Matterport Announces Second Quarter 2023 Financial Results

 
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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