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ADT Reports Fourth Quarter and Fiscal Year 2012 Results



  ADT Reports Fourth Quarter and Fiscal Year 2012 Results

  Board of Directors Authorizes $2.0 Billion Share Repurchase Program over 3
                                    Years

       Company Declares Initial Quarterly Dividend of $0.125 Per Share

Business Wire

BOCA RATON, Fla. -- November 27, 2012

The ADT Corporation (NYSE: ADT):

FOURTH QUARTER 2012

  * Recurring revenue of $742 million, up 5.2%
  * Net income of $94 million, up 1.1%
  * EBITDA before special items of $401 million, up 2.8%
  * GAAP earnings per share of $0.40 and earnings per share before special
    items of $0.43

FOURTH QUARTER AND FISCAL YEAR RESULTS^1
                                                                     
($ in millions, except
per-share amounts)
                  Q4        Q4        Change     FY 2012    FY 2011    Change
                  2012      2011
Recurring         $742      $705      5.2%       $2,903     $2,765     5.0%
revenue
Other revenue     $70       $89       -21.3%     $325       $345       -5.8%
Total revenue     $812      $794      2.3%       $3,228     $3,110     3.8%
Net income        $94       $93       1.1%       $394       $376       4.8%
EBITDA before
special           $401      $390      2.8%       $1,609     $1,534     4.9%
items^1
EBITDA margin
before special    49.4%     49.1%     30bps      49.8%      49.3%      50bps
items^1
Net cash
provided by       $362      $396      -8.6%      $1,493     $1,439     3.8%
operating
activities
Free cash flow
before special    $86       $154      -44.2%     $432       $563       -23.3%
items^1
Diluted
earnings per      $0.40     $0.39     2.6%       $1.67      $1.59      5.0%
share
Diluted
earnings per
share before      $0.43     $0.41     4.9%       $1.74      $1.66      4.8%
special
items^1
                                                                        
^1 Reconciliations from GAAP to non-GAAP financial measures can be found in
the attached tables, as well as on the Investor Relations section of our web
site, www.ADT.com.
                                                                        

The ADT Corporation (NYSE: ADT) today reported diluted earnings per share of
$0.40 for the fourth quarter of 2012, and diluted earnings per share before
special items of $0.43. Naren Gursahaney, ADT’s Chief Executive Officer, said,
“With our recent spin-off from Tyco International we entered the new fiscal
year as a standalone public company with a clear leadership position in
residential and small business security in North America. We are excited about
the opportunities ahead of us to build on our leadership position and drive
ongoing profitable growth.” Commenting on the company’s results for the fourth
quarter, Gursahaney added, “We delivered solid recurring revenue growth fueled
by the continued success of Pulse in the residential and small business
security markets. Our focus for 2013 is to deliver meaningful shareholder
value by leveraging our competitive strengths to accelerate growth and through
the efficient deployment of capital.”

Recurring revenue, which made up over 90% of total revenue in the quarter, was
up 5.2%, driven by 4.4% growth in average revenue per customer, which rose to
$38.87, and 1.1% net growth in customer accounts. Non-recurring revenue
declined 21.3% as the Company's mix continues to shift toward more ADT-owned
systems, increasing deferred revenue and reducing current period installation
revenue. Total revenue of $812 million increased 2.3%, compared to the fourth
quarter of 2011. Attrition was up 30 basis points sequentially to 13.8% with
the majority of the increase coming from voluntary disconnects, in part due to
the higher level of price escalations implemented in the second and third
quarters. ADT added 284,000 new customers and closed the quarter with 6.4
million customer accounts, 1.1% higher than last year.

EBITDA before special items was $401 million, 2.8% higher than the fourth
quarter of the prior year, and EBITDA margin before special items was 49.4%, a
30 basis point improvement. In the quarter the Company had a 20 basis point
unfavorable impact to EBITDA margin primarily from charges related to legal
matters of $15 million, or 180 basis points (including a lawsuit under the
Telephone Consumer Protection Act), partially offset by a 160 basis point
favorable impact from the mix shift to more ADT-owned systems.

The Company’s Board of Directors has approved a share repurchase program,
authorizing the Company to purchase $2.0 billion of its common stock. The
program expires on November 27, 2015 and may be terminated at any time.

The Company declared a quarterly dividend of $0.125 per share, payable
December 18, 2012 to shareholders of record on December 10, 2012.

FISCAL YEAR 2013 GUIDANCE

  * Recurring revenue growth of 4.9%-5.2%
  * EBITDA margin before special items of 49.5%-50.5%
  * Free cash flow before special items of $375-$425 million
  * Steady-state free cash flow before special items of $950 million - $1.0
    billion

CONFERENCE CALL AND WEBCAST

Management will discuss the company’s fourth quarter and annual results for
2012 during a conference call and webcast today beginning at 8:30 a.m. (ET).
During the conference call and webcast management will refer to a slide
presentation hosted on and accessible at http://investors.adt.com. Today’s
conference call for investors can be accessed in the following ways:

  * At ADT’s website: http://investors.adt.com
  * By telephone: For both “listen-only” participants and those participants
    who wish to take part in the question-and-answer portion of the call, the
    telephone dial-in number in the United States is (888) 680-0879, pass code
    95126161 when prompted. The telephone dial-in number for participants
    outside the United States is (617) 213-4856, pass code 95126161 when
    prompted.
  * An audio replay of the conference call will be available at 11:30 a.m.
    (ET) on November 27, 2012 and ending at 11:59 p.m. (ET) on December 11,
    2012. The dial-in number for participants in the United States is (888)
    286-8010, pass code 85092466 when prompted. For participants outside the
    United States, the replay dial-in number is (617) 801-6888, pass code
    85092466 when prompted.

ABOUT ADT

The ADT Corporation (NYSE: ADT) is a leading provider of electronic security,
automation and related monitoring services for residences and businesses in
North America. ADT's broad and pioneering set of products and services,
including ADT Pulse interactive home and business solutions, and home health
services, meet a range of customer needs for mobile lifestyles. ADT helps
provide peace of mind to more than six million customers in the U.S. and
Canada. Headquartered in Boca Raton, Florida, ADT employs approximately 16,000
people at nearly 200 locations. More information is available at www.adt.com.

From time to time, ADT may use its website as a channel of distribution of
material company information. Financial and other material information
regarding the company is routinely posted on and accessible at
http://investors.adt.com. In addition, you may automatically receive email
alerts and other information about ADT by enrolling your email by visiting the
“Investor Relations” section at http://investors.adt.com.

NON-GAAP MEASURES

Earnings before interest, taxes, depreciation and amortization (EBITDA),
EBITDA margin, free cash flow (FCF), steady-state free cash flow (SSFCF) and
earnings per share (EPS), in each case “before special items,” are non-GAAP
measures and should not be considered replacements for GAAP results.

EBITDA is a useful measure of the company’s success in acquiring, retaining
and servicing our customer base and ability to generate and grow recurring
revenue while providing a high level of customer service in a cost-effective
manner. The difference between Net Income (the most comparable GAAP measure)
and EBITDA (the non-GAAP measure) is the exclusion of interest expense, the
provision for income taxes, depreciation and amortization expense. Excluding
these items eliminates the impact of expenses associated with our
capitalization and tax structure as well as the impact of non-cash charges
related to capital investments.

In addition, from time to time, the company may present EBITDA before special
items, which is EBITDA, adjusted to exclude the impact of the special items
highlighted below. This number provides information to investors regarding the
impact of certain items management believes are useful to identify, as
described below.

There are material limitations to using EBITDA. EBITDA may not be comparable
to similarly titled measures reported by other companies. Furthermore, EBITDA
does not take into account certain significant items, including depreciation
and amortization, interest expense and tax expense, which directly affect our
net income. These limitations are best addressed by considering the economic
effects of the excluded items independently, and by considering EBITDA in
conjunction with net income as calculated in accordance with GAAP.

FCF is a useful measure of our cash that is free from significant existing
obligations and available for other uses. The difference between Cash Flows
from Operating Activities (the most comparable GAAP measure) and FCF (the
non-GAAP measure) consists of the impact of capital expenditures, subscriber
system assets, dealer generated customer accounts and bulk account purchases.
Dealer generated accounts are accounts that are generated through our network
of authorized dealers. Bulk account purchases represent accounts that we
acquire from third parties outside of our authorized dealer network, such as
other security service providers, on a selective basis. These items are
subtracted from cash flows from operating activities because they represent
long-term investments that are required for normal business activities.

SSFCF is a useful measure of pre-levered cash that is generated by the
business after the cost of replacing recurring revenue lost to attrition, but
before the cost of new subscribers driving recurring revenue growth. The
difference between Cash Flows from Operating Activities (the most comparable
GAAP measure) and SSFCF (the non-GAAP measure) consists of the impact of
capital expenditures, subscriber system assets, dealer generated customer
accounts required to maintain recurring revenue, and cash paid for interest
and income taxes. Capital expenditures, subscriber system assets, and dealer
generated customer accounts required to maintain recurring revenue are
subtracted from cash flows from operating activities because they represent
long-term investments that are required to replace recurring revenue lost to
attrition. The exclusion of cash paid for interest and income taxes eliminates
the impact of cash flows associated with our capitalization and tax structure.

In addition, from time to time the company may present free cash flow and
steady-state free cash flow before special items, which is free cash flow and
steady-state free cash flow, adjusted to exclude the cash impact of the
special items highlighted below. This number provides information to investors
regarding the cash impact of certain items management believes are useful to
identify, as described below.

The limitation associated with using FCF and SSFCF is that they adjust for
cash items that are ultimately within management's and the Board of Directors'
discretion to direct and therefore may imply that there is less or more cash
that is available for the company's programs than the most comparable GAAP
measure. This limitation is best addressed by using FCF and SSFCF in
combination with the GAAP cash flow numbers.

FCF and SSFCF as presented herein may not be comparable to similarly titled
measures reported by other companies. These measures should be used in
conjunction with other GAAP financial measures. Investors are urged to read
the company's financial statements as filed with the Securities and Exchange
Commission, as well as the accompanying tables to this press release that show
all the elements of the GAAP measures of Cash Flows from Operating Activities,
Cash Flows from Investing Activities, Cash Flows from Financing Activities and
a reconciliation of the company's total cash and cash equivalents for the
period. See the accompanying tables to this press release for a cash flow
statement presented in accordance with GAAP and reconciliations presenting the
components of FCF and SSFCF.

The company has presented its EPS, EBITDA, EBITDA margin, FCF and SSFCF before
special items. Special items include charges and gains related to
acquisitions, restructurings, impairments, and other income or charges that
may mask the underlying operating results and/or business trends of the
company. The company utilizes these measures to assess overall operating
performance, as well as to provide insight to management in evaluating overall
operating plan execution and underlying market conditions. The company also
presents its effective tax rate as adjusted for special items for consistency.
One or more of these measures may be used as components in the company's
incentive compensation plans. These measures are useful for investors because
they may permit more meaningful comparisons of the company's underlying
operating results and business trends between periods. The difference between
net income and EPS before special items and net income and EPS (the most
comparable GAAP measures) consists of the impact of the special items noted
above on the applicable GAAP measure. EBITDA and EBITDA margin before special
items do not reflect any additional adjustments that are not reflected in net
income before special items. The limitation of these measures is that they
exclude the impact (which may be material) of items that increase or decrease
the company's reported operating income and operating margin and net income
and EPS. This limitation is best addressed by using the non-GAAP measures in
combination with the most comparable GAAP measures in order to better
understand the amounts, character and impact of any increase or decrease on
reported results.

FORWARD-LOOKING STATEMENTS

This press release contains a number of forward-looking statements. Words, and
variations of words such as "expect", "intend", "will", "anticipate",
"believe", "confident", "continue", "propose" and similar expressions are
intended to identify forward-looking statements. Examples of forward-looking
statements include, but are not limited to, statements addressing ADT's future
financial condition and operating results, the health and growth prospects of
the industries and end markets in which ADT operates, statements regarding the
leadership, resources, potential, priorities, and opportunities for the
independent companies following the transactions, the expected credit profile
of the three independent companies following the transactions, the expected
benefits of the transactions to each of the two companies, and the timing of
the proposed transactions and events required to effect the transactions. The
forward-looking statements in this press release are based on current
expectations and assumptions that are subject to risks and uncertainties, many
of which are outside of our control, and could cause results to materially
differ from expectations. Such risks and uncertainties, include, but are not
limited to: economic, business, competitive, technological or regulatory
factors that adversely impact ADT or the markets and industries in which it
competes, failure to obtain necessary regulatory approvals or to satisfy any
of the other conditions to the proposed transactions; adverse effects on the
market price of ADT’s common stock or operating results because of a failure
to complete the proposed transactions; failure to realize the expected
benefits of the proposed transactions; significant transaction costs and/or
unknown liabilities resulting from the proposed transactions; unanticipated
expenses related to the proposed transactions, such as litigation or legal
settlement expenses; failure to obtain tax rulings or tax law changes in
connection with the proposed transactions; changes in capital market
conditions that may affect proposed debt refinancing related to the proposed
transactions; the impact of the proposed transactions on the company's
employees, customers and suppliers; future opportunities that ADT’s board may
determine present greater potential to increase shareholder value; and the
ability of the companies to operate independently following the proposed
transactions. Actual results could differ materially from anticipated results.
More detailed information about these and other factors is set forth in ADT's
Annual Report on Form 10-K for the fiscal year ended Sept. 28, 2012 and in
subsequent filings with the Securities and Exchange Commission. We undertake
no duty to update any forward-looking statement to conform this statement to
actual results or changes in the company's expectations, except as required by
law.

                                                                             
THE ADT CORPORATION

CONSOLIDATED AND COMBINED STATEMENTS OF OPERATIONS

(in millions, except per share data)

(Unaudited)
                                                                               
                   For the                            For the

                   Quarters Ended                     Years Ended
                   September   September              September   September   %
                   28,         30,         % Change   28,         30,         Change
                   2012        2011                   2012        2011
                                                                               
Revenue            $  812      $  794      2.3   %    $ 3,228     $ 3,110     3.8  %
Cost of revenue       336         350      (4.0  )%     1,374       1,341     2.5  %
Selling, general
and                   302         266      13.5  %      1,125       1,076     4.6  %
administrative
expenses
Separation costs      7           —                     7           —      
Operating income      167         178      (6.2  )%     722         693       4.2  %
Interest income       1           1        —     %      1           1         —    %
Interest expense      (23  )      (22  )   4.5   %      (93   )     (90   )   3.3  %
Income before         145         157      (7.6  )%     630         604       4.3  %
income taxes
Income tax            (51  )      (64  )   (20.3 )%     (236  )     (228  )   3.5  %
expense
Net income         $  94       $  93       1.1   %    $ 394       $ 376       4.8  %
                                                                               
Earnings per
share:
Basic              $  0.41     $  0.40     2.5   %    $ 1.70      $ 1.62      4.9  %
Diluted            $  0.40     $  0.39     2.6   %    $ 1.67      $ 1.59      5.0  %
Weighted-average
shares
outstanding:
Basic                 232         232                   232         232
Diluted               236         236                   236         236
                                                                               

                                                          
THE ADT CORPORATION

CONSOLIDATED AND COMBINED BALANCE SHEETS

(in millions)

(Unaudited)
                                                            
                                           September 28,   September 30,
                                           2012            2011
Assets
Current Assets:
Cash and cash equivalents                  $    234        $    65
Accounts receivable trade, net                  78              94
Inventories                                     42              33
Prepaid expenses and other current assets       46              48
Deferred income taxes                           40              23
Total current assets                            440             263
Property and equipment, net                     217             172
Subscriber system assets, net                   1,744           1,653
Goodwill                                        3,400           3,395
Intangible assets, net                          2,861           2,755
Deferred subscriber acquisition costs, net      464             417
Other assets                                    134             84
Total Assets                               $    9,260      $    8,739
                                                            
Liabilities and Equity
Current Liabilities:
Current maturities of long-term debt       $    2          $    1
Accounts payable                                144             153
Accrued and other current liabilities           181             163
Deferred revenue                                245             250
Total current liabilities                       572             567
Long-term debt                                  2,525           1,506
Deferred subscriber acquisition revenue         675             630
Deferred tax liabilities                        157             632
Other liabilities                               174             173
Total Liabilities                               4,103           3,508
                                                            
Total Equity                                    5,157           5,231
                                                            
Total Liabilities and Equity               $    9,260      $    8,739
                                                                 

                                                                     
THE ADT CORPORATION

CONSOLIDATED AND COMBINED STATEMENTS OF CASH FLOWS

(in millions)

(Unaudited)
                                                                       
                                      For the Years Ended
                                      September 28,   September 30,   %
                                      2012            2011
                                                                      Change
Cash Flows from Operating
Activities:
Net income                            $  394          $   376
Adjustments to reconcile net income
to net cash provided by operating
activities:
Depreciation and intangible asset        871              825
amortization
Amortization of deferred subscriber      111              102
acquisition costs
Amortization of deferred subscriber      (120    )        (114   )
acquisition revenue
Non-cash compensation expense            7                9
Deferred income taxes                    22               (53    )
Provision for losses on accounts         53               46
receivable and inventory
Other non-cash items                     12               3
Changes in assets and liabilities,
net of the effects of acquisitions:
Accounts receivable, net                 (33     )        (45    )
Inventories                              (30     )        (10    )
Accounts payable                         (9      )        35
Accrued and other liabilities            19               (47    )
Income taxes, net                        184              266
Deferred subscriber acquisition          (147    )        (131   )
costs
Deferred subscriber acquisition          161              115
revenue
Other                                    (2      )        62      
Net cash provided by operating           1,493            1,439       3.8   %
activities
Cash Flows from Investing
Activities:
Dealer generated customer accounts       (648    )        (581   )
and bulk account purchases
Subscriber system assets                 (378    )        (290   )
Capital expenditures                     (61     )        (31    )
Other                                    (9      )        (7     )
Net cash used in investing               (1,096  )        (909   )    20.6  %
activities
Cash Flows from Financing
Activities:
Proceeds from issuance of long-term      2,489            —
debt
Repayment of long-term debt              (1      )        (1     )
Debt issuance costs                      (26     )        —
Allocated debt activity                  (1,482  )        (5     )
Change in due to (from) Tyco and         (63     )        32
affiliates
Change in parent company investment      (1,148  )        (574   )
Net cash used in financing               (231    )        (548   )    (57.8 )%
activities
Effect of currency translation on        3                (1     )
cash
Net increase (decrease) in cash and      169              (19    )
cash equivalents
Cash and cash equivalents at             65               84      
beginning of year
Cash and cash equivalents at end of   $  234          $   65          260.0 %
year
                                                                             

                                                                         
THE ADT CORPORATION

GAAP to Non-GAAP Reconciliations

(Unaudited)
                                                                           
Operating        For the                          For the
Income and
Margin           Quarters Ended                   Years Ended
($ in            September   September            September   September
millions)        28,         30,         Change   28,         30,         Change
                 2012        2011                 2012        2011
Operating        $  167      $  178      (6.2)%   $  722      $  693      4.2%
Income (GAAP)
Operating           20.6 %      22.4 %   (180)       22.4 %      22.3 %   10 bps
Margin                                   bps
Restructuring,      2           (1   )               4           —
net
Integration         2           9                    14          28
costs
Separation          7           —                    7           —     
costs
Operating
Income Before    $  178      $  186      (4.3)%   $  747      $  721      3.6%
Special Items
Operating                                (150)                            (10)
Margin Before       21.9 %      23.4 %   bps         23.1 %      23.2 %   bps
Special Items

                 For the                          For the
Net Income                                                               
                 Quarters Ended                   Years Ended
($ in            September   September            September   September
millions)        28,         30,         Change   28,         30,         Change
                 2012        2011                 2012        2011
Net Income       $   94      $    93     1.1%     $   394     $   376     4.8%
(GAAP)
Restructuring,       2            —                   3           —
net
Integration          1            5                   8           17
costs
Separation           4            —                   4           —
costs
Debt issuance        —            —                   2           —
costs
Net Income
Before Special   $   101     $    98     3.1%     $   411     $   393     4.6%
Items

Earnings Per     For the                          For the
Share                                                                    
                 Quarters Ended                   Years Ended
                 September   September            September   September
                 28,         30,         Change   28,         30,         Change
                 2012        2011                 2012        2011
Diluted EPS      $   0.40    $   0.39    2.6%     $   1.67    $   1.59    5.0%
(GAAP)
Restructuring,       0.01        —                    0.01        —
net
Integration          —           0.02                 0.03        0.07
costs
Separation           0.02        —                    0.02        —
costs
Debt issuance        —           —                    0.01        —
costs
EPS Before       $   0.43    $   0.41    4.9%     $   1.74    $   1.66    4.8%
Special Items

                                                                         
THE ADT CORPORATION

GAAP to Non-GAAP Reconciliations (continued)

(Unaudited)
                                                                           
                 For the                          For the
EBITDA
                 Quarters Ended                   Years Ended
($ in            September   September            September   September
millions)        28,         30,         Change   28,         30,         Change
                 2012        2011                 2012        2011
                                                                           
Net Income       $  94       $  93       1.1%     $ 394       $ 376       4.8%
(GAAP)
Interest            22          21                  92          89
expense, net
Income tax          51          64                  236         228
expense
Depreciation
and                 225         207                 871         825
amortization
Amortization
of deferred
subscriber          29          26                  111         102
acquisition
costs
Amortization
of deferred
subscriber          (31  )      (29  )              (120  )     (114  )
acquisition
revenue
EBITDA           $  390         382      2.1%       1,584       1,506     5.2%
Restructuring,      2           (1   )              4           —
net
Integration         2           9                   14          28
costs
Separation          7           —                   7           —      
costs
EBITDA Before    $  401      $  390      2.8%     $ 1,609     $ 1,534     4.9%
Special Items
EBITDA Margin
Before Special      49.4 %      49.1 %   30 bps     49.8  %     49.3  %   50 bps
Items

                 For the                           For the
FCF                                                                       
                 Quarters Ended                    Years Ended
($ in            September   September             September   September
millions)        28,         30,         Change    28,         30,         Change
                 2012        2011                  2012        2011
                                                                            
Net cash
provided by      $  362      $  396      (8.6)%    $ 1,493     $ 1,439     3.8%
operating
activities
Dealer
generated
customer            (154 )      (156 )               (648  )     (581  )
accounts and
bulk account
purchases
Subscriber          (110 )      (79  )               (378  )     (290  )
system assets
Capital             (17  )      (11  )               (61   )     (31   )
expenditures
FCF              $  81       $  150      (46.0)%   $ 406       $ 537       (24.4)%
Restructuring,      1           1                    3           8
net
Integration         2           3                    14          18
costs
Separation          2           —                    9           —      
costs
FCF Before       $  86       $  154      (44.2)%   $ 432       $ 563       (23.3)%
Special Items

                                                                     
THE ADT CORPORATION

SELECTED FINANCIAL AND OPERATING DATA

(Unaudited)
                                                                       
                                      For the

                                      Quarters Ended
                                      September 28,   September 30,   Change
                                      2012            2011
                                       
Recurring customer revenue (in        $   742         $   705         5.2   %
millions)
Other revenue (in millions)               70              89          (21.3 )%
Total revenue (in millions)           $   812         $   794         2.3   %
                                                                       
Ending number of customers (in            6,422           6,351       1.1   %
thousands)
Gross customer additions (in              284             290         (2.1  )%
thousands) ^ (1)
Customer attrition rate ^(2)              13.8   %        13.0   %    80 bps
Average revenue per customer          $   38.87       $   37.24       4.4   %
(dollars) ^ (3)
                                                                       

(1) Gross customer additions for the quarter ended September 30, 2011 include
approximately 20,000 customers related to the fact that fiscal year 2011 was a
53-week year. Excluding the impact of the additional week, gross customer
additions grew 5.2% year-over-year.

(2) The attrition rate is a 52 week trailing ratio, the numerator of which is
the annualized recurring revenue lost during the period due to attrition and
the denominator of which is total annualized recurring revenue based on an
average of recurring revenue under contract at the beginning of each month
during the period.

(3) Average revenue per customer measures the average amount of recurring
revenue per customer per month, and is calculated based on the recurring
revenue under contract at the end of the period, divided by the total number
of customers under contract at the end of the period.

Contact:

The ADT Corporation
Media Relations
Sarah Cohn, +1 561-322-7029
scohn@adt.com
or
Investor Relations
Craig Streem, +1 561-226-2983
cstreem@adt.com
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