Q3 2024 Procore Technologies Inc Earnings Call Transcript
Key Points
- Procore Technologies Inc (PCOR) reported a 19% year-over-year revenue growth in Q3, with international revenue growing by 26%.
- The company is implementing a new go-to-market strategy, which has received positive feedback from employees, customers, and partners.
- Procore Technologies Inc (PCOR) has authorized a $300 million stock repurchase program, reflecting confidence in its business.
- The company continues to demonstrate strong traction with owners and specialty contractors, expanding its customer base.
- Procore Technologies Inc (PCOR) is recognized as the leader in construction software, with high win rates against competitors.
- Non-GAAP operating margins decreased to 9% in Q3 due to one-time and seasonal investments.
- The company is facing a challenging and mixed construction demand environment, which is expected to continue into next year.
- Procore Technologies Inc (PCOR) is undergoing a go-to-market transition, which may cause disruptions and is expected to impact fiscal 2025.
- Currency headwinds slightly impacted international revenue growth in Q3.
- The company anticipates lower operating and cash flow margins in the second half of the year due to various investments.
Thank you for your patience.
Today's call, Procore Technologies, Inc. full year 24 third-quarter earnings call will be starting in a moment's time.
My name is Bree, and I'll be your operator on today's call. As we wait staff Citco, we do encourage you to consider any questions you may have.
During the Q&A segment, (Operator Instructions)
I would now like to pass the conference over to your host, Alexandra Geller, Head of Investor Relations.
To begin by thanking you may proceed. Alexandra.
Good afternoon, and welcome to pro forma 2020 for third quarter earnings call.
I'm Alexandra Geller, Head of Investor Relations. With me today are to a quarter much Founder, President and CEO, and Howard Furr, 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
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