PCOR - Procore Technologies Inc. (PCOR) Q4 2023 Earnings Call Transcript

2024-02-15 23:13:04 ET

Procore Technologies, Inc. (PCOR)

Q4 2023 Earnings Conference Call

February 15, 2024 17:00 ET

Corporate Participants

Matthew Puljiz - Vice President, Finance

Tooey Courtemanche - Founder, President and Chief Executive Officer

Howard Fu - Chief Financial Officer

Conference Call Participants

Brent Bracelin - Piper Sandler

Saket Kalia - Barclays

Ken Wong - Oppenheimer

DJ Hynes - Canaccord Genuity

Adam Borg - Stifel

Nick Altmann - Scotiabank

Daniel Jester - BMO Capital Markets

Dylan Becker - William Blair

Jason Celino - KeyBanc Capital Markets

Joshua Tilton - Wolfe Research

Kash Rangan - Goldman Sachs

Presentation

Operator

Hello, and welcome to the Procore Technologies, Inc., Full Year '23 Q4 Earnings Call. My name is Elliotte, and I will be coordinating your call today. [Operator Instructions]

I'd now like to hand over to Matthew Puljiz, the floor is yours. Please go ahead.

Matthew Puljiz

Thanks. Good afternoon, and welcome to Procore's 2023 fourth quarter earnings call. I'm Matthew Puljiz, VP of Finance. With me today are Tooey Courtemanche, Founder, President and CEO; and Howard Fu, 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 may include forward-looking statements regarding our financial results, products, customer demand, operations and macroeconomic and geopolitical conditions. You should not rely on forward-looking statements as predictions of future events. All forward-looking statements are subject to risks, uncertainties and assumptions and are based on management's current expectations and views as of today, February 15, 2024.

Procore undertakes no obligation to update any forward-looking statements to reflect new information or unanticipated events, except as required by law. If this call is replayed or viewed after today, the information presented during the call may not contain current or accurate information. Therefore, these statements should not be relied upon as representing our views as of any subsequent date. We'll also refer to certain non-GAAP financial measures to provide additional information to investors. A reconciliation of non-GAAP to GAAP measures is provided in our press release.

So with that, here's Tooey.

Tooey Courtemanche

Thanks, Matt, and thanks, everyone, for joining us today.

We ended the year about as we expected with some bright spots and learnings amid a tough economic environment. Some notable highlights were that we surpassed $1 billion in total ARR, we generated $29 million in free cash flow, and we believe 2024 will be another strong year for cash flow generation. Our net retention rate remained durable at 114%, and we ended the year with over 2,000 customers contributing greater than $100,000 in ARR....

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