SMRT SmartRent Inc

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or Section 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): November 6, 2024

SmartRent, Inc.

(Exact name of registrant as specified in its charter)

Delaware		001-39991		85-4218526
(State or other jurisdiction of incorporation or organization)		(Commission File Number)		(I.R.S. Employer Identification Number)

8665 E. Hartford Drive, Suite 200 Scottsdale, Arizona		85255
(Address of Principal Executive Offices)		(Zip Code)

(844) 479-1555

(Registrant’s telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation to the registrant under any of the following provisions:

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class		Trading Symbol		Name of Each Exchange on Which Registered
Class A Common Stock, par value $0.0001 per share		SMRT		The New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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Item 2.02. Results of Operations and Financial Condition.

 

On November 6, 2024, SmartRent, Inc. (the “Company”) issued a press release announcing its financial results for the third quarter ended September 30, 2024. A copy of the Company’s press release is attached hereto and incorporated herein by reference.

 

Item 7.01 Regulation FD Disclosure.

 

On November 6, 2024, the Company posted supplemental investor materials on the investor relations section of its website (investors.smartrent.com). The Company announces material information to the public about its business, its products and services, and other matters through a variety of means, including filings with the Securities and Exchange Commission, press releases, public conference calls, webcasts, and the investor relations section of its website (investors.smartrent.com) in order to achieve broad, non-exclusionary distribution of information to the public and for complying with its disclosure obligations under Regulation FD.

 

The information in Item 2.02 and Item 7.01 of this Current Report on Form 8-K and Exhibit 99.1 attached hereto, is intended to be furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such a filing.

 

Item 9.01 Financial Statements and Exhibits.

 

(d) Exhibits.

 

Exhibit No.	Document
99.1	Press release issued by SmartRent, Inc. on November 6, 2024.
104	Cover Page Interactive Data File (formatted as Inline XBRL).

 

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SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Dated: November 6, 2024

SMARTRENT, INC.
By:		/s/ Daryl Stemm
Name:		Daryl Stemm
Title:		Interim Principal Executive Officer and Chief Financial Officer

 

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SmartRent Reports Third Quarter 2024 Results

Delivers Record SaaS Annual Recurring Revenue (“ARR”) of $53 million in Q3 2024

Returns Cash to Shareholders with Share Repurchase

Focuses on Four Pillars to Drive Shareholder Value and Customer Success

Scottsdale, Ariz., November 6, 2024 – (BUSINESS WIRE) – SmartRent, Inc. (NYSE: SMRT) (“SmartRent” or the “Company”), a leading provider of smart communities solutions and smart operations solutions for the rental housing industry, today reported financial results for the three months ended September 30, 2024. Management is hosting an investor call to discuss results today, November 6, 2024, at 11:30 a.m. Eastern Time.

Financial and Business Highlights for the Third Quarter 2024

Management Commentary

"In the third quarter, SmartRent demonstrated remarkable resilience and strategic focus amid a series of market headwinds and operational transitions," stated John Dorman, Chairman of the Board. "During the quarter, we confirmed and strengthened our firm belief that the key issues affecting SmartRent performance are execution issues, while the core business model, the growth potential of our market, our market leadership position and the differentiated value proposition for our customers all remain very compelling,"

Dorman continued, "As a key step in addressing execution, we are excited to announce the hiring of our new Chief Revenue Officer, Natalie Cariola, to lead the revitalization of our sales strategy with the goal of driving further revenue growth and market share expansion. And, to further focus and align our efforts, we’ve defined four strategic pillars: Sustainable ARR Growth, Platform Superiority, Operational Excellence and Collaborative Innovation. With a solid strategy in place and a clear focus on enhancing our competitive strengths, SmartRent is well prepared to capitalize on significant market opportunities, deliver high ROI to our customers and create sustainable long-term value for our shareholders."

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Third Quarter 2024 Results

The Company delivered a 23% year-over-year increase in SaaS revenue, driven by improvements in SaaS ARPU and Units Deployed. Over the same period, ARR increased to $53.2 million, up from $43.3 million in Q3 2023. SaaS ARPU for the quarter increased by 5%, to $5.70 from $5.41 in Q3 2023, primarily due to improvements in pricing. Additionally, Units Booked SaaS ARPU saw an increase of 8% to $9.73 from $9.04 in Q3 2023.

Total revenue for the quarter was $40.5 million, a 30% decrease from the same quarter in the prior year, driven by fewer Units Shipped and New Units Deployed. Hosted services revenue, which includes $13.3 million of SaaS revenue, was $18.5 million for the quarter, a 12.0% increase from $16.5 million from the same quarter in the prior year. Hardware revenue was $18.7 million, a decrease of $16.9 million or 47% from the same quarter in the prior year. Professional services revenue was $3.3 million, a decrease of $2.7 million, or 45% from the same quarter in the prior year.

As of September 30, 2024, Units Deployed reached 787,038, a 15% increase with 104,406 more units compared to September 30, 2023. The Company had 15,168 New Units Deployed during the quarter, a 53% decrease with 32,308 New Units Deployed in the same quarter in the prior year. Units Booked for the quarter was 17,048, a 63% decrease with 29,224 fewer units compared to the same quarter in the prior year. Total Bookings were $19.6 million, marking a $30.1 million or 61% decrease from the same quarter in the prior year. Daryl Stemm, CFO and interim Principal Executive Officer commented, "Our New Units Deployed and Total Bookings were disappointing but not unexpected, as we anticipated some market headwinds and disruptions stemming from our July leadership change. We are taking steps to reorient our sales force under the leadership of Natalie Cariola, our new Chief Revenue Officer."

In the third quarter, total gross margin improved to 33.2% from 23.3%, or approximately 1,000 basis points, from the same quarter in the prior year, primarily driven by changes to product mix, cost management and improvements to our operating model. SaaS gross margin decreased to 73.0% from 74.2%, for a decrease of approximately 100-basis points from the same quarter in the prior year. Total gross profit in the third quarter was $13.5 million and was essentially flat from the same quarter in the prior year. Hardware gross profit was $4.9 million, a 39.8% decrease from $8.1 million from the same quarter in the prior year. Professional services gross loss narrowed to $(3.5) million from $(5.2) million in the same quarter of the previous year, primarily due to overall reduced volume in New Units Deployed, followed by the benefits of cost management initiatives. Hosted services gross profit increased to $12.1 million from $10.6 million in the same quarter in the prior year and continues to be the Company’s most profitable revenue stream.

In the third quarter of 2024, operating expenses were $25.2 million, an increase from $23.5 million in the same quarter from the prior year, primarily reflecting the impact of one-time separation expenses. Net losses in the third quarter were $(9.9) million, compared to $(7.7) million in the third quarter of 2023. Adjusted EBITDA was $(3.8) million, a 24% improvement from $(5.0) million in the same quarter from the prior year.

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Under the Company’s authorized $50 million share repurchase program, SmartRent repurchased approximately 9.8 million shares at an aggregate cost of $17.1 million in the quarter. Following the close of the quarter through November 4, 2024, the Company repurchased an additional 2.4 million shares, leaving approximately $22.6 million available for future repurchases. The Company ended the quarter with a cash balance of approximately $164 million.

"We believe our solid balance sheet and prudent capital management will enable us to work through the current leadership transition, address our operational challenges and allow us to invest in advancing our growth strategies,” stated Stemm.

 

Revenue Drivers

 

	For the three months ended September 30,
	2024				2023				% Change
Hardware
Hardware Units Shipped		44,763				62,585			-28%
Hardware ARPU	$	418			$	569			-27%
Professional Services
New Units Deployed		15,168				32,308			-53%
Professional Services ARPU	$	443			$	253			75%
Hosted Services
Units Deployed (1)		787,038				682,632			15%
Average aggregate units deployed		779,454				666,478			17%
SaaS ARPU	$	5.70			$	5.41			5%
Bookings
Units Booked		17,048				46,272			-63%
Bookings (in 000's)	$	19,582			$	49,661			-61%
Units Booked SaaS ARPU	$	9.73			$	9.04			8%
(1) As of the last date of the quarter

 

Conference Call Information

SmartRent is hosting a conference call today, November 6, 2024, at 11:30 a.m. ET to discuss its financial results. To join the call, please register on the Company’s investor relations website here. A copy of the third quarter 2024 earnings deck is available on the Investor Relations section of SmartRent’s website.

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About SmartRent

Founded in 2017, SmartRent, Inc. (NYSE: SMRT) is a leading provider of smart communities solutions and smart operations solutions to the rental housing industry. SmartRent’s end-to-end ecosystem powers smarter living and working in rental housing by automating operations, protecting assets, reducing energy consumption and more. The Company’s differentiators - purpose-built software and hardware, and end-to-end implementation and support - create an exceptional experience, with 15 of the top 20 multifamily operators and millions of users leveraging SMRT solutions daily. For more information, please visit smartrent.com.

Forward-Looking Statements

This press release contains forward-looking statements which address the Company's expected future business and financial performance, areas of focus, including our sales organization, the Company's approach to operational and financial discipline, leadership transition, expected growth, strategy, performance, financial review, stock repurchase program and expected benefits from stock repurchase program, and other future events and forward-looking statements. Forward-looking statements may contain words such as "goal," "target," "future," "estimate," "expect," "anticipate," "intend," "plan," "believe," "seek," "project," "may," "should," "will" or similar expressions. Examples of forward-looking statements include, among others, statements regarding the expected financial results, product portfolio enhancements, expansion plans and opportunities and earnings guidance related to financial and operational metrics. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those currently anticipated. Some of the factors that could cause actual results to differ materially from those expressed or implied by the forward-looking statements include, among other things, our ability to: (1) accelerate adoption of our products and services; (2) anticipate the uncertainties inherent in the development of new business lines and business strategies; (3) manage risks associated with our third-party suppliers and manufacturers and partners for our products; (4) manage risks associated with adverse macroeconomic conditions, including inflation, slower growth or recession, barriers to trade, changes to fiscal and monetary policy, tighter credit, higher interest rates, high unemployment, and currency fluctuations; (5) attract, train, and retain effective officers, key employees and directors and manage risks associated with the leadership transition; (6) develop, design, manufacture, and sell products and services that are differentiated from those of competitors; (7) realize the benefits expected from our acquisitions; (8) acquire or make investments in other businesses, patents, technologies, products or services to grow the business; (9) successfully pursue, defend, resolve or anticipate the outcome of pending or future litigation matters; (10) comply with laws and regulations applicable to our business, including privacy regulations; (11) realize the benefits expected from our stock repurchase program; and (12) maintain key strategic relationships with partners and distributors. The forward-looking statements herein represent the judgment of the Company, as of the date of this release, and SmartRent disclaims any intent or obligation to update forward-looking statements. This press release should be read in conjunction with the information included in the Company's other press releases, reports

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and other filings with the SEC. Understanding the information contained in these filings is important in order to fully understand the Company's reported financial results and our business outlook for future periods.

Use of Non-GAAP Financial Measures

In addition to disclosing financial results that are determined in accordance with GAAP, SmartRent also discloses certain non-GAAP financial measures in this press release, including EBITDA and Adjusted EBITDA. These financial measures are not recognized measures under GAAP and should not be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP.

We define Adjusted EBITDA as EBITDA before the following items: non-recurring legal matters, stock-based compensation expense, non-recurring warranty provisions, impairment of investment in a non-affiliate, compensation expenses in connection with acquisitions, non-recurring expenses in connection with acquisitions, other acquisition expenses, and other expenses caused by non-recurring, or unusual, events that are not indicative of our ongoing business. We define EBITDA as net income or loss computed in accordance with GAAP before interest income/expense, income tax expense and depreciation and amortization.

EBITDA and Adjusted EBITDA may be determined or calculated differently by other companies. Reconciliations of these non-GAAP measures to the most directly comparable GAAP financial measures have been provided in the financial statement tables included in this press release, and investors are encouraged to review the reconciliations.

EBITDA and Adjusted EBITDA are not used as measures of SmartRent’s liquidity and should not be considered alternatives to net income or loss or any other measure of financial performance presented in accordance with GAAP.

SmartRent’s management uses EBITDA and Adjusted EBITDA in a number of ways to assess the Company’s financial and operating performance and believes that these measures provide useful information to investors regarding financial and business trends related to SmartRent’s results of operations. EBITDA and Adjusted EBITDA are also used to identify certain expenses and make decisions designed to help SmartRent meet its current financial goals and optimize its financial performance, while neutralizing the impact of expenses included in its operating results which could otherwise mask underlying trends in its business. SmartRent’s management believes that investors are provided with a more meaningful understanding of SmartRent’s ongoing operating performance when non-GAAP financial information is viewed with GAAP financial information.

Operating Metrics Defined

SmartRent regularly monitors several operating metrics including the following which the Company believes are key measures of its growth, to evaluate its operating performance, identify trends affecting its business, formulate business plans, measure its progress, and make strategic decisions. These metrics may not provide accurate predictions of future GAAP financial results.

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Units Deployed is defined as the aggregate number of Hub Devices that have been installed (including customer self-installations) and have an active subscription as of a stated measurement date.

New Units Deployed is defined as the aggregate number of Hub Devices that were installed (including customer self-installations) and resulted in a new active subscription during a stated measurement period.

Units Shipped is defined as the aggregate number of Hub Devices that have been shipped to customers during a stated measurement period.

Units Booked is defined as the aggregate number of Hub Device units subject to binding orders executed during a stated measurement period that will result in a New Unit Deployed. The Company utilizes the concept of Units Booked to measure estimated near-term resource demand and the resulting approximate range of post-delivery revenue that it will earn and record. Units Booked represent binding orders only.

Bookings represent the contract value of hardware, professional services, and the first year of ARR for binding orders executed during a stated measurement period.

Annual Recurring Revenue (“ARR”) is defined as the annualized value of our SaaS revenue earned in the current quarter.

Average Revenue per Unit (“ARPU”) is used to assess the growth and health of the overall business and reflects our ability to acquire, retain, engage and monetize our customers, and thereby drive revenue. Each revenue stream ARPU is calculated as follows:

Hardware ARPU is total hardware revenue during a given period divided by the total Units Shipped during the same period.

Professional Services ARPU is total professional services revenue during a given period divided by the total New Units Deployed, excluding customer self-installations, during the same period.

SaaS ARPU is total SaaS revenue during a given period divided by the average aggregate Units Deployed in the same period.

Units Booked SaaS ARPU is the first year ARR for binding orders executed during the stated measurement period divided by the total Units Booked in the same period.

Net Revenue Retention is defined as SaaS revenue at the end of the current period related to properties which had SaaS revenue at the end of the same period in the prior year, divided by SaaS revenue at the end of the same period in the prior year for those same properties. This includes additions to revenue from price increases on existing products, and additions of new products at existing properties offset by any reductions in revenue caused by cancellations or downgrades.

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SMARTRENT, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

(in thousands, except per share amounts)

 

		For the three months ended September 30,								For the nine months ended September 30,
		2024				2023				2024				2023
Revenue
Hardware		$	18,707			$	35,631			$	72,460			$	100,744
Professional services			3,308				5,962				12,582				28,781
Hosted services			18,495				16,511				54,475				47,060
Total revenue			40,510				58,104				139,517				176,585
Cost of revenue
Hardware			13,843				27,556				48,845				82,118
Professional services			6,840				11,130				22,157				44,573
Hosted services			6,370				5,887				18,330				17,365
Total cost of revenue			27,053				44,573				89,332				144,056
Operating expense
Research and development			6,596				7,573				22,442				21,340
Sales and marketing			4,444				4,636				13,714				14,626
General and administrative			14,154				11,269				42,843				33,891
Total operating expense			25,194				23,478				78,999				69,857
Loss from operations			(11,737	)			(9,947	)			(28,814	)			(37,328	)
Interest income, net			2,019				2,233				6,718				6,064
Other income (expense), net			(187	)			(42	)			7				(45	)
Loss before income taxes			(9,905	)			(7,756	)			(22,089	)			(31,309	)
Income tax expense (benefit)			18				(33	)			131				(22	)
Net loss			(9,923	)			(7,723	)			(22,220	)			(31,287	)
Other comprehensive loss
Foreign currency translation adjustment			270				(188	)			265				(93	)
Comprehensive loss			(9,653	)			(7,911	)			(21,955	)			(31,380	)
Net loss per common share
Basic and diluted		$	(0.05	)		$	(0.04	)		$	(0.11	)		$	(0.16	)
Weighted-average number of shares used in computing net loss per share
Basic and diluted			198,731				201,584				201,391				199,858

 

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SMARTRENT, INC.

CONSOLIDATED BALANCE SHEETS

(in thousands, except per share amounts)

 

		As of
		September 30, 2024				December 31, 2023
ASSETS
Current assets
Cash and cash equivalents		$	163,403			$	215,214
Restricted cash, current portion			247				495
Accounts receivable, net			63,013				61,903
Inventory			35,948				41,575
Deferred cost of revenue, current portion			10,158				11,794
Prepaid expenses and other current assets			12,217				9,359
Total current assets			284,986				340,340
Property and equipment, net			1,357				1,400
Deferred cost of revenue			4,713				11,251
Goodwill			117,268				117,268
Intangible assets, net			24,343				27,249
Other long-term assets			15,926				12,248
Total assets		$	448,593			$	509,756
LIABILITIES, CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS' EQUITY
Current liabilities
Accounts payable		$	9,535			$	15,076
Accrued expenses and other current liabilities			26,574				24,976
Deferred revenue, current portion			49,861				77,257
Total current liabilities			85,970				117,309
Deferred revenue			50,111				45,903
Other long-term liabilities			7,371				4,096
Total liabilities			143,452				167,308
Commitments and contingencies
Convertible preferred stock, $0.0001 par value; 50,000 shares authorized as of September 30, 2024 and December 31, 2023; no shares of preferred stock issued and outstanding as of September 30, 2024 and December 31, 2023			-				-
Stockholders' equity
Class A common stock, $0.0001 par value; 500,000 shares authorized as of September 30, 2024 and December 31, 2023, respectively; 192,971 and 203,327 shares issued and outstanding as of September 30, 2024 and December 31, 2023, respectively			19				20
Additional paid-in capital			636,418				628,156
Accumulated deficit			(331,345	)			(285,512	)
Accumulated other comprehensive loss			49				(216	)
Total stockholders' equity			305,141				342,448
Total liabilities, convertible preferred stock and stockholders' equity		$	448,593			$	509,756

 

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SMARTRENT, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

		For the nine months ended September 30,
		2024				2023
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss		$	(22,220	)		$	(31,287	)
Depreciation and amortization			4,730				3,991
Impairment of investment in non-affiliate			2,250				-
Provision for warranty expense			(837	)			-
Non-cash lease expense			1,079				733
Stock-based compensation related to acquisition			-				109
Stock-based compensation			9,523				10,120
Compensation expense related to acquisition			-				1,913
Change in fair value of earnout related to acquisition			140				225
Non-cash interest expense			107				103
Provision for excess and obsolete inventory			2,697				1,780
Provision for expected credit losses			804				39
Non-cash legal expense			7,255				-
Accounts receivable			(1,739	)			(1,142	)
Inventory			(2,020	)			26,423
Deferred cost of revenue			8,175				9,928
Prepaid expenses and other assets			4,474				537
Accounts payable			(5,581	)			(9,338	)
Accrued expenses and other liabilities			(5,338	)			(12,299	)
Deferred revenue			(23,189	)			(2,378	)
Lease liabilities			(1,208	)			(823	)
Net cash used in operating activities			(20,898	)			(1,366	)
Purchase of property and equipment			(524	)			(116	)
Capitalized software costs			(4,501	)			(3,197	)
Net cash used in investing activities			(5,025	)			(3,313	)
Payments for repurchases of Class A common stock			(23,462	)			-
Proceeds from options exercise			2				899
Proceeds from ESPP purchases			586				809
Taxes paid related to net share settlements of stock-based compensation awards			(1,849	)			(1,506	)
Payment of earnout related to acquisition			(1,530	)			(1,702	)
Net cash used in financing activities			(26,253	)			(1,500	)
Effect of exchange rate changes on cash and cash equivalents			117				(40	)
Net decrease in cash, cash equivalents, and restricted cash			(52,059	)			(6,219	)
Cash, cash equivalents, and restricted cash - beginning of period			215,709				217,713
Cash, cash equivalents, and restricted cash - end of period		$	163,650			$	211,494
Cash and cash equivalents		$	163,403			$	211,000
Restricted cash, current portion			247				247
Restricted cash, included in other long-term assets			-				247
Total cash, cash equivalents, and restricted cash		$	163,650			$	211,494

 

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SMARTRENT, INC.

RECONCILIATION OF NON-GAAP MEASURES

	For the three months ended September 30,								For the nine months ended September 30,
	2024				2023				2024				2023
	(dollars in thousands)								(dollars in thousands)
Net loss	$	(9,923	)		$	(7,723	)		$	(22,220	)		$	(31,287	)
Interest income, net		(2,019	)			(2,233	)			(6,718	)			(6,064	)
Income tax expense (benefit)		18				(33	)			131				(22	)
Depreciation and amortization		1,644				1,395				4,730				3,991
EBITDA		(10,280	)			(8,594	)			(24,077	)			(33,382	)
Legal matter		2,325				-				7,625				-
Stock-based compensation		1,653				3,273				8,218				10,229
Impairment of investment in non-affiliate		-				-				2,250				-
Non-recurring warranty provision		(522	)			-				(59	)			-
Compensation expense in connection with acquisitions		-				15				-				2,010
Other acquisition expenses		(4	)			(23	)			253				408
Other non-operating expenses		3,006				317				3,267				805
Adjusted EBITDA	$	(3,822	)		$	(5,012	)		$	(2,523	)		$	(19,930	)

Investor Contact

Kelly Reisdorf
Head of Investor Relations

investors@smartrent.com

Media Contact

Amanda Chavez
Vice President, Marketing & Communications
media@smartrent.com

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v3.24.3

Document and Entity Information	Nov. 06, 2024
Cover [Abstract]
Amendment Flag	false
Entity Central Index Key	0001837014
Document Type	8-K
Document Period End Date	Nov. 06, 2024
Entity Registrant Name	SmartRent, Inc.
Entity Incorporation State Country Code	DE
Securities Act File Number	001-39991
Entity Tax Identification Number	85-4218526
Entity Address, Address Line One	8665 E. Hartford Drive
Entity Address, Address Line Two	Suite 200
Entity Address, City or Town	Scottsdale
Entity Address, State or Province	AZ
Entity Address, Postal Zip Code	85255
City Area Code	844
Local Phone Number	479-1555
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Security 12b Title	Class A Common Stock, par value $0.0001 per share
Trading Symbol	SMRT
Security Exchange Name	NYSE
Entity Emerging Growth Company	true
Entity Ex Transition Period	false

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