Apx Group Holdings, Inc. 10-Q Quarterly Report May 2018

Provo, UT – May 15, 2018 – APX Group Holdings, Inc. (“APX Group”, “Vivint” or the “Company”) today reported financial and operational results for the first quarter ended March 31, 2018.

Adoption of ASC Topic 606, Revenue from Contracts with Customers

As of January 1, 2018, the company adopted Accounting Standards Codification Topic 606, Revenue from Contracts with Customers (“Topic 606”), the new U.S. accounting standard for revenue recognition, using the cumulative catch-up transition method. Adoption of the new standard resulted in changes to the accounting policies for revenue recognition, deferred revenue and capitalized contract costs (formerly subscriber acquisition costs). The cumulative effect of applying the new standard to all contracts with customers that were not completed as of January 1, 2018 was recorded as an adjustment to accumulated deficit as of the adoption date. The company is providing comparable results, in addition to GAAP, to help investors better understand the impact on financials from Topic 606. The impact of the adoption of Topic 606 is primarily related to the acceleration of revenue recognition associated with deferred product revenue. All results for the first quarter ended March 31, 2018 in this earnings release are reported under Topic 606 unless otherwise indicated. All results for periods prior to 2018 are reported under previous accounting standards and are consistent with previously reported results for those periods.

Todd Pedersen, CEO of APX Group, commented, ”As always, the first quarter is a busy time of year for Vivint as we prepare for the summer selling season, focus on key initiatives and roll out new products and offerings. From a sales perspective, we achieved strong year-over-year growth in the first quarter, adding over 55,000 New Subscribers during the quarter, up 41% from the same period a year ago. The retail channel added approximately 8,000 customers, while our Inside Sales channel added over 31,000, or a 27% increase year-over-year, and our Direct to Home channel added over 16,400 New Subscribers, or an 11% increase year-over-year. We have several new hardware devices coming to market during 2018, including a second generation version of our proprietary Sky Panel, which we believe will improve customer experience and service costs, particularly in the area of wireless connectivity. We have fine-tuned pricing and service packages, which we believe will enhance customer close-rates and improve our unit of one economics. We have work to do in all areas of our business, including the scaling of our fixed costs infrastructure and subscriber acquisition costs. I feel we are off to a good start to the year.”

a:This earning release includes Adjusted EBITDA, a metric that is not calculated in accordance with Generally Accepted Accounting Principles in the U.S. (“GAAP”). See the “Statement Regarding Non-GAAP Financial Measures” section at the end of this earnings release for the definition of Adjusted EBITDA and a reconciliation to its most directly comparable financial measure calculated in accordance with GAAP.

The following information was filed by Apx Group Holdings, Inc. on Tuesday, May 15, 2018 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Material Contracts, Statements, Certifications & more

Apx Group Holdings, Inc. provided additional information to their SEC Filing as exhibits

Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 32.1: Section 1350 Certification

Exhibit 32.2: Section 1350 Certification

CIK: 1584423
Form Type: 10-Q Quarterly Report
Accession Number: 0001584423-18-000012
Submitted to the SEC: Tue May 15 2018 5:03:47 PM EST
Accepted by the SEC: Tue May 15 2018
Period: Saturday, March 31, 2018
Industry: Miscellaneous Business Services

External Resources:
SEC.gov

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Apx Group Holdings, Inc. (1584423) SEC Filing 10-Q Quarterly report for the period ending Saturday, March 31, 2018

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