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  
               

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