Company: PCOR
Filing Date: 2025-08-01
Form Type: 10-Q
Source: 0001611052-25-000007
Chunk: 71

Company: PROCORE TECHNOLOGIES, INC.
Filing Date: 2025-08-01
Form: 10-Q
Item: Part I, Item 1
Chunk 71
---
 consisted of purchases of marketable securities of $324.4 million, business combinations of $25.9 million,capitalized software development costs of $19.7 million, purchases of property and equipment of $4.0 million, and asset acquisitions of $3.8 million. Such outflows were partially offset by $226.1 million in maturities of marketable securities, and $1.5 million of customer repayments for materials financing.

Financing Activities

Net cash used in financing activities of $131.8 million during the six months ended June 30, 2025 consisted of repurchases of our common stock of $103.2 million, payments of tax withholding for net share settlement of $49.9 million, and payments on our finance lease obligations of $0.8 million; partially offset by proceeds from employee purchases under the ESPP of $14.4 million and proceeds from stock option exercises of $7.6 million .

Net cash provided by financing activities of $22.4 million during the six months ended June 30, 2024 consisted of $13.2 million in proceeds from employee purchases under the ESPP and $9.9 million in proceeds from stock option exercises, partially offset by $0.7 million in payments on our finance lease obligations.

Capital Allocation Strategy

We have a balanced approach to capital allocation based on the following priorities: driving organic and efficient revenue growth; investing in accretive mergers and acquisitions; and returning capital to stockholders through regular evaluation of stock repurchases, as appropriate.

Stock Repurchase Program

On October 29, 2024, our board of directors (the “Board”) authorized a stock repurchase program to repurchase up to $300.0 million of our outstanding common stock. We intend to opportunistically repurchase shares of our common stock from time to time through the open market (including via pre-set trading plans), or other transactions in accordance with applicable securities laws, in each case, subject to market conditions, applicable legal requirements, and other relevant factors. The timing of stock repurchases and the actual number of shares repurchased will depend on a variety of factors, including price, general business and market conditions, and alternative investment opportunities, and will be subject to the discretion of our management within its authorization. The stock repurchase program will be funded using our working capital. The stock repurchase program does not obligate us to acquire any particular number of shares of our common stock, or any shares at all. The stock rep