Procore Q2 revenue $229M (+33% YoY); GAAP op margin -26%, non-GAAP -1%

PROCORE TECHNOLOGIES, INC.

2023-Q2 EPS reported -$0.83 revenue$442,062,000

Revenue $229M, up 33% YoY; GAAP gross margin 81%, non-GAAP 85%.
GAAP operating margin (26%); non-GAAP operating margin (1%), near breakeven.
Operating cash outflow $12M; free cash outflow $24M.
CFO says on track to positive sustainable free cash flow in 2023.
CEO cites challenging demand environment but solid results.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

PROCORE TECHNOLOGIES, INC. reported the second quarter ended June 30, 2023 results: revenue $229 million.

Period: the second quarter ended June 30, 2023
Revenue: $229 million
Result: reported results

Exact text from the filing

reach positive and sustainable free cash flow this year. We look forward to sharing more at our upcoming Investor Day.” Second Quarter 2023 Financial Highlights: • Revenue was $229 million, an increase of 33% year-over-year. • GAAP gross margin was 81% and non-GAAP gross margin was 85%. • GAAP operating margin was (26%) and non-GAAP operating margin was (1%). •

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Source: SEC EDGAR

accession 0001611052-23-000004

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