Alarm.com Holdings, Inc. (NASDAQ:ALRM) Q4 2023 Earnings Conference Call February 22, 2024 4:30 PM ET

Company Participants

Matthew Zartman - Vice President of Investor Relations

Stephen Trundle - Chief Executive Officer

Steve Valenzuela - Chief Financial Officer

Conference Call Participants

Saket Kalia - Barclays Capital

Adam Tindle - Raymond James

Michael Funk - Bank of America

Darren Aftahi - ROTH MKM

Cory Carpenter - J.P. Morgan

Jack Vander Aarde - Maxim Group

Operator

Good day and thank you for standing by. Welcome to the Alarm.com Q4 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, Matthew Zartman, Vice President of Investor Relations. Please go ahead.

Matthew Zartman

Good afternoon, everyone, and welcome to Alarm.com's fourth quarter and full year 2023 earnings conference call. Please note that this call is being recorded. Joining us today from Alarm.com are Stephen Trundle, our Chief Executive Officer and Steve Valenzuela, our Chief Financial Officer.

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 Stephen Trundle. Steve?

Stephen Trundle

Thank you, Matt. Good afternoon, and welcome to everyone. We are pleased to report fourth quarter and full year results that exceeded our expectations. Our SaaS and license revenue in the Q4 was $148.3 million up 10.3% over the last year. Our adjusted EBITDA for the quarter was $45.6 million. Despite some uncertainty throughout the year, we delivered solid SaaS revenue growth by sharpening our focus on key initiatives. We also delivered record adjusted EBITDA and cash flow performance. I want to thank our service provider partners and our employees for their contributions to our 2023 performance.