Alarm.com Holdings, Inc. (Nasdaq: ALRM) reported a 26 percent increase in revenue to $74.2 million for Q1 2017, up from $59 million in 2016. The smart home company's main sources of revenue come from Software as a Service and license revenue, which also grew 26 percent to $50.2 million, up from $40 million.
“We’re off to a solid start in 2017 with continued growth in SaaS and license revenue and increased profitability,” said Steve Trundle, president and CEO of Alarm.com. “Our service provider partners continue to lead the security industry’s transformation from traditional service to higher value interactive solutions, and we announced new product initiatives to help them deliver a best-in-class experience to their customers.”
In terms of quarterly profits, Alarm.com reports EBITDA increased to $14.1 million, up 30 percent. The company has $63 million in cash on hand.
Among the highlights for the past quarter was the purchase of the Connect and Piper Business unit, and the integration of new devices, including the SkyBell Technologies video doorbell, audio control from Legrand, and a new irrigation management system from Rachio and Rain Bird.
The company also updated its mobile app and enhanced the mobile experience for end users with more video controls and account options. Commercial subscribers can now get more reporting functions.
The company's outlook for the entire year is strong. Total revenue is expected to hit between $322.7 million to $325.7 million, which includes anticipated hardware and other revenue for the year in the range of $91 million to $93 million. EBITDA for the year is expected to be in the range of $65.5 million to $66.5 million, with net income in the range of $36.5 million to $37.5 million.
SaaS and license revenue is now expected to be in the range of $231.7 million to $232.7 million for 2017.
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