Matterport, Inc. (NASDAQ:MTTR) Q1 2023 Results Conference Call May 9, 2023 4:30 PM ET

Company Participants

Mike Knapp - Vice President of Investor Relations

R.J. Pittman - Chairman and Chief Executive Officer

J.D. Fay - Chief Financial Officer

Conference Call Participants

Yun Kim - Loop Capital Markets

Sophie Lee - Morgan Stanley

Luke Mott - Wolfe Research

Operator

Good day, and welcome to the Matterport Inc. Fiscal 2023 First Quarter Results Conference Call. Today, all participants will be in a listen-only mode. [Operator Instructions] Please note that today's event is being recorded.

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

Mike Knapp

Thanks and welcome to Matterport's first quarter 2023 financial results conference call. After the market closed today, Matterport released results for the third quarter and year ended March 31, 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 the Matterport 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. Any 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 deck, which is available on the Company’s website.

Hosting today’s call are R.J. Pittman, Chairman and Chief Executive Officer of Matterport; and J.D. Fay, Chief Financial Officer.

And with that, I would like turn it over to R.J. to begin.

R.J. Pittman

Thanks Mike. Good afternoon everyone, and thank you for joining us today. I'm pleased to report that we are off to a great start in 2023. The first quarter revenue of $38 million, 2 million above the high end of our guidance range and up 33% from the year ago period. We set new records across key metrics with our spaces under management reaching 9.9 million by the end of the quarter. More than double the number of spaces we managed at the start of 2021, and we just crossed the 10 million spaces milestone last month.