-- SaaS and license revenue of $38.7 million for the fourth quarter and $140.9 million for the full year--
--Total revenue of $56.9 million for the fourth quarter and $208.9 million for the full year --
-- Adjusted EBITDA1 of $9.7 million for the fourth quarter and $34.3 million for the full year --
-- Company introduces 2016 first quarter and full year outlook --
TYSONS, Va., February 25, 2016 -- Alarm.com Holdings, Inc. (Nasdaq: ALRM), the leading platform solution for interactive security and the connected home, today reported financial results for the fourth quarter and full year ended December 31, 2015. The company also introduced its financial outlook for the 2016 first quarter and full year.
"Our 2015 fourth quarter and full year results demonstrated nice momentum which positions us well for 2016," said Steve Trundle, President and CEO of Alarm.com. "We led with innovation, and our service provider partners continued to see strong demand for the interactive services we enable in North America and increasingly abroad."
Fourth Quarter 2015 Results
• | SaaS and license revenue increased 25% to $38.7 million for the fourth quarter of 2015 compared to $30.9 million for the fourth quarter of 2014. |
• | Total revenue increased 25% to $56.9 million for the fourth quarter of 2015 compared to $45.6 million for the fourth quarter of 2014. |
• | Net income was $3.3 million for the fourth quarter of 2015 compared to $4.5 million for the fourth quarter of 2014. |
• | Adjusted EBITDA1 increased to $9.7 million for the fourth quarter of 2015 compared to $9.2 million for the fourth quarter of 2014. |
• | Net income attributable to common stockholders increased to $3.3 million for the fourth quarter of 2015, or $0.07 per diluted share, compared to $0.2 million, or $0.05 per diluted share, for the fourth quarter of 2014. |
• | Non-GAAP adjusted net income1 increased to $6.6 million for the fourth quarter of 2015 compared to $5.7 million for the fourth quarter of 2014. |
• | Non-GAAP adjusted net income attributable to common stockholders1 increased to $6.5 million for the fourth quarter of 2015, or $0.14 per diluted share, compared to $1.4 million, or $0.34 per diluted share, for the fourth quarter of 2014. |
Full Year 2015 Results
• | SaaS and license revenue increased 26% to $140.9 million for the full year 2015 compared to $111.5 million for the full year 2014. |
• | Total revenue increased 25% to $208.9 million for the full year 2015 compared to $167.3 million for the full year 2014. |
• | Net income was $11.8 million for the full year 2015 compared to $13.5 million for the full year 2014. |
• | Adjusted EBITDAincreased to $34.3 million for the full year 2015 compared to $28.3 million for the full year 2014. |
• | Net loss attributable to common stockholders was $7.2 million for the full year 2015, or $0.30 per diluted share, compared to net income attributable to common stockholders of $0.6 million, or $0.14 per diluted share, for the full year 2014. |
• | Non-GAAP adjusted net income increased to $20.6 million for the full year 2015 compared to $17.2 million for the full year 2014. |
• | Non-GAAP adjusted net income attributable to common stockholders increased to $7.1 million for the full year 2015, or $0.27 per diluted share, compared to $4.3 million, or $1.10 per diluted share, for the full year 2014. |
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Balance Sheet and Cash Flow
• | Total cash and cash equivalents were $128.4 million as of December 31, 2015 compared to $42.6 million as of December 31, 2014. |
• | For the year ended December 31, 2015, cash flows from operations increased to $27.1 million from $15.6 million for the year ended December 31, 2014. |
Recent Business Highlights
• | Network Milestones: The company's ability to reliably operate at scale differentiates Alarm.com as a proven leader in the space. In 2015, Alarm.com surpassed one billion all-time central station events. This includes delivering critical alarm signals and voice communication sessions between the central station and the property owner during an emergency. |
• | Extended Preferred Technology Partnership with Monitronics: Alarm.com will continue to be the primary supplier of smart home technology and connected security services to Monitronics and its more than 600 authorized dealers. |
• | Launched Smart Home Security Solution from Spark: Alarm.com announced its partnership with Spark, New Zealand's largest telecommunications provider, to introduce a new smart home security solution. The solution positions Spark as the first telecommunications provider to bring smart home technology to the New Zealand market. |
• | Expanded Base of Service Providers: By the end of 2015, Alarm.com's base of service provider partners grew to more than 6,000 active authorized dealers. |
• | Launched Temperature Sensing: In November, the company launched room-by-room temperature sensing for the Alarm.com Smart Thermostat. With small temperature sensors placed around the home, property owners can now control the temperature based on the rooms and places where they spend time - not just where the thermostat happens to be. Through the Alarm.com mobile app, subscribers can create custom automation schedules that maximize both comfort and efficiency. |
• | Announced Smart Home Voice Control through Amazon Echo: Alarm.com announced smart home voice control for lighting and smart thermostats through Amazon Echo. Alarm.com users will be able to control the lighting and temperature in their smart home with the hands-free convenience of voice commands. With Amazon Echo and the Amazon cloud-based voice service Alexa, a simple spoken command, such as "Alexa, turn on the living room lights," triggers connected devices in the home. |
• | Introduced Alarm.com App for Apple TV: The Alarm.com app for Apple TV allows users to watch live feeds from video cameras around their property in real-time HD, using Apple TV's intuitive tvOS interface and remote control. |
Financial Outlook
Alarm.com is introducing its outlook for the first quarter and full year 2016.
For the first quarter of 2016:
• | SaaS and license revenue is expected to be approximately $39.3 million to $39.5 million. |
For the full year 2016:
• | SaaS and license revenue is expected to be approximately $169.0 million to $169.5 million. |
• | Total revenue is expected to be approximately $236.0 million to $239.5 million, which includes anticipated hardware and other revenue for the year in the range of $67.0 million to $70.0 million. |
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• | Adjusted EBITDA is expected to be approximately $40.0 million to $42.0 million. |
• | Non-GAAP adjusted net income is expected to be approximately $22.2 million to $23.3 million. |
• | Based on an expected 48.3 million weighted average shares outstanding (diluted), non-GAAP adjusted net income is expected to be approximately $0.46 to $0.48 per diluted share. |
Conference Call and Webcast Information
Alarm.com's fourth quarter and full year results conference call and webcast is scheduled to begin at 4:30 p.m. ET on February 25, 2016. To participate on the live call, analysts and investors should dial 877.445.1593 (U.S./Canada) or 267.753.2138 (International) at least ten minutes prior to the start time of the call. A telephonic replay of the call will be available through March 3, 2016 by dialing 855.859.2056 (U.S./Canada) or 404.537.3406 (International) and providing Conference ID: 35592448. Alarm.com will also offer a live and archived webcast of the conference call accessible via the company's Investor Relations website at http://investors.alarm.com/.
About Alarm.com Holdings, Inc.
Alarm.com is the leading platform solution for the connected home. Alarm.com makes connected home technology broadly accessible to millions of home and business owners. Our cloud-based services enable home and business owners to intelligently secure their properties and automate and control a broad array of connected devices through a single, intuitive user interface. Our interactive security, intelligent automation, video monitoring and energy management solutions are delivered through an established network of trusted service providers, who are experts at designing, selling, installing and supporting Alarm.com solutions.
1Non-GAAP Financial Measures
To supplement our unaudited consolidated selected financial data presented on a basis consistent with GAAP, this press release contains certain non-GAAP financial measures, including adjusted EBITDA; non-GAAP adjusted net income, non-GAAP adjusted net income attributable to common stockholders, non-GAAP adjusted net income per share, and non-GAAP weighted average fully diluted common shares outstanding. We have included non-GAAP measures in this press release because they are key measures used by our management to understand and evaluate our core operating performance and trends and generate future operating plans, make strategic decisions regarding the allocation of capital, and investments in initiatives that are focused on cultivating new markets for our solutions. We believe that these non-GAAP measures of our financial results provide useful information to investors and others in understanding and evaluating Alarm.com's results of operations, business trends and financial condition. While we believe the use of these non-GAAP measures provides useful information to investors and management in analyzing o