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Procore Announces Second Quarter 2022 Financial Results

Procore Technologies, Inc. (NYSE: PCOR), a leading global provider of construction management software, today announced financial results for the second quarter ended June 30, 2022.

“Our second quarter results demonstrate the value we deliver to the construction industry, especially in a dynamic environment,” said Tooey Courtemanche, Founder, President and CEO of Procore. “Our platform helps drive efficiency within construction and allows customers to have better visibility and control. We are continuing to see the return on investment in our solutions, which can help relieve some of the construction industry’s toughest burdens.”

“We delivered another quarter of solid results, highlighted by continued strength in backlog metrics, expansion momentum and pipeline generation,” said Paul Lyandres, CFO of Procore. “We are excited to host our inaugural Investor Day on November 8 in conjunction with our annual Groundbreak conference.”

Second Quarter 2022 Financial Highlights:

  • Revenue was $172 million, an increase of 40% year-over-year.
    • Including a $7 million contribution from Levelset
  • GAAP gross margin was 79% and non-GAAP gross margin was 83%.
  • GAAP operating margin was (42%) and non-GAAP operating margin was (15%).
  • Operating cash outflow for the second quarter was $27 million.
  • Free cash outflow for the second quarter was $37 million.

A reconciliation of GAAP to non-GAAP financial measures has been provided in the tables included in this press release. An explanation of these measures is also included below under the heading “Non-GAAP Financial Measures.”

Recent Business Highlights:

Third Quarter and Full Year 2022 Outlook:

Procore is providing the following guidance for the third quarter and full year 2022:

  • Third Quarter 2022 Outlook:
    • Revenue is expected to be in the range of $174 million to $176 million, representing year-over-year growth of 32% to 33%.
    • Non-GAAP operating margin is expected to be in the range of (13%) to (14%).
  • Full Year 2022 Outlook:
    • Revenue is expected to be in the range of $690 million to $694 million, representing year-over-year growth of 34% to 35%.
      • Including $29 million from Levelset
    • Non-GAAP operating margin is expected to be in the range of (13%) to (14%).

A reconciliation of non-GAAP guidance measures to corresponding GAAP measures is not available on a forward-looking basis without unreasonable effort due to the uncertainty of expenses that may be incurred in the future and cannot be reasonably determined or predicted at this time, although it is important to note that these factors could be material to Procore’s future GAAP financial results.

Quarterly Conference Call

Procore Technologies, Inc. will hold a conference call to discuss its second quarter results at 2:00 p.m., Pacific Time, on Wednesday, August 3, 2022. A live audio webcast will be accessible on Procore's investor relations website at http://investors.procore.com.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, about Procore and its industry that involve substantial risks and uncertainties. All statements in this press release other than statements of historical fact are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements generally relate to future events or future financial or operating performance, and may be identified by the use of 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 Procore’s expectations, strategy, plans, or intentions.

Procore has based the forward-looking statements contained in this press release primarily on its current expectations and projections about future events and trends that Procore believes may affect its business, financial condition, and operating results. The outcome of the events described in these forward-looking statements is subject to risks, uncertainties, and other factors that could cause results to differ materially from Procore’s current expectations, including, but not limited to, our expectations regarding our financial performance, including revenues, expenses, and margins, and our ability to achieve or maintain future profitability, economic and industry trends (in particular the rate of adoption of construction management software and digitization of the construction industry, inflation, and challenging geopolitical conditions), our ability to attract new customers and retain and increase sales to existing customers, our ability to expand internationally, our estimated total addressable market, and as set forth in Procore’s filings with the Securities and Exchange Commission. You should not place undue reliance on Procore’s forward-looking statements. Procore assumes no obligation to update any forward-looking statements to reflect events or circumstances that exist or change after the date on which they were made, except as required by law.

Non-GAAP Financial Measures

Procore believes that the use of certain non-GAAP financial measures as described below, when taken collectively, is helpful to investors because it provides consistency and comparability with past financial performance, and may assist in comparisons with other companies, some of which use similar non-GAAP financial information to supplement their GAAP results. These non-GAAP financial measures are not prepared in accordance with U.S. generally accepted accounting principles, or GAAP.

Non-GAAP Gross Profit, Non-GAAP Gross Margin, Non-GAAP Operating Expenses, Non-GAAP Loss from Operations, Non-GAAP Operating Margin, Non-GAAP Net Loss and Non-GAAP Net Loss per Share: Procore defines these non-GAAP financial measures as the respective GAAP measures, excluding stock-based compensation expense, amortization of acquired intangible assets, employer payroll tax related to employee stock transactions, acquisition-related expenses, and the income tax effect of non-GAAP items. Non-GAAP gross margin is the ratio calculated by dividing non-GAAP gross profit by total revenue. Non-GAAP operating margin is the ratio calculated by dividing non-GAAP loss from operations by total revenue.

Because of varying available valuation methodologies, subjective assumptions, and the variety of equity instruments that can impact a company's non-cash expenses, Procore believes that providing non-GAAP financial measures that exclude stock-based compensation expense allow for meaningful comparisons between its operating results from period to period. The expense related to amortization of acquired intangible assets is dependent upon estimates and assumptions, which can vary significantly and are unique to each asset acquired; therefore, Procore believes non-GAAP measures that adjust for the amortization of acquired intangible assets provide investors a consistent basis for comparison across accounting periods. The amount of employer payroll tax-related items on employee stock transactions is dependent on restricted stock unit settlements, option exercises, related stock price, and other factors that are beyond Procore’s control and that do not correlate to the operation of the business. When evaluating the performance of its business and making operating plans, Procore does not consider these items (for example, when considering the impact of equity award grants, the company places a greater emphasis on overall stockholder dilution than the accounting charges associated with such grants). Additionally, acquisition-related expenses, such as transaction costs and retention payments, are expenses that are not necessarily reflective of operational performance during a period. Procore believes that the exclusion of acquisition-related expenses provides for a useful comparison of our operating results to prior periods and to its peer companies, which commonly exclude these expenses. Income tax benefits relate to the release of a portion of our valuation allowance as a result of deferred tax liabilities recorded related to acquisitions that are available sources of income to realize our deferred tax assets. We exclude the income tax effect associated with our acquisitions from certain of our non-GAAP financial measures because we believe that excluding this provides meaningful supplemental information regarding our operational performance. Overall, Procore believes it is useful to exclude these expenses in order to better understand the long-term performance of its core business and to facilitate comparison of its results period-over-period and to those of peer companies. All of these non-GAAP financial measures are important tools for financial and operational decision-making and for evaluating Procore's own operating results over different periods of time.

Non-GAAP financial measures may not provide information that is directly comparable to information provided by other companies in Procore's industry, as other companies in the industry may calculate non-GAAP financial measures differently. In addition, there are limitations in using non-GAAP financial measures because non-GAAP financial measures are not prepared in accordance with GAAP, may be different from non-GAAP financial measures used by other companies, and exclude expenses that may have a material impact on Procore's reported financial results. Further, stock-based compensation expense has been, and will continue to be for the foreseeable future, a significant recurring expense in Procore's business and an important part of the compensation provided to its employees. The presentation of non-GAAP financial information is not meant to be considered in isolation or as a substitute for the directly comparable financial measures prepared in accordance with GAAP. Investors should review the reconciliation of non-GAAP financial measures to the comparable GAAP financial measures included below, and not rely on any single financial measure to evaluate Procore's business.

Free Cash Flow: Procore defines free cash flow as net cash (used in) provided by operating activities, less purchases of property and equipment and capitalized software development costs. Procore believes free cash flow is an important liquidity measure of the cash (if any) that is available, after our operating activities and capital expenditures. Procore uses free cash flow in conjunction with traditional GAAP measures to assess its liquidity and evaluate the effectiveness of its business strategies. Once Procore’s business needs and obligations are met, cash can be used to maintain a strong balance sheet and invest in future growth.

About Procore

Procore is a leading global provider of construction management software. Over 1 million projects and more than $1 trillion USD in construction volume have run on Procore's platform. Procore’s platform connects key project stakeholders to solutions Procore has built specifically for the construction industry—for the owner, the general contractor, and the specialty contractor. Procore's App Marketplace has a multitude of partner solutions that integrate seamlessly with Procore’s platform, giving construction professionals the freedom to connect with what works best for them. Headquartered in Carpinteria, California, Procore has offices around the globe. Learn more at Procore.com.

PROCORE-IR

Category: Earnings

Procore Technologies, Inc.

Condensed Consolidated Statements of Operations

(unaudited)

 

 

 

Three Months Ended

June 30,

 

Six Months Ended

June 30,

(in thousands, except share and per share amounts)

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Revenue

 

$

172,205

 

 

$

122,790

 

 

$

331,721

 

 

$

236,728

 

Cost of revenue (1)(2)(3)

 

 

36,735

 

 

 

25,493

 

 

 

70,067

 

 

 

45,852

 

Gross profit

 

 

135,470

 

 

 

97,297

 

 

 

261,654

 

 

 

190,876

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Sales and marketing (1)(2)(3)(4)

 

 

103,283

 

 

 

99,905

 

 

 

197,198

 

 

 

153,870

 

Research and development (1)(2)(3)(4)

 

 

63,822

 

 

 

88,627

 

 

 

124,076

 

 

 

123,172

 

General and administrative (1)(3)(4)

 

 

40,667

 

 

 

57,827

 

 

 

83,819

��

 

 

75,754

 

Total operating expenses

 

 

207,772

 

 

 

246,359

 

 

 

405,093

 

 

 

352,796

 

Loss from operations

 

 

(72,302

)

 

 

(149,062

)

 

 

(143,439

)

 

 

(161,920

)

Interest income (expense), net

 

 

111

 

 

 

(576

)

 

 

(380

)

 

 

(1,138

)

Other expense, net

 

 

(890

)

 

 

(44

)

 

 

(347

)

 

 

(227

)

Loss before provision for income taxes

 

 

(73,081

)

 

 

(149,682

)

 

 

(144,166

)

 

 

(163,285

)

Provision for income taxes

 

 

42

 

 

 

37

 

 

 

376

 

 

 

166

 

Net loss

 

$

(73,123

)

 

$

(149,719

)

 

$

(144,542

)

 

$

(163,451

)

Net loss per share attributable to common stockholders, basic and diluted

 

$

(0.54

)

 

$

(2.04

)

 

$

(1.07

)

 

$

(3.11

)

Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted

135,927,677

 

 

73,539,568

 

 

 

135,232,404

 

 

 

52,564,840

 

 

(1) Includes stock-based compensation expense as follows:

 

 

Three Months Ended

June 30,

 

 

Six Months Ended

June 30,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

 

 

(in thousands)

 

Cost of revenue

 

$

2,046

 

 

$

4,918

 

 

$

3,504

 

 

$

6,079

 

Sales and marketing

 

 

12,572

 

 

 

42,855

 

 

 

22,868

 

 

 

46,107

 

Research and development

 

 

13,144

 

 

 

51,317

 

 

 

26,152

 

 

 

54,563

 

General and administrative

 

 

6,133

 

 

 

38,353

 

 

 

18,580

 

 

 

40,997

 

Total stock-based compensation expense

 

$

33,895

 

 

$

137,443

 

 

$

71,104

 

 

$

147,746

 

(2) Includes amortization of acquired intangible assets as follows:

 

 

Three Months Ended

June 30,

 

 

Six Months Ended

June 30,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

 

 

(in thousands)

 

Cost of revenue

 

$

5,654

 

 

$

1,086

 

 

$

11,308

 

 

$

2,172

 

Sales and marketing

 

 

3,106

 

 

 

466

 

 

 

6,212

 

 

 

945

 

Research and development

 

 

895

 

 

 

680

 

 

 

1,797

 

 

 

863

 

Total amortization of acquired intangible assets

 

$

9,655

 

 

$

2,232

 

 

$

19,317

 

 

$

3,980

 

(3) Includes employer payroll tax on employee stock transactions as follows:

 

 

Three Months Ended

June 30,

 

 

Six Months Ended

June 30,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

 

 

(in thousands)

 

Cost of revenue

 

$

68

 

 

$

330

 

 

$

149

 

 

$

334

 

Sales and marketing

 

 

317

 

 

 

1,215

 

 

 

925

 

 

 

1,357

 

Research and development

 

 

523

 

 

 

1,748

 

 

 

1,550

 

 

 

1,822

 

General and administrative

 

 

182

 

 

 

635

 

 

 

727

 

 

 

715

 

Total employer payroll tax on employee stock transactions

 

$

1,090

 

 

$

3,928

 

 

$

3,351

 

 

$

4,228

 

(4) Includes acquisition-related expenses as follows:

 

 

Three Months Ended

June 30,

 

 

Six Months Ended

June 30,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

 

 

(in thousands)

 

Sales and marketing

 

$

208

 

 

$

110

 

 

$

415

 

 

$

110

 

Research and development

 

 

1,090

 

 

 

191

 

 

 

2,191

 

 

 

191

 

General and administrative

 

 

1,081

 

 

 

442

 

 

 

2,119

 

 

 

442

 

Total acquisition-related expenses

 

$

2,379

 

 

$

743

 

 

$

4,725

 

 

$

743

 

 

Procore Technologies, Inc.

Condensed Consolidated Balance Sheets

(unaudited)

 

(in thousands)

 

June 30,

2022

 

December 31,

2021

Assets

 

 

 

 

 

 

Current assets

 

 

 

 

 

 

Cash and cash equivalents

 

$

563,224

 

 

$

586,108

 

Accounts receivable, net

 

 

89,274

 

 

 

113,977

 

Contract cost asset, current

 

 

19,251

 

 

 

17,030

 

Prepaid expenses and other current assets

 

 

44,082

 

 

 

35,173

 

Total current assets

 

 

715,831

 

 

 

752,288

 

Capitalized software development costs, net

 

 

42,335

 

 

 

27,062

 

Property and equipment, net

 

 

41,035

 

 

 

36,837

 

Right of use assets - finance leases

 

 

38,291

 

 

 

39,623

 

Right of use assets - operating leases

 

 

48,410

 

 

 

44,052

 

Contract cost asset, non-current

 

 

30,398

 

 

 

25,889

 

Intangible assets, net

 

 

182,501

 

 

 

201,977

 

Goodwill

 

 

539,584

 

 

 

540,922

 

Other assets

 

 

23,569

 

 

 

22,007

 

Total assets

 

$

1,661,954

 

 

$

1,690,657

 

Liabilities, Redeemable Convertible Preferred Stock and Stockholders’ Equity

 

 

 

 

 

 

Current liabilities

 

 

 

 

 

 

Accounts payable

 

$

21,251

 

 

$

15,490

 

Accrued expenses

 

 

52,087

 

 

 

65,907

 

Deferred revenue, current

 

 

316,559

 

 

 

301,557

 

Other current liabilities

 

 

29,461

 

 

 

20,750

 

Total current liabilities

 

 

419,358

 

 

 

403,704

 

Deferred revenue, non-current

 

 

3,943

 

 

 

4,024

 

Finance lease liabilities, non-current

 

 

46,451

 

 

 

47,344

 

Operating lease liabilities, non-current

 

 

42,762

 

 

 

41,573

 

Other liabilities, non-current

 

 

3,445

 

 

 

4,723

 

Total liabilities

 

 

515,959

 

 

 

501,368

 

Stockholders’ equity

 

 

 

 

 

 

Common stock

 

 

14

 

 

 

13

 

Additional paid-in capital

 

 

1,953,764

 

 

 

1,852,071

 

Accumulated other comprehensive loss

 

 

(1,029

)

 

 

(583

)

Accumulated deficit

 

 

(806,754

)

 

 

(662,212

)

Total stockholders’ equity

 

 

1,145,995

 

 

 

1,189,289

 

Total liabilities, redeemable convertible preferred stock and stockholders’ equity

 

$

1,661,954

 

 

$

1,690,657

 

Remaining performance obligation:

The remaining performance obligation was $653.9 million as of June 30, 2022, approximately 72% of which is expected to be recognized as revenue within 12 months. The remaining performance obligation was $478.4 million as of June 30, 2021, approximately 72% of which was expected to be recognized as revenue within 12 months.

 

Procore Technologies, Inc.

Condensed Consolidated Statements of Cash Flows

(unaudited)

 

 

 

Three Months Ended

June 30,

 

Six Months Ended

June 30,

(in thousands)

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Operating activities

 

 

 

 

 

 

 

 

 

 

 

 

Net loss

 

$

(73,123

)

 

$

(149,719

)

 

$

(144,542

)

 

$

(163,451

)

Adjustments to reconcile net loss to net cash (used in) provided by operating activities

 

 

 

 

 

 

 

 

 

 

 

 

Stock-based compensation

 

 

33,895

 

 

 

137,443

 

 

 

71,104

 

 

 

147,746

 

Depreciation and amortization

 

 

15,403

 

 

 

7,819

 

 

 

30,550

 

 

 

15,120

 

Abandonment of long-lived assets

 

 

887

 

 

 

-

 

 

 

887

 

 

 

554

 

Noncash lease expense

 

 

2,652

 

 

 

1,869

 

 

 

4,808

 

 

 

3,735

 

Unrealized foreign currency loss, net

 

 

832

 

 

 

86

 

 

 

355

 

 

 

691

 

Deferred income taxes

 

 

(286

)

 

 

(72

)

 

 

(638

)

 

 

(99

)

Changes in operating assets and liabilities, net of effect of business combinations

 

 

 

 

 

 

 

 

 

 

 

 

Accounts receivable

 

 

(9,788

)

 

 

(9,610

)

 

 

24,337

 

 

 

11,113

 

Deferred contract cost assets

 

 

(3,295

)

 

 

(3,500

)

 

 

(7,361

)

 

 

(5,062

)

Prepaid expenses and other assets

 

 

390

 

 

 

(1,122

)

 

 

(4,535

)

 

 

(5,723

)

Accounts payable

 

 

5,587

 

 

 

608

 

 

 

5,926

 

 

 

(2,908

)

Accrued expenses and other liabilities

 

 

(4,552

)

 

 

9,420

 

 

 

(8,909

)

 

 

14,535

 

Deferred revenue

 

 

6,932

 

 

 

4,206

 

 

 

15,706

 

 

 

10,845

 

Operating lease liabilities

 

 

(2,489

)

 

 

(557

)

 

 

(4,359

)

 

 

(1,929

)

Net cash flow (used in) provided by operating activities

 

 

(26,955

)

 

 

(3,129

)

 

 

(16,671

)

 

 

25,167

 

Investing activities

 

 

 

 

 

 

 

 

 

 

 

 

Purchases of property and equipment

 

 

(1,908

)

 

 

(1,801

)

 

 

(9,433

)

 

 

(4,194

)

Capitalized software development costs

 

 

(8,620

)

 

 

(3,523

)

 

 

(16,252

)

 

 

(5,716

)

Purchases of strategic investments

 

 

(689

)

 

 

(3,450

)

 

 

(3,018

)

 

 

(3,450

)

Originations of materials financing

 

 

(9,259

)

 

 

-

 

 

 

(9,259

)

 

 

-

 

Customer repayments of materials financing

 

 

6,261

 

 

 

-

 

 

 

6,261

 

 

 

-

 

Acquisition of a business, net of cash acquired

 

 

-

 

 

 

(19,982

)

 

 

-

 

 

 

(19,982

)

Settlement of post-close working capital adjustments from business combinations

 

 

-

 

 

 

-

 

 

 

1,291

 

 

 

-

 

Net cash flow used in investing activities

 

 

(14,215

)

 

 

(28,756

)

 

 

(30,410

)

 

 

(33,342

)

Financing activities

 

 

 

 

 

 

 

 

 

 

 

 

Proceeds from initial public offering, net of underwriting

commissions and discounts

 

 

-

 

 

 

665,129

 

 

 

-

 

 

 

665,129

 

Proceeds from stock option exercises

 

 

7,697

 

 

 

17,499

 

 

 

14,604

 

 

 

29,126

 

Payments of deferred offering costs

 

 

(270

)

 

 

(2,987

)

 

 

(270

)

 

 

(3,527

)

Proceeds from employee stock purchase plan

 

 

11,513

 

 

 

-

 

 

 

11,513

 

 

 

-

 

Payment of deferred business acquisition consideration

 

 

-

 

 

 

(475

)

 

 

-

 

 

 

(475

)

Principal payments under finance lease agreements, net of proceeds from lease incentives

 

 

(479

)

 

 

(428

)

 

 

(844

)

 

 

(742

)

Net cash flow provided by financing activities

 

 

18,461

 

 

 

678,738

 

 

 

25,003

 

 

 

689,511

 

Net (decrease) increase in cash, cash equivalents and restricted cash

 

 

(22,709

)

 

 

646,853

 

 

 

(22,078

)

 

 

681,336

 

Effect of exchange rate changes on cash

 

 

(981

)

 

 

(102

)

 

 

(806

)

 

 

(731

)

Cash, cash equivalents and restricted cash, beginning of period

 

 

590,018

 

 

 

417,107

 

 

 

589,212

 

 

 

383,253

 

Cash, cash equivalents and restricted cash, end of period

 

$

566,328

 

 

$

1,063,858

 

 

$

566,328

 

 

$

1,063,858

 

 

Procore Technologies, Inc.

Reconciliation of GAAP to Non-GAAP Financial Measures

(unaudited)

 

Reconciliation of gross profit and gross margin to non-GAAP gross profit and non-GAAP gross margin:

 

 

 

Three Months Ended

June 30,

 

Six Months Ended

June 30,

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

 

 

(dollars in thousands)

Revenue

 

$

172,205

 

 

$

122,790

 

 

$

331,721

 

 

$

236,728

 

Gross profit

 

 

135,470

 

 

 

97,297

 

 

 

261,654

 

 

 

190,876

 

Stock-based compensation expense

 

 

2,046

 

 

 

4,918

 

 

 

3,504

 

 

 

6,079

 

Amortization of acquired technology intangible assets

 

 

5,654

 

 

 

1,086

 

 

 

11,308

 

 

 

2,172

 

Employer payroll tax on employee stock transactions

 

 

68

 

 

 

330

 

 

 

149

 

 

 

334

 

Non-GAAP gross profit

 

$

143,238

 

 

$

103,631

 

 

$

276,615

 

 

$

199,461

 

Gross margin

 

 

79

%

 

 

79

%

 

 

79

%

 

 

81

%

Non-GAAP gross margin

 

 

83

%

 

 

84

%

 

 

83

%

 

 

84

%

Reconciliation of operating expenses to non-GAAP operating expenses:

 

 

 

Three Months Ended

June 30,

 

Six Months Ended

June 30,

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

 

 

(dollars in thousands)

Revenue

 

$

172,205

 

 

$

122,790

 

 

$

331,721

 

 

$

236,728

 

GAAP sales and marketing

 

 

103,283

 

 

 

99,905

 

 

 

197,198

 

 

 

153,870

 

Stock-based compensation expense

 

 

(12,572

)

 

 

(42,855

)

 

 

(22,868

)

 

 

(46,107

)

Amortization of acquired intangible assets

 

 

(3,106

)

 

 

(466

)

 

 

(6,212

)

 

 

(945

)

Employer payroll tax on employee stock transactions

 

 

(317

)

 

 

(1,215

)

 

 

(925

)

 

 

(1,357

)

Acquisition-related expenses

 

 

(208

)

 

 

(110

)

 

 

(415

)

 

 

(110

)

Non-GAAP sales and marketing

 

$

87,080

 

 

$

55,259

 

 

$

166,778

 

 

$

105,351

 

GAAP sales and marketing as a percentage of revenue

 

 

60

%

 

 

81

%

 

 

59

%

 

 

65

%

Non-GAAP sales and marketing as a percentage of revenue

 

 

51

%

 

 

45

%

 

 

50

%

 

 

45

%

GAAP research and development

 

$

63,822

 

 

$

88,627

 

 

$

124,076

 

 

$

123,172

 

Stock-based compensation expense

 

 

(13,144

)

 

 

(51,317

)

 

 

(26,152

)

 

 

(54,563

)

Amortization of acquired intangible assets

 

 

(895

)

 

 

(680

)

 

 

(1,797

)

 

 

(863

)

Employer payroll tax on employee stock transactions

 

 

(523

)

 

 

(1,748

)

 

 

(1,550

)

 

 

(1,822

)

Acquisition-related expenses

 

 

(1,090

)

 

 

(191

)

 

 

(2,191

)

 

 

(191

)

Non-GAAP research and development

 

$

48,170

 

 

$

34,691

 

 

$

92,386

 

 

$

65,733

 

GAAP research and development as a percentage of revenue

 

 

37

%

 

 

72

%

 

 

37

%

 

 

52

%

Non-GAAP research and development as a percentage of revenue

 

 

28

%

 

 

28

%

 

 

28

%

 

 

28

%

GAAP general and administrative

 

$

40,667

 

 

$

57,827

 

 

$

83,819

 

 

$

75,754

 

Stock-based compensation expense

 

 

(6,133

)

 

 

(38,353

)

 

 

(18,580

)

 

 

(40,997

)

Employer payroll tax on employee stock transactions

 

 

(182

)

 

 

(635

)

 

 

(727

)

 

 

(715

)

Acquisition-related expenses

 

 

(1,081

)

 

 

(442

)

 

 

(2,119

)

 

 

(442

)

Non-GAAP general and administrative

 

$

33,271

 

 

$

18,397

 

 

$

62,393

 

 

$

33,600

 

GAAP general and administrative as a percentage of revenue

 

 

24

%

 

 

47

%

 

 

25

%

 

 

32

%

Non-GAAP general and administrative as a percentage of revenue

 

 

19

%

 

 

15

%

 

 

19

%

 

 

14

%

Reconciliation of loss from operations and operating margin to non-GAAP loss from operations and non-GAAP operating margin:

 

 

 

Three Months Ended

June 30,

 

Six Months Ended

June 30,

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

 

 

(dollars in thousands)

Revenue

 

$

172,205

 

 

$

122,790

 

 

$

331,721

 

 

$

236,728

 

Loss from operations

 

 

(72,302

)

 

 

(149,062

)

 

 

(143,439

)

 

 

(161,920

)

Stock-based compensation expense

 

 

33,895

 

 

 

137,443

 

 

 

71,104

 

 

 

147,746

 

Amortization of acquired intangible assets

 

 

9,655

 

 

 

2,232

 

 

 

19,317

 

 

 

3,980

 

Employer payroll tax on employee stock transactions

 

 

1,090

 

 

 

3,928

 

 

 

3,351

 

 

 

4,228

 

Acquisition-related expenses

 

 

2,379

 

 

 

743

 

 

 

4,725

 

 

 

743

 

Non-GAAP loss from operations

 

$

(25,283

)

 

$

(4,716

)

 

$

(44,942

)

 

$

(5,223

)

Operating margin

 

 

(42

%)

 

 

(121

%)

 

 

(43

%)

 

 

(68

%)

Non-GAAP operating margin

 

 

(15

%)

 

 

(4

%)

 

 

(14

%)

 

 

(2

%)

Reconciliation of net loss and net loss per share to non-GAAP net loss and non-GAAP net loss per share:

 

 

 

Three Months Ended

June 30,

 

Six Months Ended

June 30,

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

 

 

(dollars in thousands)

Revenue

 

$

172,205

 

 

$

122,790

 

 

$

331,721

 

 

$

236,728

 

Net loss

 

 

(73,123

)

 

 

(149,719

)

 

 

(144,542

)

 

 

(163,451

)

Stock-based compensation expense

 

 

33,895

 

 

 

137,443

 

 

 

71,104

 

 

 

147,746

 

Amortization of acquired intangible assets

 

 

9,655

 

 

 

2,232

 

 

 

19,317

 

 

 

3,980

 

Employer payroll tax on employee stock transactions

 

 

1,090

 

 

 

3,928

 

 

 

3,351

 

 

 

4,228

 

Acquisition-related expenses

 

 

2,379

 

 

 

743

 

 

 

4,725

 

 

 

743

 

Income tax effect of non-GAAP items

 

 

110

 

 

 

-

 

 

 

110

 

 

 

-

 

Non-GAAP net loss

 

$

(25,994

)

 

$

(5,373

)

 

$

(45,935

)

 

$

(6,754

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Numerator:

 

 

 

 

 

 

 

 

 

 

 

 

Non-GAAP net loss

 

$

(25,994

)

 

$

(5,373

)

 

$

(45,935

)

 

$

(6,754

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Denominator:

 

 

 

 

 

 

 

 

 

 

 

 

Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted

 

 

135,927,677

 

 

73,539,568

 

135,232,404

 

 

52,564,840

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP net loss per share, basic and diluted

 

$

(0.54

)

 

$

(2.04

)

 

$

(1.07

)

 

$

(3.11

)

Non-GAAP net loss per share, basic and diluted

 

$

(0.19

)

 

$

(0.07

)

 

$

(0.34

)

 

$

(0.13

)

Computation of free cash flow:

 

 

 

Three Months Ended

June 30,

 

Six Months Ended

June 30,

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

 

 

(dollars in thousands)

Net cash (used in) provided by operating activities

 

$

(26,955

)

 

$

(3,129

)

 

$

(16,671

)

 

$

25,167

 

Purchases of property and equipment

 

 

(1,908

)

 

 

(1,801

)

 

 

(9,433

)

 

 

(4,194

)

Capitalized software development costs

 

 

(8,620

)

 

 

(3,523

)

 

 

(16,252

)

 

 

(5,716

)

Non-GAAP free cash flow

 

$

(37,483

)

 

$

(8,453

)

 

$

(42,356

)

 

$

15,257

 

 

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