Procore Technologies Inc ( (PCOR) ) has realeased its Q3 earnings. Here is a breakdown of the information Procore Technologies Inc presented to its investors.
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Procore Technologies Inc., a leading provider of construction management software, reported its financial results for the third quarter of 2024, highlighting its efforts to transition its go-to-market strategy and expand its operating margins. The company achieved a revenue of $296 million, marking a 19% increase from the previous year, and maintained a strong GAAP gross margin of 81%, with non-GAAP gross margin at 85%. Procore’s operating cash inflow for the quarter was $39 million, with a free cash inflow of $23 million, reflecting its solid cash generation capabilities.
Procore’s customer base continued to grow, with the number of organic customers contributing more than $100,000 of annual recurring revenue rising by 18% year-over-year to 2,261. Additionally, the company added 225 net new organic customers in the third quarter, reaching a total of 16,975 organic customers by the end of September. The company also announced plans to expand its Procore Zones to the UK, Australia, and New Zealand, enhancing its regional data storage and management offerings.
Looking forward, Procore anticipates continued growth with projected revenue for the fourth quarter of 2024 ranging between $296 million and $298 million. For the full year 2024, revenue is expected to reach between $1,146 million and $1,148 million, representing a 21% growth year-over-year. Procore also targets to further expand its operating margins in 2025, with revenue expected to grow by at least 11%.
Procore’s management remains optimistic about the company’s long-term growth prospects, emphasizing their confidence in capturing the significant opportunities within the construction management software market. With strategic investments and a stock repurchase program in place, Procore is well-positioned to drive future growth and maintain its leadership in the industry.
