Q1 2024 Procore Technologies Inc Earnings Call Transcript
Key Points
- Procore Technologies Inc (PCOR) reported a 26% year-over-year revenue growth in Q1.
- The company's international revenue grew by 32% year-over-year, showcasing strong global market penetration.
- Procore Technologies Inc (PCOR) was ranked #8 among G2's Top 100 Global Software Companies for 2024, indicating strong brand recognition and market trust.
- The company continues to improve its efficiency profile, delivering strong margin performance in the quarter.
- Procore Technologies Inc (PCOR) is leveraging AI effectively, as demonstrated by the introduction of Procore Copilot, enhancing data analytics and operational efficiency for clients.
- Despite revenue growth, Procore Technologies Inc (PCOR) faces persistent challenges in the macroeconomic environment, impacting the construction industry.
- The company's Q1 international results were slightly impacted by currency headwinds, indicating potential volatility in foreign earnings.
- Procore Technologies Inc (PCOR) anticipates a challenging demand environment throughout 2024, which could affect growth and customer acquisition.
- The company's customer renewal rates are stable but not improving, suggesting potential issues in customer retention or market saturation.
- Procore Technologies Inc (PCOR) is still in the early stages of seeing material financial benefits from its new product, Procore Pay, indicating a slower than expected ramp-up.
Good afternoon. Thank you for attending today's Procore Technologies, Inc. Fiscal Year '24 Q1 Earnings Call. My name is Cameron, and I'll be your moderator for today. (Operator Instructions) And I would now like to turn the conference over to our host, Matthew, you may proceed.
Hey, thanks, everyone. Good afternoon. Welcome to Procore's 2024 First Quarter Earnings Call. I'm Matthew Puljiz, VP of Finance. And with me today are Tooey Courtemanche, Founder, President and CEO; and Howard Fu, CFO. Further disclosure of our results can be found in our press release issued today, which is available on the Investor Relations section of our website, and our periodic reports filed with the SEC.
Today's call is being recorded, and a replay will be available following the conclusion of the call. Comments made on this call may include forward-looking statements regarding our financial results, products, customer demand, operations and macroeconomic and geopolitical conditions. You should not rely on forward
| Access to All Earning Calls and Stock Analysis | |
| 30-Year Financial on one screen | |
| All-in-one Stock Screener with unlimited filters | |
| Customizable Stock Dashboard | |
| Real Time Insider Trading Transactions | |
| 8,000+ Institutional investors’ 13F holdings | |
| Powerful Excel Add-in and Google sheets Add-on | |
| All data downloadable | |
| Quick customer support | |
| And much more... |
Trustpilot
We'd love to learn more about your experiences on GuruFocus.com and how we can improve!
Take Survey
