SmartRent Inc (SMRT) 2025 Q1 法說會逐字稿

Thank you for standing by. My name is Van, and I will be your conference operator today. At this time, I would like to welcome everyone to the Smart rent first quarter 2025 earnings release conference call. (Operator Instructions) Thank you. I would now like to turn the call over to Kristen Lee, Chief Legal Officer. Please go ahead.

感謝您的支持。我叫範，今天我將擔任您的會議主持人。現在，我歡迎大家參加Smart rent 2025年第一季財報發布電話會議。（操作員指示）謝謝。現在我想將電話轉給首席法律官克里斯汀李 (Kristen Lee)。請繼續。

Hello and thank you for joining us today. My name is Kristen Lee, Chief Legal Officer for Smart Rent. I'm joined today by our interim Chief Executive Officer, John Dorman, and Darryl Stem, Chief Financial Officer.

您好，感謝您今天加入我們。我叫 Kristen Lee，是 Smart Rent 的首席法律長。今天與我一同出席的還有我們的臨時執行長約翰‧多爾曼 (John Dorman) 和財務長達裡爾‧斯坦 (Darryl Stem)。

Before the market opened today, we issued an earnings release and filed our 10 with the SEC, both of which will be available on the investor relations section of our website, Smartrent.com.

在今天市場開盤前，我們發布了一份收益報告，並向美國證券交易委員會提交了第 10 份文件，這兩份文件都可以在我們的網站 Smartrent.com 的投資者關係部分查閱。

Before I turn the call over to John, 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. These factors are discussed in our SEC filings, including our annual report on Form 10-K and quarterly reports on Form 10Q.

在我將電話轉給約翰之前，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。各種因素都可能導致我們的實際結果與此類陳述所表達或暗示的任何未來結果有重大差異。這些因素在我們提交給美國證券交易委員會的文件中進行了討論，包括我們的 10-K 表年度報告和 10Q 表季度報告。

We undertake no obligation to provide updates regarding forward-looking statements made during this call, and we recommend that all investors review these reports thoroughly before taking a financial position in Smart Rent.

我們不承擔提供本次電話會議中前瞻性陳述的更新的義務，我們建議所有投資者在對 Smart Rent 進行財務投資之前仔細閱讀這些報告。

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.

此外，在今天的電話會議中，我們將參考某些非公認會計準則財務指標。今天的收益報告中包含了這些非 GAAP 財務指標的討論，以及與最直接可比較的 GAAP 指標的調整。

We would also like to highlight that a fourth quarter and full year earnings presentation will be available on the investor relations section of our website and with that, I will turn the call over to John.

我們還想強調一下，第四季度和全年收益報告將在我們網站的投資者關係部分提供，然後我將把電話轉給約翰。

Good morning and thank you for joining Smart Rent's first quarter 2025 earnings call. We appreciate your continued engagement as we execute a focused plan designed to position SmartRent for long-term sustainable growth and value creation.

早安，感謝您參加 Smart Rent 2025 年第一季財報電話會議。我們感謝您的持續參與，我們正在實施一項重點計劃，旨在讓 SmartRent 實現長期永續成長和價值創造。

I've been a board member for over three years, Chairman of the board for the past year, and now interim CEO. Given this unique position, I thought it would be helpful to use my time this morning to give investors some perspective on the evolution of rent.

我擔任董事會成員已有三年多，過去一年擔任董事會主席，現在擔任臨時執行長。鑑於這一獨特的地位，我認為利用今天早上的時間向投資者介紹一些有關租金變化的觀點會很有幫助。

Our plan to drive the company to meaningful and sustainable long-term value creation and where we are in executing that plan. The Smart rent story really isn't all that complicated, and I hope to make it a little clearer this morning. Smartrent was founded with a unique vision to deploy IoT technology to transform property operations and resident experiences.

我們的計劃是推動公司實現有意義且可持續的長期價值創造，以及我們執行該計劃的進展。智慧租金的故事其實沒有那麼複雜，我希望今天早上能把它講得更清楚一些。Smartrent 成立的獨特願景是部署物聯網技術來改變物業營運和居民體驗。

Because Smartrent was built on the foundation of experience from the multi-family and single family rental operating businesses, the company's solutions were built with a very deep understanding of the needs and challenges of our customers.

由於 Smartrent 建立在多戶型和單戶型租賃營運業務經驗的基礎上，因此該公司的解決方案是在對客戶的需求和挑戰有非常深刻的理解的基礎上建立的。

Three key and distinct elements differentiated our initial solutions, drove our early success, and still largely distinguished our platform today. Number one, integrating IoT hardware devices through an enterprise scale software platform to fully deliver and maximize the ROI potential for property owners while enhancing the resident experience.

三個關鍵而獨特的因素使我們最初的解決方案與眾不同，推動了我們早期的成功，並且至今仍在很大程度上使我們的平台與眾不同。第一，透過企業規模的軟體平台整合物聯網硬體設備，充分發揮並最大化業主的投資回報潛力，同時提升住戶體驗。

Number 2, designing the software platform to fully and seamlessly integrate with existing systems in third party hardware devices rather than constraining solutions to our own branded hardware and number 3, delivering solutions with the unique expertise to deploy them in a retrofit environment rather than limiting them to new build or major renovations.

第二，設計軟體平台以完全無縫地與第三方硬體設備中的現有系統集成，而不是將解決方案限制在我們自己的品牌硬體上；第三，提供具有獨特專業知識的解決方案，以便在改造環境中部署它們，而不是將它們限制在新建或重大改造中。

This focus addresses the needs of the largest portion of the addressable market. The power and clear differentiation of these core products launched Smart rent on an initial phase of high growth during which we successfully deployed our platform with 15 of the TOP20 multi-family owners and operators in the country, as well as several of the largest single family rental operators and i buyers these early customers are still with us today.

這一重點滿足了最大目標市場的需求。這些核心產品的強大功能和明顯的差異化使智慧租賃進入了高速成長的初始階段，在此期間，我們成功地與全國 TOP20 多戶型業主和營運商中的 15 家以及幾家最大的單戶型租賃營運商和買家一起部署了我們的平台，這些早期客戶至今仍與我們合作。

This early and rapid success enabled the establishment of first mover advantage in a massive TAM. However, the company's operational processes and infrastructure, including in its sales organization, did not adapt quickly enough to the size the business had become.

這種早期的快速成功使得我們在龐大的TAM中建立了先發優勢。然而，該公司的營運流程和基礎設施（包括銷售組織）未能足夠快地適應業務規模的成長。

They reflected a culture that was too siloed and dependent on a small number of individuals and was therefore neither scalable nor sufficient to enhance our market leading position and best serve our customers. Over the past 9 months, we have made significant progress in redesigning an organization that we believe will enable sustained growth as we move to the next stage of the company's evolution.

它們反映出一種過於孤立和依賴少數人的文化，因此既不可擴展，也不足以增強我們的市場領先地位並最好地服務我們的客戶。在過去的 9 個月裡，我們在重新設計組織方面取得了重大進展，我們相信，隨著公司進入發展的下一階段，這將持續成長。

This includes the addition of seasoned leaders across sales and customer success, most notably Chief Revenue Officer Natalie Carriola, who are leading the build out of a scalable customer centric sales organization and a high impact customer success function to support long-term growth.

其中包括增加銷售和客戶成功領域的經驗豐富的領導者，最著名的是首席營收長 Natalie Carriola，她正在領導建立一個可擴展的以客戶為中心的銷售組織和高影響力的客戶成功職能，以支持長期成長。

While CEO changes are not actions that any board takes lightly, they are often necessary. I'm pleased to announce we are now in the final stages of our search. We have found multiple highly qualified candidates to asserme the permanent CEO role and expect to be able to make an announcement in the coming weeks.

雖然任何董事會都不會輕易更換首席執行官，但這往往是必要的。我很高興地宣布，我們現在正處於搜索的最後階段。我們已經找到了多位非常合格的候選人來擔任永久執行長一職，並預計在未來幾週內宣布消息。

Over the past year, in addition to completing internal organizational changes, we've strengthened the board of directors by appointing three highly experienced and proven leaders. Collectively, they bring a strong track record in operating, financial, and technology leadership at scale.

在過去的一年裡，除了完成內部組織變革之外，我們還任命了三位經驗豐富、久經考驗的領導者，加強了董事會。他們在營運、財務和技術領導方面擁有豐富的經驗。

Experience that is directly relevant to guiding Smart rent through our next phase of growth enhancing board strength and ensuring we have a fit for purpose board remains a priority as we continue to position Smart rent for long term value creation, now pivoting to today and what we are executing.

經驗與指導 Smart rent 度過下一階段的成長直接相關，增強董事會實力並確保我們擁有適合目的的董事會仍然是我們的首要任務，因為我們繼續將 Smart rent 定位為長期價值創造，現在轉向今天和我們正在執行的工作。

First, we are well into the process of addressing the company's photo market strategy and capabilities with our new sales organization and approach. Second, we initiated a significant restructuring by breaking down silos and ensuring our infrastructure is scalable.

首先，我們正透過新的銷售組織和方法來解決公司的照片市場策略和能力問題。其次，我們透過打破孤島並確保我們的基礎設施可擴展性，啟動了重大重組。

We're also refocusing our operations organization around the needs of our customers. We believe our customers will begin feeling the benefits of these changes in the near term and third, we have shifted our focus and technology investment away from developing and selling our own branded hardware components and are executing a strategy based on our four strategic pillars.

我們也根據客戶的需求重新調整了我們的營運組織。我們相信我們的客戶將在短期內開始感受到這些變化帶來的好處；第三，我們已將重點和技術投資從開發和銷售自有品牌的硬體組件轉移，並正在執行基於四大戰略支柱的戰略。

Which are first sustainable and predictable arar growth our value will be built by focusing on our hardware enabled fast model, not on selling our own hardware. Second, platform superiority. The ROI of our solutions for customers will be maximized by delivering a fully integrated enterprise scale software platform.

這是第一個可持續和可預測的增長，我們的價值將透過專注於我們的硬體支援的快速模型來建立，而不是銷售我們自己的硬體。第二，平台優勢。透過提供完全整合的企業級軟體平台，我們將為客戶實現解決方案投資回報率的最大化。

Third, operational excellence. As a SaaS company, our success will be highly dependent upon the success of our customers in deploying and maintaining our solutions and finally, collaborative innovation. Rapid and continuous innovation in building out our software platform will be critical to maintaining our position as market leader.

第三，卓越營運。作為一家 SaaS 公司，我們的成功在很大程度上取決於客戶在部署和維護我們的解決方案方面的成功以及最終的協作創新。在建立我們的軟體平台方面進行快速和持續的創新對於保持我們的市場領先地位至關重要。

We announced these strategic pillars in the third quarter of 2024 along with $10 million in strategic investments to accelerate our change. We believe the fruits of that focus and investment became visible to our customers in the most recent quarter with meaningful enhancements to our smart operations solutions.

我們在 2024 年第三季宣布了這些策略支柱，並宣布了 1000 萬美元的策略投資，以加速我們的變革。我們相信，隨著我們智慧營運解決方案的顯著增強，這種關注和投資的成果在最近一個季度已為我們的客戶所見。

We also started to deliver more focused customer engagement as we began to build a more robust customer success organization. As we have proceeded with our operational reorganization and refocusing of technology investment, we've been successful in completing over $10 million in annualized cost savings that we believe will improve cash flow and produce a more rapid return to profitability. Quite simply, we believe we can operate more efficiently and more effectively at the same time.

隨著我們開始建立更強大的客戶成功組織，我們也開始提供更有針對性的客戶參與。隨著我們進行營運重組和重新調整技術投資，我們已成功實現超過 1000 萬美元的年度成本節約，我們相信這將改善現金流並更快地實現盈利。很簡單，我們相信我們可以同時更有效率、更有效地運作。

Our conviction remains unchanged. The challenges we faced are largely execution related and solvable. Over the past nine months, our work has enhanced the board's belief that improving operating effectiveness and maturing our organization will unlock scalable long-term growth and value creation.

我們的信念沒有改變。我們面臨的挑戰主要與執行有關，而且是可以解決的。在過去的九個月裡，我們的工作增強了董事會的信念：提高營運效率和完善組織將實現可擴展的長期成長和價值創造。

Our confidence is grounded in several levers. First, Smart Rent's IoT platform solution has a long-term moat due to our hardware enabledA offering. We've sustained a customer retention rate above 99.9% over the past three years. While our hardware and hardware implementation revenues have declined over the past year, our SAS revenues grew by more than 17%, and our net revenue retention exceeded 100%.

我們的信心是基於多種因素。首先，由於我們提供硬體支持，Smart Rent 的物聯網平台解決方案擁有長期護城河。過去三年，我們的客戶保留率一直維持在 99.9% 以上。雖然我們的硬體和硬體實施收入在過去一年有所下降，但我們的 SAS 收入成長了 17% 以上，淨收入保留率超過了 100%。

Smart rent has unrivaled scale and product advantage. We believe that the unique product advantages that drove our initial wave of success and rapid growth remain. With over 800,000 units deployed, we remain the market leader.

智慧租屋擁有無可比擬的規模優勢和產品優勢。我們相信，推動我們最初的成功和快速成長的獨特產品優勢仍然存在。我們的部署量已超過 80 萬台，依然保持市場領先地位。

Number 3, the TAM is large and under penetrated, with secular tailwinds driving smart home adoption in the long term. The total market opportunity is estimated to be at least 11 to $13 billion and even our current target of Class A&B buildings owned and operated by larger companies is a 3 to $4 billion dollar opportunity. As first mover and market leader, we seek to continue to capture a large share of this market opportunity.

第三，潛在市場規模龐大，但滲透率較低，長期來看，長期的順風將推動智慧家庭的普及。預計總市場機會至少為 110 億至 130 億美元，甚至我們目前的目標——由大型公司擁有和運營的 A 級和 B 級建築——也擁有 30 億至 40 億美元的市場機會。身為先行者和市場領導者，我們力求繼續佔據這一市場機會的很大份額。

Number 4, our customers see real business ROI from adopting Smartrent. While our execution challenges have impacted relationships with our customers, they remain committed to Smartrent and want us to succeed. In a recent survey, 96% of property managers indicated that Smartrent has had a positive impact on their customer experience, and 90% view actual realization of NOI expansion as a key driver of continued investment in smart home adoption.

第四，我們的客戶透過採用 Smartrent 看到了真正的商業投資回報。雖然我們的執行挑戰影響了我們與客戶的關係，但他們仍然致力於 Smartrent 並希望我們取得成功。在最近的一項調查中，96% 的物業經理表示 Smartrent 對他們的客戶體驗產生了積極影響，90% 的物業經理認為 NOI 擴張的實際實現是繼續投資智慧家庭應用的關鍵驅動力。

Number 5, Smart rent is executing a plan to accelerate the return to delivering sustainable growth combined with profitability. While our performance in 2025 will continue to reflect that we are building our foundation for future growth, we remain confident that we will be able to show evidence of continued progress in coming quarters.

第五，Smart rent 正在執行一項計劃，以加速實現永續成長和獲利。雖然我們 2025 年的業績將繼續反映出我們正在為未來的成長奠定基礎，但我們仍然相信，我們將能夠在未來幾季展示出持續進步的證據。

Looking forward, we remain focused on scaling the business with greater efficiency while maintaining the strategic flexibility required in a dynamic market.

展望未來，我們將繼續致力於以更高的效率擴大業務規模，同時保持動態市場所需的策略靈活性。

Our aim is to achieve non-gap adjusted EBITDA profitability without sacrificing long-term growth. The strategic foundation we've laid anchored by a growing base of high margin A revenue, a more streamlined cost structure and operational focus, gives us confidence in our ability to deliver sustainable progress toward that goal. As always, execution discipline remains key.

我們的目標是在不犧牲長期成長的情況下實現非差距調整後的 EBITDA 獲利能力。我們奠定的策略基礎以不斷增長的高利潤 A 收入基礎、更精簡的成本結構和營運重點為基礎，使我們有信心朝著這一目標持續取得進展。像往常一樣，執行紀律仍然是關鍵。

To close, the last 9 months have resulted in significant change of smart rent that has strengthened our conviction that we are on the right path. We appreciate investors' active engagement with us as we continue to execute this plan.

總而言之，過去 9 個月智慧租賃發生了重大變化，這增強了我們走在正確道路上的信念。我們感謝投資者在我們繼續執行該計劃期間的積極參與。

Our North Star is unchanged to deliver long term shareholder value by scaling a high quality recurring revenue business that drives meaningful ROI for our customers and long-term value for shareholders. The work underway is intentional. The pace of change is accelerating, and we look forward to updating you on our continued progress. With that, I will turn it to Darryl to take you through our financials and key results.

我們的北極星始終不變，透過擴大高品質的經常性收入業務來實現長期股東價值，為我們的客戶帶來有意義的投資回報，為股東帶來長期價值。正在進行的工作是有意為之。變化的步伐正在加快，我們期待向您通報我們的持續進展。接下來，我將請 Darryl 向您介紹我們的財務狀況和主要業績。

Thank you, John, and good morning, everyone. We appreciate you joining our call today to discuss our first quarter 2025 results. I'll now walk through the financials and provide some additional context on how we're balancing execution, margin management, and strategic investment across the business.

謝謝你，約翰，大家早安。感謝您今天參加我們的電話會議，討論我們 2025 年第一季的業績。我現在將介紹財務狀況，並提供一些有關我們如何平衡整個業務的執行、利潤管理和策略投資的額外背景資訊。

Total revenue for the first quarter was $41.3 million down 18% when compared to the same period in the prior year. Hardware revenue was $18.8 million down 35% year over year, which is a continued reflection of our strategic decision to reduce reliance on hardware sales as we focus on expanding our annual recurring revenue.

第一季總營收為 4,130 萬美元，與去年同期相比下降 18%。硬體收入為 1,880 萬美元，年減 35%，這繼續反映了我們減少對硬體銷售依賴的策略決策，因為我們專注於擴大年度經常性收入。

SaaS revenue grew 17% year over year to $14 million supported by improved ARPU, expanded platform utility, and continued strength in customer retention. In terms of unit economics, SaaS ARPU increased to $5.69 up 5% from the prior year and up slightly on a sequential basis.

SaaS 營收年增 17%，達到 1,400 萬美元，這得益於 ARPU 的提高、平台實用性的擴大以及客戶保留率的持續增強。從單位經濟效益來看，SaaS ARPU 增至 5.69 美元，較上年增長 5%，較上年同期成長。

Units booked SaaS ARPU reached $10.28 which was a 44% increase year over year. We believe these trends validate the value proposition of our platform and our strategy of placing the customer at the center of how we deploy, engage, and grow revenue.

預訂 SaaS 單位的 ARPU 達到 10.28 美元，年增 44%。我們相信這些趨勢驗證了我們平台的價值主張以及將客戶置於我們部署、參與和增加收入的中心的策略。

Gross margin in Q1 was 32.8% compared to 38.5% in the prior year. This compression of roughly 570 basis points was expected and driven primarily by lower hardware volume and a shift in customer and product mix as we move away from bulk hardware sale.

第一季毛利率為 32.8%，去年同期為 38.5%。預計壓縮約 570 個基點，這主要是由於我們不再銷售批量硬件，導致硬體銷售下降，以及客戶和產品結構發生變化。

Sass's gross margin remains strong at 70.7%, and we continue to believe SaaS margins can expand over time with scale and further infrastructure optimization. Operating expenses were $29.9 million including a $5 million legal accrual compared to $29.6 million in the prior year.

Sass 的毛利率仍保持強勁，達到 70.7%，我們仍然相信，隨著規模的擴大和基礎設施的進一步優化，SaaS 利潤率將隨著時間的推移而擴大。營運費用為 2,990 萬美元，其中包括 500 萬美元的法律應計費用，而前一年為 2,960 萬美元。

Net losses increased to $40.2 million compared to $7.7 million in the same period prior year, primarily due to a non-cash goodwill impairment charge of $24.9 million. During the quarter, the company experienced the sustained decline in stock price, resulting in a significant decrease in market capitalization.

淨虧損從去年同期的 770 萬美元增至 4,020 萬美元，主要原因是非現金商譽減損費用為 2,490 萬美元。本季度，公司股價持續下跌，導致市值大幅減少。

As a result, the company conducted an interim impairment test on its goodwill, utilizing the qualitative approach and determined that an impairment is more likely than not. As a result, the company then performed an interim quantitative impairment test in accordance with GAAP.

因此，該公司對其商譽進行了中期減損測試，採用定性方法，並確定減損的可能性較大。因此，該公司隨後根據 GAAP 進行了中期定量減損測試。

The resulting impairment charge reflects a GAAP accounting adjustment based on a mix of income approach and market-based approach that does not represent a change in the company's view of the intrinsic or long-term value of the business.

由此產生的減損費用反映了基於收益法和市場法相結合的 GAAP 會計調整，並不代表公司對業務內在價值或長期價值的看法發生變化。

Adjusted EBITDA was $6.4 million a year over year decline of $6.8 million reflecting lower unit volumes. We have executed over $10 million in cost savings as part of a broader initiative to simplify our structure, reduce cash burn, and reorient the organization around customer value. These actions are enabling us to invest in critical areas including go to market capability, implementation efficiency, and post-sale engagement without expanding our cost base.

調整後的 EBITDA 為 640 萬美元，較上年同期的 680 萬美元下降，反映出單位銷售下降。作為簡化結構、減少現金消耗和圍繞客戶價值調整組織的更廣泛舉措的一部分，我們已經節省了超過 1000 萬美元的成本。這些行動使我們能夠在不擴大成本基礎的情況下投資關鍵領域，包括進入市場能力、實施效率和售後參與。

We also remain disciplined in capital allocation. During the quarter, we repurchased approximately $1 million shares for $1.2 million leaving $20.4 million authorized under our existing buyback program. We ended the quarter with $125.6 million in cash, no debt, and $75 million in undrawn credit, a strong balance sheet that gives us the flexibility to continue executing from a position of strength.

我們在資本配置方面也保持紀律。在本季度，我們以 120 萬美元的價格回購了約 100 萬美元的股票，而我們現有的回購計畫授權的金額為 2,040 萬美元。本季結束時，我們擁有 1.256 億美元現金，沒有債務，且有 7,500 萬美元未提取信貸，強勁的資產負債表使我們能夠靈活地繼續保持優勢地位。

Net cash used in operating activities in the first quarter was $12.2 million which, as we've noted in prior years, tends to be seasonally higher in Q1. Looking ahead to Q2, we do not expect a significant improvement in cash use as the benefits of our cost reduction efforts will be offset by severance payments and other one-time items.

第一季經營活動所用淨現金為 1,220 萬美元，正如我們在前幾年所指出的那樣，第一季的季節性現金流往往較高。展望第二季度，我們預期現金使用不會有顯著改善，因為我們削減成本的努力所帶來的好處將被遣散費和其他一次性項目所抵銷。

That said, we do expect to see meaningful improvement in net cash use in the second half of the year, driven by the full benefit of these cost savings actions and improved operating leverage. We're not yet free cash flow positive, but we believe we're taking disciplined steps to get there. Reducing expenses, improving efficiency, and aligning the business to a more durable recurring revenue model.

儘管如此，我們確實預計下半年淨現金使用量將顯著改善，這得益於這些成本節約措施和營運槓桿的提高。我們的自由現金流尚未變為正數，但我們相信我們正在採取有紀律的步驟來實現這一目標。減少開支，提高效率，並使業務與更持久的經常性收入模式保持一致。

We continue to monitor our cash position closely and remain confident in our ability to execute our plan while maintaining sufficient balance sheet flexibility. We're balancing discipline expense management with targeted reinvestment in areas aligned to long-term growth and profitability.

我們將繼續密切監控我們的現金狀況，並對我們執行計劃的能力充滿信心，同時保持足夠的資產負債表彈性。我們正在平衡紀律費用管理與符合長期成長和獲利能力的領域的有針對性的再投資。

While we're not providing a sales outlook at this time due to a number of macro factors impacting customer purchasing decisions, we remain focused on building long-term customer value and strengthening recurring revenue.

由於許多宏觀因素影響客戶的購買決策，我們目前沒有提供銷售前景，但我們仍然專注於建立長期客戶價值和加強經常性收入。

Finally, I want to note that recently announced tariff developments could present cost pressure in the second half of 2025. We're actively assessing the potential impact and working through mitigation strategies to address exposure.

最後，我想指出的是，最近宣布的關稅變化可能會在 2025 年下半年帶來成本壓力。我們正在積極評估潛在影響並制定緩解策略來應對影響。

We remain confident in our strategy, our market position, and our ability to execute with discipline. Thank you for your continued support. We will now open the line and take your questions. At this time.

我們對我們的策略、市場地位以及嚴格執行的能力充滿信心。感謝您一直以來的支持。我們現在開通熱線並回答您的問題。此時。

(Operator Instructions) Your first question comes from the line of Ryan Tomasello from KBW. Please go ahead.

（操作員指示）您的第一個問題來自 KBW 的 Ryan Tomasello。請繼續。

Take any questions starting on the restructuring actions. Do the $10 million of savings you called out represent the full benefit that you ultimately expect to realize there or are you expecting to drive more efficiencies on top of that, and then how much of that $10 million is Run rating through your adjusted EBITDA in one key results and if not the full benefit, when should we expect that to flow through.

回答有關重組行動的任何問題。您所說的 1000 萬美元節省是否代表您最終期望實現的全部收益，還是您期望在此基礎上提高效率，那麼這 1000 萬美元中有多少是通過調整後的 EBITDA 在一個關鍵結果中實現的，如果不是全部收益，我們應該何時預期它能夠實現。

Hi Ryan, this is Darryl. The $10 million annualized savings are actions that we've taken, but we took them in April, so you're not seeing any adjustments for severance or any of the one-time charges related to these actions in the Q1 result from a cash flow perspective, it'll be relatively neutral in Q2, as we just noted. We'll start to see a little bit of the benefits on adjusted heat during Q2, but you won't see the full effect until Q3.

你好，Ryan，我是 Darryl。1000 萬美元的年度化節省是我們已採取的行動，但我們是在 4 月份採取的，因此從現金流角度來看，您在第一季度的業績中不會看到任何遣散費調整或與這些行動相關的一次性費用，正如我們剛才指出的那樣，第二季度的業績將相對中性。我們將在第二季開始看到調整熱量帶來的一些好處，但直到第三季才能看到全部效果。

Okay, thanks. And then In terms of the sales organization build out that you've been executing, do you feel like you're in a good spot to support scalability, or do you think there's still more to go in terms of hiring needs? And on the broader operational changes you highlighted.

好的，謝謝。然後，就您所執行的銷售組織建設而言，您是否覺得自己已經處於一個可以支持可擴展性的良好位置，或者您是否認為在招聘需求方面還有更多的工作要做？以及您強調的更廣泛的營運變化。

Can you just put a finer point around what those entail in areas like customer success and I guess technology operations that you called out in your prepared remarks?

您能否更詳細地說明這些內容在客戶成功以及您在準備好的發言中提到的技術運營等領域的具體含義？

First on the sales build out, we think we've completed the initial wave of build out of the organization, but as new salespeople take time to ramp up. So there's a little bit of a lag effect there, but we've done the initial buildout of the sales organization.

首先，在銷售擴張方面，我們認為我們已經完成了組織的第一波擴張，但新銷售人員需要時間來提升。因此存在一些滯後效應，但我們已經完成了銷售組織的初步建設。

We're still adding some talent in the customer success organization, but a great deal of that shift has come from the operational reorganization where we've, as I mentioned in the script, we've concluded we were overly siloed and we've broken down those silos and we've collapsed a lot of the customer facing operations into the customer success organization giving us more scale in the customer success organization and making a lot of our operational touch points with our customers, much more customer centered.

我們仍在為客戶成功組織增加一些人才，但這種轉變很大程度上來自於營運重組，正如我在腳本中提到的那樣，我們得出結論，我們過於孤立，我們已經打破了這些孤島，並且我們已經將許多面向客戶的運營整合到客戶成功組織中，從而使我們在客戶成功組織中擁有更大的規模，並使我們與客戶的許多運營接觸點更加以客戶為中心。

So we're quite excited about both. It is a continuing effort, we're not declaring victory or anything close to that, but we've made enough changes at this point that we're confident that we're going to start seeing the results as we move forward.

所以我們對這兩者都感到非常興奮。這是一項持續的努力，我們不會宣布勝利或任何接近勝利的事情，但我們目前已做出足夠多的改變，我們相信，隨著我們不斷前進，我們將開始看到成果。

And then I'll squeeze in one final one just considering the ongoing CEO search. How much of the broader organizational and strategy changes are you kind of hitting pause on and reserving? For the time when the new CEO on boards and can take their own kind of fresh look at how to evolve the strategy going forward. Thanks.

然後，考慮到正在進行的 CEO 搜尋，我會再擠出最後一個話題。您在多大程度上暫停並保留了更廣泛的組織和策略變革？當新任執行長加入董事會時，他們可以以自己的全新視角來思考如何發展未來的策略。謝謝。

We're really not. We're not hitting odds on right now. This is a different phase. Than the previous search phase when you know we didn't have an opportunity for somebody to step in as interim CEO. Largely because of me being a logical one and constraints on my own availability at that point in time, so we did have more things on hold during that period while the board was coming to a greater understanding of the business through the search process.

我們確實不是。我們現在不打算冒險。這是一個不同的階段。與先前的搜尋階段相比，我們沒有機會找到人來擔任臨時執行長。很大程度上是因為我是一個邏輯性很強的人，而且當時我自己的時間有限，所以在董事會透過搜尋過程對業務有更深入的了解的那段時間裡，我們確實擱置了更多的事情。

But over that period of time over the past nine months, I and the board have become very deeply engaged with the company on both strategy and execution and that allowed us, even with the recent quick turnover, to really start using that as a catalyst to accelerate our change and execute some of these organizational changes and cost cuts, and the strategy is pretty well evolved this this mapping out our plan for returning to growth and profitability.

但在過去九個月的時間裡，我和董事會在公司戰略和執行方面都進行了非常深入的參與，這使得我們即使在最近的快速人員流動下，也能真正開始利用它作為催化劑來加速我們的變革並執行一些組織變革和成本削減，並且戰略已經得到了很好的發展，規劃了我們恢復增長和盈利的計劃。

Our engagement on that with our finalist candidates is deep enough to the point where we're really confident that the handoff is going to be a smooth one without having to pause anything.

我們與最終候選人的接觸已經非常深入，因此我們非常有信心交接過程將會非常順利，無需暫停任何事情。

Great, thanks for taking the question.

太好了，謝謝你回答這個問題。

(Operator Instructions) Our next question comes from the line of Yi Fu Lee from Cantor Fitzgerald.

（操作員指示）我們的下一個問題來自 Cantor Fitzgerald 的李毅夫。

Just Go ahead.

繼續吧。

Thank you for taking my question. I just want to follow up on the CEO change from, the last caller, the last analyst. Why, like John and about, why the, quick change again, and what are the qualities? You say you're in the final stages, in finalizing the CEO search. What are the qualities you are looking to seek for?

感謝您回答我的問題。我只是想跟進上一位來電者和上一位分析師的執行長變動情況。為什麼像約翰和關於，為什麼，又快速改變，以及品質是什麼？您說您正處於 CEO 搜尋的最後階段。您希望尋求什麼樣的品質？

I think as to the first part of your question. I believe we answered that to the extent we could when we made the announcement, but I'll. I'll repeat that that quick change had nothing to do with misalignment of strategy, nothing to do with the fraud or malfeasances and nothing to do with current financial performance.

我認為這是針對你問題的第一部分。我相信我們在宣佈時已經盡力回答了這個問題，但我會。我重申一下，這種快速變化與策略錯位無關，與詐欺或瀆職無關，與當前財務表現無關。

It was initiated by the board, as was evident in our disclosures about the transition arrangements, with the. The then CEO and it was just one of those top decisions the board has to make, but as I hope we conveyed on the call this morning.

它是由董事會發起的，正如我們關於過渡安排的披露所表明的那樣。當時的首席執行官，這只是董事會必須做出的重大決定之一，但我希望我們在今天上午的電話會議上傳達了這一點。

It really wasn't a significant event in terms of affecting our execution of our plan. And also, as I believe we implied at the time we made that announcement. We were Because we were just coming off a very robust search process, we were engaged enough with multiple candidates.

就影響我們計劃的執行而言，這確實不是什麼重大事件。而且我相信我們在宣布這一消息時就已經暗示了這一點。因為我們剛剛完成了一個非常嚴格的搜尋過程，所以我們與多位候選人進行了充分的接觸。

That we've been able to move very quickly and as I said in my comments this morning, we do expect to be making an announcement in coming weeks, not and so we're moving ahead full speed with that. As to what the qualities are we're looking for, they remain the same. We want a CEO who has proven track record of executing operationally in a recurring revenue business at scale. A lot of the problems, that we we face.

我們能夠非常迅速地採取行動，正如我今天早上的評論中所說的那樣，我們確實希望在未來幾週內發佈公告，所以我們正在全速推進這一進程。至於我們所尋求的品質是什麼，它們保持不變。我們需要一位在大規模經常性收入業務中具有出色營運記錄的執行長。我們面臨很多問題。

When we launched this path of CEO transitions, we're related to not having matured the organization fast enough, and we're addressing all of those, but we're looking to bring in a CEO who has very strong ability of operating and executing a high recurring revenue business at scale.

當我們啟動這條執行長過渡之路時，我們發現組織成熟速度不夠快，我們正在解決所有這些問題，但我們希望引進一位具有強大營運能力和大規模執行高經常性收入業務能力的執行長。

Thanks for that. And the follow up, it could be Darrell or you, John. I it's, you guys have a great, NRR and very low term in your business. I'll ask them both at the same time, right? That, you mentioned about you're trying to minimize the tariff impact.

謝謝。接下來，可能是達雷爾，也可能是你，約翰。我認為，你們的業務的 NRR 很高，而且期限很短。我會同時問他們兩個，對嗎？您提到您正在努力將關稅的影響降到最低。

Can you explain how, Smart Rent is able to do so, considering, the situation is so fluid? and like with the, hire of Natalie and the fill out of the go to market team and you talk about, there's still more work to be done in terms of hiring for, customer success.

考慮到情況如此不穩定，您能解釋一下 Smart Rent 是如何做到這一點的嗎？就像您談到的聘用娜塔莉和充實市場團隊一樣，在招募以贏得客戶成功方面還有很多工作要做。

When do you believe that, the fruits of this, I guess the buildout of go to market team will infect more positively, like in terms of the timeline and that's if I'm thanking.

您什麼時候相信這一點，我想，市場團隊的建設將會產生更積極的影響，例如在時間表方面，如果我要感謝的話。

Yeah, thank you for the question. Why don't I start by addressing the tariffs and then hand it back over to John to address the sales war.

是的，謝謝你的提問。我為什麼不先解決關稅問題，然後再把解決銷售戰的任務交給約翰呢？

The tariffs are nothing new. Smart Rent has historically sourced the vast majority of its hardware devices from overseas and there's nothing to do about that. So there's been obviously significant developments recently. We believe from a from a kind of maximum exposure standpoint that we have potentially about a $2 million exposure in the back half of this year related to tariffs.

關稅並不是什麼新鮮事。Smart Rent 歷來從海外採購絕大多數硬體設備，對此我們無能為力。因此最近顯然取得了重大進展。我們認為，從最大風險敞口的角度來看，今年下半年我們可能面臨與關稅相關的約 200 萬美元的風險敞口。

That's subject to a couple of things that one would be the simple changing of the tariffs yet again, but also we began addressing the potential for tariff increases by changing where we do our own manufacturing of our own devices also with regards to third party source devices that come from overseas.

這取決於幾個因素，其中一個因素是再次簡單地改變關稅，而且我們也開始透過改變我們自己設備的製造地點來解決關稅增加的可能性，這也適用於來自海外的第三方來源設備。

Because of the lack of clarity, most of our suppliers have not committed to a particular path like passing along the cost to Smart rent. That may or may not happen in the future. And then the last point that points to potential mitigation is we are evaluating changing some of our own. Manufacturing locations again to lower tariff nations.

由於缺乏明確性，我們的大多數供應商尚未承諾採取特定途徑，例如將成本轉嫁給 Smart rent。將來這可能會發生，也可能不會發生。最後一點表明潛在的緩解措施是我們正在評估改變我們自己的一些措施。生產地點再次遷往關稅較低的國家。

And regarding the evidence of the build out of the go to market function. I wouldn't be specific on, pinpointing a quarter when that's going to be, compellingly evident for a number of factors. First of all, as you understand, new people in sales take time to ramp up.

以及關於建立市場功能的證據。由於多種因素，我無法具體指出在哪個季度這種情況會變得十分明顯。首先，如您所知，銷售新人需要時間來提升自己。

We also have which we have done our demand creation lead generation organization, and that's early days. We're also facing some macro factors still in the capital investment cycle of the multi-family market and as well as just the broader economic uncertainty right now, and then our products, as we discussed many times before, have a long sale cycle that is tied in with the capital investment cycle of our major customers.

我們也建立了需求創造潛在客戶生成組織，但這仍處於早期階段。我們也面臨著多戶型市場資本投資週期中的一些宏觀因素，以及目前更廣泛的經濟不確定性，然後，正如我們之前多次討論的那樣，我們的產品有一個較長的銷售週期，與我們主要客戶的資本投資週期相關。

So given all those factors, there remains, some degree of uncertainty as to the timings for this year. What I would characterize is that that 2025 will be a year that that is primarily foundation building with some expectation of growth. We're going to continue showing strong growth in ours and but with that foundation building, we expect to be able to show, evidence of food points along the way that will lead to more sustainable growth as we enter 2026.

因此，考慮到所有這些因素，今年的時間安排仍然存在一定程度的不確定性。我認為 2025 年將主要是基礎建設的一年，並且有望實現成長。我們將繼續保持強勁成長勢頭，但隨著基礎的建立，我們期望能夠展示一路上食品點的證據，這將在 2026 年實現更永續的成長。

I guess what are those proof points like John, is it like fast revenue as a I know it's like 13 right now, obviously Dell could chime in on this, right? What are the proof points that would make, the board and yourself and the management team be more positive throughout the year?

我想這些證據點是什麼，例如約翰，這是否像快速收入一樣，我知道它現在是 13，顯然戴爾可以對此發表意見，對吧？有哪些證據可以讓董事會、您自己和管理團隊在全年都變得更加積極？

The principal one would be the beginning of a sustainable path of acceleration in bookings. Okay, thank you very much.

最主要的是開始可持續地加速預訂量。好的，非常感謝。

Since there are no further questions, I will now turn the call back over to interim CEO John Dorman for closing remarks.

由於沒有其他問題，我現在將電話轉回給臨時執行長約翰·多爾曼 (John Dorman) 作結束語。

Thank you and thanks to all of you for joining us today. As we wrap up, I will leave you with a clear message. We both believe smart rent is a very compelling long-term opportunity for value creation. This is a company with unmasked scale, real product differentiation in a massive addressable market that's still largely untapped.

謝謝大家，也謝謝大家今天的參與。當我們結束時，我將給你們留下一個明確的訊息。我們都相信智慧租賃是一個非常引人注目的長期價值創造機會。這是一家擁有巨大規模、在尚未開發的巨大潛在市場中擁有真正產品差異化的公司。

We have over 800,000 units deployed, that retention rates north of 100%, and recurring fast revenue that grew 17% year over year while we were in the midst of fixing execution challenges.

我們已部署超過 800,000 個單元，保留率超過 100%，並且在我們解決執行挑戰的同時，經常性快速收入同比增長了 17%。

We face some near term execution challenges, but the fundamentals haven't changed. In fact, they've gotten stronger. We streamlined streamlined the business, realigned leadership, and refocused the organization around a disciplined staff strategy that prioritize. Platform of superiority and customer success.

我們面臨一些近期的執行挑戰，但基本面並沒有改變。事實上，他們已經變得更強大了。我們精簡了業務，重新調整了領導層，並圍繞優先考慮的嚴謹的員工策略重新調整了組織。優勢與客戶成功的平台。

The work we've done over the past nine months is not just about fixing what wasn't working. It's about laying the foundation for something much bigger. The smart room of tomorrow is more focused, more efficient, and more ambitious.

我們在過去九個月中所做的工作不僅僅是修復那些不起作用的東西。這是為更偉大的事情奠定基礎。未來的智慧房間更加專注、更有效率、更有野心。

So for those watching us closely, here's what I'll say. We believe the opportunity ahead of us is significant. We're executing with urgency and clarity, and we believe the value of creation potential from here is real, durable, and meaningful. Thanks again for your time, your engagement, and your continuing.

因此，對於那些密切關注我們的人來說，我想說的是以下幾點。我們相信，我們面前的機會是巨大的。我們正在緊急而清晰地執行，我們相信從這裡開始的創造潛力的價值是真實的、持久的和有意義的。再次感謝您的時間、參與和持續。

Ladies and gentlemen, that concludes today's call. Thank you all for joining. You may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝大家的加入。您現在可以斷開連線。