Alarm.com Holdings, Inc. reported significant financial growth for the three and nine months ended September 30, 2024, compared to the same periods in 2023. Total revenue for Q3 2024 reached $240.5 million, an 8.5% increase from $221.9 million in Q3 2023. For the nine months, revenue rose to $697.6 million, up 6% from $655.4 million in the prior year. The growth was primarily driven by a 10% increase in Software-as-a-Service (SaaS) and license revenue, which amounted to $159.3 million for Q3 2024, compared to $145.0 million in Q3 2023. For the nine-month period, SaaS and license revenue increased by 11% to $465.5 million.
Profitability metrics also showed marked improvement. Operating income for Q3 2024 was $33.2 million, significantly higher than $16.2 million in Q3 2023. Net income for the same quarter surged to $36.5 million, compared to $19.4 million in the prior year. For the nine months, net income reached $92.4 million, up from $49.2 million in 2023. Basic earnings per share for Q3 2024 were $0.74, compared to $0.39 in Q3 2023.
Alarm.com’s cash and cash equivalents increased to $1.17 billion as of September 30, 2024, up from $696.9 million at the end of 2023. The company’s total assets also rose to $1.97 billion, compared to $1.44 billion at the end of the previous fiscal year. The increase in cash was bolstered by cash flows from operating activities, which totaled $150.2 million for the nine months, a substantial increase from $96.1 million in 2023.
Strategically, Alarm.com made notable acquisitions, including the purchase of assets from Vintra, Inc. for $5.5 million and the acquisition of EBS for $9.8 million. The company also issued $500 million in convertible senior notes due June 1, 2029, to support its growth initiatives, including acquisitions and stock repurchases. The stock repurchase program authorized in May 2024 allows for up to $100 million in repurchases over two years.
Despite these advancements, the company faced challenges, including a decrease in software license revenue and ongoing macroeconomic uncertainties affecting its operations. The company continues to focus on expanding its SaaS offerings and enhancing its technology solutions across various markets.
About Alarm.com Holdings, Inc.
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