Non-GAAP financial measures may not provide information that is directly comparable to information provided by other companies in Procore's industry, as other companies in the industry may calculate non-GAAP financial measures differently. In addition, there are limitations in using non-GAAP financial measures because non-GAAP financial measures are not prepared in accordance with GAAP, may be different from non-GAAP financial measures used by other companies, and exclude expenses that may have a material impact on Procore's reported financial results. Further, stock-based compensation expense has been, and will continue to be for the foreseeable future, a significant recurring expense in Procore's business and an important part of the compensation provided to its employees. The presentation of non-GAAP financial information is not meant to be considered in isolation or as a substitute for the directly comparable financial measures prepared in accordance with GAAP. Investors should review the reconciliation of non-GAAP financial measures to the comparable GAAP financial measures included below, and not rely on any single financial measure to evaluate Procore's business.
Free Cash Flow: Procore defines free cash flow as net cash provided by operating activities, less purchases of property and equipment and capitalized software development costs. Procore believes free cash flow is an important liquidity measure of the cash (if any) that is available, after our operating activities and capital expenditures. Procore uses free cash flow in conjunction with traditional GAAP measures to assess its liquidity and evaluate the effectiveness of its business strategies. Once Procore’s business needs and obligations are met, cash can be used to maintain a strong balance sheet and invest in future growth.
About Procore
Procore is a leading global 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
Procore Technologies, Inc. Condensed Consolidated Statements of Operations (unaudited) |
||||||||
|
|
Three Months Ended March 31, |
|
|||||
(in thousands, except share and per share amounts) |
|
2022 |
|
|
2021 |
|
||
Revenue |
|
$ |
159,516 |
|
|
$ |
113,938 |
|
Cost of revenue (1)(2)(3) |
|
|
33,332 |
|
|
|
20,359 |
|
Gross profit |
|
|
126,184 |
|
|
|
93,579 |
|
Operating expenses: |
|
|
|
|
|
|
|
|
Sales and marketing (1)(2)(3)(4) |
|
|
93,915 |
|
|
|
53,965 |
|
Research and development (1)(2)(3)(4) |
|
|
60,254 |
|
|
|
34,545 |
|
General and administrative (1)(3)(4) |
|
|
43,152 |
|
|
|
17,927 |
|
| Total operating expenses |
|
|
197,321 |
|
|
|
106,437 |
|
| Loss from operations |
|
|
(71,137 |
) |
|
|
(12,858 |
) |
| Interest expense, net |
|
|
(491 |
) |
|
|
(562 |
) |
| Other income (expense), net |
|
|
543 |
|
|
|
(183 |
) |
| Loss before provision for income taxes |
|
|
(71,085 |
) |
|
|
(13,603 |
) |
| Provision for income taxes |
|
|
334 |
|
|
|
129 |
|
| Net loss |
|
$ |
(71,419 |
) |
|
$ |
(13,732 |
) |
| Net loss per share attributable to common stockholders, basic and diluted |
|
$ |
(0.53 |
) |
|
$ |
(0.44 |
) |
| Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted |
|
|
134,530,010 |
|
|
|
31,357,060 |
|
