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Procore Announces Strong Second Quarter 2021 Financial Results Revenue Accelerates to 27 % Year - Over - Year Growth CARPINTERIA , CA - August 5 , 2021 -- Procore Technologies , Inc. ( NYSE : PCOR ) , a leading provider of construction management software , today announced financial results for the second quarter ended June 30 , 2021 . " Procore delivered record results in our first quarter as a public company , " said Tooey Courtemanche , Founder , President and CEO of Procore . " Our performance is a testament to our dedication to the construction industry , and the trust it has in us as a partner . Our commitment to this industry has always been , and will remain , core to who we are as we continue pursuing our vision of improving the lives of everyone in construction . " " We are pleased with our performance in Q2 as we saw growth across all aspects of the business , " said Paul Lyandres , CFO of Procore . " We continued to expand our customer base , enter new international markets , and further invest in our products and platform , delivering incremental value to our customers . " Second Quarter 2021 Financial Highlights : ● Revenue was $ 122.8 million , an increase of 27 % year - over - year . GAAP gross margin was 79 % and non - GAAP gross margin was 84 % . GAAP operating margin was ( 121 % ) and non - GAAP operating margin was ( 4 % ) . Operating cash outflow for the second quarter was $ 3.1 million . Exhibit 99.1 Successfully completed our initial public offering on May 24 , 2021 , selling 10.41 million shares at $ 67 per share and raising total proceeds of $ 665.1 million net of underwriting discounts and commissions . Non - GAAP gross margin and non - GAAP operating margin are non - GAAP financial measures . A reconciliation of GAAP to non GAAP financial measures has been provided in the tables included in this press release . Second Quarter 2021 Business Highlights : Added 481 net new customers in the second quarter , ending with a total of 11,149 customers . Announced product enhancements to our Financial Management portfolio . Announced an enhanced Preconstruction solution during Procore's Innovation Summit . Awarded top honors for five key categories in the G2 2021 Summer Report . Announced our expansion to both Singapore and the U.A.E. Acquired INDUS.AI , an artificial intelligence - powered analytics platform . Third Quarter and Full Year 2021 Outlook : Procore is providing the following guidance for the third quarter and full year 2021 : Third Quarter 2021 Outlook : Revenue is expected to be in the range of $ 125 million to $ 127 million . Non - GAAP operating margin is expected to be in the range of ( 7 % ) to ( 8 % ) . Full Year 2021 Outlook : Revenue is expected to be in the range of $ 496 million to $ 499 million . Non - GAAP operating margin is expected to be in the range of ( 6 % ) to ( 7 % ) . A reconciliation of non - GAAP guidance measures to corresponding GAAP measures is not available on a forward - looking basis without unreasonable effort due to the uncertainty of expenses that may be incurred in the future and cannot be reasonably determined or predicted at this time , although it is important to note that these factors could be material to Procore's future GAAP financial results . Quarterly Conference Call Procore Technologies , Inc. will hold a conference call to discuss its second quarter results at 3:00 p.m. , Pacific Time , on Thursday , August 5 , 2021. A live audio webcast will be accessible on Procore's investor relations website at http://investors.procore.com .