Company: PCOR
Filing Date: 2025-05-02
Form Type: 10-Q
Source: 0001628280-25-021898
Chunk: 102

Company: PROCORE TECHNOLOGIES, INC.
Filing Date: 2025-05-02
Form: 10-Q
Item: Part I, Item 8
Chunk 102
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olidated organizations or financial partnerships, such as structured finance or special purpose entities, that would have been established for the purpose of facilitating off-balance sheet arrangements or other contractually narrow or limited purposes.

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The following table summarizes our cash flows for the periods presented:

Three Months Ended March 31,20252024(in thousands)Net cash provided by operating activities$66,028 $69,145 Net cash used in investing activities(63,511)(4,670)Net cash (used in) provided by financing activities(126,380)6,676 

Operating Activities

Our largest source of cash from operating activities is collections from the sales of subscriptions to our customers. Our primary uses of cash from operating activities are for personnel expenses, marketing expenses, hosting and software license expenses, and overhead. 

Net cash provided by operating activities was $66.0 million during the three months ended March 31, 2025 which resulted from a net loss of $33.0 million, adjusted for non-cash charges of $75.0 million and a net cash inflow of $24.0 million from changes in operating expenses and liabilities. The $24.0 million of net cash inflows provided as a result of changes in our operating assets and liabilities primarily reflected a $86.3 million decrease in accounts receivable primarily due to timing of billings and cash receipts from customers, which was partially offset by the following:

•a $26.6 million decrease in deferred revenue primarily due to timing of billings and seasonality;

•a $11.1 million decrease in accounts payable primarily due to timing of cash payments to our vendors;

•a $9.9 million decrease in accrued expenses and other liabilities primarily due to the size and timing of bonus and commission accruals and payouts, accrued ESPP contributions, payroll, and cash payments to our vendors;

•a $7.5 million increase in prepaid expenses and other assets primarily due to timing of cash payments to our vendors; and

•a $6.6 million increase in deferred contract cost assets related to commissions as a result of additional customer contracts closed and a higher capitalization rate during the period.

Net cash provided by operating activities was $69.1 million during the three months ended March 31, 2024, which resulted from a net loss of $11.0 million, adjusted for non-cash charges of $60.6 million and net cash inflows of $19.5 million from changes in operating assets and liabilities. The