Spyglass Portfolio -- Megatrends

D New Position: Procore Technologies, Inc. (PCOR) Why Now? PROCORE With the stock flat since IPO, despite ~80% topline growth and a switch to positive operating and FCF margins. Spyglass saw the opportunity to take advantage of a near-monopoly in a class of misunderstood and overlooked technology IPOs from 2021. Track Annotate News Zoom 2 110 4 5 10 100 +90 66.21 +60 50 5M 201M 0.302M 3 5 June 2021: Procore IPOs at $67 per share. The Spyglass team participated in the roadshow and conducted due diligence around the opportunity September 2021: Procore gets caught up in post- COVID technology frenzy and multiple becomes unsustainable May - January 2022: Procore gets caught up in the software unwind and investors lose interest despite never missing a single quarter since IPO August 2023: Spyglass investment idea presented to the team and Spyglass makes initial purchase September 2023: Procore announces Procore Pay - combined with its other financial products, we think could prove to be as big as Procore's core products over time 3 40 Jun Sep Dec Mar Jun Dec Mar Jun 2021 2022 2023 Source: Bloomberg. 19

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