Matterport Inc (MTTR) 2022 Q1 法說會逐字稿

Hello. Welcome to the Matterport Inc. Fiscal 2022 First Quarter Results Conference Call. (Operator Instructions).

你好。歡迎參加 Matterport Inc. 2022 財年第一季業績電話會議。 （操作員說明）。

I would now like to turn the conference over to Soohwan Kim, Vice President of Investor Relations. Mr. Kim, Please go ahead.

我現在將會議交給投資者關係副總裁 Soohwan Kim。金先生，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.

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。

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 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.

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 和財務長 JD Fay 主持。

Now, I would like to turn it over to RJ to begin.

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 excited to share our first quarter financial results with you. We had another strong quarter delivering on our product strategy, market expansion and key results. Total revenue for the quarter was $28.5 million, $1 million above the top end of guidance, and we delivered over $17 million in subscription revenue, up 24% from a year ago.

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一季的財務表現。我們在產品策略、市場擴張和關鍵業績方面又經歷了一個強勁的季度。本季總營收為 2,850 萬美元，比指導上限高出 100 萬美元，我們的訂閱收入超過 1,700 萬美元，比去年同期成長 24%。

We reported strong operating metrics with our subscriber base growing 70% to over 562,000 subscribers, with spaces under management increasing 49% to 7.3 million spaces. We believe we are still in the early stages of capturing this expansive market opportunity and our diverse enterprise end markets continue to thrive amidst the challenges of today's macro environment. The number of industry-leading companies that are embedding Matterport into their daily workflows to manage their real estate assets online is bigger than ever and expanding internationally.

我們報告了強勁的營運指標，我們的訂閱者數量成長了 70%，達到超過 562,000 名訂閱者，管理的空間增加了 49%，達到 730 萬個空間。我們相信，我們仍處於抓住這一廣闊市場機會的早期階段，我們多元化的企業終端市場在當今宏觀環境的挑戰中繼續蓬勃發展。將 Matterport 嵌入日常工作流程以在線管理房地產資產的行業領先公司數量比以往任何時候都多，並且正在國際化擴張。

In fact, 22% of the Fortune 1000 uses Matterport today. These businesses are discovering that Matterport reduces operating expenses with every digital twin, critical to companies everywhere and especially so in a constrained global economy. With each quarter, our total addressable market continues to grow. Real estate is the largest asset class in the world, now valued at an estimated $327 trillion, up from $230 trillion in recent years, driven by rising property values and more than 15,000 new buildings completed every day.

事實上，如今財富 1000 強企業中有 22% 使用 Matterport。這些企業發現，Matterport 透過每個數位孿生降低了營運費用，這對世界各地的公司至關重要，尤其是在全球經濟受限的情況下。每個季度，我們的總目標市場都在持續成長。房地產是世界上最大的資產類別，在房地產價值不斷上漲以及每天有超過 15,000 座新建築竣工的推動下，目前其價值估計為 327 兆美元，高於近年來的 230 兆美元。

The built world is a growing market, ready for digitization. Matterport is the clear market leader with over 7 million digital twins for buildings in 177 countries, comprising more than 22 billion square feet of digitized space. In Cortex, our AI software engine automatically generates thousands more digital twins every day. This software breakthrough enabled Matterport to create a new level of precision and fidelity for digital twins that even the most demanding enterprises and building operators can trust.

建築世界是一個不斷成長的市場，為數位化做好了準備。 Matterport 是當之無愧的市場領導者，在 177 個國家的建築中擁有超過 700 萬個數位孿生，涵蓋超過 220 億平方英尺的數位化空間。在 Cortex 中，我們的人工智慧軟體引擎每天自動產生數千個數位雙胞胎。這項軟體突破使 Matterport 能夠將數位孿生的精度和保真度提升到新的水平，即使是最苛刻的企業和建築營運商也可以信賴。

Our unique technology delivers the gold standard for dimensionally accurate photorealistic 3D digital twins that now anyone can create with just the smartphone in their pocket. Our rapid pace of innovation continues to lead the industry, aimed at driving rapid adoption and ease of use for customers working with any type of building or space. We are in the early stages of real estate's digital transformation and Matterport is leading the way. We have a saying at Matterport come for the digital twin stay for the platform because once you capture a digital twin of your space, our platform delivers many value-added services, tools and property insights that provide immediate cost savings and operational efficiencies for the space.

我們獨特的技術為尺寸精確、逼真的 3D 數位雙胞胎提供了黃金標準，現在任何人都可以僅用口袋裡的智慧型手機來創建。我們快速的創新步伐繼續引領業界，旨在推動任何類型建築或空間的客戶的快速採用和易用性。我們正處於房地產數位轉型的早期階段，Matterport 處於領先地位。 Matterport 有句俗話說：平台的數位孿生，因為一旦您捕獲了空間的數位孿生，我們的平台就會提供許多增值服務、工具和財產見解，從而立即節省空間成本並提高營運效率。

Data-driven decisions in remote facilities management, virtual inspections and group collaboration in a virtual property save customers significant time and money. In a tight labor market with rising rates and high commodity prices, it makes more sense than ever to go digital with your real property assets. It's never been easier and more cost-effective to create a digital twin. In fact, many customers choose the easy button with Matterport Capture Services to conveniently schedule a technician to professionally capture your property with our online service.

遠端設施管理、虛擬檢查和虛擬財產中的團隊協作中的數據驅動決策可以為客戶節省大量時間和金錢。在勞動市場緊張、利率上升和大宗商品價格高企的情況下，將不動產資產數位化比以往任何時候都更有意義。創建數位孿生從未如此簡單且更具成本效益。事實上，許多客戶選擇使用 Matterport Capture Services 的簡單按鈕，方便地安排技術人員透過我們的線上服務專業地捕獲您的財產。

Over the past several years, Matterport has been steadily expanding its market opportunity beyond U.S. residential real estate to include additional growth verticals such as commercial real estate, travel and hospitality, architecture, engineering and construction, industrials and the public sector. Our diverse end markets enable Matterport to grow steadily amidst a challenging global economy. And as the world starts to emerge from the pandemic, the return to business and personal travel has sharply boosted the outlook for the travel and hospitality industry in the second half of the year.

在過去的幾年裡，Matterport 一直在穩步擴大其市場機會，超越美國住宅房地產，涵蓋商業房地產、旅遊和酒店、建築、工程和施工、工業和公共部門等其他增長垂直領域。我們多元化的終端市場使 Matterport 能夠在充滿挑戰的全球經濟中穩步成長。隨著世界開始擺脫大流行的影響，商務和個人旅行的回歸極大地提振了下半年旅行和酒店業的前景。

Matterport has become an invaluable solution for hotels, nightly rentals and even the airlines themselves to promote accommodations and streamline air travel. Our recent innovation, the Axis motorized mount works together with any smartphone to let property managers, Airbnb hosts and landlords increase bookings by more than 12% when they provide customers with an accurate virtual tour of their properties to better plan their stay. While property managers get a more convenient way to manage their properties online for virtual space planning, inspections, operations and maintenance.

Matterport 已成為飯店、夜間租賃甚至航空公司本身推廣住宿和簡化航空旅行的寶貴解決方案。我們最近的創新產品 Axis 電動支架可與任何智慧型手機配合使用，讓物業經理、Airbnb 房東和房東在為客戶提供準確的虛擬房產遊覽以更好地計劃住宿時，將預訂量增加 12% 以上。而物業經理則可以透過更便捷的方式在線上管理其物業，進行虛擬空間規劃、檢查、營運和維護。

We see comparable traction and impact across our other end markets. Our enterprise customers are becoming more confident in the power of our digital twins and are scaling with Matterport and bringing new spaces online every day. This is fueled by the volume of real property essential to running these global corporations. Customers like VMware, Colliers, HealthTrust, Reckitt, Perry Ellis and Orangetheory all recognize the power of digitization and have recently joined our platform.

我們在其他終端市場看到了類似的吸引力和影響力。我們的企業客戶對我們的數位孿生的力量越來越有信心，並且正在透過 Matterport 進行擴展，每天都會推出新的線上空間。經營這些跨國公司所必需的大量不動產推動了這一趨勢。 VMware、Colliers、HealthTrust、Reckitt、Perry Ellis 和 Orangetheory 等客戶都認識到數位化的力量，並且最近加入了我們的平台。

Next, I'd like to provide an update to 3 strategic initiatives that demonstrate how our customers are incorporating Matterport into their enterprise workflows to achieve compelling new operating efficiencies. These are capture, platform and our geo expansion efforts. Then I'll hand the call over to JD Fay to discuss our financial results for the quarter in more detail. Capture Ubiquity is a critical initiative for the company. It was designed to enable precision 3D capture from any type of camera for any type of space.

接下來，我想提供 3 項策略計畫的更新，這些計畫展示了我們的客戶如何將 Matterport 納入其企業工作流程，以實現令人矚目的新營運效率。這些是捕獲、平台和我們的地理擴張努力。然後我會將電話轉交給 JD Fay，更詳細地討論我們本季的財務表現。 Capture Ubiquity 是該公司的一項重要舉措。它旨在支援任何類型的相機在任何類型的空間進行精確的 3D 捕捉。

Today, customers can choose from a broad array of offerings to best suit their needs. Starting with a range of powerful capture devices, including the Matterport Pro2 camera and a variety of third-party devices to a one-click on-demand professional service and an easy DIY solution using just a smartphone in their pocket. Smartphone capture is an important part of our go-to-market strategy, and it continues to drive adoption across SMB, mid-market and enterprise. Many of our Fortune 1000 customers have embraced smartphone capture to quickly evaluate our solution with a simple free software download capable of digitizing an entire building.

如今，客戶可以從廣泛的產品中進行選擇，以最適合他們的需求。從一系列強大的捕捉設備（包括 Matterport Pro2 相機和各種第三方設備）開始，到一鍵式按需專業服務和只需口袋裡的智慧型手機即可輕鬆 DIY 解決方案。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。我們的許多財富 1000 強客戶都採用智慧型手機捕獲來快速評估我們的解決方案，只需下載一個簡單的免費軟體即可將整個建築物數位化。

Last quarter, we introduced Matterport Axis to make smartphone capture even easier, faster and more precise. Axis is a revolutionary motorized mount that works with a smartphone to capture 3D digital twins of any physical space. just place a smartphone in the cradle, and our software handles the rest. Matterport Axis became available in April and quickly sold through our initial allocations worldwide. Early days, but we've seen very strong demand and an enthusiastic response from our customers so far. Matterport Axis is great for professionals, small business and even bigger jobs.

上季度，我們推出了 Matterport Axis，使智慧型手機捕獲變得更加容易、更快和更精確。 Axis 是一款革命性的電動安裝座，可與智慧型手機搭配使用，可捕捉任何實體空間的 3D 數位孿生。只需將智慧型手機放在支架上，我們的軟體就會處理剩下的事情。 Matterport Axis 於 4 月上市，並透過我們在全球的初始分配迅速售出。雖然還處於早期階段，但到目前為止，我們已經看到了客戶的強烈需求和熱烈回應。 Matterport Axis 非常適合專業人士、小型企業甚至更大的工作。

Enterprise companies across our verticals are turning to Axis to deploy an easy, cost-effective way to capture high-fidelity digital twins at multiple building locations with their own employees using their own smartphones and customers love it. Eberl is a top 4 insurance claims adjusting firm in the United States. Eberl recently deployed Matterport Axis to quickly document insurance claims using the power of our digital twin. Adjusters reduced their time spent in the field, improving total claims cycle time by 15% and increased new customer acquisition by 200% with the convenience of Matterport Axis and their own smartphone.

我們各個垂直行業的企業公司正在轉向安訊士部署一種簡單、經濟高效的方式，讓自己的員工使用自己的智慧型手機在多個建築地點捕獲高保真數位孿生，並且客戶喜歡這種方式。 Eberl 是美國排名前 4 名的保險理賠公司。 Eberl 最近部署了 Matterport Axis，利用我們的數位孿生的力量快速記錄保險索賠。借助 Matterport Axis 和自己的智慧型手機的便利性，理賠員減少了在現場花費的時間，將總索賠週期縮短了 15%，並將新客戶獲取量增加了 200%。

Adjusters are able to streamline complex claims when multiple digital twins are required. As a result, Eberl completes their assessments faster and with greater accuracy and consistency. Atkinson McLeod, an independent London-based real estate group specializing in sales, rentals and property management is deploying Matterport Axis to their employees and agents to quickly create the high-fidelity digital twin for each of their listings and published it online for their clients in just minutes. Atkinson McLeod is able to reduce in-person visits by 50% because clients are able to determine in advance whether the home was right for them by exploring the digital twin as often as they like anytime, day or night. This accelerates the process to reach highly qualified buyers while doubling the visitors to the online listing.

當需要多個數字孿生時，理賠員能夠簡化複雜的索賠。因此，Eberl 能夠更快、更準確、更一致地完成評估。 Atkinson McLeod 是一家總部位於倫敦的獨立房地產集團，專門從事銷售、租賃和物業管理，正在向其員工和代理商部署Matterport Axis，以便為他們的每個列表快速創建高保真數位雙胞胎，並在線發布給他們的客戶只需幾分鐘。 Atkinson McLeod 能夠將親自拜訪次數減少 50%，因為客戶可以透過隨時隨地探索數位孿生來提前確定房屋是否適合他們，無論白天還是晚上。這加快了接觸高素質買家的過程，同時使線上清單的訪客數量增加了一倍。

Next, I'd like to provide an update on our platform strategy. Matterport is the leading spatial data platform that helps companies bring their buildings online to design, build, promote and manage properties. Our 3D capture technology turns buildings into data, enabling partners and third-party developers to extend the power of our digital twin with integrations and vertical market add-ons like 2D floor plans, space planning tools, insurance claims management tools and more.

接下來，我想介紹一下我們平台策略的最新情況。 Matterport 是領先的空間資料平台，可協助公司將其建築物在線上進行設計、建造、推廣和管理。我們的3D 捕獲技術將建築物轉化為數據，使合作夥伴和第三方開發商能夠透過整合和垂直市場附加組件（如2D 平面圖、空間規劃工具、保險索賠管理工具等）擴展我們的數位孿生的功能。

The power of our platform enables customers to get more out of their digital twins, using advanced technologies from some of the best companies in the industry. An important add-on we introduced to the platform last year is Matterport BIM file to open Matterport's platform to the entire design build and operate community. Building Information Modeling, or BIM brings together all of the information about every component of the building into one place. Project stakeholders can include information about behavior, performance, materials, cost and more, all within the BIM model.

我們平台的強大功能使客戶能夠利用業內一些最優秀公司的先進技術，從數位孿生中獲得更多收益。我們去年向該平台推出的一個重要附加元件是 Matterport BIM 文件，旨在向整個設計建構和營運社群開放 Matterport 平台。建築資訊模型 (BIM) 將建築物每個組件的所有資訊匯集到一處。專案利害關係人可以在 BIM 模型中包含有關行為、性能、材料、成本等的資訊。

With the introduction of Matterport BIM file last year, we enabled teams to jump-start their BIM projects in half the time at a fraction of the conventional cost of surveying and creating as-built documentation, all while decreasing BIM modeling costs. Importing Matterport BIM files into Autodesk Construction Cloud, Procore and other software applications uses Snap, making it faster, easier and more cost-effective than ever to visualize and utilize as built designs. Retail planners, architects, real estate and construction managers have told us how excited they are to use the Matterport BIM file to dramatically speed up the time required to plan, measure and renovate their existing facilities.

去年推出 Matterport BIM 文件後，我們使團隊能夠在一半的時間內快速啟動 BIM 項目，而測量和創建竣工文件的傳統成本僅為傳統成本的一小部分，同時降低了 BIM 建模成本。使用 Snap 將 Matterport BIM 檔案匯入 Autodesk Construction Cloud、Procore 和其他軟體應用程序，從而比以往更快、更輕鬆且更具成本效益地可視化和利用竣工設計。零售規劃師、建築師、房地產和施工經理告訴我們，他們非常高興能夠使用 Matterport BIM 文件來大幅加快規劃、測量和改造現有設施所需的時間。

In Q1, we introduced BIM for Enterprise. The new offering is designed to meet the needs of enterprise customers that are looking to take BIM data a step further to produce analytics and key insights about a building in a business-friendly reporting format. BIM for Enterprise is designed to unlock data-driven business decisions and help teams better understand the operating environment in a building or across a group of buildings. For example, with the tap of a button, facilities managers can quickly locate and determine how many fluorescent lights exist in an office that need to be retrofitted with LED bulbs.

在第一季度，我們推出了企業 BIM。新產品旨在滿足企業客戶的需求，這些客戶希望進一步利用 BIM 數據，以業務友好的報告格式產生有關建築的分析和關鍵見解。企業 BIM 旨在解鎖數據驅動的業務決策，並幫助團隊更了解建築物或一組建築物中的操作環境。例如，只需按一下按鈕，設施管理人員就可以快速定位並確定辦公室中有多少螢光燈需要改裝為 LED 燈泡。

To enhance the offering, our Capture Services team is also developing specialized capture processes to ensure the critical assets unique to each facility are digitized with maximum precision for future analysis in the digital realm. BIM for Enterprise is our digital backbone for the built environment. The Warehouse Group is the largest retailer in New Zealand with more than 100 stores, currently piloting Matterport and BIM for Enterprise to bring spatial intelligence to the forefront of the retail planning business.

為了增強產品質量，我們的採集服務團隊也正在開發專門的採集流程，以確保每個設施獨有的關鍵資產以最高精度進行數位化，以便將來在數位領域進行分析。企業 BIM 是我們建築環境的數位支柱。 The Warehouse Group 是紐西蘭最大的零售商，擁有 100 多家商店，目前正在試點 Matterport 和 BIM for Enterprise，將空間智慧帶入零售規劃業務的前沿。

Using Matterport, they are able to identify every centimeter of shelf space and use location intelligence to plan and maximize product placement and store aisle layouts with greater precision, speed and efficiency. This, in turn, activates data-driven decision-making to improve sales, layout and workforce efficiency. Matterport solutions are specifically designed to help our customers reach their business goals. BIM for Enterprise allows retailers like the Warehouse Group to quickly analyze and better utilize every square foot of the store to maximize sales and improve operating efficiencies.

使用 Matterport，他們能夠識別每一公分的貨架空間，並利用位置智慧來規劃和最大化產品放置和商店過道佈局，從而提高精度、速度和效率。這反過來又激活了數據驅動的決策，以提高銷售、佈局和勞動力效率。 Matterport 解決方案專為幫助我們的客戶實現其業務目標而設計。面向企業的 BIM 使 Warehouse Group 等零售商能夠快速分析並更好地利用商店的每一平方英尺，以最大限度地提高銷售額並提高營運效率。

Finally, I'd like to share an update on the progress we're making with geo expansion. Matterport is a global company with digital twins in 177 countries around the world. The built world is widely distributed and the largest property markets can be found in the U.S., Asia and Europe, and these markets are steadily maturing. All 3 regions represent significant multibillion-dollar market opportunities for digitization, and we have successfully entered the top markets with a proven playbook that has been honed over the years.

最後，我想分享一下我們在地域擴張方面取得的最新進展。 Matterport 是一家全球性公司，在全球 177 個國家/地區擁有數位孿生。已建成的世界分佈廣泛，最大的房地產市場位於美國、亞洲和歐洲，這些市場正在穩步成熟。所有三個地區都代表著價值數十億美元的數位化市場機遇，我們憑藉多年來磨練的行之有效的策略，成功進入了頂級市場。

As part of our growth plan, we have increased our focus and execution in all 3 regions to more deliberately capture the growth opportunity in the international market. We are developing a meaningful presence in some of the largest international markets in the world, including Singapore, Japan, China and Brazil, along with much of Western Europe. Our enterprise business includes many multinational customers that look to standardize on Matterport for all their locations around the world, extending our global reach every quarter.

作為我們成長計畫的一部分，我們增加了對所有三個地區的關注和執行力，以更刻意地抓住國際市場的成長機會。我們正在世界上一些最大的國際市場上建立有意義的業務，包括新加坡、日本、中國和巴西以及西歐的大部分地區。我們的企業業務包括許多跨國客戶，他們希望在世界各地的所有地點採用 Matterport 進行標準化，從而每季擴大我們的全球影響力。

Here are 3 examples from around the globe. Damen Shipyards Group is a Dutch-owned shipbuilding company with operations in 120 countries. After the decision was made to standardize on Matterport, the Workboat Division deployed Matterport at its Netherlands headquarters and major shipyards in China, Turkey and Vietnam. With access to a 3D space in the planning stage, customers can examine the layout and placement of equipment and request modifications if desired. Once a ship design is finalized, Damen shares its digital twin internally with their service department, enabling them to gain better understanding of the vessel when it is completed and delivered.

以下是來自全球各地的 3 個範例。達門造船集團是荷蘭造船公司，業務遍及 120 個國家。在決定對 Matterport 進行標準化後，工作船部門在其荷蘭總部以及中國、土耳其和越南的主要造船廠部署了 Matterport。透過在規劃階段存取 3D 空間，客戶可以檢查設備的佈局和放置，並根據需要請求修改。一旦船舶設計最終確定，達門就會在內部與服務部門共享其數位孿生，使他們能夠在船舶完工和交付時更好地了解船舶。

Finally, Damen is using Matterport to build a 3D archive of all of the projects that has delivered to customers since the solutions deployed. The archive is particularly useful for supporting periodic vessel overhauls, equipment upgrades and knowledge transfer when long-time employees retire or leave the company. China is the largest property market in the world with more than 3 billion commercial and residential spaces ready to be digitized. During the quarter, we announced that Midland Holdings, one of the largest residential real estate brokerages in Greater China will become the first brokerage in the region to use Matterport digital twins for its entire portfolio of properties.

最後，Damen 正在使用 Matterport 為自部署解決方案以來已交付給客戶的所有專案建置 3D 存檔。當長期員工退休或離開公司時，該檔案對於支援定期船舶檢修、設備升級和知識轉移特別有用。中國是全球最大的房地產市場，有超過 30 億個商業和住宅空間等待數位化。在本季度，我們宣布大中華區最大的住宅房地產經紀公司之一米德蘭控股公司將成為該地區第一家在其整個物業組合中使用 Matterport 數位孿生的經紀公司。

Midland Holdings was the first publicly listed real estate group in Hong Kong, and they have over 600 branches and nearly 8,000 employees. Using Matterport, the company will provide its customers with immersive digital twins to better explore and purchase homes across the network of properties in China, Hong Kong and Macau, while also helping their employees realize significant operational improvements and cost savings with every listing.

美聯集團是香港第一家上市的房地產集團，擁有600多家分公司和近8,000名員工。該公司將利用Matterport 為其客戶提供沉浸式數位孿生，以便更好地探索和購買中國大陸、香港和澳門的房產網絡中的房屋，同時幫助員工在每次上市時實現顯著的運營改進和成本節省。

Lastly, Brazil is home to the largest property market in South America and also one of the largest in the world with more than 500 million physical spaces. During the first quarter, we expanded our presence in the Brazilian market with 2 of the top industry partners to bring Matterport to the enterprise market for architecture, engineering and construction. Guandalini Posicionamento is a leading technology distributor with a sales network extending across 85% of Brazil. PARS, part of the Sonda Group is the largest IT services network in Latin America, representing companies such as Adobe and Autodesk in Brazil.

最後，巴西擁有南美洲最大的房地產市場，也是世界上最大的房地產市場之一，擁有超過 5 億個實體空間。第一季度，我們與兩個頂級行業合作夥伴一起擴大了在巴西市場的業務，將 Matterport 引入建築、工程和施工企業市場。 guandalini Posicionamento 是一家領先的技術分銷商，其銷售網絡覆蓋巴西 85% 的地區。 PARS 隸屬於 Sonda 集團，是拉丁美洲最大的 IT 服務網絡，在巴西代表 Adob​​e 和 Autodesk 等公司。

These partners are capable of driving scaled adoption across the country while helping Matterport reach new customers and expand our business across industries in this pivotal market. Matterport Axis, BIM for Enterprise and our expanding global business are the results of our disciplined growth plan and focused execution. We are off to a great start in 2022, and I look forward to updating you throughout the year.

這些合作夥伴有能力推動全國範圍內的大規模採用，同時幫助 Matterport 接觸新客戶並在這個關鍵市場中跨行業擴展我們的業務。 Matterport Axis、企業 BIM 以及我們不斷擴大的全球業務是我們嚴格的成長計劃和重點執行的結果。 2022 年我們將迎來一個良好的開端，我期待全年為您提供最新消息。

I will now turn it over to JD Fay, who will discuss our financial performance for the first quarter of '22.

我現在將其交給 JD Fay，他將討論我們 22 年第一季的財務表現。

Thank you, RJ. I am delighted to report that our Q1 was another solid quarter for Matterport, delivering record first quarter revenue of $28.5 million. This is $1 million above the top end of our guidance range for the quarter. We delivered record subscription revenue of $17.1 million, up 24% from the year ago quarter. In addition, our annual recurring revenue grew to a record $68.6 million for the quarter. The growth of subscription revenue results in more of our revenue becoming recurring with high gross margins.

謝謝你，RJ。我很高興地向大家報告，Matterport 的第一季又是穩健的季度，第一季營收達到創紀錄的 2,850 萬美元。這比我們本季指導範圍的上限高出 100 萬美元。我們的訂閱收入達到創紀錄的 1,710 萬美元，比去年同期成長 24%。此外，本季我們的年度經常性收入成長至創紀錄的 6,860 萬美元。訂閱收入的成長導致我們更多的收入成為經常性收入，毛利率很高。

Subscription non-GAAP gross margin was 75% in the quarter, which was more than 2,400 basis points higher than the corporate gross margin this quarter. We had another outstanding quarter of customer acquisition with total subscribers increasing 70% year-over-year to a record 562,000. At the end of the first quarter, we had 504,000 free subscribers and 58,000 paid subscribers. Subscription revenue grew to 60% of total revenue in the first quarter compared to 51% in the year ago period.

本季訂閱非公認會計準則毛利率為 75%，比本季企業毛利率高出 2,400 個基點以上。我們在客戶獲取方面又取得了一個出色的季度，訂戶總數年增 70%，達到創紀錄的 562,000 人。截至第一季末，我們擁有 504,000 名免費訂閱者和 58,000 名付費訂閱者。第一季訂閱收入佔總收入的 60%，而去年同期為 51%。

Subscriptions are core to our growth strategy, and we leverage the other revenue lines, product, services and license to continue to build subscribers and subscription revenue over time. Our subscribers continue to increase their spend with us as well. Our net dollar expansion rate was 107% in Q1. We saw exceptionally strong expansion with our enterprise customers in the first quarter. On a combined basis, this strength was largely offset by unusually low expansion in our small and medium business customers in the first half of the quarter.

訂閱是我們成長策略的核心，我們利用其他收入線、產品、服務和授權來繼續增加訂閱者和訂閱收入。我們的訂戶也繼續增加在我們這裡的支出。第一季我們的淨美元擴張率為 107%。第一季我們的企業客戶的擴張異常強勁。綜合來看，這一優勢在很大程度上被本季上半年中小型企業客戶異常低的擴張所抵消。

The small and medium business customer cohorts, which started the year off tentatively influenced by volatility in the macroeconomic environment recovered to historical trends by the end of the quarter. License revenue was less than $100,000 in the quarter as we have moved another solution to the subscription revenue line. I had previously discussed that our application programming interface and software development kits, enabling Matterport data to be integrated into customers' enterprise applications were presented as license revenue.

年初受宏觀經濟環境波動影響的中小型企業客戶群在本季末恢復至歷史趨勢。本季的授權收入不到 10 萬美元，因為我們已將另一個解決方案轉移到訂閱收入線。我之前曾討論過，我們的應用程式介面和軟體開發套件使 Matterport 資料能夠整合到客戶的企業應用程式中，並以授權收入的形式呈現。

Our strategy with licensing involves establishing product-market fit with Lighthouse customers and then adjusting the go-to-market approach to offer the solution on a subscription basis. We are pleased that for the second year in a row, we have been able to execute this strategy successfully. Now offering enterprises API SDK integration as a subscription service beginning in the first quarter. Our product revenue was $7.4 million in the quarter compared to $8.2 million in the year ago period. While the business continues to be constrained by the supply chain challenges that we have been highlighting for the past couple of quarters, we were still able to deliver a 12% sequential increase in product revenue from Q4.

我們的授權策略涉及與 Lighthouse 客戶建立產品市場契合度，然後調整進入市場的方法以在訂閱的基礎上提供解決方案。我們很高興連續第二年能夠成功執行這項策略。現在從第一季開始為企業提供 API SDK 整合作為訂閱服務。本季我們的產品收入為 740 萬美元，去年同期為 820 萬美元。儘管業務繼續受到過去幾季我們一直強調的供應鏈挑戰的限制，但我們仍然能夠實現第四季度產品收入環比增長 12%。

We also ended the first quarter with a near record backlog of open orders. The demand for our high-definition commercial-grade Pro2 cameras remains very strong, much higher than we can supply. For the go-forward periods, we are working to mitigate the impact of supply constraints for the Pro2 camera with not only our procurement efforts, but also the launch of Matterport Axis and showing customers how to use the phone in their pocket with this inexpensive motor mount. We are also elevating our Capture Services offering with both enterprises and small customers to enable them to quickly and cost effectively capture their spaces even without purchasing a device.

第一季末，我們的未完成訂單積壓量也接近創紀錄水準。對我們的高清商業級 Pro2 相機的需求仍然非常強勁，遠高於我們的供應能力。展望未來，我們不僅致力於採購，還推出 Matterport Axis，並向客戶展示如何透過這款廉價馬達在口袋中使用手機，以減輕 Pro2 相機供應限制的影響山。我們也為企業和小型客戶提升我們的捕獲服務產品，使他們能夠快速、經濟高效地捕獲他們的空間，甚至無需購買設備。

Accordingly, services revenue for the first quarter was $4 million, a 48% increase year-on-year. Capture Services continues to see strong growth as enterprise customers are beginning to take full advantage of this offering. Enterprise customers can get onto our platform quickly and at scale, leveraging the existing installed base of service providers who already own Pro2 and other compatible cameras. Capture Services also allows us to provide end-to-end solutions to large enterprises, including customization of Matterport spaces, like the Warehouse Group in New Zealand, RJ referenced earlier. In-app purchases, which provide our customers additional digital assets such as schematic floor plans and scan-to-BIM files also continued to contribute strong sequential growth in services revenue.

因此，第一季服務收入為400萬美元，年增48%。隨著企業客戶開始充分利用該產品，Capture Services 持續強勁成長。企業客戶可以利用已經擁有 Pro2 和其他相容相機的服務供應商的現有安裝基礎，快速、大規模地進入我們的平台。 Capture Services 也讓我們能夠為大型企業提供端到端解決方案，包括客製化 Matterport 空間，例如紐西蘭的 Warehouse Group（RJ 之前提到的）。應用程式內購買為我們的客戶提供了額外的數位資產，例如平面圖和掃描到 BIM 文件，也繼續為服務收入帶來強勁的環比增長。

Moving on to gross margin. Our total non-GAAP gross margin for the first quarter was 51%, while subscription margin remains relatively stable, quarterly volatility at the aggregate level comes largely from product revenue as well as the magnitude of extremely high margin but episodic license transactions. Our subscription gross margin was 75%, consistent with the prior year's gross margin. Subscription gross margin remains strong as we continue to make enhancements to our technology platform while we grow our spaces under management.

轉向毛利率。我們第一季的非公認會計準則總毛利率為 51%，而認購利潤率保持相對穩定，整體水準的季度波動主要來自產品收入以及利潤率極高但不定期的許可交易。我們的訂閱毛利率為 75%，與前一年的毛利率一致。隨著我們不斷增強我們的技術平台，同時擴大我們的管理空間，訂閱毛利率仍然強勁。

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. Product gross margin was 2% as compared to 40% a year ago. As we have discussed in our recent conference calls, product gross margin continues to be impacted by higher costs to lock in supply as well as added freight costs to expedite materials for production. On a sequential basis, however, we were able to improve margin by 1,300 basis points. This was primarily due to better overhead cost recoveries on higher volume shipments in the quarter.

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。產品毛利率為 2%，而一年前為 40%。正如我們在最近的電話會議中所討論的那樣，產品毛利率繼續受到鎖定供應成本上升以及加快材料生產而增加的運輸成本的影響。然而，環比來看，我們的利潤率提高了 1,300 個基點。這主要是由於本季出貨量增加，間接成本回收較好。

Reviewing non-GAAP operating expenses in Q1, research and development expenses were $12.1 million, up from $5.9 million in the prior year period. The spending level was as planned and is primarily attributable to investments in headcount to increase our product development capabilities and throughput. SG&A expenses were $29.5 million as compared to $12.6 million a year ago. The increase was primarily due to investments in sales and marketing, which were also part of our growth plan.

回顧第一季的非 GAAP 營運費用，研發費用為 1,210 萬美元，高於去年同期的 590 萬美元。支出水準符合計劃，主要歸因於對員工人數的投資，以提高我們的產品開發能力和吞吐量。 SG&A 費用為 2,950 萬美元，去年同期為 1,260 萬美元。這一增長主要是由於對銷售和行銷的投資，這也是我們成長計劃的一部分。

We continue to invest in global selling and marketing capacity to drive further growth. Investments in these areas are expected to begin bearing fruit in the second half of this year. Non-GAAP net loss was $27.9 million and diluted non-GAAP loss per share was $0.10 for the quarter, better than our guidance range of a $0.13 to $0.15 loss. Weighted average share count was roughly 275 million shares, slightly below the 277 million shares we provided in our guidance.

我們繼續投資於全球銷售和行銷能力，以推動進一步成長。這些領域的投資預計將在今年下半年開始取得成果。本季非 GAAP 淨虧損為 2,790 萬美元，攤薄後非 GAAP 每股虧損為 0.10 美元，優於我們 0.13 至 0.15 美元虧損的指導範圍。加權平均股數約為 2.75 億股，略低於我們在指引中提供的 2.77 億股。

There were 3 nonrecurring events that drove the changes in our share count during Q1. First, we called 2 million warrants for redemption, raising an additional $28 million. This represents the January portion of the $104 million in total warrant proceeds to the company, which stretched over Q4 and Q1. Second, we issued 21.5 million earn-out shares on February 1. We issued fewer shares to employees than granted as we elected the net settlement method of this portion of the earn-out share issuance. And third, we net settled our vested restricted stock release in Q1 for employees. Under the net settlement method, we paid $33 million for the employee withholding taxes instead of selling those shares on the open market, reducing the total expected dilution relating to these issuances by 1.2% or 3.2 million shares.

在第一季度，有 3 個非重複事件推動了我們的股票數量變化。首先，我們贖回了 200 萬張認股權證，額外籌集了 2,800 萬美元。這是該公司 1.04 億美元認股權證收益總額中 1 月的部分，涵蓋第四季度和第一季。其次，我們在2月1日發行了2,150萬股獲利股。由於我們選擇了這部分獲利股發行的淨額結算方式，因此我們向員工發行的股票數量少於授予數量。第三，我們在第一季為員工淨結算了既得限制性股票釋放。根據淨額結算演算法，我們為員工預扣稅支付了 3,300 萬美元，而不是在公開市場上出售這些股票，從而將與這些發行相關的預期稀釋總額減少了 1.2%，即 320 萬股。

Moving on to our balance sheet. We ended the quarter with $600 million in cash and investments, and we do not have any debt. Our exceptionally strong balance sheet is a valuable asset as we evaluate and make investments while continuing to be deliberate with capital allocations to further strengthen our technology and market-leading positions. Today, we are introducing financial guidance for the second quarter and reiterating full year 2022 financial guidance. While there is a high level of macroeconomic uncertainty as well as the continuing impact of supply chain challenges, we are maintaining our full year guidance from last quarter.

繼續我們的資產負債表。本季結束時，我們擁有 6 億美元的現金和投資，並且沒有任何債務。我們異常強勁的資產負債表是一項寶貴的資產，因為我們在評估和投資的同時繼續審慎進行資本配置，以進一步加強我們的技術和市場領先地位。今天，我們推出第二季的財務指引，並重申 2022 年全年財務指引。儘管宏觀經濟存在高度不確定性以及供應鏈挑戰的持續影響，但我們仍維持上季的全年指引。

We continue to expect full year 2022 total revenue to be in the range of $125 million to $135 million. We continue to expect subscription revenue to be in the range of $80 million to $82 million. For the second quarter, we expect total revenue to be in the range of $28.5 million to $30.5 million. We expect subscription revenue to be in the range of $18 million to $18.3 million. 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.

我們仍預期 2022 年全年總營收將在 1.25 億至 1.35 億美元之間。我們仍然預計訂閱收入將在 8,000 萬美元至 8,200 萬美元之間。我們預計第二季的總營收將在 2,850 萬美元至 3,050 萬美元之間。我們預計訂閱收入將在 1800 萬美元至 1830 萬美元之間。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。

Consistent with our investment plans, we expect second quarter non-GAAP loss per share to be in the range of $0.13 to $0.15. License revenue is expected to be approximately $400,000 per quarter for the remainder of 2022. As noted on previous earnings calls, license revenue can be lumpy from quarter-to-quarter depending on the timing of completed transactions and any associated implementation work that we must perform to recognize revenue. I'm pleased to report that we have a new 7-figure contract against which we are working to deliver this year. We believe that we are on track for these deliveries. Accordingly, our expectation is we will be able to recognize revenue from this contract over the next 3 quarters.

與我們的投資計畫一致，我們預計第二季非 GAAP 每股虧損將在 0.13 美元至 0.15 美元之間。在2022 年剩餘時間內，許可證收入預計每季約為40 萬美元。正如先前的財報電話會議所指出的，許可證收入可能會逐季度波動，具體取決於已完成交易的時間以及我們必須執行的任何相關實施工作來確認收入。我很高興地報告，我們今年正在努力交付一份價值 7 位數的新合約。我們相信我們的交付工作正在順利進行中。因此，我們預計我們將能夠在未來 3 個季度內確認該合約的收入。

Regarding non-GAAP earnings per share, we continue to expect a $0.47 to $0.52 loss for the full year of 2022. Certain projects planned for the first quarter have moved to later in the year, but our full year OpEx is expected to be unchanged overall. We have recently made considerable investments in building the necessary team to position us for future growth. We expect that the growth in OpEx investment spend will moderate in the second half of this year as we begin to see returns on those investments. And we continue to monitor the productivity of all our growth investments to allocate our capital prudently. While we continue to focus on top line growth, we have a robust, high-margin subscription business that has allowed us to operate profitably in the past. This gives us confidence in the long-term strength of this business today.

關於非 GAAP 每股收益，我們繼續預計 2022 年全年虧損 0.47 美元至 0.52 美元。計劃第一季的某些項目已移至今年晚些時候，但我們全年營運支出預計總體保持不變。我們最近投入了大量資金來建立必要的團隊，為我們未來的發展做好準備。我們預計，隨著我們開始看到這些投資的回報，營運支出投資支出的成長將在今年下半年放緩。我們將繼續監控所有成長投資的生產力，以審慎地配置我們的資本。在我們繼續專注於營收成長的同時，我們擁有強勁、高利潤的訂閱業務，這使我們過去能夠實現盈利。這讓我們對當今這項業務的長期實力充滿信心。

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. The last 12 months of the company have been very productive as we delivered on our plan to scale operations for the next stage of growth. We have outperformed our time line to achieve increased capacity and global reach for our business. We raised significant capital in the public markets to position the company for long-term growth and profitability with a considerable scale advantage. We have invested in the most important asset of our business, our team.

謝謝你，JD。公司過去 12 個月非常富有成效，我們實現了擴大業務規模以實現下一階段成長的計畫。我們已經超額完成了產能提升和業務全球覆蓋的任務。我們在公開市場籌集了大量資金，使公司能夠實現長期成長和獲利，並具有相當大的規模優勢。我們投資於我們業務最重要的資產，即我們的團隊。

We have sharpened our technology advantage with breakthrough innovations like Matterport Axis, BIM for Enterprise, our spatial data platform and much more. We are disciplined capital allocators and our operating plans for 2022 will enable us to stay focused on delivering for the business and helping our customers win. The built world continues to modernize through pivotal technology investments. We have heard from our customers over the years that rain or shine in all market conditions, technology-led transformations are critical to the success of the property industry.

我們透過 Matterport Axis、企業 BIM、空間資料平台等突破性創新增強了我們的技術優勢。我們是紀律嚴明的資本配置者，我們的 2022 年營運計畫將使我們能夠繼續專注於為業務提供服務並幫助我們的客戶獲勝。透過關鍵技術投資，建築世界繼續現代化。多年來，我們從客戶那裡得知，無論風雨無阻，科技主導的轉型對於房地產產業的成功至關重要。

Our cloud software solution helps businesses, property managers and building owners create value and reduce the operating costs of the world's most valued asset during a time when cost savings and capital preservation matter most. The path to transformative change is not a straight line, and Matterport is helping companies get there faster than ever before. Our success will continue to be measured in the years and decades ahead as we lead the digital transformation of the built world.

我們的雲端軟體解決方案可協助企業、物業經理和業主在成本節約和資本保值最為重要的時期創造價值並降低世界上最有價值資產的營運成本。變革之路並不是一條直線，Matterport 正在幫助企業比以往更快實現這一目標。隨著我們引領建築世界的數位轉型，我們的成功將在未來幾年和幾十年內繼續衡量。

I'd like to thank our investors for joining us on this exciting journey. Operator, we are now ready for questions.

我要感謝我們的投資者加入我們這趟令人興奮的旅程。接線員，我們現在準備好提問了。

(Operator Instructions) And the first question comes from John Walsh with Credit Suisse.

（操作員說明）第一個問題來自瑞士信貸銀行的約翰·沃爾什。

Nice start to the year. I guess the first question is around -- it was nice to see the paid subscriber number accelerate here on a sequential basis, the rate of change. So can you talk a little bit more about that? You highlighted a lot of new verticals in your prepared remarks. But is this coming from kind of the core real estate business? Or is there a difference between that and kind of some of these new verticals?

今年開局不錯。我想第一個問題是——很高興看到付費用戶數量連續加速，即變化率。那你能多談談這個嗎？您在準備好的發言中強調了許多新的垂直領域。但這是否來自核心房地產業務？或者說這和某些新垂直領域之間有什麼區別嗎？

Sure. I'll start and JD, please feel free to add in as well. There's been some very marked progress in our expanding end markets without question. And one of the areas that I repeat and reiterate on all of these calls is our intense focus on the enterprise. And enterprise is really continuing to bear fruit. This is where we put a pointed investments in increasing our capacity, increasing our operations, specifically in the go-to-market functions, the sales and marketing functions that have been making great strides and great inroads in not only bringing on new business in all of these categories across the enterprise, but also seeing promising expansion and re-upping with our existing customers as well.

當然。我先和JD開始，也歡迎大家補充。毫無疑問，我們不斷擴大的終端市場取得了一些非常顯著的進展。我在所有這些呼籲中重複和重申的領域之一是我們對企業的高度關注。企業確實正在不斷結出碩果。在這裡，我們進行了有針對性的投資，以提高我們的能力，增加我們的運營，特別是在進入市場的職能、銷售和行銷職能方面，這些職能已經取得了長足的進步，不僅在所有方面都帶來了新業務，並且取得了巨大的進展。整個企業的這些類別，但也看到了與我們現有客戶的有希望的擴張和重組。

And so it's really putting even further into balance the business operation as it continues to diversify from a very dominant share of our business coming from residential real estate now evening out every quarter into the enterprise, into commercial real estate into manufacturing operations and travel and hospitality.

因此，它確實進一步平衡了業務運營，因為它繼續多元化，從我們業務中占主導地位的住宅房地產，現在每個季度都進入企業，進入商業房地產，進入製造業務以及旅遊和酒店業。

Yes, and I'll just add to that quickly, John. This is JD. I just thought I'd add to that. That's right. I mean our subscription revenue coming from real estate is actually now about 60% of revenue. All other verticals are up to 40%. And so that balance is continuing to occur, and it's been consistent over the last 4 quarters. And I think as a result, you're starting to see some of that paid subscriber growth coming from other verticals in addition to real estate.

是的，約翰，我會快速補充這一點。這是JD。我只是想補充一下。這是正確的。我的意思是，我們來自房地產的訂閱收入現在實際上約佔收入的 60%。所有其他垂直領域均高達 40%。因此，這種平衡正在繼續出現，並且在過去 4 個季度中保持一致。我認為，因此，您開始看到一些付費用戶的成長來自房地產以外的其他垂直領域。

Great. And then maybe another question, obviously, great to see the $600 million of cash and investments you referenced. But just wondering if you could give us an update either on H1 versus H2? How you're thinking of uses of cash and when you think you kind of get to cash positive?

偉大的。然後也許還有另一個問題，顯然，很高興看到您提到的 6 億美元現金和投資。但只是想知道您能否給我們提供有關 H1 和 H2 的最新資訊？您如何看待現金的使用以及何時認為自己可以獲得正面的現金？

Sure. The last 3 quarters was an intense growth period for Matterport. And as I mentioned on the call, we did a great job in fleeting up the organization, bringing that capacity and where we needed it, especially in these expanding markets. And that is where the bulk of our focus and attention has been sales marketing and in the R&D function. And that was predominantly the last 9 months activity, and we got where we needed to be.

當然。過去三個季度是 Matterport 的快速增長期。正如我在電話中提到的，我們在快速組織組織、將能力帶到我們需要的地方方面做得很好，特別是在這些不斷擴大的市場中。這就是我們大部分的重點和注意力都集中在銷售行銷和研發職能上。這主要是過去 9 個月的活動，我們達到了我們需要達到的目標。

And so as we turn towards the second half of the year, it is all about activating and maximizing productivity from the increased capacity that we invested out. A lot of new folks joined the company as recently as the last 3 or 4 months. So we're still fleeting up for sure, and we're putting a lot of attention towards our go-to-market with that increased capacity. And what you'll see in the future is a shift from investment in headcount to a shift in our go-to-market programs, building brand awareness and understanding in those geo expansion markets we talked about.

因此，當我們轉向今年下半年時，一切都是為了透過我們投資增加的產能來激活和最大化生產力。最近三、四個月，很多新人加入公司了。因此，我們肯定仍然會很快，我們將大量注意力放在產能增加的市場上。未來您將看到的是，從對員工的投資轉向我們的進入市場計劃的轉變，在我們談到的地域擴張市場中建立品牌知名度和理解。

And again, with a very pointed interest in expanding in the enterprise. And so that's going to definitely be an investment shift but also an overall OpEx tapering without question, right? As we've really achieved cruising altitude a little bit ahead of plan here, we can now go to work and just grow in that business and grow in the pipeline.

再次，對企業擴張非常感興趣。因此，這肯定是一種投資轉變，但毫無疑問，整體營運支出也會逐漸減少，對嗎？由於我們確實比計劃提前了一點達到了巡航高度，所以我們現在可以開始工作，在該業務中成長並在管道中成長。

And the next question comes from Bhavin Shah with Deutsche Bank.

下一個問題來自德意志銀行的 Bhavin Shah。

Just focus on subscription revenue. If I look at your 1Q performance and 2Q guidance, it would imply a pretty material sequential growth in the back half of the year. Can you just talk about what are some of the drivers to the confidence in seeing the ability to kind of ramp up in 2H?

只需關注訂閱收入即可。如果我看一下你們第一季的業績和第二季的指導，這將意味著今年下半年將有相當大的連續成長。您能否談談哪些驅動因素讓我們有信心看到 2H 中的能力有所提升？

Absolutely. A couple of things, right? We've been laying the foundation for subscription growth really over the last 18 months. And there's a few really important forces at work that are just continuing to drive acceleration in this all-important part of the company. And first and foremost is creating options to accelerate adoption, and that is our Capture Ubiquity strategy. And Matterport for mobile, Matterport Axis, in combination with Capture Services, which JD spoke about seeing really strong acceleration as well, that's driving the adoption of digital twins, right?

絕對地。有幾件事，對吧？在過去 18 個月裡，我們一直在為訂閱量成長奠定基礎。有一些非常重要的力量正在發揮作用，它們正在繼續推動公司這一最重要部分的加速發展。首先也是最重要的是創造加速採用的選項，這就是我們的「捕捉無所不在」策略。面向行動裝置的 Matterport Axis 與 JD 談到的 Capture Services 相結合，也看到了真正強勁的加速，這正在推動數位孿生的採用，對吧？

And of course, as you know, the more space is under management, the faster we grow our subscription business. And so putting these very scalable ores in the water, particularly in an environment where we've discussed before, the challenges in the supply chain related to hardware and the manufacturability of our Pro2 camera, this is giving us tremendous option value. We've seen great success out of the gates with Matterport Axis and smartphone capture and Capture Services tend to be just extraordinary advantages for us to play in this constrained environment that we're in today. And that's what's given us the confidence even in today's environment to see that kind of acceleration in the back half of the year. So that's one.

當然，如您所知，管理的空間越多，我們訂閱業務的成長速度就越快。因此，將這些非常可擴展的礦石放入水中，特別是在我們之前討論過的環境中，與硬體和 Pro2 相機的可製造性相關的供應鏈挑戰，這給我們帶來了巨大的選擇價值。我們已經看到 Matterport Axis 和智慧型手機捕獲取得了巨大成功，而捕獲服務對於我們在當今這個受限的環境中發揮作用往往是非凡的優勢。即使在今天的環境下，這也讓我們有信心在今年下半年看到這種加速。這就是其中之一。

The other part of this, too, is we really now have the capacity in the organization to move much quicker in driving penetration in new geographic markets and across our newer end markets. And that's not just in the sales function, but also in the marketing investments we're making to create that market understanding and to shorten the sales cycles for our workforce out there.

另一方面，我們現在確實有能力在組織中更快地推動新地域市場和新終端市場的滲透。這不僅體現在銷售職能中，也體現在我們為建立市場了解並縮短員工的銷售週期而進行的行銷投資。

And then lastly, I would say is datafication. This is specifically in the use case of our emerging customer base in the enterprise that looks to Matterport to manage their facilities online in a more cost-effective and time-efficient manner. And getting building insights, remote building inspections and full property and asset audits from our software is generating tremendous upside for both the installed base, but also a very powerful use case that's bringing many of these new enterprises that I mentioned on the call on to our platform as well. So that's creating a compounding effect of additional subscription revenue, and that's today working exactly to the plan that we put forward.

最後，我想說的是數據化。特別是在我們新興的企業客戶群的用例中，他們希望 Matterport 以更具成本效益和時間效率的方式在線上管理其設施。從我們的軟體中獲得建築見解、遠端建築檢查以及全面的財產和資產審計不僅為安裝基礎帶來了巨大的好處，而且也是一個非常強大的用例，它將我在電話會議上提到的許多新企業帶到了我們的網站。平台也是如此。因此，這會產生額外訂閱收入的複合效應，而這恰好符合我們提出的計劃。

Super insightful. And I guess a follow-up on the first point. Can you maybe help us better understand how the mix of maybe paid spaces under management breaks down between ones that may be leveraged a Pro2 camera versus something that or space that leverage maybe mobile or Capture Services, and how that's trended over time, just to help us better understand how big Capture Services can be overtime?

超有洞察力。我想這是第一點的後續。您能否幫助我們更好地了解管理下的付費空間的組合如何在可能利用Pro2 相機的空間與可能利用移動或捕獲服務的空間之間進行分解，以及隨著時間的推移趨勢如何，只是為了提供幫助我們更了解Capture Services 的超時能有多大？

Sure. Well, I'll take the last question and then JD, I'll flip it back to you for the breakdown. But look, we think Capture Services has enormous potential because remember, today, our Capture Services network reaches more than 40 countries. In fact, I think we're ostensibly in more than 50 but squarely in at least 40 countries today and growing. And these capture service providers now have more options at their fingertips, limited not only to a Pro2 camera as the means of showing up to your property or your portfolio of properties and digitizing them, you can now use low-cost third-party capture devices, the 360 cameras from our partners as well as, of course, a smartphone and now with smartphone plus Matterport Axis. That's a pretty big deal because it's bridging a gap using ostensibly a consumer device to create a professional-grade digital twin, but also increases basically the types of people who could become a capture service provider.

當然。好吧，我將回答最後一個問題，然後 JD，我會將其轉回給您進行細分。但是，我們認為 Capture Services 具有巨大的潛力，因為請記住，如今，我們的 Capture Services 網路已覆蓋 40 多個國家。事實上，我認為我們表面上已在 50 多個國家開展業務，但如今至少已在 40 個國家開展業務，而且還在不斷增長。這些捕捉服務提供者現在擁有更多觸手可及的選擇，不僅限於 Pro2 相機作為顯示您的財產或財產組合並將其數位化的手段，您現在還可以使用低成本的第三方捕捉設備、來自我們合作夥伴的360 度鏡頭，當然還有智慧型手機，現在還有智慧型手機加Matterport Axis。這是一件相當大的事情，因為它彌合了使用表面上的消費設備來創建專業級數位孿生的差距，但基本上也增加了可以成為捕獲服務提供者的人員類型。

That's as simple as just for any professional photographer or a professional service person of any kind that could now very easily use their own smartphone in their pocket plus a very low-cost device in Matterport Axis to produce something that we're seeing meeting the standard for mid-market and enterprise as much as it is for a small business. So that really puts a tremendous opportunity for acceleration in front of us. And looking at just the early stages of the introduction of this new solution, we're very, very encouraged by its potential.

這對於任何專業攝影師或任何類型的專業服務人員來說都很簡單，他們現在可以輕鬆地使用自己口袋裡的智慧型手機加上 Matterport Axis 中的低成本設備來製作我們看到的符合標準的東西對於中型市場和企業以及小型企業都是如此。因此，這確實為我們帶來了巨大的加速機會。看看這個新解決方案引入的早期階段，我們對其潛力感到非常非常鼓舞。

Yes. And I'll just add in, it is somewhat early in the Capture Services life compared to the Pro2, of course, the Pro2 has been around for nearly 5 years now, or I think at least 5 years now. And Capture Services has been delivering revenue here for about 1.5 years. And so notwithstanding that, we've seen Capture Services in terms of space creation, grow well over 50% year-over-year. So while we don't give out that specific number itself, the growth rates actually have been in that 50% range ending this quarter.

是的。我想補充一點，與 Pro2 相比，Capture Services 的生命週期有點早，當然，Pro2 已經存在了近 5 年，或者我認為至少有 5 年了。 Capture Services 在這方面創造了約 1.5 年的收入。儘管如此，我們還是看到 Capture Services 在空間創造方面的年增率超過 50%。因此，雖然我們沒有給出具體數字，但截至本季末，成長率實際上一直在 50% 的範圍內。

And the next question comes from Elizabeth Porter with Morgan Stanley.

下一個問題來自摩根士丹利的伊麗莎白波特。

Congrats on the quarter and reiterating the full year guide despite some of the macro volatility. I was hoping to get just an update on demand within that residential real estate case. And just given rising interest rates and headlines on softening demand, how should we think about Matterport's ability to either take a bigger piece of a potentially smaller pie residential real estate activity? Or the ability for those new verticals like insurance and construction to offset a potentially slower real estate market.

儘管存在一些宏觀波動，但還是對本季表示祝賀，並重申了全年指引。我希望能根據需要獲得該住宅房地產案例的最新資訊。鑑於利率上升和需求疲軟的頭條新聞，我們應該如何看待 Matterport 是否有能力從可能較小的住宅房地產活動中分得更大的一塊？或保險和建築等新垂直行業抵消房地產市場潛在放緩的能力。

Great. Thanks, Elizabeth. First, we haven't seen any impact on our business either from the unusually low inventory of houses for sale, particularly in the United States or as a result of rising interest rates. So the residential real estate and commercial real estate spaces have continued to grow with us and perform as expected in the first quarter. And of course, the other thing that I think about a lot and look at is the fact that we do have a global business. We've got Matterport customers in nearly 180 countries.

偉大的。謝謝，伊麗莎白。首先，我們沒有看到待售房屋庫存異常低（特別是在美國）或利率上升對我們的業務產生任何影響。因此，住宅房地產和商業房地產空間繼續與我們一起成長，並在第一季表現符合預期。當然，我經常思考和關注的另一件事是我們確實擁有全球業務。我們在近 180 個國家擁有 Matterport 客戶。

And then to your point, we obviously have a growing business in nonresidential real estate vertical markets as well. And we are seeing growth in all of those other verticals. Certainly, travel and hospitality, as RJ mentioned, is growing as we're starting to see more people out and about traveling, experiencing restaurants and events. We're seeing growth in the business there. Similarly, in insurance, factory management and facilities and in retail and all those sectors, they're growing as companies are increasingly looking to improve their efficiency of operations by using technology, particularly AI and ML-driven technologies.

然後就您的觀點而言，我們在非住宅房地產垂直市場的業務顯然也在不斷增長。我們看到所有其他垂直領域的成長。當然，正如 RJ 所提到的，隨著我們開始看到越來越多的人外出旅行、體驗餐廳和參加活動，旅行和酒店業正在不斷增長。我們看到那裡的業務正在成長。同樣，在保險、工廠管理和設施以及零售和所有這些領域，隨著公司越來越多地尋求透過使用技術，特別是人工智慧和機器學習驅動的技術來提高營運效率，它們也在不斷增長。

So I think that we'll continue to see kind of growth in all verticals. And even with if the -- or as the U.S. residential real estate markets go through its ups and downs with respect to mortgage rates or home selling prices, we still have an incredibly large opportunity just in that segment in front of us. We think our penetration rates in the United States, for example, are about 7% of homes listed in the United States each year have a Matterport digital twin associated with them. So there's another 93% of that market regardless of whether it's 6 million homes sold in the year of 5.5 million homes or are 5 million homes sold in the year.

所以我認為我們將繼續看到所有垂直領域的成長。即使美國住宅房地產市場在抵押貸款利率或房屋銷售價格方面經歷起起落落，我們在這個領域仍然擁有令人難以置信的巨大機會。例如，我們認為，我們在美國的滲透率每年約有 7% 的美國上市房屋擁有與之相關的 Matterport 數位孿生。因此，無論是 550 萬套房屋當年售出 600 萬套，還是當年售出 500 萬套房屋，該市場還有另外 93% 的份額。

That's ahead of us to go capture in that segment, too. So the opportunities, I think, in all those segments remain significant, massive and in front of us. And I think we'll still continue to see the growth as we're forecasting even with a dynamic market environment.

這也是我們在該細分市場中的目標。因此，我認為，所有這些領域的機會仍然是巨大的、巨大的，就在我們面前。我認為，即使市場環境充滿活力，我們仍將繼續看到我們預測的成長。

Great. And as a follow-up, it was interesting to see the Midland Holdings acquisition. Just curious to get kind of a deeper rationale for acquiring a broker. And is that a strategy you're looking to expand?

偉大的。接下來，有趣的是米德蘭控股公司的收購。只是想了解收購經紀人的更深入的理由。這是您想要擴展的策略嗎？

Well, I think to clarify, we did not acquire them. We acquired them as a customer. But no, we did not own Midland Holdings. They -- our customers very much like a number of enterprise relationships that we engage in with global brokerages around the world, like Compass, for example, and Keller Williams, JLL and Cushman & Wakefield on the commercial real estate side. And Midland, of course, is just a fantastic gateway for us into a very large market opportunity in China.

好吧，我想澄清一下，我們沒有獲得它們。我們將他們作為客戶收購。但不，我們並不擁有米德蘭控股公司。我們的客戶非常喜歡我們與世界各地的全球經紀公司建立的許多企業關係，例如商業房地產方面的 Compass、Keller Williams、JLL 和 Cushman & Wakefield。當然，米德蘭只是我們進入中國龐大市場機會的絕佳門戶。

And the next question comes from Yun Kim with Loop Capital Markets.

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

Congrats on a solid quarter, RJ and JD. Given the current focus on the enterprise, can you just talk about, at least qualitatively, the subscription revenue mix between enterprise and non-enterprise? And how has that been trending? And should we expect an inflection point in that mix sometime in second half of the year as your recent sales hires in the enterprise start to ramp?

恭喜 RJ 和 JD 取得了穩定的季度業績。鑑於目前對企業的關注，您能否至少從品質上談談企業和非企業之間的訂閱收入組合？趨勢如何？隨著您最近在企業中的銷售人員開始增加，我們是否應該預期這種組合會在今年下半年的某個時候出現轉折點？

Well, yes, in terms of the trends in enterprise versus SMB or small and medium business, the enterprise business has been growing as a percent of the total for the last several quarters, in fact, from last year early part of last year all the way through to now. But both segments grow. And so the mix shift is relatively kind of steady. So it's still about 30% of revenue is coming from the enterprise but again, up a little bit each quarter as we go along. So that's what we've seen looking backward or now looking forward.

嗯，是的，就企業與中小企業或中小型企業的趨勢而言，過去幾個季度企業業務佔總業務的百分比一直在增長，事實上，從去年年初開始，所有業務都在增長。一直到現在。但這兩個細分市場都在成長。因此，混合轉變相對穩定。因此，大約 30% 的收入仍然來自企業，但隨著我們的發展，每個季度都會上升。這就是我們過去或現在所看到的情況。

Of course, as we've talked about, we are making significant investments, and RJ's discussed this earlier, in enterprise go-to-market motions, both sales and marketing. And so while I'm not forecasting an inflection, I do expect to continue to see kind of accelerated growth in enterprise, both in terms of new customer logo acquisition and in terms of outperformance in the net dollar expansion rate.

當然，正如我們所討論的，我們正在進行重大投資，RJ 之前也討論過這一點，即在企業進入市場的行動中，包括銷售和行銷。因此，雖然我沒有預測會出現拐點，但我確實預計企業將繼續加速成長，無論是在新客戶商標獲取方面還是在淨美元擴張率方面表現出色。

Okay. Great. And then, JD, another one for you is a quick one. Remind us about various factors that's driving your account receivables. It looks like it went up a bit. Is that more of a, again, a function of a higher mix of enterprise business, which tends to have a longer -- generates longer DSO?

好的。偉大的。然後，JD，給你的另一件事是快速的。提醒我們影響您應收帳款的各種因素。看起來好像又漲了一點。這是否更像是企業業務更高組合的功能，而企業業務往往會產生更長的 DSO？

You're exactly right. It is a result of the increasing mix of enterprise customers. Enterprise customers and channel partners tend to pay on terms. And so we're issuing the invoices and then working to collect those bills, whereas the small to medium business cohort tends to pay by credit card in advance. And so when you see the growth in accounts receivable, that is, as you said, it's due to the growth in the enterprise business as well as the channel partners.

你說得完全正確。這是企業客戶數量不斷增加的結果。企業客戶和通路合作夥伴傾向於按條款付款。因此，我們開立發票，然後努力收取這些帳單，而中小型企業群體往往透過信用卡提前付款。因此，當您看到應收帳款的成長時，正如您所說，這是由於企業業務以及通路合作夥伴的成長。

And the next question comes from Wayne Trinh with Piper Sandler.

下一個問題來自 Wayne Trinh 和 Piper Sandler。

This is Wayne on for Brent. Just wondering if you guys could give some insight into what drove the growth in spaces under management and how we should think about monetization in the space?

這是布倫特的韋恩。只是想知道你們是否可以深入了解推動管理空間成長的因素以及我們應該如何考慮該空間的貨幣化？

Sure. It's a good story. Across the board, we're seeing positive adoption from residential, commercial real estate and enterprise. And once again, when the -- all the cylinders and the engine are firing, including Capture Services, again, that global network out there that continues its acceleration continues to really ramp up, that's just adding to the monthly velocity of some growth or spaces under management. And this has also been a very important part of the strategy we've been discussing over the last several quarters where we've been making very specific investments as well to accelerate those efforts, right, and to put more capacity into the system to cast a wider net to get those initial spaces going and new accounts created in many cases and thus, boosting space under management.

當然。這是一個好故事。總體而言，我們看到住宅、商業房地產和企業的積極採用。再一次，當所有氣缸和引擎都在點火時，包括捕獲服務，繼續加速的全球網路繼續真正加速，這只是增加了一些增長或空間的每月速度受管理。這也是我們過去幾季一直在討論的策略的一個非常重要的部分，我們一直在進行非常具體的投資，以加速這些努力，對吧，並向系統投入更多的能力來鑄造更廣泛的網絡來啟動這些初始空間並在許多情況下建立新帳戶，從而增加管理空間。

Second part of this that you're going to see more and more of going into the back half of the year is, we continue to see a healthy mix of paid subscriber growth and paid [sum] growth. But also the freemium part of the business is very important because that's the easiest way to test drive Matterport and to measure the value proposition in any of these end markets from enterprise and in any geography. And because our TAM is just so large, we need to continue to cast a much, much wider net and exponentially wider net of awareness to get that top of funnel really full to the place we'd like it.

第二部分，你將在今年下半年看到越來越多的情況是，我們繼續看到付費用戶成長和付費成長的健康組合。但業務的免費增值部分也非常重要，因為這是測試驅動 Matterport 並衡量企業和任何地區的任何終端市場價值主張的最簡單方法。因為我們的 TAM 太大了，所以我們需要繼續撒一張更廣的網和指數級更廣的意識網，以使漏斗的頂部真正充滿到我們想要的地方。

And so that's where we're going to be putting forward some highly performance marketing programs that continue to drive the awareness of the Matterport value proposition in all of these growth markets that we have that we've been discussing and in all the geo markets that we now have a beachhead in. So that you can expect to continue to see acceleration through the back half of the year and of course, next year.

因此，這就是我們將提出一些高性能行銷計劃的地方，這些計劃將繼續提高我們一直在討論的所有這些成長市場以及所有地理市場中對 Matterport 價值主張的認識。我們現在已經佔據了灘頭陣地。因此，您可以期望在今年下半年，當然還有明年，繼續看到加速發展。

Great. And just wondering if there was any update on the hardware camera supply chain constraints.

偉大的。只是想知道硬體相機供應鏈限制是否有任何更新。

Sure. It is challenging to be frank. It is -- we have been making good progress. And at the same time, sometimes it feels like it's one step forward, maybe 1.5 steps back as we have been very steadily doing everything from making smart and savvy and timely spot buys to minimize the stock-outs of our products and very actively multi-sourcing components from other suppliers. We also find ourselves in at the whims of the pandemic that has caused for Shenzhen and other regions to go into lockdown again and basically bring supply chains to a halt, which includes key components for our hardware product offering.

當然。坦白說是很有挑戰性的。我們一直在取得良好進展。同時，有時感覺好像向前邁了一步，也許是後退了1.5 步，因為我們一直在非常穩定地做一切事情，從明智、精明和及時的現貨採購到最大限度地減少我們產品的缺貨，以及非常積極地進行多方面的採購。從其他供應商採購組件。我們也發現自己正處於疫情的突發之中，導致深圳和其他地區再次陷入封鎖，供應鏈基本上陷入停頓，其中包括我們硬體產品供應的關鍵組件。

But I can tell you, again, we've got one of the best teams in the business in manufacturing, not just on the R&D side, but in the full supply chain management that has been doing just a spectacular job of keeping it at bay, right, to the extent we can. Having said that, there's a meaningful backlog of products. There's very strong demand even in today's market for Matterport Pro2 cameras. And so we're going to be continuing to work this very actively, but we're positively staying ahead of it as best we can and steadily digging out as we go.

但我可以再次告訴你，我們擁有製造業中最好的團隊之一，不僅在研發方面，而且在整個供應鏈管理方面，我們在防止這種情況方面做得非常出色，對，在我們能做到的範圍內。話雖如此，產品積壓還是很嚴重的。即使在當今市場，對 Matterport Pro2 相機的需求也非常強勁。因此，我們將繼續非常積極地進行這項工作，但我們將盡可能積極地保持領先地位，並在前進過程中穩步挖掘。

And I can't predict any further kind of global macro events, but save for those that we're contending with here in Q2 and the China lockdowns, I'm optimistic that we are doing all of the right things to keep it at bay for the quarters ahead.

我無法預測任何進一步的全球宏觀事件，但除了我們在第二季度面臨的事件和中國的封鎖之外，我樂觀地認為我們正在採取所有正確的措施來阻止它未來幾個季度。

Thank you. And this concludes both the question-and-answer session as well as the call itself. Thank you so much for attending today. You may now disconnect your lines.

謝謝。問答環節和通話本身就到此結束。非常感謝您今天參加。現在您可以斷開線路。