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Sep 30, 2023
Alarm.com Q3 2023 Earnings Report
Alarm.com reported solid results in Q3 2023, with SaaS and license revenue increasing and GAAP net income attributable to common stockholders also showing growth.
Key Takeaways
Alarm.com reported a 2.6% increase in total revenue to $221.9 million and an increase in SaaS and license revenue by 8.9% to $145.0 million. GAAP net income attributable to common stockholders increased to $19.5 million, or $0.37 per diluted share. The company also provided its financial outlook for SaaS and license revenue for Q4 2023 and increased its SaaS and license 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 by 8.9% to $145.0 million compared to $133.1 million in Q3 2022.
Total revenue increased by 2.6% to $221.9 million compared to $216.1 million in Q3 2022.
GAAP net income attributable to common stockholders increased to $19.5 million, or $0.37 per diluted share, compared to $18.3 million, or $0.35 per diluted share in Q3 2022.
Non-GAAP adjusted EBITDA increased to $41.4 million, compared to $40.8 million in Q3 2022.
Revenue by Segment
Forward Guidance
Alarm.com is providing its outlook for SaaS and license revenue for the fourth quarter of 2023 and increasing its SaaS and license 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.
Positive Outlook
- SaaS and license revenue is expected to be in the range of $146.0 million to $146.2 million for the fourth quarter of 2023.
- SaaS and license revenue is expected to be in the range of $566.9 million to $567.1 million for the full year of 2023.
- Total revenue is expected to be in the range of $878.9 million to $881.1 million for the full year of 2023, which includes anticipated hardware and other revenue in the range of $312.0 million to $314.0 million.
- Non-GAAP adjusted EBITDA is expected to be in the range of $143.0 million to $144.0 million for the full year of 2023.
- Non-GAAP adjusted net income attributable to common stockholders is expected to be in the range of $103.5 million to $105.0 million, based on an estimated tax rate of 21.0% for the full year of 2023.
Challenges Ahead
- The 2023 guidance provided is forward-looking in nature and actual results may differ materially.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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