Company: PCOR
Filing Date: 2025-05-02
Form Type: 10-Q
Source: 0001628280-25-021898
Chunk: 47

Company: PROCORE TECHNOLOGIES, INC.
Filing Date: 2025-05-02
Form: 10-Q
Item: Part I, Item 1
Chunk 47
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 and vary from period to period as a percentage of revenue, as our business continues to grow, including in relation to our international expansion.

Interest Income

Interest income consists primarily of interest income earned on our marketable securities, money market funds, and cash savings accounts.

Interest Expense

Interest expense consists primarily of costs associated with our finance leases.

Accretion Income, Net

Accretion income, net consists of accretion of discounts, net of amortization of premiums, related to our available-for-sale marketable debt securities.

Other Income (Expense), Net

Other expense, net primarily consists of gains or losses on foreign currency transactions, unrealized gains or losses on equity securities, and miscellaneous other income and expenses.

Provision for Income Taxes

Provision for income taxes consists primarily of income taxes of U.S. state franchise taxes and certain foreign jurisdictions in which we conduct business. As we expand our international operations, we expect to incur increased foreign tax expenses. We have a full valuation allowance for net U.S. deferred tax assets. The U.S. valuation allowance primarily includes net operating loss carryforwards and tax credits related primarily to research and development for our operations in the U.S. We expect to maintain this full valuation allowance for our net U.S. deferred tax assets for the foreseeable future.

31

Results of Operations

The following tables set forth our condensed consolidated statements of operations data and such data as a percentage of revenue for each of the periods indicated. Certain percentages below may not sum due to rounding.

Three Months Ended March 31,20252024(in thousands)Revenue$310,632 $269,428 Cost of revenue(1)(2)(3)64,926 45,723 Gross profit245,706 223,705 Operating expensesSales and marketing(1)(2)(3)(4)138,684 120,994 Research and development(1)(2)(3)(4)87,609 70,599 General and administrative(1)(3)(4)55,658 51,018 Total operating expenses281,951 242,611 Loss from operations(36,245)(18,906)Interest income5,997 5,938 Interest expense(285)(479)Accretion income, net2,447 3,088 Other income (expense), net391 (344)Loss before provision for income taxes(27,695)(10,703)Provision for income taxes5,294 263 Net loss$(