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Jun 30, 2022
Procore Q2 2022 Earnings Report
Procore's Q2 2022 financial results demonstrated the company's value to the construction industry, with solid performance in revenue and customer growth.
Key Takeaways
Procore announced its Q2 2022 financial results, showcasing a 40% year-over-year increase in revenue, reaching $172 million. The company added 594 net new organic customers, bringing the total to 13,403. Procore also provided guidance for Q3 and full year 2022, projecting continued revenue growth.
Revenue reached $172 million, a 40% increase year-over-year.
GAAP gross margin was 79%, while non-GAAP gross margin was 83%.
Added 594 net new organic customers, totaling 13,403 organic customers.
Procore opened a new Asia-Pacific headquarters in Sydney, Australia.
Procore
Procore
Forward Guidance
Procore is providing the following guidance for the third quarter and full year 2022:
Positive Outlook
- Revenue is expected to be in the range of $174 million to $176 million for Q3 2022.
- Year-over-year growth of 32% to 33% for Q3 2022 revenue.
- Revenue is expected to be in the range of $690 million to $694 million for full year 2022.
- Year-over-year growth of 34% to 35% for full year 2022 revenue.
- Including $29 million from Levelset for full year 2022 revenue.
Challenges Ahead
- Non-GAAP operating margin is expected to be in the range of (13%) to (14%) for Q3 2022.
- Non-GAAP operating margin is expected to be in the range of (13%) to (14%) for full year 2022.
- Operating cash outflow for the second quarter was $27 million.
- Free cash outflow for the second quarter was $37 million.
- GAAP operating margin was (42%)