The remaining performance obligation was $602.6 million as of December 31, 2021, approximately 70% of which is expected to be recognized as revenue within 12 months. The remaining performance obligation was $435.5 million as of December 31, 2020, approximately 71% 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
|
|
|
Year Ended
|
|
||||||||||
(in thousands) |
2021 |
|
|
2020 |
|
|
2021 |
|
|
2020 |
|
||||
Operating activities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss |
$ |
(50,972 |
) |
|
$ |
(47,431 |
) |
|
$ |
(265,165 |
) |
|
$ |
(96,167 |
) |
Adjustments to reconcile net loss to net cash (used in) provided by operating activities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock-based compensation |
|
41,232 |
|
|
|
21,619 |
|
|
|
227,161 |
|
|
|
43,960 |
|
Depreciation and amortization |
|
13,107 |
|
|
|
7,096 |
|
|
|
36,376 |
|
|
|
25,994 |
|
| Change in fair value of Series I redeemable convertible preferred stock warrant liability |
|
- |
|
|
|
27,387 |
|
|
|
- |
|
|
|
36,990 |
|
| Abandonment of long-lived assets |
|
- |
|
|
|
654 |
|
|
|
554 |
|
|
|
3,505 |
|
| Noncash operating lease expense |
|
1,969 |
|
|
|
1,771 |
|
|
|
7,569 |
|
|
|
6,578 |
|
| Unrealized foreign currency (gain) loss, net |
|
(190 |
) |
|
|
(494 |
) |
|
|
685 |
|
|
|
(832 |
) |
| Deferred income taxes |
|
(24,586 |
) |
|
|
(1,283 |
) |
|
|
(24,493 |
) |
|
|
(1,311 |
) |
| Changes in operating assets and liabilities, net of effect of business combinations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Accounts receivable |
|
(37,540 |
) |
|
|
(22,933 |
) |
|
|
(34,157 |
) |
|
|
(19,570 |
) |
| Deferred contract cost assets |
|
(3,084 |
) |
|
|
(2,615 |
) |
|
|
(10,157 |
) |
|
|
(2,023 |
) |
| Prepaid expenses and other assets |
|
(8,986 |
) |
|
|
(4,630 |
) |
|
|
(16,741 |
) |
|
|
(6,183 |
) |
| Accounts payable |
|
4,082 |
|
|
|
3,175 |
|
|
|
3,954 |
|
|
|
724 |
|
| Accrued expenses and other liabilities |
|
9,492 |
|
|
|
(6,534 |
) |
|
|
38,176 |
|
|
|
(5,433 |
) |
| Deferred revenue |
|
53,950 |
|
|
|
38,473 |
|
|
|
78,671 |
|
|
|
41,810 |
|
| Operating lease liabilities |
|
(2,049 |
) |
|
|
(2,474 |
) |
|
|
(5,703 |
) |
|
|
(6,189 |
) |
| Net cash flow (used in) provided by operating activities |
|
(3,575 |
) |
|
|
11,781 |
|
|
|
36,730 |
|
|
|
21,853 |
|
| Investing activities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Purchases of property and equipment |
|
(3,978 |
) |
|
|
(484 |
) |
|
|
(12,383 |
) |
|
|
(7,202 |
) |
| Capitalized software development costs |
|
(5,073 |
) |
|
|
(2,361 |
) |
|
|
(15,248 |
) |
|
|
(11,764 |
) |
| Strategic investments |
|
(850 |
) |
|
|
- |
|
|
|
(4,300 |
) |
|
|
- |
|
| Acquisition of businesses, net of cash acquired |
|
(489,847 |
) |
|
|
(11,220 |
) |
|
|
(509,837 |
) |
|
|
(14,545 |
) |
| Net cash flow used in investing activities |
|
(499,748 |
) |
|
|
(14,065 |
) |
|
|
(541,768 |
) |
|
|
(33,511 |
) |
| Financing activities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Proceeds from issuance of redeemable convertible preferred stock, net of issuance costs |
|
- |
|
|
|
9,985 |
|
|
|
- |
|
|
|
177,916 |
|
| Proceeds from issuance of Series I redeemable convertible preferred stock warrant |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
11,923 |
|
| Proceeds from initial public offering |
|
- |
|
|
|
- |
|
|
|
665,129 |
|
|
|
- |
|
| Proceeds from stock option exercises |
|
7,773 |
|
|
|
15,516 |
|
|
|
43,086 |
|
|
|
31,176 |
|
| Proceeds from exercise of Series I redeemable convertible preferred stock warrant |
|
- |
|
|
|
55,000 |
|
|
|
- |
|
|
|
55,000 |
|
| Payment of debt issuance costs |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(93 |
) |
| Proceeds from employee stock purchase plan |
|
9,475 |
|
|
|
- |
|
|
|
9,475 |
|
|
|
- |
|
| Payments of deferred offering costs |
|
(34 |
) |
|
|
(20 |
) |
|
|
(3,880 |
) |
|
|
(2,300 |
) |
| Payment of deferred business acquisition consideration |
|
- |
|
|
|
(165 |
) |
|
|
(475 |
) |
|
|
(165 |
) |
| Principal payments under finance lease agreements, net of proceeds from lease incentives |
|
(334 |
) |
|
|
(290 |
) |
|
|
(1,509 |
) |
|
|
(1,340 |
) |
| Net cash flows provided by financing activities |
|
16,880 |
|
|
|
80,026 |
|
|
|
711,826 |
|
|
|
272,117 |
|
| Net (decrease) increase in cash, cash equivalents and restricted cash |
|
(486,443 |
) |
|
|
77,742 |
|
|
|
206,788 |
|
|
|
260,459 |
|
| Effect of exchange rate changes on cash |
|
211 |
|
|
|
579 |
|
|
|
(829 |
) |
|
|
966 |
|
| Cash, cash equivalents and restricted cash, beginning of period |
|
1,075,444 |
|
|
|
304,932 |
|
|
|
383,253 |
|
|
|
121,828 |
|
| Cash, cash equivalents and restricted cash, end of period |
$ |
589,212 |
|
|
$ |
383,253 |
|
|
$ |
589,212 |
|
|
$ |
383,253 |
|
| 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
|
|
|
Year Ended
|
|
||||||||||
|
|
|
2021 |
|
|
2020 |
|
|
2021 |
|
|
2020 |
|
||||
|
|
|
(dollars in thousands) |
|
|||||||||||||
| Revenue |
|
$ |
146,103 |
|
|
$ |
109,510 |
|
|
$ |
514,821 |
|
|
$ |
400,291 |
|
| Gross profit |
|
|
116,336 |
|
|
|
90,436 |
|
|
|
416,509 |
|
|
|
328,628 |
|
| Stock-based compensation expense |
|
|
1,336 |
|
|
|
554 |
|
|
|
8,094 |
|
|
|
1,722 |
|
| Amortization of acquired intangible assets |
|
|
4,264 |
|
|
|
1,032 |
|
|
|
7,522 |
|
|
|
3,315 |
|
| Employer payroll tax on employee stock transactions |
|
|
57 |
|
|
|
7 |
|
|
|
457 |
|
|
|
7 |
|
| Acquisition-related expenses |
|
|
2 |
|
|
|
- |
|
|
|
2 |
|
|
|
- |
|
| Restructuring-related charges |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
127 |
|
| Non-GAAP gross profit |
|
$ |
121,995 |
|
|
$ |
92,029 |
|
|
$ |
432,584 |
|
|
$ |
333,799 |
|
| Gross margin |
|
|
80 |
% |
|
|
83 |
% |
|
|
81 |
% |
|
|
82 |
% |
| Non-GAAP gross margin |
|
|
83 |
% |
|
|
84 |
% |
|
|
84 |
% |
|
|
83 |
% |
| Reconciliation of operating expenses to non-GAAP operating expenses: |
||||||||||||||||
|
|
|
Three Months Ended
|
|
|
Year Ended
|
|
||||||||||
|
|
|
2021 |
|
|
2020 |
|
|
2021 |
|
|
2020 |
|
||||
|
|
|
(dollars in thousands) |
|
|||||||||||||
| Revenue |
|
$ |
146,103 |
|
|
$ |
109,510 |
|
|
$ |
514,821 |
|
|
$ |
400,291 |
|
| GAAP sales and marketing |
|
|
84,285 |
|
|
|
50,922 |
|
|
|
308,511 |
|
|
|
189,032 |
|
| Stock-based compensation expense |
|
|
(11,470 |
) |
|
|
(4,741 |
) |
|
|
(68,755 |
) |
|
|
(13,385 |
) |
| Amortization of acquired intangible assets |
|
|
(2,251 |
) |
|
|
(516 |
) |
|
|
(3,600 |
) |
|
|
(1,728 |
) |
| Employer payroll tax on employee stock transactions |
|
|
(495 |
) |
|
|
(93 |
) |
|
|
(2,325 |
) |
|
|
(205 |
) |
| Acquisition-related expenses |
|
|
(378 |
) |
|
|
- |
|
|
|
(488 |
) |
|
|
- |
|
| Restructuring-related charges |
|
|
- |
|
|
|
(61 |
) |
|
|
- |
|
|
|
(1,824 |
) |
| Non-GAAP sales and marketing |
|
$ |
69,691 |
|
|
$ |
45,511 |
|
|
$ |
233,343 |
|
|
$ |
171,890 |
|
| GAAP sales and marketing as a percentage of revenue |
|
|
58 |
% |
|
|
46 |
% |
|
|
60 |
% |
|
|
47 |
% |
| Non-GAAP sales and marketing as a percentage of revenue |
|
|
48 |
% |
|
|
42 |
% |
|
|
45 |
% |
|
|
43 |
% |
| GAAP research and development |
|
|
60,671 |
|
|
|
35,406 |
|
|
|
237,290 |
|
|
|
124,661 |
|
| Stock-based compensation expense |
|
|
(15,413 |
) |
|
|
(6,183 |
) |
|
|
(85,040 |
) |
|
|
(12,930 |
) |
| Amortization of acquired intangible assets |
|
|
(904 |
) |
|
|
(233 |
) |
|
|
(2,674 |
) |
|
|
(721 |
) |
| Employer payroll tax on employee stock transactions |
|
|
(398 |
) |
|
|
(45 |
) |
|
|
(2,606 |
) |
|
|
(88 |
) |
| Acquisition-related expenses |
|
|
(906 |
) |
|
|
- |
|
|
|
(1,348 |
) |
|
|
- |
|
| Restructuring-related charges |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(1,681 |
) |
| Non-GAAP research and development |
|
$ |
43,050 |
|
|
$ |
28,945 |
|
|
$ |
145,622 |
|
|
$ |
109,241 |
|
| GAAP research and development as a percentage of revenue |
|
|
42 |
% |
|
|
32 |
% |
|
|
46 |
% |
|
|
31 |
% |
| Non-GAAP research and development as a percentage of revenue |
|
|
29 |
% |
|
|
26 |
% |
|
|
28 |
% |
|
|
27 |
% |
| GAAP general and administrative |
|
|
45,830 |
|
|
|
25,695 |
|
|
|
156,635 |
|
|
|
73,465 |
|
| Stock-based compensation expense |
|
|
(13,013 |
) |
|
|
(10,141 |
) |
|
|
(65,272 |
) |
|
|
(15,923 |
) |
| Employer payroll tax on employee stock transactions |
|
|
(242 |
) |
|
|
(187 |
) |
|
|
(1,127 |
) |
|
|
(272 |
) |
| Acquisition-related expenses |
|
|
(4,528 |
) |
|
|
(133 |
) |
|
|
(7,442 |
) |
|
|
(792 |
) |
| Restructuring-related charges |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(801 |
) |
| Non-GAAP general and administrative |
|
$ |
28,047 |
|
|
$ |
15,234 |
|
|
$ |
82,794 |
|
|
$ |
55,677 |
|
| GAAP general and administrative as a percentage of revenue |
|
|
31 |
% |
|
|
23 |
% |
|
|
30 |
% |
|
|
18 |
% |
| Non-GAAP general and administrative as a percentage of revenue |
|
|
19 |
% |
|
|
14 |
% |
|
|
16 |
% |
|
|
14 |
% |
| Reconciliation of loss from operations and operating margin to non-GAAP (loss) profit from operations and non-GAAP operating margin: |
||||||||||||||||
|
|
|
Three Months Ended
|
|
|
Year Ended
|
|
||||||||||
|
|
|
2021 |
|
|
2020 |
|
|
2021 |
|
|
2020 |
|
||||
|
|
|
(dollars in thousands) |
|
|||||||||||||
| Revenue |
|
$ |
146,103 |
|
|
$ |
109,510 |
|
|
$ |
514,821 |
|
|
$ |
400,291 |
|
| Loss from operations |
|
|
(74,450 |
) |
|
|
(21,587 |
) |
|
|
(285,927 |
) |
|
|
(58,530 |
) |
| Stock-based compensation expense |
|
|
41,232 |
|
|
|
21,619 |
|
|
|
227,161 |
|
|
|
43,960 |
|
| Amortization of acquired intangible assets |
|
|
7,419 |
|
|
|
1,781 |
|
|
|
13,796 |
|
|
|
5,764 |
|
| Employer payroll tax on employee stock transactions |
|
|
1,192 |
|
|
|
332 |
|
|
|
6,515 |
|
|
|
572 |
|
| Acquisition-related expenses |
|
|
5,814 |
|
|
|
133 |
|
|
|
9,280 |
|
|
|
792 |
|
| Restructuring-related charges |
|
|
- |
|
|
|
61 |
|
|
|
- |
|
|
|
4,433 |
|
| Non-GAAP (loss) profit from operations |
|
$ |
(18,793 |
) |
|
$ |
2,339 |
|
|
$ |
(29,175 |
) |
|
$ |
(3,009 |
) |
| Operating margin |
|
|
(51 |
%) |
|
|
(20 |
%) |
|
|
(56 |
%) |
|
|
(15 |
%) |
| Non-GAAP operating margin |
|
|
(13 |
%) |
|
|
2 |
% |
|
|
(6 |
%) |
|
|
(1 |
%) |
| Reconciliation of net loss and net loss per share to non-GAAP net loss and non-GAAP net loss per share: |
||||||||||||||||
|
|
|
Three Months Ended
|
|
|
Year Ended
|
|
||||||||||
|
|
|
2021 |
|
|
2020 |
|
|
2021 |
|
|
2020 |
|
||||
|
|
|
(dollars in thousands) |
|
|||||||||||||
| Revenue |
|
$ |
146,103 |
|
|
$ |
109,510 |
|
|
$ |
514,821 |
|
|
$ |
400,291 |
|
| Net loss |
|
|
(50,972 |
) |
|
|
(47,431 |
) |
|
|
(265,165 |
) |
|
|
(96,167 |
) |
| Stock-based compensation expense |
|
|
41,232 |
|
|
|
21,619 |
|
|
|
227,161 |
|
|
|
43,960 |
|
| Amortization of acquired intangible assets |
|
|
7,419 |
|
|
|
1,781 |
|
|
|
13,796 |
|
|
|
5,764 |
|
| Employer payroll tax on employee stock transactions |
|
|
1,192 |
|
|
|
332 |
|
|
|
6,515 |
|
|
|
572 |
|
| Acquisition-related expenses |
|
|
5,814 |
|
|
|
133 |
|
|
|
9,280 |
|
|
|
792 |
|
| Restructuring-related charges |
|
|
- |
|
|
|
61 |
|
|
|
- |
|
|
|
4,433 |
|
| Income tax effect of non-GAAP items |
|
|
(24,151 |
) |
|
|
(1,376 |
) |
|
|
(24,151 |
) |
|
|
(1,376 |
) |
| Non-GAAP net loss |
|
$ |
(19,466 |
) |
|
$ |
(24,881 |
) |
|
$ |
(32,564 |
) |
|
$ |
(42,022 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Numerator: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Non-GAAP net loss |
|
$ |
(19,466 |
) |
|
$ |
(24,881 |
) |
|
$ |
(32,564 |
) |
|
$ |
(42,022 |
) |
| Less: Recognition of beneficial conversion feature on preferred stock as a deemed dividend |
|
|
- |
|
|
|
(2,477 |
) |
|
|
- |
|
|
|
(3,024 |
) |
| Non-GAAP net loss attributable to common stockholders |
|
$ |
(19,466 |
) |
|
$ |
(27,358 |
) |
|
$ |
(32,564 |
) |
|
$ |
(45,046 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Denominator: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted |
|
|
132,892,072 |
|
|
|
29,074,828 |
|
|
|
92,673,453 |
|
|
|
27,895,546 |
|
| GAAP net loss per share, basic and diluted |
|
$ |
(0.38 |
) |
|
$ |
(1.72 |
) |
|
$ |
(2.86 |
) |
|
$ |
(3.56 |
) |
| Non-GAAP net loss per share, basic and diluted |
|
$ |
(0.15 |
) |
|
$ |
(0.94 |
) |
|
$ |
(0.35 |
) |
|
$ |
(1.61 |
) |
