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Dec 31, 2024
Procore Q4 2024 Earnings Report
Procore reported strong revenue growth but faced widening losses in Q4 2024.
Key Takeaways
Procore achieved a 16% year-over-year revenue increase in Q4 2024, reaching $302,048,000. However, the company reported a GAAP net loss of $62,291,000, compared to $29,519,000 in the same quarter last year. Non-GAAP EPS was $0.01, while GAAP EPS stood at $(0.42).
Revenue grew by 16% YoY to $302,048,000.
GAAP net loss widened to $62,291,000 from $29,519,000 in Q4 2023.
Non-GAAP operating margin improved to -1% from 7% last year.
Strong customer retention with a 94% gross revenue retention rate.
Forward Guidance
Procore expects 12% YoY revenue growth in FY 2025, with improved non-GAAP operating margins.
Positive Outlook
- Revenue projected to grow 12% YoY to $1,285,000,000 - $1,290,000,000.
- Non-GAAP operating margin expected to improve to 13% - 13.5%.
- Continued customer adoption with strong retention rates.
- Expansion of AI-driven solutions to enhance efficiency.
- Ongoing investment in product innovation and platform growth.
Challenges Ahead
- GAAP profitability remains a challenge.
- Operating margins still negative on a GAAP basis.
- Macroeconomic conditions may impact growth.
- Increased operating expenses due to R&D investments.
- Potential slowdown in new customer acquisitions.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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