Company: PCOR
Filing Date: 2025-11-06
Form Type: 10-Q
Source: 0001628280-25-050149
Chunk: 29

Company: PROCORE TECHNOLOGIES, INC.
Filing Date: 2025-11-06
Form: 10-Q
Item: Part I, Item 1
Chunk 29
---
aturities of three months or less from the date of purchase as cash equivalents, which are carried at fair value. Cash includes cash held in checking and savings accounts. As of September 30, 2025 and December 31, 2024, cash equivalents were comprised of money market funds and highly liquid marketable securities with original maturities of three months or less that were recorded at fair value, which approximates amortized cost. Restricted cash consists of (i) funds held for customers relating to Procore Payment Services and (ii) cash collateral required by a bank for the Company’s corporate credit card program. As of September 30, 2025, $6.3 million in restricted cash consisted of funds held for customers, and $0.6 million in restricted cash relating to 

12

Table of ContentsProcore Technologies, Inc.Notes to Condensed Consolidated Financial Statements (unaudited)

corporate credit cards. The Company records restricted cash in prepaid expenses and other current assets or in other assets in the condensed consolidated balance sheets, depending on the term of restriction set in the underlying agreement. As of December 31, 2024, the Company held no restricted cash.Deferred revenueContract liabilities consist of revenue that is deferred when the Company has the contractual right to invoice in advance of transferring services to its customers. The Company recognized revenue of $256.5 million and $238.0 million during the three months ended September 30, 2025 and 2024, respectively, that was included in deferred revenue balances at the beginning of the respective periods. The Company recognized revenue of $507.8 million and $439.8 million during the nine months ended September 30, 2025 and 2024, respectively, that was included in deferred revenue balances at the beginning of the respective periods.Remaining performance obligationsThe transaction price allocated to remaining performance obligations (“RPO”) represents the contracted transaction price that has not yet been recognized as revenue, which includes deferred revenue and amounts under non-cancelable contracts that will be invoiced and recognized as revenue in future periods. The Company’s current RPO represents future revenue under existing contracts that is expected to be recognized as revenue in the next 12 months. As of September 30, 2025, the aggregate amount of the transaction price allocated to RPO was $1.4 billion, of which the Company expects to recognize $911.2 million, or approximately 65%, as revenue in the next 12 months, and substantially all of the