Alarm.com Reports Q2 Earnings; SaaS, License Revenue Increase 40 Percent
Alarm.com reported revenue increased 33% to $86 million for the second quarter of 2017 compared to $64.4 million for the same period the year prior.
TYSONS, Va. — Alarm.com Holdings (Nasdaq: ALRM) today reported financial results for its second quarter, ended June 30, along with its financial outlook for 2017 third quarter Software as a Service (SaaS) and license revenue.
Following is a snapshot of Q2 financial results released by the company:
- SaaS and license revenue increased 40% to $58.9 million for Q2, which includes the first full quarter of revenue from Connect following the acquisition of the Connect and Piper business units from Icontrol on March 8.
- Total revenue increased 33% to $86 million for Q2 compared to $64.4 million for the same period the year prior.
- Non-GAAP adjusted EBITDA increased to $15.9 million for Q2, up 31% year-over-year from $12.1 million for the second quarter of 2016.
- GAAP net income was $9.9 million, or $0.20 per diluted share for the second quarter of 2017 compared to $1.9 million or $0.04 per diluted share for the second quarter of 2016.
- Non-GAAP adjusted net income increased to $16.0 million, or $0.33 per diluted share for the second quarter of 2017 compared to $7.1 million or $0.15 per diluted share for the second quarter of 2016.
- GAAP net income and Non-GAAP adjusted net income in the second quarter of 2017 included a $4.5 million tax benefit due to additional research and development (R&D) tax credits and a favorable impact from the new accounting standard for employee share-based transactions during the quarter.
“We’re pleased with our second quarter results and the continued performance of our service provider partners in the market,” Steve Trundle, president and CEO of Alarm.com, stated in a press release. “The market for connected property security, monitoring, and automation solutions continues to grow, and we further enhanced our video and commercial offerings in the second quarter.”
For the full year 2017, the company expects SaaS and license revenue to be in the range of $233.3 million to $233.8 million. Total revenue is expected to be in the range of $326.3 million to $327.8 million, which includes anticipated hardware and other revenue in the range of $93 million to $94 million.
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