Procore Technologies Inc (PCOR) 2023 Q2 法說會逐字稿

Good afternoon. Thank you for attending the Procore Technologies 2023 Q2 Earnings Call. My name is Matt, and I'll be your moderator for today's call. (Operator Instructions) I would now like to pass the conference over to our host, Matthew Puljiz, VP of Finance.

下午好。感謝您參加 Procore Technologies 2023 年第二季度收益電話會議。我叫馬特，我將擔任今天電話會議的主持人。 （操作員指示）我現在想將會議轉交給我們的東道主、財務副總裁 Matthew Puljiz。

All right. Thanks. Good afternoon, everyone. Welcome to Procore's 2023 Second Quarter Earnings Call. I am Matthew Puljiz, VP of Finance. With me today are Tooey Courtemanche, Founder, President and CEO; and Howard Fu, CFO.

好的。謝謝。大家下午好。歡迎參加 Procore 2023 年第二季度財報電話會議。我是財務副總裁 Matthew Puljiz。今天與我在一起的有創始人、總裁兼首席執行官 Tooey Courtemanche；和首席財務官霍華德·傅。

Further disclosure of our results can be found in our press release issued today, which is available on the Investor Relations section of our website and our periodic reports filed with the SEC. Today's call is being recorded, and a replay will be available following the conclusion of the call.

我們的結果的進一步披露可以在我們今天發布的新聞稿中找到，該新聞稿可以在我們網站的投資者關係部分以及我們向 SEC 提交的定期報告中找到。今天的通話正在錄音，通話結束後將進行重播。

Comments made on this call may include forward-looking statements regarding our financial results, products, customer demand, operations and macroeconomic and geopolitical conditions. You should not rely on forward-looking statements as predictions of future events. All forward-looking statements are subject to risks, uncertainties and assumptions and are based on management's current expectations and views as of today, August 2, 2023.

本次電話會議的評論可能包括有關我們的財務業績、產品、客戶需求、運營以及宏觀經濟和地緣政治條件的前瞻性陳述。您不應依賴前瞻性陳述作為對未來事件的預測。所有前瞻性陳述均受風險、不確定性和假設的影響，並基於截至 2023 年 8 月 2 日的管理層當前預期和觀點。

Procore undertakes no obligation to update any forward-looking statements to reflect new information or unanticipated events, except as required by law. And if this call is replayed or reviewed after today, the information presented during the call may not contain current or accurate information. Therefore, these statements should not be relied upon as representing our views as of any subsequent date.

Procore 不承擔更新任何前瞻性陳述以反映新信息或意外事件的義務，法律要求的除外。如果今天之後重播或查看此通話，則通話期間提供的信息可能不包含當前或準確的信息。因此，這些陳述不應被視為代表我們在任何後續日期的觀點。

We'll also refer to certain non-GAAP financial measures to provide additional information to investors. A reconciliation of non-GAAP to GAAP measures is provided in our press release. And with that, here's Tooey.

我們還將參考某些非公認會計準則財務指標，為投資者提供更多信息。我們的新聞稿中提供了非公認會計原則與公認會計原則措施的調節。圖伊就是這樣。

Thanks, Matt, and thank you, everyone, for joining us today. I am proud of the results that we delivered this quarter despite the challenges we continue to see in the demand environment. Let me start by sharing a few highlights from the quarter.

謝謝馬特，也謝謝大家今天加入我們。儘管我們在需求環境中繼續面臨挑戰，但我對本季度取得的成果感到自豪。首先讓我分享本季度的一些亮點。

In Q2, we grew revenue 33% year-over-year and added over 600 net new customers, reaching a total of over 15,700 customers by the end of the quarter. We continue to make progress on our journey of efficient growth by improving operating leverage in the business while sustaining revenue growth. And Procore was once again ranked #1 across 11 construction categories in G2's 2023 Summer Report.

第二季度，我們的收入同比增長 33%，淨新增客戶超過 600 家，截至本季度末客戶總數超過 15,700 家。我們通過提高業務的運營槓桿，同時保持收入增長，繼續在高效增長的道路上取得進展。在 G2 2023 年夏季報告中，Procore 再次在 11 個建築類別中排名第一。

I've had the opportunity to spend a lot of time on the road this past quarter, and I want to share something that is top of mind from my travels. At Procore, we have a vision to improve the lives of everyone in construction. The only way to further this vision is to protect the industry's most precious asset, its people.

上個季度我有機會在路上度過了很多時間，我想分享一些我旅行中最重要的事情。在 Procore，我們的願景是改善建築業每個人的生活。推進這一願景的唯一途徑是保護該行業最寶貴的資產——員工。

Over the last century, we have made tremendous progress to improve the physical health and safety of workers and construction. But what's becoming increasingly clear is that we must prioritize mental health alongside physical health. In the U.S., the rate of suicide for men in construction is about 4x higher than the general population. That's why this quarter, we came together with The B1M, a leading construction video channel to officially launch Get Construction Talking, a global initiative to improve mental health and construction.

上個世紀，我們在改善工人和建築業的身體健康和安全方面取得了巨大進步。但越來越清楚的是，我們必須將心理健康與身體健康放在一起。在美國，建築業男性的自殺率比一般人群高出約 4 倍。因此，本季度我們與領先的建築視頻頻道 B1M 攜手正式推出 Get Construction Talking，這是一項旨在改善心理健康和建築業的全球倡議。

By combining the B1M's reach of over 2.9 million YouTube subscribers with Procore's network of over 2 million users across more than 150 countries, we can bring awareness to mental health and construction and raise money to amplify the efforts of charities working in the space. I'm honored to work alongside construction industry leaders to destigmatize mental health in the industry and provide resources to workers and organizations in need.

通過將B1M 超過290 萬YouTube 訂閱者的覆蓋範圍與Procore 在150 多個國家/地區擁有超過200 萬用戶的網絡相結合，我們可以提高人們對心理健康和建設的認識，並籌集資金來擴大在該領域開展慈善工作的努力。我很榮幸能與建築行業的領導者一起工作，消除該行業心理健康的污名，並為有需要的工人和組織提供資源。

During my travels, I had an amazing opportunity to tour the International Thermonuclear Experimental Reactor, also known as ITER. As an alternative energy and construction enthusiast, this was a real career highlight for me. The complexities and the scale of this project cannot be overstated. It's one of the largest construction projects on the planet, and it's a collaborative effort between 35 countries and over 700 contracts. I'm incredibly proud that Procore's customer, Ferrovial, is one of the prime contractors on this project and is contributing to building this game-changing technology.

在旅行期間，我有一個絕佳的機會參觀國際熱核實驗反應堆，也稱為 ITER。作為替代能源和建築愛好者，這對我來說是真正的職業亮點。該項目的複雜性和規模怎麼強調都不為過。這是地球上最大的建設項目之一，由 35 個國家和 700 多個合同共同協作完成。我感到無比自豪的是，Procore 的客戶 Ferrovial 是該項目的主要承包商之一，並且正在為構建這一改變遊戲規則的技術做出貢獻。

Examples like ITER that illustrate the sheer complexity of construction are an important reminder why the industry continues to seek ways to optimize their efficiency and position themselves for continued growth. And this is only becoming more important given the current demand environment.

像 ITER 這樣的例子說明了建造的絕對複雜性，這提醒了該行業為何繼續尋求優化效率並為持續增長做好準備的方法。考慮到當前的需求環境，這一點只會變得更加重要。

In the past, we've talked about the many puts and takes in construction and how the aggregate construction volume and overall demand is what really matters most. As the demand environment continues to evolve, a tale of two stories has emerged.

過去，我們討論過建築施工中的許多投入和投入，以及總建築量和總體需求如何才是真正最重要的。隨著需求環境的不斷發展，出現了兩個故事。

While some sectors in construction remain muted, other subsectors are experiencing unprecedented growth. The dichotomy we're seeing in the broader industry is not unlike the behavior we're seeing within our customer base.

雖然建築業的一些行業仍然低迷，但其他子行業正在經歷前所未有的增長。我們在更廣泛的行業中看到的二分法與我們在客戶群中看到的行為沒有什麼不同。

On our last earnings call, we shared a new dynamic that has surfaced in Q1, in which a portion of customers began demonstrating cautiousness and construction volume commitments, while at the very same time, a greater portion expanded their volumes. In Q2, this dynamic became more pronounced. Relative to Q1, a greater portion of the industry showed incremental conservatism, while at the same time, a greater portion grew their construction volumes with Procore.

在我們上次的財報電話會議上，我們分享了第一季度出現的新動態，部分客戶開始表現出謹慎態度並做出了建設量承諾，而與此同時，更多客戶擴大了數量。在第二季度，這種動態變得更加明顯。與第一季度相比，該行業的大部分企業表現出漸進的保守態度，而與此同時，更多的企業通過 Procore 實現了建築量的增長。

Similar to last quarter, both the incremental cautiousness and expansion activity was not concentrated in any particular facet of the business, but rather span multiple stakeholders, customer sizes and geographies. And given this is the second quarter of seeing this dynamic, it's no longer just a data point, but it's becoming a trend that we're paying close attention to, and Howard is going to elaborate on this further.

與上季度類似，增量謹慎和擴張活動並不集中在業務的任何特定方面，而是跨越多個利益相關者、客戶規模和地理位置。鑑於這是第二季度看到這種動態，它不再只是一個數據點，而是正在成為我們密切關注的趨勢，霍華德將進一步詳細闡述這一點。

Speaking of strong expansion momentum, we continue to build upon our partnership with the industry with a number of notable customer wins in the quarter. I'd like to share a few examples, starting with PJ Hegarty and Sons, a leading general contractor with over 95 years experience, undertaking projects across the U.K. and Ireland. They manage a diverse portfolio across commercial, office, health care, education, industrial and civil with a particular focus on large-scale complex projects.

說到強勁的擴張勢頭，我們繼續加強與行業的合作夥伴關係，在本季度贏得了許多著名的客戶。我想分享幾個例子，首先是 PJ Hegarty and Sons，這是一家領先的總承包商，擁有超過 95 年的經驗，在英國和愛爾蘭開展項目。他們管理商業、辦公、醫療保健、教育、工業和民用領域的多元化投資組合，特別關注大型複雜項目。

PJ Hegarty initially bought Procore displacing competitive solutions in order to consolidate their field and desktop solutions onto one connected platform and enable easier adoption for their project teams. They particularly valued our mobile accessibility, which allowed them to have better visibility into what was happening on site. They had previously been using Procore for their data center projects, but expanded this quarter and now we'll be using our platform across all of their projects. As part of this expansion, they're adding Procore BIM and analytics to their product suite to enable collaboration on BIM models and enhance their analytical capabilities. During my travels, I had the pleasure of meeting the PJ team Hegarty in person in their offices in Dublin. This is a great example of the relationships we continue to foster with our customers around the world.

PJ Hegarty 最初購買 Procore 來取代競爭解決方案，以便將其現場和桌面解決方案整合到一個互聯平台上，並使其項目團隊更容易採用。他們特別看重我們的移動可訪問性，這使他們能夠更好地了解現場發生的情況。他們之前一直在數據中心項目中使用 Procore，但本季度進行了擴展，現在我們將在他們的所有項目中使用我們的平台。作為此次擴展的一部分，他們將 Procore BIM 和分析添加到其產品套件中，以實現 BIM 模型上的協作並增強其分析能力。在旅行期間，我有幸在都柏林的辦公室見到了 PJ 團隊 Hegarty。這是我們繼續與世界各地的客戶建立關係的一個很好的例子。

I'd like to share another example. Guilford County School District is the third largest school district in North Carolina, serving nearly 70,000 students across 126 schools. They originally purchased Procore for our intuitive collaborative platform, particularly the real-time insights, analytics and data ownership we provide. Guilford County recently passed two major public bonds totaling approximately $2 billion to support much-needed construction, expansion and improvements across 12.5 million square feet of school facilities.

我想分享另一個例子。吉爾福德縣學區是北卡羅來納州第三大學區，為 126 所學校的近 70,000 名學生提供服務。他們最初購買 Procore 是為了我們直觀的協作平台，特別是我們提供的實時洞察、分析和數據所有權。吉爾福德縣最近通過了兩項總計約 20 億美元的主要公共債券，以支持 1,250 萬平方英尺的學校設施的急需建設、擴建和改進。

As a result of these bonds, Guilford County is partnering with Procore to build several new schools, ultimately expanding their commitment with Procore by 4x. Our expanded partnership will benefit students, teachers, the surrounding community and the long-term educational goals for all of Greensboro, North Carolina.

由於這些債券，吉爾福德縣正在與 Procore 合作建設幾所新學校，最終將其與 Procore 的承諾擴大了 4 倍。我們擴大的合作夥伴關係將使學生、教師、周邊社區以及整個北卡羅來納州格林斯博羅的長期教育目標受益。

Procore is contributing to build the schools, hospitals and homes that we desperately need and the infrastructure that powers them and brings them to life. This is just one great example of why I am proud to support the industry that builds the world around us.

Procore 正在為建設我們迫切需要的學校、醫院和住宅以及為它們提供動力並賦予它們生命的基礎設施做出貢獻。這只是一個很好的例子，說明了為什麼我很自豪能夠支持這個構建我們周圍世界的行業。

Another great example is Pomerleau, one of Canada's leading construction companies with nearly 200 active project sites. They've been involved in building incredible projects across Canada, including the Grand Théâtre de Québec, the University of Toronto student residences and the Burgoyne Bridge. Since becoming a Procore customer in 2019, Pomerleau is focused on standardizing on the Procore platform reducing the need for multiple other software solutions.

另一個很好的例子是 Pomerleau，它是加拿大領先的建築公司之一，擁有近 200 個活躍的項目工地。他們參與了加拿大各地令人難以置信的項目的建設，包括魁北克大劇院、多倫多大學學生宿舍和伯戈因橋。自 2019 年成為 Procore 客戶以來，Pomerleau 專注於 Procore 平台標準化，減少對多種其他軟件解決方案的需求。

This quarter, Pomerleau increased our investment with Procore, expanding construction volume on the platform. As part of this expansion, Pomerleau has started its journey, bringing BIM models onto Procore for easier viewing and collaboration.

本季度，Pomerleau 加大了對 Procore 的投資，擴大了平台上的建設量。作為此次擴張的一部分，Pomerleau 已開始其旅程，將 BIM 模型引入 Procore，以便於查看和協作。

Pomerleau will also be leveraging the Procore extracts application as part of their data strategy to more easily digest data and enable flexible reporting. It's been fascinating to see how quickly our customers have evolved from talking about data to talking about how they can leverage AI to get as much value out of that data is possible. In fact, AI now comes up in most of my customer conversations. And we're going to share more on our perspective on this at our upcoming Groundbreak conference, but I want to take a moment to share how I'm thinking about the AI opportunity for Procore.

Pomerleau 還將利用 Procore 提取應用程序作為其數據戰略的一部分，以更輕鬆地消化數據並實現靈活的報告。看到我們的客戶以如此之快的速度從談論數據發展到談論如何利用人工智能從數據中獲取盡可能多的價值，真是令人著迷。事實上，人工智能現在出現在我的大多數客戶對話中。我們將在即將舉行的 Groundbreak 會議上分享更多對此的看法，但我想花點時間分享一下我對 Procore 的人工智能機會的看法。

It's becoming abundantly clear that we are on the cusp of a transformational shift in generative AI. This powerful technology has the potential to transform how we work, how we think, how we operate as a business and how we serve our customers. We have been expanding our AI and machine learning capabilities for years. From our acquisitions of Avata Intelligence and INDUS.AI, to reporting enhancements in Procore analytics, to new product features like search functionality, submittals, automated area takeoff and voice-enabled capture.

越來越明顯的是，我們正處於生成人工智能變革的風口浪尖。這項強大的技術有潛力改變我們的工作方式、思維方式、企業運營方式以及服務客戶的方式。多年來，我們一直在擴展我們的人工智能和機器學習能力。從我們對 Avata Intelligence 和 INDUS.AI 的收購，到 Procore 分析報告的增強，再到搜索功能、提交、自動區域起飛和語音捕捉等新產品功能。

Now with the advent of large language models, we have yet another tool in our toolbox to unlock the value of the project data and drive greater efficiencies for our customers. By nature of being built on a single platform, generating a massive amount of data, Procore is well positioned to leverage this technology to deliver even greater value to our customers and further our vision of improving the lives of everyone in construction.

現在，隨著大型語言模型的出現，我們的工具箱中又多了一個工具，可以釋放項目數據的價值並為客戶提高效率。由於建立在單一平台上並生成大量數據，Procore 完全有能力利用這項技術為我們的客戶提供更大的價值，並進一步實現我們改善建築業中每個人的生活的願景。

To achieve this vision, we must begin thinking of ourselves not just as tech providers or partners but as trusted copilots for all of our users. The future of our business is to be there for them to guide them, to assist them and help them increase their productivity. I've heard this referred to as customer intimacy, which makes sense. When you think about what conversational AI will mean for our end users.

為了實現這一願景，我們必須開始不僅將自己視為技術提供商或合作夥伴，而且將自己視為所有用戶值得信賴的副駕駛。我們企業的未來就是為他們提供指導、協助並幫助他們提高生產力。我聽說這被稱為客戶親密感，這是有道理的。當您思考對話式人工智能對我們的最終用戶意味著什麼時。

Connecting users across workflows on our platform has been the key to our success. We're evolving to provide intelligence to all of the work that is done in Procore every single day. We ultimately want our users to instinctively turn to Procore to help them do their jobs. Generative AI is one of the tools that will enable us to do this, allowing us to create solutions that are not just reactive but proactive. Solutions to understand our users' needs even before they do. Solutions that can adapt, learn and improve over time.

在我們的平台上跨工作流程連接用戶一直是我們成功的關鍵。我們正在不斷發展，為 Procore 每天完成的所有工作提供情報。我們最終希望我們的用戶本能地求助於 Procore 來幫助他們完成工作。生成式人工智能是使我們能夠做到這一點的工具之一，它使我們能夠創建不僅是被動的而且是主動的解決方案。甚至在用戶需求之前就了解他們的需求的解決方案。能夠隨著時間的推移進行調整、學習和改進的解決方案。

We're not just building products. We are building partnerships. We're not just solving problems. We're anticipating that. And we're not just reacting to the industry. We are shaping it. So to wrap up, I want to invite all of you to our 2023 Investor Day, which will be held alongside our annual user conference, Groundbreak, on September 19 and 20 in Chicago.

我們不僅僅是製造產品。我們正在建立夥伴關係。我們不只是解決問題。我們正期待著這一點。我們不僅僅是對這個行業做出反應。我們正在塑造它。最後，我想邀請大家參加我們的 2023 年投資者日，該日將於 9 月 19 日至 20 日在芝加哥與我們的年度用戶大會 Groundbreak 一起舉行。

This is shaping up to be our largest Groundbreak ever with thousands of construction leaders from dozens of countries expected to join us. We planned a jampacked couple of days, including over 80 breakout sessions an expo hall showcasing the latest advancements in construction technology and an exciting lineup of keynote speakers, including renowned athletes like Michael Phelps and Laila Ali and the Founder and former Executive Director of Stanford's Disruptive Technology Program, Michael Steep. I couldn't be more thrilled to get together with our customers, our partners and our shareholders, and I hope to see you all there.

這將成為我們有史以來規模最大的動土工程，來自數十個國家的數千名建築領導人預計將加入我們。我們計劃了為期兩天的活動，其中包括80 多場分組會議、展示建築技術最新進展的展覽廳以及令人興奮的主講嘉賓陣容，其中包括邁克爾·菲爾普斯(Michael Phelps) 和萊拉·阿里(Laila Ali) 等著名運動員以及斯坦福大學顛覆性項目的創始人和前執行董事技術計劃，邁克爾·斯蒂普。能夠與我們的客戶、合作夥伴和股東相聚我感到無比興奮，我希望在那裡見到你們。

With that, let me hand it over to Howard.

那麼，讓我把它交給霍華德。

Thanks, Tooey, and thank you to everyone for joining us today. We are pleased with the results we delivered against a challenging demand environment. Today, I'll quickly recap our financial results, share some color on the quarter and conclude with our outlook. Let's jump into our Q2 results.

謝謝托伊，也感謝大家今天加入我們。我們對在充滿挑戰的需求環境下所取得的成果感到滿意。今天，我將快速回顧一下我們的財務業績，分享有關本季度的一些信息，並以我們的展望作為總結。讓我們來看看第二季度的結果。

Total revenue in Q2 was $229 million, up 33% year-over-year, and international revenue grew 29% year-over-year. Similar to prior quarters, our Q2 international results were impacted by currency headwinds.

第二季度總收入為 2.29 億美元，同比增長 33%，國際收入同比增長 29%。與前幾個季度類似，我們第二季度的國際業績受到貨幣逆風的影響。

On a year-over-year basis, FX contributed approximately 7 points of headwind to international revenue growth. Therefore, on a constant currency basis, international revenue grew 36% year-over-year. Our non-GAAP operating loss was $3 million, representing an operating margin of negative 1% and our key backlog metrics, specifically current RPO and current deferred revenue grew 33% and 32% year-over-year, respectively. I'd like to take a step back and share some additional color on our Q2 performance.

與去年同期相比，外匯對國際收入增長產生了約 7 個百分點的阻力。因此，按固定匯率計算，國際收入同比增長 36%。我們的非 GAAP 運營虧損為 300 萬美元，運營利潤率為負 1%，我們的關鍵積壓指標，特別是當前 RPO 和當前遞延收入分別同比增長 33% 和 32%。我想退後一步，分享一些關於我們第二季度表現的額外信息。

As Tooey mentioned, the dichotomy and customer behavior we saw in Q1 became more pronounced in Q2. This quarter, we saw a greater share of customers demonstrate strong expansion activity both in the form of additional construction volume as well as the addition of new products. This expansion momentum was well rounded across multiple facets of the business, and we believe is a positive reflection of the continued optimism within cohorts of the construction industry.

正如 Tooey 提到的，我們在第一季度看到的二分法和客戶行為在第二季度變得更加明顯。本季度，我們看到更多的客戶以額外的建築量和添加新產品的形式表現出強勁的擴張活動。這種擴張勢頭在業務的多個方面得到了全面體現，我們認為這是建築行業群體持續樂觀的積極反映。

Conversely, we also saw an increase in customers demonstrating cautiousness in construction volume commitments, which we continue to believe reflects a heightened sense of conservatism within other cohorts of the industry. This has translated to longer sales cycles and smaller initial deal sizes. While we managed to be resilient in Q2 through these headwinds, should this cautious sentiment persist and may further impact us in future quarters. And similar to the expansion activity we saw, this cautiousness was not concentrated in any particular part of the business, but rather span multiple stakeholders, customer sizes and geographies.

相反，我們還看到越來越多的客戶對建築量承諾表現出謹慎態度，我們仍然認為這反映了行業其他群體的保守主義意識增強。這意味著銷售週期更長，初始交易規模更小。儘管我們在第二季度克服了這些不利因素，但仍保持了韌性，但如果這種謹慎情緒持續下去，可能會在未來幾個季度進一步影響我們。與我們看到的擴張活動類似，這種謹慎態度並不集中在業務的任何特定部分，而是跨越多個利益相關者、客戶規模和地理位置。

The elevated expansion and cautiousness as compared to historical norms had partially offsetting impacts and therefore, isn't obvious when reviewing our financial results. Nonetheless, it represents an unusual occurrence that has persisted and that we wanted to share to help illustrate why the current demand environment remains dynamic and challenging.

與歷史標準相比，擴張和謹慎程度的提高部分抵消了影響，因此在審查我們的財務業績時並不明顯。儘管如此，它代表了一種持續存在的不尋常現象，我們希望與大家分享，以幫助說明為什麼當前的需求環境仍然充滿活力和挑戰。

Moving further down the P&L. Given this is our second quarter of stronger margin performance, I want to share some context on how we view our margin trajectory as a whole. At last year's Investor Day, we provided a framework of approximately 350 basis points on average of non-GAAP operating margin expansion per year with our current revenue growth rate. We continue to believe this is the right balance of improving our margin profile, sustaining top line growth and allowing the flexibility to react to our business landscape.

進一步降低損益表。鑑於這是我們利潤率表現強勁的第二季度，我想分享一些關於我們如何看待整體利潤率軌蹟的背景信息。在去年的投資者日，我們提供了一個框架，按照當前的收入增長率，每年非公認會計準則營業利潤率平均增長約 350 個基點。我們仍然相信，這是改善我們的利潤狀況、維持營收增長並允許靈活地對我們的業務環境做出反應的正確平衡。

This year, we set a plan for 2023 that included meaningful margin expansion, incremental to this framework. We recognize the need for our margin profile to catch up relative to our revenue scale and set a plan to accelerate that path of improvement without compromising our business needs.

今年，我們制定了 2023 年計劃，其中包括有意義的利潤擴張，以及對該框架的增量。我們認識到我們的利潤率需要趕上我們的收入規模，並製定了一項計劃，在不影響我們業務需求的情況下加速這一改進之路。

Additionally, you've heard us refer to efficient growth previously. Internally, leaders and teams have leaned into this concept, evaluating every expense and investment opportunity to identify ways to improve operational efficiency and scale the business. This has resulted in an accumulation of smaller savings across multiple areas of the business that has allowed us to meaningfully outperform our margin expectations over the past 2 quarters, while giving us the flexibility to continue investing in future growth opportunities.

此外，您之前曾聽我們提到過高效增長。在內部，領導者和團隊已經傾向於這一概念，評估每一項支出和投資機會，以確定提高運營效率和擴大業務規模的方法。這導致我們在多個業務領域積累了較小的節省，使我們能夠在過去兩個季度顯著超出我們的利潤預期，同時使我們能夠靈活地繼續投資於未來的增長機會。

Ultimately, the combination of these dynamics has translated to faster margin expansion this year, and investors should not expect the same magnitude of margin expansion in future years. Going forward, we continue to believe the framework we provided at last year's Investor Day is what investors should expect.

最終，這些動態的結合導致了今年利潤率的更快擴張，投資者不應期望未來幾年會有同樣幅度的利潤率擴張。展望未來，我們仍然相信我們在去年投資者日提供的框架是投資者應該期待的。

At our upcoming Investor Day, we plan to share more about our philosophical approach to managing our financial profile at various revenue trajectories. With that, let me move on to our outlook. We continue to operate in a challenging demand environment.

在即將到來的投資者日，我們計劃分享更多關於我們在不同收入軌跡下管理財務狀況的哲學方法。接下來，讓我談談我們的展望。我們繼續在充滿挑戰的需求環境中運營。

As a reminder, our guidance philosophy takes into account this uncertainty and factors in the potential for incremental weakness in the market. We have taken a similar approach over the last several quarters to set guidance at a level we have very high conviction we can deliver on in almost any environment.

提醒一下，我們的指導理念考慮到了這種不確定性以及市場可能逐漸疲軟的因素。在過去的幾個季度中，我們採取了類似的方法來設定指導水平，我們堅信我們可以在幾乎任何環境下實現這一水平。

Additionally, when reviewing our future results, investors should note that the second half of 2022 serves as a challenging compare period. As we noted on our Q3 earnings call last year, our backlog metrics benefited from large deal activity that was anticipated to close in Q4 of 2022 but instead closed in Q3 of 2022. As a result, current RPO in Q3 of 2022 accelerated to 38% growth year-over-year on an organic basis, approximately 4 points higher than any other quarters in 2022. With that, here's our guidance for Q3 and full year 2023.

此外，在回顧我們未來的業績時，投資者應該注意到 2022 年下半年是一個充滿挑戰的比較時期。正如我們在去年第三季度財報電話會議上指出的那樣，我們的積壓指標受益於預計在2022 年第四季度結束的大型交易活動，但最終卻在2022 年第三季度結束。因此，2022 年第三季度當前的RPO 加速至38%有機同比增長，比 2022 年任何其他季度高出約 4 個百分點。因此，這是我們對 2023 年第三季度和全年的指導。

For the third quarter of 2023, we expect revenue between $232 million and $234 million, representing year-over-year growth between 24% and 26%. Q3 non-GAAP operating margin is expected to be between negative 6% and negative 5%. For the full year of fiscal 2023, we expect revenue between $921 million and $924 million, representing total year-over-year growth of 28%, which is an increase of $12 million from our previous full year guide.

我們預計 2023 年第三季度的收入將在 2.32 億美元至 2.34 億美元之間，同比增長 24% 至 26%。第三季度非 GAAP 營業利潤率預計在負 6% 至負 5% 之間。對於 2023 財年全年，我們預計收入在 9.21 億美元至 9.24 億美元之間，同比總增長 28%，比我們之前的全年指導增加 1200 萬美元。

Non-GAAP operating margin for the year is expected to be between negative 4.5% and negative 4%, which represents an improvement of 150 basis points from our previously issued guidance last quarter and implies year-over-year margin expansion of 600 basis points.

今年的非公認會計原則營業利潤率預計在負 4.5% 至負 4% 之間，這比我們之前發布的上季度指引提高了 150 個基點，意味著利潤率同比增長 600 個基點。

And finally, although we do not guide free cash flow, you may recall that we provided a framework at last year's Investor Day that free cash flow margin should expand in line or slightly faster than non-GAAP operating margin. With our updated guidance this quarter, I am pleased to share that we are on track to reach positive and sustainable free cash flow in 2023. We expect this to be the first of many years of generating free cash flow as we continue our pursuit of efficient growth.

最後，儘管我們不指導自由現金流，但您可能還記得，我們在去年的投資者日提供了一個框架，即自由現金流利潤率應與非公認會計原則運營利潤率一致或略快。根據本季度更新的指引，我很高興地告訴大家，我們有望在2023 年實現正的、可持續的自由現金流。隨著我們繼續追求高效，我們預計這將是多年來產生自由現金流的第一步。生長。

Looking ahead, we remain focused on delivering growth at scale in a disciplined manner, which allows us to both invest in extending our market leadership as well as drive operating leverage, ultimately improving free cash flow per share. Before I wrap up, I'd like to build on Tooey's comments and invite you all to join us at our 2023 Investor Day taking place on September 20 in conjunction with Groundbreak in Chicago. Please reach out to our Investor Relations team if you would like to attend.

展望未來，我們仍然專注於以有紀律的方式實現規模增長，這使我們能夠投資擴大我們的市場領導地位並提高運營槓桿，最終提高每股自由現金流。在結束髮言之前，我想以 Tooey 的評論為基礎，邀請大家參加 9 月 20 日與芝加哥 Groundbreak 同期舉行的 2023 年投資者日活動。如果您想參加，請聯繫我們的投資者關係團隊。

I'd like to close by thanking our customers, partners, employees, shareholders and the industry as well as the communities we serve for giving us this opportunity. With that, let's turn it over to the operator for Q&A.

最後，我要感謝我們的客戶、合作夥伴、員工、股東和行業以及我們所服務的社區給我們這個機會。這樣，我們就將其交給操作員進行問答。

(Operator Instructions) The first question is from the line of DJ Hynes with Canaccord.

（操作員說明） 第一個問題來自 DJ Hynes 和 Canaccord 的線路。

So I want to follow up on the dynamics that you talked about with some pockets of some conservatism, some pockets of faster expansion. It wasn't totally clear to me if that's a net positive or a net negative in terms of growth for Procore? I mean it's hard to discern in your numbers. And then maybe the second part of that question that I've been asked a couple of times from investors is just with the customers that are opting for smaller commitments, if they were to exceed those commitments, remind us how the business model works? Like how common is that? And how do you guys -- are there over charges? Or how do you handle that?

因此，我想跟進您談到的動態，包括一些保守主義和一些更快擴張的領域。我不太清楚這對 Procore 的增長來說是淨利還是淨利？我的意思是很難從你的數字中辨別出來。然後，也許投資者多次問我這個問題的第二部分是選擇較小承諾的客戶，如果他們要超出這些承諾，請提醒我們商業模式如何運作？比如這種情況有多常見？你們怎麼樣——是否有超額收費？或者你如何處理？

Yes. Thanks, DJ. This is Howard. So the first thing is in terms of the net impact. The net impact is actually positive, so we're seeing greater amounts of expansion versus downgrades and that's why it's not apparent in our financial results.

是的。謝謝，DJ。這是霍華德。因此，首先是淨影響。淨影響實際上是積極的，因此我們看到了更多的擴張而不是降級，這就是為什麼它在我們的財務業績中並不明顯。

The dichotomy has continued to get more pronounced, but the net impact is positive. In terms of the lower volume commits, one of the things that we do when customers exceed those volume commits is they actually have to pay a higher basis point typically when they exceed the volume commits that they have. And it's an incentive for customers typically to commit to higher volume upfront. And so as they do that, then they have to pay higher basis points. And we typically -- so we don't see a ton of that. And so we typically get more volume commits upfront.

這種二分法繼續變得更加明顯，但淨影響是積極的。就較低的提交量而言，當客戶超過這些提交量時我們所做的一件事是，他們實際上必須支付更高的基點，通常當他們超過他們擁有的提交量時。這通常會激勵客戶預先承諾更高的銷量。因此，當他們這樣做時，他們就必須支付更高的基點。我們通常——所以我們不會看到太多這樣的情況。因此，我們通常會預先獲得更多的提交量。

Yes, makes sense. And then Howard, I want to ask you on margins. You did a good job laying out that this year was kind of a catch-up year. I mean, they've obviously been really strong in the first half. Guidance seems consistent with your under promise, over deliver mantra. But are there any kind of notable planned investments in the back half of the year that would drive margins materially lower than what we've seen in the first half?

是的，有道理。然後霍華德，我想問你一些問題。你做得很好，表明今年是追趕的一年。我的意思是，他們上半場顯然非常強大。指導似乎與你的“承諾不足、兌現過度”的口號一致。但是，今年下半年是否有任何值得注意的計劃投資會導致利潤率大幅低於我們上半年所看到的水平？

There really isn't. Keep in mind that our margin guide, it's something that we believe leaves us enough room to continue to make investments as those opportunities have risen as we evaluate our environment and what's available to us towards the back part of the year. If those investments in that flexibility and we don't see a great opportunity to do that, there could be potential upside to that margin profile.

確實沒有。請記住我們的利潤指南，我們相信這給我們留下了足夠的空間來繼續進行投資，因為隨著我們評估我們的環境以及今年下半年我們可以利用的東西，這些機會已經增加。如果對這種靈活性的投資，而我們沒有看到這樣做的絕佳機會，那麼該利潤率可能會有潛在的上升空間。

Next question is from the line of Saket Kalia with Barclays.

下一個問題來自巴克萊銀行的 Saket Kalia。

Okay. Great. Howard, maybe for you, just zooming out a little bit from the quarter. I was wondering if you could just talk a little bit about the international business right now. Clearly, a lot of investment there for the future, I think we reviewed that at last year's Analyst Day. How do you sort of think about that business growing and eventually contributing to this operating leverage in an even bigger way?

好的。偉大的。霍華德，也許對你來說，只是把本季度的情況縮小一點。我想知道您現在是否可以談談國際業務。顯然，我們對未來進行了大量投資，我想我們在去年的分析師日對此進行了回顧。您如何看待該業務的增長並最終以更大的方式為這種運營槓桿做出貢獻？

Yes. Thanks, Saket. So we continue to remain focused on that investment on the international side, and it is something that we view as growth investments. Remember that our framework that we have provided on an ongoing basis of that 350 basis points average expansion that actually does not contemplate any additional upside that we would see from the international investments and the leverage there. And so that's how I'm thinking about the components of our margin profile going forward relative to international.

是的。謝謝，薩凱特。因此，我們繼續關注國際方面的投資，我們將其視為增長投資。請記住，我們在平均擴張 350 個基點的持續基礎上提供的框架實際上並未考慮到我們從國際投資和槓桿中看到的任何額外好處。這就是我對我們未來相對於國際市場的利潤狀況的組成部分的看法。

We still remain focused on that investment particularly in the back part of this year. We still expect improvements to come about in the international business towards the back part of this year, we'll provide an update later on in the year.

我們仍然關注這項投資，特別是在今年下半年。我們仍然預計今年下半年國際業務將會有所改善，我們將在今年晚些時候提供最新情況。

Got it. Very clear. Tooey, maybe for my follow-up for you. I realize it's still very early, but any early observations from your payments product here in beta testing? I mean, just high level, anything just in terms of customer preferences or comments on pricing? Anything you want to say about payments?

知道了。非常清楚。 Tooey，也許是為了我對你的後續行動。我意識到現在還很早，但是你們的支付產品在 Beta 測試中有什麼早期觀察結果嗎？我的意思是，只是高水平，就客戶偏好或定價評論而言，有什麼嗎？關於付款你有什麼想說的嗎？

Saket, you know I love talking about payments, so I won't talk about products. So you know what I would say is we have learned a lot. We have partnered very, very close with the industry to deliver this solution. And I'm constantly gratified by the enthusiasm that I see in the market and the customers that I'm talking to about us solving this problem of getting people paid faster. And so I would encourage you all to come to a Groundbreak and Investor Day because you may learn a little bit more at that moment.

Saket，你知道我喜歡談論支付，所以我不會談論產品。所以你知道我想說的是我們學到了很多東西。我們與業界進行了非常非常密切的合作來提供這個解決方案。我一直對市場和客戶對我們解決讓人們更快付款的問題的熱情感到滿意。因此，我鼓勵大家參加奠基日和投資者日，因為那時您可能會學到更多東西。

The next question is from the line of Adam Borg with Stifel.

下一個問題來自 Adam Borg 和 Stifel。

Maybe just for you, Tooey. In the past, you've talked a little bit about adopting more of a product-led growth strategy. I was just curious kind of where are we with this in terms of better refining product and packaging to serve the lower end of the market.

也許只適合你，圖伊。過去，您曾談到過更多地採用以產品為主導的增長戰略。我只是好奇我們在更好的精煉產品和包裝以服務低端市場方面處於什麼位置。

Yes. Well, so the product line growth is definitely not an event. It's a journey, right? And so this has been something we've been working on for quite some time. But if I was to characterize where we are in the process, I would say we're still in early days. We talked a little bit about PCN in the past. Things like PCN, our connected strategy, is going to help support expanding our customer base across our collaborators as that becomes more prevalent and adopted. So early innings yet, but a journey.

是的。嗯，所以產品線的增長絕對不是一個事件。這是一次旅行，對吧？因此，這是我們已經研究了一段時間的事情。但如果我要描述我們目前所處的階段，我會說我們仍處於早期階段。我們過去討論過一些關於 PCN 的問題。隨著 PCN（我們的互聯戰略）變得更加普遍和採用，它將有助於支持我們在合作者中擴大客戶群。雖然還處於早期階段，但這是一段旅程。

Just to add on a little bit there. Remember, not to think about PLG as specifically for the lower end of the market. It is a broader strategy around how we go to market across the board, as Tooey mentioned, including things like PCN, so just keep that in mind in terms of when we're talking about PLG. And it is very early innings.

只是在那裡添加一點。請記住，不要將 PLG 視為專門針對低端市場。正如 Tooey 提到的，這是一個圍繞我們如何全面進入市場的更廣泛的戰略，包括 PCN 之類的東西，所以當我們談論 PLG 時請記住這一點。現在是很早的幾局。

Yes. Adam, I'm going to drill on top of this that the -- we know so much about our customers, and we have so much of their data that we have the opportunity to present them with the next best offering or next best action for them to take in expanding their relationship with Procore. And those are areas that it's not dependent upon size of customer, everybody benefits from learning about how they can use Procore to run better businesses.

是的。亞當，我要在此基礎上深入探討——我們非常了解我們的客戶，我們擁有大量他們的數據，我們有機會向他們提供下一個最佳產品或下一個最佳行動他們致力於擴大與Procore 的關係。這些領域不依賴於客戶規模，每個人都可以從了解如何使用 Procore 運營更好的業務中受益。

That's super helpful. And maybe just as a super fast follow-up, just on the insurance front, again, I'm sure we'll hear more Groundbreak, but just on Procore Risk Advisors. Again, I know it's super early, but any interesting customer feedback or any initial learnings there you're willing to share?

這非常有幫助。也許只是作為一個超快速的後續行動，就在保險方面，我相信我們會聽到更多的突破，但只是在 Procore Risk Advisors 上。再說一次，我知道現在還為時過早，但是您願意分享任何有趣的客戶反饋或任何初步經驗嗎？

Yes, sure. So still, again, very early days. And I would encourage you to definitely come to Investor Day. Our friend, Paul, will be there, and he will have a lot to talk about. But yes, I would say you just stay tuned, there's going to be more to come. I will say that it's an area where I think there's a lot of opportunity. We're a trusted partner to the industry, and that trust goes a long way.

是的，當然。再說一遍，這仍然是非常早期的事情。我鼓勵您一定要來參加投資者日。我們的朋友保羅也會在那裡，他會有很多話要說。但是，是的，我想說，請繼續關注，還會有更多內容。我想說的是，我認為這是一個有很多機會的領域。我們是業界值得信賴的合作夥伴，這種信任大有裨益。

The next question is from the line of Sterling Auty with MoffettNathanson.

下一個問題來自 Sterling Auty 和 MoffettNathanson。

I appreciate the commentary on the macro. But bringing this home to Procore specifically, can you talk to us a little bit about how you view your current sales pipeline and your pipeline coverage ratios in light of those dynamics? In other words, is it gotten stronger? Is it getting weaker? And are you doing anything specific to manage that pipeline coverage in light of the trends that you mentioned?

我很欣賞對宏觀的評論。但具體來說，您能否與我們談談您如何根據這些動態來看待您當前的銷售渠道和渠道覆蓋率？換句話說，是不是變強了？是不是越來越弱了？根據您提到的趨勢，您是否正在採取任何具體措施來管理管道覆蓋範圍？

Sterling, this is Howard here. Thanks for the question. The first part of this is that our pipeline generation still remains strong. When we talk about the cautiousness that we're seeing in certain pockets of the business, it really has to do with that pipeline taking a little bit longer in terms of the deal cycle and the smaller lands.

斯特林，這是霍華德。謝謝你的提問。第一部分是我們的管道發電仍然保持強勁。當我們談論我們在某些業務領域看到的謹慎態度時，這確實與管道在交易週期和較小土地方面需要更長的時間有關。

In terms of what we're doing in terms of internally, our investments and where we focus, that is something that I think we continuously do in terms of managing the business and making adjustments, and we're certainly evaluating those options each and every single quarter. But that's what I would say is how things are showing up from pipeline down to what we're seeing in terms of the cautious pool.

就我們在​​內部所做的事情、我們的投資以及我們的重點而言，我認為這是我們在管理業務和進行調整方面不斷做的事情，我們當然正在評估每一個選項單季度。但這就是我要說的，從管道到我們在謹慎池方面所看到的情況，事情是如何發生的。

The next question is from the line of Brent Thill with Jefferies.

下一個問題來自布倫特·希爾 (Brent Thill) 和杰弗里斯 (Jefferies) 的提問。

This is Luv Sodha on for Brent Thill. I wanted to ask one on the expansion activity that you saw this quarter, one of the comments you made was it's not just volume-based expansion, but it's also adoption of additional products. Could you just give us some insight into -- are you working with the go-to-market team to incentivize them to sell additional products? And then what additional products have been adopted?

我是 Luv Sodha 為 Brent Thill 發言。我想詢問一位關於您本季度看到的擴張活動的問題，您發表的評論之一是，這不僅僅是基於數量的擴張，而且還採用了其他產品。您能否向我們介紹一下您是否正在與市場推廣團隊合作，以激勵他們銷售更多產品？那麼還採用了哪些其他產品呢？

Great question, Luv. The good news is that our products are in demand from our customers. Great example is that with folks that are coming on board and they're buying project management, they're quickly seeing the need for Procore to help them manage their financials. And I think that's been one of the reasons why we've been successful, and really what sets us apart is the fact that project management and financials aren't disjointed separate pieces of software. We acknowledge the integration that is required between project management and financial management on a platform.

好問題，勒夫。好消息是客戶對我們的產品有需求。一個很好的例子是，隨著人們加入併購買項目管理，他們很快就發現需要 Procore 來幫助他們管理財務。我認為這是我們成功的原因之一，真正使我們與眾不同的是項目管理和財務並不是脫節的獨立軟件。我們承認平台上的項目管理和財務管理之間需要集成。

So it's kind of a natural progression, and then it really depends on the type of customers, owners are going to purchase different products than GCs in the beginning. And the specialty contractors are going to choose more workforce management, BIM tools that they need for the field. So it really depends on the person that we're talking to as to how they progress through purchasing our different products.

所以這是一個自然的進展，然後它實際上取決於客戶的類型，業主一開始會購買與 GC 不同的產品。專業承包商將選擇更多現場所需的勞動力管理和 BIM 工具。因此，這實際上取決於與我們交談的人如何通過購買我們的不同產品取得進展。

Yes. From an incentive standpoint, we don't have anything that's overly specific or direct in terms of product incentives at this point. There is a lot of opportunity to continue to cross-sell as most of our expansion is still from a volume perspective.

是的。從激勵的角度來看，目前我們在產品激勵方面沒有任何過於具體或直接的內容。由於我們的大部分擴張仍然是從銷量的角度來看，因此有很多繼續交叉銷售的機會。

Got it. That's helpful. And then just one quick one, Howard, if I may, on the gross retention side. Could you just elaborate, was there anything that led to the moderation to 94% or any additional color you could share there?

知道了。這很有幫助。霍華德，如果可以的話，我就簡單說一下總保留率方面的問題。您能否詳細說明一下，有什麼因素導致了 94% 的節制，或者您可以在那里分享任何其他顏色嗎？

Sure. The 94%, likely there was some of the cautiousness that made its way into that 94% gross retention. But keep in mind that, that 94% is still within our historical range of 94% to 95%, and so we still feel good about that gross retention number.

當然。 94% 的人保留率高達 94%，很可能是出於某種謹慎態度。但請記住，94% 仍然在我們 94% 到 95% 的歷史範圍內，因此我們仍然對這個總保留率感到滿意。

The next question is from the line of Matt Broome with Mizuho.

下一個問題來自馬特·布魯姆 (Matt Broome) 和瑞穗 (Mizuho) 的對話。

Tooey and Howard, congrats on another strong and consistent quarter. I guess in terms of the increased polarization of customer behavior, I just be interested to understand a little bit more about what's really causing that behavior? And did those trends sort of become more pronounced as the quarter progressed and indeed sort of carry on into July?

圖伊和霍華德，祝賀又一個強勁而穩定的季度。我想就客戶行為日益兩極分化而言，我只是有興趣更多地了解真正導致這種行為的原因是什麼？隨著本季度的進展，這些趨勢是否變得更加明顯，甚至持續到 7 月份？

Yes. So we mentioned this earlier, but I'm going to say it again, which is I wish I could tell you, Matt, that we have data that points to one particular area, one segment, one geo, one stakeholder where this was happening more than others. It was generalized across the entire portfolio, which is a little bit -- gives us a little bit more interest in looking deeper into this. But it's really interesting, if you were going to ask my personal opinion, Matt, what I think is happening is if I look over the last few quarters, and forget about construction, but anybody, when you read the news, things haven't gotten more rosy, things seem to have continued to get a little bit more scary about the overall macro environment. So I think sentiment goes a long way in that.

是的。所以我們之前提到過這一點，但我要再說一遍，我希望我能告訴你，馬特，我們有數據指向發生這種情況的一個特定區域、一個細分市場、一個地理區域、一個利益相關者比其他人更多。它被推廣到整個投資組合，這讓我們更有興趣更深入地研究這個問題。但這真的很有趣，如果你要問我個人的意見，馬特，我認為正在發生的事情是，如果我回顧過去幾個季度，忘記建設，但任何人，當你讀新聞時，事情並沒有發生變得更加樂觀，整體宏觀環境似乎繼續變得更加可怕。所以我認為情緒在這方面起著很大的作用。

But also, there's a lot of optimism because you hear about the infrastructure bills. You hear about all these big mega projects coming online. You hear about data centers, you hear about all the manufacturing. So there's this kind of world where there's things to be very optimistic about and then things that can concern you.

而且，人們也很樂觀，因為你聽說了基礎設施法案。你聽說所有這些大型項目都即將上線。你聽說過數據中心，你聽說過所有的製造業。所以在這個世界上，有一些事情值得非常樂觀，但也有一些事情會讓你擔心。

And it's really interesting. I was talking to a customer this quarter and he said to me, he goes, "We are increasingly optimistic that we may dodge a bullet, right, about the economy." He goes, "but we're increasingly worried that we may not be right in that optimism." So that, to me, is like it shows how you can hold two thoughts in your head that are countered to each other and actually articulate it, which I think illustrates it well.

這真的很有趣。本季度我與一位客戶交談，他對我說，“我們越來越樂觀，我們可能會躲過經濟的一劫。”他說，“但我們越來越擔心我們的樂觀情緒可能並不正確。”所以，對我來說，這就像它展示瞭如何在頭腦中保持兩種相互對立的想法，並實際表達出來，我認為這很好地說明了這一點。

All right. No, that's helpful. And then I guess, just in terms of the incremental cautiousness from some of your customers and those volume commitments, are there any sort of value signs that this is sort of ultimately translating into lower usage? What is the effect on usage there, if any?

好的。不，這很有幫助。然後我想，就一些客戶的日益謹慎和這些數量承諾而言，是否有任何價值跡象表明這最終會轉化為較低的使用率？如果有的話，對使用有什麼影響？

Yes. No. So we do not believe there's any correlation at all. We track usage very closely, and there has been no -- in fact, usage is on the increase. It's not on the decrease.

是的。不，所以我們認為根本不存在任何相關性。我們非常密切地跟踪使用情況，事實上，使用情況一直在增加。並沒有減少。

Next question is from the line of Josh Tilton with Wolfe Research.

下一個問題來自沃爾夫研究中心的喬什·蒂爾頓。

I kind of want to go back to that last one actually and maybe go back to some of these customer conversations that you're having. I get that there's no like data points or trend in the customers who are spending more versus customers who are spending less. But I guess when you go out and talk to customers who are choosing to expand like what exactly is it that they're pointing to that's giving them the confidence in spending more? And kind of how does that compare to what you're hearing from those customers who are spending less? What are they pointing to and being like this is why we're spending less? Is it obvious it's macro? Is it more than that? But maybe go back to some of those conversations.

我有點想回到最後一次，也許回到你們正在進行的一些客戶對話。我了解到，支出較多的客戶與支出較少的客戶之間沒有相似的數據點或趨勢。但我想當你出去與選擇擴張的客戶交談時，他們所說的到底是什麼讓他們有信心花更多錢？與您從那些支出較少的客戶那裡聽到的情況相比，情況如何？他們指的是什麼，這就是我們減少開支的原因？是不是很明顯是宏觀的？還不止這些嗎？但也許可以回到其中一些對話。

Yes. So I can just tell you my anecdotal stories and the conversations that I've been having. And by the way, as I mentioned, I've been on the road a lot. So a lot of these conversations were deep in-person conversations and not just quick phone calls.

是的。所以我可以告訴你我的軼事故事和我一直在進行的對話。順便說一句，正如我提到的，我經常出差。因此，很多對話都是深入的面對面對話，而不僅僅是快速的電話通話。

What I found in some cases were these businesses were running more volume because they were newer to Procore, but they may have only been running their data center business with us, but not the rest of their business and/or they had been awarded a large project or two that they hadn't anticipated and not led them to want to increase their volume to Procore.

我在某些情況下發現，這些企業的業務量更大，因為它們對 Procore 較新，但他們可能只與我們一起運行數據中心業務，而不是其餘業務和/或他們獲得了大額獎勵一兩個他們沒有預料到的項目，也沒有讓他們想要增加Procore 的數量。

The other piece is that the -- though customers will start off with project management, as I mentioned earlier, there's an opportunity for us to expand those accounts for the people that are betting on the future around things like quality and safety, around things like financials, around things like invoice management. And so I think there's -- on that side, the optimism side, that's kind of how we see it. And by the way, I would say, I have a biased sample though, to be honest with you, Josh, I talk to our biggest and best customers. And so I don't want to overgeneralize here. But clearly, with 15,700-plus customers, you're going to get all into the spectrum in terms of optimism. I have not spoken to many customers who are pessimistic, but -- so I can't really speak to that. But obviously, in the numbers, there is some. And Howard, do you want to?

另一件事是，儘管客戶將從項目管理開始，正如我之前提到的，但我們有機會為那些在質量和安全等方面押注未來的人們擴大這些賬戶。財務，圍繞發票管理之類的事情。所以我認為，在這一方面，樂觀的一面，這就是我們的看法。順便說一句，我想說，儘管我有一個有偏見的樣本，但老實說，喬什，我與我們最大和最好的客戶交談。所以我不想在這裡過度概括。但顯然，擁有超過 15,700 名客戶，您將感到樂觀。我還沒有與很多悲觀的客戶交談過，但是——所以我真的不能談論這一點。但顯然，從數字上看，還是有一些的。霍華德，你願意嗎？

Yes, Josh, on the downgrade side of things, I think it's -- we have to come back to really, it's about the sentiment in those customers and what they're feeling in terms of what they're seeing for themselves. And so it may not be necessarily because their backlogs aren't there or anything like that. It's purely about the sentiment that they're feeling and they decide to downgrade.

是的，喬什，在降級方面，我認為我們必須真正回到這一點，這與這些客戶的情緒以及他們對自己所看到的感受有關。所以這可能不一定是因為他們不存在積壓或類似的情況。這純粹是因為他們的感受而決定降級。

Keep in mind, when they downgrade and if they do overachieve or overuse on the volume, they do have to pay a higher basis point at that point. But the good news is when you look at that in relation to our gross retention, it still remains relatively stable.

請記住，當他們降級時，如果他們確實超額完成或過度使用數量，他們必須在那時支付更高的基點。但好消息是，當你看看我們的總保留率時，它仍然保持相對穩定。

Totally makes sense. And I guess just my follow-up, sticking with this topic is, it sounds like it was an offset in the quarter, but a net positive but I think in the prepared remarks, you also very appropriately warned us that if this continues, it could be a negative in the future. So I guess outside of the obvious answer, which is you need more cautious customers than expanding customers, like what, from your perspective, would have to change for this to kind of flip from still being a net positive to go into being a net negative?

完全有道理。我想我的後續行動，堅持這個主題是，這聽起來像是本季度的抵消，但淨積極，但我認為在準備好的評論中，您也非常恰當地警告我們，如果這種情況繼續下去，未來可能會產生負面影響。因此，我想除了顯而易見的答案之外，即您需要比擴大客戶更謹慎的客戶，從您的角度來看，必須做出改變才能從仍然是淨積極因素轉變為淨消極因素？

What have to change? Let me answer it in a couple of different ways. First, in terms of that cautiousness that we are calling out. From my seat, when I look at the proportion of customers that are expanding, that are renewing or that are downgrading, when you see a smaller proportion of customers that are renewing and either going expansion or downgrading, that profile in and of itself actually causes the predictability of the business to be a little bit less accurate. And so from that standpoint, where I said I have to prudently make sure that we call out that cautiousness. And so what will we have to see for that cautiousness to materialize? We would have to see the sentiment on the downside really start to get to a place that outpaces the expansion side. But just the profile of what we're seeing really causes that predictability to be a little bit less accurate and the volatility potential to increase.

需要改變什麼？讓我用幾種不同的方式來回答這個問題。首先，就我們呼籲的謹慎而言。從我的座位上來看，當我查看正在擴展、正在續訂或正在降級的客戶比例時，當你看到較小比例的正在續訂、正在擴展或降級的客戶時，這種情況本身實際上會導致業務的可預測性有點不太準確。因此，從這個角度來看，我說我必須謹慎地確保我們保持謹慎。那麼，要實現這種謹慎態度，我們必須看到什麼？我們必須看到下行情緒真正開始超過擴張情緒。但僅僅我們所看到的情況確實會導致可預測性不太準確，並且波動性可能會增加。

The next question is from the line of Brent Bracelin with Piper Sandler.

下一個問題來自 Brent Bracelin 和 Piper Sandler。

Tooey, maybe starting with you, the volume of net new customers on a year-over-year basis had declined for 2 quarters, which really makes sense given the challenges out there. I guess I was a little surprised in net new adds that were strong in the quarter, 615, back to year-over-year growth there. A little stronger than seasonally we've seen in the last couple of years.

Tooey，也許從你開始，淨新客戶數量同比下降了兩個季度，考慮到當前的挑戰，這確實是有道理的。我想我對本季度強勁的淨新增人數感到有點驚訝，615 人，恢復了同比增長。比我們過去幾年看到的季節性強一些。

So what's driving the net adds? Is there a profile either specialty or owner or a unique cohort that's driving some of that? Just wanted to get a little more color on the net new customers that looks a little healthier than I would have thought given the environment.

那麼是什麼推動了網絡添加量的增長呢？是否有專業人士、所有者或獨特的群體在推動其中的發展？只是想讓新客戶在網絡上獲得更多的色彩，他們看起來比我想像的更健康一點。

So Brent, I would not over-index on customer count. The thing is because we have so much such a large SMB business, that really creates a lot of variability in those numbers. So we don't really see it as being something that we track really closely. It's much more about the construction volume our customers bring on to the platform, and that remains strong.

所以布倫特，我不會過度索引客戶數量。問題是因為我們擁有如此龐大的中小型企業業務，這確實造成了這些數字的很大變化。所以我們並不認為它是我們真正密切跟踪的東西。更重要的是我們的客戶為平台帶來的建築量，而且這種建築量仍然強勁。

Yes, I'll just jump in. Look, we're happy with the customer adds. Historically, we've been in that 500 to 600 range in terms of quarter-on-quarter increase, and that still remains consistent in Q2. To Tooey's point, we're really managing to the dollars that those customers bring in versus the actual count of the customer. And so we feel good about the customer count.

是的，我馬上插話。聽著，我們對客戶的補充感到滿意。從歷史上看，我們的季度環比增長一直處於 500 到 600 的範圍內，並且在第二季度仍然保持一致。在圖伊看來，我們實際上是在管理這些客戶帶來的收入與客戶的實際數量。因此，我們對客戶數量感到滿意。

Great. And then, Howard, one quick follow-up on the renewal discussions and dollar volumes you're seeing on expansion versus contractions? I think we heard from AvidXchange earlier today, they had a call out around a commercial building being a subsegment for them where they're seeing softness. As you think about the contracts that are up for renewal that are strengthening, is it tied to commercial building erosion? Is it hard to predict? Just trying to get a little more color on those contracts that are downgrading, is it tied to commercial office building where we're clearly seeing weakness?

偉大的。然後，霍華德，請快速跟進續約討論以及您在擴張與收縮方面看到的美元交易量？我想我們今天早些時候從 AvidXchange 聽說，他們對一座商業建築進行了呼籲，認為這是他們看到疲軟的一個細分市場。當您考慮正在加強的待續簽合同時，這是否與商業建築侵蝕有關？很難預測嗎？只是想對那些被降級的合同有更多的了解，它是否與我們明顯看到弱點的商業辦公樓有關？

So Brent, I'm going to jump in over Howard and then Howard can jump in on this one. But the answer is simply no, that doesn't come up in the conversations. I think what Howard said is something that I've been trying to say for a long time, which is our success is driven primarily by sentiment. And so it's more about how do these executives feel about the opportunity ahead than it is about any particular segment that's on the downturn.

所以布倫特，我要插手霍華德，然後霍華德也可以插手這個問題。但答案是否定的，談話中沒有提到這一點。我想霍華德所說的也是我長期以來一直想說的，那就是我們的成功主要是由情緒驅動的。因此，更多的是這些高管如何看待未來的機會，而不是任何處於低迷時期的特定細分市場。

As we mentioned before, say it again that the -- our customers run these diversified portfolios and they don't -- the ones that were in heavy into commercial office buildings 2 years ago, they have shifted their portfolio mix dramatically away from that to data centers and manufacturing and warehousing in areas where they can actually see some success. So no, it really is not, and remember, there are 70 subsegments in the construction industry. So -- and that's just one and it's in the single-digit percentage of the overall industry. Sorry, Howard. You got anything else?

正如我們之前提到的，再說一遍——我們的客戶經營著這些多元化的投資組合，而他們沒有——那些兩年前大量進入商業辦公樓的投資組合，他們已經將他們的投資組合大幅轉變為數據中心以及製造和倉儲領域，他們實際上可以看到一些成功。所以不，確實不是，請記住，建築行業有 70 個細分市場。所以——這只是其中之一，而且只佔整個行業的個位數百分比。對不起，霍華德。你還有別的事嗎？

No. You covered everything, too.

不，你也涵蓋了一切。

70 subsegments certainly helps explain maybe the diversification that some don't appreciate. Really helpful color there.

70 個細分市場無疑有助於解釋某些人不欣賞的多元化。那裡的顏色確實很有幫助。

The next question is from the line of Nick Altmann with Deutsche Bank (sic) [Scotiabank].

下一個問題來自德意志銀行（原文如此）[豐業銀行] 的 Nick Altmann。

Awesome. Just with some of the pockets of weakness on the volume commitments, and I'm wondering how you guys are sort of combating that from a go-to-market perspective? I think you had mentioned earlier that financials is an area or a SKU that you guys continue gaining traction with. But I guess -- what is sort of the remedy? Or how are you guys sort of combating some of the weakness in volume equipment? Is it incentives in place to drive expansion through new SKUs? Is it a shift in focus to other product categories or areas? Just any sort of color you can give around sort of how you plan on combating some of that weakness in volume commitments, I think, would be really helpful.

驚人的。只是在數量承諾方面存在一些弱點，我想知道你們如何從進入市場的角度來應對這一問題？我想您之前曾提到過，金融是你們持續關注的一個領域或一個 SKU。但我想——補救辦法是什麼？或者你們是如何克服體積設備的一些弱點的？是否有適當的激勵措施來通過新的 SKU 推動擴張？是否將重點轉移到其他產品類別或領域？我認為，只要你能給出任何一種顏色來說明你計劃如何克服銷量承諾中的一些弱點，都會非常有幫助。

Yes, sure, Nick. Thanks. So similar to what I mentioned before, a regular part of what we do in evaluating and determining where we put our resources on a quarter-on-quarter basis takes these things into account and not necessarily specifically around products, although that could be part of the equation. We'll look at things like where do we want to double down on things like driving pipeline or specific geos or specific teams and we continuously make those adjustments as we execute throughout the quarter and throughout the year. And those are things that are a normal part of the decisions that we make in any particular quarter. So those adjustments are definitely happening as we move throughout the year.

是的，當然，尼克。謝謝。與我之前提到的類似，我們在評估和確定每個季度的資源配置時所做的常規部分會考慮這些因素，而不一定是專門針對產品，儘管這可能是方程。我們將研究諸如我們想要在哪些方面加倍努力，例如推動管道或特定地理區域或特定團隊等問題，並且我們在整個季度和全年執行時不斷進行這些調整。這些都是我們在任何特定季度做出的決策的正常組成部分。因此，隨著我們全年的發展，這些調整肯定會發生。

Great. And then just a quick follow-up on the margins. It's great to see the outlook on the margins and some of the comments around free cash flow. Just given you're cleaning up the expense line a bit, can you maybe just talk about the areas where you're maybe adding the incremental dollar and where you guys want to sort of double down on the expense line? And maybe on the flip side of the equation, where are sort of the areas you're maybe cleaning up a little bit more? If you could talk about product categories, international, et cetera, I think that would be interesting.

偉大的。然後只是在邊緣進行快速跟進。很高興看到利潤前景以及有關自由現金流的一些評論。鑑於您正在稍微清理費用線，您能否談談您可能會增加增量資金的領域以及你們想要在費用線上加倍的領域？也許在等式的另一面，您可能需要清理更多的區域在哪裡？如果你能談論產品類別、國際化等等，我認為那會很有趣。

Yes. The margin improvement really was planned in terms of being above that framework that we've been given about the 350 basis points on average. And it really has come from a diverse and wide range of areas from go-to-market R&D to G&A. So that's the first thing.

是的。利潤率的改善實際上是根據高於我們給出的平均 350 個基點的框架來計劃的。它確實來自從上市研發到一般行政管理等各個領域。這是第一件事。

The second thing is we continue to invest in the business, largely in the front office because of the demand that we see and that we're reacting to there. And so we still invest in the go-to-market. We're still investing in the product side. Keep in mind, in terms of the head count investments and the capacity investments, we've come into fiscal '23, and we've said before that we're going to add less resources in fiscal '23 than we have in fiscal '22. And that has certainly contributed also to the margin expansion that we saw and are seeing this year, and we'll continue to see this year.

第二件事是我們繼續對業務進行投資，主要是在前台，因為我們看到了需求並且我們正在對此做出反應。因此，我們仍然投資於進入市場。我們仍在產品方面進行投資。請記住，就人員投資和產能投資而言，我們已經進入了“23 財年”，並且我們之前說過，“23 財年”添加的資源將少於“23 財年” 22.這無疑也促進了我們今年看到的利潤率擴張，而且今年我們將繼續看到這一點。

The next question is from the line of Dylan Becker with William Blair.

下一個問題來自迪倫·貝克爾和威廉·布萊爾的對話。

It's Faith on for Dylan. I wanted to touch on the evolution of the business outside of the pure macro dynamics. So now that there is more of a platform approach versus a point solution tool when you guys started. Wondering how we should think about resiliency in your durable growth framework, maybe now that the equation shifts more to a balanced mix of both product and volume to support business efficiency versus solely relying on the volume growth as it's done historically, which I understand, I believe, still has a lot of white space in itself.

這是迪倫的信仰。我想談談純粹宏觀動態之外的業務演變。因此，當你們開始時，現在有更多的平台方法而不是單點解決方案工具。想知道我們應該如何考慮持久增長框架中的彈性，也許現在等式更多地轉向產品和數量的平衡組合以支持業務效率，而不是像歷史上那樣僅僅依靠數量增長，我理解，我相信，本身仍然有很多空白。

Yes. Well, Faith, thank you. So Procore has been a multiproduct platform since 2017. So I wouldn't characterize us as having just shifted to being more of a platform play. What we have done is we've matured the products that we have had that accompany our project management kind of flagship product. And so that's giving us the opportunity to now provide obviously, additional value by providing more products. And by virtue of the fact that we're helping our customers run their entire business, we think we can grab more of their volume because it doesn't make a ton of sense to run your business on a platform that not all of your projects are on.

是的。好吧，信仰，謝謝你。因此，自 2017 年以來，Procore 一直是一個多產品平台。因此，我不會將我們描述為剛剛轉向更多的平台遊戲。我們所做的是，我們已經成熟了與我們的項目管理類旗艦產品相伴的產品。因此，這使我們有機會通過提供更多產品來提供明顯的附加價值。由於我們正在幫助客戶運營他們的整個業務，因此我們認為我們可以獲取更多的業務量，因為在並非所有項目的平台上運營您的業務沒有多大意義在...上。

Right. No, that's super helpful. And then just quickly, if I can ask a follow-up. I wanted to touch on Procore construction network and how this can drive efficiency to the sales process by enabling more self-serve optionality or that collaborator conversion efforts to open up new scopes of work to the different stakeholders? How are you guys thinking about this?

正確的。不，這非常有幫助。然後很快，如果我可以詢問後續情況。我想談談 Procore 施工網絡，以及它如何通過實現更多自助服務選項或合作者轉換努力向不同利益相關者開放新的工作範圍來提高銷售流程的效率？你們怎麼看待這個問題？

Yes. So the way we think about PCN is our mission is to connect everybody in construction on a global platform, and the PCN is just one tool that we use to acknowledge that the collaborators that are on our platform every single day are entitled to an experience that will get them and keep them engaged on our platform. So it's an enabler, but it's just one of many different ways that we're increasing our customer count just by virtually the fact that we have more people on our platform that are actually engaged and using our products. And so that's just one example though. We have lots of different examples of how we provide value and get people interested and it helps the sales process.

是的。因此，我們對 PCN 的看法是，我們的使命是將全球平台上的每個施工人員聯繫起來，PCN 只是我們用來確認每天在我們平台上的合作者有權獲得以下體驗的工具：將吸引他們並讓他們參與我們的平台。所以它是一個推動因素，但這只是我們增加客戶數量的許多不同方式之一，實際上我們的平台上有更多的人真正參與並使用我們的產品。但這只是一個例子。我們有很多不同的例子來說明我們如何提供價值並引起人們的興趣，這有助於銷售過程。

Yes. And I'll just add on top of that, Faith. Specifically, for example in PCN, our intent is to increase the volume of customers' participation in that PCN and also engagement. And with that participation and engagement comes an ability and increased opportunity to meet the customer at the point of need. And when we have that opportunity, it starts to then play into the efficiencies that we have further up the chain in terms of the pipeline and how we generate that pipeline and how we ultimately close that pipeline into a $1 of ARR.

是的。我還要補充一點，信仰。具體來說，例如在 PCN 中，我們的目的是增加客戶參與該 PCN 的數量和參與度。有了這種參與和投入，我們就有了在需要時滿足客戶的能力和更多的機會。當我們有這個機會時，它就會開始發揮我們在管道方面的效率，以及我們如何生成該管道以及我們如何最終將該管道關閉為 1 美元的 ARR。

The next question is from the line of Kash Rangan with Goldman Sachs.

下一個問題來自高盛的卡什·蘭根 (Kash Rangan)。

I have a slightly different take, I mean we're always waiting for this macro recovery, and we're not getting what we want. But at the same time, in the 2 years that you've been public, you've been putting up the numbers and your growth rate, in fact, has accelerated from when you went public. I think the first quarter, you went public that's 27%, now it's 33%, 32%. Your margins are better, free cash flow is better, number of customers added just keeps growing. I think it's about 15%, 17% growth in your customer base, the revenue per customer is growing. Your yield is getting better.

我的看法略有不同，我的意思是我們總是在等待宏觀復甦，但我們沒有得到我們想要的。但與此同時，在你上市的兩年裡，你一直在公佈數字，事實上，你的增長率比你上市時有所加快。我認為第一季度上市時是 27%，現在是 33%、32%。您的利潤率更高，自由現金流更好，新增客戶數量不斷增長。我認為您的客戶群增長了 15%、17% 左右，每個客戶的收入也在增長。你的產量越來越好。

So what are we waiting for? What if we don't? Tooey, I mean, what if we don't get a "recovery" right? But this is a new normal. How does it leave the company? Are you still keeping the same optimism with respect to the TAM, the growth opportunity of the company. Maybe we just -- you need to set aside a notion of a commercial or whatever recovery because you've had enough strength in your end markets and your business model seems to be doing nothing but just performing and outperforming. So tell us more about why we're all worried about something we should not be worried about?

那麼我們還在等什麼呢？如果我們不這樣做怎麼辦？ Tooey，我的意思是，如果我們沒有“恢復”怎麼辦？但這是一種新常態。它如何離開公司？您對 TAM（公司的增長機會）是否仍然保持同樣的樂觀態度？也許我們只是——你需要拋開商業或任何復甦的概念，因為你在終端市場上有足夠的實力，而你的商業模式似乎除了表現和超越之外什麼也沒做。那麼請告訴我們更多關於為什麼我們都擔心一些我們不應該擔心的事情？

Well, Kash, good to hear from you. And you are now hired onto our Investor Relations team officially. That's probably the nice thing anybody has ever said.

好吧，卡什，很高興收到你的來信。您現在已正式受聘加入我們的投資者關係團隊。這可能是任何人都說過的好話。

So yes, if the macro demand environment continues to be a challenge, I'm personally convinced that the overall need for construction is going to be there. It just may shift from one segment to another, and that's the beauty of Procore, so we serve all sectors, and that really helps when our customers shift their portfolio, they don't have to shift products or anything, they just shift their portfolio. So I'm a firm believer that the overall demand for construction is going to remain.

所以，是的，如果宏觀需求環境繼續構成挑戰，我個人相信對建築的總體需求將會存在。它可能會從一個細分市場轉移到另一個細分市場，這就是Procore 的美妙之處，因此我們為所有行業提供服務，當我們的客戶改變其產品組合時，這確實有幫助，他們不必改變產品或任何東西，他們只需改變他們的產品組合。因此，我堅信建築業的總體需求將保持不變。

Look, we've seen the 2009 downturn, we saw COVID downturn, we also saw demand didn't wane dramatically during those time frames. And you got to remember, we -- I'm going to say this for our friend, Paul, but Paul used to always use the oil tanker analogy, which these things, even if it does slow, this industry and the way that this works, it's like an oil tanker. And it doesn't speed up fast and it doesn't slow down fast, and it certainly doesn't turn very agile. So we believe that over time, we will be more of a steady Eddie when it comes to riding the ups and downs of the overall macro economy just because of that nature of construction.

看，我們已經看到了 2009 年的低迷，我們看到了新冠疫情的低迷，我們還看到需求在這段時間內沒有急劇下降。你必須記住，我們 - 我要為我們的朋友保羅說這句話，但保羅過去總是使用油輪類比，這些東西，即使它確實很慢，這個行業以及它的方式工作正常，就像油輪一樣。它加速不快，減速也不快，當然也不會變得非常敏捷。因此，我們相信，隨著時間的推移，由於建築的這種性質，在應對整體宏觀經濟的起起落落時，我們將更像一個穩定的埃迪。

Yes. Just to add on a little bit more there, Kash. Doubling down on the oil tanker analogy, you won't see any particular period where we'll have an outsized uptick or downtick in the growth because of that dynamic. And we've always talked about our steady-state growth rate in that high 20s -- or high 20s to low 30s range, and that still is consistent, and we still maintain that perspective going forward.

是的。只是補充一點，卡什。以油輪為例，你不會看到任何特定時期的增長會因為這種動態而出現大幅上升或下降。我們一直在談論我們的穩態增長率在 20 多歲——或者 20 多歲到 30 多歲的範圍內，這仍然是一致的，我們仍然保持這種觀點。

Got it. Tooey, appreciate the nice words, you'd make a great analyst to in case you decide to pursue that line of work.

知道了。 Tooey，欣賞這些好話，如果你決定從事這一行，你會成為一名出色的分析師。

Right back at you. Thanks.

就回到你身邊。謝謝。

Thank you for your question. The next question is from the line of Jason Celino with KeyBanc.

謝謝你的問題。下一個問題來自 KeyBanc 的 Jason Celino。

I'm just trying to gain a perspective here. It sounds like your customers are expanding more than they're decreasing. This is kind of like extreme comparison, but I'm just trying to gain perspective. If we go back to 2020, there were really only 1 or 2 quarters where you saw the sequential cRPO growth minimally. To what extent at that time did those renewals on the down -- downsizing exceed the ones that were upsizing?

我只是想在這裡獲得一個觀點。聽起來您的客戶增長量多於減少量。這有點像極端的比較，但我只是想獲得觀點。如果我們回到 2020 年，實際上只有 1 或 2 個季度的 cRPO 環比增長最小。當時，縮減規模的續約在多大程度上超過了擴大規模的續約？

Yes, Jason. So I want to make sure that folks understand how severe the situation was in 2020. When you think about 2020, job sites were literally empty, and so that is a very different situation than we're in right now because backlogs are still there, construction is still going on, and there's still business out there being done. And so I wouldn't necessarily look at that as a fair compare because literally, job sites were empty. And that's the only scenario where you would see something that severe happen.

是的，傑森。所以我想確保人們了解 2020 年的情況有多麼嚴重。當你想到 2020 年時，招聘網站實際上是空的，所以這與我們現在的情況非常不同，因為積壓仍然存在，施工仍在進行中，而且仍有業務在進行。所以我不一定會認為這是一個公平的比較，因為從字面上看，招聘網站是空的。這是唯一會發生如此嚴重的情況的情況。

Okay. Yes. No, that's fair. And then just competitively, given these changing market dynamics, wondering if you've seen any changes to the competitive landscape, competitive tactics.

好的。是的。不，這很公平。然後就是競爭，考慮到這些不斷變化的市場動態，想知道你是否看到競爭格局和競爭策略發生了任何變化。

Jason, no changes whatsoever really as far as we're concerned. Again, it's always shocking to me, but the vast majority of the people that we're talking to every day to join the Procore platform are coming from more analog solutions, Microsoft Office, those type of things as opposed to competitors. And so we don't really look at it that way. And -- but if anything, just to kind of put a bow on it, no changes to report.

傑森，就我們而言，實際上沒有任何變化。再說一次，這總是讓我感到震驚，但我們每天接觸的絕大多數加入 Procore 平台的人都來自更多的模擬解決方案、Microsoft Office 等，而不是競爭對手。所以我們並不是真的這麼看。而且——但如果有的話，只是為了向它鞠躬，沒有任何變化需要報告。

The next question is from the line of Mark Schappel with Loop Capital Markets.

下一個問題來自 Loop Capital Markets 的 Mark Schappel。

This is Tim Greaves on for Mark. One for me is last quarter, you guys noted that employee attrition came in lower than anticipated. I want to know, did that trend continue over Q2?

我是蒂姆·格里夫斯（Tim Greaves）替馬克發言。對我來說，上個季度是這樣，你們注意到員工流失率低於預期。我想知道第二季度這種趨勢是否持續？

Yes. Attrition remains at low levels, and we're really happy with where we are from a hiring perspective.

是的。員工流失率仍然處於較低水平，從招聘角度來看，我們對目前的情況非常滿意。

And if I could just add another one and expand that to the international side. Can you provide us an update on these new sales reps that you hired? If I recall correctly, you mentioned a few quarters ago that with the changes in the international business and particularly around the onboarding of new sales reps, are these new sales reps fully productive yet? Or if not, where do they stand?

如果我可以添加另一個並將其擴展到國際方面。您能否向我們提供有關您僱用的這些新銷售代表的最新信息？如果我沒記錯的話，您在幾個季度前提到過，隨著國際業務的變化，特別是新銷售代表的入職，這些新銷售代表是否完全高效？或者如果不是，他們站在哪裡？

So the way I would characterize it is we are always evolving the kind of maturation of how we enable our sellers. And we have been working on this not only internationally, but both domestically as well, and so I would say some folks are ramped, the newer ones are not. And it's a never-ending process of enabling and ramping. But I would say the process is getting better. But when we think about international kind of as an entity, we really don't think we're going to see significant changes that we would even talk about until later this year. I hope that helps, Tim.

因此，我的描述方式是，我們始終在為賣家提供支持的方式上不斷發展成熟。我們不僅在國際上，而且在國內也一直在努力解決這個問題，所以我想說，有些人已經進步了，但新人卻沒有。這是一個永無止境的啟用和提升過程。但我想說這個過程正在變得更好。但是，當我們將國際視為一個實體時，我們真的認為我們不會看到我們在今年晚些時候才會談論的重大變化。我希望這有幫助，蒂姆。

Thank you for your question. There are no additional questions waiting at this time. So that concludes the conference call. Thank you for your participation. You may now disconnect your lines.

謝謝你的問題。目前沒有其他問題等待。電話會議到此結束。感謝您的參與。您現在可以斷開線路。