Vivint Smart Home Achieves Record 343K New Subscribers, Powering 9% Full Year Revenue Growth and Improving Cash Provided by Operating Activities by $448M
Summary
“ We met or exceeded all of our financial goals in a year marked by profound and unprecedented challenges, a testament to the favorable positioning of our end-to-end smart home platform and robust service offering heading into the pandemic,” said Todd Pedersen, CEO of Vivint. “ The fundamental characteristics of our financial model remain highly attractive, particularly the contractual, recurring revenue that provides long-term visibility and predictability to our business,” said Dale R. Gerard, CFO of Vivint. A financial results presentation and online access to join the webcast will be available immediately before the call on the Investor Relations section of the Company’s website at https://investors.vivint.com/events-and-presentations/events/default.aspx. These statements may be preceded by, followed by or include the words “believes,” “estimates,” “expects,” “projects,” “forecasts,” “may,” “will,” “should,” “seeks,” “plans,” “scheduled,” “anticipates” or “intends” or similar expressions. You should understand that the following important factors, in addition to those discussed in our Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2020, as filed on May 11, 2020 and our Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2020, as filed on August 6, 2020, as such factors may be updated from time to time in the Company’s periodic filings with the SEC, could affect our future results and could cause those results or other outcomes to differ materially from those expressed or implied in our forward-looking statements: • the duration and scope of the COVID-19 pandemic; • actions governments, the company’s counterparties, and the company’s customers or potential customers take in response to the COVID-19 pandemic; • the impact of the pandemic and actions taken in response to the pandemic on the global economies and economic activity; • the pace of recovery when the COVID-19 pandemic subsides; • the impact of the COVID-19 pandemic on our liquidity and capital resources, including the impact of the pandemic on our customers and timing of payments, the sufficiency of credit facilities, and the company’s compliance with lender covenants; • the ineffectiveness of steps we take to reduce operating costs; • risks of the smart home and security industry, including risks of and publicity surrounding the sales, subscriber origination and retention process; • the highly competitive nature of the smart home and security industry and product introductions and promotional activity by our competitors; • the impact of changes in consumer spending patterns, consumer preferences, local, regional, and national economic conditions, crime, weather, demographic trends and employee availability; • increases and/or decreases in utility and other energy costs, increased costs related to utility or governmental requirements; • cost increases or shortages in smart home and security technology products or components; • the introduction of unsuccessful new Smart Home Services; • privacy and data protection laws, privacy or data breaches, or the loss of data; • the impact to our business, results of operations, financial condition, regulatory compliance and customer experience of the Vivint Flex Pay plan; and • risks related to our exposure to variable rates of interest with respect to its revolving credit facility and term loan facility.