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What factors drove the changes in Procore's revenue and profit?

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- **Revenue Resilience**: 14.5% YoY growth despite a 27-point decline in U.S. construction growth, outperforming the market by 16.5 percentage points.
- **Margin Expansion**: Non-GAAP operating margin improved 380 basis points QoQ to 17%, with plans for further profitability gains.
- **Strategic Win**: $10 billion hyperscale data center deal highlights cross-sell success and expansion into high-growth sectors.
- **Leadership Transition**: Ajei Gopal's proven track record at ANSYS positions Procore for future growth under his leadership.
- **AI Innovation**: Launch of Agentic and resource management tools (labor, equipment, materials) drives customer differentiation.

**【CEO Summary Section】**
- **Q3 2025 Performance**: Revenue grew 14.5% YoY, non-GAAP operating margin reached 17%, and large deals (> $100k ARR) increased 31% YoY. The company surpassed $1 trillion in annual construction volume on its platform.
- **Leadership Transition**: Ajei Gopal, former CEO of ANSYS, will succeed Craig Courtemanche as CEO on November 10. Courtemanche emphasized Gopal's operational expertise and alignment with Procore's mission.
- **Market Resilience**: Despite a 27-point decline in U.S. nonresidential construction growth over two years, Procore outperformed the market by 16.5 percentage points in Q3.

**【CFO Financial Commentary】**
- **Financial Highlights**: Q3 revenue of $339 million, non-GAAP EPS of $1.08, and free cash flow focus with a new $300 million stock buyback program.
- **Margin Expansion**: Non-GAAP operating margin improved 380 basis points QoQ, driven by cost control and longer-term contracts.
- **Outlook**: Q4 2025 revenue guidance of $339-341 million (12-13% YoY growth), with full-year non-GAAP operating margin at 14%.

**【Q&A Key Highlights】**
- **Macro Environment**: Construction industry remains cyclical, but Procore's go-to-market model and platform differentiation enable market share gains.
- **Data Center Growth**: Procore signed a $10 billion hyperscale data center deal, reflecting strength in cross-sell and expansion.
- **Customer Retention**: 17% YoY growth in current RPO, driven by longer-term contracts and pooled models offering flexibility.
- **AI and Innovation**: Groundbreak 2025 showcased AI-driven tools like Agentic, with customers expressing excitement over Procore's data advantage.
- **Leadership Transition**: Gopal's first 100 days will focus on onboarding and strategic planning, with no immediate changes to the go-to-market strategy.

Procore Technologies, Inc. (PCOR) Q3 2025 Earnings Call Transcript

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