Leading provider of automated security solutions ADT, Inc. (ADT, Financial) advanced in the period. This quarter’s financialresults continue to show that last year’s elevated investment in customer acquisition is paying off. Revenue and EBITDA came in ahead of consensus, and the company reported positive adjusted net income for the first time since its initial public offering. Additionally, the company announced another strategic partnership, this time with State Farm, the nation’s largest insurer. Longer term, we believe ADT’s industry-leading brand and national presence, coupled with these nascent partnerships with Google and State Farm, position it to be a prime beneficiary of growing demand for smart home technologies, including fully monitored residential security.
From John Rogers (Trades, Portfolio)' Ariel Fund third-quarter 2022 commentary.
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