Alarm.com Holdings Inc (ALRM) 2024 Q4 法說會逐字稿

Good day and thank you for standing by. Welcome to the Alarm.com fourth-quarter and full-year 2024 earnings conference call. (Operator Instructions)

您好，感謝您的支持。歡迎參加 Alarm.com 2024 年第四季和全年收益電話會議。（操作員指令）

Please be advised that today's conference is being recorded.

請注意，今天的會議正在錄音。

I would now like to hand the conference over to your speaker today, Matthew Zartman, Vice President, Strategic Communication, Investor Relations. Please go ahead.

現在，我想將會議交給今天的發言人、策略溝通、投資者關係副總裁馬修‧札特曼 (Matthew Zartman)。請繼續。

Thank you, Kevin. Good afternoon, everyone. Joining us today are Steve Trundle, Alarm.com's CEO; and Steve Valenzuela, our CFO.

謝謝你，凱文。大家下午好。今天與我們一起參加的是 Alarm.com 的執行長 Steve Trundle；以及我們的財務長 Steve Valenzuela。

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 annual report on Form 10-K and our Form 8-K, both of which will be filed shortly with the SEC, along with the associated press release.

在今天的電話會議中，我們將做出前瞻性陳述，即對未來事件的預測、預期、估計或其他陳述。這些聲明是基於目前的預期和假設，這些預期和假設受風險和不確定性的影響，可能導致實際結果與我們目前的預期有重大差異。請您參閱我們在 10-K 表和 8-K 表年度報告中所討論的風險因素，這兩份報告將很快與相關新聞稿一起提交給美國證券交易委員會 (SEC)。

This call is subject to these risk factors, and we encourage you to review them. Alarm.com assumes no obligation to update these forward-looking statements or other information that speak as of their respective dates.

本次通話受這些風險因素影響，我們鼓勵您對其進行審查。Alarm.com 不承擔更新這些前瞻性陳述或其他截至其各自日期的資訊的義務。

In addition, several non-GAAP financial measures will be discussed on the call. A reconciliation of GAAP to non-GAAP measures can be found in today's press release on our Investor Relations website.

此外，電話會議中也將討論幾個非公認會計準則財務指標。在我們投資者關係網站上今天的新聞稿中可以找到 GAAP 與非 GAAP 指標的對帳表。

I'll now turn the call over to Steve Trundle. Steve?

現在我將電話轉給史蒂夫特倫德爾。史蒂夫？

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 fourth quarter was $165.7 million, up 11.7% over the last year. Our adjusted EBITDA for the quarter was $46.4 million. I want to thank our service provider partners and our employees for their contributions to our 2024 performance.

謝謝你，馬特。下午好，歡迎大家到來。我們很高興地報告第四季度和全年業績超出了我們的預期。我們第四季的SaaS和授權收入為1.657億美元，比去年同期成長11.7%。本季的調整後 EBITDA 為 4,640 萬美元。我要感謝我們的服務提供者合作夥伴和員工為我們 2024 年的業績做出的貢獻。

We continue to see nice momentum in the business as we finished out 2024, particularly in the commercial security and energy hub parts of our business. On today's call, I'll review our performance in the primary areas of the business and then provide more details on our recently announced acquisition of CHeKT.

在 2024 年結束時，我們繼續看到業務的良好勢頭，特別是在商業安全和能源中心業務部分。在今天的電話會議上，我將回顧我們在主要業務領域的表現，然後提供有關我們最近宣布的收購 CHeKT 的更多詳細資訊。

In 2024, our North American residential business continued to be the largest component of our diversified business. Our advantage in this area comes from our scale, the quality of our offerings, and the outstanding relationships we have built over the years with our service provider partners. We've been focused on this market with a sustained commitment of resources for longer than anyone else.

2024年，我們的北美住宅業務繼續成為我們多元化業務的最大組成部分。我們在這一領域的優勢來自於我們的規模、產品的品質以及多年來與服務提供者合作夥伴建立的良好關係。我們比其他任何人都更長時間地專注於這個市場並持續投入資源。

While market remains competitive, our service providers generally have little patience for less complete offerings. Consumer demand for professionally installed and serviced smart home security solutions remains solid.

儘管市場競爭依然激烈，但我們的服務提供者通常對不夠完善的產品沒有耐心。消費者對專業安裝和服務的智慧家庭安全解決方案的需求仍然強勁。

One product that we recently released for residential and particularly for the residential rental market is the new Pro Thermostat HQ. This unique thermostat product connects to our cloud directly via an onboard cellular communicator. The Pro HQ does not depend on a WiFi network to provide connected thermostat capabilities. So a builder that builds a home and wants to remotely control the temperature and humidity of the property before it's sold, now has a connected thermostat solution that does not require an internet subscription for the property.

我們最近針對住宅尤其是住宅租賃市場推出的一款產品是新款 Pro Thermostat HQ。這款獨特的恆溫器產品透過板載蜂巢式通訊器直接連接到我們的雲端。Pro HQ 不依賴 WiFi 網路來提供連接恆溫器功能。因此，如果建築商建造了房屋，並且想要在出售之前遠端控制房屋的溫度和濕度，那麼現在就可以使用連網恆溫器解決方案，而無需為房屋進行網路訂閱。

Similarly, rental property managers frequently want to remotely manage the HVAC system for a property between tenants. These temporarily vacant properties often do not have WiFi service. Property managers can now install and use the Pro Thermostat HQ to manage and monitor vacant properties all the time.

同樣，租賃物業經理也經常希望遠端管理租戶之間的物業的 HVAC 系統。這些暫時空置的房產通常沒有 WiFi 服務。物業經理現在可以安裝並使用 Pro Thermostat HQ 來持續管理和監控空置房產。

Our growth initiatives also continued to scale during 2024. These include our Commercial Business, the International Business, and EnergyHub. Collectively, 26% of our total SaaS in 2024 was generated by these businesses. And collectively, their SaaS revenue grew nearly 25% on a year-over-year basis. I'll review each of these businesses and highlight several recent developments that provide a nice backdrop for 2025.

我們的成長計畫將在 2024 年繼續擴大。其中包括我們的商業業務、國際業務和能源中心。總的來說，2024 年我們總 SaaS 的 26% 是由這些業務創造的。總體而言，他們的 SaaS 收入同比增長了近 25%。我將對每項業務進行回顧，並重點介紹為 2025 年提供良好背景的幾項最新發展。

I'll start with our Commercial Business, which produced over $80 million in SaaS revenue in 2024. Physical Security Solutions continue to evolve into cloud-based software solutions that are more capable and cost effective. Alarm.com purposefully designed our commercial offering to seamlessly integrate across access control, intrusion, and video monitoring all into a single cohesive platform accessible and easily managed through a single app. We believe that our solutions align with what the market wants and our service provider partners offer the professional design, installation, and maintenance services that the commercial market requires.

我首先從我們的商業業務開始，該業務在 2024 年創造了超過 8000 萬美元的 SaaS 收入。實體安全解決方案不斷發展成為功能更強大、成本效益更高的基於雲端的軟體解決方案。Alarm.com 特意設計了我們的商業產品，將存取控制、入侵和視訊監控無縫整合到單一有凝聚力的平台中，可透過單一應用程式存取並輕鬆管理。我們相信我們的解決方案符合市場需求，我們的服務供應商合作夥伴提供商業市場所需的專業設計、安裝和維護服務。

Included in our commercial business is OpenEye, our enterprise video business. OpenEye continues to post strong growth, generating nearly $20 million in SaaS revenue in 2024. As I have discussed on recent calls, Remote Video Monitoring service, or RVM, should also further expand the addressable opportunity we have in the commercial market.

我們的商業業務包括企業視訊業務 OpenEye。OpenEye 繼續保持強勁成長，預計 2024 年將創造近 2000 萬美元的 SaaS 收入。正如我在最近的電話會議中討論的那樣，遠端視訊監控服務 (RVM) 也應該進一步擴大我們在商業市場上的潛在機會。

Historically, the primary use case for video solutions was to support investigations and determine when an institute occurred and who was involved. RVM is transforming video surveillance cameras by enabling them to now also deter crime before it happens.

從歷史上看，視訊解決方案的主要用途是支援調查並確定事件發生的時間和涉及的人員。RVM 正在改造視訊監控攝影機，使其現在能夠在犯罪發生之前阻止犯罪。

One method that we use for deterrence is to apply AI to identify certain types of activities that appear suspicious. Our system can then engage the potential perpetrator with a generative AI voice that is dynamically tailored to the environment and the individuals. We do all this in real time.

我們用於威懾的一種方法是應用人工智慧來識別某些看似可疑的活動類型。然後，我們的系統可以利用根據環境和個人動態自訂的生成式 AI 語音來與潛在犯罪者對話。我們實時完成所有這些工作。

Our recent acquisition of CHeKT takes this a step further and expands our position in the RVM space. We believe that CHeKT has built the best SaaS software solution for control rooms to professionally monitor properties through an array of security video cameras. The CHeKT platform can ingest active surveillance events from nearly any video camera and enable those events to be effectively escalated and handled by control room personnel.

我們最近對 CHeKT 的收購更進一步擴大了在 RVM 領域的地位。我們相信，CHeKT 已經為控制室建立了最好的 SaaS 軟體解決方案，可透過一系列安全攝影機對房產進行專業監控。CHeKT 平台幾乎可以從任何攝影機取得主動監控事件，並使得控制室人員能夠有效地上報和處理這些事件。

Operators can focus on critical events, initiate return activities, reduce false alarms, and speed response to threatening scenarios and improve overall security outcomes. CHeKT also provides a bridge appliance for installation at the customer site that service providers can use to connect legacy video cameras directly to the central station control group. CHeKT supports most OpenEye cameras today and will continue to support many third-party cameras.

操作員可以專注於關鍵事件，啟動返回活動，減少誤報，加快對威脅場景的回應並改善整體安全結果。CHeKT 也提供在客戶現場安裝的橋接設備，服務提供者可以使用它來將傳統攝影機直接連接到中央站控制組。CHeKT 目前支援大多數 OpenEye 相機，並將繼續支援許多第三方相機。

Over time, Alarm.com cameras will also be integrated into the CHeKT Control Room solution. The company is small, but has nice momentum in the RVM space. We've been impressed by the entrepreneurial energy and culture of the team and are very pleased that they will now be joining Alarm.com.

隨著時間的推移，Alarm.com 攝影機也將整合到 CHeKT 控制室解決方案中。該公司規模較小，但在 RVM 領域發展勢頭良好。我們對團隊的創業活力和文化印象深刻，並且非常高興他們現在加入 Alarm.com。

Shifting to our international business for a moment. We continued to see solid contributions to our growth in 2024 as we expanded our product offerings and our service provider footprint in over 70 countries. In 2024, total revenue from outside of North America reached 6% of our consolidated total revenue as reported in our 10-K.

暫時轉向我們的國際業務。隨著我們擴大產品供應並將服務提供者覆蓋範圍擴大到 70 多個國家，我們在 2024 年的成長繼續獲得了堅實的貢獻。根據我們的 10-K 報告，2024 年，來自北美以外地區的總收入達到我們合併總收入的 6%。

We have the right set of marquee service provider partners internationally to support further growth in this area. In 2025, we'll continue to focus on growing our support for regional and local service providers to further grow and diversify our international revenue streams.

我們在國際上擁有一群優秀的服務提供者合作夥伴，以支持該領域的進一步發展。2025 年，我們將繼續致力於加強對區域和本地服務提供者的支持，以進一步增加和多樣化我們的國際收入來源。

The final element of our growth strategy is the continued development of our venture businesses. These SaaS-based businesses consist of EnergyHub, Building 36, PointCentral and Shooter detection systems. Each is developing innovative IoT-enabled applications that further expand our addressable markets. I'll spend a moment discussing EnergyHub, which is the most developed of these businesses.

我們成長策略的最後一個要素是繼續發展我們的創投業務。這些基於 SaaS 的業務包括 EnergyHub、Building 36、PointCentral 和 Shooter 檢測系統。每個公司都在開發創新的物聯網應用程序，以進一步擴大我們的潛在市場。我將花一點時間討論這些企業中最發達的 EnergyHub。

EnergyHub provides software technology for grid level energy management. It's now more than a $50 million SaaS business and growing nicely. The EnergyHub platform interfaces to various IoT devices to aggregate distributed energy resources such as smart thermostats, residential batteries, electric vehicles, and charging infrastructure. EnergyHub then enables utilities to harness these grid edge devices into a virtual power plant that provides great flexibility and load management during periods of supply and demand imbalance.

EnergyHub 提供電網級能源管理的軟體技術。現在它已經成為一家市值超過 5000 萬美元的 SaaS 公司，並且發展勢頭良好。EnergyHub 平台與各種物聯網設備連接，以聚合分散式能源資源，如智慧恆溫器、家用電池、電動車和充電基礎設施。然後，EnergyHub 使公用事業公司能夠將這些電網邊緣設備整合到虛擬發電廠中，從而在供需失衡期間提供極大的靈活性和負載管理。

In 2024, EnergyHub began introducing dynamic load shaping. This first-to-market capability uses machine learning algorithms to automatically dispatch granular groups of grid edge devices to provide more precise and sustained load shaping. With dynamic load shaping, utilities have greater flexibility for leveraging the virtual power plant production that EnergyHub offers.

2024 年，EnergyHub 開始引進動態負載整形。這項首次上市的功能使用機器學習演算法來自動調度粒度較大的電網邊緣設備組，以提供更精確、更持續的負載整形。透過動態負載調整，公用事業公司可以更靈活地利用 EnergyHub 提供的虛擬發電廠生產。

Dynamic load shaping functionality proved successful across three proof-of-concept tests last summer. EnergyHub pioneered the residential derm space and now manages over 1.6 million enrolled grid edge devices for over 70 utility clients in the US. The business is in a strong position to unlock additional value streams in the rapidly evolving energy ecosystem.

去年夏天的三次概念驗證測試證明動態負載整形功能是成功的。EnergyHub 是住宅皮膚科領域的先驅，目前為美國 70 多個公用事業客戶管理超過 160 萬台註冊電網邊緣設備。該企業在快速發展的能源生態系統中擁有強大的優勢，可以釋放更多的價值流。

Finally, I would like to let our investors know that my colleague, Steve Valenzuela, our CFO, has decided that he will be retiring from Alarm.com. We are very thankful all of Steve's contributions over the years, which I would like to recognize.

最後，我想讓我們的投資者知道，我的同事、我們的財務長 Steve Valenzuela 已決定從 Alarm.com 退休。我們非常感謝史蒂夫多年來的所有貢獻，我想對此表示認可。

Steve joined Alarm.com in November 2016. At that time, Alarm.com was a much smaller company with total revenue of just $248 million and earnings of $44 million. Under Steve's financial leadership, we have grown revenue by 280%.

史蒂夫於 2016 年 11 月加入 Alarm.com。當時，Alarm.com 是一家規模較小的公司，總收入僅 2.48 億美元，獲利為 4,400 萬美元。在史蒂夫的財務領導下，我們的收入成長了 280%。

Today is Steve's 33rd earnings report with us, and we are reporting more SaaS revenue this quarter than the business generated in the entire 12 months preceding his arrival. He has led countless calls with our investors and ensure that we always provide high-fidelity reporting on our business. As importantly, he has built a great finance team at Alarm.com that is geared up to continue executing our plan going forward.

今天是史蒂夫第 33 次為我們提交收益報告，我們報告本季的 SaaS 收入超過了他到來之前整整 12 個月的業務收入。他與我們的投資者進行了無數次電話會議，並確保我們始終提供高保真的業務報告。同樣重要的是，他在 Alarm.com 建立了一支優秀的財務團隊，準備繼續執行我們的計劃。

We will immediately begin a process to identify our next CFO. We are grateful that Steve will stay with us as long as needed to support the transition to a new CFO. It's important to note that Steve's decision to leave is not due to any disagreement concerning the company's financial statements, operations, policies, or practices. So we get ahead and help us for a while longer, but he will be retiring from the company this year.

我們將立即啟動確定下一任財務長的程序。我們非常感激史蒂夫能夠一直留在我們身邊，並支持新任財務長的過渡。值得注意的是，史蒂夫離職的決定並不是因為對公司財務報表、營運、政策或做法有任何分歧。因此，我們可以繼續幫助我們一段時間，但他今年將從公司退休。

Steve, I've enjoyed working with you. And we thank you for your service to Alarm.com.

史蒂夫，我很高興和你共事。我們感謝您為 Alarm.com 提供的服務。

And with that, let me turn things over to you to report on how we finished out 2024.

現在，讓我向您報告我們在 2024 年的收官情況。

Thank you, Steve, for your very kind words and confidence in me. It's been a true partnership, which for me has been very special. After nearly 8.5 years, this is a good time for me to retire from Alarm.com and consider the next chapter in my journey. I'm committed to remaining in my role for a sufficient period of time to ensure a smooth transition. It's been my greatest pleasure to play a part in Alarm.com's growth from $248 million to over $900 million in annual revenue and raising over $1 billion in cash, leaving the company with a strong balance sheet.

謝謝你，史蒂夫，謝謝你對我的善意言辭和信任。這是一次真正的合作，對我來說非常特別。經過近 8.5 年的時間，現在是我從 Alarm.com 退休並考慮我旅程的下一個篇章的好時機。我承諾將在現有職位上任職足夠長的時間，以確保順利過渡。我非常榮幸能夠參與 Alarm.com 的成長，使其年收入從 2.48 億美元成長到 9 億美元以上，並籌集超過 10 億美元的現金，使公司擁有強勁的資產負債表。

I'd like to thank the employees of Alarm.com, in particular, the finance team for their support. I'm especially proud of the strong finance team that I've had the pleasure of developing and leading over these years. This gives me great satisfaction knowing that Alarm.com will be in very good hands. I'd also like to thank the Board of Alarm.com, our partners, investors, and analysts for their support. I am confident that Alarm.com will continue to be the leading platform provider of connected properties for the next decade and beyond. I look forward to following Alarm.com's progress.

我要感謝 Alarm.com 的員工，特別是財務團隊的支持。我對這些年來能夠建立和領導的強大的財務團隊尤其感到自豪。這讓我非常滿意，因為我知道 Alarm.com 將會得到很好的管理。我還要感謝 Alarm.com 董事會、我們的合作夥伴、投資人和分析師的支持。我相信，Alarm.com 將在未來十年及以後繼續成為領先的互聯房產平台提供者。我期待關注 Alarm.com 的進展。

And with that, let me turn to review of our fourth-quarter and full-year 2024 financial results and then provide guidance for 2025, before opening the call for questions. Fourth-quarter SaaS license revenue of $165.7 million grew 11.7% from the same quarter last year as we continue to see good growth in our Commercial, International, and EnergyHub markets.

說完這些，讓我來回顧一下我們 2024 年第四季和全年的財務業績，然後提供 2025 年的指導，然後再開始提問。第四季 SaaS 授權收入為 1.657 億美元，較去年同期成長 11.7%，這得益於我們商業、國際和能源中心市場持續保持良好的成長勢頭。

For the full year of 2024, SaaS and license revenue of $631.2 million grew 10.9% over 2023. Our SaaS and license revenue visibility remains high with a revenue retention rate of 95% in the fourth quarter, above our historical trend and higher than our long-term target range of 92% to 94%.

2024 年全年，SaaS 和授權收入為 6.312 億美元，比 2023 年成長 10.9%。我們的 SaaS 和授權收入可見度仍然很高，第四季度的收入保留率為 95％，高於我們的歷史趨勢，也高於我們的長期目標範圍 92％至 94％。

Hardware and other revenue in Q4 2024 was $76.6 million, compared to $77.9 million in the year ago quarter, mainly due to slightly fewer sales of cameras and thermostats. Total revenue of $242.2 million for the fourth quarter grew 7.1% from Q4 2023.

2024 年第四季的硬體和其他收入為 7,660 萬美元，而去年同期為 7,790 萬美元，主要原因是相機和恆溫器的銷量略有下降。第四季總營收為 2.422 億美元，較 2023 年第四季成長 7.1%。

For the full year of 2024, total revenue grew 6.6% year over year to $939.8 million. SaaS and license gross margin of 85.6% for the fourth quarter increased approximately 100 basis points from the year ago quarter, mainly due to the contribution of license revenue.

2024 年全年總營收年增 6.6% 至 9.398 億美元。第四季SaaS和授權毛利率為85.6%，較去年同期增加約100個基點，主要由於授權收入的貢獻。

Hardware gross margin was 22% for the fourth quarter compared to 25% for Q4 2023, mainly due to product mix. Total gross margin was 65.5% for the fourth quarter, up from 64.1% for Q4 2023, mainly due to a higher percentage of SaaS and license revenue.

第四季硬體毛利率為 22%，而 2023 年第四季為 25%，主要歸因於產品結構。第四季總毛利率為 65.5%，高於 2023 年第四季的 64.1%，主要由於 SaaS 和授權收入佔比較高。

Turning to operating expenses. R&D expenses in the fourth quarter were $62 million, up slightly from $61.3 million in the fourth quarter of 2023. We ended 2024 with 1,127 employees in R&D, up from 1,118 employees at the end of 2023. Total headcount increased to 2,010 employees for 2024 compared to 1,989 employees at the end of 2023.

談到營運費用。第四季研發費用為 6,200 萬美元，略高於 2023 年第四季的 6,130 萬美元。截至 2024 年底，我們的研發員工總數為 1,127 名，高於 2023 年底的 1,118 名。2024 年總員工人數將從 2023 年底的 1,989 名員工增加至 2,010 名員工。

Sales and marketing expenses in the fourth quarter were $30.9 million or 12.8% of total revenue compared to $25.9 million or 11.5% of revenue in the same quarter last year as we increased our investment in some marketing programs to help drive awareness of our professional service providers for smart property installations.

第四季銷售和行銷費用為 3,090 萬美元，佔總收入的 12.8%，而去年同期為 2,590 萬美元，佔收入的 11.5%，原因是我們增加了對一些行銷項目的投資，以幫助提高人們對我們的智慧物業安裝專業服務提供者的認識。

Non-GAAP adjusted EBITDA in the fourth quarter was $46.4 million compared to $45.6 million in Q4 2023. For all of 2024, adjusted EBITDA was $176.2 million, an increase of 14.5% from adjusted EBITDA of $154 million for 2023.

第四季非 GAAP 調整後 EBITDA 為 4,640 萬美元，而 2023 年第四季為 4,560 萬美元。2024 年全年調整後 EBITDA 為 1.762 億美元，較 2023 年調整後 EBITDA 1.54 億美元成長 14.5%。

In the fourth quarter, GAAP net income was $30.1 million compared to GAAP net income of $31.2 million for Q4 2023. Non-GAAP adjusted net income was $32.6 million or $0.58 per diluted share in the fourth quarter compared to $33.9 million or $0.62 per share for the fourth quarter of 2023.

第四季度，GAAP 淨收入為 3,010 萬美元，而 2023 年第四季的 GAAP 淨收入為 3,120 萬美元。第四季非公認會計準則調整後淨收入為 3,260 萬美元或每股攤薄收入 0.58 美元，而 2023 年第四季為 3,390 萬美元或每股 0.62 美元。

GAAP net income for the full year of 2024 was $122.5 million compared to GAAP net income of $80.3 million for 2023. Non-GAAP adjusted net income for 2024 was $127.1 million or $2.28 per diluted share compared to non-GAAP net income of $113.2 million or $2.07 per share for 2023.

2024 年全年 GAAP 淨收入為 1.225 億美元，而 2023 年 GAAP 淨收入為 8,030 萬美元。2024 年非 GAAP 調整後淨收入為 1.271 億美元或每股攤薄收益 2.28 美元，而 2023 年非 GAAP 淨收入為 1.132 億美元或每股 2.07 美元。

Turning to our balance sheet. We ended 2024 with $1.22 billion of cash and cash equivalents up from $697 million at December 31, 2023. Through the 12 months ended December 31, 2024, we generated $206.4 million of cash flow from operations up from $136 million for 2023.

轉向我們的資產負債表。截至 2024 年底，我們的現金及現金等價物為 12.2 億美元，高於 2023 年 12 月 31 日的 6.97 億美元。截至 2024 年 12 月 31 日的 12 個月內，我們產生的營運現金流為 2.064 億美元，高於 2023 年的 1.36 億美元。

Our free cash flow for 2024 was $196.3 million compared to $128.4 million for 2023. The increases in operating and free cash flows for 2024 were mainly due to our higher profitability levels and positive working capital trends.

我們 2024 年的自由現金流為 1.963 億美元，而 2023 年為 1.284 億美元。2024 年營業現金流和自由現金流的增加主要歸功於我們更高的獲利水準和正向的營運資本趨勢。

Now turning to our financial outlook. For the first quarter of 2025, we expect SaaS and license revenue of $160.2 million to $160.4 million. For the full-year 2025, we expect SaaS and license revenue to be between $671.2 million to $671.8 million. We are projecting total revenue for 2025 of $978.2 million to $980.8 million, which includes estimated hardware and other revenue of $307 million to $309 million. We estimate that adjusted EBITDA for 2025 will be between $188 million to $192 million.

現在來談談我們的財務前景。對於 2025 年第一季度，我們預計 SaaS 和授權收入為 1.602 億美元至 1.604 億美元。就 2025 年全年而言，我們預計 SaaS 和授權收入將在 6.712 億美元至 6.718 億美元之間。我們預計 2025 年的總收入為 9.782 億美元至 9.808 億美元，其中包括估計的硬體和其他收入 3.07 億美元至 3.09 億美元。我們預計 2025 年調整後的 EBITDA 將在 1.88 億美元至 1.92 億美元之間。

We expect adjusted EBITDA for the first quarter of 2025 to represent approximately 20.5% to 21% of our annual guidance. Non-GAAP adjusted net income for 2025 is projected to be $130 million to $131 million or $2.28 to $2.29 per diluted share.

我們預計 2025 年第一季的調整後 EBITDA 約占我們年度指引的 20.5% 至 21%。預計 2025 年非 GAAP 調整後淨收入為 1.3 億至 1.31 億美元，或每股攤薄收入為 2.28 美元至 2.29 美元。

EPS is based on an estimate of 60.6 million weighted average diluted shares outstanding. We currently project our non-GAAP tax rate for 2025 to remain at 21% under current tax rules. We expect full-year 2025 stock-based compensation expense of $43 million to $45 million.

EPS 是基於 6,060 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 2025 年的非 GAAP 稅率將維持在 21%。我們預計 2025 年全年股票薪酬支出為 4,300 萬美元至 4,500 萬美元。

In summary, we are focused on executing on our business plan and investing in our long-term strategy while continuing to deliver profitable growth. And with that, operator, please open the call for Q&A.

總而言之，我們專注於執行我們的業務計劃並投資我們的長期策略，同時繼續實現獲利成長。接線生，請開始問答環節。

(Operator Instructions)

（操作員指令）

Saket Kalia, Barclays.

Saket Kalia，巴克萊銀行。

Okay. Great. Hey guys, thanks for taking my questions here. And congrats, Steve Valenzuela, on your retirement.

好的。偉大的。嘿夥計們，感謝你們在這裡回答我的問題。祝賀史蒂夫·巴倫蘇埃拉退休。

Thanks, Zach. It's been great to work with you. I'll be around for a little while longer, though.

謝謝，扎克。與您共事非常愉快。但我還會在這裡待一段時間。

Yeah. Absolutely. Listen, tip my cap to you, nonetheless.

是的。絕對地。聽著，儘管如此，我還是向你脫帽致敬。

Thank you.

謝謝。

Steve, maybe for you. On the quarter, it was great to see SaaS and license revenue growth accelerate versus the growth that you saw in Q3. Can you just maybe talk about what drove that acceleration? And how you sort of marry that growth versus the guided growth for SaaS in '25 at somewhere between 6% and 7% growth?

史蒂夫，也許對你來說是這樣。就本季而言，我們很高興看到 SaaS 和授權收入成長相對於第三季有所加速。您能否談談推動這種加速發展的因素？您如何將這種增長與 25 年 SaaS 的預期增長（6% 到 7% 之間的增長）結合起來？

Sure. Yes. I would point to, first and foremost, EnergyHub overperformed in the quarter. Typically, EnergyHub has a strong season in Q4. They actually overperformed in terms of their savings for the utilities. They also brought a new utility partners as well. And so that was a very good contribution.

當然。是的。我想指出的是，首先，EnergyHub 在本季表現出色。通常情況下，EnergyHub 在第四季度表現強勁。他們在公用事業方面的節省實際上表現優異。他們還帶來了新的公用事業合作夥伴。所以這是一個非常好的貢獻。

I would also point out to OpenEye. OpenEye continues to roll out SaaS to their new subscribers, the new customers, and they performed really well. So those are really some of the major contributions to Q4.

我還要指出的是 OpenEye。OpenEye 繼續向其新訂戶、新客戶推出 SaaS，而且表現非常出色。所以這些確實是對第四季的一些重大貢獻。

We also saw that international is now 5% of our total revenue in the past, it's been [4%] of total revenue. So those are the key points, 6% of total revenue in the quarter, right? It was 5%. So that's -- so those are some of the points that I would point out for overperformance in the fourth quarter.

我們也發現，國際業務占我們總收入的 5%，現在則為 4%。那麼這些就是關鍵點，佔本季總營收的 6%，對嗎？是 5%。所以這就是我要指出的第四季表現優異的一些要點。

Comparing to 2025, in the past, we've talked about some of the headwinds from ADT Plus. So we've modeled in '25, the transition to ADT Plus, that's about a 200 basis point headwind. And also with the license revenue in '25 being mostly flat to '24. That's another 200 basis point headwind to growth.

與 2025 年相比，過去我們談論過 ADT Plus 帶來的一些不利因素。因此，我們在 25 年模擬了向 ADT Plus 的過渡，這大約是 200 個基點的逆風。而且 25 年的授權收入與 24 年基本持平。這對成長來說又是一個200個基點的阻力。

And then we also modeled a stronger dollar. We've seen the dollar strengthen over the last couple of months, especially related to the Canadian dollar. We modeled in a 20 or 30 basis points headwind against growth for '25 related to currency.

然後我們也模擬了美元走強的現象。我們看到美元在過去幾個月走強，尤其是兌加幣。我們模擬了 20 或 30 個基點的貨幣相關因素對 25 年經濟成長的不利影響。

Got it. Got it. That's super helpful. Very helpful bridge. Steve, maybe for my follow-up for you. Obviously, hardware is not the core business here. But just to make sure the question is asked. I'm curious if you could just talk about any potential impact of tariffs on that hardware business?

知道了。知道了。這非常有幫助。非常有用的橋樑。史蒂夫，也許我可以跟進你的情況。顯然，硬體不是這裡的核心業務。但只是為了確保問題被提出。我很好奇，您能談談關稅對硬體業務的潛在影響嗎？

Sure. Yes, good question. It wasn't that long ago that we were spending a lot of time dealing with tariffs. So we're in a posture now where we're sort of reviewing tweets and other news releases each morning to anticipate what type of reaction we should have.

當然。是的，好問題。不久前我們還花了很多時間處理關稅問題。所以我們現在採取的方式是，每天早上查看推文和其他新聞稿，以預測我們應該做出什麼樣的反應。

Fortunately, we made a lot of effort previously to move the majority of any manufacturing we do out of China. So very little exposure to China at the moment. Most of the hardware that we produce is made either in Southeast Asia, the US. There's a little bit in Mexico and a little bit in Europe. So obviously, watch sort of the back and forth on Mexico, but it's fairly minor.

幸運的是，我們之前做了許多努力，將大部分製造業務遷出中國。因此目前對中國的接觸很少。我們生產的大部分硬體都是在東南亞或美國製造的。墨西哥有一點，歐洲也有一點。因此顯然，關注墨西哥問題上的來回爭論，但這只是相當小的事。

So we're not at the moment, sitting where I sit today. But again, waking up each morning and reading the news and being ready to react. But at the moment, we're not impacted by much by the new tariff activity.

因此，我們目前所坐的位置並不在我今天所坐的位置。但是，每天早上醒來，閱讀新聞，並準備做出反應。但目前，我們並沒有受到新關稅行動的太大影響。

That said, we have taken steps to bring in some inventory over the last quarter and expect to continue to do that where possible. So you may see a little bit of trend line in our financials actually that reflects our desire to bring in inventory and being a little bit more of a defensive posture should there be tariff activity that ensues.

儘管如此，我們在上個季度已採取措施引入一些庫存，並希望在可能的情況下繼續這樣做。因此，您實際上可能會在我們的財務狀況中看到一點趨勢線，這反映了我們引入庫存的願望，並且如果隨後發生關稅活動，我們將採取更具防禦性的姿態。

Very helpful. Thanks, guys.

非常有幫助。謝謝大家。

Adam Tindle, Raymond James.

亞當廷德爾、雷蒙詹姆斯。

Okay. And my congrats to Steve V. as well. I know you're not done quite yet. I look forward to having you at our conference here in a couple of weeks. But congratulations on the announcement. We'll certainly miss you.

好的。我也向 Steve V. 表示祝賀。我知道你還沒完成。我期待幾週後您能參加我們的會議。但我還是對這項宣布表示祝賀。我們一定會想念你的。

Thanks, Adam. Looking forward to seeing you in a couple of weeks.

謝謝，亞當。期待幾週後見到您。

Yeah. So I wanted to ask on the growth businesses collectively have become, obviously, a big part of the story, growing about 25%, I think you said last year. For Steve V., I wonder if you could maybe just touch on the growth expectations for that piece of the business that might be embedded in your 2025 guidance and the contribution from the acquisition here embedded in that?

是的。所以我想問一下，總體而言，業務成長顯然已成為故事的重要組成部分，我記得您去年說過，成長率約為 25%。對於 Steve V.，我想知道您是否可以談談您 2025 年指引中可能包含的該部分業務的成長預期，以及其中包含的收購貢獻？

And then for Steve T., maybe a bigger picture question in light of this, just the strategic view on that bucket of the business. It's almost as if we've got kind of two different businesses we're running here, one that's growing over 20%.

然後對於 Steve T. 來說，有鑑於此，也許這是一個更大的問題，只是對該業務的戰略觀點。這幾乎就像我們在這裡經營兩種不同的業務，其中一種的成長率超過20%。

And when we back into the other pieces of the business growing closer to mid-single digits, I wonder if you might just kind of assess the two different pieces of the business that you have there, the synergies between the two? And what would prompt you to think about strategic options, whether that's spinning, splitting, those sorts of things.

當我們回顧其他業務部分的成長情況，它們都接近個位數的中段時，我想知道您是否可以評估您業務的兩個不同部分，以及兩者之間的協同作用？什麼會促使您思考戰略選擇，無論是旋轉、分裂還是諸如此類的事情。

Sure. Adam, I guess I'll start with the growth initiatives for '25, we're essentially modeling the same growth that we've seen in '24. And if you could talk about the acquisition of CHeKT, it is an early same company. It is included in our guidance for '25. There's a modest contribution in SaaS revenue for '25. And we bumped up our guidance for 25 for SaaS from the initial look. So part of that is related to the acquisition of CHeKT.

當然。亞當，我想我將從25年的成長計畫開始，我們基本上模擬了與24年相同的成長計畫。如果你可以談談對 CHeKT 的收購，它是一家早期的同一家公司。它包含在我們的‘25年指導中。'25 年的 SaaS 收入貢獻不大。我們將 SaaS 的預期從最初的 25 提高到了 25。因此，部分原因與收購 CHeKT 有關。

And then I'll turn it over to Steve Trundle.

然後我將把它交給史蒂夫特倫德爾。

Sure. So yes, on the strategic view, our view is that we've one of the primary sort of intangible assets of the company are the set of relationships that we've developed around the world in the channel. And when we got started, of course, we were almost exclusively focused on the residential intrusion part of the market.

當然。所以是的，從策略角度來看，我們認為公司最主要的無形資產之一就是我們在全球通路中建立的關係。當然，當我們剛開始時，我們幾乎只關注住宅入侵市場部分。

And what we're focused on doing now is unlocking the potential of that channel in a broader set of areas. And almost everything we're doing kind of maps directly to that with the exception of EnergyHub. And even there, there's some overlap.

我們現在致力於釋放該管道在更廣泛領域的潛力。除 EnergyHub 外，我們所做的幾乎所有事情都直接與此相關。即使如此，也存在一些重疊。

And there is a lot of synergy between the R&D piece on residential and commercial. Oftentimes, we find features that we did for someone that owns three homes that are now relevant for someone that has three business locations. That's a very simple example. So we think it's what the market is asking us to do. It's what our service providers are asking us to do.

住宅和商業的研發部分之間存在著很大的協同作用。我們經常發現，我們為擁有三套房屋的人提供的功能，現在也適用於擁有三個營業地點的人。這是一個非常簡單的例子。所以我們認為這是市場要求我們做的事情。這正是我們的服務提供者要求我們做的。

It gives us a way to compound the capital that we're producing in the core residential component of the business. And it's allowing us to sustain growth rate with a lot more diversity in our revenue streams.

它為我們提供了一種方法來增加我們在業務的核心住宅部分所創造的資本。這使我們能夠維持成長率，並且收入來源更加多樣化。

On the EnergyHub piece specifically, we just think we have a nice business there that is still strategic and has a long runway ahead. So there's some overlap. The more people we can enroll and the different types of DERMs or Demand Response Services, the more valuable EnergyHub becomes. And of course, the rest of our channel is installing IoT devices every day, and we'll continue to do that. So we get this kind of unique opportunity to drive enrollment up and enable the EnergyHub business to be even more valuable.

具體來說，就 EnergyHub 而言，我們認為我們在那裡擁有良好的業務，並且仍然具有戰略意義，而且前途光明。因此存在一些重疊。我們招募的人越多，DERM或需求響應服務的類型越多，EnergyHub 的價值就越大。當然，我們其餘的渠道每天都在安裝物聯網設備，我們會繼續這樣做。因此，我們獲得了這種獨特的機會來提高註冊人數並使 EnergyHub 業務更有價值。

So there, there's not quite as much overlap on the R&D, but it's a business that we think is -- will continue to be strategic.

因此，在研發方面並沒有太多的重疊，但我們認為這項業務將繼續具有戰略意義。

Got it. That's helpful. Maybe just as a follow-up, I appreciate all the additional disclosures on kind of breaking out those growth businesses. Certainly caught my eye, I think I heard it correctly that OpenEye is nearly $20 million at this point. And I was going back through my notes, and I think it was about [1/10] of that size five-ish years ago when you acquired it.

知道了。這很有幫助。或許只是作為後續行動，我很欣賞所有關於突破這些成長業務的額外披露。確實引起了我的注意，我想我沒聽錯，OpenEye 目前的價值已接近 2000 萬美元。我回顧了我的筆記，我認為它的大小只有五年前你得到它時的 [1/10] 左右。

So I guess the part of that question would be, if we use that as a case study, presuming that we're going to continue to invest in sort of growth areas like an OpenEye, what were the key attributes that led to this level of a successful outcome? And as you think about opportunities to potentially replicate the OpenEye type of growth trajectory, where would be the key areas of focus?

所以我想這個問題的一部分是，如果我們以此作為案例研究，假設我們將繼續投資於像 OpenEye 這樣的成長領域，那麼導致這種成功結果的關鍵因素是什麼？當您考慮可能複製 OpenEye 類型的成長軌蹟的機會時，重點關注的領域是什麼？

I'd say the -- in terms of key attributes and something we look for every time is the quality of leadership. So we're very pleased with that the founder of the business, the OpenEye business still leads the business and has been very adept and helping the business continue to grow.

我想說，就關鍵屬性而言，我們每次尋找的是領導特質。因此，我們非常高興 OpenEye 業務的創始人仍然領導著業務，並且非常熟練地幫助業務繼續成長。

Now the special sauce, I guess, that we have brought to that business and we look for opportunities where we can do this is we know how to build a SaaS business. So in this case, with OpenEye, we had a great company with a great set of customers, primarily focused on monetizing through hardware cells. And we saw an opportunity to shift into much more of a cloud format and render services in the cloud.

現在，我想，我們為這項業務帶來的特別之處是，我們正在尋找可以做到這一點的機會，我們知道如何建立 SaaS 業務。因此在這種情況下，有了 OpenEye，我們就有了一家優秀的公司和一群優秀的客戶，主要專注於透過硬體單元實現盈利。我們看到了轉向更多雲端格式並在雲端提供服務的機會。

And from that, have been able to drive really nice growth, albeit office all base. But now it's becoming on a SaaS basis pretty relevant, and that $20 million doesn't capture the hardware piece that also exists there.

從那時起，儘管所有業務都以辦公室為基礎，但我們仍然能夠推動真正良好的成長。但現在它在 SaaS 基礎上變得相當重要，而且 2000 萬美元並沒有涵蓋其中存在的硬體部分。

So we'll continue to look for that. And I think when we -- both of those are key attributes, when we look at the business we just acquired, we feel get very good about leadership there. We think we're early, and we think we can help format the business to drive even more contribution in SaaS and meet the needs of the market. So that's kind of what we're looking for.

因此我們會繼續尋找。我認為，當我們 — — 這兩者都是關鍵屬性時，當我們審視我們剛剛收購的業務時，我們會感覺到那裡的領導力非常好。我們認為我們還處於早期階段，我們認為我們可以幫助格式化業務以在 SaaS 中做出更多貢獻並滿足市場的需求。這正是我們所尋找的。

Got it. Thank you.

知道了。謝謝。

Mason Marion, Jefferies.

梅森馬里恩，傑富瑞。

All right. Thanks for taking my questions. And congrats to you, Steve V., on the retirement.

好的。感謝您回答我的問題。祝賀史蒂夫 V. 退休。

So I want to stick to the 2025 outlook here. So residential home sales have remained pretty subdued. What are you guys assuming regarding churn NRR? Should we continue to expect stability in the NRR around that like 95% level?

因此，我想在這裡堅持 2025 年的展望。因此住宅銷售仍然相當低迷。你們對於客戶流失 NRR 有什麼假設？我們是否應該繼續預期 NRR 穩定在 95% 左右的水平？

Yes. That's the high end of what we've seen. So it's hard for us to say, hey, we think it's going to get even better. But certainly, that -- but just examine what you said, the softness in people moving is contributing to a high revenue retention rate at the 95% level. We think that probably holds this year.

是的。這是我們所見過的最高水平。所以我們很難說，嘿，我們認為它會變得更好。但可以肯定的是，只要檢查一下您所說的內容，人員流動的平穩性有助於實現 95% 的高收入保留率。我們認為今年這一情況可能依然存在。

We also have a dynamic where the more recently acquired customers are typically using a larger component of our services and almost or more than half are also using video services. So that results in two things. The subscriber is a bit more sticky because they're using the system every day.

我們還發現，最近獲得的客戶通常使用我們服務的很大一部分，而且幾乎一半或以上的客戶也在使用視訊服務。因此結果有兩點。由於訂閱者每天都在使用該系統，因此他們的黏性更強。

The other dynamic at play though is the ARPU is higher. So what attrition we do have right now tends to be the lower ARPU accounts. And what's sticking around are the higher ARPU accounts. So we think those two dynamics probably persist into 2025.

但另一個起作用的動態是 ARPU 更高。因此，我們目前的流失往往是 ARPU 較低的帳戶。而留下來的是更高的 ARPU 帳戶。因此我們認為這兩種動態可能會持續到 2025 年。

Understood. And then you launched your AI-Deterrence product at CES. What's the initial feedback been from customers and partners so far? And then do you think this can help drive your video penetration higher in 2025 and beyond?

明白了。然後您在 CES 上推出了您的 AI-Deterrence 產品。到目前為止，客戶和合作夥伴的初步回饋是什麼？那麼您是否認為這有助於在 2025 年及以後提高影片普及率？

Yes. I think so to answer the last question first. I think that type of functionality is currently novel in the industry. So gives you something to talk about, get people excited about. It has the capacity to really unlock a lot of the costs associated with remote video monitoring and take that offering from being sort of a commercial, maybe high-end residential niche offering and turn it into more of a mass market small business and residential offerings.

是的。我想先回答最後一個問題。我認為這種功能目前在業界是新穎的。這樣你就有話題可談，讓人興奮。它能夠真正釋放與遠端視訊監控相關的大量成本，並將該產品從一種商業、高端住宅利基產品轉變為更適合大眾市場的小型企業和住宅產品。

So the enthusiasm is definitely there. And as you know, if you followed us with our TikTok channel a bit, from the time we've released something sort of build enthusiasm to the point where they have it on the price list that all their salespeople are used every day when they go out and visit customers.

因此熱情是肯定存在的。如你所知，如果你關注我們的 TikTok 頻道，你會發現，從我們發布某種產品開始，我們就在激發人們的熱情，直到他們把它列入價目表，所有銷售人員每天出去拜訪客戶時都會用到它。

So it will be a little bit of a lag. But we're seeing encouraging, I would say, enthusiasm around the product and actually is being installed in some set of installations already today and working, which is good. So so far, so good.

因此會有些許滯後。但我想說，我們看到了令人鼓舞的人們對該產品的熱情，而且實際上今天已經在一些裝置中安裝並運行，這是件好事。到目前為止，一切都很好。

Great, thank you.

太好了，謝謝。

Thanks.

謝謝。

Adam Hotchkiss, Goldman Sachs.

高盛的亞當‧霍奇基斯（Adam Hotchkiss）。

Great, thanks so much for taking the questions. And Steve V., I'll add my well wishes to you as well going forward. I guess to start with you. I wanted to dig in on margins for next year. I know you -- we've talked historically about the sort of 18% margin level, and you outperformed that in Q3. And we're a little bit ahead of that in Q4. I think the guide next year is for around 19%.

非常好，非常感謝您回答這些問題。還有史蒂夫 V.，我也將向你致以美好的祝愿。我想先從你開始。我想為明年的利潤做出貢獻。我知道，我們過去討論過 18% 的利潤率，而你們在第三季的表現超過了這個數字。我們在第四季略微領先於此。我認為明年的指導價是 19% 左右。

What are the puts and takes there? Where are areas of investment next year that you're really focused on? And how should we think about sources of upside?

那裡有什麼得失？明年您真正關注的投資領域是什麼？我們該如何看待上漲的來源？

Sure. Hi Adam, this is Steve T. speaking. So at the moment, we're in a pattern where I would say R&D expense is the primary expense driver that impacts EBITDA margin is going to grow at roughly the same level as revenue. And we are getting increasingly some operating leverage out of our G&A cost structure and then sort of out of the increasing maturity of some of the growth venture businesses.

當然。你好，亞當，我是史蒂夫T。因此，目前，我們處於這樣一種模式：我認為研發費用是影響 EBITDA 利潤率的主要費用驅動因素，其成長速度將與收入大致相同。而且，我們從一般及行政費用結構中，以及從一些成長型創投業務的日趨成熟中，獲得了越來越多的經營槓桿。

We did notably -- so you're seeing a slightly higher telegraph on the EBITDA margins going into this year. A little bit of a walk up seems to be continuing. And I do want to point out that that's happening even after we just completed an acquisition of an early-stage business, which you can imagine probably has some associated burn associated with it given where they are today.

我們做得非常出色——因此您會看到今年的 EBITDA 利潤率略有上升。看起來還有一小段步行路程還在繼續。我確實想指出的是，即使在我們剛完成對早期企業的收購之後，這種情況仍然會發生，你可以想像，考慮到他們目前的狀況，這可能會帶來一些相關的損失。

So we're going to continue to kind of rationalize costs, look for efficiencies, and gradually move this number forward. But what we're comfortable with is we look at '25 is sort of this 19% to 19.5% margin level.

因此，我們將繼續合理化成本，尋求提高效率，並逐步提高這個數字。但我們感到滿意的是，25年的利潤率水準大概在19%到19.5%之間。

Okay. Got it. That's super helpful. And then Steve T., just another follow-up for you. On ADT, I think you mentioned for the second consecutive quarter, you're still expecting that roughly 200 bps headwind for the year.

好的。知道了。這非常有幫助。然後是 Steve T.，我再次向您提問。關於 ADT，我想您提到這是連續第二個季度，您仍然預計今年的逆風約為 200 個基點。

Just maybe any changes from three months ago in terms of what you're seeing in the beginning of the year or year-to-date around the ADT component and that (inaudible) would be helpful. Thank you.

就您在年初或年初至今看到的 ADT 組件而言，與三個月前相比的任何變更可能都會有所幫助。謝謝。

Sure. No real changes. This quarter, they report after us in about a week or so. So we'll look for their public updates on where things are. We're still modeling though, that the corporate residential business will move off entirely the Alarm.com platform.

當然。沒有真正的改變。本季度，他們會在大約一周左右的時間內向我們提交報告。因此，我們將關注他們公開發布的有關情況的更新。不過，我們仍在模擬企業住宅業務將完全脫離 Alarm.com 平台。

As we've said before, there are other parts of ADT that we expect will continue to be contributing. And we continue to have a good partnership there. So some of those areas are certain facets of the dealer channel potentially and then potentially some of the areas in small business may not be ripe for transition just yet. But we'll let them update on where that rollout is.

正如我們之前所說，我們預計 ADT 的其他部分也將繼續做出貢獻。我們在那裡繼續保持著良好的合作關係。因此，其中一些領域可能是經銷商通路的某些方面，而小型企業中的一些領域可能尚未成熟到可以進行轉型。但我們會讓他們更新推出的情況。

Understood. Thank you very much.

明白了。非常感謝。

Steven Sheldon, William Blair.

史蒂文謝爾頓、威廉布萊爾。

Hey, thanks. And I'll pass along my congrats to Steve on the retirement as well. On the -- maybe just on the international side, can you talk some about expanding service provider partners there? How much that might help your distribution and what that might mean to the growth profile within the international piece over the coming years, which as you kind of mentioned, 6% of revenue now up from 5% before. Just kind of how are you thinking about the growth outlook there now with better distribution?

嘿，謝謝。我也會向史蒂夫表示祝賀，祝賀他退休。就國際方面而言，您能談談在那裡擴大服務提供者合作夥伴的情況嗎？這對你們的分銷有多大幫助，對未來幾年國際業務的成長前景意味著什麼，正如你所提到的，現在的收入佔比從之前的 5% 上升到了 6%。您現在如何看待現在分佈更佳情況下的成長前景？

Yes. So we continue to believe that we can drive a higher growth rate on the international piece than on the rest of the business in aggregate. So we're going to continue to focus there. At the moment, if I think about sort of the last five, six years, we've probably been mostly focused on the whales, if you will, internationally. The largest serve providers that oftentimes have a multi-country footprint and therefore, have a much more complex and sophisticated platform need than an operator that is regional nature. It doesn't have to deal with multiple languages, multiple localizations, that sort of thing. So that's been our focus.

是的。因此，我們仍然相信，我們能夠推動國際業務的成長率高於其他業務的成長率。因此我們將繼續關注那裡。目前，如果我回想過去五、六年，我們可能主要關注的是國際上的鯨魚。最大的服務提供者通常業務遍及多個國家，因此，與區域性業者相比，其平台需求更為複雜和精密。它不需要處理多種語言、多種本地化等等。這就是我們的重點。

As we get to a little bit more scale, which is where we are now, I just want to build out the ballast in that business, which requires really opening our arms to more of the regional players and the small -- in some cases, smaller local players. Oftentimes, those are the ones that are handling the most bespoke solutions that leverage the most components of our platform for a single installation.

隨著我們的規模逐漸擴大，也就是我們現在的規模，我只想在這個業務中建立起壓艙石，這需要我們真正地向更多的區域性參與者和小型企業（在某些情況下，是規模較小的本地企業）敞開懷抱。通常，這些都是處理最客製化的解決方案，利用我們平台的大多數元件進行單次安裝。

So we're going to work towards that. It should be a long term -- if you look at North America, the long tail of our partner base drives a lot of business. And over time, we would hope to assemble a similar long tail internationally. And it doesn't happen overnight. It's sort of a steady commitment of four, five years, but should be additional contributor to international growth through time.

所以我們將努力實現這一目標。這應該是一個長期目標——如果你看看北美，我們合作夥伴基礎的長尾效應推動了大量業務。隨著時間的推移，我們希望在國際上形成類似的長尾效應。而這並非一朝一夕就能實現的。這是一種為期四到五年的穩定承諾，但隨著時間的推移，應該會為國際成長做出額外貢獻。

Good to hear. Makes sense. Maybe just as a follow-up. Within the kind of the core residential piece in SaaS and license, I guess, how are you thinking about the ARPU expansion opportunity for 2025, 2026, some of the bigger factors that could help near term as we think about increasing attach rates, especially for things like video solutions, pricing increases, et cetera? Do you think you can drive the ARPU higher as we think about the next couple of years?

很高興聽到。有道理。或許只是作為後續行動。在 SaaS 和授權的核心住宅部分中，我想，您如何看待 2025 年、2026 年的 ARPU 擴展機會，當我們考慮提高附加率時，一些可能在短期內有所幫助的更大因素，尤其是對於視訊解決方案、價格上漲等方面？您認為在未來幾年您可以提升 ARPU 值嗎？

Yes. Yes, good question. So when we think about the residential piece, we just have to remember, we have a pretty massive base of existing subscribers there. And while we can upsell some of those subscribers, you still have sort of an anchor on the overall average ARPU that we report. It's hard to move that average number too much.

是的。是的，好問題。因此，當我們考慮住宅部分時，我們只需要記住，我們在那裡擁有相當龐大的現有用戶群。雖然我們可以向部分訂戶追加銷售，但我們報告的整體平均 ARPU 仍然處於一個錨點。很難將該平均數移動太多。

That said, new subscribers are coming on with a richer set of services. Over half of all new subscribers residentially now are being installed with an Alarm.com video system in addition to an intrusion system. And 99% of those customers are getting our video analytics package.

儘管如此，新用戶將會享受到更豐富的服務。目前，超過一半的住宅新用戶除了安裝入侵系統外，還安裝了 Alarm.com 視訊系統。其中 99% 的客戶正在使用我們的影片分析套件。

So those two things together drive a little bit of ARPU lift on your new installs. And as we look at the emergence of this RVM space and what we can do with AI-Deterrence, we would hope that we find an additional sort of tailwind to ARPU. The benefit, though, in the macro number sort of unfolds through a long period of time as the older accounts trade off and the newer accounts sort of become the average, and that will take a bit.

因此，這兩件事結合起來會稍微提高新安裝的 ARPU 值。當我們看到 RVM 領域的出現以及我們可以用 AI 威懾做什麼時，我們希望能為 ARPU 找到額外的順風。不過，宏觀數字帶來的好處需要很長一段時間才能顯現出來，因為舊帳戶會逐漸減少，新帳戶會趨於平均水平，而這需要一段時間。

Makes sense, thank you.

有道理，謝謝。

Darren Aftahi, ROTH.

達倫阿夫塔希，羅斯。

Yeah. Thanks for taking my questions and I'll offer my congratulations. Great to work with you, Steve. Two if I may, in the past, you guys have talked about the acquisition of EBS (inaudible) and integrating your software with the communicator there. I guess, where do we stand with that integration? Is that going to be a needle mover in '25? Or is that something that's still kind of a work in progress?

是的。謝謝你們回答我的問題並向你們表示祝賀。很高興與您合作，史蒂夫。二、如果可以的話，過去你們曾談論過收購 EBS（聽不清楚）以及將你們的軟體與那裡的通訊器進行整合。我想問一下，我們對於這種整合的立場是什麼？這是否會對 25 年產生重大影響？還是這是仍在進行中的工作？

And then second question, just a clarification on the SaaS bump relative to your preliminary outlook. Is that entirely from the CHeKT acquisition? Or is it part of that organic?

然後是第二個問題，只是想澄清一下相對於您的初步展望的 SaaS 成長。這完全是由於 CHeKT 的收購嗎？還是它是有機體的一部分？

Thanks, Darren. I guess I'll start with the EBS question, and I probably know the answer on the other one, too, yes. So yes, the [Bluebird], this should be the year that we start seeing some meaningful sales, I believe, probably midyear. From EBS granted, just to refresh memories, the EBS platform is designed to be a very low-cost platform. So we're not going to see it as a place where we're driving a ton of ARPU it's designed to allow service providers and a bigger set of service providers to take over legacy accounts that run on a bunch of different platforms.

謝謝，達倫。我想我會從 EBS 問題開始，是的，我可能也知道另一個問題的答案。所以是的，我相信，今年（Bluebird）我們將會開始看到一些有意義的銷售，可能是在年中。從 EBS 的角度來看，只是為了刷新記憶，EBS 平台被設計成一個非常低成本的平台。因此，我們不會將其視為推動大量 ARPU 的地方，它旨在允許服務提供者和更大的服務提供者接管在許多不同平台上運行的遺留帳戶。

So we should start to see some contribution, I believe we're already seeing it a little bit. I think that will step up around the midyear point and be not quite -- not quite a massive Bluebird, but will be a little bit of a Bluebird for the international business in the second half of the year.

所以我們應該開始看到一些貢獻，我相信我們已經看到了一點。我認為這種趨勢將在年中左右加強，雖然不會是大規模的 Bluebird，但對於今年下半年的國際業務來說，將有一點 Bluebird 的勢頭。

On the SaaS bump versus the initial look. I guess what I'd say on that is we did not need to complete an acquisition to hit our initial number. So there is some SaaS contribution from CHeKT that we're modeling in, but it's less than the aggregate of the initial look increase.

與最初的樣子相比，SaaS 有所進步。我想說的是，我們不需要完成收購就能達到我們的初始數字。因此，我們正在建模中考慮了來自 CHeKT 的一些 SaaS 貢獻，但它低於初始外觀增長的總和。

At this point, there's also potentially some hardware contribution. At this point, though, the hardware contribution is still pretty minor. And we don't like to be too aggressive in forecasting hardware sales. So we didn't bump that number at this point either.

此時，也可能有一些硬體貢獻。不過，就這一點而言，硬體貢獻仍然很小。我們不喜歡太過激進預測硬體銷售量。因此我們目前也沒有增加該數字。

And I guess I should make the point, we also didn't lower EBITDA despite being sort of an earlier stage business that will require some investment as they ramp. I think it will be a fast-growing but early-stage business this year.

我想我應該說明的是，儘管我們是一家處於早期階段的企業，在發展過程中需要一些投資，但我們也沒有降低 EBITDA。我認為今年這將是一個快速成長但處於早期階段的業務。

That's helpful. Thank you.

這很有幫助。謝謝。

Yes, sure.

是的，當然。

And I'm not showing any further questions at this time. So ladies and gentlemen, this does include today's presentation. You may now disconnect and have a wonderful day.

我現在不想再問任何問題。女士們、先生們，這確實包括今天的演講。現在您可以斷開連接並享受美好的一天。