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Mar 31, 2023
Alarm.com Q1 2023 Earnings Report
Reported solid first quarter results with continued momentum across the business.
Key Takeaways
Alarm.com reported a 2.1% increase in total revenue to $209.7 million and a GAAP net income attributable to common stockholders of $14.4 million, or $0.28 per diluted share. SaaS and license revenue increased by 9.9% to $135.4 million. The company also provided its financial outlook for SaaS and license revenue for the second quarter of 2023 and increased its revenue, non-GAAP adjusted EBITDA and non-GAAP adjusted net income attributable to common stockholders guidance for the full year of 2023.
SaaS and license revenue increased 9.9% to $135.4 million compared to Q1 2022.
GAAP net income attributable to common stockholders increased to $14.4 million, or $0.28 per diluted share, compared to $9.1 million, or $0.18 per diluted share, primarily due to a $5.0 million increase in interest income.
Non-GAAP adjusted EBITDA increased to $30.6 million, compared to $29.9 million.
Total cash and cash equivalents decreased to $606.4 million as of March 31, 2023.
Alarm.com
Alarm.com
Alarm.com Revenue by Segment
Revenue by Segment
SaaS and License Revenue
CapyFin.comHardware and Other Revenue
CapyFin.com Forward Guidance
Alarm.com is providing its outlook for SaaS and license revenue for the second quarter of 2023 and increasing its revenue, non-GAAP adjusted EBITDA and non-GAAP adjusted net income attributable to common stockholders guidance for the full year of 2023 based upon current management expectations. This guidance assumes no contribution from the Vivint license agreement.
Positive Outlook
- SaaS and license revenue is expected to be in the range of $137.2 million to $137.4 million for the second quarter of 2023.
- SaaS and license revenue is expected to be in the range of $555.9 million to $556.5 million for the full year of 2023.
- Total revenue is expected to be in the range of $855.9 million to $881.5 million for the full year of 2023, which includes anticipated hardware and other revenue in the range of $300.0 million to $325.0 million.
- Non-GAAP adjusted EBITDA is expected to be in the range of $120.0 million to $125.0 million for the full year of 2023.
- Non-GAAP adjusted net income attributable to common stockholders is expected to be in the range of $84.6 million to $87.5 million for the full year of 2023, based on an estimated tax rate of 21.0%.
Challenges Ahead
- The 2023 guidance provided above is forward-looking in nature. Actual results may differ materially.
- Reconciliation of non-GAAP adjusted EBITDA and non-GAAP adjusted net income attributable to common stockholders guidance to the closest corresponding GAAP measure is not available without unreasonable efforts on a forward-looking basis due to the high variability, complexity and low visibility with respect to the charges excluded from these non-GAAP measures.
- Non-ordinary course litigation expense, acquisition-related expense and tax windfall adjustments can have unpredictable fluctuations based on unforeseen activity that is out of our control and/or cannot reasonably be predicted.
- Macroeconomic Conditions could impact demand for the Company's products.
- Vivint's refusal to pay license fees and related legal actions could impact results.
Revenue & Expenses
Visualization of income flow from segment revenue to net income