(5) Represents the payroll tax related to Earn-out shares issuance and release in the three months ended March 31, 2022. Data-driven decisions in remote facilities management, virtual inspections and group collaboration in a virtual property save customers significant time and money. Weighted average fully diluted shares outstanding (in millions), Change in fair value of warrants liability, Change in fair value of contingent earn-out liability, Income (loss) before provision for income taxes, Provision for (benefit from) income taxes. You're exactly right. And getting building insights, remote building inspections and full property and asset audits from our software is generating tremendous upside for both the installed base, but also a very powerful use case that's bringing many of these new enterprises that I mentioned in the call on to our platform as well. The financial results press release and a live webcast of the conference call will be accessible from the Matterport website at investors.matterport.com. 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. We continue to expect subscription revenue to be in the range of $80 million to $82 million. And so that's where we're going to be putting forward some highly performance marketing programs that continue to drive the awareness of the Matterport value proposition in all of these growth markets that we have that we've been discussing and in all the geo markets that we now have a beachhead in. And should we expect an inflection point in that mix sometime in second half of the year of your recent up-sells hires in the enterprise start to ramps? Learn more at matterport.com and browse a gallery of digital twins. Matterport (MTTR) Earnings Date, Estimates & Call Transcripts $2.76 +0.04 (+1.47%) (As of 05/26/2023 04:00 PM ET) Compare Today's Range $2.71 $2.84 50-Day Range $2.24 $2.88 52-Week Range $2.20 $7.45 Volume 2.24 million shs Average Volume 2.49 million shs Market Capitalization $816.60 million P/E Ratio N/A Dividend Yield N/A Price Target $4.69 Thanks, Elizabeth. And we are seeing growth in all of those other verticals Certainly, travel and hospitality, as RJ mentioned, is growing as we're starting to see more people out and about traveling, experiencing restaurants and events. That's as simple as just for any professional photographer or professional service person of any kind that could now very easily use their own smartphone in their pocket, plus a very low-cost device in Matterport Access to produce something that we're seeing, meeting the standard for mid-market and enterprise as much as it is for a small business. Matterport (MTTR) Earnings Dates & Reports - TipRanks.com We are developing a meaningful presence in some of the largest international markets in the world, including Singapore, Japan, China and Brazil, along with much of Western Europe. Partner Programs Menu. At Consumer Cloud, an independent London-based real estate group specializing in sales, rentals and property management is deploying Matterport access to their employees and agents to quickly create the high-fidelity digital twin for each of their listings and publish it online for the clients in just minutes. And so that's going to definitely be an investment shift, but also an overall OpEx tapering without question, right? We have a saying at Matterport, come for the digital twin stay for the platform because once you capture a digital twin of your space, our platform delivers many value-added services, tools and property insights that provide immediate cost savings and operational efficiencies for the space. Click here for webcast. In the fourth quarter of 2022, net sales dropped nearly 5% year-over-year to $8.3 billion. ET on the same. Thank you. Matterport has become an invaluable solution for hotels, nightly rentals and even the airlines themselves to promote accommodations and streamline air travel. Contact our sales team and we'll help you find the best solution for your needs. Subscription non-GAAP gross margin was 75% in the quarter, which was more than 2,400 basis points higher than the corporate gross margin this quarter. 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. (3) Consists of the non-cash fair value measurement change for public and private warrants. Our diverse end markets enable Matterport to grow steadily amidst a challenging global economy. This is fueled by the volume of real property essential to running these global corporations. We continue to expect full year 2022 total revenue to be in the range of $125 million to $135 million. Now, offering enterprises, API SDK integration as a subscription service beginning in the first quarter. SUNNYVALE, Calif., May 09, 2023 (GLOBE NEWSWIRE) -- Matterport, Inc. (Nasdaq: MTTR) ("Matterport" or the "Company"), the leading spatial data company driving the digital transformation of the. This enormous market opportunity is expanding, and we remain focused on efficiently scaling Matterports business to meet the rising global demand for software-driven property management.. Bei der Nutzung unserer Websites und Apps verwenden wir, unsere Websites und Apps fr Sie bereitzustellen, Nutzer zu authentifizieren, Sicherheitsmanahmen anzuwenden und Spam und Missbrauch zu verhindern, und, Ihre Nutzung unserer Websites und Apps zu messen, personalisierte Werbung und Inhalte auf der Grundlage von Interessenprofilen anzuzeigen, die Effektivitt von personalisierten Anzeigen und Inhalten zu messen, sowie, unsere Produkte und Dienstleistungen zu entwickeln und zu verbessern. So there's another 93% of that market regardless of whether it's six million homes sold in the year or 5.5 million homes or 5 million homes sold in the year. Operator: Thank you. This guidance will be discussed in greater detail on todays conference call. And so while I'm not forecasting an inflection, I do expect to continue to see kind of accelerated growth in enterprise, both in terms of new customer logo acquisition and in terms of outperformance in the net dollar expansion rate. +15.22%. Non-GAAP Net Loss and Non-GAAP Net Loss Per Share, Basic and Diluted. Our cloud software solution helps businesses, property managers and building owners create value and reduce the operating cost of the world's most valued asset during a time when cost savings and capital preservation matter most. SUNNYVALE, Calif. Matterport, Inc., the leading spatial data company driving the digital transformation of the built world, today announced financial results for the quarter ended March 31, 2021. The consensus EPS Estimate is -$0.14 and the . Matterport Earnings Date and Forecast 2023 (NASDAQ:MTTR) - MarketBeat Matterport is leading the industry with over 7 million digital twins, and were creating thousands more each day, while 99% of the world's buildings have yet to be digitized. Matterport Q1 2022 Earnings Call Transcript 487.5 KB. Additional information regarding risks and uncertainties that could cause actual results to differ from forward-looking statements can be found in our filings with the SEC. Hosting today's call are RJ Pittman, Chairman and Chief Executive Officer of Matterport and JD Fay, Chief Financial Officer. Matterport is not able to provide a reconciliation of non-GAAP loss per share to GAAP loss per share because Matterport does not provide specific guidance for the various exclusions adjusted from net loss. You may now disconnect your lines. First Quarter 2022 Financial Highlights Total revenue was $28.5 million, up 6% compared to first quarter of 2021 Subscription revenue was $17.1 million, up 24% compared to first quarter of 2021 Annualized Recurring Revenue (ARR) of $68.6 million Total subscribers increased to 562,000, up 70% compared to first quarter of 2021 Matterport is the clear market leader with over 7 million digital twins for buildings in 177 countries, comprising more than 22 billion square feet of digitized space. Is a Beat in the Cards for Matterport (MTTR) in Q1 Earnings? Our groundbreaking spatial data platform turns buildings into data to make nearly every space more valuable and accessible. Last quarter, we introduced Matterport access to make smartphone capture even easier, faster and more precise. In February 2021, Matterport announced that it has entered into a definitive agreement to enter into a business combination with Gores Holdings VI (NASDAQ: GHVI, GHVIU, and GHVIW), a special . And so we're going to be continuing to work this very actively, but we're positively staying ahead of it as best we can and steadily digging out as we go. Matterport ( MTTR -0.70%) stock gained 1.9% on Wednesday following the spatial-data company's release of its first-quarter 2022 results on Tuesday after the market close. 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. And then looking at just the early stages of the introduction of this new solution, we're very, very encouraged by its potential. I had previously discussed that our application programming interface and software development kits, enabling Matterport data to be integrated into customers' enterprise applications were presented as license revenue. Forward-looking statements speak only as of the date they are made. Hi. And enterprise is really continuing to bear fruit. And as I mentioned on the call, we did a great job in cleaning up the organization, bringing that capacity and where we needed it, especially in these expanding markets. 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 Matterports financial condition and results of operations. Our product revenue was $7.4 million in the quarter compared to $8.2 million in the year ago period. Can you just talk about what are some of the drivers that are seeing that confidence and seeing the ability to kind of ramp up in 2H? Retail planners, architects, real estate and construction managers have told us, how excited they are to use the Matterport BIM file to dramatically speed up the time required to plan, measure and renovate their existing facilities. And first and foremost is, creating options to accelerate adoption, and that is our capture ubiquity strategy. Matterport defines non-GAAP net loss as net income (loss), adjusted to exclude stock-based compensation expense, fair value change of warrants liabilities, fair value change of earn-out liabilities, payroll tax related to contingent earn-out share issuance, acquisition transaction costs, and amortization of acquired intangible assets, in order to provide investors and management with greater visibility to the underlying performance of Matterports recurring core business operations. And as the world starts to emerge from the pandemic, the return to business and personal travel has sharply boosted the outlook for the travel and hospitality industry in the second half of the year. Matterport does not give any assurance that it will achieve its expectations. Sure. The small and medium business customer cohorts, which started the year off tentatively influenced by volatility in the macroeconomic environment recovered to historical trends by the end of the quarter. Matterport Q1 2022 Earnings Call Transcript 487.5 KB. We acquired them as a customer. Matterport Inc's revenue jumped 33.27% since last year same period to $37.99Mn in the Q1 2023. . And that's not just in the sales function, but also in the marketing investments we're making to create that market understanding and to shorten the sales cycles for our workforce out there. Thank you, JD. Thanks Soohwan. What to look for when Macy's (M) reports Q1 2023 earnings tomorrow We're seeing growth in the business there. Macy's has guided for adjusted EPS of $0.42-0.48 in Q1 2023. During the first quarter, we expanded our presence in the Brazilian market with two of the top industry partners to bring Matterport to the enterprise market for architecture, engineering and construction. We see comparable traction and impact across our other end markets. Reconciliation of these non-GAAP financial measures to the most directly comparable GAAP measures can be found in today's earnings deck, which is available on the company's website. Moving on to gross margin. 2023Matterport Inc. All rights reserved. The Company is raising its full year guidance driven by strong customer adoption trends and the Companys continued focus on operating efficiency. Yes. May 10, 2022 at 4:30 PM EDT Click here for webcast. We reported strong operating metrics with our subscriber base growing 70% to over 562,000 subscribers, with spaces under management increasing 49% to 7.3 million spaces. Absolutely. I'm excited to share our first quarter financial results with you. In -app purchases, which provide our customers additional digital assets such as schematic floor plans and Scan-to-BIM files also continued to contribute strong sequential growth in services revenue. We set new records across our key metrics with Spaces Under Management reaching 9.9 million by the end of the quarter, more than double the number of spaces we managed at the start of 2021, and we just crossed the 10 million spaces milestone last month, Pittman added. Importing Matterport BIM files into Autodesk Construction Cloud, Procore and other software applications as a snap, making it faster, easier and more cost-effective than ever to visualize and utilize as build designs. Matterport Announces Record Fourth Quarter And Full Year 2022 Financial Results February 22, 2023 16:05 ET | Source: Matterport Inc . We believe that we are on track for these deliveries. Q4 2021. Our strategy with licensing involves establishing product market fit with Lighthouse customers and then adjusting the go-to-market approach to offer the solution on a subscription basis. We have recently made considerable investments in building a necessary team to position us for future growth. Real property is the largest asset class in the world, now valued at an estimated $327 trillion, reflecting a $100 trillion increase in value in recent years as more than 15,000 new buildings are completed every day. Earnings announcements can affect a stock's price. Any forward-looking statements made on this call speak only as of today and Matterport assumes no obligation to update or revise them whether as a result of new developments or otherwise except as required by law. Using Matterport, the company will provide its customers with immersive digital twins to better explore and purchase homes across the network of properties in China, Hong Kong and Macau, while also helping their employees realize significant operational improvements and cost savings with every listing. Thank you so much. In addition to strong adoption, we are excited to report our total revenue for the first quarter of 2022 was $28.5 million, $1 million above the high end of our guidance range. The archive is particularly useful for supporting periodic vessel overhauls, equipment upgrades and knowledge transfer when long-time employees retire or leave the company. Early days, but we've seen very strong demand and an enthusiastic response from our customers so far. But no, we did not own Midland Holding. These businesses are discovering that Matterport reduces operating expenses with every digital twin, critical to companies everywhere and especially, so in a constrained global economy. Will Motorola Solutions Q1 Earnings Benefit From Easing - Forbes Product gross margin was 2% as compared to 40% a year ago. Matterport Axis, which holds either an iOS or Android device, and can be used with the Matterport Capture app, creates 3D digital twins of any physical space with increased speed, precision, and consistency, Announced Midland Holdings, one of the largest residential real estate brokerages in the Greater China region, will become the first brokerage in the region to use Matterport digital twins to create virtual 3D experiences for its entire portfolio of properties. In addition today's call may include discussion of non-GAAP financial measures. Thank you. Sure. As we have noted before, we expect subscription gross margin to vary by 100 to 200 basis points from quarter-to-quarter as we continue to invest in building out our subscription platform. For the second quarter, we expect total revenue to be in the range of $28.5 million to $30.5 million. In fact, many customers choose the easy button with Matterport capture services to conveniently schedule a technician to professionally capture your property with our online service. This is $1 million above the top end of our guidance range for the quarter. An important add-on we introduced to the platform last year is Matterport BIM file to open Matterports platform to the entire design, build and operate community. 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. We delivered record subscription revenue of $17.1 million, up 24% from the year ago quarter. Investor Contact: Thank you. We had another strong quarter delivering on our product strategy, market expansion, and key results. Matterport, Inc. (MTTR) is scheduled to report first-quarter 2022 results on May 10, after market close. Matterport does not give any assurance that it will achieve its expectations. Changes in operating assets and liabilities, net of effects of businesses acquired: Capitalized software and development costs, Business acquisitions, net of cash acquired, Net cash provided by (used in) investing activities, Payments for taxes related to net settlement of equity awards, Net cash provided by (used in) financing activities, Net change in cash, cash equivalents, and restricted cash, Cash, cash equivalents, and restricted cash at beginning of year, Cash, cash equivalents, and restricted cash at end of period, Amortization expense of acquired intangible assets, Payroll tax related to contingent earn-out share issuance. Presentation Operator MessageOperator Hello. This is Wayne on for Brent. I was hoping to get just an update on demand within that residential real estate case. And so when you see the growth in account receivable, that is, as you said, it's due to the growth in the enterprise business as well as the channel partners. 2023 Matterport, Inc. All rights reserved. If I look at your 1Q performance and Q2 guidance, it would imply a pretty material sequential growth in the back half of the year. In Cortex, our AI software engine automatically generates thousands more digital twins every day. First, we haven't seen any impact on our business either from the unusually low inventory of houses for sale, particularly in the United States or as a result of rising interest rates. Matterport Fiscal 2023 First Quarter Results Conference Call, Matterport Announces First Quarter 2023 Financial Results, Matterport Fiscal 2022 Fourth Quarter & Full Year Results Conference Call, Matterport Announces Record Fourth Quarter And Full Year 2022 Financial Results, Matterport Q4 2022 Earnings Call Transcript, Matterport, Inc. Fiscal 2022 Third Quarter Results Conference Call, Matterport Announces Record Third Quarter 2022 Financial Results, Matterport Q3 2022 Earnings Call Transcript, Matterport Fiscal 2022 Second Quarter Results, Matterport Announces Second Quarter 2022 Financial Results, with Stronger-than-Expected Subscription Revenue and Non-GAAP EPS, Matterport Q2 2022 Earnings Call Transcript, Matterport Fiscal 2022 First Quarter Results, Matterport Announces First Quarter 2022 Financial Results with Stronger-than-Expected Revenue, Matterport Q1 2022 Earnings Call Transcript, Matterport Fiscal 2021 Fourth Quarter Results, Matterport Announces Record Full Year 2021 Financial Results and More Than 500,000 Subscribers, Matterport Q4 2021 Earnings Call Transcript, Matterport Fiscal 2021 Third Quarter Results, Matterport Announces Third Quarter 2021 Financial Results, Matterport Fiscal 2021 Second Quarter Results, Matterport Announces Record Second Quarter 2021 Financial Results, Matterport Q2 2021 Earnings Call Transcript, Matterport Announces Record Quarterly Financial Results, Matterport Q1 2021 Earnings Call Transcript. The power of our platform enables customers to get more out of their digital twins, using advanced technologies from some of the best companies in the industry. The stock's. Matterport (NasdaqGM:MTTR) - Past Earnings & Revenue Performance And then lastly, I would say is, datafication. Matterport Announces Record Full Year 2021 Financial Results and More Than 500,000 Subscribers. Well, I think to clarify, we did not acquire them. 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. Let's check out the expectations in detail. Consistent with our investment plans, we expect second quarter non-GAAP loss per share to be in the range of $0.13 to $0.15. And this concludes both the question-and-answer session as well as the call itself. Our success will continue to be measured in the years and decades ahead, as we lead the digital transformation of the built world. Next, I'd like to provide an update to three strategic initiatives that demonstrate how our customers are incorporating Matterport into their enterprise workflows to achieve compelling new operating efficiencies. I would also like to receive discounts, future product information, and content from Matterport. [Operator Instructions] After today's presentation, there will be an opportunity to ask questions [Operator Instructions] Please note, today's event is being be recorded. Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Amortization of investment premiums, net of accretion of discounts, Stock-based compensation, net of amounts capitalized, Loss of excess inventory and purchase obligation. And as a follow-up, it was interesting to see the Midland Holdings acquisition, just curious to get kind of a deeper rationale for acquiring a broker. 2022 Matterport, Inc. All rights reserved. Form 10-Q. Having said that, there's a meaningful backlog of product. Director, Communications 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. Now I would like to turn the call back over to RJ. Matterport, Inc. (Nasdaq: MTTR) is leading the digital transformation of the built world. An audio webcast replay of the conference call will also be available for one year at investors.matterport.com. So can you talk a little bit more about that? The other part of this, too, is we really now have the capacity in the organization to move much quicker in driving penetration in new geographic markets and across our newer end markets. Matterport Earnings: What to Watch on Feb. 16 | The Motley Fool While the business continues to be constrained by the supply chain challenges that we have been highlighting for the past couple of quarters, we were still able to deliver a 12% sequential increase in product revenue from Q4. Project stakeholders can include information about behavior, performance, materials, cost and more, all within the BIM model. We saw exceptionally strong expansion with our enterprise customers in the first quarter. Q2 2022. [Operator Instructions]. Klicken Sie auf Alle ablehnen, wenn Sie nicht mchten, dass wir und unsere Partner Cookies und personenbezogene Daten fr diese zustzlichen Zwecke verwenden. On a combined basis, this strength was largely offset by unusually low expansion in our small and medium business customers in the first half of the quarter. I'll start and JD, please feel free to add in as well. Matterport Earnings: What to Watch on May 10 | Nasdaq 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. In Q1, we introduced BIM for Enterprise. Non-GAAP Net Loss and Non-GAAP Net Loss Per Share, Basic and Diluted. And then to your point, we obviously have a growing business in nonresidential real estate vertical markets as well. Be the first to see interesting Spaces, new posts, and special offers. The last 12 months of the company have been very productive as we delivered on our plan to scale operations for the next stage of growth. The spending level was as planned and is primarily attributable to investments in headcount to increase our product development capabilities and throughput. So, the opportunities, I think, in all those segments remain significant, massive and in front of us. In a tight labor market, with rising rates and high commodity prices, it makes more sense than ever to go digital with their real property assets. spoke about seeing really strong acceleration as well, that's driving the adoption of digital twins, right? Enterprise customers and channel partners tend to pay on terms.