Alarm.com Holdings Inc (ALRM) 2025 Q1 法說會逐字稿

Good day, and thank you for standing by. Welcome to Alarm.com's first-quarter 2025 earnings conference call. (Operator Instructions) Please be advised today's conference is being recorded.

您好，感謝您的支持。歡迎參加 Alarm.com 2025 年第一季財報電話會議。（操作員指示）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 of Investor Relations. Please go ahead.

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

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

謝謝您，接線生。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 Kevin Bradley。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，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。

We refer you to the risk factors discussed in our quarterly report on Form 10-Q and our Form 8-K, which will be filed shortly with the SEC, along with the associated press release. This call is subject to these risk factors, and we encourage you to review that. Alarm.com assumes no obligation to update these forward-looking statements or other information that speak as of their respective dates. 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.

我們請您參閱我們在 10-Q 表和 8-K 表季度報告中討論的風險因素，這些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)。本次通話受這些風險因素影響，我們鼓勵您進行審查。Alarm.com 不承擔更新這些前瞻性聲明或其他截至其各自日期的資訊的義務。此外，電話會議也將討論幾個非公認會計準則財務指標。您可以在我們投資者關係網站上今天的新聞稿中找到 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 financial results for the first quarter that exceeded our expectations. SaaS and license revenue in the first quarter grew to $163.8 million and adjusted EBITDA was $43.5 million. Our stronger-than-expected SaaS results were driven by contributions from our growth initiatives in the commercial and energy markets and higher revenue retention on the residential side of the business. We did not see any material changes to demand during the quarter due to the evolving macro environment.

謝謝你，馬特。下午好，歡迎大家。我們很高興地報告第一季的財務表現超出了我們的預期。第一季的 SaaS 和授權收入成長至 1.638 億美元，調整後的 EBITDA 為 4,350 萬美元。我們的 SaaS 業績強於預期，這得益於我們在商業和能源市場的成長計劃以及住宅業務方面更高的收入保留率。由於宏觀環境的變化，我們在本季沒有看到需求有任何重大變化。

Before going much further, I'd like to welcome our new CFO, Kevin Bradley. Kevin has worked his way up through our finance organization and has been with the company since 2009. For the last eight years, Kevin has been our Vice President of Financial Planning and Analysis.

在進一步介紹之前，我想歡迎我們的新任財務長凱文布拉德利 (Kevin Bradley)。Kevin 透過我們的財務部門不斷晉升，自 2009 年起就一直在公司工作。在過去的八年裡，凱文一直擔任我們的財務規劃和分析副總裁。

He has been the key financial partner for our business leaders and has been instrumental in shaping all aspects of our financial strategy. Because he already has a deep understanding of our business models, markets, and financial levers, he has been able to hit the ground running since becoming our CFO. I look forward to continuing to introduce Kevin to our investors and analysts over the coming months.

他一直是我們業務領導的關鍵財務合作夥伴，在製定我們財務策略的各個方面發揮了重要作用。由於他已經對我們的商業模式、市場和財務槓桿有了深刻的理解，因此自從他擔任我們的財務長以來，他已經能夠立即開始工作。我期待在接下來的幾個月裡繼續向我們的投資者和分析師介紹凱文。

During the quarter, I attended ISC West, our largest security industry trade event. This year, we unified our booth presentation with the full breadth of our residential and commercial solutions including OpenEye, shooter detection systems and checked. One positive takeaway from the event was that most of the service provider partners I spoke with are steadily expanding their use of our commercial services. They expect Alarm.com to continue to innovate for this market, which enables them to gain operational efficiency through more standardization around our commercial offerings.

本季度，我參加了我們最大的安全產業貿易活動 ISC West。今年，我們統一了展位展示，涵蓋了包括 OpenEye、射擊偵測系統和檢查在內的全方位住宅和商業解決方案。活動的一個積極收穫是，與我交談過的大多數服務提供者合作夥伴都在穩步擴大對我們商業服務的使用。他們希望 Alarm.com 能夠繼續針對這個市場進行創新，透過更標準化的商業產品來提高營運效率。

And as more Alarm.com services are installed into a given commercial site, we see improved revenue retention, which is currently 98% for our commercial subscribers, well above our consolidated revenue retention target range of 92% to 94%.

隨著越來越多的 Alarm.com 服務安裝到特定的商業站點，我們看到收入保留率有所提高，目前我們的商業用戶收入保留率為 98%，遠高於我們 92% 至 94% 的綜合收入保留目標範圍。

Turning to our video solutions. I want to provide an update on the 729 Floodlight video camera product as it has now been in market for just over a year. We designed the 729 to leverage our video analytics-based proactive deterrence capabilities and our remote video monitoring software.

轉向我們的視訊解決方案。我想提供有關 729 Floodlight 攝影機產品的最新信息，因為它已經上市一年多了。我們設計 729 是為了利用我們基於視訊分析的主動威懾能力和遠端視訊監控軟體。

Since launch, our partners have increasingly incorporated the 729 and associated services into their offerings. This product is being installed into nearly 4,000 properties per month now, and we're seeing strong attachment rates of our video analytics services. Over 85% of installed 729 cameras also have a subscription to access our proactive deterrent solution called Perimeter Guard.

自推出以來，我們的合作夥伴越來越多地將 729 和相關服務納入他們的產品中。目前，該產品每月安裝在近 4,000 處房產中，而且我們的視訊分析服務的應用率很高。在已安裝的 729 台攝影機中，超過 85% 的用戶還訂閱了我們的主動威懾解決方案「Perimeter Guard」。

Our video services are also beginning to take more of a hold in the international markets. During the first quarter, 30% of new international accounts included video, about twice the rate of the same period a year ago.

我們的視訊服務也開始在國際市場上佔據更大的地位。第一季度，30% 的新國際帳戶包含視頻，約為去年同期的兩倍。

To build on that progress, we will upgrade our entry-level video camera later this year. The new 516 Wi-Fi camera will offer even better capabilities at a lower price point and should further broaden the adoption of our video analytics service in residential markets, particularly internationally.

為了鞏固這一進步，我們將在今年稍後升級我們的入門級攝影機。新款 516 Wi-Fi 攝影機將以更低的價格提供更強大的功能，並將進一步擴大我們的視訊分析服務在住宅市場（尤其是國際市場）的採用。

I'll now turn to an update on EnergyHub. As a quick reminder, EnergyHub supports utilities as they adapt to the long-term structural shift towards further electrification. Demand for EnergyHub's platform is growing as EV adoption, the proliferation of AI data centers, and extreme weather all stress the grid. In addition, electricity supply is increasingly difficult for utilities to manage and forecast when intermittent renewable energy sources make up a growing portion of electricity production.

現在我將介紹 EnergyHub 的最新動態。簡單提醒一下，EnergyHub 支持公用事業公司適應進一步電氣化的長期結構性轉變。隨著電動車的普及、人工智慧資料中心的激增以及極端天氣給電網帶來壓力，對 EnergyHub 平台的需求正在增長。此外，當間歇性再生能源在電力生產中所佔比例越來越大時，公用事業公司管理和預測電力供應變得越來越困難。

EnergyHub provides load flexibility solutions for managing demand and matching it to supply in real time. In the first quarter, EnergyHub announced a strategic partnership with General Motors Energy to integrate GM EVs and home battery storage solutions into the EnergyHub ecosystem.

EnergyHub 提供負載靈活性解決方案，用於管理需求並即時匹配供應。第一季度，EnergyHub宣布與通用汽車能源建立策略合作夥伴關係，將通用電動車和家用電池儲存解決方案整合到EnergyHub生態系統中。

Through this program, owners of eligible GM electric vehicles will be able to receive meaningful incentives from their local utility to enroll in flexibility programs managed by EnergyHub software. This new partnership with GM adds to the relationships that energy has with other EV makers, which include Tesla and Toyota. Over time, we expect managed charging will significantly contribute to EnergyHub's market position and strategic value to its electric utility partners.

透過該計劃，符合條件的通用電動車車主將能夠從當地公用事業公司獲得有意義的激勵，以參加由 EnergyHub 軟體管理的靈活性計劃。與通用汽車的這項新合作增強了該公司與其他電動車製造商（包括特斯拉和豐田）的關係。隨著時間的推移，我們預計管理充電將極大地提升 EnergyHub 的市場地位及其對電力合作夥伴的戰略價值。

Lastly, I want to touch on tariffs briefly, which Kevin will expand on. US tariff policies are obviously difficult to predict and the trade environment can substantially change with little warning. But we are in a position to effectively manage the 10% baseline tariffs that are currently in place. We have also significantly improved and diversified our supply chain over the last several years. Currently, less than 10% of our hardware revenue is derived from products shipped from China.

最後，我想簡單談談關稅問題，凱文將會對此進行詳細說明。美國關稅政策顯然難以預測，貿易環境可能在幾乎沒有任何預警的情況下發生重大變化。但我們有能力有效管理目前實施的10%基準關稅。在過去幾年裡，我們也顯著改善並多樣化了我們的供應鏈。目前，我們硬體收入中不到 10% 來自從中國出貨的產品。

In closing, I'd like to thank our service provider partners and our Alarm.com team for their dedication and our investors for their ongoing support.

最後，我要感謝我們的服務提供者合作夥伴和 Alarm.com 團隊的奉獻精神以及投資者的持續支持。

With that, I'll turn the call over to Kevin Bradley for a review of our financial performance. Kevin?

說完這些，我將把電話轉給凱文·布拉德利，讓他審查我們的財務表現。凱文？

Thank you, Steve. I appreciate the opportunity and the confidence that you and the board have placed to me. I want to share a little bit about my background as I start the process of introducing myself to our investors and analysts. 15 years ago, I was Alarm.com's 27th employee settling into the company as the founding finance team member at my desk in a storage closet that also happened to serve as a hardware test lab for our engineers.

謝謝你，史蒂夫。我感謝您和董事會給我的機會和信任。在開始向我們的投資人和分析師介紹自己之前，我想先分享一些我的背景。 15 年前，我是 Alarm.com 的第 27 位員工，作為創始財務團隊成員加入公司，我的辦公桌位於一個儲藏室裡，而這個儲藏室恰好也是我們工程師的硬體測試實驗室。

Over the years since, I've been fortunate to work with Steve and many other talented people to help shape the company's strategy as it moves through various stages. Prior to our IPO 10 years ago, I stood up a formal FP&A function. As part of this, I created and have continued managing our earnings guidance philosophy throughout our time as a public company.

多年來，我有幸與史蒂夫和其他許多才華橫溢的人一起工作，幫助制定公司在各個階段發展的策略。10 年前，在我們首次公開發行 (IPO) 之前，我設立了正式的 FP&A 職能。作為其中的一部分，我創建了我們的獲利指導理念，並在公司作為上市公司期間持續管理。

Thanks in no small part to his mentorship, I have been able to become a key partner to Steve and the rest of the executive management team here, providing a bridge between finance, strategy and operational execution. I'm thankful to have the support of a strong finance and accounting team filled with tenured colleagues, and I also want to thank Steve Trundle for his support, particularly through the smooth transition process. I'm excited to engage more directly with Alarm.com's investors going forward.

在很大程度上要感謝他的指導，我能夠成為史蒂夫和其他執行管理團隊的重要合作夥伴，在財務、策略和營運執行之間架起一座橋樑。我很感激能夠得到一支由資深同事組成的強大財務和會計團隊的支持，同時也要感謝史蒂夫·特倫德爾 (Steve Trundle) 的支持，特別是在平穩過渡過程中的支持。我很高興未來能與 Alarm.com 的投資者有更直接的接觸。

I'm happy to report a strong start to 2025 on my first call. SaaS and license revenue grew 9% year over year to $163.8 million exceeding our first quarter guide of $160.3 million. We exceeded our guidance due to a handful of structural dynamics. EnergyHub was a primary contributor to our -- as Steve indicated, EnergyHub's distributed energy resource management programs continue to grow rapidly and enrollments in Q1 exceeded our expectations.

我很高興在第一次通話中報告 2025 年的一個良好開端。SaaS 和授權收入年增 9% 至 1.638 億美元，超過了我們第一季 1.603 億美元的預期。由於一些結構性動態，我們超出了我們的預期。EnergyHub 是我們的主要貢獻者——正如史蒂夫指出的那樣，EnergyHub 的分散式能源資源管理專案持續快速成長，第一季度的註冊人數超出了我們的預期。

Alarm.com security account creation activity in both the residential and commercial markets met our expectations during the quarter. We did not discern any material changes in account origination activity during the quarter due to deteriorating consumer sentiment or recession fears.

本季度，Alarm.com 在住宅和商業市場的安全帳戶創建活動符合我們的預期。由於消費者情緒惡化或經濟衰退擔憂，我們並未發現本季帳戶發起活動出現任何重大變化。

During the first quarter,. total revenue grew 7% year over year to $238.8 million and total gross profit grew 9.4% year over year to $160.6 million. Total operating expenses were $130.9 million during the first quarter. Excluding stock-based compensation and other items we adjust from G&A for non-GAAP purposes. Total operating expenses were $114.4 million, a 4.6% increase year over year.

第一季度，。總營收年增 7% 至 2.388 億美元，總毛利潤年增 9.4% 至 1.606 億美元。第一季總營運費用為 1.309 億美元。不包括股票薪酬和其他我們從 G&A 調整為非 GAAP 目的的項目。總營運費用為 1.144 億美元，年增 4.6%。

R&D expense in the quarter, inclusive of stock-based compensation was $68.4 million, up 3.7% year over year. Excluding stock-based comp, it was $62.4 million, up 6.4% year over year. We are off to a nice start in driving some of the operating margin efficiency that we signaled late last year.

本季研發費用（含股票薪酬）為 6,840 萬美元，年增 3.7%。不包括股票補償，其利潤為 6,240 萬美元，較去年同期成長 6.4%。我們在推動去年年底發出的信號中，部分營業利潤率效率方面取得了良好的開端。

GAAP net income grew 18.4% year over year to $27.7 million, and our GAAP EPS per diluted share was $0.52. Non-GAAP adjusted EBITDA grew 17.5% year over year to $43.5 million. Non-GAAP adjusted net income grew 11.3% year over year to $30.4 million. a combination of revenue growth, revenue quality and operating leverage contributed to our profitability.

GAAP 淨收入年增 18.4% 至 2,770 萬美元，我們的 GAAP 每股攤薄收益為 0.52 美元。非公認會計準則調整後 EBITDA 年成長 17.5% 至 4,350 萬美元。非公認會計準則調整後淨收入年增11.3%至3,040萬美元。收入成長、收入品質和經營槓桿的結合促進了我們的獲利能力。

Non-GAAP adjusted EPS grew 8% year over year to $0.54 per diluted share. We ended the quarter with $1.19 billion of cash and cash equivalents and produced $17.9 million of free cash flow during the quarter. I want to speak for a moment about the tariff environment.

非公認會計準則調整後每股收益年增 8%，達到每股 0.54 美元。本季末，我們的現金和現金等價物為 11.9 億美元，並產生了 1,790 萬美元的自由現金流。我想談關稅環境。

In addition to significantly reducing the company's exposure to products originating from China since 2018, we proactively built some inventory in late 2024 and early 2025 prior to Liberation Day. We have approximately nine months on hand, which is higher than we would carry in normal times. Outside of China, we are operating as if the baseline 10% tariff will remain in place. We anticipate passing that tax through when we start selling inventory imported under the new tariff policies.

除了自2018年以來大幅減少公司對源自中國的產品的敞口外，我們還在2024年末和2025年初解放日之前主動建立了一些庫存。我們手邊有大約九個月的庫存，比正常情況下的庫存要多。在中國以外，我們的營運方式假設基準關稅仍為 10%。我們預計，當我們開始銷售根據新關稅政策進口的庫存時，就會轉嫁該稅。

Our guidance incorporates this plan. To the extent that some component of our hardware revenue becomes a pure pass-through, gross margin will be diluted slightly even though gross profit dollars will remain unchanged.

我們的指導納入了這項計劃。如果我們的硬體收入中有一部分變成了純粹的轉手收入，那麼儘管毛利保持不變，但毛利率將會略有下降。

Related to this, let me share some thoughts on price elasticity. We and our service providers have experienced a period of hardware cost inflation in the recent past, specifically as a result of the global supply chain disruptions in 2022. Over a 12-month period, the impact on Alarm.com's hardware pricing at that time exceeded 10%. We did not see meaningful demand deterioration. We have long-term symbiotic relationships with our service provider partners.

與此相關，讓我分享一些關於價格彈性的想法。我們和我們的服務供應商最近經歷了一段硬體成本上漲的時期，具體原因是 2022 年全球供應鏈中斷。在 12 個月的時間裡，對 Alarm.com 當時硬體定價的影響超過了 10%。我們沒有看到需求出現明顯惡化。我們與服務提供者合作夥伴保持著長期的共生關係。

Increasing prices is not a step that we take lightly. But given our experience in 2022, we think it's possible that we can approach the market together and pass through the current baseline tariffs without dramatically impacting demand. We're also mindful to consider that the macro backdrop in 2022 was different from today. We are, therefore, allowing for a little bit of a wider outcome in our revised hardware revenue guidance. I'll turn now to our financial outlook.

提高價格不是我們輕易採取的措施。但鑑於我們在 2022 年的經驗，我們認為我們有可能共同進入市場並通過當前的基準關稅，而不會對需求產生重大影響。我們也要記住，2022 年的宏觀背景與今天不同。因此，我們在修改硬體收入指引時允許出現稍微更廣泛的結果。現在我來談談我們的財務前景。

For the second quarter of 2025, we expect SaaS and license revenue of $167 million to $167.2 million. For the full year of 2025, we are raising our expectations for SaaS and license revenue to between $675.8 million and $676.2 million, an increase of $4.5 million over our prior guidance at the midpoint as a result of the structural outperformance from Q1.

對於 2025 年第二季度，我們預計 SaaS 和授權收入將達到 1.67 億美元至 1.672 億美元。對於 2025 年全年，我們將 SaaS 和授權收入預期上調至 6.758 億美元至 6.762 億美元之間，由於第一季的結構性優異表現，比我們之前的中位數預期增加 450 萬美元。

We are now projecting total revenue for 2025 of between $975.8 million to $991.2 million, which includes estimated hardware and other revenue of $300 million to $315 million.

我們現在預測 2025 年的總收入將在 9.758 億美元至 9.912 億美元之間，其中包括估計的硬體和其他收入 3 億美元至 3.15 億美元。

As I noted, we are implementing a wider range here as we navigate tariff and macro uncertainties. We are also raising our estimate for non-GAAP adjusted EBITDA for 2025 to between $190 million and $193 million, an increase from our prior guidance of between $188 million and $192 million.

正如我所指出的，在應對關稅和宏觀不確定性的同時，我們正在實施更廣泛的措施。我們也將 2025 年非 GAAP 調整後 EBITDA 預期上調至 1.9 億美元至 1.93 億美元之間，高於先前預測的 1.88 億美元至 1.92 億美元。

Non-GAAP adjusted net income for 2025 is projected to be $131.5 million to $132.5 million, or $2.32 to $2.33 per diluted share. This is an increase from our prior guidance of $130 million to $131 million or $2.28 to $2.29 per diluted share.

預計 2025 年非 GAAP 調整後淨收入為 1.315 億美元至 1.325 億美元，或每股攤薄收益 2.32 美元至 2.33 美元。這比我們先前預測的 1.3 億美元至 1.31 億美元或每股攤薄收益 2.28 美元至 2.29 美元有所增加。

EPS is based on an estimate of 60.5 million weighted average diluted shares outstanding. As a reminder, this share count includes a full year of dilution associated with our outstanding convertible notes on an if-converted basis of 9.125 million shares split across two issuances.

EPS 是基於 6,050 萬股加權平均稀釋流通股數估計得出的。提醒一下，此股份數量包括與我們未償還可轉換票據相關的全年稀釋，按轉換後計算，可轉換債券的稀釋率為 912.5 萬股，分為兩次發行。

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 $40 million to $43 million.

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 4,000 萬至 4,300 萬美元。

In closing, I'll share my conviction that Alarm.com is strongly positioned for quality growth in the large and often underpenetrated markets that we serve. The executive management team shares a long-term vision and has built a company-wide culture of collaboration, innovation and humility that will drive Alarm.com's long-term expansion, and I am humbled and thankful to continue contributing to it.

最後，我要分享我的信念：Alarm.com 在我們服務的龐大且往往滲透不足的市場中具有強大的品質成長優勢。執行管理團隊有著共同的長遠願景，並在全公司範圍內建立了協作、創新和謙遜的文化，這將推動 Alarm.com 的長期擴張，我很榮幸能夠繼續為此做出貢獻。

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

接線員，請開啟問答環節。

(Operator Instructions) Matt Bullock, Bank of America.

（操作員指示）美國銀行馬特·布洛克。

All right. I'm looking forward to working more closely together, Kevin. My question is on commercial. Great to hear about the gross retention in that business line and the positive video attach rate trends. sounds like you're landing larger.

好的。我期待著與凱文更緊密地合作。我的問題是關於商業的。很高興聽到該業務線的總保留率和積極的視訊附加率趨勢。聽起來你的目標更大了。

Could you maybe talk for a moment about recent average revenue per account trends in commercial? And then give us an update on the upsell opportunity still there?

您能否談談商業領域近期每個帳戶平均收入的趨勢？然後向我們介紹一下仍然存在的追加銷售機會嗎？

Sure. Matt, this is Steve Trundle. Yes, the reason we think we're seeing that retention metric looks so positive is really a land and expand type of dynamic where -- we get into a site, let's say, it's an access control location, and they install four doors.

當然。馬特，這是史蒂夫特倫德爾。是的，我們認為留存率指標如此積極的原因實際上是一種土地和擴張類型的動態——我們進入一個站點，比如說，這是一個訪問控制位置，他們安裝了四扇門。

And then a year ago by two years -- goes, the business expands and they want to install another four doors. We add to the account with that additional -- that addition to the access control system, then maybe they want to add a video system.

一年前，也就是兩年前，業務擴大了，他們想再安裝四扇門。我們在帳戶中添加了附加功能——除了存取控制系統之外，他們可能還想添加視訊系統。

So the result of that is we're getting some positive dynamics on the ARPU in not only on new accounts, where we're installing more, but also some uplift on the base. And the trend on ARPU there is upward I think in the past, we've commented that the sort of the average ARPU is more than twice the average ARPU that we see on the residential side. And in certain situations as we get into bigger locations, it can be many, many, many times the residential ARPU.

因此，這樣做的結果是，我們不僅在新帳戶上獲得了一些積極的 ARPU 動態，在我們安裝更多帳戶的情況下，而且在基礎上也獲得了一些提升。我認為那裡的 ARPU 趨勢是上升的，我們過去曾評論說，那裡的平均 ARPU 是住宅方面平均 ARPU 的兩倍多。在某些情況下，當我們進入更大的地點時，它可能會是住宅 ARPU 的許多很多倍。

Super helpful. And then one just quick follow-up, if I could here. It sounds like the plan is to pass through some pricing on the hardware side. Can you just help us think about quantifying revenue contribution from those tariff-related pricing increases for 2025?

超有幫助。如果可以的話，我接下來會進行快速跟進。聽起來該計劃是透過硬體方面的一些定價。您能否幫助我們思考如何量化 2025 年與關稅相關的價格上漲所帶來的收入貢獻？

Hi, Matt, this is Kevin. So we started with the fact that we were planning for about $300 million plus of hardware revenue at a 25% gross margin is. So cost increase would equate to about a 7.5% price increase, which if you apply that to the full $300 million would lead you to something around $20 million on an annualized basis.

嗨，馬特，我是凱文。因此，我們首先計劃實現約 3 億美元以上的硬體收入，毛利率為 25%。因此成本增加相當於價格上漲約 7.5%，如果將其應用到全部 3 億美元中，則以年率計算將達到約 2,000 萬美元。

And then we sort of backed out the fact that -- we're not doing this until halfway through the year and not everything that we procure and sell comes from overseas. So you get to something that's sort of a little bit less than that as an impact on the high end. You can think about it as sort of a difference between what our midpoint used to be and what the high end is now.

然後我們又放棄了這個事實——我們要到年中才會這樣做，而我們採購和銷售的商品並非都來自海外。因此，你會發現，對高端的影響略小。您可以將其視為我們過去的中點與現在的高端之間的差異。

Adam Tindle, Raymond James.

亞當廷德爾、雷蒙詹姆斯。

Okay. And congrats to Kevin as well, looking forward to working with you. Kevin, I wanted to start with you, if I could. Obviously, this quarter, if I'm looking at the SaaS revenue, we had a strong start, I think, up 9%, close to 10% in the quarter on that metric. And then if we look at guidance for Q2, I think it's closer to 7% and then implied in the back half of the year, kind of mid-single digits to get to the full year.

好的。也恭喜凱文，期待與您合作。凱文，如果可以的話，我想從你開始。顯然，本季度，如果我看 SaaS 收入，我們有一個強勁的開端，我認為，以該指標計算，本季度增長了 9%，接近 10%。然後，如果我們看一下第二季的指引，我認為它更接近 7%，然後暗示下半年的成長率將達到中等個位數，直到全年。

So if I think about that trajectory from a SaaS growth standpoint, what are the key factors driving the moderation in growth as the year progresses? I'm looking at the year over year comparisons? And they're kind of similar throughout the year, so I couldn't blame comps on that.

因此，如果我從 SaaS 成長的角度考慮這一軌跡，隨著時間的推移，推動成長放緩的關鍵因素是什麼？我正在查看同比情況？而且它們全年的表現都很相似，所以我不能將這歸咎於同類產品。

And I wonder if you could also maybe tie in your expectation for ADT embedded in that? I think previously Steve had talked about 200 basis points. I wonder if that's changing at all.

我想知道您是否也可以將您對嵌入 ADT 的期望與此聯繫起來？我認為史蒂夫之前曾談到 200 個基點。我不知道這是否正在改變。

Yes, sure. I'll address this and then maybe turn it over to Steve to see if he has any color on ADT. I think if we start with what the composition was of the beat. As Steve mentioned in his prepared remarks, as did I, that EnergyHub had a strong quarter in their thermostat demand response programs. You could think about that as being about half of the Q1 outperformance probably.

是的，當然。我會解決這個問題，然後也許將其交給史蒂夫，看看他對 ADT 是否有任何了解。我認為如果我們從節拍的組成開始。正如史蒂夫在他準備好的演講中提到的那樣，我也是如此，EnergyHub 在其恆溫器需求響應計劃中表現強勁。您可以認為這大概是第一季業績超額完成的一半。

And as a reminder, that business model is annual and recurring in nature as opposed to monthly and recurring in nature. So that will show back up again next January, but it won't reoccur in future quarters. So that's one of the reasons that it sort of steps down principally because that performance will not reoccur in future quarters.

需要提醒的是，該商業模式是年度和重複性的，而不是月度和重複性的。因此這種情況將在明年 1 月再次出現，但在未來幾季不會再次出現。所以這是它下降的原因之一，主要是因為這種表現在未來幾季不會再出現。

And then the other thing is we mentioned that the revenue retention rate for the third straight quarter was at the above the high end of our range at 95%. And if you applied that to 1% of retention on $670 million of revenue, it's about $6 million, $7 million a year. The other half of our overperformance in Q1 was basically that.

另一件事是，我們提到連續第三個季度的營收保留率高於我們的預期上限，為 95%。如果你將其應用於 6.7 億美元收入的 1% 保留率，那麼每年約為 600 萬至 700 萬美元。我們第一季超額表現的另一半基本上就是這樣。

The way that we're modeling right now is that, that metric returns to our historical range, which would be the other primary reason that you see some of that compression, come out as well as us taking a little bit -- you see the wide range on the hardware revenue guide, and we took a little bit of conservatism on the SaaS line, not much, but just to allow for some possible fluctuations in demand as the year goes on. start.

我們現在建模的方式是，該指標回到我們的歷史範圍，這可能是您看到部分壓縮的另一個主要原因，同時我們也採取了一點措施 - 您會看到硬體收入指南的範圍很廣，並且我們在 SaaS 線上採取了一點保守態度，雖然不多，但只是為了允許隨著時間的推移需求可能出現一些波動。開始。

And then yes, I'll jump on ADT. I guess I'd make the point that on an annual basis, we went ahead to the implied growth rate up by about 50 basis points coming out of this quarter. But with ADT, Adam, not a lot has changed there since last quarter. I haven't seen much different. There was nothing related to ADT that impact either our beat in the first quarter or our new guide for the year -- so we're sort of following the model at this line and then watching the public remarks to kind of get updates on who they are with the deployment.

是的，我會跳到 ADT。我想指出的是，以年率計算，本季的隱含成長率將提高約 50 個基點。但對於 ADT 來說，亞當，自上個季度以來並沒有發生太大的變化。我沒看到太多不同。與 ADT 相關的任何事情都不會影響我們第一季的業績或今年的新指南 - 因此我們在某種程度上遵循這條線上的模型，然後觀察公眾的評論，以了解他們在部署方面的最新情況。

But I think the metrics we've given there in the past in terms of how we've modeled them are still the same today.

但我認為，就我們過去建模的方式而言，我們給出的指標今天仍然相同。

Got it. Okay. Yes, that makes sense. And Steve, maybe just a follow-up for you. Just continuing this topic on a bigger picture level.

知道了。好的。是的，這很有道理。史蒂夫，也許這只是對你的一個後續問題。只是在更大的層面上繼續這個話題。

If we look at the annual growth rate of the SaaS piece of the business, it's kind of in that 6% or 7% range. And acknowledging that you guys have done a good job of outperforming that. But if we kind of think about that, how should investors think about that level of growth? Is this kind of a business that might be expected to kind of stay in that range, but continue to improve profitability? Or what would it take to push to a new level, say, getting closer to double digits like in the past?

如果我們看一下 SaaS 業務部分的年增長率，它大概在 6% 或 7% 的範圍內。並承認你們已經出色地完成了這項任務。但如果我們考慮一下，投資人應該如何看待這種成長水平？這種業務是否有望保持在該範圍內，但盈利能力繼續提高？或者需要做些什麼才能達到一個新的水平，例如像過去一樣接近兩位數？

Yes. I guess what I would say is you almost have to -- you really have to decompose the consolidated number a little bit. And we've we provided a little color on that, where we, at times, have referenced the growth initiatives, which our Commercial EnergyHub International, I think last quarter, we indicated they were producing 26% of the SaaS and growing at around 25% annually.

是的。我想說的是，你幾乎必須——你真的必須稍微分解合併後的數字。我們對此做了一些說明，有時我們會提到成長計劃，例如我們的商業能源中心國際，我記得上個季度我們表示他們生產了 26% 的 SaaS，並且每年的成長率約為 25%。

And then, Adam, as you know, I mean, the residential piece in North America with some of the headwinds we've topped -- we've discussed in the past is a slower growing business. So what you see is sort of a -- tail to world. One business that is more stable, probably pulling down the consolidated growth rate, that be in the residential North America side. The other growing substantially. And the big if is how long will this sort of 20% plus growth hold up in the various growth initiatives, how long can we sustain that?

然後，亞當，如你所知，我的意思是，北美住宅業務面臨著一些不利因素——我們過去曾討論過，這是一個成長較慢的業務。所以，您所看到的就像是一個尾巴指向世界。北美住宅業務較為穩定，可能會拉低綜合成長率。另一個則大幅成長。最大的問題是，在各種成長措施下，這種 20% 以上的成長能維持多久，我們能維持多久？

And obviously, at some point, as that those businesses reach higher orders of sale, you could envision the potential for those contributions having more impact on the consolidated number than they are today. So that's kind of how I look at the growth rate. I think the second part of the question is sort of a philosophical one on what we think about operating margin. And we have shifted a bit to a posture of pushing more operating leverage into the business. We've moved up the EBITDA margins, I think in the initial look for the year.

顯然，在某個時候，隨著這些企業的銷售訂單增加，你可以想像這些貢獻對合併數字的影響可能會比現在更大。這就是我對成長率的看法。我認為問題的第二部分是關於我們對營業利益率的看法的哲學問題。我們已經稍微轉變了態度，將更多的經營槓桿推向業務。我認為，從今年的初步情況來看，我們已經提高了 EBITDA 利潤率。

We are the first guy to the area like 19.4%, which is up from the prior year. So I think you'll see us continue to -- as we're sort of in this current growth range, I think you'll see us continue to focus on the operating margins and make some progress there.

我們是該地區第一個達到 19.4% 的人，比前一年有所上升。所以我認為你會看到我們繼續下去——因為我們處於目前的成長範圍內，我認為你會看到我們繼續關注營業利潤率並在那裡取得一些進展。

Saket Kalia, Barclays.

巴克萊銀行的 Saket Kalia。

Kevin, echo my welcome as well. Actually, maybe for you, just on the lines of the last line of questioning and what Steve mentioned. I was wondering, Kevin, can you just remind us how -- for this quarter, for Q1, how big was sort of that emerging bucket and how fast did it grow this quarter? I think Steve said 26% last quarter, it grew 25%. I can't imagine.

凱文，我也同樣歡迎你。實際上，也許對你來說，只是根據最後一句話提問和史蒂夫提到的內容。我想知道，凱文，您能否提醒我們一下——就本季、第一季而言，新興市場規模有多大，以及本季成長速度有多快？我認為史蒂夫上個季度說的是 26%，實際成長了 25%。我無法想像。

It's too different. But just to make sure we keep track of that because it is such an important part of the growth rate going forward, how did that look.

太不一樣了。但為了確保我們能夠追蹤這一點，因為它是未來成長率的重要組成部分，它看起來怎麼樣。

Sure. As we mentioned, EnergyHub had a pretty strong Q1. So I would say for the quarter, it may be slightly bigger as a percentage of total revenue, simply because of that overperformance. But growing at about the same clip as we had indicated in the prior quarter. so big quarter-over-quarter change there, but yes.

當然。正如我們所提到的，EnergyHub 第一季表現相當強勁。因此我想說，就本季而言，由於業績超額，其佔總收入的百分比可能會略高一些。但成長速度與我們上一季預測的大致相同。因此季度環比變化很大，但是是的。

Understood. That's helpful. Steve, maybe for you just a bit higher level. It was great to hear about sort of the higher video attach internationally. I just wanted to get just kind of a state of the union a little bit on maybe one or two of your countries outside of the US.

明白了。這很有幫助。史蒂夫，也許對你來說只是稍微高一點的水平。很高興聽到有關國際上更高級的視訊連接的消息。我只是想稍微了解一下你們除美國之外的一兩個國家的國情咨文。

Maybe the question is, how do you feel about Alarm.com's position competitively in some of those markets as international maybe becomes a bigger part of the business in the future?

也許問題是，由於國際業務在未來可能會成為業務中更重要的一部分，您如何看待 Alarm.com 在某些市場中的競爭地位？

Yes. Thanks. Those are -- I mean, the international markets are very competitive, much like the North American market. I think we're sort of earlier inning there. We're probably in the third inning right now.

是的。謝謝。那些是——我的意思是，國際市場競爭非常激烈，就像北美市場一樣。我認為我們處於早期階段。我們現在可能處於第三局。

And we're in the process of kind of moving from establishing the initial beachhead customers, which tend to be the larger service providers, brands, people would know. And now we're doing some of the real hard work of building out the long tail of the dealer base, rest of world. So one of the great things here in our North American business is, we have a fairly attributed long tail of dealers who contribute every month.

我們正處於建立最初的灘頭客戶的過程，這些客戶往往是人們所熟知的大型服務提供者和品牌。現在我們正在做一些真正艱苦的工作，拓展經銷商基礎和世界其他地區的長尾效應。因此，我們北美業務的一大優點是，我們擁有一群值得信賴的長尾經銷商，他們每月都會做出貢獻。

And internationally, we haven't had the bandwidth cycles or the attention necessarily to go down into the smaller service provider segments of these markets, and we're just sort of getting started on that. That will create some tension on what we have to do with the product and what we have to do with distribution to meet the needs of that longer tail, but that's, I'd say, with sort of a key part of our 2025 objective is to build out more of that tail.

而在國際上，我們還沒有頻寬週期或必要的關注度去深入這些市場中較小的服務提供者領域，我們才剛開始涉足這一領域。這將對我們如何處理產品以及如何處理分銷以滿足長尾需求產生一些壓力，但我想說，我們的 2025 年目標的關鍵部分是建立更多的長尾。

I would say macro level, it's early innings. We're feeling pretty good about the growth. We continue to see international. It's growing faster than the domestic business, particularly strong in Latin America and Europe. But as I noted, also very competitive, particularly on cost.

我想說宏觀層面，現在還處於早期階段。我們對這種成長感到非常滿意。我們繼續關注國際。其成長速度快於國內業務，尤其在拉丁美洲和歐洲表現強勁。但正如我所指出的，競爭力也非常強，特別是在成本方面。

You see a lot of products coming in from China and elsewhere that are super low cost, not as capable. Usually don't have a back end that enables the service provider to be all the needs of a customer. But are there nonetheless. And thus far, we have seen a lot of change since the trade wars began. Hopefully, we don't see much change, but that's generally the state of things.

你會看到很多來自中國和其他地方的產品價格極低，但功能卻不那麼強大。通常沒有後端可以讓服務提供者滿足客戶的所有需求。但儘管如此，它們仍然存在。到目前為止，自貿易戰開始以來我們已經看到了許多變化。希望我們不會看到太大的變化，但總體而言，事情就是這樣的。

Samad Samana, Jefferies.

薩瑪德·薩馬納（Samad Samana），傑富瑞集團。

This is Billy Fitzsimmons on for Samad. I just want to dumblequick on macro. Steve, you were clear about how you did not discern any material changes in account origination activity during the first quarter deteriorating sentiment or recession fears. Just as we think about the outlook in the second quarter guide, were there any material uses in home originate or consumer sentiment in early April post the formal tariff announcements?

這是 Billy Fitzsimmons 取代 Samad 演繹的。我只是想快速掌握宏。史蒂夫，你很清楚，在第一季度惡化的情緒或經濟衰退的擔憂中，你沒有察覺到帳戶發起活動有任何重大變化。正如我們思考第二季度指南中的前景一樣，在正式關稅公告發布後，四月初家庭來源的物質用途或消費者情緒是否出現任何變化？

Yes. Good question, Billy. I mean -- we do watch things very closely. I would say first two weeks of April looked a little different on the commercial side than the last two weeks of April to the extent we don't get too wrapped around the axle looking at week-over-week data. But we saw maybe the market take a breath and then sort of get back business.

是的。問得好，比利。我的意思是──我們確實非常密切地關注著事態。我想說的是，四月的前兩週在商業方面與四月的後兩週略有不同，因為我們不會太糾結於週環比數據的走勢。但我們可能會看到市場稍事喘息，然後恢復正常。

And we really didn't see that on residential. We only saw that on commercial. So as we kind of finished out April, and coming into this report, we felt that we're not really able to discern any meaningful macro change at this moment affecting this.

但我們在住宅區確實沒有看到這種情況。我們只在商業廣告中看到過這種情況。因此，當我們四月即將結束並開始撰寫這份報告時，我們感覺目前我們還無法真正辨別出任何會對此產生影響的有意義的宏觀變化。

Got it. Helpful. And then Kevin, I'll congrats on the CFO role, and you've obviously been at the company for a while and have worked closely with Stephen for years. just taking a big step back in very high level, what kind of view is your initial priorities of CFO.

知道了。很有幫助。然後凱文，我要祝賀你擔任首席財務官，顯然你已經在公司工作了一段時間，並且多年來一直與史蒂芬密切合作。只是從非常高的層面退後一步，您作為 CFO 的首要任務是什麼？

Yes. Hi, Billy, thank you very much. My initial priorities, I think our -- or things like this, getting sort of more intimately familiar with speaking of the half of the company to external stakeholders. I think from an internal perspective, as you said, I've been here for quite some time. I know everybody knows me, I think much of the work inside the company will sort of be business as usual, with the exception of maybe getting a little bit more familiar with some other aspects of the accounting team.

是的。你好，比利，非常感謝你。我認為我最初的優先事項是——或者類似這樣的事情，即更加熟悉地向外部利益相關者講述公司的一半情況。我認為從內部角度來看，正如你所說，我已經在這裡待了很長時間了。我知道大家都認識我，我認為公司內部的大部分工作都會像往常一樣，除了可能需要對會計團隊的其他一些方面更加熟悉一些。

But my primary focus right now is getting through earnings here and that's sort of getting out and beginning to become a little bit more externally focused.

但我現在的主要關注點是實現盈利，這是一種走出去並開始更加關注外部的情況。

Stephen Sheldon, William Blair.

史蒂芬謝爾頓、威廉布萊爾。

You have Matt Filek on for Steve Sheldon. Congrats on the new role, Kevin. I think you've said before that around 50% of new residential subscribers and video with only around 30% of existing subscribers using video. And I was wondering if you could talk about some of the strategies your service providers may be using to drive higher video adoption among that existing customer base, especially since video can meaningfully expand ARPU.

馬特·菲利克 (Matt Filek) 取代史蒂夫·謝爾頓 (Steve Sheldon)。祝賀凱文獲得新職位。我想您之前說過，大約 50% 的新住宅用戶使用視頻，而只有大約 30% 的現有用戶使用視頻。我想知道您是否可以談談您的服務提供者可能正在使用的一些策略，以推動現有客戶群中更高程度的影片採用，特別是因為影片可以顯著擴大 ARPU。

Yes, that's a good question. This is Steve speaking. I'd say at the moment, it's probably a bit more of an opportunity than something we see the service providers uniformly focused on. The great news is, yes, they're getting attached of greater than 50% on new installations. We're getting very high attach on video analytics there, which helps with ARPU and also the quality and the capability of the system being delivered to the consumer.

是的，這是個好問題。我是史蒂夫。我想說，目前，這可能更像是一個機會，而不是我們看到的服務提供者一致關注的事情。好消息是，是的，新安裝的附加價值將超過 50%。我們非常重視視訊分析，這有助於提高 ARPU 以及交付給消費者的系統的品質和能力。

The downside is the dealers are, for the most part, relatively busy. They don't have a ton of additional tech capacity out that they can use to go back and do upgrades to existing accounts. So I haven't seen as much promotion as I would like of the video services back to the existing base. What I will say is we have some product pipeline. I think there's kind of a two-pronged fork.

缺點是經銷商大多比較忙。他們沒有大量額外的技術能力可以用來返回並升級現有帳戶。因此，我並沒有看到視訊服務在現有基礎上得到如我所願的大力推廣。我想說的是，我們有一些產品線。我認為這是一種雙叉的東西。

A tactic they can use is -- video today is just so much better than it was four or five years ago. So I think they can go back to customers that were created four or five years ago that are coming to the end of their contract term. and offer to update them and upsell them into a video service plan if they renew their service contract with the dealer. And I would expect we can get more of our dealers to run that.

他們可以使用的策略是——今天的影片比四、五年前好得多。因此我認為他們可以重新與四、五年前建立的、合約即將到期的客戶合作。如果他們與經銷商續簽服務合同，就可以為他們提供更新服務並向他們推銷視訊服務計劃。我希望我們能夠讓更多的經銷商來經營這個產業。

And then on the product pipeline side, we're doing a product that we think will have some relevance to a growing body of residential customers. It will be a camera that is completely wireless and also battery powered, which for a lot of use cases, traditionally, people haven't loved indoor cameras, but quite a few people do have cases where they want to put one camera in one room when they're traveling and then move it to a different room when they're leaving their pet at home and that sort of thing.

在產品線方面，我們正在開發一種我們認為與越來越多的住宅客戶相關的產品。這將是一款完全無線且由電池供電的相機，在許多使用情況下，傳統上人們並不喜歡室內相機，但許多人確實有這樣的情況，他們想在旅行時將一台相機放在一個房間裡，然後當他們把寵物留在家裡時，將其移動到另一個房間等等。

And that's been hard to do if you're primarily delivering a solution that needs to be plugged in all the time. So I think making getting that product to market later in the year will also help us kind of create a message to go back to that base and ideally drive some additional video upsell.

如果您主要提供需要一直插入的解決方案，那麼這一點就很難做到。因此，我認為在今年稍後將該產品推向市場也將幫助我們創建一種資訊來回到該基礎上，並理想地推動一些額外的視訊追加銷售。

Got it. Steve, that's helpful color on that front. And then just quickly on NRR at a high level, would it be fair to assume that NR roughly stays at this elevated level throughout 2025 under the assumption that home sales volumes remain subdued over the remainder of the year?

知道了。史蒂夫，這在這方面很有幫助。然後快速看一下高水準的 NRR，假設今年剩餘時間內房屋銷售量保持低迷，那麼是否可以公平地假設 NR 在整個 2025 年大致保持在這個高水準？

You want to take that one, Kevin?

你想拿那個嗎，凱文？

Sure. Yes. That's not the way that we're currently modeling it. So we're modeling that, that tailwind sort of was in Q1 we see it in place at least through April at this point. That's kind of what you saw a little bit in our Q2 guide lift.

當然。是的。這不是我們目前的建模方式。因此，我們對此進行了建模，我們認為這種順風是在第一季出現的，至少在四月會持續存在。這有點像您在我們的 Q2 指南中看到的內容。

But at this point, we're not assuming that it stays elevated at that level in Q3 and Q4. It may be the case that it will, but that's not what's baked into our outlook currently.

但目前，我們並不認為它會在第三季和第四季保持在該水平。有可能，但這並不是我們目前所認為的。

Darren Aftahi, ROTH.

達倫‧阿夫塔希 (Darren Aftahi)，羅斯。

I look forward to working with you. Two, if I may, just a clarification on your SaaS guidance. You talked a lot about sort of that pause in April and then sort of business as usual. So I guess looking at those two spectrums, your SaaS guidance, like where does that fall? Does it fall more on the business as usual side?

我期待與您合作。第二，如果可以的話，我只是想澄清一下您的 SaaS 指導。您多次談論四月份的暫停以及隨後一切照常的情況。因此，我想看看這兩個範圍，您的 SaaS 指導處於什麼位置？它是否更傾向於一切照舊？

Or is there some services built in that the wind kind of blows a different way if tariffs become a bigger issue? And then secondly, in the past, you guys have talked about education of your service provider base on residential or commercial. I'm just kind of curious what the overlap is and if there is kind of an initiative to get more of your service providers to try and sell commercial, just given the ARPU uplift and the growth you've been seeing there?

或者是否存在一些內建服務，如果關稅成為更大的問題，那麼風向就會有所不同？其次，過去，你們曾討論過基於住宅或商業的服務提供者的教育。我只是有點好奇重疊之處是什麼，以及是否有某種舉措讓更多的服務提供者嘗試銷售商業產品，僅僅考慮到 ARPU 的提升和您所看到的成長？

Sure. Hi, Darren. Yes, I think what is baked into our model currently is on the tariff stuff. We're really aside from widening the range on the hardware we're not modeling that a lot of impact there. And we feel pretty good having watched all of April that things are looking okay at the moment.

當然。你好，達倫。是的，我認為我們模型中目前包含的內容是關稅內容。除了擴大硬體範圍之外，我們實際上並沒有在那裡建模出太大的影響。我們看到整個四月的情況都很好，感覺非常好。

We're not yet trying to guess what's going to come out. If you go back to the initial presentation and the Rose Garden after liberation Day, some of the tariffs that were presented were much higher than the baseline tariff that everyone is experiencing at the moment, which is 10%. So we're not attempting to predict what may come to pass in July, August, that sort of thing. But based on what we see today, we feel like demand is holding up, things look okay.

我們還沒有猜測接下來會發生什麼。如果你回顧最初的陳述和解放日後的玫瑰園，你會發現當時提出的一些關稅遠高於每個人目前經歷的基準關稅，即 10%。因此，我們不會試圖預測七月、八月或諸如此類的事情。但根據我們今天看到的情況，我們感覺需求正在保持，情況看起來還不錯。

And then the second piece that maybe is an element of conservatism in our guide is the model of somewhat of a return to additional revenue retention rate. So we may see that revenue retention remains elevated, that will be positive for us. Your question about service providers on commercial. I mean, we still like the residential market, and it's a big market. So we don't want to be too quick to push everyone out of the residential market.

然後，我們的指南中的第二部分可能是保守主義的元素，即某種程度上回歸額外收入保留率的模型。因此，我們可能會看到收入保留率仍然很高，這對我們來說是積極的。您關於商業服務提供者的問題。我的意思是，我們仍然看好住宅市場，這是一個很大的市場。因此，我們不想太快地將所有人趕出住宅市場。

Markets kind of move in ebbs and flows, we've seen through time. There are years where residential is particularly strong, and there are years where SMB and commercial is particularly strong. And the best businesses are those that can -- it be advantaged by positive trends in one, while the other might be a bit negative.

我們已經看到，市場總是在起伏中波動。有些年份住宅業務特別強勁，有些年份中小企業和商業業務也特別強勁。最好的企業是那些能夠利用一個領域的正面趨勢，而另一個領域可能有點負面的企業。

So we think that the best place for most service operators to be is one where they have some diversity in their own business with 20%, 30% of the business being commercial and 60% or so being residential. That said, there are an entire class of service providers who really are commercial integrators, and that's all they do. And we do have a team focused on prospecting within that class. That's a classic service provider that we haven't -- through the years, haven't had as much access to because we started in residential and have moved more in commercial and SMB. So we are out there working hard to continue to expand into that class of service providers that are almost exclusively commercial.

因此，我們認為，對於大多數服務業者來說，最好的狀態是他們的業務具有一定的多樣性，其中 20% 到 30% 的業務是商業，而 60% 左右的業務是住宅。話雖如此，但有一整類服務提供者實際上是商業整合商，他們所做的就是商業整合商。我們確實有一個團隊專注於該類別的勘探。這是多年來我們一直沒有接觸過的經典服務供應商，因為我們最初是從住宅市場起步，後來轉向商業和中小企業市場。因此，我們正在努力繼續擴展到幾乎完全商業化的服務提供者類別。

Jack Vander Aarde, Maxim Group.

傑克·范德·阿爾德，Maxim 集團。

Okay. Great. Welcome to Kevin, and good to see the strong results and outlook, especially when many other companies are kind of hitting pause. So great to see Steve, I know you guys don't provide an explicit total subscriber or connected property count and ARPU is obviously increasing with strong attach rates. But can you maybe just speak in general to your installed base in North America residential and in commercial.

好的。偉大的。歡迎凱文，很高興看到強勁的業績和前景，尤其是當許多其他公司都暫停營業的時候。很高興見到史蒂夫，我知道你們沒有提供明確的總用戶數或連接屬性數量，而 ARPU 顯然隨著強勁的附加率而增加。但是您能否概括地談談您在北美住宅和商業領域的安裝基礎。

Are both of those actually growing in terms of new subscriber connections. And any impact from the homebuilder channel on subscriber growth in North American residential and commercial?

從新用戶連線數來看，這兩者實際上都在成長嗎？房屋建築商通路對北美住宅和商業用戶成長有何影響？

Sure Jack, thanks for that. Yes, I actually don't know the exact metric because it's not one that we're reporting. What's happened is the definition of what is a subscriber has evolve some. And in the commercial business, a subscriber can be a door or it can be a video camera and that camera may be with analytics producing the same ARPU as an entire home. And then we have subscribers on the EnergyHub side that are different in their profile.

當然可以，傑克，謝謝你。是的，我實際上不知道確切的指標，因為這不是我們報告的指標。現在發生的事情是，訂閱者的定義已經發生了一些變化。在商業領域，使用者可以是一扇門，也可以是一台攝影機，而該攝影機可能透過分析產生與整個家庭相同的 ARPU。然後，我們在 EnergyHub 方面擁有不同個人資料的訂閱者。

So we add all those numbers up, we get to a number that's a little bit inconsistent with what we used to report, which is really a pure residential number. That said, both numbers are continuing to go up. The total number of subscribers continues to grow. We're not at a point where we're seeing a retreat in on either the commercial or the residential side. So generally, the outlook is that both are increasing.

因此，我們將所有這些數字加起來，得到一個與我們過去報告的數字有點不一致的數字，這實際上是一個純粹的住宅數字。儘管如此，這兩個數字仍在繼續上升。訂閱用戶總數持續成長。我們尚未看到商業或住宅方面出現衰退的跡象。因此總體而言，前景是兩者都在增長。

The housing market is a has been a domain where we've had a bit of a headwind now for a couple of years. The elevated interest rates have reduced the frequency of moves, the frequency of new builds being permitted, hasn't been the end of the world, but it has been a softer spot that's been a headwind, new account creation for our service providers now for a couple of years. We don't necessarily see that changing. This year, but it continues to be impactful. The positive aspect of that is that when people are not moving, when they're staying put, then we see some benefits on the revenue retention line.

房地產市場是我們近年來一直面臨阻力的一個領域。利率上升降低了搬遷的頻率，允許新建的頻率也降低了，這並不是世界末日，但它已經成為一個軟肋，對我們的服務提供者來說，這幾年來一直是個阻力，阻礙著新帳戶的創建。我們不一定會認為這種情況會改變。今年，但它仍然具有影響力。積極的一面是，當人們不動，當他們留在原地時，我們會看到收入保留線上的一些好處。

Okay. Great. I really appreciate the color there. That makes a lot of sense, especially on the kind of moving the definition of the lines get blurred with the definition of what a connected subscriber as well. So I appreciate that.

好的。偉大的。我真的很欣賞那裡的色彩。這很有道理，特別是在移動中，線條的定義與連接用戶的定義變得模糊。我很感激。

And then just in general, I guess in the -- you kind of touched on ADT a little bit. I don't want to go there specifically. But there's positive momentum in your channel. It sounds like there's positive momentum in your marketplace. Just any updates on actual competitive landscape as it relates back to your guidance -- guidance that largely remains, I would say, incrementally positive.

然後總的來說，我想你有點提到了 ADT。我不想特意去那裡。但您的頻道中存在積極的勢頭。聽起來你們的市場呈現出正面的勢頭。任何有關實際競爭格局的更新都與您的指導相關 - 我想說，指導基本上仍然是逐步積極的。

So any impact on the competitive environment as it relates to your outlook?

那麼，這對您的觀點而言對競爭環境有何影響？

Sure. As it relates to ADT, we're still a partner with ADT. So we're not really seeing any -- we don't really think of them as a sort of a competitive factor, I would say. If we look at the broader market and think about what's going on, particularly on the residential side, I think the thing that we pay a lot of attention to is just the proliferation of products coming across typically from Asia that are directly sold to end consumers to solve some type of video need. There's no doubt that quite a few people are buying cameras off of TikTok, off of other sites at low cost.

當然。就 ADT 而言，我們仍然是 ADT 的合作夥伴。所以我們實際上並沒有看到任何——我想說，我們實際上並不認為它們是一種競爭因素。如果我們看一下更廣闊的市場並思考正在發生的事情，特別是在住宅方面，我認為我們非常關注的事情就是通常來自亞洲的產品的激增，這些產品直接出售給最終消費者以解決某種視頻需求。毫無疑問，有不少人從 TikTok 或其他網站以低價購買相機。

And the cameras are not as functional, not as capable don't really provide real security. But I think nonetheless, represent somewhat of a competitive threat that we monitor.

而且攝影機的功能不全，能力也不強，無法提供真正的安全保障。但我認為，儘管如此，這仍然代表著我們所監控的某種競爭威脅。

So the good news, though, for our investors is this is no different than for the last decade, we've seen some entity selling video cameras, direct-to-consumer is a lower price point. And we've survived that. We expect we'll continue to survive that. We think that the market is basically bifurcated into those who are serious about security and security video as an investment in their home and those that are looking for sort of a temporary point solution, and we want to stay focused on the former set. Those are the better customers, they're more profitable customers and they're the ones that benefit the most from our service providers' attention.

因此，對於我們的投資者來說，好消息是，這與過去十年沒有什麼不同，我們看到一些實體銷售攝影機，直接面向消費者的價格較低。而我們卻倖存了下來。我們預計我們將繼續生存下去。我們認為市場基本上分為兩類：一類人認真對待安全和安全視訊作為家庭投資，另一類人則尋求某種臨時解決方案，我們希望繼續專注於前者。這些都是更好的客戶，他們是更有利可圖的客戶，他們是從我們的服務提供者的關注中受益最多的客戶。

So in that domain, we're feeling pretty good, I would say.

所以我想說，在這個領域，我們感覺非常好。

Okay. Fantastic. I appreciate the color.

好的。極好的。我很欣賞這個顏色。

And I'm not showing any for questions at this time. And as such, this does conclude today's presentation. You may now disconnect, and have a wonderful day.

我現在不接受任何問題。今天的演講就到此結束了。現在您可以斷開連接，享受美好的一天。