Company: PCOR
Filing Date: 2025-11-06
Form Type: 10-Q
Source: 0001628280-25-050149
Chunk: 105

Company: PROCORE TECHNOLOGIES, INC.
Filing Date: 2025-11-06
Form: 10-Q
Item: Part I, Item 8
Chunk 105
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006 $137,532 Stock-based compensation capitalized for software development and cloud-computing arrangement implementation costs5,399 3,599 14,582 9,553 Total stock-based compensation cost$61,549 $51,774 $174,588 $147,085 

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

Stock repurchase programIn October 2024, the Board authorized a stock repurchase program to repurchase up to $300.0 million of the Company’s outstanding common stock. Repurchases could be effected from time to time either on the open market (including via pre-set trading plans) or through other transactions, in accordance with applicable securities laws. The timing of stock repurchases and the actual number of shares repurchased depended on a variety of factors, including price, general business and market conditions, and alternative investment opportunities, and was subject to the discretion of the Company’s management within its authorization. The stock repurchase program did not obligate the Company to acquire any particular number of shares of the Company’s common stock, or any shares at all. The above stock repurchase program expired on October 29, 2025. On November 3, 2025, the Board authorized a new stock repurchase program. See Note 15 to these condensed consolidated financial statements for details about the new stock repurchase program.During the nine months ended September 30, 2025, the Company repurchased and retired a total of 1,903,527 shares of the Company’s common stock at a weighted average per share price of $67.67 for an aggregate amount of $128.8 million, which includes the transaction costs associated with the repurchases but excludes the 1% excise tax on stock repurchases imposed by the Inflation Reduction Act of 2022.

11.INCOME TAXES

For the three months ended September 30, 2025 and 2024, the Company recorded income tax expense of $0.5 million and income tax benefit of $0.4 million, respectively. For the nine months ended September 30, 2025 and 2024, the Company recorded income tax expenses of $5.4 million and $0.4 million, respectively. As of September 30, 2025, the Company maintained a full valuation allowance on its U.S. federal and state net deferred tax assets as it was more likely than not that