AROUND THE NETWORK: Procore & Trimble Release Q3 Financial Results

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Procore Announces Third Quarter 2023 Financial Results

Third Quarter 2023 Financial Highlights:

  • Revenue was $248 million, an increase of 33% year-over-year.
  • GAAP gross margin was 82% and non-GAAP gross margin was 86%.
  • GAAP operating margin was (20%) and non-GAAP operating margin was 3%.
  • Operating cash inflow for the third quarter was $34 million.
  • Free cash inflow for the third quarter was $22 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 363 net new organic customers in the third quarter, ending with a total of 16,067 organic customers.
  • Achieved a gross revenue retention rate of 95% in the third quarter.
  • Announced a number of innovations to the Procore platform related to digital transformation in construction, including the introduction of Procore Copilot, innovations in Procore Connectability, the launch of Procore Pay, and more.
  • Ranked #4 on The Software Report’s list of Top 100 Software Companies of 2023.
  • Awarded the TrustRadius 2023 Tech Cares Award.
  • Recognized as a Silver Stevie Winner in The 20th Annual International Business Awards in 2023 for the Most Innovative Tech Company of the Year.
  • Published the report “Risk Data Uncovered: How Technology is Transforming Risk Management in Construction,” in partnership with Frost & Sullivan, revealing insights into the transformative potential of technology adoption in construction risk management.
  • Partnered with the Associated General Contractors of America to release the report “Top Civil & Infrastructure Trends: Today’s Industry Challenges and Opportunities,” exploring how civil and infrastructure organizations in the U.S. and Canada are building today, the challenges they face, and the opportunities that lie ahead.

Fourth Quarter and Full Year 2023 Outlook:

Procore is providing the following guidance for the fourth quarter and full year 2023:

  • Fourth Quarter 2023 Outlook:
  • Revenue is expected to be in the range of $247 million to $249 million, representing year-over-year growth of 22% to 23%.
  • Non-GAAP operating margin is expected to be in the range of 2% to 3%.
  • Full Year 2023 Outlook:
  • Revenue is expected to be in the range of $937 million to $939 million, representing year-over-year growth of 30%.
  • Non-GAAP operating margin is expected to be in the range of 0.5% to 1%.

Trimble Announces Third Quarter 2023 Results

Third Quarter 2023 Financial Highlights

• Revenue of $957.3 million, up 8 percent on a year-over-year basis, up 2 percent year-over-year on an organic basis
• Annualized recurring revenue (“ARR”) was $1.94 billion, up 25 percent year-over-year, up 13 percent on an organic
basis
• GAAP operating income was $121.3 million and non-GAAP operating income was $251.0 million
• GAAP net income was $74.9 million and non-GAAP net income was $170.2 million
• Diluted earnings per share (“EPS”) was $0.30 on a GAAP basis and $0.68 on a non-GAAP basis
• Adjusted EBITDA of $268.2 million, 28.0 percent of revenue

Forward Looking Guidance

  • For the full-year 2023, Trimble now expects to report revenue between $3,757 million and $3,797 million, GAAP EPS of $1.15
    to $1.23, and non-GAAP EPS of $2.58 to $2.66. The full-year 2023 GAAP EPS assumes a tax rate of 15.0 percent, and the nonGAAP EPS assumes a tax rate of 17.4 percent. Both GAAP and non-GAAP EPS assume approximately 250 million shares
    outstanding.
  • For the fourth quarter of 2023, Trimble expects to report revenue between $890 million and $930 million, GAAP EPS of $0.14
    to $0.23, and non-GAAP EPS of $0.55 to $0.63. The fourth quarter of 2023 GAAP EPS assumes a tax rate of 9.0 percent and
    the non-GAAP EPS assumes a tax rate of 16.9 percent. Both GAAP and non-GAAP EPS assume approximately 251 million
    shares outstanding.
  • A reconciliation of the non-GAAP measures to the most directly comparable GAAP measures and other information relating to
    these non-GAAP measures are included in the supplemental reconciliation schedule attached.

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