SmartRent, Inc.

Ladies and gentlemen, good afternoon. My name is Abby and I will be your conference operator today. I would like to welcome everyone to the Smart Rent Incorporated third quarter 2022 earnings call. Today's call is being recorded and all lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. If you would like to ask a question during this time, simply press the star key followed by the number one on your telephone keypad. If you would like to withdraw your question, press star one once again. Thank you, and I will now turn the conference over to Annalise Lassiter, Vice President of Investor Relations. You may begin.

Thank you, Operator. Hello, everyone, and thank you for joining us today. My name is Annalise Lassiter, Vice President of Investor Relations for SmartRent. I'm joined today by Lucas Haldeman, Chairman and CEO of and Hiroshi Akamoto, Chief Financial Officer. They will be taking you through our results for the third quarter of 2022, as well as guidance for the remainder of the year. After today's market close, we issued an earnings release and filed our 10-Q for September 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 forward-looking statements that involve risks and uncertainties. Various factors 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, Quarterly Report on Form 10-Q, and Current Report on Form 8-K. We undertake no obligation to provide updates with regard to the forward-looking statements made during this call, and we recommend that all investors view these reports thoroughly before taking a financial position in SmartRent. Also 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 a third quarter earnings deck supplemental that illustrates our results, which is available on the webcast portion of this call, as well as the investor tab on our website. And with that, let me turn the call over to Lucas to review our results.

Thank you, Annalise. Good afternoon, everyone, and thank you for joining our third quarter earnings call. My remarks today will cover three primary areas, our strong execution and results during the third quarter, our confidence that SmartRent has the right strategy to continue growing in the current macro environment, and an update on our ability to procure hardware. Turning now to our financial highlights for the third quarter, we delivered $47.5 million in total revenue and deployed over 53,000 units. with both results faring better than the guidance we communicated last quarter. The demand environment remains robust, which combined with our strategy and execution led to our record revenue for the quarter. This top-line strength, in turn, helped us improve our adjusted EBITDA by over $2 million compared to the prior quarter. Our business is evolving favorably toward higher margin sources of revenue, as demonstrated by our $8 million in SaaS revenue. All of our primary SAS measures, ARR of $31.8 million and ARPU of $3.50, continue to grow. And SAS revenue is close to four times what it was last year, demonstrating our success in increasing price and cross-selling additional products. I'll take a moment to highlight the significant milestone we reached as a company last month. We have now deployed over 500,000 units in apartment and single-family homes with SmartRent technologies. According to available data, that's more units deployed than all of our peers combined. This accomplishment speaks to our scalability, the power of our approach, and having the right strategy in place. Our committed units pipeline remains robust, and we have reached an all-time high in committed units, with over 800,000 units expected to come onto the platform in the next two years. In addition to the high visibility pipeline, our current customers own or operate more than 6.5 million units. Because of where SmartRent operates within the real estate ecosystem, we believe we are well positioned amidst the current macro backdrop based on several factors. We have strong relationships with the top multifamily owners and operators, and demand is stronger than ever. The high ROI our platform delivers to customers provides an ongoing incentive to roll out our technology, and our smart home platform and property operations software directly enable owners and operators to be able to centralize operations and overcome labor shortages. I'm pleased to report that during the quarter we saw general easing in the supply chain constraints and an incremental improvement in our ability to procure hardware. We anticipate it will take more time for the system to fully normalize, but we are generally encouraged with what we are seeing. We now have fewer constrained product lines overall, and we have begun receiving some supply for nearly all SKUs. I would now like to turn the call over to our CFO, Hiroshi Okamoto, who will take you through the details of our financial performance of this quarter and provide an update to our 2022 full-year guidance. Hiroshi?