SmartRent, Inc.

Thank you for standing by. My name is Novi and I will be your conference operator today. At this time, I would like to welcome everyone to the Smart Rent fourth quarter 2024 earnings 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, press star one again. We also ask that you please limit your questions to one question, one follow-up. Thank you. I would now like to turn the call over to Kristen Lee, Chief Legal Officer.

Hello, and thank you for joining us today. My name is Kristen Lee, Chief Legal Officer for SmartRent. I'm joined today by our newly appointed President and Chief Executive Officer, Shane Paladin, and Darryl Stem, Chief Financial Officer. Before the market opened today, we issued an earnings release and filed our 10-K 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 Shane, 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 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 the reconciliation to the most directly comparable gap measure, is included in today's earnings release. We would also like to highlight that a fourth quarter and full year earnings presentation is available on the investor relations section of our website. And with that, I will turn the call over to Shane.

Thanks, Kristen, and good morning, everyone. I'm Shane Paladin, and I'm truly excited to be joining you today as SmartRent's new CEO. While I've only been on the company for about a week, I wanted to take this opportunity to introduce myself and share some initial observations. First, I'd like to thank our board of directors and the management team for their warm welcome and support during this transition. I'd also like to express my appreciation to our employees for their dedication to our mission and to our customers for their continued partnership. Throughout my career, I've been drawn to businesses with transformative potential and compelling marketing opportunities. While evaluating the strength of the product is fundamental to success, what attracted me to SmartRent is our exceptionally strong product foundation, SaaS growth potential, and the clear value proposition we deliver to our customers. Customers invest in software solutions to grow revenue, reduce costs, or mitigate risks, and SmartRent delivers on all three of these value drivers. We help property owners and operators increase revenue through premium pricing and enhanced resident loyalty reduce operational cost through efficiency, and mitigate risk through improved property management capabilities. In my brief time here, one thing that has become crystal clear, the return on investment for our customers is compelling and quantifiable. When our customers implement smart rent solutions effectively, they see measurable improvements in operational efficiency, resident satisfaction, and financial performance. Our ability to deliver demonstrable financial benefits to our customers is a key differentiator in the market. Our vision is to provide property owners and operators with a comprehensive, unified platform that gives them everything they need to know about their property's performance, efficiency, and opportunities for optimization. When I look at Smart Rent's position, I see tremendous opportunity to deepen market penetration and expand our reach. We have strong relationships with 15 of the top 20 multifamily operators and our more than 600 customers collectively own and manage over 7 million rental units. Yet, with a total addressable market exceeding 50 million rental units, we barely scratched the surface of the potential smart property technology adoption. This substantial gap between our current footprint and the vast addressable market represents a significant growth runway for our solutions across customers of all sizes. Additionally, mid-market owners and operators want the same operational efficiencies and revenue growth that our large multifamily operations experience today with SmartRent, and this is a core focus for our go-to-market organization. Looking at our business mix, in Q4 2024, we generated 38% of our revenue from recurring SaaS subscriptions, which was up from 19% in the prior year. We see significant opportunity to expand this over time through disciplined execution and strategic focus on our software offerings. It's important to note that this transformation won't happen overnight and requires two key elements to develop. Firstly, we need to ensure our operational foundation is solid. That means having repeatable, scalable processes for how we build our products and sell to and serve our customers. Secondly, it's expanding our SaaS platform to all areas that drive improvement on our customers' operating performance and efficiency. While it's still early in my tenure, I'm so encouraged by what I've seen so far. I look forward to sharing more detailed thoughts about our strategy during our next earnings call in May. For now, I'll turn it over to Daryl to walk through our fourth quarter and full year 2024 results. Thank you for your time today, and I look forward to meeting many of you in the coming months. Daryl?