PROCORE TECHNOLOGIES INC
For the period ended Sep 30, 2024. Filed Oct 31, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2024 · Filed Oct 31, 2024
PCOR$76.26-0.3%Stored close · as of Nov 10, 2026
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Condensed Consolidated Statements of Cash Flows
Condensed Consolidated Statements of Cash Flows(unaudited)
| Nine Months Ended September 30, | ||
|---|---|---|
| (in thousands) | 2024 | 2023 |
| Operating activities | ||
| Net loss | $(43,665) | $(160,175) |
| Adjustments to reconcile net loss to net cash provided by operating activities | ||
| Stock-based compensation | 137,532 | 132,234 |
| Depreciation and amortization | 65,127 | 51,943 |
| Accretion of discounts on marketable debt securities, net | (10,131) | (6,615) |
| Abandonment of long-lived assets | 818 | 812 |
| Noncash operating lease expense | 7,906 | 7,932 |
| Unrealized foreign currency loss, net | 295 | 739 |
| Deferred income taxes | 4 | 7 |
| Provision for credit losses | 648 | 6,882 |
| (Increase) decrease in fair value of strategic investments | (457) | 155 |
| Changes in operating assets and liabilities, net of effect of asset acquisitions and business combinations | ||
| Accounts receivable | 34,296 | 3,144 |
| Deferred contract cost assets | (3,217) | (5,099) |
| Prepaid expenses and other assets | (12,121) | (1,878) |
| Accounts payable | 11,029 | 2,258 |
| Accrued expenses and other liabilities | (8,475) | (1,975) |
| Deferred revenue | (6,268) | 29,080 |
| Operating lease liabilities | (6,205) | (8,172) |
| Net cash provided by operating activities | 167,116 | 51,272 |
| Investing activities | ||
| Purchases of property and equipment | (7,510) | (8,073) |
| Capitalized software development costs | (32,453) | (25,187) |
| Purchases of strategic investments | (1,917) | (526) |
| Purchases of marketable securities | (410,619) | (309,282) |
| Maturities of marketable securities | 371,718 | 287,620 |
| Sales of marketable securities | — | 5,452 |
| Originations of materials financing | — | (23,585) |
| Customer repayments of materials financing | 1,571 | 21,053 |
| Acquisition of a business, net of cash acquired | (25,945) | — |
| Asset acquisitions, net of cash acquired | (3,792) | (6,011) |
| Net cash used in investing activities | (108,947) | (58,539) |
| Financing activities | ||
| Proceeds from stock option exercises | 12,371 | 15,094 |
| Proceeds from employee stock purchase plan | 13,187 | 13,006 |
| 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 | (1,569) | (1,450) |
| Net cash provided by financing activities | 22,438 | 26,650 |
| Net increase in cash and cash equivalents | 80,607 | 19,383 |
| Effect of exchange rate changes on cash | 901 | (881) |
| Cash and cash equivalents, beginning of period | 357,790 | 299,816 |
| Cash and cash equivalents, end of period | $439,298 | $318,318 |
Condensed Consolidated Statements of Cash Flows(unaudited)
| Nine Months Ended September 30, | ||
|---|---|---|
| (in thousands) | 2024 | 2023 |
| Supplemental disclosure of cash flow information | ||
| Cash paid for interest other than finance leases | 25 | 4 |
| Cash paid for income taxes, net of refunds received | $2,099 | $682 |
| Stock-based compensation capitalized for cloud-computing arrangement costs | 95 | 246 |
| Cash received for lease incentives | 394 | 537 |
| Cash paid for amounts included in the measurement of lease liabilities | ||
| Operating cash flows from finance leases | 1,414 | 1,473 |
| Operating cash flows from operating leases | 8,142 | 9,710 |
| Financing cash flows from finance leases | 1,652 | 1,536 |
| Noncash investing and financing activities: | ||
| Purchases of property and equipment included in accounts payable and accrued expenses at period end | 2,099 | 792 |
| Capitalized software development costs included in accounts payable and accrued expenses at period end | 3,907 | 1,693 |
| Stock-based compensation capitalized for software development | 9,458 | 6,743 |
| Deferred asset acquisition payment included in other current liabilities and accrued expenses at period end | 1,400 | 370 |
| Right of use assets obtained or modified in exchange for operating lease liabilities | (3,599) | 13,638 |
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