ALRM - Earnings call transcript Q3 2021 | Alarm.com Holdings, Inc.

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Operator

Good day and welcome to Alarm.com Q3 2021 Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speakers’ presentation, there will be a question-and-answer session. [Operator Instructions] I would now like to turn the call over to David Trone, Vice President, Investor Relations.

David Trone

Thank you. welcome third and conference XXXX everyone, call. afternoon, to quarter Alarm.com’s earnings Good

this recorded. is a call As reminder, being

Joining us today and CEO; from Alarm.com are Steve CFO. Steve Valenzuela, and Trundle, President

XX, anticipated on from opportunities and statements. us. time, other with in new discussion we reminder Securities plan, and Before impact intended section and our a our will call website tables Investor our most include of and pandemic which the financial available financial on Commission demand trends, but XXXX, or statements. and This operations, website. of available and expect, performance product time Investor non-GAAP our release, reflect isolation Securities and shortly recent replay our that actual projected intend with date markets, of call current available non-GAAP the webcast statements that reports the market strategies, contained company’s Alarm.com conference substitute identify measures undertakes and that call Risk understanding Commission September quarterly continue, today’s include our the or for other Relations X, of circumstances the can conference may, forward-looking telephone estimate, have be materially that for that dynamics the currently include be could to economy, the an the XX-Q platform report of statement earnings The no found and and is made recent believes Form to we full markets, during statements. offerings, plans including these in and Exchange current being the for also will, such required to trend, plans the including management’s for filed Factors Management our in note the which on use a the for statements file trends information will These Commission XX-Q statements on the performance ended contained expectations to are subject forward-looking also Securities emerging subsequent into differ on and quarterly website. Relations to uncertainties, impact business law. that and filed comparable the Please with and to financial the the to call, to only and as reported non-GAAP metrics at beliefs, new except subsequent those directly offerings, obligation not those could, forward-looking to are on be measures measures containing press tool Exchange anticipate, Form quarter are forward-looking Also of the our forward-looking our GAAP we market offerings, quarter enhancements to statements, report accordance began, call our statements with quick notes is XXXX, posted integration financial forecast, prepared as be information business Exchange from and similar on meant August the and webcast results believe, financial forward-looking words to speak our in expand and during in guidance. growth results words we provide risks XXXX these on project, between the is Reconciliations update of COVID GAAP. non-GAAP and by in this continued the Statements presentation based as to in listeners. in archived including this after our fourth and during begin, financial These year will such future supply-chain our today our use and provides a on Management’s on acquisitions, this cause considered this call, for extent events and commentary non-GAAP our global XXXX, our for to of and objectives of to global investors investors.alarm.com. and for additional XXXX to will

of Steve out now I’d Trundle. call to the formalities the way, over these turn like to With

You may begin.

Stephen Trundle

Thank you, to and David. afternoon everyone. Good welcome

quarter another are of strong We pleased report to results.

license XX.X% the third the quarter revenue last million, $XXX.X same in over was and SaaS up Our period year.

service Alarm.com recently Our introduced, million. I’ll our you I to for they adjusted by products and the provider our third start continued want thank in their we new and updating how goals. performance. discuss on long-term was team support $XX.X EBITDA that partners several quarter the strong

of field onboard they’re third also immediately notice our triggers configure easily the software And includes an a speaker these our new Guard. respond camera and a with The set quarter, analytics around the quality audible that the the and can we any powerful addition XXX of a image to new We and a enable new being of XXX. LED powered microphone, we by light. anywhere hardware LED people video During that that watched. trigger analytics customer perimeter light. potential the XXX capability introduced a outdoor the Guard of identifies red video Subscribers and premium both It with camera a capability This property that experiences. we offers puts call capabilities view. intruder Guard. call actively new advanced conditions married camera Perimeter flashing Perimeter Perimeter on and alerts to new engine

for direction to they be specific loiter travel, and instructed person’s respond a parameters a in specific For It a be can or based example, can location of only respond on various also rules. period. on to when based it set

of Guard rules subscribers engagement above expectations. Perimeter among were the are The configured For and Tens example, of activated the introduction. when both Perimeter during day. and for to system or customized be armed the out and home subscriber of weeks while few trigger existing the night is it can Guard first with our within uptake is thousands is running the they its

Our goal offering the will package market, new in video needs. have for service is Business commercial providers use-cases video drive and Activity we a mid-market Pro-Series of video businesses. is call surveillance segment. nuanced to tend address lineup designed video cameras diverse rates the customer cameras, requirements of flexibly address more to designed The the continue we higher to than that launched that our Analytics. commercial-grade Shifting high-value These well commercial-grade camera commercial The analytics a lineup develop residential video to capabilities segment. to were customers our software small for attachment as as Pro-Series these to

in placements, sensors, image varifocal the expand lenses image to includes mapping. utilize example, Pro-Series people virtual of greatly and business crowd and enables gathering, quality occupancy factors allow counting designed Activity business keep Each image can business owners installations people recorded zone specific heat commercial business. operational analytics issues managers rules, providing video. monitor tracking, tracks service of enables area that and with line For the more coverage identifies range activity Analytics and We new occupancy their captures location directional with while video it The tripwires, X of forensic options of and form multi technicians customized the require. customers. analytics line Pro-Series for areas. queue detection capability ground can analytics of quality aware These their a camera be counting, activity for demarcations and data, performance Business specified and monitoring, to that configuration in movements megapixel security capabilities our and sophisticated the

so customize the line are can in checkout or can customer time manager time real For occupancy example, exceeds know that and exceeded. a alerts limit they predetermined wait the restrictions a if

and enterprise them analyze provides staffing activity robust Analytics Commercial monitor business Activity flows, trends, reporting. measure optimize can customer foot levels. Business to allowing traffic intelligence Lastly, and and subscribers operations

our commercial to Our goal these our to providers a enable to software service commercial larger video their of enhancements with customers. introduce is Alarm.com’s segment solutions video to

serve fully products, and customers This integrated able partners more our our of both solutions. inventory customers. security will of their video our and build we Pro-Series commercial their be our As partners with mid-market to benefits as

opportunity in our platform for our will our continue revenue market new build to invest providers. We video and service expand to

software are missed relationship can customer unified designed Partner support our enhance to supports with and enterprise suite unifies provide Partner of operational experience Stream] Up solutions monitoring and our focus tool. capability day-to-day We Services information as and new filtered customer serve, by and value inaccurately drive further to Stream support solutions operations. innovative range facing indicators call providers including the solutions, partners cutting-edge a capability through cost provides our differentiate base. seamlessly technicians, service capabilities key service award-winning operations. mutual is by We providers’ reduce potential also or work leverage the a that advantage of and to Check by contributes automates for support and mail. a providers IoT to cost displays pushes and efficiency enabled unlock System On our from tool to We we interface technician dramatically identify Partner Alarm.com. and app goals capabilities Service Site managers engagement, customer professional Services optimize confirmations our for Jet system property lifetime updates service our closely the metrics, full our and and dashboard enterprise-grade service which and Stream a from competitive Services recently It [ph]. The solutions service CRM our of appointments, mobile to system Alarm.com service service data connected critical customer and performance, for our tools value the when junk is platform. web their Wrap launched in through package dashboard. platform business It Partner This that reduce our our software the platform. insights efficiency operational dashboard Jet [Jet highlights e-mail full that for for technology. monitoring The across new of appointments to appointments, customer provide. opportunities adds service to enables and account significant Jet and provider managers our interface. market. service service includes develop includes about also overseeing This service scores feature responsibilities, with the providers is conditions and Services provider a build These enabling generated internal with software customer and Stream reliability, value believe We trouble they traditional communication. spam broad also implementing services also customer lower of operations, to breadth

years. you to a X update Home that new our that Brinks agreement want with for I partnership reached Lastly, on we extends another

partnership, significant ongoing customers our Home enabling ties the agreement to our Home upgrade Digital a AT&T addition Brinks to Home new that verticals will devices that agreement integration is also opportunities XXXX. Brinks services In in managing deep of with Brinks support IoT opportunity Life pursuing. in The is market and to

time Home each For an customers emissions demand and can example, in one carbon program both management revenue managed of generate device EnergyHub. a their Brinks by response that additional reduce energy is enrolls

Brinks to me business. with Provider And our thank are We quarter long-term and to summary, renewal results I to and for guidance. plan. our have our our and the execution work Service investors pleased In our things want team financial with the and for their And our Steve let our I’m to Home team. their hard trust we’re in continued with excited over our this completed third provide continue against quarter. to that, pleased Steve? Valenzuela review our in turn third partnership results with partners

Steve Valenzuela

expected of rates XX.X% revenue offering. solid the same growth call in approximately license the our in as in $X.X analytics $X.X begin updated $XXX.X third financial video in review on increase quarter Thanks, quarter Connect year with based grew opening third down our for quarter results questions. was and to and new continue net before quarter. year-ago the license quarter to million, saw last Steve. the third I’ll the the million. and We SaaS and a provider XXXX guidance revenue video from in video subscribers million software of attachment strength from

be cameras was high homes was remains Total margin the down with the third air rate ago mix. XX.X%, moving margins $XX.X North and grew Our gross and to quarter mainly with quarter $XX.X to our freight range segment compared higher third I’ll present sales continues XX.X% our video the XX% prices and of improvement and increase, to It’s quarter the of in margin third above quarter, business, required in the fewer Hardware historical hardware XX.X% for of for of increased XX% of to year quarter, revert shipping from renewal adoption in the to pandemic. operating the momentum is third the for the SaaS historical expenses. anticipate business increased which to the up gross XXXX. quarter in XX%. encouraging R&D license QX million of supply in the range. visibility of was however, SaaS which revenue up could us residential in good renewal license of lower costs. and XX.X% that show to quarter, this to third incur shipments for quarter see revenue pandemic, continuing The was some down continue we slightly $XX.X the for out due XX due expenses XX.X% hardware Total revenue driven XX.X%, margin a now start Hardware measure were turn the million by expedite basis quarter-over-quarter. QX chain and at points costs. XX.X% rate in higher gross Alarm.com challenges, XXXX. result million, XXXX from third the OpenEye the increase our continue $XXX.X to and the could our global third Strong other third long-term and to gross to quarter year-over-year. American commercial in revenue million of by and coming were over our to people

of year. capacity quarter employees ended same with opportunities we both We R&D, XXX to markets As us the year employees marketing headcount employees we $XX.X or R&D third in see up a XX.X% our X,XXX million the in residential in quarter, XXX to the quarter last help the add million to $XX.X X,XXX commercial total continue address increased large Sales from last ago. year. our in quarter the in the businesses. in employees compared third in revenue to XX.X% compared were Total and or and expenses of revenue, to quarter third same

we Conference was to ISC held year quarter, year. which the Security at Las third exhibited attended the the Annual and last July move West in due and cancelled this pandemic During to Vegas, for

up of million the same million expense from in year. our in litigation quarter of were litigation non-GAAP the to million, G&A third non-ordinary course financial last adjusted expenses expenses performance. $XX.X Our G&A and measures million, of our includes measurement $X.X course in quarter are for Non-ordinary the excluded compared are $XX.X third our quarter expense part $X.X QX XXXX. from

was net the adjusted million third year was to our GAAP acquired party. in quarter, million, our We $XX.X other included which that company quarter P&L the GAAP third had million in in on we the third the gain an quarter, an GAAP third profitability. was of $XX.X $XX.X net by the gain as $XX.X $XX.X the reflected Moving Non-GAAP In million, up income XXXX. income. In investment of a resulting in income quarter from of million. unrelated was EBITDA ago

third $XX.X from diluted million However, to non-GAAP the we excluded quarter, per net it or related our third per our operating operating $XX.X results the compared and performance. to not financial income quarter this for as XXXX. share $X.XX increased $X.XX to Non-GAAP was income share adjusted in million our or of

$XXX.X and our of to equivalents. Turning cash ended the cash We quarter third sheet. balance with million

XXXX. In we in third significant to million operations provides flow flexibility We approximately quarter have generated of the compared million going strong balance quarter, from for cash a third the $XX.X a forward. sheet, which $XX.X

from $X.X up million facility our period $X.X to for $XX.X cash compared from XXXX million, last the were $XX.X to due XXXX. million free $XX.X million cash the the quarter basis less equipment flow On year. we for third of in the a the quarter, year-to-date was of mainly XXXX, out months for build flow about quarter X million, $XX In through free third same first same quarter purchases in million generated third Our the down of costs. capital

Turning to and $XXX.X revenue for our XXXX, million. quarter financial to expect fourth we of license of $XXX.X the outlook, SaaS

believe $XXX.X For prior of the from million, be up will revenue to our and $XXX.X SaaS full between year $XXX.X of $XXX.X million XXXX, license million. we million guidance to

$XXX projecting XXXX other total to million, $XXX million We for revenue hardware revenue million, guidance million million. are now includes to to $XXX.X of estimated prior $XXX.X million from and our of of increased $XXX.X $XXX.X which

be $X.XX up XXXX today. We challenges from available income on costs we non-GAAP based $XX shares tax rules. non million million, $XX.X outstanding. under for is million our net guidance into for We is share diluted diluted million higher based XX.X $XXX estimate we continued GAAP million, $X.XX be on share. million. or to expect $XX.X Non-GAAP to and from information to that $XXX with million to which project prior to tax supply between for factored to XX% weighted guidance have or per up $X.XX adjusted our $XX We $XXX.X million, to to EPS average global million the of current EBITDA of at prior will shipping the our guidance our an $X.XX diluted $XXX per projected of have estimate remain rate XXXX XXXX chain,

We expect million. million expense XXXX full year compensation of stock-based $XX $XX to

stages, events, we $XXX among $XXX pandemic for EBITDA disruptions challenges our non-GAAP revenue project between other us We unforeseen Total providers to new impact will caveat are license planning service million. and year. could and Revenue for range early global in the currently our XXXX that provide million to SaaS our while COVID adjusted be supply-chain to million. the believe currently million could XXXX in be we XXXX there to from between the be million. between could the with thoughts further in which $XXX Finally, some initial for I $XXX $XXX the XXXX said, $XXX that million With will and

provide how our teams challenging next guidance XXXX, early year. initial are our providers will these results we our pleased In when to times. with during fourth report our XXXX We for continue perform and Alarm.com quarter we summary, service

strategy open on growth. our deliver please operator, in focused growth executing and business continuing opportunities, We profitable are to our Q&A. while for that, And call with on the investing

Operator

Raymond James. Adam first Our with question Tindle Instructions] [Operator comes from

Your line is open.

Unidentified Analyst

for Adam. Alex this our on Hi, for is Thanks question. taking

understand just software. curious hardware around to think the the relative you year was how centers supply we enabled And end I as software, model the closer of I demand but So to your looks get here.

Stephen Trundle

Well, this is Trundle Steve speaking.

Our many stops chain supply as our keep team to can as has pulled it we healthy as be. as out can

two as the But of hopefully about So backlog? XXXX about that Yeah, a feel we’re the not overall is we I alarms next the right then that at we point. part. end are think hard, chain. so skews in now, where well. feel And we looking we we’re year, the most pretty we there into supply one one Could by going you, as suffering working are. this way of rest now this XXXX, work there or XXXX look we’re good. where category the of We feel be update time good through the right particular any throughout sounding But for most

Unidentified Analyst

demand accelerate driver that be developments, for we even more forward? so that increasing you’d Given offering? more become do meaningful Perfect that about business thanks. to to how EnergyHub? imagine materials a would you What And macro just think going of and can then, should

Stephen Trundle

distributed of to range, nicely marquee so a already mid-XX% EnergyHub. to list are XX that. correct. question. the Yeah, programs. a the top management of than utilities a in of XX sort of are in trends up grow it’s kind lined resource execute terms year-over-year U.S. higher homes number favorable we getting of the to and got lined The tad partners, they’ve great maybe And, wider macro up, where we’ve energy And a continued in Yeah, has business the you’re of

more primarily in and the I of So believe capability think by range of to driven we a types the R&D solutions that range further, capabilities to solutions product and to can have terms of them the it’s in different in terms of ability provide. of the expand our in make going going we investing that product by number be of

use or on of edge be primarily drive So, started probably we inverters, the to anything resource demand managing sort utility they as started pool at to advancing and the energy, to platform, you terms been overall then time, exactly are on, we any see grid. that’s thermostats. pumps, to out of given with, an that in management response really consuming the in allow remember, point they that batteries, managing We’ve where solar algorithms working

of we’ll in who also EnergyHub continue to the We actual number work and devices enroll to increase will work consumers program. their an

that, usually marketing. some But overall, done in that platform us say growth. they I that’s should business They’re in they we confidence is take tandem gives there increase partners. confirming it’s a with when investment partner. would that the And, out So our their to do nice that

objective that’s So our moment. the at primary

Unidentified Analyst

much. so Fantastic. Thank you

Operator

question with next from Our J.P. Sterling comes Morgan. Auty

line open. Your is

Unidentified Analyst

Rachit for on office like Can this is on business and you on how, up, give your is? how the front international opening colors if Hi, Sterling.

Stephen Trundle

was international? first you was something Sure, about else part, just before international? Or asking it were the

Steve Valenzuela

international. I it think was

Stephen Trundle

the production part to breath, at state of the of year, COVID would still certain okay. clouds level we’ve say, for of markets, of, rest-of-world steady most International I sort level you. holding to international. production for at that And entered so waiting this back international, moment, can to that our go execute some accelerating. in a of Got of at sort in we continued then Just sort a we meaning

and you Now, that forever, said, work, a growing. month to you if hypothetically installing continue properties keep the XX,XXX that things way do market, in you’re a

inflection it clip we sort growing we’ve an in talking or see a in sort deployment, and of terms percentage a XXXX. there, instead Alarm.com. be expect of accelerated steady than positive to see is opportunity it we’re that of year, But state, not of a sometime about have kind to faster contribution some of so part pace probably. the far at international of in revenues, to we but as seen And So its actually middle next to of hoping thus grow, grow

Unidentified Analyst

Okay.

Steve Valenzuela

International the around year ago was revenue little over our a was bit X%. in quarter of and X% a

is but said, it So back COVID. Steve being by growing, held as

Unidentified Analyst

does on Yeah. follow-up on the that And is business opening front, compare how like that. And up then Europe how just Europe a quick Europe the on and… front?

Steve Valenzuela

– have also I continental should Europe, England, what engine that’s held Europe. I would a a Zealand. in in of But say and we also relative we a the given have see the representative Steve issues would have we New to London, say America. in for for Europe South Asia, the is us. We has obviously, have in strong in about mean, is been you I certainly back we say, probably talked again, then total. South number presence international Australia, providers in have growth some been service and also representative international very of on Europe. base Europe international. America, of I But, a we have

Unidentified Analyst

guys. Thanks, Yeah.

Steve Valenzuela

Yeah, thank you.

Operator

next comes Brian Ruttenbur Capital. Imperial from with Our question

line is open. Your

Brian Ruttenbur

much. very thank Yes, you

expect and First into margins, this [Technical from they to were down year-over-year fourth then XXXX? Can quarter quarter Difficulty] gross sequentially. and we stabilization

Steve Valenzuela

bit repeating beginning up Would we a of your that? mind at Brian, part the missed line your beginning, very broke question. the you

Brian Ruttenbur

what expect you I were phone, going and apologize. Can forward? pay sequentially to bit need cell about we my down year-over-year sequentially. gross margins, both they a talk I Hardware little Yes,

Steve Valenzuela

now. there. I about But, dog right not your we view same try the [indiscernible]. yeah, to do has happy think I He’s the improve will as

to have and any chain, a I providers, to We SaaS I a call our long-term our supply first goal the ago product at we’re dealing, is think revenue stable make about had chain there disruption question. our sure been supply service moment maintaining activities And supply impacts our – growth.

hardware costs and we to of of those when typically in some have to choose incur expediting that terms a means things, activity, cost has second I compounded what product, expedite so. whether activity of the of execute revisit last and quarter. fourth additional and – you will types or choice year, strategies some inflated of in drive securing saw we’ll down new we into the And do in to third we see So different year, correct half make, this the course parts then, to think, it need in air margins likely incur an in margins and long-term be will quarter. freighting that if to kind around especially our to quarters, you rates the of as ongoing we’ll a hardware what whether we’ll and But, we see come all whether see

Brian Ruttenbur

I Okay. from about home. working apologize

So with deal you little talk about is the Brinks. what the you is on, you question Brinks about… I bit had add next little incrementally talked a have Can probably, bit What that? that with a before relationships

Steve Valenzuela

sure. Yeah, it’s a of endorsement Yeah, great new relationship. our long-term

for an Digital actually by of upgrade of them is subs win that for to partnership represented to business but a with provide and Brinks end an AT&T right powered the offering, coming there Alarm.com. is move take Life those to AT&T, existing path Home sort AT&T First, a had Brinks a Brinks to course, them. done a nice secure to big And to job subscribers

they’re be this excited that and a capabilities for those So were say, both also attrition will has than the upfront a maybe they’re case to that, participate smart actually is And to dynamics what of historically. of willingness opportunity. able that consumer’s a on systems help reason I’d for and results, of subscribers been on positive continue terms terms that to for the very product bigger home renewal also drive a more in, and in we in pay to And by in the created capabilities the video subscriber of customer and really overall, to it invested the to path the focused the system. captures driving sat receive. Brinks identify when course And, that in base into trends consumer the seeing the system, and but

of worked few the for adoption range deeper this in of in them agreement. programs all to could capabilities, and time with new full help them different captured sort ways to we we next years their identify smart So that’s the in of over some of X-year home collaborate drive

Brian Ruttenbur

Great. Thank you very much.

Stephen Trundle

Thanks.

Operator

Our Blair. David William next question Robinson comes from with

Your open. line is

David Robinson

had Hi, question. The the for my kind was saw that year? that in improvement OpenEye. guys, business one was commercial some and you what you I and saw thanks close taking what for the was as improvement out I wondering your Alarm.com I we on know, kind expectations of the are driving question of segment that for you business. said

Stephen Trundle

drivers. I’d a Sure. of couple say

the most for open First, part businesses again.

in in and began market invest see table, commercial security saw So opening, the quarter, this a the and businesses year, of quarters of commercial by I think to in saw second their the to businesses willingness facilities back the coming of first again. just third new customer in to pause sort we sort

there So, thing. in some I POs favor, our of loosened sort macro trends up, that working think, are

little upgrade The those the of things and analytics side purchase. Analytics, Activity from able bit too what especially other video with Business and with making spoke we’re monitoring people do What access close past, about completely pretty that driver offering. a a other, doing anywhere have and a which people excited to that XX, video upgrade the been if though I each lines, cameras offering, control would inputs and some coming the has in the to OpenEye’s, say the more identifying types customer integrated trigger intrusion pulling capabilities, you capability you feature and to that’s hues are X I now, from access on is to say about meaningful get is the a midsize to with to commercial like that need a offering

only providing great. If that’s you’re security,

business metrics that can or streams decision it’s make and also a your security, your your more exciting. you’re to providing improve driving operation like use little and to a revenue If value, customer-set, you’re you

we’ve service but course, and early think of security, some seen not analytics for commercial more with I on luck security of customer integrators signs lot intel capability use the of customer for able of or for partners our sales-forces a the improvement that better, satisfaction are the also some that message and to just having metrics. driving being is

David Robinson

been side get pretty it different of of has on just Obviously, the the on mid-market, guess, broad-based sense I improvement, the the to am customer across to regards customers but the commercial size? in then, kind trying well. I as of a you’re size And focusing Awesome.

Stephen Trundle

Yeah, good question.

spectrum. kind account. it’s sort would across We’re you is, bit early us, has if of, a customer and what the in days But the mean, I more for say been of I size the improvement will, commercial larger mid

pool, OpenEye customer of that you time. commercial things for growing base segment, if increasingly we’ve off business base. been platform nice the in and we’ve done build But there to small And Shooter the an we’re with got attaching larger a at Detection we’re out the some some And now. in we’ve to a smaller look strong with already. So Systems, SDS,

David Robinson

for Got taking it. Thanks my questions.

Stephen Trundle

Sure.

Operator

Our Partners. with Capital question ROTH Darren next comes Aftahi from

is Your line open.

Darren Aftahi

questions. I my taking for Two, may. Nice Thanks guys. Hi, if results.

quarter? Thanks. SaaS I think in revenue it’s of Flex been since And launched the you about then Steve, X give Traction you months curious. market? guys the I’m other kind for, the can IO. in just

Steve Valenzuela

that’s Sure. I’ll your the start I other know with favorite question. SaaS.

million was it driven EnergyHub. and it $X.X really the quarter So up XX% and mainly was year-over-year, by in

with the doing for Water QX. been which has so PointCentral, Smart SaaS million includes BuildingXX that $X.X Valve+Meter, well. But, for revenue course, Of yeah,

Stephen Trundle

Yeah, and to Flex. back coming

of price – I sell. market, types side strong that on of getting have a put busy number what deserve of use-cases when Flex first So a as their expected been In XXXX any the flex the salespeople as on getting trained be very to we’ve fairness, seen. it think us it, into this a residential onto don’t for to to year sell we’ve in begun has residential. sheet, introduce dealers their their

and option. do are have, is sort greenfield number putting say that’s want level, to something So that of But analytics we’re And know, on. to a we that us use sales as and their we’re have and higher that we, for our meeting we the an that service sort accelerate can that of I already offers, I course, working they selling lot working it more option higher, the capability on the a drive would know. demand of that. offering of with product focus, to don’t now option, video folks of familiar because get that so been, them the providers ARPU into for some continue of that Flex And,

Darren Aftahi

Great. Thank you.

Steve Valenzuela

you. Thank

Operator

conference. the conclude does This

Everyone disconnect. have now a may You day. great

Steve Valenzuela

Thank you.

Operator

welcome. are You

Alarm.com (ALRM) 5 Nov 212021 Q3 Earnings call transcript