The remaining performance obligation was $626.7 million as of March 31, 2022, approximately 71% of which is expected to be recognized as revenue within 12 months. The remaining performance obligation was $449.9 million as of March 31, 2021, approximately 73% of which was expected to be recognized as revenue within 12 months.
Procore Technologies, Inc. Condensed Consolidated Statements of Cash Flows (unaudited) |
||||||||
|
|
Three Months Ended March 31, |
|
|||||
(in thousands) |
|
2022 |
|
|
2021 |
|
||
Operating activities |
|
|
|
|
|
|
|
|
Net loss |
|
$ |
(71,419 |
) |
|
$ |
(13,732 |
) |
Adjustments to reconcile net loss to net cash provided by operating activities |
|
|
|
|
|
|
|
|
Stock-based compensation |
|
|
37,209 |
|
|
|
10,303 |
|
Depreciation and amortization |
|
|
15,147 |
|
|
|
7,301 |
|
Abandonment of long-lived assets |
|
|
- |
|
|
|
554 |
|
Noncash lease expense |
|
|
2,156 |
|
|
|
1,866 |
|
Unrealized foreign currency (gain) loss, net |
|
|
(477 |
) |
|
|
605 |
|
Deferred income taxes |
|
|
(352 |
) |
|
|
(27 |
) |
Changes in operating assets and liabilities |
|
|
|
|
|
|
|
|
| Accounts receivable |
|
|
34,125 |
|
|
|
20,723 |
|
| Deferred contract cost assets |
|
|
(4,066 |
) |
|
|
(1,562 |
) |
| Prepaid expenses and other assets |
|
|
(4,925 |
) |
|
|
(4,601 |
) |
| Accounts payable |
|
|
339 |
|
|
|
(3,516 |
) |
| Accrued expenses and other liabilities |
|
|
(4,357 |
) |
|
|
5,115 |
|
| Deferred revenue |
|
|
8,774 |
|
|
|
6,639 |
|
| Operating lease liabilities |
|
|
(1,870 |
) |
|
|
(1,372 |
) |
| Net cash flow provided by operating activities |
|
|
10,284 |
|
|
|
28,296 |
|
| Investing activities |
|
|
|
|
|
|
|
|
| Purchases of property and equipment |
|
|
(7,525 |
) |
|
|
(2,393 |
) |
| Capitalized software development costs |
|
|
(7,632 |
) |
|
|
(2,193 |
) |
| Purchases of strategic investments |
|
|
(2,329 |
) |
|
|
- |
|
| Settlement of post-close working capital adjustments from business combinations |
|
|
1,291 |
|
|
|
- |
|
| Net cash flow used in investing activities |
|
|
(16,195 |
) |
|
|
(4,586 |
) |
| Financing activities |
|
|
|
|
|
|
|
|
| Proceeds from stock option exercises |
|
|
6,907 |
|
|
|
11,627 |
|
| Payments of deferred offering costs |
|
|
- |
|
|
|
(540 |
) |
| Principal payments under finance lease agreements, net of proceeds from lease incentives |
|
|
(365 |
) |
|
|
(314 |
) |
| Net cash flow provided by financing activities |
|
|
6,542 |
|
|
|
10,773 |
|
| Net increase in cash, cash equivalents and restricted cash |
|
|
631 |
|
|
|
34,483 |
|
| Effect of exchange rate changes on cash |
|
|
175 |
|
|
|
(629 |
) |
| Cash, cash equivalents and restricted cash, beginning of period |
|
|
589,212 |
|
|
|
383,253 |
|
| Cash, cash equivalents and restricted cash, end of period |
|
$ |
590,018 |
|
|
$ |
417,107 |
|
Procore Technologies, Inc.
