Matterport Inc (MTTR) 2023 Q4 法說會逐字稿

Good afternoon and welcome to the Matterport fiscal 2023 fourth quarter results conference call. (Operator Instructions) Please note this event is being recorded.

下午好，歡迎參加 Matterport 2023 財年第四季業績電話會議。（操作員說明）請注意此事件正在被記錄。

I would now like to turn the conference over to Mike Knapp, Vice President of Investor Relations. Please go ahead.

現在我想將會議交給投資者關係副總裁 Mike Knapp。請繼續。

Thanks, and welcome to Matterport fourth quarter and full year 2023 financial results conference call. After the market closed today, Matterport released results for the quarter ended December 31, 2023. The release is available on the company's website at investors.matterport.com. This call is being recorded and webcast live and a link to the webcast can be found on the Investor Relations section of our website.

感謝並歡迎參加 Matterport 第四季和 2023 年全年財務業績電話會議。今天收盤後，Matterport 發布了截至 2023 年 12 月 31 日的季度業績。新聞稿可在該公司網站 Investors.matterport.com 上取得。本次電話會議正在錄音並進行網路直播，您可以在我們網站的投資者關係部分找到網路直播的連結。

Before we begin, I'd like to remind you that today's call contains forward-looking statements within the meaning of federal securities laws, including but not limited to, statements regarding Matterport future financial results and management's expectations and plans for the business. These forward-looking statements are subject to numerous risks and uncertainties that may cause actual results to differ materially from those discussed on today's call.

在我們開始之前，我想提醒您，今天的電話會議包含聯邦證券法含義內的前瞻性陳述，包括但不限於有關 Matterport 未來財務業績以及管理層對業務的預期和計劃的陳述。這些前瞻性陳述面臨眾多風險和不確定性，可能導致實際結果與今天電話會議中討論的結果有重大差異。

Additional information regarding the risks and uncertainties can be found in our filings with the SEC. All forward-looking statements are made as of the date of this call, and Matterport assumes no obligation to update or revise them except as required by law. In addition, financial references on this call will be on a non-GAAP basis unless otherwise indicated, these measures should be considered as a supplement to and not a substitute for GAAP financial measures.

有關風險和不確定性的更多資訊可以在我們向 SEC 提交的文件中找到。所有前瞻性陳述均截至本次電話會議之日作出，除法律要求外，Matterport 不承擔更新或修改這些陳述的義務。此外，除非另有說明，本次電話會議的財務參考將基於非公認會計原則（non-GAAP），這些措施應被視為對公認會計原則（GAAP）財務措施的補充而不是替代。

Reconciliation of each of these non-GAAP financial measures to the most directly comparable GAAP measure can be found in today's earnings slides, which are available on the company's website.

這些非公認會計原則財務指標與最直接可比較的公認會計原則指標的調節可以在今天的收益幻燈片中找到，這些幻燈片可以在公司網站上找到。

Hosting today's call are RJ Pittman, Chairman and Chief Executive Officer; and JD Fay, Chief Financial Officer. And with that, I'd like to turn it over to RJ to begin.

主持今天電話會議的是董事長兼執行長 RJ Pittman；和財務長 JD Fay。接下來，我想把它交給 RJ 來開始。

Thanks, Mike. Good afternoon, everyone, and thank you for joining us today. I'm pleased to report that we closed 2023 with strong fourth quarter results. Total revenue for the quarter was $39.5 million, powered by continued adoption of our solutions from enterprise and small and medium-sized business customers around the globe.

謝謝，麥克。大家下午好，感謝您今天加入我們。我很高興地報告，我們以強勁的第四季度業績結束了 2023 年。該季度的總收入為 3,950 萬美元，得益於全球企業和中小型企業客戶持續採用我們的解決方案。

Subscription revenue accelerated to 23% year-over-year growth, reaching a record $23.7 million for the period. This was above the high end of our guidance range and demonstrates our platform's growing credibility in boosting productivity and reducing operational costs for customers throughout the industries we serve.

訂閱收入年增 23%，達到創紀錄的 2,370 萬美元。這超出了我們指導範圍的高端，表明我們的平台在提高我們所服務行業的客戶生產力和降低營運成本方面的可信度不斷提高。

Our key metrics continue to grow at a rapid pace, spaces under management, reaching 11.7 million, and our subscriber base expanded to 938,000, reflecting the rapid adoption of our solutions. Subscription revenue growth, gross margin expansion, and continued operating expense discipline drove our loss per share to $0.04, a 56% year-on-year improvement.

我們的關鍵指標持續快速成長，管理空間達到 1,170 萬個，我們的用戶群擴大到 938,000 人，反映出我們的解決方案的快速採用。訂閱收入成長、毛利率擴張以及持續的營運費用控制使我們的每股虧損降至 0.04 美元，較去年同期改善 56%。

These results highlight our ability to consistently deliver robust subscription growth while driving significant operating improvements as we continue on a fast-tracked path, positive cash flow. Key milestone we expect to achieve this year.

這些結果凸顯了我們有能力持續實現強勁的訂閱成長，同時推動顯著的營運改進，因為我們繼續走在快速發展的道路上，正現金流。我們預計今年將實現的重要里程碑。

Our dedication to maximizing the customer experience is steadily producing increased retension and expansion, as organizations gain a deeper understanding of the broader applications of our technology and the impact it delivers. In fact, we saw our net dollar expansion rate improved to 109% from 106% in the prior quarter, the highest level in two years.

隨著組織對我們技術的更廣泛應用及其所帶來的影響有了更深入的了解，我們致力於最大限度地提高客戶體驗，從而穩步增加保留和擴展。事實上，我們的美元淨擴張率從上一季的 106% 提高到 109%，這是兩年來的最高水準。

Reflecting back on 2023, our ability to quickly adapt to changing market conditions paid off. We implemented a comprehensive restructuring to align our business more closely with our core competencies and areas of greatest growth potential. We executed strategies to enhance our company-wide productivity and sales and marketing effectiveness, focusing on investments with the highest ROI for the business.

回顧 2023 年，我們快速適應不斷變化的市場條件的能力得到了回報。我們實施了全面重組，使我們的業務與我們的核心競爭力和最具成長潛力的領域更加緊密地結合。我們執行策略來提高全公司的生產力以及銷售和行銷效率，並專注於對業務投資回報率最高的投資。

Did this very thoughtfully and expediently, which enabled us to deliver results that bucked several challenging industry trends in 2023. With US home sales down almost 19% and interest rates at decade ties, we managed to grow total revenue by 16%. Moreover, we grew residential real estate subscription revenue by 14%. Double digit growth amidst double digit industry declines is a strong testament to our value proposition, even in down markets.

我們的做法非常周到且便捷，這使我們能夠在 2023 年取得與幾個具有挑戰性的行業趨勢相反的成果。在美國房屋銷售量下降近 19% 且利率與十年持平的情況下，我們的總收入增加了 16%。此外，我們的住宅房地產認購收入成長了 14%。即使在市場低迷的情況下，在兩位數的行業下滑中實現兩位數的增長也有力地證明了我們的價值主張。

What's more, our subscription revenue outside of real estate in verticals like facilities management and construction grew more than 20% in 2023, demonstrating our diversification strategy is working and providing us with powerful momentum heading into 2024.

此外，我們在房地產以外的設施管理和建築等垂直領域的訂閱收入在 2023 年增長了 20% 以上，這表明我們的多元化策略正在發揮作用，並為我們進入 2024 年提供了強大的動力。

I'm especially encouraged to report that we digitized more than 9 billion square feet of real estate in 2023 to close the year with 38 million square feet under management, a 36% increase led by Pro3 adoption and usage. This rapid growth is not only a clear indicator of our market leadership, it is pivotal to our product strategy.

我特別受鼓舞的是，我們在 2023 年對超過 90 億平方英尺的房地產進行了數位化，到年底管理面積為 3800 萬平方英尺，在 Pro3 的採用和使用的帶動下增長了 36%。這種快速成長不僅是我們市場領導地位的明確標誌，也是我們產品策略的關鍵。

Our spatial data library, the largest in the industry, unlocks powerful AI driven insights like property intelligence and sets Matterport further apart from the field. No other solution in the market today can match Matterport's unique combination of fully automated 3D construction and automated property operational insights from the rich data library, we have created.

我們的空間資料庫是業內最大的，可釋放強大的人工智慧驅動的見解，例如財產情報，並使 Matterport 進一步遠離該領域。當今市場上沒有其他解決方案可以與 Matterport 的完全自動化 3D 施工和我們創建的豐富資料庫中的自動化財產營運見解的獨特組合相媲美。

In 2024, we are accelerating our AI solutions strategy, recognizing the transformative impact AI, particularly large language models is having across industries at a rate and scale reminiscent of the early days of the internet. The realm of the built world is no exception.

2024 年，我們正在加快實施人工智慧解決方案策略，並認識到人工智慧（尤其是大型語言模型）對各產業產生的變革性影響，其速度和規模讓人想起網路的早期。建築世界也不例外。

The era where the novel virtual tour suffices is behind us; future demands, capabilities, comprehend, modify, engage with, and reconceptualize our living spaces, workplaces, facilities with the same ease that characterizes the rest of our digital experiences today.

小說虛擬旅遊就夠的時代已經過去了；未來的需求、能力，可以像今天其他數位體驗一樣輕鬆地理解、修改、參與和重新概念化我們的生活空間、工作場所和設施。

This year, we are leveraging our extensive spatial data library and immersive imagery in tandem with the capabilities of these groundbreaking generative technologies. This fusion is set to revolutionize our interaction with the built world, making a significant paradigm shift and how we perceive and engage with our surroundings.

今年，我們將利用我們廣泛的空間資料庫和沈浸式影像以及這些突破性生成技術的功能。這種融合將徹底改變我們與建築世界的互動，使我們感知和與周圍環境互動的方式發生重大範式轉移。

To that end, we took a major leap forward last week with the global launch of property intelligence, a suite of AI powered features and new capabilities for the next-generation intelligent digital twin. Part of the 2024 winter release, property Intelligence gives customers the ability to instantly understand the details of their property with automated measurements, layouts, editing, and reporting capabilities, all generated from a digital twin.

為此，我們上週實現了重大飛躍，在全球範圍內推出了房地產智慧、一套人工智慧驅動的功能以及下一代智慧數位孿生的新功能。作為 2024 年冬季版本的一部分，房產智慧讓客戶能夠透過自動測量、佈局、編輯和報告功能即時了解其房產的詳細信息，所有這些功能均由數位孿生生成。

Matterport has consistently led the field and property marketing, setting the standard with dimensionally accurate 3D virtual tours. Our introduction of property intelligence propels us further ahead, introducing a new suite of automated features designed to elevate every property listing while saving our customers valuable time and effort.

Matterport 一直引領著該領域和房地產行銷，透過尺寸精確的 3D 虛擬旅遊樹立了標準。我們引入的房產智慧推動我們進一步前進，引入了一套新的自動化功能，旨在提升每個房產清單的質量，同時為客戶節省寶貴的時間和精力。

At the core of property intelligence is our unique spatial data library, encompassing 38 billion square feet of the physical world. Our recent advancements in AI have created significant opportunity to increase both subscription revenue and market share across the diverse industries we serve.

房地產情報的核心是我們獨特的空間資料庫，涵蓋 380 億平方英尺的實體世界。我們最近在人工智慧方面取得的進展為增加我們所服務的各個行業的訂閱收入和市場份額創造了重大機會。

Globally we serve 1 billion virtual stores each year to millions of visitors, enabling them to walk through their dream home, manage retail store, inspect a construction project, or operate their facilities remotely. Our advancements in automation and property insights streamline processes and enhance decision making speed and quality for all digital twin applications.

在全球範圍內，我們每年為數百萬遊客提供 10 億家虛擬商店服務，使他們能夠漫步夢想家園、管理零售商店、檢查建築項目或遠端操作其設施。我們在自動化和財產洞察方面的進步簡化了流程，提高了所有數位孿生應用的決策速度和品質。

Later this year, we will further enhance the built twin with generative AI features, to unlock the full potential of the property of physical space. Building on the focus of automation, the next release will introduce the ability to reimagine space could become. Details will be shared in a future update, but it's clear that property intelligence and our AI strategy can significantly help our business trajectory and fuel our long-term growth.

今年晚些時候，我們將進一步增強具有生成式人工智慧功能的內建雙胞胎，以釋放物理空間屬性的全部潛力。以自動化為重點，下一版將引入重新想像空間的能力。詳細資訊將在未來的更新中分享，但很明顯，房地產情報和我們的人工智慧策略可以極大地幫助我們的業務軌跡並推動我們的長期成長。

As part of our winter 2024 release, we are pleased to announce the introduction of showcase plug-ins, which simplify navigation for virtual visitors and facilitate connections with experts. The compass and minimap plugins, assist in navigating large spaces, homes, jobsites hotels and more; while the business card and quick link plug-ins offers essential contact information and additional details about the property.

作為 2024 年冬季版本的一部分，我們很高興地宣布推出展示插件，該插件可以簡化虛擬訪客的導航並促進與專家的聯繫。指南針和小地圖外掛程式可幫助導航大空間、住宅、工地、飯店等；而名片和快速連結插件則提供了基本的聯絡資訊和有關該酒店的其他詳細資訊。

These features allow real estate agents to personalized virtual tours and enable property or facilities managers to enrich spaces with contextual content such as operations manuals, restaurant menus, reservation ages, and more, ensuring a comprehensive, interactive virtual experience.

這些功能使房地產經紀人能夠進行個人化的虛擬遊覽，並使物業或設施經理能夠透過操作手冊、餐廳菜單、預訂年齡等上下文內容來豐富空間，從而確保全面的互動式虛擬體驗。

In an era where real estate agents navigate challenges such as housing affordability, inventory shortages and rapid pace of technological advancements, the pressure to adapt is immense. Amidst growing new over commission structures, agents are under increased pressure to meet the high expectations of our clients and secure new listings.

在房地產經紀人應對住房負擔能力、庫存短缺和技術快速進步等挑戰的時代，適應的壓力是巨大的。隨著新的超額佣金結構不斷增加，代理商面臨越來越大的壓力，需要滿足客戶的高期望並確保新房源的上市。

Our digital twin serve as comprehensive marketing tools, offering agents a competitive edge to attract more qualified buyers, expedite transactions, and increased rental bookings. With enhancements in property intelligence, including automatic generation of property reports that detailed room dimensions and ceiling heights, along with new branding opportunities for agents, Matterport stands as an essential tool for buying, selling, and renting properties more effectively.

我們的數位孿生作為全面的行銷工具，為代理商提供競爭優勢，以吸引更多合格的買家、加快交易並增加租賃預訂。隨著房產智慧的增強，包括自動產生詳細說明房間尺寸和天花板高度的房產報告，以及為代理商提供新的品牌機會，Matterport 已成為更有效地購買、銷售和租賃房產的重要工具。

The travel and hospitality sector remains a significant source of revenue for us, offering substantial growth opportunities. According to IDC, by 2025, an estimated 50% of travel and hospitality organizations are expected to implement digital twins to enhance efficiency and bookings.

旅遊和酒店業仍然是我們的重要收入來源，提供了大量的成長機會。據 IDC 稱，到 2025 年，預計將有 50% 的旅遊和酒店組織實施數位孿生，以提高效率和預訂量。

Global hospitality market, valued at $4.7 trillion by Statista, traditionally dependent on direct interactions for sales, property assessments and improvement initiatives. However, industry is experiencing a fundamental shift towards digital engagement with immersive technologies playing a pivotal role in marketing efforts. Matterport is at the front of this transformation, providing the necessary solutions for customers to capitalize on these digital advancements.

Statista 估計的全球飯店市場價值 4.7 兆美元，傳統上依賴銷售、財產評估和改善措施的直接互動。然而，行業正在經歷向數位化參與的根本性轉變，沉浸式技術在行銷工作中發揮關鍵作用。Matterport 處於這一轉型的前沿，為客戶提供必要的解決方案，以利用這些數位進步。

Our hospitality clients are increasingly acknowledging the benefits we offer. In the fourth quarter, we entered into a new multiyear collaboration with the costs utilizing Matterport digital twin platform and capture services.

我們的酒店客戶越來越認可我們提供的優勢。在第四季度，我們利用 Matterport 數位孿生平台和捕獲服務建立了一項新的多年合作。

Vacasa is set to enhance the use of our platform, integrating it thoroughly into its property, onboarding and guest services for the numerous properties under its management. Our comprehensive digital twin solution will allow Vacasa to capture, document, and market its listings more efficiently and effectively. Each digital twin will provide a deep of virtual tour and high-resolution photos, ensuring a uniform showcase experience across Vacasa's portfolio with just a single capture session.

Vacasa 將加強我們平台的使用，將其徹底整合到其管理下的眾多酒店的酒店、入職和賓客服務中。我們全面的數位孿生解決方案將使 Vacasa 能夠更有效率地捕獲、記錄和行銷其清單。每個數位孿生都將提供深度虛擬導覽和高解析度照片，確保只需一次捕捉會話即可在 Vacasa 的產品組合中提供統一的展示體驗。

We also entered into a partnership with Visiting Media, a leading provider of immersive sales enablement and channel distribution solutions for the hospitality industry. Visiting Media, which supports millions of users worldwide and works with top hospitality brands such as Hilton, Hyatt, and IHG Hotels and Resorts, has chosen to expand its utilization of Matterport property marketing solutions, making our 3D technology the preferred option for the thousands of hotels it serves.

我們還與 Visiting Media 建立了合作夥伴關係，這是一家為酒店業提供沉浸式銷售支援和通路分銷解決方案的領先供應商。Visiting Media 為全球數百萬用戶提供支持，並與希爾頓、凱悅和IHG 酒店及度假村等頂級酒店品牌合作，已選擇擴大Matterport 房地產營銷解決方案的使用，使我們的3D 技術成為數千名用戶的首選。

With digital twins for over 17,000 spaces, Visiting Media enables hospitality revenue teams significantly streamline workflows across their properties, aiding property management teams and improving channel distribution efforts.

Visiting Media 擁有超過 17,000 個空間的數位孿生，使飯店收入團隊能夠大幅簡化其飯店的工作流程，為飯店管理團隊提供協助並改善通路分銷工作。

Our presence in the construction industry is rapidly expanding as we further enhance our suite of solutions and partnerships. Recently, we launched the Matterport CAD file add-on, enabling the conversion of Matterport digital twin point clouds into editable CAD drawings in various formats. Given the widespread use of CAD software across the industry, Matterport simplifies as-built documentation processes and accelerates project timelines.

隨著我們進一步增強我們的解決方案和合作夥伴關係，我們在建築業的業務正在迅速擴大。最近，我們推出了 Matterport CAD 檔案插件，可以將 Matterport 數位孿生點雲端轉換為各種格式的可編輯 CAD 繪圖。鑑於 CAD 軟體在整個行業的廣泛使用，Matterport 簡化了竣工文件流程並加快了專案進度。

Pro3 has gained significant popularity within the architecture, engineering and construction industry due to its exceptional value for performance and capturing superior imagery and high-fidelity digital twin reconstructions.

Pro3 因其卓越的性能價值、捕捉優質影像和高保真數位孿生重建而在建築、工程和建造行業中廣受歡迎。

Our commitment to innovation for our flagship device remains strong. In the fourth quarter, we initiated a beta program for high density scanning, a software enabled capture upgrade to increase the precision for our 3D models and simplified professional as-built modeling with Matterport.

我們對旗艦設備創新的承諾依然堅定。在第四季度，我們啟動了高密度掃描測試版計劃，軟體支援擷取升級，以提高 3D 模型的精度，並使用 Matterport 簡化專業竣工建模。

In 2023, we successfully expanded our portfolio of fortune 1,000 clients welcoming notable new logos such as John Deere, Siemens and Danone. We also showcased a collaboration with Bayer, global leader in pharmaceuticals and biotechnology.

2023 年，我們成功擴大了財富 1,000 強客戶的投資組合，迎來了約翰迪爾、西門子和達能等著名的新標誌。我們也展示了與製藥和生物技術領域的全球領導者拜耳的合作。

Bayer's Crop Sciences division has leveraged Matterport for the design and management of construction projects in Germany and South Africa, transitioning from traditional design practices to digital collaboration. This shift enabled the team to cut project planning expenses by 75% and enhance efficiency across the value chain, from design to construction.

拜耳作物科學部門利用 Matterport 來設計和管理德國和南非的建設項目，從傳統設計實踐過渡到數位協作。這一轉變使團隊將專案規劃費用削減了 75%，並提高了從設計到施工的整個價值鏈的效率。

We recently formed a strategic partnership with Belden, a premier global provider of network infrastructure and digitization solutions aimed at offering 3D digital twin power connectivity solutions for facilities management in sectors such as industrial automation, smart buildings and broadband.

我們最近與全球首屈一指的網路基礎設施和數位化解決方案提供商 Belden 建立了戰略合作夥伴關係，旨在為工業自動化、智慧建築和寬頻等領域的設施管理提供 3D 數位孿生電源連接解決方案。

McKinsey reports that 70% of C-suite technology leaders in large corporations are currently evaluating and investing in digital twins. The synergy between Belden's network solutions and our digital twin platform will empower businesses worldwide to enhance their connected worker initiatives, allowing for more efficient management of physical spaces in terms of asset performance, production monitoring, and sustainable manufacturing.

麥肯錫報告稱，大公司中 70% 的高階主管技術領導者目前正在評估和投資數位孿生。百通的網路解決方案和我們的數位孿生平台之間的協同作用將使世界各地的企業能夠增強其互聯員工計劃，從而在資產績效、生產監控和可持續製造方面更有效地管理實體空間。

During this collaboration, Matterport will integrate into Belden's edge to cloud solutions, bringing our advanced visualization, spatial data and developer tools to Belden's comprehensive services for secure data handling and management. As members of the Amazon Web Services partner network, Matterport and Belden will also collaborate closely with this leading cloud service provider to develop innovative solutions that assist customers in their operational transformation journeys.

在此次合作期間，Matterport 將整合到 Belden 的邊緣到雲端解決方案中，將我們先進的視覺化、空間資料和開發工具引入 Belden 的綜合服務中，以實現安全資料處理和管理。身為亞馬遜網路服務合作夥伴網路的成員，Matterport 和 Belden 也將與這家領先的雲端服務供應商密切合作，開發創新的解決方案，幫助客戶實現營運轉型。

Before handing over to JD Fay, I'd like to spotlight, our latest environmental, social and governance report. Embedded within our core business strategy, our ESG framework reflects our commitment to aiding customers in achieving their sustainability objectives, influencing our everyday decisions.

在交給 JD Fay 之前，我想重點介紹一下我們最新的環境、社會和治理報告。我們的 ESG 框架嵌入我們的核心業務策略中，反映了我們致力於幫助客戶實現永續發展目標、影響我們的日常決策的承諾。

The report underscores the efficiency of Matterport technology as a sustainable alternative to travel, facilitating virtual interaction and operations in environments like construction sites, manufacturing plants, ordering home tours.

該報告強調了 Matterport 技術作為旅行的可持續替代方案的效率，促進建築工地、製造工廠、訂購家庭旅遊等環境中的虛擬互動和操作。

According to 2022 data, Matterport's technology has helped prevent over 756,000 tons of carbon emissions. That's initiating this tracking in 2021. Enhancing support for our clients, we've collaborated with a third party carbon accounting firm to create an emissions calculator for enterprise customers.

根據 2022 年的數據，Matterport 的技術已幫助減少了超過 756,000 噸的碳排放。這項追蹤將於 2021 年啟動。為了加強對客戶的支持，我們與第三方碳會計公司合作，為企業客戶創建排放計算器。

This tool offers a tailored analysis of the environmental and economic benefits derived from using the Matterport digital twin platform, soon to be accessible to all our enterprise clients. Our platform plays a pivotal role in enabling customers to conduct their operations more sustainably, efficiently and remotely from anywhere in the world.

該工具提供了使用 Matterport 數位孿生平台所帶來的環境和經濟效益的客製化分析，很快將可供我們所有的企業客戶使用。我們的平台在使客戶能夠在世界任何地方更永續、更有效率、遠端地開展營運方面發揮關鍵作用。

I would now like to turn it over to JD Fay to discuss our financial performance for the fourth quarter in our outlook for Q1 and full year 2024.

我現在想將其交給 JD Fay，在我們對第一季和 2024 年全年的展望中討論我們第四季度的財務業績。

Thank you, RJ. For the fourth quarter, we delivered total revenue of $39.5 million, in line with our guidance range. Subscription revenue rose to $23.7 million, accelerating for the second consecutive quarter to 23% growth and above the high end of our guidance range.

謝謝你，RJ。第四季度，我們的總收入為 3,950 萬美元，符合我們的指導範圍。訂閱收入增至 2,370 萬美元，連續第二季成長 23%，高於我們指導範圍的上限。

Subscription revenue now represents 60% of total revenue up from 47% just one year ago. This is by design, as we increase subscription revenue growth and make it a larger percentage of total revenue.

訂閱收入目前佔總收入的 60%，而一年前為 47%。這是設計使然，因為我們會增加訂閱收入的成長，並使其在總收入中所佔的比例更大。

Our annual recurring revenue was $94.7 million, and we are rapidly approaching the $100 million ARR milestone that we expect to reach this year. The strength was broad-based and came from growth in new subscribers, expansion of existing subscribers and price increases we implemented in the middle of 2023. We saw greater than 20% growth in both enterprise and SMB subscription plans and are pleased to share that we now have more than 120 customers with over $50,000 in ARR, up over 30% from the year-ago period.

我們的年度經常性收入為 9,470 萬美元，我們正在迅速接近我們預計今年將達到的 1 億美元的 ARR 里程碑。這種優勢是廣泛的，來自新用戶的成長、現有用戶的擴大以及我們在 2023 年中期實施的價格上漲。我們看到企業和中小型企業訂閱計劃的成長超過 20%，並很高興地告訴大家，我們現在擁有 120 多個客戶，其 ARR 超過 50,000 美元，比去年同期增長了 30% 以上。

We also saw a 20% year-on-year growth in the Americas and Asia Pacific regions, and over 30% growth in Europe, the Middle East and Africa. Our total subscriber base grew to 34% from the year-ago period. Paid subscribers grew by 13% and free subscribers grew by 36% compared to the year ago period.

我們也看到美洲和亞太地區較去年同期成長20%，歐洲、中東和非洲成長超過30%。我們的總訂戶基數比去年同期成長了 34%。與去年同期相比，付費用戶成長了 13%，免費用戶成長了 36%。

Our net dollar expansion rate improved again in the fourth quarter to 109%. We saw improvements across SMB and enterprise cohorts, supplementing paid subscriber growth and resulting in the highest average revenue per account we have seen since 2020. We also continue to benefit from higher prices for SMB subscription plans.

第四季我們的美元淨擴張率再次提高至 109%。我們看到中小企業和企業群體都取得了進步，補充了付費用戶的成長，並導致每個帳戶的平均收入達到 2020 年以來的最高水準。我們也繼續受益於中小企業訂閱計畫價格的上漲。

We were pleased to deliver strong and balanced growth in residential real estate and nonresidential real estate vertical markets, with both up over 20% year-over-year, and we continue to see significant strength across travel and hospitality, facilities management and construction markets.

我們很高興在住宅房地產和非住宅房地產垂直市場實現強勁而平衡的成長，年成長均超過 20%，我們繼續看到旅遊和酒店、設施管理和建築市場的顯著優勢。

We are delivering outsized growth in residential real estate compared to the market as savvy agents leverage our solutions to win more listings, reduce their marketing expenses and enhance their digital content and reach to drive faster sales. Residential real estate represented approximately 50% of subscription revenue in Q4. Services revenue for the fourth quarter was $8.3 million, flat from the year ago period and largely in line with our expectations.

與市場相比，我們的住宅房地產實現了大幅成長，因為精明的代理商利用我們的解決方案贏得更多房源，減少行銷費用，增強數位內容並推動更快的銷售。第四季住宅房地產約佔訂閱收入的 50%。第四季的服務收入為 830 萬美元，與去年同期持平，基本上符合我們的預期。

Product revenue was $7.5 million in the fourth quarter. Our Black Friday and Cyber Monday promotions drove unit sales and we elected to extend those promotions through the end of the year. The result was a net positive while average selling prices declined slightly, we were able to exceed our shipment volume goals for the quarter.

第四季產品收入為 750 萬美元。我們的黑色星期五和網路星期一促銷活動推動了單位銷售，我們選擇將這些促銷活動延長至年底。結果是淨利好，雖然平均售價略有下降，但我們能夠超出本季的出貨量目標。

Compared to the year-ago period, our Q4 2022 product revenue was particularly high as it was our first full quarter for Pro3 camera sales, and we exceeded our target for Pro2 camera sales in that quarter as supply chain constraints were resolved at that time.

與去年同期相比，我們2022 年第四季度的產品收入特別高，因為這是我們Pro3 相機銷售的第一個完整季度，並且由於當時供應鏈限制得到解決，我們超出了該季度Pro2 相機銷售的目標。

Total gross margin for the fourth quarter improved to 53% compared to 36% in the year-ago period. We have made excellent progress with gross margin, including a 300 basis point improvement in subscription gross margin primarily due to price increases and lower cloud hosting costs, a significant improvement in services gross margin and a recovery in product gross margin as product costs have stabilized. We expect gross margin to continue to trend higher, primarily driven by revenue mix shifts as subscription revenue continues to grow as a percentage of total revenue.

第四季的總毛利率從去年同期的 36% 提高至 53%。我們在毛利率方面取得了出色的進展，其中訂閱毛利率提高了300 個基點，這主要是由於價格上漲和雲端託管成本下降，服務毛利率顯著提高，以及產品毛利率隨著產品成本穩定而回升。我們預計毛利率將繼續走高，這主要是由於訂閱收入佔總收入的百分比持續增長而導致收入結構變化。

Our operating expenses were $38.2 million in Q4, a 12% reduction from the year ago period. Research and development expense was $7.9 million, a reduction of 24% from the year ago period. And SG&A expenses were $30.4 million, a reduction of 9%. We've made great strides in streamlining operations and organizing ourselves to be more efficient. We expect to continue improving our operating leverage as we close in on positive cash flow from operations later this year.

第四季我們的營運費用為 3,820 萬美元，比去年同期減少 12%。研發費用為790萬美元，較去年同期減少24%。SG&A 費用為 3,040 萬美元，減少 9%。我們在簡化營運和提高效率方面取得了長足進步。隨著今年稍後我們的營運現金流接近正數，我們預計將繼續提高我們的營運槓桿。

Strong subscription revenue, improving net dollar expansion rate, increased average revenue per account and higher gross margin combined with lower operating expenses yielded a 56% improvement in non-GAAP loss per share, which was $0.04 for the quarter. Our weighted average share count was 308 million shares.

強勁的訂閱收入、淨美元擴張率的提高、每個帳戶平均收入的增加、毛利率的提高以及營運費用的降低，使得本季度非 GAAP 每股虧損減少了 56%，為 0.04 美元。我們的加權平均股數為 3.08 億股。

Moving onto the balance sheet, we ended the quarter with $423 million in cash and investments down less than 2% from the prior quarter. We remain debt-free. Our cash used in operations improved to $10.4 million in the quarter, which is a 46% improvement from the year ago period, and our best cash flow performance it's becoming a public company.

從資產負債表來看，本季末我們的現金和投資為 4.23 億美元，比上一季下降了不到 2%。我們仍然沒有債務。本季我們用於營運的現金增加至 1,040 萬美元，比去年同期成長了 46%，我們最好的現金流表現是成為上市公司。

For the full year 2023, we delivered record total revenue of $157.7 million, which was up 16% from the prior year, driven by 38% growth in services revenue and 18% growth in subscription revenue. Full year non-GAAP gross margin was 52% an expansion of 700 basis points, and our non-GAAP loss per share was $0.22, a 46% improvement from the prior year.

2023 年全年，我們的總收入達到創紀錄的 1.577 億美元，比上年增長 16%，這主要得益於服務收入增長 38% 和訂閱收入增長 18%。全年非 GAAP 毛利率為 52%，成長了 700 個基點，非 GAAP 每股虧損為 0.22 美元，比前一年提高了 46%。

This loss per share was also 35% better than the full year guidance we provided at the beginning of 2023, which demonstrates our commitment to achieving profitability in the near term and highlights the success we are seeing with a more efficient focused team of dedicated Matterport engineers and professionals.

這筆每股虧損也比我們在 2023 年初提供的全年指導要好 35%，這表明了我們對在短期內實現盈利的承諾，並突顯了我們透過更有效率、專注的 Matterport 工程師團隊所取得的成功和專業人士。

Turning to guidance, in light of our Q4 annual recurring revenue, improving trends in gross margin, and disciplined operating expense management, the company is in a strong position to deliver another year of revenue growth and an improvement in net loss as we close in on profitability.

轉向指導，鑑於我們第四季度的年度經常性收入、毛利率的改善趨勢以及嚴格的營運費用管理，隨著我們接近目標，該公司處於有利地位，可以實現又一年的收入增長和淨虧損的改善盈利能力。

To ensure we reach our goal of cash flow profitability by the end of this year, we are controlling our spending while continuing to drive higher subscription revenue growth rate. Our expectations for continued growth in subscription revenue from adoption across new and existing small and medium-sized businesses and enterprise customers further enhances the predictability and profitability of our business.

為了確保我們在今年年底前實現現金流獲利的目標，我們正在控制支出，同時繼續推動更高的訂閱收入成長率。我們對新舊中小型企業和企業客戶採用訂閱收入持續增長的預期進一步增強了我們業務的可預測性和盈利能力。

For the first quarter of 2024, we expect total revenue to be in the range of $39 million to 41 million and subscription revenue to be in the range of $24 million to $24.2 million. This represents 22% year-on-year growth at the midpoint of the subscription revenue range. We expect the balance of revenue to be split roughly evenly between the services and product revenue line.

對於 2024 年第一季度，我們預計總收入將在 3,900 萬美元至 4,100 萬美元之間，訂閱收入將在 2,400 萬美元至 2,420 萬美元之間。這意味著訂閱收入範圍的中點年增 22%。我們預計收入餘額將在服務和產品收入線之間大致平均分配。

We anticipate first quarter non-GAAP loss per share to be in the range of $0.02 to $0.04, which would represent a 57% improvement from the year ago period and shows that we continued on the path to reach our profitability targets this year.

我們預計第一季非 GAAP 每股虧損將在 0.02 美元至 0.04 美元之間，這將比去年​​同期改善 57%，並表明我們將繼續實現今年的獲利目標。

For full year 2024 guidance, we expect total revenue to be in the range of $173 million to $183 million. Full year 2024 subscription revenue is expected to be in the range of $104 million to $106 million. This would represent over 20% growth at the midpoint.

對於 2024 年全年指引，我們預計總收入將在 1.73 億美元至 1.83 億美元之間。2024 年全年訂閱收入預計在 1.04 億美元至 1.06 億美元之間。這意味著中點成長超過 20%。

Our confidence in the full year comes from the improving trends in subscription revenue that I discussed earlier, along with expectations for adoption of our recently announced suite of AI powered features and new capabilities for the next generation of intelligent digital twins.

我們對全年的信心來自於我之前討論過的訂閱收入的改善趨勢，以及對採用我們最近宣布的人工智慧驅動功能套件和下一代智慧數位孿生新功能的期望。

For the full year of 2024, we expect a $0.07 to $0.11 non-GAAP loss per share. This would be an improvement of $0.13 at the midpoint compared to 2023, or a 59% improvement.

對於 2024 年全年，我們預計非 GAAP 每股虧損為 0.07 至 0.11 美元。與 2023 年相比，中間值將提高 0.13 美元，即提高 59%。

Over the past year, our team has done an excellent job to accelerate subscription revenue growth. The mix shift to increased subscription revenue creates a more durable, recurring revenue business model with higher gross margins and greater fall through to our operating margins.

在過去的一年裡，我們的團隊在加速訂閱收入成長方面做得非常出色。向增加訂閱收入的混合轉變創造了一種更持久的經常性收入業務模式，具有更高的毛利率和更大的營業利潤率下降。

These mix benefits were evident in 2023 as subscription revenue grew from 52% in Q1 to 60% by Q4. We expect growing average revenue per account in the improved net dollar expansion rate to continue and to solidify our foundation for a strong 2024 and when combined with disciplined operating expense management, we are positioned to achieve positive cash flow from operations later this year.

這些混合效益在 2023 年顯而易見，訂閱收入從第一季的 52% 成長到第四季的 60%。我們預計，隨著淨美元擴張率的提高，每個帳戶的平均收入將繼續增長，並鞏固我們在2024 年實現強勁增長的基礎，再加上嚴格的營運費用管理，我們預計將在今年晚些時候實現正營運現金流。

Further, while this is an important milestone for Matterport, it is also just one step on our path to unlocking the significant operating leverage inherent in our software platform that can deliver even stronger earnings and sustainable cash flows for the years ahead.

此外，雖然這對Matterport 來說是一個重要的里程碑，但這也只是我們釋放軟體平台固有的重要營運槓桿的第一步，可以在未來幾年帶來更強勁的收益和可持續的現金流。

Now I would like to turn the call back over to RJ.

現在我想將電話轉回給 RJ。

Thanks, JD. 2023 marked a pivotal year of transformation for Matterport as we streamline our operations to become a more agile, efficient, and customer-focused organization. This strategic realignment is the cornerstone of our success in exceeding market expectations and the primary reason why our clientele, ranging from large enterprises to small and medium-sized businesses, prefer Matterport in a time when prioritizing cost savings, productivity and operational efficiency is more crucial than ever.

謝謝，JD。 2023 年是 Matterport 轉型的關鍵一年，我們簡化了運營，成為一個更敏捷、更有效率和以客戶為中心的組織。這種策略調整是我們成功超越市場預期的基石，也是我們的客戶（從大型企業到中小型企業）在優先考慮成本節約、生產力和營運效率變得更加重要的時代選擇 Matterport 的主要原因比以往任何時候。

By integrating Matterport into our customers' everyday workflows, we simplified processes, enhancing property intelligence, which in turn enables buyers and sellers to make more informed decisions. This has led to improved outcomes across the board. Our clients are reporting substantial business value adoption of our newest solutions, which is reflected in our rising net dollar expansion rates.

透過將 Matterport 整合到客戶的日常工作流程中，我們簡化了流程，增強了房地產智能，從而使買家和賣家能夠做出更明智的決策。這導致了全面改善的結果。我們的客戶報告稱，我們最新解決方案的採用帶來了巨大的商業價值，這反映在我們不斷上升的淨美元擴張率上。

Looking ahead, I expect 2024 will be our most promising year to date. Just weeks into the year, we have introduced property intelligence, enhancing our digital twin with AI driven insights and automation that significantly streamline our customers' workflow.

展望未來，我預計 2024 年將是我們迄今為止最有希望的一年。今年才幾週，我們就推出了房地產智能，透過人工智慧驅動的洞察力和自動化增強了我們的數位孿生，從而顯著簡化了客戶的工作流程。

We are advancing towards launching our inaugural generative AI solutions, set to revolutionize the way individuals manage and reimagine their properties and spaces. Our momentum is becoming more and more impervious to external market factors like fluctuating interest rates, inflation and market recoveries and real estate.

我們正在努力推出首個生成式人工智慧解決方案，徹底改變個人管理和重新構想其財產和空間的方式。我們的發展動能越來越不受利率波動、通膨、市場復甦和房地產等外部市場因素的影響。

We are charging full speed ahead driven by the strong support of our customers and partners, our belief in the transformative potential of our industry leading technology and our dedication to customer success. We are confident in our strategic direction and remain on course, to achieve positive cash flow within the year.

在客戶和合作夥伴的大力支持、對行業領先技術變革潛力的信念以及對客戶成功的奉獻精神的推動下，我們正在全速前進。我們對我們的策略方向充滿信心，並將繼續前進，以在年內實現正現金流。

The commercialization of advanced AI and data science is precipitating significant changes across all industries, yet a large portion of the built world remains off-line and untouched through the various challenges that have hampered its growth. With the advent of technology like property intelligence, it is now possible to unlock substantial value and efficiencies on a large scale.

先進人工智慧和數據科學的商業化正在推動所有行業發生重大變化，但建築世界的很大一部分仍然處於離線狀態，並因阻礙其成長的各種挑戰而未受影響。隨著財產情報等技術的出現，現在可以大規模地釋放巨大的價值和效率。

The upside to customers is huge and the consequence of delayed adoption are even greater. In today's data-driven landscape companies that leverage digital twins to gain deeper insights, decrease expenses and increase operational efficiency a poised to thrive in this intensely competitive global marketplace.

為客戶帶來的好處是巨大的，而延遲採用的後果甚至更大。在當今數據驅動的環境中，利用數位孿生獲得更深入洞察、降低開支並提高營運效率的公司有望在這個競爭激烈的全球市場中蓬勃發展。

The time is now for businesses in every sector from real estate to manufacturing, design, construction and insurance to embrace the future.

現在是從房地產到製造、設計、建築和保險等各個行業的企業擁抱未來的時候了。

Thank you for joining us today. Operator, we are now ready for questions.

感謝您今天加入我們。接線員，我們現在準備好提問了。

(Operator Instructions)

（操作員說明）

Yun Kim, Loop Capital Markets.

Yun Kim，Loop 資本市場。

Thank you. Congrats on a solid quarter RJ and JD. RJ, if you can talk about the go-to-market around the newly introduced property intelligence, who are you targeting? Are you targeting initially at least large enterprise accounts who maybe your existing accounts? And then also what's the pricing model behind that?

謝謝。恭喜 RJ 和 JD 季度表現穩定。RJ，如果您能談談新推出的房地產情報的市場推廣，您的目標是誰？您最初的目標至少是大型企業客戶（也可能是您現有的客戶）嗎？那麼其背後的定價模型是什麼？

Right and thanks, Yun. We're really excited about property intelligence as it rolls out literally just days ago. And we've been bringing our customers along with us on the journey. So they've been part of the beta program for a handful of months now and collecting their feedback has been essential in making sure that we deliver maximum value. And so indeed, we're in the go-to market strategy, it's two-pronged.

好的，謝謝，雲。我們對房地產情報感到非常興奮，因為它幾天前才推出。我們一直帶著我們的客戶與我們一起踏上這段旅程。因此，他們參與測試計劃已有幾個月了，收集他們的回饋對於確保我們提供最大價值至關重要。事實上，我們的市場策略是雙管齊下的。

Without a doubt, this is a tremendous update for all of our existing customers and put simply it's taking that digital twin that they've come to embrace as the standard built it into their workflows and now we're providing all of these automated insights that we talked about all of last year and delivering that value starting today.

毫無疑問，這對我們所有現有客戶來說是一次巨大的更新，簡單地說，它採用了他們已經接受的數位孿生作為將其構建到他們的工作流程中的標準，現在我們正在提供所有這些自動化見解我們討論了去年全年以及從今天開始交付的價值。

So the energy is being put behind getting all of their properties, reprocessed and running with the latest version of Matterport with property intelligence to extract all of that value. And that is driving huge activity for us right out of the gate.

因此，我們將精力投入到獲取他們的所有財產上，進行重新處理，並使用最新版本的 Matterport 和財產智慧來運行，以提取所有這些價值。這為我們帶來了巨大的活動。

The second prong of the go to market is by providing this new capability, not just for enterprises, but especially in property marketing where time and money is absolutely of the essence, especially in constrained markets where our agents, realtors and brokerages absolutely want their best foot forward when promoting a property listing in today's market.

進入市場的第二個方面是提供這種新功能，不僅是為企業，而且特別是在時間和金錢絕對至關重要的房地產行銷領域，特別是在我們的代理商、房地產經紀人和經紀公司絕對希望發揮最大作用的受限市場中在當今市場上推廣房地產上市時，請向前邁進。

And with property intelligence, you are literally one click away from your digital twin, delivering you everything from a 2D property layout, all of the measurements and property information and property data is at your fingertips.

借助財產智能，您實際上只需單擊一下即可獲得數位孿生，為您提供 2D 財產佈局的所有內容，所有測量和財產資訊以及財產數據都觸手可及。

So creating a listing that stands out and is differentiated from the pack has now just gotten a whole lot easier and a whole lot more powerful because we're using the power of this platform in all of our customer use cases.

因此，創建一個脫穎而出且與眾不同的清單現在變得更加容易，而且功能更加強大，因為我們在所有客戶用例中都使用了該平台的強大功能。

From a pricing perspective, we're not changing the pricing of Matterport today. All of our customers are benefiting from all of this increased value. What we do know is that these are the features that customers that we yet to have on the platform are also of great interest and is in high demand and so we expect this absolutely to be a growth driver and adoption driver for new customers come to Matterport every day.

從定價角度來看，我們今天不會改變 Matterport 的定價。我們所有的客戶都受益於所有這些增加的價值。我們所知道的是，我們平台上還沒有的客戶也對這些功能非常感興趣且需求量很大，因此我們預計這絕對會成為新客戶來到 Matterport 的成長動力和採用動力每天。

Okay, great. Thank you. Looking forward to the adoption there. On the continued success you're having with the enterprise business, just kind of curious, how much of that is driven by new customer app versus existing? And how should we think about that mix trending?

好的，太好了。謝謝。期待那裡的採用。關於您在企業業務上的持續成功，我有點好奇，其中有多少是由新客戶應用程式與現有客戶應用程式推動的？我們該如何看待這種混合趨勢？

Sure. One of the things we focused on last year, which we talked a lot about across all of our earnings calls, was really centering in on customer success, building that relationship, but more than that, digging in to make sure that the roadmap for the future versions of Matterport were strictly aligned to where our enterprise customers are going and what they needed from us, and that's continued to pay off.

當然。去年我們重點關注的事情之一，我們在所有財報電話會議中都討論了很多，真正以客戶成功為中心，建立這種關係，但更重要的是，深入挖掘以確保路線圖Matterport 的未來版本嚴格符合我們的企業客戶的發展方向以及他們對我們的需求，這將持續帶來回報。

Property Intelligence is one of the hallmark examples about launching here at the top of the year, but it's something we've been working on together with them all year as well.

Property Intelligence 是今年年初推出的標誌性例子之一，但這也是我們一整年都在與他們合作的事情。

That plus many other aspects of helping our customers embed Matterport or permanently into their daily workflows has led to our best NDR numbers, as mentioned on the call that we've seen in years. And so that is a huge part of growth that we're going to focus on all across '24. There's plenty of room for upside in our net dollar retention or net dollar expansion, driving more ARPA, right there for us to get, number one.

加上幫助我們的客戶將 Matterport 嵌入或永久嵌入其日常工作流程的許多其他方面，我們獲得了最好的 NDR 數字，正如我們多年來在電話會議中提到的那樣。因此，這是我們將在整個 24 年重點關注的成長的重要組成部分。我們的淨美元保留或淨美元擴張有很大的上升空間，從而推動更多的 ARPA，就在那裡，我們可以獲得第一名。

Number two however, as mentioned, we are increasingly building and delivering on what we call the enterprise essentials. These are all of the table stakes and more that really appeal to the large scale enterprises, the fortune 1,000 and beyond and as demonstrated and JD talked about the customers that are now stepping into the Matterport platform, new to Matterport and going above 50,000 a year in ARR is fantastic.

然而，第二點，如前面所提到的，我們越來越多地建構和交付所謂的企業要素。這些都是對大型企業、財富1,000 強及以上企業真正有吸引力的所有賭注和更多內容，正如京東所討論的那樣，現在正在進入Matterport 平台的客戶，這些客戶是Matterport 的新手，每年的客戶數量超過50,000 名在 ARR 中非常棒。

We love seeing that strong double digit growth, up over 30%, buoyed by really aligning that product market fit to the enterprise, meeting those customers where they are today, driving growth from both existing and new customers.

我們很高興看到強勁的兩位數成長（超過 30%），這得益於真正使產品市場適合企業、滿足現有客戶的需求、推動現有客戶和新客戶的成長。

That sounds great. And then, JD, obviously, the highlight in the quarter, one of the highlight is the strong uptick in NRR rate. Obviously, what's really driving that? Is that, driven largely by expansion deals, or are you also seeing a lower churn? And how should we think about that metric looking going forward? Obviously, you guys have a lot more new products, so that should go up.

聽起來很棒。然後，京東，顯然，這個季度的亮點，其中一個亮點就是NRR率的強勁上升。顯然，真正推動這股趨勢的因素是什麼？這主要是由擴張交易推動的，還是您也看到了客戶流失率下降？我們該如何看待這個指標的未來發展？顯然，你們有更多的新產品，所以應該會增加。

But should we expect that number to continue to move higher? Or should we maybe see a little bit of stability here and maybe inch higher of the some of the newer products begin to ramp maybe perhaps in the second half of the year?

但我們是否應該期望這個數字繼續上升？或者我們應該在這裡看到一點穩定性，也許一些新產品可能會在今年下半年開始增加？

Yeah, thank you. The NDR 109%, as we noted, is a nice highlight over the past couple of years for us. And there's a lot of strength in the enterprise cohort to begin with in terms of the expansion. And over the last couple of quarters, we've had significant growth, as we've talked about in enterprise customer adds, and they're now rolling through the full year and adding to NDR as well. So that's going quite well. Our average revenue per accounts going up also.

是的，謝謝。正如我們所指出的，NDR 109% 對我們來說是過去幾年的亮點。在擴張方面，企業群一開始就有很大的實力。在過去的幾個季度中，我們取得了顯著的成長，正如我們在企業客戶添加中所討論的那樣，他們現在正在全年滾動並增加了 NDR。所以一切進展順利。我們每個帳戶的平均收入也在上升。

So it's another data point that shows that the existing customer base continues to grow quite nicely on the enterprise side. The same trampled through in the small to medium size. It's a much bigger base with smaller average revenue, of course, but they continue to expand and adopt Matterport increasingly over time for all of the reasons RJ just discussed as well.

因此，這是另一個數據點，顯示現有客戶群在企業方面繼續良好成長。同樣的情況也發生在中小尺寸。當然，這是一個更大的基礎，平均收入也更小，但隨著時間的推移，他們繼續擴張並越來越多地採用 Matterport，原因也與 RJ 剛才討論的一樣。

And so with that strength, the new products that we have launched recently as well as our expectations for some even more developments later in the year, we think that the net dollar expansion rate can grow from here. And so we just want to build on this success and just keep moving forward as we have done over the last couple of quarters.

因此，憑藉這種實力，我們最近推出的新產品以及我們對今年稍後更多發展的預期，我們認為淨美元擴張率可以從這裡開始成長。因此，我們只想在這一成功的基礎上繼續前進，就像我們在過去幾個季度所做的那樣。

Okay, great. Thank you so much. And again, congrats on a solid quarter.

好的，太好了。太感謝了。再次恭喜本季業績穩健。

Elizabeth Porter, Morgan Stanley.

伊莉莎白‧波特，摩根士丹利。

Hey, this is Chris Quintero on for Elizabeth, thanks for taking our questions. I think maybe for you, JD, you talked about including some expectations for adoption of the AI power features in your fiscal year '24 guidance. So I was just wondering if you could expand a bit more in terms of what you're exactly assuming there and maybe what types of adoption rates you're looking for? Any color there would be helpful.

嘿，我是伊麗莎白的克里斯昆特羅，感謝您回答我們的問題。我想也許對你來說，JD，你談到在你的 24 財年指導中包括對採用人工智慧功能的一些期望。所以我只是想知道您是否可以進一步擴展一下您的確切假設以及您正在尋找什麼類型的採用率？任何顏色都會有幫助。

Yeah. Well, first, as RJ noted as well that is that the property intelligence suite that came out as part of our winter release last week is included in all the subscriptions today. So the first step is building from the success we saw in a beta program to now engaging with all of our existing customers with these new features.

是的。好吧，首先，正如 RJ 也指出的那樣，上周作為我們冬季版本的一部分推出的房地產情報套件已包含在今天的所有訂閱中。因此，第一步是從我們在測試版計畫中看到的成功開始，到現在利用這些新功能與所有現有客戶互動。

And in fact, if you were to look at digital twins across the property marketing customer base, on their websites and ours, you'll see these features already live today. It's pretty exciting. So this step is adoption by the existing customer base because all of these features are now built-in.

事實上，如果您在他們的網站和我們的網站上查看整個房地產行銷客戶群的數位孿生，您會發現這些功能今天已經上線。這非常令人興奮。因此，這一步是由現有客戶群採用的，因為所有這些功能現在都是內建的。

Now as that matures, we'll then look to -- we do expect that there will be greater adoption of some of the add-on features as well that are part of this release. Some of the services, for example, around new elements of floor plans, I think is a great example.

現在，隨著它的成熟，我們將期待——我們確實期望本版本中的一些附加功能將得到更多的採用。我認為一些服務，例如圍繞平面圖新元素的服務就是一個很好的例子。

And then finally, as this awareness of the property intelligence and AI driven features permeates through the market, we'd expect that to accelerate new customer acquisition too. And so all of those elements, I'd kind of go into the forecast for or our expectations for fiscal '23 guidance.

最後，隨著對房地產智慧和人工智慧驅動功能的認識滲透到市場中，我們預計這也將加速新客戶的獲取。因此，我想對所有這些因素進行預測或我們對 23 財年指導的預期。

Got it. Now, that's super helpful. And then I also wanted to ask around the partner strategy. Is this making your sales cycles longer? You noted strong performance from enterprise. So it seems like you're benefiting today from some of these partnerships, but maybe kind of better clarity around maybe the timing and the impacts from these partnerships would be helpful.

知道了。現在，這非常有幫助。然後我還想問一下合作夥伴的策略。這是否會延長您的銷售週期？您注意到企業的強勁表現。因此，您今天似乎從其中一些合作夥伴關係中受益，但也許更好地了解這些合作夥伴關係的時機和影響會有所幫助。

Sure. Good question. And it's really accretive. So, by building these last couple of partnerships and more on the way, but some of the big ones with Autodesk, Amazon Web Services, Procore, indeed have taken time to cultivate.

當然。好問題。而且它確實有增值作用。因此，透過建立最後幾個合作夥伴關係以及即將建立的更多合作夥伴關係，但與 Autodesk、Amazon Web Services、Procore 等一些大型合作夥伴確實需要時間來培養。

But what we're doing in addition to our existing sales momentum with all of our enterprise accounts, mid-market accounts and the like, we have a direct sales force, this is basically think of it as a sidecar where we are now engaging in a stage of co-selling that is using the go-to-market efforts and capacity of each of the partners themselves and tapping in specifically to their network of customers and install base for an integrated solution with Matterport.

但是，除了我們所有企業客戶、中端市場客戶等的現有銷售勢頭之外，我們正在做的事情之外，我們還有一支直接銷售隊伍，這基本上可以將其視為我們現在正在從事的邊車聯合銷售階段，利用每個合作夥伴本身的市場推廣努力和能力，專門利用其客戶網路和安裝基礎，與 Matterport 建立整合解決方案。

That's going to really give us some tremendous scale, and we're running that as a parallel process to our operations in '24. Than laying the groundwork for that all of last year, building pipeline now, and very positive of some growth in the pipeline of opportunities across all of those partners in '24. So I'm expecting that we're going to see that bearing fruit in a nice way for us this year.

這確實會為我們帶來巨大的規模，我們將其作為 24 年營運的平行流程來運作。與去年全年的基礎工作相比，現在正在建造管道，並且非常積極地看到 24 年所有這些合作夥伴的機會管道有所增長。因此，我預計今年我們將看到這項成果以良好的方式結出碩果。

Excellent. Thank you so much.

出色的。太感謝了。

Bhavin Shah, Deutsche Bank.

巴文·沙阿，德意志銀行。

Great. Thanks for taking my question. RJ, you kind of mentioned in your prepared remarks and the question answers that you guys are working with customers to kind of develop a lot of the property intelligence tools.

偉大的。感謝您提出我的問題。RJ，您在準備好的演講和問題答案中提到，您正在與客戶合作開發許多房地產情報工具。

Can you just talk about some of the efficiencies you've been able to see as you work with customers and how that might differ across the various verticals? Like what's the ROI they're seeing as a kind of adopt property intelligence?

您能否談談您在與客戶合作時所看到的一些效率以及這些效率在不同垂直領域有何不同？就像他們認為採用財產情報的投資報酬率是多少？

Sure. Thanks, Bhavin. And at the end of the day, this comes down to productivity and to simplify that into two key metrics time and money. It's almost that simple, because so much of the built world and so much of facilities management is built around kind of traditional manual labor. So to inspect the building to take measurements to build a detailed assessment of a space is a fair bit of human capital and a fair bit of risk in precision.

當然。謝謝，巴文。歸根結底，這取決於生產力，並將其簡化為時間和金錢兩個關鍵指標。幾乎就是這麼簡單，因為很多建築世界和許多設施管理都是圍繞著傳統的體力勞動建立的。因此，檢查建築物並進行測量以對空間進行詳細評估需要相當多的人力資本，而且在精確度方面也存在相當大的風險。

You turned Matterport on that challenge and what normally would take a workforce could be several hours, could be several days, plus all of the time and travel, et cetera, to get on-site, on-premise to conduct these kinds of inspections, we're taking that cumbersome cost and time commitments out of the equation and providing that at the output of the digital twin.

您讓 Matterport 應對這項挑戰，通常情況下，工作人員可能需要幾個小時，可能需要幾天，再加上所有的時間和旅行等等，才能到達現場、現場進行此類檢查，我們正在消除繁瑣的成本和時間承諾，並將其提供給數位孿生的輸出。

So you scan the space and we're providing an automated set of insights, including automating all of those measurements for you the minute you're able to open up your digital twin. And that alone is translates to orders of magnitude in return on investment because the cost of a single Matterport digital twin is far, far, far less than the cost of sending a single person, much less a team out to go and conduct those exact same tasks the manual way on-site in physical fashion.

因此，您掃描空間後，我們將提供一組自動化的見解，包括在您能夠打開數位孿生時自動為您執行所有這些測量。僅此一點就可以轉化為幾個數量級的投資回報，因為單個 Matterport 數位孿生的成本遠遠低於派遣一個人的成本，更不用說一個團隊出去執行完全相同的任務了以物理方式在現場手動完成任務。

So that's just one very simple example of where we're headed with this. And so as we listen to our customers and what they want to do, it turns out by the way, but they want to be assessing and inspecting the same space multiple times a quarter, even multiple times a month or even multiple times a week.

這只是我們的發展方向的一個非常簡單的例子。因此，當我們傾聽客戶的意見以及他們想要做什麼時，順便說一句，他們希望每個季度多次評估和檢查同一空間，甚至每月多次甚至每週多次。

And to then be able to apply all of this automation to that level of density of inspections and automating all of those time-consuming tasks, increasing the precision along the way only multiplies that return on investment, the more you use Matterport.

然後，您使用 Matterport 的次數越多，就能將所有這些自動化應用到檢查密度級別，並自動執行所有這些耗時的任務，一路提高精度只會使投資回報倍增。

And so we're very keen to continue working with our partners out in the open and developing more of the very specific automated tasks that can continue to deliver on that big ROI for them. And we have, as we alluded to in the call, many more of those come in across the year. And you'll hear quite a bit from us by mid-year and late in the year on the next roll automations coming for our customers.

因此，我們非常熱衷於繼續與我們的合作夥伴公開合作，開發更多非常具體的自動化任務，以繼續為他們帶來巨大的投資報酬率。正如我們在電話會議中提到的，我們今年有更多這樣的人進來。到年中和年底，您會從我們那裡聽到很多關於為我們的客戶提供的下一個捲筒自動化的信息。

Super helpful there. And then I guess just one follow-up for JD as it relates to the financial model. As we kind of think about the commentary you made on product revenue and kind of running promotions for longer on that side of the house in 4Q.

那裡超級有幫助。然後我想這只是京東的一項後續行動，因為它與財務模式有關。當我們思考您對產品收入所做的評論以及第四季度在房子那一側進行更長時間的促銷活動時。

How do we think about that as it relates to fiscal '24 in terms of your willingness to kind of run more promotions on that side of the house? And kind of what does that imply for product revenue for fiscal '24?

我們如何看待這個問題，因為它與 24 財年有關，您是否願意在房子的那一側開展更多促銷活動？這對 24 財年的產品收入意味著什麼？

Yeah. I mean, I think we were always looking for the optimal approach to both revenue and unit sales and shipments in the product line, because we know it helps drive new subscribers, new subscriptions on a paid basis. And customers who invest in the Pro level cameras tend to be highly active, strong customers with high ARPA too. That's why they make that investment, they want to use our platform. And so -- I think that's to the Black Friday, Cyber Monday opportunity was more of a special case built around a pretty significant holiday.

是的。我的意思是，我認為我們一直在尋找產品線中收入、單位銷售和出貨量的最佳方法，因為我們知道這有助於推動新訂戶、新的付費訂閱。投資專業級相機的客戶往往也是高度活躍、ARPA 較高的強大客戶。這就是他們進行投資的原因，他們想使用我們的平台。因此，我認為黑色星期五、網路星期一的機會更多的是圍繞著一個相當重要的假期建立的特殊情況。

So we don't do that very often. But where we do see these pockets of opportunity, we want to be flexible and able to take advantage of them. Pulling back a bit further to Prime Day last year, in the middle of last year, it was another great example, one of our strongest shipment days in order flows for our Pro cameras ever in fact.

所以我們不常這樣做。但當我們確實看到這些機會時，我們希望保持靈活性並能夠利用它們。回溯到去年年中的 Prime Day，這是另一個很好的例子，事實上，這是我們 Pro 相機訂單流出貨量最強的日子之一。

And so I think it's just about being flexible in going where the market is and taking advantage of those pockets of demand to play the long game, which is to grow subscription revenue and engage with our customers on the software platform.

因此，我認為這只是要靈活地進入市場，並利用這些需求來進行長期遊戲，即增加訂閱收入並在軟體平台上與我們的客戶互動。

Similar for the -- last one for me, just quickly back to your subscription revenue guide. You talked about improving kind of expansion rates as we go through '24 and how property intelligence and other solutions is going to help drive better subscriber growth.

與我的最後一個類似，只是快速回到您的訂閱收入指南。您談到了在 24 年期間如何提高擴張率，以及房地產情報和其他解決方案將如何幫助推動更好的用戶成長。

But how do we think about the timing of when that should really kick into gear? Is this something more the second half of the year? Or are you already starting to see the impact in terms of new solutions for driving new subscriber growth?

但我們如何考慮何時真正開始實施呢？這是下半年的事嗎？或者您已經開始看到新解決方案對推動新用戶成長的影響？

Yeah, we're seeing both subscriber growth as well as the expansion of average revenue as we talked about today, and we've seen that now over the last couple of quarters, and so we expect it to continue through 2024.

是的，正如我們今天討論的那樣，我們看到了訂閱用戶的成長以及平均收入的擴張，而且我們在過去幾個季度中已經看到了這一點，因此我們預計這種情況將持續到 2024 年。

We tend to have our greatest sequential growth in the middle quarters of the calendar year, so that I'd would not expect would continue. But with these higher net dollar expansion rates, higher ARPA, higher overall subscription revenue growth, north of 20% of last couple of quarters, again, I think that will continue throughout calendar '24.

我們往往會在日曆年的中間季度實現最大的連續成長，因此我預計這種情況不會持續下去。但隨著這些更高的淨美元擴張率、更高的 ARPA、更高的整體訂閱收入成長（超過過去幾季的 20%），我認為這種情況將在整個 24 日曆年持續下去。

That makes sense. Congrats on the strong end of the year.

這是有道理的。恭喜您在今年底取得了強勁的業績。

Thanks Bhavin.

謝謝巴文。

Brent Bracelin, Piper Sandler & Company.

布倫特·布雷斯林，派珀·桑德勒公司。

Hi, guys. This is Hannah Rudolph on for Brent today. Thanks for taking my question. For you RJ, it sounds like the business has a lot of different encouraging growth drivers ahead of it from AI, the partnership to new products to different verticals you're going after. Can you talk about where you'll focus your efforts for this year?

嗨，大家好。我是漢娜·魯道夫，今天為布倫特發言。感謝您提出我的問題。對於您 RJ 來說，聽起來該業務有很多不同的令人鼓舞的成長動力，從人工智慧、到新產品的合作夥伴關係到您所追求的不同垂直領域。能談談今年的工作重點在哪裡嗎？

And then for JD, can you talk about how you balance all of these investments along with getting to profitability. Thank you.

然後對於京東，您能談談如何平衡所有這些投資和實現盈利嗎？謝謝。

Fantastic. Thanks, Hannah. First, the focus is really in two principle value propositions and being best in class industry leading for both of them. Number one, focus property marketing, really making sure that are all in one solution from a property marketers, whether it's in residential real estate, nightly rentals, broader travel and hospitality, and even commercial real estate, office space facilities and the like.

極好的。謝謝，漢娜。首先，重點其實在於兩個主要價值主張，以及成為這兩個價值主張的產業領導者。第一，專注於房地產行銷，並真正確保房地產行銷人員將所有內容集中在一個解決方案中，無論是住宅房地產、夜間租賃、更廣泛的旅行和酒店，甚至是商業房地產、辦公空間設施等。

Super critical for us to put all of those arrows, all the wood behind that particular arrow, all the features and functionality and partnerships we've talked about we're directing our energy into two key areas, promote being the first.

對我們來說，將所有這些箭頭、特定箭頭後面的所有木材、我們討論過的所有特性和功能以及合作夥伴關係放在一起非常重要，我們將把我們的精力投入到兩個關鍵領域，促進成為第一。

The second is facilities management and construction and design management. That is a category that really reflects and is the epitome of the enterprise opportunity. And that category has been outpaces the fastest growing sector for us all last year looks to be, a another strong year of growth in the category in 2024.

二是設施管理和建設設計管理。這是一個真正反映企業機會的類別，也是企業機會的縮影。該類別的成長速度已經超過了我們去年預期的成長最快的行業，2024 年將是該類別的另一個強勁成長年。

And so making sure that we are also best in class in directing all the wood behind the arrow of facilities and construction management, it's very, very critical for us because the opportunity is enormous. And we have a distinct product solution that really is set apart from anything that's available in those respective markets today.

因此，確保我們在指導設施和施工管理箭頭後面的所有木材方面也是一流的，這對我們來說非常非常重要，因為機會是巨大的。我們擁有獨特的產品解決方案，與當今各自市場上的任何產品完全不同。

So we have that distinct advantage to capitalize on. And those are the two areas that we're going to bring all of this capability towards in '24.

因此，我們擁有可以利用的獨特優勢。這就是我們將在 24 年將所有這些能力發揮到極致的兩個領域。

And on the financial model side, to that part of your question, Hannah, these investments that RJ just described, and these new products are primarily in the software platform. So we're continuing to invest in that software as a service business model and solution that has strong gross margins and of course, it's on a recurring revenue basis. So it repeats for us every month, every quarter.

在財務模型方面，對於你問題的這一部分，Hannah，RJ 剛才描述的這些投資以及這些新產品主要是在軟體平台中。因此，我們將繼續投資具有強勁毛利率的軟體即服務業務模式和解決方案，當然，它是建立在經常性收入的基礎上的。所以每個月、每季我們都會重複這樣的情況。

And we've actually grown our gross margins over the last year as well on the subscription side. So that's performing quite well for us. So strong top line growth and subscription revenue with strong gross margins really helps create that growth in gross profit as part of this equation of profitability.

事實上，去年我們的毛利率在訂閱方面也有所成長。所以這對我們來說表現得很好。如此強勁的營收成長和訂閱收入以及強勁的毛利率確實有助於創造毛利的成長，作為獲利能力方程式的一部分。

And then on the spending side, those investments themselves, as you may recall, we worked on improving the efficiency of our operations in the back half of last year. We have reduced our spending levels, made them more efficient, as you can see by the results that we're describing today and that will continue. We'll continue to make progress on OpEx. And so the combination of those will help us get to that last mile through that last mile to profitability by the end of this year.

然後在支出方面，您可能還記得，這些投資本身，我們在去年下半年致力於提高營運效率。我們降低了支出水平，提高了效率，正如您從我們今天描述的結果中看到的那樣，而且這種情況還將繼續下去。我們將繼續在營運支出方面取得進展。因此，這些因素的結合將幫助我們在今年年底前實現盈利的最後一英里。

Super helpful. Thank you.

超有幫助。謝謝。

(Operator Instructions) Arsenije Matovic, Wolfe Research.

（操作員說明）Arsenije Matovic，Wolfe Research。

Hi, this is Arsenije on for Josh. Thanks for taking the questions. How should we think about the contribution from the subscription pricing increase rolling through existing subscribers in terms of 20% subscription revenue growth guidance, is there a way to parse out what the contribution from the pricing uplift will be versus expansion with existing subscribers and new lands? Thank you.

大家好，我是阿塞尼傑替補出場的喬許。感謝您提出問題。就 20% 的訂閱收入成長指引而言，我們應該如何考慮現有訂閱者的訂閱定價上漲的貢獻，是否有辦法解析定價上漲與現有訂閱者和新土地擴張的貢獻？謝謝。

So yeah, thanks Arsenije. The contribution from the price increase we did last year in the existing subscriber base is about half of the net dollar expansion rate. And so that's how I think about the existing base as they're coming through and growing in 2024 half comes from price increase and then the other half comes from, call it, the organic expansion of those accounts.

是的，謝謝阿爾塞尼耶。去年我們對現有用戶群進行的價格上漲的貢獻約為淨美元擴張率的一半。這就是我對現有基礎的看法，因為它們將在 2024 年經歷並增長，其中一半來自價格上漲，另一半來自，可以稱之為這些帳戶的有機擴張。

And then, of course, for all the new customers, they're all seeing today's current pricing. And so then about on a total population point of view, about half of the growth in subscription revenue is coming from the existing subscriber base again, half of that from price, half of that from organic and the growth and then half coming from new subscribers added during the year.

當然，對於所有新客戶來說，他們都會看到今天的當前定價。因此，從總人口的角度來看，訂閱收入增長的大約一半再次來自現有訂閱者群，一半來自價格，一半來自有機增長，一半來自新訂閱者年內新增。

Got it. That's helpful. And then a quick follow-up on the Genesis initiative. With that set for completion in winter of 2024 coming off of the release of property intelligence and understanding that while today it won't change your pricing plan.

知道了。這很有幫助。然後是對創世紀計劃的快速跟進。該計劃將於 2024 年冬季完成，房地產情報發布後，您將了解到，儘管今天，它不會改變您的定價計劃。

Do you think that once the entire initiative is completed, it will drive more uplift through pricing as an add-on to existing subscriptions or will it have a larger impact from being a driving force to convert nonpaying to paid subscribers or driving new paid subscribers that aren't existing users? Thanks.

您是否認為，一旦整個計劃完成，它將通過定價作為現有訂閱的附加項來推動更多的提升，或者它將通過成為將非付費訂閱者轉變為付費訂閱者的驅動力或推動新的付費訂閱者而產生更大的影響力。謝謝。

Yes. And it's going to be a combination of things in this one for sure. First, there's no question as we continue to roll a portfolio of high impact, high powered AI features and functional and boy, we have a lot coming and the reason we have a lot coming is one we've been working on this for more than a decade.

是的。這肯定是多種因素的結合。首先，毫無疑問，隨著我們繼續推出一系列具有高影響力、高性能的人工智慧功能和功能性的產品組合，我們將會有許多成果，而我們有很多成果的原因是我們已經為此工作了超過十年。

And two, we have an extraordinary spatial data library with 38 billion square feet of digitized space and digital information about the physical world that for an AI platform is, sets us apart. And it really is a treasure trove of opportunity to create really high value add on's as you spoke about, this is going to drive premiums and subscription. It's going to drive premiums in some tiers of subscriptions we'll offer as well as add-on pricing to come without a doubt.

第二，我們擁有一個非凡的空間資料庫，其中包含 380 億平方英尺的數位化空間和有關物理世界的數位信息，對於人工智慧平台來說，這使我們與眾不同。正如您所說，這確實是一個創造高附加價值的機會寶庫，這將推動溢價和訂閱。毫無疑問，這將推動我們提供的某些訂閱等級的溢價以及附加定價。

And having said that, we're very careful about how we manage this, because we do not believe in arbitrary price hikes and things of that nature on our customers. We're bringing our customers along on the journey and we think very carefully about making sure that the value we're delivering far exceeds the prices we're paying, that our customers are paying and if we're making any price adjustments that again, that ROI is really high for them.

話雖如此，我們對如何管理這一點非常謹慎，因為我們不相信任意漲價以及對我們的客戶進行此類性質的事情。我們帶領客戶踏上旅程，我們非常仔細地考慮，確保我們提供的價值遠遠超過我們支付的價格，我們的客戶正在支付，以及如果我們再次進行任何價格調整，投資回報率對他們來說確實很高。

And so we keep that in pretty clear balance here in '24, but we're absolutely in creating headroom and upside because we think the value that we're going to be delivering in the back half of the year and going into '25, it's going to be exponential. So a lot of upside for there on price oriented revenue growth.

因此，我們在 24 年保持了相當明顯的平衡，但我們絕對會創造空間和上行空間，因為我們認為我們將在今年下半年和進入 25 年交付的價值，它將呈指數級增長。因此，以價格為導向的收入成長有很大的上升空間。

Got it. Thank you. And just very briefly, if I can sneak one more in looking at inventory down quarter over quarter, should we assume there isn't much Pro2 left in inventory that is just lower with Pro3 being a bigger portion than it has been in the past. Thanks.

知道了。謝謝。非常簡單地說，如果我能再偷偷地看看庫存逐季下降的情況，我們是否應該假設庫存中沒有多少 Pro2 剩餘，只是較低，而 Pro3 所佔的比例比過去更大。謝謝。

It's true that the Pro2 inventories are declining and the Pro3 inventories are taking over more of that balance. And that, as you suggested, is by design as we're shifting over the business to the newer camera and that'll just continue throughout this year. Also, last year, we had some buildup because we were building or starting a new production line for Pro3, and we're priming the pump for those initial volume sales that we had in the back half of last year. So those transition elements don't exist anymore for '24.

確實，Pro2 庫存正在下降，而 Pro3 庫存正在佔據更多平衡。正如您所建議的，這是設計使然，因為我們正在將業務轉移到更新的相機，並且這種情況將持續到今年。此外，去年我們也進行了一些積累，因為我們正在為 Pro3 建造或啟動一條新的生產線，並且我們正在為去年下半年的初始批量銷售做好準備。所以這些過渡元素在 24 世紀就不再存在。

Thank you.

謝謝。

This concludes our question and answer session. I would like to turn the conference back over to Mike Knapp for any closing remarks.

我們的問答環節到此結束。我想將會議轉回給邁克·納普 (Mike Knapp) 發表閉幕詞。

Great. Well, thanks, everyone for joining us today. As always, we appreciate your interest in Matterport, and we look forward to speaking with you on our next earnings call. Thanks and goodbye.

偉大的。好的，謝謝大家今天加入我們。一如既往，我們感謝您對 Matterport 的興趣，我們期待在下一次財報電話會議上與您交談。謝謝，再見。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。