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MATTERPORT, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands, unaudited) | |||||||
| Six Months Ended June 30, | |||||||
| 2023 | 2022 | ||||||
| CASH FLOWS FROM OPERATING ACTIVITIES | |||||||
| Net income (loss) | $ | (110,378 | ) | $ | 7,270 | ||
| Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | |||||||
| Depreciation and amortization | 9,102 | 5,563 | |||||
| Amortization of investment premiums, net of accretion of discounts | (2,319 | ) | 1,829 | ||||
| Stock-based compensation, net of amounts capitalized | 63,253 | 87,233 | |||||
| Change in fair value of warrants liability | (51 | ) | (26,147 | ) | |||
| Change in fair value of contingent earn-out liability | — | (136,043 | ) | ||||
| Deferred income taxes | (185 | ) | 69 | ||||
| Allowance for doubtful accounts | 49 | 195 | |||||
| Loss of excess inventory and purchase obligation | 1,592 | — | |||||
| Other | (225 | ) | 316 | ||||
| Changes in operating assets and liabilities, net of effects of businesses acquired: | |||||||
| Accounts receivable | 2,146 | (3,426 | ) | ||||
| Inventories | (5,787 | ) | (881 | ) | |||
| Prepaid expenses and other assets | 4,252 | (2,946 | ) | ||||
| Accounts payable | (169 | ) | 2,367 | ||||
| Deferred revenue | 4,925 | 2,641 | |||||
| Accrued expenses and other liabilities | 956 | 3,682 | |||||
| Net cash used in operating activities | (32,839 | ) | (58,278 | ) | |||
| CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||
| Purchases of property and equipment | (101 | ) | (866 | ) | |||
| Capitalized software and development costs | (5,248 | ) | (7,086 | ) | |||
| Purchase of investments | (251,603 | ) | (87,997 | ) | |||
| Maturities of investments | 254,601 | 160,124 | |||||
| Business acquisitions, net of cash acquired | (1,676 | ) | (30,020 | ) | |||
| Net cash provided by (used in) investing activities | (4,027 | ) | 34,155 | ||||
| CASH FLOW FROM FINANCING ACTIVITIES: | |||||||
| Proceeds from sales of shares through employee equity incentive plans | 2,195 | 4,892 | |||||
| Payments for taxes related to net settlement of equity awards | (329 | ) | (34,424 | ) | |||
| Proceeds from exercise of warrants | — | 27,844 | |||||
| Other | — | 76 | |||||
| Net cash provided by (used in) financing activities | 1,866 | (1,612 | ) | ||||
| Net change in cash, cash equivalents, and restricted cash | (35,000 | ) | (25,735 | ) | |||
| Effect of exchange rate changes on cash | 188 | (329 | ) | ||||
| Cash, cash equivalents, and restricted cash at beginning of year | 117,128 | 139,987 | |||||
| Cash, cash equivalents, and restricted cash at end of period | $ | 82,316 | $ | 113,923 | |||
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