PROCORE TECHNOLOGIES INC
For the period ended Dec 31, 2023. Filed Feb 26, 2024.
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FY2023 · Filed Feb 26, 2024
PCOR$76.26-0.3%Stored close · as of Nov 10, 2026
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Item 8. Consolidated Statements of Cash Flows
Consolidated Statements of Cash Flows
| Year Ended December 31, | |||
|---|---|---|---|
| (in thousands) | 2023 | 2022 | 2021 |
| Operating activities | |||
| Net loss | $(189,694) | $(286,931) | $(265,165) |
| Adjustments to reconcile net loss to net cash provided by operating activities | |||
| Stock-based compensation | 174,835 | 162,886 | 227,161 |
| Depreciation and amortization | 71,633 | 63,039 | 36,376 |
| Accretion of discounts on marketable debt securities, net | (9,790) | (2,009) | — |
| Abandonment of long-lived assets | 1,488 | 1,344 | 554 |
| Noncash operating lease expense | 13,092 | 10,170 | 7,569 |
| Unrealized foreign currency (gain) loss, net | (524) | (351) | 685 |
| Deferred income taxes | (769) | (283) | (24,493) |
| Provision for credit losses | 8,052 | 2,584 | 129 |
| Decrease (increase) in fair value of strategic investments | 287 | 483 | (32) |
| Changes in operating assets and liabilities, net of effect of asset acquisitions and business combinations | |||
| Accounts receivable | (57,492) | (35,817) | (34,184) |
| Deferred contract cost assets | (9,306) | (21,974) | (10,157) |
| Prepaid expenses and other assets | (6,368) | (3,754) | (16,811) |
| Accounts payable | (938) | 459 | 3,954 |
| Accrued expenses and other liabilities | 4,759 | 34,623 | 38,176 |
| Deferred revenue | 106,590 | 97,029 | 78,671 |
| Operating lease liabilities | (13,840) | (8,890) | (5,703) |
| Net cash provided by operating activities | 92,015 | 12,608 | 36,730 |
| Investing activities | |||
| Purchases of property and equipment | (10,325) | (15,782) | (12,383) |
| Capitalized software development costs | (34,685) | (33,648) | (15,248) |
| Purchases of strategic investments | (764) | (3,959) | (4,300) |
| Purchases of marketable securities | (402,424) | (369,206) | — |
| Maturities of marketable securities | 372,240 | 85,632 | — |
| Sales of marketable securities | 5,452 | — | — |
| Originations of materials financing | (23,972) | (23,489) | — |
| Customer repayments of materials financing | 26,242 | 18,685 | — |
| Asset acquisitions, net of cash acquired | (7,825) | — | — |
| Acquisition of businesses, net of cash acquired | — | — | (509,837) |
| Settlement of post-close working capital adjustments from business combinations | — | 1,291 | — |
| Net cash used in investing activities | $(76,061) | $(340,476) | $(541,768) |
Consolidated Statements of Cash Flows (Continued)
| Year Ended December 31, | |||
|---|---|---|---|
| (in thousands) | 2023 | 2022 | 2021 |
| Financing activities | |||
| Proceeds from initial public offering | $— | $— | $665,129 |
| Proceeds from stock option exercises | 17,618 | 22,364 | 43,086 |
| Proceeds from employee stock purchase plan | 25,400 | 22,133 | 9,475 |
| Payments of deferred offering costs | — | (270) | (3,880) |
| Payments of deferred business acquisition consideration | — | (3,870) | (475) |
| Principal payments under finance lease agreements, net of proceeds from lease incentives | (1,853) | (1,705) | (1,509) |
| Net cash provided by financing activities | 41,165 | 38,652 | 711,826 |
| Net increase (decrease) in cash, cash equivalents and restricted cash | 57,119 | (289,216) | 206,788 |
| Effect of exchange rate changes on cash | 855 | (180) | (829) |
| Cash, cash equivalents and restricted cash, beginning of period | 299,816 | 589,212 | 383,253 |
| Cash, cash equivalents and restricted cash, end of period | $357,790 | $299,816 | $589,212 |
| Reconciliation of cash, cash equivalents and restricted cash to the consolidated balance sheets | |||
| Cash and cash equivalents at end of period | $357,790 | $296,712 | $586,108 |
| Restricted cash, non-current at end of period included in other assets | — | 3,104 | 3,104 |
| Total cash, cash equivalents and restricted cash at end of period shown in the consolidated statements of cash flows | $357,790 | $299,816 | $589,212 |
| Supplemental disclosure of cash flow information | |||
| Cash paid for interest other than finance leases | $4 | $94 | $186 |
| Cash paid for income taxes, net of refunds received | 859 | 700 | 419 |
| Stock-based compensation capitalized for cloud-computing arrangement costs | 296 | 256 | 346 |
| Cash received for lease incentives | 789 | 2,024 | 1,490 |
| Cash paid for amounts included in the measurement of lease liabilities: | |||
| Operating cash flows from finance leases | 1,953 | 2,017 | 2,076 |
| Operating cash flows from operating leases | 15,971 | 12,092 | 8,346 |
| Financing cash flows from finance leases | 2,054 | 1,906 | 1,710 |
| Noncash investing and financing activities | |||
| Purchases of property and equipment included in accounts payable and accrued expenses at year end | 754 | 1,472 | 2,758 |
| Capitalized software development costs included in accounts payable and accrued expenses at year end | 1,905 | 1,645 | 1,287 |
| Deferred offering costs included in accounts payable and accrued expenses at year end | — | — | 270 |
| Indemnity holdback consideration associated with business combinations included in other current liabilities at year end | — | — | 4,050 |
| Deferred asset acquisition payment included in other non-current liabilities at year end | 1,405 | — | — |
| Issuance of common stock as consideration in business combinations | — | — | 58,028 |
| Stock-based compensation capitalized for software development | 9,421 | 8,562 | 4,901 |
| Conversion of available-for-sale debt securities into equity securities | — | 3,680 | — |
| Conversion of redeemable convertible preferred stock to common stock upon initial public offering | — | — | 728,375 |
| Right of use assets obtained in exchange for operating lease liabilities | 15,385 | 10,198 | 1,857 |
| Noncash net change due to operating lease remeasurement | (115) | (1,642) | 9 |
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