Company: PCOR
Filing Date: 2025-05-02
Form Type: 10-Q
Source: 0001628280-25-021898
Chunk: 23

Company: PROCORE TECHNOLOGIES, INC.
Filing Date: 2025-05-02
Form: 10-Q
Item: Part I, Item 1
Chunk 23
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 and investments in available-for-sale debt securities at fair value each reporting period. The estimation of fair value for available-for-sale debt securities in private companies requires the use of significant unobservable inputs, and as a result, the Company classifies these assets as Level 3 within the fair value hierarchy.The Company’s investments in equity securities of privately held companies are recorded at fair value on a non-recurring basis. For investments without a readily determinable fair value, the Company looks to observable transactions, such as the issuance of new equity by an investee, as indicators of investee enterprise value and uses them to estimate the fair value of the investments. The Company’s investments in limited partnerships are valued using NAV as a practical expedient and therefore excluded from the fair value hierarchy.Deferred revenueContract liabilities consist of revenue that is deferred when the Company has the contractual right to invoice in advance of transferring services to its customers. The Company recognized revenue of $254.5 million and $220.6 million during the three months ended March 31, 2025 and 2024, respectively, that was included in deferred revenue balances at the beginning of the respective periods. Remaining performance obligationsThe transaction price allocated to remaining performance obligations (“RPO”) represents the contracted transaction price that has not yet been recognized as revenue, which includes deferred revenue and amounts under non-cancelable contracts that will be invoiced and recognized as revenue in future periods. The Company’s current RPO represents future revenue under existing contracts that is expected to be recognized as revenue in the next 12 months. As of March 31, 2025, the aggregate amount of the transaction price allocated to RPO was $1.3 billion, of which the Company expects to recognize $842.6 million, or approximately 65%, as revenue in the next 12 months, and substantially all of the remaining $447.7 million between 12 and 36 months thereafter.

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

3.INVESTMENTS

Marketable securitiesMarketable securities consisted of the following as of March 31, 2025 (in thousands):Amortized CostGrossUnrealizedGainsGrossUnrealizedLossesFair ValueU.S. treasury securities$94,417 $151 $(6)$94,562 Commercial paper4,595 — (3)4,592 Corporate notes and obligations285,572 408 (51)285,929