Company: PCOR
Filing Date: 2025-08-01
Form Type: 10-Q
Source: 0001611052-25-000007
Chunk: 84

Company: PROCORE TECHNOLOGIES, INC.
Filing Date: 2025-08-01
Form: 10-Q
Item: Part I, Item 8
Chunk 84
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 INSTRUMENTS

Financial assets measured at fair value on a recurring basis within the fair value hierarchy are summarized as follows (in thousands):June 30, 2025Level 1Level 2TotalCash equivalents:Money market funds$240,155 $— $240,155 U.S. treasury securities19,983 — 19,983 Time deposits— 145 145 Commercial paper— 424 424 Marketable securities:U.S. treasury securities135,764 — 135,764 Commercial paper— 5,270 5,270 Corporate notes and obligations— 241,453 241,453 Total$395,902 $247,292 $643,194 December 31, 2024Level 1Level 2TotalCash equivalents:Money market funds$384,648 $— $384,648 Corporate notes and obligations— 524 524 Marketable securities:U.S. treasury securities127,045 — 127,045 Commercial paper— 18,433 18,433 Corporate notes and obligations— 238,237 238,237 Total$511,693 $257,194 $768,887 

5.BUSINESS COMBINATIONS

NovorenderOn January 28, 2025, the Company completed the acquisition of all outstanding equity of Novorender AS (“Novorender”), a Norway-based leader in advanced building informational modeling rendering technology, to enhance Procore’s capabilities for large-scale construction projects. The purchase price was $44.3 million in total cash consideration. Of the consideration transferred, $43.2 million was considered purchase consideration. $1.1 million of the cash consideration relates to the acceleration of options vesting for certain Novorender option holders, and was excluded from purchase consideration and recorded to compensation expense in the accompanying condensed consolidated statements of operations and comprehensive loss on the acquisition date. On the acquisition date, $5.0 million in cash was placed in an escrow account held by a third-party escrow agent for potential breaches of representations, warranties, and indemnities and is scheduled to be released from escrow to Novorender’s stockholders 24 months after the acquisition date (subject to any indemnification claims). 

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

The purchase consideration was allocated to the following assets and liabilities at