Welcome to our dedicated page for Procore Technologies news (Ticker: PCOR), a resource for investors and traders seeking the latest updates and insights on Procore Technologies stock.
Procore Technologies, Inc. provides cloud-based construction management software through a subscription SaaS platform for contractors, owners, and public-sector construction customers. News about PCOR commonly covers operating and financial results, annual recurring revenue trends, customer retention, guidance, and product updates across project management, resource management, project financials, analytics, BIM, and integrations.
Company updates also include AI and data initiatives, digital-twin and model-coordination integrations, FedRAMP-authorized Procore for Government, ecosystem partnerships such as telematics integrations, and leadership or board changes that affect governance and execution of the platform strategy.
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%.
Procore Technologies, Inc. (NYSE: PCOR), a leading global provider of construction management software, has announced the timing for its third quarter fiscal year 2024 earnings call and its 2024 Investor Day. The earnings call will take place on October 30, 2024 at 2:00 p.m. Pacific Time, following the release of financial results after market close. To join the call, dial +1 833 470 1428 (domestic) or +1 404 975 4839 (international) with conference ID 681120.
The 2024 Investor Day is scheduled for November 21, 2024 from 9:00 a.m. to 12:30 p.m. Mountain Time, coinciding with Procore's annual Groundbreak conference in Denver, Colorado. The event will feature presentations from CEO Tooey Courtemanche, CFO Howard Fu, and other leadership team members, covering Procore's industry, platform, and financials. Both events will be accessible via live webcast on Procore's Investor Relations website.
Procore Technologies (NYSE: PCOR), a global leader in construction management software, has announced an investor call with Chief Revenue Officer Larry Stack. The call is scheduled for Friday, August 16, 2024, at 1:00 p.m. Pacific time. This event follows Procore's Q2 FY2024 earnings call and aims to address shareholder questions.
Investors interested in participating in the webinar should email ir@procore.com to gain access. This call provides an opportunity for shareholders to engage directly with Procore's leadership and gain further insights into the company's performance and strategy following its quarterly financial results.
Procore Technologies (NYSE: PCOR) reported strong financial results for Q2 2024. Revenue increased 24% year-over-year to $284 million. The company achieved a non-GAAP gross margin of 87% and a non-GAAP operating margin of 17.6%. Procore's customer base grew, with 2,191 customers contributing over $100,000 in annual recurring revenue, up 20% year-over-year. The company added 152 net new organic customers, reaching a total of 16,750.
For Q3 2024, Procore expects revenue between $286-$288 million and a non-GAAP operating margin of 9-10%. The full-year 2024 outlook projects revenue of $1,141-$1,144 million, representing 20% growth, with a non-GAAP operating margin of 10-11%.
Procore Technologies, Inc. (NYSE: PCOR), a leading construction management software provider, has initiated the Federal Risk and Authorization Management Program (FedRAMP) authorization process for its platform and solutions. This move demonstrates Procore's commitment to delivering high-level security and data compliance for federal customers and contractors.
Procore has made strategic investments and built a security practice to prepare for FedRAMP compliance, which will benefit customers across its product suite. The company has partnered with Coalfire, a global cybersecurity and compliance services firm, to support the authorization process. Coalfire has a strong track record in FedRAMP compliance, with all its submitted builds passing the Third Party Assessment Organization (3PAO) audit.
Procore Technologies (NYSE: PCOR), a global leader in construction management software, announced that it will release its second quarter fiscal year 2024 financial results on August 1, 2024, after U.S. markets close. On the same day, at 2:00 p.m. PT, Procore will hold a conference call to discuss these results and provide financial guidance. Interested parties can join the call using the provided domestic and international numbers, and the conference ID 126476. A live webcast and replay will be available on Procore's Investor Relations page.