Procore Announces Second Quarter 2022 Financial Results

Rhea-AI Summary

Procore Technologies, Inc. (NYSE: PCOR) reported strong Q2 2022 results, with revenue of $172 million, marking a 40% year-over-year increase. The gross margin stood at 79%, while the non-GAAP gross margin was 83%. Despite a GAAP operating margin of (42%), operating cash outflow was $27 million. The company added 594 new organic customers, ending with a total of 13,403. Procore anticipates Q3 2022 revenue between $174 million and $176 million, reflecting 32%-33% growth year-over-year, and full-year revenue guidance is set at $690 million to $694 million, a 34%-35% increase.

Positive

• Revenue grew 40% year-over-year to $172 million.
• Added 594 new organic customers, totaling 13,403.
• Non-GAAP gross margin improved to 83%.
• Strong Q3 and full-year revenue growth projections.

Negative

• GAAP operating margin was (42%).
• Operating cash outflow for Q2 was $27 million.
• Free cash outflow totaled $37 million.

CARPINTERIA, Calif.--(BUSINESS WIRE)-- Procore Technologies, Inc. (NYSE: PCOR), a leading global provider of construction management software, today 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 8 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 enhancements in the second quarter, including a number of innovations related to our global focus within Preconstruction and Financials.
• Opened new Asia-Pacific headquarters in Sydney, Australia.
• Earned a 2022 Top Rated Construction Product Award from TrustRadius.
• Appointed Joy Durling as 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%).

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.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, about Procore and its industry that involve substantial risks and uncertainties. All statements in this press release other than statements of historical fact are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements generally relate to future events or future financial or operating performance, and may be identified by the use of words such as “anticipate,” “believe,” “contemplate,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “will,” or “would,” or the negative of these words, or other similar terms or expressions that concern Procore’s expectations, strategy, plans, or intentions.

Procore has based the forward-looking statements contained in this press release primarily on its current expectations and projections about future events and trends that Procore believes may affect its business, financial condition, and operating results. The outcome of the events described in these forward-looking statements is subject to risks, uncertainties, and other factors that could cause results to differ materially from Procore’s current expectations, including, but not limited to, our expectations regarding our financial performance, including revenues, expenses, and margins, and our ability to achieve or maintain future profitability, economic and industry trends (in particular the rate of adoption of construction management software and digitization of the construction industry, inflation, and challenging geopolitical conditions), our ability to attract new customers and retain and increase sales to existing customers, our ability to expand internationally, our estimated total addressable market, and as set forth in Procore’s filings with the Securities and Exchange Commission. You should not place undue reliance on Procore’s forward-looking statements. Procore assumes no obligation to update any forward-looking statements to reflect events or circumstances that exist or change after the date on which they were made, except as required by law.

Non-GAAP Financial Measures

Procore believes that the use of certain non-GAAP financial measures as described below, when taken collectively, is helpful to investors because it provides consistency and comparability with past financial performance, and may assist in comparisons with other companies, some of which use similar non-GAAP financial information to supplement their GAAP results. These non-GAAP financial measures are not prepared in accordance with U.S. generally accepted accounting principles, or GAAP.

Non-GAAP Gross Profit, Non-GAAP Gross Margin, Non-GAAP Operating Expenses, Non-GAAP Loss from Operations, Non-GAAP Operating Margin, Non-GAAP Net Loss and Non-GAAP Net Loss per Share: Procore defines these non-GAAP financial measures as the respective GAAP measures, excluding stock-based compensation expense, amortization of acquired intangible assets, employer payroll tax related to employee stock transactions, acquisition-related expenses, and the income tax effect of non-GAAP items. Non-GAAP gross margin is the ratio calculated by dividing non-GAAP gross profit by total revenue. Non-GAAP operating margin is the ratio calculated by dividing non-GAAP loss from operations by total revenue.

Because of varying available valuation methodologies, subjective assumptions, and the variety of equity instruments that can impact a company's non-cash expenses, Procore believes that providing non-GAAP financial measures that exclude stock-based compensation expense allow for meaningful comparisons between its operating results from period to period. The expense related to amortization of acquired intangible assets is dependent upon estimates and assumptions, which can vary significantly and are unique to each asset acquired; therefore, Procore believes non-GAAP measures that adjust for the amortization of acquired intangible assets provide investors a consistent basis for comparison across accounting periods. The amount of employer payroll tax-related items on employee stock transactions is dependent on restricted stock unit settlements, option exercises, related stock price, and other factors that are beyond Procore’s control and that do not correlate to the operation of the business. When evaluating the performance of its business and making operating plans, Procore does not consider these items (for example, when considering the impact of equity award grants, the company places a greater emphasis on overall stockholder dilution than the accounting charges associated with such grants). Additionally, acquisition-related expenses, such as transaction costs and retention payments, are expenses that are not necessarily reflective of operational performance during a period. Procore believes that the exclusion of acquisition-related expenses provides for a useful comparison of our operating results to prior periods and to its peer companies, which commonly exclude these expenses. Income tax benefits relate to the release of a portion of our valuation allowance as a result of deferred tax liabilities recorded related to acquisitions that are available sources of income to realize our deferred tax assets. We exclude the income tax effect associated with our acquisitions from certain of our non-GAAP financial measures because we believe that excluding this provides meaningful supplemental information regarding our operational performance. Overall, Procore believes it is useful to exclude these expenses in order to better understand the long-term performance of its core business and to facilitate comparison of its results period-over-period and to those of peer companies. All of these non-GAAP financial measures are important tools for financial and operational decision-making and for evaluating Procore's own operating results over different periods of time.

Non-GAAP financial measures may not provide information that is directly comparable to information provided by other companies in Procore's industry, as other companies in the industry may calculate non-GAAP financial measures differently. In addition, there are limitations in using non-GAAP financial measures because non-GAAP financial measures are not prepared in accordance with GAAP, may be different from non-GAAP financial measures used by other companies, and exclude expenses that may have a material impact on Procore's reported financial results. Further, stock-based compensation expense has been, and will continue to be for the foreseeable future, a significant recurring expense in Procore's business and an important part of the compensation provided to its employees. The presentation of non-GAAP financial information is not meant to be considered in isolation or as a substitute for the directly comparable financial measures prepared in accordance with GAAP. Investors should review the reconciliation of non-GAAP financial measures to the comparable GAAP financial measures included below, and not rely on any single financial measure to evaluate Procore's business.

Free Cash Flow: Procore defines free cash flow as net cash (used in) provided by operating activities, less purchases of property and equipment and capitalized software development costs. Procore believes free cash flow is an important liquidity measure of the cash (if any) that is available, after our operating activities and capital expenditures. Procore uses free cash flow in conjunction with traditional GAAP measures to assess its liquidity and evaluate the effectiveness of its business strategies. Once Procore’s business needs and obligations are met, cash can be used to maintain a strong balance sheet and invest in future growth.

About Procore

Procore is a leading global provider of construction management software. Over 1 million projects and more than $1 trillion USD in construction volume have run on Procore's platform. Procore’s platform connects key project stakeholders to solutions Procore has built specifically for the construction industry—for the owner, the general contractor, and the specialty contractor. Procore's App Marketplace has a multitude of partner solutions that integrate seamlessly with Procore’s platform, giving construction professionals the freedom to connect with what works best for them. Headquartered in Carpinteria, California, Procore has offices around the globe. Learn more at Procore.com.

PROCORE-IR

Category: Earnings

Procore Technologies, Inc. Condensed Consolidated Statements of Operations (unaudited)
		Three Months Ended June 30,								Six Months Ended June 30,
(in thousands, except share and per share amounts)		2022				2021				2022				2021
Revenue		$	172,205			$	122,790			$	331,721			$	236,728
Cost of revenue (1)(2)(3)			36,735				25,493				70,067				45,852
Gross profit			135,470				97,297				261,654				190,876
Operating expenses:
Sales and marketing (1)(2)(3)(4)			103,283				99,905				197,198				153,870
Research and development (1)(2)(3)(4)			63,822				88,627				124,076				123,172
General and administrative (1)(3)(4)			40,667				57,827				83,819				75,754
Total operating expenses			207,772				246,359				405,093				352,796
Loss from operations			(72,302	)			(149,062	)			(143,439	)			(161,920	)
Interest income (expense), net			111				(576	)			(380	)			(1,138	)
Other expense, net			(890	)			(44	)			(347	)			(227	)
Loss before provision for income taxes			(73,081	)			(149,682	)			(144,166	)			(163,285	)
Provision for income taxes			42				37				376				166
Net loss		$	(73,123	)		$	(149,719	)		$	(144,542	)		$	(163,451	)
Net loss per share attributable to common stockholders, basic and diluted		$	(0.54	)		$	(2.04	)		$	(1.07	)		$	(3.11	)
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted			135,927,677				73,539,568				135,232,404				52,564,840

(1) Includes stock-based compensation expense as follows:

		Three Months Ended June 30,								Six Months Ended June 30,
		2022				2021				2022				2021
		(in thousands)
Cost of revenue		$	2,046			$	4,918			$	3,504			$	6,079
Sales and marketing			12,572				42,855				22,868				46,107
Research and development			13,144				51,317				26,152				54,563
General and administrative			6,133				38,353				18,580				40,997
Total stock-based compensation expense		$	33,895			$	137,443			$	71,104			$	147,746

(2) Includes amortization of acquired intangible assets as follows:

		Three Months Ended June 30,								Six Months Ended June 30,
		2022				2021				2022				2021
		(in thousands)
Cost of revenue		$	5,654			$	1,086			$	11,308			$	2,172
Sales and marketing			3,106				466				6,212				945
Research and development			895				680				1,797				863
Total amortization of acquired intangible assets		$	9,655			$	2,232			$	19,317			$	3,980

(3) Includes employer payroll tax on employee stock transactions as follows:

		Three Months Ended June 30,								Six Months Ended June 30,
		2022				2021				2022				2021
		(in thousands)
Cost of revenue		$	68			$	330			$	149			$	334
Sales and marketing			317				1,215				925				1,357
Research and development			523				1,748				1,550				1,822
General and administrative			182				635				727				715
Total employer payroll tax on employee stock transactions		$	1,090			$	3,928			$	3,351			$	4,228

(4) Includes acquisition-related expenses as follows:

		Three Months Ended June 30,								Six Months Ended June 30,
		2022				2021				2022				2021
		(in thousands)
Sales and marketing		$	208			$	110			$	415			$	110
Research and development			1,090				191				2,191				191
General and administrative			1,081				442				2,119				442
Total acquisition-related expenses		$	2,379			$	743			$	4,725			$	743

Procore Technologies, Inc. Condensed Consolidated Balance Sheets (unaudited)
(in thousands)		June 30, 2022				December 31, 2021
Assets
Current assets
Cash and cash equivalents		$	563,224			$	586,108
Accounts receivable, net			89,274				113,977
Contract cost asset, current			19,251				17,030
Prepaid expenses and other current assets			44,082				35,173
Total current assets			715,831				752,288
Capitalized software development costs, net			42,335				27,062
Property and equipment, net			41,035				36,837
Right of use assets - finance leases			38,291				39,623
Right of use assets - operating leases			48,410				44,052
Contract cost asset, non-current			30,398				25,889
Intangible assets, net			182,501				201,977
Goodwill			539,584				540,922
Other assets			23,569				22,007
Total assets		$	1,661,954			$	1,690,657
Liabilities, Redeemable Convertible Preferred Stock and Stockholders’ Equity
Current liabilities
Accounts payable		$	21,251			$	15,490
Accrued expenses			52,087				65,907
Deferred revenue, current			316,559				301,557
Other current liabilities			29,461				20,750
Total current liabilities			419,358				403,704
Deferred revenue, non-current			3,943				4,024
Finance lease liabilities, non-current			46,451				47,344
Operating lease liabilities, non-current			42,762				41,573
Other liabilities, non-current			3,445				4,723
Total liabilities			515,959				501,368
Stockholders’ equity
Common stock			14				13
Additional paid-in capital			1,953,764				1,852,071
Accumulated other comprehensive loss			(1,029	)			(583	)
Accumulated deficit			(806,754	)			(662,212	)
Total stockholders’ equity			1,145,995				1,189,289
Total liabilities, redeemable convertible preferred stock and stockholders’ equity		$	1,661,954			$	1,690,657

Remaining performance obligation:

The remaining performance obligation was $653.9 million as of June 30, 2022, approximately 72% of which is expected to be recognized as revenue within 12 months. The remaining performance obligation was $478.4 million as of June 30, 2021, approximately 72% of which was expected to be recognized as revenue within 12 months.

Procore Technologies, Inc. Condensed Consolidated Statements of Cash Flows (unaudited)
		Three Months Ended June 30,								Six Months Ended June 30,
(in thousands)		2022				2021				2022				2021
Operating activities
Net loss		$	(73,123	)		$	(149,719	)		$	(144,542	)		$	(163,451	)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities
Stock-based compensation			33,895				137,443				71,104				147,746
Depreciation and amortization			15,403				7,819				30,550				15,120
Abandonment of long-lived assets			887				-				887				554
Noncash lease expense			2,652				1,869				4,808				3,735
Unrealized foreign currency loss, net			832				86				355				691
Deferred income taxes			(286	)			(72	)			(638	)			(99	)
Changes in operating assets and liabilities, net of effect of business combinations
Accounts receivable			(9,788	)			(9,610	)			24,337				11,113
Deferred contract cost assets			(3,295	)			(3,500	)			(7,361	)			(5,062	)
Prepaid expenses and other assets			390				(1,122	)			(4,535	)			(5,723	)
Accounts payable			5,587				608				5,926				(2,908	)
Accrued expenses and other liabilities			(4,552	)			9,420				(8,909	)			14,535
Deferred revenue			6,932				4,206				15,706				10,845
Operating lease liabilities			(2,489	)			(557	)			(4,359	)			(1,929	)
Net cash flow (used in) provided by operating activities			(26,955	)			(3,129	)			(16,671	)			25,167
Investing activities
Purchases of property and equipment			(1,908	)			(1,801	)			(9,433	)			(4,194	)
Capitalized software development costs			(8,620	)			(3,523	)			(16,252	)			(5,716	)
Purchases of strategic investments			(689	)			(3,450	)			(3,018	)			(3,450	)
Originations of materials financing			(9,259	)			-				(9,259	)			-
Customer repayments of materials financing			6,261				-				6,261				-
Acquisition of a business, net of cash acquired			-				(19,982	)			-				(19,982	)
Settlement of post-close working capital adjustments from business combinations			-				-				1,291				-
Net cash flow used in investing activities			(14,215	)			(28,756	)			(30,410	)			(33,342	)
Financing activities
Proceeds from initial public offering, net of underwriting commissions and discounts			-				665,129				-				665,129
Proceeds from stock option exercises			7,697				17,499				14,604				29,126
Payments of deferred offering costs			(270	)			(2,987	)			(270	)			(3,527	)
Proceeds from employee stock purchase plan			11,513				-				11,513				-
Payment of deferred business acquisition consideration			-				(475	)			-				(475	)
Principal payments under finance lease agreements, net of proceeds from lease incentives			(479	)			(428	)			(844	)			(742	)
Net cash flow provided by financing activities			18,461				678,738				25,003				689,511
Net (decrease) increase in cash, cash equivalents and restricted cash			(22,709	)			646,853				(22,078	)			681,336
Effect of exchange rate changes on cash			(981	)			(102	)			(806	)			(731	)
Cash, cash equivalents and restricted cash, beginning of period			590,018				417,107				589,212				383,253
Cash, cash equivalents and restricted cash, end of period		$	566,328			$	1,063,858			$	566,328			$	1,063,858

Procore Technologies, Inc. Reconciliation of GAAP to Non-GAAP Financial Measures (unaudited)
Reconciliation of gross profit and gross margin to non-GAAP gross profit and non-GAAP gross margin:
		Three Months Ended June 30,								Six Months Ended June 30,
		2022				2021				2022				2021
		(dollars in thousands)
Revenue		$	172,205			$	122,790			$	331,721			$	236,728
Gross profit			135,470				97,297				261,654				190,876
Stock-based compensation expense			2,046				4,918				3,504				6,079
Amortization of acquired technology intangible assets			5,654				1,086				11,308				2,172
Employer payroll tax on employee stock transactions			68				330				149				334
Non-GAAP gross profit		$	143,238			$	103,631			$	276,615			$	199,461
Gross margin			79	%			79	%			79	%			81	%
Non-GAAP gross margin			83	%			84	%			83	%			84	%

Reconciliation of operating expenses to non-GAAP operating expenses:
		Three Months Ended June 30,								Six Months Ended June 30,
		2022				2021				2022				2021
		(dollars in thousands)
Revenue		$	172,205			$	122,790			$	331,721			$	236,728
GAAP sales and marketing			103,283				99,905				197,198				153,870
Stock-based compensation expense			(12,572	)			(42,855	)			(22,868	)			(46,107	)
Amortization of acquired intangible assets			(3,106	)			(466	)			(6,212	)			(945	)
Employer payroll tax on employee stock transactions			(317	)			(1,215	)			(925	)			(1,357	)
Acquisition-related expenses			(208	)			(110	)			(415	)			(110	)
Non-GAAP sales and marketing		$	87,080			$	55,259			$	166,778			$	105,351
GAAP sales and marketing as a percentage of revenue			60	%			81	%			59	%			65	%
Non-GAAP sales and marketing as a percentage of revenue			51	%			45	%			50	%			45	%

GAAP research and development		$	63,822			$	88,627			$	124,076			$	123,172
Stock-based compensation expense			(13,144	)			(51,317	)			(26,152	)			(54,563	)
Amortization of acquired intangible assets			(895	)			(680	)			(1,797	)			(863	)
Employer payroll tax on employee stock transactions			(523	)			(1,748	)			(1,550	)			(1,822	)
Acquisition-related expenses			(1,090	)			(191	)			(2,191	)			(191	)
Non-GAAP research and development		$	48,170			$	34,691			$	92,386			$	65,733
GAAP research and development as a percentage of revenue			37	%			72	%			37	%			52	%
Non-GAAP research and development as a percentage of revenue			28	%			28	%			28	%			28	%

GAAP general and administrative		$	40,667			$	57,827			$	83,819			$	75,754
Stock-based compensation expense			(6,133	)			(38,353	)			(18,580	)			(40,997	)
Employer payroll tax on employee stock transactions			(182	)			(635	)			(727	)			(715	)
Acquisition-related expenses			(1,081	)			(442	)			(2,119	)			(442	)
Non-GAAP general and administrative		$	33,271			$	18,397			$	62,393			$	33,600
GAAP general and administrative as a percentage of revenue			24	%			47	%			25	%			32	%
Non-GAAP general and administrative as a percentage of revenue			19	%			15	%			19	%			14	%

Reconciliation of loss from operations and operating margin to non-GAAP loss from operations and non-GAAP operating margin:
		Three Months Ended June 30,								Six Months Ended June 30,
		2022				2021				2022				2021
		(dollars in thousands)
Revenue		$	172,205			$	122,790			$	331,721			$	236,728
Loss from operations			(72,302	)			(149,062	)			(143,439	)			(161,920	)
Stock-based compensation expense			33,895				137,443				71,104				147,746
Amortization of acquired intangible assets			9,655				2,232				19,317				3,980
Employer payroll tax on employee stock transactions			1,090				3,928				3,351				4,228
Acquisition-related expenses			2,379				743				4,725				743
Non-GAAP loss from operations		$	(25,283	)		$	(4,716	)		$	(44,942	)		$	(5,223	)
Operating margin			(42	%)			(121	%)			(43	%)			(68	%)
Non-GAAP operating margin			(15	%)			(4	%)			(14	%)			(2	%)

Reconciliation of net loss and net loss per share to non-GAAP net loss and non-GAAP net loss per share:
		Three Months Ended June 30,								Six Months Ended June 30,
		2022				2021				2022				2021
		(dollars in thousands)
Revenue		$	172,205			$	122,790			$	331,721			$	236,728
Net loss			(73,123	)			(149,719	)			(144,542	)			(163,451	)
Stock-based compensation expense			33,895				137,443				71,104				147,746
Amortization of acquired intangible assets			9,655				2,232				19,317				3,980
Employer payroll tax on employee stock transactions			1,090				3,928				3,351				4,228
Acquisition-related expenses			2,379				743				4,725				743
Income tax effect of non-GAAP items			110				-				110				-
Non-GAAP net loss		$	(25,994	)		$	(5,373	)		$	(45,935	)		$	(6,754	)
Numerator:
Non-GAAP net loss		$	(25,994	)		$	(5,373	)		$	(45,935	)		$	(6,754	)
Denominator:
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted			135,927,677				73,539,568				135,232,404				52,564,840
GAAP net loss per share, basic and diluted		$	(0.54	)		$	(2.04	)		$	(1.07	)		$	(3.11	)
Non-GAAP net loss per share, basic and diluted		$	(0.19	)		$	(0.07	)		$	(0.34	)		$	(0.13	)

Computation of free cash flow:
		Three Months Ended June 30,								Six Months Ended June 30,
		2022				2021				2022				2021
		(dollars in thousands)
Net cash (used in) provided by operating activities		$	(26,955	)		$	(3,129	)		$	(16,671	)		$	25,167
Purchases of property and equipment			(1,908	)			(1,801	)			(9,433	)			(4,194	)
Capitalized software development costs			(8,620	)			(3,523	)			(16,252	)			(5,716	)
Non-GAAP free cash flow		$	(37,483	)		$	(8,453	)		$	(42,356	)		$	15,257

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20220803005768/en/

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Elizabeth Locke

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Investor Contact

Matthew Puljiz

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Source: Procore Technologies Inc.

FAQ

What were Procore's Q2 2022 revenue figures?

Procore reported revenue of $172 million for Q2 2022, a 40% increase year-over-year.

What is Procore's revenue guidance for Q3 2022?

Procore expects revenue for Q3 2022 to be between $174 million and $176 million, representing year-over-year growth of 32% to 33%.

How many new customers did Procore acquire in Q2 2022?

Procore added 594 new organic customers in Q2 2022, bringing the total to 13,403.

What is Procore's full-year revenue outlook for 2022?

Procore's revenue outlook for the full year 2022 is between $690 million and $694 million, indicating a year-over-year growth of 34% to 35%.