has reported first-quarter net income of $US14.8 million, compared to $8.8 million for the prior year. Total quarterly revenue rose 13.5 per cent year-over-year to $172.5 million.

First-quarter SaaS and license revenue increased 16.8 per cent year-over-year to $107.4 million. CFO Steve Valenzuela said the company experienced a SaaS and license revenue renewal rate of 95 per cent in the first quarter, which is above its historical range of 92 per cent to 94 per cent. He attributed the slightly higher rate to fewer people moving residences at the start of the COVID-19 pandemic, “and we could see a return to the historic range in the next quarter or two.”

For the full year, SaaS and license revenue is expected to be $445.5 million to $446 million. Hardware and other revenue in the first quarter was $65.1 million, up 8.5 per cent year-on-year. Total revenue is expected to be $680.5 million to $691 million, which includes anticipated hardware and other revenue in the range of $235 million to $245 million.

President and CEO Steve Trundle said favourable conditions in the U.S and Canadian residential markets in late 2020 had carried into Q1, 2021.

“This momentum was driven by new account creation and the growing adoption of advanced services such as video and video analytics,” Trundle said. “Commercial sales opportunities in the large-scale enterprise segment also improved, but remained somewhat below pre-pandemic levels.”