Welcome to our dedicated page for Procore Technologies news (Ticker: PCOR), a resource for investors and traders seeking the latest updates and insights on Procore Technologies stock.
Overview
Procore Technologies Inc provides a cloud construction software platform designed to streamline project management and enhance operational efficiency in the construction industry. By leveraging a robust, subscription-based SaaS model, the company offers an innovative system that supports project coordination, financial oversight, and real-time field data integration, making it a pivotal solution for construction professionals.
Core Business and Operations
The company operates in the realm of construction management by replacing outdated, manual processes with an interconnected digital system. Its platform addresses challenges such as paper-based documentation and segmented communication channels by consolidating all project-related activities—from design coordination to project financials—into one cloud-based platform. This approach simplifies project oversight and increases accountability, allowing users to manage projects spanning from industrial facilities and office spaces to educational institutions and retail centers.
Technology and Product Offering
Procore’s suite of products covers multiple facets of the construction process. The platform includes modules for field productivity, specialized financial management such as project and portfolio financials, and advanced functionalities like BIM integration and design coordination. By replacing spreadsheets and email chains with automated workflows and mobile access, the software enables real-time data capture and analysis, which is critical for mitigating risks and preventing delays in complex builds.
Market Position and Competitive Landscape
Within a competitive industry served by numerous emerging and established technology providers, Procore has positioned its platform as a comprehensive tool that integrates all aspects of construction project management. Its integrated solution offers a distinct advantage for firms looking to improve efficiency and collaboration across project sites. By focusing on both the operational challenges faced by outdated methods and the technical capabilities needed for modern construction management, Procore creates tangible value for professional construction managers and subcontractors. The company’s approach is characterized by a methodical understanding of industry pain points, making its platform adaptable for varied project scales and types.
Integration and Industry Impact
One notable aspect of Procore’s offering is its integration capability with advanced field work effectiveness platforms, such as the AI-powered system provided by FYLD. These integrations further enhance the platform’s value proposition by bridging the gap between field operations and project management. By integrating automated workflows, video risk assessments, and mobile data synchronization, Procore empowers construction teams to manage safety risks and regulatory compliance more effectively, while also contributing to measurable productivity gains.
User-Centric Approach
At its core, Procore is guided by a commitment to deliver a user-friendly and comprehensive solution that addresses the evolving needs of construction professionals. The company understands that the construction environment is complex and dynamic, with the need for precision and reliable data being paramount. Its platform is not only engineered to simplify everyday tasks but also to provide deep insights, ensuring that decision-makers have access to accurate, timely information that supports project success.
Industry Expertise and Operational Insights
Procore’s operations are deeply interwoven with the technical and operational aspects of the construction sector. With rigorous attention to the needs of its diverse clientele—including construction managers, contractors, and infrastructure planners—the company leverages industry-specific terminology and best practices to articulate complex operational processes in an accessible manner. Its platform’s design is a reflection of comprehensive industry research and a thorough understanding of the nuances in construction project workflows, which reinforces its credibility among professional users.
Conclusion
In summary, Procore Technologies Inc stands out as a sophisticated solution provider in the construction management sector. Its cloud-based, subscription-driven model, integrated product suite, and strategic technological partnerships collectively contribute to a robust platform that improves project communication, minimizes risks, and drives operational efficiency. This enduring approach positions the company as a critical tool for modern construction practices, offering in-depth functionalities that continue to resonate with a wide spectrum of users in the industry.
Procore Technologies (NYSE: PCOR) announced that Founder, President and CEO Tooey Courtemanche plans to transition to Executive Chairman position upon the appointment of a successor. The Board of Directors will initiate a comprehensive search process for a new CEO.
Courtemanche will continue to be deeply involved in the business and lead the Board in his new role. Until a successor is appointed, he will maintain his current position as CEO. The company is seeking a leader with strong commitment to their mission of connecting everyone in construction on a global platform and proven operational experience at scale.
The company has reaffirmed its previously announced financial guidance for Q1 and full-year fiscal 2025, as stated in their Q4 and full-year 2024 earnings release from February 13, 2025.
Procore Technologies (NYSE: PCOR) reported strong Q4 and full-year 2024 results, with Q4 revenue reaching $302 million (+16% YoY) and full-year revenue hitting $1,152 million (+21% YoY). The company maintained robust gross margins, with Q4 non-GAAP gross margin at 85% and full-year at 86%.
Key operational metrics showed solid growth, with customers contributing over $1 million in annual recurring revenue increasing 39% YoY to 86, while those contributing over $100,000 grew 16% YoY to 2,333. The company achieved a 94% gross revenue retention rate and 106% net revenue retention rate for 2024.
Looking ahead to 2025, Procore expects Q1 revenue between $301-303 million (+12% YoY) and full-year revenue of $1,285-1,290 million (+12% YoY), with non-GAAP operating margin projected at 13-13.5% for the full year.
Procore Technologies (NYSE: PCOR), a leading construction management software provider, has scheduled its fourth quarter and full fiscal year 2024 earnings call for Thursday, February 13, 2025. The company will release its financial results after U.S. market close, followed by a conference call at 2:00 p.m. Pacific Time.
Interested parties can access the call by dialing +1 833 470 1428 (domestic) or +1 404 975 4839 (international) with conference ID 214916. A live webcast will be available on Procore's Investor Relations website, with a replay archived for later viewing.
UKG has announced Sarah Hodges as its new Chief Marketing Officer, effective January 6, 2025. Hodges brings over 20 years of marketing experience from global SaaS providers, currently serving as CMO at Procore Technologies (NYSE: PCOR). She previously held various roles at Autodesk, including general manager of ShotGrid and vice president of product management.
In her new role, Hodges will report to UKG President Rachel Barger and lead brand awareness, creative experiences, product and industry marketing, field marketing, and customer advocacy. This appointment is part of UKG's recent leadership expansion, which includes new executives in key positions such as Chief Communications Officer, President CFO, and Chief Product Officer.
FYLD announced its integration with Procore, connecting field operations with project management in the construction sector. The integration has demonstrated productivity gains of up to 12% in 6 weeks and reduced safety risks by over 48%. The solution allows over 2 million Procore users to sync field data, including automated workflows and video risk assessments.
The integration provides streamlined data integration, enhanced visibility, and improved safety features. Field managers can automatically push updates between platforms, access AI-driven insights, and make proactive decisions using comprehensive data views. The system helps predict safety risks and operational challenges while providing actionable recommendations.
Procore Technologies (NYSE: PCOR) announced the launch of Procore AI solutions at Groundbreak 2024, featuring new AI-powered Agents designed to enhance construction management efficiency. The platform includes three key components: Procore Agents (available next year), Insights (launching early 2025), and Copilot (now globally available). These tools aim to automate routine tasks, improve decision-making, and streamline workflows in construction project management. Agent Studio, launching in 2025, will allow users to customize AI agents without coding, while Insights will help users better understand project risks across various workflows.
Procore Technologies (NYSE: PCOR) launches major innovations at Groundbreak 2024 conference in Denver. The company unveils Resource Management, an integrated solution for labor, equipment, and materials tracking, enhanced by the acquisition of Intelliwave Technologies. The platform introduces AI-powered Scheduling and Safety tools to improve project efficiency and risk mitigation. The conference attracts over 4,500 attendees from 35+ countries.
The new Resource Management solution combines Intelliwave's SiteSense® with Procore's existing capabilities, offering comprehensive resource control and forecasting. The enhanced Safety solution includes features like pre-task plans, hazard analysis, and certification tracking, while the new Scheduling tool uses AI to identify potential risks and maintain project timelines.
Procore Technologies (NYSE: PCOR) announced its third quarter 2024 financial results with a revenue of $296 million, marking a 19% increase year-over-year. The GAAP gross margin stood at 81%, while the non-GAAP gross margin was 85%. The GAAP operating margin was (12%) and the non-GAAP operating margin was 9%. The company reported an operating cash inflow of $39 million and a free cash inflow of $23 million for the quarter.
Procore achieved a gross revenue retention rate of 94%, with 2,261 organic customers contributing over $100,000 annually, a growth of 18% year-over-year. The total number of organic customers reached 16,975.
Looking ahead, Procore expects Q4 2024 revenue between $296 million and $298 million, with a non-GAAP operating margin of 3% to 4%. For the full year 2024, revenue is projected between $1,146 million and $1,148 million, with a non-GAAP operating margin of 10.5% to 11%. For 2025, revenue is expected to be at least $1,275 million, with a non-GAAP operating margin of 13%.
Procore Technologies, Inc. (NYSE: PCOR), a leading global provider of construction management software, has announced the timing for its third quarter fiscal year 2024 earnings call and its 2024 Investor Day. The earnings call will take place on October 30, 2024 at 2:00 p.m. Pacific Time, following the release of financial results after market close. To join the call, dial +1 833 470 1428 (domestic) or +1 404 975 4839 (international) with conference ID 681120.
The 2024 Investor Day is scheduled for November 21, 2024 from 9:00 a.m. to 12:30 p.m. Mountain Time, coinciding with Procore's annual Groundbreak conference in Denver, Colorado. The event will feature presentations from CEO Tooey Courtemanche, CFO Howard Fu, and other leadership team members, covering Procore's industry, platform, and financials. Both events will be accessible via live webcast on Procore's Investor Relations website.
Procore Technologies (NYSE: PCOR), a global leader in construction management software, has announced an investor call with Chief Revenue Officer Larry Stack. The call is scheduled for Friday, August 16, 2024, at 1:00 p.m. Pacific time. This event follows Procore's Q2 FY2024 earnings call and aims to address shareholder questions.
Investors interested in participating in the webinar should email ir@procore.com to gain access. This call provides an opportunity for shareholders to engage directly with Procore's leadership and gain further insights into the company's performance and strategy following its quarterly financial results.
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