Company: PCOR
Filing Date: 2025-05-02
Form Type: 10-Q
Source: 0001628280-25-021898
Chunk: 78

Company: PROCORE TECHNOLOGIES, INC.
Filing Date: 2025-05-02
Form: 10-Q
Item: Part I, Item 8
Chunk 78
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 March 31, 2025, there is no unrecognized stock-based compensation cost for stock options previously granted by the Company.Restricted stock unitsService-based restricted stock unitsIn 2018, the Company began issuing RSUs to certain employees, officers, non-employee consultants, and directors. Other than as described below, all of the RSUs granted subsequent to the Company’s initial public offering (“IPO”) vest based solely on continued service, which is generally over four years, on either a quarterly or annual vesting schedule. 

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

The following table summarizes the RSU activity during the three months ended March 31, 2025:Number ofSharesWeighted-Average GrantDate Fair ValueOutstanding at December 31, 20247,071,443$65.85 Granted2,648,93968.31 Vested(874,963)62.58 Canceled/Forfeited(426,443)65.67 Outstanding at March 31, 20258,418,976$66.97 As of March 31, 2025, the total unrecognized stock‑based compensation cost for all RSUs outstanding was $538.5 million, which is expected to be recognized over a weighted‑average vesting period of 2.9 years.Performance-based restricted stock unitsIn 2022, the Company began granting PSUs to certain non-executive employees with vesting terms based on the achievement of certain operating performance goals. In March 2025, the Company granted its CEO an aggregate target number of 93,438 PSUs (the “2025 CEO PSUs”) that will vest (if at all) over a three-year period, subject to the achievement of certain financial performance goals and continued service through the applicable vesting date. A target number of 70,078 2025 CEO PSUs (75% of the 2025 CEO PSUs) will become eligible to vest (if at all) based on the attainment level of a revenue performance goal for fiscal year 2025, which was set near the beginning of fiscal year 2025, with a payout range of 0% to 200% of target. A target number of 23,360 2025 CEO PSUs (25% of the 2025 CEO PSUs) will become eligible to vest (if at all) based on the attainment of a non-GAAP