Alarm.com releases Q4, full-year 2022 results

TYSONS, VA – Alarm.com has released its fourth fiscal quarter 2022/full-year results, and the outlook is positive for the residential security provider.

On Feb. 23 the company held its conference call and webcast discussing its earnings as the company looks to 2023. At a glance, the company’s fourth quarter Software-as-a-Service (SaaS) and license revenue increased 10.5 percent year-over-year to $134.6 million, and total revenue increased 6.6 percent year-over-year to $208.1 million. Alarm.com’s full-year 2022 SaaS and license revenue increased 13 percent year-over-year to $520.4 million, and its total revenue increased 12.5 percent year-over-year to $842.6 million.

“We are pleased to report fourth quarter and full year results that exceeded our expectations,” CEO and Director Stephen Trundle told call participants. “During the year, we continued to execute on our long-term growth strategy. We expanded our platform and continued to build diversity into our revenue streams. We ended 2022 with more than 11,000 service provider partners who deliver Alarm.com solutions to more than 9.1 million connected property subscribers in over 60 countries around the globe.”

Trundle also mentioned the addition of hundreds of thousands of subscribers to Noonlight, a subsidiary that Alarm.com acquired in 2022 ($33.4 million in cash). The growing SaaS business provides context aware event management and emergency response capabilities allowing IoT device providers and mobile app-based services to integrate emergency response capabilities into their products. It is just one of several subsidiaries that includes PointCentral, Building 36, Energy Hub, and Shooter Detection Systems (SDS) that Trundle called an important element of their development strategy.

The CEO then provided an update to the ongoing lawsuit with Vivint. Vivint has been under fire from several lawsuits recently, having lost a judgment to CPI Security costing the company $189 million in damages, which Security Systems News covered. Alarm.com filed for arbitration late last year over the company’s refusal to pay royalty fees associated with a patent license agreement reached in 2013. “We also filed a patent infringement lawsuit against Vivint in January of this year, alleging Vivint is infringing on 15 patents that we added to our portfolio subsequent to the 2013 licensing agreement,” Trundle said. “We continue to work to ensure that we fully protect our patented technology from infringement and its use without license.”

Alarm.com estimates the arbitration process to take between 12 to 14 months.

A full copy of the financial results can be found at investors.alarm.com.