Workflow
SmartRent(SMRT) - 2024 Q3 - Quarterly Results
SMRTSmartRent(SMRT)2024-11-06 13:04

Financial Performance - Total revenue for Q3 2024 was 40.5million,adecreaseof3040.5 million, a decrease of 30% year-over-year[1] - Net loss for the quarter was (9.9) million, a 29% increase from (7.7)millionyear−over−year[1]−AdjustedEBITDAimprovedby24(7.7) million year-over-year[1] - Adjusted EBITDA improved by 24% to (3.8) million from (5.0)millioninthesamequarterlastyear[1]−TotalrevenueforthethreemonthsendedSeptember30,2024,was(5.0) million in the same quarter last year[1] - Total revenue for the three months ended September 30, 2024, was 40,510,000, a decrease of 30.3% compared to 58,104,000forthesameperiodin2023[14]−HardwarerevenueforthethreemonthsendedSeptember30,2024,was58,104,000 for the same period in 2023[14] - Hardware revenue for the three months ended September 30, 2024, was 18,707,000, down 47.5% from 35,631,000intheprioryear[14]−ThenetlossforthethreemonthsendedSeptember30,2024,was35,631,000 in the prior year[14] - The net loss for the three months ended September 30, 2024, was 9,923,000, compared to a net loss of 7,723,000forthesameperiodin2023[14]−Thecompanyreportedacomprehensivelossof7,723,000 for the same period in 2023[14] - The company reported a comprehensive loss of 9,653,000 for the three months ended September 30, 2024, compared to a comprehensive loss of 7,911,000intheprioryear[14]−NetlossfortheninemonthsendedSeptember30,2024,was7,911,000 in the prior year[14] - Net loss for the nine months ended September 30, 2024, was 22,220 thousand, an improvement from a net loss of 31,287thousandforthesameperiodin2023[19]RevenueStreams−SaaSrevenueincreasedby2331,287 thousand for the same period in 2023[19] Revenue Streams - SaaS revenue increased by 23% year-over-year to 13.3 million, with ARR reaching 53.2million,upfrom53.2 million, up from 43.3 million in Q3 2023[3] - Total bookings for the quarter were 19.6million,markinga6119.6 million, marking a 61% decrease from the same quarter in the prior year[3] - Annual Recurring Revenue (ARR) is a key metric, reflecting the annualized value of SaaS revenue earned in the current quarter[14] - Net Revenue Retention for the company includes revenue from price increases and new products, offset by cancellations or downgrades[14] Operational Metrics - Units deployed reached 787,038, a 15% increase year-over-year, while new units deployed decreased by 53% to 15,168[3] - Gross margin improved to 33.2%, up approximately 1,000 basis points from the same quarter in the prior year[3] - Total operating expenses for the three months ended September 30, 2024, were 25,194,000, an increase of 7.3% from 23,478,000intheprioryear[14]CashandAssets−Thecompanymaintainsastrongbalancesheetwith23,478,000 in the prior year[14] Cash and Assets - The company maintains a strong balance sheet with 163.7 million in cash and no debt as of September 30, 2024[1] - Cash and cash equivalents decreased to 163,403,000asofSeptember30,2024,from163,403,000 as of September 30, 2024, from 215,214,000 at the end of 2023[16] - Total assets decreased to 448,593,000asofSeptember30,2024,from448,593,000 as of September 30, 2024, from 509,756,000 at the end of 2023[16] - Total liabilities decreased to 143,452,000asofSeptember30,2024,from143,452,000 as of September 30, 2024, from 167,308,000 at the end of 2023[17] - Total cash, cash equivalents, and restricted cash at the end of the period was 163,650thousand,downfrom163,650 thousand, down from 211,494 thousand at the end of the same period in 2023[19] Shareholder Actions - The company repurchased 9.8 million shares at an aggregate cost of 17.1millionduringthequarter[4]−PaymentsforrepurchasesofClassAcommonstockamountedto17.1 million during the quarter[4] - Payments for repurchases of Class A common stock amounted to (23,462) thousand during the nine months ended September 30, 2024[19] Management Changes - The new Chief Revenue Officer, Natalie Cariola, has been hired to revitalize the sales strategy and drive revenue growth[2] Other Financial Metrics - Depreciation and amortization increased to 4,730thousandfortheninemonthsendedSeptember30,2024,comparedto4,730 thousand for the nine months ended September 30, 2024, compared to 3,991 thousand in 2023[19] - Adjusted EBITDA for the nine months ended September 30, 2024, was (2,523)thousand,significantlybetterthan(2,523) thousand, significantly better than (19,930) thousand for the same period in 2023[20] - Cash used in operating activities for the nine months ended September 30, 2024, was (20,898)thousand,comparedto(20,898) thousand, compared to (1,366) thousand in 2023[19] - Provision for expected credit losses increased to 804thousandfortheninemonthsendedSeptember30,2024,from804 thousand for the nine months ended September 30, 2024, from 39 thousand in 2023[19] - Stock-based compensation for the nine months ended September 30, 2024, was 9,523thousand,slightlydownfrom9,523 thousand, slightly down from 10,120 thousand in 2023[19] - Net cash used in investing activities for the nine months ended September 30, 2024, was (5,025)thousand,comparedto(5,025) thousand, compared to (3,313) thousand in 2023[19] - Non-cash legal expenses for the nine months ended September 30, 2024, were $7,255 thousand, with no comparable expenses in 2023[19]