RJ Pittman Chairman & Chief Executive Officer, Matterport, Inc. 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. 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. 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. 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.
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