Gores VI : Matterport Q2 2022 Earnings Presentation

August 10, 2022 | Second Quarter 2022 Earnings

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Disclaimers

"strategy," "future," "forecast," "opportunity," "plan," "may," "should," "will," "would," "will be," "will continue," "will likely result," and similar expressions (including the negative versions of such words or expressions). Forward-looking statements in this presentation generally relate to Matterport's potential and future performance, including its strategic focus, development of new services, adoption or success of new technologies and applications and anticipated results. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this presentation, including Matterport's ability to implement business plans, forecasts, and other expectations, and identify and realize additional opportunities in the industry in which Matterport competes.The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described in documents filed by Matterport from time to time with the U.S. Securities and Exchange Commission. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and Matterport assumes no obligation and, except as required by law, does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. Matterport does not give any assurance that it will achieve its expectations.

Use of Projections

This presentation contains financial forecasts ("guidance") and other forecasted financial information with respect to certain financial measurements of Matterport, including but not limited to revenue, subscription revenue, andloss per share. Such information constitutes forward-looking information, and should not be relied upon as necessarily being indicative of future results. The assumptions and estimates underlying such guidance and such other financial information are inherently uncertain and are subject to a wide variety of significant business, economic and competitive risks and uncertainties that could cause actual results to differ materially from those contained in such guidance and such other financial information. See "Forward-Looking Statements" paragraph above. Accordingly, there can be no assurance that such guidance or such other financial information are indicative of the future performance of Matterport or that actual results will not differ materially from those presented in such guidance or such other financial information. Inclusion of such guidance and such other financial information in this presentation should not be regarded as a representation by any person that the results contained in such guidance or such other financial information will be achieved.

Industry and Market Data

In this presentation, Matterport relies on and refers to information and statistics regarding the sectors in which Matterport competes and other industry data. Matterport obtained this information and statistics from third-party sources, including reports by market research firms. Although Matterport believes these sources are reliable, Matterport has not independently verified the information and does not guarantee its accuracy and completeness. Matterport has supplemented this information where necessary with information from discussions with Matterport customers and Matterport's own internal estimates, taking into account publicly available information about other industry participants and Matterport's management's best view as to information that is not publicly available.

Trademarks and Trade Names

Matterport owns or has rights to various trademarks, service marks and trade names that it uses in connection with the operation of its business. This presentation also contains trademarks, service marks and trade names of third parties, which are the property of their respective owners. The use or display of third parties' trademarks, service marks, trade names or products in this presentation is not intended in, and does not imply, a relationship with Matterport, or an endorsement or sponsorship by or of Matterport. Solely for convenience, the trademarks, service marks and trade names referred to in this presentation may appear without the ®, TM or SM symbols, but such references are not intended to indicate, in any way, that Matterport will not assert, to the fullest extent under applicable law, its rights or the right of the applicable licensor in these trademarks, service marks and trade names.

Non-GAAP Financial Measures

Matterport has provided in this presentation certain financial information that has not been prepared in accordance with generally accepted accounting principles in the United States (GAAP). We believe that the presentation of non-GAAP financial information provides important supplemental information to management and investors regarding financial and business trends relating to our financial condition and results of operations. The presentation of these non-GAAP financial measures are not meant to be considered in isolation or as a substitute for comparable GAAP financial measures and should be read only in conjunction with the company's consolidated financial statements prepared in accordance with GAAP. For further information regarding these non-GAAP measures, including the reconciliation of these non-GAAP financial measures to their most directly comparable GAAP financial measures, please refer to the "Appendix" section of this presentation.

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Recent business highlights

Q2 Subscription revenue up 20% year-over-year, better than guidance

Non-GAAP loss per share of $0.12, better than guidance

Continued focus on Enterprise customers as the company enhances overall Enterprise platform capabilities

Acquired VHT Studios to accelerate adoption of digital twins for real estate

$562 million cash and investments and no debt

Exited Q2 with record product backlog

Notes:
For the definition of non-GAAP loss per share and a reconciliation to their most directly comparable	3
financial measures prepared in accordance with GAAP, please see the appendix. Unaudited

Matterport is the clear market leader in an expanding global market

$114M

run-rate revenue

24B Sq ft

captured

177 countries

Subscribers		Spaces Under Management
(thousands)		(millions)
52% Growth		100x Rest of Market

		616		8.0
			5.6
	404
Paid		62
51
Subscribers
	2Q21	2Q22	2Q21	2Q22

Notes:	4
Run-rate revenue is the annualized value of total revenue for the three months ended June 30, 2022. Spaces Under Management, square feet captured and countries are as of June 30, 2022. Unaudited

23% of Fortune 1000 are now customers

Continued strong conversion of free-to-paid subscribers demonstrates that Matterport delivers value

Continued growth in new Enterprises joining

Matterport platform

2Q20		2Q21		2Q22

Cumulative free-to-paid subscriber conversions

Free-to-Starter subscriptions

Free-to-Professional subscriptions and above

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