The remaining performance obligation was $497.3 million as of September 30, 2021, approximately 72% of which is expected to be recognized as revenue within 12 months. The remaining performance obligation was $387.9 million as of September 30, 2020, approximately 72% of which was expected to be recognized as revenue within 12 months.
Procore Technologies, Inc. |
||||||||||||||||
Condensed Consolidated Statements of Cash Flows |
||||||||||||||||
(unaudited) |
||||||||||||||||
|
|
Three Months Ended September 30, |
|
|
Nine Months Ended September 30, |
|
||||||||||
(in thousands) |
|
2020 |
|
|
2021 |
|
|
2020 |
|
|
2021 |
|
||||
Operating activities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss |
|
$ |
(15,953 |
) |
|
$ |
(50,742 |
) |
|
$ |
(48,736 |
) |
|
$ |
(214,193 |
) |
Adjustments to reconcile net loss to net cash provided by operating activities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock-based compensation |
|
|
10,015 |
|
|
|
38,183 |
|
|
|
22,341 |
|
|
|
185,929 |
|
| Depreciation and amortization |
|
|
6,501 |
|
|
|
8,149 |
|
|
|
18,898 |
|
|
|
23,269 |
|
| Change in fair value of Series I redeemable convertible preferred stock warrant liability |
|
|
(1,002 |
) |
|
|
— |
|
|
|
9,603 |
|
|
|
— |
|
| Abandonment of long-lived assets |
|
|
1,885 |
|
|
|
— |
|
|
|
2,851 |
|
|
|
554 |
|
| Noncash lease expense |
|
|
1,657 |
|
|
|
1,865 |
|
|
|
4,807 |
|
|
|
5,600 |
|
| Unrealized foreign currency loss (gain), net |
|
|
32 |
|
|
|
184 |
|
|
|
(338 |
) |
|
|
875 |
|
| Deferred income taxes |
|
|
(28 |
) |
|
|
192 |
|
|
|
(28 |
) |
|
|
93 |
|
| Changes in operating assets and liabilities, net of effect of business combinations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Accounts receivable |
|
|
(3,121 |
) |
|
|
(7,730 |
) |
|
|
3,363 |
|
|
|
3,383 |
|
| Deferred contract cost assets |
|
|
(204 |
) |
|
|
(2,011 |
) |
|
|
592 |
|
|
|
(7,073 |
) |
| Prepaid expenses and other assets |
|
|
(1,430 |
) |
|
|
(2,032 |
) |
|
|
(1,553 |
) |
|
|
(7,755 |
) |
| Accounts payable |
|
|
(2,363 |
) |
|
|
2,780 |
|
|
|
(2,451 |
) |
|
|
(128 |
) |
| Accrued expenses and other liabilities |
|
|
12,599 |
|
|
|
14,149 |
|
|
|
1,101 |
|
|
|
28,684 |
|
| Deferred revenue |
|
|
4,113 |
|
|
|
13,876 |
|
|
|
3,337 |
|
|
|
24,721 |
|
| Operating lease liabilities |
|
|
(1,669 |
) |
|
|
(1,725 |
) |
|
|
(3,715 |
) |
|
|
(3,654 |
) |
| Net cash flow provided by operating activities |
|
|
11,032 |
|
|
|
15,138 |
|
|
|
10,072 |
|
|
|
40,305 |
|
| Investing activities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Purchases of property and equipment |
|
|
(1,407 |
) |
|
|
(4,211 |
) |
|
|
(6,718 |
) |
|
|
(8,405 |
) |
| Capitalized software development costs |
|
|
(2,473 |
) |
|
|
(4,459 |
) |
|
|
(9,403 |
) |
|
|
(10,175 |
) |
| Strategic investments |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(3,450 |
) |
| Acquisition of businesses, net of cash acquired |
|
|
— |
|
|
|
(8 |
) |
|
|
(3,325 |
) |
|
|
(19,990 |
) |
| Net cash flow used in investing activities |
|
|
(3,880 |
) |
|
|
(8,678 |
) |
|
|
(19,446 |
) |
|
|
(42,020 |
) |
| Financing activities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Proceeds from issuance of redeemable convertible preferred stock, net of issuance costs |
|
|
9,989 |
|
|
|
— |
|
|
|
167,931 |
|
|
|
— |
|
| Proceeds from issuance of Series I redeemable convertible preferred stock warrant |
|
|
— |
|
|
|
— |
|
|
|
11,923 |
|
|
|
— |
|
| Proceeds from initial public offering, net of underwriting commissions and discounts |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
665,129 |
|
| Proceeds from stock option exercises |
|
|
5,601 |
|
|
|
6,187 |
|
|
|
15,660 |
|
|
|
35,313 |
|
| Payment of debt issuance costs |
|
|
(13 |
) |
|
|
— |
|
|
|
(93 |
) |
|
|
— |
|
| Payments of deferred offering costs |
|
|
(64 |
) |
|
|
(319 |
) |
|
|
(2,280 |
) |
|
|
(3,846 |
) |
| Payment of deferred business acquisition consideration |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(475 |
) |
| Principal payments under finance lease agreements, net of proceeds from lease incentives |
|
|
(392 |
) |
|
|
(433 |
) |
|
|
(1,050 |
) |
|
|
(1,175 |
) |
| Net cash flow provided by financing activities |
|
|
15,121 |
|
|
|
5,435 |
|
|
|
192,091 |
|
|
|
694,946 |
|
| Net increase in cash, cash equivalents and restricted cash |
|
|
22,273 |
|
|
|
11,895 |
|
|
|
182,717 |
|
|
|
693,231 |
|
| Effect of exchange rate changes on cash |
|
|
51 |
|
|
|
(309 |
) |
|
|
387 |
|
|
|
(1,040 |
) |
| Cash, cash equivalents and restricted cash, beginning of period |
|
|
282,608 |
|
|
|
1,063,858 |
|
|
|
121,828 |
|
|
|
383,253 |
|
| Cash, cash equivalents and restricted cash, end of period |
|
$ |
304,932 |
|
|
$ |
1,075,444 |
|
|
$ |
304,932 |
|
|
$ |
1,075,444 |
|
| Procore Technologies, Inc. |
||||||||||||||||
| Reconciliation of GAAP to Non-GAAP Financial Measures |
||||||||||||||||
| (unaudited) |
||||||||||||||||
| Reconciliation of gross profit and gross margin to non-GAAP gross profit and non-GAAP gross margin: |
||||||||||||||||
|
|
|
Three Months Ended September 30, |
|
|
Nine Months Ended September 30, |
|
||||||||||
|
|
|
2020 |
|
|
2021 |
|
|
2020 |
|
|
2021 |
|
||||
|
|
|
(dollars in thousands) |
|
|||||||||||||
| Revenue |
|
$ |
101,891 |
|
|
$ |
131,990 |
|
|
$ |
290,781 |
|
|
$ |
368,718 |
|
| Gross profit |
|
|
83,828 |
|
|
|
109,297 |
|
|
|
238,192 |
|
|
|
300,173 |
|
| Stock-based compensation expense |
|
|
633 |
|
|
|
679 |
|
|
|
1,168 |
|
|
|
6,758 |
|
| Amortization of acquired technology intangible assets |
|
|
761 |
|
|
|
1,086 |
|
|
|
2,283 |
|
|
|
3,258 |
|
| Employer payroll tax on employee stock transactions |
|
|
— |
|
|
|
66 |
|
|
|
— |
|
|
|
400 |
|
| Restructuring-related charges |
|
|
127 |
|
|
|
— |
|
|
|
127 |
|
|
|
— |
|
| Non-GAAP gross profit |
|
$ |
85,349 |
|
|
$ |
111,128 |
|
|
$ |
241,770 |
|
|
$ |
310,589 |
|
| Gross margin |
|
|
82 |
% |
|
|
83 |
% |
|
|
82 |
% |
|
|
81 |
% |
| Non-GAAP gross margin |
|
|
84 |
% |
|
|
84 |
% |
|
|
83 |
% |
|
|
84 |
% |
| Reconciliation of operating expenses to non-GAAP operating expenses: |
||||||||||||||||
|
|
|
Three Months Ended
|
|
|
Nine Months Ended September 30, |
|
||||||||||
|
|
|
2020 |
|
|
2021 |
|
|
2020 |
|
|
2021 |
|
||||
|
|
|
(dollars in thousands) |
|
|||||||||||||
| Revenue |
|
$ |
101,891 |
|
|
$ |
131,990 |
|
|
$ |
290,781 |
|
|
$ |
368,718 |
|
| GAAP sales and marketing |
|
|
47,410 |
|
|
|
70,356 |
|
|
|
138,110 |
|
|
|
224,226 |
|
| Stock-based compensation expense |
|
|
(3,410 |
) |
|
|
(11,178 |
) |
|
|
(8,644 |
) |
|
|
(57,285 |
) |
| Amortization of acquired intangible assets |
|
|
(404 |
) |
|
|
(404 |
) |
|
|
(1,212 |
) |
|
|
(1,349 |
) |
| Employer payroll tax on employee stock transactions |
|
|
(36 |
) |
|
|
(473 |
) |
|
|
(112 |
) |
|
|
(1,830 |
) |
| Acquisition-related expenses |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(110 |
) |
| Restructuring-related charges |
|
|
(1,763 |
) |
|
|
— |
|
|
|
(1,763 |
) |
|
|
— |
|
| Non-GAAP sales and marketing |
|
$ |
41,797 |
|
|
$ |
58,301 |
|
|
$ |
126,379 |
|
|
$ |
163,652 |
|
| GAAP sales and marketing as a percentage of revenue |
|
|
47 |
% |
|
|
53 |
% |
|
|
47 |
% |
|
|
61 |
% |
| Non-GAAP sales and marketing as a percentage of revenue |
|
|
41 |
% |
|
|
44 |
% |
|
|
43 |
% |
|
|
44 |
% |
| GAAP research and development |
|
|
34,504 |
|
|
|
53,447 |
|
|
|
89,255 |
|
|
|
176,619 |
|
| Stock-based compensation expense |
|
|
(2,898 |
) |
|
|
(15,064 |
) |
|
|
(6,747 |
) |
|
|
(69,627 |
) |
| Amortization of acquired intangible assets |
|
|
(183 |
) |
|
|
(907 |
) |
|
|
(488 |
) |
|
|
(1,770 |
) |
| Employer payroll tax on employee stock transactions |
|
|
(8 |
) |
|
|
(386 |
) |
|
|
(43 |
) |
|
|
(2,208 |
) |
| Acquisition-related expenses |
|
|
— |
|
|
|
(251 |
) |
|
|
— |
|
|
|
(442 |
) |
| Restructuring-related charges |
|
|
(1,681 |
) |
|
|
— |
|
|
|
(1,681 |
) |
|
|
— |
|
| Non-GAAP research and development |
|
$ |
29,734 |
|
|
$ |
36,839 |
|
|
$ |
80,296 |
|
|
$ |
102,572 |
|
| GAAP research and development as a percentage of revenue |
|
|
34 |
% |
|
|
40 |
% |
|
|
31 |
% |
|
|
48 |
% |
| Non-GAAP research and development as a percentage of revenue |
|
|
29 |
% |
|
|
28 |
% |
|
|
28 |
% |
|
|
28 |
% |
| GAAP general and administrative |
|
|
18,320 |
|
|
|
35,051 |
|
|
|
47,770 |
|
|
|
110,805 |
|
| Stock-based compensation expense |
|
|
(3,074 |
) |
|
|
(11,262 |
) |
|
|
(5,782 |
) |
|
|
(52,259 |
) |
| Employer payroll tax on employee stock transactions |
|
|
(58 |
) |
|
|
(170 |
) |
|
|
(85 |
) |
|
|
(885 |
) |
| Acquisition-related expenses |
|
|
(51 |
) |
|
|
(2,472 |
) |
|
|
(659 |
) |
|
|
(2,914 |
) |
| Restructuring-related charges |
|
|
(801 |
) |
|
|
— |
|
|
|
(801 |
) |
|
|
— |
|
| Non-GAAP general and administrative |
|
$ |
14,336 |
|
|
$ |
21,147 |
|
|
$ |
40,443 |
|
|
$ |
54,747 |
|
| GAAP general and administrative as a percentage of revenue |
|
|
18 |
% |
|
|
27 |
% |
|
|
16 |
% |
|
|
30 |
% |
| Non-GAAP general and administrative as a percentage of revenue |
|
|
14 |
% |
|
|
16 |
% |
|
|
14 |
% |
|
|
15 |
% |
| Reconciliation of loss from operations and operating margin to non-GAAP loss from operations and non-GAAP operating margin: |
||||||||||||||||
|
|
|
Three Months Ended September 30, |
|
|
Nine Months Ended September 30, |
|
||||||||||
|
|
|
2020 |
|
|
2021 |
|
|
2020 |
|
|
2021 |
|
||||
|
|
|
(dollars in thousands) |
|
|||||||||||||
| Revenue |
|
$ |
101,891 |
|
|
$ |
131,990 |
|
|
$ |
290,781 |
|
|
$ |
368,718 |
|
| Loss from operations |
|
|
(16,406 |
) |
|
|
(49,557 |
) |
|
|
(36,943 |
) |
|
|
(211,477 |
) |
| Stock-based compensation expense |
|
|
10,015 |
|
|
|
38,183 |
|
|
|
22,341 |
|
|
|
185,929 |
|
| Amortization of acquired intangible assets |
|
|
1,348 |
|
|
|
2,397 |
|
|
|
3,983 |
|
|
|
6,377 |
|
| Employer payroll tax on employee stock transactions |
|
|
102 |
|
|
|
1,095 |
|
|
|
240 |
|
|
|
5,323 |
|
| Acquisition-related expenses |
|
|
51 |
|
|
|
2,723 |
|
|
|
659 |
|
|
|
3,466 |
|
| Restructuring-related charges |
|
|
4,372 |
|
|
|
— |
|
|
|
4,372 |
|
|
|
— |
|
| Non-GAAP loss from operations |
|
$ |
(518 |
) |
|
$ |
(5,159 |
) |
|
$ |
(5,348 |
) |
|
$ |
(10,382 |
) |
| Operating margin |
|
|
(16 |
%) |
|
|
(38 |
%) |
|
|
(13 |
%) |
|
|
(57 |
%) |
| Non-GAAP operating margin |
|
|
(1 |
%) |
|
|
(4 |
%) |
|
|
(2 |
%) |
|
|
(3 |
%) |
| Reconciliation of net loss and net loss per share to non-GAAP net loss and non-GAAP net loss per share: |
||||||||||||||||
|
|
|
Three Months Ended September 30, |
|
|
Nine Months Ended September 30, |
|
||||||||||
|
|
|
2020 |
|
|
2021 |
|
|
2020 |
|
|
2021 |
|
||||
|
|
|
(dollars in thousands) |
|
|||||||||||||
| Revenue |
|
$ |
101,891 |
|
|
$ |
131,990 |
|
|
$ |
290,781 |
|
|
$ |
368,718 |
|
| Net loss |
|
|
(15,953 |
) |
|
|
(50,742 |
) |
|
|
(48,736 |
) |
|
|
(214,193 |
) |
| Stock-based compensation expense |
|
|
10,015 |
|
|
|
38,183 |
|
|
|
22,341 |
|
|
|
185,929 |
|
| Amortization of acquired intangible assets |
|
|
1,348 |
|
|
|
2,397 |
|
|
|
3,983 |
|
|
|
6,377 |
|
| Employer payroll tax on employee stock transactions |
|
|
102 |
|
|
|
1,095 |
|
|
|
240 |
|
|
|
5,323 |
|
| Acquisition-related expenses |
|
|
51 |
|
|
|
2,723 |
|
|
|
659 |
|
|
|
3,466 |
|
| Restructuring-related charges |
|
|
4,372 |
|
|
|
— |
|
|
|
4,372 |
|
|
|
— |
|
| Non-GAAP net loss |
|
$ |
(65 |
) |
|
$ |
(6,344 |
) |
|
$ |
(17,141 |
) |
|
$ |
(13,098 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Numerator: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Non-GAAP net loss |
|
$ |
(65 |
) |
|
$ |
(6,344 |
) |
|
$ |
(17,141 |
) |
|
$ |
(13,098 |
) |
| Less: Recognition of beneficial conversion feature on preferred stock as a deemed dividend |
|
|
(547 |
) |
|
|
— |
|
|
|
(547 |
) |
|
|
— |
|
| Non-GAAP net loss attributable to common stockholders |
|
$ |
(612 |
) |
|
$ |
(6,344 |
) |
|
$ |
(17,688 |
) |
|
$ |
(13,098 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Denominator: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted |
|
|
28,231,857 |
|
|
|
131,438,987 |
|
|
|
27,342,923 |
|
|
|
79,145,139 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| GAAP net loss per share, basic and diluted |
|
$ |
(0.58 |
) |
|
$ |
(0.39 |
) |
|
$ |
(1.80 |
) |
|
$ |
(2.71 |
) |
| Non-GAAP net loss per share, basic and diluted |
|
$ |
(0.02 |
) |
|
$ |
(0.05 |
) |
|
$ |
(0.65 |
) |
|
$ |
(0.17 |
) |
| Computation of free cash flow: |
||||||||||||||||
|
|
|
Three Months Ended
|
|
|
Nine Months Ended
|
|
||||||||||
|
|
|
2020 |
|
|
2021 |
|
|
2020 |
|
|
2021 |
|
||||
|
|
|
(dollars in thousands) |
|
|||||||||||||
| Net cash provided by operating activities |
|
$ |
11,032 |
|
|
$ |
15,138 |
|
|
$ |
10,072 |
|
|
$ |
40,305 |
|
| Purchases of property and equipment |
|
|
(1,407 |
) |
|
|
(4,211 |
) |
|
|
(6,718 |
) |
|
|
(8,405 |
) |
| Capitalized software development costs |
|
|
(2,473 |
) |
|
|
(4,459 |
) |
|
|
(9,403 |
) |
|
|
(10,175 |
) |
| Non-GAAP free cash flow |
|
$ |
7,152 |
|
|
$ |
6,468 |
|
|
$ |
(6,049 |
) |
|
$ |
21,725 |
|
