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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