Procore Announces Second Quarter 2022 Financial Results

The remaining performance obligation was $653.9 million as of June 30, 2022, approximately 72% of which is expected to be recognized as revenue within 12 months. The remaining performance obligation was $478.4 million as of June 30, 2021, 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
June 30,

 

Six Months Ended
June 30,

(in thousands)

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Operating activities

 

 

 

 

 

 

 

 

 

 

 

 

Net loss

 

$

(73,123

)

 

$

(149,719

)

 

$

(144,542

)

 

$

(163,451

)

Adjustments to reconcile net loss to net cash (used in) provided by operating activities

 

 

 

 

 

 

 

 

 

 

 

 

Stock-based compensation

 

 

33,895

 

 

 

137,443

 

 

 

71,104

 

 

 

147,746

 

Depreciation and amortization

 

 

15,403

 

 

 

7,819

 

 

 

30,550

 

 

 

15,120

 

Abandonment of long-lived assets

 

 

887

 

 

 

-

 

 

 

887

 

 

 

554

 

Noncash lease expense

 

 

2,652

 

 

 

1,869

 

 

 

4,808

 

 

 

3,735

 

Unrealized foreign currency loss, net

 

 

832

 

 

 

86

 

 

 

355

 

 

 

691

 

Deferred income taxes

 

 

(286

)

 

 

(72

)

 

 

(638

)

 

 

(99

)

Changes in operating assets and liabilities, net of effect of business combinations

 

 

 

 

 

 

 

 

 

 

 

 

Accounts receivable

 

 

(9,788

)

 

 

(9,610

)

 

 

24,337

 

 

 

11,113

 

Deferred contract cost assets

 

 

(3,295

)

 

 

(3,500

)

 

 

(7,361

)

 

 

(5,062

)

Prepaid expenses and other assets

 

 

390

 

 

 

(1,122

)

 

 

(4,535

)

 

 

(5,723

)

Accounts payable

 

 

5,587

 

 

 

608

 

 

 

5,926

 

 

 

(2,908

)

Accrued expenses and other liabilities

 

 

(4,552

)

 

 

9,420

 

 

 

(8,909

)

 

 

14,535

 

Deferred revenue

 

 

6,932

 

 

 

4,206

 

 

 

15,706

 

 

 

10,845

 

Operating lease liabilities

 

 

(2,489

)

 

 

(557

)

 

 

(4,359

)

 

 

(1,929

)

Net cash flow (used in) provided by operating activities

 

 

(26,955

)

 

 

(3,129

)

 

 

(16,671

)

 

 

25,167

 

Investing activities

 

 

 

 

 

 

 

 

 

 

 

 

Purchases of property and equipment

 

 

(1,908

)

 

 

(1,801

)

 

 

(9,433

)

 

 

(4,194

)

Capitalized software development costs

 

 

(8,620

)

 

 

(3,523

)

 

 

(16,252

)

 

 

(5,716

)

Purchases of strategic investments

 

 

(689

)

 

 

(3,450

)

 

 

(3,018

)

 

 

(3,450

)

Originations of materials financing

 

 

(9,259

)

 

 

-

 

 

 

(9,259

)

 

 

-

 

Customer repayments of materials financing

 

 

6,261

 

 

 

-

 

 

 

6,261

 

 

 

-

 

Acquisition of a business, net of cash acquired

 

 

-

 

 

 

(19,982

)

 

 

-

 

 

 

(19,982

)

Settlement of post-close working capital adjustments from business combinations

 

 

-

 

 

 

-

 

 

 

1,291

 

 

 

-

 

Net cash flow used in investing activities

 

 

(14,215

)

 

 

(28,756

)

 

 

(30,410

)

 

 

(33,342

)

Financing activities

 

 

 

 

 

 

 

 

 

 

 

 

Proceeds from initial public offering, net of underwriting

commissions and discounts

 

 

-

 

 

 

665,129

 

 

 

-

 

 

 

665,129

 

Proceeds from stock option exercises

 

 

7,697

 

 

 

17,499

 

 

 

14,604

 

 

 

29,126

 

Payments of deferred offering costs

 

 

(270

)

 

 

(2,987

)

 

 

(270

)

 

 

(3,527

)

Proceeds from employee stock purchase plan

 

 

11,513

 

 

 

-

 

 

 

11,513

 

 

 

-

 

Payment of deferred business acquisition consideration

 

 

-

 

 

 

(475

)

 

 

-

 

 

 

(475

)

Principal payments under finance lease agreements, net of proceeds from lease incentives

 

 

(479

)

 

 

(428

)

 

 

(844

)

 

 

(742

)

Net cash flow provided by financing activities

 

 

18,461

 

 

 

678,738

 

 

 

25,003

 

 

 

689,511

 

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

 

 

(22,709

)

 

 

646,853

 

 

 

(22,078

)

 

 

681,336

 

Effect of exchange rate changes on cash

 

 

(981

)

 

 

(102

)

 

 

(806

)

 

 

(731

)

Cash, cash equivalents and restricted cash, beginning of period

 

 

590,018

 

 

 

417,107

 

 

 

589,212

 

 

 

383,253

 

Cash, cash equivalents and restricted cash, end of period

 

$

566,328

 

 

$

1,063,858

 

 

$

566,328

 

 

$

1,063,858

 

 

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
June 30,

 

Six Months Ended
June 30,

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

 

 

(dollars in thousands)

Revenue

 

$

172,205

 

 

$

122,790

 

 

$

331,721

 

 

$

236,728

 

Gross profit

 

 

135,470

 

 

 

97,297

 

 

 

261,654

 

 

 

190,876

 

Stock-based compensation expense

 

 

2,046

 

 

 

4,918

 

 

 

3,504

 

 

 

6,079

 

Amortization of acquired technology intangible assets

 

 

5,654

 

 

 

1,086

 

 

 

11,308

 

 

 

2,172

 

Employer payroll tax on employee stock transactions

 

 

68

 

 

 

330

 

 

 

149

 

 

 

334

 

Non-GAAP gross profit

 

$

143,238

 

 

$

103,631

 

 

$

276,615

 

 

$

199,461

 

Gross margin

 

 

79

%

 

 

79

%

 

 

79

%

 

 

81

%

Non-GAAP gross margin

 

 

83

%

 

 

84

%

 

 

83

%

 

 

84

%

Reconciliation of operating expenses to non-GAAP operating expenses:

 

 

 

Three Months Ended
June 30,

 

Six Months Ended
June 30,

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

 

 

(dollars in thousands)

Revenue

 

$

172,205

 

 

$

122,790

 

 

$

331,721

 

 

$

236,728

 

GAAP sales and marketing

 

 

103,283

 

 

 

99,905

 

 

 

197,198

 

 

 

153,870

 

Stock-based compensation expense

 

 

(12,572

)

 

 

(42,855

)

 

 

(22,868

)

 

 

(46,107

)

Amortization of acquired intangible assets

 

 

(3,106

)

 

 

(466

)

 

 

(6,212

)

 

 

(945

)

Employer payroll tax on employee stock transactions

 

 

(317

)

 

 

(1,215

)

 

 

(925

)

 

 

(1,357

)

Acquisition-related expenses

 

 

(208

)

 

 

(110

)

 

 

(415

)

 

 

(110

)

Non-GAAP sales and marketing

 

$

87,080

 

 

$

55,259

 

 

$

166,778

 

 

$

105,351

 

GAAP sales and marketing as a percentage of revenue

 

 

60

%

 

 

81

%

 

 

59

%

 

 

65

%

Non-GAAP sales and marketing as a percentage of revenue

 

 

51

%

 

 

45

%

 

 

50

%

 

 

45

%

GAAP research and development

 

$

63,822

 

 

$

88,627

 

 

$

124,076

 

 

$

123,172

 

Stock-based compensation expense

 

 

(13,144

)

 

 

(51,317

)

 

 

(26,152

)

 

 

(54,563

)

Amortization of acquired intangible assets

 

 

(895

)

 

 

(680

)

 

 

(1,797

)

 

 

(863

)

Employer payroll tax on employee stock transactions

 

 

(523

)

 

 

(1,748

)

 

 

(1,550

)

 

 

(1,822

)

Acquisition-related expenses

 

 

(1,090

)

 

 

(191

)

 

 

(2,191

)

 

 

(191

)

Non-GAAP research and development

 

$

48,170

 

 

$

34,691

 

 

$

92,386

 

 

$

65,733

 

GAAP research and development as a percentage of revenue

 

 

37

%

 

 

72

%

 

 

37

%

 

 

52

%

Non-GAAP research and development as a percentage of revenue

 

 

28

%

 

 

28

%

 

 

28

%

 

 

28

%

GAAP general and administrative

 

$

40,667

 

 

$

57,827

 

 

$

83,819

 

 

$

75,754

 

Stock-based compensation expense

 

 

(6,133

)

 

 

(38,353

)

 

 

(18,580

)

 

 

(40,997

)

Employer payroll tax on employee stock transactions

 

 

(182

)

 

 

(635

)

 

 

(727

)

 

 

(715

)

Acquisition-related expenses

 

 

(1,081

)

 

 

(442

)

 

 

(2,119

)

 

 

(442

)

Non-GAAP general and administrative

 

$

33,271

 

 

$

18,397

 

 

$

62,393

 

 

$

33,600

 

GAAP general and administrative as a percentage of revenue

 

 

24

%

 

 

47

%

 

 

25

%

 

 

32

%

Non-GAAP general and administrative as a percentage of revenue

 

 

19

%

 

 

15

%

 

 

19

%

 

 

14

%

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

 

 

 

Three Months Ended
June 30,

 

Six Months Ended
June 30,

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

 

 

(dollars in thousands)

Revenue

 

$

172,205

 

 

$

122,790

 

 

$

331,721

 

 

$

236,728

 

Loss from operations

 

 

(72,302

)

 

 

(149,062

)

 

 

(143,439

)

 

 

(161,920

)

Stock-based compensation expense

 

 

33,895

 

 

 

137,443

 

 

 

71,104

 

 

 

147,746

 

Amortization of acquired intangible assets

 

 

9,655

 

 

 

2,232

 

 

 

19,317

 

 

 

3,980

 

Employer payroll tax on employee stock transactions

 

 

1,090

 

 

 

3,928

 

 

 

3,351

 

 

 

4,228

 

Acquisition-related expenses

 

 

2,379

 

 

 

743

 

 

 

4,725

 

 

 

743

 

Non-GAAP loss from operations

 

$

(25,283

)

 

$

(4,716

)

 

$

(44,942

)

 

$

(5,223

)

Operating margin

 

 

(42

%)

 

 

(121

%)

 

 

(43

%)

 

 

(68

%)

Non-GAAP operating margin

 

 

(15

%)

 

 

(4

%)

 

 

(14

%)

 

 

(2

%)

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

 

 

 

Three Months Ended
June 30,

 

Six Months Ended
June 30,

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

 

 

(dollars in thousands)

Revenue

 

$

172,205

 

 

$

122,790

 

 

$

331,721

 

 

$

236,728

 

Net loss

 

 

(73,123

)

 

 

(149,719

)

 

 

(144,542

)

 

 

(163,451

)

Stock-based compensation expense

 

 

33,895

 

 

 

137,443

 

 

 

71,104

 

 

 

147,746

 

Amortization of acquired intangible assets

 

 

9,655

 

 

 

2,232

 

 

 

19,317

 

 

 

3,980

 

Employer payroll tax on employee stock transactions

 

 

1,090

 

 

 

3,928

 

 

 

3,351

 

 

 

4,228

 

Acquisition-related expenses

 

 

2,379

 

 

 

743

 

 

 

4,725

 

 

 

743

 

Income tax effect of non-GAAP items

 

 

110

 

 

 

-

 

 

 

110

 

 

 

-

 

Non-GAAP net loss

 

$

(25,994

)

 

$

(5,373

)

 

$

(45,935

)

 

$

(6,754

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Numerator:

 

 

 

 

 

 

 

 

 

 

 

 

Non-GAAP net loss

 

$

(25,994

)

 

$

(5,373

)

 

$

(45,935

)

 

$

(6,754

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Denominator:

 

 

 

 

 

 

 

 

 

 

 

 

Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted

 

 

135,927,677

 

 

73,539,568

 

135,232,404

 

 

52,564,840

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP net loss per share, basic and diluted

 

$

(0.54

)

 

$

(2.04

)

 

$

(1.07

)

 

$

(3.11

)

Non-GAAP net loss per share, basic and diluted

 

$

(0.19

)

 

$

(0.07

)

 

$

(0.34

)

 

$

(0.13

)

Computation of free cash flow:

 

 

 

Three Months Ended
June 30,

 

Six Months Ended
June 30,

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

 

 

(dollars in thousands)

Net cash (used in) provided by operating activities

 

$

(26,955

)

 

$

(3,129

)

 

$

(16,671

)

 

$

25,167

 

Purchases of property and equipment

 

 

(1,908

)

 

 

(1,801

)

 

 

(9,433

)

 

 

(4,194

)

Capitalized software development costs

 

 

(8,620

)

 

 

(3,523

)

 

 

(16,252

)

 

 

(5,716

)

Non-GAAP free cash flow

 

$

(37,483

)

 

$

(8,453

)

 

$

(42,356

)

 

$

15,257

 


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