Good morning, and welcome to ADT's 2022 Investor Day. In just a few minutes, we'll kick things off with ADT's President and CEO, Jim DeVries, who will lay out his vision and strategy for the company. We'll then hear from members of our leadership team, who will detail our growth plans for our consumer and small business, commercial, and solar businesses. Our CFO and President, Corporate Development, Jeff Likosar, will wrap up the formal presentations with details on our 2022 and long-term financial outlooks and our capital allocation framework. We'll conclude the day with a Q&A session with our executive team. To ask a question, simply select the Q&A button on the right side of the page at any time during the event and type your question. In addition to hosting our Investor Day, we release our fourth quarter and full year 2021 earnings this morning. I'd note that our results now include a new segment, ADT Solar, and reflect only the 23 days after the closing of our Sunpro acquisition on December 8. Some highlights of our performance, fourth quarter revenues grew 5% to $1.4 billion, taking our full-year revenue to $5.3 billion. We grew our subscriber base by approximately 2% for the year, and our end-of-period recurring monthly revenue, or RMR, was $359 million, up 5%. We've now had 6 consecutive quarters of improvement in this metric. Our adjusted net loss was $25 million, or $0.03 per share for the quarter, and $191 million or $0.25 per share for the full year, both significant improvements year-over-year. Our adjusted EBITDA was $574 million for the quarter and $2.2 billion for the full year on the high end of our initial guidance. We generated $176 million in adjusted free cash flow for the quarter, taking us to $465 million for the full year. Our strong cash generation allowed us to invest meaningfully in growing the business and return $116 million to our owners through dividends. We ended the year with $9.7 billion of net debt. On behalf of Jim, Jeff, and our entire leadership team, I'd like to thank the ADT team for producing a great year in 2021. With your unrelenting focus on the customer, we're able to meet or exceed all of our financial goals while building a solid foundation for long-term growth. You're gonna hear much more about that in just a few minutes. More details on our results are available on our investor relations website, investor.adt.com. You can find a copy of today's presentation materials there as well. Before we get started, I do need to tell you that today's presentation contains forward-looking statements. The risks and uncertainties that may cause our actual results to differ from these projections are contained in our SEC filings and available on our website. We'll be using non-GAAP financial metrics. Reconciliation for those metrics are also available on our site. As I wrap up, I'd like to take a moment to recognize our finance, IR, and communications teams. Getting to today took a lot of long hours, late nights, and sacrificed weekends. I cannot thank you enough, and it's an honor to work alongside all of you every day. Now it's time for us to get started with our main event, and I'm pleased to turn the stage over to ADT's President and CEO, Jim DeVries. Thanks, Jill, and good morning, everyone. We appreciate you joining us today and your interest in ADT. It's a great time for all of us at ADT. After several years of progress reshaping our company, we're well-positioned to accelerate our growth. We're very excited by our next chapter and very appreciative of the opportunity to describe it to you today. This morning, we're going to lay out our refreshed long-term strategy. You'll see it's a strategy that leverages our position as the market leader with unique strategic differentiators. It's a strategy that focuses on the customer, growing our subscriber base, expanding the share of wallet we capture from each customer, and strengthening our brand loyalty and customer retention. It's a strategy that drives profitable, capital-efficient revenue growth. It's a strategy that delivers long-term shareholder value, and it's a strategy for which we have the best team in the industry to execute. Setting the stage, we are, without a doubt, the clear market leader. With 98% brand awareness, ADT is synonymous with safety and peace of mind. We're the most trusted brand, the most considered brand, and two times the most preferred brand relative to the closest competitor. ADT is the only company in our industry with national scale. We have 6.6 million customers, and we've grown net subscribers each of the last two years. With over 25,000 best-in-class employees, including more than 7,000 installers and service technicians, our people are a strategic advantage. Our installers have an average tenure of five years, and our service technicians have an average tenure of over nine years, an amazing feat in a high-turnover industry and a testament to the passion and commitment of our front line. We've built an increasingly broad and diversified revenue base spread across our consumer security and smart home offerings, residential, solar, and commercial. Importantly, roughly 80% of our 2021 revenue came from durable, contractual, recurring revenues. Our work over the past several years has focused on building and strengthening our platform for growth. By delivering significant improvement against virtually every operating metric, we are firmly positioned to deliver stronger returns for each incremental dollar of capital we invest in growth. Our top objective is to delight and protect our customers. We are obsessively focused on customer satisfaction to drive strong brand loyalty and increase customer retention. In fact, we have meaningfully improved customer retention with attrition dropping from nearly 17% for legacy ADT to 13.1% at the end of 2021. Long term, our aspiration is to achieve single-digit attrition. Concurrently, we've been focused on subscriber acquisition efficiency and have reduced our revenue payback to 2.3 years. Most importantly, we have expanded beyond core security with a clear focus on the smart home. Interactive services are now included in the vast majority of our installations. In addition to improving our operating performance, we have transformed and strengthened our portfolio. Several years ago, ADT was focused exclusively on residential premise security. Today, we are a diversified scale business poised for accelerating growth in expanding markets. I want to highlight just a few areas that have undergone meaningful transformation. First, our footprint. We have significantly expanded our consumer offerings to cover a full smart home ecosystem. Additionally, we've used a combination of organic growth and acquisitions to offer a broader suite of services and support to our commercial and national account customers. Customers who trust ADT for smart home can now trust us for smart energy as well. Second is technology. You'll hear more today about our work underway to develop our proprietary interactive platform used to control the customer's smart home. We're investing in innovation across the company, developing more technology in-house. Over the next three years, we're on a path to more than double our patent portfolio. Owning our technology and intellectual property creates a deeper moat around our business. Third is partnerships. We've developed strategic partnerships with category leaders such as DR Horton and more recently, Ford. Our most transformative partnership is with Google, where we'll be offering co-branded, jointly developed solutions. We successfully rolled out the Google Doorbell last month and will be launching additional devices later this year. These partnerships broaden our distribution reach and customer offerings. Finally, we're expanding our commitment to consumer safety to extend beyond the home to the car, to the mobile device, and more. I mentioned we've reached an inflection point after all the progress during recent years. With all the pieces of our portfolio in place, we're now positioned for a new chapter. During much of our 147-year history, ADT was focused solely on personal home security. Today's consumers are expanding their definition of safety, and ADT is changing with them. Therefore, our mission has evolved beyond the traditional definition of security to a mission of safe, smart, and sustainable. Safe, we protect what matters most. Smart, we deliver innovative, customer-focused experiences to make customers' lives safe and simple. Sustainable, w e make life better for the customers and communities we serve. By staying true to our mission, we'll achieve our vision, a world where customers always feel safe. Safe at home, while walking on campus, and at work. Safe from risks such as fire, water intrusion, and rising energy prices. Safe to stay in their homes as they grow older, to leave tools in their trucks at a job site, or to withstand energy disruptions. Safe in the ways that matter most, and these are only examples. Let me show you what this looks like in action. The last two years have changed everything. Fear on the front lines. Some protests turned into riots. Deadly wildfire raging up and down the West Coast. With so much uncertain and unknown, we are all craving a sense of control and the feeling of safety more than ever. What it means to be safe has evolved. How we feel safe is different. Where we need safe has changed. In today's world, connection is protection. That's why ADT will never stop innovating to help keep people safe. As the number one name in smart home security, we are making homes smarter and more sustainable. We are putting safe in the palm of your hand everywhere, keeping your car unlocked and making safety fashionable. Because of ADT, you don't have to trade security for convenience in your rideshare or side hustle. With a culture built on diverse points of view, driven by forward thinkers, and fueled by customer obsession. Because when ADT pairs trust and experience with new innovations, partnerships, and platforms, ADT will empower people to connect and protect what matters most. We know that adopting strong ESG practices is good for our business as well as for our brand. Our mission delivers superior outcomes for all stakeholders, our employees, customers, investors, partners, and the communities in which we serve. We're committed to living our values, and we're integrating ESG in our business operations around these eight pillars. While we're early in this journey, we're committed to transparent communication of our progress. We'll be publishing our first corporate ESG report this spring. The markets we serve are large and increasingly fast-growing. With the transformation we've undertaken, we've tripled our total addressable market from approximately $50 billion at the time of our IPO to $150 billion by 2025. Our biggest initiatives are currently centered on the fastest-growing parts of the market. For example, our Google partnership will accelerate our share of wallet and home automation, and our ability to cross-sell Solar gives us the opportunity to outpace market growth in that exciting new area. We've just begun to expand our footprint into large adjacent markets such as automotive and mobile security that provide us even further runway beyond 2025. We're also well-positioned to benefit from strong societal and economic demand catalysts. For example, U.S. residential construction is strong, with more new homes built last year than at any time in the last 15 years, a trend widely expected to continue. Importantly, for our business, an increasing number of those homeowners want smart homes and solar power. Other examples of meaningful catalysts include consumer demand for security and trends towards deurbanization. How are we positioning ADT to compete and win? By leveraging our differentiators, our innovative offerings, unrivaled safety, and ADT's premium customer experience. Again, these are the reasons customers will choose ADT, stay with ADT, and spend more with ADT. While these strategic differentiators are relevant across our entire portfolio, they'll drive meaningful growth in our consumer and small business segment. We're the only company that offers customers a range of innovative products across all times in their lives, from our award-winning SoSecure mobile app to stand-alone Google devices to our DIY business to complete custom home solutions. We capture customer loyalty early and move along with the customer as their needs change. With our expansion beyond the home, we can bundle offerings together, providing more utility and convenience for customers, building strong brand loyalty and higher switching costs. A second area of differentiation is in providing unrivaled safety. We've been in the business, the privilege, really, of providing peace of mind for a long time, but we're not resting on our laurels. We're building next-generation safety with increased speed, increased accuracy, and increased reliability. This is an area where every second makes a difference. Our third source of differentiation is in providing premium service. We know that an incredible customer experience drives loyalty and unlocks more robust revenue growth. We're further modernizing the customer experience, providing increased choice, convenience, and flexibility for customers with concierge-like service. No one is more knowledgeable and helpful about the smart home than our team of ADT employees. A huge benefit as smart homes become more complex. When you pair these strategic differentiators with our key enablers, our trusted brand, and optimized go-to-market strategy and operational excellence, we have the ability to not just drive strong top-line growth, but to also generate meaningful improvement in our subscriber acquisition costs. The speakers today will describe in more detail each of these key components of our future. A key driver of our economic model is our ability to efficiently deploy capital, and therefore, an overriding objective is to reduce our cost of acquiring new customers. We've made substantial progress and still have a number of levers to further improve subscriber acquisition economics, thereby lowering the capital intensity of our business. For example, we intend to focus beyond Do It For Me to grow DIY and Do It With Me. We're expanding our channels to include e-commerce and retail and new partners, and we've improved our installation revenue per subscriber, recently reaching all-time highs. Over time, our goal is to improve acquisition efficiency 20%-40% through these and similar initiatives. I'm occasionally asked if the opportunities to grow our consumer business are waning. My answer to that question, a resounding no. We also have meaningful growth opportunities beyond our consumer and small business segment. I'd like to turn for a moment to our commercial business. ADT Commercial is a $1.1 billion revenue business providing a level of revenue diversification for the overall enterprise. We're a systems integrator and provide security, fire, and card access and video services. ADT holds a premium position in a market that is large and has high barriers to entry. The Commercial business has a revenue payback of 1.4 years, and subscriber acquisition costs are much lower than our, in our consumer business. Our premium service has been rewarded with customer retention greater than 90%. As part of the broader ADT portfolio, Commercial benefits from the power of our brand, our monitoring innovations, and overhead efficiencies. The business has performed well the last two years, and while we continue to face supply chain and COVID challenges, we have a solid pipeline of future revenues with recent backlogs at record levels. We'll be sharing more about the Commercial business later in the morning, including additional details on our growth prospects, which include vertical market expansion in areas like energy and government, as well as new areas of expansion which are ripe for disruption. We're very bullish about this business and particularly attracted to its capital efficiency and strong growth prospects. The newest addition to the ADT family is in the residential solar market after our acquisition last December of Sunpro. Importantly, we see solar as a logical extension of our ecosystem, unlocking an even more integrated home experience. This acquisition strengthened our portfolio and added a compelling new complementary growth driver to our company. The solar market is rapidly expanding as consumer adoption of residential solar is increasing. We're poised to benefit from the combination of Sunpro's vertically integrated model, ADT's trusted brand, and nationwide customer base. You can see why we believe ADT Solar is uniquely positioned to outpace market growth. The single strongest brand attribute of ADT is trust. Customers trust us for life safety, they trust us for smart home, and our analysis shows consumers will trust ADT for smart energy. We have an opportunity to leverage our brand in a space where little significant brand recognition exists, and we have the opportunity to cross-sell both to our existing customer base and to the 1 million new subscribers we'll add in 2022. Despite our excitement, we plan to remain disciplined about growth in solar. Just as in our core business, we're committed to maintaining a high-quality customer experience, managing the supply chain effectively, and managing the labor needs of the business. We're exceptionally optimistic about the growth and future margin profile of this business. Our goal is to become the largest residential solar company in the country. Bringing this together, you can see we're writing a new chapter and that we're at an inflection point in our growth. Five key points to share with you. Our consumer business has compelling incremental returns on both subscriber and share of wallet growth. Our Google partnership is an important part of our strategy, acting as a significant growth catalyst for our company. Much of the efforts with Google over the last 18 months have been around putting the right foundation in place for successful product launches, which started in January. Our commercial business has recovered nicely from COVID and has a strong pipeline for future revenue growth. Solar is a significant and exciting new opportunity for us, one that has upside from its growth trajectory and from new growth that is enabled by ADT. We're excited to provide customers with an integrated home experience, smart home, and smart energy. Simply put, we are the only scaled player positioned to capture the next wave of growth in the rapidly evolving ecosystem of security, automation, and energy. We expect that opportunity will translate into double-digit revenue and adjusted free cash flow growth. In summary, I hope you see why we're excited for our future. We are the proven market leader with a strong track record of successful execution and an unparalleled customer value proposition. We're driving profitable, capital-efficient revenue growth, both through improved efficiency in our consumer business and through growth in our capital-light commercial and solar businesses. As you'll hear today, we have a clear roadmap to achieving our goals. Now I'm going to turn it over to our executive team, who will add more detail to the key components of our strategy and growth plans. Our next presenter is Keith Holmes, our Chief Revenue Officer, who will share more details on our CSB growth strategy. Keith? Thanks, Jim. At ADT, my team and I have the responsibility for stewarding our brand, for marketing, and for growing our revenue and share of the consumer and small business segments, which we refer to as CSB. Before I share the formula to drive sustained customer momentum and growth, I'd like to set the stage. We are focused on empowering customers to protect and connect what matters most. Today, we help protect more than 6 million customers in our core smart home security segment, and our goal is to grow to 7 million customers by 2025. Over time, we aspire to grow U.S. household penetration from 5% today to nearly 25%. Our 2025 goal of 7 million households is a key milestone on that journey. Our core market is growing at 7% annually over the next few years to 50 million households by 2025. Through innovation, we will leverage our assets to more than double our total addressable market to 130 million households by entering strategic adjacencies, essentially enabling us to serve every U.S. household. This is our natural destination, and no one is better positioned to win in the smart home and safety category than us. We will deepen and expand our current customer relationships through new offers and product bundles. With the growth of our household opportunity, the TAM for share of wallet continues to expand. Our goal is to increase our recurring monthly revenue beyond $70 million by 2025, capturing more than $5 billion in CSB revenue. Our growth formula is simple. We will achieve our ambitions through tactical go-to-market execution, more customer flexibility, expanded channels, and strong partnerships. I'd ask you to think of it this way. Now plus new equals growth. Let me click in a bit. First, I want to talk about the now. We have the broadest customer reach in the industry via our three assisted sales channels. Our outstanding phone solutions advisors provide assisted sales for those who know what they need. Our dynamic field solutions advisors provide assisted sales for those who want help. Our dealer partnerships provide assisted sales for those harder-to-reach customers. These are strong channels for us and currently represent 100% of CSB sales. We're building on a strong foundation and reinventing our go-to-market strategy. Our goal is to deliver high-quality leads for our sales team through data analytics, robust targeting, and attribution from leading providers. This will lead to better placement of our marketing investments, allowing us to better manage our marketing ROI. Active performance coaching for our solutions advisors has increased our sales conversion by 300 basis points since May 2021. We're continuing this momentum with the goal to improve sales conversion by another 600 basis points through an expanded product portfolio, a simpler sales call, matching customers to the right solutions advisors, and the right incentives for our teams. We will unlock additional value by optimizing our margin performance via our sales mix, including maximizing the units sold per customer and smart discounting. Finally, we are focused on selling solutions to our customers, and by leveraging the Google product portfolio and standalone cameras, our goal is a 50% increase in growth of install revenue per customer by 2025. Video services are the customers' add-on of choice. Execution here will increase customer stickiness and is one of the most efficient ways to lower our creation multiple. The next step in our winning formula is to make it easier for our customers to price their ADT solutions and make a purchase from us. We'll disaggregate our prices, install methods, and contract terms, as well as develop bundles and customizable packages based on the customer needs. Our price communication strategy will be simple and transparent across our bundled solutions in retail, online, and through partnerships. Giving the customer the choice to own the hardware, we will unlock new benefits for retail and e-commerce, enabling month-to-month contracts, as well as DIY add-ons and direct shipping. This approach allows us to simplify and expand our advertised offers by presenting free products instead of installation. We will be able to re-regionalize our pricing and expand our financing options. Step three in our winning formula is expanding into online and retail sales channels. Today, we're the leading company in our industry, and we've done it all through assisted channels. At retail, we're focused on three segments. Retail sales that sell directly in store, affinity retail marketing that generates good leads and leverages our retailers' reach, and integrated partnerships with retailers that we can develop together. Our e-commerce selling is expected to begin in the second half of 2022. Customers who know what they need can complete an end-to-end order with opportunities for upsales. Digitally assisted orders will lend a hand to customers who prefer phone, virtual, or in-person guidance to meet their needs. Customers will be able to set in-person sales appointments via our website for even greater choice and personalization. Together, with these new retail and online channels, we'll enable greater customer choice and help us reach our aspirational goal of an omni-channel experience, allowing ADT customers to start and finish their ADT interaction anywhere. The fourth step in our winning formula is partnerships. We have an opportunity to build upon our current partnerships with insurance and expand the work we're doing with builders. The great news here is that these represent low subscriber acquisition cost opportunities and have a natural connection to security and protection. We will continue to focus on strong execution in our small business market, where we are the number one in smart business security. New targeted marketing will help us drive continued growth in this segment. By working our winning formula, go-to-market execution, consumer flexibility, channel expansion, and partnerships, in 2025, we will deliver 7 million+ customers, yielding more than $400 million in monthly CSB revenue, $70 million in additional recurring monthly revenue, and total CSB revenue of $5.5 billion-$6 billion. In summary, we have a strong foundation with a sizable upside. We have an expanding and exciting portfolio of products through our partnership with Google. We are delivering increased consumer flexibility, we are serving customers in their channels of choice, and we have new ways to embrace a sizable and growing addressable market. What's new is now. Today, we are witnessing the ADT of tomorrow. Now, I'll pass it over to Michael. Thanks, Keith, and thank you to everyone for joining us today. I can't tell you enough how excited I am to be here. I get to share our Google partnership roadmap, including some promising data from our first quarter doorbell launch. Before we go deep on joint roadmaps, plans, et cetera, I first wanna remind everyone of the foundation that sits below the strategy and tactics that I will share with you today. This relationship is different. There is nothing like it in the industry, and frankly, there is nothing like it in ADT's history. I would highlight three points today. First, we are committed to the co-development of integrated solutions that leverage the relative strengths of our distinct brands. Second, our North Star is a differentiated and category-defining customer experience, and nothing is off-limits. All aspects of our joint hardware, software, and go-to-market capabilities are in play to meet this aspiration. Third, our incentives allow us to operate this way. Google is a long-term shareholder of ADT stock, and they have also committed an incremental $150 million in growth stimulus. It doesn't stop and end with money. Both ADT and Google have dedicated teams of engineers, product specialists, and go-to-market leaders focused on making this partnership a success. I get the pleasure of working with these folks on a regular basis, and I can assure you that they share our aspirations. Now that we've gotten the relationship basics out of the way, I'll spend the remaining time sharing how the Google partnership accelerates the core drivers of the ADT strategy that both Jim and Keith have laid out. ADT is a strong and growing business prior to Google. This partnership adds fuel to our growth. First, let's start with our approach to innovation and offers. In the simplest of terms, we aim to expand the set of only with ADT solutions that can be bundled at point of sale and upsold over the life of our customers. This starts with leading hardware. We are already seeing the benefit of the doorbell introduction as an anchor device to our smart home portfolio, and we are excited for the Google Nest camera and thermostat portfolio later in 2022. In parallel to these launches, we're in process of developing our proprietary ADT-owned software platform. This platform unlocks and accelerates ADT's ability to innovate for our customers. In support of this launch, Google is working side by side with ADT engineers to make sure that our integrations are seamless. This unique combination of hardware and software allows us to attack the TAM expansion opportunity that Keith described. We know we have the brand strength to be relevant in new customer segments and related verticals. We now are building the offer roadmap to attack this position of strength. In the near term, this will include joint pursuits in life safety, mobile, and aging in place, with longer-term optionality around solar, energy, and entertainment. Moving on to our core. It wouldn't be an ADT conversation if we didn't talk about security. This is in our DNA. Google both acknowledges our leadership in the category and is aligned to our aspiration to make everyone feel safe. In the near term, we are working on an alarm verification solution that leverages Google Video and ADT Analytics to improve alarm effectiveness. In parallel, our joint teams are thinking through opportunities to bring ADT monitoring to stackable use cases outside of the home. On a longer-term basis, the Google partnership accelerates our vision for always-on security, powered by ambient compute and part of our customers' everyday lives. You will hear more from Don Young, our own industry-leading expert on these topics later today. When it comes to the customer, I can promise you that both companies share the same obsession for delivering a premium experience. ADT is bringing the full weight of our frontline organization. We are investing heavily in capability building around the design, install, and support in ADT-owned and managed customer experience. Google is providing new digital tools and access to their technical experts to support both our employees and our customers. Our employees now have more timely data for issue resolution, and our customers have access to a broader and more specialized pool of subject matter experts. Both contribute to a better lifetime value for our customers in ADT. We think about the next pillar of our growth story, our brand. This one's an easy one to connect the dots. We are taking the number one leader in the home security category and we're pairing it with the global leader in technology. 1 + 1 genuinely equals three here. In the near term, you will see the Google brand alongside ADT in our sales and distribution channels. We've already introduced new uniforms for our field and have begun the introduction of a truly iconic new truck design that will scale as our lease portfolio evolves. Additionally, in February, we activated the Google Doorbell offer in our direct response marketing channels, like email and direct mail. Based on early feedback, I know that our sales and install teams are benefiting from these offers. Over time, you will see incremental co-marketing in both ADT-owned and Google-owned channels as both parties capitalize on the shared strength. As we turn to go to market, I won't spend much time here as Keith covered much of the details. However, I would like to share a couple of highlights. If I take a big step back, ADT and Google are very much complementary in the way our capabilities line up. If you think about an overly simplistic customer segmentation, ADT thrives off the pro-monitoring premium customer in our category. These folks want a more white-glove sales, install, and service experience, one that ADT delivers. Our customer acquisition approach focuses on traditional phone, field, and dealer channels. Google is very much the opposite. As a historically DIY-centric business, Google customers tend to enter our category through retail and digital channels. These are channels that represent an untapped opportunity for ADT. We know that ADT has the brand. We know that ADT has the trust, and we are evolving our offers to give our customers more choice. Now we have a partner in Google that accelerates our access to these channels where these untapped customer segments prefer to shop. The long-term growth opportunity to attach ADT monitored solutions is tremendous. As I close our strategic roadmap discussion, I would like to highlight how we are leveraging the partnership to improve our net subscriber acquisition efficiency metric. As a reminder, this metric is critical for ADT to maintain our healthy customer economics. From a revenue side, the story is clear and has two parts. First, the Google products are simply more attractive to our customers as standalone devices. Our customers want them and our employees are excited to sell them. Second, Google is helping us lean into smart home bundles and therefore helping us to sell larger solutions. For example, in the past, we'd have sold a Google Nest Doorbell as a standalone device. Now we're actively selling in-home bundles that pair a Google Doorbell with a Hub display and a Google Mini. The Mini serves as the chime, and the Hub provides customers with an integrated view of their front porch from their kitchen counter. Moving to the cost side of the equation, another important component to our acquisition economics. As we scale our ADT+ platform and app integrated with Google software and hardware, we expect labor efficiencies to improve at point of install. The devices will be easier to install, and our time in the home will decrease while also improving the customer experience. Up to this point, we've talked a lot about our relationship, joint strategic roadmap, and shared incentives. I hope you can see that we are in this for the long term and have big aspirations with a lot more work to do. With that being said, our prior conversation is only as powerful as the impact we can deliver. Under that pretense, I'm excited to share early returns from our launch with the Google Doorbell, bringing to life the power of ADT's approach to growth with Google as an accelerant. Five weeks does not make a trend. However, I can share that the excitement from our employees and customers is real and is reflected in the early returns you see today. Across all direct channels, we are averaging between 6,000 and 7,000 doorbells sold per week. This show of scale represents a 50% improvement in our doorbell attach rate in our new acquisition, sales, and install motion. Our customers want the solution and our employees are delivering. We are also seeing improved economics. When I compare solutions that include a Google Doorbell versus those that included an ADT Doorbell, we observe a $90 lift in install revenue. As previously mentioned, the Google Doorbell acts as an anchor device to pull through other smart home devices. We are just scratching the surface in terms of what we can do from a bundling and solution selling perspective. At this point, I'd be remiss without saying thank you to the many of you on this call from both ADT and Google that are working tirelessly to deliver these results. I'm excited to see what else we can deliver together over the coming years. As I close my time today, I would like to leave you with four key takeaways. First, Google is a long-term partnership focused on value creation. Second, the partnership accelerates and de-risks ADT's proven approach to growth. Third, the launch of the Google Doorbell provides early evidence of success and lends credibility to the long-term upside that we are primed to capture. Fourth, we are just getting started. You can expect us to be both methodical and relentless in delivering new solutions to our customers throughout the remainder of the year and beyond. With that, I would like to say thank you to the audience for indulging me today, and I will hand it over to Raya Sevilla and Leah Page, who will share the exciting work they are doing to innovate and diversify our offering portfolio. Thanks, Michael. ADT's offerings are diverse and span over a customer's life. From students walking around campus to smart aging, we have solutions that provides our customers peace of mind regardless of their stage in life. Our offerings are underpinned by an ADT-built solution that provides a unified experience across the various categories. This allows us to quickly and efficiently bring new solutions and subscription services to market. Today's smart home is actually not smart. Rather, it's a home with devices connected to the Internet that users can remotely control with their cell phone. We've turned the cell phone into the remote control of our homes. Convenient, but not necessarily smart. ADT is bringing to life a truly smart home. Coming soon is ADT +. ADT + is a core component of the growth strategies shared by Keith earlier. It's how we grow our total addressable market. It's how we reach new customers and grow our share of wallet. It includes bringing to market creative solutions that enables not only a smart and helpful home, but also a sense of safety outside of the home. ADT+ is not a platform. It's not a mobile app. It's not our new hardware lineup. ADT+ is an experience that provides peace of mind to our customers by securing their home, their well-being, and their family through technology and the human touch. Our new interactive platform, our new hardware, our new mobile app, our partnership with Google enables that experience. By leveraging machine learning, we are building a safe, smart, and sustainable environment for our customers. By marrying the data collected by our new hardware with the power and speed of cloud computing, we're building an ADT+ experience that reduces friction in daily life by learning our customers' behaviors and anticipating their needs. ADT+ expects to bring to market always-on security. By leveraging the latest in machine learning, we will eliminate the need to arm or disarm your security system. Our security systems will always be on, just like smoke and carbon monoxide detectors. ADT+ is anomaly detection. Privacy-protecting algorithms and pattern recognition enable ADT to detect when something is out of the ordinary and send our customers predictive alerts. For example, your air conditioner is taking longer to cool your home. Water is running when no one is at home. Your dog ran out of their backyard. The same anomaly detection technologies also provide predictive alerts for smart aging for both the caregiver and care recipient. For example, your elderly parent didn't take their medication or drink water, or perhaps they didn't get out of bed. ADT + is the helpful home. We want to make it easier. We can take care of the little things. By accounting for customers' habits coupled with contextual awareness, ADT can proactively complete basic tasks. For example, you forgot your key, we will unlock your door with your face or your fingerprint, close the garage door when no one's at home, automatically turn on lights when you walk into a dark room. We will remind you to take an umbrella on your way out if it's forecasted to rain, and go ahead and pause your automatic sprinklers. With ADT + and our integration with Matter, the new connectivity standard that will simplify interoperability across the Internet of Things, it doesn't stop with just ADT devices. We can extend our helpfulness to all Matter-enabled devices. As we see patterns emerge across our customers' ecosystem, our ADT + app will recommend other automations to make life simpler. Our customers shouldn't have to be the chief technology officers of their smartphone. ADT + is a simple, intuitive interface to make it easier for customers to set up and interact with their home. The new experience is built from insights gathered through extensive customer research. The opening screen reflects what customers want to see first, their cameras, and contextualizes the most important things. It tells a story. It brings together e-commerce, account management, smart home, and life safety functionality in a single app. If our customers want to unlock more of their home's potential, our solution advisors and technicians can help build an even smarter home on-site or virtually. ADT's not just installing devices. We're providing a safe, smart, and sustainable home. We are building ADT + to do this simpler, easier, and faster. Our technology is built for our customers to do it for themselves, but when partnered with our experienced technicians, its helpfulness can be maximized. We have tripled the size of an investment in our product team by hiring brilliant talent from companies such as Amazon, Microsoft, and Samsung, just to name a few. Their talent has already brought to life the foundation of our ADT + interactive platform, which launched in November 2021. In January 2022, we introduced the first ADT with Google integration with the launch of the Doorbell and Nest Aware. Nest Aware allows our customers to enjoy analytics such as package detection and familiar faces. 2022 will also see the rollout of the Google Nest Wifi, the thermostats, as well as the rest of their camera portfolio, including Nest Aware Plus. The initial release of the ADT+ hardware and digital experience comes in 2023, including our new smart monitoring that Don will speak to later. ADT is transforming from a traditional guard to an innovative guardian. We are more than a virtual sentry protecting our customers' physical property. Our products are no longer just about devices that secure a home. Instead, our products are helpful services to provide our customers a safe, smart, sustainable environment wherever they are. We're with you at home and on the go. We're supportive, we're anticipatory, we're human-centered. ADT + is the experience that allows us to deliver peace of mind for our customers wherever they are. While walking around your college campus, while riding Lyft or Uber, ADT goes where you go. Leah Page, our Vice President of Emerging Business and Mobile, will now share with you more details on our automotive, smart aging, and mobile safety initiatives. Raya has outlined how the home gets smarter with future technology, but as we craft our longer-term vision, we're looking beyond the home, and it's important for us to talk about the extension into providing safety and security for people wherever they are. The way people are consuming security is different than in the past. Just a few years ago, no one was taking a rideshare en route to their vacation home rental while checking their scheduled grocery delivery and tracking their dinner drop-off. These services didn't exist at scale, and the gig economy was not as accessible as it is today. Along with convenience, access to these new services has also created new social interactions, and in that, new security needs. As ADT looks to protect a broad range of consumers, participation in these new social interactions are a necessity. When three in 10 people are trying a first date through a dating app, and 36% of U.S. workers are participating in the gig economy, we know that there's an opportunity to increase reach and bring to market new offerings. We have the ability for consumers to experience ADT's professional monitoring service, a pillar of our business, at a time when they need it in a situation where they may need reassurance or emergency help. We're looking at these macro trends and have responded by creating a way for partners to easily integrate with us and send pertinent data that helps to define situations and allows us to make the best and most suitable reaction to that situation while on the go, no matter where they are. We have recognized new demand for features and services that help individuals feel empowered and protected wherever they are. It's why we have partnered with companies like Lyft and DoorDash, where our professional monitoring experience is there to reassure end users when they are in unknown or uncertain situations. Even though our relationship is with the enterprise, we're available to millions of their users on a daily basis. This allows for a natural discovery of ADT's safety service where they expect it, native in that experience. It's also why we launched SoSecure, an ADT mobile app for anyone to use. We've obsessed over the paramount importance of how a customer can easily send an alarm to ADT by digital slider, voice, secret phrase, video, or text. We envision situations like running at night, being alone in a parking lot, walking across campus, or being the last worker left at your job, and how having an ADT agent stay connected with you or check in on you might make a difference. It's to help reinforce the mission that everyone deserves to feel safe. For consumers to discover ADT and experience ADT for the first time and help us capture that share of wallet when they're making a future consideration for their security needs. In that focus on mobile security, we found new, relevant ways to communicate. Today, we are there for customers via traditional voice call, text message, or video call when it's relevant to their situation. We can discreetly chat with customers over text without anyone else knowing. We can engage in a video call to help deter a crime or simply use voice to help de-escalate a situation. We have found new ways on how to do it. Our specially trained monitoring agents are efficient and have a broad set of data that is shared with them behind the scenes to help determine the need for police, fire department, or an ambulance. We're able to reduce false alarms to 911 centers and are more efficient in relaying that data, like a car's location while it's on the move, details on the car itself or the route that's being taken, ultimately, getting people the help they need when every second counts. We found new reasons why. Whether it's due to the consumer not knowing where they are, not knowing the type of help to ask for, or concerned that 911 won't take them seriously, ADT is there. With intentionality, we will integrate these mobile security features for all ADT customers to make use of in their daily lives and continue to build on our current feature set, things like roadside assistance and crash detection and location services, and extend ways that these new features are relevant to our existing base of core security customers. Our commitment to mobile security and going beyond the home provides natural extension into other strategic categories as well. Keith spoke earlier about unlocking access to 130 million households with our broad customer offerings. To push that goal, ADT announced a joint venture with Ford to co-invest at $105 million to create an entity that will combine Ford's advanced camera technologies with ADT's deep experience in security, with the mission of ending theft from trucks, vans, and vehicles of all makes and models. This JV, named Canopy, will have an aftermarket solution slated to hit the market early next year that will make use of acoustic sensors, onboard cameras, radar, LTE, and GPS. This rear-mounted camera will use AI technology to identify and report credible threats while reducing false alarm signals. A consumer can see the live stream video and receive notifications in a mobile app or have an ADT agent who received that same video notification take action on their behalf. Canopy will also work with Ford to integrate their solution to new Ford and Lincoln vehicles with ADT providing professional monitoring subscription plans. We know that vehicles are the second-largest asset class for Americans' purchasing power, and protecting their vehicle and the assets in it present a real need for professional monitoring service. For consumers, things like kayaks or mountain bikes, and for our small business owners, equipment and tools that can often average $50,000 are stored in the back of a vehicle without any protection, and it presents a real need for security. Similar to what we're doing in the mobile security space, ADT will bring new ways to communicate, new ways how to do it, and the reasons why with us as we provide monitoring in the automotive space. We have identified the trend in automotive, and we're meeting the need of that industry as they transition from a one-time vehicle sale to recurring revenue streams, with security at the forefront of these subscription-based models. As we think about ways to gain share of wallet and bundles, automotive seems like a natural extension. After all, when a vehicle is parked in front of a home, the Canopy system can very intentionally act as an extension of today's home security system. Another strategic category for us is smart aging. With 10,000 Americans turning 65 every day, a shortage of home healthcare workers, and falls by seniors as the driving force of hospital visits, we are in a unique position to extend our offerings to include smart aging. Personal emergency response or PERS devices, typically worn as a pendant around the neck, have been the traditional go-to security solution, but new wearable form factors are attracting the attention of more mobile seniors. Smart watches, health trackers, and rings can remotely monitor vitals while not getting in the way of an active senior lifestyle or promoting the stigma of a device that says, "I need help." With nearly 30% of seniors over the age of 60 owning a wearable, it creates a new opportunity for us to expand service offerings to keep people safe and integrate with other devices in the home. A combination of vital signs with things like too much activity, not enough activity, or an abnormal pattern could be an early predictor for a fall in the home. By using the platform that Raya described earlier, along with artificial intelligence models, we will have proactive information that can be shared with customers and caregivers or used in requesting help in an emergency situation. Health tech is an extremely fragmented space, and many of the new solutions have innovated out that human interaction, that person that can help you in this situation because you don't know what to do, that person that you can request an ambulance if you need it, and that same person who can call your daughter because you're too embarrassed to have an ambulance in front of the home. Our ability to detect when someone needs help, coupled with our exceptional customer experience, provides an offering that we feel differentiates us against competitive solutions. It all goes back to the simple idea of being able to request emergency response and provide reassurance in situations where people need it, whether they're at home or on the go. As we close this section, we have highlighted an exciting portfolio of products with integrated software experiences, our alignment with Google, and how we meet the needs of new and existing customers wherever they are. We understand that our customers' needs are evolving, and therefore, we're committed to evolve with them. These expanded offerings are expected to create new and unique bundles that speak to the customer's need for security in their multifaceted lives. This will be key in growing to over 7 million subscribers by 2025 in continuing to defend and grow recurring revenue. It is with intentionality that we watch the pieces of this strategy come together in the near term. We see the extension of security to be used with next-generation technologies, once again, bringing up entirely new social interactions for people that are just starting to be realized. As we look to the future, we envision things like wearables, watches, and rings that can keep us safe. A Canopy-enabled car in a neighborhood that warns all other vehicles about an attempted break-in, and even how we might monitor and make an impact on autonomously driven vehicles, all with the mission of keeping people safe. One important aspect in all of these innovative offerings is the unrivaled safety that the ADT brand stands for. I'd like to introduce Don Young, EVP and Chief Operating Officer, who will talk about how we are enhancing our response to emergencies. Thanks, Leah. At ADT, we confidently use the word unrivaled to describe the safety and peace of mind we provide to our customers because no one has been in this business as long as we have, and no one has helped protect as many customers. As you've heard today, none can claim to have our winning formula, our innovation, our strong partnerships, and the brand trust that ADT has. We're proud to be the most recognized and most trusted brand in smart home security. For many customers, that trust in our service becomes very personal. While we hope no one ever feels unsafe, ADT is always there when they do. Like the actual customer in this video. I need 911. She's okay. My boyfriend's beating me. I saw the remote sitting on my kitchen counter, and I knew if I hit the red button, someone would come on the line. ADT has a system in place where they can inquire of the victim, and that's what happened. All I remember saying was, "My boyfriend's beating me," and she took it from there. All of this occurred in four minutes or less. Which more than likely prevented her from being more seriously injured or even killed. Just the support and knowing that people are there, whether I take them up on it or not, is huge. He was either gonna hurt me more or he was gonna leave. That remote was the key item for me. It helps me feel more secure for sure. At ADT, we believe everyone deserves to feel safe, so we empower our customers to protect and connect what matters most. Our superior monitoring and response capabilities benefit both our customers and our communities in many ways, both seen and unseen. We've made considerable progress in reducing false alarms and alarm handling times for our customers while lowering our cost to deliver our service in the future. This model for advancing the cause of all stakeholders has built a priceless foundation of trust among 911 centers, first responders, customers, and our team members as we all work together for a safer today. We have developed new and improved ways of leveraging our customers' data. Traditionally, monitored alarms provided single points of data without any context. The complexity of information was low and false alarms were high. Today, ADT is gathering data from many sources, including cameras, audio, GPS location, motion, the environment, and many more sources that our customers have consented to share with us. We analyze these data points in the cloud using powerful machine learning models and artificial intelligence together to paint a clearer picture of the alarm event. Since introducing this technology, ADT has been able to reduce customer false alarms by 54%. That relieves a big pain point of customer friction, which helps improve retention and overall customer satisfaction. Another exciting innovation we are introducing is alarm scoring. By gathering and analyzing many points of data from our customers' alarm and smart home devices, we can be more confident in the alarms that we receive. That confidence matters to first responders who will prioritize a response to verified alarms. This will enable faster response times because in an emergency, every second counts, and this is the reason our customers trust ADT to help protect them and their families. Finally, ADT is first to utilize proprietary data delivery from our monitoring centers to the 911 centers that serve our communities. Today, we are using new technology that reduces errors and costs while increasing speed of delivery for the first responders that are needing this information for better situational awareness. Not only does this serve our core mission, but it also benefits the men and women who risk their lives to save those of our customers. To punctuate how the technology I just described makes ADT's professional monitoring service superior, I'll share a side-by-side comparison between traditional providers and ADT. The most important point on this slide is the first one. It has become a serious issue due to a nationwide staffing crisis for 911 centers. Other alarm monitoring services call a ten-digit phone number to connect to a 911 dispatcher whenever they receive a customer alarm. Through necessity, 911 centers are deprioritizing those lines and call hold times are very high. ADT's direct data link to 911 centers circumvents that wait, improving both response times and accuracy. It's another way our innovation makes us unrivaled in the safety and peace of mind we provide to our customers. We take our duty to protect customers' privacy very seriously. Through our partnership with Google, we continue this dedication to customer privacy with new innovations that enable greater data collection with equally powerful safeguards. Using the Google Cloud platform, we have created a proprietary ADT Lockbox that contains information used in our alarm response process and provide access to only those who need to know. Finally, we distribute information from that lockbox using an encrypted and patented process. To summarize our most important differentiators, we will lower our costs with Alarm Messenger and ADT's next-generation connectivity to 911 to deliver the most reliable response in the industry while creating opportunity to increase margins and provide more aggressive pricing. We will leverage our new monitoring platform to analyze more data, prioritize alarms, deliver better situational awareness to customers and first responders, and do it better than any of our competitors. Finally, we will continue to differentiate ourselves through reliable service and superior alarm response, which will provide ADT customers with unrivaled safety and peace of mind for years to come. Thank you, and now I'll hand it over to Jamie Haenggi, ADT's Chief Customer Officer. Thank you, Don. Before we get started, let me provide some perspective. In the next 24 hours, our 25,000 employees in our 7,400 trucks using our superior infrastructure will process over 500 million motion sensors and open and close signals. We'll record 52 million video clips, arm and disarm systems 7 million times, lock and unlock doors 2 million times, adjust the temperature in homes 1.3 million times, turn on and off the lights 1 million times, answer 65,000 calls, handle 63,000 alarms, visit 10,000 homes in person and another 4,000 homes virtually. We will get the fire department to 2,000 homes and enable 100 people to own and use their own power. That's a busy day. Doing it better than anyone is our motivation because behind all those numbers are the 6.6 million businesses, families, friends, pets, and countless others that we all love and care for. When you ask people about ADT culture, you will often hear we are a mission-driven company. We believe strongly in what we do, why we do it, and importantly, how we do it. Our people take an incredible amount of pride in their work because each part of it matters, and together, we help drive a premium experience. In addition to our people, delivering a premium experience means providing customers with choice and flexibility, creating a personalized experience, being proactive and intuitive in how our products work and how we support them. Our premium experience delivers significant value to shareholders by producing a flywheel that drives customer satisfaction, improves retention, and unlocks revenue, all while reducing our support costs. In 2020, we undertook an expansive journey mapping and research effort to identify moments that really matter to customers and then turn those insights into action. Today, I want to click into four of these areas where we are making changes to advance our experience. More choice and flexibility, advancing our in-home experience, delivering our own platform, and using technology, data, and analytics. As we continue to evolve and advance our premium experience, my job is to see that we increase our Net Promoter Score over 1000 basis points in the coming years and increase our retention to 90% or more. Let's jump in on choice and flexibility. With more devices in the home and customers comfortable and frustrated with technology, we wanted to find new ways to support our customers. In 2021, we launched Virtual Service, which gives customers both choice and flexibility in how they can be served. With Virtual Service, an agent can use the customer's smartphone to be their eyes and ears to verbally troubleshoot with the customer. Virtual Service allows us to unlock significant value. First, we can meet our customers where they prefer to engage and do it immediately with 24/7 availability. Customers want this approach, and it shows with over 4,000 daily virtual visits completed and with customer satisfaction scores in the 80s. Just take a listen. You started something new now, the virtual tech support. I'll tell you what, I love it. I can't thank you enough. You've been very nice and very knowledgeable. Oh, it's working. Yay. Thank you so much. You have been so helpful. You have no idea. You are so efficient and proficient. I was having so many issues with the control app, and when I spoke to a team member, he just was so knowledgeable. He fixed everything right up. I couldn't be more pleased. You've been very helpful. Thank you for that. I appreciate you. Well, that makes me a happy camper. Guys, you're so knowledgeable because all the months I've been calling in, I should have been talking to you guys. This positive experience helps us increase our Net Promoter Score and retention over time. Virtual service not only delivers the surprise and delight kind of service, but it does it at 50% of the cost of a field service appointment. Lastly, it opens more opportunities to generate additional revenue. In the near future, we'll be able to assist and charge for things like broadband assessment and configuration. We'll be able to take inventory of what customers have in their home, help them with other device configuration, and make suggestions for products that will further enhance their experience and lifestyle. Further expanding on choice and flexibility, we're giving customers options with installation. We recently introduced do-it-yourself options, and we will continue to expand on that with our Google Launch. In addition to DIY, we're launching a Do It With Me option. Do It With Me is designed for customers that want to do it themselves, but prefer or maybe need a little more support than self-help tools. It really becomes a premium experience with virtual assistants. Do It With Me also provides a powerful and more profitable option when selling to our base. Instead of rolling a truck to install a door contact or camera, we can now direct ship and provide a scheduled assisted install. In our initial launch this past month, we are hearing great feedback from our customers. This virtual workforce for both service and installation will help ADT service customers well and leverage a scalable, SAC-efficient delivery model. While DIY is a growing market, we still see the majority of people wanting someone to do it for them, especially when it comes to life safety. Our national footprint of professional in-home technicians provides a strategic advantage and plays a key part in our premium experience. An ADT professional installation requires more than four hours, multiple ladder climbs, dropping wires for power, and occasional attic crawl. Most consumers don't have the time, patience, or know-how for these things. Having a network of over 7,400 technicians is highly desirable to our customers and our partners like Google. Furthermore, with all of this hardware now installed, consumers can feel overwhelmed trying to make it all work. They recognize smart home automations can make life easier, but it's hard for them to conceptualize recipes on how to make their products connect with other devices and then have it all work together. After installing, our technicians shift to a consultative approach, sitting with customers to understand their home environment, smart device inventory, even devices not sold by ADT, and their overall day-to-day life. They help them design, integrate, and program an intuitive, safe, and helpful home. By focusing on the customer, we can consider what peace of mind looks like for different people and deliver solutions to meet those needs. This focus has led us to innovations like SoSecure integrated with Lyft, Canopy with Ford, integration with Google, and now solar and energy management. By building and owning our platform, we can accommodate a growing ecosystem that brings together an integrated, safe, smart, and sustainable home and lifestyle. A broad and powerful platform allows us to command premium pricing because customers value the integration we bring. In addition, our ecosystem and new services will enable us to capture a greater share of wallet with customers as we continue to introduce new products and services to our existing base of 6.6 million customers, which together creates a stickier customer experience, leading to increased retention and lower subscriber acquisition costs of new services. A final point on what we've changed to enhance our premium experience is around our digital-first approach. We undertook a shift internally, aligning customer experience and IT under a safe, agile process that is structured around the customer journey. We're also implementing the Salesforce platform, which will enable us to bring a 360 view of the customer that drives action for our frontline employees. Imagine an interaction where a customer calls up for a question about their bill. Our agent is able to see they haven't armed their system in the past three days, which is out of pattern for this customer. While addressing their billing question, our agent inquires how their system is working. They uncover an issue, and right then and there, solve the problem with a virtual service visit. The virtual service agent is prompted to ask about a feature the customer would be interested in, helps the customer enable that feature, and ends up direct shipping a camera for a virtual install. The customer who started with a billing question is now back engaged with their system, has a new feature enabled, and a new device on its way. This is the difference between an efficient and effective transaction in creating a memorable experience that delivers meaningful value to the customer. A premium customer experience is our superpower. We are more than the product. We are more than the service and monitoring. We are the unique combination of these in a way that maximizes customer value, improves retention, and unlocks revenue, all while reducing our cost of support. We know that investing in our customer experience in these ways will ensure our portfolio drives loyalty for the customer and value for the shareholders. Every 100 basis points in customer retention drives $100 million in incremental annual cash flow. Our customer experience builds on the strong and solid foundation of the ADT brand. Now, let me turn it over to DeLu Jackson, our Chief Marketing Officer. Thanks, Jamie. I have the privilege of talking with you about the iconic Blue Octagon. Our Blue Octagon is a sign of quality, reliability, and trust. It's one of the most recognized American logos. It's displayed on millions of lawns, doors, and businesses across the country. This iconic brand provides peace of mind to families, small business owners, and our communities. It signals unrivaled safety from the most trusted brand in smart home security. Our brand trust has been earned through millions of customer interactions during our 147-year history. Trusted brands drive consumer preference and affinity, which is what wins in the marketplace. Our trust is earned by focusing on our customers and empowering them to protect and connect what matters most. The solutions we deliver impact people's lives in moments, big and small, from greeting visitors at the front door to keeping the power on during a storm, because how safe would you feel if you didn't have power or professional monitoring with life-saving intervention? With 98% brand awareness, ADT stands for safety and security, and we celebrate that. When we invest in sharing that message consistently, it allows us to innovate and be credible with customers, even those we haven't served yet. The definition of safety has evolved. In today's world, awareness and connection to information is a form of protection. Connection to power during bad weather or even to another human in a time of need is protection. We'll build on our foundation of trust and protection to create and deliver the next generation of security for your loved ones, your home, and your business. This is how we empower people to protect and connect even more of what matters most. We're scaling our performance marketing approach, which allows us to constantly optimize our investments to drive business results. In fact, this data-driven approach enables us to track the direct business impact for more than 80% of our marketing investments. Enhanced data and analytics allow us to surgically expand our presence into more channels and reach more of our future customers. In partnership with Google, we've assembled a team to maximize customer engagement, really leveraging our customer data and insights. We're working together in performance marketing while also increasing our brand-building investments. We will engage our existing customers and our future customers by meeting them where they spend their time. Today, it's more digital than ever with content that's relevant, relatable, informative, inspiring, and as we saw earlier, thought-provoking. To give you an idea of how important this partnership is, more than half of our marketing investments this year will be co-branded to highlight the ADT and Google partnership. That could increase as we continue to see the great results we've had in the early launch. We'll show up together in big moments like March Madness and the NCAA championship game later this spring. We'll also continue to work with trusted home experts like the Scott Brothers. We will ensure that the ADT brand remains top of mind when it comes to safe, smart, and sustainable solutions. Here's a sample of some of our upcoming marketing. Fact: We all love video doorbells. With ADT and the new battery-powered Google Nest Doorbell, your front door is safer and smarter. It even has a vertical field of view so you can see your visitors from head to toe and keep an eye on your food deliveries or packages. With the timeless protection of ADT, it's safe to say, "Hey, Google, unlock the front door. You're all set. Our brand delivers like no other. It's how we empower our customers to protect and connect what matters most. We conducted a brand consideration study among intenders and switchers. It revealed that ADT and Google product offering increased consideration by 23%. There's an opportunity for ADT and Google to appeal to those who aren't even shopping for security. In fact, consumers who are not in the market for security would be very or extremely likely to consider coming into the category due to our new co-branded offering. Consumers that would consider ADT and Google tend to prefer do-it-yourself solutions. That gives us a really big growth opportunity in self-install and channels like e-commerce. Leveraging this partnership is a win-win for both brands, but most importantly, it's a big win for our customers, who get the very best monitoring and service with the best devices and technology. It's truly the best of both worlds. In summary, we have an incredible brand, deep customer trust, an expanding product portfolio that's very appealing. It's safe to say that we will be providing solutions to millions more customers for years to come. Our iconic Blue Octagon is a symbol of unrivaled safety. It's our pathway to meet our customers expanding definition of and need for peace of mind and safety. Thank you. I'll hand it over to ADT's Executive Vice President of Finance, Ken Porpora. Thanks, DeLu. I'm going to connect the dots on the consumer and small business growth plan you just heard, translating the initiatives into improvements to our subscriber economics and cash flow. First, let's start with ADT's baseline. Today, we acquire more than 1 million new customers per year, mostly through our direct channels and complemented by our dealer channel. Each new customer has an average core customer value of over $2,500. Core customer value is the amount of positive cash flow we expect to generate after our acquisition costs and service costs over the length of a customer relationship for our traditional security and smart home offering. After the upfront investment, the ongoing recurring revenue margins are substantial. When combined with an 87% retention rate, we generate dependable cash flow streams from today's approximately 6.4 million customers. We're starting with a compelling value proposition, and with the plan we're laying out today, it's getting even better. You heard earlier today about a number of our digital-first initiatives, including virtual service and advanced monitoring. Not only do these initiatives drive higher customer satisfaction, they have the added benefit of doing so at lower cost. With our large recurring revenue base, this creates tremendous operating leverage, dropping more revenue to our bottom line and ultimately to cash. Virtual service is transforming how our digital and physical worlds meet, marrying technology and our care agent knowledge, reducing the heavier cost physical truck rolls. We're already starting to deliver on this initiative, as proven in our fourth quarter results. Longer term, we expect to satisfy nearly 50% of this customer demand virtually instead of physically at the premise, all while delivering a delightful and speedy customer solution. With an annual runway cost of over $250 million per year for more than 2 million service appointments, you can see this enhancement has significant runway. Virtual service isn't our only opportunity. Our advanced monitoring is drastically reducing the number of phone calls we handle, approximately 30 million calls per year. On the customer care side, with a cost base of $150 million per year, there are opportunities for improvements through people efficiencies and more customer self-help capabilities. These initiatives allow us to scale our growth in a cost-effective way. On a 10%+ increase in total subscribers, we expect over $100 million annual service cost reduction by 2025. On top of those service cost reductions, we also have appealing plans to reduce subscriber acquisition costs, our largest use of capital. With the initiatives you heard earlier around Google-related devices, our new innovative offerings, we have a path to higher installation revenues per subscriber. System size will grow as we offer more connected devices, pushing up the average installation revenue from today's approximately $1,000 mark. More of those devices will be purchased outright, reducing the need for financing, where today about 55% of new buyers take the financing option. In addition, with our ADT+ interactive platform and our next generation hardware, installations will be shorter, easier, and more intuitive for our customers and come at a lower cost. All combined, we expect upwards of $100 million reduction in annual SAC from these initiatives by 2025. Another significant opportunity for SAC reduction comes as part of our optimized go-to-market initiatives. E-commerce and retail present markedly lower marketing and sales costs, ranging from 25%-40% greater efficiency. Increasing our DIY mix will balance the capital intensity within our CSB segment. We anticipate growth in both the pro install business as well as DIY. By the way, DIY represents about 10% of our new customer adds today. Finally, our new innovative offerings in solar, auto, mobile, and insurance represent new lower cost acquisition opportunities. We expect another $100 million reduction in SAC led by these three initiatives. The result of tomorrow's ADT is a leaner, even more efficient and less capital-intensive consumer business. We're on a path to reduce our subscriber investment per sub. While it varies by subscriber and by channel, a typical subscriber requires $1,500 in upfront acquisition costs, which will become something meaningfully lower in the future. This allows us to generate more revenue for every incremental $1 of SAC spend, producing higher returns and freeing up cash for other purposes. That improved SAC efficiency, when paired with growing revenue per unit, drives attractive subscriber economics. Our customer value per subscriber has leg room for growth, with the goal of achieving about 40% improvement by 2025. In addition, with our innovative offerings mentioned today, we will expand our ability to build a lifetime of brand loyalty from customers, improving retention and increasing share of wallet, further improving our subscriber economics. All of this creates a flywheel effect with an increase in subscriber base, higher revenue per unit, more efficient acquisition and service costs, and higher customer retention. This creates strong returns and higher sustained cash flows, in turn, freeing up more capital to invest in our growth. Wrapping up our CSB section, we are excited about the growth opportunity we have in front of us. Through our strategic differentiators, our innovative offerings, unrivaled safety and premium experience, and our enablers, our trusted brand, our optimized go-to-market and operational excellence, our goal is to produce over $1.5 billion in top line growth. With initiatives to drive subscriber growth, increase revenues, and better costs and capital efficiency, this growth is generating strong returns, translating into better cash generation and increased customer lifetime value opportunities. I'm confident we have the right plan and the right team to deliver it. We're gonna take a five-minute break now, and we'll come back to share the growth opportunities ahead of us in ADT Commercial as well as ADT Solar. Thanks again for joining us this morning. We'll start again in five minutes. Welcome back, everyone. Hello. I'm Dan Bresingham, Executive Vice President here at ADT Commercial. Today, I'm very excited to share some of the great things happening in our commercial business. Who is ADT Commercial? We are one of the largest full-service electronic security providers here in the U.S. We have over 5,000 employees solely dedicated to our commercial customers who represent the who's who of commercial brands everyone would recognize. Our key value proposition is that we provide a full suite of services for every type of commercial customer, from a small single-site location up to the Fortune 1000 customers, with the ability to provide all their electronic security needs, including traditional burglar monitoring, video, access control, fire and life safety, and risk consulting. We have the technical skills to provide complex solutions for any commercial company, including million-dollar distribution centers, data centers, high-rise fire. Really any commercial security application we excel in. We are one of the few national companies that can address all the fire, security, and life safety needs for any commercial company, no matter the size or the complexity. At our core are our employees who represent the best in the industry from a technical skill set, along with the universal belief rooted in premier customer service that drives us every day. The commercial security market is very unique and has several key differences compared to the consumer and small business segment. First, the commercial market is large, in almost $50 billion, and commercial penetration rates are very high, as almost every commercial company needs at least some of the services due to insurance requirements or local fire mandates. Second, the wide range of products and services we provide based on the vast customer differences mean the technical requirements for our employees are much harder than those in the residential business and presents significant barriers to entry. The technical requirements for our employees is substantial, requiring years of experience and in-depth continuous training to stay on top of the latest trends. Third, on a national scale, there's a very limited number of competitors, and the industry is not known for good customer service, something that frankly we excel in. Fourth, we have a different business model where a greater percentage of our products customers wanna purchase outright, hence lower acquisition costs. We also have the benefit of overall lower attrition, particularly if we provide good service due to the higher customer demand. The chart illustrates our strong historic growth rates based on capitalizing on these differences and our future goal to get to $1.6 billion in revenues, which I'll talk more about later. I hate to sound simplistic, but the two primary reasons we are successful and growing is we have the best employees and we provide the best service. On the people side, we have over 2,000 of the most experienced and technically trained technicians who serve our customers daily. I cannot overemphasize the importance of our technical skills and how hard that is to replicate in the commercial space. It's a tremendous advantage. Secondarily, but equally important, is our dedication to customer service, which is rooted in the execution of basic principles like same-day service if your system's having issues, meeting installation timelines, and robust internal reporting and scorekeeping to track customer service levels on a daily basis. While these two concepts sound basic, they are not, and they're fundamental to our success. To illustrate why we win, here are just four examples of extremely complicated and technical solutions we provide every day for our customers that very few companies could provide. If you look at these examples and we're able to physically walk these locations and understand the technical requirements, you start to understand how the combination of the industry's best experienced employees and our mantra for providing best-in-class service is what makes us successful. I also wanna share some important metrics that really highlight the strength of our commercial business. On the left, you'll see our historical sales backlogs. Our sales backlog represents sold orders where we still need to complete the installation and recognize the revenues. Here, you'll see we ended 2021 with record backlogs for both RMR and install revenue. Our growing sales backlog provides great visibility in the future revenues, and we continue to see positive trends here. On the right, you'll see great traction on growing our RMR base while decreasing our attrition rates. I would highlight we ended 2021 with 9% attrition. That's a best-in-class number and a testimonial to the exceptional service we provide every day. Overall, the commercial business is in a great spot, and we are well-positioned to continue to grow. While we've done a really good job growing our commercial business over the last several years, we are continuing to push on several key projects to continue that growth trajectory. These projects include vertical market expansion. We already have fantastic capabilities in healthcare, banking, commercial real estate, and retail. Now we're adding more expertise and leadership in smart cities, energy, high-end manufacturing, and government work. For each of these vertical markets, we've already hired seasoned leaders that know these vertical markets, the technical requirements, and the customers in detail, and we're already seeing very positive traction. Electronic Article Surveillance. Just what is that, you might ask. Well, if you ever walk through a retail location, and the buzzer starts going crazy and a store worker tracks you down, that's EAS. EAS is one of the primary ways retailers try to prevent shoplifting theft. Today, we don't play in this space at all, but given our fantastic relationships with the largest retailers, along with our reputation for superior customer service, we are moving forward in offering this service right now and are already getting significant new orders from retailers for us to provide these services. This is a $500 million market in the U.S., and we have significant opportunity here. Tuck-in M&A has been a great story for us over the years, with over 25 acquisitions totaling over $500 million annual revenues, plus the additions of premier customers and great technical employees. We have a proven track record here and will continue this opportunistically going forward as there are still thousands of small commercial service companies still out in the market. Last and probably the most exciting are growth plans around us disrupting the manned guard industry. The manned guarding industry is a $60 billion market in the U.S. where today ADT does not compete in at all. We formed some very interesting partnerships with companies that specialize in technology, where together we're building solutions to replace the need for manned guards. Customer pilots are already underway, using robots to replace manned guards at night in corporate locations, and the results are very promising. Think about a day where robots and drones can be used to augment and in many cases, replace manned guards at a lower cost and a better quality. This is a huge opportunity for us and one that I cannot wait to share our first customer wins here in the very near future. In addition to the exciting revenue growth opportunities, we also continue to stay focused on improving our profits. Some of the key initiatives to improve our EBITDA margins up into the teens include virtual truck rolls and smart monitoring. Similar to what you heard on the consumer side, we have opportunities to eliminate truck rolls and reduce calls and false alarms via technology. Both of these great initiatives will result in better profits and a better customer experience. We still have work to do on improving the profitability of our existing customers and using system enhancements to improve our processes. Last, but definitely not the least, COVID is still impacting our business via more sick time and parts delays. We expect both of these issues to improve over time and get back to normal. All these initiatives should allow us to get to our goal of mid-teen profits in the near future. In summary, ADT Commercial is one of the market leaders in providing a full suite of services to address all the electronic security needs for any commercial company. The reason we've been successful in growing is based on the foundation of the best and the most experienced employees and our mantra of premier customer service. Based on the stellar reputation we've built over the years with our customer base, we still have many exciting future revenue growth opportunities, leveraging our traditional strengths while also entering completely new markets. Thank you. Now we're gonna hear from Marc Jones, Executive Vice President, ADT Solar. Thanks, Dan. Solar is one of the fastest-growing sectors in the U.S. We believe that we are at a critical juncture in the industry's growth trajectory with key solar markets such as California and Northeastern states crossing from early adoption to mass market. There's hardly a state or market where we can't sell solar. While tax incentives and net metering played a role in kickstarting consumer demand, they are no longer the primary drivers of this growth. Today, we see consumer behavior motivated by two key factors. Number one is protection. Our customers believe that solar will protect them from rising energy prices and an aging and unreliable electric grid, which is becoming increasingly important as they require more electricity with conversions to electric vehicles and gradual phase outs of residential, natural gas service, and mini markets. Number two is value. The cost to own solar today achieves near or below grid parity for consumers, even when financed through debt. It's a simple question for homeowners. Do they want to continue to pay the utility company or make a payment towards an investment in their home, one that delivers value and adds value? The solar industry as a whole is still relatively immature in a lot of respects. The installer base is highly fragmented and regionalized supply chains are messy, and customer acquisition is extraordinarily inefficient and expensive relative to the total system value. It is in this fragmentation and industry immaturity that we see tremendous opportunity now as ADT Solar. Sunpro's DNA is our ability to be successful in what others see as unlikely markets and is largely due to our unique business model. Unlike many of the players in the residential solar industry, we present a purchase model for consumers versus a lease model. This enables us to afford a simple, transparent, and affordable option to our customers. The purchase model now accounts for over 80% of the solar sales in the U.S., and if you take out California, it's well over 90%. For our investors, this model allows us to keep a simple and clearly understood balance sheet. Other industry peers are leveraging lease and PPA models, which are much more dependent on incentives, tax equity, and net metering. They also provide less value to the customer and are expensive structures to establish and maintain and have high operating risk. With potential NEM 3.0 changes on the horizon in California and other states, we believe that our unique value proposition, combined with our purchase model, will allow us to not only survive, but thrive and take market share as these markets change and mature. Reducing the value of net metering will simply drive further adoption of energy storage. On the other side, if there is a direct pay option for 25D residential and personally owned systems as part of Build Back Better or future climate legislation, our business model will only see further upside. Our sales model will allow us to receive full value and margin day one and ensures we don't have tax equity obligations or exposure to the operating financial risk of a legislative change mid-contract term, which lowers the value of the installed solar and increases risk of consumer defaults. Unlike most solar companies, our vertical integration allows us to participate across the value chain of marketing, sales, permitting and design, installation, and service to both reduce costs and maximize margin capture. Sunpro has produced great results in both growth and profitability, generating $645 million combined revenue with a 125% compounded annual growth rate over the five years. We are still on that trajectory, with January results up nearly 100% versus last January. Let me highlight four areas where the acquisition by ADT will drive increased value for shareholders. Number one, in the residential solar industry, marketing costs make up a significant and disproportionate cost of a sale. We anticipate that the ADT brand will help reduce marketing costs through improved customer responsiveness and lower-cost channels. The thesis is this: if just 1% of ADT's customer base of 6.6 million opts to go solar with ADT, a company that's already in their home and that they know and trust, the solar business volume would almost triple overnight. With a customer acquisition cost that couldn't be touched by competitors of our size and scale. Even as one of the largest residential solar companies in the industry, Sunpro had minimal brand recognition. In fact, even the leading brands you might think of have single or sub-digit brand recognition. However, when consumers were provided a list of top brands, including ADT, and asked who would they purchase solar from, ADT ranked second only to LG. Among the current Sunpro marketing efforts, we expect to see more consumers eager to meet with and choose ADT Solar, given the high brand trust of ADT. While we have not launched any new branding in-market since ADT acquired Sunpro, we have already seen a 23% increase in our close ratios versus second half of 2021. As we fully launch the brand ADT Solar and incorporate into ADT's mass media efforts, we believe not only will conversions increase, but organically flow will as well. The benefits of ADT Solar should also help the overall ADT brand. Research showed that consideration for ADT Security increased from 35% to 55%, just knowing that ADT offered solar as it conveyed an eco-friendlier and more modern brand. Safe, smart, and sustainable are what consumers are looking for from preferred brands. Another way we expect ADT to accelerate growth and cost savings is through leveraging the ADT customer base. ADT interacts with customers thousands of times each day. In addition to specific and unique marketing campaigns to existing customers, ADT will leverage customer interactions with technicians and sales reps in the home, as well as calls into the contact center. The initial pilot campaigns we have launched are showing very promising results. As we refine and implement scaling, we expect these to become a very cost-efficient lead source for solar. ADT brings a ready-made network of dealers and partners that will help ADT Solar capture more market share. Many current ADT dealers have already entered the solar market and stood up dedicated sales teams. Today, they send those sales to a variety of solar installers. We intend to partner with these dealers and offer not only a competitive structure, sophisticated tools and resources, but also the ease of working with one company that delivers a high-quality end-to-end experience for consumers. In addition to dealers, we are in talks and preparing launches with several of ADT's partners across insurance, retail, and home building. As part of Sunpro's model, we sell a complete offering that includes energy efficiency services and roof replacement. We have double-digit attachment rates across our extended offerings. Offering security is a logical extension for solar and our go-to-market approach as well. A safe and smart home will be a great value add that we look to bundle in our offerings to customers, providing ADT with low SAC security subscribers. ADT Solar is well-situated from a supply chain perspective. Enphase remains a key partner for high-quality microinverters with a committed guarantee on inventory to meet and exceed our growth plans. We expanded our solar panel supply chain to include three additional high-quality suppliers who are aligned with our requirement on using ethical and clean supply chains and face minimal trade risk to mitigate any changes and keep a robust stock in our inventory. ADT's purchasing power provides the leverage and scale to help reduce costs or offset rising costs. We are already seeing significant cost savings across our company as we begin to leverage the purchasing power of ADT's supply chain management resources. For example, in the next two years, we expect to realize over $1 million in savings on just our Nest Thermostat purchases alone. In addition to supply chain, ADT Solar is partnering with ADT locations across the country to leverage facility costs and distribution centers. Our next steps focus on scalable growth initiatives that will not only drive growth, but cost efficiencies as well through the leverage of ADT brand, base, and networks. ADT's purchase of Sunpro gives ADT an immediate position in the solar market with a proven, fast-growing company, and leverages the trust, reputation, and awareness to accelerate growth, all leading to a pathway that has the potential to more than double the business to $2 billion-$2.5 billion in revenue over the next few years. I'm happy to introduce our next speaker, Jeff Likosar, ADT's Chief Financial Officer and President, Corporate Development. Thanks, Mark, and thanks, everyone, for joining today. I'm going to spend the next few minutes summarizing how everything you just heard creates long-term value, describing our capital allocation approach, and sharing some financial objectives. Jill summarized today's earnings release earlier, so I just wanna highlight a couple points to underscore the momentum that enables us to continue growing our business in 2022 and beyond. A highlight for 2021 was our 16% increase in new additions to gross RMR, which at almost $61 million, resets the level from which we plan to grow in 2022. Combined with strong customer retention, we increased our RMR balance by more than $16 million. With an average customer tenure of approximately eight years, these additions will deliver long-term revenue and cash flow benefits. We also meaningfully improved our foundation for growth. Some initiatives, such as the Sunpro acquisition, early Google integration work, and development of our ADT + platform, will deliver benefits in the near and medium term. Others, such as our Ford joint venture and next-generation technology and capability development, are more long term. Our 2021 performance builds on our strong progress in recent years, which has meaningfully advanced our overriding financial objective of deploying capital to generate strong returns. Our largest deployment of capital is for SAC. With significant improvements to revenue payback and customer retention, we can deploy less capital, the SAC I just mentioned, to acquire longer-tenured customers and RMR streams. This generates better returns for every incremental dollar of investment, and it frees up capital for growth or other purposes. To put this into perspective, the $61 million of new RMR we added in 2021 compares to less than $50 million in 2017. We were able to fund the SAC required for this step change while still generating more adjusted free cash flow than we did in 2017. This is clear evidence that the improvements we made in our business matter as we generated more cash in 2021, even while expanding by more than 25% our capacity to add new annuity-like RMR. This provides a solid foundation for growth. Our balance sheet also contributes to that solid foundation, and I want to highlight three important aspects of our capital structure. First, we have meaningfully reshaped our debt portfolio in recent years. We have about $9.7 billion of net debt at a fixed weighted average rate of approximately 5%. This is down almost a full point in the past few years due to several successful refinancing transactions. Combined with some debt repayment, we have reduced our cash interest by more than $100 million, directly freeing up more capital to fund growth. We have also managed our maturities, which are well-laddered, with a weighted average of more than 5 years from today. Second, we are well-positioned to service our debt and meet our obligations due to our recurring revenue base. Our ratio of net debt to adjusted EBITDA is around 4.4 times. However, because our decision to spend SAC is discretionary, the primary measure banks and bond investors use to assess our debt coverage is adjusted EBITDA excluding SAC, which is 3.7 times. We and others in our industry also consider debt relative to our recurring revenue base. Our debt is only about 2.3 times the more than $4 billion of annualized recurring monthly revenue we generate. Finally, we currently enjoy low cash taxes, the result of more than $2 billion of net operating losses we can carry forward to offset future tax obligations. As I mentioned earlier, our overarching financial objective is to deploy capital to generate strong returns. Here's how we think about the allocation of that capital. Our primary inflow is the more than $4 billion of annualized RMR I just mentioned. The residual after covering the cost of serving that revenue base, our other expenses and investments and interest, is effectively our adjusted free cash flow prior to SAC. This is the core of the capital we have to allocate. It was more than $2 billion in 2021, which, as I'll share later, we expect to grow to approximately $3 billion in 2025. Our single largest use of capital is SAC, especially the SAC required to replace customers we lose to attrition. This is why retention of existing customers has such a positive effect on our cash flows. Beyond SAC required to maintain our RMR base, we make decisions to balance other capital uses between growth, other expenditures, returns to shareholders, and debt reduction. Our growth investments include organic spending, primarily through incremental SAC, and inorganic growth through acquisitions. We chose to allocate more capital to growth in 2021, and consequently spent more than $300 million more SAC than in 2020. While we expect to generate strong returns from that investment, we are taking a more measured approach and do not plan to grow our investment as much in 2022. Moving down our allocation ladder, we return capital to shareholders through our regular dividend, which we intend to keep at its current level. The remaining cash is then put to debt reduction. As you'll see, this balanced and disciplined approach allows us to grow the business while also improving the balance sheet and returning cash to our owners. The progress of the last few years and our strong financial foundation enable us to execute the strategy we've outlined today. With our unique set of assets and capabilities, our successful track record of execution, and our balanced and disciplined approach, we are well-positioned to continue to grow each of our three business segments. Our differentiators and enablers will increasingly cause more customers to choose ADT, stay with ADT, and spend more with ADT. Collectively, we expect these dynamics will lead to our continued growth in revenues, earnings, and cash flow, while most importantly, generating strong economic returns. It all starts with the top line, and we expect to grow our revenue by double digits during the coming years with a goal of $10 billion in 2025. We are enjoying the benefits of our expanding RMR base in our core CSB business, which, combined with more installation revenue, contributes more than $1.5 billion of revenue during this time horizon. We also expect more than $1.5 billion of growth from our new solar segment and more than $500 m illion of growth from our commercial business. That's more than $2 billion in revenue growth from these two less capital-intensive segments. As we grow, we expect our financial profile to change somewhat, with strong economic returns remaining as our primary objective. A key driver is that while we expect growth in each of our segments, as I just described, we expect our mix to shift. CSB is our highest margin segment, with 2021 adjusted EBITDA margins of just over 50%, generating solid returns on our SAC investment. Some of the initiatives you heard about today may shift the mix and manner in which we generate these strong returns, especially as we grow in new sales channels, shift more to DIY, and enhance customer contract flexibility, including customer equipment ownership. While these actions will help improve economic returns through SAC efficiency and additional growth, they will result in some shifts to expense rather than capitalized SAC and more relatively lower margin installation revenue. Our commercial and solar businesses generate lower adjusted EBITDA margins, which in their respective markets are typically high single to low double digits. However, these segments are less capital-intensive and thus have higher EBITDA to cash conversion. By focusing on the best return opportunities as we grow each segment at different rates, we expect to further improve our cash generation capability, increase our overall growth, and generate strong returns, albeit with somewhat lower overall adjusted EBITDA margins. The plan we laid out today drives profitable, capital-efficient top-line growth, which again, we believe will significantly increase our cash generation capability. Our goal is to increase adjusted free cash flow prior to SAC, effectively our capital to allocate, to approximately $3 billion by 2025. This improvement will come from both higher revenues and additional efficiencies. Our 2025 adjusted EBITDA goal is also around $3 billion. Importantly, we expect to be net income positive as we enter 2023. This is driven in part by the winding down of amortization that arose from Apollo's acquisition of ADT back in 2016. Achieving GAAP profitability is an important milestone because it reduces complexity in our financial results. Once we achieve this objective, we anticipate focusing less on adjusted EBITDA and more on net income and our resulting earnings per share. The strong economic returns and higher cash generation I've described will give us more capital to allocate. Our goal is to generate approximately $3 billion of cumulative adjusted free cash flow over the next four years. This will be more than 30% higher than the prior four years. While our model provides us flexibility in capital deployment, we recognize the need for balance, especially entering a rising interest rate environment. We therefore plan to dedicate $1 billion of this cash to reduce debt. This level of debt reduction would get us to a debt-to-adjusted EBITDA ratio that starts with a three, even at our current EBITDA levels. One of the reasons we have confidence in our plan and our model is that after repositioning our business, we believe we have asymmetric upside opportunities. We have meaningfully broadened our reach, reoriented our portfolio to address large and rapidly growing markets, strengthened our differentiators, and reduced our capital intensity. We also have significant stability and downside protection due to our large recurring revenue base, our recession resilience, and our discretionary capital deployment. The first step in our long-term plan is to deliver solid results this year. Very briefly, we are expecting across-the-board improvements in revenue, adjusted EBITDA, and adjusted free cash flow. We're expecting solid growth from our CSB and commercial businesses, and we expect very strong growth from solar, given Sunpro's trajectory pre-acquisition and incremental cross-selling synergies. Additionally, we remain focused on efficiency improvements to optimize our profitability while we grow. In summary, we have established a solid foundation for high return growth. With our balanced and disciplined approach to allocating capital, we are growing each of our business segments, paying down debt, and returning cash to shareholders. We know that achieving our plan is the path to creating long-term value. We seek to earn the trust of the equity markets every day with our performance, and we're committed to achieving the goals we've laid out. After a little more than five years at the company, I've never been more excited by our future. Our opportunities have never been more compelling and our path forward never clearer. Thank you again for joining today. I'm going to turn it back to Jim, who will share some concluding comments before Q&A. Thank you, Jeff, and thank you to all our presenters. I suspect it's even more evident now why I am so privileged to lead ADT with this executive team. As I shared when we began our presentation, it's an exciting time for all of us at ADT. We've reached an inflection point, and we are well-positioned to grow each of our business segments and our overall company. We've communicated what we believe is a compelling investment case for ADT. We compete in large and expanding addressable markets with opportunities to meaningfully increase share. We'll benefit from a host of secular tailwinds, and we already possess industry-leading scale. We have an exceptional growth opportunity in residential solar in a fragmented and nascent market. We have compelling unit economics that support increased investment for growth. Our cash flow profile is resilient, with asymmetric upside for solar, commercial, and strategic partnerships. We've reached an inflection point, and we've provided goals to reflect our long-term outlook. Finally, we'll continue to deploy a disciplined capital allocation framework to drive long-term value for our shareholders. As we have outlined this morning, ADT is positioned for success and long-term value creation. We have a mission, we have a strategy, and we have a roadmap and plan. We are, for our investors, as we are for our customers, safe, smart, and sustainable. I wanna thank you all for your interest in ADT and for the investment of your time. Now we'll take a break, and we'll be back shortly for Q&A. Welcome back. We're gonna get started with Q&A. Joining me are Jim DeVries, our President and CEO, Jeff Likosar, our CFO and President, Corporate Development, Keith Holmes, our Chief Revenue Officer, Jamie Haenggi, Chief Customer Officer, Marc Jones, EVP of ADT Solar, Don Young, Chief Operating Officer, and Daniel Bresingham, EVP of ADT Commercial. We're gonna start with a question for Jim, one that we get from investors a lot. Can you give us some more detail about the Google partnership? Absolutely. We're off to a great start with our Google partnership. In many respects, we are still building the foundation for many years to come. As Michael Drory mentioned, we have a recent rollout, a successful launch of the Google Doorbell. We'll be rolling out additional products over the course of the year. We feel terrific about the partnership overall. Importantly, there's a strong cultural match. We feel the same customer focus from our Google counterparts as we try to live every single day. We feel good about where it's going. A handful of us are headed to Mountain View in a couple of weeks to talk about the long-term strategic roadmap, and things are going well. I think Don maybe has some color on product, and Keith, if you've got a comment or two to share on sales and marketing, that'd be terrific. Yeah. Thanks, Jim. On the product side, where 2021 was really a design and development year to make sure that all the integrations were built between the Google products and our own services, our own command control platform and our new ADT+ platform, where this year, 2022, it's more a year of testing and deployment, starting again with the doorbell last month that's been talked about. Next up, after that will be cameras. A number of other products from Google that we'll roll out the rest of the year. We're exceptionally excited about kicking off next year with the ADT+ platform and the integrations that will come from that and the data that will come from those integrations to really lean deeper into a new value proposition to our customers and something that I think Keith might wanna talk about next. Hey, thanks, Don. I appreciate it. From a selling perspective, the team is unbelievably excited. As you heard Michael and Jim and Don say, since we've launched the doorbell, the team has really gotten motivated to drive the Google products and the relationship. When we launch the cameras, well, that will give us even more opportunity to create that helpful home you heard Raya speak to. The team, our team and the Google team's really excited about the partnership and leaning forward with the products that work well with ADT. From a marketing perspective, you heard DeLu say that we're going to spend 50% of our marketing from a Google perspective this year. We're really getting behind the partnership. We're really leaning in and making sure that we can educate our customers around what those use cases mean for them and how we can help them leverage the products and services to really connect and protect what matters, what matters most. Great. Thanks, Keith. Next question is for Jeff. You mentioned plans to pay down $1 billion of debt. When does that start? What does timing look like? Thanks, Jill. Well, the short answer is it starts right away. As we generate cash in the normal course, that will reduce our net debt. I wanna emphasize all the progress we made on our capital structure and how comfortable we are with the capital structure and even our current debt levels, particularly because we've increased our RMR balance. We added the Sunpro acquisition and our commercial progress is such that we're very comfortable with our ability to service our debt. In terms of actually redeeming debt instruments, the first couple things that will happen is we'll repay the revolver that we drew as part of the Sunpro acquisition. We'll make our normal term loan amortization payments during this year. Beyond that, we have notes due in the middle of next year. We likely will seek to access the credit markets to refinance those notes sometime in the middle part of this year. In conjunction with that refinancing, that likely will be the time that we would determine the next tranche of debt that we seek to redeem or repay, the exact amount of which will be determined by a variety of factors, including credit market conditions at the time and any M&A opportunities that may have become available in the meantime. We plan to chip away at it each and every year, and we're very excited to be in a spot where we share with you a plan where we're both growing the business and we're planning to reduce debt over the next few years. Great. Next question is gonna go around solar. Jim, it's been several months since the Sunpro acquisition closed. Can you provide an update on the integration process, your latest thoughts, and where you see the opportunities for synergies? Thanks, Jill. We're off to a great start in solar. Everything that we shared during the presentation is coming to fruition. We were really centered from an investment thesis perspective on two things. The first was the opportunity to leverage our brand. We're going to market as ADT Solar. I think during the presentation, Marc talked about an improvement already that we're seeing in conversion rates. We're optimistic as we continue to roll out the ADT Solar brand, that customers who trust us for smart home will trust us for smart energy as well. Brand was the first central tenet. The second really focuses on the ability to cross-sell. We're early in the process. We're out of the gates well. We're testing and learning in a number of ADT markets. The lead flow has been positive. It's early. We've only owned this asset for in the neighborhood of 90 days. We're still early in the process, but lead flow is going well, and we continue to be optimistic. Marc, any additional comments on integration or how things are going? Yeah. Thanks, Jim. You know, I would say in our first meeting we had with ADT last year, we knew in the first meeting the synergies and opportunities available, you know, with coming together with them were just really strong. I would say 90 days later, we're even more excited about the different opportunities that are coming online now with retail, with home builders, dealer network, existing customers. We've seen close ratios increase significantly, as I mentioned before. Customers are stickier. They're more likely to keep an appointment, lower cancellation rates. I mean, just across the board, we're seeing just tremendous lift from ADT. Right. Marc, while we have you, follow up, besides bundling. Mm-hmm. How will ADT Solar differentiate itself at the product level? Sure. You know, our commitment to our customers has always been the highest quality products available with the best warranty. I mean, that's gonna continue. You know, I think with ADT and what we really deliver is exceptional customer experience and customer service. I mean, that's our real differentiator. We'll always use great products. That'll always be a commitment to our customers, but the level of service and customer experience is, I think, where we're gonna stand apart. Right. Next question. We had new information today or some new information today on ESG. Someone had asked what, Jim, your biggest priorities were in this space. At the top of the list for ESG, the objective is integration. I shared during the presentation eight different pillars that we're focused on, but the overriding theme, the driver in ESG is to have integration. We don't want ESG to be something that we do in parallel to our business processes. We want ESG to be integrated into our processes. We're early in our ESG journey. There's a lot of things to be excited about. The acquisition of Solar provides the platform for us to make meaningful contribution in climate. This environment that we're in from a labor perspective, very tight labor market, causes a lot of focus for us on employee well-being and ensuring that we have an excellent employee value proposition. Fundamentally, I believe, as a leadership team, we believe that if we take care of our employees, our employees will take care of our customers. That becomes a key ESG objective for us. Diversity, inclusion, employee wellbeing, work-life balance are all a central part of the plan. As I said, the overriding theme is about integration, building ESG into the DNA of how we do business. Great. Back to the numbers for Jeff. Can you share more about the key drivers for the 2022 guidance? Sure. We entered the year as we discussed in the prepared remarks earlier with a lot of momentum. We feel really good about the progress we made and our prospects for 2022 and beyond. A couple things I would add, one, that we didn't describe earlier, one is the contribution of solar. We only had solar for one month last year. We'll have it for the full year, of course, in 2022. The effect that will have on our results will be meaningful. When we did the acquisition or first announced the acquisition, we described our expectation that the purchase price represented about a 10x multiple. That implies about $80 million of adjusted EBITDA. That's implicit in our guidance, you know, somewhere in that range. Also in my remarks, I referenced the approximate margin rates from which you could deduce there's about $800 million of revenue that comes from that EBITDA. That $800 million represents about a 25% year-on-year increase on a pro forma basis relative to solar standalone. Otherwise, in our business, we're targeting growth rates, revenue growth rates in the commercial business in the high single digits to 10% range. In the CSB business, more likely in the low single digits to middle single digits. We're targeting continued efficiency improvements in each of our segments. Another point I wanna emphasize is when I spoke earlier about having gotten our RMR adds to a new level, we are now growing off of $61 million, which is $8 million higher than 2020, and $13 million higher than 2017. You heard the word flywheel a couple times. That creates a flywheel effect where we're generating more cash from that higher balance, and consequently, we do not plan to grow our RMR adds as much this year as we did last year. We're targeting $1 million or $2 million increase in our rate of RMR adds. Overall, though, we are very excited by the prospects for the year. As I said earlier, off to a really good start, and we look forward to sharing more with you each quarter. Jim, another one that we often get from investors, can you update us on 3G conversions? Sure. This 3G project has created enormous amount of work over the course of the year. Our field organization under Don's leadership did a fantastic job. Dan and his team in the commercial space have done well getting radio conversion completed in a timely basis as well. The headline would be that we will deliver results within the guidance that we've shared on 3G. The project is substantially complete. The team has some work left to do, and I'll ask Don to give us a status update. Yeah. Thanks, Jim. As Jim said, substantially completed is spot on. We were fortunate to leverage our size and scale to avoid any kind of supply chain challenges. There's never been a problem for us to go and get our hands on the equipment necessary to upgrade our customers. We have a handful of them left. We've got the resources already in place. It's really just down to the very, not last mile, but, you know, last meter to try to actually get in touch with the customers, allow us to go ahead and get those upgrades done and get them on track. In the meantime, we have not seen any customers actually have those 3G radios turned off yet, so we're just kind of playing that out as time goes by. Thanks, Don. The next one is on commercial, so we'll send it straight over to Dan. Can you talk about some of the drivers of your backlog? For sure. The backlog's a great story. Growing sales backlog is an indicator of us succeeding in selling to our new customers. Some of the backlog is due to the parts delays. A big part of our business is construction. We buy a lot of parts from different suppliers, and literally every one of them is seeing some version of parts delays. We're managing through that. Our customers understand that. We're working through the timelines, but a growing sales backlog's something you wanna see, and we're managing that. We're pushing that super hard, and trying to recognize the revenues, and exceed our customer expectations. Thanks. Next one, for Jim, and you may phone some friends to help you with it too. Two of the big issues in the market, labor availability and supply chain. What are we seeing there and any impact on costs? I suspect we're seeing much of what other organizations are seeing. It's an incredibly tight labor market and every day, we're focused on attracting, retaining, motivating our employees. Generally speaking, it's a pretty good story. We feel good about our employee retention and productivity, and things are going well, but it's a daily battle. On the supply chain front, I'd say we have a fantastic supply chain organization and some very critical partners. So far, we've done pretty well when it comes to supply chain. In CSB, we probably have the least issues when it comes to supply chain. Commercial, probably the most. Dan is doing a great job. His team's doing a great job. I'll ask him to provide some additional color on supply chain issues in commercial. Mark, perhaps you could add a word or two about supply chain in the solar space. Yeah. Thanks, Jim. You know, again, for supply chain, in the commercial space, we buy a lot of parts from different vendors, and we're working aggressively with them to get those parts more frequently. Pre-COVID, we used to be able to pick up the parts kinda on demand. Now we're seeing anywhere from weeks and even cases months and months delays. That's creating some scheduling issues for sure. We're doing a really good job managing the expectations, again, with our customers. You know, also really when we have the parts, having labor. To install the parts is super important. We've done a fantastic job talking to our employees, adding more technicians to our team, and this is something that, you know, the new world of COVID, we just gotta continue to manage, you know, the expectations of the customer and, when the parts come in, making sure we have good labor to install it timely. Thanks, Dan. I would say in solar, we've you know, last year was complex. We've added three tier one solar panel manufacturers to our line card. We feel like we're pretty robust on the module supply. We have some guarantees with Enphase around product delivery. You know, we feel really good about this year. We think we've put ourselves in a position to grow and have available product when we need it. Thank you. Great. Next one, we'll put Jeff back on the hot seat. Took a lot of work to get revenue payback down to 2.3 years. What has to happen to get it to below two years, and what does the timing of that look like? I'll start just a reminder, revenue payback is a measure that we use to assess our efficiency taking on new subscribers. It's simply the cost of Net SAC that we incur in a period divided by the annualized RMR that we generate in the period. Ken talked about some of this. It's driven by a combination of factors. It's sales and marketing cost, it's the cost of the equipment, it's the cost of the installation and associated overhead, and it's offset by the revenue that we collect from customers. I wouldn't point to any one single bullet over the past few years, but if I were picking just one to emphasize, it would be the install revenue, and this is a result of many of the things you heard about today, particularly including migration to smart home, customers selecting more comprehensive systems. That's been supplemented by the availability of financing and some improved sales and pricing tools. We typically subsidize the upfront costs, but the ancillary devices and the additional devices customers select help offset the amount of that subsidy. As I look forward, we're continuing to focus on the same set of things, but if I were picking one category forward-looking, I would pick the stuff that came out many places, but Keith especially emphasized new routes to market, different channels, different kinds of partnerships and additional flexibility with respect to how we reach customers. That will manifest as lower sales and marketing costs, and will also continue to contribute to the install revenue that I mentioned earlier. I also want to emphasize that while revenue payback is an important measure, it's one of three that we really focus on to drive efficiency and returns and customer lifetime value, the other two being the profitability of the customer and the longevity of the customer. While we're focused on continuing to improve revenue payback, we're really focused on continuing to improve the lifetime value of the average customer and the return on the capital that we deploy. We plan to continue our progress in 2022 and beyond 2022. Thanks, Jeff. Next question is for Keith. Some of the initiatives mentioned, price transparency, month-to-month contracts, bring some revenue risk. How are we mitigating? As part of that, how are you thinking about pricing versus subscriber growth trade-offs? Thank you, Jill. From a revenue perspective, you know, I'd ask you to think about it in the way of customer flexibility unlocks growth. It unlocks opportunity, right? It gives us this great opportunity to disaggregate our pricing so that customers have choice, which allows us to give them more bundles in their product selection. Customers also have choice in financing options that you just heard Jeff speak about in terms of the flexibility in becoming a customer with us. Customers also have the opportunity to pick their install method, right? Their do it with me, do it for me, and do it myself, which gives us this great opportunity to then lean in and give that customer choice to pick a bundle that has an installation method. Then finally, from that perspective, I think that when you think about Google and you think about all the things we talked about earlier, from Google's go-to-market, where being a retail type brand, the pricing options, the install options gives us this great opportunity to then lean in with Google as we lean into retail and as we lean into online. That all those customer choices actually for us unlocks growth and gives us a great opportunity. From just a contract perspective, I think the question was, you know, how do you think about contracting options? I mean, our average customer is with us nearly eight years. Our contracts aren't that long. What that says is, as you heard Jamie say, you know, we have a great experience for our customers. We provide a premium experience, and they stay with us longer. Giving them the opportunity to either contract or not contract is not, for me, a concern. It's just how do we continue to give them the opportunity to enter our ecosystem and then have a prolonged relationship with us through great service and great products. Great. Following up with Jim, one of the things you mentioned in your remarks was a goal for single-digit attrition, which is unprecedented in our industry. Are there structural things, either for ADT specific or broader, that need to happen to hit that goal? Yeah. Sure. Thanks, Jill. We had an excellent fourth quarter. We were a 30 basis points improvement sequentially over the third quarter. We're off to a good start in January and feel good about the trajectory on attrition. This is about execution. We talked about how we will differentiate in the market and provide innovative offerings and unrivaled safety and a premium experience and creating a customer experience where customers choose ADT and where customers are more inclined to stay with ADT. We have long-term aspirations to be in the single digits. We know that the more a customer uses their system, the higher likelihood the customer is to be retained, and that will be an important critical tailwind for us as we go forward. Jamie, would you like to share a little bit more about attrition and what our plans are? Yeah. Thanks, Jim. You know, look, it's a really great story for us. Certainly the Q3 to Q4 improvements were fantastic. Really what we've seen is we've deployed data and analytics to build models, to identify customers that are at risk. We're proactively reaching out to those customers. We treat them in a different way when they come into our queues. We're leaning into additional product sales. Personally, I think the 3G effort, which was really well executed in terms of customer communication, customer engagement, getting out to customers, also helped us reengage customers in a different way. When I see where we're trending this year, and as we lead into next year, I'm very confident in what the team is able to do in terms of delivering on our experience, as well as reactively, you know, keeping customers longer and really driving into that single digit number. Jamie, we'll follow up since Jim brought it up. That 13.1% in the fourth quarter was a great result. What drove the improvement from the third quarter? Thanks for that question, Jill. Yeah, so you know, a couple things. One, we look at four attrition in four different buckets. Relocation is one. Voluntary loss to competition is another two buckets, and then non-pay. Certainly Q4 of this year was different than last year, right? With COVID, we saw a delayed mover market, so Q4 last year had higher movers. Really, when you look at every single other bucket, non-pay, voluntary, loss to competition, we were down as well. Again, it goes back to those initiatives that have been in place and creating that flywheel with the customer experience. Our flywheel by using data and analytics to really drive customer engagement has led us to really sequential improvement quarter-over-quarter and year-over-year. We have one last question, and we'll stay with Jamie. Is a premium position and the ability to get paid for it sustainable in this industry? Thanks, Jill. Yes, it's sustainable, and it's important. Value is different than just price, right? I think ADT has proven that for 147 years, we've been able to create value for consumers, millions of consumers. That value changes with how customers look at what they need and what they want. I think what you saw today is the fact that we're offering choice and flexibility that Keith talked about. The product expansion that you heard Leah and Raya and Don talk about, our service when it comes to monitoring and our delivery. Those are things that are at a premium value for our customer, and that will continue to evolve. ADT will continue to lean into. Yes, I think value differentiation will be something that ADT will be able to stand firmly on for the years to come. Thanks, Jamie. That is gonna wrap up our Q&A today. Thank you for your time. Thank you for your interest in ADT. Please don't hesitate to reach out to our investor relations team if you have any questions. Everybody, have a great day.