Company: PCOR
Filing Date: 2025-05-02
Form Type: 10-Q
Source: 0001628280-25-021898
Chunk: 123

Company: PROCORE TECHNOLOGIES, INC.
Filing Date: 2025-05-02
Form: 10-Q
Item: Part I, Item 2
Chunk 123
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.2 million for professional service fees and $1.5 million for contractors to supplement our staff levels; a $2.8 million increase in travel-related costs; and a $1.4 million increase in marketing events and expenses. We increased our sales and marketing headcount by 10% since March 31, 2024 to support our GTM operating model.

Three Months Ended March 31,Change20252024DollarPercent(dollars in thousands)Research and development$87,609 $70,599 $17,010 24 %

The increase in research and development expenses during the three months ended March 31, 2025 was primarily attributable to an increase of $12.8 million in personnel-related expenses, including increases of $8.1 million in salaries and wages and $4.6 million in stock-based compensation expense. The increase in research and development expenses was also attributable to a $2.8 million increase in professional fees for contractors to supplement our staff levels, and a $1.2 million increase in computer software expenses. We increased our research and development headcount by 55% since March 31, 2024 in order to continue to build, enhance, maintain, and scale our products, services, and platform as part of our global workforce strategy.

Three Months Ended March 31,Change20252024DollarPercent(dollars in thousands)General and administrative$55,658 $51,018 $4,640 9 %

The increase in general and administrative expenses during the three months ended March 31, 2025 was primarily due to an increase of $2.0 million in personnel-related expenses, including increases of $1.5 million in salaries and wages and $0.6 million in stock-based compensation expense. The increase in general and administrative expenses was also attributable to a $2.7 million increase in professional fees, including increases of $1.5 million for legal and other professional services and $0.9 million for contractors to supplement our staff levels; and a $1.3 million increase in computer software expenses. The increases in general and administrative expenses were partially offset by a $2.2 million decrease in rent expense, primarily related to modifications of leases in the first quarter of 2025. We decreased our general and administrative headcount by 2% since March 31, 2024, as we continue to focus on operating efficiency.

35

Interest Income, Interest Expense, Accretion Income, Net,