SmartRent, Inc.

Good evening and welcome to the Smart Rent, Inc. fourth quarter and year-end 2021 earnings call. At this time, all participants are in a listen-only mode. A question and answer session will follow the management's presentation. As a reminder, this conference call is being recorded. I would now like to turn the call over to your host, Evelyn Inferna, Senior Vice President of Investor Relations. Thank you, Evelyn. You may begin.

Thank you, Operator. Hello, everyone, and thank you for joining us today. Lucas Haldeman, Chairman and CEO, and John Walter, Chief Financial Officer, are with me and will be taking you through our results for 4Q 2021 in the year, as well as guidance for 2022. After today's market close, we issued an earnings release and an announcement regarding the acquisition of site plans, both of which are available on the investor relations section of our website, smartrent.com. Before I turn the call over to Lucas, I would like to remind everyone that the discussion today may contain statements related to our business that may be considered forward-looking, including statements regarding plans to execute on our growth strategy, our ability to maintain existing and acquire new customers, the benefits of our strategic acquisitions, including our acquisition of site plan, expected financial results, product portfolio enhancements, expansion plans and opportunities, expectations regarding key operational metrics, and other statements regarding our plans and prospects. Forward-looking statements are often identified with words such as we expect, we anticipate, we believe, or similar expressions. These statements reflect our view only as of today, March 24, 2022, and should not be considered our views as of any subsequent date. We do not undertake any obligation to update or revise any forward-looking statements. Forward-looking statements are not promises or guarantees of future performance and are subject to a variety of risks and uncertainties that could cause the actual results to differ materially from our expectations. For a discussion of material risks and other important factors that could affect our actual results, please refer to those contained in our Form 10-K, which will be filed with the SEC later this evening. Our 10-K will be available on the investor relations section of our website and on the SEC's website at sec.gov. Finally, during today's call, we will refer to certain non-GAAP financial measures. A discussion of these non-GAAP financial measures is included in our earnings release, along with a reconciliation to the most directly comparable GAAP measure. And with that, let me turn the call over to Lucas to review our results. Lucas?

Thank you, Evelyn, and thank you to the investors and analysts on the call for your support and continued interest in SmartRent. We are very excited to share our 2021 results, 2022 guidance, and details about our acquisition of SitePlan. 2021 was a landmark year for SmartRent. We completed our IPO in August, raising approximately $450 million in gross proceeds and delivered record revenue. We ended the year with 339,500 units live, after deploying 168,000 new units in 2021, exceeding our forecast. We organically grew our customer base by 62% to 230 customers by adding 88 new logos. Thirty-one of these were added in the fourth quarter alone, and we are seeing this momentum carry through into this year. Another record that bears mentioning is the installation of over 800,000 pieces of hardware in the face of unprecedented supply chain and logistics headwinds. We also grew our team by 147% to 639 teammates. Additionally, we launched four new products to further enhance our comprehensive smart home platform, including the Fusion Hub, Alloy Access, Smart Parking, and Smart Intercom. The investment in our team was our primary use of capital in 2021. And while we will continue to scale the team to meet our strong demand, it will not be at the same pace. We have a solid capital and liquidity position, and in the fourth quarter, we took additional steps to further enhance liquidity by securing a $75 million revolving credit facility. That facility is unused, and we have no debt outstanding. Following our acquisition of site plan, we continue to be confident that our liquidity position will support our growth plan. The team did a remarkable job last year, managing the demands of growing our book of business while also deploying the most units in our history. Our 2021 achievements were focused on expanding our footprint and on execution. Our new units deployed helped deliver revenue growth of 155%, achieving $35 million for the fourth quarter, and 111%, achieving $111 million for the year. We delivered a record number of new units deployed in the fourth quarter at 52,000, and 168,000 units for the year compared to 30,000 units in the fourth quarter and 83,000 units for the year 2020. Our total units deployed increased 108% to 323,000 units from a year ago. In the fourth quarter, units booked increased 42% to 84,000 from 59,000 a year ago. We typically see higher orders for units booked in the fourth quarter. reflecting a mix of both binding orders for the subsequent quarter, as well as some orders for the following full year. While units booked are typically converted into units deployed in the subsequent quarter, the fourth quarter units booked include some annual bookings coming out of our larger customers' budgeting season. During the full year, 2021, units booked increased 94% to 218,000, compared to 113,000 for the full year 2020. We define bookings as the aggregate dollar value associated with a signed master services agreement or binding purchase orders executed during the period. This includes the value of all hardware, professional services, smart hubs, as well as the value of the first year of software services included in the purchase order, net of any discounts. For the quarter, bookings were $68 million compared to $61 million in the fourth quarter of 2020. and $170 million for the full year compared to $94 million for all of 2020. Committed units, a metric we adopted in 2021, is another of our forward-looking key operating metrics. We ended the year with 742,000 committed units, up 5% from the third quarter of 2021. We will be able to provide comparable year-over-year data on this metric when we report our first quarter 2022 results. As a reminder committed units of the aggregate number of smart hubs that are subject to binding orders, together with units under a master services agreement that are expected to be deployed within two years of the quarter. i'm going to turn the call over to john to discuss our financial results following john's remarks, I will share additional perspective on our 2021 results are strategic and operational outlook for 2022 and our recent acquisition of site plan before opening the call for questions john.