Vivint Q4 Revenue Grew 8%; Stock Down After Results
Recurring and other revenue at Vivint Smart Home grew 8% year on year to $24.7 million for the quarter ended Dec. 31 on 9% growth in total subscribers, the company reported Wednesday. Per user monthly revenue dropped $6.1 million year…
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on year, it said. The smart home company's direct-to-home business added 14,590 new subscribers in Q4, up 49% from the 2019 quarter; national inside sales grew 22% to 43,964 subscribers, it said. A goal is to boost brand awareness, said CEO Todd Pedersen on an investor call: “We have less than 5% brand awareness in the United States, and we're a company with 1.7 million subscribers and literally no brand awareness.” Revenue outlook for 2021 is $1.38 billion-$1.42 billion with 1.8 million-1.85 million subscribers. Chief Financial Officer Dale Gerard said guidance is cautious due to supply chain concerns. One of Vivint’s competitive advantages is ownership of the technology stack, said Pedersen, listing sales, installation, monitoring, ongoing service, technical support and “the entire feedback loop,” while also integrating with other products such as Google Assistant and Amazon Alexa. Shares closed down 10% Thursday at $17.37