Vivint Smart Home, Inc. (VVNT) Reports Q1 Revenues Beat; Offers FY21 Revenues Outlook

Vivint Smart Home, Inc. (NYSE: VVNT) reported Q1 EPS of $. Revenue for the quarter came in at $343.3 million versus the consensus estimate of $332.76 million.

First Quarter 2021 Highlights (vs. prior year period)

• New Subscribers grew by 20.1% to 60,127, a record high for the first quarter period
• Total revenues increased by $40.1 million to $343.3 million, representing growth of 13.2%
• Net loss improved by $57.7 million to $87.4 million
• Adjusted EBITDAa increased by $27.2 million to $162.1 million
• Attrition rate improved to 11.8%, the lowest rate in nine quarters

“Last year’s business momentum has carried into a good start to 2021, and we are pleased to report solid improvements in our key metrics year over year,” said Todd Pedersen, CEO of Vivint. “First quarter revenue growth accelerated to more than 13% to approximately $343 million. Adjusted EBITDA exceeded $162 million, up 20% from the prior year. We originated over 60,000 new smart home subscribers during the quarter which represented a growth rate of 20% vs. the previous year, driven by positive contributions from each of our major sales channels. As of March 31, Vivint had more than 1.7 million total subscribers, up more than 10% vs. the prior year. Notably, the last 12-month attrition rate improved for the fourth consecutive quarter and continues to exceed our expectations. Our LTM attrition rate for Q1 was the lowest in the past nine quarters, and I believe it speaks to the fact that our core value proposition, proven over two decades of reliably taking care of our customers and their families, is as relevant today as ever.”

GUIDANCE:

Vivint Smart Home, Inc. sees FY2021 revenue of $1.38-1.42 billion, versus the consensus of $1.41 billion.

“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. “We are pleased with the strong start to the year, and we are reaffirming our original guidance for the full year as follows:

• We still expect to end 2021 with 1.80 to 1.85 million total subscribers;
• Our estimate for 2021 revenue continues to be $1.38 to $1.42 billion;
• And finally, we are affirming our 2021 Adjusted EBITDA guidance of between $640 and $655 million.”

For earnings history and earnings-related data on Vivint Smart Home, Inc. (VVNT) click here.

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