Company: PCOR
Filing Date: 2025-11-06
Form Type: 10-Q
Source: 0001628280-25-050149
Chunk: 71

Company: PROCORE TECHNOLOGIES, INC.
Filing Date: 2025-11-06
Form: 10-Q
Item: Part I, Item 1
Chunk 71
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 operations and non-GAAP operating margin:

Three Months Ended September 30,Nine Months Ended September 30,2025202420252024(dollars in thousands)Revenue$338,851 $295,885 $973,402 $849,660 Loss from operations(15,030)(36,497)(81,542)(70,179)Stock-based compensation expense59,273 50,455 168,709 143,067 Amortization of acquired intangible assets11,666 10,590 35,225 30,222 Employer payroll tax on employee stock transactions1,664 1,730 8,178 8,261 Acquisition-related expenses1,072 51 4,151 2,062 Non-GAAP income from operations$58,645 $26,329 $134,721 $113,433 Operating margin(4%)(12%)(8%)(8%)Non-GAAP operating margin17%9%14%13%

47

Liquidity and Capital Resources

As of September 30, 2025, our principal sources of liquidity were cash, cash equivalents, and marketable securities totaling $727.9 million, which were held in money market funds, U.S. treasury securities, corporate notes and obligations, commercial paper, checking accounts, and savings accounts. Our investments in marketable securities are exposed to interest rate risk; however, due to the short-term nature of our investments, we do not anticipate being exposed to material risks due to changes in interest rates. 

 As of September 30, 2025, we had outstanding letters of credit, on an unsecured basis, totaling approximately $7.6 million to secure various leased office facilities in the U.S. and Australia. 

Our cash sources primarily consist of cash generated from sales to our customers, maturities of our marketable securities, proceeds from employees through stock option exercises and our employee stock purchase plan (“ESPP”), and interest income on our marketable securities, money market funds, and savings account balances. 

Our cash requirements are primarily for operating expenses, which include personnel-related costs, purchase obligations primarily for hosting and software license and other services, lease obligations, and capital expenditures for our employees and offices. We also fund investments which help drive our strategic business growth through acquisitions and investments in equity securities and limited partnership funds. In February 2025, we began using cash to fund withholding taxes due upon the vesting of