Introduction and Thesis
ADT Inc. (ADT) is the dominant player in the residential security system market. The company is also growing rapidly in the commercial security system market primarily by mergers and acquisitions. However, the company was weighed down by a mountain of debt that negatively affected its cash flow and profitability. Further, the debt maturity profile was not favorable. With that said, the company has made major progress in structuring this debt. This is a net positive. However, it is the company’s recent moves to consolidate its residential sales channel, continue growing