PROCORE(PCOR) - 2025 Q3 - Quarterly Results

Revenue Performance - Revenue for Q3 2025 was $339 million, representing a 15% year-over-year increase[7] - Revenue for the three months ended September 30, 2025, was $338,851,000, representing a 14.5% increase from $295,885,000 in the same period of 2024[25] - Revenue for Q3 2025 reached $338.85 million, a 14.5% increase from $295.89 million in Q3 2024[38] - Fourth quarter 2025 revenue is expected to be between $339 million and $341 million, indicating year-over-year growth of 12% to 13%[13] - Full year 2025 revenue is projected to be between $1,312 million and $1,314 million, reflecting a 14% year-over-year growth[13] Profitability Metrics - GAAP gross margin was 80%, while non-GAAP gross margin was 84%[7] - Gross profit for Q3 2025 reached $270.089 million, up from $240.931 million in Q3 2024, resulting in a gross margin of 80%[35] - Non-GAAP gross profit for Q3 2025 was $284.084 million, with a non-GAAP gross margin of 84%[35] - Non-GAAP income from operations for Q3 2025 was $58.645 million, compared to $26.329 million in Q3 2024[37] - Non-GAAP net income for Q3 2025 was $64.57 million, compared to $36.44 million in Q3 2024, representing a 77.2% increase[38] Cash Flow and Expenses - Operating cash inflow for Q3 was $88 million, with free cash inflow increasing by 194% year-over-year to $68 million[7] - Net cash provided by operating activities for the nine months ended September 2025 was $185.328 million, compared to $167.116 million for the same period in 2024[34] - Free cash flow for Q3 2025 was $23.01 million, down from $67.74 million in Q3 2024[39] - Stock-based compensation expense for Q3 2025 was $59.273 million, up from $50.455 million in Q3 2024[37] - GAAP sales and marketing expenses for Q3 2025 were $144.290 million, representing 43% of revenue, compared to 48% in Q3 2024[36] Customer Metrics - The gross revenue retention rate achieved was 95% in Q3 2025[7] - The number of organic customers contributing over $100,000 in annual recurring revenue increased by 15% year-over-year to 2,602[7] - Procore added 122 net new organic customers in Q3, totaling 17,623 organic customers[7] Balance Sheet Highlights - Cash and cash equivalents as of September 30, 2025, were $350,496,000, down from $437,722,000 at the end of 2024[31] - Total assets decreased to $2,058,483,000 as of September 30, 2025, from $2,101,371,000 at the end of 2024[31] - Total stockholders' equity decreased to $1,224,023,000 as of September 30, 2025, from $1,288,353,000 at the end of 2024[31] Future Outlook - Non-GAAP operating margin for Q4 2025 is expected to be 14.4%[13] - Remaining performance obligations (RPO) increased by 31% to $1,409,534,000 as of September 30, 2025, compared to $1,073,416,000 in 2024[32] - Current remaining performance obligations rose by 23% to $911,220,000 from $738,856,000 year-over-year[32] - Non-current remaining performance obligations increased by 49% to $498,314,000 from $334,560,000 year-over-year[32]