The following is a summary of the Procore Technologies, Inc. (PCOR) Q3 2024 Earnings Call Transcript:
Financial Performance:
Procore's Q3 2024 revenue grew 19% year-over-year, achieving $296 million.
International revenue grew 26% year-over-year; on a constant currency basis, it grew 27%.
Non-GAAP operating margin for Q3 was 9%, reflecting lower seasonal investments and one-time costs.Total year-over-year growth for fiscal 2024 is projected to be 21%, with revenue expected between $1.146 billion and $1.148 billion.
Non-GAAP operating margin guidance for the full year is expected to be between 10.5% and 11%.
Business Progress:
Procore continues to expand its sales team and evolve its go-to-market strategy, aiming for localized and technical sales support.
Significant hiring progress was made, tracking well against goals for upcoming fiscal years.
Continuous innovation and platform enhancements are a focus, with upcoming reveals at the Groundbreak Conference in Denver.
Two significant customer expansions were highlighted, demonstrating Procore's impact and growth potential within large, established clients.
Opportunities:
Procore is positioning itself to leverage market opportunities through its new go-to-market model, specifically addressing the needs of different buyer personas with technical sales support.
The company looks to capture significant growth among international construction stakeholders and leverage the large-scale digitization potential in the $15 trillion construction industry.
Risks:
The ongoing go-to-market transition may cause short-term disruptions and impact revenue growth.
A challenging and mixed demand environment in the construction sector continues, as reflected in conservative growth projections for the next fiscal year.
Tips: For more comprehensive details, please refer to the IR website. The article is only for investors' reference without any guidance or recommendation suggestions.
