Alternatively, several positions weighed on performance. Leading provider of automated security solutions ADT, Inc. (ADT, Financial) underperformed in the period. Although ADT reportedsolid quarterly earnings results, with revenue and EBITDA ahead of consensus as well as the solar segment returning to profitability, management provided a disappointing financial outlook for 2023. Longer-term, we believe ADT’s industry-leading brand and national presence, coupled with its Google and State Farm strategic partnerships, position the company to be a prime beneficiary of growing demand for smart home technologies, including fully monitored residential security.
From John Rogers (Trades, Portfolio)' Ariel Fund first-quarter 2023 commentary.
