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Sep 30, 2022
Procore Q3 2022 Earnings Report
Procore's Q3 2022 financial results showcased impressive revenue growth and margin improvements.
Key Takeaways
Procore Technologies reported strong third-quarter results, with revenue reaching $186 million, a 41% increase year-over-year. The company added 683 net new organic customers, ending the quarter with 14,086 organic customers. While GAAP operating margin was (39%), non-GAAP operating margin improved to (7%).
Revenue increased by 41% year-over-year, reaching $186 million.
GAAP gross margin stood at 80%, while non-GAAP gross margin reached 84%.
The company added 683 net new organic customers, bringing the total to 14,086.
Procore launched Procore Workforce Management, a new end-to-end solution.
Procore
Procore
Forward Guidance
Procore provided guidance for the fourth quarter and full year 2022.
Positive Outlook
- Revenue is expected to be in the range of $189 million to $191 million for the fourth quarter of 2022.
- Fourth quarter revenue represents year-over-year growth of 29% to 31%.
- Revenue is expected to be in the range of $707 million to $709 million for the full year 2022.
- Full year revenue represents year-over-year growth of 37% to 38%.
- Full year revenue includes $30 million from Levelset.
Challenges Ahead
- Non-GAAP operating margin is expected to be in the range of (10%) to (11%) for the fourth quarter of 2022.
- Non-GAAP operating margin is expected to be in the range of (11%) to (12%) for the full year 2022.
- A reconciliation of non-GAAP guidance measures to corresponding GAAP measures is not available on a forward-looking basis without unreasonable effort.
- 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.