Company: PCOR
Filing Date: 2025-05-02
Form Type: 10-Q
Source: 0001628280-25-021898
Chunk: 54

Company: PROCORE TECHNOLOGIES, INC.
Filing Date: 2025-05-02
Form: 10-Q
Item: Part I, Item 1
Chunk 54
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 of acquired technology intangible assets7,602 5,885 Employer payroll tax on employee stock transactions261 212 Non-GAAP gross profit$258,837 $232,987 Gross margin79 %83 %Non-GAAP gross margin83 %86 %

38

Reconciliation of operating expenses to non-GAAP operating expenses:

Three Months Ended March 31,20252024(dollars in thousands)Revenue$310,632 $269,428 GAAP sales and marketing138,684 120,994 Stock-based compensation expense(14,950)(13,020)Amortization of acquired intangible assets(3,305)(3,106)Employer payroll tax on employee stock transactions(1,131)(1,264)Acquisition-related expenses(656)(448)Non-GAAP sales and marketing$118,642 $103,156 GAAP sales and marketing as a percentage of revenue45 %45 %Non-GAAP sales and marketing as a percentage of revenue38 %38 %GAAP research and development$87,609 $70,599 Stock-based compensation expense(18,424)(13,735)Amortization of acquired intangible assets(632)(675)Employer payroll tax on employee stock transactions(1,726)(1,668)Acquisition-related expenses(1,049)— Non-GAAP research and development$65,778 $54,521 GAAP research and development as a percentage of revenue28 %26 %Non-GAAP research and development as a percentage of revenue21 %20 %GAAP general and administrative$55,658 $51,018 Stock-based compensation expense(12,382)(11,729)Employer payroll tax on employee stock transactions(883)(1,045)Acquisition-related expenses(375)— Non-GAAP general and administrative$42,018 $38,244 GAAP general and administrative as a percentage of revenue18 %19 %Non-GAAP general and administrative as a percentage of revenue14 %14 %

39

Reconciliation of loss from operations and operating margin to non-GAAP income from operations and non-GAAP operating margin:

Three Months Ended March 31,20252024(dollars in thousands)Revenue$310,632 $269,428 Loss from operations(36,245)(18,906)Stock-based compensation expense51,024 41,669