Procore Technologies Files Q3 2024 10-Q

TL;DR

Procore's Q3 2024 10-Q is in. Check financials.

AI Summary

Procore Technologies, Inc. filed its 10-Q for the period ending September 30, 2024. The filing details financial performance and operational updates for the third quarter of fiscal year 2024. Key financial data and business segment information are presented, reflecting the company's ongoing activities in the software services sector.

Why It Matters

This filing provides investors with a detailed look at Procore's financial health and operational performance during the third quarter of 2024, influencing investment decisions.

Risk Assessment

Risk Level: low — This is a standard quarterly financial filing with no immediate red flags or significant new risks highlighted.

Key Players & Entities

• PROCORE TECHNOLOGIES, INC. (company) — Filer
• 20240930 (date) — Period of Report
• 20241031 (date) — Filed as of Date
• 7372 (number) — Standard Industrial Classification (Software)

FAQ

Key Financial Figures

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

Filing Documents

• pcor-20240930.htm (10-Q) — 1407KB
• pcor-q324x10xqxexx311.htm (EX-31.1) — 10KB
• pcor-q324x10xqxexx312.htm (EX-31.2) — 10KB
• pcor-q324x10xqxexx321.htm (EX-32.1) — 6KB
• pcor-q324x10xqxexx322.htm (EX-32.2) — 6KB
• 0001628280-24-044546.txt ( ) — 7162KB
• pcor-20240930.xsd (EX-101.SCH) — 45KB
• pcor-20240930_cal.xml (EX-101.CAL) — 82KB
• pcor-20240930_def.xml (EX-101.DEF) — 240KB
• pcor-20240930_lab.xml (EX-101.LAB) — 670KB
• pcor-20240930_pre.xml (EX-101.PRE) — 454KB
• pcor-20240930_htm.xml (XML) — 910KB

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 26 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 48 Item 4.

Controls and Procedures

Controls and Procedures 49 PART II. OTHER INFORMATION 50 Item 1.

Legal Proceedings

Legal Proceedings 50 Item 1A.

Risk Factors

Risk Factors 50 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 51 Item 5 . Other information 51 Item 6. Exhibits 52

Signatures

Signatures 53 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 and investments, including through the evolution of our go-to-market ("GTM") operating model; anticipated performance, trends, growth rates, and challenges in our business and in the markets in which we currently or may in the future operate; 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 geopolitica

– 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) September 30, 2024 December 31, 2023 Assets Current assets Cash and cash equivalents $ 439,298 $ 357,790 Marketable securities, current (amortized cost of $ 316,530 and $ 320,166 at September 30, 2024 and December 31, 2023, respectively) 317,650 320,161 Accounts receivable, net of allowance for credit losses of $ 4,550 and $ 4,791 at September 30, 2024 and December 31, 2023, respectively 173,386 206,644 Contract cost asset, current 32,150 28,718 Prepaid expenses and other current assets 54,248 42,421 Total current assets 1,016,732 955,734 Marketable securities, non-current (amortized cost of $ 52,283 and $ 0 at September 30, 2024 and December 31, 2023, respectively) 52,283 — Capitalized software development costs, net 102,449 83,045 Property and equipment, net 35,952 36,258 Right of use assets - finance leases 32,391 34,375 Right of use assets - operating leases 32,676 44,141 Contract cost asset, non-current 44,593 44,564 Intangible assets, net 131,754 137,546 Goodwill 550,221 539,354 Other assets 19,686 18,551 Total assets $ 2,018,737 $ 1,893,568 Liabilities and Stockholders' Equity Current liabilities Accounts payable $ 25,006 $ 13,177 Accrued expenses 91,227 100,075 Deferred revenue, current 501,599 501,903 Other current liabilities 31,187 27,275 Total current liabilities 649,019 642,430 Deferred revenue, non-current 4,822 7,692 Finance lease liabilities, non-current 41,853 43,581 Operating lease liabilities, non-current 32,070 37,923 Other liabilities, non-current 5,324 6,332 Total liabilities 733,088 737,958 Contingencies (Note 9) Stockholders' equity Preferred stock, $ 0.0001 par value, 100,000,000 shares authorized at September 30, 2024 and December 31, 2023; 0 shares issued and outstanding at September 30, 2024 and December 31, 2023. — — Common stock, $ 0.0001