Procore Technologies: Leveraging a $1 Trillion Upsell Pipeline—Can GTM Overhaul Unlock Sustained Enterprise Expansion?

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Procore Technologies delivered strong Q3 2024 results, with $296M in revenue (+19% YoY, +$8.29M beat), adjusted EPS of $0.24 (+$0.02 beat), and international growth of 26% YoY, reinforcing its leadership in construction software. High gross retention (94%-95%), 16% CRPO growth, and a diversified customer base, including owners among its top 5 accounts, highlight platform resilience. The revamped GTM strategy, emphasizing GM-led account ownership and cross-sell efficiency, targets a $1 trillion upsell opportunity, supported by innovations like Procore Pay and dynamic scheduling. While FY2025 guidance of 11% revenue growth and 200-250 bps margin expansion reflects macro conservatism, the company’s strong net retention, 3-4 product attach rates, and greenfield adoption momentum (52% win rate) signal long-term potential. Challenges include scaling international markets (under 15% of ARR), pricing sensitivity, and execution risks tied to sales investments. Management prudently anticipates FY2026 as a stronger recovery year, positioning Procore to leverage high-demand verticals and enterprise traction, as evidenced by 81 customers spending $1M+ annually. With a focus on expanding margins, penetrating global markets, and scaling AI-powered tools, Procore’s leadership in a $15 trillion TAM underpins its favorable risk-reward profile. Can Procore effectively execute its GTM overhaul to unlock sustained enterprise growth and solidify its global leadership amidst macro uncertainties?

Table of Contents :
• Stock Rating & Target Price
• Investment Thesis
• Fundamental Models Used
• Company Description
• Corporate Timeline
• Key Metrics (KPI ) and Recently Reported Earnings Review
• Business Highlights, Strategic Announcements & Outlook
• Quarter-over-Quarter (Q-o-Q) and Year-over-Year (Y-o-Y) Growth Analysis
• Key Catalysts Driving Growth
• Historical Financial Statement Analysis & CAGR Trends
• Quarterly Key Financial Ratios and Performance Metrics
• Annual Financial Performance Analysis: Horizontal and Vertical Financial Analysis, Trends
• Financial Forecasts
• Annual Forecasts: Income Statement
• Annual Forecasts: Cash Flow Statements
• Net Debt Levels
• A Closer Look at DCF: Our Assumptions and Methodology
• Terminal Value Calculation
• Target Price Analysis
• Valuation Multiples
• Supplementary Valuation Analysis: Multiples Approach
• Scenario/Sensitivity Analysis – Base Case , Bull Case ,Bear Case
• Holistic Peer Review & Trading Comps: Financial Data, Operational Metrics, and Valuation Multiples
• Implied Price Per Share
• Ownership Activity/ Insider Trades
• Ownership Summary
• An analysis of ESG Risk Rating
• Key Professionals
• Key Board Members
• Key Risks Considerations
• Analyst Ratings
• Analyst Industry Views
• Disclosures

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