ADT Inc (ADT) is a stock that I have been writing positively about since early 2019. The argument that I have presented is that the company is the dominant residential security company and it is growing organically and through acquisition in the commercial security, fire & safety space. However, the stock price declined significantly after Q2 2019 results were reported since the company missed on earnings even though ADT beat on revenue. But saying that, the company’s commercial business is healthy, and the residential segment is relatively stable despite the new competition from the do-it-yourself space. One major overhang on this stock is the large amount of debt, which stood at $10,091M at the end of Q2 2019 giving a net leverage ratio of 4.1X, as seen in the chart below. The debt maturity profile was not favorable as $4,414M was due in 2022 and $2,236M was due in 2023, as seen in the chart below. However, ADT recently announced a debt refinancing that will pay off debt due in 2020 and extend the maturity profile. This will give the company some breathing room allowing it to grow the commercial business as it focuses on fire & safety.