SmartRent Inc (SMRT) 2025 Q2 法說會逐字稿

Thank you for standing by. My name is Karen, and I will be your conference operator today. At this time, I would like to welcome everyone to the SmartRent quarter 2 2025 earnings release. (Operator Instructions)

感謝您的支持。我叫凱倫，今天我將擔任你們的會議主持人。現在，我歡迎大家參加 SmartRent 2025 年第二季財報發表會。（操作員指示）

I will now turn the call over to Kelly Reisdorf, Head of Investor Relations. Please go ahead.

現在我將把電話轉給投資者關係主管凱利·雷斯多夫 (Kelly Reisdorf)。請繼續。

Hello, and thank you for joining us today. My name is Kelly Reisdorf, Head of Investor Relations for SmartRent. I'm joined today by our President and Chief Executive Officer, Frank Martell; and Daryl Stemm, Chief Financial Officer. Before the market opened today, we issued an earnings release and filed our 10-Q with the SEC, both of which are available on the Investor Relations section of our website.

您好，感謝您今天加入我們。我叫凱莉‧雷斯多夫 (Kelly Reisdorf)，是 SmartRent 的投資人關係主管。今天與我一同出席的還有我們的總裁兼執行長 Frank Martell 和財務長 Daryl Stemm。今天開市前，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 10-Q 表，這兩份文件都可以在我們網站的投資者關係部分找到。

Before I turn the call over to Frank, 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.

在我將電話轉給弗蘭克之前，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陳述表達或暗示的任何未來結果有重大差異。

These factors are discussed in our SEC filings, including in 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 these reports thoroughly before taking a financial position in SmartRent. 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 the second quarter earnings presentation is available on the Investor Relations section of our website.

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 10-Q 表季度報告。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 SmartRent 進行財務投資之前仔細閱讀這些報告。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。我們也想強調一下，第二季財報可在我們網站的投資人關係部分查閱。

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

說完這些，我將把電話轉給弗蘭克。

Thank you, Kelly, and good morning, everyone. We appreciate you joining us for our second quarter 2025 earnings call. Before we dive into the quarter, I want to start by saying how energized I am to be stepping into the CEO role at SmartRent. Over the past year, my service on the Board of the company has provided me with critical insights into both the company's foundational strengths as well as areas we need to address to fully realize our full potential.

謝謝你，凱利，大家早安。感謝您參加我們的 2025 年第二季財報電話會議。在深入討論本季之前，我想先說一下，能夠擔任 SmartRent 的首席執行官，我感到非常興奮。在過去的一年裡，我在公司董事會任職期間，對公司的基本優勢以及充分發揮公司潛力所需解決的領域有了重要的見解。

I believe I bring to SmartRent and all of our stakeholders a significant and long established track record of generating growth and profitability while successfully navigating challenging internal and external factors. From my point of view, SmartRent's opportunities for profitable growth and sustained market leadership are compelling. We operate in a large expanding market with a purpose-driven, differentiated platform and a growing SaaS footprint.

我相信，我將為 SmartRent 和我們所有的利害關係人帶來顯著且長期的業績記錄，在成功應對內部和外部挑戰的同時，創造成長和獲利。在我看來，SmartRent 實現獲利成長和持續市場領導地位的機會非常引人注目。我們在一個不斷擴張的大型市場中運營，擁有目標驅動、差異化的平台和不斷增長的 SaaS 足跡。

As a hardware-enabled SaaS company with meaningful scale, our foundation is domain expertise and close alignment with the needs of our customers, both property owners and operators. Our solutions are retrofit-friendly, integrate seamlessly with third-party hardware and property management systems and are designed to deliver measurable ROI. With roughly 850,000 units deployed, we believe that we have significant scale advantage and are increasingly poised to leverage that advantage through continued operational efficiency. The introduction of new and enhanced capabilities across such areas as IoT, data and analytics as well as the infusion of AI into our products and operations, SmartRent delivers strong value that our customers rely on.

作為一家具有一定規模的硬體支援 SaaS 公司，我們的基礎是領域專業知識以及與客戶（包括業主和營運商）需求的緊密結合。我們的解決方案易於改造，可與第三方硬體和物業管理系統無縫集成，旨在提供可衡量的投資回報率。我們已經部署了大約 850,000 個單元，我們相信我們擁有顯著的規模優勢，並且越來越準備好透過持續的營運效率來利用這一優勢。透過在物聯網、數據和分析等領域引入新的和增強的功能，以及將人工智慧融入我們的產品和營運中，SmartRent 為我們的客戶提供了值得信賴的強大價值。

As a result, we've built sticky and long-term customer relationships. In a recent survey, 90% of property managers cited net operating income expansion as a key reason for continued investment in SmartRent. As a further proof point, our second quarter net customer revenue retention rate was 108%. We believe that our customers recognize the power of our deep domain expertise and strong platform. For these reasons and others, we believe that we are uniquely positioned to lead the category during the next phase of growth.

因此，我們建立了牢固而長期的客戶關係。在最近的一項調查中，90% 的物業經理將營業淨收入的擴大列為繼續投資 SmartRent 的關鍵原因。作為進一步的證明，我們第二季的淨客戶收入保留率為 108%。我們相信，我們的客戶認可我們深厚的領域專業知識和強大的平台的力量。由於這些原因以及其他原因，我們相信，我們擁有獨特的優勢，可以在下一階段的成長中引領該類別。

Our continued leadership will be built on a relentless focus towards operational rigor and financial discipline as we continue innovation and close customer engagement. In this regard, I will focus my remaining remarks today on key actions the company has, is and will be taking to address our near-term challenges, namely resetting our cost structure, returning the company to profitability and accelerating top line growth.

隨著我們繼續創新和密切的客戶互動，我們的持續領導地位將建立在對營運嚴謹性和財務紀律的不懈關注之上。在這方面，我今天剩下的發言將集中討論公司為應對近期挑戰已經採取、正在採取和將要採取的關鍵行動，即重置我們的成本結構、恢復公司的盈利能力和加速營收增長。

Regarding our cost productivity and reduction initiatives, at the end of the first quarter of this year, the team implemented cost actions resulting in more than $10 million in annualized savings. Over the past month, we expanded our cost reduction program by an additional $20 million. The majority of our cost reductions come primarily from workflow optimization, lower staffing levels and reduced third-party spending. The $30 million in cost reductions I just discussed should progressively benefit our financial results over the remaining months of this year.

關於我們的成本生產力和削減舉措，在今年第一季末，團隊實施了成本行動，每年節省超過 1000 萬美元。過去一個月，我們又將成本削減計畫擴大了 2,000 萬美元。我們大部分的成本削減主要來自於工作流程最佳化、降低人員配備水準和減少第三方支出。我剛才討論的 3000 萬美元的成本削減應該會逐步改善我們今年剩餘幾個月的財務表現。

Given our expected revenue run rates over the balance of this year and the impact of the cost reduction program, we believe the company is on track to achieve adjusted EBITDA and cash flow neutrality on a run rate basis exiting 2025. As of June 30, 2025, the company has a significant cash balance of $105 million. Achieving cash flow neutrality together with a disciplined push on working capital execution, which is expected to generate approximately $15 million of working capital from our balance sheet should result in us maintaining a significant cash balance. As we head into 2026.

考慮到我們對今年剩餘時間的預期收入運行率以及成本削減計劃的影響，我們相信該公司預計在 2025 年後實現調整後的 EBITDA 和現金流中性。截至 2025 年 6 月 30 日，該公司擁有 1.05 億美元的大量現金餘額。實現現金流中性，並嚴格推動營運資本執行，預計將從我們的資產負債表中產生約 1500 萬美元的營運資本，這將使我們保持大量的現金餘額。當我們邁入 2026 年。

our cash reserves will allow us to continue to fund product innovation and further operating efficiencies, resulting in a strong base for long-term success. At the same time, we are resetting our cost structure. We have taken important steps towards accelerating top line growth rates as we approach 2026. As you may recall, about a year ago, the company announced a $10 million investment to accelerate product development, enhance deployment capabilities and strengthen our go-to-market team.

我們的現金儲備將使我們能夠繼續資助產品創新和進一步提高營運效率，從而為長期成功奠定堅實的基礎。同時，我們正在重新調整成本結構。隨著 2026 年的臨近，我們已採取重要措施來加快營收成長率。您可能還記得，大約一年前，公司宣布投資 1000 萬美元，以加速產品開發、增強部署能力並加強我們的行銷團隊。

We are seeing these investments beginning to bear fruit. The rebuild of our sales organization is yielding increased customer engagement and product enhancements are gaining traction. In Q2, we recorded over 24,000 new units booked, our highest total in over a year. In addition, our SaaS revenues continue to grow, and we saw strong interest in new solutions and product enhancements like our energy dashboard and SMRT IQ, which are fueled by SmartRent's unique data advantage from having nearly 850,000 deployed units comprising over 3 million connected devices.

我們看到這些投資開始取得成果。我們銷售組織的重建正在提高客戶參與度，產品增強也正在獲得關注。在第二季度，我們記錄了超過 24,000 套新訂單，這是我們一年多來的最高訂單。此外，我們的 SaaS 收入持續成長，我們看到了人們對新解決方案和產品增強功能的濃厚興趣，例如我們的能源儀表板和 SMRT IQ，這些都得益於 SmartRent 擁有近 850,000 個部署單元（包含超過 300 萬台連接設備）的獨特數據優勢。

As Daryl will discuss in a few minutes, our revenue growth profile has been negatively impacted over the past 1.5 years by a conscious decision to transition away from onetime bulk hardware deals, lacking alignment to customer implementation time lines. As we enter 2026, we believe our reported growth rates will benefit from better alignment to customer buying cycles. This alignment should result in a shift towards more consistent, predictable and recurring revenue models.

正如 Daryl 幾分鐘後將要討論的那樣，在過去的 1.5 年裡，我們的收入成長狀況受到了負面影響，因為我們有意識地決定放棄一次性批量硬體交易，缺乏與客戶實施時間表的一致性。隨著我們進入 2026 年，我們相信，我們報告的成長率將受益於與客戶購買週期的更好協調。這種調整應該會導致轉向更一致、可預測和經常性的收入模式。

In closing, I want to thank the SmartRent team for their focus, resilience and commitment to execution. I believe in the company and that we are aggressively taking the right steps to realize its full potential. I look forward to sharing our continued progress in the quarters ahead.

最後，我要感謝 SmartRent 團隊的專注、韌性和對執行的承諾。我相信公司，我們正在積極採取正確的措施來充分發揮公司的潛力。我期待在未來幾季分享我們持續取得的進展。

With that, I'll turn the call over to Daryl, who will take everyone through our quarterly financials for Q2.

說完這些，我將把電話轉給 Daryl，他將向大家介紹我們第二季的季度財務狀況。

Thank you, Frank, and good morning, everyone. We appreciate you joining us today to discuss our second quarter 2025 results. I'll now walk through the financials and provide some additional context on how we're executing against our plan, managing the business with discipline and making targeted investments to drive long-term growth and operating efficiency.

謝謝你，弗蘭克，大家早安。感謝您今天加入我們，討論我們的 2025 年第二季業績。我現在將介紹財務狀況，並提供一些額外的背景信息，說明我們如何執行計劃，如何嚴格管理業務，如何進行有針對性的投資，以推動長期增長和運營效率。

For the second quarter of 2025, total revenue was $38.3 million, down 7% sequentially from $41.4 million in the first quarter and down 21% year-over-year. The year-over-year decline was primarily attributable to the decision to move away from bulk hardware sales, which Frank alluded to earlier. This approach is expected to result in more predictable revenue through better alignment with our customers' buying cycles. Hardware revenue totaled $15.1 million in the second quarter, representing a 20% decrease sequentially and a 39% decline year-over-year, reflecting the decision to move away from bulk hardware sales, which I just discussed.

2025 年第二季總營收為 3,830 萬美元，較第一季的 4,140 萬美元季減 7%，年減 21%。同比下降主要歸因於放棄批量硬體銷售的決定，正如弗蘭克之前提到的。這種方法有望透過更好地與客戶的購買週期保持一致來帶來更可預測的收入。第二季硬體收入總計 1,510 萬美元，比上一季下降 20%，比去年同期下降 39%，這反映了我們決定放棄批量硬體銷售，我剛才討論過這一點。

Professional services revenue came in at $4.3 million, up 10% sequentially from $3.9 million in Q1 and down 26% from the same quarter prior year. The sequential growth reflects stronger sales organization execution, while the year-over-year comparison continues to reflect the broader slowdown in new unit deployments.

專業服務收入為 430 萬美元，較第一季的 390 萬美元較上季成長 10%，較去年同期下降 26%。連續成長反映了銷售組織執行力的增強，而年成長則繼續反映出新單位部署的整體放緩。

Hosted services revenue reached $18.8 million, representing a 1% sequential growth and a 5% increase year-over-year. This category now makes up nearly half of our total revenue and continues to benefit from expanding platform usage, high retention and increasing demand for our software capabilities across our installed base.

託管服務收入達到 1,880 萬美元，季增 1%，年增 5%。這個類別目前占我們總收入的近一半，並繼續受益於不斷擴大的平台使用率、高保留率以及整個安裝群對我們軟體功能日益增長的需求。

As Frank and I both discussed, these results highlight the underlying transformation in our revenue mix as we move towards a more predictable recurring model that supports long-term margin expansion and financial stability. Importantly, SaaS revenue, which is a component of our hosted services revenue for the second quarter totaled $14.2 million and now comprises 37% of the company's total revenue, up from 34% in Q1 and 26% from the prior year quarter.

正如弗蘭克和我所討論的，這些結果凸顯了我們收入結構中的根本轉變，因為我們正在轉向支持長期利潤率擴張和財務穩定的更可預測的經常性模式。重要的是，作為我們託管服務收入的一部分，SaaS 收入在第二季度總計 1,420 萬美元，占公司總收入的 37%，高於第一季的 34% 和去年同期的 26%。

Our annual recurring revenue reached $56.9 million, up 11% year-over-year. This growth reflects the continued expansion of our recurring revenue base and the successful execution of our strategy to drive higher-margin platform-led value. SaaS ARPU reached $5.66, which is up slightly from $5.63 year-over-year, while Units Booked SaaS ARPU rose to $8.21, up from $8.07 in the same quarter last year. These improvements reflect disciplined pricing, enhanced value delivery and our ability to drive more revenue per booked unit as our platform capabilities expand.

我們的年度經常性收入達到 5,690 萬美元，年增 11%。這一成長反映了我們經常性收入基礎的持續擴大以及我們推動更高利潤平台主導價值的策略的成功執行。SaaS ARPU 達到 5.66 美元，較去年同期的 5.63 美元略有上漲，而預訂 SaaS ARPU 單位數則從去年同期的 8.07 美元上漲至 8.21 美元。這些改進反映了嚴格的定價、增強的價值交付以及隨著我們平台功能的擴展，我們為每個預訂單位帶來更多收入的能力。

SaaS gross profit came in at $10 million, up 1% sequentially and up 4% year-over-year, resulting in a gross margin of roughly 70%. This continued strength underscores the efficiency and scalability of our software infrastructure and reinforces the core thesis behind our shift to a higher quality revenue mix. As of the end of Q2, SmartRent has approximately 850,000 units deployed, an increase of 3% sequentially and 10% year-over-year. This continued growth in our installed base reflects steady adoption across our customer portfolio.

SaaS 毛利達到 1,000 萬美元，較上季成長 1%，年增 4%，毛利率約 70%。這種持續的強勁表現凸顯了我們軟體基礎設施的效率和可擴展性，並強化了我們轉向更高品質收入組合的核心論點。截至第二季末，SmartRent 已部署約 85 萬個單元，季增 3%，年增 10%。我們安裝基礎的持續成長反映了我們客戶群的穩定採用。

Importantly, the quality of our installed base remains strong. Churn is exceptionally low, less than 0.1% and net revenue retention continues to exceed 100%, supported by consistent customer engagement across the platform. These characteristics position us to drive increasingly predictable cash flows as we continue to execute against our financial and operational targets. We booked over 24,000 units in the quarter, representing our highest quarterly booking performance in more than a year and signaling early commercial traction following our go-to-market rebuild.

重要的是，我們的安裝基礎品質依然強勁。客戶流失率極低，不到 0.1%，淨收入保留率持續超過 100%，這得益於整個平台持續的客戶參與。這些特點使我們能夠在繼續實現財務和營運目標的同時，推動越來越可預測的現金流。本季我們的預訂量超過 24,000 台，創下了一年多以來季度預訂量的最高紀錄，標誌著我們進入市場重建後獲得了早期的商業吸引力。

Total gross profit in the quarter was $12.7 million compared to $17.3 million in the prior year quarter, reflecting the impact of lower hardware shipments and associated margin mix. By segment, hardware gross profit was $2.3 million, down from $8.4 million in the prior year, reflecting lower shipment volume and continued transition away from bulk hardware deals and changes in product mix.

本季總毛利為 1,270 萬美元，而去年同期為 1,730 萬美元，反映了硬體出貨量下降和相關利潤組合的影響。按部門劃分，硬體毛利潤為 230 萬美元，低於上年的 840 萬美元，反映出出貨量下降、繼續從批量硬體交易轉型以及產品結構的變化。

Professional services gross loss improved to $1.9 million compared to a loss of $3.1 million in the prior year quarter, driven by operational efficiencies and improved unit economics. And finally, hosted services gross profit totaled $12.3 million, essentially in line with the prior year quarter. Gross margin in Q2 was 33%, down from 36% in the prior year quarter, reflecting the impact of unfavorable changes in hardware product mix, partially offset by continued strong SaaS gross margins of 70% in the quarter.

專業服務毛虧損從去年同期的 310 萬美元改善至 190 萬美元，這得益於營運效率的提高和單位經濟效益的改善。最後，託管服務毛利潤總計 1,230 萬美元，與去年同期基本持平。第二季毛利率為 33%，低於去年同期的 36%，反映了硬體產品結構不利變化的影響，但本季 SaaS 毛利率持續保持強勁，達到 70%，部分抵銷了這一影響。

We continue to believe SaaS margins can expand over time with scale and further infrastructure optimization. Operating expenses were $24.4 million compared to $24.2 million in the prior year. Q2 2025 included approximately $2 million of severance and legal expenses, which have no prior year counterpart. Net losses increased to $10.9 million compared to $4.6 million in the prior year quarter, primarily reflecting lower hardware sales, which were discussed previously.

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 2,440 萬美元，而去年同期為 2,420 萬美元。2025 年第二季包括約 200 萬美元的遣散費和法律費用，這是去年沒有的。淨虧損從去年同期的 460 萬美元增至 1,090 萬美元，主要反映了先前討論過的硬體銷售額下降。

Adjusted EBITDA was negative $7.3 million, a year-over-year decline of $8.3 million. We ended the quarter with $105 million in cash, no debt and $75 million in undrawn credit, giving us a strong balance sheet and the flexibility to execute from a position of strength. During the quarter, we used a total of $20.6 million of cash. Cash use was primarily a result of $6 million from operating losses, net of noncash expenses, $8.5 million of accounts receivable growth, and we repurchased $3.7 million of our stock.

調整後EBITDA為負730萬美元，年減830萬美元。本季末，我們擁有 1.05 億美元現金，沒有債務，還有 7,500 萬美元未提取的信貸，這為我們提供了強勁的資產負債表和從強勢地位執行的靈活性。本季度，我們共使用了 2,060 萬美元的現金。現金使用主要源自於 600 萬美元的營運虧損（扣除非現金支出）、850 萬美元的應收帳款成長，以及我們回購了 370 萬美元的股票。

As we've discussed, one of our key short-term financial goals is to achieve a cash flow neutral run rate as we exit 2025. To support that, we remain focused on driving operating efficiency while continuing to reinvest in our highest return areas of organic growth. During the second quarter, we continued to take aggressive actions to rightsize our cost base and invest in our future growth as well as our operational effectiveness.

正如我們所討論的，我們的主要短期財務目標之一是在 2025 年結束時實現現金流中性運行率。為了支持這一點，我們將繼續專注於提高營運效率，同時繼續對有機成長回報率最高的領域進行再投資。在第二季度，我們繼續採取積極措施，調整成本基礎，並投資於未來成長和營運效率。

The majority of our targeted cost reductions have been actioned, and we believe they'll contribute to achieving adjusted EBITDA profitability and run rate cash neutrality exiting 2025. As I discussed earlier, we're taking actions to reduce our cash burn and to preserve a significant cash position as we head into 2026.

我們的大部分成本削減目標均已實施，我們相信這些目標將有助於在 2025 年實現調整後的 EBITDA 盈利能力和運行率現金中性。正如我之前所討論的，我們正在採取行動減少現金消耗，並在邁入 2026 年之際保持充足的現金狀況。

These funds will allow us to fund additional value-creating opportunities, including investments in our go-to-market organization as well as new products and solutions that should promote growth within existing customers as well as potential new customers. We are executing with clarity, operating with discipline and building a stronger business every quarter. Our strategy is focused, our team is aligned, and we believe the foundation we're putting in place positions us for long-term value creation.

這些資金將使我們能夠資助額外的價值創造機會，包括對我們的行銷組織的投資以及促進現有客戶和潛在新客戶成長的新產品和解決方案。我們執行清晰，運作規範，每季都打造更強大的業務。我們的策略是專注的，我們的團隊是一致的，我們相信，我們所建立的基礎將使我們能夠創造長期價值。

Thank you for your continued support. Operator, you may now open the line for questions.

感謝您一直以來的支持。接線員，您現在可以打開熱線來回答問題了。

(Operator Instructions) Ryan Tomasello, KBW.

（操作員指示）Ryan Tomasello，KBW。

In terms of the $20 million of incremental cost savings, I know you gave some color in your prepared remarks, but maybe a bit more detail on the sources of those savings. And from here, do you think there could be more room to extract some efficiencies beyond the cumulative $30 million? Or do you feel like you're done with the expense side of the P&L for the time being?

關於 2000 萬美元的增量成本節約，我知道您在準備好的發言中給出了一些說明，但也許您可以更詳細地說明這些節約的來源。那麼從現在開始，您是否認為除了累積 3000 萬美元之外，還有更多的空間來提高效率？或是您覺得暫時已經完成了損益表的費用部分？

Ryan, it's Frank Martell. Yes, look, I think the three areas that I covered are that's where the predominant amount of the reductions are. A lot of it is the staffing reductions and third-party spending. Those are the two principal areas.

瑞安，我是法蘭克馬爹利。是的，我認為我所涵蓋的三個領域是削減的主要領域。其中很大一部分是裁員和第三方支出。這是兩個主要領域。

To answer your question regarding the future, I think there is plenty of productivity yet to come for the company as we work on the fundamental workflows and bring in some automation and some additional talent. So I do think there is continued efficiency as well as procurement and areas like procurement of hardware and that sort of thing. So there's more runway. And I think that the good news is we executed substantially all of the actions necessary to achieve the $30 million. We're already seeing benefit in the P&L.

回答您關於未來的問題，我認為隨著我們致力於基本工作流程並引入一些自動化和一些額外的人才，公司將有很大的生產力。因此我確實認為效率以及採購以及硬體採購等領域將繼續提高。因此還有更多的跑道。我認為好消息是，我們基本上執行了實現 3000 萬美元目標所需的所有行動。我們已經看到了損益表帶來的好處。

And I would expect, as I mentioned in my script that, that should be over the course of this year that we'll come out of this year with about $30 million substantially running through the P&L.

正如我在腳本中提到的那樣，我預計今年我們的損益表將達到約 3000 萬美元。

And Frank, now that you've had a few months as CEO, and I know you've had some tenure on the Board as well, maybe just another opportunity to give us your holistic view as it stands today on how you intend to evolve and refine SmartRent's strategy going forward. Just generally, where you feel like some of the more attractive and low-hanging fruit opportunities are to reposition the business in order to drive growth from here?

弗蘭克，您已經擔任執行長幾個月了，而且我知道您在董事會也任職了一段時間，也許您還有另一個機會向我們全面介紹您目前對 SmartRent 未來策略的打算，即如何發展和完善 SmartRent。總的來說，您認為一些更具吸引力和更容易實現的機會是重新定位業務以推動成長嗎？

Yes. So a couple of comments there. Number one is the team is great here. It's really dedicated, smart and creative. And I think from my point of view, that's the basic building ingredient needed to go forward.

是的。這裡有幾則評論。首先，這裡的團隊很棒。真是敬業、聰明、有創造力。我認為，從我的角度來看，這是繼續前進所需的基本要素。

I think our customers, I've been on a number of customer calls. And I think we've got really good relationships despite all of the kind of the ups and downs in the last year or 2. So that's also, I think, something that is sticky. We have a huge installed base. I think there's room to grow that installed base as well.

我認為我們的客戶，我已經接聽過許多客戶電話。我認為，儘管過去一兩年經歷了種種起伏，但我們的關係仍然很好。所以我認為這也是一件棘手的事。我們擁有龐大的安裝基礎。我認為該安裝基礎還有成長空間。

Our clients are all very positive about the company and what we contribute to their operation and their success. So from that point of view, our customers are sticking with us. And I think there's room in every account to grow. I think there's also new segments that we haven't played in that we're looking at. So I think there's plenty of opportunity for growth that strikes me. I've been in businesses where starting out with a very sticky customer and a scale advantage that we have, 850,000 deployments with 3 million connected devices is a great opportunity for us to expand.

我們的客戶都對公司以及我們為他們的營運和成功所做的貢獻持非常積極的態度。因此從這個角度來看，我們的客戶仍然支持我們。我認為每個帳戶都有成長空間。我認為我們還在關註一些尚未涉足的新領域。因此，我認為有很多令我印象深刻的成長機會。我曾經從事過這樣的業務，一開始我們有一個非常黏性的客戶，並且我們擁有規模優勢，850,000 個部署和 300 萬台連接設備對我們來說是一個很好的擴展機會。

We're going to invest selectively in AI. I think from that -- everybody is doing that, but we really have not done it to the degree that we should and could. So I think that's another area. And that offers us both, I think, internal efficiency and offers our customers more value. So there's plenty of opportunity to grow.

我們將有選擇地投資人工智慧。我認為從這一點來看——每個人都在這樣做，但我們確實還沒有達到我們應該和能夠達到的程度。所以我認為這是另一個領域。我認為，這不僅提高了我們的內部效率，也為我們的客戶帶來了更多價值。因此，我們擁有充足的成長機會。

It's just unfortunate that we've had this whipsaw effect of these bulk hardware sales that now work through the system, and we're seeing the end of that, hopefully, as we get into fourth quarter. And so we'll just -- without that, I think, as Daryl said, we'll have a more predictable revenue trajectory than we've had in the last 1.5 years.

不幸的是，這些批量硬體銷售現在透過系統產生了這種連鎖反應，我們希望在進入第四季度時看到這種情況的結束。因此，我認為，正如達裡爾所說，如果沒有這些，我們的收入軌跡將比過去 1.5 年更可預測。

Yi Fu Lee, Cantor Fitzgerald.

李逸夫、費茲傑拉領唱。

Welcome, Frank, to the seat. So like my question, Frank, is similar to Tom. Like I just want to get more clarity, color on your vision, your strategy in terms of like what is new from your current plan. I know you sit on the Board before, so you have experience with SmartRent versus the prior CEO. What is different that we should expect? And I also have more follow-up.

歡迎弗蘭克就任。所以就像我的問題一樣，弗蘭克和湯姆很相似。就像我只是想更清楚地了解您的願景、您的策略以及您目前的計劃中有哪些新內容。我知道您之前曾擔任董事會成員，因此與前任執行長相比，您在 SmartRent 方面擁有更多經驗。我們應該期待什麼不同？我還有更多的後續行動。

Yes. Look, I think from my point of view, I'd like to have a SmartRent setup in every apartment in the country. I think we have that capability so I'd like SmartRent technology to be everywhere in the multifamily space. And I think we have a good jump on that with certainly the big players.

是的。聽著，從我的角度來看，我希望在全國每間公寓都安裝 SmartRent。我認為我們有這個能力，所以我希望 SmartRent 技術能夠在多戶住宅領域無所不在。我認為，我們與大公司合作在這方面已經取得了良好的進展。

I think we have a little work to do to make sure that the economics work for smaller installations, but I think that that's not going to be a major issue for us because the [heritage] of the company is starting with really the large players and building out a big scale.

我認為我們還需要做一些工作來確保小型安裝的經濟效益，但我認為這對我們來說不是一個大問題，因為公司的[傳統]是從大型企業開始，然後逐步擴大規模。

So I think from my point of view, strategically, we want to expand the company. We need to get more operating leverage, to be honest. So that's both on the hardware and the software side. And that's about everywhere from installation to operations, we have to make sure that 1 plus 1 equals 3. And so those are operational matters that I think we have a good line of sight into dealing with.

因此我認為從我的角度來看，從策略上來說，我們希望擴大公司規模。說實話，我們需要獲得更多的經營槓桿。所以這既涉及硬體方面，也涉及軟體方面。從安裝到操作的各個方面，我們都必須確保 1 加 1 等於 3。所以我認為這些都是我們可以很好地處理的操作問題。

And then look, I think there's a big game to play in AI. Everybody is struggling to get talent in the AI space, but customer engagement, operational effectiveness, planning and product are all going to benefit from AI. We have done some work there. We have a lot of data to put to work as well. So I think those are all great opportunities, very significant opportunities over the long run.

然後你看，我認為人工智慧領域有一場大遊戲要玩。每個人都在努力尋找人工智慧領域的人才，但客戶參與度、營運效率、規劃和產品都將受益於人工智慧。我們在那裡做了一些工作。我們也有大量數據可供利用。所以我認為從長遠來看這些都是非常好的機會，非常重要的機會。

And so the good news is we don't lack for opportunities. We just have to do it effectively and to make sure that it results in profitability, which is what Daryl mentioned when we talked about financial discipline and rigor around tracking and measuring our success.

好消息是我們並不缺乏機會。我們只需要有效地做到這一點，並確保它能夠帶來盈利，這就是達裡爾在我們談論財務紀律和跟踪和衡量我們的成功的嚴謹性時提到的。

That makes sense, Frank. And for me, the follow-up is like the SaaS revenue model adoption, obviously standing at 37% of total revenue. And obviously, Daryl, you can help out on this as well. I think it cuts to the financials as well. You mentioned by the end of this year, the hardware headwind will subside.

這很有道理，弗蘭克。對我來說，後續就像是 SaaS 收入模式的採用，顯然佔總收入的 37%。顯然，達裡爾，你也可以在這方面提供幫助。我認為這也會對財務產生影響。您提到到今年年底，硬體逆風將會消退。

Does that mean like 2026, we should see expansion? That's number one. And two, can you help us walk through the journey, like the transition journey in terms of getting customers to get to SaaS.

這是否意味著像 2026 年一樣，我們應該看到擴張？這是第一點。其次，您能否協助我們完成整個過程，例如讓客戶轉向 SaaS 的過渡過程。

I understand if it's a new customer, I presume you're going to want to sell SaaS. But if I'm already an existing customer, how hard is it to get them to SaaS with the understanding, obviously, SaaS enjoys a higher margin, like you said, over 70% and there's more to go, right?

我明白，如果是新客戶，我猜你會想要銷售 SaaS。但是如果我已經是現有客戶，那麼讓他們了解 SaaS 有多難呢？顯然，SaaS 的利潤率更高，就像你說的，超過 70%，而且還有更多的利潤空間，對吧？

Yes. Let me -- I'll hand it over to Daryl. I just want to mention on the revenue point, when you do bulk hardware sales, they're very large as a percentage of our revenue in some quarters. So when you eliminate that, those sales don't go away. They just have a different timing profile. So from my point of view, the lumpiness will dissipate and you'll have a more progressive growth profile.

是的。讓我——我會把它交給達裡爾。我只想提一下收入點，當你進行大量硬體銷售時，在某些季度，它們占我們收入的比例非常大。因此，當你消除這一點時，這些銷售並不會消失。它們只是有不同的時間安排。因此，從我的角度來看，不平衡性將會消失，你將擁有更進步的成長概況。

I'm not saying every quarter necessarily will be growth, but you should see a growth profile. And in a business like this, we should see an acceleration of growth because we have a lot of virgin territory to go after in terms of customers and products. And I think from that point of view, it's a big space. And we have a big base already, but it could get much, much bigger. And I think that's -- those are the fundamental drivers.

我並不是說每個季度都必然會成長，但你應該會看到成長概況。在這樣的業務中，我們應該看到成長加速，因為在客戶和產品方面，我們有許多未開發的領域可以開拓。我認為從這個角度來看，這是一個很大的空間。我們已經有一個很大的基地，但它還可以變得更大。我認為這就是根本驅動力。

But I'll let Daryl kind of cover the other matter just (inaudible) for completeness.

但為了完整起見，我會讓達裡爾 (Daryl) 來談談其他事情（聽不清楚）。

Yes. Some additional thoughts on the SaaS revenue. For us, our primary driver of increased SaaS revenue is adding new units onto our platform. And the number of units that we currently have deployed is about 850,000 in total, and that represents about a 10% increase year-over-year.

是的。關於 SaaS 收入的一些額外想法。對我們來說，增加 SaaS 收入的主要驅動力是在我們的平台上添加新的單位。目前我們部署的部隊總數約為85萬支，較去年同期成長約10%。

So number one, simply expanding the installed base is very important. The other is we've been increasing and enhancing our product offering to deliver more value to our customers, and it's reflecting itself in a higher average SaaS ARPU. What's really important to note with regards to the ARPU metrics is that our existing deployed base is averaging about $5.66 per unit and the new bookings that will then become deployed units are averaging in excess of $8.

因此，首先，擴大安裝基礎非常重要。另一方面，我們一直在增加和增強我們的產品供應，以便為我們的客戶提供更多價值，這反映在更高的平均 SaaS ARPU 上。關於 ARPU 指標，真正需要注意的是，我們現有的部署基數平均每台約為 5.66 美元，而即將部署的新的預訂平均每台超過 8 美元。

So what that tells us is that we're offering an enhanced value, and we just want to make sure one of our objectives would be to continue to book SaaS at rates that are above our existing deployed SaaS rate.

所以這告訴我們，我們正在提供增強的價值，我們只是想確保我們的目標之一是繼續以高於我們現有部署的 SaaS 費率的價格預訂 SaaS。

Got it. Got it. And then, Daryl, let me end with one last question. I'll ask them both at the same time, it's more financial related. You mentioned adjusted EBITDA as well as free cash flow neutrality as you exit 4Q of this year.

知道了。知道了。然後，達裡爾，讓我最後問一個問題。我會同時問他們兩個，這與財務有關。您提到了今年第四季調整後的 EBITDA 以及自由現金流中性。

So does this mean that going forward, 2026 and beyond, should we expect either breakeven or above? That's number one. And then, Frank, on the product side, you mentioned about infusing AI into the product. Can you tease us a little bit more on what are the things that in your road map, technology road map that you want to build into the product? As Daryl mentioned, obviously, the new bookings are -- you're enjoying over $8 in ARPU. So I just want to get a sense of the AI infusion.

那麼，這是否意味著展望未來，即 2026 年及以後，我們應該預期實現收支平衡或更高？這是第一點。然後，弗蘭克，在產品方面，您提到將人工智慧注入產品中。您能否向我們透露一下，在您的路線圖、技術路線圖中，您希望在產品中融入哪些內容？正如 Daryl 所提到的，顯然，新的預訂——您將享受超過 8 美元的 ARPU。所以我只是想了解人工智慧的融合。

Yes. First, let me answer your first part of the question. We believe that we're positioning ourselves to exit this year on a breakeven basis. We're not yet giving guidance, formal guidance. We do hope to provide that at some point in the not-too-distant future.

是的。首先，讓我回答你問題的第一部分。我們相信，我們今年的退出將實現收支平衡。我們尚未給予指導，正式的指導。我們確實希望在不久的將來能夠提供這項服務。

But we're simply saying that we've now aligned or planning on fully implementing a plan to align our cost with our existing revenue level. And then with continued discipline, financial discipline, we would anticipate positioning ourselves for profitable growth, leveraging our existing operating expenses and optimizing our operations further. But we're not yet formally instituting guidance to be clear.

但我們只是說，我們現在已經調整或計劃全面實施一項計劃，以使我們的成本與現有的收入水平保持一致。然後，透過持續的紀律和財務紀律，我們有望實現獲利成長，利用現有的營運費用並進一步優化我們的營運。但我們尚未正式製定明確的指導方針。

Yes. And look, to answer your question on AI, but just to also mention the idea, we have $105 million of cash at the end of the second quarter. We want to keep that cash and invest it in the future. And I think that's the opportunity that we have and we're laser-focused on. And so -- and eventually grow the balance because that will be the fuel for investment and realizing our fullest potential over the three- to five-year kind of planning horizon.

是的。回答你關於人工智慧的問題，但也只是提一下這個想法，我們在第二季末有 1.05 億美元的現金。我們希望保留這些現金並在未來進行投資。我認為這是我們擁有的機會，我們會全力以赴。因此，最終會增加餘額，因為這將成為投資的動力，並讓我們在三到五年的規劃期內實現最大潛力。

In terms of AI, we are already in AI to a certain degree. I'd say it's small at this point. We have a lot of data. And so the use of that data to help our clients make better decisions is an area, for example, that AI will play a role in. In addition, across our ability to -- having our 850,000 units installed is a pretty large servicing effort as well.

在人工智慧方面，我們已經在一定程度上進入了人工智慧領域。我想說目前它還很小。我們有很多數據。因此，利用這些數據幫助我們的客戶做出更好的決策是人工智慧將發揮作用的一個領域。此外，安裝 85 萬台設備的能力也是一項相當大的服務工作。

So this helps us to be very efficient in responding to customer inquiries. And then eventually, it will help us to, I think, diagnose and detect risk elements, for example, leaks and other things. So there's a lot of application to AI here for both our workflow and for our customers' workflow, and that's really where we're going to focus the next 12 to 18 months.

這有助於我們有效率地回應客戶的詢問。然後，我認為最終它將幫助我們診斷和檢測風險因素，例如洩漏和其他因素。因此，我們的工作流程和客戶的工作流程中都有很多人工智慧的應用，這也是我們未來 12 到 18 個月的重點。

And that concludes our Q&A session. I will now turn the call over to Frank Martell for closing remarks.

我們的問答環節到此結束。現在我將把電話轉給弗蘭克·馬特爾 (Frank Martell) 作結束語。

Okay. Thanks, operator. Look, in closing, I want to thank all of our talented employees and all of our stakeholders for your ongoing support. It's very meaningful. I think we've laid out a clear plan at this point to drive for profitability in the coming quarters and to grow our business with property owners and operators at a more rapid pace as we get into 2026.

好的。謝謝，接線生。最後，我要感謝我們所有才華橫溢的員工和所有利害關係人的持續支持。非常有意義。我認為我們現在已經制定了明確的計劃，以推動未來幾個季度的盈利，並在進入 2026 年時以更快的速度發展與業主和運營商的業務。

We're going to remain laser-focused in the next couple of quarters on disciplined execution and market leadership, and that's the recipe for our long-term success. So thanks, everybody, and I look forward to reporting more on our progress in the coming quarters.

在接下來的幾個季度中，我們將繼續專注於嚴格的執行和市場領導地位，這是我們長期成功的秘訣。謝謝大家，我期待在接下來的幾季報告更多我們的進展。

That concludes today's call. Thank you all for joining, and you may now disconnect.

今天的電話會議到此結束。感謝大家的加入，現在可以斷開連線了。