Alarm.com Holdings, Inc. (ALRM) 2026 Q1 法說會逐字稿

Good, Day and thank you for standing by. Welcome to the Alarm.com first-quarter 2026 earnings conference call. (Operator Instructions) Please be advised today's conference is being recorded.

各位好，感謝您稍候。歡迎參加 Alarm.com 2026 年第一季財報電話會議。（接線員指示）請注意，今天的會議將被錄音。

I would like to hand the conference over to your speaker today, Matthew Artman. Please go ahead.

我想將會議交給今天的發言人 Matthew Artman。請開始。

Thank you. Good afternoon, everyone, and welcome to Alarm.com's first quarter 2026 earnings conference call. Please note that this call is being recorded. Joining us today on our call, we will be making forward-looking statements, which are predictions, projections, estimates, and 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。各位下午好，歡迎參加 Alarm.com 2026 年第一季財報電話會議。請注意，本通話將被錄音。今天與會期間，我們將作出前瞻性陳述，包括對未來事件的預測、推估、估計及其他陳述。這些陳述係基於目前的預期與假設，並受風險與不確定性影響，可能導致實際結果與我們目前的預期出現重大差異。

We refer you to the risk factors discussed in our Form 8-K and the associated press release, which were filed with the SEC earlier today. The call is subject to these risk factors, and we encourage you to review that.

我們請您參閱我們今天稍早向美國證券交易委員會（SEC）提交的 Form 8-K 及其隨附新聞稿中所討論的風險因素。本次電話會議亦受該等風險因素約束，我們鼓勵您加以審閱。

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.

Alarm.com 不承擔更新前瞻性陳述或其他僅截至其各自日期之資訊的義務。此外，本次電話會議將討論若干非 GAAP 財務衡量指標。GAAP 與非 GAAP 指標之調節表可於我們投資人關係網站上今日發布的新聞稿中查閱。

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

我把電話交給 Steve Trundle。Steve。

Thank you, Matt. Good afternoon, and welcome, everyone. We're pleased to report first-quarter results that exceeded our expectations. Our SaaS and license revenue in the first quarter was $181.5 million, up 10.8% year over year. Our adjusted EBITDA in the quarter was $49.6 million. Our results continue to reflect contributions from across our businesses, with nearly every area running at or slightly above the plan we set out for the year.

謝謝你，Matt。各位下午好，歡迎大家。我們很高興報告第一季業績超出我們的預期。本季 SaaS 與授權收入為 1.815 億美元，年增 10.8%。本季調整後 EBITDA 為 4,960 萬美元。我們的結果持續反映各項業務的貢獻，幾乎每個領域都依照或略高於我們年初所訂的計畫在運行。

We had a bit of revenue in the Energy Hub business move forward from the third quarter, but aside from this modest anomaly, the results are broad-based reflection of how our various business units performed. While our results are more than solid, there were a few bumps along the way in the quarter.

Energy Hub 業務有一小部分收入從第三季提前到本季入帳；除這個小幅異常外，整體結果廣泛反映我們各業務單元的表現。雖然結果相當穩健，但本季過程中仍有幾個小波折。

First, in January and February, we saw new homebuilding and other business activity impacted by the long spell of snow and ice due to the extreme cold weather that impacted much of the US. Installation activity was greatly reduced for about three weeks and then bounced back strong and accelerated through March, reflecting the durability of demand.

首先，在一月與二月，由於極端寒冷天氣影響美國多數地區，長時間的降雪與結冰使新屋建造及其他商業活動受到影響。安裝活動約有三週大幅減少，之後強勁反彈並在三月加速，反映需求的韌性。

Toward the end of the first quarter, we also began to deal with supply chain volatility related to standard memory availability as manufacturers shifted more production to sell into the HBM category for AI data centers. This has led to the widely reported substantial cost increases for the memory we use in cameras and other products.

在第一季接近尾聲時，我們也開始面對與標準記憶體供應相關的供應鏈波動，原因是製造商將更多產能轉向 HBM 類別，以供應 AI 資料中心。這導致我們用於攝影機及其他產品的記憶體成本出現廣泛報導的顯著上升。

We're actively working to manage both supply chain availability of memory and the cost expansion caused by this market dynamic and expect these challenges to continue until the memory market corrects. As a reminder to investors, the portfolio of businesses that we consolidate into our quarterly results spans multiple markets at different stages of development.

我們正積極管理記憶體的供應鏈可得性，以及此市場動態造成的成本擴張，並預期這些挑戰將持續，直到記憶體市場修正為止。提醒投資人，我們合併進季度財報的業務組合橫跨多個市場，且各自處於不同發展階段。

Our commercial business includes Alarm.com for Business, OpenEye, CHeKT, and Shooter Detection Systems. These commercial businesses are all growing as the security and access control markets evolve towards integrated, cloud-based, AI-driven solutions.

我們的商用業務包括 Alarm.com for Business、OpenEye、CHeKT 與 Shooter Detection Systems。隨著安防與門禁控制市場朝向整合式、雲端化、AI 驅動的解決方案演進，這些商用業務皆持續成長。

Our energy business, Energy Hub continues to be a meaningful growth contributor and represents a growing share of our overall revenue mix. The Energy Hub platform provides mission-critical distributed IoT management solutions that help utilities address long-term structural pressures on grid reliability and infrastructure.

我們的能源業務 Energy Hub 仍是重要的成長貢獻者，並在整體營收組合中占比持續提升。Energy Hub 平台提供關鍵任務等級的分散式 IoT 管理解決方案，協助公用事業因應電網可靠度與基礎設施所面臨的長期結構性壓力。

Our core residential business provides a large, durable foundation with a large TAM and a highly productive service provider channel. Structurally high revenue retention is due to the wide range of physically installed devices that subscribers interact with through our application every day.

我們的核心住宅業務提供龐大且具韌性的基礎，擁有很大的 TAM（總可服務市場）以及高生產力的服務供應商通路。結構性偏高的營收留存率，來自於訂戶每天透過我們的應用程式與各式已實體安裝的裝置互動。

In each business, we deliver software that orchestrates connected devices at scale. This enables us to leverage AI to improve ease of use, unlock new use cases, and make our solutions increasingly essential to both security and operational workflows.

在每一項業務中，我們提供可大規模協調連網裝置的軟體。這使我們能運用 AI 提升易用性、解鎖新的使用情境，並讓我們的解決方案在安全與營運工作流程中愈發不可或缺。

In our commercial offerings, where an enterprise may have dozens or even hundreds of video cameras installed, AI-driven use cases are particularly valuable. OpenEye, our enterprise commercial video business, released several capabilities during the quarter that fit this profile.

在我們的商用產品中，企業可能安裝數十甚至數百支影像攝影機，AI 驅動的使用情境特別有價值。我們的企業級商用影像業務 OpenEye 在本季發布了多項符合此特性的功能。

One is a powerful new capability called AI Visual Check. AI Visual Check can detect and issue real-time notifications when a fire exit is blocked, a shelf needs restocking, or a security post is unattended. Customers managing large properties or multi-site environments can use AI Visual Check to reduce reliance on manual safety protocol oversight, enabling faster responses to operational issues and improving security compliance across geographically disparate locations.

其中之一是名為 AI Visual Check 的強大新功能。AI Visual Check 可在消防出口被阻擋、貨架需要補貨或保全崗位無人值守時進行偵測並發出即時通知。管理大型物業或多據點環境的客戶可使用 AI Visual Check 降低對人工安全流程監督的依賴，加快對營運問題的回應速度，並提升跨地理分散地點的安防合規性。

OpenEye also introduced AI Visual Search. This allows security personnel to describe what they're looking for using natural language and retrieve relevant forensic results. They can quickly locate specific moments, objects, or activities across their broad video environment. Both capabilities are included in OpenEye's premium video subscription service, and end-customer adoption of that service is rapidly growing.

OpenEye 也推出了 AI Visual Search。此功能讓安保人員可用自然語言描述要尋找的內容，並擷取相關的鑑識結果。他們能在廣泛的影像環境中快速定位特定時刻、物件或活動。這兩項功能皆包含在 OpenEye 的高階影像訂閱服務中，而終端客戶對該服務的採用正快速成長。

Before I hand things over to Kevin, I want to discuss our share repurchase program. During the last two quarters, we purchased over 800,000 shares of our common stock, including over 400,000 shares during the first quarter.

在我把電話交給 Kevin 之前，我想談談我們的庫藏股回購計畫。在過去兩個季度，我們回購了超過 80 萬股普通股，其中第一季回購超過 40 萬股。

Last week, our Board authorized the purchase of up to an aggregate of $150 million of our outstanding common stock over the next two years. As I expressed on last quarter's call, we believe that AI is primarily an opportunity for Alarm.com, and we will therefore seek to take advantage of any SaaS universe dislocations in the market while still maintaining balance sheet capacity to also pursue acquisitions opportunistically as we have done over the last several years.

上週，我們董事會核准在未來兩年內回購最多合計 1.5 億美元的流通普通股。如同我在上季電話會議所表示，我們認為 AI 對 Alarm.com 主要是機會，因此在維持資產負債表承載能力、以便如過去數年般把握時機進行策略性併購的同時，我們也將尋求利用市場中 SaaS 產業可能出現的錯位。

In summary, I'm pleased with our first quarter results. We remain focused on creating long-term value for our service providers and their customers across residential, commercial, and energy markets, and in the process, creating value for our long-term shareholders. 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.

總結而言，我對第一季結果感到滿意。我們仍專注於在住宅、商用與能源市場為我們的服務供應商及其客戶創造長期價值，並在此過程中為長期股東創造價值。我要感謝我們的服務供應商夥伴與團隊的辛勤付出，也感謝投資人持續信任我們的業務。

With that, I'll turn things over to Kevin Bradley to review our detailed financials for the quarter and our updated guidance. Kevin?

接下來，我把電話交給 Kevin Bradley，請他回顧本季的詳細財務表現以及我們更新後的財測指引。Kevin？

Thanks, Steve. I'll begin by reviewing highlights from our first quarter financial results and then close with our updated guidance for the second quarter and full year 2026, including several moving parts in our hardware outlook.

謝謝，Steve。我將先回顧第一季財務結果的重點，最後提供我們更新後的第二季與 2026 全年指引，其中也包含硬體展望中的幾個變動因素。

A few months into the year, I'm pleased to report results that continue to demonstrate the durability and resilience of our target markets and business model. We're fortunate to have partnerships with thousands of talented operators who time and again prove their ability to navigate complex and dynamic market environments while delivering mission-critical IoT-based services across the globe.

在今年進行數個月後，我很高興報告，我們的結果持續展現目標市場與商業模式的耐久性與韌性。我們很幸運能與數千位優秀的營運夥伴合作，他們一次又一次證明自己能在複雜且動態的市場環境中前行，同時在全球提供關鍵任務等級、以 IoT 為基礎的服務。

SaaS and license revenue grew 10.8% year over year to $181.5 million during the quarter, exceeding the midpoint of our guide by $5.6 million. A driving factor here is our revenue retention rate of over 95% for the quarter, one of the highest readings on this metric in the past 10 years.

本季 SaaS 與授權收入年增 10.8% 至 1.815 億美元，較我們指引中位數高出 560 萬美元。主要驅動因素之一是本季營收留存率超過 95%，為過去 10 年此指標的最高水準之一。

Another factor contributing to the SaaS beat is the continued outperformance at Energy Hub. As a reminder, Energy Hub revenue recurs on an annual basis, and seasonality can vary based on utility program activity and other factors.

另一個促成 SaaS 超預期的因素，是 Energy Hub 持續優於預期的表現。提醒一下，Energy Hub 的收入以年度為週期重複發生，而季節性可能會因公用事業方案活動及其他因素而有所不同。

Hardware and other revenue totaled $83.7 million, up 11.5% year over year, and total revenue grew 11% year over year to $265.2 million. As you'll recall, on January 1, we began passing through the higher tariff rates that had been implemented under the International Emergency Economic Powers Act.

硬體及其他收入合計 8,370 萬美元，年增 11.5%；總收入年增 11% 至 2.652 億美元。如您所記得，自 1 月 1 日起，我們開始轉嫁依《國際緊急經濟權力法》（International Emergency Economic Powers Act）所實施的較高關稅稅率。

Approximately $5 million of our Q1 hardware revenue is from those pass-throughs. We continue to charge those fees today, consistent with the rates we paid to US Customs and Border Protection upon import for the inventory we're currently selling. I'll address the expected impact of the February Supreme Court ruling on hardware revenue when I provide our updated guidance for full-year 2026.

我們第一季硬體收入中約有 500 萬美元來自這些轉嫁項目。我們目前仍持續收取這些費用，與我們在進口、就目前銷售的庫存向美國海關與邊境保護局（US Customs and Border Protection）支付的稅率一致。我將在提供 2026 全年更新指引時，說明二月最高法院裁決對硬體收入的預期影響。

Hardware gross margin came into the upside at 25.2%, which can be attributed to the mix of products sold, skewing towards commercial products generally, and in particular in the commercial video business. Total operating expenses, excluding depreciation and amortization, as well as stock-based compensation and other items we adjust from G&A for non-GAAP purposes were $125.1 million, a 9.3% increase year over year.

硬體毛利率優於預期，達到 25.2%，主要可歸因於銷售產品組合的影響，整體上更偏向商用產品，尤其是在商用影像（video）業務方面。總營業費用（不含折舊與攤銷，以及以股份為基礎的薪酬，並排除我們為非 GAAP 目的自 G&A 調整的其他項目）為 1.251 億美元，年增 9.3%。

Note that sales and marketing expense in the quarter includes our presence at ISC West, our largest trade show presence of the year. The event moved from the second quarter last year into the first quarter this year.

請注意，本季的銷售與行銷費用包含我們參與 ISC West（我們一年中規模最大的展會）。該活動去年從第二季移至今年第一季舉行。

R&D expense in the quarter, inclusive of stock-based compensation, was $72.1 million, a 5.4% increase year over year. The total number of employees we have in R&D functions at the end of Q1 2026 was 1,140, up 1% year over year.

本季研發費用（包含以股份為基礎的薪酬）為 7,210 萬美元，年增 5.4%。截至 2026 年第一季末，我們在研發職能的員工總數為 1,140 人，年增 1%。

Non-GAAP adjusted EBITDA was $49.6 million, slightly higher than we anticipated due to the revenue outperformance we saw during the quarter. GAAP net income was $23.6 million in the first quarter, down from $28 million in the prior year. The primary driver here is lower interest income because we're holding less excess cash after retiring $500 million of convertible notes in January 2026.

非 GAAP 調整後 EBITDA 為 4,960 萬美元，因本季營收表現優於預期而略高於我們原先預估。第一季 GAAP 淨利為 2,360 萬美元，低於去年同期的 2,800 萬美元。主要原因是利息收入較低，因為我們在 2026 年 1 月償還 5 億美元可轉換公司債後，持有的超額現金較少。

Non-GAAP adjusted net income was $34.7 million in the quarter, an increase from $32.2 million in the year ago quarter. We produced $0.65 of earnings per diluted share, which is up 14% year over year. We ended the quarter with $497.4 million of cash on the balance sheet and produced $49.7 million of free cash flow.

本季非 GAAP 調整後淨利為 3,470 萬美元，高於去年同期的 3,220 萬美元。我們稀釋後每股盈餘為 0.65 美元，年增 14%。本季末資產負債表上的現金為 4.974 億美元，並產生 4,970 萬美元自由現金流。

We repurchased 428,000 shares of stock during the quarter for $20 million, bringing our total share repurchases since the beginning of 2025 to 1.2 million shares. As Steve mentioned, our Board recently authorized $150 million of repurchases over the next two years.

本季我們以 2,000 萬美元回購 42.8 萬股股票，使得自 2025 年初以來的累計回購股數達到 120 萬股。如 Steve 所提，我們董事會近期核准未來兩年內額外回購 1.5 億美元。

Before turning to our financial outlook, I wanted to comment on an improvement that we've made to the definition of our non-GAAP profitability metrics. Several times in the past year, you've heard us refer to results being impacted by mark-to-market gains or losses on equity positions included in our treasury portfolio.

在談到我們的財務展望之前，我想先說明我們對非 GAAP 獲利指標定義所做的一項改進。過去一年中，你們多次聽到我們提到，結果會受到我們資金（treasury）投資組合中所包含之股權部位按市價評價（mark-to-market）損益的影響。

Because we're not in the business of active investing, we've determined that the fluctuations in market value of these securities do not relate to the operating performance of the business from period to period. As such, we'll be excluding these fluctuations from our non-GAAP profitability metrics prospectively, including any reference to comparable periods in the past.

由於我們並非從事主動投資業務，我們認定這些證券市值的波動，並不反映公司在各期之間的營運表現。因此，未來我們將把這些波動自非 GAAP 獲利指標中排除，並且在提及過去可比較期間時也同樣排除。

Under this new definition, for example, our non-GAAP adjusted EBITDA during fiscal year 2025 would have been $201.3 million rather than $206 million. Our non-GAAP adjusted net income would have been $142 million versus $145.7 million and our non-GAAP earnings per diluted share would have been $2.55 versus $2.62.

例如，在此新定義下，我們 2025 會計年度的非 GAAP 調整後 EBITDA 將為 2.013 億美元，而非 2.06 億美元。我們的非 GAAP 調整後淨利將為 1.42 億美元，而非 1.457 億美元；非 GAAP 稀釋後每股盈餘將為 2.55 美元，而非 2.62 美元。

I will reiterate that we clearly articulated this $4.7 million non-GAAP adjusted EBITDA tailwind for 2025 on our last earnings call and have been disclosing it in our quarterly filings as well. And we currently plan to continue providing similar disclosures in our filings.

我再次強調，我們在上次財報電話會議中已清楚說明這 470 萬美元對 2025 年非 GAAP 調整後 EBITDA 的正向影響（tailwind），並且也已在季度申報文件中揭露。我們目前也計畫在申報文件中持續提供類似揭露。

I'll turn now to our financial outlook. For the second quarter of 2026, we expect SaaS and license revenue of between $185.5 million and $185.7 million. For the full year of 2026, we are raising our SaaS and license revenue outlook to between $749.5 million and $750.5 million. This is an increase from prior guidance of $6 million at the midpoint.

接下來談我們的財務展望。對於 2026 年第二季，我們預期 SaaS 與授權收入介於 1.855 億至 1.857 億美元。對於 2026 年全年，我們將 SaaS 與授權收入展望上調至 7.495 億至 7.505 億美元。以中位數計，較先前指引上調 600 萬美元。

We're raising our total revenue outlook for 2026 to be between $1.0595 billion and $1.0705 billion, which includes hardware and other revenue of between $310 million and $320 million. The modest reduction at the midpoint on the hardware line since our February update reflects a couple of exogenous dynamics.

我們將 2026 年全年總營收展望上調至 10.595 億至 10.705 億美元，其中包含硬體及其他收入 3.10 億至 3.20 億美元。相較我們 2 月更新的展望，硬體項目中位數的小幅下調反映了幾項外生因素（exogenous dynamics）。

The primary factor in our updated hardware outlook follows the Supreme Court ruling in late February 2026. That tariffs implemented using the International Emergency Economic Powers Act were unauthorized. While it doesn't change the fact that we paid those tariffs on products imported through that date, it does mean that once we've sold that product subjected to those tariffs, we'll be lowering our tariff pass-through fees to reflect the new, lower tariffs that the administration put into place immediately following that ruling.

我們更新後的硬體展望，主要因素源自 2026 年 2 月下旬最高法院的裁決：依據《國際緊急經濟權力法》（International Emergency Economic Powers Act）所實施的關稅未獲授權。雖然這不改變我們在該日期之前進口產品時已支付關稅的事實，但這意味著，一旦我們售出那些被課徵該等關稅的產品後，我們將下調關稅轉嫁費用（tariff pass-through fees），以反映該裁決後政府立即實施的新、較低關稅。

As a general rule of thumb, those new tariffs are about half of what the old ones were as of right now. We anticipate that change occurring towards the end of Q2. So if we were running at $5 million of tariff pass-through fees per quarter in Q1, then this represents approximately $5 million less in tariff pass-through fees during the second-half of the year relative to our prior outlook.

一般而言，截至目前，新關稅大約是舊關稅的一半。我們預期此變動將在第二季末左右發生。因此，若我們在第一季每季約有 500 萬美元的關稅轉嫁費用，則相較先前展望，這代表在下半年關稅轉嫁費用約少 500 萬美元。

A second factor is something that Steve just mentioned, and that is that we are monitoring the turbulence in the memory market and evaluating the impact to our hardware business. The cost impacts that we are seeing there will require that we increase prices for our products that use memory, and we do not yet know if or how these price increases will affect demand. As such, our outlook on the hardware revenue line is cautious at this point in the year, despite the outperformance in Q1.

第二個因素是 Steve 剛提到的：我們正在關注記憶體市場的動盪，並評估其對我們硬體業務的影響。我們看到的成本影響將迫使我們提高使用記憶體之產品的售價，而我們尚不確定這些漲價將如何或是否會影響需求。因此，儘管第一季表現優於預期，但在今年此時點，我們對硬體營收項目的展望仍偏審慎。

We are raising our non-GAAP adjusted EBITDA outlook for 2026 to between $215 million and $216 million, a $1.5 million increase at the midpoint. The 20.2% adjusted EBITDA margin implied by the midpoint is consistent with our prior guide and represents 30 basis points of margin expansion year over year.

我們將 2026 年非 GAAP 調整後 EBITDA 展望上調至 2.15 億至 2.16 億美元，以中位數計上調 150 萬美元。中位數所隱含的 20.2% 調整後 EBITDA 利潤率與先前指引一致，並代表年增 30 個基點的利潤率擴張。

Non-GAAP adjusted net income for 2026 is projected to be between $151.5 million and $152 million, or $2.81 to $2.82 per diluted share, a 10% year over year increase. EPS is based on approximately 56.9 million weighted average diluted shares outstanding for the year. We currently project our non-GAAP tax rate for 2026 to remain at 21% under current tax rules. We expect full-year 2026 stock-based compensation expense of between $35 million and $37 million.

2026 年非 GAAP 調整後淨利預估為 1.515 億至 1.52 億美元，或稀釋後每股 2.81 至 2.82 美元，年增 10%。EPS 係以全年約 5,690 萬股加權平均稀釋在外股數為基礎計算。我們目前預估 2026 年非 GAAP 稅率在現行稅制下維持 21%。我們預期 2026 年全年以股份為基礎的薪酬費用介於 3,500 萬至 3,700 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 delivered a solid quarter against our plan, and we believe we are well positioned to deliver continued revenue growth and profitability while investing to expand our long-term growth opportunities.

最後，我對今年迄今我們在業務上所看到的廣泛動能感到滿意。我們本季依計畫交出穩健表現，並相信在持續投資以擴大長期成長機會的同時，我們已具備良好條件，得以持續實現營收成長與獲利能力提升。

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

接下來，接線員，請開放問答環節。

(Operator Instructions)

（接線員指示）

Adam Hotchkiss, Goldman Sachs.

Adam Hotchkiss，高盛。

Great. Thanks so much for taking the question. I guess, Steve, was the widest beat, I think, at least that I can remember on the SaaS and license line in at least a number of years. What would you say drove that? It's particularly interesting to see that line re-accelerate when I know historically we had been talking about ADT being a couple 100 basis point headwind. It doesn't really seem like that's showing up in your numbers. So maybe just walk us through the moving pieces and what's driving the maintenance of that 10 percentage growth rate here?

很好。非常感謝讓我提問。我想，Steve，至少就我記憶所及，SaaS 與授權這一項的超預期幅度，應該是至少好幾年來最大的一次。你認為是什麼驅動了這點？特別有意思的是，當我知道過去我們一直在談 ADT 會帶來約 200 個基點的逆風時，現在看到這一項重新加速；但看起來那並沒有反映在你們的數字上。所以能否帶我們梳理一下各項變動因素，以及是什麼在驅動這裡 10% 成長率的維持？

Sure, Adam. I'll start, and I'll probably hand it to Kevin to fill in the blanks a little bit. But at a high level, everything was slightly above plan, so we had a little bit of a tailwind against our plan. But the big drivers really were the revenue retention rate, and then which is sort of unusually high versus our traditional range. I believe we're at like 95.4% on the rev retention line.

當然，Adam。我先回答，之後可能請 Kevin 補充一些細節。但從高層次來看，各項表現都略高於計畫，因此相對於我們的計畫有一些順風。不過最大的驅動因素其實是營收留存率（revenue retention rate），而且這個數字相較我們傳統區間算是異常地高。我相信我們的營收留存率大約是 95.4%。

And then we had a little bit, I think I mentioned that we had a little bit of revenue move from the third quarter on the Energy Hub side into the first quarter as we had sort of one meaningful agreement adjusted in the way it's structured. But those are the off the top of my head, I think those are the primary drivers.

然後我們還有一點點——我想我有提到，我們在 Energy Hub 這邊有一小部分營收從第三季移到第一季，因為我們把一項相當重要的協議在結構安排上做了調整。不過就我目前想到的，這些應該是主要的驅動因素。

Do you have anything that I missed there?

我有漏掉什麼嗎？

Yeah, I think those are the two primary drivers. If I add some numbers behind that, the difference between running at 95.4% revenue retention and sort of 94% the high end of our historical range is $2 million to $2.5 million per quarter. So that's by far the biggest chunk. The Energy Hub component of that beat was another couple of million dollars. And as Steve said, about half of that pulled forward from Q3.

對，我認為這兩個是主要驅動因素。如果我補上一些數字，營收留存率跑在 95.4% 相較於我們歷史區間高端大約 94% 的差異，大約是每季 200 萬到 250 萬美元。所以這是最大的一塊。這次超預期的另一部分來自 Energy Hub，約再多個幾百萬美元。而且如 Steve 所說，其中大約一半是從第三季提前到第一季。

I think in retrospect, we probably had a slightly too conservative posture on the modeling around our rep retention going into the year. We were anticipating 94%, but we've accounted for that in our guide somewhat.

回頭看，我們年初在建模銷售代表留存（rep retention）時的假設可能稍微過於保守。我們原本預期是 94%，但我們在指引中已經在某種程度上把這點納入考量。

Okay, great. Both of those are really helpful. And then how should we think about the competitive environment for the OpenEye business in the commercial space? I'm just trying to understand a little bit how fast the broader market is moving on software and hardware with AI use cases versus what OpenEye is doing.

好的，很棒。這兩點都非常有幫助。接著，在商用市場中，OpenEye 業務的競爭環境應該怎麼看？我只是想更了解一下，整體市場在 AI 用例下，軟體與硬體的演進速度，和 OpenEye 正在做的事情相比如何。

And then when you're talking to customers, what does the demand look like from them around AI capabilities? Are they generally pretty patient and willing to wait for advancements in technology, or are they generally going to go with the first mover? Just any details around that would be helpful.

另外，當你們和客戶交流時，他們對 AI 能力的需求看起來如何？他們通常會比較有耐心、願意等待技術進步，還是通常會選擇先行者？任何相關細節都會很有幫助。

No, it's a good question. Good question, Adam, because the purchasing behavior has changed a bit, where, on the OpenEye side now, the first, the pipeline looks solid to us. Very good. So actually, if anything, we're seeing, a broader awareness of what a commercial customer can do with AI to enhance, not only their security, but really the operations of their business, where they can get sort of business value in addition to security value when we're able to take rich video content and from that glean insight. So demand looks solid.

不，這是個好問題。Adam，這確實是個好問題，因為採購行為有一些改變。就 OpenEye 這邊而言，首先，我們覺得管線看起來很扎實，非常好。實際上，如果說有什麼趨勢的話，我們看到商用客戶對 AI 能做什麼的認知更廣了——AI 不僅能提升他們的安全性，也能真正改善其營運；當我們能把豐富的影像內容轉化並萃取洞見時，客戶除了安全價值之外，也能獲得商業價值。所以需求看起來很穩健。

The customers definitely looking at products through an AI lens, which product is going to solve a problem best with AI. We had an example of a large specialty retailer grocery store, actually in the quarter where traditionally we would have sold them a security solution. But in their case, they wanted to know their highest margin item is actually, of all things is actually sushi.

客戶確實是用 AI 的角度在看產品：哪個產品能用 AI 最好地解決問題。我們有個例子，是一家大型的專業零售雜貨商；在這一季裡，照以往我們可能會賣給他們一套安防解決方案。但他們的情況是，他們想知道他們毛利最高的品項其實——說來有點意外——是壽司。

And you have to have fresh prepared sushi in the refrigerator between 4 PM and 7 PM every day if you want to sell that product. Well, Visual Check is being used now anytime there's -- and you want to constantly be refreshing that cabinet. So in that case, they're using a security camera that also has a picture of what's going on in the sushi fridge to monitor stockouts of that product during those three hours every day.

而且如果你想賣那個產品，你每天都必須在下午 4 點到 7 點之間，讓冰箱裡有新鮮現做的壽司。你也會希望持續補貨、更新那個櫃位。所以在那個案例中，Visual Check 現在被用在——只要有——你想要不斷刷新那個櫃位。於是他們使用一支同時能拍到壽司冷藏櫃狀況的安防攝影機，來監控每天那三個小時內該產品是否缺貨。

And it's just an example of how customers are thinking now more and more about the device and what type of business insight they can glean from it. I think we're pretty solidly positioned vis-a-vis any competitor in terms of our capabilities with AI in that domain.

這只是個例子，說明客戶現在越來越在思考這個裝置，以及他們能從中萃取出什麼樣的商業洞見。我認為在這個領域的 AI 能力方面，相較於任何競爭對手，我們的定位相當穩固。

Okay, that's really helpful color, Steve. Thanks so much.

好的，這些補充資訊非常有幫助，Steve。非常感謝。

Sure.

當然。

Stephen Sheldon, William Blair.

Stephen Sheldon，William Blair。

Hey, Steve and Kevin. You have [Matt Filak] on for Stephen Sheldon. Thank you for taking my questions. Can you talk a little bit about the gross margin profiles across your growth segments and how those compare to consolidated gross margins, just trying to get a sense of what continued growth that Energy Hub and the others could mean for consolidated gross margins over the mid to long-term as the revenue mix continues to shift toward those faster-growing parts of the business?

嗨，Steve 和 Kevin。我是代 Stephen Sheldon 上線的 [Matt Filak]。謝謝你們回答我的問題。能否談談你們各個成長業務分部的毛利率輪廓，以及它們與合併毛利率相比如何？我想了解的是，隨著營收組合持續往 Energy Hub 和其他成長較快的業務傾斜，這些業務的持續成長在中長期可能對合併毛利率意味著什麼。

Yeah, sure. Hey, Matt, it's Kevin. I think if you look at where we disclosed the two segments or two public reporting segments, you'll see at least in Q1 that the SaaS gross margins in the Alarm.com segment are about 88%, 87%, 88%. And in the other segment, which is where Energy Hub currently sits, they're closer to 60% for Q1. That's probably a little bit on the low side, meaning, the Energy Hub gross margins were temporarily depressed related to the RGS acquisition.

可以。嗨 Matt，我是 Kevin。我想如果你看我們揭露的兩個分部、也就是兩個對外報導分部，你會看到至少在第一季，Alarm.com 分部的 SaaS 毛利率大約在 88%、87% 到 88% 左右。另一個分部——也就是 Energy Hub 目前所在的分部——第一季則接近 60%。那可能稍微偏低一些，意思是 Energy Hub 的毛利率因 RGS 併購而暫時受到壓抑。

I think you're more likely to see gross margins sort of in the other segment closer to 65% to 70% long-term, and that you'll see gross margins in the Alarm.com segment sort of stay in the 87% to 88% range. So as you model sort of those two primary components of the business going forward, that's probably how I'd think about the gross margin profiles for those two.

我認為長期來看，你更可能看到「其他」分部的毛利率大致落在 65% 到 70% 附近，而 Alarm.com 分部的毛利率大致維持在 87% 到 88% 的區間。因此，當你往前建模這兩個主要業務組成時，我會用這樣的毛利率輪廓來思考這兩塊。

That's very helpful color, Kevin, thank you for that. And then for R&D, do you still expect it to remain roughly flat as a percentage of revenue in 2026? And then taking out over the next couple of years, where do you see the biggest opportunities for operating leverage across the business?

這些補充資訊非常有幫助，Kevin，謝謝。接著關於研發（R&D），你們是否仍預期在 2026 年其占營收比重會大致持平？另外，往後兩三年看，你們認為公司在哪些方面有最大的營運槓桿（operating leverage）機會？

Sure. I guess on the first question, Matt, yeah, we see it roughly flat as a percentage of revenue for the remainder of this year, I think, is what we have in the plan. I think everyone right now is sort of attempting to figure out, are we going to do a heck of a lot more with the same people or are we going to do the same amount of work with fewer people as the full AI story unfolds?

當然。先回答第一個問題，Matt，是的，我們的計畫是今年剩餘期間研發占營收比重會大致持平。我想現在大家都在嘗試釐清：隨著完整的 AI 故事逐步展開，我們是要用同樣的人做更多事，還是用更少的人做同樣的事？

Our view is we want to remain position to be very competitive and be able to do as much as possible to continue to take advantage of evolving market opportunities. So we don't, at the moment, we're not betting on a massive R&D leverage driver. I think as these businesses mature, so especially some of our growth initiatives, as they reach a level of maturity and scale, we begin to get some natural operating leverage contribution out of areas that currently in the consolidated picture drag down the operating margin picture. So that's the primary place we're looking for operating margin expansion.

我們的看法是，我們希望保持非常有競爭力的定位，並盡可能多做一些事，以持續把握不斷演進的市場機會。所以目前我們並沒有押注研發會成為一個巨大的槓桿驅動因素。我認為隨著這些業務成熟——特別是我們的一些成長型計畫——當它們達到一定的成熟度與規模時，我們會在一些目前於合併層面拉低營業利益率的領域，開始自然產生營運槓桿的貢獻。這是我們主要尋求營業利益率擴張的地方。

Very helpful. Thank you both. I'll jump back in the queue.

非常有幫助。謝謝你們兩位。我回到隊列後面。

Sure.

好的。

(Operator Instructions)

（接線員指示）

Jack, Maxim Group.

Jack，Maxim Group。

Okay, great. Hey, congrats on the solid results, guys, and strong retention rate. Thanks for taking my questions.

好的，很棒。嗨，各位，恭喜這次表現穩健、成果扎實，留存率也很強。謝謝讓我提問。

So, Steve, maybe just on the Energy Hub side, that obviously continues to ramp nicely to give over 80 utility partners. First question there is just how do you see the number of utility partners and kind of your wallet share of them growing over the next couple of years? It sounds like you have pretty much a lot of blue sky left there. And then I'll have a follow-up on the Point Central business. Just looking for any updates on that end as well.

Steve，先從 Energy Hub 這邊問起，顯然你們持續順利擴張，公用事業合作夥伴已超過 80 家。第一個問題是，未來幾年你們如何看待公用事業合作夥伴數量的成長，以及你們在這些合作夥伴中的錢包占比（wallet share）提升？聽起來那邊還有很大的成長空間。接著我會再追問 Point Central 業務。也想聽聽那邊有沒有任何更新。

Sure. Good question. So on the Energy Hub side, after completing the RGS acquisition and then also a little bit of the way we label utilities, we actually now say we have over 155 utilities in the program and we define those to be entities with more than 100,000 meters in their territory. So we've made good progress in terms of capturing utilities.

當然。好問題。就 Energy Hub 而言，在完成 RGS 併購之後，加上我們對「公用事業」標示方式做了一點調整，我們現在會說計畫中有超過 155 家公用事業單位；我們把它們定義為其服務範圍內有超過 10 萬個電表（meters）的實體。所以在爭取公用事業客戶方面，我們已取得不錯的進展。

I believe we're now working with utilities that service roughly 75 million, 77 million meters, and that's out of about 130 million total meters we'd like to get to. So things generally trend in the right direction there with utility pickups. And the next game is can you drive up enrollment within a given territory, what percentage of the consumers actually have connected thermostats, and of those who have connected thermostats or any connected device, whether it be an EV or a battery charger, whatever, can we get that device enrolled and move that number up?

我相信我們目前合作的公用事業單位，服務的電表數大約是 7,500 萬到 7,700 萬個；而我們希望最終能觸及的總電表數大約是 1.3 億個。所以在新增公用事業合作夥伴方面，整體趨勢是往正確方向走。下一個關鍵是：能否在既有服務區域內提高用戶註冊率——也就是消費者中有多少比例實際擁有連網恆溫器；以及在那些擁有連網恆溫器或任何連網裝置（不論是電動車、電池充電器等）的用戶中，我們能否讓該裝置加入計畫並把這個比例往上拉。

We feel like we're in a pretty good position in terms of TAM coverage now and in terms of sort of the completeness of the software solution, such that we really can focus a bit more on driving up with our utility partners the attachment rate of a lot of devices that are out there. So that's a meaningful focus now.

我們覺得，就TAM覆蓋面以及軟體解決方案的完整性而言，我們目前處於相當有利的位置，因此我們確實可以把更多重心放在與公用事業合作夥伴一起，提高市面上大量裝置的附掛率（attachment rate）。所以這是目前一個重要的重點。

Does that answer that question? I think it was a two-part question. One was Energy Hub, the other was Point Central.

這有回答到那個問題嗎？我想那是一個兩部分的問題。一個是Energy Hub，另一個是Point Central。

Yeah, and then, yeah, Point Central. I haven't heard an update there for a little bit, so just wondering if that business is ramping or kind of what you're focused on there?

對，然後，對，Point Central。我有一陣子沒聽到那邊的更新了，所以想問那個業務是在加速成長，還是你們目前在那邊的重點是什麼？

Yes, it continues to ramp. It's ramping at a level that's sort of, I believe, double-digit on the growth side, but not a massive driver of consolidated growth at the moment. It's a nice business that's running with positive contribution to the overall consolidated EBITDA picture as well. And we continue to see nice growth there.

是的，它持續在爬坡。就成長面來看，它的爬坡水準我認為是雙位數成長，但目前還不是合併成長的主要驅動因素。這是一個不錯的業務，對整體合併EBITDA的貢獻也為正。我們也持續看到那邊有不錯的成長。

I mean, I believe that we're probably number two at the moment in the multifamily space and we're well into the six digits in terms of number of apartments and/or multifamily housing that we're servicing. So still committed to that, still making progress. I think probably taking a bit of share, but not at sort of a, we're not at sort of a 30% growth rate there.

我的意思是，我相信我們目前在多戶住宅（multifamily）領域大概是第二名，而我們服務的公寓和／或多戶住宅數量已經達到六位數等級。所以我們仍然致力於此，也仍在取得進展。我想我們可能也在拿到一些市占，但那邊的成長率並不是那種30%的水準。

Got it. Okay. I appreciate the color there. And then maybe just one more question for Kevin. Kevin, I believe a couple of quarters ago you provided some exit year 2027 targets for hardware margin and adjusted EBITDA margins. Just wondering if there's any update and thoughts on those. I think we're looking at running the business around 21% adjusted EBITDA margin. Just any changes there would be helpful to note. Thanks.

了解。好的。我很感謝你提供的細節。然後也許再問Kevin一個問題。Kevin，我記得幾個季度前你提供過2027年年底（exit year 2027）的硬體毛利率以及調整後EBITDA利潤率目標。想請問這些目標有沒有更新或新的想法。我想我們看到的是公司以約21%的調整後EBITDA利潤率在運行。若有任何變動，請告知會很有幫助。謝謝。

Yes. Hey, Jack. No changes on that. We're still anticipating and working towards being able to exit 2027 at about 21% adjusted EBITDA margins. Hardware margins are a little bit harder to pin down. I suspect that of those two things, the adjusted EBITDA margin is probably the easier thing to anchor on, where hardware margins go will be a factor of what happens with tariffs and obviously what happens with memory prices as well. But we're going to manage through sort of that volatility and still target the 21% adjusted EBITDA margins.

是的。嗨，Jack。這方面沒有變動。我們仍預期並朝著在2027年年底達到約21%的調整後EBITDA利潤率努力。硬體毛利率比較難精準界定。我猜在這兩者之中，調整後EBITDA利潤率可能是比較容易作為錨定目標的；至於硬體毛利率會走到哪裡，將取決於關稅的變化，當然也取決於記憶體價格的變化。但我們會管理這種波動，並仍以21%的調整後EBITDA利潤率為目標。

Excellent. Okay, great. Congrats on the quarter again, guys. Thanks for taking my questions.

太好了。好的，很棒。再次恭喜各位這一季的表現。謝謝回答我的問題。

Thanks, Jack.

謝謝你，Jack。

(Operator Instructions)

（接線員指示）

Ellis Smith, JP Morgan.

Ellis Smith，JP Morgan。

Good evening. Thank you for taking my question. So first, I was hoping to ask something on Energy Hub. As you think about your internal projections for Energy Hub, what does that growth look like as you think about expanding within existing customers, cross-selling new products, and expanding to new logos?

晚安。謝謝讓我提問。首先，我想問一個關於Energy Hub的問題。當你們思考Energy Hub的內部預測時，從在既有客戶中擴張、交叉銷售新產品，以及拓展新客戶（new logos）這幾個面向來看，成長會呈現什麼樣子？

Sure. I think, we don't break out Energy Hub specifically with the given growth rate, I don't believe, right? But you can kind of deduce that it's a strong contributor to what we describe as the growth initiatives in the business, where we have, we've commented that we expect growth to be in the 25% to 30% range this year, including any inorganic activity.

當然。我想我們並不會把Energy Hub單獨拆出來給出特定的成長率，我相信是這樣，對吧？但你可以推導出它是我們所描述的公司成長計畫中的強勁貢獻者；我們也提到，今年我們預期成長會在25%到30%的區間，包括任何非有機活動。

As far as the drilling down a level and looking inside of the Energy Hub business itself and our internal projections, it is a mix. You kind of hit all of the categories. It's a mix of picking up logos. That's still a growth opportunity for us. There's more interest than ever. It's also expanding programs, though, within existing logos.

至於再往下一層、深入看Energy Hub業務本身以及我們的內部預測，它是多種因素的組合。你其實把所有類別都點到了。它包含拿下新客戶（logos），這對我們仍是成長機會；市場興趣也比以往更高。同時也包含在既有客戶（logos）內擴大方案。

So when we started when that business started, it was very focused on connected thermostats. And most of the VPP capability came from our ability to make modest adjustments in residential thermostats. At this point, the capabilities of the software are much broader. So we're bringing to bear batteries. We're bringing to bear EV chargers, solar inverters. And at the same time, the supply that the utility is having to rely upon is much more variable.

所以當那個業務剛開始時，它非常聚焦在連網恆溫器（connected thermostats）。而大部分VPP能力來自於我們能對住宅恆溫器做小幅調整。到了現在，軟體的能力已經廣泛得多。因此我們把電池納入、把EV充電器納入、把太陽能逆變器（solar inverters）納入。同時，公用事業必須依賴的供給也變得更具變動性。

So there's more demand at each individual level to see program expansion into these other categories of edge resources. And that's a meaningful driver of the growth, which is you're already working, you establish yourself with a customer, and then you continue to grow the program, and then into other categories. And the last is just driving up enrollment of devices. And this is where you have to do the work of getting the end consumer aware of the opportunity when someone buys a Model Y, if they're, tell us the Model Y, if they're in a utility service area and they buy the wall charger, do they take the time to enroll in the program and get the benefits of the program?

因此，在每一個個別層級上，對於把方案擴展到這些其他邊緣資源（edge resources）類別的需求更高。而這是成長的一個重要驅動因素：你已經與客戶合作並建立地位後，就持續擴大方案，並延伸到其他類別。最後一個則是提高裝置的註冊／加入率（enrollment）。這部分你必須做的是讓終端消費者知道這個機會：當有人買了一台Model Y——就以Model Y為例——如果他在某個公用事業服務區域內，且買了壁掛式充電器（wall charger），他是否會花時間加入方案並取得方案的好處？

Those are the types of things that sort of also drive growth. The more people that do enroll, the better. So those are the three growth drivers. I don't have a breakdown of which ones the majority, and I'm not sure if we'd go into that, but that gives you a little bit of a picture of what we see.

這些事情也會驅動成長。加入的人越多越好。所以這就是三個成長驅動因素。我沒有哪一項占大多數的拆分數據，而且我也不確定我們是否會深入到那個程度，但這能讓你稍微了解我們的看法。

That's very clear. Thank you. And for a follow-up, what do you think are the synergies, if any, between Energy Hub and your security business, and to what extent do you think you've tapped into those cross-sell synergies?

非常清楚，謝謝。那我追問一下，你認為Energy Hub和你們的安防業務之間有哪些協同效應（如果有的話）？以及你覺得你們在多大程度上已經發揮了這些交叉銷售的協同效應？

Yeah, that's a very good question. So two parts again. I think, so we define our core business not just as security, but especially on the residential side as smart security or smart home, which means quite a few properties are getting, today getting connected thermostats through our service provider. And, each one of those creates an opportunity for the customer to become an energy hub participant.

是的，這是個非常好的問題。所以又分兩部分。我想，我們對核心業務的定義不只是安防（security），尤其在住宅端，我們把它定義為智慧安防或智慧家庭（smart security or smart home）。這代表今天有相當多的住戶會透過我們的服務供應商取得連網恆溫器。而每一個恆溫器都會創造一個機會，讓客戶成為Energy Hub的參與者。

And that drives, by itself a natural synergy. We sort of have a sandbox as well where we can play with different things that may drive increasing levels of engagement or even play with different innovative technology approaches at the thermostat level to create additional downstream value for the utility.

而這本身就帶來自然的協同效應。我們也有一個「沙盒」環境，可以嘗試不同做法，可能提升互動程度，或甚至在恆溫器層級嘗試不同的創新技術路徑，為公用事業創造更多下游價值。

So there's a lot of synergy on the R&D side. There's some synergy on the channel side. It helps our service provider, our dealer, our partner offset some of the cost of offering all the other services would bring to bear for the consumer. So we really like that.

所以在研發端有很多協同效應；在通路端也有一些協同效應。它能幫助我們的服務供應商、經銷商、合作夥伴，抵消為消費者提供其他所有服務所需承擔的一部分成本。所以我們非常喜歡這點。

And the second part of that question was?

那個問題的第二部分是？

How far along are we capturing this?

我們在捕捉這些效益方面進展到什麼程度？

Oh, how far along are we? I'd say we're probably, if I were to use the baseball analogy, we're probably third inning. There's still more we can do. We're seeing now security itself being defined to include what we call energy security, which is certainty of your energy supply and knowing that if your utility is struggling with variable conditions that your home or your small business is going to continue to have energy. Some of our security partners are beginning to bring to bear, they've always sort of played with generators, but now they're bringing to bear batteries. So I think that we'll see more synergy develop through time.

喔，進展到什麼程度？如果用棒球來比喻，我會說我們大概在第三局。還有更多可以做。我們現在看到，安防本身也開始被定義為包含我們所說的「能源安全」（energy security），也就是能源供應的確定性，以及知道當你的公用事業在變動條件下吃緊時，你的家或小型企業仍能持續有能源。一些安防合作夥伴開始導入相關方案——他們過去一直有在嘗試發電機（generators），但現在也開始導入電池。所以我認為，隨著時間推進，我們會看到更多協同效應的發展。

Very clear. Thank you so much.

非常清楚。非常感謝。

(Operator Instructions)

（接線員指示）

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

目前沒有顯示任何其他提問，因此今天的簡報到此結束。您現在可以中斷連線，祝您有美好的一天。

Thank you.

謝謝。