PROCORE TECHNOLOGIES, INC.
For the period ended Sep 30, 2025. Filed Nov 6, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Nov 6, 2025
PCOR$76.26-0.3%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Condensed Consolidated Statements of Cash Flows
Condensed Consolidated Statements of Cash Flows(unaudited)
| Nine Months Ended September 30, | ||
|---|---|---|
| (in thousands) | 2025 | 2024 |
| Operating activities | ||
| Net loss | $(63,179) | $(43,665) |
| Adjustments to reconcile net loss to net cash provided by operating activities | ||
| Stock-based compensation | 160,023 | 137,532 |
| Depreciation and amortization | 83,288 | 65,127 |
| Accretion of discounts on marketable debt securities, net | (6,163) | (10,131) |
| Abandonment of long-lived assets | 2,868 | 818 |
| Noncash operating lease expense | 4,311 | 7,906 |
| Unrealized foreign currency (gain) loss, net | (1,522) | 295 |
| Deferred income taxes | 2,191 | 4 |
| (Benefit from) provision for credit losses | (1,084) | 648 |
| Decrease (increase) in fair value of strategic investments | 237 | (457) |
| Changes in operating assets and liabilities, net of effect of asset acquisitions and business combinations | ||
| Accounts receivable | 42,611 | 34,296 |
| Deferred contract cost assets | (31,767) | (3,217) |
| Prepaid expenses and other assets | (16,499) | (12,121) |
| Accounts payable | (4,191) | 11,029 |
| Accrued expenses and other liabilities | 30,168 | (8,475) |
| Deferred revenue | (15,313) | (6,268) |
| Operating lease liabilities | (651) | (6,205) |
| Net cash provided by operating activities | 185,328 | 167,116 |
| Investing activities | ||
| Purchases of property and equipment | (12,400) | (7,510) |
| Capitalized software development costs | (47,900) | (32,453) |
| Purchases of strategic investments, net | (1,641) | (1,917) |
| Purchases of marketable securities | (277,813) | (410,619) |
| Maturities of marketable securities | 287,024 | 371,718 |
| Sales of marketable securities | 2,698 | — |
| Customer repayments of materials financing | — | 1,571 |
| Business combinations, net of cash acquired | (41,515) | (25,945) |
| Asset acquisitions, net of cash acquired | (3,533) | (3,792) |
| Net cash used in investing activities | (95,080) | (108,947) |
| Financing activities | ||
| Proceeds from stock option exercises | 8,779 | 12,371 |
| Proceeds from employee stock purchase plan | 14,404 | 13,187 |
| Repurchases of common stock | (128,815) | — |
| Payment of tax withholding for net share settlement | (71,173) | — |
| Payment of deferred business combination consideration | — | (1,470) |
| Payment of deferred asset acquisition consideration | — | (81) |
| Principal payments under finance lease agreements, net of proceeds from lease incentives | (1,216) | (1,569) |
| Net increase in funds held for customers | 6,251 | — |
| Net cash (used in) provided by financing activities | (171,770) | 22,438 |
| Net (decrease) increase in cash and cash equivalents | (81,522) | 80,607 |
| Effect of exchange rate changes on cash | 1,160 | 901 |
| Cash, cash equivalents, and restricted cash, beginning of period | 437,722 | 357,790 |
| Cash, cash equivalents, and restricted cash, end of period | $357,360 | $439,298 |
Condensed Consolidated Statements of Cash Flows(unaudited)
| Nine Months Ended September 30, | ||
|---|---|---|
| (in thousands) | 2025 | 2024 |
| Reconciliation of cash, cash equivalents, and restricted cash to the condensed consolidated balance sheets | ||
| Cash and cash equivalents at end of period | $350,496 | $439,298 |
| Restricted cash included in prepaid expenses and other current assets at end of period | 613 | — |
| Restricted cash for funds held for customers included in prepaid expenses and other current assets at end of period | 6,251 | — |
| Total cash, cash equivalents, and restricted cash shown in the condensed consolidated statement of cash flows at end of period | $357,360 | $439,298 |
| Supplemental disclosure of cash flow information | ||
| Cash paid for interest other than finance leases | $17 | $25 |
| Cash paid for income taxes, net of refunds received | 3,686 | 2,099 |
| Stock-based compensation capitalized for cloud-computing arrangement costs | 150 | 95 |
| Cash received for lease incentives | 3,798 | 394 |
| Cash paid for amounts included in the measurement of lease liabilities | ||
| Operating cash flows from finance leases | 840 | 1,414 |
| Operating cash flows from operating leases | 6,344 | 8,142 |
| Financing cash flows from finance leases | 1,216 | 1,652 |
| Noncash investing and financing activities: | ||
| Purchases of property and equipment included in accounts payable and accrued expenses at period end | 1,678 | 2,099 |
| Capitalized software development costs included in accounts payable and accrued expenses at period end | 4,203 | 3,907 |
| Stock-based compensation capitalized for software development | 14,417 | 9,458 |
| Deferred asset acquisition payment included in other current liabilities and accrued expenses at period end | 600 | 1,400 |
| Right of use assets obtained or modified in exchange for operating lease liabilities | 7,422 | (3,599) |
| Financing lease right of use asset modified to operating lease | (10,305) | — |
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