SmartRent, Inc.

Good evening and welcome to the Smart Rent, Inc. second quarter of 2022 earnings conference call. At this time, all participants are in listen-only mode. The 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 conference over to your host, Evelyn Inferno, Senior Vice President of Investor Relations. Thank you, Evelyn. You may

Thank you, Operator. Hello, everyone, and thank you for joining us today. Lucas Haldeman, Chairman and CEO, and Hiroshi Akimoto, CFO, will be taking you through our results for the second quarter of 2022, as well as guidance for the remainder of the year and the third quarter. After today's market close, we issued an earnings release and filed our 10-Q for June 30, 2022, 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 concerning our 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, August 11, 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 risk 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 most recent annual report on Form 10-K, filed with the SEC on March 24, 2022, along with the quarterly report on Form 10-Q, an earnings release and current report on Form 8K filed with the SEC today, all of which are publicly available on the Investor Relations section of our website at smartrent.com and on the SEC's website at sec.gov. As a reminder, during today's call, we will refer to certain non-GAAP financial measures. A discussion of these non-GAAP financial measures, along with a reconciliation to the most directly comparable GAAP measure, is included in today's earnings release. We'd also like to point out that we've added new financial visuals to the earnings release that represent our disclosures and illustrate our results. And with that, let me turn the call over to Lucas.

Thank you, Evelyn. Hello, everyone, and thank you for joining us today. In the second quarter, SmartRent reached a number of operational milestones. As of June 30, 2022, we have deployed more than 450,000 units, installed over 2 million pieces of hardware, and engaged with more than 2 million operator and resident users. We had 447 unique customers across multiple verticals that own or control more than 6 million units. In March, we expanded our capabilities with the acquisition of SitePlan, which offers a comprehensive SaaS platform to automate the property lifecycle. Our combined teams are executing on cross-selling sales strategies, product enhancements and development, as well as operational efficiencies. We recently announced the appointment of Terry Danner, from site plan CEO to executive vice president of sales for the combined enterprise. Terry is a pioneer in the multifamily space, bringing more than 30 years of leadership experience and a deep network of industry relationships to our team. We are extremely excited about Terry's new role and the continuing evolution of our company. We are just beginning to see the benefits of this synergistic acquisition. Site plan solutions are highly complementary to SmartRent's smart home operating system, and we are poised to take advantage of the opportunity to increase market share. This quarter, SmartRent deployed more than 60,000 units and generated over $42 million in revenue, establishing new quarterly records. Importantly, we improved profitability with margin expansion for both professional and hosted services and reduced adjusted EBITDA loss by over 3 million compared to the previous quarter. As of June 30th, committed units increased 29% year-over-year to over 780,000, bringing total units deployed and committed units to over 1.2 million. up 50% from 800,000 in the second quarter of 2021. Units booked in the quarter grew 53% to approximately 59,000, up from approximately 39,000 in the second quarter of last year. Total bookings in the quarter increased 87% to $57 million compared to $30 million for the same quarter last year. Fast bookings in the quarter totaled $3.4 million compared to $1.8 million in the second quarter of last year. SAS ARPU was $4.79 across all units booked compared to $3.83 for all units booked in the second quarter of 2021. We also continue to see higher SAS ARPU with new customers, which reached $7.48 in the second quarter. The metrics just referenced related to bookings are not inclusive of SitePlan. We were able to achieve this through software subscription price increases and the addition of new customers in the long tail. As you are aware, global supply chain constraints are persistent. Our results for the quarter were record setting, but were also muted due to circumstances beyond our control. The demand for our product is strong and growing. However, our ability to execute on deployments was impacted due to shortages and repeated shipment delays for certain components as well as specialty locks. To mitigate this challenge, we pivoted and we will continue to pivot to deployments for communities requiring hardware that is more readily available. Our customers remain loyal to the SmartRent solution as evidenced by our record backlog. We have built strong relationships with our clients and at their requests, we will schedule our backlog deployments once all necessary components are available. Eventual improvement of our supply chain should enhance our path to profitability and higher recurring ARR as we incorporate our backlog into future deployments. I'm going to turn the call over to Hiroshi to discuss our financial results. Following Hiroshi's remarks, I will share the details of our revised outlook before opening the call for questions. Hiroshi?