Smartrent, Inc. · NYSE:SMRT
Smartrent — Q3 2023 Earnings Presentation
13 slides from Smartrent's earnings presentation, Nov 7, 2023
Slide 1: Q3 2023 Earnings Deck
Q3 2023 Earnings Deck November 2023
Slide 2: Forward Looking Statements
Forward Looking Statements 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
Slide 3: Q3 2023 – Strong Operating Performance & Cash Generation
Q3 2023 – Strong Operating Performance & Cash Generation; Projected Adjusted EBITDA Profitability in Q4 2023 Strong Revenue Total Revenue of $58.1M vs. Q3 2022 of $47.5M, up 22%. Revenue for the first 9 months of 2023 was up 39% Y/Y. Growth New Deployed Units were 32K in the period, increasing Total
Slide 4: Q3 2023 Performance Y/Y Comparison
Q3 2023 Performance Y/Y Comparison Revenue (000’s) Total Units Deployed +22% +35% $70,000 800,000 $60,000 $58,104 700,000 $50,000 $47,502 600,000 500,000 $40,000 $35,631 $26,683 400,000 $30,000 682,632 300,000 $20,000 504,409 $5,962 $7,478 200,000 $10,000 100,000 $13,341 $16,511 $0 0 Q3-22 Q3-23 Q3-
Slide 5: Q3 2023 Gross Margin Y/Y Comparison
Q3 2023 Gross Margin Y/Y Comparison Gross Margin SaaS Gross Margin 2,080 basis point improvement y/y 1,750 basis point improvement y/y 25.0% 80.0% 70.0% 20.0% 60.0% 15.0% 50.0% 40.0% 23.3% 74.2% 10.0% 30.0% 56.7% 20.0% 5.0% 10.0% 2.5% 0.0% 0.0% Q3-22 Q3-23 3Q-22 3Q-23 Gross Margin Improved to 23.3%
Slide 6: Adjusted EBITDA Y/Y Comparison
Adjusted EBITDA Y/Y Comparison Adjusted EBITDA (000’s) $12.6M Improvement Y/Y $0 Adjusted EBITDA loss Q3-22 Q3-23 improved Y/Y and sequentially – 6 ($2,000) ($5,012) ($4,000) consecutive periods of ($6,000) improvement ($8,000) ($17,625) ($10,000) On-track to be Adjusted EBITDA profitable in Q4 ($12
Slide 7: Full-Year 2023 Outlook
Full-Year 2023 Outlook Q4 2023 Current 2023 Previous 2023 Total Revenue $58M to $63M $235M to $240M $233M to $250M Adjusted $0M to $2M $(20)M to $(18)M $(22)M to $(18)M EBITDA Expect Adjusted EBITDA profitability in Q4 2023 Cash Flow breakeven within six months of Adjusted EBITDA breakeven 7
Slide 8: Large Market For Continued Organic Growth
Large Market For Continued Organic Growth 44M 6.9M 680K+ 15 of 20 Number of US US Units Owned or Just over 680K Units Top Owners Professionally Managed Controlled by SmartRent Deployed by SmartRent to Choose SmartRent Multifamily Units Customers date (largest in Multifamily) ▪ Leader in Multifamily
Slide 9: Q&A/Appendix
Q&A/Appendix 9
Slide 10: TTM Consolidated Balance Sheet
TTM Consolidated Balance Sheet (Unaudited, $ in thousands, except per share amounts) Note information as of September 30, 2023. Source SmartRent SEC filings. 10
Slide 11: TTM Condensed Consolidated Statement of Operations
TTM Condensed Consolidated Statement of Operations (Unaudited, $ in thousands, except per share amounts) Note information as of September 30, 2023. Source SmartRent SEC filings. 11
Slide 12: Reconciliation of Non-GAAP Metrics
Reconciliation of Non-GAAP Metrics ($ in thousands) Note information as of September 30, 2023. Source SmartRent SEC filings. 12
Slide 13: Definition of Operating Metrics
Definition of Operating Metrics* SmartRent regularly monitors several operating and financial metrics to evaluate its operating performance, identify trends affecting its business, formulate business plans, measure its progress, and make strategic decisions. SmartRent’s key operating metrics may not