ADT Inc (ADT) 2025 Q1 法說會逐字稿

Hello, and welcome to the ADT first quarter 2025 earnings conference calls. (Operator instructions)

您好，歡迎參加 ADT 2025 年第一季財報電話會議。（操作員指示）

I would now like to turn the conference over to Elizabeth Landers, Head of Investor Relations. You may begin.

現在，我想將會議交給投資者關係主管伊麗莎白·蘭德斯 (Elizabeth Landers)。你可以開始了。

Good morning, everyone, and thank you for joining us to discuss ADT's first quarter 2025 results. On today's call, we'll hear from ADT's Chairman, President, and CEO, Jim DeVries; and our Chief Financial Officer, Jeff Likosar.

大家早安，感謝您加入我們討論 ADT 2025 年第一季的業績。在今天的電話會議上，我們將聽取 ADT 董事長、總裁兼執行長 Jim DeVries 的演講；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。

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

我們也將在本次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。

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 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時期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 2024 年第二季度與太陽能相關的金額。

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 these 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。我們在提交給美國證券交易委員會的文件中描述了一些可能導致這些差異的因素。

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

現在，我很高興將電話轉給吉姆。

Good morning, everyone, and thank you for joining us today. I am pleased to report that ADT is off to a very solid start in 2025, delivering results consistent with our expectations and demonstrating the resilience of our business model.

大家早安，感謝大家今天加入我們。我很高興地報告，ADT 在 2025 年取得了非常穩固的開局，取得了符合我們預期的業績，並展示了我們商業模式的彈性。

ADT ended the quarter with a record recurring monthly revenue balance of $360 million, up 2% which benefited from another record in our customer retention with gross attrition at just 12.6%. Both accomplishments are a testament to the continued strong demand for ADT's innovative offerings and premium customer experience.

ADT 本季結束時的經常性月收入餘額達到創紀錄的 3.6 億美元，成長 2%，這得益於我們的客戶保留率再次創下新高，總流失率僅為 12.6%。這兩項成就證明了市場對 ADT 創新產品和優質客戶體驗的持續強勁需求。

Total revenue also continued to grow, up 7% versus the prior year. Of note, our growth comes while we remain focused on balancing profitability and investing for the future. We delivered adjusted earnings per diluted share of $0.21, an increase of 11%.

總收入也持續成長，比上年增長了 7%。值得注意的是，我們在實現成長的同時，仍注重平衡獲利能力和未來投資。我們實現調整後每股攤薄收益 0.21 美元，成長 11%。

ADT also continued to deliver strong free cash flows with adjusted free cash flow, including interest rate swaps more than double last year's level. In our first quarter, we returned $445 million to ADT shareholders through share repurchases and dividends.

ADT 也持續提供強勁的自由現金流，其中調整後的自由現金流（包括利率掉期）是去年水準的兩倍多。在第一季度，我們透過股票回購和股利向 ADT 股東返還了 4.45 億美元。

Jeff will provide more detail on our financial results later in the call. I'd like to spend the next few minutes updating you on ADT's performance and strategic focus which is consistent with the themes I discussed on our February earnings call.

傑夫將在稍後的電話會議中提供有關我們財務業績的更多細節。我想花接下來的幾分鐘時間向您介紹 ADT 的績效和策略重點，這與我在二月份收益電話會議上討論的主題一致。

We remain centered on delivering safety and peace of mind to our residential and small business customers with our strategy anchored in three areas: unrivaled safety, innovative offerings and a premium best-in-class customer service experience.

我們始終致力於為住宅和小型企業客戶提供安全和安心，我們的策略主要集中在三個方面：無與倫比的安全性、創新的產品和一流的優質客戶服務體驗。

Our focus on unrivaled safety is and will always remain core to who we are and what we do, and ADT will continue to strengthen the means by which we deliver peace of mind to our customers. While delivering our near-term financial objectives, we are continuing to invest in the product and experience ecosystem to develop additional differentiated customer offerings which create even more reasons for customers to choose ADT and stay with ADT.

我們對無與倫比的安全性的關註一直是我們的核心以及我們所做的一切，ADT 將繼續加強我們為客戶提供安心的手段。在實現近期財務目標的同時，我們將繼續投資於產品和體驗生態系統，以開發更多差異化的客戶產品，從而為客戶選擇 ADT 並留在 ADT 創造更多理由。

A key component of our strategy has been investing in our product and experience ecosystem to create innovative offerings for our customers. As I mentioned on our last call, our primary objectives in 2025 are to continue execution of our strategy and importantly, optimize our newly developed and launched capabilities.

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。正如我在上次電話會議上提到的，我們 2025 年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。

This includes further expansion of our ADT platform to a larger percentage of our new customers increase availability across additional sales channels and enhanced capabilities to enable existing customers to enjoy some of the features available to new customers.

這包括進一步擴展我們的 ADT 平台，以覆蓋更大比例的新客戶，增加其他銷售管道的可用性，並增強功能，使現有客戶能夠享受新客戶可用的一些功能。

With our new and proprietary ADT+ offering now available to customers in all geographies, we are seeing an increasing percentage of our customers select our new ADT+ platform, including substantially all new direct residential customer locations where ADT+ is the most efficient solution to meet customer needs.

隨著我們新的專有 ADT+ 產品現已面向所有地區的客戶推出，我們看到越來越多的客戶選擇我們的新 ADT+ 平台，其中包括幾乎所有新的直接住宅客戶地點，在這些地點，ADT+ 是滿足客戶需求的最有效解決方案。

We are also seeing these new customers choose ADT+ professional installation at an overall higher average price. As part of ADT's disciplined capital allocation strategy, and as we roll out our new platform in a somewhat unpredictable macroeconomic environment, we continue to optimize economic value creation balanced with new subscriber additions.

我們也看到這些新客戶選擇 ADT+ 專業安裝，整體平均價格較高。作為 ADT 嚴格的資本配置策略的一部分，隨著我們在有點難以預測的宏觀經濟環境中推出新平台，我們將繼續優化經濟價值創造，並與新用戶的增加保持平衡。

The successful launch of ADT Trusted Neighbor remains a highlight. This convenient feature allows our customers to grant trusted individuals temporary access to their homes for everyday events like package delivery or more urgent issues like water leaks.

ADT Trusted Neighbor 的成功推出仍然是一大亮點。這項便利功能使我們的客戶能夠允許受信任的個人臨時進入其家中，以處理包裹遞送等日常事件或漏水等更緊急的問題。

As mentioned last quarter, we continue to explore innovative and secure ways our customers are able to grant access to their home, such as with the ADT+ app on a neighbor's phone, codes, or in combination with Nests Familiar Face feature. We are excited that this innovation will also be available through a touch lock feature later this quarter.

正如上個季度所提到的，我們將繼續探索創新且安全的方式，讓我們的客戶能夠授予對其家的訪問權限，例如使用鄰居手機上的 ADT + 應用程式、代碼或與 Nests Familiar Face 功能結合使用。我們很高興這項創新也將在本季稍後透過觸控鎖功能實現。

Recently, we also launched the ADT+ Translator, which makes it possible to convert signals from certain legacy ADT sensors into a format that ADT+ can also process, allowing many of our existing customers the ability to utilize components and features of our new ecosystem.

最近，我們還推出了 ADT+ 轉換器，它可以將某些傳統 ADT 感測器的訊號轉換為 ADT+ 可以處理的格式，從而使我們的許多現有客戶能夠利用我們新生態系統的組件和功能。

The Translator provides a faster, lower-cost transition from ADT legacy equipment designed to function seamlessly with our new ADT+ platform. We will also be launching an additional feature, which allows an automated home away status to trigger certain trust in neighbor automations and features.

轉換器可實現從 ADT 傳統設備的更快、更低成本的過渡，旨在與我們的新 ADT+ 平台無縫運作。我們還將推出一項附加功能，該功能允許自動化外出狀態觸發對鄰居自動化和功能的一定信任。

We are pleased with the results and positive customer feedback we are receiving on Trusted Neighbor and the overall ADT+ customer experience, averaging 4.8 stars across thousands of reviews and the Apple App Store and Google Play Store, consistent with ADT's strategic objective of delivering the best-in-class customer experience. We are pleased that our customer satisfaction is at a three-year high.

我們對 Trusted Neighbor 和整體 ADT+ 客戶體驗的結果和正面的客戶回饋感到滿意，在數千條評論以及 Apple App Store 和 Google Play Store 中平均獲得 4.8 顆星，這與 ADT 提供一流客戶體驗的策略目標一致。我們很高興看到我們的客戶滿意度達到了三年來的最高水平。

This record high results from our commitment to continuous improvement across several areas, especially including improved agent satisfaction and almost all of our customer experience metrics. Our progress has been aided by actions, including virtual service, first call resolution initiatives, the customer onboarding processes and agent training enhancements. These combined successes contribute to the record level customer retention I mentioned earlier.

這項創紀錄的成績源自於我們致力於在多個領域持續改進，尤其包括提高代理商滿意度和幾乎所有的客戶體驗指標。我們的進步得益於虛擬服務、首次呼叫解決計畫、客戶入職流程和代理培訓增強等行動。這些共同的成功促成了我之前提到的創紀錄的客戶保留率。

We are also pleased with the progress we've made with our remote assistance program and early artificial intelligence efforts. Continuing our 2024 progress, we are resolving over half of our service calls utilizing cost-efficient remote alternatives rather than conducting in-home service visits, avoiding thousands of truck rolls and contributing to reductions in our field service costs.

我們也對遠距協助計畫和早期人工智慧工作所取得的進展感到滿意。我們將繼續實現 2024 年的進步，利用經濟高效的遠端替代方案（而非上門服務）解決超過一半的服務呼叫，從而避免數千次上門服務，並有助於降低現場服務成本。

Our initial AI efforts are focused in our customer care operations to improve the customer service experiences for both our customers and our agents, while also improving efficiency. First quarter results show 90% of our customer service chats are being processed by AI agents with nearly half of these chats being resolved for our customers without the need for a live agent interaction.

我們最初的人工智慧工作重點是客戶服務運營，以改善客戶和代理商的客戶服務體驗，同時提高效率。第一季的結果顯示，我們 90% 的客戶服務聊天都是由人工智慧代理處理的，其中近一半的聊天問題無需現場代理互動即可為我們的客戶解決。

Examples of the types of resolutions our AI chats are handling include general troubleshooting, rescheduling or canceling appointments and even ordering a yard sign. We are excited about the many opportunities to leverage AI to support our virtual agent capabilities and serve our customers efficiently.

我們的 AI 聊天處理的解決方案類型範例包括一般故障排除、重新安排或取消預約，甚至訂購庭院標誌。我們很高興能有如此多的機會利用人工智慧來支援我們的虛擬代理功能並有效地為我們的客戶提供服務。

As the year progresses, we plan to leverage AI to expand this capability to even more agents and processes. Concurrent with the launch of ADT+, we also continue to evolve and optimize our go-to-market processes. We are now able to offer more flexibility in product bundles, configurations and pricing to appeal to different segments of customers.

隨著時間的推移，我們計劃利用人工智慧將此功能擴展到更多的代理和流程。在推出 ADT+ 的同時，我們也不斷發展和優化我們的市場進入流程。我們現在能夠在產品包、配置和定價方面提供更大的靈活性，以吸引不同群體的客戶。

And we are accordingly enhancing our marketing messages to highlight relevant features and differentiators. We made adjustments during late fourth quarter and into the first quarter, which contributed to strong insulation revenues and overall subscriber economics. ADT's partnership with State Farm remains a promising sales channel, showing continued progress during the first quarter.

因此，我們正在加強我們的行銷訊息，以突出相關功能和差異化因素。我們在第四季度末和第一季做出了調整，這為強勁的絕緣收入和整體用戶經濟做出了貢獻。ADT 與 State Farm 的合作仍然是一個有前景的銷售管道，並在第一季顯示出持續的進展。

Our joint offering is available in 17 states, including innovative solutions in select states focused on leak detection along with DIY alternatives. Before closing, I would like to mention two recent additions to our executive leadership team.

我們的聯合產品涵蓋 17 個州，其中包括在部分州專注於洩漏檢測的創新解決方案以及 DIY 替代方案。最後，我想提一下我們執行領導團隊最近新增的兩位成員。

We appointed Fawad Ahmad as our Chief Operating and Customer Officer; along with Omar Khan as our Chief Business Officer. While both are new to our ADT family, they bring strong, relevant talent and experience, and I know they will complement our existing team very well.

我們任命 Fawad Ahmad 為我們的營運和客戶長； Omar Khan 擔任我們的首席商務長。雖然他們都是 ADT 大家庭的新成員，但他們帶來了強大的相關才能和經驗，我知道他們將很好地補充我們現有的團隊。

We also announced during the quarter that Don Young will be leaving ADT in June, and I want to thank him for his many contributions at ADT and wish him well in his next chapter. I've had the great privilege of knowing Don for over 30 years. And the comradery, professionalism and support he's provided has been unwavering and deeply appreciated.

我們也在本季宣布，Don Young 將於 6 月離開 ADT，我要感謝他為 ADT 做出的諸多貢獻，並祝他在新的篇章中一切順利。我很榮幸認識唐恩 30 多年了。他所展現的友愛精神、專業和支持始終如一，我們對此深表讚賞。

In closing, 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'm incredibly proud of our ADT team and their accomplishments. We remain encouraged for the opportunities that lie ahead.

最後，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。我為我們的 ADT 團隊及其成就感到無比自豪。我們仍然對未來的機會充滿信心。

Thank you for your time today. I'll now turn the call over to Jeff.

感謝您今天抽出時間。我現在將電話轉給傑夫。

Thanks, Jim, and thanks, everyone, for joining our call today. I'll take the next few minutes to share some additional detail on our first quarter results, along with an update on our outlook for the full year. Like Jim, I'm very pleased with our first quarter performance and very strong start to 2025, particularly our continued cash flow and earnings growth.

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，我將分享我們第一季業績的更多細節，以及我們對全年前景的最新展望。和吉姆一樣，我對我們第一季的業績以及 2025 年的強勁開局感到非常滿意，尤其是我們持續的現金流和獲利成長。

First quarter adjusted free cash flow, including interest rate swaps more than doubled year-over-year to $226 million and adjusted earnings per share grew by 11% to $0.21.

第一季調整後的自由現金流（包括利率掉期）較去年同期成長一倍以上，達到 2.26 億美元，調整後每股盈餘成長 11%，達到 0.21 美元。

Key drivers of this strong performance include steady RMR growth and efficient service and subscriber acquisition costs. Additionally, some timing items benefited cash flows in the quarter and lower share count benefited our adjusted earnings per share.

這一強勁表現的關鍵驅動因素包括穩定的 RMR 成長以及高效的服務和用戶獲取成本。此外，一些時間項目有利於本季的現金流，較低的股票數量有利於我們的調整後每股盈餘。

Our top line was also very strong with total revenue up 7% to $1.3 billion. Monitoring and services revenue was up 2%, driven by our record RMR balance of $360 million, also up 2%. Installation revenue was $184 million, up $57 million or 45%.

我們的營業收入也非常強勁，總收入成長 7%，達到 13 億美元。監控和服務收入增加了 2%，這得益於我們創紀錄的 3.6 億美元的 RMR 餘額，也增加了 2%。安裝收入為 1.84 億美元，成長 5,700 萬美元，即 45%。

This was driven by outright sales, which more than doubled compared to the prior year due mainly to our transition to the ADT+ platform. As we have described, ADT+ subscribers acquire ownership of the relevant equipment resulting in upfront recognition of installation revenue and costs.

這是由直接銷售推動的，由於我們向 ADT+ 平台的過渡，直接銷售比上一年增長了一倍多。正如我們所描述的，ADT+ 使用者獲得相關設備的所有權，從而預先確認安裝收入和成本。

This differs from our historic model in which we retained equipment ownership and therefore, capitalized and amortized the installation revenue and costs. Jim mentioned the optimization of our ADT+ offerings and subscriber economics.

這與我們的歷史模式不同，在歷史模式中，我們保留了設備所有權，因此將安裝收入和成本資本化並攤提。吉姆提到了我們的 ADT+ 產品和用戶經濟的最佳化。

A relevant highlight in the quarter was improved installation revenue per unit at approximately $1,500. This was driven by continued customer interest and more comprehensive systems, along with our efforts to sell on value and to rely less on promotions and discounts.

本季度的一個亮點是每台安裝收入提高至約 1,500 美元。這是由持續的客戶興趣和更全面的系統推動的，同時我們努力以價值為導向進行銷售，減少對促銷和折扣的依賴。

Adjusted EBITDA in the first quarter was $661 million, an increase of 4%. Building on Jim's comments about our ongoing discipline, we are highly focused on strong subscriber economics and returns on the capital we deploy. We accordingly have continued to balance our SAC spending with other uses of cash, especially in the current macro environment.

第一季調整後EBITDA為6.61億美元，成長4%。根據吉姆對我們現行紀律的評論，我們高度關注強大的用戶經濟和我們部署的資本回報。因此，我們繼續平衡 SAC 支出與其他現金用途，尤其是在當前的宏觀環境下。

During the first quarter, we generated 172,000 gross new customer additions, adding $10.6 million of new RMR. Consistent with recent trends, our net spending on the acquisition of new subscribers remains efficient.

第一季度，我們新增了 172,000 名新客戶，增加了 1,060 萬美元的新 RMR。與最近的趨勢一致，我們在獲取新用戶方面的淨支出仍然有效。

In addition to the improved revenues I mentioned, we continue to progress initiatives focused on sales and marketing efficiencies and on installation costs. We also renewed our receivable securitization facility late last month with enhanced terms.

除了我提到的收入增加之外，我們還將繼續推進專注於銷售和行銷效率以及安裝成本的舉措。上個月底，我們也以更優惠的條款續約了應收帳款證券化協議。

Our reported cash SAC, which reflects net receivable and securitization flows rather than contractual revenue was approximately flat year-over-year and revenue payback was consequently slightly higher than the fourth quarter.

我們報告的現金 SAC 反映的是淨應收帳款和證券化流量，而不是合約收入，與去年同期基本持平，因此收入回報略高於第四季度。

We expect this to tick back down in the second quarter as we settle securitization cash flows under our refreshed facility. Our net debt of $7.6 billion remained at 2 times adjusted EBITDA with a very efficient weighted average interest rate of approximately 4.5%.

我們預計，隨著我們根據更新後的機制結算證券化現金流，這一數字將在第二季回落。我們的淨債務為 76 億美元，仍為調整後 EBITDA 的 2 倍，加權平均利率約為 4.5%，非常有效。

This includes the new $600 million 7-year Term Loan B we closed last month and the partial redemption of our April 2026 notes. We intend to refinance all or part of the remaining $850 million of these notes later this year. We continue to return significant capital to shareholders in the first quarter, enabled by our progress reducing debt and leverage and strong cash generation.

其中包括我們上個月完成的 6 億美元 7 年期定期貸款 B，以及 2026 年 4 月票據的部分贖回。我們計劃在今年稍後對剩餘的 8.5 億美元票據全部或部分進行再融資。由於我們在減少債務和槓桿以及強勁的現金產生方面取得進展，我們在第一季繼續向股東返還大量資本。

In addition to our January dividend payment of $49 million, we repurchased and retired 53 million shares for an aggregate price of $397 million. This included 20 million shares repurchased concurrent with Apollo's secondary sale of 80.5 million shares in March.

除了 1 月支付的 4,900 萬美元股息外，我們還回購並註銷了 5,300 萬股股票，總價為 3.97 億美元。其中包括 3 月與阿波羅二次出售 8,050 萬股股票同時回購的 2,000 萬股股票。

In April, we repurchased an additional 6 million shares and we now have $148 million remaining under our current repurchase authorization. We were able to do this with only modest usage of our revolving credit facility, which as of today is undrawn. As we look to the rest of 2025, our plans remain anchored on our resilient and growing recurring monthly revenue and our focus on efficiency.

今年 4 月，我們又回購了 600 萬股，目前我們目前的回購授權餘額為 1.48 億美元。我們僅透過適度使用循環信貸額度就實現了這一目標，截至今天，該信貸額度尚未提取。展望 2025 年剩餘時間，我們的計劃仍然以有彈性且不斷增長的經常性月收入以及對效率的關注為基礎。

Despite current macroeconomic uncertainty, especially including the effect of tariffs, we are reaffirming the full year guidance ranges we shared in February. At the midpoint of the respective ranges, adjusted free cash flow, including interest rate swaps would be up 14%, adjusted earnings per share would be up 8% and total revenue and adjusted EBITDA would be up 5%.

儘管當前宏觀經濟存在不確定性，尤其是關稅的影響，但我們仍重申 2 月分享的全年指引範圍。在各自範圍的中間點，包括利率互換在內的調整後自由現金流將成長 14%，調整後每股盈餘將成長 8%，總營收和調整後 EBITDA 將成長 5%。

As a reminder, we expect monitoring and services revenue to be up approximately 2% and our transition to outright sales and the treatment of some other expenditures, while cash neutral pressures our adjusted EBITDA margins.

提醒一下，我們預計監控和服務收入將成長約 2%，並且我們將向直接銷售轉型並處理一些其他支出，而現金中性將為我們的調整後 EBITDA 利潤率帶來壓力。

I will add a caveat around tariffs with the landscape still highly uncertain. If fully enacted, the tariff structure as most recently publicized, will lead to higher equipment costs. We are developing several mitigating actions to offset our gross exposure, which includes supplier negotiations, inventory management, potential source changes and potential customer price increases or surcharges.

由於情況仍然高度不確定，我將對關稅提出警告。如果全面實施，最近公佈的關稅結構將導致設備成本上升。我們正在製定幾項緩解措施來抵消我們的整體風險，其中包括供應商談判、庫存管理、潛在來源變化以及潛在客戶價格上漲或附加費。

While any new tariffs pressure the midpoints of our 2025 guidance, we currently believe we can manage our net exposure within the ranges we've shared. Additionally, there are some seasonal dynamics in our business and other timing items that affect the quarterly phasing of our full year results.

儘管任何新關稅都會對我們 2025 年指引的中點造成壓力，但我們目前相信我們可以在我們共享的範圍內管理我們的淨敞口。此外，我們的業務中有一些季節性動態和其他時間因素會影響我們全年業績的季度分階段。

In consideration of these factors, we expect second quarter revenue to be slightly higher than the first quarter due to more installation revenue. We expect adjusted free cash flow to be similar to the first quarter with higher cash taxes offsetting lower interest. And we expect adjusted EBITDA and EPS to be similar to or slightly lower than the prior quarter due to some timing items and the potential initial effect of tariffs.

考慮到這些因素，我們預計第二季度的收入將略高於第一季度，因為安裝收入更多。我們預計調整後的自由現金流將與第一季相似，較高的現金稅將抵銷較低的利息。我們預計，由於一些時間因素和關稅的潛在初步影響，調整後的 EBITDA 和 EPS 將與上一季相似或略低。

Before turning to questions, I want to reiterate my enthusiasm about our strong start to 2025 and highlight again the resilience of our business model. I also want to echo the gratitude Jim expressed to our employees and partners. I want to welcome Fawad and Omar to our team, and I want to wish Don well in his new endeavors.

在回答問題之前，我想重申我對我們 2025 年強勁開局的熱情，並再次強調我們商業模式的彈性。我也想表達吉姆對我們的員工和合作夥伴的感激之情。我歡迎 Fawad 和 Omar 加入我們的團隊，並祝 Don 在新的工作中一切順利。

Thank you, everyone, for joining our call today and for your support of our company. Operator, please open the line to questions.

感謝大家今天參加我們的電話會議並對我們公司的支持。接線員，請接通電話回答問題。

(Operator instructions)

（操作員指示）

Manav Patnaik, Barclays.

巴克萊銀行的馬納夫·帕特奈克（Manav Patnaik）。

Hi, good morning. Thank you for taking my question. This is Ronan Kennedy on for Manav. You referenced uncertainty in the macro environment. Could I just ask for kind of a holistic assessment of that demand environment and what you're seeing from customers? And then also kind of what you've spoken to before the two sides of the coin, with regards to the housing market, attrition, gross adds, et cetera, please?

嗨，早安。感謝您回答我的問題。這是羅南肯尼迪 (Ronan Kennedy)，代替馬納夫 (Manav)。您提到了宏觀環境的不確定性。我能否請您對需求環境以及顧客的狀況進行整體評估？然後您之前也談到過關於房地產市場、人員流失、總增幅等問題的兩面，可以嗎？

Sure, Ronan, it's Jim. Thanks for your question. So from a macro perspective, I think the headline for us is we have an exceptionally resilient business and feel very good about that. As you know, Ronan, demand for personal safety increases during uncertain times, factors that pressure new subscriber adds for us, such as fewer relocations, actually contribute to customer retention. We're not particularly reliant on new home builds, perhaps 5% or so of our gross adds.

當然，羅南，我是吉姆。謝謝你的提問。因此，從宏觀角度來看，我認為我們的重點是我們擁有極具彈性的業務，並且對此感到非常滿意。正如羅南您所知，在不確定的時期，對人身安全的需求會增加，給我們增加新用戶帶來壓力的因素（例如更少的搬遷）實際上有助於保留客戶。我們並不特別依賴新房建設，大概只占我們總新增房屋數量的 5% 左右。

So net, we've done well in past recessions and generally expect our model to be resilient this time around.

因此，總體而言，我們在過去的經濟衰退中表現良好，並且普遍預期我們的模型這次將具有彈性。

Thank you and can you. And can you talk about some of the metrics that would be indicative of the strength of the consumer, whether it's voluntary or nonpays and delinquencies, things of that nature?

謝謝你，你能嗎？您能否談談一些可以表明消費者實力的指標，無論是自願的還是不付款和拖欠的，諸如此類的事情？

Yeah. We -- this is Jeff. We've seen a little bit of uptick in slower payments, not enough to rise to a level of materiality, but I'd also point to some positive trends. We're seeing even in this environment, such as higher average pricing on install, higher average monthly pricing, and we delivered record attrition in the environment and then just one other point further to what Jim mentioned, if you go back and look at our performance during the last downturn, downturn around the time of COVID, you'll see that we weathered that very well, and we would expect to do the same here. Thank you.

是的。我們——這是傑夫。我們看到付款放緩的現象略有增加，但還不足以達到實質的程度，但我也指出了一些正面的趨勢。即使在這種環境下，我們也看到安裝平均價格上漲、月平均價格上漲，而且我們在這種環境下實現了創紀錄的人員流失。此外，關於 Jim 提到的另一點，如果你回顧一下我們在上次經濟低迷時期，也就是新冠疫情期間的表現，你會發現我們很好地度過了難關，我們希望在這裡也能做到這一點。謝謝。

If I may just sneak in a follow-up. So that -- you talked about the high potential higher costs from tariffs and the leverage you can pull with regards to supplier negotiations and inventory management. Can you further contextualize or quantify potential impacts and then your actions? And obviously, the situation with tariffs is fluid, dynamic volatile. What about -- if you can also speak to kind of a general downturn playbook and leverage that could be pulled within the cost structure, et cetera, please?

如果我可以偷偷地跟進一下的話。所以——您談到了關稅可能帶來的高成本，以及您在供應商談判和庫存管理方面可以利用的槓桿作用。您能否進一步具體化或量化潛在影響以及您的行動？顯然，關稅狀況是不斷變化的，動態波動的。那麼——如果您能談談一般的經濟衰退策略以及可以在成本結構中利用的槓桿作用等等，可以嗎？

Sure. Ronan, Jim, I'll provide maybe a couple of contextual comments for you on tariff pressure, and then Jeff will jump in and share some perspective on the quantitative side. Jeff covered this topic in his prepared remarks, but maybe a few brief items to add some color. As you said, it's obviously difficult to predict given the frequency of changes.

當然。羅南、吉姆，我會為你們提供一些關於關稅壓力的背景評論，然後傑夫會加入進來，分享一些關於量化方面的觀點。傑夫在準備好的發言中談到了這個話題，但也許會添加一些簡短的內容來增加一些色彩。正如您所說，鑑於變化的頻率，顯然很難預測。

But we've got a team focused on mitigation plans. Those mitigation plans in the immediate term include existing negotiating with existing partners. We're even considering in some cases, selecting new partners. We're doing a lot of work around inventory management, buffer stock, considering buy forwards, and we're considering potential price increases, a tariff charge for new customers.

但我們有一個專注於緩解計劃的團隊。近期的緩解計畫包括與現有合作夥伴進行談判。在某些情況下，我們甚至會考慮選擇新的合作夥伴。我們正在做大量庫存管理、緩衝庫存方面的工作，考慮遠期購買，並且正在考慮潛在的價格上漲以及對新客戶徵收關稅。

So net monitoring very closely, a team of talented leaders. We're benefited from the fact that our two biggest sources, countries of origin for our product are Vietnam and Mexico. Much of the product we buy in Mexico is covered under USMCA. And so we're managing it and feel pretty good about where we are for now, anything else here, Jeff?

因此網路監控非常密切，擁有一支才華橫溢的領導團隊。我們受益於這樣一個事實：我們的產品的兩個最大來源國，原產國是越南和墨西哥。我們在墨西哥購買的大部分產品都受到 USMCA 的保護。所以我們正在管理它，並且對目前的狀況感到很滿意，還有其他問題嗎，傑夫？

Yeah. I would add as we quantify it internally, it's of course, challenging because of the frequency of changes in some cases, lack of clarity as to the exclusions and [in carve-outs] and then the timing of course, matters. So in our prepared remarks, I noted that it could put pressure on the midpoint, but we believe we could cover our net exposure for the year within the guidance range, so you can deduce from that kind of the range of expected outcomes that we could envision in our 2025 results is within those ranges.

是的。我想補充一點，當我們在內部量化它時，這當然具有挑戰性，因為在某些情況下變化的頻率，對於排除和[在豁免中]缺乏明確性，當然時間也很重要。因此，在我們準備好的發言中，我指出這可能會對中點造成壓力，但我們相信我們可以在指導範圍內覆蓋今年的淨風險敞口，因此您可以從中推斷出我們可以預見的 2025 年結果的預期結果範圍就在這些範圍內。

And then even on the mitigating actions, we expect to take those timely or very soon upon starting to actually incur some expense. And I also noted that maybe there's a little bit of pressure in the second quarter, but we see this as more of a second half challenge to work through in the second quarter.

即使採取緩解措施，我們也希望在實際開始產生一些費用時及時或很快採取這些措施。我還注意到，第二季可能會有一點壓力，但我們認為這更像是下半年需要在第二季克服的挑戰。

Thank you very much. I appreciate it.

非常感謝。我很感激。

Thanks Ronan.

謝謝羅南。

George Tong, Goldman Sachs.

高盛的喬治通 (George Tong)。

Hi, thanks. Good morning. Gross RMR additions fell 7% year-over-year in the quarter. Can you talk about some of the -- contextualize some of the dynamics driving that? And then also whether you expect any bulk purchases to potentially reverse that?

你好，謝謝。早安.本季 RMR 總增量年減 7%。您能否談談其中的一些——推動這一現象的一些動力？那麼您是否預期大量購買可能會扭轉這種局面？

Sure, George. Thanks for your question. So the headline on gross adds that I want to underscore is that we're going to be disciplined. We clearly prefer for gross adds to be up versus down. But let me share a little bit more color on the -- and I think that quantifies to 15,000 units versus lower than Q1 '24.

當然，喬治。謝謝你的提問。因此，我想強調的是，我們將嚴格遵守紀律。我們顯然更希望總增幅上升而不是下降。但讓我分享更多細節 - 我認為這個數字相當於 15,000 個單位，而低於 24 年第一季。

And so here's a bit of detail. DIY where we tightened our credit standards, and we're very returns focused, accounted for 9,000 of the year-over-year decline and our health business, which can be fairly lumpy accounted for another 8,000 adds less this year than last.

這裡有一些細節。我們收緊了信貸標準，並且非常注重回報的 DIY 業務，導致同比下降了 9,000 家，而我們的健康業務，這個業務可能相當不穩定，導致今年新增客戶比去年少了 8,000 家。

And we also tightened our credit standards there. Dealer channel got off to a little slower start than what we would like, but it's starting to come back in Q2. Small business, George, was about flat to last year. But most importantly, in our core business, [pro install direct adds] versus last year were actually up 4%.

我們也收緊了那裡的信貸標準。經銷商通路的起步比我們預期的要慢一些，但在第二季開始回升。小企業喬治的表現與去年基本持平。但最重要的是，在我們的核心業務中，[專業安裝直接添加]與去年相比實際上增長了 4%。

Again, we'd like to see gross as higher. But in the core, we feel pretty good about it. Your second question with regard to bulk, we did no bulk deals in the first quarter. We don't have anything, I would say, on the immediate horizon, there's opportunities available to us. We're not going to chase those transactions. We're exploring alternatives with a couple of different parties now.

再次強調，我們希望看到總額更高。但從本質上來說，我們對此感覺很好。您的第二個問題涉及批量交易，我們在第一季沒有進行批量交易。我想說，就眼前而言，我們沒有什麼機會。我們不會追逐這些交易。我們現在正在與幾個不同的團體探討替代方案。

And like with gross adds, we'll stay disciplined and returns focused, but we are kicking tires on bulk.

就像總增加量一樣，我們會保持紀律並專注於回報，但我們正在測試批量增加量。

Got it. Very helpful. And then revenue payback increased year-over-year. Can you talk about what that means with respect to subscriber acquisition costs are you seeing or any other moving parts that may be causing that?

知道了。非常有幫助。然後收入回報逐年增加。您能否談談這對用戶獲取成本意味著什麼，或其他可能導致這種情況的因素？

Yeah, George, it's Jeff. I'll take that one. The short answer is, as I noted in the prepared remarks, we expect it to reverse in the second quarter. There's some timing dynamics associated with our securitization facility for our customer receivables. We have historically reported cash SAC inclusive of the cash flows back and forth between us and our financing partner.

是的，喬治，我是傑夫。我要那個。簡而言之，正如我在準備好的發言中指出的那樣，我們預計第二季情況將出現逆轉。我們針對客戶應收帳款的證券化工具存在一些時間動態。我們歷來報告的現金 SAC 包括我們與融資夥伴之間的現金流量。

If we look at our revenue payback as we do internally on the basis of our contractual arrangements with customers, in other words, how much revenue did the customer agreed to pay irrespective of timing, we see revenue payback approximately flat.

如果我們根據與客戶的合約安排來內部看待我們的收入回報，換句話說，無論時間如何，客戶同意支付多少收入，我們會發現收入回報大致持平。

And I'll also note that we renegotiated our securitization facility with our partner with some more favorable terms. So again, we expect that particular trend to reverse. And then I'd highlight again that we delivered RMR overall consistent with our expectations while doubling our adjusted free cash flow. So we feel really good about our overall cash performance in the quarter.

我還要指出的是，我們與合作夥伴重新協商了證券化協議，並提出了一些更優惠的條款。因此，我們再次預期這一特定趨勢將會逆轉。然後我要再次強調，我們實現的 RMR 總體上與我們的預期一致，同時使我們的調整後自由現金流翻了一番。因此，我們對本季的整體現金表現感到非常滿意。

Got it. Thanks for clarifying.

知道了。謝謝澄清。

Ashish Sabadra, RBC Capital Markets.

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

Hi, good morning. This is David Paige on for Ashish. I was wondering if you could give an update on two fronts. One, the State Farm partnership. I believe you have some pilot programs in several states going on. And then how is the AI initiative going in terms of virtual calls, call center efficiencies? I know you progressed really nicely last quarter and have some targets for '25. So just an update on those two fronts. Thank you.

嗨，早安。這是 David Paige 為 Ashish 主持的節目。我想知道您是否可以從兩個方面介紹一下最新情況。一是與 State Farm 的合作關係。我相信你們已經在幾個州開展了一些試點計畫。那麼，就虛擬呼叫、呼叫中心效率而言，人工智慧計畫進度如何？我知道你上個季度的進展非常好，並且為 25 年設定了一些目標。這只是關於這兩個方面的更新。謝謝。

Sure, David. It's Jim. Thanks for the question. On State Farm, I'm pretty certain I shared this last time, but we're feeling good about the trajectory, 5,500 units in '23; 18,000 units in '24; gross adds for us in Q1 of '25 were 4,000. That compares to Q1 of 2024 last year of 3,200.

當然，大衛。是吉姆。謝謝你的提問。關於 State Farm，我很確定我上次分享過這個，但我們對發展軌跡感到很滿意，23 年將達到 5,500 個單位； '24 年為 18,000 台； 2025 年第一季度我們的新增用戶數量為 4,000。相比之下，去年 2024 年第一季的數量為 3,200。

The pilots are underway. We're early-ish in the process. DIY is having more success than the pilot with regard to leak detection. DIY represented about 10% of our gross adds in the first quarter and the relationship and working teams continue to do well.

試點正在進行中。我們還處於這個過程的早期階段。在洩漏檢測方面，DIY 比試點取得了更大的成功。DIY 約占我們第一季總新增量的 10%，關係和工作團隊繼續表現良好。

I should mention customer satisfaction is holding very high. Your second question with regard to AI. The initial focus for us has been in the area of customer care operations. So this is call deflection, agent efficiency, improved customer experience. At the end of Q1, 90% of our customer service chats were processed by AI agents.

我應該要提到客戶滿意度非常高。您的第二個問題與人工智慧有關。我們最初的重點是客戶服務營運領域。這就是呼叫轉移、代理效率和客戶體驗的改善。截至第一季末，我們 90% 的客戶服務聊天均由 AI 代理處理。

We had a nice percentage of containment with those chats, meaning the customer request is addressed without the need for any human interaction. And we started to roll out AI agents for voice calls in -- late in the quarter and expect to have 20% of our voice calls completely contained by AI agents by the end of the year. Savings in 2025 are not material. We expect those to begin to ramp up nicely for us in 2026.

我們對這些聊天的控制率很高，這意味著無需任何人工互動即可解決客戶請求。我們在本季末開始推出用於語音通話的 AI 代理，預計到今年年底，20% 的語音通話將完全由 AI 代理處理。2025 年的節省並不重要。我們預計這些將在 2026 年開始順利成長。

Great. Thank you so much, appreciate it.

偉大的。非常感謝，感激不盡。

Peter Christiansen, Citigroup.

花旗集團的彼得‧克里斯蒂安森。

Good morning. Thanks for the question. Question, Jim. You gave some good macro content on the residential side. Just wondering if you could juxtapose that versus what you're seeing on your small business channel in terms of price realization, system purchases versus leasing versus purchases, that kind of stuff. Thank you.

早安.謝謝你的提問。問題，吉姆。您給了一些關於住宅方面的很好的宏觀內容。只是想知道您是否可以將其與您在小型企業頻道上看到的價格實現、系統購買與租賃與購買等情況進行比較。謝謝。

Thanks, Pete. On the small business side, I'd say, we're holding our own. Things are generally going well. We see this as an opportunity to drive a bit of growth. One of the things that we pay very close attention to in SMB is attrition.

謝謝，皮特。在小企業方面，我想說，我們能夠堅持下去。整體來說事情進展順利。我們認為這是一個推動成長的機會。我們在中小企業中密切關注的事情之一就是人員流失。

I think that's a bit of a leading indicator of where things are, and we're generally flat in SMB attrition. It's an area that we're going to be focusing a bit more on going forward than we have in the past. There's some pretty exciting product work that the team is developing. But generally speaking, I think that the market for us has been holding its own.

我認為這在某種程度上是事態發展的先行指標，中小企業的人員流失情況總體上持平。與過去相比，我們今後將更加關注這個領域。該團隊正在開發一些非常令人興奮的產品。但總體來說，我認為我們的市場一直保持穩定。

Well, that's good to hear. And then, Jeff, I guess, in terms of the outlook, if you could -- if possible, can you give us a sense of mix between monitoring and installation. Installation was certainly a bit higher in the quarter as a percentage of the total mix. How should we think about that as we look at the full year outlook? Thank you.

嗯，聽到這個消息真好。然後，傑夫，我想，就前景而言，如果可能的話，您能否讓我們了解監控和安裝之間的混合。本季的安裝量佔總安裝量的百分比肯定略高一些。當我們展望全年前景時，我們應該如何看待這個問題？謝謝。

Yeah. Generally, when we shared our initial guidance with revenue at the midpoint of the range being up around 5%, we noted at the time, and I would still say this is the case that we would expect monitoring and services revenue in a range of 2%, which of course, implies meaningfully higher. From install revenue, the reason for that, as we've described, is our transition to a larger percentage of our transactions with customers, particularly with the ADT+ platform being outright sales, which causes us to record the revenue and effectively the SAC expense upfront.

是的。總體而言，當我們分享初步預期時，我們當時就指出，預計監控和服務收入將在 2% 左右，而我現在仍然會這麼說，這當然意味著更高的收入。從安裝收入來看，正如我們所描述的，原因是我們向與客戶的交易比例轉型，特別是 ADT+ 平台的直接銷售，這導致我們提前記錄收入並有效地記錄 SAC 費用。

So it's lower margin revenue and maybe a little bit more subject to some seasonality the monitoring services because we tend to have more adds in the middle part of the year than around the holidays. So all that was factored in and you see 7%. In the first quarter on total revenue, no change to our guidance of it being in the mid-single digits for the full year.

因此，利潤收入較低，而且監控服務可能更容易受到季節性的影響，因為我們往往在年中比假期增加更多內容。所以把所有這些因素都考慮進去，你就會看到 7%。就第一季的總收入而言，我們對全年總收入達到中等個位數的預期沒有變化。

Okay. So we should see, I guess, normalizing for the trend last year, we should see roughly a similar sequential uptick in 2Q, 3Q versus last year just on the higher base?

好的。因此，我想，我們應該看到，按照去年的趨勢正常化，我們應該看到第二季、第三季與去年相比在較高基數上出現大致類似的連續上漲？

Yeah, I think you could think of an uptick from a Q1 to Q2 looking kind of like the uptick from Q1 -- or I'm sorry, from the fourth quarter last year to the first quarter of this year. And that's just because we are continuing to roll out, continuing to increase the percentage of our new customers with ADT that are outright sales.

是的，我認為你可以認為從第一季到第二季的上漲有點像從第一季開始的上漲——或者抱歉，從去年第四季到今年第一季的上漲。這只是因為我們正在繼續推廣，繼續增加 ADT 直接銷售的新客戶比例。

Okay, that's helpful. Thank you so much.

好的，這很有幫助。太感謝了。

Toni Kaplan, Morgan Stanley.

摩根士丹利的東尼卡普蘭。

Hi, good morning. This is Yehuda Silverman on the line for Toni. I've just had a question about attrition. So record attrition in the quarter, improving 50 basis points. I was just wondering how much more room do we see for improvement? And what is an ideal range or target for attrition?

嗨，早安。我是耶胡達·西爾弗曼 (Yehuda Silverman)，接聽東尼的電話。我剛剛有一個關於人員流失的問題。因此本季的人員流失率創歷史新高，提高了 50 個基點。我只是想知道我們還有多少改進的空間？那麼，理想的減員範圍或目標是多少呢？

Thanks for the question. I'll share a little bit of color on the quarter and try and give you a sense for where we're headed with attrition. For the quarter, [12.6%] that's, I think, let's see, about 50 basis points, I believe, better than last year. Nonpayment cancels are flat to last year, a good sign for us. Relocation losses were a little bit better than last year, and voluntary losses were solidly better than last year.

謝謝你的提問。我將分享一些本季的情況，並嘗試讓您了解我們的人員流失情況。就本季而言，[12.6%]我認為，比去年同期好大約 50 個基點。取消未付款的情況與去年持平，對我們來說是個好兆頭。搬遷損失比去年略有好轉，自願損失也比去年大幅改善。

Our NPS scores have steadily improved. We're now at a record best in the last three years. Call center metrics are continuing to improve. And there's some new initiatives underway that give us some optimism. We're being more proactive with risk customers.

我們的 NPS 分數穩定提高。我們現在達到了過去三年來的最佳紀錄。呼叫中心指標持續改善。目前正在進行的一些新舉措讓我們感到樂觀。我們對風險客戶採取了更積極主動的態度。

There's a new program for new customers around white glove treatment. There's some new retention offers that are getting some traction. Longer term, I'd like to see this start with an 11 versus 12. But next up for us is [12.5% and 12.4%] after that, and we'll keep plugging away.

我們為新顧客推出了一項白手套服務新計劃。一些新的保留優惠正在獲得一些關注。從長遠來看，我希望看到這場比賽以 11 對 12 的比分開始。但接下來我們的目標分別是 [12.5% 和 12.4%]，我們會繼續努力。

I've often said that the improvement isn't necessarily linear in this space, but it's generally been linear the last few years. I think we were [13.5% and 21%, 12.9%, 23% and now down to 12.6%]. So feeling good about it at a high level when you parse out some of the details there's cause for optimism, and I like what I'm seeing on some of the new programs.

我常說，這個領域的改進不一定是線性的，但過去幾年總體上是線性的。我想我們是[13.5% 和 21%、12.9%、23%，現在降至 12.6%]。因此，當你分析出一些細節時，你會從高層次上對此感到滿意，這是有理由感到樂觀的，而且我喜歡在一些新程式上看到的東西。

And then one point too. I'd just emphasize, if comparing to other firms, we report the number on a gross basis. So if a relocating customer signs back up for ADT service or if a home that we've previously secured signs back up, we don't net that against our attrition. If we did so, we'd be closer to the ranges that Jim's already describing.

然後還有一點。我只想強調，如果與其他公司相比，我們是按總額報告數字的。因此，如果搬遷的客戶重新簽約 ADT 服務，或者我們之前已獲得保障的房屋重新簽約，我們就不會將其計入我們的人員流失率。如果我們這樣做，我們就會更接近吉姆已經描述的範圍。

Got it. And just one follow-up about pricing. So the question about revenue and inflation. So I was -- is the guide implying or with the understanding that inflation is more moderating or steadying. I was just wondering if there's any update to the inflation outlook for the remainder of the year.

知道了。還有一個關於定價的後續問題。所以問題是關於收入和通貨膨脹的。所以我想問的是——該指南是否暗示或理解通貨膨脹正在變得更加緩和或穩定。我只是想知道今年剩餘時間的通膨前景是否有任何更新。

Not anything that I would add beyond, of course, the tariffs as an avenue with which we've incurred inflation in our material cost. But by and large and including our overall outlook for revenue, we do have price escalations and in some cases, even richer mix of pricing because richer configurations is certainly considered. But the macroeconomic comments that Jim made earlier in the comments about tariffs. I think, I wouldn't add anything beyond that with respect specifically to inflation.

當然，除了關稅導致我們的材料成本上漲之外，我沒有什麼可補充的。但總的來說，包括我們對整體收入的展望，我們的價格確實有所上漲，在某些情況下，甚至價格組合更加豐富，因為肯定會考慮更豐富的配置。但吉姆早些時候在評論關稅時就宏觀經濟問題發表了評論。我認為，我不會再補充有關通貨膨脹的其他內容。

Great, thank you.

太好了，謝謝。

This concludes the question-and-answer session. I will turn the call to Jim DeVries for closing remarks.

問答環節到此結束。我將請 Jim DeVries 致閉幕詞。

Thank you, Sarah, and thanks, everyone, for taking the time to join us today. We had a strong first quarter. We feel very good about the momentum in the business. We're confident in our plans for 2025. The priority of our team is to execute on our commitments.

謝謝你，莎拉，也謝謝大家今天抽出時間來參加我們的活動。我們第一季表現強勁。我們對業務的發展動能感到非常滿意。我們對2025年的計畫充滿信心。我們團隊的首要任務是履行我們的承諾。

Again, I'd like to extend my appreciation to our ADT employees and dealer partners. Congrats on a great quarter and an excellent beginning to our 151st year. Thanks again, everyone, and have a great day.

再次，我要向我們的 ADT 員工和經銷商合作夥伴表示感謝。恭喜本季取得的優異成績以及我們成立 151 週年的良好開端。再次感謝大家，祝福大家有個愉快的一天。

This concludes today's conference call. Thank you for joining. You may now disconnect.

今天的電話會議到此結束。感謝您的加入。您現在可以斷開連線。