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    Procore Announces Fourth Quarter and Full Year 2024 Financial Results

    2/13/25 4:05:00 PM ET
    $PCOR
    Computer Software: Prepackaged Software
    Technology
    Get the next $PCOR alert in real time by email

    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, 2024.

    "Our strong topline performance exceeded expectations, reinforcing our momentum heading into FY25," said Tooey Courtemanche, Founder, President, and CEO of Procore. "The magnitude of high-quality, large transactions reflects the trust our customers place in us, and the strength of our market position."

    "2024 was another year of strong margin expansion delivering 800 basis points of non-GAAP operating margin improvement. Our Q4 results are not indicative of the operating margin you should expect for FY25," said Howard Fu, CFO of Procore. "We have ambitious goals to be a high margin business and we are committed to making further strides toward those goals in 2025 and beyond."

    Fourth Quarter 2024 Financial Highlights:

    • Revenue was $302 million, an increase of 16% year-over-year.
    • GAAP gross margin was 81% and non-GAAP gross margin was 85%.
    • GAAP operating margin was (22%) and non-GAAP operating margin was (1%).
    • Operating cash inflow for the fourth quarter was $29 million.
    • Free cash inflow for the fourth quarter was $0.3 million.

    Full Year 2024 Financial Highlights:

    • Revenue was $1,152 million, an increase of 21% year-over-year.
    • GAAP gross margin was 82% and non-GAAP gross margin was 86%.
    • GAAP operating margin was (12%) and non-GAAP operating margin was 10%.
    • Operating cash inflow for 2024 was $196 million.
    • Free cash inflow for 2024 was $128 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 2,333 as of December 31, 2024, an increase of 16% year-over-year.
    • Number of organic customers contributing more than $1,000,000 of annual recurring revenue totaled 86 as of December 31, 2024, an increase of 39% year-over-year.
    • Added 113 net new organic customers in the fourth quarter, ending with a total of 17,088 organic customers.
    • Achieved a gross revenue retention rate of 94% for 2024.
    • Achieved a net revenue retention rate of 106% for 2024.
    • As of December 31, 2024, 75% of total annual recurring revenue was generated from customers using four or more products.
    • As of December 31, 2024, 48% of total annual recurring revenue was generated from customers using six or more products.
    • Ended 2024 with 4,203 full-time employees, an increase of 14% year-over-year.
    • Announced a series of new product innovations, including the launches of Procore Artificial Intelligence and AI Agents, Resource Management, Safety, and Scheduling at Groundbreak 2024, the construction innovation event of the year.
    • Named to Fortune Magazine's Future 50 list, which recognizes resilient businesses that are built to deliver strong long-term growth.

    First Quarter and Full Year 2025 Outlook:

    Procore is providing the following guidance for the first quarter and full year 2025:

    • First Quarter 2025 Outlook:
      • Revenue is expected to be in the range of $301 million to $303 million, representing year-over-year growth of 12%.
      • Non-GAAP operating margin is expected to be in the range of 7% to 8%.
    • Full Year 2025 Outlook:
      • Revenue is expected to be in the range of $1,285 million to $1,290 million, representing year-over-year growth of 12%.
      • Non-GAAP operating margin is expected to be in the range of 13% to 13.5%.

    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 13, 2025. 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, including our outlook for first quarter 2025 and the full fiscal year 2025, 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 markets 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, interest rates, tariffs, and challenging geopolitical conditions), our progress with respect to our go-to-market transition and our ability to realize the expected benefits of the transition, 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, our ability to execute, and realize benefits from, our stock repurchase program, and as set forth in Procore's filings with the Securities and Exchange Commission. You should not rely 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

    In addition to Procore's results determined in accordance with U.S. generally accepted accounting principles, or GAAP, Procore believes certain non-GAAP measures, as described below, are useful in evaluating Procore's operating performance. Procore uses this non-GAAP financial information, collectively, to evaluate its ongoing operations as well as for internal planning and forecasting purposes. Procore believes that non-GAAP financial information, 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 GAAP, and are presented for supplemental purposes only.

    Non-GAAP Gross Profit, Non-GAAP Gross Margin, Non-GAAP Operating Expenses, Non-GAAP Income from Operations, Non-GAAP Operating Margin, Non-GAAP Net Income, and Non-GAAP Net Income 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, and acquisition-related expenses. 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 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 a non-cash expense and 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). Since the amount of employer payroll tax-related items on employee stock transactions is highly variable due to factors outside our control, and unrelated to Procore's core operations, operating results, revenue-generating activities, business strategy, industry, or regulatory environment, management does not consider employer payroll tax on employee stock transactions in the evaluation of the business or in making operating plans. Accordingly, Procore believes this adjustment in arriving at our non-GAAP measures provides investors with a better understanding of the performance of its core business in a manner that is consistent with management's view of the business. Acquisition-related expenses include external and incremental transaction costs, such as legal and due diligence costs and retention payments. These expenses are unpredictable and generally would not have otherwise been incurred in the periods presented as part of our continuing operations. In addition, the size and complexity of an acquisition, which often drives the magnitude of acquisition-related expenses, may not be indicative of such future costs. Procore believes that excluding acquisition-related expenses facilitates the comparison of its financial results to its historical operating results and to other companies in its industry. 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. Unlike stock-based compensation expense, employer payroll tax related to employee stock transactions is a cash expense that we will continue to incur in the future. 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, invest in future growth, and execute our stock repurchase program.

    Other Metrics

    Customer Count: The aforementioned customer count excludes customers acquired from business combinations 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,

     

     

    2024

     

     

     

    2023

     

     

     

    2024

     

     

     

    2023

     

     

    (in thousands, except share and per share amounts)

    Revenue

    $

    302,048

     

     

    $

    260,041

     

     

    $

    1,151,708

     

     

    $

    950,010

     

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

     

    56,834

     

     

     

    47,831

     

     

     

    205,612

     

     

     

    174,462

     

    Gross profit

     

    245,214

     

     

     

    212,210

     

     

     

    946,096

     

     

     

    775,548

     

    Operating expenses

     

     

     

     

     

     

     

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

     

    161,733

     

     

     

    122,511

     

     

     

    552,019

     

     

     

    494,908

     

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

     

    89,289

     

     

     

    74,611

     

     

     

    312,987

     

     

     

    300,571

     

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

     

    60,436

     

     

     

    52,422

     

     

     

    217,513

     

     

     

    195,746

     

    Total operating expenses

     

    311,458

     

     

     

    249,544

     

     

     

    1,082,519

     

     

     

    991,225

     

    Loss from operations

     

    (66,244

    )

     

     

    (37,334

    )

     

     

    (136,423

    )

     

     

    (215,677

    )

    Interest income

     

    5,980

     

     

     

    5,167

     

     

     

    23,694

     

     

     

    19,779

     

    Interest expense

     

    (460

    )

     

     

    (480

    )

     

     

    (1,899

    )

     

     

    (1,957

    )

    Accretion income, net

     

    2,918

     

     

     

    3,179

     

     

     

    13,583

     

     

     

    9,794

     

    Other income (expense), net

     

    (3,110

    )

     

     

    649

     

     

     

    (3,136

    )

     

     

    (360

    )

    Loss before provision for income taxes

     

    (60,916

    )

     

     

    (28,819

    )

     

     

    (104,181

    )

     

     

    (188,421

    )

    Provision for income taxes

     

    1,375

     

     

     

    700

     

     

     

    1,775

     

     

     

    1,273

     

    Net loss

    $

    (62,291

    )

     

    $

    (29,519

    )

     

    $

    (105,956

    )

     

    $

    (189,694

    )

    Net loss per share attributable to common stockholders, basic and diluted

    $

    (0.42

    )

     

    $

    (0.20

    )

     

    $

    (0.72

    )

     

    $

    (1.34

    )

    Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted

     

    149,202,684

     

     

     

    144,074,303

     

     

     

    147,444,772

     

     

     

    141,961,467

     

    (1)

    Includes stock-based compensation expense and amortization of capitalized stock-based compensation as follows:

     

    Three Months Ended

    December 31,

     

    Year Ended

    December 31,

     

     

    2024

     

     

    2023

     

     

    2024

     

     

    2023

     

    (in thousands)

    Cost of revenue

    $

    4,422

     

    $

    3,134

     

    $

    15,478

     

    $

    11,491

    Sales and marketing

     

    15,333

     

     

    13,198

     

     

    58,058

     

     

    55,162

    Research and development

     

    18,277

     

     

    15,874

     

     

    67,961

     

     

    68,275

    General and administrative

     

    13,734

     

     

    11,769

     

     

    53,336

     

     

    44,406

    Total stock-based compensation expense*

    $

    51,766

     

    $

    43,975

     

    $

    194,833

     

    $

    179,334

     

    *Includes amortization of capitalized stock-based compensation of $2.5 million and $1.4 million, respectively, for the three months ended December 31, 2024 and 2023; and $8.0 million and $4.5 million, respectively, for the years ended December 31, 2024 and 2023, which was initially capitalized as capitalized software and cloud-computing arrangement implementation costs, and was primarily amortized in cost of revenue.

    (2)

    Includes amortization of acquired intangible assets as follows:

     

    Three Months Ended

    December 31,

     

    Year Ended

    December 31,

     

     

    2024

     

     

    2023

     

     

    2024

     

     

    2023

     

    (in thousands)

    Cost of revenue

    $

    6,698

     

    $

    5,904

     

    $

    25,437

     

    $

    22,396

    Sales and marketing

     

    3,224

     

     

    3,106

     

     

    12,700

     

     

    12,425

    Research and development

     

    650

     

     

    670

     

     

    2,657

     

     

    2,757

    Total amortization of acquired intangible assets

    $

    10,572

     

    $

    9,680

     

    $

    40,794

     

    $

    37,578

    (3)

    Includes employer payroll tax on employee stock transactions as follows:

     

    Three Months Ended

    December 31,

     

    Year Ended

    December 31,

     

     

    2024

     

     

    2023

     

     

    2024

     

     

    2023

     

    (in thousands)

    Cost of revenue

    $

    126

     

    $

    101

     

    $

    612

     

    $

    540

    Sales and marketing

     

    360

     

     

    383

     

     

    3,227

     

     

    2,766

    Research and development

     

    446

     

     

    332

     

     

    3,535

     

     

    3,217

    General and administrative

     

    266

     

     

    274

     

     

    2,086

     

     

    1,910

    Total employer payroll tax on employee stock transactions

    $

    1,198

     

    $

    1,090

     

    $

    9,460

     

    $

    8,433

    (4)

    Includes acquisition-related expenses as follows:

     

    Three Months Ended

    December 31,

     

    Year Ended

    December 31,

     

     

    2024

     

     

    2023

     

     

    2024

     

     

    2023

     

    (in thousands)

    Sales and marketing

    $

    —

     

    $

    481

     

    $

    1,448

     

    $

    2,483

    Research and development

     

    32

     

     

    46

     

     

    32

     

     

    6,370

    General and administrative

     

    194

     

     

    16

     

     

    808

     

     

    35

    Total acquisition-related expenses

    $

    226

     

    $

    543

     

    $

    2,288

     

    $

    8,888

     

    Procore Technologies, Inc.

    Condensed Consolidated Balance Sheets (unaudited)

     

     

    December 31,

     

     

    2024

     

     

     

    2023

     

     

    (in thousands)

    Assets

     

     

     

    Current assets

     

     

     

    Cash and cash equivalents

    $

    437,722

     

     

    $

    357,790

     

    Marketable securities, current

     

    337,673

     

     

     

    320,161

     

    Accounts receivable, net

     

    246,472

     

     

     

    206,644

     

    Contract cost asset, current

     

    33,922

     

     

     

    28,718

     

    Prepaid expenses and other current assets

     

    47,013

     

     

     

    42,421

     

    Total current assets

     

    1,102,802

     

     

     

    955,734

     

    Marketable securities, non-current

     

    46,042

     

     

     

    —

     

    Capitalized software development costs, net

     

    112,321

     

     

     

    83,045

     

    Property and equipment, net

     

    43,592

     

     

     

    36,258

     

    Right of use assets - finance leases

     

    31,727

     

     

     

    34,375

     

    Right of use assets - operating leases

     

    28,790

     

     

     

    44,141

     

    Contract cost asset, non-current

     

    47,505

     

     

     

    44,564

     

    Intangible assets, net

     

    120,946

     

     

     

    137,546

     

    Goodwill

     

    549,651

     

     

     

    539,354

     

    Other assets

     

    20,918

     

     

     

    18,551

     

    Total assets

    $

    2,104,294

     

     

    $

    1,893,568

     

    Liabilities and Stockholders' Equity

     

     

     

    Current liabilities

     

     

     

    Accounts payable

    $

    36,069

     

     

    $

    13,177

     

    Accrued expenses

     

    88,740

     

     

     

    100,075

     

    Deferred revenue, current

     

    584,719

     

     

     

    501,903

     

    Other current liabilities

     

    21,427

     

     

     

    27,275

     

    Total current liabilities

     

    730,955

     

     

     

    642,430

     

    Deferred revenue, non-current

     

    5,815

     

     

     

    7,692

     

    Finance lease liabilities, non-current

     

    41,352

     

     

     

    43,581

     

    Operating lease liabilities, non-current

     

    32,697

     

     

     

    37,923

     

    Other liabilities, non-current

     

    5,122

     

     

     

    6,332

     

    Total liabilities

     

    815,941

     

     

     

    737,958

     

    Stockholders' equity

     

     

     

    Common stock

     

    15

     

     

     

    15

     

    Additional paid-in capital

     

    2,535,868

     

     

     

    2,295,807

     

    Accumulated other comprehensive loss

     

    (2,737

    )

     

     

    (1,375

    )

    Accumulated deficit

     

    (1,244,793

    )

     

     

    (1,138,837

    )

    Total stockholders' equity

     

    1,288,353

     

     

     

    1,155,610

     

    Total liabilities and stockholders' equity

    $

    2,104,294

     

     

    $

    1,893,568

     

    Remaining performance obligation:

    The following table presents our current and non-current RPO at the end of each period:

     

    December 31,

     

    Change

     

     

    2024

     

     

    2023

     

    Dollar

     

    Percent

     

    (dollars in thousands)

    Remaining performance obligations

     

     

     

     

     

     

     

    Current

    $

    829,666

     

    $

    698,284

     

    $

    131,382

     

    19

    %

    Non-current

     

    456,801

     

     

    302,215

     

     

    154,586

     

    51

    %

    Total remaining performance obligations

    $

    1,286,467

     

    $

    1,000,499

     

    $

    285,968

     

    29

    %

     

    Procore Technologies, Inc.

    Condensed Consolidated Statements of Cash Flows (unaudited)

     

     

    Three Months Ended

    December 31,

     

    Year Ended

    December 31,

     

     

    2024

     

     

     

    2023

     

     

     

    2024

     

     

     

    2023

     

     

    (in thousands)

    Operating activities

     

     

     

     

     

     

     

    Net loss

    $

    (62,291

    )

     

    $

    (29,519

    )

     

    $

    (105,956

    )

     

    $

    (189,694

    )

    Adjustments to reconcile net loss to net cash provided by operating activities

     

     

     

     

     

     

     

    Stock-based compensation

     

    49,348

     

     

     

    42,601

     

     

     

    186,880

     

     

     

    174,835

     

    Depreciation and amortization

     

    24,626

     

     

     

    19,690

     

     

     

    89,753

     

     

     

    71,633

     

    Accretion of discounts on marketable debt securities, net

     

    (2,699

    )

     

     

    (3,175

    )

     

     

    (12,830

    )

     

     

    (9,790

    )

    Abandonment of long-lived assets

     

    610

     

     

     

    676

     

     

     

    1,428

     

     

     

    1,488

     

    Noncash operating lease expense

     

    3,196

     

     

     

    5,160

     

     

     

    11,102

     

     

     

    13,092

     

    Unrealized foreign currency loss (gain), net

     

    2,009

     

     

     

    (1,263

    )

     

     

    2,304

     

     

     

    (524

    )

    Deferred income taxes

     

    (885

    )

     

     

    (776

    )

     

     

    (881

    )

     

     

    (769

    )

    Provision for credit losses

     

    (57

    )

     

     

    1,170

     

     

     

    591

     

     

     

    8,052

     

    Decrease (increase) in fair value of strategic investments

     

    3

     

     

     

    132

     

     

     

    (454

    )

     

     

    287

     

    Changes in operating assets and liabilities, net of effect of asset acquisitions and business combinations

     

     

     

     

     

     

     

    Accounts receivable

     

    (73,797

    )

     

     

    (60,636

    )

     

     

    (39,501

    )

     

     

    (57,492

    )

    Deferred contract cost assets

     

    (5,776

    )

     

     

    (4,207

    )

     

     

    (8,993

    )

     

     

    (9,306

    )

    Prepaid expenses and other assets

     

    5,880

     

     

     

    (4,490

    )

     

     

    (6,241

    )

     

     

    (6,368

    )

    Accounts payable

     

    11,623

     

     

     

    (3,196

    )

     

     

    22,652

     

     

     

    (938

    )

    Accrued expenses and other liabilities

     

    (7,026

    )

     

     

    6,734

     

     

     

    (15,501

    )

     

     

    4,759

     

    Deferred revenue

     

    85,359

     

     

     

    77,510

     

     

     

    79,091

     

     

     

    106,590

     

    Operating lease liabilities

     

    (1,067

    )

     

     

    (5,668

    )

     

     

    (7,272

    )

     

     

    (13,840

    )

    Net cash provided by operating activities

     

    29,056

     

     

     

    40,743

     

     

     

    196,172

     

     

     

    92,015

     

    Investing activities

     

     

     

     

     

     

     

    Purchases of property and equipment

     

    (11,633

    )

     

     

    (2,252

    )

     

     

    (19,143

    )

     

     

    (10,325

    )

    Capitalized software development costs

     

    (17,076

    )

     

     

    (9,498

    )

     

     

    (49,529

    )

     

     

    (34,685

    )

    Purchases of strategic investments

     

    (450

    )

     

     

    (238

    )

     

     

    (2,367

    )

     

     

    (764

    )

    Purchases of marketable securities

     

    (80,856

    )

     

     

    (93,142

    )

     

     

    (491,475

    )

     

     

    (402,424

    )

    Maturities of marketable securities

     

    68,819

     

     

     

    84,620

     

     

     

    440,537

     

     

     

    372,240

     

    Sales of marketable securities

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    5,452

     

    Originations of materials financing

     

    —

     

     

     

    (387

    )

     

     

    —

     

     

     

    (23,972

    )

    Customer repayments of materials financing

     

    34

     

     

     

    5,189

     

     

     

    1,605

     

     

     

    26,242

     

    Asset acquisitions, net of cash acquired

     

    —

     

     

     

    (1,814

    )

     

     

    (3,792

    )

     

     

    (7,825

    )

    Acquisition of businesses, net of cash acquired

     

    —

     

     

     

    —

     

     

     

    (25,945

    )

     

     

    —

     

    Net cash used in investing activities

    $

    (41,162

    )

     

    $

    (17,522

    )

     

    $

    (150,109

    )

     

    $

    (76,061

    )

     

    Procore Technologies, Inc.

    Condensed Consolidated Statements of Cash Flows (unaudited)

     

     

    Three Months Ended

    December 31,

     

    Year Ended

    December 31,

     

     

    2024

     

     

     

    2023

     

     

     

    2024

     

     

     

    2023

     

     

    (in thousands)

    Financing activities

     

     

     

     

     

     

     

    Proceeds from stock option exercises

    $

    3,366

     

     

    $

    2,524

     

     

    $

    15,737

     

     

    $

    17,618

     

    Proceeds from employee stock purchase plan

     

    10,882

     

     

     

    12,394

     

     

     

    24,069

     

     

     

    25,400

     

    Payment of deferred business combination consideration

     

    —

     

     

     

    —

     

     

     

    (1,470

    )

     

     

    —

     

    Payment of deferred asset acquisition consideration

     

    —

     

     

     

    —

     

     

     

    (81

    )

     

     

    —

     

    Principal payments under finance lease agreements, net of proceeds from lease incentives

     

    (450

    )

     

     

    (403

    )

     

     

    (2,019

    )

     

     

    (1,853

    )

    Net cash provided by financing activities

     

    13,798

     

     

     

    14,515

     

     

     

    36,236

     

     

     

    41,165

     

    Net increase in cash, cash equivalents and restricted cash

     

    1,692

     

     

     

    37,736

     

     

     

    82,299

     

     

     

    57,119

     

    Effect of exchange rate changes on cash

     

    (3,268

    )

     

     

    1,736

     

     

     

    (2,367

    )

     

     

    855

     

    Cash, cash equivalents and restricted cash, beginning of period

     

    439,298

     

     

     

    318,318

     

     

     

    357,790

     

     

     

    299,816

     

    Cash, cash equivalents and restricted cash, end of period

    $

    437,722

     

     

    $

    357,790

     

     

    $

    437,722

     

     

    $

    357,790

     

     

    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,

     

     

    2024

     

     

     

    2023

     

     

     

    2024

     

     

     

    2023

     

     

    (dollars in thousands)

    Revenue

    $

    302,048

     

     

    $

    260,041

     

     

    $

    1,151,708

     

     

    $

    950,010

     

    Gross profit

     

    245,214

     

     

     

    212,210

     

     

     

    946,096

     

     

     

    775,548

     

    Stock-based compensation expense

     

    4,422

     

     

     

    3,134

     

     

     

    15,478

     

     

     

    11,491

     

    Amortization of acquired technology intangible assets

     

    6,698

     

     

     

    5,904

     

     

     

    25,437

     

     

     

    22,396

     

    Employer payroll tax on employee stock transactions

     

    126

     

     

     

    101

     

     

     

    612

     

     

     

    540

     

    Non-GAAP gross profit

    $

    256,460

     

     

    $

    221,349

     

     

    $

    987,623

     

     

    $

    809,975

     

    Gross margin

     

    81

    %

     

     

    82

    %

     

     

    82

    %

     

     

    82

    %

    Non-GAAP gross margin

     

    85

    %

     

     

    85

    %

     

     

    86

    %

     

     

    85

    %

    Reconciliation of operating expenses to non-GAAP operating expenses:

     

     

    Three Months Ended

    December 31,

     

    Year Ended

    December 31,

     

     

    2024

     

     

     

    2023

     

     

     

    2024

     

     

     

    2023

     

     

    (dollars in thousands)

    Revenue

    $

    302,048

     

     

    $

    260,041

     

     

    $

    1,151,708

     

     

    $

    950,010

     

    GAAP sales and marketing

     

    161,733

     

     

     

    122,511

     

     

     

    552,019

     

     

     

    494,908

     

    Stock-based compensation expense

     

    (15,333

    )

     

     

    (13,198

    )

     

     

    (58,058

    )

     

     

    (55,162

    )

    Amortization of acquired intangible assets

     

    (3,224

    )

     

     

    (3,106

    )

     

     

    (12,700

    )

     

     

    (12,425

    )

    Employer payroll tax on employee stock transactions

     

    (360

    )

     

     

    (383

    )

     

     

    (3,227

    )

     

     

    (2,766

    )

    Acquisition-related expenses

     

    —

     

     

     

    (481

    )

     

     

    (1,448

    )

     

     

    (2,483

    )

    Non-GAAP sales and marketing

    $

    142,816

     

     

    $

    105,343

     

     

    $

    476,586

     

     

    $

    422,072

     

    GAAP sales and marketing as a percentage of revenue

     

    54

    %

     

     

    47

    %

     

     

    48

    %

     

     

    52

    %

    Non-GAAP sales and marketing as a percentage of revenue

     

    47

    %

     

     

    41

    %

     

     

    41

    %

     

     

    44

    %

     

     

     

     

     

     

     

     

    GAAP research and development

    $

    89,289

     

     

    $

    74,611

     

     

    $

    312,987

     

     

    $

    300,571

     

    Stock-based compensation expense

     

    (18,277

    )

     

     

    (15,874

    )

     

     

    (67,961

    )

     

     

    (68,275

    )

    Amortization of acquired intangible assets

     

    (650

    )

     

     

    (670

    )

     

     

    (2,657

    )

     

     

    (2,757

    )

    Employer payroll tax on employee stock transactions

     

    (446

    )

     

     

    (332

    )

     

     

    (3,535

    )

     

     

    (3,217

    )

    Acquisition-related expenses

     

    (32

    )

     

     

    (46

    )

     

     

    (32

    )

     

     

    (6,370

    )

    Non-GAAP research and development

    $

    69,884

     

     

    $

    57,689

     

     

    $

    238,802

     

     

    $

    219,952

     

    GAAP research and development as a percentage of revenue

     

    30

    %

     

     

    29

    %

     

     

    27

    %

     

     

    32

    %

    Non-GAAP research and development as a percentage of revenue

     

    23

    %

     

     

    22

    %

     

     

    21

    %

     

     

    23

    %

     

     

     

     

     

     

     

     

    GAAP general and administrative

    $

    60,436

     

     

    $

    52,422

     

     

    $

    217,513

     

     

    $

    195,746

     

    Stock-based compensation expense

     

    (13,734

    )

     

     

    (11,769

    )

     

     

    (53,336

    )

     

     

    (44,406

    )

    Employer payroll tax on employee stock transactions

     

    (266

    )

     

     

    (274

    )

     

     

    (2,086

    )

     

     

    (1,910

    )

    Acquisition-related expenses

     

    (194

    )

     

     

    (16

    )

     

     

    (808

    )

     

     

    (35

    )

    Non-GAAP general and administrative

    $

    46,242

     

     

    $

    40,363

     

     

    $

    161,283

     

     

    $

    149,395

     

    GAAP general and administrative as a percentage of revenue

     

    20

    %

     

     

    20

    %

     

     

    19

    %

     

     

    21

    %

    Non-GAAP general and administrative as a percentage of revenue

     

    15

    %

     

     

    16

    %

     

     

    14

    %

     

     

    16

    %

    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,

     

     

    2024

     

     

     

    2023

     

     

     

    2024

     

     

     

    2023

     

     

    (dollars in thousands)

    Revenue

    $

    302,048

     

     

    $

    260,041

     

     

    $

    1,151,708

     

     

    $

    950,010

     

    Loss from operations

     

    (66,244

    )

     

     

    (37,334

    )

     

     

    (136,423

    )

     

     

    (215,677

    )

    Stock-based compensation expense

     

    51,766

     

     

     

    43,975

     

     

     

    194,833

     

     

     

    179,334

     

    Amortization of acquired intangible assets

     

    10,572

     

     

     

    9,680

     

     

     

    40,794

     

     

     

    37,578

     

    Employer payroll tax on employee stock transactions

     

    1,198

     

     

     

    1,090

     

     

     

    9,460

     

     

     

    8,433

     

    Acquisition-related expenses

     

    226

     

     

     

    543

     

     

     

    2,288

     

     

     

    8,888

     

    Non-GAAP income (loss) from operations

    $

    (2,482

    )

     

    $

    17,954

     

     

    $

    110,952

     

     

    $

    18,556

     

    Operating margin

     

    (22

    %)

     

     

    (14

    %)

     

     

    (12

    %)

     

     

    (23

    %)

    Non-GAAP operating margin

     

    (1

    %)

     

     

    7

    %

     

     

    10

    %

     

     

    2

    %

    Reconciliation of net loss and net loss per share to non-GAAP net income and non-GAAP net income per share:

     

     

    Three Months Ended

    December 31,

     

    Year Ended

    December 31,

     

     

    2024

     

     

     

    2023

     

     

     

    2024

     

     

     

    2023

     

     

    (in thousands, except share and per share amounts)

    Revenue

    $

    302,048

     

     

    $

    260,041

     

     

    $

    1,151,708

     

     

    $

    950,010

     

    Net loss

     

    (62,291

    )

     

     

    (29,519

    )

     

     

    (105,956

    )

     

     

    (189,694

    )

    Stock-based compensation expense

     

    51,766

     

     

     

    43,975

     

     

     

    194,833

     

     

     

    179,334

     

    Amortization of acquired intangible assets

     

    10,572

     

     

     

    9,680

     

     

     

    40,794

     

     

     

    37,578

     

    Employer payroll tax on employee stock transactions

     

    1,198

     

     

     

    1,090

     

     

     

    9,460

     

     

     

    8,433

     

    Acquisition-related expenses

     

    226

     

     

     

    543

     

     

     

    2,288

     

     

     

    8,888

     

    Non-GAAP net income

    $

    1,471

     

     

    $

    25,769

     

     

    $

    141,419

     

     

    $

    44,539

     

     

     

     

     

     

     

     

     

    Numerator:

     

     

     

     

     

     

     

    Non-GAAP net income

    $

    1,471

     

     

    $

    25,769

     

     

    $

    141,419

     

     

    $

    44,539

     

     

     

     

     

     

     

     

     

    Denominator:

     

     

     

     

     

     

     

    Weighted-average shares used in computing net loss per share attributable to common stockholders, basic

     

    149,202,684

     

     

     

    144,074,303

     

     

     

    147,444,772

     

     

     

    141,961,467

     

    Effect of dilutive securities: Employee stock awards

     

    4,192,863

     

     

     

    5,329,311

     

     

     

    5,004,643

     

     

     

    6,591,783

     

    Weighted-average shares used in computing net income per share attributable to common stockholders, diluted

     

    153,395,547

     

     

     

    149,403,614

     

     

     

    152,449,415

     

     

     

    148,553,250

     

     

     

     

     

     

     

     

     

    GAAP net loss per share, basic

    $

    (0.42

    )

     

    $

    (0.20

    )

     

    $

    (0.72

    )

     

    $

    (1.34

    )

    GAAP net loss per share, diluted

    $

    (0.42

    )

     

    $

    (0.20

    )

     

    $

    (0.72

    )

     

    $

    (1.34

    )

    Non-GAAP net income per share, basic

    $

    0.01

     

     

    $

    0.18

     

     

    $

    0.96

     

     

    $

    0.31

     

    Non-GAAP net income per share, diluted

    $

    0.01

     

     

    $

    0.17

     

     

    $

    0.93

     

     

    $

    0.30

     

    Computation of free cash flow:

     

     

    Three Months Ended

    December 31,

     

    Year Ended

    December 31,

     

     

    2024

     

     

     

    2023

     

     

     

    2024

     

     

     

    2023

     

     

    (in thousands)

    Net cash provided by operating activities

    $

    29,056

     

     

    $

    40,743

     

     

    $

    196,172

     

     

    $

    92,015

     

    Purchases of property, plant, and equipment

     

    (11,633

    )

     

     

    (2,252

    )

     

     

    (19,143

    )

     

     

    (10,325

    )

    Capitalized software development costs

     

    (17,076

    )

     

     

    (9,498

    )

     

     

    (49,529

    )

     

     

    (34,685

    )

    Non-GAAP free cash flow

    $

    347

     

     

    $

    28,993

     

     

    $

    127,500

     

     

    $

    47,005

     

     

    View source version on businesswire.com: https://www.businesswire.com/news/home/20250213134245/en/

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    • Amendment: SEC Form SC 13G/A filed by Procore Technologies Inc.

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    • Procore Announces First Quarter 2025 Financial Results

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      4/23/25 6:41:38 AM ET
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    • CFO & Treasurer Fu Howard sold $88,830 worth of shares (1,480 units at $60.02), decreasing direct ownership by 0.71% to 206,704 units (SEC Form 4)

      4 - PROCORE TECHNOLOGIES, INC. (0001611052) (Issuer)

      4/25/25 9:04:15 PM ET
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      4 - PROCORE TECHNOLOGIES, INC. (0001611052) (Issuer)

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    • SEC Form 10-Q filed by Procore Technologies Inc.

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