NYSE$PCOR
Procore Technologies Inc. · Q3 2024 earnings
Q3 2024 earnings · · Investor relations
Briefing
Procore's Q3 2024 performance reflected a 19% year-over-year revenue increase and progress in operating margin expansion.
Procore Technologies reported a revenue of $296 million for Q3 2024, representing a 19% increase year-over-year. The company achieved a GAAP gross margin of 81% and a non-GAAP gross margin of 85%. Procore is focused on expanding operating margins and investing in long-term growth.
- Revenue increased by 19% year-over-year, reaching $296 million.
- GAAP gross margin was 81%, while non-GAAP gross margin reached 85%.
- GAAP operating margin was (12%), and non-GAAP operating margin was 9%.
- The company added 225 net new organic customers, bringing the total to 16,975.
Headline financials
Revenue & EPS history
Procore · Revenue · Quarterly
$296M
Forward guidance
Procore provided revenue and non-GAAP operating margin guidance for Q4 2024, Full Year 2024, and Full Year 2025.
Tailwinds
- Q4 2024 revenue is expected to be in the range of $296 million to $298 million, representing year-over-year growth of 14% to 15%.
- Q4 2024 non-GAAP operating margin is expected to be in the range of 3% to 4%.
- Full year 2024 revenue is expected to be in the range of $1,146 million to $1,148 million, representing year-over-year growth of 21%.
- Full year 2024 non-GAAP operating margin is expected to be in the range of 10.5% to 11%.
- Full year 2025 revenue is expected to be at least $1,275 million, representing year-over-year growth of 11%.
Headwinds
- A reconciliation of non-GAAP guidance measures to corresponding GAAP measures is not available on a forward-looking basis without unreasonable effort.
- The uncertainty of expenses that may be incurred in the future cannot be reasonably determined or predicted at this time.
- Factors could be material to Procore’s future GAAP financial results.
- Stock repurchase program does not obligate Procore to acquire any particular amount of common stock, and may be suspended or discontinued at any time at Procore’s discretion.
- The timing and actual number of shares repurchased will depend on a variety of factors, including price, general business and market conditions, and alternative investment opportunities.
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 Q3 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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