Procore Announces Strong Second Quarter 2021 Financial Results

Remaining performance obligation:

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.
Condensed Consolidated Statements of Cash Flows
(unaudited)

 

 

Three Months Ended
June 30,

 

 

Six Months Ended
June 30,

 

(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
June 30,

 

 

Six Months Ended
June 30,

 

 

 

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
June 30,

 

 

Six Months Ended
June 30,

 

 

 

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

%)


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