Alarm.com Q3 Revenue Jumps 12.4 Per Cent
Alarm.com Q3 Revenue Jumps 12.4 Per Cent – Alarm.com has reported its Q3 financial results with total revenue increasing 12.4 per cent to $US216.1 million, compared to $192.3 million.
Q3 SaaS and license revenue increased 12.8 per cent to $133.1 million, compared to $118.1 million. For Q4 2022, SaaS and license revenue is expected to be in the range of $130.5 million to $130.7 million.
“Our core businesses in residential and commercial security, video, and energy management all contributed nicely to another solid quarter and have sustained their momentum to date,” says Steve Trundle, president and CEO of Alarm.com.
“We were also pleased to spend time in person with many of our service providers during our annual partner summit in early October and also to have completed the acquisition of Noonlight during the third quarter.”
Total cash and cash equivalents decreased to $621.3 million as of September 30, 2022, compared to $710.6 million as of December 31, 2021, due to the repurchase of 840,249 shares of Alarm.com common stock for $51.9 million during the 9 months ended September 30, 2022, as well as cash used for an acquisition and a land purchase to support future growth plans.
For the full year of 2022, SaaS and license revenue is expected to be in the range of $516.3 million to $516.5 million, while total revenue is expected to be in the range of $840.3 million to $842.5 million, which includes hardware and other revenue in the range of $324.0 million to $326.0 million.
Alarm.com also announced it expects its Q4 SaaS and license revenue, total revenue, quarterly earnings and cash flow will be impacted by $6 million after Vivint announced it would stop paying Alarm.com license fees under a Patent Cross License agreement executed in November 2013, a decision Alarm.com is disputing via an arbitration case.