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Dec 31, 2023
Procore Q4 2023 Earnings Report
Procore's Q4 2023 financial results were announced, demonstrating year-over-year revenue growth and margin improvement.
Key Takeaways
Procore announced its Q4 and Full Year 2023 financial results, with Q4 revenue reaching $260 million, a 29% increase year-over-year. The company's GAAP gross margin was 82%, and non-GAAP gross margin was 85%. Procore added 300 net new organic customers in the fourth quarter, bringing the total to 16,367.
Revenue increased by 29% year-over-year, reaching $260 million.
GAAP gross margin was 82%, while non-GAAP gross margin was 85%.
The company generated $41 million in operating cash inflow and $29 million in free cash inflow.
Procore added 300 net new organic customers, ending the quarter with 16,367 total customers.
Procore
Procore
Forward Guidance
Procore is providing the following guidance for the first quarter and full year 2024:
Positive Outlook
- Revenue is expected to be in the range of $262 million to $264 million for Q1 2024.
- Year-over-year revenue growth of 23% to 24% is anticipated for Q1 2024.
- Non-GAAP operating margin is expected to be in the range of 7% to 8% for Q1 2024.
- Revenue is expected to be in the range of $1,137 million to $1,142 million for FY 2024.
- Year-over-year revenue growth of 20% is anticipated for FY 2024.
Challenges Ahead
- A reconciliation of non-GAAP guidance measures to corresponding GAAP measures is not available on a forward-looking basis.
- The uncertainty of expenses that may be incurred in the future cannot be reasonably determined or predicted at this time.
- These factors could be material to Procore’s future GAAP financial results.
- First Quarter 2024 Outlook: Revenue is expected to be in the range of $262 million to $264 million, representing year-over-year growth of 23% to 24%.
- Full Year 2024 Outlook: Revenue is expected to be in the range of $1,137 million to $1,142 million, representing year-over-year growth of 20%.