Company: PCOR
Filing Date: 2025-05-02
Form Type: 10-Q
Source: 0001628280-25-021898
Chunk: 74

Company: PROCORE TECHNOLOGIES, INC.
Filing Date: 2025-05-02
Form: 10-Q
Item: Part I, Item 8
Chunk 74
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 liabilities$29,574 $43,580 

16

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

March 31, 2025December 31, 2024Weighted-average remaining lease term (in years)Finance leases12.012.2Operating leases10.18.9Weighted-average discount rateFinance leases3.81 %4.21 %Operating leases6.02 %6.10 %Maturities of lease payments, net of tenant improvement reimbursement, for leases where the lease commencement date commenced on or prior to March 31, 2025 are as follows (in thousands):Period Ended December 31, OperatingFinanceTotal2025(1)$(2,749)$2,076 $(673)20265,312 2,817 8,129 20273,507 2,804 6,311 20286,419 2,869 9,288 20294,768 2,956 7,724 20304,866 3,045 7,911 Thereafter43,810 20,697 64,507 Total lease payments, net of tenant improvement reimbursement$65,933 $37,264 $103,197 Less imputed interest(23,855)(7,690)(31,545)Total$42,078 $29,574 $71,652 (1) For the nine months from April 1, 2025 through December 31, 2025.

7.INTANGIBLE ASSETS AND GOODWILL

Intangible assetsDuring the three months ended March 31, 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 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):March 31, 2025Gross Carrying AmountAccumulated AmortizationNet Carrying AmountWeighted-Average Remaining Useful Life (Years)Developed technology$212,353 $(103,449)$108,904 4.3Customer relationships75,950 (