{
  "docId": "019dd923-622b-71dc-a6dc-022165a95b3b",
  "docSlug": "b11f53a9759d",
  "documentTitle": "ADT Corporation (ADT)",
  "authorId": "11_Corvex",
  "authorName": "Keith Meister",
  "documentKindSlug": "conference-presentation",
  "documentKindLabel": "Conference presentation",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2012-10-24 00:00:00",
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  "pageNumber": 9,
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  "slideType": "peer_benchmark",
  "function": "compare_peers",
  "density": "overcrowded",
  "nDataPoints": 36,
  "notes": "The chart compares ADT against Verizon, AT&T, DirecTV, DISH, and Cable industry estimates from 2007 to 2012E.",
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  "slideHref": "/slides/019dd923-622b-71dc-a6dc-022165a95b3b/9",
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      "kind": "chart",
      "text": "Annual Attrition",
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      "kind": "list",
      "text": "90% of revenues are recurring monthly service fees\n3 year initial contract length and ~7-8 year average customer life\nUpfront installation fees of several hundred dollars help screen for committed subscribers",
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      "kind": "metric",
      "text": "Annual Attrition: 13.0%",
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      "kind": "quote",
      "text": "ADT attrition represents RMR attrition, whereas satellite and wireless attrition represents subscriber attrition. Cable companies have not publicly disclosed attrition and gross adds for a number of years, but are commonly thought to have ~1.7-2.0% levels of monthly subscriber attrition (or ~20-24% annually).",
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      "text": "Source: Company filings, Wall Street Research. ADT attrition represents RMR attrition, whereas satellite and wireless attrition represents subscriber attrition. Cable companies have not publicly disclosed attrition and gross adds for a number of years, but are commonly thought to have ~1.7-2.0% levels of monthly subscriber attrition (or >20-24% annually).",
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      "kind": "title",
      "text": "Recurring, Contract-Based Revenues",
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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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