Lucas Haldeman: Yeah. We have several betas going and they’re growing fantastic. We’re seeing a lot of demand for that product. It’s something that I think the multifamily industry has really embraced as the next phase of what’s needed and how we service our residents. So I feel incredibly bullish about that product and that product line. It is early days, we’re in beta. So it’s not something where we have a lot of guidance to provide publicly. But I can tell you that, that we like all the signs that we’re seeing and we think it’s going to be a really important piece of our business going forward.
Brian Ruttenbur: Okay. And then last question for Hiroshi. In terms of getting to cash flow, kind of breakeven positive, does that happen this year or is that something we should look for in 2024, the beginning of 2024?
Hiroshi Okamoto: Yeah. So the guidance we’ve given is adjusted EBITDA positive intra-quarter in 2023. And kind of modeling from that is that we will turn free cash flow positive one or two quarters after that. So, realistically sometime in 2024 is very positive.
Brian Ruttenbur: Great. Thank you very much.
Hiroshi Okamoto: Yeah.
Lucas Haldeman: Thanks, Brian.
Operator: Your next question comes from the line of Brett Knoblauch with Cantor Fitzgerald. Please go ahead.
Brett Knoblauch: Hi guys, thanks for taking my question. On ARR, I guess, on a sequential growth basis, I think, I was expecting a bit more. Was that just seasonality, as I guess, the kind of net new ARR added per new deployed unit kind of declined a bit, I guess, any puts and takes there?
Lucas Haldeman: Yeah. Brett, thanks for the question. Yeah, I think you’re seeing some of the seasonality come in as it’s been since the beginning of this business. Q4 always is a step down from Q3, in terms of total volume. But I think the important metrics that we’re looking at is, it continues to grow, continues to expand, continues to become a bigger percentage of total revenue.
Brett Knoblauch: Got it. And I guess, how should we expect ARR growth to trend in in 2023?
Lucas Haldeman: I think you’ll see ARR growth continuing to trend in the direction it has been going. If you look at the guidance for the full year, I think you kind of see how all three of those revenue streams are going to grow to get there. And certainly as we continue to add additional software only and SaaS products, that continues to help ARR, as well as just pricing increases flowing in and flowing through. So I think you’ll see meaningful growth in that. I mean, I think, we’re all aware of that sort of really a key metric of the business and it’s a core focus of what we’re trying to grow over time as well.
Brett Knoblauch: Perfect. Understood. Thanks guys.
Lucas Haldeman: Thank you.
Operator: Your next question will come from the line of Tom White with DA Davidson. Please go ahead.
Tom White: Great. Thanks for taking my question. Just a quick one on the guidance. I guess, the midpoint of the revenue outlook for the first quarter and the full year implies a pretty significant decel in kind of the year-over-year growth rate, first quarter versus the last three quarters of the year. I’m just curious if there is any kind of conservatism baked into the outlook or maybe that’s due to the site plan, but just any color there? Thanks.
Hiroshi Okamoto: Yeah. So thanks for the question, Tom. It’s — we provide the range because we bake in different scenarios. But we feel that we’re almost at the end of Q1 already, March 8, and we have a pretty good feel of where we are. We feel that revenues will continue to increase at that rate for Q1 and the guidance we gave for the full year is kind of our best estimate within the range of where we expect to be.
Lucas Haldeman: Yeah. I’d just add to that, Tom, just a couple of anecdotes. I think you’re going to — at the low end of our guidance, it’s north of 50% revenue growth year-over-year, which I think is incredibly strong. And it would — in that guidance range would also be another record quarter of revenue. So I think we’re having a really strong first quarter, certainly stronger than last year where we’re starting to get hit with supply chain issues. And so, if you look at the sort of step-up in revenue, year-over-year, pretty healthy growth.
Tom White: Okay. Appreciate it. Thank you.
Hiroshi Okamoto: Thanks, Tom.
Operator: We have no further questions at this time. I will now turn the call back over to Lucas Haldeman for any closing remarks.
Lucas Haldeman: Thanks, operator — thanks, Regina. Yeah, I’d like to thank everyone for joining the call and look forward to seeing you in upcoming investor conferences and appreciate all the feedback.
Operator: Ladies and gentlemen, that will conclude today’s call. We thank you all for joining. You may now disconnect.
