ADT (ADT) 10-K 27 Feb 25 2024 FY Annual report Financial data

Cover Page

Cover Page - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Feb. 20, 2025	Jun. 30, 2024
Document Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2024
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	001-38352
Entity Registrant Name	ADT Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	47-4116383
Entity Address, Address Line One	1501 Yamato Road
Entity Address, City or Town	Boca Raton
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	33431
City Area Code	(561)
Local Phone Number	988-3600
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	ADT
Security Exchange Name	NYSE
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 2,561
Documents Incorporated by Reference	Portions of the registrant’s definitive proxy statement for use in connection with its 2025 Annual Meeting of Shareholders, which is to be filed no later than 120 days after December 31, 2024, are incorporated by reference into Part III of this Annual Report on Form 10-K.
Entity Central Index Key	0001703056
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	FY
Amendment Flag	false
Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		821,758,736
Class B Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		54,744,525

Audit Information

Audit Information	12 Months Ended
	Dec. 31, 2024
Auditor Information [Abstract]
Auditor name	PricewaterhouseCoopers LLP
Auditor location	Miami, Florida
Auditor firm ID	238

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 96,212	$ 14,621
Restricted cash and restricted cash equivalents	107,853	115,329
Accounts receivable, net of allowance for credit losses of $57,795 and $46,850, respectively	393,511	370,201
Inventories, net	196,731	201,394
Prepaid expenses and other current assets	210,613	242,192
Current assets of discontinued operations	0	60,957
Total current assets	1,004,920	1,004,694
Property and equipment, net	247,183	253,658
Subscriber system assets, net	2,981,161	3,005,936
Intangible assets, net	4,854,099	4,877,493
Goodwill	4,903,899	4,903,899
Deferred subscriber acquisition costs, net	1,324,376	1,175,904
Other assets	735,319	699,231
Noncurrent assets of discontinued operations	0	43,279
Total assets	16,050,957	15,964,094
Current liabilities:
Current maturities of long-term debt	195,791	312,061
Accounts payable	153,537	277,201
Deferred revenue	247,785	255,221
Accrued expenses and other current liabilities	634,904	556,114
Current liabilities of discontinued operations	31,763	79,611
Total current liabilities	1,263,780	1,480,208
Debt due to subsidiaries	7,511,282	7,513,456
Deferred subscriber acquisition revenue	2,067,608	1,914,954
Deferred tax liabilities	1,167,213	1,027,189
Other liabilities	224,384	219,069
Noncurrent liabilities of discontinued operations	15,889	20,572
Total liabilities	12,250,156	12,175,448
Commitments and contingencies (See Note 13)
Stockholders' equity:
Preferred stock—authorized 1,000,000 shares of $0.01 par value; zero issued and outstanding as of December 31, 2024 and 2023	0	0
Additional paid-in capital	7,117,098	7,413,305
Accumulated deficit	(3,318,174)	(3,617,718)
Accumulated other comprehensive income (loss)	(7,036)	(16,162)
Total stockholders' equity	3,800,801	3,788,646
Total liabilities and stockholders' equity	16,050,957	15,964,094
Common Stock
Stockholders' equity:
Common stock—authorized 3,999,000,000 shares of $0.01 par value; issued and outstanding shares of 836,589,761 and 867,432,337 as of December 31, 2024 and 2023, respectively	8,366	8,674
Class B common stock—authorized 100,000,000 shares of $0.01 par value; issued and outstanding shares of 54,744,525 as of December 31, 2024 and 2023	8,366	8,674
Class B Common Stock
Stockholders' equity:
Common stock—authorized 3,999,000,000 shares of $0.01 par value; issued and outstanding shares of 836,589,761 and 867,432,337 as of December 31, 2024 and 2023, respectively	547	547
Class B common stock—authorized 100,000,000 shares of $0.01 par value; issued and outstanding shares of 54,744,525 as of December 31, 2024 and 2023	$ 547	$ 547

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Accounts receivable, allowance for credit loss, current	$ 57,795	$ 46,850
Preferred stock, shares authorized (in shares)	1,000,000	1,000,000
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common Stock
Common stock, shares authorized (in shares)	3,999,000,000	3,999,000,000
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares issued (in shares)	836,589,761	867,432,337
Common stock, shares outstanding (in shares)	836,589,761	867,432,337
Class B Common Stock
Common stock, shares authorized (in shares)	100,000,000	100,000,000
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares issued (in shares)	54,744,525	54,744,525
Common stock, shares outstanding (in shares)	54,744,525	54,744,525

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Revenue	$ 4,898,446	$ 4,652,824	$ 4,381,904
Total cost of revenue	847,114	751,682	698,782
Selling, general, and administrative expenses	1,476,346	1,347,738	1,348,281
Depreciation and intangible asset amortization	1,342,798	1,335,484	1,599,810
Merger, restructuring, integration, and other	24,124	38,959	9,937
Operating income (loss)	1,208,064	1,178,961	725,094
Interest expense, net	(441,031)	(569,915)	(263,068)
Loss on extinguishment of debt	(4,802)	(16,621)	0
Other income (expense)	52,939	11,958	(57,568)
Income (loss) from continuing operations before income taxes and equity in net earnings (losses) of equity method investee	815,170	604,383	404,458
Income tax benefit (expense)	(195,780)	(160,585)	(87,692)
Income (loss) from continuing operations before equity in net earnings (losses) of equity method investee	619,390	443,798	316,766
Equity in net earnings (losses) of equity method investee	0	6,572	(4,601)
Income (loss) from continuing operations	619,390	450,370	312,165
Income (loss) from discontinued operations, net of tax	(118,337)	12,639	(179,502)
Net income (loss)	$ 501,053	$ 463,009	$ 132,663
Common Stock
Income (loss) from continuing operations per share - basic (in dollars per share)	$ 0.69	$ 0.49	$ 0.35
Income (loss) from continuing operations per share - diluted (in dollars per share)	0.66	0.47	0.33
Net income (loss) per share - basic (in dollars per share)	0.56	0.51	0.15
Net income (loss) per share - diluted (in dollars per share)	$ 0.52	$ 0.48	$ 0.14
Weighted-average number of shares - basic (in shares)	846,521	856,843	848,465
Weighted average number of shares - diluted (in shares)	908,700	919,149	915,069
Class B Common Stock
Income (loss) from continuing operations per share - basic (in dollars per share)	$ 0.69	$ 0.49	$ 0.35
Income (loss) from continuing operations per share - diluted (in dollars per share)	0.66	0.47	0.33
Net income (loss) per share - basic (in dollars per share)	0.56	0.51	0.15
Net income (loss) per share - diluted (in dollars per share)	$ 0.52	$ 0.48	$ 0.14
Weighted-average number of shares - basic (in shares)	54,745	54,745	54,745
Weighted average number of shares - diluted (in shares)	54,745	54,745	54,745
Monitoring and related services
Revenue	$ 4,293,477	$ 4,178,998	$ 4,053,048
Total cost of revenue	617,386	604,368	596,664
Security installation, product, and other
Revenue	604,969	473,826	328,856
Total cost of revenue	$ 229,728	$ 147,314	$ 102,118

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 501,053	$ 463,009	$ 132,663
Other comprehensive income (loss), net of tax:
Cash flow hedges	6,008	32,129	25,754
Other	3,118	(1,091)	(3,981)
Total other comprehensive income (loss), net of tax	9,126	31,038	21,773
Comprehensive income (loss)	$ 510,179	$ 494,047	$ 154,436

CONSOLIDATED STATEMENTS OF STOC

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY - USD ($) $ in Thousands	Total	Common Stock	Class B Common Stock	Common Stock Common Stock	Common Stock Class B Common Stock	Additional Paid-In Capital	Accumulated Deficit	Accumulated Other Comprehensive Income (Loss)
Beginning balance (in shares) at Dec. 31, 2021				846,826,000	54,745,000
Beginning balance at Dec. 31, 2021	$ 3,248,719			$ 8,468	$ 547	$ 7,261,267	$ (3,952,590)	$ (68,973)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	132,663						132,663
Other comprehensive income (loss), net of tax	21,773							21,773
Issuance of common stock, net of expenses (in shares)				140,681,000
Issuance of common stock, net of expenses	1,189,895			$ 1,407		1,188,488
Repurchases of common stock (including excise tax) (in shares)				(133,333,000)
Repurchases of common stock (including excise tax)	(1,094,667)			$ (1,333)		(1,093,334)
Dividends	(127,835)						(127,835)
Share-based compensation expense	66,566					66,566
Contingent forward purchase contract	(41,938)					(41,938)
Transactions related to employee share-based compensation plans and other (in shares)				7,924,000
Transactions related to employee share-based compensation plans and other	(2,028)			$ 79		(290)	(1,817)
Ending balance (in shares) at Dec. 31, 2022				862,098,000	54,745,000
Ending balance at Dec. 31, 2022	3,393,148			$ 8,621	$ 547	7,380,759	(3,949,579)	(47,200)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	463,009						463,009
Other comprehensive income (loss), net of tax	31,038							31,038
Dividends	(129,025)						(129,025)
Share-based compensation expense	51,137
Contingent forward purchase contract	0
Transactions related to employee share-based compensation plans and other (in shares)				5,334,000
Transactions related to employee share-based compensation plans and other	(20,661)			$ 53		(18,591)	(2,123)
Ending balance (in shares) at Dec. 31, 2023		867,432,337	54,744,525	867,432,000	54,745,000
Ending balance at Dec. 31, 2023	3,788,646			$ 8,674	$ 547	7,413,305	(3,617,718)	(16,162)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	501,053						501,053
Other comprehensive income (loss), net of tax	9,126							9,126
Repurchases of common stock (including excise tax) (in shares)				(36,000,000)
Repurchases of common stock (including excise tax)	(346,936)			$ (360)		(346,576)
Dividends	(199,398)						(199,398)
Share-based compensation expense	48,613					48,613
Contingent forward purchase contract	0
Transactions related to employee share-based compensation plans and other (in shares)				5,158,000
Transactions related to employee share-based compensation plans and other	(303)			$ 52		1,756	(2,111)
Ending balance (in shares) at Dec. 31, 2024		836,589,761	54,744,525	836,590,000	54,745,000
Ending balance at Dec. 31, 2024	$ 3,800,801			$ 8,366	$ 547	$ 7,117,098	$ (3,318,174)	$ (7,036)

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Statement of Cash Flows [Abstract]
Net income (loss)	$ 501,053	$ 463,009	$ 132,663
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and intangible asset amortization	1,344,696	1,388,671	1,693,575
Amortization of deferred subscriber acquisition costs	224,647	195,794	162,981
Amortization of deferred subscriber acquisition revenue	(346,209)	(308,604)	(244,141)
Total share-based compensation expense	48,613	51,137	66,566
Deferred income taxes	139,583	125,235	19,575
Provision for losses on receivables and inventory	214,802	151,065	113,869
Loss on extinguishment of debt	4,802	16,621	0
Goodwill, intangible, and other asset impairments	24,313	528,556	206,132
(Gain) loss on sales of businesses	9,557	(649,095)	(10,066)
Unrealized (gain) loss on interest rate swap contracts	45,160	38,497	(301,851)
Change in fair value of other financial instruments	0	0	63,396
Other non-cash items, net	(34,089)	100,087	134,526
Changes in operating assets and liabilities, net of effects of acquisitions and dispositions:
Accounts receivable, net	(146,134)	(107,464)	(178,258)
Long-term retail installment contracts	211,731	184,925	142,811
Inventories and work-in-progress	25,072	24,732	(67,391)
Other assets	(109,839)	(29,144)	(9,291)
Accounts payable	(109,330)	(111,529)	8,662
Accrued interest	(88,860)	(128,042)	50,758
Accrued and other liabilities	40,944	(83,041)	(42,023)
Deferred subscriber acquisition costs	(365,841)	(386,518)	(393,861)
Deferred subscriber acquisition revenue	252,274	289,534	329,214
Other, net	(2,046)	(96,700)	10,074
Net cash provided by (used in) operating activities	1,884,899	1,657,726	1,887,920
Cash flows from investing activities:
Dealer generated customer accounts and bulk account purchases	(585,809)	(588,638)	(621,695)
Subscriber system asset expenditures	(523,146)	(630,535)	(734,639)
Purchases of property and equipment	(163,805)	(176,353)	(176,660)
Proceeds (payments) from sale of business, net of cash sold	(17,506)	1,609,347	26,749
Proceeds (payments) from interest rate swaps	(8,268)	0	0
Other investing, net	3,106	28,672	(26,539)
Net cash provided by (used in) investing activities	(1,295,428)	242,493	(1,532,784)
Cash flows from financing activities:
Proceeds from issuance of common stock, net of expenses	0	0	1,180,000
Proceeds from long-term borrowings	1,068,907	867,178	550,035
Proceeds from receivables facility	228,569	281,647	276,826
Repurchases of common stock	(240,556)	0	(1,200,000)
Repayment of long-term borrowings, including call premiums	(1,186,045)	(2,961,798)	(605,059)
Repayment of receivables facility	(256,672)	(200,385)	(121,061)
Dividends on common stock	(182,266)	(128,587)	(127,125)
Payments on finance leases	(29,023)	(43,733)	(44,978)
Proceeds (payments) from opportunity fund	(6,895)	(8,746)	100,802
Proceeds (payments) from interest rate swaps	93,040	82,750	(18,841)
Other financing, net	(4,415)	(32,175)	(5,432)
Net cash provided by (used in) financing activities	(515,356)	(2,143,849)	(14,833)
Cash and cash equivalents and restricted cash and restricted cash equivalents:
Net increase (decrease) during the period	74,115	(243,630)	340,303
Beginning balance	129,950	373,580	33,277
Ending balance	$ 204,065	$ 129,950	$ 373,580

Description of Business and Sum

Description of Business and Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2024
Accounting Policies [Abstract]
Description of Business and Summary of Significant Accounting Policies	DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Business and Organization ADT Inc., together with its wholly-owned subsidiaries (collectively, “ADT” or the “Company”), is a leading provider of security, interactive, and smart home solutions serving consumer and small business customers in the United States (“U.S.”). The Company primarily conducts business under the ADT brand name. The Company’s common stock, par value of $0.01 per share (“Common Stock”), trades on the New York Stock Exchange under the symbol “ADT” since its initial public offering (“IPO”) in January 2018. ADT Inc. was incorporated in the State of Delaware in May 2015 as a holding company with no assets or liabilities. In July 2015, the Company acquired Protection One, Inc. and ASG Intermediate Holding Corp. (collectively, the “Formation Transactions”), which were instrumental in the commencement of the Company’s operations. In May 2016, the Company acquired The ADT Security Corporation (formerly named The ADT Corporation) (“The ADT Corporation”) (the “ADT Acquisition”). On October 2, 2023, the Company divested its Commercial Business (as defined and discussed below); and as of June 30, 2024, substantially all operations of the Solar Business (as defined and discussed below) had ceased. Prior to March 11, 2024, the Company was majority-owned by Prime Security Services TopCo (ML), L.P., which is majority-owned by Prime Security Services TopCo Parent, L.P. (“Ultimate Parent”). Ultimate Parent is majority-owned by Apollo Investment Fund VIII, L.P. and its related funds that are directly or indirectly managed by affiliates of Apollo Global Management, Inc. (together with its subsidiaries and affiliates, “Apollo” or the “Sponsor”). Following a registered secondary offering of the Company’s Common Stock by certain Apollo affiliates (and the Company’s concurrent repurchase from the underwriters of 15 million shares of Common Stock that were the subject of the offering), including the exercise of the underwriters’ overallotment option which closed on March 19, 2024, Apollo beneficially owns less than 50% of the Company’s outstanding common stock, which includes Common Stock and Class B common stock (“Class B Common Stock”) combined, and less than 50% of the Company’s outstanding Common Stock, and the Company ceased to be a “controlled company” under the New York Stock Exchange (the “NYSE”) rules. Refer to Note 16 “Related Party Transactions” for more information regarding all of Apollo’s registered secondary offerings of the Company’s Common Stock (collectively, the “Offerings”). Basis of Presentation The consolidated financial statements have been prepared in U.S. dollars in accordance with generally accepted accounting principles in the United States of America (“GAAP”). The financial statements included herein comprise the consolidated results of ADT Inc. and its wholly-owned subsidiaries. The results of companies acquired are included from the effective date of each acquisition; and all intercompany transactions have been eliminated. The Company used the equity method of accounting to account for an investment in which it had the ability to exercise significant influence but does not control. This investment was disposed of during 2023. Certain prior period amounts have been reclassified to conform with the current period presentation. Use of Estimates The preparation of the consolidated financial statements in accordance with GAAP requires the Company to select accounting policies and make estimates that affect amounts reported in the consolidated financial statements and the accompanying notes. The Company’s estimates are based on the relevant information available at the end of each period. Actual results could differ materially from these estimates under different assumptions or market conditions. Segments The Company evaluates and reports information based on the manner in which our Chief Executive Officer (“CEO”), who is the chief operating decision maker (“CODM”), evaluates performance and allocates resources. The CODM manages the business on a consolidated basis, and as such, the Company reports results in a single operating and reportable segment which reflects the business operations of the Company’s former Consumer and Small Business (“CSB”) segment. Refer to Note 3 “Segment Information.” Discontinued Operations The Company’s exit in 2024 from its residential solar business (the “Solar Business”) (the “ADT Solar Exit”) and the sale in 2023 of its former commercial business (the “Commercial Business”) represented strategic shifts that had major effects on the Company’s operations and financial results. Accordingly, the results of operations and financial position of the Solar and Commercial Businesses are classified as discontinued operations in the Company’s Consolidated Statements of Operations and the Company’s Consolidated Balance Sheet for all periods presented. The cash flows and comprehensive income (loss) of discontinued operations have not been segregated and are included in the Consolidated Statements of Cash Flows and Consolidated Statements of Comprehensive Income (Loss), respectively, for all periods presented. Unless otherwise noted, amounts and disclosures throughout these Notes to Consolidated Financial Statements relate to the Company’s continuing operations. Refer to Note 4 “Divestitures” for additional information. Accounting Standards Updates (“ASU”) Recently Adopted Reportable Segment Disclosures - ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures , improves reportable segment disclosure requirements primarily through enhanced disclosures about significant segment expenses. In addition, the guidance, among other requirements, enhances interim disclosures, clarifies circumstances in which an entity can disclose multiple segment measures of profit or loss, and provides new segment disclosure requirements for entities with a single reportable segment. The Company adopted this guidance effective January 1, 2024, and it was applied retrospectively to all periods presented. Refer to Note 3 “Segment Information.” Supplier Finance Program Obligations - ASU 2022-04, Liabilities — Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier Finance Program Obligations, requires that a reporting entity who is a buyer in a supplier finance program disclose qualitative and quantitative information about its supplier finance programs, including a roll-forward of the obligations. The Company adopted this guidance effective January 1, 2023, except the roll-forward requirement, which was adopted effective January 1, 2024. The Company does not currently have any material supplier finance programs, and the guidance will be applied prospectively to any future material arrangements. Fair Value of Equity Securities - ASU 2022-03, Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions, states that an entity should not consider the contractual sale restriction when measuring the equity security’s fair value and introduces new disclosure requirements related to such equity securities. The Company adopted this guidance effective January 1, 2024. This guidance did not impact the Company. Recently Issued Disaggregation of Income Statement Expenses - ASU 2024-03, Income Statement — Reporting Comprehensive Income — Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses , requires additional disclosure in the footnotes at each interim and annual reporting period about specific types of expenses included in the expense captions presented on the face of the statement of operations as well as additional disclosures that also include information related to selling expenses. The guidance is effective for annual periods beginning after December 15, 2026, and interim periods beginning after December 15, 2027. The requirements will be applied prospectively with the option for retrospective application. Early adoption is permitted. The Company is currently evaluating the impact of this guidance on its financial statements and disclosures. Improvements to Income Tax Disclosures - ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures , focuses on improvements to income tax disclosures, primarily related to the rate reconciliation and income taxes paid information. In addition, the update includes certain other amendments to improve the effectiveness of income tax disclosures. The guidance is effective for annual periods beginning after December 15, 2024, and should be applied prospectively, with retrospective application also permitted. Early adoption is permitted. The Company is currently evaluating the impact of this guidance on its financial statements and disclosures. Disclosure Improvements - ASU 2023-06, Disclosure Improvements: Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative, represents changes to clarify or improve disclosure and presentation requirements of a variety of topics. The effective date for each amendment will be the date on which the SEC’s removal of that related disclosure from Regulation S-X or Regulation S-K becomes effective, with early adoption prohibited. The Company is currently evaluating the potential impact of this guidance on its financial statements and disclosures. Significant Accounting Policies Information on select accounting policies and methods not discussed below are included in the respective footnotes that follow. Cash and Cash Equivalents and Restricted Cash and Restricted Cash Equivalents All highly liquid investments with original maturities of three months or less from the time of purchase are considered to be cash equivalents. Restricted cash and restricted cash equivalents are restricted for a specific purpose and cannot be included in the general cash and cash equivalents account. The following table reconciles the amounts below reported in the Consolidated Balance Sheets to the total of the same such amounts shown in the Consolidated Statements of Cash Flows: Years Ended December 31, (in thousands) 2024 2023 2022 Cash and cash equivalents $ 96,212 $ 14,621 $ 257,223 Restricted cash and restricted cash equivalents 107,853 115,329 116,357 Ending balance $ 204,065 $ 129,950 $ 373,580 Restricted cash and restricted cash equivalents primarily includes funds received from State Farm Fire & Casualty Company (“State Farm”) (the “Opportunity Fund”), net of payments and inclusive of interest earned, in connection with the State Farm Strategic Investment (as defined and discussed in Note 10 “Equity”). Amounts within the Opportunity Fund are restricted for certain qualifying spend in accordance with the development agreement between State Farm and the Company (the “State Farm Development Agreement”). Use of the funds must be agreed to by State Farm and the Company. The remaining amount of restricted cash relates to the Company’s uncommitted receivables securitization financing agreement (the “2020 Receivables Facility”) (refer to Note 7 “Debt”). Supplementary Cash Flow Information The following table summarizes supplementary cash flow information and material non-cash investing and financing transactions, excluding leases (refer to Note 14 “Leases”): Years Ended December 31, (in thousands) 2024 2023 2022 Interest paid, net of interest income received (1) $ 372,036 $ 522,775 $ 470,947 Payments (refunds) on income taxes, net $ 21,700 $ 60,296 $ 22,654 Issuance of shares for acquisition of businesses (2) $ — $ — $ 55,485 Contingent forward purchase contract (3) $ — $ — $ 41,938 Forward share repurchase contract (4) $ 104,175 $ — $ — ___________________ (1) Includes finance leases and interest rate swaps. Refer to Note 8 “Derivative Financial Instruments.” (2) Includes $40 million related to the Delayed Shares (as defined and discussed in Note 10 “Equity”) as a result of the ADT Solar Acquisition. (3) The Company recorded a reduction to additional paid in capital as a result of the contingent forward purchase contract in connection with the Tender Offer (as defined and discussed in Note 10 “Equity”). (4) In December 2024, the Company entered into an agreement with a non-affiliate individual to repurchase 15 million shares of Common Stock at a price per share of $6.95 to be settled in January 2025 (refer to Note 10 “Equity”). The Company recorded a liability and a reduction to additional paid-in capital as of December 31, 2024. During 2024, the proceeds and repayments of long-term borrowings on the Consolidated Statements of Cash Flows include the impact of $704 million from amendments to the Company’s First Lien Credit Agreement (as defined and discussed in Note 7 “Debt”). In addition, proceeds and repayments of long-term borrowings include the impact of $32 million from amendments to the 2020 Receivables Facility. During 2023, the proceeds and repayments of long-term borrowings on the Consolidated Statements of Cash Flows include the impact of $230 million from the refinancing of the First Lien Term Loan B due 2026 with the First Lien Term Loan B due 2030 (as defined and discussed in Note 7 “Debt”). Prepaid Expenses and Other Current Assets December 31, (in thousands) 2024 2023 Prepaid expenses $ 53,036 $ 47,674 Contract assets (see Note 2 “Revenue and Receivables”) 19,164 15,365 Fair value of interest rate swaps (see Note 8 “Derivative Financial Instruments”) 56,164 74,974 Other current assets 82,249 104,179 Prepaid expenses and other current assets $ 210,613 $ 242,192 Inventories, net Inventories, net includes finished goods and work-in-progress. Finished goods are primarily comprised of components and parts for the Company’s security systems. The Company records inventory at the lower of cost and net realizable value. Finished goods are presented net of an obsolescence reserve. Work-in-progress is primarily comprised of certain costs incurred for installations of security system equipment sold outright to customers that have not been completed as of the balance sheet date. Work-in-progress is not material. Property and Equipment, net Property and equipment, net, is recorded at historical cost less accumulated depreciation, which is calculated using the straight-line method over the estimated useful lives of the related assets. Depreciation expense is reflected in depreciation and intangible asset amortization. Repairs and maintenance expenditures are expensed when incurred. Useful Lives: Buildings and related improvements Up to 40 years Leasehold improvements Lesser of remaining term of the lease or economic useful life Capitalized software 3 to 10 years Machinery, equipment, and other Up to 10 years Net Carrying Amount: December 31, (in thousands) 2024 2023 Land $ 9,773 $ 10,313 Buildings and leasehold improvements 97,263 95,003 Capitalized software 574,644 518,850 Machinery, equipment, and other 162,631 158,086 Construction in progress 22,106 30,121 Finance leases 127,956 114,997 Accumulated depreciation (747,190) (673,712) Property and equipment, net $ 247,183 $ 253,658 Depreciation Expense: Years Ended December 31, (in thousands) 2024 2023 2022 Depreciation expense $ 174,850 $ 176,407 $ 159,339 Subscriber System Assets, net and Deferred Subscriber Acquisition Costs, net Subscriber system assets represent capitalized equipment and installation costs incurred in connection with transactions in which the Company retains ownership of the security system and are reflected in the Consolidated Balance Sheets as follows: December 31, (in thousands) 2024 2023 Gross carrying amount $ 6,878,490 $ 6,404,479 Accumulated depreciation (3,897,329) (3,398,543) Subscriber system assets, net $ 2,981,161 $ 3,005,936 Deferred subscriber acquisition costs represent selling expenses (primarily commissions) that are incremental to acquiring customers. The Company records subscriber system assets and deferred subscriber acquisition costs in the Consolidated Balance Sheets as these assets represent probable future economic benefits for the Company through the generation of future monitoring and related services revenue. Upon customer termination, the Company may retrieve its subscriber system assets. Subscriber system assets and any related deferred subscriber acquisition costs are accounted for on a pooled basis based on the month and year of customer acquisition and are depreciated and amortized using an accelerated method over the estimated life of the customer relationship, which is 15 years. In order to align the depreciation and amortization of these pooled costs to the pattern in which their economic benefits are consumed, the accelerated method utilizes an average declining balance rate of approximately 250% and converts to straight-line methodology when the resulting charge is greater than that from the accelerated method, resulting in an average charge of approximately 55% of the pool within the first five years, 25% within the second five years, and 20% within the final five years. Depreciation of subscriber system assets and amortization of deferred subscriber acquisition costs are reflected in depreciation and intangible asset amortization and selling, general, and administrative expenses, respectively, as follows: Years Ended December 31, (in thousands) 2024 2023 2022 Depreciation of subscriber system assets $ 557,226 $ 545,041 $ 531,013 Amortization of deferred subscriber acquisition costs $ 224,647 $ 188,222 $ 154,186 Long-Lived Assets (excluding Goodwill and Indefinite-Lived Intangible Assets) The Company reviews long-lived assets for impairment whenever events or changes in business circumstances indicate that the carrying amount of an asset or asset group may not be fully recoverable. The Company groups assets at the lowest level for which cash flows are separately identifiable. Recoverability is measured by a comparison of the carrying amount of the asset group to its expected future undiscounted cash flows. If the expected future undiscounted cash flows of the asset group are less than its carrying amount, an impairment loss is recognized based on the amount by which the carrying amount exceeds the fair value less costs to sell. The calculation of the fair value less costs to sell of an asset group is based on assumptions concerning the amount and timing of estimated future cash flows and assumed discount rates, reflecting varying degrees of perceived risk. There were no material long-lived asset impairments during the periods presented. Accrued Expenses and Other Current Liabilities December 31, (in thousands) 2024 2023 Accrued interest $ 107,116 $ 111,197 Payroll-related accruals 109,078 110,941 Opportunity Fund (see Note 10 “Equity”) 84,516 93,950 Accrued dividends 48,918 32,207 Forward share repurchase contract liability (see Note 10 “Equity”) 104,175 — Other accrued liabilities 181,101 207,819 Accrued expenses and other current liabilities $ 634,904 $ 556,114 Advertising Costs Advertising costs are recognized in selling, general, and administrative expenses when incurred and were $105 million, $131 million, and $146 million during 2024, 2023, and 2022, respectively. Included in advertising costs during 2024 and 2023 are certain joint marketing costs and reimbursements associated with the Google Success Funds as discussed in Note 13 “Commitments and Contingencies.” Merger, Restructuring, Integration, and Other Merger, restructuring, integration, and other represents certain direct and incremental costs resulting from acquisitions made by the Company, integration and third-party costs as a result of those acquisitions, costs related to the Company’s restructuring efforts, as well as fair value remeasurements and impairment charges on certain strategic investments. Concentration of Credit Risks The majority of the Company’s cash and cash equivalents and restricted cash and restricted cash equivalents are held at major financial institutions. There is a concentration of credit risk related to certain account balances in excess of the Federal Deposit Insurance Corporation insurance limit of $250,000 per account. The Company regularly monitors the financial stability of these financial institutions and believes there is no exposure to any significant credit risk for its cash and cash equivalents and restricted cash and restricted cash equivalents. Concentration of credit risk associated with the majority of the Company’s receivables from customers is limited due to the significant size of the customer base. Fair Value of Financial Instruments The Company’s financial instruments primarily consist of cash and cash equivalents, restricted cash and restricted cash equivalents, accounts receivable, retail installment contract receivables (“RICs”), accounts payable, debt, and derivative financial instruments. Due to their short-term and/or liquid nature, the fair values of cash, restricted cash, accounts receivable, and accounts payable approximate their respective carrying amounts. Cash Equivalents - Included in cash and cash equivalents and restricted cash and restricted cash equivalents, as applicable from time to time, are investments in money market mutual funds. These investments are generally classified as Level 1 fair value measurements, which represent unadjusted quoted prices in active markets for identical assets or liabilities. Investments in money market mutual funds were $90 million and $55 million as of December 31, 2024 and December 31, 2023, respectively. Retail Installment Contract Receivables, net - The fair values of the Company’s RICs are determined using a discounted cash flow model and are classified as Level 3 fair value measurements. December 31, 2024 2023 (in thousands) Carrying Fair Carrying Fair Retail installment contract receivables, net $ 669,326 $ 495,259 $ 673,635 $ 487,685 Long-Term Debt Instruments - The fair values of the Company’s debt instruments are determined using broker-quoted market prices, which represent quoted prices for similar assets or liabilities as well as other observable market data, and are classified as Level 2 fair value measurements. The carrying amounts of debt outstanding, if any, under the Company’s first lien revolving credit facility (the “First Lien Revolving Credit Facility”) and the 2020 Receivables Facility approximate their fair values, as interest rates on these borrowings approximate current market rates. December 31, 2024 2023 (in thousands) Carrying Fair Carrying Fair Long-term debt instruments subject to fair value disclosures (1) $ 7,637,631 $ 7,589,677 $ 7,756,049 $ 7,731,408 ________________ (1) Excludes finance leases and certain vehicle loans reported as discontinued operations. Derivative Financial Instruments - Derivative financial instruments are reported at fair value as either assets or liabilities. These fair values are primarily calculated using discounted cash flow models utilizing observable inputs, such as quoted forward interest rates, and incorporate credit risk adjustments to reflect the risk of default by the counterparty or the Company. The resulting fair values are classified as Level 2 fair value measurements. Refer to Note 8 “Derivative Financial Instruments” for the fair values of the Company’s derivative financial instruments.

Revenue and Receivables

Revenue and Receivables	12 Months Ended
	Dec. 31, 2024
Revenue from Contract with Customer [Abstract]
Revenue and Receivables	REVENUE AND RECEIVABLES Revenue The Company generates revenue through contractual monthly recurring fees received for monitoring and related services, as well as the sale and installation of security systems. Revenue is recognized in the Consolidated Statements of Operations net of sales and other taxes. Amounts collected from customers for sales and other taxes are reported as a liability net of the related amounts remitted. When customers terminate a monitoring contract early, contract termination charges are assessed in accordance with the contract terms and are recognized in monitoring and related services revenue when collectability is probable. Disaggregated Revenue Years Ended December 31, ( in thousands ) 2024 2023 2022 Sources of Revenue: Recurring monthly revenue $ 4,177,428 $ 4,069,921 $ 3,942,567 Other related services 116,049 109,077 110,481 Monitoring and related services 4,293,477 4,178,998 4,053,048 Amortization of deferred subscriber acquisition revenue 346,209 301,708 235,190 Installation revenue 258,760 172,118 93,666 Security installation, product, and other 604,969 473,826 328,856 Total revenue $ 4,898,446 $ 4,652,824 $ 4,381,904 The Company allocates the transaction price to each performance obligation based on the relative standalone selling price, which is determined using observable internal and external pricing, profitability, and operational metrics. The Company’s performance obligations generally include monitoring, related services (such as maintenance agreements), as well as the sale and installation of a security system in outright sales transactions or a material right in transactions in which the Company retains ownership of the security system. Customer-Owned - In transactions involving security systems sold outright to the customer (referred to as outright sales ), the Company’s performance obligations generally include the sale and installation of the system, which is primarily recognized at a point in time based upon the nature of the transaction and contractual terms, and any monitoring and related services, which are recognized when these services are provided to the customer. Company-Owned - In transactions in which the Company provides monitoring and related services but retains ownership of the security system (referred to as Company-owned ), the Company’s performance obligations primarily include (i) monitoring and related services, which are recognized when these services are provided to the customer, and (ii) a material right associated with the one-time non-refundable fees incurred in connection with the initiation of a monitoring contract which the customer will not be required to pay again upon a renewal of the contract (referred to as deferred subscriber acquisition revenue). Deferred subscriber acquisition revenue is amortized on a pooled basis over the estimated life of the customer relationship using an accelerated method consistent with the treatment of subscriber system assets and deferred subscriber acquisition costs and is reflected in security installation, product, and other revenue. Remaining Performance Obligations As of December 31, 2024, the remaining unsatisfied performance obligation relating to the provision of monitoring and related services is as follows (in thousands) : 2025 2026 2027 2028 Thereafter Total $ 1,799,674 $ 999,973 $ 463,811 $ 144,877 $ 68,873 $ 3,477,208 Deferred Revenue Deferred revenue represents customer billings for services not yet rendered and is primarily related to recurring monitoring and related services. In addition, payments received for the sale and installation of a system after the agreement is signed but before performance obligations are satisfied are recorded as deferred revenue. These amounts are recorded as current deferred revenue, as the Company expects to satisfy any remaining performance obligations, as well as recognize the related revenue, within the next twelve months when performance obligations are satisfied. Accounts Receivable Accounts receivable represent unconditional rights to consideration from customers in the ordinary course of business and are generally due in one year or less. The Company’s accounts receivable are recorded at amortized cost less an allowance for credit losses not expected to be recovered. The allowance for credit losses is recognized at inception and reassessed each reporting period. The Company evaluates its allowance for credit losses on accounts receivable in pools based on customer type. The allowance for credit losses primarily relates to residential customers. For each customer pool, the allowance for credit losses is estimated based on the delinquency status of the underlying receivables and the related historical loss experience, as adjusted for current and expected future conditions, if applicable. Changes in the Allowance for Credit Losses Years Ended December 31, (in thousands) 2024 2023 2022 Beginning balance $ 46,850 $ 27,815 $ 22,030 Provision for credit losses 158,346 130,407 83,047 Write-offs, net of recoveries (1) (147,401) (111,372) (77,262) Ending balance $ 57,795 $ 46,850 $ 27,815 ________________ (1) Recoveries were not material for the periods presented. As such, write-offs are presented net of recoveries. Retail Installment Contract Receivables, Net The Company’s RICs allow qualifying residential customers to pay the fees due at installation over a 12-, 24-, 36-, or 60-month interest-free period. The financing component of retail installment contract receivables is not significant. Upon origination of a retail installment contract, the Company utilizes external credit scores to assess customer credit quality and determine eligibility. Subsequent to origination, the Company monitors the delinquency status of retail installment contract receivables as the key credit quality indicator. Delinquent billed RICs are not material. The Company’s RICs are recorded at amortized cost less an allowance for credit losses not expected to be recovered. The allowance for credit losses is recognized at inception and reassessed each reporting period. The allowance for credit losses relates to retail installment contract receivables from outright sales transactions and is not material. December 31, (in thousands) 2024 2023 Retail installment contract receivables, gross $ 678,174 $ 674,827 Allowance for credit losses (8,848) (1,192) Retail installment contract receivables, net $ 669,326 $ 673,635 Balance Sheet Classification: Accounts receivable, net $ 260,224 $ 238,961 Other assets 409,102 434,674 Retail installment contract receivables, net $ 669,326 $ 673,635 As discussed in Note 7 “Debt,” retail installment contract receivables, net, for which the Company grants a security interest as collateral for cash borrowings under the 2020 Receivables Facility were $575 million and $610 million, as of December 31, 2024 and 2023, respectively. Contract Assets Contract assets represent the Company’s right to consideration in exchange for goods or services transferred to the customer. The contract asset is reclassified to accounts receivable as additional services are performed and billed, which is when the Company’s right to the consideration becomes unconditional. This balance is primarily comprised of satisfied performance obligations related to the sale and installation of a system under an outright sale transaction. The Company has the right to bill customers as services are provided over time, which generally occurs over the course of a 24-, 36-, or 60-month period. There is no significant financing component. The Company records an allowance for credit losses against its contract assets for amounts not expected to be recovered. The allowance is recognized at inception and is reassessed each reporting period. The allowance for credit losses on contract assets was not material for the periods presented. Gross contract assets recognized by the Company were not material for the periods presented. December 31, (in thousands) 2024 2023 Contract assets, gross $ 46,031 $ 39,627 Allowance for credit losses (5,221) (9,025) Contract assets, net $ 40,810 $ 30,602 Balance Sheet Classification: Prepaid expenses and other current assets $ 19,164 $ 15,365 Other assets 21,646 15,237 Contract assets, net $ 40,810 $ 30,602

Segment Information

Segment Information	12 Months Ended
	Dec. 31, 2024
Segment Reporting [Abstract]
Segment Information	SEGMENT INFORMATION As a result of the ADT Solar Exit and Commercial Divestiture, the Company reports results in a single operating and reportable segment, which reflects the continuing operations of the Company’s former CSB segment. The Company’s CODM is its Chairman, President, and Chief Executive Officer. The CODM evaluates performance and allocates resources on a consolidated basis using various measures primarily through reviews of various operational performance packages, earnings releases, investor presentations, and the Company’s SEC filings, as well as through the approval of the Company’s annual budget and forecast. The Company’s reported segment profit measure is net income (loss) as this measure is most consistent with the amounts included in the Consolidated Statements of Operations. In addition, segment assets reviewed by the CODM are reported on the Company’s Consolidated Balance Sheets as total assets. The accounting policies of the Company’s reportable segment are the same as those of the Company. The following presents a reconciliation to the Company’s net income (loss) as reported in the Consolidated Statements of Operations and includes segment revenues, significant segment expenses that are regularly provided to or easily computed from information regularly provided to the CODM, other segment expenses, and adjustments to reconcile to net income (loss). Years Ended December 31, (in thousands) 2024 2023 2022 Total segment revenue $ 4,898,446 $ 4,652,824 $ 4,381,904 Less significant segment expenses: Customer service costs (1) 409,680 387,314 393,425 Maintenance costs (1) 207,706 217,054 203,239 Security installation, product, and other costs 229,728 147,314 102,118 Selling costs, including commissions (2) 185,417 196,204 190,182 Amortization of deferred subscriber acquisition costs (2) 224,647 188,222 154,186 Advertising costs (2) 105,366 131,133 145,904 Provision for credit losses (2) 187,361 131,962 81,727 Other general and administrative costs (2) 708,979 664,182 696,662 Share-based compensation (2) 48,745 38,626 52,945 Depreciation and intangible asset amortization 1,342,798 1,335,484 1,599,810 Interest expense 450,939 586,088 277,144 Income tax expense (benefit) 195,780 160,585 87,692 Total significant segment expenses 4,297,146 4,184,168 3,985,034 Less other segment items (3) Other items in SG&A (2) 15,831 (2,591) 26,675 Other, net (33,921) 20,877 58,030 Total other segment items (18,090) 18,286 84,705 Reconciliation of profit or loss: (Income) loss from discontinued operations, net of tax (4) 118,337 (12,639) 179,502 Net income (loss) $ 501,053 $ 463,009 $ 132,663 ________________ (1) Included in monitoring and related services cost of revenue. (2) Included in SG&A. (3) Other segment items generally include other income and expenses and merger, restructuring, integration, and other charges as presented on the face of the Statements of Operations; as well as certain other items included in SG&A and interest income. Interest income is not material for all periods presented. (4) Represents activity related to the Commercial and Solar Businesses, which are presented as discontinued operations. Entity-Wide Disclosures Revenue generated from customers outside of the U.S. is not material. As of December 31, 2024 and 2023, substantially all of the Company’s assets were located in the U.S. The Company does not have any major customers given the high volume nature of the business. Refer to Note 2 “Revenue and Receivables” for further information on the Company’s products and services.

Divestitures

Divestitures	12 Months Ended
	Dec. 31, 2024
Discontinued Operations and Disposal Groups [Abstract]
Divestitures	DIVESTITURES The Company may decide to divest portions of its business for various reasons, including efforts to focus on its remaining businesses. The Company presents discontinued operations for components of the business that are either disposed of through sale (or qualify as held for sale), abandonment, or spin-off if these actions also represent a strategic shift that has or will have a major effect on the Company’s financial results. Refer to Note 12 “Net Income (Loss) per Share” for basic and diluted earnings per share information associated with discontinued operations. ADT Solar Exit On January 19, 2024, after a strategic review of the business and continued macroeconomic and industry pressures, the Company’s board of directors (the “Board of Directors”) approved a plan to fully exit the Solar Business. As of June 30, 2024, substantially all operations of the Solar Business had ceased. The ADT Solar Exit represented a strategic shift that had a major effect on the Company’s operations and financial results. Accordingly, the Solar Business is presented as a discontinued operation in the Company’s Consolidated Statements of Operations and Consolidated Balance Sheets for the periods presented. The Solar Business was previously reflected in the Solar reportable segment. During the year ended December 31, 2024, the Company incurred aggregate exit charges of $88 million, which have been recognized within income (loss) from discontinued operations, net of tax related to (i) $33 million associated with the write-down and disposition of inventory and asset impairments, (ii) $29 million associated with the disposition of the existing installation pipeline, (iii) $13 million associated with employee separation costs, and (iv) $12 million associated with contract termination and other charges. During the year ended December 31, 2024, the Company paid $22 million associated with the ADT Solar Exit primarily related to employee separation and other restructuring costs. The following reconciliations represent the major classes of line items of the Solar Business presented within discontinued operations in the Consolidated Balance Sheets and Consolidated Statements of Operations and certain information in the Consolidated Statements of Cash Flows for the periods presented. Balance Sheet Information (in thousands) December 31, 2024 December 31, 2023 Assets Accounts receivable, net $ — $ 20,270 Inventories, net — 28,714 Prepaid expenses and other current assets — 11,973 Total current assets of discontinued operations — 60,957 Property and equipment, net — 29,512 Other assets — 13,767 Total assets of discontinued operations $ — $ 104,236 Liabilities Current maturities of long-term debt $ 22 $ 8,551 Accounts payable 6,953 16,682 Deferred revenue — 9,177 Accrued expenses and other current liabilities 24,788 45,201 Total current liabilities of discontinued operations 31,763 79,611 Long-term debt 32 9,893 Other liabilities 15,857 10,679 Total liabilities of discontinued operations $ 47,652 $ 100,183 Statements of Operations Information Years Ended December 31, (in thousands) 2024 2023 2022 Revenue $ 21,254 $ 329,835 $ 786,426 Cost of revenue 65,678 256,784 501,710 Selling, general, and administrative expenses 67,366 191,841 314,545 Depreciation and intangible asset amortization 1,898 15,496 16,020 Merger, restructuring, integration, and other 34,000 23,213 7,292 Goodwill impairment — 511,176 200,974 Other (income) and expense items 1,481 2,235 1,197 Income (loss) from discontinued operations before income taxes (149,169) (670,910) (255,312) Income tax benefit (expense) 39,096 156,000 50,010 Income (loss) from discontinued operations, net of tax $ (110,073) $ (514,910) $ (205,302) Cash Flow Information Years Ended December 31, (in thousands) 2024 2023 2022 Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Depreciation and intangible asset amortization $ 1,898 $ 15,496 $ 16,020 Goodwill, intangible, and other asset impairments $ 13,770 $ 515,730 $ 200,974 Cash flows from investing activities: Purchases of property and equipment $ (80) $ (4,027) $ (9,826) Commercial Divestiture On August 7, 2023, ADT, Iris Buyer LLC, a Delaware limited liability company and affiliate of GTCR LLC (“GTCR”), and, solely for certain purposes set forth in the Commercial Purchase Agreement (as defined below), Fire & Security Holdings, LLC (“F&S Holdings”), a Delaware limited liability company and an indirect, wholly-owned subsidiary of ADT, entered into an Equity Purchase Agreement (the “Commercial Purchase Agreement”) pursuant to which GTCR agreed to acquire all of the issued and outstanding equity interests of F&S Holdings, which directly or indirectly held all of the issued and outstanding equity interests in the subsidiaries of ADT that operated ADT’s commercial business (the “Commercial Business”) (the “Commercial Divestiture”). The Commercial Divestiture was completed on October 2, 2023, and the Company received net proceeds of approximately $1,585 million at the time of closing, subject to certain customary post-closing adjustments as set forth in the Commercial Purchase Agreement. In addition, the Company recognized a pre-tax gain on sale of approximately $630 million, which was recognized in income (loss) from discontinued operations during 2023. The Company used the majority of the net proceeds for debt redemption, as discussed in Note 7 “Debt.” Additionally, as the agreed upon sale price was substantially higher than the carrying value of the Commercial Business, the Company did not record any impairments or adjustments when recognizing the disposal group at the lower of its carrying amount or fair value less cost to sell. During 2024, the Company paid GTCR $21 million related to the settlement of post-closing adjustments, which is presented in cash flows from investing activities. The Commercial Divestiture represented a strategic shift that had a major effect on the Company’s operations and financial results. Accordingly, the Commercial Business is presented as a discontinued operation in the Company’s Consolidated Statements of Operations for the periods presented. The Commercial Business was previously reflected in the Commercial reportable segment. The following reconciliations represent the major classes of line items of the Commercial Business within the Consolidated Statements of Operations and certain information within the Consolidated Statements of Cash Flows (excluding proceeds from the sale of business discussed above) for the periods presented. Statements of Operations Information During the year ended December 31, 2024, activity, net of tax, relating to the Commercial Divestiture was approximately $8 million primarily related to the settlement of post-closing adjustments. Years Ended December 31, (in thousands) 2023 2022 Revenue $ 1,035,048 $ 1,226,980 Cost of revenue 688,433 839,356 Selling, general, and administrative expenses 213,514 267,195 Depreciation and intangible asset amortization 37,691 77,745 Other income and expense items 19,174 6,016 Income (loss) from discontinued operations before gain on sale of business and income taxes 76,236 36,668 Gain on sale of business 629,980 — Income (loss) from discontinued operations before income taxes 706,216 36,668 Income tax benefit (expense) (178,667) (10,868) Income (loss) from discontinued operations, net of tax $ 527,549 $ 25,800 Cash Flow Information Years Ended December 31, (in thousands) 2023 2022 Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Depreciation and intangible asset amortization $ 37,691 $ 77,745 Share-based compensation expense $ 11,699 $ 13,069 Cash flows from investing activities: Subscriber system asset expenditures $ (8,902) $ (29,230) Purchases of property and equipment $ (4,399) $ (6,885) Transition Services Agreement In connection with the Commercial Divestiture, the Company entered into a Transition Services Agreement (the “Commercial TSA”), pursuant to which the Company and the Commercial Business will provide certain transitional services relating to ongoing support and other administrative functions to each other for a transitional period of up to 24 months after the closing of the Commercial Divestiture. Commercial TSA fees charged to the Commercial Business represent charges for internal labor as well as certain third-party costs identified in connection with providing such services. Income from the Commercial TSA is recognized in other income (expense), and expenses incurred by the Company to support the transition are recorded based on the nature of the expense. During 2024 and 2023, the Company recognized income from the Commercial TSA of $40 million and $12 million, respectively. ADT Brand License and Intellectual Property Rights The Company and GTCR entered into an agreement granting GTCR a license to continue to use the ADT brand and other Company trademarks for a period of twelve months to transition from Company branding (the “Brand License”). The Company has also agreed to a covenant not to assert a claim against GTCR for infringement of the Company's patents as of the Commercial Divestiture for products and services that were used in the Commercial Business prior to the Commercial Divestiture, and has provided GTCR with a paid-up, irrevocable, non-assignable (with limited exceptions) license to continue to use certain software and other Company intellectual property in the same manner. Royalty income is included in other income (expense) and was not material during 2024 and 2023. Other Divestitures During the periods presented, other divestiture activity not reflected as discontinued operations includes: During 2023, proceeds related to disposal activities totaled $36 million, resulting in a gain on sale of $19 million recognized in SG&A. During 2022, proceeds related to disposal activities totaled $27 million, resulting in a gain on sale of $10 million recognized in SG&A.

Equity Method Investments

Equity Method Investments	12 Months Ended
	Dec. 31, 2024
Equity Method Investments and Joint Ventures [Abstract]
Equity Method Investments	EQUITY METHOD INVESTMENTS The Company uses the equity method of accounting to account for an investment in which it has the ability to exercise significant influence but does not control. The Company recognizes its proportionate share of the investee’s net income or loss in equity in net earnings (losses) of equity method investee. The Company evaluates an equity method investment whenever events or changes in circumstances indicate the carrying amount of such investment may be impaired. If a decline in the value of an equity method investment is determined to be other than temporary, the Company records a loss as a component of the Company’s share of earnings or losses of the equity method investee in the current period. Canopy Investment In April 2022, the Company and Ford Motor Company (“Ford”) formed a new entity, SNTNL LLC (“Canopy”), and the Company contributed cash of $11 million (the “Initial Contribution”). Since the Initial Contribution, the Company contributed $7 million. During the fourth quarter of 2023, the Company sold its shares in Canopy and received $21 million in accordance with the terms of the agreement between the Company and Ford, which included a put right under which the Company recovered its full equity investment in Canopy plus a premium (“Canopy Termination”). In addition, the Company recognized a gain of $15 million, which is reflected in equity in net earnings (losses) of equity method investees. The Company no longer holds an investment in Canopy. The Company previously accounted for its investment in Canopy under the equity method of accounting as the Company was not the primary beneficiary, and therefore, did not consolidate Canopy’s assets, liabilities, and financial results of operations. In connection with the Canopy Investment, the Company entered into various commercial agreements (the “Canopy Commercial Agreements”), and the Company and Canopy are also parties to a trade name licensing agreement. These agreements terminated on December 1, 2024 as a result of the Canopy Termination. The impact to the consolidated financial statements from these agreements was not material.

Goodwill and Other Intangible A

Goodwill and Other Intangible Assets	12 Months Ended
	Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Other Intangible Assets	GOODWILL AND OTHER INTANGIBLE ASSETS Goodwill There were no changes in the carrying amount of goodwill for the periods presented. The previously reported accumulated goodwill impairment losses were associated with the Solar reporting unit, which is presented as a discontinued operation. Other Intangible Assets December 31, 2024 December 31, 2023 (in thousands) Gross Carrying Accumulated Net Carrying Amount Gross Carrying Accumulated Net Carrying Amount Definite-lived intangible assets: Contracts and related customer relationships (1) $ 6,158,349 $ (3,464,926) $ 2,693,423 $ 5,571,456 $ (2,937,245) $ 2,634,211 Dealer relationships (2) 1,518,020 (697,324) 820,696 1,518,020 (618,154) 899,866 Other (3) 209,773 (202,793) 6,980 209,773 (199,357) 10,416 Total definite-lived intangible assets 7,886,142 (4,365,043) 3,521,099 7,299,249 (3,754,756) 3,544,493 Indefinite-lived intangible assets: Trade name (4) 1,333,000 — 1,333,000 1,333,000 — 1,333,000 Intangible assets $ 9,219,142 $ (4,365,043) $ 4,854,099 $ 8,632,249 $ (3,754,756) $ 4,877,493 __________________ (1) During 2023, the Company retired $1.7 billion of certain customer relationship intangible assets acquired in the ADT Acquisition that became fully amortized. (2) Originated from the Formation Transactions and the ADT Acquisition in 2015 and 2016, respectively. Amortized primarily over 19 years on a straight-line basis based on management estimates about attrition and the longevity of the underlying dealer network that existed at the time of acquisition. (3) Primarily relates to trade names and other technology assets. Amortized over a period of up to 10 years on a straight-line basis. (4) ADT trade name acquired as part of the ADT Acquisition. Contracts and Related Customer Relationships Contracts and related customer relationships comprise contracts with customers purchased under the ADT Authorized Dealer Program (as defined below) or from other third parties as well as customer relationships that originated from business acquisitions. Additionally, the Company maintains a network of agreements with third-party independent alarm dealers who sell alarm equipment and ADT Authorized Dealer-branded monitoring and interactive services to residential end users (the “ADT Authorized Dealer Program”). The dealers in this program generate new end-user contracts with customers which the Company has the right, but not the obligation, to purchase from the dealer. Purchases of contracts with customers under the ADT Authorized Dealer Program, or from other third parties, are considered asset acquisitions and are recognized based on the cost to acquire the assets, which may include cash consideration, non-cash consideration, contingent consideration, and directly-attributable transaction costs. The Company may charge back the purchase price of any end-user contract if the contract is canceled during the charge-back period, which is generally thirteen months from the date of purchase. The Company records the amount of the charge back as a reduction to the purchase price. Purchases of contracts with customers under the ADT Authorized Dealer Program, or from other third parties, are accounted for on a pooled basis based on the month and year of acquisition. The Company amortizes its pooled contracts with customers using an accelerated method over the estimated life of the customer relationship, which is 15 years. The accelerated method for amortizing these contracts utilizes an average declining balance rate of approximately 300% and converts to straight-line methodology when the resulting amortization charge is greater than that from the accelerated method, resulting in an average amortization of approximately 65% of the pool within the first five years, 25% within the second five years, and 10% within the final five years. Customer relationships acquired as part of business acquisitions, which primarily originated from the Formation Transactions and the ADT Acquisition, are amortized over a period of up to 15 years based on management estimates about the amounts and timing of estimated future revenue from customer accounts and average customer account life that existed at the time of the related business acquisition. The change in the net carrying amount of contracts and related customer relationships was as follows: Years Ended December 31, (in thousands) 2024 2023 Beginning balance $ 2,634,211 $ 2,595,535 Customer contract additions, net of dealer charge-backs 586,994 564,652 Amortization (527,782) (525,676) Other — (300) Ending balance $ 2,693,423 $ 2,634,211 During 2024 and 2023, the weighted-average amortization period for customer contract additions under the ADT Authorized Dealer Program and from other third parties was 15 years. During 2024 and 2023, the Company purchased customer accounts from other third parties for an aggregate contractual purchase price of $98 million and $109 million, respectively, subject to reduction based on customer retention. The Company paid initial cash at the closings in the aggregate amounts of $81 million and $89 million, respectively, which is included in dealer generated customer accounts and bulk account purchases on the Consolidated Statements of Cash Flows. Definite-Lived Intangible Asset Amortization Expense Years Ended December 31, (in thousands) 2024 2023 2022 Definite-lived intangible asset amortization expense $ 610,389 $ 613,679 $ 909,059 As of December 31, 2024, the estimated aggregate amortization expense on our existing intangible assets is expected to be as follows ( in thousands) : 2025 2026 2027 2028 2029 Thereafter $ 575,002 $ 493,508 $ 427,736 $ 378,363 $ 342,846 $ 1,303,644 Goodwill and Indefinite-Lived Intangible Assets Impairment Goodwill and indefinite-lived intangible assets are not amortized and are tested for impairment at least annually as of the first day of the fourth quarter of each year and more often if an event occurs or circumstances change which indicate it is more-likely-than-not that the fair value of a reporting unit is less than its carrying amount. The Company may perform the impairment test for its reporting unit or indefinite-lived intangible asset through a qualitative assessment or elect to proceed directly to a quantitative impairment test, however, the Company may resume a qualitative assessment in any subsequent period if facts and circumstances permit. Goodwill Under a qualitative approach, the Company assesses whether it is more-likely-than-not that a reporting unit’s fair value is less than its carrying amount. If the Company elects to bypass the qualitative assessment for any reporting unit, or if a qualitative assessment indicates it is more-likely-than-not that the estimated fair value of a reporting unit is less than its carrying amount, the Company proceeds to a quantitative approach. Under a quantitative approach, the Company estimates the fair value of a reporting unit and compares it to its carrying amount. If the carrying amount of a reporting unit exceeds its fair value, an impairment loss is recognized in an amount equal to that excess. The Company estimates the fair values of its reporting units using the income approach, which discounts projected cash flows using market participant assumptions. The income approach includes significant assumptions including, but not limited to, forecasted revenue, operating profit margins, Adjusted EBITDA margins, operating expenses, cash flows, perpetual growth rates, and discount rates. The estimated fair value of a reporting unit calculated using the income approach is sensitive to changes in the underlying assumptions. In developing these assumptions, the Company relies on various factors including operating results, business plans, economic projections, anticipated future cash flows, and other market data. Examples of events or circumstances that could reasonably be expected to negatively affect the underlying judgments and factors and ultimately impact the estimated fair value determinations may include such items as a prolonged downturn in the business environment, changes in economic conditions that significantly differ from the Company’s assumptions in timing or degree, volatility in equity and debt markets resulting in higher discount rates, and unexpected regulatory changes. As a result, there are inherent uncertainties related to these judgments and factors that may ultimately impact the estimated fair value determinations. The Company performed a qualitative goodwill impairment test as of October 1, 2024. The Company concluded that it is more- likely-than-not that the fair value of the Company’s reporting unit exceeds its carrying value, and as a result, the Company did not perform a quantitative impairment test or record any goodwill impairment losses. The Company did not record any goodwill impairment losses in income/(loss) from continuing operations during 2023 and 2022. The Company previously recorded goodwill impairment charges associated with the Solar reporting unit which are now presented in income (loss) from discontinued operations, net of tax. Indefinite-Lived Intangible Assets Under a qualitative approach, the impairment test for an indefinite-lived intangible asset consists of an assessment of whether it is more-likely-than-not that an asset’s fair value is less than its carrying amount. If the Company elects to bypass the qualitative assessment for any indefinite-lived intangible asset, or if a qualitative assessment indicates it is more-likely-than-not that the estimated carrying amount of such asset exceeds its fair value, the Company proceeds to a quantitative approach. Under a quantitative approach, the Company estimates the fair value of an asset and compares it to its carrying amount. If the carrying amount exceeds fair value, an impairment loss is recognized in an amount equal to that excess. The estimated fair value of an indefinite-lived intangible asset is determined using a valuation approach that is based on the nature of the underlying asset. The Company’s only indefinite-lived intangible asset is the ADT trade name. The fair value of the ADT trade name is determined under a relief from royalty method, which is an income approach that estimates the cost savings that accrue to the Company that it would otherwise have to pay in the form of royalties or license fees on revenue earned through the use of the asset. The utilization of the relief from royalty method requires the Company to make significant assumptions including revenue growth rates, the implied royalty rate, and the discount rate. As of October 1, 2024, the Company quantitatively tested the ADT trade name for impairment. Based on the results of the test, the Company did not record any impairment losses as the estimated fair value of the trade name substantially exceeded its carrying amount. During 2023 and 2022, the Company did not record any impairment losses on its indefinite lived intangible asset. Definite-Lived Intangible Asset Impairment Definite-lived intangible asset impairments were not material during 2024, 2023 and 2022.

Debt

Debt	12 Months Ended
	Dec. 31, 2024
Debt Disclosure [Abstract]
Debt	DEBT The Company’s debt is comprised of the following (in thousands) : Interest Payable Balance as of December 31, Debt Description Issued Maturity Interest Rate (1) 2024 2023 First Lien Term Loan B due 2030 10/13/2023 10/13/2030 Term SOFR +2.00% Quarterly $ 1,984,090 $ 1,375,000 First Lien Revolving Credit Facility 3/16/2018 10/1/2029 Term SOFR +2.00% Quarterly — — Term Loan A Facility 3/14/2023 3/14/2028 Term SOFR +2.25% Quarterly — 625,625 First Lien Notes due 2024 4/4/2019 4/15/2024 5.250% 2/15 and 8/15 — 99,999 First Lien Notes due 2026 4/4/2019 4/15/2026 5.750% 3/15 and 9/15 1,350,000 1,350,000 First Lien Notes due 2027 8/20/2020 8/31/2027 3.375% 6/15 and 12/15 1,000,000 1,000,000 First Lien Notes due 2029 7/29/2021 8/1/2029 4.125% 2/1 and 8/1 1,000,000 1,000,000 Second Lien Notes due 2028 1/28/2020 1/15/2028 6.250% 1/15 and 7/15 1,300,000 1,300,000 ADT Notes due 2032 5/2/2016 7/15/2032 4.875% 1/15 and 7/15 728,016 728,016 ADT Notes due 2042 7/5/2012 7/15/2042 4.875% 1/15 and 7/15 21,896 21,896 2020 Receivables Facility (2) 3/5/2020 11/20/2029 Various Monthly 407,901 436,004 Total debt principal, excluding finance leases 7,791,903 7,936,540 Plus: Finance lease obligations (3) 69,442 69,468 Less: Unamortized debt discount, net (12,081) (15,005) Less: Unamortized deferred financing costs (26,990) (39,620) Less: Unamortized purchase accounting fair value adjustment and other (115,201) (125,866) Total debt 7,707,073 7,825,517 Less: Current maturities of long-term debt, net of unamortized debt discount (195,791) (312,061) Long-term debt $ 7,511,282 $ 7,513,456 __________________ (1) Interest rate as of December 31, 2024 . Interest on the 2020 Receivables Facility is primarily based on the Secured Overnight Financing Rate (“SOFR”) + 1.05 (2) Maturity date for the 2020 Receivables Facility represents the final maturity of date of current loans borrowed under the facility. (3) Refer to Note 14 “Leases” for additional information regarding the Company’s finance leases. First Lien Credit Agreement The Company’s first lien credit agreement dated as of July 1, 2015 (together with subsequent amendments and restatements, the “First Lien Credit Agreement”) includes a term loan (the “First Lien Term Loan B due 2030”) and a revolving credit facility (the “First Lien Revolving Credit Facility”). Prime Security Services Holdings, LLC (“Holdings”), a Delaware limited liability company and a wholly owned indirect subsidiary of the Company, Prime Security Services Borrower, LLC (“Prime Borrower”), a Delaware limited liability company and a wholly owned direct subsidiary of Holdings, and The ADT Corporation, a Delaware corporation and a wholly owned direct subsidiary of Prime Borrower (together with Prime Borrower, the “Borrowers”), are parties to the First Lien Credit Agreement as holdings and borrowers respectively. The First Lien Term Loan B due 2030 requires scheduled quarterly amortization payments equal to 0.25% of its outstanding principal amount at the time of the December 2024 amendment, with the remaining balance payable at maturity. The Borrowers may make voluntary prepayments on the First Lien Term Loan B due 2030 at any time prior to maturity at par, subject to a 1.00% prepayment premium in the event of certain specified refinancing events at any time before June 2025. Additionally, based on certain specified net first lien leverage ratios, the Borrowers may be required to make annual prepayments on the outstanding First Lien Term Loan B due 2030 with a percentage of the Company’s excess cash flow, as defined in the First Lien Credit Agreement, if the excess cash flow exceeds a certain specified threshold, which is 0% if our net first lien leverage ratio is less than or equal to 2.20 to 1.00. As of December 31, 2024, the Borrowers were not required to make an annual prepayment based on the Company’s excess cash flow. The First Lien Term Loan B due 2030 bears interest at a rate equal to, at the Prime Borrower’s option, either (a) a term SOFR rate (“Term SOFR”) with a floor of zero or (b) a base rate determined by reference to the highest of (i) the federal funds rate plus 0.50% per annum, (ii) the rate of interest per annum last quoted by The Wall Street Journal as the “Prime Rate” in the United States and (iii) the one-month adjusted term SOFR plus 1.00% per annum (“Base Rate”), in each case, plus an applicable margin of 2.00% per annum for Term SOFR loans and 1.00% per annum for Base Rate loans. Prime Borrower has elected the Term SOFR alternative to apply to borrowings of the First Lien Term Loan B due 2030. The applicable margin for borrowings under the First Lien Revolving Credit Facility is 2.00% for Term SOFR loans (subject to a credit spread adjustment) and 1.00% for Base Rate loans, in each case, subject to adjustment pursuant to a leverage-based pricing grid, subject to two step downs to 1.75% and 1.50% based on a net first lien leverage ratio of 2.00 to 1.00 and 1.50 to 1.00, respectively. In addition, the Borrowers are required to pay a commitment fee of 0.20% to 0.30%, with step downs to 0.25% and 0.20% based on a net first lien leverage ratio of 2.00 to 1.00 and 1.50 to 1.00, respectively, with respect to the unused commitments under the First Lien Revolving Credit Facility. The First Lien Revolving Credit Facility is also subject to a springing maturity of 91 days prior to the maturity date of certain long-term indebtedness if, as of such date, the outstanding principal amount of such indebtedness exceeds $350 million. Indebtedness incurred under the First Lien Credit Agreement is guaranteed, jointly and severally, on a senior secured first-priority basis, by substantially all of Prime Borrower’s wholly owned material domestic subsidiaries, and by Prime Borrower’s direct parent on a limited recourse basis, and is secured by a pledge of Prime Borrower’s capital stock directly held by its direct parent and by first-priority security interests in substantially all of the assets of Prime Borrower and the subsidiary guarantors, in each case, subject to certain permitted liens and exceptions. Significant amendments and restatements related to the First Lien Credit Agreement during the periods presented were as follows: • October 2023 - The Company redeemed approximately $1.3 billion of the then existing term loan (the “First Lien Term Loan B due 2026”) using net proceeds from the Commercial Divestiture. • October 2023 - The Company amended and restated the First Lien Credit Agreement and refinanced the remaining outstanding balance of the First Lien Term Loan B due 2026 with a new $1,375 million 7-year First Lien Term Loan B due 2030. • April 2024 - The Company amended and restated the First Lien Credit Agreement, which reduced the interest rate on the First Lien Term Loan B due 2030 from Term SOFR + 2.50 2.25 • May 2024 - The Company amended and restated the First Lien Credit Agreement, which included the exchange of $143 million principal amount of loans under the Company’s Term Loan A Facility for its First Lien Term Loan B due 2030. In addition, later that month, the Company further amended and restated the First Lien Credit Agreement, pursuant to which the Company incurred an additional $474 million of outstanding principal under the First Lien Term Loan B due 2030 with the proceeds used to pay off the remaining outstanding balance of the Company’s Term Loan A Facility. • October 2024 - The Company amended and restated the First Lien Credit Agreement to extend the maturity date of the First Lien Revolving Credit Facility to October 2029 and obtain an additional $225 million of First Lien Revolving Credit Facility commitments. After giving effect to the amendment, the aggregate amount of commitments under the First Lien Revolving Credit Facility is $800 million. In addition, the amendment reduced the commitment fee in respect of the First Lien Revolving Credit Facility to 0.20% to 0.30% per annum in respect of the unutilized commitments thereunder, subject to two step-downs based on certain specified net first lien leverage ratios. • December 2024 - The Company amended and restated the First Lien Credit Agreement, which reduced the interest rate on the First Lien Term Loan B due 2030 from Term SOFR + 2.25 2.00 During 2024, proceeds and repayments of long-term borrowings on the Consolidated Statements of Cash Flows include the impact of $704 million from certain of the 2024 amendments described above. During 2023, proceeds and repayments of long-term borrowings on the Consolidated Statements of Cash Flows include the impact of $230 million from the October 2023 amendment described above. In addition, debt issuance costs, loss on extinguishment of debt, and financing and consent fees were not material as a result of these amendments. Subsequent event - On February 7, 2025, the Company issued a notice of partial redemption for $500 million of the First Lien Notes due 2026, which will be redeemed on March 9, 2025. Prior to the issuance of such notice, certain lenders provided commitments that they will fund a new $600 million first lien seven First Lien Revolving Credit Facility As discussed above, during 2024, the Company extended the maturity date of the First Lien Revolving Credit Facility to October 2029, subject to a springing maturity of 91 days prior to the maturity date of certain long-term indebtedness if, as of such date, the outstanding principal amount of such indebtedness exceeds $350 million, and obtained an additional $225 million of First Lien Revolving Credit Facility commitments. After giving effect to the amendment, the aggregate amount of commitments under the First Lien Revolving Credit Facility is $800 million. Significant borrowings and repayments under the First Lien Revolving Credit Facility during the periods presented were as follows: • 2024: The Company borrowed $365 million and repaid $365 million. • 2022: The Company borrowed $550 million and repaid $575 million. As of December 31, 2024, the Company had $800 million in available borrowing capacity under the First Lien Revolving Credit Facility. Term Loan A Facility On March 14, 2023, Holdings, Prime Borrower, and The ADT Corporation (Prime Borrower and The ADT Corporation in such capacity, the “Term Loan A Borrowers”), entered into a term loan credit agreement (the “Term Loan A Credit Agreement”) with Barclays Bank PLC, as administrative agent, and the lenders party thereto, pursuant to which such lenders provided the Term Loan A Borrowers with an aggregate principal amount of $600 million of term loans (the “Closing Date Term Loan A Loans”) under a senior secured term loan A facility (the “Term Loan A Facility”). The Company used the proceeds from the Closing Date Term Loan A Loans to redeem $600 million outstanding principal amount of the Company’s 4.125% senior notes due June 15, 2023 (the “ADT Notes due 2023”). Also on March 14, 2023, Holdings, the Term Loan A Borrowers, the subsidiary loan parties thereto, Barclays Bank PLC, and the lender party thereto entered into an amendment to the Term Loan A Credit Agreement, pursuant to which the lender party thereto agreed, at the option of the Term Loan A Borrowers and subject to the satisfaction or waiver of customary conditions, to provide the Term Loan A Borrowers with an aggregate principal amount of $50 million of incremental term loans (the “Incremental Term Loan A Loans”) under the Term Loan A Facility on or before the scheduled maturity date of the ADT Notes due 2023. On June 15, 2023, the Company borrowed the Incremental Term Loan A Loans and used the proceeds to complete the redemption of $50 million of the ADT Notes due 2023. The Incremental Term Loan A Loans have the same terms as, and constitute one class with, the Closing Date Term Loan A Loans. In May 2024, the Company exchanged $143 million of loans under its Term Loan A Facility for its First Lien Term Loan B due 2030, as discussed above. In addition, later that month, the Company redeemed the remaining outstanding principal balance of $474 million of its Term Loan A Facility, excluding accrued and unpaid interest, using proceeds under the First Lien Term Loan B due 2030, as discussed above. As a result, the Term Loan A Facility has been terminated. First Lien Notes due 2024 As of December 31, 2024, the Company fully redeemed the 5.250% first-priority senior secured notes due 2024 (the “First Lien Notes due 2024”) as a result of the following transactions: • May 2023 - The Company redeemed $150 million principal amount of the outstanding First Lien Notes due 2024 for a redemption price of $150 million, excluding accrued and unpaid interest, using cash on hand. • December 2023 - The Company redeemed $500 million principal amount of the outstanding First Lien Notes due 2024 for a redemption price of $500 million, excluding accrued and unpaid interest, using remaining net proceeds from the Commercial Divestiture and cash on hand. • April 2024 - The Company redeemed the remaining outstanding principal balance of $100 million of the First Lien Notes due 2024 for a redemption price of $100 million, excluding accrued and unpaid interest, using proceeds from the Company’s First Lien Revolving Credit Facility. First Lien Notes due 2026 The Company’s 5.750% first-priority senior secured notes due 2026 (the “First Lien Notes due 2026”) are due at maturity, and may be redeemed, in whole or in part, at any time at a make-whole premium plus accrued and unpaid interest to, but excluding, the redemption date. The First Lien Notes due 2026 are guaranteed, jointly and severally, on a senior secured first-priority basis, by each of the Company’s existing and future direct or indirect wholly-owned material domestic subsidiaries that guarantee the First Lien Credit Agreement. Upon the occurrence of specified change of control events, the Company must offer to repurchase the First Lien Notes due 2026 at 101% of the principal amount, plus accrued and unpaid interest, if any, to, but not including, the purchase date. The indenture governing the First Lien Notes due 2026 also provides for customary events of default. As discussed above, on February 7, 2025, the Company issued a notice of partial redemption for $500 million of the First Lien Notes due 2026, which will be redeemed on March 9, 2025. First Lien Notes due 2027 T he Company’s 3.375% first-priority senior secured notes due 2027 (the “First Lien Notes due 2027”) are due at maturity and may be redeemed at the Company’s option as follows: • Prior to August 31, 2026, in whole at any time or in part from time to time, at a make-whole premium plus accrued and unpaid interest, if any, thereon to the redemption date. • On or after August 31, 2026, in whole at any time or in part from time to time, at a redemption price equal to 100% of the principal amount of the First Lien Notes due 2027 redeemed plus accrued and unpaid interest, if any, thereon to the redemption date. The Company’s obligations relating to the First Lien Notes due 2027 are guaranteed, jointly and severally, on a senior secured first-priority basis, by each of the Company’s domestic subsidiaries that guarantees its First Lien Credit Agreement and by each of the Company’s future domestic subsidiaries that guarantees certain of the Company’s debt. The First Lien Notes due 2027 and the related guarantees are secured by first-priority security interests in substantially all of the tangible and intangible assets owned by the issuers and each guarantor, subject to certain permitted liens and exceptions. Upon the occurrence of specified change of control events, the Company must offer to repurchase the notes at 101% of the principal amount, plus accrued and unpaid interest, if any, to, but not including, the purchase date. The indenture governing the First Lien Notes due 2027 also provides for customary events of default. First Lien Notes due 2029 In July 2021, the Company issued $1.0 billion aggregate principal amount of 4.125% first-priority senior secured notes due 2029 (the “First Lien Notes due 2029”). The First Lien Notes due 2029 will mature on August 1, 2029, with semi-annual interest payment dates of February 1 and August 1 of each year, beginning February 1, 2022, and may be redeemed at the Company’s option as follows: • Prior to August 1, 2028, in whole at any time or in part from time to time, at a redemption price equal to the greater of (i) 100% of the principal amount of the First Lien Notes due 2029 to be redeemed and (ii) the sum of the present values of the aggregate principal amount of the First Lien Notes due 2029 to be redeemed and the remaining scheduled interest payments due on any date after the redemption date, to and including August 1, 2028, discounted at an adjusted treasury rate plus 50 basis points, plus, in either case accrued and unpaid interest as of, but excluding, the redemption date. • On or after August 1, 2028, in whole at any time or in part from time to time, at a redemption price equal to 100% of the principal amount of the First Lien Notes due 2029 to be redeemed and accrued and unpaid interest as of, but excluding, the redemption date. The Company’s obligations relating to the First Lien Notes due 2029 are guaranteed, jointly and severally, on a senior secured first-priority basis, by substantially all of the Company’s subsidiaries and are secured by first-priority security interests in substantially all of the assets of the Company’s domestic subsidiaries, subject to certain permitted liens and exceptions. Upon the occurrence of specified change of control events, the Company may be required to purchase the notes at 101% of the principal amount, plus accrued and unpaid interest, if any, to, but not including, the purchase date. The indenture governing the First Lien Notes due 2029 also provides for customary events of default. Second Lien Notes due 2028 The Company’s 6.250% second-priority senior secured notes due 2028 (the “Second Lien Notes due 2028”) are due at maturity, and since January 15, 2023, the Second Lien Notes due 2028 may be redeemed at the Company’s option in whole at any time or in part from time to time, at a redemption price equal to 100% (as of January 15, 2025) of the principal amount of the Second Lien Notes due 2028 redeemed and accrued and unpaid interest as of, but excluding, the redemption date. The Company’s obligations relating to the Second Lien Notes due 2028 are guaranteed, jointly and severally, on a senior secured second-priority basis, by substantially all of the Company’s domestic subsidiaries and are secured by second-priority security interests in substantially all of the assets of the Company’s domestic subsidiaries, subject to certain permitted liens and exceptions. Additionally, upon the occurrence of specified change of control events, the Company must offer to repurchase the Second Lien Notes due 2028 at 101% of the principal amount, plus accrued and unpaid interest, if any, to, but not including, the purchase date. The indenture governing the Second Lien Notes due 2028 also provides for customary events of default. ADT Notes In connection with the ADT Acquisition, the Company entered into supplemental indentures to notes originally issued by The ADT Corporation (collectively, the “ADT Notes”) providing for each series of ADT Notes to benefit from (i) guarantees by substantially all of the Company’s domestic subsidiaries and (ii) first-priority senior security interests, subject to permitted liens, in substantially all of the existing and future assets of the Company’s domestic subsidiaries. As a result, these notes remained outstanding and became obligations of the Company. During 2023, the Company redeemed the then-outstanding ADT Notes due 2023. The remaining outstanding ADT Notes are due at maturity, and may be redeemed, in whole at any time or in part from time to time, at a redemption price equal to the principal amount of the notes to be redeemed, plus a make-whole premium, plus accrued and unpaid interest as of, but excluding, the redemption date. Additionally, upon the occurrence of specified change of control events, the Company must offer to repurchase the ADT Notes at 101% of the principal amount, plus accrued and unpaid interest, if any, to, but not including, the purchase date. The indentures governing the ADT Notes also provide for customary events of default. Significant activity related to the ADT Notes due 2023 during the periods presented was as follows: • March 2023 - The Company redeemed $600 million outstanding principal amount for a total redemption price of $600 million, excluding any accrued and unpaid interest, using the proceeds from the Closing Date Term Loan A Loans. • June 2023 - The Company redeemed the remaining outstanding principal amount of $100 million for a total redemption price of $100 million, excluding any accrued and unpaid interest, using $50 million of proceeds from the Incremental Term Loan A Loans and the remaining from cash on hand. 2020 Receivables Facility During March 2020, the Company entered into the 2020 Receivables Facility, as amended, whereby the Company obtains financing by selling or contributing certain retail installment contract receivables to the Company’s wholly-owned consolidated bankruptcy-remote special purpose entity (“SPE”). The SPE grants a security interest in those retail installment contract receivables as collateral for cash borrowings under the 2020 Receivables Facility. The SPE borrower under the 2020 Receivables Facility is a separate legal entity with its own creditors who will be entitled, prior to and upon the liquidation of the SPE, to be satisfied out of the SPE’s assets prior to any assets of the SPE becoming available to the Company (other than the SPE). Accordingly, the assets of the SPE are not available to pay creditors of the Company (other than the SPE), although collections from the transferred retail installment contract receivables in excess of amounts required to repay amounts then due and payable to the SPE’s creditors may be released to the Company and subsequently used by the Company (including to pay other creditors). The SPE’s creditors under the 2020 Receivables Facility have legal recourse to the transferred retail installment contract receivables owned by the SPE, and to the Company for certain performance and operational obligations relating to the 2020 Receivables Facility, but do not have any recourse to the Company (other than the SPE) for the payment of principal and interest on the advances under the 2020 Receivables Facility. Significant amendments to the 2020 Receivables Facility during the periods presented were as follows: • May 2022 - Changed the benchmark rate from 1-month LIBOR to Daily SOFR, extended the scheduled termination date for the uncommitted revolving period from October 2022 to May 2023, and amended certain other terms to increase the advance rate on pledged collateral. • March 2023 - Increased the borrowing capacity from $400 million to $500 million and extended the uncommitted revolving period from May 2023 to March 2024, among other things. • March 2024 - The Company amended the agreement governing the 2020 Receivables Facility, pursuant to which the uncommitted revolving period was extended from March 2024 to April 2024. • April 2024 - The Company further amended the agreement governing the 2020 Receivables Facility, pursuant to which, among other things, the borrowing capacity was increased from $500 million to $550 million and the uncommitted revolving period was extended from April 2024 to April 2025. In addition, proceeds and repayments from the receivables facility include the impact of $32 million from the amendments described above. The Company services the transferred retail installment contract receivables and is responsible for ensuring the related collections are remitted to a segregated bank account in the SPE’s name. On a monthly basis, the segregated account is utilized to make required principal, interest, and other payments due under the 2020 Receivables Facility. The segregated account is considered restricted cash. Proceeds and repayments from the 2020 Receivables Facility are presented in cash flows from financing activities on the Consolidated Statements of Cash Flows. The impact to the Consolidated Statements of Operations from the 2020 Receivables Facility was primarily due to the allowance for credit losses and interest expense during the periods presented. As of December 31, 2024, the Company had an uncommitted available borrowing capacity under the 2020 Receivables Facility of $142 million. Variable Interest Entity The SPE, as described above, meets the definition of a variable interest entity (“VIE”) for which the Company is the primary beneficiary as it has the power to direct the SPE’s activities and the obligation to absorb losses or the right to receive benefits of the SPE. As such, the SPE’s assets, liabilities, and financial results of operations are consolidated in the Company’s consolidated financial statements. As of December 31, 2024 and 2023, the SPE’s assets and liabilities primarily consisted of a portion of the Company’s unbilled retail installment contract receivables, net, of $575 million and $610 million, respectively, and borrowings under the 2020 Receivables Facility as presented above. Solar Receivables Facility On August 2, 2023, Compass Solar Group, LLC (“Compass”) and ADT Solar Finance LLC (“ADT Solar Finance”), each an indirect wholly-owned subsidiary of ADT Inc. entered into a Receivables Financing Agreement with Mizuho Bank, Ltd. (the “Solar Receivables Financing Agreement”) to finance receivables generated by the installation of residential solar systems. Prior to its expiration in August 2024, the Solar Receivables Financing Agreement, among other things, provided for an uncommitted revolving loan facility in the aggregate principal amount of up to $300 million which loans were to be secured by substantially all the assets of ADT Solar Finance (the “Solar Receivables Facility”). The Company did not borrow any amounts under the Solar Receivables Facility prior to its expiration. Debt Covenants Our credit agreements and indentures associated with the borrowings above contain certain covenants and restrictions that limit the Company’s ability to, among other things: (a) incur additional debt or issue certain preferred equity interests; (b) create liens on certain assets; (c) make certain loans or investments (including acquisitions); (d) pay dividends on or make distributions in respect of the capital stock or make other restricted payments; (e) consolidate, merge, sell, or otherwise dispose of all or substantially all of the Company’s assets; (f) sell assets; (g) enter into certain transactions with affiliates; (h) enter into sale-leaseback transactions; (i) restrict dividends from the Company’s subsidiaries or restrict liens; (j) change the Company’s fiscal year; and (k) modify the terms of certain debt or organizational agreements. Our credit agreements and indentures associated with the borrowings above also provide for customary events of default. The Company is subject to a springing financial maintenance covenant under the First Lien Credit Agreement, which requires the Company to not exceed a specified first lien leverage ratio at the end of each fiscal quarter if the testing conditions are satisfied. The covenant is tested if the outstanding loans under the First Lien Revolving Credit Facility, subject to certain exceptions, exceed 30% of the total commitments under the First Lien Revolving Credit Facility as of the last day of any fiscal quarter. As of December 31, 2024, the Company was in compliance with all financial covenant and other maintenance tests for all debt obligations. Loss on Extinguishment of Debt Loss on extinguishment of debt includes the payment of call and redemption premiums, the write-off of unamortized deferred financing costs and discounts, and certain other expenses associated with extinguishment of debt. During the periods presented, significant activity related to loss on extinguishment of debt was as follows: • 2023: Totaled $17 million and was primarily due to the write-off of unamortized discount and debt issuance costs associated with the partial redemption of the First Lien Term Loan B due 2026 and the refinancing of the First Lien Term Loan B due 2026. Additional fees and other costs associated with financing transactions were not material during 2024, 2023, or 2022. Other As of December 31, 2024, the aggregate annual maturities of debt, excluding finance leases, were as follows: (in thousands) 2025 2026 2027 2028 2029 Thereafter Total Debt principal $ 170,198 $ 1,499,939 $ 1,099,518 $ 1,367,345 $ 1,019,841 $ 2,635,062 $ 7,791,903 Interest expense (excluding interest income) during 2024, 2023, and 2022 on the Company’s debt, including finance leases, and interest rate swap contracts presented within interest expense, net, was $451 million, $586 million, and $277 million, respectively.

Derivative Financial Instrument

Derivative Financial Instruments	12 Months Ended
	Dec. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Financial Instruments	DERIVATIVE FINANCIAL INSTRUMENTS The Company's derivative financial instruments primarily consist of SOFR-based interest rate swap contracts, which were entered into with the objective of managing exposure to variability in interest rates on the Company's debt and interest rate swaps. All interest rate swap contracts are reported in the Consolidated Balance Sheets at fair value. For interest rate swap contracts that are: • Not designated as cash flow hedges: Unrealized gains and losses are recognized in interest expense, net, and other income (expense) depending on the nature of the underlying that the swaps are economically hedging. • Designated as cash flow hedges: Unrealized gains and losses are recognized as a component of accumulated other comprehensive income (loss) (“AOCI”) and are reclassified into interest expense, net, in the same period in which the related interest on debt affects earnings. For interest rate swap contracts that have been de-designated as cash flow hedges and for which forecasted cash flows are: • Probable or reasonably possible of occurring: Unrealized gains and losses previously recognized as a component of AOCI are reclassified into interest expense, net, in the same period in which the related interest on variable-rate debt affects earnings through the original maturity date of the related interest rate swap contracts. • Probable of not occurring: Unrealized gains and losses previously recognized as a component of AOCI are immediately reclassified into interest expense, net. The cash flows associated with interest rate swap contracts that contain an other-than-insignificant financing element at inception are reflected as cash flows from financing activities. The cash flows associated with interest rate swap contracts that were entered into with the intention of offsetting the economic overhedged position of a portion of our existing interest rate swaps are reflected as cash flows from investing activities. Interest Rate Swaps In October 2019, and in connection with the refinancing of variable-rate debt under the First Lien Credit Agreement in September 2019, the Company terminated interest rate swap contracts with an aggregate notional amount of $3.8 billion, of which $2.8 billion were designated as cash flow hedges, and concurrently entered into new LIBOR-based interest rate swap contracts, which were, at the time, designated as cash flow hedges, with an aggregate notional amount of $2.8 billion and maturity of September 2026. These swaps contain an other-than-insignificant financing element due to their off-market terms at the inception of the swaps. Beginning in March 2020, the Company's interest rate swap contracts previously designated as cash flow hedges were no longer highly effective as a result of changes in the interest rate environment. Accordingly, the Company de-designated the cash flow hedges, and the unrealized gains and losses for the period in which these cash flow hedges were no longer highly effective were recognized in interest expense, net. Unrealized losses previously recognized as a component of AOCI prior to de-designation are being reclassified into interest expense, net, in the same period in which the related interest on variable-rate debt affects earnings through the maturity dates of the interest rate swap contracts, as the forecasted cash flows are probable or reasonably possible of occurring. In March and April 2023, the Company entered into floating-to-fixed interest rate swaps with an aggregate notional amount of $300 million to partially hedge the Company’s then outstanding Term Loan A Facility. In December 2023, the Company entered into interest rate swaps with an aggregate notional amount of $700 million to offset the excess notional interest rate swaps as a result of the partial redemption of the First Lien Term Loan B due 2026. The changes in fair value associated with these swaps and the excess swaps are reflected in other income (expense). Notional Amounts (in thousands) December 31, Execution Maturity Designation 2024 2023 October 2019 September 2026 Not designated $ 2,800,000 $ 2,800,000 March 2023 March 2028 Not designated 100,000 100,000 April 2023 March 2028 Not designated 200,000 200,000 December 2023 September 2026 Not designated 700,000 700,000 Total notional amount $ 3,800,000 $ 3,800,000 Classification and Fair Value December 31, Balance Sheet Classification (in thousands) 2024 2023 Prepaid expenses and other current assets $ 56,164 $ 74,974 Other assets $ 54,102 $ 76,493 Accrued expenses and other current liabilities $ 1,466 $ 5,312 Other liabilities $ 208 $ 1,325 Unrealized Gains (Losses) Years Ended December 31, Statement of Operations Classification (in thousands) 2024 2023 2022 Interest expense, net $ (27,164) $ (22,174) $ 301,851 Other income (expense) $ (17,996) $ (16,511) $ — Changes in and Reclassifications out of AOCI (in thousands) Cash Flow Hedges Balance as of December 31, 2021 $ (71,267) Pre-tax current period change 33,946 Income tax benefit (expense) (8,192) Balance as of December 31, 2022 (45,513) Pre-tax current period change 42,295 Income tax benefit (expense) (10,166) Balance as of December 31, 2023 (13,384) Pre-tax current period change 7,921 Income tax benefit (expense) (1,913) Balance as of December 31, 2024 $ (7,376) During 2023, the Company recorded $25 million to interest expense, net associated with the reclassification from AOCI of historical losses related to the de-designated interest rate swaps for which the cash flows were probable of not occurring as a result of the partial redemption of the Company’s then outstanding First Lien Term Loan B due 2026. As of December 31, 2024, AOCI associated with previously designated cash flow hedges that is estimated to be reclassified to interest expense, net, within the next twelve months is not material.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2024
Income Tax Disclosure [Abstract]
Income Taxes	INCOME TAXES The Company accounts for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the temporary differences between the recognition of revenue and expenses for income tax and financial reporting purposes and between the tax basis of assets and liabilities and their reported amounts in the consolidated financial statements. The Company records the effect of a tax rate or law change on the Company’s deferred tax assets and liabilities in the period of enactment. The amounts and related disclosures below are based on the continuing operations of the Company, unless otherwise noted. Components of Income Before Taxes Years Ended December 31, (in thousands) 2024 2023 2022 United States $ 808,476 $ 601,370 $ 401,746 Foreign 6,694 3,013 2,712 Income (loss) from continuing operations before income taxes and equity in net earnings (losses) of equity method investee $ 815,170 $ 604,383 $ 404,458 Components of Income Tax Benefit (Expense) (1) Years Ended December 31, (in thousands) 2024 2023 2022 Current: Federal $ 1,027 $ (358) $ (184) State (13,829) (57,024) (28,100) Foreign (2,096) (923) (691) Current income tax benefit (expense) (14,898) (58,305) (28,975) Deferred: Federal (105,711) (136,457) (43,203) State (33,702) 11,704 24,029 Foreign (170) (194) (401) Deferred income tax benefit (expense) (139,583) (124,947) (19,575) Income tax benefit (expense) $ (154,481) $ (183,252) $ (48,550) ___________________ (1) The components of tax benefit (expense) include both continuing and discontinued operations for all periods presented in accordance with Accounting Standards Codification (“ASC”) 740. This presentation is to reflect the Company’s tax structure and filings. Income tax benefit (expense) is included in the Consolidated Statements of Operations as follows: Years Ended December 31, (in thousands) 2024 2023 2022 Continuing operations $ (195,780) $ (160,585) $ (87,692) Discontinued operations 41,299 (22,667) 39,142 Income tax benefit (expense) $ (154,481) $ (183,252) $ (48,550) Effective Tax Rate Reconciliation Reconciliations between the actual effective tax rate on continuing operations and the statutory U.S. federal income tax rate were as follows: Years Ended December 31, 2024 2023 2022 Statutory federal tax rate 21.0 % 21.0 % 21.0 % State income taxes, net of federal benefits 5.4 % 6.1 % 3.0 % Non-U.S. tax 0.3 % 0.2 % 0.3 % Non-deductible and non-taxable charges (1) 0.8 % 1.0 % 5.1 % Valuation allowance — % — % (0.6) % Unrecognized tax benefits (4.0) % (1.0) % (2.3) % Share-based compensation 0.1 % — % (0.6) % Non-deductible goodwill on dispositions — % 0.7 % — % Federal credits 0.1 % (0.6) % (2.9) % Acquisitions and dispositions 1.2 % (0.9) % (0.2) % Legislative changes (0.4) % 0.6 % (2.1) % Prior year return adjustments (0.6) % (0.6) % 1.1 % Other 0.1 % 0.1 % (0.1) % Effective tax rate 24.0 % 26.6 % 21.7 % ___________________ (1) During 2022, primarily represents the impact related to the fair value adjustment of the Forward Contract. Deferred Tax Assets and Deferred Tax Liabilities The components of the Company's net deferred tax assets (liabilities) were as follows: December 31, (in thousands) 2024 2023 Deferred tax assets: Accrued liabilities and reserves $ 94,084 $ 90,351 Tax loss and credit carryforwards 75,927 132,230 Disallowed interest carryforward 230,048 150,492 Deferred revenue 218,639 225,499 Other 91,892 112,194 Total deferred tax assets 710,590 710,766 Valuation allowance (12,264) (12,264) Deferred tax assets, net of valuation allowance $ 698,326 $ 698,502 Deferred tax liabilities: Subscriber system assets $ (757,046) $ (761,203) Intangible assets (1,051,499) (893,292) Other (56,994) (71,196) Total deferred tax liabilities (1,865,539) (1,725,691) Net deferred tax assets (liabilities) $ (1,167,213) $ (1,027,189) The valuation allowance for deferred tax assets relates to the uncertainty of the utilization of certain U.S. federal and state deferred tax assets. In evaluating the Company’s ability to recover its deferred tax assets, the Company considers all available positive and negative evidence, which includes its past operating results, the existence of cumulative losses in the most recent years, and its forecast of future taxable income. In estimating future taxable income, the Company develops assumptions related to the amount of future pre-tax operating income, the reversal of temporary differences, and the implementation of feasible and prudent tax planning strategies. These assumptions require significant judgment about the forecasts of future taxable income and are consistent with the plans and estimates the Company is using to manage its underlying businesses. The Company believes that it is more-likely-than-not that it will generate sufficient future taxable income to realize its deferred tax assets, net of valuation allowance. The changes in the valuation allowance for deferred tax assets were as follows: Years Ended December 31, (in thousands) 2024 2023 2022 Beginning balance $ (12,264) $ (57,715) $ (60,157) Income tax benefit (expense) (1) — 43,277 2,428 Write-offs and other — 2,174 14 Ending balance $ (12,264) $ (12,264) $ (57,715) __________________ (1) During 2023, the change is primarily related to the utilization of capital loss carryforwards against which a valuation allowance was previously recorded. The utilization is attributable to capital gains generated in connection with the Commercial Divestiture. As of December 31, 2024, the Company has no remaining financial statement federal net operating loss (“NOL”) carryforwards. As of December 31, 2024, the Company’s valuation allowance for deferred tax assets was primarily related to capital loss carryforwards in Canada primarily generated in connection with the sale of ADT Canada during 2019. The Tax Cuts and Jobs Act of 2017 introduced IRC Section 163(j), which limits the deductibility of interest expense and allows for the excess to be carried forward indefinitely. As of December 31, 2024, the Company has not recorded a valuation allowance against the disallowed interest carryforward as the Company believes it has sufficient sources of future taxable income to realize the related tax benefit. Unrecognized Tax Benefits The Company recognizes positions taken or expected to be taken in a tax return in the consolidated financial statements when it is more-likely-than-not (i.e., a likelihood of more than 50%) that the position would be sustained upon examination by tax authorities. A recognized tax position is then measured at the largest amount of benefit with greater than 50% likelihood of being realized upon ultimate settlement. The Company records liabilities for positions that have been taken but do not meet the more-likely-than-not recognition threshold. The Company adjusts the liabilities for unrecognized tax benefits in light of changing facts and circumstances; however, due to the complexity of some of these uncertainties, the ultimate resolution may result in a change to the estimated liabilities. The Company includes interest and penalties associated with unrecognized tax benefits as income tax expense and as a component of the recorded balance of unrecognized tax benefits, which is reflected in other liabilities, or net of related tax loss carryforwards in the Consolidated Balance Sheets. Interest and penalties associated with unrecognized tax benefits were not material to the Company's consolidated financial statements for the periods presented. The following is a roll-forward of unrecognized tax benefits: Years Ended December 31, (in thousands) 2024 2023 2022 Beginning balance $ 48,823 $ 56,177 $ 66,221 Gross increase related to prior year tax positions 9,933 517 5,063 Gross decrease related to prior year tax positions (5,108) — — Decreases related to lapse of statute of limitation (29,042) (7,871) (15,107) Ending balance $ 24,606 $ 48,823 $ 56,177 The Company’s unrecognized tax benefits relate to tax years that are subject to audit by the taxing authorities in the U.S. federal, state and local, and foreign jurisdictions. Based on the current tax statutes and status of its income tax audits, the Company does not expect unrecognized tax benefits to change significantly in the next twelve months. Open Tax Years by Jurisdiction Jurisdiction Years Open to Audit Federal 2021 - 2023 State 2019 - 2023 Canada 2020 - 2023 The Company files a consolidated return for its U.S. entities and separate returns for each Canadian entity. These income tax returns are subject to audit by the taxing authorities that may culminate in proposed assessments which may ultimately result in a change to the estimated income taxes. Federal Tax Legislation Tax Cuts and Jobs Act - Certain changes to U.S. federal tax law included in the Tax Cuts and Jobs Act of 2017 had a delayed effective date and have taken effect for 2022. Under IRC Section 163(j), the limitation on net business interest expense deductions will no longer be increased by deductions for depreciation, amortization, or depletion. Under IRC Section 174, specified research and experimentation expenditures must now be capitalized and amortized. Inflation Reduction Act - The Inflation Reduction Act (the “IRA”) was signed into law in August 2022. The IRA, among other provisions, implements (i) a 15% corporate alternative minimum tax (“CAMT”) on book income of corporations whose average annual adjusted financial statement income during the most recently-completed three-year period exceeds $1.0 billion, (ii) a 1% excise tax on net stock repurchases, and (iii) several tax incentives to promote clean energy including an extension of the investment tax credit. Both the CAMT and the excise tax provisions are effective for tax years beginning after December 31, 2022, and as of December 31, 2024, the Company does not anticipate any material impact.

Equity

Equity	12 Months Ended
	Dec. 31, 2024
Equity [Abstract]
Equity	EQUITY Common Stock and Class B Common Stock During September 2020, the Company amended its articles of incorporation to authorize the issuance of 100,000,000 shares of Class B common stock, par value of $0.01 per share (“Class B Common Stock”), as well as to increase the number of authorized shares of preferred stock, par value of $0.01 per share, to 1,000,000. In September 2020, the Company issued and sold 54,744,525 shares of Class B Common Stock for an aggregate purchase price of $450 million to Google LLC (“Google”) in a private placement pursuant to a securities purchase agreement dated July 31, 2020 (the “Securities Purchase Agreement”). Accordingly, the Company has two classes of common stock, Common Stock and Class B Common Stock, both of which entitle stockholders to one vote for each share of Common Stock. Each share of Class B Common Stock has equal status and rights to dividends as a share of Common Stock. The holders of Class B Common Stock have one vote for each share of Class B Common Stock held of record by such holder on all matters on which stockholders are entitled to vote generally; provided, however, that holders of Class B Common Stock, as such, are not entitled to vote on the election, appointment, or removal of directors of the Company. Additionally, each share of Class B Common Stock will immediately become convertible into one share of Common Stock, at the option of the holder thereof, at any time following the earlier of (i) the expiration or early termination of applicable waiting periods under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended (“HSR Clearance”), required prior to such holder’s conversion of all such shares of Class B Common Stock, or (ii) to the extent HSR Clearance is not required prior to such holder’s conversion of such shares of Class B Common Stock, the date that such holder owns such shares of Class B Common Stock. Issuances of Common Stock During the periods presented, issuances of Common Stock other than as related to the exercise or vesting of share-based compensation awards includes: • October 2022 : The Company issued approximately 133 million shares of Common Stock for an aggregate purchase price of $1.2 billion as part of the State Farm Strategic Investment (as defined below). • June 2022 : The Company issued approximately 2 million shares of Common Stock as consideration for a business acquisition. Additionally, throughout 2022, the Company issued approximately 5.3 million shares of the Company’s Common Stock with a value of approximately $40 million related to the ADT Solar Acquisition (the “Delayed Shares”). Repurchases of Common Stock On January 24, 2024, the Company's Board of Directors announced a share repurchase plan (the “2024 Share Repurchase Plan”), pursuant to which the Company was authorized, but not obligated, to repurchase up to a maximum aggregate amount of $350 million of shares of the Company's Common Stock through January 29, 2025. The 2024 Share Repurchase Plan expired in January 2025 with $5 million authorized repurchases remaining. Share repurchases under the 2024 Share Repurchase Plan were as follows: • In March 2024, the Company repurchased and retired 15 million shares at a price per share of approximately $6.22 for an aggregate purchase price of $93 million in connection with an offering of the Company’s Common Stock. • In October 2024, the Company repurchased and retired 16 million shares at a price per share of approximately $7.20 for an aggregate purchase price of $115 million in connection with an offering of the Company’s Common Stock. • In October 2024, the Company repurchased and retired 5 million shares of Common Stock from a non-affiliate individual at a price per share of $6.40 for an aggregate purchase price of $32 million. Subsequent events In December 2024, the Company entered into an agreement with a non-affiliate individual to repurchase 15 million shares of Common Stock at a price per share of $6.95 for an aggregate purchase price of $104 million. The transaction settled in January 2025, and the Company retired the shares. As of December 31, 2024, the Company recorded a liability related to the forward share repurchase contract and a reduction to additional paid-in capital. In February 2025, the Company’s Board of Directors announced a share repurchase plan (the “2025 Share Repurchase Plan”), pursuant to which the Company is authorized to repurchase, through April 30, 2026, up to a maximum aggregate amount of $500 million of shares of Common Stock. The 2025 Share Repurchase Plan allows the Company to purchase Common Stock from time to time in one or more open market or privately negotiated transactions, including pursuant to Rule 10b5-1 or Rule 10b-18 of the Exchange Act, or pursuant to one or more accelerated share repurchase agreements, subject to certain requirements and factors. Google Investor Rights Agreement In connection with the issuance of the Class B Common Stock, the Company and Google entered into an Investor Rights Agreement (the “Google Investor Rights Agreement”), pursuant to which Google agreed to be bound by customary transfer restrictions and drag-along rights, and be afforded customary registration rights with respect to shares of Class B Common Stock held directly by Google. Under the terms of the Google Investor Rights Agreement, Google was prohibited, subject to certain exceptions, from transferring any shares of Class B Common Stock or any shares of Common Stock issuable upon conversion of the Class B Common Stock beneficially owned by Google through September 2023, or earlier if certain conditions occurred (the “Google Lock-up Period”). In December 2023, the Company and Google amended the Google Investor Rights Agreement to extend the Google Lock-up Period through June 2025, or earlier if (i) the Google Commercial Agreement (as defined in Note 13 “Commitments and Contingencies”) has been terminated under certain specified circumstances or (ii) the Google Cloud Master Agreement (as defined in Note 13 “Commitments and Contingencies”) has been validly terminated for any reason other than Google's uncured material breach. State Farm Transaction State Farm Strategic Investment On September 5, 2022, the Company entered into a securities purchase agreement (the “State Farm Securities Purchase Agreement”) with State Farm, pursuant to which the Company agreed to issue and sell in a private placement to State Farm 133 million shares of the Company’s Common Stock (the “State Farm Shares”) at a per share price of $9.00 for an aggregate purchase price of $1.2 billion (the “State Farm Strategic Investment”). The transaction closed on October 13, 2022 (the “Closing”). Additionally, on September 12, 2022, in connection with the State Farm Strategic Investment, the Company commenced a tender offer (discussed below) to purchase up to 133 million shares of the Company’s Common Stock (including shares issued upon conversion of shares of Class B Common Stock ) (the “Tender Shares”) at a price of $9.00 per share (the “Tender Offer”) using proceeds from the State Farm Strategic Investment. After the Closing and the Tender Offer, State Farm owned approximately 15% of the Company’s issued and outstanding Common Stock (assuming conversion of Class B Common Stock) and became a related party. Tender Offer Concurrently with the execution of the State Farm Securities Purchase Agreement, (i) Apollo delivered to the Company a Tender and Support Agreement, pursuant to which Apollo agreed to collectively tender (and not withdraw) no fewer than 133 million shares of Common Stock in the Tender Offer (the “Apollo Support Agreement”), and (ii) Google delivered to the Company a Support Agreement, pursuant to which Google agreed to not convert and tender any of its shares of Class B Common Stock. The Tender Offer expired on October 20, 2022. On October 26, 2022, the Company used proceeds from the State Farm Strategic Investment to repurchase an aggregate of 133 million shares of the Company’s Common Stock at a purchase price of $9.00 per share for an aggregate purchase price of $1.2 billion, excluding fees and expenses, subject to the terms and conditions described in the Offer to Purchase dated September 12, 2022 (as amended from time to time, the “Offer to Purchase”). The Tender Shares were subject to the “odd lot” priority and proration provisions described in the Offer to Purchase as the Tender Offer was substantially over-subscribed. No shares of Class B Common Stock were converted and tendered in the Tender Offer. The Tender Offer was considered a contingent forward purchase contract (the “Forward Contract”), which was recorded at fair value in the Consolidated Balance Sheet. The fair value of the Forward Contract was estimated as the difference between the present value of the cash consideration to be paid and the value of the Company’s Common Stock to be tendered. At the commencement of the Tender Offer, the Company recorded a liability and a reduction to additional paid in capital of $42 million. During 2022, the change in fair value recognized in other income (expense) was a net loss of $63 million. Fees associated with the Tender Offer were not material. State Farm Investor Rights Agreement At the Closing, the Company and State Farm entered into an Investor Rights Agreement (the “State Farm Investor Rights Agreement”), pursuant to which the Board of Directors of the Company increased its size by one director and appointed a designee of State Farm as a member of the Board of Directors. Pursuant to the terms of the State Farm Investor Rights Agreement, State Farm will also be bound by customary transfer and standstill restrictions and drag-along rights, and be afforded customary registration rights with respect to the State Farm Shares. In particular, State Farm (a) will be prohibited, subject to certain customary exceptions, from transferring any of the State Farm Shares until the earlier of (i) October 13, 2025, and (ii) the date on which the development agreement with State Farm (the “State Farm Development Agreement”) has been validly terminated, other than in the event of termination by the Company for a material breach thereof by State Farm, and (b) will be subject to certain standstill restrictions, including that State Farm will be restricted from acquiring additional equity securities of the Company if such acquisition would result in State Farm (and its affiliates) acquiring beneficial ownership in excess of 18% of the issued and outstanding Common Stock, taking into account on an as-converted basis the issued and outstanding Class B Common Stock, until five of 25% of the issued and outstanding Common Stock, taking into account on an as-converted basis the issued and outstanding Class B Common Stock, as a result of such acquisition. In addition, under the terms of the State Farm Investor Rights Agreement, in the event that the Company proposes to issue and sell shares of Common Stock, Class B Common Stock, or other equity securities of the Company to certain homeowners’ insurance and reinsurance companies, State Farm will have a right of first refusal with respect to such proposed issuance and sale on the same terms and conditions (the “ROFR”). The ROFR will terminate upon the earliest to occur of (i) State Farm and its permitted transferees no longer collectively owning shares of Common Stock equal to at least 50% of the State Farm Shares; (ii) the termination of the State Farm Development Agreement by the Company for a material breach by State Farm; and (iii) to the extent that the State Farm Development Agreement does not remain in effect on such date, the five State Farm Development Agreement At the Closing, the Company, ADT LLC (an indirect wholly owned subsidiary of the Company), and State Farm entered into the State Farm Development Agreement pursuant to which State Farm committed up to $300 million to an Opportunity Fund that will fund certain product and technology innovation, customer growth, and marketing initiatives to be agreed on between State Farm and the Company. Additionally at the Closing, the Company received $100 million of the Opportunity Fund, which is restricted until such time as the Company uses the funds in accordance with the State Farm Development Agreement. The Company’s use of the funds is also subject to approval by State Farm. The Company recorded the cash received from the Opportunity Fund as restricted cash and a corresponding liability, which is reflected in accrued expenses and other current liabilities. Refer to Note 16 “Related Party Transactions” for more information on the Opportunity Fund. Dividends Stockholders are entitled to receive dividends when, as, and if declared by the Company’s Board of Directors out of funds legally available for that purpose. (in thousands, except per share data) Common Stock Class B Common Stock Declaration Date Record Date Payment Date Per Share Aggregate Per Share Aggregate Year Ended December 31, 2024 1/24/24 3/14/24 4/4/24 $ 0.055 $ 47,059 $ 0.055 $ 3,011 4/25/24 6/13/24 7/9/24 0.055 47,137 0.055 3,011 8/1/24 9/13/24 10/4/24 0.055 47,146 0.055 3,011 10/24/24 12/12/24 1/9/25 0.055 46,012 0.055 3,011 Total $ 0.220 $ 187,354 $ 0.220 $ 12,044 Year Ended December 31, 2023 2/28/23 3/16/23 4/4/23 $ 0.035 $ 30,342 $ 0.035 $ 1,916 5/2/23 6/15/23 7/6/23 0.035 30,256 0.035 1,916 8/8/23 9/15/23 10/4/23 0.035 30,405 0.035 1,916 11/2/23 12/14/23 1/9/24 0.035 30,358 0.035 1,916 Total $ 0.140 $ 121,361 $ 0.140 $ 7,664 During 2022, the Company declared aggregate dividends of $0.14 per share on Common Stock ($120 million) and $0.14 per share on Class B Common Stock ($8 million). Subsequent Event - On February 27, 2025, the Company announced a dividend of $0.055 per share to holders of Common Stock and Class B Common Stock of record on March 13, 2025, which will be distributed on or about April 3, 2025. Accumulated Other Comprehensive Income (Loss) Refer to Note 8 “Derivative Financial Instruments” for AOCI reclassifications associated with cash flow hedges. Other changes in AOCI, which primarily relate to the Company’s defined benefit pension plans, were not material.

Share-Based Compensation

Share-Based Compensation	12 Months Ended
	Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]
Share-Based Compensation	SHARE-BASED COMPENSATION The Company grants share-based compensation awards to participants under the 2016 Equity Incentive Plan (the “2016 Plan”) and the 2018 Omnibus Incentive Plan (the “2018 Plan”). Share-based compensation expense is recognized in the Consolidated Statements of Operations as follows: Years Ended December 31, ( in thousands ) 2024 2023 2022 Selling, general, and administrative expenses $ 48,745 $ 38,626 $ 52,945 Income (loss) from discontinued operations, net of tax (132) 12,511 13,621 Total share-based compensation expense $ 48,613 $ 51,137 $ 66,566 The following discussion of the Company’s share-based compensation awards includes awards related to continuing and discontinued operations, unless otherwise noted. 2016 Plan As of December 31, 2024, the Company is authorized to issue no more than approximately 5 million shares of Common Stock by the exercise or vesting of granted awards under the 2016 Plan. The Company does not expect to issue additional awards under the 2016 Plan. Unrecognized share-based compensation expense as of December 31, 2024 and share-based compensation expense for awards granted under the 2016 Plan were not material during the periods presented. Distributed Shares and Class B Unit Redemption In connection with the IPO, each holder of Class B awards (“Class B Units”), which were issued to certain participants by Ultimate Parent prior to the IPO, had their entire Class B interest in Ultimate Parent redeemed for the number of shares of the Company’s Common Stock (the “Distributed Shares”) that would have been distributed to such holder under the terms of Ultimate Parent’s operating agreement in a hypothetical liquidation on the date and price of the IPO (the “Class B Unit Redemption”). The Class B Unit Redemption resulted in a modification of the Class B Units, whereby each holder received both vested and unvested Distributed Shares in the same proportion as the holder’s vested and unvested Class B Units held immediately prior to the IPO. As a result of the Class B Unit Redemption, holders of Class B Units received a total of 20.6 million shares of the Company’s Common Stock, of which 50% were subject to the same vesting conditions under the Class B Unit Service Tranche (the “Distributed Shares Service Tranche”), which were subject to ratable service-based vesting over a five-year period, and 50% were subject to the same vesting conditions under the Class B Unit Performance Tranche (the “Distributed Shares Performance Tranche”), which were based on the achievement of certain investment return thresholds by Apollo. The Distributed Shares also have certain other restrictions pursuant to the terms and conditions of the Company’s Amended and Restated Management Investor Rights Agreement (the “MIRA”). The MIRA was last amended on August 1, 2024. The IPO triggered an acceleration of vesting of the unvested Distributed Shares Service Tranche causing them to become fully vested six months from the date of the IPO, which occurred in July 2018. The Company recorded share-based compensation expense on the Distributed Shares Performance Tranche on a straight-line basis over the derived service period of app roximately three years from the IPO date, as the vesting conditions were deemed probable following the consummation of the IPO. The following table summarizes activity related to the Distributed Shares Performance Tranche during 2024: Number of Distributed Shares Weighted-Average Grant Date Fair Value Unvested as of December 31, 2023 9,194,312 $ 13.05 Vested (1) (2,509,806) 13.08 Forfeited — — Unvested as of December 31, 2024 6,684,506 $ 10.44 ________________________ (1) During the second quarter of 2024, certain of the Distributed Shares were modified in a manner that resulted in such awards immediately vesting. 2018 Plan In January 2018, the Company approved the 2018 Plan, which became effective upon consummation of the IPO. During 2024, the Company amended the 2018 Plan to increase the number of authorized common shares to be issued under the 2018 Plan by 50 million shares. As of December 31, 2024, the 2018 Plan, as amended, authorizes the issuance of no more than approximately 138 million shares of Common Stock by the exercise or vesting of granted awards, which are generally stock options and restricted stock units (“RSUs”). The Company satisfies the exercise of options and the vesting of RSUs through the issuance of authorized but previously unissued shares of Common Stock. Awards issued under the 2018 Plan include retirement provisions that allow awards to continue to vest in accordance with the granted terms in its entirety or on a pro-rata basis when a participant reaches retirement eligibility, as long as 12 months of service have been provided since the date of grant. Accordingly, share-based compensation expense for service-based awards is recognized on a straight-line basis over the vesting period, or on an accelerated basis for retirement-eligible participants where applicable. The Company accounts for forfeitures as they occur. Additionally, RSUs entitle the holder to dividend equivalent units (“DEUs”), which are granted as additional RSUs and are subject to the same vesting and forfeiture conditions as the underlying RSUs. DEUs are charged against accumulated deficit when dividends are paid. Top-up Options In connection with the Class B Unit Redemption in 2018, the Company granted 12.7 million options to holders of Class B Units (the “Top-up Options”). The Top-up Options have an exercise price equal to the IPO price per share of the Company’s Common Stock, as adjusted in accordance with 2018 Plan provisions, and a contractual term of ten years from the grant date. Similar to the vesting conditions outlined above for the Distributed Shares, the Top-up Options contain a tranche subject to service-based vesting (the “Top-up Options Service Tranche”) and a tranche subject to vesting based upon the achievement of certain investment return thresholds by Apollo (the “Top-up Options Performance Tranche”). Recipients of the Top-up Options received both vested and unvested Top-up Options in the same proportion as the vested and unvested Class B Units held immediately prior to the IPO and Class B Unit Redemption. The Top-up Options vesting conditions are the same as those attributable to the Distributed Shares, including the condition that accelerated vesting of the unvested options in the Top-up Options Service Tranche causing them to become fully vested six months from the IPO. Any shares of the Company’s Common Stock acquired upon exercise of the Top-up Options will be subject to the terms of the MIRA. Share-based compensation expense associated with the Top-up Options Performance Tranche was recognized on a straight-line basis over the derived service period of approximately three years from the IPO date. The following table summarizes activity related to the Top-up Options: Service Tranche Performance Tranche Number of Top-up Options Weighted-Average Exercise Price Number of Top-up Options Weighted-Average Exercise Price Aggregate Intrinsic Value (1) (in thousands) Weighted-Average Remaining Contractual Term (Years) Outstanding as of December 31, 2023 5,955,254 $ 13.30 5,641,244 $ 13.30 Exercised — — — — Forfeited — — (16,643) 13.30 Outstanding as of December 31, 2024 5,955,254 $ 13.30 5,624,601 $ 13.30 — 3.0 Exercisable as of December 31, 2024 (b) 5,955,254 $ 13.30 1,586,252 $ 13.30 — 3.0 ________________________ (1) The intrinsic value represents the amount by which the fair value of the Company’s Common Stock exceeds the option exercise price as of December 31, 2024. (2) During the second quarter of 2024, certain of the Top-up Options in the performance tranche were modified in a manner that resulted in such awards immediately vesting and becoming exercisable. Options Options granted under the 2018 Plan are primarily service-based awards that vest over a three-year period from the date of grant, have an exercise price equal to the closing price per share of the Company’s Common Stock on the date of grant, as adjusted in accordance with 2018 Plan provisions, and have a contractual term of ten years from the date of grant. No options were granted under the 2018 Plan during 2023 or 2022. The Company used a binomial lattice model to determine the grant date fair value for options granted during 2024 and included the following assumptions: Expected exercise term (years) 7 Expected volatility (1) 49.9% Expected dividend yield (2) 3.4% Risk-free interest rate (3) 4.0% ________________________ (1) Estimated using historical and implied stock price volatility of the Company. (2) Calculated by taking the annual dividend run-rate and dividing by the stock price at date of grant. (3) Based on the U.S. Treasury yield curve. The weighted-average grant date fair value for the options granted during 2024 was $2.56. The following table summarizes activity related to 2018 Plan options during 2024: Number of Options Weighted-Average Exercise Price Aggregate Intrinsic Value (1) (in thousands) Weighted-Average Remaining Contractual Term (Years) Outstanding as of December 31, 2023 16,828,305 $ 6.70 Granted 6,831,794 6.51 Exercised (1,907,455) 5.37 Forfeited (502,934) 6.49 Outstanding as of December 31, 2024 21,249,710 $ 6.77 $ 18,048 5.9 Exercisable as of December 31, 2024 14,568,776 $ 7.83 $ 14,322 4.1 ________________________ (1) The intrinsic value represents the amount by which the fair value of the Company’s Common Stock exceeds the option exercise price as of December 31, 2024. Share-based compensation expense associated with options granted under the 2018 Plan was not material during the periods presented. In addition, the cash flow and the intrinsic value of options exercised were not material during the periods presented. As of December 31, 2024, unrecognized compensation cost related to options was not material. Restricted Stock Units RSUs granted under the 2018 Plan are primarily service-based awards with a three-year graded vesting period from the date of grant. The fair value is equal to the closing price per share of the Company’s Common Stock on the date of grant. The following table summarizes activity related to the 2018 Plan RSUs (including DEUs) during 2024: Number of RSUs Weighted-Average Grant Date Fair Value Unvested as of December 31, 2023 9,237,384 $ 7.66 Granted 5,155,150 6.65 Vested (4,792,066) 7.72 Forfeited (1,336,453) 6.96 Unvested as of December 31, 2024 8,264,015 $ 7.14 During 2024, 2023, and 2022, total share-based compensation expense associated with RSUs granted under the 2018 Plan was $25 million, $47 million, and $55 million, respectively, the majority of which relates to the Company’s continuing operations. The weighted-average grant date fair value of RSU’s granted during 2023 and 2022 was $7.56 and $7.85, respectively. During 2024, 2023, and 2022, the fair value of RSUs (including DEUs) that vested and converted to shares of Common Stock on their respective vesting dates was approximately $34 million, $56 million, and $59 million, respectively. As of December 31, 2024, unrecognized compensation cost related to RSUs granted under the 2018 Plan was $27 million, which will be recognized over a period of approximately 1.9 years. Other During the second quarter of 2024, the Company modified certain share-based compensation awards and recorded additional share-based compensation expense of $13 million in 2024 associated with these modifications.

Net Income (Loss) Per Share

Net Income (Loss) Per Share	12 Months Ended
	Dec. 31, 2024
Earnings Per Share [Abstract]
Net Income (Loss) Per Share	NET INCOME (LOSS) PER SHARE The Company applies the two-class method for computing and presenting net income (loss) per share for each class of common stock, which allocates current period net income (loss) to each class of common stock and participating securities based on dividends declared and participation rights in the remaining undistributed earnings or losses. Basic net income (loss) per share is computed by dividing the net income (loss) allocated to each class of common stock by the related weighted-average number of shares outstanding during the period. Diluted net income (loss) per share gives effect to all securities representing potential common shares that were dilutive and outstanding during the period for each class of common stock and excludes potentially dilutive securities whose effect would have been anti-dilutive. Common Stock Potential shares of Common Stock include (i) incremental shares related to the vesting or exercise of share-based compensation awards, warrants, and other options to purchase additional shares of the Company’s Common Stock calculated using the treasury stock method and (ii) incremental shares of Common Stock issuable upon the conversion of Class B Common Stock. Years Ended December 31, (in thousands, except per share amounts) 2024 2023 2022 Allocation of income (loss) from continuing operations - basic $ 581,980 $ 423,503 $ 293,331 Dilutive effect (1) 13,671 8,885 8,428 Allocation of income (loss) from continuing operations - diluted $ 595,651 $ 432,388 $ 301,759 Allocation of income (loss) from discontinued operations, net of tax - basic $ (111,197) $ 11,885 $ (168,676) Dilutive effect (1) — — — Allocation of income (loss) from discontinued operations, net of tax - diluted $ (111,197) $ 11,885 $ (168,676) Weighted-average shares outstanding - basic 846,521 856,843 848,465 Dilutive effect (1) 62,179 62,306 66,604 Weighted-average shares outstanding - diluted 908,700 919,149 915,069 Income (loss) from continuing operations per share - basic $ 0.69 $ 0.49 $ 0.35 Income (loss) from continuing operations per share - diluted $ 0.66 $ 0.47 $ 0.33 Income (loss) from discontinued operations, net of tax, per share - basic $ (0.13) $ 0.01 $ (0.20) Income (loss) from discontinued operations, net of tax, per share - diluted $ (0.12) $ 0.01 $ (0.18) ________________ (1) Includes conversion of Class B Common Stock. 20 million, 17 million, and 15 million potential shares of Common Stock were excluded during 2024, 2023, and 2022, respectively, from the diluted earnings per share calculations because their effects would have been anti-dilutive. The basic and diluted earnings per share computations for Common Stock exclude approximately 7 million, 9 million, and 9 million unvested shares during 2024, 2023, and 2022, respectively, as their vesting is contingent upon achievement of certain performance requirements which had not been met during the respective periods. Class B Common Stock Years Ended December 31, (in thousands, except per share amounts) 2024 2023 2022 Allocation of income (loss) from continuing operations - basic $ 37,410 $ 26,867 $ 18,834 Dilutive effect (1) (1,627) (1,221) (764) Allocation of income (loss) from continuing operations - diluted $ 35,783 $ 25,646 $ 18,070 Allocation of income (loss) from discontinued operations, net of tax - basic $ (7,140) $ 754 $ (10,826) Dilutive effect (1) — — — Allocation of income (loss) from discontinued operations, net of tax - diluted $ (7,140) $ 754 $ (10,826) Weighted-average shares outstanding - basic 54,745 54,745 54,745 Dilutive effect (1) — — — Weighted-average shares outstanding - diluted 54,745 54,745 54,745 Income (loss) from continuing operations per share - basic $ 0.69 $ 0.49 $ 0.35 Income (loss) from continuing operations per share - diluted $ 0.66 $ 0.47 $ 0.33 Income (loss) from discontinued operations, net of tax, per share - basic $ (0.13) $ 0.01 $ (0.20) Income (loss) from discontinued operations, net of tax, per share - diluted $ (0.12) $ 0.01 $ (0.18) ________________ (1) There were no potential shares of Class B Common Stock during the periods presented.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	COMMITMENTS AND CONTINGENCIES Contractual Obligations The Company’s contractual obligations for goods or services entered into in the ordinary course of business, including agreements that are enforceable and legally binding and have a remaining term in excess of one year, primarily consist of information technology services and equipment, including investments in the Company’s information technology infrastructure and telecommunication services, and direct materials. The following table provides the Company’s contractual obligations (excluding the Google agreements discussed separately below) as of December 31, 2024 (in thousands) : 2025 2026 2027 2028 2029 Thereafter Total $ 367,036 $ 111,562 $ 39,210 $ 31,515 $ 11,593 $ — $ 560,916 During the fourth quarter of 2023, the Company entered into an agreement with one of its vendors to purchase at least $190 million of security system equipment and components through March 2025. During 2024, the Company increased its commitment by approximately $180 million and extended the commitment period through December 2025. This commitment is also satisfied through purchases made by the Company’s dealer network. Included in the table above is approximately $172 million remaining under this commitment as of December 31, 2024. Google Commercial Agreement In July 2020, the Company and Google entered into a Master Supply, Distribution, and Marketing Agreement (as amended, the “Google Commercial Agreement”), pursuant to which Google has agreed to supply the Company with certain Google devices, as well as certain Google video and analytics services (“Google Devices and Services”), for sale to the Company’s customers. The Google Commercial Agreement also specifies that each party shall contribute $150 million towards joint marketing, customer acquisition, training of the Company’s employees, and product technology updates related to the Google Devices and Services. In August 2022, the Company and Google executed an amendment to the Google Commercial Agreement, pursuant to which Google has agreed to commit an additional $150 million to fund growth, data and insights, product innovation and technology advancements, customer acquisition, and marketing, as mutually agreed by the Company and Google, (together with the initial amounts, the “Google Success Funds”). During 2024 and 2023, $30 million and $40 million, respectively, of the Google Success Funds were reimbursed to the Company primarily for certain joint marketing and customer acquisition expenses incurred by the Company, substantially all of which was recorded as a reduction of advertising costs. Google Cloud Agreement Addendum In December 2023, the Company and Google entered into an addendum to the Company’s existing agreement with Google for using Google cloud services (the “Google Cloud Agreement Addendum”), pursuant to which Google has agreed to provide certain credits, discounts, and other incentives for use of the Google Cloud Platform to the Company, and the Company has committed to purchasing $200 million of Google Cloud Platform services over seven years (through December 2030), with an aggregate of $35 million in the first two years, an aggregate of $65 million in the next two years after that, and an aggregate of $100 million in the last three years of the commitment. The Company may elect to cancel the commitment in return for a cancellation fee of 30% of the total remaining commitment amount and loss of any discounts, remaining credits, or other incentives provided under the Google Cloud Agreement Addendum. As of December 31, 2024, the Company is on track to meet these commitments. Guarantees In the normal course of business, the Company is liable for contract completion and product performance. The Company’s guarantees primarily relate to standby letters of credit related to its insurance programs and totaled $74 million and $78 million as of December 31, 2024 and 2023, respectively. The Company does not believe such obligations will materially affect its financial position, results of operations, or cash flows. Subsequent event - In February 2025, $21 million of the Company’s guarantees were relinquished. Legal Proceedings The Company is subject to various claims and lawsuits in the ordinary course of business, which include among other things commercial general liability claims, automobile liability claims, contractual disputes, worker’s compensation claims, labor law and employment claims, claims related to alleged alarm system failures, claims that the Company infringed on the intellectual property of others, and consumer and employment class actions. The Company is also subject to regulatory and governmental examinations, information requests and subpoenas, inquiries, investigations, and threatened legal actions and proceedings. In connection with such formal and informal inquiries, the Company receives numerous requests, subpoenas, and orders for documents, testimony, and information in connection with various aspects of its activities. The Company records accruals for losses that are probable and reasonably estimable. These accruals are based on a variety of factors such as judgment, probability of loss, opinions of internal and external legal counsel, and actuarially determined estimates of claims incurred but not yet reported based upon historical claims experience. Legal costs in connection with claims and lawsuits in the ordinary course of business are expensed as incurred. Additionally, the Company records insurance recovery receivables from third-party insurers when recovery has been determined to be probable. The Company has not accrued for any contingent liabilities for which the likelihood of loss cannot be determined, is less than probable, or for which the range of potential loss cannot be reasonably estimated. As of December 31, 2024 and 2023, the Company’s accrual for ongoing claims and lawsuits within the scope of an insurance program totaled $94 million and $110 million, respectively, including amounts related to discontinued operations. The Company’s accrual related to ongoing claims and lawsuits not within the scope of an insurance program is not material.

Leases

Leases	12 Months Ended
	Dec. 31, 2024
Leases [Abstract]
Leases	LEASES Company as Lessee As part of normal operations, the Company leases real estate, vehicles, and equipment from various counterparties with lease terms and maturities through 2034, primarily through its main operating entity, ADT LLC. For these transactions, the Company applies the practical expedient to not separate the lease and non-lease components and accounts for the combined component as a lease. Additionally, the Company’s right-of-use assets and lease liabilities include leases with initial lease terms of 12 months or less. The Company’s right-of-use assets and lease liabilities primarily represent lease payments that are fixed at the commencement of a lease and variable lease payments that are dependent on an index or rate. Lease payments are recognized as lease cost on a straight-line basis over the lease term, which is determined as the non-cancelable period, including periods in which termination options are reasonably certain of not being exercised and periods in which renewal options are reasonably certain of being exercised. The discount rate is determined using the Company’s incremental borrowing rate coinciding with the lease term at the commencement of a lease. The incremental borrowing rate is estimated based on publicly available data for the Company’s debt instruments and other instruments with similar characteristics. Lease payments that are neither fixed nor dependent on an index or rate and vary because of changes in usage or other factors are included in variable lease costs. Variable lease costs are recorded in the period in which the obligation is incurred and primarily relate to fuel, repair, and maintenance payments as they vary based on the usage of leased vehicles and buildings. The Company’s leases do not contain material residual value guarantees or restrictive covenants. The Company’s subleases are not material. Right-of-Use Assets and Lease Liabilities (in thousands) December 31, Presentation and Classification: 2024 2023 Operating Current Prepaid expenses and other current assets $ 80 $ 68 Operating Non-current Other assets 80,768 85,649 Finance Non-current Property and equipment, net (1) 61,827 65,368 Total right-of-use assets $ 142,675 $ 151,085 Operating Current Accrued expenses and other current liabilities $ 18,811 $ 13,035 Finance Current Current maturities of long-term debt 25,593 25,741 Operating Non-current Other liabilities 77,884 80,189 Finance Non-current Long-term debt 43,849 43,727 Total lease liabilities $ 166,137 $ 162,692 _________________ (1) Finance right-of-use assets are recorded net of accumulated depreciation of approximately $66 million and $50 million as of December 31, 2024 and 2023, respectively. Lease Cost Years Ended December 31, ( in thousands ) 2024 2023 2022 Operating lease cost $ 27,615 $ 31,756 $ 33,574 Finance lease cost: Amortization of right-of-use assets 21,661 14,432 10,818 Interest on lease liabilities 4,528 2,466 1,689 Variable lease costs 35,017 36,273 42,899 Total lease cost $ 88,821 $ 84,927 $ 88,980 Cash Flow and Supplemental Information (1) Years Ended December 31, ( in thousands ) 2024 2023 2022 Cash paid for amounts included in the measurement of lease liabilities Operating leases: Operating cash flows $ 23,574 $ 42,883 $ 47,708 Finance Leases: Operating cash flows $ 4,686 $ 4,940 $ 3,680 Financing cash flows $ 29,023 $ 43,733 $ 44,978 Right-of-use assets obtained in exchange for lease obligations Operating leases $ 20,127 $ 41,338 $ 49,193 Finance leases $ 35,451 $ 79,273 $ 48,439 __________________ (1) Includes both continuing and discontinued operations consistent with the presentation on the Consolidated Statements of Cash Flows. Lease Term and Discount Rate December 31, 2024 2023 Weighted-average remaining lease term (years): Operating leases 5.4 5.9 Finance leases 2.7 3.2 Weighted-average discount rate: Operating leases 6.2 % 6.1 % Finance leases 6.1 % 5.9 % Maturity of Lease Liabilities December 31, 2024 ( in thousands ) Operating Leases Finance Leases 2025 $ 20,443 $ 33,369 2026 24,658 22,529 2027 20,975 16,195 2028 16,255 2,809 2029 11,276 1 Thereafter 23,422 — Total lease payments (including interest) $ 117,029 $ 74,903 Less interest 20,334 5,461 Total $ 96,695 $ 69,442 Company as Lessor The Company is a lessor in certain Company-owned transactions as the Company has identified a lease component associated with the right-of-use of the security system and a non-lease component associated with the monitoring and related services. For transactions in which (i) the timing and pattern of transfer is the same for the lease and non-lease components, and (ii) the lease component would be classified as an operating lease if accounted for separately, the Company applies the practical expedient to aggregate the lease and non-lease components and accounts for the combined transaction based upon its predominant characteristic, which is the non-lease component. The Company accounts for the combined component as a single performance obligation under the applicable revenue guidance, and recognizes the underlying assets within subscriber system assets, net, in the Consolidated Balance Sheets.
Leases	LEASES Company as Lessee As part of normal operations, the Company leases real estate, vehicles, and equipment from various counterparties with lease terms and maturities through 2034, primarily through its main operating entity, ADT LLC. For these transactions, the Company applies the practical expedient to not separate the lease and non-lease components and accounts for the combined component as a lease. Additionally, the Company’s right-of-use assets and lease liabilities include leases with initial lease terms of 12 months or less. The Company’s right-of-use assets and lease liabilities primarily represent lease payments that are fixed at the commencement of a lease and variable lease payments that are dependent on an index or rate. Lease payments are recognized as lease cost on a straight-line basis over the lease term, which is determined as the non-cancelable period, including periods in which termination options are reasonably certain of not being exercised and periods in which renewal options are reasonably certain of being exercised. The discount rate is determined using the Company’s incremental borrowing rate coinciding with the lease term at the commencement of a lease. The incremental borrowing rate is estimated based on publicly available data for the Company’s debt instruments and other instruments with similar characteristics. Lease payments that are neither fixed nor dependent on an index or rate and vary because of changes in usage or other factors are included in variable lease costs. Variable lease costs are recorded in the period in which the obligation is incurred and primarily relate to fuel, repair, and maintenance payments as they vary based on the usage of leased vehicles and buildings. The Company’s leases do not contain material residual value guarantees or restrictive covenants. The Company’s subleases are not material. Right-of-Use Assets and Lease Liabilities (in thousands) December 31, Presentation and Classification: 2024 2023 Operating Current Prepaid expenses and other current assets $ 80 $ 68 Operating Non-current Other assets 80,768 85,649 Finance Non-current Property and equipment, net (1) 61,827 65,368 Total right-of-use assets $ 142,675 $ 151,085 Operating Current Accrued expenses and other current liabilities $ 18,811 $ 13,035 Finance Current Current maturities of long-term debt 25,593 25,741 Operating Non-current Other liabilities 77,884 80,189 Finance Non-current Long-term debt 43,849 43,727 Total lease liabilities $ 166,137 $ 162,692 _________________ (1) Finance right-of-use assets are recorded net of accumulated depreciation of approximately $66 million and $50 million as of December 31, 2024 and 2023, respectively. Lease Cost Years Ended December 31, ( in thousands ) 2024 2023 2022 Operating lease cost $ 27,615 $ 31,756 $ 33,574 Finance lease cost: Amortization of right-of-use assets 21,661 14,432 10,818 Interest on lease liabilities 4,528 2,466 1,689 Variable lease costs 35,017 36,273 42,899 Total lease cost $ 88,821 $ 84,927 $ 88,980 Cash Flow and Supplemental Information (1) Years Ended December 31, ( in thousands ) 2024 2023 2022 Cash paid for amounts included in the measurement of lease liabilities Operating leases: Operating cash flows $ 23,574 $ 42,883 $ 47,708 Finance Leases: Operating cash flows $ 4,686 $ 4,940 $ 3,680 Financing cash flows $ 29,023 $ 43,733 $ 44,978 Right-of-use assets obtained in exchange for lease obligations Operating leases $ 20,127 $ 41,338 $ 49,193 Finance leases $ 35,451 $ 79,273 $ 48,439 __________________ (1) Includes both continuing and discontinued operations consistent with the presentation on the Consolidated Statements of Cash Flows. Lease Term and Discount Rate December 31, 2024 2023 Weighted-average remaining lease term (years): Operating leases 5.4 5.9 Finance leases 2.7 3.2 Weighted-average discount rate: Operating leases 6.2 % 6.1 % Finance leases 6.1 % 5.9 % Maturity of Lease Liabilities December 31, 2024 ( in thousands ) Operating Leases Finance Leases 2025 $ 20,443 $ 33,369 2026 24,658 22,529 2027 20,975 16,195 2028 16,255 2,809 2029 11,276 1 Thereafter 23,422 — Total lease payments (including interest) $ 117,029 $ 74,903 Less interest 20,334 5,461 Total $ 96,695 $ 69,442 Company as Lessor The Company is a lessor in certain Company-owned transactions as the Company has identified a lease component associated with the right-of-use of the security system and a non-lease component associated with the monitoring and related services. For transactions in which (i) the timing and pattern of transfer is the same for the lease and non-lease components, and (ii) the lease component would be classified as an operating lease if accounted for separately, the Company applies the practical expedient to aggregate the lease and non-lease components and accounts for the combined transaction based upon its predominant characteristic, which is the non-lease component. The Company accounts for the combined component as a single performance obligation under the applicable revenue guidance, and recognizes the underlying assets within subscriber system assets, net, in the Consolidated Balance Sheets.
Lessee	LEASES Company as Lessee As part of normal operations, the Company leases real estate, vehicles, and equipment from various counterparties with lease terms and maturities through 2034, primarily through its main operating entity, ADT LLC. For these transactions, the Company applies the practical expedient to not separate the lease and non-lease components and accounts for the combined component as a lease. Additionally, the Company’s right-of-use assets and lease liabilities include leases with initial lease terms of 12 months or less. The Company’s right-of-use assets and lease liabilities primarily represent lease payments that are fixed at the commencement of a lease and variable lease payments that are dependent on an index or rate. Lease payments are recognized as lease cost on a straight-line basis over the lease term, which is determined as the non-cancelable period, including periods in which termination options are reasonably certain of not being exercised and periods in which renewal options are reasonably certain of being exercised. The discount rate is determined using the Company’s incremental borrowing rate coinciding with the lease term at the commencement of a lease. The incremental borrowing rate is estimated based on publicly available data for the Company’s debt instruments and other instruments with similar characteristics. Lease payments that are neither fixed nor dependent on an index or rate and vary because of changes in usage or other factors are included in variable lease costs. Variable lease costs are recorded in the period in which the obligation is incurred and primarily relate to fuel, repair, and maintenance payments as they vary based on the usage of leased vehicles and buildings. The Company’s leases do not contain material residual value guarantees or restrictive covenants. The Company’s subleases are not material. Right-of-Use Assets and Lease Liabilities (in thousands) December 31, Presentation and Classification: 2024 2023 Operating Current Prepaid expenses and other current assets $ 80 $ 68 Operating Non-current Other assets 80,768 85,649 Finance Non-current Property and equipment, net (1) 61,827 65,368 Total right-of-use assets $ 142,675 $ 151,085 Operating Current Accrued expenses and other current liabilities $ 18,811 $ 13,035 Finance Current Current maturities of long-term debt 25,593 25,741 Operating Non-current Other liabilities 77,884 80,189 Finance Non-current Long-term debt 43,849 43,727 Total lease liabilities $ 166,137 $ 162,692 _________________ (1) Finance right-of-use assets are recorded net of accumulated depreciation of approximately $66 million and $50 million as of December 31, 2024 and 2023, respectively. Lease Cost Years Ended December 31, ( in thousands ) 2024 2023 2022 Operating lease cost $ 27,615 $ 31,756 $ 33,574 Finance lease cost: Amortization of right-of-use assets 21,661 14,432 10,818 Interest on lease liabilities 4,528 2,466 1,689 Variable lease costs 35,017 36,273 42,899 Total lease cost $ 88,821 $ 84,927 $ 88,980 Cash Flow and Supplemental Information (1) Years Ended December 31, ( in thousands ) 2024 2023 2022 Cash paid for amounts included in the measurement of lease liabilities Operating leases: Operating cash flows $ 23,574 $ 42,883 $ 47,708 Finance Leases: Operating cash flows $ 4,686 $ 4,940 $ 3,680 Financing cash flows $ 29,023 $ 43,733 $ 44,978 Right-of-use assets obtained in exchange for lease obligations Operating leases $ 20,127 $ 41,338 $ 49,193 Finance leases $ 35,451 $ 79,273 $ 48,439 __________________ (1) Includes both continuing and discontinued operations consistent with the presentation on the Consolidated Statements of Cash Flows. Lease Term and Discount Rate December 31, 2024 2023 Weighted-average remaining lease term (years): Operating leases 5.4 5.9 Finance leases 2.7 3.2 Weighted-average discount rate: Operating leases 6.2 % 6.1 % Finance leases 6.1 % 5.9 % Maturity of Lease Liabilities December 31, 2024 ( in thousands ) Operating Leases Finance Leases 2025 $ 20,443 $ 33,369 2026 24,658 22,529 2027 20,975 16,195 2028 16,255 2,809 2029 11,276 1 Thereafter 23,422 — Total lease payments (including interest) $ 117,029 $ 74,903 Less interest 20,334 5,461 Total $ 96,695 $ 69,442 Company as Lessor The Company is a lessor in certain Company-owned transactions as the Company has identified a lease component associated with the right-of-use of the security system and a non-lease component associated with the monitoring and related services. For transactions in which (i) the timing and pattern of transfer is the same for the lease and non-lease components, and (ii) the lease component would be classified as an operating lease if accounted for separately, the Company applies the practical expedient to aggregate the lease and non-lease components and accounts for the combined transaction based upon its predominant characteristic, which is the non-lease component. The Company accounts for the combined component as a single performance obligation under the applicable revenue guidance, and recognizes the underlying assets within subscriber system assets, net, in the Consolidated Balance Sheets.

Retirement Plans

Retirement Plans	12 Months Ended
	Dec. 31, 2024
Retirement Benefits [Abstract]
Retirement Plans	RETIREMENT PLANS Defined Contribution Plans The Company maintains qualified defined contribution plans, which include 401(k) matching programs. Expense for the defined contribution plans is computed as a percentage of participants’ compensation and was $29 million, $30 million, and $31 million during 2024, 2023, and 2022, respectively. Multi-employer Plans The Company participates in certain multi-employer union pension plans, which provide benefits for a group of the Company’s unionized employees. These multi-employer plans, including the Company’s required contributions and any underfunded liabilities under such plans, are not material to the Company’s consolidated financial statements. Defined Benefit Plans Prior to termination during 2024, the Company provided a defined benefit pension plan and certain other postretirement benefits to certain employees, which were frozen and were not material to the Company’s consolidated financial statements. During 2023, the Company took actions to terminate the defined benefit pension plan. The termination was effective December 31, 2023, and the wind down of the plan and distribution of assets occurred in the fourth quarter of 2024 through a combination of lump sum cash distributions to certain plan participants and the purchase of non-participating annuity contracts for the remainder of the plan participants, all of which resulted in the full settlement of the Company’s defined benefit pension plan obligations as of December 31, 2024. Cash contributions of approximately $8 million were made to fully fund the plan and effectuate the settlement. Charges primarily resulting from the write-off of amounts previously recorded in AOCI as well as other expenses associated with the settlement of the Company’s defined benefit pension plan were not material. As of December 31 2023, the fair value of pension plan assets was $51 million and the fair value of projected benefit obligations was $59 million. As a result, the plan was underfunded by approximately $8 million as of December 31, 2023 and was recorded as a net liability. Net periodic benefit cost associated with these plans was not material during the periods presented. Deferred Compensation Plan The Company maintains a non-qualified supplemental savings and retirement plan, which permits eligible employees to defer a portion of their compensation. Deferred compensation liabilities are reflected in other liabilities and were $34 million and $31 million as of December 31, 2024 and 2023, respectively. Deferred compensation expense was not material during the periods presented.

Related Party Transactions

Related Party Transactions	12 Months Ended
	Dec. 31, 2024
Related Party Transactions [Abstract]
Related Party Transactions	RELATED PARTY TRANSACTIONS The Company’s related party transactions primarily relate to products and services received from, or monitoring and related services provided to, other entities affiliated with Apollo, as well as, from time to time, certain transactions between the Company and Apollo and State Farm. Other than as described below, there were no significant related party transactions during the periods presented. Apollo Offerings and Share Repurchases On March 6, 2024, the Company and certain entities managed by affiliates of Apollo Global Management, Inc. (the “Selling Stockholders”) entered into an underwriting agreement (the “March 2024 Underwriting Agreement”) with Morgan Stanley & Co. LLC and Barclays Capital Inc., as representatives of the underwriters named therein, including Apollo Global Securities, LLC, an affiliate of Apollo (collectively, the “March 2024 Underwriters”), in connection with the offer and sale by the Selling Stockholders (the “March 2024 Offering”) of 65 million shares of the Company’s Common Stock, and, at the option of the March 2024 Underwriters, up to an additional 9.75 million shares of Common Stock (the “March 2024 Underwriters’ Option”). • As part of the March 2024 Offering, the Company purchased 15 million shares of Common Stock under its 2024 Share Repurchase Plan from the March 2024 Underwriters (the “March 2024 Share Repurchase”). The Company paid approximately $93 million (or approximately $6.22 per share) for the March 2024 Share Repurchase, which was the same per share price paid by the March 2024 Underwriters to the Selling Stockholders. • The March 2024 Offering and the March 2024 Share Repurchase closed on March 11, 2024. On March 15, 2024, the March 2024 Underwriters exercised the March 2024 Underwriters’ Option in full, which subsequently closed on March 19, 2024. The Company did not pay any underwriting fees in connection with the March 2024 Share Repurchase, including on behalf of the Selling Stockholders or otherwise. On October 28, 2024, the Company and the Selling Stockholders entered into an underwriting agreement (the “October 2024 Underwriting Agreement”) with Barclays Capital Inc., Citigroup Global Markets Inc., and BTIG, LLC, as representatives of the underwriters named therein, (collectively, the “October 2024 Underwriters”), in connection with the offer and sale by the Selling Stockholders (the “October 2024 Offering”) of 56 million shares of the Company’s Common Stock, and, at the option of the October Underwriters, up to an additional 8.4 million shares of Common Stock (the “October 2024 Underwriters’ Option”). • As part of the October 2024 Offering, the Company purchased 16 million shares of Common Stock under its 2024 Share Repurchase Plan from the October 2024 Underwriters (the “October 2024 Share Repurchase”). The Company paid approximately $115 million (or approximately $7.20 per share) for the October 2024 Share Repurchase, which was the same per share price paid by the October 2024 Underwriters to the Selling Stockholders. • The October 2024 Offering and the October 2024 Share Repurchase closed on October 30, 2024. On November 6, 2024, the October 2024 Underwriters exercised the October 2024 Underwriters’ Option in full, which subsequently closed on November 8, 2024. The Company did not pay any underwriting fees in connection with the October 2024 Share Repurchase, including on behalf of the Selling Stockholders or otherwise. All the shares in the Offerings were sold by the Selling Stockholders. The Company did not receive any of the proceeds from the sale of shares by the Selling Stockholders in the Offerings. The March 2024 and October 2024 repurchases (collectively, “Repurchases”) are reflected as a reduction to additional paid-in-capital and as a financing cash outflow. Other During 2023, the Company incurred fees to Apollo of $1 million related to Apollo’s performance of placement agent services related to the initial funding of the Term Loan A Facility. State Farm As discussed in Note 10 “Equity,” State Farm is a related party as it owns more than 10% of the Company’s issued and outstanding Common Stock. As of December 31, 2024 and 2023, the balance in the portion of the Opportunity Fund held by the Company was $85 million and $94 million, respectively. State Farm customers can receive ADT home security products and professional monitoring at a reduced cost. In connection with this arrangement, the Company receives a subsidy from State Farm through the Opportunity Fund. During 2024 and 2023, payments from the Opportunity Fund were $14 million and $11 million, respectively, related to marketing, the subsidy discussed above, and taxes. Interest earned on the Opportunity fund was not material. Canopy Prior to the Canopy Termination during 2023, Canopy was considered a related party under GAAP as the Company accounted for its investment under the equity method of accounting. Except for as described in Note 5 “Equity Method Investments,” there were no other significant transactions with Canopy during the periods presented. Sunlight Financial LLC In connection with the Company’s former Solar Business, the Company used Sunlight Financial LLC (“Sunlight”), an entity affiliated with Apollo, to access certain loan products. As of December 2023, Sunlight was no longer affiliated with Apollo, and as a result, is no longer a related party. During 2023 and 2022, total loans funded by Sunlight were approximately $78 million and $436 million, respectively, and the Company incurred $13 million and $54 million, respectively, of financing fees. Rackspace During October 2020, the Company entered into a master services agreement with Rackspace US, Inc. (“Rackspace”), an entity affiliated with Apollo, for the provision of cloud storage, equipment, and services to facilitate the implementation of the Company’s cloud migration strategy for certain applications. The master services agreement included a minimum purchase commitment of $50 million over a seven-year term, which the Company satisfied during 2023 through spend with Rackspace as well as other parties. The Company incurred fees to Rackspace of $4 million, $15 million, and $14 million during 2024, 2023, and 2022, respectively. Other Transactions During 2024 and 2023, the Company incurred fees for telephone and technology services of approximately $4 million and $6 million, respectively, with an entity affiliated with Apollo that became a related party during 2023.

Condensed Financial Information

Condensed Financial Information of Registrant	12 Months Ended
	Dec. 31, 2024
Condensed Financial Information Disclosure [Abstract]
Condensed Financial Information of Registrant	CONDENSED FINANCIAL INFORMATION OF REGISTRANT ADT INC. (PARENT COMPANY ONLY) CONDENSED BALANCE SHEETS (in thousands) December 31, 2024 2023 Assets Current assets: Cash and cash equivalents $ 1,861 $ 1,118 Total current assets 1,861 1,118 Investment in subsidiaries and other assets 4,861,838 4,463,543 Total assets $ 4,863,699 $ 4,464,661 Liabilities and stockholders' equity Current liabilities: Dividends payable and other current liabilities $ 155,472 $ 33,047 Total current liabilities 155,472 33,047 Debt due to subsidiaries 554,954 545,557 Other liabilities 352,472 97,411 Total liabilities 1,062,898 676,015 Total stockholders' equity 3,800,801 3,788,646 Total liabilities and stockholders' equity $ 4,863,699 $ 4,464,661 The accompanying notes are an integral part of these condensed financial statements ADT INC. (PARENT COMPANY ONLY) CONDENSED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (in thousands, except per share data) Years Ended December 31, 2024 2023 2022 Selling, general, and administrative expenses $ 988 $ 520 $ 2,583 Merger, restructuring, integration, and other (5) (1,993) (6,011) Operating income (loss) (983) 1,473 3,428 Interest expense, net (9,135) (8,984) (8,086) Other income (expense) — — (63,394) Equity in net income (loss) of subsidiaries 511,171 470,520 200,715 Net income (loss) 501,053 463,009 132,663 Other comprehensive income (loss), net of tax 9,126 31,038 21,773 Comprehensive income (loss) $ 510,179 $ 494,047 $ 154,436 Net income (loss) per share - basic: Common stock $ 0.56 $ 0.51 $ 0.15 Class B common stock $ 0.56 $ 0.51 $ 0.15 Weighted-average shares outstanding - basic: Common stock 846,521 856,843 848,465 Class B common stock 54,745 54,745 54,745 Net income (loss) per share - diluted: Common stock $ 0.52 $ 0.48 $ 0.14 Class B common stock $ 0.52 $ 0.48 $ 0.14 Weighted-average shares outstanding - diluted: Common stock 908,700 919,149 915,069 Class B common stock 54,745 54,745 54,745 The accompanying notes are an integral part of these condensed financial statements ADT INC. (PARENT COMPANY ONLY) CONDENSED STATEMENTS OF CASH FLOWS (in thousands) Years Ended December 31, 2024 2023 2022 Cash flows from operating activities: Net income (loss) $ 501,053 $ 463,009 $ 132,663 Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Equity in net (income) loss of subsidiaries (511,171) (470,520) (200,715) Change in fair value of other financial instruments — — 63,396 Other, net 22,815 28,757 49,470 Net cash provided by (used in) operating activities 12,697 21,246 44,814 Cash flows from investing activities: Contributions to subsidiaries — — — Distributions from subsidiaries 170,620 108,783 118,200 Net cash provided by (used in) investing activities 170,620 108,783 118,200 Cash flows from financing activities: Proceeds from issuance of common stock, net of expenses — — 1,180,000 Dividends on common stock (182,266) (128,587) (127,125) Repurchases of common stock — — (1,200,000) Other financing, net (308) (14,963) (3,197) Net cash provided by (used in) financing activities (182,574) (143,550) (150,322) Cash and cash equivalents and restricted cash and restricted cash equivalents: Net increase (decrease) during the period 743 (13,521) 12,692 Beginning balance 1,118 14,639 1,947 Ending balance $ 1,861 $ 1,118 $ 14,639 Supplementary cash flow information: Issuance of shares for acquisition of business $ — $ — $ 55,485 The accompanying notes are an integral part of these condensed financial statements Notes to Condensed Financial Statements (Parent Company Only) 1. Basis of Presentation The condensed financial statements of ADT Inc. have been prepared in accordance with Rule 12-04, Schedule I of Regulation S-X, as the restricted net assets of the subsidiaries of ADT Inc. (as defined in Rule 4-08(e)(3) of Regulation S-X) exceed 25% of the consolidated net assets of the Company. The ability of ADT Inc.’s operating subsidiaries to pay dividends may be restricted due to the terms of the subsidiaries’ First Lien Credit Agreement and the indentures governing other borrowings. The condensed financial statements of ADT Inc. have been prepared using the same accounting principles and policies described in the other notes to the consolidated financial statements with the only exception being that the parent company accounts for its subsidiaries using the equity method of accounting. These condensed financial statements should be read in conjunction with the Company’s consolidated financial statements and related notes thereto. 2. Transactions with Subsidiaries The majority of ADT Inc.’s transactions with its subsidiaries are related to (i) the receipt of distributions from subsidiaries in order to fund equity transactions, such as the payment of dividends and the repurchase of Common Stock; (ii) the contribution to subsidiaries of proceeds received from equity transactions; or (iii) the integration of business acquisitions into the Company’s organizational structure. During 2024 and 2023, ADT Inc. made non-cash contributions to subsidiaries of approximately $49 million and $51 million, respectively, primarily related to the transfer of net assets of certain subsidiaries for share-based compensation (including amounts related to discontinued operations). As of December 31, 2024, current liabilities includes $104 million related to the December 2024 agreement with a non-affiliate to repurchase shares, in which the transaction closed in January 2025, and other liabilities includes intercompany liabilities with subsidiaries of $240 million related to share repurchases under the 2024 Share Repurchase Plan. Subsequent event - In January 2025, ADT Inc. received distributions from subsidiaries of $47 million to pay dividends that the Company declared in October 2024 to common shareholders.

Selected Quarterly Financial Da

Selected Quarterly Financial Data (Unaudited)	12 Months Ended
	Dec. 31, 2024
Condensed Financial Information Disclosure [Abstract]
Selected Quarterly Financial Data (Unaudited)	SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED) The Company is disclosing the following summarized quarterly financial information for 2024 and 2023 due to the Solar and Commercial Businesses being reported as discontinued operations as a result of the ADT Solar Exit and Commercial Divestiture, respectively. Refer to Note 4 “Divestitures” for additional information. (in thousands, except per share data) March 31, 2024 June 30, 2024 September 30, 2024 December 31, 2024 Revenue $ 1,189,672 $ 1,204,559 $ 1,243,836 $ 1,260,379 Operating income (loss) $ 292,149 $ 284,175 $ 326,350 $ 305,390 Income (loss) from continuing operations $ 163,891 $ 126,185 $ 132,020 $ 197,294 Income (loss) from discontinued operations, net of tax $ (72,340) $ (33,791) $ (4,869) $ (7,337) Net income (loss) $ 91,551 $ 92,394 $ 127,151 $ 189,957 Common Stock Basic: Weighted average shares outstanding 855,893 848,273 850,462 831,575 Income (loss) from continuing operations per share $ 0.18 $ 0.14 $ 0.15 $ 0.22 Income (loss) from discontinued operations, net of tax, per share $ (0.08) $ (0.04) $ (0.01) $ (0.01) Net income (loss) $ 0.10 $ 0.10 $ 0.14 $ 0.21 Diluted: Weighted average shares outstanding 918,394 909,128 912,861 895,035 Income (loss) from continuing operations per share $ 0.17 $ 0.13 $ 0.14 $ 0.21 Income (loss) from discontinued operations, net of tax, per share $ (0.07) $ (0.03) $ (0.01) $ (0.01) Net income (loss) $ 0.09 $ 0.10 $ 0.13 $ 0.20 Class B Common Stock Basic: Weighted average shares outstanding 54,745 54,745 54,745 54,745 Income (loss) from continuing operations per share $ 0.18 $ 0.14 $ 0.15 $ 0.22 Income (loss) from discontinued operations, net of tax, per share $ (0.08) $ (0.04) $ (0.01) $ (0.01) Net income (loss) $ 0.10 $ 0.10 $ 0.14 $ 0.21 Diluted: Weighted average shares outstanding 54,745 54,745 54,745 54,745 Income (loss) from continuing operations per share $ 0.17 $ 0.13 $ 0.14 $ 0.21 Income (loss) from discontinued operations, net of tax, per share $ (0.07) $ (0.03) $ (0.01) $ (0.01) Net income (loss) $ 0.09 $ 0.10 $ 0.13 $ 0.20 (in thousands, except per share data) March 31, 2023 June 30, 2023 September 30, 2023 December 31, 2023 Revenue $ 1,132,476 $ 1,168,077 $ 1,179,873 $ 1,172,398 Operating income (loss) $ 232,960 $ 332,098 $ 306,563 $ 307,340 Income (loss) from continuing operations $ 39,563 $ 180,438 $ 123,259 $ 107,110 Income (loss) from discontinued operations, net of tax $ (158,400) $ (88,227) $ (209,496) $ 468,762 Net income (loss) $ (118,837) $ 92,211 $ (86,237) $ 575,872 Common Stock Basic: Weighted average shares outstanding 854,299 857,581 857,423 858,094 Income (loss) from continuing operations per share $ 0.04 $ 0.20 $ 0.13 $ 0.12 Income (loss) from discontinued operations, net of tax, per share $ (0.17) $ (0.10) $ (0.23) $ 0.51 Net income (loss) $ (0.13) $ 0.10 $ (0.09) $ 0.63 Diluted: Weighted average shares outstanding 921,606 916,859 917,774 919,397 Income (loss) from continuing operations per share $ 0.04 $ 0.19 $ 0.13 $ 0.11 Income (loss) from discontinued operations, net of tax, per share $ (0.16) $ (0.09) $ (0.21) $ 0.48 Net income (loss) $ (0.12) $ 0.09 $ (0.09) $ 0.59 Class B Common Stock Basic: Weighted average shares outstanding 54,745 54,745 54,745 54,745 Income (loss) from continuing operations per share $ 0.04 $ 0.20 $ 0.13 $ 0.12 Income (loss) from discontinued operations, net of tax, per share $ (0.17) $ (0.10) $ (0.23) $ 0.51 Net income (loss) $ (0.13) $ 0.10 $ (0.09) $ 0.63 Diluted: Weighted average shares outstanding 54,745 54,745 54,745 54,745 Income (loss) from continuing operations per share $ 0.04 $ 0.19 $ 0.13 $ 0.11 Income (loss) from discontinued operations, net of tax, per share $ (0.16) $ (0.09) $ (0.21) $ 0.48 Net income (loss) $ (0.12) $ 0.09 $ (0.09) $ 0.59

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2024	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Pay vs Performance Disclosure
Net income (loss)	$ 189,957	$ 127,151	$ 92,394	$ 91,551	$ 575,872	$ (86,237)	$ 92,211	$ (118,837)	$ 501,053	$ 463,009	$ 132,663

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Dec. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Insider Trading Policies and Pr

Insider Trading Policies and Procedures	12 Months Ended
	Dec. 31, 2024
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Cybersecurity Risk Management a

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
	Dec. 31, 2024
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	We identify, assess, and manage cybersecurity risk as part of our company-wide enterprise risk management program. Our Chief Information Security Officer (“CISO”), Tim Rains, has more than 30 years of experience as an IT professional, with over 20 of those years spent in cybersecurity roles. Mr. Rains has held senior cybersecurity advisor roles at both Amazon Web Services and Microsoft. Mr. Rains has experience across multiple cybersecurity disciplines including vulnerability management, incident response, crisis communications, threat intelligence, cybersecurity architecture and operations, governance, risk, and compliance. Mr. Rains is designated as a Certified Information Systems Security Professional and is responsible for developing and implementing plans and strategies to mitigate cybersecurity risks. Our CISO also leads our cybersecurity risk assessment, which includes security posture scoring, vulnerability assessments, process maturity, and tooling coverage. We log cybersecurity risks into our cybersecurity risk register and track such risks for treatment. Management then discusses these cybersecurity risks for resolution planning and escalation. We leverage recognized cybersecurity frameworks to drive strategic direction and maturity improvement and engage third-party security experts as needed for risk assessments, risk mitigation actions, vulnerability identification, and program enhancements, as appropriate. As part of this process, we use the following tools and procedures: • utilizing “SecurityScorecard” (a third-party information security company that rates cybersecurity postures of corporate entities for the purposes of third-party management and information technology risk management), which provides an independent external enterprise view of our security posture with a focus on public-facing systems; • assessing, regularly developing, and executing on our preventative and detective controls, which we seek to align with current standards and best practices, including the incorporation of recommendations published by the National Institute of Standards and Technology in its cybersecurity framework, such as an annual audit of these internal controls; • performing attack and breach simulations; and • working with our cybersecurity vendors to adopt tooling and processes to provide high levels of protection.
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	We view cybersecurity as the prevention and timely detection and correction of any unauthorized occurrence or series of related unauthorized occurrences that are on or conducted through our information systems and that jeopardizes the confidentiality, integrity, or availability of our systems or any information residing therein. We believe that the safety, security, and privacy of our customers and employees are fundamental to the services we provide. Our cybersecurity policies guide us as we strive to continuously enhance methods, best practices, and technologies to better monitor and protect customer data and inform and enable customers to make choices about their data privacy. We carefully consider data privacy when developing our own products and when incorporating products provided by our business partners.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	Our Board of Directors, through its Audit Committee, has primary responsibility for overseeing cybersecurity risk management and receives updates on the status of our cybersecurity program from our CISO. These updates are provided at least once per year, and often multiple times per year, in a special Audit Committee session and includes reports on our security posture and SecurityScorecard assessment (rating and benchmarking), incident response, and vulnerability management. The Audit Committee reviews and discusses with management our cybersecurity threats, vulnerabilities, defenses, and planned responses, including updates to our cybersecurity incident response plan (“IRP”), which has been approved by the Audit Committee. Additionally, the Audit Committee receives and discusses reports from management with the purpose of identifying threats and vulnerabilities, and it monitors the effectiveness and progress of the actions and initiatives undertaken to mitigate such threats.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	Our Board of Directors, through its Audit Committee, has primary responsibility for overseeing cybersecurity risk management and receives updates on the status of our cybersecurity program from our CISO.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	Our Board of Directors, through its Audit Committee, has primary responsibility for overseeing cybersecurity risk management and receives updates on the status of our cybersecurity program from our CISO. These updates are provided at least once per year, and often multiple times per year, in a special Audit Committee session and includes reports on our security posture and SecurityScorecard assessment (rating and benchmarking), incident response, and vulnerability management. The Audit Committee reviews and discusses with management our cybersecurity threats, vulnerabilities, defenses, and planned responses, including updates to our cybersecurity incident response plan (“IRP”), which has been approved by the Audit Committee. Additionally, the Audit Committee receives and discusses reports from management with the purpose of identifying threats and vulnerabilities, and it monitors the effectiveness and progress of the actions and initiatives undertaken to mitigate such threats.
Cybersecurity Risk Role of Management [Text Block]	Our Board of Directors, through its Audit Committee, has primary responsibility for overseeing cybersecurity risk management and receives updates on the status of our cybersecurity program from our CISO. These updates are provided at least once per year, and often multiple times per year, in a special Audit Committee session and includes reports on our security posture and SecurityScorecard assessment (rating and benchmarking), incident response, and vulnerability management. The Audit Committee reviews and discusses with management our cybersecurity threats, vulnerabilities, defenses, and planned responses, including updates to our cybersecurity incident response plan (“IRP”), which has been approved by the Audit Committee. Additionally, the Audit Committee receives and discusses reports from management with the purpose of identifying threats and vulnerabilities, and it monitors the effectiveness and progress of the actions and initiatives undertaken to mitigate such threats. Our cybersecurity program team is led by our CISO (who ultimately reports to the Chief Operating Officer). The cybersecurity leadership team (“CSLT”), which is chaired by our Chief Operating Officer and includes our Chief Financial Officer, Chief Legal Officer, Chief Information Officer, CISO, and Chief Privacy Officer, among others, collaborates with enterprise risk professionals and is supported by an established Information Security (“InfoSec”) function responsible for certain aspects of maintaining and monitoring our cybersecurity infrastructure. In addition, our Chief Privacy Officer, who reports to our Chief Legal Officer, manages processes and protections around our sensitive data and facilitates compliance with applicable data protection laws, rules, and regulations. Our Chief Privacy Officer has over 20 years of experience overseeing corporate data privacy and intellectual property policies and procedures. To maintain high levels of awareness and aptitude, all of our employees are required to complete annual trainings regarding current security risks and our InfoSec and privacy policies. Additional education and training are also required for specific groups based on their roles and access within the organization.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	Members of the CSLT primarily, the Chief Operating Officer and CISO, will be responsible for updating the Chief Executive Officer, Audit Committee, and the lead independent director of our Board of Directors.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	Our Chief Information Security Officer (“CISO”), Tim Rains, has more than 30 years of experience as an IT professional, with over 20 of those years spent in cybersecurity roles. Mr. Rains has held senior cybersecurity advisor roles at both Amazon Web Services and Microsoft. Mr. Rains has experience across multiple cybersecurity disciplines including vulnerability management, incident response, crisis communications, threat intelligence, cybersecurity architecture and operations, governance, risk, and compliance. Mr. Rains is designated as a Certified Information Systems Security Professional and is responsible for developing and implementing plans and strategies to mitigate cybersecurity risks.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	Members of the CSLT primarily, the Chief Operating Officer and CISO, will be responsible for updating the Chief Executive Officer, Audit Committee, and the lead independent director of our Board of Directors. Members of the CSIRT and CSLT, along with the Chief Executive Officer, Audit Committee, and the lead independent director of our Board of Directors regularly participate in cybersecurity incident tabletop exercises and event simulations.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

Description of Business and S_2

Description of Business and Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2024
Accounting Policies [Abstract]
Basis of Presentation and Significant Accounting Policies	Basis of Presentation The consolidated financial statements have been prepared in U.S. dollars in accordance with generally accepted accounting principles in the United States of America (“GAAP”). The financial statements included herein comprise the consolidated results of ADT Inc. and its wholly-owned subsidiaries. The results of companies acquired are included from the effective date of each acquisition; and all intercompany transactions have been eliminated. The Company used the equity method of accounting to account for an investment in which it had the ability to exercise significant influence but does not control. This investment was disposed of during 2023. Certain prior period amounts have been reclassified to conform with the current period presentation. Significant Accounting Policies
Use of Estimates	Use of Estimates The preparation of the consolidated financial statements in accordance with GAAP requires the Company to select accounting policies and make estimates that affect amounts reported in the consolidated financial statements and the accompanying notes. The Company’s estimates are based on the relevant information available at the end of each period. Actual results could differ materially from these estimates under different assumptions or market conditions.
Segments	Segments The Company evaluates and reports information based on the manner in which our Chief Executive Officer (“CEO”), who is the chief operating decision maker (“CODM”), evaluates performance and allocates resources. The CODM manages the business on a consolidated basis, and as such, the Company reports results in a single operating and reportable segment which reflects the business operations of the Company’s former Consumer and Small Business (“CSB”) segment.
Discontinued Operations	Discontinued Operations The Company’s exit in 2024 from its residential solar business (the “Solar Business”) (the “ADT Solar Exit”) and the sale in 2023 of its former commercial business (the “Commercial Business”) represented strategic shifts that had major effects on the Company’s operations and financial results. Accordingly, the results of operations and financial position of the Solar and Commercial Businesses are classified as discontinued operations in the Company’s Consolidated Statements of Operations and the Company’s Consolidated Balance Sheet for all periods presented. The cash flows and comprehensive income (loss) of discontinued operations have not been segregated and are included in the Consolidated Statements of Cash Flows and Consolidated Statements of Comprehensive Income (Loss), respectively, for all periods presented. Unless otherwise noted, amounts and disclosures throughout these Notes to Consolidated Financial Statements relate to the Company’s continuing operations.
Accounting Standards Updates (“ASU”)	Accounting Standards Updates (“ASU”) Recently Adopted Reportable Segment Disclosures - ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures , improves reportable segment disclosure requirements primarily through enhanced disclosures about significant segment expenses. In addition, the guidance, among other requirements, enhances interim disclosures, clarifies circumstances in which an entity can disclose multiple segment measures of profit or loss, and provides new segment disclosure requirements for entities with a single reportable segment. The Company adopted this guidance effective January 1, 2024, and it was applied retrospectively to all periods presented. Refer to Note 3 “Segment Information.” Supplier Finance Program Obligations - ASU 2022-04, Liabilities — Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier Finance Program Obligations, requires that a reporting entity who is a buyer in a supplier finance program disclose qualitative and quantitative information about its supplier finance programs, including a roll-forward of the obligations. The Company adopted this guidance effective January 1, 2023, except the roll-forward requirement, which was adopted effective January 1, 2024. The Company does not currently have any material supplier finance programs, and the guidance will be applied prospectively to any future material arrangements. Fair Value of Equity Securities - ASU 2022-03, Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions, states that an entity should not consider the contractual sale restriction when measuring the equity security’s fair value and introduces new disclosure requirements related to such equity securities. The Company adopted this guidance effective January 1, 2024. This guidance did not impact the Company. Recently Issued Disaggregation of Income Statement Expenses - ASU 2024-03, Income Statement — Reporting Comprehensive Income — Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses , requires additional disclosure in the footnotes at each interim and annual reporting period about specific types of expenses included in the expense captions presented on the face of the statement of operations as well as additional disclosures that also include information related to selling expenses. The guidance is effective for annual periods beginning after December 15, 2026, and interim periods beginning after December 15, 2027. The requirements will be applied prospectively with the option for retrospective application. Early adoption is permitted. The Company is currently evaluating the impact of this guidance on its financial statements and disclosures. Improvements to Income Tax Disclosures - ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures , focuses on improvements to income tax disclosures, primarily related to the rate reconciliation and income taxes paid information. In addition, the update includes certain other amendments to improve the effectiveness of income tax disclosures. The guidance is effective for annual periods beginning after December 15, 2024, and should be applied prospectively, with retrospective application also permitted. Early adoption is permitted. The Company is currently evaluating the impact of this guidance on its financial statements and disclosures. Disclosure Improvements - ASU 2023-06, Disclosure Improvements: Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative, represents changes to clarify or improve disclosure and presentation requirements of a variety of topics. The effective date for each amendment will be the date on which the SEC’s removal of that related disclosure from Regulation S-X or Regulation S-K becomes effective, with early adoption prohibited. The Company is currently evaluating the potential impact of this guidance on its financial statements and disclosures.
Cash and Cash Equivalents and Restricted Cash and Restricted Cash Equivalents	Cash and Cash Equivalents and Restricted Cash and Restricted Cash Equivalents All highly liquid investments with original maturities of three months or less from the time of purchase are considered to be cash equivalents. Restricted cash and restricted cash equivalents are restricted for a specific purpose and cannot be included in the general cash and cash equivalents account.
Inventories, net	Inventories, net Inventories, net includes finished goods and work-in-progress. Finished goods are primarily comprised of components and parts for the Company’s security systems. The Company records inventory at the lower of cost and net realizable value. Finished goods are presented net of an obsolescence reserve.
Work-in-Progress	Work-in-progress is primarily comprised of certain costs incurred for installations of security system equipment sold outright to customers that have not been completed as of the balance sheet date. Work-in-progress is not material.
Property and Equipment, net	Property and Equipment, net Property and equipment, net, is recorded at historical cost less accumulated depreciation, which is calculated using the straight-line method over the estimated useful lives of the related assets. Depreciation expense is reflected in depreciation and intangible asset amortization. Repairs and maintenance expenditures are expensed when incurred. Useful Lives: Buildings and related improvements Up to 40 years Leasehold improvements Lesser of remaining term of the lease or economic useful life Capitalized software 3 to 10 years Machinery, equipment, and other Up to 10 years
Subscriber System Assets, net and Deferred Subscriber Acquisition Costs, net	Subscriber System Assets, net and Deferred Subscriber Acquisition Costs, net Subscriber system assets represent capitalized equipment and installation costs incurred in connection with transactions in which the Company retains ownership of the security system and are reflected in the Consolidated Balance Sheets as follows: December 31, (in thousands) 2024 2023 Gross carrying amount $ 6,878,490 $ 6,404,479 Accumulated depreciation (3,897,329) (3,398,543) Subscriber system assets, net $ 2,981,161 $ 3,005,936 Deferred subscriber acquisition costs represent selling expenses (primarily commissions) that are incremental to acquiring customers. The Company records subscriber system assets and deferred subscriber acquisition costs in the Consolidated Balance Sheets as these assets represent probable future economic benefits for the Company through the generation of future monitoring and related services revenue. Upon customer termination, the Company may retrieve its subscriber system assets. Subscriber system assets and any related deferred subscriber acquisition costs are accounted for on a pooled basis based on the month and year of customer acquisition and are depreciated and amortized using an accelerated method over the estimated life of the customer relationship, which is 15 years. In order to align the depreciation and amortization of these pooled costs to the pattern in which their economic benefits are consumed, the accelerated method utilizes an average declining balance rate of approximately 250% and converts to straight-line methodology when the resulting charge is greater than that from the accelerated method, resulting in an average charge of approximately 55% of the pool within the first five years, 25% within the second five years, and 20% within the final five years. Depreciation of subscriber system assets and amortization of deferred subscriber acquisition costs are reflected in depreciation and intangible asset amortization and selling, general, and administrative expenses, respectively, as follows: Years Ended December 31, (in thousands) 2024 2023 2022 Depreciation of subscriber system assets $ 557,226 $ 545,041 $ 531,013 Amortization of deferred subscriber acquisition costs $ 224,647 $ 188,222 $ 154,186
Long-Lived Assets (excluding Goodwill and Indefinite-Lived Intangible Assets)	Long-Lived Assets (excluding Goodwill and Indefinite-Lived Intangible Assets) The Company reviews long-lived assets for impairment whenever events or changes in business circumstances indicate that the carrying amount of an asset or asset group may not be fully recoverable. The Company groups assets at the lowest level for which cash flows are separately identifiable. Recoverability is measured by a comparison of the carrying amount of the asset group to its expected future undiscounted cash flows. If the expected future undiscounted cash flows of the asset group are less than its carrying amount, an impairment loss is recognized based on the amount by which the carrying amount exceeds the fair value less costs to sell. The calculation of the fair value less costs to sell of an asset group is based on assumptions concerning the amount and timing of estimated future cash flows and assumed discount rates, reflecting varying degrees of perceived risk.
Advertising Costs	Advertising Costs Advertising costs are recognized in selling, general, and administrative expenses when incurred and were $105 million, $131 million, and $146 million during 2024, 2023, and 2022, respectively. Included in advertising costs during 2024 and 2023 are certain joint marketing costs and reimbursements associated with the Google Success Funds as discussed in Note 13 “Commitments and Contingencies.”
Merger, Restructuring, Integration, and Other	Merger, Restructuring, Integration, and Other Merger, restructuring, integration, and other represents certain direct and incremental costs resulting from acquisitions made by the Company, integration and third-party costs as a result of those acquisitions, costs related to the Company’s restructuring efforts, as well as fair value remeasurements and impairment charges on certain strategic investments.
Concentration of Credit Risks	Concentration of Credit Risks The majority of the Company’s cash and cash equivalents and restricted cash and restricted cash equivalents are held at major financial institutions. There is a concentration of credit risk related to certain account balances in excess of the Federal Deposit Insurance Corporation insurance limit of $250,000 per account. The Company regularly monitors the financial stability of these financial institutions and believes there is no exposure to any significant credit risk for its cash and cash equivalents and restricted cash and restricted cash equivalents. Concentration of credit risk associated with the majority of the Company’s receivables from customers is limited due to the significant size of the customer base.
Fair Value of Financial Instruments	Fair Value of Financial Instruments The Company’s financial instruments primarily consist of cash and cash equivalents, restricted cash and restricted cash equivalents, accounts receivable, retail installment contract receivables (“RICs”), accounts payable, debt, and derivative financial instruments. Due to their short-term and/or liquid nature, the fair values of cash, restricted cash, accounts receivable, and accounts payable approximate their respective carrying amounts. Cash Equivalents - Included in cash and cash equivalents and restricted cash and restricted cash equivalents, as applicable from time to time, are investments in money market mutual funds. These investments are generally classified as Level 1 fair value measurements, which represent unadjusted quoted prices in active markets for identical assets or liabilities. Investments in money market mutual funds were $90 million and $55 million as of December 31, 2024 and December 31, 2023, respectively. Retail Installment Contract Receivables, net - The fair values of the Company’s RICs are determined using a discounted cash flow model and are classified as Level 3 fair value measurements.
Long-Term Debt Instruments	Long-Term Debt Instruments - The fair values of the Company’s debt instruments are determined using broker-quoted market prices, which represent quoted prices for similar assets or liabilities as well as other observable market data, and are classified as Level 2 fair value measurements. The carrying amounts of debt outstanding, if any, under the Company’s first lien revolving credit facility (the “First Lien Revolving Credit Facility”) and the 2020 Receivables Facility approximate their fair values, as interest rates on these borrowings approximate current market rates. Loss on extinguishment of debt includes the payment of call and redemption premiums, the write-off of unamortized deferred financing costs and discounts, and certain other expenses associated with extinguishment of debt. During the periods presented, significant activity related to loss on extinguishment of debt was as follows:
Derivative Financial Instruments	Derivative Financial Instruments - Derivative financial instruments are reported at fair value as either assets or liabilities. These fair values are primarily calculated using discounted cash flow models utilizing observable inputs, such as quoted forward interest rates, and incorporate credit risk adjustments to reflect the risk of default by the counterparty or the Company. The resulting fair values are classified as Level 2 fair value measurements. Refer to Note 8 “Derivative Financial Instruments” for the fair values of the Company’s derivative financial instruments. The Company's derivative financial instruments primarily consist of SOFR-based interest rate swap contracts, which were entered into with the objective of managing exposure to variability in interest rates on the Company's debt and interest rate swaps. All interest rate swap contracts are reported in the Consolidated Balance Sheets at fair value. For interest rate swap contracts that are: • Not designated as cash flow hedges: Unrealized gains and losses are recognized in interest expense, net, and other income (expense) depending on the nature of the underlying that the swaps are economically hedging. • Designated as cash flow hedges: Unrealized gains and losses are recognized as a component of accumulated other comprehensive income (loss) (“AOCI”) and are reclassified into interest expense, net, in the same period in which the related interest on debt affects earnings. For interest rate swap contracts that have been de-designated as cash flow hedges and for which forecasted cash flows are: • Probable or reasonably possible of occurring: Unrealized gains and losses previously recognized as a component of AOCI are reclassified into interest expense, net, in the same period in which the related interest on variable-rate debt affects earnings through the original maturity date of the related interest rate swap contracts. • Probable of not occurring: Unrealized gains and losses previously recognized as a component of AOCI are immediately reclassified into interest expense, net. The cash flows associated with interest rate swap contracts that contain an other-than-insignificant financing element at inception are reflected as cash flows from financing activities. The cash flows associated with interest rate swap contracts that were entered into with the intention of offsetting the economic overhedged position of a portion of our existing interest rate swaps are reflected as cash flows from investing activities.
Revenue	Revenue The Company generates revenue through contractual monthly recurring fees received for monitoring and related services, as well as the sale and installation of security systems. Revenue is recognized in the Consolidated Statements of Operations net of sales and other taxes. Amounts collected from customers for sales and other taxes are reported as a liability net of the related amounts remitted. When customers terminate a monitoring contract early, contract termination charges are assessed in accordance with the contract terms and are recognized in monitoring and related services revenue when collectability is probable. The Company allocates the transaction price to each performance obligation based on the relative standalone selling price, which is determined using observable internal and external pricing, profitability, and operational metrics. The Company’s performance obligations generally include monitoring, related services (such as maintenance agreements), as well as the sale and installation of a security system in outright sales transactions or a material right in transactions in which the Company retains ownership of the security system. Customer-Owned - In transactions involving security systems sold outright to the customer (referred to as outright sales ), the Company’s performance obligations generally include the sale and installation of the system, which is primarily recognized at a point in time based upon the nature of the transaction and contractual terms, and any monitoring and related services, which are recognized when these services are provided to the customer. Company-Owned - In transactions in which the Company provides monitoring and related services but retains ownership of the security system (referred to as Company-owned ), the Company’s performance obligations primarily include (i) monitoring and related services, which are recognized when these services are provided to the customer, and (ii) a material right associated with the one-time non-refundable fees incurred in connection with the initiation of a monitoring contract which the customer will not be required to pay again upon a renewal of the contract (referred to as deferred subscriber acquisition revenue). Deferred subscriber acquisition revenue is amortized on a pooled basis over the estimated life of the customer relationship using an accelerated method consistent with the treatment of subscriber system assets and deferred subscriber acquisition costs and is reflected in security installation, product, and other revenue. Deferred Revenue Deferred revenue represents customer billings for services not yet rendered and is primarily related to recurring monitoring and related services. In addition, payments received for the sale and installation of a system after the agreement is signed but before performance obligations are satisfied are recorded as deferred revenue.
Account Receivable	Accounts Receivable Accounts receivable represent unconditional rights to consideration from customers in the ordinary course of business and are generally due in one year or less. The Company’s accounts receivable are recorded at amortized cost less an allowance for credit losses not expected to be recovered. The allowance for credit losses is recognized at inception and reassessed each reporting period. The Company evaluates its allowance for credit losses on accounts receivable in pools based on customer type. The allowance for credit losses primarily relates to residential customers. For each customer pool, the allowance for credit losses is estimated based on the delinquency status of the underlying receivables and the related historical loss experience, as adjusted for current and expected future conditions, if applicable.
Retail Installment Contract Receivables, Net	Retail Installment Contract Receivables, Net The Company’s RICs allow qualifying residential customers to pay the fees due at installation over a 12-, 24-, 36-, or 60-month interest-free period. The financing component of retail installment contract receivables is not significant. Upon origination of a retail installment contract, the Company utilizes external credit scores to assess customer credit quality and determine eligibility. Subsequent to origination, the Company monitors the delinquency status of retail installment contract receivables as the key credit quality indicator. Delinquent billed RICs are not material. The Company’s RICs are recorded at amortized cost less an allowance for credit losses not expected to be recovered. The allowance for credit losses is recognized at inception and reassessed each reporting period. The allowance for credit losses relates to retail installment contract receivables from outright sales transactions and is not material.
Contract Assets	Contract Assets Contract assets represent the Company’s right to consideration in exchange for goods or services transferred to the customer. The contract asset is reclassified to accounts receivable as additional services are performed and billed, which is when the Company’s right to the consideration becomes unconditional. This balance is primarily comprised of satisfied performance obligations related to the sale and installation of a system under an outright sale transaction. The Company has the right to bill customers as services are provided over time, which generally occurs over the course of a 24-, 36-, or 60-month period. There is no significant financing component. The Company records an allowance for credit losses against its contract assets for amounts not expected to be recovered. The allowance is recognized at inception and is reassessed each reporting period. The allowance for credit losses on contract assets was not material for the periods presented.
Contract and Related Customer Relationships	Contracts and Related Customer Relationships Contracts and related customer relationships comprise contracts with customers purchased under the ADT Authorized Dealer Program (as defined below) or from other third parties as well as customer relationships that originated from business acquisitions. Additionally, the Company maintains a network of agreements with third-party independent alarm dealers who sell alarm equipment and ADT Authorized Dealer-branded monitoring and interactive services to residential end users (the “ADT Authorized Dealer Program”). The dealers in this program generate new end-user contracts with customers which the Company has the right, but not the obligation, to purchase from the dealer. Purchases of contracts with customers under the ADT Authorized Dealer Program, or from other third parties, are considered asset acquisitions and are recognized based on the cost to acquire the assets, which may include cash consideration, non-cash consideration, contingent consideration, and directly-attributable transaction costs. The Company may charge back the purchase price of any end-user contract if the contract is canceled during the charge-back period, which is generally thirteen months from the date of purchase. The Company records the amount of the charge back as a reduction to the purchase price.
Goodwill and Indefinite-Lived Intangible Assets Impairment	Goodwill and Indefinite-Lived Intangible Assets Impairment Goodwill and indefinite-lived intangible assets are not amortized and are tested for impairment at least annually as of the first day of the fourth quarter of each year and more often if an event occurs or circumstances change which indicate it is more-likely-than-not that the fair value of a reporting unit is less than its carrying amount. The Company may perform the impairment test for its reporting unit or indefinite-lived intangible asset through a qualitative assessment or elect to proceed directly to a quantitative impairment test, however, the Company may resume a qualitative assessment in any subsequent period if facts and circumstances permit. Goodwill Under a qualitative approach, the Company assesses whether it is more-likely-than-not that a reporting unit’s fair value is less than its carrying amount. If the Company elects to bypass the qualitative assessment for any reporting unit, or if a qualitative assessment indicates it is more-likely-than-not that the estimated fair value of a reporting unit is less than its carrying amount, the Company proceeds to a quantitative approach. Under a quantitative approach, the Company estimates the fair value of a reporting unit and compares it to its carrying amount. If the carrying amount of a reporting unit exceeds its fair value, an impairment loss is recognized in an amount equal to that excess. The Company estimates the fair values of its reporting units using the income approach, which discounts projected cash flows using market participant assumptions. The income approach includes significant assumptions including, but not limited to, forecasted revenue, operating profit margins, Adjusted EBITDA margins, operating expenses, cash flows, perpetual growth rates, and discount rates. The estimated fair value of a reporting unit calculated using the income approach is sensitive to changes in the underlying assumptions. In developing these assumptions, the Company relies on various factors including operating results, business plans, economic projections, anticipated future cash flows, and other market data. Examples of events or circumstances that could reasonably be expected to negatively affect the underlying judgments and factors and ultimately impact the estimated fair value determinations may include such items as a prolonged downturn in the business environment, changes in economic conditions that significantly differ from the Company’s assumptions in timing or degree, volatility in equity and debt markets resulting in higher discount rates, and unexpected regulatory changes. As a result, there are inherent uncertainties related to these judgments and factors that may ultimately impact the estimated fair value determinations.
Indefinite-Lived Intangible Assets and Definite-Lived Intangible Asset Impairment	Indefinite-Lived Intangible Assets Under a qualitative approach, the impairment test for an indefinite-lived intangible asset consists of an assessment of whether it is more-likely-than-not that an asset’s fair value is less than its carrying amount. If the Company elects to bypass the qualitative assessment for any indefinite-lived intangible asset, or if a qualitative assessment indicates it is more-likely-than-not that the estimated carrying amount of such asset exceeds its fair value, the Company proceeds to a quantitative approach. Under a quantitative approach, the Company estimates the fair value of an asset and compares it to its carrying amount. If the carrying amount exceeds fair value, an impairment loss is recognized in an amount equal to that excess. The estimated fair value of an indefinite-lived intangible asset is determined using a valuation approach that is based on the nature of the underlying asset. The Company’s only indefinite-lived intangible asset is the ADT trade name. The fair value of the ADT trade name is determined under a relief from royalty method, which is an income approach that estimates the cost savings that accrue to the Company that it would otherwise have to pay in the form of royalties or license fees on revenue earned through the use of the asset. The utilization of the relief from royalty method requires the Company to make significant assumptions including revenue growth rates, the implied royalty rate, and the discount rate.
Income Taxes	The Company accounts for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the temporary differences between the recognition of revenue and expenses for income tax and financial reporting purposes and between the tax basis of assets and liabilities and their reported amounts in the consolidated financial statements. The Company records the effect of a tax rate or law change on the Company’s deferred tax assets and liabilities in the period of enactment. The valuation allowance for deferred tax assets relates to the uncertainty of the utilization of certain U.S. federal and state deferred tax assets. In evaluating the Company’s ability to recover its deferred tax assets, the Company considers all available positive and negative evidence, which includes its past operating results, the existence of cumulative losses in the most recent years, and its forecast of future taxable income. In estimating future taxable income, the Company develops assumptions related to the amount of future pre-tax operating income, the reversal of temporary differences, and the implementation of feasible and prudent tax planning strategies. These assumptions require significant judgment about the forecasts of future taxable income and are consistent with the plans and estimates the Company is using to manage its underlying businesses. The Company believes that it is more-likely-than-not that it will generate sufficient future taxable income to realize its deferred tax assets, net of valuation allowance.
Unrecognized Tax Benefits	Unrecognized Tax Benefits The Company recognizes positions taken or expected to be taken in a tax return in the consolidated financial statements when it is more-likely-than-not (i.e., a likelihood of more than 50%) that the position would be sustained upon examination by tax authorities. A recognized tax position is then measured at the largest amount of benefit with greater than 50% likelihood of being realized upon ultimate settlement. The Company records liabilities for positions that have been taken but do not meet the more-likely-than-not recognition threshold. The Company adjusts the liabilities for unrecognized tax benefits in light of changing facts and circumstances; however, due to the complexity of some of these uncertainties, the ultimate resolution may result in a change to the estimated liabilities. The Company includes interest and penalties associated with unrecognized tax benefits as income tax expense and as a component of the recorded balance of unrecognized tax benefits, which is reflected in other liabilities, or net of related tax loss carryforwards in the Consolidated Balance Sheets. Interest and penalties associated with unrecognized tax benefits were not material to the Company's consolidated financial statements for the periods presented.
Dividends	Dividends Stockholders are entitled to receive dividends when, as, and if declared by the Company’s Board of Directors out of funds legally available for that purpose.
Net Income (Loss) Per Share	The Company applies the two-class method for computing and presenting net income (loss) per share for each class of common stock, which allocates current period net income (loss) to each class of common stock and participating securities based on dividends declared and participation rights in the remaining undistributed earnings or losses. Basic net income (loss) per share is computed by dividing the net income (loss) allocated to each class of common stock by the related weighted-average number of shares outstanding during the period. Diluted net income (loss) per share gives effect to all securities representing potential common shares that were dilutive and outstanding during the period for each class of common stock and excludes potentially dilutive securities whose effect would have been anti-dilutive.
Company as Lessee	Company as Lessee As part of normal operations, the Company leases real estate, vehicles, and equipment from various counterparties with lease terms and maturities through 2034, primarily through its main operating entity, ADT LLC. For these transactions, the Company applies the practical expedient to not separate the lease and non-lease components and accounts for the combined component as a lease. Additionally, the Company’s right-of-use assets and lease liabilities include leases with initial lease terms of 12 months or less. The Company’s right-of-use assets and lease liabilities primarily represent lease payments that are fixed at the commencement of a lease and variable lease payments that are dependent on an index or rate. Lease payments are recognized as lease cost on a straight-line basis over the lease term, which is determined as the non-cancelable period, including periods in which termination options are reasonably certain of not being exercised and periods in which renewal options are reasonably certain of being exercised. The discount rate is determined using the Company’s incremental borrowing rate coinciding with the lease term at the commencement of a lease. The incremental borrowing rate is estimated based on publicly available data for the Company’s debt instruments and other instruments with similar characteristics. Lease payments that are neither fixed nor dependent on an index or rate and vary because of changes in usage or other factors are included in variable lease costs. Variable lease costs are recorded in the period in which the obligation is incurred and primarily relate to fuel, repair, and maintenance payments as they vary based on the usage of leased vehicles and buildings. The Company’s leases do not contain material residual value guarantees or restrictive covenants. The Company’s subleases are not material.
Company as Lessor	Company as Lessor The Company is a lessor in certain Company-owned transactions as the Company has identified a lease component associated with the right-of-use of the security system and a non-lease component associated with the monitoring and related services. For transactions in which (i) the timing and pattern of transfer is the same for the lease and non-lease components, and (ii) the lease component would be classified as an operating lease if accounted for separately, the Company applies the practical expedient to aggregate the lease and non-lease components and accounts for the combined transaction based upon its predominant characteristic, which is the non-lease component. The Company accounts for the combined component as a single performance obligation under the applicable revenue guidance, and recognizes the underlying assets within subscriber system assets, net, in the Consolidated Balance Sheets.

Description of Business and S_3

Description of Business and Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2024
Accounting Policies [Abstract]
Schedule of Cash and Cash Equivalents	The following table reconciles the amounts below reported in the Consolidated Balance Sheets to the total of the same such amounts shown in the Consolidated Statements of Cash Flows: Years Ended December 31, (in thousands) 2024 2023 2022 Cash and cash equivalents $ 96,212 $ 14,621 $ 257,223 Restricted cash and restricted cash equivalents 107,853 115,329 116,357 Ending balance $ 204,065 $ 129,950 $ 373,580
Schedule of Restricted Cash and Cash Equivalents	The following table reconciles the amounts below reported in the Consolidated Balance Sheets to the total of the same such amounts shown in the Consolidated Statements of Cash Flows: Years Ended December 31, (in thousands) 2024 2023 2022 Cash and cash equivalents $ 96,212 $ 14,621 $ 257,223 Restricted cash and restricted cash equivalents 107,853 115,329 116,357 Ending balance $ 204,065 $ 129,950 $ 373,580
Supplementary Cash Flow Information	The following table summarizes supplementary cash flow information and material non-cash investing and financing transactions, excluding leases (refer to Note 14 “Leases”): Years Ended December 31, (in thousands) 2024 2023 2022 Interest paid, net of interest income received (1) $ 372,036 $ 522,775 $ 470,947 Payments (refunds) on income taxes, net $ 21,700 $ 60,296 $ 22,654 Issuance of shares for acquisition of businesses (2) $ — $ — $ 55,485 Contingent forward purchase contract (3) $ — $ — $ 41,938 Forward share repurchase contract (4) $ 104,175 $ — $ — ___________________ (1) Includes finance leases and interest rate swaps. Refer to Note 8 “Derivative Financial Instruments.” (2) Includes $40 million related to the Delayed Shares (as defined and discussed in Note 10 “Equity”) as a result of the ADT Solar Acquisition. (3) The Company recorded a reduction to additional paid in capital as a result of the contingent forward purchase contract in connection with the Tender Offer (as defined and discussed in Note 10 “Equity”). (4) In December 2024, the Company entered into an agreement with a non-affiliate individual to repurchase 15 million shares of Common Stock at a price per share of $6.95 to be settled in January 2025 (refer to Note 10 “Equity”). The Company recorded a liability and a reduction to additional paid-in capital as of December 31, 2024. Cash Flow and Supplemental Information (1) Years Ended December 31, ( in thousands ) 2024 2023 2022 Cash paid for amounts included in the measurement of lease liabilities Operating leases: Operating cash flows $ 23,574 $ 42,883 $ 47,708 Finance Leases: Operating cash flows $ 4,686 $ 4,940 $ 3,680 Financing cash flows $ 29,023 $ 43,733 $ 44,978 Right-of-use assets obtained in exchange for lease obligations Operating leases $ 20,127 $ 41,338 $ 49,193 Finance leases $ 35,451 $ 79,273 $ 48,439 __________________ (1) Includes both continuing and discontinued operations consistent with the presentation on the Consolidated Statements of Cash Flows.
Schedule of Prepaid Expenses and Other Current Assets	December 31, (in thousands) 2024 2023 Prepaid expenses $ 53,036 $ 47,674 Contract assets (see Note 2 “Revenue and Receivables”) 19,164 15,365 Fair value of interest rate swaps (see Note 8 “Derivative Financial Instruments”) 56,164 74,974 Other current assets 82,249 104,179 Prepaid expenses and other current assets $ 210,613 $ 242,192
Schedule of Property, Plant and Equipment and Depreciation Expense	Property and equipment, net, is recorded at historical cost less accumulated depreciation, which is calculated using the straight-line method over the estimated useful lives of the related assets. Depreciation expense is reflected in depreciation and intangible asset amortization. Repairs and maintenance expenditures are expensed when incurred. Useful Lives: Buildings and related improvements Up to 40 years Leasehold improvements Lesser of remaining term of the lease or economic useful life Capitalized software 3 to 10 years Machinery, equipment, and other Up to 10 years Net Carrying Amount: December 31, (in thousands) 2024 2023 Land $ 9,773 $ 10,313 Buildings and leasehold improvements 97,263 95,003 Capitalized software 574,644 518,850 Machinery, equipment, and other 162,631 158,086 Construction in progress 22,106 30,121 Finance leases 127,956 114,997 Accumulated depreciation (747,190) (673,712) Property and equipment, net $ 247,183 $ 253,658 Depreciation Expense: Years Ended December 31, (in thousands) 2024 2023 2022 Depreciation expense $ 174,850 $ 176,407 $ 159,339
Schedule of Subscriber System Assets, Net	Subscriber system assets represent capitalized equipment and installation costs incurred in connection with transactions in which the Company retains ownership of the security system and are reflected in the Consolidated Balance Sheets as follows: December 31, (in thousands) 2024 2023 Gross carrying amount $ 6,878,490 $ 6,404,479 Accumulated depreciation (3,897,329) (3,398,543) Subscriber system assets, net $ 2,981,161 $ 3,005,936
Schedule of Subscriber System Depreciation and Amortization Cost	Depreciation of subscriber system assets and amortization of deferred subscriber acquisition costs are reflected in depreciation and intangible asset amortization and selling, general, and administrative expenses, respectively, as follows: Years Ended December 31, (in thousands) 2024 2023 2022 Depreciation of subscriber system assets $ 557,226 $ 545,041 $ 531,013 Amortization of deferred subscriber acquisition costs $ 224,647 $ 188,222 $ 154,186
Schedule of Accrued Liabilities	December 31, (in thousands) 2024 2023 Accrued interest $ 107,116 $ 111,197 Payroll-related accruals 109,078 110,941 Opportunity Fund (see Note 10 “Equity”) 84,516 93,950 Accrued dividends 48,918 32,207 Forward share repurchase contract liability (see Note 10 “Equity”) 104,175 — Other accrued liabilities 181,101 207,819 Accrued expenses and other current liabilities $ 634,904 $ 556,114
Schedule of Carrying Amount and Fair Value of Retail Installment Contract Receivables	December 31, 2024 2023 (in thousands) Carrying Fair Carrying Fair Retail installment contract receivables, net $ 669,326 $ 495,259 $ 673,635 $ 487,685
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments and Securities	December 31, 2024 2023 (in thousands) Carrying Fair Carrying Fair Long-term debt instruments subject to fair value disclosures (1) $ 7,637,631 $ 7,589,677 $ 7,756,049 $ 7,731,408 ________________ (1) Excludes finance leases and certain vehicle loans reported as discontinued operations.

Revenue and Receivables (Tables

Revenue and Receivables (Tables)	12 Months Ended
	Dec. 31, 2024
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	Years Ended December 31, ( in thousands ) 2024 2023 2022 Sources of Revenue: Recurring monthly revenue $ 4,177,428 $ 4,069,921 $ 3,942,567 Other related services 116,049 109,077 110,481 Monitoring and related services 4,293,477 4,178,998 4,053,048 Amortization of deferred subscriber acquisition revenue 346,209 301,708 235,190 Installation revenue 258,760 172,118 93,666 Security installation, product, and other 604,969 473,826 328,856 Total revenue $ 4,898,446 $ 4,652,824 $ 4,381,904
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction	As of December 31, 2024, the remaining unsatisfied performance obligation relating to the provision of monitoring and related services is as follows (in thousands) : 2025 2026 2027 2028 Thereafter Total $ 1,799,674 $ 999,973 $ 463,811 $ 144,877 $ 68,873 $ 3,477,208
Allowance for Credit Loss Rollforward	Changes in the Allowance for Credit Losses Years Ended December 31, (in thousands) 2024 2023 2022 Beginning balance $ 46,850 $ 27,815 $ 22,030 Provision for credit losses 158,346 130,407 83,047 Write-offs, net of recoveries (1) (147,401) (111,372) (77,262) Ending balance $ 57,795 $ 46,850 $ 27,815 ________________ (1) Recoveries were not material for the periods presented. As such, write-offs are presented net of recoveries.
Schedule of Unbilled Retail Installment Contract Receivables, Net	December 31, (in thousands) 2024 2023 Retail installment contract receivables, gross $ 678,174 $ 674,827 Allowance for credit losses (8,848) (1,192) Retail installment contract receivables, net $ 669,326 $ 673,635 Balance Sheet Classification: Accounts receivable, net $ 260,224 $ 238,961 Other assets 409,102 434,674 Retail installment contract receivables, net $ 669,326 $ 673,635
Summary of Contracts Assets	December 31, (in thousands) 2024 2023 Contract assets, gross $ 46,031 $ 39,627 Allowance for credit losses (5,221) (9,025) Contract assets, net $ 40,810 $ 30,602 Balance Sheet Classification: Prepaid expenses and other current assets $ 19,164 $ 15,365 Other assets 21,646 15,237 Contract assets, net $ 40,810 $ 30,602

Segment Information (Tables)

Segment Information (Tables)	12 Months Ended
	Dec. 31, 2024
Segment Reporting [Abstract]
Reconciliation of Revenue from Segments to Consolidated	The following presents a reconciliation to the Company’s net income (loss) as reported in the Consolidated Statements of Operations and includes segment revenues, significant segment expenses that are regularly provided to or easily computed from information regularly provided to the CODM, other segment expenses, and adjustments to reconcile to net income (loss). Years Ended December 31, (in thousands) 2024 2023 2022 Total segment revenue $ 4,898,446 $ 4,652,824 $ 4,381,904 Less significant segment expenses: Customer service costs (1) 409,680 387,314 393,425 Maintenance costs (1) 207,706 217,054 203,239 Security installation, product, and other costs 229,728 147,314 102,118 Selling costs, including commissions (2) 185,417 196,204 190,182 Amortization of deferred subscriber acquisition costs (2) 224,647 188,222 154,186 Advertising costs (2) 105,366 131,133 145,904 Provision for credit losses (2) 187,361 131,962 81,727 Other general and administrative costs (2) 708,979 664,182 696,662 Share-based compensation (2) 48,745 38,626 52,945 Depreciation and intangible asset amortization 1,342,798 1,335,484 1,599,810 Interest expense 450,939 586,088 277,144 Income tax expense (benefit) 195,780 160,585 87,692 Total significant segment expenses 4,297,146 4,184,168 3,985,034 Less other segment items (3) Other items in SG&A (2) 15,831 (2,591) 26,675 Other, net (33,921) 20,877 58,030 Total other segment items (18,090) 18,286 84,705 Reconciliation of profit or loss: (Income) loss from discontinued operations, net of tax (4) 118,337 (12,639) 179,502 Net income (loss) $ 501,053 $ 463,009 $ 132,663 ________________ (1) Included in monitoring and related services cost of revenue. (2) Included in SG&A. (3) Other segment items generally include other income and expenses and merger, restructuring, integration, and other charges as presented on the face of the Statements of Operations; as well as certain other items included in SG&A and interest income. Interest income is not material for all periods presented. (4) Represents activity related to the Commercial and Solar Businesses, which are presented as discontinued operations.

Divestitures (Tables)

Divestitures (Tables)	12 Months Ended
	Dec. 31, 2024
Discontinued Operations and Disposal Groups [Abstract]
Disposal Groups, Including Discontinued Operations	The following reconciliations represent the major classes of line items of the Solar Business presented within discontinued operations in the Consolidated Balance Sheets and Consolidated Statements of Operations and certain information in the Consolidated Statements of Cash Flows for the periods presented. Balance Sheet Information (in thousands) December 31, 2024 December 31, 2023 Assets Accounts receivable, net $ — $ 20,270 Inventories, net — 28,714 Prepaid expenses and other current assets — 11,973 Total current assets of discontinued operations — 60,957 Property and equipment, net — 29,512 Other assets — 13,767 Total assets of discontinued operations $ — $ 104,236 Liabilities Current maturities of long-term debt $ 22 $ 8,551 Accounts payable 6,953 16,682 Deferred revenue — 9,177 Accrued expenses and other current liabilities 24,788 45,201 Total current liabilities of discontinued operations 31,763 79,611 Long-term debt 32 9,893 Other liabilities 15,857 10,679 Total liabilities of discontinued operations $ 47,652 $ 100,183 Statements of Operations Information Years Ended December 31, (in thousands) 2024 2023 2022 Revenue $ 21,254 $ 329,835 $ 786,426 Cost of revenue 65,678 256,784 501,710 Selling, general, and administrative expenses 67,366 191,841 314,545 Depreciation and intangible asset amortization 1,898 15,496 16,020 Merger, restructuring, integration, and other 34,000 23,213 7,292 Goodwill impairment — 511,176 200,974 Other (income) and expense items 1,481 2,235 1,197 Income (loss) from discontinued operations before income taxes (149,169) (670,910) (255,312) Income tax benefit (expense) 39,096 156,000 50,010 Income (loss) from discontinued operations, net of tax $ (110,073) $ (514,910) $ (205,302) Cash Flow Information Years Ended December 31, (in thousands) 2024 2023 2022 Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Depreciation and intangible asset amortization $ 1,898 $ 15,496 $ 16,020 Goodwill, intangible, and other asset impairments $ 13,770 $ 515,730 $ 200,974 Cash flows from investing activities: Purchases of property and equipment $ (80) $ (4,027) $ (9,826) The following reconciliations represent the major classes of line items of the Commercial Business within the Consolidated Statements of Operations and certain information within the Consolidated Statements of Cash Flows (excluding proceeds from the sale of business discussed above) for the periods presented. Statements of Operations Information During the year ended December 31, 2024, activity, net of tax, relating to the Commercial Divestiture was approximately $8 million primarily related to the settlement of post-closing adjustments. Years Ended December 31, (in thousands) 2023 2022 Revenue $ 1,035,048 $ 1,226,980 Cost of revenue 688,433 839,356 Selling, general, and administrative expenses 213,514 267,195 Depreciation and intangible asset amortization 37,691 77,745 Other income and expense items 19,174 6,016 Income (loss) from discontinued operations before gain on sale of business and income taxes 76,236 36,668 Gain on sale of business 629,980 — Income (loss) from discontinued operations before income taxes 706,216 36,668 Income tax benefit (expense) (178,667) (10,868) Income (loss) from discontinued operations, net of tax $ 527,549 $ 25,800 Cash Flow Information Years Ended December 31, (in thousands) 2023 2022 Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Depreciation and intangible asset amortization $ 37,691 $ 77,745 Share-based compensation expense $ 11,699 $ 13,069 Cash flows from investing activities: Subscriber system asset expenditures $ (8,902) $ (29,230) Purchases of property and equipment $ (4,399) $ (6,885)

Goodwill and Other Intangible_2

Goodwill and Other Intangible Assets (Tables)	12 Months Ended
	Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Finite-Lived Intangible Assets	December 31, 2024 December 31, 2023 (in thousands) Gross Carrying Accumulated Net Carrying Amount Gross Carrying Accumulated Net Carrying Amount Definite-lived intangible assets: Contracts and related customer relationships (1) $ 6,158,349 $ (3,464,926) $ 2,693,423 $ 5,571,456 $ (2,937,245) $ 2,634,211 Dealer relationships (2) 1,518,020 (697,324) 820,696 1,518,020 (618,154) 899,866 Other (3) 209,773 (202,793) 6,980 209,773 (199,357) 10,416 Total definite-lived intangible assets 7,886,142 (4,365,043) 3,521,099 7,299,249 (3,754,756) 3,544,493 Indefinite-lived intangible assets: Trade name (4) 1,333,000 — 1,333,000 1,333,000 — 1,333,000 Intangible assets $ 9,219,142 $ (4,365,043) $ 4,854,099 $ 8,632,249 $ (3,754,756) $ 4,877,493 __________________ (1) During 2023, the Company retired $1.7 billion of certain customer relationship intangible assets acquired in the ADT Acquisition that became fully amortized. (2) Originated from the Formation Transactions and the ADT Acquisition in 2015 and 2016, respectively. Amortized primarily over 19 years on a straight-line basis based on management estimates about attrition and the longevity of the underlying dealer network that existed at the time of acquisition. (3) Primarily relates to trade names and other technology assets. Amortized over a period of up to 10 years on a straight-line basis. (4) ADT trade name acquired as part of the ADT Acquisition. The change in the net carrying amount of contracts and related customer relationships was as follows: Years Ended December 31, (in thousands) 2024 2023 Beginning balance $ 2,634,211 $ 2,595,535 Customer contract additions, net of dealer charge-backs 586,994 564,652 Amortization (527,782) (525,676) Other — (300) Ending balance $ 2,693,423 $ 2,634,211
Schedule of Indefinite-Lived Intangible Assets	December 31, 2024 December 31, 2023 (in thousands) Gross Carrying Accumulated Net Carrying Amount Gross Carrying Accumulated Net Carrying Amount Definite-lived intangible assets: Contracts and related customer relationships (1) $ 6,158,349 $ (3,464,926) $ 2,693,423 $ 5,571,456 $ (2,937,245) $ 2,634,211 Dealer relationships (2) 1,518,020 (697,324) 820,696 1,518,020 (618,154) 899,866 Other (3) 209,773 (202,793) 6,980 209,773 (199,357) 10,416 Total definite-lived intangible assets 7,886,142 (4,365,043) 3,521,099 7,299,249 (3,754,756) 3,544,493 Indefinite-lived intangible assets: Trade name (4) 1,333,000 — 1,333,000 1,333,000 — 1,333,000 Intangible assets $ 9,219,142 $ (4,365,043) $ 4,854,099 $ 8,632,249 $ (3,754,756) $ 4,877,493 __________________ (1) During 2023, the Company retired $1.7 billion of certain customer relationship intangible assets acquired in the ADT Acquisition that became fully amortized. (2) Originated from the Formation Transactions and the ADT Acquisition in 2015 and 2016, respectively. Amortized primarily over 19 years on a straight-line basis based on management estimates about attrition and the longevity of the underlying dealer network that existed at the time of acquisition. (3) Primarily relates to trade names and other technology assets. Amortized over a period of up to 10 years on a straight-line basis. (4) ADT trade name acquired as part of the ADT Acquisition.
Schedule of Finite-Lived Intangible Assets, Amortization Expense	Years Ended December 31, (in thousands) 2024 2023 2022 Definite-lived intangible asset amortization expense $ 610,389 $ 613,679 $ 909,059
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense	As of December 31, 2024, the estimated aggregate amortization expense on our existing intangible assets is expected to be as follows ( in thousands) : 2025 2026 2027 2028 2029 Thereafter $ 575,002 $ 493,508 $ 427,736 $ 378,363 $ 342,846 $ 1,303,644

Debt (Tables)

Debt (Tables)	12 Months Ended
	Dec. 31, 2024
Debt Disclosure [Abstract]
Schedule of Long-term Debt Instruments	The Company’s debt is comprised of the following (in thousands) : Interest Payable Balance as of December 31, Debt Description Issued Maturity Interest Rate (1) 2024 2023 First Lien Term Loan B due 2030 10/13/2023 10/13/2030 Term SOFR +2.00% Quarterly $ 1,984,090 $ 1,375,000 First Lien Revolving Credit Facility 3/16/2018 10/1/2029 Term SOFR +2.00% Quarterly — — Term Loan A Facility 3/14/2023 3/14/2028 Term SOFR +2.25% Quarterly — 625,625 First Lien Notes due 2024 4/4/2019 4/15/2024 5.250% 2/15 and 8/15 — 99,999 First Lien Notes due 2026 4/4/2019 4/15/2026 5.750% 3/15 and 9/15 1,350,000 1,350,000 First Lien Notes due 2027 8/20/2020 8/31/2027 3.375% 6/15 and 12/15 1,000,000 1,000,000 First Lien Notes due 2029 7/29/2021 8/1/2029 4.125% 2/1 and 8/1 1,000,000 1,000,000 Second Lien Notes due 2028 1/28/2020 1/15/2028 6.250% 1/15 and 7/15 1,300,000 1,300,000 ADT Notes due 2032 5/2/2016 7/15/2032 4.875% 1/15 and 7/15 728,016 728,016 ADT Notes due 2042 7/5/2012 7/15/2042 4.875% 1/15 and 7/15 21,896 21,896 2020 Receivables Facility (2) 3/5/2020 11/20/2029 Various Monthly 407,901 436,004 Total debt principal, excluding finance leases 7,791,903 7,936,540 Plus: Finance lease obligations (3) 69,442 69,468 Less: Unamortized debt discount, net (12,081) (15,005) Less: Unamortized deferred financing costs (26,990) (39,620) Less: Unamortized purchase accounting fair value adjustment and other (115,201) (125,866) Total debt 7,707,073 7,825,517 Less: Current maturities of long-term debt, net of unamortized debt discount (195,791) (312,061) Long-term debt $ 7,511,282 $ 7,513,456 __________________ (1) Interest rate as of December 31, 2024 . Interest on the 2020 Receivables Facility is primarily based on the Secured Overnight Financing Rate (“SOFR”) + 1.05 (2) Maturity date for the 2020 Receivables Facility represents the final maturity of date of current loans borrowed under the facility. (3) Refer to Note 14 “Leases” for additional information regarding the Company’s finance leases.
Schedule of Maturities of Long-term Debt	As of December 31, 2024, the aggregate annual maturities of debt, excluding finance leases, were as follows: (in thousands) 2025 2026 2027 2028 2029 Thereafter Total Debt principal $ 170,198 $ 1,499,939 $ 1,099,518 $ 1,367,345 $ 1,019,841 $ 2,635,062 $ 7,791,903

Derivative Financial Instrume_2

Derivative Financial Instruments (Tables)	12 Months Ended
	Dec. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Derivative Instruments	Notional Amounts (in thousands) December 31, Execution Maturity Designation 2024 2023 October 2019 September 2026 Not designated $ 2,800,000 $ 2,800,000 March 2023 March 2028 Not designated 100,000 100,000 April 2023 March 2028 Not designated 200,000 200,000 December 2023 September 2026 Not designated 700,000 700,000 Total notional amount $ 3,800,000 $ 3,800,000
Schedule of Derivative Liabilities at Fair Value	Classification and Fair Value December 31, Balance Sheet Classification (in thousands) 2024 2023 Prepaid expenses and other current assets $ 56,164 $ 74,974 Other assets $ 54,102 $ 76,493 Accrued expenses and other current liabilities $ 1,466 $ 5,312 Other liabilities $ 208 $ 1,325 Unrealized Gains (Losses) Years Ended December 31, Statement of Operations Classification (in thousands) 2024 2023 2022 Interest expense, net $ (27,164) $ (22,174) $ 301,851 Other income (expense) $ (17,996) $ (16,511) $ —
Schedule of Accumulated Other Comprehensive Loss	Changes in and Reclassifications out of AOCI (in thousands) Cash Flow Hedges Balance as of December 31, 2021 $ (71,267) Pre-tax current period change 33,946 Income tax benefit (expense) (8,192) Balance as of December 31, 2022 (45,513) Pre-tax current period change 42,295 Income tax benefit (expense) (10,166) Balance as of December 31, 2023 (13,384) Pre-tax current period change 7,921 Income tax benefit (expense) (1,913) Balance as of December 31, 2024 $ (7,376)

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2024
Income Tax Disclosure [Abstract]
Schedule of Loss before Income Taxes for Domestic and Foreign Locations	Years Ended December 31, (in thousands) 2024 2023 2022 United States $ 808,476 $ 601,370 $ 401,746 Foreign 6,694 3,013 2,712 Income (loss) from continuing operations before income taxes and equity in net earnings (losses) of equity method investee $ 815,170 $ 604,383 $ 404,458
Schedule of Components of Income Tax Expense (Benefit)	Components of Income Tax Benefit (Expense) (1) Years Ended December 31, (in thousands) 2024 2023 2022 Current: Federal $ 1,027 $ (358) $ (184) State (13,829) (57,024) (28,100) Foreign (2,096) (923) (691) Current income tax benefit (expense) (14,898) (58,305) (28,975) Deferred: Federal (105,711) (136,457) (43,203) State (33,702) 11,704 24,029 Foreign (170) (194) (401) Deferred income tax benefit (expense) (139,583) (124,947) (19,575) Income tax benefit (expense) $ (154,481) $ (183,252) $ (48,550) ___________________ (1) The components of tax benefit (expense) include both continuing and discontinued operations for all periods presented in accordance with Accounting Standards Codification (“ASC”) 740. This presentation is to reflect the Company’s tax structure and filings. Income tax benefit (expense) is included in the Consolidated Statements of Operations as follows: Years Ended December 31, (in thousands) 2024 2023 2022 Continuing operations $ (195,780) $ (160,585) $ (87,692) Discontinued operations 41,299 (22,667) 39,142 Income tax benefit (expense) $ (154,481) $ (183,252) $ (48,550)
Schedule of Effective Income Tax Rate Reconciliation	Reconciliations between the actual effective tax rate on continuing operations and the statutory U.S. federal income tax rate were as follows: Years Ended December 31, 2024 2023 2022 Statutory federal tax rate 21.0 % 21.0 % 21.0 % State income taxes, net of federal benefits 5.4 % 6.1 % 3.0 % Non-U.S. tax 0.3 % 0.2 % 0.3 % Non-deductible and non-taxable charges (1) 0.8 % 1.0 % 5.1 % Valuation allowance — % — % (0.6) % Unrecognized tax benefits (4.0) % (1.0) % (2.3) % Share-based compensation 0.1 % — % (0.6) % Non-deductible goodwill on dispositions — % 0.7 % — % Federal credits 0.1 % (0.6) % (2.9) % Acquisitions and dispositions 1.2 % (0.9) % (0.2) % Legislative changes (0.4) % 0.6 % (2.1) % Prior year return adjustments (0.6) % (0.6) % 1.1 % Other 0.1 % 0.1 % (0.1) % Effective tax rate 24.0 % 26.6 % 21.7 % ___________________ (1) During 2022, primarily represents the impact related to the fair value adjustment of the Forward Contract.
Schedule of Deferred Tax Assets and Liabilities	The components of the Company's net deferred tax assets (liabilities) were as follows: December 31, (in thousands) 2024 2023 Deferred tax assets: Accrued liabilities and reserves $ 94,084 $ 90,351 Tax loss and credit carryforwards 75,927 132,230 Disallowed interest carryforward 230,048 150,492 Deferred revenue 218,639 225,499 Other 91,892 112,194 Total deferred tax assets 710,590 710,766 Valuation allowance (12,264) (12,264) Deferred tax assets, net of valuation allowance $ 698,326 $ 698,502 Deferred tax liabilities: Subscriber system assets $ (757,046) $ (761,203) Intangible assets (1,051,499) (893,292) Other (56,994) (71,196) Total deferred tax liabilities (1,865,539) (1,725,691) Net deferred tax assets (liabilities) $ (1,167,213) $ (1,027,189)
Summary of Valuation Allowance	The changes in the valuation allowance for deferred tax assets were as follows: Years Ended December 31, (in thousands) 2024 2023 2022 Beginning balance $ (12,264) $ (57,715) $ (60,157) Income tax benefit (expense) (1) — 43,277 2,428 Write-offs and other — 2,174 14 Ending balance $ (12,264) $ (12,264) $ (57,715) __________________ (1) During 2023, the change is primarily related to the utilization of capital loss carryforwards against which a valuation allowance was previously recorded. The utilization is attributable to capital gains generated in connection with the Commercial Divestiture.
Schedule of Unrecognized Tax Benefits Roll Forward	The following is a roll-forward of unrecognized tax benefits: Years Ended December 31, (in thousands) 2024 2023 2022 Beginning balance $ 48,823 $ 56,177 $ 66,221 Gross increase related to prior year tax positions 9,933 517 5,063 Gross decrease related to prior year tax positions (5,108) — — Decreases related to lapse of statute of limitation (29,042) (7,871) (15,107) Ending balance $ 24,606 $ 48,823 $ 56,177
Summary of Open Tax Years	Jurisdiction Years Open to Audit Federal 2021 - 2023 State 2019 - 2023 Canada 2020 - 2023

Equity (Tables)

Equity (Tables)	12 Months Ended
	Dec. 31, 2024
Equity [Abstract]
Schedule of Dividends Declared	(in thousands, except per share data) Common Stock Class B Common Stock Declaration Date Record Date Payment Date Per Share Aggregate Per Share Aggregate Year Ended December 31, 2024 1/24/24 3/14/24 4/4/24 $ 0.055 $ 47,059 $ 0.055 $ 3,011 4/25/24 6/13/24 7/9/24 0.055 47,137 0.055 3,011 8/1/24 9/13/24 10/4/24 0.055 47,146 0.055 3,011 10/24/24 12/12/24 1/9/25 0.055 46,012 0.055 3,011 Total $ 0.220 $ 187,354 $ 0.220 $ 12,044 Year Ended December 31, 2023 2/28/23 3/16/23 4/4/23 $ 0.035 $ 30,342 $ 0.035 $ 1,916 5/2/23 6/15/23 7/6/23 0.035 30,256 0.035 1,916 8/8/23 9/15/23 10/4/23 0.035 30,405 0.035 1,916 11/2/23 12/14/23 1/9/24 0.035 30,358 0.035 1,916 Total $ 0.140 $ 121,361 $ 0.140 $ 7,664

Share-Based Compensation (Table

Share-Based Compensation (Tables)	12 Months Ended
	Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]
Disclosure of Share-based Compensation Expense	Share-based compensation expense is recognized in the Consolidated Statements of Operations as follows: Years Ended December 31, ( in thousands ) 2024 2023 2022 Selling, general, and administrative expenses $ 48,745 $ 38,626 $ 52,945 Income (loss) from discontinued operations, net of tax (132) 12,511 13,621 Total share-based compensation expense $ 48,613 $ 51,137 $ 66,566
Summary of Distributed Shares Activity	The following table summarizes activity related to the Distributed Shares Performance Tranche during 2024: Number of Distributed Shares Weighted-Average Grant Date Fair Value Unvested as of December 31, 2023 9,194,312 $ 13.05 Vested (1) (2,509,806) 13.08 Forfeited — — Unvested as of December 31, 2024 6,684,506 $ 10.44 ________________________ (1) During the second quarter of 2024, certain of the Distributed Shares were modified in a manner that resulted in such awards immediately vesting.
Summary of Related 2018 Plan Top-up Options Activity	The following table summarizes activity related to the Top-up Options: Service Tranche Performance Tranche Number of Top-up Options Weighted-Average Exercise Price Number of Top-up Options Weighted-Average Exercise Price Aggregate Intrinsic Value (1) (in thousands) Weighted-Average Remaining Contractual Term (Years) Outstanding as of December 31, 2023 5,955,254 $ 13.30 5,641,244 $ 13.30 Exercised — — — — Forfeited — — (16,643) 13.30 Outstanding as of December 31, 2024 5,955,254 $ 13.30 5,624,601 $ 13.30 — 3.0 Exercisable as of December 31, 2024 (b) 5,955,254 $ 13.30 1,586,252 $ 13.30 — 3.0 ________________________ (1) The intrinsic value represents the amount by which the fair value of the Company’s Common Stock exceeds the option exercise price as of December 31, 2024. (2) During the second quarter of 2024, certain of the Top-up Options in the performance tranche were modified in a manner that resulted in such awards immediately vesting and becoming exercisable. The following table summarizes activity related to 2018 Plan options during 2024: Number of Options Weighted-Average Exercise Price Aggregate Intrinsic Value (1) (in thousands) Weighted-Average Remaining Contractual Term (Years) Outstanding as of December 31, 2023 16,828,305 $ 6.70 Granted 6,831,794 6.51 Exercised (1,907,455) 5.37 Forfeited (502,934) 6.49 Outstanding as of December 31, 2024 21,249,710 $ 6.77 $ 18,048 5.9 Exercisable as of December 31, 2024 14,568,776 $ 7.83 $ 14,322 4.1 ________________________ (1) The intrinsic value represents the amount by which the fair value of the Company’s Common Stock exceeds the option exercise price as of December 31, 2024.
Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions	The Company used a binomial lattice model to determine the grant date fair value for options granted during 2024 and included the following assumptions: Expected exercise term (years) 7 Expected volatility (1) 49.9% Expected dividend yield (2) 3.4% Risk-free interest rate (3) 4.0% ________________________ (1) Estimated using historical and implied stock price volatility of the Company. (2) Calculated by taking the annual dividend run-rate and dividing by the stock price at date of grant. (3) Based on the U.S. Treasury yield curve.
Summary of Related 2018 Plan RSUs Activity	The following table summarizes activity related to the 2018 Plan RSUs (including DEUs) during 2024: Number of RSUs Weighted-Average Grant Date Fair Value Unvested as of December 31, 2023 9,237,384 $ 7.66 Granted 5,155,150 6.65 Vested (4,792,066) 7.72 Forfeited (1,336,453) 6.96 Unvested as of December 31, 2024 8,264,015 $ 7.14

Net (Loss) Income Per Share (Ta

Net (Loss) Income Per Share (Tables)	12 Months Ended
	Dec. 31, 2024
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	Common Stock Potential shares of Common Stock include (i) incremental shares related to the vesting or exercise of share-based compensation awards, warrants, and other options to purchase additional shares of the Company’s Common Stock calculated using the treasury stock method and (ii) incremental shares of Common Stock issuable upon the conversion of Class B Common Stock. Years Ended December 31, (in thousands, except per share amounts) 2024 2023 2022 Allocation of income (loss) from continuing operations - basic $ 581,980 $ 423,503 $ 293,331 Dilutive effect (1) 13,671 8,885 8,428 Allocation of income (loss) from continuing operations - diluted $ 595,651 $ 432,388 $ 301,759 Allocation of income (loss) from discontinued operations, net of tax - basic $ (111,197) $ 11,885 $ (168,676) Dilutive effect (1) — — — Allocation of income (loss) from discontinued operations, net of tax - diluted $ (111,197) $ 11,885 $ (168,676) Weighted-average shares outstanding - basic 846,521 856,843 848,465 Dilutive effect (1) 62,179 62,306 66,604 Weighted-average shares outstanding - diluted 908,700 919,149 915,069 Income (loss) from continuing operations per share - basic $ 0.69 $ 0.49 $ 0.35 Income (loss) from continuing operations per share - diluted $ 0.66 $ 0.47 $ 0.33 Income (loss) from discontinued operations, net of tax, per share - basic $ (0.13) $ 0.01 $ (0.20) Income (loss) from discontinued operations, net of tax, per share - diluted $ (0.12) $ 0.01 $ (0.18) ________________ (1) Includes conversion of Class B Common Stock. 20 million, 17 million, and 15 million potential shares of Common Stock were excluded during 2024, 2023, and 2022, respectively, from the diluted earnings per share calculations because their effects would have been anti-dilutive. Class B Common Stock Years Ended December 31, (in thousands, except per share amounts) 2024 2023 2022 Allocation of income (loss) from continuing operations - basic $ 37,410 $ 26,867 $ 18,834 Dilutive effect (1) (1,627) (1,221) (764) Allocation of income (loss) from continuing operations - diluted $ 35,783 $ 25,646 $ 18,070 Allocation of income (loss) from discontinued operations, net of tax - basic $ (7,140) $ 754 $ (10,826) Dilutive effect (1) — — — Allocation of income (loss) from discontinued operations, net of tax - diluted $ (7,140) $ 754 $ (10,826) Weighted-average shares outstanding - basic 54,745 54,745 54,745 Dilutive effect (1) — — — Weighted-average shares outstanding - diluted 54,745 54,745 54,745 Income (loss) from continuing operations per share - basic $ 0.69 $ 0.49 $ 0.35 Income (loss) from continuing operations per share - diluted $ 0.66 $ 0.47 $ 0.33 Income (loss) from discontinued operations, net of tax, per share - basic $ (0.13) $ 0.01 $ (0.20) Income (loss) from discontinued operations, net of tax, per share - diluted $ (0.12) $ 0.01 $ (0.18) ________________ (1) There were no potential shares of Class B Common Stock during the periods presented.

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Schedule of Contractual Obligations Commitments	The following table provides the Company’s contractual obligations (excluding the Google agreements discussed separately below) as of December 31, 2024 (in thousands) : 2025 2026 2027 2028 2029 Thereafter Total $ 367,036 $ 111,562 $ 39,210 $ 31,515 $ 11,593 $ — $ 560,916

Leases (Tables)

Leases (Tables)	12 Months Ended
	Dec. 31, 2024
Leases [Abstract]
Schedule of Consolidated Balance Sheet Information Related to Leases	(in thousands) December 31, Presentation and Classification: 2024 2023 Operating Current Prepaid expenses and other current assets $ 80 $ 68 Operating Non-current Other assets 80,768 85,649 Finance Non-current Property and equipment, net (1) 61,827 65,368 Total right-of-use assets $ 142,675 $ 151,085 Operating Current Accrued expenses and other current liabilities $ 18,811 $ 13,035 Finance Current Current maturities of long-term debt 25,593 25,741 Operating Non-current Other liabilities 77,884 80,189 Finance Non-current Long-term debt 43,849 43,727 Total lease liabilities $ 166,137 $ 162,692 _________________ (1) Finance right-of-use assets are recorded net of accumulated depreciation of approximately $66 million and $50 million as of December 31, 2024 and 2023, respectively.
Schedule of Lease Cost	Years Ended December 31, ( in thousands ) 2024 2023 2022 Operating lease cost $ 27,615 $ 31,756 $ 33,574 Finance lease cost: Amortization of right-of-use assets 21,661 14,432 10,818 Interest on lease liabilities 4,528 2,466 1,689 Variable lease costs 35,017 36,273 42,899 Total lease cost $ 88,821 $ 84,927 $ 88,980
Supplementary Cash Flow Information	The following table summarizes supplementary cash flow information and material non-cash investing and financing transactions, excluding leases (refer to Note 14 “Leases”): Years Ended December 31, (in thousands) 2024 2023 2022 Interest paid, net of interest income received (1) $ 372,036 $ 522,775 $ 470,947 Payments (refunds) on income taxes, net $ 21,700 $ 60,296 $ 22,654 Issuance of shares for acquisition of businesses (2) $ — $ — $ 55,485 Contingent forward purchase contract (3) $ — $ — $ 41,938 Forward share repurchase contract (4) $ 104,175 $ — $ — ___________________ (1) Includes finance leases and interest rate swaps. Refer to Note 8 “Derivative Financial Instruments.” (2) Includes $40 million related to the Delayed Shares (as defined and discussed in Note 10 “Equity”) as a result of the ADT Solar Acquisition. (3) The Company recorded a reduction to additional paid in capital as a result of the contingent forward purchase contract in connection with the Tender Offer (as defined and discussed in Note 10 “Equity”). (4) In December 2024, the Company entered into an agreement with a non-affiliate individual to repurchase 15 million shares of Common Stock at a price per share of $6.95 to be settled in January 2025 (refer to Note 10 “Equity”). The Company recorded a liability and a reduction to additional paid-in capital as of December 31, 2024. Cash Flow and Supplemental Information (1) Years Ended December 31, ( in thousands ) 2024 2023 2022 Cash paid for amounts included in the measurement of lease liabilities Operating leases: Operating cash flows $ 23,574 $ 42,883 $ 47,708 Finance Leases: Operating cash flows $ 4,686 $ 4,940 $ 3,680 Financing cash flows $ 29,023 $ 43,733 $ 44,978 Right-of-use assets obtained in exchange for lease obligations Operating leases $ 20,127 $ 41,338 $ 49,193 Finance leases $ 35,451 $ 79,273 $ 48,439 __________________ (1) Includes both continuing and discontinued operations consistent with the presentation on the Consolidated Statements of Cash Flows.
Schedule of Operating and Finance Lease Weighted Average Lease Term and Discount Rate	December 31, 2024 2023 Weighted-average remaining lease term (years): Operating leases 5.4 5.9 Finance leases 2.7 3.2 Weighted-average discount rate: Operating leases 6.2 % 6.1 % Finance leases 6.1 % 5.9 %
Schedule of Operating and Finance Lease, Liability, Maturity	December 31, 2024 ( in thousands ) Operating Leases Finance Leases 2025 $ 20,443 $ 33,369 2026 24,658 22,529 2027 20,975 16,195 2028 16,255 2,809 2029 11,276 1 Thereafter 23,422 — Total lease payments (including interest) $ 117,029 $ 74,903 Less interest 20,334 5,461 Total $ 96,695 $ 69,442

Condensed Financial Informati_2

Condensed Financial Information of Registrant (Tables)	12 Months Ended
	Dec. 31, 2024
Condensed Financial Information Disclosure [Abstract]
Condensed Financial Information of Registrant	ADT INC. (PARENT COMPANY ONLY) CONDENSED BALANCE SHEETS (in thousands) December 31, 2024 2023 Assets Current assets: Cash and cash equivalents $ 1,861 $ 1,118 Total current assets 1,861 1,118 Investment in subsidiaries and other assets 4,861,838 4,463,543 Total assets $ 4,863,699 $ 4,464,661 Liabilities and stockholders' equity Current liabilities: Dividends payable and other current liabilities $ 155,472 $ 33,047 Total current liabilities 155,472 33,047 Debt due to subsidiaries 554,954 545,557 Other liabilities 352,472 97,411 Total liabilities 1,062,898 676,015 Total stockholders' equity 3,800,801 3,788,646 Total liabilities and stockholders' equity $ 4,863,699 $ 4,464,661 The accompanying notes are an integral part of these condensed financial statements ADT INC. (PARENT COMPANY ONLY) CONDENSED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (in thousands, except per share data) Years Ended December 31, 2024 2023 2022 Selling, general, and administrative expenses $ 988 $ 520 $ 2,583 Merger, restructuring, integration, and other (5) (1,993) (6,011) Operating income (loss) (983) 1,473 3,428 Interest expense, net (9,135) (8,984) (8,086) Other income (expense) — — (63,394) Equity in net income (loss) of subsidiaries 511,171 470,520 200,715 Net income (loss) 501,053 463,009 132,663 Other comprehensive income (loss), net of tax 9,126 31,038 21,773 Comprehensive income (loss) $ 510,179 $ 494,047 $ 154,436 Net income (loss) per share - basic: Common stock $ 0.56 $ 0.51 $ 0.15 Class B common stock $ 0.56 $ 0.51 $ 0.15 Weighted-average shares outstanding - basic: Common stock 846,521 856,843 848,465 Class B common stock 54,745 54,745 54,745 Net income (loss) per share - diluted: Common stock $ 0.52 $ 0.48 $ 0.14 Class B common stock $ 0.52 $ 0.48 $ 0.14 Weighted-average shares outstanding - diluted: Common stock 908,700 919,149 915,069 Class B common stock 54,745 54,745 54,745 The accompanying notes are an integral part of these condensed financial statements ADT INC. (PARENT COMPANY ONLY) CONDENSED STATEMENTS OF CASH FLOWS (in thousands) Years Ended December 31, 2024 2023 2022 Cash flows from operating activities: Net income (loss) $ 501,053 $ 463,009 $ 132,663 Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Equity in net (income) loss of subsidiaries (511,171) (470,520) (200,715) Change in fair value of other financial instruments — — 63,396 Other, net 22,815 28,757 49,470 Net cash provided by (used in) operating activities 12,697 21,246 44,814 Cash flows from investing activities: Contributions to subsidiaries — — — Distributions from subsidiaries 170,620 108,783 118,200 Net cash provided by (used in) investing activities 170,620 108,783 118,200 Cash flows from financing activities: Proceeds from issuance of common stock, net of expenses — — 1,180,000 Dividends on common stock (182,266) (128,587) (127,125) Repurchases of common stock — — (1,200,000) Other financing, net (308) (14,963) (3,197) Net cash provided by (used in) financing activities (182,574) (143,550) (150,322) Cash and cash equivalents and restricted cash and restricted cash equivalents: Net increase (decrease) during the period 743 (13,521) 12,692 Beginning balance 1,118 14,639 1,947 Ending balance $ 1,861 $ 1,118 $ 14,639 Supplementary cash flow information: Issuance of shares for acquisition of business $ — $ — $ 55,485

Selected Quarterly Financial _2

Selected Quarterly Financial Data (Unaudited) (Tables)	12 Months Ended
	Dec. 31, 2024
Condensed Financial Information Disclosure [Abstract]
Schedule of Quarterly Financial Information	The Company is disclosing the following summarized quarterly financial information for 2024 and 2023 due to the Solar and Commercial Businesses being reported as discontinued operations as a result of the ADT Solar Exit and Commercial Divestiture, respectively. Refer to Note 4 “Divestitures” for additional information. (in thousands, except per share data) March 31, 2024 June 30, 2024 September 30, 2024 December 31, 2024 Revenue $ 1,189,672 $ 1,204,559 $ 1,243,836 $ 1,260,379 Operating income (loss) $ 292,149 $ 284,175 $ 326,350 $ 305,390 Income (loss) from continuing operations $ 163,891 $ 126,185 $ 132,020 $ 197,294 Income (loss) from discontinued operations, net of tax $ (72,340) $ (33,791) $ (4,869) $ (7,337) Net income (loss) $ 91,551 $ 92,394 $ 127,151 $ 189,957 Common Stock Basic: Weighted average shares outstanding 855,893 848,273 850,462 831,575 Income (loss) from continuing operations per share $ 0.18 $ 0.14 $ 0.15 $ 0.22 Income (loss) from discontinued operations, net of tax, per share $ (0.08) $ (0.04) $ (0.01) $ (0.01) Net income (loss) $ 0.10 $ 0.10 $ 0.14 $ 0.21 Diluted: Weighted average shares outstanding 918,394 909,128 912,861 895,035 Income (loss) from continuing operations per share $ 0.17 $ 0.13 $ 0.14 $ 0.21 Income (loss) from discontinued operations, net of tax, per share $ (0.07) $ (0.03) $ (0.01) $ (0.01) Net income (loss) $ 0.09 $ 0.10 $ 0.13 $ 0.20 Class B Common Stock Basic: Weighted average shares outstanding 54,745 54,745 54,745 54,745 Income (loss) from continuing operations per share $ 0.18 $ 0.14 $ 0.15 $ 0.22 Income (loss) from discontinued operations, net of tax, per share $ (0.08) $ (0.04) $ (0.01) $ (0.01) Net income (loss) $ 0.10 $ 0.10 $ 0.14 $ 0.21 Diluted: Weighted average shares outstanding 54,745 54,745 54,745 54,745 Income (loss) from continuing operations per share $ 0.17 $ 0.13 $ 0.14 $ 0.21 Income (loss) from discontinued operations, net of tax, per share $ (0.07) $ (0.03) $ (0.01) $ (0.01) Net income (loss) $ 0.09 $ 0.10 $ 0.13 $ 0.20 (in thousands, except per share data) March 31, 2023 June 30, 2023 September 30, 2023 December 31, 2023 Revenue $ 1,132,476 $ 1,168,077 $ 1,179,873 $ 1,172,398 Operating income (loss) $ 232,960 $ 332,098 $ 306,563 $ 307,340 Income (loss) from continuing operations $ 39,563 $ 180,438 $ 123,259 $ 107,110 Income (loss) from discontinued operations, net of tax $ (158,400) $ (88,227) $ (209,496) $ 468,762 Net income (loss) $ (118,837) $ 92,211 $ (86,237) $ 575,872 Common Stock Basic: Weighted average shares outstanding 854,299 857,581 857,423 858,094 Income (loss) from continuing operations per share $ 0.04 $ 0.20 $ 0.13 $ 0.12 Income (loss) from discontinued operations, net of tax, per share $ (0.17) $ (0.10) $ (0.23) $ 0.51 Net income (loss) $ (0.13) $ 0.10 $ (0.09) $ 0.63 Diluted: Weighted average shares outstanding 921,606 916,859 917,774 919,397 Income (loss) from continuing operations per share $ 0.04 $ 0.19 $ 0.13 $ 0.11 Income (loss) from discontinued operations, net of tax, per share $ (0.16) $ (0.09) $ (0.21) $ 0.48 Net income (loss) $ (0.12) $ 0.09 $ (0.09) $ 0.59 Class B Common Stock Basic: Weighted average shares outstanding 54,745 54,745 54,745 54,745 Income (loss) from continuing operations per share $ 0.04 $ 0.20 $ 0.13 $ 0.12 Income (loss) from discontinued operations, net of tax, per share $ (0.17) $ (0.10) $ (0.23) $ 0.51 Net income (loss) $ (0.13) $ 0.10 $ (0.09) $ 0.63 Diluted: Weighted average shares outstanding 54,745 54,745 54,745 54,745 Income (loss) from continuing operations per share $ 0.04 $ 0.19 $ 0.13 $ 0.11 Income (loss) from discontinued operations, net of tax, per share $ (0.16) $ (0.09) $ (0.21) $ 0.48 Net income (loss) $ (0.12) $ 0.09 $ (0.09) $ 0.59

Description of Business and S_4

Description of Business and Summary of Significant Accounting Policies - Narrative (Details) $ / shares in Units, shares in Millions, $ in Millions		1 Months Ended		12 Months Ended
	Mar. 06, 2024 shares	Dec. 31, 2024 USD ($) $ / shares shares	Apr. 30, 2024 USD ($)	Dec. 31, 2024 USD ($) segment $ / shares	Dec. 31, 2023 USD ($) $ / shares	Dec. 31, 2022 USD ($)	Mar. 19, 2024	Sep. 30, 2020 $ / shares	Jan. 31, 2018 $ / shares
Accounting Policies [Line Items]
Treasury stock, shares, acquired (in shares) | shares		15
Number of operating segments | segment				1
Number of reportable segments | segment				1
Revenue from contract with customer, term of customer relationship				15 years
Accelerated method, average declining balance rate				250%
Advertising expense				$ 105	$ 131	$ 146
Money market funds, at carrying value		$ 90		$ 90	55
First Five Years
Accounting Policies [Line Items]
Accelerated method, average amortization rate				55%
Second Five Years
Accounting Policies [Line Items]
Accelerated method, average amortization rate				25%
Final Five Years
Accounting Policies [Line Items]
Accelerated method, average amortization rate				20%
First Lien Credit Agreement | Line of Credit
Accounting Policies [Line Items]
Proceeds from (repayments of) debt				$ 704
2020 Receivables Facility
Accounting Policies [Line Items]
Proceeds from (repayments of) secured debt			$ 32
First Lien Term Loan B Due 2026 and Due 2030 | Line of Credit
Accounting Policies [Line Items]
Proceeds from (repayments of) debt					$ 230
Apollo
Accounting Policies [Line Items]
Noncontrolling interest, ownership percentage by noncontrolling owners							50%
March 6th Underwriters | Related Party
Accounting Policies [Line Items]
Treasury stock, shares, acquired (in shares) | shares	15
Class B Common Stock
Accounting Policies [Line Items]
Common stock, par value (in dollars per share) | $ / shares		$ 0.01		$ 0.01	$ 0.01			$ 0.01	$ 0.01

Description of Business and S_5

Description of Business and Summary of Significant Accounting Policies - Schedule of Cash and Cash Equivalents and Restricted Cash and Cash Equivalents (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Accounting Policies [Abstract]
Cash and cash equivalents	$ 96,212	$ 14,621	$ 257,223
Restricted cash and restricted cash equivalents	107,853	115,329	116,357
Ending balance	$ 204,065	$ 129,950	$ 373,580	$ 33,277

Description of Business and S_6

Description of Business and Summary of Significant Accounting Policies - Supplementary Cash Flow Information (Details) - USD ($) $ / shares in Units, $ in Thousands, shares in Millions	1 Months Ended			12 Months Ended
	Dec. 31, 2024	Oct. 31, 2024	Mar. 31, 2024	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Accounting Policies [Line Items]
Interest paid, net of interest income received				$ 372,036	$ 522,775	$ 470,947
Payments (refunds) on income taxes, net				21,700	60,296	22,654
Issuance of shares for acquisition of business				0	0	55,485
Contingent forward purchase contract				0	0	41,938
Accrued share repurchases				$ 104,175	$ 0	0
Treasury stock, shares, acquired (in shares)	15
Shares acquired, average cost per share (in dollars per share)	$ 6.95
Common Stock
Accounting Policies [Line Items]
Treasury stock, shares, acquired (in shares)		16	15
Shares acquired, average cost per share (in dollars per share)		$ 7.20	$ 6.22
Solar | Common Stock
Accounting Policies [Line Items]
Amount of shares issued for acquisition						$ 40,000

Description of Business and S_7

Description of Business and Summary of Significant Accounting Policies - Schedule of Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Accounting Policies [Abstract]
Prepaid expenses	$ 53,036	$ 47,674
Contract assets	19,164	15,365
Fair value of interest rate swaps	56,164	74,974
Other current assets	82,249	104,179
Prepaid expenses and other current assets	$ 210,613	$ 242,192

Description of Business and S_8

Description of Business and Summary of Significant Accounting Policies - Property Plant and Equipment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Finance leases	$ 127,956	$ 114,997
Accumulated depreciation	(747,190)	(673,712)
Property and equipment, net	247,183	253,658
Depreciation expense	174,850	176,407	$ 159,339
Land
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 9,773	10,313
Buildings and leasehold improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	40 years
Property, plant and equipment, gross	$ 97,263	95,003
Capitalized software
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 574,644	518,850
Capitalized software | Minimum
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	3 years
Capitalized software | Maximum
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	10 years
Machinery, equipment, and other
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	10 years
Property, plant and equipment, gross	$ 162,631	158,086
Construction in progress
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 22,106	$ 30,121

Description of Business and S_9

Description of Business and Summary of Significant Accounting Policies - Subscriber System Assets and Depreciation Amortization (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Accounting Policies [Abstract]
Gross carrying amount	$ 6,878,490	$ 6,404,479
Accumulated depreciation	(3,897,329)	(3,398,543)
Subscriber system assets, net	2,981,161	3,005,936
Depreciation of subscriber system assets	557,226	545,041	$ 531,013
Amortization of deferred subscriber acquisition costs	$ 224,647	$ 188,222	$ 154,186

Description of Business and _10

Description of Business and Summary of Significant Accounting Policies - Schedule of Accrued Expenses (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Accounting Policies [Abstract]
Accrued interest	$ 107,116	$ 111,197
Payroll-related accruals	109,078	110,941
Opportunity fund	84,516	93,950
Accrued dividends	48,918	32,207
Forward share repurchase contract liability	104,175	0
Other accrued liabilities	181,101	207,819
Accrued expenses and other current liabilities	$ 634,904	$ 556,114

Description of Business and _11

Description of Business and Summary of Significant Accounting Policies - Schedule of Fair Value of Retail Installment Contract Receivables and Long-Term Debt Instruments (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Reported Value Measurement
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Long-term debt instruments subject to fair value disclosures	$ 7,637,631	$ 7,756,049
Estimate of Fair Value Measurement
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Long-term debt instruments subject to fair value disclosures	7,589,677	7,731,408
Retail installment contract receivables, net
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Carrying Amount	669,326	673,635
Fair Value	$ 495,259	$ 487,685

Revenue and Receivables - Disag

Revenue and Receivables - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2024	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Disaggregation of Revenue [Line Items]
Revenue	$ 1,260,379	$ 1,243,836	$ 1,204,559	$ 1,189,672	$ 1,172,398	$ 1,179,873	$ 1,168,077	$ 1,132,476	$ 4,898,446	$ 4,652,824	$ 4,381,904
Monitoring and related services
Disaggregation of Revenue [Line Items]
Revenue									4,293,477	4,178,998	4,053,048
Recurring monthly revenue
Disaggregation of Revenue [Line Items]
Revenue									4,177,428	4,069,921	3,942,567
Other related services
Disaggregation of Revenue [Line Items]
Revenue									116,049	109,077	110,481
Security installation, product, and other
Disaggregation of Revenue [Line Items]
Revenue									604,969	473,826	328,856
Amortization of deferred subscriber acquisition revenue
Disaggregation of Revenue [Line Items]
Revenue									346,209	301,708	235,190
Installation revenue
Disaggregation of Revenue [Line Items]
Revenue									$ 258,760	$ 172,118	$ 93,666

Revenue and Receivables - Reven

Revenue and Receivables - Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction (Details) $ in Thousands	Dec. 31, 2024 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, amount	$ 3,477,208
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, amount	$ 1,799,674
Revenue, remaining performance obligation, expected timing of satisfaction, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, amount	$ 999,973
Revenue, remaining performance obligation, expected timing of satisfaction, period	2 years
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, amount	$ 463,811
Revenue, remaining performance obligation, expected timing of satisfaction, period	3 years
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, amount	$ 144,877
Revenue, remaining performance obligation, expected timing of satisfaction, period	4 years
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2029-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, amount	$ 68,873
Revenue, remaining performance obligation, expected timing of satisfaction, period

Revenue and Receivables - Allow

Revenue and Receivables - Allowance for Credit Loss Rollforward (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ 46,850	$ 27,815	$ 22,030
Provision for credit losses	158,346	130,407	83,047
Write-offs, net of recoveries	(147,401)	(111,372)	(77,262)
Ending balance	$ 57,795	$ 46,850	$ 27,815

Revenue and Receivables - Sched

Revenue and Receivables - Schedule of Unbilled Retail Installment Contract Receivables, Net (Details) - Retail installment contract receivables, net - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Capitalized Contract Cost [Line Items]
Retail installment contract receivables, gross	$ 678,174	$ 674,827
Allowance for credit losses	(8,848)	(1,192)
Retail installment contract receivables, net	669,326	673,635
Accounts receivable, net
Capitalized Contract Cost [Line Items]
Retail installment contract receivables, net	260,224	238,961
Other assets
Capitalized Contract Cost [Line Items]
Retail installment contract receivables, net	$ 409,102	$ 434,674

Revenue and Receivables - Narra

Revenue and Receivables - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Variable Interest Entity, Primary Beneficiary
Capitalized Contract Cost [Line Items]
Transfers accounted for as secured borrowings, assets, carrying amount	$ 575	$ 610

Revenue and Receivables - Summa

Revenue and Receivables - Summary of Contracts Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Accounts, Notes, Loans and Financing Receivable [Line Items]
Contract assets, gross	$ 46,031	$ 39,627
Allowance for credit losses	(5,221)	(9,025)
Contract assets, net	40,810	30,602
Prepaid expenses and other current assets
Accounts, Notes, Loans and Financing Receivable [Line Items]
Contract assets, net	19,164	15,365
Other assets
Accounts, Notes, Loans and Financing Receivable [Line Items]
Contract assets, net	$ 21,646	$ 15,237

Segment Information - Narrative

Segment Information - Narrative (Details)	12 Months Ended
	Dec. 31, 2024 segment
Segment Reporting [Abstract]
Number of operating segments	1
Number of reportable segments	1

Segment Information - Reconcili

Segment Information - Reconciliation of Revenue from Segments to Consolidated (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2024	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenue	$ 1,260,379	$ 1,243,836	$ 1,204,559	$ 1,189,672	$ 1,172,398	$ 1,179,873	$ 1,168,077	$ 1,132,476	$ 4,898,446	$ 4,652,824	$ 4,381,904
Security installation, product, and other costs									847,114	751,682	698,782
Advertising costs									105,000	131,000	146,000
Depreciation and intangible asset amortization									1,342,798	1,335,484	1,599,810
Income tax benefit (expense)									195,780	160,585	87,692
Income (loss) from discontinued operations, net of tax	7,337	4,869	33,791	72,340	(468,762)	209,496	88,227	158,400	118,337	(12,639)	179,502
Net income (loss)	$ 189,957	$ 127,151	$ 92,394	$ 91,551	$ 575,872	$ (86,237)	$ 92,211	$ (118,837)	501,053	463,009	132,663
Security installation, product, and other
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenue									604,969	473,826	328,856
Security installation, product, and other costs									229,728	147,314	102,118
Reportable Segment
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenue									4,898,446	4,652,824	4,381,904
Customer service costs									409,680	387,314	393,425
Maintenance costs									207,706	217,054	203,239
Selling costs, including commissions									185,417	196,204	190,182
Amortization of deferred subscriber acquisition costs									224,647	188,222	154,186
Advertising costs									105,366	131,133	145,904
Provision for credit losses									187,361	131,962	81,727
Other general and administrative costs									708,979	664,182	696,662
Share-based compensation									48,745	38,626	52,945
Depreciation and intangible asset amortization									1,342,798	1,335,484	1,599,810
Interest expense									450,939	586,088	277,144
Income tax benefit (expense)									195,780	160,585	87,692
Total significant segment expenses									4,297,146	4,184,168	3,985,034
Other items in SG&A									15,831	(2,591)	26,675
Other, net									(33,921)	20,877	58,030
Total other segment items									(18,090)	18,286	84,705
Income (loss) from discontinued operations, net of tax									118,337	(12,639)	179,502
Net income (loss)									501,053	463,009	132,663
Reportable Segment | Security installation, product, and other
Segment Reporting, Revenue Reconciling Item [Line Items]
Security installation, product, and other costs									$ 229,728	$ 147,314	$ 102,118

Divestitures - Narrative (Detai

Divestitures - Narrative (Details) - USD ($) $ in Thousands		3 Months Ended								12 Months Ended
	Oct. 02, 2023	Dec. 31, 2024	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Income (loss) from discontinued operations, net of tax		$ (7,337)	$ (4,869)	$ (33,791)	$ (72,340)	$ 468,762	$ (209,496)	$ (88,227)	$ (158,400)	$ (118,337)	$ 12,639	$ (179,502)
Other income (expense)										52,939	11,958	(57,568)
Discontinued Operations, Disposed of by Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from divestiture of interest in subsidiaries and affiliates											36,000	27,000
Equity method investment, realized gain on disposal											19,000	10,000
ADT Solar Exit
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Income (loss) from discontinued operations, net of tax										(88,000)
Payments for employee severance costs										22,000
ADT Solar Exit | Discontinued Operations, Disposed of by Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Income (loss) from discontinued operations, net of tax										(110,073)	(514,910)	(205,302)
ADT Solar Exit | Write-down and Disposition of Inventory and Asset Impairments
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Income (loss) from discontinued operations, net of tax										(33,000)
ADT Solar Exit | Disposition of Existing Installation Pipeline
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Income (loss) from discontinued operations, net of tax										(29,000)
ADT Solar Exit | Employee Separation Costs
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Income (loss) from discontinued operations, net of tax										(13,000)
ADT Solar Exit | Contract Termination and Other Charges
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Income (loss) from discontinued operations, net of tax										(12,000)
Commercial Divestiture
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from divestiture of businesses	$ 1,585,000
Disposal group, including discontinued operation, post-closing adjustment expense										21,000
Increase (decrease) in divestiture of businesses										8,000
Other income (expense)										$ 40,000	12,000
Commercial Divestiture | Discontinued Operations, Disposed of by Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Income (loss) from discontinued operations, net of tax											527,549	25,800
Gain (loss) on disposition of business											$ 629,980	$ 0

Divestitures - Schedule of Disp

Divestitures - Schedule of Disposal Groups, Including Discontinued Operations, Balance Sheet (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Disposal Group, Including Discontinued Operation, Assets [Abstract]
Total current assets of discontinued operations	$ 0	$ 60,957
Liabilities
Total current liabilities of discontinued operations	31,763	79,611
Discontinued Operations, Disposed of by Sale | ADT Solar Exit
Disposal Group, Including Discontinued Operation, Assets [Abstract]
Accounts receivable, net	0	20,270
Inventories, net	0	28,714
Prepaid expenses and other current assets	0	11,973
Property and equipment, net	0	29,512
Other assets	0	13,767
Total assets of discontinued operations	0	104,236
Liabilities
Current maturities of long-term debt	22	8,551
Accounts payable	6,953	16,682
Deferred revenue	0	9,177
Accrued expenses and other current liabilities	24,788	45,201
Long-term debt	32	9,893
Other liabilities	15,857	10,679
Total liabilities of discontinued operations	$ 47,652	$ 100,183

Divestitures - Schedule of Di_2

Divestitures - Schedule of Disposal Groups, Including Discontinued Operations, Statements of Operation (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2024	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Income (loss) from discontinued operations, net of tax	$ (7,337)	$ (4,869)	$ (33,791)	$ (72,340)	$ 468,762	$ (209,496)	$ (88,227)	$ (158,400)	$ (118,337)	$ 12,639	$ (179,502)
ADT Solar Exit
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Income (loss) from discontinued operations, net of tax									(88,000)
Discontinued Operations, Disposed of by Sale | ADT Solar Exit
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Revenue									21,254	329,835	786,426
Cost of revenue									65,678	256,784	501,710
Selling, general, and administrative expenses									67,366	191,841	314,545
Depreciation and intangible asset amortization									1,898	15,496	16,020
Merger, restructuring, integration, and other									34,000	23,213	7,292
Goodwill impairment									0	511,176	200,974
Other (income) and expense items									1,481	2,235	1,197
Income (loss) from discontinued operations before income taxes									(149,169)	(670,910)	(255,312)
Income tax benefit (expense)									39,096	156,000	50,010
Income (loss) from discontinued operations, net of tax									$ (110,073)	(514,910)	(205,302)
Discontinued Operations, Disposed of by Sale | Commercial Divestiture
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Revenue										1,035,048	1,226,980
Cost of revenue										688,433	839,356
Selling, general, and administrative expenses										213,514	267,195
Depreciation and intangible asset amortization										37,691	77,745
Other (income) and expense items										19,174	6,016
Income (loss) from discontinued operations before gain on sale of business and income taxes										76,236	36,668
Gain on sale of business										629,980	0
Income (loss) from discontinued operations before income taxes										706,216	36,668
Income tax benefit (expense)										(178,667)	(10,868)
Income (loss) from discontinued operations, net of tax										$ 527,549	$ 25,800

Divestitures - Schedule of Di_3

Divestitures - Schedule of Disposal Groups, Including Discontinued Operations, Cash Flow (Details) - Discontinued Operations, Disposed of by Sale - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
ADT Solar Exit
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Depreciation and intangible asset amortization	$ 1,898	$ 15,496	$ 16,020
Goodwill, intangible, and other asset impairments	13,770	515,730	200,974
Purchases of property and equipment	$ (80)	(4,027)	(9,826)
Commercial Divestiture
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Depreciation and intangible asset amortization		37,691	77,745
Share-based compensation expense		11,699	13,069
Subscriber system asset expenditures		(8,902)	(29,230)
Purchases of property and equipment		$ (4,399)	$ (6,885)

Equity Method Investments (Deta

Equity Method Investments (Details) - Canopy - USD ($) $ in Millions	1 Months Ended	3 Months Ended	32 Months Ended
	Apr. 30, 2022	Dec. 31, 2023	Dec. 31, 2024
Schedule of Equity Method Investments [Line Items]
Payments to acquire equity method investments	$ 11		$ 7
Proceeds from sale of equity method investments		$ 21
Equity method investment, realized gain on disposal		$ 15

Goodwill and Other Intangible_3

Goodwill and Other Intangible Assets - Gross Carrying Amounts and Accumulated Amortization of Other Intangible Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Definite-lived intangible assets:
Gross Carrying Amount	$ 7,886,142	$ 7,299,249
Accumulated Amortization	(4,365,043)	(3,754,756)
Net Carrying Amount	3,521,099	3,544,493
Indefinite-lived intangible assets:
Intangible assets, gross carrying amount	9,219,142	8,632,249
Intangible assets, accumulated amortization	(4,365,043)	(3,754,756)
Intangible assets, net carrying amount	4,854,099	4,877,493
Acquired intangible assets, fully amortized amount		1,700,000
Contracts and related customer relationships
Definite-lived intangible assets:
Gross Carrying Amount	6,158,349	5,571,456
Accumulated Amortization	(3,464,926)	(2,937,245)
Net Carrying Amount	2,693,423	2,634,211	$ 2,595,535
Indefinite-lived intangible assets:
Intangible assets, accumulated amortization	$ (3,464,926)	(2,937,245)
Contracts and related customer relationship useful life (in years)	15 years
Dealer relationships
Definite-lived intangible assets:
Gross Carrying Amount	$ 1,518,020	1,518,020
Accumulated Amortization	(697,324)	(618,154)
Net Carrying Amount	820,696	899,866
Indefinite-lived intangible assets:
Intangible assets, accumulated amortization	$ (697,324)	(618,154)
Contracts and related customer relationship useful life (in years)	19 years
Other
Definite-lived intangible assets:
Gross Carrying Amount	$ 209,773	209,773
Accumulated Amortization	(202,793)	(199,357)
Net Carrying Amount	6,980	10,416
Indefinite-lived intangible assets:
Intangible assets, accumulated amortization	$ (202,793)	(199,357)
Contracts and related customer relationship useful life (in years)	10 years
Trade Names
Indefinite-lived intangible assets:
Trade name	$ 1,333,000	$ 1,333,000

Goodwill and Other Intangible_4

Goodwill and Other Intangible Assets - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Accelerated method, average declining balance rate	250%
Dealer generated customer accounts and bulk account purchases	$ 585,809	$ 588,638	$ 621,695
First Five Years
Finite-Lived Intangible Assets [Line Items]
Accelerated method, average amortization rate	55%
Second Five Years
Finite-Lived Intangible Assets [Line Items]
Accelerated method, average amortization rate	25%
Final Five Years
Finite-Lived Intangible Assets [Line Items]
Accelerated method, average amortization rate	20%
Customer Contracts
Finite-Lived Intangible Assets [Line Items]
Contracts and related customer relationship useful life (in years)	15 years
Accelerated method, average declining balance rate	300%
Dealer generated customer accounts and bulk account purchases	$ 81,000	89,000
Customer Contracts | First Five Years
Finite-Lived Intangible Assets [Line Items]
Accelerated method, average amortization rate	65%
Customer Contracts | Second Five Years
Finite-Lived Intangible Assets [Line Items]
Accelerated method, average amortization rate	25%
Customer Contracts | Final Five Years
Finite-Lived Intangible Assets [Line Items]
Accelerated method, average amortization rate	10%
Customer Relationships
Finite-Lived Intangible Assets [Line Items]
Contracts and related customer relationship useful life (in years)	15 years
Customer-Related Intangible Assets
Finite-Lived Intangible Assets [Line Items]
Contracts and related customer relationship useful life (in years)	15 years
Dealer generated customer accounts and bulk account purchases	$ 98,000	$ 109,000

Goodwill and Other Intangible_5

Goodwill and Other Intangible Assets - Changes in Net Carrying Amount of Contracts and Related Customer Relationships (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Finite-lived Intangible Assets [Roll Forward]
Beginning balance	$ 3,544,493
Amortization	(610,389)	$ (613,679)	$ (909,059)
Ending balance	3,521,099	3,544,493
Customer-Related Intangible Assets
Finite-lived Intangible Assets [Roll Forward]
Beginning balance	2,634,211	2,595,535
Amortization	(527,782)	(525,676)
Other	0	(300)
Ending balance	2,693,423	2,634,211	$ 2,595,535
Customer Contracts
Finite-lived Intangible Assets [Roll Forward]
Customer contract additions, net of dealer charge-backs	$ 586,994	$ 564,652

Goodwill and Other Intangible_6

Goodwill and Other Intangible Assets - Schedule of Finite-Lived Intangible Assets, Amortization Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Definite-lived intangible asset amortization expense	$ 610,389	$ 613,679	$ 909,059

Goodwill and Other Intangible_7

Goodwill and Other Intangible Assets - Schedule of Finite-Lived Intangible Assets, Future Amortization Expense (Details) $ in Thousands	Dec. 31, 2024 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2025	$ 575,002
2026	493,508
2027	427,736
2028	378,363
2029	342,846
Thereafter	$ 1,303,644

Debt - Schedule of Long-term De

Debt - Schedule of Long-term Debt Instruments (Details) - USD ($) $ in Thousands	1 Months Ended		3 Months Ended	12 Months Ended
	Dec. 31, 2024	Apr. 30, 2024	Mar. 31, 2024	Dec. 31, 2024	Dec. 31, 2023	Jan. 15, 2023	Jul. 31, 2021
Debt Instrument [Line Items]
Total debt principal, excluding finance leases	$ 7,791,903			$ 7,791,903	$ 7,936,540
Plus: Finance lease obligations	69,442			69,442	69,468
Less: Unamortized debt discount, net	(12,081)			(12,081)	(15,005)
Less: Unamortized deferred financing costs	(26,990)			(26,990)	(39,620)
Less: Unamortized purchase accounting fair value adjustment and other	(115,201)			(115,201)	(125,866)
Total debt	7,707,073			7,707,073	7,825,517
Less: Current maturities of long-term debt, net of unamortized debt discount	(195,791)			(195,791)	(312,061)
Long-term debt	$ 7,511,282			$ 7,511,282	7,513,456
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]	Secured Overnight Financing Rate (SOFR)	Secured Overnight Financing Rate (SOFR)	Secured Overnight Financing Rate (SOFR)	Secured Overnight Financing Rate (SOFR)
First Lien Term Loan B due 2030 | Secured Debt
Debt Instrument [Line Items]
Long-term debt, gross	$ 1,984,090			$ 1,984,090	$ 1,375,000
First Lien Term Loan B due 2030 | Secured Debt | Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Interest rate	2%			2%	2%
First Lien Revolving Credit Facility | Secured Debt
Debt Instrument [Line Items]
Long-term debt, gross	$ 0			$ 0	$ 0
First Lien Revolving Credit Facility | Secured Debt | Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Interest rate	2%			2%	2%
Term Loan A Facility | Secured Debt
Debt Instrument [Line Items]
Long-term debt, gross	$ 0			$ 0	$ 625,625
Term Loan A Facility | Secured Debt | Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Interest rate	2.25%			2.25%	2.25%
First Lien Notes due 2024 | Secured Debt
Debt Instrument [Line Items]
Interest rate	5.25%			5.25%	5.25%
Long-term debt, gross	$ 0			$ 0	$ 99,999
First Lien Notes due 2026 | Secured Debt
Debt Instrument [Line Items]
Interest rate	5.75%			5.75%	5.75%
Long-term debt, gross	$ 1,350,000			$ 1,350,000	$ 1,350,000
First Lien Notes due 2027 | Secured Debt
Debt Instrument [Line Items]
Interest rate	3.375%			3.375%	3.375%
Long-term debt, gross	$ 1,000,000			$ 1,000,000	$ 1,000,000
First Lien Notes due 2029 | Secured Debt
Debt Instrument [Line Items]
Interest rate	4.125%			4.125%	4.125%		4.125%
Long-term debt, gross	$ 1,000,000			$ 1,000,000	$ 1,000,000
Second Lien Notes due 2028 | Secured Debt
Debt Instrument [Line Items]
Interest rate	6.25%			6.25%	6.25%	6.25%
Long-term debt, gross	$ 1,300,000			$ 1,300,000	$ 1,300,000
ADT Notes due 2032 | Notes Payable to Banks
Debt Instrument [Line Items]
Interest rate	4.875%			4.875%	4.875%
Long-term debt, gross	$ 728,016			$ 728,016	$ 728,016
ADT Notes due 2042 | Notes Payable to Banks
Debt Instrument [Line Items]
Interest rate	4.875%			4.875%	4.875%
Long-term debt, gross	$ 21,896			$ 21,896	$ 21,896
2020 Receivables Facility | Secured Debt
Debt Instrument [Line Items]
Long-term debt, gross	$ 407,901			$ 407,901	$ 436,004
2020 Receivables Facility | Secured Debt | Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Interest rate	1.05%			1.05%
2020 Receivables Facility | Secured Debt | Cost Of Fund Rate (COF)
Debt Instrument [Line Items]
Interest rate	0.95%			0.95%

Debt - First Lien Credit Agreem

Debt - First Lien Credit Agreement (Details) - USD ($) $ in Millions			1 Months Ended					3 Months Ended	12 Months Ended
	Feb. 07, 2025	Feb. 06, 2025	Dec. 31, 2024	Oct. 31, 2024	May 31, 2024	Apr. 30, 2024	Oct. 31, 2023	Mar. 31, 2024	Dec. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]			Secured Overnight Financing Rate (SOFR)			Secured Overnight Financing Rate (SOFR)		Secured Overnight Financing Rate (SOFR)	Secured Overnight Financing Rate (SOFR)
First Lien Revolving Credit Facility | Secured Debt
Debt Instrument [Line Items]
Debt instrument, quarterly repayment, percentage			0.25%						0.25%
Debt instrument, quarterly repayment premium, percentage			1%						1%
Debt instrument, excess cash flow, threshold, percentage			0%						0%
Debt instrument, covenant, leverage ratio, maximum			2.20						2.20
First Lien Revolving Credit Facility | Line of Credit
Debt Instrument [Line Items]
Line of credit facility, expiration period				91 days
Line of credit facility, covenant, springing maturity, outstanding balance threshold trigger			$ 350						$ 350
Line of credit facility, increase (decrease), net				$ 225
Line of credit facility, maximum borrowing capacity				$ 800
First Lien Revolving Credit Facility | Line of Credit | Subsequent Event
Debt Instrument [Line Items]
Debt Instrument, term		7 years
Line of credit facility, maximum borrowing capacity		$ 600
First Lien Revolving Credit Facility | Line of Credit | Minimum
Debt Instrument [Line Items]
Line of credit facility, unused capacity, commitment fee percentage				0.20%					0.20%
First Lien Revolving Credit Facility | Line of Credit | Maximum
Debt Instrument [Line Items]
Line of credit facility, unused capacity, commitment fee percentage				0.30%					0.30%
First Lien Revolving Credit Facility | Line of Credit | Step Downs Scenario 1
Debt Instrument [Line Items]
Debt instrument, covenant, leverage ratio, maximum			2						2
Base rate, percentage									1.75%
First Lien Revolving Credit Facility | Line of Credit | Step Downs Scenario 1 | Minimum
Debt Instrument [Line Items]
Line of credit facility, unused capacity, commitment fee percentage									0.25%
First Lien Revolving Credit Facility | Line of Credit | Step Downs Scenario 2
Debt Instrument [Line Items]
Debt instrument, covenant, leverage ratio, maximum			1.50						1.50
Base rate, percentage									1.50%
First Lien Revolving Credit Facility | Line of Credit | Step Downs Scenario 2 | Minimum
Debt Instrument [Line Items]
Line of credit facility, unused capacity, commitment fee percentage									0.20%
First Lien Revolving Credit Facility | Line of Credit | Base Rate
Debt Instrument [Line Items]
Base rate, percentage									1%
First Lien Revolving Credit Facility | Line of Credit | Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Base rate, percentage									2%
First Lien Term Loan B due 2030 | Base Rate
Debt Instrument [Line Items]
Base rate, percentage									1%
First Lien Term Loan B due 2030 | Secured Debt
Debt Instrument [Line Items]
Base rate, percentage			2%			2.25%		2.50%
Debt instrument, refinance amount							$ 1,375
Debt Instrument, term							7 years
Exchanged debt, principal amount					$ 143
Line of credit facility, increase (decrease), net					$ 474
First Lien Term Loan B due 2030 | Secured Debt | Federal Funds Rate
Debt Instrument [Line Items]
Base rate, percentage									0.50%
First Lien Term Loan B due 2030 | Secured Debt | Base Rate
Debt Instrument [Line Items]
Base rate, percentage									1%
First Lien Term Loan B due 2030 | Secured Debt | Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Base rate, percentage									2%
First Lien Notes due 2026 | Secured Debt
Debt Instrument [Line Items]
Extinguishment of debt, amount							$ 1,300
First Lien Notes due 2026 | Secured Debt | Subsequent Event
Debt Instrument [Line Items]
Extinguishment of debt, amount	$ 500
First Lien Credit Agreement | Line of Credit
Debt Instrument [Line Items]
Proceeds from (repayments of) debt									$ 704
First Lien Term Loan B Due 2026 and Due 2030 | Line of Credit
Debt Instrument [Line Items]
Proceeds from (repayments of) debt										$ 230

Debt - First Lien Revolving Cre

Debt - First Lien Revolving Credit Facility (Details) - USD ($) $ in Millions	1 Months Ended	12 Months Ended
	Oct. 31, 2024	Dec. 31, 2024	Dec. 31, 2022
First Lien Revolving Credit Facility | Line of Credit
Debt Instrument [Line Items]
Line of credit facility, expiration period	91 days
Line of credit facility, covenant, springing maturity, outstanding balance threshold trigger		$ 350
Line of credit facility, increase (decrease), net	$ 225
Line of credit facility, maximum borrowing capacity	$ 800
First Lien Revolving Credit Facility | Line of Credit | Revolving Credit Facility
Debt Instrument [Line Items]
Proceeds from lines of credit		365	$ 550
Repayments of lines of credit		365	$ 575
First Lien Credit Agreement | Revolving Credit Facility
Debt Instrument [Line Items]
Available borrowing capacity		$ 800

Debt - Term Loan A Facility (De

Debt - Term Loan A Facility (Details) - Secured Debt - USD ($) $ in Millions		1 Months Ended
	Jun. 15, 2023	May 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Mar. 14, 2023
Term Loan A Facility
Debt Instrument [Line Items]
Debt instrument, face amount					$ 600
Repayments of secured debt			$ 100	$ 600
Extinguishment of debt, amount		$ 474
ADT Notes due 2023
Debt Instrument [Line Items]
Repayments of secured debt			$ 100	$ 600
Interest rate					4.125%
Repayments of senior debt	$ 50
Incremental Term A Loans
Debt Instrument [Line Items]
Debt instrument, face amount					$ 50
First Lien Term Loan B due 2030
Debt Instrument [Line Items]
Exchanged debt, principal amount		$ 143

Debt - First Lien Notes (Detail

Debt - First Lien Notes (Details) - USD ($) $ in Millions					1 Months Ended				12 Months Ended
	Aug. 01, 2028	Aug. 31, 2026	Feb. 07, 2025	Jan. 15, 2023	Apr. 30, 2024	Dec. 31, 2023	Oct. 31, 2023	May 31, 2023	Dec. 31, 2024	Jul. 31, 2021
First Lien Notes due 2024 | Secured Debt
Debt Instrument [Line Items]
Interest rate						5.25%			5.25%
ADT Notes Due 2024 | Secured Debt
Debt Instrument [Line Items]
Extinguishment of debt, amount					$ 100	$ 500		$ 150
Repayments of senior debt					$ 100	$ 500		$ 150
First Lien Notes due 2026
Debt Instrument [Line Items]
Redemption price, maximum percentage									101%
First Lien Notes due 2026 | Secured Debt
Debt Instrument [Line Items]
Interest rate						5.75%			5.75%
Extinguishment of debt, amount							$ 1,300
First Lien Notes due 2026 | Secured Debt | Subsequent Event
Debt Instrument [Line Items]
Extinguishment of debt, amount			$ 500
First Lien Notes due 2027 | Secured Debt
Debt Instrument [Line Items]
Interest rate						3.375%			3.375%
Redemption price, maximum percentage									101%
First Lien Notes due 2027 | Secured Debt | Forecast | Debt Instrument, Redemption, On or After 2026
Debt Instrument [Line Items]
Redemption price, maximum percentage		100%
First Lien Notes due 2029 | Secured Debt
Debt Instrument [Line Items]
Interest rate						4.125%			4.125%	4.125%
Redemption price, maximum percentage									101%
Debt instrument, face amount										$ 1,000
First Lien Notes due 2029 | Secured Debt | Debt Instrument, Redemption, Prior to 2028
Debt Instrument [Line Items]
Redemption price, maximum percentage									100%
Debt instrument, interest rate, adjusted treasury rate									50
First Lien Notes due 2029 | Secured Debt | Forecast | Debt Instrument, Redemption, On or After 2028
Debt Instrument [Line Items]
Redemption price, maximum percentage	100%
Second Lien Notes due 2028 | Secured Debt
Debt Instrument [Line Items]
Interest rate				6.25%		6.25%			6.25%
Redemption price, maximum percentage									101%
Second Lien Notes due 2028 | Secured Debt | Debt Instrument, Redemption, On or After 2023
Debt Instrument [Line Items]
Redemption price, maximum percentage				100%

Debt - ADT Notes (Details)

Debt - ADT Notes (Details) - Secured Debt - USD ($) $ in Millions	1 Months Ended		12 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2024
ADT Notes due 2023
Debt Instrument [Line Items]
Redemption price, maximum percentage			101%
Repayments of secured debt	$ 100	$ 600
Term Loan A Facility
Debt Instrument [Line Items]
Repayments of secured debt	100	$ 600
Incremental Term A Loans
Debt Instrument [Line Items]
Proceeds from issuance of secured debt	$ 50

Debt - Receivables Facility and

Debt - Receivables Facility and Variable Interest Entity (Details) - USD ($) $ in Millions	1 Months Ended
	Apr. 30, 2024	Dec. 31, 2024	Dec. 31, 2023	Mar. 31, 2023	Feb. 28, 2023
Variable Interest Entity, Primary Beneficiary
Debt Instrument [Line Items]
Transfers accounted for as secured borrowings, assets, carrying amount		$ 575	$ 610
2020 Receivables Facility
Debt Instrument [Line Items]
Receivables facility maximum limit	$ 550			$ 500	$ 400
Proceeds from (repayments of) secured debt	$ 32
Available borrowing capacity		$ 142

Debt - Solar Receivables Facili

Debt - Solar Receivables Facility (Details) $ in Millions	Aug. 02, 2023 USD ($)
Revolving Credit Facility | Solar Receivables Financing Agreement | Line of Credit
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	$ 300

Debt - Debt Covenants and Loss

Debt - Debt Covenants and Loss on Extinguishment of Debt (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Gain (loss) on extinguishment of debt	$ (4,802)	$ (16,621)	$ 0
Interest expense, debt	$ 451,000	586,000	$ 277,000
Segment Reporting, Reconciling Item, Excluding Corporate Nonsegment
Debt Instrument [Line Items]
Gain (loss) on extinguishment of debt		$ (17,000)
Revolving Credit Facility | First Lien Credit Agreement | Line of Credit
Debt Instrument [Line Items]
Debt instrument leverage ratio percent	30%

Debt - Schedule of Maturities o

Debt - Schedule of Maturities of Long-term Debt (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Debt principal
2025	$ 170,198
2026	1,499,939
2027	1,099,518
2028	1,367,345
2029	1,019,841
Thereafter	2,635,062
Total debt principal	7,791,903	$ 7,936,540
Interest expense, debt	$ 451,000	$ 586,000	$ 277,000

Derivative Financial Instrume_3

Derivative Financial Instruments - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2024	Apr. 30, 2023	Mar. 31, 2023	Oct. 31, 2019
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, notional amount	$ 3,800,000	$ 3,800,000
Terminated Interest Rate Swap
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, notional amount					$ 3,800,000
Terminated Interest Rate Swap | Cash Flow Hedges | Designated as Hedging Instrument
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, notional amount					2,800,000
October 2019 - Not Designated | Not Designated as Hedging Instrument
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, notional amount	2,800,000	2,800,000			$ 2,800,000
March And April 2023 - Not Designated | Not Designated as Hedging Instrument
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, notional amount			$ 300,000	$ 300,000
December 2023 - Not Designated | Not Designated as Hedging Instrument
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, notional amount	700,000	$ 700,000
Interest Rate Swap | Interest Expense
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Other comprehensive income (loss), cash flow hedge, gain (loss), before reclassification and tax	$ 25,000

Derivative Financials Instrumen

Derivative Financials Instruments - Schedule of Derivative Instruments (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Oct. 31, 2019
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, notional amount	$ 3,800,000	$ 3,800,000
October 2019 - Not Designated | Not Designated as Hedging Instrument
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, notional amount	2,800,000	2,800,000	$ 2,800,000
March 2023 - Not Designated | Not Designated as Hedging Instrument
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, notional amount	100,000	100,000
April 2023 - Not Designated | Not Designated as Hedging Instrument
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, notional amount	200,000	200,000
December 2023 - Not Designated | Not Designated as Hedging Instrument
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, notional amount	$ 700,000	$ 700,000

Derivative Financial Instrume_4

Derivative Financial Instruments - Schedule of Derivative Liabilities at Fair Value (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Prepaid expenses and other current assets	$ 210,613	$ 242,192
Other assets	735,319	699,231
Accrued expenses and other current liabilities	634,904	556,114
Other liabilities	224,384	219,069
Unrealized (gain) loss on interest rate swap contracts	(45,160)	(38,497)	$ 301,851
Interest Rate Swap | Interest Expense
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Unrealized (gain) loss on interest rate swap contracts	(27,164)	(22,174)	301,851
Interest Rate Swap | Other income (expense)
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Unrealized (gain) loss on interest rate swap contracts	(17,996)	(16,511)	$ 0
Interest Rate Swap | Not Designated as Hedging Instrument
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Prepaid expenses and other current assets	56,164	74,974
Accrued expenses and other current liabilities	1,466	5,312
Interest Rate Swap | Designated as Hedging Instrument
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Other assets	54,102	76,493
Other liabilities	$ 208	$ 1,325

Derivative Financial Instrume_5

Derivative Financial Instruments - Changes in Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Changes In Accumulated Other Comprehensive Loss [Roll Forward]
Beginning balance	$ 3,788,646	$ 3,393,148	$ 3,248,719
Ending balance	3,800,801	3,788,646	3,393,148
Cash Flow Hedges
Changes In Accumulated Other Comprehensive Loss [Roll Forward]
Beginning balance	(13,384)	(45,513)	(71,267)
Pre-tax current period change	7,921	42,295	33,946
Income tax benefit (expense)	(1,913)	(10,166)	(8,192)
Ending balance	$ (7,376)	$ (13,384)	$ (45,513)

Income Taxes - Schedule of Loss

Income Taxes - Schedule of Loss before Income Taxes for Domestic and Foreign Locations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
United States	$ 808,476	$ 601,370	$ 401,746
Foreign	6,694	3,013	2,712
Income (loss) from continuing operations before income taxes and equity in net earnings (losses) of equity method investee	$ 815,170	$ 604,383	$ 404,458

Income Taxes - Schedule of Comp

Income Taxes - Schedule of Components of Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Current:
Federal	$ 1,027	$ (358)	$ (184)
State	(13,829)	(57,024)	(28,100)
Foreign	(2,096)	(923)	(691)
Current income tax benefit (expense)	(14,898)	(58,305)	(28,975)
Deferred:
Federal	(105,711)	(136,457)	(43,203)
State	(33,702)	11,704	24,029
Foreign	(170)	(194)	(401)
Deferred income tax benefit (expense)	(139,583)	(124,947)	(19,575)
Income tax benefit (expense)	(195,780)	(160,585)	(87,692)
Income tax expense (benefit), continuing operations, discontinued operations	(154,481)	(183,252)	(48,550)
Continuing operations
Deferred:
Income tax benefit (expense)	(195,780)	(160,585)	(87,692)
Discontinued operations
Deferred:
Income tax benefit (expense)	$ 41,299	$ (22,667)	$ 39,142

Income Taxes - Schedule of Effe

Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Details)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Statutory federal tax rate	21%	21%	21%
State income taxes, net of federal benefits	5.40%	6.10%	3%
Non-U.S. tax	0.30%	0.20%	0.30%
Non-deductible and non-taxable charges	0.80%	1%	5.10%
Valuation allowance	0%	0%	(0.60%)
Unrecognized tax benefits	(4.00%)	(1.00%)	(2.30%)
Share-based compensation	0.10%	0%	(0.60%)
Non-deductible goodwill on dispositions	0%	0.70%	0%
Federal credits	0.10%	(0.60%)	(2.90%)
Acquisitions and dispositions	1.20%	(0.90%)	(0.20%)
Legislative changes	(0.40%)	0.60%	(2.10%)
Prior year return adjustments	(0.60%)	(0.60%)	1.10%
Other	0.10%	0.10%	(0.10%)
Effective tax rate	24%	26.60%	21.70%

Income Taxes - Schedule of Defe

Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Deferred tax assets:
Accrued liabilities and reserves	$ 94,084	$ 90,351
Tax loss and credit carryforwards	75,927	132,230
Disallowed interest carryforward	230,048	150,492
Deferred revenue	218,639	225,499
Other	91,892	112,194
Total deferred tax assets	710,590	710,766
Valuation allowance	(12,264)	(12,264)
Deferred tax assets, net of valuation allowance	698,326	698,502
Deferred tax liabilities:
Subscriber system assets	(757,046)	(761,203)
Intangible assets	(1,051,499)	(893,292)
Other	(56,994)	(71,196)
Total deferred tax liabilities	(1,865,539)	(1,725,691)
Net deferred tax assets (liabilities)	$ (1,167,213)	$ (1,027,189)

Income Taxes - Summary of Valua

Income Taxes - Summary of Valuation Allowance (Details) - SEC Schedule, 12-09, Valuation Allowance, Deferred Tax Asset - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Beginning balance	$ (12,264)	$ (57,715)	$ (60,157)
Income tax benefit (expense)	0	43,277	2,428
Write-offs and other	0	2,174	14
Ending balance	$ (12,264)	$ (12,264)	$ (57,715)

Income Taxes - Schedule of Unre

Income Taxes - Schedule of Unrecognized Tax Benefits Roll Forward (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Unrecognized Tax Benefits [Roll Forward]
Beginning balance	$ 48,823	$ 56,177	$ 66,221
Gross increase related to prior year tax positions	9,933	517	5,063
Gross decrease related to prior year tax positions	(5,108)	0	0
Decreases related to lapse of statute of limitation	(29,042)	(7,871)	(15,107)
Ending balance	$ 24,606	$ 48,823	$ 56,177

Income Taxes - Summary of Open

Income Taxes - Summary of Open Tax Years (Details)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Federal
Income Tax Examination [Line Items]
Years Open to Audit	2023	2021
State
Income Tax Examination [Line Items]
Years Open to Audit	2023			2019
Canada
Income Tax Examination [Line Items]
Years Open to Audit	2023		2020

Equity - Narrative (Details)

Equity - Narrative (Details) $ / shares in Units, $ in Thousands					1 Months Ended						3 Months Ended								12 Months Ended
	Feb. 27, 2025 $ / shares	Oct. 26, 2022 USD ($) $ / shares shares	Oct. 13, 2022 director	Sep. 05, 2022 USD ($) $ / shares shares	Dec. 31, 2024 USD ($) vote $ / shares shares	Oct. 31, 2024 USD ($) $ / shares shares	Mar. 31, 2024 USD ($) $ / shares shares	Oct. 31, 2022 USD ($) shares	Jun. 30, 2022 shares	Sep. 30, 2020 USD ($) $ / shares shares	Dec. 31, 2024 USD ($) vote $ / shares shares	Sep. 30, 2024 USD ($) $ / shares	Jun. 30, 2024 USD ($) $ / shares	Mar. 31, 2024 USD ($) $ / shares	Dec. 31, 2023 USD ($) $ / shares shares	Sep. 30, 2023 USD ($) $ / shares	Jun. 30, 2023 USD ($) $ / shares	Mar. 31, 2023 USD ($) $ / shares	Dec. 31, 2024 USD ($) vote class $ / shares shares	Dec. 31, 2023 USD ($) $ / shares shares	Dec. 31, 2022 USD ($) $ / shares shares	Feb. 28, 2025 USD ($)	Jan. 31, 2025 USD ($)	Jan. 24, 2024 USD ($)	Sep. 12, 2022 $ / shares shares	Jan. 31, 2018 $ / shares
Class of Stock [Line Items]
Preferred stock, par value (in dollars per share) | $ / shares					$ 0.01					$ 0.01	$ 0.01				$ 0.01				$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares) | shares					1,000,000					1,000,000	1,000,000				1,000,000				1,000,000	1,000,000
Number of class of common stock | class																			2
Number of vote for each share | vote					1						1								1
Number of shares convertible into common stock (in shares) | shares					1						1								1
Issuance of shares for acquisition of business																			$ 0	$ 0	$ 55,485
Stock repurchase program, authorized amount		$ 1,200,000																						$ 350,000
Treasury stock, shares, acquired (in shares) | shares					15,000,000
Shares acquired, average cost per share (in dollars per share) | $ / shares					$ 6.95
Treasury stock, value, acquired, cost method					$ 104,000
Stock repurchase program, number of shares authorized to be repurchased (in shares) | shares		133,000,000			133,000,000						133,000,000								133,000,000						133,000,000
Stock repurchase program (in dollars per share) | $ / shares		$ 9																							$ 9
Forward share repurchase contract, value																			$ 0	$ 0	$ 41,938
Number of director, increase | director			1
Number of days without designee			5 days
Opportunity funds, maximum investment amount		$ 300,000
Opportunity funds, investment amount received		$ 100,000
Common stock, dividends, per share, declared (in dollars per share) | $ / shares											$ 0.055	$ 0.055	$ 0.055	$ 0.055	$ 0.035	$ 0.035	$ 0.035	$ 0.035	$ 0.220	$ 0.140	$ 0.14
Dividends, common stock											$ 46,012	$ 47,146	$ 47,137	$ 47,059	$ 30,358	$ 30,405	$ 30,256	$ 30,342	$ 187,354	$ 121,361	$ 120,000
Right Of First Refusal (ROFR)
Class of Stock [Line Items]
Equity method investments, termination -period		5 days
Other Nonoperating Income (Expense)
Class of Stock [Line Items]
Change in fair value of financial instruments, current																					(63,000)
Additional Paid-In Capital
Class of Stock [Line Items]
Forward share repurchase contract, value		$ 42,000																			41,938
Subsequent Event
Class of Stock [Line Items]
Stock repurchase program, authorized amount																						$ 500,000
Share repurchase program, remaining authorized, amount																							$ 5,000
Common stock, dividends, per share, declared (in dollars per share) | $ / shares	$ 0.055
ADT Solar Acquisition
Class of Stock [Line Items]
Issuance of shares for acquisition of business																					$ 40,000
Private Placement
Class of Stock [Line Items]
Sale of stock, number of shares issued in transaction (in shares) | shares				133,000,000				133,000,000
Sale of stock, consideration received on transaction				$ 1,200,000				$ 1,200,000
Sale of stock, price per share (in dollars per share) | $ / shares				$ 9
Class B Common Stock
Class of Stock [Line Items]
Common stock, shares authorized (in shares) | shares					100,000,000					100,000,000	100,000,000				100,000,000				100,000,000	100,000,000
Common stock, par value (in dollars per share) | $ / shares					$ 0.01					$ 0.01	$ 0.01				$ 0.01				$ 0.01	$ 0.01						$ 0.01
Sale of stock, number of shares issued in transaction (in shares) | shares										54,744,525
Sale of stock, consideration received on transaction										$ 450,000
Common stock, dividends, per share, declared (in dollars per share) | $ / shares											$ 0.055	$ 0.055	$ 0.055	$ 0.055	$ 0.035	$ 0.035	$ 0.035	$ 0.035	$ 0.220	$ 0.140	$ 0.14
Dividends, common stock											$ 3,011	$ 3,011	$ 3,011	$ 3,011	$ 1,916	$ 1,916	$ 1,916	$ 1,916	$ 12,044	$ 7,664	$ 8,000
Common Stock
Class of Stock [Line Items]
Common stock, shares authorized (in shares) | shares					3,999,000,000						3,999,000,000				3,999,000,000				3,999,000,000	3,999,000,000
Common stock, par value (in dollars per share) | $ / shares					$ 0.01						$ 0.01				$ 0.01				$ 0.01	$ 0.01
Business combination, common shares issued (in shares) | shares									2,000,000
Treasury stock, shares, acquired (in shares) | shares						16,000,000	15,000,000
Shares acquired, average cost per share (in dollars per share) | $ / shares						$ 7.20	$ 6.22
Treasury stock, value, acquired, cost method						$ 115,000	$ 93,000
Common Stock | Nonrelated Party
Class of Stock [Line Items]
Treasury stock, shares, acquired (in shares) | shares						5,000,000
Shares acquired, average cost per share (in dollars per share) | $ / shares						$ 6.40
Treasury stock, value, acquired, cost method						$ 32,000
Common Stock | State Farm
Class of Stock [Line Items]
Equity method investment, ownership percentage			18%
Common Stock | State Farm | Right Of First Refusal (ROFR)
Class of Stock [Line Items]
Equity method investment, ownership percentage		50%
Common Stock | Prime Security Services TopCo Parent, L.P.
Class of Stock [Line Items]
Equity method investment, ownership percentage		25%
Common Stock | ADT | State Farm
Class of Stock [Line Items]
Noncontrolling interest, ownership percentage by noncontrolling owners			15%		10%						10%								10%
Common Stock | ADT Solar Acquisition
Class of Stock [Line Items]
Business combination, common shares issued (in shares) | shares																					5,300,000

Equity - Schedule of Dividends

Equity - Schedule of Dividends Declared (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended								12 Months Ended
	Feb. 27, 2025	Dec. 31, 2024	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Accumulated Other Comprehensive Income (Loss) [Line Items]
Common stock, dividends, per share, declared (in dollars per share)		$ 0.055	$ 0.055	$ 0.055	$ 0.055	$ 0.035	$ 0.035	$ 0.035	$ 0.035	$ 0.220	$ 0.140	$ 0.14
Dividends, common stock		$ 46,012	$ 47,146	$ 47,137	$ 47,059	$ 30,358	$ 30,405	$ 30,256	$ 30,342	$ 187,354	$ 121,361	$ 120,000
Subsequent Event
Accumulated Other Comprehensive Income (Loss) [Line Items]
Common stock, dividends, per share, declared (in dollars per share)	$ 0.055
Class B Common Stock
Accumulated Other Comprehensive Income (Loss) [Line Items]
Common stock, dividends, per share, declared (in dollars per share)		$ 0.055	$ 0.055	$ 0.055	$ 0.055	$ 0.035	$ 0.035	$ 0.035	$ 0.035	$ 0.220	$ 0.140	$ 0.14
Dividends, common stock		$ 3,011	$ 3,011	$ 3,011	$ 3,011	$ 1,916	$ 1,916	$ 1,916	$ 1,916	$ 12,044	$ 7,664	$ 8,000

Share-Based Compensation - Disc

Share-Based Compensation - Disclosure of Share-based Compensation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation expense	$ 48,613	$ 51,137	$ 66,566
Selling, general, and administrative expenses
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation expense	48,745	38,626	52,945
Income (loss) from discontinued operations, net of tax
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation expense	$ (132)	$ 12,511	$ 13,621

Share-Based Compensation - Narr

Share-Based Compensation - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	3 Months Ended	12 Months Ended
	Jan. 31, 2018	Jun. 30, 2024	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation expense			$ 48,613	$ 51,137	$ 66,566
IPO
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, award requisite service period			3 years
Initial public offering, vested period			6 months
Modified Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation expense		$ 13,000
Share-Based Compensation, 2016 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, number of shares authorized (in shares)			5,000,000
Class B Units | Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Conversion of stock, issued (in shares)			20,600,000
Common stock, service award vesting conditions, percentage			50%
Common stock, award requisite service period			5 years
Class B units stock, percent with performance award vesting conditions			50%
Share-based Compensation, 2018 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, number of shares authorized (in shares)			138,000,000
Common stock, award requisite service period	12 months
Common stock, number of shares additional authorized (in shares)			50,000,000
Share-based Compensation, 2018 Plan | Share-based Payment Arrangement, Top-up Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, award requisite service period	3 years
Initial public offering, vested period	6 months
Granted (in shares)	12,700,000
Share-based compensation arrangement by share-based payment award, contractual terms of award	10 years
Share-based Compensation, 2018 Plan | Share-based Payment Arrangement, Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)			6,831,794	0	0
Class B units stock, terms of award	3 years
Share-based compensation arrangement by share-based payment award, award grant period	10 years
Share-based compensation arrangement by Share-based payment award, options, grants in period, weighted average grant date fair value (in dollars per share)			$ 2.56
Share-based Compensation, 2018 Plan | Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, award requisite service period			3 years
Total share-based compensation expense			$ 25,000	$ 47,000	$ 55,000
Granted (in dollars per share)			$ 6.65	$ 7.56	$ 7.85
Share-based compensation arrangement by share-based payment award, equity instruments other than options, vested in period, fair value			$ 34,000	$ 56,000	$ 59,000
RSUs grants, nonvested award, cost not yet recognized, amount			$ 27,000
Stock options, nonvested award, cost not yet recognized, period for recognition			1 year 10 months 24 days

Share-Based Compensation - Summ

Share-Based Compensation - Summary of Distributed Shares Activity (Details) - Restricted Stock, Performance Tranche - Class B Units	12 Months Ended
	Dec. 31, 2024 $ / shares shares
Number of Distributed Shares
Beginning of period (in shares) | shares	9,194,312
Vested (in shares) | shares	(2,509,806)
Forfeited (in shares) | shares	0
End of period (in shares) | shares	6,684,506
Weighted-Average Grant Date Fair Value
Beginning of period (in dollars per share) | $ / shares	$ 13.05
Vested (in dollars per share) | $ / shares	13.08
Forfeited (in dollars per share) | $ / shares	0
Weighted-average grant date fair value (in dollars per share) | $ / shares	$ 10.44

Share-Based Compensation - Su_2

Share-Based Compensation - Summary of Related to the 2018 Plan Options Activity (Details) - Share-based Compensation, 2018 Plan - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Top-up Options, Service Tranche
Number of Options
Balance at beginning of period (in shares)	5,955,254
Exercised (in shares)	0
Forfeited (in shares)	0
Balance at end of period (in shares)	5,955,254	5,955,254
Weighted-Average Grant Date Fair Value
Balance at beginning of period (in dollars per share)	$ 13.30
Exercised (in dollars per share)	0
Forfeited (in dollars per share)	0
Balance at end of period (in dollars per share)	$ 13.30	$ 13.30
Number of options, exercisable (in shares)	5,955,254
Weighted-average exercise price, exercisable (in dollars per share)	$ 13.30
Top-up Options, Performance Tranche
Number of Options
Balance at beginning of period (in shares)	5,641,244
Exercised (in shares)	0
Forfeited (in shares)	(16,643)
Balance at end of period (in shares)	5,624,601	5,641,244
Weighted-Average Grant Date Fair Value
Balance at beginning of period (in dollars per share)	$ 13.30
Exercised (in dollars per share)	0
Forfeited (in dollars per share)	13.30
Balance at end of period (in dollars per share)	$ 13.30	$ 13.30
Number of options, exercisable (in shares)	1,586,252
Weighted-average exercise price, exercisable (in dollars per share)	$ 13.30
Top-up Options
Weighted-Average Grant Date Fair Value
Aggregate intrinsic value, outstanding	$ 0
Aggregate intrinsic value, exercisable	$ 0
Weighted-average remaining contractual term, outstanding	3 years
Weighted-average remaining contractual term, exercisable	3 years
Share-based Payment Arrangement, Option
Number of Options
Balance at beginning of period (in shares)	16,828,305
Granted (in shares)	6,831,794	0	0
Exercised (in shares)	(1,907,455)
Forfeited (in shares)	(502,934)
Balance at end of period (in shares)	21,249,710	16,828,305
Weighted-Average Grant Date Fair Value
Balance at beginning of period (in dollars per share)	$ 6.70
Granted (in dollars per share)	6.51
Exercised (in dollars per share)	5.37
Forfeited (in dollars per share)	6.49
Balance at end of period (in dollars per share)	$ 6.77	$ 6.70
Number of options, exercisable (in shares)	14,568,776
Weighted-average exercise price, exercisable (in dollars per share)	$ 7.83
Aggregate intrinsic value, outstanding	$ 18,048,000
Aggregate intrinsic value, exercisable	$ 14,322,000
Weighted-average remaining contractual term, outstanding	5 years 10 months 24 days
Weighted-average remaining contractual term, exercisable	4 years 1 month 6 days

Share-Based Compensation - Sche

Share-Based Compensation - Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions (Details) - Share-based Payment Arrangement, Option - Share-based Compensation, 2018 Plan	12 Months Ended
	Dec. 31, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected exercise term (years)	7 years
Expected volatility	49.90%
Expected dividend yield	3.40%
Risk-free interest rate	4%

Share-Based Compensation - Su_3

Share-Based Compensation - Summary of Related 2018 Plan RSUs Activity (Details) - Restricted Stock Units (RSUs) - Share-based Compensation, 2018 Plan - $ / shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Number of RSUs
Beginning of period (in shares)	9,237,384
Granted (in shares)	5,155,150
Vested (in shares)	(4,792,066)
Forfeited (in shares)	(1,336,453)
End of period (in shares)	8,264,015	9,237,384
Weighted-Average Grant Date Fair Value
Beginning of period (in dollars per share)	$ 7.66
Granted (in dollars per share)	6.65	$ 7.56	$ 7.85
Vested (in dollars per share)	7.72
Forfeited (in dollars per share)	6.96
End of period (in dollars per share)	$ 7.14	$ 7.66

Net Income (Loss) Per Share - S

Net Income (Loss) Per Share - Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2024	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount (in shares)									7,000	9,000	9,000
Conversion of Class B Common Stock
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount (in shares)									20,000	17,000	15,000
Common Stock
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Allocation of income (loss) from continuing operations - basic									$ 581,980	$ 423,503	$ 293,331
Dilutive effect									13,671	8,885	8,428
Allocation of income (loss) from continuing operations - diluted									595,651	432,388	301,759
Allocation of income (loss) from discontinued operations, net of tax - basic									(111,197)	11,885	(168,676)
Dilutive effect									0	0	0
Allocation of income (loss) from discontinued operations, net of tax - diluted									$ (111,197)	$ 11,885	$ (168,676)
Weighted-average shares outstanding - basic (in shares)	831,575	850,462	848,273	855,893	858,094	857,423	857,581	854,299	846,521	856,843	848,465
Dilutive effect (in shares)									62,179	62,306	66,604
Weighted-average shares outstanding - diluted (in shares)	895,035	912,861	909,128	918,394	919,397	917,774	916,859	921,606	908,700	919,149	915,069
Income (loss) from continuing operations per share - basic (in dollars per share)	$ 0.22	$ 0.15	$ 0.14	$ 0.18	$ 0.12	$ 0.13	$ 0.20	$ 0.04	$ 0.69	$ 0.49	$ 0.35
Income (loss) from continuing operations per share - diluted (in dollars per share)	0.21	0.14	0.13	0.17	0.11	0.13	0.19	0.04	0.66	0.47	0.33
Income (loss) from discontinued operations, net of tax, per share - basic (in dollars per share)	(0.01)	(0.01)	(0.04)	(0.08)	0.51	(0.23)	(0.10)	(0.17)	(0.13)	0.01	(0.20)
Income (loss) from discontinued operations, net of tax, per share - diluted (in dollars per share)	$ (0.01)	$ (0.01)	$ (0.03)	$ (0.07)	$ 0.48	$ (0.21)	$ (0.09)	$ (0.16)	$ (0.12)	$ 0.01	$ (0.18)
Class B Common Stock
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Allocation of income (loss) from continuing operations - basic									$ 37,410	$ 26,867	$ 18,834
Dilutive effect									(1,627)	(1,221)	(764)
Allocation of income (loss) from continuing operations - diluted									35,783	25,646	18,070
Allocation of income (loss) from discontinued operations, net of tax - basic									(7,140)	754	(10,826)
Dilutive effect									0	0	0
Allocation of income (loss) from discontinued operations, net of tax - diluted									$ (7,140)	$ 754	$ (10,826)
Weighted-average shares outstanding - basic (in shares)	54,745	54,745	54,745	54,745	54,745	54,745	54,745	54,745	54,745	54,745	54,745
Dilutive effect (in shares)									0	0	0
Weighted-average shares outstanding - diluted (in shares)	54,745	54,745	54,745	54,745	54,745	54,745	54,745	54,745	54,745	54,745	54,745
Income (loss) from continuing operations per share - basic (in dollars per share)	$ 0.22	$ 0.15	$ 0.14	$ 0.18	$ 0.12	$ 0.13	$ 0.20	$ 0.04	$ 0.69	$ 0.49	$ 0.35
Income (loss) from continuing operations per share - diluted (in dollars per share)	0.21	0.14	0.13	0.17	0.11	0.13	0.19	0.04	0.66	0.47	0.33
Income (loss) from discontinued operations, net of tax, per share - basic (in dollars per share)	(0.01)	(0.01)	(0.04)	(0.08)	0.51	(0.23)	(0.10)	(0.17)	(0.13)	0.01	(0.20)
Income (loss) from discontinued operations, net of tax, per share - diluted (in dollars per share)	$ (0.01)	$ (0.01)	$ (0.03)	$ (0.07)	$ 0.48	$ (0.21)	$ (0.09)	$ (0.16)	$ (0.12)	$ 0.01	$ (0.18)

Net Income (Loss) Per Share - N

Net Income (Loss) Per Share - Narrative (Details) - shares shares in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Earnings Per Share [Abstract]
Antidilutive securities excluded from computation of earnings per share, amount (in shares)	7	9	9

Commitment and Contingencies -

Commitment and Contingencies - Schedule of Contractual Obligations Commitments (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
2025	$ 367,036
2026	111,562
2027	39,210
2028	31,515
2029	11,593
Thereafter	0
Total	$ 560,916	$ 190,000

Commitments and Contingencies -

Commitments and Contingencies - Narrative (Details) $ in Thousands	1 Months Ended			12 Months Ended
	Dec. 31, 2023 USD ($) vendor	Aug. 31, 2022 USD ($)	Jul. 31, 2020 USD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($) vendor	Feb. 28, 2025 USD ($)
Loss Contingencies [Line Items]
Number of commitment company vendor | vendor	1				1
Purchase obligation	$ 190,000			$ 560,916	$ 190,000
Increase (decrease) in purchase obligation				180,000
Purchase obligation, remaining amount				172,000
Purchase commitment, term	7 years
Guarantor obligations, maximum exposure, undiscounted	$ 78,000			74,000	78,000
Subsequent Event
Loss Contingencies [Line Items]
Guarantor obligations, relinquished amount						$ 21,000
Insured Claims
Loss Contingencies [Line Items]
Loss contingency accrual	110,000			94,000	110,000
Google
Loss Contingencies [Line Items]
Purchase obligation	200,000				200,000
Recovery of direct costs				$ 30,000	40,000
Purchase obligation, to be paid, year one and two	35,000				35,000
Purchase obligation, to be paid, year three and four	65,000				65,000
Purchase obligation, to be paid, after year four	$ 100,000				$ 100,000
Purchase obligation. cancelation fee percentage of total remaining amount	30%				30%
Google | First Two Years
Loss Contingencies [Line Items]
Purchase commitment, term	2 years
Google | Next Two Years
Loss Contingencies [Line Items]
Purchase commitment, term	2 years
Google | Last Three Years
Loss Contingencies [Line Items]
Purchase commitment, term	3 years
Google | Collaborative Arrangement, Transaction with Party to Collaborative Arrangement
Loss Contingencies [Line Items]
Collaborative arrangement, future milestone contributions			$ 150,000
Collaborative arrangement, additional future milestone contributions		$ 150,000

Leases - Schedule of Consolidat

Leases - Schedule of Consolidated Balance Sheet Information Related to Leases (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Leases [Abstract]
Operating lease, right-of-use asset, current	$ 80	$ 68
Operating lease, right-of-use asset, non-current	80,768	85,649
Finance lease, right-of-use asset, non-current	61,827	65,368
Total right-of-use assets	142,675	151,085
Operating lease, liability, current	18,811	13,035
Finance lease, liability, current	25,593	25,741
Operating lease, liability, noncurrent	77,884	80,189
Finance Lease, Liability, noncurrent	43,849	43,727
Total lease liabilities	$ 166,137	$ 162,692
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Prepaid expenses and other current assets	Prepaid expenses and other current assets
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Property and equipment, net	Property and equipment, net
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Accrued expenses and other current liabilities	Accrued expenses and other current liabilities
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Current maturities of long-term debt	Current maturities of long-term debt
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	Other liabilities	Other liabilities
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	Debt due to subsidiaries	Debt due to subsidiaries
Finance Lease, right-of-use asset, accumulated amortization	$ 66,000	$ 50,000

Leases - Schedule of Lease Cost

Leases - Schedule of Lease Cost (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
Operating lease cost	$ 27,615	$ 31,756	$ 33,574
Amortization of right-of-use assets	21,661	14,432	10,818
Interest on lease liabilities	4,528	2,466	1,689
Variable lease costs	35,017	36,273	42,899
Total lease cost	$ 88,821	$ 84,927	$ 88,980

Leases - Supplementary Cash Flo

Leases - Supplementary Cash Flow Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
Operating cash flows	$ 23,574	$ 42,883	$ 47,708
Operating cash flows	4,686	4,940	3,680
Financing cash flows	29,023	43,733	44,978
Operating leases	20,127	41,338	49,193
Finance leases	$ 35,451	$ 79,273	$ 48,439

Leases - Schedule of Operating

Leases - Schedule of Operating and Finance Lease Weighted Average Lease Term and Discount Rate (Details)	Dec. 31, 2024	Dec. 31, 2023
Weighted-average remaining lease term (years):
Operating leases	5 years 4 months 24 days	5 years 10 months 24 days
Finance leases	2 years 8 months 12 days	3 years 2 months 12 days
Weighted-average discount rate:
Operating leases	6.20%	6.10%
Finance leases	6.10%	5.90%

Leases - Schedule of Operatin_2

Leases - Schedule of Operating and Finance Lease, Liability, Maturity (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Operating Leases
2025	$ 20,443
2026	24,658
2027	20,975
2028	16,255
2029	11,276
Thereafter	23,422
Total lease payments (including interest)	117,029
Less interest	20,334
Total	96,695
Finance Lease, Liability, Payment, Due [Abstract]
2025	33,369
2026	22,529
2027	16,195
2028	2,809
2029	1
Thereafter	0
Total lease payments (including interest)	74,903
Less interest	5,461
Total	$ 69,442	$ 69,468

Retirement Plans (Details)

Retirement Plans (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Retirement Benefits [Abstract]
Defined contribution plan, cost	$ 29	$ 30	$ 31
Payment for other postretirement benefits	8
Defined benefit plan, plan assets, amount		51
Defined benefit plan, benefit obligation		59
Defined benefit plan, unfunded status of plan		(8)
Deferred compensation liability, classified, noncurrent	$ 34	$ 31

Related Party Transactions - Na

Related Party Transactions - Narrative (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands			1 Months Ended					12 Months Ended
	Oct. 28, 2024	Mar. 06, 2024	Dec. 31, 2024	Oct. 31, 2024	Mar. 31, 2024	Dec. 31, 2023	Oct. 31, 2020	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Oct. 13, 2022
Related Party Transaction [Line Items]
Treasury stock, shares, acquired (in shares)			15,000
Treasury stock, value, acquired, cost method			$ 104,000
Shares acquired, average cost per share (in dollars per share)			$ 6.95
Opportunity fund			$ 84,516			$ 93,950		$ 84,516	$ 93,950
Opportunity fund, payment								$ 14,000	11,000
Purchase commitment, term						7 years
Common Stock
Related Party Transaction [Line Items]
Treasury stock, shares, acquired (in shares)				16,000	15,000
Treasury stock, value, acquired, cost method				$ 115,000	$ 93,000
Shares acquired, average cost per share (in dollars per share)				$ 7.20	$ 6.22
Common Stock | ADT | State Farm
Related Party Transaction [Line Items]
Noncontrolling interest, ownership percentage by noncontrolling owners			10%					10%			15%
Related Party | Loan Agreement
Related Party Transaction [Line Items]
Related party transaction, amounts of transaction									13,000	$ 54,000
Proceeds from related party debt									78,000	436,000
Related Party | Technology Services
Related Party Transaction [Line Items]
Related party transaction, amounts of transaction								$ 4,000	6,000
March 6th Underwriters | Related Party
Related Party Transaction [Line Items]
Treasury stock, shares, acquired (in shares)		15,000
Treasury stock, value, acquired, cost method		$ 93,000
Shares acquired, average cost per share (in dollars per share)		$ 6.22
March 6th Underwriters | Related Party | March 6th Offering
Related Party Transaction [Line Items]
Sale of stock, number of shares issued in transaction (in shares)		65,000
March 6th Underwriters | Related Party | Over-Allotment Option
Related Party Transaction [Line Items]
Sale of stock, number of shares issued in transaction (in shares)		9,750
October 28th Underwriters | Related Party
Related Party Transaction [Line Items]
Treasury stock, shares, acquired (in shares)	16,000
October 28th Underwriters | Related Party | Over-Allotment Option
Related Party Transaction [Line Items]
Sale of stock, number of shares issued in transaction (in shares)	8,400
October 28th Underwriters | Related Party | October 28th Offering
Related Party Transaction [Line Items]
Sale of stock, number of shares issued in transaction (in shares)	56,000
Apollo | Related Party | Term Loan A Facility
Related Party Transaction [Line Items]
Related party transaction, amounts of transaction									1,000
Rackspace US Inc | Related Party | Master Services Agreement
Related Party Transaction [Line Items]
Long-term purchase commitment, minimum amount							$ 50,000
Purchase commitment, term							7 years
Payments to long-term purchase commitment								$ 4,000	$ 15,000	$ 14,000

Condensed Financial Informati_3

Condensed Financial Information of Registrant - CONDENSED BALANCE SHEETS (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 96,212	$ 14,621	$ 257,223
Total current assets	1,004,920	1,004,694
Total assets	16,050,957	15,964,094
Current liabilities:
Total current liabilities	1,263,780	1,480,208
Debt due to subsidiaries	7,511,282	7,513,456
Other liabilities	224,384	219,069
Total liabilities	12,250,156	12,175,448
Total stockholders' equity	3,800,801	3,788,646	3,393,148	$ 3,248,719
Total liabilities and stockholders' equity	16,050,957	15,964,094
Parent Company
Current assets:
Cash and cash equivalents	1,861	1,118	$ 14,639	$ 1,947
Total current assets	1,861	1,118
Investment in subsidiaries and other assets	4,861,838	4,463,543
Total assets	4,863,699	4,464,661
Current liabilities:
Dividends payable and other current liabilities	155,472	33,047
Total current liabilities	155,472	33,047
Debt due to subsidiaries	554,954	545,557
Other liabilities	352,472	97,411
Total liabilities	1,062,898	676,015
Total stockholders' equity	3,800,801	3,788,646
Total liabilities and stockholders' equity	$ 4,863,699	$ 4,464,661

Condensed Financial Informati_4

Condensed Financial Information of Registrant - CONDENSED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2024	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Condensed Statement of Income Captions [Line Items]
Selling, general, and administrative expenses									$ 1,476,346	$ 1,347,738	$ 1,348,281
Merger, restructuring, integration, and other									24,124	38,959	9,937
Operating income (loss)	$ 305,390	$ 326,350	$ 284,175	$ 292,149	$ 307,340	$ 306,563	$ 332,098	$ 232,960	1,208,064	1,178,961	725,094
Interest expense, net									(441,031)	(569,915)	(263,068)
Other income (expense)									52,939	11,958	(57,568)
Net income (loss)	$ 189,957	$ 127,151	$ 92,394	$ 91,551	$ 575,872	$ (86,237)	$ 92,211	$ (118,837)	501,053	463,009	132,663
Other comprehensive income (loss), net of tax									9,126	31,038	21,773
Comprehensive income (loss)									$ 510,179	$ 494,047	$ 154,436
Common Stock
Net income (loss) per share - basic:
Net income (loss) per share - basic (in dollars per share)	$ 0.21	$ 0.14	$ 0.10	$ 0.10	$ 0.63	$ (0.09)	$ 0.10	$ (0.13)	$ 0.56	$ 0.51	$ 0.15
Net income (loss) per share - basic class B common stock (in dollars per share)	$ 0.21	$ 0.14	$ 0.10	$ 0.10	$ 0.63	$ (0.09)	$ 0.10	$ (0.13)	$ 0.56	$ 0.51	$ 0.15
Weighted-average shares outstanding - basic:
Weighted-average number of shares - basic (in shares)	831,575	850,462	848,273	855,893	858,094	857,423	857,581	854,299	846,521	856,843	848,465
Weighted-average shares outstanding - basic (in shares)	831,575	850,462	848,273	855,893	858,094	857,423	857,581	854,299	846,521	856,843	848,465
Net income (loss) per share - diluted:
Net income (loss) per share - diluted (in dollars per share)	$ 0.20	$ 0.13	$ 0.10	$ 0.09	$ 0.59	$ (0.09)	$ 0.09	$ (0.12)	$ 0.52	$ 0.48	$ 0.14
Net income (loss) per share - diluted class B common stock (in dollars per share)	$ 0.20	$ 0.13	$ 0.10	$ 0.09	$ 0.59	$ (0.09)	$ 0.09	$ (0.12)	$ 0.52	$ 0.48	$ 0.14
Weighted-average shares outstanding - diluted:
Weighted average number of shares - diluted (in shares)	895,035	912,861	909,128	918,394	919,397	917,774	916,859	921,606	908,700	919,149	915,069
Weighted-average shares outstanding - diluted class B common stock (in shares)	895,035	912,861	909,128	918,394	919,397	917,774	916,859	921,606	908,700	919,149	915,069
Class B Common Stock
Net income (loss) per share - basic:
Net income (loss) per share - basic (in dollars per share)	$ 0.21	$ 0.14	$ 0.10	$ 0.10	$ 0.63	$ (0.09)	$ 0.10	$ (0.13)	$ 0.56	$ 0.51	$ 0.15
Net income (loss) per share - basic class B common stock (in dollars per share)	$ 0.21	$ 0.14	$ 0.10	$ 0.10	$ 0.63	$ (0.09)	$ 0.10	$ (0.13)	$ 0.56	$ 0.51	$ 0.15
Weighted-average shares outstanding - basic:
Weighted-average number of shares - basic (in shares)	54,745	54,745	54,745	54,745	54,745	54,745	54,745	54,745	54,745	54,745	54,745
Weighted-average shares outstanding - basic (in shares)	54,745	54,745	54,745	54,745	54,745	54,745	54,745	54,745	54,745	54,745	54,745
Net income (loss) per share - diluted:
Net income (loss) per share - diluted (in dollars per share)	$ 0.20	$ 0.13	$ 0.10	$ 0.09	$ 0.59	$ (0.09)	$ 0.09	$ (0.12)	$ 0.52	$ 0.48	$ 0.14
Net income (loss) per share - diluted class B common stock (in dollars per share)	$ 0.20	$ 0.13	$ 0.10	$ 0.09	$ 0.59	$ (0.09)	$ 0.09	$ (0.12)	$ 0.52	$ 0.48	$ 0.14
Weighted-average shares outstanding - diluted:
Weighted average number of shares - diluted (in shares)	54,745	54,745	54,745	54,745	54,745	54,745	54,745	54,745	54,745	54,745	54,745
Weighted-average shares outstanding - diluted class B common stock (in shares)	54,745	54,745	54,745	54,745	54,745	54,745	54,745	54,745	54,745	54,745	54,745
Parent Company
Condensed Statement of Income Captions [Line Items]
Selling, general, and administrative expenses									$ 988	$ 520	$ 2,583
Merger, restructuring, integration, and other									(5)	(1,993)	(6,011)
Operating income (loss)									(983)	1,473	3,428
Interest expense, net									(9,135)	(8,984)	(8,086)
Other income (expense)									0	0	(63,394)
Equity in net income (loss) of subsidiaries									511,171	470,520	200,715
Net income (loss)									501,053	463,009	132,663
Other comprehensive income (loss), net of tax									9,126	31,038	21,773
Comprehensive income (loss)									$ 510,179	$ 494,047	$ 154,436
Parent Company | Common Stock
Net income (loss) per share - basic:
Net income (loss) per share - basic (in dollars per share)									$ 0.56	$ 0.51	$ 0.15
Net income (loss) per share - basic class B common stock (in dollars per share)									$ 0.56	$ 0.51	$ 0.15
Weighted-average shares outstanding - basic:
Weighted-average number of shares - basic (in shares)									846,521	856,843	848,465
Weighted-average shares outstanding - basic (in shares)									846,521	856,843	848,465
Net income (loss) per share - diluted:
Net income (loss) per share - diluted (in dollars per share)									$ 0.52	$ 0.48	$ 0.14
Net income (loss) per share - diluted class B common stock (in dollars per share)									$ 0.52	$ 0.48	$ 0.14
Weighted-average shares outstanding - diluted:
Weighted average number of shares - diluted (in shares)									908,700	919,149	915,069
Weighted-average shares outstanding - diluted class B common stock (in shares)									908,700	919,149	915,069
Parent Company | Class B Common Stock
Net income (loss) per share - basic:
Net income (loss) per share - basic (in dollars per share)									$ 0.56	$ 0.51	$ 0.15
Net income (loss) per share - basic class B common stock (in dollars per share)									$ 0.56	$ 0.51	$ 0.15
Weighted-average shares outstanding - basic:
Weighted-average number of shares - basic (in shares)									54,745	54,745	54,745
Weighted-average shares outstanding - basic (in shares)									54,745	54,745	54,745
Net income (loss) per share - diluted:
Net income (loss) per share - diluted (in dollars per share)									$ 0.52	$ 0.48	$ 0.14
Net income (loss) per share - diluted class B common stock (in dollars per share)									$ 0.52	$ 0.48	$ 0.14
Weighted-average shares outstanding - diluted:
Weighted average number of shares - diluted (in shares)									54,745	54,745	54,745
Weighted-average shares outstanding - diluted class B common stock (in shares)									54,745	54,745	54,745

Condensed Financial Informati_5

Condensed Financial Information of Registrant - CONDENSED STATEMENTS OF CASH FLOWS (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2024	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Cash flows from operating activities:
Net income (loss)	$ 189,957	$ 127,151	$ 92,394	$ 91,551	$ 575,872	$ (86,237)	$ 92,211	$ (118,837)	$ 501,053	$ 463,009	$ 132,663
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Change in fair value of other financial instruments									0	0	63,396
Other, net									(2,046)	(96,700)	10,074
Net cash provided by (used in) operating activities									1,884,899	1,657,726	1,887,920
Cash flows from investing activities:
Net cash provided by (used in) investing activities									(1,295,428)	242,493	(1,532,784)
Cash flows from financing activities:
Proceeds from issuance of common stock, net of expenses									0	0	1,180,000
Dividends on common stock									(182,266)	(128,587)	(127,125)
Repurchases of common stock									(240,556)	0	(1,200,000)
Other financing, net									(4,415)	(32,175)	(5,432)
Net cash provided by (used in) financing activities									(515,356)	(2,143,849)	(14,833)
Cash and cash equivalents and restricted cash and restricted cash equivalents:
Net increase (decrease) during the period									74,115	(243,630)	340,303
Beginning balance				14,621				257,223	14,621	257,223
Ending balance	96,212				14,621				96,212	14,621	257,223
Supplementary cash flow information:
Issuance of shares for acquisition of business									0	0	55,485
Parent Company
Cash flows from operating activities:
Net income (loss)									501,053	463,009	132,663
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Equity in net (income) loss of subsidiaries									(511,171)	(470,520)	(200,715)
Change in fair value of other financial instruments									0	0	63,396
Other, net									22,815	28,757	49,470
Net cash provided by (used in) operating activities									12,697	21,246	44,814
Cash flows from investing activities:
Contributions to subsidiaries									0	0	0
Distributions from subsidiaries									170,620	108,783	118,200
Net cash provided by (used in) investing activities									170,620	108,783	118,200
Cash flows from financing activities:
Proceeds from issuance of common stock, net of expenses									0	0	1,180,000
Dividends on common stock									(182,266)	(128,587)	(127,125)
Repurchases of common stock									0	0	(1,200,000)
Other financing, net									(308)	(14,963)	(3,197)
Net cash provided by (used in) financing activities									(182,574)	(143,550)	(150,322)
Cash and cash equivalents and restricted cash and restricted cash equivalents:
Net increase (decrease) during the period									743	(13,521)	12,692
Beginning balance				$ 1,118				$ 14,639	1,118	14,639	1,947
Ending balance	$ 1,861				$ 1,118				1,861	1,118	14,639
Supplementary cash flow information:
Issuance of shares for acquisition of business									$ 0	$ 0	$ 55,485

Condensed Financial Informati_6

Condensed Financial Information of Registrant - Narrative (Details) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Jan. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Document Information [Line Items]
Total current liabilities		$ 1,263,780	$ 1,480,208
Other liabilities		224,384	219,069
Parent Company
Document Information [Line Items]
Noncash capital contributions			49,000	$ 51,000
Total current liabilities		155,472	33,047
Other liabilities		352,472	97,411
Distributions from subsidiaries		170,620	$ 108,783	$ 118,200
Parent Company | December 2024 Agreement
Document Information [Line Items]
Total current liabilities		104,000
Parent Company | 2024 Share Repurchase Plan
Document Information [Line Items]
Other liabilities		$ 240,000
Subsequent Event | Parent Company
Document Information [Line Items]
Distributions from subsidiaries	$ 47,000

Selected Quarterly Financial _3

Selected Quarterly Financial Data (Unaudited) - Schedule of Quarterly Financial Information (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2024	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Condensed Financial Statements, Captions [Line Items]
Revenue	$ 1,260,379	$ 1,243,836	$ 1,204,559	$ 1,189,672	$ 1,172,398	$ 1,179,873	$ 1,168,077	$ 1,132,476	$ 4,898,446	$ 4,652,824	$ 4,381,904
Income (loss) from continuing operations	197,294	132,020	126,185	163,891	107,110	123,259	180,438	39,563	619,390	450,370	312,165
Income (loss) from discontinued operations, net of tax	(7,337)	(4,869)	(33,791)	(72,340)	468,762	(209,496)	(88,227)	(158,400)	(118,337)	12,639	(179,502)
Net income (loss)	$ 189,957	$ 127,151	$ 92,394	$ 91,551	$ 575,872	$ (86,237)	$ 92,211	$ (118,837)	$ 501,053	$ 463,009	$ 132,663
Common Stock
Condensed Financial Statements, Captions [Line Items]
Weighted-average number of shares - basic (in shares)	831,575	850,462	848,273	855,893	858,094	857,423	857,581	854,299	846,521	856,843	848,465
Income (loss) from continuing operations per share - basic (in dollars per share)	$ 0.22	$ 0.15	$ 0.14	$ 0.18	$ 0.12	$ 0.13	$ 0.20	$ 0.04	$ 0.69	$ 0.49	$ 0.35
Income (loss) from discontinued operations, net of tax, per share - basic (in dollars per share)	(0.01)	(0.01)	(0.04)	(0.08)	0.51	(0.23)	(0.10)	(0.17)	(0.13)	0.01	(0.20)
Net income (loss) per share - basic (in dollars per share)	$ 0.21	$ 0.14	$ 0.10	$ 0.10	$ 0.63	$ (0.09)	$ 0.10	$ (0.13)	$ 0.56	$ 0.51	$ 0.15
Weighted average number of shares - diluted (in shares)	895,035	912,861	909,128	918,394	919,397	917,774	916,859	921,606	908,700	919,149	915,069
Income (loss) from continuing operations per share - diluted (in dollars per share)	$ 0.21	$ 0.14	$ 0.13	$ 0.17	$ 0.11	$ 0.13	$ 0.19	$ 0.04	$ 0.66	$ 0.47	$ 0.33
Income (loss) from discontinued operations, net of tax, per share - diluted (in dollars per share)	(0.01)	(0.01)	(0.03)	(0.07)	0.48	(0.21)	(0.09)	(0.16)	(0.12)	0.01	(0.18)
Net income (loss) per share - diluted (in dollars per share)	$ 0.20	$ 0.13	$ 0.10	$ 0.09	$ 0.59	$ (0.09)	$ 0.09	$ (0.12)	$ 0.52	$ 0.48	$ 0.14
Class B Common Stock
Condensed Financial Statements, Captions [Line Items]
Weighted-average number of shares - basic (in shares)	54,745	54,745	54,745	54,745	54,745	54,745	54,745	54,745	54,745	54,745	54,745
Income (loss) from continuing operations per share - basic (in dollars per share)	$ 0.22	$ 0.15	$ 0.14	$ 0.18	$ 0.12	$ 0.13	$ 0.20	$ 0.04	$ 0.69	$ 0.49	$ 0.35
Income (loss) from discontinued operations, net of tax, per share - basic (in dollars per share)	(0.01)	(0.01)	(0.04)	(0.08)	0.51	(0.23)	(0.10)	(0.17)	(0.13)	0.01	(0.20)
Net income (loss) per share - basic (in dollars per share)	$ 0.21	$ 0.14	$ 0.10	$ 0.10	$ 0.63	$ (0.09)	$ 0.10	$ (0.13)	$ 0.56	$ 0.51	$ 0.15
Weighted average number of shares - diluted (in shares)	54,745	54,745	54,745	54,745	54,745	54,745	54,745	54,745	54,745	54,745	54,745
Income (loss) from continuing operations per share - diluted (in dollars per share)	$ 0.21	$ 0.14	$ 0.13	$ 0.17	$ 0.11	$ 0.13	$ 0.19	$ 0.04	$ 0.66	$ 0.47	$ 0.33
Income (loss) from discontinued operations, net of tax, per share - diluted (in dollars per share)	(0.01)	(0.01)	(0.03)	(0.07)	0.48	(0.21)	(0.09)	(0.16)	(0.12)	0.01	(0.18)
Net income (loss) per share - diluted (in dollars per share)	$ 0.20	$ 0.13	$ 0.10	$ 0.09	$ 0.59	$ (0.09)	$ 0.09	$ (0.12)	$ 0.52	$ 0.48	$ 0.14