Anna Repo. We aime o blaton (spel lim any ssh lpn 9 pblcy eps or eis any frmaookngstemet,whather at a ol of new noma, Ft ‘Steere, except as egized ya ‘Thi sammay bitline he pric ik and ucerinesfcng obsess, which ae oly sles pian af oe rks. A more comple ison of the ri nd cerns it ot Jn Par em 1A offs Aus Rep, eed Nuk Fatrs. Aina sks bot pest now to sa te eri Gy iwtel ty also afl ws I ay of tee Ks oct, ou sins fatal ccditon eres of opens coud he mally a lve ated Our uses i sujet ological sks aed uneraits + Our growth is dependent upon our aby tke pace wih iid tesla and indy change + Wesel oa produ and series is highly compete hes, eluding those cust nd auiontiva mun, he emma ead scl shes andthe sl market +The etiemest of elder telocommusiatons cology snd lntaons on our cares options oul matrly adversely alt or busines, incene este atin, ab regae + Ourepuation ss serie provider aight scary ering maybe mlerlly aver afced by proach entamer servic. + Unstone of arb mer yi pai, nth pens inciredin veloping nd peerings vale four rand mae, may mtr adver ass Risk Related to Or Operatins ‘+ TheCOVID-I9 Pandemic hash and cul omit av agian netv pact nour employees, aos, opis, dour ability a ayo ob erm operons. + Ourhusines model ele on a iin ranber fer easomers reining wt a rong periods fe + Daly, coms and upon trem from upgraig intprating, wd mini te seu of on inforsion ad chology eto cold mati advrsy fs, + Duct the everchanging trent andcape or roc maybe sb pte ulebilitie fwiele and oT device ou eres my be ecto ceri ik, neling Making oe ster mauve cess teantl ove ste nd cla penta a our ora opens may be cisuped + We doeed on ietpuy vides aod sup for componces of ou seat, somata eo sole sytem, hid-guy soft ees for or pods ad evs, aad titans oder oars ial tour montoing aes hd pode be serie ou cues + _-Anevencuting dation nth abit our eitaig alee ure cre eer, nclaing rk an bine operon, opie could trl dvecaly feel ur ane One ty ashi yt slo ign ah nomi gy es dat ey chs, re! ly crn omnon + Wemay pre nustie oppor that diverge Bo our trent sine mel + Necminuca inept agony wick my Ser magne on moe gig pros, We ay a tal fs tat eo a ie + Our eutomer generation stereo hid pai, ning one ahr dsr an ancy marketing ogame, nd oe of exes a ral media nflencer, a he ompetive ate! forest scouts ay expos ik a fet ou tue oT. + Were ssn aguing and megring ester soos + Teweore ube erm ean suis petsnpel tall vl of ot orpaztn, ou ably mange our Bsns ou ke meal an ves ated. 1+ Adverse developrens in our colsive Daring agement o athe aprerets with some employees ould matrly nd adversely aff: or busines ress of operations, a sania ‘onlin ‘los Related to Repulations and Litton + se iw copy catnyevaving laws, regula, od inasty sanders ering infomation ad techno twos, pie.Iningsment fount propery ahs ould ness fetus ‘Alleions tht We ase ininged ponte inlet poen igh of id partis could neaiey at ws ‘Wermy besbjto clas actions an te vss which may barm au sine ad esl of operations. Increasing goverment elation of eemareting mil marketing dor--dor ssa ote marking ethos may increase oar oan eset he operation an growth fou bases ‘basins pets replated ids any ne of changes exsing. law o equi, er failure o cmp with ary sche or epson cou be cst, bars Om ‘ics ad peas and pede crab to grow our eesti busines a tw bess Hat We sue or este epprtas at We puss Exiting electri Indy regulon, ad changes to elon, ay peso eal, repltry, or econ ie Yo te purchase ad eof slr ergy syste tat ay Inucconecon line or ceive cape poe By repltrs may sgnieamly rede oar aii 9 sll solar ytone an eoetey stage snsons in cersin markt or slow Inkconsctos, amigo gow td soe sation sore. “The ADT Soa business may yon he vali ebtes, ta reds, ad ote ial ineaves. The exit, linen, o reton of ese ets, cds, and incesvs cule dsl pact or basis We could be astsd penis foals alums Inte absence a ae neural rir ulation ceria providers fiers aces nay block au series cage es eustmes ore for ing ur sevice or ovement euins ‘nz busines ould be aber fect cara of our npenden contr ware aid a empleyee. Exiting ote is and te de tito ines o eer fa Chie ter cumin where much fa nb trogen cue ken ia Riss Related to Macroucoomlc and Related Fastort eer ncn cin lt bi, nn esi change a eh smi, i it ed a snd ee dy Were sift dtered nx tty, andy impaimens of or vals allowances aut hse feed tx sae the fre eold materi avery alae ress of operons, oat conto, cash Hows ‘Riss Related to Oar Indebtedness a othe Ownersip of Oar Common Sock ‘Ou ssa] nde imis or rani an operation xi. ‘we stck pice ay Mette signe We casi to econo hy Apolo Git Mangere, Is ogethr wih its aii ad afi, “Apll the “Sponsor a Apo’ ineet may ont wth ttre iene fer scold, Iwo il a esa nd achieve the bjecvs of ou Eavromeral, Soi td Goveranee 7S" program coset with vet, caso, employe, ter luc expvaton ‘tomy mlb iced an stulveetoment ence vie, gas orbuins, which eld haves epee non or CompanyPARTI ITEM 1. BUSINESS. Company Overview ADT Ine together wih whoo sbi (ots, the “Cany, "we" “ou, we", and “ADT, ein provider of secu trv, and acess serving ‘eset, sal buses, and comme estrers inte Uae Snes U.S." Wi he sexton of Sago Slr in Deeb 2021, we ate now ao «ang provider festa sols ‘Stsone Ou miaon et empower cater rte ab onset at mater moth fr, me, and Beer = By deiveng a say snd mae ieee den solos ‘hough pofesonaly isle, dest sousef DIY", and mabe or aber digitised ofecngssyporel by ou 247 ptessoal montane eowie. ‘The ADT bend ian ofthe mos: eogazed aad usted bea nb seat indy whic We bebeve sa key cmpesv vag ad costar tou sscess eo he iponane aso: ace o repuiton and shen purchasing ur Pofuc std serves The seg of or ards bsed upon longstanding record of dewetog Mighell, rlaepedul aed secs ‘xperienyte y, nialaton nd monte an sapere castor cl ven yo indenting express an owl We sve orcas oh tenn male nd serie ofc; storing ad spp ces and se enon of scary, hmeanlamasn, ntl nallnonpoensonl i be US ArafDesner 3, 221, we had aproinntsy 66 ioe ecg eenaetomer, {collesivel, the “Formation Transitions), which were instrumencal inthe commencement of ear operations. In May 2016, we acqured The ADT Security Corporation (formery named The ADT {Coerson| ("Tbe ADT Corporation) (oe “ADT Acqua" whch sacl incteased our mkt st at Scent sees NUMLY Making sone ofthe Ingest ore Seay onan tbe US. sd the ie, Cra. {a Janay 2018, we coped a iii pu feng IPO"), our caro tack, par alae $0.01 pers, (Common Stack) began wad othe NYS nde te symbol “ADT~ [ADT Ie. marty By Prine Seay Sees TepCo (ME), LP, which ie maoriy-owna hy Prime Secry Services Tp Paes LP (Ukinate Part). Ulimate Peet maj ‘nd by Apo Ince Fand Vil LP aod elated fund th re rey ornesy manage by aise of Apolo Ae of Decent, 201, api ow apply 6 oar ‘tstdingcoamon sok cluding Cass Coaton Stock a ele blo ena conve Bs, ad een vested coon te Key Business Developments and Recent Initiatives +n December 201% we ani Fie & Seay Holings, LLC Rad Haw" (he "Red Haw Acsiston, which ace our powih nthe omer ecuriy met nd expanded ‘sr prot portain wi he ion of commer isfy nd related elton + Noverher209, we sold ADT Seu Series Canis, Ine. AD Cad), which ese inhe susan! dspsiton of operas in Ca, + ta Jamary 2120, we sued Defend Holtigs, lnc (Defender lags indepen dele the ine (he “Defeats Acquisition”, wich epreseue appoxiatly 55% of ea ‘ect chanel in 2018 1 Febery 202, we anche new revenue model intie fr etn resident cute, which) reve he sou aed ate of Fede at alia, ede» oth ‘ononngcoorct pn an (i resaced ane retainer cnt ens+ Joly 2020, e cated to « Mase Supply, Dsthuon and Marking Agreement (he “Google Conseil Agresea” wth Google psa o whih Google as eed 0 spp us st era Gopi eves swe as orn Googe video nd analyse ("Gable Sat), es out aloe, + Sepenber 200, we nel nd sold 54.714,525 ses of Cas unm tock, pr vale 01 pr sae ("Clas 1B Conon Ste) fr apres pce pce of SAS0 silo o Googie a poate coment panna ects pcs precent dn Jay, 2020 he "SrarierParcare Agee). + November 225, we announced he ongoing Sevlopmt of ur ADT-ownad next-zneraon peso iy an abomatio sholgypltom,which cay sing developed In ceorintion with Goo is dszused teow). + tn July 2024, we ioe he concept of Vu Service Suppor, which lows uo mex cussed and peers while edcing cot of ck ral for cen sevice vss, Vil Sece Supp dvr ae cose means of servicing ou csamers rough ive do soca hold cas rubbed ele eve ‘songumers to accelerate growth, ADT Solar provides residential customers with solar and energy storage soltons, energy efficiency upgrades, nd roofing servees, + In Janay 2022, we amoenced tt tage with Ford Moar Canyon, we wile frming ew cat, Canopy, sich wil combine ADT's profane! cry mavitring and Ford's A-diven vids exer tsheology To help cstmer eben set of cw ad exising vlc acta autve ends, Po a ADT'Y vec i Canopy ctw + ta Jarry 202, we sscessfly nuched the integrated Goel dere and we ae juin song the itn for beet prt nuncher witha fet of pina comer ‘perinee nd gly Goage and Next-Generation Paform Update ‘ur partnership wth Google represents tb combinatn of he eadng sects and andthe lending technology brand ining forces inode the ext genetio sara bp ame. As pr of ‘hs prt each sompany wil coibte $150 mile oon the advevemen of cerain mctne aware te jit Marking of devices and src, sumer eqn, ning of 2 ployee orth sls silat, coer serve, nd ain for te podt evi feng, deal Upaes frpodocsnlued such fei Co-ed oerng ae a wil cca ob vale inthe feof bth poets ital end DIY sto awl be inerto fending Gol devces pied wit Google ‘so sn rly newer tly rogh ar caren choy ptf a the Goole lame platoon. We plant anton hse oeringr ob appre y ar ADT owned nex generation ofan security and arin techolgy psf, which caren bing developed corti wit Google Our comprehen nective tcology porns expel to ove EKstomes wih scans expetcne ough «comtan appctonsvoss sc. ie aly uomaton, aad anys. Adon, ou lator i expose to tet tbe we expec, ‘btm srvies epee, nd hd apr COVID-19 Pander Update ‘Tue COVID-19 Pandemic, incding vss sch as Dl ad Onion, eatd cen mtb adver npc on gene comune cndons, nlaing tenga ad pnane!cloue of any Seton ced bene eto, sly ee cepts alee eae eng Ost nn ee COVID 1 way ce fh mah ret Include () deta proto fr losin dense ay for mplayer, (2) exper diy wells hess, i cerain work fom tame scws insite ajrty of ou all net ofsioual nd ives in petal prttve upc fo eu calor. We cttane omer he pact ofthe COVID-19 Paden acing te Nes a ar epayes, pesto ‘tour euay, and ou aby io cntaue oop laps bases‘Segment and Geographic Information ‘We evans and report our spent inition ted om th mein which ut Chi Enctive Ofer, who i the chi operting decision (he CODA, eve perme ad {Mostar eoucee Proto 20, ne tad sgl opcting and rapeae rpm: Reining ith gure of 2021 we paid rn tro opertng apr segment Consume and ‘Sail Business CSB" and Carmen Upon conenmmsion othe Sop Sala Acre ithe fara rer of 302, we gan epring res fr hd Spreng and opr segne ‘std othe ADT Slartasise (Sola). Tete were fur cusps Wor CS und Commercial seinen ‘ere apc or ei ave been easel adhd rele ou cre! pegged pete segment sac, + G88 The CSB semen primary neu (revenue od operating con fom he sl, nla, seven ah monitoring of ied esc, inate, nd amin sytem ‘ella ter feng such sb obec and ote eal slates) eer operating css ssoied wih spp: acto leo hese aor) genera compart cos ‘thr inva sons of cry nd aston este. Res fr the Comins Canin sperton rior sale inthe fas. of 219 te ned inthe CSB serene the ims caterers in Cand, “Commer Th Cm sgt ply nde () rea opeig sont al, lion, evga ing of ese cy, ee ad ferprte mi ie cst. Casomet inthe Commerc Segment ae Spe of Inger bios i ote expansive Fie (ype ager fan 10,00 sue fe ad mes ‘eration which aes gute mre sopblaiated igo soos. + Soar The Solr een primal) evens a operating oes fm he dein and inalaon of wa ems, cnr age slutinn, nd ter eles isons and see (her operating cass essoted wit supper fas bse othe epertins. ad (i eet corp od att cos Castes ee Slr setet te ebay compe of ore oops oie te US, hich eis ft peo Cai he se of ADT Caaf oN 3 Seger the Nee oC Products and Services We pris fe pontoon series ir ous ADT brand, whic nas ular, sss automo, ander sat besos ade detest, suprsin, ad cus conal stems eed acl at een Sey alan, lees) at well lr tn ed cnr soage sluts fer deta este (Oca secon re ge ce itrasion rvtrol sees; sent meee, ks con meni odin tpn nl reveal soins wn ni re ‘espera! sn enerpense rich arses napactaton, In our Commerc brn, wes selina, inte, sian, an pet smelling fey ahd manent ‘eeholgis wich nee fe dcoton an supeessio, ico suvelae and nse cote syscns. We so ole or cxomes fosiae anna athe etalon of waded fon ips ich roids aon val toe cso ects nem eeurate moby feeaue Wile aguton Sapo Sola we desi, a sel asm slr yes ‘The vast major of sew resin eotmers choot oar station an mart heme slats, wich provide tems he bility to emo mentor and mage he eniwamers. Thoaph out sted weh pra via web-enabled ences (och mt poe), casemers can eam ti city yen, feco cw eine do, nd progam he ses ett ied ‘ent at wel a ate esto sees for como dies sacha gh, thew, applies, garage doo, and eames. Ou tecolgy cna teat wih vss pay once un wearbe devises lowing to seve custome whet thy a at hae oe athe pA ut peril emerge) espns tm podstd eves wae or sc maining infastucae o pode cases with ston eign independent vig and encourage beer see ati ur ect acgied set ‘prtong now ADT Solr, cabne ou gay ling eur bene secrty wih tne be rg anager salons ough ge tted prove, ADT Soares eet aler Cuter Contents ‘New C3 an eis Comme cslone ipl rece u ake a pins eves! leo etlion cots (such bo, clang consisions, mater, an overend, which re Partly ot y unt er huge at eine stain Th boom of on sala ap vary depending onthe carer accion cha and proc bat we ene chee reve [eakeven ies hag wo ada al yas, We poly gas he ada monly mang ate cage ope and esting castors, while ou aby aces ot average eiog ces {or aval etaers Speeds on suber of fcr, nla the quay of oa sere, th stodtion of ood eeues and eves ach ates he le of ow ots, te osama nae me eal 0 ested peg of al remaing owt payne ‘Te standard cont ms foc CSB cestnes remot, ois Ses wave renewals ueosve 30-4 pds, nscale yt py. Resi casemate ply charged an wea fon, whch gang curt cn jy Ov! ie at of he csc en ar techie ake oul peyeel fr ede otal coat em, Mag {nr oping fr these yeni eo . ‘The sna const tr fo somtimes is piel five yeas wh astomati eval ying fom My pesado one Yur. nse comets arangemss, we may inl ‘yen witht an cr ging otra ona or atone sevice lon. The standard coc fr soa custome ais based on specifics the jo a gener caver te ine rn iging ofthe arene a competion faite Addn subantalprtion| Monitoring Centers Up te ecceee of erin ning ten, ur ered scanty spon Send eveapei sgt Te peootl at eur manors ers who then lay apes nfs to st ‘etree sh hcl plc, fr prints r el ergy represen cata; a ees on euecars tmerbany cout et band oe fe atone ec preference We sonnet us on rar vein technologie dpa wth nduysealatns a aus ft responder sper Yo lp petarie resent eve ese epee Pcs, and deep process hat low uso send data oeneeny epse cee dec. Additonal, or SMART (yer Monring and Response Tevalog?) Montorng diereees (Strong, ss oui aster a baru eps nd expected a ee eau abe ara esas cc, ‘As oD 51 22, we pe ie sec a se by Unie Labs" nee ath US a opie 47 yea rn aig ‘montorig eer mathe lesen a buling mowing U's octal reuromen, ave bake compart power ems ad met UL pein fx vafing wd stands operating occurs Man jos ve laws eqn tha soa sates fs cera bits be mesre by UL-sed eres wn, 4 UL hing eg by sre of tan ester a nciton of rane covrge, Oot mottrng este se aha fly eds ic ears menos operon an be slaty wale to anther eetrieg cei ace ‘Sherzeny sche adroit nesoneo onus seo any her even ecg le ancl ane of our ces. Ding 220, iplemeied corn work or, Bom act a esl of the COVID-9 Panes, cing ora mar foe monoreg eter poesons in comp wis UL werkton-bose sacs, In ation tour monitriog sets, ou Nework Operations Cer NOC") hones» grup of hihy-xptcnce, ceed engines, em amines, and network says apble of oa vig tigi ro Catt cs Th NOT a is a ec ewe cs(ico Merah Ceniatios Out NOC wa nsf the assur to a the Cis Cloud bd Managed Servis Expt Para Criition abd resins one af he ein a int 0 ald hs peed cereton lt Serie Call Centers Operations ‘We sa ou sales and sein offie aco the US. with quali indrials wh ake alec nel cay sys, ed pod serves por ou canes, td we lie i aTy ‘bona or whe pre oat with thn ett, Our jc ao roid ieee sve canes by resving csr ace ecg whenever paable end acbedaig ‘Sevier at oes convenien forthe esrer Sora espana Viral Save Sapp i aly 22, whl sales oo esas Ueno bres ik eta cameo ‘yc demand for ence hile edcng sme te Crs of ome vse. ‘uc amr operations provide appr 24 hour a day a syed Bai, and al eet ae rate ow Gr tomer cmt cele ese tecnica eric ees te hand omy ed fessional. Ismay ess, este eae Spedass arly sole nor-enegene) lus eeu sevice, bila ol eng and suport We costae to le steel cole mung lc sees reg calmer ang sl serdce ols oa trace oie epee sens Se et We btn a stor eins poie formate custome ou ably to serve ou argent mst comers om ut Natal Acct Operon Center CNAOC") i ving, Teas, which allows ‘he caster cll on tion eave al oppor ious, ning bling, sallsions, servis cals oppades, fe erica ies, We rig ngsing ning lene nd id eploes and ou ashe deers, an we ently mee and mont coer aiid mess an eth er 00% We wile complement mix of esta inst ale and don chose ict low + Direct hanna ‘ur drt chanrel caer ae gered by ou dive espone and ther markeing os, ener stm fol and ea gener pate and asp by ‘uta se foe lated or eat sles al ato at wal et our ne netwek stead sevice etn ay smo, we lt he le faa ye ove te ‘hoa sd all ou fel ce to agent teste othe ine of alata neh eaea, el alex coma work deel Wi the ciate ote ea yam, Den By eorunr prefrence we alto mae 0 casomer ough retail and ccommerse het, which a eget 0 grow inthe he fe Yas, aod we have eee sappemeing sng ‘hanno met conto whee hey fer shop, ‘ou scuty Sl sls colts undergn an i-dpt srening proce ror to Each elds cnet completes compressive ces tning po to conden ease ‘les presets, well a apt ogee sg ypc of ae elles a he a fe soucred me sls eal We ze 4 Bahl sce es spose, Ni ‘lads asin hearted ace sles all, ly shor fale soy and elestvenca meta psa coaching by ur le mage as mou sla usness, we sain sles rary hough hin pry and selene lens, as wslastogh reel ap for our cesiamers + Inet Channel (ur ies: canal cist ae genet mainly through ou eon of agent with sg independent dees who sll gupment aed ADT Asie Deslc-randd ‘muionge struct a brs lo resides ed ss (he "ADT Autotd Dealt Progra). As oporunics arse, We haves he Ps ogngd, ad We ey eo [Aso December 1, 221, oar ear of ator ele conte fsproximstely 209 abored deers apering cos he US. Our aera dies ae contac Sipe ‘hr eit to all qi montrd accent y pers, bute ae nt igs scythe scons, We ay os ard dle forte soon of ry ead ‘nied accouss efeed to as cel gentd cone soon) we pucsse Lom tea. Is ceri asus in which we jet as aco, we gel stl ie ove ‘Mosler verve [Gt scout ough a monarng eure apetnn wih Be ernd dei: Delt peered tater cnc pally have ental tof te yor isoled by either. pres account cabled dig the chargeback prin which gene hioen mouth, he deri oud orn ow pays of he pct pri (rib canta ceo abi tof und and cal sins pacar and delay of ele an coe ghar and naling ete ‘Sarketng and Strate Partners We lave been ecg un eng events hgh sence sree and pete eaneg oes Puchong Meili an bie, ang, eden and cutis cae {tuna apps To pro the prow four atone ar, oprve brand swans, i ve rs markt Peet, we cnr he este chads lend pnuatin co, ‘plore opts provide rand slong om seg: partoship and lane with aro hips ‘We ive topinize or main spend trough lend modsing poss, whey we dynamically laa spnd bas on ef and messed mkting channel effsciveet, We mkt ou rings trough maton! levis, obo, a dex mal adverts aswel abou nel aversng. whieh eats aoa search egiteMsthting, el nie deo, loa search, {socal medi, Wes Sve sever sity pert wih onus that rome ou seen oe Canam bse nen, we te Bro nial ma nace ad ey ‘Spokesperson eprescng he ADT and. Our ete pater snd aliancer ince Rane bers, popes maraerc® fm, homeawesscinon. ance compen, Hi ttt, rts pb lis, and swe servis proms. Fr example w bv exisig patois wih naa ed nome consti snd ie sig, nd we Ble te 8 ely pple ore prersp a aan opprtes. (ou gal sw maine cute iftine vale for both nw and exiting easton by (ean a evalu ot ig and prod leas (2) maging costs nd serie sete to vide hanced vale (i) epgaing exiting cantomer tote mre nerve, ret prac 0) sien isin, ar apres slo whenever pou: (i) ahi ony cae (Our Markets any abd eg deprec ftrt among sr Euston estres in ampere mac ach st DIY ferns sma ome ccna nero hg soy ne fatey. We ve sen ab feene i ets in sm ore offenngs sd tet toe ecology apyicaoos, wich we bbeve faible to vit of fcr, ling nance {eeholgs, younger gecrtons of ons, ad hie esata, We Rhee oar sale ttt wil putty coeur and cmmacal demands sigh of hese mass) Consumer and Smal Bans ‘ou conus a sl snes tke pinay cos of owners of inge-fanily beso sal busine, ser, deter DIY cues The mace ges carstized by ag td ‘esogenon cular ar wth et compln oes etalon, Mary of cur eel sd ual busts aroma ae den oper ood scary td oman servi at rl [Ermving © & ge lacie» peresved ar achanicene trie ie micty concn te oiporoad igen cre such me traf opening on oe Paes oF Incentives povided by insurance ari, who may offer lower inuance re ei scutes ny er tas tem ivialled aw conden of coverage, (ou commer mate range fom age singe commer cir omits nana companies. The market chaste by higher pene ates, driven pst by fie a bung aves an surance rquamnts an by ager drs of complexity nh eres orm nlinone Mot shes Sartor reise ary sytem france aor ab ea Seamer premises me foquted to asl td maitan fe He, aodsometbes te svppesion. ystems To met te requemets tafe plicable bung cos aod insure Pals, ‘Adios bse my leverage oP ie salu fr operon pose Siar poole preven and every aka row was negatively impacted bythe COVIDLIS "Pandemic dvng 2920 abd 2021. However, wesw improves Bgising it 2121 aad eve we are pil orto commer growth aranicly and Ynough oppure value-add sone ‘ou sola ort consists pinay of esa propery mes. Th act is hgly gmc, und-peaetsed, and bu ou ag been sleet ad insalito han eset ‘vuty sue With in eure preface ova ce nergy, bev tbr ae tui oyperiasca Yo lnceaenrkt are wi he stray les reply fad [yh purty snag nnn, whch eden used nh cacobns, Aion we bbeve hr i arg rsesling sa banding epporany tho CSD mat anes ‘opts tone seman Competition Success ie aguing nw castes depends on vary of facto, inating () brand and eptation (i) the vis, (a) sevice and product cna, 6) aly, () pee, and he ‘hii to tel an el in prnpecine cnn. Testoloy deals eating iinet change mourn. Wie pagar wth any eportnien, onration hse bred the Sari ety frame, rte, a sma ome shone, 2 pew business mal ane compete Rave emtged. Wem fica on extn sa aerhip poston i he na ‘ldo aol commercial seus ams Wes povig ou share ef carping aod agit ak, nap sol. We Ueleve «comin of Ieaig cls ae LEsye ed isos produc nd ecrigy avancemets scp he cteaing peterson of sure, trace, mat hte ab sal solo ‘The til sda encom scuy mara inh US. mn highly compe and rtd wis low nb of mejor cman sod Unmsands fs rgial sd oa ompais, wih spray he rnst af elsiely Ln aot cay i lel gsoppbien an he salty of corns povisngeabured ene seis ba oe maine some eatin ‘We bles our pina compos win the tradi resident scary market are Vivi So Hem, In, Brinks Home Sect (opening brand of Monin Imi, nd ‘lily Howe Secury (vis of Crest Carpraon). Adon wh ur ect kveete ed eoencenasn DIV oiringa i well a ur parorip wit Google we ae poston Chuneero r ous ttl she in he DIY spe fncg competion Soma Simpine ame Sear Spear, Apple's HmeRit aad Arsaze’s Rig St Seoiy Spates Webel ot rispal copes wiie be comm sear market aelottson Cont Inersinal pe. akon Conti", Conepint Techloges STANLEY Sees (a dvision of Sane Black Desk lero Svat Flew Sect, (0 ison of Sos AB). Farmar, ADT compet wt pia slins produ wit on iad piston) a bone aration syste, besa sme ctescustnrs olive th pin sluts ar sat ‘heme deve epics te aed ar flaca secury yar. Atdionaly, vt we cociaoe oer tl var eof alin of sour tnd sat ee devices, in pasty ples nals: {sab in mart wich afer ono pesos lain teats nln Bet ays Gest Squad, One, a Ap Alo sme stsnonoed sions ae eal whch Sent ‘ee a mouth fe fr hese suomi aves, fsong Ble by ADT (eltsmostrig). Saosing SeatThins, sé Rig Alm (clemrorng. Wi thse elton, css ae ‘quedo py «mole for acess ohne suomi ar selenoore seus, whieh meas hve e toca eens o pesos nord (os fee-tase) Solins. Whe Selmer eluant eplae tent er leona) mane etn, sr eure td only fe bul io ee, el tred sltos could see he ean ot me Csr oop for more expose, pofesonally ese ops ‘With cgistin of Sana Sola, or pina compte nse rol industry ate Suen, ne, Sonora Energy nematic, ne, SanPower ne, Ty Sol, ne, Tan Solar Powe, nd Power ome Sola, LLC, We so fa: competion fom empanis th fr oa solons in aiiton hi core snes. ‘ow apeoah to competion ist eaphasz the quay ad seusin of u sees, cur supe uso sevice, cr indus ending bend, our mostra eter, ut const ocosutet ndsaarsolsuons oper ané pp sping ren ‘We eve we are wel poste ocmpete with ina and nw srpetios toot fst ns tcuriy, and rc; ou ain tam flex conan: or sli epson for and expertise n proving role sey apd montoring eves tough ea ous network af fonda! toring ears; et ele rod slots ea Mg Sle saloon ad Ste asean and our arberip with GoveResources Material to Our Business Materials and toventory We pclae cqipmen asd compat of ur reds tomo Unie auabs of ope al dstbtrs and tz oul sung meted (hc ose) wo minis he sk of cpio om, sy ager We ao rely om vrei) sd ecommuncaons sie roids palo ie consi and monn of euyaens vey pil bd eis inion es lr oe bloat ont crea nd tipi cc neds and we wai ively of etn etna rence our el fxs nda ech eles Adina, hirer sb erly ian anton stoking lel of crane eso coves cha upon ‘Wo ac sj ik asi wh cern spl csi pons, While we at oly expand minal in oe Comms operons ad in the velope of m prac ‘supply chain duns n 2071, we cul exponen mai pct ou sles ad even, opting ss, ah ls, ty fo omnes Rew oducts te fc ‘Wear cota ests bal spy cain tos, and we doe: cue attest major inerpins incr spl ean ish Paes dats, cpyigh, nd ts ropityriplte iporant rsnts and we otis refine ar nllecl propery eat omni abd nro ur comp oie ‘We rgster new local propery to poet su ongtng tcl inotvvions aod icapthen ou brand nd we take appropiate ato gaat ingetens raspy of Out ‘malta pay tb oe We sw tp) nll opr) pd age a ey sess opti. We aly ce mo tay ‘We owna pont of ptr ht ete vr of nie cary an autmaton chop tized isc hie ling ein pple ad sor wel ideo a nfrmain ‘nanaerem stone We al own sport of radcmarsineloing ABT, ADT Puke, Preto |, ADI Corer ke by ADT, wil ADT Solr In ain, we a ene of local py nie oar py pln ntl prs Pens nal ps Ue ne sus wt pet pon ie. Park et oy (Cri nde ncn withthe ADT band ht we wn win te U.S, and Camas ar owed onde of th US. and Cada by Isneos Conte at cto io Tye nteretonl Li, yes) In arin ieancer, och radon re ened in ean terre uid the US and aoa by hnson Cat sera thd pares. Pea the Ten Trader Agee ‘red int eran The ADT Corporation and Tyco onneton with fhe ssprtin of The ADT Capra hm Tyco 2012, we ae gtaly prohibited fam epg emp oer, rast he ADT band ude We US ard ens a Canin Aare me coor fo sl roduc of secs or trie o nous ne US and Cara, eda MMe ‘ebttourthe ADT band proms au pdt and senses. ‘pero in Canad, sett ime exception for cose-borer commer aromer and noble sty apleson, fra period of teven sears Adana, we eereé ow pat and {Teo Lense cent TELUS ptung he we fo pets Cats fr ped of een Yous and 4) exces o te Eada Cade fr eit of ve je od Seasonality ‘ou secu an hme stain bie hs hs exprienced crn vl f sentry with eps evden cestaners. Since more outcol move ake lac during tes and thn calendar ques ofeach ya, or discon rt and new customer ans ae pal higher hse ore than nthe st and fou ana qe. There alo ag seasonal oma ffe an mitigate teeta ears Imadton, ney sce eres revs cn relied ihe alam i cesta sevie ee ar al of lent wen ene niente‘We belie the COVID-9 Pandemic feted some of tee stn end beining in 202 and contin ino 2021, We alto lee te lower volume of asm losis we expend rng 220 an ow use of ern pric and een aver oe enising tres Helped couric sy case rs cate ever alton elf change conan oF ‘vernon ncerain tends ich telco he fe Tour Solar sins, estou eye ined y ster desis oon cre wa thee of he et, which bless 0 Be ihe igh acl guar, a may sls fe opal by ena eater ptes, Government Regulation and Other Regulatory Matters (ou operon ae mje sro ea ite, nd al ve a psi rte occa! Kens, bling code, tapering, a wel a consamerpotcton a pes, “Shore employment snd cvitenneralpteton, Change naw an elton an pstvly and neptey fet ar oer and pct fetter which we cnet or Dune, Licensing and Permiting- Nos ses in which we eerte have Isesing laws deed specify owad pots insaliton ad mioringoScuty dees, swell asl insalatons. Ov ‘sna io ute! eget, os and snd pese by eal guveent juries ll vaso sence apova aod sing kd ists guests. Wea ‘svn and ner lems leat pris of etalon of cry ad soem ad ied eves nthe arora whic epee Adonai, me rely extension elecommuncatns sevice provide, whic rps inthe US. by he Federal Commnicatons Corssson (FCC) ands pic tte commision {commana signals as pao te funconalty and motoring of sect sd sola Sse, ‘ou seurty bess sujet various st a lal eases sew reducing fie lms. Sach measures ince requiing permis fr iii sl ste, revoking such permits folonigg a spoied rr of se slams soposng Kes on astmeso ar mac cons for Le aun, the suber ns els Wl spond sla a Paice [neato rs specified sunt of ears, eng atonal Yerfenon fla isl Defoe th police rp roading a0 reponse resi ae le ‘ur Soar basins i expose to ele, stan lol pvermet repltons an pei concen th lec tly indy, ms wel ms internal polsi fhe lec lity company, which ‘ens expel lsc prising. x eed and hr never, a hacen of eaameowned sec genersn Conrumer Proetion and Peay ~ Our arising nd sles practices ae real by te US. Fede Trade Commision FTC" a sate and consume rttion Ins, wih may inde ‘ico oa the negra we we emote se of os edu ad sco lege so ude ms cons Wit cee ge Fea gh ‘Ou eormusiatone with xa nd pleat unos ae repulsed by feral and le an, whch cad ein on he we of lean, ee-dingtcolgy nll artigo ator and Employment - Our operations ate abet replation ude he US, Osco Safety and eat Actor OSHA, and eae satel ale to cp nity sppicable OSHA. ‘egaacaso ote fede, stead fol ls ad eu, even fo worked ses ir or det occ my ein ima eecenen nd stantial peas, iia ‘lpia epee, er suxpeaso estan of eee. Adina, cern jurton, we mat bin iene or permits ocmply with tnd governing employe sles, ining, nd busines con, ‘ning he che ef trio theenonmen bre elaig fo the reson a the eneronmen ay exo pein mse chang lepinio, pln, or eratinal ‘reas or accore are eens ikely ove flr et inte fees frome 2Human Capital and ESG As west to cei oo opti and eect on ostinato anit inet csr bio cet, st th oni ‘ve: We place sure emp on eminent sca an goverance eer, td eK ich mph ehaer Coot perms, wiesubling 9 ie a a en ‘shosbare hte ae spon sot ur nano, [As of December 31, 2001, we elaye approximately 25,00 pep, icing sprints 5,600 cart sytem alt cott ad 2,00 sla male aon; 6.200 seca intlison nd ‘reek tn 300 polio trocar and 450 camer ae profesional Apron 5% of ur employes recovered by colleive bngiing ares, nd we ble aur ations wih our employee an labor nin ave generally Been postive, 1 Deere 202, me aud Suc Solara contig tert hn no our bun ait ogra, Perormance Cali [ADT dens Pesrmance Cote ao shard vas, prt, and pins tat shape Bl and die havior and dvton-making tht rit high lees of penance ta nial, ‘tan adoration esl, We are one totes ere nd enter where evey en ners fre valued od cmpoweed a cla ad schlvebuieeeuh, 1202, ‘Bide essen Wo otal pelomance teens ast Lyla rs Yo lacs on eens laa, sc ee edu ea erlomance comps pat fcr art ‘neem inet pl Talent Recraitment and Management Wo re commited to atrcing,elaing, and developing a song and decal workforce ou sucess depends age par ou sg a ann op ler aca he ene again with Primary rps on ut mangenent eu aor elena erred th aur ues ok a les repens sli and svi iia sn al eter pare), ‘thc make op he mary of er rpananton, We fc on faving here, cue a ate wenglace,wlfleig seme competion, bref, a8 heh sng wells propane We [povie cunt ad ening opprtie rool esgaben oppor, nd cma cobalt ote ot etapayce elope In ade, or legem sly compensa ‘Eine align negate erat wb hee of ou scl nde Coun eet of kage ae, 4 201, we sited mix of yi, rete, end pen wack hued le suppor lest acon and rele. We oer ADT enpayes a varity of leiog oppor, ie emhuriemet a pparntes oremplyee ably by suporing eral pronation lope postions al which are signed alow employes ests tooo te ces, Inclusive Divers and Bloging IDB) ‘We are commited i bding a stare of hey an nclsion frou npoyos We lee or eployee sl refs ke ome where we ive nd eee and we ive fire ad ei stdfiee tt ely towescauive of ear markets We sok ow workface composition data oe ite To dtr 1 we ate malig prope popes in aig eb, ai a i ‘peiauon wis wr employes moras. As of Deere 31 2021, pointy bal war whore comedy sad eke diverse empjec and spent eek ‘Shao male cplyees ADT Tacave Docs od Belonging Conse ae "AIDNC?) on asnen payee Reus Groin HERG?) bly veer ot ole 1 2070, we oo ¢ mening stp ono jtrcy to crete wok envionment whee eclsin dey, nd elaning cat ive by easing Whe AIDC. The AIDC repeat a rd oes satan of our organization ning exeetve and senor management, an fces on rig IDB contents and pice By Weng ard poring acon, aking accouraiy o ‘etiving esa, an ens timely updates ne roved oot Che xecve Ou In 2021 the AIDBCestalsbed ADTs IDB "Nor Sa whch sates hat every deserves el fe and toseved, We ve ct « wont ha canzages he ag of verse hes, cltaes leas see alse bd odes the ese Sac, sd opp) fr easy 'egrow and ssened. Alans wit hein of IDB Nor Starch o eee members pane a ee rp bse cnscaveto sans DD smn ed pie otrespestive snes re which constructing, groning an elping ‘let hgh atipton inane ine nd cmmany work ‘We ska spot and ensle oc eployeet 0 paint in DERG, which afer pie oppor fr employs at an callshote hough esing sn nevorking channel, onset Prosser, a metring Our BERG ss arene various arose nitive an fice and ene rm actos the Company leverage the ie, eto, nd fevers opt Oot ‘sous BERG: wed voce IDB ers, which ae grow io 202 Employee Wellbeing and Heats & Safety ‘We show ur commitment crn for ou mplayes’ welling by evn sina ress team meer wns, eh, ah safe In any 2021, me lass an aoa welling progam avalbl to al ea eetbe, wai nies vary of eda abd cuchig ogra well ss mow an qa Nelbeeg Sst. rployes ceed ou ensued ‘eel pln ae cg fr cath centres by comping crane eng elvis, Move tan $00 explo ogee fer he Weng petal wt S00 caployens aed spout ore Parner competing noth sheath tose and» Reet eeag. Adan. cancel salty piney, ang pte, or Shani racist rerin'n pace fr bt ea ‘ork ad bach ad eld tam member daring the snging COVID-IS Pande, In order eemiet both poet Or erpayes and serve eum past he COVID.I9 Fale me have aj, a ar ntizuralyevlig cele apc of operon dacaid above under he ein “Key Bae Developer ad Reve nave” ‘ou Haseena, Heth, end Salety EHS") vse 0 bud elle that romots sf baie co ech a, every yt ae aro nes and lane employe wells an 0 ‘aise om cient osc titove oo in eve ewer or ue of people, prevsim sod aay i nr Was nd deviten ua coh ay. ‘Welolive ht al osugatna ine ad nee, a nll evans cri, are general preven snd we com compete with lapse ernment, heath ad ae ‘equsenas, We hve inplemente an EHS pumgeen stem Ot ales expetsions or eempbce, scout, asa. a anus imgoversea! ose clea sly tt coisa clos tis a no nt ali lt fol ay, ad corel sth ans For ual Me aoe om eng ep hen yp vt weg hn pin In 23 et vig il ev pn ww ‘dic the roti pac tt crai onl toneuraabe pty rors have ante esvrnmen. We have se implemented ear ADT Eioamenal Able famewer, Heb ‘epee our fous on complying with eitoorlregureest bdetog proper depotl ef wa staan eying of mails. We vet inn ead esos 2 ‘eic otr genteel ard hove Loudon fen) improvements hing ning. sa operons. We conn explore matiods oda reco ese oO ‘Boor weiter iecaing aught puchve of newer relent tavng elf ecient to he tea hybrid veils, We employ mate eyeing and reso pogo sod mtn to eve new ntvessoch the placer of ens ie ou mpi monn we eel snd rede nner ash hal We wil cone fo Hk for ne, ao Snpove existing, ities at eee ou ett ona. We ate ao asssing th put of ciate cate oo eptaons abd spy cai ate ape feet Hk eager ‘ert rout sd wil cotine fo doo on sh ongoing aa. Soca ‘ou vluserin a pipe svi natves te aid ad widespread srt the again ad the cots we serve. Ou tam aembesaoe the US give bk thr communes spat of ADT Always Cares a eorpunteside csp rogram comprised of enpojer-seedvolsteram aed palaabrey. We ened appoint $7000 ove 00 eat ‘eaietine a 202,raning mel sop kth and homeless many natal rss ike Ilsa foreman snd he Ronald Deals Home. Aassely, we eed ve students o eeivefu-ear schol os pao au supot ferthe United Neo Clee Pod bd we aio povided each set epsing mextring om ADT ees. ADT Ans Cares Aso suport inclusion cue abe belong nts by contbng to eases olin ot BERG‘Trough ow Liver Awad propa, me provide suport fs responds, capsily vor eights, an ft which has ben #lngeading commits of ADT at we koi it sepia for esomers trex ay reponse tot sl action during an ave erence Dace 202, ADT gree gure of $50.00 to ve oar fe parents "ha wre sable to ol tho rap fn in hi conmuntr de othe tpt ofthe COVIDIY Pande. lig near Srerpende agence ae et fr neces ath he opt ‘Spipmen tings ober eee paramo meting ey ev case xpath, ‘We a commited o making oe ever em marker unentan nd eras or cre vale ft, cllburaion, service and innevalion Tha charge gna wit our Code of Coc, wich ‘tine ur commie tur crtomer our iver ur conmaniey, ao ae anther Ost Case of Condit sutines wht reed of ou empoeet and ener ne conifer atu igh tg. Our Cae of Cond supplement by «ato odna pace opie ool eas bess wih ae Jesged ofthe ost eed and soul sss es ‘acai, fr cmp pac with rape! Yo trtlaton ean amloymeat oppor, salrtrasaus lemuton achoigy seer. pena ats frotcon and friar, colic 9f ‘rates! popery and he poco of conden inating scr tang, al-ritey and cero and ie aprolof neecons wih sed pero esis oor At Commie wich ie amis sll of depend! str, responsible on eh of be Board fr oe vest ou ee ik manager progr. A oe pa of i ror t ‘onal busi, mange reviews wih he Aut Commitec sd the Boar the Companys Risk Appetite tee Sih sped be evel ak the Crspary wing to acep a psu of (lal hs ck hacer magenea oud sce wi reaper te eect ean wc Onn. We afer the gevrece genes ete by fee tl tase he Stewie fd Tachange Commision he "SEC", anf fe NYSE, zd meee o elit appropiate ik manages etn and cn! poceaes io alequnly mage, on, cota ‘hear sks we may ie dy oy We also belive tat song govemanc is essen. acieving or commitments around BSG. To hs cod, we ave eal a working group of leaders fom thou the company wo ae focased on #86, Dur 2021, we conducted realty ssn serous eran ou aye, esr, tesa suppl ep ctr Wa igh be he par ses 0 ks Findamencl io who we are and guides our sae, mart, andsutainable sins praca As we progress or ESG program ding 202, we wil oso ities inane OF more of he flaming ses, which me detained oe import our wakes hough or masialty ‘ssesmen () ita paey wd joer sect i} mle ery and eleig i) eupoye Neleing wed develope (9) estar and comunity bal ai sey () ea oneal ‘Basar! (cant hae mnagemen: (repo gore: i) pose ard ea Available Information Availabilty of SEC Reports ewe led pwn com. Our invest eltns weit need thi iver a.com We make sable fs of cag om over ans wee de “ao SSu/Syundnc nhc op a eed fied pata Slo 19) or 15) ee Tage hts soe venonaly posts ar mccoy ce era ck ‘otras tte SECT SEC mann a wlae at conan pr proky sl nator see doe fre gang at as at ip Sg ee of Website Provide aforeation From ine tin, we he made, and expect in te fre use our Webs wa mean of ics att nocaton othe ube ead, onlay maa acing a pupa of the SEC's Repl at Dlr (Reg FD). ani nthe materia sforaton regains the Corry oul psc ur web apd scsi at Mipcom oder ‘Reeve ifn ane roaring new potngs 99rd, ner encore sl on ur wee Fcc aulomatic oa nlese. None othe armas om Sur mete ero Inthe Anal ReposITEM 1A. RISK FACTORS. adn risk and cei in th ordinary ear of anes tha are common al ane, ingot factors hl are pec ear instr and he Company ca have materia end ‘lpr uct ur inc nancial condition, ren of pean and ach flo, You shold carey eaner he ss detcbed hl and or ea prod igh te SEC, The ftoning rk facosshondd Fe read nconanion th Tem "Mangement Dicusion ead tas of Financial Condon and Reis 0f Operatns and he consodated faa attmes delat nots ati rua Report. [Risks Related to Our Produets and Services ‘Our groth is dependent upon our ability o heap pace wth rapid technological and industry changes through « combination of partnerships wth thd parts, internal development, and ‘cyto order bain nd maint nem cholo frou produ and ervce mobic that chee marke accepane ih cepale marine ‘ur business operates in makes that ar catered by rapidly changing tology, eslvingindusty sada, poe ew entants,ahl changes ctor needs and expen ‘Acton o testes depends at sou ably Wo aces the following Hews emeting technolo tends tr net alm, develop, eget ats compete from oie compotr scorer popsar henry mre procs and revo ns tr proc and vce fraps mao expe aed pat melt propery ihe Pt ‘ves adhe ieovtons and Geelop of aque and ing rods ad seve, lung efbanerets o atke Gikly and costly. ut aby gel ale ow ed Farle, o fo sue new rodce an prvi tht ae tcnologtalyinowive regis fe ivetnet of wesc retour and can fel ot complive potion. Toe sequined eel is For example, in nly 2020, we entered ino omar green wth Goole othe sippy of eran Google eves a well a crain Google vide snd aise sevice, We ave ares wih ‘ruin expos excuse provide Goole en-ise vio and sein aly secs snd sor-be, sctty an aey devices oa camer stough Google at sl e eo ‘sce devic tr septs whe sym suc comercial poder uit a opto te ery tual bee cr Yes f Geog le to para oh Provide pods hs contily mec the demand far etre of we fal na he pad tht Geog pies, of we al devon pases ab eves with Goole ha oo amen. Fin debe in ney toe, rf Google were fo gn fring snc prfict or eros omettv a on, or bates, rane conn, ets f operation an sh ows wl ‘ener advernelytnpaced aon, abject catomny eto ight rte to rath od change of eoarol is curr peta ba aia cy of seve ets fe he a alte Googe Senses ae suey etd ls ur nde seu so automation pire, Pods! ntoton dhe Ung ch nero lcd on csr experi td ‘uly speed spn fhe sept sence staunchly Jone 3, 2022, then Goole hate oat Hg fo meget fer Gargle Sences wea itegraon fr profesional) Instalaons wit mtd exceptions, this were oc, We ca expeience adresse In even, ihe as reing Ia deesed pial. anda Jason ia estomerexeice WHS ‘may sense ation among new castors and egal ipuct os bral ad ty to weqae Rew csune, a ef Wich cad ve «mel adseue effet our bases, Hen ‘expected to provide customers with a seamless experience across security, ie safely, aatomaion, and analytics through a coman application tat integrates the user expeence, the customer service {perce td cece suppor. We ay or cheves success parm bal in ayer, wis bua ofa toe eal he cmecleton of pods abd seevces a ‘Settee crlvng dan of ur cnn, of wick od hee ati advection cs Mss, Sema eondon srl of peton tn alt Je ation as we bea commeriize products based upen ur eracve ple, we ve ajc ar process for viewing ab scaring intelectual pope Highs, Neves, we may ‘Secome here faunal nw sleping lw hae ning he pete cholny oft pari Repair of hemes tex aa bp ken orien "ley legatans oad cae ner sic ent end and eave, and Soul harm obsess ad epi any of which cold haves mera aes pac bss, ‘geil ued, eu of operons, ees Hows‘Any new oF eae produ nd series ht we devel ayaa sts custome pretences ad pote rod files may se casters ojo pods and sevcs. AS es, ‘hee products an serves ray nl ahve mart tecetnce, a tba age col sulle I atin our campos ay nose super predic ties sexe pain Sat Sandan the desi of our rac nd ences wach may ein me 9 er oreo puch tc pros nd service and imac sty charge mow sence fer It ompettr planet new fechologies fore we at able plement hem, hve competes may be let provide moreover than ou, psy at lower pcs, a enpriene ‘eter adn rte ed pope. Ay dla or ue in te aod of te or shane ood oud har xt bso, ete of operatic ad ula ote, aon, te kts {roar pods an serves may oot velop ee ow sow slate The re of en leckalay, Folie sos Wo gs ae arene, ie pte fer pod! delet, te hlsence of our pedi and venier cole ipifnlytolce a revenue, teeare Sr opera eons, of here Mtelysverly net au hanes, Fan enon rena of ‘perations and eas ows. Wesel ur products and verve i highly competve marke, including the home security and ntomation markets the commercial ir and secaiy marke, nd the solar markt, which may ‘est in prsaré on ur profit margins ad in our aby omni Oise he marketshare for produc a secs We exerince signin competiive presse in bat he doifre (DIEM) a DIY spaces. The monitor soca ins i hy agenda subject giant competion and ing pete, We exprens sistant competive ping rss nthe DIM pac ot asain taining. a sie, Seve] ump fer conga ot lower nla at ‘Bunton fen and oiers ay cage sgnfcoly re for italia ut may cs, lv formar. We ae face sige empties i the DIY space om compas suc = ‘impale Home, ued Amare Ring wich ese cantomer i slEsoie snd coil tc cease whet ie party avec cough oe Ire st mene elo ‘imiarcommaeaton Some DIY provid mya ofr pfessoal monoring with he parte of rr stems and eupmem wit acral eminent of ng (CLT devices and sowie with automated feaues aed cabs, whieh ny be appeaig to casts apd fur usa compete savage Ie auton eas DIY provices ave ‘om deli cstomer tase a ado, cabs, teleomannioons, an! ge thnolgy compan Inve expt iat the Bone automation aod mined sey nde and ae banding ec eising figs wih ‘tueracve sd antoel sca services, olen lower med topstring ales. These cpa (0) ay have eiing arcs los lorie wih ctr wel ly Yeon "ands which my deve iene awareness ofthe secciyaoatin ees rave oo (i ay hve aus ope apd sores an an (i my sped ian are ‘nadveriing mukrng. a rmstional resus, wel he ago 9 sther copes wh ome smn ston fering, any af wich cui ave ams sere fet on Sot thily wo aie wars wd Jeund foot ros seo. Wem lo fac compen hr eet sales oe ou epee, heparan St, who ay off ston ‘nel tan we doa parla. Adios, oe or urea ur getter ibe the DIFM a DIY space cold deveap a gin! chon lventage over wallowing thm prove ana ot betegiy sevice Gris lower pices hich could pt ur a compete dtvanae. Coned pricing presse skology impovemens, crear ban loyal, nd conirang si assem pefrence ‘onal among nd DIY ou never ipa oar estore bse, eve, nao prog soace mea ater netsect 0 ot usb, asa condones a pean, ‘Seat owe, We a fice competion ete commu fine sd seul ates, ncling compton a ge, nel nda amas, whic maybe pstioed oor pods ad services a et ost than er which bene Som peeing agi beled elton and knowledge. Ou ably to compet te comes fi and ect hasines as epede on eu ay {Seq andre thrpary pode a seer Coan by commer come, same of which wey a esl provi fw fl bald wasps Mi commer stereo ‘okaiahe ngs esl tie-pry pools aod seve feud Uy camber eases au stub, Buss, Haba ued, sul of apa, md cash Bows could be meal vencly ated ‘esata emg nasty olin mt pray, Soe emi hn cn lcd a ie rs in ss In dang or bsiness os market neds oy dtd, tn elng ppvtnies Within hs Wass, Thee ca be ho astrance ta we Wi be abe o sucessfully compete asst agro ae ‘stblsbed competion therts for wr energy do ot devel tthe sao te rae we expo if elo compet evey in hs me may ave ipa oraity ome our roth and enue plas, ‘ich may adverly pact or bse Sonal end rn ef opeaton td ad ‘We lev the slr eee indy wil etl tak ever emf develo and mate, and we aot cern tht tema! wll pow tobe sie orale rl we expt. Any Sur promt of ‘he solr energy indy and he nico ofa solar feng depend on may fcr vad war one nel respnian and scape of he wr ake y consumer, te pa 9f Alene soe of energy a favorble regulary evsonmet, be contmaton of eet tax bees an te selves doar aio poice aslaoffeigsasetet vl ich ay dvs let our bass We face competion rom radon energy companie ax well solr and thr renewable energy comple. ‘The solr neg nds iil competitive apd cont evoling a ata sive stings hemsves win fee mack an compete wth Inge ues, We believe tat ou primary ued ate eased ule hat uly egy to boccowns by tol eats, We crap with ete ute realy bx on rs pretty of pe, un ete by winch eneraly hive soe peter Prana hel operatanal andr rrr han me do Ar a ea of hi reser sb blir maybe seo devote mare rr theresa ‘evelopnen,prrttan and sie of he producto espond we cul oevlsing nds Standards and changes a mae opdions han we ca. Flee, tee competots re abe ‘devote ably nor evaree sd sding a eglry acing es ile cul io ff ter vlad procs a services tat cul ep ae compte wth even if th cot fee they oer higher tan at nao, x msjrity of ites’ ‘ourer of ely ar nnwlar wich ay alow ate o alley more coeny than me can. Moreover, repulse wie acre tskng spol 0 ates" i om ‘ergo slr and wrge buries Raesting rene ht itis wos ceive amano rate of eta rhe ear sed storage une, Tht sey corenanplc ory te seat. oj and eonmecal soi oc. Whi ew uit o dat have resell egulsry pein fortes escola of Sage, ou competes would be seca bed Soa We ave fe cette rm ote rsdn slr service provider Same of thet competion av a higher epee of and name recon, reg huis and ping are, may have rst cpia eaprcr ten we hat, mela ene knowledge fears mats ne se sae tain or nan 2 conser ban a ean with cs, man BS stoma stsiton, o compe wih he ring offed by ut competion, ctl ad markt she poston ay De dete ace, bow Bow spend on aia Hew uns ‘Werle ae compete per en compane ty fer lower priced commer ofngs an we ‘evi compune ar bet ofr canons icc sppanty slates a ae corpse with he etc cls prace by he soe stems we tell The ay ay ‘Suctcaomen, pry hte who wis aod loon let tng ptt ash payens ahve sn esther objoson patina pelo eo Fathernre, we fie competion fom purl Snansedriennonitgated competitors tht scones ot the inealtin of slr energy syste, fom itlin-ony busts, fam Inge onsrton compan nd om eee ae ong cpus I abo, oe tales a mht aherwie Ke viewed spel alr pret ay ai ate sre By besa To be he Ate slr int poms and evolve, we wil conic ice exiting compen a la ne compen who aco carey the mks cain thse reig fr tecomaion of ‘ising competion) ha chese signin developnens in alate tecnooges or ae pods ih 8 Sage ola, trod, of ober pois eit ‘hie owner. ‘eto adaptto unin ut conns, cope sucessful wid exist New compel, io aap oe of ened weblogs oud Li ou grow abd bve 3 asl adeThe retioment of eer lecommunicton tchnoegy such es 16 and CDMA by telecommanicaions providers and limitations om or casomer! option of teecommanicaions services and quot could material adversely effet ur busines, Imcras customer aan an equ sgnan capil expends Crain ener of our perating mse ns hail eed on ou case coined selon ad te of tadioal xpperwieln tlcommunictons serve ote lr sg our ‘iar coppes ttle secs avr of Icecream acest jes yo ecology att operable wih nee caro Paced newest 5 sth {ream othe ete te of cla or Ib-ed cology ny tresses pyri to aca, ad potaly seeps sare systems Wo funn and tana dt als Propel Ths sauces ot ast ease tt, wate ee whee we soph mipae cram cavamcts atte eet 26 tewars ab sow teeter Beato 1m etry 202, aor vide of 36 clr networks bea ke his ewok an ear provide of Cade-DWison Mlle Aces (*CDMA) sehaduled da Soin Decerbe 2022. OF ur custome inp by he ebay 2027 eth rere ee aon, rove oar aes wi he mers anton at lal smal ube af ame secant, Nene ‘sf ten rai sioner have respond nur mie rua grade the ston a there elation hey ta he ial ebay 202) on dt Sil on {slate emal namber of eure ema be aetna rin he Desa 32 COMA newark nate dt and we wil nae aneton hi hey dena eply oor osc iio bl en eal! or seine provide Implements af onl ence harps conection wih onlay ay cate comes ie such rer avery, wie cold Ince or cane ssn We oot kw fhe il input of atwok eee ons umn 2 terre ot ou unr tl ometine ae al uch ements ave sere Ie a abl to apgzde cellar equpmet easter ses o et tow aetwot sts esulng fom theese af 40 and CDMA aetoc, fo eo at changes ert emai ‘nny keto ntors tainly nd cote mena, whet de fan scien sup of elon component or paisa ici ldabr frve, oda o ether se, for services afer a ranston date, our business, navel condition, resus of operations ad cash ows, could be matenally adversely affested ° Te November 2017, sp ofthe FCC's tos ofa he son foe ado coppe-asel wirie networks Tue ier rowiband networks, the FOC rep its es ei {ceeonmunestion cues poid det tuned pue note lo consumes uf th eee of eappttsed cine rts. May ef ou somes fall oF eppetue lephone Crate ol new techologies, which may cae the nado mise he epcemen fhe comer” otal rye a reser. The ae aity to ee coppers wireline teodks witout araged wc cold ed caster confson eh impete ow bit f iney ater casiomerso new network chlo, a fecnolgyafaes oie could ‘seinen expends, a) ates or sto a, ad aa ae dir angen ond be source teens ernest Sos an ss les oa ess the ft, we my tbe al 1 saccely semen! ne lexis ern xing ecole lo changing ares Soman If sae ale oa el mane Io CREE ‘schon, mae cnns ocnomer pleeness ou nes ancl nda, ea of operon, nd cath Nous could mney avery af ln non, we wse bongband Ines acess sevice support ou ps fing, sch a vdeo mestrng and sven, anda» communities option fer rm mowtvieg and aie ‘servos, Video mostorng ad srvellnee services we signed ore bandh thas oon-ideo tere eviy. As vlan ac ad peaeon of eve sevice nr the ned fo ‘serene etek copay igh reese eur autor! apie optional expe soi sevice runs a well ene eal idea exper ere cscs, Mh lll atrial sverly aor busi Sana conn, oferta, ate Poke depart cold fate te repo alr menor seca eee compe, Poe depute in cert ution ot rp cal om nord cart serie compan eer onion ae tc pie aoe verte or eewine aecoues [Fp viene tamara poy ny lel eniuce, We fer ies voice othe eps fomccve x expe pots gas ampere eras ara, hk Incense oso soe secu sens ab oa tee te costes. inte pleeprenensresset espon or te oii fon responding wo cls mentored testy Sve compas ules crs outons ae such a ko or oe verison o pei tours f spur sve, ott lo alc andrei camer cold be egal pace, rou bas, antl conten, rel of eros, nes Das cold be materially serie prover of high gual sear offerings may be materially evel afected byproduct efector halt catomer erie ‘our bsies depends nour reptton nd ity 0 maintain god retionships wih ur susomen, deals, spr, an oa regulars, ong ater. Oe rept mayb harmed trough oduct defect ach ah are foe more four estonar” alarm seo, o sorta sume sss Casimars gerry judge cu perfomance teagh hr natin wih sa st ‘emocoing nd cuore ce coves, deers od Gel aon aod servis hin at well a day-o-y laconic roc and nce plato. Ay foe ‘tee eects sch cstemer seve ren cold cea nme fr tion reo ate lfc tec new cutee. Ay tara oe replion er esone ane ated ‘yk son four dealers, esac rp pod or cipro nye atr cold ve a maria eden fe nobis oan concio,eae faperins, and ‘ah ows {the insrance indus changes practice of prving incentives to homeanners forthe use of arm mantring series, we may experience a reduction in mew cstomer growth ran increase (nour cumer sarin rate Jes tee common prvi the isracs is to provide soon in ates for polis wten on mes tht bave eats Seu systems. Tha can be no asec ta lasuane natin wl cootinc woof hte te odo If ae tcctves ere ede cuit, pew lmeownrt who crip igh ot (oto bed fo teed scuywervirs wea be ‘rein ee in efor cae, eur wth rsp a our buinerFinaneal onion et of opera, nd eth ows cols be matory advery ate Unauthorised wo our brand names by thd partes, and th expenses inca in developing and preserving the ae of our brand names, may material adver effector Busnes. (our tran arc ite oor aces. Unto i f our brand mee hin pares may minal aver fet cr busnts a epee pci ay nd ‘enya our prods and sevice, We ey om wafemak I, company ban name Potion ole, nd agents wih ou employes, csr, sis par neers rec Ihe Sa of our brn names Despont recat, we camme® prove srace at hose proces ae slicer ete to tt agaist atorzed teary wea ox ban nae. 9 cs ft yen, rs tv elt co sl vi lag wading nel na rig ‘use our pames and stademarks, of other confosingly similar vanes threo, in other contexts ta may impact our brands. We may not be succesful m detecting. iavetigating, preventing, ot Prosecwing ll autre threo ou nd tes, Fate igen wit espe sek uutbornd ue could eu Sse ost ab sing fos fesoutes These es ould aerial sve ao our puso, bashes, ancl endian ul of operons, and cask Tow ‘Third pares orgs tern of ur ey Brand names ouside of he US. ‘ou sucess depen in pt on oe conte sbi tows dena to capitis oo i” canes aod to fat develop or band iste US, a well tnt erin ‘tht shold we chow fo expe od cota to sm ou bins cute of th U.S a tre. Noval often wed your rds ave bes rated eal of te Cotes Sp nich we may do bain the fe, snd some ars may nover be oped ay eof thet counter Regn tadomsh egal eral are nae osteo uy-b-couy bass byte fet prem oa pein tbh bor ession in hat Sout ih caoneien wi spell ace apd eewies Some cure’ Ie £9 ot psec {eed ademas al or kee ore diet rs hed artes Have led fo" ADT" “PROTECTION ONE,” “SUNPRO,”o slr macs incousses whee weve se ‘in psi, cernin dears asocitd wih the ADT brand inciing “ADT athe Ne tag, are om in all roves use ofthe U.S and Canada hy bnson Contos, hich aquired Andere wih andi Tye,ncorain tances, ch rademars ae henner eon oud he US and Canada by Jen Caos oid paresPusat wedemak cme entered iv betwee The ADT Captian and Tyo (he “Tyco TademurAgreeea" in conection withthe seman of The ADT Corporation for Tyo a 2012, which ene n pepe. we ae poked om ever oping stempng Wo ei or ug atch nde one the US acing Pato Ric od the UB Veg ad) aed Cnn ad we my ot challenge Teas phn m sch dears eats te US. aed Corda, Adonai nde fe Tyco Trader Agroonen end Tyco cach ie nit proose ae ‘cary sce indore (eg “Punt become despted ware nator of sch uy To quiy deine suc nde, carn specified ei mathe met nding fhe Saeanr hs oo be sed 54 het oo bythe ourpoplg arty sas ove he pes Svea Yea If we ate ule o sje to To's proponal ow ew sgl sure {nts by meni setig ta hoe inner id tet he oie ce we wool subnoqurty be rechaelom ng, regan ote to pier uch ee iy ‘antral averse aes oe epson bases, atl oon, eas of open, and cash Dew 1m ation, in Novenber 2019, we sol alo ou shrs of ADT Cade to TELUS an, song ote igs, ceed io a or-ompeton ad poe lication npeemets wi TELUS past thick we aged nto dusty or nuel cage ea ustes corpse Wi ADT Cann subj lied corpo fr cab comme cases adobe sf apes, ot 2 pea of ene years In coment it arse of ADT Cana i cee na a pate an Caer eee agree! i TELUS grating tho) tho ar aon fe Cade or Drala seven sn sn (8) esti phi ro ue fadems p Cara ors profess lowed by onsale ae of ur tars fora onal two ya Ary lain [TELUS of au apeemerss with them, o the mse four eal propery or ebay by TELLS ina maa hat eorecty es pool onus bcase of TELUS's we of oa alla oper could dane ou anda pata so bv atrial veel 09 ar uss lea ess operons, sch Do Risks Related to Our Operations ‘The COVID-19 Pandemic hs had nd could continue to have significant negative impact om our employes our castomes, our supplies and ur ability t cary om our normal operations, ‘nctng these erations mow conducsed ine work fom home ensronmnt an of which coal haves material abs eft om out busines inna condom, ress af operations and eth ows ‘Theuthrek of anol stn of coins, COVIDIS, fet became apo unde i 2020 bas ont consumer wea sd decreed ices spending Vara of COVIDEIS, sh ‘t Dead Ositon, continue dot sme, We ety! he ume flee of he ara of COVID“19 ray ulig socal ola ad csvumue copia econ, ‘Neither can we pret te elecvenes and etiam of varie cr he gover! espe o le pune. We cotati to eng ofthe COVID-19 ede a al pects of ox Stsnes Ths nla he ath our mplayer, he rotson a ou rer, sn or ty emia to opera aslo ur Sertane. Os emp ae mnxphe a COVID.IP ‘he oranary sure of th wor, and we cnn be cera st ado enplosec wil ot cont COVID-19, be ees fo earings aes of coming in coma withers wha hve the ‘daca orbsustoto work i ier to eae er oaoae with th dae. Ay ic ntact, ad ek in leg cis ad bave water abv eet on ou ns, neal ade, reas ‘ould interap our operains, result in Tegal claims and darnge our brand. Ary such result could have a material adverse effect on our business, financial condition, resls of operations, and cash ‘ows ‘Werely on moni cet end caster cae ene ta etal par af ou ogi bases open nd we ve deployed yi rd eet working option nd wil cone dhs ode 2022 The loo ay ste the waenpea snes of te employes romanng ay uch ste old ren» tri dap oar bxnes Been he mae of enplsees ha St ‘hee operation cera cond: i jsf homes ek fom hom ernment cols ett the fe of he ements neworevevig empl hicy We Wo enget ntl snd who may nt have sft backup capabitis, In aden, is work rm been et mae hore sce pts ha a sical obesity tara, ich a npr heching Cpe viaten wore er fer alow or ot aliou trie is don eu taser cetera eed by UL and ot cet ete regent oat a {ng UL es sdad por shad at eaten om operator to wrk Eun howe wile remsng wating reeteoen and we mst eure at ec such hee eoerocoea ones est al such rgueents ar wel a he UL penn equtemens, wh hve Seon eae by Ul, bl Jet plemented. Or egloyesr who work fom home may 89 ‘petcoge a docar nth quly of ob efor, wher eis ovr ie, Ay sch pest wi 2repost a our enplyes who re working om hone could have materi adverse ett nou busines, Snail nao, eu operons, bd cath ows, any cotmsel or ceed woth i afetins could alo seul in adn, rth soit of pie, taveltseictons o “sells” mandate hat Stee inpct he sity of oat ‘Secon of con arte, tl cnld cents lo tesa int change in poicy of enegeny ropondes in cra aeons who tne eeclocd nd may conta para oF ‘emer t0 sn, a epondcoain vere or ao-verified bara ait cl fam tng center or om our empayesswho are wring ome an reste on Bsiest {pra ay conta, be est, oexgand cri jos with only ated exceons. nome facts, ADT Solr has boxe cnt sca serie tet Hom ak Eph minds on onan iar hao and else power omen a Pe siectly should we fil fall within & permissible excepin, ara which could aso result in ftuxe sustained business closures among our customer abd poteial customer bases, would maps the Sept pc! any epee en ot rts a it sy ios ceil opts Ay ft ig pac up, Hp, ‘ude and spp ave hen and ny contin tobe negatively inpidby te COVIDI9 Pandemic, Our nde chrel camer are generied mil hough our network of agrees ‘ih tidy Inepeer alr dais wha sel alr oqpment and ADT Avtoried Delerbrandd mnioring nd miacve res w ed wert Ow deer ace ray othe sae ‘alegss we fce tee te COVID-9 Pade, and ay expen ma impact ont epee explayes ester, ad pains. These deslon oy no bave sai ean ‘engl or petal vey to eat fem fo tant aprons Urvupen ie COVIDIG Pande. We mayan fad tal Xia rapes ssev eget Gen oat ‘Bone w tht we hve an ep bit to dlver pve tl cvs o cement sven ake repo yt Home empercce ach depts we ty sapere earner ‘snistaton and prea los of eon, ad Ini 0 estomers ooh ad pats, enh of whi cold harm crept ad pact fue revenes fom hese somes. We could so be sbjt oc o Itgton with esp les aus ty ssh suo, Our pops an bine nema insane ad ou et iit fesse may oot ews! ly overs my fu er cet yer en fe ODVIDID Pantene, iy of wines Wo sanyo ven bw alee ccetpats astiyo fHed S nado, ot November 5,202, te US, Depart of Labor's OSHA ind an erestey Kempaay sanded OSHA ETS" egal enloyers wih a et 100 employes Covered Enpayea) to iplenet a COVID-19 vacation pac reqs hr employes be aly ast etal weal. Und the OSHA ETS, och Covered Epye mat ee sepa 1 ce ney COE ei wo sen wr Cove tye he Conn wl eo eve pa ie oy me doo a scat ttn for vcd ener nd main ors frac acco, sd (irq enleyen prove romp one when to por fo COVID-19 igs Urecivea COVID-19 dna Pollowig he ance of» ay by he US Suede Cut revealing be spicaton of he OSHA ETS, OSHA wii the OSHA ETS, ba lat maw SS pind ae. We snp gsion OSHA steno glen ay so ar ate oe OSHA ETS ‘Any ft OSHA rule ors mans vaccinating requirement tat may bese spl oo employes ey ea in employe atoning tition feel le ‘She dicuyin obi secs, pare, component and cima fm pcted spb, te nese cat wich sul ave 8 Mra vee eft on at Dees, Hane nd reef pratons id nh ows, ‘The COVID-B Pandemic may aso exacerbate he thers oe hs tem 1A “Risk aeons” Were on significant number of er cstomers remaining with ws as casomersfor lng prod of ime. New some rhe an oot ivsemen, and we geal achive vee teaeen in thn wo anda hal yore. coring, ut loneerm profit i depends on long cotaner ‘eae Thus eguses tat me maze ot te of casa aco, ataon, which ak seese a» ee cts sucha esate eloeaites,probleas expences Os edt evi gealty utoer sene caste raspy nko gene enon cardio dhererene for lowe pring of apeiron serves onerous, atin ae were rie sigan, we ay be eu alert the dpreston od anorizaton expense oo {Sy coain oor ana, when woul cote mueal aves eft on or fuscia coo ed eal of pera, ton, we fal to keg cur cubes evil mg pred ‘time cara basen, rani condo, en of operat nd ssh lows col be mtr tverey ace. eles, css and srapions hat result frm appr, imegratn, and maintaining the secur of ou information and technology network coud materiel adverse ae us ‘We ce dependent om inion teclgy eho ste, lca ert od Ltn aed o eo” computing vices to calle, rot rane, od re lone nina. ‘We hove camped sgn camber of scquntors of companies Ost ope leet achoology plfors and systems We are crelytmpesening oiScaons abd pats 1 cut Infrmsionfxholoy scene ad le inepting sytem ut vaso acsiston, nlosing ing change oIpaey yen, repscinglepney ytene wih sesersecs ith Po ‘colt, od peeatng ew ters Any dey tabla uc clamges ota crs purhsing ne stents ul havea uti ads eet ou usb eal end ‘fours aperinwad santmer ence anton, pia rato four erel cn! rasta aps expenses, ate arson sd opens expen, tin ‘st un aile persone fo ext npement nd spre te new ren, desnds ot magemen me, seri eat tyes slong ith ependent prose fm eer thes {dott sks ad eos ays difeiesa waning new jms oc of isatng Sew Sens ato au cue sens ado, ol seman elnoigh te inplemetaos ‘ay sole is prouctysngroveret a eel tht oui he sn of zene, or al Te snpcenaton of dia) Sngemening ee nabs echoes sees ay So case dss in ot uses operations, nd imped sity 0 comp wit conta evling melisma ini sands aes informion ad ekoaogy networks, icy and din oat, ny of whch could aves mera avese eon orbits, raccoon, re operas and ci ows ew the everchangng threat andacpe, our products may be sje potential alerts of wire and ToT dee; our services may he abject cern rk, including hacking oF ‘her unantboned access conto re sim and ban pate information and our normal operations may e ape ‘Companies ht allt ad ein esti an cate infomation os we do ate ue nes tack by exerts wd other ators ound be Woe. Aacks may come fom phishing, ‘lvar, sama, or ae meds Whle we snpenent cent meauses win cr Frodac, serves, pesos a ot eins” sste, Dest meses may ol peer ejb) Seton cpr shri maton mh eau nin a i sy as, noe on ty etn ae the rget oa nombe ofthese ors of aac ech ya ane ofthese tsk Scam esa sigan nal costs rs, ad a fs of sss, of ba or epasin ane bins ratanshipy Tid pues, iuding or pat ad vets, cul alo be ute a eth tus, cause stupor aa pean eee of fea th on roi, component sewers, sc) bd aprsctre For eae 2 202, on for Year the Uieate Krone Group (Keone) wich 2 worlorce aragret nd at pil manages! le proves expences anomar stack tha eed in Krone temporary demining the fanny of eran of cload software, requrng sf nk cave mses prop poy au eles and to mata th sas a the workin pogess of ea feu prof na inay mane. In an, ses of he rods we sl and provi Serv orate nerds snd pry ecome res oer andar ses aepig ek tack Orolo oa ay of or epjes to working em hee eee! 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Contain foe Ky sup have sean ie spat ant oon evan empnets wick esl preset chlenge to yon the etary ‘ces o meet he demand far new and eriving some, 8 cpl cia tative sich te aprading of er equine comer ae 0 met new tower tae (he ene of 9G and CDMA actor. We asa sujet apply chia Gaps eer ta en fess on oleae whch bus tent of ood ued oo Thesis Deg uu of Snare hw. 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I wel to develop, mit, nd ‘xpd or els ith theo te ape, me oy be milo agua eet anise ean fx war energy sto, ay aly he able ofr ses a hgh ss er ‘sso or oreo aw spoon cess a ecg, we may beable fo guchy hen) aerate supe tog allewane products en corso eso teas, Fot ‘the same qualcy of solar panels st similar pice pois cold, among ote things, result in our inability to complete existing installations i a tmely manner, accept new engagements, achieve margins ‘hte scepter sd const wt pat performs, ad anor tepttion aa provider 0 hgh geal soar eon Thee have sk beet ponoe of inti hatage of ey erpncn nly Slt pl ig nes pi tasty gow Tae asufrtring ats fa Sos of hse comport bas og a ine, oq igs capil ese, ‘er on be corinued aval of ey commodity atrial pots resling nt nab to mec darnd lo tee componeis Our bine, oto, rel of peaons, nd ah lomo be armed not al at ol of any reac ncn eee wh cra ens bt sha ay fale thre cosa sine. nenotre our ost in theft, ur bility cine be poiable maybe tpi, Deng come elated raw material, manufacturing od teal a installation of our solar Sve lrngs neve ber sky diver the rio ur soe sevice ering ard re oly. ate apn a ene Wh irl the pice see pads a ra mats ‘COVID-19 pandemic, tarifs and trae bares, export regulations, eglatory or contractual imitations, istry turks requirements, and changes i technology wid indus standards. Any decline io the cxctange te of te US. dlr compared oe fusion cureny of eroponsa epic could neretecmponest pes in de te U.S. governs a nosed wi ot slr clt ‘Basulctred i Cina Any of thee surge, ect nd mae ppt leo rie cng could st promt, ceive entaons or veel att aba esa as ‘frat share and damage to card, mately ner ating earbuse, Hranl conto, et of operations and cath owe We ty om tip twas fry atrionfnire in cei fo offre ad oe necoprtion ofthat are with ts otha oe ob apatins andre plato, We oul experienc Service dations estore usage aes such ffenngs exceed of ae afberwise ese of sgn purses rhe steno th abi fs Fo ipa provide ‘ane cote, Such irc she proven of eves cul et our eaity Wo met canoer dan, detage or eps al este weahcahp, sod early tx vey ‘Set our ane. We lp aly op crn alae cena hat we ben Fem hr pur nn ot peda service to pom ky lancome an rove ciel Sanco. For ‘tanple neice he soe plato fr or monringspersons fom hs past. 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We sary on art eckology cmp prvie noi nd Interac series or eae Toe ehodogy crane ol alo provid these re sone, ora, which onde nou byw et eomer eran md age oor ‘putas Tht eas be no wsus hal hat tecommnicans oad sal rosasng eet dtr aos comps ll cone ars ad communi sels he ‘Beno fy or vie are stmston an nrc evi snes whol Siro. Any sack faa upon, pre ene fs rlanged aon, cul ave ra aap in the abit of our monitoring facie or easomer care resources, including work fom home operations, operate could materially aber ae A apn in rity to evi set iig vie x tern rode gsng tic or cates ol ine ial sven foc on oor bs. A gton ek, ‘Ses my en ing aa to, eben he er of clinats thangs nha a evel as, doaps Nein, mie, an neared som vert bal poms ot angen wanjeration nteraponeededpwe outage: ura o eh eo, wa, teorism, sage, oor cof ora eal of Sins oral nd extra eter id sty tarsmsion en. Morioring sn etter cae coulda be dist oy ffrain systema and networked evens ocybeseany sacs, sucha compute: hacking, compe Ws Some of ober mcs solar, dined den of sevice stars maou cal ening oer rare or Sarpsve aves th Cal io eae dame fo out propery “Super, and da, A fle of ot ends hackpprcsds ora dition tein mat mscring fic r work fn home rams culé roar abi prove ey ‘mong or cstomecare ene 0 as