Procore Technologies, Inc., the leading global provider of construction management software, announced financial results for the first quarter ended March 31, 2024.
“The highly complex and collaborative nature of our industry underscores the importance of our mission to connect everyone in construction on a global platform,” said Tooey Courtemanche, Founder and CEO of Procore. “Our trusted, innovative platform mirrors what the industry needs and will continue to deliver value to the industry in both the short and long term.”
"I am proud of the strong margin performance we delivered in Q1,” said Howard Fu, CFO of Procore. “We remain focused on continuing to improve our operating leverage while executing on the long-term growth opportunity ahead of us.”
First Quarter 2024 Financial Highlights:
- Revenue was $269 million, an increase of 26% year-over-year.
- GAAP gross margin was 83% and non-GAAP gross margin was 86%.
- GAAP operating margin was (7%) and non-GAAP operating margin was 14%.
- Operating cash inflow for the first quarter was $69 million.
- Free cash inflow for the first quarter was $58 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:
- Achieved a gross revenue retention rate of 95% in the first quarter.
- Added 231 net new organic customers in the first quarter, ending with a total of 16,598 organic customers.
Second Quarter and Full Year 2024 Outlook:
Procore is providing the following guidance for the second quarter and full year 2024:
- Second Quarter 2024 Outlook:
- Revenue is expected to be in the range of $274 million to $276 million, representing year-over-year growth of 20% to 21%.
- Non-GAAP operating margin is expected to be in the range of 11% to 12%.
- Full Year 2024 Outlook:
- Revenue is expected to be in the range of $1,140 million to $1,144 million, representing year-over-year growth of 20%.
- Non-GAAP operating margin is expected to be in the range of 9% to 10%.
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 first quarter results at 2:00 p.m., Pacific Time, on Wednesday, May 1, 2024. A live audio webcast will be accessible on Procore's investor relations website at http://investors.procore.com.
