Procore, the global provider of construction management software, has reported a 26% year-on-year increase in revenues to $269m for Q1
GAAP gross margin was 83% and non-GAAP gross margin was 86% for January to March.
Operating cash flow for the first quarter was $69m and free cash inflow was $58m.
Procore said it had achieved a gross revenue retention rate of 95% in the first quarter, added 231 new organic customers, bringing the total to 16,598 and was ranked eighth in the G2 Top 100 Best Global Software Companies of 2024.
Howard Fu, Procore’s CFO, said: “I am proud of the strong margin performance we delivered in Q1. We remain focused on continuing to improve our operating leverage, while executing on the long-term growth opportunity ahead of us.”
Second quarter and full year outlook
Procore said that looking ahead to the second quarter of 2024, it expects revenue to be in the range of $274m to $276m, representing year-on-year growth of 20%-21%.
Non-GAAP operating margin is expected to be in the range of 11%-12%.
For the full year 2024, revenue is expected to be in the range of $1,140m to $1,144m, representing year-on-year growth of 20%.
Non-GAAP operating margin is expected to be in the range of 9%-10%.
Tooey Courtemanche, found and CEO of Procore, said: “The highly complex and collaborative nature of our industry underscores the importance of our mission to connect everyone in construction on a global platform. 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.”
Founded in 2002, Procore provides construction management software for owners, main contractors and subcontractors. Its platform is employed by more than 2m users in over 150 countries worldwide.
