Company: PCOR
Filing Date: 2025-08-01
Form Type: 10-Q
Source: 0001611052-25-000007
Chunk: 120

Company: PROCORE TECHNOLOGIES, INC.
Filing Date: 2025-08-01
Form: 10-Q
Item: Part I, Item 8
Chunk 120
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 margin:

Three Months Ended June 30,Six Months Ended June 30,2025202420252024(dollars in thousands)Revenue$323,919 $284,347 $634,551 $553,775 Loss from operations(30,267)(14,776)(66,512)(33,682)Stock-based compensation expense58,412 50,943 109,436 92,612 Amortization of acquired intangible assets12,019 9,966 23,558 19,632 Employer payroll tax on employee stock transactions2,513 2,343 6,514 6,532 Acquisition-related expenses999 1,563 3,079 2,011 Non-GAAP income from operations$43,676 $50,039 $76,075 $87,105 Operating margin(9%)(5%)(10%)(6%)Non-GAAP operating margin13%18%12%16%

45

Liquidity and Capital Resources

As of June 30, 2025, our principal sources of liquidity were cash, cash equivalents, and marketable securities totaling $706.7 million, which were held in money market funds, U.S. treasury securities, corporate notes and obligations, commercial paper, checking accounts, and savings accounts. Our investments in marketable securities are exposed to interest rate risk; however, due to the short-term nature of our investments, we do not anticipate being exposed to material risks due to changes in interest rates. 

 As of June 30, 2025, we had outstanding letters of credit, on an unsecured basis, totaling approximately $7.6 million to secure various leased office facilities in the U.S. and Australia. 

Our cash sources primarily consist of cash generated from sales to our customers, maturities of our marketable securities, proceeds from employees through stock option exercises and our employee stock purchase plan (“ESPP”), and interest income on our marketable securities, money market funds, and savings account balances. 

Our cash requirements are primarily for operating expenses, which include personnel-related costs, purchase obligations primarily for hosting and software license and other services, lease obligations, and capital expenditures for our employees and offices. We also fund investments which help drive our strategic business growth through acquisitions and investments in equity securities and limited partnership funds. In February 2025, we began using cash to fund withholding taxes due upon the vesting of employee RSUs by net share