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  "documentTitle": "Procore | Investor Day Presentation Deck | 63 slides",
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  "authorName": "Procore",
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  "presentationDate": "2024-11-01 00:00:00",
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      "text": "~$50M lifetime originations\nPurchase materials from suppliers and sell to SCs on deferred payment terms\nLeverage available proprietary data during underwriting process\nSecure our financing with lien rights\nCollect upfront origination fee + weekly finance charge\nExpect to get paid back in full when SC is paid\nCommitting to small amount of capital (<10% of cash on balance sheet) to build our \"gametape\"",
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      "text": "Up to ~90 days on average¹ for SCs to get paid once invoice is approved\nMassive invoice flow already captured on Procore platform\nCan initially leverage 3rd-party capital partner without incurring balance sheet risk\nProcore can pay out approved invoices to SCs early, collect a fee, and recoup payment once GC is paid\nPotential to leverage Procore Pay payment flows\nPotential for more efficient monetization",
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      "text": "Mismatch in payment timing creates working capital constraints\nLimited credit history & difficulty accessing traditional sources of capital\nLack of capital leads to fewer bids and constricts the specialty contractor's ability to grow",
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      "kind": "list",
      "text": "Long term, our intent is not to scale on our own balance sheet\nWe are evaluating the most attractive, efficient approach to solving the working capital problem statement",
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      "text": "Determining the Optimal Approach",
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      "text": "Problem Statement:",
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      "text": "We Have Been Experimenting With...",
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      "text": "And Are Actively Evaluating...",
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      "text": "Source: PWC Working Capital Report (2019/2020): Creating Value Through Working Capital. Note: All statistics as of June 30, 2023.\n1 Reflects median days sales outstanding (DSO) for the engineering & construction industry.",
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