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Sep 30, 2021
Procore Q3 2021 Earnings Report
Procore's revenue increased and customer base grew, driven by strategic acquisitions and platform innovations.
Key Takeaways
Procore Technologies, Inc. announced its Q3 2021 financial results, reporting a 30% year-over-year revenue increase to $132 million. The company added 456 net new customers, bringing the total to 11,605. Procore also highlighted its recent acquisitions of Levelset and LaborChart, aimed at addressing payment and labor optimization challenges in the construction industry.
Revenue reached $132 million, a 30% increase year-over-year.
Added 456 net new customers, totaling 11,605 customers.
GAAP gross margin was 83%, and non-GAAP gross margin was 84%.
Operating cash flow was $15.1 million, and free cash flow was $6.5 million.
Forward Guidance
Procore anticipates revenue between $136 million and $138 million for Q4 2021. The non-GAAP operating margin is expected to be in the range of (14%) to (15%).
Positive Outlook
- Revenue is expected to be in the range of $136 million to $138 million.
- Includes $1 million from Levelset.
- Full Year 2021 Outlook: Revenue is expected to be in the range of $505 million to $507 million.
- Full Year 2021 Outlook: Including $1 million from Levelset.
- LaborChart not expected to provide material revenue contribution
Challenges Ahead
- Non-GAAP operating margin is expected to be in the range of (14%) to (15%).
- Including 400 basis points of headwind from acquisitions of Levelset and LaborChart
- Full Year 2021 Outlook: Non-GAAP operating margin is expected to be in the range of (6%) to (7%).
- Full Year 2021 Outlook: Including 100 basis points of headwind from acquisitions of Levelset and LaborChart
Historical Earnings Impact
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Avg. Return Before/After Earnings
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