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Procore Announces Third Quarter 2021 Financial Results Revenue Accelerates to 30 % Year - Over - Year Growth Exhibit 99.1 CARPINTERIA , CA - Nov. 4 , 2021 -- Procore Technologies , Inc. ( NYSE : PCOR ) , a leading provider of construction management software , today announced financial results for the third quarter ended September 30 , 2021 . " Over the last 90 days , we continued to reduce risk and unlock growth for our customers as we advanced both our short and long term objectives , " said Tooey Courtemanche , Founder , President and CEO of Procore . " We recently acquired Levelset and LaborChart , to better tackle two of construction's greatest challenges getting paid faster and optimizing labor . " " We are pleased with our third quarter performance and remain excited about our long - term opportunity to digitize construction , " said Paul Lyandres , CFO of Procore . " Our recent acquisitions to combine project data , workforce data and risk intelligence will ultimately enable us to solve more of our customers ' challenges over time . " Third Quarter 2021 Financial Highlights : • Revenue was $ 132 million , an increase of 30 % year - over - year . • GAAP gross margin was 83 % and non - GAAP gross margin was 84 % . • GAAP operating margin was ( 38 % ) and non - GAAP operating margin was ( 4 % ) . Operating cash flow for the third quarter was $ 15.1 million . • Free cash flow for the third quarter was $ 6.5 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 . " Third Quarter 2021 Business Highlights : • • • • Added 456 net new customers in the third quarter , ending with a total of 11,605 customers . Announced a number of innovations to the Procore platform related to our global focus and enhancements within preconstruction . In the G2 2021 Fall Report , we maintained our leadership status across construction management , construction project management , bid management , construction ERP , construction drawing management , and construction accounting . Announced our entry into a definitive agreement to acquire Levelset ( acquisition closed in Q4 ) . Fourth Quarter and Full Year 2021 Outlook : Procore is providing the following guidance for the fourth quarter and full year 2021 : Fourth Quarter 2021 Outlook : ○ Revenue is expected to be in the range of $ 136 million to $ 138 million . Including $ 1 million from Levelset LaborChart not expected to provide material revenue contribution Non - GAAP operating margin is expected to be in the range of ( 14 % ) to ( 15 % ) . Including 400 basis points of headwind from acquisitions of Levelset and LaborChart Full Year 2021 Outlook : ○ о Revenue is expected to be in the range of $ 505 million to $ 507 million . Including $ 1 million from Levelset LaborChart not expected to provide material revenue contribution Non - GAAP operating margin is expected to be in the range of ( 6 % ) to ( 7 % ) . Including 100 basis points of headwind from acquisitions of Levelset and LaborChart 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