Company: PCOR
Filing Date: 2025-08-01
Form Type: 10-Q
Source: 0001611052-25-000007
Chunk: 37

Company: PROCORE TECHNOLOGIES, INC.
Filing Date: 2025-08-01
Form: 10-Q
Item: Part I, Item 1
Chunk 37
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 was accounted for as an asset acquisition with an estimated useful life of four years, and the amortization expense is recorded in cost of revenue on the accompanying condensed consolidated statements of operations and comprehensive loss.The Company’s finite-lived and indefinite-lived intangible assets are summarized as follows (in thousands):June 30, 2025Gross Carrying AmountAccumulated AmortizationNet Carrying AmountWeighted-Average Remaining Useful Life (Years)Developed technology$212,482 $(112,122)$100,360 4.2Customer relationships75,949 (50,335)25,614 6.0Total finite-lived intangible assets$288,431 $(162,457)$125,974 4.5

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

December 31, 2024Gross Carrying AmountAccumulated AmortizationNet Carrying AmountWeighted-Average Remaining Useful Life (Years)Developed technology$185,947 $(95,216)$90,731 4.0Customer relationships71,050 (43,683)27,367 4.9Total finite-lived intangible assets$256,997 $(138,899)$118,098 4.2In-process research and development2,848 — 2,848 Total intangible assets$259,845 $(138,899)$120,946 The Company’s in-process research and development (“IPR&D”) intangible asset, which was acquired in 2023, was considered indefinite-lived and assessed annually for impairment. During the six months ended June 30, 2025, the Company completed the development of the IPR&D intangible asset and reclassified it as a finite-lived intangible asset, which started to be amortized over its estimated useful life of two years.The Company estimates that there is no significant residual value related to its finite-lived intangible assets. Amortization expense recorded on the Company’s finite-lived intangible assets is summarized as follows (in thousands):Three Months Ended June 30,Six Months Ended June 30,2025202420252024Cost of revenue$8,015 $6,156 $15,617 $12,041 Sales and marketing3,346 3,145 6,651 6,251 Research and development658 665 1,290 1,340 Total amortization of acquired int