Matterport, Inc. (NASDAQ:MTTR) Q4 2023 Results Conference Call February 20, 2024 4:30 PM ET

Company Participants

Mike Knapp - Vice President of Investor Relations

RJ Pittman - Chairman and Chief Executive Officer

JD Fay - Chief Financial Officer

Conference Call Participants

Yun Kim - Loop Capital Markets

Chris Quintero - Morgan Stanley

Bhavin Shah - Deutsche Bank

Hannah Rudolph - Piper Sandler and Company

Arsenije Matovic - Wolfe Research

Operator

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

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

Mike Knapp

Thanks, and welcome to Matterport's fourth quarter and full-year 2023 financial results conference call. After the market closed today, Matterport released results for the quarter ended December 31, 2023. The release is available on the company's website at investors.matterport.com. This call is being recorded and webcasted live, and a link to the webcast can be found in 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 date 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. I'm pleased to report that we closed 2023 with strong fourth quarter results. Total revenue for the quarter was $39.5 million powered by continued adoption of our solutions from enterprise and small and medium sized business customers around the globe. Subscription revenue accelerated to 23% year-over-year growth, reaching a record $23.7 million for the period.