Alarm.com Holdings, Inc.

Good, Dan. Thank you for standing by. Welcome to the Alarm.com first quarter 2026 earnings conference call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during the session, you'll need to press star 1-1 on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press star 1-1 again. Please be advised that this conference is being recorded. I would like to hand the conference over to your speaker today. Matthew Zartman, please go ahead.

Thank you. Good afternoon, everyone, and welcome to Alarm.com's first quarter 2026 earnings conference call. Please note that this call is being recorded. Joining us today are Steve Trundle, our CEO, and Kevin Bradley, our CFO. During today's call, we will be making forward-looking statements, which are predictions, projections, estimates, and other statements about future events. These statements are based on current expectations and assumptions that are subject to risks and uncertainties that may cause actual results to differ materially from our current expectations. We refer you to the risk factors discussed in our Form 8K and the associated press release, which were filed with the SEC earlier today. The call is subject to these risk factors, and we encourage you to review them. Alarm.com assumes no obligation to update forward-looking statements or other information that speak as of their respective dates. In addition, several non-GAAP financial measures will be discussed on the call. A reconciliation of GAAP and non-GAAP measures can be found in today's press release on our Investor Relations website. I'll turn the call over to Steve Trundle. Steve?

Thank you, Matt. Good afternoon and welcome to everyone. We're pleased to report first quarter results that exceeded our expectations. Our SAS and license revenue in the first quarter was $181.5 million, up 10.8%, year over year. Our adjusted EBITDA in the quarter was $49.6 million. Our results continue to reflect contributions from across our businesses, with nearly every area running at or slightly above the plan we set out for the year. We had a bit of revenue in the Energy Hub business move forward from the third quarter, but aside from this modest anomaly, the results are broad-based reflection of how our various business units performed. While our results are more than solid, there were a few bumps along the way in the quarter. First, in January and February, we saw new home building and other business activity impacted by the long spell of snow and ice due to the extreme cold weather that impacted much of the U.S. Installation activity was greatly reduced for about three weeks and then bounced back strong and accelerated through March, reflecting the durability of demand. Toward the end of the first quarter, we also began to deal with supply chain volatility related to standard memory availability as manufacturers shifted more production to sell into the HBM category for AI data centers. This has led to the widely reported substantial cost increases for the memory we use in cameras and other products. We're actively working to manage both supply chain availability of memory and the cost expansion caused by this market dynamic and expect these challenges to continue until the memory market corrects. As a reminder to investors, the portfolio of businesses that we consolidate into our quarterly results spans multiple markets at different stages of development. Our commercial business includes Alarm.com for Business, OpenEye, Checked, and Shooter Detection Systems. These commercial businesses are all growing as the security and access control markets evolve towards integrated cloud-based AI-driven solutions. Our energy business, Energy Hub, continues to be a meaningful growth contributor and represents a growing share of our overall revenue mix. The Energy Hub platform provides mission-critical distributed IoT management solutions that help utilities address long-term structural pressures on grid reliability and infrastructure. Our core residential business provides a large durable foundation with a large TAM and a highly productive service provider channel. Structurally high revenue retention is due to the wide range of physically installed devices that subscribers interact with through our application every day. In each business, we deliver software that orchestrates connected devices at scale. This enables us to leverage AI to improve ease of use, unlock new use cases, and make our solutions increasingly essential to both security and operational workflows. In our commercial offerings, where an enterprise may have dozens or even hundreds of video cameras installed, AI-driven use cases are particularly valuable. OpenEye, our enterprise commercial video business, released several capabilities during the quarter that fit this profile. One is a powerful new capability called AI Visual Check. AI Visual Check can detect and issue real-time notifications when a fire exit is blocked, a shelf needs restocking, or a security post is unattended. Customers managing large properties or multi-site environments can use AI Visual Check to reduce reliance on manual safety protocol oversight, enabling faster responses to operational issues and improving security compliance across geographically disparate locations. OpenEye also introduced AI Visual Search. This allows security personnel to describe what they're looking for using natural language and retrieve relevant forensic results. They can quickly locate specific moments, objects, or activities across their broad video environment. Both capabilities are included in OpenEye's premium video subscription service, and in-customer adoption of that service is rapidly growing. Before I hand things over to Kevin, I want to discuss our share repurchase program. During the last two quarters, we purchased over 800,000 shares of our common stock, including over 400,000 shares during the first quarter. Last week, our board authorized the purchase of up to an aggregate of $150 million of our outstanding common stock over the next two years. As I expressed on last quarter's call, we believe that AI is primarily an opportunity for Alarm.com And we will therefore seek to take advantage of any SAS universe dislocations in the market, while still maintaining balance sheet capacity to also pursue acquisitions opportunistically, as we have done over the last several years. In summary, I'm pleased with our first quarter results. We remain focused on creating long-term value for our service providers and their customers across residential, commercial, and energy markets, and in the process, creating value for our long-term shareholders. I want to thank our service provider partners and our team for their hard work and our investors for their continued trust in our business. With that, I'll turn things over to Kevin Bradley to review our detailed financials for the quarter and our updated guidance. Kevin?