About Procore
Procore is a leading provider of construction management software. Over 1 million projects and more than $1 trillion USD in construction volume have run on Procore's platform. Procore’s platform connects key project stakeholders to solutions Procore has built specifically for the construction industry—for the owner, the general contractor, and the specialty contractor. Procore's App Marketplace has a multitude of partner solutions that integrate seamlessly with Procore’s platform, giving construction professionals the freedom to connect with what works best for them. Headquartered in Carpinteria, California, Procore has offices around the globe. Learn more at Procore.com.
PROCORE-IR
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Procore Technologies, Inc.
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(in thousands, except share and per share amounts) |
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Three Months Ended
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Six Months Ended
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2020 |
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2021 |
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2020 |
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2021 |
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Revenue |
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$ |
96,553 |
|
|
$ |
122,790 |
|
|
$ |
188,890 |
|
|
$ |
236,728 |
|
|
Cost of revenue (1)(2)(3) |
|
|
17,069 |
|
|
|
25,493 |
|
|
|
34,526 |
|
|
|
45,852 |
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Gross profit |
|
|
79,484 |
|
|
|
97,297 |
|
|
|
154,364 |
|
|
|
190,876 |
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Operating expenses: |
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|
|
|
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|
|
|
|
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|
|
|
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Sales and marketing (1)(2)(3) |
|
|
42,638 |
|
|
|
99,905 |
|
|
|
90,700 |
|
|
|
153,870 |
|
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Research and development (1)(2)(3) |
|
|
26,518 |
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|
|
88,627 |
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|
|
54,751 |
|
|
|
123,172 |
|
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General and administrative (1)(3) |
|
|
13,467 |
|
|
|
57,827 |
|
|
|
29,450 |
|
|
|
75,754 |
|
|
Total operating expenses |
|
|
82,623 |
|
|
|
246,359 |
|
|
|
174,901 |
|
|
|
352,796 |
|
|
Loss from operations |
|
|
(3,139 |
) |
|
|
(149,062 |
) |
|
|
(20,537 |
) |
|
|
(161,920 |
) |
|
Interest expense, net |
|
|
(538 |
) |
|
|
(576 |
) |
|
|
(920 |
) |
|
|
(1,138 |
) |
|
Change in fair value of Series I redeemable convertible preferred stock warrant liability |
|
|
(10,605 |
) |
|
|
— |
|
|
|
(10,605 |
) |
|
|
— |
|
|
Other income (expense), net |
|
|
741 |
|
|
|
(44 |
) |
|
|
(477 |
) |
|
|
(227 |
) |
|
Loss before provision for income taxes |
|
|
(13,541 |
) |
|
|
(149,682 |
) |
|
|
(32,539 |
) |
|
|
(163,285 |
) |
|
Provision for income taxes |
|
|
208 |
|
|
|
37 |
|
|
|
244 |
|
|
|
166 |
|
|
Net loss |
|
$ |
(13,749 |
) |
|
$ |
(149,719 |
) |
|
$ |
(32,783 |
) |
|
$ |
(163,451 |
) |
|
Net loss per share attributable to common stockholders, basic and diluted |
|
$ |
(0.50 |
) |
|
$ |
(2.04 |
) |
|
$ |
(1.22 |
) |
|
$ |
(3.11 |
) |
|
Weighted-average shares used in
|
|
|
27,346,530 |
|
|
|
73,539,568 |
|
|
|
26,893,572 |
|
|
|
52,564,840 |
|
