Procore Announces Fourth Quarter and Full Year 2021 Financial Results

(5) Includes restructuring-related charges as follows:

 

 

Three Months Ended
December 31,

 

 

Year Ended
December 31,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

 

 

(in thousands)

 

Cost of revenue

 

$

-

 

 

$

-

 

 

$

-

 

 

$

127

 

Sales and marketing

 

 

-

 

 

 

61

 

 

 

-

 

 

 

1,824

 

Research and development

 

 

-

 

 

 

-

 

 

 

-

 

 

 

1,681

 

General and administrative

 

 

-

 

 

 

-

 

 

 

-

 

 

 

801

 

Total restructuring-related charges

 

$

-

 

 

$

61

 

 

$

-

 

 

$

4,433

 

Procore Technologies, Inc.

Condensed Consolidated Balance Sheets

(unaudited)

 
 

 

 

December 31,

 

(in thousands)

 

2021

 

 

2020

 

Assets

 

 

 

 

 

 

 

 

Current assets

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

586,108

 

 

$

379,907

 

Accounts receivable, net

 

 

113,977

 

 

 

77,692

 

Contract cost asset, current

 

 

17,030

 

 

 

13,598

 

Prepaid expenses and other current assets

 

 

35,173

 

 

 

16,772

 

Total current assets

 

 

752,288

 

 

 

487,969

 

Capitalized software development costs, net

 

 

27,062

 

 

 

18,538

 

Property and equipment, net

 

 

36,837

 

 

 

30,252

 

Right of use assets - finance leases

 

 

39,623

 

 

 

42,108

 

Right of use assets - operating leases

 

 

44,052

 

 

 

49,756

 

Contract cost asset, non-current

 

 

25,889

 

 

 

19,454

 

Intangible assets, net

 

 

201,977

 

 

 

33,241

 

Goodwill

 

 

540,922

 

 

 

125,966

 

Restricted cash, non-current

 

 

3,104

 

 

 

3,104

 

Other assets

 

 

18,903

 

 

 

10,379

 

Total assets

 

$

1,690,657

 

 

$

820,767

 

Liabilities, Redeemable Convertible Preferred Stock and Stockholders'

Equity (Deficit)

 

 

 

 

 

 

 

 

Current liabilities

 

 

 

 

 

 

 

 

Accounts payable

 

$

15,490

 

 

$

9,012

 

Accrued expenses

 

 

65,907

 

 

 

28,492

 

Deferred revenue, current

 

 

301,557

 

 

 

213,438

 

Other current liabilities

 

 

20,750

 

 

 

10,768

 

Total current liabilities

 

 

403,704

 

 

 

261,710

 

Deferred revenue, non-current

 

 

4,024

 

 

 

6,373

 

Finance lease liabilities, non-current

 

 

47,344

 

 

 

48,835

 

Operating lease liabilities, non-current

 

 

41,573

 

 

 

46,558

 

Other liabilities, non-current

 

 

4,723

 

 

 

1,919

 

Total liabilities

 

 

501,368

 

 

 

365,395

 

Redeemable convertible preferred stock

 

 

-

 

 

 

727,474

 

Stockholders' equity (deficit)

 

 

 

 

 

 

 

 

Common stock

 

 

13

 

 

 

3

 

Additional paid-in capital

 

 

1,852,071

 

 

 

124,755

 

Accumulated other comprehensive (loss) income

 

 

(583

)

 

 

187

 

Accumulated deficit

 

 

(662,212

)

 

 

(397,047

)

Total stockholders' equity (deficit)

 

 

1,189,289

 

 

 

(272,102

)

Total liabilities, redeemable convertible preferred stock and

stockholders' equity (deficit)

 

$

1,690,657

 

 

$

820,767

 


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