Alarm.com Holdings, Inc. (ALRM) 2025 Q4 法說會逐字稿

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

您好，感謝您的耐心等待。歡迎參加 Alarm.com 2025 年第四季財報電話會議。（操作說明）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 Aartman, Vice President, Investor Relations. Please go ahead.

現在我謹將會議交給今天的演講嘉賓，投資者關係副總裁馬修·阿特曼。請繼續。

Thank you. Good afternoon, everyone, and welcome to Alarm.com's fourth-quarter and full-year 2025 earnings conference call. Please note, this call is being recorded. Joining us today are Steve Trundle, our CEO; and Kevin Bradley, our CFO. During today's call, we will be making forward-looking statements, which are predictions, projections, estimates and other statements about future events.

謝謝。各位下午好，歡迎參加 Alarm.com 2025 年第四季及全年業績電話會議。請注意，本次通話正在錄音。今天到場的有我們的執行長史蒂夫·特倫德爾和我們的財務長凱文·布拉德利。在今天的電話會議中，我們將發表一些前瞻性聲明，這些聲明是對未來事件的預測、展望、估計和其他聲明。

These statements are based on current expectations and assumptions that are subject to risks and uncertainties that may cause actual results to differ materially from our current expectations. We refer you to the risk factors discussed in our annual report on Form 10-K and our Form 8-K both of which will be filed shortly with the SEC, along with the associated press release.

這些聲明是基於目前的預期和假設，但存在風險和不確定性，可能導致實際結果與我們目前的預期有重大差異。有關風險因素，請參閱我們即將向美國證券交易委員會提交的 10-K 表格年度報告和 8-K 表格，以及相關的新聞稿。

The call is subject to these risk factors, and we encourage you to review them. Alarm.com assumes no obligation to update 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.

此次通話有以下風險因素，我們建議您仔細閱讀相關說明。Alarm.com 不承擔更新截至其各自發布日期所作的前瞻性陳述或其他資訊的義務。此外，電話會議中也將討論幾個非GAAP財務指標。有關 GAAP 與非 GAAP 指標的調整表，請參閱我們投資者關係網站上今天發布的新聞稿。

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

現在我將把電話交給史蒂夫·特倫德爾。史蒂夫？

Thank you, Matt. Good afternoon, and welcome to everyone. We are pleased to report fourth-quarter and full year results that exceeded our expectations. Our SaaS and license revenue in the fourth-quarter was $180 million, up 8.8% over the last year. Our adjusted EBITDA in the quarter was $55 million. I want to thank our service provider partners and our employees for their contributions to our performance in 2025.

謝謝你，馬特。下午好，歡迎各位。我們很高興地宣布，第四季和全年業績都超出預期。我們第四季的 SaaS 和授權收入為 1.8 億美元，比上年同期成長 8.8%。本季調整後的 EBITDA 為 5,500 萬美元。我要感謝我們的服務供應商合作夥伴和我們的員工，感謝他們為我們2025年的表現所做的貢獻。

During the year, we reached a significant growth milestone generating more than $1 billion in annual total revenue. Achieving this scale reflects the strength of our technology and the business model that we have engineered. Our business is grounded in the long-term partnerships we have with our service providers. Those partnerships are based on our commitment to both innovation and strategic alignment, where our growth is predicated on our partner success with our technology.

年內，我們實現了重大成長里程碑，年度總收入超過 10 億美元。達到這樣的規模體現了我們技術的實力和我們所設計的商業模式。我們的業務建立在我們與服務提供者之間的長期合作關係之上。這些合作關係建立在我們對創新和策略協同的承諾之上，我們的發展取決於合作夥伴在我們技術上的成功。

Our service providers integrate our technology platform across their business to deliver the best possible residential and commercial security solutions to their end customers. During the year, we continue to execute on our long-term growth strategy. We are leveraging our R&D program and delivery channels to expand into additional markets.

我們的服務提供者將我們的技術平台整合到他們的業務中，為他們的最終客戶提供最佳的住宅和商業安全解決方案。年內，我們將繼續執行長期成長策略。我們正利用我們的研發項目和交付管道，拓展到更多市場。

As a result of these efforts, we have created a more diversified and durable business. Today, we provide mission-critical IoT-based solutions anchored by physical products that protect homes, businesses, enterprises, multifamily properties and critical grid infrastructure worldwide. I want to spend a moment reminding our investors of how our business model and value creation engine are unique compared to most other SaaS companies.

透過這些努力，我們打造了一個更多元化和永續發展的業務。如今，我們提供以實體產品為基礎的關鍵任務型物聯網解決方案，以保護全球的家庭、企業、多戶住宅和關鍵電網基礎設施。我想花一點時間提醒我們的投資者，與其他大多數 SaaS 公司相比，我們的商業模式和價值創造引擎有何獨特之處。

The equity markets have recently become fearful that all SaaS businesses will be pressured by AI, impacting seat-based pricing models and performing tasks that could relegate incumbents. Alarm.com's SaaS software is priced around a different set of value drivers. Our service providers already use our back-end software essentially for free if they install our customer sites with IoT devices in our ecosystem that enable our software. We have no material seat-based pricing models.

最近，股市開始擔心所有 SaaS 企業都將受到人工智慧的壓力，這將影響基於席位的定價模式，並執行可能使現有企業退居二線的任務。Alarm.com 的 SaaS 軟體定價是基於另一套不同的價值驅動因素。我們的服務供應商如果將我們生態系統中的物聯網設備安裝到我們客戶的站點上，從而啟用我們的軟體，那麼他們基本上可以免費使用我們的後端軟體。我們沒有基於座位數量的定價模式。

Instead, our SaaS revenue is driven by each connected device that is installed by our service provider partners. And once these connected devices are installed at a customer site, they typically remain in service for nearly a decade. Our service providers benefit from efficiencies that are gained by having a single management platform for servicing all of their connected devices.

相反，我們的 SaaS 收入取決於我們的服務供應商合作夥伴安裝的每個連網設備。一旦這些連網設備安裝在客戶現場，它們通常會持續使用近十年。我們的服務供應商受益於單一管理平台帶來的效率提升，可用於管理其所有連網裝置。

The value drivers in our business are the number of connected devices that we enroll on our platform and at some level, particularly in the case of video, the data that these IoT devices generate. We produce insights from these rich proprietary data streams to benefit the subscriber and the service providers. Additionally, in many cases, we create value by offering and managing cellular and tightly supervised Internet connectivity to the devices and locations we serve.

我們業務的價值驅動因素是我們平台上註冊的連接設備數量，以及在某種程度上，特別是視訊方面，這些物聯網設備產生的數據。我們利用這些豐富的專有資料流產生洞察，從而使用戶和服務提供者受益。此外，在許多情況下，我們透過向我們服務的設備和地點提供和管理蜂窩網路和嚴格監管的網路連接來創造價值。

We will continue to leverage AI for both internal productivity gains, and to augment our capabilities with products like the AI-based deterrents and monitoring capabilities we already have in market. However, we do not see AI driving a change to our fundamental business model structure. Next, I want to walk through the major components of our business and discuss the strategic drivers that support their continued growth.

我們將繼續利用人工智慧來提高內部生產力，並透過我們已經在市場上擁有的基於人工智慧的威懾和監控功能等產品來增強我們的能力。然而，我們並未看到人工智慧會改變我們基本的商業模式結構。接下來，我想詳細介紹我們業務的主要組成部分，並探討支持其持續成長的策略驅動因素。

I'll start with our core residential business. Which serves the smart home security market in the US and Canada. We have a strong market share for professionally installed smart home security solutions in these markets. Our leading position is built on the scale of our platform, the breadth and quality of our solutions and our trusted service provider relationships.

我先從我們的核心住宅業務說起。該公司服務於美國和加拿大的智慧家庭安防市場。我們在這些市場中擁有強大的智慧家庭安防解決方案專業安裝市場份額。我們的領先地位建立在我們平台的規模、解決方案的廣度和品質以及我們值得信賴的服務提供者關係之上。

We have consistently invested more in this market than our competitors. Revenue growth in our core residential business continues to be driven primarily by ARPU expansion. Our service providers are particularly effective with our residential video solutions, including video analytics, and increasingly remote video monitoring that is augmented by the central station.

我們一直以來在這個市場上的投入都超過了我們的競爭對手。我們核心住宅業務的收入成長仍然主要由每位用戶平均收入 (ARPU) 的成長所驅動。我們的服務供應商在住宅視訊解決方案方面尤其有效，包括視訊分析，以及由中央監控站增強的遠端視訊監控。

Our residential customer tends to be the person who wants real and serious security with everything done right by a professional, delivered and regularly serviced in a manner that protects the subscribers' privacy. We recently introduced a new premium video doorbell, which allows customers to enable 24/7 continuous onboard recording via SD card.

我們的住宅客戶往往是那些希望獲得真正可靠的安全保障，並且希望所有事情都由專業人員妥善完成，以保護用戶隱私的方式交付和定期維護的用戶。我們最近推出了一款新的高級視訊門鈴，它允許客戶透過 SD 卡啟用 24/7 全天候連續機載錄製功能。

It's also designed to enable our full suite of advanced analytics and drive adoption of our higher-tier video subscriptions. We launched our first battery-powered camera the 731. It's flexible, completely wireless installation enables video coverage in locations that are difficult to wire. The 731 can be installed with automatic solar-based battery charging.

它還旨在實現我們全套高級分析功能，並推動用戶採用我們更高級別的視訊訂閱服務。我們推出了第一款電池供電相機 731。它靈活便捷，完全無線安裝，可在難以佈線的場所實現視訊覆蓋。731 可安裝自動太陽能電池充電裝置。

It also supports premium video capabilities, including AI deterrents, perimeter guard and remote video monitoring. On the software side, we recently released new AI capabilities that improve automation and personalization for subscribers. These enhancements make it easier to identify and respond to important events.

它還支援進階視訊功能，包括人工智慧威懾、周界防護和遠端視訊監控。在軟體方面，我們最近發布了新的AI功能，可以提高用戶的自動化和個人化體驗。這些改進使得識別和應對重要事件變得更加容易。

Over time, we believe it will help support increased retention and adoption of premium video subscriptions. We have also continued to diversify the business. I'll start by focusing on our expansion into adjacent markets through our commercial security and energy businesses. These two businesses alone contributed 25% of our SaaS revenue for the full-year of 2025 and grew about 25% year-over-year.

我們相信，隨著時間的推移，這將有助於提高付費影片訂閱的用戶留存率和普及率。我們也一直在推動業務多元化。首先，我將重點介紹我們透過商業安全和能源業務向相鄰市場擴張的情況。光是這兩項業務就貢獻了我們 2025 年全年 SaaS 營收的 25%，並且年增約 25%。

Our commercial business serves small- and medium-sized businesses and enterprise customers with integrated intrusion, video and access control solutions. Growth remains solid in 2025 despite some economic uncertainty that slowed some larger scale deployments. We believe that the underlying demand environment in the commercial market remains solid.

我們的商業業務為中小企業和大型企業客戶提供整合的入侵、視訊和門禁控制解決方案。儘管一些經濟不確定性減緩了一些大規模部署的速度，但預計 2025 年的成長仍然穩健。我們認為商業市場的潛在需求環境依然穩健。

With the range of functional advantages our platform offers the market, we believe that we can drive increased adoption of the Alarm.com and OpenEye commercial platforms amongst both our existing and new service providers. We have continued to enhance the platform to fully integrate video, access control and intrusion protection to enable our service providers to standardize on Alarm.com for the full range of commercial subscribers that they serve.

憑藉我們平台為市場提供的一系列功能優勢，我們相信能夠推動 Alarm.com 和 OpenEye 商業平台在現有和新的服務供應商中得到更廣泛的應用。我們不斷改進平台，使其能夠全面整合視訊、門禁控制和入侵防護功能，從而使我們的服務供應商能夠為他們服務的各類商業用戶統一採用 Alarm.com 平台。

A recent platform enhancement is the introduction of a new lineup of commercially targeted Alarm.com video cameras called the Prism Series. The new product line is designed to give our service providers a more robust offering for SMB and mid-market installations. The series offers high-resolution imaging, clear color video at night and two-way audio.

近期平台的一項改進是推出了商業用戶的全新 Alarm.com 視訊攝影機系列——Prism 系列。新產品線旨在為我們的服務供應商提供更強大的中小企業和中端市場安裝服務。該系列產品提供高解析度成像、夜間清晰彩色視訊和雙向音訊。

It also supports our premium video analytics services, including AI-driven proactive deterrence and integrated central station remote video monitoring. It has also been encouraging to see that many of our commercial end subscribers continue to add to their systems with more components of our platform well after the initial installation.

它還支援我們的高級視訊分析服務，包括人工智慧驅動的主動威懾和整合式中央站遠端視訊監控。令人鼓舞的是，許多商業終端用戶在初始安裝之後，仍然繼續在其係統中添加我們平台的更多組件。

Today, more than 2 million active video cameras and devices are deployed across our commercial property base. This base has grown consistently driven by increasing attach rates as more of our service providers incorporate our video solutions into their standard offerings. Shifting to our energy business. EnergyHub remains a strong contributor to our growth.

目前，我們商業地產中已部署超過 200 萬個活躍的視訊攝影機和設備。隨著越來越多的服務供應商將我們的視訊解決方案納入其標準服務中，附加率不斷提高，推動了這個用戶群的持續成長。轉向我們的能源業務。EnergyHub 仍然是我們成長的重要貢獻者。

The EnergyHub platform provides mission-critical distributed IoT management solutions that help utilities address long-term structural pressures on grid reliability and infrastructure. Forecasts point to the strongest sustained growth in US electricity demand in more than two decades. Electrification and the growing footprint of data centers are among the primary drivers of demand-side pressure.

EnergyHub 平台提供關鍵任務分散式物聯網管理解決方案，幫助公用事業公司應對電網可靠性和基礎設施面臨的長期結構性壓力。預測顯示，美國電力需求將出現二十多年來最強勁的持續成長。電氣化和資料中心規模的不斷擴大是需求側壓力的主要驅動因素之一。

At the same time, electricity generation is also becoming increasingly diversified and thus more variable. EnergyHub orchestrates large networks of connected devices, including thermostats, electric vehicles, batteries and water heaters, to provide on-demand virtual power plants, also called VPPs, utilities call on VPPs to reduce peak demand and to increasingly manage load more dynamically across the grid.

同時，電力生產也變得越來越多樣化，因此也越來越不穩定。EnergyHub 協調包括恆溫器、電動車、電池和熱水器在內的大型連網設備網絡，以提供按需虛擬電廠（也稱為 VPP），公用事業公司調用 VPP 來降低尖峰需求，並日益動態地管理整個電網的負載。

EnergyHub can stand up a VPP far faster and more cost effectively than building new generation infrastructure. EnergyHub is the clear market leader in this space. In 2025, the number of connected devices under management increased by more than 50%. During the year, utilities increased the number of times they called on EnergyHub VPPs by 25%, reflecting the growing importance of its programs to grid stability.

EnergyHub 可以比建造新的發電基礎設施更快、更有經濟地建造虛擬電廠。EnergyHub是該領域的絕對市場領導者。到 2025 年，受管理的連網設備數量將增加 50% 以上。今年，公用事業公司調用 EnergyHub VPP 的次數增加了 25%，反映出其專案對電網穩定性的重要性日益增加。

To accelerate EnergyHub scale, we acquired Resideo Grid Services, or RGS, late in 2025.Similar to EnergyHub, RGS provides demand response aggregation and program management solutions for utilities, but it has been primarily focused on supporting smart thermostats. With the acquisition, EnergyHub can introduce its multi-device platform to RGS clients, enabling them to manage a broad ecosystem of distributed energy resources and deploy VPPs with greater capacity and capability.

為了加速 EnergyHub 的規模擴張，我們在 2025 年底收購了 Resideo Grid Services（簡稱 RGS）。與 EnergyHub 類似，RGS 為公用事業公司提供需求響應聚合和專案管理解決方案，但它主要專注於支援智慧恆溫器。透過此次收購，EnergyHub 可以將其多設備平台引入 RGS 客戶，使他們能夠管理廣泛的分散式能源資源生態系統，並部署容量和性能更大的虛擬電廠。

Looking ahead, EnergyHub will remain focused on growing its base of utility clients, expanding the diversity of devices enrolled in programs and increasingly applying AI to provide load shaping solutions that address a growing range of grid challenges. Lastly, we continue to develop international markets as a natural extension of our platform strategy.

展望未來，EnergyHub 將繼續專注於擴大其公用事業客戶群，擴大參與計畫的設備種類，並越來越多地應用人工智慧來提供負載調節解決方案，以應對日益增長的電網挑戰。最後，我們持續拓展國際市場，這是我們平台策略的自然延伸。

We are deploying our core residential video and increasingly commercial technology into these new markets to leverage our core R&D investments and drive scale. As we've expanded our core video offering, our solutions, including remote video monitoring, are being increasingly introduced and adopted by our international partners. In 2025, we saw a continued uptick in the video attachment rates to 33%.

我們正在將核心住宅視訊技術以及越來越多的商業技術部署到這些新市場，以利用我們的核心研發投資並擴大規模。隨著我們核心視訊產品的擴展，我們的解決方案（包括遠端視訊監控）正越來越多地被我們的國際合作夥伴引入和採用。2025年，我們看到視訊附件率持續上升至33%。

In summary, I'm pleased with our 2025 results, and the continued growth we see across the business as we roll into 2026. I want to thank our service provider partners and our team for their hard work and our investors for their continued trust in our business. I'll now turn things over to Kevin Bradley, our CFO, to review our financials.

總而言之，我對我們 2025 年的業績感到滿意，並且對公司在 2026 年的持續成長充滿信心。我要感謝我們的服務提供者合作夥伴和團隊的辛勤工作，以及投資者對我們業務的持續信任。現在我將把工作交給我們的財務長凱文·布拉德利，讓他審查我們的財務狀況。

Kevin?

凱文？

Thanks, Steve. I'll begin by reviewing highlights from our fourth-quarter and full-year 2025 financial results, then cover key elements of our capital allocation framework and conclude with our guidance for the first-quarter and full year 2026. I'm pleased to report another quarter of execution against our financial plan. Our quarterly and annual performance reflects continued broad-based contributions across the business's diverse components. As Steve just mentioned, one of the areas that outperformed was EnergyHub.

謝謝你，史蒂夫。我將首先回顧我們 2025 年第四季和全年財務表現的亮點，然後介紹我們資本配置框架的關鍵要素，最後給出我們對 ​​2026 年第一季和全年的展望。我很高興地報告，我們又一個季度按財務計劃順利完成。我們的季度和年度業績反映了公司各個業務部門持續廣泛的貢獻。正如史蒂夫剛才所提到的，表現優異的領域之一是 EnergyHub。

EnergyHub's results were driven by higher-than-expected program participation as well as a modest contribution in the latter part of the quarter from the RGS acquisition. Growing the number of programs and increasing the number of enrolled devices in each program are among the multiple long-duration levers supporting EnergyHub's growth. There are network effects in the business that accrue with scale.

EnergyHub 的業績成長得益於高於預期的專案參與度，以及 RGS 收購在本季後期帶來的適度貢獻。增加專案數量和增加每個專案中註冊的設備數量是支援 EnergyHub 成長的多個長期槓桿之一。企業規模越大，產生的網路效應越明顯。

The more programs and DERs that EnergyHub manages on behalf of utility clients, the more valuable they become to ecosystem device partners. And the more ecosystem device partners EnergyHub works with the more capacity the virtual power plants can provide utility clients. The acquisition of RGS expands our number of managed programs and enrolled devices and deepens our relationships with ecosystem device partners, accelerating these effects.

EnergyHub 代表公用事業客戶管理的專案和分散式能源越多，它們對生態系統設備合作夥伴的價值就越大。EnergyHub 與生態系設備合作夥伴合作越多，虛擬電廠就能提供公用事業客戶更多容量。收購 RGS 擴大了我們管理的專案和註冊設備的數量，並加深了我們與生態系統設備合作夥伴的關係，從而加速了這些影響。

For full year 2025, SaaS and license revenue for the overall consolidated business grew 9.2% year-over-year to $689.4 million. Total revenue grew 8% year-over-year in the fourth quarter, and as Steve discussed, exceeded $1 billion for the full year. Total gross profit in the quarter was $172.6 million, an increase of 8.8% year-over-year, including 13.4% year-over-year growth in hardware gross profit to $19.1 million.

2025 年全年，公司整體合併業務的 SaaS 和授權收入年增 9.2%，達到 6.894 億美元。第四季總營收年增 8%，正如史蒂夫所說，全年收入超過 10 億美元。本季總毛利為 1.726 億美元，年增 8.8%，其中硬體毛利年增 13.4% 至 1,910 萬美元。

Higher-than-expected hardware revenue and gross profit were driven by OpenEye's sales of enterprise-grade video cameras and devices as well as a favorable product mix of Alarm.com residential cameras. As Steve described, the physical installation of hardware plays a critical role in value creation across the business. regardless of whether it's one of our products or those of an ecosystem partner.

OpenEye 企業級攝影機和設備的銷售以及 Alarm.com 住宅攝影機的良好產品組合推動了硬體收入和毛利高於預期。正如史蒂夫所描述的那樣，硬體的實體安裝在整個業務的價值創造中起著至關重要的作用，無論它是我們自己的產品還是生態系統合作夥伴的產品。

But when it is one of our products, as is the case with substantially all video cameras that connect to our cloud that sale contributes to our highly efficient subscriber acquisition model. In the fourth quarter, gross profit from hardware sales offset approximately 55% of GAAP sales and marketing expense and more than 60% for the full year.

但是，如果是我們自己的產品，就像幾乎所有連接到我們雲端的攝影機一樣，那麼這種銷售就有助於我們高效的用戶獲取模式。第四季度，硬體銷售的毛利抵消了約 55% 的 GAAP 銷售和行銷費用，全年抵消了超過 60% 的費用。

That leverage allows us to direct more capital toward organic R&D and innovation, enabling our service providers to deploy a wider array of solutions across our mutual customer base. During the fourth quarter, total operating expenses, including depreciation and amortization, were $137.7 million, excluding depreciation and amortization as well as stock-based compensation and other items we address from G&A for non-GAAP purposes. Total operating expenses were $121.7 million, a 9.5% increase year-over-year.

這種槓桿作用使我們能夠將更多資金投入到自主研發和創新中，從而使我們的服務提供者能夠為我們的共同客戶群部署更廣泛的解決方案。第四季度，包括折舊和攤銷在內的總營運費用為 1.377 億美元，不包括折舊和攤提以及股票選擇權費用和其他我們出於非公認會計準則目的而從一般及行政費用中處理的項目。總營運支出為 1.217 億美元，年增 9.5%。

R&D expense in the quarter, inclusive of stock-based compensation, was $66.2 million, up 6.8% year-over-year. For the full year R&D expense increased 5.6%. GAAP net income in the fourth-quarter was $34.7 million or $0.66 per diluted share. Non-GAAP adjusted net income grew 19.2% year-over-year to $38.9 million and non-GAAP EPS increased 24.1% to $0.72 per diluted share.

本季研發費用（包括股票選擇權費用）為 6,620 萬美元，較去年同期成長 6.8%。全年研發費用成長5.6%。第四季GAAP淨利為3,470萬美元，即每股攤薄收益0.66美元。非GAAP調整後淨利年增19.2%至3,890萬美元，非GAAP每股收益成長24.1%至每股稀釋收益0.72美元。

Adjusted EBITDA for the quarter grew 18.3% year-over-year to $54.9 million. For the full-year, adjusted EBITDA increased to $206 million, representing 16.9% year-over-year growth. I do want to point out that our adjusted EBITDA number was a tad inflated by a $4.7 million mark-to-market gain on a security in our treasury portfolio.

本季調整後 EBITDA 年增 18.3% 至 5,490 萬美元。全年調整後 EBITDA 增至 2.06 億美元，年增 16.9%。我想指出，由於我們國庫投資組合中的某項證券按市值計價的收益為 470 萬美元，我們調整後的 EBITDA 數據略有虛高。

While substantially all of our balance sheet cash is held in money market funds our policy allows for a small allocation to other marketable securities. The business generated $35.1 million of non-GAAP free cash flow in the quarter and $137 million for the full year. As we previously indicated, free cash flow declined year-over-year as the exceptionally favorable working capital dynamics we saw in 2024 normalized.

雖然我們資產負債表上的現金幾乎全部都以貨幣市場基金的形式持有，但我們的政策允許少量配置到其他有價證券。該業務本季產生了 3,510 萬美元的非 GAAP 自由現金流，全年產生了 1.37 億美元。正如我們先前所指出的，隨著 2024 年出現的異常有利的營運資本動態趨於正常化，自由現金流較去年同期下降。

Turning to the balance sheet. We recently retired the $500 million of convertible notes that matured in January 2026. These bonds carried 3.4 million shares of potential dilution that we began removing from our diluted share counts midway through Q3 2025. They will not be in our diluted share counts for the entirety of 2026.

接下來看一下資產負債表。我們最近償還了將於 2026 年 1 月到期的 5 億美元可轉換債券。這些債券可能導致 340 萬股股份被稀釋，我們從 2025 年第三季中期開始從稀釋後的股份數量中移除這些股份。2026 年全年，這些股份將不計入我們的稀釋股份數量。

Our operations fully fund their own capital requirements, which allows for a higher degree of opportunism and flexibility as it relates to capital allocation, further supported by the three-year timeline remaining on our $500 million of outstanding convertible notes due May 2029. In 2025, the business generated returns on invested capital from its ongoing operations well in excess of that capital's cost reflecting the durability of our competitive positioning and the discipline with which we allocate capital.

我們的營運完全能夠滿足自身的資本需求，這使得我們在資本配置方面擁有更大的機會和靈活性，此外，我們還有 5 億美元未償還可轉換債券，將於 2029 年 5 月到期，還有三年的期限，這也進一步支持了這一做法。2025 年，公司持續經營產生的投資資本回報遠遠超過了資本成本，這反映了我們競爭地位的持久性和我們分配資本的嚴謹性。

We have historically and will continue to primarily allocate capital to organic R&D with an emphasis on long-term value creation. Our commitment to domestic product development has contributed to some meaningful tax efficiencies in the form of ongoing R&D tax credits. Our cash tax liability for 2025 was $12.1 million, which reflects the benefit of those R&D tax credits as well as changes to Section 174 of the tax code that restored the full deduction of domestic R&D expenses in the year incurred, which will provide us with a multi-year tailwind to net returns on invested capital.

我們過去一直並將繼續把資金主要用於內部研發，重點是創造長期價值。我們對國內產品開發的投入，透過持續的研發稅收抵免，帶來了一些有意義的稅收優惠。我們 2025 年的現金稅務義務為 1,210 萬美元，這反映了研發稅收抵免的益處，以及稅法第 174 節的變更，該變更恢復了當年國內研發費用的全額扣除，這將為我們帶來多年的投資資本淨回報的順風。

We also leverage our strong balance sheet to supplement organic investment, whether in the form of M&A such as the $113 million we spent in 2025, acquiring businesses that support our commercial and energy initiatives, returning cash to shareholders via opportunistic buybacks, we're investing strategically into the ecosystem in the form of nonoperating assets.

我們還利用我們強大的資產負債表來補充有機投資，無論是透過併購（例如我們在 2025 年花費的 1.13 億美元）收購支持我們商業和能源計劃的企業，還是透過機會性回購向股東返還現金，我們都在以非經營性資產的形式對生態系統進行策略性投資。

Looking ahead, we will continue to deploy capital to reinforce our competitive position and leverage our scale. We will prioritize high-return organic investments and selective acquisitions that support growth opportunities, while maintaining the financial flexibility to act opportunistically elsewhere. I'll switch gears now to providing our 2026 financial outlook.

展望未來，我們將繼續投入資金，以鞏固我們的競爭地位並發揮我們的規模優勢。我們將優先進行高回報的有機投資和選擇性地收購，以支持成長機會，同時保持財務靈活性，以便在其他領域抓住機會。接下來，我將轉而介紹我們2026年的財務展望。

For the first-quarter of 2026, we expect SaaS and license revenue of between $175.8 million and $176 million. As a reminder, the sequential decline in SaaS revenue from Q4 reflects EnergyHub's normal seasonal dynamics. EnergyHub revenue is typically annual in nature and weighted towards the second half of the year. The fourth-quarter represents the largest contribution.

我們預計 2026 年第一季 SaaS 和授權收入將在 1.758 億美元至 1.76 億美元之間。需要提醒的是，SaaS 收入自第四季度以來的環比下降反映了 EnergyHub 正常的季節性波動。EnergyHub 的收入通常按年計算，且主要集中在下半年。第四季貢獻最大。

This pattern is reflected in our guidance. For the full year 2026, we expect SaaS and license revenue between $743 million and $745 million. This is a bit higher than previously expected and reflects contributions from RGS as well as continued healthy expectations for organic growth. We now expect total revenue between $1.058 billion and $1.065 billion, implying hardware and other revenue of $315 million to $320 million, which includes the assumption that we pass through the current tariff cost dollar for dollar and that tariffs don't become incrementally larger from here.

我們的指導方針也體現了這種模式。我們預計 2026 年全年 SaaS 和授權收入將在 7.43 億美元至 7.45 億美元之間。這比之前預期的要高一些，反映了RGS的貢獻以及對有機成長持續健康的預期。我們現在預計總收入在 10.58 億美元至 10.65 億美元之間，這意味著硬體和其他收入為 3.15 億美元至 3.2 億美元，其中包括假設我們將當前的關稅成本一美元一美元地轉嫁出去，並且關稅不會再逐步增加。

We are also implementing non-GAAP adjusted EBITDA guidance above our first look of between $213 million and $215 million, implying margins of 20.2% at the midpoint. This outlook reflects the inclusion of RGS, which we don't anticipate will contribute to adjusted EBITDA this year. Over time, we expect to realize more synergies from the acquisition, and we continue to expect to exit 2027 with a 21% adjusted EBITDA run rate margin, as I discussed in more detail on our last call.

我們也實施了高於最初預期（2.13 億美元至 2.15 億美元）的非 GAAP 調整後 EBITDA 指引，這意味著中間值的利潤率為 20.2%。這項展望反映了RGS的納入，我們預期RGS今年不會對調整後的EBITDA做出貢獻。隨著時間的推移，我們預計將從此次收購中獲得更多協同效應，並且我們仍然預計到 2027 年底，調整後的 EBITDA 運行率利潤率將達到 21%，正如我在上次電話會議上更詳細地討論的那樣。

Non-GAAP adjusted net income for 2026 is expected to be between $150.5 million and $151 million or $2.78 to $2.79 per diluted share. This is based on approximately 57.2 million weighted average diluted shares outstanding, down from 60 million weighted shares outstanding during Q4 2024. We expect our non-GAAP tax rate to remain approximately 21% under current tax rules, and we project full-year 2026 stock-based compensation expense of approximately $40 million to $43 million.

預計 2026 年非 GAAP 調整後淨收入將在 1.505 億美元至 1.51 億美元之間，或每股攤薄收益 2.78 美元至 2.79 美元。這是基於約 5,720 萬股加權平均稀釋後流通股，低於 2024 年第四季的 6,000 萬股加權流通股。我們預計，根據現行稅法，我們的非GAAP稅率將維持在21%左右，我們預計2026年全年股票選擇權費用約為4,000萬美元至4,300萬美元。

In closing, we're pleased with the broad-based momentum in the business that we saw throughout the year. We believe we're well positioned to deliver continued revenue growth and profitability while investing to expand our long-term opportunities.

最後，我們對全年業務的全面發展勢頭感到滿意。我們相信，我們已做好充分準備，在投資拓展長期發展機會的同時，實現持續的收入成長和獲利能力。

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

操作員，請開啟問答環節。

(Operator Instructions) Adam Tindle, Raymond James.

（操作說明）亞當·廷德爾，雷蒙德·詹姆斯。

Okay. And congrats on 2025. Kevin, I wanted to maybe just start with the raise of SaaS guidance. It's a little bit more meaningful than in the past. I know you guys tend to kind of outperform over time and inch that up. But this is a little bit of a bigger bump than we've seen in the past. I understand there might be some RGS contribution.

好的。恭喜您迎接2025年。凱文，我想先從提高 SaaS 指導費開始。它比過去更有意義一些。我知道你們往往會隨著時間的推移而逐漸超越對手，並最終取得進步。但這比我們過去看到的波動更大。我知道RGS可能會做出一些貢獻。

And if you could maybe just break that out a little bit. And then also the organic assumption sounded like you were still expecting healthy organic growth. What are you seeing in the business to underpin that? I think that's obviously not consistent with what the stock has been doing, what kind of the general view on software that Steve outlined. So what's underpinning the organic assumption improvement as well.

如果你能稍微放鬆一下就好了。而且，你所謂的「有機成長」聽起來好像你仍然期待著健康的有機成長。您認為企業內部有哪些因素支撐著這一點？我認為這顯然與股票的走勢以及史蒂夫概述的關於軟體的總體觀點不符。那麼，有機假設改善的根本原因又是什麼呢？

Sure. Adam. Yes, as you noted, we -- since our first look, the SaaS guide at the midpoint went up by about $21 million. There's two components of that. Obviously, that we included RGS in late Q4 of last year. So most of the revenue from that is going to show up from a year-over-year perspective, obviously, in 2026. And then we outperformed excluding that during Q4.

當然。亞當。是的，正如您所指出的，自從我們第一次查看以來，SaaS 指南的中點上漲了約 2100 萬美元。這包含兩個面向。顯然，我們在去年第四季末將RGS納入了業務範圍。因此，從同比角度來看，大部分收入顯然將在 2026 年體現出來。而第四季度，如果排除這部分因素，我們的業績則優於預期。

So I think the best way to think about it is we had some implied year-over-year SaaS growth rate embedded in our first look. I'd say things are maybe slightly better than that. If you excluded RGS, maybe about 10 basis points or so, 10, 20 basis points or so better than that growth rate that we projected. And the rest of the absolute dollar stack on there is really from RGS.

所以我認為最好的理解方式是，我們最初的設想中已經隱含了一些 SaaS 的年增長率。我覺得情況可能比這稍微好一點。如果排除RGS，成長率可能會比我們預測的成長率高出10個基點左右，10到20個基點左右。而剩下的那些絕對美元堆疊其實都來自RGS。

Got it. Okay. Maybe just a follow-up on RGS and EnergyHub in general, since I think it's becoming even more topical for Steve. You described some of the network effects that essentially that are kind of going on in that business. Wonder if you might just take a step back for investors that might be a little newer to this and talk about the competitive environment and EnergyHub's position with RGS, and have you taken a look at like sizing that total market?

知道了。好的。或許可以就 RGS 和 EnergyHub 做個後續報道，因為我覺得這對 Steve 來說變得越來越重要了。你描述了該行業中正在發生的一些網路效應。您不知道您能否退一步，為那些可能對這方面不太熟悉的投資者談談競爭環境以及 EnergyHub 與 RGS 的關係，您是否考慮過對整個市場進行規模估算？

How big could that be over time? Sort of your vision for that business, especially now with the RGS acquisition?

隨著時間的推移，這會有多大？您對這家公司有什麼願景，尤其是在收購RGS之後？

Adam, good question. Yes, in terms of the network effects, I mean, essentially, we want to be the most appealing partner to various folks who may make a device that can play in the ecosystem. So hypothetically, if you're a thermostat maker and you decide to partner with a company that can enable VPPs, you want your thermostat to be used for that purpose in as many places as possible.

亞當，問得好。是的，就網路效應而言，我的意思是，從本質上講，我們希望成為對那些可能製造可以在該生態系統中使用的設備的各方人士最具吸引力的合作夥伴。因此，假設你是一家恆溫器製造商，並且你決定與一家能夠實現虛擬電價的公司合作，你會希望你的恆溫器在盡可能多的地方用於此目的。

And with the acquisition that we announced, we get to a wider array of utilities. And that, of course, makes the value of each device higher. Longer term, the thing we're really in terms of size of market, there are around 100 -- I believe, 130 million meters in North America. Currently, we're transacting business with electric utilities that cover around 50 million of those meters.

透過我們宣布的這項收購，我們將涉足更廣泛的公用事業領域。當然，這也會提高每台設備的價值。從長遠來看，就市場規模而言，北美大約有 1 億——我相信是 1.3 億公尺。目前，我們正在與電力公司進行業務往來，這些電力公司涵蓋了約 5,000 萬個電錶。

But we're still in the very early days of enrollment against those meters. So we're getting about a 5% level of enrollment today on those 50 million meters that we're passing with the EnergyHub offering. And of course, we grow in a couple of different ways -- three different ways actually. First is to drive up that level of enrollment with our utility partners. Second is to continue to add utilities.

但我們目前仍處於推廣使用這些計量器的初期階段。所以，在我們透過 EnergyHub 服務獲得的 5,000 萬個電錶中，今天的註冊率約為 5%。當然，我們的成長方式有很多種——實際上是三種。首先要提高我們與公用事業合作夥伴的合作參與率。第二點是繼續增加公用設施。

We believe we're the share leader at the moment, but we'll continue to add utilities. And then third would be to add more devices and to add categories that are energy consumption categories. So -- that's what we're attempting to do. That's sort of the -- those are the growth drivers in the business. In terms of the competitive framework, there are some smaller competitors in this space.

我們相信我們目前是市場份額領先者，但我們將繼續增加公用事業業務。第三，可以增加更多設備，並增加能耗類別。所以——這就是我們正在嘗試做的事情。這就是企業成長的驅動力。從競爭格局來看，這個領域還有一些規模較小的競爭對手。

But it's pretty hard to sort of cover off all the different areas that a utility partner would want their VPP provider to cover off. So if I jumped into the business today and I'm an upstart, I might attack just, for example, EV charging stations or I might have tried to attack just, for example, swimming pool pumps or hot water heaters or whatever. The problem is it's almost too late to do that today.

但要涵蓋公用事業合作夥伴希望其虛擬電廠供應商涵蓋的所有不同領域，是非常困難的。所以，如果我今天進入這個行業，作為一個創業者，我可能會只瞄準電動車充電站，或者我可能會嘗試只瞄準游泳池水泵或熱水器等等。問題是，現在做這件事幾乎太晚了。

So we think that the utility wants to basically have one partner that can stabilize supply across a wide array of devices, and we think we're pretty well positioned to do that.

因此，我們認為電力公司基本上希望找到一個能夠穩定各種設備供電的合作夥伴，而我們認為我們在這方面處於非常有利的地位。

[Samad Samana], Jefferies.

[Samad Samana]，傑富瑞。

This is [Jordan] on for Samad. Congrats on the strong quarter. Steve, you touched on kind of the primary concern we're hearing from investors around AI and software, which is the risk that software poses. Obviously, your business model seems to be in a position of strength relative to many others. I wanted to just double-click on how you're pivoting R&D internally to capture the opportunity here with AI, and the strong SaaS guide you guys gave, how does that embed either a material demand or monetization that might come from the newer AI features that you're layering into the product?

這是喬丹替補薩馬德上場。恭喜你們本季業績出色。史蒂夫，你剛才提到的正是我們從投資者那裡聽到的關於人工智慧和軟體的主要擔憂，那就是軟體帶來的風險。顯然，相對於其他許多商業模式而言，你的商業模式似乎具有優勢。我想重點了解你們是如何調整內部研發方向，利用人工智慧來抓住這個機會的，以及你們提供的強大的 SaaS 指南，這如何體現你們正在產品中逐步添加的人工智慧新功能所帶來的實際需求或盈利模式？

Yes. Good question. Yes, Jordan, I think really two fronts there. So first, internally, we think about what are the capabilities that we can render that make the solution more accessible or that create more intelligence from each stream of data. So we've done some things already. We've been in market with what we call AI-based deterrence now for well over a year.

是的。問得好。是的，喬丹，我認為那裡確實存在兩個戰線。因此，首先，在內部，我們會思考我們可以提供哪些功能，使解決方案更容易獲取，或從每個資料流中創造更多智慧。我們已經做了一些事情了。我們推出所謂的基於人工智慧的威懾技術已經超過一年了。

We've been in the analytics business, leveraging AI for half a decade anyway. The capabilities are getting stronger every day. We're increasingly looking and working on efforts to make the consumers interface to all of our capabilities, much more streamlined leveraging LLM. So you've seen capability, I think we've mentioned called attribute search, which allows someone to interact with a rich amount of video data in a very efficient sort of text-based way.

我們從事數據分析業務，利用人工智慧已經有五年了。這些能力每天都在增強。我們不斷探索和努力，利用 LLM 讓消費者更輕鬆地使用我們的所有功能。所以你已經看到了我們之前提到的屬性搜尋功能，它允許用戶以非常高效的基於文字的方式與大量的視訊資料進行互動。

So I think you'll see us continue to drive functionality out. And then there's -- in terms of monetization, there's the other side of it, which is can we become more productive or can we do more things. And we're certainly -- it's there, I'd say it's a little bit more early days. There's a lot of evidence of amazing things that one will be able to do. And then there's sort of a question of how many of those things can one actually do today. So we continue to kind of walk down that path and we expect through time though, to drive up productivity on.

所以我認為你會看到我們繼續推出更多功能。然後，就獲利而言，還有另一面，那就是我們能否提高生產力，或者我們能否做更多的事情。當然，現在還處於早期階段。有很多證據表明，人們可以做到很多令人驚嘆的事情。然後就出現了一個問題：如今人們究竟能做到其中多少件事？所以我們會繼續沿著這條路走下去，我們期望隨著時間的推移，能夠提高生產力。

Got it. That makes a lot of sense. That's great to hear. Maybe a quick call for you, Kevin. You mentioned the implied hardware guidance accounts for tariff cost pass-throughs. Obviously, a positive for margins for the business. But I'm curious how you're thinking about how those pass-throughs impact demand broadly? Any feedback from your customers? And then, are you seeing any increase in manufacturing costs related to hardware and how are you thinking about managing those if those are coming up?

知道了。這很有道理。聽到這個消息真是太好了。凱文，或許我需要你打個電話。您提到隱含的硬體指導原則考慮了關稅成本轉嫁。顯然，這對企業的利潤率來說是件好事。但我很好奇您是如何看待這些轉嫁因素對整體需求的影響的？客戶有什麼回饋意見嗎？那麼，您是否注意到硬體相關的製造成本增加？如果發生這種情況，您打算如何應對？

Yes. Jordan, thanks. We dealt with a similar type of cost inflation back during COVID on the hardware line. And when last April, when tariffs started being released, went back and examine what happened during that period of time related to demand, and we couldn't really discern any meaningful change in demand. So our thesis going into this when we first passed through tariffs, it was last June at the base 10% level was that were going into it optimistic that there would be no demand impact.

是的。喬丹，謝謝。我們在新冠疫情期間也遇到類似的硬體成本上漲問題。去年四月，當關稅開始實施時，我們回顧了那段時間的需求情況，發現需求並沒有任何實質的改變。因此，我們最初提出徵收關稅的論點是，去年六月，我們最初將關稅基準設定為 10%，當時我們樂觀地認為不會對需求產生影響。

And I think that bore out through most of the year. we obviously outperformed our initial look last year, our guide. Now that includes about $7 million or $8 million of tariff pass-through revenue. But even excluding that, we would have exceeded it. So no material decrease or discernible decrease in demand yet. Those pass-throughs went up on January 1 to reflect the full tariff.

我認為這一趨勢在今年大部分時間都得到了證實。顯然，我們去年的表現超過了最初的預期和指導方針。這其中包括大約 700 萬至 800 萬美元的關稅轉嫁收入。即使排除這個因素，我們也會超過這個目標。所以目前還沒有出現實質或明顯的需求下降。這些轉嫁費用從1月1日起上調，以反映全部關稅。

So they went up by about 2x, and we're going into this, assuming that there will be no degradation in demand from that either. Related to other manufacturing costs, we've been watching the DRAM market, obviously, that impacts us to some degree. We haven't really seen any cost increases come through related to that yet.

所以它們的價格上漲了大約 2 倍，我們假設這也不會導致需求下降。至於其他製造成本方面，我們一直在關注DRAM市場，顯然，這會在某種程度上影響我們。目前我們還沒有看到任何與此相關的成本增加。

One thing that we're likely to do is probably extend the number of days of inventory that we have on hand by about 30 or 40 or so, early this year to try and derisk the supply chain a little bit from that. So we'll have a little bit more of an investment in working capital to start the year that will unfold over the next couple of months.

我們可能會採取的措施之一是，今年年初將庫存天數增加 30 到 40 天左右，以降低供應鏈面臨的一些風險。因此，我們將在年初增加一些營運資金投入，這將在接下來的幾個月中逐步實現。

But yes, no cost increases yet related to the memory potential memory shortages. Fortunately, our agreements tend to carry the right to pass through third-party costs. So we feel a little bit insulated from that and we'll just sort of deal with that as it comes.

但是，目前還沒有因記憶體短缺等潛在問題而導致的成本增加。幸運的是，我們的協議通常包含將第三方費用轉嫁給對方的權利。所以我們覺得自己多少能免於其影響，到時候再說吧。

Saket Kalia, Barclays.

薩克特·卡利亞，巴克萊銀行。

And great to see the results.

很高興看到結果。

Thanks.

謝謝。

Steve, maybe for you. That was a helpful walk-through earlier on kind of the combined EnergyHub business. And I get the vision in terms of having more devices only makes each other device more valuable to a utility. That makes a lot of sense. Maybe more of a medium-term question. How do you kind of think about synergies there?

史蒂夫，也許對你來說是這樣。先前對 EnergyHub 合併業務的概述很有幫助。我理解這種觀點，即擁有更多設備只會讓每個設備對公用事業公司更有價值。這很有道理。或許這更像是中期問題。你覺得這方面應該如何反映綜效？

Whether that's from a revenue or expense perspective, just as we think about that combined EnergyHub business becoming maybe a bigger, more strategic part of Alarm's overall business. Does that make sense?

無論從收入或支出的角度來看，我們都認為合併後的 EnergyHub 業務可能會成為 Alarm 整體業務中更大、更具策略性的一部分。這樣說得通嗎？

Yes, it makes sense, Saket. Yes, in terms of synergies. So the way we think about it are -- in the early days, we're -- as of right now, we're managing two different platforms that enable the capabilities that RGS and EnergyHub have traditionally rendered. So synergies as of today are not very substantial. We, of course, have some customer synergies already in place.

是的，這很有道理，薩凱特。是的，就協同效應而言。所以我們的想法是——在早期階段，我們——就目前而言，我們正在管理兩個不同的平台，以實現 RGS 和 EnergyHub 傳統上提供的功能。因此，就目前而言，綜效並不顯著。當然，我們已經建立了一些客戶協同效應。

But our outlook is that over the next 12- to 24-months, working with our customer partners there. We will begin to fuse the capabilities -- any unique capabilities that exist in RGS will roll into the EnergyHub platform. And over time, we would begin to see synergies that come from a fusion of those two platforms and to sort of one greater hole, the benefit to the customer, of course, being that the greater hole will be supported by an overall larger R&D engine, a wider array of devices and become more valuable.

但我們的展望是，在接下來的 12 到 24 個月裡，我們將與那裡的客戶合作夥伴共同努力。我們將開始融合各項功能－RGS 中存在的任何獨特功能都將融入 EnergyHub 平台。隨著時間的推移，我們將開始看到這兩個平台融合所帶來的協同效應，從而填補一個更大的空白。當然，這對客戶的好處在於，這個更大的空白將得到更強大的研發引擎和更廣泛的設備的支持，並變得更有價值。

So in terms of the way we've modeled it, it's sort of no synergy this year, very little and then on the -- in terms of EBITDA, but over -- as we sort of look into the 12- to 24-month period, we began to see more material synergies emerge there that will help us, by the way, kind of get EnergyHub. And you're seeing us begin to gain some confidence that EnergyHub by itself is a platform company, and to gain more confidence there we need to gradually see the cash production capacity become more real. And I think that this will help us -- the synergies here will help us get there.

所以就我們目前的模型來看，今年幾乎沒有綜效，或者說協同效應很小。但是，就 EBITDA 而言，當我們展望未來 12 到 24 個月時，我們開始看到更多實質的協同效應出現，這將有助於我們獲得 EnergyHub。你們可以看到，我們開始逐漸相信 EnergyHub 本身就是一個平台公司，而要對此更有信心，我們需要逐步看到現金生產能力變得更加真實。我認為這對我們有幫助——這裡的協同效應將幫助我們實現目標。

That makes a lot of sense. Kevin, maybe for my follow-up for you, just on a slightly different topic or a broader topic. I was wondering how you kind of think about the emerging areas growing in 2026. I think Steve Trundle said, the commercial plus energy, I think that's about 25% of SaaS, it grew about 25% in '25, of course, international would be additive on top of that.

這很有道理。凱文，或許我可以就一個稍微不同的話題或更廣泛的話題跟你探討一下。我想知道您如何看待2026年新興領域的發展前景。我認為史蒂夫·特倫德爾說過，商業加上能源，我認為這大約佔 SaaS 的 25%，在 2025 年增長了大約 25%，當然，國際業務會在此基礎上增加。

If we think about those three businesses sort of in aggregate. How do you think they kind of growing '26 as we think about the different components next year?

如果我們把這三家企業當作一個整體來考慮。你認為隨著我們考慮明年不同的組成部分，他們是如何發展壯大的 '26 的？

Sure. Thanks, Saket. I would expect that they grow between 25% and 30%. Now that obviously includes a little bit of inorganic growth, but that's how we're thinking about it going forward. And by implication that if they grew at that rate, they'll wind up becoming more like 1/3 of total SaaS revenue, if not maybe slightly more.

當然。謝謝你，薩凱特。我預計它們的成長率在 25% 到 30% 之間。當然，這其中也包含一些非有機成長，但這就是我們未來發展的方向。這意味著，如果它們以這種速度成長，最終它們將占到 SaaS 總收入的三分之一左右，甚至可能更多。

Stephen Sheldon, William Blair.

史蒂芬謝爾頓，威廉布萊爾。

First, it seems like you're getting a lot of traction with commercial video solutions. I guess, so if you look at that, has there been anything surprising about how your video capabilities are getting utilized across end markets, property types, use cases, et cetera. And specifically, are there any notable pockets of strength to call out on the broader commercial video side.

首先，看來你們在商業視訊解決方案方面取得了很大的進展。我想，如果你仔細觀察一下，你的視訊功能在終端市場、物業類型、用例等方面的利用情況，有沒有什麼令人驚訝的地方？具體來說，在更廣泛的商業影片領域，是否存在任何值得一提的優勢領域？

And then I think you also talked about expansion motion there as one of the factors supporting growth. So yes, I guess, I'd just love some more color on the growth you're seeing in commercial video.

然後，我想你也提到了擴張運動是支撐成長的因素之一。所以，是的，我想，我只是想更詳細地了解你在商業影片中看到的這種增長情況。

Sure. This is Steve speaking. And yes, we -- the areas that are always best for what we're doing in video tend to be the areas with high crime and high assets. So certainly, strengths are places where those two phenomena exists in the same location. So some -- place like LA, for example, is a great market for our commercial video solution.

當然。我是史蒂夫。是的，我們——在影片領域，最適合我們拍攝的地區往往是犯罪率高、資產多的地區。所以，優勢當然是指這兩種現象同時存在於同一位置的地方。所以像洛杉磯這樣的一些地方，對我們的商業視訊解決方案來說是一個很好的市場。

The strengths are coming right now. I think -- I wouldn't call them surprising because we saw it coming. But the acquisition we did and the commitment we made to Central Station augmented remote video monitoring is a source of strength in the commercial video market. It really enhances the ability to deter a crime before it occurs as opposed to just doing forensic analysis of what has occurred after it has occurred.

優勢正在顯現。我覺得──我不會稱呼他們感到意外，因為我們早就預料到了。但我們進行的收購以及我們對中央站增強型遠端視訊監控的承諾，是我們在商業視訊市場的優勢所在。它真正增強了在犯罪發生前進行預防的能力，而不是僅僅在犯罪發生後進行法醫分析。

So just a sort of a sea change in the way that we think about the role of a camera and what its value is to society and the shift to deterrent. So that's -- that's been the biggest driver. I would say we saw that coming. We've got the right product lineup. There's been a lesser driver, which is just on the commercial side beginning to get some uptick on the international markets.

所以，我們對相機的作用以及它對社會的價值的看法發生了翻天覆地的變化，相機的作用也轉向了威懾。所以，這就是──這就是最大的驅動因素。我覺得我們早就預料到了。我們擁有合適的產品陣容。還有一個較小的驅動因素，那就是商業方面開始在國際市場上出現一些成長。

International always lags what we're doing in North America a bit. And in the last six-months, I would say we've made more progress deploying some of the commercial assets, especially in Latin America, but gradually elsewhere.

國際市場的發展總是比我們在北美的發展稍微落後一些。在過去的六個月裡，我認為我們在部署一些商業資產方面取得了更多進展，尤其是在拉丁美洲，但在其他地方也在逐步推進。

Got it. That's helpful. And then as a follow-up, I guess, high level on spending plans. Can you talk more about areas where you're stepping up reinvestment across the business in 2026. I know R&D is always a major focus. So I guess, any color on kind of where you're maybe stepping up the investments in R&D in any other parts of the business where or maybe reinvesting more than you have historically?

知道了。那很有幫助。然後，我想，接下來應該談談支出計畫的高層層面問題。能否詳細介紹2026年貴公司將在哪些領域加大對業務的再投資？我知道研發一直是公司的重點。所以我想問的是，你們是否會加大對公司其他業務領域研發的投入，或者是否會比以往投入更多資金？

Yes. I would say in general, our view right now is that R&D as a percentage of revenue is about where we where we want it. So we're not planning to surge R&D spend. We're instead really focused on driving more productivity out of R&D. And in the past, we've talked about kind of where we want to end '27, I guess, in terms of overall operating margins in the business, and we're still committed to that.

是的。總的來說，我認為我們目前的觀點是，研發支出佔收入的比例基本上達到了我們理想的水平。因此，我們不打算大幅增加研發投入。我們真正關注的是如何提高研發效率。過去，我們曾討論過到 2027 年底，公司整體營運利潤率應該達到什麼水平，我們仍然致力於實現這一目標。

In the near term, yes, absorbing a couple of different platforms or a new platform on the EnergyHub side will require some effort and some surge capacity. And then I would say we're at a point in time now where -- and I would imagine other companies in a similar position where you have a set of R&D commitments that you've made 12- to 24-months ago that are in process.

短期來看，是的，在 EnergyHub 方面整合幾個不同的平台或一個新平台需要一些努力和一些應急能力。然後我想說，我們現在正處於這樣一個時間點——我想其他處於類似境地的公司也是如此，你們在 12 到 24 個月前做出了一系列研發承諾，這些承諾目前正在進行中。

And then you're simultaneously doing a lot of work to get all of the goodness of what's going on in AI at the same time. So if there were a place where there's some surge, it would be attempting to basically spend both of those wheels at the same time. And I'd say that's underway here now.

同時，你還要做很多工作，才能獲得人工智慧領域所有正在發生的事情所帶來的好處。所以，如果某個地方出現動力激增，它基本上就是試圖同時使用這兩個輪子。我認為這種情況現在正在這裡發生。

Adam Hotchkiss, Goldman Sachs.

Adam Hotchkiss，高盛集團。

I wanted to follow up on EnergyHub and Steve, something you brought up at the beginning of the call. Could you just maybe take a step back and mechanically help investors think about how your EnergyHub business would benefit from the AI-driven data center demand. And then how should investors just more broadly as we track that business through the year? Is there anything in the market that we should be tracking to -- other than quarterly results to try and understand the trajectory of that business?

我想跟進一下 EnergyHub 和 Steve 的情況，這是你在通話開始時提到的。您能否退後一步，從實際操作的角度幫助投資者思考一下，您的 EnergyHub 業務將如何從人工智慧驅動的資料中心需求中受益。那麼，隨著我們全年追蹤該業務的發展，投資者應該如何更廣泛地看待這個問題？除了季度業績之外，市場上還有哪些因素值得我們關注，以便了解該業務的發展軌跡？

Adam, yes. So the data center phenomena is a demand driver for EnergyHub. It's a combination of sort of the requirement for more electricity. That's at the moment driven very much by growth in data centers. as well as this phenomenon where the sources of supply on the grid themselves have become a bit more variable.

是的，亞當。因此，資料中心現像是EnergyHub的需求驅動因素。這是多種因素共同作用的結果，其中之一是對更多電力的需求。目前，這主要受資料中心成長以及電網供電來源本身變得更加不穩定的現象所驅動。

So a smaller percentage of power is coming from, say, a constant rate nuclear facility, a higher percentage of power is coming from more variable sources like solar, wind and others. So those two things together, the data center, plus the increasingly variable sources of supply create more of a need for the utilities to find new sources of power.

因此，來自恆定速率核電廠等能源的電力比例較小，而來自太陽能、風能等較不穩定能源的電力比例較大。因此，資料中心和日益不穩定的電力供應來源這兩件事加在一起，使得公用事業公司更需要尋找新的電力來源。

And I would say they're, therefore, more open to what we do with EnergyHub and the creation of virtual power plants to produce energy at certain points in time when the need is most acute. It's a great driver for us, I guess, I would say. In terms of the second part of the question, tracking how things are doing. I guess, -- I have to point to sort of our updates as the best way to track what we're doing with EnergyHub and how the business is what its trajectory is. I can't think of another way to sort of easily second -- find a second source of information there.

因此，我認為他們更願意接受我們利用 EnergyHub 創建虛擬發電廠，在最需要能源的時候生產能源。我想說，這對我們來說是一個很棒的驅動因素。關於問題的第二部分，即追蹤事情進展。我想，——我必須指出，我們的各種更新是追蹤我們在 EnergyHub 上所做的事情以及該業務的現狀和發展軌蹟的最佳方式。我想不出還有什麼其他方法可以比較容易附和——找到第二個資訊來源。

Okay. Great. Really helpful. And then Kevin, for you, just on the -- just to sort of double click on the margin question. I know we've historically talked about R&D, a big portion of that investment being opportunistic and sort of looking ahead on growth in ROI and opportunities. How should we think about the sort of flat margin trajectory next year?

好的。偉大的。真的很有幫助。然後凱文，對你來說，只需要雙擊一下邊距問題。我知道我們過去一直在談論研發，其中很大一部分投資是機會主義的，著眼於未來的投資報酬率和發展機會。我們該如何看待明年利潤率維持穩定的趨勢？

And how you thought about the trade-off between maybe getting some scale on the revenue growth that you're seeing and improving margins a little bit more quickly versus leading in on the investment side. I guess just trying to understand how we're progressing towards a medium-term margin number?

你如何看待在實現你所看到的營收成長規模並更快地提高利潤率與在投資方面領先之間所做的權衡？我只是想了解我們距離中期利潤率目標還有多遠？

Sure. Thanks, Adam. I think one thing I would point out is that the -- our adjusted EBITDA margins in 2025, for example, contain $4.5 million of unrealized gains on a security in our treasury portfolio. So I think if you were not capturing that, and you were focused on sort of more pure operating results, you'd wind up at something just south of a 20% adjusted EBITDA margin, 19.9%.

當然。謝謝你，亞當。我想指出的一點是，例如，我們 2025 年調整後的 EBITDA 利潤率包含了我們國庫投資組合中某項證券的 450 萬美元未實現收益。所以我認為，如果你沒有捕捉到這一點，而只是專注於更純粹的經營業績，那麼最終的調整後 EBITDA 利潤率會略低於 20%，即 19.9%。

And so on that basis, there's a little bit of progression embedded in our initial guide here from 2025 to what we've signaled is what we anticipate exiting 2027.

因此，基於此，我們最初的指南中蘊含著一些進步，從 2025 年到我們已經表明的我們預計在 2027 年底達到的目標。

And the second component there, I just would highlight is we did complete an acquisition in the fourth quarter. We're not picking up EBITDA margin there. We're taking up sort of 0% EBITDA margin. So yet we sort of still work to absorb that and show a bit of a trajectory here on the bottom line.

第二點我想強調的是，我們在第四季完成了一項收購。我們不打算從中獲得 EBITDA 利潤率。我們的 EBITDA 利潤率幾乎為 0%。所以，我們仍然在努力消化這些影響，並在最終結果上展現出一定的趨勢。

Jack Vander Aarde, Maxim Group.

傑克·范德·阿爾德，Maxim 集團。

Okay. Great. Congrats on the strong finish to the year and a strong outlook as well. A couple of questions. Maybe, Steve, two-part question on the competitive environment within Alarms or North America residential business. Is first in general, any notable trends or changes in the competitive environment that you'd like to speak to?

好的。偉大的。祝賀你們以強勁的勢頭結束了這一年，也祝賀你們擁有良好的未來前景。幾個問題。史蒂夫，或許可以問一個關於北美住宅警報系統業務競爭環境的兩部分問題。首先，整體而言，您想談談競爭環境中有哪些值得注意的趨勢或變化嗎？

And then two, how has Alarm's core business performed relative to that original like 200 basis points headwind that you guys were initially I think forecasting for ADT. Anything you could speak to there and how the business performed up against that.

其次，Alarm 的核心業務相對於你們最初預測 ADT 將面臨的 200 個基點的不利影響表現如何？你可以談談你當時談到的話題，以及公司在這方面的表現。

Sure. Jack. Yes. I don't think on the -- in the core business, we've seen any dramatic change in kind of the competitive landscape. There are always competitors. But we did a lot of the work over the last 15-years to cement a set of relationships with our service providers. I think the service providers are running meaningful chunks of their business on platform. And I would never say that we're insulated from a competitive threat.

當然。傑克。是的。我認為在核心業務方面，我們還沒有看到競爭格局有任何劇烈的變化。競爭者總是存在的。但在過去 15 年裡，我們做了很多工作來鞏固與服務提供者之間的關係。我認為服務提供者在平台上開展了相當一部分業務。我絕不會說我們能夠免於競爭威脅。

But we're in a strong position, especially if we continue to make our offering better and deliver on what we say we're going to deliver upon. So feeling relatively good about the competitive environment at the moment. In terms of the how much or what I can say about the 200-bps headwind. It didn't manifest as fully as expected.

但我們處於有利地位，特別是如果我們繼續改進我們的產品和服務，並兌現我們承諾要兌現的事情。所以目前我對競爭環境感覺還不錯。至於我能對這 200 個基點的逆風說些什麼，或是說說我的看法。它並沒有像預期的那樣完全顯現出來。

We sort of point folks to ADT's own comments about their transition and I think their comment was they had transitioned roughly, I believe, in the third quarter, I think they said 25% of the business or so. So that probably gives you a little bit of a directional input there on how that has gone. It hasn't been as dramatic in '25 as what maybe was initially expected, but is still something that we have modeled into 2026.

我們建議大家參考 ADT 自己關於其轉型情況的評論，我認為他們的評論是，他們大約在第三季度完成了轉型，他們說轉型了大約 25% 的業務。所以這或許能讓你對事情的進展有個大致的了解。2025 年的情況可能沒有最初預期的那麼劇烈，但我們仍然將其納入了 2026 年的預測模型中。

Got it. Okay. That's very helpful. And then maybe just another one for Kevin, maybe on the core business as well. The outperformance in growth sounds like it's been heavily ARPU expansion driven. Certainly, strong video attach rates. Can you maybe just touch on anything you're seeing in the installed base for the North American business? Has that performed? Is it up? Or is it kind of in line with your expectations? And then does that play a role at all in your raised SaaS pens for 2026 for the install base lever?

知道了。好的。那很有幫助。然後也許再給凱文一個問題，也許也跟核心業務有關。成長方面的優異表現似乎主要得益於每用戶平均收入 (ARPU) 的擴張。當然，影片附加率很高。您能否簡單談談您在北美業務的裝機量方面觀察到的情況？效果如何？上線了嗎？或者說，這基本上符合你的預期？那麼，這在您為 2026 年提高 SaaS 安裝基礎槓桿的預測中是否發揮了作用？

Yes. Jack, thanks. Yes. So as Steve mentioned, a lot of the growth in that segment or the majority of the growth sort of comes through ARPU dynamics. And it's kind of a 70-30, 75-25 kind of thing tilted between sort of pricing and ARPU. Most of that is related to just organic product-led feature adoption as opposed to just sort of pure -- pure pipe pricing increases. There's always a very little bit of that.

是的。傑克，謝謝。是的。正如史蒂夫所提到的，該細分市場的大部分成長，或者說大部分成長，都來自於 ARPU 的動態變化。這有點像是價格和 ARPU 之間 70/30 或 75/25 的比例。其中大部分與產品自發的功能採用有關，而不是單純的管道價格上漲。總是會有一點點這樣的成分。

But for the most part, that's basically just product adoption, led by video for the most part. And one data point that has consistently been true for the past number of years is that 20% to 25% of the cameras that we sell actually go into the installed base. And so there's a pretty constant movement sort of through the installed base, and that's been there for about five-years where they start taking video, where they increased the number of video cameras they have, they're buying video cameras that support more capabilities, which leads to basically a package upgrade. That's a pretty consistent hallmark of the model.

但總的來說，這基本上只是產品推廣，而影片推廣是其中最重要的因素。過去幾年一直不變的一點是，我們銷售的攝影機中有 20% 到 25% 最終被安裝到用戶設備中。因此，已安裝的設備數量一直在不斷變化，這種情況已經持續了大約五年，他們開始拍攝視頻，增加了攝影機的數量，購買了功能更強大的攝影機，這基本上導致了整套設備的升級。這是模型的一個相當一致的標誌性特徵。

Excellent. That's a great data point. I appreciate the time, guys, Solid results.

出色的。這是一個非常重要的數據點。感謝各位抽出時間，結果很棒。

[Eli Smith], JPMorgan.

[Eli Smith]，摩根大通。

This is [Bill] on for Ella. So first, I wanted to ask, can you frame EnergyHub's growth using a few incremental operating KPIs such as total DER assets under management, gigawatts under control, opt-in or retention rates or the exist?

這是比爾為艾拉主持節目。首先，我想問一下，您能否使用一些增量營運 KPI 來描述 EnergyHub 的成長，例如管理的 DER 資產總數、控制的千兆瓦數、選擇加入率或保留率或退出率？

Yes. I think the main way we portray their growth is probably on the percentage of the market that they are in a position to service. So a moment ago, I mentioned that there are roughly 130 million meters in North America, and EnergyHub is now in a position to service those residences on about 50 million of those meters.

是的。我認為，展現他們成長的主要方式可能是看他們能夠服務的市場佔有率百分比。剛才我提到，北美大約有 1.3 億個電錶，而 EnergyHub 現在有能力為其中約 5,000 萬個電錶上的居民提供服務。

That's obviously -- that's a number that we watch closely, is how many homes passed can we take advantage of with the EnergyHub offering. And the other one then is, of course, what you're passing that number of homes, what percentage of those are you actually enrolling in a program. There, I mentioned that were enrolling roughly today around 5% of the homes we pass.

很顯然，我們密切關注這個數字，即我們可以透過 EnergyHub 服務惠及多少個家庭。當然，另一個問題是，你走訪了這麼多家庭，其中有多少百分比的家庭實際上參加了該計畫。我在那裡提到，我們今天大約有 5% 的家庭註冊了我們的服務。

Obviously, we'd like to drive that number up some. I think it's not inconceivable that we'll see that number move up to 10%. So as we think about the growth drivers, it's -- what percentage of homes in North America are we in a position to service with the relationships we have with the utilities. And then of those that we're in position for, what percentage are we actually enrolling in our program.

顯然，我們希望這個數字能再提高一些。我認為這個數字上升到 10% 並非不可能。因此，當我們思考成長動力時，問題在於——憑藉我們與公用事業公司建立的關係，我們能夠為北美多少百分比的家庭提供服務。那麼，在我們這些具備條件的人群中，我們實際招收的人數比例是多少呢？

Those are the two primary things. The third is really how many different categories of devices that consume power, are we simultaneously servicing. You've got thermostat, you have the EV charger, you have the battery, in some cases, have pull pumps. In some cases, you have water heaters. The wider the number of devices, the better.

這是兩件最重要的事。第三個問題是，我們同時為多少種不同類型的耗電設備提供服務。你有恆溫器，你有電動車充電器，你有電池，在某些情況下，還有拉泵。有些情況下，你會用到熱水器。設備數量越多越好。

Got it. That's very helpful. And just as a follow-up, term penetration among large utilities is often cited at about 30% to 40% moving higher over time. So where do you see the next leg of adoption to move that penetration rate higher, and how are sales cycles and integration backlogs trending?

知道了。那很有幫助。此外，大型公用事業公司的長期滲透率通常約為 30% 至 40%，並且隨著時間的推移而不斷提高。那麼，您認為下一步推動市場滲透率上升的關鍵是什麼？銷售週期和整合積壓情況又如何呢？

Yes, I would say that penetration today is probably -- sort of becomes a question of what are we actually measuring penetration on? So what's the denominator. But if went back to that number of meters metric at $130 million. And then we said we're today at $50 million, we're getting to a number that's right in sort of the range that you said. So I would probably use that one, 30% to 40%.

是的，我認為如今的滲透率可能──某種程度上變成了一個問題，那就是我們究竟在用什麼來衡量滲透率？那麼分母是什麼呢？但如果回到以公尺為單位的公制單位，價格是 1.3 億美元。然後我們說，我們今天已經達到了 5000 萬美元，我們正接近你所說的數字範圍。所以我可能會用那個，30%到40%。

I think that the drivers are multifold. First, just the increased need that many utilities have for additional supply that's driven by electrification of vehicles, and it's driven by data centers. So that should be a driver we continue to see. In terms of the sales cycle, it is a very long sales cycle. I mean, oftentimes, it starts with a pilot, you sometimes have a regulatory body that needs to be involved or needs to approve a program.

我認為驅動因素有很多。首先，許多公用事業公司對額外供電的需求不斷增加，這是由於車輛電氣化和資料中心的發展。所以這應該會是我們持續關注的一個驅動因素。就銷售週期而言，這是一個非常長的銷售週期。我的意思是，很多時候，一切都始於試點項目，有時需要監管機構的參與或批准某個項目。

So the sales cycles can take years in some cases. But I think that the current shortage of supply is allowing us to shorten those sales cycles some and has given us some optimism about latter part of this year and next year.

因此，在某些情況下，銷售週期可能需要數年時間。但我認為，目前的供應短缺使我們能夠縮短一些銷售週期，並讓我們對今年下半年和明年抱持一些樂觀態度。

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

我目前不會再提出其他問題。至此，今天的報告就結束了。感謝您的參與。現在您可以斷開連接了，祝您度過美好的一天。