Company: PCOR
Filing Date: 2025-02-26
Form Type: 10-K
Source: 0001628280-25-008121
Chunk: 97

Company: PROCORE TECHNOLOGIES, INC.
Filing Date: 2025-02-26
Form: 10-K
Item: Item 7
Chunk 97
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 miscellaneous other income and expenses.

Provision for Income Taxes

Provision for income taxes consists primarily of income taxes of U.S. state franchise taxes and certain foreign jurisdictions in which we conduct business. As we expand our international operations, we expect to incur increased foreign tax expenses. We have a full valuation allowance for net U.S. deferred tax assets. The U.S. valuation allowance primarily includes NOL carryforwards and tax credits related primarily to research and development for our operations in the U.S. We expect to maintain this full valuation allowance for our net U.S. deferred tax assets for the foreseeable future.

54

Results of Operations

The following tables set forth our consolidated statements of operations data and such data as a percentage of revenue for each of the periods indicated. Certain percentages below may not sum due to rounding.

Year Ended December 31,202420232022(in thousands)Revenue$1,151,708 $950,010 $720,203 Cost of revenue(1)(2)(3)205,612 174,462 148,416 Gross profit946,096 775,548 571,787 Operating expensesSales and marketing(1)(2)(3)(4)552,019 494,908 424,976 Research and development(1)(2)(3)(4)312,987 300,571 270,982 General and administrative(1)(3)(4)217,513 195,746 166,283 Total operating expenses1,082,519 991,225 862,241 Loss from operations(136,423)(215,677)(290,454)Interest income23,694 19,779 5,826 Interest expense(1,899)(1,957)(2,135)Accretion income, net13,583 9,794 2,035 Other expense, net(3,136)(360)(1,737)Loss before provision for income taxes(104,181)(188,421)(286,465)Provision for income taxes1,775 1,273 466 Net loss$(105,956)$(189,694)$(286,931)

Year Ended December 31,202420232022(as a percentage of revenue)Revenue100 %100 %100 %Cost of revenue(1)(2)(3)18 %18 %21 %Gross profit82 %82 %79 %Operating expensesSales and marketing