SmartRent Reports Third Quarter 2024 Results
SmartRent (NYSE: SMRT) reported Q3 2024 results with mixed performance. Total revenue decreased 30% year-over-year to $40.5 million, while SaaS revenue grew 23% to $13.3 million. The company reported a net loss of $(9.9) million, up 29% from $(7.7) million in Q3 2023. SaaS Annual Recurring Revenue (ARR) reached $53 million, and Units Deployed increased 15% to 787,038. The company maintained a strong balance sheet with $163.7 million in cash and no debt. During Q3, SmartRent repurchased 9.8 million shares for $17.1 million and appointed Natalie Cariola as new Chief Revenue Officer to revitalize sales strategy.
SmartRent (NYSE: SMRT) ha riportato risultati contrastanti per il terzo trimestre del 2024. I ricavi totali sono diminuiti del 30% rispetto all’anno precedente, arrivando a $40,5 milioni, mentre i ricavi SaaS sono aumentati del 23% raggiungendo $13,3 milioni. L'azienda ha registrato una perdita netta di $(9,9) milioni, in aumento del 29% rispetto ai $(7,7) milioni del terzo trimestre del 2023. Il Ricavo Annuale Ricorrente (ARR) da SaaS ha raggiunto $53 milioni e le Unità Installate sono aumentate del 15%, arrivando a 787.038. L’azienda ha mantenuto un bilancio solido con $163,7 milioni in contante e senza debiti. Durante il terzo trimestre, SmartRent ha riacquistato 9,8 milioni di azioni per $17,1 milioni e ha nominato Natalie Cariola come nuovo Chief Revenue Officer per rilanciare la strategia di vendita.
SmartRent (NYSE: SMRT) informó resultados del tercer trimestre de 2024 con un desempeño mixto. Los ingresos totales disminuyeron un 30% interanual a $40.5 millones, mientras que los ingresos por SaaS crecieron un 23% a $13.3 millones. La compañía reportó una pérdida neta de $(9.9) millones, un aumento del 29% en comparación con $(7.7) millones en el tercer trimestre de 2023. Los Ingresos Anuales Recurrentes (ARR) de SaaS alcanzaron $53 millones, y las Unidades Desplegadas aumentaron un 15% a 787,038. La compañía mantuvo un balance sólido con $163.7 millones en efectivo y sin deudas. Durante el tercer trimestre, SmartRent recompró 9.8 millones de acciones por $17.1 millones y nombró a Natalie Cariola como nueva Directora de Ingresos para revitalizar la estrategia de ventas.
스마트렌트 (NYSE: SMRT)는 2024년 3분기 결과를 발표하며 혼합된 실적을 보였습니다. 전체 수익은 전년 대비 30% 감소하여 4천5백만 달러에 이르렀고, SaaS 수익은 23% 증가하여 1천3백30만 달러에 도달했습니다. 이 회사는 순손실이 $(9.9)백만으로, 2023년 3분기의 $(7.7)백만에서 29% 증가했다고 보고했습니다. SaaS 연간 반복 수익(ARR)은 5천3백만 달러에 도달했으며, 배포된 유닛은 15% 증가하여 787,038로 늘어났습니다. 회사는 1억6천3백70만 달러의 현금을 보유하고 있으며, 부채는 없는 안정적인 재무 상태를 유지했습니다. 3분기 동안 스마트렌트는 980만 주의 주식을 1천7백10만 달러에 재구매하였고, 매출 전략을 강화하기 위해 Natalie Cariola를 새로운 최고 매출 책임자로 임명했습니다.
SmartRent (NYSE: SMRT) a annoncé des résultats variés pour le troisième trimestre 2024. Le chiffre d'affaires total a diminué de 30% par rapport à l'année précédente, atteignant 40,5 millions de dollars, tandis que les revenus SaaS ont augmenté de 23%, atteignant 13,3 millions de dollars. L'entreprise a enregistré une perte nette de $(9,9) millions, soit une augmentation de 29% par rapport à $(7,7) millions au troisième trimestre 2023. Les Revenus Annuels Récurrents (ARR) de SaaS ont atteint 53 millions de dollars, et les Unités Déployées ont augmenté de 15%, atteignant 787 038. L'entreprise a maintenu un bilan solide avec 163,7 millions de dollars en liquidités et aucune dette. Au cours du troisième trimestre, SmartRent a racheté 9,8 millions d'actions pour 17,1 millions de dollars et a nommé Natalie Cariola comme nouvelle Directrice des Revenus pour revitaliser la stratégie de vente.
SmartRent (NYSE: SMRT) berichtete über die Ergebnisse des dritten Quartals 2024, die gemischte Leistungen zeigten. Der Gesamterlös sank im Jahresvergleich um 30% auf 40,5 Millionen US-Dollar, während die SaaS-Einnahmen um 23% auf 13,3 Millionen US-Dollar wuchsen. Das Unternehmen meldete einen Nettverlust von $(9,9) Millionen, was einem Anstieg von 29% gegenüber $(7,7) Millionen im 3. Quartal 2023 entspricht. Der jährliche wiederkehrende Umsatz (ARR) von SaaS erreichte 53 Millionen US-Dollar, und die eingesetzten Einheiten stiegen um 15% auf 787.038. Das Unternehmen wies eine starke Bilanz mit 163,7 Millionen US-Dollar in bar und keinen Schulden auf. Im dritten Quartal kaufte SmartRent 9,8 Millionen Aktien für 17,1 Millionen US-Dollar zurück und ernannte Natalie Cariola zur neuen Chief Revenue Officer, um die Vertriebsstrategie zu revitalisieren.
- SaaS revenue increased 23% YoY to $13.3 million
- ARR grew to $53.2 million from $43.3 million in Q3 2023
- Total gross margin improved to 33.2% from 23.3% YoY
- Strong balance sheet with $163.7 million cash and no debt
- Units Deployed increased 15% to 787,038
- Total revenue decreased 30% YoY to $40.5 million
- Net loss increased 29% to $(9.9) million
- Units Booked decreased 63% YoY to 17,048
- Hardware revenue declined 47% YoY to $18.7 million
- New Units Deployed decreased 53% to 15,168
Insights
The Q3 results reveal significant challenges at SmartRent, with mixed performance across key metrics. While SaaS revenue grew
The bright spots include improved gross margins (up 1000 basis points to
The company's transition challenges are evident in the declining hardware revenue (
The increase in SaaS ARPU to
Delivers Record SaaS Annual Recurring Revenue (“ARR”) of
Returns Cash to Shareholders with Share Repurchase
Focuses on Four Pillars to Drive Shareholder Value and Customer Success
Financial and Business Highlights for the Third Quarter 2024
-
Total Revenue of
, decreased by$40.5 million 30% percent year-over year. -
SaaS Revenue of
, increased by$13.3 million 23% percent year-over year. -
Net Loss of
, increased by$(9.9) million 29% percent from year-over-year.$(7.7) million -
Adjusted EBITDA of
, improved by$(3.8) million 24% percent, from year-over-year.$(5.0) million -
Repurchased 9.8 million shares at an aggregate cost of
.$17.1 million -
Balance Sheet:
in cash, cash equivalents and restricted cash as of September 30, 2024, no debt and an undrawn credit facility of$163.7 million .$75 million
Management Commentary
"In the third quarter, SmartRent demonstrated remarkable resilience and strategic focus amid a series of market headwinds and operational transitions," stated John Dorman, Chairman of the Board. "During the quarter, we confirmed and strengthened our firm belief that the key issues affecting SmartRent performance are execution issues, while the core business model, the growth potential of our market, our market leadership position and the differentiated value proposition for our customers all remain very compelling,"
Dorman continued, "As a key step in addressing execution, we are excited to announce the hiring of our new Chief Revenue Officer, Natalie Cariola, to lead the revitalization of our sales strategy with the goal of driving further revenue growth and market share expansion. And, to further focus and align our efforts, we’ve defined four strategic pillars: Sustainable ARR Growth, Platform Superiority, Operational Excellence and Collaborative Innovation. With a solid strategy in place and a clear focus on enhancing our competitive strengths, SmartRent is well prepared to capitalize on significant market opportunities, deliver high ROI to our customers and create sustainable long-term value for our shareholders."
Third Quarter 2024 Results
The Company delivered a
Total revenue for the quarter was
As of September 30, 2024, Units Deployed reached 787,038, a
In the third quarter, total gross margin improved to
In the third quarter of 2024, operating expenses were
Under the Company’s authorized
"We believe our solid balance sheet and prudent capital management will enable us to work through the current leadership transition, address our operational challenges and allow us to invest in advancing our growth strategies,” stated Stemm.
Revenue Drivers |
||||||||
|
||||||||
|
For the three months ended September 30, |
|
||||||
|
2024 |
2023 |
% Change |
|||||
Hardware |
|
|
|
|||||
Hardware Units Shipped |
|
44,763 |
|
62,585 |
-28 |
% |
||
Hardware ARPU |
$ |
418 |
$ |
569 |
-27 |
% |
||
|
|
|
|
|||||
Professional Services |
|
|
|
|||||
New Units Deployed |
|
15,168 |
|
32,308 |
-53 |
% |
||
Professional Services ARPU |
$ |
443 |
$ |
253 |
75 |
% |
||
|
|
|
|
|||||
Hosted Services |
|
|
|
|||||
Units Deployed (1) |
|
787,038 |
|
682,632 |
15 |
% |
||
Average aggregate units deployed |
|
779,454 |
|
666,478 |
17 |
% |
||
SaaS ARPU |
$ |
5.70 |
$ |
5.41 |
5 |
% |
||
|
|
|
|
|||||
Bookings |
|
|
|
|||||
Units Booked |
|
17,048 |
|
46,272 |
-63 |
% |
||
Bookings (in 000's) |
$ |
19,582 |
$ |
49,661 |
-61 |
% |
||
Units Booked SaaS ARPU |
$ |
9.73 |
$ |
9.04 |
8 |
% |
||
(1) As of the last date of the quarter |
|
|
|
Conference Call Information
SmartRent is hosting a conference call today, November 6, 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 third 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, including our sales organization, the Company's approach to operational and financial discipline, leadership transition, expected growth, strategy, performance, financial review, stock repurchase program and expected benefits from stock repurchase program, and other future events and forward-looking statements. 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: non-recurring legal matters, stock-based compensation expense, non-recurring warranty provisions, impairment of investment in a non-affiliate, compensation expenses in connection with acquisitions, non-recurring expenses in connection with acquisitions, other acquisition expenses, 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 that will result in a New Unit Deployed. 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 additions to revenue from price increases on existing products, and additions of new products at existing properties offset by any reductions in revenue caused by cancellations or downgrades.
SMARTRENT, INC. |
|||||||||||||||
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS |
|||||||||||||||
(in thousands, except per share amounts) |
|||||||||||||||
|
|||||||||||||||
|
For the three months ended September 30, |
|
For the nine months ended September 30, |
||||||||||||
|
2024 |
2023 |
2024 |
2023 |
|||||||||||
Revenue |
|
|
|
|
|
|
|
|
|||||||
Hardware |
$ |
18,707 |
|
$ |
35,631 |
|
$ |
72,460 |
|
$ |
100,744 |
|
|||
Professional services |
|
3,308 |
|
|
5,962 |
|
|
12,582 |
|
|
28,781 |
|
|||
Hosted services |
|
18,495 |
|
|
16,511 |
|
|
54,475 |
|
|
47,060 |
|
|||
Total revenue |
|
40,510 |
|
|
58,104 |
|
|
139,517 |
|
|
176,585 |
|
|||
|
|
|
|
|
|
|
|
|
|||||||
Cost of revenue |
|
|
|
|
|
|
|
|
|||||||
Hardware |
|
13,843 |
|
|
27,556 |
|
|
48,845 |
|
|
82,118 |
|
|||
Professional services |
|
6,840 |
|
|
11,130 |
|
|
22,157 |
|
|
44,573 |
|
|||
Hosted services |
|
6,370 |
|
|
5,887 |
|
|
18,330 |
|
|
17,365 |
|
|||
Total cost of revenue |
|
27,053 |
|
|
44,573 |
|
|
89,332 |
|
|
144,056 |
|
|||
|
|
|
|
|
|
|
|
|
|||||||
Operating expense |
|
|
|
|
|
|
|
|
|||||||
Research and development |
|
6,596 |
|
|
7,573 |
|
|
22,442 |
|
|
21,340 |
|
|||
Sales and marketing |
|
4,444 |
|
|
4,636 |
|
|
13,714 |
|
|
14,626 |
|
|||
General and administrative |
|
14,154 |
|
|
11,269 |
|
|
42,843 |
|
|
33,891 |
|
|||
Total operating expense |
|
25,194 |
|
|
23,478 |
|
|
78,999 |
|
|
69,857 |
|
|||
|
|
|
|
|
|
|
|
|
|||||||
Loss from operations |
|
(11,737 |
) |
|
(9,947 |
) |
|
(28,814 |
) |
|
(37,328 |
) |
|||
|
|
|
|
|
|
|
|
|
|||||||
Interest income, net |
|
2,019 |
|
|
2,233 |
|
|
6,718 |
|
|
6,064 |
|
|||
Other income (expense), net |
|
(187 |
) |
|
(42 |
) |
|
7 |
|
|
(45 |
) |
|||
Loss before income taxes |
|
(9,905 |
) |
|
(7,756 |
) |
|
(22,089 |
) |
|
(31,309 |
) |
|||
|
|
|
|
|
|
|
|
|
|||||||
Income tax expense (benefit) |
|
18 |
|
|
(33 |
) |
|
131 |
|
|
(22 |
) |
|||
Net loss |
|
(9,923 |
) |
|
(7,723 |
) |
|
(22,220 |
) |
|
(31,287 |
) |
|||
Other comprehensive loss |
|
|
|
|
|
|
|
|
|||||||
Foreign currency translation adjustment |
|
270 |
|
|
(188 |
) |
|
265 |
|
|
(93 |
) |
|||
Comprehensive loss |
|
(9,653 |
) |
|
(7,911 |
) |
|
(21,955 |
) |
|
(31,380 |
) |
|||
Net loss per common share |
|
|
|
|
|
|
|
|
|||||||
Basic and diluted |
$ |
(0.05 |
) |
$ |
(0.04 |
) |
$ |
(0.11 |
) |
$ |
(0.16 |
) |
|||
Weighted-average number of shares used in computing net loss per share |
|
|
|
|
|
|
|
|
|||||||
Basic and diluted |
|
198,731 |
|
|
201,584 |
|
|
201,391 |
|
|
199,858 |
|
SMARTRENT, INC. |
|||||||
CONSOLIDATED BALANCE SHEETS |
|||||||
(in thousands, except per share amounts) |
|||||||
|
|||||||
|
As of |
||||||
|
September 30, 2024 |
December 31, 2023 |
|||||
ASSETS |
|
|
|
|
|||
Current assets |
|
|
|
|
|||
Cash and cash equivalents |
$ |
163,403 |
|
$ |
215,214 |
|
|
Restricted cash, current portion |
|
247 |
|
|
495 |
|
|
Accounts receivable, net |
|
63,013 |
|
|
61,903 |
|
|
Inventory |
|
35,948 |
|
|
41,575 |
|
|
Deferred cost of revenue, current portion |
|
10,158 |
|
|
11,794 |
|
|
Prepaid expenses and other current assets |
|
12,217 |
|
|
9,359 |
|
|
Total current assets |
|
284,986 |
|
|
340,340 |
|
|
Property and equipment, net |
|
1,357 |
|
|
1,400 |
|
|
Deferred cost of revenue |
|
4,713 |
|
|
11,251 |
|
|
Goodwill |
|
117,268 |
|
|
117,268 |
|
|
Intangible assets, net |
|
24,343 |
|
|
27,249 |
|
|
Other long-term assets |
|
15,926 |
|
|
12,248 |
|
|
Total assets |
$ |
448,593 |
|
$ |
509,756 |
|
|
|
|
|
|
|
|||
LIABILITIES, CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS' EQUITY |
|
|
|
|
|||
Current liabilities |
|
|
|
|
|||
Accounts payable |
$ |
9,535 |
|
$ |
15,076 |
|
|
Accrued expenses and other current liabilities |
|
26,574 |
|
|
24,976 |
|
|
Deferred revenue, current portion |
|
49,861 |
|
|
77,257 |
|
|
Total current liabilities |
|
85,970 |
|
|
117,309 |
|
|
Deferred revenue |
|
50,111 |
|
|
45,903 |
|
|
Other long-term liabilities |
|
7,371 |
|
|
4,096 |
|
|
Total liabilities |
|
143,452 |
|
|
167,308 |
|
|
|
|
|
|
|
|||
Commitments and contingencies |
|
|
|
|
|||
Convertible preferred stock, |
|
- |
|
|
- |
|
|
|
|
|
|
|
|||
Stockholders' equity |
|
|
|
|
|||
Class A common stock, |
|
19 |
|
|
20 |
|
|
Additional paid-in capital |
|
636,418 |
|
|
628,156 |
|
|
Accumulated deficit |
|
(331,345 |
) |
|
(285,512 |
) |
|
Accumulated other comprehensive loss |
|
49 |
|
|
(216 |
) |
|
Total stockholders' equity |
|
305,141 |
|
|
342,448 |
|
|
Total liabilities, convertible preferred stock and stockholders' equity |
$ |
448,593 |
|
$ |
509,756 |
|
SMARTRENT, INC. |
|||||||
CONSOLIDATED STATEMENTS OF CASH FLOWS |
|||||||
(in thousands) |
|||||||
|
|||||||
|
For the nine months ended September 30, |
||||||
|
2024 |
2023 |
|||||
CASH FLOWS FROM OPERATING ACTIVITIES |
|
|
|
|
|||
Net loss |
$ |
(22,220 |
) |
$ |
(31,287 |
) |
|
|
|
|
|
|
|||
Depreciation and amortization |
|
4,730 |
|
|
3,991 |
|
|
Impairment of investment in non-affiliate |
|
2,250 |
|
|
- |
|
|
Provision for warranty expense |
|
(837 |
) |
|
- |
|
|
Non-cash lease expense |
|
1,079 |
|
|
733 |
|
|
Stock-based compensation related to acquisition |
|
- |
|
|
109 |
|
|
Stock-based compensation |
|
9,523 |
|
|
10,120 |
|
|
Compensation expense related to acquisition |
|
- |
|
|
1,913 |
|
|
Change in fair value of earnout related to acquisition |
|
140 |
|
|
225 |
|
|
Non-cash interest expense |
|
107 |
|
|
103 |
|
|
Provision for excess and obsolete inventory |
|
2,697 |
|
|
1,780 |
|
|
Provision for expected credit losses |
|
804 |
|
|
39 |
|
|
Non-cash legal expense |
|
7,255 |
|
|
- |
|
|
|
|
|
|
|
|||
Accounts receivable |
|
(1,739 |
) |
|
(1,142 |
) |
|
Inventory |
|
(2,020 |
) |
|
26,423 |
|
|
Deferred cost of revenue |
|
8,175 |
|
|
9,928 |
|
|
Prepaid expenses and other assets |
|
4,474 |
|
|
537 |
|
|
Accounts payable |
|
(5,581 |
) |
|
(9,338 |
) |
|
Accrued expenses and other liabilities |
|
(5,338 |
) |
|
(12,299 |
) |
|
Deferred revenue |
|
(23,189 |
) |
|
(2,378 |
) |
|
Lease liabilities |
|
(1,208 |
) |
|
(823 |
) |
|
Net cash used in operating activities |
|
(20,898 |
) |
|
(1,366 |
) |
|
|
|
|
|
|
|||
Purchase of property and equipment |
|
(524 |
) |
|
(116 |
) |
|
Capitalized software costs |
|
(4,501 |
) |
|
(3,197 |
) |
|
Net cash used in investing activities |
|
(5,025 |
) |
|
(3,313 |
) |
|
|
|
|
|
|
|||
Payments for repurchases of Class A common stock |
|
(23,462 |
) |
|
- |
|
|
Proceeds from options exercise |
|
2 |
|
|
899 |
|
|
Proceeds from ESPP purchases |
|
586 |
|
|
809 |
|
|
Taxes paid related to net share settlements of stock-based compensation awards |
|
(1,849 |
) |
|
(1,506 |
) |
|
Payment of earnout related to acquisition |
|
(1,530 |
) |
|
(1,702 |
) |
|
Net cash used in financing activities |
|
(26,253 |
) |
|
(1,500 |
) |
|
Effect of exchange rate changes on cash and cash equivalents |
|
117 |
|
|
(40 |
) |
|
Net decrease in cash, cash equivalents, and restricted cash |
|
(52,059 |
) |
|
(6,219 |
) |
|
Cash, cash equivalents, and restricted cash - beginning of period |
|
215,709 |
|
|
217,713 |
|
|
Cash, cash equivalents, and restricted cash - end of period |
$ |
163,650 |
|
$ |
211,494 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|||
Cash and cash equivalents |
$ |
163,403 |
|
$ |
211,000 |
|
|
Restricted cash, current portion |
|
247 |
|
|
247 |
|
|
Restricted cash, included in other long-term assets |
|
- |
|
|
247 |
|
|
Total cash, cash equivalents, and restricted cash |
$ |
163,650 |
|
$ |
211,494 |
|
SMARTRENT, INC. |
|||||||||||||||
RECONCILIATION OF NON-GAAP MEASURES |
|||||||||||||||
|
|||||||||||||||
|
For the three months ended September 30, |
For the nine months ended September 30, |
|||||||||||||
|
2024 |
2023 |
2024 |
2023 |
|||||||||||
|
(dollars in thousands) |
(dollars in thousands) |
|||||||||||||
Net loss |
$ |
(9,923 |
) |
$ |
(7,723 |
) |
$ |
(22,220 |
) |
$ |
(31,287 |
) |
|||
Interest income, net |
|
(2,019 |
) |
|
(2,233 |
) |
|
(6,718 |
) |
|
(6,064 |
) |
|||
Income tax expense (benefit) |
|
18 |
|
|
(33 |
) |
|
131 |
|
|
(22 |
) |
|||
Depreciation and amortization |
|
1,644 |
|
|
1,395 |
|
|
4,730 |
|
|
3,991 |
|
|||
EBITDA |
|
(10,280 |
) |
|
(8,594 |
) |
|
(24,077 |
) |
|
(33,382 |
) |
|||
Legal matter |
|
2,325 |
|
|
- |
|
|
7,625 |
|
|
- |
|
|||
Stock-based compensation |
|
1,653 |
|
|
3,273 |
|
|
8,218 |
|
|
10,229 |
|
|||
Impairment of investment in non-affiliate |
|
- |
|
|
- |
|
|
2,250 |
|
|
- |
|
|||
Non-recurring warranty provision |
|
(522 |
) |
|
- |
|
|
(59 |
) |
|
- |
|
|||
Compensation expense in connection with acquisitions |
|
- |
|
|
15 |
|
|
- |
|
|
2,010 |
|
|||
Other acquisition expenses |
|
(4 |
) |
|
(23 |
) |
|
253 |
|
|
408 |
|
|||
Other non-operating expenses |
|
3,006 |
|
|
317 |
|
|
3,267 |
|
|
805 |
|
|||
Adjusted EBITDA |
$ |
(3,822 |
) |
$ |
(5,012 |
) |
$ |
(2,523 |
) |
$ |
(19,930 |
) |
View source version on businesswire.com: https://www.businesswire.com/news/home/20241106368931/en/
Investor Contact
Kelly Reisdorf
Head of Investor Relations
investors@smartrent.com
Media Contact
Amanda Chavez
Vice President, Marketing & Communications
media@smartrent.com
Source: SmartRent
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