Company: PCOR
Filing Date: 2025-11-06
Form Type: 10-Q
Source: 0001628280-25-050149
Chunk: 157

Company: PROCORE TECHNOLOGIES, INC.
Filing Date: 2025-11-06
Form: 10-Q
Item: Part I, Item 2
Chunk 157
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093 $157,077 $7,016 4%

The increase in general and administrative expenses during the nine months ended September 30, 2025 was primarily due to an increase of $5.9 million in legal fees. The increase in general and administrative expenses was also attributable to a $4.4 million in personnel-related expenses, including increases of $2.6 million in salaries and wages and $2.0 million in stock-based compensation expense; and a $1.3 million increase in computer software expenses. The increase in general and administrative expenses was partially offset by a $2.7 million decrease in rent expense, primarily related to modifications of leases in 2025; and a $1.7 million decrease in professional service fees. We decreased our general and administrative headcount by 5% since September 30, 2024, as we continue to focus on operating efficiency.

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

Nine Months Ended September 30,Change20252024DollarPercent(dollars in thousands)Interest income$15,838 $17,714 $(1,876)(11%)Interest expense859 1,439 (580)(40%)Accretion income, net6,542 10,665 (4,123)(39%)Other income (expense), net2,204 (26)2,230 *Provision for income taxes5,362 400 4,962 *

* Percentage not meaningful

During the nine months ended September 30, 2025, accretion income, net decreased by $4.1 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 nine months ended September 30, 2025, interest income decreased by $1.9 million due to a decrease in the balances of our money market funds, cash savings accounts, and marketable securities.

During the nine months ended September 30, 2025, other income (expense), net flipped from expense to income by $2.2 million primarily due to unrealized gains on foreign currency transactions.

During the nine months ended September 30, 2025, provision for income taxes increased by $5.0 million, primarily due to a foreign tax on the transfer from Norway to the U.S. of intellectual property acquired from Novorender.

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