Company: PCOR
Filing Date: 2025-11-06
Form Type: 10-Q
Source: 0001628280-25-050149
Chunk: 154

Company: PROCORE TECHNOLOGIES, INC.
Filing Date: 2025-11-06
Form: 10-Q
Item: Part I, Item 2
Chunk 154
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 by 4% since September 30, 2024 to support our GTM operating model.

39

Three Months Ended September 30,Change20252024DollarPercent(dollars in thousands)Research and development$88,049 $80,791 $7,258 9%

The increase in research and development expenses during the three months ended September 30, 2025 was primarily attributable to an increase of $8.2 million in personnel-related expenses, including increases of $5.5 million in salaries and wages and $2.6 million in stock-based compensation expense. The increase in research and development expenses was also attributable to a $1.9 million increase in computer software expenses. The increase in research and development expenses was partially offset by a decrease of $5.0 million in professional service fees related to temporary contractor labor. We increased our research and development headcount by 27% since September 30, 2024 in order to continue to build, enhance, maintain, and scale our products, services, and platform as part of our global workforce strategy.

Three Months Ended September 30,Change20252024DollarPercent(dollars in thousands)General and administrative$52,780 $55,267 $(2,487)(4%)

The decrease in general and administrative expenses during the three months ended September 30, 2025 was primarily attributable to a decrease of $1.4 million in rent expense, primarily related to modifications of leases in 2025; and a decrease of $1.2 million in professional service fees. The decrease in general and administrative expenses was partially offset by an increase of $1.6 million in personnel-related expenses for stock-based compensation expense. We decreased our general and administrative headcount by 5% since September 30, 2024, as we continue to focus on operating efficiency.

Interest Income, Interest Expense, Accretion Income, Net, Other Income (Expense), Net, and (Benefit from) provision for Income Taxes

Three Months Ended September 30,Change20252024DollarPercent(dollars in thousands)Interest income$4,826 $5,962 $(1,136)(19%)Interest expense276 488 (212)(43%)Accretion income, net2,068 3,816 (1,748)(46%)Other (expense) income, net(210)466 (676)*Provision for (benefit from) income taxes479 (353