Company: PCOR
Filing Date: 2025-08-01
Form Type: 10-Q
Source: 0001611052-25-000007
Chunk: 141

Company: PROCORE TECHNOLOGIES, INC.
Filing Date: 2025-08-01
Form: 10-Q
Item: Part I, Item 2
Chunk 141
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 Income (Expense), Net

Other income (expense), net primarily consists of unrealized gains or losses on equity securities, gains or losses on foreign currency transactions, and miscellaneous other income and expenses.

(Benefit from) provision for Income Taxes

(Benefit from) provision for income taxes consists primarily of income taxes of U.S. state franchise taxes and certain foreign jurisdictions in which we conduct business. As we expand our international operations, we expect to incur increased foreign tax expenses. We have a full valuation allowance for net U.S. deferred tax assets. The U.S. valuation allowance primarily includes net operating loss carryforwards and tax credits related primarily to research and development for our operations in the U.S. We expect to maintain this full valuation allowance for our net U.S. deferred tax assets for the foreseeable future.

34

Results of Operations

The following tables set forth our condensed consolidated statements of operations data and such data as a percentage of revenue for each of the periods indicated. Certain percentages below may not sum due to rounding.

Three Months Ended June 30,Six Months Ended June 30,2025202420252024(in thousands)Revenue$323,919 $284,347 $634,551 $553,775 Cost of revenue(1)(2)(3)67,732 48,101 132,658 93,824 Gross profit256,187 236,246 501,893 459,951 Operating expensesSales and marketing(1)(2)(3)(4)141,897 127,922 280,581 248,916 Research and development(1)(2)(3)(4)88,902 72,308 176,511 142,907 General and administrative(1)(3)(4)55,655 50,792 111,313 101,810 Total operating expenses286,454 251,022 568,405 493,633 Loss from operations(30,267)(14,776)(66,512)(33,682)Interest income5,015 5,814 11,012 11,752 Interest expense(298)(472)(583)(951)Accretion income, net2,027 3,761 4,474 6,849 Other income (expense), net2,023 (148)2,414 (492)Loss before (benefit from) provision for income taxes(21,500)(5,821)(49,195)(