Company: PCOR
Filing Date: 2025-11-06
Form Type: 10-Q
Source: 0001628280-25-050149
Chunk: 37

Company: PROCORE TECHNOLOGIES, INC.
Filing Date: 2025-11-06
Form: 10-Q
Item: Part I, Item 1
Chunk 37
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, resulting in a reclassification from a financing lease to an operating lease. In addition, the Company modified its office leases in Austin, Texas to adjust the rent obligations, expand the leased premises, and extend the lease terms, which resulted in an increase of $39.5 million in future rent commitments, net of tenant improvement reimbursement, from 2025 through 2038. Total operating lease commencements and modifications during the period resulted in net increases to right of use assets–operating leases and corresponding operating lease liabilities on the accompanying condensed consolidated balance sheets of $7.4 million and $7.8 million, respectively, which primarily relate to the modified leases in Texas. 

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

Supplemental information related to leases is as follows (in thousands):September 30, 2025December 31, 2024Operating LeasesOperating right of use assets$32,012 $28,790 Amount included within other current liabilities7,732 3,746 Operating lease liabilities, non-current36,042 32,697 Total operating lease liabilities$43,774 $36,443 Finance LeasesFinance right of use assets$20,070 $31,727 Amount included within other current liabilities1,745 2,228 Finance lease liabilities, non-current27,002 41,352 Total finance lease liabilities$28,747 $43,580 September 30, 2025December 31, 2024Weighted-average remaining lease term (in years)Finance leases11.512.2Operating leases10.58.9Weighted-average discount rateFinance leases3.80 %4.21 %Operating leases6.06 %6.10 %Maturities of lease payments, net of tenant improvement reimbursement, for leases where the lease commencement date commenced on or prior to September 30, 2025 are as follows (in thousands):Period Ended December 31,OperatingFinanceTotal2025(1)$(1,161)$692 $(469)20264,688 2,816 7,504 20272,497 2,804 5,301 20286,252 2,870 9,122 20294,383 2,956 7,339 20304,949 3,045 7,994 Thereafter45,296 20,697