Business
Alarm.com Announces Business Update, Preliminary 2022 Third Quarter Financial Results, and Earnings Release Date
TYSONS, Va.--(BUSINESS WIRE)-- Alarm.com Holdings, Inc. (Nasdaq: ALRM), the leading platform for the intelligently connected property, today announced that
About this update from Alarm.com Holdings, Inc.
[{"type":"text","content":" TYSONS, Va.--(BUSINESS WIRE)--\nAlarm.com Holdings, Inc. (Nasdaq: ALRM), the leading platform for the intelligently connected property, today announced that Vivint Inc. has notified the company that it will stop paying license fees to Alarm.com under the Patent Cross License Agreement between the companies. Vivint has paid the required licensing fees to Alarm.com since the agreement was executed in November 2013.\n\nAlarm.com disputes Vivint’s refusal of payment, has filed for arbitration per the agreement, and is actively evaluating additional legal remedies.\n\nBeginning with the fourth quarter of 2022, Alarm.com believes that quarterly SaaS and license revenue and total revenue will be impacted by approximately $6 million, or 2.8% of total revenue in the fourth quarter of 2022. Alarm.com also believes that quarterly earnings and cashflow will be impacted by the aforementioned $6 million, plus additional legal fees.\n\nAlarm.com is also releasing preliminary third quarter 2022 financial results.\n\n\nThird quarter SaaS and license revenue is expected to be between $132.8 million and $133 million, compared to the company’s guidance of $130.9 million to $131.1 million.\n\n\nThird quarter hardware revenue is expected to be between $82.0 million and $82.5 million.\n\n\nThird quarter total revenue is expected to be between $215 million and $215.5 million.\n\n\nThe foregoing expected results are preliminary and are subject to change based on the completion of the company’s quarter-end review process. These preliminary financial results include calculations or figures that have been prepared internally by management and have not been reviewed by the company’s independent registered public accounting firm.\n\nAlarm.com will discuss these developments and report final 2022 third quarter financial results after the market close on Tuesday, November 8, 2022. Management will host a conference call and webcast at 4:30 p.m. ET that same day.\n\nPlease click here to pre-register for the conference call and obtain your dial in number and individual passcode.\n\nYou can also listen to the call via webcast on Alarm.com’s investor relations website. A recorded version will be available under the same link following the conclusion of the conference call.\n\nAbout Alarm.com Holdings, Inc.\n\nAlarm.com is the leading platform for the intelligently...