Matterport, Inc.

Today, and thank you for standing by, welcome to the Matterport, Inc. Earnings Conference Call. At this time, all participants are in listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during that session, you will need to press star 1 on your telephone. Please be advised that today's conference is being recorded. If you require any further assistance, please press star 0. I will now hand the conference over to your speaker today, Suwon Kim, Vice President of Investor Relations.

Thank you. Before we begin, I'd like to remind you that today's call contains four looking statements. These four looking statements are subject to numerous risks and uncertainties, including those set forth in the filings of the SEC by Boers Holding VI regarding our proposed business combination and available in the Investor Relations section of our website. Actual results may differ materially from any forward-looking statements we make today. These forward-looking statements speak only as of today, and the company does not assume any obligation or intent to update them except as required by law. In addition, today's call includes non-GAAP measures. These measures should be considered as a supplement to and not a substitute for GAAP financial measures. Reconciliations to nearest GAAP measures can be found in today's earnings press release, which is available on the company's website. Hosting today's call are RJ Pittman, Chief Executive Officer of Matterport, and JD Fay, Chief Financial Officer. With that, I'd like to turn the call over to RJ to begin.

Thanks, Suwan. Good afternoon, everyone, and thank you for joining us today. I am very excited to share our first quarter financial results with you. This was a record quarter for Matterport, as our subscriber base grew to over 330,000, and we delivered $26.9 million in total revenues. up a remarkable 108% from the year ago quarter. JD Fay will discuss our strong first quarter results in more detail, along with the great progress we're making on our merger, transforming Matterport into a public company a bit later. I'd like to now turn to a brief overview of Matterport and the market opportunity ahead. Founded in 2011, Matterport has been digitizing the built world for a decade. It began with our market-leading 3D platform that lets anyone turn a physical space into an immersive digital twin. We have been relentlessly perfecting our craft to create the most detailed, accurate and data-rich digital twins in the industry. Our 3D reconstruction process is fully automated, powered by advanced computer vision and artificial intelligence allowing our solution to scale with equal precision to millions of buildings and spaces of any kind, anywhere in the world. Matterport Digital Twins are captured from any compatible camera, from sophisticated 3D imaging equipment, such as Matterport's groundbreaking Pro2 camera, to the smartphone in your pocket. Our customer base has grown to over 330,000 subscribers, digitizing spaces in more than 150 countries and growing. We call each digital twin captured by our customers a space, and our total spaces under management, or sum as we refer to it, has increased to over 5 million, more than doubling in the past year. We have digitized more than 10 billion square feet of space across multiple industries, from homes, offices, museums, and schools, to factories, hospitals, and retail stores. Our total addressable market is enormous. Real estate is the largest asset class in the world, with an estimated value of $230 trillion. This is more than three times the value of all global equities combined. With an estimated 4 billion buildings worldwide, the built world is the largest undisrupted market with less than 1% digitized today. With many of the 4 billion buildings, there are multiple unique spaces to digitize, yielding as many as 20 billion total spaces to capture. We believe current total addressable market opportunity for digitizing the built world is over $240 billion. With the help of artificial intelligence, machine learning, and deep learning technologies, We believe additional growth opportunities are available to us as we continue to unlock powerful spatial data-driven property insights and analytics. This increases the total addressable market for the digitization and datafication of the built world to more than $1 trillion. Our software provides customers with critical tools and insights to drive material ROI improvements across every aspect of the building lifecycle, including design, build, operate, remodel, and repair. Our platform and data solutions are universal across industries and building types, giving Matterport a significant advantage as we scale into this huge market to help increase the value of the largest asset class in the world. The Matterport Spatial Data Platform delivers value across a diverse set of industries and use cases. Large retailers can manage thousands of store locations remotely. Real estate agencies can provide virtual open houses for hundreds of properties and thousands of visitors at the same time. And property developers and insurance companies can more precisely document and assess building integrity and the construction process every step of the way with greater speed, efficiency, and precision. Matterport's value proposition delivers significant time and cost savings for our customers while providing the data insights they need to manage their spaces more effectively. Here are two examples. First, in real estate, we work with the top residential and commercial real estate companies in the business. Large residential real estate customers like Redfin, Compass, and Keller Williams use Matterport to dramatically increase engagement, attract more prospects, and close business online without time-consuming physical site visits. Research shows that homes with 3D digital twins sell 30% faster and realize up to 9% higher price. Similarly, in commercial real estate, companies like JLL and Cushman & Wakefield use Matterport to digitize thousands of buildings globally. By taking these assets online, our platform helps manage their global portfolio anywhere on any device. Cushman & Wakefield has increased its bookings with us by 26 times over two years, and they were able to prove out tremendous hard dollar cost savings. Second, global telecom leaders like Ericsson, Verizon, and AT&T are leveraging Matterport to manage construction and scale facilities management of their vast telecom locations globally. As you can imagine, the time, expense, and carbon emissions of travel to manage and develop tens of thousands of structures worldwide is very costly. With a strategic partner, we have integrated Matterport into Ericsson's enterprise systems to speed the upgrade and rollout of 5G cell sites worldwide. while improving the efficiency of large-scale facilities management. We have grown this business by more than 60% in the past year, with much more to accomplish. We believe we can continue to grow the company by executing on our well-established go-to-market playbook. I'd like to briefly walk you through our four vectors of growth. First, scale our enterprise business across industry verticals. Matterport will continue to drive customer growth by expanding use cases and introducing new applications. We are particularly focused on acquiring and retaining enterprise customers. With our massive spatial data library and pioneering AI-powered capabilities, we pride ourselves on our ability to deliver value across the property lifecycle for a wide range of industries. This includes real estate, architecture, engineering and construction, travel and hospitality, insurance, industrial, retail, and facilities. We will also increase investments in industry-specific sales and marketing initiatives to increase sales efficiency and drive customer growth and recurring revenue growth in our enterprise customer segment. Second, accelerates our international expansion. The majority of the world's buildings are located outside of the United States, and we foresee massive opportunities in pursuing the digitization and datafication of the building stock worldwide. While we already serve customers in more than 150 countries, we will seek to further penetrate these existing geographies in order to add their unique spatial data to our platform as more customers are acquired and more use cases adopted. This creates a powerful network effect that will allow us to expand further into underpenetrated countries and unlock additional properties and spaces. Third, increase our investment in research and development. We will continue to invest in R&D to improve our core AI technology and data science, expand our solutions portfolio, and support seamless integration of our platform with third-party systems. We have a robust pipeline of new product releases in development for the foreseeable future. A year ago, We launched Matterport for iPhone, making Matterport accessible to hundreds of millions of people. Just download the free app to capture and collaborate on 3D spaces. Matterport for iPhone helped fuel our subscriber growth over tenfold in less than one year in the market. And just as Apple announced its new iPad and iPhone with LiDAR, we released a new version of Matterport that takes advantage of Apple's new depth sensor to increase the fidelity and accuracy of our digital twins. We also launched a strategic initiative to develop an offering for the other 85% of the world's smartphones that run the Android operating system. And not surprisingly, our customers had been asking for this too. We listened and recently launched the Matterport Capture app for Android, making our technology available to billions of Android users and significantly reducing their cost of ownership. This release for Android dramatically expands our market reach and has the power to accelerate our international expansion efforts across Asia Pacific, Europe, the Middle East, and Africa, where Android market share is especially concentrated. We see significant potential for future customer growth as we release more products and create additional upselling opportunities. Our final growth vector is focused on expanding partner integrations and our third-party developer ecosystem. We are fostering a strong network of partners and developers for the Matterport technology platform. Built on top of our open, scalable, and secure enterprise platform, organizations across numerous industries have been automating project workflows, enhancing customer experiences, and creating custom applications for high-value vertical use cases. For example, in May 2020, we rolled out an early enterprise integration with Autodesk to help construction teams streamline documentation across workflows and collaborate virtually with Matterport Digital Twins at the center of engagement. With many more partners now joining the platform, we are accelerating efforts to secure partnerships with leading software providers and data companies to enable more vertical market integrations, and to expand our marketplace of third-party applications. I will now turn it over to JD, who will talk about the strength of our business model and financial performance for Q1 2021.