Procore Technologies, Inc. (NYSE: PCOR), the leading global
provider of construction management software, today announced
financial results for the third quarter ended September 30,
2023.
“We remain excited about the long-term opportunity ahead of us,
as we continue to deliver technology that drives the efficiency and
productivity gains that are critical for our customers in today’s
uncertain climate. Amidst a more challenging demand environment, we
continued to advance our mission of connecting everyone in
construction on a global platform, with a number of groundbreaking
innovations to the Procore platform,” said Tooey Courtemanche,
founder, president and CEO of Procore.
“In Q3, we made significant improvements to our efficiency
profile, returning to non-GAAP operating profitability this
quarter,” said Howard Fu, CFO of Procore. “In light of the
incremental demand headwinds, we remain more focused than ever on
maintaining our disciplined operating approach to optimize our
efficient growth trajectory in the near and long term.”
Third Quarter 2023 Financial Highlights:
- Revenue was $248 million, an increase of 33%
year-over-year.
- GAAP gross margin was 82% and non-GAAP gross margin was
86%.
- GAAP operating margin was (20%) and non-GAAP operating margin
was 3%.
- Operating cash inflow for the third quarter was $34
million.
- Free cash inflow for the third quarter was $22 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 363 net new organic customers in the third quarter,
ending with a total of 16,067 organic customers.
- Achieved a gross revenue retention rate of 95% in the third
quarter.
- Announced a number of innovations to the Procore platform
related to digital transformation in construction, including the
introduction of Procore Copilot, innovations in Procore
Connectability, the launch of Procore Pay, and more.
- Ranked #4 on The Software Report’s list of Top 100 Software
Companies of 2023.
- Awarded the TrustRadius 2023 Tech Cares Award.
- Recognized as a Silver Stevie Winner in The 20th Annual
International Business Awards in 2023 for the Most Innovative Tech
Company of the Year.
- Published the report “Risk Data Uncovered: How Technology is
Transforming Risk Management in Construction,” in partnership with
Frost & Sullivan, revealing insights into the transformative
potential of technology adoption in construction risk
management.
- Partnered with the Associated General Contractors of America to
release the report “Top Civil & Infrastructure Trends: Today’s
Industry Challenges and Opportunities,” exploring how civil and
infrastructure organizations in the U.S. and Canada are building
today, the challenges they face, and the opportunities that lie
ahead.
Fourth Quarter and Full Year 2023 Outlook:
Procore is providing the following guidance for the fourth
quarter and full year 2023:
- Fourth Quarter 2023 Outlook:
- Revenue is expected to be in the range of $247 million to $249
million, representing year-over-year growth of 22% to 23%.
- Non-GAAP operating margin is expected to be in the range of 2%
to 3%.
- Full Year 2023 Outlook:
- Revenue is expected to be in the range of $937 million to $939
million, representing year-over-year growth of 30%.
- Non-GAAP operating margin is expected to be in the range of
0.5% to 1%.
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 third quarter results at 2:00 p.m., Pacific Time, on
Wednesday, November 1, 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), 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 Income (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 income (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 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.
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 September
30,
Nine Months Ended September
30,
2023
2022
2023
2022
(in thousands, except share
and per share amounts)
Revenue
$
247,907
$
186,429
$
689,969
$
518,150
Cost of revenue(1)(2)(3)
44,125
37,779
126,631
107,846
Gross profit
203,782
148,650
563,338
410,304
Operating expenses
Sales and marketing(1)(2)(3)(4)
129,672
109,608
372,397
306,806
Research and development(1)(2)(3)(4)
72,708
71,493
225,960
195,569
General and administrative(1)(3)(4)
51,753
39,362
143,324
123,181
Total operating expenses
254,133
220,463
741,681
625,556
Loss from operations
(50,351
)
(71,813
)
(178,343
)
(215,252
)
Interest income
4,721
1,922
14,612
2,674
Interest expense
(490
)
(504
)
(1,477
)
(1,636
)
Accretion income, net
2,952
666
6,615
666
Other expense, net
(486
)
(1,143
)
(1,009
)
(1,490
)
Loss before provision for income taxes
(43,654
)
(70,872
)
(159,602
)
(215,038
)
Provision for income taxes
193
333
573
709
Net loss
$
(43,847
)
$
(71,205
)
$
(160,175
)
$
(215,747
)
Net loss per share attributable to common
stockholders, basic and diluted
$
(0.31
)
$
(0.52
)
$
(1.13
)
$
(1.59
)
Weighted-average shares used in computing
net loss per share attributable to common stockholders, basic and
diluted
142,828,406
137,180,639
141,249,446
135,888,952
(1)
Includes stock-based compensation expense
and amortization of capitalized stock-based compensation as
follows:
Three Months Ended September
30,
Nine Months Ended September
30,
2023
2022
2023
2022
(in thousands)
Cost of revenue
$
2,981
$
1,835
$
8,357
$
5,339
Sales and marketing
14,390
15,483
41,964
38,351
Research and development
16,350
17,758
52,401
43,910
General and administrative
12,253
9,701
32,637
28,281
Total stock-based compensation
expense*
$
45,974
$
44,777
$
135,359
$
115,881
*Includes amortization of capitalized
stock-based compensation of $1.2 million and $3.1 million,
respectively, for the three and nine months ended September 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 September
30,
Nine Months Ended September
30,
2023
2022
2023
2022
(in thousands)
Cost of revenue
$
5,506
$
5,627
$
16,492
$
16,935
Sales and marketing
3,106
3,106
9,319
9,318
Research and development
678
877
2,087
2,674
Total amortization of acquired intangible
assets
$
9,290
$
9,610
$
27,898
$
28,927
(3)
Includes employer payroll tax on employee
stock transactions as follows:
Three Months Ended September
30,
Nine Months Ended September
30,
2023
2022
2023
2022
(in thousands)
Cost of revenue
$
133
$
99
$
439
$
248
Sales and marketing
766
682
2,383
1,607
Research and development
638
638
2,885
2,188
General and administrative
501
304
1,636
1,031
Total employer payroll tax on employee
stock transactions
$
2,038
$
1,723
$
7,343
$
5,074
(4)
Includes acquisition-related expenses as
follows:
Three Months Ended September
30,
Nine Months Ended September
30,
2023
2022
2023
2022
(in thousands)
Sales and marketing
$
548
$
655
$
2,002
$
1,070
Research and development
136
1,679
6,324
3,870
General and administrative
19
3
19
2,122
Total acquisition-related expenses
$
703
$
2,337
$
8,345
$
7,062
Procore Technologies,
Inc.
Condensed Consolidated Balance
Sheets
(unaudited)
September 30,
2023
December 31,
2022
(in thousands)
Assets
Current assets
Cash and cash equivalents
$
318,318
$
296,712
Marketable securities
308,162
285,493
Accounts receivable, net
145,714
148,683
Contract cost asset, current
26,656
23,600
Prepaid expenses and other current
assets
43,096
44,731
Total current assets
841,946
799,219
Capitalized software development costs,
net
76,931
58,577
Property and equipment, net
37,381
39,193
Right of use assets - finance leases
35,013
37,026
Right of use assets - operating leases
47,481
41,934
Contract cost asset, non-current
42,232
40,477
Intangible assets, net
144,227
162,953
Goodwill
539,108
539,128
Other assets
18,682
21,903
Total assets
$
1,783,001
$
1,740,410
Liabilities and Stockholders’
Equity
Current liabilities
Accounts payable
$
16,911
$
14,282
Accrued expenses
95,130
99,182
Deferred revenue, current
425,591
396,535
Other current liabilities
23,923
21,639
Total current liabilities
561,555
531,638
Deferred revenue, non-current
5,836
5,278
Finance lease liabilities, non-current
44,013
45,578
Operating lease liabilities,
non-current
41,275
38,087
Other liabilities, non-current
6,571
3,049
Total liabilities
659,250
623,630
Stockholders’ equity
Common stock
14
14
Additional paid-in capital
2,235,480
2,068,225
Accumulated other comprehensive loss
(2,425
)
(2,316
)
Accumulated deficit
(1,109,318
)
(949,143
)
Total stockholders’ equity
1,123,751
1,116,780
Total liabilities and stockholders’
equity
$
1,783,001
$
1,740,410
Remaining performance
obligation:
The following table presents our current
and non-current RPO at the end of each period:
September 30,
Change
2023
2022
Dollar
Percent
(dollars in thousands)
Remaining performance
obligations
Current
$
635,000
$
501,400
$
133,600
27
%
Non-current
255,381
213,600
41,781
20
%
Total remaining performance
obligations
$
890,381
$
715,000
$
175,381
25
%
Procore Technologies,
Inc.
Condensed Consolidated
Statements of Cash Flows
(unaudited)
Three Months Ended September
30,
Nine Months Ended September
30,
2023
2022
2023
2022
(in thousands)
Operating activities
Net loss
$
(43,847
)
$
(71,205
)
$
(160,175
)
$
(215,747
)
Adjustments to reconcile net loss to net
cash provided by (used in) operating activities
Stock-based compensation
44,809
44,777
132,234
115,881
Depreciation and amortization
17,733
15,903
51,943
46,453
Accretion of discounts on marketable debt
securities, net
(2,953
)
(650
)
(6,615
)
(650
)
Abandonment of long-lived assets
277
177
812
1,064
Noncash operating lease expense
2,700
2,751
7,932
7,559
Unrealized foreign currency loss, net
182
526
739
881
Deferred income taxes
2
288
7
(350
)
Provision for credit losses
3,152
695
6,882
1,337
Decrease (increase) in fair value of
strategic investments
149
45
155
(36
)
Changes in operating assets and
liabilities
Accounts receivable
(20,433
)
(17,978
)
3,144
6,379
Deferred contract cost assets
(1,469
)
(5,228
)
(5,099
)
(12,589
)
Prepaid expenses and other assets
(3,579
)
(3,094
)
(1,878
)
(8,210
)
Accounts payable
1,109
(3,785
)
2,258
2,141
Accrued expenses and other liabilities
29,135
31,973
(1,975
)
23,064
Deferred revenue
9,498
14,143
29,080
29,849
Operating lease liabilities
(2,791
)
(2,751
)
(8,172
)
(7,110
)
Net cash provided by (used in) operating
activities
33,674
6,587
51,272
(10,084
)
Investing activities
Purchases of property and equipment
(3,379
)
(4,237
)
(8,073
)
(13,670
)
Capitalized software development costs
(7,836
)
(8,531
)
(25,187
)
(24,783
)
Purchases of strategic investments
(84
)
(635
)
(526
)
(3,653
)
Purchases of marketable securities
(80,000
)
(293,078
)
(309,282
)
(293,078
)
Maturities of marketable securities
64,894
—
287,620
—
Sales of marketable securities
—
—
5,452
—
Originations of materials financing
(6,578
)
(7,491
)
(23,585
)
(16,750
)
Customer repayments of materials
financing
8,057
5,736
21,053
11,997
Asset acquisition, net of cash
acquired
(6,011
)
—
(6,011
)
—
Settlement of post-close working capital
adjustments from business combinations
—
—
—
1,291
Net cash used in investing activities
(30,937
)
(308,236
)
(58,539
)
(338,646
)
Financing activities
Proceeds from stock option exercises
4,155
4,741
15,094
19,345
Proceeds from employee stock purchase
plan
—
—
13,006
11,513
Payments of deferred offering costs
—
—
—
(270
)
Principal payments under finance lease
agreements, net of proceeds from lease incentives
(520
)
(486
)
(1,450
)
(1,330
)
Net cash provided by financing
activities
3,635
4,255
26,650
29,258
Net increase (decrease) in cash, cash
equivalents and restricted cash
6,372
(297,394
)
19,383
(319,472
)
Effect of exchange rate changes on
cash
(572
)
(1,208
)
(881
)
(2,014
)
Cash, cash equivalents and restricted
cash, beginning of period
312,518
566,328
299,816
589,212
Cash, cash equivalents and restricted
cash, end of period
$
318,318
$
267,726
$
318,318
$
267,726
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 September
30,
Nine Months Ended September
30,
2023
2022
2023
2022
(dollars in thousands)
Revenue
$
247,907
$
186,429
$
689,969
$
518,150
Gross profit
203,782
148,650
563,338
410,304
Stock-based compensation expense
2,981
1,835
8,357
5,339
Amortization of acquired technology
intangible assets
5,506
5,627
16,492
16,935
Employer payroll tax on employee stock
transactions
133
99
439
248
Non-GAAP gross profit
$
212,402
$
156,211
$
588,626
$
432,826
Gross margin
82
%
80
%
82
%
79
%
Non-GAAP gross margin
86
%
84
%
85
%
84
%
Reconciliation of operating expenses to
non-GAAP operating expenses:
Three Months Ended September
30,
Nine Months Ended September
30,
2023
2022
2023
2022
(dollars in thousands)
Revenue
$
247,907
$
186,429
$
689,969
$
518,150
GAAP sales and marketing
129,672
109,608
372,397
306,806
Stock-based compensation expense
(14,390
)
(15,483
)
(41,964
)
(38,351
)
Amortization of acquired intangible
assets
(3,106
)
(3,106
)
(9,319
)
(9,318
)
Employer payroll tax on employee stock
transactions
(766
)
(682
)
(2,383
)
(1,607
)
Acquisition-related expenses
(548
)
(655
)
(2,002
)
(1,070
)
Non-GAAP sales and marketing
$
110,862
$
89,682
$
316,729
$
256,460
GAAP sales and marketing as a percentage
of revenue
52
%
59
%
54
%
59
%
Non-GAAP sales and marketing as a
percentage of revenue
45
%
48
%
46
%
49
%
GAAP research and development
$
72,708
$
71,493
$
225,960
$
195,569
Stock-based compensation expense
(16,350
)
(17,758
)
(52,401
)
(43,910
)
Amortization of acquired intangible
assets
(678
)
(877
)
(2,087
)
(2,674
)
Employer payroll tax on employee stock
transactions
(638
)
(638
)
(2,885
)
(2,188
)
Acquisition-related expenses
(136
)
(1,679
)
(6,324
)
(3,870
)
Non-GAAP research and development
$
54,906
$
50,541
$
162,263
$
142,927
GAAP research and development as a
percentage of revenue
29
%
38
%
33
%
38
%
Non-GAAP research and development as a
percentage of revenue
22
%
27
%
24
%
28
%
GAAP general and administrative
$
51,753
$
39,362
$
143,324
$
123,181
Stock-based compensation expense
(12,253
)
(9,701
)
(32,637
)
(28,281
)
Employer payroll tax on employee stock
transactions
(501
)
(304
)
(1,636
)
(1,031
)
Acquisition-related expenses
(19
)
(3
)
(19
)
(2,122
)
Non-GAAP general and administrative
$
38,980
$
29,354
$
109,032
$
91,747
GAAP general and administrative as a
percentage of revenue
21
%
21
%
21
%
24
%
Non-GAAP general and administrative as a
percentage of revenue
16
%
16
%
16
%
18
%
Reconciliation of loss from operations
and operating margin to non-GAAP income (loss) from operations and
non-GAAP operating margin:
Three Months Ended September
30,
Nine Months Ended September
30,
2023
2022
2023
2022
(dollars in thousands)
Revenue
$
247,907
$
186,429
$
689,969
$
518,150
Loss from operations
(50,351
)
(71,813
)
(178,343
)
(215,252
)
Stock-based compensation expense
45,974
44,777
135,359
115,881
Amortization of acquired intangible
assets
9,290
9,610
27,898
28,927
Employer payroll tax on employee stock
transactions
2,038
1,723
7,343
5,074
Acquisition-related expenses
703
2,337
8,345
7,062
Non-GAAP income (loss) from operations
$
7,654
$
(13,366
)
$
602
$
(58,308
)
Operating margin
(20
%)
(39
%)
(26
%)
(42
%)
Non-GAAP operating margin
3
%
(7
%)
0
%
(11
%)
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 September
30,
Nine Months Ended September
30,
2023
2022
2023
2022
(in thousands, except share
and per share amounts)
Revenue
$
247,907
$
186,429
$
689,969
$
518,150
Net loss
(43,847
)
(71,205
)
(160,175
)
(215,747
)
Stock-based compensation expense
45,974
44,777
135,359
115,881
Amortization of acquired intangible
assets
9,290
9,610
27,898
28,927
Employer payroll tax on employee stock
transactions
2,038
1,723
7,343
5,074
Acquisition-related expenses
703
2,337
8,345
7,062
Income tax effect of non-GAAP items
—
(48
)
—
62
Non-GAAP net income (loss)
$
14,158
$
(12,806
)
$
18,770
$
(58,741
)
Numerator:
Non-GAAP net income (loss)
$
14,158
$
(12,806
)
$
18,770
$
(58,741
)
Denominator:
Weighted-average shares used in computing
net loss per share attributable to common stockholders, basic
142,828,406
137,180,639
141,249,446
135,888,952
Effect of dilutive securities: Employee
stock awards
6,285,767
—
6,672,063
—
Weighted-average shares used in computing
net income per share attributable to common stockholders,
diluted
149,114,173
137,180,639
147,921,509
135,888,952
GAAP net loss per share, basic
$
(0.31
)
$
(0.52
)
$
(1.13
)
$
(1.59
)
GAAP net loss per share, diluted
$
(0.31
)
$
(0.52
)
$
(1.13
)
$
(1.59
)
Non-GAAP net income (loss) per share,
basic
$
0.10
$
(0.09
)
$
0.13
$
(0.43
)
Non-GAAP net income (loss) per share,
diluted
$
0.09
$
(0.09
)
$
0.13
$
(0.43
)
Computation of free cash flow:
Three Months Ended September
30,
Nine Months Ended September
30,
2023
2022
2023
2022
(in thousands)
Net cash provided by (used in) operating
activities
$
33,674
$
6,587
$
51,272
$
(10,084
)
Purchases of property, plant, and
equipment
(3,379
)
(4,237
)
(8,073
)
(13,670
)
Capitalized software development costs
(7,836
)
(8,531
)
(25,187
)
(24,783
)
Non-GAAP free cash flow
$
22,459
$
(6,181
)
$
18,012
$
(48,537
)
PROCORE-IR
Category: Earnings
View source
version on businesswire.com: https://www.businesswire.com/news/home/20231101439158/en/
Media Contact press@procore.com
Investor Contact ir@procore.com
Procore Technologies (NYSE:PCOR)
Gráfico Histórico do Ativo
De Abr 2024 até Mai 2024
Procore Technologies (NYSE:PCOR)
Gráfico Histórico do Ativo
De Mai 2023 até Mai 2024