Alarm.com Holdings, Inc. (NASDAQ:ALRM) Q1 2023 Earnings Conference Call May 10, 2023 4:30 PM ET
Company Participants
Matt Zartman - Investor Relations
Steve Trundle - Chief Executive Officer
Steve Valenzuela - Chief Financial Officer
Jeff Bedell - President, Ventures Business and Corporate Strategy
Conference Call Participants
Matt Bullock - Bank of America
Saket Kalia - Barclays
Matthew Pfau - William Blair
Mark Cash - Raymond James
Darren Aftahi - ROTH
Jack Codera - Maxim Group
Operator
Good day and thank you for standing by. Welcome to the Alarm.com First Quarter 2023 Earnings Conference Call. [Operator Instructions] Please be advised that today’s conference is being recorded. I would now like to hand the conference over to your speaker today, Matt Zartman. Please go ahead.
Matt Zartman
Good afternoon, everyone and welcome to Alarm.com’s first quarter 2023 earnings conference call. Please note that this call is being recorded. Joining us today from Alarm.com are Steve Trundle, our CEO; Steve Valenzuela, our CFO; and Jeff Bedell, President of our Ventures Business and Corporate Strategy.
During today’s call, we will be making forward-looking statements, which are predictions, projections, estimates or other statements about future events. These statements are based on current expectations and assumptions that are subject to risks and uncertainties that may cause actual results to differ materially from our current expectations. We refer you to the risk factors discussed in our quarterly report on Form 10-Q and our Form 8-K, which will be filed shortly after this call with the SEC, along with the associated press release. This call is subject to these risk factors, and we encourage you to review them. Alarm.com assumes no obligation to update any forward-looking statements or information, which speaks as of their respective dates.
In addition, several non-GAAP financial measures will be used in this call. A reconciliation of the GAAP and non-GAAP measures can be found in today’s press release on our Investor Relations website.
I will now turn the call over to Steve Trundle. You may begin.
Steve Trundle
Thank you, Matt. Good afternoon and welcome to everyone. We are pleased to report first quarter results that exceeded our expectations. SaaS and license revenue in the first quarter was $135.4 million, resulting in a non-GAAP growth rate of 14.9% over the last year, excluding Vivint. Our adjusted EBITDA in the first quarter was $30.6 million. I am going to touch on a couple of things in the core Alarm.com business and then I am excited to have Jeff Bedell, the President of our Ventures Business and Corporate Strategy, joining the call today. I will be looking to include Jeff or Dan Kerzner, the President of our Platforms business, in future quarterly updates so that we can provide a deeper review of some areas of the business.