Procore (PCOR) 10-Q 5 Aug 22 2022 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2022	Jul. 29, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2022
Document Transition Report	false
Entity File Number	001-40396
Entity Registrant Name	Procore Technologies, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	73-1636261
Entity Address, Address Line One	6309 Carpinteria Avenue
Entity Address, City or Town	Carpinteria
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	93013
City Area Code	866
Local Phone Number	477-6267
Title of 12(b) Security	Common stock, $0.0001 par value
Trading Symbol	PCOR
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	true
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		136,809,233
Amendment Flag	false
Entity Central Index Key	0001611052
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q2

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Current assets
Cash and cash equivalents	$ 563,224	$ 586,108
Accounts receivable, net	89,274	113,977
Contract cost asset, current	19,251	17,030
Prepaid expenses and other current assets	44,082	35,173
Total current assets	715,831	752,288
Capitalized software development costs, net	42,335	27,062
Property and equipment, net	41,035	36,837
Right of use assets - finance leases	38,291	39,623
Right of use assets - operating leases	48,410	44,052
Contract cost asset, non-current	30,398	25,889
Intangible assets, net	182,501	201,977
Goodwill	539,584	540,922
Other assets	23,569	22,007
Total assets	1,661,954	1,690,657
Current liabilities
Accounts payable	21,251	15,490
Accrued expenses	52,087	65,907
Deferred revenue, current	316,559	301,557
Other current liabilities	29,461	20,750
Total current liabilities	419,358	403,704
Deferred revenue, non-current	3,943	4,024
Finance lease liabilities, non-current	46,451	47,344
Operating lease liabilities, non-current	42,762	41,573
Other liabilities, non-current	3,445	4,723
Total liabilities	515,959	501,368
Contingencies (Note 6)
Stockholders’ equity
Preferred stock, $0.0001 par value, 100,000,000 shares authorized at June 30, 2022 and December 31, 2021; 0 shares issued and outstanding at June 30, 2022 and December 31, 2021.
Common stock, $0.0001 par value, 1,000,000,000 shares authorized at June 30, 2022 and December 31, 2021; 136,799,885 and 134,046,926 shares issued and outstanding at June 30, 2022 and December 31, 2021, respectively.	14	13
Additional paid-in capital	1,953,764	1,852,071
Accumulated other comprehensive loss	(1,029)	(583)
Accumulated deficit	(806,754)	(662,212)
Total stockholders’ equity	1,145,995	1,189,289
Total liabilities, redeemable convertible preferred stock and stockholders’ equity	$ 1,661,954	$ 1,690,657

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) (Unaudited) - $ / shares	Jun. 30, 2022	Dec. 31, 2021
Statement Of Financial Position [Abstract]
Preferred stock, par value	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	100,000,000	100,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	1,000,000,000	1,000,000,000
Common stock, shares issued	136,799,885	134,046,926
Common stock, shares outstanding	136,799,885	134,046,926

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Statement Of Income And Comprehensive Income [Abstract]
Revenue	$ 172,205	$ 122,790	$ 331,721	$ 236,728
Cost of revenue	36,735	25,493	70,067	45,852
Gross profit	135,470	97,297	261,654	190,876
Operating expenses
Sales and marketing	103,283	99,905	197,198	153,870
Research and development	63,822	88,627	124,076	123,172
General and administrative	40,667	57,827	83,819	75,754
Total operating expenses	207,772	246,359	405,093	352,796
Loss from operations	(72,302)	(149,062)	(143,439)	(161,920)
Interest income (expense), net	111	(576)	(380)	(1,138)
Other expense, net	(890)	(44)	(347)	(227)
Loss before provision for income taxes	(73,081)	(149,682)	(144,166)	(163,285)
Provision for income taxes	42	37	376	166
Net loss	$ (73,123)	$ (149,719)	$ (144,542)	$ (163,451)
Net loss per share attributable to common stockholders, basic	$ (0.54)	$ (2.04)	$ (1.07)	$ (3.11)
Net loss per share attributable to common stockholders, diluted	$ (0.54)	$ (2.04)	$ (1.07)	$ (3.11)
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic	135,927,677	73,539,568	135,232,404	52,564,840
Weighted-average shares used in computing net loss per share attributable to common stockholders, diluted	135,927,677	73,539,568	135,232,404	52,564,840
Total comprehensive loss
Net loss	$ (73,123)	$ (149,719)	$ (144,542)	$ (163,451)
Foreign currency translation adjustment	(791)	(200)	(446)	(224)
Comprehensive loss	$ (73,914)	$ (149,919)	$ (144,988)	$ (163,675)

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Redeemable Convertible Preferred Stock and Stockholders' Equity (Deficit) (Unaudited) - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Income (Loss)	Accumulated Deficit	Redeemable Convertible Preferred Stock
Beginning balance at Dec. 31, 2020	$ (272,102)	$ 3	$ 124,755	$ 187	$ (397,047)
Beginning balance, shares at Dec. 31, 2020						85,331,278
Beginning balance at Dec. 31, 2020						$ 727,474
Beginning balance, shares at Dec. 31, 2020		30,707,113
Exercise of stock options	11,038		11,038
Exercise of stock options, shares		1,264,484
Stock-based compensation	9,710		9,710
Stock-based compensation						$ 676
Foreign currency translation adjustment	(24)			(24)
Net loss	(13,732)				(13,732)
Ending balance at Mar. 31, 2021	(265,110)	$ 3	145,503	163	(410,779)
Ending balance, shares at Mar. 31, 2021						85,331,278
Ending balance at Mar. 31, 2021						$ 728,150
Ending balance, shares at Mar. 31, 2021		31,971,597
Beginning balance at Dec. 31, 2020	(272,102)	$ 3	124,755	187	(397,047)
Beginning balance, shares at Dec. 31, 2020						85,331,278
Beginning balance at Dec. 31, 2020						$ 727,474
Beginning balance, shares at Dec. 31, 2020		30,707,113
Net loss	(163,451)
Ending balance at Jun. 30, 2021	1,126,662	$ 13	1,687,184	(37)	(560,498)
Ending balance, shares at Jun. 30, 2021		131,067,005
Beginning balance at Mar. 31, 2021	(265,110)	$ 3	145,503	163	(410,779)
Beginning balance, shares at Mar. 31, 2021						85,331,278
Beginning balance at Mar. 31, 2021						$ 728,150
Beginning balance, shares at Mar. 31, 2021		31,971,597
Exercise of stock options	17,658		17,658
Exercise of stock options, shares		1,644,603
Stock-based compensation	138,055		138,055
Stock-based compensation						225
Conversion of redeemable convertible preferred stock to common stock upon initial public offering	728,375	$ 9	728,366			$ (728,375)
Conversion of redeemable convertible preferred stock to common stock, shares		85,331,278				(85,331,278)
Issuance of common stock upon initial public offering, net of underwriting discounts and offering costs	657,618	$ 1	657,617
Issuance of common stock upon initial public offering, net of underwriting discounts and offering costs, shares		10,410,000
Issuance of common stock, net of common stock withheld for tax liability upon settlement of restricted stock units	(15)		(15)
Issuance of common stock, net of common stock withheld for tax liability, upon settlement of restricted stock units, shares		1,709,527
Foreign currency translation adjustment	(200)			(200)
Net loss	(149,719)				(149,719)
Ending balance at Jun. 30, 2021	1,126,662	$ 13	1,687,184	(37)	(560,498)
Ending balance, shares at Jun. 30, 2021		131,067,005
Beginning balance at Dec. 31, 2021	1,189,289	$ 13	1,852,071	(583)	(662,212)
Beginning balance, shares at Dec. 31, 2021		134,046,926
Exercise of stock options	6,795		6,795
Exercise of stock options, shares		697,998
Stock-based compensation	39,375		39,375
Issuance of common stock upon settlement of restricted stock units, shares		706,663
Foreign currency translation adjustment	345			345
Net loss	(71,419)				(71,419)
Ending balance at Mar. 31, 2022	1,164,385	$ 13	1,898,241	(238)	(733,631)
Ending balance, shares at Mar. 31, 2022		135,451,587
Beginning balance at Dec. 31, 2021	$ 1,189,289	$ 13	1,852,071	(583)	(662,212)
Beginning balance, shares at Dec. 31, 2021		134,046,926
Exercise of stock options, shares	1,207,503
Net loss	$ (144,542)
Ending balance at Jun. 30, 2022	1,145,995	$ 14	1,953,764	(1,029)	(806,754)
Ending balance, shares at Jun. 30, 2022		136,799,885
Beginning balance at Mar. 31, 2022	1,164,385	$ 13	1,898,241	(238)	(733,631)
Beginning balance, shares at Mar. 31, 2022		135,451,587
Exercise of stock options	8,220		8,220
Exercise of stock options, shares		509,505
Stock-based compensation	35,790		35,790
Issuance of common stock upon settlement of restricted stock units	1	$ 1
Issuance of common stock upon settlement of restricted stock units, shares		552,401
Issuance of common stock for employee stock purchase plan	11,513		11,513
Issuance of common stock for employee stock purchase plan, shares		286,997
Adjustment of holdback share release for business combination, shares		(605)
Foreign currency translation adjustment	(791)			(791)
Net loss	(73,123)				(73,123)
Ending balance at Jun. 30, 2022	$ 1,145,995	$ 14	$ 1,953,764	$ (1,029)	$ (806,754)
Ending balance, shares at Jun. 30, 2022		136,799,885

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Operating activities
Net loss	$ (144,542)	$ (163,451)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities
Stock-based compensation	71,104	147,746
Depreciation and amortization	30,550	15,120
Abandonment of long-lived assets	887	554
Noncash lease expense	4,808	3,735
Unrealized foreign currency loss, net	355	691
Deferred income taxes	(638)	(99)
Changes in operating assets and liabilities, net of effect of business combinations
Accounts receivable	24,337	11,113
Deferred contract cost assets	(7,361)	(5,062)
Prepaid expenses and other assets	(4,535)	(5,723)
Accounts payable	5,926	(2,908)
Accrued expenses and other liabilities	(8,909)	14,535
Deferred revenue	15,706	10,845
Operating lease liabilities	(4,359)	(1,929)
Net cash flow (used in) provided by operating activities	(16,671)	25,167
Investing activities
Purchases of property and equipment	(9,433)	(4,194)
Capitalized software development costs	(16,252)	(5,716)
Purchases of strategic investments	(3,018)	(3,450)
Originations of materials financing	(9,259)
Customer repayments of materials financing	6,261
Acquisition of a business, net of cash acquired		(19,982)
Settlement of post-close working capital adjustments from business combinations	1,291
Net cash flow used in investing activities	(30,410)	(33,342)
Financing activities
Proceeds from initial public offering, net of underwriting commissions and discounts		665,129
Proceeds from stock option exercises	14,604	29,126
Payments of deferred offering costs	(270)	(3,527)
Proceeds from employee stock purchase plan	11,513
Payment of deferred business acquisition consideration		(475)
Principal payments under finance lease agreements, net of proceeds from lease incentives	(844)	(742)
Net cash flow provided by financing activities	25,003	689,511
Net (decrease) increase in cash, cash equivalents and restricted cash	(22,078)	681,336
Effect of exchange rate changes on cash	(806)	(731)
Cash, cash equivalents and restricted cash, beginning of period	589,212	383,253
Cash, cash equivalents and restricted cash, end of period	566,328	1,063,858
Reconciliation of cash, cash equivalents and restricted cash to the condensed consolidated balance sheets
Cash and cash equivalents	563,224	1,060,512
Restricted cash, current at end of period included in prepaid expenses and other current assets		242
Restricted cash, non-current at end of period included in other assets	3,104	3,104
Cash, cash equivalents and restricted cash, end of period	566,328	1,063,858
Supplemental disclosure of cash flow information
Cash paid for interest other than finance leases	74	110
Cash paid for income taxes	832	214
Cash received for lease incentives	568	1,070
Operating cash flows from finance leases	1,017	1,046
Operating cash flows from operating leases	5,595	3,713
Financing cash flows from finance leases	935	835
Noncash investing and financing activities:
Purchases of property and equipment included in accounts payable and accrued expenses at period end	3,024	1,158
Capitalized software development costs included in accounts payable and accrued expenses at period end	1,365	666
Deferred offering costs included in accounts payable and accrued expenses at period end		641
Conversion of redeemable convertible preferred stock into common stock upon initial public offering		728,375
Indemnity holdback consideration associated with a business combination		4,050
Stock-based compensation capitalized for software development	4,061	920
Conversion of available-for-sale debt securities into equity securities	3,550
Right of use assets obtained in exchange for operating lease liabilities	11,237	37
Noncash net change due to operating lease remeasurement	$ (1,671)	$ 9

Organization And Description of

Organization And Description of Business	6 Months Ended
	Jun. 30, 2022
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Organization And Description of Business	1 . ORGANIZATION AND DESCRIPTION Description of Business Procore Technologies, The

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2022
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. SUMMARY Basis The accompanying condensed consolidated financial statements include the interim financial statements of Procore Technologies, Inc. and its subsidiaries, and have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and are unaudited. Certain information and disclosures normally included in consolidated financial statements prepared in accordance with U.S. GAAP have been condensed or omitted. Accordingly, these condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and related notes for the year ended December 31, 2021. The condensed consolidated balance sheet information as of December 31, 2021 has been derived from our audited consolidated financial statements. The condensed consolidated financial statements have been prepared on a basis consistent with that used to prepare the audited annual consolidated financial statements and include, in the opinion of management, all adjustments, consisting of normal recurring items, necessary for the fair statement of the condensed consolidated financial statements. All intercompany balances and transactions have been eliminated in consolidation. Certain balances have been reclassified to conform to current year presentation. Use The , , In light of the currently unknown duration and severity of the COVID-19 pandemic, we face a greater degree of uncertainty than normal in making the judgments and estimates needed to apply our significant accounting policies. As of the date these condensed consolidated financial statements were issued, the impacts of the COVID-19 pandemic did not have a significant impact on our estimates or judgments. Judgments and assumptions may change, as new events occur and additional information is obtained, as well as other factors related to the COVID-19 pandemic and economic recovery that could result in a meaningful impact on our condensed consolidated financial statements in future reporting periods. Segments We operate as a single our CODM evaluates the Company’s financial information for purposes of assessing financial performance and allocating resources on a consolidated basis. Strategic investments Investments in equity securities We hold investments in equity securities of certain privately held companies, which do not have readily determinable fair values. We do not have a controlling interest or significant influence in these companies. We have elected to measure the non-marketable equity securities at cost, with remeasurements to fair value only upon the occurrence of observable price changes in orderly transactions for the identical or similar securities of the same issuer, or in the event of any impairment. This election is reassessed each reporting period to determine whether a non-marketable equity security has a readily determinable fair value, in which case they would no longer be eligible for this election. All gains and losses on such equity securities, realized and unrealized, are recorded in other expense, net on the condensed consolidated statements of operations and comprehensive loss. We evaluate our non-marketable equity securities for impairment at each reporting period based on a qualitative assessment that considers various potential impairment indicators. If an impairment exists, a loss is recognized in the condensed consolidated statements of operations and comprehensive loss for the amount by which the carrying value exceeds the fair value of the investment. As of June 30, 2022 7.7 Investments in limited partnership funds We also hold investments in certain limited partnership funds. We do not hold a controlling interest, or significant influence in these limited partnerships. The fair value of such investments are valued using the Net Asset Value (“NAV”) provided by the fund administrator as a practical expedient. As a result, these investments are not included in the fair value hierarchy. Our investments in limited partnerships were $2.6 million as of June 30, 2022. We held no investments in limited partnerships as of December 31, 2021. There were no material gains or losses in any period presented. All gains and losses on such equity securities, realized and unrealized, are recorded in other expense, net on the condensed consolidated statements of operations and comprehensive loss. In connection with these investments, the Company has a contractual obligation to provide additional investment funding of up to $7.3 million at the option of the investees. Available-for-sale debt securities Available-for-sale debt securities are recorded at fair value with changes in fair value recorded in other comprehensive income or loss. We periodically review our available-for-sale debt securities to determine if there has been an other-than-temporary decline in fair value. If the impairment is deemed other-than-temporary, the portion of the impairment related to credit losses is recognized in other expense, net in the accompanying condensed consolidated statements of operations and comprehensive loss, and the portion related to non-credit related losses is recognized as a component of comprehensive loss. The Company held $3.5 million of investments in available-for-sale debt securities of privately held companies as of December 31, 2021, included within other assets in the condensed consolidated balance sheet. As of June 30, 2022, investments in available-for-sale debt securities of privately held companies were immaterial. No changes in fair value or impairments have been recorded for available-for-sale debt securities in any period presented. Fair value measurements Fair value Level 1 Quoted prices in active markets for identical assets or liabilities. Level 2 Quoted prices for identical or similar assets and liabilities in markets that are not active or observable inputs other than quoted prices in active markets for identical or similar assets or liabilities. Level 3 As of June 30, 2022 and December 31, 2021, the carrying value of the Company’s financial instruments included in current assets and current liabilities (including accounts receivable, accounts payable and accrued expenses) approximate fair value due to the short-term nature of such items. The Company classifies its money market funds recorded in cash equivalents within Level 1 of the hierarchy as the values are derived from quoted prices in active markets. As of June 30, 2022 and December 31, 2021, cash equivalents of $493.5 million and $514.9 million, respectively, were held in money market funds. The Company's investments in equity securities of privately held companies are recorded at fair value on a non-recurring basis. The Company’s investments in available-for-sale debt securities are remeasured at fair value each reporting period. The estimation of fair value for these investments requires the use of significant unobservable inputs, and as a result, the Company classifies these assets as Level 3 within the fair value hierarchy. For investments without a readily determinable fair value, the Company looks to observable transactions, such as the issuance of new equity by an investee, as indicators of investee enterprise value and are used to estimate the fair value of the investments. Deferred revenue Contract liabilities The Company recognized revenue of $140.7 million and $103.6 million during the three months ended June 30, 2022 and 2021, respectively, that was included in deferred revenue balances at the beginning of the respective periods. Remaining performance The Significant accounting policies Other than as described below, the accounting policies used in the preparation of these condensed consolidated financial statements are the same as those disclosed in the audited consolidated financial statements and related notes for the year ended December 31, 2021. Self-insurance reserves In January 2022, the Company elected to partially self-fund its health insurance plan. To reduce its risk related to high-dollar claims, the Company maintains individual stop-loss insurance. The Company estimates its exposure for claims incurred at the end of each reporting period, including claims not yet reported, with the assistance of an independent third-party actuary. As of June 30, 2022, the Company’s net self-insurance accrual was $2.0 million, included within other current liabilities on the condensed consolidated balance sheet. Materials financing revenues and receivables In connection with our acquisition of Express Lien, Inc. (d/b/a Levelset) (“Levelset”) in November 2021, we assumed a materials financing program, pursuant to which we facilitate the purchase of construction materials from fulfillment partners (our suppliers) on behalf of our customers, allowing such customers to finance their materials purchases from us on deferred payment terms. The fulfillment partner is primarily responsible for fulfilling the materials purchases and we do not have control over such materials. We earn revenues from origination fees and finance charges on the amounts we finance for customers on deferred payment terms, which are typically 120 days. Such fees earned are computed and recognized based on the effective interest method and are presented net of any required reserves and amortization of deferred origination costs. Receivables outstanding from customers under the materials financing program were $12.0 million and $4.4 million as of June 30, 2022 and December 31, 2021, respectively. Materials financing receivables are recorded within prepaid expenses and other current assets on the condensed consolidated balance sheets. The related allowance recorded on our materials financing receivables is primarily based on expectations of credit losses based on historical loss data as well as macroeconomic factors. The allowance was immaterial in all periods presented. Recently adopted accounting pronouncements Simplifying the Accounting for Convertible Instruments In August 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2020-06, Debt-Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging-Contracts in Entity’s Own Equity (Subtopic 815-40) - Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity

Leases

Leases	6 Months Ended
	Jun. 30, 2022
Leases [Abstract]
Leases	3. LEASES We have primarily entered into lease arrangements for office space, in addition to other miscellaneous equipment. Our leases have initial non-cancelable lease terms ranging from one to 10 years. Some of our leases include an option for the Company to extend the term of the lease for up to 10 years. Operating lease commencements and modifications resulted in net increases to right of use assets–operating leases and corresponding operating lease liabilities on our condensed consolidated balance sheet of $11.2 million during the six months ended June 30, 2022. The lease additions during the six months ended June 30, 2022, primarily relate to an office space lease in Sydney, Australia, which was executed prior to December 31, 2021 and commenced in 2022, and office space leases in New York and Dublin, which were all executed during 2022.

Intangible Assets and Goodwill

Intangible Assets and Goodwill	6 Months Ended
	Jun. 30, 2022
Goodwill And Intangible Assets Disclosure [Abstract]
Intangible Assets and Goodwill	4 . INTANGIBLE ASSETS AND GOODWILL Intangible assets Our June 30, 2022 Gross Carrying Accumulated Net Carrying Amount Amortization Amount Developed technology $ 157,614 $ (29,117 ) $ 128,497 Customer relationships 66,350 (12,346 ) 54,004 Total $ 223,964 $ (41,463 ) $ 182,501 December 31, 2021 Gross Carrying Accumulated Net Carrying Amount Amortization Amount Developed technology $ 157,773 $ (16,013 ) $ 141,760 Customer relationships 66,350 (6,133 ) 60,217 Total $ 224,123 $ (22,146 ) $ 201,977 Intangible assets amortization expense Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Cost of revenue $ 5,654 $ 1,086 $ 11,308 $ 2,172 Sales and marketing 3,106 466 6,212 945 Research and development 895 680 1,797 863 Total amortization of acquired intangible assets $ 9,655 $ 2,232 $ 19,317 $ 3,980 Goodwill As of June 30, 2022, the Company had goodwill of $539.6 million on its condensed consolidated balance sheet. During the six months ended June 30, 2022, goodwill decreased by $1.3 million due to the settlement of post-close working capital adjustments from business combinations which were completed in the fourth quarter of 2021, and the effect of foreign currency translation. There was no during the periods presented .

Accrued Expenses

Accrued Expenses	6 Months Ended
	Jun. 30, 2022
Accrued Liabilities Current [Abstract]
Accrued Expenses	5 . ACCRUED The June 30, December 31, 2022 2021 Accrued commissions and bonuses $ 22,630 $ 29,676 Accrued salary, payroll tax, and employee benefit liabilities 13,783 25,997 Other accrued expenses 15,674 10,234 Total accrued expenses $ 52,087 $ 65,907

Contingencies

Contingencies	6 Months Ended
	Jun. 30, 2022
Commitments And Contingencies Disclosure [Abstract]
Contingencies	6 . CONTINGENCIES Litigation From time to time, However, Indemnifications In the ordinary course of business, The

Credit Facility

Credit Facility	6 Months Ended
	Jun. 30, 2022
Line Of Credit Facility [Abstract]
Credit Facility	7 . CREDIT FACILITY The Company had a credit agreement (the “Credit Facility”) provided by Silicon Valley Bank, to be used for general corporate purposes, including the financing of working capital requirements. As of December 31, 2021, the aggregate principal amount available under the Credit Facility was up to $75.0 million with the option to increase the availability up to $100.0 million. The Credit Facility had a maturity date of May 7, 2022, and the Company elected to terminate the Credit Facility on April 29, 2022, prior to such maturity date. As of December 31, 2021, no amounts had As of December 31, 2021, the Company

Common Stock

Common Stock	6 Months Ended
	Jun. 30, 2022
Equity [Abstract]
Common Stock	8 . COMMON STOCK Upon the closing of our IPO, the Company filed an Amended and Restated Certificate of Incorporation which authorized 1,000,000,000 shares of common stock with a par value of $0.0001 per share, and 100,000,000 shares of undesignated preferred stock with a par value of $0.0001 per share. Each share of common stock is entitled to one vote per share.

Stock-based Compensation

Stock-based Compensation	6 Months Ended
	Jun. 30, 2022
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Share-based Compensation	9 . STOCK-BASED 2021 Equity Incentive Plan In May 2021, the Company’s board of directors adopted, and the stockholders approved, the 2021 Equity Incentive Plan (the "2021 Plan") with the purpose of granting stock-based awards, including stock options, stock appreciation rights, restricted stock awards (“RSAs”), restricted stock units (“RSUs”), performance awards and other forms of awards, to employees, directors, and consultants. A total of 30,962,615 shares of common stock were authorized for issuance under the 2021 Plan in May 2021. Stock options The Weighted- Number of Average Shares Exercise Price Outstanding at December 31, 2021 7,642,690 $ 12.98 Exercised (1,207,503 ) 12.43 Canceled/Forfeited (163,205 ) 21.89 Outstanding at June 30, 2022 6,271,982 12.85 Exercisable at June 30, 2022 5,548,427 $ 11.77 As of June 30, 2022, the total unrecognized stock ‑ Restricted stock units In 2018, the Company began issuing RSUs to certain employees, officers, non-employee consultants, and directors. The RSUs granted prior to our IPO vested upon the satisfaction of both a service and a performance condition, if both conditions are met before the award’s expiration date. For certain awards, the performance condition was satisfied solely on the effective date of a registration statement for our IPO and, for other awards, the performance condition was satisfied on the earlier of either the effective date of a registration statement for our IPO or a change in control. RSUs granted with service vesting conditions generally vest over four years on either a quarterly or annual vesting schedule. Prior to the effective date of the registration statement for our IPO, achievement of the performance conditions was not probable. The following table summarizes the RSU activity Weighted- Number of Average Grant Shares Date Fair Value Outstanding at December 31, 2021 6,622,684 $ 59.72 Granted 3,861,774 56.09 Vested (1,259,064 ) 49.77 Canceled/Forfeited (810,535 ) 57.61 Outstanding at June 30, 2022 8,414,859 $ 59.75 As of June 30, 2022, the total unrecognized stock ‑ ‑ Restricted stock awards In November 2021, the Company issued 199,670 RSAs to certain key employees in connection with the acquisition of Levelset that vest based on their continued service over a two-year In July Sales of common stock During Employee Stock Purchase Plan In May 2021, the Company’s board of directors adopted, and the stockholders approved, the 2021 Employee Stock Purchase Plan (the “ESPP”), which became effective immediately prior to the effective date of the Company's IPO. A total of 2,600,000 shares of common stock were initially reserved for issuance under the ESPP. The number of shares of our common stock reserved for issuance under the ESPP automatically increases on January 1 of each year for a period of ten years, beginning on January 1, 2022 and continuing through January 1, 2031, by the lesser of (i) 1% of the total number of shares of our common stock outstanding on December 31 of the immediately preceding year; and (ii) 3,900,000 shares, except before the date of any such increase, our board of directors may determine that such increase will be less than the amount set forth in clauses (i) and (ii). The offering periods are scheduled to start in May and November of each year. The first offering period commenced on the Company’s first day of trading on May 20, 2021 and comprises three purchase periods of approximately six months in length, scheduled to end on November 15, 2022. The ESPP provides for consecutive offering periods that will typically have a duration of 12 months in length and comprise two purchase periods of six months in length, subject to a reset and rollover provision. The ESPP provides eligible employees with an opportunity to purchase shares of the Company’s common stock through payroll deductions of up to 15% of their eligible compensation, subject to a maximum of $25,000 of stock per calendar year. A participant may purchase a maximum of 2,500 shares of common stock during a purchase period. Amounts deducted and accumulated by the participant are used to purchase shares of common stock at the end of each six-month purchase period. The purchase price of the shares shall be 85% of the lower of the fair market value of the common stock on (i) the first trading day of the applicable offering period and (ii) the last trading day of each purchase period in the related offering period. However, in the event the fair value of the common stock on the purchase date is lower than the fair value on the first trading day of the offering period, the offering period is terminated immediately following the purchase and a new offering period begins the following day. Participants may end their participation at any time prior to the last 15 days of a purchase period and will be repaid their accrued contributions that have not yet been used to purchase shares of common stock. Participation ends automatically upon termination of employment. We estimate the fair value of the ESPP purchase rights on the date of grant using the Black-Scholes option pricing model with the following assumptions during the six months ended June 30, 2022. Risk-free interest rate 1.47% to 2.03% Expected term (in years) 0.5 to 1.0 Estimated dividend yield 0.00% Estimated weighted-average volatility 61.14% to 72.69% The term for the ESPP purchase rights is the offering period. We estimate volatility using historical volatilities of a group of public companies in a similar industry and stage of life cycle, selected by management, for a period commensurate with the term. The interest rate is derived from government bonds with a similar term to the ESPP purchase right granted. We have not declared, nor do we expect to declare dividends in the foreseeable future. Consequently, an expected dividend yield of zero was utilized. The fair value of the Company’s common stock used to value ESPP purchase rights is based on the trading price of our publicly traded common stock. Employee payroll contributions accrued in connection with the ESPP were $4.2 million as of June 30, 2022 As of June 30, 2022 Stock-based compensation The Company recorded total stock-based compensation cost from stock options, RSUs, ESPP, RSAs, and sales of stock by employees in excess of fair value as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Cost of revenue $ 2,046 $ 4,918 $ 3,504 $ 6,079 Sales and marketing 12,572 42,855 22,868 46,107 Research and development 13,144 51,317 26,152 54,563 General and administrative 6,133 38,353 18,580 40,997 Total stock-based compensation expense $ 33,895 $ 137,443 $ 71,104 $ 147,746 Stock-based compensation capitalized for software development 1,895 837 4,061 920 Total stock-based compensation cost $ 35,790 $ 138,280 $ 75,165 $ 148,666

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2022
Income Tax Disclosure [Abstract]
Income Taxes	10 . INCOME TAXES For the three months ended June 30, 2022 and 2021, income tax expenses recorded by the Company were immaterial. For the six months ended June 30, 2022 and 2021, the Company recorded income tax expenses of $0.4 million and $0.2 million, respectively. In determining

Net Loss Per Share

Net Loss Per Share	6 Months Ended
	Jun. 30, 2022
Earnings Per Share [Abstract]
Net Loss Per Share	1 1 . NET LOSS PER SHARE Basic Net losses Diluted The Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Shares of common stock issuable upon conversion of redeemable convertible preferred stock - 49,698,437 - 67,416,424 Restricted stock units and restricted stock awards subject to future vesting 8,580,940 6,710,345 7,611,792 6,171,789 Shares issuable pursuant to the ESPP 513,973 177,679 596,071 89,330 Shares of common stock issuable from stock options 6,578,716 10,006,631 6,912,550 10,800,054 Total 15,673,629 66,593,092 15,120,413 84,477,597

Geographic Information

Geographic Information	6 Months Ended
	Jun. 30, 2022
Segment Reporting [Abstract]
Geographic Information	1 2 . The Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Revenue by geographic region: United States $ 147,174 $ 105,331 $ 283,378 $ 203,937 Rest of the world 25,031 17,459 48,343 32,791 Total revenue $ 172,205 $ 122,790 $ 331,721 $ 236,728 Percentage of revenue by geographic region: United States 85 % 86 % 85 % 86 % Rest of the world 15 % 14 % 15 % 14 %

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2022
Accounting Policies [Abstract]
Basis of presentation	Basis The accompanying condensed consolidated financial statements include the interim financial statements of Procore Technologies, Inc. and its subsidiaries, and have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and are unaudited. Certain information and disclosures normally included in consolidated financial statements prepared in accordance with U.S. GAAP have been condensed or omitted. Accordingly, these condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and related notes for the year ended December 31, 2021. The condensed consolidated balance sheet information as of December 31, 2021 has been derived from our audited consolidated financial statements. The condensed consolidated financial statements have been prepared on a basis consistent with that used to prepare the audited annual consolidated financial statements and include, in the opinion of management, all adjustments, consisting of normal recurring items, necessary for the fair statement of the condensed consolidated financial statements. All intercompany balances and transactions have been eliminated in consolidation. Certain balances have been reclassified to conform to current year presentation.
Use of estimates	Use The , , In light of the currently unknown duration and severity of the COVID-19 pandemic, we face a greater degree of uncertainty than normal in making the judgments and estimates needed to apply our significant accounting policies. As of the date these condensed consolidated financial statements were issued, the impacts of the COVID-19 pandemic did not have a significant impact on our estimates or judgments. Judgments and assumptions may change, as new events occur and additional information is obtained, as well as other factors related to the COVID-19 pandemic and economic recovery that could result in a meaningful impact on our condensed consolidated financial statements in future reporting periods.
Segments	Segments We operate as a single our CODM evaluates the Company’s financial information for purposes of assessing financial performance and allocating resources on a consolidated basis.
Strategic Investments	Strategic investments Investments in equity securities We hold investments in equity securities of certain privately held companies, which do not have readily determinable fair values. We do not have a controlling interest or significant influence in these companies. We have elected to measure the non-marketable equity securities at cost, with remeasurements to fair value only upon the occurrence of observable price changes in orderly transactions for the identical or similar securities of the same issuer, or in the event of any impairment. This election is reassessed each reporting period to determine whether a non-marketable equity security has a readily determinable fair value, in which case they would no longer be eligible for this election. All gains and losses on such equity securities, realized and unrealized, are recorded in other expense, net on the condensed consolidated statements of operations and comprehensive loss. We evaluate our non-marketable equity securities for impairment at each reporting period based on a qualitative assessment that considers various potential impairment indicators. If an impairment exists, a loss is recognized in the condensed consolidated statements of operations and comprehensive loss for the amount by which the carrying value exceeds the fair value of the investment. As of June 30, 2022 7.7 Investments in limited partnership funds We also hold investments in certain limited partnership funds. We do not hold a controlling interest, or significant influence in these limited partnerships. The fair value of such investments are valued using the Net Asset Value (“NAV”) provided by the fund administrator as a practical expedient. As a result, these investments are not included in the fair value hierarchy. Our investments in limited partnerships were $2.6 million as of June 30, 2022. We held no investments in limited partnerships as of December 31, 2021. There were no material gains or losses in any period presented. All gains and losses on such equity securities, realized and unrealized, are recorded in other expense, net on the condensed consolidated statements of operations and comprehensive loss. In connection with these investments, the Company has a contractual obligation to provide additional investment funding of up to $7.3 million at the option of the investees. Available-for-sale debt securities Available-for-sale debt securities are recorded at fair value with changes in fair value recorded in other comprehensive income or loss. We periodically review our available-for-sale debt securities to determine if there has been an other-than-temporary decline in fair value. If the impairment is deemed other-than-temporary, the portion of the impairment related to credit losses is recognized in other expense, net in the accompanying condensed consolidated statements of operations and comprehensive loss, and the portion related to non-credit related losses is recognized as a component of comprehensive loss. The Company held $3.5 million of investments in available-for-sale debt securities of privately held companies as of December 31, 2021, included within other assets in the condensed consolidated balance sheet. As of June 30, 2022, investments in available-for-sale debt securities of privately held companies were immaterial. No changes in fair value or impairments have been recorded for available-for-sale debt securities in any period presented.
Fair value measurements	Fair value measurements Fair value Level 1 Quoted prices in active markets for identical assets or liabilities. Level 2 Quoted prices for identical or similar assets and liabilities in markets that are not active or observable inputs other than quoted prices in active markets for identical or similar assets or liabilities. Level 3 As of June 30, 2022 and December 31, 2021, the carrying value of the Company’s financial instruments included in current assets and current liabilities (including accounts receivable, accounts payable and accrued expenses) approximate fair value due to the short-term nature of such items. The Company classifies its money market funds recorded in cash equivalents within Level 1 of the hierarchy as the values are derived from quoted prices in active markets. As of June 30, 2022 and December 31, 2021, cash equivalents of $493.5 million and $514.9 million, respectively, were held in money market funds. The Company's investments in equity securities of privately held companies are recorded at fair value on a non-recurring basis. The Company’s investments in available-for-sale debt securities are remeasured at fair value each reporting period. The estimation of fair value for these investments requires the use of significant unobservable inputs, and as a result, the Company classifies these assets as Level 3 within the fair value hierarchy. For investments without a readily determinable fair value, the Company looks to observable transactions, such as the issuance of new equity by an investee, as indicators of investee enterprise value and are used to estimate the fair value of the investments.
Deferred revenue	Deferred revenue Contract liabilities The Company recognized revenue of $140.7 million and $103.6 million during the three months ended June 30, 2022 and 2021, respectively, that was included in deferred revenue balances at the beginning of the respective periods.
Remaining Performance Obligation	Remaining performance The
Significant accounting policies	Significant accounting policies Other than as described below, the accounting policies used in the preparation of these condensed consolidated financial statements are the same as those disclosed in the audited consolidated financial statements and related notes for the year ended December 31, 2021.
Self-insurance reserves	Self-insurance reserves In January 2022, the Company elected to partially self-fund its health insurance plan. To reduce its risk related to high-dollar claims, the Company maintains individual stop-loss insurance. The Company estimates its exposure for claims incurred at the end of each reporting period, including claims not yet reported, with the assistance of an independent third-party actuary. As of June 30, 2022, the Company’s net self-insurance accrual was $2.0 million, included within other current liabilities on the condensed consolidated balance sheet.
Materials financing revenues and receivables	Materials financing revenues and receivables In connection with our acquisition of Express Lien, Inc. (d/b/a Levelset) (“Levelset”) in November 2021, we assumed a materials financing program, pursuant to which we facilitate the purchase of construction materials from fulfillment partners (our suppliers) on behalf of our customers, allowing such customers to finance their materials purchases from us on deferred payment terms. The fulfillment partner is primarily responsible for fulfilling the materials purchases and we do not have control over such materials. We earn revenues from origination fees and finance charges on the amounts we finance for customers on deferred payment terms, which are typically 120 days. Such fees earned are computed and recognized based on the effective interest method and are presented net of any required reserves and amortization of deferred origination costs. Receivables outstanding from customers under the materials financing program were $12.0 million and $4.4 million as of June 30, 2022 and December 31, 2021, respectively. Materials financing receivables are recorded within prepaid expenses and other current assets on the condensed consolidated balance sheets. The related allowance recorded on our materials financing receivables is primarily based on expectations of credit losses based on historical loss data as well as macroeconomic factors. The allowance was immaterial in all periods presented.
Recently adopted accounting pronouncements	Recently adopted accounting pronouncements Simplifying the Accounting for Convertible Instruments In August 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2020-06, Debt-Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging-Contracts in Entity’s Own Equity (Subtopic 815-40) - Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity

Intangible Assets and Goodwill

Intangible Assets and Goodwill (Tables)	6 Months Ended
	Jun. 30, 2022
Goodwill And Intangible Assets Disclosure [Abstract]
Summary of Finite-lived Intangible Assets	Our June 30, 2022 Gross Carrying Accumulated Net Carrying Amount Amortization Amount Developed technology $ 157,614 $ (29,117 ) $ 128,497 Customer relationships 66,350 (12,346 ) 54,004 Total $ 223,964 $ (41,463 ) $ 182,501 December 31, 2021 Gross Carrying Accumulated Net Carrying Amount Amortization Amount Developed technology $ 157,773 $ (16,013 ) $ 141,760 Customer relationships 66,350 (6,133 ) 60,217 Total $ 224,123 $ (22,146 ) $ 201,977
Summary of Intangible Assets Amortization Expense	Intangible assets amortization expense Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Cost of revenue $ 5,654 $ 1,086 $ 11,308 $ 2,172 Sales and marketing 3,106 466 6,212 945 Research and development 895 680 1,797 863 Total amortization of acquired intangible assets $ 9,655 $ 2,232 $ 19,317 $ 3,980

Accrued Expenses (Tables)

Accrued Expenses (Tables)	6 Months Ended
	Jun. 30, 2022
Accrued Liabilities Current [Abstract]
Schedule of Components of Accrued Expenses	The June 30, December 31, 2022 2021 Accrued commissions and bonuses $ 22,630 $ 29,676 Accrued salary, payroll tax, and employee benefit liabilities 13,783 25,997 Other accrued expenses 15,674 10,234 Total accrued expenses $ 52,087 $ 65,907

Stock-based Compensation (Table

Stock-based Compensation (Tables)	6 Months Ended
	Jun. 30, 2022
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Summary of Stock Option Activity	The Weighted- Number of Average Shares Exercise Price Outstanding at December 31, 2021 7,642,690 $ 12.98 Exercised (1,207,503 ) 12.43 Canceled/Forfeited (163,205 ) 21.89 Outstanding at June 30, 2022 6,271,982 12.85 Exercisable at June 30, 2022 5,548,427 $ 11.77
Summary of Activity in Connection with RSUs	The following table summarizes the RSU activity Weighted- Number of Average Grant Shares Date Fair Value Outstanding at December 31, 2021 6,622,684 $ 59.72 Granted 3,861,774 56.09 Vested (1,259,064 ) 49.77 Canceled/Forfeited (810,535 ) 57.61 Outstanding at June 30, 2022 8,414,859 $ 59.75
Schedule of Estimate Fair Value on Date of Grant	We estimate the fair value of the ESPP purchase rights on the date of grant using the Black-Scholes option pricing model with the following assumptions during the six months ended June 30, 2022. Risk-free interest rate 1.47% to 2.03% Expected term (in years) 0.5 to 1.0 Estimated dividend yield 0.00% Estimated weighted-average volatility 61.14% to 72.69%
Summary of Total Stock-based Compensation Cost from Stock Options, RSUs, ESPP, RSAs, and Sales of Stock	The Company recorded total stock-based compensation cost from stock options, RSUs, ESPP, RSAs, and sales of stock by employees in excess of fair value as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Cost of revenue $ 2,046 $ 4,918 $ 3,504 $ 6,079 Sales and marketing 12,572 42,855 22,868 46,107 Research and development 13,144 51,317 26,152 54,563 General and administrative 6,133 38,353 18,580 40,997 Total stock-based compensation expense $ 33,895 $ 137,443 $ 71,104 $ 147,746 Stock-based compensation capitalized for software development 1,895 837 4,061 920 Total stock-based compensation cost $ 35,790 $ 138,280 $ 75,165 $ 148,666

Net Loss Per Share (Tables)

Net Loss Per Share (Tables)	6 Months Ended
	Jun. 30, 2022
Earnings Per Share [Abstract]
Summary of Weighted Average Potentially Dilutive Shares are Excluded from Calculation of Diluted Earnings Per Share	The Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Shares of common stock issuable upon conversion of redeemable convertible preferred stock - 49,698,437 - 67,416,424 Restricted stock units and restricted stock awards subject to future vesting 8,580,940 6,710,345 7,611,792 6,171,789 Shares issuable pursuant to the ESPP 513,973 177,679 596,071 89,330 Shares of common stock issuable from stock options 6,578,716 10,006,631 6,912,550 10,800,054 Total 15,673,629 66,593,092 15,120,413 84,477,597

Geographic Information (Tables)

Geographic Information (Tables)	6 Months Ended
	Jun. 30, 2022
Segment Reporting [Abstract]
Summary of Revenue by Geographic Region	The Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Revenue by geographic region: United States $ 147,174 $ 105,331 $ 283,378 $ 203,937 Rest of the world 25,031 17,459 48,343 32,791 Total revenue $ 172,205 $ 122,790 $ 331,721 $ 236,728 Percentage of revenue by geographic region: United States 85 % 86 % 85 % 86 % Rest of the world 15 % 14 % 15 % 14 %

Summary of Significant Accoun_3

Summary of Significant Accounting Policies - Additional Information (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2022 USD ($)	Jun. 30, 2021 USD ($)	Jun. 30, 2022 USD ($) Segment	Jun. 30, 2021 USD ($)	Mar. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Disclosure Of Summary Of Significant Accounting Policies [Line Items]
Number of operating segments | Segment			1
Available for sale debt securities						$ 3,500,000
Impairment on investments			$ 0
Change in impairments available for debt securities			0
Deferred revenue, revenue recognized	$ 140,700,000	$ 103,600,000	214,300,000	$ 156,100,000
Aggregate amount of transaction price allocated to remaining performance obligations	$ 653,900,000		$ 653,900,000
Percentage of remaining performance obligation expects to recognize as revenue	72%		72%
Self-insurance accrual, net	$ 2,000,000		$ 2,000,000
Receivables outstanding from customers	12,000,000		12,000,000			4,400,000
Money Market Funds
Disclosure Of Summary Of Significant Accounting Policies [Line Items]
Cash equivalents	493,500,000		493,500,000			514,900,000
Investments in Limited Partnership Funds
Disclosure Of Summary Of Significant Accounting Policies [Line Items]
Investments	2,600,000		2,600,000			$ 0
Gain (loss) on investments	0		0
Contractual obligation	7,300,000		7,300,000
Other Assets
Disclosure Of Summary Of Significant Accounting Policies [Line Items]
Investments in equity securities	7,700,000		7,700,000		$ 3,800,000
Available for sale debt securities	$ 3,500,000		3,500,000
Gains or losses on debt securities			$ 0

Leases - Additional Information

Leases - Additional Information (Details) $ in Millions	Jun. 30, 2022 USD ($)
Lessee Lease Description [Line Items]
Operating lease right of use asset operating lease liabilities	$ 11.2
Minimum
Lessee Lease Description [Line Items]
Non-cancelable lease term	1 year
Maximum
Lessee Lease Description [Line Items]
Non-cancelable lease term	10 years
Lease extension period	10 years

Intangible Assets and Goodwil_2

Intangible Assets and Goodwill - Summary of Finite-lived Intangible Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Finite Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 223,964	$ 224,123
Accumulated Amortization	(41,463)	(22,146)
Net Carrying Amount	182,501	201,977
Developed Technology
Finite Lived Intangible Assets [Line Items]
Gross Carrying Amount	157,614	157,773
Accumulated Amortization	(29,117)	(16,013)
Net Carrying Amount	128,497	141,760
Customer Relationships
Finite Lived Intangible Assets [Line Items]
Gross Carrying Amount	66,350	66,350
Accumulated Amortization	(12,346)	(6,133)
Net Carrying Amount	$ 54,004	$ 60,217

Intangible Assets and Goodwil_3

Intangible Assets and Goodwill - Summary of Intangible Assets Amortization Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Finite Lived Intangible Assets [Line Items]
Total amortization of acquired intangible assets	$ 9,655	$ 2,232	$ 19,317	$ 3,980
Cost of Revenue
Finite Lived Intangible Assets [Line Items]
Total amortization of acquired intangible assets	5,654	1,086	11,308	2,172
Sales and Marketing
Finite Lived Intangible Assets [Line Items]
Total amortization of acquired intangible assets	3,106	466	6,212	945
Research and Development
Finite Lived Intangible Assets [Line Items]
Total amortization of acquired intangible assets	$ 895	$ 680	$ 1,797	$ 863

Intangible Assets and Goodwil_4

Intangible Assets and Goodwill - Additional Information (Details) - USD ($)	6 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Goodwill And Intangible Assets Disclosure [Abstract]
Goodwill	$ 539,584,000	$ 540,922,000
Goodwill decreased by due to settlement of post close working capital adjustments from business combinations and effect of foreign currency translation	1,300,000
Goodwill impairment	$ 0

Accrued Expenses - Schedule of

Accrued Expenses - Schedule of Components of Accrued Expenses (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Accrued Liabilities Current [Abstract]
Accrued commissions and bonuses	$ 22,630	$ 29,676
Accrued salary, payroll tax, and employee benefit liabilities	13,783	25,997
Other accrued expenses	15,674	10,234
Total accrued expenses	$ 52,087	$ 65,907

Credit Facility - Additional In

Credit Facility - Additional Information (Details) - USD ($)	6 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Line Of Credit Facility [Line Items]
Credit facility, maximum borrowing capacity		$ 100,000,000
Credit facility, maturity date	May 07, 2022
Credit facility, termination date	Apr. 29, 2022
Credit facility amount drawn		0
Letters of credit outstanding	$ 6,500,000	6,500,000
Maximum
Line Of Credit Facility [Line Items]
Aggregate principal amount available under the credit facility		$ 75,000,000

Common Stock - Additional Infor

Common Stock - Additional Information (Details)	May 24, 2021 vote $ / shares shares	Jun. 30, 2022 $ / shares shares	Dec. 31, 2021 $ / shares shares
Class Of Stock [Line Items]
Common stock, shares authorized | shares		1,000,000,000	1,000,000,000
Common stock, par value | $ / shares		$ 0.0001	$ 0.0001
Preferred stock, shares authorized | shares		100,000,000	100,000,000
Preferred stock, par value | $ / shares		$ 0.0001	$ 0.0001
IPO
Class Of Stock [Line Items]
Common stock, shares authorized | shares	1,000,000,000
Common stock, par value | $ / shares	$ 0.0001
Preferred stock, shares authorized | shares	100,000,000
Preferred stock, par value | $ / shares	$ 0.0001
Number of votes per share | vote	1

Stock-based Compensation - Addi

Stock-based Compensation - Additional Information (Details)

1 Months Ended

3 Months Ended

6 Months Ended

12 Months Ended

Jan. 01, 2022 shares

May 20, 2021 USD ($) PurchasePeriod shares

Nov. 30, 2021 $ / shares shares

Jul. 31, 2021

Jul. 31, 2020

Jul. 31, 2019 $ / shares shares

Jun. 30, 2022 USD ($) shares

Jun. 30, 2021 USD ($)

Mar. 31, 2021 USD ($)

Jun. 30, 2022 USD ($) shares

Jun. 30, 2021 USD ($) shares

Dec. 31, 2021 USD ($) shares

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Number of options issued

6,271,982

6,271,982

7,642,690

Total unrecognized stock-based compensation expense | $

$ 5,600,000

$ 5,600,000

Total unrecognized compensation cost, weighted-average period

9 months 18 days

Stock-based compensation expense | $

33,895,000

$ 137,443,000

$ 71,104,000

$ 147,746,000

Participation end period description

Participants may end their participation at any time prior to the last 15 days of a purchase period

Accrued salary, payroll tax, and employee benefit liabilities | $

13,783,000

$ 13,783,000

$ 25,997,000

Restricted Stock Units

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Total unrecognized compensation cost, weighted-average period

2 years 7 months 6 days

Total unrecognized stock-based compensation expense | $

392,400,000

$ 392,400,000

Number of shares, vested

1,259,064

Restricted Stock Awards | Levelset

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Issuance of unregistered common stock for certain employees

199,670

Business acquisition, vesting period

2 years

Share price per share | $ / shares

$ 95.05

Number of shares vested

49,914

0

Stock-based compensation expense | $

$ 4,700,000

Restricted Series H-1 Redeemable Convertible Preferred Stock Awards ("RSAs")

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Number of shares granted

205,464

Weighted average grant date fair value, granted | $ / shares

$ 26.75

Number of shares, vested

102,732

Recognized stock-based compensation expense | $

$ 1,400,000

Redeemable convertible preferred stock conversion ratio

1

Restricted Series H-1 Redeemable Convertible Preferred Stock Awards ("RSAs") | First Anniversary

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Percentage of shares released from restriction

50%

Restricted Series H-1 Redeemable Convertible Preferred Stock Awards ("RSAs") | Second Anniversary

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Percentage of shares released from restriction

50%

IPO | Restricted Stock Units | Quarterly or Annual Vesting Schedule

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

RSUs vesting period

4 years

Employee Stock Purchase Plan

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Total unrecognized compensation cost, weighted-average period

7 months 6 days

Total unrecognized stock-based compensation expense | $

$ 11,800,000

$ 11,800,000

Stock-based compensation expense | $

$ 6,700,000

Offering period

12 months

Number of purchase periods | PurchasePeriod

2

Duration of purchase periods

6 months

Percentage of eligible compensation

15%

Maximum amount each participant can contribute to a defined contribution plan per calendar year | $

$ 25,000

Maximum number of shares each participant can purchase during purchase period

2,500

Purchase price, threshold percentage of fair market value

85%

Expected dividend yield utilized

0%

0%

Accrued salary, payroll tax, and employee benefit liabilities | $

$ 4,200,000

$ 4,200,000

Common stock, purchased

286,997

Common Stock

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Stock-based compensation expense | $

$ 5,500,000

Common Stock | Employee Stock Purchase Plan

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Percentage of outstanding shares

1%

Maximum number of shares of common stock that may be issued

1,340,469

2,600,000

Maximum number of additional shares of common stock that may be issued

3,900,000

Number of period of common stock reserved for issuance

10 years

2021 Equity Incentive Plan

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Number of options issued

0

2021 Equity Incentive Plan | Common Stock

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Number of shares initially available for issuance

6,702,346

30,962,615

30,521,971

30,521,971

Percentage of outstanding shares

5%

Stock-based Compensation - Summ

Stock-based Compensation - Summary of Stock Option Activity (Details) - $ / shares	6 Months Ended
	Jun. 30, 2022
Share Based Compensation Arrangement By Share Based Payment Award Additional General Disclosures [Abstract]
Number of shares outstanding	7,642,690
Number of shares exercised	(1,207,503)
Number of canceled/Forfeited	(163,205)
Number of shares outstanding	6,271,982
Number of shares exercisable	5,548,427
Weighted average exercise price, outstanding	$ 12.98
Weighted average exercise price, exercised	12.43
Weighted average exercise price, canceled/Forfeited	21.89
Weighted average exercise price, outstanding	12.85
Weighted average exercise price, exercisable	$ 11.77

Stock-based Compensation - Su_2

Stock-based Compensation - Summary of Activity in Connection with RSUs (Details) - Restricted Stock Units	6 Months Ended
	Jun. 30, 2022 $ / shares shares
Number of Shares
Number of shares outstanding | shares	6,622,684
Number of shares granted | shares	3,861,774
Number of shares vested | shares	(1,259,064)
Number of shares canceled/forfeited | shares	(810,535)
Number of shares outstanding | shares	8,414,859
Weighted Average Grant Date Fair Value
Weighted average grant date fair value, outstanding | $ / shares	$ 59.72
Weighted average grant date fair value, granted | $ / shares	56.09
Weighted average grant date fair value, vested | $ / shares	49.77
Weighted average grant date fair value, canceled/forfeited | $ / shares	57.61
Weighted average grant date fair value, outstanding | $ / shares	$ 59.75

Stock-based Compensation - Sche

Stock-based Compensation - Schedule of Estimate Fair Value of ESPP Purchase Rights on Date of Grant (Detail) - Employee Stock Purchase Plan	6 Months Ended
	Jun. 30, 2022
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Estimated dividend yield	0%
Minimum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Risk-free interest rate	1.47%
Expected term (in years)	6 months
Estimated weighted-average volatility	61.14%
Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Risk-free interest rate	2.03%
Expected term (in years)	1 year
Estimated weighted-average volatility	72.69%

Stock-based Compensation - Su_3

Stock-based Compensation - Summary of Total Stock-based Compensation Cost from Stock Options, RSUs, ESPP, RSAs, and Sales of Stock (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	$ 33,895	$ 137,443	$ 71,104	$ 147,746
Stock-based compensation capitalized for software development	1,895	837	4,061	920
Total stock-based compensation cost	35,790	138,280	75,165	148,666
Cost of Revenue
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	2,046	4,918	3,504	6,079
Sales and Marketing
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	12,572	42,855	22,868	46,107
Research and Development
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	13,144	51,317	26,152	54,563
General and Administrative
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	$ 6,133	$ 38,353	$ 18,580	$ 40,997

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Income Tax Disclosure [Abstract]
Income tax expense	$ 42	$ 37	$ 376	$ 166
Federal statutory income tax rate			21%

Net Loss Per Share - Summary of

Net Loss Per Share - Summary of Weighted Average Potentially Dilutive Shares are Excluded from Calculation of Diluted Earnings Per Share (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Weighted-average potentially dilutive shares are excluded from calculation of diluted earnings per share	15,673,629	66,593,092	15,120,413	84,477,597
Shares of Common Stock Issuable Upon Conversion of Redeemable Convertible Preferred Stock
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Weighted-average potentially dilutive shares are excluded from calculation of diluted earnings per share		49,698,437		67,416,424
Restricted Stock Units and Restricted Stock Awards Subject to Future Vesting
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Weighted-average potentially dilutive shares are excluded from calculation of diluted earnings per share	8,580,940	6,710,345	7,611,792	6,171,789
Shares Issuable Pursuant to ESPP
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Weighted-average potentially dilutive shares are excluded from calculation of diluted earnings per share	513,973	177,679	596,071	89,330
Shares of Common Stock Issuable from Stock Options
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Weighted-average potentially dilutive shares are excluded from calculation of diluted earnings per share	6,578,716	10,006,631	6,912,550	10,800,054

Geographic Information - Summar

Geographic Information - Summary of Revenue by Geographic Region (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Segment Reporting Information [Line Items]
Revenue	$ 172,205	$ 122,790	$ 331,721	$ 236,728
United States
Segment Reporting Information [Line Items]
Revenue	$ 147,174	$ 105,331	$ 283,378	$ 203,937
United States | Revenue Benchmark | Geographic Concentration Risk
Segment Reporting Information [Line Items]
Percentage of revenue by geographic region	85%	86%	85%	86%
Rest of the World
Segment Reporting Information [Line Items]
Revenue	$ 25,031	$ 17,459	$ 48,343	$ 32,791
Rest of the World | Revenue Benchmark | Geographic Concentration Risk
Segment Reporting Information [Line Items]
Percentage of revenue by geographic region	15%	14%	15%	14%