Vivint Smart Home, Inc.

NYSE:VVNT Stock Report

Market Cap: US$2.6b

This company has been acquired

The company may no longer be operating, as it has been acquired. Find out why through their latest events.

Vivint Smart Home Management

Management criteria checks 2/4

Key information

David Bywater

Chief executive officer

US$13.1m

Total compensation

CEO salary percentage7.80%
CEO tenure1.8yrs
CEO ownership0.3%
Management average tenure1.4yrs
Board average tenure3.2yrs

Recent management updates

Recent updates

Seeking Alpha • Nov 08

Vivint Smart Home reports Q3 results

Vivint Smart Home press release (NYSE:VVNT): Q3 Revenue of $439.4M (+13.6% Y/Y) beats by $37.02M. Net loss improved by $51.7 million to a loss of $41.0 million.
Analysis Article • Sep 16

A Look At The Intrinsic Value Of Vivint Smart Home, Inc. (NYSE:VVNT)

Today we will run through one way of estimating the intrinsic value of Vivint Smart Home, Inc. ( NYSE:VVNT ) by taking...
Seeking Alpha • Sep 14

Vivint Smart Home: CPI Print Brings Caution

Summary Vivint Smart Home's stock price has doubled from the July lows. Q2 results, like Q1, demonstrated significant improvement in financial performance Y/Y. VVNT's KPI performance should give investors reasons to be optimistic. The company's cash position has been bolstered by the sale of its Canadian business. The large debt pile means any slight move in rates affects FCF considerably. Vivint Smart Home's (NYSE:VVNT) stock price has bounced back over the last few months after the company reported robust double digit growth on top and bottom lines in Q2. VVNT's stock price is now at the same point it was in late January, buckling the trend of underperformance seen in the broader markets, particularly in the growth stock arena. This has been for good reason too, VVNT's underlying business has proven its resilience against a difficult consumer backdrop and grew at a fast clip even when lapping tough Y/Y comps. Debt still weighs heavy though, and investors need to monitor the impact of rate hike increases on interest expense closely. Financial performance YTD Over the last two quarters, the firm has reported back-to-back operating profits, marking a significant improvement in comparison to 2021 which saw four straight quarters of operating losses. This was driven by strong (15%) revenue growth in Q2. The adjusted EBITDA performance was even more impressive, which came in just shy of $190M in Q2, a $30M increase compared to the prior year. Since listing in early 2020, the Adjusted EBITDA margin of ~45% has held up nicely while the absolute figure expands due to top-line growth. Free Cash Flow was $50M in Q2. This combined with the sale of the Canadian business put VVNT on a cash balance at the end of June of $248M. The company noted that the $104M generated from the sale was significantly more than they expected to gain from the subscribers over the next ten years. This appears a shrewd move and it bolsters the cash balance in a time of economic uncertainty. It will also allow VVNT to reinvest for growth (particularly on the customer acquisition side). Strong performance on KPI's This financial performance has been underpinned by the company delivering on its Key Performance Indicators, namely subscriber growth: Q2 Presentation As can be seen above, total subscribers hit 1.86M at the end of last quarter. The green sections of the chart represent the impact of the Canadian division. VVNT's subscriber count is now growing faster without the Canadian business. Growth in 2022 was 4.7% with the Canadian business and 10.8% without. Canada was growing slower than the core business. This effect on growth is also seen in Total Monthly Recurring Revenue. Q2 presentation Growth ex-Canada was 14.8% compared to 12.4% with Canada. All things considered, the disposal of the Canadian segment does look attractive. Customers of VVNT are buying more products and services and are staying with the company for longer. The attrition rate (churn) over the three months to June was the lowest in the last 14 quarters at 10.9%. Future prospects: Looks Great... but the debt VVNT reaffirmed its FY guidance, adjusted in some aspects for the Canadian disposal. Both Revenue and Adjusted EBITDA have been reaffirmed even after the removal of the Canadian operations. Whilst subscriber count and free-cash flow have both been adjusted for it. Therefore, Adjusted EBITDA is expected to be $745M with revenue at $1.63B, inferring a margin of ~45.7%.
Analysis Article • Aug 11

Is Now An Opportune Moment To Examine Vivint Smart Home, Inc. (NYSE:VVNT)?

Vivint Smart Home, Inc. ( NYSE:VVNT ), is not the largest company out there, but it received a lot of attention from a...
Seeking Alpha • Jul 26

Vivint Smart Home gain on report of sales process (update)

Update 11:05am: Updates shares, adds background. Vivint Smart Home (NYSE:VVNT) rose 2.3% on a report that the home security company is exploring strategic alternatives. Vivint Smart (VVNT) is said to be exploring alternatives including a possible take-private or sale of the company, according to a Dealreporter item from late Monday. Vivint Smart (VVNT) went public through a SPAC deal in late January 2020. The shares have plunged 62% since going public and have dropped 52% this year. In May Vivint Smart's CFO departed. VVNT short intertest is 7.7%.
Analysis Article • Feb 15

At US$6.72, Is It Time To Put Vivint Smart Home, Inc. (NYSE:VVNT) On Your Watch List?

While Vivint Smart Home, Inc. ( NYSE:VVNT ) might not be the most widely known stock at the moment, it received a lot...
Analysis Article • Jan 10

Estimating The Fair Value Of Vivint Smart Home, Inc. (NYSE:VVNT)

How far off is Vivint Smart Home, Inc. ( NYSE:VVNT ) from its intrinsic value? Using the most recent financial data...
Seeking Alpha • Jul 10

Vivint Smart Home: Great Product, Poor Execution

Smart homes are growing in popularity and Vivint stands to benefit from this trend, given its lineup of high-quality products. However, its poor distribution strategy leads to issues of low scalability and high capital intensity. High debt and the Buy-Now-Pay-Later mode are also risks that could hinder growth. Until we see a change in business strategy, investors should stay away from Vivint.
Analysis Article • Apr 07

Is There An Opportunity With Vivint Smart Home, Inc.'s (NYSE:VVNT) 34% Undervaluation?

Does the April share price for Vivint Smart Home, Inc. ( NYSE:VVNT ) reflect what it's really worth? Today, we will...
Analysis Article • Feb 27

Analysts Have Made A Financial Statement On Vivint Smart Home, Inc.'s (NYSE:VVNT) Yearly Report

Last week, you might have seen that Vivint Smart Home, Inc. ( NYSE:VVNT ) released its annual result to the market. The...
Analysis Article • Jan 20

Shareholders Are Thrilled That The Vivint Smart Home (NYSE:VVNT) Share Price Increased 103%

The Vivint Smart Home, Inc. ( NYSE:VVNT ) share price has had a bad week, falling 14%. But that doesn't change the fact...
Analysis Article • Dec 08

Have Insiders Been Buying Vivint Smart Home, Inc. (NYSE:VVNT) Shares This Year?

We've lost count of how many times insiders have accumulated shares in a company that goes on to improve markedly. On...

CEO Compensation Analysis

How has David Bywater's remuneration changed compared to Vivint Smart Home's earnings?
DateTotal CompensationSalaryCompany Earnings
Dec 31 2022US$13mUS$1m

-US$52m

Sep 30 2022n/an/a

-US$125m

Jun 30 2022n/an/a

-US$177m

Mar 31 2022n/an/a

-US$244m

Dec 31 2021US$34mUS$560k

-US$306m

Compensation vs Market: David's total compensation ($USD13.09M) is above average for companies of similar size in the US market ($USD6.53M).

Compensation vs Earnings: David's compensation has been consistent with company performance over the past year.

CEO

David Bywater (52 yo)

1.8yrs
Tenure
US$13,085,918
Compensation

Mr. David H. Bywater serves as an Independent Director of Cariloha, Inc. since January 2022. Mr. Bywater has been Chief Executive Officer and Director of Vivint Smart Home, Inc. since June 15, 2021. He ser...

Leadership Team

NamePositionTenureCompensationOwnership
David Bywater
CEO & Director1.8yrsUS$13.09m0.28%
$ 7.2m
Todd Pedersen
Founder & Directorno dataUS$195.00k7.46%
$ 192.3m
Dana Russell
Chief Financial Officerless than a yearUS$4.89m0.029%
$ 736.6k
Rasesh Patel
Chief Operating Officerless than a yearUS$8.77m0.023%
$ 601.8k
Garner Meads
Chief Legal Officer & Secretary1.7yrsUS$3.00m0.046%
$ 1.2m
Todd Santiago
Chief Revenue Officer3yrsUS$4.47m0.47%
$ 12.2m
Nathan Stubbs
Vice President of Investor Relationsno datano datano data
Daniel Garen
Chief Ethics & Compliance Officer1.6yrsUS$4.86m0.035%
$ 903.3k
Noelle Bates
Vice President of Public Relationsno datano datano data
Kim Wittman
Senior Vice President of People & Culture1.2yrsno datano data
Jim Nye
Chief Product Officerno datano datano data
Ronald Davies
Chief Insurance Officer1yrno datano data
1.4yrs
Average Tenure
50.5yo
Average Age

Experienced Management: VVNT's management team is not considered experienced ( 1.4 years average tenure), which suggests a new team.

Board Members

NamePositionTenureCompensationOwnership
David Bywater
CEO & Director1.8yrsUS$13.09m0.28%
$ 7.2m
Todd Pedersen
Founder & Director3.2yrsUS$195.00k7.46%
$ 192.3m
David D'Alessandro
Independent Chairman3.2yrsUS$445.00k0.029%
$ 750.7k
Joseph Tibbetts
Independent Director3.2yrsUS$297.50k0.0080%
$ 207.4k
Peter Wallace
Independent Director3.2yrsno datano data
Paul Galant
Independent Director3.2yrsUS$287.50k0.0083%
$ 214.4k
Jay Pauley
Independent Director3.2yrsno datano data
Michael Staub
Independent Director1.1yrsno datano data
Barbara Comstock
Independent Director1.7yrsUS$276.25k0.0041%
$ 104.9k
3.2yrs
Average Tenure
53yo
Average Age

Experienced Board: VVNT's board of directors are considered experienced (3.2 years average tenure).

Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2023/03/11 22:06
End of Day Share Price 2023/03/09 00:00
Earnings2022/12/31
Annual Earnings2022/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* Example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

Vivint Smart Home, Inc. is covered by 7 analysts. 5 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Kunal MadhukarDeutsche Bank
Amit DaryananiEvercore ISI
Roderick HallGoldman Sachs