Procore Technologies (PCOR) Investor Day 2024 summary

Strategic Vision and Market Opportunity

• Focus on durable, efficient growth in a massive, underpenetrated construction technology market, aiming to connect all stakeholders through a unified global platform and targeting a $15T industry by 2030.

• Construction represents 8% of the global workforce, with significant digitization potential and durable long-term growth.

• Triple TAM concept: potential to monetize each construction dollar across owners, GCs, and subs, expanding the addressable market to $10T in current regions and $15T globally.

• Current customer base includes ~17,000 customers, 2M active users, and $900B in ACV committed on the platform, with only ~12% logo capture in the U.S. and ~2% internationally among owners.

• Large white space remains, with significant expansion potential across all segments and geographies.

Growth Drivers and Go-to-Market Strategy

• Four key growth vectors: acquiring new customers, expanding volume within existing customers, cross-selling additional products, and international expansion.

• Only ~45% of customers' total ACV is currently on the platform, with an incremental $1T+ ACV upsell opportunity from existing customers.

• Transitioning to a regionalized go-to-market model with empowered general managers, tailored to local regulations and market maturity, with full implementation expected by H2 2025.

• Increased deployment of technical resources and a “swarming” approach with key accounts to accelerate product adoption, volume growth, and cross-sell.

• Go-to-market changes are driven by customer centricity, aiming to enable customers to realize full platform value.

Product Innovation and Platform Differentiation

• Unified, interoperable platform connects all stakeholders and workflows, enabling seamless data flow, AI-driven insights, and real-time collaboration.

• Recent launches include Resource Management, enhanced scheduling, Connectability, and Procore Pay, addressing top needs for owners, GCs, and subcontractors.

• Data platform investments position the company to leverage AI, Copilot, and agents for efficiency gains and future-proofing.

• Marketplace and integrations with 500+ partners, plus new APIs, enable broad data consolidation and ecosystem expansion.

• Platform supports collaboration among 716,000+ collaborator companies and 3M+ projects in 160+ countries.