false000161105200016110522024-08-012024-08-01

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
___________________________________________________
FORM 8-K
___________________________________________________
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): August 1, 2024
___________________________________________________
Procore Technologies, Inc.
(Exact name of Registrant as Specified in Its Charter)
___________________________________________________
Delaware001-4039673-1636261
(State or Other Jurisdiction
of Incorporation)		(Commission File Number)(IRS Employer
Identification No.)
6309 Carpinteria Avenue Carpinteria, CA
93013
(Address of Principal Executive Offices)(Zip Code)
Registrant’s Telephone Number, Including Area Code: (866) 477-6267
Not Applicable
(Former Name or Former Address, if Changed Since Last Report)
___________________________________________________
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
oWritten communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
oSoliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
oPre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
oPre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading
Symbol(s)		Name of each exchange on which registered
Common stock, $0.0001 par valuePCORThe New York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company o
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
Item 2.02 Results of Operations and Financial Condition.
On August 1, 2024, Procore Technologies, Inc. (the “Company”) issued a press release announcing its results for the fiscal quarter ended June 30, 2024. A copy of the press release is attached as Exhibit 99.1 to this Current Report on Form 8-K.
The information in each item of this Current Report on Form 8-K and the exhibit attached hereto shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, regardless of any general incorporation language in such filing.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
The exhibit listed below is being furnished with this Current Report on Form 8-K.
Exhibit
Number		Description
99.1
104Cover Page Interactive Data File (embedded within the Inline XBRL document)
______________________________


SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
Procore Technologies, Inc.
Date: August 1, 2024
By:/s/ Benjamin C. Singer
Benjamin C. Singer
Chief Legal Officer and Corporate Secretary


Exhibit 99.1
Procore Announces Second Quarter 2024 Financial Results
CARPINTERIA, CA – August 1, 2024 – Procore Technologies, Inc. (NYSE: PCOR), the leading global provider of construction management software, today announced financial results for the second quarter ended June 30, 2024.
“We are in the early innings of transforming one of the largest and least digitized industries in the world,” said Tooey Courtemanche, Founder, President, and CEO of Procore. “I am excited about the future of Procore as we embark on the next phase of our journey by connecting everyone in construction on a global platform.”
“We delivered a record operating margin in Q2 as we continue to demonstrate improved operating leverage in the business,” said Howard Fu, CFO of Procore. “Our financial model gives us the flexibility to accelerate our investment in go-to-market and capture the long-term growth opportunity ahead.”
Second Quarter 2024 Financial Highlights:
•Revenue was $284 million, an increase of 24% year-over-year.
•GAAP gross margin was 83% and non-GAAP gross margin was 87%.
•GAAP operating margin was (5%) and non-GAAP operating margin was 17.6%.
•Operating cash inflow for the second quarter was $59 million.
•Free cash inflow for the second quarter was $47 million.
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:
•Achieved a gross revenue retention rate of 94% in the second quarter.
•Number of organic customers contributing more than $100,000 of annual recurring revenue totaled 2,191 as of June 30, 2024, an increase of 20% year-over-year.
•Added 152 net new organic customers in the second quarter, ending with a total of 16,750 organic customers.
•Announced a number of innovations to the Procore platform to deepen access to AI, improve field productivity, and drive efficient cost management, including enhancements to Maps and Locations and a new integration of Procore Copilot via Microsoft Teams.
•Announced the launch of the FedRAMP authorization process to strengthen cloud security for Federal customers.
•Recognized by U.S. News as one of the Best Companies to Work For.

Third Quarter and Full Year 2024 Outlook:
Procore is providing the following guidance for the third quarter and full year 2024:
•Third Quarter 2024 Outlook:
◦Revenue is expected to be in the range of $286 million to $288 million, representing year-over-year growth of 15% to 16%.
◦Non-GAAP operating margin is expected to be in the range of 9% to 10%.
•Full Year 2024 Outlook:
◦Revenue is expected to be in the range of $1,141 million to $1,144 million, representing year-over-year growth of 20%.
◦Non-GAAP operating margin is expected to be in the range of 10% to 11%.

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 second quarter results at 2:00 p.m., Pacific Time, on Thursday, August 1, 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, 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 (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). 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. 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. 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 (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 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.
Media Contact
press@procore.com
Investor Contact
ir@procore.com

Procore Technologies, Inc.
Condensed Consolidated Statements of Operations (unaudited)

Three Months Ended June 30,Six Months Ended June 30,
2024202320242023
(in thousands, except share and per share amounts)
Revenue$284,347 $228,536 $553,775 $442,062 
Cost of revenue(1)(2)(3)
48,101 42,304 93,824 82,506 
Gross profit236,246 186,232 459,951 359,556 
Operating expenses
Sales and marketing(1)(2)(3)(4)
127,922 125,362 248,916 242,725 
Research and development(1)(2)(3)(4)
72,308 73,216 142,907 153,252 
General and administrative(1)(3)(4)
50,792 46,383 101,810 91,571 
Total operating expenses251,022 244,961 493,633 487,548 
Loss from operations(14,776)(58,729)(33,682)(127,992)
Interest income5,814 4,943 11,752 9,891 
Interest expense(472)(491)(951)(987)
Accretion income, net3,761 2,031 6,849 3,663 
Other expense, net(148)(313)(492)(523)
Loss before provision for income taxes(5,821)(52,559)(16,524)(115,948)
Provision for income taxes490 322 753 380 
Net loss$(6,311)$(52,881)$(17,277)$(116,328)
Net loss per share attributable to common stockholders, basic and diluted$(0.04)$(0.37)$(0.12)$(0.83)
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted146,938,942141,238,489146,207,469140,446,873




(1)Includes stock-based compensation expense and amortization of capitalized stock-based compensation as follows:
Three Months Ended June 30,Six Months Ended June 30,
2024202320242023
(in thousands)
Cost of revenue$3,683 $2,880 $6,868 $5,376 
Sales and marketing15,671 14,470 28,691 27,574 
Research and development17,628 16,270 31,363 36,051 
General and administrative13,961 9,909 25,690 20,384 
Total stock-based compensation expense*$50,943 $43,529 $92,612 $89,385 
*Includes amortization of capitalized stock-based compensation of $1.7 million and $1.0 million, respectively, for the three months ended June 30, 2024 and 2023; and $3.3 million and $2.0 million, respectively, for the six months ended June 30, 2024 and 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 June 30,Six Months Ended June 30,
2024202320242023
(in thousands)
Cost of revenue$6,156 $5,493 $12,041 $10,986 
Sales and marketing3,145 3,106 6,251 6,213 
Research and development665 675 1,340 1,409 
Total amortization of acquired intangible assets$9,966 $9,274 $19,632 $18,608 
(3)Includes employer payroll tax on employee stock transactions as follows:
Three Months Ended June 30,Six Months Ended June 30,
2024202320242023
(in thousands)
Cost of revenue$161 $139 $373 $306 
Sales and marketing788 618 2,052 1,617 
Research and development900 891 2,568 2,247 
General and administrative494 503 1,539 1,135 
Total employer payroll tax on employee stock transactions$2,343 $2,151 $6,532 $5,305 
(4)Includes acquisition-related expenses as follows:
Three Months Ended June 30,Six Months Ended June 30,
2024202320242023
(in thousands)
Sales and marketing$1,000 $548 $1,448 $1,454 
Research and development— 204 — 6,188 
General and administrative563 — 563 — 
Total acquisition-related expenses$1,563 $752 $2,011 $7,642 

Procore Technologies, Inc.
Condensed Consolidated Balance Sheets (unaudited)

June 30,
2024		December 31,
2023
(in thousands)
Assets
Current assets
Cash and cash equivalents$356,239 $357,790 
Marketable securities, current379,120 320,161 
Accounts receivable, net158,700 206,644 
Contract cost asset, current30,946 28,718 
Prepaid expenses and other current assets41,471 42,421 
Total current assets966,476 955,734 
Marketable securities, non-current45,430 — 
Capitalized software development costs, net95,763 83,045 
Property and equipment, net34,895 36,258 
Right of use assets - finance leases33,051 34,375 
Right of use assets - operating leases35,255 44,141 
Contract cost asset, non-current44,193 44,564 
Intangible assets, net142,293 137,546 
Goodwill550,363 539,354 
Other assets19,316 18,551 
Total assets$1,967,035 $1,893,568 
Liabilities and Stockholders’ Equity
Current liabilities
Accounts payable$26,951 $13,177 
Accrued expenses71,253 100,075 
Deferred revenue, current494,680 501,903 
Other current liabilities31,894 27,275 
Total current liabilities624,778 642,430 
Deferred revenue, non-current6,135 7,692 
Finance lease liabilities, non-current42,468 43,581 
Operating lease liabilities, non-current32,578 37,923 
Other liabilities, non-current5,278 6,332 
Total liabilities711,237 737,958 
Stockholders’ equity
Common stock15 15 
Additional paid-in capital2,414,224 2,295,807 
Accumulated other comprehensive loss(2,327)(1,375)
Accumulated deficit(1,156,114)(1,138,837)
Total stockholders’ equity1,255,798 1,155,610 
Total liabilities and stockholders’ equity$1,967,035 $1,893,568 


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

June 30,Change
20242023DollarPercent
(dollars in thousands)
Remaining performance obligations
Current$724,832 $622,639 $102,193 16 %
Non-current310,381 226,877 83,504 37 %
Total remaining performance obligations$1,035,213 $849,516 $185,697 22 %

Procore Technologies, Inc.
Condensed Consolidated Statements of Cash Flows (unaudited)
Three Months Ended June 30,Six Months Ended June 30,
2024202320242023
(in thousands)
Operating activities
Net loss$(6,311)$(52,881)$(17,277)$(116,328)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities
Stock-based compensation49,225 42,487 89,357 87,425 
Depreciation and amortization20,843 17,336 40,894 34,210 
Accretion of discounts on marketable debt securities, net(3,661)(2,030)(6,749)(3,662)
Abandonment of long-lived assets312 94 580 535 
Noncash operating lease expense2,259 2,604 4,993 5,232 
Unrealized foreign currency loss, net(365)149 714 557 
Deferred income taxes1 3 2 5 
Provision for credit losses216 2,004 405 3,730 
Increase (decrease) in fair value of strategic investments118 42 (641)6 
Changes in operating assets and liabilities, net of effect of asset acquisitions and business combinations
Accounts receivable(19,019)(19,371)48,994 23,577 
Deferred contract cost assets(1,662)(3,170)(2,089)(3,630)
Prepaid expenses and other assets494 (2,848)(190)1,701 
Accounts payable10,124 (3,499)13,279 1,149 
Accrued expenses and other liabilities3,707 (2,929)(30,447)(31,110)
Deferred revenue3,231 13,093 (10,877)19,582 
Operating lease liabilities(817)(2,761)(3,108)(5,381)
Net cash provided by (used in) operating activities58,695 (11,677)127,840 17,598 
Investing activities
Purchases of property and equipment(1,874)(2,521)(3,963)(4,694)
Capitalized software development costs(10,218)(9,400)(19,732)(17,351)
Purchases of strategic investments(862)(293)(1,072)(442)
Purchases of marketable securities(222,940)(139,286)(324,374)(229,282)
Maturities of marketable securities118,798 118,817 226,099 222,726 
Sales of marketable securities— 5,452 — 5,452 
Originations of materials financing— (7,930)— (17,007)
Customer repayments of materials financing202 7,638 1,483 12,996 
Acquisition of a business, net of cash acquired(25,945)— (25,945)— 
Asset acquisitions, net of cash acquired(3,787)— (3,792)— 
Net cash used in investing activities(146,626)(27,523)(151,296)(27,602)
Financing activities
Proceeds from stock option exercises2,790 7,217 9,915 10,939 
Proceeds from employee stock purchase plan13,187 13,006 13,187 13,006 
Principal payments under finance lease agreements, net of proceeds from lease incentives(220)(520)(669)(930)
Net cash provided by financing activities15,757 19,703 22,433 23,015 
Net increase in cash and cash equivalents(72,174)(19,497)(1,023)13,011 
Effect of exchange rate changes on cash757 (53)(528)(309)
Cash and cash equivalents, beginning of period427,656 332,068 357,790 299,816 
Cash and cash equivalents, end of period$356,239 $312,518 $356,239 $312,518 

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 June 30,Six Months Ended June 30,
2024202320242023
(dollars in thousands)
Revenue$284,347 $228,536 $553,775 $442,062 
Gross profit236,246 186,232 459,951 359,556 
Stock-based compensation expense3,683 2,880 6,868 5,376 
Amortization of acquired technology intangible assets6,156 5,493 12,041 10,986 
Employer payroll tax on employee stock transactions161 139 373 306 
Non-GAAP gross profit$246,246 $194,744 $479,233 $376,224 
Gross margin83 %81 %83 %81 %
Non-GAAP gross margin87 %85 %87 %85 %


Reconciliation of operating expenses to non-GAAP operating expenses:
Three Months Ended June 30,Six Months Ended June 30,
2024202320242023
(dollars in thousands)
Revenue$284,347 $228,536 $553,775 $442,062 
GAAP sales and marketing127,922 125,362 248,916 242,725 
Stock-based compensation expense(15,671)(14,470)(28,691)(27,574)
Amortization of acquired intangible assets(3,145)(3,106)(6,251)(6,213)
Employer payroll tax on employee stock transactions(788)(618)(2,052)(1,617)
Acquisition-related expenses(1,000)(548)(1,448)(1,454)
Non-GAAP sales and marketing$107,318 $106,620 $210,474 $205,867 
GAAP sales and marketing as a percentage of revenue45 %55 %45 %55 %
Non-GAAP sales and marketing as a percentage of revenue38 %47 %38 %47 %
GAAP research and development$72,308 $73,216 $142,907 $153,252 
Stock-based compensation expense(17,628)(16,270)(31,363)(36,051)
Amortization of acquired intangible assets(665)(675)(1,340)(1,409)
Employer payroll tax on employee stock transactions(900)(891)(2,568)(2,247)
Acquisition-related expenses— (204)— (6,188)
Non-GAAP research and development$53,115 $55,176 $107,636 $107,357 
GAAP research and development as a percentage of revenue25 %32 %26 %35 %
Non-GAAP research and development as a percentage of revenue19 %24 %19 %24 %
GAAP general and administrative$50,792 $46,383 $101,810 $91,571 
Stock-based compensation expense(13,961)(9,909)(25,690)(20,384)
Employer payroll tax on employee stock transactions(494)(503)(1,539)(1,135)
Acquisition-related expenses(563)— (563)— 
Non-GAAP general and administrative$35,774 $35,971 $74,018 $70,052 
GAAP general and administrative as a percentage of revenue18 %20 %18 %21 %
Non-GAAP general and administrative as a percentage of revenue13 %16 %13 %16 %


Reconciliation of loss from operations and operating margin to non-GAAP income (loss) from operations and non-GAAP operating margin:
Three Months Ended June 30,Six Months Ended June 30,
2024202320242023
(dollars in thousands)
Revenue$284,347 $228,536 $553,775 $442,062 
Loss from operations(14,776)(58,729)(33,682)(127,992)
Stock-based compensation expense50,943 43,529 92,612 89,385 
Amortization of acquired intangible assets9,966 9,274 19,632 18,608 
Employer payroll tax on employee stock transactions2,343 2,151 6,532 5,305 
Acquisition-related expenses1,563 752 2,011 7,642 
Non-GAAP income (loss) from operations$50,039 $(3,023)$87,105 $(7,052)
Operating margin(5 %)(26 %)(6 %)(29 %)
Non-GAAP operating margin18 %(1 %)16 %(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 June 30,Six Months Ended June 30,
2024202320242023
(in thousands, except share and per share amounts)
Revenue$284,347 $228,536 $553,775 $442,062 
Net loss(6,311)(52,881)(17,277)(116,328)
Stock-based compensation expense50,943 43,529 92,612 89,385 
Amortization of acquired intangible assets9,966 9,274 19,632 18,608 
Employer payroll tax on employee stock transactions2,343 2,151 6,532 5,305 
Acquisition-related expenses1,563 752 2,011 7,642 
Non-GAAP net income$58,504 $2,825 $103,510 $4,612 
Numerator:
Non-GAAP net income$58,504 $2,825 $103,510 $4,612 
Denominator:
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic146,938,942141,238,489146,207,469140,446,873
Effect of dilutive securities: Employee stock awards4,653,3966,117,3685,349,3826,537,556
Weighted-average shares used in computing net income per share attributable to common stockholders, diluted151,592,338147,355,857151,556,851146,984,429
GAAP net loss per share, basic$(0.04)$(0.37)$(0.12)$(0.83)
GAAP net loss per share, diluted$(0.04)$(0.37)$(0.12)$(0.83)
Non-GAAP net income per share, basic$0.40 $0.02 $0.71 $0.03 
Non-GAAP net income per share, diluted$0.39 $0.02 $0.68 $0.03 
Computation of free cash flow:
Three Months Ended June 30,Six Months Ended June 30,
2024202320242023
(in thousands)
Net cash provided by (used in) operating activities$58,695 $(11,677)$127,840 $17,598 
Purchases of property, plant, and equipment(1,874)(2,521)(3,963)(4,694)
Capitalized software development costs(10,218)(9,400)(19,732)(17,351)
Non-GAAP free cash flow$46,603 $(23,598)$104,145 $(4,447)

v3.24.2.u1
Cover
Aug. 01, 2024
Cover [Abstract]  
Document Type 8-K
Document Period End Date Aug. 01, 2024
Entity Registrant Name Procore Technologies, Inc.
Entity Incorporation, State or Country Code DE
Entity File Number 001-40396
Entity Tax Identification Number 73-1636261
Entity Address, Address Line One 6309 Carpinteria Avenue
Entity Address, City or Town Carpinteria
Entity Address, State or Province CA
Entity Address, Postal Zip Code 93013
City Area Code (866)
Local Phone Number 477-6267
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of 12(b) Security Common stock, $0.0001 par value
Trading Symbol PCOR
Security Exchange Name NYSE
Entity Emerging Growth Company false
Amendment Flag false
Entity Central Index Key 0001611052
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