Procore Announces First Quarter 2022 Financial Results

Remaining performance obligation:

The remaining performance obligation was $626.7 million as of March 31, 2022, approximately 71% of which is expected to be recognized as revenue within 12 months. The remaining performance obligation was $449.9 million as of March 31, 2021, approximately 73% 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 March 31,

 

(in thousands)

 

2022

 

 

2021

 

Operating activities

 

 

 

 

 

 

 

 

Net loss

 

$

(71,419

)

 

$

(13,732

)

Adjustments to reconcile net loss to net cash provided by operating activities

 

 

 

 

 

 

 

 

Stock-based compensation

 

 

37,209

 

 

 

10,303

 

Depreciation and amortization

 

 

15,147

 

 

 

7,301

 

Abandonment of long-lived assets

 

 

-

 

 

 

554

 

Noncash lease expense

 

 

2,156

 

 

 

1,866

 

Unrealized foreign currency (gain) loss, net

 

 

(477

)

 

 

605

 

Deferred income taxes

 

 

(352

)

 

 

(27

)

Changes in operating assets and liabilities

 

 

 

 

 

 

 

 

Accounts receivable

 

 

34,125

 

 

 

20,723

 

Deferred contract cost assets

 

 

(4,066

)

 

 

(1,562

)

Prepaid expenses and other assets

 

 

(4,925

)

 

 

(4,601

)

Accounts payable

 

 

339

 

 

 

(3,516

)

Accrued expenses and other liabilities

 

 

(4,357

)

 

 

5,115

 

Deferred revenue

 

 

8,774

 

 

 

6,639

 

Operating lease liabilities

 

 

(1,870

)

 

 

(1,372

)

Net cash flow provided by operating activities

 

 

10,284

 

 

 

28,296

 

Investing activities

 

 

 

 

 

 

 

 

Purchases of property and equipment

 

 

(7,525

)

 

 

(2,393

)

Capitalized software development costs

 

 

(7,632

)

 

 

(2,193

)

Purchases of strategic investments

 

 

(2,329

)

 

 

-

 

Settlement of post-close working capital adjustments from business

combinations

 

 

1,291

 

 

 

-

 

Net cash flow used in investing activities

 

 

(16,195

)

 

 

(4,586

)

Financing activities

 

 

 

 

 

 

 

 

Proceeds from stock option exercises

 

 

6,907

 

 

 

11,627

 

Payments of deferred offering costs

 

 

-

 

 

 

(540

)

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

incentives

 

 

(365

)

 

 

(314

)

Net cash flow provided by financing activities

 

 

6,542

 

 

 

10,773

 

Net increase in cash, cash equivalents and restricted cash

 

 

631

 

 

 

34,483

 

Effect of exchange rate changes on cash

 

 

175

 

 

 

(629

)

Cash, cash equivalents and restricted cash, beginning of period

 

 

589,212

 

 

 

383,253

 

Cash, cash equivalents and restricted cash, end of period

 

$

590,018

 

 

$

417,107

 

Procore Technologies, Inc.

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