Matterport Announces Record Third Quarter 2022 Financial Results

RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
(In thousands, except per share amounts)
(unaudited)

   Three Months Ended September 30,  Nine Months Ended September 30,
    2022    2021    2022    2021 
GAAP net loss $(58,259) $(167,989) $(50,989) $(177,070)
Stock-based compensation expense (1)  30,671   30,738   119,648   31,997 
Acquisition-related costs (2)  222      1,294    
Amortization expense of acquired intangible assets    443             968        
Change in fair value of warrants liabilities (3)           24,176       (26,147 )     24,176  
Transaction costs (4)           565             565  
Change in fair value of contingent earn-out liability (5)           98,478       (136,043 )     98,478  
Payroll tax related to contingent earn-out share issuance (6)                 1,164        
Non-GAAP net loss   $ (26,923 )   $ (14,032 )   $ (90,105 )   $ (21,854 )
                 
GAAP net loss per share attributable to common stockholders, basic and diluted   $ (0.20 )   $ (0.86 )   $ (0.18 )   $ (1.90 )
Non-GAAP net loss per share attributable to common stockholders, basic and diluted   $ (0.09 )   $ (0.06 )   $ (0.32 )   $ (0.12 )
                 
GAAP weighted-average shares used to compute net loss per share, basic and diluted     286,458       196,478       281,729       93,061  
Adjustment for common stock issued in connection with the merger (7)           29,750             94,340  
Non-GAAP weighted-average shares used to compute net loss per share, basic and diluted     286,458       226,228       281,729       187,401  
                                 

(1) Consists primarily of non-cash share-based compensation related to the Company's stock incentive plans and earn-out arrangement.

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