Procore Announces Second Quarter 2022 Financial Results

	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
	(in thousands)
Sales and marketing	$	208	$	110	$	415	$	110
Research and development		1,090		191		2,191		191
General and administrative		1,081		442		2,119		442
Total acquisition-related expenses	$	2,379	$	743	$	4,725	$	743

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

(in thousands)	June 30, 2022			December 31, 2021
Assets
Current assets
Cash and cash equivalents	$	563,224		$	586,108
Accounts receivable, net		89,274			113,977
Contract cost asset, current		19,251			17,030
Prepaid expenses and other current assets		44,082			35,173
Total current assets		715,831			752,288
Capitalized software development costs, net		42,335			27,062
Property and equipment, net		41,035			36,837
Right of use assets - finance leases		38,291			39,623
Right of use assets - operating leases		48,410			44,052
Contract cost asset, non-current		30,398			25,889
Intangible assets, net		182,501			201,977
Goodwill		539,584			540,922
Other assets		23,569			22,007
Total assets	$	1,661,954		$	1,690,657
Liabilities, Redeemable Convertible Preferred Stock and Stockholders’ Equity
Current liabilities
Accounts payable	$	21,251		$	15,490
Accrued expenses		52,087			65,907
Deferred revenue, current		316,559			301,557
Other current liabilities		29,461			20,750
Total current liabilities		419,358			403,704
Deferred revenue, non-current		3,943			4,024
Finance lease liabilities, non-current		46,451			47,344
Operating lease liabilities, non-current		42,762			41,573
Other liabilities, non-current		3,445			4,723
Total liabilities		515,959			501,368
Stockholders’ equity
Common stock		14			13
Additional paid-in capital		1,953,764			1,852,071
Accumulated other comprehensive loss		(1,029	)		(583	)
Accumulated deficit		(806,754	)		(662,212	)
Total stockholders’ equity		1,145,995			1,189,289
Total liabilities, redeemable convertible preferred stock and stockholders’ equity	$	1,661,954		$	1,690,657

Remaining performance obligation:

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