Company: PCOR
Filing Date: 2025-02-26
Form Type: 10-K
Source: 0001628280-25-008121
Chunk: 104

Company: PROCORE TECHNOLOGIES, INC.
Filing Date: 2025-02-26
Form: 10-K
Item: Item 7
Chunk 104
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 these expenses in order to better understand the long-term performance of our core business and to facilitate comparison of our results period-over-period and to those of peer companies.  

The following tables present reconciliations of our GAAP financial measures to our non-GAAP financial measures for the periods presented:

Reconciliation of gross profit and gross margin to non-GAAP gross profit and non-GAAP gross margin:

Year Ended December 31,202420232022(dollars in thousands)Revenue$1,151,708$950,010$720,203Gross profit946,096775,548571,787Stock-based compensation expense15,47811,4917,253Amortization of acquired technology intangible assets25,43722,39622,428Employer payroll tax on employee stock transactions612540308Non-GAAP gross profit$987,623$809,975$601,776Gross margin82 %82 %79 %Non-GAAP gross margin86 %85 %84 %

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Reconciliation of operating expenses to non-GAAP operating expenses:

Year Ended December 31,202420232022(dollars in thousands)Revenue$1,151,708$950,010$720,203GAAP sales and marketing552,019494,908424,976Stock-based compensation expense(58,058)(55,162)(53,397)Amortization of acquired intangible assets(12,700)(12,425)(12,425)Employer payroll tax on employee stock transactions(3,227)(2,766)(1,955)Acquisition-related expenses(1,448)(2,483)(1,725)Non-GAAP sales and marketing$476,586$422,072$355,474GAAP sales and marketing as a percentage of revenue48 %52 %59 %Non-GAAP sales and marketing as a percentage of revenue41 %44 %49 %GAAP research and development$312,987$300,571$270,982Stock-based compensation expense(67,961)(68,275)(63,262)Amortization of acquired intangible assets(2,657)(2,757)(3,528)Employer payroll tax on employee stock transactions(3,535)(3,217)(2,474)Acquisition-related expenses(32)(6,370)(5,549)Non-GAAP research and development$238,802$219,952$196,169GAAP research and