Company: PCOR
Filing Date: 2025-05-02
Form Type: 10-Q
Source: 0001628280-25-021898
Chunk: 51

Company: PROCORE TECHNOLOGIES, INC.
Filing Date: 2025-05-02
Form: 10-Q
Item: Part I, Item 1
Chunk 51
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2.0 million in personnel-related expenses, including increases of $1.5 million in salaries and wages and $0.6 million in stock-based compensation expense. The increase in general and administrative expenses was also attributable to a $2.7 million increase in professional fees, including increases of $1.5 million for legal and other professional services and $0.9 million for contractors to supplement our staff levels; and a $1.3 million increase in computer software expenses. The increases in general and administrative expenses were partially offset by a $2.2 million decrease in rent expense, primarily related to modifications of leases in the first quarter of 2025. We decreased our general and administrative headcount by 2% since March 31, 2024, as we continue to focus on operating efficiency.

35

Interest Income, Interest Expense, Accretion Income, Net, Other Income (Expense), Net, and Provision for Income Taxes

Three Months Ended March 31,Change20252024DollarPercent(dollars in thousands)Interest income$5,997 $5,938 $59 1 %Interest expense285 479 (194)(41 %)Accretion income, net2,447 3,088 (641)(21 %)Other income (expense), net391 (344)735 *Provision for income taxes5,294 263 5,031 1,913 %

*Percentage not meaningful

During the three months ended March 31, 2025, accretion income, net increased by $0.6 million due to an increase both in our purchases of marketable securities and the balance of our marketable securities portfolio year over year.

During the three months ended March 31, 2025, provision for income taxes increased by $5.0 million primarily due to a foreign tax on the transfer from Norway to the U.S. of intellectual property acquired from Novorender. 

36

Non-GAAP Financial Measures

In addition to our results determined in accordance with U.S. GAAP, we believe certain non-GAAP measures, as described below, are useful in evaluating our operating performance. We use this non-GAAP financial information, collectively, to evaluate our ongoing operations as well as for internal planning and forecasting purposes. We believe that non-GAAP financial information, when taken collectively, is helpful to investors because it provides consistency and comparability with past financial performance, and may assist in comparisons with other companies, some of which use