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PROCORE: “RENEWALS STABILIZED” Featured

Procore Technologies said contract renewals have stabilized after contract last year. The comments were made by CEO Tooey Courtemanche in the company’s recent webcast for earnings for the first quarter ended March 31.

Courtemanche sees an improvement in business sentiment, although not a big change in the immediate state of the market. “Customers are increasingly optimistic for the long term,” he said. The construction company laid off four percent of its staff in the first quarter, which counterbalanced hiring for 2023. Procore reported it ended 2023 with 3,694 full-time employees, up 4 percent year-over-year. The layoffs resulted in a charge of $4.2 million during the recently completed quarter. In addition, CFO Howard Wu discussed the performance of the company’s Procore Pay, which had its first complete quarter on the market. There were 100 companies on the system, which Wu said were “largely upmarket”. The company does not expect a material impact on this year’s results. Courtemanche noted that “Construction companies aren’t going to switch how they are paying the middle of a job”, which slows adoption. Procore lost slightly less than $11 million for the first quarter, down sharply from a loss of $63.4 million in last year’s corresponding period. First-quarter revenue was $269.4 million, an increase of 23.6 percent from $213.5 million a year earlier.

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