Earnings call transcript Q2 2023

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Operator

Good day, and welcome to the Matterport Incorporated Fiscal 2023 Second Quarter Results Conference Call. All participants will be in a listen-only mode. [Operator Instructions] Please note this event is being recorded.

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

Mike Knapp

release website. to and call. welcome section on results our quarter financial to call can XXXX. XXXX the website recording the Thanks. investors.matterport.com. the live at the Matterport's Investor and market the of conference This The XX, June After quarter being released found available closed results Relations on third Company's recorded And is ended second is webcast today, be for link Matterport a

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

the with to of by found and risks revise the be day assumes and this can All Additional as except them, made or of law. are obligation no SEC. information statements Matterport the regarding as uncertainties filings update call our required in forward-looking

comparable these website. on financial available financial supplement as These this earnings slides, on addition, will non-GAAP measure non-GAAP the for are GAAP as be GAAP call substitute directly indicated. which can of on a the In unless of basis measures to Reconciliation otherwise measures be each considered references be Company's found not should in a a and measures. most today's financial to

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

over with I’d it to to RJ begin. to And that, like turn

RJ Pittman

afternoon, for thank you joining Good us today. Mike. and everyone, Thanks

businesses. by efficiency nearly was of Company the and the to quarter to We half pivotal $XX in second grew steady fueled initiatives execution record our medium-sized deliver enterprise XXXX. small doubling while this improvements adoption with quarter for strong Total and subscription year. down function step gains million, the our on second productivity Our services revenue and delivered for revenue

records XX.X XXX,XXX, Our under steady twin our set hitting spaces expanding to digital growth subscriber adoption. in key new management reflecting metrics and with million, base

spatial leading managed are spaces capturing our of ProX customers square expanded feet than library billion XX to space Our as ever data larger physical rapidly with has camera.

$XX.X all subscription and promoting of for achieving platform they're significant onsite our to sizes the a to digital the collaboration. markets record QX, facilities guidance continue at efficient employing the for end utilization Businesses we range high revenue by has This the million reducing Matterport quarter. embrace gains across travel for by Increasingly, space digital propelled need planning and in software productivity our our management, widespread vertical adoption serve. twin of

XX% ago. strong with Our platform's than Moreover, partnerships another from a and enhance resulted of line continued channels, industry year growth ecosystems, large new drive us functionality help distribution a pipeline, continue connect improvement to loss to revenue our customers. our has quarter efficiency us for on open our focus per bottom in of strategic share net the operating in on and outperformance $X.XX, more

tools customers unmatched twin for with equips platform facilities. marketing crucial Our and properties and digital their managing

library, revenue will value moment. our a generate our breakthrough solutions our bolster in and AI that harnessing expect spatial we extensive on subscription By account. new data customer More per

us and to to we effectively and more QX, profitability. SaaS early subscription bolster of company of to and value more pricing enable capture and track customers significant modernization QX These changes changes organization implemented while fast providing strategic our our revenue included structure plan with In our across a flexibility. execution the

and a on Each discussed further to leaner of of in world. to a efforts restructuring push to the Matterport focus initiative we the which accelerate digital AI elaborate and announced July, built of accrue company-wide a and like our Genesis, introduced we our forefront And to important previously steps these transformation the moving would I've organization. while Next, to further. path I strategy, profitability creating faster long-term to our

platform we designed encompass updated better twins pricing to introduced new subscription quarter, value for This and customers. exciting Matterport and flexibility subscription platform technology of announced technology that we provide and the created experienced continuously add out we platform. functionality every fueled more rolled twin twins the our and and industries use that use features evolution growth and has enormous grow to offer unlock subscription customers our to in Since of customer expanded our digital increased digital encourage our keep pace, plans plans functionality, our flexibility their In XXXX, of rapid has in our first our digital utilizing for to retroactively. base rich ways. diverse cloud-based To new the plans while we

can We've subscriptions the budget. customers their carefully updated and find right so our plans that needs fit

Feedback our XX%. begin subscription standard this the customers and months and carry As X% over in have a encouraging, by a the to expect have these very across changes updates, to impact coming pricing increased update positive revenue approximately plans prices subscription result been from we into may to following XXXX. of have on

Intelligence, space. we our set, the of to library technology, largest our Turning physical with digitized strategy AI Cortex expanded proprietary steadily AI Property world's first leveraging have and data

discover It workflows, enabling anywhere that material. of in and documents we visits truth new newest property assessing to site need the the capability or better intelligence, as more decisions lengthy the insights space from easily and quickly clients today, or world. quarter, a manage a about condition fully provides multiple for offering previously automated or powerful of insights manual efficiencies. automates space talked online providing Last as such our of measurements type This our to make customers to enable the automatic it about generates eliminates property properties exists their operational and

product currently Intelligence select first datafication Property with is on offering is the piloted and our roadmap being customers.

year. this availability announce later to We general expect

new our spatial offer at and AI to with we library create built the to world. unique square spatial a property the property solution of will AI space first data homeowners world June, most initiative XX exciting intelligence shared alike. will for a In generative Genesis, digitized combine an in one look to the of our platforms powerful Genesis managers and leverage billion computing feet that

the that design, Genesis our generation planning, decade year. live, to describe is the expertise the and much future. it spaces operate deliver intelligence a play. Thanks property breakthrough a of automate twin management, This only platform look in release Matterport XD digital We and we understand as our long that Genesis could more data of harness and exists first and defines our base digital expected interior which integrate a and envision work, how so artificial designed platform of better to is twins digital library. the for twin spatial plan the AI a to space in intelligent preview new by end with to magnitude. today market-leading in space can this our and across

Next up efficiency. is

As of and timeline track profitability a reduction. our already mentioned, and operational changes previous we efficiency reorganization year profitability flow to ahead The cash XXXX, fast execution our have our these enhanced our accelerated a aim improved recent, workforce speed, focus, to through plan. and our

our end resilience demonstrating core results, in markets by challenging business model remains real estate our the our of business are highlighted the our As strong, QX and diverse market.

our growth profitability impacted we've taken any those especially these and and for decisive market fostering actions, and commitment steps by the underscore to challenging While dedication achieving conditions. through difficult

customer of I impact hand of our spend our and I'd to incredible few it growth industry base. the partnerships you to on financials, Fay state over are discuss minutes revenue Before JD the like that driving our to expanding updating a and the

Over the we've connect past our important discussed quarters, enterprise IoT integrations twins. into digital enables to seamlessly TwinMaker, with Amazon's few AWS which customers data

the our our a shared digital twin with validation like significant AWS Our customers Deere to platform and value INVISTA. of relationship is John brings

sales. a Amazon is channel and drives partner of also volume valued significant hardware a our

a fact, for this day promotion record summer's ProX, camera access Day newest Amazon In in ProX. set lineup sales, for camera and Prime the our Matterport single

trusted our continues create services relationship customers. global a and and opportunities our with cloud in Amazon, Our for business leader e-commerce, to valuable longstanding

pipeline like Autodesk, new others software kicking improving while for for and our paths solutions, expands with versatility our growth. PTC, platform's enterprise revenue and leading strong creating This presence partnerships Procore, high distribution larger the quarter. value Matterport’s into providers a our subscription exiting in strategic are gear, ecosystems, generating users, AWS, our many second fueling

than easy offer customers These administrative integrations focus creative integrations software, a apps simplifying tasks. workflows saving to on strategic top enabling services, and rather duplicate reducing connections syncing, time, and Our tier automate tasks. and data

industry design instance, is streamline and the renovations the management spatial our various platforms. with applications. conditions mission fast-changing BIM or integrating by real world technology customers and industry, Information helps processes. for strategy Matterport AEC attuned how stays critical integration and and nimble keeps data software This The Modeling Building us to and connecting software In facilities use landscape transforms across sectors with by with trends

year. We're a reach the distributors reaching for to peak trillion us. also industrial America, of and immense XX boasts over countries market expanding the regions CompuSoluciones Technologies These by construction, East, our partnering with square million real Pacific. while with in amount feet, XXX feet global Council this in estate Middle Asia in XXXX space building like Mexico's Equinox and $X.X Latin Africa Cooperation square opportunities Gulf million projects vast major of present

ProX with and Matterport’s medium top supply cameras, ProX enhancing enterprises operational will their new and tier sized digital efficiency. distributors Our to platform and global twin businesses small

the we extended challenging testament to conditions through partnership property keeping agreement. moving Southern Recently, our real forward largest also and A estate online platform amidst a to with estate our idealista, multi-year long-term Europe's industry strong commitment real European relationship market worldwide.

the sales home XXX,XXX Despite basis. twins majority quarter typical in market platform a continued by show than know, estate. home to in quarter, nearly volume. which a with related is U.S. adjusted this, seasonally residential residential second real XX% on of strength the to digital we lower new has the lower sales Matterport estate Existing our As on were experiencing annual real existing are

Our precision was potential of content twins, their quarter well, those offer and well that listings the in a that agents in by faster XXX%. Matterport new digital package Matterport’s they is digital all-in-one studies and brokerages interactions listings. competition from win XX% Digital Two with as value Matterport which inventory digital over agent online of using twins launched. real heightened real engagement low it Moreover, up for sell last more separate listings. agents sequential be buyers, increase increasingly growth market homes when XX% with the to listing. continues report estate twin to important boosting of XXX% Matterport with they marketing with found today's estate convinced are received Pro of when the

to customers will and construction data in enable opportunities and such We revenue current Matterport gain anticipate subscription future management. obtained from new estate imagined that AI twins. insights as real tools or from sectors like introduce These facilities Property Intelligence digital other tools

and Finally, by home should our growth to rapid U.S. inflation in interest XX% to innovative to all well-placed year, sales volume lineup. we're improve, next increase rates drive existing of the offerings this and with market new in expected begin is

would Fay JD our second like turn to quarter the to for now outlook performance for full over the XXXX. and it discuss year and I the to financial QX

JD Fay

you, Thank RJ.

$XX.X categories revenue second reaching which at quarter. subscription our with was also range. services was the year-over-year, and up subscription, the to strength delivered $XX.X in in in we the end For end records new our guidance XX% of and achieving both of million high at quarter, which rose guidance product revenue quarter, our The high was XX% from the services revenue growth year-ago the total the range. million, revenue, period, across Subscription

and roughly had of Free over year average we growth subscribers XX,XXX our by paid equal past subscribers our $XX.X in subscribers. and Of We ago and Europe, annual quarter, enterprise year. all and our both second in rates double-digit to subscribers the addition, the period. grew XX% million. saw to growth paid the East, of compared of Middle rates growth to Asia. geographic at to XX%, end grew free XXX,XXX the the and subscribers grew In small recurring medium operating with revenue regions business record, three customers, were growth the our by These in XXX,XXX

derived the dollar customer enterprise net Our XXX% rate a The rate a was public in dollar for contract net SMB impacted with expansion sector expansion by customers sequentially, while that was cohort this large QX. grew have net our sequentially quarter from would the in XX% impact, dollar revenues rate quarter. Absent for at expansion estate the Approximately customers. completed been flat of XXX%. the non-real subscription was

to see real modest strong facilities and We like management in double-digit construction, growth continue insurance, and balanced hospitality, markets growth estate. travel in with

in double digital $XX.X for was million, the the accounts more year continue the to where and quarter of we record the customer. capture Services and a perform onboarding second twins into revenue new capture embrace ago for than subscription Customers period. services

In our property insurance, BIM and well of addition, growth we offerings, TruePlan marketing our our digital including offering for our saw floor add-on continued adoption services, in as plan as solutions. adjusting,

revenue was ago driven year $X our XX% the by ProX million product was up in the primarily from Our new for period. second continued demand quarter, camera. This

gross to on Moving margin.

total was ago in period. XX% second quarter Our margin a the to year gross for XX% compared

are margin gross the in subscription This support relating of processing the we on customer we now realizing. XX%, the customer year ago Our was our from and XX% cloud result past hosting data investments made of was to up period. related increase over efficiency which year the that platform, and

the in the supply additions the reserve primarily the result have our margin ago in gross challenges chain been was Product we the Product of the experienced The X% last gross was quarter, that year. would without recorded second of E&O XX% in we quarter. negative resolution XX% improvement year period. from margin to up

expect product XXXX. the We that to of balance will gross for mid-teens margin the improve

to as reduction will of to reflecting and technology ago period. year we resulted $XX.X development commitment R&D towards offerings efficiently highest expect to XX% our expenses, and This from from drive the more innovation continue evaluation returns, research spending Turning rigorous that change million, in our operating operate platform. in down we yield the was

as primarily further were and expenses we down This spending the XX% efficiency expenses across SG&A lower reduction related instill period. in operations. to and sales year for $XX.X million, marketing our discipline QX was from ago

we significant is the bottom loss The net pleased the result of $XX.X XX% improvement in share million ago This of is on very a the loss per $X.XX driving above line a quarter and of midpoint the non-GAAP actively second guidance line to quarter. profitability. from are I'm non-GAAP bottom the Company $X.XX, with our as performance year progress range. achieve

was count share average million XXX shares. weighted Our

balance with we the sheet, remain and Moving from investments, on in the million the and cash to $XXX quarter, X% quarter we down just debt-free. ended prior

allow of cash used period. rate $XX.X second is are Our in the our but stopping improvement in run there. a we million would improved for QX Annualizing year quarter, not the XX% nearly from decade operations operations, to ago which a

are We further achieve in to profitability improvements driving XXXX.

in adoption view Company financial metrics. third focus deliver and has Today, our as guidance improve the increasing profitability Strong and both quarter remain customer providing full for resulted we year of our the per on XXXX We outside full of real profitability record and third of quarter are non-GAAP loss the year year we and financial estate to improving another current introducing top the grow for outlook for guidance. track XXXX. for an net on share line

charges GAAP charges restructuring initiative, $X With expect of of majority respect the to our a to $X incur fourth these on to million a we million quarters. and incurred with basis third in

by year breakeven our one pulls cash to initiative targets forward flow this Importantly, operating XXXX.

and expectations this unchanged. for growth healthy remains revenue line item subscription for are Our our

in strong construction, vertical experience insurance. hospitality, and demand markets, and facilities including to travel management continue We

can are estate. real also We grow that demonstrating in we residential

residential We continuing expect, modestly this softness through impacting and however, our year, services estate generally U.S. revenue. estimates for remainder in the real product the market of

of Accordingly, annual $XX.X $XX million. be revenue range to to growth the in for $XX the revenue of range This subscription million million the million $XX to midpoint revenue. be of represents we in quarter, the expect third and to XX% subscription for the total range at

the revenue range in the services to non-GAAP anticipate We to split to of $X.XX. quarter third share balance of per product evenly be line. between revenue $X.XX the expect be roughly loss We and

which total million revenue $XXX million. range, $XXX also We now is full our tightened to year XXXX have

our We have the the range $XX year expectations at revenue represents subscription million. to revenue. be full $XX XX% This to in XXXX the tightened for midpoint growth for subscription range of million of annual

improvement This of a full guidance we midpoint year the quarter represents we XX% the For the to a to articulated an last $X.XX per XXXX, share. loss non-GAAP XXXX. from of improvement $X.XX $X.XX compared and at expect

and path We our profitability. and our actions specific measurable focus to have sharpen strategic accelerate to taken

world. dramatically to faster the continue to increase improved we We AI-driven operations there more twins same time, to productivity, is on more costs, our from get reduce built and revenue and by grow with their will and cash the have At our efficiently work customers for helping Matterport plan come. flow around insights execute data valuable and digital centered more done solutions

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

RJ Pittman

JD. Thanks,

for results the demand commercial companies, is rising to real crucial QX XXXX small delivering businesses our and the the The enhancing Matterport innovative tasks. digital is platform in estate least solution, challenges robust world for and digital and Fortune efficiency the and on-location efficient costliest of ROI the productivity. Our markets. counteracting our instant residential providing by transformation with operational some built reflect platform From now twin savings automating management cost of unfolding

we enacted profitability. fostering business challenging, proven indispensable long-term The responsive an even though markets operational at drive to when down. has affirm commitment our the growth estate, help and sustainable on Matterport changes a Matterport, are centered real tool to be recently to

Our continued start market economic growth further our in stabilize the this and as improve. boost markets to leadership will climate

to is like growth capitalizing with AI-driven enterprise on and brisk, powerful doubling growth, momentum We're innovation our Cortex on technologies for fully Genesis. by and down harness the working Today hard the is have deliver the world. of in through on our faith data datafication. team to built XX trillion enormous our immense $XXX the square our potential power and spatial of And billion feet I technology Matterport of

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

Operator

you. Thank

ahead. We Instructions] will question Deutsche Bhavin The from session. [Operator Bank. the comes from now first go question-and-answer begin Please Shah

Bhavin Shah

questions. my taking for Thanks Great.

a moving to Thanks and of several you retention next the be months just Have to kind reception customer kind of you've way Can customers Just guys couple wanted these ago. impact rates, elaborate the seen changes announced there? kind of bit to ARR plan a the more you changes changes kind seen base or size those of that quarters? the of you that to on what over on churn just to and over might any little circle of much. pricing any packaging your annual so current and back

RJ Pittman

can start some financial question, of the I'll follow-up JD for and detail. the Bhavin. Thanks with

customers. of at this of has the foremost, something and that enlisted and principle a Matterport, is quarters longest our that's a standing centricity. and making in very participation important some here project customer been that we First the many support And

more worked pricing we the of are here. and we this last And days also some in be with and to year had plan and to plans pricing we're the modern the the we on And our the Matterport to platform thing last do and in the pricing we've the equation up because we hard that clear value bringing customers our think been really customers. The doing, not have mentioned of are case, and be moving several to and over platform as to and in any add design to are really will changes throughout the And to seeing was response that much delicate get And incremental fact, value the We to to call, going holders value including for as at much exceeding -- we've in that, bringing these proposition right? room changes support platform right. trends fact, And early very the years into the customers this of platform a so the to it continued and important that we're to they annual our very in done eye. positive. bringing years in least the to had bull's new enlisting value beyond in commensurate five And the early ahead. four strength by without years changes subscription the process, value incorporated expectations, the that hit which great so. that added we're move value now our the we has

staying the along has the So, more be deployment, close pleased I want team out customers that? how to managed to of this you to and our way. the with really, gates, add really couldn't JD,

JD Fay

to in it's RJ. Yes. of pricing, customers has new our in retention in expectations, than within good, our and kind fact, slightly Yes, Thanks, the terms been been behavior expectations. response better the of very of

did conversions because that cash in We than and expected but customers occur expected by pricing in annual response it they're it And those more annual to prepaid. are, that offset and volatility a lowers plans course of slight actually plans MRR was converting in uptick of then, churn to we'd positive, updates. to accelerates which the course,

well has mentioned, So, as better than been expectations. overall, it's feedback, gone And RJ or our good. as

result the term, longer Over this XXXX, quarter we've can of included $X go see MRR line, to change as into I which as guidance our million the about the we in price a adding just already. a

Bhavin Shah

That’s Got sure And it. I make understand it. I want helpful. just to

smaller So, time your will should like, of right? over some current $X four quarter layer in that of think this best Is pricing way guidance layer model about the the the start already the still to that kind but So, as into plus. next quarters over impact, it? million and incorporates well,

RJ Pittman

to Yes. think That's way good about it. a

Bhavin Shah

Awesome.

Just so a follow-up. quick

is like kind terms guidance, seems in of almost revenue of unchanged. your total your Just it subscription

delta from the impacts product Can the of on the were just you what it from side. us previously, what guiding seeing guys services seeing help residential those just more you're seeing in you're like you you're terms understand exactly and In market? it's and Thanks. what sounds areas

RJ Pittman

Go ahead, JD.

JD Fay

can the Sure. Yes. start in one. terms right. I of And on you're that guidance,

the toward the revenue on that do, a half we've healthy unchanged. we year. that's year-over-year That line the And are about remarks. talked get prepared the And at we've the increase as tightened subscription normally back XX% of range remains we estimates as First, guide. as

where changes midpoint quite just product services the very actually and X% reside. modest that from are right, small, They're the You're our guidance. revenue of to previous

is U.S. QX. we're and of did largely two One in from we light seeing that's we've course, areas. update some of here it talked about, almost So, is, as And items. of the from but it implemented there had activity is efficient, in some we driven immaterial, influence the market now of significant to those residential it to and be this real about. while capacity. our more course does estate restructuring allows degree And reduce talked go us some that line But we pretty also on faster a

guidance reflected we our adjustments. in those so, And

drives a to it faster results, Ultimately, today we path bottom-line, going. improves to It profitability. QX which that's and the in going keep here our see

we So, us. macro right have made change in the the think as of where it's well the as light to of opportunities are ahead

So, just business, it's the a and services change the the change year. record slight of on trajectory doesn't X% product this really fact can and year line, deliver we overall or this that another

Operator

Please from next Markets. Your comes go Capital from Yun Kim ahead. question Loop

Yun Kim

you. Thank quarter, solid JD. and on RJ Congrats a

RJ, more business your of driven that value level, doesn't proprietary strategic of is spaces for for intrinsic necessarily Currently model your number subscription high long-term your question business, for you. but the data. by pay First, true account

and such monetize are But have data new Genesis. you're terms are you you that start where data? what can value on of products data of the of new the can of of world, ways monetizing the thinking what beyond some if spaces? just number data in some the oil, today's AI the know gen that about the I the is as explain unlocking already in So, data ways insights that pay obviously you your

RJ Pittman

I you're Yun. the Thanks, appreciate question. right. And

the apply vision insights. and thought data the digital strategy the add-ons in these and and be the the some inherent many and form customers will we that platform, control is more stay digital platform, you our yes, long-term to for off that your heard to first the of take is some and to automatically manifest property digital to properties more the for opportunities intelligence, that of we've value have, more early onto features be for digital than bring going to about allow from And powerful but the the much Company twin analyze understand previously And now, you've premium that come As of technologies emerging and base possible. were the in a direction Matterport. to for twins AI the -- subscription years twin. about bat, you the right of we able create not and which add-ons new property step of that's being from monetization even for will your revenue twin in for today towards, get capture more many because, insights with very said much for And

Let our you'll analysis more and of software to property for later the ultimately beta And full as see this, comes in do year release. general out this intelligence you.

all base and there XX And spatial by literally data. out you that few And of library, or are training of that in have data XXX an ordinarily the possible that goes us a the there you and Genesis step against data trillions property to addition space. property now has to world. kinds property set extension of property property nearly in way types countries amount commercial planet, the of from the engines where deep do software, all Give is that allow base it spaces billion residential is design, And XD kind software. is talk an interior software, now of training and It's intelligence course, of factories an further. type just your the data, marketing on companies for, hire or of machine points. and and a even a your in every covering And of that rich planning, automation to or sizes virtually enormous digital reimagine technologies square very about Matterport the and spaces, of twin let learning feet and then the existing create artificial an and professionals layout learning becomes things would a stage for

curve is science to set represents its technology the proving lasting infancy. with data going data that tremendous we are be is for on today That in a us, that ground AI because and still

slated for and And come. very value long-term for property emerging robust fueled XXXX so, roadmap AI intelligence doorstep in right XXXX. provide And features edge most added by the to of of the generative Genesis, is cutting capabilities is some going this to a on

going effect additions you That's create only compounding already digital have. to a to the of software twin

a we're scanned coming these with all you have and us ago property benefit that is technologies digitized even in to going years. build might the So, in from five that line years to of

story So, creates very a about story growth Company. really expansion high It the margin we're excited this. and for

Yun Kim

Okay.

As the always, RJ. very thanks answer, for thorough

or for on enterprise overall any question less certain go-to-market, focus partners more has given risk, could particular comment your your also, you're another vertical on like given that AWS? interaction been any verticals technology business? environment, there you to and with the change So if around you, recent the environment on For you especially the current focusing are Autodesk with the having material current just and the instance, also

RJ Pittman

Sure.

and a the just much go-to-market, on done First have more we restructuring. foremost than

the are and focus global We for one of how Matterport rewiring speed. in way. go-to-market, the rewiring those consistent execution more opportunity attack enterprise And areas we at is in the a theater

group. playbook with we've work, the our to the But There now and efficiency. with of as teams, singular market as in on going has been globally do market are one to years. getting continuing market honing take now practices to boots playbook Europe, tremendous come we're be again here U.S. has a as universally, to proven And efficient And where it to and us. it, go-to-market teams our together going it the efforts, but combined we're in going that a roof, largely, the we've under Asia, it And be ground, in a our be team worked to customers we're using a together regions they do unified we're with teams share and to of on the do use Americas. so that's also fastest, to best this ready over that best done in unit, supporting for that been couple really our we've we're we're to most going fashion. new it past, we've running consolidated for will to our going course, going to three the So, last and with where we're enterprise work put of techniques going one this playbook global

number So, that's one.

to mid-market of generating because and and these related enterprise and years Autodesk source many for we've that key Amazon and customer and a over others, built are pipeline. two, the building, PTC the are have critical partnerships like our been us, companies Number we Procore

number the us partnerships And you've but been we've now about has entrenched As that's years of building like than many these Matterport XX% talk customers before, these that than result over of that. many in a ahead many, more industries, and got heard more the enterprises the mid-market Fortune industry, and the off the these companies capitalizing XXXX, retail larger of the directly the us. takes of definitely much those table category, marketing AEC, customers, selling channels been to That challenges by insurance of rather have and established and like. that on

just propositions value growth to and further very Amazon enabling to amidst were and go great them, integrate due quick kind seeing very the market but innovation have offer to a of solution. been never that platforms before the pipeline We've like environment Autodesk strength the of partnerships challenging possible to for the we're not been easy, of both absolutely, just to customers their bringing that and

Operator

to questions, [Operator I session back question-and-answer further Instructions] for like would Knapp conference to over are closing the there now As time. this any Mr. no concludes this remarks. at turn our

Mike Knapp

everyone us Thanks today. joining Great. for

and earnings you on with interest As we always, Thanks speaking call. next we forward in Matterport, look our to goodbye. appreciate and your

Operator

presentation. concluded. The now conference is you for Thank today's attending

You may now disconnect.

Matterport (MTTR) 8 Aug 232023 Q2 Earnings call transcript