Best Buy Partners with Vivint Smart Home to Launch Leading-Edge Smart Home Service

RICHFIELD, Minn. & PROVO, Utah–(BUSINESS WIRE)–Best Buy and Vivint Smart Home today announced a strategic partnership
to give customers an easy way to automate and manage their homes, called
Best Buy Smart Home powered by Vivint. With a nationwide rollout
beginning this summer, Best Buy customers will be able to visit one of
more than 400 of the chain’s large-format stores to consult with a smart
home expert, design a comprehensive system, and receive professional
installation and monitoring, often within 24 hours.


Guided by in-store experts, customers can select from a suite of leading
smart home products from Vivint and other partners – including smart
locks, lights, cameras, thermostats and more – and purchase their
products upfront or take advantage of special financing. Accompanying
service plans include 24/7 professional monitoring with emergency
response, always-on cellular connection, 30-day video storage, online
and phone support, in-home service and equipment protection. Customers
also have the option to select a no-contract service plan. Vivint’s
smart home platform works with voice assistants, such as Amazon Echo and
Google Home, enabling consumers to control their smart home devices with
their voice.

“Best Buy is all about helping customers pursue their passions and
enrich their lives with the help of technology,” said Asheesh Saksena,
Chief Strategic Growth Officer at Best Buy. “To deliver on that promise,
we work with industry leading partners to curate the best products,
services and solutions that address the everyday needs of our
customers. Our partnership with Vivint is a perfect example of that
strategy.”

“At Vivint, our vision from the beginning has been to deliver smart home
for the mass market,” said Alex Dunn, president of Vivint Smart Home.
“Together with Best Buy, we are further encouraging adoption by
providing customers with a comprehensive smart home offering and a
personalized retail experience.”

Best Buy has been a leader in home technology services and products for
years. Last year, the company sold more than 55 million connected
devices and provided in-home, in-store and online technology services
nearly 16 million times.

Vivint Smart Home has more than 1 million customers and has installed
more than 15 million smart home devices in North American homes.
Recently named the No. 1 smart home services provider in the U.S. by
Strategy Analytics, Vivint is also one of Fast Company’s World’s
50 Most Innovative Companies for 2017.

Vivint and Best Buy were also named the No. 1 and No. 2 Top Smart Home
Integrators, respectively, in the 2017
CE Pro 100 List
.

For more information, visit www.bestbuy.com/smarthomesecurity.

Forward-Looking Statements

This press release contains forward-looking statements within the
meaning of the federal securities laws, including statements concerning
the Best Buy Smart Home powered by Vivint program (the “Program”).
Such forward-looking statements are subject to various risks and
uncertainties, including, among others, risks inherent in the smart home
industry, competition for smart home customers, litigation, complaints
or adverse publicity, macroeconomic factors beyond the control of Best
Buy and Vivint Smart Home (the “Parties”), product liability
claims, increases or decreases in utility and other energy costs,
increased costs related to utility or governmental requirements, cost
increases or shortages in security and smart home technology products or
components and the impact to the Parties’ business, results of
operations, financial condition and customer experience of the Program.
In addition, the origination and retention of new subscribers will
depend on various factors, including, but not limited to, market
availability, subscriber interest, the availability of suitable
components, the negotiation of acceptable contract terms with
subscribers, local permitting, licensing and regulatory compliance, and
the Parties’ ability to manage any expansion and to hire, train and
retain qualified personnel, the financial viability of subscribers,
changes in industry and category conditions, changes in consumer
spending and debt levels, strategic initiatives of competitors and
vendors, and general economic conditions (including fluctuations in
housing prices, oil markets and jobless rates). Additional factors that
could cause the Parties’ results to differ materially from those
described in the forward-looking statements can be found in the “Risk
Factors” section of the Annual Report on Form 10-K of Best Buy Co., Inc.
for the fiscal year ended January 28, 2017 and APX Group Holdings, Inc.,
Vivint Smart Home’s indirect parent, for the fiscal year ended December
31, 2016, in each case as filed with the SEC, as such factors may be
updated from time to time in Best Buy Co., Inc.’s and APX Group
Holdings, Inc.’s respective periodic filings with the SEC, which are
accessible on the SEC’s website at www.sec.gov.
Accordingly, there are or will be important factors that could cause
actual outcomes or results to differ materially from those indicated in
these statements. These factors should not be construed as exhaustive
and should be read in conjunction with the other cautionary statements
that are included in Best Buy Co., Inc.’s and APX Group Holdings, Inc.’s
respective filings with the SEC. Neither Party undertakes any obligation
to update or review any forward-looking statement, whether as a result
of new information, future developments or otherwise, except as required
by law.

Contacts

Best Buy
Paula Baldwin, 612-231-5146
press@bestbuy.com
or
Vivint
Smart Home

Liz Tanner, 801-229-6956
liz.tanner@vivint.com