Company: PCOR
Filing Date: 2025-05-02
Form Type: 10-Q
Source: 0001628280-25-021898
Chunk: 13

Company: PROCORE TECHNOLOGIES, INC.
Filing Date: 2025-05-02
Form: 10-Q
Item: Part I, Item 1
Chunk 13
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Item 1. Financial Statements

Procore Technologies, Inc.

Condensed Consolidated Balance Sheets (unaudited)

(in thousands, except number of shares and par value)March 31,2025December 31,2024AssetsCurrent assetsCash and cash equivalents$313,734 $437,722 Marketable securities (amortized cost of $252,457 and $337,253 at March 31, 2025 and December 31, 2024, respectively)252,956 337,673 Accounts receivable, net of allowance for credit losses of $3,563 and $6,109 at March 31, 2025 and December 31, 2024, respectively161,578 246,472 Contract cost asset, current36,924 33,922 Prepaid expenses and other current assets51,295 44,090 Total current assets816,487 1,099,879 Marketable securities, non-current (amortized cost of $132,127 and $46,042 at March 31, 2025 and December 31, 2024, respectively)132,127 46,042 Capitalized software development costs, net119,882 112,321 Property and equipment, net43,715 43,592 Right of use assets - finance leases20,972 31,727 Right of use assets - operating leases31,758 28,790 Contract cost asset, non-current51,223 47,505 Intangible assets, net137,865 120,946 Goodwill573,383 549,651 Other assets21,302 20,918 Total assets$1,948,714 $2,101,371 Liabilities and Stockholders’ EquityCurrent liabilitiesAccounts payable$22,235 $33,146 Accrued expenses76,744 88,740 Deferred revenue, current560,140 584,719 Other current liabilities26,481 21,427 Total current liabilities685,600 728,032 Deferred revenue, non-current5,309 5,815 Finance lease liabilities, non-current27,903 41,352 Operating lease liabilities, non-current36,599 32,697 Other liabilities, non-current11,656 5,122 Total liabilities767,067 813,018 Commitments and contingencies (Note 9)Stockholders’ equityPreferred stock