The remaining performance obligation was $797.5 million as of December 31, 2022, approximately 70% of which is expected to be recognized as revenue within 12 months. The remaining performance obligation was $602.6 million as of December 31, 2021, approximately 70% 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
|
|
|
Year Ended
|
|
||||||||||
(in thousands) |
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
||||
Operating activities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss |
$ |
(71,184 |
) |
|
$ |
(50,972 |
) |
|
$ |
(286,931 |
) |
|
$ |
(265,165 |
) |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock-based compensation |
|
47,005 |
|
|
|
41,232 |
|
|
|
162,886 |
|
|
|
227,161 |
|
Depreciation and amortization |
|
16,586 |
|
|
|
13,107 |
|
|
|
63,039 |
|
|
|
36,376 |
|
| Accretion of discounts on marketable debt securities, net |
|
(1,359 |
) |
|
|
- |
|
|
|
(2,009 |
) |
|
|
- |
|
| Abandonment of long-lived assets |
|
280 |
|
|
|
- |
|
|
|
1,344 |
|
|
|
554 |
|
| Noncash operating lease expense |
|
2,611 |
|
|
|
1,969 |
|
|
|
10,170 |
|
|
|
7,569 |
|
| Unrealized foreign currency (gain) loss, net |
|
(1,232 |
) |
|
|
(190 |
) |
|
|
(351 |
) |
|
|
685 |
|
| Deferred income taxes |
|
67 |
|
|
|
(24,586 |
) |
|
|
(283 |
) |
|
|
(24,493 |
) |
| Provision for credit losses |
|
1,247 |
|
|
|
532 |
|
|
|
2,584 |
|
|
|
129 |
|
| Decrease (increase) in fair value of strategic investments |
|
519 |
|
|
|
- |
|
|
|
483 |
|
|
|
(32 |
) |
| Changes in operating assets and liabilities, net of effect of business combinations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Accounts receivable |
|
(42,196 |
) |
|
|
(37,970 |
) |
|
|
(35,817 |
) |
|
|
(34,184 |
) |
| Deferred contract cost assets |
|
(9,385 |
) |
|
|
(3,084 |
) |
|
|
(21,974 |
) |
|
|
(10,157 |
) |
| Prepaid expenses and other assets |
|
4,456 |
|
|
|
(9,088 |
) |
|
|
(3,754 |
) |
|
|
(16,811 |
) |
| Accounts payable |
|
(1,682 |
) |
|
|
4,082 |
|
|
|
459 |
|
|
|
3,954 |
|
| Accrued expenses and other liabilities |
|
11,559 |
|
|
|
9,492 |
|
|
|
34,623 |
|
|
|
38,176 |
|
| Deferred revenue |
|
67,180 |
|
|
|
53,950 |
|
|
|
97,029 |
|
|
|
78,671 |
|
| Operating lease liabilities |
|
(1,780 |
) |
|
|
(2,049 |
) |
|
|
(8,890 |
) |
|
|
(5,703 |
) |
| Net cash provided by (used in) operating activities |
|
22,692 |
|
|
|
(3,575 |
) |
|
|
12,608 |
|
|
|
36,730 |
|
| Investing activities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Purchases of property and equipment |
|
(2,112 |
) |
|
|
(3,978 |
) |
|
|
(15,782 |
) |
|
|
(12,383 |
) |
| Capitalized software development costs |
|
(8,865 |
) |
|
|
(5,073 |
) |
|
|
(33,648 |
) |
|
|
(15,248 |
) |
| Purchases of strategic investments |
|
(306 |
) |
|
|
(850 |
) |
|
|
(3,959 |
) |
|
|
(4,300 |
) |
| Purchases of marketable securities |
|
(76,128 |
) |
|
|
- |
|
|
|
(369,206 |
) |
|
|
- |
|
| Maturities of marketable securities |
|
85,632 |
|
|
|
- |
|
|
|
85,632 |
|
|
|
- |
|
| Originations of materials financing |
|
(6,739 |
) |
|
|
- |
|
|
|
(23,489 |
) |
|
|
- |
|
| Customer repayments of materials financing |
|
6,688 |
|
|
|
- |
|
|
|
18,685 |
|
|
|
- |
|
| Acquisition of businesses, net of cash acquired |
|
- |
|
|
|
(489,847 |
) |
|
|
- |
|
|
|
(509,837 |
) |
| Settlement of post-close working capital adjustments from business combinations |
|
- |
|
|
|
- |
|
|
|
1,291 |
|
|
|
- |
|
| Net cash used in investing activities |
|
(1,830 |
) |
|
|
(499,748 |
) |
|
|
(340,476 |
) |
|
|
(541,768 |
) |
| Financing activities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Proceeds from initial public offering |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
665,129 |
|
| Proceeds from stock option exercises |
|
3,019 |
|
|
|
7,773 |
|
|
|
22,364 |
|
|
|
43,086 |
|
| Proceeds from employee stock purchase plan |
|
10,620 |
|
|
|
9,475 |
|
|
|
22,133 |
|
|
|
9,475 |
|
| Payments of deferred offering costs |
|
- |
|
|
|
(34 |
) |
|
|
(270 |
) |
|
|
(3,880 |
) |
| Payments of deferred business acquisition consideration |
|
(3,870 |
) |
|
|
- |
|
|
|
(3,870 |
) |
|
|
(475 |
) |
| Principal payments under finance lease agreements, net of proceeds from lease incentives |
|
(375 |
) |
|
|
(334 |
) |
|
|
(1,705 |
) |
|
|
(1,509 |
) |
| Net cash provided by financing activities |
|
9,394 |
|
|
|
16,880 |
|
|
|
38,652 |
|
|
|
711,826 |
|
| Net increase (decrease) in cash, cash equivalents and restricted cash |
|
30,256 |
|
|
|
(486,443 |
) |
|
|
(289,216 |
) |
|
|
206,788 |
|
| Effect of exchange rate changes on cash |
|
1,834 |
|
|
|
211 |
|
|
|
(180 |
) |
|
|
(829 |
) |
| Cash, cash equivalents and restricted cash, beginning of period |
|
267,726 |
|
|
|
1,075,444 |
|
|
|
589,212 |
|
|
|
383,253 |
|
| Cash, cash equivalents and restricted cash, end of period |
$ |
299,816 |
|
|
$ |
589,212 |
|
|
$ |
299,816 |
|
|
$ |
589,212 |
|
| 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
|
|
|
Year Ended
|
|
||||||||||
|
|
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
||||
|
|
|
(dollars in thousands) |
|
|||||||||||||
| Revenue |
|
$ |
202,053 |
|
|
$ |
146,103 |
|
|
$ |
720,203 |
|
|
$ |
514,821 |
|
| Gross profit |
|
|
161,483 |
|
|
|
116,336 |
|
|
|
571,787 |
|
|
|
416,509 |
|
| Stock-based compensation expense |
|
|
1,914 |
|
|
|
1,336 |
|
|
|
7,253 |
|
|
|
8,094 |
|
| Amortization of acquired technology intangible assets |
|
|
5,493 |
|
|
|
4,264 |
|
|
|
22,428 |
|
|
|
7,522 |
|
| Employer payroll tax on employee stock transactions |
|
|
60 |
|
|
|
57 |
|
|
|
308 |
|
|
|
457 |
|
| Acquisition-related expenses |
|
|
- |
|
|
|
2 |
|
|
|
- |
|
|
|
2 |
|
| Non-GAAP gross profit |
|
$ |
168,950 |
|
|
$ |
121,995 |
|
|
$ |
601,776 |
|
|
$ |
432,584 |
|
| Gross margin |
|
|
80 |
% |
|
|
80 |
% |
|
|
79 |
% |
|
|
81 |
% |
| Non-GAAP gross margin |
|
|
84 |
% |
|
|
83 |
% |
|
|
84 |
% |
|
|
84 |
% |
| Reconciliation of operating expenses to non-GAAP operating expenses: |
||||||||||||||||
|
|
|
Three Months Ended
|
|
|
Year Ended
|
|
||||||||||
|
|
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
||||
|
|
|
(dollars in thousands) |
|
|||||||||||||
| Revenue |
|
$ |
202,053 |
|
|
$ |
146,103 |
|
|
$ |
720,203 |
|
|
$ |
514,821 |
|
| GAAP sales and marketing |
|
|
118,170 |
|
|
|
84,285 |
|
|
|
424,976 |
|
|
|
308,511 |
|
| Stock-based compensation expense |
|
|
(15,046 |
) |
|
|
(11,470 |
) |
|
|
(53,397 |
) |
|
|
(68,755 |
) |
| Amortization of acquired intangible assets |
|
|
(3,107 |
) |
|
|
(2,251 |
) |
|
|
(12,425 |
) |
|
|
(3,600 |
) |
| Employer payroll tax on employee stock transactions |
|
|
(348 |
) |
|
|
(495 |
) |
|
|
(1,955 |
) |
|
|
(2,325 |
) |
| Acquisition-related expenses |
|
|
(655 |
) |
|
|
(378 |
) |
|
|
(1,725 |
) |
|
|
(488 |
) |
| Non-GAAP sales and marketing |
|
$ |
99,014 |
|
|
$ |
69,691 |
|
|
$ |
355,474 |
|
|
$ |
233,343 |
|
| GAAP sales and marketing as a percentage of revenue |
|
|
58 |
% |
|
|
58 |
% |
|
|
59 |
% |
|
|
60 |
% |
| Non-GAAP sales and marketing as a percentage of revenue |
|
|
49 |
% |
|
|
48 |
% |
|
|
49 |
% |
|
|
45 |
% |
| GAAP research and development |
|
|
75,413 |
|
|
|
60,671 |
|
|
|
270,982 |
|
|
|
237,290 |
|
| Stock-based compensation expense |
|
|
(19,352 |
) |
|
|
(15,413 |
) |
|
|
(63,262 |
) |
|
|
(85,040 |
) |
| Amortization of acquired intangible assets |
|
|
(854 |
) |
|
|
(904 |
) |
|
|
(3,528 |
) |
|
|
(2,674 |
) |
| Employer payroll tax on employee stock transactions |
|
|
(286 |
) |
|
|
(398 |
) |
|
|
(2,474 |
) |
|
|
(2,606 |
) |
| Acquisition-related expenses |
|
|
(1,679 |
) |
|
|
(906 |
) |
|
|
(5,549 |
) |
|
|
(1,348 |
) |
| Non-GAAP research and development |
|
$ |
53,242 |
|
|
$ |
43,050 |
|
|
$ |
196,169 |
|
|
$ |
145,622 |
|
| GAAP research and development as a percentage of revenue |
|
|
37 |
% |
|
|
42 |
% |
|
|
38 |
% |
|
|
46 |
% |
| Non-GAAP research and development as a percentage of revenue |
|
|
26 |
% |
|
|
29 |
% |
|
|
27 |
% |
|
|
28 |
% |
| GAAP general and administrative |
|
|
43,102 |
|
|
|
45,830 |
|
|
|
166,283 |
|
|
|
156,635 |
|
| Stock-based compensation expense |
|
|
(10,693 |
) |
|
|
(13,013 |
) |
|
|
(38,974 |
) |
|
|
(65,272 |
) |
| Employer payroll tax on employee stock transactions |
|
|
(171 |
) |
|
|
(242 |
) |
|
|
(1,202 |
) |
|
|
(1,127 |
) |
| Acquisition-related expenses |
|
|
(6 |
) |
|
|
(4,528 |
) |
|
|
(2,128 |
) |
|
|
(7,442 |
) |
| Non-GAAP general and administrative |
|
$ |
32,232 |
|
|
$ |
28,047 |
|
|
$ |
123,979 |
|
|
$ |
82,794 |
|
| GAAP general and administrative as a percentage of revenue |
|
|
21 |
% |
|
|
31 |
% |
|
|
23 |
% |
|
|
30 |
% |
| Non-GAAP general and administrative as a percentage of revenue |
|
|
16 |
% |
|
|
19 |
% |
|
|
17 |
% |
|
|
16 |
% |
| Reconciliation of loss from operations and operating margin to non-GAAP loss from operations and non-GAAP operating margin: |
||||||||||||||||
|
|
|
Three Months Ended
|
|
|
Year Ended
|
|
||||||||||
|
|
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
||||
|
|
|
(dollars in thousands) |
|
|||||||||||||
| Revenue |
|
$ |
202,053 |
|
|
$ |
146,103 |
|
|
$ |
720,203 |
|
|
$ |
514,821 |
|
| Loss from operations |
|
|
(75,202 |
) |
|
|
(74,450 |
) |
|
|
(290,454 |
) |
|
|
(285,927 |
) |
| Stock-based compensation expense |
|
|
47,005 |
|
|
|
41,232 |
|
|
|
162,886 |
|
|
|
227,161 |
|
| Amortization of acquired intangible assets |
|
|
9,454 |
|
|
|
7,419 |
|
|
|
38,381 |
|
|
|
13,796 |
|
| Employer payroll tax on employee stock transactions |
|
|
865 |
|
|
|
1,192 |
|
|
|
5,939 |
|
|
|
6,515 |
|
| Acquisition-related expenses |
|
|
2,340 |
|
|
|
5,814 |
|
|
|
9,402 |
|
|
|
9,280 |
|
| Non-GAAP loss from operations |
|
$ |
(15,538 |
) |
|
$ |
(18,793 |
) |
|
$ |
(73,846 |
) |
|
$ |
(29,175 |
) |
| Operating margin |
|
|
(37 |
%) |
|
|
(51 |
%) |
|
|
(40 |
%) |
|
|
(56 |
%) |
| Non-GAAP operating margin |
|
|
(8 |
%) |
|
|
(13 |
%) |
|
|
(10 |
%) |
|
|
(6 |
%) |
| Reconciliation of net loss and net loss per share to non-GAAP net loss and non-GAAP net loss per share: |
||||||||||||||||
|
|
|
Three Months Ended
|
|
|
Year Ended
|
|
||||||||||
|
|
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
||||
|
|
|
(dollars in thousands) |
|
|||||||||||||
| Revenue |
|
$ |
202,053 |
|
|
$ |
146,103 |
|
|
$ |
720,203 |
|
|
$ |
514,821 |
|
| Net loss |
|
|
(71,184 |
) |
|
|
(50,972 |
) |
|
|
(286,931 |
) |
|
|
(265,165 |
) |
| Stock-based compensation expense |
|
|
47,005 |
|
|
|
41,232 |
|
|
|
162,886 |
|
|
|
227,161 |
|
| Amortization of acquired intangible assets |
|
|
9,454 |
|
|
|
7,419 |
|
|
|
38,381 |
|
|
|
13,796 |
|
| Employer payroll tax on employee stock transactions |
|
|
865 |
|
|
|
1,192 |
|
|
|
5,939 |
|
|
|
6,515 |
|
| Acquisition-related expenses |
|
|
2,340 |
|
|
|
5,814 |
|
|
|
9,402 |
|
|
|
9,280 |
|
| Income tax effect of non-GAAP items |
|
|
- |
|
|
|
(24,151 |
) |
|
|
62 |
|
|
|
(24,151 |
) |
| Non-GAAP net loss |
|
$ |
(11,520 |
) |
|
$ |
(19,466 |
) |
|
$ |
(70,261 |
) |
|
$ |
(32,564 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Numerator: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Non-GAAP net loss |
|
$ |
(11,520 |
) |
|
$ |
(19,466 |
) |
|
$ |
(70,261 |
) |
|
$ |
(32,564 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Denominator: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted |
|
|
138,415,280 |
|
|
|
132,892,072 |
|
|
|
136,525,728 |
|
|
|
92,673,453 |
|
| GAAP net loss per share, basic and diluted |
|
$ |
(0.51 |
) |
|
$ |
(0.38 |
) |
|
$ |
(2.10 |
) |
|
$ |
(2.86 |
) |
| Non-GAAP net loss per share, basic and diluted |
|
$ |
(0.08 |
) |
|
$ |
(0.15 |
) |
|
$ |
(0.51 |
) |
|
$ |
(0.35 |
) |
| Computation of free cash flow: |
||||||||||||||||
|
|
|
Three Months Ended
|
|
|
Year Ended
|
|
||||||||||
|
|
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
||||
|
|
|
(dollars in thousands) |
|
|||||||||||||
| Net cash provided by (used in) operating activities |
|
$ |
22,692 |
|
|
$ |
(3,575 |
) |
|
$ |
12,608 |
|
|
$ |
36,730 |
|
| Purchases of property and equipment |
|
|
(2,112 |
) |
|
|
(3,978 |
) |
|
|
(15,782 |
) |
|
|
(12,383 |
) |
| Capitalized software development costs |
|
|
(8,865 |
) |
|
|
(5,073 |
) |
|
|
(33,648 |
) |
|
|
(15,248 |
) |
| Non-GAAP free cash flow |
|
$ |
11,715 |
|
|
$ |
(12,626 |
) |
|
$ |
(36,822 |
) |
|
$ |
9,099 |
|
