In line results demonstrate an impressively robust performance, where for instance Managed Services sales (81%/Group) are down just -3% y/y. What’s more, by achieving +8% Managed Services sequential growth, trading visibly improved through FY21 and so points to even better prospects for FY22. ADT also made strategic progress - growing ‘Cloud Centric services’ revenue notwithstanding Covid (now ~43%/sales), driven by ADT‘s deep domain expertise in Education, resulting in the Group providing new remote learning capabilities to >500 schools and ‘eAdmissions‘ to 240k students. We see how this success is set to continue, with ADT now more aligned with long term technology growth trends, for example by partnering with UC provider 8x8 in Q3, which is already achieving results. Supporting these initiatives, operational progress is also evident, as ‘Project Fusion‘ is now effectively complete and so provides the Group with unified systems and therefore real-time information and the foundation for scalable growth. On outlook, the encouraging trends referenced above are said to have continued post y/e “with sales and margins firmly in line with market expectations“. As such we leave FY22 numbers essentially unchanged, where we’re forecasting +8% organic Managed Services growth (or +2% for the Group), augmented by the highly complementary acquisition of Datrix, made post y/e. In this context ADT’s valuation – offering a 10% FY22 FCF yield continues to stand out.