Q4 2024 Procore Technologies Inc Earnings Call Transcript
Key Points
- Procore Technologies Inc (PCOR) reported strong booking performance with over 130 six- and seven-figure transactions in Q4.
- The company grew the number of customers contributing more than $1 million in ARR by 39% year over year.
- Procore Technologies Inc (PCOR) expanded its non-GAAP operating margin by 800 basis points for the year.
- The company generated $128 million in free cash flow, indicating strong cash flow generation.
- Procore Technologies Inc (PCOR) made significant strides in AI-powered innovations, enhancing its platform with tools like Copilot and Agents.
- Q4 non-GAAP operating income was negative $2 million, representing an operating margin of negative 1%.
- The company anticipates potential disruption in the first half of 2025 due to its go-to-market transition.
- Procore Technologies Inc (PCOR) does not expect its Pay product to be material to revenues in 2025 due to implementation timelines.
- The company is guiding conservatively for 2025, reflecting caution due to ongoing go-to-market changes.
- Procore Technologies Inc (PCOR) experienced higher headcount costs from exceeding hiring targets, impacting margins.
Thank you for your patience and good afternoon. Thank you for attending today's Procore Technologies, Inc. FY24 Q4 earnings call. My name is Reagan, and I'll be your moderator today. (Operator Instructions)
I would now like to pass the conference over to our host, Alexandra with Procore Technologies. Alexandra, you may now proceed.
Thanks. Good afternoon, and welcome to Procore 2024 fourth-quarter earnings call. I'm Alexandra Geller, Head of Investor Relations. With me today are Tooey Courtemanche, Founder, President and CEO; and Howard Fu, CFO. Further disclosure of our results can be found in our press release issued today, which is available on the Investor Relations section of our website and our periodic reports filed with the SEC.
Today's call is being recorded, and a replay will be available following the conclusion of the call. Comments made on this call include forward-looking statements regarding, among other things, our financial outlook, go-to-market transition,
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