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Procore (PCOR) Q3 Earnings call transcript Oct 30, 2024

Daily EarningsThursday, Oct 31, 2024 3:58 pm ET

1min read

PCOR --

In Procore Technologies' 204 Third Quarter Earnings Call, the company demonstrated strong performance and strategic direction, showcasing a clear focus on transitioning to a customer-centric model and driving growth in the construction industry. Here are the key takeaways from the call.

Financial Highlights

For the third quarter of 204, Procore reported a 19% year-over-year revenue growth, highlighting its market leadership and robust financial health. The company's non-GAAP operating margins were 9%, reflecting a solid foundation for future growth.

Customer-Centric Transition

Procore is undergoing a strategic transformation aimed at enhancing its customer engagement and value proposition. This includes a shift to a general manager model for localized go-to-market efforts, as well as the introduction of technical roles to support diverse buyer personas and maximize the platform's ROI. This customer-centric approach has received overwhelmingly positive feedback from employees, customers, and partners, indicating a strong alignment with market needs and expectations.

Strategic Growth Opportunities

Procore is capitalizing on its position as the undisputed leader in construction software, with consistently high win rates against competitors. The company is exploring opportunities beyond the General Contractor (GC) market, with a focus on owners and specialty contractors, which represent significant growth potential. The international construction market also offers a vast opportunity for Procore, with strong traction already being seen.

Investment in Sales Teams and Innovation

To support its growth strategy, Procore is investing in its sales teams, hiring net new go-to-market resources, and implementing comprehensive onboarding programs. The company is also continuing to innovate, with plans to unveil exciting new developments at its upcoming Groundbreak Conference. These investments signal a commitment to delivering a more comprehensive platform and better supporting customers across all stakeholder groups.

Outlook and Guidance

For the fourth quarter of 204, Procore expects revenue between $296 million and $298 million, representing a total year-over-year growth of 14% to 15%. The company is also raising its full-year revenue guide for 2024 to between $1.146 billion and $1.148 billion, representing a total year-over-year growth of 21%. Procore remains optimistic about its future, with a clear focus on long-term growth and a strong financial position to support its strategic initiatives.

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