Procore Technologies, Inc., a leading global provider of construction management software, announced financial results for the second quarter ended June 30, 2022.
“Our second quarter results demonstrate the value we deliver to the construction industry, especially in a dynamic environment,” said Tooey Courtemanche, Founder, President and CEO of Procore. “Our platform helps drive efficiency within construction and allows customers to have better visibility and control. We are continuing to see the return on investment in our solutions, which can help relieve some of the construction industry’s toughest burdens.”
“We delivered another quarter of solid results, highlighted by continued strength in backlog metrics, expansion momentum and pipeline generation,” said Paul Lyandres, CFO of Procore. “We are excited to host our inaugural Investor Day on November 9 in conjunction with our annual Groundbreak conference.”
Second Quarter 2022 Financial Highlights:
- Revenue was $172 million, an increase of 40% year-over-year.
- Including a $7 million contribution from Levelset.
- GAAP gross margin was 79% and non-GAAP gross margin was 83%.
- GAAP operating margin was (42%) and non-GAAP operating margin was (15%).
- Operating cash outflow for the second quarter was $27 million.
- Free cash outflow for the second quarter was $37 million.
A reconciliation of GAAP to non-GAAP financial measures has been provided in the tables included in this press release. An explanation of these measures is also included below under the heading “Non-GAAP Financial Measures.”
Recent Business Highlights:
- Added 594 net new organic customers in the second quarter, ending with a total of 13,403 organic customers.
- Excluding over 3,000 customers from Levelset.
- Released over 60 product enhancementsin the second quarter, including a number of innovations related to our global focus within Preconstruction and Financials.
- Opened new Asia-Pacific headquartersin Sydney, Australia.
- Earned a 2022 Top Rated Construction Product Awardfrom TrustRadius.
- Appointed Joy Durlingas Chief Data Officer.
Third Quarter and Full Year 2022 Outlook:
Procore is providing the following guidance for the third quarter and full year 2022:
- Third Quarter 2022 Outlook:
- Revenue is expected to be in the range of $174 million to $176 million, representing year-over-year growth of 32% to 33%.
- Non-GAAP operating margin is expected to be in the range of (13%) to (14%).
- Full Year 2022 Outlook:
- Revenue is expected to be in the range of $690 million to $694 million, representing year-over-year growth of 34% to 35%.
- Including $29 million from Levelset
- Non-GAAP operating margin is expected to be in the range of (13%) to (14%).
- Revenue is expected to be in the range of $690 million to $694 million, representing year-over-year growth of 34% to 35%.
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, although it is important to note that these factors could be material to Procore’s future GAAP financial results.
Quarterly Conference Call
Procore Technologies, Inc. will hold a conference call to discuss its second quarter results at 2:00 p.m., Pacific Time, on Wednesday, August 3, 2022. A live audio webcast will be accessible on Procore's investor relations website at http://investors.procore.com.
