performance, on team to consecutive quarters position SmartRent the built momentum provide to And resulted has Thank X our in adjusted update continued focus positive reflecting improving SmartRent's I'm for This profitability. of momentum EBITDA, you, sustainable growth. Frank. again, has everyone. good proud morning, on of our financial and I'm pleased an
Additionally, growth and for visibility margins, market. we're steadily revenue stability recurring and evolving driving in gross providing greater enhancing in this
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our of context leverage existing management importantly, growth. structure in reflect SaaS cost believe we our demonstrate these they the revenue, a operating our achieving ability and to Within more cost increase to expenses effectively XX% to revenue commitment accelerate
our is loss of was same a a of the million consecutive improvement year. positive from approximately adjusted $XXX,XXX, XXX% for Lastly, in from the EBITDA the third prior $X.X quarter adjusted EBITDA. quarter This quarter
and with $XXX As the remain of a invest our balance positioned in to navigate the cash growth we initiatives landscape quarter well pursue we conclude business. economic and the million, evolving
decision the As week, of we've communicated a This suspend decision confluence from last factors. guidance. financial made to stems difficult
program, ongoing capital guidance and CEO was scaling suspend we Smart current customer the this back sales it anticipated channel and market appropriate known Met's the conditions, Given spending partner of at delays transition, time. to determined
rigorous and soon In operations I reliability. improve. response, reinstate need forecasting methods internal addition, have a implement to recent committee guidance accuracy comprehensive conditions discipline reviews sales clear, greater into to as intend are visibility with the within outlook to highlighted enhance as build more and management committed organization. and market the our We to In our our
in we long-term commitment for the ensuring is forward-looking of precision paved statements, and expectations our Our transparency shareholders to growth. and meet the our way the company's
sheet remains positions opportunities potential on which with debt and no to balance reserves challenges. Our capitalize strong substantial us cash and well handle
Our capital that strategy our is reinvestment focused organic strengthen allocation in on position. projects high-return primarily market
give Let future we XXX,XXX the authorization, and our on brief the approximately me roughly shares. we has existing and reaffirmed In quarter, the additional existing the an purchased a purchases repurchase under Board you have we The of following available share program. update $XX shares also our purchased close share for repurchase XXX,XXX quarter, million program.
value the open price long-term the business. the current between the market will disconnect forward, see Going in purchases we we the given share substantial of and opportunistically make
a is customers conclusion, in as business Again, compelling. for delayed environment operate, expenditures today. our overall Thank time opportunity uncertain is remains our which XXXX. the deployments recognize delay in have term. pushed this In and the among you anticipated especially of The and impact we impact the the extremely XXXX we near unchanged long-term to your that primary in capital customers environment
now and And we take open questions. your can the line
