APX Group Holdings, Inc., or Vivint Solar, reported financial and operational results for the third quarter ended September 30, 2015. The company’s quarterly revenue increased 14.8% to US$168.6 million, and has added near 90,000 new customers during July and September. Its smart house solution is expected to lead the business.
Third Quarter 2015 Financial and Portfolio Highlights
In the quarter, Vivint Solar surpassed 1 million customers with a record Average RMR per Subscriber of $55.00. The company’s launch of the doorbell camera, cloud data storage and other new products and services helped to boost the additional services adoption rate to approximately 78% this year.
The total revenue in 3Q15 was US$168.6 million, and Adjusted EBITA of US$102.7 million, comparing to US$146.9 million and US$78.8 million in 3Q14. The total RMR has also been raised from US$49.00 to US$55.8 Q-o-Q.
“Vivint’s Adjusted EBITDA continued to grow faster (30.3%) than total revenues (14.8%) in the third quarter as we achieved a record $102.7 million in Adjusted EBITDA, gaining scale and momentum”, said Mark Davies , CFO of APX Group . “Vivint’s Net Service Margin increased to 73.6% year-to-date, as Net Service Cost per Subscriber dropped to $14.50 from $15.29 for the first nine months last year. The Company’s LTM account attrition showed marked year over year improvement demonstrated by an 80 basis point reduction to 12.0%. We continued to scale fixed costs, as total G&A YTD, normalized for the $12.2 million non-cash gain on the merger-related escrow adjustment recorded in the second quarter 2015, was down more than $9 million or 10.1% year over year. Overall, we’re pleased with our year to date 2015 financial performance, which represents both operational execution and the benefits of Vivint’s economic model.”