|
|
Three Months Ended
|
|
|
Six Months Ended
|
|
||||||||||
|
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
||||
|
|
(in thousands) |
|
|||||||||||||
Sales and marketing |
|
$ |
208 |
|
|
$ |
110 |
|
|
$ |
415 |
|
|
$ |
110 |
|
Research and development |
|
|
1,090 |
|
|
|
191 |
|
|
|
2,191 |
|
|
|
191 |
|
General and administrative |
|
|
1,081 |
|
|
|
442 |
|
|
|
2,119 |
|
|
|
442 |
|
Total acquisition-related expenses |
|
$ |
2,379 |
|
|
$ |
743 |
|
|
$ |
4,725 |
|
|
$ |
743 |
|
Procore Technologies, Inc. Condensed Consolidated Balance Sheets (unaudited) |
||||||||
| (in thousands) |
|
June 30,
|
|
December 31,
|
||||
| Assets |
|
|
|
|
|
|
||
| Current assets |
|
|
|
|
|
|
||
| Cash and cash equivalents |
|
$ |
563,224 |
|
|
$ |
586,108 |
|
| Accounts receivable, net |
|
|
89,274 |
|
|
|
113,977 |
|
| Contract cost asset, current |
|
|
19,251 |
|
|
|
17,030 |
|
| Prepaid expenses and other current assets |
|
|
44,082 |
|
|
|
35,173 |
|
| Total current assets |
|
|
715,831 |
|
|
|
752,288 |
|
| Capitalized software development costs, net |
|
|
42,335 |
|
|
|
27,062 |
|
| Property and equipment, net |
|
|
41,035 |
|
|
|
36,837 |
|
| Right of use assets - finance leases |
|
|
38,291 |
|
|
|
39,623 |
|
| Right of use assets - operating leases |
|
|
48,410 |
|
|
|
44,052 |
|
| Contract cost asset, non-current |
|
|
30,398 |
|
|
|
25,889 |
|
| Intangible assets, net |
|
|
182,501 |
|
|
|
201,977 |
|
| Goodwill |
|
|
539,584 |
|
|
|
540,922 |
|
| Other assets |
|
|
23,569 |
|
|
|
22,007 |
|
| Total assets |
|
$ |
1,661,954 |
|
|
$ |
1,690,657 |
|
| Liabilities, Redeemable Convertible Preferred Stock and Stockholders’ Equity |
|
|
|
|
|
|
||
| Current liabilities |
|
|
|
|
|
|
||
| Accounts payable |
|
$ |
21,251 |
|
|
$ |
15,490 |
|
| Accrued expenses |
|
|
52,087 |
|
|
|
65,907 |
|
| Deferred revenue, current |
|
|
316,559 |
|
|
|
301,557 |
|
| Other current liabilities |
|
|
29,461 |
|
|
|
20,750 |
|
| Total current liabilities |
|
|
419,358 |
|
|
|
403,704 |
|
| Deferred revenue, non-current |
|
|
3,943 |
|
|
|
4,024 |
|
| Finance lease liabilities, non-current |
|
|
46,451 |
|
|
|
47,344 |
|
| Operating lease liabilities, non-current |
|
|
42,762 |
|
|
|
41,573 |
|
| Other liabilities, non-current |
|
|
3,445 |
|
|
|
4,723 |
|
| Total liabilities |
|
|
515,959 |
|
|
|
501,368 |
|
| Stockholders’ equity |
|
|
|
|
|
|
||
| Common stock |
|
|
14 |
|
|
|
13 |
|
| Additional paid-in capital |
|
|
1,953,764 |
|
|
|
1,852,071 |
|
| Accumulated other comprehensive loss |
|
|
(1,029 |
) |
|
|
(583 |
) |
| Accumulated deficit |
|
|
(806,754 |
) |
|
|
(662,212 |
) |
| Total stockholders’ equity |
|
|
1,145,995 |
|
|
|
1,189,289 |
|
| Total liabilities, redeemable convertible preferred stock and stockholders’ equity |
|
$ |
1,661,954 |
|
|
$ |
1,690,657 |
|
Remaining performance obligation:
