PROCORE TECHNOLOGIES INC
For the period ended Dec 31, 2024. Filed Feb 26, 2025.
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FY2024 · Filed Feb 26, 2025
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) | 2024 | 2023 | 2022 |
| Operating activities | |||
| Net loss | $(105,956) | $(189,694) | $(286,931) |
| Adjustments to reconcile net loss to net cash provided by operating activities | |||
| Stock-based compensation | 186,880 | 174,835 | 162,886 |
| Depreciation and amortization | 89,753 | 71,633 | 63,039 |
| Accretion of discounts on marketable debt securities, net | (12,830) | (9,790) | (2,009) |
| Abandonment of long-lived assets | 1,428 | 1,488 | 1,344 |
| Noncash operating lease expense | 11,102 | 13,092 | 10,170 |
| Unrealized foreign currency loss (gain), net | 2,304 | (524) | (351) |
| Deferred income taxes | (881) | (769) | (283) |
| Provision for credit losses | 591 | 8,052 | 2,584 |
| (Increase) decrease in fair value of strategic investments | (454) | 287 | 483 |
| Changes in operating assets and liabilities, net of effect of asset acquisitions and business combinations | |||
| Accounts receivable | (39,501) | (57,492) | (35,817) |
| Deferred contract cost assets | (8,993) | (9,306) | (21,974) |
| Prepaid expenses and other assets | (3,318) | (6,368) | (3,754) |
| Accounts payable | 19,729 | (938) | 459 |
| Accrued expenses and other liabilities | (15,501) | 4,759 | 34,623 |
| Deferred revenue | 79,091 | 106,590 | 97,029 |
| Operating lease liabilities | (7,272) | (13,840) | (8,890) |
| Net cash provided by operating activities | 196,172 | 92,015 | 12,608 |
| Investing activities | |||
| Purchases of property and equipment | (19,143) | (10,325) | (15,782) |
| Capitalized software development costs | (49,529) | (34,685) | (33,648) |
| Purchases of strategic investments | (2,367) | (764) | (3,959) |
| Purchases of marketable securities | (491,475) | (402,424) | (369,206) |
| Maturities of marketable securities | 440,537 | 372,240 | 85,632 |
| Sales of marketable securities | — | 5,452 | — |
| Originations of materials financing | — | (23,972) | (23,489) |
| Customer repayments of materials financing | 1,605 | 26,242 | 18,685 |
| Asset acquisitions, net of cash acquired | (3,792) | (7,825) | — |
| Acquisition of businesses, net of cash acquired | (25,945) | — | — |
| Settlement of post-close working capital adjustments from business combinations | — | — | 1,291 |
| Net cash used in investing activities | $(150,109) | $(76,061) | $(340,476) |
Consolidated Statements of Cash Flows (Continued)
| Year Ended December 31, | |||
|---|---|---|---|
| (in thousands) | 2024 | 2023 | 2022 |
| Financing activities | |||
| Proceeds from stock option exercises | $15,737 | $17,618 | $22,364 |
| Proceeds from employee stock purchase plan | 24,069 | 25,400 | 22,133 |
| Payments of deferred offering costs | — | — | (270) |
| Payment of deferred business combination consideration | (1,470) | — | (3,870) |
| Payment of deferred asset acquisition consideration | (81) | — | — |
| Principal payments under finance lease agreements, net of proceeds from lease incentives | (2,019) | (1,853) | (1,705) |
| Net cash provided by financing activities | 36,236 | 41,165 | 38,652 |
| Net increase (decrease) in cash, cash equivalents and restricted cash | 82,299 | 57,119 | (289,216) |
| Effect of exchange rate changes on cash | (2,367) | 855 | (180) |
| Cash, cash equivalents and restricted cash, beginning of period | 357,790 | 299,816 | 589,212 |
| Cash, cash equivalents and restricted cash, end of period | $437,722 | $357,790 | $299,816 |
| Reconciliation of cash, cash equivalents and restricted cash to the consolidated balance sheets | |||
| Cash and cash equivalents at end of period | $437,722 | $357,790 | $296,712 |
| Restricted cash, non-current at end of period included in other assets | — | — | 3,104 |
| Total cash, cash equivalents and restricted cash at end of period shown in the consolidated statements of cash flows | $437,722 | $357,790 | $299,816 |
| Supplemental disclosure of cash flow information | |||
| Cash paid for interest other than finance leases | $25 | $4 | $94 |
| Cash paid for income taxes, net of refunds received | 2,674 | 859 | 700 |
| Stock-based compensation capitalized for cloud-computing arrangement costs | 104 | 296 | 256 |
| Cash received for lease incentives | 2,620 | 789 | 2,024 |
| Cash paid for amounts included in the measurement of lease liabilities: | |||
| Operating cash flows from finance leases | 1,874 | 1,953 | 2,017 |
| Operating cash flows from operating leases | 11,871 | 15,971 | 12,092 |
| Financing cash flows from finance leases | 2,221 | 2,054 | 1,906 |
| Noncash investing and financing activities | |||
| Purchases of property and equipment included in accounts payable and accrued expenses at year end | 1,638 | 754 | 1,472 |
| Capitalized software development costs included in accounts payable and accrued expenses at year end | 3,775 | 1,905 | 1,645 |
| Deferred asset acquisition payment included in other current liabilities and other non-current liabilities at year end | 1,400 | 1,405 | — |
| Stock-based compensation capitalized for software development | 13,235 | 9,421 | 8,562 |
| Conversion of available-for-sale debt securities into equity securities | 350 | — | 3,680 |
| Right of use assets obtained in exchange for operating lease liabilities | (3,875) | 15,385 | 10,198 |
| Noncash net change due to operating lease remeasurement | (89) | (115) | (1,642) |
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