SMRT - Earnings call 4 2023

Due to licensing restrictions, you must log in to view earnings call transcripts.

Operator

Good morning. My name is Audra, and I will be your conference operator today. At this time, I would like to welcome everyone to the SmartRent Fourth Quarter and Full Year 2023 Financial Results Conference Call. Today's conference is being recorded. [Operator Instructions]

would Senior turn Relations. Vice I to conference time, Ruttenbur, Brian President this like the to over At of Investor go ahead. Please

Brian Ruttenbur

XXXX is and Daryl I'm you for joined well Hello, today. guidance by be Lucas as President for taking you and today full Financial Investor Brian CEO; the for Officer. Chairman name will and of SmartRent. and results Vice Chief discussing Ruttenbur, fourth through for joining Relations year our Haldeman, quarter Senior Stemm, thank as My XXXX. us They

we Before today's December an market which Investor smartrent.com. filed and our both of XXXX, for open, are ended issued year section earnings on our website, Relations release the available of XX-K our XX,

I a our statements our everyone expressed are our to Before could results I or Form investors update to report risks statements. these implied guidance. and would results assumptions strategy be our These results discussed future position turn all review factors we our like except SmartRent. our no financial beliefs and taking and them XX-K. required discussion actual uncertainties statements, in reports forward-looking on are current annual statements including based may on These We as that different the that any filings, contain recommend SEC and relating forward-looking by in our to thoroughly law. are assume such from to future financial including materially These and obligation before by business statements Lucas, remind performance, call cause to today to subject that over

release. our earnings Relations like full definitions on We'd are we the information highlight is operating a Reconciliations fourth and earnings comparable measure and most presentation refer of website. guidance, call, Investor section today's and to non-GAAP of year further quarter certain to during measures and to non-GAAP metrics. to and that also other directly GAAP measures related available included in financial Also metrics financial our today's

results. And with over call our turn to review me that, let the to Lucas

Lucas Haldeman

for rate . SmartRent's year purpose-built to customers housing as since thank technologies call. continue used a We solutions in as growth compounded And rental XXXX housing XX top rental a rental leading million smart morning, the and compared past revenue managing operation rental our year-end, XXX for to grew communities SaaS continues SmartRent the With total X momentum our had pivotal the at XX of positive smart we joining XXXX. of more be the has than opportunity in million greenfield Good XX over by largest are nearly provider This we revenue by units. we and of managed been industry. XXXX immense. you XX% the operators. believe has to collectively U.S., units one and XX%

team spent marketplace. Our offers years hardware now comprehensive the and the largest the in is developing SmartRent and of platform, SaaS has solutions most that the breadth integrated result

consistent profitable expenses. of revenue Two margins intent XXXX. tight adjusted of years results, quarterly ago, we by Since have EBITDA the improved growth, become control announced we to our then, operating operating steadily end expanding and

operate and goal we advantages, a software I API of efforts, through purpose-built hardware, sustainable our was accomplished EBITDA namely the Adjusted deliberate in new end-to-end actions implementation three and on marks EBITDA by adjusted profitability. share profitability competitive focusing this strategic As result quarter, and history. shaping we point how fourth robust The of support. am inflection open pleased notable these to SmartRent's in reported that achievement financial a

property to work In embedded management is how solution more the create provide but and in that previous set quarters, deeply apart, highlighted they about we've why unrivaled a these differentiators us that to customer's like together unique holistic infrastructure. detail we'd

the under delivering Alloy that First, hardware hardware. design the our meaningful on Both and integrate brand are powering are value Smart hardware and customers. to platform the we for for essential third-party Home the propositions with, open we

to Our offerings. third-party offerings we seamlessly integrate with customers' hardware intentionally management systems existing augment property and design

ensures way agnostic remarkable remain and while core continuing approach provide strategy for we and our Hardware able experiences are innovation. to lead operations. in repeatable of component clients, business to to Our essential an is will the ongoing

for significant maintain. residential device, Hub+ deployed, example, customers For where Alloy community process. hubs, seeing higher are SmartHome which a experience This for Hub+ levels communities into being in-home creates to living more one maintain has a rental requires smarter recently connectivity of of due combining a to and a a implementation previous units. launched less devices, experience functionality the hub In residents a to is the and upgrade hardwired and better efficient thermostat individual operators and hardware into been Hub+ smart over install

maintenance newest the have life. thus designed monitor and properties. at battery expenses X-year to request Leak Most to Additionally, longer X- Alloy Sensors lowering potential leaks, were SmartHome repair to a their sensors significantly customers

a rental managing are of apartment thousands [ units, operator If to results on aided ] members on Longer and become can the you on-site NOI. life batteries battery fewer of homes a hundreds in team of replacing sending are logistics replace batteries. orders drag commercial into maintenance quickly tens annually work

hardware margins. hardware quality that Manufacturing to operations control increased opportunity gives companies with integrate SmartRent-owned own to from their maintain enables and As also with standards hardware, to the fundamental us and designed benefit other is technology us cost, products. third-party build SmartRent rigorous

Next, software.

drive core A but integrates not SmartHome customers' platform competitive our open short, powers only agnostic housing this In to and simplifying single Alloy reducing and addresses interconnectedness management software. offering third-party also advantage. is of common property Hardware, hardware rental app platform, thereby applications SmartRent at nature the with Our complexity software by operations. a operators their with having to with support our challenge operations. multiple in is fatigue

is efficiency our business. low residents have reason for key IoT increasing and streamlining experienced and customers to we in historically Dedication their our churn a

and simplify to for rental software operators For designed reference, was experience XXXX in the is both net revenue retention SMRT XXX%. residents.

workflow and both experiences a manage since Our app. resident within have today, operations we our single and inception, platform's capabilities evolved

For report maintenance issues able example, residents are orders submit work automatically. to and

process their also managing make, limited our hubs in expert XX% we Finally, end-to-end customers upgrade every We initial clients projects years process to in multiple that and call implementation retrofit surveys encouraged implementation more technology to the with of note and customers to to process. units. from site as have implementation enable oversight. implementations the their on and X achieve points residents requires implementation of contact typical devices complex X rental We eliminate than excelled support. to customers taking installed with we the phone should SmartHome of entire single The and and are support, have other the benefits. industry planning maximum in By this part are

increasingly on use and processes customers upgrade operations solutions we key sustainable how to to new Internally, to the logistics and satisfaction term. shipping is to are new and in hubs and best creating replace educating continue client long existing that on improve hardware their focusing them smart end-of-life are to devices, experiences new outstanding

strong to We undrawn addition cash, million our in we foundation, ended to reduction advantages, upon the facility with to an established a in while XXXX. million. solid debt $XXX no to competitive aim has In commitment which balance credit optimizing of continue build a and expense will and operations, year financial of $XX sheet control

added million we XXXX, of of balance. half to our second $XX cash the During

rate, us adjusted achieving with growth coupled sheet, company balance gives our a high opportunity in shareholder to EBITDA profitability strong sustaining to value. while the maximize Our invest

team solutions could to our annual build capturing share. To investing to significant revenue out and for $XX existing addressable shareholder make members to managed deliver investment while sustainable aiming in billion. scale onward, We further estimate $X WiFi new a market will XXXX higher while growth, and billion We to us professionally community of multifamily margins at deliver in the in to community capabilities profit expand WiFi the WiFi and we a value market sizable adding IoT technology. intend U.S. also community by now recurring total on deliver enable produce properties to believe

a we stock $XX announced million repurchase Today, program. also

believe are better there our enhanced and Our investment that to constantly in no how is than Board management returns for cash SmartRent. evaluating generate and team

short, extremely about remain growth coming prospects In we years. the in optimistic for

specifics to the discuss and the turn call the results XXXX now the will for I over XXXX. of outlook Daryl to

Daryl Stemm

In quarterly operating operating improved XXXX, plan stated end to we adjusted our delivering the on have call by profitable expenses. we March the EBITDA earnings growth, Thank incrementally by tightly then, results become expanded controlling you, of and Lucas. revenue XXXX. Since margins

XXXX. for totaled QX history marked of another the profitability. from as up quarter $XX.X was QX of following million last up year. million, was out, QX pointed in XX% highest quarter we XXXX continued $XXX the revenue adjusted and execution. the And for QX quarter calendar up from of achieved from $XXX revenue second X% for company's of Total XX% strong XXXX. million, Revenue This year EBITDA Lucas

services and and increasing revenue a an units and XX% for resulted By increase was XXXX. of primarily sequentially hosted $XX.X in of professional $XX.X million, XXXX. hardware was total year-over-year million and million million revenue line. stream, $XX.X XXX,XXX in $XX.X in product to This QX million was QX $XX.X increased million X% to QX QX ARR increase from services of was $X.X from that our deployed expanded

X% ARPU a year-over-year. $X.XX SaaS QX, increase in was

and shipped. unit believe ARPU an the continues WiFi upward the long product of in increase continues attributable includes QX increased expanded of As our Hardware line run integrated X $XXX to revenue is QX per adopted. software sustainable hardware significant the We it sequentially as an company, in evolve XX% to shipment and path the hardware from composition increasingly to is as projects. on

in deployments more may that revenue. fluctuations experience consistently However, to hardware we WiFi we caution ARPU short-term until contribute

ARPU deployed For XXX,XXX XX,XXX XXXX, in deployed to and totaled units calendar and services Unit ARPU QX being XX% XX,XXX total in increased XX% the increased quarter. fourth units ship hardware year-over-year. with year increased professional

deployed primary XXXX. shipped deployed shipped closely. units saw divergence and the reasons units between relatively tracked are and for units three Historically, units in There we have

longer manner, First, single-family deploying purchase a nonlinear hardware time. inventory the to then of customers in a units over stocking tend rental up period and

shipped a deployed approximately some of increases. upgrade the our In represent to upgrades. years Second, to that deployed net of of new customer other hubs will are previously recurring units cycles. hardware to comprise active base. units words, deployment and than these for XX,XXX shipped in X increase third, Hubs for QX, to the certain shipment future over We've have upgrades beat last installed price In counted customers we represent that commenced XXX,XXX a buy as And Lucas proportion believe are these more as do SaaS units customers advance units higher units not contributing revenue. not are stated, that hubs deployed customers business. as

attributable primarily XX,XXX the previous approximately is there and quarter. units were booked, to from Bookings reduction factors. respectively, were new down two the for quarter million, XX% in approximately The and $XX XX%, bookings

through working backlog customers is that we're First, again commence those when their backlog purchasing exhausted. will and believe

we Second, bookings encouraged can are ARR SaaS quarter, certain row increase fourth million concurrently $X deploy are and WiFi. seeing purchase ARR being in deferrals community exceeding planning by the for consecutive $X.XX bookings we continue ARPU to quarter. ARPU SaaS third remain as above units. as customers a the to some ARPU quarter to for Since for these second with the We $X was booked we expect IoT

to Additionally, SaaS P&L, value. expansion and to for XXX%. to path ultimately, upsell are XXXX the our of drive the demonstrate, starting of expect shareholder cross-sell we revenue which revenue greater our we flow experienced and net suite however, metrics retention These of to products to through

that the We're WiFi time pleased we project have in level are rental cycles longer of both with interest connection sales will implementation lines. WiFi. operators longer with projects expect But community the our and expressing

quarter, WiFi will in believe we mentioned projects the half the fourth earlier, XXXX. in that I first be new we for of shipped X As completed hardware

for hosted Operational improvements gross expansion margin drive hardware continued services. to and

quarter quarter, and gross logistics $XX quarter from to XX% manufacturing, profit margins a distribution Hardware ago. $X.X year services increase profit XX%, profit. Posted XX%, of hosted XX% to million million increased services margin expanded up ago. contributed and hosted last to improved of services quarter a a in million to from For part a last compared continue gross $XX.X up an the and from year ago drive fourth margin Efficiencies of million ago. margins, and a XX% $XX.X gross total year XX% increased SaaS to $X.X million last hardware. was and XX% year contributed XX%, and and

to that in over from investment XXXX calendar the reduced initiatives same to a services teams quarters QX of several losses XX% by total cost gross year third XXXX, quarter in X%. our be million professional transform the margin allowed services by improved $X million the million and million professional technology year profit margin increased a to more a losses past efficient We the gross have $XX.X gross Professional period $X variable total increased versus For $X.X services in with from compared and the in direct installations to model. and nearly more ago. to result reduced as

As services that continued believe end XXXX. we margin services we evolve the professional the will we reaching of XXXX professional and improvement model, throughout a breakeven by on anticipate basis have

XX% improvement reminder, expenses of a a year first a we As $XX.X quarter the EBITDA had $X another $XX.X million. loss to loss a QX quarter expenses positive of million, the of million QX Put from XXXX, XX% were of in revenue of in $XX.X of from way, XX% XXXX. of Adjusted revenue a operating in total year in decrease QX for Total a $XXX,XXX, an we've of of $XX.X loss fourth quarter an in decrease from adjusted was X% operating a million million XXXX EBITDA ago. and the ago. $XX.X reduced a million of from and

information website. operations earnings filings, SEC provide these and presentations important form our of releases, related periodic calls to in investor on We the earnings business

added a financial hub nondistinct from volume to like will review analysis fluctuation we've for evolves, streams, company revenue of section disclosures professional new of We that indicators net disclosures Each that retention, table to of the to but business performance anticipate our in estimated and this providing and revenue listeners the hosted to disclosing solution rate I'd services committed include revenue performance. remain key allow encourage the example, and evolve For right by hardware, assess MD&A continue you our data. included we Form XX-K. the three In regard, as amortization revenue. revenue services to both forward-looking

an between that growth, quarter's Also it will to because new plan contractually not continue do do of included disclosed it's performance in as divergence effective the and we this it revenue in disclose have unit we note of historically Thus, future and be that metric not deployment our to not binding. indicator believe unit committed periods. not disclosures

better of year approximately million of $X approximately $XXX a balance end decreased is from at over the the is in primarily calendar at total next of this improved inventory not levels cash our our reduce forecasting cash to to transition just result we increase On million million The demand quarter sequential XXXX, balance a due XXXX. the to ADI increased arrangement, inventory $XXX and gradually management $XXX cash During basis, from but the end as ADI to QX. million year.

and generate that prudently Our stock. shareholders strong while we stock for much common ample of for program attractive to sheet buyback announced allow as as the position balance cash to liquidity to flexibility. returns financial sufficient us highly allows repurchase million cash us $XX deploy Today, maintaining

untapped customer potential may in addressing opportunities new for customers. seeing and half planned growth be Additionally, realize significant of this our in investing strong accelerate to the Lucas first demand existing community of as our WiFi community from we're the are and we Because mentioned, which investment, we WiFi to are affected ability year. with enhance profitability and

community until completed WiFi more than move because the quarter decided from implementations the to core community between of decisions quarter first defer later the be deployments. IoT clients this IoT WiFi alongside Additionally, quarters several deployment year. of synergies can we've installation units first IoT and the of into These products, with XX,XXX planned

offerings, that rebound community the will half than the sales and and significantly growth we of our cycles longer confident second in are are year. While traditional WiFi deployments profitability

to necessary growth. enhance evaluate continue to closely WiFi long-term expand community We for investments demand monitor and our offering and will carefully

for Accordingly, million and as $X adjusted profit positive of million guidance $XXX QX revenue million. of year guidance EBITDA for and QX XXXX full are $X million EBITDA of adjusted $XX XXXX guidance revenue $X $XXX million follows: and million to loss Full is year $XXX,XXX. of $XX to for million to to a

to the remarks. pass closing back for call now Lucas I'll

Lucas Haldeman

company's Thank a the leveraging through quarter hard differentiators. of fourth in dedication for unique marked first work and history our the our adjusted combination achievement of you, time three profitability The and the Daryl. EBITDA team's

total of by XX% has report. evidenced over to to $X.XX the units in strengthened same million, grew to with grew to end the QX XXXX time, We've as ARPU SaaS a XXX,XXX the less XXXX. million XX% revenue nearly the million end $X increased than to $XX XXXX From compounded XXX XXXX, annual from deployed total customers metrics a grew XXX the XXXX. of XXXX We million growth $XX from $X.XX competitive we in positioning from XXX,XXX customers with QX $XXX at in CAGR. in growth ARR rate. SMRT's from

WiFi on our and We $XX the not in our headed. improved continue expense and customers, investment value remain optimize gross and the as million SmartHome we of enhanced industry to in believe the to operations. add addition In to focused stock prospects program, housing address will additional opportunities XXXX, clients, where control assessing and margins rental community industry repurchase for needs lead anticipate but only SmartRent solutions existing is ongoing will

leading beyond. be and on has products horizon scale built continue that's to and first-mover on and all been customer focus. our forward We strengthened customer trust by this mark look Our to will year innovative and advantage, the position

you on your open to would for -- for Thank call participating quarterly call. the the questions. like We now

Operator

go Soham [Operator Bhonsle Instructions] first BTIG. just We'll at

Soham Bhonsle

well. doing Hope you're

a range one, embedded little guess bit sort guidance I in to understand the of So what's here. I first wanted the

EBITDA quarter. and past guide decline a like revenue here the ramp a the of year your steep first quarter But of profitability. sort to XX% sort would guiding you're breakeven it in revenue So first looks full in then suggest

revenue expect and just great. be sort that could would detail just over guide, how of maybe on of confidence the the the to in play full next that and And gives you EBITDA some you few quarters? if out cadence what you provide So year hitting

Daryl Stemm

question. our are you. confidence in Thank confidence give Good of two in being us the This And one the back half say the is there I'd WiFi primary reasons Daryl. that demand. year,

As projects pointed life relatively time well cycle we've these as long out, a sales as relatively have implementation have a line. -- to

the contract projects issues, of will, the fiber signing the on faced One even often to these begin of getting a there's delay the community, the the with couple if of can that we're between you is project. and when we month

the number Confidence cycle number beginning the builder believe two we that upgrade we're is a at for second of primary QX would half the builder revenue of We XX,XXX that related on should confidence in experience. one. be hubs about were increased the two profitability and hubs to in back for and So year, would Those shipment that we and to upgrades the upgrade be half least that the XX,XXX have deployment. available year. shipped drivers

Soham Bhonsle

Okay. but way on. is didn't what way some I also going that WiFi of the perhaps this there's you for if there's CapEx or size any been to on, spend at any guess -- there guidance to there on piece, deferral noted some WiFi the push going Is point? sort you have would

Daryl Stemm

just about ago do units Well, a know, into over a as of XX,XXX later that of the year. quarters we've we out we QX little moved stated moment

would that be the approximate So point.

Lucas Haldeman

Yes.

to to move to we to the in that at interested you, able that we out a And that and time our And who residents be hypothesis positive it's an that I'll WiFi If have expecting that, have of of seeing. if look think broader of if IoT construction not about and do an thing this strength units little which disruption it, of incredibly more and going add have not construction So, are a good really, customers some can one also would to fun versus in we'd kind we're selling on you is QX of bit unit the around QX business, project think view occupied we're is that you is QX. because this I of just happen. a two. ideal Lucas. take while was

time. sell are -- the really both implementation these projects be ability momentum IoT an deploy net moving our are of WiFi do and company the and out QX WiFi while and it's at so around I these and that think can to And positive showing a only the we're QX, really getting same

Daryl Stemm

project completed did I we to comment X with one of that projects end out hardware of we we QX year that a other the one beginning in first the year. data regards We've this Wi-Fi booked be, new new for IoT in that fully the But believe, a the back customer to we also the by give expect is both with should WiFi half shipped think strong WiFi point. call be of WiFi of QX, you good for half I'll real more relationship a and projects. on

Soham Bhonsle

Understood. in then I disclosure this last wanted one, ask just Okay. about booking your ARPU the to you And SaaS quarter.

So almost it looks Xx was which $XX, up like year. last almost to $XX, is it

more that Or just in specific that So that? is we How sustainable? this cohort came was something about something the think that to should quarter?

Daryl Stemm

Yes.

the that question. good think I --

think range an I mix to what there's that more of going $X the that of the in the a expect quarters, believe of last quarter. forward. are indicative have $X the bit we been by which two caused to bookings aberration during had I

Operator

to move Tomasello our next We'll KBW. question from at Ryan

Ryan Tomasello

implementation color assume investors implementation process at sustainable through breakdown running revenue. guide Daryl, I pace provide lumpier there that you're appreciate curious, on the given actually XQ revenue? not and than visibility was more why is of the that to hardware particularly a more that would just that revenue front on modeling and some versus over Is modeling XX%. growth And reasonable the if could lumpier revenue hardware think metric, XXXX? the revenue guide, what growth I SaaS you year this

Daryl Stemm

to do the -- the our cause predictable. the Two but issues revenue of certainly, with some software And existing predictability is Number -- question. good recurring part points. revenue. Well, further cadence to deployment regards one, actual imminently related

might of you it one easy But rate. will that software we that's and do as you anticipate as around than give growth revenue, quite would suspect. higher guidance overall piece that the be not it's revenue So I

Ryan Tomasello

understand a been, And then you metrics. this on has SaaS the professional hardware, bookings what say, relatively quarter And the acceleration the different revenue the Can in two metrics. ] you're I'd particular, into us quarters stagnant ARPU, assumptions baking despite Okay. follow-up services, help guidance SaaS? in on across in ARPU [ ARPU last the XXX the buckets, the

of and through Some a revenue site nuances that's there. function with mix that revenue of the the plan flowing the

Just the than trying to metrics SaaS ARPU breakdown maybe why understand component seeing. faster on should of broader we're be growing just of guidance. what assumptions in again, some a your ARPU materially And the

Daryl Stemm

Thanks, Okay. Ryan.

So I ARPU the move the to the XXX,XXX what of expect over until units. significant see built are is say already course installed like incremental becomes with I WiFi last It's of the year. regards of a number growth contributor, to that that we've rapidly base to that number too the would off is tough ARPU that, would growth experienced because

in we're So adding at we to ARPU $X a XX,XXX incremental periods. on just it's an per add as $X, and have impact new them going units future quarter, unit,

employed The why of unit WiFi one mover is [ ] device on revenue. give about unit the a for so needle us [indiscernible] or WiFi. $XX the the take, why We're to and real reasons per talking about, economics we're WiFi of recurring excited

Operator

We'll next D.A. at to Davidson & White Company. go Tom

Thomas White

all, I of the have of kind volume-based older about I of guys in first should close how kind about of you you margin then just the I that organization. how concessions? price profile maybe any the think of guess, a WiFi. specifically fixed of we some are Two, first had have if And lingering Professional there? guys I from and fully on structure I base talked and to some maybe the cost cost of kind past, contracts the rightsizing could, then kind follow-up overhang And part think Services please. in guess, on

Lucas Haldeman

Tom, go I'll this and Daryl color. Lucas. one let first add then some it's on

we're some working good QX but in it's of have QX, We still through So worked largely lingering and the bulk. that through overhang question. the we've a

first year. we're down the So half the that definitely winding through of

on as that way feel where cost Daryl XXXX. trend to see And that then the said And we have the Professional margin, I we we'll in into right Services think about remarks, really continue prepared QX. the through coming

Daryl Stemm

control want some completed solutions access to to projects you -- and don't the completed add date I also of one newer mind, we that at which -- is been point, we've profit. actually other if modest our WiFi have Tom, actually like

So other of total prominent will been those as well that . incorporating portion those investments solutions as become efficiencies help additional more and the revenue, technologies as in we've our

Thomas White

Great. Okay.

I WiFi, if one on could. Just

of [ the trialing You've was between share thinking look had, REITs trial or frame kind think updated years? of full sort I like the think, of some over you latest kind might ] large of I hoping issues. coming well just time deployment presuming you kind your could about a how and it goes

kind folks some over a WiFi. know, addressed there the IoT for of to to those dynamic the dynamic you that can, time. And . of as with is project, wait then construction kind Curious breaking it's sort where a deferring implementations it's going to that's things? of are of I always sort this of big that's Or divorce it's Like roll to and way fact any just something given you contend ground don't out two WiFi be whether

Lucas Haldeman

Yes. Good question, Tom.

actually implementations. but to something could we it's do break the it's think we right these apart, believe I way

all once. are this actually to say, it the do do to and aligned at way we with of to in our right is So sort customers agreement

those. used the that deployments. that where seeing that expand becoming almost access sort the and across leading we product lead new the you're think in what it's It's marketplace able to successful our leading downside is that's that IoT we're seeing jump ] SaaS IoT to to we're to with slows with. look of and I ARPU [ of had, WiFi. we're we draft we're the fundamental other you IoT, that only sort of But behind down at that the it we're And the as really on of morphing land cross-selling [ And then sort ] at from beachhead at if sort with I control think products

about And talked why we row, definitely as we're the Daryl we've That's really, slow we're remain half get commented to about making it. back a going. where that's thing very only But important WiFi why is to going. it's we this three on. in that like quarters the now the -- excited investment year, is of The that we're announced

XX rolling we Once IoT, out, I And run in most X, next on X anything first the it it's having for will the portfolio-wide sort a your cadence not customers having those go of take projects. can answer pilot to to pilots to and start part are portfolio of completed so from similar a to XX years question, your deployment. before deciding X, where days

of that's So the sort timing.

answer that Tom? the Does question,

Thomas White

Yes. great. it. That Appreciate was

Operator

Brett We'll take Knoblauch Cantor from at our question next Fitzgerald.

Brett Knoblauch

if Maybe of you I pushed idea seasonality year, to XXXX? number new know units deployed did year. But full relative should of getting give this as where be your guess, some the what back. in of expecting some me I are you could think the some for expected we just we there's and what

Daryl Stemm

But to units. in growth. units you on was growth unit [indiscernible] which deployed on course new Yes. our discontinued unit revenue we've of between in XX% to revenue any -- why is we're deployed as units of We XXXX. XXXX of revenue units new deployed because giving guidance. in the please invite XXXX guidance spite than grew and focus the Brett, divergence opposed -- in continue deployed and lower to and relative units not the by that, We XXXX would

Lucas Haldeman

make continuing that seeing IoT that our and Brett, traction demand that, on product, to with we're the I we're to partners still add strong for that. just I'd in think

happy think I number, we're not not it, to in So with guiding I'm a we're but demand we're marketplace those the giving for seeing the products.

Brett Knoblauch

Got 'XX outpacing it. number just units the maybe 'XX in I And in I performance shipped expect fully? guess, shipped then we versus number similar relationship. a as the units of, did terms the of Should you guess, from deployed, of in units

Daryl Stemm

I would see to that. Yes, expect

ship [indiscernible] mentioned that As and early in I XXXX. we deploy

Brett Knoblauch

] guess [ X.X it at in duration? decline last end big years revenue it. X.X. I think of duration, of why Got year a on and insight then I recurring any decline And ] into or [ I the guess the the was last that

Lucas Haldeman

-- we've locking pricing then for Brett, goes, sure long. to not that's through. been actually And too that's working something in it we're Well making

an ] to that not [ to be into intentional and like metric on in the line pricing. give trying work hardware we're SaaS ourselves So that's flexibility to locked

Brett Knoblauch

you then one I going just quick maybe very metric the think a thanks long over I given new giving metric where do see any that, is which sense been? that that it's has for it helpful. And where NRR guys to it. number, term, are the guess follow-up on And Got disclosing? you

Daryl Stemm

metric, year, it's it same-store on No. track of as course started from on and last of based to think a We've that the of in XXXX. but of the just number cohort units based it's -- December the of

Lucas Haldeman

where I and existing we're cross-sell what same-store expectation to that I'd we'll grow, upsell sort see kind of customers, additional think reselling of and see to to is add, we're just continuing continue number grow. you'll And our products that knowing

Operator

take at Soham follow-up Bhonsle We'll from BTIG. a

Soham Bhonsle

this sort I gap deployed. shipped and understand. just of quick one one, between just want around Just to

if that should right? you to professional a So Daryl, line using should you this think, -- especially unit unit. decent that a you're deploy of and actually well. it's then Because that I new is services come through year, then that as in having a if it, it my person view, that a unit, shipped but upgrades deployed Is not if produce said number a are chunk

if helpful could the really P&L, that units, flows you upgrade through would please. actually how of be So just that the clarify

Daryl Stemm

Yes.

assessment you're impact depending it's might professional your -- going also on there installed, how it of to correct be involve to revenue. So And going hardware it's services. it's the where P&L, in

instances some install on the foresee can to perhaps unit. resident I where customer turn of the choose may themselves it

revenue. subscribers that have. deployed number this to not the contributing really it deployed viewing were metric our The it unit think a total way, of units, in deployed So that units number we units, we're that's important a of give you total the representative a metric for to really total of is the if deployed And the units represent business, to able BXC we recurring you. adding I really that are

Operator

closing time, questions. remarks. to further at for there conference would turn like I this no Lucas are over And Haldeman to the

Lucas Haldeman

thank you look soon a for Thanks to and Audra, joining in forward seeing you some you, lot. talking call, Thank you to and of and in all for our we QX person.

Operator

[indiscernible] today's conference participation. call. Thank you your for

now disconnect. You may

SmartRent (SMRT) 5 Mar 242023 Q4 Earnings call transcript