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Apx Group Holdings, Inc. (1584423) SEC Filing 10-K Annual report for the fiscal year ending Tuesday, December 31, 2019

Apx Group Holdings, Inc.

CIK: 1584423

Exhibit 99.1

 

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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 Vivint’s 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 Company’s notes, and the credit agreements governing the Company’s 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.


The following information was filed by Apx Group Holdings, Inc. on Thursday, March 5, 2020 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-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Assess how Apx Group Holdings, Inc.'s management team is paid from their Annual Proxy

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Apx Group Holdings, Inc.'s Definitive Proxy Statement (Form DEF 14A) filed after their 2020 10-K Annual Report includes:

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Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Changes In Equity (Deficit)
Consolidated Statements Of Comprehensive Loss
Consolidated Statements Of Operations
Consolidated Statements Of Operations (Parenthetical)
Balance Sheet Components
Balance Sheet Components (Tables)
Balance Sheet Components - Schedule Of Balance Sheet Component Balances (Detail)
Commitments And Contingencies
Commitments And Contingencies - Additional Information (Detail)
Description Of Business
Employee Benefit Plan
Employee Benefit Plan (Detail)
Financial Instruments
Financial Instruments (Tables)
Financial Instruments - Additional Information (Detail)
Financial Instruments - Components Of Long-Term Debt Including Associated Interest Rates And Related Fair Values (Detail)
Financial Instruments - Derivative Instruments (Details)
Financial Instruments - Financial Instruments At Fair Value Based On Valuation Approach Applied To Each Class Of Security (Detail)
Financial Instruments - Level 3 (Details)
Goodwill And Intangible Assets
Goodwill And Intangible Assets (Tables)
Goodwill And Intangible Assets - Additional Information (Detail)
Goodwill And Intangible Assets - Changes In Carrying Amount Of Goodwill (Detail)
Goodwill And Intangible Assets - Schedule Of Estimated Future Amortization Expense Of Intangible Assets Excluding Patents Currently In Process (Detail)
Goodwill And Intangible Assets - Schedule Of Intangible Asset Balances (Detail)
Guarantor And Non-Guarantor Supplemental Financial Information
Guarantor And Non-Guarantor Supplemental Financial Information (Tables)
Guarantor And Non-Guarantor Supplemental Financial Information - Condensed Consolidating Balance Sheet (Detail)
Guarantor And Non-Guarantor Supplemental Financial Information - Condensed Consolidating Statements Of Cash Flows (Detail)
Guarantor And Non-Guarantor Supplemental Financial Information - Condensed Consolidating Statements Of Operations And Comprehensive Loss (Detail)
Income Taxes
Income Taxes (Tables)
Income Taxes - Additional Information (Detail)
Income Taxes - Income Tax Provision (Detail)
Income Taxes - Reconciliation Of Tax Expense Computed At Statutory Federal Rate And Company's Tax Expense (Detail)
Income Taxes - Significant Portions Of Deferred Tax Assets And Liabilities (Detail)
Income Taxes - Summary Of Net Operating Loss Carryforwards (Detail)
Leases
Leases - Components Of Lease Expense (Details)
Leases (Tables)
Leases - Maturities Of Lease Liabilities (Details)
Leases - Supplemental Balance Sheet Information (Details)
Leases - Supplemental Cash Flow Information (Details)
Long-Term Debt
Long-Term Debt (Tables)
Long-Term Debt - Deferred Financing Activity (Details)
Long-Term Debt - Notes Payable (Detail)
Long-Term Debt - Other Expense And Loss On Extinguishment (Details)
Long-Term Debt - Revolving Credit Facility (Details)
Long-Term Debt - Summary Of Debt (Detail)
Property Plant And Equipment
Property Plant And Equipment (Tables)
Property Plant And Equipment - Additional Information (Detail)
Property Plant And Equipment - Components Of Property And Equipment (Detail)
Related Party Transactions
Related Party Transactions (Detail)
Restructuring And Asset Impairment Charges
Restructuring And Asset Impairment Charges (Tables)
Restructuring And Asset Impairment Charges - Additional Information (Detail)
Restructuring And Asset Impairment Charges - Results Of Operations Of Wireless (Details)
Restructuring And Asset Impairment Charges - Summary Of Restructuring Activity (Detail)
Retail Installment Contract Receivables
Retail Installment Contract Receivables (Tables)
Retail Installment Contract Receivables - Allowance For Credit Losses (Details)
Retail Installment Contract Receivables - Installment Receivables (Details)
Retail Installment Contract Receivables - Narrative (Details)
Revenue And Capitalized Contract Costs - Narrative (Details)
Revenue And Capitalized Contract Costs (Notes)
Revenue And Capitalized Contract Costs (Tables)
Revenue And Capitalized Contract Costs - Impact Of New Accounting Pronouncement On Statement Of Cash Flows (Details)
Revenue And Capitalized Contract Costs - Impact Of New Accounting Pronouncement On Statement Of Operations (Details)
Revenue And Capitalized Contract Costs - Performance Obligation, Expected Timing (Details)
Segment Reporting And Business Concentrations
Segment Reporting And Business Concentrations (Tables)
Segment Reporting And Business Concentrations - Additional Information (Detail)
Segment Reporting And Business Concentrations - Revenues And Long-Lived Assets By Geographic Region (Detail)
Significant Accounting Policies
Significant Accounting Policies (Policies)
Significant Accounting Policies (Tables)
Significant Accounting Policies - Additional Information (Detail)
Significant Accounting Policies - Changes In Company's Allowance For Accounts Receivable (Detail)
Significant Accounting Policies - Depreciation And Amortization (Details)
Stock-Based Compensation And Equity
Stock-Based Compensation And Equity (Tables)
Stock-Based Compensation And Equity - Additional Information (Detail)
Stock-Based Compensation And Equity - Stock-Based Compensation Expense (Detail)
Stock-Based Compensation And Equity - Summary Of Incentive Unit Activity (Detail)
Stock-Based Compensation And Equity - Summary Of The Sar Activity (Detail)
Subsequent Events
Subsequent Events (Details)
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

External Resources:
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