NYSE$PCOR
Procore Technologies Inc. · Q2 2024 earnings
Q2 2024 earnings · · Investor relations
Briefing
Procore's Q2 2024 earnings demonstrated strong revenue growth and improved operating efficiency.
Procore announced its Q2 2024 financial results, reporting a revenue of $284 million, a 24% increase year-over-year, and a record operating margin. The company added 152 net new organic customers, ending the quarter with a total of 16,750 organic customers.
- Revenue increased by 24% year-over-year, reaching $284 million.
- GAAP gross margin was 83%, and non-GAAP gross margin was 87%.
- GAAP operating margin was (5%), while non-GAAP operating margin was 17.6%.
- Free cash inflow for the second quarter was $47 million.
Headline financials
Revenue & EPS history
Procore · Revenue · Quarterly
$284M
Forward guidance
Procore is providing the following guidance for the third quarter and full year 2024.
Tailwinds
- Third Quarter 2024 Revenue is expected to be in the range of $286 million to $288 million, representing year-over-year growth of 15% to 16%.
- Third Quarter 2024 Non-GAAP operating margin is expected to be in the range of 9% to 10%.
- Full Year 2024 Revenue is expected to be in the range of $1,141 million to $1,144 million, representing year-over-year growth of 20%.
- Full Year 2024 Non-GAAP operating margin is expected to be in the range of 10% to 11%.
- Procore is in the early innings of transforming one of the largest and least digitized industries in the world
Headwinds
- 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
- These factors could be material to Procore’s future GAAP financial 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
- 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.
- Increased competition in our markets and our ability to compete effectively
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q2 2024
+0.4%
Avg return
Earnings day
-1.2%
Avg return
5 days after
-0.5%
Avg return
30 days after
60%
12 / 20 earnings
Positive
+16.5%
Q4 2024
Best reaction
-20.1%
Q2 2024
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | +4.9% | -8.4% | -11.2% | |
| Q4 2025 | +9.3% | +10.8% | +19.4% | |
| Q3 2025 | +10.6% | +10.2% | +8.4% | |
| Q1 2025 | +2.5% | +2.0% | +6.3% | |
| Q4 2024 | +16.5% | +15.2% | -9.3% | |
| Q3 2024 | +3.5% | +5.0% | +28.0% | |
| Q2 2024 | -20.1% | -25.5% | -16.6% | |
| Q1 2024 | +1.2% | +0.1% | -1.9% | |
| Q4 2023 | +3.3% | +3.7% | +6.9% | |
| Q3 2023 | -17.4% | -16.9% | -1.2% | |
| Q2 2023 | -11.2% | -14.5% | -10.1% | |
| Q1 2023 | +4.8% | +2.3% | +16.7% | |
| Q4 2022 | +1.3% | +0.5% | -5.7% | |
| Q3 2022 | -1.7% | -3.9% | -5.7% | |
| Q2 2022 | +14.8% | +18.3% | -0.3% | |
| Q1 2022 | -5.9% | -15.1% | -14.9% | |
| Q4 2021 | -6.8% | +2.1% | -6.0% | |
| Q3 2021 | -1.5% | -1.7% | -17.5% | |
| Q4 2020 | +0.2% | -1.1% | +4.0% | |
| Q2 2021 | -1.2% | -6.5% | +1.0% | |
| Q1 2021 | — | — | — | |
| Q3 2020 | — | — | — | |
| Q2 2020 | — | — | — | |
| Q1 2020 | — | — | — | |
| Q4 2019 | — | — | — | |
| Q3 2019 | — | — | — | |
| Q2 2019 | — | — | — | |
| Q1 2019 | — | — | — |
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