NYSE$PCOR
Procore Technologies Inc. · Q4 2023 earnings
Q4 2023 earnings · · Investor relations
Briefing
Procore's Q4 2023 financial results were announced, demonstrating year-over-year revenue growth and margin improvement.
Procore announced its Q4 and Full Year 2023 financial results, with Q4 revenue reaching $260 million, a 29% increase year-over-year. The company's GAAP gross margin was 82%, and non-GAAP gross margin was 85%. Procore added 300 net new organic customers in the fourth quarter, bringing the total to 16,367.
- Revenue increased by 29% year-over-year, reaching $260 million.
- GAAP gross margin was 82%, while non-GAAP gross margin was 85%.
- The company generated $41 million in operating cash inflow and $29 million in free cash inflow.
- Procore added 300 net new organic customers, ending the quarter with 16,367 total customers.
Headline financials
Revenue & EPS history
Procore · Revenue · Quarterly
$260M
Forward guidance
Procore is providing the following guidance for the first quarter and full year 2024:
Tailwinds
- Revenue is expected to be in the range of $262 million to $264 million for Q1 2024.
- Year-over-year revenue growth of 23% to 24% is anticipated for Q1 2024.
- Non-GAAP operating margin is expected to be in the range of 7% to 8% for Q1 2024.
- Revenue is expected to be in the range of $1,137 million to $1,142 million for FY 2024.
- Year-over-year revenue growth of 20% is anticipated for FY 2024.
Headwinds
- A reconciliation of non-GAAP guidance measures to corresponding GAAP measures is not available on a forward-looking basis.
- The uncertainty of expenses that may be incurred in the future cannot be reasonably determined or predicted at this time.
- These factors could be material to Procore’s future GAAP financial results.
- First Quarter 2024 Outlook: Revenue is expected to be in the range of $262 million to $264 million, representing year-over-year growth of 23% to 24%.
- Full Year 2024 Outlook: Revenue is expected to be in the range of $1,137 million to $1,142 million, representing year-over-year growth of 20%.
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 Q4 2023
+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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