Company: PCOR
Filing Date: 2025-05-02
Form Type: 10-Q
Source: 0001628280-25-021898
Chunk: 30

Company: PROCORE TECHNOLOGIES, INC.
Filing Date: 2025-05-02
Form: 10-Q
Item: Part I, Item 1
Chunk 30
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,438)$137,865 4.6

17

Table of Contents Procore 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 assets256,997 (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 three months ended March 31, 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 March 31,20252024Cost of revenue$7,602 $5,885 Sales and marketing3,305 3,106 Research and development632 675 Total amortization of acquired intangible assets$11,539 $9,666 GoodwillThe following table presents the changes in carrying amount of goodwill during the three months ended March 31, 2025 (in thousands):Beginning balance$549,651 Additions23,706 Other adjustments, net(1)26 Ending balance$573,383 (1) Includes the effect of foreign currency translation.The addition to goodwill was due to the acquisition of Novorender, as disclosed in Note 5 to these condensed consolidated financial statements. There was no impairment of goodwill during the periods presented.

18

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

8.ACCRUED EXPENSES

The following represents the components of accrued expenses contained within the Company’s condensed consolidated balance sheets at the end of each period (in