APX Group Holdings, Inc. (APX) saw its loss narrow to $69.97 million in the quarter ended compared with $125.07 million, a year ago.
Revenue during the quarter grew 17.65 percent to $198.34 million from $168.58 million in the previous year period. Operating margin for the quarter stood at negative 8.94 percent as compared to a negative 46.36 percent for the previous year period.
Operating loss for the quarter was $17.74 million, compared with an operating loss of $78.16 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at $118 million compared with $102.70 million in the prior year period. At the same time, adjusted EBITDA margin contracted 143 basis points in the quarter to 59.50 percent from 60.92 percent in the last year period.
"We finished the selling season with a record number of new subscribers and the highest Average RMR per New Subscriber in our company’s history," said Todd pedersen, chief executive officer of APX Group. "Of particular note was the growth in our national inside sales channel, which grew 47% year over year in the third quarter, a result of increased brand recognition and execution of the sales team. We're also pleased with the higher attach rates for smart home devices, which not only increases value to our customers, but also drives higher RMR and margin per subscriber for Vivint."
Operating cash flow remains negative
APX Group Holdings, Inc. has spent $224.79 million cash to meet operating activities during the nine month period as against cash outgo of $129.62 million in the last year period.
The company has spent $9.87 million cash to meet investing activities during the nine month period as against cash outgo of $43.18 million in the last year period.
Cash flow from financing activities was $425.02 million for the nine month period, up 149.70 percent or $254.81 million, when compared with the last year period.
Cash and cash equivalents stood at $192.44 million as on Sep. 30, 2016, up 2,877.55 percent or $185.98 million from $6.46 million on Sep. 30, 2015.
Working capital remains negative
Working capital of APX Group Holdings, Inc. was negative $30.97 million on Sep. 30, 2016 compared with negative $192.30 million on Sep. 30, 2015. Current ratio was at 0.90 as on Sep. 30, 2016, up from 0.27 on Sep. 30, 2015.
Days sales outstanding were almost stable at 4 days for the quarter, when compared with the last year period.
Debt moves up
APX Group Holdings, Inc. has witnessed an increase in total debt over the last one year. It stood at $2,516.80 million as on Sep. 30, 2016, up 20.45 percent or $427.34 million from $2,089.46 million on Sep. 30, 2015. Total debt was 93.08 percent of total assets as on Sep. 30, 2016, compared with 87.60 percent on Sep. 30, 2015.
Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: editor@irisindia.net
