Matterport Inc (MTTR) 2021 Q4 法說會逐字稿

Thank you for standing by, and welcome to the Matterport Inc. Fiscal Year 2022 Fourth Quarter Earnings Conference Call. (Operator Instructions) As a reminder, today's program may be recorded.

感謝您的耐心等待，歡迎參加 Matterport Inc. 2022 財年第四季財報電話會議。 （操作員說明） 提醒一下，今天的節目可能會被錄製。

And now I'd like to introduce your host for today's program, Soohwan Kim, Vice President of Investor Relations. Please go ahead.

現在我想介紹一下今天節目的主持人，投資者關係副總裁 Soohwan Kim。請繼續。

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 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 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。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僅代表今天，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 supplementary and not a substitute for GAAP financial measures. Reconciliation of these non-GAAP financial measures to the most directly comparable GAAP measures can be found in today's earnings deck, 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表中找到，該表可以在公司網站上找到。

Hosting today's call are RJ Pittman, Chairman and Chief Executive Officer of Matterport; and JD Fay, Chief Financial Officer.

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。

Now I'd like to turn it over to RJ to begin.

現在我想把它交給 RJ 開始。

Thanks, Soohwan. Good afternoon, everyone, and thank you for joining us today. 2021 was a landmark year for Matterport. We completed our merger with Gores Holdings VI and began trading on the NASDAQ in July, raising over $640 million in gross proceeds, significantly strengthening our balance sheet. We doubled our headcount in the year right on plan, giving us the capacity and world-class leadership across the company to execute our growth plan. I am incredibly proud of the organization we have built and the caliber of the team is exceptional. We understand better than most the magnitude of scale required to fulfill our ambitious goal of digitizing the built world at large. I am very impressed with our accomplishments over the last decade and especially in just the last year. But for Matterport, this is just the start of the start.

謝謝，蘇萬。大家下午好，感謝您今天加入我們。 2021 年對 Matterport 來說是具有里程碑意義的一年。我們完成了與 Gores Holdings VI 的合併，並於 7 月開始在納斯達克交易，籌集了超過 6.4 億美元的總收益，顯著增強了我們的資產負債表。我們按照計劃在這一年將員工人數增加了一倍，使我們有能力和世界一流的領導力來執行我們的成長計劃。我對我們建立的組織感到無比自豪，團隊的能力也非常出色。我們比大多數人更了解實現整個建築世界數位化這一雄心勃勃的目標所需的規模大小。我對我們過去十年，特別是去年的成就印象深刻。但對 Matterport 來說，這只是個開始。

I am thrilled to report strong growth metrics for 2021 that demonstrate the power of our platform and the sharp progress we're making scaling the business. For the full year, our subscriber base doubled to more than 503 (sic) [503,000] subscribers. Spaces under management grew 54% to 6.7 million, and subscription revenue increased 47% to $61 million as subscription revenue continues to increase as a percentage of the total revenue mix.

我很高興報告 2021 年的強勁成長指標，這些指標展示了我們平台的強大功能以及我們在擴展業務方面取得的巨大進展。全年，我們的訂閱者數量翻了一番，達到 503（原文如此）[503,000] 名訂閱者。管理空間成長了 54%，達到 670 萬個，訂閱收入成長了 47%，達到 6,100 萬美元，訂閱收入佔總收入組合的比例持續增加。

The outlook for 2022 and the next decade ahead for Matterport is extremely compelling. We expect to see a continued convergence of the physical and digital worlds. People want to be able to access every corner of the globe digitally. More broadly, digital access to the real world is rapidly changing the game, particularly as Matterport unlocks the power of our spatial data library comprising billions of square feet of rich building data from all types of spaces in 177 countries. The insights and analytics we can generate from that data create so much new value for the property and the owner, manager and occupants. This is why our mission to make every space more valuable and accessible is so important to the digital-first world of tomorrow. And today, we are greatly simplifying the process, enabling anyone to create a high-fidelity digital twin of any physical space, starting with just a smartphone in their pocket.

Matterport 2022 年和未來十年的前景非常引人注目。我們期望看到物理世界和數位世界的持續融合。人們希望能夠以數位方式存取全球的每個角落。更廣泛地說，對現實世界的數位存取正在迅速改變遊戲規則，特別是當Matterport 釋放了我們空間資料庫的力量時，該資料庫包含來自177 個國家各種類型空間的數十億平方英尺的豐富建築數據。我們可以從這些數據中產生的見解和分析為房產以及業主、管理者和居住者創造如此多的新價值。這就是為什麼我們的使命是讓每個空間變得更有價值、更方便，對於未來的數位優先世界如此重要。今天，我們大大簡化了流程，使任何人都可以從口袋裡的智慧型手機開始創建任何物理空間的高保真數位孿生。

Our strategy for growth remains the same: scale customer acquisition, unlock the power of our spatial data and expand our platform ecosystem. I'd like to provide an update on each of these. Let's start with customer acquisition.

我們的成長策略保持不變：擴大客戶獲取規模、釋放空間數據的力量並擴展我們的平台生態系統。我想提供每一項的最新情況。讓我們從客戶獲取開始。

To accelerate growth, we continue to innovate in a critical initiative we call Capture Ubiquity. Capture Ubiquity provides the best way to digitize any physical space for any type of customer. From professional, on-demand Capture Services to a capture device of choice, customers can digitize the space using a range of offerings, including the Matterport Pro2 camera, third-party devices and even the smartphone in your pocket.

為了加速成長，我們在一項稱為「Capture Ubiquity」的關鍵計畫中繼續創新。 Capture Ubiquity 為任何類型的客戶提供了將任何實體空間數位化的最佳方式。從專業的按需捕捉服務到選擇的捕捉設備，客戶可以使用一系列產品將空間數位化，包括 Matterport Pro2 相機、第三方設備，甚至口袋裡的智慧型手機。

In 2021, we scaled every aspect of our capture portfolio. And in Q4, we introduced Matterport for Android, making 3D capture available to anyone with a compatible Android device in 177 countries around the world. Bringing Matterport capture to Android is a key part of our growth strategy that taps into the other 75% of the smartphone installed base in the world. This will help us accelerate our international expansion across Europe, Middle East and Africa, and the Asia Pacific region where Android market share is especially concentrated.

2021 年，我們擴展了捕獲產品組合的各個方面。在第四季度，我們推出了適用於 Android 的 Matterport，讓全球 177 個國家/地區的任何擁有相容 Android 裝置的人都可以進行 3D 捕捉。將 Matterport capture 引入 Android 是我們發展策略的關鍵部分，該策略旨在進軍全球其他 75% 的智慧型手機安裝基數。這將有助於我們加速在歐洲、中東和非洲以及Android市場份額特別集中的亞太地區的國際擴張。

At launch, we saw tremendous response from Android users. We served over 200,000 app downloads from the Google Play store in just the last 2 months of the fourth quarter. As expected, we are seeing strong international mix that is ready for Matterport on a mobile device. In fact, more than half of our Android subscribers came from Europe in the quarter.

發布後，我們看到了 Android 用戶的巨大反響。僅在第四季度的最後 2 個月內，我們就從 Google Play 商店提供了超過 200,000 次應用程式下載。正如預期的那樣，我們看到強大的國際組合已為行動裝置上的 Matterport 做好了準備。事實上，本季超過一半的 Android 用戶來自歐洲。

Smartphone capture is an important part of our go-to-market strategy, and it continues to drive adoption across SMB, mid-market and enterprise. I'm excited to report that we now have 20% of the Fortune 1000 as customers, many of whom were able to prove Matterport's enterprise value immediately using just the phone in their pocket and our no-cost freemium tier to get started.

智慧型手機佔領是我們進入市場策略的重要組成部分，它將繼續推動中小企業、中端市場和企業的採用。我很高興地向大家報告，我們現在擁有 20% 的《財富 1000 強》客戶，其中許多人僅使用口袋裡的手機和我們的免費免費增值套餐即可立即證明 Matterport 的企業價值。

But we didn't stop there. On the heels of Matterport for Android, we are excited to introduce Matterport Axis. Axis is a revolutionary motorized mount that works with a smartphone to capture 3D digital twins of any physical space with increased speed, precision and consistency. This convenient, hands-free solution produces reliable high-fidelity results with just a click of a button. From homes to offices, hotels, rentals, retail locations, even a factory floor, Matterport Axis is the most affordable way to supercharge 3D capture using either an iOS or Android smartphone. With Axis, we aim to accelerate the digital transformation of the built world by making it effortless for anyone with a smartphone to digitize any kind of space with a new level of precision and ease of use.

但我們並沒有就此止步。繼 Android 版 Matterport 之後，我們很高興推出 Matterport Axis。 Axis 是一款革命性的電動安裝座，可與智慧型手機配合使用，以更高的速度、精度和一致性捕獲任何物理空間的 3D 數位孿生。這種方便的免持解決方案只需點擊一下按鈕即可產生可靠的高保真結果。從家庭到辦公室、飯店、出租屋、零售場所，甚至工廠車間，Matterport Axis 是使用 iOS 或 Android 智慧型手機增強 3D 捕捉功能的最經濟實惠的方式。透過安訊士，我們的目標是讓任何擁有智慧型手機的人都能輕鬆地以新的精度和易用性水平對任何類型的空間進行數位化，從而加速建築世界的數位轉型。

Customers across a variety of industries use Matterport to virtually measure, document, manage and promote their properties online. Now with Matterport Axis, organizations across the globe can scale up their efforts to affordably capture high-fidelity digital twins at multiple locations simultaneously. Distributed teams get reliable, consistent results from their smartphones and Axis helps to ensure that every scan from every location achieves the same level of precision.

各行各業的客戶都使用 Matterport 線上虛擬測量、記錄、管理和推廣其資產。現在，借助 Matterport Axis，全球各地的組織都可以加大力度，以經濟實惠的方式同時在多個地點捕獲高保真數位雙胞胎。分散式團隊透過智慧型手機獲得可靠、一致的結果，安訊士有助於確保每個位置的每次掃描都達到相同的精確度水準。

On February 8, Axis became available for prelaunch reservation at matterport.com and also with our partners Adorama and B&H with a special prelaunch price of just $59. Due to overwhelming demand, we have nearly allocated all of our initial supply allocation. Additionally, we have seen tremendous interest from enterprise customers with many already in full evaluations with Axis today. We expect general availability of Axis in early April, along with our first Axis starter bundle that includes Axis, a tripod, carry case and a 12-month subscription plan for just $149, our best customer value offer to date.

2 月 8 日，Axis 開始在 Matterport.com 上以及我們的合作夥伴 Adorama 和 B&H 上進行預發布預訂，預發布價格僅為 59 美元。由於需求旺盛，我們幾乎分配了所有初始供應分配。此外，我們還看到了企業客戶的巨大興趣，其中許多客戶今天已經對安訊士進行了全面評估。我們預計Axis 將於4 月初全面上市，同時推出我們的第一個Axis 入門套裝，其中包括Axis、三腳架、手提箱和12 個月的訂閱計劃，價格僅為149 美元，這是我們迄今為止提供的最佳客戶價值優惠。

The second part of our strategy unlocks the power of our spatial data library. We introduced our datafication strategy in 2021 and have been on a roll ever since. Today, Matterport transforms buildings into data with our powerful digital twin technology. Tomorrow, we will increase the value of every building and space through analysis and understanding of every square foot and every square centimeter of a physical space; a fully digital spatial audit with far more detail and building insights that are currently available from the property appraisals, inspections and walk-throughs of today. The potential is enormous, and the opportunity is now.

我們策略的第二部分釋放了空間資料庫的力量。我們於 2021 年推出了數據化策略，此後一直在穩步推進。如今，Matterport 利用我們強大的數位孿生技術將建築物轉化為數據。明天，我們將透過對實體空間的每一平方英尺、每一平方公分的分析和理解，增加每一棟建築、每一個空間的價值；完全數位化的空間審計，具有更多細節和建築見解，目前可以從當今的財產評估、檢查和演練中獲得。潛力大，機會就在眼前。

We are already in market with early commercial deployments of datafication, and we aim to supercharge those efforts with the acquisition of Enview, a premier provider of scalable AI-powered 3D spatial analysis that closed on January 6 of this year. Enview uses a combination of artificial intelligence, deep learning and computer vision to understand what's in a space, recognize objects and recognize where they're positioned in an outdoor environment or an indoor space. It's very difficult to codify what we, as humans, do when we walk through a space, and Enview helps us get there faster with extraordinary technology and data science expertise.

我們已經在市場上進行了數據化的早期商業部署，我們的目標是透過收購Enview 來加強這些努力，Enview 是一家可擴展的人工智慧驅動的3D 空間分析的主要提供商，於今年1 月6 日完成收購。 Enview 結合人工智慧、深度學習和電腦視覺來了解空間中的內容、識別物體並識別它們在室外環境或室內空間中的位置。作為人類，當我們走過一個空間時，很難將我們所做的事情編碼化，而 Enview 透過非凡的技術和數據科學專業知識幫助我們更快地實現目標。

Our customers agree that canvassing every centimeter of a single 200,000 square foot facility is, at best, difficult to do with sufficient energy and precision. With Matterport's datafication platform, we will soon be ready to simultaneously analyze thousands of these facilities with the precision that leaves no centimeter unturned. This is remote facilities management and building intelligence at scale, and we're very excited about it.

我們的客戶一致認為，以足夠的精力和精確度，對 200,000 平方英尺的設施的每一厘米進行勘察充其量也是困難的。借助 Matterport 的數據化平台，我們很快就能以不遺餘力的精度同時分析數千個此類設施。這是大規模的遠端設施管理和建築智能，我們對此感到非常興奮。

Now I'd like to talk about the third part of our strategy: the expansion of the Matterport platform ecosystem. We have been hard at work extending the Matterport value proposition by opening the platform to developers, partners and enterprises. Now these industry partners can build and integrate with the world's largest spatial data library to customize our digital twins and create vertical market applications for all of our major end markets.

現在我想談談我們策略的第三部分：Matterport 平台生態系統的擴展。我們一直致力於透過向開發者、合作夥伴和企業開放平台來擴展 Matterport 的價值主張。現在，這些行業合作夥伴可以建立並整合世界上最大的空間資料庫，以自訂我們的數位孿生並為我們所有主要終端市場創建垂直市場應用程式。

Our partners connect with hundreds of thousands of Matterport customers in 177 countries to market their innovations and deliver breakthrough 3D experiences. We're grateful to have partners like SIMLAB, Redfin, Autodesk and 150 more.

我們的合作夥伴與 177 個國家的數十萬名 Matterport 客戶建立聯繫，推銷他們的創新成果並提供突破性的 3D 體驗。我們很高興擁有 SIMLAB、Redfin、Autodesk 等 150 家合作夥伴。

Last year, we expanded our partnership with Amazon Web Services in 2 important ways. In Q3, we launched AWS GovCloud. This will be the platform where we deploy and manage our FedRAMP-compliant offering. In Q4, we announced our digital twin platform support as a launch partner for AWS IoT TwinMaker, introduced at the re:Invent conference, which took place in November, further demonstrating the growing demand for digital twin solutions in the enterprise and showcasing Matterport's industry-leading solution in 3D capture for the built world.

去年，我們透過兩個重要方式擴大了與 Amazon Web Services 的合作關係。在第三季度，我們推出了 AWS GovCloud。這將是我們部署和管理符合 FedRAMP 標準的產品的平台。在第四季度，我們宣布作為AWS IoT TwinMaker 的啟動合作夥伴提供數位孿生解決方案不斷增長的需求，並展示了Matterport 的行業-建築世界 3D 捕捉領域的領先解決方案。

Amazon looks to meet customers where they are today with solutions that cater to the data they store in AWS cloud. Buildings, facilities and manufacturing data is among the growing cohorts. With Matterport's scalable digital twin platform, we provide an easy on-ramp to AWS IoT TwinMaker with a precision digital twin to accurately represent and help optimize the physical operating environment. This is another example of Matterport's platform ecosystem that readily scales to deliver powerful partner solutions for large-scale businesses like AWS.

Amazon 希望透過滿足客戶在 AWS 雲端中儲存的資料的解決方案來滿足他們的需求。建築、設施和製造數據屬於不斷成長的數據類別。借助 Matterport 的可擴展數位孿生平台，我們透過精確的數位孿生為 AWS IoT TwinMaker 提供了一個簡單的入口，以準確地表示並幫助優化物理操作環境。這是 Matterport 平台生態系統的另一個例子，該生態系統可以輕鬆擴展，為 AWS 等大型企業提供強大的合作夥伴解決方案。

The versatility of our platform ecosystem has also helped us expand our partnership with Facebook, now Meta, to enable researchers and academics to develop advanced intelligent systems with a physical or virtual embodiment such as robots and personal digital assistants. Meta's AI group is partnering with Matterport to provide access to a collection of Matterport's powerful 3D spatial data out of a shared interest in addressing this area of critical need in embodied AI to spur greater innovation in both the digital and physical world.

我們平台生態系統的多功能性也幫助我們擴大了與 Facebook（現為 Meta）的合作夥伴關係，使研究人員和學者能夠開發具有實體或虛擬體現的先進智慧系統，例如機器人和個人數位助理。 Meta 的人工智慧團隊正在與 Matterport 合作，提供對 Matterport 強大的 3D 空間數據集合的訪問，出於共同的興趣，解決具體人工智慧的這一關鍵需求領域，以刺激數位和物理世界的更大創新。

We came together with Meta and released an unprecedented 1,000 digital buildings and spaces of all kinds from over 90 countries that researchers from top universities all over the world are starting using to train AI models and autonomous systems to make proper decisions in both digital and real-world situations. Since we announced the program last summer, we have received more than 450 applications and hundreds of universities and researchers have already started their work.

我們與Meta 攜手發布了來自90 多個國家的前所未有的1,000 座各種類型的數位建築和空間，來自世界各地頂尖大學的研究人員開始使用這些數據來訓練人工智慧模型和自主系統，以便在數位和現實環境中做出正確的決策。世界局勢。自從我們去年夏天宣布該計劃以來，我們已經收到了 450 多份申請，數百所大學和研究人員已經開始了他們的工作。

Following this program, there has been quite a bit of discussion about the future of digital twins and how essential they are to creating a viable Metaverse at scale. We certainly share the enthusiasm for what the future holds in a digital-first world. Some are approaching the metaverse with simulated virtual worlds, VR and AR layers for gaming, entertainment, social and meetings. Matterport, by contrast, has been digitizing buildings in the physical world to generate proven business value by turning buildings into data with our powerful AI platform and connecting real-world spaces in the digital realm. And we're doing it at an unprecedented scale that is unequaled today.

在該計劃之後，人們對數位孿生的未來以及它們對於大規模創建可行的元宇宙的重要性進行了大量討論。我們當然對數位優先世界的未來充滿熱情。有些人正在透過模擬虛擬世界、VR 和 AR 層來接近虛擬世界，以進行遊戲、娛樂、社交和會議。相較之下，Matterport 一直在對物理世界中的建築物進行數位化，透過我們強大的人工智慧平台將建築物轉化為數據並連接數位領域中的現實世界空間，從而產生經過驗證的商業價值。我們正在以前所未有的規模開展這件事，這在今天是無與倫比的。

Matterport for Android, Axis, Enview and our growing partnerships with companies like AWS and Meta are great indicators of our continued momentum and the focused execution in just Q4 alone, directly fueling our capture, spatial data and platform ecosystem growth strategy. I can't be more proud of our team for delivering on such major initiatives in Q4 and setting the stage for another year of innovation and growth in 2022.

Matterport for Android、Axis、Enview 以及我們與AWS 和Meta 等公司不斷發展的合作夥伴關係，都是我們持續發展勢頭和僅第四季度的重點執行的重要指標，直接推動了我們的捕獲、空間數據和平台生態系統成長策略。我為我們的團隊在第四季度實施瞭如此重大的舉措並為 2022 年又一年的創新和成長奠定了基礎，對此我感到非常自豪。

I will now turn it over to JD who will discuss our financial performance for the fourth quarter and the continued strength of our business model.

我現在將其交給京東，他將討論我們第四季度的財務表現以及我們業務模式的持續優勢。

Thank you, RJ. We had a remarkable year in 2021, achieving record total revenue of $111 million, which was up 29% year-over-year. Recurring subscription revenue also achieved a record $61 million, increasing 47% year-over-year.

謝謝你，RJ。 2021 年我們度過了非凡的一年，總收入達到創紀錄的 1.11 億美元，年增 29%。經常性訂閱收入也達到創紀錄的 6,100 萬美元，較去年同期成長 47%。

In 2021, we continued to make progress on our transition to a recurring subscription business. Not only was 2021 the fourth year in a row that recurring subscription revenue as a percentage of total revenue increased but also in 2021, subscription revenue became the majority of our revenue for the first time. Subscription revenue represented 55% of total revenue, which was an increase of 700 basis points from the prior year.

2021年，我們在向定期訂閱業務的轉型方面繼續取得進展。 2021 年，經常性訂閱收入佔總收入的比例不僅連續第四年增加，而且在 2021 年，訂閱收入首次成為我們收入的主要部分。訂閱收入佔總收入的55%，比前一年增加700個基點。

The growth of subscription revenue also naturally results in more of our revenue becoming recurring with high gross margin. Subscription gross margin was 76%, which represents nearly a 400 basis point increase from 2020. We had another outstanding year of customer acquisition, nearly doubling our total subscribers year-over-year to 503,000. At the end of the fourth quarter, we had 448,000 free subscribers and 55,000 paid subscribers.

訂閱收入的成長自然也會導致我們更多的收入成為高毛利率的經常性收入。訂閱毛利率為 76%，比 2020 年增長了近 400 個基點。我們的客戶獲取又取得了出色的一年，訂閱者總數同比幾乎翻了一番，達到 503,000 名。截至第四季末，我們擁有 448,000 名免費訂閱者和 55,000 名付費訂閱者。

Moving to Q4 performance. I am pleased to report that we delivered record fourth quarter revenue of $27.1 million, up 15% from Q4 last year. Subscription revenue was a record $16.5 million, up 32% from the year-ago quarter. In addition, our annual recurring metric, or ARR, grew to a record $66.1 million at quarter end.

轉向第四季的表現。我很高興地報告，我們第四季的營收達到創紀錄的 2,710 萬美元，比去年第四季成長 15%。訂閱收入達到創紀錄的 1,650 萬美元，比去年同期成長 32%。此外，我們的年度經常性指標 (ARR) 在季度末增長至創紀錄的 6,610 萬美元。

Subscription revenue was 61% of total revenue in the fourth quarter compared to 53% in the year-ago period. Subscriptions are core to our growth strategy, and we leverage the other revenue lines, products, services and license, to continue to build subscribers and subscription revenue over time.

第四季訂閱收入佔總營收的 61%，去年同期為 53%。訂閱是我們成長策略的核心，我們利用其他收入線、產品、服務和許可，隨著時間的推移繼續增加訂閱者和訂閱收入。

Our subscribers are also increasing their spend with us at a healthy rate. Our net dollar expansion rate was 110% in Q4. This is in line with our historical growth rate for this metric. I mentioned in the past that our net dollar expansion rate can be driven by our enterprise customers where we still have relatively low penetration and we had another successful quarter moving enterprise customers upwards to higher plans as they grew their use of Matterport. Small businesses tend to have lower activity on the platform in the fourth calendar quarter given the holidays and winter weather in our larger markets and which partially offset the strength in enterprise customer expansions.

我們的訂戶也在以健康的速度增加我們的支出。第四季我們的淨美元擴張率為 110%。這與我們該指標的歷史成長率相符。我過去提到過，我們的淨美元擴張率可以由我們的企業客戶推動，我們的滲透率仍然相對較低，而且隨著企業客戶增加對Matterport 的使用，我們又成功地推動了企業客戶升級到更高的計劃。鑑於我們較大市場的假期和冬季天氣，小型企業在第四季度的平台上活動往往較低，這部分抵消了企業客戶擴張的勢頭。

License revenue was $0.3 million in the fourth quarter. As I noted on the third quarter call, there was a large enterprise transaction that was expected to be recognized as licensed revenue during Q4. However, that relationship progressed directly into the subscription phase in the quarter. And because it is now a subscription, this transaction is expected to continue to be recognized as recurring subscription revenue over at least the next 4 quarters.

第四季的授權收入為 30 萬美元。正如我在第三季電話會議上指出的那樣，有一項大型企業交易預計將在第四季度被確認為授權收入。然而，這種關係在本季直接進入了訂閱階段。由於現在是訂閱業務，因此預計該交易至少在未來 4 個季度將繼續被確認為經常性訂閱收入。

The license revenue recognized in the quarter derives from another new offering launched in 2021, which is an application programming interface and software development kit to integrate Matterport data into customers' enterprise applications. This API/SDK integration enables enterprises to bring Matterport data and content into their workflows, such as project management, modeling and asset maintenance applications. This is part of our strategy to integrate into enterprise workflows robustly, increasing adoption and usage of Matterport Spaces and their data over time.

本季確認的授權收入來自 2021 年推出的另一項新產品，該產品是一個應用程式介面和軟體開發套件，用於將 Matterport 資料整合到客戶的企業應用程式中。這種 API/SDK 整合使企業能夠將 Matterport 資料和內容引入其工作流程，例如專案管理、建模和資產維護應用程式。這是我們穩健地整合到企業工作流程中的策略的一部分，隨著時間的推移，不斷增加 Matterport Spaces 及其資料的採用和使用。

Services revenue for the fourth quarter was $3.7 million, a 69% increase year-on-year. We provide a variety of services, including in-app purchases and Capture Services. The year-over-year growth was led by exceptionally strong performance in our Capture Services segment. 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 onto our platform more quickly and at scale. In the fourth quarter, we started to see enterprise customers that had agreed to use capture services earlier in the year begin to schedule and scan their physical footprint in greater volumes.

第四季服務收入為370萬美元，較去年同期成長69%。我們提供各種服務，包括應用程式內購買和捕獲服務。年成長得益於我們捕獲服務部門異常強勁的業績。捕獲服務是企業客戶聘請我們分包大量空間捕獲的一項服務，使他們能夠更快、更大規模地進入我們的平台。在第四季度，我們開始看到今年稍早同意使用擷取服務的企業客戶開始大規模安排和掃描其實體足跡。

In addition, in-app purchases, which provide our customers additional digital assets such as schematic floor plans and Scan-to-BIM files also continued to provide strong year-over-year growth.

此外，為客戶提供額外數位資產（例如平面圖和掃描到 BIM 檔案）的應用程式內購買也繼續實現強勁的同比增長。

Our product revenue was $6.6 million in the quarter compared to $8.4 million in the year-ago period. We continue to see strong demand throughout the quarter for our products, but as I noted in the third quarter conference call, we were impacted by the full quarter of the global supply chain constraints. This meant that we could not satisfy all the demand for our products. And as a result, we entered the first quarter of 2022 with one of our largest backlogs ever. I believe that we could have seen year-over-year growth in our product revenue had we been able to satisfy all of the demand.

本季我們的產品收入為 660 萬美元，去年同期為 840 萬美元。我們繼續看到整個季度對我們產品的強勁需求，但正如我在第三季電話會議中指出的那樣，我們受到整個季度全球供應鏈限制的影響。這意味著我們無法滿足對我們產品的所有需求。結果，我們在 2022 年第一季迎來了有史以來最大的積壓訂單之一。我相信，如果我們能夠滿足所有需求，我們的產品收入可能會逐年成長。

Moving on to gross margin. Our total non-GAAP gross margin for the fourth quarter was 50%. Our subscription gross margin was 78% as compared to 75% a year ago. Our subscription gross margin remains strong as we continue to make enhancements to our technology platform, while our total Spaces Under Management grew over 50% last year. As we have noted before, we expect subscription gross margin to vary by 100 to 200 basis points from quarter-to-quarter as we continue to invest in building out our subscription platform.

轉向毛利率。我們第四季的非 GAAP 總毛利率為 50%。我們的訂閱毛利率為 78%，而一年前為 75%。隨著我們不斷增強科技平台，我們的訂閱毛利率依然強勁，而去年我們管理的總空間成長了 50% 以上。正如我們之前指出的，隨著我們繼續投資建造訂閱平台，我們預計訂閱毛利率將環比變化 100 至 200 個基點。

Product gross margin was negative 11% as compared to positive 39% a year ago. As I mentioned on our last earnings call, towards the end of Q3, we began expediting materials in short supply to meet customer demand. We also made tactical decisions to source parts from alternative suppliers or to pay higher prices to secure allocations. The combined impact of these factors drove the increase in our product cost of goods sold. While it is not our intention to lose money on products, it's also important to support our customers. And in most cases, the shipment of a Pro2 camera results in a new paid subscriber to our platform. In this situation, we expect to recover the current gross profit investment within the first 4 months of the customer's subscription term with us on average.

產品毛利率為負 11%，而一年前為正 39%。正如我在上次財報電話會議上提到的那樣，在第三季末，我們開始加快供應短缺的材料，以滿足客戶的需求。我們也做出了戰術決策，從替代供應商購買零件或支付更高的價格以確保分配。這些因素的綜合影響推動了我們的產品銷售成本的增加。雖然我們無意在產品上賠錢，但支持我們的客戶也很重要。在大多數情況下，Pro2 相機的出貨會為我們的平台帶來新的付費訂閱者。在這種情況下，我們預計平均會在客戶與我們的認購期限的前4個月內收回目前的毛利投資。

Reviewing non-GAAP operating expenses in Q4. Research and development expenses were $9 million, up from $4.6 million in the prior year period. The growth in spending was as planned and is primarily attributable to investments in headcount to increase our product development capabilities and throughput and to support the launch of Matterport for Android and the newly announced Matterport Axis product.

審查第四季的非公認會計準則營運費用。研發費用為 900 萬美元，高於去年同期的 460 萬美元。支出的成長按計劃進行，主要歸因於對人員的投資，以提高我們的產品開發能力和吞吐量，並支援推出適用於 Android 的 Matterport 和新發布的 Matterport Axis 產品。

SG&A expenses were $30.1 million as compared to $11.1 million a year ago. The majority of this increase is due to investments in sales and marketing, which were also part of our growth plan. We continue to invest in global selling and marketing capacity to drive further growth. We are investing now knowing that it requires some lead time before seeing the fruit from these investments.

SG&A 費用為 3,010 萬美元，而一年前為 1,110 萬美元。這一成長的大部分歸功於銷售和行銷方面的投資，這也是我們成長計畫的一部分。我們繼續投資於全球銷售和行銷能力，以推動進一步成長。我們現在正在投資，因為我們知道需要一些準備時間才能看到這些投資的成果。

Non-GAAP net loss was $25.1 million and diluted non-GAAP loss per share was $0.10 for the quarter, as expected, using a weighted average share count of roughly 245 million shares.

根據加權平均股數約 2.45 億股，本季非 GAAP 淨虧損為 2,510 萬美元，攤薄後非 GAAP 每股虧損為 0.10 美元，符合預期。

Moving on to our balance sheet. We ended the quarter with almost $670 million in cash and investments. We redeemed 7.1 million warrants, raising $76 million in Q4. Since the end of the fourth quarter, we redeemed another 2 million warrants, raising an additional $28 million. Continuing to have a strong balance sheet will give us tremendous flexibility to accelerate our growth over time.

繼續我們的資產負債表。本季結束時，我們擁有近 6.7 億美元的現金和投資。我們贖回了 710 萬張認股權證，第四季籌集了 7,600 萬美元。自第四季末以來，我們又贖回了 200 萬份認股權證，籌集了 2,800 萬美元。持續保持強勁的資產負債表將為我們提供巨大的靈活性，以隨著時間的推移加速我們的成長。

Today, we are introducing financial guidance for the full year of 2022 and the first quarter. We continue to see an extraordinary opportunity in front of us, that is for Matterport to lead the digitization and datafication of the built world. While we are the first mover and first scaler with over 6.7 million Spaces Under Management already, in many ways, we have just started on a journey of propelling the digital transformation of the world's largest asset class, real estate. With over 500,000 subscribers, we see the myriad ways Matterport adds value and can see that every structure benefits from a Matterport digital twin and the content and application integration that comes along with that digital twin. Moreover, there are 4 billion buildings and 20 billion spaces in the world for us to capture.

今天，我們推出 2022 年全年和第一季的財務指引。我們繼續看到一個非凡的機會擺在我們面前，那就是 Matterport 引領建築世界的數位化和數據化。雖然我們是先行者和第一擴展者，管理超過 670 萬個空間，但從許多方面來說，我們才剛開始推動全球最大資產類別房地產的數位轉型。 Matterport 擁有超過 50 萬名訂閱者，我們看到了無數增加價值的方式，並且可以看到每個結構都受益於 Matterport 數位孿生以及該數位孿生附帶的內容和應用程式整合。而且，世界上還有40億棟建築和200億個空間等著我們去捕捉。

Accordingly, we expect 2022 will be another year of strong growth for Matterport. We expect full year 2022 total revenue to be in the range of $125 million to $135 million. Importantly, we expect subscription revenue to be in the range of $80 million to $82 million, which represents 32% annual growth at the midpoint.

因此，我們預計 2022 年將是 Matterport 又一個強勁成長的一年。我們預計 2022 年全年總收入將在 1.25 億美元至 1.35 億美元之間。重要的是，我們預計訂閱收入將在 8,000 萬美元至 8,200 萬美元之間，這意味著年增長率中點為 32%。

With respect to our acquisition of Enview, we are planning to spend this year integrating its technology into our platform. And accordingly, we expect minimal revenue from the acquisition in 2022.

關於我們收購 Enview，我們計劃今年將其技術整合到我們的平台中。因此，我們預計 2022 年的收購收入將微乎其微。

For the first quarter, we expect total revenue to be in the range of $25.5 million to $27.5 million. We expect subscription revenue to be in the range of $17.1 million to $17.4 million, which represents 25% annual growth at the midpoint. We expect first quarter non-GAAP loss per share to be in the range of $0.13 to $0.15. The balance of our revenue forecast is comprised roughly evenly between product revenue on the one hand and services and license revenue on the other.

我們預計第一季的總營收將在 2,550 萬美元至 2,750 萬美元之間。我們預計訂閱收入將在 1,710 萬美元至 1,740 萬美元之間，年增長率中點為 25%。我們預計第一季非 GAAP 每股虧損將在 0.13 美元至 0.15 美元之間。我們的收入預測的平衡大致均勻地由一方面的產品收入和另一方面的服務和許可收入組成。

In the third quarter conference call, while only issuing guidance for 2021 at that time, I did say we would expect to be able to grow our annual total revenue around the 50% range as the economy returns to a more normalized state with respect to supply chain constraints in labor markets, given we did not see any change in the end market demand for our products and services. The demand side of that equation has held up. We continue to see healthy demand. At this point in the first quarter, however, we see the supply chain constraints continuing. This impacts product revenue and, to a lesser extent, it flows into our subscription revenue growth. Our guidance contemplates that these imbalances will be with us through the full year of 2022. There are signs that pressure on component availability could abate somewhat in the back half of 2022. Regardless, our plans assume that balance in the supply chain will not be fully restored until sometime in 2023.

在第三季電話會議上，雖然當時只發布了 2021 年的指引，但我確實說過，隨著經濟在供應方面恢復到更加正常的狀態，我們預計能夠將年度總收入增長到 50% 左右鑑於我們沒有看到終端市場對我們產品和服務的需求有任何變化，勞動市場的鏈條受到限制。該等式的需求方一直成立。我們繼續看到健康的需求。然而，在第一季的此時，我們看到供應鏈的限制仍在持續。這會影響產品收入，並在較小程度上影響我們的訂閱收入成長。我們的指引預計，這些不平衡將持續到2022 年全年。有跡象表明，零件供應的壓力可能會在2022 年下半年有所減輕。無論如何，我們的計劃假設供應鏈的平衡不會完全實現。直到 2023 年某個時候恢復。

License revenue is expected to remain approximately $300,000 per quarter in 2022. Regarding non-GAAP earnings per share, we expect a $0.47 to $0.52 loss for 2022.

預計 2022 年授權收入將維持在每季 30 萬美元左右。關於非 GAAP 每股收益，我們預計 2022 年將虧損 0.47 美元至 0.52 美元。

Finally, we remain very excited about our market opportunity and growth prospects as we build on our recent product launches. Accordingly, we are optimistic that 2022 will be another exciting growth year for Matterport as we continue on our mission to digitally transform the entire built world.

最後，在我們最近推出的產品的基礎上，我們對市場機會和成長前景仍然感到非常興奮。因此，我們樂觀地認為 2022 年將是 Matterport 另一個令人興奮的成長年，因為我們將繼續履行對整個建築世界進行數位轉型的使命。

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

現在我想將電話轉回給 RJ。

Thank you, JD. 2021 marked the company's 10-year anniversary and definitively positioned Matterport to lead the digital transformation of the largest asset class in the world. Valued at more than $230 trillion, this will be the most important market in the world to undergo such a significant sea change in the next 10 years. The physical world is going digital. Every industry on every continent is embracing digitization. The largest technology platforms in the world are invested in the movement, and Matterport is the scaled platform to lead the way. This is why Matterport in 2022 is the start of the start.

謝謝你，JD。 2021 年是該公司成立 10 週年，並明確將 Matterport 定位為引領全球最大資產類別的數位轉型。該市場價值超過 230 兆美元，將成為未來 10 年內巨大變化的全球最重要的市場。實體世界正在走向數位化。各大洲的每個產業都在擁抱數位化。世界上最大的技術平台都投資於這項運動，而 Matterport 是引領潮流的規模化平台。這就是為什麼 2022 年的 Matterport 是開始的開始。

Thank you very much. Operator, we are now ready for questions.

非常感謝。接線員，我們現在準備好提問了。

(Operator Instructions) Our first question comes from the line of Bhavin Shah from Deutsche Bank.

（操作員指示）我們的第一個問題來自德意志銀行的 Bhavin Shah。

Just maybe for RJ, just on your sub growth. It's nice to see you be above 500,000 for the end of the year, but paid subs only grew 25% year-over-year in fiscal '21. Just given the accelerated investments you guys are putting into the SG&A, can you just maybe talk about the timing of when we should see those investments pay off into paid subscribers? And maybe can you also just elaborate on your ability to kind of migrate customers from the free tier to becoming paid subscribers?

也許只是為了 RJ，只是為了你的子成長。很高興看到年底用戶數量超過 50 萬，但 21 財年付費訂閱僅年增 25%。鑑於你們對SG&A的加速投資，您能否談談我們何時應該看到這些投資為付費訂戶帶來回報？也許您還可以詳細說明您將客戶從免費層遷移到付費訂閱者的能力嗎？

Sure. Thanks, Bhavin. A couple of things there. So without question, we've seen strong growth in our subscriber tiers specifically tied to smartphone capture and our freemium accounts. And that's been the on-ramp as we've talked about over the last year or so to SMB, mid-market and enterprise customers. And there is a cycle time that companies who start with Matterport and then graduate up the chain to a paid account, so you're going to see most typically our free accounts and our smartphone capture accounts converting and growing at a little bit faster clip than the paid accounts for that reason.

當然。謝謝，巴文。有幾件事。因此，毫無疑問，我們已經看到與智慧型手機捕獲和免費增值帳戶相關的訂戶層的強勁增長。正如我們在過去一年左右的時間裡向中小企業、中端市場和企業客戶談論的那樣，這就是入口。從 Matterport 開始，然後逐步升級到付費帳戶的公司有一個週期時間，因此您將看到最典型的是我們的免費帳戶和我們的智慧型手機捕獲帳戶的轉換和增長速度比因此付費帳戶。

The second part of it is paid accounts don't only come through that funnel, right? We have a full motion for our SMB, mid-market and enterprise sales force and go-to-market around the world that manages to a different time line and a different sales cycle for much larger accounts, where 1 account could actually translate to thousands of spaces and a very large 5-, 6- and even 7-figure SaaS subscription license to follow, right? So I think it's important to kind of make just a few of those distinctions. And as we put more of these oars in the water on that Capture Ubiquity part of the strategy, it's going to accelerate that number that you see, yes, indeed, up over 0.5 million mark for subscribers, and then you see the paid accounts growing at the 25% clip. That's also reflective of another chunk of the growth not coming from new accounts but also continuing to expand the revenue within those subscriber accounts that we have.

第二部分是付費帳戶不只來自這個管道，對吧？我們為中小型企業、中端市場和企業銷售人員制定了全面的動議，並在全球範圍內進入市場，為更大的客戶管理不同的時間線和不同的銷售週期，其中1 個帳戶實際上可以轉換為數千個帳戶空間和一個非常大的 5 位數、6 位數甚至 7 位數的 SaaS 訂閱許可證，對嗎？因此，我認為做出一些區分很重要。當我們將更多的槳投入到該策略的「捕獲無處不在」部分時，您會看到，是的，確實，訂戶數量將超過 50 萬，然後您會看到付費帳戶不斷增長25% 的剪輯。這也反映出另一部分成長並非來自新帳戶，而是繼續擴大我們擁有的訂戶帳戶中的收入。

And JD mentioned a little bit of this and certainly, a big focus for us in 2022 is tapping into the vast opportunity to fulfill more digitization in those Fortune 1000 and in those enterprise accounts where we've not digitized all of the buildings and achieved our full potential.

京東提到了這一點，當然，我們2022 年的一大重點是利用巨大的機會，在《財富1000 強》和那些我們尚未對所有建築物進行數字化並實現我們的目標的企業客戶中實現更多數字化。充分的潛力。

That's helpful. Just a quick follow-up. Just on your guidance, and I appreciate the look into subscription revenue growth. But can you maybe provide any insight as to how we should be thinking about ARR exiting fiscal '22?

這很有幫助。只是快速跟進。就您的指導而言，我很欣賞您對訂閱收入成長的研究。但您能否提供一些關於我們應該如何考慮 ARR 退出 22 財年的見解？

Yes. Thanks, Bhavin. Given the subscription growth that we talked about, as you mentioned, I do think that we can grow the ARR, annualized recurring revenue, up to $100 million exiting 2022. So that would be a pretty remarkable milestone. So we're focused quite a bit on getting to that exit run rate.

是的。謝謝，巴文。鑑於我們所討論的訂閱成長，正如您所提到的，我確實認為我們可以將 ARR（年化經常性收入）成長到 2022 年的 1 億美元。所以這將是一個非常了不起的里程碑。因此，我們非常注重達到退出運行率。

Our next question comes from the line of Yun Kim from Loop Capital Market.

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

Congrats on actually a pretty solid quarter despite facing the supply chain constraints. JD, can you just share with us additional details on the current status of the supply chain, for instance? And then also, to what degree do you plan to continue to subsidize the Pro2 cameras like you did in Q4?

儘管面臨供應鏈限制，但恭喜該季度實際上表現相當強勁。 JD，您能否與我們分享更多有關供應鏈目前狀況的詳細資訊？另外，你們計劃像第四季一樣繼續補貼 Pro2 相機到什麼程度？

Yes. Thanks, Yun. So right now, with respect to the supply chain, first, I wanted to say thanks to the entire procurement ops and engineering teams that are working this problem. They're working incredibly hard to mitigate those impacts. And of course, the main reason is we've got tremendous demand for our Pro2 cameras. And so the more that we mitigate these challenges, the more we can ship and that drives higher, obviously, product revenue and then, of course, higher subscription revenue because most Pro2 cameras come with a new paid SaaS subscription and then some, of course, go to existing customers as well. So big thanks to the team, and they're going to continue to work very hard to try to mitigate.

是的。謝謝雲。所以現在，就供應鏈而言，首先，我想說感謝整個採購部門和工程團隊正在解決這個問題。他們正在非常努力地努力減輕這些影響。當然，主要原因是我們對 Pro2 相機的巨大需求。因此，我們越能緩解這些挑戰，我們就能發貨越多，這顯然會帶來更高的產品收入，當然，也會帶來更高的訂閱收入，因為大多數Pro2 相機都附帶新的付費SaaS 訂閱，當然還有一些，也去現有的客戶。非常感謝團隊，他們將繼續努力減輕影響。

With respect to what we're seeing is there are critical chip components that we use in our Pro2 camera that other companies use in their electronics, too. And so those components are in high demand. We can go on allocation and we need to find alternative sources for those components. Sometimes we do, and that helps mitigate that issue. And while we're doing that, something else might go on short supply. And so we have seen different components go into short supply at different times in a quarter and overlap one another. So it is a pretty robust activity to try to mitigate, and it's not just one component that persists.

就我們所看到的是，我們在 Pro2 相機中使用了一些關鍵晶片組件，其他公司也在其電子產品中使用了這些組件。因此，這些組件的需求量很大。我們可以繼續分配，並且需要為這些組件找到替代來源。有時我們會這樣做，這有助於緩解這個問題。當我們這樣做時，其他東西可能會出現供應短缺。因此，我們看到不同的組件在一個季度的不同時間出現供應短缺，並且彼此重疊。因此，這是一項非常值得嘗試緩解的強大活動，而且它不僅僅是一個持續存在的組件。

As I mentioned in the prepared remarks, we do work pretty hard to find alternative sources of supply and expedite parts when we find that supply to get them to our production facilities. So that's active. It's ongoing. It started at the end of Q3. It's continued through Q4, as I mentioned. And I am planning for it to continue throughout this calendar year for sure. And that's what's in our in our forecasts. And so our product revenue forecast take that into account for the full year. So that is certainly one of the main areas that is impacting how fast we can grow but again, stepping back from that, a particular element of selling Pro2 cameras.

正如我在準備好的演講中提到的，我們確實非常努力地尋找替代供應來源，並在找到供應來源後加快零件運送速度，將其運送到我們的生產設施。所以這是活躍的。它正在進行中。它從第三季末開始。正如我所提到的，這種情況一直持續到第四季。我計劃它肯定會在今年持續下去。這就是我們的預測。因此，我們的產品收入預測將全年考慮在內。因此，這無疑是影響我們成長速度的主要領域之一，但再次退一步，這是銷售 Pro2 相機的一個特殊因素。

In addition, this is why we're working so hard on creating Capture Ubiquity, creating many ways for customers to capture spaces from the smartphones, iOS and Android smartphones to the newly announced Matterport Axis product that adds to that, to using our Capture Services business. And so we're not going to sort of rest given that there is a macroeconomic impact from the supply chain. We're going to continue to drive growth through these other approaches to capturing and digitizing the built world. So there's a lot going on, and we've got a lot of ways. And I think time is good for us to release Matterport for Android and Matterport Axis as well so that we can continue to grow and grow around whatever headwind we face.

此外，這就是為什麼我們如此努力地創建Capture Ubiquity，為客戶創建多種捕獲空間的方式，從智慧型手機、iOS 和Android 智慧型手機到新發布的Matterport Axis 產品，除此之外，還可以使用我們的捕獲服務商業。因此，考慮到供應鏈對宏觀經濟的影響，我們不會休息。我們將繼續透過這些其他方法來捕捉和數位化建築世界來推動成長。所以有很多事情正在發生，我們有很多方法。我認為現在正是我們發布 Android 版 Matterport 和 Matterport Axis 的好時機，這樣我們就可以繼續成長，無論我們面臨什麼逆風。

Okay. RJ, can you remind us how much of your business is driven by the residential real estate market? And how has that trended over the past year? And what are the assumptions you're making regarding that vertical this year given that the prospects of higher interest rate and such?

好的。 RJ，您能否提醒我們您的業務有多少是由住宅房地產市場驅動的？過去一年的趨勢如何？考慮到利率上升等前景，您對今年的垂直市場做出了哪些假設？

Thanks for the question. So indeed, residential real estate, that category is and always will be a major part of the business because you look at the built world and the building stock that comprises those 4 billion buildings and about 60-plus percent of it, maybe 65% of it, is residential. So we will always be overweight there for very good reason. And in fact, today, our mix of the business sits right at about 66%, interestingly enough, in ROE. And I think that's going to hold steady for a number of reasons. And one part of that is, remember, the value proposition of Matterport and the digital twin goes beyond just providing a virtual tour for an open house, right? So we're moving beyond just a moment or a transitionary period in a property and moving more into property life cycle management and using Matterport and all of our property data in more useful ways across the building life cycle.

謝謝你的提問。事實上，住宅房地產這個類別現在是、也將永遠是該業務的主要組成部分，因為你看看建築世界和由這40 億棟建築組成的建築存量，其中約60% 以上，也許是65% 。它，是住宅。所以我們總是會超重，這是有充分理由的。事實上，有趣的是，今天我們的業務組合的 ROE 約為 66%。我認為由於多種原因，這種情況將保持穩定。其中一部分是，請記住，Matterport 和數位孿生的價值主張不僅僅是為開放日提供虛擬遊覽，對嗎？因此，我們正在超越房產的某個時刻或過渡期，更多地進入房產生命週期管理，並在整個建築生命週期中以更有用的方式使用 Matterport 和我們的所有房產數據。

We will continue to see, though, movements in commercial real estate. That's a big opportunity for us because the customers we have are the largest commercial real estate portfolios in the world, and there is billions of square feet for us, Matterport, to go under the agreements that we've been cutting with these companies over the years. And the same is true as we continue into our growing verticals in insurance, travel and hospitality and construction. These are growing at a healthy clip. So I do expect the mix to eventually get a little bit more blended in the years ahead.

不過，我們將繼續看到商業房地產的走勢。這對我們來說是一個巨大的機會，因為我們擁有的客戶是世界上最大的商業房地產投資組合，而且我們 Matterport 有數十億平方英尺的面積可以根據我們多年來與這些公司簽訂的協議進行。年。當我們繼續進軍保險、旅遊、酒店和建築領域不斷發展的垂直行業時，情況也是如此。這些正在以健康的速度成長。因此，我確實預計未來幾年這種組合最終會變得更加融合。

Our next question comes from the line of Brent Bracelin from Piper Sandler.

我們的下一個問題來自 Piper Sandler 的 Brent Bracelin。

JD, maybe I'll start with you here on churn. I have a question here. As you think about a return to normal in the residential space, have you seen any sort of change in churn within residential on the paid subscriber side? Just trying to think through churn dynamics relative to residential versus I'd assume enterprise commercial tends to be much more sticky.

JD，也許我會從這裡開始討論流失問題。我在這裡有一個問題。當您考慮住宅領域恢復正常時，您是否看到住宅領域付費用戶的流失發生了任何變化？只是想考慮一下相對於住宅的客戶流失動態，我認為企業商業往往更具黏性。

Thanks for the question, Brent. You're right on the assumption, enterprise is a very low churn space for us. It's almost nonexistent, and that's great. I mean our main focus with enterprise is growing inside those accounts. With respect to churn, broadly, over the past year and even looking back 2 years, our churn has largely remained steady. And on the logo side of churn, it's actually declined. And so we're actually seeing improving churn metrics in the business. And that has to do with the fact that we continue to improve the way we communicate with our subscribers and how we help integrate into their workflows and share with them the various ways they can use Matterport data digital twins to improve the value, accessibility of their properties. So we're actually seeing, again, steady to improving churn metrics over the past several quarters, both on a logo basis and dollar basis.

謝謝你的提問，布倫特。您的假設是正確的，企業對我們來說是一個流失率非常低的空間。它幾乎不存在，這很棒。我的意思是，我們對企業的主要關注點是在這些客戶內部成長。就流失率而言，總的來說，在過去的一年裡，甚至回顧過去的兩年，我們的流失率基本上保持穩定。在客戶流失的標誌方面，它實際上被拒絕了。因此，我們實際上看到了業務中客戶流失指標的改善。這與我們不斷改進與訂閱者的溝通方式以及如何幫助整合到他們的工作流程並與他們分享他們可以使用 Matterport 數據數位孿生來提高其價值和可訪問性的各種方式有關。特性。因此，我們實際上再次看到，在過去幾個季度中，無論是在徽標基礎上還是在美元基礎上，客戶流失指標都在穩步改善。

Got it. So as you think about more of a return to normal in the second half year, you wouldn't expect that to materially change. I guess, RJ, if we just take a step back here, a big step-up in the freemium base. Maybe walk us through monetization levers. Clearly, the most direct way to monetize that freemium base is convert it to a paid subscriber. But maybe walk us through how you're thinking about different levers to monetize this really large base for users. Are there different kind of pricing things you can do here? Is there app store opportunities? Maybe just walk us through how you're thinking through the different levers to monetize what is now a pretty large freemium base of users.

知道了。因此，當您更多地考慮下半年恢復正常時，您不會期望這種情況會發生重大變化。我想，RJ，如果我們退後一步，在免費增值基礎上邁出一大步。也許可以引導我們了解貨幣化槓桿。顯然，將免費增值基礎貨幣化的最直接方法是將其轉化為付費訂閱者。但也許可以向我們介紹一下您如何考慮不同的槓桿來透過這個龐大的用戶群獲利。您可以在這裡進行不同類型的定價嗎？有應用程式商店機會嗎？也許請向我們介紹一下您如何考慮透過不同的槓桿來透過現在相當大的免費增值用戶群獲利。

Sure. And I'm really excited about this because the marketplace for Matterport is something that we have been building really for the last couple of years. And we're putting a lot more commercial strength and marketing behind it and bringing forward these 150 partners that I talked about earlier into full commercial view for our customers. And that applies to someone on the free tier as well as somebody in a paid subscription. And these things range from floor plans, for example, which is a one-click add-on. If you'd like to get kind of architect-grade 2D floor plans, which many people do for a variety of reasons, that is an example of an add-on, right? That's part of our services offering.

當然。我對此感到非常興奮，因為 Matterport 市場是我們在過去幾年裡一直在打造的。我們正在投入更多的商業力量和行銷支持，並將我之前談到的這 150 個合作夥伴帶入我們客戶的全面商業視野。這適用於免費套餐的人和付費訂閱的人。例如，這些內容包括平面圖，這是一個一鍵式附加元件。如果您想要獲得建築師級的 2D 平面圖（許多人出於各種原因這樣做），那麼這就是附加組件的一個示例，對吧？這是我們提供的服務的一部分。

And we have many more like this, add-ons that allow you to publish to a wide variety of different online portals. We have add-ons that allow you to convert your digital twin really into any CAD system format for customization and editing in AutoCAD or Revit and these sorts of things. And that just creates all kinds of use cases for the digital twin that are available to everyone. And you can think of a few of those ideas that maybe you, as an end consumer, aren't going to start working with your digital twin in AutoCAD, but you might be very interested in being able to virtually redesign your living room, right, or try out new furniture in the space with exact dimensional precision and photorealism before you make a purchase, right?

我們還有更多類似的附加元件，可讓您發佈到各種不同的線上入口網站。我們提供的附加元件可讓您將數位孿生真正轉換為任何 CAD 系統格式，以便在 AutoCAD 或 Revit 等中進行自訂和編輯。這只是為每個人都可以使用的數位孿生創建了各種用例。您可以想到其中一些想法，作為最終消費者，您可能不會開始在 AutoCAD 中使用數位孿生，但您可能對能夠以虛擬方式重新設計您的客廳非常感興趣，對吧，或者在購買之前在空間中試用尺寸精確且逼真的新家具，對吧？

Our customers are doing that all over the world today, and we want to make that very user-friendly so that anybody can do it, right? And that our hundreds of thousands of subscribers out there today, and in the future, the millions of them, will have 1-click access to a wide variety of property add-ons and really exciting new functionality that will all be available from hundreds, if not thousands, of third-party developers, add-ons and applications at the click of a button. This is a really exciting part of the future of Matterport, and it's at the center of this platform ecosystem.

如今，我們的客戶在世界各地都在這樣做，我們希望使其變得非常用戶友好，以便任何人都可以做到，對吧？我們今天的數十萬訂閱者以及未來的數百萬訂閱者將可以一鍵訪問各種財產附加組件和真正令人興奮的新功能，這些功能都將在數百個中提供，只需單擊一個按鈕，即可獲得數千個第三方開發人員、插件和應用程式。這是 Matterport 未來真正令人興奮的部分，也是這個平台生態系統的中心。

Makes sense. And then maybe my last question, back to JD. As you think about the guidance for Q1 on the subscription side and then the full year guide, it does look like you do expect growth to kind of reaccelerate here. What are some of the drivers inherent in some of that reacceleration? Is it partially dependent on supply chain improvements and that attach rate to some of the cameras helping? Or are there other catalysts that you see that could help kind of reaccelerate that subscription growth rate going into the second half of the year?

說得通。然後也許是我的最後一個問題，回到京東。當您考慮第一季訂閱的指導以及全年指南時，您似乎確實預計這裡的成長會重新加速。這種重新加速的內在驅動因素有哪些？它是否部分依賴供應鏈的改進以及某些相機的附加率的幫助？或者您認為還有其他催化劑可以幫助在今年下半年重新加速訂閱成長率嗎？

Yes. Thanks again. We do see that for a couple of reasons. One is, and we talked a little bit about it earlier, we've got a growing stable of enterprise customers that have massive physical footprints that we have yet to digitize. And we're working on that. We're actually building up a customer success function to help those customers with their capture activity and then moving beyond that, into the integration of Matterport into their workflows, I touched on that a little bit with some of the API integrations, and we have a host of in-app purchases. So that is one piece, is continued penetration in our existing enterprise accounts to grow their use of Matterport globally.

是的。再次感謝。我們確實看到了這一點，原因有幾個。一是，我們之前已經討論過，我們擁有越來越穩定的企業客戶，他們擁有大量我們尚未數位化的實體足跡。我們正在努力解決這個問題。我們實際上正在建立一個客戶成功功能來幫助這些客戶進行捕獲活動，然後超越這個功能，將 Matterport 整合到他們的工作流程中，我在一些 API 整合中談到了這一點，我們已經大量應用程式內購買。因此，其中之一就是繼續滲透到我們現有的企業帳戶中，以增加他們在全球範圍內對 Matterport 的使用。

The second is we have made a number of investments in sales and marketing, generally, particularly around headcount in the back half of Q4 and already early in Q1. And we expect all of those new teammates to ramp and start to become productive in the second half of this year, and that will deliver incremental bookings and then drive into SaaS subscription revenues. So there is an expectation of an acceleration and essentially building on the success of the first half and last year and getting to that higher growth rate in the second half.

第二是我們在銷售和行銷方面進行了大量投資，特別是在第四季度後半段和第一季初的員工人數方面。我們預計所有這些新團隊成員將在今年下半年開始提高工作效率，這將帶來增量預訂，然後推動 SaaS 訂閱收入。因此，預計在上半年和去年的成功基礎上加速成長，並在下半年實現更高的成長率。

Our next question comes from the line of John Walsh from Crédit Suisse.

我們的下一個問題來自瑞士信貸銀行的約翰·沃爾什。

I guess the first question is around -- you obviously spent time to talk about what you're doing with AWS and what you're doing with Facebook AI, Meta. Can you maybe give us more specificity around how you'll be able to monetize those relationships? And maybe the question around AWS, is that really for existing logos going into an analytics package? Or is it really for new logos?

我想第一個問題是——你顯然花了時間談論你正在使用 AWS 做什麼以及你正在使用 Facebook AI、Meta 做什麼。您能否更詳細地介紹如何利用這些關係獲利？也許圍繞 AWS 的問題是，這真的是為了將現有標誌納入分析包嗎？或者真的是為了新標誌嗎？

Sure. And I think the way I look at that, the first piece of the equation with AWS, it's very complementary, meaning the AWS customer base represents a channel of opportunity of new business that may not be using Matterport in their enterprises or in their infrastructure but are up and running with some forms of IoT, some forms of sensor fusion and we might even say factory automation. And this is an area that we like to play in, in the enterprise space and in the manufacturing space. And so we see this as an incremental growth opportunity for sure. And AWS has huge global reach, as you know, and a customer base that I think uniquely complements what Matterport is going after. So that's the first part of it.

當然。我認為，我的看法是，與 AWS 等式的第一部分是非常互補的，這意味著 AWS 客戶群代表了新業務機會的管道，這些新業務可能沒有在其企業或基礎設施中使用 Matterport，但正在啟動並運行某些形式的物聯網、某些形式的感測器融合，我們甚至可以說工廠自動化。這是我們喜歡參與的領域，在企業領域和製造領域。因此，我們認為這無疑是一個增量成長機會。如你所知，AWS 擁有巨大的全球影響力，我認為它的客戶群與 Matterport 所追求的目標形成了獨特的互補。這是第一部分。

The second part of it is that we always look at our platform in both directions. And so there's no question that this offers up an opportunity to take more control of your digital twin, just like we talked about in the marketplace, extend the functionality and customize it in a lot of different ways, including using real-time data management tools. And those aren't all going to come from Matterport. We talk about datafication and unlocking all of that insight and analysis from a twin. There's a lot in there to get after and we're going to be leaning on partners like AWS and the work that they're doing with TwinMaker to do exactly that, right? It's a fantastic partnership in that regard that we fully believe in. Now it's very early days, right? This is just coming off the launch pad for AWS as well. But our platform is in great shape and in position to scale up with that thing as it starts to roll out this year, right? So we'll talk more about it as we get into the commercial markets together with Amazon.

第二部分是我們總是從兩個方向審視我們的平台。因此，毫無疑問，這提供了更好地控制數位孿生的機會，就像我們在市場上討論的那樣，以多種不同的方式擴展功能並對其進行自定義，包括使用即時數據管理工具。這些並不全部來自 Matterport。我們談論數據化並從雙胞胎那裡解鎖所有的洞察力和分析。其中有很多事情需要實現，我們將依靠 AWS 等合作夥伴以及他們與 TwinMaker 所做的工作來實現這一目標，對吧？在這方面，這是一種非常棒的合作關係，我們完全相信。現在還為時過早，對吧？這也剛從 AWS 的啟動台推出。但我們的平台狀況良好，並且在今年開始推出時能夠擴大規模，對吧？因此，當我們與亞馬遜一起進入商業市場時，我們將更多地討論它。

On the Facebook front here, this is important as well, right? Obviously, there's a lot of discussion and maybe more than discussion, right? I mean there's discussions about new ways to talk about or what we decide to ultimately call this digital universe that many industries have been operating in for years, right, not the least of which being Matterport over the last decade, right? We've been turning buildings into data, moving them into the digital realm since our founding. And whether it's the metaverse or some other movement that brings more of the industry to the table, let's see. But what we do know through the partnership here is that we are advancing the capabilities of Matterport's digital twins in a different way, right, tapping into really state-of-the-art research and development in the critical fields of deep learning, machine learning, autonomous systems and how they will function and interoperate in either a digital world and the physical world.

在 Facebook 方面，這也很重要，對吧？顯然，有很多討論，甚至可能不只討論，對吧？我的意思是，我們正在討論新的討論方式，或者我們最終決定如何稱呼這個許多行業已經運行多年的數位宇宙，對吧，其中最重要的是過去十年的 Matterport，對吧？自成立以來，我們一直致力於將建築物轉化為數據，將其轉移到數位領域。無論是虛擬宇宙還是其他一些運動將更多的行業帶到了桌面上，讓我們拭目以待。但我們透過這裡的合作夥伴關係確實知道，我們正在以不同的方式推進 Matterport 數位孿生的能力，對吧，利用深度學習、機器學習等關鍵領域真正最先進的研究和開發、自治系統以及它們如何在在數位世界和物理世界中運行和互操作。

And once again, that sits right at the intersection of where Matterport plays best today. And this enables us to get the benefit of all of that R&D, right? So new kinds of personal digital assistants that could literally locate your keys for you in your property or find a very specific out-of-place sprinkler head in a factory will be done through a combination of 2 things: the Matterport spatial data and some of these intelligent systems that are being developed by the top universities around the world and ultimately turned into technologies that we can deploy commercially.

再一次，這正好位於 Matterport 當今表現最佳的領域的交叉點。這使我們能夠從所有研發中受益，對吧？因此，新型個人數位助理可以透過兩件事的結合來實現：Matterport 空間數據和一些這些智慧系統由世界各地的頂尖大學開發，最終轉化為我們可以商業部署的技術。

So some of it is a little deeper range thinking and looking, but that's where Matterport's always been. It's out on the leading edge, looking around the corner for the next opportunity to unlock the power of our spatial data in the digital twin. And like we said, they're already off and running and moving very quickly because this is an area that I think everybody sees enormous potential in.

所以其中一些是更深層的思考和觀察，但這就是 Matterport 一直在做的事情。它處於領先地位，正在尋找下一個機會來釋放數位孿生中空間數據的力量。正如我們所說，他們已經開始運行並且進展非常快，因為我​​認為這是一個每個人都看到巨大潛力的領域。

Great. And then maybe just thinking about services and the growth there. I think it might have been back in one of the earlier quarters going through the pandemic and labor shortages, you might not have been able to find as many people as you initially wanted. You've had a couple of press releases with nice expansion. Can you kind of talk about how that's going to play out and the ability of you to get people in different geographies around the world going out and doing the capture services? Has that gotten easier? Or is it still the same?

偉大的。然後也許只是考慮服務和那裡的增長。我認為這可能是在前幾個季度經歷大流行和勞動力短缺時，你可能無法找到你最初想要的那麼多人。你們已經發布了幾篇新聞稿，並進行了很好的擴展。您能談談這將如何進行以及您讓世界各地不同地區的人們出去進行捕獲服務的能力嗎？這變得更容易了嗎？還是還是一樣？

It's definitely gaining momentum, and it's in 2 forms. One, we've also been relentless in optimizing and scaling the platform, which is, let's call it, the global capture tech logistics and dispatch system, right, that makes it seamless and really turn teeth, we call it, Capture Services on demand. And it's as easy to use now as ordering a DoorDash meal. And it's that convenient as well. And as we start to really go to market with this, push our growth marketing campaigns around it, we've seen immediate effect. And the adoption is picking up on the demand side.

它肯定正在獲得動力，並且有兩種形式。第一，我們也一直在不懈地優化和擴展該平台，我們稱之為全球捕獲技術物流和調度系統，對吧，它使其無縫且真正發揮作用，我們稱之為按需捕獲服務。現在使用起來就像在 DoorDash 上訂餐一樣簡單。它也很方便。當我們開始真正進入市場，圍繞它推動我們的成長行銷活動時，我們看到了立竿見影的效果。需求方面的採用正在增加。

And at the same time, we have been pushing, as JD discussed, all alternate methods of capture, right? Beyond just the Pro2 cameras and our professional capture devices, they're now armed with a variety of third-party devices and even high-end smartphones, including the iPhone 12 and 13 that's equipped with a precision LiDAR sensor on it as well, which we take full advantage of. And so that's also just given us, as JD discussed, option value around our hardware, to a certain degree, to continue to arm capture and the scale of our Capture Ubiquity's playbook in some really important ways. And indeed, Capture Services is benefiting from that.

同時，正如 JD 所討論的，我們一直在推動所有替代的捕獲方法，對吧？除了 Pro2 相機和我們的專業捕捉設備之外，它們現在還配備了各種第三方設備，甚至高階智慧型手機，包括配備了精密 LiDAR 感測器的 iPhone 12 和 13，我們充分利用。因此，正如 JD 所討論的，這也為我們提供了圍繞我們的硬體的選擇價值，在某種程度上，我們可以以一些非常重要的方式繼續武裝捕獲和我們的 Capture Ubiquity 劇本的規模。事實上，Capture Services 正在從中受益。

Our final question for tonight comes from the line of Sophie Lee from Berenberg Capital.

今晚我們的最後一個問題來自 Berenberg Capital 的 Sophie Lee。

My question is on the Scan-to-BIM function. So the construction customers are a really important part of the long-term story for Matterport. So out of the existing customers in construction, how are you seeing the demand for the Scan-to-BIM offering? And on the margins of the Scan-to-BIM, how much service is actually required in the process to turn the scans to BIM files? So what's like the margin on it, if you can elaborate on that?

我的問題是關於 Scan-to-BIM 功能。因此，建築客戶對於 Matterport 的長期發展來說是非常重要的一部分。那麼，在現有的建築客戶中，您如何看待 Scan-to-BIM 產品的需求？在掃描到 BIM 的邊緣，將掃描轉換為 BIM 檔案的過程中實際上需要多少服務？那麼，它的邊距是多少，您能詳細說明一下嗎？

Sure. I'll start with the high level and JD can talk about the unit economics around BIM file. But first and foremost, just from an efficiency point of view, with Matterport digital twin, we take roughly 2/3 of the effort, the labor and the cost and the time, maybe even more than 2/3 of the time, out of the process to create a BIM file from any other source of information. And BIM files are very sophisticated and obviously, very important to the AEC and construction industry. And it's just that precision reality capture that goes an extraordinarily long way in getting us almost all the way down the line with a, what we say, partially automated solution for converting Matterport to BIM file.

當然。我將從高層開始，JD 可以討論 BIM 檔案的單位經濟學。但首先也是最重要的，僅從效率的角度來看，透過 Matterport 數位孿生，我們可以節省大約 2/3 的精力、勞動力、成本和時間，甚至可能超過 2/3 的時間。從任何其他資訊來源建立BIM 檔案的過程。 BIM 檔案非常複雜，顯然對 AEC 和建築業非常重要。正是這種精確的現實捕捉，讓我們幾乎一路走來，使用我們所說的將 Matterport 轉換為 BIM 檔案的部分自動化解決方案。

There still is a service component to it, but we're now able to turn around these conversions in a single day. Larger ones will take a few days, but this is reducing BIM file conversion lead times that are normally on the order of weeks and even over a month, right? And it does so with much less error and much greater precision. So that's the first part. And in terms of uptake, we've been in kind of our early rollout of this. And it's important that we've started with a core group of existing customers, and it's been very successful. But we've also been tuning the system, really trying to optimize and get this thing as solid as it can be for a much bigger scale. And you're going to see us taking this in a global rollout all across 2022 and really pushing it as one of the key offerings in the marketplace. It's an opportunity for us now that we have all the confidence behind this with the early runs of BIM file in the fourth quarter that we're going to put the marketing engine behind it from here.

它仍然有一個服務組件，但我們現在能夠在一天內扭轉這些轉換。較大的文件需要幾天時間，但這會縮短 BIM 檔案轉換的交付時間，而通常需要幾週甚至一個月以上的時間，對吧？而且它的誤差小很多，精度也高很多。這是第一部分。就採用率而言，我們一直在早期推出這項技術。重要的是，我們從現有客戶的核心群體開始，而且非常成功。但我們也一直在調整系統，真正嘗試優化並讓這個東西在更大的規模上盡可能堅固。您將看到我們在 2022 年在全球範圍內推出該產品，並真正將其推向市場的關鍵產品之一。現在這對我們來說是一個機會，我們對第四季度 BIM 檔案的早期運作充滿信心，我們將從這裡開始將行銷引擎置於背後。

And I'll just add, I'll jump in for one comment there. Pretty excited about Scan-to-BIM from an income statement and growth point of view. Fourth quarter was our first quarter of offering it, and it has had one of the fastest growth in terms of 0 to revenue at the end of the quarter of any of our in-app purchases or add-on purchases yet. So I expect that to continue to grow like that in 2022. From a margin point of view, we tend not to break down margins by every product. But I will say that it's a very healthy gross margin, and it's kind of by design. As we take all of that cost out that RJ talked about in the system, we can really deliver both a compelling product from the point of view of price but then also from the point of view to us with respect to margins. So very pleased with it so far.

我只想補充一點，我會在那裡發表評論。從損益表和成長的角度來看，我對 Scan-to-BIM 感到非常興奮。第四季度是我們提供該服務的第一個季度，在我們的任何應用程式內購買或附加購買的季度末，從收入到 0 的成長來看，它是成長最快的季度之一。因此，我預計 2022 年這一數字將繼續增長。從利潤率的角度來看，我們傾向於不會按每種產品細分利潤率。但我想說的是，這是一個非常健康的毛利率，而且是有意設計的。當我們消除 RJ 在系統中談到的所有成本時，我們不僅可以從價格角度，而且從利潤角度來看，真正提供令人信服的產品。到目前為止，我對此非常滿意。

And I think it's a great example of when we talk about the marketplace, and we talk about where the growth vectors come from the company and the technology and this ecosystem. If you look at BIM file, it's just one, hundreds to come across the verticals that have such a high impact on properties and buildings and spaces of all kinds in all of these industries. And it's just further reinforcement for this strategy. And I think these are good proxies for you to look at in trying to form a bigger understanding of the potential of this platform ecosystem as we roll it out across this year. You're going to hear a lot from us every quarter on marketplace.

我認為這是一個很好的例子，我們談論市場，我們談論成長向量來自公司、技術和這個生態系統。如果您查看 BIM 文件，您會發現，只有一個、數百個垂直領域對所有這些行業中的各種房產、建築和空間產生瞭如此大的影響。這只是這項戰略的進一步強化。我認為，當我們今年推出這個平台生態系統時，您可以考慮這些很好的指標，以便更好地了解該平台生態系統的潛力。每個季度您都會在市場上聽到我們的許多消息。

Thank you. This does conclude the question-and-answer session as well as today's program. Thank you, ladies and gentlemen, for your participation in today's conference. Everyone, have a great evening.

謝謝。問答環節和今天的節目到此結束。女士們、先生們，感謝你們參加今天的會議。祝大家有個愉快的夜晚。