Alarm.com Holdings Inc (ALRM) 2022 Q4 法說會逐字稿

Good day, and thank you for standing by, and welcome to the Alarm.com Fourth Quarter 2022 Earnings Conference Call. (Operator Instructions) Also be advised that today's conference is being recorded.

美好的一天，感謝您的支持，歡迎來到 Alarm.com 2022 年第四季度收益電話會議。 （操作員說明）另請注意，今天的會議正在錄製中。

I would now like to hand the conference over to the Vice President of Investor Relations, Matthew Zartman. Please proceed.

我現在想將會議交給投資者關係副總裁 Matthew Zartman。請繼續。

Good afternoon. Welcome to Alarm.com's Fourth Quarter and Full Year 2022 Earnings Conference Call. This call is being recorded. Joining us today from Alarm.com are Steve Trundle, our CEO; and Steve Valenzuela, our CFO.

下午好。歡迎來到 Alarm.com 的第四季度和 2022 年全年收益電話會議。此通話正在錄音中。今天從 Alarm.com 加入我們的是我們的首席執行官 Steve Trundle；和我們的首席財務官 Steve Valenzuela。

Before we begin, a quick reminder. Management's discussion during today's call will include forward-looking statements, which include, among others, projected financial performance and key assumptions related thereto, including with respect to the Vivint dispute, potential legal spend and cost rationalization strategies, the impact of emerging market dynamics, trends and anticipated market demand, the impact of the COVID pandemic, challenging global supply chain dynamics and adverse macroeconomic conditions. Our business strategies, plans and objectives and the integration of recent acquisitions and anticipated growth prospects of our Noonlight acquisition, continued enhancements to our platform and offerings; opportunities for growth and expansion in our current and new markets.

在我們開始之前，快速提醒一下。管理層在今天電話會議上的討論將包括前瞻性陳述，其中包括預計的財務業績和與之相關的關鍵假設，包括關於 Vivint 糾紛、潛在的法律支出和成本合理化戰略、新興市場動態的影響、趨勢和預期的市場需求、COVID 大流行的影響、具有挑戰性的全球供應鏈動態和不利的宏觀經濟狀況。我們的業務戰略、計劃和目標以及近期收購的整合和我們收購 Noonlight 的預期增長前景，以及我們平台和產品的持續增強；我們現有市場和新市場的增長和擴張機會。

These forward-looking statements are based on our current expectations and beliefs and on information currently available to us. These statements are subject to risks and uncertainties, including those contained in today's earnings press release and in the Risk Factors section of our most recent quarterly report on Form 10-Q filed with the Securities and Exchange Commission on November 9, 2022, and in subsequent reports that we file with the SEC from time to time, including our annual report on Form 10-K for the year ended December 31, 2022, that we intend to file with the SEC after this call that could cause actual results to differ materially from those contained in the forward-looking statements.

這些前瞻性陳述基於我們目前的預期和信念以及我們目前可獲得的信息。這些陳述受風險和不確定因素的影響，包括今天的收益新聞稿和我們於 2022 年 11 月 9 日向美國證券交易委員會提交的 10-Q 表格的最新季度報告的風險因素部分中包含的風險和不確定性，以及隨後的我們不時向美國證券交易委員會提交的報告，包括我們截至 2022 年 12 月 31 日止年度的 10-K 表格年度報告，我們打算在本次電話會議後向美國證券交易委員會提交，這可能導致實際結果與包含在前瞻性陳述中的內容。

Please note that the forward-looking statements made during this call speak only as of today's date and Alarm.com undertakes no obligation to update these statements to reflect subsequent events or circumstances, except to the extent required by law. Also during this call, management's commentary will include non-GAAP financial measures and provide non-GAAP guidance. Management believes that the use of these non-GAAP financial measures provides an additional tool for investors to use in understanding the company's performance and trends. However, non-GAAP financial information is not meant to be considered in isolation or as a substitute for the directly comparable financial measures prepared in accordance to GAAP.

請注意，本次電話會議期間所做的前瞻性陳述僅在今天發表，Alarm.com 不承擔更新這些陳述以反映後續事件或情況的義務，法律要求的範圍除外。同樣在此次電話會議期間，管理層的評論將包括非 GAAP 財務措施並提供非 GAAP 指導。管理層認為，這些非 GAAP 財務指標的使用為投資者提供了一個額外的工具來了解公司的業績和趨勢。然而，非 GAAP 財務信息並不意味著孤立地考慮或替代根據 GAAP 編制的直接可比財務措施。

Reconciliations between GAAP and non-GAAP metrics for our reported results can be found in the financial statement tables of our earnings press release, which we have posted to our Investor Relations website at investors.alarm.com. This conference call is being webcast and is also available on our Investor Relations website. The webcast of this call will be archived, and a replay will be available on our website.

我們報告結果的 GAAP 和非 GAAP 指標之間的對賬可以在我們的收益新聞稿的財務報表表中找到，我們已將其發佈在我們的投資者關係網站 investors.alarm.com 上。此電話會議正在進行網絡直播，也可在我們的投資者關係網站上觀看。本次電話會議的網絡直播將被存檔，我們的網站上將提供重播。

Let's now turn the call over to Steve Trundle. You may begin.

現在讓我們把電話轉給 Steve Trundle。你可以開始了。

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 full year 2022 SaaS and license revenue was $520.4 million, up 13% over the last year. Our adjusted EBITDA for the full year was $146.8 million. During the year, we continued to execute on our long-term growth strategy. We expanded our platform and continued to build diversity into our revenue streams. We ended 2022 with more than 11,000 service provider partners who deliver Alarm.com solutions to more than 9.1 million connected property subscribers in over 60 countries around the globe. We now also have hundreds of thousands of Noonlight personal safety subscribers.

謝謝你，馬特。下午好，歡迎大家。我們很高興地報告超出我們預期的第四季度和全年業績。我們 2022 年全年的 SaaS 和許可收入為 5.204 億美元，比去年增長 13%。我們全年調整後的 EBITDA 為 1.468 億美元。年內，我們繼續執行我們的長期增長策略。我們擴展了我們的平台，並繼續在我們的收入來源中建立多樣性。到 2022 年底，我們擁有 11,000 多家服務提供商合作夥伴，他們為全球 60 多個國家/地區的 910 萬聯網物業用戶提供 Alarm.com 解決方案。我們現在也有數十萬的 Noonlight 人身安全訂閱者。

I want to thank our service provider partners and our employees for their contributions to our 2022 performance. I will use today's call to discuss our long-term strategy, focusing on 4 of our key growth areas. The commercial markets, our video software initiatives, our growing international business and our new venture businesses. These business areas collectively represented nearly 30% of our total SaaS revenue in the fourth quarter.

我要感謝我們的服務提供商合作夥伴和我們的員工為我們 2022 年的業績所做的貢獻。我將利用今天的電話討論我們的長期戰略，重點關注我們的 4 個關鍵增長領域。商業市場、我們的視頻軟件計劃、我們不斷增長的國際業務和我們的新風險業務。這些業務領域合計占我們第四季度 SaaS 總收入的近 30%。

I'll begin with the commercial markets. We have made solid progress in advancing our platform so that we can further target the nearly 6 million properties that make up the commercial market in the U.S. and Canada. The Alarm.com for Business platform addresses small- and medium-sized businesses or the SMB commercial segment. And our commercial video subsidiary, OpenEye is a leading provider of video surveillance as a service for the large-scale enterprise segment. In 2022, OpenEye's SaaS revenue more than doubled as compared to 2021, and they increased total new video channel activations by over 30% over the same period. Our overall commercial account base has grown to well over 0.5 million accounts.

我將從商業市場開始。我們在推進我們的平台方面取得了堅實的進展，因此我們可以進一步瞄準構成美國和加拿大商業市場的近 600 萬處房產。 Alarm.com for Business 平檯面向中小型企業或 SMB 商業部門。我們的商業視頻子公司 OpenEye 是一家領先的視頻監控服務提供商，為大型企業提供服務。 2022 年，OpenEye 的 SaaS 收入比 2021 年翻了一番多，同期新視頻頻道激活總量增加了 30% 以上。我們的整體商業賬戶基礎已發展到超過 50 萬個賬戶。

Our commercial product strategy is to develop software-based capabilities that will deliver unique value to commercial customers through the deep integration of security, video, analytics, access control and energy management solutions. Increasingly, we are also offering the active shooter detection technology developed by our subsidiary business, Shooter Detection Systems. With our expanding offering, we expect that a commercial property with the full suite of our solutions will generate about 6x the ARPU on average of our typical residential account.

我們的商業產品戰略是開發基於軟件的功能，通過安全、視頻、分析、訪問控制和能源管理解決方案的深度集成，為商業客戶提供獨特的價值。我們還越來越多地提供由我們的子公司 Shooter Detection Systems 開發的主動射手檢測技術。隨著我們不斷擴大的產品範圍，我們預計具有我們全套解決方案的商業地產將產生約 6 倍於我們典型住宅賬戶的平均 ARPU。

Innovation in video is integral to our commercial strategy. A high percentage of commercial properties have traditional video monitoring systems and our connected solutions are driving an upgrade cycle in the market. Last year, we launched a new video analytics service [tier] called Business Activity Analytics. It provides enterprise business intelligence reporting for occupancy tracking, people counting and few monitoring. With our analytics solution, a business owner can answer questions like, what is the average wait time for my customer to check out? Or how can I manage employees and keep track of their break times? Or how many people walk past the particular product display in the last day.

視頻創新是我們商業戰略不可或缺的一部分。很大比例的商業物業擁有傳統的視頻監控系統，我們的連接解決方案正在推動市場的升級週期。去年，我們推出了一項名為業務活動分析的新視頻分析服務[等級]。它為佔用跟踪、人數統計和人數監控提供企業商業智能報告。借助我們的分析解決方案，企業主可以回答這樣的問題：我的客戶結賬的平均等待時間是多少？或者我如何管理員工並跟踪他們的休息時間？或者在最後一天有多少人走過特定的產品展示。

We also launched a new screen video recorder or SVR. It enables 24/7 recording and event tracking for up to 16 commercial video cameras. The SVR also enables our new third-party camera support capability, which allows commercial customers to upgrade to Alarm.com services without the cost of ripping and replacing all their legacy video cameras. Our video platform also continues to drive meaningful results in the residential market. About half of our new residential accounts include in Alarm.com video service. This growing account base exhibits higher user engagement and significantly lower attrition profiles that accounts with only a security system.

我們還推出了新的屏幕錄像機或 SVR。它支持多達 16 台商用攝像機的 24/7 記錄和事件跟踪。 SVR 還支持我們新的第三方攝像頭支持功能，允許商業客戶升級到 Alarm.com 服務，而無需拆除和更換所有舊攝像機。我們的視頻平台也繼續在住宅市場取得有意義的成果。我們大約一半的新住宅帳戶包含 Alarm.com 視頻服務。與僅使用安全系統的帳戶相比，這種不斷增長的帳戶基礎顯示出更高的用戶參與度和顯著更低的流失率。

Our video team is also launching a completely wireless battery-powered version of our flagship video doorbell with 780p. This will give our service providers some flexibility to address unusual installations where a wired power source cannot be [impend] and also address some international markets where regional wiring standards don't support a wired video doorbell. The 780p includes a custom video analytics package that we developed provide high-value capabilities while optimizing battery life.

我們的視頻團隊還推出了 780p 旗艦視頻門鈴的完全無線電池供電版本。這將為我們的服務提供商提供一定的靈活性，以解決無法 [impend] 有線電源的異常安裝，並解決區域佈線標準不支持有線視頻門鈴的一些國際市場。 780p 包括我們開發的定制視頻分析包，可提供高價值功能，同時優化電池壽命。

Shifting to our international business. Our base of global accounts surpassed $0.5 million in 2022. We believe we can continue to drive significant international growth by comprehensively supporting our international partners to fully operationalize Alarm.com and reach full-scale deployment in a diverse range of markets they address worldwide. In 2023, we will also expand support for a wider range of legacy security control panels that are deployed in international markets so they can leverage Alarm.com's technology.

轉向我們的國際業務。到 2022 年，我們的全球客戶基數超過 50 萬美元。我們相信，通過全面支持我們的國際合作夥伴全面運營 Alarm.com 並在他們面向全球的各種市場中實現全面部署，我們可以繼續推動顯著的國際增長。 2023 年，我們還將擴大對國際市場上部署的更廣泛的傳統安全控制面板的支持，以便它們可以利用 Alarm.com 的技術。

The final element of our strategy is the continued development of our subsidiary businesses, EnergyHub, Noonlight, PointCentral, Shooter Detection Systems and Building 36. EnergyHub provides an enterprise software solution that enables utilities to flexibly manage electricity demand by orchestrating customer-owned and enrolled distributed energy resources. These resources include devices such as smart thermostats, batteries, commercial and industrial resources, solar inverters and electric vehicle chargers. We're investing in the expansion of EnergyHub's ecosystem of distributed energy resources. This will enable utilities to access greater electricity load capacity as they manage the growing sources of stress on the grid. Our strategy is working. Utility clients are turning to EnergyHub programs far more often. In 2022, the number of demand response events called by utilities via EnergyHub increased 80% over 2021.

我們戰略的最後一個要素是繼續發展我們的子公司 EnergyHub、Noonlight、PointCentral、Shooter Detection Systems 和 Building 36。EnergyHub 提供企業軟件解決方案，使公用事業公司能夠通過協調客戶擁有和註冊的分佈式系統來靈活管理電力需求能源資源。這些資源包括智能恆溫器、電池、商業和工業資源、太陽能逆變器和電動汽車充電器等設備。我們正在投資擴展 EnergyHub 的分佈式能源資源生態系統。這將使公用事業公司能夠在管理電網日益增長的壓力源時獲得更大的電力負載能力。我們的策略正在奏效。公用事業客戶越來越頻繁地轉向 EnergyHub 計劃。 2022 年，公用事業公司通過 EnergyHub 調用的需求響應事件數量比 2021 年增加了 80%。

Last year, we acquired Noonlight, a growing SaaS business that provides context aware event management and emergency response capabilities. Noonlight enables providers of IoT devices and mobile app-based services to easily integrate emergency response capabilities into their offerings. As a hypothetical example, a company that makes the [bike commerce, which detects falls], could write a few lines of code to call Noonlight API and enable a first responder incident response when there is a bike accident. Noonlight gives Alarm.com, a technology environment for developing capabilities that leverage our deep partnerships in the security channel to extend central station monitoring services to address new use cases.

去年，我們收購了 Noonlight，這是一家成長中的 SaaS 企業，提供上下文感知事件管理和應急響應功能。 Noonlight 使物聯網設備和基於移動應用程序的服務提供商能夠輕鬆地將應急響應功能集成到他們的產品中。舉個假設的例子，一家製造[檢測跌倒的自行車商業]的公司可以編寫幾行代碼來調用 Noonlight API，並在發生自行車事故時啟用第一響應者事件響應。 Noonlight 為 Alarm.com 提供了一個開發功能的技術環境，利用我們在安全渠道中的深度合作夥伴關係來擴展中心站監控服務，以解決新的用例。

I also want to spend a moment on the new organizational structure and roles we announced in an SEC filing in late January. With my enthusiastic support, our Board of Directors appointed Jeff Bedell, the President of our Ventures Business and Corporate Strategy; and Dan Kerzner, the President of our Platforms Business. Jeff will oversee all of our Venture Businesses as well as Corporate Development and Corporate Strategy. Dan will oversee all Product Development for our core commercial and residential platforms as well as sales and marketing for our largest market, North America. As the pace of expansion and diversification has accelerated in our business, the timing was right to formalize this structure and give Jeff and Dan more responsibility while recognizing these 2 strong levers.

我還想花點時間談談我們在 1 月下旬向美國證券交易委員會提交的文件中宣布的新組織結構和角色。在我的熱情支持下，我們的董事會任命了 Jeff Bedell 為風險投資業務和企業戰略總裁；以及我們平台業務總裁 Dan Kerzner。 Jeff 將監督我們所有的風險投資業務以及企業發展和企業戰略。 Dan 將監督我們核心商業和住宅平台的所有產品開發，以及我們最大市場北美的銷售和營銷。隨著我們業務擴張和多元化步伐的加快，正式確定這種結構並賦予 Jeff 和 Dan 更多責任的時機已經成熟，同時認識到這兩個強大的槓桿。

Jeff and Dan have been integral members of our management team for nearly 10 years, and I have had the privilege of working with them even before they joined Alarm.com. They have each played very important roles in much of the progress we have made over the last decade. I expect even more from each of them as we move forward and pursue our growth goals. In future quarters, I will begin to occasionally bring Jeff and Dan into our quarterly call so that our investors can share from them firsthand about the key business areas they oversee. We are very fortunate to have a strong management team with a long history of working together.

近 10 年來，Jeff 和 Dan 一直是我們管理團隊不可或缺的成員，甚至在他們加入 Alarm.com 之前，我就有幸與他們共事。他們在我們過去十年取得的大部分進展中都發揮了非常重要的作用。隨著我們向前邁進並追求我們的增長目標，我對他們每個人的期望更高。在未來的幾個季度中，我將開始偶爾將 Jeff 和 Dan 帶入我們的季度電話會議，以便我們的投資者可以從他們那裡直接分享他們所監管的關鍵業務領域。我們很幸運擁有一支強大的管理團隊，他們的合作歷史悠久。

As CEO and a Co-Founder, these organizational changes do not alter my level of involvement or engagement with the company. As I noted during last quarter's call, I feel good about where we are headed and I'm excited about continuing to pursue our strategy and building Alarm.com well beyond $1 billion in annual revenue. I have been both President and CEO since 2003 when Alarm.com had fewer than 10 employees and no revenue. As we are now much larger I thought it was time to better distribute and delegate the vision making and leadership so that we can move faster as a team.

作為 CEO 和聯合創始人，這些組織變革不會改變我對公司的參與程度。正如我在上個季度的電話會議中指出的那樣，我對我們的發展方向感到滿意，並且我很高興能夠繼續推行我們的戰略並使 Alarm.com 的年收入遠遠超過 10 億美元。自 2003 年以來，我一直擔任總裁兼首席執行官，當時 Alarm.com 的員工不到 10 人，而且沒有收入。由於我們現在規模更大，我認為是時候更好地分配和委派願景制定和領導力，以便我們可以作為一個團隊更快地行動。

Before I hand things over to Steve Valenzuela, I want to also update you on the Vivint matter. As you know, Vivint notified us that it will stop paying Alarm.com the royalty fees associated with the patent license agreement that we reached with Vivint in 2013. In late 2022, we filed for arbitration under the terms of that agreement. We expect the arbitration process to take 12 to 14 months. Subsequent to our filing for arbitration Vivint announced that it was being acquired by NRG. That deal has not yet closed, and we are closely monitoring recent events, including a $189 million jury verdict against Vivint in Federal District Court announced last week. We also filed a patent infringement lawsuit against Vivint in January of this year, alleging Vivint is infringing on 15 patents that we added to our portfolio subsequent to the 2013 licensing agreement. We continue to work to ensure that we fully protect our patented technology from infringement and its use without license.

在我將事情交給 Steve Valenzuela 之前，我還想向您介紹一下 Vivint 的最新情況。如您所知，Vivint 通知我們，它將停止向 Alarm.com 支付與我們在 2013 年與 Vivint 達成的專利許可協議相關的特許權使用費。2022 年底，我們根據該協議的條款申請了仲裁。我們預計仲裁過程需要 12 到 14 個月。在我們提交仲裁申請後，Vivint 宣布它被 NRG 收購。該交易尚未完成，我們正在密切關注最近發生的事件，包括上週聯邦地方法院宣布的陪審團對 Vivint 的 1.89 億美元判決。我們還在今年 1 月對 Vivint 提起了專利侵權訴訟，指控 Vivint 侵犯了我們在 2013 年許可協議之後添加到我們產品組合中的 15 項專利。我們將繼續努力確保我們充分保護我們的專利技術免遭侵權和未經許可使用。

To conclude, I'm pleased with our performance on the meaningful contributions of our growth initiatives in 2022. Our focus will continue to be on executing our strategy to generate growth in 2023 and beyond.

總而言之，我對我們在 2022 年增長計劃做出有意義貢獻方面的表現感到滿意。我們的重點將繼續放在執行我們的戰略上，以在 2023 年及以後實現增長。

And with that, let me turn things over to Steve Valenzuela. Steve?

有了這個，讓我把事情交給史蒂夫巴倫蘇埃拉。史蒂夫？

Thanks, Steve. I'll begin with a review of our fourth quarter and full year 2022 financial results and then provide guidance for 2023 before opening the call for questions. Fourth quarter SaaS and license revenue of $134.6 million grew 10.5% from the same quarter last year. Excluding Vivint license revenue, Q4 non-GAAP SaaS and license revenue grew 15.6% year-over-year. SaaS and license revenue includes Connect software license revenue of approximately $6.3 million for the fourth quarter, down as expected from $7.4 million in the year ago quarter. For the full year of 2022, SaaS and license revenue of $520.4 million grew 13% over 2021. Non-GAAP SaaS and license revenue, excluding Vivint license revenue, grew 14.4% in 2022 year-over-year.

謝謝，史蒂夫。我將首先回顧我們的第四季度和 2022 年全年財務業績，然後在開始提問之前提供 2023 年的指導。第四季度 SaaS 和許可收入為 1.346 億美元，比去年同期增長 10.5%。不包括 Vivint 許可收入，第四季度非 GAAP SaaS 和許可收入同比增長 15.6%。 SaaS 和許可收入包括 Connect 軟件許可收入，第四季度約為 630 萬美元，低於去年同期的 740 萬美元預期。 2022 年全年，SaaS 和許可收入為 5.204 億美元，比 2021 年增長 13%。非 GAAP SaaS 和許可收入（不包括 Vivint 許可收入）在 2022 年同比增長 14.4%。

Our SaaS and license revenue visibility remains high with a revenue renewal rate of 94% in the fourth quarter. Hardware and other revenue grew 11.6% in 2022 to $322.2 million, mainly driven by sales of cameras. Total revenue of $208.1 million for the fourth quarter grew 6.6% from Q4 2021. For the full year of 2022, total revenue grew 12.5% year-over-year to $842.6 million. SaaS and license gross margin for the fourth quarter remained solid at 85.2%. Hardware gross margin was 18.9% for the fourth quarter compared to 11.1% for Q4 2021 due primarily to price increases that we put forth in early 2022. Total gross margin was 61.8% for the fourth quarter, up from 57.8% for Q4 2021, mainly due to the improvement in hardware margins.

我們的 SaaS 和許可收入可見度仍然很高，第四季度的收入更新率為 94%。硬件和其他收入在 2022 年增長 11.6% 至 3.222 億美元，主要受相機銷售的推動。第四季度總收入為 2.081 億美元，比 2021 年第四季度增長 6.6%。2022 年全年，總收入同比增長 12.5% 至 8.426 億美元。第四季度 SaaS 和許可毛利率保持穩定在 85.2%。第四季度硬件毛利率為 18.9%，而 2021 年第四季度為 11.1%，這主要是由於我們在 2022 年初提出的價格上漲。第四季度總毛利率為 61.8%，高於 2021 年第四季度的 57.8%，主要是由於硬件利潤率的提高。

Turning to operating expenses. R&D expenses in the fourth quarter were $57.4 million compared to $47.6 million in the fourth quarter of 2021, mainly due to an increase in headcount and related compensation expenses. We ended 2022 with 1,004 employees in R&D, up from 837 employees at the end of 2021. Total headcount increased to 1,733 employees for 2022 compared to 1,500 employees at the end of 2021. Sales and marketing expenses in the fourth quarter were $23.6 million or 11.3% of total revenue compared to $24.6 million or 12.6% of revenue in the same quarter last year, mainly due to lower advertising costs in the fourth quarter of 2022.

轉向運營費用。第四季度的研發費用為 5740 萬美元，而 2021 年第四季度為 4760 萬美元，這主要是由於員工人數和相關補償費用的增加。截至 2022 年，我們的研發人員人數從 2021 年底的 837 人增加到 1,004 人。到 2022 年，總員工人數從 2021 年底的 1,500 人增加到 1,733 人。第四季度的銷售和營銷費用為 2,360 萬美元或 11.3佔總收入的百分比，而去年同期為 2460 萬美元或占收入的 12.6%，這主要是由於 2022 年第四季度的廣告成本較低。

Our G&A expenses in the fourth quarter were $25.4 million compared to $22.6 million in the year ago quarter, mainly due to higher personnel-related costs, including stock compensation and consultant fees. G&A expense in the fourth quarter includes non-ordinary course litigation expense of $1.9 million compared to $1.8 million for Q4 2021. Non-ordinary course litigation expenses are part of our adjusted measures and are excluded from our measurement of our non-GAAP financial performance.

我們第四季度的 G&A 費用為 2540 萬美元，而去年同期為 2260 萬美元，這主要是由於與人事相關的成本增加，包括股票薪酬和顧問費。第四季度的 G&A 費用包括 190 萬美元的非普通訴訟費用，而 2021 年第四季度為 180 萬美元。非普通訴訟費用是我們調整後措施的一部分，不包括在我們對非 GAAP 財務業績的衡量中。

Non-GAAP adjusted EBITDA in the fourth quarter was $39 million compared to $31.3 million in Q4 2021. For all of 2022, adjusted EBITDA was $146.8 million, up 3.1% from adjusted EBITDA of $142.5 million for 2021. In the fourth quarter, GAAP net income was $18.1 million compared to GAAP net income of $9.1 million for Q4 2021. Non-GAAP adjusted net income was $28.7 million or $0.53 per diluted share in the fourth quarter compared to $22.6 million or $0.43 per share for the fourth quarter of 2021. GAAP net income for the full year of 2022 was $56.3 million compared to GAAP net income of $52.3 million for 2021. Non-GAAP adjusted net income for 2022 was $106.9 million or $1.95 per diluted share compared with non-GAAP net income of $103.5 million or $1.99 per share for 2021.

第四季度非 GAAP 調整後 EBITDA 為 3900 萬美元，而 2021 年第四季度為 3130 萬美元。2022 年全年調整後 EBITDA 為 1.468 億美元，比 2021 年調整後 EBITDA 1.425 億美元增長 3.1%。第四季度，GAAP 淨利潤收入為 1810 萬美元，而 2021 年第四季度的 GAAP 淨收入為 910 萬美元。第四季度非 GAAP 調整後淨收入為 2870 萬美元或每股攤薄收益 0.53 美元，而 2021 年第四季度為 2260 萬美元或每股 0.43 美元。GAAP 2022 年全年淨收入為 5630 萬美元，而 2021 年的 GAAP 淨收入為 5230 萬美元。2022 年非 GAAP 調整後淨收入為 1.069 億美元或攤薄後每股收益 1.95 美元，而非 GAAP 淨收入為 1.035 億美元或 1.99 美元2021 年每股。

Turning to our balance sheet. We ended the fourth quarter with $622.2 million of cash and cash equivalents, down from $710.6 million at December 31, 2021. During the fourth quarter of 2022, we used $27 million to repurchase 545,343 shares of our common stock at an average price of $49.47. For all of 2022, we used $78.8 million to repurchase approximately 1.4 million shares or 2.8% of our outstanding shares. During 2022, we also used $33.4 million in cash for acquisition of Noonlight.

轉向我們的資產負債表。第四季度結束時，我們的現金和現金等價物為 6.222 億美元，低於 2021 年 12 月 31 日的 7.106 億美元。在 2022 年第四季度，我們用 2700 萬美元以平均 49.47 美元的價格回購了 545,343 股普通股。 2022 年全年，我們用 7880 萬美元回購了約 140 萬股股票，占我們已發行股票的 2.8%。在 2022 年期間，我們還使用了 3340 萬美元的現金來收購 Noonlight。

In the fourth quarter, we generated $34.4 million in cash flow from operations compared to $20 million for the fourth quarter of 2021. Our free cash flow for the fourth quarter was $33.9 million compared to $17.8 million for the same quarter last year. Through the 12 months ended December 31, 2022, we generated $56.9 million of cash flow from operations, down from $103.2 million for 2021. This is mainly due to our investment in inventory to strengthen our supply chain. Our free cash flow for 2022 was $28.3 million compared to $92.1 million for 2021, also due to our investment in inventory and our purchase of land for $22 million near our headquarters in Tysons, Virginia.

第四季度，我們產生了 3440 萬美元的運營現金流，而 2021 年第四季度為 2000 萬美元。第四季度的自由現金流為 3390 萬美元，而去年同期為 1780 萬美元。在截至 2022 年 12 月 31 日的 12 個月裡，我們從運營中產生了 5690 萬美元的現金流，低於 2021 年的 1.032 億美元。這主要是由於我們為加強供應鏈而進行的庫存投資。我們 2022 年的自由現金流為 2830 萬美元，而 2021 年為 9210 萬美元，這也是由於我們對庫存的投資以及我們在弗吉尼亞州泰森斯總部附近以 2200 萬美元購買了土地。

Turning to our financial outlook. For the first quarter of 2023, we expect SaaS and license revenue of $132.4 million to $132.6 million. For the full year of 2023, we expect SaaS and license revenue to be between $551.5 million to $552.5 million. We are projecting total revenue for 2023 of $851.5 million to $877.5 million, which includes estimated hardware and other revenue of $300 million to $325 million. We are providing a wide range for a hardware revenue guide for 2023 due to several factors. We expect fewer sales of communication modules as the 3G upgrade cycle winds down in the U.S. and Canada. We expect less hardware revenue from ADT, and we anticipate that the higher interest rate environment may result in fewer moves and new construction builds moderating demand for some of our products.

轉向我們的財務前景。對於 2023 年第一季度，我們預計 SaaS 和許可收入為 1.324 億美元至 1.326 億美元。對於 2023 年全年，我們預計 SaaS 和許可收入將在 5.515 億美元至 5.525 億美元之間。我們預計 2023 年的總收入為 8.515 億美元至 8.775 億美元，其中包括估計的硬件和其他收入 3 億至 3.25 億美元。由於多種因素，我們正在為 2023 年提供廣泛的硬件收入指南。隨著美國和加拿大 3G 升級週期的結束，我們預計通信模塊的銷售量將減少。我們預計來自 ADT 的硬件收入會減少，並且我們預計較高的利率環境可能會導致搬遷和新建建築減少對我們某些產品的需求。

We estimate that adjusted EBITDA for 2023 will be between $115 million to $125 million. This excludes Vivint license revenue and includes significant legal costs regarding the matter with Vivint. We expect adjusted EBITDA in the first quarter of 2023 to represent approximately 21.5% to 22% of our annual guidance. Non-GAAP net income for 2023 is projected to be $79.7 million to $86.5 million or $1.44 to $1.57 per diluted share. EPS is based on an estimate of 55.2 million weighted average diluted shares outstanding. We currently project our non-GAAP tax rate for 2023 to remain at 21% under current tax rules. We expect full year 2023 stock-based compensation expense of $62 million to $64 million.

我們估計 2023 年調整後的 EBITDA 將在 1.15 億美元至 1.25 億美元之間。這不包括 Vivint 許可收入，包括與 Vivint 相關的重大法律費用。我們預計 2023 年第一季度調整後的 EBITDA 將占我們年度指導的約 21.5% 至 22%。 2023 年的非 GAAP 淨收入預計為 7970 萬美元至 8650 萬美元或每股攤薄收益 1.44 美元至 1.57 美元。每股收益基於 5520 萬股加權平均稀釋流通股的估計。根據現行稅法，我們目前預計 2023 年的非 GAAP 稅率將保持在 21%。我們預計 2023 年全年基於股票的薪酬支出為 6200 萬至 6400 萬美元。

In summary, we are pleased how well our service providers and internal teams have performed over the past year. We are focused on executing on our business and investing in our long-term strategy while continuing to deliver profitable growth.

總之，我們很高興我們的服務提供商和內部團隊在過去一年中的表現。我們專注於執行我們的業務並投資於我們的長期戰略，同時繼續實現盈利增長。

And with that, operator, please open the call for Q&A.

有了這個，接線員，請打開問答電話。

(Operator Instructions) And it comes from the line of Adam Tindle with Raymond James.

（操作員說明）它來自 Adam Tindle 和 Raymond James 的系列。

Okay. Congrats on a strong close to the year. Steve Trundle, I wanted to maybe start with you on the new organizational structure. It's really interesting. I was just curious if you can maybe dig deeper into what this perhaps enables from both an operational and maybe even a capital allocation standpoint in each of these 2 businesses, the core and the ventures that could perhaps accelerate trends versus how it was structured previously? I'm curious, Steve, if this is an indication that we may get a breakout of growth or profitability of each of those businesses from a reporting perspective at some point.

好的。祝賀今年的收官之戰。 Steve Trundle，我可能想和你談談新的組織結構。這真的很有趣。我只是好奇你是否可以從這兩個業務的運營甚至資本配置的角度更深入地研究這可能會帶來什麼，核心業務和可能加速趨勢的風險與以前的結構相比？我很好奇，史蒂夫，這是否表明我們可能會在某個時候從報告的角度獲得每項業務的增長或盈利能力的突破。

Sure. This is Steve Trundle starting. And with the organizational upgrade, I think we'll be better -- first is what decisions to be made more quickly, and you want to try contain the decision at a level where they can be made more quickly. So for example, on the core business side, traditionally, it's been difficult sometimes to arbitrage whether [little more] capital in marketing versus R&D that different people in charge ultimately and they in charge their own set of goals. With Dan, now kind of firmly in control of the P&L for North America as well as the investments we're making in R&D and the investments we make in sales and marketing. I'm hopeful that we can ratchet up the capital allocation efficiency a bit and be a level more judicious or more clever in how we choose to deploy capital. All, of course, continue to be involved. And I guess in some ways that the old guy wasn't doing a very good job of it. But the reality is the business has grown. There are a lot of different teams to in a lot of different directions. So really narrowing or trying to drive all of that scope through one person [made sense].

當然。這是 Steve Trundle 首發。隨著組織升級，我認為我們會變得更好——首先是要更快地做出哪些決策，並且你想嘗試將決策控制在可以更快做出決策的級別。因此，例如，在核心業務方面，傳統上，有時很難套利市場營銷與研發中的[更多]資本是否最終由不同的人負責，並且他們負責自己的目標集。與 Dan 一起，現在可以牢牢控制北美的 P&L 以及我們在研發方面的投資以及我們在銷售和營銷方面的投資。我希望我們能夠稍微提高資本配置效率，並在我們如何選擇配置資本時更加明智或更聰明。當然，所有人都會繼續參與其中。我想在某些方面，老傢伙做得不是很好。但事實是業務已經增長。有很多不同的團隊在很多不同的方向。所以真正縮小或試圖通過一個人來推動所有的範圍 [有道理]。

On the other side of the business, I think if you've been following us for a while, each quarter, I have attempted to give you an update on one of the growth initiatives, whether it be what we're doing on PointCentral or EnergyHub or whatever it may be. Each of those businesses have their own strategies, their own goals and their own P&Ls. They each have their own leader. And it was becoming and it has become progressively more difficult for me to keep track of exactly what the nuts and bolts of each business were. Jeff is in charge of the strategy. So a lot of what we're doing in (inaudible) is a reflection of our strategy and then we make a decision to go make an acquisition, and we have to execute on all the thesis we had when we made that decision and putting all of that under Jeff, I think, again, gives us a more kind of a dedicated responsible executive to drive follow-through on one of the decisions we make when we're on the M&A front.

在業務的另一邊，我想如果你已經關注我們一段時間了，我想每個季度，我都會嘗試向你介紹一項增長計劃的最新情況，無論是我們在 PointCentral 上所做的還是EnergyHub 或其他任何東西。這些企業中的每一個都有自己的戰略、目標和損益。他們每個人都有自己的領導者。對我來說，準確了解每項業務的具體細節變得越來越困難。傑夫負責戰略。因此，我們在（聽不清）中所做的很多事情都反映了我們的戰略，然後我們決定進行收購，我們必須執行我們做出該決定時的所有論點，並將所有我認為，在傑夫的領導下，這再次為我們提供了一種更敬業、負責任的高管，以推動我們在併購方面做出的一項決定的後續行動。

And then I guess the most important thing lastly is it really is a team effort. So this may not work well if you had 3 people that haven't worked together for a long period of time and didn't like each other, any of that, we worked together really more as peers for a long period of time, and we expect to be able to collaborate on things that may be in between some of these areas. And I think if we didn't have that kind of a long-term working relationship, the structure could be awkward, but we have an ability to give it back to you. And at the same time, it's really what these guys take responsibility for the areas.

然後我想最後最重要的是這真的是團隊的努力。因此，如果您有 3 個人，他們很長一段時間沒有一起工作並且彼此不喜歡，那麼這可能不會很好地工作，無論如何，我們在很長一段時間內真正作為同齡人一起工作，並且我們希望能夠就可能介於其中一些領域之間的事情進行合作。而且我認為，如果我們沒有那種長期的工作關係，結構可能會很尷尬，但我們有能力把它還給你。同時，這些人真正對這些領域負責。

And then Adam, this is Steve Valenzuela. Your question on the breakout of additional breakout of segments. We're going to continue for the time being to continue to show Alarm.com and the other segment of public reporting. For example, for Q4, the SaaS revenue for the Other segment was $13.4 million and hardware revenue was $2.1 million. And this is interesting. This is the first quarter the Other segment SaaS represented 10% of our SaaS revenue. So that's quite an achievement for the Other segment, and that's headed up by Jeff Bedell. And of course, the core in the filings we call Alarm.com. For the year, the Other segment generated $42.2 million of SaaS revenue, 8.3% of hardware revenue, and that grew 26% year-over-year.

然後是 Adam，這是 Steve Valenzuela。您關於細分市場額外突破的問題。我們將暫時繼續展示 Alarm.com 和其他部分的公共報告。例如，對於第四季度，其他部門的 SaaS 收入為 1340 萬美元，硬件收入為 210 萬美元。這很有趣。這是第一季度其他部門 SaaS 占我們 SaaS 收入的 10%。所以這對於其他部分來說是一個相當大的成就，並且由 Jeff Bedell 領導。當然，我們稱之為 Alarm.com 的文件的核心。全年，其他部門產生了 4220 萬美元的 SaaS 收入，佔硬件收入的 8.3%，同比增長 26%。

Got it. That's helpful, Steve. And maybe just as a follow-up for Steve. You did a nice job kind of covering the rationale for the hardware guidance for 2023. I did think that the SaaS guidance was fairly healthy. On the adjusted numbers, I think 14.4% growth is what you're guiding to in the coming up on a year of 15.6% adjusted growth for the dividend piece. So the point would be not implying a lot of deceleration in the SaaS growth, despite everything going on in the macro environment. I also know that you tend to be conservative with these numbers, but the minimal deceleration and just has me kind of wondering the puts and takes to what looks like a very healthy outlook in the SaaS growth piece. And also what's assumed in ADT, I understand the dividend taken out, you assume some ADT headwind in the hardware was there ADT headwind assumed in the SaaS piece?

知道了。這很有幫助，史蒂夫。也許只是作為史蒂夫的後續行動。您很好地涵蓋了 2023 年硬件指南的基本原理。我確實認為 SaaS 指南相當健康。關於調整後的數字，我認為 14.4% 的增長是你在即將到來的一年中為股息部分調整後的 15.6% 增長所指導的。因此，儘管宏觀環境中發生了一切，但重點並不意味著 SaaS 增長會大幅減速。我也知道你對這些數字傾向於保守，但最小的減速讓我有點想知道 SaaS 增長部分看起來非常健康的前景。還有 ADT 中的假設，我理解取出的紅利，你假設硬件中有一些 ADT 逆風是在 SaaS 部分中假設的 ADT 逆風嗎？

So, Adam, yes, again, Steve Valenzuela. So just to clarify, the SaaS growth for 2023 that we're projecting, not counting dividend is about 9.6% year-over-year growth. And what we did achieve for 2022, if you adjust for Vivint is 14.4% year-over growth. And so typically, when we report the first quarter of the year, we do tend to be, of course, conservative and need to be conservative given that we have a lot going on in various different segments of the business. If you look at like 2022, when we initially guided -- when we initially guided the year for -- in this quarter, we guided for 10.5% growth for SaaS, and we came at 14.4% growth. So that being said, there is still a lot going on in terms of a lot of move puts and takes, and you've also got the whole interest rate environment, which could result in fewer moves. The good news there is that there's less attrition when you have fewer moves, but there may be less hardware purchases too, right? There may be fewer installs of new systems. So we've kind of factored that into our guide for 2023.

所以，亞當，是的，又是史蒂夫·巴倫蘇埃拉。所以澄清一下，我們預測的 2023 年 SaaS 增長（不包括股息）同比增長約 9.6%。如果針對 Vivint 進行調整，我們在 2022 年取得的成就是同比增長 14.4%。因此，通常情況下，當我們報告今年第一季度時，我們確實傾向於保守並且需要保守，因為我們在業務的各個不同領域都有很多進展。如果你看看 2022 年，當我們最初指導時——當我們最初指導這一年時——在本季度，我們指導 SaaS 增長 10.5%，而我們的增長率為 14.4%。話雖這麼說，但在大量的操作和操作方面仍有很多事情要做，而且你還擁有整個利率環境，這可能會導致更少的操作。好消息是，當你的動作減少時，人員流失就會減少，但硬件採購也可能會減少，對吧？新系統的安裝可能會更少。因此，我們已將其納入 2023 年指南。

Yes. So a summary there, Adam, I think is if you look back at last year, I think you made the point, but I'll reiterate we guided 10.5% growth. We usually at this juncture in the year, I want to make sure we hit and beat what we guide. We can't guarantee that. This year, we're less than 100 basis points off of that at 9.6% at this juncture. And hopefully, you have some upside in that.

是的。所以總結一下，亞當，我認為如果你回顧去年，我想你已經說明了這一點，但我會重申我們指導了 10.5% 的增長。我們通常在一年中的這個時候，我想確保我們達到並擊敗了我們所指導的目標。我們不能保證。今年，我們與目前的 9.6% 相差不到 100 個基點。希望你在這方面有一些優勢。

Got it. And sorry, I missed out -- miss to read that in the press release here, but that makes a lot more sense. But the ADT assumption built into that, if you can tell us?

知道了。抱歉，我錯過了——錯過了在這裡的新聞稿中閱讀，但這更有意義。但是，如果你能告訴我們，ADT 假設是內置的嗎？

Sure. I can give you a little on that. We have modeled them a tapering of new account origination, same as we have, I think, probably the same commentary as we've shared in prior quarters, but in Q2 of this year and have accounted for that and the guide that we're providing. We don't -- we obviously don't know ADTs exact plan. I think they're having a lot of success with command and control as evidenced by the phenomenal attrition number they put out last quarter and they're driving down their cost to serve with other services and things like that.

當然。我可以告訴你一點。我們已經為他們建模了新賬戶發起的逐漸減少，我認為，可能與我們在前幾個季度分享的評論相同，但在今年第二季度，我們已經考慮到了這一點和我們的指南提供。我們不知道——我們顯然不知道 ADT 的確切計劃。我認為他們在指揮和控制方面取得了很大的成功，上個季度他們推出的驚人的人員流失數字證明了這一點，並且他們正在降低他們為其他服務和類似服務提供服務的成本。

So I think things are going relatively well for them, and we're not sure exactly what their deployment plan will be. But we have to anticipate something for the purposes of our model, and we've tapered that business in Q2. With the note that we expect to continue to collaborate and partner in certain areas such as commercial, large custom homes areas where we expect to basically just continue to collaborate on an ongoing basis longer term.

所以我認為他們的事情進展得相對順利，我們不確定他們的部署計劃究竟是什麼。但是為了我們的模型，我們必須預測一些事情，我們已經在第二季度縮減了這項業務。請注意，我們希望在某些領域繼續合作和合作，例如商業、大型定制住宅領域，我們希望在這些領域基本上只是繼續長期合作。

(Operator Instructions) It comes from the line of Darren Aftahi of ROTH.

（操作員說明）它來自 ROTH 的 Darren Aftahi 系列。

Two, if I may, follow up on the commentary about the interest rate environment and maybe less news and hence, lower hardware. I guess one of the things that we didn't hear is just general backdrop year-to-date in the Residential and Enterprise segments. And I guess on residential, I'm more curious, in the past, you guys have talked about educating service providers on kind of upgrade cycles. Like how much of an emphasis are you putting on that?

第二，如果可以的話，跟進有關利率環境的評論，可能新聞較少，因此硬件較低。我想我們沒有聽到的一件事就是住宅和企業領域今年迄今的一般背景。我想在住宅方面，我更好奇，在過去，你們討論過在某種升級週期上對服務提供商進行教育。比如你對此有多重視？

And then my second question, maybe for Steve V. It looks like there's a 340 basis point drop on EBITDA margins from '22 versus your '23 guide. I'm more curious how much of that is from [last visit] revenue in the business versus reinvestment for growth?

然後是我的第二個問題，也許是針對史蒂夫 V 的。看起來 EBITDA 利潤率從 22 年與 23 年指南相比下降了 340 個基點。我更好奇，其中有多少來自[上次訪問]業務收入與增長再投資？

So I'll start on the general backdrop residentially and then in the Enterprise segment. I'd say the general backdrop right now is residential North America is not quite as hot as it was during '21 and '22. We're seeing some moderation of builder activities. And just generally, consumers being a little more careful with their pocketbook right now. That said, our Q4 results indicate that there hasn't been a significant or a massive move off at all. And I think historically, we've always indicated and want to remind investors that typically smart home or security businesses actually held up pretty well even if the economy or the economic backdrop changes because people become oftentimes even more concerned about their security and safety. And then when there are fewer moves, there also tends to be less attrition. So you get a nice sort of counterbalance there.

因此，我將從住宅的一般背景開始，然後是企業部分。我想說現在的總體背景是北美住宅並不像 21 世紀和 22 世紀那樣熱。我們看到建設者活動有所緩和。總的來說，消費者現在對他們的錢包更加小心了。也就是說，我們的第四季度結果表明根本沒有重大或大規模的變動。我認為，從歷史上看，我們一直表示並想提醒投資者，即使經濟或經濟背景發生變化，通常智能家居或安全業務實際上也表現良好，因為人們常常更加關注他們的安全和保障。然後，當移動次數減少時，人員流失也往往會減少。所以你在那裡得到了很好的平衡。

In terms of our focus right now with service providers on the residential side, I'd say we're still focused on conditioning them and collaborating with them to expand the ecosystem of products that are going into the home, that's been happening. So continue to drive video attachment rate, thermostat attachment rates and the range of things where we can provide value. We launched a product recently called Water Dragon that I spoke about last quarter, which again is sort of an expansion of the ecosystem. So that tends to be the focus there.

就我們目前對住宅方面的服務提供商的關注而言，我想說我們仍然專注於調節它們並與它們合作以擴展進入家庭的產品生態系統，這一直在發生。因此，繼續推動視頻附加率、恆溫器附加率以及我們可以提供價值的事物的範圍。我們最近推出了一款名為 Water Dragon 的產品，我在上個季度談到過，這也是生態系統的擴展。所以這往往是那裡的重點。

And then on the enterprise side, it's probably -- the macro trends are a little different, that it's still more early days in terms of being [monitration] from on-premise video servers to cloud-based video services from on-premise access control to cloud-based access control from archaic kind of command centers to command centers that fit in your hand on your -- on a mobile app. So there I think the focus is a bit more on helping the partners market to those commercial customers that are ready and willing to take upgrades and then capturing share as people make this transition.

然後在企業方面，宏觀趨勢可能略有不同，從本地視頻服務器 [監控] 到本地訪問控制的基於雲的視頻服務還處於早期階段從古老的命令中心到基於雲的訪問控制，再到適合您手上的命令中心——在移動應用程序上。因此，我認為重點更多地放在幫助合作夥伴向那些準備好並願意進行升級的商業客戶進行營銷，然後在人們進行這種轉變時獲得份額。

In terms of the impact, in terms of adjusted EBITDA '23 compared to '22, I would say it's about 300 basis points impact from accommodation of less Vivint revenue in '23 and additional legal spend, as we talked about regarding the Vivint matter. Those are really the main drivers of the decel, if you will, or the 300-plus basis point drop in adjusted EBITDA in '23, Darren.

就影響而言，就調整後的 23 年 EBITDA 與 22 年相比，我想說，正如我們談到 Vivint 問題時，23 年 Vivint 收入減少和額外的法律支出帶來了大約 300 個基點的影響。如果你願意的話，這些確實是減速的主要驅動因素，或者達倫，23 年調整後的 EBITDA 下降了 300 多個基點。

It comes from the line of Brian Ruttenbur with Imperial Capital.

它來自 Imperial Capital 的 Brian Ruttenbur 血系。

Yes. First of all, housekeeping. Interest income was up in the fourth quarter. Can you help us out for what you're looking for, for first quarter and then for the full year of 2023?

是的。首先，客房服務。利息收入在第四季度有所上升。你能幫助我們找到你正在尋找的東西嗎，第一季度，然後是 2023 年全年？

Yes, Brian, it's Steve Valenzuela. So we have been investing very conservatively, of course. But luckily, we've been able to take advantage of our strong cash position and invest our money in 4% plus funds. And so that's the main reason for the increase. And depending upon what happens with the interest rate environment, we would expect interest income to continue to call out the debt in '23.

是的，布萊恩，我是史蒂夫·巴倫蘇埃拉。因此，我們當然一直非常保守地進行投資。但幸運的是，我們能夠利用我們強大的現金狀況並將我們的資金投資於 4% 以上的基金。所以這是增加的主要原因。根據利率環境的變化，我們預計利息收入將在 23 年繼續償還債務。

Okay. So modeling at this 4.7% or higher going forward, seems to like the logical move. And then you also mentioned other housekeeping apologies, but the tax rate on the year was how much you went over that very quickly.

好的。因此，在這個 4.7% 或更高的未來建模似乎是合乎邏輯的舉動。然後你還提到了其他客房服務道歉，但當年的稅率是你很快就超過了多少。

So yes, so we obviously use a fixed tax rate of 21% for non-GAAP. The actual tax rate varies, of course, on a GAAP basis, given the puts and takes with what occurs with stock compensation expense. So it's 21% tax rate, the same as 2022 for non-GAAP.

所以是的，所以我們顯然對非 GAAP 使用 21% 的固定稅率。當然，實際稅率在 GAAP 的基礎上有所不同，考慮到股票補償費用發生的看跌期權和收益。所以這是 21% 的稅率，與 2022 年的非 GAAP 稅率相同。

Okay. And then one other macro question. Given that some of the competitors on the hardware side have reported, like Allegion, Verisure internationally as an operator, they're all calling for weakness on the residential side, but at the same time, they're talking about real deep strength in the commercial. Can you talk a little bit about how much of your business currently is commercial? And are you still seeing strong drivers on the commercial side?

好的。然後是另一個宏觀問題。鑑於硬件方面的一些競爭對手已經報告，如 Allegion，國際運營商 Verisure，他們都在呼籲住宅方面的弱點，但與此同時，他們正在談論真正的深度實力。商業的。你能談談你目前有多少業務是商業的嗎？您是否仍然在商業方面看到強大的驅動力？

Brian, it's Steve Valenzuela. So commercial continues to do really well. Commercial is now about 8% of our SaaS revenue and it grew over 25% year-over-year in the fourth quarter. And we have over 500,000 commercial accounts now.

布賴恩，我是史蒂夫·巴倫蘇埃拉。所以商業繼續做得很好。商業現在約占我們 SaaS 收入的 8%，第四季度同比增長超過 25%。我們現在擁有超過 500,000 個商業帳戶。

So you're seeing continued growth at that 20-plus percent rate?

所以你看到了 20% 以上的持續增長？

In the commercial side, yes. Yes, that's correct. We see growth rates there. And I don't think we're quite as bearish on the residential side, maybe as (inaudible). Obviously, we have a more mature business there, but we still think we can find attractive health on the residential side.

在商業方面，是的。對，那是正確的。我們在那裡看到增長率。而且我認為我們對住宅方面的看法並不那麼悲觀，也許（聽不清）。顯然，我們在那裡有更成熟的業務，但我們仍然認為我們可以在住宅方面找到有吸引力的健康。

And we're seeing growth in international to international is now 4% of our revenue, and international total revenue was up 27% year-over-year. So I think international is really helping us out on the residential side as well.

我們看到國際到國際的增長現在占我們收入的 4%，國際總收入同比增長 27%。所以我認為國際也確實在住宅方面幫助了我們。

And it comes from Jack Vander Aarde with Maxim Group.

它來自 Maxim Group 的 Jack Vander Aarde。

Yes. A couple of housekeeping questions for me as well. Just what was the -- maybe for Steve Valenzuela, what was the former Connect or software license revenue in the fourth quarter?

是的。我也有幾個家政問題。究竟是什麼 - 也許對於史蒂夫巴倫蘇埃拉來說，第四季度的前連接或軟件許可收入是多少？

So the number was $6.4 million, I believe, I mentioned on the call. Let me confirm that. Yes, the former was -- sorry, in Q4 '22, Connect software revenue was $6.3 million, in the year ago quarter in '21, Q4 '21 was $7.4 million.

所以這個數字是 640 萬美元，我相信，我在電話中提到過。讓我確認一下。是的，前者是——抱歉，在 22 年第四季度，Connect 軟件收入為 630 萬美元，而在去年同期的 21 年季度，21 年第四季度為 740 萬美元。

Got you. Okay. I appreciate that. And then just another clarity question. Can you remind me which businesses combined for, I think, in Steve Trundle's prepared remarks, approximately almost 30% of your fourth quarter SaaS revenue. It sounds like the increased commercial, which Steve V, I think you said 8%. What else include -- what else is included nearly 30% of SaaS revenue?

明白了好的。我很感激。然後是另一個清晰度問題。你能提醒我，在史蒂夫特倫德爾準備好的發言中，我認為哪些業務合併起來，大約佔你第四季度 SaaS 收入的近 30%。這聽起來像是增加的商業廣告，Steve V，我想你說的是 8%。還包括什麼 - 幾乎 30% 的 SaaS 收入還包括什麼？

Sure. Yes, I can outline that in terms of what we include in sort of the faster growing initiatives. They are international, commercial, including small business. And the other segment businesses like EnergyHub. And then lastly would be the video business overall, excluding video to ADT actually.

當然。是的，我可以概述一下我們在增長更快的計劃中所包含的內容。它們是國際性的、商業性的，包括小型企業。以及其他細分業務，如 EnergyHub。最後是整個視頻業務，實際上不包括 ADT 的視頻。

Got you. Okay. So I guess it sounds like commercial is kind of the bulk of that then, but healthy contribution from all those growth drivers. That's great to hear. And then just one other, I guess, topic to dive a little bit deeper in that, that was encouraging as Steve Valenzuela, you said the Other segment SaaS revenue was $13.4 million for the quarter, and that was 10% or more of the overall [cash] in the first time ever. So is that -- I mean, is this now -- where do you see this trending? Is this acceleration a onetime kind of blip? Do you think this is going to continue? When do you think you're going hit 20%? Anything you could provide there?

明白了好的。所以我想這聽起來像商業是其中的大部分，但所有這些增長動力都做出了健康的貢獻。聽到這個消息我很高興。然後是另一個，我想，要更深入地探討這個話題，正如 Steve Valenzuela 所說，這令人鼓舞，你說本季度其他部門 SaaS 收入為 1340 萬美元，佔整體收入的 10% 或更多[現金]有史以來第一次。那是——我的意思是，現在是——你在哪裡看到這種趨勢？這種加速是一次性的曇花一現嗎？你認為這會持續下去嗎？你認為你什麼時候會達到 20%？你能在那裡提供什麼嗎？

Well, just to clarify, so it was 10% of total SaaS revenue in the fourth quarter, up 31% year-over-year. For the year, the Other segment SaaS was 8% of total SaaS. So typically, in the fourth quarter, we do get a benefit from energy out from the energy savings in the summer programs. So we'll probably see in the near future of between 8% to 10% for the Other segment. But over a period of time, we do expect to see continued growth from the Other segment as we see energy out in PointCentral, Building 36 contribute going forward. But I don't think I would want to project when we would hit 20%. I think it's great to see for the first time to hit double digits. So that's a good achievement by the team.

好吧，澄清一下，第四季度它佔 SaaS 總收入的 10%，同比增長 31%。這一年，其他部門的 SaaS 佔 SaaS 總量的 8%。因此，通常情況下，在第四季度，我們確實會從夏季項目的節能中受益。因此，我們可能會在不久的將來看到其他細分市場的增長在 8% 到 10% 之間。但在一段時間內，我們確實希望看到其他部門的持續增長，因為我們看到 PointCentral 的能源消耗，36 號樓為未來做出貢獻。但我認為我不想預測我們何時會達到 20%。我認為很高興看到第一次達到兩位數。所以這是團隊的一個很好的成就。

And there was a little outperformance there in the fourth quarter because net supplemented (inaudible) renewed program, which is being powered by EnergyHub and there were a lot of folks signed up to that. So we've got a little better performance there (inaudible) than we expected.

第四季度的表現略勝一籌，因為淨補充（聽不清）更新計劃由 EnergyHub 提供支持，並且有很多人簽署了該計劃。所以我們在那裡的表現（聽不清）比我們預期的要好一些。

Got it. And then just one more for me. It's good to see the connected property total. I think it's the first time we reported it since last year, [9.1 million] or so. I think that was like 700,000 new properties net since last year. Do you think going forward now, are we going to see a pickup in international contribute to that number? I guess what drove that 700,000 incremental homes or connected properties? And then are those drivers changing now going forward? It sounds like it's going to be more commercial and international loaded maybe, but just sharing your thoughts would be helpful.

知道了。然後再給我一個。很高興看到連接的屬性總數。我認為這是我們自去年以來首次報告，[910 萬]左右。我認為自去年以來，這大約是 700,000 套新房產。您認為現在向前看，我們是否會看到國際業務的回升對這一數字的貢獻？我想是什麼推動了 700,000 套增量房屋或聯網物業？那麼這些驅動因素現在正在改變嗎？聽起來它可能會更加商業化和國際化，但只是分享您的想法會有所幫助。

Yes. I think there will be some changes. I mean, starting with -- I think on one of the prior questions, I indicated we're modeling in a taper from ADT in the second quarter. And that will be meaningful in terms of numbers. Those accounts typically are at the lowest end of the ARPU range. So what you'll probably see is a higher mix of commercial accounts, international accounts. And I would think -- I mean I think somewhere else, we've indicated that ARPU on the commercial side is at least 2x, but we hope to grow to sort of a 6x level versus residential. So you may see a slight -- a bit of a decline in the overall net subscriber growth year-over-year unless we start cooking other things into that number. And -- but hopefully, we will see some offsetting growth in the ARPU level as the business transitions to continue to sort of be getting more impact from what was going on commercial side.

是的。我認為會有一些變化。我的意思是，首先 - 我認為關於先前的一個問題，我表示我們正在第二季度從 ADT 的錐度中建模。就數字而言，這將是有意義的。這些賬戶通常處於 ARPU 範圍的最低端。所以你可能會看到商業賬戶、國際賬戶的更高組合。而且我會想 - 我的意思是我認為在其他地方，我們已經表明商業方面的 ARPU 至少是 2 倍，但我們希望增長到住宅方面的 6 倍水平。因此，除非我們開始將其他因素納入該數字，否則您可能會看到整體淨訂戶同比增長略有下降。而且——但希望隨著業務轉型繼續從商業方面的影響中獲得更多影響，我們將看到 ARPU 水平出現一些抵消性增長。

Okay. Great. That's helpful color. Great quarter, guys. I appreciate the added commentary.

好的。偉大的。這是有用的顏色。偉大的季度，伙計們。我很欣賞添加的評論。

Well, I don't see any further questions in the queue. With this, I will -- I'm sorry, ladies and gentlemen, one moment for our next question. And it comes from the line of Mike Latimore with Northland Capital.

好吧，我沒有看到隊列中有任何其他問題。有了這個，我將 - 對不起，女士們，先生們，我們的下一個問題。它來自 Mike Latimore 與 Northland Capital 的合作。

This is Aditya on behalf of Mike Latimore. Could you give some color on if you're seeing any effects of inflation on your business? Like you're seeing any demand dampening among customers? Or are you seeing the longer sales cycle with your service providers?

我是 Aditya，代表 Mike Latimore。如果您看到通貨膨脹對您的業務有任何影響，您能否給出一些顏色？就像您看到客戶的需求減弱一樣？還是您看到服務提供商的銷售週期變長了？

I'd say we're seeing a little bit of impact. I think we've mentioned that there are 2 places we would look for impact. One is on the pace of new build activity being new home construction. The other is on the pace of sort of existing home sales, which is a proxy for moves, as moves decline, we tend to get a favorable tailwind on attrition. But as new builds decline, then there can be some impact, particularly on the hardware number, if we're not being installed in as many new places. So those are the things we're beginning to see some evidence. We also -- credit is tighter, so the consumer's willingness to make hypothetically a $3,000 purchase is not as high today. They may be more comfortable with a $2,000 purchase if credit is tighter.

我想說我們看到了一些影響。我想我們已經提到我們會在兩個地方尋找影響。一個是新建築活動的步伐是新房建設。另一個是現有房屋銷售的速度，它代表了走勢，隨著走勢下降，我們往往會在減員方面獲得有利的順風。但隨著新建築的減少，如果我們沒有安裝在盡可能多的新地方，就會產生一些影響，特別是在硬件數量上。所以這些就是我們開始看到一些證據的事情。我們還——信貸收緊，因此消費者購買 3,000 美元的假設性購買意願在今天並不那麼高。如果信貸收緊，他們可能更願意購買 2,000 美元。

Do you see a little bit of that? And I think we are seeing some early indications that, that is occurring. You see all these layoffs that are occurring, how meaningfully we don't know, but obviously, when someone unemployed, that tends to be a time that they're not looking to make material new purchases. I'm not sure we have evidence that that's causing any impact today. But there are some modest indications that inflation is impacted.

你看到一點了嗎？我認為我們正在看到一些早期跡象表明，這種情況正在發生。你看到所有這些正在發生的裁員，我們不知道其意義有多大，但顯然，當有人失業時，往往是他們不打算購買新材料的時候。我不確定我們是否有證據表明這對今天造成了任何影響。但有一些適度的跡象表明通脹受到了影響。

All right. And what percentage of new subscribers are taking video and what percentage of those are analytics?

好的。有多少新訂閱者正在觀看視頻，其中有多少是分析？

So yes, the video attachment rate in the fourth quarter continued to be strong at around 47%. Upper 40% is typically what we've seen. And then those eligible cameras that can take analytics over 95% of those subscribers are taking video analytics. It really goes together really well with the advanced video capabilities we have, combining every video analytics, gives the subscribers the best experience.

所以是的，第四季度的視頻附件率繼續保持在 47% 左右的強勁勢頭。上 40% 通常是我們所看到的。然後，那些符合條件的攝像頭可以進行分析，超過 95% 的訂閱者正在進行視頻分析。它與我們擁有的高級視頻功能結合得非常好，結合了每一個視頻分析，為訂閱者提供了最佳體驗。

And ladies and gentlemen, with that, I will close Q&A and conclude today's program. Thank you for your participation, and you may now disconnect. Good day.

女士們先生們，我將結束問答並結束今天的節目。感謝您的參與，您現在可以斷開連接。再會。

Thank you.

謝謝。