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Procore
🇺🇸 NYSE:PCOR
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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.

Total Revenue
$146M
Previous year: $110M
+33.4%
EPS
-$0.15
Previous year: -$3.45
-95.7%
Total Customers
12.19K
Previous year: 10.17K
+19.9%
Net New Customers
588
Gross Profit
$116M
Previous year: $90.4M
+28.6%
Cash and Equivalents
$586M
Previous year: $380M
+54.3%
Free Cash Flow
-$12.6M
Previous year: $11.3M
-211.8%
Total Assets
$1.69B
Previous year: $821M
+106.0%

Procore

Procore

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.
  • A reconciliation of non-GAAP guidance measures to corresponding GAAP measures is not available on a forward-looking basis without unreasonable effort due to the uncertainty of expenses that may be incurred in the future and cannot be reasonably determined or predicted at this time
  • These factors could be material to Procore’s future GAAP financial results.

Company Overview

Full financial data and analysis

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