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Sep 30, 2024
Procore Q3 2024 Earnings Report
Procore's Q3 2024 performance reflected a 19% year-over-year revenue increase and progress in operating margin expansion.
Key Takeaways
Procore Technologies reported a revenue of $296 million for Q3 2024, representing a 19% increase year-over-year. The company achieved a GAAP gross margin of 81% and a non-GAAP gross margin of 85%. Procore is focused on expanding operating margins and investing in long-term growth.
Revenue increased by 19% year-over-year, reaching $296 million.
GAAP gross margin was 81%, while non-GAAP gross margin reached 85%.
GAAP operating margin was (12%), and non-GAAP operating margin was 9%.
The company added 225 net new organic customers, bringing the total to 16,975.
Procore
Procore
Forward Guidance
Procore provided revenue and non-GAAP operating margin guidance for Q4 2024, Full Year 2024, and Full Year 2025.
Positive Outlook
- Q4 2024 revenue is expected to be in the range of $296 million to $298 million, representing year-over-year growth of 14% to 15%.
- Q4 2024 non-GAAP operating margin is expected to be in the range of 3% to 4%.
- Full year 2024 revenue is expected to be in the range of $1,146 million to $1,148 million, representing year-over-year growth of 21%.
- Full year 2024 non-GAAP operating margin is expected to be in the range of 10.5% to 11%.
- Full year 2025 revenue is expected to be at least $1,275 million, representing year-over-year growth of 11%.
Challenges Ahead
- 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.
- Factors could be material to Procore’s future GAAP financial results.
- Stock repurchase program does not obligate Procore to acquire any particular amount of common stock, and may be suspended or discontinued at any time at Procore’s discretion.
- The timing and actual number of shares repurchased will depend on a variety of factors, including price, general business and market conditions, and alternative investment opportunities.