Q3 2024 SmartRent Inc Earnings Call Transcript
Key Points
- SmartRent Inc (SMRT) achieved a 23% year-over-year increase in SaaS revenue, indicating strong growth in their core business segment.
- The company successfully recruited Natalie Cariola as the new Chief Revenue Officer to revitalize sales and account management teams.
- SmartRent Inc (SMRT) repurchased 9.8 million shares for $17.1 million, demonstrating confidence in the company's undervaluation and commitment to returning capital to shareholders.
- The company has aligned around four strategic pillars: sustainable ARR growth, platform superiority, operational excellence, and collaborative innovation, to guide future growth and strategic focus.
- SmartRent Inc (SMRT) has a strong balance sheet with approximately $164 million in cash, providing strategic flexibility for future investments and share repurchases.
- Total revenue for the quarter decreased by 30% compared to the same quarter last year, primarily due to lower units shipped and new units deployed.
- Hardware revenue decreased by 47%, and professional services revenue decreased by 45%, indicating challenges in these segments.
- New units deployed during the quarter decreased by 53%, reflecting customer hesitance to invest due to macroeconomic conditions.
- Operating expenses increased to $25.2 million, primarily due to one-time separation expenses related to leadership changes.
- Net losses increased to $9.9 million compared to $7.7 million in the third quarter of 2023, highlighting ongoing financial challenges.
Thank you for standing by. My name is Janie and I will be your conference operator today.
At this time. I would like to welcome everyone to the SmartRent Q3 2024 earnings call. (Operator instructions)
Thank you. I would now like to turn the conference over to Kristen lee. You may begin.
Hello and thank you for joining us today. My name is Kristen Lee, Chief Legal Officer for SmartRent.
I'm joined today by Daryl Stemm CFO and Interim Principal Executive Officer and John Dorman, Chairman of the Board. Before the market opened today, we issued an 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 John, 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
| Access to All Earning Calls and Stock Analysis | |
| 30-Year Financial on one screen | |
| All-in-one Stock Screener with unlimited filters | |
| Customizable Stock Dashboard | |
| Real Time Insider Trading Transactions | |
| 8,000+ Institutional investors’ 13F holdings | |
| Powerful Excel Add-in and Google sheets Add-on | |
| All data downloadable | |
| Quick customer support | |
| And much more... |
Trustpilot
We'd love to learn more about your experiences on GuruFocus.com and how we can improve!
Take Survey
