Exhibit 99.1 Procore Announces Third Quarter 2024 Financial Results CARPINTERIA, CA – October 30, 2024 – Procore Technologies, Inc. (NYSE: PCOR), the leading global provider of construction management software, today announced financial results for the third quarter ended September 30, 2024. "We have made good progress on our go-to-market transition we announced last quarter," said Tooey Courtemanche, Founder, President, and CEO of Procore. "We believe this evolution will position us to become a multi-billi ...

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Bert Hochfeld graduated with a degree in economics from the University of Pennsylvania and received an MBA from Harvard. Mr. Hochfeld has enjoyed a long career in the tech world, working for IBM, Memorex/Telex, Raytheon Data Systems, and BMC Software. Starting in the 1990s, Mr. Hochfeld worked as a sell-side analyst and won awards from the Wall Street Journal for his coverage of the software space. In 2001, Mr. Hochfeld formed his own independent research company, Hochfeld Independent Research Group, which ...

Anchiy/E+ via Getty Images I first reviewed Procore Technologies (NYSE:PCOR) back in April. I liked that the founder-led company was growing revenue and client count in an industry that historically has seen little innovation. However, since that article the stock is down nearly 30% and YTD Procore is down nearly 20%. The company shared some strategic changes to the business on the last earnings call, which I think surprised Wall Street but will yield dividends for the company in the years to come. Let's di ...

Customer Growth - The number of customers contributing more than $100,000 of annual recurring revenue (ARR) increased from 1,820 as of June 30, 2023, to 2,191 as of June 30, 2024, reflecting a year-over-year growth rate of 20%[106] - The total number of customers on the platform grew from 15,704 as of June 30, 2023, to 16,750 as of June 30, 2024, representing a year-over-year growth rate of 7%[106] - Approximately 89% of the revenue increase was attributable to existing customers, while 11% came from new customers acquired during the same period[138] - Revenue for the six months ended June 30, 2024, increased by $111.7 million, or 25%, compared to the same period in 2023, with approximately 80% from existing customers and 20% from new customers[145] Financial Performance - Revenue for the three months ended June 30, 2024, was $284.3 million, an increase of $55.8 million or 24% compared to $228.5 million for the same period in 2023[138] - Gross profit for the six months ended June 30, 2024, was $459.951 million, a 28% increase from $359.556 million in the same period of 2023[146] - Gross profit margin improved to 83% in the three months ended June 30, 2024, compared to 81% in the same period of 2023[133] - Non-GAAP gross profit for the three months ended June 30, 2024, was $246.2 million, compared to $194.7 million for the same period in 2023, reflecting a 26.4% increase[158] - The company reported a loss from operations of $14.8 million for the three months ended June 30, 2024, compared to a loss of $58.7 million for the same period in 2023[161] - The net loss for the three months ended June 30, 2024, was $6.3 million, a significant improvement from a net loss of $52.9 million in the same period of 2023[132] Expenses and Investments - Sales and marketing expenses are expected to increase on an absolute dollar basis as the company continues to invest in customer growth[121] - Research and development expenses for the three months ended June 30, 2024, were $72.3 million, slightly down from $73.2 million in the same period of 2023[132] - General and administrative expenses increased to $50.8 million for the three months ended June 30, 2024, compared to $46.4 million in the same period of 2023[132] - The company expects research and development expenses to increase in absolute dollar terms as it continues to enhance its products and services[122] - General and administrative expenses are also expected to rise as the business grows, particularly with international expansion efforts[123] Performance Obligations - The current remaining performance obligations (cRPO) increased by $102.2 million, or 16%, year-over-year, reaching $724.8 million as of June 30, 2024[111] - The total remaining performance obligations (RPO) reached $1,035.2 million as of June 30, 2024, an increase of $185.7 million, or 22%, from the previous year[111] Acquisitions and Market Strategy - The company acquired Intelliwave Technologies Inc. in May 2024 and Unearth Technologies Inc. in September 2023 to enhance its product offerings and market reach[113] - The company plans to continue investing in technology innovation and product development to enhance platform capabilities and attract a broader set of stakeholders[112] - The company is evolving its go-to-market operating model to build stronger customer relationships and improve operational efficiency, which may impact near-term financial results[109] Cash Flow and Financial Position - As of June 30, 2024, the company had cash, cash equivalents, and marketable securities totaling $780.8 million[163] - For the six months ended June 30, 2024, net cash provided by operating activities was $127.8 million, compared to $17.6 million for the same period in 2023[167][169] - The company reported an accumulated deficit of $1.2 billion as of June 30, 2024, indicating ongoing operational losses despite positive cash flows from operations[165] - Cash requirements primarily cover operating expenses, including personnel-related costs and capital expenditures for strategic business growth[164] Risk and Compliance - The company does not anticipate material risks from interest rate changes due to the short-term nature of its investments[179] - Inflation has not materially affected the company's business or financial condition, although it may impact construction costs and personnel-related expenses[180] - There have been no significant changes to critical accounting policies for the six months ended June 30, 2024[176] - The company's disclosure controls and procedures are effective and designed to provide reasonable assurance of compliance with SEC rules[183] - The company is not currently involved in any legal proceedings that would materially affect its business or financial condition[187]

Procore Technologies (PCOR) came out with quarterly earnings of $0.39 per share, beating the Zacks Consensus Estimate of $0.24 per share. This compares to earnings of $0.02 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of 62.50%. A quarter ago, it was expected that this construction management software would post earnings of $0.16 per share when it actually produced earnings of $0.30, delivering a surprise of 87.50%. Over the ...

The stock might move higher if these key numbers top expectations in the upcoming earnings report, which is expected to be released on August 1. On the other hand, if they miss, the stock may move lower. Zacks Consensus Estimate Revenues are expected to be $275.45 million, up 20.5% from the year-ago quarter. The consensus EPS estimate for the quarter has been revised 2.35% lower over the last 30 days to the current level. This is essentially a reflection of how the covering analysts have collectively reasse ...

Looking for a stock that has been consistently beating earnings estimates and might be well positioned to keep the streak alive in its next quarterly report? Procore Technologies (PCOR) , which belongs to the Zacks Technology Services industry, could be a great candidate to consider. For Procore Technologies, estimates have been trending higher, thanks in part to this earnings surprise history. And when you look at the stock's positive Zacks Earnings ESP (Expected Surprise Prediction), it's a great indicato ...

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 March 31, 2024 OR Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 _________________________________________________________________ o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ______ t ...

Exhibit 99.1 Procore Announces First Quarter 2024 Financial Results CARPINTERIA, CA – May 1, 2024 – Procore Technologies, Inc. (NYSE: PCOR), the leading global provider of construction management software, today announced financial results for the first quarter ended March 31, 2024. "The highly complex and collaborative nature of our industry underscores the importance of our mission to connect everyone in construction on a global platform," said Tooey Courtemanche, Founder and CEO of Procore. "Our trusted, ...