The remaining performance obligation was $714.9 million as of September 30, 2022, approximately 70% of which is expected to be recognized as revenue within 12 months. The remaining performance obligation was $497.3 million as of September 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
|
|
|
Nine Months Ended
|
|
||||||||||
(in thousands) |
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
||||
Operating activities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss |
|
$ |
(71,205 |
) |
|
$ |
(50,742 |
) |
|
$ |
(215,747 |
) |
|
$ |
(214,193 |
) |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock-based compensation |
|
|
44,777 |
|
|
|
38,183 |
|
|
|
115,881 |
|
|
|
185,929 |
|
| Depreciation and amortization |
|
|
15,903 |
|
|
|
8,149 |
|
|
|
46,453 |
|
|
|
23,269 |
|
| Accretion of discounts on marketable debt securities, net |
|
|
(650 |
) |
|
|
- |
|
|
|
(650 |
) |
|
|
- |
|
| Abandonment of long-lived assets |
|
|
177 |
|
|
|
- |
|
|
|
1,064 |
|
|
|
554 |
|
| Noncash lease expense |
|
|
2,751 |
|
|
|
1,865 |
|
|
|
7,559 |
|
|
|
5,600 |
|
| Unrealized foreign currency loss, net |
|
|
526 |
|
|
|
184 |
|
|
|
881 |
|
|
|
875 |
|
| Deferred income taxes |
|
|
288 |
|
|
|
192 |
|
|
|
(350 |
) |
|
|
93 |
|
| Changes in operating assets and liabilities, net of effect of business combinations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Accounts receivable |
|
|
(17,611 |
) |
|
|
(7,730 |
) |
|
|
6,726 |
|
|
|
3,383 |
|
| Deferred contract cost assets |
|
|
(5,228 |
) |
|
|
(2,011 |
) |
|
|
(12,589 |
) |
|
|
(7,073 |
) |
| Prepaid expenses and other assets |
|
|
(2,721 |
) |
|
|
(2,032 |
) |
|
|
(7,256 |
) |
|
|
(7,755 |
) |
| Accounts payable |
|
|
(3,785 |
) |
|
|
2,780 |
|
|
|
2,141 |
|
|
|
(128 |
) |
| Accrued expenses and other liabilities |
|
|
31,973 |
|
|
|
14,149 |
|
|
|
23,064 |
|
|
|
28,684 |
|
| Deferred revenue |
|
|
14,143 |
|
|
|
13,876 |
|
|
|
29,849 |
|
|
|
24,721 |
|
| Operating lease liabilities |
|
|
(2,751 |
) |
|
|
(1,725 |
) |
|
|
(7,110 |
) |
|
|
(3,654 |
) |
| Net cash flow provided by (used in) operating activities |
|
|
6,587 |
|
|
|
15,138 |
|
|
|
(10,084 |
) |
|
|
40,305 |
|
| Investing activities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Purchases of property and equipment |
|
|
(4,237 |
) |
|
|
(4,211 |
) |
|
|
(13,670 |
) |
|
|
(8,405 |
) |
| Capitalized software development costs |
|
|
(8,531 |
) |
|
|
(4,459 |
) |
|
|
(24,783 |
) |
|
|
(10,175 |
) |
| Purchases of strategic investments |
|
|
(635 |
) |
|
|
- |
|
|
|
(3,653 |
) |
|
|
(3,450 |
) |
| Purchases of marketable securities |
|
|
(293,078 |
) |
|
|
- |
|
|
|
(293,078 |
) |
|
|
- |
|
| Originations of materials financing |
|
|
(7,491 |
) |
|
|
- |
|
|
|
(16,750 |
) |
|
|
- |
|
| Customer repayments of materials financing |
|
|
5,736 |
|
|
|
- |
|
|
|
11,997 |
|
|
|
- |
|
| Acquisition of a business, net of cash acquired |
|
|
- |
|
|
|
(8 |
) |
|
|
- |
|
|
|
(19,990 |
) |
| Settlement of post-close working capital adjustments from business combinations |
|
|
- |
|
|
|
- |
|
|
|
1,291 |
|
|
|
- |
|
| Net cash flow used in investing activities |
|
|
(308,236 |
) |
|
|
(8,678 |
) |
|
|
(338,646 |
) |
|
|
(42,020 |
) |
| Financing activities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Proceeds from initial public offering, net of underwriting commissions and discounts |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
665,129 |
|
| Proceeds from stock option exercises |
|
|
4,741 |
|
|
|
6,187 |
|
|
|
19,345 |
|
|
|
35,313 |
|
| Payments of deferred offering costs |
|
|
- |
|
|
|
(319 |
) |
|
|
(270 |
) |
|
|
(3,846 |
) |
| Proceeds from employee stock purchase plan |
|
|
- |
|
|
|
- |
|
|
|
11,513 |
|
|
|
- |
|
| Payment of deferred business acquisition consideration |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(475 |
) |
| Principal payments under finance lease agreements, net of proceeds from lease incentives |
|
|
(486 |
) |
|
|
(433 |
) |
|
|
(1,330 |
) |
|
|
(1,175 |
) |
| Net cash flow provided by financing activities |
|
|
4,255 |
|
|
|
5,435 |
|
|
|
29,258 |
|
|
|
694,946 |
|
| Net (decrease) increase in cash, cash equivalents and restricted cash |
|
|
(297,394 |
) |
|
|
11,895 |
|
|
|
(319,472 |
) |
|
|
693,231 |
|
| Effect of exchange rate changes on cash |
|
|
(1,208 |
) |
|
|
(309 |
) |
|
|
(2,014 |
) |
|
|
(1,040 |
) |
| Cash, cash equivalents and restricted cash, beginning of period |
|
|
566,328 |
|
|
|
1,063,858 |
|
|
|
589,212 |
|
|
|
383,253 |
|
| Cash, cash equivalents and restricted cash, end of period |
|
$ |
267,726 |
|
|
$ |
1,075,444 |
|
|
$ |
267,726 |
|
|
$ |
1,075,444 |
|
| 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
|
|
|
Nine Months Ended
|
|
||||||||||
|
|
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
||||
|
|
|
(dollars in thousands) |
|
|||||||||||||
| Revenue |
|
$ |
186,429 |
|
|
$ |
131,990 |
|
|
$ |
518,150 |
|
|
$ |
368,718 |
|
| Gross profit |
|
|
148,650 |
|
|
|
109,297 |
|
|
|
410,304 |
|
|
|
300,173 |
|
| Stock-based compensation expense |
|
|
1,835 |
|
|
|
679 |
|
|
|
5,339 |
|
|
|
6,758 |
|
| Amortization of acquired technology intangible assets |
|
|
5,627 |
|
|
|
1,086 |
|
|
|
16,935 |
|
|
|
3,258 |
|
| Employer payroll tax on employee stock transactions |
|
|
99 |
|
|
|
66 |
|
|
|
248 |
|
|
|
400 |
|
| Non-GAAP gross profit |
|
$ |
156,211 |
|
|
$ |
111,128 |
|
|
$ |
432,826 |
|
|
$ |
310,589 |
|
| Gross margin |
|
|
80 |
% |
|
|
83 |
% |
|
|
79 |
% |
|
|
81 |
% |
| Non-GAAP gross margin |
|
|
84 |
% |
|
|
84 |
% |
|
|
84 |
% |
|
|
84 |
% |
| Reconciliation of operating expenses to non-GAAP operating expenses: |
||||||||||||||||
|
|
|
Three Months Ended
|
|
|
Nine Months Ended
|
|
||||||||||
|
|
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
||||
|
|
|
(dollars in thousands) |
|
|||||||||||||
| Revenue |
|
$ |
186,429 |
|
|
$ |
131,990 |
|
|
$ |
518,150 |
|
|
$ |
368,718 |
|
| GAAP sales and marketing |
|
|
109,608 |
|
|
|
70,356 |
|
|
|
306,806 |
|
|
|
224,226 |
|
| Stock-based compensation expense |
|
|
(15,483 |
) |
|
|
(11,178 |
) |
|
|
(38,351 |
) |
|
|
(57,285 |
) |
| Amortization of acquired intangible assets |
|
|
(3,106 |
) |
|
|
(404 |
) |
|
|
(9,318 |
) |
|
|
(1,349 |
) |
| Employer payroll tax on employee stock transactions |
|
|
(682 |
) |
|
|
(473 |
) |
|
|
(1,607 |
) |
|
|
(1,830 |
) |
| Acquisition-related expenses |
|
|
(655 |
) |
|
|
- |
|
|
|
(1,070 |
) |
|
|
(110 |
) |
| Non-GAAP sales and marketing |
|
$ |
89,682 |
|
|
$ |
58,301 |
|
|
$ |
256,460 |
|
|
$ |
163,652 |
|
| GAAP sales and marketing as a percentage of revenue |
|
|
59 |
% |
|
|
53 |
% |
|
|
59 |
% |
|
|
61 |
% |
| Non-GAAP sales and marketing as a percentage of revenue |
|
|
48 |
% |
|
|
44 |
% |
|
|
49 |
% |
|
|
44 |
% |
| GAAP research and development |
|
$ |
71,493 |
|
|
$ |
53,447 |
|
|
$ |
195,569 |
|
|
$ |
176,619 |
|
| Stock-based compensation expense |
|
|
(17,758 |
) |
|
|
(15,064 |
) |
|
|
(43,910 |
) |
|
|
(69,627 |
) |
| Amortization of acquired intangible assets |
|
|
(877 |
) |
|
|
(907 |
) |
|
|
(2,674 |
) |
|
|
(1,770 |
) |
| Employer payroll tax on employee stock transactions |
|
|
(638 |
) |
|
|
(386 |
) |
|
|
(2,188 |
) |
|
|
(2,208 |
) |
| Acquisition-related expenses |
|
|
(1,679 |
) |
|
|
(251 |
) |
|
|
(3,870 |
) |
|
|
(442 |
) |
| Non-GAAP research and development |
|
$ |
50,541 |
|
|
$ |
36,839 |
|
|
$ |
142,927 |
|
|
$ |
102,572 |
|
| GAAP research and development as a percentage of revenue |
|
|
38 |
% |
|
|
40 |
% |
|
|
38 |
% |
|
|
48 |
% |
| Non-GAAP research and development as a percentage of revenue |
|
|
27 |
% |
|
|
28 |
% |
|
|
28 |
% |
|
|
28 |
% |
| GAAP general and administrative |
|
$ |
39,362 |
|
|
$ |
35,051 |
|
|
$ |
123,181 |
|
|
$ |
110,805 |
|
| Stock-based compensation expense |
|
|
(9,701 |
) |
|
|
(11,262 |
) |
|
|
(28,281 |
) |
|
|
(52,259 |
) |
| Employer payroll tax on employee stock transactions |
|
|
(304 |
) |
|
|
(170 |
) |
|
|
(1,031 |
) |
|
|
(885 |
) |
| Acquisition-related expenses |
|
|
(3 |
) |
|
|
(2,472 |
) |
|
|
(2,122 |
) |
|
|
(2,914 |
) |
| Non-GAAP general and administrative |
|
$ |
29,354 |
|
|
$ |
21,147 |
|
|
$ |
91,747 |
|
|
$ |
54,747 |
|
| GAAP general and administrative as a percentage of revenue |
|
|
21 |
% |
|
|
27 |
% |
|
|
24 |
% |
|
|
30 |
% |
| Non-GAAP general and administrative as a percentage of revenue |
|
|
16 |
% |
|
|
16 |
% |
|
|
18 |
% |
|
|
15 |
% |
| Reconciliation of loss from operations and operating margin to non-GAAP loss from operations and non-GAAP operating margin: |
||||||||||||||||
|
|
|
Three Months Ended
|
|
|
Nine Months Ended
|
|
||||||||||
|
|
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
||||
|
|
|
(dollars in thousands) |
|
|||||||||||||
| Revenue |
|
$ |
186,429 |
|
|
$ |
131,990 |
|
|
$ |
518,150 |
|
|
$ |
368,718 |
|
| Loss from operations |
|
|
(71,813 |
) |
|
|
(49,557 |
) |
|
|
(215,252 |
) |
|
|
(211,477 |
) |
| Stock-based compensation expense |
|
|
44,777 |
|
|
|
38,183 |
|
|
|
115,881 |
|
|
|
185,929 |
|
| Amortization of acquired intangible assets |
|
|
9,610 |
|
|
|
2,397 |
|
|
|
28,927 |
|
|
|
6,377 |
|
| Employer payroll tax on employee stock transactions |
|
|
1,723 |
|
|
|
1,095 |
|
|
|
5,074 |
|
|
|
5,323 |
|
| Acquisition-related expenses |
|
|
2,337 |
|
|
|
2,723 |
|
|
|
7,062 |
|
|
|
3,466 |
|
| Non-GAAP loss from operations |
|
$ |
(13,366 |
) |
|
$ |
(5,159 |
) |
|
$ |
(58,308 |
) |
|
$ |
(10,382 |
) |
| Operating margin |
|
|
(39 |
%) |
|
|
(38 |
%) |
|
|
(42 |
%) |
|
|
(57 |
%) |
| Non-GAAP operating margin |
|
|
(7 |
%) |
|
|
(4 |
%) |
|
|
(11 |
%) |
|
|
(3 |
%) |
| Reconciliation of net loss and net loss per share to non-GAAP net loss and non-GAAP net loss per share: |
||||||||||||||||
|
|
|
Three Months Ended
|
|
|
Nine Months Ended
|
|
||||||||||
|
|
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
||||
|
|
|
(dollars in thousands) |
|
|||||||||||||
| Revenue |
|
$ |
186,429 |
|
|
$ |
131,990 |
|
|
$ |
518,150 |
|
|
$ |
368,718 |
|
| Net loss |
|
|
(71,205 |
) |
|
|
(50,742 |
) |
|
|
(215,747 |
) |
|
|
(214,193 |
) |
| Stock-based compensation expense |
|
|
44,777 |
|
|
|
38,183 |
|
|
|
115,881 |
|
|
|
185,929 |
|
| Amortization of acquired intangible assets |
|
|
9,610 |
|
|
|
2,397 |
|
|
|
28,927 |
|
|
|
6,377 |
|
| Employer payroll tax on employee stock transactions |
|
|
1,723 |
|
|
|
1,095 |
|
|
|
5,074 |
|
|
|
5,323 |
|
| Acquisition-related expenses |
|
|
2,337 |
|
|
|
2,723 |
|
|
|
7,062 |
|
|
|
3,466 |
|
| Income tax effect of non-GAAP items |
|
|
(48 |
) |
|
|
- |
|
|
|
62 |
|
|
|
- |
|
| Non-GAAP net loss |
|
$ |
(12,806 |
) |
|
$ |
(6,344 |
) |
|
$ |
(58,741 |
) |
|
$ |
(13,098 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Numerator: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Non-GAAP net loss |
|
$ |
(12,806 |
) |
|
$ |
(6,344 |
) |
|
$ |
(58,741 |
) |
|
$ |
(13,098 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Denominator: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted |
|
|
137,180,639 |
|
|
|
131,438,987 |
|
|
|
135,888,952 |
|
|
|
79,145,139 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| GAAP net loss per share, basic and diluted |
|
$ |
(0.52 |
) |
|
$ |
(0.39 |
) |
|
$ |
(1.59 |
) |
|
$ |
(2.71 |
) |
| Non-GAAP net loss per share, basic and diluted |
|
$ |
(0.09 |
) |
|
$ |
(0.05 |
) |
|
$ |
(0.43 |
) |
|
$ |
(0.17 |
) |
| Computation of free cash flow: |
||||||||||||||||
|
|
|
Three Months Ended
|
|
|
Nine Months Ended
|
|
||||||||||
|
|
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
||||
|
|
|
(in thousands) |
|
|||||||||||||
| Net cash provided by (used in) operating activities |
|
$ |
6,587 |
|
|
$ |
15,138 |
|
|
$ |
(10,084 |
) |
|
$ |
40,305 |
|
| Purchases of property and equipment |
|
|
(4,237 |
) |
|
|
(4,211 |
) |
|
|
(13,670 |
) |
|
|
(8,405 |
) |
| Capitalized software development costs |
|
|
(8,531 |
) |
|
|
(4,459 |
) |
|
|
(24,783 |
) |
|
|
(10,175 |
) |
| Non-GAAP free cash flow |
|
$ |
(6,181 |
) |
|
$ |
6,468 |
|
|
$ |
(48,537 |
) |
|
$ |
21,725 |
|
