SmartRent Accelerates SaaS Growth by 32% Y/Y; Reports First Quarter 2024 Results
SmartRent, Inc. (NYSE: SMRT) reported their first quarter 2024 financial results, highlighting a 32% year-over-year growth in SaaS revenue to $11.9 million, with a record $47.6 million SaaS ARR. Although total revenue decreased by 22%, net loss improved by 42% to $(7.7) million. Adjusted EBITDA saw a significant improvement, reaching $0.4 million. The company showcased a strong balance sheet with $204.9 million in cash, cash equivalents, and restricted cash. Units Deployed grew by 24% to 749,000, with gross margins improving to 38%. The company remains optimistic about its growth outlook and strategic position for continued success.
32% year-over-year growth in SaaS revenue to $11.9 million.
Record $47.6 million SaaS Annual Recurring Revenue (ARR).
Net loss improved by 42% to $(7.7) million.
Adjusted EBITDA improved by 105% to $0.4 million.
Strong balance sheet with $204.9 million in cash, cash equivalents, and restricted cash.
24% increase in Units Deployed to 749,000.
Gross margins improved to 38%.
Total revenue decreased by 22% year-over-year.
Hardware revenue decreased by $8.3 million, and professional services revenue decreased by $9.3 million.
Operating expenses increased to $29.6 million in the first quarter of 2024.
Insights
The robust 32% year-over-year growth in SaaS revenue for SmartRent is a strong indicator of the company's scaling capabilities and focus on high-margin recurring revenue streams. However, the broader 22% decline in total revenue signals a strategic pivot towards profitability over top-line growth. This shift is further evidenced by the significant improvement in gross margins to 38.5% from 14% the previous year, demonstrating increased operational efficiency and a more profitable product mix.
From an investment perspective, the company's focus on the smart home and property operations sector is promising due to the growing adoption of tech-enabled living environments. However, the noted one-time accrual due to a contractual dispute raises questions around vendor management and could be a potential risk for future operational disruptions. The positive Adjusted EBITDA, despite increased operating expenses, reflects disciplined cost management. Complemented by a strong cash position and no debt, SmartRent appears to be well-positioned for sustained growth, especially considering the large addressable market indicated by the potential to leverage their existing customer base.
The increase in SmartRent's SaaS ARR to $47.6 million, mainly through a 24% increase in Units Deployed and increment in SaaS ARPU, signifies deepening market penetration and an enhanced value proposition. With the rental housing industry increasingly adopting smart technologies, SmartRent's continued investment in innovation and customer-centric solutions seems to be paying off.
It's critical to note that despite a decrease in total revenue, SmartRent still shows potential for long-term growth. The decrease in hardware and professional services revenue is indicative of a strategic shift rather than a reduction in market demand. The guidance provided for the upcoming quarters indicates management's confidence in the company's trajectory, albeit recognizing external challenges such as supply chain constraints. Investors should consider the balance of short-term profitability focus against the backdrop of long-term growth opportunities within the industry's technological evolution.
The progression to a record SaaS ARR underscores SmartRent's strategic expansion within the smart home niche, a sector with a rising trajectory. The Alloy SmartHome hardware taking a more significant portion of the product mix points to a strategic optimization of their offerings, with a higher margin contributing to the improved gross profit. Additionally, a 4% increase in SaaS ARPU suggests the company is effectively monetizing its services.
Investors should note the company's adeptness in navigating the technological landscape, with SmartRent's innovations presumably resonating well with the rental housing market. The 75.1% SaaS gross margin is a testament to the scalability of the software model. The continued investment in R&D, as underlined by the CEO's commentary, is pivotal for maintaining a competitive edge. Monitoring the evolution of their SaaS offerings and market response is crucial, as it will heavily influence long-term investor returns.
Sets New Record with
Confirms 2024 Growth Outlook; Enables Expansion and Innovation
Financial and Business Highlights for the First Quarter 2024
-
Total Revenue of
$50.5 million -
SaaS Revenue of
$11.9 million -
Net Loss of
$(7.7) million $(13.2) million $5.5 million -
Adjusted EBITDA of
$0.4 million $8.9 million -
Balance Sheet:
$204.9 million $75 million
Management Commentary
“SmartRent is not just about creating smart homes; we are fundamentally changing the way people interact with their living environments,” said Lucas Haldeman, CEO of SmartRent. “This quarter, our growth in SaaS revenue by
First Quarter 2024 Results
The Company saw a continued increase in hosted services revenue as our SaaS revenue grew
Units Deployed as of March 31, 2024 was 749,401, a
Product mix and operational improvements continued to drive gross margin expansion. For the first quarter, total gross margin improved to
Operating expenses were
The Company ended the quarter with a cash balance of
Financial Outlook
“We are encouraged by the robust growth in our SaaS revenue and the expansion of our margins, alongside sustained Adjusted EBITDA profitability,” stated SmartRent CFO Daryl Stemm. “With nearly 750,000 units deployed—a
Accordingly, guidance for Q2 and full-year 2024 are as follows:
Second Quarter 2024 Guidance
-
Total Revenue in the range of
$49 $55 million -
Adjusted EBITDA in the range of
$(0.5) million $0.5 million
Unchanged - Full-Year 2024 Guidance
-
Total Revenue in the range of
$260 million $290 million -
Adjusted EBITDA in the range of
$5 million $8 million
The estimates presented above represent a range of possible outcomes and may differ materially from actual results. These estimates exclude the impact of potential acquisitions, capital markets activities, and unforeseen continued challenges with supply chain and logistics. The estimates are forward-looking based on the Company’s current assessment of demand for its product, execution capabilities and market conditions, as well as other risks outlined below under the caption “Forward-Looking Statements.”
SmartRent has not provided the forward-looking GAAP equivalents or a GAAP reconciliation for forward-looking Adjusted EBITDA in this presentation due to the uncertainty regarding, and the potential variability of, reconciling items such as stock-based compensation expense. Accordingly, a reconciliation of Adjusted EBITDA guidance to net income or loss is not available without unreasonable effort. However, it is important to note that material changes to reconciling items could have a significant effect on future GAAP results.
Revenue Drivers |
||||||||
|
For the three months ended March 31, |
|
|
|||||
|
2024 |
|
2023 |
|
% Change |
|||
Hardware |
|
|
|
|
|
|||
Hardware Units Shipped |
|
51,744 |
|
|
58,659 |
|
(12 |
%) |
Hardware ARPU |
$ |
561.94 |
|
$ |
636.30 |
|
(12 |
%) |
|
|
|
|
|
|
|||
Professional Services |
|
|
|
|
|
|||
New Units Deployed |
|
29,710 |
|
|
55,360 |
|
(46 |
%) |
Professional Services ARPU |
$ |
221.43 |
|
$ |
249.66 |
|
(11 |
%) |
|
|
|
|
|
|
|||
Hosted Services |
|
|
|
|
|
|||
Units Deployed (1) |
|
749,401 |
|
|
602,556 |
|
24 |
% |
Average aggregate units deployed |
|
734,546 |
|
|
574,876 |
|
28 |
% |
SaaS ARPU |
$ |
5.41 |
|
$ |
5.21 |
|
4 |
% |
|
|
|
|
|
|
|||
Bookings |
|
|
|
|
|
|||
Units Booked |
|
46,290 |
|
|
65,108 |
|
(29 |
%) |
Bookings (in thousands) |
$ |
38,761 |
|
$ |
37,305 |
|
4 |
% |
Units Booked SaaS ARPU |
$ |
7.16 |
|
$ |
5.40 |
|
33 |
% |
|
|
|
|
|
|
|||
(1) As of the last date of the quarter |
||||||||
Conference Call Information
SmartRent is hosting a conference call today, May 8, 2024 at 11:30 a.m. ET to discuss its financial results. To join the call, please register on the Company’s investor relations website here. A copy of the first quarter 2024 earnings deck is available on the Investor Relations section of SmartRent’s website.
About SmartRent
Founded in 2017, SmartRent, Inc. (NYSE: SMRT) is a leading provider of smart home and smart property solutions for the multifamily industry. The company’s platform, comprised of smart hardware and cloud-based SaaS solutions, gives operators seamless visibility and control over real estate assets, empowering them to simplify operations, automate workflows, benefit from additional revenue opportunities, and deliver exceptional site team and resident experiences. SmartRent serves 15 of the top 20 multifamily owners and operators, and its solutions enable millions of users to live smarter every day. For more information, please visit www.smartrent.com.
Forward-Looking Statements
This press release contains forward-looking statements which address the Company's expected future business and financial performance, expansion of our Community WiFI offering, expected growth, expected Total Revenue and Adjusted EBITDA for the second quarter and full year 2024, expected benefits from stock repurchase program, and other future events. Forward-looking statements may contain words such as "goal," "target," "future," "estimate," "expect," "anticipate," "intend," "plan," "believe," "seek," "project," "may," "should," "will" or similar expressions. Examples of forward-looking statements include, among others, statements regarding the expected financial results, product portfolio enhancements, expansion plans and opportunities and earnings guidance related to financial and operational metrics. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those currently anticipated. Some of the factors that could cause actual results to differ materially from those expressed or implied by the forward-looking statements include, among other things, our ability to: (1) accelerate adoption of our products and services; (2) anticipate the uncertainties inherent in the development of new business lines and business strategies; (3) manage risks associated with our third-party suppliers and manufacturers and partners for our products; (4) manage risks associated with adverse macroeconomic conditions, including inflation, slower growth or recession, barriers to trade, changes to fiscal and monetary policy, tighter credit, higher interest rates, high unemployment, and currency fluctuations; (5) attract, train, and retain effective officers, key employees and directors; (6) develop, design, manufacture, and sell products and services that are differentiated from those of competitors; (7) realize the benefits expected from our acquisitions; (8) acquire or make investments in other businesses, patents, technologies, products or services to grow the business; (9) successfully pursue, defend, resolve or anticipate the outcome of pending or future litigation matters; (10) comply with laws and regulations applicable to our business, including privacy regulations; (11) realize the benefits expected from our stock repurchase program; and (12) maintain key strategic relationships with partners and distributors. The forward-looking statements herein represent the judgment of the Company, as of the date of this release, and SmartRent disclaims any intent or obligation to update forward-looking statements. This press release should be read in conjunction with the information included in the Company's other press releases, reports and other filings with the SEC. Understanding the information contained in these filings is important in order to fully understand the Company's reported financial results and our business outlook for future periods.
Use of Non-GAAP Financial Measures
In addition to disclosing financial results that are determined in accordance with GAAP, SmartRent also discloses certain non-GAAP financial measures in this press release, including EBITDA and Adjusted EBITDA. These financial measures are not recognized measures under GAAP and should not be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP.
We define Adjusted EBITDA as EBITDA before the following items: stock-based compensation expense, non-employee warrant expense, non-recurring warranty provisions, asset impairment, loss on extinguishment of debt, non-recurring expenses in connection with acquisitions, severance charges, and other expenses caused by non-recurring, or unusual, events that are not indicative of our ongoing business. We define EBITDA as net income or loss computed in accordance with GAAP before interest income/expense, income tax expense and depreciation and amortization.
EBITDA and Adjusted EBITDA may be determined or calculated differently by other companies. Reconciliations of these non-GAAP measures to the most directly comparable GAAP financial measures have been provided in the financial statement tables included in this press release, and investors are encouraged to review the reconciliations.
EBITDA and Adjusted EBITDA are not used as measures of SmartRent’s liquidity and should not be considered alternatives to net income or loss or any other measure of financial performance presented in accordance with GAAP.
SmartRent’s management uses EBITDA and Adjusted EBITDA in a number of ways to assess the Company’s financial and operating performance and believes that these measures provide useful information to investors regarding financial and business trends related to SmartRent’s results of operations. EBITDA and Adjusted EBITDA are also used to identify certain expenses and make decisions designed to help SmartRent meet its current financial goals and optimize its financial performance, while neutralizing the impact of expenses included in its operating results which could otherwise mask underlying trends in its business. SmartRent’s management believes that investors are provided with a more meaningful understanding of SmartRent’s ongoing operating performance when non-GAAP financial information is viewed with GAAP financial information.
Operating Metrics Defined
SmartRent regularly monitors several operating and financial metrics including the following non-GAAP financial measures which the Company believes are key measures of its growth, to evaluate its operating performance, identify trends affecting its business, formulate business plans, measure its progress, and make strategic decisions. These metrics may not provide accurate predictions of future GAAP financial results.
Units Deployed is defined as the aggregate number of Hub Devices that have been installed (including customer self-installations) and have an active subscription as of a stated measurement date.
New Units Deployed is defined as the aggregate number of Hub Devices that were installed (including customer self-installations) and resulted in a new active subscription during a stated measurement period.
Units Shipped is defined as the aggregate number of Hub Devices that have been shipped to customers during a stated measurement period.
Units Booked is defined as the aggregate number of Hub Device units subject to binding orders executed during a stated measurement period. The Company utilizes the concept of Units Booked to measure estimated near-term resource demand and the resulting approximate range of post-delivery revenue that it will earn and record. Units Booked represent binding orders only.
Bookings represent the contract value of hardware, professional services, and the first year of ARR for binding orders executed during a stated measurement period.
Annual Recurring Revenue (“ARR”) is defined as the annualized value of our SaaS revenue earned in the current quarter.
Average Revenue per Unit (“ARPU”) is used to assess the growth and health of the overall business and reflects our ability to acquire, retain, engage and monetize our customers, and thereby drive revenue. Each revenue stream ARPU is calculated as follows:
Hardware ARPU is total hardware revenue during a given period divided by the total Units Shipped during the same period.
Professional Services ARPU is total professional services revenue during a given period divided by the total New Units Deployed, excluding customer self-installations, during the same period.
SaaS ARPU is total SaaS revenue during a given period divided by the average aggregate Units Deployed in the same period.
Units Booked SaaS ARPU is the first year ARR for binding orders executed during the stated measurement period divided by the total Units Booked in the same period.
Net Revenue Retention is defined as SaaS revenue at the end of the current period related to properties which had SaaS revenue at the end of the same period in the prior year, divided by SaaS revenue at the end of the same period in the prior year for those same properties. This includes any reductions in revenue caused by cancellations or downgrades, offset by additions to revenue from price increases on existing products, and additions of new products at existing properties.
SMARTRENT, INC. CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (in thousands, except per share amounts) |
||||||||
For the three months ended March 31, |
||||||||
2024 |
2023 |
|||||||
Revenue |
||||||||
Hardware |
$ |
29,077 |
|
$ |
37,325 |
|
||
Professional services |
|
3,458 |
|
|
12,769 |
|
||
Hosted services |
|
17,954 |
|
|
14,985 |
|
||
Total revenue |
|
50,489 |
|
|
65,079 |
|
||
|
||||||||
Cost of revenue |
||||||||
Hardware |
|
18,684 |
|
|
32,572 |
|
||
Professional services |
|
6,448 |
|
|
17,634 |
|
||
Hosted services |
|
5,934 |
|
|
5,758 |
|
||
Total cost of revenue |
|
31,066 |
|
|
55,964 |
|
||
|
||||||||
Operating expense |
||||||||
Research and development |
|
8,362 |
|
|
7,231 |
|
||
Sales and marketing |
|
4,554 |
|
|
5,161 |
|
||
General and administrative |
|
16,666 |
|
|
12,017 |
|
||
Total operating expense |
|
29,582 |
|
|
24,409 |
|
||
|
||||||||
Loss from operations |
|
(10,159 |
) |
|
(15,294 |
) |
||
|
||||||||
Interest income, net |
|
2,409 |
|
|
2,016 |
|
||
Other income, net |
|
103 |
|
|
56 |
|
||
Loss before income taxes |
|
(7,647 |
) |
|
(13,222 |
) |
||
|
||||||||
Income tax expense (benefit) |
|
45 |
|
|
(7 |
) |
||
Net loss |
$ |
(7,692 |
) |
$ |
(13,215 |
) |
||
Other comprehensive loss |
||||||||
Foreign currency translation adjustment |
|
6 |
|
|
104 |
|
||
Comprehensive loss |
$ |
(7,686 |
) |
$ |
(13,111 |
) |
||
Net loss per common share |
||||||||
Basic and diluted |
$ |
(0.04 |
) |
$ |
(0.07 |
) |
||
Weighted-average number of shares used in computing net loss per share |
||||||||
Basic and diluted |
|
203,485 |
|
|
198,334 |
|
||
SMARTRENT, INC. CONSOLIDATED BALANCE SHEETS (in thousands, except per share amounts) |
||||||||
As of |
||||||||
March 31,
|
December 31,
|
|||||||
ASSETS |
||||||||
Current assets |
||||||||
Cash and cash equivalents |
$ |
204,701 |
|
$ |
215,214 |
|
||
Restricted cash, current portion |
|
247 |
|
|
495 |
|
||
Accounts receivable, net |
|
58,093 |
|
|
61,903 |
|
||
Inventory |
|
30,899 |
|
|
41,575 |
|
||
Deferred cost of revenue, current portion |
|
11,528 |
|
|
11,794 |
|
||
Prepaid expenses and other current assets |
|
14,009 |
|
|
9,359 |
|
||
Total current assets |
|
319,477 |
|
|
340,340 |
|
||
Property and equipment, net |
|
1,314 |
|
|
1,400 |
|
||
Deferred cost of revenue |
|
8,792 |
|
|
11,251 |
|
||
Goodwill |
|
117,268 |
|
|
117,268 |
|
||
Intangible assets, net |
|
26,280 |
|
|
27,249 |
|
||
Other long-term assets |
|
12,322 |
|
|
12,248 |
|
||
Total assets |
$ |
485,453 |
|
$ |
509,756 |
|
||
LIABILITIES, CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS' EQUITY |
||||||||
Current liabilities |
||||||||
Accounts payable |
$ |
7,702 |
|
$ |
15,076 |
|
||
Accrued expenses and other current liabilities |
|
21,211 |
|
|
24,976 |
|
||
Deferred revenue, current portion |
|
78,077 |
|
|
77,257 |
|
||
Total current liabilities |
|
106,990 |
|
|
117,309 |
|
||
Deferred revenue |
|
41,491 |
|
|
45,903 |
|
||
Other long-term liabilities |
|
3,885 |
|
|
4,096 |
|
||
Total liabilities |
|
152,366 |
|
|
167,308 |
|
||
Commitments and contingencies (Note 12) |
||||||||
Convertible preferred stock, |
|
- |
|
|
- |
|
||
Stockholders' equity |
||||||||
Class A common stock, |
|
20 |
|
|
20 |
|
||
Additional paid-in capital |
|
630,878 |
|
|
628,156 |
|
||
Accumulated deficit |
|
(297,601 |
) |
|
(285,512 |
) |
||
Accumulated other comprehensive loss |
|
(210 |
) |
|
(216 |
) |
||
Total stockholders' equity |
|
333,087 |
|
|
342,448 |
|
||
Total liabilities, convertible preferred stock and stockholders' equity |
$ |
485,453 |
|
$ |
509,756 |
|
||
SMARTRENT, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) |
||||||||
For the three months ended March 31, |
||||||||
2024 |
2023 |
|||||||
CASH FLOWS FROM OPERATING ACTIVITIES |
||||||||
Net loss |
$ |
(7,692 |
) |
$ |
(13,215 |
) |
||
Adjustments to reconcile net loss to net cash used by operating activities |
||||||||
Depreciation and amortization |
|
1,501 |
|
|
1,254 |
|
||
Provision for warranty expense |
|
|
(552 |
) |
|
- |
|
|
Non-cash lease expense |
|
375 |
|
|
299 |
|
||
Stock-based compensation related to acquisition |
|
- |
|
|
109 |
|
||
Stock-based compensation |
|
3,281 |
|
|
3,571 |
|
||
Compensation expense related to acquisition |
|
137 |
|
|
1,625 |
|
||
Change in fair value of earnout related to acquisition |
|
80 |
|
|
141 |
|
||
Non-cash interest expense |
|
39 |
|
|
32 |
|
||
Provision for excess and obsolete inventory |
|
96 |
|
|
(60 |
) |
||
Provision for doubtful accounts |
|
1,181 |
|
|
(89 |
) |
||
Non-cash legal accrual |
|
4,955 |
|
|
- |
|
||
Change in operating assets and liabilities |
|
|
|
|
||||
Accounts receivable |
|
2,701 |
|
|
3,483 |
|
||
Inventory |
|
5,612 |
|
|
8,949 |
|
||
Deferred cost of revenue |
|
2,726 |
|
|
3,294 |
|
||
Prepaid expenses and other assets |
|
349 |
|
|
(4,577 |
) |
||
Accounts payable |
|
(7,448 |
) |
|
(6,661 |
) |
||
Accrued expenses and other liabilities |
|
(6,673 |
) |
|
(11,129 |
) |
||
Deferred revenue |
|
(3,591 |
) |
|
3,011 |
|
||
Lease liabilities |
|
(414 |
) |
|
(327 |
) |
||
Net cash used in operating activities |
|
(3,337 |
) |
|
(10,290 |
) |
||
CASH FLOWS FROM INVESTING ACTIVITIES |
||||||||
Purchase of property and equipment |
|
(34 |
) |
|
(27 |
) |
||
Capitalized software costs |
|
(922 |
) |
|
(1,142 |
) |
||
Net cash used in investing activities |
|
(956 |
) |
|
(1,169 |
) |
||
CASH FLOWS FROM FINANCING ACTIVITIES |
||||||||
Payments for repurchases of common stock |
|
(4,373 |
) |
|
- |
|
||
Proceeds from options exercise |
|
2 |
|
|
71 |
|
||
Proceeds from ESPP purchases |
|
337 |
|
|
438 |
|
||
Taxes paid related to net share settlements of stock-based compensation awards |
|
(898 |
) |
|
(661 |
) |
||
Payment of earnout related to acquisition |
|
(1,530 |
) |
|
(1,702 |
) |
||
Net cash used in provided by financing activities |
|
(6,462 |
) |
|
(1,854 |
) |
||
Effect of exchange rate changes on cash and cash equivalents |
|
(6 |
) |
|
27 |
|
||
Net decrease (increase) in cash, cash equivalents, and restricted cash |
|
(10,761 |
) |
|
(13,286 |
) |
||
Cash, cash equivalents, and restricted cash - beginning of period |
|
215,709 |
|
|
217,713 |
|
||
Cash, cash equivalents, and restricted cash - end of period |
$ |
204,948 |
|
$ |
204,427 |
|
||
Reconciliation of cash, cash equivalents, and restricted cash to the consolidated balance sheets |
||||||||
Cash and cash equivalents |
$ |
204,701 |
|
$ |
203,933 |
|
||
Restricted cash, current portion |
|
247 |
|
|
247 |
|
||
Restricted cash, included in other long-term assets |
|
- |
|
|
247 |
|
||
Total cash, cash equivalents, and restricted cash |
$ |
204,948 |
|
$ |
204,427 |
|
||
SMARTRENT, INC. RECONCILIATION OF NON-GAAP MEASURES |
||||||||
For the three months ended March 31, |
||||||||
|
2024 |
|
2023 |
|||||
(dollars in thousands) |
||||||||
Net loss |
$ |
(7,692 |
) |
$ |
(13,215 |
) |
||
Interest income, net |
|
(2,409 |
) |
|
(2,016 |
) |
||
Income tax expense (benefit) |
|
45 |
|
|
(7 |
) |
||
Depreciation and amortization |
|
1,501 |
|
|
1,254 |
|
||
EBITDA |
|
(8,555 |
) |
|
(13,984 |
) |
||
Legal matter |
|
5,300 |
|
|
- |
|
||
Stock-based compensation |
|
3,281 |
|
|
3,680 |
|
||
Compensation expense in connection with acquisitions |
|
- |
|
|
1,625 |
|
||
Severance charges |
|
231 |
|
|
- |
|
||
Other acquisition expenses |
|
140 |
|
|
205 |
|
||
Adjusted EBITDA |
$ |
397 |
|
$ |
(8,474 |
) |
||
View source version on businesswire.com: https://www.businesswire.com/news/home/20240508026112/en/
Investor Contact
Kelly Reisdorf
Head of Investor Relations
investors@smartrent.com
Media Contact
Amanda Chavez
Senior Director, Corporate Communications
media@smartrent.com
Source: SmartRent, Inc.
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