Company: PCOR
Filing Date: 2025-11-06
Form Type: 10-Q
Source: 0001628280-25-050149
Chunk: 95

Company: PROCORE TECHNOLOGIES, INC.
Filing Date: 2025-11-06
Form: 10-Q
Item: Part I, Item 8
Chunk 95
---
 Consolidated Financial Statements (unaudited)

7.INTANGIBLE ASSETS AND GOODWILL

Intangible assetsDuring the nine months ended September 30, 2025, the Company completed the acquisition of Novorender, which was accounted for as a business combination, as described above in Note 5. The Company also acquired another developed technology intangible asset for $4.9 million, which was accounted for as an asset acquisition with an estimated useful life of four years, and the amortization expense is recorded in cost of revenue on the accompanying condensed consolidated statements of operations and comprehensive loss.The Company’s finite-lived and indefinite-lived intangible assets are summarized as follows (in thousands):September 30, 2025Gross Carrying AmountAccumulated AmortizationNet Carrying AmountWeighted-Average Remaining Useful Life (Years)Developed technology$212,451 $(120,442)$92,009 4.0Customer relationships75,950 (53,681)22,269 6.4Total finite-lived intangible assets$288,401 $(174,123)$114,278 4.5December 31, 2024Gross Carrying AmountAccumulated AmortizationNet Carrying AmountWeighted-Average Remaining Useful Life (Years)Developed technology$185,947 $(95,216)$90,731 4.0Customer relationships71,050 (43,683)27,367 4.9Total finite-lived intangible assets$256,997 $(138,899)$118,098 4.2In-process research and development2,848 — 2,848 Total intangible assets$259,845 $(138,899)$120,946 The Company’s in-process research and development (“IPR&D”) intangible asset, which was acquired in 2023, was considered indefinite-lived and assessed annually for impairment. During the nine months ended September 30, 2025, the Company completed the development 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,