The remaining performance obligation was $653.9 million as of June 30, 2022, approximately 72% of which is expected to be recognized as revenue within 12 months. The remaining performance obligation was $478.4 million as of June 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
|
|
Six Months Ended
|
||||||||||||
(in thousands) |
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
||||
Operating activities |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net loss |
|
$ |
(73,123 |
) |
|
$ |
(149,719 |
) |
|
$ |
(144,542 |
) |
|
$ |
(163,451 |
) |
Adjustments to reconcile net loss to net cash (used in) provided by operating activities |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Stock-based compensation |
|
|
33,895 |
|
|
|
137,443 |
|
|
|
71,104 |
|
|
|
147,746 |
|
Depreciation and amortization |
|
|
15,403 |
|
|
|
7,819 |
|
|
|
30,550 |
|
|
|
15,120 |
|
| Abandonment of long-lived assets |
|
|
887 |
|
|
|
- |
|
|
|
887 |
|
|
|
554 |
|
| Noncash lease expense |
|
|
2,652 |
|
|
|
1,869 |
|
|
|
4,808 |
|
|
|
3,735 |
|
| Unrealized foreign currency loss, net |
|
|
832 |
|
|
|
86 |
|
|
|
355 |
|
|
|
691 |
|
| Deferred income taxes |
|
|
(286 |
) |
|
|
(72 |
) |
|
|
(638 |
) |
|
|
(99 |
) |
| Changes in operating assets and liabilities, net of effect of business combinations |
|
|
|
|
|
|
|
|
|
|
|
|
||||
| Accounts receivable |
|
|
(9,788 |
) |
|
|
(9,610 |
) |
|
|
24,337 |
|
|
|
11,113 |
|
| Deferred contract cost assets |
|
|
(3,295 |
) |
|
|
(3,500 |
) |
|
|
(7,361 |
) |
|
|
(5,062 |
) |
| Prepaid expenses and other assets |
|
|
390 |
|
|
|
(1,122 |
) |
|
|
(4,535 |
) |
|
|
(5,723 |
) |
| Accounts payable |
|
|
5,587 |
|
|
|
608 |
|
|
|
5,926 |
|
|
|
(2,908 |
) |
| Accrued expenses and other liabilities |
|
|
(4,552 |
) |
|
|
9,420 |
|
|
|
(8,909 |
) |
|
|
14,535 |
|
| Deferred revenue |
|
|
6,932 |
|
|
|
4,206 |
|
|
|
15,706 |
|
|
|
10,845 |
|
| Operating lease liabilities |
|
|
(2,489 |
) |
|
|
(557 |
) |
|
|
(4,359 |
) |
|
|
(1,929 |
) |
| Net cash flow (used in) provided by operating activities |
|
|
(26,955 |
) |
|
|
(3,129 |
) |
|
|
(16,671 |
) |
|
|
25,167 |
|
| Investing activities |
|
|
|
|
|
|
|
|
|
|
|
|
||||
| Purchases of property and equipment |
|
|
(1,908 |
) |
|
|
(1,801 |
) |
|
|
(9,433 |
) |
|
|
(4,194 |
) |
| Capitalized software development costs |
|
|
(8,620 |
) |
|
|
(3,523 |
) |
|
|
(16,252 |
) |
|
|
(5,716 |
) |
| Purchases of strategic investments |
|
|
(689 |
) |
|
|
(3,450 |
) |
|
|
(3,018 |
) |
|
|
(3,450 |
) |
| Originations of materials financing |
|
|
(9,259 |
) |
|
|
- |
|
|
|
(9,259 |
) |
|
|
- |
|
| Customer repayments of materials financing |
|
|
6,261 |
|
|
|
- |
|
|
|
6,261 |
|
|
|
- |
|
| Acquisition of a business, net of cash acquired |
|
|
- |
|
|
|
(19,982 |
) |
|
|
- |
|
|
|
(19,982 |
) |
| Settlement of post-close working capital adjustments from business combinations |
|
|
- |
|
|
|
- |
|
|
|
1,291 |
|
|
|
- |
|
| Net cash flow used in investing activities |
|
|
(14,215 |
) |
|
|
(28,756 |
) |
|
|
(30,410 |
) |
|
|
(33,342 |
) |
| Financing activities |
|
|
|
|
|
|
|
|
|
|
|
|
||||
| Proceeds from initial public offering, net of underwriting commissions and discounts |
|
|
- |
|
|
|
665,129 |
|
|
|
- |
|
|
|
665,129 |
|
| Proceeds from stock option exercises |
|
|
7,697 |
|
|
|
17,499 |
|
|
|
14,604 |
|
|
|
29,126 |
|
| Payments of deferred offering costs |
|
|
(270 |
) |
|
|
(2,987 |
) |
|
|
(270 |
) |
|
|
(3,527 |
) |
| Proceeds from employee stock purchase plan |
|
|
11,513 |
|
|
|
- |
|
|
|
11,513 |
|
|
|
- |
|
| Payment of deferred business acquisition consideration |
|
|
- |
|
|
|
(475 |
) |
|
|
- |
|
|
|
(475 |
) |
| Principal payments under finance lease agreements, net of proceeds from lease incentives |
|
|
(479 |
) |
|
|
(428 |
) |
|
|
(844 |
) |
|
|
(742 |
) |
| Net cash flow provided by financing activities |
|
|
18,461 |
|
|
|
678,738 |
|
|
|
25,003 |
|
|
|
689,511 |
|
| Net (decrease) increase in cash, cash equivalents and restricted cash |
|
|
(22,709 |
) |
|
|
646,853 |
|
|
|
(22,078 |
) |
|
|
681,336 |
|
| Effect of exchange rate changes on cash |
|
|
(981 |
) |
|
|
(102 |
) |
|
|
(806 |
) |
|
|
(731 |
) |
| Cash, cash equivalents and restricted cash, beginning of period |
|
|
590,018 |
|
|
|
417,107 |
|
|
|
589,212 |
|
|
|
383,253 |
|
| Cash, cash equivalents and restricted cash, end of period |
|
$ |
566,328 |
|
|
$ |
1,063,858 |
|
|
$ |
566,328 |
|
|
$ |
1,063,858 |
|
| 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
|
|
Six Months Ended
|
||||||||||||
|
|
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
||||
|
|
|
(dollars in thousands) |
||||||||||||||
| Revenue |
|
$ |
172,205 |
|
|
$ |
122,790 |
|
|
$ |
331,721 |
|
|
$ |
236,728 |
|
| Gross profit |
|
|
135,470 |
|
|
|
97,297 |
|
|
|
261,654 |
|
|
|
190,876 |
|
| Stock-based compensation expense |
|
|
2,046 |
|
|
|
4,918 |
|
|
|
3,504 |
|
|
|
6,079 |
|
| Amortization of acquired technology intangible assets |
|
|
5,654 |
|
|
|
1,086 |
|
|
|
11,308 |
|
|
|
2,172 |
|
| Employer payroll tax on employee stock transactions |
|
|
68 |
|
|
|
330 |
|
|
|
149 |
|
|
|
334 |
|
| Non-GAAP gross profit |
|
$ |
143,238 |
|
|
$ |
103,631 |
|
|
$ |
276,615 |
|
|
$ |
199,461 |
|
| Gross margin |
|
|
79 |
% |
|
|
79 |
% |
|
|
79 |
% |
|
|
81 |
% |
| Non-GAAP gross margin |
|
|
83 |
% |
|
|
84 |
% |
|
|
83 |
% |
|
|
84 |
% |
| Reconciliation of operating expenses to non-GAAP operating expenses: |
||||||||||||||||
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
|
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
||||
|
|
|
(dollars in thousands) |
||||||||||||||
| Revenue |
|
$ |
172,205 |
|
|
$ |
122,790 |
|
|
$ |
331,721 |
|
|
$ |
236,728 |
|
| GAAP sales and marketing |
|
|
103,283 |
|
|
|
99,905 |
|
|
|
197,198 |
|
|
|
153,870 |
|
| Stock-based compensation expense |
|
|
(12,572 |
) |
|
|
(42,855 |
) |
|
|
(22,868 |
) |
|
|
(46,107 |
) |
| Amortization of acquired intangible assets |
|
|
(3,106 |
) |
|
|
(466 |
) |
|
|
(6,212 |
) |
|
|
(945 |
) |
| Employer payroll tax on employee stock transactions |
|
|
(317 |
) |
|
|
(1,215 |
) |
|
|
(925 |
) |
|
|
(1,357 |
) |
| Acquisition-related expenses |
|
|
(208 |
) |
|
|
(110 |
) |
|
|
(415 |
) |
|
|
(110 |
) |
| Non-GAAP sales and marketing |
|
$ |
87,080 |
|
|
$ |
55,259 |
|
|
$ |
166,778 |
|
|
$ |
105,351 |
|
| GAAP sales and marketing as a percentage of revenue |
|
|
60 |
% |
|
|
81 |
% |
|
|
59 |
% |
|
|
65 |
% |
| Non-GAAP sales and marketing as a percentage of revenue |
|
|
51 |
% |
|
|
45 |
% |
|
|
50 |
% |
|
|
45 |
% |
| GAAP research and development |
|
$ |
63,822 |
|
|
$ |
88,627 |
|
|
$ |
124,076 |
|
|
$ |
123,172 |
|
| Stock-based compensation expense |
|
|
(13,144 |
) |
|
|
(51,317 |
) |
|
|
(26,152 |
) |
|
|
(54,563 |
) |
| Amortization of acquired intangible assets |
|
|
(895 |
) |
|
|
(680 |
) |
|
|
(1,797 |
) |
|
|
(863 |
) |
| Employer payroll tax on employee stock transactions |
|
|
(523 |
) |
|
|
(1,748 |
) |
|
|
(1,550 |
) |
|
|
(1,822 |
) |
| Acquisition-related expenses |
|
|
(1,090 |
) |
|
|
(191 |
) |
|
|
(2,191 |
) |
|
|
(191 |
) |
| Non-GAAP research and development |
|
$ |
48,170 |
|
|
$ |
34,691 |
|
|
$ |
92,386 |
|
|
$ |
65,733 |
|
| GAAP research and development as a percentage of revenue |
|
|
37 |
% |
|
|
72 |
% |
|
|
37 |
% |
|
|
52 |
% |
| Non-GAAP research and development as a percentage of revenue |
|
|
28 |
% |
|
|
28 |
% |
|
|
28 |
% |
|
|
28 |
% |
| GAAP general and administrative |
|
$ |
40,667 |
|
|
$ |
57,827 |
|
|
$ |
83,819 |
|
|
$ |
75,754 |
|
| Stock-based compensation expense |
|
|
(6,133 |
) |
|
|
(38,353 |
) |
|
|
(18,580 |
) |
|
|
(40,997 |
) |
| Employer payroll tax on employee stock transactions |
|
|
(182 |
) |
|
|
(635 |
) |
|
|
(727 |
) |
|
|
(715 |
) |
| Acquisition-related expenses |
|
|
(1,081 |
) |
|
|
(442 |
) |
|
|
(2,119 |
) |
|
|
(442 |
) |
| Non-GAAP general and administrative |
|
$ |
33,271 |
|
|
$ |
18,397 |
|
|
$ |
62,393 |
|
|
$ |
33,600 |
|
| GAAP general and administrative as a percentage of revenue |
|
|
24 |
% |
|
|
47 |
% |
|
|
25 |
% |
|
|
32 |
% |
| Non-GAAP general and administrative as a percentage of revenue |
|
|
19 |
% |
|
|
15 |
% |
|
|
19 |
% |
|
|
14 |
% |
| Reconciliation of loss from operations and operating margin to non-GAAP loss from operations and non-GAAP operating margin: |
||||||||||||||||
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
|
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
||||
|
|
|
(dollars in thousands) |
||||||||||||||
| Revenue |
|
$ |
172,205 |
|
|
$ |
122,790 |
|
|
$ |
331,721 |
|
|
$ |
236,728 |
|
| Loss from operations |
|
|
(72,302 |
) |
|
|
(149,062 |
) |
|
|
(143,439 |
) |
|
|
(161,920 |
) |
| Stock-based compensation expense |
|
|
33,895 |
|
|
|
137,443 |
|
|
|
71,104 |
|
|
|
147,746 |
|
| Amortization of acquired intangible assets |
|
|
9,655 |
|
|
|
2,232 |
|
|
|
19,317 |
|
|
|
3,980 |
|
| Employer payroll tax on employee stock transactions |
|
|
1,090 |
|
|
|
3,928 |
|
|
|
3,351 |
|
|
|
4,228 |
|
| Acquisition-related expenses |
|
|
2,379 |
|
|
|
743 |
|
|
|
4,725 |
|
|
|
743 |
|
| Non-GAAP loss from operations |
|
$ |
(25,283 |
) |
|
$ |
(4,716 |
) |
|
$ |
(44,942 |
) |
|
$ |
(5,223 |
) |
| Operating margin |
|
|
(42 |
%) |
|
|
(121 |
%) |
|
|
(43 |
%) |
|
|
(68 |
%) |
| Non-GAAP operating margin |
|
|
(15 |
%) |
|
|
(4 |
%) |
|
|
(14 |
%) |
|
|
(2 |
%) |
| Reconciliation of net loss and net loss per share to non-GAAP net loss and non-GAAP net loss per share: |
||||||||||||||||
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
|
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
||||
|
|
|
(dollars in thousands) |
||||||||||||||
| Revenue |
|
$ |
172,205 |
|
|
$ |
122,790 |
|
|
$ |
331,721 |
|
|
$ |
236,728 |
|
| Net loss |
|
|
(73,123 |
) |
|
|
(149,719 |
) |
|
|
(144,542 |
) |
|
|
(163,451 |
) |
| Stock-based compensation expense |
|
|
33,895 |
|
|
|
137,443 |
|
|
|
71,104 |
|
|
|
147,746 |
|
| Amortization of acquired intangible assets |
|
|
9,655 |
|
|
|
2,232 |
|
|
|
19,317 |
|
|
|
3,980 |
|
| Employer payroll tax on employee stock transactions |
|
|
1,090 |
|
|
|
3,928 |
|
|
|
3,351 |
|
|
|
4,228 |
|
| Acquisition-related expenses |
|
|
2,379 |
|
|
|
743 |
|
|
|
4,725 |
|
|
|
743 |
|
| Income tax effect of non-GAAP items |
|
|
110 |
|
|
|
- |
|
|
|
110 |
|
|
|
- |
|
| Non-GAAP net loss |
|
$ |
(25,994 |
) |
|
$ |
(5,373 |
) |
|
$ |
(45,935 |
) |
|
$ |
(6,754 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
| Numerator: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
| Non-GAAP net loss |
|
$ |
(25,994 |
) |
|
$ |
(5,373 |
) |
|
$ |
(45,935 |
) |
|
$ |
(6,754 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
| Denominator: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
| Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted |
|
|
135,927,677 |
|
|
73,539,568 |
|
135,232,404 |
|
|
52,564,840 |
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
| GAAP net loss per share, basic and diluted |
|
$ |
(0.54 |
) |
|
$ |
(2.04 |
) |
|
$ |
(1.07 |
) |
|
$ |
(3.11 |
) |
| Non-GAAP net loss per share, basic and diluted |
|
$ |
(0.19 |
) |
|
$ |
(0.07 |
) |
|
$ |
(0.34 |
) |
|
$ |
(0.13 |
) |
| Computation of free cash flow: |
||||||||||||||||
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
|
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
||||
|
|
|
(dollars in thousands) |
||||||||||||||
| Net cash (used in) provided by operating activities |
|
$ |
(26,955 |
) |
|
$ |
(3,129 |
) |
|
$ |
(16,671 |
) |
|
$ |
25,167 |
|
| Purchases of property and equipment |
|
|
(1,908 |
) |
|
|
(1,801 |
) |
|
|
(9,433 |
) |
|
|
(4,194 |
) |
| Capitalized software development costs |
|
|
(8,620 |
) |
|
|
(3,523 |
) |
|
|
(16,252 |
) |
|
|
(5,716 |
) |
| Non-GAAP free cash flow |
|
$ |
(37,483 |
) |
|
$ |
(8,453 |
) |
|
$ |
(42,356 |
) |
|
$ |
15,257 |
|
