Procore Technologies Exceeds Expectations with Strong FY '24 Q4 Results
In a call that highlighted the company's resilience in the face of unprecedented challenges, Procore Technologies, Inc. reported a stellar performance for its 2024 Fourth Quarter (Q4) earnings. The Carpinteria-based construction technology leader exceeded expectations across several key metrics, solidifying its position as a market leader.
Tooey Courtemanche, Founder, President and CEO of Procore, expressed pride in the company's execution during the quarter, citing "several notable bright spots." Among these highlights was the strong booking performance, led by over 130 six- and seven-figure transactions. This surge included significant growth from stakeholders such as owners, with a 39% year-over-year increase in customers contributing greater than $1 million in Annual Recurring Revenue (ARR).
The company's operational efficiency targets were also met, with an impressive expansion of its non-GAAP operating margin by 800 basis points. Procore further demonstrated financial discipline by generating a robust $128 million in free cash flow.
Notably, the Q4 results saw significant customer wins and expansions across all stakeholders. New customers included prominent entities like one of the world's largest telecommunication companies, the University of San Diego, Prism Electric, Extra Space Storage, and one of Canada's largest general contractors. Additionally, existing customers such as Tutor Perini, Mortenson, a Fortune 30 oil refiner, and an ENR 50 contractor expanded their Procore usage.
One standout win was a new customer, marking the company's largest deal in Q4 and one of its biggest seven-figure ARR deals in history. Another significant expansion came from Abergeldie, a leading infrastructure contractor in Australia and New Zealand. They chose Procore as their primary project management platform after a thorough evaluation.
Courtemanche underscored Procore's dominance in the construction technology space, highlighting that when large companies seek trusted partners to manage complex projects, they choose Procore. The CEO expressed gratitude for the concern shown by the global community following the devastating wildfires in Southern California, and extended appreciation to the firefighters and first responders who courageously battled the fires.
These results demonstrate Procore's resilience and capability to navigate challenges while driving business growth. The company's commitment to operational efficiency, customer satisfaction, and market leadership is evident throughout its Q4 performance."
