Procore Technologies Inc (PCOR) 2023 Q4 法說會逐字稿

Hello, and welcome to the Procore Technologies, Inc. Full Year '23 Q4 Earnings Call. My name is Elliot, and I will be coordinating your call today. (Operator Instructions)

您好，歡迎參加 Procore Technologies, Inc. 23 年第 4 季全年財報電話會議。我叫艾利歐特，今天我將協調您的電話。 （操作員說明）

I'd now like to hand over to Matthew Puljiz, the floor is yours. Please go ahead.

現在我想把發言權交給 Matthew Puljiz，請發言。請繼續。

Thanks. Good afternoon, and welcome to Procore's 2023 Fourth Quarter Earnings Call. I'm Matthew Puljiz, VP of Finance. With me today are Tooey Courtemanche, Founder, President and CEO; and Howard Fu, CFO. 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.

謝謝。下午好，歡迎參加 Procore 2023 年第四季財報電話會議。我是財務副總裁 Matthew Puljiz。今天與我在一起的有創辦人、總裁兼執行長 Tooey Courtemanche；和財務長霍華德·傅。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, February 15, 2024.

本次電話會議的評論可能包括有關我們的財務表現、產品、客戶需求、營運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 2024 年 2 月 15 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. If this call is replayed or viewed 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. 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.

Procore 不承擔更新任何前瞻性聲明以反映新資訊或意外事件的義務，但法律要求的除外。如果今天之後重播或查看此通話，則通話期間提供的資訊可能不包含當前或準確的資訊。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。我們也將參考某些非公認會計準則財務指標，為投資者提供更多資訊。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。

So with that, here's Tooey.

那麼，圖伊就是這樣。

Thanks, Matt, and thanks, everyone, for joining us today. We ended the year about as we expected with some bright spots and learnings amid a tough economic environment. Some notable highlights were that we surpassed $1 billion in total ARR, we generated $29 million in free cash flow, and we believe 2024 will be another strong year for cash flow generation. Our net retention rate remained durable at 114%, and we ended the year with over 2,000 customers contributing greater than $100,000 in ARR.

謝謝馬特，也謝謝大家今天加入我們。我們以我們的預期結束了這一年，在嚴峻的經濟環境中取得了一些亮點和經驗教訓。一些值得注意的亮點是，我們的總 ARR 超過 10 億美元，產生了 2900 萬美元的自由現金流，我們相信 2024 年將是現金流產生的另一個強勁的一年。我們的淨保留率持續保持在 114%，到年底，我們有超過 2,000 名客戶貢獻了超過 100,000 美元的 ARR。

So today, I'd like to reflect back on 2023 and share some interesting customer stories and discuss how I'm thinking about the year ahead. So I'd like to start by acknowledging that 2023 proved to be a challenging year amid a tough economic environment. Much of the commentary we shared on our last earnings call is still relevant to what we're seeing today. 2022 and 2023 were very different years for our industry. In 2022, our customers demonstrated optimism in their sentiment and their buying behavior. This optimism largely stemmed from the strength of our customers' backlogs and their confidence in the future pipeline of work. However, 2023 brought a notable shift. While backlogs remain strong, sentiment shifted partially due to rapidly rising interest rates and the industry began to hedge against future work just in case.

因此，今天，我想回顧 2023 年，分享一些有趣的客戶故事，並討論我對未來一年的看法。因此，我首先要承認，在嚴峻的經濟環境下，2023 年是充滿挑戰的一年。我們在上次財報電話會議上分享的大部分評論仍然與我們今天看到的情況相關。對我們的產業來說，2022 年和 2023 年是非常不同的一年。 2022 年，我們的客戶在情緒和購買行為上表現出了樂觀的態度。這種樂觀情緒很大程度上源於我們客戶積壓的訂單量以及他們對未來工作流程的信心。然而，2023 年帶來了顯著的轉變。儘管積壓仍然強勁，但由於利率迅速上升，市場情緒發生了部分變化，並且該行業開始對未來的工作進行對沖，以防萬一。

Sentiment drove conservatism for the future and led the industry to be cautious about future volume commitments should future demand weigh in. As we all recognize, construction and our economy are cyclical. I've been leading Procore for 22 years and worked in construction well before that. So I've seen a few of these cycles myself. And while I'd like to acknowledge that 2023 was disappointing when compared to 2022, I also firmly believe that every tough period reveals opportunities and strengths. Times like these give us a chance to look inward and determine what's working and what can be improved. We've done that important work, and I'm confident that the path we've laid will set us up for success when the inevitable upswing comes.

情緒推動了對未來的保守態度，並導致該行業在未來需求影響下對未來的產量承諾持謹慎態度。眾所周知，建築業和我們的經濟都是週期性的。我領導 Procore 已有 22 年了，在此之前我曾在建築業工作過。所以我自己也看過一些這樣的周期。雖然我承認 2023 年與 2022 年相比令人失望，但我也堅信，每一個艱難時期都會揭示機會和優勢。像這樣的時代讓我們有機會檢視自己，確定哪些是有效的，哪些是可以改進的。我們已經完成了這項重要的工作，我相信，當不可避免的經濟復甦到來時，我們所鋪設的道路將為我們成功奠定基礎。

So I'd like to share 5 bright spots across our customer sentiment and our business operations that continue to fuel my optimism and confidence in the years ahead. First, the conversations we regularly have with customers across all stakeholders and geographies remain largely positive. Many of our customers have been around for a long time and have also seen multiple economic cycles. They tell me that they too are using this as an opportunity to do the necessary planning to ensure that they're ready to capture the inevitable upswing.

因此，我想分享我們的客戶情緒和業務營運的 5 個亮點，這些亮點將繼續激發我對未來幾年的樂觀和信心。首先，我們定期與所有利害關係人和地區的客戶進行的對話在很大程度上仍然是正面的。我們的許多客戶已經存在很久了，也經歷過多個經濟週期。他們告訴我，他們也以此為契機進行必要的規劃，以確保他們準備好迎接不可避免的經濟復甦。

As I've shared many times before, their primary concern is not just demand but also finding the skilled labor to meet this demand. As you've heard me say, construction is a low margin, high-risk business, and our customers are always searching for efficiency and predictability. But in times like these, our customers continue to tell me that the efficiencies and predictability Procore delivers are paramount. This is best reflected in our gross revenue retention rate, which remains steady throughout this past year and years prior. Even in downturns, our customers see the value we provide and continue to rely on the Procore platform to run their businesses, which brings me to my second bright spot. Not only do our customers stay with us, they continue to expand with us.

正如我之前多次分享的那樣，他們最關心的不僅僅是需求，還包括尋找熟練勞動力來滿足這種需求。正如您所聽到的，建築業是一項低利潤、高風險的業務，我們的客戶始終追求效率和可預測性。但在這樣的時期，我們的客戶不斷告訴我，Procore 提供的效率和可預測性至關重要。這最好反映在我們的總收入保留率上，該率在過去一年和前幾年保持穩定。即使在經濟低迷時期，我們的客戶也看到了我們提供的價值，並繼續依賴 Procore 平台來經營他們的業務，這就是我的第二個亮點。我們的客戶不僅留在我們身邊，而且繼續與我們一起擴張。

Expansion from the upmarket has historically been a strength of ours and continue to be this quarter. Today, about half of our total ARR comes from the enterprise and historically, much of that comes from expansion. We continue to have incredible room for growth here and expect this to be a bigger contributor in the near term, and I'm going to share more on this shortly.

從歷史上看，向高端市場的擴張一直是我們的優勢，本季也將繼續如此。如今，我們總 ARR 的大約一半來自企業，而從歷史上看，其中大部分來自擴張。我們在這裡繼續擁有令人難以置信的成長空間，並預計這將在短期內做出更大的貢獻，我很快就會分享更多相關內容。

Third, the cyclical nature of construction in the economy gives us an important opportunity to revisit our long-range plans and road maps. We reflected on our go-to-market and our product strategy and how effective they may be in both up and down cycles. We've reexamined our product road map to ensure it aligns with where we believe the industry is headed. This exercise reinforced that we are on the right track and that we are indeed skating to where the puck is going. A great example of which is the upcoming boom in infrastructure spending. I am more confident than ever that we will continue our leadership position in serving this industry and its evolving needs.

第三，經濟建設的週期性為我們提供了重新檢視長期規劃和路線圖的重要機會。我們反思了我們的上市和產品策略，以及它們在上升和下降週期中的有效性。我們重新審視了我們的產品路線圖，以確保其符合我們認為的產業發展方向。這次練習強化了我們正走在正確的軌道上，我們確實正在滑向冰球要去的地方。一個很好的例子就是即將到來的基礎設施支出熱潮。我比以往任何時候都更有信心，我們將繼續保持我們在服務這個行業及其不斷變化的需求方面的領導地位。

The fourth bright spot that I'm very happy to share is that Procore was ranked #5 on Glassdoor's Best Places to Work list for U.S. large companies, and that's up from 61 in 2022. It doesn't feel all that long ago that I started this business and one of the many early challenges we faced was attracting talent to build software for an underserved industry. From the beginning, we committed to fostering and prioritizing our culture, and I could not be more proud that we've grown into being an employer of choice, attracting high-caliber team members from across industries and geographies.

我很高興與大家分享的第四個亮點是，Procore 在 Glassdoor 的美國大公司最佳工作場所排行榜上排名第 5，比 2022 年的第 61 位有所上升。開始這項業務時，我們面臨的眾多早期挑戰之一是吸引人才為服務不足的行業建立軟體。從一開始，我們就致力於培養和優先考慮我們的文化，我非常自豪我們已經成長為首選雇主，吸引了來自不同行業和地區的高素質團隊成員。

Finally, we delivered significant efficiency improvements in 2023. In past quarters, you've heard me say that efficient growth has become a company-wide mantra at Procore. We deeply emphasized this when we began planning for 2023. And as the year progressed, we continue to identify areas for incremental improvement from only adding additional employees when necessary to consolidating vendor spend to obtain better discounting. I'm proud of the team for demonstrating this discipline as it provides us with the fuel that we need to continue to invest in the most important opportunities ahead. I'm especially proud of this in the context of the other bright spots that I shared previously. The efficiency improvements we delivered did not come at the cost of our employee experience nor our ability to build lasting customer relationships. I believe that building a fantastic business, fostering strong customer relationships and treating employees well are not mutually exclusive.

最後，我們在 2023 年實現了顯著的效率提升。在過去的幾個季度中，您曾聽我說過，高效成長已成為 Procore 全公司的口號。當我們開始規劃2023 年時，我們深深強調了這一點。隨著這一年的進展，我們繼續尋找增量改進的領域，從僅在必要時增加額外員工到整合供應商支出以獲得更好的折扣。我為團隊展示了這項紀律感到自豪，因為它為我們提供了繼續投資未來最重要機會所需的動力。考慮到我之前分享的其他亮點，我對此感到特別自豪。我們實現的效率提升並沒有以犧牲員工體驗或建立持久客戶關係的能力為代價。我相信建立出色的企業、培養牢固的客戶關係和善待員工並不互相排斥。

Speaking of customer relationships, I'd like to share a few recent examples. Performance Contracting, Inc. is one of the largest specialty contractors in the U.S. For more than 6 decades, PCI has delivered top-tier construction services across the country, performing work on large projects, including data centers, life sciences and semiconductor clean rooms, traditional and clean energy plans, stadiums, multifamily residential and more. In years past, PCI leveraged our workforce planning solution as well as a number of competitive and custom in-house technologies to execute their projects. They decided to significantly expand their usage of Procore, adopting several products and making Procore their primary construction management platform. After in-depth research of available technology solutions, PCI chose Procore because our dedication to specialty contractors and our superior customer success organization, which is critical for successful change management at scale.

說到客戶關係，我想分享一些最近的例子。 Performance Contracting, Inc. 是美國最大的專業承包商之一。6 多年來，PCI 一直在全國範圍內提供頂級的建築服務，承接大型項目，包括資料中心、生命科學和半導體潔淨室、傳統和清潔能源計劃、體育場館、多戶住宅等。在過去的幾年中，PCI 利用我們的勞動力規劃解決方案以及許多具有競爭力的客製化內部技術來執行他們的專案。他們決定大幅擴展 Procore 的使用範圍，採用多種產品並將 Procore 設為他們的主要施工管理平台。在對可用技術解決方案進行深入研究後，PCI 選擇了 Procore，因為我們致力於專業承包商和卓越的客戶成功組織，這對於大規模成功的變革管理至關重要。

With Procore, Performance Contracting is now able to standardize and streamline operations across all of their branches. I'm personally looking forward to building upon the close relationship I have with Pat, Jason and the rest of the PCI team in the years to come.

借助 Procore，Performance Contracting 現在能夠標準化和簡化其所有分支機構的運作。我個人期待在未來幾年與 Pat、Jason 和 PCI 團隊其他成員建立密切的關係。

Now not only are we continuing to expand with existing customers, but we're also adding notable new customers. Penske Transportation Solutions, which became a Procore customer in Q4, is a leading transportation and logistics service provider with a North American footprint of approximately 1,500 truck leasing and maintenance facilities as well as distribution centers. They recognize that they needed a robust system to support their continuing growth over the coming years.

現在，我們不僅繼續擴大現有客戶，而且還增加了重要的新客戶。 Penske Transport Solutions 於第四季度成為 Procore 客戶，是一家領先的運輸和物流服務提供商，在北美擁有約 1,500 個卡車租賃和維護設施以及配送中心。他們認識到，他們需要一個強大的系統來支援未來幾年的持續成長。

Penske wanted to find a best-in-class construction management solution that would help them across all project verticals, including renovations to existing facilities, new facilities construction, electrical vehicle supply equipment infrastructure and other capital improvement projects across this portfolio. I am happy to share that Penske chose to partner with Procore over several others to help scale and consolidate processes into a single platform and improve their project management operations and project financial controls over the long term.

Penske 希望找到一流的施工管理解決方案，幫助他們跨越所有垂直項目，包括現有設施改造、新設施建設、電動車供應設備基礎設施以及該投資組合中的其他資本改善項目。我很高興與大家分享，Penske 選擇與 Procore 合作，而不是與其他多家公司合作，以幫助將流程擴展並整合到一個平台中，並從長遠來看改善他們的專案管理營運和專案財務控制。

In addition to owners and specialty contractors, we continue to deepen our close relationships with leading general contractors. Burns and McDonnell which ranks #31 on ENR's Top 400 Contractors list recently expanded significantly with us, and we'll be rolling Procore out across more of its business. The team is looking for a solution that was modern, easy-to-use, quick to implement, enable collaboration and help them deliver better project outcomes across a number of sectors, including power generation, manufacturing and industrial, government, transportation, water, oil, gas and chemicals, commercial and retail, telecommunications and more.

除了業主和專業承包商之外，我們還繼續深化與領先的總承包商的密切關係。 Burns and McDonnell 在 ENR 400 強承包商名單中排名第 31 位，最近與我們一起大幅擴張，我們將在其更多業務中推廣 Procore。該團隊正在尋找一種現代化、易於使用、快速實施、支持協作並幫助他們在發電、製造和工業、政府、交通、水務等多個領域交付更好的專案成果的解決方案。石油、天然氣和化學品、商業和零售、電信等。

Today, Procore will serve as Burns and McDonnell's standard construction management platform for these projects. This is just one of the incredible partnerships we continue to build with the ENR 400, and is a great example of the massive opportunity we see with this group, which I'm going to talk about shortly.

如今，Procore 將作為 Burns and McDonnell 這些專案的標準施工管理平台。這只是我們繼續與 ENR 400 建立的令人難以置信的合作夥伴關係之一，也是我們在該組織中看到的巨大機會的一個很好的例子，我將很快討論這一點。

So now I'd like to shift gears and discuss how we're thinking about the year ahead. Internally, I'd like to describe 2024 as a year of focusing on our core, which means doubling down on our strengths while investing in related areas, which could further bolster our core offerings.

所以現在我想換個話題，討論一下我們對未來一年的看法。在內部，我想將 2024 年描述為專注於核心業務的一年，這意味著在投資相關領域的同時加倍發揮我們的優勢，這可以進一步增強我們的核心產品。

Within the platform, we're going to focus on 3 areas: first, cementing ourselves as the solution the industry utilizes for civil and infrastructure work. Today, many Procore customers build airports, municipal facilities, both traditional and clean energy plants and much more. However, I know we can do more to tailor our platform to meet the needs for civil and infrastructure. Late last year, we acquired Unearth, a leader in geospatial information mapping for construction. This acquisition, while small, will allow us to better support all types of construction, but in particular, horizontal infrastructure projects. That integration is going well, and we are excited about what's to come.

在該平台內，我們將重點放在三個領域：首先，鞏固自己作為產業用於土木和基礎設施工作的解決方案的地位。如今，許多 Procore 客戶建造機場、市政設施、傳統能源工廠和清潔能源工廠等等。然而，我知道我們可以做更多的事情來客製化我們的平台，以滿足民用和基礎設施的需求。去年年底，我們收購了建築地理空間資訊測繪領域的領導者 Unearth。此次收購雖然規模較小，但將使我們能夠更好地支援所有類型的建設，特別是橫向基礎設施項目。整合進展順利，我們對即將發生的事情感到興奮。

Second, is increasing the adoption of our financial suite. Today, less than half of our customers use project financials and invoice management. This means there is ample opportunity within these offerings before we even take payments into consideration. Speaking of which, we are excited about payments and the early feedback has been very positive. It's important to note that we are the only solution in the market that connect estimating to contracts to compliance documents to invoices to payment workflows, all on a single platform.

其次，增加我們財務套件的採用。如今，我們只有不到一半的客戶使用專案財務和發票管理。這意味著在我們考慮付款之前，這些產品中就有充足的機會。說到這裡，我們對付款感到很興奮，早期的回饋非常積極。值得注意的是，我們是市場上唯一將估算、合約、合規文件、發票、付款工作流程連接起來的解決方案，所有這些都在一個平台上進行。

Third is improving the flexibility of our product to meet the needs of all of construction, and specifically to facilitate easier adoption and configuration for the enterprise. Procore excels at solving the discrete needs of a vast range of individuals from those running billion-dollar CapEx projects to folks with mud on their boots, [entering timecards in the field]. The biggest difference between an enterprise and SMB customer is how much the former values and requires the ability to heavily configure Procore to meet their needs. No two enterprise clients perform the same task the same way. We believe we can improve this configurability and become more effective for the enterprise and all customers, which should further improve expansion and retention metrics down the road.

第三是提高產品的彈性，滿足所有建設的需要，特別是方便企業的採用與配置。 Procore 擅長解決各種個人的離散需求，從那些運行數十億美元資本支出項目的人到靴子上沾滿泥土的人，[在現場輸入時間卡]。企業和中小企業客戶之間最大的區別在於前者有多重視並需要大量配置 Procore 以滿足其需求的能力。沒有兩個企業客戶端會以相同的方式執行相同的任務。我們相信我們可以改進這種可配置性，並為企業和所有客戶變得更加有效，這應該會進一步改善未來的擴展和保留指標。

So I'd like to share a couple of priorities within our go-to-market motion. First, we see more opportunities to grow our base via expansion. So I'd like to share some color on why I think some may underestimate the opportunity given our strong market presence today. While some entities are running their entire portfolio on Procore, it's important to remember that others are using Procore on a portion of their total volume. I'd like to provide an example of this and use the ENR 400 opportunity to do so. The ENR 400 represents the largest 400 general contractors in the United States and reported approximately $500 billion in annual construction volume in 2022.

因此，我想分享我們的上市動議中的幾個優先事項。首先，我們看到了更多透過擴張來擴大基礎的機會。因此，我想分享一些觀點，解釋為什麼我認為鑑於我們今天強大的市場影響力，有些人可能會低估這個機會。雖然一些實體在 Procore 上運行其整個產品組合，但重要的是要記住，其他實體僅在其總交易量的一部分上使用 Procore。我想提供一個例子，並利用 ENR 400 的機會來做到這一點。 ENR 400 代表了美國最大的 400 家總承包商，報告指出 2022 年的年施工量約為 5000 億美元。

While Procore has approximately 70% of this group's logos, we have just over 40% of the $500 billion committed to Procore. This disparity, given these figures, is in part due to our land-and-expand motion. Some customers are still ramping into their annual volume and others operate independent divisions whose business we have yet to win. Plus our average ENR 400 customer uses about 5 of our products. This is slightly more than the average product adoption across our entire customer base, but is still well short of the 10-plus products available to the market today.

雖然 Procore 擁有該集團約 70% 的標誌，但我們只擁有 Procore 5,000 億美元資金中的 40% 多一點。從這些數字來看，這種差異部分是由於我們的土地擴張運動所造成的。一些客戶的年銷售仍在增加，而另一些客戶則經營獨立的部門，我們尚未贏得其業務。另外，我們平均 ENR 400 客戶使用我們的約 5 種產品。這略高於我們整個客戶群的平均產品採用率，但仍遠低於當今市場上的 10 多種產品。

Keep in mind, the enterprise category in construction is very broad. And this list only represents the largest, most global and technologically sophisticated group within the enterprise, and represents only about 1/4 of the U.S. construction industry. If we still have this much room to grow within this tech forward group, I hope it's becoming clear just how much opportunity there is outside of it. On top of that, the ENR 400 does not account for the broader opportunity across other stakeholders and customer sizes. All sorts of owners in the market today are not represented in this list, including the Fortune 500, universities, hospitals, real estate developers and more.

請記住，建築業的企業類別非常廣泛。而這份榜單僅代表了企業內最大、最全球化、技術最先進的集團，僅代表了美國建築業的約1/4。如果我們在這個技術前沿團隊中仍然有這麼大的成長空間，我希望人們越來越清楚在這個技術前沿團隊之外還有多少機會。最重要的是，ENR 400 沒有考慮到其他利害關係人和客戶規模的更廣泛機會。當今市場上的各種業主都沒有出現在這份名單中，包括財富 500 強、大學、醫院、房地產開發商等。

There's also a broader specialty contractor landscape of all sizes, geographies and trades. Taking all of this into account, we see plenty of opportunity to grow and serve this industry. These are the kind of details that motivate me and keep me so optimistic about Procore in the coming years. We believe we are in a winner takes most market category. And these are a few great examples of just some of our growth opportunities ahead.

還有更廣泛的各種規模、地理和行業的專業承包商景觀。考慮到所有這些，我們看到了許多發展和服務該行業的機會。這些細節激勵我，讓我對 Procore 在未來幾年保持樂觀。我們相信我們處於贏者通吃的市場類別。這些只是我們未來的一些成長機會的一些很好的例子。

The second go-to-market-related update I'd like to share is the addition of our Chief Revenue Officer, Larry Stack. Larry comes to us with a wealth of revenue leadership experience, most recently having spent 6 years heading up global sales and services at Red Hat. During that time, Larry helped lead the company to impressive size and scale, a similar opportunity Procore finds itself in today. In the past, you've heard me mention that I always have an eye out for new leaders who may be a good fit for our growth journey. In particular, I'm focused on talent that has previously achieved what Procore hopes to in the future. I believe Larry has this experience and can be instrumental in growing us to a multibillion-dollar revenue company.

我想分享的第二個與上市相關的更新是我們的首席營收長 Larry Stack 的加入。 Larry 帶著豐富的收入領導經驗來到我們這裡，最近在紅帽工作了 6 年，負責全球銷售和服務。在那段時間，Larry 幫助領導公司達到了令人印象深刻的規模和規模，Procore 今天也發現了類似的機會。過去，您曾聽我提到過，我總是留意可能適合我們成長之旅的新領導者。我特別關注那些之前已經實現了 Procore 未來目標的人才。我相信拉里擁有這種經驗，並且可以幫助我們發展成為一家收入數十億美元的公司。

So in closing, while 2023 wasn't the growth year I'd hoped it would be, I am proud of our efficiency improvements, our culture and our brand within this industry we serve, and I remain confident in the opportunity ahead.

因此，最後，雖然 2023 年不是我希望的成長年，但我對我們所服務的行業中的效率改進、我們的文化和我們的品牌感到自豪，並且我對未來的機會仍然充滿信心。

And now Howard is going to share more on our business performance. Howard?

現在霍華德將分享更多有關我們業務績效的資訊。霍華德？

Thanks, Tooey, and thank you to everyone for joining us today. Today, I'll recap our Q4 results, share some color on the quarter and year and conclude with our outlook. So let's jump in.

謝謝托伊，也謝謝大家今天加入我們。今天，我將回顧我們第四季度的業績，分享有關季度和年度的一些信息，並以我們的展望作為總結。那麼就讓我們開始吧。

Total revenue in Q4 was $260 million, up 29% year-over-year, and international revenue grew 32% year-over-year. Similar to prior quarters, our Q4 international results were impacted by currency headwinds. On a year-over-year basis, FX contributed approximately 3 points of headwind to international revenue growth. Therefore, on a constant currency basis, international revenue grew 35% year-over-year. Q4 non-GAAP operating income was $17 million representing an operating margin of 7%. Our key backlog metrics, specifically current RPO and current deferred revenue grew 24% and 27% year-over-year, respectively.

第四季總營收為 2.6 億美元，年增 29%，國際營收年增 32%。與前幾季類似，我們第四季的國際業績受到貨幣逆風的影響。與去年同期相比，外匯對國際收入成長產生了約 3 個百分點的阻力。因此，以固定匯率計算，國際營收年增 35%。第四季非 GAAP 營業收入為 1,700 萬美元，營業利潤率為 7%。我們的關鍵積壓指標，特別是當前 RPO 和目前遞延收入，分別較去年同期成長 24% 和 27%。

Before we dive into specifics, I want to call out that in general, our business performance in Q4 and as of today is similar to what we described back in November and December. The demand environment remains challenging, but we continue to have confidence we will operate within the left side of our financial framework. Now let me share some color on 5 specific topics.

在我們深入細節之前，我想指出，總的來說，我們第四季度和截至今天的業務表現與我們在 11 月和 12 月描述的類似。需求環境仍然充滿挑戰，但我們仍然有信心在財務框架的左側運作。現在讓我分享 5 個特定主題的一些色彩。

The first topic is related to the mechanics of cRPO. This metric slightly benefited from the timing of early renewals. Without this benefit, cRPO growth is in line with the low 20s revenue growth within the left side of our financial framework that we indicated on our last earnings call.

第一個主題與 cRPO 的機制相關。此指標略微受益於早期續約的時機。如果沒有這種好處，cRPO 的成長將與我們在上次財報電話會議上指出的財務框架左側 20 多歲的低收入成長一致。

The second topic is related to the mix of our business. The fourth quarter was emblematic of a trend we saw throughout 2023, which is that expansion performed better than new logo. This can be seen in a couple of areas: one, in customer count growth, which decelerated slightly; and two, in net revenue retention, which remains stable. In general, we expect these trends to continue through 2024. We are seeing strength in the upper end of the market. And typically, this has come from customers expanding their volumes and adding products. Product cross-sell which we define as expansion that comes from new product adoption rose in the fourth quarter with the majority from higher adoption of products such as financials and analytics. This is a positive dynamic and one we are excited about continuing to improve in the years ahead.

第二個主題與我們的業務組合有關。第四季象徵著我們在 2023 年看到的一個趨勢，即擴張的表現優於新商標。這可以從幾個方面看出：一是客戶數量成長略有放緩；二是客戶數量成長略有放緩。第二，淨收入保留，維持穩定。總體而言，我們預計這些趨勢將持續到 2024 年。我們看到高端市場的強勁勢頭。通常，這來自於客戶擴大產量和添加產品。產品交叉銷售（我們將其定義為因新產品採用而產生的擴張）在第四季度有所增加，其中大部分來自金融和分析等產品採用率的提高。這是一種積極的動態，我們很高興在未來幾年繼續改進。

The third topic is payments. As I mentioned to many of you in our conversations last year, we are excited and confident about this opportunity. We believe we have a unique advantage because we are the only end-to-end connected solution on a single platform. The early customer feedback has been positive, and we have already closed the majority of customers that were in our closed beta. As a reminder, it can take upwards of 24 months for our customer to be fully ramped on to pay. Therefore, while it's still too early to provide any quantitative disclosures, in the near term, we are focused on customer adoption. And over the long term, we expect our payments offering will contribute to our overall growth.

第三個話題是支付。正如我去年在談話中向你們許多人提到的那樣，我們對這個機會感到興奮和充滿信心。我們相信我們擁有獨特的優勢，因為我們是單一平台上唯一的端到端連接解決方案。早期的客戶回饋是正面的，我們已經關閉了大部分處於內測階段的客戶。請注意，我們的客戶可能需要長達 24 個月的時間才能完全付款。因此，雖然現在提供任何定量揭露還為時過早，但在短期內，我們將專注於客戶採用情況。從長遠來看，我們預計我們的支付服務將有助於我們的整體成長。

The fourth topic is related to our efficiency improvements, specifically how we are managing margins and share count dilution. We improved non-GAAP operating margins by 1,200 basis points in 2023. This is strong evidence of our continued focus and commitment to improving how we operate across all aspects of the business. The momentum around operational efficiency has increased significantly over the last several quarters. And this is not just a CFO initiative, our entire leadership team advocates for operational efficiency, motivating their teams to continuously get better at what they do.

第四個主題與我們的效率改善有關，特別是我們如何管理利潤和股份數量稀釋。 2023 年，我們將非 GAAP 營運利潤率提高了 1,200 個基點。這有力地證明了我們持續關注並致力於改善業務各個方面的營運方式。過去幾個季度，圍繞營運效率的勢頭顯著增強。這不僅是財務長的倡議，我們整個領導團隊都提倡營運效率，激勵他們的團隊不斷做得更好。

I'm very pleased with the way that the leadership team is managing headcount, which in every software business represents the majority of expenses. We've been redistributing resources to our highest need and highest ROI areas. This resulted in headcount growth of only 4% year-over-year while still maintaining our confidence that we have the right amount of resources to be successful in 2024.

我對領導團隊管理員工人數的方式感到非常滿意，在每個軟體業務中，員工人數佔了大部分費用。我們一直在將資源重新分配到最需要和最高投資回報率的領域。這導致員工人數年增 4%，但我們仍然堅信我們擁有足夠的資源在 2024 年取得成功。

An example of this is in the decline of sales and marketing expense from Q2 to Q4, notwithstanding our annual user conference Groundbreak in Q3. The majority of these efficiency gains are from prioritizing headcount and marketing spend toward our most promising motions and opportunities. These motions are ones we believe can generate the most optimized ROI balanced across the near and long term and that represent the core of our business.

一個例子是，儘管我們的年度用戶大會在第三季度舉行了奠基儀式，但從第二季度到第四季度，銷售和行銷費用卻有所下降。這些效率提升大部分來自於將員工數量和行銷支出優先考慮到我們最有希望的行動和機會。我們相信這些動議可以產生近期和長期平衡的最佳投資回報率，並且代表了我們業務的核心。

With respect to share count, we limited this growth rate in 2023 to the low single digits. This result, combined with free cash flow generation of $47 million led to free cash flow per share of $0.32 for the full year 2023, which is a significant increase year-over-year. As you've heard from us before, we believe free cash flow per share is the single most important metric, reflecting the overall financial health of our business, and are confident in our ability to improve this metric in the coming years according to our financial framework.

就股票數量而言，我們將 2023 年的成長率限制在較低的個位數。這一結果，加上 4,700 萬美元的自由現金流產生，導致 2023 年全年每股自由現金流為 0.32 美元，較去年同期大幅成長。正如您之前從我們那裡聽到的，我們相信每股自由現金流是最重要的指標，反映了我們業務的整體財務狀況，並且對我們根據我們的財務狀況在未來幾年改善這一指標的能力充滿信心框架。

This brings me to my fifth topic, which is our 2024 outlook. As I described last quarter, we expect to operate within the left side of the financial framework this year. Let me share some context for what we expect in 2024. Based on our current line of sight, we believe the second half of 2024 may have stronger bookings performance than the first half, partially due to our increasing focus on the upper end of the market, which typically have longer sales cycles. This will likely result in cRPO growth falling below 20% earlier in the year and then likely rising towards the end of the year.

這引出了我的第五個主題，即我們 2024 年的展望。正如我上季度所述，我們預計今年將在財務框架的左側營運。讓我分享一下我們對 2024 年的期望。根據我們目前的看法，我們認為 2024 年下半年的預訂表現可能會比上半年更強，部分原因是我們越來越關注高端市場，通常有較長的銷售週期。這可能會導致今年稍早 cRPO 成長率降至 20% 以下，然後可能會在年底前上升。

With respect to operating efficiency, our guidance indicates that we expect 2024 to be another year of significant margin improvement. This would represent 2 years of outsized margin expansion according to our financial framework. Specifically, our guidance implies a combined 1,800 basis points of improvement across 2023 and 2024. While we are proud of our margin expansion in 2023 and feel confident in our guidance, we do not expect 2025 to have nearly the same magnitude of margin expansion given our long-term growth opportunities and the investments required to capture those opportunities.

就營運效率而言，我們的指引表明，我們預計 2024 年將是利潤率大幅提高的另一年。根據我們的財務框架，這將意味著兩年的利潤率大幅擴張。具體來說，我們的指導意味著 2023 年和 2024 年的利潤率將總共提高 1,800 個基點。雖然我們對 2023 年的利潤率擴張感到自豪並對我們的指導充滿信心，但鑑於我們的長期成長機會以及抓住這些機會所需的投資。

With that, let's move on to our outlook. Our guidance continues to assume current economic headwinds persist through the remainder of the year. As a reminder, over the past several quarters, we have taken a prudent approach to guidance to factor in external uncertainty and potential for incremental weakness in the market. However, going forward, given our previously disclosed financial framework and commentary, we intend to have smaller revenue outperformance versus our guidance than in prior quarters and for the full year, though we still have strong conviction we will outperform our guidance.

說到這裡，讓我們繼續我們的展望。我們的指引繼續假設當前的經濟逆風將持續到今年剩餘時間。提醒一下，在過去的幾個季度中，我們採取了審慎的指導方針，以考慮外部不確定性和市場逐漸疲軟的可能性。然而，展望未來，鑑於我們先前披露的財務框架和評論，與我們的指導相比，我們打算比前幾季和全年的收入表現更小，儘管我們仍然堅信我們將超越我們的指導。

Note that while our margin guidance implies significant improvements to our efficiency profile, it still allows for the flexibility to invest into a potential upswing in the construction cycle that would benefit growth in future years. Growth is still our primary objective and will still be a significant driver of how we compound free cash flow per share over the next few years. With that, here is our guidance for Q1 and full year 2024.

請注意，雖然我們的利潤指導意味著我們的效率狀況將顯著改善，但它仍然允許靈活地投資於建設週期的潛在上升，這將有利於未來幾年的成長。成長仍然是我們的首要目標，並且仍然是我們未來幾年如何複合每股自由現金流的重要驅動力。以下是我們對第一季和 2024 年全年的指導。

For the first quarter of 2024, we expect revenue between $262 million and $264 million, representing year-over-year growth of 23% and 24%. Q1 non-GAAP operating margin is expected to be between 7% and 8%. For the full year fiscal 2024, we expect revenue between $1.137 billion and $1.142 billion, representing total year-over-year growth of 20%. Non-GAAP operating margin for the year is expected to be between 7% and 8%, which implies year-over-year margin expansion between 500 and 600 basis points.

2024 年第一季度，我們預計營收在 2.62 億美元至 2.64 億美元之間，年增 23% 和 24%。第一季非 GAAP 營業利潤率預計在 7% 至 8% 之間。對於 2024 財年全年，我們預計營收在 11.37 億美元至 11.42 億美元之間，年比總成長 20%。今年的非 GAAP 營業利潤率預計在 7% 至 8% 之間，這意味著利潤率同比擴張 500 至 600 個基點。

In conclusion, while we operate in the current demand environment, we are going to accelerate our progress on operational efficiency and make greater improvements in our margin profile. However, growth remains our long-term opportunity, and we intend to prioritize growth when appropriate and do so in an efficient manner. I'd like to close by again thanking our customers, partners, employees, shareholders and the industry as well as the communities we serve for giving us this opportunity.

總之，在當前的需求環境下運營，我們將加快營運效率的進步，並在利潤率方面取得更大的改善。然而，成長仍然是我們的長期機會，我們打算在適當的時候優先考慮成長，並以有效的方式進行。最後，我想再次感謝我們的客戶、合作夥伴、員工、股東以及整個產業以及我們所服務的社區給我們這個機會。

With that, let's turn it over to the operator for Q&A.

這樣，我們就將其交給操作員進行問答。

(Operator Instructions) First question today comes from Brent Bracelin with Piper Sandler.

（操作員說明）今天的第一個問題來自 Brent Bracelin 和 Piper Sandler。

Tooey, one for you here. It sounds like you're doubling down ENR 400, appreciate the color there between logo and actually volume penetration. Question here is, as you think about that opportunity and the focus on some of these larger GCs, we are seeing a slowdown in the total number of maybe smaller customers that we had in Q4. And just thinking through the implications of the focus on larger GCs, what does that mean from a customer count add perspective going into next year?

圖伊，這裡給你一個。聽起來您正在加倍 ENR 400，欣賞徽標和實際音量滲透之間的顏色。這裡的問題是，當你考慮這個機會以及對一些大型GC的關注時，我們發現第四季度我們擁有的小型客戶總數有所放緩。只要思考一下專注於大型GC的影響，從明年的客戶數量增加的角度來看，這意味著什麼？

Well, Brent, thank you. Great question. Something that we get asked a lot. I would -- we do not over-index on the customer count as we mentioned before, I think in previous quarters, primarily because the SMB market has been probably overly impacted by the macro headwinds more than any other sector. And so our focus has been that market. But as you see, we've actually done very well with expansion with the enterprise. They're bringing on more volume and buying more products. So the implications are, is that, that segment of the industry is performing well. And therefore, we're going to continue our focus on it going forward.

嗯，布倫特，謝謝你。很好的問題。我們常被問到的事情。我認為，我們不會像之前提到的那樣對客戶數量進行過度指數化，我認為在前幾個季度，主要是因為中小企業市場可能比任何其他行業都受到宏觀逆風的過度影響。所以我們的重點是這個市場。但正如您所看到的，我們實際上在企業擴展方面做得非常好。他們增加了銷售量併購買了更多產品。因此，這意味著該行業的該領域表現良好。因此，我們將繼續關注它。

Brent, this is Howard. I just want to add on what we Tooey said about the customer count, remember that a large proportion of that is concentrated down market. I'd also want to point you to, though, the fact that we actually have really good gross retention rates. We still have gross retentions at 95%, so customers aren't leaving us and also point you to the metric around net retention, net revenue retention, which is still stable at 114%.

布倫特，這是霍華德。我只想補充一下我們圖伊所說的關於客戶數量的內容，請記住其中很大一部分集中在下游市場。不過，我還想向您指出一個事實，即我們實際上擁有非常高的毛保留率。我們的毛留存率仍然為 95%，因此客戶不會離開我們，並且還向您指出有關淨留存率、淨收入留存率的指標，該指標仍然穩定在 114%。

Helpful color there. And then one quick follow-up for you, Howard. cRPO had a nice snapback here during Q4, clearly aided by some of these deals that slipped out of Q3, but you're still guiding to some cRPO volatility in the first half, how much volatility have you seen 45 days here into Q1? Is that informing the cRPO guide? Just trying to understand what you've seen so far in the booking side of the business, 45 days in.

那裡有有用的顏色。然後是你的快速跟進，霍華德。 cRPO 在第四季度出現了不錯的反彈，顯然是受到第三季度退出的一些交易的幫助，但您仍然在上半年指導 cRPO 出現一些波動，在第一季度的 45 天內您看到了多少波動？這是通知 cRPO 指南嗎？只是想了解 45 天以來您在預訂業務方面所看到的情況。

Yes. Yes, good question. So not really. It hasn't really changed at all in terms of what we told you in Q4 and what was occurring. So the dynamics are still remaining pretty much the same, and we're still facing that challenging demand environment. The one thing that I will add in there is that when we talked about in terms of the potential beta of outcomes that was historically larger that beta has started to stabilize and get a little bit less. And so that's some of the dynamics that we are seeing, but nothing has really changed from Q4 into Q1.

是的。是的，好問題。所以不是真的。就我們在第四季度告訴您的內容以及正在發生的事情而言，它根本沒有真正改變。因此，動態仍然基本保持不變，我們仍然面臨著充滿挑戰的需求環境。我要補充的一件事是，當我們討論歷史上較大的結果的潛在貝塔值時，貝塔值已經開始穩定並變得稍微小一些。這就是我們看到的一些動態，但從第四季到第一季沒有任何真正的變化。

We now turn to Saket Kalia with Barclays.

我們現在轉向巴克萊銀行的 Saket Kalia。

Tooey, maybe I'll start with you. You mentioned earlier in the call, you've seen a couple of construction cycles in the past. And we all see the construction metrics out there. I guess one of the questions that I get is whether Procore's bookings are going to see a lagging impact or more of a real-time impact if and when we see that market upswing to your point. And so maybe the question is for you, Tooey, as you look back at prior cycles with Procore, what have you seen in terms of that timing element? Does that make sense?

圖伊，也許我會從你開始。您在先前的電話會議中提到，您過去已經見過幾個施工週期。我們都看到了那裡的建設指標。我想我收到的問題之一是，如果我們看到市場上漲到您的觀點，Procore 的預訂是否會受到滯後影響，還是更多的即時影響。因此，也許問題是針對您的，Tooey，當您回顧 Procore 之前的周期時，您在計時元素方面看到了什麼？那有意義嗎？

Yes. No, it does make sense, Saket. The advantage Procore has is that our pricing model has our customers paying us upfront for volume, as you know. And so it's neither a lagging indicator or a current indicator. It's actually more of a forward indicator because people are committing to future volume. And so if you're looking at just other data sources like census data, for instance, for 2023, what you're going to see is actually volume commitments that we actually saw in 2021 and 2022. And I hope that makes sense because that really indicates that we're much more of a forward-looking metric.

是的。不，這確實有道理，Saket。如您所知，Procore 的優點在於我們的定價模式讓客戶以數量預先向我們付款。因此它既不是滯後指標也不是當前指標。它實際上更像是一個前瞻性指標，因為人們正在致力於未來的銷售。因此，如果您只查看其他數據來源，例如 2023 年的人口普查數據，那麼您將看到的東西實際上是我們在 2021 年和 2022 年實際看到的數量承諾。我希望這是有道理的，因為確實表明我們更像是一個前瞻性指標。

Got it. Got it. That does make sense. Howard, maybe for you, great to see the margin improvement. I guess the question is, could you maybe touch on some of the growth areas that we've talked about in the past, like international and fintech. And maybe give us a sense for whether you're still able to invest in those future growth drivers while also showing this great margin improvement.

知道了。知道了。這確實有道理。霍華德，也許對你來說，很高興看到利潤率的提高。我想問題是，您能否談談我們過去討論過的一些成長領域，例如國際和金融科技。也許可以讓我們了解您是否仍能投資於這些未來的成長動力，同時也顯示出這種巨大的利潤率改善。

Yes, sure. Thanks for the question. So the short answer is yes. Our margin guide has enough flexibility really for us to continue to make investments as we see areas of strength to develop. And so we have plenty of room in that flexibility overall. So the short answer is yes. Specifically on international, we still continue to make progress on international. We still believe that it is a big opportunity for us going forward over the medium and long term. And we are starting to see some signs of strength in Q4 coming out of the EMEA region. And so we are starting to see some signs there. And there's still a lot of work left to be done, but we are starting to see signs there.

是的，當然。謝謝你的提問。所以簡短的回答是肯定的。我們的保證金指南確實具有足夠的靈活性，可以讓我們在看到有待發展的優勢領域時繼續進行投資。因此，總體而言，我們在靈活性方面有足夠的空間。所以簡短的回答是肯定的。具體在國際化方面，我們在國際化方面也持續取得進展。我們仍然相信，從中長期來看，這對我們來說是一個巨大的機會。我們開始看到第四季度歐洲、中東和非洲地區出現強勁跡象。所以我們開始在那裡看到一些跡象。還有很多工作要做，但我們已經開始看到跡象。

Specifically with respect to fintech, I just want to make sure I reiterate again, that has essentially negligible contribution to our top line this year. But we still have opportunities to invest there as we think about the growth opportunities over the long term. And we have the flexibility to do that within our current profile and still continue to improve margins.

特別是在金融科技方面，我只想再次重申，這對我們今年的營收貢獻基本上可以忽略不計。但考慮到長期的成長機會，我們仍然有機會在那裡投資。我們可以在當前的情況下靈活地做到這一點，並繼續提高利潤率。

Our next question comes from Ken Wong with Oppenheimer.

我們的下一個問題來自肯王和奧本海默。

Great. Fantastic. I wanted to maybe dive into the comment around the margin expansion in fiscal '25. I realize that's pretty far out, but you guys did kind of float it out there. I guess if I was kind of thinking through the framework, you guys are at 500 basis points of expansion now. So if you'll get less that kind of puts you in that middle tier. I guess would it be fair to assume that kind of baked in those '25 assumptions with like the back half bookings improving that you guys are expecting an acceleration in '25?

偉大的。極好的。我想深入探討 25 財年利潤擴張的評論。我知道那是相當遙遠的事情，但你們確實把它拋到了那裡。我想，如果我仔細思考這個框架，你們現在已經擴張了 500 個基點。因此，如果你得到的更少，那麼你就會處於中間層。我想，在 25 年的假設中，後半段預訂量有所改善，你們預計 25 年會加速，這樣的假設是否公平？

So the first thing is, it's a little bit early to provide any specifics on fiscal '25. We've got a lot to get through this year in terms of how performance plays out and how we can react to that in terms of our investments and what we see for fiscal '25. And for '25, the framework still applies across the board, both from the top line to the profitability metrics. But keep in mind that, that framework is across a multiyear average over the next few years. And so that was the intent of that comment. The framework is still valid, but it's a multiyear average. And keep in mind also that we have the flexibility to continue to invest in growth as we see things materialize for this year.

因此，第一件事是，現在提供有關 25 財年的任何具體細節還為時過早。今年，我們有很多事情要做，包括業績表現、我們如何在投資方面做出反應以及我們對 25 財年的預期。對於 25 年，該框架仍然全面適用，從營收到獲利指標。但請記住，該框架是未來幾年的多年平均值。這就是該評論的意圖。該框架仍然有效，但它是多年平均值。還要記住，當我們看到今年的事情實現時，我們可以靈活地繼續投資成長。

Got it. Okay. Perfect. And then one for Tooey. I mean you mentioned that kind of given the backdrop that, perhaps, some of your customers are being a little cautious on construction dollar volume. I guess kind of based on what you guys have seen in Q4, Q1, I guess is it more likely that as we kind of wrap up the year that those numbers likely kind of play out more favorably than perhaps what's being messaged to you guys now. I'm not sure if you've got enough visibility today to kind of give us a sense on how that might look.

知道了。好的。完美的。然後是托伊的一張。我的意思是，您提到這一點的背景是，也許您的一些客戶對建築資金量有點謹慎。我想，根據你們在第四季度、第一季度所看到的情況，我想，當我們結束這一年時，這些數字可能會比現在向你們傳達的信息更有利。 。我不確定您今天是否有足夠的知名度讓我們了解這可能會是什麼樣子。

Well, I can give you my personal sense from the industry folks that I talk to, which is it's pretty much a continuation of what we had said last quarter. Sentiment is still muted. The folks are seeing that there are challenges obviously out there. I will say this, though, that just like last quarter, conversations still remain rather optimistic about the future. And so -- but I would say, just to be really straightforward. No real change from last quarter. When they talk about the year to come, they still are waiting for positive -- more positive signals to come in. So essentially, it's been pretty flat and muted.

好吧，我可以從與我交談的行業人士那裡得到我的個人感受，這幾乎是我們上季度所說的延續。情緒依然低迷。人們看到顯然存在挑戰。不過，我要說的是，就像上個季度一樣，人們對未來的看法仍然相當樂觀。所以——但我想說，只是簡單地說。與上個季度相比沒有真正的變化。當他們談論來年時，他們仍在等待積極的——更多積極的信號出現。所以從本質上講，情況相當平淡和平靜。

We now turn to DJ Hynes with Canaccord Genuity.

現在我們請來 Canaccord Genuity 的 DJ Hynes。

So maybe if we can just build on that last conversation point. So if I think about your comments on the bookings environment, the slowdown implied in the guide. And I'm not sure if this is the right way to ask it, but how much is being driven by longer sales cycles impacting new business activity, which to me, kind of reflects like real-time or acute headwinds versus the lower upfront volume commitments, which, I guess, in that case, kind of feel more like speculative headwinds. Does that make sense? Is that a fair way to ask the question?

所以也許我們可以以最後一個談話點為基礎。因此，如果我考慮您對預訂環境的評論，指南中暗示的放緩。我不確定這是否是正確的提問方式，但更長的銷售週期在多大程度上影響了新的業務活動，對我來說，這有點像實時或嚴重的逆風與較低的前期銷量相比我想，在這種情況下，這感覺更像是投機逆風。那有意義嗎？這是一個公平的提問方式嗎？

I think it's a fair way to ask it. I would definitely say that there's -- the longer sales cycles are definitely playing into the headwinds that we're seeing. As we mentioned last quarter, it's going -- the commitments that are being made are now going all the way up to the C-suite in a lot of cases, which is slowing down deals. But Howard, do you want to add anything?

我認為這是一個公平的提問方式。我肯定會說，更長的銷售週期肯定會帶來我們所看到的不利因素。正如我們上季度提到的，在許多情況下，正在做出的承諾一直延伸到最高管理層，這正在減緩交易。但是霍華德，你想補充什麼嗎？

Yes, part of the comments around kind of the seasonality between H1 and H2, there's a number of factors and long sales cycles is definitely part of those. But part of those long sales cycles is also where our focus is going and where we're seeing our strength in terms of expansion and focusing on the upmarket. That's one factor. The other factor that we're thinking about in terms of the dynamics between H1 and H2, DJ, is really around as our customers are able to further diversify the portfolio and get more acclimated to operating in this environment, there's a potential that they could likely get stronger sentiment and flow through to their buying behavior for Procore in the back half of the year. So all of those factors factor into kind of what we're thinking about in terms of how things progress for this year.

是的，關於上半年和下半年之間的季節性的部分評論，有很多因素，長銷售週期肯定是其中的一部分。但這些長銷售週期的一部分也是我們的重點所在，也是我們在擴張和專注於高端市場的優勢所在。這是一個因素。我們在 H1 和 H2 之間的動態方面考慮的另一個因素，DJ，確實存在，因為我們的客戶能夠進一步多樣化投資組合併更適應在這種環境中運營，他們有可能會在今年下半年獲得更強烈的情緒並影響他們對Procore 的購買行為。因此，所有這些因素都會影響我們今年的進展。

Yes. DJ, let me just build on that just really quickly, which is the key word there is sentiment, right? Our customers are going to look at a lot of factors when they make commitments to Procore regardless of how long the sales cycle is. And a lot of it is going to be the durability of their backlog, how confident they are in it, but also just all of the third-party inputs that they get that drive sentiment. One of the common question comes around interest rates. Not all construction projects are driven off of debt, but that is one input on sentiment. There's a lot of input. So it's rather complicated. But because sentiment plays into it, when you see improvements in sentiment, we think we're going to see improvements in commitments.

是的。 DJ，讓我很快地以此為基礎，這是情緒的關鍵字，對吧？無論銷售週期有多長，我們的客戶在向 Procore 做出承諾時都會考慮很多因素。其中很大一部分將取決於他們積壓訂單的持久性、他們對積壓訂單的信心，以及他們獲得的所有推動情緒的第三方投入。常見問題之一是利率。並非所有建設項目都擺脫了債務，但這是對情緒的影響之一。有很多輸入。所以說是比較複雜的。但由於情緒的影響，當你看到情緒的改善時，我們認為我們會看到承諾的改善。

Yes. Yes. Okay. Makes sense. And then maybe a second question. So one of the initiatives you talked about in the prepared remarks is driving configurability at the high end of the market. Is that entirely enabled by product? Is there a services component there? And then I guess the question is like how do you think about ushering those customers along with maybe a higher touch approach?

是的。是的。好的。說得通。也許還有第二個問題。因此，您在準備好的發言中談到的舉措之一是推動高端市場的可配置性。這完全是由產品實現的嗎？那裡有服務組件嗎？然後我想問題是你如何考慮引導這些客戶以及更高的接觸方式？

Yes. So as we've gone up market and we've been successful there. Configurability, you can't just deliver configurability in product, you actually have to bring the customer along in the journey. And so our customer success group is trained in that. But also, we have a very, very robust professional services organization who has adapted understanding how the construction life cycle is operating within particular companies and getting them up to speed on the best practices, frankly, that we've learned across working with 17,000 customers. And so we can bring a lot of value through this configurability that goes far beyond just the product.

是的。因此，隨著我們進入高端市場，我們在那裡取得了成功。可配置性，你不能僅僅在產品中提供可配置性，你實際上必須讓客戶參與其中。因此，我們的客戶成功團隊接受了這方面的訓練。而且，我們擁有一個非常非常強大的專業服務組織，他們了解特定公司內建築生命週期的運作方式，並幫助他們加快最佳實踐，坦白說，這是我們在與 17,000 家客戶合作中學到的。因此，我們可以透過這種可配置性帶來許多價值，而不僅僅是產品。

Yes. Just to add on, DJ, that's a great example, some of the distribution of optimizing our resources that we've mentioned and we've been doing over the past few quarters, which in this case is to align, for example, our PS organization and the requirements of that organization that line up to some of the strength that we're seeing and the configurability to going towards the upper end of the market. So this is a great example of that.

是的。補充一下，DJ，這是一個很好的例子，我們已經提到過，我們在過去幾個季度一直在優化我們的資源分配，在這種情況下，這是為了調整，例如，我們的 PS組織以及該組織的要求符合我們所看到的一些優勢以及邁向市場高端的可配置性。這是一個很好的例子。

We now turn to Adam Borg with Stifel.

現在我們轉向亞當·博格和斯蒂菲爾。

Maybe, Tooey, for you. In the script, you talked a lot about the opportunity in infrastructure and civil. Maybe you could go a little bit deeper there.

也許，圖伊，適合你。在劇本中，您談到了很多關於基礎設施和民用領域的機會。也許你可以再深入一點。

Yes. So there's -- a large portion of the global construction market is infrastructure and civil. And a lot of our customers today -- think of the largest contractors that you would know a name of have a certain portion of their construction run as civil and infrastructure. Now a lot of our customers build using Procore's tools today very effectively on civil and infrastructure projects. But we feel like that we can do more. And so we've been listening to the industry trying to figure out what it is that we can do to meet those demands.

是的。全球建築市場的很大一部分是基礎設施和民用建築。今天我們的許多客戶——想想你所知道的最大的承包商，他們的建築工程中有一部分是土木和基礎設施。現在，我們的許多客戶都使用 Procore 工具非常有效地建造土木和基礎設施項目。但我們覺得我們可以做得更多。因此，我們一直在傾聽業界的聲音，試圖找出我們可以採取哪些措施來滿足這些需求。

Our Unearth acquisition, as I mentioned, was a good example of that. When you're building a highway, you need to know where the items are on that highway. It's a very large expense. And so adding the mapping capabilities that we got from that acquisition add a lot of value. So we are going to continue to listen to the industry and allow our customers ultimately to run all of their volume on Procore across every project type that they run. And this is just such a big opportunity. It's one that we're really, really excited about.

正如我所提到的，我們對 Unearth 的收購就是一個很好的例子。當您建造高速公路時，您需要知道物品在高速公路上的位置。這是一筆非常大的開銷。因此，增加我們從這次收購中獲得的繪圖功能會增加很多價值。因此，我們將繼續傾聽行業的聲音，並允許我們的客戶最終在 Procore 上運行他們運行的每種專案類型的所有量。這就是一個巨大的機會。我們對此感到非常非常興奮。

We now turn to Nick Altmann with Scotiabank.

現在我們請豐業銀行的尼克·阿爾特曼 (Nick Altmann) 發言。

Awesome. Just given the focus on expansion and improving NRR, can you maybe just talk about some of the underlying assumptions there and the guidance and whether that embeds expansion or contraction in NRR.

驚人的。鑑於對擴張和改善 NRR 的關注，您能否談談其中的一些基本假設和指導，以及這是否會導致 NRR 的擴張或收縮。

Look, NRR right now, again, I want to remind folks, there's a lot of dynamics that go into NRR. Remember that we have a dynamic in our [pooled] models where we could actually sign a lot more [pool] models that actually hurt NRR, but it's good for our business. And so in terms of some of those assumptions, it's not really only key metric that we look at for NRR, there's a lot of things that go into that. So it's not as simple as just we're assuming expansion in NRR. In terms of expansion, some of the dynamics that we talked about in terms of the strength that we saw in expansion in the upmarket, that's actually what we're focusing and that's where we're starting to shift some of our resources to focus on that. And that's another example again of us moving our resources to where we see the strength. So that's kind of where it's going.

你看，現在 NRR，我想再次提醒大家，NRR 有很多動態。請記住，我們的[池]模型具有動態性，我們實際上可以簽​​署更多實際上損害NRR的[池]模型，但這對我們的業務有利。因此，就其中一些假設而言，我們不僅關注 NRR 的關鍵指標，還涉及許多因素。所以這並不像我們假設 NRR 擴張那麼簡單。在擴張方面，我們談到的一些動態是我們在高端市場擴張中看到的力量，這實際上是我們關注的重點，也是我們開始將一些資源轉移到的地方。這又是我們將資源轉移到我們認為有優勢的地方的另一個例子。這就是它的發展方向。

Look. Our guide, I just want to make sure everyone understands that our revenue guide assumes actually that things get worse, but we still have high conviction that we are going to be able to beat that guidance.

看。我們的指南，我只是想確保每個人都明白，我們的收入指南實際上假設情況會變得更糟，但我們仍然堅信我們將能夠超越該指南。

Okay. Great. And then second question is just on cRPO and RPO, given the RPO kind of mix picked up, I mean, I would think in a more challenging macro customers may have a little bit less visibility, and you'd see the cRPO hold up a little bit better. But maybe customers are seeing elevated backlog in sort of out of years and they're willing to sign longer duration deals. So can you just kind of talk about cRPO and RPO mix just in context of the macro? And then any more specifics you can give on the cRPO number ex early renewals?

好的。偉大的。然後第二個問題是關於cRPO 和RPO，考慮到RPO 類型的混合，我的意思是，我認為在更具挑戰性的宏觀客戶中，可見性可能會稍低一些，並且您會看到cRPO 保持了好一點了。但也許客戶會在幾年內看到積壓的情況增加，並且他們願意簽署期限更長的交易。那麼您能否在宏觀背景下談談 cRPO 和 RPO 組合？關於 cRPO 編號（提前續約）您能提供更多具體資訊嗎？

Ex early renewals. So the cRPO growth in Q4 at 24%. I'd say the impact -- the tailwind from early renewals is probably in the 1% to 2% range in terms of that growth rate. And so when you adjust for that, it's squarely in what we told everyone last quarter in the low 20s, which is what we would expect in terms of the left side of the framework in terms of our revenue growth rate. Outside of that, the mix between short term and long term, there's some dynamics that go into that from a timing of deals and when things happen. So it's not as simple as just looking at the mix and how that impacts our results.

前提前續訂。因此，第四季的 cRPO 成長率為 24%。我想說的是，就成長率而言，早期續約帶來的推動力可能在 1% 到 2% 的範圍內。因此，當你對此進行調整時，這完全是我們上個季度告訴大家的，在 20 左右，這就是我們對框架左側收入成長率的期望。除此之外，短期和長期之間的混合，還有一些來自交易時間和事情發生時間的動態因素。因此，這不僅僅是查看組合以及它如何影響我們的結果那麼簡單。

Our next question comes from Daniel Jester with BMO Capital Markets.

我們的下一個問題來自 BMO 資本市場的 Daniel Jester。

Great. Maybe to touch on the third key focus area for 2024 about financial management and the financial suite. Can you just expand there? Like how much can you control in terms of pushing that or versus how much of that is just a duration story in which when projects get completed and new projects come online that becomes a natural transition point to implement that.

偉大的。也許會觸及 2024 年的第三個關鍵焦點領域，即財務管理和財務套件。你可以在那裡擴展嗎？就像你可以控制多少來推動這一目標，或者其中有多少只是一個持續時間的故事，其中當專案完成並且新專案上線時，這將成為實施該目標的自然過渡點。

Well, so look, there's always a good time to implement our financials product. We like to tell our salespeople, so there's never a bad time to be having those conversations. So I don't think it really -- financials isn't tied as closely to projects as you -- one would think. Project management, our product there, is very tied to projects, right, because it's all the way down to the project level.

嗯，所以看，總是有一個實施我們的金融產品的好時機。我們喜歡告訴我們的銷售人員，所以進行這些對話永遠不會是個糟糕的時機。所以我不認為這是真的——財務並不像你想像的那樣與專案緊密相連。專案管理，我們的產品，與專案密切相關，對吧，因為它一直深入到專案層級。

But our buyer when it comes to our financial product suite is not the field personnel. It's the back office, it's the CFO. And so it's a wholly different environment. So yes, I don't think I would -- I wouldn't look at it that way. And just -- it's always a good time to buy Procore Financials. And if you're looking to buy, [someone got them to sell to you.]

但當談到我們的金融產品套件時，我們的買家並不是現場人員。這是後台辦公室，是財務長。所以這是一個完全不同的環境。所以是的，我認為我不會——我不會那樣看。只是——現在總是購買 Procore Financials 的好時機。如果你想買，[有人把它們賣給你。]

Great. Yes. And then maybe just another one on the enterprise and going deeper there. As you think about sort of resourcing there in an environment in which you're really trying to expand margins, is there anything you're trying to do differently in terms of the go-to-market to drive that? Or maybe expand on, any comments you had there?

偉大的。是的。然後也許只是另一篇關於企業的文章，並對此進行更深入的探討。當您考慮在一個真正想擴大利潤的環境中進行資源配置時，您在進入市場方面是否嘗試採取不同的做法來推動這一目標？或者也許可以擴展一下，您有什麼評論嗎？

Yes. Can I start with the...

是的。我可以從...開始嗎

Yes. Yes.

是的。是的。

I think I would be remiss to not say that having Larry on board is going to be a big help here because he has so much experience there. But ultimately, we're not shifting very much as to what we're doing. We have been focused and we have been an enterprise-grade software company for many, many years. And so the motion is not going to change dramatically. But we are going to do a lot more of -- there just will be more focused internally there.

我想如果我不說拉里的加入將會為這裡帶來很大的幫助，那就太失職了，因為他在那裡擁有豐富的經驗。但最終，我們並沒有對我們正在做的事情做出太大改變。我們一直專注，多年來我們一直是一家企業級軟體公司。因此，該動議不會發生巨大變化。但我們將做更多的事情——只是會更加關注內部。

Yes. And I'll jump in, Dan. So there is a capacity piece to this, which is the simplest form in terms of adding capacity to where we expect our business will go and the growth piece there. But I'll also answer your question in the context of this is another example of how we're actually improving the way that we're operating and how we're getting more efficient by looking at where our distribution of resources are and moving towards where we see that strength not just for sales capacity but also for all the supporting headcount and infrastructure around that capacity as well. So that's the way that I would say to answer your question.

是的。我會加入進來，丹。因此，這其中有一個容量部分，這是在我們預期業務發展方向和成長部分增加容量方面最簡單的形式。但我也會在這個背景下回答你的問題，這是我們如何實際上改進我們的運營方式以及我們如何通過查看資源分配的位置並朝著更高效的方向邁進的另一個例子我們看到這種優勢不僅體現在銷售能力上，還體現在圍繞該能力的所有支援人員和基礎設施上。這就是我要回答你的問題的方式。

We now turn to Dylan Becker with William Blair.

現在我們轉向迪倫貝克爾和威廉布萊爾。

I appreciate all the color here within the enterprise cohort and segments. But relative to the overall kind of customer mix here, too, it seems pretty small for those that are kind of spending $100,000 or $1 million annually. I guess, how should we think about that kind of runway or that opportunity for customers to continue graduating into these cohorts? I know we've got kind of the share of ENR 400 spend. But how should we think about kind of the expansion opportunity within this space relative to either volume or product? And I'm sure it's a combination of both.

我欣賞企業群體和細分市場中的所有色彩。但相對於這裡的整體客戶群來說，對於那些每年花費 10 萬或 100 萬美元的人來說，這個比例似乎也很小。我想，我們該如何考慮這種跑道或客戶繼續畢業到這些群體的機會？我知道我們有 400 ENR 的支出份額。但是，我們應該如何考慮該領域相對於數量或產品的擴張機會？我確信這是兩者的結合。

Yes. A couple of things. One, just a reminder, Dylan, that remember, that while the vast majority of our customer count is concentrated down market, the vast majority of our dollars are bookings dollars in ARR comes from mid and up market. So it's almost a direct opposite in terms of that inverted pyramid. The other way to think about this is one of the things that we disclosed is we've got now, Tooey talked about more than 2,000 customers with greater than $100,000 of ARR at a growth clip that's pretty healthy. So that's one way to look at how we're making progress in terms of that enterprise base.

是的。有幾件事。第一，迪倫，請記住，雖然我們的絕大多數客戶數量都集中在低端市場，但我們的大部分美元都是來自中高端市場的 ARR 預訂美元。因此，就倒金字塔而言，它幾乎是完全相反的。另一種思考這個問題的方式是我們披露的事情之一，Tooey 談到了 2,000 多名客戶的 ARR 超過 100,000 美元，增長速度相當健康。因此，這是了解我們在企業基礎方面如何取得進展的一種方法。

Correct. Got it. Helpful. And then, Tooey, maybe for you to stick with kind of the civil opportunity. Is that something that you're starting to actually see flow-through to spend in backlogs from some of the stimulus initiatives we've seen? Or is that kind of still something that remains [on the come] and kind of a multiyear growth runway?

正確的。知道了。有幫助。然後，圖伊，也許你要堅持某種民事機會。您是否開始真正看到我們看到的一些刺激計劃積壓的支出？或者說這仍然是一種[即將到來的]並且是一種多年增長跑道的東西？

It's definitely a multiyear growth runway. The folks that I'm talking to are saying that it's still a lot more talk than dollars but they are gearing up for getting ready for it. And that's one of the reasons why I remain so optimistic is very few dollars have actually been deployed, and it's -- the opportunity is all right ahead of us.

這絕對是一條成長多年的跑道。與我交談的人們說，這仍然是比美元更多的討論，但他們正在為此做好準備。這就是我保持如此樂觀的原因之一，因為實際部署的美元很少，而且機會就在我們面前。

We now turn to Jason Celino with KeyBanc Capital Markets.

現在我們請來 KeyBanc Capital Markets 的 Jason Celino。

Great. Maybe for Tooey, it looks like one of your competitors recently made a small acquisition in the construction payment space. Obviously, it's a validation of your strategy here. But how do you feel about your positioning today? And how do you think the competitive environment was going to evolve from here?

偉大的。也許對於 Tooey 來說，您的競爭對手之一最近在建築支付領域進行了一筆小規模收購。顯然，這是對你的策略的驗證。但您對今天的定位有何看法？您認為競爭環境將如何演變？

Yes. So like -- I always like to think imitation is the sincerest form of flattery, first and foremost. But in all seriousness, I feel as great now as I ever have about our strategy around payments. I want to remind everyone that payments are just that last step in a very long process from doing an estimate all the way through contract management, change orders and invoicing and lean waiver management, to pay, so having a payment tool that just kind of stands alone isn't all that interesting, I don't think. But boy, when you put it together on a platform like you have with Procore where everything is connected, there is a tremendous amount of power and horsepower behind that because now all of a sudden, you are managing every dollar that flows all the way through to the final payment into the bank account, which is just that last yard.

是的。所以就像是──我總是認為模仿是最真誠的奉承形式，首先也是最重要的。但說實話，我現在對我們的支付策略感覺一如既往的好。我想提醒大家，付款只是一個非常漫長的過程中的最後一步，從進行估算一直到合約管理、變更單和發票以及精益棄權管理，再到付款，因此擁有一個可以站立的付款工具我認為獨自一人並不那麼有趣。但是，當你把它放在一個像Procore 這樣所有東西都相互連接的平台上時，背後就會有巨大的力量和馬力，因為現在突然之間，你就可以管理一路流過的每一塊錢了。最後付款存入銀行帳戶，這只是最後一碼。

Perfect. Perfect. Interesting. And then for Howard, the framework for cRPO in the first half of '24, the variability you mentioned, is that a function of those early renewals is moving into '23? Or is it an assumption the macro continues to get worse? Or is it purely just the year-over-year comps, curious on kind of the rationale there.

完美的。完美的。有趣的。然後，對於 Howard 來說，24 年上半年的 cRPO 框架，您提到的可變性，是那些早期更新的功能正在進入 23 年嗎？還是這是宏觀經濟持續惡化的假設？或者純粹只是逐年比較，對那裡的基本原理感到好奇。

Well, the first thing is we don't have cRPO in our financial framework. That's the first thing I want to make sure. But I think the framework that you're referring to is my commentary around H1 and H2. And so I think there's a combination of things that go into that, Jason. One is that the macro environment is continuing on based on what we saw in the back part of last year. And that's going to proliferate and we assume through the full part of this year.

首先，我們的財務框架中沒有 cRPO。這是我首先要確定的事情。但我認為你所指的框架是我對 H1 和 H2 的評論。所以我認為這是多種因素共同作用的結果，傑森。一是宏觀環境正在延續去年下半年的情況。我們預計今年全年這種情況將會激增。

The reason for some of the H1 versus H2 dynamic is, one, the focus on enterprise, where those sales cycles are going to be longer. Another factor that would go into that I talked about in the previous answer is the companies and our customers are going to get better at being able to manage their portfolio and their diversification within this environment. Now as we get to the back part of the year, depending on what happens with things like interest rates, those are going to be inputs into that seasonality. But there's a lot of other factors.

上半年與下半年動態的一些原因是，第一，對企業的關注，這些銷售週期將會更長。我在先前的答案中談到的另一個因素是，公司和我們的客戶將能夠更好地在這種環境中管理他們的投資組合和多元化。現在，當我們進入今年下半年時，根據利率等因素的情況，這些將成為季節性的輸入。但還有很多其他因素。

Another factor is when we get to the back part of this year, that would be roughly about 1.5 years or 18 to 20 months, which is about the average length of our contract. So a lot of the customers that we saw renewing starting in the beginning of last year are going to come up for renewal again, and there's an opportunity for that to pick up towards the back part of this year.

另一個因素是，當我們到今年下半年時，大約是 1.5 年或 18 到 20 個月，這大約是我們合約的平均長度。因此，我們看到去年年初開始續訂的許多客戶將再次進行續訂，並且有機會在今年下半年有所回升。

We now turn to Joshua Tilton with Wolfe Research.

現在我們請教沃爾夫研究中心的約書亞‧蒂爾頓。

I just have a few clarifications. My first one is, I think you kind of quantified the impact from the early renewal to cRPO in Q4. Could you kind of just talk to what drove it? You're kind of talking to trends. It sounds like things are still challenging, but then you're talking to early renewals, which I feel like people would be pushing things off in this kind of environment. So what drove the early renewal dynamic in Q4?

我只是做一些澄清。我的第一個問題是，我認為您量化了第四季度早期更新對 cRPO 的影響。你能談談是什麼推動了它嗎？你有點在談論趨勢。聽起來事情仍然充滿挑戰，但你正在談論早期續約，我覺得人們會在這種環境下推遲事情。那麼是什麼推動了第四季的早期更新動力呢？

Yes. So look, first thing is the quantification of the early renewals to the cRPO growth, I said is roughly around 1% to 2%. In terms of what drives that, I think a lot of it's going to be dependent quarter-on-quarter. It's not necessarily in terms of any specific dynamic that we're saying, "Hey, this is stronger and folks are going to start pulling deals in." I want to make a distinction also, Josh, between an early renewal versus pulling a deal and that's from the future. This is a pure timing thing that has nothing to do with anything that's related to the macro environment.

是的。所以看，第一件事是對 cRPO 成長的早期更新進行量化，我說大約是 1% 到 2% 左右。就推動這一趨勢的因素而言，我認為這很大程度取決於季度環比。我們所說的不一定是任何具體的動態，“嘿，這更強大，人們將開始達成協議。”喬什，我還想區分提前續約和取消交易，這是未來的事。這純粹是時間問題，與宏觀環境無關。

Okay. Totally makes sense. And then just as a follow-up, I understand macro relative -- or just environment relatively unchanged this quarter from last quarter. But I guess when we look to the outlook that you gave for '24? Like, what are you baking in from an environment perspective? Does it assume that 12 months from now, you're going to sit here and say, environment unchanged from what we saw in Q4? Does it assume it gets better? Worse? Like how should we think about that?

好的。完全有道理。作為後續行動，我了解本季的宏觀相對情況，或者只是環境與上季度相比沒有變化。但我想當我們看看您對 24 世紀的展望時會怎麼樣？例如，從環境角度來看，你正在烘烤什麼？是否假設從現在起 12 個月後，您會坐在這裡說，環境與我們在第四季度看到的情況沒有改變？它是否假設情況會變得更好？更差？例如我們該如何思考這個問題？

Yes. The -- when I talk about the H1, H2 dynamic and the bookings dynamic and the seasonality between H1 and H2, that assumes that the dynamic remains the same, and it still remains challenging. Keep in mind, I'll say again that the revenue guide assumes things that -- assumes things get worse. And again, we have very high conviction that will beat the revenue guidance.

是的。當我談論上半年、下半年的動態以及預訂動態以及上半年和下半年之間的季節性時，假設動態保持不變，並且仍然具有挑戰性。請記住，我會再說一遍，收入指南的假設是——假設情況會變得更糟。再說一遍，我們非常有信心將超越收入指引。

Our final question today comes from Kash Rangan with Goldman Sachs.

今天我們的最後一個問題來自高盛的卡什·蘭根 (Kash Rangan)。

Congrats on a very good end of the year, Tooey and Howard. Tooey, one thing for you is that you have a new Head of Sales. Generally, when there is a Head of Sales change in software or a CFO change in software, in your case it was a very seamless transition with your CFO change. But Head of Sales change, we always ponder if that's going to lead to any changes in go-to-market, territory reassignments, quota reassignments. Maybe that's a little bit too radical to expect something like that happening in such a short-term time horizon. Can you just walk us through what are the things that your new Head of Sales, Larry, is going to be tweaking and what are the things that are going to stay unchanged.

恭喜托伊和霍華德今年取得了非常好的成績。 Tooey，對您來說有一件事是您有了新的銷售主管。一般來說，當軟體中出現銷售主管變更或軟體中的財務長變更時，就您而言，這是與 CFO 變更的無縫過渡。但是銷售主管發生變化，我們總是思考這是否會導致市場進入、區域重新分配、配額重新分配方面發生任何變化。也許期望在如此短的時間內發生類似的事情有點過於激進。您能否向我們介紹您的新任銷售主管 Larry 將要調整哪些內容以及哪些內容將保持不變。

And one for you, Howard, you laid out a margin framework at your Analyst Day, and you are absolutely right in calling caution at the bottom end of the market. It looks like the customer count in Q4, your call was absolutely right. But it also appears to be the case that revenue growth is coming better for two straight quarters, the September quarter and December quarter. The margin outcome has also been better than expected.

霍華德，你也有一個，你在分析師日制定了一個保證金框架，你在市場低端呼籲謹慎行事是絕對正確的。從第四季的客戶數量來看，您的判斷絕對正確。但情況似乎是，營收成長連續兩季（即 9 月季度和 12 月季度）表現較好。利潤率結果也好於預期。

So when I look at your margin guidance, percentage points, non-GAAP op margin for fiscal '24. It's not a whole lot different than how you exited Q4 with, which was 7%, I think. And those numbers were better than expected versus the guidance you laid out. So either the revenue growth is really understated and you're more confident, you have a higher conviction today than you did back at the Analyst Day or the margins have a lot more upside. Can you just help us gauge one for you, each question for you, can you help us to gauge how we should be interpreting your guidance. Congrats once again.

因此，當我查看你們 24 財年的利潤率指引、百分點、非 GAAP 營運利潤率時。我認為，這與第四季度退出時的 7% 沒有太大不同。與您所製定的指導相比，這些數字好於預期。因此，要嘛營收成長確實被低估了，而你更有信心，你今天比分析師日時更有信心，要嘛利潤率有更多的上升空間。您能否幫助我們為您評估一個問題，為您評估每個問題，您能否幫助我們評估我們應該如何解釋您的指導。再次恭喜。

[Let me take the final] question first...

[讓我先回答最後一個]問題......

Let me do the second question first. Kash, this is Howard. So just I want to make sure you and everyone else understands the revenue guide, while we have high conviction that we will beat that revenue guide, the magnitude of the beat is not going to be as big as we saw in the past, okay? I just want to make sure that, that is extremely clear. In terms of the margin guide relative to what we did in Q4, frankly, in Q4, it's an example of the commitment and the reflection of the commitment and our focus on getting better and getting fit. And it's not just something that's from my perspective. It's the entire company that has really taken this mantra and taking it to how they operate every single day.

我先做第二個問題。卡什，這是霍華德。因此，我想確保您和其他人都了解收入指南，雖然我們堅信我們將超過該收入指南，但超出的幅度不會像我們過去看到的那麼大，好嗎？我只是想確保這一點非常清楚。就相對於我們在第四季度所做的保證金指南而言，坦白說，在第四季度，這是承諾的一個例子，也是承諾的反映以及我們對變得更好和健康的關注。這不僅是我個人的觀點。整個公司都真正接受了這一口號，並將其運用到他們每天的運作方式中。

In terms of the margin guide for fiscal '24, I can't also stress enough that this leaves us enough room to continue to invest in the flexibility to invest as we see the opportunities arise for additional investments into the growth that could come in fiscal '25. So hopefully, that's clear, and that answers your question.

就 24 財年的利潤率指南而言，我不能再強調，這給我們留下了足夠的空間，可以繼續投資於靈活性投資，因為我們看到了對財政增長可能出現的額外投資的機會。 ' 25。希望這很清楚，並且可以回答您的問題。

Actually, that dovetails very nicely into mine. So by the way, today is Larry's first day. So I want to give him a little latitude to get his bearings while he gets settled. We've spent a considerable amount of time with Larry, of course, before he's come in. He's going to be our CRO, so not only Head of Sales, but also Customer Success As well, just to be super clear.

事實上，這與我的非常吻合。順便說一句，今天是拉里上班的第一天。所以我想給他一點自由度，讓他安頓好後確定自己的方位。當然，在拉里進來之前，我們花了相當多的時間與他相處。他將成為我們的 CRO，因此不僅是銷售主管，而且還是客戶成功主管，非常清楚。

A couple of things about Larry. Larry obviously has lots of experience. We are very aligned around a lot of things. So one thing that Larry and I are in lockstep with is efficient growth. He knows how important growth is for Procore, and he knows how important doing it efficiently is. And it's one of those things that he and I talked about in every conversation. So I have high hopes that he's going to help us continue on this journey. But yes, he's going to get his bearings first before any major changes happen, and I don't anticipate anyhow.

關於拉里的一些事。拉里顯然擁有豐富的經驗。我們在很多事情上都非常一致。因此，拉里和我步調一致的一件事是高效成長。他知道成長對 Procore 有多重要，也知道高效率地成長有多重要。這是他和我在每次談話中談論的事情之一。因此，我對他能幫助我們繼續這趟旅程抱持著很高的希望。但是，是的，在任何重大變化發生之前，他都會先弄清楚自己的方位，無論如何我都不這麼認為。

Ladies and gentlemen, this concludes our Q&A and today's conference call. We'd like to thank you for your participation. You may now disconnect your lines.

女士們先生們，我們的問答和今天的電話會議到此結束。我們衷心感謝您的參與。現在您可以斷開線路。