Vivint Smart Home, Inc. (NYSE: VVNT) just keep rolling along. The company, which was the No. 2 company in the CE Pro 100 last year, announced its fiscal year 2021 results with a staggering 360,509 new subscribers bringing its total customer base to 1,855,141. In terms of revenue, the full year revenues grew by 18%, or $227 million, bringing total revenues to $1.48 billion.
“Last year was extraordinary for Vivint,” says David Bywater, CEO of Vivint Smart Home. “Our team delivered record results in 2021, adding more than 360,000 new subscribers while outperforming our full-year guidance on total subscribers, revenue, and adjusted EBITDA. Our attrition rate decreased to a 14-quarter low of 11.3%, which was 110 basis points lower than the prior year. We saw meaningful progress on our Smart Energy and Smart Insurance initiatives which we are eager to expand in 2022 as we pursue our mission to make our customers’ homes smarter, greener, and safer while saving them money.”
“Many of the underlying metrics of the business showed strong improvement year over year, leading to expanded growth in adjusted EBITDA and strong cash flow generation in the face of significant inflationary pressures,” said Dale R. Gerard, CFO of Vivint Smart Home. “We expect to see continued growth in subscribers, revenue, profitability, and cash in 2022 as we look to solidify our position as a ‘Category of One’ in the smart home space.”
Speaking of EBITDA, Vivint increased its cash flow by $33.8 million in Q4 to $178.4 million. For the year, EBITDA was up $90.3 million to $669.1 million. The company still had a net loss of $53.5 million in Q4, but that is $131.3 million less than Q4 last year. For the year, the company reported a net loss of $305.6 million, which is down by nearly $300 million from the previous year. Vivint’s Q4 revenues grew by $65.3 million to $396.2 million, an increase of 19.7%.
At the same time, the Provo, Utah-based company reported its lowest subscriber attrition rate in more than 3 years of 11.3% in its latest quarter. The full year subscriber growth equates to 9.4%.
Looking ahead, Vivint Smart Home is anticipating total subscribers to be between 1.95 million and 2 million in total, with revenues between $1.60 billion and $1.63 billion.
Beyond its smart home focus, Vivint is bullish on its new Smart Energy initiative, having sold more than 45 megawatts of solar in 2021, bringing smart energy to about 5,000 homes. Meanwhile, its Smart Insurance program is just getting going. Wall Street investors reacted positively to the news with Vivint’s stock rising as much as 22% before settling lower.