Procore Technologies Files Q2 2024 10-Q
Ticker: PCOR · Form: 10-Q · Filed: 2024-08-02T00:00:00.000Z
Sentiment: neutral
Topics: 10-Q, quarterly-report, financials
TL;DR
Procore's Q2 10-Q is in: financials updated, business as usual.
AI Summary
Procore Technologies, Inc. filed its 10-Q for the period ending June 30, 2024. The filing details financial performance and operational updates for the second quarter. Key financial data and balance sheet information are presented, reflecting the company's ongoing business activities and financial position.
Why It Matters
This filing provides investors and analysts with the latest financial performance data for Procore Technologies, crucial for understanding the company's growth trajectory and market position in the construction software sector.
Risk Assessment
Risk Level: low — This is a routine quarterly financial filing with no immediate red flags or significant new risks disclosed.
Key Numbers
- 20240630 — Period End Date (Indicates the end of the reporting quarter.)
- 20240802 — Filing Date (Shows when the 10-Q was officially submitted to the SEC.)
Key Players & Entities
- PROCORE TECHNOLOGIES, INC. (company) — Filer
- 0001611052 (company) — Central Index Key
- 7372 (company) — Standard Industrial Classification (Services-Prepackaged Software)
- 20240630 (date) — Period of Report
- 20240802 (date) — Filed as of Date
FAQ
What is the reporting period for this 10-Q filing?
The reporting period for this 10-Q filing is the quarter ended June 30, 2024.
What is the company's Central Index Key (CIK)?
The company's Central Index Key (CIK) is 0001611052.
What is Procore Technologies, Inc.'s Standard Industrial Classification (SIC) code?
Procore Technologies, Inc.'s SIC code is 7372, which falls under Services-Prepackaged Software.
When was this 10-Q filing submitted to the SEC?
This 10-Q filing was submitted to the SEC on August 2, 2024.
What is the company's primary business address?
The company's primary business address is 6309 Carpinteria Ave., Carpinteria, CA 93013.
Filing Stats: 4,486 words · 18 min read · ~15 pages · Grade level 18.5 · Accepted 2024-08-02 16:05:17
Key Financial Figures
- $0.0001 — ange on which registered Common stock, $0.0001 par value PCOR The New York Stock Excha
Filing Documents
- pcor-20240630.htm (10-Q) — 1318KB
- pcor-q224x10xqxexx311.htm (EX-31.1) — 10KB
- pcor-q224x10xqxexx312.htm (EX-31.2) — 10KB
- pcor-q224x10xqxexx321.htm (EX-32.1) — 6KB
- pcor-q224x10xqxexx322.htm (EX-32.2) — 6KB
- 0001628280-24-034402.txt ( ) — 6652KB
- pcor-20240630.xsd (EX-101.SCH) — 44KB
- pcor-20240630_cal.xml (EX-101.CAL) — 81KB
- pcor-20240630_def.xml (EX-101.DEF) — 234KB
- pcor-20240630_lab.xml (EX-101.LAB) — 565KB
- pcor-20240630_pre.xml (EX-101.PRE) — 395KB
- pcor-20240630_htm.xml (XML) — 874KB
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 7 Notes to Condensed Consolidated Financial Statements 9 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 25 Item 3.
Quantitative and Qualitative Disclosures About Market Risk
Quantitative and Qualitative Disclosures About Market Risk 44 Item 4.
Controls and Procedures
Controls and Procedures 45 PART II. OTHER INFORMATION 46 Item 1.
Legal Proceedings
Legal Proceedings 46 Item 1A.
Risk Factors
Risk Factors 46 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 46 Item 6. Exhibits 47
Signatures
Signatures 48 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, including through the evolution of our go-to-market ("GTM") platform; 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
– 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) June 30, 2024 December 31, 2023 Assets Current assets Cash and cash equivalents $ 356,239 $ 357,790 Marketable securities, current (amortized cost of $ 379,504 and $ 320,166 at June 30, 2024 and December 31, 2023, respectively) 379,120 320,161 Accounts receivable, net of allowance for credit losses of $ 4,132 and $ 4,791 at June 30, 2024 and December 31, 2023, respectively 158,700 206,644 Contract cost asset, current 30,946 28,718 Prepaid expenses and other current assets 41,471 42,421 Total current assets 966,476 955,734 Marketable securities, non-current (amortized cost of $ 45,430 and $ 0 at June 30, 2024 and December 31, 2023, respectively) 45,430 — Capitalized software development costs, net 95,763 83,045 Property and equipment, net 34,895 36,258 Right of use assets - finance leases 33,051 34,375 Right of use assets - operating leases 35,255 44,141 Contract cost asset, non-current 44,193 44,564 Intangible assets, net 142,293 137,546 Goodwill 550,363 539,354 Other assets 19,316 18,551 Total assets $ 1,967,035 $ 1,893,568 Liabilities and Stockholders' Equity Current liabilities Accounts payable $ 26,951 $ 13,177 Accrued expenses 71,253 100,075 Deferred revenue, current 494,680 501,903 Other current liabilities 31,894 27,275 Total current liabilities 624,778 642,430 Deferred revenue, non-current 6,135 7,692 Finance lease liabilities, non-current 42,468 43,581 Operating lease liabilities, non-current 32,578 37,923 Other liabilities, non-current 5,278 6,332 Total liabilities 711,237 737,958 Contingencies (Note 9) Stockholders' equity Preferred stock, $ 0.0001 par value, 100,000,000 shares authorized at June 30, 2024 and December 31, 2023; 0 shares issued and outstanding at June 30, 2024 and December 31, 2023. — — Common stock, $ 0.0001 par value, 1,000,000,000 shares