Matterport Announces Record Second Quarter 2021 Financial Results


MATTERPORT, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE SIX MONTHS ENDED JUNE 30, 2021 AND 2020
(unaudited) (In thousands)
	Six Months Ended June 30,
	2021			2020
CASH FLOWS FROM OPERATING ACTIVITIES
Net Loss	$	(9,081	)	$	(11,798	)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization		2,608			2,349
Amortization of debt discount		135			108
Stock-based compensation, net of amounts capitalized		1,259			1,164
Loss on extinguishment of debt and convertible notes		-			954
Allowance for doubtful accounts		151			241
Loss on disposal of property, plant, and equipment		7			-
Other		43			9
Changes in operating assets and liabilities:
Accounts receivable		(2,918	)		(4,421	)
Inventories		1,024			248
Prepaid expenses and other assets		(1,269	)		(673	)
Accounts payable		1,466			2,980
Deferred revenue		3,024			3,054
Other liabilities		920			2,808
Net cash used in operating activities		(2,631	)		(2,977	)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property and equipment		(326	)		(20	)
Capitalized software and development costs		(3,256	)		(2,454	)
Investment in convertible notes		(1,000	)		-
Net cash used in investing activities		(4,582	)		(2,474	)
CASH FLOW FROM FINANCING ACTIVITIES:
Proceeds from issuance of redeemable convertible preferred stock, net of issuance costs		-			43,689
Proceeds from exercise of stock options		1,342			51
Proceeds from debt		-			5,302
Proceeds from convertible notes, net of issuance costs		-			8,457
Repayment of debt		(2,390	)		(5,922	)
Payment of deferred transaction costs		(1,204	)		-
Other		-			(81	)
Net cash (used in) provided by financing activities		(2,252	)		51,496
Net change in cash, cash equivalents, and restricted cash		(9,465	)		46,045
Effect of exchange rate changes on cash		(104	)		(130	)
Cash, cash equivalents, and restricted cash at beginning of year		52,250			10,152
Cash, cash equivalents, and restricted cash at end of period	$	42,681		$	56,067

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