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Dec 31, 2021
Procore Q4 2021 Earnings Report
Procore's Q4 2021 financial results reflected strength in technology, partnership, brand, and increased digitization appetite.
Key Takeaways
Procore Technologies, Inc. announced financial results for the fourth quarter ended December 31, 2021, with revenue of $146 million, a 33% increase year-over-year. The company added 588 net new organic customers, ending with a total of 12,193 organic customers. The number of organic customers contributing more than $100,000 of annual recurring revenue totaled 1,111 as of December 31, 2021, an increase of 32% year-over-year.
Revenue was $146 million, an increase of 33% year-over-year.
GAAP gross margin was 80% and non-GAAP gross margin was 83%.
Added 588 net new organic customers in the fourth quarter, ending with a total of 12,193 organic customers.
Number of organic customers contributing more than $100,000 of annual recurring revenue totaled 1,111 as of December 31, 2021, an increase of 32% year-over-year.
Forward Guidance
Procore is providing the following guidance for the first quarter and full year 2022:
Positive Outlook
- Revenue is expected to be in the range of $149 million to $151 million, representing year-over-year growth of 31% to 33% for Q1 2022.
- Non-GAAP operating margin is expected to be in the range of (15%) to (16%) for Q1 2022.
- Revenue is expected to be in the range of $661 million to $666 million, representing year-over-year growth of 28% to 29% for FY 2022.
- Includes $25 million from Levelset for FY 2022.
- Non-GAAP operating margin is expected to be in the range of (15%) to (16%) for FY 2022.
Challenges Ahead
- Non-GAAP operating margin is expected to be in the range of (15%) to (16%) for Q1 2022.
- Non-GAAP operating margin is expected to be in the range of (15%) to (16%) for FY 2022.
- Including 400 basis points of headwind from acquisition of Levelset for FY 2022.
Historical Earnings Impact
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