Company: PCOR
Filing Date: 2025-08-01
Form Type: 10-Q
Source: 0001611052-25-000007
Chunk: 148

Company: PROCORE TECHNOLOGIES, INC.
Filing Date: 2025-08-01
Form: 10-Q
Item: Part I, Item 2
Chunk 148
---
.4 million in stock-based compensation expense, as well as a $2.0 million increase in computer software expenses. The increases in general and administrative expenses were partially offset by a $3.0 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 June 30, 2024, as we continue to focus on operating efficiency.

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

Six Months Ended June 30,Change20252024DollarPercent(dollars in thousands)Interest income$11,012 $11,752 $(740)(6%)Interest expense583 951 (368)(39%)Accretion income, net4,474 6,849 (2,375)(35%)Other income (expense), net2,414 (492)2,906 *(Benefit from) provision for income taxes4,883 753 4,130 *

* Percentage not meaningful

During the six months ended June 30, 2025, accretion income, net decreased by $2.4 million due to a decrease both in our purchases of marketable securities and the balance of our marketable securities portfolio year over year.

During the six months ended June 30, 2025, other income (expense), net increased by $2.9 million primarily due to unrealized gains on foreign currency transactions.

41

During the six months ended June 30, 2025, provision for income taxes increased by $4.1 million, primarily due to a foreign tax on the transfer from Norway to the U.S. of intellectual property acquired from Novorender.

Non-GAAP Financial Measures

In addition to our results determined in accordance with U.S. GAAP, we believe certain non-GAAP measures, as described below, are useful in evaluating our operating performance. We use this non-GAAP financial information, collectively, to evaluate our ongoing operations as well as for internal planning and forecasting purposes. We believe that non-GAAP financial information, when taken collectively, is helpful to investors because it provides consistency and comparability with past financial performance, and may assist in comparisons with other companies, some of which use similar non-GAAP financial information to supplement their GAAP results. 

The non-GAAP financial information is presented for supplemental informational purposes only. Non-GAAP financial measures should not