Procore Technologies reported its financial results for the fourth quarter and full year ended December 31, 2023. The company achieved a significant milestone by surpassing $1 billion in total annual recurring revenue in 2023. Fourth quarter revenue reached $260 million, a 29% increase year-over-year. Full year revenue was $950 million, representing a 32% increase year-over-year. GAAP gross margin was 82% for both the fourth quarter and full year, while non-GAAP gross margin was 85%. The company reported a GAAP operating margin of (14%) for the fourth quarter and (23%) for the full year, with non-GAAP operating margins of 7% and 2% respectively. Operating cash inflow was $41 million for the fourth quarter and $92 million for the full year. Free cash inflow was $29 million for the fourth quarter and $47 million for the full year. Procore added 300 net new organic customers in the fourth quarter, ending with a total of 16,367 organic customers. The company achieved a gross revenue retention rate of 95% and a net revenue retention rate of 114% for 2023. As of December 31, 2023, 74% of total annual recurring revenue was generated from customers using four or more products, and 45% from customers using six or more products. Procore ended 2023 with 3,694 full-time employees, a 4% increase year-over-year.