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Mar 31, 2023
Procore Q1 2023 Earnings Report
Procore's Q1 2023 results reflected durable growth and improved operating leverage.
Key Takeaways
Procore Technologies, Inc. announced financial results for the first quarter ended March 31, 2023, with revenue of $214 million, an increase of 34% year-over-year and free cash inflow for the first quarter was $19 million.
Revenue was $214 million, an increase of 34% year-over-year.
GAAP gross margin was 81% and non-GAAP gross margin was 85%.
GAAP operating margin was (32%) and non-GAAP operating margin was (2%).
Added 601 net new organic customers in the first quarter, ending with a total of 15,089 organic customers.
Forward Guidance
Procore is providing the following guidance for the second quarter and full year 2023:
Positive Outlook
- Second Quarter 2023 Revenue is expected to be in the range of $216 million to $218 million, representing year-over-year growth of 25% to 27%.
- Second Quarter 2023 Non-GAAP operating margin is expected to be in the range of (7.5%) to (8.5%).
- Full Year 2023 Revenue is expected to be in the range of $908 million to $912 million, representing year-over-year growth of 26% to 27%.
- Full Year 2023 Non-GAAP operating margin is expected to be in the range of (5.5%) to (6.5%).
Historical Earnings Impact
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Avg. Return Before/After Earnings
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