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Grey Rock Investment Partners and Executive Network Partnering Corporation (ENPC) announced a definitive agreement to create a non-operated oil and gas exploration entity named Granite Ridge Resources. The enterprise will have a pro forma value of approximately $1.3 billion, targeting an initial 3.5% - 4.6% dividend yield. Estimated production is 20.5 thousand barrels of oil equivalent per day, with a projected EBITDA of $425 million and free cash flow exceeding $240 million for 2022. The deal is subject to ENPC stockholder approval and regulatory clearance.
Vivint Smart Home (NYSE: VVNT) has unveiled four new products aimed at enhancing its smart home ecosystem. The products include the Doorbell Camera Pro, Outdoor Camera Pro, Spotlight Pro, and Indoor Camera Pro, all designed to offer advanced security features through a proprietary AI platform. Key innovations include improved detection capabilities and 24/7 monitoring through encrypted SD cards. Pricing starts at $199.99 for the Indoor Camera Pro, with the Doorbell Camera Pro priced at $249.99, and the Outdoor Camera Pro at $399.99.
Vivint Smart Home reported strong Q1 2022 results, with revenue increasing by 14.7% to $392.7 million and a substantial improvement in net loss to $27.4 million, down from a previous loss of $61.4 million. The company achieved a record 66,734 new subscribers and improved attrition to 11.2%, the best in 15 quarters. Adjusted EBITDA rose 20.5% to $202.3 million. Despite lowering the free cash flow guidance to a range of $50 million to $77 million, Vivint remains positive about its growth trajectory and reaffirmed full-year targets for subscribers and revenue.
Vivint Smart Home, Inc. (NYSE: VVNT) will discuss its Q1 2022 results on May 3, 2022, at 4:30 p.m. ET. A press release and presentation slides will be available on their Investor Relations site after market close. Interested parties can join the call via dial-in or listen online. The investor relations page will host a replay for 30 days post-call. Vivint is a leading smart home provider in North America, serving nearly 1.9 million customers across the U.S. and Canada.
Vivint Smart Home (NYSE: VVNT) appointed Rasesh Patel as its new Chief Operating Officer, effective mid-May. Patel brings over 20 years of experience, including his previous role as Chief Product and Platform Officer at AT&T Business, managing a portfolio with annual revenue of $35 billion. CEO David Bywater expressed confidence in Patel’s ability to enhance operations and customer experience. Patel aims to innovate Vivint’s smart home platform further, which serves nearly 1.9 million customers across North America.
Vivint Smart Home has appointed Ron Davies as the new Chief Insurance Officer, a role created to enhance its smart insurance business. Davies will oversee the development of the company's market strategy and its Managing General Agent (MGA) with proprietary products. Reporting to CEO David Bywater, Davies brings over 20 years of experience in the insurance sector, previously transforming Safe Auto Insurance Group into a technology-driven leader. His appointment aligns with Vivint's strategic vision to disrupt the insurance industry leveraging data insights from more than 26 million devices installed.
Vivint Smart Home, Inc. (NYSE: VVNT) will participate in the Deutsche Bank Media, Internet, and Telecom Conference at The Breakers in Palm Beach, Florida, on March 15, 2022. The company will engage in a fireside chat at 2:05 p.m. ET and conduct one-on-one meetings with investors. Interested parties can view the event live via webcast at this link. For on-demand access, the session will be available on Vivint's Investor Relations website for a limited time.
Vivint Smart Home (NYSE: VVNT) reported record results for Q4 and full-year 2021, achieving an 18% revenue growth to $1.48 billion. The company added over 360,000 new subscribers, with total subscribers reaching 1.85 million. Notably, the attrition rate dropped to a 14-quarter low of 11.3%. Adjusted EBITDA improved by $90.3 million to $669.1 million, while free cash flow reached $65.2 million. For 2022, Vivint forecasts subscriber growth to between 1.95 and 2.00 million, with revenue expectations of $1.60 to $1.63 billion.
Vivint Smart Home, Inc. (NYSE: VVNT) will discuss its fourth quarter and full year 2021 results on February 24, 2022, at 5:00 p.m. Eastern Time. A press release will be posted on their Investor Relations website after market close on the same day. The conference call will feature a dial-in and a listen-only webcast option. Vivint serves over 1.8 million customers and focuses on redefining the home experience through smart home technology and dedicated support.
