The remaining performance obligation was $478.4 million as of June 30, 2021, approximately 72% of which is expected to be recognized as revenue within 12 months. The remaining performance obligation was $379.3 million as of June 30, 2020, approximately 71% of which was expected to be recognized as revenue within 12 months.
|
Procore Technologies, Inc.
|
||||||||||||||||
|
|
|
Three Months Ended
|
|
|
Six Months Ended
|
|
||||||||||
|
(in thousands) |
|
2020 |
|
|
2021 |
|
|
2020 |
|
|
2021 |
|
||||
|
Operating activities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss |
|
$ |
(13,749 |
) |
|
$ |
(149,719 |
) |
|
$ |
(32,783 |
) |
|
$ |
(163,451 |
) |
|
Adjustments to reconcile net loss to net cash (used in) provided by operating activities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock-based compensation |
|
|
6,626 |
|
|
|
137,443 |
|
|
|
12,326 |
|
|
|
147,746 |
|
|
Depreciation and amortization |
|
|
6,405 |
|
|
|
7,819 |
|
|
|
12,397 |
|
|
|
15,120 |
|
|
Change in fair value of Series I redeemable convertible preferred stock warrant liability |
|
|
10,605 |
|
|
|
— |
|
|
|
10,605 |
|
|
|
— |
|
|
Abandonment of long-lived assets |
|
|
658 |
|
|
|
— |
|
|
|
966 |
|
|
|
554 |
|
|
Noncash lease expense |
|
|
1,601 |
|
|
|
1,869 |
|
|
|
3,150 |
|
|
|
3,735 |
|
|
Unrealized foreign currency (gain) loss, net |
|
|
(1,392 |
) |
|
|
86 |
|
|
|
(370 |
) |
|
|
691 |
|
|
Deferred income taxes |
|
|
— |
|
|
|
(72 |
) |
|
|
— |
|
|
|
(99 |
) |
|
Changes in operating assets and liabilities, net of effect of business combinations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accounts receivable |
|
|
(10,138 |
) |
|
|
(9,610 |
) |
|
|
6,484 |
|
|
|
11,113 |
|
|
Deferred contract cost assets |
|
|
634 |
|
|
|
(3,500 |
) |
|
|
796 |
|
|
|
(5,062 |
) |
|
Prepaid expenses and other assets |
|
|
1,449 |
|
|
|
(1,122 |
) |
|
|
(123 |
) |
|
|
(5,723 |
) |
|
Accounts payable |
|
|
(1,850 |
) |
|
|
608 |
|
|
|
(88 |
) |
|
|
(2,908 |
) |
|
Accrued expenses and other liabilities |
|
|
730 |
|
|
|
9,420 |
|
|
|
(11,498 |
) |
|
|
14,535 |
|
|
Deferred revenue |
|
|
(5,664 |
) |
|
|
4,206 |
|
|
|
(776 |
) |
|
|
10,845 |
|
|
Operating lease liabilities |
|
|
(1,513 |
) |
|
|
(557 |
) |
|
|
(2,046 |
) |
|
|
(1,929 |
) |
|
Net cash flow (used in) provided by operating activities |
|
|
(5,598 |
) |
|
|
(3,129 |
) |
|
|
(960 |
) |
|
|
25,167 |
|
|
Investing activities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchases of property and equipment |
|
|
(2,051 |
) |
|
|
(1,801 |
) |
|
|
(5,311 |
) |
|
|
(4,194 |
) |
|
Capitalized software development costs |
|
|
(2,961 |
) |
|
|
(3,523 |
) |
|
|
(6,930 |
) |
|
|
(5,716 |
) |
|
Strategic investments |
|
|
— |
|
|
|
(3,450 |
) |
|
|
— |
|
|
|
(3,450 |
) |
|
Acquisition of businesses, net of cash acquired |
|
|
— |
|
|
|
(19,982 |
) |
|
|
(3,325 |
) |
|
|
(19,982 |
) |
|
Net cash flow used in investing activities |
|
|
(5,012 |
) |
|
|
(28,756 |
) |
|
|
(15,566 |
) |
|
|
(33,342 |
) |
|
Financing activities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from issuance of redeemable convertible preferred stock, net of issuance costs |
|
|
4,942 |
|
|
|
— |
|
|
|
157,942 |
|
|
|
— |
|
|
Proceeds from issuance of Series I redeemable convertible preferred stock warrant |
|
|
— |
|
|
|
— |
|
|
|
11,923 |
|
|
|
— |
|
|
Proceeds from initial public offering, net of underwriting commissions and discounts |
|
|
— |
|
|
|
665,129 |
|
|
|
— |
|
|
|
665,129 |
|
|
Proceeds from stock option exercises |
|
|
4,332 |
|
|
|
17,499 |
|
|
|
10,059 |
|
|
|
29,126 |
|
|
Payment of debt issuance costs |
|
|
(61 |
) |
|
|
— |
|
|
|
(80 |
) |
|
|
— |
|
|
Payments of deferred offering costs |
|
|
(640 |
) |
|
|
(2,987 |
) |
|
|
(2,216 |
) |
|
|
(3,527 |
) |
|
Payment of deferred business acquisition consideration |
|
|
— |
|
|
|
(475 |
) |
|
|
— |
|
|
|
(475 |
) |
|
Principal payments under finance lease agreements, net of proceeds from lease incentives |
|
|
(387 |
) |
|
|
(428 |
) |
|
|
(658 |
) |
|
|
(742 |
) |
|
Net cash flow provided by financing activities |
|
|
8,186 |
|
|
|
678,738 |
|
|
|
176,970 |
|
|
|
689,511 |
|
|
Net (decrease) increase in cash, cash equivalents and restricted cash |
|
|
(2,424 |
) |
|
|
646,853 |
|
|
|
160,444 |
|
|
|
681,336 |
|
|
Effect of exchange rate changes on cash |
|
|
1,404 |
|
|
|
(102 |
) |
|
|
336 |
|
|
|
(731 |
) |
|
Cash, cash equivalents and restricted cash, beginning of period |
|
|
283,628 |
|
|
|
417,107 |
|
|
|
121,828 |
|
|
|
383,253 |
|
|
Cash, cash equivalents and restricted cash, end of period |
|
$ |
282,608 |
|
|
$ |
1,063,858 |
|
|
$ |
282,608 |
|
|
$ |
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
|
|
||||||||||
|
|
|
2020 |
|
|
2021 |
|
|
2020 |
|
|
2021 |
|
||||
|
|
|
(dollars in thousands) |
|
|||||||||||||
|
Revenue |
|
$ |
96,553 |
|
|
$ |
122,790 |
|
|
$ |
188,890 |
|
|
$ |
236,728 |
|
|
Gross profit |
|
|
79,484 |
|
|
|
97,297 |
|
|
|
154,364 |
|
|
|
190,876 |
|
|
Stock-based compensation expense |
|
|
268 |
|
|
|
4,918 |
|
|
|
535 |
|
|
|
6,079 |
|
|
Amortization of acquired technology intangible assets |
|
|
761 |
|
|
|
1,086 |
|
|
|
1,522 |
|
|
|
2,172 |
|
|
Employer payroll tax on employee stock transactions |
|
|
— |
|
|
|
330 |
|
|
|
— |
|
|
|
334 |
|
|
Non-GAAP gross profit |
|
$ |
80,513 |
|
|
$ |
103,631 |
|
|
$ |
156,421 |
|
|
$ |
199,461 |
|
|
Gross margin |
|
|
82 |
% |
|
|
79 |
% |
|
|
82 |
% |
|
|
81 |
% |
|
Non-GAAP gross margin |
|
|
83 |
% |
|
|
84 |
% |
|
|
83 |
% |
|
|
84 |
% |
|
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
|
|
||||||||||
|
|
|
2020 |
|
|
2021 |
|
|
2020 |
|
|
2021 |
|
||||
|
|
|
(dollars in thousands) |
|
|||||||||||||
|
Revenue |
|
$ |
96,553 |
|
|
$ |
122,790 |
|
|
$ |
188,890 |
|
|
$ |
236,728 |
|
|
Loss from operations |
|
|
(3,139 |
) |
|
|
(149,062 |
) |
|
|
(20,537 |
) |
|
|
(161,920 |
) |
|
Stock-based compensation expense |
|
|
6,626 |
|
|
|
137,443 |
|
|
|
12,326 |
|
|
|
147,746 |
|
|
Amortization of acquired intangible assets |
|
|
1,348 |
|
|
|
2,232 |
|
|
|
2,635 |
|
|
|
3,980 |
|
|
Employer payroll tax on employee stock transactions |
|
|
52 |
|
|
|
3,928 |
|
|
|
138 |
|
|
|
4,228 |
|
|
Non-GAAP income (loss) from operations |
|
$ |
4,887 |
|
|
$ |
(5,459 |
) |
|
$ |
(5,438 |
) |
|
$ |
(5,966 |
) |
|
Operating margin |
|
|
(3 |
%) |
|
|
(121 |
%) |
|
|
(11 |
%) |
|
|
(68 |
%) |
|
Non-GAAP operating margin |
|
|
5 |
% |
|
|
(4 |
%) |
|
|
(3 |
%) |
|
|
(3 |
%) |
