Matterport Announces First Quarter 2022 Financial Results with Stronger-than-Expected Revenue

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands, unaudited)

  Three Months Ended March 31,
   2022    2021 
CASH FLOWS FROM OPERATING ACTIVITIES   
Net income (loss)$71,904  $(2,872)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:   
Depreciation and amortization 2,463   1,285 
Amortization of debt discount    67 
Amortization of investment premiums, net of accretion of discounts 954    
Stock-based compensation, net of amounts capitalized 55,277   658 
Change in fair value of warrants liabilities (21,433)   
Change in fair value of contingent earn-out liability (136,043)   
Deferred income taxes (227)   
Allowance for doubtful accounts   191       16  
Other   45       (53 )
Changes in operating assets and liabilities, net of effects of businesses acquired:      
Accounts receivable   (3,988 )     (722 )
Inventories   427       185  
Prepaid expenses and other assets   (1,571 )     (144 )
Accounts payable   659       1,869  
Deferred revenue   2,610       1,787  
Accrued expenses and other liabilities   3,254       (1,020 )
     Net cash provided by (used in) operating activities   (25,478 )     1,056  
CASH FLOWS FROM INVESTING ACTIVITIES:      
Purchases of property and equipment   (448 )     (162 )
Capitalized software and development costs   (3,596 )     (1,344 )
Purchase of investments   (30,378 )      
Maturities of investments   46,200        
Investment in convertible notes         (1,000 )
Business acquisitions, net of cash acquired   (30,020 )      
     Net cash used in investing activities   (18,242 )     (2,506 )
CASH FLOW FROM FINANCING ACTIVITIES:      
Payment of transaction costs related to reverse recapitalization         (593 )
Proceeds from exercise of stock options   2,191       789  
Payments for taxes related to net settlement of equity awards   (33,337 )      
Proceeds from exercise of warrants   27,844        
Repayment of debt         (1,099 )
Other   76        
     Net cash used in financing activities   (3,226 )     (903 )
Net change in cash, cash equivalents, and restricted cash   (46,946 )     (2,353 )
Effect of exchange rate changes on cash   (45 )     (12 )
Cash, cash equivalents, and restricted cash at beginning of year   139,987       52,250  
Cash, cash equivalents, and restricted cash at end of period $ 92,996     $ 49,885  

MATTERPORT, INC.

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