Market Newsdesk

Shareholder Alert: Robbins LLP Announces Splunk, Inc. (SPLK) is Being Sued for Misleading Shareholders

SAN DIEGO & SAN FRANCISCO–(BUSINESS WIRE)–
Shareholder rights law firm Robbins LLP announces that a purchaser of Splunk, Inc. (NASDAQ: SPLK) filed a class action complaint against the Company and its officers and directors for alleged violations of the Securities & Exchange Act of 1934 between October 21, 2020 and December 2, 2020. Splunk develops and markets software solutions that enable organizations to gain real-time organizational intelligence in the U.S. and internationally.

If you suffered a loss due to Splunk Inc.’s misconduct, click here.

Splunk, Inc. (SPLK) Misled Shareholders About its Third Quarter 2021 Financial Results

According to the complaint, on October 21, 2020, Splunk held a call with several analysis at the Virtual Analyst & Investor Session at .conf20. During the call, Splunk assured investors that everything was on track for its third quarter 2021 financial results. However, after the markets closed on December 2, 2020, Splunk announced disappointing results for its third quarter 2021, including an 11% decrease in total revenues, which missed estimated by nearly $60 million. On an earnings call the same day, Splunk admitted that despite reiterating its 2021 third quarter guidance just 10 days before the close of the quarter, the results fell “short of both our expectation and our communication of those expectations.” On this news, JPMorgan announced it was “blindsided by the magnitude of too many large details slipping in the final days of October.” Shares of Splunk plummeted, closing down over 24% on December 3, 2020. Shareholders later learned that Splunk had failed to disclose it was not closing deals with its largest customers and was not hitting the financial targets it had previously announced.

Purchasers of Splunk, Inc. (SPLK) securities have until February 2, 2021, to ask the court to appoint them as lead plaintiff for the class.

Contact us to learn more:

Lauren Levi

(800) 350-6003

[email protected]

Shareholder Information Form

Robbins LLP is a nationally recognized leader in shareholder rights law. To be notified if a class action against Splunk, Inc. settles or to receive free alerts about companies engaged in wrongdoing, sign up for Stock Watch today.

Attorney Advertising. Past results do not guarantee a similar outcome.

View source version on businesswire.com: https://www.businesswire.com/news/home/20201208006113/en/

Lauren Levi

Robbins LLP

5040 Shoreham Place

San Diego, CA 92122

[email protected]

(800) 350-6003

www.robbinsllp.com

KEYWORDS: United States North America California

INDUSTRY KEYWORDS: Legal Professional Services

MEDIA:

Logo

Chewy Announces Third Quarter 2020 Financial Results

DANIA BEACH, Fla.–(BUSINESS WIRE)–
Chewy, Inc. (NYSE: CHWY) (“Chewy”), a trusted online destination for pet parents and partners everywhere, has released its financial results for the third quarter of fiscal year 2020 ended November 1, 2020, and posted a letter to its shareholders on its investor relations website at https://investor.chewy.com.

Fiscal Q3 2020 Highlights:

• Net sales of $1.78 billion grew 45 percent year-over-year
• Gross margin of 25.5 percent expanded 180 basis points year-over-year
• Net loss of $32.8 million, including share-based compensation expense of $25.1 million
• Net margin of (1.8) percent improved 460 basis points year-over-year
• Adjusted EBITDA⁽¹⁾ of $5.5 million improved 118 percent year-over-year
• Adjusted EBITDA margin⁽¹⁾ of 0.3 percent improved 280 basis points year-over-year

“Chewy’s relentless focus on execution and inventiveness resulted in record net sales and another quarter of positive adjusted EBITDA,” said Sumit Singh, Chief Executive Officer of Chewy. “Over the past few quarters, our team has been hard at work to reformat our proprietary brands and overall assortment strategy by introducing compelling merchandise, improving discoverability, and delivering a tremendous value proposition for our customers. This strategy is working to create positive, consistent, and sustainable momentum. We are also proud to take a leading role in making pet healthcare more affordable and accessible with the recent expansion of our healthcare offerings to include medicinal compounding and telehealth.”

Management will host a conference call and webcast to discuss Chewy’s financial results today at 5:00 pm ET.

Chewy Fiscal Third Quarter 2020 Financial Results Conference Call

When: Tuesday, December 8, 2020

Time: 5:00 pm ET

Conference ID: 10150093

Live Call: 1-866-270-1533 (US/Canada Toll-Free) or 1-412-317-0797 (International)

Replay: 1-877-344-7529 (US/Canada Toll-Free) or 1-412-317-0088 (International)

(The replay will be available approximately two hours after the completion of the live call until 11:59 pm ET on December 15, 2020)

Webcast:https://investor.chewy.com

(1)	Adjusted EBITDA and adjusted EBITDA margin are non-GAAP financial measures. See “Non-GAAP Financial Measures” for additional information on non-GAAP financial measures and a reconciliation to the most comparable GAAP measures.

About Chewy

Our mission is to be the most trusted and convenient online destination for pet parents (and partners) everywhere. We believe that we are the preeminent online source for pet products, supplies and prescriptions as a result of our broad selection of high-quality products, which we offer at competitive prices and deliver with an exceptional level of care and a personal touch. We continually develop innovative ways for our customers to engage with us, and partner with more than 2,000 of the best and most trusted brands in the pet industry, to bring a high-bar, customer-centric experience to our customers.

Forward-Looking Statements

This communication contains forward-looking statements about us and our industry that involve substantial risks and uncertainties. All statements other than statements of historical facts contained in this communication, including statements regarding our future results of operations or financial condition, business strategy and plans and objectives of management for future operations, are forward-looking statements. In some cases, you can identify forward-looking statements because they contain words such as “anticipate,” “believe,” “contemplate,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “will” or “would” or the negative of these words or other similar terms or expressions. These forward-looking statements include, but are not limited to, statements concerning our ability to: successfully manage the risks relating to the spread of COVID-19, including any adverse impacts on our supply chain, workforce, facilities, customer services and operations; sustain our recent growth rates and manage our growth effectively; acquire new customers in a cost-effective manner and increase our net sales per active customer; accurately predict economic conditions and their impact on consumer spending patterns, particularly in the pet products market, and accurately forecast net sales and appropriately plan our expenses in the future; introduce new products or offerings and improve existing products; successfully compete in the pet products and services retail industry, especially in the e-commerce sector; source additional, or strengthen our existing relationships with, suppliers; negotiate acceptable pricing and other terms with third-party service providers, suppliers and outsourcing partners and maintain our relationships with such entities; optimize, operate and manage the expansion of the capacity of our fulfillment centers; provide our customers with a cost-effective platform that is able to respond and adapt to rapid changes in technology; maintain adequate cybersecurity with respect to our systems and ensure that our third-party service providers do the same with respect to their systems; successfully manufacture and sell our own private brand products; maintain consumer confidence in the safety and quality of our vendor-supplied and private brand food products and hardgood products; comply with existing or future laws and regulations in a cost-efficient manner; attract, develop, motivate and retain well-qualified employees; and adequately protect our intellectual property rights and successfully defend ourselves against any intellectual property infringement claims or other allegations that we may be subject to.

You should not rely on forward-looking statements as predictions of future events. We have based the forward-looking statements contained in this communication primarily on our current expectations and projections about future events and trends that we believe may affect our business, financial condition, and results of operations. The outcome of the events described in these forward-looking statements is subject to risks, uncertainties and other factors described in our filings with the Securities and Exchange Commission and elsewhere in this communication. Moreover, we operate in a very competitive and rapidly changing environment. New risks and uncertainties emerge from time to time, and it is not possible for us to predict all risks and uncertainties that could have an impact on the forward-looking statements contained in this communication. The results, events and circumstances reflected in the forward-looking statements may not be achieved or occur, and actual results, events or circumstances could differ materially from those described in the forward-looking statements. In addition, statements that “we believe” and similar statements reflect our beliefs and opinions on the relevant subject. These statements are based on information available to us as of the date of this communication. While we believe that information provides a reasonable basis for these statements, that information may be limited or incomplete. Our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all relevant information. These statements are inherently uncertain, and investors are cautioned not to unduly rely on these statements. The forward-looking statements made in this communication relate only to events as of the date on which the statements are made. We undertake no obligation to update any forward-looking statements made in this communication to reflect events or circumstances after the date of this communication or to reflect new information or the occurrence of unanticipated events, except as required by law. We may not actually achieve the plans, intentions or expectations disclosed in our forward-looking statements, and you should not place undue reliance on our forward-looking statements. Our forward-looking statements do not reflect the potential impact of any future acquisitions, mergers, dispositions, joint ventures or investments.

Non-GAAP Financial Measures

To provide investors with additional information regarding our financial results, we have disclosed here and elsewhere in this earnings release adjusted EBITDA, a non-GAAP financial measure that we calculate as net loss excluding depreciation and amortization; share-based compensation expense and related taxes; income tax provision; interest income (expense), net; management fee expense; transaction costs and other items that we do not consider representative of our underlying operations. We have provided a reconciliation below of adjusted EBITDA to net loss, the most directly comparable GAAP financial measure.

We have included adjusted EBITDA in this earnings release because it is a key measure used by our management and board of directors to evaluate our operating performance, generate future operating plans and make strategic decisions regarding the allocation of capital. In particular, the exclusion of certain expenses in calculating adjusted EBITDA facilitates operating performance comparability across reporting periods by removing the effect of non-cash expenses and certain variable charges. Accordingly, we believe that adjusted EBITDA provides useful information to investors and others in understanding and evaluating our operating results in the same manner as our management and board of directors.

We believe it is useful to exclude non-cash charges, such as depreciation and amortization, share-based compensation expense and management fee expense from our adjusted EBITDA because the amount of such expenses in any specific period may not directly correlate to the underlying performance of our business operations. We believe it is useful to exclude income tax provision; interest income (expense), net; and transaction and other costs as these items are not components of our core business operations. Adjusted EBITDA has limitations as a financial measure, and you should not consider it in isolation or as a substitute for analysis of our results as reported under GAAP. Some of these limitations are:

• although depreciation and amortization are non-cash charges, the assets being depreciated and amortized may have to be replaced in the future and adjusted EBITDA does not reflect capital expenditure requirements for such replacements or for new capital expenditures;
• adjusted EBITDA does not reflect share-based compensation and related taxes. Share-based compensation has been, and will continue to be for the foreseeable future, a recurring expense in our business and an important part of our compensation strategy;
• adjusted EBITDA does not reflect interest income (expense), net; or changes in, or cash requirements for, our working capital;
• adjusted EBITDA does not reflect transaction and other costs which are generally incremental costs that result from an actual or planned transaction and include transaction costs (i.e. IPO costs), integration consulting fees, internal salaries and wages (to the extent the individuals are assigned full-time to integration and transformation activities) and certain costs related to integrating and converging IT systems; and
• other companies, including companies in our industry, may calculate adjusted EBITDA differently, which reduces its usefulness as a comparative measure.

Because of these limitations, you should consider adjusted EBITDA and adjusted EBITDA margin alongside other financial performance measures, including various cash flow metrics, net loss, net margin, and our other GAAP results.

The following table presents a reconciliation of net loss to adjusted EBITDA for each of the periods indicated.

($ in thousands, except percentages)	13 Weeks Ended								39 Weeks Ended
Reconciliation of Net Loss to Adjusted EBITDA	November 1, 2020				November 3, 2019				November 1, 2020				November 3, 2019
Net loss	$	(32,847	)		$	(79,000	)		$	(113,534	)		$	(191,430	)
Add (deduct):
Depreciation and amortization		9,262				8,137				24,598				22,716
Share-based compensation expense and related taxes		25,090				39,348				105,228				90,361
Interest expense (income), net		539				221				1,469				(699	)
Management fee expense(1)		325				325				975				975
Transaction related costs		–				–				–				1,396
Other		3,133				741				5,667				1,504
Adjusted EBITDA	$	5,502			$	(30,228	)		$	24,403			$	(75,177	)
Net sales	$	1,782,000			$	1,229,801			$	5,103,252			$	3,492,218
Net margin		(1.8	)%			(6.4	)%			(2.2	)%			(5.5	)%
Adjusted EBITDA margin		0.3	%			(2.5	)%			0.5	%			(2.2	)%

(1)

Management fee expense allocated to us by PetSmart, Inc. for organizational oversight and certain limited corporate functions provided by its sponsors. Although we are not a party to the agreement governing the management fee, this management fee is reflected as an expense in our condensed consolidated financial statements.

We define net margin as net loss divided by net sales and adjusted EBITDA margin as adjusted EBITDA divided by net sales.

View source version on businesswire.com: https://www.businesswire.com/news/home/20201208006112/en/

Investor Contact:

Robert A. LaFleur

[email protected]

Media Contact:

Diane Pelkey

[email protected]

KEYWORDS: Florida United States North America

INDUSTRY KEYWORDS: Online Retail Consumer Retail Pets Specialty

MEDIA:

Logo

CBRE Acquisition Holdings, Inc. Announces Launch of its Initial Public Offering

DALLAS–(BUSINESS WIRE)–
CBRE Acquisition Holdings, Inc. today announced the launch of its initial public offering of 35,000,000 SAIL (Stakeholder Aligned Initial Listing) securities. The company has applied to have its SAIL securities approved for listing on the New York Stock Exchange under the symbol “CBAH.U.” Each SAIL security will consist of one share of the company’s Class A common stock and one-fourth of one redeemable warrant.

CBRE Acquisition Holdings, Inc. is a newly organized blank-check company formed by CBRE Acquisition Sponsor, LLC, a subsidiary of CBRE Group, Inc., for the purpose of entering into a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses or assets. CBRE Group, Inc. is a global commercial real estate services and investment firm.

Morgan Stanley is serving as the underwriter for the offering. The company intends to grant the underwriter a 45-day option to purchase up to an additional 5,250,000 SAIL securities at the initial public offering price, less the underwriting discount, to cover over-allotments, if any.

The offering is being made only by means of a prospectus. Copies of the prospectus relating to this offering, when available, may be obtained for free by visiting EDGAR on the SEC’s website at www.sec.gov. Alternatively, copies of the prospectus, when available, may be obtained from Morgan Stanley, Attention: Prospectus Department, 180 Varick Street, 2nd Floor, New York, New York 10014.

A registration statement on Form S-1, including a prospectus, which is preliminary and subject to completion, relating to these securities, has been filed with the Securities and Exchange Commission (“SEC”) but has not yet become effective. These securities may not be sold, nor may offers to buy be accepted, prior to the time the registration statement becomes effective. This press release will not constitute an offer to sell or a solicitation of an offer to buy these securities, nor will there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

Cautionary Note Concerning Forward-Looking Statements

This press release contains statements that constitute “forward-looking statements,” including with respect to the proposed initial public offering and the anticipated use of the net proceeds. No assurance can be given that the offering discussed above will be completed on the terms described, or at all, or that the net proceeds of the offering will be used as indicated. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the company, including those set forth in the Risk Factors section of the company’s registration statement on Form S-1 and preliminary prospectus for the company’s offering filed with the SEC. Copies are available on the SEC’s website, www.sec.gov. The company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.

View source version on businesswire.com: https://www.businesswire.com/news/home/20201208006089/en/

Cash Smith

CBRE Acquisition Holdings, Inc.

[email protected]

Steven Iaco

CBRE Corporate Communications

[email protected]

Kristyn Farahmand

CBRE Investor Relations

[email protected]

KEYWORDS: Texas United States North America

INDUSTRY KEYWORDS: Commercial Building & Real Estate Construction & Property Professional Services Finance

MEDIA:

Logo

AeroVironment, Inc. Announces Fiscal 2021 Second Quarter Results

Acquires Telerob GmbH, a leading German robotics company, to expand product offering and customer base

SIMI VALLEY, Calif.–(BUSINESS WIRE)–AeroVironment, Inc. (NASDAQ: AVAV), a global leader in unmanned aircraft systems (UAS), today reported financial results for its second quarter ended October 31, 2020.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20201208006047/en/

“Our team produced second quarter revenue of $92.7 million, an increase of 11 percent over last year, despite the unprecedented challenges from the COVID-19 pandemic,” said Wahid Nawabi, AeroVironment president and chief executive officer. “Second quarter earnings per diluted share of $0.09 declined compared to last year, primarily from our HAPSMobile Inc. joint venture’s impairment of its investment in Loon LLC. Non-GAAP earnings per diluted share of $0.48 increased by $0.14 over last year, reflecting the continued strength of our team and our business. In addition, we achieved major milestones this quarter, including the successful stratospheric flight of the solar HAPS Sunglider and its demonstration of broadband connectivity, the introduction of our Switchblade family of loitering missile systems and our larger Switchblade 600, and continued leadership in the global small UAS market. With strong momentum underway, we are confident in our ability to build on our strong foundation and extend our record of financial and operational growth and success.”

Telerob Acquisition

AeroVironment today also announced the acquisition of Telerob, a leading German robotics company, for approximately $45.4 million in cash plus a three-year, milestone-based earn-out of up to $7.3 million and the payoff of $9.4 million in debt at closing. The Company expects the acquisition to be accretive to non-GAAP EPS in fiscal 2022 (excluding intangible amortization and integration costs). Upon closing, Telerob will operate as a wholly-owned subsidiary of AeroVironment. The acquisition remains subject to German government clearance and is expected to close by Spring 2021.

“Acquiring Telerob, a leader in ground robotic solutions, gives us the opportunity to offer a broader portfolio of highly complementary robotic solutions to a larger set of global customers. We have already submitted a joint proposal for a multi-year United States Air Force robotics program and have also identified multiple U.S. and international opportunities that we plan to pursue in the future. This acquisition supports our goal of transforming AeroVironment into a global leader in intelligent, multi-domain robotic solutions for defense and commercial customers. Telerob’s ground robotics solutions and global footprint will enhance our offering and customer base, levering our strong financial foundation and positioning us to continue creating long-term shareholder value,” Mr. Nawabi added.

FISCAL 2021 SECOND QUARTER RESULTS

Revenue for the second quarter of fiscal 2021 was $92.7 million, an increase of 11% from the second quarter of fiscal 2020 revenue of $83.3 million. The increase in revenue was due to an increase in product sales of $8.1 million and an increase in service revenue of $1.3 million.

Gross margin for the second quarter of fiscal 2021 was $40.9 million, an increase of 16% from the second quarter of fiscal 2020 gross margin of $35.2 million. The increase in gross margin was primarily due to an increase in product margin of $4.7 million and an increase in service margin of $1.0 million. As a percentage of revenue, gross margin increased to 44% from 42%. The increase in gross margin percentage was primarily due to an increase in the proportion of product sales to total revenue and a favorable mix.

Income from operations for the second quarter of fiscal 2021 was $13.9 million, an increase of $5.8 million from the second quarter of fiscal 2020 of $8.1 million. The increase in income from operations was primarily a result of an increase in gross margin of $5.7 million and a decrease in selling, general and administrative (“SG&A”) expense of $1.3 million, partially offset by an increase in research and development (“R&D”) expense of $1.1 million.

Other income, net, for the second quarter of fiscal 2021 was $0.2 million, as compared to $1.4 million for the second quarter of fiscal 2020. The decrease in other income, net was primarily due to a decrease in interest income resulting from a decrease in the average interest rate earned on our investment portfolio.

Provision for income taxes for the second quarter of fiscal 2021 was $2.5 million, as compared to $1.1 million for the second quarter of fiscal 2020. The increase in provision for income taxes was primarily due to the increase in income before income taxes combined with an increase in the projected fiscal year 2021 effective tax rate.

Equity method investment loss, net of tax, for the second quarter of fiscal 2021 was $9.5 million, as compared to $0.9 million for the second quarter of fiscal 2020. Equity method investment loss, net of tax, for the second quarter of fiscal 2021 included a loss of $8.4 million for our proportionate share of the HAPSMobile Inc. joint venture’s impairment of its investment in Loon LLC.

Net income attributable to AeroVironment for the second quarter of fiscal 2021 was $2.1 million, as compared to $7.5 million for the second quarter of fiscal 2020. The second quarter of fiscal 2021 included the impairment loss of $8.4 million related to HAPSMobile Inc.’s investment in Loon LLC.

Earnings per diluted share attributable to AeroVironment for the second quarter of fiscal 2021 was $0.09, as compared to $0.31 for the second quarter of fiscal 2020. The second quarter of fiscal 2021 included the impairment loss of $8.4 million related to HAPSMobile Inc.’s investment in Loon LLC.

Non-GAAP earnings per diluted share was $0.48 for the second quarter of fiscal 2021, as compared to $0.34 for the second quarter of fiscal 2020.

FISCAL 2021 YEAR-TO-DATE RESULTS

Revenue for the first six months of fiscal 2021 was $180.1 million, an increase of 6% from the first six months of fiscal 2020 revenue of $170.2 million. The increase in revenue was due to an increase in service revenue of $9.2 million and an increase in product sales of $0.7 million.

Gross margin for the first six months of fiscal 2021 of $76.3 million was consistent with the first six months of fiscal 2020. Gross margin for the first six months of fiscal 2021 reflected a decrease in product margin of $4.4 million, partially offset by an increase in service margin of $4.2 million. As a percentage of revenue, gross margin decreased to 42% from 45%. The decrease in gross margin percentage was primarily due to a decrease in the proportion of product revenue to total revenue and an unfavorable product mix.

Income from continuing operations for the first six months of fiscal 2021 was $26.2 million, a decrease from the first six months of fiscal 2020 of $26.9 million. The decrease in income from continuing operations was primarily a result of an increase in R&D expense of $3.5 million, partially offset by a decrease in SG&A expense of $2.9 million.

Other income, net, for the first six months of fiscal 2021 was $0.4 million, as compared to other income, net of $3.1 million for the first six months of fiscal 2020. The decrease in other income, net was primarily due to a decrease in interest income resulting from a decrease in the average interest rate earned on our investment portfolio.

Provision for income taxes for the first six months of fiscal 2021 was $3.7 million, as compared to provision for income taxes of $3.2 million for the first six months of fiscal 2020. The increase in provision for income taxes was primarily due to an increase in the projected fiscal year 2021 effective tax rate.

Equity method investment loss, net of tax, for the first six months of fiscal 2021 was $10.8 million, as compared to $2.2 million for the first six months of fiscal 2020. Equity method investment loss, net of tax, for the first six months of fiscal 2021 included a loss of $8.4 million for our proportionate share of the HAPSMobile Inc. joint venture’s impairment of its investment in Loon LLC.

Net income attributable to AeroVironment for the first six months of fiscal 2021 was $12.2 million, a decrease from the first six months of fiscal 2020 net income attributable to AeroVironment of $24.6 million. The first six months of fiscal 2021 included the impairment loss of $8.4 million related to HAPSMobile Inc.’s investment in Loon LLC.

Earnings per diluted share attributable to AeroVironment for the first six months of fiscal 2021 was $0.50, as compared to the first six months of fiscal 2020 of $1.02. The first six months of fiscal 2021 included the impairment loss of $8.4 million related to HAPSMobile Inc.’s investment in Loon LLC.

Non-GAAP earnings per diluted share was $0.91 for the first six months of fiscal 2021, as compared to $1.08 for the first six months of fiscal 2020.

BACKLOG

As of October 31, 2020, funded backlog (remaining performance obligations under firm orders for which funding is currently appropriated to us under a customer contract) was $130.6 million, as compared to $208.1 million as of April 30, 2020.

FISCAL 2021 — OUTLOOK FOR THE FULL YEAR

For fiscal 2021, the Company continues to expect to generate revenue between $390 million and $410 million, operating margin of between 12% and 12.5%, and now expects revised earnings per diluted share of $1.28 to $1.48. This financial guidance assumes approximately 7% ownership of the HAPSMobile joint venture. The Company expects non-GAAP earnings per diluted share, which excludes the HAPSMobile Inc. impairment of its investment in Loon LLC, amortization of acquired intangible assets and acquisition-related expenses, to be between $1.74 and $1.94. This forecast earnings per diluted share does not include estimated results of operations, future acquisition-related expenses or amortization of intangible assets for the acquisition of Telerob as the timing of government clearance and close date is uncertain.

The foregoing estimates are forward-looking and reflect management’s view of current and future market conditions, including certain assumptions with respect to our ability to obtain and retain government contracts, changes in the timing and/or amount of government spending, changes in the demand for our products and services, activities of competitors, changes in the regulatory environment, and general economic and business conditions in the United States and elsewhere in the world. Investors are reminded that actual results may differ materially from these estimates.

CONFERENCE CALL AND PRESENTATION

In conjunction with this release, AeroVironment, Inc. will host a conference call today, Tuesday, December 8, 2020, at 1:30 pm Pacific Time that will be webcast live. Wahid Nawabi, president and chief executive officer, Kevin P. McDonnell, chief financial officer and Steven A. Gitlin, chief marketing officer and vice president of investor relations, will host the call.

4:30 PM ET

3:30 PM CT

2:30 PM MT

1:30 PM PT

Investors may dial into the call by using the following telephone numbers, (877) 561-2749 (U.S.) or (678) 809-1029 (international) and providing the conference ID 4045199 five to ten minutes prior to the start time to allow for registration.

Investors with Internet access may listen to the live audio webcast via the Investor Relations page of the AeroVironment, Inc. website, http://investor.avinc.com. Please allow 15 minutes prior to the call to download and install any necessary audio software.

A supplementary investor presentation for the second fiscal quarter 2021 can be accessed at https://investor.avinc.com/events-and-presentations.

Audio Replay Options

An audio replay of the event will be archived on the Investor Relations page of the company’s website, at http://investor.avinc.com. The audio replay will also be available via telephone from Tuesday, December 8, 2020, at approximately 4:30 p.m. Pacific Time through December 15, 2020, at 4:30 p.m. Pacific Time. Dial (855) 859-2056 (U.S.) or (404) 537-3406 (international) and provide the conference ID 4045199.

ABOUT AEROVIRONMENT, INC.

AeroVironment (NASDAQ: AVAV) provides technology solutions at the intersection of robotics, sensors, software analytics and connectivity that deliver more actionable intelligence so you can proceed with certainty. Celebrating 50 years of innovation, AeroVironment is a global leader in unmanned aircraft systems and tactical missile systems, and serves defense, government and commercial customers. For more information, visit www.avinc.com.

FORWARD-LOOKING STATEMENTS

This press release contains “forward-looking statements” as that term is defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, without limitation, any statement that may predict, forecast, indicate or imply future results, performance or achievements, and may contain words such as “believe,” “anticipate,” “expect,” “estimate,” “intend,” “project,” “plan,” or words or phrases with similar meaning. Forward-looking statements are based on current expectations, forecasts and assumptions that involve risks and uncertainties, including, but not limited to, economic, competitive, governmental and technological factors outside of our control, that may cause our business, strategy or actual results to differ materially from the forward-looking statements.

Factors that could cause actual results to differ materially from the forward-looking statements include, but are not limited to, our ability to successfully consummate the transactions contemplated by the agreement to purchase Telerob on a timely basis, if at all, including the satisfaction of the closing conditions of such transactions; the risk that disruptions will occur from the transactions that will harm our business; any disruptions or threatened disruptions to our relationships with our distributors, suppliers, customers and employees; the ability to timely and sufficiently integrate international operations into our ongoing business and compliance programs; reliance on sales to the U.S. government; availability of U.S. government funding for defense procurement and R&D programs; changes in the timing and/or amount of government spending; our ability to perform under existing contracts and obtain new contracts; risks related to our international business, including compliance with export control laws; potential need for changes in our long-term strategy in response to future developments; the extensive regulatory requirements governing our contracts with the U.S. Government and international customers; the consequences to our financial position, business and reputation that could result from failing to comply with such regulatory requirements; unexpected technical and marketing difficulties inherent in major research and product development efforts; the impact of potential security and cyber threats; changes in the supply and/or demand and/or prices for our products and services; the activities of competitors and increased competition; failure of the markets in which we operate to grow; uncertainty in the customer adoption rate of commercial use unmanned aircraft systems; failure to remain a market innovator and create new market opportunities; changes in significant operating expenses, including components and raw materials; failure to develop new products; the extensive regulatory requirements governing our contracts with the U.S. government; risk of litigation, including but not limited to pending litigation arising from the sale of our EES business; product liability, infringement and other claims; changes in the regulatory environment; the impact of the outbreak related to the strain of coronavirus known as COVID-19 on our business operations; and general economic and business conditions in the United States and elsewhere in the world. For a further list and description of such risks and uncertainties, see the reports we file with the Securities and Exchange Commission. We do not intend, and undertake no obligation, to update any forward-looking statements, whether as a result of new information, future events or otherwise.

NON-GAAP MEASURES

In addition to the financial measures prepared in accordance with generally accepted accounting principles (GAAP), this earnings release also contains a non-GAAP financial measure. See in the financial tables below the calculation of this measure, the reasons why we believe this measure provides useful information to investors, and a reconciliation of this measure to the most directly comparable GAAP measures.

AeroVironment, Inc. Consolidated Statements of Operations (Unaudited) (In thousands except share and per share data)
		Three Months Ended								Six Months Ended
		October 31,				October 26,				October 31,				October 26,
		2020				2019				2020				2019
Revenue:
Product sales		$	65,528			$	57,386			$	123,885			$	123,225
Contract services			27,137				25,885				56,230				46,957
			92,665				83,271				180,115				170,182
Cost of sales:
Product sales			34,209				30,802				66,293				61,210
Contract services			17,605				17,303				37,560				32,534
			51,814				48,105				103,853				93,744
Gross margin:
Product sales			31,319				26,584				57,592				62,015
Contract services			9,532				8,582				18,670				14,423
			40,851				35,166				76,262				76,438
Selling, general and administrative			14,977				16,255				26,988				29,923
Research and development			11,976				10,858				23,079				19,567
Income from operations			13,898				8,053				26,195				26,948
Other income:
Interest income, net			115				1,266				323				2,595
Other income, net			72				157				105				512
Income before income taxes			14,085				9,476				26,623				30,055
Provision for income taxes			2,491				1,108				3,698				3,241
Equity method investment loss, net of tax			(9,522	)			(863	)			(10,810	)			(2,210	)
Net income			2,072				7,505				12,115				24,604
Net loss (income) attributable to noncontrolling interest			22				(4	)			59				7
Net income attributable to AeroVironment, Inc.		$	2,094			$	7,501			$	12,174			$	24,611
Net income per share attributable to AeroVironment, Inc.
Basic		$	0.09			$	0.32			$	0.51			$	1.04
Diluted		$	0.09			$	0.31			$	0.50			$	1.02
Weighted-average shares outstanding:
Basic			23,936,950				23,804,364				23,914,737				23,775,355
Diluted			24,196,912				24,061,810				24,190,316				24,063,775

AeroVironment, Inc. Consolidated Balance Sheets (In thousands except share data)
		October 31,				April 30,
		2020				2020
		(Unaudited)
Assets
Current assets:
Cash and cash equivalents		$	280,099			$	255,142
Short-term investments			67,137				47,507
Accounts receivable, net of allowance for doubtful accounts of $561 at October 31, 2020 and $1,190 at April 30, 2020			30,701				73,660
Unbilled receivables and retentions			70,573				75,837
Inventories			51,779				45,535
Prepaid expenses and other current assets			7,310				6,246
Total current assets			507,599				503,927
Long-term investments			20,976				15,030
Property and equipment, net			22,868				21,694
Operating lease right-of-use assets			12,363				8,793
Deferred income taxes			5,546				4,928
Intangibles, net			12,213				13,637
Goodwill			6,340				6,340
Other assets			102				10,605
Total assets		$	588,007			$	584,954
Liabilities and stockholders’ equity
Current liabilities:
Accounts payable		$	14,225			$	19,859
Wages and related accruals			18,737				23,972
Customer advances			2,957				7,899
Current operating lease liabilities			4,030				3,380
Income taxes payable			3,018				1,065
Other current liabilities			10,511				10,778
Total current liabilities			53,478				66,953
Non-current operating lease liabilities			9,422				6,833
Other non-current liabilities			243				250
Liability for uncertain tax positions			1,017				1,017
Commitments and contingencies
Stockholders’ equity:
Preferred stock, $0.0001 par value:
Authorized shares—10,000,000; none issued or outstanding at October 31, 2020 and April 30, 2020			—				—
Common stock, $0.0001 par value:
Authorized shares—100,000,000
Issued and outstanding shares—24,103,980 shares at October 31, 2020 and 24,063,639 shares at April 30, 2020			2				2
Additional paid-in capital			183,298				181,481
Accumulated other comprehensive income			342				328
Retained earnings			340,264				328,090
Total AeroVironment, Inc. stockholders’ equity			523,906				509,901
Noncontrolling interest			(59	)			—
Total equity			523,847				509,901
Total liabilities and stockholders’ equity		$	588,007			$	584,954

AeroVironment, Inc. Consolidated Statements of Cash Flows (Unaudited) (In thousands)
		Six Months Ended
		October 31,				October 26,
		2020				2019
Operating activities
Net income		$	12,115			$	24,604
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation and amortization			5,693				4,486
Losses from equity method investments			10,810				2,210
Realized gain from sale of available-for-sale investments			(11	)			—
Provision for doubtful accounts			(156	)			14
Other non-cash (income) expense			(473	)			81
Non-cash lease expense			2,393				2,255
Loss on foreign currency transactions			2				1
Deferred income taxes			(621	)			(669	)
Stock-based compensation			3,509				2,984
Loss (gain) on sale of property and equipment			2				(75	)
Amortization of debt securities			(12	)			(984	)
Changes in operating assets and liabilities, net of acquisitions:
Accounts receivable			43,115				(9,400	)
Unbilled receivables and retentions			5,264				(9,350	)
Inventories			(6,244	)			1,621
Income tax receivable			—				821
Prepaid expenses and other assets			(1,029	)			(1,051	)
Accounts payable			(5,028	)			(5,046	)
Other liabilities			(10,736	)			(4,583	)
Net cash provided by operating activities			58,593				7,919
Investing activities
Acquisition of property and equipment			(6,052	)			(6,850	)
Equity method investments			(1,173	)			(4,569	)
Business acquisition, net of cash acquired			—				(18,641	)
Proceeds from sale of property and equipment			—				81
Redemptions of held-to-maturity investments			—				159,839
Purchases of held-to-maturity investments			—				(169,148	)
Redemptions of available-for-sale investments			92,226				—
Purchases of available-for-sale investments			(116,945	)			(4,947	)
Net cash used in investing activities			(31,944	)			(44,235	)
Financing activities
Tax withholding payment related to net settlement of equity awards			(1,778	)			(743	)
Exercise of stock options			86				93
Net cash used in financing activities			(1,692	)			(650	)
Net increase (decrease) in cash, cash equivalents, and restricted cash			24,957				(36,966	)
Cash, cash equivalents and restricted cash at beginning of period			255,142				172,708
Cash, cash equivalents and restricted cash at end of period		$	280,099			$	135,742
Supplemental disclosures of cash flow information
Cash paid, net during the period for:
Income taxes		$	2,364			$	518
Non-cash activities
Unrealized loss on available-for-sale investments, net of deferred tax (expense) benefit of ($3) and $1 for the three and six months ended October 31, 2020, respectively		$	61			$	—
Change in foreign currency translation adjustments		$	75			$	179
Acquisitions of property and equipment included in accounts payable		$	818			$	761

AeroVironment, Inc. Reconciliation of non-GAAP Earnings per Diluted Share (Unaudited)
		Three Months Ended			Three Months Ended			Six Months Ended			Six Months Ended
		October 31, 2020			October 26, 2019			October 31, 2020			October 26, 2019
Earnings per diluted share		$	0.09		$	0.31		$	0.50		$	1.02
Acquisition-related expenses			0.02			0.01			0.02			0.02
Amortization of acquired intangible assets			0.02			0.02			0.04			0.04
HAPSMobile Inc. JV impairment of investment in Loon LLC			0.35			—			0.35			—
Earnings per diluted share as adjusted (Non-GAAP)		$	0.48			0.34		$	0.91		$	1.08

Reconciliation of Forecast Earnings per Diluted Share (Unaudited)
		Fiscal year ending
		April 30, 2021
Forecast earnings per diluted share		$	1.28 – 1.48
Acquisition-related expenses			0.02
Amortization of acquired intangible assets			0.09
HAPSMobile Inc. JV impairment of investment in Loon LLC			0.35
Forecast earnings per diluted share as adjusted (Non-GAAP)		$	1.74 – 1.94

Statement Regarding Non-GAAP Measures

The non-GAAP measure set forth above should be considered in addition to, and not as a replacement for or superior to, the comparable GAAP measure, and may not be comparable to similarly titled measures reported by other companies. Management believes that this measure provides useful information to investors by offering additional ways of viewing our results that, when reconciled to the corresponding GAAP measure, help our investors to understand the long-term profitability trends of our business and compare our profitability to prior and future periods and to our peers. In addition, management uses this non-GAAP measure to measure our operating and financial performance.

We exclude the acquisition-related expenses, amortization of acquisition-related intangible assets and one-time non-operating items because we believe this facilitates more consistent comparisons of operating results over time between our newly acquired and existing businesses, and with our peer companies. We believe, however, that it is important for investors to understand that such intangible assets contribute to revenue generation and that intangible asset amortization will recur in future periods until such intangible assets have been fully amortized.

For additional media and information, please follow us at:

Facebook: http://www.facebook.com/aerovironmentinc

Twitter: http://www.twitter.com/aerovironment

LinkedIn: https://www.linkedin.com/company/aerovironment

YouTube: http://www.youtube.com/user/AeroVironmentInc

Instagram: https://www.instagram.com/aerovironmentinc/

View source version on businesswire.com: https://www.businesswire.com/news/home/20201208006047/en/

AeroVironment, Inc.

Steven Gitlin

+1 (805) 520-8350

[email protected]

KEYWORDS: California United States North America

INDUSTRY KEYWORDS: Security Technology Aerospace Manufacturing Alternative Energy Energy

MEDIA:

Logo

Photo

AeroVironment’s family of Unmanned Aircraft and Tactical Missile Systems provide the actionable intelligence you need to Proceed with Certainty. (Graphic: Business Wire)

AeroVironment Acquires Telerob, a Leader in Ground Robotic Solutions, to Expand Multi-Domain Unmanned Systems Offering and Global Presence

• Transaction will combine leaders in unmanned aircraft systems (UAS) and unmanned ground vehicles (UGV) for broader, integrated mission solutions in air, near-space, ground and maritime domains
• AeroVironment’s strong partnership with the United States Department of Defense and presence in 50 allied nations, combined with Telerob’s 45 nation footprint and multi-industry customer base, create significant opportunities for growth and value creation
• AeroVironment and Telerob competing for multi-year United States Air Force Explosive Ordinance Disposal (EOD) robotic system program and pursuing multiple additional opportunities
• Acquisition expected to be accretive within two years to AeroVironment GAAP EPS, and accretive to non-GAAP EPS in fiscal year 2022

SIMI VALLEY, Calif.–(BUSINESS WIRE)–AeroVironment, Inc. (NASDAQ: AVAV), a global leader in unmanned aircraft systems, today announced it has entered into an agreement to acquire Telerob Gesellschaft für Fernhantierungstechnik mbH, a German leader in ground robotic solutions with a global footprint, for approximately $45.4 million (€37.5 million) in cash, and will pay-off approximately $9.4 million (€7.8 million) in Telerob’s debt at closing. Telerob’s shareholder has the potential to receive an additional earn-out over three years of up to approximately $7.3 million (€6 million) based upon achieving specific milestones.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20201208006098/en/

Founded in 1994, Telerob offers one of the industry’s most advanced and comprehensive turn-key unmanned ground robotics solutions, including the telemax and tEODor EVO family of UGVs, fully-equipped transport vehicles and training, repair and support services. Telerob’s cutting-edge solutions safely and effectively perform a variety of dangerous missions, including explosive ordinance disposal (EOD), hazardous materials handling (HAZMAT) and chemical, biological, radiological and nuclear (CBRN) threat assessment. Telerob’s ruggedized UGVs possess all-terrain capabilities and offer some of the most advanced, specialized, precision manipulators, autonomous functionality and intuitive operation to deliver a high degree of mission flexibility. Telerob’s customers span 45 countries and numerous applications, including homeland security, emergency response and defense. Telerob is based near Stuttgart, Germany, with its U.S. office in Erie, PA.

“Acquiring Telerob marks a significant step toward achieving AeroVironment’s goal of offering an integrated portfolio of intelligent, multi-domain robotic solutions in response to evolving threat environments and customer requirements for more effective, rapid and cost-effective capabilities,” said Wahid Nawabi, AeroVironment president and chief executive officer. “Telerob’s advanced, proven ground robotic solutions provide a valuable capability to complement our market leading tactical UAS and tactical missile solutions and address a broader set of missions for our customers.”

“Telerob’s recent track record of strong revenue growth and its culture of innovation and agility align extremely well with AeroVironment. We look forward to welcoming the talented Telerob team to AeroVironment,” Nawabi added. “Together, we will focus on delivering continued growth in our existing businesses, addressing significant new adjacent market opportunities and developing new technologies and combined solutions to drive shareholder value and help our customers proceed with certainty.”

AeroVironment also announced that it recently submitted a proposal in partnership with Telerob to the United States Air Force for its multi-year, EOD robotic system program. AeroVironment’s strong track record supporting the Department of Defense and its proven delivery and support capabilities, coupled with Telerob’s advanced robotic system offering, represent a compelling solution for the Air Force mission. AeroVironment plans to pursue additional, significant domestic UGV opportunities with the United States Navy, Marine Corps, Air National Guard and numerous police forces. Specific international opportunities include UGVs for security at airports in a Middle Eastern allied nation and multiple UAS programs with the German Federal Ministry of Defense, which Telerob’s local presence supports.

“AeroVironment is a leader in unmanned systems, with a compelling vision for integrated robotic solutions that Telerob can help to achieve,” said Norbert Gebbeken, Telerob managing director. “We are excited to become part of the AeroVironment team and look forward to developing and delivering the advanced, integrated robotic solutions that will expand our reach and help our customers succeed. We are confident that working together, we will accelerate the progress underway and create greater opportunities to expand our geographic and customer footprint.”

AeroVironment expects the acquisition to be accretive to GAAP EPS in two years, and to non-GAAP EPS in fiscal year 2022, excluding intangible amortization and integration costs. Upon closing, Telerob will operate as a wholly-owned subsidiary of AeroVironment, which plans to retain its entire team. The acquisition is expected to close by the Spring of 2021, subject to German government clearance.

BNP Paribas Securities and King & Spalding LLP advised AeroVironment on the transaction.

About AeroVironment, Inc.

AeroVironment (NASDAQ: AVAV) provides technology solutions at the intersection of robotics, sensors, software analytics and connectivity that deliver more actionable intelligence so you can proceed with certainty. Celebrating 50 years of innovation, AeroVironment is a global leader in unmanned aircraft systems and tactical missile systems, and serves defense, government and commercial customers. For more information, visit www.avinc.com.

About Telerob

Telerob Gesellschaft für Fernhantierungstechnik mbH is an independent, medium-sized, owner-managed company based in Ostfildern near Stuttgart, Germany, producing defense and homeland security solutions. The product range includes remote-controlled robots for disarming improvised explosive devices and investigating CBRN hazards, fully equipped service vehicles as well as mobile system solutions ensuring the safety and security of critical infrastructure and people. For more information, visit https://www.telerob.com/en/.

Safe Harbor Statement

Certain statements in this press release may constitute “forward-looking statements” as that term is defined in the Private Securities Litigation Reform Act of 1995. These statements are made on the basis of current expectations, forecasts and assumptions that involve risks and uncertainties, including, but not limited to, economic, competitive, governmental and technological factors outside of our control, that may cause our business, strategy or actual results to differ materially from those expressed or implied. Factors that could cause actual results to differ materially from the forward-looking statements include, but are not limited to, our ability to successfully consummate the transactions contemplated by the agreement to purchase Telerob on a timely basis, if at all, including the satisfaction of the closing conditions of such transactions; the risk that disruptions will occur from the transactions that will harm our business; any disruptions or threatened disruptions to our relationships with our distributors, suppliers, customers and employees; the ability to timely and sufficiently integrate international operations into our ongoing business and compliance programs; our ability to perform under existing contracts and obtain additional contracts; changes in the regulatory environment; the activities of competitors; failure of the markets in which we operate to grow; failure to expand into new markets; failure to develop new products or integrate new technology with current products; and general economic and business conditions in the United States and elsewhere in the world. For a further list and description of such risks and uncertainties, see the reports we file with the Securities and Exchange Commission. We do not intend, and undertake no obligation, to update any forward-looking statements, whether as a result of new information, future events or otherwise.

For additional media and information, please follow us at:

Facebook: https://www.facebook.com/aerovironmentinc/

Twitter: https://twitter.com/aerovironment

LinkedIn: https://www.linkedin.com/company/aerovironment

YouTube: http://www.youtube.com/user/AeroVironmentInc

Instagram: https://www.instagram.com/aerovironmentinc/

View source version on businesswire.com: https://www.businesswire.com/news/home/20201208006098/en/

Media:

Mark Boyer

For AeroVironment, Inc.

+1 (310) 229-5956

[email protected]

AeroVironment Corporate Communications

+1 (805) 520-8350

[email protected]

Investors:

AeroVironment, Inc.

Makayla Thomas

+1 (805) 520-8350

[email protected]

KEYWORDS: Germany Europe United States North America California Pennsylvania

INDUSTRY KEYWORDS: Technology Other Defense Maritime Security Air Transport Photography Software Hardware Defense

MEDIA:

Logo

Photo

AeroVironment Acquires Telerob, a Leader in Ground Robotic Solutions, to Expand Multi-Domain Unmanned Systems Offering and Global Presence (Graphic: Business Wire)

Vivint Smart Home Announces Redemption of Public Warrants

PROVO, Utah–(BUSINESS WIRE)–Vivint Smart Home, Inc. (NYSE: VVNT) (the “Company”) today announced that it has delivered a notice of redemption to redeem all of its outstanding warrants (the “Public Warrants”) to purchase shares of the Company’s Class A common stock, $0.0001 par value per share (the “Common Stock”), that were issued under the Warrant Agreement, dated as of September 26, 2017 (the “Warrant Agreement”), by and between the Company (f/k/a Mosaic Acquisition Corp.) and Continental Stock Transfer & Trust Company, as warrant agent (the “Warrant Agent”), and that remain unexercised at 5:00 p.m., New York City time, on January 7, 2020 (the “Redemption Date”) for a redemption price of $0.01 per Public Warrant (the “Redemption Price”). Warrants to purchase Common Stock that were issued under the Warrant Agreement in a private placement and still held by the initial holders thereof or their permitted transferees are not subject to this redemption.

Under the terms of the Warrant Agreement, the Company has the right to redeem all of the outstanding Public Warrants if the last sales price of the Common Stock is at least $18.00 per share on each of 20 trading days within any 30-day trading period ending on the third business day prior to the date on which a notice of redemption is given. The last sales price of the Common Stock has been at least $18.00 per share on each of 20 trading days within the 30-day trading period ending on December 3, 2020. At the direction of the Company, the Warrant Agent has delivered a notice of redemption to each registered holder of the outstanding Public Warrants.

The Public Warrants may be exercised by the holders thereof until 5:00 p.m. New York City time on the Redemption Date to purchase fully paid and non-assessable shares of Common Stock underlying such warrants, at the exercise price of $11.50 per share. Any Public Warrants that remain unexercised at 5:00 p.m. New York City time on the Redemption Date will be void and no longer exercisable, and the holders of those Public Warrants will be entitled to receive only the redemption price of $0.01 per warrant.

None of the Company, its board of directors or employees has made or is making any representation or recommendation to any holder of the Public Warrants as to whether to exercise or refrain from exercising any Public Warrants.

The shares of Common Stock underlying the Public Warrants have been registered by the Company under the Securities Act of 1933, as amended, and are covered by a registration statement filed on Form S-1 with, and declared effective by, the Securities and Exchange Commission (Registration No. 333-236340).

Questions concerning redemption and exercise of the Public Warrants can be directed to Continental Stock Transfer & Trust Company, 1 State Street, 30th Floor, New York, New York 10004, Attention: Compliance Department, telephone number (212) 509-4000.

No Offer or Solicitation

This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any offer of any of the Company’s securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction.

About the Company

Vivint is a leading smart home company in North America. Vivint delivers an integrated smart home system with in-home consultation, professional installation and support delivered by its Smart Home Pros, as well as 24/7 customer care and monitoring. Dedicated to redefining the home experience with intelligent products and services, Vivint serves approximately 1.7 million customers throughout the U.S. and Canada. For more information, visit https://www.vivint.com.

Forward Looking Statements

This press release includes certain forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. These statements are based on the beliefs and assumptions of the Company’s management. Although the Company believes that its plans, intentions and expectations reflected in or suggested by these forward-looking statements are reasonable, the Company cannot assure you that it will achieve or realize these plans, intentions or expectations. Forward-looking statements are inherently subject to risks, uncertainties and assumptions. Generally, statements that are not historical facts, including statements concerning our possible or assumed future actions, business strategies, events or results of operations, are forward-looking statements. These statements may be preceded by, followed by or include the words “believes,” “estimates,” “expects,” “projects,” “forecasts,” “may,” “will,” “should,” “seeks,” “plans,” “scheduled,” “anticipates” or “intends” or similar expressions.

Forward-looking statements are not guarantees of performance. You should not put undue reliance on these statements which speak only as of the date hereof. You should understand that the factors discussed in our Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2020, as filed on May 11, 2020, our Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2020, as filed on August 6, 2020 and our Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2020, as filed on September 5, 2020, as such factors may be updated from time to time in the Company’s periodic filings with the SEC, could affect our future results and could cause those results or other outcomes to differ materially from those expressed or implied in our forward-looking statements.

The Company undertakes no obligations to update or revise publicly any forward-looking statements, whether a result of new information, future events, or otherwise, except as required by law.

Source: Vivint Smart Home, Inc.

VVNT-N

View source version on businesswire.com: https://www.businesswire.com/news/home/20201208005107/en/

Investor Relations Contact:

Nate Stubbs

VP, Investor Relations

[email protected]

KEYWORDS: Utah United States North America

INDUSTRY KEYWORDS: Technology Mobile/Wireless Construction & Property Security Audio/Video Hardware Electronic Design Automation Residential Building & Real Estate Consumer Electronics

MEDIA:

Logo