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PROCORE HIKED Q1 SPENDING Featured

Procore Technologies reported a 40-percent rise in revenue for the first quarter ended March 31. But an 85.4-percent in increase in operating expenses helped contribute to a fivefold increase in the loss for the period.

The construction software company lost $71.4 million in the most recently ended quarter, compared to a $13.7-million deficit a year ago. Revenue reached $159.5 million, up from slightly less than $114 million in last year’s corresponding period. Part of this was sharp increase in stock-based compensation was reported as $37.2 million for the quarter, rising more than three-and-half times the $10.3 million a year ago. Depreciation and amortization were also up, hitting  $15.1 million, double the $7.3 million a year earlier. Still, non-GAAP expenses also had double-digit increases with G&A expenses of $29.1 million, 91.4 percent higher than a year ago’s $15.2 million. Executives reported there were 616 net new organic customers in the quarter, bringing the total to 12,809. That excludes more than 3,000 customers from Levelset, which was purchased in November. During the week’s earnings webcast, CFO Paul  Lyandres said despite the fact small business has historically been disproportionately impacted by supply chain delays and inflation” it performed well during the quarter. Also, Procore experienced record pipeline generation. CEO Tooey Courtemanche said that Procore customers report use of the company’s software enabled their project teams to handle 48 percent more construction volume per person. Courtemanche said this is very important, “given the persistent labor shortage the industry is facing.”

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