Company: PCOR
Filing Date: 2025-11-06
Form Type: 10-Q
Source: 0001628280-25-050149
Chunk: 150

Company: PROCORE TECHNOLOGIES, INC.
Filing Date: 2025-11-06
Form: 10-Q
Item: Part I, Item 2
Chunk 150
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retion income, net consists of accretion of discounts, net of amortization of premiums, related to our available-for-sale marketable debt securities.

Other 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.

36

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 September 30,Nine Months Ended September 30,2025202420252024(in thousands)Revenue$338,851 $295,885 $973,402 $849,660 Cost of revenue(1)(2)(3)68,762 54,954 201,420 148,778 Gross profit270,089 240,931 771,982 700,882 Operating expensesSales and marketing(1)(2)(3)(4)144,290 141,370 424,871 390,286 Research and development(1)(2)(3)(4)88,049 80,791 264,560 223,698 General and administrative(1)(3)(4)52,780 55,267 164,093 157,077 Total operating expenses285,119 277,428 853,524 771,061 Loss from operations(15,030)(36,497)(81,542)(70,179)Interest income4,826 5,962 15,838 17,714 Interest expense(276)(488)(859)(1,439)Accretion income, net2,068 3,816 6,542 10,665 Other (expense) income, net(210)