Procore Technologies Inc (NYSE:PCOR)
$ 74.33 -0.53 (-0.71%) Market Cap: 11.05 Bil Enterprise Value: 10.45 Bil PE Ratio: 0 PB Ratio: 8.59 GF Score: 85/100
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Q2 2024 Procore Technologies Inc Earnings Call Transcript

Aug 01, 2024 / 09:00PM GMT
Release Date Price: $67.22 (-5.36%)

Key Points

Positve
  • Procore Technologies Inc (PCOR) reported a 24% year-over-year revenue growth, reaching $284 million in Q2 2024.
  • International revenue grew by 31% year-over-year, demonstrating strong global expansion.
  • The company achieved a non-GAAP operating income of $50 million, representing an operating margin of 17.6%.
  • Procore Technologies Inc (PCOR) hosted its Annual Innovation Summit with over 4,000 construction professionals attending, showcasing new platform and feature enhancements.
  • The company continues to add new customers, including significant deals with large general contractors and diverse sectors such as industrial gas and data centers.
Negative
  • The demand environment remains tough, impacting customer expansion and retention metrics.
  • The company anticipates near-term disruption to bookings due to the go-to-market transition, affecting fiscal 2025 revenue growth.
  • Q2 results included a $4 million revenue benefit from implementation deliverables, which is not expected to recur in the second half of the year.
  • Procore Technologies Inc (PCOR) is facing challenges in expanding existing customer accounts, impacting overall retention rates.
  • The transition to a new go-to-market model will involve changes in roles, responsibilities, and reporting lines, potentially causing short-term operational disruptions.
Editor

Please stand by for streaming text.

Operator

Good afternoon, everyone. I would like to thank you for attending the Procore Technologies' full-year 2024 Q2 earnings call. My name is Brianna and I will be your moderator for today.

(Operator Instructions)

I would now like to pass the conference over to your host, Matthew Puljiz, with Procore Technologies. Thank you. You may proceed.

Matthew Puljiz
Procore Technologies Inc - Senior Vice President of Finance and Investor Relations

Thanks, good afternoon, everyone. Welcome to Procore's 2024 second-quarter earnings call. I'm Matthew Puljiz, SVP of Finance. 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.

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