Vivint Solar Reports Upbeat Q2 Earnings
Following declines in three straight quarters, Vivint Solar looks to recover following failed acquisition by SunEdison.
Following declines in three straight quarters, Vivint Solar looks to recover following failed acquisition by SunEdison.
The Monitronics holding company said its unit attrition rate for the 12 months ended June 30 was 13.2%, compared to 12.6% for the 12 months ended June 30, 2015.
EBITDA for the second quarter increased by 9% or $343,234 to $4.3 million year-over year driven by lower marketing expenditures.
Due to its recent financial performance, the company implemented a cost restructuring plan that will phase in material operating cost reductions over the remaining two quarters of fiscal 2016.
Net cash provided by operating activities was $40.3 million during the third quarter of fiscal 2016, compared to $28.8 million in the same quarter of the prior year.
Net sales increased 7.2% to $613.9 million, from $572.7 million in the first quarter of 2015.
SaaS and license revenue increased 25% to $40 million for the first quarter, compared to $32 million for the same period a year prior.
The Monitronics holding company said it delivered meaningful improvements in dealer economics through reductions in creation costs.
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Along with positive financials, the smart home technology provider reported its attrition rate improved 30 basis points year over year.