Alarm.com Reports First Quarter 2022 Results
Alarm.com Holdings reported a 19.1% increase in total revenue, reaching $205.4 million for Q1 2022, and a 14.8% rise in SaaS and license revenue to $123.2 million. However, GAAP net income dropped to $9.1 million, down from $14.8 million in Q1 2021, due to increased shipping and inventory costs. Non-GAAP adjusted EBITDA also fell to $29.9 million from $35.6 million. The company expects Q2 SaaS and license revenue between $126.2 million and $126.4 million, and total revenue guidance for 2022 has been increased to $822.7 million to $853.3 million.
- Total revenue grew by 19.1% year-over-year to $205.4 million.
- SaaS and license revenue increased 14.8% year-over-year to $123.2 million.
- Increased revenue guidance for 2022, with total revenue expected between $822.7 million and $853.3 million.
- GAAP net income decreased to $9.1 million from $14.8 million year-over-year.
- Non-GAAP adjusted EBITDA fell to $29.9 million from $35.6 million.
- Cash flows from operations were negative at $14.0 million, compared to positive $21.2 million in Q1 2021.
-- First quarter total revenue increased
-- First quarter SaaS and license revenue increased
-- First quarter GAAP net income attributable to common stockholders was
-- First quarter non-GAAP adjusted EBITDA was
TYSONS, Va.--(BUSINESS WIRE)--
“We’re pleased with the level of demand for our products and services that we saw in the first quarter,” said
First Quarter 2022 Financial Results as Compared to First Quarter 2021
-
SaaS and license revenue increased
14.8% to$123.2 million $107.4 million -
Total revenue increased
19.1% to$205.4 million $172.5 million -
GAAP net income attributable to common stockholders decreased to
$9.1 million $0.18 $14.8 million $0.29 -
Non-GAAP adjusted EBITDA(*) decreased to
$29.9 million $35.6 million -
Non-GAAP adjusted net income attributable to common stockholders(*) decreased to
$21.3 million $0.39 $25.8 million $0.50
Balance Sheet and Cash Flow
-
Total cash and cash equivalents decreased to
$671.8 million March 31, 2022 , compared to$710.6 million December 31, 2021 , primarily due to the repurchase of 354,123 shares ofAlarm.com common stock for$23.3 million March 31, 2022 . -
For the quarter ended
March 31, 2022 , cash flows used in operations was$14.0 million $21.2 million March 31, 2021 . For the quarter endedMarch 31, 2022 , non-GAAP free cash flow(*) was$(16.1) million $17.2 million March 31, 2021 . These decreases in cash flows from operations and free cash flow were primarily due to differences in the timing of disbursements and the collection of receipts as well as an increase in purchased inventory as we seek to reduce risks and uncertainties in our supply chain.
(*) Reconciliations of the non-GAAP measures are set forth at the end of this press release.
Recent Business Highlights
- OpenEye Extends Alarm.com’s A.I. Architecture for Video Analytics Applications: OpenEye deployed a new video analytics platform optimized to support the requirements of its large-scale enterprise commercial customers. The platform provides a development environment for enhancing OpenEye’s video surveillance as a service with advanced video analytics capabilities. The first deployed capability identifies people and reduces false motion events caused by background movement and other image noise to provide highly accurate activity detection. Subscribers can create more actionable activity alerts to respond to incidents and quickly find associated video recordings.
-
Industry Award Recognizes Innovations in False Alarm Reduction:
Alarm.com earned an MVP Award from Security Sales and Integration, a leading security industry publication, for Smart Arming with Ambient Insights for Alarm Response. The new capabilities help reduce false alarms and enhance the security monitoring service forAlarm.com -powered systems. Smart Arming combines customer configured timeframes and sensor activity data to automatically arm the system when needed and disarm it before a false alarm occurs. Ambient Insights for Alarm Response delivers real-time, contextual information about alarm events to monitoring station partners, enabling them to prioritize alarm events and responses, dispatch emergency responders faster and reduce false alarm dispatches.
-
Commercial Video Analytics Solution:
Alarm.com added Perimeter Guard to its commercial video analytics solution, Business Activity Analytics. Perimeter Guard proactively identifies and engages would-be intruders before they can threaten physical property. When a person is detected, select video cameras can automatically respond with audible alerts and flashing LED lights that alert the person that they are being monitored. In addition,Alarm.com launched new Business Activity Analytics groups. Subscribers can now combine video analytics rules across multiple cameras and locations for a more comprehensive view of customer and employee activity. For example, Business Activity Analytics can now provide consolidated occupancy tracking information based on multiple video cameras that monitor different entry and exit points.
-
Efficient Contact Tracing with Smarter Access Control:
Alarm.com for Business subscribers can now use Smarter Access Control for COVID-19 contact tracing to help employees return to the office confidently. Expanded search and reporting parameters make it easy for business managers to identify any door, area or floor accessed by an infected employee. Managers can easily search for and identify individuals who may have been exposed, enabling targeted exposure notifications and enhanced risk mitigation. To more precisely identify potential contacts, subscribers can also create more detailed employee user profiles that now include information such as job title, department, office location and desk number.
Financial Outlook
For the second quarter of 2022:
-
SaaS and license revenue is expected to be in the range of
$126.2 million $126.4 million
For the full year of 2022:
-
SaaS and license revenue is expected to be in the range of
$512.7 million $513.3 million -
Total revenue is expected to be in the range of
$822.7 million $853.3 million $310.0 million $340.0 million -
Non-GAAP adjusted EBITDA is expected to be in the range of
$149.0 million $150.0 million -
Non-GAAP adjusted net income attributable to common stockholders is expected to be in the range of
$104.3 million $105.0 million 21.0% . -
Based on an expected 55.8 million weighted average diluted shares outstanding, non-GAAP adjusted net income attributable to common stockholders is expected to be
$1.87 $1.88
The guidance provided above is forward-looking in nature. Actual results may differ materially. See the cautionary note regarding “Forward-Looking Statements” below. The guidance provided above is based on expectations as of the date of this press release and
Conference Call and Webcast Information
About
Non-GAAP Financial Measures
To supplement our 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 income before income taxes, non-GAAP adjusted net income, non-GAAP adjusted income attributable to common stockholders before income taxes, non-GAAP adjusted net income attributable to common stockholders, non-GAAP adjusted net income attributable to common stockholders per share and non-GAAP free cash flow. We have included non-GAAP measures in this press release because they are financial, operating or liquidity measures used by our management to (i) understand and evaluate our core operating performance and trends and generate future operating plans, (ii) make strategic decisions regarding the allocation of capital and investments in initiatives that are focused on cultivating new markets for our solutions and (iii) provide useful information to management about the amount of cash generated by the business after necessary capital expenditures. We also use adjusted EBITDA as a performance measure under our executive bonus plan. Further, we believe that these non-GAAP measures of our financial results provide useful information to investors and others in understanding and evaluating our 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 our financial performance, non-GAAP measures have inherent limitations in that they do not reflect all of the amounts and transactions that are included in our financial statements prepared in accordance with GAAP. Non-GAAP measures do not serve as an alternative to GAAP nor do we consider our non-GAAP measures in isolation, accordingly we present non-GAAP financial measures only in connection with GAAP results. We urge investors to consider non-GAAP measures only in conjunction with our GAAP financials and to review the reconciliation of our non-GAAP financial measures to the comparable GAAP financial measures, which are included in this press release.
We consider non-GAAP free cash flow to be a liquidity measure, which we define as cash flows from operating activities less purchases of property and equipment.
With respect to our expectations under “Financial Outlook” above, reconciliation of adjusted EBITDA and adjusted net income attributable to common stockholders guidance to the closest corresponding GAAP measure is not available without unreasonable efforts on a forward-looking basis due to the high variability, complexity and low visibility with respect to the charges excluded from these non-GAAP measures, in particular, non-ordinary course litigation expense, acquisition-related expense and tax windfall adjustments can have unpredictable fluctuations based on unforeseen activity that is out of our control and/or cannot reasonably be predicted. We expect the above charges to have a significant and potentially highly variable impact on our future GAAP financial results.
We exclude one or more of the following items from non-GAAP financial and operating measures:
Stock-based compensation expense: We exclude stock-based compensation expense, which relates to restricted stock units and other forms of equity incentives primarily awarded to employees of
Litigation expense: We exclude non-ordinary course litigation expense because we do not consider legal costs and settlement fees incurred in litigation and litigation-related matters of non-ordinary course lawsuits and other disputes, particularly costs incurred in ongoing intellectual property litigation, to be indicative of our core operating performance. We do not adjust for ordinary course legal expenses, including those expenses resulting from maintaining and enforcing our intellectual property portfolio and license agreements.
Acquisition-related expense: Included in operating expenses are incremental costs directly related to business and asset acquisitions as well as changes in the fair value of contingent consideration liabilities, when applicable. We exclude acquisition-related expense from our non-GAAP financial measures because we believe that the exclusion of this expense allows us to better provide meaningful information about our operating performance, facilitates comparisons to our historical operating results, improves the comparability of our results to the results of other companies in our industry, and ultimately, we believe helps investors better understand the acquisition-related expense and the effects of the transaction on our results of operations.
Depreciation expense: We record depreciation primarily for investments in property and equipment. We exclude depreciation in calculating adjusted EBITDA because we do not consider depreciation when we evaluate our ongoing business operations. For non-GAAP adjusted net income, non-GAAP adjusted net income attributable to common stockholders and non-GAAP adjusted net income attributable to common stockholders per share, basic and diluted, we do not exclude depreciation.
Amortization expense: GAAP requires that operating expenses include the amortization of acquired intangible assets, which principally include acquired customer relationships, developed technology and trade names. We exclude amortization of intangibles from our non-GAAP financial measures because we do not consider amortization expense when we evaluate our ongoing business operations, nor do we factor amortization expense into our evaluation of potential acquisitions, or our measurement of the performance of those acquisitions. We believe that the exclusion of amortization expense enables the comparison of our performance to other companies in our industry as other companies may be more or less acquisitive than us and therefore, amortization expense may vary significantly by company based on their acquisition history. Although we exclude amortization of acquired intangible assets from our non-GAAP financial measures, management believes that it is important for investors to understand that such intangible assets were recorded as part of purchase accounting and contribute to revenue generation.
Amortization of debt discount and debt issuance costs: We record amortization of debt discount and debt issuance costs related to the
Interest expense: We record interest expense primarily related to our 2026 Notes and our debt facility. We exclude interest expense in calculating our adjusted EBITDA calculation. For non-GAAP adjusted net income, non-GAAP adjusted net income attributable to common stockholders and non-GAAP adjusted net income attributable to common stockholders per share, basic and diluted, we do not exclude interest expense other than the interest expense related to the amortization of debt discount and debt issuance costs related to the 2026 Notes as discussed above.
Interest income and other income / (expense), net: We exclude interest income and other income / (expense), net from our non-GAAP financial measures because we do not consider it part of our ongoing results of operations.
Benefit from income taxes: We exclude the impact related to our benefit from income taxes from our adjusted EBITDA calculation. We do not consider this tax adjustment to be part of our ongoing results of operations.
Forward-Looking Statements
This press release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements may be identified by their use of terms and phrases such as “anticipate,” “believe,” “continue,” “designed,” “enable,” “ensure,” “expect,” “intend,” “will,” and other similar terms and phrases, and such forward-looking statements include, but are not limited to, the statements regarding the Company’s opportunities, positioning, the benefits of recently launched offerings, and the Company’s guidance for the second quarter and full year of 2022 described under “Financial Outlook” above and key assumptions related thereto. The events described in these forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from the results anticipated by these forward-looking statements, including, but not limited to: the Company's results and business operations may be negatively impacted by the COVID-19 pandemic, geopolitical uncertainty, and significant global supply chain uncertainty, the Company’s actual operating results may differ significantly from any guidance provided, certain precautions the Company is taking due to the COVID-19 pandemic could harm its business, the Company’s quarterly results may fluctuate, downturns in general economic and market conditions, including due to the COVID-19 pandemic, may reduce demand, the reliability of the Company’s network operations centers, the Company’s ability to retain service provider partners and residential and commercial subscribers and sustain its growth rate, the Company’s ability to manage growth and execute on its business strategies, the effects of increased competition and evolving technologies, the Company’s ability to integrate acquired assets and businesses and to manage service provider partners, customers and employees, consumer demand for interactive security, video monitoring, intelligent automation, energy management and wellness solutions, the Company’s reliance on its service provider network to attract new customers and retain existing customers, the Company's dependence on its suppliers, the potential loss of any key supplier or the inability of a key supplier to deliver their products to us on time or at the contracted price, the reliability of the Company’s hardware and wireless network suppliers and enhanced
Consolidated Statements of Operations (in thousands, except share and per share data) (unaudited) |
|||||||
|
Three Months Ended
|
||||||
|
2022 |
|
2021 |
||||
Revenue: |
|
|
|
||||
SaaS and license revenue |
$ |
123,225 |
|
|
$ |
107,383 |
|
Hardware and other revenue |
|
82,212 |
|
|
|
65,115 |
|
Total revenue |
|
205,437 |
|
|
|
172,498 |
|
Cost of revenue(1): |
|
|
|
||||
Cost of SaaS and license revenue |
|
16,894 |
|
|
|
15,156 |
|
Cost of hardware and other revenue |
|
73,193 |
|
|
|
50,606 |
|
Total cost of revenue |
|
90,087 |
|
|
|
65,762 |
|
Operating expenses: |
|
|
|
||||
Sales and marketing |
|
23,192 |
|
|
|
18,999 |
|
General and administrative |
|
23,994 |
|
|
|
22,882 |
|
Research and development |
|
51,490 |
|
|
|
42,467 |
|
Amortization and depreciation |
|
7,761 |
|
|
|
7,385 |
|
Total operating expenses |
|
106,437 |
|
|
|
91,733 |
|
Operating income |
|
8,913 |
|
|
|
15,003 |
|
Interest expense |
|
(784 |
) |
|
|
(3,368 |
) |
Interest income |
|
143 |
|
|
|
157 |
|
Other income / (expense), net |
|
13 |
|
|
|
(155 |
) |
Income before income taxes |
|
8,285 |
|
|
|
11,637 |
|
Benefit from income taxes |
|
(618 |
) |
|
|
(2,913 |
) |
Net income |
|
8,903 |
|
|
|
14,550 |
|
Net loss attributable to redeemable noncontrolling interest |
|
176 |
|
|
|
280 |
|
Net income attributable to common stockholders |
$ |
9,079 |
|
|
$ |
14,830 |
|
|
|
|
|
||||
Per share information attributable to common stockholders: |
|
|
|
||||
Net income per share: |
|
|
|
||||
Basic |
$ |
0.18 |
|
|
$ |
0.30 |
|
Diluted |
$ |
0.18 |
|
|
$ |
0.29 |
|
Weighted average common shares outstanding: |
|
|
|
||||
Basic |
|
50,206,179 |
|
|
|
49,561,887 |
|
Diluted |
|
55,170,781 |
|
|
|
51,739,461 |
|
______________________________ |
|||||||
(1) Exclusive of amortization and depreciation shown in operating expenses below. |
|||||||
|
|
|
|
||||
Stock-based compensation expense included in operating expenses: |
Three Months Ended
|
||||||
2022 |
|
2021 |
|||||
Sales and marketing |
$ |
1,058 |
|
|
$ |
808 |
|
General and administrative |
|
3,235 |
|
|
|
2,080 |
|
Research and development |
|
7,817 |
|
|
|
5,000 |
|
Total stock-based compensation expense |
$ |
12,110 |
|
|
$ |
7,888 |
|
Consolidated Balance Sheets (in thousands, except share and per share data) (unaudited) |
|||||||
|
|
|
|||||
Assets |
|
|
|
||||
Current assets: |
|
|
|
||||
Cash and cash equivalents |
$ |
671,753 |
|
|
$ |
710,621 |
|
Accounts receivable, net of allowance for credit losses of |
|
103,067 |
|
|
|
105,548 |
|
Inventory |
|
86,436 |
|
|
|
75,276 |
|
Other current assets, net of allowance for credit losses of |
|
27,322 |
|
|
|
26,175 |
|
Total current assets |
|
888,578 |
|
|
|
917,620 |
|
Property and equipment, net |
|
39,969 |
|
|
|
41,713 |
|
Intangible assets, net |
|
86,831 |
|
|
|
91,406 |
|
|
|
112,901 |
|
|
|
112,901 |
|
Deferred tax assets |
|
39,554 |
|
|
|
13,547 |
|
Operating lease right-of-use assets |
|
30,135 |
|
|
|
30,479 |
|
Other assets, net of allowance for credit losses of |
|
26,822 |
|
|
|
24,349 |
|
Total assets |
$ |
1,224,790 |
|
|
$ |
1,232,015 |
|
Liabilities, redeemable noncontrolling interest and stockholders’ equity |
|
|
|
||||
Current liabilities: |
|
|
|
||||
Accounts payable, accrued expenses and other current liabilities |
$ |
73,615 |
|
|
$ |
89,816 |
|
Accrued compensation |
|
17,560 |
|
|
|
23,495 |
|
Deferred revenue |
|
5,840 |
|
|
|
5,697 |
|
Operating lease liabilities |
|
10,454 |
|
|
|
10,331 |
|
Total current liabilities |
|
107,469 |
|
|
|
129,339 |
|
Deferred revenue |
|
9,779 |
|
|
|
9,140 |
|
Convertible senior notes, net |
|
488,024 |
|
|
|
425,345 |
|
Operating lease liabilities |
|
31,764 |
|
|
|
32,591 |
|
Other liabilities |
|
9,480 |
|
|
|
9,545 |
|
Total liabilities |
|
646,516 |
|
|
|
605,960 |
|
Redeemable noncontrolling interest |
|
15,281 |
|
|
|
12,888 |
|
Stockholders’ equity |
|
|
|
||||
Preferred stock, |
|
— |
|
|
|
— |
|
Common stock, |
|
505 |
|
|
|
504 |
|
Additional paid-in capital |
|
453,084 |
|
|
|
498,979 |
|
|
|
(28,480 |
) |
|
|
(5,149 |
) |
Retained earnings |
|
137,884 |
|
|
|
118,833 |
|
Total stockholders’ equity |
|
562,993 |
|
|
|
613,167 |
|
Total liabilities, redeemable noncontrolling interest and stockholders’ equity |
$ |
1,224,790 |
$ |
1,232,015 |
|||
Consolidated Statements of Cash Flows (in thousands) (unaudited) |
|||||||
Three Months Ended
|
|||||||
Cash flows (used in) / from operating activities: |
2022 |
|
2021 |
||||
Net income |
$ |
8,903 |
|
|
$ |
14,550 |
|
Adjustments to reconcile net income to net cash from operating activities: |
|
|
|
||||
Provision for credit losses on accounts receivable |
|
54 |
|
|
|
32 |
|
Reserve for product returns |
|
798 |
|
|
|
574 |
|
Recovery of credit losses on notes receivable |
|
(78 |
) |
|
|
(11 |
) |
Amortization on patents and tooling |
|
353 |
|
|
|
288 |
|
Amortization and depreciation |
|
7,761 |
|
|
|
7,385 |
|
Amortization of debt discount and debt issuance costs |
|
780 |
|
|
|
3,250 |
|
Amortization of operating leases |
|
2,473 |
|
|
|
2,338 |
|
Deferred income taxes |
|
(10,650 |
) |
|
|
(3,178 |
) |
Stock-based compensation |
|
12,110 |
|
|
|
7,888 |
|
Loss on early extinguishment of debt |
|
— |
|
|
|
185 |
|
Changes in operating assets and liabilities: |
|
|
|
||||
Accounts receivable |
|
1,629 |
|
|
|
(5,685 |
) |
Inventory |
|
(11,161 |
) |
|
|
(2,947 |
) |
Other current and non-current assets |
|
(3,225 |
) |
|
|
(1,734 |
) |
Accounts payable, accrued expenses and other current liabilities |
|
(21,450 |
) |
|
|
(220 |
) |
Deferred revenue |
|
782 |
|
|
|
1,127 |
|
Operating lease liabilities |
|
(2,975 |
) |
|
|
(2,772 |
) |
Other liabilities |
|
(65 |
) |
|
|
162 |
|
Cash flows (used in) / from operating activities |
|
(13,961 |
) |
|
|
21,232 |
|
Cash flows used in investing activities: |
|
|
|
||||
Additions to property and equipment |
|
(2,171 |
) |
|
|
(4,069 |
) |
Receipt of payments on notes receivable |
|
16 |
|
|
|
2 |
|
Purchase of investment in unconsolidated entity |
|
— |
|
|
|
(5,000 |
) |
Cash flows used in investing activities |
|
(2,155 |
) |
|
|
(9,067 |
) |
Cash flows (used in) / from financing activities: |
|
|
|
||||
Repayments of credit facility |
|
— |
|
|
|
(110,000 |
) |
Proceeds from issuance of convertible senior notes |
|
— |
|
|
|
500,000 |
|
Payments of debt issuance costs |
|
— |
|
|
|
(15,291 |
) |
Payments of deferred consideration for business acquisitions |
|
— |
|
|
|
(150 |
) |
Purchases of treasury stock |
|
(23,331 |
) |
|
|
— |
|
Issuances of common stock from equity-based plans |
|
1,080 |
|
|
|
1,989 |
|
Cash flows (used in) / from financing activities |
|
(22,251 |
) |
|
|
376,548 |
|
Net (decrease) / increase in cash, cash equivalents and restricted cash |
|
(38,367 |
) |
|
|
388,713 |
|
Cash, cash equivalents and restricted cash at beginning of the period |
|
710,621 |
|
|
|
253,459 |
|
Cash, cash equivalents and restricted cash at end of the period |
$ |
672,254 |
|
|
$ |
642,172 |
|
|
|
|
|
||||
Reconciliation of cash, cash equivalents and restricted cash: |
|
|
|
||||
Cash and cash equivalents |
$ |
671,753 |
|
|
$ |
642,172 |
|
Restricted cash included in other assets |
|
501 |
|
|
|
— |
|
Total cash, cash equivalents and restricted cash |
$ |
672,254 |
|
|
$ |
642,172 |
|
Reconciliation of Non-GAAP Measures (in thousands) (unaudited) |
|||||||
Three Months Ended
|
|||||||
|
2022 |
|
2021 |
||||
Adjusted EBITDA: |
|
|
|
||||
Net income |
$ |
8,903 |
|
|
$ |
14,550 |
|
Adjustments: |
|
|
|
||||
Interest expense, interest income and other income / (expense), net |
|
628 |
|
|
|
3,366 |
|
Benefit from income taxes |
|
(618 |
) |
|
|
(2,913 |
) |
Amortization and depreciation expense |
|
7,761 |
|
|
|
7,385 |
|
Stock-based compensation expense |
|
12,110 |
|
|
|
7,888 |
|
Acquisition-related expense |
|
— |
|
|
|
29 |
|
Litigation expense |
|
1,135 |
|
|
|
5,301 |
|
Total adjustments |
|
21,016 |
|
|
|
21,056 |
|
Adjusted EBITDA |
$ |
29,919 |
|
|
$ |
35,606 |
|
|
|
|
|
||||
|
Three Months Ended
|
||||||
|
2022 |
|
2021 |
||||
Adjusted net income: |
|
|
|
||||
Net income, as reported |
$ |
8,903 |
|
|
$ |
14,550 |
|
Benefit from income taxes |
|
(618 |
) |
|
|
(2,913 |
) |
Income before income taxes |
|
8,285 |
|
|
|
11,637 |
|
Adjustments: |
|
|
|
||||
Less: interest income and other income / (expense), net |
|
(156 |
) |
|
|
(2 |
) |
Amortization expense |
|
4,642 |
|
|
|
4,329 |
|
Amortization of debt discount and debt issuance costs |
|
780 |
|
|
|
3,244 |
|
Stock-based compensation expense |
|
12,110 |
|
|
|
7,888 |
|
Acquisition-related expense |
|
— |
|
|
|
29 |
|
Litigation expense |
|
1,135 |
|
|
|
5,301 |
|
Non-GAAP adjusted income before income taxes |
|
26,796 |
|
|
|
32,426 |
|
Income taxes 1 |
|
(5,627 |
) |
|
|
(6,809 |
) |
Non-GAAP adjusted net income |
$ |
21,169 |
|
|
$ |
25,617 |
|
1 Income taxes are calculated using a rate of |
|||||||
Reconciliation of Non-GAAP Measures - continued (in thousands, except share and per share data) (unaudited) |
|||||||
|
Three Months Ended
|
||||||
|
2022 |
|
2021 |
||||
Adjusted net income attributable to common stockholders: |
|
|
|
||||
Net income attributable to common stockholders, as reported |
$ |
9,079 |
|
|
$ |
14,830 |
|
Benefit from income taxes |
|
(618 |
) |
|
|
(2,913 |
) |
Income attributable to common stockholders before income taxes |
|
8,461 |
|
|
|
11,917 |
|
Adjustments: |
|
|
|
||||
Less: interest income and other income / (expense), net |
|
(156 |
) |
|
|
(2 |
) |
Amortization expense |
|
4,642 |
|
|
|
4,329 |
|
Amortization of debt discount and debt issuance costs |
|
780 |
|
|
|
3,244 |
|
Stock-based compensation expense |
|
12,110 |
|
|
|
7,888 |
|
Acquisition-related expense |
|
— |
|
|
|
29 |
|
Litigation expense |
|
1,135 |
|
|
|
5,301 |
|
Non-GAAP adjusted income attributable to common stockholders before income taxes |
|
26,972 |
|
|
|
32,706 |
|
Income taxes 1 |
|
(5,664 |
) |
|
|
(6,868 |
) |
Non-GAAP adjusted net income attributable to common stockholders |
$ |
21,308 |
|
|
$ |
25,838 |
|
|
Three Months Ended
|
||||||
|
2022 |
|
2021 |
||||
Adjusted net income attributable to common stockholders per share: |
|
|
|
||||
Net income attributable to common stockholders per share - basic, as reported |
$ |
0.18 |
|
|
$ |
0.30 |
|
Benefit from income taxes |
|
(0.01 |
) |
|
|
(0.06 |
) |
Income attributable to common stockholders before income taxes |
|
0.17 |
|
|
|
0.24 |
|
Adjustments: |
|
|
|
||||
Less: interest income and other income / (expense), net |
|
— |
|
|
|
— |
|
Amortization expense |
|
0.09 |
|
|
|
0.09 |
|
Amortization of debt discount and debt issuance costs |
|
0.02 |
|
|
|
0.07 |
|
Stock-based compensation expense |
|
0.23 |
|
|
|
0.15 |
|
Acquisition-related expense |
|
— |
|
|
|
— |
|
Litigation expense |
|
0.02 |
|
|
|
0.11 |
|
Non-GAAP adjusted income before income taxes |
|
0.53 |
|
|
|
0.66 |
|
Income taxes 1 |
|
(0.11 |
) |
|
|
(0.14 |
) |
Non-GAAP adjusted net income attributable to common stockholders per share - basic |
$ |
0.42 |
|
|
$ |
0.52 |
|
|
|
|
|
||||
Non-GAAP adjusted net income attributable to common stockholders per share - diluted |
$ |
0.39 |
|
|
$ |
0.50 |
|
|
|
|
|
||||
Weighted average common shares outstanding: |
|
|
|
||||
Basic, as reported |
|
50,206,179 |
|
|
|
49,561,887 |
|
Diluted, as reported |
|
55,170,781 |
|
|
|
51,739,461 |
|
1 Income taxes are calculated using a rate of |
|||||||
Reconciliation of Non-GAAP Measures - continued (in thousands) (unaudited) |
|||||||
|
Three Months Ended
|
||||||
|
2022 |
|
2021 |
||||
Non-GAAP free cash flow: |
|
|
|
||||
Cash flows (used in) / from operating activities |
$ |
(13,961 |
) |
|
$ |
21,232 |
|
Additions to property and equipment |
|
(2,171 |
) |
|
|
(4,069 |
) |
Non-GAAP free cash flow |
$ |
(16,132 |
) |
|
$ |
17,163 |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20220505005866/en/
Investor & Media Relations:
ir@alarm.com
Source:
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