Matterport Announces Second Quarter 2024 Financial Results
Matterport (Nasdaq: MTTR) reported Q2 2024 financial results, showing significant growth and operational improvements. Annualized Recurring Revenue (ARR) reached a record $96.6 million, a 16% increase year-over-year.
Subscription revenue grew 16% to $24.2 million, comprising over 57% of total revenue. Total revenue was $42.2 million.
Total subscribers grew by 28% year-over-year to 1.06 million. Square feet under management reached 44 billion, up 33%.
Net loss per share was $0.45, while Non-GAAP net loss was $0.02 per share, a 71% improvement year-over-year. Cash used in operating activities improved by 64% year-over-year to $11.8 million.
Recent highlights include a pending acquisition by CoStar Group valued at approximately $2.1 billion, the launch of avoided emissions reporting, and partnerships with Crunch Fitness, BMO, and FBS.
Matterport (Nasdaq: MTTR) ha riportato i risultati finanziari del secondo trimestre 2024, mostrando una significativa crescita e miglioramenti operativi. Il Reddito Ricorrente Annualizzato (ARR) ha raggiunto un record di 96,6 milioni di dollari, con un aumento del 16% rispetto all'anno precedente.
Il reddito da abbonamento è aumentato del 16% a 24,2 milioni di dollari, rappresentando oltre il 57% del fatturato totale. Il fatturato totale è stato di 42,2 milioni di dollari.
Il numero totale di abbonati è cresciuto del 28% rispetto all'anno precedente, arrivando a 1,06 milioni. I metri quadrati gestiti hanno raggiunto 44 miliardi, in aumento del 33%.
La perdita netta per azione è stata di 0,45 dollari, mentre la perdita netta Non-GAAP è stata di 0,02 dollari per azione, con un miglioramento del 71% rispetto all'anno precedente. Il cash utilizzato nelle attività operative è migliorato del 64% rispetto all'anno precedente, arrivando a 11,8 milioni di dollari.
Tra i punti salienti recenti ci sono un'acquisizione in attesa da parte di CoStar Group valutata circa 2,1 miliardi di dollari, il lancio della reportistica sulle emissioni evitate e partnership con Crunch Fitness, BMO e FBS.
Matterport (Nasdaq: MTTR) presentó los resultados financieros del segundo trimestre de 2024, mostrando un crecimiento significativo y mejoras operativas. Los Ingresos Recurrentes Anualizados (ARR) alcanzaron un récord de 96,6 millones de dólares, un aumento del 16% en comparación con el año anterior.
Los ingresos por suscripción crecieron un 16% hasta 24,2 millones de dólares, representando más del 57% de los ingresos totales. Los ingresos totales fueron de 42,2 millones de dólares.
El total de suscriptores aumentó un 28% en comparación con el año anterior, alcanzando 1,06 millones. Los pies cuadrados bajo gestión llegaron a 44 mil millones, un aumento del 33%.
La pérdida neta por acción fue de 0,45 dólares, mientras que la pérdida neta No-GAAP fue de 0,02 dólares por acción, mejorando un 71% interanualmente. El efectivo utilizado en actividades operativas mejoró un 64% en comparación con el año anterior, alcanzando 11,8 millones de dólares.
Los aspectos destacados recientes incluyen una adquisición pendiente por parte de CoStar Group valorada en aproximadamente 2,1 mil millones de dólares, el lanzamiento de informes de emisiones evitadas y asociaciones con Crunch Fitness, BMO y FBS.
Matterport (Nasdaq: MTTR)는 2024년 2분기 재무 결과를 발표하며 상당한 성장과 운영 개선을 보여주었습니다. 연간 반복 수익 (ARR)은 9660만 달러의 기록에 도달하며, 전년 대비 16% 증가했습니다.
구독 수익은 16% 증가하여 2420만 달러를 기록하며, 총 수익의 57% 이상을 차지합니다. 총 수익은 4220만 달러였습니다.
총 가입자 수는 전년 대비 28% 증가하여 106만 명에 도달했습니다. 관리 중인 평방 피트는 440억에 도달하며, 33% 증가했습니다.
주당 순손실은 0.45달러였고, 비-GAAP 순손실은 주당 0.02달러로 전년 대비 71% 개선되었습니다. 운영 활동에 사용된 현금은 전년 대비 64% 개선되어 1180만 달러에 도달했습니다.
최근 주요 내용으로는 약 21억 달러로 평가된 CoStar Group의 인수 대기, 회피된 배출량 보고서의 출시, Crunch Fitness, BMO 및 FBS와의 파트너십이 포함됩니다.
Matterport (Nasdaq: MTTR) a annoncé les résultats financiers du deuxième trimestre 2024, montrant une croissance significative et des améliorations opérationnelles. Les Revenus Répétés Annualisés (ARR) ont atteint un chiffre record de 96,6 millions de dollars, soit une augmentation de 16 % par rapport à l'année précédente.
Les revenus d'abonnement ont augmenté de 16 % pour atteindre 24,2 millions de dollars, représentant plus de 57 % du chiffre d'affaires total. Le chiffre d'affaires total s'est élevé à 42,2 millions de dollars.
Le nombre total d'abonnés a augmenté de 28 % par rapport à l'année précédente pour atteindre 1,06 million. Les pieds carrés sous gestion ont atteint 44 milliards, en hausse de 33 %.
La perte nette par action était de 0,45 dollar, tandis que la perte nette non-GAAP était de 0,02 dollar par action, soit une amélioration de 71 % par rapport à l'année précédente. Les liquidités utilisées dans les activités opérationnelles ont augmenté de 64 % par rapport à l'année précédente pour atteindre 11,8 millions de dollars.
Parmi les points récents notables figurent une acquisition en attente par CoStar Group d'une valeur d'environ 2,1 milliards de dollars, le lancement de rapports sur les émissions évitées et des partenariats avec Crunch Fitness, BMO et FBS.
Matterport (Nasdaq: MTTR) hat die finanziellen Ergebnisse für das zweite Quartal 2024 bekannt gegeben, die ein signifikantes Wachstum und betriebliche Verbesserungen zeigen. Der annualisierte wiederkehrende Umsatz (ARR) erreichte einen Rekordwert von 96,6 Millionen US-Dollar, ein Anstieg von 16 % im Vergleich zum Vorjahr.
Der Abo-Umsatz wuchs um 16 % auf 24,2 Millionen US-Dollar und machte über 57 % des Gesamtumsatzes aus. Der Gesamtumsatz betrug 42,2 Millionen US-Dollar.
Die Gesamtzahl der Abonnenten wuchs um 28 % im Vergleich zum Vorjahr auf 1,06 Millionen. Die unter Verwaltung stehende Fläche erreichte 44 Milliarden Quadratfuß, was einem Anstieg von 33 % entspricht.
Der Nettoverlust pro Aktie betrug 0,45 US-Dollar, während der Non-GAAP-Nettoverlust 0,02 US-Dollar pro Aktie betrug, was einer Verbesserung von 71 % im Vergleich zum Vorjahr entspricht. Der in der Betriebsaktivitäten verwendete Cash verbesserte sich im Jahresvergleich um 64 % auf 11,8 Millionen US-Dollar.
Zu den aktuellen Höhepunkten gehören eine ausstehende Übernahme durch die CoStar Group mit einem Wert von etwa 2,1 Milliarden US-Dollar, der Start von Berichten über vermiedene Emissionen und Partnerschaften mit Crunch Fitness, BMO und FBS.
- Annualized Recurring Revenue (ARR) hit $96.6 million, up 16% year-over-year.
- Subscription revenue increased 16% to $24.2 million.
- Total subscribers grew by 28% to 1.06 million.
- Square feet under management increased by 33% year-over-year.
- Non-GAAP net loss per share improved by 71% year-over-year.
- Cash used in operating activities improved by 64% year-over-year.
- Net loss per share was $0.45.
- Suspension of financial guidance for the full fiscal year 2024 due to the pending acquisition.
Insights
Matterport's Q2 2024 results show promising growth in key metrics. The 16% year-over-year increase in subscription revenue to
The company's focus on efficiency is evident in the 64% improvement in cash used for operations in H1 2024. The non-GAAP net loss per share of
However, investors should note that total revenue of
Matterport's technological advancements, particularly in AI with Project Genesis and spatial data initiatives like Property Intelligence, demonstrate the company's commitment to innovation. The integration with AWS IoT Competency status highlights Matterport's growing importance in the IoT and cloud transformation space.
The company's digital twin technology is gaining traction across diverse sectors, as evidenced by partnerships with Crunch Fitness and BMO. The collaboration with FBS for MLS integration shows potential for wider adoption in the real estate industry.
However, the lack of specific details on the performance of these new technologies and their contribution to revenue growth leaves some questions unanswered. Investors should monitor how these innovations translate into financial performance in future quarters.
Matterport's market position is strengthening, as evidenced by the 28% year-over-year growth in total subscribers to 1.06 million and the 33% increase in square feet under management to 44.0 billion. These metrics suggest growing adoption of Matterport's platform across various industries.
The company's expansion into sustainability reporting with avoided emissions calculations for enterprise customers aligns with growing ESG trends, potentially opening new market opportunities. The partnerships with major players like Crunch Fitness, BMO and FBS indicate Matterport's ability to penetrate diverse sectors.
However, the pending acquisition by CoStar Group may impact Matterport's independent market strategy. Investors should consider how this merger might affect Matterport's market positioning and growth trajectory in the spatial data and digital twin sectors.
- Annualized Recurring Revenue hits record
$96.6 million , up16% year-over-year - Cash used in operating activities for the first half of 2024 improved
64% year-over-year - Total subscribers grew to 1.06 million, up
28% year-over-year - Square feet under management reached 44.0 billion, up
33% from prior year
SUNNYVALE, Calif., Aug. 06, 2024 (GLOBE NEWSWIRE) -- Matterport, Inc. (Nasdaq: MTTR) (“Matterport” or the “Company”), the leading spatial data company driving the digital transformation of the built world, today announced financial results for the quarter ended June 30, 2024.
"I’m pleased to announce our second-quarter 2024 results, which underscore our ongoing success in driving efficient growth," said RJ Pittman, Chairman and CEO of Matterport. "Subscription revenue increased by
“Our second quarter results represent continued revenue growth and improvements in Non-GAAP net loss per share year-over-year. Steady subscription revenue growth, gross margin expansion, and continued operating expense discipline drove our non-GAAP loss per share to
Also today, Matterport released the company’s third Environmental, Social, and Governance report assessing the impact of Matterport’s products and programs toward driving sustainable and equitable outcomes. More information can be found on the company’s website at https://matterport.com/esg.
Second Quarter 2024 Financial Highlights
- Square feet under management hit 44.0 billion, up
33% year-over-year - Spaces under management reached 13.0 million, up
24% year-over-year - Total subscribers reached 1.06 million, up
28% year-over-year - Subscription revenue of
$24.2 million , up16% year-over-year - Annualized Recurring Revenue (ARR) was
$96.6 million - Total revenue was
$42.2 million - Net loss of
$0.45 per share, and Non-GAAP net loss of$0.02 per share, which is a71% improvement year-over-year - Cash used in operating activities was
$11.8 million for the first half of 2024, a64% improvement year-over-year
Recent Business Highlights
- Announced the acquisition of Matterport by CoStar Group. CoStar Group will acquire all outstanding shares of Matterport in a cash and stock transaction valued at
$5.50 per share, representing an equity value of approximately$2.1 billion and an enterprise value of approximately$1.6 billion based on the closing price for CoStar Group common stock on April 19, 2024. Under the terms and subject to the conditions of the agreement, Matterport stockholders will receive$2.75 in cash and$2.75 in shares of CoStar Group common stock for each share of Matterport common stock. - Announced the launch of avoided emissions reporting for select enterprise customers, measuring the emissions savings associated with the use of Matterport’s digital twin platform. Developed with independent carbon accounting experts, the reports enable enterprise customers to understand the impact of emissions avoided by collaborating remotely instead of traveling to inspect facilities onsite.
- Announced that Crunch Fitness, one of the largest fitness companies in North America with more than 450 gym locations globally, will use Matterport’s digital twin and photography services to ensure brand consistency across marketing materials for its U.S. franchise locations.
- Announced that BMO, the eighth largest bank in North America by assets, has leveraged Matterport’s digital twin platform to streamline site visits across its physical footprint for multiple areas of the bank. BMO utilized Matterport’s Capture Services, a global network of expert capture technicians, to swiftly generate 3D digital twins of each acquired Bank of the West location, including floor plans. In three months, BMO digitally captured all 503 branches, saving costs for travel and site visits, and approximately 6,000 hours of equivalent survey work.
- Announced a partnership with FBS, the leading innovator of Multiple Listing Service (MLS) technology and owner of the Flexmls platform. FBS represents up to 150 MLSs across the US and offers a comprehensive real estate technology platform that includes the Flexmls® system. The relationship enables Flexmls users to easily upload their Matterport digital twins, and autofill dimensional data from those twins directly into the Flexmls platform with just one click. Flexmls users will also gain efficiency through the seamless upload of Matterport media, including photos, floor plans, and videos.
- Announced the achievement of Amazon WebServices (AWS) IoT Competency status. This designation underscores Matterport's pivotal role and expertise in innovative Internet of Things (IoT) technologies, empowering customers to leverage AWS for IoT and achieve their cloud transformation goals. Achieving this milestone differentiates Matterport as an AWS Partner Network member, providing software designed to help enterprises adopt, develop, and deploy complex IoT-enabled digital twin projects on AWS.
- Announced that Miho Technos Co., Ltd., a leading general contractor in Tottori Prefecture in Japan, has introduced Matterport's digital twin and BIM solutions, and uses status surveys, recordkeeping, surveying and dimensional measurements. Since the introduction, Matterport is used in nearly all of the company's renovation projects.
Transaction with CoStar Group, Inc.
Given the pending acquisition of Matterport by CoStar Group, Inc. that was announced on April 22, 2024, Matterport will not be holding a conference call or live webcast to discuss Matterport’s quarterly financial results. Also, in light of the pending transaction, the Company had previously suspended its financial guidance for the full fiscal year 2024 and will not be providing financial guidance for the upcoming fiscal quarter. At a special meeting of stockholders held on July 26, 2024, Matterport stockholders approved the transaction with CoStar Group, Inc. The completion of the transaction remains subject to the expiration or termination of the waiting period imposed by the Hart-Scott Rodino Antitrust Improvements Act of 1976, as amended, and the satisfaction or waiver of the other closing conditions specified in Matterport’s agreement with CoStar Group, Inc.
Non-GAAP Financial Information
Matterport has provided in this press release financial information that has not been prepared in accordance with generally accepted accounting principles in the United States (GAAP). We believe that the presentation of non-GAAP financial information provides important supplemental information to management and investors regarding financial and business trends relating to Matterport’s financial condition and results of operations.
The presentation of these non-GAAP financial measures are not meant to be considered in isolation or as a substitute for comparable GAAP financial measures and should be read only in conjunction with the Company’s consolidated financial statements prepared in accordance with GAAP. For further information regarding these non-GAAP measures, including the reconciliation of these non-GAAP financial measures to their most directly comparable GAAP financial measures, please refer to the financial tables below.
Non-GAAP Net Loss and Non-GAAP Net Loss Per Share, Basic and Diluted. Matterport defines non-GAAP net loss as net loss, adjusted to exclude stock-based compensation-related charges (including share-based payroll tax expense), fair value change of warrants liability, amortization of acquired intangible assets, litigation expense, and acquisition-related transaction costs, in order to provide investors and management with greater visibility to the underlying performance of Matterport’s recurring core business operations. We define non-GAAP net loss per share, as non-GAAP net loss divided by the weighted-average shares outstanding, which includes the dilutive effect of potentially diluted common stock equivalents outstanding during the period if any.
About Matterport
Matterport, Inc. (Nasdaq: MTTR) is leading the digital transformation of the built world. Our groundbreaking spatial data platform turns buildings into data to make nearly every space more valuable and accessible. Millions of buildings in more than 177 countries have been transformed into immersive Matterport digital twins to improve every part of the building lifecycle from planning, construction, and operations to documentation, appraisal and marketing. Learn more at matterport.com and browse a gallery of digital twins.
©2024 Matterport, Inc. All rights reserved. Matterport is a registered trademark and the Matterport logo is a trademark of Matterport, Inc. All other marks are the property of their respective owners.
Investor Contact:
ir@matterport.com
Media Contact:
press@matterport.com
Forward-Looking Statements
This communication contains certain forward-looking statements within the meaning of the federal securities laws, including statements regarding the proposed transaction, the products and services offered by Matterport and the markets in which Matterport operates, business strategies, debt levels, industry environment including the global supply chain, potential growth opportunities, and the effects of regulations and Matterport’s projected future results. These forward-looking statements generally are identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,” “forecast,” “opportunity,” “plan,” “may,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result,” and similar expressions (including the negative versions of such words or expressions).
Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this communication, including the inability to consummate the proposed transaction with CoStar Group, Inc. (the “proposed transaction”) within the anticipated time period, or at all, due to any reason, including the failure to obtain required regulatory approvals, or to satisfy the other conditions to the consummation of the proposed transaction; the risk that the proposed transaction disrupts Matterport’s current plans and operations or diverts management’s attention from its ongoing business; the effects of the proposed transaction on Matterport’s business, operating results, and ability to retain and hire key personnel and maintain relationships with customers, suppliers and others with whom Matterport does business; the risk that Matterport’s stock price may decline significantly if the proposed transaction is not consummated; the nature, cost and outcome of any legal proceedings related to the proposed transaction; Matterport’s ability to grow market share in existing markets or any new markets Matterport may enter; Matterport’s ability to respond to general economic conditions; supply chain disruptions; Matterport’s ability to manage growth effectively; Matterport’s success in retaining or recruiting officers, key employees or directors, or changes required in the retention or recruitment of officers, key employees or directors; the impact of restructuring plans; the impact of the regulatory environment and complexities with compliance related to such environment; factors relating to Matterport’s business, operations and financial performance, including the impact of infectious diseases, health epidemics and pandemics; Matterport’s ability to maintain an effective system of internal controls over financial reporting; Matterport’s ability to achieve and maintain profitability in the future; Matterport’s ability to access sources of capital; Matterport’s ability to maintain and enhance Matterport’s products and brand, and to attract customers; Matterport’s ability to manage, develop and refine Matterport’s technology platform; the success of Matterport’s strategic relationships with third parties; Matterport’s history of losses and whether Matterport will continue to incur continuing losses for the foreseeable future; Matterport’s ability to protect and enforce Matterport’s intellectual property rights; Matterport’s success in defending or appealing any pending or future litigation, claims or demands; Matterport’s ability to implement business plans, forecasts, and other expectations and identify and realize additional opportunities; Matterport’s ability to attract and retain new subscribers; the size of the total addressable market for Matterport’s products and services; the continued adoption of spatial data; any inability to complete acquisitions and integrate acquired businesses; general economic uncertainty and the effect of general economic conditions in Matterport’s industry; environmental uncertainties and risks related to adverse weather conditions and natural disasters; the volatility of the market price and liquidity of Matterport’s Class A common stock and other securities; the increasingly competitive environment in which Matterport operates; and other factors detailed under the section entitled “Risk Factors” in Matterport’s Annual Report on Form 10-K and subsequently filed Quarterly Reports on Form 10-Q. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described in documents filed by Matterport from time to time with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and Matterport assumes no obligation and, except as required by law, does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. Matterport does not give any assurance that it will achieve its expectations.
| MATTERPORT, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share data) (Unaudited) | |||||||||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||
| Revenue: | |||||||||||||||
| Subscription | $ | 24,155 | $ | 20,895 | $ | 48,170 | $ | 40,769 | |||||||
| Services | 10,881 | 10,684 | 19,984 | 19,388 | |||||||||||
| Product | 7,180 | 7,988 | 13,934 | 17,404 | |||||||||||
| Total revenue | 42,216 | 39,567 | 82,088 | 77,561 | |||||||||||
| Costs of revenue: | |||||||||||||||
| Subscription | 8,245 | 7,235 | 15,888 | 14,197 | |||||||||||
| Services | 7,928 | 8,009 | 14,303 | 14,253 | |||||||||||
| Product | 6,663 | 8,360 | 12,925 | 16,736 | |||||||||||
| Total costs of revenue | 22,836 | 23,604 | 43,116 | 45,186 | |||||||||||
| Gross profit | 19,380 | 15,963 | 38,972 | 32,375 | |||||||||||
| Operating expenses: | |||||||||||||||
| Research and development | 15,360 | 18,861 | 30,260 | 37,134 | |||||||||||
| Selling, general, and administrative | 54,129 | 56,008 | 99,605 | 110,941 | |||||||||||
| Litigation expense | 95,000 | — | 95,000 | — | |||||||||||
| Total operating expenses | 164,489 | 74,869 | 224,865 | 148,075 | |||||||||||
| Loss from operations | (145,109 | ) | (58,906 | ) | (185,893 | ) | (115,700 | ) | |||||||
| Other income (expense): | |||||||||||||||
| Interest income | 2,623 | 1,481 | 4,887 | 2,952 | |||||||||||
| Change in fair value of warrants liability | (944 | ) | (171 | ) | (1,064 | ) | 51 | ||||||||
| Other income | 1,898 | 1,223 | 4,451 | 2,406 | |||||||||||
| Total other income | 3,577 | 2,533 | 8,274 | 5,409 | |||||||||||
| Loss before provision for income taxes | (141,532 | ) | (56,373 | ) | (177,619 | ) | (110,291 | ) | |||||||
| Provision for income taxes | 54 | 163 | 95 | 87 | |||||||||||
| Net loss | $ | (141,586 | ) | $ | (56,536 | ) | $ | (177,714 | ) | $ | (110,378 | ) | |||
| Net loss per share, basic and diluted | $ | (0.45 | ) | $ | (0.19 | ) | $ | (0.56 | ) | $ | (0.37 | ) | |||
| Weighted-average shares used in per share calculation, basic and diluted | 316,801 | 298,096 | 314,905 | 295,599 | |||||||||||
| MATTERPORT INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands) (Unaudited) | |||||||
| June 30, | December 31, | ||||||
| 2024 | 2023 | ||||||
| ASSETS | |||||||
| Current assets: | |||||||
| Cash and cash equivalents | $ | 126,284 | $ | 82,902 | |||
| Short-term investments | 237,852 | 305,264 | |||||
| Accounts receivable, net | 17,261 | 16,925 | |||||
| Inventories | 8,765 | 9,115 | |||||
| Prepaid expenses and other current assets | 8,135 | 8,635 | |||||
| Total current assets | 398,297 | 422,841 | |||||
| Property and equipment, net | 31,060 | 32,471 | |||||
| Operating lease right-of-use assets | 360 | 625 | |||||
| Long-term investments | 47,191 | 34,834 | |||||
| Goodwill | 69,593 | 69,593 | |||||
| Intangible assets, net | 8,235 | 9,120 | |||||
| Other assets | 7,655 | 7,671 | |||||
| Total assets | $ | 562,391 | $ | 577,155 | |||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||
| Current liabilities | |||||||
| Accounts payable | $ | 9,672 | $ | 7,586 | |||
| Deferred revenue | 27,328 | 23,294 | |||||
| Accrued expenses and other current liabilities | 108,673 | 13,354 | |||||
| Total current liabilities | 145,673 | 44,234 | |||||
| Warrants liability | 1,354 | 290 | |||||
| Deferred revenue, non-current | 2,405 | 3,141 | |||||
| Other long-term liabilities | — | 206 | |||||
| Total liabilities | 149,432 | 47,871 | |||||
| Commitments and contingencies | |||||||
| Stockholders’ equity: | |||||||
| Common stock | 32 | 31 | |||||
| Additional paid-in capital | 1,369,619 | 1,307,324 | |||||
| Accumulated other comprehensive income (loss) | (504 | ) | 403 | ||||
| Accumulated deficit | (956,188 | ) | (778,474 | ) | |||
| Total stockholders’ equity | 412,959 | 529,284 | |||||
| Total liabilities and stockholders’ equity | $ | 562,391 | $ | 577,155 | |||
| MATTERPORT, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands, unaudited) | |||||||
| Six Months Ended June 30, | |||||||
| 2024 | 2023 | ||||||
| CASH FLOWS FROM OPERATING ACTIVITIES | |||||||
| Net loss | $ | (177,714 | ) | $ | (110,378 | ) | |
| Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | |||||||
| Depreciation and amortization | 11,393 | 9,102 | |||||
| Accretion of discounts, net of amortization of investment premiums | (5,412 | ) | (2,319 | ) | |||
| Stock-based compensation, net of amounts capitalized | 56,429 | 63,253 | |||||
| Change in fair value of warrants liability | 1,064 | (51 | ) | ||||
| Deferred income taxes | — | (185 | ) | ||||
| Allowance for doubtful accounts | 265 | 49 | |||||
| Loss from excess inventory and purchase obligation | — | 1,592 | |||||
| Other | 276 | (225 | ) | ||||
| Changes in operating assets and liabilities, net of effects of businesses acquired: | |||||||
| Accounts receivable | (602 | ) | 2,146 | ||||
| Inventories | 350 | (5,787 | ) | ||||
| Prepaid expenses and other assets | 1,684 | 4,252 | |||||
| Accounts payable | 2,086 | (169 | ) | ||||
| Deferred revenue | 3,298 | 4,925 | |||||
| Accrued expenses and other liabilities | 95,113 | 956 | |||||
| Net cash used in operating activities | (11,770 | ) | (32,839 | ) | |||
| CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||
| Purchases of property and equipment | (72 | ) | (101 | ) | |||
| Capitalized software and development costs | (4,490 | ) | (5,248 | ) | |||
| Purchase of investments | (127,448 | ) | (251,603 | ) | |||
| Maturities of investments | 186,106 | 254,601 | |||||
| Business acquisitions, net of cash acquired | — | (1,676 | ) | ||||
| Net cash provided by (used in) investing activities | 54,096 | (4,027 | ) | ||||
| CASH FLOW FROM FINANCING ACTIVITIES: | |||||||
| Proceeds from the sales of shares through employee equity incentive plans | 1,332 | 2,195 | |||||
| Payments for taxes related to net settlement of equity awards | — | (329 | ) | ||||
| Net cash provided by financing activities | 1,332 | 1,866 | |||||
| Net change in cash and cash equivalents | 43,658 | (35,000 | ) | ||||
| Effect of exchange rate changes on cash | (276 | ) | 188 | ||||
| Cash and cash equivalents, at beginning of year | 82,902 | 117,128 | |||||
| Cash and cash equivalents, at end of period | $ | 126,284 | $ | 82,316 | |||
| MATTERPORT, INC. RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES (In thousands, except per share amounts) (unaudited) | |||||||||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||
| GAAP net loss | $ | (141,586 | ) | $ | (56,536 | ) | $ | (177,714 | ) | $ | (110,378 | ) | |||
| Stock-based compensation-related charges (1) | 31,621 | 34,449 | 62,348 | 67,560 | |||||||||||
| Acquisition-related costs (2) | 6,916 | — | 7,923 | — | |||||||||||
| Amortization expense of acquired intangible assets | 443 | 443 | 886 | 886 | |||||||||||
| Change in fair value of warrants liability (3) | 1,184 | 171 | 1,064 | (51 | ) | ||||||||||
| Litigation expense | 95,000 | — | 95,000 | — | |||||||||||
| Non-GAAP net loss | $ | (6,422 | ) | $ | (21,473 | ) | $ | (10,493 | ) | $ | (41,983 | ) | |||
| GAAP net loss per share attributable to common stockholders, basic and diluted | $ | (0.45 | ) | $ | (0.19 | ) | $ | (0.56 | ) | $ | (0.37 | ) | |||
| Non-GAAP net loss per share attributable to common stockholders, basic and diluted | $ | (0.02 | ) | $ | (0.07 | ) | $ | (0.03 | ) | $ | (0.14 | ) | |||
| Weighted-average shares used to compute net loss per share, basic and diluted | 316,801 | 298,096 | 314,905 | 295,599 | |||||||||||
(1) Consists primarily of non-cash share-based compensation expense related to our stock incentive plans, and the employer payroll taxes related to our stock options and restricted stock units.
(2) Consists of acquisition transaction costs incurred for the proposed transaction.
(3) Consists of the non-cash fair value measurement change for private warrants.
FAQ
What were Matterport's financial results for Q2 2024?
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