Procore Announces Third Quarter 2022 Financial Results

(4) Includes acquisition-related expenses as follows:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
	(in thousands)
Sales and marketing	$	655	$	-	$	1,070	$	110
Research and development		1,679		251		3,870		442
General and administrative		3		2,472		2,122		2,914
Total acquisition-related expenses	$	2,337	$	2,723	$	7,062	$	3,466

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


(in thousands)	September 30, 2022			December 31, 2021
Assets
Current assets
Cash and cash equivalents	$	264,622		$	586,108
Marketable securities		293,430			-
Accounts receivable, net		106,749			113,977
Contract cost asset, current		20,658			17,030
Prepaid expenses and other current assets		49,913			35,173
Total current assets		735,372			752,288
Capitalized software development costs, net		51,376			27,062
Property and equipment, net		40,666			36,837
Right of use assets - finance leases		37,459			39,623
Right of use assets - operating leases		45,494			44,052
Contract cost asset, non-current		33,528			25,889
Intangible assets, net		172,303			201,977
Goodwill		539,016			540,922
Other assets		22,090			22,007
Total assets	$	1,677,304		$	1,690,657
Liabilities, Redeemable Convertible Preferred Stock and Stockholders’ Equity
Current liabilities
Accounts payable	$	16,277		$	15,490
Accrued expenses		83,079			65,907
Deferred revenue, current		329,072			301,557
Other current liabilities		30,475			20,750
Total current liabilities		458,903			403,704
Deferred revenue, non-current		5,023			4,024
Finance lease liabilities, non-current		45,790			47,344
Operating lease liabilities, non-current		39,935			41,573
Other liabilities, non-current		3,352			4,723
Total liabilities		553,003			501,368
Stockholders’ equity
Common stock		14			13
Additional paid-in capital		2,004,995			1,852,071
Accumulated other comprehensive loss		(2,749	)		(583	)
Accumulated deficit		(877,959	)		(662,212	)
Total stockholders’ equity		1,124,301			1,189,289
Total liabilities, redeemable convertible preferred stock and stockholders’ equity	$	1,677,304		$	1,690,657

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