|
MATTERPORT, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands, unaudited) | |||||||
| Nine Months Ended September 30, | |||||||
| 2023 | 2022 | ||||||
| CASH FLOWS FROM OPERATING ACTIVITIES | |||||||
| Net loss | $ | (155,132 | ) | $ | (50,989 | ) | |
| Adjustments to reconcile net loss to net cash used in operating activities: | |||||||
| Depreciation and amortization | 14,130 | 9,237 | |||||
| Amortization of investment premiums, net of accretion of discounts | (5,511 | ) | 2,517 | ||||
| Stock-based compensation, net of amounts capitalized | 90,674 | 116,738 | |||||
| Cease use of certain leased facilities | 123 | — | |||||
| Change in fair value of warrants liability | (564 | ) | (26,147 | ) | |||
| Change in fair value of contingent earn-out liability | — | (136,043 | ) | ||||
| Deferred income taxes | (185 | ) | (27 | ) | |||
| Allowance for doubtful accounts | 150 | 343 | |||||
| Loss of excess inventory and purchase obligation | 1,592 | 52 | |||||
| Other | (60 | ) | 629 | ||||
| Changes in operating assets and liabilities, net of effects of businesses acquired: | |||||||
| Accounts receivable | 3,489 | (7,379 | ) | ||||
| Inventories | (6,833 | ) | (6,135 | ) | |||
| Prepaid expenses and other assets | 2,491 | (5,348 | ) | ||||
| Accounts payable | 263 | (4,154 | ) | ||||
| Deferred revenue | 6,527 | 3,167 | |||||
| Accrued expenses and other liabilities | 529 | 4,181 | |||||
| Net cash used in operating activities | (48,317 | ) | (99,358 | ) | |||
| CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||
| Purchases of property and equipment | (112 | ) | (1,417 | ) | |||
| Capitalized software and development costs | (7,528 | ) | (9,890 | ) | |||
| Purchase of investments | (368,119 | ) | (87,997 | ) | |||
| Maturities of investments | 388,201 | 194,241 | |||||
| Business acquisitions, net of cash acquired | (4,116 | ) | (51,874 | ) | |||
| Net cash provided by investing activities | 8,326 | 43,063 | |||||
| CASH FLOW FROM FINANCING ACTIVITIES: | |||||||
| Proceeds from sales of shares through employee equity incentive plans | 3,309 | 5,292 | |||||
| Payments for taxes related to net settlement of equity awards | (329 | ) | (34,424 | ) | |||
| Proceeds from exercise of warrants | — | 27,844 | |||||
| Other | — | 76 | |||||
| Net cash provided by (used in) financing activities | 2,980 | (1,212 | ) | ||||
| Net change in cash, cash equivalents, and restricted cash | (37,011 | ) | (57,507 | ) | |||
| Effect of exchange rate changes on cash | 25 | (628 | ) | ||||
| Cash, cash equivalents, and restricted cash at beginning of year | 117,128 | 139,987 | |||||
| Cash, cash equivalents, and restricted cash at end of period | $ | 80,142 | $ | 81,852 | |||
