ADT - ADT says goodwill impairment understated for Solar unit - filing

2023-07-10 17:30:15 ET

• ADT Inc ( NYSE: ADT ) disclosed in a filing on Monday that it identified errors in the non-cash goodwill impairment losses associated with its Solar unit and related tax impacts during Q3 of 2022 and Q1 of 2023.
• The company said during the three and nine months ended September 30, 2022, the goodwill impairment loss was understated by $52 million.
• During the three months ended September 30, 2022, net loss and basic and diluted net loss per share were understated by $39 million and $0.05, respectively.
• During the nine months ended September 30, 2022, net income and basic and diluted net income per share were overstated by $39 million and $0.04, respectively.
• During the year ended December 31, 2022, goodwill impairment loss was understated by $52 million, net income was overstated by $40 million, and basic and diluted net income per share were overstated by $0.04.
• During the three months ended March 31, 2023, goodwill impairment loss was understated by $49 million, net loss was understated by $29 million, and basic and diluted net loss per share were understated by $0.03.
• The company said there was no impact on its cash flows from operating activities, and there was no impact on its segment profit measure as a result of the accounting issues.
• SEC filing .

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