SMART home security provider Alarm.com posted SaaS and license revenue of $US77.8 million in the fourth quarter of 2018. Hardware and other revenue in the fourth quarter was $33.6 million, a 42 per cent increase over Q4 2017 – primarily an increase in security camera sales.
Across 2018 SaaS and license revenue grew 23 per cent from the prior year to $291.1 million. During an earnings call recently, Alarm.com President and CEO Steve Trundle said the fourth-quarter results “were above our expectations.”
“We saw nice growth in our core residential and commercial security business and in other markets as reported by our other segment businesses. We believe that our progress in 2018 successfully extended our leadership in the connected property space,” he said.
According to Trundle, Alarm.com has more than 8000 authorized dealers and its security solutions are installed in more than 6.1 million properties globally, with more than 90 million connected devices and sensors enabled by the company’s cloud services.
“We continue to see strong sales of our video cameras, with about 1 in 4 installs going to our existing install base of subscribers and the remainder going to new subscribers,” CFO Steve Valenzuela said during the earnings call.
Revenue for the quarter increased 25 per cent year-over-year to $111.4 million versus the consensus estimate of $99.57 million. For all of 2018, total revenue grew 24 per cent to $420.5 million.
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