Procore Announces First Quarter 2022 Financial Results

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

 

 

Three Months Ended March 31,

 

 

 

2022

 

 

2021

 

 

 

(in thousands)

 

Cost of revenue

 

$

81

 

 

$

4

 

Sales and marketing

 

 

608

 

 

 

142

 

Research and development

 

 

1,027

 

 

 

74

 

General and administrative

 

 

545

 

 

 

80

 

Total employer payroll tax on employee stock transactions

 

$

2,261

 

 

$

300

 

(4) Includes acquisition-related expenses as follows:

 

 

Three Months Ended March 31,

 

 

 

2022

 

 

2021

 

 

 

(in thousands)

 

Sales and marketing

 

$

207

 

 

$

-

 

Research and development

 

 

1,101

 

 

 

-

 

General and administrative

 

 

1,038

 

 

 

-

 

Total acquisition-related expenses

 

$

2,346

 

 

$

-

 

Procore Technologies, Inc.

Condensed Consolidated Balance Sheets

(unaudited)

(in thousands)

 

March 31,

2022

 

 

December 31,

2021

 

Assets

 

 

 

 

 

 

 

 

Current assets

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

586,914

 

 

$

586,108

 

Accounts receivable, net

 

 

79,777

 

 

 

113,977

 

Contract cost asset, current

 

 

18,358

 

 

 

17,030

 

Prepaid expenses and other current assets

 

 

40,730

 

 

 

35,173

 

Total current assets

 

 

725,779

 

 

 

752,288

 

Capitalized software development costs, net

 

 

34,898

 

 

 

27,062

 

Property and equipment, net

 

 

40,047

 

 

 

36,837

 

Right of use assets - finance leases

 

 

38,948

 

 

 

39,623

 

Right of use assets - operating leases

 

 

47,245

 

 

 

44,052

 

Contract cost asset, non-current

 

 

28,735

 

 

 

25,889

 

Intangible assets, net

 

 

192,501

 

 

 

201,977

 

Goodwill

 

 

540,024

 

 

 

540,922

 

Other assets

 

 

24,087

 

 

 

22,007

 

Total assets

 

$

1,672,264

 

 

$

1,690,657

 

Liabilities, Redeemable Convertible Preferred Stock and Stockholders’

Equity

 

 

 

 

 

 

 

 

Current liabilities

 

 

 

 

 

 

 

 

Accounts payable

 

$

14,408

 

 

$

15,490

 

Accrued expenses

 

 

58,892

 

 

 

65,907

 

Deferred revenue, current

 

 

310,000

 

 

 

301,557

 

Other current liabilities

 

 

25,316

 

 

 

20,750

 

Total current liabilities

 

 

408,616

 

 

 

403,704

 

Deferred revenue, non-current

 

 

4,166

 

 

 

4,024

 

Finance lease liabilities, non-current

 

 

46,952

 

 

 

47,344

 

Operating lease liabilities, non-current

 

 

43,820

 

 

 

41,573

 

Other liabilities, non-current

 

 

4,325

 

 

 

4,723

 

Total liabilities

 

 

507,879

 

 

 

501,368

 

Stockholders’ equity

 

 

 

 

 

 

 

 

Common stock

 

 

13

 

 

 

13

 

Additional paid-in capital

 

 

1,898,241

 

 

 

1,852,071

 

Accumulated other comprehensive loss

 

 

(238

)

 

 

(583

)

Accumulated deficit

 

 

(733,631

)

 

 

(662,212

)

Total stockholders’ equity

 

 

1,164,385

 

 

 

1,189,289

 

Total liabilities, redeemable convertible preferred stock and stockholders’

equity

 

$

1,672,264

 

 

$

1,690,657

 


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