SmartRent Inc (SMRT) 2025 Q3 法說會逐字稿

Hello, and thank you for standing by. My name is Mark, and I will be your conference operator today. At this time, I would like to welcome everyone to the SmartRent Q3 2025 earnings call. (Operator Instructions)

您好，感謝您的耐心等待。我叫馬克，今天我將擔任你們的會議接線生。在此，我謹代表 SmartRent 向大家歡迎參加 2025 年第三季財報電話會議。（操作說明）

Now I would like to turn the call over to Kelly Reisdorf. Please go ahead.

現在我想把電話交給凱莉·雷斯多夫。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.

您好，感謝您今天加入我們。我是 SmartRent 的投資人關係主管 Kelly Reisdorf。今天與我一同出席的有我們的總裁兼執行長弗蘭克·馬特爾，以及財務長達裡爾·斯特姆。

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. 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.

今天開市前，我們發布了盈利報告，並向美國證券交易委員會提交了 10-Q 表格，這兩份文件都可以在我們網站的投資者關係部分找到。在將電話交給弗蘭克之前，我想提醒大家，今天的討論可能包含一些涉及風險和不確定性的前瞻性陳述。

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 in our annual report on Form 10-K and quarterly reports on Form 10-Q.

多種因素可能導致我們的實際結果與此類聲明中明示或暗示的任何未來結果有重大差異。這些因素在我們的美國證券交易委員會文件中都有討論，包括我們的 10-K 表格年度報告和 10-Q 表格季度報告。

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 SmartRent.

我們不承擔更新本次電話會議中作出的前瞻性陳述的義務，我們建議所有投資者在對 SmartRent 進行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，我們將提及一些非GAAP財務指標。今天的獲利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指標的調節表。

We would also like to highlight that our quarterly earnings presentation is available on the Investor Relations section of our website. And with that, I will turn the call over to Frank.

我們也要強調，我們的季度收益報告可在我們網站的投資者關係版塊查閱。接下來，我將把電話交給弗蘭克。

Thank you, Kelly. Good morning, everyone. I'm pleased to report that the third quarter was a period of substantial progress for SmartRent. We continue to grow our annual recurring revenue and significantly narrowed our operating loss in line with the commitments we made on our last call.

謝謝你，凱莉。各位早安。我很高興地報告，SmartRent 在第三季取得了實質進展。我們持續成長年度經常性收入，並根據上次電話會議所做的承諾，大幅減少了營業虧損。

During Q3, we continued to expand our installed base, which now includes more than 870,000 units, up 11% from prior year. SaaS revenue grew 7% from prior year levels and now represents 39% of total revenue, up from 37% in Q2 of this year.

第三季度，我們的用戶基數持續擴大，目前已超過 87 萬台，比上年同期成長 11%。 SaaS 營收比去年同期成長 7%，目前佔總營收的 39%，高於今年第二季的 37%。

SaaS growth is being fueled by our increasing installed unit footprint and higher pricing. As we look forward to the balance of this year and into 2026, we expect to continue to significantly expand our installed base as we capitalize on the investments we are making in our sales organization as well as expanding platform capabilities to deliver even greater ROI to property owners and operators.

SaaS 的成長得益於我們不斷擴大的安裝設備規模和更高的定價。展望今年剩餘時間以及 2026 年，我們預計將繼續大幅擴大我們的用戶基礎，因為我們將充分利用在銷售組織方面的投資，並擴展平台功能，從而為業主和營運商帶來更大的投資回報率。

Let me now highlight 3 important milestones from the quarter. First, we completed the actions necessary to reset our cost structure that we outlined last quarter, unlocking more than $30 million of annualized expense reductions.

現在，我想重點介紹本季的三個重要里程碑。首先，我們完成了上季制定的成本結構調整計劃，實現了超過3000萬美元的年度成本削減。

We believe that this will result in adjusted EBITDA and cash flow neutrality on a run rate basis exiting 2025. Cost efficiency was the primary factor in narrowing our adjusted EBITDA loss from $7.4 million in the second quarter of this year to $2.9 million in Q3.

我們相信，這將使公司在 2025 年底實現調整後 EBITDA 和現金流的持續穩定。成本效益是將我們調整後的 EBITDA 虧損從今年第二季的 740 萬美元減少到第三季的 290 萬美元的主要因素。

Second, our relentless focus on achieving profitability, combined with disciplined working capital execution helped us to exit the third quarter with unrestricted cash of $100 million compared with $105 million at the end of Q2. Maintaining our strong liquidity position should provide ample capacity to fund high ROI reinvestments, which are expected to drive customer and shareholder value and build a strong base for long-term success.

其次，我們始終專注於實現獲利，並嚴格執行營運資本管理，這使得我們在第三季末擁有1億美元的非限制性現金，而第二季末為1.05億美元。保持強勁的流動性將為高投資回報率的再投資提供充足的資金，這些再投資可望提升客戶和股東價值，並為長期成功奠定堅實的基礎。

And third, we added a seasoned expert during the quarter with a consistent track record of transforming key workflows and processes. Our go-forward goal is to simplify and automate our key internal processes over the next 18 months. We expect to see significant financial and operational benefits from this initiative beginning in 2026.

第三，本季我們新增了一位經驗豐富的專家，他在改造關鍵工作流程和程序方面有著持續的成功記錄。我們未來的目標是在未來 18 個月內簡化和自動化關鍵的內部流程。我們預計這項舉措將從 2026 年開始帶來顯著的財務和營運效益。

Our progress in Q3 is the outcome of clear priorities, disciplined execution and a focus on what matters most, building expanding profitable and durable platform. I will now focus the remainder of my comments today around our business model and why we believe it provides a platform for durable revenue growth and higher levels of sustainable profitability in 2026 and beyond.

我們在第三季度取得的進展，得益於明確的優先事項、嚴謹的執行以及對最重要事項的關注，即建立一個不斷擴大、盈利且持久的平台。今天，我將把剩餘的發言重點放在我們的商業模式上，以及我們為什麼相信它能為2026年及以後實現持久的收入增長和更高水平的可持續盈利能力提供平台。

From my point of view, SmartRent's opportunities for accelerating profitable growth and sustained market leadership are compelling. We operate in a large expanding market with a purpose-built differentiated platform and a growing SaaS footprint. As a hardware-enabled SaaS company with meaningful scale, our foundation is domain expertise and close alignment with the needs of our customers.

在我看來，SmartRent 在加速獲利成長和維持市場領先地位方面擁有令人矚目的機會。我們在不斷擴張的大型市場中經營，擁有專門打造的差異化平台和不斷成長的 SaaS 業務。作為一家擁有相當規模的硬體驅動 SaaS 公司，我們的基礎是領域專業知識和與客戶需求的緊密契合。

Our solutions are retrofit friendly, integrates seamlessly with third-party hardware and systems, and are designed to deliver measurable ROI. With IoT-focused platforms deployed 870,000 rental units and over 1.2 million users relying on our operational and community management workflow tools, we have a significant advantage.

我們的解決方案易於改造升級，可與第三方硬體和系統無縫集成，並旨在提供可衡量的投資回報率。我們部署了以物聯網為中心的平台，涵蓋 87 萬個租賃單元，超過 120 萬用戶依賴我們的營運和社群管理工作流程工具，我們擁有顯著優勢。

I believe we are increasingly poised to leverage our scale advantage to improved operational execution, the introduction of new and enhanced capabilities driven by data and analytics and the infusion of AI.

我相信，我們越來越有能力利用我們的規模優勢來改善營運執行，引入由數據和分析驅動的新的和增強的能力，以及注入人工智慧。

SmartRent delivers strong value that our customers rely on. As a result, we have developed sticky and long-term customer relationships. Our net revenue retention rate is well above 100%. In a recent survey, 90% of property managers cited net operating income expansion as a key reason for continued investment in SmartRent. I want to conclude my prepared remarks today by saying how energized I am about the opportunities for growth and transformation at SmartRent.

SmartRent 提供客戶信賴的強大價值。因此，我們與客戶建立了牢固的長期關係。我們的淨收入留存率遠高於 100%。在最近的一項調查中，90% 的物業經理表示，營業淨收入的成長是他們繼續投資 SmartRent 的關鍵原因。今天，我想以我對 SmartRent 的發展和轉型機會的激動之情來結束我的演講。

Over the past four months, I've had the chance to spend significant time with many of our key stakeholders, including our largest customers. These sessions have provided me with critical insights into both the company's foundational strengths as well as areas we need to address to realize our full potential. On the next call, I will be providing a three-year strategic framework for evolving our business model to capture the unique benefits we provide to the rental market and its key participants.

在過去的四個月裡，我有機會與我們許多重要的利害關係人，包括我們最大的客戶，進行了大量的交流。這些會議讓我對公司的基礎優勢以及我們需要改進的領域有了更深入的了解，從而充分發揮我們的潛力。在下次電話會議上，我將提供一個為期三年的策略框架，用於改善我們的商業模式，以更好地為租賃市場及其主要參與者創造獨特的價值。

In closing, I believe we made important progress in the third quarter and are well positioned to exit 2025 with accelerating momentum. I want to thank our team of dedicated SmartRent employees for all their focus and commitment. It's making a difference.

最後，我認為我們在第三季取得了重要進展，並已做好充分準備，以加速成長的勢頭迎接 2025 年的到來。我要感謝我們SmartRent團隊所有敬業的員工，感謝他們的專注和奉獻。它確實起到了作用。

I will now turn the call over to Daryl for a detailed discussion of our Q3 financial results.

現在我將把電話交給達裡爾，讓他詳細討論我們第三季的財務表現。

Thank you, Frank, and good morning, everyone. We appreciate you joining us today to discuss our third quarter 2025 results. Our third quarter results demonstrate clear progress across both profitability and operational execution, highlighted by reduced losses, lower operating expenses, and a stronger recurring revenue mix, and we remain firmly on track to achieve our run rate targets as we exit 2025.

謝謝你，弗蘭克，大家早安。感謝您今天蒞臨現場，與我們共同探討我們 2025 年第三季的業績。我們第三季的業績表明，我們在獲利能力和營運執行方面都取得了明顯的進步，虧損減少、營運費用降低、經常性收入結構更加穩健，我們仍然穩步朝著2025年底實現我們的營運目標邁進。

For the third quarter of 2025, total revenue was $36.2 million, down 11% year over year. The decline primarily reflects our strategic move away from bulk hardware sales that occurred in advance of customer implementation time lines in favor of a more sustainable SaaS-focused revenue mix.

2025 年第三季總營收為 3,620 萬美元，年減 11%。這一下滑主要反映了我們策略上的轉變，即從客戶實施時間表之前的大宗硬體銷售轉向更可持續的以 SaaS 為中心的收入組合。

Breaking this down a bit further, SaaS revenue reached $14.2 million and increased 7% year over year. SaaS revenue now represents 39% of total revenue compared with 33% of total revenue in the same period prior year.

進一步細分來看，SaaS 營收達到 1,420 萬美元，年增 7%。SaaS 收入目前佔總營收的 39%，而去年同期這一比例為 33%。

Hardware revenue totaled $11.5 million in the third quarter, a 38% decline year over year for the reasons previously noted. And Professional Services revenue increased by 113% year over year to $7 million, reflecting the higher installation volume and improved project efficiency. The shift in revenue mix towards SaaS continues to strengthen the quality and predictability of our model, a key objective in our path to profitability.

第三季硬體收入總計 1,150 萬美元，年減 38%，原因如前所述。專業服務收入年增 113% 至 700 萬美元，反映出安裝量增加和專案效率提高。收入結構向 SaaS 的轉變不斷增強了我們模式的品質和可預測性，這是我們實現盈利的關鍵目標。

Our annual recurring revenue reached $56.9 million, up 7% year over year reflecting steady expansion of our recurring base and the successful execution of our strategy to scale higher-margin platform-driven growth.

我們的年度經常性收入達到 5,690 萬美元，年增 7%，這反映出我們經常性客戶群的穩步擴張以及我們擴大高利潤率平台驅動成長策略的成功實施。

As of September 30, our installed base reached 870,000 units, up 11% from the prior year, with 83,000 net new units added since the same quarter prior year. We deployed more than 22,000 new units during the quarter, a 49% increase compared to the prior year period and booked 22,000 units for a 30% increase, reflecting continued customer demand and stronger execution resulting from our investment in our sales organization.

截至 9 月 30 日，我們的裝機量達到 87 萬台，比上年同期增長 11%，比上年同期淨新增 8.3 萬台。本季度我們部署了超過 22,000 台新設備，比去年同期增長了 49%；同時預訂了 22,000 台設備，增長了 30%，這反映了客戶需求的持續增長以及我們對銷售組織的投資所帶來的更強有力的執行。

Turning now to profitability. Gross margin was 26%, lower year over year as a result of nonrecurring inventory charges related to our decision to sunset our parking management solution and focus on our core IoT and smart operation solutions, partially offset by a higher mix of our higher-margin SaaS revenue.

現在來談談獲利能力。毛利率為 26%，年減，原因是由於我們決定停止停車管理解決方案並專注於核心物聯網和智慧營運解決方案而產生的非經常性庫存費用，但部分被高利潤率的 SaaS 收入佔比增加所抵消。

Professional Services gross profit improved by $3.7 million, shifting from a loss of $3.5 million in the prior year quarter to a profit of $200,000 this quarter. We believe the breakeven performance of our Professional Services revenue stream, which was driven by ARPU increases and cost reductions is sustainable.

專業服務業務毛利成長370萬美元，由上年同期虧損350萬美元轉為本季獲利20萬美元。我們相信，由於平均每用戶收入（ARPU）成長和成本降低，專業服務業務的損益平衡狀況能夠持續。

Operating expenses decreased by 34% year over year to $16.6 million, an $8.6 million reduction from the prior year period. Our third quarter operating expenses were aided by approximately $2.5 million of accrual reversals, which we don't expect to recur in future periods.

營運費用年減 34% 至 1,660 萬美元，比去年同期減少了 860 萬美元。第三季營運支出得益於約 250 萬美元的應計項目衝回，我們預計未來不會再發生這種情況。

Net loss improved 36% year over year to a loss of $6.3 million and adjusted EBITDA improved 23% to a loss of $2.9 million. Our $30 million cost reduction program is complete. These efforts have meaningfully reshaped our expense base, aligning them with our current revenue level and created a leaner, more efficient operating structure that supports future growth.

淨虧損年增 36%，虧損 630 萬美元；調整後 EBITDA 改善 23%，虧損 290 萬美元。我們3000萬美元的成本削減計劃已經完成。這些努力從根本上重塑了我們的支出基礎，使其與我們目前的收入水平相匹配，並創建​​了一個更精簡、更有效率的營運結構，從而支持未來的成長。

We ended the quarter with $100 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. Net cash burn improved by 79% from roughly $24 million in the same period prior year to $5 million this quarter.

本季末，我們擁有 1 億美元現金，無債務，以及 7,500 萬美元未提取信貸額度，這使我們擁有強勁的資產負債表和從優勢地位出發的靈活性。淨現金消耗量較上年同期的約 2,400 萬美元減少了 79%，降至本季的 500 萬美元。

This improvement is primarily driven by a reduction of operating losses and improved accounts receivable collections. From here, our focus turns to selective reinvestment especially in our sales and account management functions where we're seeing early traction from targeted hiring and process improvements. Equally important, we're investing in product innovation, as Frank mentioned, to strengthen differentiation and fuel long-term growth.

這項改善主要得益於營業虧損的減少和應收帳款回收情況的改善。接下來，我們將重點轉向有選擇地進行再投資，尤其是在銷售和客戶管理職能方面，我們已經看到有針對性的招聘和流程改進取得了初步成效。正如弗蘭克所提到的那樣，同樣重要的是，我們正在投資產品創新，以加強差異化並推動長期成長。

We remain committed to preserving the cost discipline and operating rigor that have driven our turnaround. We're operating with discipline, building momentum and have clear line of sight to achieve run rate non-GAAP neutrality exiting 2025, positioning SmartRent for durable, profitable growth in 2026.

我們將繼續致力於保持推動我們扭虧為盈的成本控制和營運嚴謹性。我們以嚴謹的態度經營，不斷累積勢頭，並有清晰的願景在 2025 年底實現非 GAAP 中性化，從而使 SmartRent 在 2026 年實現持久、盈利的增長。

Thank you for joining us today. Operator, you may now open the line for questions.

感謝您今天蒞臨。接線員，現在可以開始接聽提問電話了。

(Operator Instructions) Ryan Tomasello.

（操作說明）瑞安·托馬塞洛。

Looking at SaaS revenue growth of 7%, that came in lower than deployed unit growth of 11%. And it looks like the drivers there are ARPU related, which I think is partly driven by site plan. So I guess my question is, what's the current strategy at site plan, which seems to be a drag on growth?

SaaS 營收成長 7%，低於已部署單位成長 11%。而且看起來那裡的驅動因素與 ARPU 有關，我認為這部分是由網站規劃驅動的。所以我想問的是，目前網站規劃的策略是什麼？這似乎阻礙了成長？

And then within core IoT ARPU, it looks like that was still flat sequentially, backing out site plan. So are there any other drivers there to call out? I think you mentioned the sunset of your parking management solutions, whether or not that was an impact? Any color on that would be helpful.

然後，從核心物聯網 ARPU 來看，從網站規劃來看，其順序似乎仍保持穩定。那麼還有其他司機需要報告嗎？我記得你曾提到你們的停車管理方案即將停止使用，不知道這是否造成了影響？如果能加上任何顏色就更好了。

Yes. Thanks for the question, Ryan. So first of all, with regards to the overall SaaS ARPU, I would say that this is a one quarter aberration. We had some adjustments to revenue, SaaS revenue that were non-IoT related. So primarily smart operations were site plan as you mentioned.

是的。謝謝你的提問，瑞恩。首先，就整體 SaaS ARPU 而言，我認為這只是一個季度的異常波動。我們對收入進行了一些調整，包括與物聯網無關的 SaaS 收入。所以，正如你所提到的，智慧營運主要體現在場地規劃上。

And that had an impact of about $0.15 on our reported SaaS ARPU number, which should correct itself in Q4. And so I would expect to see a return to the $5.65 to $5.70 range of SaaS ARPU in Q4.

這對我們報告的 SaaS ARPU 數據產生了約 0.15 美元的影響，這種情況應該會在第四季度得到糾正。因此，我預計第四季度 SaaS ARPU 將回升至 5.65 美元至 5.70 美元的區間。

Can you just elaborate what that -- what those adjustments were?

能詳細說明一下具體是什麼調整嗎？

Yes. We have a number of accounting estimates that we make on both revenues and on expenses. And so the adjustments were really just around some estimates that we use in our calculations. And we're constantly tweaking our estimates to make sure that our financial statements are reasonably representing to use the auditing term, our true financial results. This quarter, it was just a little bit larger than typical.

是的。我們對收入和支出都進行了一些會計估算。因此，這些調整實際上只是圍繞著我們在計算中使用的一些估計值進行的。我們不斷調整估算，以確保我們的財務報表能合理地反映（以審計術語來說）我們真實的財務表現。本季比往常略大一些。

Okay. And then Frank, your commentary certainly is suggesting optimism about growing the installed unit base next year. Can you elaborate just on the progress you've made specifically within the sales organization? And if you're able to, at a high level, discuss the type of annual unit deployment capacity you think the business can structurally support based on your current sales and installation infrastructure?

好的。弗蘭克，你的評論確實表明你對明年裝機量的增長持樂觀態度。能否詳細說明一下您在銷售部門內部的具體進展？如果可以的話，請您概括地討論一下，根據您目前的銷售和安裝基礎設施，您認為公司在結構上能夠支援哪種類型的年度設備部署能力？

Yes, look, I think I'm -- the company has kind of settled in that 20,000 to 25,000 level. We can do more than that, significantly more than that with the current capacity. As I said in my prepared remarks, I visited most of the major clients. Everybody is talking about their plans, which include potentially quite a number of units to be installed.

是的，你看，我認為──公司規模已經穩定在 2 萬到 2.5 萬人之間了。以我們目前的能力，我們能做的遠不止這些。正如我在事先準備好的演講稿中所說，我拜訪了大部分主要客戶。大家都在談論他們的計劃，其中可能包括安裝相當多的設備。

The macro environment is a little challenging. So that's creating a little bit of friction. But by and large, I think there's a lot in the hopper out there. We did add a leader about a year ago, terrific person that's really driving expansion. We've expanded dramatically our account -- key account management structure.

宏觀環境略顯複雜，因此造成了一些摩擦。但總的來說，我認為還有很多機會正在醞釀中。大約一年前，我們新增了一位領導者，他非常出色，正在大力推動公司擴張。我們大幅擴展了客戶帳戶—重點客戶管理結構。

We have a lot of, as you know, large clients. So more specific attention to those clients. We launched a customer council, which we're excited about, which will allow us to better coordinate our -- some of our new products and solutions that we have in place.

如您所知，我們有很多大客戶。因此，需要對這些客戶給予更多關注。我們成立了客戶委員會，我們對此感到非常興奮，這將使我們能夠更好地協調我們的一些新產品和解決方案。

So that's a positive. And then I think we have just more sales folks, some former employees that have come back, plus a few new ones. So we will, I think, be positioned well to ramp up from the current levels. We're doing 22,000, 23,000 units right now. And I expect that to increase, but more to come on that front.

這是個好消息。然後，我認為我們增加了一些銷售人員，一些以前回來的員工，還有一些新員工。所以我認為，我們將做好充分準備，在現有水準的基礎上實現成長。我們現在正在生產 22000 到 23000 台。我預計這種情況還會增加，但未來還會有更多相關消息。

And you mentioned site plan. So as Daryl alluded to, smart IoT and operations are the core of this company and will remain the core of this company. We're actually holding serve at smart operations. We have over 1 million users.

你提到了場地規劃。正如達裡爾所暗示的那樣，智慧物聯網和營運是這家公司的核心，並將繼續是這家公司的核心。我們實際上在智慧營運方面保持領先地位。我們擁有超過100萬用戶。

We're putting some investment behind the solution sets there, and we'll continue to do that, probably accelerate that into next year. So smart operations is a core component. It's is not declining. It's kind of holding serve. So I just want to make sure that, that was clear.

我們正在對那裡的解決方案進行一些投資，而且我們將繼續這樣做，明年可能會加快投資步伐。因此，智慧運營是其核心組成部分。它並沒有衰落。它有點像是守住發球局。所以我想確認一下，這一點是否說清楚了。

Yi Fu Lee, Cantor Fitzgerald.

李易福，康托·菲茨傑拉德。

Great work on reaping operational improvements in the cost structure and flowing this benefit to better profitability. So Frank, I just want to start with you. You mentioned like the past four months, you spoke with a lot of stakeholders, right? Just want to get your feedback, like what are some of the positive and negatives you're seeing in the field?

在降低成本結構、提高獲利能力方面，你們做了許多出色的工作，實現了營運效率的提升。法蘭克，我想先從你開始。你剛才提到過去四個月裡，你和很多利害關係人談過，對吧？想聽聽大家的回饋，例如你們在這個領域看到了哪些正面和負面的面向？

Sure. Look, I think I've covered a lot of ground with customers. And I think one thing about SmartRent that's very interesting is that the companies like the solutions very much. They value the return on investment that we generate. They're very supportive of the company despite some of the challenges over the last year or so.

當然。你看，我覺得我已經和客戶建立了很深的連結。我認為 SmartRent 的一個非常有趣的方面是，各公司都非常喜歡這些解決方案。他們重視我們所產生的投資報酬率。儘管過去一年左右公司面臨一些挑戰，但他們仍然非常支持公司。

And I would say it's a very open collaboration. So I think from a customer point of view, it's actually quite positive for SmartRent, support of SmartRent. And I think that's fantastic. It's also -- it's a collaborative discussion with them about how we can continue to evolve our products and solutions to be a bigger part of their business. And that's why I think things -- we did not have any problem creating our customer product council, which we've already kicked off and was very active.

我認為這是一種非常開放的合作。所以我覺得從客戶的角度來看，這對 SmartRent 來說其實是相當正面的，對 SmartRent 的支援也是如此。我覺得這太棒了。同時，這也是與他們的一次合作討論，探討我們如何才能不斷改進我們的產品和解決方案，從而在他們的業務中發揮更大的作用。這就是為什麼我認為事情進展順利——我們創建客戶產品委員會沒有任何問題，我們已經啟動了該委員會，而且它非常活躍。

So I think that's, again, a kind of encouraging sign. And the last thing I'll say is we don't -- we have very little to none customer turnover, which is not something that's very common. And so I think from that point of view, we are a sticky solution. And I think from that perspective, it's a great base to work with. So it's really encouraging from that perspective.

所以我認為這又是一個令人鼓舞的跡象。最後我想說的是，我們的客戶流失率非常低，甚至幾乎沒有，這並不常見。所以我覺得從這個角度來看，我們是一個棘手的解決方案。我認為從這個角度來看，這是一個很好的工作基礎。從這個角度來看，這確實令人鼓舞。

I think now that we've got more predictability in the business, I'm hopeful that we'll see an acceleration in unit orders despite the fact that there's some challenges in the macro environment.

我認為，隨著業務的可預測性增強，儘管宏觀環境面臨一些挑戰，但我仍然希望訂單量能夠加速成長。

And with that, Frank, like, I know like, Ryan, asked about the sales organization. I want to continue to focus on that. You guys made a lot of investments from last year, bringing in a new CRO, hire a couple of folks in key pillars, right? Just want to get a sense, what are the things like in terms of go-to-market that you think -- and you mentioned the run rate is about 20,000 to 25,000 units per quarter, right, of new net units. What are the go-to-market things that you think the changes you made that could help improve, let's say, in 2026?

於是，法蘭克，還有瑞恩，都問起了銷售部門的狀況。我想繼續專注於此。你們去年進行了很多投資，引進了一位新的首席營收官，並在關鍵領域招募了幾位人才，對吧？我只是想了解一下，就市場推廣而言，您認為情況如何？您提到每季新增淨銷售量約 20,000 至 25,000 台，對嗎？您認為您所做的改變，在哪些市場推廣方面可以幫助改進，比如說，到 2026 年？

Yes. I think, first of all, one thing I would just say on the unit count that Daryl talked about in his presentation, we've been working through the overhang of these bulk hardware sales that were made over the course of early 2024 and late 2023.

是的。首先，我想說的是，關於達裡爾在他的演講中提到的數量，我們一直在努力解決 2024 年初和 2023 年末進行的這些大宗硬體銷售的積壓問題。

That had a reduction -- an effect of reducing our run rate on units because they were pulling forward into earlier periods. We should be through that by the end of this year. So we'll have a run rate that looks more like the market demand cycle looks and that should be a benefit.

這導致產量下降——由於產量提前到較早的時期，導致我們的產量下降。我們應該能在今年年底前完成這項工作。這樣一來，我們的運作速度就會更貼近市場需求週期，這應該會是一件好事。

It's not very far from 23,000 to 30,000 units, really. And so we're shooting for a much higher number and building the organization to accommodate that. And I think things like improving the sales organization in terms of numbers of people, and frankly, the underlying systems that support that group, that's all well in hand.

其實離23萬到30000台不遠。因此，我們的目標是實現更高的目標，並正在建立相應的組織架構來適應這一目標。我認為，像是提升銷售團隊的人員數量，以及坦白說，完善支援該團隊的底層系統這類事情，都已在掌控之中。

As I said earlier, we have a fantastic leader that's really doing a very good job on the organizational enablement front and also the client relationship building front. I will remain active with the clients. And I think there's a lot of upside there.

正如我之前所說，我們有一位非常優秀的領導者，他在組織賦能和客戶關係建立方面都做得非常出色。我將繼續積極服務客戶。我認為這方面還有很多發展潛力。

Got it. And then Daryl, flipping to you on the financial side. I think Frank mentioned that by the end of this year, the bulk hardware sales should normalize the headwind. I was wondering, can you give us some color? Does it mean like in 2026, we should see a smoother growth rate quarter over quarter?

知道了。然後達裡爾，接下來就輪到你談談財務方面的問題了。我認為弗蘭克提到過，到今年年底，大宗硬體銷售應該能夠扭轉不利局面。我想問一下，您能為我們增添一些色彩嗎？這是否意味著，到 2026 年，我們應該會看到季度成長率更加穩定？

And then your comments about run rate cash flow neutrality to exit 2025, should we get used to this going forward, Daryl?

那麼，你之前提到的 2025 年底實現現金流中性化的問題，我們以後是否應該習慣這種局面，達裡爾？

Yes. So first -- to answer your first question with regards to what the growth rate might look like, what you've been seeing for most of the past year is that our hardware revenues, in particular, have been muted because we've made the shipment of the hardware for much of the installation volume that we're still now undertaking a year ago plus.

是的。首先——回答你關於成長率可能如何的第一個問題，過去一年來，你所看到的主要是我們的硬體收入成長乏力，因為一年多前我們已經完成了大部分安裝量的硬體出貨，而我們現在仍在進行這些安裝量。

So our -- I would expect that even if our volume were simply to stay in the 20,000 to 25,000 units per quarter range, that our hardware revenue would increase as we have to, then as we work through the whole hardware sales, we will be shipping hardware for current period installation. So there'll be a more closely coupled cadence to the hardware revenue with the deployment volume.

因此，我預計即使我們的銷售量僅維持在每季 2 萬到 2.5 萬台的範圍內，我們的硬體收入也會根據需求而成長。隨著我們逐步完成硬體銷售，我們將為當前階段的安裝交付硬體。因此，硬體收入與部署量之間的關聯性將更加緊密。

And can you repeat your second question, please?

請問您能再說一次您的第二個問題嗎？

The second one was the possibility. You mentioned our free cash flow exiting end of this year to be positive. So that -- should we get used to this discipline -- financial discipline in 2026, meaning like this consistency?

第二個因素是可能性。您提到我們今年年底的自由現金流將為正值。所以——我們是否應該習慣這種紀律——2026 年的財務紀律，意味著像這樣的持續性？

Well, we're certainly going to strive to be as disciplined as we have been this past quarter and for Q4. I think that our initial desires were simply to reduce the cash burn so that we can then evaluate how to use the $100 million of cash that we have in -- and apply it for its best purpose, be it reinvesting in the company or otherwise.

當然，我們一定會努力像上個季度和第四季一樣保持自律。我認為我們最初的願望只是減少現金消耗，以便我們能夠評估如何使用我們擁有的 1 億美元現金——並將其用於最佳用途，無論是再投資於公司還是其他用途。

So my expectation would be that we'll continue to remain very disciplined in our use so that we can then make very disciplined decisions around how to best use the $100 million.

因此，我期望我們繼續保持高度自律地使用這筆資金，以便我們能夠就如何最好地使用這 1 億美元做出非常自律的決定。

There are no further questions at this time. That concludes today's call. You may now disconnect.

目前沒有其他問題了。今天的電話會議到此結束。您現在可以斷開連線了。