-- First quarter total revenue increased
19.1% year-over-year to $205.4 million --
-- First quarter SaaS and license revenue
increased 14.8% year-over-year to $123.2 million --
-- First quarter GAAP net income
attributable to common stockholders was $9.1 million, compared to
$14.8 million for the first quarter of 2021 --
-- First quarter non-GAAP adjusted EBITDA
was $29.9 million, compared to $35.6 million for the first quarter
of 2021 --
Alarm.com Holdings, Inc. (Nasdaq: ALRM), the leading platform
for the intelligently connected property, today reported financial
results for its first quarter ended March 31, 2022. Alarm.com also
provided its financial outlook for SaaS and license revenue for the
second quarter of 2022 and increased its revenue guidance for the
full year of 2022.
“We’re pleased with the level of demand for our products and
services that we saw in the first quarter,” said Steve Trundle,
President and CEO of Alarm.com. “We navigated the many supply chain
challenges during the quarter. We provided a high level of products
to our service providers to support their subscriber additions, and
incurred meaningfully higher shipping and inventory component costs
while delivering higher Adjusted EBITDA than expected. Our research
and development teams also delivered innovative, award-winning
technology, including expanding our video analytics platform to
address additional market segments.”
First Quarter 2022 Financial Results as Compared to First Quarter
2021
- SaaS and license revenue increased 14.8% to $123.2 million,
compared to $107.4 million.
- Total revenue increased 19.1% to $205.4 million, compared to
$172.5 million.
- GAAP net income attributable to common stockholders decreased
to $9.1 million, or $0.18 per diluted share, compared to $14.8
million, or $0.29 per diluted share, primarily due to an increase
in shipping costs and inventory component costs for hardware due to
the global supply chain challenges.
- Non-GAAP adjusted EBITDA(*) decreased to $29.9 million,
compared to $35.6 million.
- Non-GAAP adjusted net income attributable to common
stockholders(*) decreased to $21.3 million, or $0.39 per diluted
share, compared to $25.8 million or $0.50 per diluted share.
Balance Sheet and Cash
Flow
- Total cash and cash equivalents decreased to $671.8 million as
of March 31, 2022, compared to $710.6 million as of December 31,
2021, primarily due to the repurchase of 354,123 shares of
Alarm.com common stock for $23.3 million during the quarter ended
March 31, 2022.
- For the quarter ended March 31, 2022, cash flows used in
operations was $14.0 million, compared to cash flows from
operations of $21.2 million for the quarter ended March 31, 2021.
For the quarter ended March 31, 2022, non-GAAP free cash flow(*)
was $(16.1) million, compared to $17.2 million for the quarter
ended 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 for Alarm.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
Alarm.com is providing its outlook for SaaS and license revenue
for the second quarter of 2022 and increasing its revenue guidance
for the full year of 2022 based upon current management
expectations. This guidance is being provided in an environment
that includes unusual geopolitical uncertainty, continuing COVID-19
pandemic uncertainty, and significant global supply chain
uncertainty. Further adverse developments in any of these areas
could impact our operating results and our guidance.
For the second quarter of 2022:
- SaaS and license revenue is expected to be in the range of
$126.2 million to $126.4 million.
For the full year of 2022:
- SaaS and license revenue is expected to be in the range of
$512.7 million to $513.3 million.
- Total revenue is expected to be in the range of $822.7 million
to $853.3 million, which includes anticipated hardware and other
revenue in the range of $310.0 million to $340.0 million.
- Non-GAAP adjusted EBITDA is expected to be in the range of
$149.0 million to $150.0 million.
- Non-GAAP adjusted net income attributable to common
stockholders is expected to be in the range of $104.3 million to
$105.0 million, based on an estimated tax rate of 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 to $1.88 per diluted
share.
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
Alarm.com undertakes no obligation to update guidance after such
date.
Conference Call and Webcast
Information
Alarm.com will host a conference call to discuss its first
quarter 2022 financial results and its outlook for the second
quarter and full year of 2022. A live audio webcast is scheduled to
begin at 4:30 p.m. ET on May 5, 2022. To participate on the live
call, analysts and investors should dial 866.588.3290 (U.S./Canada)
or 262.558.6169 (International) at least ten minutes prior to the
start time of the call. A telephonic replay of the call will be
available through May 12, 2022 by dialing 855.859.2056
(U.S./Canada) or 404.537.3406 (International) and providing
Conference ID: 2173258. Alarm.com will also offer a live and
archived webcast of the conference call accessible on Alarm.com’s
Investor Relations website at http://investors.alarm.com.
About Alarm.com Holdings, Inc.
Alarm.com is the leading platform for the intelligently
connected property. Millions of consumers and businesses depend on
Alarm.com's technology to manage and control their property from
anywhere. Our platform integrates with a growing variety of
Internet of Things devices through our apps and interfaces. Our
security, video, access control, intelligent automation, energy
management, and wellness solutions are available through our
network of thousands of professional service providers in North
America and around the globe. Alarm.com's common stock is traded on
Nasdaq under the ticker symbol ALRM. For more information, please
visit www.alarm.com.
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
Alarm.com, because they are non-cash charges that we do not
consider when assessing the operating performance of our business.
Additionally, the determination of stock-based compensation expense
can be calculated using various methodologies and is dependent upon
subjective assumptions and other factors that vary on a
company-by-company basis. Therefore, we believe that excluding
stock-based compensation expense from our non-GAAP financial
measures improves the comparability of our results to the results
of other companies in our industry.
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 January 2021 issuance of $500.0 million aggregate principal
amount of 0% convertible senior notes due January 15, 2026, or the
2026 Notes, as interest expense. We exclude amortization of debt
discount and debt issuance costs from our 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, because we
believe that the exclusion of this non-cash interest expense will
provide for more meaningful information about our financial
performance.
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 United States tax, tariff, import/export restrictions, or
other trade barriers, particularly tariffs from China as well as
other risks and uncertainties discussed in the “Risk Factors”
section of the Company’s Annual Report on Form 10-K filed with the
Securities and Exchange Commission on February 24, 2022 and other
subsequent filings the Company makes with the Securities and
Exchange Commission from time to time, including its Form 10-Q for
the quarter ended March 31, 2022. In addition, the forward-looking
statements included in this press release represent the Company’s
views and expectations as of the date hereof and are based on
information currently available to the Company. The Company
anticipates that subsequent events and developments may cause the
Company’s views to change. However, while the Company may elect to
update these forward-looking statements at some point in the
future, the Company specifically disclaims any obligation to do so
except as required by law. These forward-looking statements should
not be relied upon as representing the Company’s views as of any
date subsequent to the date hereof.
ALARM.COM HOLDINGS,
INC.
Consolidated Statements of
Operations
(in thousands, except share
and per share data)
(unaudited)
Three Months Ended
March 31,
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
March 31,
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
ALARM.COM HOLDINGS,
INC.
Consolidated Balance
Sheets
(in thousands, except share
and per share data)
(unaudited)
March 31, 2022
December 31,
2021
Assets
Current assets:
Cash and cash equivalents
$
671,753
$
710,621
Accounts receivable, net of allowance for
credit losses of $2,153 and $2,168, and net of allowance for
product returns of $1,162 and $1,181 as of March 31, 2022 and
December 31, 2021, respectively
103,067
105,548
Inventory
86,436
75,276
Other current assets, net of allowance for
credit losses of $1 and $2 as of March 31, 2022 and December 31,
2021, respectively
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
Goodwill
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 $1 and $78 as of March 31, 2022 and December 31, 2021,
respectively
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, $0.001 par value,
10,000,000 shares authorized; no shares issued and outstanding as
of March 31, 2022 and December 31, 2021
—
—
Common stock, $0.01 par value, 300,000,000
shares authorized; 50,491,600 and 50,406,606 shares issued; and
49,990,324 and 50,259,453 shares outstanding as of March 31, 2022
and December 31, 2021, respectively
505
504
Additional paid-in capital
453,084
498,979
Treasury stock, at cost; 501,276 and
147,153 shares as of March 31, 2022 and December 31, 2021,
respectively
(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
ALARM.COM HOLDINGS,
INC.
Consolidated Statements of
Cash Flows
(in thousands)
(unaudited)
Three Months Ended
March 31,
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
ALARM.COM HOLDINGS,
INC.
Reconciliation of Non-GAAP
Measures
(in thousands)
(unaudited)
Three Months Ended
March 31,
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
March 31,
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 21.0% for each of the three months ended March 31, 2022 and
2021. The 21.0% effective tax rate for each of the three months
ended March 31, 2022 and 2021 exclude the income tax effect on the
non-GAAP adjustments and reflect the estimated long-term corporate
tax rate.
ALARM.COM HOLDINGS,
INC.
Reconciliation of Non-GAAP
Measures - continued
(in thousands, except share
and per share data)
(unaudited)
Three Months Ended
March 31,
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
March 31,
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 21.0% for each of the three months ended March 31, 2022 and
2021. The 21.0% effective tax rate for each of the three months
ended March 31, 2022 and 2021 exclude the income tax effect on the
non-GAAP adjustments and reflect the estimated long-term corporate
tax rate.
ALARM.COM HOLDINGS,
INC.
Reconciliation of Non-GAAP
Measures - continued
(in thousands)
(unaudited)
Three Months Ended
March 31,
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: Matthew Zartman Alarm.com
ir@alarm.com
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