Company: PCOR
Filing Date: 2025-08-01
Form Type: 10-Q
Source: 0001611052-25-000007
Chunk: 155

Company: PROCORE TECHNOLOGIES, INC.
Filing Date: 2025-08-01
Form: 10-Q
Item: Part I, Item 2
Chunk 155
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 vendors;

•a $9.2 million increase in prepaid expenses and other current assets primarily due to timing of cash payments to our vendors; and

•a $2.3 million decrease in operating lease liabilities related to lease payments.

These changes in our operating assets and liabilities were partially offset by the following:

•a $54.6 million decrease in accounts receivable primarily due to timing of billings and cash receipts from customers; and

•a $11.6 million increase 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.

Net cash provided by operating activities was $127.8 million during the six months ended June 30, 2024, which resulted from a net loss of $17.3 million, adjusted for non-cash charges of $129.6 million and net cash inflows of $15.6 million from changes in operating assets and liabilities. The $15.6 million of net cash inflows provided as a result of changes in our operating assets and liabilities primarily reflected the following:

•a $49.0 million decrease in accounts receivable primarily due to timing of billings and cash receipts from customers; and

•a $13.3 million increase in accounts payable primarily due to timing of cash payments to our vendors.

These changes in our operating assets and liabilities were partially offset by the following:

•a $30.4 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;

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•a $10.9 million increase in deferred revenue primarily due to the growth of our business and timing of billings;

•a $3.1 million decrease in operating lease liabilities related to lease payments; and

•a $2.1 million increase in deferred contract cost assets related to commissions as a result of additional customer contracts closed during the period.

Investing Activities

Net cash used in investing activities of $80.5 million during the six months ended June 30, 2025 consisted of cash outflows for purchases of marketable securities of $218.6 million, business combinations of $41.5 million, capitalized software development costs of $32.6 million, purchases of property and equipment of $7.0 million primarily related to computer equipment purchases and improvements to our leased offices, asset acquisitions of $3.5 million