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MATTERPORT, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands, unaudited) | |||||||
| Year Ended December 31, | |||||||
| 2023 | 2022 | ||||||
| CASH FLOWS FROM OPERATING ACTIVITIES | |||||||
| Net Loss | $ | (199,077 | ) | $ | (111,339 | ) | |
| Adjustments to reconcile net loss to net cash used in operating activities: | |||||||
| Depreciation and amortization | 19,437 | 13,297 | |||||
| Amortization of investment premiums, net of accretion of discounts | (8,919 | ) | 2,924 | ||||
| Investment impairment | — | 1,093 | |||||
| Stock-based compensation, net of amounts capitalized | 118,775 | 148,490 | |||||
| Cease use of certain leased facilities | 961 | — | |||||
| Change in fair value of warrants liability | (513 | ) | (27,035 | ) | |||
| Change in fair value of contingent earn-out liability | — | (136,043 | ) | ||||
| Deferred income taxes | (121 | ) | 51 | ||||
| Allowance for doubtful accounts | 601 | 1,245 | |||||
| Loss of excess inventory and purchase obligation | 1,821 | 5,007 | |||||
| Other | (185 | ) | (195 | ) | |||
| Changes in operating assets and liabilities, net of effects of businesses acquired: | |||||||
| Accounts receivable | 3,318 | (9,609 | ) | ||||
| Inventories | (3,830 | ) | (6,484 | ) | |||
| Prepaid expenses and other assets | 3,036 | (1,991 | ) | ||||
| Accounts payable | (745 | ) | (5,240 | ) | |||
| Deferred revenue | 8,503 | 5,985 | |||||
| Accrued expenses and other liabilities | (1,775 | ) | 1,282 | ||||
| Net cash used in operating activities | (58,713 | ) | (118,562 | ) | |||
| CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||
| Purchases of property and equipment | (139 | ) | (1,730 | ) | |||
| Capitalized software and development costs | (9,765 | ) | (12,590 | ) | |||
| Purchase of investments | (444,695 | ) | (137,631 | ) | |||
| Maturities of investments | 478,253 | 299,002 | |||||
| Business acquisitions, net of cash acquired | (4,116 | ) | (51,874 | ) | |||
| Net cash provided by investing activities | 19,538 | 95,177 | |||||
| CASH FLOW FROM FINANCING ACTIVITIES: | |||||||
| Proceeds from sales of shares through employee equity incentive plans | 5,124 | 6,781 | |||||
| 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 financing activities | 4,795 | 277 | |||||
| Net change in cash, cash equivalents, and restricted cash | (34,380 | ) | (23,108 | ) | |||
| Effect of exchange rate changes on cash | 154 | 249 | |||||
| Cash, cash equivalents, and restricted cash at beginning of year | 117,128 | 139,987 | |||||
| Cash, cash equivalents, and restricted cash at end of period | $ | 82,902 | $ | 117,128 | |||
Matterport Announces Fourth Quarter and Full Year 2023 Financial Results Demonstrating Strong Recurring Revenue Growth and Reaffirms 2024 Profitability Target
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