Company: PCOR
Filing Date: 2025-11-06
Form Type: 10-Q
Source: 0001628280-25-050149
Chunk: 164

Company: PROCORE TECHNOLOGIES, INC.
Filing Date: 2025-11-06
Form: 10-Q
Item: Part I, Item 2
Chunk 164
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2025 which resulted from a net loss of $63.2 million, adjusted for non-cash charges of $244.2 million and a net cash inflow of $4.4 million from changes in operating expenses and liabilities. The $4.4 million of net cash inflows as a result of changes in our operating assets and liabilities primarily reflected the following:

•a $42.6 million decrease in accounts receivable primarily due to timing of billings and cash receipts from customers; and

•a $30.2 million increase in accrued expenses and other liabilities primarily due to the size and timing of bonus and commission accruals and payouts, accrued ESPP contributions, payroll, and cash payments to our vendors.

These changes in our operating assets and liabilities were partially offset by the following:

•a $31.8 million increase in deferred contract cost assets related to commissions as a result of additional customer contracts closed during the period;

•a $16.5 million increase in prepaid expenses and other current assets primarily due to timing of cash payments to our vendors;

•a $15.3 million decrease in deferred revenue primarily due to timing of billings and seasonality;

•a $4.2 million decrease in accounts payable primarily due to timing of cash payments to our vendors; and

•a $0.7 million decrease in operating lease liabilities related to lease payments.

Net cash provided by operating activities was $167.1 million during the nine months ended September 30, 2024, which resulted from a net loss of $43.7 million, adjusted for non-cash charges of $201.7 million and net cash inflows of $9.0 million from changes in operating assets and liabilities. The $9.0 million of net cash inflows provided as a result of changes in our operating assets and liabilities primarily reflected the following:

•a $34.3 million decrease in accounts receivable primarily due to timing of billings and cash receipts from customers; and

•a $11.0 million increase in accounts payable primarily due to timing of cash payments to our vendors.

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These changes in our operating assets and liabilities were partially offset by the following:

•a $12.1 million increase in prepaid expenses and other assets primarily due to timing of cash payments to our vendors;

•a $8.5 million decrease in accrued expenses and other liabilities primarily due to the size and timing of bonus and commission accruals and payouts, accrued ESPP contributions, payroll, and cash payments to our vendors;

•