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We are the leading global provider of cloud-based construction management software, and are helping transform one of the oldest, largest, and least digitized industries in the world.
−Removed: We focus exclusively on connecting and empowering the construction industry’s key stakeholders, such as owners, general contractors, specialty contractors, architects, and engineers, to collaborate and access our capabilities from any location on any internet-connected device.
−Removed: Our platform is modernizing and digitizing construction management by enabling real-time access to critical project information, simplifying complex workflows, and facilitating seamless communication among key stakeholders, all of which we believe positions us to serve as the system of record for the construction industry.
+Added: We focus exclusively on connecting and empowering the construction industry’s key stakeholders, such as owners, general contractors, and specialty contractors, to collaborate and access our capabilities from any location on any internet-connected device.
+Added: Our platform is modernizing and digitizing construction management by enabling timely access to critical project information, simplifying complex workflows, and facilitating seamless communication among relevant stakeholders, all of which we believe positions us to serve as the system of record for the construction industry.
We are also continuing to develop other programs and services to address related challenges faced by the construction industry’s key stakeholders.
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We work directly with stakeholders to develop the products and services they need and to provide high-quality support, available to all users at no additional charge.
−Removed: Our five integrated product categories—Preconstruction, Project Execution, Workforce Management, Financial Management, and Construction Intelligence—automate workflows, provide real-time visibility, offer advanced analytics, and support collaboration across key stages of the construction project lifecycle.
+Added: Our four integrated product categories—Preconstruction, Project Execution, Resource Management, and Financial Management—automate workflows, provide timely visibility, offer advanced analytics, and support collaboration across key stages of the construction project lifecycle.
Each of our products can be accessed from the office or the jobsite on computers, smartphones, and tablets, enabling users to work wherever the job requires.
−Removed: Our open application programming interfaces (“APIs”) and our application marketplace (“App Marketplace”) allow customers to integrate our products with their internal systems.
+Added: Platform capabilities like our open application programming interfaces and our application marketplace (“App Marketplace”) allow customers to integrate our products with their internal systems.
We offer over 500 integrations, including accounting, document management, and scheduling software, which provide our users with choice and flexibility, and demonstrably increase the stickiness of our platform as we aim to become the construction industry’s system of record.
Our customers range from small businesses managing a few million dollars of annual construction volume to global enterprises managing billions of dollars of annual construction volume.
−Removed: Our core customers are owners, general contractors, and specialty contractors operating across the commercial, residential, industrial, and infrastructure segments of the construction industry.
+Added: Our core customers are owners, general contractors, and specialty contractors operating across the residential and non-residential segments of the construction industry.
Our customers rely on our platform to help run their businesses more efficiently and safely, with enhanced collaboration and accountability among key stakeholders.
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Our business model is designed to encourage rapid, widespread adoption of our products by allowing for unlimited users, meaning we do not charge a per-seat or per-user fee.
−Removed: Customers can invite all project participants to engage with our platform as part of a project team.
+Added: Customers can invite all project participants, including owners, general contractors, specialty contractors, architects, and engineers, to engage with our platform as part of a project team without incurring additional fees.
Customers typically invite participants to join our platform, including their employees and collaborators, who are other project participants that engage with our platform but do not pay us for such use.
−Removed: Collaborators have access to relevant project information and product features for the duration of their involvement in a project and are incentivized to become customers, as collaborators do not control what information they get access to, may not be able to access project information after a job is complete, and cannot run their complete portfolio of projects on our platform.
+Added: Collaborators have access to relevant project information and product features for the duration of their involvement in a project and are incentivized to become customers, as collaborators do not control what information they get access to, may not be able to access project information after a job is complete, and cannot run their complete portfolio of projects on our
Once collaborators have used our platform, they may potentially become customers and evangelize Procore on future projects.
−Removed: We are highly focused on continuing to acquire new customers and expand existing customers’ use of our platform to support our long-term growth.
−Removed: We intend to efficiently drive new customer acquisitions by continuing to invest across our sales and marketing engine to engage our prospective customers, increase brand awareness, and drive adoption of our products, services, and platform.
−Removed: As of December 31, 2023, 2022, and 2021, the number of customers on our platform was 16,367, 14,488, and 12,193, respectively, reflecting year-over-year growth rates of 13% in 2023 and 19% in 2022.
−Removed: We intend to expand existing customers’ use of our platform by capturing more projects, which increases annual construction volume, selling additional existing products and services, and offering new products and services that address additional customer needs.
−Removed: As a result of our focus on acquiring new customers and expansion of existing customers’ use of our platform, we have also seen an increase in the number of customers that contributed more than $100,000 of annual recurring revenue (“ARR”), which was 2,008, 1,576, and 1,111 as of December 31, 2023, 2022, and 2021, respectively, reflecting year-over-year growth rates of 27% in 2023 and 42% in 2022.
+Added: Although we do not charge a per-seat or per-user fee, multiple participants can be customers on the same project, which allows each of them to retain access to project information for the duration of their subscription and allows us to receive revenue from multiple customers on the same project.
+Added: We believe that the market for our platform is large, and we are highly focused on our long-term growth.
+Added: Our ability to generate revenue, continue to grow our business, and serve the broader needs of the construction industry depends on our ability to efficiently acquire new customers, retain existing customers and expand their use of our products, services, and platform, and maintain or increase the pricing of, and value provided by, our products and services.
+Added: We drive new customer acquisitions by investing across our sales and marketing engine to engage prospective customers, increase brand awareness, and drive adoption of our products, services, and platform.
+Added: We drive retention of existing customers and expansion of their use of our products, services, and platform by focusing on our customers’ success.
+Added: Despite macroeconomic challenges, we have seen an increase in the number of customers that contributed more than $100,000 of annual recurring revenue (“ARR”), which was 2,333, 2,008, and 1,576 as of December 31, 2024, 2023, and 2022, respectively, reflecting year-over-year growth rates of 16% in 2024 and 27% in 2023.
Customers that contributed more than $100,000 of ARR represented 63%, 60%, and 57% of total ARR in each of the annual periods ending December 31, 2024, 2023, and 2022, respectively.
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Customers that contributed more than $1,000,000 of ARR represented 17%, 14%, and 12% of total ARR in each of the annual periods ending December 31, 2024, 2023, and 2022, respectively.
−Removed: All aforementioned customer counts exclude Express Lien, Inc.
−Removed: (d/b/a Levelset) (“Levelset”) and Esticom, Inc.
−Removed: (“Esticom”) customers that do not have standard Procore annual contracts.
+Added: As of December 31, 2024, 2023, and 2022, the number of customers on our platform was 17,088, 16,367, and 14,488, respectively, reflecting year-over-year growth rates of 4% in 2024 and 13% in 2023.
+Added: Our total customer count is heavily influenced by the number of small- and medium-sized business (“SMB”) customers we add in a given period.
+Added: Furthermore, SMB customers represent a small portion of our total ARR, whereas Enterprise and Mid Market customers represent the vast majority of our total ARR.
+Added: As a result, we believe the better metric to assess our business performance is the growth in the number of customers that contributed more than $100,000 of ARR.
+Added: All aforementioned customer counts exclude customers acquired from business combinations that do not have standard Procore annual contracts.
For a description of how we calculate ARR, see the sub-heading titled “Acquiring New Customers and Retaining and Expanding Existing Customers’ Use of Our Platform,” under the heading “Certain Factors Affecting Our Performance” in “Management’s Discussion and Analysis of Financial Condition and Results of Operations.”
−Removed: Our success in building our customer base, expanding usage for existing customers, and helping digitize the industry has allowed us to achieve significant growth.
+Added: Our success in building our customer base, expanding usage and value for existing customers, and helping digitize the industry has allowed us to achieve significant growth.
We generated revenue of $1,151.7 million in 2024, $950.0 million in 2023, and $720.2 million in 2022, representing year-over-year growth of 21% in 2024 and 32% in 2023.
We had net losses of $106.0 million in 2024, $189.7 million in 2023, and $286.9 million in 2022.
−Removed: The construction ecosystem is highly fragmented and specialized.
−Removed: The construction process relies on coordination among highly fragmented and specialized groups, including key stakeholders such as owners, general contractors, specialty contractors, architects, and engineers.
−Removed: These stakeholders engage in financing, budgeting, designing, building, and maintaining commercial, residential, industrial, and infrastructure projects while navigating varying responsibilities, risk profiles, and motives.
+Added: We serve the construction industry ecosystem, which is highly fragmented and specialized.
+Added: The construction process relies on coordination among highly fragmented and specialized groups.
+Added: Key stakeholders engage in financing, budgeting, designing, building, and maintaining commercial, residential, industrial, and infrastructure projects while navigating varying responsibilities, risk profiles, and motives.
Completing a project safely, on time, and within budget requires effective collaboration between stakeholders across workstreams, sharing information in a timely and effective manner, and navigating increasing contractual and regulatory complexity.
−Removed: Key stakeholders in the construction ecosystem are:
+Added: Our customers include key stakeholders in the construction ecosystem, such as:
Owners initiate construction projects, secure financing, work with architects, engineers, and consultants on building design, hire general contractors to manage the construction process, and are the ultimate decision-makers throughout a project.
Owners include corporations, universities, government entities, and commercial and residential real estate developers.
−Removed: Once a project is completed, owners are responsible for operating, leasing, or selling the structure, or outsourcing such processes to a third party.
+Added: Once a project is
+Added: completed, owners are responsible for operating, leasing, or selling the structure, or outsourcing such processes to a third party.
• General contractors.
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Specialty contractors, commonly referred to as subcontractors, are hired by general contractors for their specialized skills, such as mechanical, electrical, plumbing, roofing, or concrete trades, and perform the vast majority of construction work, including sourcing materials.
−Removed: • Architects and engineers.
−Removed: Architects and engineers work together to develop building plans and designs, collaborating directly with owners and general contractors.
−Removed: Typically, architects are
−Removed: responsible for designing the aesthetic look and feel of a structure, while engineers focus on safety and functionality, materials, and structural design.
The construction industry has four defining characteristics:
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Construction workers often operate with out-of-date or incomplete project information and struggle to collaborate effectively with other stakeholders, leading to mistakes that may translate to costly rework and extended project timelines.
−Removed: Given mistakes not only impact the progress of the project but also expose workers to safety risks, the need for mobile collaboration solutions and real-time access to instructions, designs, documentation, and reporting is becoming increasingly critical for managing and optimizing a dispersed workforce.
+Added: Given mistakes not only impact the progress of the project but also expose workers to safety risks, the need for mobile collaboration solutions and timely access to instructions, designs, documentation, and reporting is becoming increasingly critical for managing and optimizing a dispersed workforce.
• Stakeholder dynamics are complex.
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All project participants are adversely impacted when a project is delayed, runs over budget, or does not meet quality or safety requirements.
−Removed: For example, a concrete contractor may not be able to pour concrete on a project until the mechanical, electrical, and plumbing (“MEP”) contractors complete their scope of work.
−Removed: If the MEP contractors fail to complete their tasks as scheduled and that delay is not properly communicated to all affected stakeholders, then not only could the project fall behind schedule but the concrete may still arrive at the jobsite as originally scheduled, become unusable, and need to be disposed of, driving up costs and impacting profit margins.
In order to avoid related financial losses, stakeholders are often quick to redirect responsibility to other participants on a project and seek to resolve disputes in court.
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As a result, the design that teams set out to build rarely matches the finished product.
−Removed: An event as small as a delayed inspection that adjusts worker schedules, or as significant as discovering an unexpected boulder during excavation that requires special equipment to remove, can trigger costly changes to a project’s schedule and require timely communication to teams on the ground to minimize or avoid mistakes.
−Removed: We believe that we are well-positioned to extend our leading market position, not only through promoting the rapid adoption of our products, services, and platform, but also through our dedicated efforts to invest in and positively impact the future success of the construction community.
−Removed: We believe that our success is driven by the quality of our products, services, and platform and our strong relationships with our customers and the broader construction industry.
−Removed: Our approach is based on two key elements:
−Removed: • We live and breathe construction.
−Removed: Our products, services, and platform are focused on the construction industry, and we build them for the diverse requirements of industry stakeholders.
−Removed: We have deep domain expertise and an understanding of the construction industry’s complex workflows, incentive structures, and the risks each stakeholder faces on a project.
−Removed: We also partner with the industry beyond providing software.
−Removed: Several of our initiatives, including Jobsite, our industry-focused blog site, Procore Community, our online user community forum, and Groundbreak, our annual construction industry conference, are designed to grow community engagement across our platform.
−Removed: We also offer additional resources to the construction community, including certified continuing education courses, training programs, online content libraries, and free software to universities, schools, trade unions, and nonprofits through our in-house social impact team, Procore.org.
−Removed: • We put our customers first.
−Removed: We make our products intuitive and easy to use, whether from a computer, smartphone, or tablet, in the field or in the back office, so that everyone can adopt and benefit from the power of our products.
−Removed: A core part of our strategy is our user-centric development
−Removed: We engage with the construction community to understand its needs and work with our customers to develop, iterate, and improve our products and technology.
−Removed: Our customer support team provides live support to all users at no additional cost, as well as numerous online resources, because we believe that if all users are successful, then our customers will be successful.
+Added: A modification can trigger costly changes to a project’s schedule and require timely communication to teams on the ground to minimize or avoid mistakes.
Our platform is built to be modern, intuitive, and open, with a modular and extensible architecture that not only includes the breadth and depth of functionality of our own products, but also integrates with third-party applications and our customers’ own customized applications.
−Removed: While we offer a broad set of products that we primarily monetize through subscriptions, our platform includes a wide range of technical services that are shared across our products and open APIs that enable us to extend the capabilities of our platform to the broader ecosystem of software that our customers use.
−Removed: Our platform offers our customers and collaborators online and offline access to critical project information and capabilities that address a range of evolving needs throughout a project’s lifecycle, including bidding, scheduling, building information modeling (“BIM”), labor tracking, financial management, and more.
−Removed: Our platform streamlines communication and facilitates compliance with safety and other regulatory standards, which helps increase productivity and efficiency, reduce rework and costly delays, improve safety and compliance, and enhance collaboration and accountability among key stakeholders.
−Removed: Product Categories
+Added: We offer a broad set of product solutions that we primarily monetize through subscriptions.
+Added: We also support and enhance our customers’ use of these product solutions with a comprehensive set of platform capabilities.
+Added: Product Solutions
+Added: Our platform includes four integrated product solutions that allow data and workflows to transparently cross the phases of a construction project.
+Added: Our customers typically purchase subscriptions to access our products on a product-by-product basis.
+Added: The products that a customer chooses to purchase within each integrated product solution depend on the customer’s specific requirements and the distinct buyer personas that will utilize the products.
+Added: We also provide different functionality to customers for each product, depending on a customer’s unique needs.
+Added: Our platform approach allows us to drive additional spend from our customers by cross-selling additional product solutions, services, and platform capabilities that address their needs.
• Preconstruction .
−Removed: Selecting the right specialty contractors and vendors for a construction project is critical to the successful outcome of the project.
−Removed: The process is often manual, disorganized, time-consuming, and resource-intensive, requiring the collection of extensive documentation and multi-faceted bids that typically include sensitive information.
−Removed: Our Preconstruction products facilitate collaboration between internal and external stakeholders during the planning, budgeting, estimating, bidding, and partner selection phase of a construction project.
+Added: Our Preconstruction products, including Estimating, Bid Management, 2D/3D Takeoff, Design Coordination, and Prequalification, facilitate collaboration between internal and external stakeholders during the takeoff, planning, budgeting, estimating, bidding, design, and partner selection phases of a construction project.
Our products are designed to help reduce financial and operational risk across key stakeholders before construction begins.
• Project Execution .
−Removed: Construction teams struggle with poor communication between the field and office, time-consuming processes, and getting updated and accurate information to all project stakeholders.
−Removed: Teams often lack the ability to effectively collaborate on workflows, such as structure design, or changes to plans that become necessary in the field.
−Removed: Tracking project progress and ensuring procedures are in line with quality and safety standards is often manual or done using disparate point solutions.
−Removed: These dynamics lead to risky work environments, rework, training gaps, and strained relationships, often resulting in millions of dollars in cost overruns and litigation.
−Removed: Our Project Execution products connect entire construction project teams by ensuring project information is aggregated in a cloud-based platform, available to all project participants, and accurate so that work on the jobsite is completed correctly.
−Removed: Our products and platform enable real-time collaboration, information storage, design, BIM model clash detection, and regulation compliance for teams on the jobsite and in the back office.
−Removed: • Workforce Management.
−Removed: Construction teams responsible for performing work on the jobsite are often unable to efficiently track labor productivity, which leads to schedule delays, inefficient use of time, margin loss, and rework.
−Removed: Our Workforce Management products help customers address these problems by allowing contractors to better schedule, track, and forecast labor productivity, improve time management, communicate more efficiently with their workforces, and better manage profitability on construction projects.
−Removed: By using our products, customers are also creating detailed productivity records that can be referenced during the bidding process.
+Added: Our Project Execution products, including Project Management, Quality, Safety, Field Scheduling, and Closeout, connect construction project teams by helping to ensure project information is aggregated in an up-to-date cloud-based platform, available to all project participants, and accurate so that work on the jobsite is completed correctly and safely.
+Added: These products enable collaboration, information transmission and storage, and safety regulation compliance for teams on the jobsite and in the back office.
+Added: Users have the ability to log critical information, track project progress, and escalate issues for approvals from the correct team members.
+Added: They can also identify, understand, and proactively resolve the causes of issues and risky behaviors before they result in an injury or accident.
+Added: • Resource Management .
+Added: Our Resource Management products, including Field Productivity, Workforce Planning, Equipment Management, and Materials Management, help customers schedule, track, and forecast workforce and equipment productivity, improve time management, communicate more efficiently with their workforces, optimize procurement and movement of materials, and better manage profitability on construction projects.
+Added: By using these products, customers can create detailed productivity records that can be referenced during the bidding process.
• Financial Management .
−Removed: Managing construction financials is often a slow, expensive, and manual data entry process.
−Removed: Construction teams need to be able to monitor budgets on individual projects and across entire portfolios of projects in order to maximize project profitability and plan for the long-term.
−Removed: Teams lack real-time access to accurate financial data that is critical to managing changes that impact budgets or allow for efficient invoicing.
−Removed: Our Financial Management products provide customers with visibility into the financial health of their individual construction projects and portfolios, and facilitate untethered access to financial data, linking the field and the office in real-time.
−Removed: Our products improve cost management, invoice collection and review, payments, lien rights management, and budget
−Removed: forecasting and tracking.
−Removed: Our platform also supports integrations with a majority of the industry’s preferred accounting systems.
−Removed: • Construction Intelligence.
−Removed: Construction Intelligence is a set of holistic products that offers advanced analytics and business intelligence capabilities, allowing customers to capture, manage, and learn from data for streamlined and robust project and portfolio reporting, analytics, and artificial intelligence (“AI”)-guided workflows, as well as to monitor projects and drive more informed decision-making for their business needs.
−Removed: With Construction Intelligence, information and data collected during the course of construction using our products becomes a catalyst for creating a culture of data-driven analysis and decision-making at each level of a customer’s organization.
−Removed: Our Construction Intelligence products provide access to 13 pre-built reports and over 160 pre-built report pages and the ability to build custom visualizations leveraging their enterprise data in Microsoft Power BI.
−Removed: Cross-tool reporting, configurable dashboards, and advanced data visualization all help turn project data into business insights.
−Removed: Procore App Marketplace
−Removed: Our platform gives customers the freedom to connect with third-party integrations currently in our App Marketplace.
−Removed: Our App Marketplace extends the functionality of our existing products, connecting critical business workflows and processes, and enabling customers to maintain a single system of record while being able to leverage software solutions providing an array of functionality.
−Removed: This ecosystem provides customers with support in analytics, accounting and finance, scheduling, insurance, compliance, and customer relationship management, among many other categories.
−Removed: While our customers may pay fees to certain third-party developers in order to use their applications that integrate with our platform, we do not earn any fees or commissions from either our customers or these third-party developers for accessing or using our App Marketplace.
−Removed: Our App Marketplace represents a key competitive differentiator for us and has been widely adopted by our customers, providing significant value while demonstrably increasing the stickiness of our products and providing a future pipeline for potential acquisitions.
−Removed: Within the construction industry, integration of third-party applications with our platform and a presence in the App Marketplace are increasingly seen as requirements for adoption and usage by our customer base.
−Removed: Procore Shared Technology Services
−Removed: Our platform includes a number of shared services that underlie our products and enable us to launch new products and extend the capabilities of our existing products.
−Removed: The user directory, reporting, tasks, search, and other components of our platform are examples of the underlying shared services that our customers can use across our products.
−Removed: In order to create a centralized hub for construction project information, we have developed an open and extensible platform that connects our customers’ business applications, people, devices, and data.
−Removed: We have also developed highly configurable forms, data fields, and workflows, enabling our customers to centralize their data on our platform.
−Removed: Our platform services are designed around four defining attributes that increase the breadth and depth of our offering, improve usability, and enable a unified experience.
−Removed: These include:
−Removed: • UI Customization.
−Removed: Our platform is designed to be flexible and adaptable, providing native mobile and desktop user interfaces (“UI”) to both our internal and third-party developers.
−Removed: This means developers can accelerate design and development efforts by accessing our core UI components and design guidelines, helping to ensure a consistent user experience.
−Removed: We also offer third-party developers the ability to create embedded applications, which we call Embedded Apps, a feature that allows developers to insert their apps directly into our UI.
−Removed: This creates an experience that reduces user friction and context switching between different applications, while providing our familiar UI to users when introducing new integrations.
−Removed: • Customizable Business Logic.
−Removed: Our products are designed to work the way our users work.
−Removed: Customers can create designated workflows to match the approval sequence and processes that are appropriate for their businesses.
+Added: Our Financial Management products, including Project Financials, Accounting Integrations, and Procore Pay, provide customers with visibility into the financial health of their individual construction projects and portfolios, facilitate untethered access to financial data, and support payments between key stakeholders.
+Added: These products improve cost management, invoice collection, review, and approval, and budget forecasting and tracking.
+Added: Our platform also supports integrations with a majority of the industry’s preferred accounting systems to minimize data entry errors.
+Added: Our Procore Pay solution handles all aspects of the payment process between general contractors and subcontractors via a single system that promotes visibility and transparency for tracking payment requirements and automates the exchange of lien waivers.
+Added: Platform Capabilities
+Added: Our platform features a number of capabilities that underlie our product solutions and enable us to launch new products and services and increase the breadth and depth of our existing products and services.
+Added: Our broad range of platform capabilities support the diverse needs of the different personas that use our products and platform.
+Added: In order to create a centralized hub for construction project information, we have developed an extensible platform that connects our customers’ business applications, people, devices, and data.
+Added: Our platform capabilities include:
+Added: • Artificial Intelligence (“AI”).
+Added: We are developing capabilities that will allow customers to leverage AI in our platform to help increase productivity, reduce risks, and deliver projects on time and within budget.
+Added: Our AI platform capabilities include Copilot, an AI-powered assistant that acts as a central hub and conversational interface enabling users to interact with and retrieve project-specific information and status, and Insights, which analyzes industry, company, and project data within our platform in order to provide timely and contextual advice to users by identifying trends and predicting potential project risks.
+Added: Our platform gives customers the ability to generate deep insights from aggregated data across all projects, various products, and integrated accounting software.
+Added: Customers can track trends and conduct analysis using pre-built reports, all of which are customizable to suit individual customer needs.
+Added: • Building Information Modeling (“BIM”).
+Added: Our platform enables all users in the field to view and collaborate on 3D models, which allows project teams to more efficiently plan and construct their projects.
+Added: Field workers can access project models quickly, with an easy-to-use navigation interface that ties 3D models to drawings.
+Added: Users can bridge the gap between 3D modeling and 2D documentation and enhance accuracy by generating 2D drawings or views directly from 3D models.
+Added: These capabilities improve decision-making and reduce rework by ensuring that work is coordinated and installed correctly the first time.
+Added: • Collaborations.
+Added: Our platform allows users to connect projects across accounts and share project information with other team members.
+Added: Our Collaborations platform capabilities include Connectability,
+Added: which helps customers streamline construction projects, enhance productivity, and reduce errors by syncing the latest drawings across projects and teams and storing project information in one place.
+Added: • Document Management.
+Added: Our platform allows customers to safely store, access, and share project documents.
+Added: Users can quickly upload revisions to drawings and specifications to help ensure that project team members have up-to-date project information whether they’re working in the field or in the office.
+Added: Our Ecosystem platform capabilities enable our App Marketplace, which helps customers enhance their use of our products with third-party integrations, connecting critical business workflows and processes, and allowing customers to maintain a single system of record while leveraging software solutions that provide an array of functionality.
+Added: Our App Marketplace houses over 500 integrations, including to other construction software technology companies.
+Added: • Enterprise Flexibility.
Our platform offers configurable fields and forms, improving the degree of precision with which customers can track data and secure documentation.
−Removed: Additionally, our platform offers comprehensive user permission functionality.
−Removed: These permissions define who has access to certain project and company-level information.
−Removed: By default, we provide customers with
−Removed: several role-based permission templates, and these permissions are configurable down to the tool access level by user.
−Removed: Our platform features developer-friendly open APIs and tools that are designed to empower our customers and third-party developers to build their own integrations or customized applications, thereby expanding the functionality of our products.
−Removed: As data is generated on our platform, it is securely stored in centralized databases.
−Removed: Our platform enables our customers to search across their data, empowering real-time analytics and customizable reporting.
−Removed: Users have access to insights that can be derived from data generated by their account usage across our platform.
−Removed: Additionally, our platform allows us to collect aggregated, anonymized data that we can use to develop new products, services, and features, as well as better support our customers as they navigate challenging industry and market conditions.
−Removed: We are also developing risk modeling to price risk in offerings such as our insurance brokerage and utilize predictive data to tailor those offerings to fit our customers’ needs.
−Removed: We have also begun leveraging data to build AI and machine learning functionality into our platform in order to provide customers with ways to automate repetitive tasks, uncover hidden information, and glean actionable insights to drive better outcomes on projects, in addition to other next-generation features.
−Removed: For example, we are developing an AI-powered assistant called Procore Copilot with the intent to provide contextual help and predictive experience layers across the platform.
−Removed: Our platform typically serves as a system of record for our customers’ projects, meaning that our customers are incentivized to continue to subscribe to our products even after the end of a construction project in order to leverage the benefits of Procore.
−Removed: As the number of projects and the construction volume managed on our platform grows, so does the amount of data that our platform captures.
−Removed: This enables our customers to analyze their data and derive insights to better operate their business, and enables us to develop products and services specifically tailored to the needs of the construction industry and its stakeholders.
−Removed: Our Core Customer Stakeholders and the Benefits Provided by Our Products
+Added: It also allows customers to create designated workflows to match the approval sequence and processes that are appropriate for their businesses.
+Added: In addition, our platform provides comprehensive user permission functionality.
+Added: Permissions define who has access to certain project and company-level information.
+Added: By default, we provide customers with several role-based permission templates, and these permissions are configurable down to the tool access level by user.
+Added: Our platform allows customers to visualize construction data by storing and viewing photos of their active projects on an interactive map.
+Added: Users can filter the items on a map with the help of GPS data.
+Added: Our platform provides regional locations for our global cloud infrastructure that allow customers to store and manage their data locally, closer to their business while driving availability, observability, and reliability.
+Added: Our Core Customer Stakeholders and the Benefits Provided by Our Platform
We serve customers ranging from small businesses managing a few million dollars of annual construction volume to global enterprises managing billions of dollars of annual construction volume.
−Removed: Our core customers are owners, general contractors, and specialty contractors operating across the commercial, residential, industrial, and infrastructure segments of the construction industry.
+Added: Our core customers are owners, general contractors, and specialty contractors operating across the residential and non-residential segments of the construction industry.
For additional information on these core customers, see “Our Industry” above.
−Removed: We believe that our ability to deliver products that address our customers’ specific needs, including by enabling streamlined communication and real-time access to data, is essential to driving increased productivity and efficiency, reducing rework and costly delays, improving safety and compliance, and enhancing financial transparency and accountability.
−Removed: Owners are the beneficiaries of the end result of a construction project, but if the project is over budget, or not completed on schedule, the owner can be responsible for funding the overage or incurring lost revenue.
+Added: We believe that our ability to deliver products and platform capabilities that address our customers’ specific needs, including by enabling streamlined communication and timely access to data, is essential to driving increased productivity and efficiency, reducing rework and costly delays, improving safety and compliance, and enhancing financial transparency and accountability.
Owners need the ability to plan capital expenditures, accurately estimate project costs, source high-quality general contractors to manage construction work, and track project progress with a high degree of visibility.
−Removed: By reducing friction that hinders collaboration, our products can help owners track cost updates, project status, and change orders.
We help owners save significant time and money by providing financial and operational visibility into their projects.
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General contractors
−Removed: General contractors operate under immense pressure, with little room for error, as they often manage their businesses with small profit margins.
+Added: General contractors often manage their businesses with small profit margins, with little room for error.
Inadequate information flows, such as not providing specialty contractors with the latest set of plans, can result in costly project delays, overages, and unfulfilled expectations.
General contractors are also compelled to perform duplicate data entry in disparate systems and are accustomed to dealing with invoicing errors, information silos, and disconnected point solutions.
−Removed: For example, general
−Removed: contractors must often collect and consolidate dozens of invoices from their specialty contractors each month before invoicing the owner.
−Removed: This process can require days or even weeks of effort, depending upon a project’s complexity and the number of specialty contractors.
−Removed: With our platform, that process can be greatly condensed.
−Removed: We have developed a cloud-based platform to allow general contractors to manage their projects from a smart device in their hand, with the goal of facilitating exceptional teamwork, reducing costly rework, mitigating risk, and improving profit margins.
+Added: We have developed a cloud-based platform to allow general
+Added: contractors to manage their projects from a smart device in their hand, with the goal of facilitating exceptional teamwork, reducing costly rework, mitigating risk, and improving profit margins.
Specialty contractors
−Removed: For specialty contractors to be successful, it is imperative that they are able to effectively track and manage their crews, materials, and equipment.
−Removed: Specialty contractors have to get the right people to the right jobsite at the right time with the correct materials and equipment.
−Removed: However, specialty contractors often utilize disparate point software solutions or antiquated documentation systems, such as pen and paper and even physical whiteboards, which means they lack a consistent way to track labor production rates, monitor safety compliance and quality of work, ensure they are working off the latest set of plans and schedules, or document work completed as part of the invoicing process.
+Added: For specialty contractors to be successful, it is imperative that they are able to effectively track and manage their crews, materials, equipment, and cash flow.
+Added: However, specialty contractors often utilize disparate point software solutions or antiquated documentation systems, such as pen and paper or physical whiteboards, which means they lack a consistent way to track labor production rates, monitor safety compliance and quality of work, ensure they are working off the latest set of plans and schedules, or document work completed as part of the invoicing process.
Specialty contractors frequently experience delays and disruptions in work progress as a result of not having timely access to the most up-to-date information, such as when other stakeholders make changes to project plans or schedules and do not effectively communicate those changes to specialty contractors.
−Removed: For example, when a specialty contractor submits a change order, they typically cease work until the change order is approved by the owner and the decision is communicated back to the specialty contractor, which can take weeks.
−Removed: Our products feature intuitive, easy-to-use tools that allow specialty contractors to leverage accurate, real-time information, reduce unnecessary data entry, visualize productivity trends, document completed work, and get paid the correct amounts faster.
+Added: Our platform features intuitive, easy-to-use tools that allow specialty contractors to leverage accurate, timely information, reduce unnecessary data entry, visualize productivity trends, document completed work, and get paid the correct amounts faster.
Our Business Model
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Thereafter, collaborators have an incentive to become customers so that they can manage their complete portfolio of projects on our platform, use our products to improve their business processes, and maintain ownership of project data.
+Added: For example, Connectability for Drawings enables customers to share drawings across all of their associated accounts, allowing for drawings for a downstream project to sync to an upstream project.
We believe our expertise in construction and close relationship with our customers and collaborators enable us to deliver easy-to-use and feature-rich products, specifically tailored to solve the problems of the industry’s key stakeholders and help them manage their businesses more effectively.
Our products are offered à la carte and are integrated into our cloud-based platform.
+Added: Our customer support team provides live support to all users at no additional cost, as well as numerous online resources.
+Added: We also provide optional professional services at an extra cost to support customers who are implementing new product solutions or who need ongoing guidance with their product subscriptions.
Our platform captures extensive data across stakeholders and each stage of a project, which enables us to create a system of record for all stakeholders and to analyze project and industry trends.
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• Maintain and advance our technology leadership.
−Removed: We believe that the investments we have made in research and development to build our technology have been core differentiators of our products
−Removed: and platform.
−Removed: We plan to continue to invest in technology innovation and product development, and we believe that our customers will benefit from new features and products on our centralized platform.
+Added: We believe that the investments we have made in research and development to build our technology have been core differentiators of our products and platform.
+Added: We plan to continue to invest in technology innovation, product development, and platform capabilities.
• Acquire new customers.
We believe the market for construction technology and collaboration tools is in its early phases of adoption.
−Removed: We plan to continue to expand our sales and marketing efforts to drive awareness of our products and services and grow our customer base, focusing on owners, general contractors, and specialty contractors.
+Added: We plan to continue to expand our sales and marketing efforts to drive awareness of our products, services, and platform, and grow our customer base, focusing on owners, general contractors, and specialty contractors.
The portion of our current user base made up of collaborators invited to participate in our customers’ projects represents a significant opportunity to increase our revenue.
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Such new products and services may allow us to attract new customers as well as expand existing customer relationships.
−Removed: • Increase and diversify spend within our customer base.
−Removed: We plan to drive additional spend from existing customers by capturing more projects, selling them additional existing products and services, and offering new products and services that address additional customer needs.
+Added: • Increase and diversify spend within our existing customer base.
+Added: We plan to drive additional spend from existing customers by upselling construction volume, cross-selling additional existing products and services, and offering new products and services that address additional customer needs.
• Expand internationally.
We believe there is a global need for construction management software and that the global market is currently underpenetrated, representing a significant opportunity.
−Removed: We plan to hire sales and customer experience teams and expand our presence in certain countries where we already operate.
+Added: We plan to hire sales and customer experience teams and expand our presence in certain countries where we already operate, as well as pursue a presence in new geographies.
• Extend our industry connectivity and our position as a trusted brand.
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• Pursue targeted acquisitions.
+Added: Our acquisition strategy primarily focuses on accelerating our product roadmap through tuck-in acquisitions of smaller companies, some of which are from our App Marketplace and already integrated with the Procore platform.
We have made, and may in the future make, select acquisitions to add innovative features and functionality to our platform, accelerate our end-to-end cloud-based platform strategy, and bring talent to our team.
−Removed: Our App Marketplace provides us with visibility into our customers’ interactions with many third-party integrations.
−Removed: For example, in 2021, we acquired Levelset, a lien rights management solution, and LaborChart, Inc.
−Removed: (“LaborChart”), a labor management solution, both of which were existing App Marketplace partners.
−Removed: We also acquired Unearth Technologies, Inc.
−Removed: (“Unearth”), an existing App Marketplace partner, in 2023.
−Removed: Our existing integrations with App Marketplace partners like these streamline the integration of their solutions into our platform post-acquisition and allows us to quickly deliver a seamless customer experience across financial and project management workstreams.
−Removed: Our platform features five integrated product categories, allowing data and workflows to transparently cross the phases of a construction project.
−Removed: Our customers typically purchase subscriptions to access our products on a product-by-product basis.
−Removed: Preconstruction
−Removed: • Estimating.
−Removed: Procore Estimating offers quantity takeoff and estimating capabilities that streamline the takeoff, estimating, and bidding process, allowing customers to bid and win more projects in less time.
−Removed: Customers can quickly perform a digital quantity takeoff to determine materials, labor, and equipment required to complete a construction project based on relevant documents such as plans and specifications, add the associated costs, and markup and create a customer-facing proposal that can be approved and tracked all within a single application, reducing overhead and improving profitability.
−Removed: • Bid Management.
−Removed: Procore Bid Management organizes the complex bidding process, from bid package creation to bid award, allowing customers to track and assess the significant volume of bids that are typically submitted to work on a given construction project.
−Removed: Bid Management also provides vendors with a single location to access bid package details, files, and communications to simplify the bid submission process.
−Removed: • Prequalification .
−Removed: Procore Prequalification streamlines the process of selecting specialty contractors and vendors for construction projects.
−Removed: Customers can send out requests for documentation to potential partners, which are then collected, standardized, and aggregated within the Prequalification product.
−Removed: From there, customers can evaluate which partners have the capability, capacity, and resources to be hired for their project.
−Removed: Project Execution
−Removed: • Project Management.
−Removed: Procore Project Management provides every team member on a construction project with real-time access to the information they need via a single, accurate, up-to-date source.
−Removed: Project Management centralizes and facilitates collaboration on schedules, specifications, submittals, drawings, requests for information (“RFIs”), and outstanding tasks.
−Removed: Users have the ability to log critical information, track project progress, and escalate issues for approvals from the correct team members.
−Removed: Project Management is designed to increase transparency and accountability across the entire project team, reducing litigation risk and the shifting of responsibilities.
−Removed: • Quality & Safety.
−Removed: Procore Quality & Safety allows field teams to continuously record, monitor, evaluate, and improve procedures in order to maximize compliance with safety regulations and quality specifications.
−Removed: Additionally, the product helps users identify, understand, and proactively resolve the causes of issues and risky behaviors before they result in an injury or accident.
−Removed: • Design Coordination and BIM.
−Removed: Procore Design Coordination helps users identify and resolve design and constructability issues prior to construction, thereby minimizing the cost of RFIs, change orders, and rework.
−Removed: Our product allows users to coordinate documents and 3-D models, bringing stakeholders together in a collaborative tool to validate a project design and achieve predictable results in the field.
−Removed: Procore BIM enables all users in the field to view and collaborate on 3-D models, which allow project teams to more efficiently plan and construct their projects.
−Removed: Field workers can access project models in real-time, with an easy-to-use navigation interface that ties 3-D models to drawings.
−Removed: The product improves decision-making and reduces rework by ensuring that work is coordinated and installed correctly the first time.
−Removed: Workforce Management
−Removed: • Field Productivity.
−Removed: Procore Field Productivity enables contractors to manage their labor with real-time data for payroll, document out-of-scope work, as well as communicate, certify, forecast, and track productivity.
−Removed: This data deeply integrates into Procore Project Financials, powering critical labor cost analysis and change management workflows that maximize job profitability.
−Removed: In using Field Productivity, customers create a detailed record of historical productivity rates that allows them to more accurately bid and estimate future projects.
−Removed: • Workforce Planning.
−Removed: Procore Workforce Planning is a construction workforce management solution that provides real-time insight into a workforce’s availability and skillset with a centralized scheduling and communication hub.
−Removed: Workforce Planning is used by general and specialty contractors for construction rosters of varying sizes.
−Removed: Customers can utilize Workforce Planning for people and data management, planning and scheduling, workforce analytics, labor forecasting, and field-to-office communication.
−Removed: Financial Management
−Removed: • Project Financials.
−Removed: Procore Project Financials is a robust solution for managing the financial health of a construction project.
−Removed: Customers can track, forecast, and manage project costs, budgets, and change orders with reliable data drawn from the field.
−Removed: These real-time insights help customers facilitate more accurate communication, generate faster approvals, and reduce financial risk.
−Removed: • Invoice Management.
−Removed: Procore Invoice Management expedites the invoice creation, collection, review, and approval process across stakeholders.
−Removed: Our products allow customers to automate the creation of invoices while helping to ensure accuracy and reduce delays in payment.
−Removed: By streamlining the payment process, Invoice Management helps to reduce schedule delays arising from disruptions in cash flow.
−Removed: • Accounting Integrations.
−Removed: Procore Accounting Integrations integrates with our customers’ accounting systems to minimize manual data entry and reduce errors created through double entry.
−Removed: integrations sync project information between the field and office so that users can make informed decisions using up-to-date project and cost data.
−Removed: • Lien Rights Management.
−Removed: In connection with our acquisition of Levelset, we acquired a lien rights management product that is designed to efficiently manage our customers’ lien rights on construction projects and simplify complex compliance workflows and payment processes.
−Removed: Users can exchange and collaborate around payment documents such as lien waivers, payment applications, and preliminary notices, enabling contractors, suppliers, and other industry stakeholders to have better visibility, more streamlined documentation, and faster payments.
−Removed: • Procore Pay .
−Removed: Procore Pay is a payment solution that handles all aspects of the payment process between general contractors and subcontractors.
−Removed: It combines functionality from Invoice Management and Lien Rights Management with money movement to streamline the payment process.
−Removed: Procore Pay provides users with a single system to engage in payment-related activities, provides visibility and transparency for tracking payment requirements, and automates the exchange of lien waivers.
−Removed: Construction Intelligence
−Removed: • Procore Analytics.
−Removed: Our Procore Analytics product gives customers the ability to generate deep insights across data aggregated from across all projects, various products, and integrated accounting software.
−Removed: Customers can track trends and conduct analysis using pre-built reports, all of which are customizable to suit individual customer needs.
+Added: Our App Marketplace provides us with visibility into our customers’ interactions with many third-party integrations and provides a pipeline for potential future acquisitions.
+Added: For example, we acquired Intelliwave Technologies Inc.
+Added: (“Intelliwave”), a construction materials management company, in 2024, and Unearth Technologies, Inc.
+Added: (“Unearth”), a geographic information systems asset management platform, in 2023, both of which were existing App Marketplace partners.
+Added: Our existing integrations with App Marketplace partners like these streamline the integration of their solutions into our platform post-acquisition and allow us to quickly deliver a seamless customer experience across our platform.
Sales and Marketing
−Removed: We primarily sell subscriptions to access our products through our direct sales team, which is specialized by stakeholder region, size, and type, and is serviced regionally by offices in the U.S., Canada, Australia, England, the United Arab Emirates (“UAE”), France, and Ireland, and by our focused sales and marketing efforts in Germany, where we do not maintain an office location.
+Added: We primarily sell subscriptions to access our products through our direct sales team, which is specialized by geography, followed by size and type of stakeholder, and is serviced regionally by offices in the U.S., Canada, Australia, England, the United Arab Emirates (“UAE”), and Ireland.
As a result of our international efforts, we support multiple languages and currencies.
−Removed: We combine an inside sales model with a field sales team targeting large accounts.
−Removed: Our install base team focuses on renewals and account expansion.
+Added: In July 2024 we began to evolve our GTM operating model by, among other things, transitioning to a general manager model, with general managers for our North America, Europe, Asia-Pacific, and Middle East
+Added: regions and our public sector business, each of whom is empowered to assess and deploy the appropriate strategies and tactics for customers within their respective regions.
+Added: We are also adding new product and technical specialists to our GTM teams, who we believe can add value for our customers by matching the evolving needs of our customers’ diverse buyer personas with our products and services, and helping our customers understand and implement the full potential of our platform.
+Added: We believe that these investments will allow us to build stronger and deeper customer relationships and improve our operating efficiency over time which, in turn, will result in better customer experiences and provide additional value to our customers, some of whom continue to face macroeconomic and other pressures that have negatively impacted their spending decisions.
Our construction volume-based pricing model and number of product offerings create multiple opportunities for expansion.
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Our teams partner with our customers and collaborators to understand their needs through focus groups at our innovation labs, trade shows, and conferences, and with customers and collaborators on the jobsite.
−Removed: Our research and development teams are largely based in our Carpinteria, California headquarters, and our Austin, Texas, New York, New York, Cairo, Egypt, and Toronto, Canada offices.
Our Competition
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We believe the market is in its early phases of maturity and technology adoption as many companies in the construction industry still rely on a combination of rudimentary workflows, including manual paper-based methods, email, fax, and spreadsheet-based processes.
−Removed: Where technology has been adopted, it has generally had a limited impact because of a lack of modern, cloud-based tools, limited breadth and depth of functionality, or a lack of integrations between point solutions.
+Added: Where incumbent technology has been adopted, it has generally had a limited impact because of a lack of modern, cloud-based tools, limited breadth and depth of functionality, or a lack of integrations between point solutions.
We believe our competitors primarily exist across the following four categories:
−Removed: • aggregated construction management tools , including products offered by Oracle, Autodesk, and Trimble.
+Added: • aggregated construction management tools , including products offered by various software companies that serve multiple industries and buyers.
Some of these companies’ products integrate with our platform and are available in our App Marketplace.
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• in-house specialized tools or processes built by or for existing or prospective customers.
−Removed: Our People and Our Values
−Removed: Our people are our most vital asset in building and growing our business.
−Removed: We are proud to have been named among Glassdoor’s Best Places to Work in multiple years.
−Removed: Based on employee reviews, this award is a significant vote of confidence by our employees and reflects their belief in our mission and vision, the strength of our company culture, and our commitment to putting people first.
−Removed: We are also proud to have been able to maintain our culture, which is based on three core values:
−Removed: We define openness as “a willingness to engage and express, as well as to consider, new information and ideas.” We ask our employees to be honest without ego, meaning that employees can share critical opinions without fear of retribution and admit when they don’t know something.
−Removed: We include different voices and points of view.
−Removed: We believe that diversity of thought makes us stronger and more innovative.
−Removed: We define ownership as “a sense of having a personal stake in a project’s or team’s success and the feeling of empowerment and responsibility that goes with it.” We ask our employees to take initiative and move forward, and in so doing, to vigorously advocate for our vision, volunteer for work that challenges and inspires them, and solicit feedback from leaders and colleagues.
−Removed: We also believe in providing equity incentives to our employees to foster an ownership mentality among them and align their interests with those of our stockholders.
−Removed: We define optimism as “the ability to envision and pursue favorable outcomes, even in the face of challenges, and to believe in the capabilities and goodwill of oneself and others.” We ask our employees to build toward the possible, which means that they assume positive intent in others, let themselves have a bad day, and pursue the rewards of hard work.
−Removed: We believe in embracing a growth mindset for continuous learning.
−Removed: We believe that these three core values are foundational in building a high-performing, healthy company that scales.
−Removed: We also believe that having an open and inclusive work culture is integral to our ability to attract and retain exceptionally talented and motivated employees.
−Removed: Our goal is to evolve a culture where diversity, equity, inclusion, and belonging (“DEIB”) are embedded in our business.
−Removed: We strive to build a globally inclusive workplace to support growth and innovation with our entire workforce while advancing the construction industry through advocacy, education, and technology.
−Removed: Our DEIB initiatives are centered around three strategic pillars:
−Removed: inclusive workplace (building an inclusive culture that promotes ideas from all employees), global workforce (cultivating a global workforce at all levels that reflects our world), and community (engaging and co-creating an inclusive path forward for our industry).
−Removed: We invest in our employees and provide a broad range of benefits and perks to help them grow and thrive.
−Removed: Our compensation and benefits programs are competitively designed to recruit, reward, and retain talented individuals to drive our business forward.
−Removed: Compensation may include base salary and annual bonus, commission, and equity awards.
−Removed: Benefits include medical and dental coverage, mental health, time-off benefits (including an annual wellness week), life and disability insurance, retirement plans, and an employee stock purchase plan;
−Removed: the benefits in each country vary based on local regulations and norms.
−Removed: We evaluate our compensation and benefits programs on a regular basis, adjusting as needed.
+Added: Our Employees and Human Capital Resources
+Added: People are our most vital asset in building and growing our business.
+Added: We are also proud to have been able to maintain our culture as our business has grown, which is based on three core values:
+Added: openness, ownership, and optimism.
+Added: We believe that these three core values are foundational to building a high-performing, engaged organization where our employees feel empowered to deliver exceptional results while growing their careers.
+Added: We believe that having a strong culture is integral to our ability to attract and retain exceptionally talented and motivated employees.
+Added: We invest in our employees and provide a broad range of benefits and well-being and development offerings to help them grow and thrive.
+Added: Our compensation and benefits offerings are competitively designed to attract, reward, and retain talented individuals to drive our business forward.
+Added: We evaluate these offerings on a regular basis, adjusting as needed.
As of December 31, 2024, we had 4,203 full-time employees, with 3,221 based in the U.S.
and 982 based in our international locations.
−Removed: Our Commitment to the Construction Industry and Our Communities
−Removed: We have taken steps to promote a more diverse and inclusive construction industry.
−Removed: Through our long-standing Women in Construction initiative, we advocate for improved gender equality.
−Removed: As part of this effort, we host webinars, curate a virtual community group, and attend events across the country to connect advocates for the increased presence of women in construction.
−Removed: Through our in-house social impact team, Procore.org, we support the advancement of the construction industry by providing an array of resources, including certified continuing education courses, training programs, online content libraries, and in-kind donations of software and training to universities, K-12 school programs, training centers, trade associations, disadvantaged business enterprises, and nonprofits.
−Removed: Giving back to our communities is an essential element of our DNA, and we support employee volunteering by providing each employee with Volunteer Time Off annually.
−Removed: We also have a volunteer platform that gives employees easy access to a wide range of volunteer and giving opportunities.
Our Intellectual Property
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and 93 pending patent applications in the U.S.
−Removed: Additionally, we had 18 pending patent applications in foreign countries, as well as 10 pending international patent applications that preserve our right to file additional foreign patent applications in the future, as of such date.
+Added: Additionally, we had 3 issued patents in foreign countries, 28 pending patent applications in foreign countries, as well as 6 pending international patent applications that preserve our right to file additional foreign patent applications in the future, as of such date.
Our issued patents in the U.S.
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For additional information, see the section titled “Risk Factors—Risks Related to Our Intellectual Property—Our failure to protect our intellectual property rights and proprietary information could diminish our brand and other intangible assets and otherwise materially adversely affect our business, financial condition, results of operations, and prospects.”
+Added: Government Regulations
+Added: We are, and may become, subject to a number of U.S.
+Added: federal and state, as well as numerous foreign, laws and regulations that involve matters important to our business, including in connection with our pursuit of Federal Risk and Authorization Management Program (“FedRAMP”) authorization.
+Added: Compliance with these laws and regulations has not had, and is currently not expected to have, a material effect on our capital expenditures, results of operations, and competitive position as compared to prior periods.
+Added: Nevertheless, because global laws and regulations have continued to develop and evolve rapidly, it is possible that we may not be, or may not have been, compliant with each such applicable law or regulation, and any noncompliance could have a material impact on our business in subsequent periods.
+Added: For a discussion of risks related to these various areas of government regulation, see “Risk Factors—Our business is subject to a wide range of laws and regulations, many of which are evolving, and our failure to comply with such laws and regulations could materially adversely affect our business, financial condition, results of operations, and prospects” and “Risk Factors—Increased government scrutiny of the technology industry generally, or our operations specifically, could negatively affect our business."
Corporate Information
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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.