Procore Announces Third Quarter 2021 Financial Results

(5) Includes restructuring-related charges as follows:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2021		2020		2021
	(in thousands)
Cost of revenue	$	127	$	—	$	127	$	—
Sales and marketing		1,763		—		1,763		—
Research and development		1,681		—		1,681		—
General and administrative		801		—		801		—
Total restructuring-related charges	$	4,372	$	—	$	4,372	$	—

Procore Technologies, Inc.
Condensed Consolidated Balance Sheets
(unaudited)

(in thousands)	December 31, 2020			September 30, 2021
Assets
Current assets
Cash and cash equivalents	$	379,907		$	1,072,098
Accounts receivable, net		77,692			74,472
Contract cost asset, current		13,598			15,992
Prepaid expenses and other current assets		16,772			23,882
Total current assets		487,969			1,186,444
Capitalized software development costs, net		18,538			22,543
Property and equipment, net		30,252			32,989
Right of use assets - finance leases		42,108			40,298
Right of use assets - operating leases		49,756			44,307
Contract cost asset, non-current		19,454			23,787
Intangibles, net		33,241			41,189
Goodwill		125,966			137,375
Restricted cash, non-current		3,104			3,104
Other assets		10,379			9,027
Total assets	$	820,767		$	1,541,063
Liabilities, Redeemable Convertible Preferred Stock and Stockholders’ (Deficit) Equity
Current liabilities
Accounts payable	$	9,012		$	8,913
Accrued expenses		28,492			56,063
Deferred revenue, current		213,438			240,085
Other current liabilities		10,768			12,438
Total current liabilities		261,710			317,499
Deferred revenue, non-current		6,373			4,418
Finance lease liabilities, non-current		48,835			47,704
Operating lease liabilities, non-current		46,558			41,898
Other liabilities, non-current		1,919			7,959
Total liabilities		365,395			419,478
Redeemable convertible preferred stock		727,474			—
Stockholders’ (deficit) equity
Common stock	3			13
Additional paid-in capital		124,755			1,733,411
Accumulated other comprehensive income (loss)		187			(599	)
Accumulated deficit		(397,047	)		(611,240	)
Total stockholders’ (deficit) equity		(272,102	)		1,121,585
Total liabilities, redeemable convertible preferred stock and stockholders’ (deficit) equity	$	820,767		$	1,541,063

« Previous Page 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 Next Page »