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Sep 30, 2022
Alarm.com Q3 2022 Earnings Report
Alarm.com reported solid Q3 2022 results, with revenue and net income increasing year-over-year.
Key Takeaways
Alarm.com reported a 12.4% increase in total revenue to $216.1 million and a GAAP net income of $18.3 million for the third quarter of 2022. The company's SaaS and license revenue grew by 12.8% to $133.1 million. The company also completed the acquisition of Noonlight during the quarter.
SaaS and license revenue increased 12.8% year-over-year to $133.1 million.
Total revenue increased 12.4% year-over-year to $216.1 million.
GAAP net income attributable to common stockholders increased to $18.3 million, or $0.35 per diluted share.
Non-GAAP adjusted EBITDA increased to $40.8 million.
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 provided its outlook for SaaS and license revenue for the fourth quarter of 2022 and its guidance for the full year of 2022. As a result of Vivint’s refusal to pay license fees under the agreement, beginning with the fourth quarter of 2022, Alarm.com believes that quarterly SaaS and license revenue and total revenue will be impacted by approximately $6.0 million.
Positive Outlook
- SaaS and license revenue is expected to be in the range of $130.5 million to $130.7 million for Q4 2022.
- SaaS and license revenue is expected to be in the range of $516.3 million to $516.5 million for the full year of 2022.
- Total revenue is expected to be in the range of $840.3 million to $842.5 million for the full year of 2022.
- Hardware and other revenue is anticipated to be in the range of $324.0 million to $326.0 million for the full year of 2022.
- Non-GAAP adjusted EBITDA is expected to be in the range of $141.6 million to $142.6 million for the full year of 2022.
Challenges Ahead
- Vivint notified Alarm.com it will stop paying license fees to Alarm.com under the agreement.
- Quarterly SaaS and license revenue and total revenue will be impacted by approximately $6.0 million due to Vivint’s refusal to pay license fees.
- Quarterly earnings and cash flow will be impacted by the aforementioned $6.0 million, plus significant additional legal fees.
- Non-GAAP adjusted net income attributable to common stockholders is expected to be in the range of $101.1 million to $101.6 million, based on an estimated tax rate of 21.0% for the full year of 2022.
- Non-GAAP adjusted net income attributable to common stockholders is expected to be $1.84 to $1.85 per diluted share for the full year of 2022.
Revenue & Expenses
Visualization of income flow from segment revenue to net income