Procore Technologies, Inc. - PCOR STOCK NEWS

Procore Technologies (NYSE: PCOR) is partnering with Amazon Web Services (AWS) to utilize AWS IoT TwinMaker for enhancing construction data integration into facility operations. This collaboration aims to facilitate the creation of digital twins for buildings and industrial systems, enabling Procore users to streamline operations and maintenance. Tiffany LaBruno, Procore's product director, highlighted that around 80% of a project’s lifecycle cost is in the operations phase, suggesting potential cost reductions and improved project performance through this integration. Over $1 trillion in construction volume has utilized Procore's platform.

Procore Technologies, a leader in construction management software, released its latest benchmark report highlighting concerns in Australia's construction sector. The key finding indicates that 63% of Australian builders are worried about rising material costs, up from 40% in 2020. Despite challenges like skill shortages, 85% of respondents are optimistic about the future, a significant increase from 43% in April 2020. However, Australia trails behind the APAC average in technology adoption, emphasizing the need for digital transformation to enhance efficiency and address industry pressures.

Procore Technologies Inc. (NYSE: PCOR) has partnered with Shepherd, an insurtech startup, to launch an integrated insurance product for its customers, aiming to provide better terms and lower premiums. This initiative, called Casualty Pro, rewards contractors who utilize Procore’s platform and technology, potentially leading to reduced costs in insurance—a significant expense for construction firms. Analysis indicates that top contractors using Procore show 21% better experience modification rates, highlighting the platform's positive impact on safety and risk management.

Procore Technologies (NYSE: PCOR) has opened its new Asia-Pacific headquarters in Sydney, aiming to create over 100 new jobs in the region due to rising local demand. Business in Asia Pacific nearly doubled from 2020 to 2021, prompting this expansion. The new office spans 15,000 square feet and is designed for a hybrid work model, supporting both in-person and virtual collaborations. Procore also plans to enhance its solutions tailored for the Australian and New Zealand construction industries.

Procore Technologies, Inc. (NYSE: PCOR) reported a strong financial performance for Q1 2022, with revenue of $160 million, up 40% year-over-year. The company added 616 new organic customers, reaching a total of 12,809. Gross margins stood at 79% (GAAP) and 84% (non-GAAP). Operating cash flow was $10 million, though free cash outflow was $5 million. For Q2 2022, Procore expects revenue between $161 million to $163 million and a non-GAAP operating margin ranging from (14%) to (15%).

Procore Technologies, Inc. (NYSE: PCOR) has appointed Joy Durling as its first chief data officer. She will oversee the company's data-as-a-product strategy, information technology, data intelligence, and security. Durling previously served as executive vice president and CIO at Vivint, where she led data-driven innovations and platform scaling for public transition. Procore's CEO, Tooey Courtemanche, emphasized Durling's experience and vision for leveraging data to enhance customer value and competitive advantage in the construction industry.

Procore Technologies, Inc. (NYSE: PCOR) will announce its Q1 fiscal year 2022 financial results after market close on May 4, 2022. A conference call to discuss these results will take place on the same day at 2:00 p.m. PT, with access available via a dial-in or live webcast. Procore has facilitated over 1 million projects and managed more than $1 trillion in construction volume on its platform, connecting key stakeholders in the construction industry.