Call. Thank First morning, Quarter you. everyone. SmartRent's Earnings Good to Welcome XXXX
provide overview brief to strong our results, investors.smartrent.com. release available press like Corp. performance to thank quarter This are excited first for all which SmartRent's customers is announcing where also first are We members today. Acquisition get I morning, a to issued of would us team at of quarter and to SmartRent a our we Wall helping and our and investors, Fifth
discuss about in and highlights, I'll and of the begin quarter then first with overview today's some business an detail. our talk quarter discussion we'll greater financials
Before let overview me are significant we opportunities. positioned why and to start quarter believe uniquely we growth performance, first our business an capitalize of with on into our dig we
in for and smart an as building technology smart platform founded enterprise was owners, SmartRent residents. XXXX and managers home
community. residential we that our seen a home within in managing is the developed last Over deeply several years, as technology residential business to each smart have all we rapid growth single, solution integrated fulsome
as derive savings. operators of enjoy control opportunities as cost elevated, home owners the visibility through Our well revenue residents cost as living their experience an while and real additional as our benefits offerings, well smart control and potential estate seamless and over savings assets all-in-one
revenue friendly operating existing revenue most billion an from industry believe with in $X.X customer scalable in the recurring annual opportunity growing a and developed the We base generate to base. to smart of have up home owner-operator and have solely system we our
multifamily and owners, owners top in that with the fact many single-family industry. chosen in to of leaders partner alongside the of proud SmartRent, homebuilders are have other XX top We U.S. XX the residential the the of
is our trajectory our churn operating over growth across our install fact inception our customers SmartRent an already of X% time. customer Our Furthermore, from exceptional full XXXX that units. solutions through projections supported committed many and existing portfolios revenue our from XX% since further of the come by XXXX
real into more. company to user the intend and continuing base to are investor We Wall's Japan, base international leverage grow Western estate and Asia as expands our of domestic Southeast Fifth Europe, owners and
company. first quarter, year. double made progress achieved of products And a first installations during We new our during quarter we XX,XXX have the as last nearly great installed over the in the units,
we solutions As to our and our demonstrates we booked and more demand and continued of in end date than signed growth nearly XX,XXX XXX,XXX XXX% to units first added have new remarkable of the up demonstrates is the during experience. We quarter, the nationwide. QX year-over-year and contracts the the which strong first of adoption strong XX deployed, quarter, units logos
the was shortage. forward. impacted deployed April as chain our largely been projection. of quarter line sequential happy result see are projected our to units to from decline the a quarter of part As second global of with in in and to have these supply May first the to be our expect resolved, our due new over experienced delays plan, not in tracking installs install that going issues The chip supply pace we constraints, a temporary XXXX of quarter we do and chain are we second Despite report unit
projections. deliver and well inventory XXXX year, the to achieve full required positioning personnel the planned the throughout to our sales, us the year book units remainder the have We of
sign to our with at been Conversations customers and healthy and continue have increase positive, a our backlog new we pace. contracts extremely
our Importantly, revenues. steady recurring enjoy to stream to predictable and us continues grow of allows a and deferred revenue
of allow leader. the sensors management The with map launch track which new reporting. In to an real-time partnerships announced deploy trajectory. occupancy integration the site data, visualization and of new exclusive violation and on alerts Since vehicles our will us announced which the a year, Engrain, Parking, products our uses beginning we've technology Alloy is optimize and provide that solution, integration SmartRent support May, will parking trend parking to and growth
the of addition number a the of Parking announced we to to Alloy year, Hubless this including Access. Parking Guest addition new earlier and Also, features, of Alloy Credentials
platform that supports us does partnerships allow Locks, experience. our to from to Bluetooth, and efficiency the require not provides continue report management pleased that now also Salto a wire-free electronic and integrations enhance which to users' optimize locks are to WiFi These SmartRent solutions We low-energy connection.
by As This Fifth investor. proptech to Fifth know, with exciting Wall, new of largest Acquisition merger public many world's of stage April, journey in you sponsored Wall corporation announced the is our acquisition in I, company. we a intention via which is special-purpose, go our an a the Corp.
transaction global to smart we from $XXX close IPO industry. as accelerate PIPE allow FWAA oversubscribed following the proceeds are the our the totaling Importantly, of us real million growth hold comprised in to from the home funds to for the an of category-leading estate cash. up the $XXX of million. expected will transaction, This technology well is This as
anchored investors. leading is institutional real Additionally, PIPE estate companies, SmartRent the and by customers
as forward of expect We taking third year quarter next transaction look calendar the step to to this and public the company. this during a close
reflect work the turning to entire achievements, our tremendous recognize I to team. Before moment financials, to spend wanted of which a company's our the
I'm service innovative HousingWire innovation, the recently industry, winner a real industries. and the to named recognized in being proud TechXXX announce in the that customer mortgage estate growth and awards, Estate serving the best-in-class was technology recognizing SmartRent are and companies Our Real rapid most
we for Fastest Companies Growing XXXX. XXX Arizona #X named in were Additionally, in Growjo's awards
Center within the the Silver SmartRent say team of recognized support we Lastly, to a as that Contact customer Year continue sector. Winner satisfaction, focus happy and the for technology to on was I'm Stevie
to the the have grow units business, now a quarter. the our for increase exceeded key by in highlights I'll turn the to to year had installed, forecast. continued underscored start We financial first strong which and significant
and Now to increase of the $XX.X $XX.X an first million, million details. company's on smart XX% hub, from year-over-year revenue which by We increase of $X.X volume aforementioned and the the our of applications company's due from first to the number to pushed in of unit the benefited installations higher-than-expected of which up revenue a launch quarter of of issues. subscriptions to the was of quarter primarily second Fusion the half for The XXXX. shortage-related the for related supply quarter, service million chain from software delay an increase home or during in made more than installations the hardware increased was chip Total was the driven devices. XXXX anticipated an active
measuring quarter as from was revenue, of metric important future of of reflects the fourth in million $XX.X XXXX. growth million is XXXX March of the as which and XX, and quarter Total an the up the XXXX. end our from end deferred first $XX.X up of This $XX of at the our potential revenue was million business, of
total revenue we expect deferred deferred X revenue We of years. XX% within remainder recognize years. and X XX% of the X the to within months between revenue, of recognize total The expect deferred next and XX to total
ARR, quarter or XXXX, in first the revenue, recurring annualized to $X.X XXX% up of quarter XXXX. $X.X compared the was million first in of million Our
costs expenses and from Our increase development totaled due increased largely up March in as its XXXX. portfolio in as end the of increased period. XXX% from research an we operating The primarily company's prior the and expenses since year million, marketing total growth the $X.X to enhancements well product company related sales of expenses, personnel-related approximately support to by $X.X scale. million was had as the headcount This to operations
by in EBITDA of negative Net $X.X pushout quarter and Fusion first the of million revenue the expenses. Adjusted hub driven increased $X.X was operating was of first the loss quarter XXXX. million in XXXX,
up the quarter evidenced the of moment the first experiencing by would like to we business call, are as a Before take I results. we and our growth to reiterate strength our wrap
of our years. that units in are happy SmartRent quarter. I'm X momentum owned more we the are than in to strong X.X March and solutions those an rental customers say customers seeing As the business the carrying next aggregated in XXX,XXX units, XX, second to XXXX, expected million deploy into
call joining and look for providing on you our today, the to updates we progress. Thank future forward continued
