Matterport Inc (MTTR) 2021 Q2 法說會逐字稿

Thank you for standing by, and welcome to the Matterport Second Quarter 2021 Earnings Conference Call. (Operator Instructions). As a reminder, today's conference call is being recorded. I would now turn the call over to your host, Mr. Soohwan Kim, Vice President, Investor Relations. Sir, you may begin.

感謝您的耐心等待，歡迎參加 Matterport 2021 年第二季財報電話會議。（操作員說明）。提醒一下，今天的電話會議正在錄音。現在我將把電話轉交給東道主投資者關係副總裁 Soohwan Kim 先生。先生，您可以開始了。

Thank you. 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's 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. Additional information regarding the risks and uncertainties that could cause actual results to differ from forward-looking statements can be found in our filings with the SEC. Any forward-looking statements made on this call, including responses to your questions, speak only as of today, and Matterport assumes no obligation to update or revise them whether as a result of new developments or otherwise, except as required by law.

謝謝。在開始之前，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。有關可能導致實際結果與前瞻性陳述不同的風險和不確定性的更多信息，請參閱我們向 SEC 提交的文件。本次電話會議中所做的任何前瞻性陳述（包括對您的問題的答复）僅在今天發表，Matterport 不承擔更新或修改這些陳述的義務，無論是由於新的發展還是其他原因，除非法律要求。

In addition, today's call may include discussion of non-GAAP financial measures. These measures should be considered as a supplement to and not a substitute for GAAP financial measures Reconciliation of each of these non-GAAP financial measures to the most directly comparable GAAP measure can be found in today's earnings press release, which is available on the company's website.

此外，今天的電話會議可能包括對非公認會計準則財務指標的討論。這些措施應被視為 GAAP 財務措施的補充，而不是替代。這些非 GAAP 財務措施與最直接可比較的 GAAP 措施的調整可以在今天的收益新聞稿中找到，該新聞稿可在公司網站上找到。

Hosting today's call are RJ Pittman, Chairman and Chief Executive Officer of Matterport; and JD Fay, Chief Financial Officer. Now I would like to turn it over to RJ to begin.

今天的電話會議由 Matterport 董事長兼執行長 RJ Pittman 主持；和財務長 JD Fay。現在我想把它交給 RJ 來開始。

Thanks, Soohwan. Good afternoon, everyone, and thank you for joining us today. I'm very excited to share our second quarter financial results with you. This was another record quarter for Matterport as our subscriber base grew to over 400,000 and we delivered $30 million in total revenue, up 10% sequentially from the March quarter. JD Fay will discuss our strong second quarter financial results in more detail a bit later.

謝謝，蘇萬。大家下午好，感謝您今天加入我們。我很高興與您分享我們第二季的財務表現。這是 Matterport 另一個創紀錄的季度，我們的訂閱者數量增長到超過 40 萬人，總收入達到 3,000 萬美元，比 3 月份季度環比增長 10%。JD Fay 稍後將更詳細地討論我們強勁的第二季財務表現。

I'm delighted to be joining you today on our first earnings call as a public company. We began trading on the NASDAQ under the symbol MTTR on July 23. This transaction generated $640 million in gross proceeds to fuel our sizable ambitions to digitize the built world. This is a long-term opportunity, and we believe we are well positioned to seize it.

我很高興今天能與大家一起參加我們作為上市公司的第一次財報電話會議。我們於 7 月 23 日開始在納斯達克進行交易，代號為 MTTR。這項交易產生了 6.4 億美元的總收益，推動了我們實現建築世界數位化的宏偉目標。這是一個長期機遇，我們相信我們有能力抓住它。

Starting in Q3, we began investing the proceeds to capture the market opportunity for years to come. We remain focused on the long term for Matterport, and this has served us well as the market for digitization of the built world continues to expand. As a public company, we will continue to invest in the future by laying the foundation for the next stage of growth across our platform. Since this is our first earnings call as a public company, I'd like to provide a brief overview of Matterport and the market opportunity ahead.

從第三季開始，我們開始投資收益，以抓住未來幾年的市場機會。我們仍然專注於 Matterport 的長期發展，隨著建築世界數位化市場的不斷擴大，這對我們很有幫助。作為一家上市公司，我們將繼續投資未來，為我們平台的下一階段成長奠定基礎。由於這是我們作為一家上市公司的第一次財報電話會議，我想簡要概述 Matterport 和未來的市場機會。

Founded in 2011, Matterport has been digitizing the built world for a decade. It began with our market-leading 3D platform that lets anyone turn a physical space into an immersive digital twin. We have been relentlessly perfecting our craft to create the most detailed, accurate and data-rich digital twins in the industry. Our 3D reconstruction process is fully automated, powered by advanced computer vision and artificial intelligence, allowing our solution to scale with equal precision to hundreds of millions of buildings and spaces of any kind anywhere in the world. Matterport digital twins are captured from any compatible camera, from sophisticated 3D imaging equipment such as Matterport's groundbreaking Pro2 camera to the smartphone in your pocket.

Matterport 成立於 2011 年，十年來致力於建築世界的數位化。它始於我們市場領先的 3D 平台，該平台允許任何人將實體空間轉變為沉浸式數位孿生。我們一直在不懈地完善我們的工藝，以創建業內最詳細、最準確、數據最豐富的數位雙胞胎。我們的 3D 重建過程是完全自動化的，由先進的電腦視覺和人工智慧提供支持，使我們的解決方案能夠以同樣的精度擴展到世界上任何地方的數億座建築物和任何類型的空間。Matterport 數位孿生可透過任何相容相機捕獲，從先進的 3D 成像設備（例如 Matterport 突破性的 Pro2 相機）到口袋裡的智慧型手機。

Our customer base has grown to over 400,000 subscribers, digitizing spaces in more than 150 countries and growing. We call each digital twin captured by our customers a space. And our total spaces under management or SUM, as we refer to it, has increased to 5.6 million, up over 75% from a year ago.

我們的客戶群已發展到超過 40 萬名訂戶，對 150 多個國家/地區的空間進行數位化，並且還在不斷增長。我們將客戶捕獲的每個數位孿生稱為一個空間。我們管理的總空間（SUM）已增至 560 萬個，比一年前增長了 75% 以上。

We have digitized more than 15 billion square feet of space across multiple industries from homes, offices, museums and schools to factories, hospitals and retail stores. Our total addressable market is enormous. Retail is the largest asset class in the world with an estimated value of $230 trillion. This is more than 3x the value of all global equities combined. With an estimated 4 billion buildings worldwide, the built world is the largest undisrupted market with less than 1% digitized today.

我們已經對多個行業超過 150 億平方英尺的空間進行了數位化，從家庭、辦公室、博物館和學校到工廠、醫院和零售店。我們的潛在市場總量是巨大的。零售業是世界上最大的資產類別，估計價值 230 兆美元。這是全球所有股票總價值的三倍多。全球估計有 40 億棟建築，建築業是最大的未受干擾的市場，目前數位化程度還不到 1%。

Within many of the 4 billion buildings, there are multiple unique spaces to digitize, yielding as many as 20 billion total spaces to capture. We believe the total addressable market opportunity for digitizing the built world is over $240 billion. With first mover and first scaler advantages, Matterport is poised to define this vast market for years to come.

在 40 億棟建築物中，許多建築物有多個獨特的空間需要數位化，總共有多達 200 億個空間需要捕捉。我們相信，建築世界數位化的潛在市場機會總額超過 2,400 億美元。憑藉先行者和先行者的優勢，Matterport 準備在未來幾年定義這個廣闊的市場。

With the help of artificial intelligence, machine learning and deep learning technologies, we believe additional growth opportunities are available to us as we continue to unlock powerful, spatial data-driven property insights and analytics. This increases the total addressable market for digitization and datafication of the built world to more than $1 trillion. Our software provides customers with critical tools and insights to drive material ROI improvements across every aspect of the building life cycle, including design, build, operate, remodel and repair. Our platform and data solutions are universal across industries and building types, giving Matterport a significant advantage as we scale into this huge market to help increase the value of the largest asset class in the world.

在人工智慧、機器學習和深度學習技術的幫助下，我們相信，隨著我們繼續釋放強大的、空間數據驅動的房地產洞察和分析，我們可以獲得更多的成長機會。這使得建築世界數位化和數據化的潛在市場總額增加到超過 1 兆美元。我們的軟體為客戶提供關鍵工具和見解，以推動建築生命週期各個方面（包括設計、建造、營運、改造和維修）的材料投資回報率提高。我們的平台和數據解決方案在各個行業和建築類型中都是通用的，這使 Matterport 在我們擴展到這個巨大的市場以幫助增加世界上最大的資產類別的價值時具有顯著的優勢。

The Matterport spatial data platform delivers value across a diverse set of industries and use cases. Large retailers can manage thousands of store locations remotely. Real estate agencies can provide virtual open houses for hundreds of properties and thousands of visitors at the same time. And property developers and insurance companies can more precisely document and assess building integrity and the construction process every step of the way with greater speed, efficiency and precision.

Matterport 空間資料平台為不同的產業和用例提供價值。大型零售商可以遠端管理數千個商店位置。房地產機構可以同時為數百處房產和數千名訪客提供虛擬開放​​日。房地產開發商和保險公司可以以更高的速度、效率和精度更準確地記錄和評估建築完整性和施工過程的每一步。

Matterport's value proposition delivers significant time and cost savings for our customers while providing the data insights they need to manage their spaces more effectively. Here are 2 examples. First, in real estate, we work with the top residential and commercial real estate companies in the business. Large residential real estate customers like Redfin, Compass, Apartments.com and Keller Williams use Matterport to dramatically increase engagement, attract more prospects and close business online without time-consuming physical site visits.

Matterport 的價值主張為我們的客戶節省了大量時間和成本，同時提供他們更有效管理空間所需的資料見解。這裡有 2 個例子。首先，在房地產領域，我們與業內頂尖的住宅和商業房地產公司合作。Redfin、Compass、Apartments.com 和 Keller Williams 等大型住宅房地產客戶使用 Matterport 來大幅提高參與度、吸引更多潛在客戶並在線上完成業務，而無需耗時的實地考察。

Research shows that homes with 3D digital twin sell 30% faster and realize up to 9% higher price compared to homes without digital twins. Similarly, in commercial real estate, companies like JLL and Cushman & Wakefield use Matterport to digitize thousands of buildings globally. By taking these assets online, our platform enables these customers to manage their global portfolio anywhere on any device. Cushman & Wakefield has increased its bookings with us by 26x over 2 years as they were able to prove out tremendous hard dollar cost savings.

研究表明，與沒有數位孿生的房屋相比，配備 3D 數位孿生的房屋銷售速度提高了 30%，售價提高了 9%。同樣，在商業房地產領域，JLL 和 Cushman & Wakefield 等公司使用 Matterport 對全球數千座建築進行數位化。透過將這些資產線上化，我們的平台使這些客戶能夠在任何地方透過任何設備管理他們的全球投資組合。高緯環球 (Cushman & Wakefield) 在兩年內將我們的預訂量增加了 26 倍，因為他們能夠節省大量的實際成本。

Second, global telecom leaders like Ericsson, Verizon and AT&T are leveraging Matterport to manage construction and scale facilities management of their vast telecom locations globally. As you can imagine, the time expense and carbon emissions of travel to manage and develop tens of thousands of structures worldwide is very costly. With a strategic partner, we have integrated Matterport into Ericsson's enterprise systems to speed up the upgrade and rollout of 5G cell sites worldwide while improving the efficiency of large-scale facilities management. We have grown this business by more than 60% in the past year with much more to accomplish.

其次，愛立信、Verizon 和 AT&T 等全球電信領導者正在利用 Matterport 來管理其全球龐大電信站點的建設和規模設施管理。正如您可以想像的那樣，管理和開發全球數以萬計的建築所需的時間成本和碳排放成本非常高。我們與策略合作夥伴合作，將 Matterport 整合到愛立信的企業系統中，以加快全球 5G 基地台的升級和部署，同時提高大規模設施管理的效率。去年，我們的業務成長了 60% 以上，而且還有很多工作要做。

We believe we can continue to grow the company by executing on our well-established go-to-market playbook. I'd like to briefly walk you through our 4 vectors of growth: first, scale our enterprise business across industry verticals. Matterport will continue to drive customer growth by expanding use cases and introducing new applications. We are particularly focused on acquiring and retaining enterprise customers.

我們相信，透過執行我們完善的上市策略，我們可以繼續發展公司。我想簡要地向您介紹我們的 4 個成長方向：首先，跨行業垂直擴展我們的企業業務。Matterport 將透過擴展用例和引入新應用程式繼續推動客戶成長。我們特別注重獲取和留住企業客戶。

With our massive spatial data library and pioneering AI-powered capabilities, we pride ourselves on our ability to deliver value across the property life cycle for a wide range of industries. This includes real estate, architecture, engineering and construction, travel and hospitality, insurance, industrial, retail and facilities. We will also increase investments in industry-specific sales and marketing initiatives to increase sales efficiency and drive customer growth and recurring revenue growth in our enterprise customer segment.

憑藉我們龐大的空間資料庫和開創性的人工智慧驅動能力，我們為能夠在整個房地產生命週期為各行各業創造價值而感到自豪。這包括房地產、建築、工程和建築、旅遊和酒店、保險、工業、零售和設施。我們還將增加對特定行業銷售和行銷計劃的投資，以提高銷售效率並推動企業客戶群的客戶成長和經常性收入成長。

Second, accelerate our international expansion. The majority of the world's buildings are located outside of the United States, and we foresee massive opportunities in pursuing the digitization and datafication of the building stock worldwide. While we already serve customers in more than 150 countries, we will seek to further penetrate these existing geographies in order to add their unique spatial data to our platform as more customers are acquired and more use cases adopted. This creates a powerful network effect that will allow us to expand further into the underpenetrated countries and unlock additional properties and spaces.

二是加速國際化進程。世界上大多數建築物都位於美國境外，我們預見全球建築存量數位化和資料化將帶來巨大的機會。雖然我們已經為150 多個國家/地區的客戶提供服務，但隨著更多客戶的獲取和更多用例的採用，我們將尋求進一步滲透這些現有地區，以便將其獨特的空間資料添加到我們的平台中。這創造了強大的網路效應，使我們能夠進一步擴展到滲透率較低的國家，並釋放更多的財產和空間。

Third, increase our investment in research and development. We will continue to invest in R&D to improve our core AI technology and data science, expand our solutions portfolio and support seamless integration of our platform with third-party systems. We have a robust pipeline of new product releases in development for the foreseeable future. A little over a year ago, we launched Matterport for iPhone, making Matterport accessible to hundreds of millions of people. Anyone with an iPhone can download the free app to capture and collaborate on 3D spaces. Matterport for iPhone helped fuel our subscriber growth over tenfold in less than 1 year in the market. And just as Apple announced its new iPad and iPhone with LiDAR, we released a new version of Matterport that takes advantage of Apple's new depth sensor to increase the fidelity and accuracy of our digital twins.

三是加大研發投入。我們將繼續投資研發，以改善我們的核心人工智慧技術和數據科學，擴大我們的解決方案組合，並支援我們的平台與第三方系統的無縫整合。在可預見的未來，我們正在開發強大的新產品發布管道。一年多前，我們推出了 iPhone 版 Matterport，讓數億人可以使用 Matterport。任何擁有 iPhone 的人都可以下載免費應用程式來捕捉 3D 空間並進行協作。iPhone 版 Matterport 在上市不到一年的時間內幫助我們的用戶成長了十倍以上。正如 Apple 宣布推出配備 LiDAR 的新款 iPad 和 iPhone 一樣，我們也發布了新版本的 Matterport，它利用 Apple 的新型深度感測器來提高數位孿生的保真度和準確性。

We also launched a strategic initiative to develop an offering for the other 85% of the world's smartphones that run the Android operating system; and not surprisingly, our customers have been asking for this, too. We listened and we recently launched the Matterport Capture App for Android, making our technology available to billions of Android users and significantly reducing their cost of ownership. This release for Android dramatically expands our market reach and has the power to accelerate our international expansion efforts across Asia Pacific, Europe, the Middle East and Africa, where Android market share is especially concentrated. We see significant potential for future customer growth as we release more products and create additional upselling opportunities.

我們也啟動了一項策略性計劃，為全球其他 85% 的運行 Android 作業系統的智慧型手機開發產品；毫不奇怪，我們的客戶也一直在要求這一點。我們聽取了意見，最近推出了適用於 Android 的 Matterport Capture 應用程序，使我們的技術可供數十億 Android 用戶使用，並顯著降低了他們的擁有成本。這個 Android 版本大大擴大了我們的市場覆蓋範圍，並有能力加速我們在亞太地區、歐洲、中東和非洲（Android 市場份額特別集中）的國際擴張工作。隨著我們發布更多產品並創造更多追加銷售機會，我們看到了未來客戶成長的巨大潛力。

Our final growth vector is focused on expanding partner integrations in our third-party developer ecosystem. We are fostering a strong network of partners and developers for the Matterport technology platform. Built on top of our open, scalable and secure enterprise platform, organizations across numerous industries have been automating project workflows, enhancing customer experiences and creating customer applications for high-value vertical use cases.

我們最終的成長方向是擴大第三方開發者生態系統中的合作夥伴整合。我們正在為 Matterport 技術平台打造強大的合作夥伴和開發人員網路。建立在我們開放、可擴展且安全的企業平台之上，眾多行業的組織一直在實現專案工作流程自動化、增強客戶體驗並為高價值垂直用例創建客戶應用程式。

We have recently announced some exciting partnerships, and I'd like to spend a few minutes highlighting 3 of them: PTC, Facebook and Apex. Starting with PTC, we announced a platform integration with their Vuforia augmented reality software offerings. As you may know, PTC is a global software leader, enabling industrial companies to digitally transform product and service creation. Our joint solution will give PTC customers a highly visual and interactive way to deliver digital content onto the environments captured by the Matterport platform. Our solution is commercially available through both PTC sales channels as well as Matterport direct sales channels. PTC will send us leads or their customers will come to us for their API key when they want to activate area targeting, which is a feature inside Vuforia that we enable.

我們最近宣布了一些令人興奮的合作關係，我想花幾分鐘重點介紹其中 3 個：PTC、Facebook 和 Apex。從 PTC 開始，我們宣布與他們的 Vuforia 擴增實境軟體產品進行平台整合。如您所知，PTC 是全球軟體領導者，可幫助工業公司實現產品和服務創建的數位轉型。我們的聯合解決方案將為 PTC 客戶提供一種高度視覺化和互動的方式，將數位內容交付到 Matterport 平台捕獲的環境中。我們的解決方案可透過 PTC 銷售管道以及 Matterport 直接銷售管道進行商業銷售。PTC 會向我們發送潛在客戶，或者當他們的客戶想要啟動區域定位時，他們會向我們索取 API 金鑰，這是我們在 Vuforia 中啟用的功能。

Moving on to Facebook. We announced a collaboration with Facebook AI Research, through which we made the largest-ever data set of 3D indoor spaces available exclusively for academic noncommercial uses. Home robots and AI assists need to be trained on actual spaces to get better, and this rich spatial data set has been glaringly absent before Matterport. I believe this collaboration validates the unique data that we have, and our data set continues to improve as our customers digitize more spaces.

轉向 Facebook。我們宣布與 Facebook AI Research 合作，透過該合作，我們提供了有史以來最大的 3D 室內空間資料集，專門用於學術非商業用途。家庭機器人和人工智慧輔助設備需要在實際空間中進行訓練才能變得更好，而在 Matterport 之前，這種豐富的空間資料集顯然是不存在的。我相信這種合作驗證了我們擁有的獨特數據，隨著我們的客戶對更多空間進行數位化，我們的數據集不斷改進。

And finally, we announced our partnership with Apex, a leading provider of digital store surveys to enable retail brands across the U.S. and Canada to capture, organize and evaluate building data and information from all of their stores in one place. Apex has an impressive client roster, including household brand names like Starbucks, CVS, Home Depot, 7-Eleven and Chipotle. Working together with Matterport and Apex, retail and restaurant brands can do full audit of a space, essentially turn imagery into structured data for usage analysis. Through object recognition, building characteristics will become searchable for better facilities management across a fleet of locations. Similar to PTC, we have a joint go-to-market motion with Apex.

最後，我們宣布與 Apex 建立合作夥伴關係，Apex 是一家領先的數位商店調查提供商，使美國和加拿大的零售品牌能夠在一個地方捕獲、組織和評估來自其所有商店的建築數據和資訊。Apex 擁有令人印象深刻的客戶名單，包括星巴克、CVS、家得寶、7-11 和 Chipotle 等家喻戶曉的品牌。零售和餐廳品牌與 Matterport 和 Apex 合作，可以對空間進行全面審核，從本質上將影像轉化為結構化資料以進行使用分析。透過物件識別，可以搜尋建築物特徵，以便更好地管理多個地點的設施。與 PTC 類似，我們與 Apex 聯合提出了上市動議。

These are just 3 examples that demonstrate Matterport's strength as the spatial data platform of choice. We are rapidly expanding our developer and partner ecosystem with more announcements forthcoming.

這些只是展示 Matterport 作為首選空間資料平台實力的 3 個範例。我們正在快速擴展我們的開發者和合作夥伴生態系統，並將發布更多公告。

Matterport is a unique business, leading the digital transformation of an entire industry. We believe the growth opportunity ahead will be measured in years and decades to be captured through our proprietary technology, thoughtful execution and bold leadership. Quarter-to-quarter, we expect the market to be very dynamic as the industry evolves and the transformation takes hold.

Matterport 是一家獨特的企業，引領著整個產業的數位轉型。我們相信，透過我們的專有技術、深思熟慮的執行和大膽的領導力，未來的成長機會將以數年和數十年的時間來衡量。隨著行業的發展和轉型的深入，我們預計市場每季都將非常活躍。

I will now turn it over to JD who will talk about the strength of our business model and financial performance for the second quarter.

我現在將把它交給京東，他將談論我們的業務模式的優勢和第二季度的財務表現。

Thank you, RJ. Q2 was another record quarter for Matterport. I am excited to share our quarterly financial results today. Before I dive into detailed financials, I would like to highlight the strength of our subscription-based business model and performance metrics. We have the largest subscriber base in our industry with over 400,000 subscribers on our platform at the end of Q2. This is up an incredible 158% from the end of Q2 2020.

謝謝你，RJ。第二季是 Matterport 另一個創紀錄的季度。我很高興今天分享我們的季度財務表現。在深入了解詳細的財務數據之前，我想先強調一下我們基於訂閱的業務模式和績效指標的優勢。我們擁有業界最大的用戶群，截至第二季末，我們平台上的用戶數量超過 40 萬名。與 2020 年第二季末相比，這一數字令人難以置信地增加了 158%。

A key driver of this growth is our freemium flywheel. Our freemium flywheel approach includes both free and paid subscriptions to the Matterport platform. The free plan is an important part of our business model as it provides subscribers a way to try Matterport using any compatible device, including the smartphone in their pocket, for free. Many of these subscribers trade up to paid plans over time on their own or by connecting with our sales team to form an enterprise-level relationship. Our strategy for flexibly enabling customers to join our platform has resulted in a highly efficient subscriber acquisition model, yielding long-term sticky customer relationships.

這一成長的關鍵驅動力是我們的免費增值飛輪。我們的免費增值飛輪方法包括 Matterport 平台的免費和付費訂閱。免費方案是我們商業模式的重要組成部分，因為它為訂閱者提供了一種使用任何相容設備（包括口袋裡的智慧型手機）免費試用 Matterport 的方法。隨著時間的推移，許多訂閱者自行升級為付費計劃，或透過與我們的銷售團隊建立企業級關係。我們靈活地讓客戶加入我們的平台的策略帶來了高效的用戶獲取模式，產生了長期黏性的客戶關係。

In addition to strong year-over-year subscriber growth, our subscribers are also increasing their spend with us at a healthy rate. Our net dollar expansion rate was 132% in Q2, a record, up from what was then a record 129% in Q1. We calculate this metric on a quarterly basis by comparing the aggregate subscription revenue attributable to a subscriber cohort for the year ago period to the aggregate subscription revenue attributable to that same cohort in the most recent quarter. Historically, our net dollar expansion rate has been above 110%, which we see as an attractive level. While this metric may fluctuate some quarter-to-quarter, we expect this metric will remain attractive as customers continue to digitize additional spaces in their portfolios and expand their use cases for Matterport 3D digital twins.

除了同比強勁的訂戶成長之外，我們的訂戶也在以健康的速度增加我們的支出。第二季我們的美元淨擴張率為 132%，創歷史新高，高於第一季當時創紀錄的 129%。我們透過將去年同期歸屬於訂閱者群體的總訂閱收入與歸屬於同一群體最近一個季度的總訂閱收入進行比較，按季度計算該指標。從歷史上看，我們的美元淨擴張率一直在 110% 以上，我們認為這是一個有吸引力的水平。雖然該指標可能會按季度波動，但我們預計，隨著客戶繼續將其投資組合中的額外空間數位化並擴展 Matterport 3D 數位孿生的用例，該指標仍將具有吸引力。

I will now discuss our Q2 financial results in more detail. Total revenue was a record $29.5 million, up 21% from Q2 last year. This was in line with our internal forecasts. This growth was on top of 1 of the company's all-time best quarters last year when revenue increased 117% over Q2 2019. During the early days of the COVID pandemic in the U.S. in 2020, we saw rapid adoption of Matterport digital twins, particularly in residential real estate and which we believe accelerated the digital transformation of real estate by several years. That trend continued in 2020 through the summer and Q3. Thus, Q3 will be another tough year-over-year comparison quarter, but we expect to start to normalize year-over-year comparisons beginning with Q4.

我現在將更詳細地討論我們第二季的財務表現。總收入達到創紀錄的 2,950 萬美元，比去年第二季成長 21%。這符合我們的內部預測。這一增長是該公司去年歷史最佳季度之一之上的，當時收入比 2019 年第二季度增長了 117%。在 2020 年美國新冠疫情大流行初期，我們看到 Matterport 數位孿生的快速採用，特別是在住宅房地產領域，我們相信這將房地產的數位轉型加速了幾年。這一趨勢在 2020 年夏季和第三季持續存在。因此，第三季度將是另一個艱難的同比季度，但我們預計從第四季度開始，年比比較將開始正常化。

The majority of our revenue is comprised of recurring subscription revenue and license revenue. Subscription revenue was up 53% from a year ago to $15.3 million and represented 52% of total revenue in the second quarter. In addition, license revenue was $2.1 million as we continue to drive sales of our data licensing products.

我們的大部分收入由經常性訂閱收入和授權收入組成。訂閱收入較去年同期成長 53%，達到 1,530 萬美元，佔第二季總營收的 52%。此外，隨著我們繼續推動數據授權產品的銷售，授權收入達到 210 萬美元。

Note that license revenue can be very lumpy from quarter-to-quarter depending on the timing of completed transactions and any associated implementation work that we must perform to recognize revenue. Our annual recurring revenue run rate of subscription revenue, or ARR, was $61.1 million. Importantly, our ARR provides us visibility into approximately 90% of subscription revenue for the balance of 2021.

請注意，每個季度的許可證收入可能會非常不穩定，具體取決於完成交易的時間以及我們必須執行以確認收入的任何相關實施工作。我們的訂閱收入（ARR）年度經常性收入運行率為 6,110 萬美元。重要的是，我們的 ARR 使我們能夠了解 2021 年剩餘時間約 90% 的訂閱收入。

While the majority of our revenue is derived from subscriptions and licenses, we also have a services business and a product business. Both of these businesses are designed to accelerate the speed at which customers come on to our platform as new subscribers. Starting with services. Our services revenue was $2.9 million, up 29% year-on-year. We provide a variety of services, including in-app purchases and Capture Services. In-app purchases provide our customers additional digital assets for their spaces such as schematic floor plans or true plan in the insurance industry.

雖然我們的大部分收入來自訂閱和許可，但我們也有服務業務和產品業務。這兩項業務旨在加快客戶作為新訂閱者進入我們平台的速度。從服務開始。我們的服務收入為 290 萬美元，年增 29%。我們提供各種服務，包括應用程式內購買和捕獲服務。應用程式內購為我們的客戶提供了其空間的額外數位資產，例如保險業的示意性平面圖或真實平面圖。

Matterport Capture Services is an offering by which enterprise customers hire us to subcontract the capture of their spaces in high volume, enabling them to get on to our platform more quickly and at scale. We also recently expanded Capture Services on demand, extending our offering to more small businesses, real estate agents and consumers. We offer Capture Services around the world by leveraging a large network of service partners. Taken together, Capture Services revenue is a leading indicator for future subscription revenue growth.

Matterport Capture Services 是一項服務，企業客戶僱用我們來分包大量的空間捕獲，使他們能夠更快、更大規模地進入我們的平台。我們最近還擴展了按需捕獲服務，將我們的產品擴展到更多的小型企業、房地產經紀人和消費者。我們利用龐大的服務合作夥伴網路在世界各地提供捕獲服務。總的來說，Capture Services 營收是未來訂閱營收成長的領先指標。

Our product revenue was $9.2 million, up 13% from the first quarter of this year and compares to $12.1 million in the second quarter of 2020. Product revenue primarily comes from the sales of our high-precision 3D spatial data camera called the Matterport Pro2. We saw tremendous demand for the Pro2 camera last year during the early days of the COVID pandemic in the U.S. Since then, our capture ubiquity strategy has provided more options for customers seeking to capture Matterport spaces and along with expanding our production capabilities, provided relief to the supply chain in late 2020.

我們的產品收入為 920 萬美元，比今年第一季成長 13%，而 2020 年第二季為 1,210 萬美元。產品收入主要來自我們名為 Matterport Pro2 的高精度 3D 空間資料相機的銷售。去年，在美國新冠病毒大流行初期，我們看到了對Pro2 相機的巨大需求。從那時起，我們的捕捉無處不在策略為尋求捕捉Matterport 空間的客戶提供了更多選擇，同時擴大了我們的生產能力，為2020年底供應鏈。

For example, in May of 2020, we launched Matterport for iPhone, which allowed everyone to use the phone in their pocket to create digital twins, leading to a dramatic increase in our subscriber growth. In addition to the Pro2 camera and the iPhone, customers can also create Matterport 3D digital twins using a number of third-party cameras, such as inexpensive 360-degree cameras and a LiDAR camera. Our Capture Services initiative has also provided customers a way to create Matterport spaces without purchasing a camera at all as customers can now rely on our service partners to create digital twins on their behalf.

例如，2020 年 5 月，我們推出了 iPhone 版 Matterport，讓每個人都可以使用口袋裡的手機創建數位孿生，導致我們的用戶成長急劇增加。除了 Pro2 相機和 iPhone 之外，客戶還可以使用許多第三方相機創建 Matterport 3D 數位孿生，例如廉價的 360 度相機和 LiDAR 相機。我們的捕獲服務計劃還為客戶提供了一種無需購買相機即可創建 Matterport 空間的方法，因為客戶現在可以依靠我們的服務合作夥伴代表他們創建數位孿生。

Moving on to our gross margin. Our total gross margin for the second quarter was 60%, up 740 basis points from a year ago. In addition, our subscription gross margin was 78%, up 690 basis points from a year ago. We expect subscription gross margin to vary by 100 to 200 basis points from quarter-to-quarter as we invest in additional research and development activities. R&D expense relating to the development of our subscription platform is capitalized and then amortized in the subscription cost of goods sold line typically over 3 years. Further, as we expand our customer success support function in anticipation of future subscriber growth, those costs are recognized in the subscription cost of goods sold line as well.

接下來是我們的毛利率。我們第二季的總毛利率為 60%，比去年同期成長 740 個基點。此外，我們的認購毛利率為78%，比去年同期成長了690個基點。由於我們投資於額外的研發活動，我們預計訂閱毛利率將環比變化 100 至 200 個基點。與開發我們的訂閱平台相關的研發費用被資本化，然後通常在三年內攤銷在所售商品的訂閱成本中。此外，隨著我們預期未來訂戶成長而擴大客戶成功支援功能，這些成本也計入所售商品的訂閱成本中。

Reviewing operating expenses in Q2. Research and development expenses were $7.1 million, up 56% from $4.5 million in the prior year period per our existing plans to scale. The growth in spending is primarily attributable to investments in headcount to increase our product development capabilities and throughput. SG&A expenses were $16.1 million as compared to $10.5 million a year ago. We continue to invest in our sales and marketing headcount and programs to drive further growth. We have also added headcount and other capabilities in our G&A organization in preparation for public company operations.

審查第二季的營運費用。根據我們現有的規模擴張計劃，研發費用為 710 萬美元，比去年同期的 450 萬美元成長 56%。支出的成長主要歸因於為提高產品開發能力和吞吐量而進行的人員投資。SG&A 費用為 1,610 萬美元，去年同期為 1,050 萬美元。我們繼續投資我們的銷售和行銷人員以及計劃，以推動進一步成長。我們也增加了 G&A 組織的員工人數和其他能力，為上市公司營運做好準備。

Operating loss was $5.8 million in the second quarter as we expected compared to a loss of $2.2 million in the year ago period. We have a capital-efficient business model and have demonstrated in prior periods that we can run our business on a cash flow breakeven basis. And notwithstanding these attributes and given the massive market opportunity available to us, we plan to increase our investments to continue to drive rapid growth. Net loss was $6.2 million and diluted EPS was a $0.62 loss for the quarter using the premerger share count of roughly 10 million shares.

正如我們預期的那樣，第二季度營運虧損為 580 萬美元，而去年同期營運虧損為 220 萬美元。我們擁有資本高效的商業模式，並在先前的時期證明我們可以在現金流損益平衡的基礎上經營我們的業務。儘管具有這些特徵，鑑於我們擁有巨大的市場機會，我們仍計劃增加投資，以繼續推動快速成長。以合併前約 1,000 萬股計算，本季淨虧損為 620 萬美元，稀釋後每股收益為 0.62 美元。

Moving on to our balance sheet. We ended the quarter with $42 million in cash and equivalents. Since the end of the second quarter, we closed the merger with Gores Holdings VI and added $640 million before transaction expenses onto our balance sheet. With the additional capital raise and putting that capital to work, we believe we can accelerate our growth both organically and inorganically over time.

繼續我們的資產負債表。本季結束時，我們擁有 4,200 萬美元的現金及等價物。自第二季末以來，我們完成了與 Gores Holdings VI 的合併，並在資產負債表上增加了 6.4 億美元（扣除交易費用）。透過額外的融資並將這些資金投入使用，我們相信隨著時間的推移，我們可以有機和無機地加速我們的成長。

We have already put some of the cash to work by identifying companies that are building upon and expanding the Matterport platform and investing in the company, SIMLAB. SIMLAB is an innovative European company that specializes in the digitization of buildings throughout the design and construction phases. We saw an opportunity to accelerate growth for the whole AEC industry, taking advantage of our new financial firepower to invest for a result that is 1 plus 1 equals 10.

我們已經透過確定正在建立和擴展 Matterport 平台的公司並投資 SIMLAB 公司來投入部分現金。SIMLAB 是一家創新歐洲公司，專注於整個設計和施工階段的建築數位化。我們看到了加速整個 AEC 產業成長的機會，利用我們新的金融火力進行投資，以獲得 1 加 1 等於 10 的結果。

Now turning to our outlook. We are focused on realizing the opportunity to digitize and index the built world. This is a multiyear effort, and we are focused on the effective capital allocation to put the internal capabilities and infrastructure in place to drive significant growth for the business and deliver lasting magical product experiences for our customers around the globe.

現在轉向我們的展望。我們專注於實現對建築世界進行數位化和索引的機會。這是一項多年的努力，我們專注於有效的資本配置，以建立內部能力和基礎設施，以推動業務的顯著增長，並為全球客戶提供持久的神奇產品體驗。

Additionally, this quarter, we are beginning our life as a public company. Taken together, we are now introducing revenue guidance for the company, which will be provided as a range. This range is intended to express the set of anticipated outcomes for revenue for the period indicated. While we know we are building something unique and that there may be volatility in our results in the short term, our intention is to share with you how we believe we are doing on this mission, what opportunities and risks we foresee along the way and achieving a high say-do ratio relative to our stated goals.

此外，本季度，我們將開始上市公司的生活。綜上所述，我們現在為公司引入收入指導，該指導將作為一個範圍提供。此範圍旨在表達指定期間收入的一組預期結果。雖然我們知道我們正在建立一些獨特的東西，並且短期內我們的結果可能會出現波動，但我們的目的是與您分享我們認為我們在這一使命上的表現，我們在此過程中預見到的機會和風險以及實現的目標相對於我們既定目標的高說做比。

Accordingly, starting with revenue, we are today introducing a range for our expectation for the full year 2021 total revenue, which is $120 million to $126 million. This compares to 2020 revenue of $86 million and 2019 revenue of $46 million. One element to highlight again, as we have said in past conference calls, is that our license revenue can be lumpy. This is because these transactions are typically larger bespoke transactions that require a longer lead time to cultivate and then deploy. During the third quarter, we are in the define and implementation phases of several such license transactions. Accordingly, we may not recognize license revenue in the third quarter but would expect to do so in the fourth quarter.

因此，從收入開始，我們今天介紹了 2021 年全年總收入的預期範圍，即 1.2 億至 1.26 億美元。相較之下，2020 年營收為 8,600 萬美元，2019 年營收為 4,600 萬美元。正如我們在過去的電話會議中所說，需要再次強調的一個因素是我們的授權收入可能不穩定。這是因為這些交易通常是較大的客製化交易，需要更長的準備時間來培育和部署。在第三季度，我們正處於幾項此類授權交易的定義和實施階段。因此，我們可能不會在第三季確認許可收入，但預計會在第四季度確認。

Moving to earnings per share. We expect non-GAAP EPS to be in the range of $0.17 to $0.25 loss. This assumes a share count of approximately 204 million shares based on an estimate of weighted average shares. The share count could change based on warrant and stock option exercise activity. And please refer to our second quarter investor presentation on our website for more information about the share count.

轉向每股收益。我們預計非 GAAP 每股盈餘將虧損 0.17 美元至 0.25 美元。根據加權平均股的估計，假設股數約為 2.04 億股。股份數量可能會根據認股權證和股票選擇權行使活動而變化。請參閱我們網站上的第二季度投資者介紹，以了解有關股份數量的更多資訊。

In sum, I am very pleased with our second quarter financial performance; and notwithstanding this record performance in Q2, we have only scratched the surface in our mission to digitally transform the built world. Now I would like to turn the call back over to RJ.

總而言之，我對我們第二季的財務表現非常滿意；儘管第二季度取得了創紀錄的業績，但我們對建築世界進行數位轉型的使命僅觸及了表面。現在我想將電話轉回給 RJ。

Thank you, JD. Matterport is a once-in-a-decade company with extraordinary potential to revolutionize the way the world's largest asset class is created, managed and valued over its lifetime. Our second quarter results mark another milestone for our company as we drive acceleration across our business and create tremendous growth opportunities for our customers, partners and our employees. Matterport created this category for the built world, and we are the market leader.

謝謝你，JD。Matterport 是一家十年一遇的公司，具有非凡的潛力，可以徹底改變全球最大資產類別在其生命週期內的創建、管理和估值方式。我們第二季的業績標誌著我們公司的另一個里程碑，我們推動了整個業務的加速發展，並為我們的客戶、合作夥伴和員工創造了巨大的成長機會。Matterport 為建築世界創造了這個類別，我們是市場領導者。

In many respects, we are just getting started, and we believe our best years are still to come. We can't wait to get started on this next stage of growth for Matterport and our next decade of innovation. We welcome you all to this exciting journey ahead.

在許多方面，我們才剛開始，我們相信最好的歲月還在後頭。我們迫不及待地想開始 Matterport 的下一階段發展和下一個十年的創新。我們歡迎大家踏上這段令人興奮的旅程。

Before I turn the call over to the operator for questions, I would like to highlight a great customer video we have at the end of our quarterly investor presentation on our website. I would encourage everyone to take a couple of minutes to watch the video. Swinerton is a large commercial construction company headquartered in San Francisco with 4,000 employees. In the video, Swinerton explains how Matterport is a true game changer for its operations and the construction industry at large, and we couldn't agree more.

在我將電話轉給接線員詢問問題之前，我想重點介紹一下我們網站上季度投資者演示結束時的精彩客戶視頻。我鼓勵大家花幾分鐘時間觀看該影片。Swinerton 是一家大型商業建築公司，總部位於舊金山，擁有 4,000 名員工。在影片中，Swinerton 解釋了 Matterport 如何真正改變其營運和整個建築行業的遊戲規則，我們完全同意。

Operator, we are now ready for questions.

接線員，我們現在準備好提問了。

(Operator Instructions). Our first question comes from Dan Ives from Wedbush.

（操作員說明）。我們的第一個問題來自韋德布希的丹艾夫斯。

Congrats coming out the gate. Can you just walk me through what you think the biggest areas of incremental monetization of the customer base are over the next 12 to 18 months?

恭喜你走出國門。您能否向我介紹一下您認為未來 12 到 18 個月內客戶群增量貨幣化的最大領域是什麼？

Sure. Thanks, Dan. So a couple of things just to reiterate. One, from a growth perspective, it's really encouraging to see the continued acceleration in the key metrics of this business, number one, total subscriber growth, up 158% year-on-year; our subscription revenue up 53% year-on-year. And more importantly, to your question, net dollar expansion hitting a record 132% is a strong testament to our existing customers continuing to invest and expand their business with us over time. We've been at this for a number of years now, over a decade, and to see that kind of expansion continuing to accelerate and increase quarter-over-quarter is really remarkable. And I think that's what's setting us up for tremendous growth in the next decade ahead.

當然。謝謝，丹。有幾件事需要重申。第一，從成長的角度來看，看到這項業務的關鍵指標持續加速，確實令人鼓舞，第一，總用戶成長，年成長 158%；我們的訂閱收入年增 53%。更重要的是，對於您的問題，淨美元擴張達到創紀錄的 132%，有力地證明了我們的現有客戶隨著時間的推移繼續投資並擴大與我們的業務。我們已經在這方面投入了很多年，十多年了，看到這種擴張繼續加速並逐季度增加，真是了不起。我認為這就是我們在未來十年實現巨大成長的原因。

A couple of areas to focus in on. Where we're seeing tremendous momentum is first in the enterprise. This has been the fastest growing category for Matterport over the last year. I see it being -- continuing for quite a bit of time into the future for a couple of reasons. But first and foremost, the enterprise represents an enormous swath of building square footage. And these facilities all have different reason and needs to be managed more efficiently, and Matterport is penetrating this market opportunity with great scale. And so each enterprise company represents perhaps not just one building or one home or one individual property from which we can monetize but typically, fleets of hundreds or thousands or even tens of thousands of physical locations. So that gives us also a tremendous leverage and great revenue growth efficiency.

需要重點關注的幾個領域。我們首先看到的是企業的巨大動能。這是去年 Matterport 成長最快的類別。我認為這種情況會在未來相當長的一段時間內持續存在，原因有幾個。但首先也是最重要的是，該企業代表著巨大的建築面積。這些設施都有不同的原因，需要更有效地管理，Matterport 正在大規模地滲透這個市場機會。因此，每個企業公司可能不僅僅代表我們可以從中獲利的一棟建築、一棟住宅或一處單獨的財產，而且通常代表數百、數千甚至數萬個實體位置的車隊。因此，這也為我們帶來了巨大的影響力和龐大的收入成長效率。

The second one is international expansion. As mentioned, we have Matterported buildings in over 150 countries around the world, but we're by no means fully penetrated in those markets. There are some countries alone, such as India, that have over 3 billion spaces that can be monetized. And we're just scratching the surface in Asia Pacific. We have more headway in our European locations, but even in that region, just enormous growth opportunities. And part of the way that we're going to accelerate that growth in the international theater is leveraging the freemium flywheel that JD talked about.

第二個是國際擴張。如前所述，我們在全球 150 多個國家/地區擁有 Matterported 建築，但我們尚未完全滲透到這些市場。光是印度等一些國家就擁有超過 30 億個可貨幣化的空間。我們在亞太地區才剛觸及皮毛。我們在歐洲地區取得了更大的進展，但即使在該地區，也存在著巨大的成長機會。我們要加速國際市場成長的部分方法是利用京東談到的免費增值飛輪。

And that flywheel has also not yet even gotten to full strength, with Android joining the mix for smartphone capture later this quarter. In doing so, we basically will have the vast majority of the smartphone platforms compatible with Matterport. And as a reminder, there's over 5.5 billion smartphones in circulation in the world today and 1.5 billion new ones being added every year. So that is a tremendous network of capture end points for Matterport, and it's a key part of our mission to democratize 3D capture for all verticals, all use cases in all geos. And so the combination of those things, I think, spell strong momentum for quite a bit of time to come.

而且這個飛輪還沒有完全發揮作用，Android 在本季度晚些時候加入了智慧型手機捕獲的組合。這樣一來，我們基本上將使絕大多數智慧型手機平台與 Matterport 相容。需要提醒的是，當今世界有超過 55 億部智慧型手機在流通，並且每年新增 15 億部智慧型手機。因此，這是 Matterport 的一個巨大的捕捉端點網絡，也是我們實現所有垂直領域、所有地理區域的所有用例的 3D 捕捉民主化使命的關鍵部分。因此，我認為，這些因素的結合將在未來相當長的一段時間內帶來強勁的勢頭。

Super insightful. And then just as a follow-up, you or JD, just when you think about the free-to-paid conversion, just that trajectory or even the pace of that, like what's the best way to think about that or even how you guys think about it in terms of modeling? And what are the sort of variables, especially as it potentially could accelerate as the product offering expands?

超有洞察力。然後，作為後續行動，你或 JD，當你考慮免費到付費的轉換時，只是那個軌跡，甚至是那個速度，比如思考這個問題的最佳方式是什麼，甚至是你們的方式從建模的角度考慮一下？什麼樣的變量，特別是隨著產品供應的擴大，它可能會加速？

Sure. This is a critical one for us. And to sort of put some things in perspective, when we launched Smartphone Capture, it was basically Matterport for iPhone in May of 2020 as a very early beta. And it was a relatively quiet beta launch, but in the first 3 days of deploying that product, making it available to the world, we signed up more subscribers to Matterport in 3 days than we did in the first 8 years of the company. And that demonstrates, I think, the unmet demand for a more accessible product to digitize spaces out there in the world. And that, again, was just one platform being iOS. So the Apple platform now going to Android, we're going to 5 or 6x that available market to really expand the funnel of the freemium tier.

當然。這對我們來說至關重要。從某個角度來看，當我們推出 Smartphone Capture 時，基本上它是 2020 年 5 月的 iPhone 版 Matterport，作為一個非常早期的測試版。這是一個相對安靜的測試版發布，但在部署該產品並將其推向全世界的前 3 天，我們在 3 天內註冊的 Matterport 訂閱者比公司成立前 8 年的訂閱者還要多。我認為，這表明人們對更易於使用的產品來數位化世界上的空間的需求尚未得到滿足。再說一次，iOS 只是一個平台。因此，Apple 平台現在轉向 Android，我們將把可用市場擴大 5 或 6 倍，以真正擴大免費的增值管道。

And all along through that process and over the course of the last year, we've had incredibly strong conversion rates and conversion rates that I would describe as organic conversion, meaning not influenced or funded by marketing dollars from Matterport, but these are customers that would come on to the platform, download the Matterport app to their iPhone and convert to a paying subscription tier within 30 to 45 days, which is the time window that the vast majority of them convert in but at extraordinary rates all on their own.

在整個過程中以及去年的過程中，我們獲得了令人難以置信的強勁轉化率和轉換率，我將其描述為有機轉化，這意味著不受 Matterport 行銷資金的影響或資助，但這些客戶他們會登陸該平台，將Matterport 應用程式下載到他們的iPhone 上，並在30 到45 天內轉換為付費訂閱級別，這是絕大多數人轉換的時間窗口，但他們自己的轉換速度非常快。

And what they're converting into is also quite interesting. They're converting not just into a starter tier or a pro tier but all the way up into enterprise tiers. And Smartphone Capture has been equally powerful for Matterport and useful in not only helping to capture the long tail of the built world, but it's also a driver for converting enterprise companies in the Fortune 1000 because it is a very convenient mechanism to do a free try before you buy on a space of any kind or any size, including a large factory or production facility. Our technology works great right out of the box, sort of download with your smartphone.

它們轉化成的東西也很有趣。他們不僅轉變為入門級或專業級，而且一直轉變為企業級。智慧型手機捕獲對於 Matterport 來說同樣強大，不僅有助於捕獲建築世界的長尾，而且它也是財富 1000 強企業轉型的驅動力，因為它是一種非常方便的免費嘗試機制在您購買任何類型或任何規模的空間（包括大型工廠或生產設施）之前。我們的技術開箱即用，可以用您的智慧型手機下載。

And so looking ahead, I think one of the key elements is going to be expanding our reach to more capture end points with Android, expanding our capture end points even with iPhone. As it comes out of beta, the product experience and the capture experience and the performance is just getting better and better, and I think that's going to drive exceptional adoption for us in the future. And I'd really be looking at how Matterport gets behind putting Smartphone Capture truly out there into all of our global regions in a very forward and intentional way.

因此，展望未來，我認為關鍵要素之一將是透過 Android 擴大我們的覆蓋範圍，以獲取更多捕獲端點，甚至透過 iPhone 擴大我們的捕獲端點。隨著它走出測試版，產品體驗、捕捉體驗和性能變得越來越好，我認為這將推動我們未來的卓越採用。我真的很想看看 Matterport 如何以非常前瞻性和有意的方式將智慧型手機捕獲真正推向我們所有的全球區域。

Our next question comes from Yun Kim of Loop Capital Markets.

我們的下一個問題來自 Loop Capital Markets 的 Yun Kim。

Congrats on a solid execution, RJ and JD. So RJ, can you give us an update on the Android capture product? What is your expectation regarding the initial uptake of the Android product versus, obviously, what was a very highly successful iPhone release last year? And as you mentioned, Android is more popular outside of the U.S. than iPhone. So -- and then on top of that, it does have a higher mix of the low end of the market. So do these 2 factors impact your initial adoption rate and also even the conversion to paid [you did] like you saw with the iPhone release? Just trying to get a -- how we should think about the difference in the adoption dynamics between iPhone and Android release.

恭喜 RJ 和 JD 的出色執行力。RJ，您能為我們介紹一下 Android 擷取產品的最新狀況嗎？與去年非常成功的 iPhone 發布相比，您對 Android 產品的最初接受度有何期望？正如您所提到的，Android 在美國以外地區比 iPhone 更受歡迎。因此，最重要的是，它確實擁有更高的低端市場組合。那麼，這兩個因素是否會影響您最初的採用率，甚至會影響您在 iPhone 發佈時看到的付費轉換率？只是想知道——我們應該如何思考 iPhone 和 Android 版本之間採用動態的差異。

Sure. So Android comprises roughly 80% of the smartphone platform market, so it's big. And it's, no question, going to have a material impact on how we grow the top of funnel for our business. And the first way to think about it is that the introduction of Android capture was really deployed earlier this year to do the first of 2 things. And the first thing that Android capture does, which is very important, is controls the Matterport Capture experience for our own camera, the Matterport Pro2, but also the third-party cameras we support, 360 cameras, the Leica BLK. And that's an important addition because we have so many customers out there, large, small and enterprise, that are committed to the Android platform.

當然。Android 佔據了智慧型手機平台市場約 80% 的份額，規模很大。毫無疑問，這將對我們如何發展業務漏斗頂部產生重大影響。第一個思考方式是，Android capture 的引入實際上是在今年早些時候部署的，用於完成兩件事中的第一件事。Android capture 所做的第一件事（非常重要）是控制我們自己的相機（Matterport Pro2）以及我們支援的第三方相機（360 度相機、Leica BLK）的 Matterport Capture 體驗。這是一個重要的補充，因為我們有很多客戶，無論大小，還是企業，都致力於使用 Android 平台。

And so from a cost of ownership point of view, just getting the Android controller in place, which we call Android capture, out into the market is going to have huge implications, especially for the SMB market, which is large and highly distributed. And it's also very global because their alternative today is if they own Android devices but they want to go start capturing something with Matterport, they have to go out and buy an iOS device to do so. They have to get an iPad or an iPhone to get started, and that's a pretty expensive proposition, in many cases, more expensive than a 3D capture device itself, more expensive than surely a free SaaS plan of ours, our free tier but even more expensive than our starter tier. So that's a pretty important upgrade for us to get that into the market. That's been a long time coming. It's in beta right now.

因此，從擁有成本的角度來看，只要將 Android 控制器（我們稱之為 Android capture）投入市場，就會產生巨大的影響，特別是對於規模龐大且高度分佈的中小企業市場。而且它也是非常全球化的，因為他們今天的選擇是，如果他們擁有 Android 設備，但他們想開始使用 Matterport 捕捉一些東西，他們必須出去購買 iOS 設備才能做到這一點。他們必須擁有 iPad 或 iPhone 才能開始使用，這是一個相當昂貴的提議，在許多情況下，比 3D 捕獲設備本身更貴，比我們的免費 SaaS 計劃、我們的免費套餐甚至更貴比我們的入門級貴。因此，對於我們將其推向市場來說，這是一個非常重要的升級。這已經是很久以前的事了。目前正處於測試階段。

And the second part of Android that comes forward is there's Android capture and an Android Smartphone Capture. And that one distinction is enabling the device itself and the cameras that are onboard to actually become a capture device capable just like we did for iPhone. That's what's coming a little bit later this quarter. And what we absolutely intend to do is execute a rolling thunder global rollout. So it's not going to be kind of single events that causes a dynamic movement in the market, but it's going to be a steady drumbeat as we carry it across North America, Europe and Asia and bring it out into all of our important verticals.

Android 的第二部分是 Android capture 和 Android Smartphone Capture。其中一個區別是，設備本身和內建相機實際上可以成為一種捕捉設備，就像我們為 iPhone 所做的那樣。這就是本季晚些時候即將發生的事情。我們絕對想做的是在全球進行滾雷般的推廣。因此，這不會是導致市場動態波動的單一事件，但當我們將其帶到北美、歐洲和亞洲並將其帶入我們所有重要的垂直領域時，這將是一個穩定的鼓點。

You're right in that there is an especially strong concentration of Android devices in the international theater. We're very cognizant of that, and we think that, that's going to be important for us to be armed with a fully compatible Android offering before we push even our broader regional marketing activities more aggressively, which we fully intend to do. We really want to do it when we have the full momentum of our Capture arsenal ready to go, and Android's a critical part of that for international. So this is going to be an unlock across the board from Matterport.

你說得對，Android 設備在國際舞台上的集中度特別高。我們非常清楚這一點，我們認為，在我們更積極地推動更廣泛的區域行銷活動之前，配備完全相容的 Android 產品對我們來說非常重要，這是我們完全打算做的。當我們的 Capture 工具庫已準備就緒時，我們真的很想這樣做，而 Android 是國際化的重要組成部分。所以這將是 Matterport 的全面解鎖。

Looking forward to the rollout. For JD, so we love talking about the NRR, the dollar-based net retention rate, which came in very strong. Can you explain the dynamics behind the continued strength that you saw over the last couple of quarters from your traditional 110% rate? And in terms of the NRR going forward, how should we think about the iPhone users coming into the picture? Because I think starting in Q3, you're going to have a meaningful number of them coming into the picture. Will those iPhone users necessarily change the land-and-expand dynamics and start having an impact on your number?

期待推出。對於京東來說，我們喜歡談論 NRR，即以美元為基礎的淨留存率，它的表現非常強勁。您能否解釋一下您在過去幾季看到的傳統 110% 比率持續強勁背後的動力？就未來的 NRR 而言，我們該如何看待 iPhone 用戶的加入？因為我認為從第三季開始，將會有大量的人進入其中。這些 iPhone 用戶是否一定會改變土地擴張動態並開始對您的數量產生影響？

Yes. Thanks, Yun. The -- yes, we're very pleased with what we call the net dollar expansion rate number or the NRR, as you noted. And it's very strong largely because the enterprise customers in the business are growing with us and expanding their business with us in at least 2 ways. One is they're continuing to capture more and more Matterport 3D digital spaces across their portfolio of properties and because they're expanding their use cases with us.

是的。謝謝雲。是的，正如您所指出的，我們對所謂的淨美元擴張率數字或 NRR 感到非常滿意。它非常強大，很大程度上是因為業務中的企業客戶正在與我們一起成長，並以至少兩種方式與我們一起擴展他們的業務。一是他們將繼續在其資產組合中捕獲越來越多的 Matterport 3D 數位空間，並且因為他們正在與我們一起擴展其用例。

Someone might -- a customer might start with us, for example, in the facilities management space and add in a promotion use case. And so there are a couple of ways that enterprise customers expand with us, and we're seeing that very widely adopted or occurring across that customer base, which has been great. I think that's going to continue because we're just getting started with enterprises all over the globe, and we're going to continue to press on global expansion as well.

例如，客戶可能會從我們的設施管理空間開始，然後新增促銷案例。因此，企業客戶可以透過多種方式與我們一起擴展，我們看到這種方式在整個客戶群中被廣泛採用或發生，這非常棒。我認為這種情況將會持續下去，因為我們剛開始與全球各地的企業合作，我們也將繼續推動全球擴張。

Now that number, as I think we talked about in the prepared remarks, can move around because it depends a lot on the cohort from a year ago. So I do expect it to be north of that traditional 110%, 112% that we've seen over the many past quarters and remain a very attractive number like that. But that's where I expect it to stay over time, which, of course, means our customer base is continuing to grow with us.

現在，正如我認為我們在準備好的演講中談到的那樣，這個數字可以變動，因為它在很大程度上取決於一年前的群體。因此，我確實預計它會高於過去幾季我們看到的傳統 110%、112%，並且仍然是一個非常有吸引力的數字。但我預計它會隨著時間的推移而保持不變，這當然意味著我們的客戶群將與我們一起持續成長。

Now with respect to the SMB group, I think that will also be additive and attractive to this metric over time because you're right. We had tremendous subscriber growth over the past 4 quarters, and they are largely free, but they're converting to paid. And as they convert to paid, they start to, of course, perhaps start on a starter plan and move up to a business or a pro plan, the larger plans. And they're doing the same thing the enterprise customers are doing, expanding their footprint of Matterport 3D digital twins as well as expanding their use cases.

現在，就中小企業群體而言，我認為隨著時間的推移，這也將對該指標產生附加作用和吸引力，因為你是對的。在過去的 4 個季度中，我們的訂閱者數量大幅增長，而且大部分都是免費的，但他們正在轉向付費。當然，當他們轉向付費時，他們可能會從入門計劃開始，然後升級到商業計劃或專業計劃，即更大的計劃。他們正在做與企業客戶相同的事情，擴大 Matterport 3D 數位孿生的覆蓋範圍並擴大其用例。

So while I think that's a smaller base, it will grow over time. And I think it will contribute positively to this net dollar expansion rate.

因此，雖然我認為這個基數較小，但它會隨著時間的推移而增長。我認為這將對美元淨擴張率做出積極貢獻。

(Operator Instructions) Our next question comes from Bhavin Shah of Deutsche Bank.

（操作員指示）我們的下一個問題來自德意志銀行的 Bhavin Shah。

Congrats on the strong performance in the quarter. Just for -- one for RJ first. I know it's still early days. But maybe can you touch on any observable benefits of being a public company in terms of brand visibility?

恭喜本季的強勁表現。只是為了——首先是為了 RJ。我知道現在還為時過早。但也許您能談談成為上市公司在品牌知名度上有哪些明顯的好處嗎？

Sure. Thanks, Bhavin. Without a doubt, the last few weeks have absolutely raised the profile of Matterport and I think partly because we're the category leader, but we're the category leader in such an enormous market opportunity. It's a $230 trillion asset class that comprises the built world in value, the largest asset class in the world. And when you have a first mover, first scaler advantage, the opportunity is enormous. And I think becoming a public company has really helped to illuminate that across the industry and really around the world. And one of the most immediate impacts is an opportunity for us to continue to grow and scale the Matterport employee base.

當然。謝謝，巴文。毫無疑問，過去幾週絕對提升了 Matterport 的知名度，我認為部分原因是我們是該類別的領導者，而且我們是在如此巨大的市場機會中的類別領導者。這是一個價值 230 兆美元的資產類別，涵蓋了已建世界的價值，是世界上最大的資產類別。當你擁有先發優勢、先行者優勢時，機會是巨大的。我認為成為一家上市公司確實有助於闡明整個行業乃至全世界的這一點。最直接的影響之一是我們有機會繼續發展和擴大 Matterport 員工基礎。

And we have prided ourselves on being able to attract, retain and develop literally the best talent in the business across the technology industry. And it's had a profound impact on the company over the years and especially over the last couple of years. And as you can see in the earnings press release, we listed 7 such phenomenal leaders that we added just in Q2 alone ahead of -- and kind of a lead up to going public. And we're going to continue with this tailwind. You'll see us announcing more great leaders in the company here over the course of the next several quarters as we continue this expansion, especially internationally.

我們為能夠吸引、保留和培養整個科技產業最優秀的人才而感到自豪。多年來，尤其是過去幾年，它對公司產生了深遠的影響。正如您在財報新聞稿中看到的那樣，我們列出了 7 位如此出色的領導者，僅在第二季度就添加了這些領導者，這在某種程度上是上市前的準備。我們將繼續順風而行。隨著我們繼續擴張，尤其是國際擴張，您將在接下來的幾季中看到我們在公司中宣布更多優秀的領導者。

That's great to hear. And just to follow up, just on the partnership front, can you maybe elaborate on the PTC relationship? How should we think about this driving customer growth or revenue growth over the short, medium and long term?

聽到這個消息我很高興。接下來，就合作關係而言，您能否詳細說明一下 PTC 的關係？我們應該如何看待這在短期、中期和長期內推動客戶成長或收入成長？

Sure. Our platform and partner strategy is important for a couple of fundamental reasons, and that feeds into the PTC opportunity. It's important to point out that Matterport is not an end-to-end solution or a vertical solution. We're really an open platform. And part of the way that we have been able to unlock growth and scale in the business in recent years is by really investing in creating an enterprise-grade platform business that companies like PTC and Facebook and Apex and Autodesk and Procore, just to name a few, are able to come on and tap into our unique spatial data library and integrate our data, integrate our solution, integrate our digital twin right into their own workflows, right into their own applications.

當然。我們的平台和合作夥伴策略非常重要，有幾個根本原因，這也為 PTC 帶來了機會。需要指出的是，Matterport 不是端到端解決方案或垂直解決方案。我們確實是一個開放的平台。近年來，我們能夠實現業務成長和規模化的部分方法是真正投資創建企業級平台業務，例如 PTC、Facebook、Apex、Autodesk 和 Procore 等公司。很少有人能夠進入並利用我們獨特的空間資料庫並集成我們的數據，整合我們的解決方案，將我們的數位孿生整合到他們自己的工作流程中，直接整合到他們自己的應用程式中。

And this is really important because companies like PTC have a great foothold in, in their case, industrial IoT and industrial CAD and AEC if you will. And in fact, Matterport and PTC share a number of enterprise customers, particularly around the category of factory automation. This is an area that PTC is heavily invested in, is a leader in this category. It's a massive growth opportunity. And most industries and most manufacturing industries are seeing the benefits of a digital transformation. And part of that is, frankly, led by Matterport being able to create a dimensionally accurate high fidelity, true carbon copy and digital twin of any factory floor and all of the factory equipment that sits inside it.

這非常重要，因為像 PTC 這樣的公司在工業物聯網、工業 CAD 和 AEC（如果您願意的話）方面擁有良好的立足點。事實上，Matterport 和 PTC 擁有許多企業客戶，特別是在工廠自動化領域。這是PTC大力投資的一個領域，也是該類別的領導者。這是一個巨大的成長機會。大多數行業和大多數製造業都看到了數位轉型的好處。坦白說，其中一部分是由 Matterport 領導的，它能夠為任何工廠車間以及其中的所有工廠設備創建尺寸精確的高保真度、真實的複寫和數位孿生。

And that's used for everything from factory automation optimization, technology, planning and innovation that can be done against a live production factory line, but without having to actually touch production, to be able to operate and innovate on a virtual platform that is Matterport is a game changer. And this fits in incredibly well with PTC's complement, which is creating digital twins and creating industrial IoT for the machinery and equipment that actually sits inside the spaces.

這可用於從工廠自動化優化、技術、規劃和創新等各個方面，這些可以在即時生產工廠線上完成，但無需實際接觸生產，能夠在 Matterport 虛擬平台上進行操作和創新，這是一種遊戲規則的改變者。這與 PTC 的補充非常吻合，PTC 正在為實際位於空間內的機械和設備創建數位孿生並創建工業物聯網。

So where Matterport provides the digital twin of the space, PTC can pick it up and provide an extraordinary amount of technology for all of the components that sit inside that environment. And as we look to the future, these partnerships really create a nice 1 plus 1 equals 10 because we can create tremendous value for PTC's customers and PTC has a very complementary customer base to our own that allows us to get further penetrated into these really exciting growth markets with a scale partner.

因此，當 Matterport 提供空間的數位孿生時，PTC 可以採用它並為該環境中的所有組件提供大量技術。當我們展望未來時，這些合作夥伴關係確實創造了一個很好的1 加1 等於10，因為我們可以為PTC 的客戶創造巨大的價值，並且PTC 擁有與我們自己非常互補的客戶群，使我們能夠進一步滲透到這些真正令人興奮的領域與規模合作夥伴一起成長的市場。

So from that perspective, it's early days. We've enjoyed a great relationship with PTC over the last few years. They also became a strategic investor in Matterport in one of our earlier rounds before going public. And again, yes, we have the resources now to really put our energy behind scaling these partnerships at large. We're really excited about the potential that they present for us going forward.

所以從這個角度來看，現在還處於早期階段。在過去幾年中，我們與 PTC 保持著良好的關係。他們也在我們上市前的早期一輪融資中成為 Matterport 的策略投資者。再說一遍，是的，我們現在擁有資源，可以真正投入精力大規模擴大這些合作關係。我們對他們為我們帶來的未來潛力感到非常興奮。

(Operator Instructions) Our next question is from Yun Kim of Loop Capital Markets.

（操作員說明）我們的下一個問題來自 Loop Capital Markets 的 Yun Kim。

I guess when I said I'll talk to you soon, I really meant it. So as Bhavin mentioned, you have some very impressive list of technology partners. For instance, PTC, Procore, Autodesk and such. I know it's very early innings, but how much of your business is driven by your partners today? And then also, is there an opportunity to really leverage those partners so we could really expand your international footprint rather than just obviously using them to expand your use case?

我想當我說我很快就會和你談談時，我是認真的。正如 Bhavin 所提到的，你們有一些令人印象深刻的技術合作夥伴名單。例如，PTC、Procore、Autodesk 等。我知道現在還處於早期階段，但今天您的業務有多少是由合作夥伴推動的？此外，是否有機會真正利用這些合作夥伴，以便我們能夠真正擴大您的國際足跡，而不是僅僅明顯地利用它們來擴大您的用例？

Yes. So I'd say the answer to that question is somewhat of a dynamic one because the evolution of Matterport in recent years, we basically moved the business almost -- when I talk about the growth and our excitement and focus on the enterprise, we're turning even our pioneering category of residential real estate, where, for many, many years, we have been the gold standard in creating virtual tours for residential real estate and open homes around the world. That has also moved to very much a partnership model and an enterprise model with the likes of Compass and Keller Williams and JLL and Cushman & Wakefield on both the residential and commercial real estate side where by executing global long-term partnerships with companies at that kind of scale, we get access to tens of thousands, hundreds of thousands and ultimately, millions of buildings that we have an opportunity to digitize. And more and more of our business is really building upon the opportunity to capitalize on these scale partnerships. And if we continue to operate in this fashion, you'll see a significant portion of our business coming from the power of these enterprises because of the sheer volume of square footage and building footprints that they have under management.

是的。所以我想說這個問題的答案有點動態，因為近年來 Matterport 的發展，我們基本上幾乎改變了業務——當我談論增長和我們對企業的興奮和關注時，我們'甚至我們的住宅房地產開創性類別也發生了翻天覆地的變化，多年來，我們一直是為世界各地的住宅房地產和開放式房屋創建虛擬旅遊的黃金標準。在住宅和商業房地產方面，這也已轉變為與 Compass、Keller Williams、JLL 和 Cushman & Wakefield 等公司的合作夥伴模式和企業模式，透過與此類公司建立全球長期合作夥伴關係從規模上看，我們有機會將數萬、數十萬甚至數百萬棟建築數位化。我們越來越多的業務真正建立在利用這些規模合作關係的機會之上。如果我們繼續以這種方式運營，您會發現我們業務的很大一部分來自這些企業的力量，因為它們管理的面積和建築佔地面積巨大。

Now having said that, there remains tremendous upside in the long tail of the built world, right? And that could be everything from nightly rentals and Airbnbs to, of course, individual homes, apartments and small business locations as well, which tally into the billions of locations where that can all be serviced in a self-serve fashion. And sometimes perhaps with partners but also our goal is to make that absolutely simple for anyone to be able to capture a space as easy as taking a photo or video with their smartphone. And we're well on our way to really hit both ends of the spectrum.

話雖如此，建築世界的長尾仍然存在著巨大的優勢，對嗎？這可以是一切，從夜間租賃和愛彼迎，當然也包括個人住宅、公寓和小型商業場所，這些場所總共有數十億個，都可以以自助方式提供服務。有時也許與合作夥伴一起，但我們的目標是讓任何人都能夠像使用智慧型手機拍攝照片或影片一樣輕鬆地捕捉空間。我們正在努力真正實現這兩個目標。

But I'm really pleased with how fast and how strong, our partnership strategy has evolved over the last few years, and it's really building on the strength of our enterprise platform that we've been investing in so heavily to get us to this point. And now we're really in a great position to scale it.

但我真的很高興我們的合作夥伴策略在過去幾年中發展得如此之快和如此強大，而且它確實建立在我們企業平台的實力之上，我們一直在大力投資以讓我們達到這一點。現在我們確實處於擴大規模的有利位置。

I'm showing no further questions at this time. Ladies and gentlemen, this does conclude today's conference. Thank you all participating. You may all disconnect. Have a great day.

我目前沒有提出任何進一步的問題。女士們、先生們，今天的會議到此結束。謝謝大家的參與。你們都可以斷開連線。祝你有美好的一天。