Alarm.com Reports Q4 SaaS, License Revenue Jumped 17% YoY

TYSONS, Va. — Alarm.com (Nasdaq: ALRM) on Thursday reported fourth-quarter net income of $16 million, besting the prior year period by $3 million. Total quarterly revenue rose 18% to $165.6 million, compared to $140.5 million in the prior year period.

Alarm.com ended the year with more than 10,000 service provider partners who sell and service the company’s technology in more than 7.6 million customer properties in over 40 countries. The company’s security-oriented IoT platform is sold into four market segments: residential, multifamily, small business and enterprise commercial.

Quarterly SaaS and license revenue increased 17% to $105.5 million, compared to $90.1 million. Gross revenue increased 18% to $165.6 million, compared to $140.5 million in the prior year.

For the full year, SaaS and licensed revenue of $393.3 million grew 16.6% over 2019. Hardware and other revenue in the fourth quarter was $60.1 million, up 19.2% over Q4 2019. The increase in hardware revenue was primarily attributed to an increase in sales over video cameras. Total revenue of 165.6 million for the fourth quarter grew 17.9% from Q4 2019. For the full year, total revenue grew 23% to $618 million.

Quarterly non-GAAP adjusted EBITDA was $32.4 million, up from $30 million in Q4 2019. For the full year, adjusted EBITDA was $125.3 million, up 15.6% from $108.3 million for 2019.

Non-GAAP adjusted net income increased to 23.1 million or 45 cents per diluted share in the fourth quarter, compared to $21.5 million or 43 cents per share in 2019. The results topped Wall Street expectations, with the average estimate of four analysts surveyed by Zacks Investment Research was for earnings of 27 cents per share.

Non-GAAP net income for 2020 was $89.4 million or $1.75 per diluted share, up 15.8% from non-GAAP net income of $77.2 million or $1.54 per share for 2019.

During 2020, the company brought to market an array of new platform capabilities for both its residential and commercial services. These included the Smart Water Valve + Meter, Connected Car, Flex IO, the Alarm.com Touchless Video Doorbell and OpenEye’s SaaS application for commercial customers.

For the full year of 2021, the company is projecting SaaS and license revenue to be between $440.5 million to $441.5 million. Alarm.com expects full-year earnings in the range of $1.61 to $1.72 per share, with revenue in the range of $660.5 million to $671.5 million.

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