Company: PCOR
Filing Date: 2025-05-02
Form Type: 10-Q
Source: 0001628280-25-021898
Chunk: 37

Company: PROCORE TECHNOLOGIES, INC.
Filing Date: 2025-05-02
Form: 10-Q
Item: Part I, Item 1
Chunk 37
---
1 million, which is expected to be recognized over a weighted-average period of 0.3 years. Stock repurchase programIn October 2024, the Board authorized a stock repurchase program to repurchase up to $300.0 million of the Company’s outstanding common stock. Repurchases may be effected from time to time either on the open market (including via pre-set trading plans) or through other transactions, in accordance with applicable securities laws. The timing of stock repurchases and the actual number of shares repurchased will depend on a variety of factors, including price, general business and market conditions, and alternative investment opportunities, and will be subject to the discretion of the Company’s management within its authorization. The stock repurchase program does not obligate the Company to acquire any particular number of shares of the Company’s common stock, or any shares at all. The stock repurchase program expires on October 29, 2025, and may be suspended or discontinued at any time at the Company's discretion and without notice. During the three months ended March 31, 2025, the Company repurchased and retired a total of 1,450,591 shares of the Company’s common stock at a weighted average per share price of $68.96 for an aggregate amount of $100.0 million, which includes the transaction costs associated with the repurchases but excludes the 1% excise tax on stock repurchases imposed by the Inflation Reduction Act of 2022.Stock-based compensationThe Company recorded total stock-based compensation cost from stock options, RSUs, PSUs, RSAs, and the ESPP as follows (in thousands):Three Months Ended March 31,20252024Cost of revenue$2,752 $1,810 Sales and marketing14,834 12,915 Research and development18,372 13,726 General and administrative12,321 11,681 Total stock-based compensation expense$48,279 $40,132 Stock-based compensation capitalized for software development and cloud-computing arrangement implementation costs4,123 2,458 Total stock-based compensation cost$52,402 $42,590 

23

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

11.INCOME TAXES

For the three months ended March 31, 2025 and 2024, income tax (benefits) expenses recorded by the Company were $5.3 million and $0