Alarm.com Holdings Inc.

11/06/2025 | Press release | Distributed by Public on 11/06/2025 15:47

Quarterly Report for Quarter Ending September 30, 2025 (Form 10-Q)

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
You should read the following discussion and analysis of our financial condition and results of operations together with (1) our condensed consolidated financial statements and the related notes and other financial information included elsewhere in this Quarterly Report on Form 10-Q, or Quarterly Report, and (2) the audited consolidated financial statements and the related notes and management's discussion and analysis of financial condition and results of operations for the fiscal year ended December 31, 2024 included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024 filed on February 20, 2025, or Annual Report, with the Securities and Exchange Commission, or SEC. This Quarterly Report contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, or the Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act. These statements are often identified by the use of words such as "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "may," "might," "objective," "ongoing," "plan," "predict," "project," "potential," "should," "will," "would," or the negative or plural of these words or similar expressions or variations and such forward-looking statements include, but are not limited to, statements with respect to the anticipated impact of the global economic uncertainty and financial market conditions caused by significant worldwide events, including public health crises, and geopolitical upheaval (including the ongoing conflicts in Ukraine and in the Middle East and surrounding areas), disruptions to global supply chains, fluctuations in interest rates, the U.S. government shutdown, tariffs, risk of recession and inflation (collectively, the Macroeconomic Conditions) on our business, results of operations and financial condition, including on our hardware sales and our Software-as-a-Service, or SaaS, and license revenue growth rate; our business strategy, plans and objectives for future operations; continued enhancements of our platform and offerings; the potential impact of trade policies and new or increased tariffs on our cost of hardware revenue and hardware revenue margins; and our future financial and business performance. The events described in these forward-looking statements are subject to a number of risks, uncertainties, assumptions and other factors that could cause actual results and the timing of certain events to differ materially from future results expressed or implied by the forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, those identified in the section titled "Risk Factors" set forth in Part II, Item 1A of this Quarterly Report and elsewhere in this and in our other SEC filings. You should not rely upon forward-looking statements as predictions of future events. Furthermore, such forward-looking statements speak only as of the date of this report. Except as required by law, we undertake no obligation to update any forward-looking statements to reflect events or circumstances after the date of such statements.
Overview
Alarm.com is the leading platform for intelligently connected properties. Our cloud-based platform offers an expansive suite of Internet of Things, or IoT, solutions addressing global opportunities in the residential, multi-family, small business and enterprise commercial markets. Alarm.com's solution suite includes security, video surveillance and video analytics, energy management, access control, electric utility grid management, active shooter detection, water management, health and wellness, personal safety and data-rich emergency response.During 2024, our platforms processed more than 345 billion data points generated by over 160 million connected devices. We believe this scale of subscribers, connected devices and data operations makes us the leader in the connected property market.
Alarm.com has established a global network of trusted service provider partners who distribute our solutions to their customers. Our service provider partners represent a wide range of independent businesses, and are experts at selling, installing and supporting our technology. They depend on the Alarm.com platform for connected property technology and to operate and manage their businesses efficiently.
Alarm.com primarily generates SaaS and license revenue through our service provider partners, who resell our services and pay us monthly fees. Contracts with our service provider partners typically have an initial term of one year, with subsequent renewal terms of one year. Our service provider partners have indicated that they typically have three to five-year service contracts with residential and commercial property owners who use our solutions. We also generate hardware and other revenue, primarily from our service provider partners and distributors. Our hardware sales include connected devices that enable our services, such as video cameras, video recorders, gunshot detection sensors, gateway modules and smart thermostats. We believe our network of service providers and the length of our service relationships with residential and commercial property owners, combined with our robust SaaS platforms and over 20 years of operating experience, contribute to a compelling business model.
Our Solutions and Integrated Platforms
Our solutions are designed to make both residential and commercial properties safer, smarter and more efficient. Our technology platforms support property owners who subscribe to our services, the hardware partners who manufacture devices that integrate with our platforms and the service provider partners who install and maintain our solutions.
The Alarm.com platform enables our service provider partners to address the needs of a broad range of residential and commercial customers. They can deploy interactive security, video monitoring, property automation, access control, energy management, gunshot detection, water management, vehicle and fleet management, and wellness and personal safety solutions as stand-alone offerings or as integrated solutions.
Highlights of Third Quarter Results
We primarily generate SaaS and license revenue, our largest source of revenue, through our service provider partners, who resell our services and pay us monthly fees. Our service provider partners sell, install and support Alarm.com solutions that enable residential and commercial property owners to intelligently secure, connect, control and automate their properties. Our subscribers consist of all of the properties maintained by those residential and commercial property owners to which we are delivering at least one of our solutions. We derive a portion of our revenue from licensing our intellectual property to third parties on a per customer basis. SaaS and license revenue represented 68% of our revenue during each of the three and nine months ended September 30, 2025, respectively, as compared to 66% and 67% in the same periods in the prior year.
We also generate SaaS and license revenue from monthly fees charged to service providers on a per subscriber basis for access to our non-hosted software platform, or Software platform. The non-hosted software for interactive security, automation and related solutions is typically deployed and operated by the service provider in its own network operations center. Software license revenue represented 2% of our revenue during each of the three and nine months ended September 30, 2025 and 2024.
We also generate revenue from the sale of many types of hardware, including video cameras, video recorders, cellular radio modules, smart thermostats, image sensors, gunshot detection sensors and other peripherals, that enable our solutions. Our hardware and other revenue also includes our revenue from the sale of perpetual licenses that provide our customers in the commercial market the right to use our video surveillance software for an indefinite period of time in exchange for a one-time license fee. Additionally, our hardware and other revenue includes our revenue from the sale of licenses that provide our customers the right to use our gunshot detection solution in exchange for license fees. Hardware and other revenue represented 32% of our revenue during each of the three and nine months ended September 30, 2025, respectively, as compared to 34% and 33% in the same periods in the prior year. We typically expect hardware and other revenue to fluctuate as a percentage of total revenue.
Highlights of our financial performance for the periods covered in this Quarterly Report include:
•SaaS and license revenue increased 10% to $175.4 million during the three months ended September 30, 2025 from $159.3 million during the three months ended September 30, 2024. SaaS and license revenue increased 9% to $509.2 million during the nine months ended September 30, 2025 from $465.5 million during the nine months ended September 30, 2024. Included in SaaS and license revenue was software license revenue, which decreased to $4.3 million during the three months ended September 30, 2025 from $5.0 million during the three months ended September 30, 2024. Software license revenue decreased to $13.5 million during the nine months ended September 30, 2025 from $15.4 million during the nine months ended September 30, 2024.
•Total revenue increased 7% to $256.4 million during the three months ended September 30, 2025 from $240.5 million during the three months ended September 30, 2024. Total revenue increased 7% to $749.5 million during the nine months ended September 30, 2025 from $697.6 million during the nine months ended September 30, 2024.
•Net income decreased to $35.1 million during the three months ended September 30, 2025, as compared to $36.5 million during the three months ended September 30, 2024. Net income increased to $97.0 million during the nine months ended September 30, 2025, as compared to $92.4 million during the nine months ended September 30, 2024. Net income attributable to common stockholders decreased to $35.3 million during the three months ended September 30, 2025, as compared to $36.7 million during the three months ended September 30, 2024. Net income attributable to common stockholders increased to $97.8 million during the nine months ended September 30, 2025, as compared to $93.8 million during the nine months ended September 30, 2024.
•Non-GAAP adjusted EBITDA, a non-GAAP measurement of operating performance, increased to $59.2 million during the three months ended September 30, 2025 from $50.0 million during the three months ended September 30, 2024. Non-GAAP adjusted EBITDA increased to $151.1 million during the nine months ended September 30, 2025 from $129.9 million during the nine months ended September 30, 2024.
Please see Non-GAAP Measures below in this section of this Quarterly Report for a discussion of the limitations of non-GAAP adjusted EBITDA (a non-GAAP measure) and a reconciliation of non-GAAP adjusted EBITDA from net income, the most directly comparable measurement in accordance with accounting principles generally accepted in the United States, or GAAP, for the three and nine months ended September 30, 2025 and 2024.
Recent Developments
On July 4, 2025, Public Law 119-21, commonly referred to as the One Big Beautiful Bill Act, or OBBBA, was enacted in the United States. The OBBBA includes a broad range of tax provisions that impact the timing and the magnitude of certain key tax deductions. The most significant provisions to us are the permanent reinstatement of the full and immediate deduction for domestic research and development expenditures in the year such costs are incurred and the 100% first-year bonus depreciation deduction, with both provisions reducing our associated deferred tax assets. We currently anticipate these provisions will significantly reduce our current federal income tax cash outlays over the next several years. Certain other international tax provisions may also be favorable to us beginning in 2026. We will continue to analyze the OBBBA tax provisions, including any additional guidance that is issued, to assess their potential impact on our financial position, results of operations and cash flows.
On August 15, 2025, EnergyHub, Inc., one of our wholly-owned subsidiaries, acquired all of the issued and outstanding shares of capital stock of Bridge to Renewables, Inc., or BTR. BTR provides a managed charging solution for electric vehicle manufacturers and drivers. BTR's technology integrates directly into a vehicle's native mobile app, delivering utility program enrollment, charging insights and incentives to electric vehicle drivers. The acquisition is anticipated to expand EnergyHub's ecosystem of automotive partners and strengthen its end-to-end managed charging offering, supporting improved driver engagement and grid optimization for utility clients.
In consideration for the purchase of BTR, we paid $12.4 million in cash on August 15, 2025, after deducting $1.6 million related to agreed holdback provisions. The acquisition was accounted for as a business combination within the Other segment. The purchase price allocation was not finalized as of the date of this Quarterly Report on Form 10-Q and is pending the final determination of the working capital adjustment as well as tax adjustments.
The global economy, credit markets and financial markets have and may continue to experience significant volatility as a result of the Macroeconomic Conditions. These Macroeconomic Conditions have and may continue to create supply chain disruptions, inventory disruptions, and fluctuations in economic growth, including fluctuations in employment rates, inflation, tariffs, energy prices and consumer sentiment. It remains difficult to assess or predict the ultimate duration and economic impact of the Macroeconomic Conditions. The results of operations for the three and nine months ended September 30, 2025 are not necessarily indicative of the results that can be expected for our entire fiscal year ending December 31, 2025, which is increasingly true in periods of extreme uncertainty, such as the uncertainty caused by the Macroeconomic Conditions. Prolonged uncertainty with respect to the Macroeconomic Conditions could cause further economic slowdown or cause other unpredictable events, each of which could adversely affect our business, results of operations or financial condition.
Other Business Metrics
We regularly monitor a number of financial and operating metrics in order to measure our current performance and estimate our future performance. Our other business metrics may be calculated in a manner different from the way similar business metrics used by other companies are calculated and include the following (dollars in thousands):
Three Months Ended
September 30, 		Nine Months Ended
September 30,
2025 2024 2025 2024
SaaS and license revenue $ 175,372 $ 159,276 $ 509,165 $ 465,547
Non-GAAP adjusted EBITDA
59,159 49,976 151,111 129,853
Twelve Months Ended
September 30,
2025 2024
SaaS and license revenue renewal rate 94 % 95 %
SaaS and License Revenue
SaaS and license revenue is a GAAP measure that we use to measure our current performance and estimate our future performance. We believe SaaS and license revenue is an indicator of the productivity of our existing service providerpartners and their ability to activate and maintain subscribers using our intelligently connected property solutions, our ability to add new service provider partners reselling our solutions, the demand for our intelligently connected property solutions and the pace at which the market for these solutions is growing.
Non-GAAP Adjusted EBITDA
Non-GAAP adjusted EBITDA is a non-GAAP measure that represents our net income before interest expense, interest income, certain activity within other income / (expense), net, provision for income taxes, income from equity method investments, net, amortization and depreciation expense, stock-based compensation expense, acquisition-related expense, legal costs and settlement fees incurred and received in connection with non-ordinary course litigation and other disputes, particularly costs involved in ongoing intellectual property litigation. We do not consider these items to be indicative of our core operating performance. The non-cash items include amortization and depreciation expense; income from equity method investments, net; amortization of debt issuance costs for the January 20, 2021 issuance of $500.0 million aggregate principal amount of 0% convertible senior notes due January 15, 2026, or the 2026 Notes, included in interest expense; amortization of debt issuance costs for the May 31, 2024 issuance of $500.0 million aggregate principal amount of 2.25% convertible senior notes due June 1, 2029, or the 2029 Notes, included in interest expense; and stock-based compensation expense related to restricted stock units and other forms of equity compensation, including, but not limited to, the sale of common stock. We do not adjust for ordinary course legal expenses resulting from maintaining and enforcing our intellectual property portfolio and license agreements.
We record interest expense primarily related to our 2026 Notes and 2029 Notes. We exclude interest expense in calculating non-GAAP adjusted EBITDA because we believe the exclusion of interest expense will provide for more meaningful information about our financial performance. We exclude interest income and certain activity within other income / (expense), net including gains, losses or impairments on investments without readily determinable fair values and other assets, gains on settlement fees and losses on the early extinguishment of debt, when applicable, from non-GAAP adjusted EBITDA because we do not consider it part of our ongoing results of operations. We exclude the impact related to our provision for income taxes and income from equity method investments, net from non-GAAP adjusted EBITDA because we do not consider these adjustments to be part of our ongoing results of operations.
GAAP requires that operating expenses include the amortization of acquired intangible assets, which principally include acquired customer relationships, developed technology and trade names. We exclude amortization of intangibles from non-GAAP adjusted EBITDA because we do not consider amortization expense when we evaluate our ongoing business operations, nor do we factor amortization expense into our evaluation of potential acquisitions, or our measurement of the performance of those acquisitions. We believe the exclusion of amortization expense enables the comparison of our performance to other companies in our industry as other companies may be more or less acquisitive than we are, and therefore, amortization expense may vary significantly by company based on their acquisition history. Although we exclude amortization of acquired intangible assets from non-GAAP adjusted EBITDA, management believes that it is important for investors to understand that such intangible assets were recorded as part of purchase accounting and contribute to revenue generation.
We record depreciation primarily for investments in property and equipment. We exclude depreciation in calculating non-GAAP adjusted EBITDA because we do not consider depreciation when we evaluate our ongoing business operations.
We exclude stock-based compensation expense, which relates to restricted stock units and other forms of equity incentives primarily awarded to employees of Alarm.com, because they are non-cash charges that we do not consider when assessing the operating performance of our business. Additionally, the determination of stock-based compensation expense can be calculated using various methodologies and is dependent upon subjective assumptions and other factors that vary on a company-by-company basis. Therefore, we believe excluding stock-based compensation expense from non-GAAP adjusted EBITDA improves the comparability of our results to the results of other companies in our industry.
Included in operating expenses are incremental costs directly related to business and asset acquisitions as well as changes in the fair value of contingent consideration liabilities, when applicable. We exclude acquisition-related expense from non-GAAP adjusted EBITDA because we believe the exclusion of this expense allows us to better provide meaningful information about our operating performance, facilitates comparisons to our historical operating results, improves the comparability of our results to the results of other companies in our industry, and ultimately, we believe helps investors better understand the acquisition-related expense and the effects of the transaction on our results of operations.
We exclude non-ordinary course litigation expense because we do not consider legal costs and settlement fees incurred and received in litigation and litigation-related matters of non-ordinary course lawsuits and other disputes, particularly costs incurred in ongoing intellectual property litigation, to be indicative of our core operating performance. We do not adjust for ordinary course legal expenses, including those expenses resulting from maintaining and enforcing our intellectual property portfolio and license agreements.
Non-GAAP adjusted EBITDA is a key measure our management uses to understand and evaluate our core operating performance and trends to generate future operating plans, to make strategic decisions regarding the allocation of capital, and to make investments in initiatives that are focused on cultivating new markets for our solutions. In particular, the exclusion of certain expenses in calculating non-GAAP adjusted EBITDA facilitates comparisons of our operating performance on a period-to-period basis and, in the case of exclusion of acquisition-related adjustments and certain historical legal expenses, excludes items that we do not consider to be indicative of our core operating performance. Non-GAAP adjusted EBITDA is not a measure calculated in accordance with GAAP and should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. Please see Non-GAAP Measures in this section for a discussion of the limitations of non-GAAP adjusted
EBITDA and a reconciliation of non-GAAP adjusted EBITDA from net income, the most directly comparable GAAP measurement, for the three and nine months ended September 30, 2025 and 2024.
SaaS and License Revenue Renewal Rate
Our SaaS and license revenue renewal rate is an operating metric. We measure our SaaS and license revenue renewal rate on a trailing 12-month basis by dividing (a) the total SaaS and license revenue recognized during the trailing 12-month period from our subscribers on our Alarm.com platform who were subscribers on the first day of the period, by (b) total SaaS and license revenue we would have recognized during the period from those same subscribers assuming no terminations, or service level upgrades or downgrades. The SaaS and license revenue renewal rate represents both residential and commercial properties. Our SaaS and license revenue renewal rate is expressed as an annualized percentage and it is calculated across our entire subscriber base on the Alarm.com platform excluding subscribers of service providers that may use one of our other platforms as a substitute for the Alarm.com platform. Our service provider partners have indicated that they typically have three to five-year service contracts with residential and commercial property owners who use our solutions. Our SaaS and license revenue renewal rate includes subscribers whose contract with their service provider reached the end of its contractual term during the measurement period, as well as subscribers whose contract with their service provider has not reached the end of its contractual term during the measurement period, and is not intended to estimate the rate at which our subscribers renew their contracts with our service provider partners. We believe our SaaS and license revenue renewal rate allows us to measure our ability to retain and grow our SaaS and license revenue and serves as an indicator of the lifetime value of our subscriber base.
Components of Operating Results
Our fiscal year ends on December 31. The key elements of our operating results include:
Revenue
We derive our revenue from three primary sources: the sale of cloud-based SaaS services on our integrated Alarm.com platform, the sale of licenses and services on the Software platform and the sale of hardware products. We sell our platform and hardware solutions to service provider partners that resell our solutions and hardware to residential and commercial property owners, who are the service provider partners' customers.
SaaS and License Revenue. We generate the majority of our SaaS and license revenue primarily from monthly fees charged to our service provider partners on a per subscriber basis for access to our cloud-based intelligently connected property platform and related solutions. Our fees per subscriber vary based upon the service plan and features utilized.
We offer multiple service level packages for our platform solutions including a range of solutions and a range of a la carte add-ons for additional features. The fee paid by our service provider partners each month for the delivery of our solutions is based on the combination of packages and add-ons enabled for each subscriber. We utilize tiered pricing plans where our service provider partners may receive prospective pricing discounts driven by volume.
We also generate SaaS and license revenue from the fees paid to us when we license our intellectual property to third parties for use of our patents. In addition, in certain markets, our EnergyHub subsidiary sells its demand response service for an annual service fee, with pricing based on the number of subscribers or amount of aggregate electricity demand made available for a utility's or market's control.
Software License Revenue. Our SaaS and license revenue also includes our software license revenue from monthly fees charged to service providers on a per subscriber basis for access to our Software platform. The non-hosted software for interactive security, automation and related solutions is typically deployed and operated by the service provider in its own network operations center. Our agreements for the Software platform solution typically include software and services, such as post-contract customer support, or PCS. Software license revenue included in SaaS and license revenue is expected to continue to decline over time as we transition subscribers to our cloud-based hosted platform.
Hardware and Other Revenue. We generate hardware and other revenue primarily from the sale of video cameras, video recorders, smart thermostats and cellular radio modules that provide access to our cloud-based platforms and, to a lesser extent, the sale of other devices, including image sensors, gunshot detection sensors and peripherals. We primarily transfer hardware to our customers upon delivery to the customer, which corresponds with the time at which the customer obtains control of the hardware. We record a reserve against revenue for hardware returns based on historical returns.
Our hardware and other revenue also includes our revenue from the sale of perpetual licenses that provide our customers in the commercial market the right to use our video surveillance software for an indefinite period of time in exchange for a one-time license fee. Additionally, our hardware and other revenue includes our revenue from the sale of licenses that provide our customers the right to use our indoor gunshot detection solution in exchange for license fees. Hardware and other revenue may also include activation fees charged to some of our service provider partners for activation of a new subscriber account on our platforms, as well as fees paid by service provider partners for our marketing services. The decision whether to charge an activation fee is based in part on the expected number of subscribers to be added by our service provider partners and as a result, many of our largest service provider partners do not pay an activation fee.
Our revenue, and in particular our hardware revenue, has in the past and may in the future be negatively affected by the Macroeconomic Conditions and their related impacts. It remains difficult to assess or predict the ultimate duration and economic impact of the Macroeconomic Conditions.
Cost of Revenue
Our cost of SaaS and license revenue primarily includes the amounts paid to wireless network providers and, to a lesser extent, the costs of running our network operations centers which are expensed as incurred, as well as patent and royalty costs in connection with technology licensed from third-party providers and amounts paid to distributed energy resource providers. Our cost of SaaS and license revenue also includes our cost of software license revenue, which primarily includes the payroll and payroll-related costs of the department dedicated to providing service exclusively to those service providers that host the Software platform. As of September 30, 2025 and 2024, we had 76 employees who manufacture hardware for our suite of IoT solutions, respectively. Our cost of hardware and other revenue primarily includes cost of raw materials, tooling, freight shipments and amounts paid to our third-party manufacturer for production and fulfillment of our cellular radio modules and image sensors, and procurement costs for our video cameras, video recorders, smart thermostats and gunshot detection sensors, which we purchase from an original equipment manufacturer, and other devices. Cost of hardware and other revenue also includes material costs and labor cost related to our employees who manufacture hardware for our suite of IoT solutions. Additionally, our cost of hardware and other revenue includes royalty costs in connection with technology licensed from third-party providers.
We record the cost of SaaS and license revenue as expenses are incurred, which corresponds to the delivery period of our services to our subscribers. We record the cost of hardware and other revenue primarily when the hardware and other services are delivered to the service provider partner, which occurs when control of the hardware and other services transfers to the service provider partner. Our cost of revenue excludes amortization and depreciation shown in operating expenses.
In April 2025, the U.S. government announced a baseline tariff of 10% on all products imported into the United States (with certain limited exceptions) and additional individualized tariffs based on country of origin at different rates per country. Certain of these tariffs have been subsequently paused or modified, and the situation remains fluid. The United States and/or countries into which we import products have adjusted and/or imposed and may, in the future, adjust and/or impose new quotas, duties, tariffs or reciprocal tariffs or other restrictions. A significant portion of our hardware is produced outside the United States, including in Vietnam, Thailand and Taiwan. The U.S. government has since announced several tariff framework agreements, including with countries where a significant portion of our hardware is produced. While we began passing through the costs of baseline tariffs to our customers in the second quarter of 2025, we have not yet adjusted those pass-throughs to account for certain newer tariffs at higher rates. We do not currently anticipate making further adjustments to these pass-throughs for the remainder of 2025. As a result, we have begun to absorb these additional costs, which we expect will negatively impact our hardware revenue margins. The ultimate impact of any tariffs will depend on various factors, including how long such tariffs remain in place, the ultimate levels of such tariffs, the outcome of pending legal challenges to their validity, how other countries respond to the U.S. tariffs, and the specific timing of when we implement higher pass-through costs.
Operating Expenses
Our operating expenses consist of sales and marketing, general and administrative, research and development and amortization and depreciation expenses. Salaries, bonuses, stock-based compensation, benefits and other personnel related costs are the most significant components of each of these expense categories, excluding amortization and depreciation. We include stock-based compensation expense in connection with the grant of restricted stock units and other forms of equity compensation, including equity compensation with performance conditions, in the applicable operating expense category based on the respective equity award recipient's function (sales and marketing, general and administrative or research and development). We grew from 2,055 employees as of September 30, 2024 to 2,075 employees as of September 30, 2025,and grew from 2,048 employees as of June 30, 2025. We may continue to hire new employees to support the projected future growth of our business.
Sales and Marketing Expense.Sales and marketing expense consists primarily of personnel and related expenses for our sales and marketing teams, including salaries, bonuses, stock-based compensation, benefits, travel, and commissions. Our sales and marketing teams engage in sales, account management, service provider partner support, advertising, promotion of our products and services and marketing.
The number of employees in sales and marketing functions increased from 583 as of September 30, 2024 to 614 as of September 30, 2025 and increased from 599 as of June 30, 2025. We expect to continue to invest in our sales and marketing activities to expand our business both domestically and internationally and we expect to increase our marketing expense in 2025 as compared to 2024. We may increase the size of our sales force and our service provider partner support team to provide additional support to our existing service provider partner base to drive their productivity in selling our solutions as well as to enroll new service provider partners in North America and in international markets.
General and Administrative Expense.General and administrative expense consists primarily of personnel and related expenses for our administrative, legal, human resources, finance and accounting personnel, including salaries, bonuses, stock-based compensation, benefits and other personnel costs. Additional expenses included in this category are legal costs, including those that are incurred to defend and license our intellectual property, as well as non-personnel costs, such as travel-related expenses, rent, subcontracting and professional fees, audit fees, tax services, and insurance expenses. Also included in general and administrative expenses are credit losses and acquisition-related expenses, which consist primarily of legal, accounting and professional service fees directly related to acquisitions and valuation gains or losses on acquisition-related contingent liabilities.
The number of employees in general and administrative functions decreased from 232 as of September 30, 2024 to 231 as of September 30, 2025 and decreased from 238 as of June 30, 2025. Excluding intellectual property litigation and acquisition-related expense, we expect general and administrative costs to increase prospectively as our business grows. This includes cost increases related to human resources, accounting, finance, and legal personnel, additional external legal, audit fees and other expenses associated with regulations governing public companies. While somewhat unpredictable, we also expect to continue to incur costs related to litigation involving intellectual property. See the section of this Quarterly Report titled "Legal Proceedings" for additional information regarding litigation matters.
Research and Development Expense. Research and development expense consists primarily of personnel and related expenses for our employees working on our product development and software and device engineering teams, including salaries, bonuses, stock-based compensation, benefits and other personnel costs. Also included are non-personnel costs such as consulting and professional fees paid to third-party development resources.
The number of employees in research and development functions decreased from 1,164 as of September 30, 2024 to 1,154 as of September 30, 2025 and increased from 1,136 as of June 30, 2025. Our research and development efforts are focused on innovating new features and enhancing the functionality of our platforms and the solutions we offer to our service provider partners and subscribers. We will also continue to invest in efforts to extend our platforms to adjacent markets and internationally to maintain our leadership position in the development of intelligently connected property technology, and continued enhancement of our Partner Services Platform, a comprehensive suite of enterprise-grade business management solutions for our service provider partners.
Amortization and Depreciation. Amortization and depreciation consists of amortization of intangible assets originating from our acquisitions as well as our internally-developed capitalized software. Our depreciation expense is related to investments in property and equipment. Acquired intangible assets include developed technology, customer related intangibles, trademarks and trade names. We expect in the near term that amortization and depreciation may fluctuate based on our acquisition activity, development of our platforms and capitalized expenditures.
Interest Expense
We record interest expense associated with our 2026 Notes and 2029 Notes. Interest expense in 2025 is expected to increase as compared to 2024 due to the issuance of the 2029 Notes.
Interest Income
Interest income consists of interest income earned on our cash and cash equivalents, our notes receivable and our restricted cash. Interest income in 2025 will depend, in part, on our use of cash and fluctuations in interest rates.
Other Income / (Expense), Net
Other income / (expense), net primarily consists of non-operating and miscellaneous expense and income, including the impacts of fluctuations in foreign currency exchange rates.
Provision for Income Taxes
We are subject to U.S. federal, state and local income taxes as well as foreign income taxes. During the ordinary course of business, there are many transactions and calculations for which the ultimate tax determination is uncertain. As a result, we recognize tax liabilities based on estimates of whether additional taxes will be due. For the three months ended September 30, 2025, our effective tax rate was above the 21.0% statutory rate primarily due to the impact of state taxes, foreign withholding taxes, a reduced foreign derived intangible income deduction and other nondeductible expenses, partially offset by the impact of 2025 research and development tax credits claimed. For the nine months ended September 30, 2025, our effective tax rate was above the 21.0% statutory rate primarily due to the impact of state taxes, foreign withholding taxes and other nondeductible expenses, partially offset by the impact of 2025 research and development tax credits claimed and a favorable true-up adjustment of our 2024 income tax provision estimate associated with research and development tax credits. We recognize stock-based compensation tax shortfalls and excess tax windfall benefits on a discrete basis during the quarter in which they occur, and we anticipate our effective tax rate will vary from quarter to quarter depending on our stock price as well as the vesting and exercises of various forms of equity compensation under our equity incentive plans each period, including restricted stock units and stock options.
Results of Operations
The following table sets forth our unaudited selected condensed consolidated statements of operations (in thousands) and data as a percentage of revenue for the periods presented:
Three Months Ended
September 30, 		Nine Months Ended
September 30,
2025 2024 2025 2024
Revenue:
SaaS and license revenue $ 175,372 68 % $ 159,276 66 % $ 509,165 68 % $ 465,547 67 %
Hardware and other revenue 81,028 32 81,221 34 240,365 32 232,040 33
Total revenue 256,400 100 240,497 100 749,530 100 697,587 100
Cost of revenue(1):
Cost of SaaS and license revenue 24,233 9 23,099 10 69,454 9 65,621 10
Cost of hardware and other revenue(2)
63,329 25 61,649 25 183,804 25 176,924 25
Total cost of revenue 87,562 34 84,748 35 253,258 34 242,545 35
Operating expenses:
Sales and marketing(2)
29,498 12 27,010 11 89,183 12 80,301 11
General and administrative(2)
27,889 11 25,712 11 81,974 11 81,112 12
Research and development(2)
66,637 26 62,221 26 204,074 27 193,907 28
Amortization and depreciation 7,793 3 7,612 3 22,351 3 22,029 3
Total operating expenses 131,817 52 122,555 51 397,582 53 377,349 54
Operating income 37,021 14 33,194 14 98,690 13 77,693 11
Interest expense (4,326) (2) (4,315) (2) (12,961) (2) (7,079) (1)
Interest income 11,274 5 14,384 6 35,453 5 33,780 5
Other income / (expense), net 3,538 2 (89) - 703 - (1,665) -
Income before income taxes 47,507 19 43,174 18 121,885 16 102,729 15
Provision for income taxes 15,200 6 6,718 3 27,965 3 10,349 2
Income from equity method investments, net (2,793) (1) - - (3,109) - - -
Net income $ 35,100 14 % $ 36,456 15 % $ 97,029 13 % $ 92,380 13 %
_______________
(1)Excludes amortization and depreciation shown in operating expenses below.
(2)Expenses include stock-based compensation expense as follows (in thousands):
Three Months Ended
September 30, 		Nine Months Ended
September 30,
Stock-based compensation expense data: 2025 2024 2025 2024
Cost of hardware and other revenue
$ - $ - $ - $ 2
Sales and marketing 642 545 1,742 2,024
General and administrative 2,721 3,077 8,167 9,561
Research and development 4,858 5,572 16,704 20,088
Total stock-based compensation expense $ 8,221 $ 9,194 $ 26,613 $ 31,675
The following table sets forth the components of cost of revenue as a percentage of revenue:
Three Months Ended
September 30, 		Nine Months Ended
September 30,
2025 2024 2025 2024
Components of cost of revenue as a percentage of revenue:
Cost of SaaS and license revenue as a percentage of SaaS and license revenue 14 % 15 % 14 % 14 %
Cost of hardware and other revenue as a percentage of hardware and other revenue 78 76 76 76
Total cost of revenue as a percentage of total revenue 34 % 35 % 34 % 35 %
Comparison of the Three and Nine Months Ended September 30, 2025 to September 30, 2024
The following tables in this section set forth our selected condensed consolidated statements of operations (in thousands), data for the percentage change and data as a percentage of revenue for the three and nine months ended September 30, 2025 and September 30, 2024.
Revenue
Three Months Ended
September 30, 		%
Change 		Nine Months Ended
September 30, 		%
Change
2025 2024 2025 2024
Revenue
SaaS and license revenue $ 175,372 $ 159,276 10 % $ 509,165 $ 465,547 9 %
Hardware and other revenue 81,028 81,221 - 240,365 232,040 4
Total revenue $ 256,400 $ 240,497 7 % $ 749,530 $ 697,587 7 %
The $15.9 million increase in total revenue for the three months ended September 30, 2025 as compared to the same period in the prior year was primarily the result of a $16.1 million, or 10%, increase in our SaaS and license revenue, partially offset by a $0.2 million decrease in our hardware and other revenue. Our software license revenue included within SaaS and license revenue decreased $0.7 million to $4.3 million during the three months ended September 30, 2025 as compared to $5.0 million during the same period in the prior year primarily due to the result of the continuing transition of customers from non-hosted software to our cloud-based hosted platform. The SaaS and license revenue for the Alarm.com segment increased $12.0 million for the three months ended September 30, 2025 as compared to the same period in the prior year primarily due to growth in our subscriber base, including the revenue impact from subscribers we added in 2024. The SaaS and license revenue for our Other segment increased $4.1 million for the three months ended September 30, 2025 as compared to the same period in the prior year primarily due to an increase in sales of our energy management and demand response solutions as well as our property management solution. The decrease in hardware and other revenue for the three months ended September 30, 2025 as compared to the same period in the prior year was primarily from the $2.3 million decrease in hardware and other revenue, net of intersegment eliminations, in the Alarm.com segment arising from a decrease in the volume of video cameras and thermostats sold, partially offset by price increases we have implemented on certain products to cover a portion of our increases in costs. Hardware and other revenue, net of intersegment eliminations, in our Other segment increased $2.1 million for the three months ended September 30, 2025 as compared to the same period in the prior year primarily due to sales of energy credits related to the acquisition of BTR as well as increased sales related to our property management solution.
The $51.9 million increase in total revenue for the nine months ended September 30, 2025 as compared to the same period in the prior year was primarily the result of a $43.6 million, or 9%, increase in our SaaS and license revenue and a $8.3 million, or 4%, increase in our hardware and other revenue. Our software license revenue included within SaaS and license revenue decreased $1.9 million to $13.5 million during the nine months ended September 30, 2025, as compared to $15.4 million during the same period in the prior year primarily due to the result of the continuing transition of customers from non-hosted software to our cloud-based hosted platform. The SaaS and license revenue for the Alarm.com segment increased $31.9 million for the nine months ended September 30, 2025 as compared to the same period in the prior year primarily due to growth in our subscriber base, including the revenue impact from subscribers we added in 2024. The SaaS and license revenue for our Other segment increased $11.7 million for the nine months ended September 30, 2025 as compared to the same period in the prior year primarily due to an increase in sales of our energy management and demand response solutions as well as our property management solution. The increase in hardware and other revenue for the nine months ended September 30, 2025 as compared to the same period in the prior year was primarily from the $5.0 million increase in hardware and other revenue, net of intersegment eliminations, in the Alarm.com segment due to an increase in the volume of video cameras sold as well as price increases we have implemented on certain products to cover a portion of our increases in costs. Hardware and other revenue, net of intersegment eliminations, in our Other segment increased $3.3 million for the nine months ended September 30, 2025 as compared to the same period in the prior year, primarily due to sales of energy credits related to the acquisition of BTR as well as an increase in sales related to our property management solution.
Cost of Revenue
Three Months Ended
September 30, 		%
Change 		Nine Months Ended
September 30, 		%
Change
2025 2024 2025 2024
Cost of revenue(1)
Cost of SaaS and license revenue $ 24,233 $ 23,099 5 % $ 69,454 $ 65,621 6 %
Cost of hardware and other revenue 63,329 61,649 3 183,804 176,924 4
Total cost of revenue $ 87,562 $ 84,748 3 % $ 253,258 $ 242,545 4 %
% of total revenue 34 % 35 % 34 % 35 %
_____________
(1)Excludes amortization and depreciation shown in operating expenses.
The $2.8 million increase in cost of revenue for the three months ended September 30, 2025 as compared to the same period in the prior year was the result of a $1.7 million, or 3%, increase in cost of hardware and other revenue, and a $1.1 million, or 5%, increase in cost of SaaS and license revenue. Our cost of software license revenue included within cost of SaaS and license revenue was $0.1 million and $0.2 million for the three months ended September 30, 2025 and 2024, respectively. The cost of hardware and other revenue for the Alarm.com segment decreased $0.3 million during the three months ended September 30, 2025 as compared to the same period in the prior year primarily due to a decrease in the number of hardware units shipped. The cost of hardware and other revenue for the Other segment increased $2.0 million during the three months ended September 30, 2025 as compared to the same period in the prior year primarily due to costs associated with sales of energy credits related to the acquisition of BTR and an increase in the number of hardware units shipped related to our property management solution. The cost of SaaS and license revenue for the Other segment increased $0.9 million during the three months ended September 30, 2025 as compared to the same period in the prior year primarily due to an increase in sales of our energy management and demand response solutions, which drove a corresponding increase in amounts paid to distributed energy resource providers. The cost of SaaS and license revenue for the Alarm.com segment increased $0.2 million during the three months ended September 30, 2025 as compared to the same period in the prior year primarily due to the growth in our subscriber base, which drove a corresponding increase in amounts paid to wireless network providers.
Cost of hardware and other revenue as a percentage of hardware and other revenue was 78% for the three months ended September 30, 2025 and 76% for the same period in the prior year. Cost of SaaS and license revenue as a percentage of SaaS and license revenue was 14% and 15% for the three months ended September 30, 2025 and 2024, respectively. Cost of software license revenue as a percentage of software license revenue was 2% for the three months ended September 30, 2025 as compared to 3% for the same period in the prior year.
The $10.7 million increase in cost of revenue for the nine months ended September 30, 2025 as compared to the same period in the prior year was the result of a $6.9 million, or 4%, increase in cost of hardware and other revenue, and a $3.8 million, or 6%, increase in cost of SaaS and license revenue. Our cost of software license revenue included within cost of SaaS and license revenue was $0.3 million for the nine months ended September 30, 2025 as compared to $0.5 million during the same period in the prior year. The cost of hardware and other revenue for the Alarm.com segment increased $4.0 million during the nine months ended September 30, 2025 as compared to the same period in the prior year primarily due to an increase in the number of various hardware units shipped. The cost of hardware and other revenue for the Other segment increased $2.9 million during the nine months ended September 30, 2025 as compared to the same period in the prior year primarily due to costs associated with sales of energy credits related to the acquisition of BTR and an increase in the number of hardware units shipped related to our property management solution. The cost of SaaS and license revenue for the Other segment increased $2.8 million during the nine months ended September 30, 2025 as compared to the same period in the prior year primarily due to an increase in sales of our energy management and demand response solutions, which drove a corresponding increase in amounts paid to distributed energy resource providers. The cost of SaaS and license revenue for the Alarm.com segment increased $1.0 million during the nine months ended September 30, 2025 as compared to the same period in the prior year primarily due to the growth in our subscriber base, which drove a corresponding increase in amounts paid to wireless network providers.
Cost of hardware and other revenue as a percentage of hardware and other revenue was 76% for each of the nine months ended September 30, 2025 and 2024. Cost of SaaS and license revenue as a percentage of SaaS and license revenue was 14% for each of the nine months ended September 30, 2025 and 2024. Cost of software license revenue as a percentage of software license revenue was 2% for the nine months ended September 30, 2025 as compared to 3% for the same period in the prior year.
Sales and Marketing Expense
Three Months Ended
September 30, 		%
Change 		Nine Months Ended
September 30, 		%
Change
2025 2024 2025 2024
Sales and marketing $ 29,498 $ 27,010 9 % $ 89,183 $ 80,301 11 %
% of total revenue 12 % 11 % 12 % 11 %
The $2.5 million increase in sales and marketing expense for the three months ended September 30, 2025 as compared to the same period in the prior year was primarily due to a $0.9 million increase in personnel and related costs for our Alarm.com segment, attributable in part to increases in the headcount for our sales team to support our growth, and a $0.5 million increase in marketing expense for our Alarm.com segment. Personnel and related costs includes salary, benefits, stock-based compensation and travel expenses. Sales and marketing expense from our Other segment increased $0.8 million for the three months ended September 30, 2025 as compared to the same period in the prior year, primarily due to an increase in personnel and related costs, attributable in part to increases in the headcount for our sales team.
The $8.9 million increase in sales and marketing expense for the nine months ended September 30, 2025 as compared to the same period in the prior year was primarily due to a $3.8 million increase in personnel and related costs for our Alarm.com segment, attributable in part to increases in the headcount for our sales team to support our growth, and a $2.1 million increase in marketing expense for our Alarm.com segment. Sales and marketing expense from our Other segment increased $2.6 million for the nine months ended September 30, 2025, as compared to the same period in the prior year, primarily due to increases in personnel and related costs, attributable in part to increases in the headcount for our sales team. The number of employees in sales and marketing functions increased from 583 as of September 30, 2024 to 614 as of September 30, 2025.
General and Administrative Expense
Three Months Ended
September 30, 		%
Change 		Nine Months Ended
September 30, 		%
Change
2025 2024 2025 2024
General and administrative $ 27,889 $ 25,712 8 % $ 81,974 $ 81,112 1 %
% of total revenue 11 % 11 % 11 % 12 %
The $2.2 million increase in general and administrative expense for the three months ended September 30, 2025 as compared to the same period in the prior year was primarily due to a $1.9 million increase in legal costs related to intellectual property litigation and a $0.3 million increase in rent expense for our Alarm.com segment. General and administrative expenses from our Other segment decreased by $0.1 million for the three months ended September 30, 2025 as compared to the same period in the prior year, primarily due to a decrease in personnel and related costs.
The $0.9 million increase in general and administrative expense for the nine months ended September 30, 2025 as compared to the same period in the prior year was primarily due to a $2.4 million increase in our expenses for external consultants and a $1.4 million increase in personnel and related costs for our Alarm.com segment. These increases in general and administrative expense are partially offset by a $2.9 million decrease in the provision for credit losses for our Alarm.com segment primarily related to credit loss expense recorded during the nine months ended September 30, 2024 related to a loan we previously provided to an affiliated entity of one of our distribution partners that did not occur during the nine months ended September 30, 2025 as well as a decrease of $0.8 million in recruiting costs for our Alarm.com segment. General and administrative expenses from our Other segment increased by $0.7 million for the nine months ended September 30, 2025 as compared to the same period in the prior year, primarily due to an increase in legal costs. The number of employees in general and administrative functions decreased from 232 as of September 30, 2024 to 231 as of September 30, 2025.
Research and Development Expense
Three Months Ended
September 30, 		%
Change 		Nine Months Ended
September 30, 		%
Change
2025 2024 2025 2024
Research and development $ 66,637 $ 62,221 7 % $ 204,074 $ 193,907 5 %
% of total revenue 26 % 26 % 27 % 28 %
The $4.4 million increase in research and development expense for the three months ended September 30, 2025 as compared to the same period in the prior year was primarily due to a $1.8 million increase in personnel and related costs for our Alarm.com segment, a $1.1 million increase in our expenses for external consultants and a $0.7 million increase in expenses for software licenses for our Alarm.com segment. Research and development expense from our Other segment increased by $0.5 million for the three months ended September 30, 2025 as compared to the same period in the prior year, primarily due to an
increase in personnel and related costs attributable in part to an increase in headcount of employees in research and development functions.
The $10.2 million increase in research and development expense for the nine months ended September 30, 2025 as compared to the same period in the prior year was primarily due to a $3.0 million increase in our expenses for external consultants, a $2.1 million increase in personnel and related costs, a $1.8 million increase in expenses for software licenses and a $0.5 million increase in rent expense for our Alarm.com segment. Research and development expense from our Other segment increased by $1.8 million for the nine months ended September 30, 2025 as compared to the same period in the prior year due to an increase in personnel and related costs. The overall number of employees in research and development functions decreased from 1,164 as of September 30, 2024 to 1,154 as of September 30, 2025.
Amortization and Depreciation
Three Months Ended
September 30, 		%
Change 		Nine Months Ended
September 30, 		%
Change
2025 2024 2025 2024
Amortization and depreciation $ 7,793 $ 7,612 2 % $ 22,351 $ 22,029 1 %
% of total revenue 3 % 3 % 3 % 3 %
Amortization and depreciation increased $0.2 million and $0.3 million for the three and nine months ended September 30, 2025, respectively, as compared to the same periods in the prior year, primarily due to changes in depreciation expense related to property and equipment as well as intangible assets that were acquired in connection with the purchase of 81% of the issued and outstanding shares of capital stock of CHeKT, Inc., or CHeKT, on February 10, 2025, and the purchase of 100% of the issued and outstanding shares of capital stock of BTR.
Interest Expense
Three Months Ended
September 30, 		%
Change 		Nine Months Ended
September 30, 		%
Change
2025 2024 2025 2024
Interest expense $ (4,326) $ (4,315) - % $ (12,961) $ (7,079) 83 %
% of total revenue (2) % (2) % (2) % (1) %
Interest expense increased by $5.9 million for the nine months ended September 30, 2025 as compared to the same period in the prior year, primarily due to the interest expense and amortization of the debt issuance costs related to the 2029 Notes.
Interest Income
Three Months Ended
September 30, 		%
Change 		Nine Months Ended
September 30, 		%
Change
2025 2024 2025 2024
Interest income $ 11,274 $ 14,384 (22) % $ 35,453 $ 33,780 5 %
% of total revenue 5 % 6 % 5 % 5 %
Interest income decreased by $3.1 million for the three months ended September 30, 2025, as compared to the same period in the prior year, primarily due to a decrease in interest income earned on cash and cash equivalents from lower average interest rates and lower amounts of cash and cash equivalents during the three months ended September 30, 2025, as compared to the same period in the prior year. Interest income increased $1.7 million for the nine months ended September 30, 2025, as compared to the same period in the prior year, primarily due to an increase in interest income earned on cash and cash equivalents from higher amounts of cash and cash equivalents during the nine months ended September 30, 2025 as compared to the same period in the prior year.
Other Income / (Expense), Net
Three Months Ended
September 30, 		%
Change 		Nine Months Ended
September 30, 		%
Change
2025 2024 2025 2024
Other income / (expense), net $ 3,538 $ (89) (4,075) % $ 703 $ (1,665) (142) %
% of total revenue 2 % - % - % - %
Other income / (expense), net increased $3.6 million for the three months ended September 30, 2025 as compared to the same period in the prior year, primarily due to a $3.8 million increase in unrealized gain on equity securities. Other income / (expense), net increased $2.4 million for the nine months ended September 30, 2025 as compared to the same period in the prior year, primarily due to a $1.3 million gain on fluctuations in foreign currency exchange rates and a $1.0 million reduction in expenses related to a program to help our service providers resell our solutions and hardware to our subscribers.
Provision for Income Taxes
Three Months Ended
September 30, 		%
Change 		Nine Months Ended
September 30, 		%
Change
2025 2024 2025 2024
Provision for income taxes $ 15,200 $ 6,718 126 % $ 27,965 $ 10,349 170 %
% of total revenue 6 % 3 % 3 % 2 %
The provision for income taxes increased by $8.5 million and $17.6 million for the three and nine months ended September 30, 2025, respectively, as compared to the same periods in the prior year. Our effective tax rate was 30.2% and 22.4% for the three and nine months ended September 30, 2025, respectively, as compared to 15.6% and 10.1% for the same periods in the prior year. The increase in the provision for income taxes for the three and nine months ended September 30, 2025 as compared to the same periods in the prior year was primarily due to the increase in income before income taxes, a reduction in our foreign derived intangible income deduction, a tax shortfall in employee stock-based compensation during the three and nine months ended September 30, 2025 as opposed to a windfall tax benefit recognized during the nine months ended September 30, 2024 and a less favorable true-up adjustment of our 2024 income tax provision estimate associated with research and development tax credits recorded during the nine months ended September 30, 2025 as compared to a similar true-up adjustment of our 2023 income tax provision estimate associated with research and development tax credits recorded during the same period in the prior year. Further, the net $1.7 million tax benefit recognized during the three months ended March 31, 2024 from the closure of the 2018 and 2019 Internal Revenue Service examination did not recur during the nine months ended September 30, 2025.
Income from Equity Method Investments, Net
Three Months Ended
September 30, 		%
Change 		Nine Months Ended
September 30, 		%
Change
2025 2024 2025 2024
Income from equity method investments, net $ (2,793) $ - N/A $ (3,109) $ - N/A
% of total revenue (1) % - % - % - %
Income from equity method investments, net increased by $2.8 million and $3.1 million for the three and nine months ended September 30, 2025, respectively, as compared to the same periods in the prior year. The increase in the income from equity method investments, net for the three and nine months ended September 30, 2025 as compared to the same periods in the prior year was due to the increase in our share of the net assets and net income of our investees accounted for under the equity method, partially offset by amortization expense related to basis differences in our equity method investments.
Segment Information
We have two reportable segments: Alarm.com and Other. Our Alarm.com segment represents our cloud-based and Software platforms for the intelligently connected property and related solutions that contributed 90% and 91% of our revenue, net of intersegment eliminations, for the three and nine months ended September 30, 2025, respectively, as compared to 92% and 93% for the same periods in the prior year.Our Other segment is focused on researching, developing and offering residential and commercial automation solutions and energy management products and services in adjacent markets. The consolidated subsidiaries that make up our Other segment are in the investment stage and have incurred significant operating expenses relative to their revenue.
Our Alarm.com segment decreased from 1,815 employees as of September 30, 2024 to 1,810 employees as of September 30, 2025 and increased from 1,795 employees as of June 30, 2025. Our Other segment increased from 240 employees as of September 30, 2024 to 265 employees as of September 30, 2025 and increased from 253 employees as of June 30, 2025. Inter-segment revenue includes sales of hardware between our segments.
Management evaluates the performance of its segments and allocates resources to them based on operating income / (loss) as compared to prior periods and current performance levels. The reportable segment operational data is presented in the tables below (in thousands):
Three Months Ended September 30, 2025
Alarm.com Other Intersegment Alarm.com Intersegment Other Total
SaaS and license revenue $ 153,289 $ 22,083 $ - $ - $ 175,372
Hardware and other revenue
78,298 3,771 (810) (231) 81,028
Total revenue
231,587 25,854 (810) (231) 256,400
Cost of SaaS and license revenue 17,715 6,518 90 (90) 24,233
Cost of hardware and other revenue 61,002 3,489 (870) (292) 63,329
Total cost of revenue 78,717 10,007 (780) (382) 87,562
Selling and marketing expense 23,266 6,232 - - 29,498
General and administrative expense 26,438 1,451 - - 27,889
Research and development expense 59,347 7,290 - - 66,637
Amortization and depreciation expense 7,367 426 - - 7,793
Total operating expenses 116,418 15,399 - - 131,817
Operating income / (loss)
$ 36,452 $ 448 $ (30) $ 151 $ 37,021
Reconciliation of operating income to income before income taxes
Operating income $ 37,021
Interest expense (4,326)
Interest income 11,274
Other income / (expense), net 3,538
Income before income taxes $ 47,507
Three Months Ended September 30, 2024
Alarm.com Other Intersegment Alarm.com Intersegment Other Total
SaaS and license revenue $ 141,319 $ 17,957 $ - $ - $ 159,276
Hardware and other revenue
80,597 1,610 (817) (169) 81,221
Total revenue
221,916 19,567 (817) (169) 240,497
Cost of SaaS and license revenue 17,542 5,557 75 (75) 23,099
Cost of hardware and other revenue 61,214 1,346 (785) (126) 61,649
Total cost of revenue 78,756 6,903 (710) (201) 84,748
Selling and marketing expense 21,604 5,406 - - 27,010
General and administrative expense 24,174 1,538 - - 25,712
Research and development expense 55,479 6,742 - - 62,221
Amortization and depreciation expense 7,357 255 - - 7,612
Total operating expenses 108,614 13,941 - - 122,555
Operating income / (loss)
$ 34,546 $ (1,277) $ (107) $ 32 $ 33,194
Reconciliation of operating income to income before income taxes
Operating income $ 33,194
Interest expense (4,315)
Interest income 14,384
Other income / (expense), net (89)
Income before income taxes $ 43,174
Nine Months Ended September 30, 2025
Alarm.com Other Intersegment Alarm.com Intersegment Other Total
SaaS and license revenue $ 451,934 $ 57,231 $ - $ - $ 509,165
Hardware and other revenue
235,222 8,301 (2,147) (1,011) 240,365
Total revenue
687,156 65,532 (2,147) (1,011) 749,530
Cost of SaaS and license revenue 51,987 17,467 261 (261) 69,454
Cost of hardware and other revenue 179,372 7,671 (2,080) (1,159) 183,804
Total cost of revenue 231,359 25,138 (1,819) (1,420) 253,258
Selling and marketing expense 70,768 18,415 - - 89,183
General and administrative expense 76,619 5,355 - - 81,974
Research and development expense 181,288 22,786 - - 204,074
Amortization and depreciation expense 21,334 1,017 - - 22,351
Total operating expenses 350,009 47,573 - - 397,582
Operating income / (loss)
$ 105,788 $ (7,179) $ (328) $ 409 $ 98,690
Reconciliation of operating income to income before income taxes
Operating income $ 98,690
Interest expense (12,961)
Interest income 35,453
Other income / (expense), net 703
Income before income taxes $ 121,885
Nine Months Ended September 30, 2024
Alarm.com Other Intersegment Alarm.com Intersegment Other Total
SaaS and license revenue $ 420,032 $ 45,515 $ - $ - $ 465,547
Hardware and other revenue
230,424 4,472 (2,362) (494) 232,040
Total revenue
650,456 49,987 (2,362) (494) 697,587
Cost of SaaS and license revenue 51,012 14,572 250 (213) 65,621
Cost of hardware and other revenue 175,600 3,973 (2,283) (366) 176,924
Total cost of revenue 226,612 18,545 (2,033) (579) 242,545
Selling and marketing expense 64,467 15,834 - - 80,301
General and administrative expense 76,408 4,704 - - 81,112
Research and development expense 172,894 21,013 - - 193,907
Amortization and depreciation expense 21,268 761 - - 22,029
Total operating expenses 335,037 42,312 - - 377,349
Operating income / (loss)
$ 88,807 $ (10,870) $ (329) $ 85 $ 77,693
Reconciliation of operating income to income before income taxes
Operating income $ 77,693
Interest expense (7,079)
Interest income 33,780
Other income / (expense), net (1,665)
Income before income taxes $ 102,729
Alarm.com Other Intersegment Alarm.com Intersegment Other Total
Assets as of September 30, 2025
$ 2,174,476 $ 86,006 $ (136,886) $ (6) $ 2,123,590
Assets as of December 31, 2024
2,081,214 85,468 (128,465) (9) 2,038,208
Our SaaS and license revenue for the Alarm.com segment included software license revenue of $4.3 million and $13.5 million for the three and nine months ended September 30, 2025, respectively, as compared to $5.0 million and $15.4 million for the same periods in the prior year. There was no software license revenue recorded for the Other segment during the three and nine months ended September 30, 2025 and 2024. Additions to property and equipment were $3.9 million and $16.9 million for the Alarm.com segment for the three and nine months ended September 30, 2025, respectively, as compared to $12.6 million and $18.4 million for the same periods in the prior year. Additions to property and equipment were less than $0.1 million and $0.1 million for the Other segment for the three and nine months ended September 30, 2025, respectively, as compared to less than $0.1 million and $0.1 million for the Other segment for the three and nine months ended September 30, 2024, respectively.
Critical Accounting Estimates
Our management's discussion and analysis of our financial condition and results of operations is based on our condensed consolidated financial statements, which have been prepared in accordance with GAAP. The preparation of these condensed consolidated financial statements requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenue, costs and expenses during the reported period. In accordance with GAAP, we base our estimates on historical experience and on various other assumptions that we believe are reasonable under the circumstances. Because of the use of estimates inherent in the financial reporting process in light of the continuing uncertainty arising from the Macroeconomic Conditions, actual results could differ from those estimates and any such differences may be material. To the extent that there are differences between our estimates and actual results, our future financial statement presentation, financial condition, results of operations and cash flows will be affected. Except as disclosed in Note 2 of our notes to the condensed consolidated financial statements, there were no other material changes to our use of estimates or other critical accounting policies from those disclosed in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024 filed with the SEC on February 20, 2025.
Recent Accounting Pronouncements
See Note 2 of our condensed consolidated financial statements for information related to recently issued accounting standards.
Liquidity and Capital Resources
Working Capital
The following table summarizes our cash and cash equivalents, accounts receivable, net and working capital, for the periods indicated (in thousands):
September 30, 2025 December 31, 2024
Cash and cash equivalents $ 1,066,583 $ 1,220,701
Accounts receivable, net 110,984 126,082
Working capital 691,687 1,292,786
We define working capital as current assets minus current liabilities. Our cash and cash equivalents as of September 30, 2025 are available for working capital purposes. Our investment policy defines allowable investments and establishes guidelines relating to credit quality, diversification and maturities of our investments to preserve capital, maintain liquidity and limit the amount of credit risk exposure. As of September 30, 2025, our cash and cash equivalents were primarily held in money market accounts.
Liquidity and Capital Resources
As of September 30, 2025, we had $1.07 billion in cash and cash equivalents. We consider all highly liquid instruments purchased with an original maturity from the date of purchase of three months or less to be cash equivalents. To date, we have principally financed our operations through cash generated by operating activities and through private and public equity and debt financings. We mitigate the risk of loss for our cash and cash equivalents by depositing funds with a number of reputable financial institutions and monitoring both the risk profiles and investment strategies of money market funds.
Beginning in 2022, the Tax Cuts and Jobs Act of 2017 amended Internal Revenue Code Section 174, or Section 174, to eliminate the option to immediately deduct research and development expenditures in the year incurred, requiring these expenditures to be capitalized and amortized over five years for domestic expenditures and over 15 years for foreign expenditures. We calculated the 2023 federal and state cash tax increase from Section 174 to be $43.5 million, which we paid in April 2024, and we calculated the 2024 federal and state cash tax increase from Section 174 to be $33.5 million, which we paid in April 2025.
On July 4, 2025, OBBBA was enacted in the United States. The OBBBA includes a broad range of tax provisions that impact the timing and the magnitude of certain key tax deductions. The most significant provisions to us are the permanent reinstatement of the full and immediate deduction for domestic research and development expenditures in the year such costs are incurred and the 100% first-year bonus depreciation deduction, with both provisions reducing our associated deferred tax assets. We currently anticipate these provisions will significantly reduce our current federal income tax cash outlays over the next several years. Certain other international tax provisions may also be favorable to us beginning in 2026. We will continue to analyze the OBBBA tax provisions, including any additional guidance that is issued, to assess their potential impact on our financial position, results of operations and cash flows.
We believe our existing cash and cash equivalents and our future cash flows from operating activities will be sufficient to meet our anticipated operating cash needs for at least the next 12 months. Over the final three months of fiscal year 2025, we expect our capital expenditure requirements to be between $1.0 million and $3.0 million, primarily related to purchases of computer software and equipment as well as the continued build out of our leased and owned office space, excluding any leasehold improvements related to tenant improvement allowances. Maturities of lease liabilities for our various office, data center and equipment leases as of September 30, 2025 are as follows: $4.1 million for the remainder of 2025, $14.3 million in 2026, $14.8 million in 2027, $13.9 million in 2028, $12.3 million in 2029 and $48.6 million in 2030 and thereafter.
On January 30, 2025, we entered into a senior secured loan agreement with Safe Streets, under which a term loan was provided to them in the original principal amount of $21.5 million, which loan is collateralized by the assets of Safe Streets. Quarterly principal payments begin in the second quarter of 2027. Interest on the outstanding principal accrues at a rate per annum equal to the overnight financing rate published by the Federal Reserve Bank of New York for a period of three months, plus 3.0%. For the first two years of the loan, monthly interest payments can be payable in kind at the election of the borrower. The maturity date of the loan is January 30, 2030.
In consideration for the purchase of 81% of the issued and outstanding shares of capital stock of CHeKT, we paid $23.6 million in cash on February 10, 2025, after deducting $3.7 million related to agreed holdback provisions. Pursuant to the terms of
the stock purchase agreement, following the preliminary determination of the working capital of CHeKT as of the closing date, the purchase price decreased by $0.2 million. The working capital adjustment was finalized during the second quarter of 2025 and $0.5 million of the holdback was paid to stockholders of CHeKT at that time. The remaining $3.0 million of the holdback is expected to be paid to the stockholders of CHeKT by the end of the second quarter of 2026, subject to offset for any indemnification obligations.
On April 28, 2025, we paid $29.1 million in cash to purchase 24.7% of the outstanding shares of Safe Streets. We do not have a controlling financial interest in Safe Streets, but based on the legal form of Safe Streets, our level of ownership and the extent of influence, we concluded that this equity investment in Safe Streets, which is included in the Alarm.com segment, does not meet the criteria for consolidation and will be accounted for under the equity method of accounting.
On May 30, 2025, we paid $119.3 million in cash to purchase 32.5% of the outstanding shares of Safe Haven after deducting $6.3 million related to an agreed holdback provision that is expected to be paid during the second quarter of 2026. On June 6, 2025, we paid $19.2 million in cash to purchase 32.5% of the outstanding shares of All Access, after deducting $1.0 million related to an agreed holdback provision that is expected to be paid during the second quarter of 2026. After consummation of these transactions, All Access and Safe Haven were under common control. We do not have a controlling financial interest in Safe Haven or All Access, but based on the legal form of Safe Haven and All Access, our level of ownership and the extent of influence, we concluded that the equity investments in Safe Haven and All Access, which are included in the Alarm.com segment, do not meet the criteria for consolidation and will be accounted for under the equity method of accounting.
On August 15, 2025, EnergyHub, Inc. acquired all of the issued and outstanding shares of capital stock of BTR. BTR provides a managed charging solution for electric vehicle manufacturers and drivers. BTR's technology integrates directly into a vehicle's native mobile app, delivering utility program enrollment, charging insights and incentives to electric vehicle drivers. The acquisition is anticipated to expand EnergyHub's ecosystem of automotive partners and strengthen its end-to-end managed charging offering, supporting improved driver engagement and grid optimization for utility clients.
In consideration for the purchase of BTR, we paid $12.4 million in cash on August 15, 2025, after deducting $1.6 million related to agreed holdback provisions. The acquisition was accounted for as a business combination within the Other segment. The purchase price allocation was not finalized as of the date of this Quarterly Report on Form 10-Q and is pending the final determination of the working capital adjustment as well as tax adjustments.
Our future working capital, capital expenditure and cash requirements will depend on many factors, including the impact of the Macroeconomic Conditions on the economy and our operations, the rate of our revenue growth, the amount and timing of our investments in human resources and capital equipment, future acquisitions and investments, and the timing and extent of our introduction of new solutions and platform and solution enhancements. As the impact of the Macroeconomic Conditions on the economy and our operations evolves, we will continue to assess our liquidity needs. To the extent our cash and cash equivalents and cash flows from operating activities are insufficient to fund our future activities, we may need to borrow additional funds or raise funds from public or private equity or debt financings. If we raise additional funds through the incurrence of indebtedness, such indebtedness would likely have rights that are senior to holders of our equity securities and could contain covenants that restrict our operations. Any additional equity financing would be dilutive to our current stockholders.
Material Cash Requirements
As of September 30, 2025, there were no material changes in our cash requirements from those disclosed in the "Management's Discussion and Analysis of Financial Condition and Results of Operations" included in our Annual Report. Our 2026 Notes are due January 15, 2026 and are presented as a current liability in the condensed consolidated balance sheets as of September 30, 2025.
Sources of Liquidity
On January 20, 2021, we issued $500.0 million aggregate principal amount of 0% convertible senior notes due January 15, 2026 in a private placement to qualified institutional buyers and received proceeds of $484.3 million, net of $15.7 million of transaction fees and other debt issuance costs. On May 31, 2024, we issued $500.0 million aggregate principal amount of 2.25% convertible senior notes due June 1, 2029 in a private placement to qualified institutional buyers and received proceeds of $485.2 million, net of $14.8 million of transaction fees and other debt issuance costs. In connection with the offering of the 2029 Notes, we entered into privately negotiated capped call transactions with one of the initial purchasers and certain other financial institutions, at a cost of $63.1 million. The 2026 Notes and 2029 Notes are discussed in more detail in Note 13 of our notes to the condensed consolidated financial statements.
Dividends
We did not declare or pay dividends during the three and nine months ended September 30, 2025 or 2024. We cannot provide any assurance that we will declare or pay cash dividends on our common stock in the future. We currently anticipate that we will retain all of our future earnings, if any, for use in the operation and expansion of our business and we do not anticipate paying cash dividends in the foreseeable future. Payment of future cash dividends, if any, will be at the discretion of the board of directors after taking into account various factors, including our financial condition, operating results, current and anticipated cash needs, the requirements of current or then-existing debt instruments and other factors the board of directors deems relevant.
Stock Repurchase Programs
On May 24, 2024, our board of directors authorized the repurchase of our common stock in connection with the issuance of the 2029 Notes and also authorized a stock repurchase program, effective May 31, 2024, under which we are authorized to purchase up to an aggregate of $100.0 million of our outstanding common stock during the two-year period ending May 31, 2026. During the three and nine months ended September 30, 2025, we repurchased 225,094 and 399,494 shares of our common stock under this program for $12.2 million and $22.4 million, which includes applicable commissions and fees. No shares were repurchased under our stock repurchase program during the three months ended September 30, 2024. During the nine months ended September 30, 2024, we repurchased 1,117,068 shares of our common stock under our stock repurchase program authorized in connection with the issuance of the 2029 Notes for $75.0 million.
We are subject to a 1.0% excise tax on the value of net corporate stock repurchases under the Inflation Reduction Act of 2022. When applicable, the excise tax will be included as part of the cost basis of shares acquired and is presented within stockholders' equity in the condensed consolidated balance sheets.
Historical Cash Flows
The following table sets forth our cash flows for the periods indicated (in thousands):
Nine Months Ended
September 30,
2025 2024
Cash flows from operating activities $ 117,401 $ 150,153
Cash flows used in investing activities (250,003) (16,553)
Cash flows (used in) / from financing activities (21,470) 344,286
Operating Activities
Cash flows from operating activities have typically been generated from our net income and by changes in our operating assets and liabilities, particularly from accounts receivable, accounts payable and inventory, adjusted for non-cash expense items such as amortization and depreciation, deferred income taxes and stock-based compensation.
For the nine months ended September 30, 2025, cash flows from operating activities were $117.4 million, compared to $150.2 million for the same period in the prior year. This $32.8 million decrease in cash flows from operating activities was due to a $85.7 million decrease in cash from operating assets and liabilities, partially offset by a $48.3 million increase in non-cash and other reconciling items and a $4.6 million increase in net income.
The $85.7 million decrease in cash from operating assets and liabilities was primarily due to a $38.2 million change in accounts receivable, accounts payable and other current liabilities primarily due to the timing of disbursements and the collection of receipts, a $24.7 million change in inventory resulting from an increase in the change of purchased inventory during the nine months ended September 30, 2025 as compared to the same period in the prior year as well as a $8.3 million income tax receivable recorded during the nine months ended September 30, 2025. The $48.3 million increase in non-cash and other reconciling items was primarily due to a $51.5 million change in deferred income taxes, which was primarily driven by the enactment of the OBBBA, which allows for the immediate deduction of post-2024 domestic research and development expenditures, resulting in a reduction to the associated deferred tax asset, as well as the current year amortization of the capitalized pre-2025 domestic research and development expenditures. This increase in non-cash and other reconciling items was partially offset by a $5.1 million decrease in stock-based compensation as well as a $3.3 million increase in gains from investments in unconsolidated entities during the nine months ended September 30, 2025 as compared to the same period in the prior year.
Investing Activities
Our investing activities typically include acquisitions, capital expenditures, investments in unconsolidated entities, notes receivable issued to companies with offerings complementary to ours and proceeds from the repayment of those notes receivable. Our capital expenditures have primarily been for general business use, including leasehold improvements as we
have expanded our office space to accommodate our growth in headcount, computer equipment used internally and expansion of our network operations centers.
For the nine months ended September 30, 2025, cash flows used in investing activities were $250.0 million, compared to $16.6 million for the same period in the prior year. The $233.4 million increase in cash flows used in investing activities was primarily due to an increase of $168.0 million in purchases of investments in unconsolidated entities during the nine months ended September 30, 2025 as compared to the same period in the prior year as well as $23.6 million paid to purchase 81% of the issued and outstanding shares of capital stock of CHeKT on February 10, 2025 and $12.4 million paid to purchase all of the issued and outstanding shares of capital stock of BTR on August 15, 2025. Additionally, the increase in cash flows used in investing activities was due to an increase of $23.8 million in notes receivable issued, primarily due to the $21.5 million note receivable issued to Safe Streets during the nine months ended September 30, 2025 that did not occur during the same period in the prior year.
Financing Activities
Cash generated by financing activities has historically included proceeds from the 2026 Notes, the 2029 Notes and the issuance of common stock from employee stock option exercises and from our employee stock purchase plan. Cash used in financing activities has historically included repurchases of common stock, repayments of debt, payments of debt issuance costs and purchases of capped calls related to the 2029 Notes.
For the nine months ended September 30, 2025, cash flows used in financing activities were $21.5 million, compared to cash flows from financing activities of $344.3 million for the same period in the prior year. The $365.8 million decrease in cash flows from financing activities was primarily due to $485.2 million in proceeds from the issuance of the 2029 Notes, net of issuances costs paid during the nine months ended September 30, 2024 that did not occur during the nine months ended September 30, 2025. The decrease in cash flows used in financing activities was partially offset by a $52.6 million decrease in purchases of shares of our common stock and $63.1 million purchases of capped calls related to the 2029 Notes during the nine months ended September 30, 2024, which did not occur during the nine months ended September 30, 2025.
Non-GAAP Measures
We define non-GAAP adjusted EBITDA as our net income before interest expense, interest income, certain activity within other income / (expense), net, provision for income taxes, income from equity method investments, net, amortization and depreciation expense, stock-based compensation expense, acquisition-related expense, legal costs and settlement fees incurred and received in connection with non-ordinary course litigation and other disputes, particularly costs involved in ongoing intellectual property litigation. We do not consider these items to be indicative of our core operating performance. The non-cash items include amortization and depreciation expense; income from equity method investments, net; amortization of debt issuance costs for the 2026 Notes and 2029 Notes included in interest expense; stock-based compensation expense related to restricted stock units and other forms of equity compensation, including, but not limited to, the sale of common stock. We do not adjust for ordinary course legal expenses resulting from maintaining and enforcing our intellectual property portfolio and license agreements. Non-GAAP adjusted EBITDA is not a measure calculated in accordance with GAAP. See the table below for a reconciliation of non-GAAP adjusted EBITDA from net income, the most directly comparable financial measure calculated and presented in accordance with GAAP.
We have included non-GAAP adjusted EBITDA in this report because it is a key measure our management uses to understand and evaluate our core operating performance and trends, to generate future operating plans, to make strategic decisions regarding the allocation of capital and to make investments in initiatives that are focused on cultivating new markets for our solutions. We also use non-GAAP adjusted EBITDA, a non-GAAP financial measure, as a performance measure under our executive bonus plan. Further, we believe the exclusion of certain expenses in calculating non-GAAP adjusted EBITDA facilitates comparisons of our operating performance on a period-to-period basis and, in the case of exclusion of acquisition-related expense and certain historical legal expenses, excludes items that we do not consider to be indicative of our core operating performance. Accordingly, we believe non-GAAP adjusted EBITDA provides useful information to investors and others in understanding and evaluating our operating results in the same manner as our management and board of directors.
Our use of non-GAAP adjusted EBITDA has limitations as an analytical tool, and you should not consider it in isolation or as a substitute for analysis of our financial results as reported under GAAP. Some of these limitations are: (a) although amortization and depreciation are non-cash charges, the assets being amortized and depreciated may have to be replaced in the future, and non-GAAP adjusted EBITDA does not reflect cash capital expenditure requirements for such replacements or for new capital expenditure requirements; (b) non-GAAP adjusted EBITDA does not reflect changes in, or cash requirements for, our working capital needs; (c) non-GAAP adjusted EBITDA does not reflect the potentially dilutive impact of equity-based compensation; (d) non-GAAP adjusted EBITDA does not reflect tax payments that may represent a reduction in cash available to us; and (e) other companies, including companies in our industry, may calculate non-GAAP adjusted EBITDA or similarly titled measures differently, which reduces its usefulness as a comparative measure.
Because of these and other limitations, you should consider non-GAAP adjusted EBITDA alongside our other GAAP-based financial performance measures, net income and our other GAAP financial results. The following table presents a reconciliation of non-GAAP adjusted EBITDA from net income, the most directly comparable GAAP measure, for each of the periods indicated (in thousands):
Three Months Ended
September 30, 		Nine Months Ended
September 30,
2025 2024 2025 2024
Non-GAAP adjusted EBITDA:
Net income $ 35,100 $ 36,456 $ 97,029 $ 92,380
Adjustments:
Interest expense, interest income and certain activity within other income / (expense), net (7,049) (10,069) (22,593) (26,701)
Provision for income taxes 15,200 6,718 27,965 10,349
Income from equity method investments, net (2,793) - (3,109) -
Amortization and depreciation expense 7,793 7,612 22,351 22,029
Stock-based compensation expense 8,221 9,194 26,613 31,675
Acquisition-related expense 898 61 958 105
Litigation expense 1,789 4 1,897 16
Total adjustments 24,059 13,520 54,082 37,473
Non-GAAP adjusted EBITDA $ 59,159 $ 49,976 $ 151,111 $ 129,853
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