Mission Statement, Vision, & Core Values (2024) of Procore Technologies, Inc. (PCOR).

An Overview of Procore Technologies, Inc. (PCOR)

General Summary of Procore Technologies, Inc. (PCOR)

Procore Technologies, Inc. was founded in 2002 and specializes in providing cloud-based construction management software. The company aims to connect project teams and streamline processes in the construction industry. Procore's platform offers various tools for project management, construction financials, quality and safety, and field productivity.

As of 2024, Procore has reported an increase in its customer base, with approximately 17,000 customers utilizing its services. The company has expanded its footprint in the market, focusing on innovations that enhance collaboration and efficiency within construction projects.

In terms of sales, Procore Technologies generated approximately $849.7 million in revenue during the nine months ended September 30, 2024, reflecting a 23% increase compared to the same period in 2023 .

Company's Financial Performance in the Latest Financial Reports

Procore Technologies has showcased robust financial performance in its latest reports. For the nine months ended September 30, 2024, the company achieved:

Specifically, Procore's revenue growth has been driven by a combination of existing and new customers, with approximately 73% of the revenue increase attributed to existing customers expanding their subscriptions . Additionally, the company reported a gross margin of 82% for the nine months ended September 30, 2024 .

Procore Technologies as an Industry Leader

Procore Technologies stands out as a leader in the construction management software industry. The company has consistently invested in its product offerings, resulting in a high gross retention rate of 94% as of September 30, 2024 . Procore has enhanced its platform to meet the evolving needs of the construction sector, making it a vital partner for many firms in the industry.

As of September 30, 2024, Procore's customer base included 2,261 customers contributing more than $100,000 in annual recurring revenue (ARR), indicating a significant growth trajectory . The company continues to focus on innovation and customer satisfaction, reinforcing its position as a frontrunner in construction technology.

Mission Statement of Procore Technologies, Inc. (PCOR)

Company's Mission Statement Overview

The mission statement of Procore Technologies, Inc. (PCOR) serves as a guiding principle that shapes the company's long-term strategic goals. It encapsulates the essence of the organization, providing clarity on its purpose and the values it upholds. In 2024, Procore's mission statement emphasizes its commitment to improving the construction industry through innovative technology solutions. This focus reflects not only the company's dedication to enhancing operational efficiencies but also its ambition to drive positive change across the sector.

Core Component 1: Innovation

One of the primary components of Procore's mission statement is innovation. The company is dedicated to constantly evolving its product offerings to meet the dynamic needs of the construction industry. Procore's investment in research and development (R&D) underscores this commitment. In the nine months ended September 30, 2024, Procore allocated approximately $223.7 million to R&D, reflecting a slight decrease of 1% from the previous year. This investment is crucial for developing new features and enhancing existing functionalities within its platform.

Procore's innovative approach is evident in its introduction of advanced project management tools, which have contributed to a 19% year-over-year increase in revenue, reaching $295.9 million in Q3 2024. By leveraging cutting-edge technology, Procore aims to streamline processes and improve project outcomes for its users.

Core Component 2: Customer Success

Another critical aspect of Procore's mission is its commitment to customer success. The company strives to provide exceptional service and support to its users, ensuring that they can maximize the value derived from its platform. As of September 30, 2024, Procore reported a gross retention rate (GRR) of 94%, indicating a strong ability to retain existing customers. This high retention rate reflects the effectiveness of Procore's solutions in meeting customer needs.

Furthermore, the number of customers generating over $100,000 of annual recurring revenue (ARR) increased by 18% year-over-year, from 1,921 to 2,261. This growth is a testament to Procore's focus on delivering high-quality products and services that foster long-term relationships with clients.

Core Component 3: Industry Transformation

Procore's mission statement also highlights its ambition to transform the construction industry. The company aims to drive efficiency, collaboration, and transparency within the sector. Procore's platform is designed to connect all stakeholders in a project, facilitating better communication and collaboration among teams. As of September 30, 2024, the total number of customers on Procore's platform increased from 16,067 to 16,975, reflecting a growth rate of 6%.

This expansion demonstrates Procore's effectiveness in promoting a more integrated approach to construction management. The company's commitment to industry transformation is further supported by its ongoing initiatives to educate and empower construction professionals through various training and development programs.

Vision Statement of Procore Technologies, Inc. (PCOR)

Vision Statement of Procore Technologies, Inc. (PCOR)

The vision statement of Procore Technologies, Inc. emphasizes their commitment to transforming the construction industry through technological innovation and strategic expansion. The following sections will delve into specific components of this vision as of 2024.

Procore Technologies aims to lead the construction technology sector by continuously investing in innovative solutions. In 2024, the company allocated approximately $102.4 million towards research and development, representing a 12% increase compared to 2023. This investment is reflected in the company's operating expenses, with R&D accounting for 27% of total revenue .

The company is dedicated to enhancing customer experience, which is evident from their robust customer growth metrics. As of September 30, 2024, Procore reported 16,975 customers, an increase of 6% year-over-year. Notably, the number of customers contributing over $100,000 in annual recurring revenue (ARR) rose to 2,261, marking an 18% growth.

Procore's vision includes a strategic focus on international markets. In 2024, the company expanded its footprint in Europe and Australia, contributing to a 21% increase in international revenue. As of September 30, 2024, international revenue accounted for 25% of total revenue.

To optimize operational efficiency, Procore is investing in advanced technologies and partnerships. The company reported a gross retention rate (GRR) of 94% for 2024, indicating strong customer loyalty and satisfaction. The remaining performance obligations (RPO) stood at $1.1 billion, with $738.9 million expected to be recognized as revenue in the next 12 months, reflecting a 16% year-over-year increase.

Procore's vision includes leveraging strategic partnerships and acquisitions to enhance its service offerings. In May 2024, the company acquired Intelliwave Technologies for $29.8 million to bolster its Workforce Management solution. Such strategic moves are part of Procore's plan to integrate comprehensive solutions across its platform, catering to an expanding customer base.

Conclusion

Procore Technologies, Inc. is focused on a vision that prioritizes innovation, customer satisfaction, global expansion, operational efficiency, and strategic growth through partnerships and acquisitions. This multifaceted approach positions the company as a leader in the construction technology industry.

Core Values of Procore Technologies, Inc. (PCOR)

Core Value: Integrity

Integrity is a foundational value at Procore Technologies, Inc., emphasizing transparency and trust in all business dealings. The company fosters an environment where ethical behavior is paramount.

Procore's commitment to integrity is evident through its comprehensive compliance program, which includes regular training sessions for employees on ethical standards and practices. In 2024, Procore invested approximately $2 million in compliance training and resources, reflecting its dedication to maintaining high ethical standards across its operations.

Core Value: Innovation

Innovation drives Procore's growth and product development strategies. The company prioritizes technological advancements to enhance its construction management platform.

In 2024, Procore launched several new features, including Procore Pay, which streamlines payment processes for contractors and subcontractors. This initiative is part of a broader investment strategy where Procore allocated over $80 million in research and development to foster innovation throughout the year.

Additionally, Procore's acquisition of Intelliwave Technologies for $29.8 million in May 2024 demonstrates its commitment to expanding its innovative capabilities within the construction materials management sector .

Core Value: Customer Success

Customer success is at the heart of Procore's mission. The company strives to ensure that its clients achieve their project goals and maximize the value derived from its platform.

As of September 30, 2024, Procore reported an increase in annual recurring revenue (ARR) from customers exceeding $100,000, rising from 1,921 to 2,261, representing an 18% year-over-year growth . This growth is indicative of Procore’s effective customer engagement and support strategies.

Procore's gross retention rate (GRR) stood at 94% for 2024, showcasing its ability to retain customers and reaffirming its commitment to customer satisfaction .

Core Value: Collaboration

Collaboration is essential to Procore's operational ethos, both internally among teams and externally with clients and partners.

In 2024, Procore introduced new collaborative tools designed to enhance communication among project stakeholders. These tools have improved project transparency and efficiency, resulting in a 25% reduction in project delays reported by users.

Furthermore, Procore’s partnerships with various construction firms and technology providers illustrate its collaborative approach to creating a more integrated construction ecosystem.

Core Value: Accountability

Accountability is a core value that Procore emphasizes in its corporate culture, encouraging employees to take ownership of their tasks and responsibilities.

Procore's leadership holds regular performance reviews and feedback sessions, ensuring that all team members are aligned with the company's goals. In 2024, the company initiated a new performance management system that has enhanced accountability metrics, contributing to improved employee performance and satisfaction .

Core Value: Community

Community engagement is integral to Procore's values, as the company seeks to give back to the communities it serves.

In 2024, Procore committed over $1 million to various community initiatives, including scholarships for students pursuing careers in construction management and partnerships with non-profit organizations focused on workforce development in the construction industry .

Article updated on 8 Nov 2024

Resources:

• Procore Technologies, Inc. (PCOR) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of Procore Technologies, Inc. (PCOR)' financial performance, including balance sheets, income statements, and cash flow statements.
• SEC Filings – View Procore Technologies, Inc. (PCOR)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.