Company: PCOR
Filing Date: 2025-05-02
Form Type: 10-Q
Source: 0001628280-25-021898
Chunk: 95

Company: PROCORE TECHNOLOGIES, INC.
Filing Date: 2025-05-02
Form: 10-Q
Item: Part I, Item 8
Chunk 95
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 increase in amortization of developed technology intangible assets. We increased our cost of revenue headcount by 22% since March 31, 2024, as we continue to invest additional resources in platform hosting, customer support, implementation, and software development to grow our business, evolve our GTM operating model, and ensure that our customers are realizing the full benefit of our products.

34

Operating Expenses

Three Months Ended March 31,Change20252024DollarPercent(dollars in thousands)Sales and marketing$138,684 $120,994 $17,690 15 %

The increase in sales and marketing expenses during the three months ended March 31, 2025 was primarily attributable to an increase of $10.6 million in personnel-related expenses, including increases of $8.8 million in salaries and wages and $1.9 million in stock-based compensation expense. The increase in sales and marketing expenses was also attributable to a $3.9 million increase in professional fees, including increases of $2.2 million for professional service fees and $1.5 million for contractors to supplement our staff levels; a $2.8 million increase in travel-related costs; and a $1.4 million increase in marketing events and expenses. We increased our sales and marketing headcount by 10% since March 31, 2024 to support our GTM operating model.

Three Months Ended March 31,Change20252024DollarPercent(dollars in thousands)Research and development$87,609 $70,599 $17,010 24 %

The increase in research and development expenses during the three months ended March 31, 2025 was primarily attributable to an increase of $12.8 million in personnel-related expenses, including increases of $8.1 million in salaries and wages and $4.6 million in stock-based compensation expense. The increase in research and development expenses was also attributable to a $2.8 million increase in professional fees for contractors to supplement our staff levels, and a $1.2 million increase in computer software expenses. We increased our research and development headcount by 55% since March 31, 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 March 31,Change20252024DollarPercent(dollars in thousands)General and administrative$55,658 $51,018 $4,