{ "schemaVersion": "deck-intelligence.v1", "id": "019dd923-622b-71dc-a6dc-022165a95b3b", "slug": "b11f53a9759d", "title": "ADT Corporation (ADT)", "subtitle": "Keith Meister · 2012-10", "author": "Keith Meister", "date": "2012-10-24 00:00:00", "pageCount": 50, "kind": "conference-presentation", "orientation": "portrait", "aspectRatio": 0.70665085, "targetCompany": "ADT Corporation", "targetTicker": "ADT", "document": { "id": "019dd923-622b-71dc-a6dc-022165a95b3b", "slug": "b11f53a9759d", "title": "ADT Corporation (ADT)", "rawTitle": "Management ADT Presentation Oct 2012", "authorId": "11_Corvex", "authorName": "Keith Meister", "authorDisplay": "Keith Meister", "kind": { "slug": "conference-presentation", "label": "Conference presentation" }, "sourceType": { "slug": "activist_investor", "label": "Activist investor" }, "fileName": "2012-10-Corvex-Management-ADT-Presentation-Oct-2012.pdf", "sourceUrl": "https://www.10xebitda.com/wp-content/uploads/2016/11/Corvex-Management-ADT-Presentation-Oct-2012.pdf", "sourceDate": "2012-10-24 00:00:00", "presentationDate": "2012-10-24 00:00:00", "ingestedAt": "2026-04-22 17:19:06+00", "status": "ready", "pageCount": 50, "orientation": "portrait", "aspectRatio": 0.70665085, "targetCompany": "ADT Corporation", "targetTicker": "ADT", "metadata": { "local_root": "/tmp/legacy-images/b11f53a9759d", "activist_firm": "Corvex Management", "origin_corpus": "contrarian", "extraction_seconds": 173.93770384788513 } }, "coverage": { "pageCount": 50, "pagesIndexed": 50, "pagesWithImages": 50, "pagesWithMetadata": 50, "imageCoveragePct": 100, "metadataCoveragePct": 100, "componentCount": 255, "chartCount": 24, "metricSlides": 0, "toolMatches": 18, "documentToolMatches": 3, "frameworkMatches": 17, "arcMatches": 1, "beatMatches": 5, "loopMatches": 2, "patternMatches": 0, "storymakersMatch": false, "scoreAvailable": false, "reviewAvailable": false, "activistThesisAvailable": true, "pitchdeckMetadataAvailable": false, "pitchdeckProfileAvailable": false }, "blocks": [], "matches": { "arcs": [ { "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null, "categoryName": "Strategy & Business", "categorySlug": "strategy-business" }, "matchId": "6fef8490-1f4d-4f35-9686-6d04e99ce342", "evidence": "The presentation identifies a problem (ADT's mispricing), agitates it by highlighting the consequences of maintaining the current capital structure, and proposes a solution (optimizing capital structure).", "isPrimary": true, "confidence": 0.8, "extraction": { "at": "2026-07-16 21:55:44.410355+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "beats": [ { "to": 6, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null, "categoryName": "Strategy & Business", "categorySlug": "strategy-business" }, "from": 6, "name": "Problem (Identify pain)", "beatId": "a72604c7-18b2-4377-abe4-bd09ad9f0813", "matchId": "6fef8490-1f4d-4f35-9686-6d04e99ce342", "beatType": { "name": "Problem (Identify pain)", "slug": "problem-agitate-solution-problem-identify-pain", "status": "active", "canonId": "019dd9b8-0e78-74bb-b8f6-54348367a131", "version": 1, "description": null }, "evidence": "Slide 6: Why is ADT Mispriced?", "position": 0, "isPrimaryArc": true, "parentBeatType": { "name": "Complication", "slug": "complication", "status": "active", "canonId": "019dd9b8-0275-7709-b2d6-4f77c3fc7579", "version": 1, "description": "The point in the narrative where the audience should feel discomfort. Required for argumentative arcs." }, "alignedBlockIds": null, "matchConfidence": 0.8 }, { "to": 5, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null, "categoryName": "Strategy & Business", "categorySlug": "strategy-business" }, "from": 5, "name": "Agitate (Make it worse)", "beatId": "98491db2-b588-4038-952f-77a930df25c3", "matchId": "6fef8490-1f4d-4f35-9686-6d04e99ce342", "beatType": { "name": "Agitate (Make it worse)", "slug": "problem-agitate-solution-agitate-make-it-worse", "status": "active", "canonId": "019dd9b8-0f5a-71dd-bae7-8fadb0d09456", "version": 1, "description": null }, "evidence": "Slide 5: Maintaining current capital structure is indefensible", "position": 1, "isPrimaryArc": true, "parentBeatType": { "name": "Development", "slug": "development", "status": "active", "canonId": "019dd9b8-0332-7008-b3aa-11b0840a57b1", "version": 1, "description": "The middle stretch in arcs that have one. Often where length problems creep in." }, "alignedBlockIds": null, "matchConfidence": 0.8 }, { "to": 24, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null, "categoryName": "Strategy & Business", "categorySlug": "strategy-business" }, "from": 23, "name": "Solution (Provide relief)", "beatId": "43cbb52e-6bc5-4768-a872-fca60befd454", "matchId": "6fef8490-1f4d-4f35-9686-6d04e99ce342", "beatType": { "name": "Solution (Provide relief)", "slug": "problem-agitate-solution-solution-provide-relief", "status": "active", "canonId": "019dd9b8-0fee-73e9-9ae5-799c7f3895cd", "version": 1, "description": null }, "evidence": "Slides 23-24: Optimize Capital Structure and Capital Allocation", "position": 2, "isPrimaryArc": true, "parentBeatType": { "name": "Resolution", "slug": "resolution", "status": "active", "canonId": "019dd9b8-045d-703b-8dd7-e92aba3ba91b", "version": 1, "description": "How the deck ends. Required in 19/20 arcs. The exception (Sparkline) ends with new bliss which is functionally a resolution." }, "alignedBlockIds": null, "matchConfidence": 0.8 }, { "to": 6, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null, "categoryName": "Strategy & Business", "categorySlug": "strategy-business" }, "from": 6, "name": "Need", "beatId": "6253edca-8e6c-40c1-ad7a-08ecccc11b11", "matchId": "6fef8490-1f4d-4f35-9686-6d04e99ce342", "beatType": { "name": "Need", "slug": "monroes-sequence-need", "status": "active", "canonId": "019dd9b8-160b-710a-b2d6-2bafabd78694", "version": 1, "description": null }, "evidence": "Slide 6: Why is ADT Mispriced?", "position": 3, "isPrimaryArc": true, "parentBeatType": { "name": "Complication", "slug": "complication", "status": "active", "canonId": "019dd9b8-0275-7709-b2d6-4f77c3fc7579", "version": 1, "description": "The point in the narrative where the audience should feel discomfort. Required for argumentative arcs." }, "alignedBlockIds": null, "matchConfidence": 0.8 }, { "to": 50, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null, "categoryName": "Strategy & Business", "categorySlug": "strategy-business" }, "from": 50, "name": "Satisfaction", "beatId": "7537dbdb-33fb-4262-8634-2338b40e2ef3", "matchId": "6fef8490-1f4d-4f35-9686-6d04e99ce342", "beatType": { "name": "Satisfaction", "slug": "monroes-sequence-satisfaction", "status": "active", "canonId": "019dd9b8-16a5-73c8-a3ce-00850dc2cbd8", "version": 1, "description": null }, "evidence": "Slide 50: Conclusion", "position": 4, "isPrimaryArc": true, "parentBeatType": { "name": "Turn", "slug": "turn", "status": "active", "canonId": "019dd9b8-0396-702b-ac2f-9901f8dd8b54", "version": 1, "description": "The pivot — solution proposed, catalyst introduced, decision made. Common (15/20 arcs) but not universal: Triple-take, AIDA, PAS, Voyage-return and Pixar substitute it with a strong reflection or development beat." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [ { "to": 25, "from": 5, "loop": { "name": "27_cost_of_inaction", "slug": "27-cost-of-inaction", "status": "active", "bestFor": "Urgent budget requests, compliance, risk mitigation", "canonId": "019dd956-70d1-7395-a15b-857ba858b394", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point", "description": "Quantify what happens if the audience does nothing", "familyLabel": null, "categoryName": "Urgency", "categorySlug": "urgency" }, "matchId": "8ceff48f-9a91-4ff1-b01a-14f8b1bf3058", "evidence": "Slides 5 and 25 discuss the inefficiencies of the current capital structure and the benefits of optimization.", "position": 0, "objective": "Highlight the cost of maintaining the current capital structure and the benefits of change.", "confidence": 0.7, "extraction": { "at": "2026-07-16 21:55:44.646427+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } }, { "to": 49, "from": 42, "loop": { "name": "16_david_goliath", "slug": "16-david-goliath", "status": "active", "bestFor": "Startups, disruptive innovation, competitive displacement", "canonId": "019dd956-6c5d-704a-9c33-1aa083ca432e", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Giant's Weakness -> Our Slingshot (Unique Edge) -> The Topple", "description": "Frame your initiative as the nimble underdog taking on a slow, bloated incumbent", "familyLabel": null, "categoryName": "Competitive", "categorySlug": "competitive" }, "matchId": "5881a627-ca71-444a-8fa4-55ff7c937627", "evidence": "Slides 42-49 address bear arguments and cable's relevance as a competitor.", "position": 1, "objective": "Address potential bear arguments and cable entry/threat.", "confidence": 0.6, "extraction": { "at": "2026-07-16 21:55:44.686807+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "tools": [ { "tool": { "name": "CEO quote contradiction", "slug": "ceo-quote-contradiction", "status": "active", "bestFor": "When management credibility is the lever", "canonId": "019dd9e1-52e9-717f-8454-93e627563ed6", "version": 1, "bodyDocId": "019dd9a1-8296-720d-8f51-da76937f9415", "description": "You reproduce management's own words — verbatim, with source and date — and\nthen place them next to the outcome that contradicts them. The CEO built\nthe rope; you put it around their own neck.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "document", "agents": null, "matchId": "45404e62-71b0-483e-99a8-fa133a3c3d28", "evidence": null, "pageRefs": null, "priority": null, "whenToUse": "When management credibility is the lever", "confidence": null, "extraction": { "at": "2026-04-29 12:07:49.936794+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": null, "whyItWorks": "- **Maximum credibility**: no adjective you could write is as damning as the\n target's own prior statement.\n- **No rebuttal path**: management can't argue they didn't say it.\n- **It forces accountability onto a person**, not an institution — even if\n you aren't explicitly naming a villain elsewhere.\n- **Reporters amplify it**. 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The gap is the\npunchline.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "document", "agents": null, "matchId": "90a2dc5c-e88a-4f43-86bc-6ab9cbd314db", "evidence": null, "pageRefs": null, "priority": null, "whenToUse": "When relative underperformance is the core argument", "confidence": null, "extraction": { "at": "2026-04-29 12:07:49.936794+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": null, "whyItWorks": "- It's the **most credible claim in the deck** because it's arithmetic, not\n opinion.\n- It's immediately **actionable** — close this gap and value accrues.\n- It **pre-empts the \"context is different\" defence** by pitting the target\n against direct peers in the same category.", "antipattern": null, "cardinality": null, "narrativePurpose": null }, { "tool": { "name": "Sum of parts", "slug": "sum-of-parts", "status": "active", "bestFor": "For breakup / spin-off theses", "canonId": "019dd9e1-51e5-73ad-9d1e-e77d4afe3125", "version": 1, "bodyDocId": "019df22a-9ecd-71db-8fa1-5f5eff36697f", "description": "You break the target into its constituent businesses or asset classes, value\neach separately against its own peer set, and show that the total is\nmaterially greater than the current market capitalisation. The \"gap\" is the\nconglomerate discount — or worse, accounting opacity hiding a crown-jewel\nasset.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "document", "agents": null, "matchId": "ebba2ab4-75a2-47ee-b318-fe80ec84379a", "evidence": null, "pageRefs": null, "priority": null, "whenToUse": "For breakup / spin-off theses", "confidence": null, "extraction": { "at": "2026-04-29 12:07:49.936794+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": null, "whyItWorks": "- It forces the market to confront **mismatched valuation multiples**:\n \"this company trades like X but owns Y, which trades at", "antipattern": null, "cardinality": null, "narrativePurpose": null }, { "tool": { "name": "Slide recipe: Cover", "slug": "cover-slide", "status": "active", "bestFor": null, "canonId": "019df269-2a08-767d-9128-e7431e6fe8a3", "version": 1, "bodyDocId": "019df269-29e5-7738-b5fa-6892e5dc8e65", "description": "The first ten seconds. 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Keith Meister's flagship 'Excellence in Investing: San Francisco' presentation and Corvex's largest position since inception. Canonical balance-sheet-recap activist thesis: recurring-revenue franchise + under-levered capital structure = equity-shrink + multiple re-rating. Memorable framings: 'Maintaining current capital structure is indefensible' (p.5) and the closing equation (p.50). Management quoted supportively rather than adversarially — tone is analytical, not litigious. No individual CEO/chair villainized.", "kpisCited": [ { "detail": "25% of North American residential/small-business security; ~6x the next largest competitor", "metric": "Market share" }, { "detail": "90% of revenues are recurring monthly service fees at $38 ARPU", "metric": "Recurring revenue mix" }, { "detail": "13% — materially below Verizon/AT&T/DirecTV/DISH (16-21%) and cable estimate (~21%)", "metric": "Annual attrition" }, { "detail": "~49.2% FY12E, up from ~42% in 2007", "metric": "EBITDA margin" }, { "detail": "6.0x with a 10% levered steady-state FCF yield at existing cap structure", "metric": "EV / FY13E EBITDA" }, { "detail": "ADT current 1.6x vs. 5.1x home-security peers, 3.5x cable, 3.9x total median", "metric": "Total Debt / EBITDA" }, { "detail": "5-year notes yield 1.7% pre-tax; blended debt YTM 2.96% (1.93% after-tax)", "metric": "Cost of debt" }, { "detail": "~80% equity funding costs shareholders ~$105M/year, or $286,540/day", "metric": "Capital structure cost" }, { "detail": "<3% of existing subscriber base vs. 39% of new internally-generated subs last quarter", "metric": "Pulse take rate" }, { "detail": "27.4-29.0% of revenue vs. Monitronics 19-25% — cost-structure improvement opportunity", "metric": "Pre-SAC SG&A" }, { "detail": "Levering to 3.0x enables repurchase of ~30% of the float (~33.6% share count reduction in base case)", "metric": "Float repurchase capacity at 3.0x" } ], "closingAsk": "ADT should immediately lever to 3.0x EBITDA and repurchase ~30% of its float to unlock the equity-shrink story and drive multiple expansion.", "extraction": { "at": "2026-04-22 17:19:06+00", "model": "unknown-legacy", "runId": null, "seconds": 173.9377, "promptVersion": null }, "scqaReward": "One-year base-case target of $55 (+44.4%), upside case $63 (+65.4%) vs. $38.10, driven by share shrink, EBITDA growth, margin expansion, and multiple re-rating toward cable/home-security peers.", "thesisTypes": [ "capital_return", "undervaluation", "multiple_rerating" ], "top3Reasons": [ "ADT is funded ~80% equity while debt yields 1.7%, losing shareholders ~$105M/year (~$286,540/day)", "Levering to 3.0x EBITDA (vs. 5.1x home-security peers) funds repurchase of ~30% of the float", "Defensive 90%-recurring franchise with 25% share and ~49% EBITDA margins supports far higher leverage" ], "scqaSituation": "ADT is the dominant North American home security monitor — 6.5M subscribers, 25% market share, 90% recurring monthly revenue, ~49% EBITDA margins — spun out of Tyco in September 2012.", "thesisSummary": "Corvex discloses a ~5% stake in ADT — its largest position since inception — and argues the market has mispriced the company following its September 2012 spin-off from Tyco. 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Interests in the Corvex Funds will be offered exclusively to qualified investors pursuant to the confidential private placement memorandum of such funds, which contain material information concerning the terms and risks of an investment. Any conflicting information contained herein will be superseded in its entirety by such confidential offering memorandum. Investors should review the confidential offering memorandum (including, without limitation, the information therein as to the conflicts and risks) prior to making an investment decision.\n\nThe information and opinions contained in this document are for the purpose of providing background information only, do not purport to be full or complete and do not constitute investment advice. No reliance should be placed, for any purpose, on the information or opinions contained in this document or their accuracy or completeness. No representation, warranty or undertaking, express or implied, is given as to the accuracy or completeness of the information or opinions contained in this document by Corvex or any Corvex fund or by their respective directors, officers, partners, shareholders, employees or affiliates and no liability is accepted by any of the foregoing for the accuracy or completeness of any such information or opinions.\n\nSecurities or investment ideas are presented to illustrate Corvex's typical research process and not to suggest or show profitability of any or all transactions. There should be no assumption that any specific portfolio securities identified and described herein were or will be profitable. Corvex may, at any time, reevaluate its holdings in any such positions. Except where otherwise indicated herein, the information provided herein is based on matters as they exist as of the date of preparation, and may not be updated or otherwise revised to reflect information that subsequently becomes available, or circumstances existing or changes occurring after the date hereof. Figures provided herein are rounded as applicable. Information contained herein is believed to be accurate and/or derived from sources which Corvex believes to be reliable; however Corvex disclaims any and all liability as to the completeness or accuracy of the information contained herein and for any omissions of material facts. 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ADT per Corvex estimates. 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