Company: PCOR
Filing Date: 2025-05-02
Form Type: 10-Q
Source: 0001628280-25-021898
Chunk: 127

Company: PROCORE TECHNOLOGIES, INC.
Filing Date: 2025-05-02
Form: 10-Q
Item: Part I, Item 2
Chunk 127
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118,642 $103,156 GAAP sales and marketing as a percentage of revenue45 %45 %Non-GAAP sales and marketing as a percentage of revenue38 %38 %GAAP research and development$87,609 $70,599 Stock-based compensation expense(18,424)(13,735)Amortization of acquired intangible assets(632)(675)Employer payroll tax on employee stock transactions(1,726)(1,668)Acquisition-related expenses(1,049)— Non-GAAP research and development$65,778 $54,521 GAAP research and development as a percentage of revenue28 %26 %Non-GAAP research and development as a percentage of revenue21 %20 %GAAP general and administrative$55,658 $51,018 Stock-based compensation expense(12,382)(11,729)Employer payroll tax on employee stock transactions(883)(1,045)Acquisition-related expenses(375)— Non-GAAP general and administrative$42,018 $38,244 GAAP general and administrative as a percentage of revenue18 %19 %Non-GAAP general and administrative as a percentage of revenue14 %14 %

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Reconciliation of loss from operations and operating margin to non-GAAP income from operations and non-GAAP operating margin:

Three Months Ended March 31,20252024(dollars in thousands)Revenue$310,632 $269,428 Loss from operations(36,245)(18,906)Stock-based compensation expense51,024 41,669 Amortization of acquired intangible assets11,539 9,666 Employer payroll tax on employee stock transactions4,001 4,189 Acquisition-related expenses2,080 448 Non-GAAP income from operations$32,399 $37,066 Operating margin(12 %)(7 %)Non-GAAP operating margin10 %14 %

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Liquidity and Capital Resources

As of March 31, 2025, our principal sources of liquidity were cash, cash equivalents, and marketable securities totaling $698.8 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