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Sep 30, 2023
Procore Q3 2023 Earnings Report
Procore announced financial results, highlighting revenue growth and advancements in platform innovation amidst a challenging demand environment.
Key Takeaways
Procore Technologies reported a 33% year-over-year increase in revenue, reaching $248 million for Q3 2023. The company added 363 net new organic customers, bringing the total to 16,067. Procore also achieved a gross revenue retention rate of 95% and made significant improvements to its efficiency profile, returning to non-GAAP operating profitability.
Revenue increased by 33% year-over-year to $248 million.
Added 363 net new organic customers, totaling 16,067.
Gross revenue retention rate was 95%.
Returned to non-GAAP operating profitability.
Procore
Procore
Forward Guidance
Procore provided revenue and non-GAAP operating margin guidance for Q4 2023 and full year 2023.
Positive Outlook
- Q4 2023 revenue is expected to be in the range of $247 million to $249 million, representing year-over-year growth of 22% to 23%.
- Q4 2023 non-GAAP operating margin is expected to be in the range of 2% to 3%.
- Full year 2023 revenue is expected to be in the range of $937 million to $939 million, representing year-over-year growth of 30%.
- Full year 2023 non-GAAP operating margin is expected to be in the range of 0.5% to 1%.
- Maintaining disciplined operating approach to optimize efficient growth trajectory.