Sign In  |  Register  |  About Santa Clara  |  Contact Us

Santa Clara, CA
September 01, 2020 1:39pm
7-Day Forecast | Traffic
  • Search Hotels in Santa Clara

  • CHECK-IN:
  • CHECK-OUT:
  • ROOMS:

Procore Announces Fourth Quarter and Full Year 2022 Financial Results

Fifth Consecutive Quarter of Short Term RPO Year-Over-Year Growth Above 30%

Procore Technologies, Inc. (NYSE: PCOR), a leading global provider of construction management software, today announced financial results for the fourth quarter and full year ended December 31, 2022.

“Our strong fourth quarter performance reflects the power of our platform, our leadership position and our trusted partnership with the construction industry. We look forward to continuing this momentum as we enter 2023,” said Tooey Courtemanche, founder, president and CEO of Procore. “I’m also thrilled to share that CFO, Paul Lyandres, will be transitioning to a newly established role as President of Fintech in early May, at which time, our SVP of Finance, Howard Fu, will be promoted to CFO. These changes reinforce the incredible caliber of leadership we have as we look towards our next phase of efficient growth and continue advancing our vision of improving the lives of everyone in construction.”

“Our year-end results reflect Procore’s consistent performance and strength across multiple facets of the business,” said Paul Lyandres, CFO of Procore. “It has been an honor serving in the role of CFO, and I’m excited for the next chapter of leading the Fintech organization at Procore.”

Fourth Quarter 2022 Financial Highlights:

  • Revenue was $202 million, an increase of 38% year-over-year.
    • Including a $9 million contribution from Levelset.
  • GAAP gross margin was 80% and non-GAAP gross margin was 84%.
  • GAAP operating margin was (37%) and non-GAAP operating margin was (8%).
  • Operating cash inflow for the fourth quarter was $23 million.
  • Free cash inflow for the fourth quarter was $12 million.
  • Total remaining performance obligation (“RPO”) was $798 million, an increase of 32% year-over-year.
    • Short term RPO was approximately 70% of total RPO, representing an increase of 34% year-over-year.

Full Year 2022 Financial Highlights:

  • Revenue was $720 million, an increase of 40% year-over-year.
    • Including a $32 million contribution from Levelset.
  • GAAP gross margin was 79% and non-GAAP gross margin was 84%.
  • GAAP operating margin was (40%) and non-GAAP operating margin was (10%).
  • Operating cash inflow for 2022 was $13 million.
  • Free cash outflow for 2022 was $37 million.

The financial results included in this press release are preliminary and will not be final until Procore files its Annual Report on Form 10-K for the period. A reconciliation of GAAP to non-GAAP financial measures has been provided in the tables included in this press release. An explanation of these measures is also included below under the heading “Non-GAAP Financial Measures.”

Recent Business Highlights:

Leadership Updates:

Today, Procore announced that Paul Lyandres, CFO of Procore, will be assuming a new role at Procore as President of Fintech. In this role, Mr. Lyandres will lead the strategic planning, direction, innovation and overall execution of Procore’s fintech initiatives. Mr. Lyandres will remain CFO until early May 2023, at which time Howard Fu, Procore’s SVP of Finance, will succeed Mr. Lyandres as CFO.

Effective as of February 21, 2023, Sarah Hodges will be joining Procore as Chief Marketing Officer (CMO). As CMO of Procore, Ms. Hodges will be responsible for the development of the strategic marketing plan and execution of all marketing activities globally in support of Procore’s financial and strategic business objectives.

First Quarter and Full Year 2023 Outlook:

Procore is providing the following guidance for the first quarter and full year 2023:

  • First Quarter 2023 Outlook:
    • Revenue is expected to be in the range of $202 million to $204 million, representing year-over-year growth of 27% to 28%.
    • Non-GAAP operating margin is expected to be in the range of (8.5%) to (9.5%).
  • Full Year 2023 Outlook:
    • Revenue is expected to be in the range of $895 million to $900 million, representing year-over-year growth of 24% to 25%.
    • Non-GAAP operating margin is expected to be in the range of (6.5%) to (7.5%).

A reconciliation of non-GAAP guidance measures to corresponding GAAP measures is not available on a forward-looking basis without unreasonable effort due to the uncertainty of expenses that may be incurred in the future and cannot be reasonably determined or predicted at this time, although it is important to note that these factors could be material to Procore’s future GAAP financial results.

Quarterly Conference Call

Procore Technologies, Inc. will hold a conference call to discuss its fourth quarter and full year results at 2:00 p.m., Pacific Time, on Thursday, February 16, 2023. A live audio webcast will be accessible on Procore's investor relations website at http://investors.procore.com.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, about Procore and its industry that involve substantial risks and uncertainties. All statements in this press release, other than statements of historical fact, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements generally relate to future events or future financial or operating performance, and may be identified by the use of words such as “anticipate,” “believe,” “contemplate,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “will,” or “would,” or the negative of these words, or other similar terms or expressions that concern Procore’s expectations, strategy, plans, or intentions.

Procore has based the forward-looking statements contained in this press release primarily on its current expectations and projections about future events and trends that Procore believes may affect its business, financial condition, and operating results. The outcome of the events described in these forward-looking statements is subject to risks, uncertainties, and other factors that could cause results to differ materially from Procore’s current expectations, including, but not limited to, our expectations regarding our financial performance, including revenues, expenses, and margins, and our ability to achieve or maintain future profitability, economic, and industry trends (in particular, the rate of adoption of construction management software and digitization of the construction industry, inflation, and challenging geopolitical conditions), our ability to attract new customers and retain and increase sales to existing customers, the performance of our corporate investments, our ability to expand internationally, our estimated total addressable market, and as set forth in Procore’s filings with the Securities and Exchange Commission. You should not place undue reliance on Procore’s forward-looking statements. Procore assumes no obligation to update any forward-looking statements to reflect events or circumstances that exist or change after the date on which they were made, except as required by law.

Non-GAAP Financial Measures

Procore believes that the use of certain non-GAAP financial measures as described below, when taken collectively, is helpful to investors because it provides consistency and comparability with past financial performance, and may assist in comparisons with other companies, some of which use similar non-GAAP financial information to supplement their GAAP results. These non-GAAP financial measures are not prepared in accordance with U.S. generally accepted accounting principles, or GAAP.

Non-GAAP Gross Profit, Non-GAAP Gross Margin, Non-GAAP Operating Expenses, Non-GAAP Loss from Operations, Non-GAAP Operating Margin, Non-GAAP Net Loss, and Non-GAAP Net Loss per Share: Procore defines these non-GAAP financial measures as the respective GAAP measures, excluding stock-based compensation expense, amortization of acquired intangible assets, employer payroll tax related to employee stock transactions, acquisition-related expenses, and the income tax effect of non-GAAP items. Non-GAAP gross margin is the ratio calculated by dividing non-GAAP gross profit by total revenue. Non-GAAP operating margin is the ratio calculated by dividing non-GAAP loss from operations by total revenue.

Because of varying available valuation methodologies, subjective assumptions, and the variety of equity instruments that can impact a company's non-cash expenses, Procore believes that providing non-GAAP financial measures that exclude stock-based compensation expense allow for meaningful comparisons between its operating results from period to period. The expense related to amortization of acquired intangible assets is dependent upon estimates and assumptions, which can vary significantly and are unique to each asset acquired; therefore, Procore believes non-GAAP measures that adjust for the amortization of acquired intangible assets provide investors a consistent basis for comparison across accounting periods. The amount of employer payroll tax-related items on employee stock transactions is dependent on restricted stock unit settlements, option exercises, related stock price, and other factors that are beyond Procore’s control and that do not correlate to the operation of the business. When evaluating the performance of its business and making operating plans, Procore does not consider these items (for example, when considering the impact of equity award grants, the company places a greater emphasis on overall stockholder dilution than the accounting charges associated with such grants). Additionally, acquisition-related expenses, such as transaction costs and retention payments, are expenses that are not necessarily reflective of operational performance during a period. Procore believes that the exclusion of acquisition-related expenses provides for a useful comparison of our operating results to prior periods and to its peer companies, which commonly exclude these expenses. Income tax benefits relate to the release of a portion of our valuation allowance as a result of deferred tax liabilities recorded related to prior year acquisitions that are available sources of income to realize our deferred tax assets. We exclude the income tax effect associated with our prior year acquisitions from certain of our non-GAAP financial measures because we believe that excluding this provides meaningful supplemental information regarding our operational performance. Overall, Procore believes it is useful to exclude these expenses in order to better understand the long-term performance of its core business and to facilitate comparison of its results period-over-period and to those of peer companies. All of these non-GAAP financial measures are important tools for financial and operational decision-making and for evaluating Procore's own operating results over different periods of time.

Non-GAAP financial measures may not provide information that is directly comparable to information provided by other companies in Procore's industry, as other companies in the industry may calculate non-GAAP financial measures differently. In addition, there are limitations in using non-GAAP financial measures because non-GAAP financial measures are not prepared in accordance with GAAP, may be different from non-GAAP financial measures used by other companies, and exclude expenses that may have a material impact on Procore's reported financial results. Further, stock-based compensation expense has been, and will continue to be for the foreseeable future, a significant recurring expense in Procore's business and an important part of the compensation provided to its employees. The presentation of non-GAAP financial information is not meant to be considered in isolation or as a substitute for the directly comparable financial measures prepared in accordance with GAAP. Investors should review the reconciliation of non-GAAP financial measures to the comparable GAAP financial measures included below, and not rely on any single financial measure to evaluate Procore's business.

Free Cash Flow: Procore defines free cash flow as net cash provided by (used in) operating activities, less purchases of property and equipment and capitalized software development costs. Procore believes free cash flow is an important liquidity measure of the cash (if any) that is available, after our operating activities and capital expenditures. Procore uses free cash flow in conjunction with traditional GAAP measures to assess its liquidity and evaluate the effectiveness of its business strategies. Once Procore’s business needs and obligations are met, cash can be used to maintain a strong balance sheet and invest in future growth.

About Procore

Procore is a leading global provider of construction management software. Over 1 million projects and more than $1 trillion USD in construction volume have run on Procore's platform. Procore’s platform connects key project stakeholders to solutions Procore has built specifically for the construction industry—for the owner, the general contractor, and the specialty contractor. Procore's App Marketplace has a multitude of partner solutions that integrate seamlessly with Procore’s platform, giving construction professionals the freedom to connect with what works best for them. Headquartered in Carpinteria, California, Procore has offices around the globe. Learn more at Procore.com.

PROCORE-IR

Category: Earnings

Procore Technologies, Inc.

Condensed Consolidated Statements of Operations

(unaudited)

 

 

Three Months Ended

December 31,

 

 

Year Ended

December 31,

 

(in thousands, except share and per share amounts)

2022

 

 

2021

 

 

2022

 

 

2021

 

Revenue

$

202,053

 

 

$

146,103

 

 

$

720,203

 

 

$

514,821

 

Cost of revenue (1)(2)(3)(4)

 

40,570

 

 

 

29,767

 

 

 

148,416

 

 

 

98,312

 

Gross profit

 

161,483

 

 

 

116,336

 

 

 

571,787

 

 

 

416,509

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sales and marketing (1)(2)(3)(4)

 

118,170

 

 

 

84,285

 

 

 

424,976

 

 

 

308,511

 

Research and development (1)(2)(3)(4)

 

75,413

 

 

 

60,671

 

 

 

270,982

 

 

 

237,290

 

General and administrative (1)(3)(4)

 

43,102

 

 

 

45,830

 

 

 

166,283

 

 

 

156,635

 

Total operating expenses

 

236,685

 

 

 

190,786

 

 

 

862,241

 

 

 

702,436

 

Loss from operations

 

(75,202

)

 

 

(74,450

)

 

 

(290,454

)

 

 

(285,927

)

Interest income

 

4,966

 

 

 

74

 

 

 

7,861

 

 

 

175

 

Interest expense

 

(499

)

 

 

(568

)

 

 

(2,135

)

 

 

(2,328

)

Other (expense) income, net

 

(692

)

 

 

37

 

 

 

(1,737

)

 

 

(843

)

Loss before (benefit from) provision for income taxes

 

(71,427

)

 

 

(74,907

)

 

 

(286,465

)

 

 

(288,923

)

(Benefit from) provision for income taxes

 

(243

)

 

 

(23,935

)

 

 

466

 

 

 

(23,758

)

Net loss

$

(71,184

)

 

$

(50,972

)

 

$

(286,931

)

 

$

(265,165

)

Net loss per share attributable to common stockholders, basic and diluted

$

(0.51

)

 

$

(0.38

)

 

$

(2.10

)

 

$

(2.86

)

Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted

 

138,415,280

 

 

 

132,892,072

 

 

 

136,525,728

 

 

 

92,673,453

 

(1) Includes stock-based compensation expense as follows:

 

 

 

Three Months Ended

December 31,

 

 

Year Ended

December 31,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

 

 

(in thousands)

 

Cost of revenue

 

$

1,914

 

 

$

1,336

 

 

$

7,253

 

 

$

8,094

 

Sales and marketing

 

 

15,046

 

 

 

11,470

 

 

 

53,397

 

 

 

68,755

 

Research and development

 

 

19,352

 

 

 

15,413

 

 

 

63,262

 

 

 

85,040

 

General and administrative

 

 

10,693

 

 

 

13,013

 

 

 

38,974

 

 

 

65,272

 

Total stock-based compensation expense

 

$

47,005

 

 

$

41,232

 

 

$

162,886

 

 

$

227,161

 

(2) Includes amortization of acquired intangible assets as follows:

 

 

 

Three Months Ended

December 31,

 

 

Year Ended

December 31,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

 

 

(in thousands)

 

Cost of revenue

 

$

5,493

 

 

$

4,264

 

 

$

22,428

 

 

$

7,522

 

Sales and marketing

 

 

3,107

 

 

 

2,251

 

 

 

12,425

 

 

 

3,600

 

Research and development

 

 

854

 

 

 

904

 

 

 

3,528

 

 

 

2,674

 

Total amortization of acquired intangible assets

 

$

9,454

 

 

$

7,419

 

 

$

38,381

 

 

$

13,796

 

(3) Includes employer payroll tax on employee stock transactions as follows:

 

 

 

Three Months Ended

December 31,

 

 

Year Ended

December 31,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

 

 

(in thousands)

 

Cost of revenue

 

$

60

 

 

$

57

 

 

$

308

 

 

$

457

 

Sales and marketing

 

 

348

 

 

 

495

 

 

 

1,955

 

 

 

2,325

 

Research and development

 

 

286

 

 

 

398

 

 

 

2,474

 

 

 

2,606

 

General and administrative

 

 

171

 

 

 

242

 

 

 

1,202

 

 

 

1,127

 

Total employer payroll tax on employee stock transactions

 

$

865

 

 

$

1,192

 

 

$

5,939

 

 

$

6,515

 

(4) Includes acquisition-related expenses as follows:

 

 

 

Three Months Ended

December 31,

 

 

Year Ended

December 31,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

 

 

(in thousands)

 

Cost of revenue

 

$

-

 

 

$

2

 

 

$

-

 

 

$

2

 

Sales and marketing

 

 

655

 

 

 

378

 

 

 

1,725

 

 

 

488

 

Research and development

 

 

1,679

 

 

 

906

 

 

 

5,549

 

 

 

1,348

 

General and administrative

 

 

6

 

 

 

4,528

 

 

 

2,128

 

 

 

7,442

 

Total acquisition-related expenses

 

$

2,340

 

 

$

5,814

 

 

$

9,402

 

 

$

9,280

 

Procore Technologies, Inc.

Condensed Consolidated Balance Sheets

(unaudited)

 

 

 

December 31,

 

(in thousands)

 

2022

 

 

2021

 

Assets

 

 

 

 

 

 

 

 

Current assets

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

296,712

 

 

$

586,108

 

Marketable securities

 

 

285,493

 

 

 

-

 

Accounts receivable, net

 

 

148,683

 

 

 

113,977

 

Contract cost asset, current

 

 

23,600

 

 

 

17,030

 

Prepaid expenses and other current assets

 

 

44,731

 

 

 

35,173

 

Total current assets

 

 

799,219

 

 

 

752,288

 

Capitalized software development costs, net

 

 

58,577

 

 

 

27,062

 

Property and equipment, net

 

 

39,193

 

 

 

36,837

 

Right of use assets - finance leases

 

 

37,026

 

 

 

39,623

 

Right of use assets - operating leases

 

 

41,934

 

 

 

44,052

 

Contract cost asset, non-current

 

 

40,477

 

 

 

25,889

 

Intangible assets, net

 

 

162,953

 

 

 

201,977

 

Goodwill

 

 

539,128

 

 

 

540,922

 

Other assets

 

 

21,903

 

 

 

22,007

 

Total assets

 

$

1,740,410

 

 

$

1,690,657

 

Liabilities and Stockholders' Equity

 

 

 

 

 

 

 

 

Current liabilities

 

 

 

 

 

 

 

 

Accounts payable

 

$

14,282

 

 

$

15,490

 

Accrued expenses

 

 

99,182

 

 

 

65,907

 

Deferred revenue, current

 

 

396,535

 

 

 

301,557

 

Other current liabilities

 

 

21,639

 

 

 

20,750

 

Total current liabilities

 

 

531,638

 

 

 

403,704

 

Deferred revenue, non-current

 

 

5,278

 

 

 

4,024

 

Finance lease liabilities, non-current

 

 

45,578

 

 

 

47,344

 

Operating lease liabilities, non-current

 

 

38,087

 

 

 

41,573

 

Other liabilities, non-current

 

 

3,049

 

 

 

4,723

 

Total liabilities

 

 

623,630

 

 

 

501,368

 

Stockholders' equity

 

 

 

 

 

 

 

 

Common stock

 

 

14

 

 

 

13

 

Additional paid-in capital

 

 

2,068,225

 

 

 

1,852,071

 

Accumulated other comprehensive loss

 

 

(2,316

)

 

 

(583

)

Accumulated deficit

 

 

(949,143

)

 

 

(662,212

)

Total stockholders' equity

 

 

1,116,780

 

 

 

1,189,289

 

Total liabilities and stockholders' equity

 

$

1,740,410

 

 

$

1,690,657

 

Remaining performance obligation:

The remaining performance obligation was $797.5 million as of December 31, 2022, approximately 70% of which is expected to be recognized as revenue within 12 months. The remaining performance obligation was $602.6 million as of December 31, 2021, approximately 70% 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

December 31,

 

 

Year Ended

December 31,

 

(in thousands)

2022

 

 

2021

 

 

2022

 

 

2021

 

Operating activities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss

$

(71,184

)

 

$

(50,972

)

 

$

(286,931

)

 

$

(265,165

)

Adjustments to reconcile net loss to net cash provided by (used in) operating activities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock-based compensation

 

47,005

 

 

 

41,232

 

 

 

162,886

 

 

 

227,161

 

Depreciation and amortization

 

16,586

 

 

 

13,107

 

 

 

63,039

 

 

 

36,376

 

Accretion of discounts on marketable debt securities, net

 

(1,359

)

 

 

-

 

 

 

(2,009

)

 

 

-

 

Abandonment of long-lived assets

 

280

 

 

 

-

 

 

 

1,344

 

 

 

554

 

Noncash operating lease expense

 

2,611

 

 

 

1,969

 

 

 

10,170

 

 

 

7,569

 

Unrealized foreign currency (gain) loss, net

 

(1,232

)

 

 

(190

)

 

 

(351

)

 

 

685

 

Deferred income taxes

 

67

 

 

 

(24,586

)

 

 

(283

)

 

 

(24,493

)

Provision for credit losses

 

1,247

 

 

 

532

 

 

 

2,584

 

 

 

129

 

Decrease (increase) in fair value of strategic investments

 

519

 

 

 

-

 

 

 

483

 

 

 

(32

)

Changes in operating assets and liabilities, net of effect of business combinations

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accounts receivable

 

(42,196

)

 

 

(37,970

)

 

 

(35,817

)

 

 

(34,184

)

Deferred contract cost assets

 

(9,385

)

 

 

(3,084

)

 

 

(21,974

)

 

 

(10,157

)

Prepaid expenses and other assets

 

4,456

 

 

 

(9,088

)

 

 

(3,754

)

 

 

(16,811

)

Accounts payable

 

(1,682

)

 

 

4,082

 

 

 

459

 

 

 

3,954

 

Accrued expenses and other liabilities

 

11,559

 

 

 

9,492

 

 

 

34,623

 

 

 

38,176

 

Deferred revenue

 

67,180

 

 

 

53,950

 

 

 

97,029

 

 

 

78,671

 

Operating lease liabilities

 

(1,780

)

 

 

(2,049

)

 

 

(8,890

)

 

 

(5,703

)

Net cash provided by (used in) operating activities

 

22,692

 

 

 

(3,575

)

 

 

12,608

 

 

 

36,730

 

Investing activities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Purchases of property and equipment

 

(2,112

)

 

 

(3,978

)

 

 

(15,782

)

 

 

(12,383

)

Capitalized software development costs

 

(8,865

)

 

 

(5,073

)

 

 

(33,648

)

 

 

(15,248

)

Purchases of strategic investments

 

(306

)

 

 

(850

)

 

 

(3,959

)

 

 

(4,300

)

Purchases of marketable securities

 

(76,128

)

 

 

-

 

 

 

(369,206

)

 

 

-

 

Maturities of marketable securities

 

85,632

 

 

 

-

 

 

 

85,632

 

 

 

-

 

Originations of materials financing

 

(6,739

)

 

 

-

 

 

 

(23,489

)

 

 

-

 

Customer repayments of materials financing

 

6,688

 

 

 

-

 

 

 

18,685

 

 

 

-

 

Acquisition of businesses, net of cash acquired

 

-

 

 

 

(489,847

)

 

 

-

 

 

 

(509,837

)

Settlement of post-close working capital adjustments from business combinations

 

-

 

 

 

-

 

 

 

1,291

 

 

 

-

 

Net cash used in investing activities

 

(1,830

)

 

 

(499,748

)

 

 

(340,476

)

 

 

(541,768

)

Financing activities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Proceeds from initial public offering

 

-

 

 

 

-

 

 

 

-

 

 

 

665,129

 

Proceeds from stock option exercises

 

3,019

 

 

 

7,773

 

 

 

22,364

 

 

 

43,086

 

Proceeds from employee stock purchase plan

 

10,620

 

 

 

9,475

 

 

 

22,133

 

 

 

9,475

 

Payments of deferred offering costs

 

-

 

 

 

(34

)

 

 

(270

)

 

 

(3,880

)

Payments of deferred business acquisition consideration

 

(3,870

)

 

 

-

 

 

 

(3,870

)

 

 

(475

)

Principal payments under finance lease agreements, net of proceeds from lease incentives

 

(375

)

 

 

(334

)

 

 

(1,705

)

 

 

(1,509

)

Net cash provided by financing activities

 

9,394

 

 

 

16,880

 

 

 

38,652

 

 

 

711,826

 

Net increase (decrease) in cash, cash equivalents and restricted cash

 

30,256

 

 

 

(486,443

)

 

 

(289,216

)

 

 

206,788

 

Effect of exchange rate changes on cash

 

1,834

 

 

 

211

 

 

 

(180

)

 

 

(829

)

Cash, cash equivalents and restricted cash, beginning of period

 

267,726

 

 

 

1,075,444

 

 

 

589,212

 

 

 

383,253

 

Cash, cash equivalents and restricted cash, end of period

$

299,816

 

 

$

589,212

 

 

$

299,816

 

 

$

589,212

 

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

December 31,

 

 

Year Ended

December 31,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

 

 

(dollars in thousands)

 

Revenue

 

$

202,053

 

 

$

146,103

 

 

$

720,203

 

 

$

514,821

 

Gross profit

 

 

161,483

 

 

 

116,336

 

 

 

571,787

 

 

 

416,509

 

Stock-based compensation expense

 

 

1,914

 

 

 

1,336

 

 

 

7,253

 

 

 

8,094

 

Amortization of acquired technology intangible assets

 

 

5,493

 

 

 

4,264

 

 

 

22,428

 

 

 

7,522

 

Employer payroll tax on employee stock transactions

 

 

60

 

 

 

57

 

 

 

308

 

 

 

457

 

Acquisition-related expenses

 

 

-

 

 

 

2

 

 

 

-

 

 

 

2

 

Non-GAAP gross profit

 

$

168,950

 

 

$

121,995

 

 

$

601,776

 

 

$

432,584

 

Gross margin

 

 

80

%

 

 

80

%

 

 

79

%

 

 

81

%

Non-GAAP gross margin

 

 

84

%

 

 

83

%

 

 

84

%

 

 

84

%

Reconciliation of operating expenses to non-GAAP operating expenses:

 

 

 

Three Months Ended

December 31,

 

 

Year Ended

December 31,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

 

 

(dollars in thousands)

 

Revenue

 

$

202,053

 

 

$

146,103

 

 

$

720,203

 

 

$

514,821

 

GAAP sales and marketing

 

 

118,170

 

 

 

84,285

 

 

 

424,976

 

 

 

308,511

 

Stock-based compensation expense

 

 

(15,046

)

 

 

(11,470

)

 

 

(53,397

)

 

 

(68,755

)

Amortization of acquired intangible assets

 

 

(3,107

)

 

 

(2,251

)

 

 

(12,425

)

 

 

(3,600

)

Employer payroll tax on employee stock transactions

 

 

(348

)

 

 

(495

)

 

 

(1,955

)

 

 

(2,325

)

Acquisition-related expenses

 

 

(655

)

 

 

(378

)

 

 

(1,725

)

 

 

(488

)

Non-GAAP sales and marketing

 

$

99,014

 

 

$

69,691

 

 

$

355,474

 

 

$

233,343

 

GAAP sales and marketing as a percentage of revenue

 

 

58

%

 

 

58

%

 

 

59

%

 

 

60

%

Non-GAAP sales and marketing as a percentage of revenue

 

 

49

%

 

 

48

%

 

 

49

%

 

 

45

%

GAAP research and development

 

 

75,413

 

 

 

60,671

 

 

 

270,982

 

 

 

237,290

 

Stock-based compensation expense

 

 

(19,352

)

 

 

(15,413

)

 

 

(63,262

)

 

 

(85,040

)

Amortization of acquired intangible assets

 

 

(854

)

 

 

(904

)

 

 

(3,528

)

 

 

(2,674

)

Employer payroll tax on employee stock transactions

 

 

(286

)

 

 

(398

)

 

 

(2,474

)

 

 

(2,606

)

Acquisition-related expenses

 

 

(1,679

)

 

 

(906

)

 

 

(5,549

)

 

 

(1,348

)

Non-GAAP research and development

 

$

53,242

 

 

$

43,050

 

 

$

196,169

 

 

$

145,622

 

GAAP research and development as a percentage of revenue

 

 

37

%

 

 

42

%

 

 

38

%

 

 

46

%

Non-GAAP research and development as a percentage of revenue

 

 

26

%

 

 

29

%

 

 

27

%

 

 

28

%

GAAP general and administrative

 

 

43,102

 

 

 

45,830

 

 

 

166,283

 

 

 

156,635

 

Stock-based compensation expense

 

 

(10,693

)

 

 

(13,013

)

 

 

(38,974

)

 

 

(65,272

)

Employer payroll tax on employee stock transactions

 

 

(171

)

 

 

(242

)

 

 

(1,202

)

 

 

(1,127

)

Acquisition-related expenses

 

 

(6

)

 

 

(4,528

)

 

 

(2,128

)

 

 

(7,442

)

Non-GAAP general and administrative

 

$

32,232

 

 

$

28,047

 

 

$

123,979

 

 

$

82,794

 

GAAP general and administrative as a percentage of revenue

 

 

21

%

 

 

31

%

 

 

23

%

 

 

30

%

Non-GAAP general and administrative as a percentage of revenue

 

 

16

%

 

 

19

%

 

 

17

%

 

 

16

%

Reconciliation of loss from operations and operating margin to non-GAAP loss from operations and non-GAAP operating margin:

 

 

 

Three Months Ended

December 31,

 

 

Year Ended

December 31,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

 

 

(dollars in thousands)

 

Revenue

 

$

202,053

 

 

$

146,103

 

 

$

720,203

 

 

$

514,821

 

Loss from operations

 

 

(75,202

)

 

 

(74,450

)

 

 

(290,454

)

 

 

(285,927

)

Stock-based compensation expense

 

 

47,005

 

 

 

41,232

 

 

 

162,886

 

 

 

227,161

 

Amortization of acquired intangible assets

 

 

9,454

 

 

 

7,419

 

 

 

38,381

 

 

 

13,796

 

Employer payroll tax on employee stock transactions

 

 

865

 

 

 

1,192

 

 

 

5,939

 

 

 

6,515

 

Acquisition-related expenses

 

 

2,340

 

 

 

5,814

 

 

 

9,402

 

 

 

9,280

 

Non-GAAP loss from operations

 

$

(15,538

)

 

$

(18,793

)

 

$

(73,846

)

 

$

(29,175

)

Operating margin

 

 

(37

%)

 

 

(51

%)

 

 

(40

%)

 

 

(56

%)

Non-GAAP operating margin

 

 

(8

%)

 

 

(13

%)

 

 

(10

%)

 

 

(6

%)

Reconciliation of net loss and net loss per share to non-GAAP net loss and non-GAAP net loss per share:

 

 

 

Three Months Ended

December 31,

 

 

Year Ended

December 31,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

 

 

(dollars in thousands)

 

Revenue

 

$

202,053

 

 

$

146,103

 

 

$

720,203

 

 

$

514,821

 

Net loss

 

 

(71,184

)

 

 

(50,972

)

 

 

(286,931

)

 

 

(265,165

)

Stock-based compensation expense

 

 

47,005

 

 

 

41,232

 

 

 

162,886

 

 

 

227,161

 

Amortization of acquired intangible assets

 

 

9,454

 

 

 

7,419

 

 

 

38,381

 

 

 

13,796

 

Employer payroll tax on employee stock transactions

 

 

865

 

 

 

1,192

 

 

 

5,939

 

 

 

6,515

 

Acquisition-related expenses

 

 

2,340

 

 

 

5,814

 

 

 

9,402

 

 

 

9,280

 

Income tax effect of non-GAAP items

 

 

-

 

 

 

(24,151

)

 

 

62

 

 

 

(24,151

)

Non-GAAP net loss

 

$

(11,520

)

 

$

(19,466

)

 

$

(70,261

)

 

$

(32,564

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Numerator:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-GAAP net loss

 

$

(11,520

)

 

$

(19,466

)

 

$

(70,261

)

 

$

(32,564

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Denominator:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted

 

 

138,415,280

 

 

 

132,892,072

 

 

 

136,525,728

 

 

 

92,673,453

 

GAAP net loss per share, basic and diluted

 

$

(0.51

)

 

$

(0.38

)

 

$

(2.10

)

 

$

(2.86

)

Non-GAAP net loss per share, basic and diluted

 

$

(0.08

)

 

$

(0.15

)

 

$

(0.51

)

 

$

(0.35

)

Computation of free cash flow:

 

 

 

Three Months Ended

December 31,

 

 

Year Ended

December 31,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

 

 

(dollars in thousands)

 

Net cash provided by (used in) operating activities

 

$

22,692

 

 

$

(3,575

)

 

$

12,608

 

 

$

36,730

 

Purchases of property and equipment

 

 

(2,112

)

 

 

(3,978

)

 

 

(15,782

)

 

 

(12,383

)

Capitalized software development costs

 

 

(8,865

)

 

 

(5,073

)

 

 

(33,648

)

 

 

(15,248

)

Non-GAAP free cash flow

 

$

11,715

 

 

$

(12,626

)

 

$

(36,822

)

 

$

9,099

 

 

Contacts

Data & News supplied by www.cloudquote.io
Stock quotes supplied by Barchart
Quotes delayed at least 20 minutes.
By accessing this page, you agree to the following
Privacy Policy and Terms and Conditions.
 
 
Copyright © 2010-2020 SantaClara.com & California Media Partners, LLC. All rights reserved.