Procore Technologies Inc(NYSE:PCOR) 
Procore Technologies, Inc. provides a cloud-based construction management platform and related software products in the United States and internationally. The company's platform enables owners, general and specialty contractors, architects, and engineers to collaborate on construction projects. It o...
Website: https://www.procore.com/
Founded: 2003
Full Time Employees: 3,568 (Dec 2022)
CEO / Founder: Tooey Courtemanche
Sector: Technology
Industry: Software—Application
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At a glance:
- Construction Software Platform with Strong Subscription Mix: Procore provides a cloud-based construction management platform used by general contractors, specialty contractors, and owners. Revenue is predominantly subscription-based, supported by services and ecosystem integrations.
- Growth Driven by Customer Expansion and Product Suite Adoption: Expansion within existing customers and broader adoption of modules across the platform are key growth levers, alongside penetration of larger enterprise construction firms and international markets.
- Path to Profitability Tied to Operating Leverage: Margins are influenced by sales and marketing intensity and R&D investment. Improving operating leverage—via scaling revenue faster than operating costs—is central to sustained profitability.
- Competitive Landscape and Differentiation Through Ecosystem: Procore competes with legacy construction IT, point solutions, and large horizontal software vendors. Differentiation is supported by workflow depth, ease of deployment, and an extensive partner integration marketplace.
- Key Risks: Construction Cyclicality and Customer Concentration Dynamics: Demand can be affected by construction spending cycles and project backlogs. Execution risks include maintaining high retention, reducing churn, and navigating long enterprise sales cycles and procurement scrutiny.
Bull Thesis:
- Massive Untapped Market & Digital Transformation: The global construction industry is one of the largest and least digitized sectors, presenting a vast greenfield opportunity for Procore. As the industry increasingly adopts cloud-based solutions for efficiency and project management, Procore is well-positioned as a leading platform to capture this secular trend.
- Sticky Platform & High Switching Costs: Procore's platform becomes deeply embedded in a contractor's daily operations, managing critical workflows from preconstruction to project closeout. This integration creates high switching costs, leading to strong customer retention rates and opportunities for expansion within existing accounts through additional modules and users.
- Expanding Product Portfolio & Platform Strategy: Procore continuously invests in R&D to enhance its existing modules and introduce new functionalities, expanding its total addressable market within its customer base. This platform approach allows for cross-selling and upselling, increasing average revenue per user (ARPU) and strengthening its competitive moat.
Bear Thesis:
- Persistent Unprofitability & Negative Free Cash Flow: Despite strong revenue growth, Procore has consistently reported net losses and negative free cash flow. Investors are increasingly scrutinizing the path to sustainable profitability, and continued cash burn could pressure the stock, especially in a higher interest rate environment.
- Macroeconomic Sensitivity of the Construction Industry: The construction sector is inherently cyclical and highly sensitive to macroeconomic factors such as interest rates, inflation, labor availability, and overall economic growth. A slowdown in new construction projects or increased project cancellations could directly impact Procore's customer acquisition and expansion rates.
- Intense Competition & Fragmented Market: Procore operates in a competitive landscape with various players, including point solution providers, ERP systems, and even in-house developed tools. This fragmentation can lead to pricing pressure and make it challenging to maintain market share, especially as larger tech companies or well-funded startups enter the space.
- Premium Valuation Despite Lack of Profitability: Procore's stock often trades at a high revenue multiple, reflecting its growth potential. However, this premium valuation can be vulnerable if growth decelerates or if the company fails to demonstrate a clear and timely path to significant profitability and positive free cash flow, potentially leading to a re-rating by the market.
Main Competitors:
- Autodesk ($ADSK) (Autodesk Construction Cloud (ACC)), Competes directly across the entire construction project lifecycle, offering a comprehensive suite for design, planning, field execution, and project closeout. Leverages its strong BIM and design heritage to provide integrated workflows, challenging Procore's platform approach to connecting project data and teams.
- Trimble Inc. ($TRMB) (Trimble Viewpoint (e.g., Spectrum, Vista, Field View)), Competes by offering robust, integrated construction management software, particularly strong in ERP, financial management, project accounting, and field operations. Challenges Procore with deeper financial integration and comprehensive operational tools, often appealing to contractors seeking a single source for both project and business management.
- Oracle Corporation ($ORCL) (Oracle Aconex), Competes primarily in large-scale, complex infrastructure and capital projects, focusing on robust document control, workflow automation, and project collaboration. Challenges Procore with its enterprise-grade security, scalability, and advanced features for managing vast amounts of project data and communications across multiple stakeholders.
- CMiC (CMiC Platform), Provides an integrated suite of construction software covering project management, financial accounting, human capital management, and field operations. Competes with Procore by offering a comprehensive, enterprise-level solution, often appealing to larger general contractors seeking deep financial integration and a single, unified platform for all business functions.
Moat:
Procore's competitive moat lies in its user-friendly, cloud-native platform that aims to connect all project stakeholders and data points across the construction lifecycle. Its competition is intense, coming from established software giants like Autodesk and Oracle, who leverage their existing customer bases and broader software portfolios to offer integrated solutions. Specialized construction software providers like Trimble Viewpoint and CMiC compete with deeper financial and ERP integrations, often targeting larger contractors with more complex needs. The competition revolves around platform comprehensiveness, ease of use, mobile capabilities, integration with other tools, and the ability to provide a single source of truth for project data, all while navigating the fragmented and often tech-averse construction industry.
Income Statements:
Quarterly
Annual
| Unit: USD | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-12-31 | 2022-09-30 | 2022-06-30 | 2022-03-31 | 2021-12-31 | 2021-09-30 | 2021-06-30 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
revenue | 359,283,000 | 349,107,000 | 338,851,000 | 323,919,000 | 310,632,000 | 302,048,000 | 295,885,000 | 284,347,000 | 269,428,000 | 260,041,000 | 247,907,000 | 228,536,000 | 213,526,000 | 202,053,000 | 186,429,000 | 172,205,000 | 159,516,000 | 146,103,000 | 131,990,000 | 122,790,000 |
yoy | 15.66% | 15.58% | 14.52% | 13.92% | 15.29% | 16.15% | 19.35% | 24.42% | 26.18% | 28.70% | 32.98% | 32.71% | 33.86% | 38.29% | 41.24% | 40.24% | ||||
qoq | 2.91% | 3.03% | 4.61% | 4.28% | 2.84% | 2.08% | 4.06% | 5.54% | 3.61% | 4.89% | 8.48% | 7.03% | 5.68% | 8.38% | 8.26% | 7.95% | 9.18% | 10.69% | 7.49% | |
cost of revenue | 71,493,000 | 69,412,000 | 68,762,000 | 67,732,000 | 64,926,000 | 56,834,000 | 54,954,000 | 48,101,000 | 45,723,000 | 47,831,000 | 44,125,000 | 42,304,000 | 40,202,000 | 40,570,000 | 37,779,000 | 36,735,000 | 33,332,000 | 29,767,000 | 22,693,000 | 25,493,000 |
gross profit | 287,790,000 | 279,695,000 | 270,089,000 | 256,187,000 | 245,706,000 | 245,214,000 | 240,931,000 | 236,246,000 | 223,705,000 | 212,210,000 | 203,782,000 | 186,232,000 | 173,324,000 | 161,483,000 | 148,650,000 | 135,470,000 | 126,184,000 | 116,336,000 | 109,297,000 | 97,297,000 |
yoy | 17.13% | 14.06% | 12.10% | 8.44% | 9.83% | 15.55% | 18.23% | 26.86% | 29.07% | 31.41% | 37.09% | 37.47% | 37.36% | 38.81% | 36.01% | 39.23% | ||||
qoq | 2.89% | 3.56% | 5.43% | 4.27% | 0.20% | 1.78% | 1.98% | 5.61% | 5.42% | 4.14% | 9.42% | 7.45% | 7.33% | 8.63% | 9.73% | 7.36% | 8.47% | 6.44% | 12.33% | |
gross margin % | 80.10% | 80.12% | 79.71% | 79.09% | 79.10% | 81.18% | 81.43% | 83.08% | 83.03% | 81.61% | 82.20% | 81.49% | 81.17% | 79.92% | 79.74% | 78.67% | 79.10% | 79.63% | 82.81% | 79.24% |
operating expenses | ||||||||||||||||||||
sales and marketing | 149,181,000 | 155,809,000 | 144,290,000 | 141,897,000 | 138,684,000 | 161,733,000 | 141,370,000 | 127,922,000 | 120,994,000 | 122,511,000 | 129,672,000 | 125,362,000 | 117,363,000 | 118,170,000 | 109,608,000 | 103,283,000 | 93,915,000 | 84,285,000 | 70,356,000 | 99,905,000 |
research and development | 85,565,000 | 97,813,000 | 88,049,000 | 88,902,000 | 87,609,000 | 89,289,000 | 80,791,000 | 72,308,000 | 70,599,000 | 74,611,000 | 72,708,000 | 73,216,000 | 80,036,000 | 75,413,000 | 71,493,000 | 63,822,000 | 60,254,000 | 60,671,000 | 53,447,000 | 88,627,000 |
general and administrative | 68,715,000 | 68,874,000 | 52,780,000 | 55,655,000 | 55,658,000 | 60,436,000 | 55,267,000 | 50,792,000 | 51,018,000 | 52,422,000 | 51,753,000 | 46,383,000 | 45,188,000 | 43,102,000 | 39,362,000 | 40,667,000 | 43,152,000 | 45,830,000 | 35,051,000 | 57,827,000 |
total operating expenses | 303,461,000 | 322,496,000 | 285,119,000 | 286,454,000 | 281,951,000 | 311,458,000 | 277,428,000 | 251,022,000 | 242,611,000 | 249,544,000 | 254,133,000 | 244,961,000 | 242,587,000 | 236,685,000 | 220,463,000 | 207,772,000 | 197,321,000 | 190,786,000 | 158,854,000 | 246,359,000 |
income from operations | -15,671,000 | -42,801,000 | -15,030,000 | -30,267,000 | -36,245,000 | -66,244,000 | -36,497,000 | -14,776,000 | -18,906,000 | -37,334,000 | -50,351,000 | -58,729,000 | -69,263,000 | -75,202,000 | -71,813,000 | -72,302,000 | -71,137,000 | -74,450,000 | -49,557,000 | -149,062,000 |
yoy | -56.76% | -35.39% | -58.82% | 104.84% | 91.71% | 77.44% | -27.51% | -74.84% | -72.70% | -50.36% | -29.89% | -18.77% | -2.63% | 1.01% | 44.91% | -51.50% | ||||
qoq | -63.39% | 184.77% | -50.34% | -16.49% | -45.29% | 81.51% | 147.00% | -21.84% | -49.36% | -25.85% | -14.27% | -15.21% | -7.90% | 4.72% | -0.68% | 1.64% | -4.45% | 50.23% | -66.75% | |
operating margin % | -4.36% | -12.26% | -4.44% | -9.34% | -11.67% | -21.93% | -12.33% | -5.20% | -7.02% | -14.36% | -20.31% | -25.70% | -32.44% | -37.22% | -38.52% | -41.99% | -44.60% | -50.96% | -37.55% | -121.40% |
interest income | 4,522,000 | 5,103,000 | 4,826,000 | 5,015,000 | 5,997,000 | 5,980,000 | 5,962,000 | 5,814,000 | 5,938,000 | 5,167,000 | 4,721,000 | 4,943,000 | 4,948,000 | 4,966,000 | 2,143,000 | 111,000 | ||||
interest expense | -268,000 | -294,000 | -276,000 | -298,000 | -285,000 | -460,000 | -488,000 | -472,000 | -479,000 | -480,000 | -490,000 | -491,000 | -496,000 | -499,000 | -504,000 | -491,000 | -494,000 | -521,000 | -576,000 | |
accretion income | 997,000 | 1,723,000 | 2,068,000 | 2,027,000 | 2,447,000 | 2,918,000 | 3,816,000 | 3,761,000 | 3,088,000 | 3,179,000 | 2,952,000 | 2,031,000 | 1,632,000 | |||||||
other income | -556,000 | 105,000 | -210,000 | 2,023,000 | 391,000 | -6,500 | 466,000 | -210,000 | 543,000 | 37,000 | -653,000 | -44,000 | ||||||||
income before provision for income taxes | -10,976,000 | -36,164,000 | -8,622,000 | -21,500,000 | -27,695,000 | -60,916,000 | -26,741,000 | -5,821,000 | -10,703,000 | -28,819,000 | -43,654,000 | -52,559,000 | -63,389,000 | -71,427,000 | -70,872,000 | -73,081,000 | -71,085,000 | -74,907,000 | -50,731,000 | -149,682,000 |
provision for income taxes | -1,880,000 | 1,440,000 | 479,000 | -411,000 | 5,294,000 | 1,375,000 | -353,000 | 490,000 | 263,000 | 700,000 | 193,000 | 322,000 | 58,000 | -243,000 | 333,000 | 42,000 | 334,000 | -23,935,000 | 11,000 | 37,000 |
net income | -9,096,000 | -37,604,000 | -9,101,000 | -21,089,000 | -32,989,000 | -62,291,000 | -26,388,000 | -6,311,000 | -10,966,000 | -29,519,000 | -43,847,000 | -52,881,000 | -63,447,000 | -71,184,000 | -71,205,000 | -73,123,000 | -71,419,000 | -50,972,000 | -50,742,000 | -149,719,000 |
yoy | -72.43% | -39.63% | -65.51% | 234.16% | 200.83% | 111.02% | -39.82% | -88.07% | -82.72% | -58.53% | -38.42% | -27.68% | -11.16% | 39.65% | 40.33% | -51.16% | ||||
qoq | -75.81% | 313.19% | -56.84% | -36.07% | -47.04% | 136.06% | 318.13% | -42.45% | -62.85% | -32.68% | -17.08% | -16.65% | -10.87% | -0.03% | -2.62% | 2.39% | 40.11% | 0.45% | -66.11% | |
net income margin % | -2.53% | -10.77% | -2.69% | -6.51% | -10.62% | -20.62% | -8.92% | -2.22% | -4.07% | -11.35% | -17.69% | -23.14% | -29.71% | -35.23% | -38.19% | -42.46% | -44.77% | -34.89% | -38.44% | -121.93% |
net income per share | -0.06 | -0.25 | -0.06 | -0.14 | -0.22 | -0.42 | -0.18 | -0.04 | -0.08 | -0.21 | -0.31 | -0.37 | -0.45 | -0.51 | -0.52 | -0.54 | -0.53 | -0.15 | -0.39 | -2.04 |
weighted-average shares used for eps calculation | 150,950,902 | 150,247,067 | 150,278,399 | 149,663,744 | 149,997,899 | 147,444,772 | 148,134,585 | 146,938,942 | 145,476,006 | 141,961,467 | 142,828,406 | 141,238,489 | 139,646,465 | 136,525,728 | 137,180,639 | 135,927,677 | 134,530,010 | 92,673,453 | 131,438,987 | 73,539,568 |
other comprehensive income | ||||||||||||||||||||
foreign currency translation adjustment, net of tax | -249 | 323 | -331 | 1,263 | 167 | -1,723 | 509 | -87 | -486 | 623 | -565 | 395 | -16 | |||||||
unrealized income on available-for-sale debt and marketable securities, net of tax | -474 | 79 | -207 | 427 | 141 | |||||||||||||||
total other comprehensive income | -723 | 366 | -211 | 1,066 | 246 | -2,423 | 2,013 | -259 | -693 | 7 | 308 | |||||||||
comprehensive loss | -9,819 | -37,238 | -9,312 | -20,023 | -32,743 | -64,714 | -24,375 | -6,570 | -11,659 | -28,469 | -44,271 | -52,874 | -63,139 | -70,751 | -72,925 | -73,914 | -71,074 | -50,956 | -51,304 | -149,919 |
unrealized gain on available-for-sale debt and marketable securities, net of tax | 0.5 | 120 | 281.25 | 1,504 | 324 | |||||||||||||||
unrealized loss on available-for-sale debt and marketable securities, net of tax | -197 | -172 | -388 | 65 | -443 | |||||||||||||||
other expense | -148,000 | -344,000 | 649,000 | -486,000 | -313,000 | -261,250 | -698,000 | -890,000 | ||||||||||||
other comprehensive loss | ||||||||||||||||||||
total other comprehensive loss | -27.25 | -424 | -541.5 | -1,720 | ||||||||||||||||
foreign currency translation adjustment | -430.75 | -1,277 | -791 | 345 | 16 | -562 | -200 | |||||||||||||
total comprehensive loss | ||||||||||||||||||||
change in fair value of series i redeemable convertible preferred stock warrant liability | ||||||||||||||||||||
less: recognition of beneficial conversion feature on preferred stock as a deemed dividend | ||||||||||||||||||||
net loss attributable to common stockholders | -50,972,000 | -50,742,000 |
Balance Sheets:
Quarterly
Annual
| Unit: USD | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-12-31 | 2022-09-30 | 2022-06-30 | 2022-03-31 | 2021-12-31 | 2021-09-30 | 2021-06-30 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
assets | ||||||||||||||||||||
current assets | ||||||||||||||||||||
cash and cash equivalents | 386,035,000 | 480,684,000 | 350,496,000 | 324,262,000 | 313,734,000 | 437,722,000 | 439,298,000 | 356,239,000 | 427,656,000 | 357,790,000 | 318,318,000 | 312,518,000 | 328,964,000 | 296,712,000 | 264,622,000 | 563,224,000 | 586,914,000 | 586,108,000 | 1,072,098,000 | 1,060,512,000 |
marketable securities, current | 205,478,000 | 333,480,000 | 296,618,000 | 317,650,000 | 379,120,000 | |||||||||||||||
accounts receivable | 184,692,000 | 287,805,000 | 205,812,000 | 194,103,000 | 161,578,000 | 246,472,000 | 173,386,000 | 158,700,000 | 138,996,000 | 206,644,000 | 145,714,000 | 125,577,000 | 106,188,000 | 148,683,000 | 106,749,000 | 89,274,000 | 79,777,000 | 113,977,000 | 74,472,000 | 66,782,000 |
contract cost asset, current | 57,124,000 | 55,384,000 | 47,793,000 | 43,439,000 | 36,924,000 | 33,922,000 | 32,150,000 | 30,946,000 | 29,618,000 | 28,718,000 | 26,656,000 | 25,655,000 | 24,220,000 | 23,600,000 | 20,658,000 | 19,251,000 | 18,358,000 | 17,030,000 | 15,992,000 | 15,324,000 |
prepaid expenses and other current assets | 68,043,000 | 55,157,000 | 67,634,000 | 54,098,000 | 51,295,000 | 44,090,000 | 54,248,000 | 41,471,000 | 41,707,000 | 42,421,000 | 43,096,000 | 43,711,000 | 41,777,000 | 44,731,000 | 49,913,000 | 44,082,000 | 40,730,000 | 35,173,000 | 23,882,000 | 23,243,000 |
total current assets | 901,372,000 | 1,166,832,000 | 1,005,215,000 | 912,520,000 | 816,487,000 | 1,099,879,000 | 1,016,732,000 | 966,476,000 | 954,940,000 | 955,734,000 | 841,946,000 | 797,906,000 | 774,994,000 | 799,219,000 | 735,372,000 | 715,831,000 | 725,779,000 | 752,288,000 | 1,186,444,000 | 1,165,861,000 |
marketable securities, non-current | 42,529,000 | 43,966,000 | 85,869,000 | 132,127,000 | 46,042,000 | 52,283,000 | 45,430,000 | |||||||||||||
capitalized software development costs | 147,479,000 | 142,228,000 | 135,650,000 | 127,755,000 | 119,882,000 | 112,321,000 | 102,449,000 | 95,763,000 | 88,409,000 | 83,045,000 | 76,931,000 | 70,397,000 | 64,734,000 | 58,577,000 | 51,376,000 | 42,335,000 | 34,898,000 | 27,062,000 | 22,543,000 | 18,946,000 |
property and equipment | 48,314,000 | 48,624,000 | 45,715,000 | 44,023,000 | 43,715,000 | 43,592,000 | 35,952,000 | 34,895,000 | 35,417,000 | 36,258,000 | 37,381,000 | 37,121,000 | 38,282,000 | 39,193,000 | 40,666,000 | 41,035,000 | 40,047,000 | 36,837,000 | 32,989,000 | 31,470,000 |
right of use assets - finance leases | 19,169,000 | 19,619,000 | 20,070,000 | 20,521,000 | 20,972,000 | 31,727,000 | 32,391,000 | 33,051,000 | 33,712,000 | 34,375,000 | 35,013,000 | 35,681,000 | 36,353,000 | 37,026,000 | 37,459,000 | 38,291,000 | 38,948,000 | 39,623,000 | 40,298,000 | 40,770,000 |
right of use assets - operating leases | 47,900,000 | 36,024,000 | 32,012,000 | 33,093,000 | 31,758,000 | 28,790,000 | 32,676,000 | 35,255,000 | 36,727,000 | 44,141,000 | 47,481,000 | 40,223,000 | 41,910,000 | 41,934,000 | 45,494,000 | 48,410,000 | 47,245,000 | 44,052,000 | 44,307,000 | 46,094,000 |
contract cost asset, non-current | 78,652,000 | 79,004,000 | 66,214,000 | 59,033,000 | 51,223,000 | 47,505,000 | 44,593,000 | 44,193,000 | 43,757,000 | 44,564,000 | 42,232,000 | 42,112,000 | 40,299,000 | 40,477,000 | 33,528,000 | 30,398,000 | 28,735,000 | 25,889,000 | 23,787,000 | 22,749,000 |
intangible assets | 150,368,000 | 105,364,000 | 114,278,000 | 125,974,000 | 137,865,000 | 120,946,000 | 131,754,000 | 142,293,000 | 127,747,000 | 137,546,000 | 144,227,000 | 144,517,000 | 153,622,000 | 162,953,000 | 172,303,000 | 182,501,000 | 192,501,000 | 201,977,000 | ||
goodwill | 688,840,000 | 574,083,000 | 573,933,000 | 574,105,000 | 573,383,000 | 549,651,000 | 550,221,000 | 550,363,000 | 539,131,000 | 539,354,000 | 539,108,000 | 539,355,000 | 539,129,000 | 539,128,000 | 539,016,000 | 539,584,000 | 540,024,000 | 540,922,000 | 137,375,000 | 137,335,000 |
other assets | 26,354,000 | 24,758,000 | 21,430,000 | 21,208,000 | 21,302,000 | 20,918,000 | 19,686,000 | 19,316,000 | 18,870,000 | 18,551,000 | 18,682,000 | 18,640,000 | 21,856,000 | 21,903,000 | 22,090,000 | 23,569,000 | 24,087,000 | 18,903,000 | 9,027,000 | 7,883,000 |
total assets | 2,108,448,000 | 2,239,065,000 | 2,058,483,000 | 2,004,101,000 | 1,948,714,000 | 2,101,371,000 | 2,018,737,000 | 1,967,035,000 | 1,878,710,000 | 1,893,568,000 | 1,783,001,000 | 1,725,952,000 | 1,711,179,000 | 1,740,410,000 | 1,677,304,000 | 1,661,954,000 | 1,672,264,000 | 1,690,657,000 | 1,541,063,000 | 1,518,147,000 |
liabilities and stockholders’ equity | ||||||||||||||||||||
current liabilities | ||||||||||||||||||||
accounts payable | 18,444,000 | 25,168,000 | 28,887,000 | 20,159,000 | 22,235,000 | 33,146,000 | 25,006,000 | 26,951,000 | 16,446,000 | 13,177,000 | 16,911,000 | 15,539,000 | 19,451,000 | 14,282,000 | 16,277,000 | 21,251,000 | 14,408,000 | 15,490,000 | 8,913,000 | 6,513,000 |
accrued expenses | 86,421,000 | 130,280,000 | 110,430,000 | 97,561,000 | 76,744,000 | 88,740,000 | 91,227,000 | 71,253,000 | 67,008,000 | 100,075,000 | 95,130,000 | 60,090,000 | 69,625,000 | 99,182,000 | 83,079,000 | 52,087,000 | 58,892,000 | 65,907,000 | 56,063,000 | 42,964,000 |
deferred revenue, current | 655,449,000 | 687,062,000 | 572,050,000 | 560,598,000 | 560,140,000 | 584,719,000 | 501,599,000 | 494,680,000 | 487,944,000 | 501,903,000 | 425,591,000 | 416,788,000 | 403,012,000 | 396,535,000 | 329,072,000 | 316,559,000 | 310,000,000 | 301,557,000 | 240,085,000 | 226,151,000 |
other current liabilities | 46,924,000 | 42,047,000 | 42,608,000 | 27,565,000 | 26,481,000 | 21,427,000 | 31,187,000 | 31,894,000 | 23,585,000 | 27,275,000 | 23,923,000 | 27,468,000 | 22,598,000 | 21,639,000 | 30,475,000 | 29,461,000 | 25,316,000 | 20,750,000 | 12,438,000 | 11,953,000 |
total current liabilities | 807,238,000 | 884,557,000 | 753,975,000 | 705,883,000 | 685,600,000 | 728,032,000 | 649,019,000 | 624,778,000 | 594,983,000 | 642,430,000 | 561,555,000 | 519,885,000 | 514,686,000 | 531,638,000 | 458,903,000 | 419,358,000 | 408,616,000 | 403,704,000 | 317,499,000 | 287,581,000 |
deferred revenue, non-current | 5,609,000 | 6,041,000 | 5,500,000 | 4,467,000 | 5,309,000 | 5,815,000 | 4,822,000 | 6,135,000 | 7,403,000 | 7,692,000 | 5,836,000 | 5,145,000 | 5,536,000 | 5,278,000 | 5,023,000 | 3,943,000 | 4,166,000 | 4,024,000 | 4,418,000 | 4,612,000 |
finance lease liabilities, non-current | 26,112,000 | 26,557,000 | 27,002,000 | 27,455,000 | 27,903,000 | 41,352,000 | 41,853,000 | 42,468,000 | 43,076,000 | 43,581,000 | 44,013,000 | 44,574,000 | 45,130,000 | 45,578,000 | 45,790,000 | 46,451,000 | 46,952,000 | 47,344,000 | 47,704,000 | 48,003,000 |
operating lease liabilities, non-current | 58,848,000 | 45,855,000 | 36,042,000 | 37,678,000 | 36,599,000 | 32,697,000 | 32,070,000 | 32,578,000 | 33,691,000 | 37,923,000 | 41,275,000 | 35,630,000 | 37,230,000 | 38,087,000 | 39,935,000 | 42,762,000 | 43,820,000 | 41,573,000 | 41,898,000 | 43,601,000 |
other liabilities, non-current | 10,264,000 | 13,793,000 | 11,941,000 | 11,019,000 | 11,656,000 | 5,122,000 | 5,324,000 | 5,278,000 | 5,876,000 | 6,332,000 | 6,571,000 | 4,283,000 | 4,245,000 | 3,049,000 | 3,352,000 | 3,445,000 | 4,325,000 | 4,723,000 | 7,959,000 | 7,688,000 |
total liabilities | 908,071,000 | 976,803,000 | 834,460,000 | 786,502,000 | 767,067,000 | 813,018,000 | 733,088,000 | 711,237,000 | 685,029,000 | 737,958,000 | 659,250,000 | 609,517,000 | 606,827,000 | 623,630,000 | 553,003,000 | 515,959,000 | 507,879,000 | 501,368,000 | 419,478,000 | 391,485,000 |
commitments and contingencies | ||||||||||||||||||||
stockholders’ equity | ||||||||||||||||||||
preferred stock, 0.0001 par value... | ||||||||||||||||||||
common stock, 0.0001 par value... | 15,000 | 15,000 | 15,000 | 15,000 | 15,000 | 15,000 | 15,000 | 15,000 | 15,000 | 15,000 | 14,000 | 14,000 | 14,000 | 14,000 | 14,000 | 14,000 | 13,000 | 13,000 | 13,000 | 13,000 |
additional paid-in capital | 2,557,027,000 | 2,609,093,000 | 2,533,616,000 | 2,517,880,000 | 2,461,905,000 | 2,535,868,000 | 2,468,450,000 | 2,414,224,000 | 2,345,537,000 | 2,295,807,000 | 2,235,480,000 | 2,183,893,000 | 2,118,936,000 | 2,068,225,000 | 2,004,995,000 | 1,953,764,000 | 1,898,241,000 | 1,852,071,000 | 1,733,411,000 | 1,687,184,000 |
accumulated other comprehensive loss | -1,993,000 | -1,270,000 | -1,636,000 | -1,425,000 | -2,491,000 | -2,737,000 | -314,000 | -2,327,000 | -2,068,000 | -1,375,000 | -2,425,000 | -2,001,000 | -2,008,000 | -2,316,000 | -2,749,000 | -1,029,000 | -238,000 | |||
accumulated deficit | -1,354,672,000 | -1,345,576,000 | -1,307,972,000 | -1,298,871,000 | -1,277,782,000 | -1,244,793,000 | -1,182,502,000 | -1,156,114,000 | -1,149,803,000 | -1,138,837,000 | -1,109,318,000 | -1,065,471,000 | -1,012,590,000 | -949,143,000 | -877,959,000 | -806,754,000 | -733,631,000 | -662,212,000 | -611,240,000 | -560,498,000 |
total stockholders’ equity | 1,200,377,000 | 1,262,262,000 | 1,224,023,000 | 1,217,599,000 | 1,181,647,000 | 1,288,353,000 | 1,285,649,000 | 1,255,798,000 | 1,193,681,000 | 1,155,610,000 | 1,123,751,000 | 1,116,435,000 | 1,104,352,000 | 1,124,301,000 | 1,145,995,000 | 1,164,385,000 | ||||
total liabilities and stockholders’ equity | 2,108,448,000 | 2,239,065,000 | 2,058,483,000 | 2,004,101,000 | 1,948,714,000 | 2,101,371,000 | 2,018,737,000 | 1,967,035,000 | 1,878,710,000 | 1,893,568,000 | 1,783,001,000 | 1,725,952,000 | 1,711,179,000 | |||||||
marketable securities | 287,802,000 | 252,956,000 | 337,673,000 | 316,963,000 | 320,161,000 | 308,162,000 | 290,445,000 | 273,845,000 | 285,493,000 | 293,430,000 | ||||||||||
contingencies | ||||||||||||||||||||
liabilities and stockholders' equity | ||||||||||||||||||||
stockholders' equity | ||||||||||||||||||||
total stockholders' equity | 1,116,780,000 | 1,189,289,000 | ||||||||||||||||||
total liabilities and stockholders' equity | 1,740,410,000 | |||||||||||||||||||
liabilities, redeemable convertible preferred stock and stockholders’ equity | ||||||||||||||||||||
total liabilities, redeemable convertible preferred stock and stockholders’ equity | 1,677,304,000 | 1,661,954,000 | 1,672,264,000 | |||||||||||||||||
restricted cash, non-current | 3,104,000 | 3,104,000 | 3,104,000 | |||||||||||||||||
liabilities, redeemable convertible preferred stock and stockholders' equity | ||||||||||||||||||||
redeemable convertible preferred stock, 0.0001 par value... | ||||||||||||||||||||
accumulated other comprehensive income | -583,000 | -599,000 | -37,000 | |||||||||||||||||
total liabilities, redeemable convertible preferred stock and stockholders' equity | 1,690,657,000 | |||||||||||||||||||
intangibles | 41,189,000 | 43,935,000 | ||||||||||||||||||
liabilities, redeemable convertible preferred stock and stockholders’ (deficit) equity | ||||||||||||||||||||
stockholders’ (deficit) equity | ||||||||||||||||||||
total stockholders’ (deficit) equity | 1,121,585,000 | 1,126,662,000 | ||||||||||||||||||
total liabilities, redeemable convertible preferred stock and stockholders’ (deficit) equity | 1,541,063,000 | 1,518,147,000 | ||||||||||||||||||
revenue | 131,990,000 | 122,790,000 | ||||||||||||||||||
cost of revenue | 22,693,000 | 25,493,000 | ||||||||||||||||||
gross profit | 109,297,000 | 97,297,000 | ||||||||||||||||||
operating expenses | ||||||||||||||||||||
sales and marketing | 70,356,000 | 99,905,000 | ||||||||||||||||||
research and development | 53,447,000 | 88,627,000 | ||||||||||||||||||
general and administrative | 35,051,000 | 57,827,000 | ||||||||||||||||||
total operating expenses | 158,854,000 | 246,359,000 | ||||||||||||||||||
income from operations | -49,557,000 | -149,062,000 | ||||||||||||||||||
interest expense | -521,000 | -576,000 | ||||||||||||||||||
change in fair value of series i redeemable convertible preferred stock warrant liability | ||||||||||||||||||||
other income | -653,000 | -44,000 | ||||||||||||||||||
income before benefit from income taxes | -50,731,000 | -149,682,000 | ||||||||||||||||||
benefit from income taxes | 11,000 | 37,000 | ||||||||||||||||||
net income | -50,742,000 | -149,719,000 | ||||||||||||||||||
less: recognition of beneficial conversion feature on preferred stock as a deemed dividend | ||||||||||||||||||||
net income attributable to common stockholders | -50,742,000 | |||||||||||||||||||
net income per share | -390 | -2,040 | ||||||||||||||||||
weighted-average shares used for eps calculation | 131,438,987,000 | 73,539,568,000 | ||||||||||||||||||
total comprehensive loss | ||||||||||||||||||||
foreign currency translation adjustment | -562,000 | -200,000 | ||||||||||||||||||
comprehensive loss | -51,304,000 | -149,919,000 |
Cashflow Statements:
Quarterly
Annual
| Unit: USD | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-12-31 | 2022-09-30 | 2022-06-30 | 2022-03-31 | 2021-12-31 | 2021-09-30 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
operating activities | |||||||||||||||||||
net loss | -9,096,000 | -37,604,000 | -9,101,000 | -21,089,000 | -32,989,000 | -62,291,000 | -26,388,000 | -6,311,000 | -10,966,000 | -29,519,000 | -43,847,000 | -52,881,000 | -63,447,000 | -71,184,000 | -71,205,000 | -73,123,000 | -71,419,000 | -50,972,000 | -50,742,000 |
adjustments to reconcile net loss to net cash from operating activities | |||||||||||||||||||
stock-based compensation | 57,000,000 | 78,402,000 | 56,153,000 | 55,591,000 | 48,279,000 | 49,348,000 | 48,175,000 | 49,225,000 | 40,132,000 | 42,601,000 | 44,809,000 | 42,487,000 | 44,938,000 | 47,005,000 | 44,777,000 | 33,895,000 | 37,209,000 | 41,232,000 | 38,183,000 |
depreciation and amortization | 29,167,000 | 27,288,000 | 29,196,000 | 27,237,000 | 26,855,000 | 24,626,000 | 24,233,000 | 20,843,000 | 20,051,000 | 19,690,000 | 17,733,000 | 17,336,000 | 16,874,000 | 16,586,000 | 15,903,000 | 15,403,000 | 15,147,000 | 13,107,000 | 8,149,000 |
accretion of discounts on marketable debt securities | -997,000 | -1,719,000 | -1,868,000 | -1,870,000 | -2,425,000 | -2,699,000 | -3,382,000 | -3,661,000 | -3,088,000 | -3,175,000 | -2,953,000 | -2,030,000 | -1,632,000 | -1,359,000 | |||||
abandonment of long-lived assets | 1,398,000 | 672,000 | 413,000 | 2,101,000 | 354,000 | 610,000 | 238,000 | 312,000 | 268,000 | 676,000 | 277,000 | 94,000 | 441,000 | 280,000 | 177,000 | 0 | 0 | ||
noncash operating lease expense | 1,675,000 | 1,528,000 | 1,382,000 | 1,374,000 | 1,555,000 | 3,196,000 | 2,913,000 | 2,259,000 | 2,734,000 | 5,160,000 | 2,700,000 | 2,604,000 | 2,628,000 | ||||||
unrealized foreign currency loss | 2,333,000 | -340,000 | 628,000 | -1,014,000 | -1,136,000 | 2,009,000 | -419,000 | -365,000 | 1,079,000 | -1,263,000 | 182,000 | 149,000 | 408,000 | -1,232,000 | 526,000 | 832,000 | -477,000 | -190,000 | 184,000 |
deferred income taxes | -4,057,000 | -9,011,000 | 623,000 | -647,000 | 2,215,000 | -885,000 | 2,000 | 1,000 | 1,000 | -776,000 | 2,000 | 3,000 | 2,000 | 67,000 | 288,000 | -286,000 | -352,000 | -24,586,000 | 192,000 |
benefit from credit losses | -201,000 | ||||||||||||||||||
decrease in fair value of strategic investments | -104,000 | -361,000 | 54,000 | -41,000 | 224,000 | 3,000 | 184,000 | 132,000 | |||||||||||
changes in operating assets and liabilities | |||||||||||||||||||
accounts receivable | 103,880,000 | -82,428,000 | -12,007,000 | -31,709,000 | 86,327,000 | -73,797,000 | -14,698,000 | -19,019,000 | 68,013,000 | -60,636,000 | -20,433,000 | -19,371,000 | 42,948,000 | -42,543,000 | -17,611,000 | -9,788,000 | 34,125,000 | -37,540,000 | -7,730,000 |
deferred contract cost assets | -1,325,000 | -20,198,000 | -11,592,000 | -13,606,000 | -6,569,000 | -5,776,000 | -1,128,000 | -1,662,000 | -427,000 | -4,207,000 | -1,469,000 | -3,170,000 | -460,000 | -9,385,000 | -5,228,000 | -3,295,000 | -4,066,000 | -3,084,000 | -2,011,000 |
prepaid expenses and other assets | -10,677,000 | 10,801,000 | -7,263,000 | -1,782,000 | -7,454,000 | 8,803,000 | -11,931,000 | 494,000 | -684,000 | -4,490,000 | -3,579,000 | -2,848,000 | 4,549,000 | 3,502,000 | -2,721,000 | 390,000 | -4,925,000 | -8,986,000 | -2,032,000 |
accounts payable | -6,884,000 | -3,982,000 | 8,782,000 | -1,903,000 | -11,070,000 | 8,700,000 | -2,250,000 | 10,124,000 | 3,155,000 | -3,196,000 | 1,109,000 | -3,499,000 | 4,648,000 | -1,682,000 | -3,785,000 | 5,587,000 | 339,000 | 4,082,000 | 2,780,000 |
accrued expenses and other liabilities | -51,204,000 | 34,212,000 | 18,536,000 | 21,512,000 | -9,880,000 | -7,026,000 | 21,972,000 | 3,707,000 | -34,154,000 | 6,734,000 | 29,135,000 | -2,929,000 | -28,181,000 | 11,559,000 | 31,973,000 | -4,552,000 | -4,357,000 | 9,492,000 | 14,149,000 |
deferred revenue | -33,633,000 | 115,412,000 | 12,996,000 | -1,741,000 | -26,568,000 | 85,359,000 | 4,609,000 | 3,231,000 | -14,108,000 | 77,510,000 | 9,498,000 | 13,093,000 | 6,489,000 | 67,180,000 | 14,143,000 | 6,932,000 | 8,774,000 | 53,950,000 | 13,876,000 |
operating lease liabilities | -519,000 | 1,700,000 | 1,658,000 | -1,528,000 | -781,000 | -1,067,000 | -3,097,000 | -817,000 | -2,291,000 | -5,668,000 | -2,791,000 | -2,761,000 | -2,620,000 | -1,780,000 | -2,751,000 | -2,489,000 | -1,870,000 | -2,049,000 | -1,725,000 |
net cash from operating activities | 76,756,000 | 114,942,000 | 88,472,000 | 30,828,000 | 66,028,000 | 29,056,000 | 39,276,000 | 58,695,000 | 69,145,000 | 40,743,000 | 33,674,000 | -11,677,000 | 29,275,000 | ||||||
capital expenditures | -20,714,000 | -23,463,000 | -20,735,000 | -20,201,000 | -19,364,000 | -28,709,000 | -16,268,000 | -12,092,000 | -11,603,000 | -11,750,000 | -11,215,000 | -11,921,000 | -10,124,000 | ||||||
free cash flows | 56,042,000 | 91,479,000 | 67,737,000 | 10,627,000 | 46,664,000 | 347,000 | 23,008,000 | 46,603,000 | 57,542,000 | 28,993,000 | 22,459,000 | -23,598,000 | 19,151,000 | ||||||
investing activities | |||||||||||||||||||
purchases of property and equipment | -2,926,000 | -5,700,000 | -5,392,000 | -2,975,000 | -4,033,000 | -11,633,000 | -3,547,000 | -1,874,000 | -2,089,000 | -2,252,000 | -3,379,000 | -2,521,000 | -2,173,000 | -2,112,000 | -4,237,000 | -1,908,000 | -7,525,000 | -3,978,000 | -4,211,000 |
capitalized software development costs | -17,788,000 | -17,763,000 | -15,343,000 | -17,226,000 | -15,331,000 | -17,076,000 | -12,721,000 | -10,218,000 | -9,514,000 | -9,498,000 | -7,836,000 | -9,400,000 | -7,951,000 | -8,865,000 | -8,531,000 | -8,620,000 | -7,632,000 | -5,073,000 | -4,459,000 |
purchases of strategic investments | -531,000 | -510,000 | -739,000 | -352,000 | -550,000 | -450,000 | -845,000 | -862,000 | -210,000 | -238,000 | -84,000 | -293,000 | -149,000 | -306,000 | -635,000 | -689,000 | -2,329,000 | ||
purchases of marketable securities | -73,652,000 | -59,207,000 | -84,008,000 | -134,598,000 | -80,856,000 | -86,245,000 | -222,940,000 | -101,434,000 | -93,142,000 | -80,000,000 | -139,286,000 | -89,996,000 | -76,128,000 | ||||||
maturities of marketable securities | 18,391,000 | 122,206,000 | 63,365,000 | 87,872,000 | 135,787,000 | 68,819,000 | 145,619,000 | 118,798,000 | 107,301,000 | 84,620,000 | 64,894,000 | 118,817,000 | 103,909,000 | ||||||
sales of marketable securities | 106,731,000 | 0 | 0 | 0 | |||||||||||||||
business combinations, net of cash acquired | -158,896,000 | 0 | -262,000 | -41,253,000 | |||||||||||||||
asset acquisition, net of cash acquired | -3,533,000 | -5,000 | |||||||||||||||||
net cash from investing activities | -55,019,000 | 24,581,000 | -14,618,000 | -16,951,000 | -63,511,000 | -41,162,000 | 42,349,000 | -146,626,000 | -4,670,000 | -17,522,000 | -30,937,000 | -27,523,000 | -79,000 | ||||||
financing activities | |||||||||||||||||||
proceeds from stock option exercises | 2,503,000 | 3,030,000 | 1,172,000 | 5,293,000 | 2,314,000 | 3,366,000 | 2,456,000 | 2,790,000 | 7,125,000 | 2,524,000 | 4,155,000 | 7,217,000 | 3,722,000 | 3,019,000 | 4,741,000 | 7,697,000 | 6,907,000 | 7,773,000 | 6,187,000 |
repurchases of common stock | -100,035,000 | -23,000 | -25,655,000 | -3,131,000 | -100,029,000 | ||||||||||||||
payment of tax withholding for net share settlement | -15,291,000 | -22,947,000 | -21,318,000 | -21,578,000 | -28,277,000 | ||||||||||||||
principal payments under finance lease agreements, net of proceeds from lease incentives | -424,000 | -420,000 | -416,000 | -412,000 | -388,000 | -450,000 | -900,000 | -220,000 | -449,000 | -403,000 | -520,000 | -520,000 | -410,000 | -375,000 | -486,000 | -479,000 | -365,000 | -334,000 | -433,000 |
payment of deferred asset acquisition consideration | -300,000 | 0 | |||||||||||||||||
net increase in funds held for customers | 3,830,000 | 2,700,000 | |||||||||||||||||
net cash from financing activities | -109,717,000 | -7,132,000 | -39,966,000 | -5,424,000 | -126,380,000 | 13,798,000 | 5,000 | 15,757,000 | 6,676,000 | 14,515,000 | 3,635,000 | 19,703,000 | 3,312,000 | ||||||
net decrease in cash, cash equivalents, and restricted cash | -87,980,000 | ||||||||||||||||||
effect of exchange rate changes on cash | -2,872,000 | 495,000 | -790,000 | 2,075,000 | -125,000 | -3,268,000 | 1,429,000 | 757,000 | -1,285,000 | 1,736,000 | -572,000 | -53,000 | -256,000 | 1,834,000 | -1,208,000 | -981,000 | 175,000 | 211,000 | -309,000 |
cash, cash equivalents, and restricted cash, beginning of period | 490,246,000 | 437,722,000 | 357,790,000 | ||||||||||||||||
cash, cash equivalents, and restricted cash, end of period | 399,394,000 | 313,734,000 | 427,656,000 | ||||||||||||||||
provision for credit losses | 570,000 | -118,000 | -57,000 | -909,000 | -57,000 | 243,000 | 216,000 | 189,000 | 1,170,000 | 3,152,000 | 2,004,000 | 1,726,000 | |||||||
changes in operating assets and liabilities, net of effect of asset acquisitions and business combinations | |||||||||||||||||||
originations of materials financing | -387,000 | -6,578,000 | -7,930,000 | -9,077,000 | -6,739,000 | -7,491,000 | |||||||||||||
customer repayments of materials financing | 34,000 | 88,000 | 202,000 | 1,281,000 | 5,189,000 | 8,057,000 | 7,638,000 | 5,358,000 | 6,688,000 | 5,736,000 | |||||||||
acquisition of businesses, net of cash acquired | -489,847,000 | -8,000 | |||||||||||||||||
asset acquisitions, net of cash acquired | 0 | 0 | 0 | 0 | |||||||||||||||
proceeds from employee stock purchase plan | 11,928,000 | 0 | 10,882,000 | 0 | 12,394,000 | 0 | 10,620,000 | 0 | |||||||||||
payment of deferred business combination consideration | 0 | ||||||||||||||||||
net increase in cash, cash equivalents and restricted cash | 37,736,000 | 6,372,000 | -19,497,000 | 32,508,000 | 30,256,000 | -297,394,000 | -22,709,000 | 631,000 | -486,443,000 | 11,895,000 | |||||||||
cash, cash equivalents and restricted cash, beginning of period | 0 | 0 | 0 | 299,816,000 | 0 | 0 | 0 | 589,212,000 | 0 | 0 | |||||||||
cash, cash equivalents and restricted cash, end of period | 39,472,000 | 5,800,000 | -19,550,000 | 332,068,000 | 32,090,000 | -298,602,000 | -23,690,000 | 590,018,000 | -486,232,000 | 11,586,000 | |||||||||
net increase in cash and cash equivalents | 81,630,000 | ||||||||||||||||||
net decrease in cash and cash equivalents | |||||||||||||||||||
cash and cash equivalents, beginning of period | 0 | ||||||||||||||||||
cash and cash equivalents, end of period | 83,059,000 | ||||||||||||||||||
changes in operating assets and liabilities, net of effect of asset acquisition | |||||||||||||||||||
net increase in cash, cash equivalents, and restricted cash | -123,863,000 | 71,151,000 | |||||||||||||||||
settlement of post-close working capital adjustments from business combinations | 0 | 0 | 0 | 1,291,000 | |||||||||||||||
payments of deferred offering costs | 0 | 0 | -34,000 | -319,000 | |||||||||||||||
reconciliation of cash, cash equivalents and restricted cash to the consolidated balance sheets | |||||||||||||||||||
cash and cash equivalents at end of period | |||||||||||||||||||
restricted cash, non-current at end of period included in other assets | |||||||||||||||||||
total cash, cash equivalents and restricted cash at end of period shown in the consolidated statements of cash flows | |||||||||||||||||||
supplemental disclosure of cash flow information | |||||||||||||||||||
cash paid for interest other than finance leases | |||||||||||||||||||
cash paid for income taxes, net of refunds received | |||||||||||||||||||
stock-based compensation capitalized for cloud-computing arrangement costs | |||||||||||||||||||
cash received for lease incentives | |||||||||||||||||||
cash paid for amounts included in the measurement of lease liabilities: | |||||||||||||||||||
operating cash flows from finance leases | |||||||||||||||||||
operating cash flows from operating leases | |||||||||||||||||||
financing cash flows from finance leases | |||||||||||||||||||
noncash investing and financing activities | |||||||||||||||||||
purchases of property and equipment included in accounts payable and accrued expenses at year end | |||||||||||||||||||
capitalized software development costs included in accounts payable and accrued expenses at year end | |||||||||||||||||||
deferred asset acquisition payment included in other current liabilities and other non-current liabilities at year end | |||||||||||||||||||
stock-based compensation capitalized for software development | |||||||||||||||||||
conversion of available-for-sale debt securities into equity securities | |||||||||||||||||||
right of use assets obtained in exchange for operating lease liabilities | |||||||||||||||||||
noncash net change due to operating lease remeasurement | |||||||||||||||||||
acquisition of a business, net of cash acquired | 0 | ||||||||||||||||||
increase in fair value of strategic investments | -759,000 | 42,000 | -36,000 | ||||||||||||||||
proceeds from initial public offering | |||||||||||||||||||
payments of deferred business acquisition consideration | |||||||||||||||||||
deferred offering costs included in accounts payable and accrued expenses at year end | |||||||||||||||||||
indemnity holdback consideration associated with business combinations included in other current liabilities at year end | |||||||||||||||||||
deferred asset acquisition payment included in other non-current liabilities at year end | |||||||||||||||||||
issuance of common stock as consideration in business combinations | |||||||||||||||||||
conversion of redeemable convertible preferred stock to common stock upon initial public offering | |||||||||||||||||||
change in fair value of series i redeemable convertible preferred stock warrant liability | |||||||||||||||||||
changes in operating assets and liabilities, net of effect of business combinations | |||||||||||||||||||
proceeds from issuance of redeemable convertible preferred stock, net of issuance costs | |||||||||||||||||||
proceeds from issuance of series i redeemable convertible preferred stock warrant | |||||||||||||||||||
proceeds from exercise of series i redeemable convertible preferred stock warrant | |||||||||||||||||||
payments of debt issuance costs | |||||||||||||||||||
noncash lease expense | 2,751,000 | 2,652,000 | 2,156,000 | 1,865,000 | |||||||||||||||
net cash flow from operating activities | 6,587,000 | -26,955,000 | 10,284,000 | -3,575,000 | 15,138,000 | ||||||||||||||
net cash flow used in investing activities | -308,236,000 | -14,215,000 | -16,195,000 | -499,748,000 | -8,678,000 | ||||||||||||||
proceeds from initial public offering, net of underwriting commissions and discounts | 0 | ||||||||||||||||||
payment of deferred business acquisition consideration | 0 | 0 | |||||||||||||||||
net cash flow from financing activities | 4,255,000 | 18,461,000 | 6,542,000 | 5,435,000 | |||||||||||||||
strategic investments | -850,000 | 0 | |||||||||||||||||
payment of debt issuance costs | |||||||||||||||||||
net cash flows from financing activities |