Company: PCOR
Filing Date: 2025-05-02
Form Type: 10-Q
Source: 0001628280-25-021898
Chunk: 48

Company: PROCORE TECHNOLOGIES, INC.
Filing Date: 2025-05-02
Form: 10-Q
Item: Part I, Item 1
Chunk 48
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32,989)$(10,966)

Three Months Ended March 31,20252024(in thousands)Revenue100 %100 %Cost of revenue(1)(2)(3)21 %17 %Gross profit79 %83 %Operating expensesSales and marketing(1)(2)(3)(4)45 %45 %Research and development(1)(2)(3)(4)28 %26 %General and administrative(1)(3)(4)18 %19 %Total operating expenses91 %90 %Loss from operations(12 %)(7 %)Interest income2 %2 %Interest expense0 %0 %Accretion income, net1 %1 %Other income (expense), net0 %0 %Loss before provision for income taxes(9 %)(4 %)Provision for income taxes2 %0 %Net loss(11 %)(4 %)

32

(1)Includes stock-based compensation expense and amortization of capitalized stock-based compensation as follows:

Three Months Ended March 31,20252024(in thousands)Cost of revenue$5,268 $3,185 Sales and marketing14,950 13,020 Research and development18,424 13,735 General and administrative12,382 11,729 Total stock-based compensation expense*$51,024 $41,669 

*Includes amortization of capitalized stock-based compensation of $2.7 million and $1.5 million, respectively, for the three months ended March 31, 2025 and 2024 which was initially capitalized as capitalized software and cloud-computing arrangement implementation costs.

(2)Includes amortization of acquired intangible assets as follows:

Three Months Ended March 31,20252024(in thousands)Cost of revenue$7,602 $5,885 Sales and marketing3,305 3,106 Research and development632 675 Total amortization of acquired intangible assets$11,539 $9,666 

(3)Includes employer payroll tax on employee stock transactions as follows:

Three Months Ended March 31,20252024(in thousands)Cost of revenue$261 $212 Sales and marketing1,131 1,264 Research and development1,726 1,668 General and administrative883 1,045 Total employer payroll tax on employee stock transactions$4,001