Spyglass Investment Strategy Overview
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.
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