Company: PCOR
Filing Date: 2025-11-06
Form Type: 10-Q
Source: 0001628280-25-050149
Chunk: 39

Company: PROCORE TECHNOLOGIES, INC.
Filing Date: 2025-11-06
Form: 10-Q
Item: Part I, Item 1
Chunk 39
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 of the IPR&D intangible asset and reclassified it as a finite-lived intangible asset, which started to be amortized over its estimated useful life of two years.The Company estimates that there is no significant residual value related to its finite-lived intangible assets. Amortization expense recorded on the Company’s finite-lived intangible assets is summarized as follows (in thousands):Three Months Ended September 30,Nine Months Ended September 30,2025202420252024Cost of revenue$7,659 $6,698 $23,276 $18,739 Sales and marketing3,346 3,224 9,998 9,475 Research and development661 668 1,951 2,008 Total amortization of acquired intangible assets$11,666 $10,590 $35,225 $30,222 

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

GoodwillThe following table presents the changes in carrying amount of goodwill during the nine months ended September 30, 2025 (in thousands):Beginning balance$549,651 Additions23,706 Other adjustments, net(1)576 Ending balance$573,933 (1) Includes acquisition-related post-closing net working capital adjustments and the effect of foreign currency translationThe addition to goodwill was due to the acquisition of Novorender, as disclosed in Note 5 to these condensed consolidated financial statements. There was no impairment of goodwill during the periods presented.

8.ACCRUED EXPENSES

The following represents the components of accrued expenses contained within the Company’s condensed consolidated balance sheets at the end of each period (in thousands):September 30,2025December 31,2024Accrued bonuses$36,378 $28,878 Accrued commissions21,690 17,885 Accrued salary, payroll tax, and employee benefit liabilities39,266 25,210 Other accrued expenses13,096 16,767 Total accrued expenses$110,430 $88,740 

9.COMMITMENTS AND CONTINGENCIES

Purchase commitmentsThe Company’s purchase commitments relate to non-cancelable multi-year agreements with third parties to purchase goods and services. During the nine months ended September 30, 2025, the Company executed an agreement for hosting services for a total commitment of $94.0 million to be paid over the period from March