Company: PCOR
Filing Date: 2025-02-26
Form Type: 10-K
Source: 0001628280-25-008121
Chunk: 105

Company: PROCORE TECHNOLOGIES, INC.
Filing Date: 2025-02-26
Form: 10-K
Item: Item 7
Chunk 105
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 development as a percentage of revenue27 %32 %38 %Non-GAAP research and development as a percentage of revenue21 %23 %27 %GAAP general and administrative$217,513$195,746$166,283Stock-based compensation expense(53,336)(44,406)(38,974)Employer payroll tax on employee stock transactions(2,086)(1,910)(1,202)Acquisition-related expenses(808)(35)(2,128)Non-GAAP general and administrative$161,283$149,395$123,979GAAP general and administrative as a percentage of revenue19 %21 %23 %Non-GAAP general and administrative as a percentage of revenue14 %16 %17 %

61

Reconciliation of loss from operations and operating margin to non-GAAP income (loss) from operations and non-GAAP operating margin:

Year Ended December 31,202420232022(dollars in thousands)Revenue$1,151,708$950,010$720,203Loss from operations(136,423)(215,677)(290,454)Stock-based compensation expense194,833179,334162,886Amortization of acquired intangible assets40,79437,57838,381Employer payroll tax on employee stock transactions9,4608,4335,939Acquisition-related expenses2,2888,8889,402Non-GAAP income (loss) from operations$110,952$18,556$(73,846)Operating margin(12 %)(23 %)(40 %)Non-GAAP operating margin10 %2 %(10 %)

Liquidity and Capital Resources

As of December 31, 2024, our principal sources of liquidity were cash, cash equivalents, and marketable securities totaling $821.4 million, which were held in money market funds, U.S. treasury securities, corporate notes and obligations, commercial paper, checking accounts, and savings accounts. Our investments in marketable securities are exposed to interest rate risk; however, due to the short-term nature of our investments, we do not anticipate being exposed to material risks due to changes in interest rates. 

 As of December 31, 2024, we had outstanding letters of credit on an unsecured basis totaling approximately $4.3 million to secure various leased office facilities in the U.S. and Australia. 

Our cash sources primarily consist of cash generated from sales to our customers,