[PART I - Financial Information](index=3&type=section&id=PART%20I%20-%20Financial%20Information) This part presents the company's unaudited financial statements and management's analysis of financial condition and results of operations [Item 1 - Financial Statements (Unaudited)](index=5&type=section&id=Item%201%20-%20Financial%20Statements%20(Unaudited)) This section presents the unaudited condensed consolidated financial statements for the quarter ended March 31, 2024 [Condensed Consolidated Balance Sheets](index=5&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) This statement details the company's assets, liabilities, and stockholders' equity as of March 31, 2024 Condensed Consolidated Balance Sheets (in thousands) | Metric | March 31, 2024 | December 31, 2023 | | :--- | :--- | :--- | | Cash and cash equivalents | $204,701 | $215,214 | | Total current assets | $319,477 | $340,340 | | Total assets | $485,453 | $509,756 | | Total current liabilities | $106,990 | $117,309 | | Total liabilities | $152,366 | $167,308 | | Total stockholders' equity | $333,087 | $342,448 | [Condensed Consolidated Statements of Operations and Comprehensive Loss](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations%20and%20Comprehensive%20Loss) This statement outlines the company's revenues, costs, and resulting net loss for the first quarter of 2024 Condensed Consolidated Statements of Operations and Comprehensive Loss (in thousands) | Metric | Three months ended March 31, 2024 | Three months ended March 31, 2023 | | :--- | :--- | :--- | | Hardware Revenue | $29,077 | $37,325 | | Professional Services Revenue | $3,458 | $12,769 | | Hosted Services Revenue | $17,954 | $14,985 | | **Total Revenue** | **$50,489** | **$65,079** | | Total Cost of Revenue | $31,066 | $55,964 | | Total Operating Expense | $29,582 | $24,409 | | Loss from operations | $(10,159) | $(15,294) | | Net loss | $(7,692) | $(13,215) | | Basic and diluted net loss per common share | $(0.04) | $(0.07) | - Total revenue decreased by **22% year-over-year**, driven by declines in hardware and professional services, partially offset by a **20% increase** in hosted services revenue[21](index=21&type=chunk)[193](index=193&type=chunk) - Net loss improved by **42% year-over-year**, from $(13,215) thousand in Q1 2023 to $(7,692) thousand in Q1 2024[21](index=21&type=chunk)[193](index=193&type=chunk) [Condensed Consolidated Statements of Stockholders' Equity](index=9&type=section&id=Condensed%20Consolidated%20Statements%20of%20Stockholders'%20Equity) This statement shows changes in stockholders' equity during the first quarter of 2024 Condensed Consolidated Statements of Stockholders' Equity (in thousands) | Metric | March 31, 2024 | December 31, 2023 | | :--- | :--- | :--- | | Total Stockholders' Equity | $333,087 | $342,448 | | Accumulated Deficit | $(297,601) | $(285,512) | | Stock-based compensation | $3,281 | N/A | | Repurchases of Class A common stock | $(4,397) | N/A | - Stockholders' equity decreased by **$9.36 million** from December 31, 2023, to March 31, 2024, primarily due to net loss and share repurchases[19](index=19&type=chunk)[24](index=24&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=11&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) This statement details cash inflows and outflows from operating, investing, and financing activities Condensed Consolidated Statements of Cash Flows (in thousands) | Activity | Three months ended March 31, 2024 | Three months ended March 31, 2023 | | :--- | :--- | :--- | | Net cash used in operating activities | $(3,337) | $(10,290) | | Net cash used in investing activities | $(956) | $(1,169) | | Net cash used in financing activities | $(6,462) | $(1,854) | | Net decrease in cash, cash equivalents, and restricted cash | $(10,761) | $(13,286) | | Cash, cash equivalents, and restricted cash - end of period | $204,948 | $204,427 | - Net cash used in operating activities significantly decreased by **67.6% year-over-year**, from $(10,290) thousand in Q1 2023 to $(3,337) thousand in Q1 2024[29](index=29&type=chunk)[224](index=224&type=chunk) - Net cash used in financing activities increased by **248.5% year-over-year**, primarily due to **$4.37 million** in Class A common stock repurchases in Q1 2024[29](index=29&type=chunk)[224](index=224&type=chunk)[228](index=228&type=chunk) [Notes to the Condensed Consolidated Financial Statements (Unaudited)](index=14&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Financial%20Statements%20(Unaudited)) These notes provide additional detail and context for the unaudited financial statements [NOTE 1. DESCRIPTION OF BUSINESS](index=14&type=section&id=NOTE%201.%20DESCRIPTION%20OF%20BUSINESS) This note describes the company's core business as an enterprise real estate technology provider - SmartRent, Inc is an enterprise real estate technology company providing comprehensive management software and applications for property owners, managers, and residents[32](index=32&type=chunk) - The company's suite of products includes smart building hardware and cloud-based Software-as-a-Service (SaaS) solutions, offering visibility and control over real estate assets[32](index=32&type=chunk) [NOTE 2. SIGNIFICANT ACCOUNTING POLICIES](index=14&type=section&id=NOTE%202.%20SIGNIFICANT%20ACCOUNTING%20POLICIES) This note outlines the key accounting principles and policies applied in the financial statements - The company restated its Q1 2023 Consolidated Statement of Cash Flows to reclassify **$1.14 million** of capitalized software costs from operating to investing activities, deemed immaterial to previously issued financial statements[36](index=36&type=chunk)[37](index=37&type=chunk) - Management believes currently available resources will provide sufficient funds for at least one year, but may need additional capital through equity or debt financing[39](index=39&type=chunk) - The company adopted ASU 2016-13 (Credit Losses) effective January 1, 2023, with **no material impact** on consolidated financial statements[86](index=86&type=chunk) [NOTE 3. FAIR VALUE MEASUREMENTS AND FAIR VALUE OF INSTRUMENTS](index=23&type=section&id=NOTE%203.%20FAIR%20VALUE%20MEASUREMENTS%20AND%20FAIR%20VALUE%20OF%20INSTRUMENTS) This note provides information on the fair value measurement of the company's financial instruments Fair Value of Financial Instruments (in thousands) | Instrument | March 31, 2024 | December 31, 2023 | Level | | :--- | :--- | :--- | :--- | | Cash and cash equivalents | $204,701 | $215,214 | 1 | | Restricted cash | $247 | $495 | 1 | | Acquisition earnout payment | $2,800 | $4,250 | 3 | - The fair value of the acquisition earnout payment increased by **$80 thousand** in Q1 2024, primarily due to a decreased payment term[90](index=90&type=chunk) [NOTE 4. REVENUE AND DEFERRED REVENUE](index=24&type=section&id=NOTE%204.%20REVENUE%20AND%20DEFERRED%20REVENUE) This note details the disaggregation of revenue by type and changes in deferred revenue balances Revenue by Type (in thousands) | Revenue Type | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Hardware | $29,077 | $37,325 | | Professional services | $3,458 | $12,769 | | Hosted services | $17,954 | $14,985 | | **Total Revenue** | **$50,489** | **$65,079** | - Total revenue decreased by **22% year-over-year**, primarily due to a **$15.4 million decrease** in Smart Apartments solution revenue[93](index=93&type=chunk)[195](index=195&type=chunk) Deferred Revenue (in thousands) | Metric | March 31, 2024 | January 1, 2024 | | :--- | :--- | :--- | | Deferred revenue balance | $119,568 | $123,159 | - **59% of total deferred revenue** is expected to be recognized within the next 12 months[95](index=95&type=chunk) [NOTE 5. OTHER BALANCE SHEET INFORMATION](index=25&type=section&id=NOTE%205.%20OTHER%20BALANCE%20SHEET%20INFORMATION) This note provides further details on inventory, intangible assets, and warranty allowances Inventory (in thousands) | Category | March 31, 2024 | December 31, 2023 | | :--- | :--- | :--- | | Finished Goods | $30,509 | $41,206 | | Raw Materials | $390 | $369 | | **Total inventory** | **$30,899** | **$41,575** | - Inventory decreased by **$10.68 million** from December 31, 2023, to March 31, 2024, with write-downs of **$96 thousand** in Q1 2024[98](index=98&type=chunk) Intangible Assets, Net (in thousands) | Category | March 31, 2024 | December 31, 2023 | | :--- | :--- | :--- | | Customer relationships | $18,433 | $18,989 | | Developed technology | $7,321 | $7,689 | | Trade name | $526 | $571 | | **Total intangible assets, net** | **$26,280** | **$27,249** | - Warranty allowance decreased to **$1,570 thousand** as of March 31, 2024, from $2,215 thousand as of December 31, 2023[56](index=56&type=chunk) [NOTE 6. DEBT](index=27&type=section&id=NOTE%206.%20DEBT) This note describes the terms and status of the company's Senior Revolving Facility - The company has a **$75 million Senior Revolving Facility** with a five-year term, maturing in December 2026[110](index=110&type=chunk) - **No outstanding principal amount** under the Senior Revolving Facility as of March 31, 2024, or December 31, 2023[115](index=115&type=chunk) - The company believes it was in compliance with all financial covenants of the Senior Revolving Facility as of March 31, 2024[114](index=114&type=chunk) [NOTE 7. CONVERTIBLE PREFERRED STOCK AND EQUITY](index=28&type=section&id=NOTE%207.%20CONVERTIBLE%20PREFERRED%20STOCK%20AND%20EQUITY) This note details the company's equity structure and stock repurchase program activities - **No shares of preferred stock** were issued and outstanding as of March 31, 2024, or December 31, 2023[116](index=116&type=chunk) - The Board authorized a stock repurchase program in March 2024 to repurchase up to **$50 million** of Class A common stock[118](index=118&type=chunk) - During Q1 2024, the company repurchased **1,595 shares** of Class A common stock for **$4.37 million**, with **$45.64 million** remaining available[119](index=119&type=chunk) [NOTE 8. STOCK-BASED COMPENSATION](index=29&type=section&id=NOTE%208.%20STOCK-BASED%20COMPENSATION) This note outlines the expenses and unrecognized costs related to stock-based compensation plans Stock-Based Compensation Expense (in thousands) | Category | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Cost of revenue | $298 | $251 | | Research and development | $961 | $978 | | Sales and marketing | $131 | $236 | | General and administrative | $1,891 | $2,215 | | **Total** | **$3,281** | **$3,680** | - Total stock-based compensation expense decreased by **$0.40 million (10.8%)** year-over-year[136](index=136&type=chunk) - As of March 31, 2024, unrecognized compensation expense for stock options was **$9.65 million** (weighted-average period of 3.4 years) and for RSUs was **$17.73 million** (weighted-average period of 2.4 years)[127](index=127&type=chunk)[130](index=130&type=chunk) [NOTE 9. INCOME TAXES](index=31&type=section&id=NOTE%209.%20INCOME%20TAXES) This note explains the company's income tax expense, effective tax rate, and deferred tax assets Income Tax Expense (Benefit) (in thousands) | Metric | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Income tax expense (benefit) | $45 | $(7) | | Effective tax rate (ETR) | (0.59)% | 0.05% | - The company maintains a **full valuation allowance** for net deferred U.S. federal and state tax assets, including net operating loss carryforwards[138](index=138&type=chunk) - As of December 31, 2023, gross federal NOLs were **$204.6 million** and state NOLs were **$193.4 million**[209](index=209&type=chunk) [NOTE 10. NET LOSS PER SHARE](index=33&type=section&id=NOTE%2010.%20NET%20LOSS%20PER%20SHARE) This note details the calculation of net loss per share and excluded potentially dilutive securities Potentially Dilutive Shares Excluded from EPS (in thousands) | Security Type | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Common stock options and restricted stock units | 16,346 | 19,395 | | Common stock warrants | - | 3,664 | | **Total** | **16,346** | **23,059** | - Potentially dilutive securities were excluded from diluted net loss per share calculations because their inclusion would have been **anti-dilutive** due to the reported net loss[139](index=139&type=chunk) [NOTE 11. RELATED-PARTY TRANSACTIONS](index=33&type=section&id=NOTE%2011.%20RELATED-PARTY%20TRANSACTIONS) This note discloses transactions with a significant customer affiliated with a board member Related-Party Transactions (in thousands) | Metric | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Revenue from a significant customer | $680 | $1,016 | | Receivables due from this customer | $481 | $1,352 | - A member of the Board serves on the board of directors of a SmartRent customer, with all dealings conducted on **arm's-length terms**[141](index=141&type=chunk) [NOTE 12. COMMITMENTS AND CONTINGENCIES](index=33&type=section&id=NOTE%2012.%20COMMITMENTS%20AND%20CONTINGENCIES) This note discusses legal accruals related to a settlement offer with a supplier - The company recorded a legal accrual of **$5.30 million** as of March 31, 2024, related to a substantive offer to settle a dispute with a supplier[143](index=143&type=chunk)[144](index=144&type=chunk) - The settlement offer involves returning **$4.96 million** of product inventory and paying a portion of the supplier's costs and fees[143](index=143&type=chunk) [NOTE 13. SUBSEQUENT EVENTS](index=34&type=section&id=NOTE%2013.%20SUBSEQUENT%20EVENTS) This note describes stock issuances and repurchases that occurred after the reporting period - In April 2024, the company issued **80 shares** of Class A Common Stock related to vested RSUs[146](index=146&type=chunk) - In April 2024, the company repurchased an additional **765 shares** of Class A common stock for **$2.01 million**, leaving **$43.64 million** available under its stock repurchase program[146](index=146&type=chunk)[147](index=147&type=chunk) [Item 2 - Management's Discussion and Analysis of Financial Condition and Results of Operations](index=35&type=section&id=Item%202%20-%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) This section provides management's analysis of the company's financial condition and results of operations for Q1 2024 [Overview](index=35&type=section&id=Overview) This section provides a high-level overview of the company's business and market position - SmartRent is an enterprise real estate technology company offering smart building hardware and cloud-based SaaS solutions for property owners, managers, and residents[152](index=152&type=chunk) - As of March 31, 2024, the company had **749,401 Units Deployed** and **639 customers**, representing approximately **16%** of the U.S. institutionally owned multifamily and single-family rental market[154](index=154&type=chunk) [Our Business Model](index=35&type=section&id=Our%20Business%20Model) This section explains how the company generates revenue from hardware, services, and subscriptions - Revenue is primarily generated from direct sales of smart home hardware devices, professional installation services, and monthly subscription fees for Hosted Services (software applications)[155](index=155&type=chunk) - Subscription arrangements for Hosted Services range from one month to eight years, with a median recurring revenue contract term of **one year**[155](index=155&type=chunk) [Key Factors Affecting Our Performance](index=35&type=section&id=Key%20Factors%20Affecting%20Our%20Performance) This section discusses key operational factors like supply chain, R&D, and market adoption - The company has experienced incremental improvements in global supply chain challenges, reducing backlogged Units Deployed for Access Control and made-to-order locks[157](index=157&type=chunk)[158](index=158&type=chunk) - Performance is dependent on continuous investment in research and development to introduce innovative software services and hardware products, including new offerings like Community WiFi and Smart Package Room[159](index=159&type=chunk)[160](index=160&type=chunk) - Future growth relies on continued consumer adoption of smart home products and potential expansion into international markets[161](index=161&type=chunk) [Basis of Presentation](index=36&type=section&id=Basis%20of%20Presentation) This section confirms the financial statements are prepared in accordance with GAAP - The consolidated financial statements and accompanying notes are prepared in accordance with GAAP[162](index=162&type=chunk) [Key Metrics](index=36&type=section&id=Key%20Metrics) This section presents key operating and financial metrics used to evaluate business performance Key Operating Metrics | Metric | March 31, 2024 | March 31, 2023 | Change (%) | | :--- | :--- | :--- | :--- | | Units Deployed | 749,401 | 602,556 | 24% | | New Units Deployed | 29,710 | 55,360 | (46)% | | Units Shipped | 51,744 | 58,659 | (12)% | | Units Booked | 46,290 | 65,108 | (29)% | | Bookings (in thousands) | $38,761 | $37,305 | 4% | | Annual Recurring Revenue (ARR) | $47.6 million | $36.0 million | 32% | | Hardware ARPU | $561.94 | $636.30 | (12)% | | Professional Services ARPU | $221.43 | $249.66 | (11)% | | SaaS ARPU | $5.41 | $5.21 | 4% | | Units Booked SaaS ARPU | $7.16 | $5.40 | 33% | | Customer Churn (Smart Communities) | 0.02% | 0.01% | 100% | | Net Revenue Retention | 105% | N/A | N/A | [Components of Results of Operations](index=38&type=section&id=Components%20of%20Results%20of%20Operations) This section breaks down the key components of the company's revenue and expenses - Total revenue decreased by **$14.6 million (22%)** year-over-year, primarily due to a **$15.4 million decrease** in Smart Apartments solution revenue[195](index=195&type=chunk) - Hardware revenue decreased by **$8.2 million (22%)** due to a **12% decrease** in Units Shipped and a **12% decrease** in Hardware ARPU, driven by a product mix shift to Alloy SmartHome hardware[196](index=196&type=chunk) - Professional services revenue decreased by **$9.3 million (73%)** due to a **46% decrease** in New Units Deployed and an **11% decrease** in Professional Services ARPU[197](index=197&type=chunk) - Hosted Services revenue increased by **$3.0 million (20%)** due to a **24% increase** in Units Deployed and a **4% increase** in SaaS ARPU[198](index=198&type=chunk) - Total cost of revenue decreased by **$24.9 million (44%)**, primarily due to a favorable product mix in hardware and a decrease in third-party direct labor costs for professional services[201](index=201&type=chunk)[202](index=202&type=chunk)[203](index=203&type=chunk) - Research and development expenses increased by **$1.1 million (16%)**, mainly due to higher personnel-related expenses[205](index=205&type=chunk) - General and administrative expenses increased by **$4.6 million (39%)**, primarily due to a **$5.3 million legal accrual** related to a supplier dispute[207](index=207&type=chunk) [Results of Operations for the Three Months Ended March 31, 2024 and 2023](index=42&type=section&id=Results%20of%20Operations%20for%20the%20Three%20Months%20Ended%20March%2031%2C%202024%20and%202023) This section provides a detailed comparison of operating results between Q1 2024 and Q1 2023 Consolidated Results of Operations (in thousands) | Metric | Q1 2024 | Q1 2023 | Change ($) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Total Revenue | $50,489 | $65,079 | $(14,590) | (22)% | | Total Cost of Revenue | $31,066 | $55,964 | $(24,898) | (44)% | | Total Operating Expenses | $29,582 | $24,409 | $5,173 | 21% | | Loss from operations | $(10,159) | $(15,294) | $5,135 | (34)% | | Net Loss | $(7,692) | $(13,215) | $5,523 | 42% | | Interest income, net | $2,409 | $2,016 | $393 | 19% | | Income tax expense (benefit) | $45 | $(7) | $52 | 743% | [Non-GAAP Financial Measures](index=46&type=section&id=Non-GAAP%20Financial%20Measures) This section reconciles net loss to non-GAAP measures like EBITDA and Adjusted EBITDA Reconciliation of Net Loss to EBITDA and Adjusted EBITDA (in thousands) | Metric | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Net loss | $(7,692) | $(13,215) | | EBITDA | $(8,555) | $(13,984) | | Legal matter | $5,300 | - | | Stock-based compensation | $3,281 | $3,680 | | Compensation expense in connection with acquisitions | - | $1,625 | | Severance charges | $231 | - | | Other acquisition expenses | $140 | $205 | | **Adjusted EBITDA** | **$397** | **$(8,474)** | - **Adjusted EBITDA turned positive** at **$0.40 million** in Q1 2024, a significant improvement from a loss of **$8.47 million** in Q1 2023[217](index=217&type=chunk) [Liquidity and Capital Resources](index=47&type=section&id=Liquidity%20and%20Capital%20Resources) This section analyzes the company's cash position, cash flows, and available credit facilities - As of March 31, 2024, the company had **$204.7 million** in cash and cash equivalents[218](index=218&type=chunk) - The company has an undrawn **$75 million Senior Revolving Facility** and believes its current liquidity is sufficient to fund operations for at least the next 12 months[219](index=219&type=chunk)[220](index=220&type=chunk) - Net cash used in operating activities decreased to **$3.34 million** in Q1 2024 from $10.29 million in Q1 2023, while net cash used in financing activities increased to **$6.46 million**, primarily due to stock repurchases[224](index=224&type=chunk)[225](index=225&type=chunk)[228](index=228&type=chunk) [Critical Accounting Policies and Estimates](index=48&type=section&id=Critical%20Accounting%20Policies%20and%20Estimates) This section highlights accounting policies that require significant management judgment and estimates - Revenue recognition involves significant judgment in estimating standalone selling prices for multiple performance obligations (hardware, professional services, Hosted Services)[237](index=237&type=chunk) - Inventory valuation requires significant judgment in forecasting future demand and assessing obsolescence, which can materially impact financial results[238](index=238&type=chunk) - Stock-based compensation relies on estimates for fair value using the Black-Scholes model for options and grant date fair value for RSUs, with various assumptions[239](index=239&type=chunk)[240](index=240&type=chunk) [Emerging Growth Company Status](index=50&type=section&id=Emerging%20Growth%20Company%20Status) This section discloses the company's status as an emerging growth company under the JOBS Act - SmartRent is an 'emerging growth company' under the JOBS Act and has elected to use the extended transition period for complying with new or revised financial accounting standards[242](index=242&type=chunk) - This status provides certain exemptions but may make it difficult to compare financial results with other public companies[243](index=243&type=chunk) [Recent Accounting Pronouncements](index=50&type=section&id=Recent%20Accounting%20Pronouncements) This section discusses recently issued accounting standards that may affect the company - The company is evaluating the potential effects of ASU 2023-07 (Segment Reporting) and ASU 2023-09 (Income Taxes) on its consolidated financial statement disclosures[84](index=84&type=chunk)[85](index=85&type=chunk) [Item 3 - Quantitative and Qualitative Disclosures About Market Risk](index=50&type=section&id=Item%203%20-%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) This section discloses the company's exposure to interest rate and foreign currency market risks - Primary market risks include interest rate fluctuations and foreign currency exchange rates[246](index=246&type=chunk) - A hypothetical **10% change in interest rates** could increase annual interest income by **$20.5 million** or decrease it by **$2.4 million**, based on cash position as of March 31, 2024[248](index=248&type=chunk) - Foreign currency exchange rate risk is not currently material but may increase with international operations; **no hedging strategies** are currently employed[249](index=249&type=chunk) [Item 4 - Controls and Procedures](index=51&type=section&id=Item%204%20-%20Controls%20and%20Procedures) This section confirms the effectiveness of the company's disclosure controls and internal financial reporting controls - Disclosure controls and procedures were evaluated and deemed **effective** as of March 31, 2024[250](index=250&type=chunk) - **No material changes** in internal control over financial reporting occurred during the three months ended March 31, 2024[251](index=251&type=chunk) [PART II - Other Information](index=51&type=section&id=PART%20II%20-%20Other%20Information) This part provides additional information on legal proceedings, risk factors, equity sales, and other corporate matters [Item 1 - Legal Proceedings](index=51&type=section&id=Item%201%20-%20Legal%20Proceedings) The company is involved in various legal proceedings not expected to have a material adverse effect - The company is subject to various legal proceedings and claims arising in the ordinary course of business[252](index=252&type=chunk) - Management does not believe that the outcome of these matters will have a **material adverse effect** on the company's business, financial condition, results of operations, or prospects[252](index=252&type=chunk) [Item 1A - Risk Factors](index=51&type=section&id=Item%201A%20-%20Risk%20Factors) No material changes have occurred to the risk factors previously disclosed in the Annual Report on Form 10-K - **No material changes** from the risk factors disclosed in the Annual Report on Form 10-K for the year ended December 31, 2023[253](index=253&type=chunk) [Item 2 - Unregistered Sales of Equity Securities and Use of Proceeds](index=51&type=section&id=Item%202%20-%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) This section details the company's Class A common stock repurchases during the quarter Share Repurchase Activity (in thousands, except per share amounts) | Period | Total Shares Purchased | Average Price Paid Per Share | | :--- | :--- | :--- | | March 1 - March 31, 2024 | 1,595 | $2.74 | | **Total (Q1 2024)** | **1,595** | **$2.74** | - The repurchases were part of a **$50 million stock repurchase program** authorized in March 2024[255](index=255&type=chunk) - As of March 31, 2024, approximately **$45.64 million remained available** for stock repurchases under the program[255](index=255&type=chunk) [Item 3 - Defaults Upon Senior Securities](index=51&type=section&id=Item%203%20-%20Defaults%20Upon%20Senior%20Securities) The company reported no defaults upon senior securities during the period - **No defaults** upon senior securities were reported[257](index=257&type=chunk) [Item 4 - Mine Safety Disclosures](index=53&type=section&id=Item%204%20-%20Mine%20Safety%20Disclosures) This item is not applicable to the company's business operations - This section is **not applicable** to the company[258](index=258&type=chunk) [Item 5 - Other Information](index=53&type=section&id=Item%205%20-%20Other%20Information) No directors or officers adopted, modified, or terminated Rule 10b5-1 trading arrangements in Q1 2024 - **No directors or executive officers** adopted, modified, or terminated any Rule 10b5-1 or non-Rule 10b5-1 trading arrangements during Q1 2024[259](index=259&type=chunk) [Item 6 - Exhibits](index=54&type=section&id=Item%206%20-%20Exhibits) This section lists all exhibits filed with or incorporated by reference into the Form 10-Q - The report includes exhibits such as Amended and Restated Bylaws, Non-Employee Director Compensation Policy, Executive Incentive Compensation Plan, and certifications (31.1, 31.2, 32.1, 32.2)[261](index=261&type=chunk) [Signatures](index=55&type=section&id=Signatures) The report was officially signed by the Chief Executive Officer and Chief Financial Officer on May 8, 2024 - The report was signed by Lucas Haldeman (Chief Executive Officer) and Daryl Stemm (Chief Financial Officer) on **May 8, 2024**[266](index=266&type=chunk)

Exhibit 99.1 SmartRent Accelerates SaaS Growth by 32% Y/Y; Reports First Quarter 2024 Results Sets New Record with $47.6 million SaaS Annual Recurring Revenue ("ARR") in Q1 2024 Confirms 2024 Growth Outlook; Enables Expansion and Innovation Scottsdale, Ariz., May 8, 2024 – (BUSINESS WIRE) – SmartRent, Inc. (NYSE: SMRT) ("SmartRent" or the "Company"), a leading provider of smart home and property operations solutions for the rental housing industry, today reported financial results for the three months ended ...

SmartRent Inc. (NYSE:SMRT) Q4 2023 Results Conference Call March 5, 2024 10:30 AM ET Company Participants Brian Ruttenbur - Senior Vice President of Investor Relations Lucas Haldeman - Founder, Chairman & CEO Daryl Stemm - Chief Financial Officer Conference Call Participants Soham Bhonsle - BTIG Ryan Tomasello - KBW Tom White - D.A. Davidson & Company Brett Knoblauch - Cantor Fitzgerald Operator Good morning. My name is Audra, and I will be your conference operator today. At this time, I would like to welco ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission file number: 001-39991 SMARTRENT, INC. (Exact name of Registrant as specified in its charter) (State or Other Jurisdiction of Incorporation or Organization) 8665 E. Hartford Drive, Suite 200 Sco ...

Exhibit 99.1 SmartRent Reports Fourth Quarter 2023 Results – Adjusted EBITDA Positive Ended the Year with $216 million in Cash, Cash Equivalents and Restricted Cash Announcing $50 million Share Repurchase Program, Investment in Community WiFi Solution Scottsdale, Ariz., March 5, 2024 – (BUSINESS WIRE) – SmartRent, Inc. (NYSE: SMRT) ("SmartRent" or the "Company"), a leading provider of smart home and property operations solutions for the rental housing industry, today reported financial results for the three ...

SmartRent, Inc. (NYSE:SMRT) Q3 2023 Earnings Conference Call November 7, 2023 10:30 AM ET Company Participants Brian Ruttenbur - Senior Vice President-Investor Relations Lucas Haldeman - Chairman & Chief Executive Officer Hiroshi Okamoto - Chief Financial Officer Conference Call Participants Nikhil Vijay - KBW Erik Woodring - Morgan Stanley Sidney Ho - Deutsche Bank Brett Knoblauch - Cantor Fitzgerald Tom White - D.A. Davidson & Co. Operator Hello, and welcome to smartrent.com Inc. Conference Call. Please n ...

Q SmartRent® November 2023 This presentation contains forward-looking statements within the meaning of the safe harbor from civil liability provided for such statements by Securities Litigation Reform Act of 1995 (set forth in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended). Forward-looking statements address our expected future business and financial performance, and may contain words such as "goal," "target," "future," "estimate," ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission file number: 001-39991 SMARTRENT, INC. (Exact name of Registrant as specified in its charter) Delaware 85-4218526 (State or Other Jurisdiction of Incorporation or Organization) (I.R.S. ...

Start Time: 12:30 January 1, 0000 1:05 PM ET SmartRent, Inc. (NYSE:SMRT) Q2 2023 Earnings Conference Call August 08, 2023, 12:30 PM ET Company Participants Lucas Haldeman - Chairman and CEO Hiroshi Okamoto - CFO Brian Ruttenbur - SVP, IR Conference Call Participants Sidney Ho - Deutsche Bank Ryan Tomasello - KBW Erik Woodring - Morgan Stanley Tom White - D.A. Davidson Brett Knoblauch - Cantor Fitzgerald Operator Good afternoon, and welcome to the SmartRent Second Quarter 2023 Earnings Call. Please note that ...

Forward Looking Statements The forward-looking statements herein represent the judgment of the Company as of the date of this presentation, and we disclaim any intent or obligation to update forward-looking statements, unless required by applicable law. This presentation should be reviewed in conjunction with the information included in our press releases, reports and other filings with the SEC. Understanding the information contained in these filings is important to fully understanding our reported results ...