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Mar 31, 2024
Procore Q1 2024 Earnings Report
Procore's Q1 2024 financial performance showcased revenue growth and strong margin performance.
Key Takeaways
Procore Technologies reported a 26% year-over-year increase in revenue, reaching $269 million. The company achieved a GAAP gross margin of 83% and a non-GAAP gross margin of 86%. Operating cash inflow was $69 million, and free cash inflow was $58 million.
Revenue increased by 26% year-over-year, totaling $269 million.
GAAP gross margin was 83%, while non-GAAP gross margin reached 86%.
The company generated $69 million in operating cash inflow.
Procore added 231 net new organic customers, bringing the total to 16,598.
Procore
Procore
Forward Guidance
Procore anticipates revenue between $274 million and $276 million for Q2 2024, representing 20% to 21% year-over-year growth, with a non-GAAP operating margin of 11% to 12%. For the full year 2024, revenue is projected to be between $1,140 million and $1,144 million, indicating a 20% year-over-year growth, and a non-GAAP operating margin of 9% to 10%.
Positive Outlook
- Revenue is expected to be in the range of $274 million to $276 million for Q2 2024.
- Year-over-year revenue growth of 20% to 21% is anticipated for Q2 2024.
- Non-GAAP operating margin is projected to be in the range of 11% to 12% for Q2 2024.
- Full year 2024 revenue is expected to be in the range of $1,140 million to $1,144 million.
- A 20% year-over-year revenue growth is expected for the full year 2024.
Challenges Ahead
- A reconciliation of non-GAAP guidance measures to corresponding GAAP measures is not available on a forward-looking basis.
- The uncertainty of expenses that may be incurred in the future cannot be reasonably determined or predicted at this time.
- These factors could be material to Procore’s future GAAP financial results.
- Stock-based compensation expense has been, and will continue to be for the foreseeable future, a significant recurring expense in our business
- Non-GAAP financial measures may not provide information that is directly comparable to information provided by other companies