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On June 29, 2021, Vivint faced a patent infringement complaint from ADT in the U.S. District Court for Texas, asserting infringement of two ADT patents. Vivint contends that these claims are unfounded and are a counteraction to its own infringement lawsuit against ADT filed on February 25, 2021, claiming ADT violates six of its patents. Vivint is committed to defending itself vigorously against ADT’s allegations.
Vivint Smart Home announced its subsidiary, APX Group, intends to offer $900 million in Senior Notes due 2029. The proceeds will be used to redeem existing notes totaling $1.3 billion and to repay amounts under current credit facilities. The redemption of these notes is contingent on successful refinancing, with no guarantees on the timeline or terms. The offering is private and restricted to qualified institutional buyers under Rule 144A. This press release contains forward-looking statements subject to various risks, including market conditions and business performance.
Vivint Smart Home (NYSE: VVNT) announced that CFO Dale R. Gerard has been honored as the Utah Business CXO of the Year. This recognition comes after over a decade of impactful financial leadership, including steering Vivint through a major SPAC merger in 2020. Gerard has been pivotal in advancing new business models and technologies, boosting the company's growth trajectory. Celebrated at a ceremony in Salt Lake City, he is also featured in Utah Business's June print issue. Vivint provides integrated smart home solutions, serving over 1.7 million customers in North America.
Vivint Smart Home, Inc. (NYSE: VVNT) announced the appointment of David Bywater as its new chief executive officer, effective June 15, 2021. Bywater, who has 25 years of senior leadership experience, previously served as CEO of Vivint Solar, where he implemented efficiency improvements and facilitated a merger with Sunrun. His appointment follows Todd Pedersen stepping down as CEO while remaining on the board. Bywater expressed enthusiasm for rejoining Vivint Smart Home, highlighting its strong operations and commitment to customer experience.
Vivint Smart Home (NYSE: VVNT) announced the resignation of its founder and CEO, Todd R. Pedersen, who will remain on the board. This leadership change is effective upon the appointment of a successor. Pedersen, who founded the company in 1999, expressed his desire to pursue other entrepreneurial ventures while highlighting the company’s achievements and outlook. The board is actively seeking a new CEO to lead Vivint into its next growth phase.
Vivint Smart Home (NYSE: VVNT) announced its participation in the 49th Annual J.P. Morgan Technology, Media & Communications Conference scheduled for May 26, 2021. The company will present at 2:10 p.m. ET, engaging with investors to discuss its smart home solutions and market strategies. Interested parties can access the live webcast via Vivint’s Investor Relations website, with an on-demand replay available afterward. Vivint serves over 1.7 million customers in North America, providing integrated smart home systems backed by professional support.
Vivint Smart Home (VVNT) reported its Q1 2021 results, showing a revenue increase of over 13% to approximately $343 million. Adjusted EBITDA rose 20% to exceed $162 million. The company added over 60,000 new subscribers, achieving a growth rate of 20% year-over-year, bringing total subscribers to more than 1.7 million. Notably, the attrition rate improved for the fourth consecutive quarter, marking the lowest rate in nine quarters. Operating expenses increased by 16% to $96.3 million, primarily due to stock-based compensation and higher service costs. Liquidity remains strong at approximately $590 million.
Vivint Smart Home, Inc. (NYSE: VVNT) has scheduled a conference call for May 13, 2021, at 5:00 p.m. Eastern Time to discuss its first quarter 2021 results. The company plans to release the financial results and presentation slides on its investor relations website after market close on the same day. Investors can register for the call or access a replay through Vivint's website. As a leading smart home provider, Vivint serves over 1.7 million customers across the U.S. and Canada, focusing on integrated smart home solutions.
Vivint Smart Home (NYSE: VVNT) announced that Garner Meads, vice president and associate general counsel, received the 2021 Utah Business Corporate Counsel Award. This award recognizes outstanding in-house legal professionals in Utah's business sector. Meads, who joined Vivint in 2016, plays a key role in managing strategic partnerships, mergers and acquisitions, corporate governance, and SEC compliance. His leadership is credited with establishing a solid legal framework that supported the company’s SPAC merger, enabling Vivint to become publicly traded in January 2020.
Vivint Smart Home (NYSE: VVNT) announced its recognition as the Monitoring Center of the Year for 2021 by The Monitoring Association (TMA). This award acknowledges the company’s commitment to exceptional service and significant contributions to the alarm industry through its state-of-the-art monitoring centers in Provo, Utah, and Eagan, Minnesota, which serve over 1.7 million customers across North America. Vivint has previously received this honor in 2012 and 2017, and its facilities are also TMA Five Diamond certified for customer service excellence.
