Resideo's 2023 and Q4 2022 financial report signals a slight dip in revenue for 2023 and the fourth quarter of 2022.

Net sales for the company also rose to the highest in the company’s history alongside a significant jump in its recurring service revenues.

Record-breaking results attributed to the continued growth of recurring revenues as well as sales of Alarm Lock and Mark product lines.

Alarm.com total revenues rise a mere 2.1% to $209.7 million. Saas and license revenues rise 9.9% to $135.4 million.

Company reports colossal 231% increase in net income following strong sales and RSR performance.