Matterport, Inc. (NASDAQ:MTTR) Q2 2022 Results Conference Call August 10, 2022 4:30 PM ET

Company Participants

Soohwan Kim - VP, IR

RJ Pittman - Chairman and CEO

JD Fay - CFO

Conference Call Participants

Brent Bracelin - Piper Sandler

Bhavin Shah - Deutsche Bank

John Walsh - Credit Suisse

Elizabeth Porter - Morgan Stanley

Yun Kim - Loop Capital Market

Operator

Good afternoon everyone and welcome to the Matterport Incorporated Fiscal 2022 Second Quarter Results Conference Call. All participants will be in a listen-only mode. [Operator Instructions] After today's presentation, there will be an opportunity to ask questions [Operator Instructions] Please also note, today's event is being be recorded.

At this time, I’d like to turn the floor over to Soohwan Kim. Sir, please go ahead.

Soohwan Kim

Thank you. Before we begin, I'd like to remind you that today's call contains forward-looking statements within the meaning of the 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 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 a result 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 supplementary to and not a substitute for GAAP financial measures. Reconciliation of these non-GAAP financial measures to the most directly comparable GAAP measures 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.

Now, I'd like to turn it over to RJ to begin.

RJ Pittman

Thanks, Soohwan. Good afternoon, everyone, and thank you for joining us today. I am pleased to share our second quarter financial results with you.

We had another strong quarter delivering on our product strategy, market expansion and key results. Total revenue for the quarter was $28.5 million and we delivered $18 million in subscription revenue, up 7% sequentially from Q1, above our guidance. We reported strong operating metrics with our subscriber base growing 10% sequentially to over 616,000 subscribers, and spaces under management also increasing sequentially 10% to over 8 million spaces. These results reflect the strong underlying demand from our enterprise customers and the tireless efforts of our employees who have delivered on big commitments to our customers. While the global economic outlook remains uncertain for everyone, we have been effectively managing and leading through it, as reflected in our progress and in our results and guidance.