Company: PCOR
Filing Date: 2025-08-01
Form Type: 10-Q
Source: 0001611052-25-000007
Chunk: 45

Company: PROCORE TECHNOLOGIES, INC.
Filing Date: 2025-08-01
Form: 10-Q
Item: Part I, Item 1
Chunk 45
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 expense related to the ESPP was $3.2 million, which is expected to be recognized over a weighted-average period of 0.4 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 six months ended June 30, 2025, the Company repurchased and retired a total of 1,499,094 shares of the Company’s common stock at a weighted average per share price of $68.82 for an aggregate amount of $103.2 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, and the ESPP as follows (in thousands):Three Months Ended June 30,Six Months Ended June 30,2025202420252024Cost of revenue$3,204 $2,126 $5,956 $3,936 Sales and marketing17,473 15,569 32,307 28,484 Research and development21,230 17,620 39,602 31,346 General and administrative13,670 13,910 25,991 25,591 Total stock-based compensation expense$55,577 $49,225 $103,856 $89,357 Stock-based compensation capitalized for software development and cloud-computing arrangement implementation costs5,060 3,496 9,183 5,954 Total stock-based compensation cost$60,637 $52,