Company: PCOR
Filing Date: 2025-05-02
Form Type: 10-Q
Source: 0001628280-25-021898
Chunk: 58

Company: PROCORE TECHNOLOGIES, INC.
Filing Date: 2025-05-02
Form: 10-Q
Item: Part I, Item 1
Chunk 58
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0 million decrease in accounts receivable primarily due to timing of billings and cash receipts from customers; and

•a $3.2 million increase in accounts payable primarily due to timing of cash payments to our vendors.

These changes in our operating assets and liabilities were partially offset by the following:

•a $34.2 million decrease in accrued expenses and other liabilities primarily due to the size and timing of bonus and commission accruals and payouts, accrued ESPP contributions, payroll, and cash payments to our vendors; 

•a $14.1 million decrease in deferred revenue primarily due to timing of billings and seasonality; and

•a $2.3 million decrease in operating lease liabilities related to lease payments.

42

Investing Activities

Net cash used in investing activities of $63.5 million during the three months ended March 31, 2025 consisted of cash outflows for purchases of marketable securities of $134.6 million, business combinations of $41.3 million, capitalized software development costs of $15.3 million, asset acquisitions of $3.5 million, purchases of property and equipment of $4.0 million, and purchases of strategic investments of $0.6 million; partially offset by maturities of marketable securities of $135.8 million.

Net cash used in investing activities of $4.7 million during the three months ended March 31, 2024 consisted of purchases of marketable securities of $101.4 million, capitalized software development costs of $9.5 million, and purchases of property and equipment of $2.1 million primarily related to improvements to our leased offices and computer equipment purchases, partially offset by $107.3 million in maturities of marketable securities, and $1.3 million of customer repayments for materials financing.

Financing Activities

Net cash used in financing activities of $126.4 million during the three months ended March 31, 2025 consisted of repurchases of our common stock of $100.0 million, payments of tax withholding for net share settlement of $28.3 million, and payments on our finance lease obligations of $0.4 million; partially offset by proceeds from stock option exercises of $2.3 million.

Net cash provided by financing activities of $6.7 million during the three months ended March 31, 2024 consisted of $7.1 million in proceeds from stock option exercises, partially offset by $0.4 million in payments on our finance lease obligations.

Capital Allocation