Procore Announces First Quarter 2024 Financial Results

Non-GAAP financial measures may not provide information that is directly comparable to information provided by other companies in Procore's industry, as other companies in the industry may calculate non-GAAP financial measures differently. In addition, there are limitations in using non-GAAP financial measures because non-GAAP financial measures are not prepared in accordance with GAAP, may be different from non-GAAP financial measures used by other companies, and exclude expenses that may have a material impact on Procore's reported financial results. Further, stock-based compensation expense has been, and will continue to be for the foreseeable future, a significant recurring expense in Procore's business and an important part of the compensation provided to its employees. The presentation of non-GAAP financial information is not meant to be considered in isolation or as a substitute for the directly comparable financial measures prepared in accordance with GAAP. Investors should review the reconciliation of non-GAAP financial measures to the comparable GAAP financial measures included below, and not rely on any single financial measure to evaluate Procore's business.

Free Cash Flow: Procore defines free cash flow as net cash provided by operating activities, less purchases of property and equipment and capitalized software development costs. Procore believes free cash flow is an important liquidity measure of the cash (if any) that is available, after our operating activities and capital expenditures. Procore uses free cash flow in conjunction with traditional GAAP measures to assess its liquidity and evaluate the effectiveness of its business strategies. Once Procore’s business needs and obligations are met, cash can be used to maintain a strong balance sheet and invest in future growth.

Other Metrics

Customer Count: The aforementioned customer count excludes customers acquired from Levelset and Esticom that have not yet been renewed onto standard Procore annual contracts. Remaining Levelset and Esticom legacy customers will be included in our customer metrics once they are renewed onto standard Procore annual contracts or upon integration of the sales process.

About Procore

Procore Technologies, Inc. (NYSE: PCOR) creates software for people who build the world. With a focus on providing timely and accurate data for all, Procore transforms the construction industry one project at a time - from hospitals and skyscrapers to airports and stadiums. Beyond its connected, innovative technology, Procore empowers the industry and its communities through Procore.org. For more information, visit www.procore.com.

PROCORE-IR

Category: Earnings

 

Procore Technologies, Inc.

Condensed Consolidated Statements of Operations

(unaudited)

 

 

Three Months Ended March 31,

 

 

2024

 

 

 

2023

 

 

(in thousands, except share and per share amounts)

Revenue

$

269,428

 

 

$

213,526

 

Cost of revenue(1)(2)(3)

 

45,723

 

 

 

40,202

 

Gross profit

 

223,705

 

 

 

173,324

 

Operating expenses

 

 

 

Sales and marketing(1)(2)(3)(4)

 

120,994

 

 

 

117,363

 

Research and development(1)(2)(3)(4)

 

70,599

 

 

 

80,036

 

General and administrative(1)(3)

 

51,018

 

 

 

45,188

 

Total operating expenses

 

242,611

 

 

 

242,587

 

Loss from operations

 

(18,906

)

 

 

(69,263

)

Interest income

 

5,938

 

 

 

4,948

 

Interest expense

 

(479

)

 

 

(496

)

Accretion income, net

 

3,088

 

 

 

1,632

 

Other expense, net

 

(344

)

 

 

(210

)

Loss before provision for income taxes

 

(10,703

)

 

 

(63,389

)

Provision for income taxes

 

263

 

 

 

58

 

Net loss

$

(10,966

)

 

$

(63,447

)

Net loss per share attributable to common stockholders, basic and diluted

$

(0.08

)

 

$

(0.45

)

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

 

145,476,006

 

 

 

139,646,465

 

(1)

Includes stock-based compensation expense and amortization of capitalized stock-based compensation as follows:

 

Three Months Ended March 31,

 

 

2024

 

 

2023

 

(in thousands)

Cost of revenue

$

3,185

 

$

2,496

Sales and marketing

 

13,020

 

 

13,104

Research and development

 

13,735

 

 

19,781

General and administrative

 

11,729

 

 

10,475

Total stock-based compensation expense*

$

41,669

 

$

45,856

 

*Includes amortization of capitalized stock-based compensation of $1.5 million and $0.9 million, respectively, for the three months ended March 31, 2024 and 2023 which was initially capitalized as capitalized software and cloud-computing arrangement implementation costs.

(2)

Includes amortization of acquired intangible assets as follows:

 

Three Months Ended March 31,

 

 

2024

 

 

2023

 

(in thousands)

Cost of revenue

$

5,885

 

$

5,493

Sales and marketing

 

3,106

 

 

3,107

Research and development

 

675

 

 

734

Total amortization of acquired intangible assets

$

9,666

 

$

9,334

(3)

Includes employer payroll tax on employee stock transactions as follows:

 

Three Months Ended March 31,

 

 

2024

 

 

2023

 

(in thousands)

Cost of revenue

$

212

 

$

167

Sales and marketing

 

1,264

 

 

999

Research and development

 

1,668

 

 

1,356

General and administrative

 

1,045

 

 

632

Total employer payroll tax on employee stock transactions

$

4,189

 

$

3,154

(4)

Includes acquisition-related expenses as follows:

 

Three Months Ended March 31,

 

 

2024

 

 

2023

 

(in thousands)

Sales and marketing

$

448

 

$

906

Research and development

 

 

 

5,984

Total acquisition-related expenses

$

448

 

$

6,890

 

Procore Technologies, Inc.

Condensed Consolidated Balance Sheets

(unaudited)

 

 

March 31, 2024

 

December 31, 2023

 

(in thousands)

Assets

 

 

 

Current assets

 

 

 

Cash and cash equivalents

$

427,656

 

 

$

357,790

 

Marketable securities

 

316,963

 

 

 

320,161

 

Accounts receivable, net

 

138,996

 

 

 

206,644

 

Contract cost asset, current

 

29,618

 

 

 

28,718

 

Prepaid expenses and other current assets

 

41,707

 

 

 

42,421

 

Total current assets

 

954,940

 

 

 

955,734

 

Capitalized software development costs, net

 

88,409

 

 

 

83,045

 

Property and equipment, net

 

35,417

 

 

 

36,258

 

Right of use assets - finance leases

 

33,712

 

 

 

34,375

 

Right of use assets - operating leases

 

36,727

 

 

 

44,141

 

Contract cost asset, non-current

 

43,757

 

 

 

44,564

 

Intangible assets, net

 

127,747

 

 

 

137,546

 

Goodwill

 

539,131

 

 

 

539,354

 

Other assets

 

18,870

 

 

 

18,551

 

Total assets

$

1,878,710

 

 

$

1,893,568

 

Liabilities and Stockholders’ Equity

 

 

 

Current liabilities

 

 

 

Accounts payable

$

16,446

 

 

$

13,177

 

Accrued expenses

 

67,008

 

 

 

100,075

 

Deferred revenue, current

 

487,944

 

 

 

501,903

 

Other current liabilities

 

23,585

 

 

 

27,275

 

Total current liabilities

 

594,983

 

 

 

642,430

 

Deferred revenue, non-current

 

7,403

 

 

 

7,692

 

Finance lease liabilities, non-current

 

43,076

 

 

 

43,581

 

Operating lease liabilities, non-current

 

33,691

 

 

 

37,923

 

Other liabilities, non-current

 

5,876

 

 

 

6,332

 

Total liabilities

 

685,029

 

 

 

737,958

 

Stockholders’ equity

 

 

 

Common stock

 

15

 

 

 

15

 

Additional paid-in capital

 

2,345,537

 

 

 

2,295,807

 

Accumulated other comprehensive loss

 

(2,068

)

 

 

(1,375

)

Accumulated deficit

 

(1,149,803

)

 

 

(1,138,837

)

Total stockholders’ equity

 

1,193,681

 

 

 

1,155,610

 

Total liabilities and stockholders’ equity

$

1,878,710

 

 

$

1,893,568

 


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