
Procore IPO: S-1 Breakdown - doppp
https://www.meritechcapital.com/blog/procore-ipo-s-1-breakdown
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throwaway3157
Procore is a construction tech "unicorn".

A helpful analysis of the S-1 can be found here:
[https://news.crunchbase.com/news/construction-tech-
unicorn-p...](https://news.crunchbase.com/news/construction-tech-unicorn-
procore-drops-s-1-revealing-sharply-rising-revenue-net-losses/)

The summary:

> It revealed both increased revenue and net loss in 2019. Specifically, the
> company’s revenue surged 55 percent in 2019 to $289.2 million compared with
> $186.4 million in 2018. At the same time, its net loss was up by 46.5
> percent to $83.1 million in 2019 compared to $56.7 million in 2018.

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quickthrowman
Procore is by far the best construction project management software I’ve used.
All of the other ones have interface quirks, Gradebeam is particularly bad in
this regard. I hope Procore succeeds, I enjoy using it as a subcontractor on a
GC’s subscription.

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rossdavidh
A company with established product and customers, and high growth in recent
years, but also not making a profit. It seems like maybe they are a bit late
to do the S-1? This might have been more welcome a year ago. But, what do I
know, I am not a stock person. It will be interesting to see what happens, in
order to see if the post-WeWork IPO market actually is all that different.

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drinkzima
Alex Clayton's breakdowns always good and a little more digestible:
[https://www.meritechcapital.com/blog/procore-
ipo-s-1-breakdo...](https://www.meritechcapital.com/blog/procore-
ipo-s-1-breakdown)

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dang
Ok, let's give that a try. Changed from
[https://www.sec.gov/Archives/edgar/data/1611052/000119312520...](https://www.sec.gov/Archives/edgar/data/1611052/000119312520057081/d564161ds1.htm).
Thanks!

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H8crilA
Please just remember that you should always read the entire prospectus,
verbatim from the SEC, if you want to really understand what's going on. Not
just someone else's analysis, and definitely not the "investor summary" or God
forbid the slide deck prepared by the securities seller (the company). Bottom-
to-top reading is a useful strategy because there's usually some bad and
relevant stuff hidden close to the end.

It's an adversarial game where you (the buyer) want to pay as little as
possible, the company (the seller) wants as much as possible, and the SEC (the
regulator) is the neutral arbiter of information. Any third party's intention
is unknown unless they publish their full portfolio.

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dang
Maybe the best way is to leave the official S-1 up and people can post links
to analyses in the threads. i.e. maybe we shouldn't do what I just did.

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edoceo
Please keep linking both official and in-depth analysis. two different
consumers of the data.

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dang
Well, we can only have one link at the top of any given submission, and it is
best not to have two threads on the same topic, so the question remains which
link should win?

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kyleee
The SEC link should win and people can offer compelling analysis / summary
links in the comments. The SEC filing is the official resource and will be a
superset of what's discussed / focused on in any given 3rd party commentary

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H8crilA
I agree, let's uphold the spirit of the Securities Act of 1933 introduced
after the 1929 crash - the SEC is the arbiter of data. Anything that's in the
SEC database is "sacred" and someone (whoever wrote it) can go to jail if it's
in fact not true but has been manipulated.

