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Vivint Smart Home (NYSE: VVNT) reported a 13.6% revenue increase to $439.4 million for Q3 2022, with net loss improving to $41.0 million. Subscriber growth reached 1,921,774, a 4.2% rise year-over-year. The company raised its full-year outlook, projecting total subscribers of 1.92 to 1.93 million and revenue of $1.65 to $1.67 billion. Key metrics include a record low attrition rate of 11.0% and net service margin at 79.9%. Vivint also launched innovative products like the Spotlight Pro, enhancing its smart home portfolio.
Vivint Smart Home, Inc. (NYSE: VVNT) will release its third quarter 2022 results on November 8, 2022, at 5:00 p.m. Eastern Time. A press release and presentation slides will be available on the Investor Relations section of its website after market close. The company invites stakeholders to attend a webcast of the conference call, with access details provided via pre-registration. Vivint serves over 1.9 million customers in the U.S. with integrated smart home solutions and customer support.
Grey Rock Investment Partners and Executive Network Partnering Corporation (ENPC) have announced the successful completion of their business combination, leading to the formation of Granite Ridge Resources, Inc. Granite Ridge, which will trade under the ticker GRNT, is a non-operated oil and gas company with an enterprise value of $1.2 billion. The company features a strong management team and an anticipated annual dividend yield of 4.9%. Granite Ridge aims to capitalize on the growing demand for energy while focusing on non-operated interests and strategic partnerships.
CompoSecure, Inc. (NASDAQ: CMPO) has appointed Paul Galant to its Board of Directors as an independent director. Mr. Galant is a financial services expert, previously CEO of Verifone, and has a history of leadership in various notable firms including Citi and Softbank. His expertise in payments and security is expected to enhance CompoSecure's strategy in the premium metal payment card market and the Arculus platform. This appointment fills the vacancy left by Don Basile, maintaining the board at seven members and positioning the company for future growth.
iFIT has appointed Andy Donkin as its new Chief Customer Officer, effective immediately. With over 20 years of experience in marketing and e-commerce, Donkin previously served as CMO at Alexa Auto, Amazon. He will oversee marketing, creative, content, and e-commerce functions, aiming to enhance customer engagement across iFIT's fitness brands, including NordicTrack and Proform. This appointment follows the earlier hiring of Dale R. Gerard as Chief Financial Officer in June 2022, marking a significant shift in iFIT's leadership as it looks to expand its market reach.
Vivint Smart Home (VVNT) reported a 15% revenue increase for Q2 2022, reaching $407.3 million, driven by a record of 126,328 new subscribers. The company's attrition rate fell to a 17-quarter low of 10.9%, while Adjusted EBITDA rose by $30.1 million to $189.7 million. Following the divestiture of Canadian operations, revenue growth was 17.5% and net loss improved to $3.5 million. The 2022 revenue guidance remains between $1.60 and $1.63 billion, with adjusted EBITDA between $725 and $745 million.
Vivint Smart Home, Inc. (NYSE: VVNT) will announce its second quarter 2022 results on August 8, 2022, at 5:00 p.m. Eastern Time. A press release and presentation slides will be available on its Investor Relations website following the market close. The company will host a conference call to discuss the results, accessible via toll-free dial-in numbers or through a listen-only webcast. Vivint provides smart home systems and serves nearly 1.9 million customers across the United States, emphasizing integrated services and 24/7 customer support.
iFIT has appointed Dale R. Gerard as its new Chief Financial Officer, bringing over 25 years of experience in finance and operations. Previously the CFO at Vivint, Gerard played a key role in taking the company public in January 2020. He has received multiple awards for his excellence in finance. iFIT, based in Logan, Utah, is a leading interactive fitness technology company with over 7.7 million members globally. The organization is known for its brands like NordicTrack and ProForm, offering innovative fitness solutions through its integrated health and fitness platform.
Vivint Smart Home (NYSE: VVNT) announced that CFO Dale R. Gerard will resign effective May 31 to pursue a new opportunity, after 12 years with the company. Gerard's tenure included leading the company through its IPO in January 2020 and developing Vivint Flex Pay. He will be succeeded by Dana Russell, a financial executive with 25 years of experience, who previously served as CFO of Vivint Solar. Russell's immediate start aims to ensure a smooth transition as he takes charge of all corporate finance functions.
