The following is a summary of the Procore Technologies, Inc. (PCOR) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Procore Technologies reported total Q1 revenue of $269 million, a 26% year-over-year increase.

• International revenue grew 32% year-on-year, with a constant currency growth of 33%.

• Non-GAAP operating income was $37 million, representing an operating margin of 14%.

• Increases were seen in RPO and deferred revenue, which grew 20% and 21% year-on-year respectively.

• Expected revenues for Q2 2024 are between $274 and $276 million, with a year-over-year growth of 20 to 21%.

• Full year fiscal 2024 revenue forecasted to fall between $1.14 billion and $1.144 billion and non-GAAP operating margin expected to be between 9% and 10%.

Business Progress:

• Procore Technologies ranked number 8 in G2's Top 100 Global Software Companies for 2024, their first time in the top 10.

• Procore aims to leverage AI with products like Procore Copilot, currently under trial, to enhance construction industry efficiency.

• New initiatives, mentoring programs and lobbying for trade school placements, are being introduced to combat labor shortage in the construction industry.

• Important collaborations like the one with Haugland Group for a fully integrated power infrastructure project have been established.

• New offerings for customers initiated, such as Procore Pay, anticipated to contribute towards long-term growth despite no immediate financial benefits.

• Steady first quarter performance aligns with expectations for stronger growth in the second half of 2024 backed by stability seen in Q1 renewals.

• Investments into professional services continue in order to further a shift towards the enterprise market.

More details: Procore Technologies IR

Tips: For more comprehensive details, please refer to the IR website. The article is only for investors' reference without any guidance or recommendation suggestions.