CARPINTERIA, Calif.–(BUSINESS WIRE)–$pcor—Procore Technologies, Inc. (NYSE: PCOR), the leading global provider of construction management software, today announced financial results for the third quarter ended September 30, 2024.
“We have made good progress on our go-to-market transition we announced last quarter,” said Tooey Courtemanche, Founder, President, and CEO of Procore. “We believe this evolution will position us to become a multi-billion revenue company, while building deep and lasting partnerships with our customers.”
“We are on track to expand operating margins by 900 basis points at the high-end for FY24 and our guidance for FY25 calls for further expansion,” said Howard Fu, CFO of Procore. “Long-term growth remains our priority, and we are confident that our investments will best position Procore to capture the massive and under-penetrated opportunity ahead of us.”
Third Quarter 2024 Financial Highlights:
- Revenue was $296 million, an increase of 19% year-over-year.
- GAAP gross margin was 81% and non-GAAP gross margin was 85%.
- GAAP operating margin was (12%) and non-GAAP operating margin was 9%.
- Operating cash inflow for the third quarter was $39 million.
- Free cash inflow for the third quarter was $23 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:
- Achieved a gross revenue retention rate of 94% in the third quarter.
- Number of organic customers contributing more than $100,000 of annual recurring revenue totaled 2,261 as of September 30, 2024, an increase of 18% year-over-year.
- Added 225 net new organic customers in the third quarter, ending with a total of 16,975 organic customers.
- Announced the expansion of our upcoming Procore Zones to the UK, Australia and New Zealand, further enhancing our ability to provide customers with the choice to control data storage and management within their regions.
Fourth Quarter and Full Year Outlook:
Procore is providing the following guidance for the fourth quarter 2024 and the full year 2024 and 2025:
-
Fourth Quarter 2024 Outlook:
- Revenue is expected to be in the range of $296 million to $298 million, representing year-over-year growth of 14% to 15%.
- Non-GAAP operating margin is expected to be in the range of 3% to 4%.
-
Full Year 2024 Outlook:
- Revenue is expected to be in the range of $1,146 million to $1,148 million, representing year-over-year growth of 21%.
- Non-GAAP operating margin is expected to be in the range of 10.5% to 11%.
-
Full Year 2025 Outlook:
- Revenue is expected to be at least $1,275 million, representing year-over-year growth of 11%.
- Non-GAAP operating margin is expected to be 13%.
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.
Stock Repurchase Program
On October 29, 2024, Procore’s Board of Directors authorized a stock repurchase program to repurchase up to $300 million of Procore’s outstanding common stock. Procore intends to opportunistically repurchase shares based on market conditions through the open market (including via pre-set trading plans), or other transactions in accordance with applicable securities laws. The timing and actual number of shares repurchased will depend on a variety of factors, including price, general business and market conditions, and alternative investment opportunities. The program does not obligate Procore to acquire any particular amount of common stock, and may be suspended or discontinued at any time at Procore’s discretion. The program will be funded using Procore’s working capital and will expire on October 29, 2025.
Quarterly Conference Call
Procore Technologies, Inc. will hold a conference call to discuss its third quarter results at 2:00 p.m., Pacific Time, on Wednesday, October 30, 2024. 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), 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, interest rates, and challenging geopolitical conditions), our outlook for fourth quarter 2024 and the full fiscal years 2024 and 2025, our progress with respect to our go-to-market transition and the benefits we expect to realize as a result of such transition, our ability to attract new customers and retain and increase sales to existing customers, our ability to expand internationally, the effects of increased competition in our markets and our ability to compete effectively, our estimated total addressable market, our ability to execute, and realize benefits from, our stock repurchase program, and as set forth in Procore’s filings with the Securities and Exchange Commission. You should not rely 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
In addition to Procore’s results determined in accordance with U.S. generally accepted accounting principles, or GAAP, Procore believes certain non-GAAP measures, as described below, are useful in evaluating Procore’s operating performance. Procore uses this non-GAAP financial information, collectively, to evaluate its ongoing operations as well as for internal planning and forecasting purposes. Procore believes that non-GAAP financial information, 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 GAAP, and are presented for supplemental purposes only.
Non-GAAP Gross Profit, Non-GAAP Gross Margin, Non-GAAP Operating Expenses, Non-GAAP Income from Operations, Non-GAAP Operating Margin, Non-GAAP Net Income, and Non-GAAP Net Income 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, and acquisition-related expenses. 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 income from operations by total revenue. Basic earnings (loss) per share is computed by dividing net income (loss) by the weighted average number of common shares outstanding for the period. Non-GAAP diluted earnings per share is computed by giving effect to all potential weighted average dilutive common stock equivalents outstanding for the period, including options to purchase common stock, restricted stock units, and shares to be issued pursuant to the employee stock purchase plan. The dilutive effect of outstanding awards is reflected in non-GAAP diluted earnings per share by application of the treasury stock method.
Stock-based compensation expense includes the net effects of capitalization and amortization of stock-based compensation expense related to capitalized software and cloud-computing arrangement implementation costs. Stock-based compensation expense has been, and will continue to be for the foreseeable future, a significant recurring expense in our business and an important part of the compensation provided to our employees. Because of varying available valuation methodologies, subjective assumptions, and the variety of equity instruments that can impact a company’s non-cash expenses, we believe that providing non-GAAP financial measures that exclude stock-based compensation expense allows 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). Since the amount of employer payroll tax-related items on employee stock transactions is highly variable due to factors outside our control, and unrelated to Procore’s core operations, operating results, revenue-generating activities, business strategy, industry, or regulatory environment, management does not consider employer payroll tax on employee stock transactions in the evaluation of the business or in making operating plans. Accordingly, Procore believes this adjustment in arriving at our non-GAAP measures provides investors with a better understanding of the performance of its core business in a manner that is consistent with management’s view of the business. Acquisition-related expenses include external and incremental transaction costs, such as legal and due diligence costs and retention payments. These expenses are unpredictable and generally would not have otherwise been incurred in the periods presented as part of our continuing operations. In addition, the size and complexity of an acquisition, which often drives the magnitude of acquisition-related expenses, may not be indicative of such future costs. Procore believes that excluding acquisition-related expenses facilitates the comparison of its financial results to its historical operating results and to other companies in its industry. 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. Unlike stock-based compensation expense, employer payroll tax related to employee stock transactions is a cash expense that we will continue to incur in the future. 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 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, invest in future growth, and execute our stock repurchase program.
Other Metrics
Customer Count: The aforementioned customer count excludes customers acquired from business combinations that do not have standard Procore annual contracts.
About Procore
Procore Technologies, Inc. (NYSE: PCOR) creates software for people who build the world. With a focus on providing timely and accurate data for all, Procore transforms the construction industry one project at a time – from hospitals and skyscrapers to airports and stadiums. Beyond its connected, innovative technology, Procore empowers the industry and its communities through Procore.org. For more information, visit www.procore.com.
PROCORE-IR
Category: Earnings
|
Procore Technologies, Inc. Condensed Consolidated Statements of Operations (unaudited) |
|||||||||||||||
|
|
Three Months Ended |
|
Nine Months Ended |
||||||||||||
|
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
|
|
(in thousands, except share and per share amounts) |
||||||||||||||
|
Revenue |
$ |
295,885 |
|
|
$ |
247,907 |
|
|
$ |
849,660 |
|
|
$ |
689,969 |
|
|
Cost of revenue(1)(2)(3) |
|
54,954 |
|
|
|
44,125 |
|
|
|
148,778 |
|
|
|
126,631 |
|
|
Gross profit |
|
240,931 |
|
|
|
203,782 |
|
|
|
700,882 |
|
|
|
563,338 |
|
|
Operating expenses |
|
|
|
|
|
|
|
||||||||
|
Sales and marketing(1)(2)(3)(4) |
|
141,370 |
|
|
|
129,672 |
|
|
|
390,286 |
|
|
|
372,397 |
|
|
Research and development(1)(2)(3)(4) |
|
80,791 |
|
|
|
72,708 |
|
|
|
223,698 |
|
|
|
225,960 |
|
|
General and administrative(1)(3)(4) |
|
55,267 |
|
|
|
51,753 |
|
|
|
157,077 |
|
|
|
143,324 |
|
|
Total operating expenses |
|
277,428 |
|
|
|
254,133 |
|
|
|
771,061 |
|
|
|
741,681 |
|
|
Loss from operations |
|
(36,497 |
) |
|
|
(50,351 |
) |
|
|
(70,179 |
) |
|
|
(178,343 |
) |
|
Interest income |
|
5,962 |
|
|
|
4,721 |
|
|
|
17,714 |
|
|
|
14,612 |
|
|
Interest expense |
|
(488 |
) |
|
|
(490 |
) |
|
|
(1,439 |
) |
|
|
(1,477 |
) |
|
Accretion income, net |
|
3,816 |
|
|
|
2,952 |
|
|
|
10,665 |
|
|
|
6,615 |
|
|
Other expense, net |
|
466 |
|
|
|
(486 |
) |
|
|
(26 |
) |
|
|
(1,009 |
) |
|
Loss before (benefit from) provision for income taxes |
|
(26,741 |
) |
|
|
(43,654 |
) |
|
|
(43,265 |
) |
|
|
(159,602 |
) |
|
(Benefit from) provision for income taxes |
|
(353 |
) |
|
|
193 |
|
|
|
400 |
|
|
|
573 |
|
|
Net loss |
$ |
(26,388 |
) |
|
$ |
(43,847 |
) |
|
$ |
(43,665 |
) |
|
$ |
(160,175 |
) |
|
Net loss per share attributable to common stockholders, basic and diluted |
$ |
(0.18 |
) |
|
$ |
(0.31 |
) |
|
$ |
(0.30 |
) |
|
$ |
(1.13 |
) |
|
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted |
|
148,134,585 |
|
|
142,828,406 |
|
|
146,854,541 |
141,249,446 |
||||||
| (1) |
Includes stock-based compensation expense and amortization of capitalized stock-based compensation as follows: |
|
|
Three Months Ended |
|
Nine Months Ended |
||||||||||||
|
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
||||
|
|
(in thousands) |
||||||||||||||
|
Cost of revenue |
$ |
4,188 |
|
$ |
2,981 |
|
$ |
11,056 |
|
$ |
8,357 |
||||
|
Sales and marketing |
|
14,034 |
|
|
14,390 |
|
|
42,725 |
|
|
41,964 |
||||
|
Research and development |
|
18,321 |
|
|
16,350 |
|
|
49,684 |
|
|
52,401 |
||||
|
General and administrative |
|
13,912 |
|
|
12,253 |
|
|
39,602 |
|
|
32,637 |
||||
|
Total stock-based compensation expense* |
$ |
50,455 |
|
$ |
45,974 |
|
$ |
143,067 |
|
$ |
135,359 |
||||
|
*Includes amortization of capitalized stock-based compensation of $2.3 million and $1.2 million, respectively, for the three months ended September 30, 2024 and 2023; and $5.5 million and $3.1 million, respectively, for the nine months ended September 30, 2024 and 2023; which was initially capitalized as capitalized software and cloud-computing arrangement implementation costs. |
|||||||||||||||
| (2) |
Includes amortization of acquired intangible assets as follows: |
|
|
Three Months Ended |
|
|
Nine Months Ended |
|||||||||||
|
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
|
|
(in thousands) |
||||||||||||||
|
Cost of revenue |
$ |
6,698 |
|
$ |
5,506 |
|
$ |
18,739 |
|
$ |
16,492 |
||||
|
Sales and marketing |
|
3,224 |
|
|
3,106 |
|
|
9,475 |
|
|
9,319 |
||||
|
Research and development |
|
668 |
|
|
678 |
|
|
2,008 |
|
|
2,087 |
||||
|
Total amortization of acquired intangible assets |
$ |
10,590 |
|
$ |
9,290 |
|
$ |
30,222 |
|
$ |
27,898 |
||||
| (3) |
Includes employer payroll tax on employee stock transactions as follows: |
|
|
Three Months Ended |
|
|
Nine Months Ended |
|||||||||||
|
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
|
|
(in thousands) |
||||||||||||||
|
Cost of revenue |
$ |
113 |
|
$ |
133 |
|
$ |
485 |
|
$ |
439 |
||||
|
Sales and marketing |
|
815 |
|
|
766 |
|
|
2,867 |
|
|
2,383 |
||||
|
Research and development |
|
521 |
|
|
638 |
|
|
3,089 |
|
|
2,885 |
||||
|
General and administrative |
|
281 |
|
|
501 |
|
|
1,820 |
|
|
1,636 |
||||
|
Total employer payroll tax on employee stock transaction |
$ |
1,730 |
$ |
2,038 |
$ |
8,261 |
$ |
7,343 |
|||||||
| (4) |
Includes acquisition-related expenses as follows: |
|
|
Three Months Ended |
|
|
Nine Months Ended |
|||||||||||
|
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
|
|
(in thousands) |
||||||||||||||
|
Sales and marketing |
$ |
— |
|
$ |
548 |
|
$ |
1,448 |
|
$ |
2,002 |
||||
|
Research and development |
|
— |
|
|
136 |
|
|
— |
|
|
6,324 |
||||
|
General and administrative |
|
51 |
|
|
19 |
|
|
614 |
|
|
19 |
||||
|
Total acquisition-related expenses |
$ |
51 |
|
$ |
703 |
|
$ |
2,062 |
|
$ |
8,345 |
||||
|
Procore Technologies, Inc. Condensed Consolidated Balance Sheets (unaudited) |
|||||||
|
|
September 30, |
|
December 31, |
||||
|
|
(in thousands) |
||||||
|
Assets |
|
|
|
||||
|
Current assets |
|
|
|
||||
|
Cash and cash equivalents |
$ |
439,298 |
|
|
$ |
357,790 |
|
|
Marketable securities, current |
|
317,650 |
|
|
|
320,161 |
|
|
Accounts receivable, net |
|
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 |
|
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 |
|
|
Stockholders’ equity |
|
|
|
||||
|
Common stock |
|
15 |
|
|
|
15 |
|
|
Additional paid-in capital |
|
2,468,450 |
|
|
|
2,295,807 |
|
|
Accumulated other comprehensive loss |
|
(314 |
) |
|
|
(1,375 |
) |
|
Accumulated deficit |
|
(1,182,502 |
) |
|
|
(1,138,837 |
) |
|
Total stockholders’ equity |
|
1,285,649 |
|
|
|
1,155,610 |
|
|
Total liabilities and stockholders’ equity |
$ |
2,018,737 |
|
|
$ |
1,893,568 |
|
Remaining performance obligation:
The following table presents our current and non-current RPO at the end of each period:
|
|
September 30, |
|
Change |
||||||||
|
|
|
2024 |
|
|
2023 |
|
Dollar |
|
Percent |
||
|
|
(dollars in thousands) |
||||||||||
|
Remaining performance obligations |
|
|
|
|
|
|
|
||||
|
Current |
$ |
738,856 |
|
$ |
635,000 |
|
$ |
103,856 |
|
16 |
% |
|
Non-current |
|
334,560 |
|
|
255,381 |
|
|
79,179 |
|
31 |
% |
|
Total remaining performance obligations |
$ |
1,073,416 |
|
$ |
890,381 |
|
$ |
183,035 |
|
21 |
% |
|
Procore Technologies, Inc. Condensed Consolidated Statements of Cash Flows (unaudited) |
|||||||||||||||
|
|
Three Months Ended |
|
Nine Months Ended |
||||||||||||
|
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
|
|
(in thousands) |
||||||||||||||
|
Operating activities |
|
|
|
|
|
|
|
||||||||
|
Net loss |
$ |
(26,388 |
) |
|
$ |
(43,847 |
) |
|
$ |
(43,665 |
) |
|
$ |
(160,175 |
) |
|
Adjustments to reconcile net loss to net cash provided by (used in) operating activities |
|
|
|
|
|
|
|
||||||||
|
Stock-based compensation |
|
48,175 |
|
|
|
44,809 |
|
|
|
137,532 |
|
|
|
132,234 |
|
|
Depreciation and amortization |
|
24,233 |
|
|
|
17,733 |
|
|
|
65,127 |
|
|
|
51,943 |
|
|
Accretion of discounts on marketable debt securities, net |
|
(3,382 |
) |
|
|
(2,953 |
) |
|
|
(10,131 |
) |
|
|
(6,615 |
) |
|
Abandonment of long-lived assets |
|
238 |
|
|
|
277 |
|
|
|
818 |
|
|
|
812 |
|
|
Noncash operating lease expense |
|
2,913 |
|
|
|
2,700 |
|
|
|
7,906 |
|
|
|
7,932 |
|
|
Unrealized foreign currency loss, net |
|
(419 |
) |
|
|
182 |
|
|
|
295 |
|
|
|
739 |
|
|
Deferred income taxes |
|
2 |
|
|
|
2 |
|
|
|
4 |
|
|
|
7 |
|
|
Provision for credit losses |
|
243 |
|
|
|
3,152 |
|
|
|
648 |
|
|
|
6,882 |
|
|
Decrease (increase) in fair value of strategic investments |
|
184 |
|
|
|
149 |
|
|
|
(457 |
) |
|
|
155 |
|
|
Changes in operating assets and liabilities, net of effect of asset acquisitions and business combinations |
|
|
|
|
|
|
|
||||||||
|
Accounts receivable |
|
(14,698 |
) |
|
|
(20,433 |
) |
|
|
34,296 |
|
|
|
3,144 |
|
|
Deferred contract cost assets |
|
(1,128 |
) |
|
|
(1,469 |
) |
|
|
(3,217 |
) |
|
|
(5,099 |
) |
|
Prepaid expenses and other assets |
|
(11,931 |
) |
|
|
(3,579 |
) |
|
|
(12,121 |
) |
|
|
(1,878 |
) |
|
Accounts payable |
|
(2,250 |
) |
|
|
1,109 |
|
|
|
11,029 |
|
|
|
2,258 |
|
|
Accrued expenses and other liabilities |
|
21,972 |
|
|
|
29,135 |
|
|
|
(8,475 |
) |
|
|
(1,975 |
) |
|
Deferred revenue |
|
4,609 |
|
|
|
9,498 |
|
|
|
(6,268 |
) |
|
|
29,080 |
|
|
Operating lease liabilities |
|
(3,097 |
) |
|
|
(2,791 |
) |
|
|
(6,205 |
) |
|
|
(8,172 |
) |
|
Net cash provided by (used in) operating activities |
|
39,276 |
|
|
|
33,674 |
|
|
|
167,116 |
|
|
|
51,272 |
|
|
Investing activities |
|
|
|
|
|
|
|
||||||||
|
Purchases of property and equipment |
|
(3,547 |
) |
|
|
(3,379 |
) |
|
|
(7,510 |
) |
|
|
(8,073 |
) |
|
Capitalized software development costs |
|
(12,721 |
) |
|
|
(7,836 |
) |
|
|
(32,453 |
) |
|
|
(25,187 |
) |
|
Purchases of strategic investments |
|
(845 |
) |
|
|
(84 |
) |
|
|
(1,917 |
) |
|
|
(526 |
) |
|
Purchases of marketable securities |
|
(86,245 |
) |
|
|
(80,000 |
) |
|
|
(410,619 |
) |
|
|
(309,282 |
) |
|
Maturities of marketable securities |
|
145,619 |
|
|
|
64,894 |
|
|
|
371,718 |
|
|
|
287,620 |
|
|
Sales of marketable securities |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
5,452 |
|
|
Originations of materials financing |
|
— |
|
|
|
(6,578 |
) |
|
|
— |
|
|
|
(23,585 |
) |
|
Customer repayments of materials financing |
|
88 |
|
|
|
8,057 |
|
|
|
1,571 |
|
|
|
21,053 |
|
|
Acquisition of a business, net of cash acquired |
|
— |
|
|
|
— |
|
|
|
(25,945 |
) |
|
|
— |
|
|
Asset acquisitions, net of cash acquired |
|
— |
|
|
|
(6,011 |
) |
|
|
(3,792 |
) |
|
|
(6,011 |
) |
|
Net cash used in investing activities |
|
42,349 |
|
|
|
(30,937 |
) |
|
|
(108,947 |
) |
|
|
(58,539 |
) |
|
Financing activities |
|
|
|
|
|
|
|
||||||||
|
Proceeds from stock option exercises |
|
2,456 |
|
|
|
4,155 |
|
|
|
12,371 |
|
|
|
15,094 |
|
|
Proceeds from employee stock purchase plan |
|
— |
|
|
|
— |
|
|
|
13,187 |
|
|
|
13,006 |
|
|
Payment of deferred business combination consideration |
|
(1,470 |
) |
|
|
— |
|
|
|
(1,470 |
) |
|
|
— |
|
|
Payment of deferred asset acquisition consideration |
|
(81 |
) |
|
|
— |
|
|
|
(81 |
) |
|
|
— |
|
|
Principal payments under finance lease agreements, net of proceeds from lease incentives |
|
(900 |
) |
|
|
(520 |
) |
|
|
(1,569 |
) |
|
|
(1,450 |
) |
|
Net cash provided by financing activities |
|
5 |
|
|
|
3,635 |
|
|
|
22,438 |
|
|
|
26,650 |
|
|
Net increase in cash and cash equivalents |
|
81,630 |
|
|
|
6,372 |
|
|
|
80,607 |
|
|
|
19,383 |
|
|
Effect of exchange rate changes on cash |
|
1,429 |
|
|
|
(572 |
) |
|
|
901 |
|
|
|
(881 |
) |
|
Cash and cash equivalents, beginning of period |
|
356,239 |
|
|
|
312,518 |
|
|
|
357,790 |
|
|
|
299,816 |
|
|
Cash and cash equivalents, end of period |
$ |
439,298 |
|
|
$ |
318,318 |
|
|
$ |
439,298 |
|
|
$ |
318,318 |
|
Contacts
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Investor Contact
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