SmartRent Inc (SMRT) 2024 Q1 法說會逐字稿

Ladies and gentlemen, thank you for standing by. We'd like to welcome you to today's conference. This is the SmartRent Q1 2024 conference call. (Operator Instructions)

女士們先生們，謝謝你們的支持。我們熱烈歡迎您參加今天的會議。這是 SmartRent 2024 年第一季電話會議。（操作員說明）

I would like to start our call and turn our call over to Kristen Lee, General Counsel for SmartRent. Kristen, you may begin.

我想開始我們的電話並將我們的電話轉給 SmartRent 總法律顧問 Kristen Lee。克里斯汀，你可以開始了。

Hello, and thank you for joining us today. My name is Kristen Lee, General Counsel for SmartRent. I'm joined today by Lucas Haldeman, Chairman and CEO; and Daryl Stemm, CFO, who will be taking you through our financial results as well as discussing guidance. Before the market opened today, we issued our earnings release and filed our 10-Q with the SEC, both of which are available on the Investor Relations section of our website, smartrent.com.

您好，感謝您今天加入我們。我叫 Kristen Lee，SmartRent 的總法律顧問。今天，董事長兼執行長盧卡斯·霍爾德曼 (Lucas Haldeman) 也加入了我的行列。財務長 Daryl Stemm 將帶您了解我們的財務表現並討論指導意見。在今天開盤前，我們發布了收益報告，並向 SEC 提交了 10-Q 報告，這兩項內容均可在我們網站 smartrent.com 的投資者關係部分獲取。

Before I turn the call over to Lucas, I would like to remind everyone that the discussion today may contain certain forward-looking statements that involve risks and uncertainties. Various factors could cause our actual results to be materially different from any future results expressed or implied by such statements.

在我把電話轉給盧卡斯之前，我想提醒大家，今天的討論可能包含某些涉及風險和不確定性的前瞻性陳述。各種因素可能導致我們的實際結果與此類聲明明示或暗示的任何未來結果有重大差異。

These factors are discussed in our SEC filings, including our annual report on Form 10-K and quarterly reports on Form 10-Q. We undertake no obligation to provide updates regarding forward-looking statements made during this call, and we recommend that all investors review reports thoroughly before taking a financial position in SmartRent.

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 表年度報告和 10-Q 表季度報告。我們沒有義務提供有關本次電話會議期間所做的前瞻性陳述的更新，我們建議所有投資者在對 SmartRent 進行財務定位之前徹底審查報告。

Also, during today's call, we will refer to certain non-GAAP financial measures. A discussion of these non-GAAP financial measures, along with the reconciliation to the most directly comparable GAAP measure is included in today's earnings release. We would also like to highlight that our first quarter earnings presentation is available on the Investor Relations section of our website.

此外，在今天的電話會議中，我們將提及某些非公認會計準則財務指標。在今天的收益發布中包含了對這些非公認會計原則財務指標的討論，以及與最直接可比較的公認會計原則指標的調節。我們還想強調的是，我們的第一季財報可在我們網站的投資者關係部分找到。

And with that, I will turn the call over to Lucas.

這樣，我會將電話轉給盧卡斯。

Good morning. Thank you to everyone for joining us today. This morning, we reported revenue of $50.5 million for the quarter with nearly $12 million coming from SaaS recurring revenue products. Our SaaS business improved by 32% year over year, driven by a combination of increased total deployed units as well as continued gains in our cross selling strategy.

早安.感謝大家今天加入我們。今天早上，我們報告本季營收為 5,050 萬美元，其中近 1,200 萬美元來自 SaaS 經常性收入產品。我們的 SaaS 業務年增了 32%，這得益於總部署單位的增加以及交叉銷售策略的持續成長。

We reported positive adjusted EBITDA of almost $400,000, beating our guidance and marking our second consecutive quarter of positive adjusted EBITDA. Additionally, we ended the quarter with almost 750,000 deployed units, a 24% increase from the previous year. We continue to see increasing demand in the market for Community WiFi. And as we previously announced, we are taking advantage of our strong financial position by investing in projects aimed at significantly expanding our Community WiFi offerings.

我們公佈的調整後 EBITDA 為正值，接近 400,000 美元，超出了我們的指引，標誌著我們連續第二個季度實現調整後 EBITDA 為正值。此外，本季末我們部署了近 75 萬個設備，比前一年增加了 24%。我們繼續看到社區 WiFi 市場的需求不斷增長。正如我們之前宣布的，我們正在利用我們強大的財務狀況，投資旨在顯著擴展我們社區 WiFi 產品的項目。

This initiative involves onboarding new talent as well as developing advanced technologies, aligning with our vision to dominate the early-stage multifamily community WiFi market. As we look to the future, our strategy remains steadfast in scaling our solutions to meet the growing demands of the rental housing industry. This scalability is facilitated by our deep understanding of our clients' needs, as demonstrated by the launch of a new software feature in the quarter that allows self-guided tour customers to take advantage of key functionality and answer automation, making it easier for residents to tour properties and saving significant time for leasing teams.

該計劃涉及引進新人才以及開發先進技術，這與我們主導早期多家庭社區 WiFi 市場的願景一致。展望未來，我們的策略仍然堅定不移地擴展我們的解決方案，以滿足租賃住房行業不斷增長的需求。這種可擴展性得益於我們對客戶需求的深入了解，本季度推出的新軟體功能證明了這一點，該功能允許自助遊客戶利用關鍵功能和應答自動化，使居民更容易參觀房產並為租賃團隊節省大量時間。

We prioritize innovations and SaaS that encourage deeper adoption of our solutions and facilitate cross-selling amongst our portfolio of offerings. Beyond our innovative software features a key differentiator for SmartRent and a critical purchasing factor for clients is our commitment to creating true integrations with leading property management systems.

我們優先考慮創新和 SaaS，鼓勵更深入地採用我們的解決方案並促進我們的產品組合之間的交叉銷售。除了我們的創新軟體功能外，SmartRent 的一個關鍵區別和客戶的關鍵購買因素是我們致力於與領先的物業管理系統創建真正的整合。

Integrations are essential for our customers because they ensure smooth data flow between their existing systems and the SmartRent platform, driving automation and saving time. We offer an extensive array of integrations and similar to new products we have a road map of integrations, we plan to add and enhanced to better serve our customers.

整合對於我們的客戶至關重要，因為它們可以確保現有系統和 SmartRent 平台之間的資料流暢流動，從而推動自動化並節省時間。我們提供廣泛的集成，與新產品類似，我們有一個集成路線圖，我們計劃添加和增強，以更好地為我們的客戶服務。

Our approach to deeply integrating with leading rental housing platforms, reduces vendor fatigue, automates processes and delights residents, ultimately leading to increased adoption of our solutions. As we progress through 2024, our strategic vision remains sharply defined and our approach resilient. We are not merely participants in the market, but at its forefront, spearheading innovation and consistently delivering substantial value.

我們與領先的租賃住房平台深度整合的方法可以減少供應商的疲勞，實現流程自動化並讓居民滿意，最終導致我們的解決方案的採用率增加。隨著 2024 年的進展，我們的策略願景仍然清晰明確，我們的方法仍然具有彈性。我們不僅是市場的參與者，而且處於市場的最前沿，引領創新並持續創造巨大的價值。

Now I will pass the discussion to Daryl, who will provide detailed insights into our financial performance and share our outlook.

現在我將把討論轉給達裡爾，他將提供有關我們財務表現的詳細見解並分享我們的前景。

Thank you, Lucas. The first quarter marked another period of significant progress for smart rent. We continue to demonstrate strong SaaS revenue growth expansion in our gross margins and sustained adjusted EBITDA profitability amidst the complex dynamics of the markets we serve.

謝謝你，盧卡斯。第一季標誌著智慧租賃又一個重大進展時期。在我們所服務的市場的複雜動態中，我們繼續展示強勁的 SaaS 收入成長、毛利率和持續調整的 EBITDA 獲利能力。

Total revenue for the quarter reached $50.5 million, which reflected a strategic realignment from last year's record Q1 with revenue streams diversifying further into more sustainable recurring sources. By revenue stream, hardware revenue was $29.1 million, professional services was $3.5 million and hosted services was $18 million for Q1 of 2024.

該季度的總收入達到 5,050 萬美元，這反映出與去年創紀錄的第一季相比進行的策略調整，收入來源進一步多元化，轉向更可持續的經常性來源。按收入來源劃分，2024 年第一季硬體收入為 2,910 萬美元，專業服務收入為 350 萬美元，託管服務收入為 1,800 萬美元。

Hardware and professional services revenue were both down year over year. The decrease in hardware revenue was almost equally attributable to a decrease in hardware RPU, primarily driven by the change in our product mix, which was more heavily weighted to our Alloy SmartHome hardware and a decrease in the number of units shipped.

硬體和專業服務收入均較去年同期下降。硬體收入的下降幾乎同樣歸因於硬體 RPU 的下降，這主要是由我們的產品組合的變化所推動的，其中我們的 Alloy SmartHome 硬體所佔的比重更大，並且出貨量的減少。

The decrease in professional services revenue was primarily attributable to a decrease in new units deployed. SaaS ARR increased to $47.6 million in Q1 from $36 million in Q1 of 2023, an increase of 32% year over year. Primary drivers of SaaS growth were a 24% increase in total units deployed and upselling and cross-selling our comprehensive platform solutions. SaaS ARPU was $5.41 in Q1, a 4% increase year over year.

專業服務收入的下降主要是由於部署的新設備減少所致。SaaS ARR 從 2023 年第一季的 3,600 萬美元增至第一季的 4,760 萬美元，年增 32%。SaaS 成長的主要驅動力是部署總數增加 24%，以及我們綜合平台解決方案的追加銷售和交叉銷售。第一季 SaaS ARPU 為 5.41 美元，年成長 4%。

During the first quarter of 2024, we increased our total deployments to nearly 750,000 units with about 30,000 new units deployed. Shipments for the quarter were just under 52,000 units. Additionally, our smart operation solution is servicing roughly 1.3 million units. Bookings for the quarter were approximately $38.8 million, including more than 46,000 new units booked.

2024 年第一季度，我們將總部署量增加到近 75 萬台，其中新部署了約 3 萬台。該季度的出貨量略低於 52,000 台。此外，我們的智慧營運解決方案正在為約 130 萬台設備提供服務。本季的預訂量約為 3,880 萬美元，其中新預訂量超過 46,000 套。

Bookings ARR was $4 million, and units booked ARPU was $7.16 per unit, leading us to believe SaaS ARPU will continue to increase. In the first quarter of 2024, gross margin increased to 38.5% from 14% in the same quarter of the previous year. This substantial improvement can be attributed to a favorable change in our product mix, which was more heavily weighted to our Alloy SmartHome hardware.

預訂 ARR 為 400 萬美元，預訂單位 ARPU 為每單位 7.16 美元，使我們相信 SaaS ARPU 將繼續成長。2024年第一季度，毛利率從上年同季度的14%增至38.5%。這項重大改進可歸因於我們產品組合的有利變化，其中我們的合金智慧家居硬體佔據了更大的比重。

Gross profit increased by over $10 million in Q1 to $19.4 million from $9.1 million in the same period of 2023. Hardware gross profit more than doubled to $10.4 million from $4.8 million as product mix drove expanded margins. Within our SaaS business, gross margin improved to 75.1% from 73.4% a year ago. Hosted services gross profit increased to $12 million from $9.2 million last year and continues to be our most profitable revenue stream.

第一季毛利從 2023 年同期的 910 萬美元增加到 1,940 萬美元，成長超過 1,000 萬美元。由於產品組合推動利潤率擴大，硬體毛利從 480 萬美元成長了一倍多，達到 1,040 萬美元。在我們的 SaaS 業務中，毛利率從一年前的 73.4% 提高到 75.1%。託管服務毛利從去年的 920 萬美元增加到 1,200 萬美元，並且仍然是我們最賺錢的收入來源。

Professional services gross loss narrowed to $3 million from $4.9 million in the same quarter of the previous year. Total operating expenses were $29.6 million in the first quarter of 2024, increasing from $24.4 million in Q1 of 2023. The 2024 results included a onetime accrual of $5.3 million, resulting from an ongoing contractual dispute with a supplier as disclosed in our filings, $5 million of which is attributable to our expected return of inventory, which we believe is not satisfactory for our customer needs, and a cash payment of approximately $300,000.

專業服務毛虧損從去年同期的 490 萬美元收窄至 300 萬美元。2024 年第一季的總營運費用為 2,960 萬美元，高於 2023 年第一季的 2,440 萬美元。2024 年的業績包括一次性應計530 萬美元，這是由於我們的文件中披露的與供應商之間持續存在的合約糾紛造成的，其中500 萬美元歸因於我們預期的庫存退貨，我們認為這不能滿足我們的客戶需求，以及約30萬美元的現金付款。

Excluding this accrual, our operating expenses were similar to last year's first quarter. Improved gross margins and continued cost controls helped us achieve positive adjusted EBITDA for the second consecutive quarter and an improvement from a loss of $8.5 million in Q1 2023. At the end of Q1 2024, our total cash balance was $205 million, a reduction of $11 million from the prior quarter. The decrease in cash this quarter was primarily due to the repurchasing of approximately $4.4 million in stock and the payment of annual cash bonuses to our employees.

除去這項應計費用，我們的營運費用與去年第一季相似。毛利率的提高和持續的成本控制幫助我們連續第二個季度實現了正調整 EBITDA，並比 2023 年第一季的 850 萬美元虧損有所改善。截至 2024 年第一季末，我們的現金餘額總額為 2.05 億美元，比上一季減少 1,100 萬美元。本季現金減少主要是由於回購約 440 萬美元的股票以及向員工支付年度現金獎金。

Our guidance for the second quarter and full year 2024 are as follows. Q2 guidance for revenue in the range of $49 million to $55 million and adjusted EBITDA in the range of negative $500,000 to positive $500,000. Full year 2024 guidance is unchanged with revenue in the range of $260 million to $290 million and adjusted EBITDA in the range of $5 million to $8 million. Our financial strategy is designed to secure a durable and resilient future for SmartRent, ensuring stable long-term earnings to create shareholder value.

我們對 2024 年第二季和全年的指導如下。第二季營收指引為 4,900 萬美元至 5,500 萬美元，調整後 EBITDA 為負 50 萬美元至正 50 萬美元。2024 年全年指引維持不變，營收在 2.6 億至 2.9 億美元之間，調整後 EBITDA 在 500 萬至 800 萬美元之間。我們的財務策略旨在確保 SmartRent 擁有持久且富有彈性的未來，確保穩定的長期收益以創造股東價值。

And 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. Before we turn the call over to questions, I want to provide some color on the macro trends we are seeing in the rental housing industry. Factors such as persistently higher interest rates, slowing rent growth and increasing supply are creating headwinds for many of our customers. Customers are taking markedly different approaches to navigate the landscape. On the one side, we see a group of customers who are seizing the opportunity to accelerate their investments and leveraging our technology to gain a competitive edge in challenging times.

謝謝你，達裡爾。在我們將電話轉入提問之前，我想先介紹一下我們在租賃住房行業看到的宏觀趨勢。利率持續走高、租金成長放緩和供應增加等因素為我們的許多客戶帶來了阻力。客戶正在採取明顯不同的方法來應對環境。一方面，我們看到一群客戶正在抓住機會加速投資，並利用我們的技術在充滿挑戰的時期獲得競爭優勢。

Conversely, we are also seeing a segment of our customer base, taking a more cautious stance, cutting back on investments and focusing on cash preservation. For those customers focused on cost savings, SmartRent is uniquely positioned to provide asset protection solutions to safeguard against potential water damage and lower insurance premiums.

相反，我們也看到一部分客戶群採取更謹慎的立場，削減投資並專注於現金保存。對於那些注重節省成本的客戶，SmartRent 具有獨特的優勢，可提供資產保護解決方案，以防範潛在的水災並降低保險費。

In addition, our self-guided tour platform has allowed our customers to significantly reduce the number of on-site employees. One customer publicly stated they reduced leasing staff by more than 40%. Another client who is investing a [Centerspace], who recently piloted 10 communities with our smart apartment solutions, including smart locks, thermostats, leak sensors and our resident mobile app, all powered by the SmartRent manager platform.

此外，我們的自助遊平台讓我們的客戶大幅減少了現場員工數量。一位客戶公開表示，他們將租賃人員減少了40%以上。另一位正在投資[Centerspace] 的客戶最近在10 個社區試點了我們的智慧公寓解決方案，包括智慧鎖、恆溫器、洩漏感測器和我們的居民行動應用程序，所有這些都由SmartRent 管理平台提供支持。

The pilot yielded such positive results that Centerspaces implementing our solutions and 38 additional communities in its next phase, and they have shared with investors and expect to generate an additional $3 million or more in cash flow due to rent premiums and savings on water leaks.

這項試點取得瞭如此積極的成果，Centerspaces 在下一階段實施了我們的解決方案，並在另外38 個社區中實施，他們已與投資者分享，預計由於租金溢價和漏水節省，將產生額外300 萬美元或更多的現金流。

Centerspace is just one example of why smart rent stands out as a leader shaping the future of the rental housing industry. Our unique position stems from being the only provider to deliver purpose-built hardware software and in the end implementation and support. These competitive advantages are deeply embedded into the experience of our customers offering the most comprehensive solution that is unmatched in the market.

Centerspace 只是智慧租賃脫穎而出，成為塑造租賃房屋產業未來的領導者的一個例子。我們的獨特地位源自於我們是唯一提供專用硬體軟體以及最終實施和支援的供應商。這些競爭優勢已深深融入我們客戶的體驗中，提供市場上無與倫比的最全面的解決方案。

As we look to the second half of 2024, our outlook is reinforced by the durable, scalable nature of our offerings and our proven track record as a trusted provider to the top names in real estate. This positions us exceptionally well to capture significant market share and sustain our growth.

展望 2024 年下半年，我們產品的耐用性、可擴展性以及我們作為房地產頂級品牌值得信賴的供應商的良好記錄增強了我們的前景。這使我們能夠非常有利地佔領重要的市場份額並維持我們的成長。

Before we conclude, I want to extend my deepest thanks to our dedicated team at SmartRent, your creativity and commitment our pivotal in driving our success and continuing to innovate solutions that create connected communities our customers are proud to manage.

在結束之前，我要向 SmartRent 的敬業團隊表示最深切的感謝，你們的創造力和奉獻精神是推動我們成功的關鍵，並持續創新解決方案，創建我們的客戶自豪地管理的互聯社區。

Thank you to everyone for joining today's call. We'll now open the line and take your questions.

感謝大家參加今天的電話會議。我們現在將開通電話並回答您的問題。

(Operator Instructions)

（操作員說明）

Erik Woodring, Morgan Stanley.

艾瑞克‧伍德林，摩根士丹利。

Great. Thank you, so much for taking my questions this morning. Maybe Lucas, I just wanted to touch on those last kind of macro comments that you made. Realize that your solutions can provide long-term cost savings. Obviously, the Centerspace example, is a clear example of that. But if an operator is focused on the bottom line today, I guess I would think that there would be risk to them pulling forward spend and making investments in your solutions even if that long term, IRR pans out.

偉大的。非常感謝您今天早上回答我的問題。也許盧卡斯，我只是想談談你最後發表的宏觀評論。認識到您的解決方案可以提供長期的成本節約。顯然，Centerspace 的例子就是一個明顯的例子。但如果營運商今天專注於利潤，我想我會認為他們會存在提前支出並對您的解決方案進行投資的風險，即使從長遠來看，IRR 會成功。

So can you maybe just dig into that comment a bit and help us understand kind of what gives you the confidence that some of these operators will put aside, maybe these near-term investment concerns and focus more on the long-term IRR even in the environment that you described today? And then I have a follow-up, please.

那麼，您能否稍微深入研究一下該評論，幫助我們了解是什麼讓您有信心，其中一些運營商可能會拋開這些短期投資擔憂，而更多地關注長期 IRR，即使在您今天所描述的環境？然後我有一個後續行動，請。

You're right, Erik, thanks for the question. I think that you kind of illustrate the dichotomy that we're seeing. And so there's sort of that push and pull. Just to note, I want to make clear though, is it's not so much they are preserving cash as these expenses come out of CapEx. And so they're going to spend the dollars on something. It's just a matter of they're spending the minimum amount of CapEx dollars they need to spend, as opposed to in some years when rents are growing fast and we're having good times, we'll see them pull forward and put more towards investments. And now just making sure we get our portion of that, that CapEx that they're that they're spending it on.

你是對的，艾瑞克，謝謝你的提問。我認為你有點說明了我們所看到的二分法。所以這就存在著某種推力和拉力。但需要指出的是，我想澄清的是，與其說他們保留了現金，不如說這些費用是來自資本支出。所以他們會把錢花在某些東西上。這只是他們花費了他們需要花費的最低資本支出的問題，而不是在某些年份，當租金快速增長並且我們過得很好的時候，我們會看到他們向前推進並投入更多資金投資。現在只是確保我們得到我們的那一部分，即他們正在花費的資本支出。

But it is definitely a tougher environment, especially around new customers and bringing on new logos, a lot of and that's why we brought up the Centerspace, they've been in pilot, they understand the value, they see the value, all of our customers who we've been rolling out are kind of falling in that boat. They're continuing to roll out, but definitely the challenging macro-environment.

但這絕對是一個更艱難的環境，特別是在新客戶和引入新標誌方面，很多，這就是我們提出 Centerspace 的原因，他們一直在試點，他們了解價值，他們看到了價值，我們所有的我們一直在推出的客戶有點落入了那艘船。他們正在繼續推出，但宏觀環境肯定充滿挑戰。

Okay. That's helpful. And then my second question was, there is a clear positive relationship between units deployed, professional services revenue and professional services gross margin. In past quarters, you've talked about PS gross margins kind of breaking even by the end of 2024. I realize that journey might not be completely linear, but I guess if that's kind of the North Star that we're looking for, would imply a fairly material step up in units deployed PS revenue through the year.

好的。這很有幫助。我的第二個問題是，部署的單位、專業服務收入和專業服務毛利率之間有明顯的正相關關係。在過去的幾個季度中，您談到 PS 毛利率到 2024 年底將實現收支平衡。我意識到這個旅程可能不是完全線性的，但我想如果這就是我們正在尋找的北極星，則意味著全年部署的 PS 收入將出現相當實質的成長。

Just making sure you're kind of that's the right way to be thinking about these kind of three different line items as we look towards the end of the year and using that kind of professional services gross margin comment as the Northstar, so to speak? Thanks, so much.

只是確保您在年底時考慮這三種不同的訂單項目並使用這種專業服務毛利率評論作為北極星，可以這麼說嗎？非常感謝。

Yeah, hi, Erik. This is Daryi, and you hit the nail on the head with that one. The Northstar is that we expect to breakeven on a margin basis on the professional services stream by the end of this year. We have made over the course of the past year and we continue to make further changes to our standard operating procedures, making a better use of technology to reduce the fixed level of our expenses.

是的，嗨，埃里克。這是達伊，你的這個一語中的。北極星是我們預計到今年底專業服務流將達到利潤平衡。在過去的一年裡，我們已經並將繼續對我們的標準作業程序進行進一步的改變，更好地利用技術來降低我們的固定費用水準。

And part of the dynamic that occurred during Q1 was that more of the deployments were done by the customers themselves as opposed to what we often refer to as full deployment. So the revenue number came down a little bit, but I think the key thing is to focus on the Northstar and we've continued to reduce the fixed costs. So we feel like we're on track to achieve breakeven by the end of the year.

第一季發生的部分動態是，更多的部署是由客戶自己完成的，而不是我們通常所說的全面部署。因此收入數字略有下降，但我認為關鍵是專注於北極星，我們繼續降低固定成本。因此，我們感覺我們有望在年底前實現收支平衡。

Great. Thanks, a lot for the color now.

偉大的。謝謝，非常感謝現在的顏色。

Ryan Tomasello, KBW.

瑞安·托馬塞洛，KBW。

Hey, everyone. Thanks, for taking the questions. I wanted to hone in on some of the SaaS metrics you reported. If you can just provide some clarification on why SaaS revenue growth slowed pretty materially on a sequential basis, if there was anything to call out there from a churn perspective or just mix?

嘿大家。謝謝您提出問題。我想深入研究您報告的一些 SaaS 指標。您能否澄清一下為什麼 SaaS 收入成長環比大幅放緩，是否有任何從客戶流失角度或只是混合角度提出的問題？

And also what drove the sequential decline in SaaS ARPU? And then as a follow-up on that, in terms of the guidance, I hate to sound like a broken record, but have you considered providing more explicit guidance for SaaS revenue. I think many investors would agree that is one of the most, if not the most important driver for the stock and the color you provided there previously, I think is that SaaS revenue would grow in excess of consolidated revenue growth, which is helpful. But certainly a bit vague. So and any additional guidepost there would be appreciated. Thanks.

是什麼導致 SaaS ARPU 持續下降？作為後續行動，就指導而言，我討厭聽起來像是破紀錄的聲音，但您是否考慮過為 SaaS 收入提供更明確的指導。我認為許多投資者都會同意，這是該股最重要的驅動因素之一，也是您之前提供的顏色的最重要驅動因素之一，我認為SaaS 收入的增長將超過綜合收入的增長，這是有幫助的。但確實有點模糊。因此，如有任何額外的路標，我們將不勝感激。謝謝。

Well, I do want to reiterate that we do expect that SaaS revenue will continue to grow faster at a faster rate than total revenue. With regards to some of the specific metrics for the quarter, oftentimes, if you compare sequentially, you can see a little bit of an aberration and it has to do with the timing of the deployments. So we have a quarter that has heavier deployments on the back half of the quarter. You're going to see maybe just one full month of SaaS, but incremental SaaS revenue as opposed to a quarter where the deployments are a little more heavily weighted on the first half of the quarter. So certainly some of that happening. Q1, January has typically been a relatively slow month for us coming out of the holiday season.

嗯，我確實想重申，我們確實預計 SaaS 收入將繼續以比總收入更快的速度成長。對於本季度的一些具體指標，如果按順序進行比較，通常會發現一些偏差，這與部署的時間有關。因此，我們有一個季度的後半段部署較多。您可能會看到一整個月的 SaaS，但 SaaS 收入有所增加，而不是在上半季度部署的比重更大一些的季度。所以肯定會發生一些這樣的事情。第一季度，對我們來說，一月通常是假期過後相對緩慢的一個月。

I guess the only color I'd add to that, Ryan, this is Lucas. We're definitely looking at how we can enhance the guidance we're giving on SaaS. We're trying to internally that's been a lot of discussion, so we hear the feedback and we're taking that into consideration.

我想我唯一要添加的顏色，瑞安，這是盧卡斯。我們肯定會研究如何增強我們對 SaaS 的指導。我們正在嘗試在內部進行大量討論，因此我們會聽取反饋並考慮這一點。

Okay. That's helpful. And then second question here, just on WiFi, any update you can provide on the initial projects they were shipped, I think in the fourth quarter. Are those installations going according to plan and any early indications of demand from those customers intention to sign additional projects or the pipeline of new logos that are showing interest in WiFi and how you expect that to ramp through the balance of the year and into 2025? Thanks.

好的。這很有幫助。然後是第二個問題，就 WiFi 而言，您可以提供有關其交付的初始項目的任何更新，我認為是在第四季度。這些安裝是否按計劃進行，是否有任何早期跡象表明這些客戶有意簽署其他項目或一系列對 WiFi 表現出興趣的新徽標，以及您預計這一需求將如何在今年餘下時間和 2025 年實現增長？謝謝。

Yeah, I'll answer that one, Ryan. So I think we are continuing to see robust demand for WiFi throughout the entire multifamily rental housing segment, it's actually an area where we're seeing more interest with new customers than IoT today. And I think part of that goes to sort of the question that Erik was asked about the macro. There's actually a quicker payback on WiFi in terms of IRR basis. And so we're seeing CapEx dollars being tilted that way, which we think is a great thing and update on the projects, all the projects that were shipped in the Q4 have been either started or are nearing completion. And yes, we're continuing to have robust demand.

是的，我會回答這個問題，瑞安。因此，我認為我們將繼續看到整個多戶租賃住房領域對 WiFi 的強勁需求，實際上，我們看到新客戶對這一領域比當今的物聯網更感興趣。我認為這部分涉及到埃里克被問到的有關巨集的問題。實際上，就 IRR 而言，WiFi 的回報更快。因此，我們看到資本支出以這種方式傾斜，我們認為這是一件好事，並且對專案進行了更新，第四季度交付的所有專案都已經開始或接近完成。是的，我們的需求仍然強勁。

Thanks for taking the questions.

感謝您提出問題。

Thank you, Ryan.

謝謝你，瑞安。

(Operator Instructions)

（操作員說明）

Tom White, DA Davidson.

湯姆懷特，地方檢察官戴維森。

Great. Thanks for taking my question. I guess on the guidance, so no change to the consolidated revenue outlook for the year. So maybe you could just provide a bit more color on maybe some of the different scenarios that might result in you guys cannot only get into the low end of that versus the high end, like it's a WiFi, maybe it gets delayed for some reason. Can you get to the low end kind of just mostly on the core [business].

偉大的。感謝您提出我的問題。我猜是根據指導意見，所以今年的綜合收入前景沒有改變。所以也許你可以在一些不同的場景上提供更多的色彩，這些場景可能會導致你們不能只進入低端而不是高端，就像它是一個 WiFi，也許它會因為某種原因而延遲。你能達到主要在核心上的低端嗎[商業]。

And then just to follow up on the core IoT business and then just as a follow up. I think last quarter you talked about some customers kind of deferring some IoT implementation until the WiFi stuff happens. Can you help maybe quantify the number of units of IoT units that are kind of tied or attached to a WiFi project? Thanks.

然後只是跟進核心物聯網業務，然後只是作為跟進。我認為上個季度您談到了一些客戶推遲了一些物聯網實施，直到 WiFi 問題出現。您能否協助量化與 WiFi 專案相關或附加的 IoT 單元的數量？謝謝。

Yes, hi, Tom. This is Daryl. And the two primary factors that are going to impact the back half of the year, we -- actually let me take a step back. We talked on our previous call about some of the tailwind items that we're expecting to positively impact the second half of the year like the upgrade hardware, upgrade cycle and some SaaS renewals, as well as the expanding WiFi market. I think the two primary factors, though that are going to impact where we land in the range will be that macro conditions, the macro headwind, conditions that Lucas referred to, as well as how fast WiFi expands.

是的，嗨，湯姆。這是達裡爾。將會影響今年下半年的兩個主要因素，我們——實際上讓我退一步。我們在先前的電話會議中談到了一些我們預計會對下半年產生積極影響的順風項目，例如昇級硬體、升級週期和一些 SaaS 更新，以及不斷擴大的 WiFi 市場。我認為兩個主要因素將影響我們在該範圍內的著陸位置，即宏觀條件、宏觀逆風、盧卡斯提到的條件，以及 WiFi 擴展的速度。

Tom, thanks for your question. Any follow-up from your side.

湯姆，謝謝你的提問。您這邊的任何後續行動。

Maybe just a little color on, maybe trying to get a sense of how many IoT and implementations are tied to the WiFi deployments happening? You touched on that last quarter?

也許只是一點點色彩，也許試著了解有多少物聯網和實作與正在發生的 WiFi 部署相關？您上個季度談到這一點嗎？

Yeah, Tom, we are seeing that continue, but not at the rate we saw in the first quarter. So I think we're actually working through a number of those pilots right now and feel like next quarter, we can give a more granular update on exactly how that's progressing. But it's definitely -- it's still the case of, if an owner is interested in doing IoT and WiFi, they definitely want to do them together. And so we will see that continue to be a little bit of a headwind on the IoT. But ultimately, the total revenue is so much greater, we think it's a good trade-off.

是的，湯姆，我們看到這種情況會繼續下去，但不會達到我們在第一季看到的速度。因此，我認為我們現在實際上正在進行一些試點工作，感覺下個季度我們可以提供更詳細的最新進展。但可以肯定的是，如果業主對物聯網和 WiFi 感興趣，他們肯定想一起做。因此，我們將看到這仍然是物聯網的一個阻力。但最終，總收入要大得多，我們認為這是一個很好的權衡。

Okay. Thank you, guys.

好的。感謝你們。

(Operator Instructions)

（操作員說明）

Ryan Tomasello, KBW.

瑞安·托馬塞洛，KBW。

Thanks, for taking the follow-ups. Just on a hardware gross margins came in very strong in the quarter, I think around 35% off of memory here. Is that a sustainable run rate going forward? And if you can just give us some handholding on how we should be modeling gross margins for the balance of the year and into 2025, given the changing mix of the in-house hardware that you're deploying today?

謝謝您的跟進。僅就硬體毛利率而言，本季的毛利率非常強勁，我認為記憶體的毛利率約為 35%。這是未來可持續的運行速度嗎？鑑於您今天部署的內部硬體組合不斷變化，您能否為我們提供一些指導，幫助我們了解如何對今年剩餘時間和 2025 年的毛利率進行建模？

Yes, part of -- the change you're seeing is the increase in the number of Hub-plus-Devices, that we're shifting Q1. So Hub-plus as a quick reminder is a combination of both our traditional hub and also includes now a thermostat, which means that we have third party device fewer that we're selling.

是的，您看到的變化的一部分是集線器加設備數量的增加，我們正在第一季進行調整。因此，快速提醒一下，Hub-plus 是我們傳統集線器的組合，現在還包括恆溫器，這意味著我們銷售的第三方設備更少。

So there's a significant margin difference between when we're shipping hardware that is third party versus the Alloy SmartHome brand. And the Hub-plus went from about 10% of the total shipments in Q4 to about 30% in Q1. We do expect that that percentage will increase over the course of the year. So from that standpoint alone, we expect that it's a sustainable gross margin improvement. However, as WiFi business picks up, you can expect that they have a muted impact on the hardware margins.

因此，我們運送第三方硬體與 Alloy SmartHome 品牌的硬體之間存在顯著的利潤差異。Hub-plus 佔總出貨量的比例從第四季的 10% 左右上升到第一季的 30% 左右。我們確實預計這一百分比將在今年內增加。因此，僅從這個角度來看，我們預計這是可持續的毛利率改善。然而，隨著 WiFi 業務的回升，您可以預期它們對硬體利潤率的影響不大。

Okay. That's helpful color. Thanks, Daryl. And then just another follow-up here. In terms of the outlook going back to the puts and takes around the high and low end of the guidance, are there any meaningful customer concentrations driving expected new unit deployments for the year that again could maybe swing in our results for the year or towards the higher low end of the range?

好的。這是有用的顏色。謝謝，達裡爾。然後是另一個後續行動。就圍繞指導的高端和低端的看跌期權和看跌期權的前景而言，是否有任何有意義的客戶集中度推動了今年預期的新單位部署，這可能再次影響我們今年的業績或朝著範圍的較高低端？

No, Ryan, there's no real customer concentration there that would affect the higher or low end of the range. We have a pretty wide savers base that we're rolling out with right now.

不，瑞安，那裡沒有真正的客戶集中度會影響範圍的高端或低端。我們現在正在推出一個相當廣泛的儲戶基礎。

Got it. Okay. Thanks, for taking the follow-ups.

知道了。好的。謝謝您的跟進。

Erik Woodring, Morgan Stanley.

艾瑞克‧伍德林，摩根士丹利。

Great. Thanks so much, guys. Just one last clarification question for me. I'm just trying to think about the relationship between units booked and units deployed. I guess in the last two years or I guess maybe this is nine quarters, you've booked over just over 500,000 units. During that same time, you've only deployed a little over 400,000 units. Can you just help me understand the mismatch where that 100,000 kind of missing units -- were that effectively whet, just had to explain that mismatch. That would be helpful for me. Thank you so much.

偉大的。非常感謝，夥計們。我還有最後一個澄清問題。我只是想考慮預訂的單位和部署的單位之間的關係。我想在過去的兩年裡，或者我想這可能是九個季度，您已經預訂了超過 500,000 個單位。在此期間，您僅部署了 400,000 多個單位。你能幫我理解這種不匹配嗎？這對我很有幫助。太感謝了。

Yeah, Erik, let me give you a little color on it. Not really a mismatch in my mind, it's just that when we talk about units being delayed and units being pushed out, that's that bucket that those fall into. So we've always got a tranche of units that are signed that are going to be deployed, but are not currently scheduled for deployment are scheduled in the period farther out like we have some of the 100,000, we know is going to be Q2 and Q3 of next year deep. And so it's just a matter of all of those units will be deployed. We just don't know the exact time on both.

是的，艾瑞克，讓我給你一點顏色。在我看來，這並不是真正的不匹配，只是當我們談論單位被延遲和單位被推出時，這就是那些落入的範圍。因此，我們總是有一批已簽署將要部署的單位，但目前尚未計劃部署，而是計劃在更遠的時期內部署，就像我們擁有100,000 個單位中的一些單位一樣，我們知道將在第二季和明年Q3深入。所以這只是部署所有這些單位的問題。我們只是不知道兩者的確切時間。

Got it --

知道了--

Yes, as Lucas, mentioned earlier, some macro impact and in some cases, not only is it a delay in the customer booking the order to begin with, but in some cases and this is what he was just referring to. The booking has already occurred, but the actual deployment is being deferred.

是的，正如盧卡斯之前提到的，一些宏觀影響，在某些情況下，不僅是客戶預訂訂單的延遲，而且在某些情況下，這就是他剛才提到的。預訂已經發生，但實際部署正在推遲。

Got it.

知道了。

Thank you, guys.

感謝你們。

Thanks, Erik.

謝謝，埃里克。

Thanks you, for your question. And gentlemen, I'll turn it back over to you for any closing comments.

謝謝你的提問。先生們，我會將其轉回給你們以徵求結束意見。

Thanks, Aaron. Thanks, everyone, for joining our Q1 call and look forward to speaking with you all very soon. Have a great day.

謝謝，亞倫。感謝大家加入我們的第一季電話會議，並期待很快與大家交談。祝你有美好的一天。

Thank you. Have a great day, everybody. Take care.

謝謝。祝大家有美好的一天。小心。