改進，各種客戶感知測量結果均有顯著改善，從而提高了整體客戶滿意度。

We were rewarding in kind with a record level of customer retention, and I'm proud that we were able to drive these improvements while also increasing ADT's operating efficiency. The resulting cost savings contributed to our strong financial results and enabled continued investment in our business. While many initiatives contributed to our progress, we are especially pleased with the progress we made with our virtual service and very early artificial intelligence efforts.

我們以創紀錄的客戶保留率給予了我們相應的回報，我很自豪我們能夠推動這些改進，同時提高 ADT 的營運效率。由此產生的成本節省促進了我們強勁的財務業績，並使我們能夠繼續對業務進行投資。雖然許多措施都促進了我們的進步，但我們對虛擬服務和早期人工智慧工作所取得的進展感到特別高興。

For the full year, we successfully resolved more service calls utilizing, cost-efficient remote alternatives rather than conducting in-person service visits, avoiding thousands of truck rolls and contributing to reductions in our field service costs.

全年，我們利用經濟高效的遠端替代方案（而非親自上門服務）成功解決了更多服務電話，避免了數千次上門服務，並有助於降低我們的現場服務成本。

Additionally, we formally launched our partnership with Sierra focused on call center artificial intelligence with an objective of resolving customer needs in a more efficient and expeditious process, especially by reducing the need for a lengthy telephonic interactions. During 2024, we also continue to progress several go-to-market efficiency improvements, which included the rollout of our new brand platform when every second counts.

此外，我們正式與 Sierra 建立合作夥伴關係，專注於呼叫中心人工智慧，目的是透過更有效率、更快捷的流程解決客戶需求，特別是透過減少長時間電話互動的需要。2024 年，我們也將繼續推動多項上市效率改進，其中包括在分秒必爭的情況下推出新的品牌平台。

We made several enhancements in our go-to-market process concurrent with the launch of ADT+ such as more flexibility in product bundles, configurations and pricing. And we continue to make steady progress with our dealer partners and in the new sales channels such as State Farm, with whom we now have offers available in 17 states including solutions in select states focus on leak detection and self-setup or DIY alternatives.

在推出 ADT+ 的同時，我們對上市流程進行了多項改進，例如在產品捆綁、配置和定價方面更加靈活。我們與經銷商合作夥伴以及 State Farm 等新銷售管道繼續取得穩步進展，目前我們與 State Farm 合作，在 17 個州提供產品，其中包括在特定州專注於洩漏檢測和自行設置或 DIY 替代方案的解決方案。

As we enter 2025, our primary objectives are to continue execution of our strategy and importantly, optimize our newly developed and launch capabilities. This specifically includes further expansion of the ADT+ platform to a large percentage of our new customers, availability across additional sales channels and capabilities to enable existing customers to enjoy some of the features available to new customers.

進入 2025 年，我們的主要目標是繼續執行我們的策略，更重要的是優化我們新開發和推出的能力。這具體包括進一步將 ADT+ 平台擴展到我們大部分新客戶、透過其他銷售管道提供，以及使現有客戶能夠享受新客戶可用的一些功能。

It also includes even stronger emphasis and focus on our core residential professional install customer additions where we enjoyed particularly strong momentum exiting 2024 and entering 2025. Additionally, as we build our experience with our new offerings, we will optimize our sales process and go-to-market approaches including refinement of the offer structure, bundling, pricing, and marketing messages to improve our appeal to more segments of customers and drive efficiency in our subscriber acquisition cost.

它還包括更加重視和關注我們的核心住宅專業安裝客戶的成長，我們在 2024 年底和 2025 年初享有特別強勁的發展勢頭。此外，隨著我們在新產品方面積累的經驗不斷積累，我們將優化銷售流程和市場進入方式，包括改進產品結構、捆綁銷售、定價和營銷信息，以提高我們對更多客戶群體的吸引力，並提高用戶獲取成本的效率。

We will also continue exploring and innovating ways to enhance our product offerings, which may include additional means with which customers can access their systems or grant access to others such as via biometrics, new use cases oriented towards specific customer needs, such as aging in place or surveillance of pets or enhanced configurations to our consumer app based on early customer input and feedback.

我們也將繼續探索和創新方法來增強我們的產品供應，其中可能包括客戶可以存取其係統或授予他人存取權限的其他方式，例如透過生物識別技術，面向特定客戶需求的新用例，例如居家養老或寵物監視或基於早期客戶輸入和反饋對我們的消費者應用程式的增強配置。

We're doing this while continuing to advance service and efficiency initiatives, these initiatives include continued progress on remote service diagnosis and issue remediation with broadened capabilities beyond our core security system to, for example, include resolution of customers' home Wi-Fi network issues.

我們在這樣做的同時，也將繼續推動服務和效率舉措，這些舉措包括繼續推進遠端服務診斷和問題補救，擴大我們核心安全系統以外的功能，例如解決客戶的家庭 Wi-Fi 網路問題。

And as I mentioned earlier, we expect continued progress on our call center artificial intelligence initiative with an objective of exiting the year at a meaningfully reduced run rate of volume in our call centers. Jeff will share more about our 2025 financial outlook momentarily, but I want to underscore that we remain very intentional and disciplined in our capital allocation with continued commitment to generate free cash flow and shareholder returns.

正如我之前提到的，我們預計我們的呼叫中心人工智慧計畫將繼續取得進展，目標是在今年年底前大幅降低我們呼叫中心的運作量。傑夫將立即分享更多有關我們 2025 年財務展望的信息，但我想強調的是，我們在資本配置方面仍然非常有目的性和紀律性，並繼續致力於創造自由現金流和股東回報。

This commitment anchors our 2025 financial plans and combined with our significant recent debt and leverage reduction enabled the $500 million share repurchase authorization we announced this morning. We believe our stock is very attractively valued at recent prices and our share repurchase plan enables us to return capital directly to our shareholders.

這項承諾奠定了我們 2025 年財務計畫的基礎，再加上我們近期大幅削減債務和槓桿率，促成了我們今天早上宣布的 5 億美元股票回購授權。我們相信，我們的股票近期價格非常具有吸引力，而且我們的股票回購計劃使我們能夠直接向股東返還資本。

Before I turn the call over to Jeff, I want to take just a moment to express my gratitude to our nearly 13,000 employees, our dealers and our equity and business partners, State Farm and Google. I am very grateful for the contributions of all our stakeholders, and we are committed to generating positive outcomes including for the audience on this call, strong returns. I'm honored to lead this company into its 151th year. Thank you for your time today.

在將電話轉給傑夫之前，我想花一點時間向我們近 13,000 名員工、我們的經銷商以及我們的股權和業務合作夥伴 State Farm 和 Google 表示感謝。我非常感謝所有利害關係人的貢獻，我們致力於創造積極的成果，包括為本次電話會議的聽眾帶來豐厚的回報。我很榮幸能夠帶領這家公司邁入第 151 年。感謝您今天抽出時間。

I'll now turn the call over to Jeff, who will take you through our 2024 financial results in more detail and share our financial guidance for 2025.

現在我將電話轉給傑夫，他將向您更詳細地介紹我們 2024 年的財務業績，並分享我們對 2025 年的財務指導。

Thanks, Jim, and thank you, everyone, for joining our call today. I'll take the next few minutes to share some additional detail on our 2024 financial performance and then turn to our 2025 guidance.

謝謝，吉姆，也謝謝大家今天參加我們的電話會議。接下來的幾分鐘，我將分享一些有關我們 2024 年財務表現的更多細節，然後再談談我們的 2025 年指引。

I'm very pleased with our overall 2024 financial results, especially our continued strong cash flow growth. In the fourth quarter, we delivered $224 million in adjusted free cash flow, including interest rate swaps and $744 million for the full year, an increase of 42% over 2023.

我對我們 2024 年的整體財務表現非常滿意，尤其是我們持續強勁的現金流成長。第四季度，我們的調整後自由現金流（包括利率互換）為 2.24 億美元，全年調整後自由現金流為 7.44 億美元，比 2023 年成長 42%。

This outcome is the result of continued revenue growth, operational efficiency, overall cost discipline, and capital structure improvements. Another key highlight for 2024 was our 25% growth in adjusted earnings per share to $0.75 on adjusted net income from continuing operations of $685 million.

這項成果是持續的收入成長、營運效率、整體成本控制和資本結構改善的結果。2024 年的另一個重要亮點是我們的調整後每股盈餘成長 25%，達到 0.75 美元，調整後持續經營淨收入為 6.85 億美元。

Total revenue was $1.3 billion for the fourth quarter and $4.9 billion for the full year, up 5%. Monitoring and services revenue grew 3% for the year, driven primarily by a record RMR balance, which benefited from higher average pricing and strong customer retention. We generated 836,000 gross customer additions and $49.7 million of new RMR additions for the full year. Installation revenue for the year was $605 million, up $131 million or 28%.

第四季總營收為 13 億美元，全年總營收為 49 億美元，成長 5%。監控和服務收入全年增長 3%，主要得益於創紀錄的 RMR 餘額，這得益於更高的平均定價和強大的客戶保留率。我們全年新增客戶 836,000 名，新增 RMR 為 4,970 萬美元。全年安裝收入為 6.05 億美元，成長 1.31 億美元，成長 28%。

Outright sales revenue was up 50% for the year and more than doubled in the fourth quarter compared to the prior year. The key driver here is that for new subscriber additions on our ADT+ platform, the customer acquires ownership of the relevant equipment. This is a transition from our historic model, under which ADT retained ownership of most equipment installed in customers' homes.

全年直接銷售收入成長了 50%，第四季的銷售額比去年同期成長了一倍多。這裡的關鍵驅動因素是，對於我們 ADT+ 平台上的新用戶，客戶將獲得相關設備的所有權。這是我們歷史模式的轉變，在歷史模式中，ADT 保留了安裝在客戶家中的大多數設備的所有權。

Amortization of deferred subscriber acquisition revenue from installations under our company-owned model was also up by 15% for the full year. Installation revenue per unit remained strong at approximately $1,300 as the trend towards larger system sizes contributed to our efficient revenue payback of 2.2 years. Gross revenue attrition was a record 12.7%, reflecting superior customer service and related retention improvements, partially offset by higher nonpayment cancellations.

我們公司自有模式下安裝的遞延用戶獲取收入的攤銷全年也成長了 15%。由於系統規模擴大的趨勢促成了我們 2.2​​ 年的有效收入回報，每台設備的安裝收入仍然保持強勁，約為 1,300 美元。總收入流失率達到創紀錄的 12.7%，反映出卓越的客戶服務和相關的保留率提高，但部分被更高的未付款取消率所抵消。

Adjusted EBITDA from continuing operations was $653 million for the quarter, and $2.6 billion for the year, an increase of 4%. For both periods, our performance was primarily attributable to revenue growth and efficiency actions, including the progress in virtual service, Jim mentioned.

本季持續經營業務的調整後 EBITDA 為 6.53 億美元，全年調整後 EBITDA 為 26 億美元，成長 4%。吉姆提到，在這兩個時期，我們的業績主要歸功於營收成長和效率行動，包括虛擬服務的進步。

These improvements were partially offset by investments in our innovation initiatives and longer-term objectives. We remain very disciplined with capital allocation and continue to benefit from the enhanced flexibility of our improved capital structure.

這些改進被我們對創新計劃和長期目標的投資部分抵消。我們在資本配置方面仍然非常嚴格，並繼續受益於改進的資本結構所帶來的增強的靈活性。

A noteworthy highlight is our reduced leverage with net debt at 2.9 times adjusted EBITDA below the 3.0 times threshold we committed to reach. We finished the year with just under $100 million of unrestricted cash on hand and no outstanding revolver balance.

值得注意的亮點是我們的槓桿率降低，淨債務為調整後 EBITDA 的 2.9 倍，低於我們承諾達到的 3.0 倍門檻。截至今年年底，我們手頭上的非限制性現金接近 1 億美元，並且沒有未償還的循環信貸餘額。

Our ending net debt of $7.4 billion was down approximately $200 million from 2023. Our overall capital structure remains very efficient with a weighted average interest rate of approximately 4.5%. We have continued our methodical improvements, which include several debt transactions during the past year. We repaid the remaining $100 million of our April 2024 notes at maturity.

我們的期末淨債務為 74 億美元，比 2023 年減少了約 2 億美元。我們的整體資本結構仍然非常高效，加權平均利率約為 4.5%。我們繼續進行系統改進，包括過去一年的幾筆債務交易。我們在到期時償還了 2024 年 4 月剩餘的 1 億美元票據。

We refinanced our $600 million Term Loan A with incremental Term Loan B maturing in 2030. We reduced the interest spread on our existing first lien Term Loan B by 25 basis points, and we upsized our revolving credit facility by $225 million and extended its maturity to 2029.

我們為 6 億美元的定期貸款 A 進行了再融資，並增加了 2030 年到期的定期貸款 B。我們將現有第一留置權定期貸款 B 的利差降低了 25 個基點，並將循環信貸額度增加了 2.25 億美元，並將其到期日延長至 2029 年。

In total, our 2024 debt transactions reduced $10 million in interest and $26 million in mandatory amortization payments. Additionally, earlier this month, we secured lender commitments for a new $600 million seven-year term loan which we expect to close next week.

總體而言，我們 2024 年的債務交易減少了 1,000 萬美元的利息和 2,600 萬美元的強制攤銷付款。此外，本月初，我們獲得了貸款方承諾的一筆新的 6 億美元七年期貸款，預計下週將完成貸款。

The interest spread on this new facility is set to be another 25 basis points tighter than our recently repriced existing term loan, reflecting investor confidence in our business. We plan to use proceeds to repay the first $500 million of our April 2026 notes for which we issued a redemption notice earlier this month.

這項新貸款的利差將比我們最近重新定價的現有定期貸款再收窄 25 個基點，這反映了投資者對我們業務的信心。我們計劃利用所得款項償還本月初我們發出贖回通知的 2026 年 4 月到期票據的首筆 5 億美元。

As Jim mentioned, we are committed to generating shareholder returns. And to that end, we increased our quarterly dividend, distributing $182 million during 2024, a 41% increase over 2023. And under our 2024 repurchase authorization, we retired 51 million shares for an aggregate price of $345 million, including $104 million in January of 2025.

正如吉姆所說，我們致力於為股東創造回報。為此，我們增加了季度股息，2024 年派發 1.82 億美元，比 2023 年成長 41%。根據我們 2024 年的回購授權，我們以總價格 3.45 億美元回購了 5,100 萬股，其中包括 2025 年 1 月回購的 1.04 億美元。

Turning to 2025, our plans are anchored on our resilient and growing recurring monthly revenue, overall operating and cost discipline and increasingly efficient SAC. We are continuing to emphasize our commitment to cash generation, balanced and disciplined capital allocation and shareholder returns.

展望 2025 年，我們的計劃將以有彈性且不斷增長的經常性月收入、整體營運和成本紀律以及日益高效的 SAC 為基礎。我們將繼續強調對現金創造、平衡且有紀律的資本配置和股東回報的承諾。

Our confidence in continued cash generation and our capital allocation flexibility enabled a new $500 million share repurchase authorization Jim mentioned earlier. We are again targeting strong growth in adjusted free cash flow, including swaps which we expect to be in a range of $800 million to $900 million in 2025.

我們對持續現金創造和資本配置靈活性的信心使我們獲得了 Jim 之前提到的 5 億美元新股票回購授權。我們再次將調整後自由現金流（包括掉期）的強勁成長作為目標，預計到 2025 年將達到 8 億美元至 9 億美元。

At the midpoint, this represents an increase of 14% following last year's 42% growth. This improvement is driven by our overall profitability and SAC efficiency, which more than offset some pressure as we become a more significant cash taxpayer this year.

以中位數計算，繼去年成長 42% 之後，今年又成長了 14%。這項改善是由我們的整體獲利能力和 SAC 效率推動的，這抵消了我們今年成為更重要的現金納稅人所帶來的一些壓力。

We also expect continued meaningful growth in our earnings per share, revenue and adjusted EBITDA. We are guiding to adjusted earnings per share of $0.77 to $0.85, an increase of 8% at the midpoint. This includes growth in our underlying profitability and the benefit of lower share count from repurchases in 2024 and some anticipated repurchases in 2025.

我們也預期每股收益、收入和調整後 EBITDA 將繼續大幅成長。我們預計調整後每股收益為 0.77 美元至 0.85 美元，中間值成長 8%。這包括我們基本獲利能力的成長以及 2024 年回購和 2025 年預期回購帶來的較低股份數量的好處。

We expect full year revenue in a range of $5.025 billion to $5.225 billion, an increase of 5% at the midpoint with M&S revenue growing by approximately 2%. The remainder is from installation revenue growth driven by the continued rollout of our ADT+ platform, as I mentioned earlier. This ownership model transition effectively shifts subscriber acquisition costs to our P&L rather than our historic capitalization and amortization model.

我們預計全年營收將在 50.25 億美元至 52.25 億美元之間，中間值成長 5%，其中瑪莎百貨收入成長約 2%。其餘部分則來自於安裝收入的成長，這得益於我們 ADT+ 平台的持續推出，正如我之前提到的。這種所有權模式的轉變有效地將使用者獲取成本轉移到我們的損益表中，而不是我們的歷史資本化和攤銷模式。

Additionally, we are increasingly incurring expenses in EBITDA associated with our cloud transition, replacing expenditures that were previously capitalized. These noncash headwinds pressured our EBITDA growth but are more than offset by planned M&S revenue growth and net overall cost efficiencies. We, therefore, expect adjusted EBITDA to be in the range of $2.65 billion to $2.75 billion, up 5% at the midpoint.

此外，我們在 EBITDA 中產生的與雲端轉型相關的費用不斷增加，取代了先前資本化的支出。這些非現金不利因素給我們的 EBITDA 成長帶來了壓力，但被計劃中的 M&S 收入成長和淨總成本效率所抵消。因此，我們預計調整後的 EBITDA 將在 26.5 億美元至 27.5 億美元之間，中間值成長 5%。

Consistent with historic patterns, we expect the first quarter to be our lowest growth quarter across all our guidance metrics. This is due to some seasonality and the timing of several items, especially cash interest. Before turning to questions, I want to close by again highlighting our exceptionally strong overall 2024 performance and delivery of the objectives we outlined a year ago.

與歷史模式一致，我們預計第一季將是所有指導指標中成長最低的季度。這是由於一些季節性因素和一些項目的時間安排，特別是現金利息。在回答問題之前，我想再次強調我們在 2024 年整體表現異常強勁，並且已經實現了我們一年前提出的目標。

We are especially pleased to have generated these solid results while also investing for the future and accomplishing the milestones Jim mentioned in his remarks. Finally, I will again underscore the strength of our capital structure, our ability to generate cash, and our commitment to delivering shareholder returns.

我們特別高興能夠取得這些堅實的成果，同時也為未來進行投資並實現吉姆在演講中提到的里程碑。最後，我將再次強調我們資本結構的實力、我們創造現金的能力以及我們對股東回報的承諾。

I'm very grateful for the contributions of our employees, dealers, partners, and investors to deliver our strong 2024 results and for our early momentum in 2025. Thank you again, everyone, for joining today.

我非常感謝我們的員工、經銷商、合作夥伴和投資者的貢獻，使我們在 2024 年取得了強勁的業績，並在 2025 年取得了早期的發展勢頭。再次感謝大家今天的參與。

Operator, please open the line for questions.

接線員，請打開熱線以回答問題。

(Operator Instructions) George Tong, Goldman Sachs.

（操作員指示）高盛的 George Tong。

This is Alex Locker, on for George Tong. ADT completed a sizable bulk account purchase in 3Q from the same seller purchased accounts within 2023. Does ADT plan on acquiring more bulk accounts from the seller or another in 2025? And can you provide an update on capital allocation strategy?

我是 Alex Locker，代替 George Tong。ADT 在第三季從同一賣家完成了一筆相當大的大量帳戶購買，這些賣家在 2023 年內購買了帳戶。ADT 是否計劃在 2025 年從賣家或其他管道獲得更多批量帳戶？您能否提供有關資本配置策略的最新資訊？

Sure, Alex. This is Jim. Thanks for the question. I'll address the bulk question and look to Jeff to chime in on capital allocation.

當然，亞歷克斯。這是吉姆。謝謝你的提問。我將回答大部分問題，並希望傑夫就資本配置發表意見。

So a little bit of color on the bulk. In 2024, we executed bulk deals for about 49,000 accounts. We did not do bulk deals in Q4. We have opportunities available to us with some consistency. We won't chase these transactions, but when the economics work for us, we'll definitely pursue them. Right now, we're exploring alternatives with two or three parties, including the organization that we acquired bulk from last year.

因此，主體上有一點點顏色。2024 年，我們為大約 49,000 個帳戶執行了大量交易。我們在第四季沒有進行大宗交易。只要保持一定的一致性，我們就能獲得許多機會。我們不會追逐這些交易，但當經濟條件對我們有利時，我們肯定會追求它們。目前，我們正在與兩三方探討替代方案，其中包括去年我們從其收購大宗產品的組織。

I'd offer the returns for bulk are generally consistent with our dealer business. I think we'll continue to have opportunities to explore bulk additions. We've done them, I think, five out of the last six years, and we'll continue to look at capital allocation, make capital allocation decisions comparing bulk opportunities, dealer and incremental subscriber adds in our direct business.

我認為批量退貨的回報通常與我們的經銷商業務一致。我認為我們將繼續有機會探索批量添加。我認為，在過去的六年中，我們已經做了五年，我們將繼續關注資本配置，透過比較批量機會、經銷商和直接業務中的增量用戶來做出資本配置決策。

Jeff, do you want to take capital?

傑夫，你想獲得資本嗎？

Yeah. I'll add a little more on capital allocation consistent with what we've said the last several calls, we feel really good about the progress we've made in the last couple of years, a whole lot more flexibility.

是的。我將就資本配置補充一些內容，與我們在過去幾次電話會議上所說的一致，我們對過去幾年取得的進展感到非常滿意，靈活性大大提高。

Our net debt is below $7.5 billion. It was more than $10 million not long ago, leverage below [3%] our cost of debt around 4.5%, maturities well stacked all the transactions I've noted in the prepared remarks. So three broad priorities continuing to invest in the business consistent with the variety of avenues, including what Jim just described, you're targeting strong returns, we'll remain disciplined and won't chase, but we'll deploy capital there.

我們的淨債務低於 75 億美元。不久前，我們的債務金額超過 1000 萬美元，槓桿率低於 [3%]，債務成本約為 4.5%，期限很長，我在準備好的評論中已經提到了所有交易。因此，三大優先事項是繼續透過各種途徑對業務進行投資，包括吉姆剛才所描述的，你的目標是獲得豐厚的回報，我們將保持紀律，不會追逐，但我們會在那裡部署資本。

We'll continue to strengthen the balance sheet, including additional incremental debt reduction. But again, because we're below [3%], we feel less beholden to debt reduction because of the strength of our current capital structure.

我們將繼續加強資產負債表，包括進一步減少債務。但同樣，因為我們低於 [3%]，由於我們目前的資本結構強勁，我們對減債的負擔較小。

And then the third area is returning capital to shareholders. So we increased our quarterly dividend meaningfully last year we consumed almost all of our $350 million share repurchase authorization last year with confidence, announced an incremental $500 million share repurchase authorization which we intend to deploy during the course of the year and just another word or two beyond what Jim noted that we think the stock is very attractively valued.

第三個領域是向股東返還資本。因此，我們去年大幅增加了季度股息，我們去年滿懷信心地用掉了幾乎所有的 3.5 億美元股票回購授權，宣布了增量 5 億美元的股票回購授權，我們打算在年內部署這些授權，除了 Jim 提到的我們認為該股票的估值非常有吸引力之外，還有一兩句話。

We added a page to the IR deck, I think page 16, it's a just -- but with our $4.3 billion annuity-like base plus our growth prospects, plus our focus on efficiency, our consistent cash growth and our commitment to return capital to shareholders. We think share repurchase is a good use of capital.

我們在 IR 簡報中添加了一頁，我想是第 16 頁，這只是——但我們有 43 億美元的年金式基礎，加上我們的成長前景，再加上我們對效率的關注、我們持續的現金成長以及我們向股東返還資本的承諾。我們認為股票回購是一種很好的資本運用方式。

Got it. And can you elaborate on the State Farm partnership and how 4Q came in from a sales perspective relative to prior quarters?

知道了。您能否詳細說明一下與 State Farm 的合作關係，以及第四季的銷售情況與前幾季相比如何？

Sure. Alex, it's Jim. So we have -- we continue to chip away on regulatory and compliance work. A great deal has been accomplished. The teams are working together consistently. We're now in four more states for a total of 17 states that represents something in the neighborhood of 45% of State Farm policies in force.

當然。亞歷克斯，我是吉姆。因此，我們將繼續努力進行監管和合規工作。我們已經取得了很大成就。各個團隊一直共同努力。現在我們已涵蓋另外 4 個州，總共涵蓋 17 個州，約佔 State Farm 現行保單的 45%。

We just did some trials using DIY in two state and water leak detection, kind of a leak detection-centric product in two additional states. The total sales for us through State Farm in 2024 was 18,000, that compares to 5,500 in 2023. Customer satisfaction is holding very high and the teams -- the working teams right now are meeting to finalize plans for the remainder of 2025, including state expansion.

我們剛剛在兩個州使用 DIY 和漏水檢測進行了一些試驗，這是一種在另外兩個州以洩漏檢測為中心的產品。2024 年我們透過 State Farm 實現的總銷售額為 18,000 輛，而 2023 年為 5,500 輛。客戶滿意度保持很高，團隊——工作團隊目前正在開會，敲定 2025 年剩餘時間的計劃，包括國家擴張。

Manav Patnaik, Barclays.

巴克萊銀行的馬納夫·帕特奈克（Manav Patnaik）。

This is Ronan Kennedy on for Manav. Can I just ask you to expand on the progress and initiatives around optimizing the sales process to go to market? I think we find that offer structure and the bundling and pricing progress there and the expectations for that in '25.

這是羅南肯尼迪 (Ronan Kennedy)，代替馬納夫 (Manav)。我可否請您詳細說明一下在優化銷售流程以進入市場方面取得的進展和舉措？我認為我們發現報價結構、捆綁和定價在那裡取得了進展，並且對 25 年的情況有預期。

Yes, sure. Thanks for the question. It's Jeff. I would highlight that we launched this new offer structure or the new set of offers, I should say, first, last year on the ADT+ platform. There's a variety of changes at the same time. So it's a new app. It's a new set of equipment and more use cases available for customers.

是的，當然。謝謝你的提問。是傑夫。我想強調的是，我們去年在 ADT+ 平台上首次推出了這種新的報價結構或新的報價組合。同時也存在著多種變化。所以這是一個新的應用程式。這是一套新設備，可以為客戶提供更多用例。

So concurrent with that, we offered our customers new choices bundled things in somewhat different ways with respect to the equipment versus the services, warranty, and other kinds of features. And the reason that we make the comment about optimization is because we rolled this out to first select geographies, then all geographies.

同時，我們為客戶提供了新的選擇，在設備、服務、保固和其他類型的功能方面以略有不同的方式捆綁在一起。我們之所以對優化發表評論，是因為我們首先將其推廣到選定的地區，然後是所有地區。

And as Jim noted, we're continuing to expand to different kinds of customers. And as we build experience, we're learning how to adjust the so-called knobs and dials to find the right kind of offer to put in front of the right kind of customer in the right channel, in some cases, even the right balance between installation prices versus recurring revenue prices in some cases, how and when and if we make financing alternatives available to the customer.

正如吉姆所說，我們正在繼續擴大業務範圍，以服務不同類型的客戶。隨著經驗的積累，我們正在學習如何調整所謂的旋鈕和刻度盤，以找到正確的報價，透過正確的管道向正確的客戶展示，在某些情況下，甚至在安裝價格和經常性收入價格之間取得適當的平衡，我們如何以及何時以及是否向客戶提供融資替代方案。

So the reason we make the point is just because it's new, we believe there's significant opportunity to make adjustments to optimize the outcomes, both economic outcomes and take rates and volumes as we work our way through 2025.

因此，我們提出這一點的原因只是因為它是新的，我們相信在我們努力實現 2025 年的過程中，有很大機會進行調整以優化結果，包括經濟成果以及利率和數量。

And one quick addition, Ron, and it's Jim here. Our -- we've got a -- you mentioned sales motion, we've got a terrific sales leadership team in the field. And we're making, I'd say, really good progress in our ground game.

還有一點要補充，羅恩，我是吉姆。我們的——我們有一個——您提到的銷售動議，我們在該領域擁有一支出色的銷售領導團隊。我想說，我們在地面戰鬥中取得了非常好的進展。

We're refining territory management, we're leaning a little more aggressively in the resales. You're familiar in with our tech engineer model. We continue to leverage our tech engineer model and conversion is continuing to improve. So there's -- as Jeff said, lots of knobs and dials at the intersection of sales and marketing and pricing and bundling, et cetera. But feel real good about 2025.

我們正在完善區域管理，在轉售方面我們採取更積極的措施。您熟悉我們的技術工程師模型。我們繼續利用我們的技術工程師模型，轉換率正在不斷提高。因此，正如傑夫所說，在銷售、行銷、定價、捆綁等環節中存在著許多旋鈕和刻度盤。但對 2025 年感覺非常樂觀。

And then can I ask you to please talk about progress made on kind of the digitization and AI front in terms of the virtual service, the call center efficiency. I think even some opportunity within propensity analytics as you scale up IT in that regard?

然後，我可以請您談談在虛擬服務和呼叫中心效率方面數位化和人工智慧方面的進展嗎？我認為，隨著您在這方面擴大 IT 規模，傾向分析中是否存在一些機會？

Sure. So I'll do virtual first and AI second. On the virtual front, we're actually now over 3 million customers served all time for virtual. Just over 1 million, I think $1,250,000 or so of those were in 2024 more than 50% of our jobs created, our service jobs created are now addressed virtually versus a truck roll.

當然。所以我先會進行虛擬，然後再進行人工智慧。在虛擬方面，我們實際上現在已經為超過 300 萬客戶提供虛擬服務。略高於 100 萬美元，我想其中 125 萬美元左右是在 2024 年創造的，占我們創造的就業崗位的 50% 以上，我們創造的服務性就業崗位現在都是通過虛擬方式而不是卡車運輸來處理的。

The customer satisfaction is actually a tech hire for virtual than truck rolls. It's going exceptionally well and we're holding at that 50% of jobs created, even though the number of jobs, the kinds of jobs that we're addressing is being expanded.

客戶滿意度實際上是一種虛擬的技術僱傭，而不是卡車運輸。一切進展順利，儘管我們創造的就業機會的數量和種類正在擴大，但我們創造的就業機會仍保持在 50% 左右。

So that's a fantastic win for us. We're just beginning to look at some AI applications in the virtual arena, but it's early in the game. And then your second question about AI overall, as you know, we're starting with customer experience, customer service is our first foray leveraging artificial intelligence. We've partnered with who we think are a couple of the best industry providers to enable our customers and our employees with some of the best AI tools.

這對我們來說是一次非凡的勝利。我們才剛開始關注虛擬領域的一些人工智慧應用，但這還處於早期階段。然後你的第二個問題是關於人工智慧整體的，如你所知，我們從客戶體驗開始，客戶服務是我們利用人工智慧的首次嘗試。我們與我們認為的幾家行業最佳供應商合作，為我們的客戶和員工提供一些最好的人工智慧工具。

We, in customer experience started with chat and 50% of our customer service chats are now being processed by AI agents. That will be 90% by the end of Q1. And we'll be beginning to roll out AI agents for voice this quarter and expect to have something in the arena of 20% of our voice calls contained by AI agents by the end of the year. Thanks for the question, Ronan.

我們的客戶體驗從聊天開始，現在 50% 的客戶服務聊天都由人工智慧代理處理。到第一季末，這一比例將達到 90%。我們將於本季開始推出語音人工智慧代理，預計到今年年底，我們的語音通話中有 20% 將由人工智慧代理處理。謝謝你的提問，羅南。

Ashish Sabadra, RBC Capital Markets.

加拿大皇家銀行資本市場 (RBC Capital Markets) 的 Ashish Sabadra。

This is David Paige on for Ashish. I wanted to ask about some of the incremental opportunities, it's in the deck, you spoke about it in your prepared remarks. Specifically, you mentioned small to medium-sized businesses as an opportunity. So if you could just give an overview on what you see the opportunity there and then over and just the incremental opportunities overall?

這是 David Paige 為 Ashish 主持的節目。我想問一些增量機會，它在演示文稿中，您在準備好的發言中談到了它。具體來說，您提到中小型企業是一個機會。那麼，您是否可以概述一下您所看到的機會以及整體的增量機會？

Sure, David. Thanks for the question. Yeah, SMB for us has been a business that we have been in for a long time. It represents something in the neighborhood of 500,000 of our 6.4 million customers. And we have, I think, renewed our efforts to go after this market.

當然，大衛。謝謝你的提問。是的，對我們來說，中小企業是我們長期從事的業務。它代表了我們 640 萬客戶中的大約 50 萬。我認為，我們已經重新努力開拓這個市場。

We have a new leader assigned to the area. We're looking at new products and functionality to make our offering more contemporary. The business has been performing well for us, both from a SAC efficiency perspective and from a customer retention perspective. And we think can be an important incremental growth opportunity for us. So in 2025, it will be something that we lean into more assertively.

我們已任命一位新領導負責該地區。我們正在尋找新產品和新功能，以使我們的產品更具現代感。無論從 SAC 效率角度或是從客戶保留角度來看，我們的業務表現都很好。我們認為這對我們來說是一個重要的增量成長機會。因此，到 2025 年，我們將更積極地傾向於此。

And I would add too, building on Ronan's question about optimization is as we're out with our new offering set for some, but not all of our customer base. The other area there where we're optimizing is example for relocating customers. We have some capability to enable new customers to avail themselves of some of the features on the new platform without having to replace all of the equipment.

我還要補充一點，基於羅南關於最佳化的問題，我們推出了針對部分客戶群（但不是全部）的新產品。我們正在優化的另一個領域是重新定位客戶的範例。我們有能力讓新客戶利用新平台上的一些功能，而無需更換所有設備。

And then we are beginning to learn and we'll learn over time about more segments of customers who might be especially attracted for example to pets or for example to older relatives with features that could help them age in place, and we will prioritize our participation in these adjacent spaces, slightly separate from the specific areas of small and medium business.

然後我們開始了解，並且隨著時間的推移，我們會了解更多可能特別受寵物或年長親戚等吸引的顧客群體，這些親戚的特點可以幫助他們在原地養老，我們將優先參與這些相鄰的空間，與中小型企業的特定領域略有不同。

But the point we're trying to convey is that we believe we have meaningful opportunities with our increasingly flexible offering set to target different kinds of customers who might have slightly different needs than our story customers.

但我們想要傳達的觀點是，我們相信，透過提供日益靈活的產品，我們可以為不同類型的客戶提供有意義的機會，這些客戶的需求可能與我們的故事客戶略有不同。

Great. That's helpful. And just on a follow-up on the aging in place, is it possible to comment on just the general health of the US residential market, the health of the US consumer, just in terms of new installs, anything in that regard?

偉大的。這很有幫助。關於老化問題的後續問題，能否就美國住宅市場的整體健康狀況、美國消費者的健康狀況（就新安裝而言）等任何方面發表評論？

So generally, from a macro perspective, David, the thing that influences our business the most is the number of relocations and that cuts both ways when relocations are down, it tends to be a tailwind for us from a customer attrition perspective, customer retention perspective. But it is a bit of a headwind when it comes to new ads because of the opportunity to acquire new customers upon relocation.

因此，總的來說，從宏觀角度來看，大衛，對我們的業務影響最大的是搬遷次數，而當搬遷次數減少時，這對我們有好處，但從客戶流失和客戶保留的角度來看，這對我們來說往往是順風。但對於新廣告來說，這有點不利，因為搬遷後有機會獲得新客戶。

Your comment about new builds, it tends to be a smallish percentage of our new ads. I'm going to say 6%, 7% approximately of our ads are in the new builds category. And so that isn't meaningfully tied to our success.

您關於新建築的評論，它往往只占我們新廣告的一小部分。我想說的是，我們的廣告中大約有 6% 到 7% 屬於新建類別。所以這與我們的成敗並無實質的關聯。

In terms of aging in place, last comment here, we've got a health business today. It's a smallish part of our portfolio. But we think that there's some opportunity in that adjacency around aging in place, especially with the demographic tailwinds behind us. So another what we see is interesting call option.

關於居家養老，最後要說的是，我們今天要談的是健康業務。這是我們投資組合中很小的一部分。但我們認為，在老化問題上存在一些機遇，尤其是在人口結構有利的情況下。因此，我們看到的另一個有趣的看漲期權。

Peter Christiansen, Citigroup.

花旗集團的彼得‧克里斯蒂安森。

The question, Tim or Jeff, I was just curious, how should we think about subscriber asset spending on a normalized basis. Does that at least on a year-over-year -- looking out year-over-year, is that start declining? I mean, I guess, absent also tariffs and other cost issues there. Just curious.

問題是，提姆還是傑夫，我只是好奇，我們應該如何以正常化的方式考慮用戶資產支出。至少與去年同期相比，這是否開始下降？我的意思是，我猜那裡也不存在關稅和其他成本問題。只是好奇。

Thanks for the question, Pete. It's Jeff. Maybe I'll just share a little bit of context of our guidance overall. So we feel really good about our continued progress, we shared the guidance in the prepared remarks and in some of the accompanying materials.

謝謝你的提問，皮特。是傑夫。也許我只是想分享我們整體指導的一些背景。因此，我們對持續取得的進展感到非常高興，我們在準備好的發言稿和一些隨附資料中分享了指導。

I would say, the key drivers in our business of the EBITDA first and foremost is our growth in monitoring and services revenue. It comes at a high margin. We're continuing to drive significant operating efficiencies, cost controls. We do have, as I noted in our EBITDA, some noncash headwinds. Included among those headwinds that affect the EBITDA rate a little bit is a transition to more installation revenue, that's because of the incremental outright sales.

我想說，我們 EBITDA 業務的首要關鍵驅動因素是監控和服務收入的成長。它的利潤很高。我們將繼續大力提高營運效率和成本控制。正如我在 EBITDA 中指出的那樣，我們確實面臨一些非現金阻力。對 EBITDA 率有一定影響的不利因素包括向更多安裝收入的轉變，這是由於直接銷售額的增加。

So then to your question, when I go to cash, our cash is unaffected definitionally by the noncash items in our adjusted free cash flow guidance, we are counting on continued SAC efficiency that helps offset pressures in a couple of areas. Maybe the most noteworthy, I would call out is our transition to become a cash taxpayer.

那麼回答你的問題，當我使用現金時，我們的現金在定義上不受調整後的自由現金流指引中的非現金項目的影響，我們依靠持續的 SAC 效率來幫助抵消幾個領域的壓力。也許最值得一提的是，我們正轉型成為現金納稅人。

So we are planning on continued progress in SAC efficiencies. That's related to a number of the things that we described, including ADT+, the opportunity to get more install revenue, but it's really everything, the equipment cost reduction opportunities, labor cost reduction opportunities, sales and marketing efficiency, and that kind of all goes into the overall scenario, and we feel really good, like really, really good about being able to guide to another meaningful cash flow increase on top of last year's 42%.

因此，我們計劃繼續提高 SAC 效率。這與我們描述的許多事情有關，包括 ADT+、獲得更多安裝收入的機會，但實際上它是一切，設備成本降低機會、勞動力成本降低機會、銷售和營銷效率，所有這些都融入到整體情景中，我們感覺非常好，真的非常高興能夠在去年 42% 的基礎上再次實現有意義的現金流增長。

And then, Jim, I'm curious, I think about how Pulse was rolled out many years ago. And now with the new system setup and the corresponding platform and services that go behind that to serve two operating systems in a way at the same time. Does it make sense to be more aggressive perhaps later on in upgrading existing individuals on the new platform versus kind of like what the rollout was with Pulse years ago?

然後，吉姆，我很好奇，我想到了 Pulse 多年前是如何推出的。現在，有了新的系統設定和相應的平台和服務，可以同時為兩個作業系統提供服務。與幾年前推出的 Pulse 相比，以後在新平台上更積極升級現有個人是否有意義？

I would say, Pete, absolutely. To the extent that we're able to standardize, that's beneficial for us. From a service perspective, our organization is incredibly equipped to support a number of different panels and a number of different hardware ecosystems because we've been doing it for so many years.

我想說，皮特，絕對是。只要我們能夠實現標準化，這對我們就有好處。從服務角度來看，我們的組織擁有令人難以置信的能力來支援許多不同的面板和許多不同的硬體生態系統，因為我們已經這樣做了很多年。

I think this is something you're familiar with, actually, Pete, that our average tenure of our service tech is 10 years. And so we're pretty good at hitting any pitch that comes our way. But in terms of upgrading existing customers into the ADT+ ecosystem, I take your point, and it's absolutely advantageous to us.

實際上，Pete，我想您對此很熟悉，我們服務技術人員的平均任期為 10 年。因此，我們非常擅長應對我們遇到的任何情況。但就將現有客戶升級到 ADT+ 生態系統而言，我明白你的意思，這對我們來說絕對有利。

We're working with some of our manufacturing partners now on solutions on how to do that cost effectively and feel pretty good, cautiously optimistic that we're going to get to a point where we'll be able to make those upgrades happen. Thanks for the question, Pete.

我們目前正在與一些製造合作夥伴合作，尋找如何以經濟高效的方式實現這一目標的解決方案，並且我們感到非常滿意，並謹慎樂觀地認為我們能夠實現這些升級。謝謝你的提問，皮特。

And Pete, one other thing I'll add -- I just want to add one other thing on our overall guidance is our guidance contemplates tariffs. We didn't address it explicitly in our prepared remarks. I expect we will get that question from individual investors, you were evaluating this situation just like everybody else, we reviewed all of our contracts who we seek to mitigate.

皮特，我還要補充一點——我只想在我們的總體指導中補充一點，那就是我們的指導考慮了關稅。我們在準備好的發言中並沒有明確提到這一點。我預計我們會從個人投資者那裡得到這個問題，你和其他人一樣正在評估這種情況，我們審查了所有我們試圖減輕損失的合約。

Any effects high margins insulate us a little bit with respect to the effect it has on our bottom line, but significant tariffs would put pressure on our business, of course, but the magnitude would be within the guidance ranges that we've laid out. And I'll just share that because I expect it will come up and will be on some investors' minds.

高利潤率的任何影響都會對我們的底線產生一些影響，但高關稅當然會給我們的業務帶來壓力，但其幅度會在我們制定的指導範圍內。我之所以分享這一點，是因為我預計它會出現，並會引起一些投資者的注意。

I would now like to turn over to Jim DeVries for closing remarks.

現在我想請吉姆‧德弗里斯作最後發言。

Thank you, Rebecca, and thanks, everyone, for taking the time to join us today. We closed the year strong, and feel very good about the momentum in the business. We're confident in our plans for 2025. One more time, I'd like to extend my appreciation to our ADT employees and dealer partners. Congratulations on an excellent quarter and an outstanding 150th year. Thanks, everyone again, and have a great day.

謝謝你，麗貝卡，也謝謝大家今天抽出時間來參加我們的節目。我們以強勁的業績結束了這一年，並且對業務的發展勢頭感到非常滿意。我們對2025年的計畫充滿信心。再次，我想向我們的 ADT 員工和經銷商合作夥伴表示感謝。恭喜本季取得優異成績並慶祝成立 150 週年。再次感謝大家，祝福大家有個愉快的一天。

Ladies and gentlemen, that concludes today's call. Thank you all for joining. You may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝大家的加入。您現在可以斷開連線。