Arlington, Texas – Procore Technologies, Inc. held its Q1 2024 Earnings Conference Call on May 1, 2024, at 5:00 PM ET. The call featured key company leaders discussing the financial results and future outlook for the organization. Among the notable participants were Matthew Puljiz, Vice President of Finance; Tooey Courtemanche, Founder, President & CEO; and Howard Fu, Chief Financial Officer.

During the call, Tooey Courtemanche highlighted the company’s growth in revenue, efficiency improvements, and recognition as one of G2’s Top 100 Global Software Companies for the year 2024. Discussions also centered around the recent ECAB event, where Procore hosted its Executive Customer Advisory Board to engage with top clients in the construction industry.

Five major takeaways were shared from the ECAB event, including industry sentiment, product roadmap enhancements, data aggregation challenges, the role of AI in construction, and the importance of partnerships in addressing industry challenges. Customers expressed optimism about the long-term future of construction, the increasing complexity of projects, and the transformative potential of AI in the industry.

Procore’s foundational data asset and upcoming product Procore Copilot were highlighted as tools to improve productivity, efficiency, and decision-making in construction projects. The potential for AI to act as a force multiplier rather than a threat to jobs was also emphasized, with customers excited about the technology’s ability to optimize processes and enhance outcomes.

In terms of financial performance, Procore reported total revenue of $269 million in Q1, marking a 26% year-over-year growth. International revenue also saw a notable increase of 32%, despite some currency headwinds impacting results. Non-GAAP operating income was reported at $37 million, with a focus on improving margin performance and efficiency across all business areas.

Looking ahead, Procore provided guidance for Q2 and full fiscal year 2024, anticipating continued revenue growth and margin improvement. The company remains focused on investing in R&D, product enhancements, and go-to-market strategies to support long-term growth and market leadership in the construction industry.

Overall, the Q1 earnings call showcased Procore’s commitment to innovation, customer partnerships, and financial success amidst a challenging economic environment. The company’s strategic focus on leveraging technology, data, and industry collaborations positions it well for continued growth and leadership in the construction software market.