PROCORE(PCOR)2025-05-01 20:04Revenue Performance - Revenue for Q1 2025 was $311 million, representing a 15% year-over-year increase[7] - Revenue for the three months ended March 31, 2025, was $310,632 thousand, an increase of 15.3% compared to $269,428 thousand in 2024[31] - For Q2 2025, revenue is expected to be between $310 million and $312 million, indicating a year-over-year growth of 9% to 10%[7] - Full year 2025 revenue guidance is projected to be between $1,286 million and $1,290 million, reflecting a 12% year-over-year growth[7] Customer Metrics - The gross revenue retention rate achieved was 95% in Q1 2025[7] - The number of organic customers contributing over $100,000 in annual recurring revenue increased by 14% year-over-year to 2,418[7] - Procore added 218 net new organic customers in Q1 2025, totaling 17,306 organic customers[7] Financial Metrics - GAAP gross margin was 79%, while non-GAAP gross margin was 83%[7] - Operating cash inflow for Q1 2025 was $66 million, with free cash inflow of $47 million[7] - Non-GAAP income from operations for the three months ended March 31, 2025, was $32,399 thousand, compared to $37,066 thousand in 2024[33] - Non-GAAP net income for Q1 2025 was $35,655,000, down 20.8% from $45,006,000 in Q1 2024[34] - Non-GAAP net income per share, basic, was $0.24 in Q1 2025, compared to $0.31 in Q1 2024[34] - Non-GAAP free cash flow for Q1 2025 was $46,664,000, a decrease of 18.9% from $57,542,000 in Q1 2024[35] Loss and Expenses - Net loss for the three months ended March 31, 2025, was $(32,989) thousand, compared to $(10,966) thousand in 2024[30] - Cash and cash equivalents decreased to $313,734 thousand as of March 31, 2025, from $437,722 thousand at the end of 2024[27] - Total current assets decreased to $816,487 thousand in 2025 from $1,099,879 thousand in 2024[27] - Acquisition-related expenses totaled $2,080 thousand in 2025, significantly higher than $448 thousand in 2024[25] - Stock-based compensation expense increased to $48,279 thousand in 2025 from $40,132 thousand in 2024[30] Shareholder Actions - Procore repurchased approximately 1.5 million shares for about $100 million, with $200 million remaining for future repurchases[7] Industry Insights - The inaugural Future State of Construction Report was released, highlighting trends driven by AI, automation, and workforce shifts in the construction industry[7] Other Financial Changes - Total remaining performance obligations (RPO) increased by 28% to $1,290,265 thousand in 2025 from $1,006,815 thousand in 2024[28] - Total liabilities decreased to $767,067 thousand in 2025 from $813,018 thousand in 2024[27] - Weighted-average shares used in computing diluted net income per share increased to 154,220,017 in Q1 2025 from 151,184,305 in Q1 2024[34] - Capitalized software development costs increased to $(15,331,000) in Q1 2025 from $(9,514,000) in Q1 2024[35] - Employer payroll tax on employee stock transactions was $4,001,000 in Q1 2025, slightly down from $4,189,000 in Q1 2024[34]