Procore (NYSE:PCOR) Update / Briefing October 16, 2025 10:00 AM ET Speaker0Hi, everyone. My name is Alex Geller, and I'm the Head of IR, and we want to welcome you to the investor session at Groundbreak. Thank you so much to those of you who are joining us here in Houston today. Then I also want to extend a warm welcome to the folks who are joining us virtually. Clicker.So for today's agenda, given we are in the quiet period, this session is going to exclusively focus on product announcements. So you are go ...

Company Background - John Ederer has transitioned from a Wall Street analyst to the CFO of Teradata, bringing over 10 years of experience in the finance and enterprise software sectors [3][4] - Ederer has a diverse background, having worked with both public companies and private equity-backed businesses, which provides a comprehensive understanding of different business models [4] Previous Experience - Prior to joining Teradata, Ederer was at Model N, a vertical SaaS business, where he successfully implemented a profitable growth strategy over four years [4]

Core Viewpoint - The digital banking space is identified as an attractive investment arena, with a focus on companies like Alkami Technology and Q2 Holdings, which are modernizing customer-facing software for credit unions and regional banks [1][3]. Company Summaries - **Alkami Technology**: - Rated as Overweight by the analyst, with organic revenue growth exceeding 20% and trading at six times EV/Sales for 2026E [4]. - Holds less than 5% market share in a ~$10 billion market, with up to 60% of the market being an addressable opportunity [3]. - Benefits from high customer retention and long contract lengths, supporting revenue visibility [1]. - **Q2 Holdings**: - Also rated as Overweight, with similar characteristics to Alkami Technology in terms of customer retention and contract lengths [1]. - Holds less than 10% market share in the same ~$10 billion market, with significant growth potential [3]. - **nCino**: - Rated as Neutral, focusing on cloud-based banking software solutions for financial institutions [2]. - The analyst has noted idiosyncratic factors that have kept her on the sidelines regarding nCino compared to broader vertical SaaS [2]. Market Dynamics - The digital banking industry is characterized by a defensive monetization model based on the number of bank accounts and products subscribed to by banks [2]. - The opportunity for improving bank efficiency is described as seemingly limitless, indicating a strong growth potential for the sector [2]. Price Actions - As of publication, stock prices are as follows: - Alkami Technology (ALKT) is up 5.26% at $28.24 - Q2 Holdings (QTWO) is up 3.56% at $89.07 - nCino (NCNO) is down 0.44% at $26.96 [5].

Group 1 - Intapp (NASDAQ: INTA) operates in the vertical SaaS space, which has a more limited total addressable market compared to broader horizontal SaaS platforms [1] - The customer base of Intapp is niche but may be more sensitive to macroeconomic slowdowns, particularly in discretionary spending [1]