Alarm.com Holdings, Inc. (NASDAQ:ALRM) Q3 2023 Earnings Conference Call November 9, 2023 4:30 PM ET

Company Participants

Matthew Zartman - Vice President of Investor Relations

Stephen Trundle - Chief Executive Officer

Daniel Kerzner - President of Platforms Business

Steve Valenzuela - Chief Financial Officer

Conference Call Participants

Adam Tindle - Raymond James

Saket Kalia - Barclays Capital

Matthew Bullock - Bank of America

Matthew Pfau - William Blair

Operator

Good day and thank you for standing by. Welcome to the Alarm.com Q3 2023 Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speakers' presentation, there will be a question-and-answer session. [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, Vice President of Investor Relations. Please go ahead.

Matthew Zartman

Thanks, Kevin. Good afternoon, everyone, and welcome to Alarm.com's third quarter 2023 earnings conference call. Please note that this call is being recorded. Joining us today from Alarm.com are Steve Trundle, our CEO; Dan Kerzner, President of our Platforms Business; and Steve Valenzuela, our CFO.

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 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 discussed on the call. A reconciliation of the GAAP and non-GAAP measures can be found in today's press release on our Investor Relations Web site.

I will now turn the call over to Steve Trundle. Steve?

Stephen Trundle

Thank you, Matt. Good afternoon and welcome to everyone. We are pleased to report that another quarter of solid responsibility. Our SaaS and license revenue in the third quarter was $145 million, up 8.9% over the same period last year. Our adjusted EBITDA in the third quarter was $41.4 million. I want to thank our service provider partners and the Alarm.com team for their continued strong performance. During the quarter, we meaningfully outperformed our SaaS target despite some softness and difficult-to-predict hardware revenue. The diversity of our business is worth highlighting as our growth initiatives continue to make substantial contributions to our SaaS results.