Business
Alarm.com Reports Second Quarter 2023 Results
-- Second quarter SaaS and license revenue increased to $140.4 million, compared to $129.5 million for the second quarter of 2022 -- -- Second quarter GAAP
About this update from Alarm.com Holdings, Inc.
[{"type":"text","content":"\n-- Second quarter SaaS and license revenue increased to $140.4 million, compared to $129.5 million for the second quarter of 2022 --\n-- Second quarter GAAP net income attributable to common stockholders increased to $15.8 million, compared to $10.8 million for the second quarter of 2022 --\n-- Second quarter non-GAAP adjusted EBITDA of $36.4 million, compared to $37.1 million for the second 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 second quarter ended June 30, 2023. Alarm.com also provided its financial outlook for SaaS and license revenue for the third quarter of 2023 and increased its guidance for the full year of 2023.\n\n\n“We’re pleased to report solid results in our second quarter and progress on our goals for this year,” said Steve Trundle, CEO of Alarm.com. “During the quarter, we released important new products and capabilities that give our service providers best-in-class solutions for the residential and commercial smart property markets.”\n\n\nSecond Quarter 2023 Financial Results as Compared to Second Quarter 2022\n\n\n\nSaaS and license revenue increased 8.5% to $140.4 million, compared to $129.5 million.\n\n\nExcluding Vivint license revenue from the second quarter of 2022, non-GAAP adjusted SaaS & license revenue growth rate(*) was 13.3%.\n\n\n\n\n\n\nTotal revenue increased 5.2% to $223.9 million, compared to $212.8 million.\n\n\n\nGAAP net income attributable to common stockholders increased to $15.8 million, or $0.30 per diluted share, compared to $10.8 million, or $0.21 per diluted share, primarily due to a $6.4 million increase in interest income.\n\n\n\nNon-GAAP adjusted EBITDA(*) was $36.4 million, compared to $37.1 million.\n\n\n\nNon-GAAP adjusted net income attributable to common stockholders(*) was $26.6 million, or $0.49 per diluted share, compared to $26.9 million or $0.49 per diluted share.\n\n\n\nBalance Sheet and Cash Flow\n\n\n\nTotal cash and cash equivalents increased to $627.0 million as of June 30, 2023, compared to $622.2 million as of December 31, 2022. During the second quarter of 2023, we repurchased 134,255 shares of Alarm.com common stock at an average price of $50.11, for $6.7 million.\n\n\n\nFor the quarter ended June 30, 2...