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Alarm.com Holdings, Inc. (NASDAQ: ALRM) is a leading provider of cloud-based security and smart home solutions for residential and commercial properties. The company's platform allows customers to intelligently connect and manage security systems, video monitoring, intelligent automation, and energy management services, which are available through a network of professional service providers across North America and globally.
Alarm.com's core business centers on the 'Alarm.com' segment, which provides cloud-based software platforms for connected properties. The company also has an 'Other' segment focused on developing residential and commercial automation solutions and energy management products. A majority of its revenue comes from the Alarm.com segment through SaaS and license fees paid by service providers who resell these services on a subscription basis.
In 2023, Alarm.com reported strong financial results with SaaS and license revenue increasing to $569.2 million, representing a 9.4% growth compared to 2022. The company achieved a GAAP net income attributable to common stockholders of $81 million, a notable improvement from $56.3 million in 2022. For the first quarter of 2024, SaaS and license revenue grew by 11.0% year-over-year to $150.3 million, and the company’s total revenue reached $223.3 million, up by 6.5% compared to the previous year.
Recent business highlights include the launch of innovative solutions like the Remote Video Monitoring (RVM) Console, AI-powered Familiar Vehicle Analytics, and the Connected Fleet solution, broadening its service offerings for commercial markets. Alarm.com also expanded its proactive security capabilities with new technologies such as the Sunflower Labs Autonomous Security Drone and advanced gunshot detection systems from Shooter Detection Systems.
The company maintains a strong financial position with cash and cash equivalents of $747.9 million as of March 31, 2024. It aims to continue growing its market share through strategic investments and ongoing enhancements to its platform, providing comprehensive security and automation solutions that enhance safety and efficiency for millions of users worldwide.
EnergyHub, North America's largest provider of residential flexibility solutions, has acquired Kapacity.io, a European leader in heat pump optimization and flexibility. EnergyHub's distributed energy resource management system currently manages over 1.5 million distributed energy resources across 100+ utility programs in North America.
Kapacity.io specializes in helping retailers optimize heat pump energy consumption on dynamic tariffs and provides grid balancing services to system operators. The acquisition aims to expand EnergyHub's virtual power plant (VPP) operations beyond North America, combining their experience with Kapacity.io's European market expertise to manage multiple device types including EVs, battery storage, and thermostats.
OpenEye, a cloud video security solutions provider, has appointed Eric Moe as Vice President for North American Sales. Moe, who brings extensive experience from companies like Milestone Systems and Genea Access Control, will manage the OpenEye sales team supporting partners and customers in the US and Canada. The company currently maintains over one million active video subscriptions and nearly two million connected devices, experiencing significant growth both domestically and internationally. Moe's appointment aims to support this expansion while advancing cloud-native technologies and AI-powered analytics in the security industry.
Alarm.com Holdings (Nasdaq: ALRM) announced its Chief Financial Officer, Steve Valenzuela, will participate in two upcoming investor conferences. He will host one-on-one investor meetings at the Raymond James 2024 TMT & Consumer Conference in New York on December 09, 2024, and at the Barclays 22nd Annual Global Technology Conference in San Francisco on December 11, 2024. Alarm.com is positioned as the leading platform for intelligently connected properties.
EnergyHub and FranklinWH have announced a partnership to integrate FranklinWH's whole-home energy management system with EnergyHub's Edge DERMS platform. The collaboration aims to expand virtual power plants (VPPs) across North America. FranklinWH is currently participating in three utility programs through this partnership across Massachusetts, Rhode Island, Connecticut, and North Carolina. The integration enables residential customers to earn rewards by allowing utilities to discharge batteries during peak electricity demand periods, while also providing whole-home backup power during outages.
Alarm.com (ALRM) reported strong Q3 2024 results with significant growth across key metrics. SaaS and license revenue increased 9.8% to $159.3 million, while total revenue grew 8.4% to $240.5 million. GAAP net income surged 87.9% to $36.7 million. The company's cash position strengthened to $1.17 billion, boosted by a $500 million convertible notes offering. Notable business developments include the launch of OpenEye Cloud Cameras, AI-Deterrence capability, and Smart Thermostat HQ. The company increased its full-year 2024 guidance, expecting SaaS and license revenue between $628.7-628.9 million.
Alarm.com Holdings, Inc. (Nasdaq: ALRM), the leading platform for intelligently connected properties, has announced it will report its 2024 third quarter financial results after market close on November 7, 2024. The company will host a conference call and webcast at 4:30 p.m. ET on the same day to discuss the results. Interested parties can pre-register for the conference call to obtain dial-in information or listen via webcast on Alarm.com's investor relations website. A recorded version will be available after the call.
Alarm.com is a leading platform for intelligently connected properties, serving millions of consumers and businesses with technology to manage and control their properties remotely. The company's platform integrates with various IoT devices and offers solutions for security, video, access control, automation, energy management, and wellness through a network of professional service providers globally.
Building36, an Alarm.com company, has launched the Smart Thermostat HQ, a next-generation thermostat designed for easy installation and reliable connectivity. Key features include:
- Integrated cellular hub for instant connection
- Automatic wire detection for easy setup
- Built-in smart home hub for system expansion
The Smart Thermostat HQ aims to streamline installations, reduce service calls, and create upsell opportunities for HVAC contractors. When purchased as part of the Connected+Protected Air Essentials Kit, pre-linked devices automatically connect upon powering on the thermostat. This innovative design allows contractors to service more homes efficiently while providing exceptional customer service.
Alarm.com (Nasdaq: ALRM) has won a 2024 Security Sales & Integration Most Valuable Product (MVP) Award for its Shooter Detection Systems™ (SDS) solution in the Fire/Life Safety category. The indoor gunshot detection solution uses dual-authentication sensors combining infrared and acoustic sensing elements to detect gunshots with 99.99% accuracy. Upon detection, signals are sent to Alarm.com's cloud-based platform, alerting a central station within seconds.
The SDS sensor is SAFETY Act Certified by the Department of Homeland Security and includes built-in privacy measures. It's part of the Alarm.com for Business suite, which also includes intrusion security, video surveillance, and access control. Alarm.com also received a second 2024 MVP Award for its Remote Video Monitoring (RVM) Console.
Shooter Detection Systems (SDS), an Alarm.com (NASDAQ: ALRM) company, is set to introduce its new outdoor gunshot detection solution, SDS Perimeter, at the Global Security Exchange (GSX) in Orlando, FL, from September 23-25, 2024. This beta launch expands SDS's technology to cover both indoor and outdoor environments. SDS Perimeter uses acoustic and infrared technology to detect gunshots in parking lots and outside buildings, requiring no human intervention to alert authorities.
The company will also participate in educational sessions at GSX, with advisory board members speaking on active shooter topics. SDS's indoor gunshot detection technology boasts 99.9% accuracy and integrates with various security systems. The company now offers both on-premises and cloud solutions to meet diverse security needs.
OpenEye has launched a new line of cloud cameras offering an all-in-one video solution with onboard recording and advanced analytics processing. These cameras integrate with OpenEye Web Services (OWS), providing a serverless architecture with infinite scalability. Key features include:
- Flexible deployment options
- Automatic software updates
- Health monitoring and real-time alerting
- AI Analytics capabilities
- Multiple form factors for various installation needs
OpenEye has also introduced cloud event recording, automatically saving important video clips to the cloud. This release reinforces OpenEye's position as a leader in intelligent cloud video security solutions for businesses.
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