Alarmcom Holdings Inc Reports Second Quarter 2024 Financial Results
Intellectia.AI Updated: 1970-01-01
Alarm.com Holdings, Inc. Reports Second Quarter 2024 Financial Results
Alarm.com Holdings, Inc. announced its financial results for the second quarter ending June 30, 2024. Below is a detailed summary including key financial metrics, segment performance, and other significant highlights.
Key Financial Metrics
The following table summarizes key financial results for Q2 2024, including comparisons to consensus estimates and year-over-year performance:
| Metric | Q2 2023 | Q1 2024 | Q2 2024 | YoY Change (%) | QoQ Change (%) | Consensus Estimate | Actual Performance vs. Consensus |
|---|---|---|---|---|---|---|---|
| Total Revenue | $223.9 million | $223.3 million | $233.8 million | +4.42% | +4.71% | $227.25 million | +2.88% |
| SaaS and License Revenue | $140.4 million | $150.4 million | $155.9 million | +11.02% | +3.66% | N/A | N/A |
| Earnings Per Share (EPS) | $0.31 | $0.45 | $0.68 | +119.34% | +51.11% | $0.49 | +38.78% |
| Net Income | $15.6 million | $23.4 million | $32.5 million | +108.33% | +38.89% | N/A | N/A |
Interpretation: Alarm.com showed strong financial performance during the second quarter of 2024, surpassing Wall Street estimates in both revenue and EPS. The company enjoyed a significant year-over-year growth in total revenue by 4.42% and a notable increase in EPS by 119.34%.
Segment Revenue Performance
A detailed breakdown of revenue performance across the key segments is shared in the table below:
| Segment | Q2 2023 | Q1 2024 | Q2 2024 | YoY Change (%) | QoQ Change (%) |
|---|---|---|---|---|---|
| Alarm.com Segment | $210.4 million | $211.8 million | $217.4 million | +3.33% | +2.64% |
| Other Segment | $13.5 million | $11.5 million | $16.4 million | +21.48% | +42.61% |
Interpretation: Both the Alarm.com and Other segments showed solid growth, with Other segment revenue showing significant quarter-over-quarter growth of 42.61%, which suggests strong underlying business momentum in newer markets and segments.
Share Repurchase Program
During the three and six months ended June 30, 2024, Alarm.com repurchased 1,117,068 shares for $75.0 million as part of its stock repurchase program authorized by the board of directors in connection with the issuance of the 2.25% convertible senior notes due 2029.
Stock Price Movement
After the earnings release, Alarm.com's stock price experienced a positive change of 1.91%.
Conclusion
Alarm.com Holdings, Inc. demonstrated robust performance in the second quarter of 2024, exceeding market expectations in both revenue and EPS. The company's continued revenue and segment growth highlight its capability to scale and navigate through a competitive market landscape, signaling confidence in its operational execution.
The report has been organized into a clear and concise format suitable for investors.
