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Exhibit 99.1
Vivint Smart Home, Inc. Reports Fourth Quarter and Full-Year 2019;
Issues Outlook for Full Year 2020
Fourth Quarter 2019 Highlights
| Total revenues increased 11.3% year over year to $307.8 million |
| Net loss of $88.5 million; improved by $31.2 million year over year |
| Adjusted EBITDAa increased 40.6% year over year to $125.1 million |
Full Year 2019 Highlights
| $1.2 billion in total revenues, year-over-year increase of 10.1% |
| Net loss of $395.9 million; improved by $76.7 million year over year |
| Adjusted EBITDAa of $421.4 million, year-over-year increase of 51.5% |
| 1,552,541 Total Subscribers at year-end, 7.5% increase year over year |
| Implemented second-look financing partner to expand consumer financing offering |
| Announced merger with Mosaic Acquisition Corp. in 3Q19 completed January 2020 |
Provo, UT March 5, 2020 Vivint Smart Home, Inc. (NYSE: VVNT) (Vivint or the Company), together with its indirect subsidiary, APX Group Holdings, Inc., today reported financial and operational results for the fourth quarter and full year ended December 31, 2019.
We were excited to complete our merger with Mosaic Acquisition Corp. in mid-January, initiating our next chapter as a leading public smart home company. We are grateful to both pre-existing and new investors in Vivint who share our vision for the smart home, said Todd Pedersen, CEO of Vivint Smart Home. In the meantime, we are pleased to report strong fourth quarter and full year results, highlighted by double-digit revenue growth and a sharp increase in profitability. We are excited about our future, particularly given that our successful merger with Mosaic is a major step
forward in raising Vivints profile in the marketplace as a leading smart home provider and promoting an even stronger platform for future profitable growth.
a This earnings release includes Adjusted EBITDA and Covenant Adjusted EBITDA, metrics that are not calculated in accordance with Generally Accepted Accounting Principles in the U.S. (GAAP). Covenant Adjusted EBITDA provides additional information to investors about the calculation of, and compliance with, certain financial covenants contained in the agreements governing the Companys notes, and the credit agreements governing the Companys revolving credit facility and term loan. Adjusted EBITDA included in this earnings release is reported under Vivint Smart Home, Inc. Covenant Adjusted EBITDA included in this earnings release is reported under APX Group Holdings, Inc. See the Statement Regarding Non-GAAP Financial Measures section at the end of this earnings release for the definitions of Adjusted EBITDA and Covenant Adjusted EBITDA and reconciliations to their most directly comparable financial measure calculated in accordance with GAAP.
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CIK: 1584423
Form Type: 10-K Annual Report
Accession Number: 0001584423-20-000006
Submitted to the SEC: Fri Mar 06 2020 6:02:24 PM EST
Accepted by the SEC: Mon Mar 09 2020
Period: Tuesday, December 31, 2019
Industry: Miscellaneous Business Services