Company: PCOR
Filing Date: 2025-02-26
Form Type: 10-K
Source: 0001628280-25-008121
Chunk: 101

Company: PROCORE TECHNOLOGIES, INC.
Filing Date: 2025-02-26
Form: 10-K
Item: Item 7
Chunk 101
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 We increased our research and development headcount by 42% since December 31, 2023 in order to continue to build, enhance, maintain, and scale our products, services, and platform as part of our global workforce strategy. 

Year Ended December 31,Change20242023DollarPercent(dollars in thousands)General and administrative$217,513 $195,746 $21,767 11 %

The increase in general and administrative expenses during 2024 was primarily attributable to an increase of $19.2 million in personnel-related expenses, including increases of $9.4 million in salaries and wages, $8.9 million in stock-based compensation expense, and $0.8 million in severance costs incurred related to the restructuring event in January 2024. The increase in general and administrative expenses was also attributable to a $10.3 million increase in professional fees, including contractors to support our staff levels and professional service fees to support our corporate strategic initiatives; a $2.6 million increase in computer software expenses; and a $1.8 million increase in travel-related costs. The increases in general and administrative expenses were partially offset by a $7.1 million decrease in bad debt expenses primarily relating to the receivables from our materials financing business, which we ceased originations under in the fourth quarter of 2023. We increased our general and administrative headcount by 2% since December 31, 2023 in order to continue to support the efficiency of other departments and the growth of our business.

Interest Income, Interest Expense, Accretion Income, Net, Other Expense, Net, and Provision for Income Taxes

Year Ended December 31,Change20242023DollarPercent(dollars in thousands)Interest income$23,694 $19,779 $3,915 20 %Interest expense1,899 1,957 (58)(3 %)Accretion income, net13,583 9,794 3,789 39 %Other expense, net3,136 360 2,776 *Provision for income taxes1,775 1,273 502 39 %

*Percentage not meaningful

During 2024, our interest income increased by $3.9 million due to an increase in the balances of our money market funds, cash savings accounts, and marketable securities; accretion income, net increased by $3.8 million due to an increase in the balances of