PROCORE TECHNOLOGIES, INC.
For the period ended Mar 31, 2026. Filed May 6, 2026.
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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.
Mar 31, 2026 · Filed May 6, 2026
PCOR$76.26-0.3%Stored close · as of Nov 10, 2026
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Condensed Consolidated Statements of Cash Flows
Condensed Consolidated Statements of Cash Flows(unaudited)
| Three Months Ended March 31, | ||
|---|---|---|
| (in thousands) | 2026 | 2025 |
| Operating activities | ||
| Net loss | $(9,096) | $(32,989) |
| Adjustments to reconcile net loss to net cash provided by operating activities | ||
| Stock-based compensation | 57,000 | 48,279 |
| Depreciation and amortization | 29,167 | 26,855 |
| Accretion of discounts on marketable debt securities, net | (997) | (2,425) |
| Abandonment of long-lived assets | 1,398 | 354 |
| Noncash operating lease expense | 1,675 | 1,555 |
| Unrealized foreign currency loss (gain), net | 2,333 | (1,136) |
| Deferred income taxes | (4,057) | 2,215 |
| Benefit from credit losses | (201) | (909) |
| (Increase) decrease in fair value of strategic investments | (104) | 224 |
| Changes in operating assets and liabilities | ||
| Accounts receivable | 103,880 | 86,327 |
| Deferred contract cost assets | (1,325) | (6,569) |
| Prepaid expenses and other assets | (10,677) | (7,454) |
| Accounts payable | (6,884) | (11,070) |
| Accrued expenses and other liabilities | (51,204) | (9,880) |
| Deferred revenue | (33,633) | (26,568) |
| Operating lease liabilities | (519) | (781) |
| Net cash provided by operating activities | 76,756 | 66,028 |
| Investing activities | ||
| Purchases of property and equipment | (2,926) | (4,033) |
| Capitalized software development costs | (17,788) | (15,331) |
| Purchases of strategic investments | (531) | (550) |
| Purchases of marketable securities | — | (134,598) |
| Maturities of marketable securities | 18,391 | 135,787 |
| Sales of marketable securities | 106,731 | — |
| Business combinations, net of cash acquired | (158,896) | (41,253) |
| Asset acquisition, net of cash acquired | — | (3,533) |
| Net cash used in investing activities | (55,019) | (63,511) |
| Financing activities | ||
| Proceeds from stock option exercises | 2,503 | 2,314 |
| Repurchases of common stock | (100,035) | (100,029) |
| Payment of tax withholding for net share settlement | (15,291) | (28,277) |
| Principal payments under finance lease agreements, net of proceeds from lease incentives | (424) | (388) |
| Payment of deferred asset acquisition consideration | (300) | — |
| Net increase in funds held for customers | 3,830 | — |
| Net cash used in financing activities | (109,717) | (126,380) |
| Net decrease in cash, cash equivalents, and restricted cash | (87,980) | (123,863) |
| Effect of exchange rate changes on cash | (2,872) | (125) |
| Cash, cash equivalents, and restricted cash, beginning of period | 490,246 | 437,722 |
| Cash, cash equivalents, and restricted cash, end of period | $399,394 | $313,734 |
Condensed Consolidated Statements of Cash Flows(unaudited)
| Three Months Ended March 31, | ||
|---|---|---|
| (in thousands) | 2026 | 2025 |
| Reconciliation of cash, cash equivalents, and restricted cash to the condensed consolidated balance sheets | ||
| Cash and cash equivalents at end of period | $386,035 | $313,734 |
| Restricted cash included in prepaid expenses and other current assets at end of period | 578 | — |
| Restricted cash for funds held for customers included in prepaid expenses and other current assets at end of period | 12,781 | — |
| Total cash, cash equivalents, and restricted cash at end of period shown in the condensed consolidated statements of cash flows | $399,394 | $313,734 |
| Supplemental disclosure of cash flow information | ||
| Cash paid for income taxes, net of refunds received | 1,007 | 558 |
| Stock-based compensation capitalized for cloud-computing arrangement costs | 19 | (14) |
| Cash received for lease incentives | 1,550 | 200 |
| Cash paid for amounts included in the measurement of lease liabilities | ||
| Operating cash flows from finance leases | 268 | 284 |
| Operating cash flows from operating leases | 4,753 | 1,183 |
| Financing cash flows from finance leases | 424 | 388 |
| Noncash investing and financing activities: | ||
| Purchases of property and equipment included in accounts payable and accrued expenses at period end | 3,464 | 943 |
| Capitalized software development costs included in accounts payable and accrued expenses at period end | 3,295 | 3,890 |
| Deferred asset acquisition payment included in other current and non-current liabilities and accrued expenses at period end | 300 | 2,035 |
| Excise taxes related to repurchases of common stock included in other current liabilities at period end | 580 | 411 |
| Stock-based compensation capitalized for software development | 4,318 | 4,137 |
| Operating right of use assets obtained or modified in exchange for lease liabilities | 13,515 | 4,516 |
| Financing lease right of use asset modified to operating lease | — | (10,305) |
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