Company: PCOR
Filing Date: 2025-08-01
Form Type: 10-Q
Source: 0001611052-25-000007
Chunk: 122

Company: PROCORE TECHNOLOGIES, INC.
Filing Date: 2025-08-01
Form: 10-Q
Item: Part I, Item 8
Chunk 122
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 when desired, or on acceptable terms, our business, results of operations, and financial condition could be materially adversely affected.

As of June 30, 2025, we did not have any relationships with unconsolidated organizations or financial partnerships, such as structured finance or special purpose entities, that would have been established for the purpose of facilitating off-balance sheet arrangements or other contractually narrow or limited purposes.

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The following table summarizes our cash flows for the periods presented:

Six Months Ended June 30,20252024(in thousands)Net cash provided by operating activities$96,856 $127,840 Net cash used in investing activities(80,462)(151,296)Net cash (used in) provided by financing activities(131,804)22,433 

Operating Activities

Our largest source of cash from operating activities is collections from the sales of subscriptions to our customers. Our primary uses of cash from operating activities are for personnel expenses, marketing expenses, hosting and software license expenses, and overhead.

Net cash provided by operating activities was $96.9 million during the six months ended June 30, 2025 which resulted from a net loss of $54.1 million, adjusted for non-cash charges of $157.8 million and a net cash outflow of $6.8 million from changes in operating expenses and liabilities. The $6.8 million of net cash outflows as a result of changes in our operating assets and liabilities primarily reflected the following:

•a $28.3 million decrease in deferred revenue primarily due to timing of billings and seasonality;

•a $20.2 million increase in deferred contract cost assets related to commissions as a result of additional customer contracts closed during the period;

•a $13.0 million decrease in accounts payable primarily due to timing of cash payments to our vendors;

•a $9.2 million increase in prepaid expenses and other current assets primarily due to timing of cash payments to our vendors; and

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

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

•a $54.6 million decrease in accounts receivable primarily due to timing of billings and cash receipts from customers; and

•a $11.6 million increase 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.

Net cash provided by