false000161105200016110522025-02-132025-02-13

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
___________________________________________________
FORM 8-K
___________________________________________________
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): February 13, 2025
___________________________________________________
Procore Technologies, Inc.
(Exact name of Registrant as Specified in Its Charter)
___________________________________________________
Delaware001-4039673-1636261
(State or Other Jurisdiction
of Incorporation)		(Commission File Number)(IRS Employer
Identification No.)
6309 Carpinteria Avenue Carpinteria, CA
93013
(Address of Principal Executive Offices)(Zip Code)
Registrant’s Telephone Number, Including Area Code: (866) 477-6267
Not Applicable
(Former Name or Former Address, if Changed Since Last Report)
___________________________________________________
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
oWritten communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
oSoliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
oPre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
oPre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading
Symbol(s)		Name of each exchange on which registered
Common stock, $0.0001 par valuePCORThe New York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company o
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
Item 2.02 Results of Operations and Financial Condition.
On February 13, 2025, Procore Technologies, Inc. (the “Company”) issued a press release announcing its results for the fiscal quarter and year ended December 31, 2024. A copy of the press release is attached as Exhibit 99.1 to this Current Report on Form 8-K.
The information in each item of this Current Report on Form 8-K and the exhibit attached hereto shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, regardless of any general incorporation language in such filing.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
The exhibit listed below is being furnished with this Current Report on Form 8-K.
Exhibit
Number		Description
99.1
104Cover Page Interactive Data File (embedded within the Inline XBRL document)
______________________________


SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
Procore Technologies, Inc.
Date: February 13, 2025
By:/s/ Benjamin C. Singer
Benjamin C. Singer
Chief Legal Officer and Corporate Secretary


Exhibit 99.1
Procore Announces Fourth Quarter and Full Year 2024 Financial Results
CARPINTERIA, CA – February 13, 2025 -- Procore Technologies, Inc. (NYSE: PCOR), the leading global provider of construction management software, today announced financial results for the fourth quarter and full year ended December 31, 2024.

“Our strong topline performance exceeded expectations, reinforcing our momentum heading into FY25,” said Tooey Courtemanche, Founder, President, and CEO of Procore. “The magnitude of high-quality, large transactions reflects the trust our customers place in us, and the strength of our market position.”

“2024 was another year of strong margin expansion delivering 800 basis points of non-GAAP operating margin improvement. Our Q4 results are not indicative of the operating margin you should expect for FY25,” said Howard Fu, CFO of Procore. “We have ambitious goals to be a high margin business and we are committed to making further strides toward those goals in 2025 and beyond.”
Fourth Quarter 2024 Financial Highlights:
•Revenue was $302 million, an increase of 16% year-over-year.
•GAAP gross margin was 81% and non-GAAP gross margin was 85%.
•GAAP operating margin was (22%) and non-GAAP operating margin was (1%).
•Operating cash inflow for the fourth quarter was $29 million.
•Free cash inflow for the fourth quarter was $0.3 million.
Full Year 2024 Financial Highlights:
•Revenue was $1,152 million, an increase of 21% year-over-year.
•GAAP gross margin was 82% and non-GAAP gross margin was 86%.
•GAAP operating margin was (12%) and non-GAAP operating margin was 10%.
•Operating cash inflow for 2024 was $196 million.
•Free cash inflow for 2024 was $128 million.
The financial results included in this press release are preliminary and will not be final until Procore files its Annual Report on Form 10-K for the period. A reconciliation of GAAP to non-GAAP financial measures has been provided in the tables included in this press release. An explanation of these measures is also included below under the heading “Non-GAAP Financial Measures.”
Recent Business Highlights:
•Number of organic customers contributing more than $100,000 of annual recurring revenue totaled 2,333 as of December 31, 2024, an increase of 16% year-over-year.
•Number of organic customers contributing more than $1,000,000 of annual recurring revenue totaled 86 as of December 31, 2024, an increase of 39% year-over-year.
•Added 113 net new organic customers in the fourth quarter, ending with a total of 17,088 organic customers.
•Achieved a gross revenue retention rate of 94% for 2024.
•Achieved a net revenue retention rate of 106% for 2024.
•As of December 31, 2024, 75% of total annual recurring revenue was generated from customers using four or more products.
•As of December 31, 2024, 48% of total annual recurring revenue was generated from customers using six or more products.
•Ended 2024 with 4,203 full-time employees, an increase of 14% year-over-year.
•Announced a series of new product innovations, including the launches of Procore Artificial Intelligence and AI Agents, Resource Management, Safety, and Scheduling at Groundbreak 2024, the construction innovation event of the year.
•Named to Fortune Magazine's Future 50 list, which recognizes resilient businesses that are built to deliver strong long-term growth.



First Quarter and Full Year 2025 Outlook:
Procore is providing the following guidance for the first quarter and full year 2025:
•First Quarter 2025 Outlook:
◦Revenue is expected to be in the range of $301 million to $303 million, representing year-over-year growth of 12%.
◦Non-GAAP operating margin is expected to be in the range of 7% to 8%.
•Full Year 2025 Outlook:
◦Revenue is expected to be in the range of $1,285 million to $1,290 million, representing year-over-year growth of 12%.
◦Non-GAAP operating margin is expected to be in the range of 13% to 13.5%.

A reconciliation of non-GAAP guidance measures to corresponding GAAP measures is not available on a forward-looking basis without unreasonable effort due to the uncertainty of expenses that may be incurred in the future and cannot be reasonably determined or predicted at this time, although it is important to note that these factors could be material to Procore’s future GAAP financial results.
Quarterly Conference Call
Procore Technologies, Inc. will hold a conference call to discuss its fourth quarter and full year results at 2:00 p.m., Pacific Time, on Thursday, February 13, 2025. A live audio webcast will be accessible on Procore's investor relations website at http://investors.procore.com.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, about Procore and its industry, including our outlook for first quarter 2025 and the full fiscal year 2025, that involve substantial risks and uncertainties. All statements in this press release, other than statements of historical fact, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements generally relate to future events or future financial or operating performance, and may be identified by the use of words such as “anticipate,” “believe,” “contemplate,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “will,” or “would,” or the negative of these words, or other similar terms or expressions that concern Procore’s expectations, strategy, plans, or intentions.
Procore has based the forward-looking statements contained in this press release primarily on its current expectations and projections about future events and trends that Procore believes may affect its business, financial condition, and operating results. The outcome of the events described in these forward-looking statements is subject to risks, uncertainties, and other factors that could cause results to differ materially from Procore’s current expectations, including, but not limited to, our expectations regarding our financial performance (including revenues, expenses, and margins, and our ability to achieve or maintain future profitability), our ability to effectively manage our growth, anticipated performance, trends, growth rates, and challenges in our business and in the markets in which we operate or anticipate entering into, economic and industry trends (in particular, the rate of adoption of construction management software and digitization of the construction industry, inflation, interest rates, tariffs, and challenging geopolitical conditions), our progress with respect to our go-to-market transition and our ability to realize the expected benefits of the transition, our ability to attract new customers and retain and increase sales to existing customers, our ability to expand internationally, the effects of increased competition in our markets and our ability to compete effectively, our estimated total addressable market, our ability to execute, and realize benefits from, our stock repurchase program, and as set forth in Procore’s filings with the Securities and Exchange Commission. You should not rely on Procore’s forward-looking statements. Procore assumes no obligation to update any forward-looking statements to reflect events or circumstances that exist or change after the date on which they were made, except as required by law.



Non-GAAP Financial Measures
In addition to Procore’s results determined in accordance with U.S. generally accepted accounting principles, or GAAP, Procore believes certain non-GAAP measures, as described below, are useful in evaluating Procore’s operating performance. Procore uses this non-GAAP financial information, collectively, to evaluate its ongoing operations as well as for internal planning and forecasting purposes. Procore believes that non-GAAP financial information, when taken collectively, is helpful to investors because it provides consistency and comparability with past financial performance, and may assist in comparisons with other companies, some of which use similar non-GAAP financial information to supplement their GAAP results. These non-GAAP financial measures are not prepared in accordance with GAAP, and are presented for supplemental purposes only.
Non-GAAP Gross Profit, Non-GAAP Gross Margin, Non-GAAP Operating Expenses, Non-GAAP Income from Operations, Non-GAAP Operating Margin, Non-GAAP Net Income, and Non-GAAP Net Income per Share: Procore defines these non-GAAP financial measures as the respective GAAP measures, excluding stock-based compensation expense, amortization of acquired intangible assets, employer payroll tax related to employee stock transactions, and acquisition-related expenses. Non-GAAP gross margin is the ratio calculated by dividing non-GAAP gross profit by total revenue. Non-GAAP operating margin is the ratio calculated by dividing non-GAAP income from operations by total revenue. Basic earnings (loss) per share is computed by dividing net income (loss) by the weighted average number of common shares outstanding for the period. Non-GAAP diluted earnings per share is computed by giving effect to all potential weighted average dilutive common stock equivalents outstanding for the period, including options to purchase common stock, restricted stock units, and shares to be issued pursuant to the employee stock purchase plan. The dilutive effect of outstanding awards is reflected in non-GAAP diluted earnings per share by application of the treasury stock method.
Stock-based compensation expense includes the net effects of capitalization and amortization of stock-based compensation expense related to capitalized software and cloud-computing arrangement implementation costs. Stock-based compensation expense has been, and will continue to be for the foreseeable future, a significant recurring expense in our business and an important part of the compensation provided to our employees. Because of varying available valuation methodologies, subjective assumptions, and the variety of equity instruments that can impact a company’s non-cash expenses, we believe that providing non-GAAP financial measures that exclude stock-based compensation expense allows for meaningful comparisons between its operating results from period to period. The expense related to amortization of acquired intangible assets is a non-cash expense and is dependent upon estimates and assumptions, which can vary significantly and are unique to each asset acquired; therefore, Procore believes non-GAAP measures that adjust for the amortization of acquired intangible assets provide investors a consistent basis for comparison across accounting periods. The amount of employer payroll tax-related items on employee stock transactions is dependent on restricted stock unit settlements, option exercises, related stock price, and other factors that are beyond Procore’s control and that do not correlate to the operation of the business. When evaluating the performance of its business and making operating plans, Procore does not consider these items (for example, when considering the impact of equity award grants, the company places a greater emphasis on overall stockholder dilution than the accounting charges associated with such grants). Since the amount of employer payroll tax-related items on employee stock transactions is highly variable due to factors outside our control, and unrelated to Procore’s core operations, operating results, revenue-generating activities, business strategy, industry, or regulatory environment, management does not consider employer payroll tax on employee stock transactions in the evaluation of the business or in making operating plans. Accordingly, Procore believes this adjustment in arriving at our non-GAAP measures provides investors with a better understanding of the performance of its core business in a manner that is consistent with management’s view of the business. Acquisition-related expenses include external and incremental transaction costs, such as legal and due diligence costs and retention payments. These expenses are unpredictable and generally would not have otherwise been incurred in the periods presented as part of our continuing operations. In addition, the size and complexity of an acquisition, which often drives the magnitude of acquisition-related expenses, may not be indicative of such future costs. Procore believes that excluding acquisition-related expenses facilitates the comparison of its financial results to its historical operating results and to other companies in its industry. Overall, Procore believes it is useful to exclude these expenses in order to better understand the long-term performance of its core business and to facilitate comparison of its results period-over-period and to those of peer companies. All of these non-GAAP financial measures are important tools for financial and operational decision-making and for evaluating Procore's own operating results over different periods of time.


Non-GAAP financial measures may not provide information that is directly comparable to information provided by other companies in Procore's industry, as other companies in the industry may calculate non-GAAP financial measures differently. In addition, there are limitations in using non-GAAP financial measures because non-GAAP financial measures are not prepared in accordance with GAAP, may be different from non-GAAP financial measures used by other companies, and exclude expenses that may have a material impact on Procore's reported financial results. Unlike stock-based compensation expense, employer payroll tax related to employee stock transactions is a cash expense that we will continue to incur in the future. The presentation of non-GAAP financial information is not meant to be considered in isolation or as a substitute for the directly comparable financial measures prepared in accordance with GAAP. Investors should review the reconciliation of non-GAAP financial measures to the comparable GAAP financial measures included below, and not rely on any single financial measure to evaluate Procore's business.
Free Cash Flow: Procore defines free cash flow as net cash provided by operating activities, less purchases of property and equipment and capitalized software development costs. Procore believes free cash flow is an important liquidity measure of the cash (if any) that is available, after our operating activities and capital expenditures. Procore uses free cash flow in conjunction with traditional GAAP measures to assess its liquidity and evaluate the effectiveness of its business strategies. Once Procore’s business needs and obligations are met, cash can be used to maintain a strong balance sheet, invest in future growth, and execute our stock repurchase program.
Other Metrics
Customer Count: The aforementioned customer count excludes customers acquired from business combinations that do not have standard Procore annual contracts.
About Procore
Procore Technologies, Inc. (NYSE: PCOR) creates software for people who build the world. With a focus on providing timely and accurate data for all, Procore transforms the construction industry one project at a time - from hospitals and skyscrapers to airports and stadiums. Beyond its connected, innovative technology, Procore empowers the industry and its communities through Procore.org. For more information, visit www.procore.com.
Media Contact
press@procore.com
Investor Contact
ir@procore.com

Procore Technologies, Inc.
Condensed Consolidated Statements of Operations (unaudited)

Three Months Ended
December 31,		Year Ended
December 31,
2024202320242023
(in thousands, except share and per share amounts)
Revenue$302,048 $260,041 $1,151,708 $950,010 
Cost of revenue(1)(2)(3)
56,834 47,831 205,612 174,462 
Gross profit245,214 212,210 946,096 775,548 
Operating expenses
Sales and marketing(1)(2)(3)(4)
161,733 122,511 552,019 494,908 
Research and development(1)(2)(3)(4)
89,289 74,611 312,987 300,571 
General and administrative(1)(3)(4)
60,436 52,422 217,513 195,746 
Total operating expenses311,458 249,544 1,082,519 991,225 
Loss from operations(66,244)(37,334)(136,423)(215,677)
Interest income5,980 5,167 23,694 19,779 
Interest expense(460)(480)(1,899)(1,957)
Accretion income, net2,918 3,179 13,583 9,794 
Other income (expense), net(3,110)649 (3,136)(360)
Loss before provision for income taxes(60,916)(28,819)(104,181)(188,421)
Provision for income taxes1,375 700 1,775 1,273 
Net loss$(62,291)$(29,519)$(105,956)$(189,694)
Net loss per share attributable to common stockholders, basic and diluted$(0.42)$(0.20)$(0.72)$(1.34)
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted149,202,684144,074,303147,444,772141,961,467




(1)Includes stock-based compensation expense and amortization of capitalized stock-based compensation as follows:
Three Months Ended
December 31,		Year Ended
December 31,
2024202320242023
(in thousands)
Cost of revenue$4,422 $3,134 $15,478 $11,491 
Sales and marketing15,333 13,198 58,058 55,162 
Research and development18,277 15,874 67,961 68,275 
General and administrative13,734 11,769 53,336 44,406 
Total stock-based compensation expense*$51,766 $43,975 $194,833 $179,334 

*Includes amortization of capitalized stock-based compensation of $2.5 million and $1.4 million, respectively, for the three months ended December 31, 2024 and 2023; and $8.0 million and $4.5 million, respectively, for the years ended December 31, 2024 and 2023, which was initially capitalized as capitalized software and cloud-computing arrangement implementation costs, and was primarily amortized in cost of revenue.
(2)Includes amortization of acquired intangible assets as follows:
Three Months Ended
December 31,		Year Ended
December 31,
2024202320242023
(in thousands)
Cost of revenue$6,698 $5,904 $25,437 $22,396 
Sales and marketing3,224 3,106 12,700 12,425 
Research and development650 670 2,657 2,757 
Total amortization of acquired intangible assets$10,572 $9,680 $40,794 $37,578 
(3)Includes employer payroll tax on employee stock transactions as follows:
Three Months Ended
December 31,		Year Ended
December 31,
2024202320242023
(in thousands)
Cost of revenue$126 $101 $612 $540 
Sales and marketing360 383 3,227 2,766 
Research and development446 332 3,535 3,217 
General and administrative266 274 2,086 1,910 
Total employer payroll tax on employee stock transactions$1,198 $1,090 $9,460 $8,433 
(4)Includes acquisition-related expenses as follows:
Three Months Ended
December 31,		Year Ended
December 31,
2024202320242023
(in thousands)
Sales and marketing$— $481 $1,448 $2,483 
Research and development32 46 32 6,370 
General and administrative194 16 808 35 
Total acquisition-related expenses$226 $543 $2,288 $8,888 

Procore Technologies, Inc.
Condensed Consolidated Balance Sheets (unaudited)

December 31,
20242023
(in thousands)
Assets
Current assets
Cash and cash equivalents$437,722 $357,790 
Marketable securities, current337,673 320,161 
Accounts receivable, net246,472 206,644 
Contract cost asset, current33,922 28,718 
Prepaid expenses and other current assets47,013 42,421 
Total current assets1,102,802 955,734 
Marketable securities, non-current46,042 — 
Capitalized software development costs, net112,321 83,045 
Property and equipment, net43,592 36,258 
Right of use assets - finance leases31,727 34,375 
Right of use assets - operating leases28,790 44,141 
Contract cost asset, non-current47,505 44,564 
Intangible assets, net120,946 137,546 
Goodwill549,651 539,354 
Other assets20,918 18,551 
Total assets$2,104,294 $1,893,568 
Liabilities and Stockholders’ Equity
Current liabilities
Accounts payable$36,069 $13,177 
Accrued expenses88,740 100,075 
Deferred revenue, current584,719 501,903 
Other current liabilities21,427 27,275 
Total current liabilities730,955 642,430 
Deferred revenue, non-current5,815 7,692 
Finance lease liabilities, non-current41,352 43,581 
Operating lease liabilities, non-current32,697 37,923 
Other liabilities, non-current5,122 6,332 
Total liabilities815,941 737,958 
Stockholders’ equity
Common stock15 15 
Additional paid-in capital2,535,868 2,295,807 
Accumulated other comprehensive loss(2,737)(1,375)
Accumulated deficit(1,244,793)(1,138,837)
Total stockholders’ equity1,288,353 1,155,610 
Total liabilities and stockholders’ equity$2,104,294 $1,893,568 


Remaining performance obligation:
The following table presents our current and non-current RPO at the end of each period:

December 31,Change
20242023DollarPercent
(dollars in thousands)
Remaining performance obligations
Current$829,666 $698,284 $131,382 19 %
Non-current456,801 302,215 154,586 51 %
Total remaining performance obligations$1,286,467 $1,000,499 $285,968 29 %

Procore Technologies, Inc.
Condensed Consolidated Statements of Cash Flows (unaudited)
Three Months Ended
December 31,		Year Ended
December 31,
2024202320242023
(in thousands)
Operating activities
Net loss$(62,291)$(29,519)$(105,956)$(189,694)
Adjustments to reconcile net loss to net cash provided by operating activities
Stock-based compensation49,348 42,601 186,880 174,835 
Depreciation and amortization24,626 19,690 89,753 71,633 
Accretion of discounts on marketable debt securities, net(2,699)(3,175)(12,830)(9,790)
Abandonment of long-lived assets610 676 1,428 1,488 
Noncash operating lease expense3,196 5,160 11,102 13,092 
Unrealized foreign currency loss (gain), net2,009 (1,263)2,304 (524)
Deferred income taxes(885)(776)(881)(769)
Provision for credit losses(57)1,170 591 8,052 
Decrease (increase) in fair value of strategic investments3 132 (454)287 
Changes in operating assets and liabilities, net of effect of asset acquisitions and business combinations
Accounts receivable(73,797)(60,636)(39,501)(57,492)
Deferred contract cost assets(5,776)(4,207)(8,993)(9,306)
Prepaid expenses and other assets5,880 (4,490)(6,241)(6,368)
Accounts payable11,623 (3,196)22,652 (938)
Accrued expenses and other liabilities(7,026)6,734 (15,501)4,759 
Deferred revenue85,359 77,510 79,091 106,590 
Operating lease liabilities(1,067)(5,668)(7,272)(13,840)
Net cash provided by operating activities29,056 40,743 196,172 92,015 
Investing activities
Purchases of property and equipment(11,633)(2,252)(19,143)(10,325)
Capitalized software development costs(17,076)(9,498)(49,529)(34,685)
Purchases of strategic investments(450)(238)(2,367)(764)
Purchases of marketable securities(80,856)(93,142)(491,475)(402,424)
Maturities of marketable securities68,819 84,620 440,537 372,240 
Sales of marketable securities— — — 5,452 
Originations of materials financing— (387)— (23,972)
Customer repayments of materials financing34 5,189 1,605 26,242 
Asset acquisitions, net of cash acquired— (1,814)(3,792)(7,825)
Acquisition of businesses, net of cash acquired— — (25,945)— 
Net cash used in investing activities$(41,162)$(17,522)$(150,109)$(76,061)

Procore Technologies, Inc.
Condensed Consolidated Statements of Cash Flows (unaudited)
Three Months Ended
December 31,		Year Ended
December 31,
2024202320242023
(in thousands)
Financing activities
Proceeds from stock option exercises$3,366 $2,524 $15,737 $17,618 
Proceeds from employee stock purchase plan10,882 12,394 24,069 25,400 
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(450)(403)(2,019)(1,853)
Net cash provided by financing activities13,798 14,515 36,236 41,165 
Net increase in cash, cash equivalents and restricted cash1,692 37,736 82,299 57,119 
Effect of exchange rate changes on cash(3,268)1,736 (2,367)855 
Cash, cash equivalents and restricted cash, beginning of period439,298 318,318 357,790 299,816 
Cash, cash equivalents and restricted cash, end of period$437,722 $357,790 $437,722 $357,790 

Procore Technologies, Inc.
Reconciliation of GAAP to Non-GAAP Financial Measures (unaudited)

Reconciliation of gross profit and gross margin to non-GAAP gross profit and non-GAAP gross margin:
Three Months Ended
December 31,		Year Ended
December 31,
2024202320242023
(dollars in thousands)
Revenue$302,048$260,041$1,151,708$950,010
Gross profit245,214212,210946,096775,548
Stock-based compensation expense4,4223,13415,47811,491
Amortization of acquired technology intangible assets6,6985,90425,43722,396
Employer payroll tax on employee stock transactions126101612540
Non-GAAP gross profit$256,460$221,349$987,623$809,975
Gross margin81 %82 %82 %82 %
Non-GAAP gross margin85 %85 %86 %85 %


Reconciliation of operating expenses to non-GAAP operating expenses:
Three Months Ended
December 31,		Year Ended
December 31,
2024202320242023
(dollars in thousands)
Revenue$302,048$260,041$1,151,708$950,010
GAAP sales and marketing161,733122,511552,019494,908
Stock-based compensation expense(15,333)(13,198)(58,058)(55,162)
Amortization of acquired intangible assets(3,224)(3,106)(12,700)(12,425)
Employer payroll tax on employee stock transactions(360)(383)(3,227)(2,766)
Acquisition-related expenses—(481)(1,448)(2,483)
Non-GAAP sales and marketing$142,816$105,343$476,586$422,072
GAAP sales and marketing as a percentage of revenue54 %47 %48 %52 %
Non-GAAP sales and marketing as a percentage of revenue47 %41 %41 %44 %
GAAP research and development$89,289$74,611$312,987$300,571
Stock-based compensation expense(18,277)(15,874)(67,961)(68,275)
Amortization of acquired intangible assets(650)(670)(2,657)(2,757)
Employer payroll tax on employee stock transactions(446)(332)(3,535)(3,217)
Acquisition-related expenses(32)(46)(32)(6,370)
Non-GAAP research and development$69,884$57,689$238,802$219,952
GAAP research and development as a percentage of revenue30 %29 %27 %32 %
Non-GAAP research and development as a percentage of revenue23 %22 %21 %23 %
GAAP general and administrative$60,436$52,422$217,513$195,746
Stock-based compensation expense(13,734)(11,769)(53,336)(44,406)
Employer payroll tax on employee stock transactions(266)(274)(2,086)(1,910)
Acquisition-related expenses(194)(16)(808)(35)
Non-GAAP general and administrative$46,242$40,363$161,283$149,395
GAAP general and administrative as a percentage of revenue20 %20 %19 %21 %
Non-GAAP general and administrative as a percentage of revenue15 %16 %14 %16 %


Reconciliation of loss from operations and operating margin to non-GAAP income (loss) from operations and non-GAAP operating margin:
Three Months Ended
December 31,		Year Ended
December 31,
2024202320242023
(dollars in thousands)
Revenue$302,048$260,041$1,151,708$950,010
Loss from operations(66,244)(37,334)(136,423)(215,677)
Stock-based compensation expense51,76643,975194,833179,334
Amortization of acquired intangible assets10,5729,68040,79437,578
Employer payroll tax on employee stock transactions1,1981,0909,4608,433
Acquisition-related expenses2265432,2888,888
Non-GAAP income (loss) from operations$(2,482)$17,954$110,952$18,556
Operating margin(22 %)(14 %)(12 %)(23 %)
Non-GAAP operating margin(1 %)7 %10 %2 %
Reconciliation of net loss and net loss per share to non-GAAP net income and non-GAAP net income per share:
Three Months Ended
December 31,		Year Ended
December 31,
2024202320242023
(in thousands, except share and per share amounts)
Revenue$302,048 $260,041 $1,151,708 $950,010 
Net loss(62,291)(29,519)(105,956)(189,694)
Stock-based compensation expense51,766 43,975 194,833 179,334 
Amortization of acquired intangible assets10,572 9,680 40,794 37,578 
Employer payroll tax on employee stock transactions1,198 1,090 9,460 8,433 
Acquisition-related expenses226 543 2,288 8,888 
Non-GAAP net income$1,471 $25,769 $141,419 $44,539 
Numerator:
Non-GAAP net income$1,471 $25,769 $141,419 $44,539 
Denominator:
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic149,202,684144,074,303147,444,772141,961,467
Effect of dilutive securities: Employee stock awards4,192,8635,329,3115,004,6436,591,783
Weighted-average shares used in computing net income per share attributable to common stockholders, diluted153,395,547149,403,614152,449,415148,553,250
GAAP net loss per share, basic$(0.42)$(0.20)$(0.72)$(1.34)
GAAP net loss per share, diluted$(0.42)$(0.20)$(0.72)$(1.34)
Non-GAAP net income per share, basic$0.01 $0.18 $0.96 $0.31 
Non-GAAP net income per share, diluted$0.01 $0.17 $0.93 $0.30 


Computation of free cash flow:
Three Months Ended
December 31,		Year Ended
December 31,
2024202320242023
(in thousands)
Net cash provided by operating activities$29,056 $40,743 $196,172 $92,015 
Purchases of property, plant, and equipment(11,633)(2,252)(19,143)(10,325)
Capitalized software development costs(17,076)(9,498)(49,529)(34,685)
Non-GAAP free cash flow$347 $28,993 $127,500 $47,005 

v3.25.0.1
Cover
Feb. 13, 2025
Cover [Abstract]  
Document Type 8-K
Document Period End Date Feb. 13, 2025
Entity Registrant Name Procore Technologies, Inc.
Entity Incorporation, State or Country Code DE
Entity File Number 001-40396
Entity Tax Identification Number 73-1636261
Entity Address, Address Line One 6309 Carpinteria Avenue
Entity Address, City or Town Carpinteria
Entity Address, State or Province CA
Entity Address, Postal Zip Code 93013
City Area Code (866)
Local Phone Number 477-6267
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of 12(b) Security Common stock, $0.0001 par value
Trading Symbol PCOR
Security Exchange Name NYSE
Entity Emerging Growth Company false
Amendment Flag false
Entity Central Index Key 0001611052
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