SmartRent Inc (SMRT) 2023 Q4 法說會逐字稿

Good morning. My name is Audra, and I will be your conference operator today. At this time, I would like to welcome everyone to the Smart Rand Fourth Quarter and Full Year 2023 financial results conference call. Today's conference is being recorded. (Operator Instructions) At this time, I would like to turn the conference over to Brian Ruttenbur, Senior Vice President of Investor Relations. Please go ahead.

早安.我叫奧德拉，今天我將擔任你們的會議操作員。此時此刻，我歡迎大家參加 Smart Rand 2023 年第四季和全年財務業績電話會議。今天的會議正在錄製中。（操作員指示） 現在，我想將會議交給投資者關係高級副總裁 Brian Ruttenbur。請繼續。

Hello, and thank you for joining us today. My name is Brian Ruttenbur, Senior Vice President, Investor Relations for smart rack. I'm joined today by Lucas Holliman, Chairman and CEO, and Darrel stem Chief Financial Officer, will be taking you through our results for the fourth quarter and full year 2023, as well as discussing guidance for 2024.

您好，感謝您今天加入我們。我的名字是 Brian Ruttenbur，智慧貨架投資者關係高級副總裁。今天，董事長兼執行長盧卡斯·霍利曼(Lucas Holliman) 和財務長達雷爾·幹(Darrel Stem) 將與我一起，向您介紹我們2023 年第四季度和全年的業績，並討論2024 年的指導。

Before today's market opened. We issued an earnings release and filed our 10 K for the year ended December 31st, 2023, both of which are available on our Investor Relations section of our website, SMART Rent.com. Before I turn the call over to Lucas, I'd like to remind everyone that our discussion today may contain forward looking statements, including statements relating to our business strategy and our performance, future financial results and guidance. These forward-looking statements are subject to risks and uncertainties that could cause our actual results to be materially different from any future results expressed or implied by such statements. These factors are discussed in our SEC filings, including our annual report on Form 10 K. These statements are based on our current assumptions and beliefs, and we assume no obligation to update them, except as required by law. We recommend that all investors review these reports thoroughly before taking a financial position in SmartRent Also during today's call, we refer to certain non-GAAP financial measures and other financial and operating metrics. Reconciliations of non-GAAP measures to the most directly comparable GAAP measure and further information related to guidance. Definitions and metrics are included in today's earnings release. We'd also like to highlight that a fourth quarter and full year earnings presentation is available on our Investor Relations section of our website.

今天開盤前。我們發布了截至 2023 年 12 月 31 日止年度的收益報告並提交了 10 K 報表，這兩項資訊均可在我們網站 SMART Rent.com 的投資者關係部分取得。在將電話轉給盧卡斯之前，我想提醒大家，我們今天的討論可能包含前瞻性陳述，包括與我們的業務策略和業績、未來財務業績和指導相關的陳述。這些前瞻性陳述存在風險和不確定性，可能導致我們的實際結果與此類陳述明示或暗示的任何未來結果有重大差異。這些因素在我們向 SEC 提交的文件中進行了討論，包括我們的 10 K 表格年度報告。這些陳述基於我們當前的假設和信念，我們不承擔更新這些陳述的義務，除非法律要求。我們建議所有投資者在對 SmartRent 進行財務定位之前仔細閱讀這些報告。此外，在今天的電話會議中，我們還提到了某些非 GAAP 財務指標以及其他財務和營運指標。非公認會計準則衡量指標與最直接可比較的公認會計準則衡量指標的調節以及與指導相關的進一步資訊。定義和指標包含在今天的收益發布中。我們還想強調的是，第四季度和全年收益報告可在我們網站的投資者關係部分找到。

And with that, let me turn the call over to Lucas to review our results.

接下來，讓我將電話轉給盧卡斯，以審查我們的結果。

Good morning, and thank you for joining our call. This past year has been a pivotal one for smart rent. As we continue our positive momentum as a leading provider of smart communities and smart operations solutions to the rental housing industry, we grew total revenue by 41% in 2023 compared to 2022. And SaaS revenue has a compounded growth rate of 75% since 2020.

早安，感謝您加入我們的通話。過去的一年是智慧租賃的關鍵一年。隨著我們繼續保持作為租賃住房行業智慧社區和智慧營運解決方案領先提供者的積極勢頭，2023 年我們的總收入比 2022 年增長了 41%。而SaaS收入自2020年以來複合成長率高達75%。

Smart rental purpose-built technologies are used by 15 of the top 20 largest rental housing operators. And a year end, we had nearly 600 customers collectively managing over 7 million rental units. With more than 44 million managed rental units in the US, we believe the greenfield opportunity continues to be immense.

前 20 名最大的租賃住房營運商中有 15 家使用智慧租賃專用技術。截至年底，我們有近 600 名客戶共同管理超過 700 萬個租賃單位。美國擁有超過 4,400 萬個管理租賃單位，我們相信綠地機會仍然龐大。

Our team has spent years developing the most comprehensive platform, and the result is that SmartRent now offers the largest breadth of integrated hardware and SaaS solutions in the marketplace. Two years ago, we announced our intent to become adjusted EBITDA profitable by the end of 2023. Since then, we have steadily improved quarterly operating results with consistent revenue growth, expanding margins and tight control of operating expenses.

我們的團隊花費數年時間開發最全面的平台，結果是 SmartRent 現在提供市場上最廣泛的整合硬體和 SaaS 解決方案。兩年前，我們宣布計劃在 2023 年底前實現調整後 EBITDA 獲利。自那時以來，我們的季度經營業績穩步提高，收入持續成長，利潤率不斷擴大，營運費用得到嚴格控制。

As a result of these efforts, I'm pleased to share that in the fourth quarter, we reported adjusted EBITDA profitability. The achievement of those notable financial goal marks a new inflection point in SmartLens history. Adjusted EBITDA profitability was accomplished through deliberate strategic actions, shaping how we operate and by focusing on our three sustainable competitive advantages, namely purpose-built hardware, open API software and robust end to end implementation and support in previous quarters. We've highlighted these unique differentiators that set us apart, but we'd like to provide more detail about how and why they work together to create a holistic unrivaled solution that is deeply embedded in the customers' property management infrastructure.

由於這些努力，我很高興與大家分享，我們在第四季度報告了調整後的 EBITDA 獲利能力。這些顯著財務目標的實現標誌著 SmartLens 歷史上的新轉折點。調整後的EBITDA 獲利能力是透過深思熟慮的策略行動、塑造我們的營運方式以及專注於我們的三個可持續競爭優勢（即專用硬體、開放API 軟體以及前幾季強大的端到端實施和支持）來實現的。我們強調了這些使我們與眾不同的獨特優勢，但我們想提供更多詳細信息，說明它們如何以及為何共同創建一個深深嵌入客戶物業管理基礎設施的整體無與倫比的解​​決方案。

First hardware, both the open hardware redesign under the alloys, smart home brand and the third-party hardware we integrate with our essential to powering our platform and for delivering on the value propositions that are meaningful for customers are offering seamlessly integrate with customers' existing property management systems, and we intentionally designed hardware to augment third party offerings. Our agnostic approach ensures we are able to provide remarkable and repeatable experiences for clients all while continuing to lead the way in innovation. Hardware is core to our business strategy and will remain an essential component of ongoing operations. For example, the recently launched Alloy's Smart Home Hub plus a significant upgrade over previous hubs, combining a thermostat and a hub into one device, which requires less hardware to install and maintain in the residential communities where Hub plus has been deployed, customers are seeing higher levels of connectivity due to Hub plus being hardwired into individual units. This creates a better experience for rental operators to maintain community and in-home functionality of smart devices, a smarter living experience for residents and a more efficient implementation process.

第一個硬件，無論是合金、智慧家居品牌下的開放硬體重新設計，還是第三方硬件，我們都與為我們的平台提供動力和提供對客戶有意義的價值主張的必要要素相集成，並與客戶現有的產品無縫整合。物業管理系統，我們特意設計了硬體來增強第三方產品。我們的不可知論方法確保我們能夠為客戶提供卓越且可重複的體驗，同時繼續引領創新。硬體是我們業務策略的核心，並將仍然是持續營運的重要組成部分。例如，最近推出的Alloy智慧家庭Hub plus比之前的Hub plus進行了重大升級，將恆溫器和Hub plus合併到一個設備中，這在部署Hub plus的住宅小區中需要更少的硬體安裝和維護，客戶看到由於 Hub plus 被硬連線到各個單元中，因此具有更高水準的連接性。這為租賃業者創造了更好的體驗，以維護智慧設備的社區和家庭功能，為居民提供更智慧的生活體驗以及更有效率的實施流程。

Additionally, the newest alloys, smart home leak sensors are designed to have a longer five to seven year battery life. Most customers request sensors to monitor potential leaks that significantly lowering maintenance and repair expenses at their properties. If you're a commercial operator, managing tens of thousands of rental units, the maintenance logistics or replacing batteries annually can quickly become a drag on NOI longer battery life results in fewer quarters and hundreds of hours saved on sending on-site team members into apartment homes to replace batteries as with other technology companies that build their own hardware.

此外，最新合金智慧家居洩漏感測器的電池壽命更長，可達五到七年。大多數客戶要求感測器來監控潛在的洩漏，從而顯著降低其物業的維護和維修費用。如果您是商業營運商，管理著數以萬計的租賃單位，那麼每年的維護物流或更換電池很快就會成為NOI 的拖累。較長的電池壽命會減少派遣現場團隊成員到現場的時間，並節省數百小時的時間。與其他製造自己的硬體的科技公司一樣，公寓住宅也可以更換電池。

Smartphone design hardware is fundamental to operations and enables us to integrate with third party products. Manufacturing SmartRent own hardware also gives us the opportunity to control cost, maintain rigorous quality standards and benefit from increased margins. Mixed software, our open platform not only powers alloys, smart home hardware, but also integrates with third party hardware and customers' property management software. In short, the agnostic nature of our software as a core competitive advantage. A common challenge in rental housing is app fatigue with operators having to run multiple applications to support their operations, smarter aggressiveness by offering interconnectedness with our single app platform, thereby reducing complexity and simplifying operations, dedication to streamlining and increasing efficiency for our customers and their residents is a key reason. We have historically experienced low churn in our IoT business.

智慧型手機設計硬體是營運的基礎，使我們能夠與第三方產品整合。製造 SmartRent 自己的硬體也使我們有機會控製成本、維持嚴格的品質標準並從增加的利潤中受益。混合軟體，我們的開放平台不僅為合金、智慧家居硬體提供動力，還與第三方硬體和客戶的物業管理軟體整合。簡而言之，我們軟體的不可知性是我們的核心競爭優勢。租賃住房中的一個常見挑戰是應用程式疲勞，營運商必須運行多個應用程式來支援其運營，透過提供與我們的單一應用程式平台的互連來實現更明智的進取性，從而降低複雜性並簡化操作，致力於為我們的客戶及其客戶簡化和提高效率居民是一個關鍵原因。我們的物聯網業務歷來經歷低流失率。

For reference, net revenue retention in 2023 was 105%. SMRT software is designed to simplify the rental experience for both operators and residents. Our platform's capabilities have evolved since our inception. And today, we manage both workflow operations and resident experiences within a single app. For example, residents are able to report maintenance issues and submit work orders automatically finally into end implementation and support by managing the entire implementation process from initial site surveys to expert implementation and support, we enable customers and their residents to achieve maximum benefits. The typical implementation process requires customers to have multiple points of contact with limited oversight. We eliminate this and are the single phone call clients make.

作為參考，2023 年的淨收入保留率為 105%。SMRT 軟體旨在簡化營運商和居民的租賃體驗。自成立以來，我們平台的功能不斷發展。如今，我們在一個應用程式中管理工作流程操作和駐留體驗。例如，居民能夠報告維護問題並自動提交工單，最終進入最終實施和支持，透過管理從最初的現場勘察到專家實施和支持的整個實施過程，我們使客戶及其居民獲得最大的利益。典型的實施過程需要客戶在有限的監督下進行多個接觸點。我們消除了這一點，並且是客戶撥打的單一電話。

We have excelled and taking on complex projects in the rental industry with more than 90% of our implementations in retrofit units. We should also note that customers are encouraged to upgrade their installed hubs and other smart home technology devices every five to seven years as part of their planning process internally we continue to improve logistics processes and are increasingly shipping new hardware to existing customers to upgrade new hubs and replace end-of-life devices, focusing on client satisfaction and educating them on how best to use their new solutions is key to creating outstanding experiences and smart operations that are sustainable in the long term.

我們在租賃行業承接了複雜的項目，表現出色，其中 90% 以上的實施是在改造單位中實施的。我們還應該注意到，鼓勵客戶每五到七年升級一次已安裝的集線器和其他智慧家庭技術設備，作為內部規劃流程的一部分，我們將繼續改進物流流程，並越來越多地向現有客戶運送新硬體以升級新的集線器並更換報廢設備、專注於客戶滿意度並教育他們如何最好地使用新解決方案是創造長期可持續的卓越體驗和智慧營運的關鍵。

In addition to competitive advantages, our commitment to expense control and reduction, while optimizing operations has established a solid financial foundation upon which we'll aim to continue to build in 2024.

除了競爭優勢之外，我們對費用控制和減少以及優化營運的承諾也奠定了堅實的財務基礎，我們的目標是在 2024 年繼續發展。

We ended the year with a strong balance sheet of $216 million in cash, no debt and an undrawn credit facility of $75 million. During the second half of 2023, we added $18 million of cash to our balance. Our strong balance sheet, coupled with achieving adjusted EBITDA profitability while sustaining a high growth rate, gives us the opportunity to invest in our Company to maximize shareholder value to deliver sustainable growth while aiming to expand profit margins in 2024 and onward, we intend to make a significant investment to further build out our capabilities to deliver Community WiFi at scale by adding new team members and technology.

年底，我們的資產負債表強勁，現金為 2.16 億美元，沒有債務，未提取的信貸額度為 7,500 萬美元。2023 年下半年，我們的餘額增加了 1,800 萬美元現金。我們強大的資產負債表，加上在維持高成長率的同時實現調整後的EBITDA 獲利能力，使我們有機會投資於我們的公司，以最大限度地提高股東價值，實現永續成長，同時目標是在2024 年及以後擴大利潤率，我們打算這是一項重大投資，旨在透過增加新的團隊成員和技術來進一步增強我們大規模提供社群 WiFi 的能力。

We estimate the total addressable market for multifamily community WiFi and IoT solutions on existing professionally managed properties in the U.S. could produce annual recurring revenue of $9 billion to $16 billion. We believe investing in Community WiFi now will enable us to deliver higher shareholder value while also capturing a sizable market share. Today, we also announced a $50 million stock repurchase program. Our Board and management team are constantly evaluating how to generate enhanced returns for our cash and believe that there is no better investment than in smart rent. In short, we remain extremely optimistic about prospects for growth in the coming years.

我們估計，美國現有專業管理物業上的多戶社區 WiFi 和物聯網解決方案的整體潛在市場可能會產生 90 億至 160 億美元的年度經常性收入。我們相信，現在投資社區 WiFi 將使我們能夠提供更高的股東價值，同時佔領相當大的市場份額。今天，我們也宣布了一項 5,000 萬美元的股票回購計畫。我們的董事會和管理團隊不斷評估如何為我們的現金帶來更高的回報，並相信沒有比智慧租金更好的投資了。簡而言之，我們對未來幾年的成長前景仍然極為樂觀。

I will now turn the call over to Daryl to discuss the specifics of the 2023 results and the outlook for 2020 for.

我現在將電話轉給達裡爾，討論 2023 年業績的具體情況和 2020 年的前景。

Thank you, Lucas. In March 2022, we stated on our earnings call, the plan to become adjusted EBITDA profitable by the end of 2023. Since then, we have incrementally improved quarterly operating results by delivering revenue growth, expanded margins and tightly controlling operating expenses.

謝謝你，盧卡斯。2022 年 3 月，我們在財報電話會議上表示，計劃在 2023 年底實現調整後 EBITDA 獲利。自那時起，我們透過實現營收成長、擴大利潤率和嚴格控制營運費用，逐步改善了季度營運業績。

Q4 marked another quarter of continued strong execution, and as Lucas pointed out, we achieved adjusted EBITDA profitability. Total revenue for the quarter was $60.3 million, up 4% from Q3 and up 49% from Q4 of last year. This was the second highest quarter of revenue in the Company's history following Q1 of 2023.

第四季度標誌著又一個持續強勁執行的季度，正如盧卡斯所指出的那樣，我們實現了調整後的 EBITDA 獲利能力。該季度總營收為 6,030 萬美元，比第三季成長 4%，比去年第四季成長 49%。這是繼 2023 年第一季之後該公司歷史上收入第二高的季度。

Revenue for calendar year 2023 totaled $237 million, up 41% from $168 million for 2022. By revenue stream, hardware revenue was $36.5 million, professional services was $6.7 million, and hosted services was $17.1 million for Q4 of 2023.

2023 年的營收總計 2.37 億美元，比 2022 年的 1.68 億美元成長 41%。按收入來源劃分，2023 年第四季硬體收入為 3,650 萬美元，專業服務收入為 670 萬美元，託管服務收入為 1,710 萬美元。

ARR increased to $46.2 million in Q4 from $43.3 million in Q3 and $32.3 million in Q4 of 2022. This was an increase of 7% sequentially and a 43% increase year over year that primarily resulted from increasing total units deployed to 720,000 and our expanded product line. SaaS ARPU was $5.50 in Q4, a 7% increase year over year.

2022 年第四季的 ARR 從第三季的 4,330 萬美元和第四季的 3,230 萬美元增至 4,620 萬美元。環比增長 7%，同比增長 43%，這主要是由於部署的設備總數增加至 720,000 台以及我們擴大了產品線。第四季 SaaS ARPU 為 5.50 美元，年成長 7%。

As an integrated hardware and software company, the composition of revenue continues to evolve as our expanded product line is increasingly adopted. Hardware ARPU continues on an upward path and increased 28% sequentially in Q4 from Q3 to $730 per unit shipped. We believe this significant increase is sustainable in the long run as it includes the shipment of hardware attributable to six WiFi projects. However, we caution that we may experience short-term fluctuations in hardware RPU until WiFi deployments contribute more consistently to revenue.

作為一家綜合硬體和軟體公司，隨著我們擴展的產品線被越來越多地採用，收入的組成不斷發展。硬體 ARPU 持續呈上升趨勢，第四季較第三季連續成長 28%，達到每台出貨 730 美元。我們相信，從長遠來看，這一顯著增長是可持續的，因為其中包括六個 WiFi 項目的硬體出貨量。然而，我們警告說，在 WiFi 部署對收入做出更一致的貢獻之前，我們可能會經歷硬體 RPU 的短期波動。

For calendar year 2023, hardware ARPU increased 39% and professional services ARPU increased 32% year over year. Units shipped totaled 50,000 in Q4 and total units deployed increased to 720,000 with 37,000 units being deployed in the fourth quarter. Historically, units shipped and units deployed have tracked relatively closely. There are three primary reasons for the divergence we saw between units shipped and units deployed in 2023 first, single-family rental customers tend to purchase hardware and a nonlinear manner, stocking up inventory and then deploying the units over a longer period of time. Second, certain customers buy hardware in advance of deployment to beat price increases.

2023 年，硬體 ARPU 年增 39%，專業服務 ARPU 較去年同期成長 32%。第四季的出貨量總計 5 萬台，部署總數增加至 72 萬台，其中部署了 37,000 台。從歷史上看，出貨量和部署量的追蹤相對密切。我們看到 2023 年發貨單位和部署單位之間出現差異的主要原因有三個：首先，單戶租賃客戶傾向於以非線性方式購買硬件，儲備庫存，然後在較長時間內部署單位。其次，某些客戶在部署之前購買硬體以應對價格上漲。

And third, as Lucas previously stated, some customers have commenced upgrade cycles. Hubs that are shipped to these customers are not counted as new units deployed as these hubs do not represent a net increase to the installed customer base. In other words, units deployed represent active units that are contributing to recurring SaaS revenue.

第三，正如盧卡斯之前所說，有些客戶已經開始升級週期。運送給這些客戶的集線器不計為部署的新設備，因為這些集線器並不代表已安裝客戶群的淨成長。換句話說，部署的單位代表為經常性 SaaS 收入做出貢獻的活躍單位。

In Q4, we shipped approximately 29,000 hubs for upgrades. We've deployed more than 700,000 units over the last five years and believe that our shipment of units for upgrades will comprise a higher proportion of future business. Bookings for the quarter were approximately $40 million and there were approximately 42,000 new units booked, down 20% and 10%, respectively from the previous quarter.

第四季度，我們發貨了大約 29,000 個用於升級的集線器。過去五年我們已經部署了超過 70 萬台設備，並且相信我們用於升級的設備出貨量將在未來業務中佔據更高的比例。本季的預訂量約為 4,000 萬美元，新預訂量約為 42,000 套，較上一季分別下降 20% 和 10%。

The reduction in bookings is primarily attributable to two factors. First, we're working through backlog, and I believe that those customers will commence purchasing behavior when their backlog is exhausted. Second, we are seeing some deferrals as certain customers are planning to purchase IoT concurrently with Community WiFi. We remain encouraged by bookings ARR being above $5 million for the second quarter in a row, and bookings ARR ARPU exceeding $8 for the third consecutive quarter.

預訂量減少主要歸因於兩個因素。首先，我們正在解決積壓訂單，我相信這些客戶在積壓訂單耗盡後將開始購買行為。其次，我們看到一些延遲，因為某些客戶打算與社區 WiFi 同時購買物聯網。我們仍然對預訂 ARR 連續第二季超過 500 萬美元，以及預訂 ARR ARPU 連續第三季超過 8 美元感到鼓舞。

Since SaaS ARPU was $5.50 for the fourth quarter, we can expect SaaS ARPU to continue to increase as we deploy these booked units. Additionally, we experienced net revenue retention for 2023 of 105%. These metrics demonstrate how our efforts to cross-sell and upsell our suite of products are starting to flow through to the P&L, which we expect to drive our path to the expansion of SaaS revenue and ultimately greater shareholder value.

由於第四季度 SaaS ARPU 為 5.50 美元，我們預計隨著我們部署這些預訂單位，SaaS ARPU 將繼續增加。此外，我們 2023 年的淨收入保留率為 105%。這些指標顯示了我們交叉銷售和追加銷售我們的產品套件的努力如何開始影響損益表，我們預計這將推動我們擴大 SaaS 收入並最終實現更大的股東價值。

We're pleased with the level of interest that rental operators are expressing in connection with our community WiFi, but we expect the WiFi projects will have both longer sales cycles and longer project implementation time lines.

我們對租賃業者對我們的社區 WiFi 表現出的興趣感到滿意，但我們預計 WiFi 專案將有更長的銷售週期和更長的專案實施時間。

As I mentioned earlier, in the fourth quarter, we shipped hardware for six new WiFi projects that we believe will be completed in the first half of 2020 for operational improvements continued to drive gross margin expansion for hardware and hosted services. For the fourth quarter, total gross profit was $17 million compared to $13.5 million last quarter and $3.9 million a year ago.

正如我之前提到的，在第四季度，我們為六個新 WiFi 項目運送了硬件，我們相信這些項目將在 2020 年上半年完成，因為營運改善繼續推動硬體和託管服務的毛利率擴張。第四季的總毛利為 1,700 萬美元，上季為 1,350 萬美元，去年同期為 390 萬美元。

Hardware margin increased to 27%, up from 23% last quarter and 15% a year ago and contributed $9.8 million of gross profit. Efficiencies in manufacturing, logistics and distribution continued to drive expanded margins and hardware. Hosted services contributed $11.4 million of gross profit and a hosted services margin increased to 67%, up from 64% last quarter and 60% a year ago. SaaS margins, a part of hosted services, improved to 76%, an increase from 71% a year ago.

硬體利潤率從上個季度的 23% 和一年前的 15% 增至 27%，貢獻了 980 萬美元的毛利。製造、物流和分銷的效率繼續推動利潤和硬體的擴大。託管服務貢獻了 1,140 萬美元的毛利，託管服務利潤率從上個季度的 64% 和一年前的 60% 增至 67%。託管服務的部分 SaaS 利潤率從一年前的 71% 上升至 76%。

For the calendar year 2023, total gross profit increased to $49.5 million from $1.3 million in 2022 and total gross margin improved to 21% from 1%. Professional services gross margin increased in Q4 as a direct result of the investment in technology initiatives over the past several quarters that have allowed our teams to be more efficient with installation and transform professional services to a more variable cost model.

2023 年，總毛利從 2022 年的 130 萬美元增至 4,950 萬美元，總毛利率從 1% 增至 21%。第四季度專業服務毛利率的成長是過去幾季對技術舉措投資的直接結果，這些投資使我們的團隊能夠提高安裝效率，並將專業服務轉變為更具可變成本模式。

We reduced losses in professional services by $1 million versus the third quarter and reduced losses by nearly $3 million compared to the same period a year ago. As we evolve the professional services model, we believe that we will have continued improvement throughout 2024 and anticipate reaching breakeven on a professional services margin basis by the end of 2024.

與第三季相比，我們在專業服務方面的損失減少了 100 萬美元，與去年同期相比減少了近 300 萬美元。隨著我們不斷發展專業服務模式，我們相信我們將在 2024 年持續改進，並預計到 2024 年底在專業服務利潤率的基礎上實現盈虧平衡。

As a reminder, in the first quarter of 2022, we had an adjusted EBITDA loss of $23.1 million. Adjusted EBITDA for the quarter was a positive $743,000, an improvement from a loss of $5 million in Q3 and a loss of $14.1 million a year ago.

提醒一下，2022 年第一季度，我們的調整後 EBITDA 虧損為 2,310 萬美元。本季調整後 EBITDA 為正 743,000 美元，較第三季虧損 500 萬美元和去年同期虧損 1,410 萬美元有所改善。

Total operating expenses were $22.8 million, a decrease of 3% from $23.5 million in Q3 and a decrease of 13% from $26.2 million a year ago. Put another way, we've reduced total operating expenses from 63% of revenue in Q1 of 2022 to 38% of revenue in the fourth quarter of 2023.

總營運費用為 2,280 萬美元，比第三季的 2,350 萬美元下降 3%，比去年同期的 2,620 萬美元下降 13%。換句話說，我們將總營運支出從 2022 年第一季佔收入的 63% 減少到 2023 年第四季佔收入的 38%。

We provide important information related to business operations in the form of periodic SEC filings, earnings releases. These earnings calls and investor presentations on our website. For example, we've added new disclosures for a net revenue retention revenue by solution and a forward-looking table disclosing estimated revenue from amortization of non distinct hub revenue. We anticipate that financial disclosures will continue to evolve as our business evolves, but we remain committed to providing the right key performance indicators that allow you to assess company performance.

我們以定期向 SEC 備案、收益發布的形式提供與業務營運相關的重要資訊。我們網站上的這些財報電話會議和投資者演示。例如，我們添加了按解決方案劃分的淨收入保留收入的新披露信息，以及披露來自非獨特中心收入攤銷的估計收入的前瞻性表格。我們預期財務揭露將隨著我們業務的發展而不斷發展，但我們仍然致力於提供正確的關鍵績效指標，以便您評估公司績效。

In this regard, I'd like to encourage listeners to review the fluctuation analysis included in the MD&A section of our Form 10-K, each of the three revenue streams, hardware professional services and hosted services include both rate and volume data. Also note that because of the divergence between new unit deployment and revenue growth, we do not believe that our historically disclosed committed unit metric will continue to be an effective indicator of performance as it's not contractually binding. Thus, we have not included it in this quarter's disclosures and do not plan to disclose it in future periods.

在這方面，我想鼓勵聽眾回顧我們表格 10-K 的 MD&A 部分中包含的波動分析，三個收入來源、硬體專業服務和託管服務中的每一個都包括費率和數量數據。另請注意，由於新單位部署和收入成長之間存在差異，我們不認為我們歷史上揭露的承諾單位指標將繼續成為績效的有效指標，因為它不具有合約約束力。因此，我們沒有將其納入本季度的披露中，也不打算在未來期間披露。

During calendar year 2023, our total cash balance decreased just $2 million from approximately $218 million at the end of 2022. On a sequential basis, our cash balance increased to $216 million from approximately $211 million at the end of Q3. The increase in cash this quarter is not a result of the ADI arrangement, but is primarily due to improved inventory management and better demand forecasting to reduce inventory levels as we gradually transition to ATI over the next year.

2023 年，我們的現金餘額總額僅比 2022 年底的約 2.18 億美元減少了 200 萬美元。環比來看，我們的現金餘額從第三季末的約 2.11 億美元增至 2.16 億美元。本季現金的增加並不是 ADI 安排的結果，而主要是由於我們在明年逐步過渡到 ATI 時改善了庫存管理和更好的需求預測，以降低庫存水準。

Our strong cash and balance sheet position allow us to deploy cash prudently to generate highly attractive returns for shareholders while maintaining sufficient liquidity for ample financial flexibility. Today, we announced the stock buyback program that allows us to repurchase as much as 50 million of common stock.

我們強大的現金和資產負債表狀況使我們能夠審慎地部署現金，為股東創造極具吸引力的回報，同時保持充足的流動性以實現充足的財務靈活性。今天，我們宣布了股票回購計劃，允許我們回購多達 5,000 萬股普通股。

Additionally, as Lucas mentioned, we are investing to enhance Community WiFi and accelerate our ability to realize significant untapped opportunities from existing and potential new customers because of the strong customer demand we're seeing for Community WiFi in which we are addressing with our planned investment growth and profitability may be effected in the first half of this year.

此外，正如盧卡斯所提到的，我們正在投資增強社區WiFi，並加快我們從現有和潛在新客戶那裡實現重大未開發機會的能力，因為我們看到客戶對社區WiFi 的強勁需求，我們正在透過計劃投資來解決這一問題增長和盈利能力可能會在今年上半年受到影響。

Additionally, because of the synergies between Community WiFi and core IoT products, we've decided with several clients to defer planned first quarter IoT implementations until the installation of IoT can be completed alongside Community WiFi deployments. These decisions move the deployment of more than 10,000 units from the first quarter into later quarters this year. While Community WiFi sales cycles and deployments are significantly longer than our traditional offerings, we are confident that growth and profitability will rebound in the second half of the year.

此外，由於社區 WiFi 和核心物聯網產品之間的協同作用，我們與一些客戶決定推遲計劃的第一季物聯網實施，直到物聯網的安裝可以與社區 WiFi 部署一起完成。這些決定將 10,000 多台設備的部署從第一季轉移到今年稍後。雖然社區 WiFi 銷售週期和部署明顯長於我們的傳統產品，但我們有信心成長和獲利能力將在下半年反彈。

We will continue to closely monitor demand for community Y-FI and carefully evaluate necessary investments to expand our offering and enhance long-term growth. Accordingly, guidance for Q1 and full year 2024 are as follows. Q1 guidance for revenue of $47 million to $53 million and adjusted EBITDA of a loss of $1 million to positive $250,000. Full year 2024 guidance for revenue is $260 million to $290 million and adjusted EBITDA profit of $5 million to $8 million.

我們將繼續密切關注社區 Y-FI 的需求，並仔細評估必要的投資，以擴大我們的產品範圍並促進長期成長。因此，第一季和 2024 年全年的指導如下。第一季營收指引為 4,700 萬美元至 5,300 萬美元，調整後 EBITDA 為虧損 100 萬美元至正 25 萬美元。2024 年全年營收指引為 2.6 億至 2.9 億美元，調整後 EBITDA 利潤為 500 萬至 800 萬美元。

I'll now pass the call back to Lucas for closing remarks.

現在我將把電話轉回盧卡斯，讓其結束語。

Thank you, Daryl. The fourth quarter marked the achievement of adjusted EBITDA profitability for the first time in the Company's history through a combination of our team's hard work and dedication and leveraging our three unique differentiators from 2020 to the end of 2023, SMART's competitive positioning has strengthened, as evidenced by the growth in the metrics report. We've increased total revenue from $53 million to $237 million, a 46% compounded annual growth rate. ARR grew from $5 million to $46 million over the same time, a 75% CAGR. SaaS ARPU grew from $2.94 in Q4 2020 to $5.50 in Q4 2023. We grew total units deployed from 155,000 in 2020 with less than 150 customers to 720,000 with nearly 600 customers at the end of 2023.

謝謝你，達裡爾。透過我們團隊的辛勤工作和奉獻精神，並利用我們從 2020 年到 2023 年底的三個獨特優勢，第四季度標誌著公司歷史上首次實現了調整後 EBITDA 盈利能力，SMART 的競爭地位得到了加強。透過指標報告的成長。我們的總收入從 5,300 萬美元增加到 2.37 億美元，複合年增長率為 46%。同時，ARR 從 500 萬美元成長到 4,600 萬美元，複合年增長率為 75%。SaaS ARPU 從 2020 年第四季的 2.94 美元成長到 2023 年第四季的 5.50 美元。我們部署的設備總數從 2020 年的 155,000 個、客戶數量不到 150 個增加到 2023 年底的 720,000 個、客戶數量近 600 個。

In addition to our investment in community WiFi and $50 million stock repurchase program, in 2024 we remain focused on assessing additional opportunities to add enhanced value for prospects and existing clients, improve gross margins and expense control and optimize ongoing operations. We believe smart rent will continue to lead the rental housing industry as our smart home solutions not only address the needs of customers, but anticipate where the industry is headed. Our market-leading position has been built on our first mover advantage, scale and customer trust and will continue to be strengthened by innovative products and customer focus. We look forward to all that's on the horizon this year and beyond.

除了對社區WiFi 的投資和5000 萬美元的股票回購計劃之外，到2024 年，我們仍然致力於評估其他機會，為潛在客戶和現有客戶增加價值，提高毛利率和費用控制，並優化持續營運.我們相信智慧租賃將繼續引領租賃住房產業，因為我們的智慧家庭解決方案不僅滿足客戶的需求，而且預測產業的發展方向。我們的市場領先地位建立在先發優勢、規模和客戶信任的基礎上，並將透過創新產品和以客戶為中心繼續加強。我們期待今年及以後即將發生的一切。

Thank you for participating on the quarterly SMRT call. We would now like to open the call for your questions.

感謝您參加季度 SMRT 電話會議。我們現在想開始電話詢問您的問題。

Thank you. (Operator Instructions) Soham Bhonsle, BTIG.

謝謝。（操作員說明）Soham Bhonsle，BTIG。

So just the first one, I wanted to understand a little bit know sort of what's embedded in the guidance range here. So it looks like you're guiding to a 20% decline in revenue in the first quarter and sort of breakeven profitability. But then your full year revenue and EBITDA guide would suggest sort of a steep ramp here past the first quarter. So if you can maybe just provide some detail on maybe the cadence for revenue and EBITDA and how you expect that to play out over the next few quarters on that is just what gives you confidence in sort of hitting the full year guide that would be great. Thanks.

所以只是第一個，我想了解這裡的指導範圍中嵌入的內容。因此，看起來您的目標是第一季營收下降 20%，獲利能力達到收支平衡。但是，你的全年收入和 EBITDA 指南會顯示第一季之後會出現急劇上升。因此，如果您能提供一些有關收入和 EBITDA 節奏的詳細信息，以及您期望在接下來的幾個季度中如何發揮作用，這將讓您有信心達到全年指南，那就太好了。謝謝。

Thank you. Good question. This is Daryl. And I would say there are two primary reasons that give us confidence in the back half of the year one being our confidence in the WiFi demand. As we pointed out, they have a relatively these projects have a relatively long life sales cycle as well as implementation from a time line. One of the issues, if you will, that we're faced with on these projects is getting the fiber to the community, and there's often a couple of months delay and between the signing of the contract when we can even begin the project so that that would be a confidence builder, number one. Confidence builder number two is the upgrade cycle that we're beginning to experience. We shipped about 29,000 clubs in Q4 that were related to upgrades. And we believe that in the second half of the year, we should have at least 50,000 from upgrade hubs available for shipment and deployments. Those would be the two primary drivers for increased revenue and profitability on the back half of the year.

謝謝。好問題。這是達裡爾。我想說有兩個主要原因讓我們對今年下半年充滿信心，一是我們對 WiFi 需求的信心。正如我們所指出的，他們的這些項目具有相對較長的生命週期、銷售週期以及實施時間線。如果你願意的話，我們在這些專案中面臨的問題之一是將光纖連接到社區，並且在我們甚至可以開始專案的合約簽署之間通常會有幾個月的延遲，以便第一，這將是信心的建立。第二個信心建設者是我們開始經歷的升級週期。我們在第四季度發貨了約 29,000 個與升級相關的球桿。我們相信，在今年下半年，我們應該有至少 50,000 個來自升級中心的設備可供運輸和部署。這些將是今年下半年收入和獲利能力增加的兩個主要驅動力。

Okay. I guess on the on the WiFi piece, is there any way to sort of you noted that you have there's some deferral going on, but there's also perhaps some CapEx or spend going on? Is there any way to size what the guidance would have been if you didn't push for WiFi at this point?

好的。我想在 WiFi 方面，有什麼方法可以讓您注意到您有一些延期，但也可能有一些資本支出或支出？如果您此時不推動 WiFi，是否有任何方法可以確定指導的大小？

Well, we do know as we stated just moments ago that we've moved about a little over 10,000 units out of Q1 into later quarters of the year. So that would be the approximate point.

嗯，我們確實知道，正如我們剛才所說，我們已將大約 10,000 多台設備從第一季轉移到今年下半年。這就是大概的點。

Yes, Sam, this is Lucas. I just add a little bit to that work. I think we're expecting some more of that in Q2. And while it's not ideal to have units move out of Q1 and Q2, really, if you look at the strength of the business, this is an incredibly positive thing that we're seeing. If we can take kind of a broader view of it, which is our hypothesis was that we would have a good time selling WiFi to customers who are also interested in IoT because we'd be able to do one construction project versus two.

是的，山姆，這是盧卡斯。我只是在這項工作中添加一點點。我認為我們預計第二季會有更多這樣的情況。雖然讓單位搬出第一季和第二季並不理想，但實際上，如果你看看業務的實力，就會發現這是我們看到的一件非常積極的事情。如果我們能從更廣泛的角度來看待它，我們的假設是，我們會很高興向同樣對物聯網感興趣的客戶銷售 WiFi，因為我們將能夠完成一個建設專案而不是兩個。

And if you think about unoccupied unit and disruption of residence and construction going on around, you have not a fun, not fun to have that happen. And so while these are the projects are moving out of Q1 and Q2, I think it's really a net positive showing the momentum we're getting around our ability to sell and deploy WiFi and be really the only company that can do both the IoT and WiFi implementation at the same time.

如果你想到空置的單位以及周圍居住和建築的中斷，你會覺得這種事發生並不有趣。因此，雖然這些項目正在第一季和第二季結束，但我認為這確實是一個淨積極因素，表明我們正在圍繞銷售和部署WiFi 的能力取得進展，並且成為真正唯一一家既可以做物聯網又可以做物聯網的公司。 WiFi同時實施。

I think --

我認為--

International -- go ahead.

國際——前進。

One other comment with regards to WiFi is that we did call out that we shipped some hardware in Q4 for six new WiFi projects that we expect to be fully completed by the end of the first half of this year, putting in Q4, I'll give you one more data point. We've also booked, but a lifetime project that should be we believe the beginning of a good, strong relationship with the customer for the back half of the year on both WiFi and IoT projects.

關於 WiFi 的另一條評論是，我們確實指出，我們在第四季度為六個新 WiFi 項目運送了一些硬件，我們預計這些項目將在今年上半年末完全完成，在第四季度，我將再給你一個數據點。我們還預訂了一個終身項目，我們相信這應該是今年下半年在 WiFi 和物聯網項目上與客戶建立良好、牢固關係的開始。

Okay, understood. And then just last one, wanted to ask you about the SaaS ARPU in your booking disclosure this quarter looks like it was up to $12 -- almost $12, which is almost 3x last year. So was that just something specific to the cohort that came in this quarter? Or is that something more sustainable? How should we think about that?

好的，明白了。最後一個問題是，想問一下您本季預訂披露中的 SaaS ARPU 情況，看起來高達 12 美元——幾乎 12 美元，幾乎是去年的 3 倍。那麼這只是本季新加入的人群所特有的事情嗎？或者說這是更永續的事情？我們該如何思考這個問題？

I think that the -- good question. I think that that was a bit of an aberration caused by the mix of bookings that we had during the quarter. I believe that of the last two quarters, which have been in the $8 and $9 range are more indicative of what to expect going forward.

我認為這是個好問題。我認為這是由於我們本季的預訂混合造成的。我相信過去兩個季度的價格一直在 8 美元和 9 美元之間，更能說明未來的預期。

Ryan Tomasello, KBW.

瑞安·托馬塞洛，KBW。

Daryl, I think investors would appreciate it if you could provide some color on the breakdown of the revenue guide, particularly what you're modeling for SaaS revenue growth this year versus more lumpier hardware and implementation revenue. 4Q SaaS revenue growth was running at over 40%. Is that a reasonable sustainable pace through 2024 and just curious why not guide to that metric, given I assume that there's actually more visibility on that front than modeling the lumpy or hardware and implementation revenue?

Daryl，我認為，如果您能夠提供有關收入指南細分的一些信息，特別是您為今年 SaaS 收入增長與更加不穩定的硬體和實施收入進行的建模，投資者會很感激。第四季 SaaS 營收成長超過 40%。到 2024 年，這是一個合理的可持續步伐嗎？我好奇為什麼不指導該指標，因為我認為在這方面實際上比對塊狀或硬體和實施收入進行建模更能見度？

Well, good question. At two points. Number one, the certainly the existing part of our recurring revenue is eminently predictable and some but the actual Cadence related to some further deployments and do cause some have predictability issues with regards to software revenue. So it's not quite as easy as you might suspect, but I will give you one one piece of guidance around software revenue and that's that we do anticipate that it would be higher than the overall revenue growth rate.

嗯，好問題。分兩點。第一，我們經常性收入的現有部分當然是可以預測的，但實際的節奏與一些進一步的部署相關，並且確實導致一些軟體收入存在可預測性問題。因此，這並不像您想像的那麼容易，但我將為您提供有關軟體收入的一項指導，那就是我們確實預計它將高於整體收入成長率。

And then a follow up on the ARPU metrics. Can you help us understand what assumptions, you're baking into the guidance across the different revenue buckets, hardware, professional services, SaaS and on SaaS ARPU, in particular, the $5.50 RPU this quarter has been, I'd say, relatively stagnant the last few quarters despite the acceleration in the bookings metrics. Some of that a function of the revenue mix and the nuances with the site plan revenue that's flowing through there. Just trying to understand why the SaaS ARPU component shouldn't be growing materially faster than what we're seeing. And again, just to sort of break down and maybe some of your assumptions on broader RPO metrics in the guidance.

然後跟進 ARPU 指標。您能否幫助我們了解您在不同收入類別、硬體、專業服務、SaaS 和 SaaS ARPU 的指導中所考慮的假設，尤其是本季度 5.50 美元的 RPU，我想說，相對停滯不前儘管預訂指標在過去幾季加速成長。其中一些是收入組合的函數以及流經那裡的站點計劃收入的細微差別。只是想了解為什麼 SaaS ARPU 組件的增長速度不應比我們所看到的更快。再說一次，只是為了進行一些分解，也許是您對指南中更廣泛的 RPO 指標的一些假設。

Okay. Thanks, Ryan. So with regards to the growth of our two, I would say that until until Y-FI becomes a significant contributor, what I would expect to see is incremental growth like we've experienced over the course of the last year. It's tough to move that ARPU number too rapidly because the base that that number's built off of that already installed 720,000 units.

好的。謝謝，瑞安。因此，關於我們兩家公司的成長，我想說，在 Y-FI 成為重要貢獻者之前，我期望看到的是像我們去年所經歷的那樣的增量成長。ARPU 數字很難快速移動，因為該數字的基礎已經安裝了 720,000 個單位。

So as we add 40,000 new units a quarter and we're adding them at $8, $9 per unit, it's going to just have an incremental impact on ARPU in future periods. The real needle mover and why one of the reasons why we're so excited about Y-FI is the economics have WiFi to us could basically have a two times impact on some other recurring revenue. And we're talking about give or take $15 or a unit per deployed unit and for WiFi.

因此，當我們每季增加 40,000 個新設備並且以每台 8 美元、9 美元的價格添加時，這將對未來的 ARPU 產生增量影響。真正的推動因素以及我們對 Y-FI 如此興奮的原因之一是，WiFi 對我們來說基本上可以對其他一些經常性收入產生兩倍的影響。我們討論的是每個部署單元和 WiFi 的收費為 15 美元或一個單元。

Tom White, D.A. Davidson & Co.

湯姆懷特，D.A.戴維森公司

Two, if I could please. I guess first on professional services and specifically some of the cost structure and margin profile in that part of the organization. I guess first of all, -- how close are you guys to kind of fully rightsizing kind of the fixed cost base there? And then how should we think about maybe any lingering overhang from some of the older contracts you guys have talked about in the past, I think maybe have some volume based price concessions. And then I had a follow-up on WiFi.

兩個，如果可以的話。我想首先是專業服務，特別是組織該部分的一些成本結構和利潤狀況。我想首先，你們離完全調整固定成本基礎的目標還有多遠？然後，我們應該如何考慮你們過去談論過的一些舊合約中可能存在的任何揮之不去的懸而未決的問題，我認為可能會有一些基於數量的價格優惠。然後我對 WiFi 進行了跟進。

Hey, Tom. It's Lucas. I'll go first on this one and then let Daryl add some color so that the lingering overhang, it's a good question, and we still have some of that. We're working through in Q1 and Q2, but we've largely worked through the bulk of it. So we're definitely winding that down to the first half of the year. And then on the professional services customers, I think we feel really good about where we have that coming into Q1. And as Daryl said in the prepared remarks, you will see that continue to trend the right right way through 2024.

嘿，湯姆。這是盧卡斯。我會先討論這個，然後讓達裡爾添加一些顏色，以便揮之不去的懸垂，這是一個很好的問題，我們仍然有一些。我們正在第一季和第二季完成工作，但我們基本上已經完成了大部分工作。因此，我們肯定會將其推遲到今年上半年。然後在專業服務客戶方面，我認為我們對第一季的情況感到非常滿意。正如達裡爾在準備好的演講中所說，您將看到這種趨勢在 2024 年繼續保持正確的趨勢。

And I also want to add one other point, Tom, if you don't mind, which is we actually had some of our newer solutions like access control and the WiFi projects that we've completed to date actually have been completed at modest modest profit. So as those other solutions become more a prominent portion of our total revenue. And those will help as well as the additional investments in technologies and efficiencies that we have BILL, Inc.

我還想補充另一點，湯姆，如果你不介意的話，我們實際上有一些較新的解決方案，例如存取控制和我們迄今為止完成的 WiFi 專案實際上是以適度的適度完成的利潤。因此，隨著這些其他解決方案成為我們總收入的重要組成部分。這些以及我們對 BILL, Inc. 的技術和效率的額外投資都將有所幫助。

Okay, great. Thanks. Just one on WiFi, if I could you had think some large reach trialing. It was just hoping you could share kind of your updated or latest thinking about kind of how you think the timeframe between kind of a trial and presuming it goes well, sort of full deployment might look like, you know, over the coming years. And then just this dynamic where folks are kind of deferring some of the IoT implementations to wait for Y-FI. Curious whether that's a dynamic you can I don't know, sort of addressed over time, like is there any way to sort of divorce those two things or it's just given the fact that it's kind of breaking ground and it's a big construction project that's always going to be something to contend with as you rollout WiFi?

好的，太好了。謝謝。就一個 WiFi 網絡，如果可以的話，你可以考慮進行一些大範圍的試驗。只是希望你能分享你的更新或最新想法，關於你如何看待某種試驗和假設它進展順利之間的時間框架，某種全面部署可能看起來像，你知道，在未來幾年。然後就是這種動態，人們推遲了一些物聯網實施以等待 Y-FI。好奇這是否是一種動態，我不知道，隨著時間的推移，會得到解決，比如有沒有辦法將這兩件事分開，或者只是考慮到它正在破土動工，這是一個大型建設項目，當當您推出WiFi 時，總是會遇到一些需要處理的問題嗎？

Yes, good question, Tom. And I think it's something we couldn't break apart, but we actually believe it's the right way to do these implementations. So we actually are in agreement with our customers and then sort of aligned to say the right way to do this is to do it all at once. And I think the only downside to that is that it slows down the IoT deployments. But I think if you look across what we're seeing in the marketplace that our land and expand we use are really lead with IoT, it's almost morphing to where we're leading with WiFi and sort of becoming the new beachhead.

是的，好問題，湯姆。我認為這是我們無法分解的東西，但我們實際上相信這是執行這些實現的正確方法。因此，我們實際上與客戶達成了一致，然後一致認為，做到這一點的正確方法是一次完成這一切。我認為唯一的缺點是它會減慢物聯網部署。但我認為，如果你看看我們在市場上看到的情況，我們的土地和我們使用的擴展確實以物聯網為主導，那麼它幾乎正在轉變為我們以WiFi 為主導的領域，並成為新的灘頭陣地。

And that's sort of the fundamental product that we're leading with. And then we're able to draft behind at IoT at access control at other products, as you're seeing from sort of the SaaS ARPU jump that we had, where we were successful at sort of cross selling on those. But really, we've talked about this now three quarters in a row like like WiFi is definitely very important to where we're going. And that's why we announced the investment that we're making, and it's why we're we remain excited about the back half of the year, as Harold commented on.

這就是我們領先的基本產品。然後我們能夠在其他產品的存取控制方面落後於物聯網，正如您從我們的 SaaS ARPU 跳躍中看到的那樣，我們在這些產品的交叉銷售方面取得了成功。但實際上，我們已經連續四個季度討論過這個問題，就像 WiFi 對於我們要去的地方絕對非常重要一樣。這就是為什麼我們宣布我們正在進行的投資，這就是為什麼我們對今年下半年保持興奮，正如哈羅德評論的那樣。

The only thing is that that is slow to get going. As I answer the first part of your question, most customers will run a pilot or a pilot for 60 to 90 days before deciding on the next projects once those pilots are completed and we start rolling out. It's a similar cadence to IoT where it can take three, four, five years to go from sort of not having anything at your in your portfolio to having portfolio wide deployment so that that's sort of the timing. Does that answer your questions on?

唯一的問題是進展緩慢。正如我回答您問題的第一部分一樣，大多數客戶都會進行一個或多個試點 60 到 90 天，然後在這些試點完成並且我們開始推出後決定下一個專案。這與物聯網的節奏類似，從投資組合中沒有任何東西到進行投資組合廣泛部署可能需要三年、四年、五年的時間，所以這就是時機。這能回答你的問題嗎？

Brett Knoblauch, Cantor Fitzgerald.

布雷特·諾布勞赫，坎托·菲茨杰拉德。

And I think my question maybe if you could give me some idea of where the number of new units deployed you're expecting for this year? I know there's some seasonality and some are getting pushed back. But as we think into the full year, I guess what should we be expecting relative to what you did in 2023?

我想我的問題也許是您可以告訴我您預計今年部署的新單位數量在哪裡？我知道有一些季節性因素，有些則被推遲。但當我們展望全年時，我想相對於 2023 年的表現，我們該期待什麼？

Yes, Brent, we're not giving guidance on units deployed because of the divergence between revenue and units. We would invite you to please kind of we focus on revenue growth as opposed to unit growth. We grew revenue by 41% in 2023 relative to 2022. And our units deployed new units deployed in the course of 2023 was lower than the new units deployed in 2022. But in spite of that, we were able to grow our revenue by 41%, and we expect that divergence to continue, and which is why we've discontinued unit guidance.

是的，布倫特，由於收入和單位之間的差異，我們不會對部署的單位提供指導。我們邀請您請我們專注於收入成長而不是單位成長。與 2022 年相比，我們 2023 年的營收成長了 41%。我們的部隊在 2023 年部署的新部隊數量低於 2022 年部署的新部隊數量。但儘管如此，我們的收入仍成長了 41%，我們預計這種差異將繼續存在，這就是我們終止單位指導的原因。

I'd just add to that breadth, and I think we're still seeing strong demand for the IoT and that product. And we're continuing to make traction with our partners on that. So I think we're not we're not giving the number we're not guiding to it. I'm happy with the demand we're seeing in the marketplace for those products.

我只是補充一下這個廣度，我認為我們仍然看到對物聯網和該產品的強勁需求。我們將繼續與我們的合作夥伴一起推動這一點。所以我認為我們不會給出我們沒有指導的數字。我對市場上對這些產品的需求感到滿意。

Got it. And then just from the units shipped versus deployed, I guess, relationship, should we expect maybe a similar performance in '24 as you did in '23 in terms of and I guess the number of units shipped outpacing the number of units fully?

知道了。然後，僅從運輸單位與部署單位的關係來看，我想，我們是否應該期望 24 年的表現與 23 年類似，我猜運輸單位數量完全超過了單位數量？

Yes, I would expect to see that, as I mentioned earlier, our expectation is that we should have at least 50,000 hub upgrades that we ship and deploy in 2024.

是的，我希望看到，正如我之前提到的，我們的期望是我們應該在 2024 年交付和部署至少 50,000 個集線器升級。

Got it. And then I guess on the recurring revenue duration, I think it was 2.6 years last or at the end of last year and it declined to 1.6 and I guess any insight into why the big decline in that duration?

知道了。然後我想關於經常性收入持續時間，我認為去年或去年年底是 2.6 年，現在下降到 1.6 年，我想你對為什麼該持續時間大幅下降有什麼見解嗎？

Well, that's actually that's something we've been working through. And then it goes Brett, to making sure we're not locking in pricing for too long. So that's actually an intentional metric that we're trying to work into line to give ourselves the flexibility to not be locked in on on Fasson hardware pricing.

嗯，這其實是我們一直在努力解決的問題。然後布雷特要確保我們不會鎖定定價太久。因此，這實際上是我們有意採用的指標，以便讓我們靈活地避免被 Fasson 硬體定價所束縛。

Got it. Thank you. And then maybe just one quick follow-up on the and our number one -- thanks for giving that. I think it's very helpful. I guess any sense to where that metric has been and where do you see that going over the long term, given it is a new metric as it goes now?

知道了。謝謝。然後也許只是對我們的第一件事進行快速跟進——謝謝您的關注。我認為這很有幫助。我想，考慮到這個指標現在是一個新指標，您認為它的長期發展方向有意義嗎？

No. We've just started to track that in the course of the last year, it's based on a cohort of some. Think of it as same-store same-store metric. And it's a based on the number of units from December of 2022.

不。我們去年才開始追蹤這一情況，它是基於一些群體的數據。將其視為同店同店指標。這是基於 2022 年 12 月的單位數量。

But I'd just add. I think our expectation is we'll continue to see that grow knowing sort of what we're continuing to cross-sell and upsell and where we're at we're reselling additional products to existing customers. You'll see that same-store number kind of growth.

但我只想補充一下。我認為我們的期望是，我們將繼續看到這種成長，了解我們繼續交叉銷售和追加銷售的內容，以及我們正在向現有客戶轉售額外產品的情況。您會看到同店數量的成長。

Soham Bhonsle, BTIG.

Soham Bhonsle，BTIG。

Hey, guys. Just one quick one on just around this sort of gap between shipped and deployed. I just want to understand, so I especially if you have are you having a decent chunk of upgrades this year? I think, Daryl, you said that it should produce a ship unit, but not a deployed unit. Is that number, is that right? Because in my view, if it's a new unit and then if you're using a professional services person to actually deploy it, then that should come through that line as well. So if you could just clarify how that actually flows through the P&L, that would be really helpful -- the upgrade units, please.

大家好。就圍繞著這種交付和部署之間的差距，簡單介紹一下。我只是想了解，所以我特別是如果您今年有相當大的升級嗎？我想，達裡爾，你說它應該生產一個艦艇單位，而不是一個部署單位。這個數字，對嗎？因為在我看來，如果它是一個新單元，然後如果您使用專業服務人員來實際部署它，那麼也應該通過這條線。因此，如果您能澄清它實際上是如何流經損益表的，那將非常有幫助——請升級單位。

Yes. So there you're correct in your assessment of where it's going to impact the P&L, it's going to be hardware revenue and depending on how it installed, it might also involve professional services. I can foresee some instances where where the customer may choose to install it themselves, perhaps on a turn some of the of the resident unit from so much by doing it this way and not adding it to the deployed units, total deployed units, we're able to give you a metric in the total deployed units that really is representative of if we were a B to C business, the number of subscribers that we have, the total deployed units really represents the number of units that are contributing to our recurring revenue. And I think that's a really important metrics for you.

是的。因此，您對它將影響損益表的評估是正確的，這將是硬體收入，根據其安裝方式，它還可能涉及專業服務。我可以預見到在某些情況下，客戶可能會選擇自己安裝它，也許通過這種方式來安裝一些常駐單元，而不是將其添加到已部署的單元，總部署單元中，我們'我們能夠為您提供總部署單位的指標，該指標真正代表瞭如果我們是B2C 業務，我們擁有的訂戶數量，總部署單位實際上代表了為我們的經常性貢獻的單位數量收入。我認為這對你來說是一個非常重要的指標。

And at this time, there are no further questions. I would like to turn the conference over to Lucas Haldeman for closing remarks.

而此時，已經沒有其他問題了。我想請盧卡斯‧霍爾德曼 (Lucas Haldeman) 致閉幕詞。

Thank you, Audra, and they've you all for joining us for our Q4 call and look forward to talking to you soon and seeing some of you in person. Thanks a lot.

謝謝你，Audra，感謝你們參加我們的第四季度電話會議，並期待很快與你們交談並親自見到你們中的一些人。多謝。

And this concludes today's conference call. Thank you for your participation. You may now --

今天的電話會議到此結束。感謝您的參與。你現在可以——