ALRM - Earnings call 4 2023 | Alarm.com Holdings, Inc.

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Operator

Good day, and thank you for standing by. Welcome to the Alarm.com Q4 2023 Earnings Conference Call. [Operator Instructions]. Please be advised that today's conference is being recorded.

I would now like to hand the conference over to your speaker, Matt Zartman, Vice President of Investor Relations. ahead. go Please

Matthew Zartman

and Year everyone, this Alarm.com's Quarter Fourth is Good Earnings welcome Conference Full XXXX recorded. that Call. and being afternoon, to Please call note

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

to report on risks or making cause expectations respective During statements, them. materially release. predictions, refer Alarm.com are and is differ encourage update statements subject future this which assumptions which after call review other of Form actual with are factors, statements to to forward-looking events. forward-looking you today's statements to that the our to or speak will these dates. risk These of . The current both estimates call risk which and with XX-K and press based annual our our are may X-K, expectations. we to about SEC, we call, assumes you be results uncertainties factors associated shortly be that their projections, Form in on will discussed from subject current obligation We as filed along information, no and the the

non-GAAP several call. reconciliation non-GAAP will Trundle. I'll website. the call to be financial discussed the over A press the found on Steve measures Steve? our GAAP the to in be Relations Investor measures of can today's addition, on In release now turn

Stephen Trundle

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

results full We exceeded are pleased year expectations. that to and quarter fourth our report

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

focus we growth year, $XX.X EBITDA some for throughout Despite by on delivered the initiatives. SaaS adjusted quarter solid was revenue key million. Our the sharpening our uncertainty

service to and cash . I want EBITDA provider their our employees XXXX delivered flow for also thank record adjusted to contributions and partners performance. We our performance. our

on our attack today strategy. right have right we the and prepared believe long-term sites to them. opportunities I'll focus in We that remarks the our my plans

and value end to IoT continue the empower positioned provider unique offerings Our that will growing service building to our to is universe AI-based customers. leverage deliver R&D innovative data of program and partners

the in on we a market market like business and year-over-year. both residential expanded EnergyHub. represented American where have and We from control overall growth our more been intrusion video commercial serving into business TAM. residential IoT-enabled focus of successful XXXX and a We access initiatives the the transitioned grew together We've commercial very X North diversified businesses monitored growth an larger cultivated security and XX% market. to SaaS These XX% revenue developed total mainly primary a new and international have market, collectively

Let me kick market. through these start commercial with various elements I'll of our strategy. the

solve We requirements. deeply to pipeline are here. integrates purpose clients' the leverage a intrusion largest single and cohesive a commercial progress monitoring our the We've integrators that opportunity solution can market made good designed video into control, that with access platform multi-site in attacking their R&D

we camera support our XXXX, and third-party originate installations SaaS to revenue. launched operate video with During camera solutions existing additional to enable

door product launched video leverages with the open end controller architecture. on cellular commercial customers through than connect for depending networks. directly ecosystem Cell LTE new to It also solution access access large-scale launched solutions work the cloud-based our new our rather networks its control during the internal a We OpenEye, platform to Alarm.com called customer's Connector. an year

video systems. data of a transaction. Connect real-time is and from voids, of leading the Sales the and corresponding overrides triggers such as example, alerts for solution transaction new OpenEye point-of-sale refunds point-of-sale retrieves point-of-sale For suppliers that exceptions, the integrates

verticals grocery are sound quality as position strengthened and retail, an as Both significantly a also humidity anomalies. sensors to secondary module OpenEye environmental OpenEye's integrated solutions quick sold temperature, solution in detects air and restaurant serve vapes, smoke schools. that new from and additional monitors launch the well as cigarettes detects SaaS and and

Shifting to We're our capable business. increasingly solutions. deploying analytics video video

and businesses. investment commercial our our across we residential, video R&D in Importantly, and video analytics international leverage

advantage Our replaced, technology. systems systems take properties. and a shift only goal particularly technology use that is underway. operate being is These to significant on-premise in are monitoring of legacy in business Traditional video video-based

Our video believe additional capture but traditional is unfold. AI to share the of the capabilities. are with position shift edge to a cloud-resident intelligent, we systems away from solutions refined more continues employ and flexible software The storage processors market cloud-based coupled analytics and at strong in competitive, layers as video we

potential before you area response life further capability escalated In capabilities Perimeter event camera's we in a down directly where deterrents. realm person a emit through feeds and alarm so response. called can away a video An talk be further when audible identify series XXXX proactive in onboard warnings the to they the potential enabled or cameras launched and video via step a already view initiating diffuse to software. Perimeter then external operators Guard by or to Video responses. us monitoring Guard. greatest an responses. escalating enables station threat a This video try stroke for and during will our One mic station trigger is our Perimeter can can the the monitoring police XXXX, microphone through also sent a is Guard of times of trouble extending with can is when see the subscriber

international our been can work for to widely been business providers significantly upgrade our our communicators partners they of range markets we supporting panels Last driving commercial a and effectively fully growth of international year's our Alarm.com. EBS has range the and expand by Service and years international that control are product Universal international in cost to Shifting diverse panels. address wide worldwide. designs manufactures its control existing deployed have EBS, support solutions of a legacy that our customers residential deploy with European-based operationalize business markets. business, acquisition XX support communicators can universal in will to in for Alarm.com and partners.

These venture element TAM. our and The developing is development that applications consist Each PointCentral the XX, Detection of SaaS-based is Systems. Building continued of EnergyHub, strategy growth final Shooter can our expand IoT-enabled our further businesses of innovative businesses. growth

at various As these being stages mature. know, most businesses you with development the EnergyHub of are

businesses expect our become to next growth increasingly continue scale. overall We performance contribute efficient and more year these to to with

on the while EBITDA cash I inorganic planning I organic also allows comment EBITDA a make can margin opportunities. want strategy. of choose produce that positive the to and strategic health to choice inspires today. One reasonable evaluate company profits operational our making producing discipline briefly both our harvesting good selectively in meaningful investments, cycles. is long-term to EBITDA believe Next, and business that the between we investing in or future

sales XX%. ongoing range is our marketing synergistic our EBITDA of cornerstone partners to XX,XXX-plus opportunities future of investment bulk commitment have of R&D into the provider I Our behalf. our previously on long-term of margin that adjusted the service a handle activities target we indicated a relationship and who have with

Assuming a approach mix similar revenues today. and go-to-market and hardware of a SaaS similar have as we

and Our will target adjusted an range year XXXX as unchanged, full shortly, EBITDA of implies for Steve our Valenzuela adjusted guidance discuss XX.X%. margin remains EBITDA

XXXX. want In property the the property license between we long-term revenues the the briefly over litigation into which Lastly, with We that Vivint, discuss we license settled portfolio. intellectual our associated Alarm.com to before matters reflected matter. intellectual outstanding December, new are will simultaneously I hand Steve Valenzuela, license companies. agreement a entered to announced Vivint guidance in settlement under of I agreement The to all things also for our

But a particular able the detailed matter. to us for We questions of Alarm.com not that will, believe confidential this answer it X this to are good be on and is say and that I therefore, I investors. outcome share details its settlement, hard the for can

conclude, me in turn Valenzuela. And and excited about Steve? things I'm that, let our in performance To I'm over with to pleased year with the ahead XXXX. XXXX, Steve

Steve Valenzuela

Thanks, for year. results begin year and of quarter for with grew fourth the our before XXXX provide revenue XX.X% and last call $XXX.X the Steve. a I'll questions. license and Fourth opening SaaS same financial quarter guidance from million then full quarter of XXXX review

license X.X% revenue, excluding and XXXX XX% Non-GAAP full For year revenue, of of grew license Vivint revenue the SaaS year-over-year. $XXX.X XXXX. grew XXXX, SaaS over million and license in

Our in of SaaS and visibility rate revenue quarter. XX% renewal fourth high license with revenue a remains the

in of $XXX.X million revenue video the Total of fourth from QX other QX X.X% sales million grew revenue to for $XX.X and cameras. driven mainly X.X% quarter XXXX. XXXX by grew Hardware

million. For the to full year $XXX.X of year-over-year XXXX, total grew revenue X.X%

margin the extent, was XXX the mainly supply license and, in fourth gross for due mix. is which remained up SaaS the to year ago QX fourth XX.X% for lesser for gross due solid Hardware XX.X%, improvement quarter, product and chain mainly in mix. our from margin a the at XXXX to XX% down XX.X% points basis from quarter to quarter, slightly

mainly XXXX, margins. XXX the for in XX.X% was points for margin improvement fourth gross to from basis up QX XX.X% quarter, hardware the Total due

of were strategies. the X,XXX to the in XXXX. an expenses. to at Turning compared up $XX.X count employees expenses XXXX. at mainly $XX.X end growth of of head end in our million with compared fourth count quarter employees to XXXX to XXXX expenses to operating head continue We employees quarter due execute as increase X,XXX million X,XXX in from ended XXXX, X,XXX increased R&D, compensation Total and for in employees related R&D we to fourth the the

year. revenue and or quarter quarter to $XX.X in compared Sales revenue of $XX.X marketing million million XX.X% the total same fourth of XX.X% in last expenses were or the

$XX.X adjusted are to expense measurement the excluded litigation XXXX. non-GAAP expenses quarter includes expense of fourth financial slightly course $X.X million our the our in G&A for Our from quarter the from of course fourth were Non-ordinary year and million quarter, $X.X performance. in $XX.X million, down measures legal the QX million to down expenses part of are compared due in costs. G&A lower ago non-ordinary litigation

was quarter QX adjusted EBITDA $XX.X the to in compared in XXXX. Non-GAAP million million fourth $XX

XXXX, from In GAAP fourth of $XX.X XXXX. adjusted or quarter, XXXX. compared increase quarter of net $X.XX for was per of $XXX million per million to Non-GAAP was diluted QX net compared or the of to quarter fourth million income share income EBITDA all fourth $XX.X For $XXX.X the X.X% $XX.X million, adjusted income $X.XX in net an million GAAP in adjusted XXXX. was $XX.X share for million of EBITDA the

non-GAAP GAAP for Non-GAAP net was XXXX. for compared per $XXX.X net or year income income XXXX to XXXX $XX.X $XXX.X $XX $X.XX XXXX. million million income the million net adjusted share for to share diluted $X.XX per full of of compared income of net million was or for GAAP

with cash and our from $XXX.X ended the to of We December XXXX. XX, balance at million up million equivalents, fourth Turning sheet. quarter cash $XXX

used from cash XXXX. for of operations, XX, $XXX all up Through of repurchase million generated XXXX, XXX,XXX XX we months we XXXX, For $XX.X stock. common shares million flow the $XX.X approximately of our to ended from million December

an of for flow These combination XXXX. easing capital compared was $XXX.X an improvement cash results margins. chain our for increase million working free in were to supply million profit Our of XXXX dynamics by driven due and $XX.X in to a

Before Vivint. our additional agreement IP license turning the settlement some financial context outlook, to to want I and about with provide

For on the had XXXX, our impact QX our and agreement or license results. non-GAAP financial revenue no SaaS on

agreement. includes new now to outlook. I to the ahead contributions XXXX, With Looking the that expected said, financial from our guidance our will turn

quarter $XXX.X we For million of million. to and $XXX.X the of XXXX, revenue SaaS license first expect

revenue For license be and the full year $XXX.X million. to $XXX.X of XXXX, between million we SaaS expect to

million projecting $XXX XXXX million includes total million $XXX of adjusted and that which $XXX to estimated to $XXX $XXX.X between revenue for estimate million. million. to XXXX be will are We EBITDA other We million, $XXX.X of for revenue hardware

XX% XXXX quarter to to We our in represent annual of approximately guidance. expect adjusted of XX% EBITDA first the

We Non-GAAP is our estimate $X.XX average ] XXXX EPS non-GAAP rate $XXX per million be or net for weighted diluted diluted $XXX.X based tax to to million [ is $X.XX currently for share. an to of XXXX outstanding. XX.X on million under project XXX shares however, income Section remain the costs to payments will tax I requirement capitalize [indiscernible] for XX% be point of code. at to current front this in do our R&D to want change that some if rules. Congress loaded tax tax the out, reverse to new projected

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

the over we internal how well summary, with year. and service In partners teams have pleased our past performed are provider

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

Operator

from [Operator Alicia Instructions] will Our coming be first Barn. question

And next X our for question. moment

Saket next will come question of Our from Barclays. Kalia

Saket Kalia

Great. start maybe Steve Valenzuela. Trundle, you. Steve Okay. with Steve Valenzuela, Absolutely, result Nice to here

revised of same the coming 'XX And know from Just upfront. better about make much But we is SaaS maybe prior along sense? versus talk sort to think costs how at settlements. Vivint in versus talk those I too kind Does that And should the we of kind it. fundamentals expectations? some can about your the we the how you about hit of much as lines, increase guide, litigation underlying of of maybe litigation can't in just lower look 'XX revenue

Steve Valenzuela

Yes, Saket.

from mean litigation did you Although SaaS said or? you costs revenue the the EBITDA

Saket Kalia

Yes. does go? costs Like EBITDA? much lower litigation the how

Steve Valenzuela

Yes. Thank you.

related released our say November, combination of was, we an We've business. the look. that point And that's Vivint than settlement we the the for the where And on Vivint the important when out of for of strength really can't that, the to we QX to adjust So in of component higher is is larger settlement. initial as at last matters gotten situation. XXXX. talked the that's what a provided now of also point of provided would initial also break about, of and guidance the results . The course, EBITDA. quarter for look gave given we end to [indiscernible] a settlement Vivint Steve had XXXX fourth about would out, those we the our but make legal it that before confidentiality I of EBITDA, that the year,

litigation there's XXXX matter being resolved. to from no So EBITDA benefit in that

would significant million. a cash cash very could believe always bit here we I It's because lower do we This expect tutor little is there year, the on legal costs. to difficult benefit flow costs. $XXX legal a predict horn However, cash be about flow. flow And

$XX we again matter next of is have unless weeks, tax which about Section to the and loads the there front 'XX where to supposed they're Congress payments related XXX Now acts million in tax would of the R&D capitalization, that to taxes. related couple meet in

-- So into our tax be taking net flow $XX $XX account $XX million. our net would 'XX, million, cash million about the in

So flow in $XXX cash the to is million. really about operating 'XX going be

million, we payment we in in we $XXX to tax generated 'XX. 'XX of and made very free that cash flow $XX where the actually So similar flow million generated of about cash also around

good very business Does is answer the that generating So your cash. question? a amount of

Saket Kalia

the maybe Yes, super maybe early just observations if all? its 'XX changed to business. about from for you That's actually. us a Trundle, if talk of you're Google that ADT of just about to different that and you're how some wondering impact a seeing on and in thinking that impact you, was does. for Stephen helpful detail at And -- maybe topic. sort I that's could remind the follow-up whether

Stephen Trundle

Sure.

we of are the seen observations rollout the the software. any impact far, so from So, ADTs haven't --

themselves how our about publicly terms we're looking of the In of at frame. of we're sort -- sort any from year, available building the speculating of ADT models off other estimates instead time of

modeled currently and quarter that, in expectation that this the own will there year the that's transition the we've and of therefore, year. and first And occur we're the our second using estimate in how results of first the So there half guidance. the

Saket Kalia

on the last housekeeping just stat a squeeze there's it. helpful Got Every subscribers. here I annual can you, X just question year, for Valenzuela. really Steve If

the that Do number of I was for little how subscribers rough 'XX have a the million. at think we you of end last end over year 'XX? ended $X here at

Steve Valenzuela

with thing much, changed Saket, being the live it's of really have given EBS, you our indicative and looked generally, so new we've the with locations. at multiple number business, that commercial subscribers of with not given

feel a we don't anymore. that's metric so And that's really that valuable

the It misleading. business, actually not -- it's of in which really of was understates SaaS of think provided the it SaaS quarter. that. actually XX% I our growth So our of commercial fourth think X.X% our benefit we've almost We the revenue is

it's so anymore. . really not stat meaningful And a

Operator

will Norriton Our Raymond next question Adam from of be coming James.

Adam Tindle

Trundle, you on commercial, was these businesses, focus a strategy to to sales that and make also force. long-term you The for your could you a you've I some that reference mentioned focus the transitioning wanted areas focus. direct of that now increased diversified cash across share that in you terms Tindle. scale more becoming how overlay that more of this Adam entire balance arguably increased is in were Steve to like because call point, proven have might do maybe strategies about it major I maybe you a On and got capitalize example, at this mentioned significant business. Tesla, thinking employ you're and customers you're growth This to focus. sense And start just that practical if

could if So that you some you just maybe practical share strategies talk high-level you're about about as that thinking topic?

Stephen Trundle

Yes. Good question, Adam.

residential and relationship than the X go-to-market but is worth the doing, distinguishing practical So the residential from commercial as our commercial from our different go-to-market is with has their side. that side commercial slightly partners in

more expect with integrator into marketing, I On activity. jump our direct at more that's the we'll do side, a partners think generation sales all us partners. to force our don't commercial lead competing

flows not clients, lead a of been But So that's more to practical outbound -- doing are then doing we've that of doing in things lot to down partners that, generation in definitely far, And lot our more that calling the plans. think sort form seen thus meaningful the some costs do commercial growth potential a drive from and absorbing to our I but of trying further with we've continue associated results some to commercial there. because that. we'll

Adam Tindle

for the and on cash And priority Okay. balance that?

Stephen Trundle

-- the second balance? the was sorry, piece The I'm on cash

Adam Tindle

sheet [indiscernible]. Yes, might the how and the balance cash on that balance

Stephen Trundle

see the have I opportunity -- we the retain want dry to us side we be sense. see is right on makes something when to primary corporate our along. cash we view guess mean our The that if things And opportunity gives for we primary an the that powder development come optimistic I

balance. that we sort We that's we sort go continue to like to of don't have of any what feel with at. look So deal do

I at up, we opportunity to unique the if up. element if So see criteria. we're deploy deploy, on that meet each they it our really that comes of and Where come sort we back depends do able think of look things sit

dry for comes just to capacity if So right continue now, going that preserve to thing powder as along. the

Adam Tindle

that for first multi-parter one, follow-up. my a quick I sorry. And know Okay. was But as

it's One the economics look with guidance as better things with evident you you businesses XX.X%, year-over-year. maybe us somewhat talked of like understand be XXXX? comment flattish to improving profile tend was of XXXX not that of scale I sounded if benefits the and this unit that, EBITDA help about implies margin an finished conservative, but scale, other and and that on growth are at initial the because at you -- I on as that call around appreciate this it we margin look kind

Stephen Trundle

first, Sure. guess the say, year, probably point the saw on preserve the capacity the than more what commercial from marketing of what in I'd I more want brand-building side at you we business. this in XXXX, us activity particularly the -- of activity, to to unleash commercial

So different, scale that when they're sort the is at point burn where closer segment. when converging there, are They're a to what EnergyHub way, there of mean other sort is they're cash is scale. but we each stages is is at I in all the on converging but -- business talk some say still that we growth being reduced. of about at different

example, as to an example. As close scale at probably an not as [indiscernible] being

see this them us side the continue we're going year. go think segments, And would X to and have there characteristics. So in sales you'll And how of on the we businesses back the year sort flows parent, probably a we last that scale. along and -- that to bit the other I harder than overall has basis, But some each an in marketing think to on to to I up focus getting just bring are terms growth. come on of of different

our to were direction of If lot the of certain with pulled we and out sort you the surprise levers will. sort year, in go ship, we try you P&L, with maintain a dealing to back if of a to last

we off, Some so business. is of to back do go want that to pressure we on the how focusing grow

Operator

of be America. question of Michael next our from And will Funk Bank coming

Michael Funk

couple Great. if I please. could, A

you of Should other and earlier, about mentioned bit. with down priorities question? on use capabilities? the a venture uses just of should some that think question, think Or to we wanted cash guess, the I the potential about again, the -- international So growth strategic that, businesses, we I is drill how overlaying the

Stephen Trundle

Yes.

the of that potentially prepared looking a that's starting energy point I multifamily business. video the is analytics. the think priorities -- like I or other some mentioned remarks, piece, commercial at those in piece, growth my good video domains

where all criteria opportunity. for the So those say change I places are surveying to that opportunities would cost the that X with capital. we're applies of

still be for evaluate have our of a capital, capital a cost against would good to we overall of our the and opportunity we with each So cost whether opportunity fit of today's think good sort investors. low while pretty strategy, it be we

we to bar those the tad broadly years year meets are consider probably surveying has continue something terms probably X that we wouldn't I raised this versus but our [indiscernible] say criteria. up comes of in core So in say a that I'd growth look. we're market business areas. what ago our in domain, the more But places the

acquisition, it If at the the last of you like some on international our business. EBS focused look was year, tuck-ins

the acquisition analytics strategy. focused As an on Vintra our video example, was

So are go-to-market us -- than of pattern new TAM that business. kind there out the building of core by see that us some more to a we you of areas diversity of strengthening can the our our our and of

Michael Funk

just opportunity. the AI past, quickly Sure. AI. about then on And in is spoke Steve [indiscernible]

your an ARPU AI get to thinking for for hoping line? Just drive and and the to update top that potential on

Stephen Trundle

type of our of One how to handle together The a documents, AI intersects partners where communications is a the There support X the very Yes. already things. calls, our The of lot to places we category it and at of we good news and how happening with level. business. some broad is it's efficiency us. put is sort are handle those how sort we

drive you some can there. So additional efficiency

cameras have in higher more rev gen channel but using deployed the per AI not content or world. to doing, more side model. more of we millions what us, ] more you're of if from able -- that revenue how where, per the are the are the type is when by getting other of increasingly way, is to more content, talk on we is The a then -- content, And to more get video [ increasingly, useful we pricing intelligence drive our we channel, just you're more content get

what So see use increasingly sort see on leveraging here that drive the we're to opportunity sophisticated cases video installed. we is of each today, and unit we

Operator

Our next question is of MKM. coming ROTH Aftahi from Darren

Darren Aftahi

if [indiscernible] I quarter. Two, may.

on XX% First energy growth XXXX XX%, about helpful? is color that video of year-on-year. making it growing the opportunities, that I become that would the kind you on mix think what kind commercial are up -- Or Like talked outlook, decelerate? your and of a does underlying shift bigger growth be growth assumptions any and in characters retain

Steve Valenzuela

Yes.

Darren, looking we guide, think, conservative. growth do in be mean, that I have probably typically, to when XXXX. I continuing we're at we

off in be in growth But our So in as good which and EnergyHub growth little there. growth guide, but probably video, that those we're a are to guide, there segments. mentioned, backing seeing have somewhat again, on bit the you analytics, video conservative commercial we in

So probably backing in off 'XX. a little on that bit

Darren Aftahi

And it about like when going everyone I'm any prices. that kind time raising was did a you curious, last increase? just of seems thoughts the is Great. then forward? price And guys

Stephen Trundle

increase announced did time all XXXX. we -- sort time, time in last we the of a stabilized, was fourth last the quarter would I is Hardware price of but they're the price say. increase, The they're happening the

less side the on and the in hardware that profile see lately, there with probably improvements with you the So reported, supply margin as chain. seen pressure much Steve haven't

of On to sort to some that the a though, environment increase inflationary an services of sort just side, be has recognize price there there's need component.

Operator

Carpenter from next JPMorgan. Our Cory come question of will

Cory Carpenter

X. had I

I trends. ask hardware first, to about Just wanted

what Vivint and would how then the have that outlook. in guidance ask more recently or settlement commercial clarify incorporated slowly I guide, assumptions to around Curious segment quarter. You the raised ADT? called you out to 'XX guess your seen any last was And directly, the 'XX your into you've just on without

Stephen Trundle

this Steve. Cory, is

the into between So question. of into initial look during we've the additional at guide. some our generally the if our sort of to QX sort and the of guide X I'll last been you year start the business last coming and Historically, year able practice report, raised the months look standard full the visibility gain with

would occurred year. those you I So would mentioned matters likely X this that even say absent have

it's the we're it As some on fourth what -- is. pretty relative the came say the hardware amount point a now side, continue within to we the terms quarter, hardware in is saw there we relates in what traditionally the I for hardware about had I'd piece, we -- the roughly guided in guess of -- a range right a to of seeing rate install channel sort is what low that -- low of stability

more time the density we're inventory of But together adjudicate just is want year. the lower be we to of is we becoming our yet. not the with point and hardware we Or So their judicious real sure trying to put where low. and much that unusually moving channel we until when figure in number -- that the looked We're sort to profile are in guide, channel at of out, perfectly? the a just efficient we sort interesting at an for hardware

Operator

coming will Maxim And question Vander from of Group. Aarde next Jack be

Jack Vander Aarde

of raised Steve results, your And are dealer from updates partners? just Okay. competitive channel Steve for there your the Just see Great to kind current overall they Great. a channel morale outlook. how T, environment? the start channel? I'll Steve you question strong just the Trundle. sentiment in And of speak navigating any V. what's with Can to overall?

Stephen Trundle

been question this good a already it's events. few dealer have to a I year No, Sure. because out

channel would kind generally, very mean I is say, to got -- I've of And So have a they're our fresh is. feel the what sentiment you break -- big. for I

new of represent providers. service of and They providers. good a There's lots of monitoring lot midsized, very moves our We advantage want lot cloud, particularly encouraging advantage lots locations opportunities, spent of with kind upgrade, service to have -- new of a business commercial the morale providers. is of analytic bulk in the service that balance of video capabilities. of I've our provide would remote of lots capabilities take Most There's to smaller and as lot a time say. lots the there, the recently, I of take

providers able So a desired trend of has today is the what control walks service and that analytics actually which desirable, something piece. especially those been with customer. are the most is things to cloud years, access really wealth capabilities are sell that today that video over that last just with a the they're by with the say generally enabled is selling the are I'd this of customer

be there. excitement So to the seem

to of other get neutral the sentiment at going happen would with when what's residential what's mass parts say tad it's trade new what's to happen to into economy, home mostly Folks more focused bit the folks market more more with as the moment. are starts, that going But Now on you wondering I happen say those macroeconomic are neutral market, probably are of I'd with a concerns, of stance a sort of up. going overall, type moves, there. the

Jack Vander Aarde

can. terms appreciate helpful properties connected a of Can the international count the as just you percentage you're Steve And overall. not I but something total be maybe SaaS if of Great. helpful That's maybe you at just the year, a understanding revenue question to of would international anything providing in the for or subscriber color. Valenzuela. speak end it

X.X%, SaaS revenue. I about think something the of XX% you said was commercial near

subscriber commercial? for international percentage anything could or revenues from count growth subscriber provide of Just or and you

Steve Valenzuela

our XX% well. the revenue international revenue. about grew year-over-year. grew total International SaaS of -- It is Yes. about to actually 'XX in continues International X% do

EBS be And year. excited opportunity especially, so this the going we're -- coming going with with communicator to we're that's forward about on there's -- the

commercial our quite opportunities well . it of mentioned, think [indiscernible] grew as well, X.X% commercial, And 'XX as we So there total few quite you there's SaaS and was internationally. about in a

Jack Vander Aarde

you. Got

to of clarify, just So X% revenue up revenue revenue, of international, commercial and total around . about total XX%, X.X% growing very SaaS [indiscernible] and about

to Okay. Well, great that hear .

Steve Valenzuela

We here sorry, international revenue [indiscernible] a our to disclosed mix and quite Year-over-year few so Qs. [indiscernible] in Ks .

Operator

concludes Thank And participating. today's showing I'm call. This no Instructions] [Operator conference further for you questions.

You disconnect. may now

Stephen Trundle

you. Thank

Steve Valenzuela

Thank you.

Alarm.com (ALRM) 22 Feb 242023 Q4 Earnings call transcript