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Mar 31, 2022
Procore Q1 2022 Earnings Report
Procore's Q1 2022 financial results reflected strong project backlogs and impressive execution.
Key Takeaways
Procore Technologies reported strong Q1 2022 results with revenue of $160 million, a 40% increase year-over-year, and added 616 net new organic customers.
Revenue was $160 million, up 40% year-over-year.
GAAP gross margin was 79% and non-GAAP gross margin was 84%.
Added 616 net new organic customers in the first quarter, ending with a total of 12,809 organic customers.
Formally launched in France, continuing Procore’s regional growth across EMEA.
Procore
Procore
Forward Guidance
Procore provided revenue and non-GAAP operating margin guidance for Q2 2022 and full year 2022.
Positive Outlook
- Second Quarter 2022 Revenue is expected to be in the range of $161 million to $163 million, representing year-over-year growth of 31% to 33%.
- Full Year 2022 Revenue is expected to be in the range of $676 million to $680 million, representing year-over-year growth of 31% to 32%.
- Full Year 2022 Revenue includes $28 million from Levelset
- Second Quarter 2022 Non-GAAP operating margin is expected to be in the range of (14%) to (15%).
- Full Year 2022 Non-GAAP operating margin is expected to be in the range of (13.5%) to (14.5%).