Procore Announces Fourth Quarter and Full Year 2021 Financial Results

Remaining performance obligation:

The remaining performance obligation was $602.6 million as of December 31, 2021, approximately 70% of which is expected to be recognized as revenue within 12 months. The remaining performance obligation was $435.5 million as of December 31, 2020, approximately 71% 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
December 31,

 

 

Year Ended
December 31,

 

(in thousands)

2021

 

 

2020

 

 

2021

 

 

2020

 

Operating activities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss

$

(50,972

)

 

$

(47,431

)

 

$

(265,165

)

 

$

(96,167

)

Adjustments to reconcile net loss to net cash (used in)

provided by operating activities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock-based compensation

 

41,232

 

 

 

21,619

 

 

 

227,161

 

 

 

43,960

 

Depreciation and amortization

 

13,107

 

 

 

7,096

 

 

 

36,376

 

 

 

25,994

 

Change in fair value of Series I redeemable convertible

preferred stock warrant liability

 

-

 

 

 

27,387

 

 

 

-

 

 

 

36,990

 

Abandonment of long-lived assets

 

-

 

 

 

654

 

 

 

554

 

 

 

3,505

 

Noncash operating lease expense

 

1,969

 

 

 

1,771

 

 

 

7,569

 

 

 

6,578

 

Unrealized foreign currency (gain) loss, net

 

(190

)

 

 

(494

)

 

 

685

 

 

 

(832

)

Deferred income taxes

 

(24,586

)

 

 

(1,283

)

 

 

(24,493

)

 

 

(1,311

)

Changes in operating assets and liabilities, net of effect of

business combinations

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accounts receivable

 

(37,540

)

 

 

(22,933

)

 

 

(34,157

)

 

 

(19,570

)

Deferred contract cost assets

 

(3,084

)

 

 

(2,615

)

 

 

(10,157

)

 

 

(2,023

)

Prepaid expenses and other assets

 

(8,986

)

 

 

(4,630

)

 

 

(16,741

)

 

 

(6,183

)

Accounts payable

 

4,082

 

 

 

3,175

 

 

 

3,954

 

 

 

724

 

Accrued expenses and other liabilities

 

9,492

 

 

 

(6,534

)

 

 

38,176

 

 

 

(5,433

)

Deferred revenue

 

53,950

 

 

 

38,473

 

 

 

78,671

 

 

 

41,810

 

Operating lease liabilities

 

(2,049

)

 

 

(2,474

)

 

 

(5,703

)

 

 

(6,189

)

Net cash flow (used in) provided by operating

activities

 

(3,575

)

 

 

11,781

 

 

 

36,730

 

 

 

21,853

 

Investing activities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Purchases of property and equipment

 

(3,978

)

 

 

(484

)

 

 

(12,383

)

 

 

(7,202

)

Capitalized software development costs

 

(5,073

)

 

 

(2,361

)

 

 

(15,248

)

 

 

(11,764

)

Strategic investments

 

(850

)

 

 

-

 

 

 

(4,300

)

 

 

-

 

Acquisition of businesses, net of cash acquired

 

(489,847

)

 

 

(11,220

)

 

 

(509,837

)

 

 

(14,545

)

Net cash flow used in investing activities

 

(499,748

)

 

 

(14,065

)

 

 

(541,768

)

 

 

(33,511

)

Financing activities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Proceeds from issuance of redeemable convertible preferred

stock, net of issuance costs

 

-

 

 

 

9,985

 

 

 

-

 

 

 

177,916

 

Proceeds from issuance of Series I redeemable

convertible preferred stock warrant

 

-

 

 

 

-

 

 

 

-

 

 

 

11,923

 

Proceeds from initial public offering

 

-

 

 

 

-

 

 

 

665,129

 

 

 

-

 

Proceeds from stock option exercises

 

7,773

 

 

 

15,516

 

 

 

43,086

 

 

 

31,176

 

Proceeds from exercise of Series I redeemable

convertible preferred stock warrant

 

-

 

 

 

55,000

 

 

 

-

 

 

 

55,000

 

Payment of debt issuance costs

 

-

 

 

 

-

 

 

 

-

 

 

 

(93

)

Proceeds from employee stock purchase plan

 

9,475

 

 

 

-

 

 

 

9,475

 

 

 

-

 

Payments of deferred offering costs

 

(34

)

 

 

(20

)

 

 

(3,880

)

 

 

(2,300

)

Payment of deferred business acquisition consideration

 

-

 

 

 

(165

)

 

 

(475

)

 

 

(165

)

Principal payments under finance lease agreements, net

of proceeds from lease incentives

 

(334

)

 

 

(290

)

 

 

(1,509

)

 

 

(1,340

)

Net cash flows provided by financing activities

 

16,880

 

 

 

80,026

 

 

 

711,826

 

 

 

272,117

 

Net (decrease) increase in cash, cash equivalents and restricted

cash

 

(486,443

)

 

 

77,742

 

 

 

206,788

 

 

 

260,459

 

Effect of exchange rate changes on cash

 

211

 

 

 

579

 

 

 

(829

)

 

 

966

 

Cash, cash equivalents and restricted cash, beginning

of period

 

1,075,444

 

 

 

304,932

 

 

 

383,253

 

 

 

121,828

 

Cash, cash equivalents and restricted cash, end of period

$

589,212

 

 

$

383,253

 

 

$

589,212

 

 

$

383,253

 

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
December 31,

 

 

Year Ended
December 31,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

 

 

(dollars in thousands)

 

Revenue

 

$

146,103

 

 

$

109,510

 

 

$

514,821

 

 

$

400,291

 

Gross profit

 

 

116,336

 

 

 

90,436

 

 

 

416,509

 

 

 

328,628

 

Stock-based compensation expense

 

 

1,336

 

 

 

554

 

 

 

8,094

 

 

 

1,722

 

Amortization of acquired intangible assets

 

 

4,264

 

 

 

1,032

 

 

 

7,522

 

 

 

3,315

 

Employer payroll tax on employee stock

transactions

 

 

57

 

 

 

7

 

 

 

457

 

 

 

7

 

Acquisition-related expenses

 

 

2

 

 

 

-

 

 

 

2

 

 

 

-

 

Restructuring-related charges

 

 

-

 

 

 

-

 

 

 

-

 

 

 

127

 

Non-GAAP gross profit

 

$

121,995

 

 

$

92,029

 

 

$

432,584

 

 

$

333,799

 

Gross margin

 

 

80

%

 

 

83

%

 

 

81

%

 

 

82

%

Non-GAAP gross margin

 

 

83

%

 

 

84

%

 

 

84

%

 

 

83

%

Reconciliation of operating expenses to non-GAAP operating expenses:

 

 

 

Three Months Ended
December 31,

 

 

Year Ended
December 31,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

 

 

(dollars in thousands)

 

Revenue

 

$

146,103

 

 

$

109,510

 

 

$

514,821

 

 

$

400,291

 

GAAP sales and marketing

 

 

84,285

 

 

 

50,922

 

 

 

308,511

 

 

 

189,032

 

Stock-based compensation expense

 

 

(11,470

)

 

 

(4,741

)

 

 

(68,755

)

 

 

(13,385

)

Amortization of acquired intangible assets

 

 

(2,251

)

 

 

(516

)

 

 

(3,600

)

 

 

(1,728

)

Employer payroll tax on employee stock transactions

 

 

(495

)

 

 

(93

)

 

 

(2,325

)

 

 

(205

)

Acquisition-related expenses

 

 

(378

)

 

 

-

 

 

 

(488

)

 

 

-

 

Restructuring-related charges

 

 

-

 

 

 

(61

)

 

 

-

 

 

 

(1,824

)

Non-GAAP sales and marketing

 

$

69,691

 

 

$

45,511

 

 

$

233,343

 

 

$

171,890

 

GAAP sales and marketing as a percentage of revenue

 

 

58

%

 

 

46

%

 

 

60

%

 

 

47

%

Non-GAAP sales and marketing as a percentage

of revenue

 

 

48

%

 

 

42

%

 

 

45

%

 

 

43

%

GAAP research and development

 

 

60,671

 

 

 

35,406

 

 

 

237,290

 

 

 

124,661

 

Stock-based compensation expense

 

 

(15,413

)

 

 

(6,183

)

 

 

(85,040

)

 

 

(12,930

)

Amortization of acquired intangible assets

 

 

(904

)

 

 

(233

)

 

 

(2,674

)

 

 

(721

)

Employer payroll tax on employee stock transactions

 

 

(398

)

 

 

(45

)

 

 

(2,606

)

 

 

(88

)

Acquisition-related expenses

 

 

(906

)

 

 

-

 

 

 

(1,348

)

 

 

-

 

Restructuring-related charges

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(1,681

)

Non-GAAP research and development

 

$

43,050

 

 

$

28,945

 

 

$

145,622

 

 

$

109,241

 

GAAP research and development as a percentage of revenue

 

 

42

%

 

 

32

%

 

 

46

%

 

 

31

%

Non-GAAP research and development as a

percentage of revenue

 

 

29

%

 

 

26

%

 

 

28

%

 

 

27

%

GAAP general and administrative

 

 

45,830

 

 

 

25,695

 

 

 

156,635

 

 

 

73,465

 

Stock-based compensation expense

 

 

(13,013

)

 

 

(10,141

)

 

 

(65,272

)

 

 

(15,923

)

Employer payroll tax on employee stock transactions

 

 

(242

)

 

 

(187

)

 

 

(1,127

)

 

 

(272

)

Acquisition-related expenses

 

 

(4,528

)

 

 

(133

)

 

 

(7,442

)

 

 

(792

)

Restructuring-related charges

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(801

)

Non-GAAP general and administrative

 

$

28,047

 

 

$

15,234

 

 

$

82,794

 

 

$

55,677

 

GAAP general and administrative as a percentage of

revenue

 

 

31

%

 

 

23

%

 

 

30

%

 

 

18

%

Non-GAAP general and administrative as a

percentage of revenue

 

 

19

%

 

 

14

%

 

 

16

%

 

 

14

%

Reconciliation of loss from operations and operating margin to non-GAAP (loss) profit from operations and non-GAAP operating margin:

 

 

 

Three Months Ended
December 31,

 

 

Year Ended
December 31,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

 

 

(dollars in thousands)

 

Revenue

 

$

146,103

 

 

$

109,510

 

 

$

514,821

 

 

$

400,291

 

Loss from operations

 

 

(74,450

)

 

 

(21,587

)

 

 

(285,927

)

 

 

(58,530

)

Stock-based compensation expense

 

 

41,232

 

 

 

21,619

 

 

 

227,161

 

 

 

43,960

 

Amortization of acquired intangible assets

 

 

7,419

 

 

 

1,781

 

 

 

13,796

 

 

 

5,764

 

Employer payroll tax on employee stock

transactions

 

 

1,192

 

 

 

332

 

 

 

6,515

 

 

 

572

 

Acquisition-related expenses

 

 

5,814

 

 

 

133

 

 

 

9,280

 

 

 

792

 

Restructuring-related charges

 

 

-

 

 

 

61

 

 

 

-

 

 

 

4,433

 

Non-GAAP (loss) profit from operations

 

$

(18,793

)

 

$

2,339

 

 

$

(29,175

)

 

$

(3,009

)

Operating margin

 

 

(51

%)

 

 

(20

%)

 

 

(56

%)

 

 

(15

%)

Non-GAAP operating margin

 

 

(13

%)

 

 

2

%

 

 

(6

%)

 

 

(1

%)

Reconciliation of net loss and net loss per share to non-GAAP net loss and non-GAAP net loss per share:

 

 

 

Three Months Ended
December 31,

 

 

Year Ended
December 31,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

 

 

(dollars in thousands)

 

Revenue

 

$

146,103

 

 

$

109,510

 

 

$

514,821

 

 

$

400,291

 

Net loss

 

 

(50,972

)

 

 

(47,431

)

 

 

(265,165

)

 

 

(96,167

)

Stock-based compensation expense

 

 

41,232

 

 

 

21,619

 

 

 

227,161

 

 

 

43,960

 

Amortization of acquired intangible assets

 

 

7,419

 

 

 

1,781

 

 

 

13,796

 

 

 

5,764

 

Employer payroll tax on employee stock

transactions

 

 

1,192

 

 

 

332

 

 

 

6,515

 

 

 

572

 

Acquisition-related expenses

 

 

5,814

 

 

 

133

 

 

 

9,280

 

 

 

792

 

Restructuring-related charges

 

 

-

 

 

 

61

 

 

 

-

 

 

 

4,433

 

Income tax effect of non-GAAP items

 

 

(24,151

)

 

 

(1,376

)

 

 

(24,151

)

 

 

(1,376

)

Non-GAAP net loss

 

$

(19,466

)

 

$

(24,881

)

 

$

(32,564

)

 

$

(42,022

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Numerator:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-GAAP net loss

 

$

(19,466

)

 

$

(24,881

)

 

$

(32,564

)

 

$

(42,022

)

Less: Recognition of beneficial conversion feature on

preferred stock as a deemed dividend

 

 

-

 

 

 

(2,477

)

 

 

-

 

 

 

(3,024

)

Non-GAAP net loss attributable to common

stockholders

 

$

(19,466

)

 

$

(27,358

)

 

$

(32,564

)

 

$

(45,046

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Denominator:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted-average shares used in computing net loss per

share attributable to common stockholders, basic and

diluted

 

 

132,892,072

 

 

 

29,074,828

 

 

 

92,673,453

 

 

 

27,895,546

 

GAAP net loss per share, basic and diluted

 

$

(0.38

)

 

$

(1.72

)

 

$

(2.86

)

 

$

(3.56

)

Non-GAAP net loss per share, basic and diluted

 

$

(0.15

)

 

$

(0.94

)

 

$

(0.35

)

 

$

(1.61

)


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