Procore Technologies, Inc. Files 10-Q for Period Ending March 31, 2024

AI Summary

PROCORE TECHNOLOGIES, INC. (PCOR) filed a Quarterly Report (10-Q) with the SEC on May 2, 2024. Procore Technologies, Inc. filed a 10-Q report for the period ending March 31, 2024. The filing covers the first quarter of fiscal year 2024. The company's headquarters are located at 6309 Carpinteria Ave., Carpinteria, CA 93013. The SEC file number for this report is 001-40396. The fiscal year end for Procore Technologies, Inc. is December 31.

Why It Matters

For investors and stakeholders tracking PROCORE TECHNOLOGIES, INC., this filing contains several important signals. This 10-Q filing provides investors and analysts with the latest quarterly financial data, enabling them to assess Procore's performance and make informed investment decisions. The detailed financial information in the 10-Q is crucial for understanding the company's revenue, expenses, assets, and liabilities, which are key indicators of its financial health and operational efficiency.

Risk Assessment

Risk Level: low — PROCORE TECHNOLOGIES, INC. shows low risk based on this filing. The filing is a standard quarterly report (10-Q) and does not contain any immediate red flags or significant deviations from typical reporting requirements.

Analyst Insight

Monitor future filings for revenue growth trends and profitability metrics to assess the company's ongoing performance in the construction technology sector.

Key Numbers

• 2024-03-31 — Reporting Period End Date (10-Q Filing)
• 2024-05-02 — Filing Date (10-Q Filing)
• 001-40396 — SEC File Number (Company Information)
• 7372 — Standard Industrial Classification (Company Information)

Key Players & Entities

• PROCORE TECHNOLOGIES, INC. (company) — FILER
• PCOR (company) — Ticker Symbol
• 2024-03-31 (date) — CONFORMED PERIOD OF REPORT
• 2024-05-02 (date) — FILED AS OF DATE
• 6309 CARPINTERIA AVE. (address) — BUSINESS ADDRESS
• CARPINTERIA (city) — BUSINESS ADDRESS
• CA (state) — BUSINESS ADDRESS
• 93013 (zip_code) — BUSINESS ADDRESS

FAQ

Industry Context

Procore Technologies operates in the software industry, specifically providing cloud-based construction management software.

Regulatory Implications

This filing is a standard 10-Q, adhering to the reporting requirements of the Securities Exchange Act of 1934.

What Investors Should Do

1. Review the full 10-Q document for detailed financial statements and management's discussion and analysis.
2. Compare Q1 2024 results with previous quarters and the same quarter in the prior year to identify trends.
3. Analyze any disclosed risk factors or legal proceedings that may impact the company's future performance.

Key Dates

• 2024-03-31: Quarterly Period End — End of the reporting period for the 10-Q filing.
• 2024-05-02: Filing Date — Date the 10-Q report was officially submitted to the SEC.

Year-Over-Year Comparison

This is the initial filing analyzed, so no comparison to a previous filing is available.

Key Financial Figures

• $0.0001 — ange on which registered Common stock, $0.0001 par value PCOR The New York Stock Excha

Filing Documents

• pcor-20240331.htm (10-Q) — 987KB
• pcor-q124x10xqxexx101.htm (EX-10.1) — 18KB
• pcor-q124x10xqxexx102.htm (EX-10.2) — 24KB
• pcor-q124x10xqxexx103.htm (EX-10.3) — 522KB
• pcor-q124x10xqxexx311.htm (EX-31.1) — 10KB
• pcor-q124x10xqxexx312.htm (EX-31.2) — 10KB
• pcor-q124x10xqxexx321.htm (EX-32.1) — 6KB
• pcor-q124x10xqxexx322.htm (EX-32.2) — 6KB
• headerlogo.jpg (GRAPHIC) — 21KB
• pcorlogoa.jpg (GRAPHIC) — 4KB
• 0001628280-24-019989.txt ( ) — 6337KB
• pcor-20240331.xsd (EX-101.SCH) — 38KB
• pcor-20240331_cal.xml (EX-101.CAL) — 68KB
• pcor-20240331_def.xml (EX-101.DEF) — 193KB
• pcor-20240331_lab.xml (EX-101.LAB) — 573KB
• pcor-20240331_pre.xml (EX-101.PRE) — 382KB
• pcor-20240331_htm.xml (XML) — 674KB

Financial Statements (Unaudited)

Financial Statements (Unaudited) 3 Condensed Consolidated Balance Sheets 3 Condensed Consolidated Statements of Operations and Comprehensive Loss 4 Condensed Consolidated Statements of Stockholders' Equity 5 Condensed Consolidated Statements of Cash Flows 6 Notes to Condensed Consolidated Financial Statements 8 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 21 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 35 Item 4.

Controls and Procedures

Controls and Procedures 36 PART II. OTHER INFORMATION 37 Item 1.

Legal Proceedings

Legal Proceedings 37 Item 1A.

Risk Factors

Risk Factors 37 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 37 Item 5. Other Information 38 Item 6. Exhibits 39

Signatures

Signatures 41 Table of Contents SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS This Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), about us and our industry that involve substantial risks and uncertainties. All statements other than statements of historical fact contained in this Quarterly Report on Form 10-Q are forward-looking statements regarding our future operating results and financial position, our business strategy and plans, market growth and trends, and our objectives for future operations. Forward-looking statements generally relate to future events or our future financial or operating performance. In some cases, you can identify forward-looking statements because they contain 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 our expectations, strategy, plans, or intentions. These forward-looking statements include, but are not limited to, statements concerning the following: 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 markets 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 macroeconomic and geopolitical conditions; our ability to attract new customers and retain and increase sales to existing cu

– FINANCIAL INFORMATION

Part I – FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements Procore Technologies, Inc. Condensed Consolidated Balance Sheets (unaudited) (in thousands, except number of shares and par value) March 31, 2024 December 31, 2023 Assets Current assets Cash and cash equivalents $ 427,656 $ 357,790 Marketable securities (amortized cost of $ 317,175 and $ 320,166 at March 31, 2024 and December 31, 2023, respectively) 316,963 320,161 Accounts receivable, net of allowance for credit losses of $ 3,279 and $ 4,791 at March 31, 2024 and December 31, 2023, respectively 138,996 206,644 Contract cost asset, current 29,618 28,718 Prepaid expenses and other current assets 41,707 42,421 Total current assets 954,940 955,734 Capitalized software development costs, net 88,409 83,045 Property and equipment, net 35,417 36,258 Right of use assets - finance leases 33,712 34,375 Right of use assets - operating leases 36,727 44,141 Contract cost asset, non-current 43,757 44,564 Intangible assets, net 127,747 137,546 Goodwill 539,131 539,354 Other assets 18,870 18,551 Total assets $ 1,878,710 $ 1,893,568 Liabilities and Stockholders' Equity Current liabilities Accounts payable $ 16,446 $ 13,177 Accrued expenses 67,008 100,075 Deferred revenue, current 487,944 501,903 Other current liabilities 23,585 27,275 Total current liabilities 594,983 642,430 Deferred revenue, non-current 7,403 7,692 Finance lease liabilities, non-current 43,076 43,581 Operating lease liabilities, non-current 33,691 37,923 Other liabilities, non-current 5,876 6,332 Total liabilities 685,029 737,958 Contingencies (Note 8) Stockholders' equity Preferred stock, $ 0.0001 par value, 100,000,000 shares authorized at March 31, 2024 and December 31, 2023; 0 shares issued and outstanding at March 31, 2024 and December 31, 2023. — — Common stock, $ 0.0001 par value, 1,000,000,000 shares authorized at March 31, 2024 and December 31, 2023; 146,271,803 and 144,806,464 shares issued and outstanding at March 31, 2024 and Decembe