CARPINTERIA, Calif.--(BUSINESS WIRE)--Procore Technologies, Inc. (NYSE: PCOR), a leading global provider of construction management software, today announced financial results for the first quarter ended March 31, 2022.
“Our excellent first quarter performance reflects the strong project backlogs our customers are seeing and our impressive execution,” said Tooey Courtemanche, Founder, President and CEO of Procore. “I’m proud of the value we are delivering to all stakeholders as we continue working toward our vision to improve the lives of everyone in construction.”
“We delivered outstanding Q1 results that exceeded our expectations and saw notable strength across the business,” said Paul Lyandres, CFO of Procore.
First Quarter 2022 Financial Highlights:
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:
Second Quarter and Full Year 2022 Outlook:
Procore is providing the following guidance for the second quarter and full year 2022:
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 first quarter results at 2:00 p.m., Pacific Time, on Wednesday, May 4, 2022. A live audio webcast will be accessible on Procore's investor relations website at http://investors.procore.com.
Forward-Looking Statements
Statements Procore makes in this press release may include statements which are not historical facts and are considered forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995, which are usually identified by the use of words such as “anticipates,” “believes,” “estimates,” “expects,” “intends,” “may,” “plans,” “projects,” "outlook", “seeks,” “should,” “will,” and variations of such words or similar expressions.
Procore intends these forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and are making this statement for purposes of complying with those safe harbor provisions.
This press release contains forward-looking statements about Procore and its industry that involve substantial risks and uncertainties. All statements other than statements of historical facts contained in this press release, including, but not limited to, statements regarding the expected performance of Procore’s business and objectives of management for future operations, are forward-looking statements. 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. 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 Loss from Operations, Non-GAAP Operating Margin, Non-GAAP Net Loss and Non-GAAP Net 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, 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 loss from operations by total revenue.
Because of varying available valuation methodologies, subjective assumptions, and the variety of equity instruments that can impact a company's non-cash expenses, Procore believes that providing non-GAAP financial measures that exclude stock-based compensation expense allow 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. 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 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.
Procore is a leading global provider of construction management software. Over 1 million projects and more than $1 trillion USD in construction volume have run on Procore's platform. Procore’s platform connects key project stakeholders to solutions Procore has built specifically for the construction industry—for the owner, the general contractor, and the specialty contractor. Procore's App Marketplace has a multitude of partner solutions that integrate seamlessly with Procore’s platform, giving construction professionals the freedom to connect with what works best for them. Headquartered in Carpinteria, California, Procore has offices around the globe. Learn more at Procore.com.
Procore Technologies, Inc. Condensed Consolidated Statements of Operations (unaudited) |
||||||||
|
|
Three Months Ended March 31, |
|
|||||
(in thousands, except share and per share amounts) |
|
2022 |
|
|
2021 |
|
||
Revenue |
|
$ |
159,516 |
|
|
$ |
113,938 |
|
Cost of revenue (1)(2)(3) |
|
|
33,332 |
|
|
|
20,359 |
|
Gross profit |
|
|
126,184 |
|
|
|
93,579 |
|
Operating expenses: |
|
|
|
|
|
|
|
|
Sales and marketing (1)(2)(3)(4) |
|
|
93,915 |
|
|
|
53,965 |
|
Research and development (1)(2)(3)(4) |
|
|
60,254 |
|
|
|
34,545 |
|
General and administrative (1)(3)(4) |
|
|
43,152 |
|
|
|
17,927 |
|
Total operating expenses |
|
|
197,321 |
|
|
|
106,437 |
|
Loss from operations |
|
|
(71,137 |
) |
|
|
(12,858 |
) |
Interest expense, net |
|
|
(491 |
) |
|
|
(562 |
) |
Other income (expense), net |
|
|
543 |
|
|
|
(183 |
) |
Loss before provision for income taxes |
|
|
(71,085 |
) |
|
|
(13,603 |
) |
Provision for income taxes |
|
|
334 |
|
|
|
129 |
|
Net loss |
|
$ |
(71,419 |
) |
|
$ |
(13,732 |
) |
Net loss per share attributable to common stockholders, basic and diluted |
|
$ |
(0.53 |
) |
|
$ |
(0.44 |
) |
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted |
|
|
134,530,010 |
|
|
|
31,357,060 |
|
(1) Includes stock-based compensation expense as follows:
|
|
Three Months Ended March 31, |
|
|||||
|
|
2022 |
|
|
2021 |
|
||
|
|
(in thousands) |
|
|||||
Cost of revenue |
|
$ |
1,458 |
|
|
$ |
1,161 |
|
Sales and marketing |
|
|
10,296 |
|
|
|
3,252 |
|
Research and development |
|
|
13,008 |
|
|
|
3,246 |
|
General and administrative |
|
|
12,447 |
|
|
|
2,644 |
|
Total stock-based compensation expense |
|
$ |
37,209 |
|
|
$ |
10,303 |
|
(2) Includes amortization of acquired intangible assets as follows:
|
|
Three Months Ended March 31, |
|
|||||
|
|
2022 |
|
|
2021 |
|
||
|
|
(in thousands) |
|
|||||
Cost of revenue |
|
$ |
5,654 |
|
|
$ |
1,086 |
|
Sales and marketing |
|
|
3,106 |
|
|
|
479 |
|
Research and development |
|
|
902 |
|
|
|
183 |
|
Total amortization of acquired intangible assets |
|
$ |
9,662 |
|
|
$ |
1,748 |
|
(3) Includes employer payroll tax on employee stock transactions as follows:
|
|
Three Months Ended March 31, |
|
|||||
|
|
2022 |
|
|
2021 |
|
||
|
|
(in thousands) |
|
|||||
Cost of revenue |
|
$ |
81 |
|
|
$ |
4 |
|
Sales and marketing |
|
|
608 |
|
|
|
142 |
|
Research and development |
|
|
1,027 |
|
|
|
74 |
|
General and administrative |
|
|
545 |
|
|
|
80 |
|
Total employer payroll tax on employee stock transactions |
|
$ |
2,261 |
|
|
$ |
300 |
|
(4) Includes acquisition-related expenses as follows:
|
|
Three Months Ended March 31, |
|
|||||
|
|
2022 |
|
|
2021 |
|
||
|
|
(in thousands) |
|
|||||
Sales and marketing |
|
$ |
207 |
|
|
$ |
- |
|
Research and development |
|
|
1,101 |
|
|
|
- |
|
General and administrative |
|
|
1,038 |
|
|
|
- |
|
Total acquisition-related expenses |
|
$ |
2,346 |
|
|
$ |
- |
|
Procore Technologies, Inc. Condensed Consolidated Balance Sheets (unaudited) |
||||||||
(in thousands) |
|
March 31, 2022 |
|
|
December 31, 2021 |
|
||
Assets |
|
|
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
586,914 |
|
|
$ |
586,108 |
|
Accounts receivable, net |
|
|
79,777 |
|
|
|
113,977 |
|
Contract cost asset, current |
|
|
18,358 |
|
|
|
17,030 |
|
Prepaid expenses and other current assets |
|
|
40,730 |
|
|
|
35,173 |
|
Total current assets |
|
|
725,779 |
|
|
|
752,288 |
|
Capitalized software development costs, net |
|
|
34,898 |
|
|
|
27,062 |
|
Property and equipment, net |
|
|
40,047 |
|
|
|
36,837 |
|
Right of use assets - finance leases |
|
|
38,948 |
|
|
|
39,623 |
|
Right of use assets - operating leases |
|
|
47,245 |
|
|
|
44,052 |
|
Contract cost asset, non-current |
|
|
28,735 |
|
|
|
25,889 |
|
Intangible assets, net |
|
|
192,501 |
|
|
|
201,977 |
|
Goodwill |
|
|
540,024 |
|
|
|
540,922 |
|
Other assets |
|
|
24,087 |
|
|
|
22,007 |
|
Total assets |
|
$ |
1,672,264 |
|
|
$ |
1,690,657 |
|
Liabilities, Redeemable Convertible Preferred Stock and Stockholders’ Equity |
|
|
|
|
|
|
|
|
Current liabilities |
|
|
|
|
|
|
|
|
Accounts payable |
|
$ |
14,408 |
|
|
$ |
15,490 |
|
Accrued expenses |
|
|
58,892 |
|
|
|
65,907 |
|
Deferred revenue, current |
|
|
310,000 |
|
|
|
301,557 |
|
Other current liabilities |
|
|
25,316 |
|
|
|
20,750 |
|
Total current liabilities |
|
|
408,616 |
|
|
|
403,704 |
|
Deferred revenue, non-current |
|
|
4,166 |
|
|
|
4,024 |
|
Finance lease liabilities, non-current |
|
|
46,952 |
|
|
|
47,344 |
|
Operating lease liabilities, non-current |
|
|
43,820 |
|
|
|
41,573 |
|
Other liabilities, non-current |
|
|
4,325 |
|
|
|
4,723 |
|
Total liabilities |
|
|
507,879 |
|
|
|
501,368 |
|
Stockholders’ equity |
|
|
|
|
|
|
|
|
Common stock |
|
|
13 |
|
|
|
13 |
|
Additional paid-in capital |
|
|
1,898,241 |
|
|
|
1,852,071 |
|
Accumulated other comprehensive loss |
|
|
(238 |
) |
|
|
(583 |
) |
Accumulated deficit |
|
|
(733,631 |
) |
|
|
(662,212 |
) |
Total stockholders’ equity |
|
|
1,164,385 |
|
|
|
1,189,289 |
|
Total liabilities, redeemable convertible preferred stock and stockholders’ equity |
|
$ |
1,672,264 |
|
|
$ |
1,690,657 |
|
Remaining performance obligation:
The remaining performance obligation was $626.7 million as of March 31, 2022, approximately 71% of which is expected to be recognized as revenue within 12 months. The remaining performance obligation was $449.9 million as of March 31, 2021, approximately 73% of which was expected to be recognized as revenue within 12 months.
Procore Technologies, Inc. Condensed Consolidated Statements of Cash Flows (unaudited) |
||||||||
|
|
Three Months Ended March 31, |
|
|||||
(in thousands) |
|
2022 |
|
|
2021 |
|
||
Operating activities |
|
|
|
|
|
|
|
|
Net loss |
|
$ |
(71,419 |
) |
|
$ |
(13,732 |
) |
Adjustments to reconcile net loss to net cash provided by operating activities |
|
|
|
|
|
|
|
|
Stock-based compensation |
|
|
37,209 |
|
|
|
10,303 |
|
Depreciation and amortization |
|
|
15,147 |
|
|
|
7,301 |
|
Abandonment of long-lived assets |
|
|
- |
|
|
|
554 |
|
Noncash lease expense |
|
|
2,156 |
|
|
|
1,866 |
|
Unrealized foreign currency (gain) loss, net |
|
|
(477 |
) |
|
|
605 |
|
Deferred income taxes |
|
|
(352 |
) |
|
|
(27 |
) |
Changes in operating assets and liabilities |
|
|
|
|
|
|
|
|
Accounts receivable |
|
|
34,125 |
|
|
|
20,723 |
|
Deferred contract cost assets |
|
|
(4,066 |
) |
|
|
(1,562 |
) |
Prepaid expenses and other assets |
|
|
(4,925 |
) |
|
|
(4,601 |
) |
Accounts payable |
|
|
339 |
|
|
|
(3,516 |
) |
Accrued expenses and other liabilities |
|
|
(4,357 |
) |
|
|
5,115 |
|
Deferred revenue |
|
|
8,774 |
|
|
|
6,639 |
|
Operating lease liabilities |
|
|
(1,870 |
) |
|
|
(1,372 |
) |
Net cash flow provided by operating activities |
|
|
10,284 |
|
|
|
28,296 |
|
Investing activities |
|
|
|
|
|
|
|
|
Purchases of property and equipment |
|
|
(7,525 |
) |
|
|
(2,393 |
) |
Capitalized software development costs |
|
|
(7,632 |
) |
|
|
(2,193 |
) |
Purchases of strategic investments |
|
|
(2,329 |
) |
|
|
- |
|
Settlement of post-close working capital adjustments from business combinations |
|
|
1,291 |
|
|
|
- |
|
Net cash flow used in investing activities |
|
|
(16,195 |
) |
|
|
(4,586 |
) |
Financing activities |
|
|
|
|
|
|
|
|
Proceeds from stock option exercises |
|
|
6,907 |
|
|
|
11,627 |
|
Payments of deferred offering costs |
|
|
- |
|
|
|
(540 |
) |
Principal payments under finance lease agreements, net of proceeds from lease incentives |
|
|
(365 |
) |
|
|
(314 |
) |
Net cash flow provided by financing activities |
|
|
6,542 |
|
|
|
10,773 |
|
Net increase in cash, cash equivalents and restricted cash |
|
|
631 |
|
|
|
34,483 |
|
Effect of exchange rate changes on cash |
|
|
175 |
|
|
|
(629 |
) |
Cash, cash equivalents and restricted cash, beginning of period |
|
|
589,212 |
|
|
|
383,253 |
|
Cash, cash equivalents and restricted cash, end of period |
|
$ |
590,018 |
|
|
$ |
417,107 |
|
Procore Technologies, Inc. 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 March 31, |
|
|||||
|
|
2022 |
|
|
2021 |
|
||
|
|
(dollars in thousands) |
|
|||||
Revenue |
|
$ |
159,516 |
|
|
$ |
113,938 |
|
Gross profit |
|
|
126,184 |
|
|
|
93,579 |
|
Stock-based compensation expense |
|
|
1,458 |
|
|
|
1,161 |
|
Amortization of acquired technology intangible assets |
|
|
5,654 |
|
|
|
1,086 |
|
Employer payroll tax on employee stock transactions |
|
|
81 |
|
|
|
4 |
|
Non-GAAP gross profit |
|
$ |
133,377 |
|
|
$ |
95,830 |
|
Gross margin |
|
|
79 |
% |
|
|
82 |
% |
Non-GAAP gross margin |
|
|
84 |
% |
|
|
84 |
% |
Reconciliation of operating expenses to non-GAAP operating expenses:
|
|
Three Months Ended March 31, |
|
|||||
|
|
2022 |
|
|
2021 |
|
||
|
|
(dollars in thousands) |
|
|||||
Revenue |
|
$ |
159,516 |
|
|
$ |
113,938 |
|
GAAP sales and marketing |
|
|
93,915 |
|
|
|
53,965 |
|
Stock-based compensation expense |
|
|
(10,296 |
) |
|
|
(3,252 |
) |
Amortization of acquired intangible assets |
|
|
(3,106 |
) |
|
|
(479 |
) |
Employer payroll tax on employee stock transactions |
|
|
(608 |
) |
|
|
(142 |
) |
Acquisition-related expenses |
|
|
(207 |
) |
|
|
- |
|
Non-GAAP sales and marketing |
|
$ |
79,698 |
|
|
$ |
50,092 |
|
GAAP sales and marketing as a percentage of revenue |
|
|
59 |
% |
|
|
47 |
% |
Non-GAAP sales and marketing as a percentage of revenue |
|
|
50 |
% |
|
|
44 |
% |
GAAP research and development |
|
$ |
60,254 |
|
|
$ |
34,545 |
|
Stock-based compensation expense |
|
|
(13,008 |
) |
|
|
(3,246 |
) |
Amortization of acquired intangible assets |
|
|
(902 |
) |
|
|
(183 |
) |
Employer payroll tax on employee stock transactions |
|
|
(1,027 |
) |
|
|
(74 |
) |
Acquisition-related expenses |
|
|
(1,101 |
) |
|
|
- |
|
Non-GAAP research and development |
|
$ |
44,216 |
|
|
$ |
31,042 |
|
GAAP research and development as a percentage of revenue |
|
|
38 |
% |
|
|
30 |
% |
Non-GAAP research and development as a percentage of revenue |
|
|
28 |
% |
|
|
27 |
% |
GAAP general and administrative |
|
$ |
43,152 |
|
|
$ |
17,927 |
|
Stock-based compensation expense |
|
|
(12,447 |
) |
|
|
(2,644 |
) |
Employer payroll tax on employee stock transactions |
|
|
(545 |
) |
|
|
(80 |
) |
Acquisition-related expenses |
|
|
(1,038 |
) |
|
|
- |
|
Non-GAAP general and administrative |
|
$ |
29,122 |
|
|
$ |
15,203 |
|
GAAP general and administrative as a percentage of revenue |
|
|
27 |
% |
|
|
16 |
% |
Non-GAAP general and administrative as a percentage of revenue |
|
|
18 |
% |
|
|
13 |
% |
Reconciliation of loss from operations and operating margin to non-GAAP loss from operations and non-GAAP operating margin:
|
|
Three Months Ended March 31, |
|
|||||
|
|
2022 |
|
|
2021 |
|
||
|
|
(dollars in thousands) |
|
|||||
Revenue |
|
$ |
159,516 |
|
|
$ |
113,938 |
|
Loss from operations |
|
|
(71,137 |
) |
|
|
(12,858 |
) |
Stock-based compensation expense |
|
|
37,209 |
|
|
|
10,303 |
|
Amortization of acquired intangible assets |
|
|
9,662 |
|
|
|
1,748 |
|
Employer payroll tax on employee stock transactions |
|
|
2,261 |
|
|
|
300 |
|
Acquisition-related expenses |
|
|
2,346 |
|
|
|
- |
|
Non-GAAP loss from operations |
|
$ |
(19,659 |
) |
|
$ |
(507 |
) |
Operating margin |
|
|
(45 |
%) |
|
|
(11 |
%) |
Non-GAAP operating margin |
|
|
(12 |
%) |
|
|
(0 |
%) |
Reconciliation of net loss and net loss per share to non-GAAP net loss and non-GAAP net loss per share:
|
|
Three Months Ended March 31, |
|
|||||
|
|
2022 |
|
|
2021 |
|
||
|
|
(dollars in thousands) |
|
|||||
Revenue |
|
$ |
159,516 |
|
|
$ |
113,938 |
|
Net loss |
|
|
(71,419 |
) |
|
|
(13,732 |
) |
Stock-based compensation expense |
|
|
37,209 |
|
|
|
10,303 |
|
Amortization of acquired intangible assets |
|
|
9,662 |
|
|
|
1,748 |
|
Employer payroll tax on employee stock transactions |
|
|
2,261 |
|
|
|
300 |
|
Acquisition-related expenses |
|
|
2,346 |
|
|
|
- |
|
Non-GAAP net loss |
|
$ |
(19,941 |
) |
|
$ |
(1,381 |
) |
|
|
|
|
|
|
|
|
|
Numerator: |
|
|
|
|
|
|
|
|
Non-GAAP net loss |
|
$ |
(19,941 |
) |
|
$ |
(1,381 |
) |
|
|
|
|
|
|
|
|
|
Denominator: |
|
|
|
|
|
|
|
|
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted |
|
|
134,530,010 |
|
|
|
31,357,060 |
|
|
|
|
|
|
|
|
|
|
GAAP net loss per share, basic and diluted |
|
$ |
(0.53 |
) |
|
$ |
(0.44 |
) |
Non-GAAP net loss per share, basic and diluted |
|
$ |
(0.15 |
) |
|
$ |
(0.04 |
) |
Computation of free cash flow:
|
|
Three Months Ended March 31, |
|
|||||
|
|
2022 |
|
|
2021 |
|
||
|
|
(dollars in thousands) |
|
|||||
Net cash provided by operating activities |
|
$ |
10,284 |
|
|
$ |
28,296 |
|
Purchases of property and equipment |
|
|
(7,525 |
) |
|
|
(2,393 |
) |
Capitalized software development costs |
|
|
(7,632 |
) |
|
|
(2,193 |
) |
Non-GAAP free cash flow |
|
$ |
(4,873 |
) |
|
$ |
23,710 |
|
КАРПИНТЕРИЯ, Калифорния --(BUSINESS WIRE)--Procore Technologies, Inc. (NYSE: PCOR), ведущий мировой поставщик программного обеспечения для управления строительством, сегодня объявила финансовые результаты за первый квартал, закончившийся 31 марта 2022 года.
“Наши отличные показатели за первый квартал отражают сильное отставание в реализации проектов, которое видят наши клиенты, и наше впечатляющее исполнение”, - сказал Туи Кортманш, основатель, президент и генеральный директор Procore. “Я горжусь ценностью, которую мы приносим всем заинтересованным сторонам, продолжая работать над нашим видением улучшения жизни всех участников строительства”.
“Мы добились выдающихся результатов в первом квартале, которые превзошли наши ожидания, и увидели заметную силу во всем бизнесе”, - сказал Пол Ляндрес, финансовый директор Procore.
Основные финансовые показатели Первого квартала 2022 года:
Сверка финансовых показателей GAAP с финансовыми показателями, не относящимися к GAAP, приведена в таблицах, включенных в настоящий пресс-релиз. Объяснение этих мер также приведено ниже в разделе “Финансовые показатели, не относящиеся к ОПБУ”.
Последние события в бизнесе:
Прогноз на Второй квартал и весь 2022 год:
Procore предоставляет следующие рекомендации на второй квартал и весь 2022 год:
Сверка руководящих показателей, не относящихся к GAAP, с соответствующими показателями GAAP невозможна на прогнозной основе без необоснованных усилий из-за неопределенности расходов, которые могут быть понесены в будущем и не могут быть разумно определены или предсказаны в настоящее время, хотя важно отметить, что эти факторы могут быть существенными к будущим финансовым результатам Procore по GAAP.
Ежеквартальный Конференц-звонок
Procore Technologies, Inc. проведет телефонную конференцию для обсуждения результатов своего первого квартала в 14:00 по тихоокеанскому времени в среду, 4 мая 2022 года. Прямая аудио-трансляция будет доступна на веб-сайте Procore по связям с инвесторами по адресу http://investors .Procore.com .
Прогнозные заявления
Заявления, сделанные Procore в этом пресс-релизе, могут включать заявления, которые не являются историческими фактами и считаются прогнозными по смыслу Закона о реформе судебных разбирательств по частным ценным бумагам 1995 года, которые обычно обозначаются использованием таких слов, как “ожидает”, “полагает”, “оценивает”, “ожидает,”намеревается”, ”может“, ”планирует“, ”проекты", "перспективы“, ”стремится“, ”должен“, "будет” и варианты таких слов или подобных выражений.
Procore намеревается, чтобы эти прогнозные заявления подпадали под действие положений о безопасной гавани для прогнозных заявлений, содержащихся в Разделе 27A Закона о ценных бумагах 1933 года с поправками и Разделе 21E Закона об обмене ценными бумагами 1934 года с поправками, и делает это заявление в целях соблюдения этих безопасных условий. припасы для гавани.
Этот пресс-релиз содержит прогнозные заявления о Procore и его отрасли, которые связаны со значительными рисками и неопределенностями. Все заявления, кроме заявлений об исторических фактах, содержащихся в настоящем пресс-релизе, включая, но не ограничиваясь ими, заявления относительно ожидаемых результатов деятельности Procore и целей руководства в отношении будущих операций, являются заявлениями прогнозного характера. Прогнозные заявления Procore, содержащиеся в настоящем пресс-релизе, основываются главным образом на его текущих ожиданиях и прогнозах относительно будущих событий и тенденций, которые, по мнению Procore, могут повлиять на его бизнес, финансовое состояние и операционные результаты. Исход событий, описанных в этих прогнозных заявлениях, подвержен рискам, неопределенностям и другим факторам, которые могут привести к тому, что результаты будут существенно отличаться от текущих ожиданий Procore. Вы не должны чрезмерно полагаться на прогнозные заявления Procore. Procore не берет на себя никаких обязательств по обновлению каких-либо прогнозных заявлений, чтобы отразить события или обстоятельства, которые существуют или изменяются после даты, на которую они были сделаны, за исключением случаев, предусмотренных законом.
Финансовые показатели, Не относящиеся к ОПБУ
Procore считает, что использование определенных финансовых показателей, не относящихся к GAAP, как описано ниже, в совокупности полезно для инвесторов, поскольку оно обеспечивает согласованность и сопоставимость с прошлыми финансовыми показателями и может помочь в сравнении с другими компаниями, некоторые из которых используют аналогичную финансовую информацию, не относящуюся к GAAP, для дополнения своих результатов по GAAP. Эти финансовые показатели, не относящиеся к ОПБУ, не подготовлены в соответствии с общепринятыми принципами бухгалтерского учета США или ОПБУ.
Валовая прибыль без учета GAAP, Валовая прибыль без учета GAAP, Операционные расходы без учета GAAP, Операционный убыток без учета GAAP, Операционная маржа без учета GAAP, Чистый убыток без учета GAAP и Чистый убыток без учета GAAP на акцию: Procore определяет эти финансовые показатели без учета GAAP как соответствующие показатели GAAP, исключая расходы на компенсацию на основе акций, амортизация приобретенных нематериальных активов, налог на заработную плату работодателя, связанный с операциями с акциями сотрудников, и расходы, связанные с приобретением. Валовая прибыль без учета ОПБУ - это коэффициент, рассчитываемый путем деления валовой прибыли без учета ОПБУ на общую выручку. Операционная маржа без учета GAAP - это коэффициент, рассчитываемый путем деления операционного убытка без учета GAAP на общую выручку.
Из-за различных доступных методологий оценки, субъективных допущений и разнообразия долевых инструментов, которые могут повлиять на неденежные расходы компании, Procore считает, что предоставление финансовых показателей, не относящихся к GAAP, которые исключают расходы на компенсацию на основе акций, позволяют проводить значимые сравнения между ее операционными результатами от периода к периоду. Расходы, связанные с амортизацией приобретенных нематериальных активов, зависят от оценок и допущений, которые могут существенно различаться и являются уникальными для каждого приобретенного актива; поэтому Procore считает, что показатели, не относящиеся к GAAP, которые корректируют амортизацию приобретенных нематериальных активов, обеспечивают инвесторам постоянную основу для сравнения между отчетными периодами. Сумма статей налога на заработную плату работодателя, связанных с операциями с акциями сотрудников, зависит от расчетов по ограниченным акциям, исполнения опционов, соответствующей цены акций и других факторов, которые находятся вне контроля Procore и которые не коррелируют с функционированием бизнеса. При оценке эффективности своего бизнеса и составлении операционных планов Procore не учитывает эти пункты (например, при рассмотрении влияния грантов на акционерный капитал компания уделяет большее внимание общему размыванию акционеров, чем бухгалтерским расходам, связанным с такими грантами). Кроме того, расходы, связанные с приобретением, такие как операционные издержки и платежи за удержание, являются расходами, которые не обязательно отражают операционные показатели в течение определенного периода. Procore считает, что исключение расходов, связанных с приобретением, обеспечивает полезное сравнение наших операционных результатов с предыдущими периодами и с аналогичными компаниями, которые обычно исключают эти расходы. В целом, Procore считает полезным исключить эти расходы, чтобы лучше понять долгосрочные показатели своей основной деятельности и облегчить сравнение своих результатов за период и с аналогичными компаниями. Все эти финансовые показатели, не относящиеся к GAAP, являются важными инструментами для принятия финансовых и операционных решений, а также для оценки собственных операционных результатов Procore за различные периоды времени.
Финансовые показатели, не относящиеся к GAAP, могут не предоставлять информацию, непосредственно сопоставимую с информацией, предоставляемой другими компаниями в отрасли Procore, поскольку другие компании в отрасли могут рассчитывать финансовые показатели, не относящиеся к GAAP, по-разному. Кроме того, существуют ограничения в использовании финансовых показателей, не относящихся к GAAP, поскольку финансовые показатели, не относящиеся к GAAP, не подготовлены в соответствии с GAAP, могут отличаться от финансовых показателей, не относящихся к GAAP, используемых другими компаниями, и исключают расходы, которые могут оказать существенное влияние на отчетные финансовые результаты Procore. Кроме того, расходы на компенсацию на основе акций были и будут оставаться в обозримом будущем значительными текущими расходами в бизнесе Procore и важной частью компенсации, предоставляемой его сотрудникам. Представление финансовой информации, не относящейся к ОПБУ, не предназначено для рассмотрения изолированно или в качестве замены непосредственно сопоставимых финансовых показателей, подготовленных в соответствии с ОПБУ. Инвесторам следует проанализировать сверку финансовых показателей, не относящихся к GAAP, с сопоставимыми финансовыми показателями GAAP, включенными ниже, и не полагаться на какой-либо отдельный финансовый показатель для оценки бизнеса Procore.
Свободный денежный поток: Procore определяет свободный денежный поток как чистые денежные средства, полученные от операционной деятельности, за вычетом приобретения основных средств и капитализированных затрат на разработку программного обеспечения. Procore считает, что свободный денежный поток является важным показателем ликвидности денежных средств (если таковые имеются), которые доступны после нашей операционной деятельности и капитальных затрат. Procore использует свободный денежный поток в сочетании с традиционными показателями GAAP для оценки своей ликвидности и оценки эффективности своих бизнес-стратегий. Как только бизнес-потребности и обязательства Procore будут удовлетворены, денежные средства можно будет использовать для поддержания стабильного баланса и инвестирования в будущий рост.
Procore - ведущий мировой поставщик программного обеспечения для управления строительством. На платформе Procore запущено более 1 миллиона проектов и объем строительства превысил 1 триллион долларов США. Платформа Procore соединяет ключевых участников проекта с решениями, разработанными Procore специально для строительной отрасли — для владельца, генерального подрядчика и специализированного подрядчика. Торговая площадка приложений Procore предлагает множество партнерских решений, которые легко интегрируются с платформой Procore, предоставляя специалистам по строительству свободу выбора того, что лучше всего подходит для них. Штаб-квартира Procore находится в Карпинтерии, штат Калифорния, и имеет офисы по всему миру. Узнайте больше на сайте Procore.com .
Procore Technologies, Inc. Condensed Consolidated Statements of Operations (unaudited) |
||||||||
|
|
Three Months Ended March 31, |
|
|||||
(in thousands, except share and per share amounts) |
|
2022 |
|
|
2021 |
|
||
Revenue |
|
$ |
159,516 |
|
|
$ |
113,938 |
|
Cost of revenue (1)(2)(3) |
|
|
33,332 |
|
|
|
20,359 |
|
Gross profit |
|
|
126,184 |
|
|
|
93,579 |
|
Operating expenses: |
|
|
|
|
|
|
|
|
Sales and marketing (1)(2)(3)(4) |
|
|
93,915 |
|
|
|
53,965 |
|
Research and development (1)(2)(3)(4) |
|
|
60,254 |
|
|
|
34,545 |
|
General and administrative (1)(3)(4) |
|
|
43,152 |
|
|
|
17,927 |
|
Total operating expenses |
|
|
197,321 |
|
|
|
106,437 |
|
Loss from operations |
|
|
(71,137 |
) |
|
|
(12,858 |
) |
Interest expense, net |
|
|
(491 |
) |
|
|
(562 |
) |
Other income (expense), net |
|
|
543 |
|
|
|
(183 |
) |
Loss before provision for income taxes |
|
|
(71,085 |
) |
|
|
(13,603 |
) |
Provision for income taxes |
|
|
334 |
|
|
|
129 |
|
Net loss |
|
$ |
(71,419 |
) |
|
$ |
(13,732 |
) |
Net loss per share attributable to common stockholders, basic and diluted |
|
$ |
(0.53 |
) |
|
$ |
(0.44 |
) |
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted |
|
|
134,530,010 |
|
|
|
31,357,060 |
|
(1) Включает расходы на компенсацию на основе акций следующим образом:
|
|
Three Months Ended March 31, |
|
|||||
|
|
2022 |
|
|
2021 |
|
||
|
|
(in thousands) |
|
|||||
Cost of revenue |
|
$ |
1,458 |
|
|
$ |
1,161 |
|
Sales and marketing |
|
|
10,296 |
|
|
|
3,252 |
|
Research and development |
|
|
13,008 |
|
|
|
3,246 |
|
General and administrative |
|
|
12,447 |
|
|
|
2,644 |
|
Total stock-based compensation expense |
|
$ |
37,209 |
|
|
$ |
10,303 |
|
(2) Включает амортизацию приобретенных нематериальных активов следующим образом:
|
|
Three Months Ended March 31, |
|
|||||
|
|
2022 |
|
|
2021 |
|
||
|
|
(in thousands) |
|
|||||
Cost of revenue |
|
$ |
5,654 |
|
|
$ |
1,086 |
|
Sales and marketing |
|
|
3,106 |
|
|
|
479 |
|
Research and development |
|
|
902 |
|
|
|
183 |
|
Total amortization of acquired intangible assets |
|
$ |
9,662 |
|
|
$ |
1,748 |
|
(3) Включает налог на заработную плату работодателя при операциях с акциями сотрудников следующим образом:
|
|
Three Months Ended March 31, |
|
|||||
|
|
2022 |
|
|
2021 |
|
||
|
|
(in thousands) |
|
|||||
Cost of revenue |
|
$ |
81 |
|
|
$ |
4 |
|
Sales and marketing |
|
|
608 |
|
|
|
142 |
|
Research and development |
|
|
1,027 |
|
|
|
74 |
|
General and administrative |
|
|
545 |
|
|
|
80 |
|
Total employer payroll tax on employee stock transactions |
|
$ |
2,261 |
|
|
$ |
300 |
|
(4) Включает расходы, связанные с приобретением, следующим образом:
|
|
Three Months Ended March 31, |
|
|||||
|
|
2022 |
|
|
2021 |
|
||
|
|
(in thousands) |
|
|||||
Sales and marketing |
|
$ |
207 |
|
|
$ |
- |
|
Research and development |
|
|
1,101 |
|
|
|
- |
|
General and administrative |
|
|
1,038 |
|
|
|
- |
|
Total acquisition-related expenses |
|
$ |
2,346 |
|
|
$ |
- |
|
Procore Technologies, Inc. Condensed Consolidated Balance Sheets (unaudited) |
||||||||
(in thousands) |
|
March 31, 2022 |
|
|
December 31, 2021 |
|
||
Assets |
|
|
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
586,914 |
|
|
$ |
586,108 |
|
Accounts receivable, net |
|
|
79,777 |
|
|
|
113,977 |
|
Contract cost asset, current |
|
|
18,358 |
|
|
|
17,030 |
|
Prepaid expenses and other current assets |
|
|
40,730 |
|
|
|
35,173 |
|
Total current assets |
|
|
725,779 |
|
|
|
752,288 |
|
Capitalized software development costs, net |
|
|
34,898 |
|
|
|
27,062 |
|
Property and equipment, net |
|
|
40,047 |
|
|
|
36,837 |
|
Right of use assets - finance leases |
|
|
38,948 |
|
|
|
39,623 |
|
Right of use assets - operating leases |
|
|
47,245 |
|
|
|
44,052 |
|
Contract cost asset, non-current |
|
|
28,735 |
|
|
|
25,889 |
|
Intangible assets, net |
|
|
192,501 |
|
|
|
201,977 |
|
Goodwill |
|
|
540,024 |
|
|
|
540,922 |
|
Other assets |
|
|
24,087 |
|
|
|
22,007 |
|
Total assets |
|
$ |
1,672,264 |
|
|
$ |
1,690,657 |
|
Liabilities, Redeemable Convertible Preferred Stock and Stockholders’ Equity |
|
|
|
|
|
|
|
|
Current liabilities |
|
|
|
|
|
|
|
|
Accounts payable |
|
$ |
14,408 |
|
|
$ |
15,490 |
|
Accrued expenses |
|
|
58,892 |
|
|
|
65,907 |
|
Deferred revenue, current |
|
|
310,000 |
|
|
|
301,557 |
|
Other current liabilities |
|
|
25,316 |
|
|
|
20,750 |
|
Total current liabilities |
|
|
408,616 |
|
|
|
403,704 |
|
Deferred revenue, non-current |
|
|
4,166 |
|
|
|
4,024 |
|
Finance lease liabilities, non-current |
|
|
46,952 |
|
|
|
47,344 |
|
Operating lease liabilities, non-current |
|
|
43,820 |
|
|
|
41,573 |
|
Other liabilities, non-current |
|
|
4,325 |
|
|
|
4,723 |
|
Total liabilities |
|
|
507,879 |
|
|
|
501,368 |
|
Stockholders’ equity |
|
|
|
|
|
|
|
|
Common stock |
|
|
13 |
|
|
|
13 |
|
Additional paid-in capital |
|
|
1,898,241 |
|
|
|
1,852,071 |
|
Accumulated other comprehensive loss |
|
|
(238 |
) |
|
|
(583 |
) |
Accumulated deficit |
|
|
(733,631 |
) |
|
|
(662,212 |
) |
Total stockholders’ equity |
|
|
1,164,385 |
|
|
|
1,189,289 |
|
Total liabilities, redeemable convertible preferred stock and stockholders’ equity |
|
$ |
1,672,264 |
|
|
$ |
1,690,657 |
|
Оставшееся обязательство по исполнению:
Оставшееся обязательство по исполнению составило 626,7 млн долларов США по состоянию на 31 марта 2022 года, примерно 71% из которых, как ожидается, будет признано в качестве выручки в течение 12 месяцев. Оставшееся обязательство по исполнению составило 449,9 млн долларов США по состоянию на 31 марта 2021 года, примерно 73% из которых, как ожидалось, будут признаны в качестве выручки в течение 12 месяцев.
Procore Technologies, Inc. Condensed Consolidated Statements of Cash Flows (unaudited) |
||||||||
|
|
Three Months Ended March 31, |
|
|||||
(in thousands) |
|
2022 |
|
|
2021 |
|
||
Operating activities |
|
|
|
|
|
|
|
|
Net loss |
|
$ |
(71,419 |
) |
|
$ |
(13,732 |
) |
Adjustments to reconcile net loss to net cash provided by operating activities |
|
|
|
|
|
|
|
|
Stock-based compensation |
|
|
37,209 |
|
|
|
10,303 |
|
Depreciation and amortization |
|
|
15,147 |
|
|
|
7,301 |
|
Abandonment of long-lived assets |
|
|
- |
|
|
|
554 |
|
Noncash lease expense |
|
|
2,156 |
|
|
|
1,866 |
|
Unrealized foreign currency (gain) loss, net |
|
|
(477 |
) |
|
|
605 |
|
Deferred income taxes |
|
|
(352 |
) |
|
|
(27 |
) |
Changes in operating assets and liabilities |
|
|
|
|
|
|
|
|
Accounts receivable |
|
|
34,125 |
|
|
|
20,723 |
|
Deferred contract cost assets |
|
|
(4,066 |
) |
|
|
(1,562 |
) |
Prepaid expenses and other assets |
|
|
(4,925 |
) |
|
|
(4,601 |
) |
Accounts payable |
|
|
339 |
|
|
|
(3,516 |
) |
Accrued expenses and other liabilities |
|
|
(4,357 |
) |
|
|
5,115 |
|
Deferred revenue |
|
|
8,774 |
|
|
|
6,639 |
|
Operating lease liabilities |
|
|
(1,870 |
) |
|
|
(1,372 |
) |
Net cash flow provided by operating activities |
|
|
10,284 |
|
|
|
28,296 |
|
Investing activities |
|
|
|
|
|
|
|
|
Purchases of property and equipment |
|
|
(7,525 |
) |
|
|
(2,393 |
) |
Capitalized software development costs |
|
|
(7,632 |
) |
|
|
(2,193 |
) |
Purchases of strategic investments |
|
|
(2,329 |
) |
|
|
- |
|
Settlement of post-close working capital adjustments from business combinations |
|
|
1,291 |
|
|
|
- |
|
Net cash flow used in investing activities |
|
|
(16,195 |
) |
|
|
(4,586 |
) |
Financing activities |
|
|
|
|
|
|
|
|
Proceeds from stock option exercises |
|
|
6,907 |
|
|
|
11,627 |
|
Payments of deferred offering costs |
|
|
- |
|
|
|
(540 |
) |
Principal payments under finance lease agreements, net of proceeds from lease incentives |
|
|
(365 |
) |
|
|
(314 |
) |
Net cash flow provided by financing activities |
|
|
6,542 |
|
|
|
10,773 |
|
Net increase in cash, cash equivalents and restricted cash |
|
|
631 |
|
|
|
34,483 |
|
Effect of exchange rate changes on cash |
|
|
175 |
|
|
|
(629 |
) |
Cash, cash equivalents and restricted cash, beginning of period |
|
|
589,212 |
|
|
|
383,253 |
|
Cash, cash equivalents and restricted cash, end of period |
|
$ |
590,018 |
|
|
$ |
417,107 |
|
Procore Technologies, Inc. Сверка ОПБУ с финансовыми показателями , не относящимися к ОПБУ (неаудировано)
Сверка валовой прибыли и валовой прибыли с валовой прибылью, не относящейся к GAAP, и валовой прибылью, не относящейся к GAAP:
|
|
Three Months Ended March 31, |
|
|||||
|
|
2022 |
|
|
2021 |
|
||
|
|
(dollars in thousands) |
|
|||||
Revenue |
|
$ |
159,516 |
|
|
$ |
113,938 |
|
Gross profit |
|
|
126,184 |
|
|
|
93,579 |
|
Stock-based compensation expense |
|
|
1,458 |
|
|
|
1,161 |
|
Amortization of acquired technology intangible assets |
|
|
5,654 |
|
|
|
1,086 |
|
Employer payroll tax on employee stock transactions |
|
|
81 |
|
|
|
4 |
|
Non-GAAP gross profit |
|
$ |
133,377 |
|
|
$ |
95,830 |
|
Gross margin |
|
|
79 |
% |
|
|
82 |
% |
Non-GAAP gross margin |
|
|
84 |
% |
|
|
84 |
% |
Сверка операционных расходов с операционными расходами, не относящимися к ОПБУ:
|
|
Three Months Ended March 31, |
|
|||||
|
|
2022 |
|
|
2021 |
|
||
|
|
(dollars in thousands) |
|
|||||
Revenue |
|
$ |
159,516 |
|
|
$ |
113,938 |
|
GAAP sales and marketing |
|
|
93,915 |
|
|
|
53,965 |
|
Stock-based compensation expense |
|
|
(10,296 |
) |
|
|
(3,252 |
) |
Amortization of acquired intangible assets |
|
|
(3,106 |
) |
|
|
(479 |
) |
Employer payroll tax on employee stock transactions |
|
|
(608 |
) |
|
|
(142 |
) |
Acquisition-related expenses |
|
|
(207 |
) |
|
|
- |
|
Non-GAAP sales and marketing |
|
$ |
79,698 |
|
|
$ |
50,092 |
|
GAAP sales and marketing as a percentage of revenue |
|
|
59 |
% |
|
|
47 |
% |
Non-GAAP sales and marketing as a percentage of revenue |
|
|
50 |
% |
|
|
44 |
% |
GAAP research and development |
|
$ |
60,254 |
|
|
$ |
34,545 |
|
Stock-based compensation expense |
|
|
(13,008 |
) |
|
|
(3,246 |
) |
Amortization of acquired intangible assets |
|
|
(902 |
) |
|
|
(183 |
) |
Employer payroll tax on employee stock transactions |
|
|
(1,027 |
) |
|
|
(74 |
) |
Acquisition-related expenses |
|
|
(1,101 |
) |
|
|
- |
|
Non-GAAP research and development |
|
$ |
44,216 |
|
|
$ |
31,042 |
|
GAAP research and development as a percentage of revenue |
|
|
38 |
% |
|
|
30 |
% |
Non-GAAP research and development as a percentage of revenue |
|
|
28 |
% |
|
|
27 |
% |
GAAP general and administrative |
|
$ |
43,152 |
|
|
$ |
17,927 |
|
Stock-based compensation expense |
|
|
(12,447 |
) |
|
|
(2,644 |
) |
Employer payroll tax on employee stock transactions |
|
|
(545 |
) |
|
|
(80 |
) |
Acquisition-related expenses |
|
|
(1,038 |
) |
|
|
- |
|
Non-GAAP general and administrative |
|
$ |
29,122 |
|
|
$ |
15,203 |
|
GAAP general and administrative as a percentage of revenue |
|
|
27 |
% |
|
|
16 |
% |
Non-GAAP general and administrative as a percentage of revenue |
|
|
18 |
% |
|
|
13 |
% |
Сверка убытка от операций и операционной маржи с убытком от операций, не относящимся к ОПБУ, и операционной маржей, не относящейся к ОПБУ:
|
|
Three Months Ended March 31, |
|
|||||
|
|
2022 |
|
|
2021 |
|
||
|
|
(dollars in thousands) |
|
|||||
Revenue |
|
$ |
159,516 |
|
|
$ |
113,938 |
|
Loss from operations |
|
|
(71,137 |
) |
|
|
(12,858 |
) |
Stock-based compensation expense |
|
|
37,209 |
|
|
|
10,303 |
|
Amortization of acquired intangible assets |
|
|
9,662 |
|
|
|
1,748 |
|
Employer payroll tax on employee stock transactions |
|
|
2,261 |
|
|
|
300 |
|
Acquisition-related expenses |
|
|
2,346 |
|
|
|
- |
|
Non-GAAP loss from operations |
|
$ |
(19,659 |
) |
|
$ |
(507 |
) |
Operating margin |
|
|
(45 |
%) |
|
|
(11 |
%) |
Non-GAAP operating margin |
|
|
(12 |
%) |
|
|
(0 |
%) |
Сверка чистого убытка и чистого убытка на акцию с чистым убытком, не относящимся к ОПБУ, и чистым убытком, не относящимся к ОПБУ, на акцию:
|
|
Three Months Ended March 31, |
|
|||||
|
|
2022 |
|
|
2021 |
|
||
|
|
(dollars in thousands) |
|
|||||
Revenue |
|
$ |
159,516 |
|
|
$ |
113,938 |
|
Net loss |
|
|
(71,419 |
) |
|
|
(13,732 |
) |
Stock-based compensation expense |
|
|
37,209 |
|
|
|
10,303 |
|
Amortization of acquired intangible assets |
|
|
9,662 |
|
|
|
1,748 |
|
Employer payroll tax on employee stock transactions |
|
|
2,261 |
|
|
|
300 |
|
Acquisition-related expenses |
|
|
2,346 |
|
|
|
- |
|
Non-GAAP net loss |
|
$ |
(19,941 |
) |
|
$ |
(1,381 |
) |
|
|
|
|
|
|
|
|
|
Numerator: |
|
|
|
|
|
|
|
|
Non-GAAP net loss |
|
$ |
(19,941 |
) |
|
$ |
(1,381 |
) |
|
|
|
|
|
|
|
|
|
Denominator: |
|
|
|
|
|
|
|
|
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted |
|
|
134,530,010 |
|
|
|
31,357,060 |
|
|
|
|
|
|
|
|
|
|
GAAP net loss per share, basic and diluted |
|
$ |
(0.53 |
) |
|
$ |
(0.44 |
) |
Non-GAAP net loss per share, basic and diluted |
|
$ |
(0.15 |
) |
|
$ |
(0.04 |
) |
Расчет свободного денежного потока:
|
|
Three Months Ended March 31, |
|
|||||
|
|
2022 |
|
|
2021 |
|
||
|
|
(dollars in thousands) |
|
|||||
Net cash provided by operating activities |
|
$ |
10,284 |
|
|
$ |
28,296 |
|
Purchases of property and equipment |
|
|
(7,525 |
) |
|
|
(2,393 |
) |
Capitalized software development costs |
|
|
(7,632 |
) |
|
|
(2,193 |
) |
Non-GAAP free cash flow |
|
$ |
(4,873 |
) |
|
$ |
23,710 |
|