Company: PCOR
Filing Date: 2025-08-01
Form Type: 10-Q
Source: 0001611052-25-000007
Chunk: 90

Company: PROCORE TECHNOLOGIES, INC.
Filing Date: 2025-08-01
Form: 10-Q
Item: Part I, Item 8
Chunk 90
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)Developed technology$212,482 $(112,122)$100,360 4.2Customer relationships75,949 (50,335)25,614 6.0Total finite-lived intangible assets$288,431 $(162,457)$125,974 4.5

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Table of ContentsProcore Technologies, Inc.Notes to Condensed Consolidated Financial Statements (unaudited)

December 31, 2024Gross Carrying AmountAccumulated AmortizationNet Carrying AmountWeighted-Average Remaining Useful Life (Years)Developed technology$185,947 $(95,216)$90,731 4.0Customer relationships71,050 (43,683)27,367 4.9Total finite-lived intangible assets$256,997 $(138,899)$118,098 4.2In-process research and development2,848 — 2,848 Total intangible assets$259,845 $(138,899)$120,946 The Company’s in-process research and development (“IPR&D”) intangible asset, which was acquired in 2023, was considered indefinite-lived and assessed annually for impairment. During the six months ended June 30, 2025, the Company completed the development of the IPR&D intangible asset and reclassified it as a finite-lived intangible asset, which started to be amortized over its estimated useful life of two years.The Company estimates that there is no significant residual value related to its finite-lived intangible assets. Amortization expense recorded on the Company’s finite-lived intangible assets is summarized as follows (in thousands):Three Months Ended June 30,Six Months Ended June 30,2025202420252024Cost of revenue$8,015 $6,156 $15,617 $12,041 Sales and marketing3,346 3,145 6,651 6,251 Research and development658 665 1,290 1,340 Total amortization of acquired intangible assets$12,019 $9,966 $23,558 $19,632 GoodwillThe following table presents the changes in carrying amount of goodwill during the six months ended June 30, 2025 (in thousands):Beginning balance$549,651 Additions23,706 Other adjustments, net(1)748 Ending balance$574,105 (1) Includes acquisition-related post-c