SmartRent, Inc.

Ladies and gentlemen, thank you for standing by. We'd like to welcome you to today's conference. This is the SmartRent Q1 2024 conference call. 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 star followed by the number one on your telephone keypad. If you would like to withdraw your question, Simply press the same keystroke star followed by the number one. Thank you. I would like to start our call and turn our call over to Kristin Lee, General Counsel for SmartRent. Kristin, you may begin.

Hello, and thank you for joining us today. My name is Kristin Lee, General Counsel for SmartRent. I'm joined today by Lucas Haldeman, Chairman and CEO and Daryl Stem, CFO, who will be taking you through our financial results as well as discussing guidance. Before the market opened today, we issued our earnings release and filed our 10-Q with the SEC, 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 certain 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 and quarterly reports on Form 10-Q. We undertake no obligation to provide updates regarding forward-looking statements made during this call, and we recommend that all investors review 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 the reconciliation to the most directly comparable GAAP measure, is included in today's earnings release. We would also like to highlight that a first quarter earnings presentation is available on the Investor Relations section of our website. And with that, I will turn the call over to Lucas.

Good morning. Thank you to everyone for joining us today. This morning we reported revenue of $50.5 million for the quarter, with nearly $12 million coming from SAS recurring revenue products. our SaaS business improved by 32% year-over-year, driven by a combination of increased total deployed units as well as continued gains in our cross-selling strategy. We reported positive adjusted EBITDA of almost $400,000, beating our guidance and marking our second consecutive quarter of positive adjusted EBITDA. Additionally, we ended the quarter with almost 750,000 deployed units, a 24% increase from the previous year. We continue to see increasing demand in the market for community Wi-Fi, and as we previously announced, we are taking advantage of our strong financial position by investing in projects aimed at significantly expanding our community Wi-Fi offerings. This initiative involves onboarding new talent, as well as developing advanced technologies, aligning with our vision to dominate the early-stage multifamily community Wi-Fi market. As we look to the future, our strategy remains steadfast in scaling our solutions to meet the growing demands of the rental housing industry. This scalability is facilitated by our deep understanding of our clients' needs as demonstrated by the launch of a new software feature in the quarter that allows self-guided tour customers to take advantage of key functionality and answer automation, making it easier for residents to tour properties and saving significant time for leasing teams. We prioritize innovations in SaaS that encourage deeper adoption of our solutions and facilitate cross-selling amongst our portfolio of offerings. Beyond our innovative software features, a key differentiator for SmartRent and a critical purchasing factor for clients is our commitment to creating true integrations with leading property management systems. Integrations are essential for our customers because they ensure smooth data flow between their existing systems and the SmartRent platform, driving automation and saving time. We offer an extensive array of integrations, and similar to new products, we have a roadmap of integrations we plan to add and enhance to better serve our customers. Our approach to deeply integrating with leading rental housing platforms reduces vendor fatigue, automates processes, and delights residents, ultimately leading to increased adoption of our solutions. As we progress through 2024, our strategic vision remains sharply defined and our approach resilient. We are not merely participants in the market, but at its forefront, spearheading innovation and consistently delivering substantial value. Now I'll pass the discussion to Daryl, who will provide detailed insights into our financial performance and share our outlook.