Alarm.com Holdings, Inc. (NASDAQ: ALRM) rose Thursday after the company beat Q3 earnings estimates and issued strong Q4 guidance.
According to CEO Steve Trundle, "We’re pleased to report another solid quarter of growth, Our service providers continued to succeed in the market and expand their use of Alarm.com’s smart home and business services.
"The Alarm.com team also extended our technology advantage with the introduction of new products, including our video analytics service."
A news release issued Wednesday revealed that total revenue grew 24.3% to $111.8 million, compared to $90.0 million.
GAAP net loss was $7.7 million, or $0.16 loss per diluted share, compared to $15.1 million net income, or $0.31 income per diluted share, primarily due to a $28.0 million expense related to an agreement to settle a putative class action lawsuit.
The release went on to say total cash and cash equivalents increased to $124.2 million as of September 30, 2018, compared to $96.3 million as of December 31, 2017.
For the quarter ended September 30, 2018, cash flows from operations were $19.8 million, an increase of $6.0 million from $13.8 million for the quarter ended September 30, 2017.
In terms of full-year 2018 guidance, total revenue is expected to be in the range of $407.5 million to $409.7 million, which includes anticipated hardware and other revenue in the range of $118.0 million to $120.0 million.
Alarm.com shares hiked $2.02, or 4.3%, near the end of Thursday's session, to $49.27.
