Matterport Announces Fourth Quarter and Full Year 2023 Financial Results Demonstrating Strong Recurring Revenue Growth and Reaffirms 2024 Profitability Target
| |
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 | | | | | | | | | | |
|
