Business
Alarm.com Reports Second Quarter 2024 Results
-- Second quarter SaaS and license revenue increased 11.0% to $155.9 million, compared to $140.4 million for the second quarter of 2023 -- -- Second quarter
About this update from Alarm.com Holdings, Inc.
[{"type":"text","content":"\n-- Second quarter SaaS and license revenue increased 11.0% to $155.9 million, compared to $140.4 million for the second quarter of 2023 --\n\n\n-- Second quarter GAAP net income attributable to common stockholders increased 112.1% to $33.5 million, compared to $15.8 million for the second quarter of 2023 --\n\n\n-- Second quarter non-GAAP adjusted EBITDA increased 17.8% to $42.8 million, compared to $36.4 million for the second quarter of 2023 --\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, 2024. Alarm.com also provided its financial outlook for SaaS and license revenue for the third quarter of 2024 and increased its guidance for revenue, non-GAAP adjusted EBITDA and non-GAAP adjusted net income attributable to common stockholders for the full year of 2024.\n\n\n“We’re pleased to report solid results for the second quarter,” said Steve Trundle, CEO of Alarm.com. “We continued to drive growth in diverse areas of the business and to support our service provider partners with an expanding range of innovative solutions for both the residential and commercial markets.”\n\n\nSecond Quarter 2024 Financial Results as Compared to Second Quarter 2023\n\n\n\nSaaS and license revenue increased 11.0% to $155.9 million, compared to $140.4 million.\n\n\n\nTotal revenue increased 4.4% to $233.8 million, compared to $223.9 million.\n\n\n\nGAAP net income attributable to common stockholders increased 112.1% to $33.5 million, or $0.62 per diluted share, compared to $15.8 million, or $0.30 per diluted share.\n\n\n\nNon-GAAP adjusted EBITDA(*) increased 17.8% to $42.8 million, compared to $36.4 million.\n\n\n\nNon-GAAP adjusted net income attributable to common stockholders(*) increased 20.2% to $32.0 million, or $0.58 per diluted share, compared to $26.6 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 $1.1 billion as of June 30, 2024, compared to $697.0 million as of December 31, 2023. The increase in cash and cash equivalents was primarily due to the issuance of $500.0 million aggregate principal amount of 2.25% convertible senior notes due June 1, 2029 in a private placement to qualified institutional buy...