Q4 2025 Procore Technologies Inc Earnings Call Transcript
Key Points
- Procore Technologies Inc (PCOR) reported a strong Q4, exceeding the high end of their guidance with 15% revenue growth and a 14% non-GAAP operating margin.
- The company added three new ENR 400 logos and expanded its run rate with more than 70 ENR 400 customers, showcasing strong growth in the US general contractors segment.
- Procore's AI initiatives are gaining traction, with 66,000 unique active users and nearly 700 customers creating thousands of agents on Procore AI.
- The company's international revenue grew 14% year over year, with a constant currency growth of 15%, indicating strong global expansion.
- Procore achieved FedRAM moderate authorization, opening up opportunities with US federal and state government customers, enhancing their market reach.
- Procore Technologies Inc (PCOR) faces ongoing headwinds from a challenging construction environment, with negative growth reported in the US non-residential and multi-family sectors.
- The company's international growth is still impacted by macroeconomic challenges, limiting its top-line progress in this segment.
- Procore's share-based compensation (SBC) increased to 23% of revenue due to a one-time charge related to the transition of the former CEO, impacting the P&L.
- The company is still in the early stages of monetizing its AI offerings, with plans to experiment and evolve their approach, indicating potential uncertainty in revenue generation from AI.
- Procore's guidance for fiscal 2026 indicates a slower revenue growth rate of 13% compared to the previous year, suggesting potential challenges in maintaining high growth momentum.
Good afternoon.
Thank you for attending today's Procore Technologies Inc. FY25 Q4 earnings call. My name is Tamia, and I will be your moderator for today's call. All lines will be muted during the presentation portion of the call with an opportunity for questions and answers at the end. If you would like to ask a question, please press 1 on your telephone keypad. I would like to pass the conference over to your host, Alexandra Deller, head of IR.
Good afternoon and welcome to Procore's 2025 4th quarter earnings call. I'm Alexandra Geller, head of investor relations. With me today are Ajay Gopal, President and CEO, and Howard Foo, 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
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