The remaining performance obligation was $805.5 million as of March 31, 2023, approximately 73% of which is expected to be recognized as revenue within 12 months. The remaining performance obligation was $626.7 million as of March 31, 2022, 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 March 31, |
||||||
|
|
2023 |
|
|
|
2022 |
|
|
(in thousands) |
||||||
Operating activities |
|
|
|
||||
Net loss |
$ |
(63,447 |
) |
|
$ |
(71,419 |
) |
Adjustments to reconcile net loss to net cash provided by operating activities |
|
|
|
||||
Stock-based compensation |
|
44,938 |
|
|
|
37,209 |
|
Depreciation and amortization |
|
16,874 |
|
|
|
15,147 |
|
Accretion of discounts on marketable debt securities, net |
|
(1,632 |
) |
|
|
— |
|
Abandonment of long-lived assets |
|
441 |
|
|
|
— |
|
Noncash operating lease expense |
|
2,628 |
|
|
|
2,156 |
|
Unrealized foreign currency loss (gain), net |
|
408 |
|
|
|
(477 |
) |
Deferred income taxes |
|
2 |
|
|
|
(352 |
) |
Provision for (benefit from) credit losses |
|
1,726 |
|
|
|
(98 |
) |
| Increase in fair value of strategic investments |
|
(36 |
) |
|
|
— |
|
| Changes in operating assets and liabilities |
|
|
|
||||
| Accounts receivable |
|
42,948 |
|
|
|
34,473 |
|
| Deferred contract cost assets |
|
(460 |
) |
|
|
(4,066 |
) |
| Prepaid expenses and other assets |
|
4,549 |
|
|
|
(5,175 |
) |
| Accounts payable |
|
4,648 |
|
|
|
339 |
|
| Accrued expenses and other liabilities |
|
(28,181 |
) |
|
|
(4,357 |
) |
| Deferred revenue |
|
6,489 |
|
|
|
8,774 |
|
| Operating lease liabilities |
|
(2,620 |
) |
|
|
(1,870 |
) |
| Net cash provided by operating activities |
|
29,275 |
|
|
|
10,284 |
|
| Investing activities |
|
|
|
||||
| Purchases of property and equipment |
|
(2,173 |
) |
|
|
(7,525 |
) |
| Capitalized software development costs |
|
(7,951 |
) |
|
|
(7,632 |
) |
| Purchases of strategic investments |
|
(149 |
) |
|
|
(2,329 |
) |
| Purchases of marketable securities |
|
(89,996 |
) |
|
|
— |
|
| Maturities of marketable securities |
|
103,909 |
|
|
|
— |
|
| Originations of materials financing |
|
(9,077 |
) |
|
|
— |
|
| Customer repayments of materials financing |
|
5,358 |
|
|
|
— |
|
| Settlement of post-close working capital adjustments from business combinations |
|
— |
|
|
|
1,291 |
|
| Net cash used in investing activities |
|
(79 |
) |
|
|
(16,195 |
) |
| Financing activities |
|
|
|
||||
| Proceeds from stock option exercises |
|
3,722 |
|
|
|
6,907 |
|
| Principal payments under finance lease agreements, net of proceeds from lease incentives |
|
(410 |
) |
|
|
(365 |
) |
| Net cash provided by financing activities |
|
3,312 |
|
|
|
6,542 |
|
| Net increase in cash, cash equivalents and restricted cash |
|
32,508 |
|
|
|
631 |
|
| Effect of exchange rate changes on cash |
|
(256 |
) |
|
|
175 |
|
| Cash, cash equivalents and restricted cash, beginning of period |
|
299,816 |
|
|
|
589,212 |
|
| Cash, cash equivalents and restricted cash, end of period |
$ |
332,068 |
|
|
$ |
590,018 |
|
| 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, |
||||||
|
|
|
2023 |
|
|
|
2022 |
|
|
|
(dollars in thousands) |
||||||
| Revenue |
$ |
213,526 |
|
|
$ |
159,516 |
|
| Gross profit |
|
173,324 |
|
|
|
126,184 |
|
| Stock-based compensation expense |
|
2,496 |
|
|
|
1,458 |
|
| Amortization of acquired technology intangible assets |
|
5,493 |
|
|
|
5,654 |
|
| Employer payroll tax on employee stock transactions |
|
167 |
|
|
|
81 |
|
| Non-GAAP gross profit |
$ |
181,480 |
|
|
$ |
133,377 |
|
| Gross margin |
|
81 |
% |
|
|
79 |
% |
| Non-GAAP gross margin |
|
85 |
% |
|
|
84 |
% |
| Reconciliation of operating expenses to non-GAAP operating expenses: |
|||||||
|
|
Three Months Ended March 31, |
||||||
|
|
|
2023 |
|
|
|
2022 |
|
|
|
(dollars in thousands) |
||||||
| Revenue |
$ |
213,526 |
|
|
$ |
159,516 |
|
| GAAP sales and marketing |
|
117,363 |
|
|
|
93,915 |
|
| Stock-based compensation expense |
|
(13,104 |
) |
|
|
(10,296 |
) |
| Amortization of acquired intangible assets |
|
(3,107 |
) |
|
|
(3,106 |
) |
| Employer payroll tax on employee stock transactions |
|
(999 |
) |
|
|
(608 |
) |
| Acquisition-related expenses |
|
(906 |
) |
|
|
(207 |
) |
| Non-GAAP sales and marketing |
$ |
99,247 |
|
|
$ |
79,698 |
|
| GAAP sales and marketing as a percentage of revenue |
|
55 |
% |
|
|
59 |
% |
| Non-GAAP sales and marketing as a percentage of revenue |
|
46 |
% |
|
|
50 |
% |
|
|
|
|
|
||||
| GAAP research and development |
$ |
80,036 |
|
|
$ |
60,254 |
|
| Stock-based compensation expense |
|
(19,781 |
) |
|
|
(13,008 |
) |
| Amortization of acquired intangible assets |
|
(734 |
) |
|
|
(902 |
) |
| Employer payroll tax on employee stock transactions |
|
(1,356 |
) |
|
|
(1,027 |
) |
| Acquisition-related expenses |
|
(5,984 |
) |
|
|
(1,101 |
) |
| Non-GAAP research and development |
$ |
52,181 |
|
|
$ |
44,216 |
|
| GAAP research and development as a percentage of revenue |
|
37 |
% |
|
|
38 |
% |
| Non-GAAP research and development as a percentage of revenue |
|
24 |
% |
|
|
28 |
% |
|
|
|
|
|
||||
| GAAP general and administrative |
$ |
45,188 |
|
|
$ |
43,152 |
|
| Stock-based compensation expense |
|
(10,475 |
) |
|
|
(12,447 |
) |
| Employer payroll tax on employee stock transactions |
|
(632 |
) |
|
|
(545 |
) |
| Acquisition-related expenses |
|
— |
|
|
|
(1,038 |
) |
| Non-GAAP general and administrative |
$ |
34,081 |
|
|
$ |
29,122 |
|
| GAAP general and administrative as a percentage of revenue |
|
21 |
% |
|
|
27 |
% |
| Non-GAAP general and administrative as a percentage of revenue |
|
16 |
% |
|
|
18 |
% |
| Reconciliation of loss from operations and operating margin to non-GAAP loss from operations and non-GAAP operating margin: |
|||||||
|
|
Three Months Ended March 31, |
||||||
|
|
|
2023 |
|
|
|
2022 |
|
|
|
(dollars in thousands) |
||||||
| Revenue |
$ |
213,526 |
|
|
$ |
159,516 |
|
| Loss from operations |
|
(69,263 |
) |
|
|
(71,137 |
) |
| Stock-based compensation expense |
|
45,856 |
|
|
|
37,209 |
|
| Amortization of acquired intangible assets |
|
9,334 |
|
|
|
9,662 |
|
| Employer payroll tax on employee stock transactions |
|
3,154 |
|
|
|
2,261 |
|
| Acquisition-related expenses |
|
6,890 |
|
|
|
2,346 |
|
| Non-GAAP loss from operations |
$ |
(4,029 |
) |
|
$ |
(19,659 |
) |
| Operating margin |
|
(32 |
%) |
|
|
(45 |
%) |
| Non-GAAP operating margin |
|
(2 |
%) |
|
|
(12 |
%) |
| Reconciliation of net loss and net loss per share to non-GAAP net income (loss) and non-GAAP net income (loss) per share: |
|||||||
|
|
Three Months Ended March 31, |
||||||
|
|
|
2023 |
|
|
|
2022 |
|
|
|
(dollars in thousands) |
||||||
| Revenue |
$ |
213,526 |
|
|
$ |
159,516 |
|
| Net loss |
|
(63,447 |
) |
|
|
(71,419 |
) |
| Stock-based compensation expense |
|
45,856 |
|
|
|
37,209 |
|
| Amortization of acquired intangible assets |
|
9,334 |
|
|
|
9,662 |
|
| Employer payroll tax on employee stock transactions |
|
3,154 |
|
|
|
2,261 |
|
| Acquisition-related expenses |
|
6,890 |
|
|
|
2,346 |
|
| Non-GAAP net income (loss) |
$ |
1,787 |
|
|
$ |
(19,941 |
) |
|
|
|
|
|
||||
| Numerator: |
|
|
|
||||
| Non-GAAP net income (loss) |
$ |
1,787 |
|
|
$ |
(19,941 |
) |
|
|
|
|
|
||||
| Denominator: |
|
|
|
||||
| Weighted-average shares used in computing net loss per share attributable to common stockholders, basic |
|
139,646,465 |
|
|
|
134,530,010 |
|
| Effect of dilutive securities: Employee stock awards |
|
6,707,822 |
|
|
|
— |
|
| Weighted-average shares used in computing net income per share attributable to common stockholders, diluted |
|
146,354,287 |
|
|
|
134,530,010 |
|
|
|
|
|
|
||||
| GAAP net loss per share, basic |
$ |
(0.45 |
) |
|
$ |
(0.53 |
) |
| GAAP net loss per share, diluted |
$ |
(0.45 |
) |
|
$ |
(0.53 |
) |
| Non-GAAP net income (loss) per share, basic |
$ |
0.01 |
|
|
$ |
(0.15 |
) |
| Non-GAAP net income (loss) per share, diluted |
$ |
0.01 |
|
|
$ |
(0.15 |
) |
| Computation of free cash flow: |
|||||||
|
|
Three Months Ended March 31, |
||||||
|
|
|
2023 |
|
|
|
2022 |
|
|
|
(in thousands) |
||||||
| Net cash provided by operating activities |
$ |
29,275 |
|
|
$ |
10,284 |
|
| Purchases of property, plant, and equipment |
|
(2,173 |
) |
|
|
(7,525 |
) |
| Capitalized software development costs |
|
(7,951 |
) |
|
|
(7,632 |
) |
| Non-GAAP free cash flow |
$ |
19,151 |
|
|
$ |
(4,873 |
) |
