Alarm.com Holdings Inc (ALRM) 2025 Q2 法說會逐字稿

Good day and thank you for standing by. Welcome to the Alarm.com second quarter 2025 earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded. I would not attend the conference over your speaker today, Matthew Zartman, Vice President of Investor Relations, please go ahead.

您好，感謝您的支持。歡迎參加 Alarm.com 2025 年第二季財報電話會議。（操作員指示）請注意，今天的會議正在錄音。我不會參加今天的會議，請投資人關係副總裁馬修‧札特曼 (Matthew Zartman) 發言。

Thank you, Kevin. Good afternoon, everyone. Joining us on today's call 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.

謝謝你，凱文。大家下午好。參加今天電話會議的有 Alarm.com 的執行長 Steve Trundle 和我們的財務長凱文布拉德利 (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 these 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 factors, and we encourage you to review them.

我們請您參閱我們在 10-Q 表和 8-K 表季度報告中討論的這些風險因素，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)。本次通話受這些因素影響，我們鼓勵您進行審查。

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. Reconciliation of GAAP to non-GAAP measures can be found in today's press release on our Investor Relations website. I'll now turn the call over to Steve Trundle. Steve?

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。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're pleased to report financial results for the second quarter that were above our expectations. SaaS and license revenue in the second quarter grew to $170 million, and adjusted EBITDA was $48.4 million.

謝謝你，馬特。下午好，歡迎大家。我們很高興地報告第二季的財務表現超出了我們的預期。第二季SaaS和授權收入成長至1.7億美元，調整後EBITDA為4,840萬美元。

A significant highlight of the second quarter was the celebration of our 10th year anniversary as a publicly traded company. We were invited by Nasdaq to ring in the opening of the market on June 30. A few of our investors have been with us throughout our entire public journey, and I am thankful for their continued support.

第二季的一個重要亮點是慶祝我們作為上市公司成立十週年。我們受納斯達克邀請，於6月30日開市。我們的一些投資者在整個上市過程中一直陪伴著我們，我感謝他們持續的支持。

While going public is a big deal for most tech companies, I'm even more pleased with what the team has achieved in the 10 years since. At the time of our IPO, we forecasted total annual revenues of $195 million, including $139 million in SaaS, and $56 million in hardware, and nearly all of that was coming from the North American residential security market. We were a good single line business.

雖然上市對大多數科技公司來說都是一件大事，但我對團隊在過去十年中所取得的成就更為滿意。在我們首次公開募股時，我們預測年總收入為 1.95 億美元，其中包括 1.39 億美元的 SaaS 收入和 5,600 萬美元的硬體收入，而這些收入幾乎全部來自北美住宅安全市場。我們是一家優秀的單一業務公司。

The mission I set for the company early on was to deliver a cloud-based sensor into every property in the world. We decided to go public because we believed that we could continue to build the company and expand the business in pursuit of this mission.

我早期為公司設定的使命是將基於雲端的感測器引入世界上的每個房產。我們決定上市是因為我們相信我們可以繼續建立公司並擴大業務以完成這項使命。

We wanted to create more opportunities for our employees, expand into new markets, and deliver safety, security, and energy efficiency to the world. Since our IPO, we have saved dozens of lives and have kept millions and millions of people safer than they would be in a world without Alarm.com. And we have grown the business significantly and profitably without any material dilution to our shareholders.

我們希望為員工創造更多機會，拓展新市場，並為世界帶來安全、保障和能源效率。自首次公開募股以來，我們挽救了數十人的生命，並讓數百萬人的生活比沒有Alarm.com的世界更安全。我們的業務實現了顯著成長，獲利能力強勁，且股東權益未受到任何重大稀釋。

As Kevin will present, our current revenue run rate is more than 5 times greater than when we went public, and places us on an annual pace of $1 billion in revenues. The diversity of the revenues that we have built across the North American, international, residential, commercial, and energy markets provides tremendous durability for the future.

正如凱文 (Kevin) 所介紹的，我們目前的收入運行率比上市時高出 5 倍多，年收入達到 10 億美元。我們在北美、國際、住宅、商業和能源市場建立的多元化收入為未來提供了巨大的持久性。

But we're here today to report on our quarter, so let me turn back to the business at hand. The major components of our business performed well during the quarter, and all contributed nicely to our better than expected results. Revenue outperformance, particularly in hardware revenue, resulted in stronger adjusted EBITDA.

但我們今天在這裡是為了報告本季的情況，所以讓我回到手頭上的業務。我們業務的主要組成部分在本季度表現良好，並且都為我們好於預期的業績做出了貢獻。營收表現優異，尤其是硬體收入，帶來更強勁的調整後 EBITDA。

Our residential business continued to deliver steady growth and strong cash flow during the second quarter. We remain committed to the large residential market in the United States and Canada. Millions of potential subscribers have yet to adopt integrated video solutions, and security-based used cases continue to be the primary driver of the adoption of smart home products and services.

我們的住宅業務在第二季度繼續實現穩定成長和強勁的現金流。我們仍然致力於美國和加拿大的大型住宅市場。數百萬潛在用戶尚未採用整合視訊解決方案，而基於安全的用例仍然是採用智慧家庭產品和服務的主要驅動力。

Most consumers in the market for security desire professional services, including a professionally designed, installed, and serviced system. These tend to be the more serious customers, and they typically engage with one of our 12,000 professional service provider partners. We are well positioned to serve the continued demand in the residential market as the provider of choice for those who are serious about security.

大多數安全市場消費者都希望獲得專業服務，包括專業設計、安裝和服務系統。這些往往是更認真的客戶，他們通常會與我們的 12,000 個專業服務提供者合作夥伴之一進行合作。作為重視安全的人士的首選供應商，我們有能力滿足住宅市場的持續需求。

Our channel partners serve as the sales and marketing engine for the business, enabling a highly efficient customer acquisition model. Our sales and marketing spend has remained around 12% of total revenue in recent years, well below peer averages.

我們的通路合作夥伴是業務的銷售和行銷引擎，實現了高效率的客戶獲取模式。近年來，我們的銷售和行銷支出一直佔總收入的 12% 左右，遠低於同業平均。

At times we will also invest into our channel to strengthen our national sales and service footprint and enable greater adoption of the full ecosystem of Alarm.com products and services for residential subscribers. We're pleased to have completed a couple of minority investments consistent with this strategy during the second quarter.

有時我們也會投資我們的管道，以加強我們的全國銷售和服務覆蓋範圍，並使住宅用戶能夠更多地採用 Alarm.com 產品和服務的完整生態系統。我們很高興在第二季完成了幾項符合該策略的少數股權投資。

Shifting to our growth initiatives, the most prominent drivers of performance continue to be the commercial, international, and energy hub businesses. Their collective contributions to our consolidated SaaS revenue approached 30% in the second quarter. Their combined year-over-year growth rate held at around 25% in line with what we have articulated in prior quarters.

轉向我們的成長計劃，最突出的業績驅動力仍然是商業、國際和能源中心業務。他們對我們第二季合併 SaaS 收入的共同貢獻接近 30%。它們的綜合同比增長率保持在 25% 左右，與我們在前幾個季度所表達的一致。

The commercial business continues to progress as our service provider partners and commercial integrators adopt increasing components of our unified video access control and commercial intrusion platforms. One element of our commercial business is our subsidiary, OpenEye, which provides a cloud-based video surveillance platform, designed for multi-site, commercial and enterprise customers.

隨著我們的服務供應商合作夥伴和商業整合商越來越多地採用我們統一視訊存取控制和商業入侵平台的元件，商業業務繼續取得進展。我們的商業業務的一個要素是我們的子公司 OpenEye，它提供基於雲端的視訊監控平台，專為多站點、商業和企業客戶設計。

OpenEye delivers enterprise video compatibility and integration with many different products in the market. The OpenEye team recently introduced new AI powered tools to accelerate and simplify forensic video review. Subscribers can now search video footage across multiple locations and multiple cameras by visual characteristics such as a red jacket or a white pickup truck.

OpenEye 提供企業視訊相容性並與市場上的許多不同產品整合。OpenEye 團隊最近推出了新的 AI 驅動工具來加速和簡化法醫影片審查。訂閱者現在可以透過紅色夾克或白色皮卡車等視覺特徵搜尋多個地點和多個攝影機的影片片段。

They can also select a reference object in a video feed, and the AI software will search for similar matches. These capabilities are designed to help commercial users respond faster and more effectively to security incidents. The new features are included in OpenEye's premium services tier.

他們還可以在影片中選擇一個參考對象，然後 AI 軟體就會搜尋相似的匹配。這些功能旨在幫助商業用戶更快、更有效地應對安全事件。新功能包含在 OpenEye 的高階服務層中。

I also want to quickly touch on tariffs, which Kevin will cover in more detail when he discusses our financials in a moment. Like other companies, we continue to monitor framework announcements, and watch for the details in any formal trade agreements that are reached.

我還想快速談談關稅問題，凱文稍後討論我們的財務狀況時會更詳細地介紹關稅問題。與其他公司一樣，我們將繼續關注框架公告，並關注達成的任何正式貿易協議中的細節。

Based on the frameworks that we've seen to date, we feel that with our current US-based and in transit inventory positions, we are able to manage through the rest of 2025 on our plan and provide a predictable environment for our service provider partners.

根據我們迄今為止所看到的框架，我們認為，憑藉我們目前在美國和在途的庫存狀況，我們能夠按照計劃完成 2025 年剩餘的時間，並為我們的服務提供者合作夥伴提供可預測的環境。

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, particularly as we celebrate our 10th year as a public company.

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，以及我們的投資者的持續支持，特別是在我們慶祝上市公司成立 10 週年之際。

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 (Kevin Bradley)，讓他審查我們的財務表現。凱文？

Thank you, Steve. At the halfway point of the year, we continued to see good momentum during the quarter. New account origination activity during the quarter slightly exceeded our expectations, despite uncertainty due to tariffs and economic conditions. SaaS and license revenue grew 9% year-over-year to $170 million, exceeding the midpoint of our guide for the second quarter of $167.1 million.

謝謝你，史蒂夫。在今年年中，我們繼續看到本季的良好勢頭。儘管關稅和經濟狀況存在不確定性，但本季新帳戶發起活動略微超出了我們的預期。SaaS 和授權收入年增 9% 至 1.7 億美元，超過了我們對第二季 1.671 億美元的預期中位數。

Broad-based contributions from across the diverse components of the business contributed to our overperformance. Our growth initiatives, which consist of our commercial, energy hub, and international businesses, continued to deliver year-over-year SaaS revenue growth within the range of our past disclosures. Their contributions to our total SaaS revenue during the quarter approached 30%.

基礎廣泛來自各個業務部門的貢獻促成了我們的出色表現。我們的成長計劃包括商業、能源中心和國際業務，繼續在過去披露的範圍內實現 SaaS 收入同比增長。他們對我們本季 SaaS 總營收的貢獻接近 30%。

Total revenue grew 8.8% year-over-year to $254.3 million during the quarter. As Steve noted, this marks a milestone as the first quarter with an annual run rate in excess of $1 billion. Total gross profit grew 9.4% year-over-year to $166.8 million, and gross margins improved by 40 basis points, while revenue mix was consistent.

本季總營收年增 8.8% 至 2.543 億美元。正如史蒂夫所說，這是第一個季度年運行率超過 10 億美元的里程碑。總毛利年增 9.4% 至 1.668 億美元，毛利率提高了 40 個基點，而收入結構保持不變。

I want to spend a moment to frame our hardware business and its financial and strategic value to our business model. As an IoT-based software business, our SaaS revenue is primarily associated with the installation of physical products, and our solutions are often based on the integration of software and hardware devices.

我想花點時間來介紹我們的硬體業務及其對我們的商業模式的財務和策略價值。作為一家基於物聯網的軟體企業，我們的SaaS收入主要與實體產品的安裝有關，我們的解決方案往往基於軟硬體設備的整合。

This model creates higher barriers against end customer defection and technology disruption, and distinguishes Alarm.com from typical vertical software companies as it relates to AI replacement risk or otherwise. Our hardware business can also be thought of as a structural contributor to our highly efficient SaaS revenue acquisition model.

這種模式為防止最終客戶流失和技術中斷創造了更高的門檻，並使 Alarm.com 在人工智慧替代風險或其他方面與典型的垂直軟體公司有所區別。我們的硬體業務也可以被視為我們高效的 SaaS 收入獲取模式的結構性貢獻者。

Based on our historical financials, gross profits from hardware sales cover over 50% of our sales and marketing customer acquisition costs, along with the generally low levels of sales and marketing spending that Steve noted, the sale and installation of physical hardware products adds to the efficiency of our go-to-market model, the quality and capability of the services we enable, and the value of our service provider partnerships.

根據我們的歷史財務狀況，硬體銷售的毛利涵蓋了我們銷售和行銷客戶獲取成本的50%以上，再加上史蒂夫指出的普遍較低的銷售和行銷支出，實體硬體產品的銷售和安裝提高了我們的行銷模式的效率、我們提供的服務的品質和能力，以及我們與服務供應商的合作夥伴關係的價值。

Total operating expenses were $134.8 million during the second quarter. Excluding stock-based compensation and other items we adjust from G&A for non-GAAP purposes, total operating expenses were $118.3 million, a 9.1% increase year-over-year.

第二季總營運費用為 1.348 億美元。不包括股票薪酬和我們根據非公認會計準則從一般及行政費用中調整的其他項目，總營運費用為 1.183 億美元，年增 9.1%。

R&D expense in the quarter, inclusive of stock-based compensation was $69.1 million, up 5.1% year-over-year. Excluding stock-based comp, it was $63.2 million, up 8% year-over-year. We saw strong EBITDA and operating leverage performance in the quarter, primarily due to revenue growth and quality.

本季研發費用（含股票薪酬）為 6,910 萬美元，較去年同期成長 5.1%。不包括股票薪酬，數字為 6,320 萬美元，較去年同期成長 8%。本季度，EBITDA 和經營槓桿表現強勁，這主要歸功於營收成長和品質。

GAAP net income grew 3.1% year-over-year to $34.6 million, and our GAAP EPS per diluted share was $0.63. Non-GAAP adjusted EBITDA grew 13% year-over-year to $48.4 million. Non-GAAP adjusted net income grew 6.5% year-over-year to $34.1 million. Non-GAAP adjusted EPS grew 3.4% year-over-year to $0.60 per diluted share.

GAAP 淨利潤年增 3.1%，達到 3,460 萬美元；GAAP 每股攤薄收益為 0.63 美元。非 GAAP 調整後息稅折舊攤銷前利潤年增 13%，達到 4,840 萬美元。非 GAAP調整後淨收入年增6.5%至3,410萬美元。非公認會計準則調整後每股收益年增 3.4% 至每股稀釋收益 0.60 美元。

We ended the quarter with $1.02 billion of cash and cash equivalents, and produced $18.2 million of free cash flow during the quarter. This includes what was our final domestic Section 174 cash tax payment of $33.5 million in April.

本季末，我們的現金和現金等價物為 10.2 億美元，並產生了 1,820 萬美元的自由現金流。其中包括我們 4 月最後一筆國內第 174 條現金稅 3,350 萬美元。

I want to speak for a moment about tariffs. We implemented a price increase in early June to reflect the 10% baseline tariff. This pass-through will slightly dilute margins, but gross profit dollars will remain roughly unchanged.

我想談關稅問題。我們在 6 月初實施了價格上調，以反映 10% 的基準關稅。這種轉嫁會稍微稀釋利潤率，但毛利將基本保持不變。

We have also been closely watching the recent announcements of trade frameworks with various countries and multilateral groups. As you know, these are simply frameworks for further negotiations. Once trade agreements have been finalized and we understand the fine print, we can fully evaluate potential impacts and our options. In the meantime, we have taken steps to shield ourselves and our service provider partners from the uncertain environment.

我們也密切關注最近與各國和多邊集團宣布的貿易框架。如你所知，這些只是進一步談判的框架。一旦貿易協定最終敲定，我們了解了其細則，我們就可以充分評估潛在的影響和我們的選擇。同時，我們已採取措施保護我們自己和我們的服務提供者合作夥伴免受不確定環境的影響。

The uncertainty around tariffs likely prompted some of our service provider partners to build their product inventories during the quarter and minimize near-term tariff risks. Despite this demand, we were able to maintain our inventory levels.

關稅的不確定性可能促使我們的一些服務提供者合作夥伴在本季建立他們的產品庫存，並將近期的關稅風險降至最低。儘管有這種需求，我們仍然能夠維持庫存水準。

We believe that between our current inventory and products in transit, we have largely insulated our 2025 outlook from further tariff exposure, based on the framework agreements we've seen so far. We also continue to have a healthy balance sheet and strong cash flow from our growing base of durable recurring revenue and efficient go-to-market model.

我們相信，根據迄今為止所看到的框架協議，在我們現有的庫存和運輸產品之間，我們基本上已經使我們的 2025 年前景免受進一步的關稅影響。我們也持續擁有健康的資產負債表和強勁的現金流，這得益於我們不斷增長的持久經常性收入基礎和高效的市場進入模式。

Steve discussed our strategy of deploying capital to support some of our technology and channel partners and the recent minority equity investments we executed during the quarter. These strategic investments are designed to help us solidify our long-term service provider footprint while also delivering strong return characteristics on a standalone basis. As of July, these non-operating assets are generating just under a 9% cash flow yield on an annualized basis.

史蒂夫討論了我們部署資本以支援部分技術和通路合作夥伴的策略，以及我們在本季度執行的少數股權投資。這些策略投資旨在幫助我們鞏固長期服務提供者的影響力，同時提供強勁的獨立回報特性。截至 7 月，這些非經營性資產的年化現金流殖利率略低於 9%。

Given the partnership structure of these businesses, these cash distributions are not characterized as taxable income for tax purposes, and when received by us, will simply be net against the new investments line item on our balance sheet.

鑑於這些企業的合夥結構，這些現金分配不屬於稅收目的的應稅收入，當我們收到這些現金分配時，它們將只是與我們資產負債表上的新投資項目淨額相抵。

Medium term, there is another structural tailwind to our cash flow outlook given the recent change to the R&D capitalization and amortization requirements in Section 174 of the US Federal Tax Code that I'd like to mention.

從中期來看，鑑於美國聯邦稅法第 174 條中研發資本化和攤銷要求的最新變化，我想提一下，這對我們的現金流前景還有另一個結構性利好。

The federal budget signed into law in early July includes a provision that allows companies to transition back to immediately and fully, deducting all domestic R&D expenses incurred during the year for tax purposes.

7月初簽署成為法律的聯邦預算包含一項條款，允許企業立即全面過渡回，並在稅收方面扣除當年發生的所有國內研發費用。

Like most companies with intensive R&D business models, we're still evaluating the full benefit and timing. But we currently estimate that this change eliminates what would have been a little under $200 million in total cash tax payments over the next five years under prior law.

與大多數採用密集研發業務模式的公司一樣，我們仍在評估全部效益和時機。但我們目前估計，根據先前的法律，這項變更將在未來五年內消除略低於 2 億美元的現金稅總額。

This will provide additional balance sheet strength for our long-term capital allocation planning horizon. More broadly, we believe this change reinforces the long-term attractiveness of capital efficient R&D businesses like ours.

這將為我們的長期資本配置規劃提供額外的資產負債表實力。更廣泛地說，我們相信這項變革增強了像我們這樣的資本高效研發企業的長期吸引力。

I'll turn now to our financial outlook. For the third quarter of 2025, we expect SaaS and license revenue of $171.4 million to $171.6 million. For the full year of 2025, we are raising our expectations for SaaS and license revenue to between $681 million and $681.4 million. This is an increase of $5.2 million over our prior guidance at the midpoint. Our raise is also a flow through of our second quarter beat of 180%, reflecting the confidence we have in our second half outlook.

現在我來談談我們的財務前景。對於 2025 年第三季度，我們預計 SaaS 和授權收入為 1.714 億美元至 1.716 億美元。對於 2025 年全年，我們將 SaaS 和授權收入預期上調至 6.81 億美元至 6.814 億美元之間。這比我們之前的中期預測增加了 520 萬美元。我們的上調也是由於我們第二季的 180% 的超額完成，這反映了我們對下半年前景的信心。

We are now projecting total revenue for 2025 of between $990 million and $996.4 million, which includes estimated hardware and other revenue of $309 million to $315 million. We are also raising our estimate for non-GAAP adjusted EBITDA for 2025 to between $195 million and $196.5 million, an increase from our prior guidance of between $190 million and $193 million due to the beat from the second quarter.

我們現在預測 2025 年的總收入將在 9.9 億美元至 9.964 億美元之間，其中包括預計 3.09 億美元至 3.15 億美元的硬體和其他收入。我們也將 2025 年非 GAAP 調整後 EBITDA 預期上調至 1.95 億美元至 1.965 億美元之間，由於第二季業績超出預期，高於我們先前預測的 1.9 億美元至 1.93 億美元。

Non-GAAP adjusted net income for 2025 is projected to be $136 million to $136.5 million or $2.40 per diluted share. This is an increase from our prior guidance of $131.5 million to $132.5 million or $2.32 -- $2.33 per diluted share.

預計 2025 年非 GAAP 調整後淨收入為 1.36 億美元至 1.365 億美元，或每股稀釋收益 2.40 美元。這比我們先前預測的 1.315 億美元增加到了 1.325 億美元，即每股攤薄收益 2.32 至 2.33 美元。

EPS is based on an estimate of 60.3 million weighted average diluted shares outstanding, down from our estimate last quarter due in part to the buybacks we executed during Q2. 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 across two issuances.

EPS 是基於 6,030 萬股加權平均稀釋流通股的估計，低於我們上個季度的估計，部分原因是我們在第二季度執行了回購。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，如果按轉換基準計算，則兩次發行的可轉換債券為 912.5 萬股。

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 $37 million to $38 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 3,700 萬至 3,800 萬美元。

In closing, I'm pleased with the broad-based momentum in the business that we've seen so far this year. We believe that we're well positioned to deliver continued revenue growth and profitability in the second half, while investing to expand our long-term growth opportunities.

最後，我對今年迄今為止我們業務中看到的廣泛發展勢頭感到滿意。我們相信，我們有能力在下半年繼續實現收入成長和獲利，同時進行投資以擴大我們的長期成長機會。

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。

Awesome thanks. This is Matt Bullock for Koji Ikeda. Thanks for taking the question. I wanted to drill down a little bit more on the growth levers here. Can you just help us understand what's driving the sustainability of the commercial, international, energy hub?

非常感謝。我是池田浩二 (Koji Ikeda) 的 Matt Bullock。感謝您回答這個問題。我想更深入地探討一下這裡的成長槓桿。您能否幫助我們了解推動商業、國際和能源中心永續發展的因素？

Feels like we've been chugging along 25% plus for some time now, and particularly choppy software demand environment. So help me understand what's driving the success there, and how sustainable that 25% growth rate is for those elements of the business? Thanks.

感覺我們已經以 25% 以上的速度前進了一段時間，而且軟體需求環境特別不穩定。那麼，請幫助我了解推動成功的因素，以及 25% 的成長率對於業務的各個要素有多大的可持續性？謝謝。

Hey Matt, this is Steve speaking. Yeah, so there are really three different areas. I'm going to touch on each one. I'll start with energy. I mean in the energy category, there's sort of a secular trend underway, where the combination of massive buildout of AI data centers with some reshoring of manufacturing underway now is just driving a ton of demand, and a need for capacity amongst our large utility customers.

嘿，馬特，我是史蒂夫。是的，所以實際上有三個不同的區域。我將對每一個問題進行討論。我先從能源說起。我的意思是，在能源類別中，存在著一種長期趨勢，即大規模建設人工智慧資料中心與正在進行的一些製造業回流相結合，正在推動大量需求，以及大型公用事業客戶對容量的需求。

And energy hub is benefiting from that secular trend. At the same time, they're expanding the range of devices that we support and the range of sort of the Durham solution we bring to market. So that appears to be a pretty durable trend at the moment, and that's helped us there.

能源中心正受惠於此長期趨勢。同時，他們正在擴大我們支援的設備範圍以及我們推向市場的達勒姆解決方案的範圍。所以這目前似乎是一個非常持久的趨勢，這對我們有幫助。

On the commercial side, it's two things really. It's us finishing the build out of the commercial platform. You've seen us do some of that organically, some of it inorganically. The most recent inorganic move was the acquisition of CHeKT, and our expansion of our remote video monitoring solution.

從商業角度來看，其實有兩件事。我們正在完成商業平台的建置。您已經看到我們以有機方式做了一些事情，並以無機方式做了一些事情。最近的無機舉措是收購 CHeKT，以及擴展我們的遠端視訊監控解決方案。

But it's also at some level driven by the unfortunate events we see in the news from time to time. And the last couple of weeks certainly remind us of the need for commercial customers to continue to focus on security and upgrading the things they do to protect both their customers and their employees.

但在某種程度上，這也受到我們時常在新聞中看到的不幸事件的影響。過去幾週的情況確實提醒我們，商業客戶需要繼續專注於安全並升級他們所做的工作，以保護他們的客戶和員工。

So we think that's probably going to continue to be healthy. You've got also a technology trend there that is moving a lot of the tech from on prem to the cloud, and we're a beneficiary of that.

因此我們認為這可能會繼續保持健康。現在也出現了一種技術趨勢，即將大量技術從本地轉移到雲端，我們是其中的受益者。

And then on the international side, I would say it's more -- the thing driving growth there is more -- still much earlier days in the North American market, and then our team doing a lot of spadework market by market, developing relationships with service providers, our tech team working through the nuances of what's needed for each market, and bringing people sort of online, and then conditioning them to go sell really a comprehensive smart security solution as opposed to some of the legacy stuff that they're more familiar with.

然後在國際方面，我想說，推動成長的因素更多是北美市場還處於起步階段，我們的團隊在每個市場都做了大量的準備工作，與服務提供商發展關係，我們的技術團隊研究每個市場所需的細微差別，並將人們帶到網上，然後訓練他們去銷售真正全面的智能安全解決方案，而不是他們更熟悉的一些傳統產品。

So those are the three areas, and each one has a little different story, but we feel pretty good. You're right that growth rates have held on an aggregate basis, and as a result of that as a component of SaaS they're becoming more meaningful.

這就是三個領域，每個領域都有一點不同的故事，但我們感覺很好。您說得對，整體而言成長率保持不變，因此，作為 SaaS 的一個組成部分，成長率變得更有意義。

Super helpful. And then just one quick follow up if I could. Are all three of those businesses growing around 25%? Or is there an outlier driving the growth there of the consolidated 25% growth? And given all those tailwinds you just outlined, is there any consideration of accelerating investments in those areas, or is it really steady as we go in terms of how you're allocating capital?

超有幫助。如果可以的話，我再快速跟進。這三項業務的成長率都在 25% 左右嗎？或者是否存在一個異常值推動了綜合 25% 的成長？考慮到您剛才概述的所有順風因素，是否有考慮加速對這些領域的投資，或者就資本配置而言，我們的投資是否真的保持穩定？

Right. So -- and yeah, the combination is sort of at that 25% growth rate. But the individual components are, I would say plus or minus 500 bps on that is sort of the range I'd say we see. So one or two, a little above one, maybe a little below, but right in that range.

正確的。所以 — — 是的，總成長率大約是 25%。但我認為，就各個組成部分而言，我們看到的波動範圍大約在正負 500 個基點之間。所以是一或二，略高於一，也許略低於一，但就在這個範圍內。

In terms of the way we think about investments and can we accelerate their growth, we run sort of with a consolidated number that is our baseline planning tool, and then we make decisions incrementally or individually around each growth area based on what we're seeing with their sort of growth potential and what type of investment or burn in some cases we think makes sense.

就我們對投資的看法以及我們能否加速其成長而言，我們使用一個綜合數字作為我們的基準規劃工具，然後根據我們看到的成長潛力以及我們認為在某些情況下合理的投資或消耗類型，逐步或單獨地圍繞每個成長領域做出決策。

So if we see further opportunities to scale up investment there, then I think we will. We sort of lock in on '25, but at the moment we're already beginning to examine and evaluate that decision for '26, and we may see opportunities in a couple of cases to further extend their growth with some additional investment.

因此，如果我們看到進一步擴大投資的機會，那麼我認為我們會這樣做。我們基本上鎖定在 25 年，但目前我們已經開始審查和評估 26 年的決定，我們可能會在一些案例中看到機會，透過一些額外的投資來進一步擴大其成長。

Really helpful. Thanks so much.

真的很有幫助。非常感謝。

Adam Tindle, Raymond James.

亞當廷德爾、雷蒙詹姆斯。

Okay, thanks. Good afternoon. Steve, I just wanted to maybe start with a very high level question. I've got a more tactical one for Kevin after this, but given we're celebrating sort of the 10 year anniversary on this call, and you talked about investors who have stuck with you during that time, it might be an appropriate forum for investors thinking about the next 10 years for you to maybe just touch at a high level as you sort of think about that, but how you would describe your vision to the investors today signing up for the next 10 years?

好的，謝謝。午安.史蒂夫，我只是想從一個非常高層次的問題開始。在此之後，我有一個更具戰術性的問題要問凱文，但考慮到我們在這次電話會議上慶祝成立 10 週年，而且您談到了在此期間一直支持您的投資者，對於考慮未來 10 年的投資者來說，這可能是一個合適的論壇，您可以在高層次上談論這個問題，但您會如何向今天簽約未來 10 年的投資者描述您的願景呢？

Well, fortunately I think that the base vision or the base mission of a cloud connected sensor in every property in the world is still holding up. That's still a lofty goal for us to shoot for. There are lots of ways we can get there.

嗯，幸運的是，我認為世界上每個財產中雲端連接感測器的基本願景或基本使命仍然成立。這對我們來說仍然是一個崇高的目標。我們可以透過多種方式實現這一目標。

We have to find ways to get there profitably, and -- but I expect that hopefully we'll be able to look back 10 years from now and say that -- and be sort of as enthusiastic about the prior 10 years as we are sort of now. I would say that we're probably a little bit more set in some tracks that should continue for the next decade.

我們必須找到實現盈利的方法，而且——但我希望，我們能夠從現在起 10 年後回顧過去，並說——對過去的 10 年充滿熱情，就像我們現在一樣。我想說，我們可能已經確定了一些在未來十年內應該繼續發展的軌跡。

So if you go back 10 years, we really were a single line of business, had a nice business. But didn't have the diversity of revenues that we enjoy today, didn't have the knowledge and experience with inorganic activity, didn't have the balance sheet.

所以，如果回顧 10 年前，我們確實只有一條業務線，而且業務不錯。但沒有我們今天所享有的收入多樣性，沒有無機活動的知識和經驗，沒有資產負債表。

So at this point I think our markets are probably a little more defined. We commercial and residential security and energy, and I don't see us dramatically sort of shifting out of those tracks, but I think that we're just sort of a more -- a better scaled position to further build those out over the next decade.

所以現在我認為我們的市場可能更明確了。我們專注於商業和住宅安全以及能源，我不認為我們會急劇地轉變方向，但我認為我們只是處於一個更大規模的地位，可以在未來十年進一步發展這些業務。

Got it. That's helpful. And maybe just to follow up, Kevin, obviously hardware is strong. It sounds like you're kind of eyes wide open that there may have been a little bit of pull forward demand from some of the service providers.

知道了。這很有幫助。也許只是為了跟進，凱文，顯然硬體很強大。聽起來你似乎已經意識到一些服務提供者可能存在一些提前需求。

Kind of a two part question on this. The first one would be, as we think about modeling out hardware for the rest of the year, we would typically expect Q3 to be a little bit better than Q4 just on weather and -- but I wonder if that pull four dynamic makes the split between Q3 and Q4 hardware revenue a little bit different this year.

這個問題可以分為兩個部分。第一個是，當我們考慮為今年剩餘時間的硬體建模時，我們通常會預期第三季的表現會比第四季好一點，僅僅是因為天氣原因——但我想知道這種拉動是否會導致今年第三季和第四季硬體收入的分配略有不同。

And then the second part would be, I know you're not guiding to 2026, but just conceptually, we're going to have to model that, and as we think about 2026, you obviously covered through year end as you mentioned, wisely, but once that kind of coverage rolls off, how do the economics change as we kind of think beyond year end?

第二部分是，我知道您沒有預測到 2026 年，但從概念上講，我們必須對其進行建模，當我們考慮 2026 年時，您顯然已經明智地考慮了年底的情況，但一旦這種考慮範圍擴大，當我們考慮年底之後的情況時，經濟狀況將如何變化？

Yeah, sure. Hey Adam. So based on our guide, you can see we're implying somewhere between $150 million and $150 million of hardware revenue in the second half. I think that's likely to be mostly ratably split between Q3 and Q4.

是的，當然。嘿，亞當。因此，根據我們的指南，您可以看到我們預計下半年硬體收入將在 1.5 億美元到 1.5 億美元之間。我認為這很可能主要在第三季和第四季之間按比例分配。

If you were to divide that by two, I'd probably add a couple million dollars above that average for Q3, and then put the residual on Q4, so it's still a little bit of a skew towards Q3, but maybe a little bit less than historical seasonality suggests.

如果將其除以二，我可能會在第三季度的平均值之上增加幾百萬美元，然後將剩餘部分放在第四季度，因此它仍然有點偏向第三季度，但可能比歷史季節性所顯示的要少一點。

I think as we look forward to 2026, there's the potential for higher tariffs if the framework deals get codified into HTS codes. Putting that aside, I think what you do is you'd probably say, hey, Alarm.com talked about rolling through $7.5 million of higher hardware revenue in the second half of the year related to the baseline tariffs.

我認為，展望 2026 年，如果框架協議被編入 HTS 法規，則有可能提高關稅。撇開這一點不談，我想你可能會說，嘿，Alarm.com 談到了與基準關稅相關的下半年 750 萬美元的更高硬體收入。

And if you annualize that, it'd probably be growth in 2026 of about $7.5 million on top of what we guided to for 2025. And assume that besides that, demand and sales are probably roughly equal to what they had been in 2025. So probably somewhere between $5 million and $10 million higher for 2026 than now.

如果以年率計算，那麼到 2026 年，我們的預測數字可能會比 2025 年增加約 750 萬美元。並假設除此之外，需求和銷售可能大致與 2025 年的水平相同。因此，2026 年的收入可能比現在高出 500 萬至 1,000 萬美元。

Got it. Just real quick to wrap a bow on that. You in your prepared remarks talked about how the hardware and the profit dollars that you get from that help to cover the cost of acquiring a subscriber, and I just wonder if you're kind of thinking about the framework and the current differences in the economics and the hardware business, are there things that you might think about differently from a business model going forward, perhaps, maybe it doesn't make sense to acquire as many subs, for example, just how you're thinking about that impacts the overall business model. Thanks.

知道了。只需快速地將其打結即可。您在準備好的發言中談到了硬體和從中獲得的利潤如何幫助彌補獲取用戶的成本，我只是想知道您是否考慮過框架以及經濟和硬體業務的當前差異，是否存在與未來的商業模式不同的想法，也許，也許獲取那麼多用戶是沒有意義的，例如，您認為這會對整體商業模式產生什麼影響。謝謝。

I don't think it's changing really the way that we're thinking about that. I think if we have tariffs come through and it's a pure pass-through, we're going to have the same -- roughly the same amount of gross profit from hardware available to us, we think next year than this year.

我認為這並沒有真正改變我們對此的看法。我認為，如果我們徵收關稅並且純粹轉嫁，那麼我們明年獲得的硬體毛利將與今年大致相同。

I suspect that we'll probably be viewing the way that we budget sales and marketing like we typically do based on that. There's not -- I don't think we see sweeping structural changes to gross profit contribution from hardware, and so we'll approach revenue planning and sales and marketing budgeting, I think much like we do historically.

我認為我們可能會像平常一樣以此為基礎來審視銷售和行銷預算的方式。我認為，硬體對毛利貢獻不會發生重大的結構性變化，因此，我們將以與以往類似的方式進行收入規劃和銷售及行銷預算。

Got it. Thank you very much.

知道了。非常感謝。

(Operator Instructions) Samad Samana, Jefferies.

（操作員指示）Samad Samana，Jefferies。

Hey guys, this is Billy Fitzsimmons on for Smad. Maybe I'll ask this, we're midway through the year, and it's been a busy week for software earnings, and we're hearing very different narratives from different companies where some are citing a weakening consumers slowdowns, and other names are citing strength and improvement for the back half.

大家好，我是 Billy Fitzsimmons，為 Smad 節目主持。也許我會問這個問題，我們正處於年中，這是軟體收益繁忙的一周，我們聽到了不同公司截然不同的說法，其中一些公司認為消費者支出放緩，而另一些公司則認為下半年將強勁增長並有所改善。

So can you just level set for us what assumptions and considerations went into the back half guide? Just remind us what you're thinking about around back row, deal volume, top of funnel renewals, and kind of the visibility over the next couple quarters?

那麼，您能否為我們簡單介紹後半部指南中的假設和考慮因素？請提醒我們您對後排、交易量、漏斗頂部續約以及未來幾季的可見度有何看法？

Sure, Billy. Yeah, I guess we don't -- we're not anticipating or modeling a significant change in the macro in the back half of the year. Our experience has been -- macros haven't been perfect for the first half, but have not been horrible. And part of that is we're a little different probably than a lot of the other companies in that we're engaged in a business that's a visceral need that many people have, I mean, it's security.

當然，比利。是的，我想我們不會——我們不會預期或預測今年下半年宏觀經濟會發生重大變化。我們的經驗是──宏在前半部並不完美，但也不是很糟糕。其中一部分原因是我們可能與許多其他公司略有不同，因為我們從事的業務是許多人內心深處的需求，我的意思是，它是安全。

And whether you're in a good economy or maybe a weaker economy, people in both cases feel like it's a must have type of service, and therefore we tend not to have a quite as much volatility in our performance when there are macro level shifts, I'd say the macro backdrop.

無論經濟狀況良好或較弱，人們都認為這是一種必須擁有的服務，因此，當宏觀層面發生轉變時，我們的業績往往不會出現太大的波動，我想說的是宏觀背景。

The one thing we watch very carefully that is still a backdrop to the business is new home sales. And we've seen that metric be weak since 2023. Haven't seen a dramatic change there. Lately, as new home sales pick up, then we would expect to see two things really occur and they sort of offset.

我們密切關注的一個因素仍然是業務的背景，那就是新房銷售。我們發現自 2023 年以來該指標一直較弱。還沒有看到那裡發生巨大的變化。最近，隨著新房銷售回暖，我們預計會看到兩件事真正發生，並且它們會相互抵消。

One, you would see higher demand, the creation of more new subscribers as they move into a home and they begin to shift to protect it. This is on the residential side. And then to offset that sum, you would see a bit lower revenue retention as people move and sometimes cancel a service when they're no longer occupying their home.

首先，你會看到更高的需求，隨著新家的到來，會出現更多的新用戶，他們開始轉移以保護它。這是住宅區一側。然後，為了抵消這筆款項，你會看到收入保留率會略低，因為人們會搬家，有時當他們不再住在自己的家中時會取消服務。

So that's an important macro metric. But generally we think the outlook, our service providers are doing pretty well. The outlook for the second half is in our view about the same as the first half.

這是一個重要的宏觀指標。但總體而言，我們認為我們的服務提供者的前景相當不錯。我們認為下半年的前景與上半年大致相同。

Thanks very much guys. Appreciate it.

非常感謝大家。非常感謝。

Thank you.

謝謝。

Saket Kalia, Barclays.

巴克萊銀行的 Saket Kalia。

Hi guys, this is [Alyssa Leon] from Saket at Barclays. Thank you for taking my question. Kevin, I think you touched on this briefly, but was wondering if you could give us any color on retention rates for the quarter? And then maybe for the backup of the year, how should we think about the puts and takes here, under different scenarios of the housing market?

大家好，我是巴克萊銀行 Saket 的 [Alyssa Leon]。感謝您回答我的問題。凱文，我想您已經簡要地談到了這一點，但您是否可以向我們介紹本季的留存率？那麼，對於今年的備份，在不同的房地產市場情況下，我們應該如何考慮這裡的收益和損失？

And maybe as a follow up after that, what does retention look like here for commercial versus residential for the quarter? Thank you.

作為後續跟進，本季商業和住宅的保留率如何？謝謝。

Sure. Thanks for the question. Yes, as we noted, after our call last quarter, the retention rate for the consolidated company was inching towards 95%. It rounded actually up to 95%. It was 94.7%. We at the time noted that we didn't anticipate that perpetuating for each of the rest of the quarters for this year, and that we thought it would actually return back down towards our historical range.

當然。謝謝你的提問。是的，正如我們所指出的，在上個季度的電話會議之後，合併後公司的保留率已接近 95%。它實際上四捨五入到了 95%。達到 94.7%。我們當時指出，我們並沒有預料到今年剩餘每季都會出現這種情況，我們認為它實際上會回到歷史範圍內。

That for the most part played out. We rounded to 94% during the second quarter. It was actually 94.1%, so it came down about 60 basis points, that's still at the high end or slightly above our historical range that we've seen, so a little bit better than we had actually anticipated.

這基本上已經實現了。我們在第二季將其四捨五入至 94%。實際上為 94.1%，因此下降了約 60 個基點，但仍處於高端或略高於我們所見的歷史範圍，因此比我們實際預期的要好一點。

And for Q3 and Q4, what we're expecting is that will kind of be hovering around that same area, somewhere between 93.7% and 94% is how we're thinking about it.

對於第三季度和第四季度，我們預計它將徘徊在同一區域，我們考慮的是 93.7％ 到 94％ 之間。

The things that could shift that from a macro perspective are things that Steve touched on the prior question. Obviously, if activation rates fell and the housing market sort of somehow seized up more than it is now, that probably leads to higher retention than what we're modeling and vice versa. They'll probably roughly balance each other out from a revenue perspective over those two quarters, but those would be the puts and takes.

從宏觀角度來看，可以改變這種狀況的事情就是史蒂夫在上一個問題中提到的事情。顯然，如果激活率下降，並且房地產市場以某種方式比現在更加停滯，那麼這可能會導致比我們模擬的更高的保留率，反之亦然。從這兩個季度的收入角度來看，他們可能會大致平衡，但這也是一種權衡。

Perfect. Thank you so much, very helpful.

完美的。非常感謝，非常有幫助。

(Operator Instructions) Jack Vander Aarde, Maxim Group.

（操作員說明）Jack Vander Aarde，Maxim Group。

Okay, great. Great results guys, and I appreciate the detailed update. Steve, touching on the core resi North America residential business, you mentioned new home builds and sales as those pick up eventually, it could drive a pickup in new account activations, maybe a near term headwind on retention rates.

好的，太好了。大家的結果很棒，我很感謝詳細的更新。史蒂夫，談到北美核心住宅業務，您提到新房屋建造和銷售最終會回升，這可能會推動新帳戶激活量的回升，但短期內可能會對留存率造成不利影響。

But just to pick your brain, do you see home sales? Do you see an environment where home sales do end up picking up again in 2026, probably going to be very sensitive to the rate discussion, but is that sort of a fair assumption that you guys are thinking about? And then just also quite curious, how many Alarm residential customers own multiple Alarm connected residential properties?

但只是想問您，您看到房屋銷售了嗎？您是否認為 2026 年房屋銷售會再次回升，這可能會對利率討論非常敏感，但這是您所考慮的合理假設嗎？然後同樣令人好奇的是，有多少 Alarm 住宅客戶擁有多個連接 Alarm 的住宅物業？

Okay. Well, let me start with the first one, just macro on the housing market. I mean, yeah, we're probably all watching the healthy political debate about what exactly the Fed should be doing, what should be happening to interest rates going forward, that -- the outcome there might affect what we see with home sales.

好的。好吧，讓我從第一個開始，只是關於房地產市場的宏觀問題。我的意思是，是的，我們可能都在關注健康的政治辯論，關於聯準會到底應該做什麼，未來利率應該如何變化，其結果可能會影響我們所看到的房屋銷售情況。

I think, it's pretty early, but if I were reading the tea leaves, I feel like in talking to our service providers, particularly those that are working with builders, is they're probably feeling a little more positive as of now in August about the next six months than they were in January about those six months.

我認為現在還為時過早，但如果我預測未來，我覺得在與我們的服務提供者交談時，特別是那些與建築商合作的服務提供商，他們可能在 8 月份對未來六個月的感覺比 1 月份對未來六個月的感覺更加積極。

It just feels like there's a couple of things going on, perhaps a bit of pent up demand, and then people that have been on the sidelines and afraid, and I think that a lot of people are just sort of getting used to the higher interest rate environment now, accepting it, and beginning to make their plans around the current set of metrics.

感覺好像有幾件事正在發生，也許是一些被壓抑的需求，然後人們一直在觀望並感到害怕，我認為現在很多人只是開始習慣更高的利率環境，接受它，並開始圍繞當前的指標制定計劃。

So folks are seemingly a tad more, not dramatically more, but just slightly more positive about the next, anyway, six to nine months. And the second question was, I think you asked how many or what percentage -- or do many of our subscribers have multiple properties? Is that correct?

因此，人們似乎對未來六到九個月的前景更加樂觀，雖然不是大幅樂觀，但仍然略微樂觀一些。第二個問題是，我想您問的是我們的訂戶中有多少人或百分之多少擁有多處房產？對嗎？

That's right. That's right.

這是正確的。這是正確的。

Yeah, that's always been a real source of strength for us, our subscribers that do have multiple properties, both on the residential side and on the -- especially, on the small business side. And so do I know the exact percentage? I would imagine in the commercial world that it's a pretty high percentage of subscribers.

是的，這一直是我們真正的力量源泉，我們的用戶確實擁有多處房產，包括住宅房產和小型企業房產。那我知道確切的百分比嗎？我可以想像在商業世界中這個比例是相當高的訂閱者。

It's -- I would be guessing, but I would expect that it would be north of a third are commercial accounts that are with other accounts. On the residential side, it would be less than that, but still meaningful. People that have second homes sometimes have multiple rental properties.

這是——我猜，但我預計其中三分之一是與其他帳戶相關的商業帳戶。從住宅方面來說，這個數字可能會少一些，但仍然很有意義。擁有第二套房的人有時會擁有多處出租房產。

It is a differentiating capability. It requires more of a back-end to provide good service across properties, so it is a fairly high percentage of subscribers. I just don't know the exact percentage.

這是一種區分能力。它需要更多的後端來提供跨屬性的良好服務，因此它佔據了相當高比例的訂閱者。我只是不知道確切的百分比。

That's very helpful color. I appreciate that, Steve. And then maybe just a follow up for Kevin. You mentioned in June you rolled out a 10% price increase on the hardware. Have you thought about or are you actively thinking about potential general price hikes on the base monthly ARPU rate on the residential or commercial, SaaS service side of the business?

這是非常有用的顏色。我很感激，史蒂夫。然後也許只是對凱文的後續跟進。您提到，六月您將硬體價格提高了 10%。您是否考慮過或正在積極考慮住宅或商業、SaaS 服務業務方面的基本每月 ARPU 率的潛在普遍價格上漲？

Yeah, hey Jack. One slight clarification. So we passed through the 10% -- most of the 10% cost of the tariffs, which given our gross margin profile, wound up being about 7.5% in terms of pricing to service providers. At this point, we don't have any general expectations whether in the second half of this year or for next year to be visiting broad-based service price increases, that's not currently part of our planning.

是的，嘿，傑克。稍微澄清一下。因此，我們轉嫁了 10%——關稅成本中的大部分，考慮到我們的毛利率狀況，最終服務提供者的定價約為 7.5%。目前，我們還沒有對今年下半年或明年出現大規模的服務價格上漲做出整體預期，這目前還不在我們的計畫之內。

(multiple speakers) And I appreciate the clarification on the gross margin, or the cost of the tariffs pass-through on the hardware there. And maybe just internationally, which countries or regions are the largest install base of Alarm customers? And are there any just particular regions that are growing faster than others more so now than that might just jump out at you?

（多位講者）我很感謝你對毛利率或硬體關稅轉嫁成本的澄清。也許僅從國際上來看，哪些國家或地區是 Alarm 客戶的最大安裝群？那麼，目前有哪些特定地區的成長速度比其他地區更快，這可能會引起您的注意？

You said countries or states?

您說的是國家還是州？

Countries and regions outside of the US.

美國以外的國家和地區。

Outside of the US. Yeah, I mean this year, so far, LATAM has been a faster growing region or area than most. And then in the Middle East as well, we've seen some growth, and particularly very fast adoption of the remote video monitoring capability that we recently brought to market. So those are two areas where we're probably seeing a little more growth than what we expected on the international side.

美國境外。是的，我的意思是，今年到目前為止，拉丁美洲地區的發展速度比大多數地區都快。在中東地區，我們也看到了一些成長，特別是我們最近推向市場的遠端視訊監控功能的採用非常快速。因此，在這兩個領域，我們看到的成長可能比我們在國際方面的預期要多一些。

Okay great. I appreciate the color. I'll hop back in the queue.

好的，太好了。我很欣賞這個顏色。我會重新回到隊列中。

Okay.

好的。

(Operator Instructions) And I'm not showing any further questions this time. And as such, this does conclude today's presentation. We thank you for your participation. You may not disconnect, and have a wonderful day.

（操作員指示）這次我不會再提出任何其他問題。今天的演講就到此結束了。我們感謝您的參與。您可能不會斷開連接，並度過美好的一天。