Company: PCOR
Filing Date: 2025-02-26
Form Type: 10-K
Source: 0001628280-25-008121
Chunk: 108

Company: PROCORE TECHNOLOGIES, INC.
Filing Date: 2025-02-26
Form: 10-K
Item: Item 7
Chunk 108
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; and

•a $19.7 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 $39.5 million increase in accounts receivable primarily due to the growth of our business and timing of billings and cash receipts from customers; 

•a $15.5 million decrease in accrued expenses and other liabilities primarily due to the size and timing of bonus accruals, payroll accruals, and cash payments to our vendors;

•a $9.0 million increase in deferred contract cost assets related to commissions as a result of additional customer contracts closed during the period;

•a $7.3 million decrease in operating lease liabilities related to lease payments; and

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•a $3.3 million increase in prepaid expenses and other current assets primarily due to timing of cash payments to our vendors.

Net cash provided by operating activities was $92.0 million in 2023, which resulted from a net loss of $189.7 million, adjusted for non-cash charges of $258.3 million and a net cash inflow of $23.4 million from changes in operating assets and liabilities. The $23.4 million of net cash inflows provided as a result of changes in our operating assets and liabilities primarily reflected the following:

•a $106.6 million increase in deferred revenue primarily due to the growth of our business and timing of billings; and

•a $4.8 million increase in accrued expenses and other liabilities primarily due to personnel-related expenses and timing of cash payments to our vendors.

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

•a $57.5 million increase in accounts receivable primarily due to timing of billings and cash receipts from customers from the growth of our business;

•a $13.8 million decrease in operating lease liabilities related to lease payments;

•a $9.3 million increase in deferred contract cost assets related to commissions as a result of additional customer contracts closed during the period; and

•a $6.4 million increase in prepaid expenses and other assets primarily due to timing of cash payments to our vendors.

Investing Activities

Net cash used in investing activities of $150.1 million in 2024 consisted of cash outflows for purchases of marketable securities of $491.5 million, capitalized software development costs of $49.5 million, business combinations of $25.9 million, purchases of property and