ADT Inc (ADT) 2025 Q2 法說會逐字稿

Hello, and thank you for standing by. My name is Tiffany, and I will be your conference operator today. At this time, I would like to welcome everyone to the ADT Second Quarter 2025 Earnings Call. (Operator Instructions)

您好，感謝您的支持。我叫蒂芬妮，今天我將擔任您的會議主持人。現在，我歡迎大家參加 ADT 2025 年第二季財報電話會議。（操作員指示）

I would now like to turn the call over to Elizabeth Landers, Vice President of Investor Relations. Elizabeth. Please go ahead.

現在我想將電話轉給投資者關係副總裁伊麗莎白·蘭德斯 (Elizabeth Landers)。伊麗莎白。請繼續。

Good morning, and thank you for joining us to discuss ADT's Second Quarter 2025 results. Today's speakers are Jim DeVries, ADT's Chairman, President and CEO; and Jeff Likosar, our CFO. After their prepared remarks, we will take analyst questions. This morning, we issued a press release and presentation summarizing our financial results. Both are available at investor.adt.com.

早安，感謝您加入我們討論 ADT 2025 年第二季的業績。今天的演講者是 ADT 董事長、總裁兼執行長 Jim DeVries 和我們的財務長 Jeff Likosar。在他們發表準備好的發言後，我們將回答分析師的問題。今天早上，我們發布了一份新聞稿和演示文稿，總結了我們的財務表現。兩者均可在 investor.adt.com 上查閱。

We'll reference our non-GAAP financial measures today. Reconciliations to the most comparable GAAP measures are included in the earnings presentation on our website. Unless noted otherwise, all financials and metrics discussed reflect continuing operations. Non-GAAP cash flow measures include amounts related to our former solar business through 2Q 2024. Forward-looking statements included in today's remarks are subject to risks and uncertainties. Actual results may differ materially. Please refer to our SEC filings for more details.

今天我們將參考我們的非公認會計準則財務指標。我們網站上的收益報告中包含了與最具可比性的 GAAP 指標的對帳。除非另有說明，所有討論的財務和指標均反映持續經營情況。非公認會計準則現金流指標包括截至 2024 年第二季我們先前的太陽能業務相關金額。今天的評論中包含的前瞻性陳述受風險和不確定性的影響。實際結果可能存在重大差異。請參閱我們的 SEC 文件以了解更多詳細資訊。

And now I'm happy to turn it over to Jim.

現在我很高興把它交給吉姆。

Thank you, Elizabeth, and good morning, everyone. I am very pleased that ADT is reporting yet another quarter of strong financial results and cash generation as we continue to execute on our 2025 strategic priorities. Our results continue to demonstrate the resilience of ADT's business model. ADT ended the second quarter with another record recurring monthly revenue balance of $363 million, which was up 2% year-over-year. We continued to grow total revenue up 7% and while balancing profitability and investments for the future.

謝謝你，伊莉莎白，大家早安。我很高興看到 ADT 在我們繼續執行 2025 年策略重點的同時，又報告了強勁的財務表現和現金創造能力。我們的績效持續證明了 ADT 商業模式的彈性。ADT 第二季的經常性月收入餘額再創歷史新高，達到 3.63 億美元，年增 2%。我們繼續將總收入提高 7%，同時平衡獲利能力和未來投資。

We also delivered very strong adjusted earnings per diluted share of $0.23, an increase of 35%. Cash flow continues to be a highlight with adjusted free cash flow, including interest rate swaps of $500 million through the first half, up 38%. This strong cash generation has enabled us to return $589 million year-to-date to ADT shareholders through share repurchases and dividends. Our customer retention also remained solid with attrition at 12.8%, down a tenth of a point from last year's second quarter and slightly higher than last quarter's record performance.

我們還實現了非常強勁的調整後每股收益 0.23 美元，成長 35%。現金流繼續成為一大亮點，調整後的自由現金流（包括上半年 5 億美元的利率互換）增加了 38%。強勁的現金產生能力使得我們年初至今透過股票回購和股息向 ADT 股東返還了 5.89 億美元。我們的客戶保留率也保持穩定，流失率為 12.8%，比去年第二季下降了十分之一，略高於上一季的創紀錄表現。

I'd also like to note that during the second quarter, we completed a strategic customer portfolio acquisition of approximately 50,000 subscribers for $89 million. Jeff will provide more details about our results and full-year outlook later in our call.

我還想指出，在第二季度，我們以 8,900 萬美元的價格完成了約 50,000 名用戶的策略客戶組合收購。傑夫將在稍後的電話會議中提供有關我們的業績和全年展望的更多詳細資訊。

First, I'd like to spend the next few minutes updating you on ADT's strategic focus areas, which remain consistent with the themes we've discussed on previous earnings calls. We are very proud of our progress to date and our progress towards delivering on our full year 2025 commitments.

首先，我想花接下來的幾分鐘時間向您介紹 ADT 的策略重點領域，這些領域與我們在先前的收益電話會議上討論的主題一致。我們對迄今為止的進展以及在履行 2025 年全年承諾方面取得的進展感到非常自豪。

As I mentioned earlier this year, our primary objectives in 2025 and are to continue execution of our strategy and importantly, optimize and complete the rollout of our newly developed and launched capabilities, platform, and offerings.

正如我今年稍早提到的，我們 2025 年的主要目標是繼續執行我們的策略，更重要的是優化和完成我們新開發和推出的功能、平台和產品的推出。

ADT's mission remains clear to empower people to protect and connect what matters most, delivered through our differentiators, unrivaled safety, innovative offerings and a premium best-in-class customer service experience. As always, we are relentlessly focused on delivering unrivaled safety and peace of mind to our over 6 million customers who trust us to keep them safe every day. We continue to invest in our core monitoring capabilities, including the technologies and redundant infrastructure that have enabled 100% uptime throughout the first half of 2025.

ADT 的使命始終明確，透過我們的差異化優勢、無與倫比的安全性、創新產品和一流的優質客戶服務體驗，讓人們能夠保護和連結最重要的事物。像往常一樣，我們堅持不懈地致力於為 600 多萬客戶提供無與倫比的安全和安心，他們相信我們會每天保護他們的安全。我們將繼續投資於我們的核心監控能力，包括在 2025 年上半年實現 100% 正常運行時間的技術和冗餘基礎設施。

We also continue to advance new technologies and introduce features such as Alarm Messenger, which has enabled more than a 50% reduction in false alarms this year. One of the key components of our strategy has been investing in our product and experience ecosystem to develop new and innovative offerings for our customers. This includes further expansion of our ADT+ platform to a larger percentage of our new customers, increased availability across additional sales channels, and enhanced capabilities to enable existing customers to enjoy some of the features available to new customers.

我們也繼續推進新技術並推出 Alarm Messenger 等功能，這使得今年的誤報減少了 50% 以上。我們策略的關鍵組成部分之一是投資我們的產品和體驗生態系統，為我們的客戶開發新的創新產品。這包括進一步擴展我們的 ADT+ 平台，以涵蓋更大比例的新客戶、提高其他銷售管道的可用性，以及增強現有客戶可享受新客戶可用的部分功能的能力。

We continue to see an increasing percentage of our new customers select our new ADT+ platform who are also choosing larger and more comprehensive systems. With our reduced use of discounts and promotions, this is driving average installation revenue to approximately $1,500 per unit.

我們不斷看到越來越多的新客戶選擇我們的新 ADT+ 平台，他們也選擇更大、更全面的系統。由於我們減少了折扣和促銷，平均安裝收入達到每台約 1,500 美元。

Another contributor to this strong revenue is our Trusted Neighbor offering, which continues to generate positive customer feedback. As a reminder, this feature allows our customers to grant trusted individuals temporary access to their homes. In April, we enhanced this offering with the launch of the new Yale Assure Touch Smart Lock, which integrates seamlessly with ADT+ and Trusted Neighbor for an elevated security experience utilizing fingerprint recognition.

這筆強勁收入的另一個貢獻者是我們的「值得信賴的鄰居」服務，它繼續獲得正面的客戶回饋。提醒一下，此功能允許我們的客戶授予受信任的個人臨時訪問其家的權限。今年 4 月，我們推出了新款 Yale Assure Touch 智慧鎖，進一步增強了該產品的功能，該產品可與 ADT+ 和 Trusted Neighbor 無縫集成，利用指紋識別技術提升安全體驗。

In addition to these innovative offerings, we remain focused on delivering the best in industry customer experience. We are pleased that ADT's customer satisfaction remains at a thee-year high, including a record NPS during the month of June. ADT's results demonstrate the cumulative benefits from our focus on continuous improvement across customer experience metrics agent satisfaction in areas such as virtual service, first-call resolution, customer onboarding, and agent training.

除了這些創新產品外，我們還致力於提供業界最佳的客戶體驗。我們很高興看到 ADT 的客戶滿意度仍然保持在三年來的最高水平，其中 6 月的 NPS 創下了歷史新高。ADT 的結果表明，我們專注於在虛擬服務、首次呼叫解決率、客戶入職和代理培訓等領域持續改善客戶體驗指標代理滿意度，從而獲得了累積效益。

Additionally, our partnership with Google remains strong and our Nest Aware subscriber base has now surpassed 1 million customers, highlighting the continued strength of our collaboration and growing smart home adoption.

此外，我們與Google的合作關係依然強勁，我們的 Nest Aware 用戶群現已超過 100 萬，凸顯了我們合作的持續強勁以及智慧家庭應用的不斷增長。

Turning to our State Farm partnership, since our original launch, we have generated slightly more than 30,000 subscribers. While this volume is below the level we projected at this stage of the partnership, we're pleased that these customers report high satisfaction with the program. As we near the three-year anniversary of our partnership, we're working together on redesigning our approach and leveraging our combined learning to explore a new program related to prospective movers who are relocating. We hope to gain more traction with this new approach.

談到我們與 State Farm 的合作關係，自最初推出以來，我們已經擁有了 30,000 多名訂閱用戶。雖然這個數量低於我們在合作的這個階段預計的水平，但我們很高興看到這些客戶對該計劃表示高度滿意。在我們合作三週年即將到來之際，我們正在共同努力重新設計我們的方法，並利用我們的綜合學習來探索與即將搬遷的潛在搬家者相關的新計劃。我們希望透過這種新方法獲得更多的關注。

We also remain pleased with our progress with ADT's remote assistance program and early artificial intelligence efforts. Approximately half of our service costs continue to utilize remote alternatives rather than requiring in-home service visits, allowing us to efficiently serve our customers while avoiding thousands of truck rolls, which ultimately contribute to reductions in our field service costs.

我們對 ADT 遠距協助計畫和早期人工智慧工作的進展也感到滿意。我們大約一半的服務成本繼續利用遠端替代方案，而不是要求上門服務，這使我們能夠有效地為客戶提供服務，同時避免了數千次上門服務，最終有助於降低我們的現場服務成本。

Our initial AI efforts remain focused on our customer care operations with an emphasis on improving the customer service experiences for both our ADT customers and our employee agents while also improving overall efficiency. We built on our first quarter AI progress with 90% of our customer service chats processed by AI agents. And we are now resolving nearly half of these chats without the need for a live agent interaction. Utilizing the knowledge we've gained from our experience with chat, we have now started our initial rollout of AI agents for voice calls. We remain excited about the opportunities to leverage AI to support and serve our customers more efficiently.

我們最初的人工智慧工作仍然集中在我們的客戶關懷營運上，重點是改善 ADT 客戶和員工代理的客戶服務體驗，同時提高整體效率。我們在第一季的人工智慧進展基礎上，90% 的客戶服務聊天均由人工智慧代理處理。現在，我們無需現場客服人員的互動就能解決近一半的聊天問題。利用我們從聊天經驗中獲得的知識，我們現在已經開始初步推出用於語音通話的 AI 代理。我們仍然對利用人工智慧更有效地支援和服務客戶的機會感到興奮。

In closing, I am confident in ADT's outlook, and we remain committed to delivering value for our customers, employees, and shareholders. I want to say thank you to the entire ADT team for their dedication and performance. I remain incredibly proud of this team as well as encouraged for the opportunities that lie ahead. Thank you for your time today.

最後，我對 ADT 的前景充滿信心，我們將繼續致力於為我們的客戶、員工和股東創造價值。我要向整個 ADT 團隊的奉獻和表現表示感謝。我仍然為這支球隊感到無比自豪，同時也對未來的機會充滿信心。感謝您今天抽出時間。

I'll now turn the call over to Jeff.

我現在將電話轉給傑夫。

Thanks, Jim, and thanks to everyone for joining our call today. I'll take the next few minutes to share some additional detail on our second quarter results, along with an update on our full-year outlook. Like Jim, I'm very pleased with our first half performance and our progress towards achieving our full-year 2025 objectives. As Jim mentioned, our very strong cash flow remains a highlight. We generated $274 million of adjusted free cash flow, including swaps, in the second quarter and $500 million through the first half, up 38%.

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二季業績的更多細節，以及我們全年展望的最新情況。和吉姆一樣，我對我們上半年的表現以及實現 2025 年全年目標的進展感到非常滿意。正如吉姆所提到的，我們非常強勁的現金流仍然是一個亮點。我們在第二季度產生了 2.74 億美元的調整後自由現金流（包括掉期交易），在上半年產生了 5 億美元的調整後自由現金流，成長了 38%。

Adjusted net income for the quarter was $191 million or $0.23 per share, and year-to-date, we have generated adjusted earnings per share of $0.44, up 22%. Adjusted EBITDA for the quarter was $674 million, up 7%. Key drivers of this performance include our RMR growth, overall efficiency, and the nonrecurrence of a prior year legal settlement. Our adjusted earnings per share also benefited from our repurchases enabled by our strong cash generation and efficient capital structure. Our top line was also very strong with total revenue up 7% to $1.3 billion.

本季調整後的淨收入為 1.91 億美元，即每股 0.23 美元，年初至今，我們已實現調整後每股收益 0.44 美元，成長 22%。本季調整後的 EBITDA 為 6.74 億美元，成長 7%。這一業績表現的關鍵驅動因素包括我們的 RMR 成長、整體效率以及前一年法律和解的不再發生。我們的調整後每股盈餘也受惠於我們強勁的現金產生能力和高效的資本結構所帶來的回購。我們的營業收入也非常強勁，總收入成長 7%，達到 13 億美元。

Monitoring and services revenue was up 2%, driven by a record $363 million RMR balance, also up 2%. Installation revenue was $197 million, up $60 million driven by our continued mix shift to our ADT+ platform and the outright sales of relevant equipment. During the quarter, we generated 242,000 new subscriber additions adding $14.3 million of new RMR inclusive of our bulk accounts purchase.

監控和服務收入成長 2%，這得益於創紀錄的 3.63 億美元 RMR 餘額，也增加了 2%。安裝收入為 1.97 億美元，成長 6,000 萬美元，這得益於我們繼續轉向 ADT+ 平台以及相關設備的直接銷售。在本季度，我們增加了 242,000 名新用戶，增加了 1,430 萬美元的新 RMR（包括大量帳戶購買）。

Another highlight in the quarter is that our leverage ticked lower and is now at 2.8 times adjusted EBITDA with net debt of $7.5 billion. Additionally, we continue to enjoy a very efficient weighted average interest rate of approximately 4.4%. We finished the quarter with $45 million of unrestricted cash-on-hand and no outstanding revolver balance.

本季的另一個亮點是我們的槓桿率略有下降，目前為調整後 EBITDA 的 2.8 倍，淨債務為 75 億美元。此外，我們繼續享受約 4.4% 的非常有效的加權平均利率。本季末，我們擁有 4500 萬美元的非限制性現金，並且沒有未償還的循環信貸餘額。

I'm also happy to share that we recently received lender commitments to fund an incremental $550 million of our existing 2032 term loan. The pricing on this facility is very favorable at SOFR plus 175 basis points. We also entered into swaps to fix the effective interest rate, which at a little over 5.3% is lower than the 5.75% April 2026 notes we will redeem with the proceeds. We expect the loan transaction to close tomorrow and along with our ongoing cash generation are very well positioned to repay our remaining 2026 notes.

我也很高興地告訴大家，我們最近收到了貸款方的承諾，將為我們現有的 2032 年定期貸款增加 5.5 億美元。該工具的定價非常優惠，為 SOFR 加 175 個基點。我們也透過掉期交易固定了實際利率，該利率略高於 5.3%，低於我們將以收益贖回的 2026 年 4 月 5.75% 的票據。我們預計貸款交易將於明天完成，加上我們持續的現金產生，我們完全有能力償還剩餘的 2026 年票據。

As Jim mentioned earlier, we continue to return significant capital to shareholders enabled by this efficient capital structure and our cash generation. In addition to our $47 million dividend payment, we repurchased and retired 12 million shares during the quarter for an aggregate price of $96 million. Through the first half, we have returned $589 million to shareholders.

正如吉姆之前提到的，透過這種高效的資本結構和現金創造，我們繼續向股東返還大量資本。除了支付 4,700 萬美元的股息外，我們還在本季回購並註銷了 1,200 萬股股票，總價為 9,600 萬美元。上半年，我們已向股東返還 5.89 億美元。

As we look to the second half, we are on track to deliver full-year results consistent with the guidance we shared in February. We are, therefore, reaffirming our full-year guidance ranges for total revenue, adjusted EBITDA. and adjusted free cash flow. Additionally, we are increasing our adjusted earnings per share range by $0.04 to $0.81 to $0.89 per share, reflecting our lower diluted share count.

展望下半年，我們可望實現與二月預期一致的全年業績。因此，我們重申全年總收入、調整後 EBITDA 和調整後自由現金流的指導範圍。此外，我們將調整後每股盈餘範圍上調 0.04 美元至 0.81 美元至 0.89 美元，以反映我們較低的稀釋股數。

I will note that the timing of marketing expenses, working capital flows, cash interest. and potential tariffs will affect our second half relative to the first. We expect third quarter adjusted EBITDA and EPS to be similar to or slightly lower than the second quarter and a larger sequential decline in adjusted free cash flow. The most significant specific driver is the timing of cash interest, which we expect to be approximately $70 million higher in the third quarter.

我要指出的是，行銷費用、營運資金流、現金利息和潛在關稅的時間將影響我們下半年相對於上半年的表現。我們預計第三季調整後的 EBITDA 和 EPS 將與第二季相似或略低，調整後的自由現金流將出現更大的連續下降。最重要的具體驅動因素是現金利息的時間，我們預計第三季現金利息將增加約 7,000 萬美元。

Despite ongoing uncertainty as to the exact amounts, we continue to believe we can absorb our tariff exposure within our full-year guidance ranges. With the first half of the year behind us, I am exceptionally pleased with our progress and remain confident in delivering our full-year objectives.

儘管對於具體金額仍存在不確定性，但我們仍然相信我們可以在全年指導範圍內吸收關稅風險。今年上半年已經過去，我對我們的進展感到非常滿意，並且對實現全年目標充滿信心。

Like Jim, I want to thank all our employees, partners, customers and investors for helping us deliver a very strong first half of the year. Thank you, everyone, for joining our call today and for your support of our company.

和吉姆一樣，我要感謝我們所有的員工、合作夥伴、客戶和投資者，感謝他們幫助我們取得了今年上半年的出色表現。感謝大家今天參加我們的電話會議並對我們公司的支持。

Operator, please open the line to questions.

接線員，請接通電話回答問題。

(Operator Instructions)

（操作員指示）

George Tong, Goldman Sachs.

高盛的喬治通 (George Tong)。

You completed a bulk account purchase for $89 million this quarter that added around 50,000 customer accounts. Can you talk more about what made this account purchase -- bulk account purchase economically attractive and your appetite for future on bulk account purchases?

本季度，您完成了價值 8,900 萬美元的大量帳戶購買，增加了約 50,000 個客戶帳戶。您能否詳細談談是什麼讓這種帳戶購買——批量帳戶購買在經濟上具有吸引力，以及您對未來批量帳戶購買的興趣？

Sure, George, it's Jim. Good morning. We have, as you know, executed both deals in, I think, five of the last six years. In Q2, we brought on, as you mentioned, 50,000 accounts. These were acquired from a single seller. The accounts had high density, good credit scores. As you know, we always build in attrition protection for ADT. And we did so again this time. The returns for bulk are generally consistent with our dealer business. The bulk pipeline is strong. I'd say probably stronger than we've seen even in the last couple of years. And we'll continue to review bulk as an option for incremental subscriber adds.

當然，喬治，我是吉姆。早安.如您所知，在過去六年中，我們有五年都執行了這兩筆交易。正如您所說，在第二季度，我們新增了 50,000 個帳戶。這些都是從同一個賣家購買的。帳戶密度高，信用評分良好。如您所知，我們始終為 ADT 建立減員保護。這次我們又這樣做了。大量的回報通常與我們的經銷商業務一致。散貨管道強勁。我想說，這可能比過去幾年我們所見過的還要強勁。我們將繼續審查批量訂閱，將其作為增加訂閱者的一種選擇。

Great. Very helpful. And then can you provide an update on your State Farm partnership, how that's tracking in terms of new states being launched and new customers being acquired?

偉大的。非常有幫助。然後，您能否提供有關您與 State Farm 合作的最新情況，以及在新州開展業務和獲取新客戶方面的進展如何？

Sure. So I mentioned on the call, our program to-date subscriber adds is right around 33,000. Candidly, George, the trajectory has been positive for us, but the pace and the volume isn't what I think either party had hoped to achieve. We're right now in the process of designing a new approach that's focused on movers, on prospective customers who are relocating. It's not necessarily the last effort in trying traditional distribution with State Farm, new states, the same tactics that we've been focused on in the past, but it's a fresh tactic. And we'll lean in and see if we can get some better traction here.

當然。我在電話中提到，我們的計劃迄今為止增加的訂閱用戶數量約為 33,000。坦白說，喬治，發展軌跡對我們來說是正面的，但我認為速度和數量並不是雙方所希望達到的。我們目前正在設計一種新方法，重點是搬家者和即將搬遷的潛在客戶。這不一定是我們最後一次嘗試與 State Farm 合作進行傳統分銷、開拓新州以及採用我們過去一直關注的相同策略，但這是一種新策略。我們將傾力探索，看看能否有更好的進展。

Lastly, it's probably worth mentioning. We conservatively budgeted new subscribers from the State Farm partnership. We're hopeful, I'm hopeful the new approach carries some momentum. But even if it doesn't, the results won't be material to our gross adds budget or delivery of our financial commitments. Thanks for the question, George.

最後，也許值得一提。我們對來自 State Farm 合作夥伴的新訂戶的預算進行了保守的估算。我們充滿希望，我希望新方法能帶來一些動力。但即使沒有，其結果也不會對我們的總預算或財務承諾的履行產生重大影響。謝謝你的提問，喬治。

Peter Christiansen, Citi.

花旗銀行的 Peter Christiansen。

Nice results here, gentlemen. I want to get back to the bulk purchase that you did in the quarter. We figure LTV to CAC somewhere in the mid-3s potentially, which sounds great. I was just wondering, Jim, can you just talk about when you think about these bulk purchases, the opportunity to uplift a lot of these customers, convert them on to new systems, how do you think about the incremental value that you can drive by fully merging these customers on to the ADT platform particularly with a lot of the new products and solutions that you've been delivering? Thank you.

先生們，結果不錯。我想回顧一下您在本季度進行的批量採購。我們估計 LTV 與 CAC 的比率可能在 3 秒左右，這聽起來很棒。我只是想知道，吉姆，您能否談談當您考慮這些批量採購時，提升許多客戶、將他們轉換到新系統的機會，您如何看待通過將這些客戶完全合併到 ADT 平台上可以帶來的增量價值，特別是通過您一直在提供的許多新產品和解決方案？謝謝。

Yes. Thanks, Pete. So the playbook for us on bulk is a well-established playbook. We have a team that's focused on it. We do a really good job converting customers. There's some, to be frank, some heightened attrition at the beginning of the conversion. That's why we build in the attrition protection usually for 12 months, sometimes a little bit longer. But the swing to our monitoring and our service is something that we do well.

是的。謝謝，皮特。因此，對我們來說，批量處理的劇本是一部完善的劇本。我們有一個專注於此的團隊。我們在客戶轉換方面做得非常出色。坦白說，在轉換之初，存在一些嚴重的人員流失。這就是為什麼我們通常會建立 12 個月的損耗保護，有時會更長一些。但是，我們的監控和服務的轉變是我們做得很好的事情。

I mentioned, Pete, we always look for high density, have accounts in a concentrated geography that helps us with service costs. We are conscious of the equipment that we're acquiring. This most recent acquisition, bulk acquisition, had high-quality equipment we feel great about.

我提到過，皮特，我們總是尋找高密度，在集中的地理位置擁有帳戶，以幫助我們降低服務成本。我們清楚自己正在採購什麼設備。這次最近的收購，批量收購，擁有我們感到非常滿意的高品質設備。

And then we pay a lot of attention to the credit scores and ensure that we have a high-credit quality customer when we bring them on board. But all in all, I think it's a well-worn playbook, one that we execute well. And I'm optimistic this will be a supplemental way for us to grow subscribers going forward.

然後，我們非常重視信用評分，並確保在引入客戶時，我們擁有高信用品質的客戶。但總而言之，我認為這是一套老套的劇本，我們執行得很好。我樂觀地認為這將成為我們未來增加訂閱用戶的補充方式。

And one point I might add, as Jim notes, the returns are very strong. You can think of it similar to dealers. A little bit less efficient at the time of acquisition, your point about the acquisition cost. But it's because we have insight into the other characteristics, including the attrition protection, including knowledge of the account base. But your specific question about seeking to upgrade those customers or have additional sales or revenue opportunities over time. We don't underwrite based on that, but that for sure would be an opportunity. But when we speak of their terms where we're not banking on that.

我想補充一點，正如吉姆所說，回報非常豐厚。您可以將其視為與經銷商類似。收購時的效率稍微低一點，這是您對收購成本的觀點。但這是因為我們對其他特徵有深入的了解，包括流失保護，包括對帳戶基礎的了解。但您的具體問題是尋求提升這些客戶或隨著時間的推移增加銷售或收入機會。我們不會基於此進行承保，但這肯定是一個機會。但當我們談到他們的條款時，我們並不依賴這一點。

That's good to hear. Certainly, it sounds like a lot of opportunities with as customers. Jim, I also I would love to dive a little bit into Trusted Neighbor, what are you seeing from initial feedback there and pick up of the product? How do you see things trending with that new launch?

聽到這個消息真好。當然，這聽起來對客戶來說有很多機會。吉姆，我也想深入了解“可信鄰居”，您從那裡的初步反饋和產品選擇中看到了什麼？您如何看待這款新品的發表趨勢？

Sure. So some context that I shared on the last call, and I'll share on this call. The Trusted Neighbor, the initial product to launch, it's the first part of an overall product-led strategy to drive growth for us. Trusted Neighbor was launched in August of '24. It's still relatively early, but we continue to be optimistic, Pete.

當然。我在上次通話中分享了一些背景訊息，這次通話中我也會分享。「值得信賴的鄰居」是我們推出的首款產品，也是推動我們成長的整體產品主導策略的第一部分。Trusted Neighbor 於 24 年 8 月推出。現在還相對較早，但我們仍然保持樂觀，皮特。

Trusted Neighbor represents I think something north of 10% of our do-it-for-me installations. And the customer response has been really positive. Our field sales and technician response has been positive. And very importantly, the average installation revenue for our installs that include Trusted Neighbor is north of $2,500 pretty meaningfully above our overall average. So it's got good traction out of the gate and feel great about the install revenue.

我認為「可信鄰居」佔據了我們「代我安裝」業務的 10% 以上。顧客的回饋也非常正面。我們的現場銷售和技術人員的反應是正面的。非常重要的是，包括 Trusted Neighbor 在內的安裝的平均安裝收入超過 2,500 美元，遠高於我們的整體平均水平。因此，它一開始就具有良好的吸引力，並且對安裝收入感到非常滿意。

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. You mentioned, Jim, in the prepared remarks, efforts around increased availability across additional sales channels. I think on the prior calls, you talked about an emphasis on sales process and go-to-market optimization initiatives, refining structure, bundling, pricing, marketing. Can you provide more color around these in an update? And if, for example, that includes a more deliberate focus on DIY or other efforts?

這是羅南肯尼迪 (Ronan Kennedy)，代替馬納夫 (Manav)。吉姆，您在準備好的發言中提到了透過其他銷售管道增加可用性的努力。我認為在先前的電話會議中，您談到了強調銷售流程和市場優化舉措、完善結構、捆綁、定價和行銷。您能在更新中提供更多關於這些內容的顏色嗎？例如，這是否包括更刻意地關注 DIY 或其他努力？

Sure. Ronan, thanks for the question. We're always working, I think, on sales process and optimization testing new bundles, testing new pricing. One of the more meaningful shifts that we've undertaken over the course of the last 12 months. And I'd say, accelerated in the last six months or so is a process change to focus on what we call tech engineers. And so the customer is sold an initial basic system. And when the tech engineer arrives at their home, arrives at their premise, the technician both cells and both sales and installs the equipment in one consistent motion.

當然。羅南，謝謝你的提問。我認為，我們一直致力於銷售流程和優化測試新的捆綁包、測試新的定價。這是我們在過去 12 個月中實施的最有意義的轉變之一。我想說的是，在過去六個月左右的時間裡，我們加快了流程變革的步伐，並專注於我們所謂的技術工程師。這樣，客戶就買到初始的基本系統了。當技術工程師到達他們的家，到達他們的場所時，技術人員會同時打電話、銷售並安裝設備，動作一致。

We've had really good success with install revenue using this technician engineer construct. The customer feedback has been positive because the sale and install can happen simultaneously. And it's been a nice change and a nice win for our organization. But across all offers, pricing, process, we're constantly adjusting the knobs and dials, Ronan, and trying to improve conversion.

使用這位技術工程師構造，我們在安裝收入方面取得了非常好的成功。由於銷售和安裝可以同時進行，因此客戶回饋非常積極。對我們的組織來說，這是一個很好的變化，也是一個巨大的勝利。但是，在所有報價、定價和流程中，我們都在不斷調整旋鈕和刻度盤，羅南，並試圖提高轉換率。

That's very helpful. If I may go to attrition for a follow-up, actually, a two-part question. Can you provide color on the drivers of attrition? And then as far as relocation having been a headwind to gross adds, but a tailwind through attrition, how should we think about the puts and takes to that under different scenarios of the housing market. (inaudible) continues to remain challenged versus and it picks up? And if there's anything to be mindful of there such as lapping a relocation tailwind (inaudible)?

這非常有幫助。如果我可以就人員流失問題進行後續討論，那麼實際上，這是一個分成兩部分的問題。能否詳細說明造成人員流失的原因？然後，就搬遷對總增加價值造成不利影響，但對自然減員造成有利影響而言，我們應該如何看待在不同的房地產市場情境下對此的利弊。 （聽不清楚）繼續面臨挑戰還是回升？如果有什麼需要注意的，例如如何利用搬遷順風（聽不清楚）？

Sure. So a little bit of color on attrition, specifically related to relocation. As you know, we ended the quarter at 12.8 attrition, down 10 basis points from last year, a couple ticks up sequentially. Color on Q2 non-payment cancellations were modestly higher than last year. Relocation losses were actually modestly lower than last year.

當然。因此，我對人員流失，特別是與搬遷有關的內容做了一些說明。如您所知，本季結束時我們的員工流動率為 12.8 人，比去年同期下降了 10 個基點，比上一季有所上升。第二季未付款取消情況略高於去年。搬遷損失實際上比去年略低。

Voluntary losses were a bit worse than last year. We had a large loss in our multifamily business that accounted for about half of our voluntary losses. Save rates were modestly down as well. But all in all, a pretty good quarter for us. You're right that relocation losses -- relocation being down is a good guy when it comes to attrition and a bit of a headwind when it comes to gross adds. But despite that fact, we had a pretty decent quarter on the gross adds front. And as you heard a minute ago, supplemented by some pretty good return bulk.

自願損失比去年稍微嚴重。我們的多戶型業務遭受了巨大損失，約占我們自願損失的一半。儲蓄率也略有下降。但總的來說，對我們來說這是一個相當不錯的季度。您說得對，搬遷損失－搬遷減少對於人員流失來說是一件好事，但對於總增加量來說卻是一個阻力。但儘管如此，我們本季在總營收方面還是取得了相當不錯的成績。正如您剛才聽到的，還補充了一些相當不錯的回報。

Last thing I'll mention on attrition, we continue to feel optimistic. I think this was in the prepared notes, our NPS continues to improve. We had our best scores in three years on NPS. All-time record in June. Call center metrics are clipping along nicely for us, continuing to improve. And the customer response to self-service has been really positive. So as I've said a bunch of times, attrition improvement won't be linear, but we are optimistic about where it can go longer term.

關於人員流失，我最後要說的是，我們仍然感到樂觀。我想這是在準備好的筆記中，我們的 NPS 不斷提高。我們的 NPS 得分是三年來最好的。六月創歷史新高。對我們來說，呼叫中心指標進展順利，並且持續改善。客戶對自助服務的反應非常正面。因此，正如我多次所說的，人員流失率的改善不會是線性的，但我們對其長期發展持樂觀態度。

Ashish Sabadra, RBC Capital Markets.

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

This is [Will Chi] on for Ashish Sabadra. Appreciate you taking our questions. I wonder if you could maybe spend a little bit of time just on your views on the macro environment. I know there's a lot going on. But curious how you're seeing the end client behaving, if there's any developments on that? I know you mentioned kind of a modest uptick in slower payments the prior quarter, though not notably material, but curious if there's any updates on that front?

這是 [Will Chi] 為 Ashish Sabadra 主持的。感謝您回答我們的問題。我想知道您是否可以花一點時間談談您對宏觀環境的看法。我知道有很多事情發生。但我很好奇您如何看待最終客戶的行為，是否有任何進展？我知道您提到上一季付款放緩的情況略有增加，儘管不是很明顯，但您是否好奇這方面是否有任何最新消息？

Sure. Thanks for the question. I'd start with some context. Our business, we feel, is very resilient in most any environment. And while we're not insulated from the macro environment, we tend to be an organization and have a model that performs well in any environment. Relocation is trending down, I think, across the country a bit. That, as I mentioned on the earlier question, provides a bit of a headwind when it comes to gross adds, fewer bites at the apple. But it's a nice tailwind for us on retention.

當然。謝謝你的提問。我先從一些背景說起。我們認為，我們的業務在大多數環境下都具有很強的彈性。雖然我們無法免受宏觀環境的影響，但我們往往是一個組織，並且擁有在任何環境中都能表現良好的模型。我認為，全國的搬遷趨勢略有下降。正如我在之前的問題中提到的那樣，當涉及到總廣告時，這會帶來一些阻力，導致廣告的點擊次數減少。但這對我們來說是一個很好的順風，有利於保留。

Non-pay has increased from last year. We're watching it very closely. The increase has been relatively modest in non-pay cancellations. Labor markets cooling a bit. That's been helpful to the cause from an employee retention perspective.

與去年相比，拖欠工資的情況增加。我們正在密切關注此事。未支付工資取消的情況增幅相對較小。勞動力市場略微降溫。從員工保留的角度來看，這對工作很有幫助。

And then I'm not sure if it's considered macro or not, but we're watching tariff pressures closely. That's obviously difficult to predict given the frequency of change. We have a team focused on it. And as Jeff mentioned in his prepared remarks, we can manage the net (inaudible) to tariffs within the '25 guide.

然後我不確定這是否被視為宏觀，但我們正在密切關注關稅壓力。考慮到變化的頻率，這顯然很難預測。我們有一個專門負責此事的團隊。正如傑夫在準備好的演講中提到的那樣，我們可以在 25 指南內管理淨（聽不清楚）關稅。

And one thing I would add on the resilient point is, as you know, most of our revenue is recurring in the truest sense of the word recurring. So as and if we start to see trends or dynamics, we tend to see them with enough foresight that we're able to make other adjustments in our business, which is why we're able to, even in this environment, even with some uncertainty, affirm our guidance and as you saw, increase our EPS guidance in the results or the release we put out today.

關於彈性點，我想補充一點，如你所知，我們的大部分收入都是真正意義上的經常性收入。因此，如果我們開始看到趨勢或動態，我們往往會以足夠的遠見來看待它們，以便我們能夠對我們的業務做出其他調整，這就是為什麼即使在這種環境下，即使存在一些不確定性，我們仍然能夠確認我們的指導，並且正如您所看到的，在我們今天發布的結果或版本中提高我們的每股收益指導。

That's very helpful. And maybe just a follow-up on the State Farm side. Curious if you might be able to provide additional color on some of the learning points on the initial stages of the partnership and how that's informed the new redesign strategy?

這非常有幫助。或許只是對 State Farm 的後續行動。好奇您是否可以就合作初期的一些學習要點提供更多說明，以及這些要點如何為新的重新設計策略提供資訊？

Sure. The central thesis is one that I continue to believe that by having professionally monitored 24 devices in the home that that can be a source of claims mitigation, large claims mitigation, and fire and water, in particular. And I also think that there is the potential to use the data, with customer consent, use the data that the sensors provide to help provide more sophisticated, more precision in the pricing algorithms.

當然。我始終相信，核心論點是，透過對家中 24 台設備進行專業監控，可以減輕索賠，尤其是減輕大額索賠，尤其是火災和水災索賠。我還認為，在客戶同意的情況下，使用感測器提供的數據有助於提供更複雜、更精確的定價演算法。

The new program that we're contemplating is focused, as I mentioned, just on movers. Prospective customers that are changing geographies. And we're working together with State Farm and an external organization that has some very deep digital expertise to design a new tactic around those movers and see if we can't get a little more volume than what we've had to-date.

正如我所提到的，我們正在考慮的新計劃只關注搬家者。正在改變地理位置的潛在客戶。我們正在與 State Farm 以及一個擁有深厚數位專業知識的外部組織合作，圍繞這些搬家公司設計新的策略，看看我們能否獲得比迄今為止更多的交易量。

Tony Kaplan, Morgan Stanley.

摩根士丹利的東尼卡普蘭。

Good morning. This is Yehuda Silverman on for Tony Kaplan. Just had a question on subscriber growth and demographic trends in general. So it's been a relatively stable past few quarters and years around 6.4 million customers. Just curious, aside from bulk purchases, what are some ways that you could take market share? Are there any changes to your target demographic? Or any products or themes that you think are shaping the industry in the midterm or the long term?

早安.這是 Tony Kaplan 的 Yehuda Silverman。我只是想問一下關於用戶成長和整體人口趨勢的問題。因此，過去幾季和幾年客戶數量相對穩定，約 640 萬。只是好奇，除了大量購買之外，還有什麼方法可以佔領市場份額？您的目標族群有什麼改變嗎？或者您認為有哪些產品或主題將在中期或長期內影響該行業？

Sure. I think on the -- so we continue -- I continue to be bullish on our core DIFM business. I'm excited about the product, our roadmap. I like what the direction we're heading in terms of premium customer service. There's some differentiation that I think we'll be able to deliver around monitoring quality and speed on the monitoring front and so continue to be bullish on DIFM.

當然。我認為——所以我們繼續——我繼續看好我們的核心 DIFM 業務。我對產品和我們的路線圖感到很興奮。我喜歡我們在優質客戶服務方面所採取的方向。我認為我們將能夠在監控品質和速度方面實現一些差異化，因此我繼續看好 DIFM。

DIY for us, we had tightened our credit standards. We were returns focused. We're making some changes to the go-to-market on DIY, the product set and cost in DIY so that we can more assertively compete in that space.

對我們來說，DIY 已經收緊了我們的信用標準。我們注重回報。我們正在對 DIY 的市場進入方式、產品組合和 DIY 成本做出一些改變，以便我們能夠更積極地在該領域競爭。

So it's a little bit of a hiatus the last handful of months. And I think by the end of this year, early '26, we'll be able to compete more effectively in DIY. And then I continue to be bullish on the small business channel. That, too, is an area of increased focus for us. We have a new leader over the SMB space. And I think that's the third leg of the stool that helps us get some traction on gross adds.

因此，最近幾個月有點停頓。我認為到今年年底，也就是 26 年初，我們將能夠在 DIY 領域更有效地競爭。然後我繼續看好小型企業通路。這也是我們更關注的領域。我們在 SMB 領域有了一位新的領導者。我認為這是凳子的第三條腿，可以幫助我們在處理粗略添加的問題上取得一些進展。

We also have been talking a couple of times on the call about bulk acquisitions. Frankly, our dealer channel was down a little year-over-year. We replaced that volume with bulk acquisitions. But I think dealer will get back on track in the second half. And bulk opportunities are more plentiful than what they've been historically.

我們也在電話會議上討論了幾次大規模收購的問題。坦白說，我們的經銷商通路較去年同期有所下降。我們透過批量收購取代了這一數量。但我認為經銷商將在下半年重回正軌。大量生產的機會比歷史上任何時候都多。

And I would add a little bit further to, I believe, it was Ronan's question about optimization. And a lot of those things are to do with the nature of offer, the recurring price versus the upfront price, when we offer financing and when we don't -- some of those when Jim says, knobs and dials. But there's also things related to that to do with features. And one of the reasons -- in fact, the main reason that we transitioned to our proprietary ADT+ platform was to enable things like Trusted Neighbor. And we continue to make adjustments, some smaller, some larger, including some of the things that you see with respect to biometric lock the Home Away automation feature that we noted. And those are also the kinds of things that we're able to put in front of customers who are more attracted to a particular feature or a particular use case. And as we look beyond 2025, we would expect more of that as a means of driving growth as well.

我想補充一點，我相信這是羅南關於最佳化的問題。其中許多事情都與報價的性質有關，經常性價格與預付價格，我們何時提供融資以及何時不提供融資——其中一些就像吉姆所說的，旋鈕和刻度盤。但也有一些與此相關的事情與功能有關。其中一個原因——事實上，我們轉向專有 ADT+ 平台的主要原因是為了實現諸如 Trusted Neighbor 之類的功能。我們會繼續進行調整，有的調整較小，有的調整較大，包括您看到的與生物辨識鎖和我們提到的 Home Away 自動化功能有關的一些調整。這些也是我們能夠呈現給那些對特定功能或特定用例更感興趣的客戶的東西。展望 2025 年以後，我們預期這種成長方式能帶來更多推動力。

That will conclude our question-and-answer session. And I will now turn the call back over to Jim DeVries for closing remarks.

我們的問答環節到此結束。現在我將把電話轉回給吉姆·德弗里斯 (Jim DeVries) 作結束語。

Thank you, Tiffany. And thanks, everyone, for taking the time to join us today. ADT had a strong quarter and a strong first half of the year. We're confident, as we reiterated earlier, in achieving our financial commitments for 2025. I'd like to again extend my appreciation to our ADT employees and dealer partners. Thanks again, everybody, and have a great day.

謝謝你，蒂芙尼。感謝大家今天抽出時間來參加我們的活動。ADT 本季和上半年表現強勁。正如我們之前重申的那樣，我們有信心實現 2025 年的財務承諾。我想再次向我們的 ADT 員工和經銷商合作夥伴表示感謝。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。