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Dec 31, 2022
Procore Q4 2022 Earnings Report
Procore's Q4 2022 financial results reflected the power of their platform and their trusted partnership with the construction industry.
Key Takeaways
Procore Technologies reported a strong fourth quarter with revenue of $202 million, representing a 38% year-over-year increase. The company added 402 net new organic customers, ending the year with 14,488 organic customers. Paul Lyandres, CFO, will transition to President of Fintech, and Howard Fu will be promoted to CFO in early May.
Revenue was $202 million, an increase of 38% year-over-year, including a $9 million contribution from Levelset.
GAAP gross margin was 80% and non-GAAP gross margin was 84%.
GAAP operating margin was (37%) and non-GAAP operating margin was (8%).
Free cash inflow for the fourth quarter was $12 million.
Procore
Procore
Forward Guidance
Procore is providing the following guidance for the first quarter and full year 2023:
Positive Outlook
- Revenue is expected to be in the range of $202 million to $204 million, representing year-over-year growth of 27% to 28% for Q1 2023.
- Non-GAAP operating margin is expected to be in the range of (8.5%) to (9.5%) for Q1 2023.
- Revenue is expected to be in the range of $895 million to $900 million, representing year-over-year growth of 24% to 25% for FY 2023.
- Non-GAAP operating margin is expected to be in the range of (6.5%) to (7.5%) for FY 2023.