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      "text": "PROCORE",
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      "text": "CUSTOMER COUNT\nWe define the number of customers at the end of a particular period as the number of entities that have entered into one or more subscriptions with us that have recurring charges for which the term has not ended, or with which we are negotiating a subscription renewal. An entity with multiple subsidiaries, segments, or divisions, is defined and counted as a single customer, even if there are multiple separate subscriptions. Customer count metrics exclude customers acquired from business combinations that do not have standard Procore annual contracts.\nFREE CASH FLOW (FCF)\nWe define free cash flow as net cash provided by operating activities, less purchases of property and equipment and capitalized software development costs. We believes free cash flow is an important liquidity measure of the cash (if any) that is available, after our operating activities and capital expenditures. We use free cash flow in conjunction with traditional GAAP measures to assess our liquidity and evaluate the effectiveness of our business strategies.\nGROSS RETENTION RATE (GRR)\nTo calculate our GRR at the end of a particular period, we first calculate the ARR from the cohort of active customers at the end of the period 12 months prior to the end of the period selected. We then calculate the value of ARR from any customers whose subscriptions terminated and were not renewed during the 12 months preceding the end of the period selected, which we refer to as cancellations. To calculate GRR, we divide (a) the total prior period ARR minus cancellations by (b) the total prior period ARR.\nTOTAL ADDRESSABLE MARKET (TAM)\nWe view the construction industry's ACV as the primary factor informing our TAM because our revenue is driven by the value of the ACV that our customers have contracted to run on the Procore platform, and because changes in ACV are generally correlated with our revenue and growth opportunity. Our estimate of global construction ACV as of 2030 is based on a projection developed by Oxford Economics (see Oxford Economics: Future of Construction (September 2021), estimated global construction spend in 2030). Refer to the definition of Annual Construction Volume (ACV) for more information about how we calculate ACV with respect to a particular region or country.\nTOTAL ANNUAL RECURRING REVENUE (TOTAL ARR)\nWe define Total ARR as the aggregate ARR across all given customer contracts in a referenced customer cohort.",
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