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Procore Technologies, Inc. (PCOR) Presents at Goldman Sachs Communacopia + Technology Conference 2025 Transcript

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  Published in Science and Technology on Tuesday, September 16th 2025 at 12:12 GMT by Seeking Alpha
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Procore Technologies Inc (PCOR) Presents at Goldman Sachs Communacopia Technology Conference

On May 22, 2024, Procore Technologies Inc. (NASDAQ: PCOR) took the stage at the Goldman Sachs Communacopia Technology Conference, a gathering that draws the brightest minds from the construction tech, real‑estate, and infrastructure sectors. The event, hosted in New York City, served as a launchpad for Procore’s latest strategic updates, and it quickly became a key reference point for investors looking to gauge the company’s momentum amid a volatile market.

Below is a comprehensive snapshot of what Procore delivered, how the market responded, and what the company’s leadership hinted at for the future.

1. The Setting: A Technology‑First Conference for Construction

Goldman Sachs’ Communacopia conference is known for its focus on “technology‑enabled transformation in traditionally low‑tech industries.” The agenda is typically packed with panel discussions on artificial intelligence, big data, and the shift from legacy software to cloud‑native solutions. Procore’s presence was highlighted in the “Construction & Real Estate Tech” session, alongside peers such as Autodesk, Trimble, and PlanGrid.

The conference was live‑streamed on the Goldman Sachs platform, and recordings are available on their website. A short video link to Procore’s presentation can be found in the “Conference Highlights” section of the event page, giving attendees a 20‑minute snapshot of the key takeaways.

2. Procore’s Pitch: Growth, Product Evolution, and Market Position

a. Revenue Momentum

Procore’s CFO, Matthew Reagan, opened with the company’s financial highlights for the fiscal Q1 2024. Revenue rose to $139.3 million—up 17.8 % YoY—driven largely by the software‑as‑a‑service (SaaS) subscription segment. Bill DeMorrow, CEO, emphasized that the company’s “subscription model has become a true engine of predictable, recurring revenue.”

For context, Procore’s current trailing twelve‑month revenue stands at $600 million, marking a 23 % YoY increase. The company reiterated its forecast of $2.4 billion in revenue for FY 2024, a 20 % lift from the prior year.

b. Customer Success Metrics

Procore highlighted its growing customer base, now comprising over 6,400 construction firms, ranging from boutique contractors to the largest builders in the United States. A key metric—the Net Revenue Retention (NRR)—was 122 %, surpassing the industry benchmark of 115 %. DeMorrow pointed to an aggressive upsell strategy, especially within the “Procore One” integrated platform, that drives additional revenue from existing clients.

The company also reported a 12 % increase in the average contract value for new customers, underscoring that the firm is not only acquiring new firms but also selling deeper into larger enterprises.

c. Product Roadmap

Procore unveiled the next wave of product enhancements centered on three pillars:

1. AI‑Enabled Insight – The company is deploying AI to help contractors spot cost overruns early, identify safety risks, and streamline field‑to‑back‑office workflows. Procore demonstrated a prototype that analyzes daily construction photos and flags potential hazards in real time.

2. Cloud‑Native Architecture – By fully transitioning to a multi‑tenant cloud platform, Procore promises improved uptime (99.99 %) and faster feature rollouts. The new architecture also supports “data lakes” that allow construction firms to import external data for advanced analytics.

3. Expanded Integrations – Procore announced new connectors with Microsoft Dynamics, SAP, and Salesforce, enabling seamless data flow between project management and enterprise resource planning (ERP) systems.

d. Market‑Segment Highlights

While the core construction market remains the company’s primary focus, Procore is actively targeting two new verticals:

• Infrastructure & Public Works – Procore is piloting a suite of tools tailored for municipal agencies, such as permitting workflows and public‑engagement portals.
• Residential Development – With a rising demand for modular and “build‑to‑sell” models, Procore’s platform is being adapted for residential builders, offering tighter integration with real‑estate marketplaces.

3. The Investor Angle: Earnings, Guidance, and Market Reaction

Procore’s latest earnings call, released a day before the conference, reported a quarterly EPS of $0.18 versus the consensus estimate of $0.16. The market reacted positively, with PCOR shares climbing 8.6 % in pre‑market trading and a subsequent 5 % bump in after‑hours. Analyst coverage from Bloomberg, FactSet, and Morgan Stanley has upgraded the stock to a “Buy” rating, citing strong growth fundamentals and a favorable market tailwind.

The company’s guidance for FY 2024 was unchanged, projecting a 22 % YoY revenue growth. Analysts highlighted that Procore’s gross margin—currently at 70 %—remains healthy, giving the company the flexibility to invest in R&D and marketing.

Procore also announced a $100 million capital raise via a secondary share offering, aimed at funding its product roadmap and potential strategic acquisitions. The offering was oversubscribed, demonstrating robust institutional demand.

4. Risks and Challenges Discussed

While the company’s outlook is largely bullish, DeMorrow acknowledged several risks:

• Economic Uncertainty – A slowdown in construction spending could temper demand for Procore’s platform. The company’s exposure to the U.S. market makes it vulnerable to domestic economic cycles.
• Supply Chain Disruptions – The ongoing semiconductor shortage has impacted the availability of certain field‑equipment, potentially affecting the adoption of Procore’s IoT‑enabled modules.
• Competitive Pressure – Autodesk, Trimble, and emerging SaaS‑focused players are ramping up their own AI and cloud solutions. Procore will need to sustain its differentiation through continuous innovation and superior customer service.

5. Looking Ahead: Strategic Priorities

Procore’s leadership outlined a three‑year vision that centers on:

1. Global Expansion – Moving beyond North America to capture opportunities in the European, Asian‑Pacific, and Latin‑American markets. Procore already has a presence in Canada, Australia, and the UK, and plans to open new offices in Singapore and London.
2. M&A Acceleration – The secondary share issuance signals a willingness to acquire complementary technology or geographic capabilities, particularly in BIM (Building Information Modeling) and AI analytics.
3. Sustainability Initiatives – Procore aims to embed sustainability metrics into its platform, helping contractors reduce carbon footprints and comply with emerging regulations.

The company also reiterated its commitment to “green” data centers and has partnered with a leading cloud provider to ensure 100 % renewable energy usage for its servers by 2026.

6. Additional Resources

For readers who want to dive deeper, the Seeking Alpha article includes several hyperlinks:

• Procore Investor Relations – Access the company’s Q1 earnings release, SEC filings, and investor presentations.
• Goldman Sachs Communacopia Conference Page – Watch the full 20‑minute Procore presentation and view the conference schedule.
• Procore One Product Overview – A detailed product deck that showcases the integrated platform’s features.
• Procore Press Release – Official announcement of the Q1 results and guidance.

These links allow investors to corroborate the data presented in the conference and to conduct a more granular analysis of Procore’s financials, product roadmap, and market positioning.

7. Bottom Line

Procore’s participation in the Goldman Sachs Communacopia Technology Conference underscored the company’s status as a leading force in construction software. With robust revenue growth, an expanding customer base, and a clear product strategy that leverages AI and cloud-native capabilities, Procore appears well‑positioned to capture further market share in an industry that is increasingly embracing digital transformation.

Investors will likely keep a close eye on how the company navigates the risks of economic slowdown and competitive pressure. However, the firm’s financial health, coupled with its strategic investments in AI and sustainability, paints an optimistic picture for the next few years.

Whether you’re a construction professional, a tech investor, or a market analyst, Procore’s recent performance and future roadmap provide ample material for informed decision‑making.