|
|
Three Months Ended March 31, |
|
|||||
|
|
2022 |
|
|
2021 |
|
||
|
|
(in thousands) |
|
|||||
Cost of revenue |
|
$ |
81 |
|
|
$ |
4 |
|
Sales and marketing |
|
|
608 |
|
|
|
142 |
|
Research and development |
|
|
1,027 |
|
|
|
74 |
|
General and administrative |
|
|
545 |
|
|
|
80 |
|
Total employer payroll tax on employee stock transactions |
|
$ |
2,261 |
|
|
$ |
300 |
|
(4) Includes acquisition-related expenses as follows:
|
|
Three Months Ended March 31, |
|
|||||
|
|
2022 |
|
|
2021 |
|
||
|
|
(in thousands) |
|
|||||
Sales and marketing |
|
$ |
207 |
|
|
$ |
- |
|
Research and development |
|
|
1,101 |
|
|
|
- |
|
General and administrative |
|
|
1,038 |
|
|
|
- |
|
| Total acquisition-related expenses |
|
$ |
2,346 |
|
|
$ |
- |
|
| Procore Technologies, Inc. Condensed Consolidated Balance Sheets (unaudited) |
||||||||
| (in thousands) |
|
March 31, 2022 |
|
|
December 31, 2021 |
|
||
| Assets |
|
|
|
|
|
|
|
|
| Current assets |
|
|
|
|
|
|
|
|
| Cash and cash equivalents |
|
$ |
586,914 |
|
|
$ |
586,108 |
|
| Accounts receivable, net |
|
|
79,777 |
|
|
|
113,977 |
|
| Contract cost asset, current |
|
|
18,358 |
|
|
|
17,030 |
|
| Prepaid expenses and other current assets |
|
|
40,730 |
|
|
|
35,173 |
|
| Total current assets |
|
|
725,779 |
|
|
|
752,288 |
|
| Capitalized software development costs, net |
|
|
34,898 |
|
|
|
27,062 |
|
| Property and equipment, net |
|
|
40,047 |
|
|
|
36,837 |
|
| Right of use assets - finance leases |
|
|
38,948 |
|
|
|
39,623 |
|
| Right of use assets - operating leases |
|
|
47,245 |
|
|
|
44,052 |
|
| Contract cost asset, non-current |
|
|
28,735 |
|
|
|
25,889 |
|
| Intangible assets, net |
|
|
192,501 |
|
|
|
201,977 |
|
| Goodwill |
|
|
540,024 |
|
|
|
540,922 |
|
| Other assets |
|
|
24,087 |
|
|
|
22,007 |
|
| Total assets |
|
$ |
1,672,264 |
|
|
$ |
1,690,657 |
|
| Liabilities, Redeemable Convertible Preferred Stock and Stockholders’ Equity |
|
|
|
|
|
|
|
|
| Current liabilities |
|
|
|
|
|
|
|
|
| Accounts payable |
|
$ |
14,408 |
|
|
$ |
15,490 |
|
| Accrued expenses |
|
|
58,892 |
|
|
|
65,907 |
|
| Deferred revenue, current |
|
|
310,000 |
|
|
|
301,557 |
|
| Other current liabilities |
|
|
25,316 |
|
|
|
20,750 |
|
| Total current liabilities |
|
|
408,616 |
|
|
|
403,704 |
|
| Deferred revenue, non-current |
|
|
4,166 |
|
|
|
4,024 |
|
| Finance lease liabilities, non-current |
|
|
46,952 |
|
|
|
47,344 |
|
| Operating lease liabilities, non-current |
|
|
43,820 |
|
|
|
41,573 |
|
| Other liabilities, non-current |
|
|
4,325 |
|
|
|
4,723 |
|
| Total liabilities |
|
|
507,879 |
|
|
|
501,368 |
|
| Stockholders’ equity |
|
|
|
|
|
|
|
|
| Common stock |
|
|
13 |
|
|
|
13 |
|
| Additional paid-in capital |
|
|
1,898,241 |
|
|
|
1,852,071 |
|
| Accumulated other comprehensive loss |
|
|
(238 |
) |
|
|
(583 |
) |
| Accumulated deficit |
|
|
(733,631 |
) |
|
|
(662,212 |
) |
| Total stockholders’ equity |
|
|
1,164,385 |
|
|
|
1,189,289 |
|
| Total liabilities, redeemable convertible preferred stock and stockholders’ equity |
|
$ |
1,672,264 |
|
|
$ |
1,690,657 |
|
