Alarm.com Sales Leap
♦ Alarm.com sales leap 19.1 per cent in Q1 to $US205 million, though component and freight costs increased.
“We’re pleased with the level of demand for our products and services that we saw Q1,” said Steve Trundle, president and CEO of Alarm.com.
Trundle said the company absorbed the increased component and freight costs in Q1 that pressured its hardware gross margins, and as a result Alarm.com is facing in a second price increase of the year on select products.
“We navigated the many supply chain challenges during the quarter,” Trundle said. “We provided a high level of products to our service providers to support their subscriber additions and incurred meaningfully higher shipping and inventory component costs while delivering higher Adjusted EBITDA than expected. Our research and development teams also delivered innovative, award-winning technology, including expanding our video analytics platform to address additional market segments.”
According to Trundle, one of the hottest segments for the company is the attachment of video to their intrusion systems.
“Consumers increasingly view security systems as the platform for an intelligent multi-device smart home,” Trundle said. “Alarm.com and our service providers are driving this trend and leading the industry, particularly in deploying video solutions. In 2021, our service provider partners attached video to nearly half of all new security and smart home accounts.”
In Q1, $123.2 million of Alarm.com’s revenues came from its SaaS and license monitoring fees, up from $107.4 million the previous year’s Q1. The company says it expects SaaS and license revenue targets in the range of $512.7 million to $513.3 million this year, with total revenue in the range of $822.7 million to $853.3 million.
Alarm.com has $671.8 million in available cash.
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