The following table presents our current and non-current RPO at the end of each period:
|
March 31, |
|
Change |
||||||||||||
|
|
2024 |
|
|
2023 |
|
Dollar |
|
Percent |
||||||
|
(dollars in thousands) |
||||||||||||||
Remaining performance obligations |
|
|
|
|
|
|
|
||||||||
Current |
$ |
704,656 |
|
$ |
586,158 |
|
$ |
118,498 |
|
20 |
% |
||||
Non-current |
|
302,159 |
|
|
219,316 |
|
|
82,843 |
|
38 |
% |
||||
Total remaining performance obligations |
$ |
1,006,815 |
|
$ |
805,474 |
|
$ |
201,341 |
|
25 |
% |
||||
Procore Technologies, Inc. Condensed Consolidated Statements of Cash Flows (unaudited) |
|||||||
|
Three Months Ended March 31, |
||||||
|
|
2024 |
|
|
|
2023 |
|
|
(in thousands) |
||||||
| Operating activities |
|
|
|
||||
| Net loss |
$ |
(10,966 |
) |
|
$ |
(63,447 |
) |
| Adjustments to reconcile net loss to net cash provided by operating activities |
|
|
|
||||
| Stock-based compensation |
|
40,132 |
|
|
|
44,938 |
|
| Depreciation and amortization |
|
20,051 |
|
|
|
16,874 |
|
| Accretion of discounts on marketable debt securities, net |
|
(3,088 |
) |
|
|
(1,632 |
) |
| Abandonment of long-lived assets |
|
268 |
|
|
|
441 |
|
| Noncash operating lease expense |
|
2,734 |
|
|
|
2,628 |
|
| Unrealized foreign currency loss, net |
|
1,079 |
|
|
|
408 |
|
| Deferred income taxes |
|
1 |
|
|
|
2 |
|
| Provision for credit losses |
|
189 |
|
|
|
1,726 |
|
| Increase in fair value of strategic investments |
|
(759 |
) |
|
|
(36 |
) |
| Changes in operating assets and liabilities, net of effect of asset acquisition |
|
|
|
||||
| Accounts receivable |
|
68,013 |
|
|
|
42,948 |
|
| Deferred contract cost assets |
|
(427 |
) |
|
|
(460 |
) |
| Prepaid expenses and other assets |
|
(684 |
) |
|
|
4,549 |
|
| Accounts payable |
|
3,155 |
|
|
|
4,648 |
|
| Accrued expenses and other liabilities |
|
(34,154 |
) |
|
|
(28,181 |
) |
| Deferred revenue |
|
(14,108 |
) |
|
|
6,489 |
|
| Operating lease liabilities |
|
(2,291 |
) |
|
|
(2,620 |
) |
| Net cash provided by operating activities |
|
69,145 |
|
|
|
29,275 |
|
| Investing activities |
|
|
|
||||
| Purchases of property and equipment |
|
(2,089 |
) |
|
|
(2,173 |
) |
| Capitalized software development costs |
|
(9,514 |
) |
|
|
(7,951 |
) |
| Purchases of strategic investments |
|
(210 |
) |
|
|
(149 |
) |
| Purchases of marketable securities |
|
(101,434 |
) |
|
|
(89,996 |
) |
| Maturities of marketable securities |
|
107,301 |
|
|
|
103,909 |
|
| Originations of materials financing |
|
— |
|
|
|
(9,077 |
) |
| Customer repayments of materials financing |
|
1,281 |
|
|
|
5,358 |
|
| Asset acquisition, net of cash acquired |
|
(5 |
) |
|
|
— |
|
| Net cash used in investing activities |
|
(4,670 |
) |
|
|
(79 |
) |
| Financing activities |
|
|
|
||||
| Proceeds from stock option exercises |
|
7,125 |
|
|
|
3,722 |
|
| Principal payments under finance lease agreements, net of proceeds from lease incentives |
|
(449 |
) |
|
|
(410 |
) |
| Net cash provided by financing activities |
|
6,676 |
|
|
|
3,312 |
|
| Net increase in cash, cash equivalents, and restricted cash |
|
71,151 |
|
|
|
32,508 |
|
| Effect of exchange rate changes on cash |
|
(1,285 |
) |
|
|
(256 |
) |
| Cash, cash equivalents, and restricted cash, beginning of period |
|
357,790 |
|
|
|
299,816 |
|
| Cash, cash equivalents, and restricted cash, end of period |
$ |
427,656 |
|
|
$ |
332,068 |
|
| 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 March 31, |
||||||
|
|
|
2024 |
|
|
|
2023 |
|
|
|
(dollars in thousands) |
||||||
| Revenue |
$ |
269,428 |
|
|
$ |
213,526 |
|
| Gross profit |
|
223,705 |
|
|
|
173,324 |
|
| Stock-based compensation expense |
|
3,185 |
|
|
|
2,496 |
|
| Amortization of acquired technology intangible assets |
|
5,885 |
|
|
|
5,493 |
|
| Employer payroll tax on employee stock transactions |
|
212 |
|
|
|
167 |
|
| Non-GAAP gross profit |
$ |
232,987 |
|
|
$ |
181,480 |
|
| Gross margin |
|
83 |
% |
|
|
81 |
% |
| Non-GAAP gross margin |
|
86 |
% |
|
|
85 |
% |
| Reconciliation of operating expenses to non-GAAP operating expenses: |
|||||||
|
|
Three Months Ended March 31, |
||||||
|
|
|
2024 |
|
|
|
2023 |
|
|
|
(dollars in thousands) |
||||||
| Revenue |
$ |
269,428 |
|
|
$ |
213,526 |
|
| GAAP sales and marketing |
|
120,994 |
|
|
|
117,363 |
|
| Stock-based compensation expense |
|
(13,020 |
) |
|
|
(13,104 |
) |
| Amortization of acquired intangible assets |
|
(3,106 |
) |
|
|
(3,107 |
) |
| Employer payroll tax on employee stock transactions |
|
(1,264 |
) |
|
|
(999 |
) |
| Acquisition-related expenses |
|
(448 |
) |
|
|
(906 |
) |
| Non-GAAP sales and marketing |
$ |
103,156 |
|
|
$ |
99,247 |
|
| GAAP sales and marketing as a percentage of revenue |
|
45 |
% |
|
|
55 |
% |
| Non-GAAP sales and marketing as a percentage of revenue |
|
38 |
% |
|
|
46 |
% |
|
|
|
|
|
||||
| GAAP research and development |
$ |
70,599 |
|
|
$ |
80,036 |
|
| Stock-based compensation expense |
|
(13,735 |
) |
|
|
(19,781 |
) |
| Amortization of acquired intangible assets |
|
(675 |
) |
|
|
(734 |
) |
| Employer payroll tax on employee stock transactions |
|
(1,668 |
) |
|
|
(1,356 |
) |
| Acquisition-related expenses |
|
— |
|
|
|
(5,984 |
) |
| Non-GAAP research and development |
$ |
54,521 |
|
|
$ |
52,181 |
|
| GAAP research and development as a percentage of revenue |
|
26 |
% |
|
|
37 |
% |
| Non-GAAP research and development as a percentage of revenue |
|
20 |
% |
|
|
24 |
% |
|
|
|
|
|
||||
| GAAP general and administrative |
$ |
51,018 |
|
|
$ |
45,188 |
|
| Stock-based compensation expense |
|
(11,729 |
) |
|
|
(10,475 |
) |
| Employer payroll tax on employee stock transactions |
|
(1,045 |
) |
|
|
(632 |
) |
| Non-GAAP general and administrative |
$ |
38,244 |
|
|
$ |
34,081 |
|
| GAAP general and administrative as a percentage of revenue |
|
19 |
% |
|
|
21 |
% |
| Non-GAAP general and administrative as a percentage of revenue |
|
14 |
% |
|
|
16 |
% |
| Reconciliation of loss from operations and operating margin to non-GAAP income (loss) from operations and non-GAAP operating margin: |
|||||||
|
|
Three Months Ended March 31, |
||||||
|
|
|
2024 |
|
|
|
2023 |
|
|
|
(dollars in thousands) |
||||||
| Revenue |
$ |
269,428 |
|
|
$ |
213,526 |
|
| Loss from operations |
|
(18,906 |
) |
|
|
(69,263 |
) |
| Stock-based compensation expense |
|
41,669 |
|
|
|
45,856 |
|
| Amortization of acquired intangible assets |
|
9,666 |
|
|
|
9,334 |
|
| Employer payroll tax on employee stock transactions |
|
4,189 |
|
|
|
3,154 |
|
| Acquisition-related expenses |
|
448 |
|
|
|
6,890 |
|
| Non-GAAP income (loss) from operations |
$ |
37,066 |
|
|
$ |
(4,029 |
) |
| Operating margin |
|
(7 |
%) |
|
|
(32 |
%) |
| Non-GAAP operating margin |
|
14 |
% |
|
|
(2 |
%) |
| Reconciliation of net loss and net loss per share to non-GAAP net income and non-GAAP net income per share: |
|||||||
|
|
Three Months Ended March 31, |
||||||
|
|
|
2024 |
|
|
|
2023 |
|
|
|
(in thousands, except share and per share amounts) |
||||||
| Revenue |
$ |
269,428 |
|
|
$ |
213,526 |
|
| Net loss |
|
(10,966 |
) |
|
|
(63,447 |
) |
| Stock-based compensation expense |
|
41,669 |
|
|
|
45,856 |
|
| Amortization of acquired intangible assets |
|
9,666 |
|
|
|
9,334 |
|
| Employer payroll tax on employee stock transactions |
|
4,189 |
|
|
|
3,154 |
|
| Acquisition-related expenses |
|
448 |
|
|
|
6,890 |
|
| Non-GAAP net income |
$ |
45,006 |
|
|
$ |
1,787 |
|
|
|
|
|
|
||||
| Numerator: |
|
|
|
||||
| Non-GAAP net income |
$ |
45,006 |
|
|
$ |
1,787 |
|
|
|
|
|
|
||||
| Denominator: |
|
|
|
||||
| Weighted-average shares used in computing net loss per share attributable to common stockholders, basic |
|
145,476,006 |
|
|
|
139,646,465 |
|
| Effect of dilutive securities: Employee stock awards |
|
5,708,299 |
|
|
|
6,707,822 |
|
| Weighted-average shares used in computing net income per share attributable to common stockholders, diluted |
|
151,184,305 |
|
|
|
146,354,287 |
|
|
|
|
|
|
||||
| GAAP net loss per share, basic |
$ |
(0.08 |
) |
|
$ |
(0.45 |
) |
| GAAP net loss per share, diluted |
$ |
(0.08 |
) |
|
$ |
(0.45 |
) |
| Non-GAAP net income per share, basic |
$ |
0.31 |
|
|
$ |
0.01 |
|
| Non-GAAP net income per share, diluted |
$ |
0.30 |
|
|
$ |
0.01 |
|
| Computation of free cash flow: |
|||||||
|
|
Three Months Ended March 31, |
||||||
|
|
|
2024 |
|
|
|
2023 |
|
|
|
(in thousands) |
||||||
| Net cash provided by operating activities |
$ |
69,145 |
|
|
$ |
29,275 |
|
| Purchases of property, plant, and equipment |
|
(2,089 |
) |
|
|
(2,173 |
) |
| Capitalized software development costs |
|
(9,514 |
) |
|
|
(7,951 |
) |
| Non-GAAP free cash flow |
$ |
57,542 |
|
|
$ |
19,151 |
|
