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Jun 30, 2023
Procore Q2 2023 Earnings Report
Procore's Q2 2023 financial results showcased solid revenue growth and improved operating leverage amidst a challenging demand environment.
Key Takeaways
Procore Technologies, Inc. announced its second quarter 2023 financial results, demonstrating solid revenue growth of 33% year-over-year and improved operating leverage. The company added 615 net new organic customers, bringing the total to 15,704. Procore is focused on efficient growth and expects to reach positive and sustainable free cash flow this year.
Revenue increased by 33% year-over-year, reaching $229 million.
GAAP gross margin was 81%, while non-GAAP gross margin was 85%.
The company added 615 net new organic customers, totaling 15,704.
Procore maintained its #1 ranking across 11 categories in the G2 2023 Summer Report.
Forward Guidance
Procore provided guidance for the third quarter and full year 2023.
Positive Outlook
- Third quarter revenue is expected to be in the range of $232 million to $234 million, representing year-over-year growth of 24% to 26%.
- Third quarter non-GAAP operating margin is expected to be in the range of (6%) to (5%).
- Full year revenue is expected to be in the range of $921 million to $924 million, representing year-over-year growth of 28%.
- Full year non-GAAP operating margin is expected to be in the range of (4.5%) to (4%).
- The company is on track to reach positive and sustainable free cash flow this year.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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