SmartRent Reports Second Quarter 2024 Results
SmartRent (NYSE: SMRT) reported Q2 2024 results with mixed performance. SaaS revenue grew 32% year-over-year to $12.8 million, driving SaaS ARR to a record $51.2 million. However, total revenue decreased 9% to $48.5 million. The company improved its financial position, reducing net loss by 56% to $(4.6) million and achieving positive Adjusted EBITDA of $902K, a 114% improvement year-over-year.
Key metrics showed progress, with Units Deployed reaching 771,870, up 19% year-over-year. SaaS ARPU increased 9% to $5.63. The company's gross margin improved significantly to 35.7% from 18.5% last year. SmartRent ended the quarter with a strong cash position of $187.4 million and no debt.
SmartRent (NYSE: SMRT) ha riportato i risultati del Q2 2024 con performance miste. Il fatturato SaaS è aumentato del 32% rispetto all'anno precedente, raggiungendo i 12,8 milioni di dollari, portando l'ARR SaaS a un record di 51,2 milioni di dollari. Tuttavia, il fatturato totale è diminuito del 9%, scendendo a 48,5 milioni di dollari. La società ha migliorato la sua posizione finanziaria, riducendo il perdita netta del 56% a $(4,6) milioni e ottenendo un EBITDA Rettificato positivo di 902K, un miglioramento del 114% rispetto all'anno precedente.
Le metriche chiave hanno mostrato progressi, con Unità Distribuite che hanno raggiunto 771.870, in aumento del 19% anno su anno. L'SaaS ARPU è aumentato del 9% a 5,63 dollari. Il margine lordo dell'azienda è migliorato significativamente al 35,7% rispetto al 18,5% dell'anno scorso. SmartRent ha concluso il trimestre con una forte posizione di liquidità di 187,4 milioni di dollari e senza debiti.
SmartRent (NYSE: SMRT) reportó resultados del Q2 2024 con un desempeño mixto. Los ingresos de SaaS crecieron un 32% interanual a 12.8 millones de dólares, llevando el ARR de SaaS a un récord de 51.2 millones de dólares. Sin embargo, los ingresos totales disminuyeron un 9% a 48.5 millones de dólares. La compañía mejoró su posición financiera, reduciendo la pérdida neta en un 56% a $(4.6) millones, logrando un EBITDA Ajustado positivo de 902K, una mejora del 114% interanual.
Los indicadores clave mostraron progreso, con Unidades Desplegadas alcanzando 771,870, un aumento del 19% interanual. El SaaS ARPU aumentó un 9% a 5.63 dólares. El margen bruto de la compañía mejoró significativamente al 35.7% desde el 18.5% del año pasado. SmartRent terminó el trimestre con una sólida posición de efectivo de 187.4 millones de dólares y sin deudas.
SmartRent (NYSE: SMRT)는 2024년 2분기 결과를 혼조세로 보고했습니다. SaaS 수익은 전년 대비 32% 증가하여 1,280만 달러에 도달했으며, SaaS ARR은 기록적인 5,120만 달러에 도달했습니다. 하지만 총 수익은 9% 감소하여 4,850만 달러가 되었습니다. 회사는 재무 상태를 개선하여 순손실을 56% 줄여 $(460만) 달러를 기록했으며, 전년 대비 114% 개선된 $902K의 긍정적인 조정 EBITDA를 달성했습니다.
주요 지표는 개선을 보여주었으며, 배치된 유닛 수는 771,870에 도달하여 전년 대비 19% 증가했습니다. SaaS ARPU는 9% 증가하여 5.63 달러에 도달했습니다. 회사의 총 마진은 지난 해의 18.5%에서 35.7%로 크게 개선되었습니다. SmartRent는 1억 8,740만 달러의 강력한 현금 잔고와 무부채 상태로 분기를 마감했습니다.
SmartRent (NYSE: SMRT) a annoncé des résultats pour le Q2 2024 avec une performance mitigée. Le revenu SaaS a augmenté de 32% par rapport à l'année précédente, atteignant 12,8 millions de dollars, propulsant le ARR SaaS à un niveau record de 51,2 millions de dollars. Cependant, le revenu total a diminué de 9% pour atteindre 48,5 millions de dollars. L'entreprise a amélioré sa position financière, réduisant sa perte nette de 56% à $(4,6) millions et atteignant un EBITDA Ajusté positif de 902K, soit une amélioration de 114% par rapport à l'année précédente.
Les indicateurs clés ont montré des progrès, avec les Unités Déployées atteignant 771 870, en hausse de 19% par rapport à l'année précédente. Le SaaS ARPU a augmenté de 9% pour atteindre 5,63 $. La marge brute de l'entreprise s'est considérablement améliorée, passant de 18,5% l'année dernière à 35,7%. SmartRent a terminé le trimestre avec une solide position de liquidités de 187,4 millions de dollars et sans dette.
SmartRent (NYSE: SMRT) hat die Ergebnisse des Q2 2024 mit gemischtem Abschneiden veröffentlicht. Der SaaS-Umsatz wuchs im Jahresvergleich um 32% auf 12,8 Millionen US-Dollar, wodurch das SaaS ARR auf einen Rekordwert von 51,2 Millionen US-Dollar anstieg. Allerdings sank der Gesamtumsatz um 9% auf 48,5 Millionen US-Dollar. Das Unternehmen verbesserte seine finanzielle Lage, indem es den Nettoverlust um 56% auf $(4,6) Millionen reduzierte und ein positives bereinigtes EBITDA von 902K erzielte, was einem Anstieg von 114% im Vergleich zum Vorjahr entspricht.
Wichtige Kennzahlen zeigten Fortschritte, wobei die bereitgestellten Einheiten 771.870 erreichten, ein Anstieg von 19% im Jahresvergleich. Der SaaS ARPU stieg um 9% auf 5,63 US-Dollar. Die Bruttomarge des Unternehmens verbesserte sich erheblich auf 35,7% von 18,5% im vergangenen Jahr. SmartRent beendete das Quartal mit einer starken Cash-Position von 187,4 Millionen US-Dollar und ohne Schulden.
- SaaS revenue increased 32% year-over-year to $12.8 million
- SaaS ARR reached a record $51.2 million, up from $38.8 million in Q2 2023
- Net loss improved by 56% to $(4.6) million from $(10.3) million in Q2 2023
- Adjusted EBITDA turned positive at $902K, a 114% improvement year-over-year
- Total Units Deployed increased 19% year-over-year to 771,870
- Total gross margin improved to 35.7% from 18.5% in Q2 2023
- Strong cash position of $187.4 million with no debt
- Total revenue decreased 9% year-over-year to $48.5 million
- New Units Deployed decreased 53% year-over-year to 22,469
- Hardware revenue decreased 11% year-over-year to $25.0 million
- Professional services revenue decreased 42% year-over-year to $5.8 million
- Units Booked SaaS ARPU decreased 8% to $8.07 from $8.74 in Q2 2023
- Company suspended annual guidance due to market headwinds and CEO transition
Insights
SmartRent's Q2 2024 results show a mixed performance. The company achieved record SaaS ARR of
Positively, the company improved its net loss to
The suspension of annual guidance due to market headwinds and leadership transition creates uncertainty. With
SmartRent's Q2 results reflect the challenges and opportunities in the smart home technology sector. The
The increase in Units Booked (
The company's strategy to deepen market penetration within its existing customer base of over 7 million rental units presents significant growth potential. However, the success of this strategy will depend on SmartRent's ability to innovate and differentiate its offerings in an increasingly competitive smart home market.
The leadership transition at SmartRent introduces a level of uncertainty that investors should carefully consider. The formation of a Management Committee to drive strategic initiatives during the CEO search is a prudent move, but it's important to monitor how this interim structure impacts decision-making and execution.
The Board's confidence in the company's fundamentals and potential for innovation is positive. However, the comprehensive financial review being conducted suggests potential changes in strategy or operations. This could lead to short-term volatility but may ultimately strengthen the company's position.
The active
Delivers Record SaaS Annual Recurring Revenue (“ARR”) of
Financial and Business Highlights for the Second Quarter 2024
-
Total Revenue of
$48.5 million -
SaaS Revenue of
$12.8 million -
Net Loss of
$(4.6) million $(10.3) million $5.7 million -
Adjusted EBITDA of
$902 K$7.3 million -
Balance Sheet:
$187.4 million $75 million
Management Commentary
"SmartRent is a leader of smart solutions for the rental housing industry, distinguished by our exceptional products and services that deliver significant value to our customers," stated John Dorman, Chairman of the Board. "As we navigate this transitional phase in SmartRent’s leadership, our strategy remains sharply focused on leveraging our core strengths and the great potential SmartRent has for substantial long-term growth. We are refining our operations to better execute disciplined, strategic measures that enhance stability and scalability across our business and unlock growth."
Dorman continued, "This period of change is underpinned by our great confidence in SmartRent's fundamentals and its capacity for innovation. The newly formed Management Committee comprises talented, experienced leaders who are deeply familiar with our business and equipped to drive our key strategic initiatives forward as we conduct our search for SmartRent’s next CEO. With over seven million rental units owned and/or managed by our loyal customer base, we see immense opportunities to deepen market penetration and expand our reach. As we prepare for SmartRent's next growth phase, we are conducting a comprehensive financial review to ensure we are taking the right steps to support our vision for the future so we can continue to deliver exceptional value and improve the resident experience while driving improved performance. The Board and I are excited about our path ahead, firmly believing in our strategy and its potential to create lasting value for our shareholders."
Second Quarter 2024 Results
The Company delivered a
Total revenue for the quarter was
As of June 30, 2024, total Units Deployed reached 771,870, a
In the second quarter, total gross margin improved to
In the second quarter of 2024, operating expenses were
Net losses in the second quarter were
The Company’s
"Our team is taking comprehensive steps to address the increasing market headwinds and enhance both our financial stability and overall execution discipline," stated Daryl Stemm, CFO and interim Principal Executive Officer. "In response to these dynamic conditions and in light of the ongoing CEO transition, we determined it was appropriate to temporarily suspend our annual guidance. Our financial foundation remains strong with ample liquidity, and we are well positioned to advance our growth strategies. We are particularly focused on strengthening our recurring revenue streams, which are supported by an exceptionally high net revenue retention rate exceeding
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
|
|
|
||
|
2024 |
|
2023 |
|
% Change |
Hardware |
|
|
|
|
|
Hardware Units Shipped |
48,780 |
|
55,516 |
|
( |
Hardware ARPU |
|
|
|
|
|
|
|
|
|
|
|
Professional Services |
|
|
|
|
|
New Units Deployed |
22,469 |
|
47,768 |
|
( |
Professional Services ARPU |
|
|
|
|
|
|
|
|
|
|
|
Hosted Services |
|
|
|
|
|
Units Deployed (1) |
771,870 |
|
650,324 |
|
|
Average aggregate units deployed |
760,636 |
|
626,440 |
|
|
SaaS ARPU |
|
|
|
|
|
|
|
|
|
|
|
Bookings |
|
|
|
|
|
Units Booked |
37,691 |
|
19,967 |
|
|
Bookings (in thousands) |
|
|
|
|
|
Units Booked SaaS ARPU |
|
|
|
|
( |
|
|
|
|
|
|
(1) As of the last date of the quarter |
|
|
|
|
|
Conference Call Information
SmartRent is hosting a conference call today, August 7, 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 second 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 communities solutions and smart operations solutions to the rental housing industry. SmartRent’s end-to-end ecosystem powers smarter living and working in rental housing by automating operations, protecting assets, reducing energy consumption and more. The Company’s differentiators - purpose-built software and hardware, and end-to-end implementation and support - create an exceptional experience, with 15 of the top 20 multifamily operators and millions of users leveraging SMRT solutions daily. For more information, please visit smartrent.com.
Forward-Looking Statements
This press release contains forward-looking statements which address the Company's expected future business and financial performance, areas of focus, leadership transition, expected growth, strategy, performance, financial review, stock repurchase program and 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 and manage risks associated with the leadership transition; (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-recurring warranty provisions, impairment of investment in non-affiliate, compensation expenses in connection with acquisitions, non-recurring expenses in connection with acquisitions, 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 metrics including the following 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
|
|
For the six months
|
||||||||||||
|
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||||||
Revenue |
|
|
|
|
|
|
|
|||||||||
Hardware |
|
$ |
24,676 |
|
$ |
27,788 |
|
|
$ |
53,753 |
|
|
$ |
65,113 |
|
|
Professional services |
|
|
5,816 |
|
|
10,050 |
|
|
|
9,274 |
|
|
|
22,819 |
|
|
Hosted services |
|
|
18,026 |
|
|
15,564 |
|
|
|
35,980 |
|
|
|
30,549 |
|
|
Total revenue |
|
|
48,518 |
|
|
53,402 |
|
|
|
99,007 |
|
|
|
118,481 |
|
|
|
|
|
|
|
|
|
|
|||||||||
Cost of revenue |
|
|
|
|
|
|
|
|||||||||
Hardware |
|
|
16,318 |
|
|
21,990 |
|
|
|
35,002 |
|
|
|
54,562 |
|
|
Professional services |
|
|
8,869 |
|
|
15,809 |
|
|
|
15,317 |
|
|
|
33,443 |
|
|
Hosted services |
|
|
6,026 |
|
|
5,720 |
|
|
|
11,960 |
|
|
|
11,478 |
|
|
Total cost of revenue |
|
|
31,213 |
|
|
43,519 |
|
|
|
62,279 |
|
|
|
99,483 |
|
|
|
|
|
|
|
|
|
|
|||||||||
Operating expense |
|
|
|
|
|
|
|
|||||||||
Research and development |
|
|
7,484 |
|
|
6,536 |
|
|
|
15,846 |
|
|
|
13,767 |
|
|
Sales and marketing |
|
|
4,716 |
|
|
4,829 |
|
|
|
9,270 |
|
|
|
9,990 |
|
|
General and administrative |
|
|
12,023 |
|
|
10,605 |
|
|
|
28,689 |
|
|
|
22,622 |
|
|
Total operating expense |
|
|
24,223 |
|
|
21,970 |
|
|
|
53,805 |
|
|
|
46,379 |
|
|
|
|
|
|
|
|
|
|
|||||||||
Loss from operations |
|
|
(6,918 |
) |
|
(12,087 |
) |
|
|
(17,077 |
) |
|
|
(27,381 |
) |
|
|
|
|
|
|
|
|
|
|||||||||
Interest income, net |
|
|
2,290 |
|
|
1,815 |
|
|
|
4,699 |
|
|
|
3,831 |
|
|
Other income (expense), net |
|
|
91 |
|
|
(59 |
) |
|
|
194 |
|
|
|
(3 |
) |
|
Loss before income taxes |
|
|
(4,537 |
) |
|
(10,331 |
) |
|
|
(12,184 |
) |
|
|
(23,553 |
) |
|
|
|
|
|
|
|
|
|
|||||||||
Income tax expense |
|
|
68 |
|
|
18 |
|
|
|
113 |
|
|
|
11 |
|
|
Net loss |
|
$ |
(4,605 |
) |
$ |
(10,349 |
) |
|
$ |
(12,297 |
) |
|
$ |
(23,564 |
) |
|
Other comprehensive loss |
|
|
|
|
|
|
|
|||||||||
Foreign currency translation adjustment |
|
|
(11 |
) |
|
(9 |
) |
|
|
(5 |
) |
|
|
95 |
|
|
Comprehensive loss |
|
$ |
(4,616 |
) |
$ |
(10,358 |
) |
|
$ |
(12,302 |
) |
|
$ |
(23,469 |
) |
|
Net loss per common share |
|
|
|
|
|
|
|
|||||||||
Basic and diluted |
|
$ |
(0.02 |
) |
$ |
(0.05 |
) |
|
$ |
(0.06 |
) |
|
$ |
(0.12 |
) |
|
Weighted-average number of shares used in computing net loss per share |
|
|
|
|
|
|
|
|||||||||
Basic and diluted |
|
|
201,986 |
|
|
199,619 |
|
|
|
202,735 |
|
|
|
198,980 |
|
|
|
|
|
|
|
|
|
|
|||||||||
SMARTRENT, INC. CONSOLIDATED BALANCE SHEETS (in thousands, except per share amounts) |
||||||||
As of |
||||||||
June 30, 2024 |
December 31, 2023 |
|||||||
ASSETS |
||||||||
Current assets |
||||||||
Cash and cash equivalents |
$ |
187,435 |
|
$ |
215,214 |
|
||
Restricted cash, current portion |
|
247 |
|
|
495 |
|
||
Accounts receivable, net |
|
65,220 |
|
|
61,903 |
|
||
Inventory |
|
34,420 |
|
|
41,575 |
|
||
Deferred cost of revenue, current portion |
|
11,335 |
|
|
11,794 |
|
||
Prepaid expenses and other current assets |
|
15,179 |
|
|
9,359 |
|
||
Total current assets |
|
313,836 |
|
|
340,340 |
|
||
Property and equipment, net |
|
1,319 |
|
|
1,400 |
|
||
Deferred cost of revenue |
|
6,555 |
|
|
11,251 |
|
||
Goodwill |
|
117,268 |
|
|
117,268 |
|
||
Intangible assets, net |
|
25,312 |
|
|
27,249 |
|
||
Other long-term assets |
|
11,057 |
|
|
12,248 |
|
||
Total assets |
$ |
475,347 |
|
$ |
509,756 |
|
||
LIABILITIES, CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS' EQUITY |
||||||||
Current liabilities |
||||||||
Accounts payable |
$ |
6,449 |
|
$ |
15,076 |
|
||
Accrued expenses and other current liabilities |
|
26,696 |
|
|
24,976 |
|
||
Deferred revenue, current portion |
|
67,187 |
|
|
77,257 |
|
||
Total current liabilities |
|
100,332 |
|
|
117,309 |
|
||
Deferred revenue |
|
44,671 |
|
|
45,903 |
|
||
Other long-term liabilities |
|
961 |
|
|
4,096 |
|
||
Total liabilities |
$ |
145,964 |
|
$ |
167,308 |
|
||
Commitments and contingencies (Note 12) |
||||||||
Convertible preferred stock, |
|
- |
|
|
- |
|
||
Stockholders' equity |
||||||||
Class A common stock, |
|
20 |
|
|
20 |
|
||
Additional paid-in capital |
|
633,793 |
|
|
628,156 |
|
||
Accumulated deficit |
|
(304,209 |
) |
|
(285,512 |
) |
||
Accumulated other comprehensive loss |
|
(221 |
) |
|
(216 |
) |
||
Total stockholders' equity |
|
329,383 |
|
|
342,448 |
|
||
Total liabilities, convertible preferred stock and stockholders' equity |
$ |
475,347 |
|
$ |
509,756 |
|
||
|
||||||||
SMARTRENT, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) |
||||||||
For the six months ended June 30, |
||||||||
|
2024 |
|
|
|
2023 |
|
||
Net loss |
$ |
(12,297 |
) |
$ |
(23,564 |
) |
||
Adjustments to reconcile net loss to net cash used by operating activities |
||||||||
Depreciation and amortization |
|
3,086 |
|
|
2,596 |
|
||
Impairment of investment in non-affiliate |
|
|
2,250 |
|
|
|
- |
|
Provision for warranty expense |
|
|
(837 |
) |
|
- |
|
|
Non-cash lease expense |
|
732 |
|
|
412 |
|
||
Stock-based compensation related to acquisition |
|
- |
|
|
109 |
|
||
Stock-based compensation |
|
6,565 |
|
|
6,847 |
|
||
Compensation expense related to acquisition |
|
- |
|
|
1,769 |
|
||
Change in fair value of earnout related to acquisition |
|
140 |
|
|
306 |
|
||
Non-cash interest expense |
|
72 |
|
|
65 |
|
||
Provision for excess and obsolete inventory |
|
120 |
|
|
47 |
|
||
Provision for expected credit losses |
|
1,360 |
|
|
(1 |
) |
||
Non-cash legal expense (Note 12 “Commitments and Contingencies”) |
|
4,955 |
|
|
- |
|
||
Change in operating assets and liabilities |
|
|
- |
|
|
|
||
Accounts receivable |
|
(4,712 |
) |
|
2,416 |
|
||
Inventory |
|
2,059 |
|
|
15,188 |
|
||
Deferred cost of revenue |
|
5,155 |
|
|
7,285 |
|
||
Prepaid expenses and other assets |
|
(1,839 |
) |
|
(6,311 |
) |
||
Accounts payable |
|
(8,663 |
) |
|
(12,059 |
) |
||
Accrued expenses and other liabilities |
|
(3,339 |
) |
|
(13,201 |
) |
||
Deferred revenue |
|
(11,208 |
) |
|
2,878 |
|
||
Lease liabilities |
|
(813 |
) |
|
(466 |
) |
||
Net cash used in operating activities |
|
(17,214 |
) |
|
(15,684 |
) |
||
CASH FLOWS FROM INVESTING ACTIVITIES |
|
|
||||||
Purchase of property and equipment |
|
(275 |
) |
|
(49 |
) |
||
Capitalized software costs |
|
(1,722 |
) |
|
(2,279 |
) |
||
Net cash used in investing activities |
|
(1,997 |
) |
|
(2,328 |
) |
||
CASH FLOWS FROM FINANCING ACTIVITIES |
||||||||
Payments for repurchases of Class A common stock |
|
(6,381 |
) |
|
- |
|
||
Proceeds from options exercise |
|
2 |
|
|
71 |
|
||
Proceeds from ESPP purchases |
|
337 |
|
|
438 |
|
||
Taxes paid related to net share settlements of stock-based compensation awards |
|
(1,267 |
) |
|
(1,085 |
) |
||
Payment of earnout related to acquisition |
|
(1,530 |
) |
|
(1,702 |
) |
||
Net cash used in provided by financing activities |
|
(8,839 |
) |
|
(2,278 |
) |
||
Effect of exchange rate changes on cash and cash equivalents |
|
23 |
|
|
41 |
|
||
Net decrease (increase) in cash, cash equivalents, and restricted cash |
|
(28,027 |
) |
|
(20,249 |
) |
||
Cash, cash equivalents, and restricted cash - beginning of period |
|
215,709 |
|
|
217,713 |
|
||
Cash, cash equivalents, and restricted cash - end of period |
$ |
187,682 |
|
$ |
197,464 |
|
||
Reconciliation of cash, cash equivalents, and restricted cash to the consolidated balance sheets |
||||||||
Cash and cash equivalents |
$ |
187,435 |
|
$ |
196,970 |
|
||
Restricted cash, current portion |
|
247 |
|
|
247 |
|
||
Restricted cash, included in other long-term assets |
|
- |
|
|
247 |
|
||
Total cash, cash equivalents, and restricted cash |
$ |
187,682 |
|
$ |
197,464 |
|
||
SMARTRENT, INC. RECONCILIATION OF NON-GAAP MEASURES |
|||||||||||||||
|
For the three months ended
|
|
For the six months ended
|
||||||||||||
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||||||
|
(dollars in thousands) |
|
(dollars in thousands) |
||||||||||||
Net loss |
$ |
(4,605 |
) |
|
$ |
(10,349 |
) |
|
$ |
(12,297 |
) |
|
$ |
(23,564 |
) |
Interest income, net |
|
(2,290 |
) |
|
|
(1,815 |
) |
|
|
(4,699 |
) |
|
|
(3,831 |
) |
Income tax expense |
|
68 |
|
|
|
18 |
|
|
|
113 |
|
|
|
11 |
|
Depreciation and amortization |
|
1,585 |
|
|
|
1,342 |
|
|
|
3,086 |
|
|
|
2,596 |
|
EBITDA |
|
(5,242 |
) |
|
|
(10,804 |
) |
|
|
(13,797 |
) |
|
|
(24,788 |
) |
Legal matter |
|
- |
|
|
|
- |
|
|
|
5,300 |
|
|
|
- |
|
Stock-based compensation |
|
3,284 |
|
|
|
3,276 |
|
|
|
6,565 |
|
|
|
6,956 |
|
Impairment of investment in non-affiliate |
|
2,250 |
|
|
|
- |
|
|
|
2,250 |
|
|
|
- |
|
Non-recurring warranty provision |
|
463 |
|
|
|
|
|
463 |
|
|
|
- |
|
||
Compensation expense in connection with acquisitions |
|
- |
|
|
|
370 |
|
|
|
- |
|
|
|
1,995 |
|
Other acquisition expenses |
|
117 |
|
|
|
226 |
|
|
|
257 |
|
|
|
431 |
|
Other non-operating expenses |
|
30 |
|
|
|
488 |
|
|
|
261 |
|
|
|
488 |
|
Adjusted EBITDA |
$ |
902 |
|
|
$ |
(6,444 |
) |
|
$ |
1,299 |
|
|
$ |
(14,918 |
) |
|
|
|
|
|
|
|
|||||||||
View source version on businesswire.com: https://www.businesswire.com/news/home/20240807109442/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
FAQ
What was SmartRent's SaaS revenue growth in Q2 2024?
How did SmartRent's total revenue change in Q2 2024 compared to Q2 2023?
What was SmartRent's (SMRT) net loss in Q2 2024?
How many total Units Deployed did SmartRent (SMRT) have as of June 30, 2024?
What was SmartRent's (SMRT) cash position at the end of Q2 2024?
