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  "docSlug": "b11f53a9759d",
  "documentTitle": "ADT Corporation (ADT)",
  "authorId": "11_Corvex",
  "authorName": "Keith Meister",
  "documentKindSlug": "conference-presentation",
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  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2012-10-24 00:00:00",
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  "pageNumber": 17,
  "pageCount": 50,
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  "notes": "This slide is from a Corvex Management presentation regarding ADT.",
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  "components": [
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      "kind": "callout",
      "text": "Pulse take-rate is accelerating, reaching 39% of internal gross adds in the June quarter, compared to 35% in the prior quarter and 19% in the June quarter of last year",
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      "text": "Pulse has a 30%+ higher price point ($50+ monthly ARPU) than the Company's existing subscriber base\nIncreased interactivity and higher customer satisfaction should also reduce churn, resulting in higher customer IRRs and cash flow\nLess than 3% of ADT's existing subscriber base has Pulse today; we believe this mix can rise to ~50% over time\nPulse take-rate is accelerating, reaching 39% of internal gross adds in the June quarter, compared to 35% in the prior quarter and 19% in the June quarter of last year\nPulse will begin to be offered through the dealer channel this fall, driving further adoption\nADT's ARPU growth is accelerating, growing 2.8%, 3.5%, and 3.6% in the last 3 quarters, respectively",
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      "text": "ARPU growth: 3.6%",
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      "kind": "title",
      "text": "Pulse Driving ARPU Growth Tailwind",
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      "evidence": "Slides 5 and 25 discuss the inefficiencies of the current capital structure and the benefits of optimization.",
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      "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point",
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