Procore Announces First Quarter 2022 Financial Results

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 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

Procore Technologies, Inc.

Condensed Consolidated Statements of Operations

(unaudited)

 

 

Three Months Ended March 31,

 

(in thousands, except share and per share amounts)

 

2022

 

 

2021

 

Revenue

 

$

159,516

 

 

$

113,938

 

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

 

 

33,332

 

 

 

20,359

 

Gross profit

 

 

126,184

 

 

 

93,579

 

Operating expenses:

 

 

 

 

 

 

 

 

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

 

 

93,915

 

 

 

53,965

 

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

 

 

60,254

 

 

 

34,545

 

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

 

 

43,152

 

 

 

17,927

 

Total operating expenses

 

 

197,321

 

 

 

106,437

 

Loss from operations

 

 

(71,137

)

 

 

(12,858

)

Interest expense, net

 

 

(491

)

 

 

(562

)

Other income (expense), net

 

 

543

 

 

 

(183

)

Loss before provision for income taxes

 

 

(71,085

)

 

 

(13,603

)

Provision for income taxes

 

 

334

 

 

 

129

 

Net loss

 

$

(71,419

)

 

$

(13,732

)

Net loss per share attributable to common stockholders,

basic and diluted

 

$

(0.53

)

 

$

(0.44

)

Weighted-average shares used in computing net loss per

share attributable to common stockholders, basic and

diluted

 

 

134,530,010

 

 

 

31,357,060

 

 


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