Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 _________________________________________________________________ FORM 10-Q _________________________________________________________________ (Mark One) x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2025 OR o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ______ to ...

Procore (PCOR) Q2 2025 Earnings Call July 31, 2025 05:00 PM ET Company ParticipantsAlexandra Geller - Head of IRCraig Courtemanche - Founder, Chairman, CEO & PresidentHoward Fu - CFOSaket Kalia - Managing DirectorKash Rangan - Managing DirectorConference Call ParticipantsDylan Becker - Research Analyst - Technology, Media & CommunicationsJoe Vruwink - Senior Research AnalystDavid Hynes - MD - Software Lead AnalystDaniel Jester - US Software Equity Research AnalystTaylor McGinnis - Equity Research AnalystJas ...

Procore (PCOR) Q2 2025 Earnings Call July 31, 2025 05:00 PM ET Speaker0Good afternoon, and thank you for joining today's Prolcore Technologies Inc. FY twenty twenty five Q2 Earnings Call. My name is Regan, and I'll be your moderator today. All lines will be muted during the presentation portion of today's call with an opportunity for questions and answers at the end. I would now like to pass the conference over to our host, Alexandra Head of IR.Please proceed.Speaker1Good afternoon, and welcome to Procore's ...

Procore Announces Second Quarter 2025 Financial Results CARPINTERIA, CA – July 31, 2025 – Procore Technologies, Inc. (NYSE: PCOR), the leading global provider of construction management software, today announced financial results for the second quarter ended June 30, 2025. "Q2 represented another solid quarter and we remain well positioned for efficient growth," said Tooey Courtemanche, Founder, President, and CEO of Procore. "Our latest announcements unveiled at the Innovation Summit further cement Procore ...

Procore Technologies (PCOR) is expected to deliver a year-over-year decline in earnings on higher revenues when it reports results for the quarter ended June 2025. This widely-known consensus outlook gives a good sense of the company's earnings picture, but how the actual results compare to these estimates is a powerful factor that could impact its near-term stock price.The stock might move higher if these key numbers top expectations in the upcoming earnings report, which is expected to be released on July ...

Analyst’s Disclosure:I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article. Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or a ...

Core Insights - True value in investments is derived from growth rather than short-term gains, emphasizing the importance of a long-term perspective [1] - Great businesses provide significant societal value and demonstrate durability, which is a key factor in their valuation [1] - Companies that offer products and services significantly superior to competitors are positioned for substantial growth [1] Business Characteristics - Selection, convenience, and value are critical attributes sought in businesses [1] - Durability acts as a multiplier for value, with a preference for non-cyclical businesses [1] - The ability to innovate and maintain competitive advantages is essential for long-term success [1] Revenue and Structure - Multiple revenue streams and anti-fragile business structures are preferred for resilience [1] - A business's ability to recover from adversity is a strong indicator of its durability [1] - Uniqueness is identified as the primary driver of value [1] Cost and Investment Strategy - Low costs associated with maintaining existing operations allow for high leverage in reinvestment and growth [1] - Minimal marketing expenses are advantageous for sustainable growth [1] - Trust and network effects are valuable indicators of a business's durability [1] Management and Leadership - Effective management is crucial, with a preference for executives whose interests align with the business [1] - Companies led by seasoned CEOs, founders, or family businesses are favored [1] - A culture that empowers employees and attracts talent is indicative of a good business [1] Market Timing and Investment Philosophy - The best investment opportunities arise when negative news is already priced in, revealing true value [1] - Companies that can maintain stability during layoffs and adverse conditions are seen as more valuable [1] - Price movements are influenced by expectations, with a focus on undervalued companies amidst negative sentiment [1]

Core Viewpoint - Procore Technologies, Inc. (NYSE: PCOR) is viewed positively due to its continuous revenue growth and potential for further expansion [1] Group 1 - The company has been classified as a "Buy" based on its revenue growth trajectory [1]

Core Insights - Procore Technologies reported quarterly earnings of $0.23 per share, exceeding the Zacks Consensus Estimate of $0.17 per share, but down from $0.30 per share a year ago, resulting in an earnings surprise of 35.29% [1] - The company achieved revenues of $310.63 million for the quarter ended March 2025, surpassing the Zacks Consensus Estimate by 2.75% and up from $269.43 million year-over-year [2] - Procore Technologies has surpassed consensus EPS estimates three times over the last four quarters and topped consensus revenue estimates four times in the same period [2] Earnings Outlook - The current consensus EPS estimate for the upcoming quarter is $0.26 on revenues of $314.29 million, and for the current fiscal year, it is $1.15 on revenues of $1.28 billion [7] - The estimate revisions trend for Procore Technologies is mixed, leading to a Zacks Rank 3 (Hold), indicating expected performance in line with the market [6] Industry Context - The Internet - Software industry, to which Procore Technologies belongs, is currently ranked in the bottom 43% of over 250 Zacks industries, suggesting potential challenges for stock performance [8] - Empirical research indicates a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can impact investor sentiment [5]

Financial Data and Key Metrics Changes - Total revenue in Q1 was $311 million, up 15% year over year, with international revenue growing 18% year over year [30] - Non-GAAP operating income was $32 million, representing a non-GAAP operating margin of 10% [30] - Current RPO grew 20% year over year, and current deferred revenue grew 15% year over year [31] Business Line Data and Key Metrics Changes - Procore has over 2,400 customers contributing more than $100,000 in ARR, indicating strong customer retention and growth [12] - The company added new customers across various sectors, including a major semiconductor company and a global commercial real estate firm [21][22] Market Data and Key Metrics Changes - International revenue growth was impacted by currency headwinds, with a constant currency growth of 20% year over year [30] - The company noted a steady pipeline and no significant changes in customer plans despite tariff uncertainties [10][36] Company Strategy and Development Direction - Procore is focused on driving digital transformation in the construction industry and enhancing its platform capabilities, including AI integration [11][15] - The company aims to expand its customer base, particularly in underpenetrated segments like owners and specialty contractors, and to increase product cross-sell opportunities [19][20] Management's Comments on Operating Environment and Future Outlook - Management remains optimistic about long-term growth despite short-term uncertainties due to tariffs, emphasizing the importance of productivity gains and risk management [10][12] - The company is maintaining its revenue guidance for the full year, expecting revenue between $1.286 billion and $1.290 billion, representing a year-over-year growth of 12% [39] Other Important Information - Procore has initiated a CEO succession plan, with a focus on finding a candidate who shares the company's vision and operational expertise [28][29] - The company returned approximately $100 million to shareholders through share repurchases in Q1 [34] Q&A Session Summary Question: Can you discuss the drivers behind the CRPO acceleration? - Management noted a strong new logo quarter and an increase in contract duration, contributing to the performance [46] Question: What are the early signs of success in international markets? - Management highlighted positive feedback from customers regarding new technical resources and bespoke go-to-market efforts [48][50] Question: How does Procore's value proposition resonate with customers amid uncertainty? - Management emphasized that customers appreciate Procore as a partner, providing more than just software solutions [56] Question: What metrics should be prioritized for measuring progress? - Management indicated that dollar volume is more critical than customer count, focusing on expanding existing customer relationships [78] Question: How is the company managing operational changes during the go-to-market transition? - Management acknowledged some disruption but expressed confidence in the transition's alignment with long-term goals [96]