Procore Technologies, Inc. (NYSE: PCOR), the leading global
provider of construction management software, today announced
financial results for the fourth quarter and full year ended
December 31, 2023.
“2023 was a year of milestones at Procore as we surpassed $1B in
total annual recurring revenue, reaffirmed our status as one of the
best places to work in technology, and delivered numerous
innovations on the platform,” said Tooey Courtemanche, Founder and
CEO of Procore. “Our continued evolution leaves me optimistic about
our ability to achieve our vision of improving the lives of
everyone in construction.”
“Procore remains committed to continuously improving how we
operate across all aspects of the business," said Howard Fu, CFO of
Procore. "This resulted in significant margin improvement in 2023,
setting a strong foundation for our next phase of efficient
growth.”
Fourth Quarter 2023 Financial Highlights:
- Revenue was $260 million, an increase of 29%
year-over-year.
- GAAP gross margin was 82% and non-GAAP gross margin was
85%.
- GAAP operating margin was (14%) and non-GAAP operating margin
was 7%.
- Operating cash inflow for the fourth quarter was $41
million.
- Free cash inflow for the fourth quarter was $29 million.
Full Year 2023 Financial Highlights:
- Revenue was $950 million, an increase of 32%
year-over-year.
- GAAP gross margin was 82% and non-GAAP gross margin was
85%.
- GAAP operating margin was (23%) and non-GAAP operating margin
was 2%.
- Operating cash inflow for 2023 was $92 million.
- Free cash inflow for 2023 was $47 million.
The financial results included in this press release are
preliminary and will not be final until Procore files its Annual
Report on Form 10-K for the period. 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:
- Number of organic customers contributing more than $100,000 of
annual recurring revenue totaled 2,008 as of December 31, 2023, an
increase of 27% year-over-year.
- Number of organic customers contributing more than $1,000,000
of annual recurring revenue totaled 62 as of December 31, 2023, an
increase of 32% year-over-year.
- Added 300 net new organic customers in the fourth quarter,
ending with a total of 16,367 organic customers.
- Achieved a gross revenue retention rate of 95% for 2023.
- Achieved a net revenue retention rate of 114% for 2023.
- As of December 31, 2023, 74% of total annual recurring revenue
was generated from customers using four or more products.
- As of December 31, 2023, 45% of total annual recurring revenue
was generated from customers using six or more products.
- Ended 2023 with 3,694 full-time employees, an increase of 4%
year-over-year.
- Ranked #5 on Glassdoor’s 100 Best Places to Work in 2024.
Leadership Updates:
Procore announces the appointment of Larry Stack as Chief
Revenue Officer. In this role, Stack will lead Procore’s Global
Sales and Customer Success organizations and will be responsible
for Procore’s revenue growth strategy. He will report to Procore
Founder, President and CEO Tooey Courtemanche.
First Quarter and Full Year 2024 Outlook:
Procore is providing the following guidance for the first
quarter and full year 2024:
- First Quarter 2024 Outlook:
- Revenue is expected to be in the range of $262 million to $264
million, representing year-over-year growth of 23% to 24%.
- Non-GAAP operating margin is expected to be in the range of 7%
to 8%.
- Full Year 2024 Outlook:
- Revenue is expected to be in the range of $1,137 million to
$1,142 million, representing year-over-year growth of 20%.
- Non-GAAP operating margin is expected to be in the range of 7%
to 8%.
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 fourth quarter and full year results at 2:00 p.m.,
Pacific Time, on Thursday, February 15, 2024. 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 expense relates to the change of valuation
allowance as a result of acquisition-related 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 do not
have standard Procore annual contracts.
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-IR
Category: Earnings
Procore Technologies,
Inc.
Condensed Consolidated
Statements of Operations (unaudited)
Three Months Ended
December 31,
Year Ended December
31,
2023
2022
2023
2022
(in thousands, except share
and per share amounts)
Revenue
$
260,041
$
202,053
$
950,010
$
720,203
Cost of revenue(1)(2)(3)
47,831
40,570
174,462
148,416
Gross profit
212,210
161,483
775,548
571,787
Operating expenses
Sales and marketing(1)(2)(3)(4)
122,511
118,170
494,908
424,976
Research and development(1)(2)(3)(4)
74,611
75,413
300,571
270,982
General and administrative(1)(3)(4)
52,422
43,102
195,746
166,283
Total operating expenses
249,544
236,685
991,225
862,241
Loss from operations
(37,334
)
(75,202
)
(215,677
)
(290,454
)
Interest income
5,167
3,152
19,779
5,826
Interest expense
(480
)
(499
)
(1,957
)
(2,135
)
Accretion income, net
3,179
1,369
9,794
2,035
Other income (expense), net
649
(247
)
(360
)
(1,737
)
Loss before provision for (benefit from)
income taxes
(28,819
)
(71,427
)
(188,421
)
(286,465
)
Provision for (benefit from) income
taxes
700
(243
)
1,273
466
Net loss
$
(29,519
)
$
(71,184
)
$
(189,694
)
$
(286,931
)
Net loss per share attributable to common
stockholders, basic and diluted
$
(0.20
)
$
(0.51
)
$
(1.34
)
$
(2.10
)
Weighted-average shares used in computing
net loss per share attributable to common stockholders, basic and
diluted
144,074,303
138,415,280
141,961,467
136,525,728
(1)
Includes stock-based compensation expense
and amortization of capitalized stock-based compensation as
follows:
Three Months Ended
December 31,
Year Ended December
31,
2023
2022
2023
2022
(in thousands)
Cost of revenue
$
3,134
$
1,914
$
11,491
$
7,253
Sales and marketing
13,198
15,046
55,162
53,397
Research and development
15,874
19,352
68,275
63,262
General and administrative
11,769
10,693
44,406
38,974
Total stock-based compensation
expense*
$
43,975
$
47,005
$
179,334
$
162,886
*Includes amortization of capitalized
stock-based compensation of $1.4 million and $4.5 million,
respectively, for the three and twelve months ended December 31,
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
December 31,
Year Ended December
31,
2023
2022
2023
2022
(in thousands)
Cost of revenue
$
5,904
$
5,493
$
22,396
$
22,428
Sales and marketing
3,106
3,107
12,425
12,425
Research and development
670
854
2,757
3,528
Total amortization of acquired intangible
assets
$
9,680
$
9,454
$
37,578
$
38,381
(3)
Includes employer payroll tax on employee
stock transactions as follows:
Three Months Ended
December 31,
Year Ended December
31,
2023
2022
2023
2022
(in thousands)
Cost of revenue
$
101
$
60
$
540
$
308
Sales and marketing
383
348
2,766
1,955
Research and development
332
286
3,217
2,474
General and administrative
274
171
1,910
1,202
Total employer payroll tax on employee
stock transactions
$
1,090
$
865
$
8,433
$
5,939
(4)
Includes acquisition-related expenses as
follows:
Three Months Ended
December 31,
Year Ended December
31,
2023
2022
2023
2022
(in thousands)
Sales and marketing
$
481
$
655
$
2,483
$
1,725
Research and development
46
1,679
6,370
5,549
General and administrative
16
6
35
2,128
Total acquisition-related expenses
$
543
$
2,340
$
8,888
$
9,402
Procore Technologies,
Inc.
Condensed Consolidated Balance
Sheets (unaudited)
December 31,
2023
2022
(in thousands)
Assets
Current assets
Cash and cash equivalents
$
357,790
$
296,712
Marketable securities
320,161
285,493
Accounts receivable, net
206,644
148,683
Contract cost asset, current
28,718
23,600
Prepaid expenses and other current
assets
42,421
44,731
Total current assets
955,734
799,219
Capitalized software development costs,
net
83,045
58,577
Property and equipment, net
36,258
39,193
Right of use assets - finance leases
34,375
37,026
Right of use assets - operating leases
44,141
41,934
Contract cost asset, non-current
44,564
40,477
Intangible assets, net
137,546
162,953
Goodwill
539,354
539,128
Other assets
18,551
21,903
Total assets
$
1,893,568
$
1,740,410
Liabilities and Stockholders’
Equity
Current liabilities
Accounts payable
$
13,177
$
14,282
Accrued expenses
100,075
99,182
Deferred revenue, current
501,903
396,535
Other current liabilities
27,275
21,639
Total current liabilities
642,430
531,638
Deferred revenue, non-current
7,692
5,278
Finance lease liabilities, non-current
43,581
45,578
Operating lease liabilities,
non-current
37,923
38,087
Other liabilities, non-current
6,332
3,049
Total liabilities
737,958
623,630
Stockholders’ equity
Common stock
15
14
Additional paid-in capital
2,295,807
2,068,225
Accumulated other comprehensive loss
(1,375
)
(2,316
)
Accumulated deficit
(1,138,837
)
(949,143
)
Total stockholders’ equity
1,155,610
1,116,780
Total liabilities and stockholders’
equity
$
1,893,568
$
1,740,410
Remaining performance obligation:
The following table presents our current and non-current
remaining performance obligations at the end of each period:
December 31,
Change
2023
2022
Dollar
Percent
(dollars in thousands)
Remaining performance
obligations
Current
$
698,284
$
561,200
$
137,084
24
%
Non-current
302,215
236,300
65,915
28
%
Total remaining performance
obligations
$
1,000,499
$
797,500
$
202,999
25
%
Procore Technologies,
Inc.
Condensed Consolidated
Statements of Cash Flows (unaudited)
Three Months Ended
December 31,
Year Ended December
31,
2023
2022
2023
2022
(in thousands)
Operating activities
Net loss
$
(29,519
)
$
(71,184
)
$
(189,694
)
$
(286,931
)
Adjustments to reconcile net loss to net
cash provided by operating activities
Stock-based compensation
42,601
47,005
174,835
162,886
Depreciation and amortization
19,690
16,586
71,633
63,039
Accretion of discounts on marketable debt
securities, net
(3,175
)
(1,359
)
(9,790
)
(2,009
)
Abandonment of long-lived assets
676
280
1,488
1,344
Noncash operating lease expense
5,160
2,611
13,092
10,170
Unrealized foreign currency gain, net
(1,263
)
(1,232
)
(524
)
(351
)
Deferred income taxes
(776
)
67
(769
)
(283
)
Provision for credit losses
1,170
1,247
8,052
2,584
Decrease in fair value of strategic
investments
132
519
287
483
Changes in operating assets and
liabilities, net of effect of asset acquisitions and business
combinations
Accounts receivable
(60,636
)
(42,196
)
(57,492
)
(35,817
)
Deferred contract cost assets
(4,207
)
(9,385
)
(9,306
)
(21,974
)
Prepaid expenses and other assets
(4,490
)
4,456
(6,368
)
(3,754
)
Accounts payable
(3,196
)
(1,682
)
(938
)
459
Accrued expenses and other liabilities
6,734
11,559
4,759
34,623
Deferred revenue
77,510
67,180
106,590
97,029
Operating lease liabilities
(5,668
)
(1,780
)
(13,840
)
(8,890
)
Net cash provided by operating
activities
40,743
22,692
92,015
12,608
Investing activities
Purchases of property and equipment
(2,252
)
(2,112
)
(10,325
)
(15,782
)
Capitalized software development costs
(9,498
)
(8,865
)
(34,685
)
(33,648
)
Purchases of strategic investments
(238
)
(306
)
(764
)
(3,959
)
Purchases of marketable securities
(93,142
)
(76,128
)
(402,424
)
(369,206
)
Maturities of marketable securities
84,620
85,632
372,240
85,632
Sales of marketable securities
—
—
5,452
—
Originations of materials financing
(387
)
(6,739
)
(23,972
)
(23,489
)
Customer repayments of materials
financing
5,189
6,688
26,242
18,685
Asset acquisitions, net of cash
acquired
(1,814
)
—
(7,825
)
—
Settlement of post-close working capital
adjustments from business combinations
—
—
—
1,291
Net cash used in investing activities
$
(17,522
)
$
(1,830
)
$
(76,061
)
$
(340,476
)
Procore Technologies,
Inc.
Condensed Consolidated
Statements of Cash Flows (unaudited)
Three Months Ended
December 31,
Year Ended December
31,
2023
2022
2023
2022
(in thousands)
Financing activities
Proceeds from stock option exercises
$
2,524
$
3,019
$
17,618
$
22,364
Proceeds from employee stock purchase
plan
12,394
10,620
25,400
22,133
Payments of deferred offering costs
—
—
—
(270
)
Payments of deferred business acquisition
consideration
—
(3,870
)
—
(3,870
)
Principal payments under finance lease
agreements, net of proceeds from lease incentives
(403
)
(375
)
(1,853
)
(1,705
)
Net cash provided by financing
activities
14,515
9,394
41,165
38,652
Net increase (decrease) in cash, cash
equivalents and restricted cash
37,736
30,256
57,119
(289,216
)
Effect of exchange rate changes on
cash
1,736
1,834
855
(180
)
Cash, cash equivalents and restricted
cash, beginning of period
318,318
267,726
299,816
589,212
Cash, cash equivalents and restricted
cash, end of period
$
357,790
$
299,816
$
357,790
$
299,816
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
December 31,
Year Ended December
31,
2023
2022
2023
2022
(dollars in thousands)
Revenue
$
260,041
$
202,053
$
950,010
$
720,203
Gross profit
212,210
161,483
775,548
571,787
Stock-based compensation expense
3,134
1,914
11,491
7,253
Amortization of acquired technology
intangible assets
5,904
5,493
22,396
22,428
Employer payroll tax on employee stock
transactions
101
60
540
308
Non-GAAP gross profit
$
221,349
$
168,950
$
809,975
$
601,776
Gross margin
82
%
80
%
82
%
79
%
Non-GAAP gross margin
85
%
84
%
85
%
84
%
Reconciliation of operating expenses to
non-GAAP operating expenses:
Three Months Ended
December 31,
Year Ended December
31,
2023
2022
2023
2022
(dollars in thousands)
Revenue
$
260,041
$
202,053
$
950,010
$
720,203
GAAP sales and marketing
122,511
118,170
494,908
424,976
Stock-based compensation expense
(13,198
)
(15,046
)
(55,162
)
(53,397
)
Amortization of acquired intangible
assets
(3,106
)
(3,107
)
(12,425
)
(12,425
)
Employer payroll tax on employee stock
transactions
(383
)
(348
)
(2,766
)
(1,955
)
Acquisition-related expenses
(481
)
(655
)
(2,483
)
(1,725
)
Non-GAAP sales and marketing
$
105,343
$
99,014
$
422,072
$
355,474
GAAP sales and marketing as a percentage
of revenue
47
%
58
%
52
%
59
%
Non-GAAP sales and marketing as a
percentage of revenue
41
%
49
%
44
%
49
%
GAAP research and development
$
74,611
$
75,413
$
300,571
$
270,982
Stock-based compensation expense
(15,874
)
(19,352
)
(68,275
)
(63,262
)
Amortization of acquired intangible
assets
(670
)
(854
)
(2,757
)
(3,528
)
Employer payroll tax on employee stock
transactions
(332
)
(286
)
(3,217
)
(2,474
)
Acquisition-related expenses
(46
)
(1,679
)
(6,370
)
(5,549
)
Non-GAAP research and development
$
57,689
$
53,242
$
219,952
$
196,169
GAAP research and development as a
percentage of revenue
29
%
37
%
32
%
38
%
Non-GAAP research and development as a
percentage of revenue
22
%
26
%
23
%
27
%
GAAP general and administrative
$
52,422
$
43,102
$
195,746
$
166,283
Stock-based compensation expense
(11,769
)
(10,693
)
(44,406
)
(38,974
)
Employer payroll tax on employee stock
transactions
(274
)
(171
)
(1,910
)
(1,202
)
Acquisition-related expenses
(16
)
(6
)
(35
)
(2,128
)
Non-GAAP general and administrative
$
40,363
$
32,232
$
149,395
$
123,979
GAAP general and administrative as a
percentage of revenue
20
%
21
%
21
%
23
%
Non-GAAP general and administrative as a
percentage of revenue
16
%
16
%
16
%
17
%
Reconciliation of loss from operations
and operating margin to non-GAAP income (loss) from operations and
non-GAAP operating margin:
Three Months Ended
December 31,
Year Ended December
31,
2023
2022
2023
2022
(dollars in thousands)
Revenue
$
260,041
$
202,053
$
950,010
$
720,203
Loss from operations
(37,334
)
(75,202
)
(215,677
)
(290,454
)
Stock-based compensation expense
43,975
47,005
179,334
162,886
Amortization of acquired intangible
assets
9,680
9,454
37,578
38,381
Employer payroll tax on employee stock
transactions
1,090
865
8,433
5,939
Acquisition-related expenses
543
2,340
8,888
9,402
Non-GAAP income (loss) from operations
$
17,954
$
(15,538
)
$
18,556
$
(73,846
)
Operating margin
(14
%)
(37
%)
(23
%)
(40
%)
Non-GAAP operating margin
7
%
(8
%)
2
%
(10
%)
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
December 31,
Year Ended December
31,
2023
2022
2023
2022
(in thousands, except share
and per share amounts)
Revenue
$
260,041
$
202,053
$
950,010
$
720,203
Net loss
(29,519
)
(71,184
)
(189,694
)
(286,931
)
Stock-based compensation expense
43,975
47,005
179,334
162,886
Amortization of acquired intangible
assets
9,680
9,454
37,578
38,381
Employer payroll tax on employee stock
transactions
1,090
865
8,433
5,939
Acquisition-related expenses
543
2,340
8,888
9,402
Income tax effect of non-GAAP items
—
—
—
62
Non-GAAP net income (loss)
$
25,769
$
(11,520
)
$
44,539
$
(70,261
)
Numerator:
Non-GAAP net income (loss)
$
25,769
$
(11,520
)
$
44,539
$
(70,261
)
Denominator:
Weighted-average shares used in computing
net loss per share attributable to common stockholders, basic
144,074,303
138,415,280
141,961,467
136,525,728
Effect of dilutive securities: Employee
stock awards
5,329,311
—
6,591,783
—
Weighted-average shares used in computing
net income per share attributable to common stockholders,
diluted
149,403,614
138,415,280
148,553,250
136,525,728
GAAP net loss per share, basic
$
(0.20
)
$
(0.51
)
$
(1.34
)
$
(2.10
)
GAAP net loss per share, diluted
$
(0.20
)
$
(0.51
)
$
(1.34
)
$
(2.10
)
Non-GAAP net income (loss) per share,
basic
$
0.18
$
(0.08
)
$
0.31
$
(0.51
)
Non-GAAP net income (loss) per share,
diluted
$
0.17
$
(0.08
)
$
0.30
$
(0.51
)
Computation of free cash flow:
Three Months Ended
December 31,
Year Ended December
31,
2023
2022
2023
2022
(in thousands)
Net cash provided by operating
activities
$
40,743
$
22,692
$
92,015
$
12,608
Purchases of property, plant, and
equipment
(2,252
)
(2,112
)
(10,325
)
(15,782
)
Capitalized software development costs
(9,498
)
(8,865
)
(34,685
)
(33,648
)
Non-GAAP free cash flow
$
28,993
$
11,715
$
47,005
$
(36,822
)
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240215650194/en/
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