Matterport, Inc. (NASDAQ:MTTR) Q3 2022 Earnings Conference Call November 10, 2022 4:30 PM ET

Company Participants

Lindsay Savarese - Investor Relations

Raymond Pittman - Chairman & CEO

James Fay - CFO

Conference Call Participants

Bhavin Shah - Deutsche Bank

Hannah Rudoff - Piper Sandler

Yun Kim - Loop Capital Markets

Elizabeth Elliott - Morgan Stanley

Gal Munda - Wolfe Research

Operator

Hello, and welcome to the Matterport Inc. Fiscal 2022 Third Quarter Results Conference Call. [Operator Instructions].

I'd now like to turn the conference over to your host today, Lindsay Savarese, Investor Relations. Ms. Savarese, please go ahead.

Lindsay Savarese

Thank you. I am pleased to welcome you to Matterport's Third Quarter 2022 Financial Results Conference Call. After the market closed today, Matterport released results for the third quarter 2022 ended September 30, 2022. The release is available on the company's website at investors.matterport.com. This call is being recorded and webcast live. A link to the recording can be found on the Investor Relations section of the Matterport website.

Before we begin, I'd 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 that could cause actual results to differ from forward-looking statements can be found in our filings with the SEC. Any forward-looking statements made on this call speak only as of today, and Matterport assumes no obligation to update or revise them, whether as of new developments or otherwise, except as required by law.

In addition, today's call may include discussion of non-GAAP financial measures. 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 RJ Pittman, Chairman and Chief Executive Officer of Matterport; and JD Fay, Chief Financial Officer. And with that, I'd like turn it over to RJ to begin.

Raymond Pittman

Thanks, Lindsay. Good afternoon, everyone, and thank you for joining us today. I am pleased to share that we have posted another record quarter, delivering on our product strategy and key results. Total revenue for the third quarter of 2022 was a record $38 million, up 37% from the third quarter of 2021. Our subscription revenue for the third quarter was a record $19 million, up 21% from the year ago quarter. Both of these figures are above the top end of our guidance ranges.