Procore Announces Strong Second Quarter 2021 Financial Results

(3) Includes employer payroll tax on employee stock transactions as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
	2020		2021		2020		2021
	(in thousands)
Cost of revenue	$	—	$	330	$	—	$	334
Sales and marketing		7		1,215		76		1,357
Research and development		20		1,748		35		1,822
General and administrative		25		635		27		715
Total employer payroll tax on employee stock transactions	$	52	$	3,928	$	138	$	4,228

Procore Technologies, Inc. Condensed Consolidated Balance Sheets (unaudited)
(in thousands)	December 31, 2020			June 30, 2021
Assets
Current assets
Cash and cash equivalents	$	379,907		$	1,060,512
Accounts receivable, net		77,692			66,782
Contract cost asset, current		13,598			15,324
Prepaid expenses and other current assets		16,772			23,243
Total current assets		487,969			1,165,861
Capitalized software development costs, net		18,538			18,946
Property and equipment, net		30,252			31,470
Right of use assets - finance leases		42,108			40,770
Right of use assets - operating leases		49,756			46,094
Contract cost asset, non-current		19,454			22,749
Intangibles, net		33,241			43,935
Goodwill		125,966			137,335
Restricted cash, non-current		3,104			3,104
Other assets		10,379			7,883
Total assets	$	820,767		$	1,518,147
Liabilities, Redeemable Convertible Preferred Stock and Stockholders’ (Deficit) Equity
Current liabilities
Accounts payable	$	9,012		$	6,513
Accrued expenses		28,492			42,964
Deferred revenue, current		213,438			226,151
Other current liabilities		10,768			11,953
Total current liabilities		261,710			287,581
Deferred revenue, non-current		6,373			4,612
Finance lease liabilities, non-current		48,835			48,003
Operating lease liabilities, non-current		46,558			43,601
Other liabilities, non-current		1,919			7,688
Total liabilities		365,395			391,485
Redeemable convertible preferred stock		727,474			—
Stockholders’ (deficit) equity
Common stock	3			13
Additional paid-in capital		124,755			1,687,184
Accumulated other comprehensive income (loss)		187			(37	)
Accumulated deficit		(397,047	)		(560,498	)
Total stockholders’ (deficit) equity		(272,102	)		1,126,662
Total liabilities, redeemable convertible preferred stock and stockholders’ (deficit) equity	$	820,767		$	1,518,147

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