SmartRent, Inc. (NYSE:SMRT) Q4 2023 Earnings Call Transcript

SmartRent, Inc. (NYSE:SMRT) Q4 2023 Earnings Call Transcript March 5, 2024

SmartRent, Inc. beats earnings expectations. Reported EPS is $-0.02, expectations were $-0.03. SMRT isn't one of the 30 most popular stocks among hedge funds at the end of the third quarter (see the details here).

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. All lines have been placed on mute to prevent any background noise. After the speakers remarks there will be question and answer session. [Operator Instructions] At this time, I would like to turn the conference over to Brian Ruttenbur, Senior Vice President of Investor Relations. Please go ahead.

Brian Ruttenbur: Hello, and thank you for joining us today. My name is Brian Ruttenbur, Senior Vice President of Investor Relations for SmartRent. I'm joined today by Lucas Haldeman, Chairman and CEO; and Daryl Stemm, Chief Financial Officer. They will be taking you through our results for the fourth quarter and full year 2023 as well as discussing guidance for 2024. Before today's market open, we issued an earnings release and filed our 10-K for the year ended December 31, 2023, both of which are available on our Investor Relations section of our website, smartrent.com. Before I turn the call over to Lucas, I would like to remind everyone that our discussion today may contain forward-looking statements, including statements relating to our business strategy and our performance, future financial results and guidance.

These forward-looking statements are subject to risks and uncertainties that could cause our actual results to be materially different from any future results expressed or implied by such statements. These factors are discussed in our SEC filings, including our annual report on Form 10-K. These statements are based on our current assumptions and beliefs and we assume no obligation to update them except as required by law. We recommend that all investors review these reports thoroughly before taking a financial position in SmartRent. Also during today's call, we refer to certain non-GAAP financial measures and other financial and operating metrics. Reconciliations of non-GAAP measures to the most directly comparable GAAP measure and further information related to guidance, definitions and metrics are included in today's earnings release.

We'd also like to highlight that a fourth quarter and full year earnings presentation is available on our Investor Relations section of our website. And with that, let me turn the call over to Lucas to review our results.

Lucas Haldeman: Good morning, and thank you for joining our call. This past year has been a pivotal one for SmartRent as we continue our positive momentum as the leading provider of smart communities and smart operation solutions to the rental housing industry. We grew total revenue by 41% in 2023 compared to 2022 and SaaS revenue has a compounded growth rate of 75% since 2020. . SmartRent's purpose-built technologies are used by 15 of the top 20 largest rental housing operators. And at year-end, we had nearly 600 customers collectively managing over 7 million rental units. With more than 44 million managed rental units in the U.S., we believe the greenfield opportunity continues to be immense. Our team has spent years developing the most comprehensive platform, and the result is that SmartRent now offers the largest breadth of integrated hardware and SaaS solutions in the marketplace.

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