Matterport, Inc. (NASDAQ:MTTR) Q2 2023 Results Conference Call August 8, 2023 4:30 PM ET

Company Participants

Mike Knapp - VP, IR

RJ Pittman - Chairman and CEO

JD Fay - CFO

Conference Call Participants

Bhavin Shah - Deutsche Bank

Yun Kim - Loop Capital Markets

Operator

Good day, and welcome to the Matterport Incorporated Fiscal 2023 Second Quarter Results Conference Call. All participants will be in a listen-only mode. [Operator Instructions] Please note this event is being recorded.

I would now like to turn the conference over to Mr. Mike Knapp, VP of Investor Relations. Please go ahead.

Mike Knapp

Thanks. And welcome to Matterport's second quarter 2023 financial results conference call. After the market closed today, Matterport released results for the third quarter ended June 30, 2023. The release is available on the Company's website at investors.matterport.com. This call is being recorded and webcast live and a link to the recording can be found on the Investor Relations section of our website.

Before we begin, I would like to remind you that today's call contains forward-looking statements within the meaning of federal securities laws including, but not limited to, statements regarding Matterport's future financial results and management's expectations and plans for the business. These forward-looking statements are subject to numerous risks and uncertainties that may cause actual results to differ materially from those discussed on today's call.

Additional information regarding the risks and uncertainties can be found in our filings with the SEC. All forward-looking statements are made as of the day of this call and Matterport assumes no obligation to update or revise them, except as required by law.

In addition, financial references on this call will be on a non-GAAP basis unless otherwise indicated. These measures should be considered as a supplement to and not as a substitute for GAAP financial measures. Reconciliation of each of these non-GAAP financial measures to the most directly comparable GAAP measure can be found in today's earnings slides, which are available on the Company's website.

Hosting today's call are RJ Pittman, Chairman and Chief Executive Officer; and JD Fay, Chief Financial Officer.

And with that, I’d like to turn it over to RJ to begin.

RJ Pittman

Thanks Mike. Good afternoon, everyone, and thank you for joining us today.

Our second quarter execution was pivotal for the Company this year. We delivered record subscription and services revenue while doubling down on our efficiency initiatives to deliver step function productivity gains in the second half of 2023. Total revenue for the quarter grew to nearly $40 million, fueled by strong enterprise adoption and steady improvements with our small and medium-sized businesses. Our key metrics set new records with spaces under management hitting 10.5 million, and our subscriber base expanding to 827,000, reflecting steady growth in digital twin adoption. Our leading spatial data library has rapidly expanded to 33 billion square feet of physical space managed as customers are capturing larger spaces than ever with our Pro3 camera.