Smartrent, Inc. · NYSE:SMRT
Smartrent — Investor Presentation (May 2022)
29 slides from Smartrent's investor presentation, May 2022
Slide 1: Investor Presentation May 2022
Investor Presentation May 2022
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: Use of Non-GAAP Financial Measures
Use of Non-GAAP Financial Measures In addition to disclosing financial results that are determined in accordance with GAAP, SmartRent also discloses certain non-GAAP financial measures in this investor presentation. These financial measures are not recognized measures under GAAP and should not be co
Slide 4: Key Investment Highlights
Key Investment Highlights 1 Leading solution provider for owners / operators & residents 2 Large addressable market 3 Highly visible pipeline of demand 4 Significant growth opportunity 5 Attractive financial profile
Slide 5: SmartRent Company Snapshot (NYSE: SMRT)
SmartRent Company Snapshot (NYSE: SMRT) Key Statistics Founded 2017 Deployed in Headquarters Scottsdale, AZ 45 States Communities Served 3,800+ Supported by 203 Implementation Total Customers1 290 Project Managers Employees 708 Q1 Key Performance Metrics Units Deployed 51K Units Booked 91K Committed
Slide 6: Competitive Advantage
Competitive Advantage Effective technology solutions built by real estate operators Flexible Technology Solutions White Glove Implementation Brand Strength • Comprehensive open • Customer journey drives design • Category leader with first mover architecture platform maximizes and deployment of our a
Slide 7: We are an enterprise software company, providing fully-integrated solutions to the real estate industry
We are an enterprise software company, providing fully-integrated solutions to the real estate industry We are hardware agnostic and deeply integrated into most property management systems 7
Slide 8: Flexible Product Offering with Expansion Opportunity
Flexible Product Offering with Expansion Opportunity Standard Smart Home Package Flexible Options Alloy Hub Yale YRD256 Lock Alloy Leak Sensor Honeywell T6 Pro Thermostat LoRa/WiFi Leak Detector Honeywell WiFi Schlage BLE Salto BLE Upgrades Motion Sensor Contact Sensor Voice Assistants Switch/Dimmer
Slide 9: Product Ecosystem
Product Ecosystem Proven land-and-expand model that we believe will continue to fuel growth. Launched in 2021 Every product can be an entry point with switching costs exponentially increasing over time. As we expand, privacy remains a key focus. Building Video Community Smart Access Control Intercom
Slide 10: Advancing the Product Roadmap with addition of SightPlan
Advancing the Product Roadmap with addition of SightPlan Leasing Resident Experience Home IoT Building IoT Lease signing FUTURE Work Orders CURRENT Video & security IN Energy, water, air metering CURRENT PROGRESS Resident App CURRENT Marketplace IN PROGRESS Smart appliances IN Video intercom CURRENT
Slide 11: SmartRent advances product roadmap with acquisition of SightPlan
SmartRent advances product roadmap and broadens support of property operations with acquisition of SightPlan SightPlan is a next-generation operating platform for the real estate industry. SightPlan’s SaaS solutions enable owners, REITs, and third-party managers to increase net operating income, imp
Slide 12: SmartRent / SightPlan cross-selling opportunity
The SmartRent / SightPlan cross-selling opportunity is significant with 422 potential cross-sell opportunities 290 SmartRent 39 Common 171 SightPlan customers with Customers customers with 2.4m 5.1m units units with 3.6m units Source: Company data as of 3/31/2022. 12
Slide 13: SmartRent Delivers Undeniable Value To Owners / Operators
SmartRent Delivers Undeniable Value To Owners / Operators 20-30% Operating Savings on utilities, staffing Expenses Revenue Generation $25-100/month • Maximize resident engagement Rent increase / unit • Fully integrated ecosystem • Improved building quality • Higher rent • Increased asset values • In
Slide 14: Heard on the Street…
Heard on the Street… Customers share their views on the SmartRent platform Eric Bolton Jr. Chairman & CEO, Mid-America Apartment Communities (MAA), Citi Global CEO Conference, March 9, 2022 “We are continuing to roll out smart home technology, which gives us the ability to remotely activate thermost
Slide 15: SmartRent's Product Suite Enhances Sustainability Goals
SmartRent’s Product Suite Enhances Sustainability Goals Our platform mitigates risks and positively impacts our clients’ communities, the resident experience, and the environment HVAC Leak Water Waste Smart Smart Access Control Detection Management Monitoring Appliances Lighting Control Reduces over
Slide 16: Large Addressable Market Opportunity
Large Addressable Market Opportunity We are initially targeting three large end- markets ~$200B Global Expansion 28M Institutionally owned multifamily US Units ~$80B New Products / Other Asset Classes 1 15M Single Family US Rental Residences ~$30B Existing Residential Stock 2 6.9M ~$.03B Annual Home
Slide 17: Industry Leaders Have Chosen SmartRent…
Industry Leaders Have Chosen SmartRent… 2022 Rank Company Name Units Owned (K) SmartRent Client SmartRent Investor Multifamily 15 of the top 20 multifamily 1 LivCor 140 ✔ owners are SmartRent clients 2 Starwood Capital Group 115 ✔ ★ 3 MAA 100 ✔ ★ 4 Morgan Properties 94 ✔ 5 AvalonBay Communities 82 ✔
Slide 18: The Next Tier of Owners And Managers Are Choosing SmartRent Too…
The Next Tier of Owners And Managers Are Choosing SmartRent Too… Consultative sales team successful in signing smaller, private institutional rental owners and managers – “the long-tail” Growth in Customer Base 290 Units Installed 230 182 199 161 142 Q4 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 1
Slide 19: Organic Revenue Growth From Existing Customers Is Substantial
Organic Revenue Growth From Existing Customers Is Substantial (data as of March 31, 2022) Number of Units 5.1M 4.0M 5.1M unit opportunity from existing customers alone 0.02% customer churn since inception4 $116.8M 760K 390K of Deferred Revenue Deployed Committed Remaining Client Existing Customer Un
Slide 20: Illustrative Sales Cycle and Portfolio Roll Out
Illustrative Sales Cycle and Portfolio Roll Out 99% 95% 1 UDR portfolio rollout December ‘18 Aimco portfolio rollout September ‘18 48% UDR pilot July ‘18 38% Aimco pilot May ‘18 MAA portfolio rollout MAA pilot March ‘20 June ‘19 Essex portfolio rollout Essex pilot June ‘21 September ‘19 Source: Comp
Slide 21: Recent Unit KPI Highlights
Recent Unit KPI Highlights Delivered meaningful year over year growth for 1Q 2022 (Bookings in millions of $) Units deployed Units booked Bookings 1 60,000 91,482 51,196 100,000 $80 $72 50,000 80,000 40,000 $60 32,486 60,000 45,536 30,000 $40 $30 40,000 20,000 20,000 $20 10,000 - - $- 1Q21 1Q22 1Q21
Slide 22: Financial Highlights
Financial Highlights ($ thousands, as of March 31, 2022) Total revenue SaaS revenue $40,000 $37,359 $35,132 $34,668 $4,500 $4,074 $35,000 $4,000 $30,000 $3,500 $25,000 $21,677 $3,000 $2,645 $19,160 $2,182 $20,000 $2,500 $2,000 $1,751 $15,000 $1,336 $10,000 $1,500 $1,000 $5,000 $500 $- $- 1Q21 2Q21 3
Slide 23: Capital & Liquidity
Capital & Liquidity Staff to support growth $361m 1 Research & Development Enhance logistics and build inventory Strategic acquisitions Real Estate vertical expansion International expansion 1. $286m of Cash, $75m of availability on revolving line of credit. 23
Slide 24: Appendix
APPENDIX
Slide 25: SmartRent Revenue Streams
SmartRent Revenue Streams Three revenue streams, initiated by Units Booked and Units Deployed, recognized at differing points of time and for varying duration • Recognized when the hardware is shipped Hardware • Generally deployed the quarter after Booking Professional • Recognized over time as the
Slide 26: Definition Of Key Operating Metrics
Definition Of Key Operating Metrics SmartRent regularly monitors a number of operating and financial metrics including the following non-GAAP financial measures which the Company believes are key measures of its growth, to evaluate its operating performance, identify trends affecting its business, f
Slide 27: Consolidated Statement of Operations
Consolidated Statement of Operations (In thousands, except per share amounts) For the three months ended March 31, 2022 2021 Revenue Hardware $ 22,114 $ 12,398 Professional services 6,909 3,601 Hosted services 8,336 3,161 Total revenue 37,359 19,160 Cost of revenue Hardware 21,858 12,143 Professiona
Slide 28: Reconciliation of Non-GAAP Metrics
Reconciliation of Non-GAAP Metrics (In thousands, except per share amounts) Three months ended March 31, (amounts in thousands) 2022 2021 Net loss $ (23,394) $ (9,267) Interest expense, net 12 82 Provision for income taxes (4,807) 46 Depreciation and amortization 409 80 EBITDA (27,780) (9,059) Stock
Slide 29: SmartRent
Q SmartRent