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Jun 30, 2024
Procore Q2 2024 Earnings Report
Procore's Q2 2024 earnings demonstrated strong revenue growth and improved operating efficiency.
Key Takeaways
Procore announced its Q2 2024 financial results, reporting a revenue of $284 million, a 24% increase year-over-year, and a record operating margin. The company added 152 net new organic customers, ending the quarter with a total of 16,750 organic customers.
Revenue increased by 24% year-over-year, reaching $284 million.
GAAP gross margin was 83%, and non-GAAP gross margin was 87%.
GAAP operating margin was (5%), while non-GAAP operating margin was 17.6%.
Free cash inflow for the second quarter was $47 million.
Procore
Procore
Forward Guidance
Procore is providing the following guidance for the third quarter and full year 2024.
Positive Outlook
- Third Quarter 2024 Revenue is expected to be in the range of $286 million to $288 million, representing year-over-year growth of 15% to 16%.
- Third Quarter 2024 Non-GAAP operating margin is expected to be in the range of 9% to 10%.
- Full Year 2024 Revenue is expected to be in the range of $1,141 million to $1,144 million, representing year-over-year growth of 20%.
- Full Year 2024 Non-GAAP operating margin is expected to be in the range of 10% to 11%.
- Procore is in the early innings of transforming one of the largest and least digitized industries in the world
Challenges Ahead
- A reconciliation of non-GAAP guidance measures to corresponding GAAP measures is not available on a forward-looking basis without unreasonable effort due to the uncertainty of expenses that may be incurred in the future and cannot be reasonably determined or predicted at this time
- These factors could be material to Procore’s future GAAP financial results.
- The outcome of the events described in these forward-looking statements is subject to risks, uncertainties, and other factors that could cause results to differ materially from Procore’s current expectations
- Procore assumes no obligation to update any forward-looking statements to reflect events or circumstances that exist or change after the date on which they were made, except as required by law.
- Increased competition in our markets and our ability to compete effectively