Business
Alarm.com Reports First Quarter 2023 Results
-- First quarter SaaS and license revenue increased to $135.4 million, compared to $123.2 million for the first quarter of 2022-- -- First quarter GAAP net
About this update from Alarm.com Holdings, Inc.
[{"type":"text","content":"\n-- First quarter SaaS and license revenue increased to $135.4 million, compared to $123.2 million for the first quarter of 2022--\n\n\n-- First quarter GAAP net income attributable to common stockholders increased to $14.4 million, compared to $9.1 million for the first quarter of 2022 --\n\n\n-- First quarter non-GAAP adjusted EBITDA increased to $30.6 million, compared to $29.9 million for the first quarter of 2022 --\n\n\n TYSONS, Va.--(BUSINESS WIRE)--\nAlarm.com Holdings, Inc. (Nasdaq: ALRM), the leading platform for the intelligently connected property, today reported financial results for its first quarter ended March 31, 2023. Alarm.com 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.\n\n\n“We’re pleased to report solid first quarter results and continued momentum across the business to start the new year,” said Steve Trundle, CEO of Alarm.com. “Many of the markets we serve performed well and aggregate performance was better than expected. As we continue to grow our diversified business, we also executed on a set of cost reduction initiatives to enhance company efficiency.”\n\n\nFirst Quarter 2023 Financial Results as Compared to First Quarter 2022\n\n\n\nSaaS and license revenue increased 9.9% to $135.4 million, compared to $123.2 million.\n\n\nExcluding Vivint license revenue from the first quarter of 2022, non-GAAP adjusted SaaS & license revenue growth rate(*) was 14.9%.\n\n\n\n\n\n\nTotal revenue increased 2.1% to $209.7 million, compared to $205.4 million.\n\n\n\nGAAP 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.\n\n\n\nNon-GAAP adjusted EBITDA(*) increased to $30.6 million, compared to $29.9 million.\n\n\n\nNon-GAAP adjusted net income attributable to common stockholders(*) increased to $22.0 million, or $0.41 per diluted share, compared to $21.3 million or $0.39 per diluted share.\n\n\n\nBalance Sheet and Cash Flow\n\n\n\nTotal cash and cash equivalents decreased to $606.4 million as of March 31, 2023, compared to $622.2 million as of Decembe...