SmartRent, Inc. (NYSE:SMRT) Q1 2024 Earnings Conference Call May 8, 2024 11:30 AM ET

Company Participants

Kristen Lee - General Counsel, Corporate Secretary
Lucas Haldeman - Chairman, CEO & Founder
Daryl Stemm - CFO

Conference Call Participants

Erik Woodring - Morgan Stanley
Ryan Tomasello - KBW
Tom White - DA Davidson & Co.

Operator

Ladies and gentlemen, thank you for standing by. We'd like to welcome you to today's conference. This is the SmartRent Q1 2024 Conference Call. [Operator Instructions].

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

Kristen Lee

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

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

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

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

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

Lucas Haldeman

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