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Table of Contents

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
____________________________
FORM 10-Q
____________________________
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2022
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ____________ to ____________
Commission file number 001-39790
____________________________
MATTERPORT, INC.
(Exact name of registrant as specified in its charter)
____________________________
Delaware
85-1695048
(State or other jurisdiction of incorporation or organization)
(I.R.S. Employer
Identification No.)
352 East Java Drive
Sunnyvale, California 94089
(Address of Principal Executive Offices, including zip code)
(650) 641-2241
(Registrant's telephone number, including area code)
N/A
(Former name, former address and former fiscal year, if changed since last report)
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading
Symbol
Name of each exchange
on which registered
Class A Common Stock, par value of $0.0001 per shareMTTRNasdaq Global Market
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports); and (2) has been subject to such filing requirements for the past 90 days. Yes x No o
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes x No o


Table of Contents
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
 Large accelerated filer
Accelerated filer
Non-accelerated filer
Smaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes No
The registrant had 287,443,518 shares of Class A common stock outstanding as of November 3, 2022.


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Item 2.










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CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

This Quarterly Report on Form 10-Q (this “Report”) contains forward-looking statements. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933, as amended, or the Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act. All statements other than statements of historical facts contained in this Report, including statements concerning possible or assumed future actions, business strategies, events or results of operations, and any statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. These statements involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements.

In some cases, you can identify forward-looking statements by terms such as “may,” “should,” “expect,” “plan,” “anticipate,” “could,” “intend,” “target,” “project,” “contemplate,” “believe,” “estimate,” “predict,” “potential” or “continue” or the negative of these terms or other similar expressions. Forward-looking statements in this Report 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 document, including our ability to grow market share in our existing markets or any new markets we may enter; our ability to respond to general economic conditions; our ability to manage our growth effectively; our success in retaining or recruiting our officers, key employees or directors, or changes required in the retention or recruitment of our officers, key employees or directors; the impact of the regulatory environment and complexities with compliance related to such environment; our ability to remediate our material weaknesses; factors relating to our business, operations and financial performance, including: the impact of the ongoing COVID-19 public health emergency or other infectious diseases, health epidemics and pandemics; our ability to maintain an effective system of internal controls over financial reporting; our ability to achieve and maintain profitability in the future; our ability to access sources of capital; our ability to maintain and enhance our products and brand, and to attract customers; our ability to manage, develop and refine our technology platform; the success of our strategic relationships with third parties; our history of losses and whether we will continue to incur continuing losses for the foreseeable future; our ability to protect and enforce our intellectual property rights; our ability to implement business plans, forecasts, and other expectations and identify and realize additional opportunities; our ability to attract and retain new subscribers; the size of the total addressable market for our products and services; the continued adoption of spatial data; any inability to complete acquisitions and integrate acquired businesses; general economic uncertainty and the effect of general economic conditions in our industry; environmental uncertainties and risks related to adverse weather conditions and natural disasters; the volatility of the market price and liquidity of our Class A common stock, and other securities; the increasingly competitive environment in which we operate; and other factors detailed under the section entitled “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2021 (the “2021 Form 10-K”) filed with the Securities and Exchange Commission (the “SEC”) on March 18, 2022, and subsequently filed Quarterly Reports on Form 10-Q.

Because forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified and some of which are beyond our control, you should not rely on these forward-looking statements as predictions of future events. The events and circumstances reflected in our forward-looking statements may not be achieved or occur, and actual results could differ materially from those projected in the forward-looking statements. Moreover, we operate in an evolving environment. New risk factors and uncertainties may emerge from time to time, and it is not possible for management to predict all risk factors and uncertainties. As a result of these factors, we cannot assure you that the forward-looking statements in this Report will prove to be accurate. Except as required by applicable law, we do not plan to publicly update or revise any forward-looking statements contained herein, whether as a result of any new information, future events, changed circumstances or otherwise.

You should read this Report completely and with the understanding that our actual future results may be materially different from what we expect. We qualify all of our forward-looking statements by these cautionary statements.
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Part I- Financial Information
Item 1. Financial statements
MATTERPORT INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(unaudited)
(In thousands, except per share data)
September 30,
2022
December 31,
2021
ASSETS
Current assets:
Cash and cash equivalents
$81,852 $139,519 
Restricted cash
 468 
Short-term investments405,599 264,931 
Accounts receivable, net of allowance of $569 and $291, as of September 30, 2022 and December 31, 2021, respectively
19,515 10,879 
Inventories
11,677 5,593 
Prepaid expenses and other current assets
17,136 16,313 
Total current assets
535,779 437,703 
Property and equipment, net
28,555 14,118 
Operating lease right-of-use assets2,802  
Long-term investments7,737 263,659 
Goodwill69,593  
Intangible assets, net11,332  
Other assets
4,615 3,696 
Total assets
$660,413 $719,176 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities
Accounts payable
$9,456 $12,227 
Deferred revenue
14,553 11,074 
Accrued expenses and other current liabilities
22,500 10,026 
Total current liabilities
46,509 33,327 
Warrants liability1,691 38,974 
Contingent earn-out liability
 377,576 
Deferred revenue, non-current
562 874 
Other long-term liabilities
5,824 262 
Total liabilities
54,586 451,013 
Commitments and contingencies (Note 10)
Redeemable convertible preferred stock, $0.0001 par value; 30,000 shares authorized as of September 30, 2022 and December 31, 2021, respectively; nil shares issued and outstanding as of September 30, 2022 and December 31, 2021
  
Stockholders’ equity:
Common stock, $0.0001 par value; 640,000 shares authorized as of September 30, 2022 and December 31, 2021, respectively; and 287,408 shares and 250,173 shares issued and outstanding as of September 30, 2022 and December 31, 2021, respectively
29 25 
Additional paid-in capital
1,132,423 737,735 
Accumulated other comprehensive loss
(7,578)(1,539)
Accumulated deficit
(519,047)(468,058)
Total stockholders’ equity
605,827 268,163 
Total liabilities and stockholders’ equity
$660,413 $719,176 
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
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MATTERPORT, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
(unaudited)
Three Months Ended September 30,Nine Months Ended September 30,
2022202120222021
Revenue:
Subscription
$18,981 $15,677 $54,508 $44,758 
License
21 118 70 4,477 
Services
10,015 3,292 19,001 8,860 
Product
8,976 8,568 21,405 25,992 
Total revenue
37,993 27,655 94,984 84,087 
Costs of revenue:
Subscription
6,592 3,908 17,963 10,543 
License
    
Services
6,553 2,460 12,705 6,785 
Product
8,457 7,106 24,303 18,036 
Total costs of revenue
21,602 13,474 54,971 35,364 
Gross profit
16,391 14,181 40,013 48,723 
Operating expenses:
Research and development
19,084 14,484 66,604 27,599 
Selling, general, and administrative
56,293 44,053 186,527 73,612 
Total operating expenses
75,377 58,537 253,131 101,211 
Loss from operations
(58,986)(44,356)(213,118)(52,488)
Other income (expense):
Interest income
1,691 550 4,470 572 
Interest expense
 (91) (676)
Transaction costs
 (565) (565)
Change in fair value of warrants liabilities  (24,176)26,147 (24,176)
Change in fair value of contingent earn-out liability
 (98,478)136,043 (98,478)
Other expense, net
(981)(839)(3,655)(1,186)
Total other income (expense)
710 (123,599)163,005 (124,509)
Loss before provision for income taxes
(58,276)(167,955)(50,113)(176,997)
Provision for (benefit from) income taxes
(17)34 876 73 
Net loss
$(58,259)$(167,989)$(50,989)$(177,070)
Net loss per share, basic and diluted(0.20)(0.86)(0.18)(1.90)
Weighted-average shares used in per share calculation, basic and diluted286,458 196,478 281,729 93,061 
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.


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MATTERPORT, INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
(In thousands, unaudited)
Three Months Ended September 30,Nine Months Ended September 30,
2022202120222021
Net loss$(58,259)$(167,989)$(50,989)$(177,070)
Other comprehensive income (loss), net of taxes:
Foreign currency translation gain (loss)
 (16) (79)
Unrealized gain (loss) on available-for-sale securities, net of tax
72 (182)(6,039)(94)
Other comprehensive income (loss)$72 $(198)$(6,039)$(173)
Comprehensive loss
$(58,187)$(168,187)$(57,028)$(177,243)

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
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MATTERPORT, INC.
CONDENSED CONSOLIDATED STATEMENTS OF REDEEMABLE CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ EQUITY (DEFICIT)
(In thousands, unaudited)
Redeemable Convertible
Preferred Stock
Common Stock
Shares (1)
Amount
Shares (1)
Amount
Additional
Paid-In
Capital
Accumulated
Other
Comprehensive
Income (loss)
Accumulated
Deficit
Total
Stockholders’
Equity (Deficit)
Balance as of December 31, 2020124,979 $164,168 38,981 $4 $9,159 $135 $(129,998)$(120,700)
Net loss
— — — — — — (2,872)(2,872)
Other comprehensive loss
— — — — — (27)— (27)
Issuance of common stock upon exercise of stock options
— — 1,585 — 789 — — 789 
Stock-based compensation
— — — — 740 — — 740 
Balance as of March 31, 2021
124,979 $164,168 40,566 $4 $10,688 $108 $(132,870)$(122,070)
Net loss
— — — — — — (6,209)(6,209)
Other comprehensive income
— — — — — 52 — 52 
Issuance of common stock upon exercise of stock options
— — 1,184 — 553 — — 553 
Stock-based compensation
— — — — 713 — — 713 
Balance as of June 30, 2021
124,979 $164,168 41,750 $4 $11,954 $160 $(139,079)$(126,961)
Net loss
— — — — — — (167,989)(167,989)
Other comprehensive loss
— — — — — (198)— (198)
Issuance of redeemable convertible preferred stock52 293 — — — — — — 
Conversion of redeemable convertible preferred stock into common stock in connection with the reverse recapitalization(125,031)(164,461)126,461 13 164,448 — — 164,461 
Issuance of common stock upon exercise of stock options
— — 633 — 357 — — 357 
Issuance of common stock upon exercise of legacy Matterport common stock warrants— — 1,038 — — — — — 
Issuance of common stock upon the reverse recapitalization, net of transaction costs— — 72,531 7 539,890 — — 539,897 
Contingent earn-out liability
— — — — (235,911)— — (235,911)
Stock-based compensation
— — — — 32,070 — — 32,070 
Balance as of September 30, 2021 $ 242,413 $24 $512,808 $(38)$(307,068)$205,726 
(1) The shares of the Company’s common and redeemable convertible preferred stock, prior to the Merger (as defined in Note 1) have been retroactively restated to reflect the exchange ratio of approximately 4.1193 established in the Merger as described in Note 3.
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Redeemable Convertible
Preferred Stock
Common Stock
SharesAmountSharesAmount
Additional
Paid-In
Capital
Accumulated
Other
Comprehensive
Loss
Accumulated
Deficit
Total
Stockholders’
Equity
Balance as of December 31, 2021
 $ 250,173 $25 $737,735 $(1,539)$(468,058)$268,163 
Net income
— — — — — — 71,904 71,904 
Other comprehensive loss
— — — — — (4,635)— (4,635)
Issuance of common stock in connection with employee equity incentive plans, net of tax withholding— — 6,295 1 (14,498)— — (14,497)
Issuance of common stock upon the reverse recapitalization, net of transaction costs— — — — 76 — — 76 
Issuance of common stock to a customer— — 100 — 559 — — 559 
Issuance of common stock upon exercise of public warrants— — 1,994 — 34,055 — — 34,055 
Issuance of common stock in connection with acquisitions— — 1,215 — 19,118 — — 19,118 
Issuance of earn-out shares upon triggering events, net of tax withholding— — 21,494 2 (17,738)— — (17,736)
Earn-out liability recognized upon the re-allocation— — — — (896)— — (896)
Reclassification of remaining contingent earn-out liability upon triggering events— — — — 242,430 — — 242,430 
Stock-based compensation
— — — — 61,097 — — 61,097 
Balance as of March 31, 2022
 $ 281,271 $28 $1,061,938 $(6,174)$(396,154)$659,638 
Net loss
— — — — — — (64,634)(64,634)
Other comprehensive loss
— — — — — (1,476)— (1,476)
Issuance of common stock in connection with employee equity incentive plans, net of tax withholding
— 2,340 — 2,701 — — 2,701 
Issuance of common stock to a customer— 32 — 179 179 
Stock-based compensation
— — — — 34,799 — — 34,799 
Balance as of June 30, 2022
 $ 283,643 $28 $1,099,617 $(7,650)$(460,788)$631,207 
Net loss
— — — — — — (58,259)(58,259)
Other comprehensive income
— — — — — 72 — 72 
Issuance of common stock in connection with employee equity incentive plans, net of tax withholding
— — 3,757 1 399 — — 400 
Issuance of common stock in connection with acquisitions
— — 8 — 101 — — 101 
Stock-based compensation
— — — — 32,306 — — 32,306 
Balance as of September 30, 2022
 $ 287,408 $29 $1,132,423 $(7,578)$(519,047)$605,827 
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
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MATTERPORT, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2022 AND 2021
(In thousands, unaudited)
Nine Months Ended September 30,
20222021
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss
$(50,989)$(177,070)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization
9,237 4,121 
Amortization of debt discount
 135 
Amortization of investment premiums, net of accretion of discounts2,517 413 
Stock-based compensation, net of amounts capitalized
116,738 31,997 
Change in fair value of warrants liabilities(26,147)24,176 
Change in fair value of contingent earn-out liability
(136,043)98,478 
Deferred income taxes(27) 
Transaction costs  565 
Loss on extinguishment of debt and convertible notes
 210 
Allowance for doubtful accounts
343 460 
Other
681 193 
Changes in operating assets and liabilities, net of effects of businesses acquired:
Accounts receivable
(7,379)(6,100)
Inventories
(6,135)(342)
Prepaid expenses and other assets
(5,348)(7,699)
Accounts payable
(4,154)3,427 
Deferred revenue
3,167 4,503 
Accrued expenses and other liabilities
4,181 1,442 
Net cash used in operating activities
(99,358)(21,091)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property and equipment
(1,417)(536)
Capitalized software and development costs
(9,890)(5,233)
Purchase of investments(87,997)(466,466)
Maturities of investments194,241  
Investment in convertible notes
 (1,000)
Business acquisitions, net of cash acquired (51,874) 
Net cash provided by (used in) investing activities
43,063 (473,235)
CASH FLOW FROM FINANCING ACTIVITIES:
Proceeds from reverse recapitalization and PIPE financing, net 612,854 
Payment of transaction costs related to reverse recapitalization
 (9,813)
Proceeds from sales of shares through employee equity incentive plans
5,292 1,696 
Payments for taxes related to net settlement of equity awards(34,424) 
Proceeds from exercise of warrants27,844  
Repayment of debt
 (13,067)
Other 76  
Net cash provided by (used in) financing activities
(1,212)591,670 
Net change in cash, cash equivalents, and restricted cash
(57,507)97,344 
Effect of exchange rate changes on cash
(628)(273)
Cash, cash equivalents, and restricted cash at beginning of year
139,987 52,250 
Cash, cash equivalents, and restricted cash at end of period
$81,852 $149,321 
Supplemental disclosures of cash flow information
Cash paid for interest
$ $753 
Supplemental disclosures of non-cash investing and financing information
Earn-out liability recognized upon the re-allocation $896 $231,627 
Reclassification of remaining contingent Earn-out liability upon triggering events$242,430 $164,461 
Unpaid transaction costs$ $200 
Common stock issued in connection with acquisition $19,219 $ 
Unpaid cash consideration in connection with acquisition $4,348 $ 
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
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MATTERPORT, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

1. ORGANIZATION AND DESCRIPTION OF BUSINESS
Matterport, Inc., together with its subsidiaries (“Matterport” or the “Company”), is leading the digitization and datafication of the built world. Matterport’s pioneering technology has set the standard for digitizing, accessing and managing buildings, spaces and places online. Matterport’s platform comprising innovative software, spatial data-driven data science, and 3D capture technology has broken down the barriers that have kept the largest asset class in the world, buildings and physical spaces, offline and underutilized for so long. The Company was incorporated in the state of Delaware in 2011 and is headquartered in Sunnyvale, California.
On July 22, 2021 (the “Closing Date”), the Company consummated the merger (collectively with the other transactions described in the Merger Agreement, the “Merger”, “Closing”, or “Transactions”) pursuant to an Agreement and Plan of Merger, dated February 7, 2021 (the “Merger Agreement”), by and among the Company (formerly known as Gores Holdings VI, Inc.), the pre-Merger Matterport, Inc. (now known as Matterport Operating, LLC) (“Legacy Matterport”), Maker Merger Sub, Inc. (“First Merger Sub”), a direct, wholly owned subsidiary of the Company, and Maker Merger Sub II, LLC (“Second Merger Sub”), a direct, wholly owned subsidiary of the Company, pursuant to which First Merger Sub merged with and into Legacy Matterport, with Legacy Matterport continuing as the surviving corporation (the “First Merger”), and immediately following the First Merger and as part of the same overall transaction as the First Merger, Legacy Matterport merged with and into Second Merger Sub, with Second Merger Sub continuing as the surviving entity as a wholly owned subsidiary of the Company, under the new name “Matterport Operating, LLC.” Upon the closing of the Merger, we changed our name to Matterport, Inc. See Note 3 “Reverse Recapitalization” for additional information.
Unless the context otherwise requires, the “Company” refers to the combined company and its subsidiaries following the Merger, “Gores” refers to the Company prior to the Merger and “Legacy Matterport” refers to Matterport, Inc. prior to the Merger.
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Other than the policies noted below, no material changes have been made to the significant accounting policies described in the Company’s 2021 Form 10-K for the fiscal year ended December 31, 2021.
Basis of Presentation
The accompanying unaudited condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and applicable rules and regulations of the SEC, regarding interim financial reporting. Certain information and disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and related notes in the Company’s 2021 Form 10-K for the fiscal year ended December 31, 2021, which provides a more complete discussion of the Company’s accounting policies and certain other information.
In the opinion of the Company, the accompanying unaudited condensed consolidated financial statements contain all adjustments, consisting of only normal recurring adjustments, necessary for a fair statement of its financial position as of September 30, 2022, and its results of operations for the three and nine months ended September 30, 2022 and 2021, and cash flows for the nine months ended September 30, 2022 and 2021. The condensed consolidated balance sheet as of December 31, 2021, was derived from audited annual financial statements but does not contain all of the footnote disclosures from the annual financial statements.

Principles of Consolidation
The accompanying condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation.
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MATTERPORT, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
Use of Estimates
The preparation of the accompanying condensed consolidated financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amounts and disclosures in the condensed consolidated financial statements and accompanying notes. Significant estimates include assumptions related to the fair value of common stock before the Merger and other assumptions used to measure stock-based compensation, fair value of assets acquired and liabilities assumed in business combinations, identified intangibles and goodwill, valuation of deferred tax assets, the estimate of net realizable value of inventory, allowance for doubtful accounts, the fair value of common stock warrants, public and private warrants liability, and earn-out shares, and the determination of stand-alone selling price of various performance obligations. As of September 30, 2022, future impact of the COVID-19 pandemic on the Company’s operational and financial performance will depend on certain developments, including the duration and spread of the pandemic, impact on the Company’s subscribers and their spending habits, impact on the Company’s marketing efforts, and effect on the Company’s suppliers, all of which are uncertain and cannot be predicted with certainty. As a result, many of the Company’s estimates and assumptions required increased judgment and these estimates may change materially in future periods.
Management evaluates its estimates and assumptions on an ongoing basis using historical experience and various other factors, including the current economic environment and the impact of COVID-19, which management believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. The Company adjusts such estimates and assumptions when dictated by facts and circumstances. Changes in those estimates resulting from continuing changes in the economic environment will be reflected in the condensed consolidated financial statements in future periods. Actual results may differ materially from those estimates.
Segment information
The Company has a single operating segment and reportable segment. The Company’s chief operating decision-maker is its Chief Executive Officer, who reviews financial information presented on a consolidated basis for purposes of making operating decisions, assessing financial performance, and allocating resources. Refer to Note 4, for information regarding the Company’s revenue by geography. Substantially all of the Company’s long-lived assets are located in the United States.
Concentration of Credit Risk and Other Risks and Uncertainties
Financial instruments that subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents, investments, and accounts receivable. The Company maintains its cash balances in accounts held by major banks and financial institutions located in the United States. Such bank deposits from time to time may be exposed to credit risk in excess of the Federal Deposit Insurance Corporation insurance limit, and the Company considers such risk to be minimal.
We invest only in high-quality credit instruments and maintain our cash and cash equivalents and available-for-sale investments in fixed income securities. Management believes that the financial institutions that hold our investments are financially sound and, accordingly, are subject to minimal credit risk. Deposits held with banks may exceed the amount of insurance provided on such deposits.
The Company’s accounts receivable is derived from customers located both inside and outside the United States. The Company mitigates its credit risks by performing ongoing credit evaluations of the financial condition of its customers and requires advance payment from customers in certain circumstances. The Company generally does not require collateral from its customers.
No customer accounted for more than 10% of the Company’s total accounts receivable at September 30, 2022 and December 31, 2021. No customer accounted for more than 10% of the Company’s total revenue for the three and nine months ended September 30, 2022 and 2021.
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MATTERPORT, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
Cash, Cash Equivalents, and Restricted Cash
The Company considers all highly liquid investments purchased with an original maturity of 90 days or less to be cash equivalents. Cash and cash equivalents include cash on hand and amounts on deposit with financial institutions. Amounts receivable from credit card processors of approximately $1.5 million and $0.7 million as of September 30, 2022 and December 31, 2021, respectively, are also considered cash equivalents because they are both short-term and highly-liquid in nature and are typically converted to cash approximately three to five business days from the date of the underlying transaction.
The Company had restricted cash of nil and $0.5 million as of September 30, 2022 and December 31, 2021. The restricted cash was cash deposits restricted under the 2020 term loan. Refer to Note 9 “Debt” for additional information.
Accounts Receivable, Net
Accounts receivable consists of current trade receivables due from customers recorded at the invoiced amount, net of allowances for doubtful accounts.
The Company’s accounts receivable represent amounts due from customers arising from revenue and are stated at the amount the Company expects to collect from outstanding balances. On a periodic basis, the Company evaluates accounts receivable estimated to be uncollectible and provides allowances, as necessary, for doubtful accounts. As of September 30, 2022 and December 31, 2021, the allowance for doubtful accounts was $0.6 million and $0.3 million, respectively.
Fair Value Measurement
The Company accounts for certain of its financial assets and liabilities at fair value. The Company uses a three-level hierarchy, which prioritizes, within the measurement of fair value, the use of market-based information over entity-specific information for fair value measurements based on the nature of inputs used in the valuation of an asset or liability as of the measurement date. Fair value focuses on an exit price and is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities which are required to be recorded at fair value, the Company considers the principal or most advantageous market in which the Company would transact and the market-based risk measurements or assumptions that market participants would use in pricing the asset or liability, such as risks inherent in valuation techniques, transfer restrictions and credit risks. The inputs or methodology used for valuing financial instruments are not necessarily an indication of the risk associated with investing in those financial instruments.
Accounts receivable and accounts payable are carried at cost, which approximates fair value due to the short maturity of these instruments.
Transaction Costs
Transaction costs consist of direct legal, accounting and other fees relating to the consummation of the Merger. These costs were initially capitalized as incurred in other assets on the condensed consolidated balance sheets. Upon the Closing, transaction costs related to the issuance of shares were recognized in stockholders’ equity (deficit) while costs associated with the public and private warrants liabilities were expensed in the condensed consolidated statements of operations. The Company and Gores incurred $10.0 million and $26.3 million transaction costs, respectively. The total transaction cost was $36.3 million, consisting of underwriting, legal, and other professional fees, of which $35.7 million was recorded to additional paid-in capital as a reduction of proceeds and the remaining $0.6 million was expensed immediately upon the Closing.






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MATTERPORT, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

Business Combination
Business acquisitions are accounted for using the acquisition method under Accounting Standards Codifications (“ASC”) 805, Business Combinations (“ASC 805”), which requires recording assets acquired and liabilities assumed at fair value as of the acquisition date. Under the acquisition method of accounting, each tangible and separately identifiable intangible assets acquired and liabilities assumed is recorded based on their preliminary estimated fair values on the acquisition date. The initial valuations are derived from estimated fair value assessments and assumptions used by management. The excess of the purchase price over the fair values of these identifiable assets and liabilities is recorded as goodwill. Additional information existing as of the acquisition date but unknown to the Company may become known during the remainder of the measurement period, not to exceed 12 months from the acquisition date, which may result in changes to the amounts and allocations recorded.
Acquisition related transaction costs are expensed as incurred and are recorded in selling, general, and administrative expenses in the Condensed Consolidated Statements of Operations. The Company incurred $0.2 million and $1.6 million of acquisition-related costs for the three and nine months ended September 30, 2022, respectively.
Intangible Assets
Acquisition-related intangible assets with finite lives are accounted for at fair value as of the date of acquisition, less accumulated amortization. Amortization is computed over the estimated useful lives of the respective assets.
Impairment of Goodwill, Intangible Assets, and Other Long-Lived Assets
Goodwill represents the excess of the purchase price over the fair value of identifiable assets and liabilities acquired in each business combination. Goodwill will be evaluated for impairment on an annual basis in the fourth quarter of the Company’s fiscal year, and whenever events or changes in circumstances indicate the carrying amount of goodwill may not be recoverable. The Company has elected to first assess qualitative factors to determine whether it is more likely than not that the fair value of the Company’s single reporting unit is less than its carrying amount, including goodwill. If the Company determines that it is more likely than not that the fair value of the Company’s single reporting unit is less than its carrying amount, then the quantitative impairment test will be performed. Under the quantitative impairment test, if the carrying amount of the single reporting unit exceeds its fair value, the Company will recognize an impairment loss in an amount equal to that excess but limited to the total amount of goodwill.
The Company evaluates events and changes in circumstances that could indicate carrying amounts of purchased intangible assets and other long-lived assets may not be recoverable. When such events or changes in circumstances occur, the Company assesses the recoverability of these assets by determining whether or not the carrying amount will be recovered through undiscounted expected future cash flows. If the total of the future undiscounted cash flows is less than the carrying amount of an asset group, the Company will record an impairment loss for the amount by which the carrying amount of the assets exceeds the fair value of the assets.
The Company did