Procore Technologies, Inc. (NYSE: PCOR), a leading global
provider of construction management software, today announced
financial results for the second quarter ended June 30, 2023.
“I’m proud of the results we delivered this quarter as we
continued to work toward our vision of improving the lives of
everyone in construction,” said Tooey Courtemanche, founder,
president and CEO of Procore. “We’re delivering solutions that help
the construction industry find valuable efficiencies in an
uncertain environment. I am excited to showcase what digital and
cultural transformation means for the industry at large at
Groundbreak 2023.”
“Although the demand environment remains challenging, we
delivered solid results in the second quarter, highlighted by
continued growth on the topline and improving operating leverage,”
said Howard Fu, CFO of Procore. “Looking ahead, we remain focused
on our pursuit of efficient growth and are on track to reach
positive and sustainable free cash flow this year. We look forward
to sharing more at our upcoming Investor Day.”
Second Quarter 2023 Financial Highlights:
- Revenue was $229 million, an increase of 33%
year-over-year.
- GAAP gross margin was 81% and non-GAAP gross margin was
85%.
- GAAP operating margin was (26%) and non-GAAP operating margin
was (1%).
- Operating cash outflow for the second quarter was $12
million.
- Free cash outflow for the second quarter was $24 million.
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:
- Added 615 net new organic customers in the second quarter,
ending with a total of 15,704 organic customers.
- Achieved a gross revenue retention rate of 94% in the second
quarter.
- In the G2 2023 Summer Report, Procore maintained its #1 ranking
across 11 categories, including construction project management,
jobsite management, bid management, construction estimating,
construction accounting, and more.
- Announced partnership with The B1M, a leading construction
video channel, to raise awareness about mental health in the
construction industry through a global campaign, "Get Construction
Talking."
Third Quarter and Full Year 2023 Outlook:
Procore is providing the following guidance for the third
quarter and full year 2023:
- Third Quarter 2023 Outlook:
- Revenue is expected to be in the range of $232 million to $234
million, representing year-over-year growth of 24% to 26%.
- Non-GAAP operating margin is expected to be in the range of
(6%) to (5%).
- Full Year 2023 Outlook:
- Revenue is expected to be in the range of $921 million to $924
million, representing year-over-year growth of 28%.
- Non-GAAP operating margin is expected to be in the range of
(4.5%) to (4%).
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 second quarter results at 2:00 p.m., Pacific Time, on
Wednesday, August 2, 2023. A live audio webcast will be accessible
on Procore's investor relations website at
http://investors.procore.com.
September 20, 2023 Investor Day
Procore Technologies, Inc. will host its 2023 Investor Day on
Wednesday, September 20, 2023 from 9:00 a.m. to 12:00 p.m., Central
Time. The event will be held in-person in conjunction with
Groundbreak 2023, Procore’s leading construction technology
conference, taking place at the McCormick Place Conference Center
in Chicago, Illinois.
A live webcast of the event will begin at 9:00 a.m., Central
Time, on September 20, 2023. Interested parties can access the
webcast by registering here. A replay of the webcast will also be
made available 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), our ability to effectively manage
our growth, anticipated performance, trends, growth rates, and
challenges in our business and in the market in which we operate or
anticipate entering into, 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,
our ability to expand internationally, the effects of increased
competition in our markets and our ability to compete effectively,
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 Income (Loss), and Non-GAAP Net
Income (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. Basic earnings
(loss) per share is computed by dividing net income (loss) by the
weighted average number of common shares outstanding for the
period. Non-GAAP diluted earnings per share is computed by giving
effect to all potential weighted average dilutive common stock
equivalents outstanding for the period, including options to
purchase common stock, restricted stock units, and shares to be
issued pursuant to the employee stock purchase plan. The dilutive
effect of outstanding awards is reflected in non-GAAP diluted
earnings per share by application of the treasury stock method.
Stock-based compensation expense includes the net effects of
capitalization and amortization of stock-based compensation expense
related to capitalized software and cloud-computing arrangement
implementation costs. Stock-based compensation expense has been,
and will continue to be for the foreseeable future, a significant
recurring expense in our business and an important part of the
compensation provided to our employees. Because of varying
available valuation methodologies, subjective assumptions, and the
variety of equity instruments that can impact a company’s non-cash
expenses, we believe that providing non-GAAP financial measures
that exclude stock-based compensation expense allows 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 available sources of income to realize our
deferred tax assets. We exclude the income tax effect associated
with 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 (used in) provided by 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.
Other Metrics
Customer Count: The aforementioned customer count
excludes customers acquired from Levelset and Esticom that have not
yet been renewed onto standard Procore annual contracts. Remaining
Levelset and Esticom legacy customers will be included in our
customer metrics once they are renewed onto standard Procore annual
contracts or upon integration of the sales process.
About Procore
Procore Technologies, Inc. (NYSE: PCOR) creates software for
people who build the world. With a focus on providing timely and
accurate data for all, Procore transforms the construction industry
one project at a time - from hospitals and skyscrapers to airports
and stadiums. Beyond its connected, innovative technology, Procore
empowers the industry and its communities through Procore.org. For
more information, visit www.procore.com.
Procore Technologies,
Inc.
Condensed Consolidated
Statements of Operations
(unaudited)
Three Months Ended June
30,
Six Months Ended June
30,
2023
2022
2023
2022
(in thousands, except share
and per share amounts)
Revenue
$
228,536
$
172,205
$
442,062
$
331,721
Cost of revenue(1)(2)(3)
42,304
36,735
82,506
70,067
Gross profit
186,232
135,470
359,556
261,654
Operating expenses
Sales and marketing(1)(2)(3)(4)
125,362
103,283
242,725
197,198
Research and development(1)(2)(3)(4)
73,216
63,822
153,252
124,076
General and administrative(1)(3)(4)
46,383
40,667
91,571
83,819
Total operating expenses
244,961
207,772
487,548
405,093
Loss from operations
(58,729
)
(72,302
)
(127,992
)
(143,439
)
Interest income
4,943
678
9,891
753
Interest expense
(491
)
(567
)
(987
)
(1,133
)
Accretion income, net
2,031
—
3,663
—
Other expense, net
(313
)
(890
)
(523
)
(347
)
Loss before provision for income taxes
(52,559
)
(73,081
)
(115,948
)
(144,166
)
Provision for income taxes
322
42
380
376
Net loss
$
(52,881
)
$
(73,123
)
$
(116,328
)
$
(144,542
)
Net loss per share attributable to common
stockholders, basic and diluted
$
(0.37
)
$
(0.54
)
$
(0.83
)
$
(1.07
)
Weighted-average shares used in computing
net loss per share attributable to common stockholders, basic and
diluted
141,238,489
135,927,677
140,446,873
135,232,404
(1)
Includes stock-based compensation expense and amortization of
capitalized stock-based compensation as follows:
Three Months Ended June
30,
Six Months Ended June
30,
2023
2022
2023
2022
(in thousands)
Cost of revenue
$
2,880
$
2,046
$
5,376
$
3,504
Sales and marketing
14,470
12,572
27,574
22,868
Research and development
16,270
13,144
36,051
26,152
General and administrative
9,909
6,133
20,384
18,580
Total stock-based compensation
expense*
$
43,529
$
33,895
$
89,385
$
71,104
*Includes amortization of capitalized
stock-based compensation of $1.0 million and $2.0 million,
respectively, for the three and six months ended June 30, 2023
which was initially capitalized as capitalized software and
cloud-computing arrangement implementation costs.
(2)
Includes amortization of acquired
intangible assets as follows:
Three Months Ended June
30,
Six Months Ended June
30,
2023
2022
2023
2022
(in thousands)
Cost of revenue
$
5,493
$
5,654
$
10,986
$
11,308
Sales and marketing
3,106
3,106
6,213
6,212
Research and development
675
895
1,409
1,797
Total amortization of acquired intangible
assets
$
9,274
$
9,655
$
18,608
$
19,317
(3)
Includes employer payroll tax on employee
stock transactions as follows:
Three Months Ended June
30,
Six Months Ended June
30,
2023
2022
2023
2022
(in thousands)
Cost of revenue
$
139
$
68
$
306
$
149
Sales and marketing
618
317
1,617
925
Research and development
891
523
2,247
1,550
General and administrative
503
182
1,135
727
Total employer payroll tax on employee
stock transactions
$
2,151
$
1,090
$
5,305
$
3,351
(4)
Includes acquisition-related expenses as
follows:
Three Months Ended June
30,
Six Months Ended June
30,
2023
2022
2023
2022
(in thousands)
Sales and marketing
$
548
$
208
$
1,454
$
415
Research and development
204
1,090
6,188
2,191
General and administrative
—
1,081
—
2,119
Total acquisition-related expenses
$
752
$
2,379
$
7,642
$
4,725
Procore Technologies,
Inc.
Condensed Consolidated Balance
Sheets
(unaudited)
June 30,
2023
December 31,
2022
(in thousands)
Assets
Current assets
Cash and cash equivalents
$
312,518
$
296,712
Marketable securities
290,445
285,493
Accounts receivable, net
125,577
148,683
Contract cost asset, current
25,655
23,600
Prepaid expenses and other current
assets
43,711
44,731
Total current assets
797,906
799,219
Capitalized software development costs,
net
70,397
58,577
Property and equipment, net
37,121
39,193
Right of use assets - finance leases
35,681
37,026
Right of use assets - operating leases
40,223
41,934
Contract cost asset, non-current
42,112
40,477
Intangible assets, net
144,517
162,953
Goodwill
539,355
539,128
Other assets
18,640
21,903
Total assets
$
1,725,952
$
1,740,410
Liabilities and Stockholders’
Equity
Current liabilities
Accounts payable
$
15,539
$
14,282
Accrued expenses
60,090
99,182
Deferred revenue, current
416,788
396,535
Other current liabilities
27,468
21,639
Total current liabilities
519,885
531,638
Deferred revenue, non-current
5,145
5,278
Finance lease liabilities, non-current
44,574
45,578
Operating lease liabilities,
non-current
35,630
38,087
Other liabilities, non-current
4,283
3,049
Total liabilities
609,517
623,630
Stockholders’ equity
Common stock
14
14
Additional paid-in capital
2,183,893
2,068,225
Accumulated other comprehensive loss
(2,001
)
(2,316
)
Accumulated deficit
(1,065,471
)
(949,143
)
Total stockholders’ equity
1,116,435
1,116,780
Total liabilities and stockholders’
equity
$
1,725,952
$
1,740,410
Remaining performance
obligation:
The following table presents our current
and non-current RPO at the end of each period:
June 30,
Change
2023
2022
Dollar
Percent
(dollars in thousands)
Remaining performance
obligations
Current
$
622,639
$
469,341
$
153,298
33
%
Non-current
226,877
184,593
42,284
23
%
Total remaining performance
obligations
$
849,516
$
653,934
$
195,582
30
%
Procore Technologies,
Inc.
Condensed Consolidated
Statements of Cash Flows
(unaudited)
Three Months Ended June
30,
Six Months Ended June
30,
2023
2022
2023
2022
(in thousands)
Operating activities
Net loss
$
(52,881
)
$
(73,123
)
$
(116,328
)
$
(144,542
)
Adjustments to reconcile net loss to net
cash (used in) provided by operating activities
Stock-based compensation
42,487
33,895
87,425
71,104
Depreciation and amortization
17,336
15,403
34,210
30,550
Accretion of discounts on marketable debt
securities, net
(2,030
)
—
(3,662
)
—
Abandonment of long-lived assets
94
887
535
887
Noncash operating lease expense
2,604
2,652
5,232
4,808
Unrealized foreign currency loss, net
149
832
557
355
Deferred income taxes
3
(286
)
5
(638
)
Provision for credit losses
2,004
740
3,730
642
Increase (decrease) in fair value of
strategic investments
43
(81
)
6
(81
)
Changes in operating assets and
liabilities
Accounts receivable
(19,371
)
(10,116
)
23,577
24,357
Deferred contract cost assets
(3,170
)
(3,295
)
(3,630
)
(7,361
)
Prepaid expenses and other assets
(2,847
)
59
1,701
(5,116
)
Accounts payable
(3,499
)
5,587
1,149
5,926
Accrued expenses and other liabilities
(2,929
)
(4,552
)
(31,110
)
(8,909
)
Deferred revenue
13,093
6,932
19,582
15,706
Operating lease liabilities
(2,760
)
(2,489
)
(5,381
)
(4,359
)
Net cash (used in) provided by operating
activities
(11,674
)
(26,955
)
17,598
(16,671
)
Investing activities
Purchases of property and equipment
(2,521
)
(1,908
)
(4,694
)
(9,433
)
Capitalized software development costs
(9,400
)
(8,620
)
(17,351
)
(16,252
)
Purchases of strategic investments
(294
)
(689
)
(442
)
(3,018
)
Purchases of marketable securities
(139,286
)
—
(229,282
)
—
Maturities of marketable securities
118,817
—
222,726
—
Sales of marketable securities
5,452
—
5,452
—
Originations of materials financing
(7,931
)
(9,259
)
(17,007
)
(9,259
)
Customer repayments of materials
financing
7,638
6,261
12,996
6,261
Settlement of post-close working capital
adjustments from business combinations
—
—
—
1,291
Net cash used in investing activities
(27,525
)
(14,215
)
(27,602
)
(30,410
)
Financing activities
Proceeds from stock option exercises
7,217
7,697
10,939
14,604
Proceeds from employee stock purchase
plan
13,006
11,513
13,006
11,513
Payments of deferred offering costs
—
(270
)
—
(270
)
Principal payments under finance lease
agreements, net of proceeds from lease incentives
(520
)
(479
)
(930
)
(844
)
Net cash provided by financing
activities
19,703
18,461
23,015
25,003
Net increase in cash, cash equivalents and
restricted cash
(19,496
)
(22,709
)
13,011
(22,078
)
Effect of exchange rate changes on
cash
(55
)
(981
)
(309
)
(806
)
Cash, cash equivalents and restricted
cash, beginning of period
332,068
590,018
299,816
589,212
Cash, cash equivalents and restricted
cash, end of period
$
312,517
$
566,328
$
312,518
$
566,328
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,
2023
2022
2023
2022
(dollars in thousands)
Revenue
$
228,536
$
172,205
$
442,062
$
331,721
Gross profit
186,232
135,470
359,556
261,654
Stock-based compensation expense
2,880
2,046
5,376
3,504
Amortization of acquired technology
intangible assets
5,493
5,654
10,986
11,308
Employer payroll tax on employee stock
transactions
139
68
306
149
Non-GAAP gross profit
$
194,744
$
143,238
$
376,224
$
276,615
Gross margin
81
%
79
%
81
%
79
%
Non-GAAP gross margin
85
%
83
%
85
%
83
%
Reconciliation of operating expenses to
non-GAAP operating expenses:
Three Months Ended June
30,
Six Months Ended June
30,
2023
2022
2023
2022
(dollars in thousands)
Revenue
$
228,536
$
172,205
$
442,062
$
331,721
GAAP sales and marketing
125,362
103,283
242,725
197,198
Stock-based compensation expense
(14,470
)
(12,572
)
(27,574
)
(22,868
)
Amortization of acquired intangible
assets
(3,106
)
(3,106
)
(6,213
)
(6,212
)
Employer payroll tax on employee stock
transactions
(618
)
(317
)
(1,617
)
(925
)
Acquisition-related expenses
(548
)
(208
)
(1,454
)
(415
)
Non-GAAP sales and marketing
$
106,620
$
87,080
$
205,867
$
166,778
GAAP sales and marketing as a percentage
of revenue
55
%
60
%
55
%
59
%
Non-GAAP sales and marketing as a
percentage of revenue
47
%
51
%
47
%
50
%
GAAP research and development
$
73,216
$
63,822
$
153,252
$
124,076
Stock-based compensation expense
(16,270
)
(13,144
)
(36,051
)
(26,152
)
Amortization of acquired intangible
assets
(675
)
(895
)
(1,409
)
(1,797
)
Employer payroll tax on employee stock
transactions
(891
)
(523
)
(2,247
)
(1,550
)
Acquisition-related expenses
(204
)
(1,090
)
(6,188
)
(2,191
)
Non-GAAP research and development
$
55,176
$
48,170
$
107,357
$
92,386
GAAP research and development as a
percentage of revenue
32
%
37
%
35
%
37
%
Non-GAAP research and development as a
percentage of revenue
24
%
28
%
24
%
28
%
GAAP general and administrative
$
46,383
$
40,667
$
91,571
$
83,819
Stock-based compensation expense
(9,909
)
(6,133
)
(20,384
)
(18,580
)
Employer payroll tax on employee stock
transactions
(503
)
(182
)
(1,135
)
(727
)
Acquisition-related expenses
—
(1,081
)
—
(2,119
)
Non-GAAP general and administrative
$
35,971
$
33,271
$
70,052
$
62,393
GAAP general and administrative as a
percentage of revenue
20
%
24
%
21
%
25
%
Non-GAAP general and administrative as a
percentage of revenue
16
%
19
%
16
%
19
%
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,
2023
2022
2023
2022
(dollars in thousands)
Revenue
$
228,536
$
172,205
$
442,062
$
331,721
Loss from operations
(58,729
)
(72,302
)
(127,992
)
(143,439
)
Stock-based compensation expense
43,529
33,895
89,385
71,104
Amortization of acquired intangible
assets
9,274
9,655
18,608
19,317
Employer payroll tax on employee stock
transactions
2,151
1,090
5,305
3,351
Acquisition-related expenses
752
2,379
7,642
4,725
Non-GAAP loss from operations
$
(3,023
)
$
(25,283
)
$
(7,052
)
$
(44,942
)
Operating margin
(26
%)
(42
%)
(29
%)
(43
%)
Non-GAAP operating margin
(1
%)
(15
%)
(2
%)
(14
%)
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 June
30,
Six Months Ended June
30,
2023
2022
2023
2022
(in thousands, except share
and per share amounts)
Revenue
$
228,536
$
172,205
$
442,062
$
331,721
Net loss
(52,881
)
(73,123
)
(116,328
)
(144,542
)
Stock-based compensation expense
43,529
33,895
89,385
71,104
Amortization of acquired intangible
assets
9,274
9,655
18,608
19,317
Employer payroll tax on employee stock
transactions
2,151
1,090
5,305
3,351
Acquisition-related expenses
752
2,379
7,642
4,725
Income tax effect of non-GAAP items
—
110
—
110
Non-GAAP net income (loss)
$
2,825
$
(25,994
)
$
4,612
$
(45,935
)
Numerator:
Non-GAAP net income (loss)
$
2,825
$
(25,994
)
$
4,612
$
(45,935
)
Denominator:
Weighted-average shares used in computing
net loss per share attributable to common stockholders, basic
141,238,489
135,927,677
140,446,873
135,232,404
Effect of dilutive securities: Employee
stock awards
6,117,368
—
6,537,556
—
Weighted-average shares used in computing
net income per share attributable to common stockholders,
diluted
147,355,857
135,927,677
146,984,429
135,232,404
GAAP net loss per share, basic
$
(0.37
)
$
(0.54
)
$
(0.83
)
$
(1.07
)
GAAP net loss per share, diluted
$
(0.37
)
$
(0.54
)
$
(0.83
)
$
(1.07
)
Non-GAAP net income (loss) per share,
basic
$
0.02
$
(0.19
)
$
0.03
$
(0.34
)
Non-GAAP net income (loss) per share,
diluted
$
0.02
$
(0.19
)
$
0.03
$
(0.34
)
Computation of free cash flow:
Three Months Ended June
30,
Six Months Ended June
30,
2023
2022
2023
2022
(in thousands)
Net cash (used in) provided by operating
activities
$
(11,674
)
$
(26,955
)
$
17,598
$
(16,671
)
Purchases of property, plant, and
equipment
(2,521
)
(1,908
)
(4,694
)
(9,433
)
Capitalized software development costs
(9,400
)
(8,620
)
(17,351
)
(16,252
)
Non-GAAP free cash flow
$
(23,595
)
$
(37,483
)
$
(4,447
)
$
(42,356
)
PROCORE-IR
Category: Earnings
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230802535904/en/
Media Contact Raelle Alfaro press@procore.com
Investor Contact Matthew Puljiz ir@procore.com
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