Procore Technologies Inc - PCOR STOCK NEWS

Procore Technologies (NYSE: PCOR) has released its inaugural Future State of Construction Report, analyzing trends and challenges shaping the construction industry over the next decade. The report, based on surveys from over 1,200 construction decision-makers across eight countries, highlights three major transformative areas:

• AI and Automation Impact: Currently, 18% of project time is lost searching for data and 28% on rework. 55% of leaders expect automation to disrupt the industry within 5 years.
• Workforce Transformation: 53% of workers are expected to retire by 2036. 47% of companies have upskilling programs, with 41% planning implementation next year. 45% of workers cite burnout as the top reason for leaving.
• Technology Integration: Over 80% of executives emphasize the importance of connected historical data, while 49% anticipate increased BIM usage for design collaboration.

Procore Technologies (NYSE: PCOR) announced that Founder, President and CEO Tooey Courtemanche plans to transition to Executive Chairman position upon the appointment of a successor. The Board of Directors will initiate a comprehensive search process for a new CEO.

Courtemanche will continue to be deeply involved in the business and lead the Board in his new role. Until a successor is appointed, he will maintain his current position as CEO. The company is seeking a leader with strong commitment to their mission of connecting everyone in construction on a global platform and proven operational experience at scale.

The company has reaffirmed its previously announced financial guidance for Q1 and full-year fiscal 2025, as stated in their Q4 and full-year 2024 earnings release from February 13, 2025.

Procore Technologies (NYSE: PCOR) reported strong Q4 and full-year 2024 results, with Q4 revenue reaching $302 million (+16% YoY) and full-year revenue hitting $1,152 million (+21% YoY). The company maintained robust gross margins, with Q4 non-GAAP gross margin at 85% and full-year at 86%.

Key operational metrics showed solid growth, with customers contributing over $1 million in annual recurring revenue increasing 39% YoY to 86, while those contributing over $100,000 grew 16% YoY to 2,333. The company achieved a 94% gross revenue retention rate and 106% net revenue retention rate for 2024.

Looking ahead to 2025, Procore expects Q1 revenue between $301-303 million (+12% YoY) and full-year revenue of $1,285-1,290 million (+12% YoY), with non-GAAP operating margin projected at 13-13.5% for the full year.

Procore Technologies (NYSE: PCOR), a leading construction management software provider, has scheduled its fourth quarter and full fiscal year 2024 earnings call for Thursday, February 13, 2025. The company will release its financial results after U.S. market close, followed by a conference call at 2:00 p.m. Pacific Time.

Interested parties can access the call by dialing +1 833 470 1428 (domestic) or +1 404 975 4839 (international) with conference ID 214916. A live webcast will be available on Procore's Investor Relations website, with a replay archived for later viewing.

UKG has announced Sarah Hodges as its new Chief Marketing Officer, effective January 6, 2025. Hodges brings over 20 years of marketing experience from global SaaS providers, currently serving as CMO at Procore Technologies (NYSE: PCOR). She previously held various roles at Autodesk, including general manager of ShotGrid and vice president of product management.

In her new role, Hodges will report to UKG President Rachel Barger and lead brand awareness, creative experiences, product and industry marketing, field marketing, and customer advocacy. This appointment is part of UKG's recent leadership expansion, which includes new executives in key positions such as Chief Communications Officer, President CFO, and Chief Product Officer.

FYLD announced its integration with Procore, connecting field operations with project management in the construction sector. The integration has demonstrated productivity gains of up to 12% in 6 weeks and reduced safety risks by over 48%. The solution allows over 2 million Procore users to sync field data, including automated workflows and video risk assessments.

The integration provides streamlined data integration, enhanced visibility, and improved safety features. Field managers can automatically push updates between platforms, access AI-driven insights, and make proactive decisions using comprehensive data views. The system helps predict safety risks and operational challenges while providing actionable recommendations.

Procore Technologies (NYSE: PCOR) announced the launch of Procore AI solutions at Groundbreak 2024, featuring new AI-powered Agents designed to enhance construction management efficiency. The platform includes three key components: Procore Agents (available next year), Insights (launching early 2025), and Copilot (now globally available). These tools aim to automate routine tasks, improve decision-making, and streamline workflows in construction project management. Agent Studio, launching in 2025, will allow users to customize AI agents without coding, while Insights will help users better understand project risks across various workflows.

Procore Technologies (NYSE: PCOR) launches major innovations at Groundbreak 2024 conference in Denver. The company unveils Resource Management, an integrated solution for labor, equipment, and materials tracking, enhanced by the acquisition of Intelliwave Technologies. The platform introduces AI-powered Scheduling and Safety tools to improve project efficiency and risk mitigation. The conference attracts over 4,500 attendees from 35+ countries.

The new Resource Management solution combines Intelliwave's SiteSense® with Procore's existing capabilities, offering comprehensive resource control and forecasting. The enhanced Safety solution includes features like pre-task plans, hazard analysis, and certification tracking, while the new Scheduling tool uses AI to identify potential risks and maintain project timelines.

Procore Technologies (NYSE: PCOR) announced its third quarter 2024 financial results with a revenue of $296 million, marking a 19% increase year-over-year. The GAAP gross margin stood at 81%, while the non-GAAP gross margin was 85%. The GAAP operating margin was (12%) and the non-GAAP operating margin was 9%. The company reported an operating cash inflow of $39 million and a free cash inflow of $23 million for the quarter.

Procore achieved a gross revenue retention rate of 94%, with 2,261 organic customers contributing over $100,000 annually, a growth of 18% year-over-year. The total number of organic customers reached 16,975.

Looking ahead, Procore expects Q4 2024 revenue between $296 million and $298 million, with a non-GAAP operating margin of 3% to 4%. For the full year 2024, revenue is projected between $1,146 million and $1,148 million, with a non-GAAP operating margin of 10.5% to 11%. For 2025, revenue is expected to be at least $1,275 million, with a non-GAAP operating margin of 13%.