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PROCORE(PCOR) - 2022 Q3 - Quarterly Report
2022-11-04 20:07
UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ______ to _______ Commission File Number: 001-40396 Procore Technologies, Inc. (Exact Name of Registrant as Specified in its Charter) Delaware 73-1636261 ...
PROCORE(PCOR) - 2022 Q3 - Earnings Call Transcript
2022-11-03 02:52
Financial Data and Key Metrics Changes - Revenue in Q3 was $186 million, up 41% year-over-year and up 35% organically when excluding Levelset's $8.5 million contribution [26] - Total Remaining Performance Obligations (RPO) in Q3 was $715 million, with short-term RPO representing approximately 70% and growing 40% year-over-year [26] - Non-GAAP operating margin was negative 7% in Q3, with expectations for Q4 non-GAAP operating margin between negative 10% and negative 11% [26][37] Business Line Data and Key Metrics Changes - Strong customer expansion activity was noted across all stakeholders and customer sizes, reflecting deepening relationships and significant growth opportunities [31] - Large deal momentum contributed to short-term RPO accelerating from 34% last quarter to 38% this quarter on an organic basis [29] Market Data and Key Metrics Changes - International revenue growth was impacted by foreign exchange headwinds, contributing approximately 7 points of headwinds to international revenue growth in Q3; on a constant currency basis, international revenue grew 40% year-over-year [32][33] - The U.S. business performed well, compensating for international performance and indicating substantial domestic growth opportunities [34] Company Strategy and Development Direction - The company is focusing on efficient growth, emphasizing the importance of expense management while continuing to invest in long-term opportunities [76][77] - The company is evaluating its international operations structure to improve productivity and expects these dynamics to reverse in the near term [33] Management's Comments on Operating Environment and Future Outlook - Management noted that customer sentiment remains optimistic about the long-term outlook, with strong backlogs in sectors like nonresidential and energy [11] - The company anticipates that while some sectors may face challenges, others will grow, reflecting a diversified customer portfolio [12][73] Other Important Information - The company is hosting its first-ever Investor Day alongside its annual user conference, Groundbreak, which is expected to attract over 3,000 industry leaders [9][10] - Recent executive team expansions include the appointment of a new Chief People Officer and a transition of the Chief Revenue Officer to a special adviser role [19][20] Q&A Session Summary Question: Comparison of current macro environment to March 2020 - Management noted that while there is some short-term concern among customers, overall sentiment is optimistic with full backlogs [44] Question: Demand environment by customer type - Management confirmed strong performance across all customer types, including general contractors, subcontractors, and owner operators [46] Question: Exposure to residential, commercial, and infrastructure spend - Management emphasized that the company is not overly exposed to any single sector due to the diversification of its customer base [50] Question: International strategy re-evaluation - Management acknowledged the impact of foreign exchange but expressed confidence in the long-term growth potential of international markets [52][54] Question: Update on materials financing program - Management indicated that the program is still in early stages and not expected to contribute materially to revenue this year [28][61] Question: Labor shortages and hiring plans - Management confirmed that labor shortages persist, but they are actively hiring and investing in talent to meet customer demand [102][103]
PROCORE(PCOR) - 2022 Q2 - Earnings Call Transcript
2022-08-06 06:53
Procore Technologies, Inc. (NYSE:PCOR) Q2 2022 Earnings Conference Call August 3, 2022 5:00 PM ET Company Participants Matthew Puljiz - VP of IR Tooey Courtemanche - Founder, CEO & President Paul Lyandres - CFO Conference Call Participants Dylan Becker - William Blair Saket Kalia - Barclays Brent Bracelin - Piper Sandler DJ Hynes - Canaccord Adam Borg - Stifel Brent Thill - Jefferies Matthew Broome - Mizuho Securities Jason Celino - KeyBanc Operator Good afternoon, everyone. Thanks for attending today's Pro ...
PROCORE(PCOR) - 2022 Q2 - Quarterly Report
2022-08-05 20:53
UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ______ to _______ Commission File Number: 001-40396 Procore Technologies, Inc. (Exact Name of Registrant as Specified in its Charter) Delaware 73-1636261 (Stat ...
PROCORE(PCOR) - 2022 Q1 - Earnings Call Transcript
2022-05-07 18:07
Procore Technologies Inc. (NYSE:PCOR) Q1 2022 Earnings Conference Call May 4, 2022 5:00 PM ET Company Participants Matthew Puljiz - VP of IR Craig Courtemanche - Founder, Chairman, CEO & President Paul Lyandres - CFO & Treasurer Conference Call Participants Dylan Becker - William Blair Saket Kalia - Barclays Adam Borg - Stifel Kash Rangan - Goldman Sachs Brent Thill - Jefferies Matthew Broome - Mizuho Securities Jason Celino - KeyBanc Mauro Molina - Piper Sandler Operator Good afternoon. Thank you for atten ...
PROCORE(PCOR) - 2022 Q1 - Quarterly Report
2022-05-06 20:06
UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q | (Mark One) | | | | --- | --- | --- | | ☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | | | | For the quarterly period ended March 31, 2022 | | | | OR | | | ☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | | | | For the transition period from ______ to _______ | | | | Commission File Number: 001-40396 | | | | Procore Technologies, Inc. ...
PROCORE(PCOR) - 2021 Q4 - Annual Report
2022-03-04 21:39
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM TO Commission File Number 001-40396 Procore Technologies, Inc. (Exact name of Registrant as specified in its Charter) | Delaware | 73-1636261 | | --- | --- | | (St ...
PROCORE(PCOR) - 2021 Q4 - Earnings Call Transcript
2022-02-23 05:01
Procore Technologies, Inc. (NYSE:PCOR) Q4 2021 Earnings Conference Call February 22, 2022 5:00 PM ET Company Participants Matt Puljiz - VP, IR Tooey Courtemanche - Founder, President and CEO Paul Lyandres - CFO Conference Call Participants Brent Bracelin - Piper Sandler DJ Hines - Canaccord Kash Rangan - Goldman Sachs Brian Schwartz - Oppenheimer Saket Kalia - Barclays Jason Celino - KeyBanc Operator Good evening. Thank you for attending today's Procore Technologies, Inc. FY '21 Q4 Earnings Call. My name is ...
PROCORE(PCOR) - 2021 Q3 - Earnings Call Transcript
2021-11-07 08:46
Procore Technologies, Inc. (NYSE:PCOR) Q3 2021 Earnings Conference Call November 4, 2021 5:00 PM ET Company Participants Matt Puljiz - VP, IR Tooey Courtemanche - Founder, President and CEO Paul Lyandres - CFO Conference Call Participants Tom Roderick - Stifel Brent Bracelin - Piper Sandler Brian Schwartz - Oppenheimer DJ Hines - Canaccord Jason Celino - KeyBanc Bhavan Suri - William Blair Brent Thill - Jefferies Saket Kalia - Barclays Kash Rangan - Goldman Sachs Matt Puljiz Thanks. Good afternoon and welco ...
PROCORE(PCOR) - 2021 Q3 - Quarterly Report
2021-11-05 20:06
UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ______ to _______ Commission File Number: 001-40396 Procore Technologies, Inc. (Exact Name of Registrant as Specified in its Charter) (State or other juri ...