Matterport Inc

NASDAQ:MTTRUnited States

Nov 12, 2024

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• -- Earnings Flash (MTTR) MATTERPORT Posts Q3 Loss $-0.01, from 5:10PM ET on Tuesday Nov 12, 2024 by MT Newswires

  5:10PM ET on Tuesday Nov 12, 2024 by MT Newswires
  Companies Mentioned: MTTR
  05:10 PM EST, 11/12/2024 (MT Newswires) -- ...

• -- Earnings Flash (MTTR) MATTERPORT Reports Q3 Revenue $43.8M, from 5:09PM ET on Tuesday Nov 12, 2024 by MT Newswires

  5:09PM ET on Tuesday Nov 12, 2024 by MT Newswires
  Companies Mentioned: MTTR
  05:09 PM EST, 11/12/2024 (MT Newswires) -- ...

• Press Release: Matterport Announces Record Third Quarter 2024 Financial Results, from 5:08PM ET on Tuesday Nov 12, 2024 by Dow Jones

  5:08PM ET on Tuesday Nov 12, 2024 by Dow Jones
  Companies Mentioned: MTTR

• Matterport Announces Record Third Quarter 2024 Financial Results, from 5:08PM ET on Tuesday Nov 12, 2024 by Dow Jones

  5:08PM ET on Tuesday Nov 12, 2024 by Dow Jones
  Companies Mentioned: MTTR
  --------------------------------- 2024 2023 CASH FLOWS FROM OPERATING ACTIVITIES Net loss $ (216,115) $ (155,132) Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Depreciation and amortization 17,284 14,130 Accretion of discounts, net of amortization of investment premiums (7,049) (5,511) Stock-based compensation, net of amounts capitalized 84,821 90,674 Cease use of certain leased facilities -- 123 Change in fair value of warrants liability 895 (564) Deferred income taxes -- (185) Allowance for doubtful accounts 525 150 Loss from excess inventory and purchase obligation -- 1,592 Other (61) (60) Changes in operating assets and liabilities, net of effects of businesses acquired: Accounts receivable 1,482 3,489 Inventories 1,532 (6,833) Prepaid expenses and other assets 656 2,491 Accounts payable 226 263 Deferred revenue 2,419 6,527 Accrued expenses and other liabilities 94,750 529 ----------- ---------- Net cash used in operating activities (18,635) (48,317) ----------- ---------- CASH FLOWS FROM INVESTING ACTIVITIES: Purchases of property and equipment (170) (112) Capitalized software and development costs (6,846) (7,528) Purchase of investments (157,522) (368,119) Maturities of investments 257,106 388,201 Business acquisitions, net of cash acquired -- (4,116) ----------- ---------- Net cash provided by investing activities 92,568 8,326 ----------- ---------- CASH FLOW FROM FINANCING ACTIVITIES: Proceeds from the sales of shares through employee equity incentive plans 1,644 3,309 Payments for taxes related to net settlement of equity awards -- (329) Net cash provided by financing activities 1,644 2,980 ----------- ---------- Net change in cash, cash equivalents, and restricted cash 75,577 (37,011) Effect of exchange rate changes on cash 61 25 Cash, cash equivalents, and restricted cash at beginning of year 82,902 117,128 ----------- ---------- Cash, cash equivalents, and restricted cash at end of period $ 158,540 $ 80,142 MATTERPORT, INC. RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES (In thousands, except per share amounts) (unaudited) Three Months Ended Nine Months Ended September 30, September 30, -------------------- ---------------------- 2024 2023 2024 2023 --------- --------- ---------- ---------- GAAP net loss $(38,401) $(44,754) $(216,115) $(155,132) Stock-based compensation related charges (1) 31,445 29,721 93,793 97,281 Restructuring charges (2) -- 3,147 -- 3,147 Acquisition-related costs (3) 4,271 -- 12,194 -- Amortization expense of acquired intangible assets 443 443 1,329 1,329 Change in fair value of warrants liability (4) (169) (513) 895 (564) Litigation expense (5) -- -- 95,000 -- Non-GAAP net loss $ (2,411) $(11,956) $ (12,904) $ (53,939) GAAP net loss per share attributable to common stockholders, basic and diluted $ (0.12) $ (0.15) $ (0.68) $ (0.52) ------- ------- -------- -------- Non-GAAP net loss per share attributable to common stockholders, basic and diluted $ (0.01) $ (0.04) $ (0.04) $ (0.18) ------- ------- -------- -------- Weighted-average shares used to compute net loss per share, basic and diluted 321,151 303,432 317,002 298,226 (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 severance and other employee separation costs, and cease use charges for operating lease right-of-use assets due to reduction of leased office spaces. (3) Consists of acquisition transaction costs incurred for the proposed transaction with CoStar Group, Inc. (4) Consists of the non-cash fair value measurement change for private warrants. (5) Represents charges associated with our litigation for the nine months ended September 30, 2024.