Financial PerformanceManagement raised 2024 midpoint guidance on SaaS revenue to $627.0M, up 10% year-over-year, adjusted EBITDA to $166.0M (17.9% margin), and non-GAAP net income to $120.0M.
Growth DriversThe adoption of video products with higher average revenue per user highlights Alarm.com's ability to capture more wallet share from new and existing subscribers.
Market ExpansionThe company is investing significantly in diversifying its business through expanding in the commercial end market, through energy management solutions, and internationally, which together make up approximately 25% of the SaaS business today and grow significantly faster than the North American residential business.