Procore Technologies Inc (PCOR) 2024 Q1 法說會逐字稿

Good afternoon. Thank you for attending today's Procore Technologies, Inc. Fiscal Year '24 Q1 Earnings Call. My name is Cameron, and I'll be your moderator for today. (Operator Instructions) And I would now like to turn the conference over to our host, Matthew, you may proceed.

午安.感謝您參加今天的 Procore Technologies, Inc. '24 財年第一季財報電話會議。我叫卡梅倫，我將擔任今天的主持人。 （操作員指示）現在我想將會議轉交給我們的主持人馬修，您可以繼續。

Hey, thanks, everyone. Good afternoon. Welcome to Procore's 2024 First Quarter Earnings Call. I'm Matthew Puljiz, VP of Finance. And 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.

嘿，謝謝大家。午安.歡迎參加 Procore 2024 年第一季財報電話會議。我是財務副總裁 Matthew Puljiz。今天和我在一起的還有創辦人、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。

Today's call is being recorded, and a replay will be available following the conclusion of the call. 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, May 1, 2024.

今天的通話正在錄音，通話結束後將進行重播。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 5 月 1 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 a replay 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。如果此通話是今天之後的重播，則通話期間提供的資訊可能不包含目前或準確的資訊。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。

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.

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。

And so with that, let me give it to Tooey.

那麼，讓我把它交給托伊。

Thanks, Matt, and thank you, everyone, for joining us today. I'd like to start by expressing gratitude for the team's hard work this past quarter and by thanking all of our customers for their continued trust and partnership with Procore. Some notable highlights were, in Q1, we grew revenue 26% year-over-year. We continue to make improvements to our efficiency profile, delivering strong margin performance in the quarter.

謝謝馬特，也謝謝大家今天加入我們。首先，我要對團隊上個季度的辛勤工作表示感謝，並感謝所有客戶對 Procore 的持續信任和合作。一些值得注意的亮點是，第一季我們的營收年增 26%。我們繼續改進我們的效率狀況，在本季度實現強勁的利潤率表現。

And Procore was ranked #8 among G2's Top 100 Global Software Companies for 2024. This is our fourth year of being included on this list and our first time ranking in the top 10, a huge testament to the strength of the Procore brand and the value that we continue to deliver to our customers.

Procore 在 G2 2024 年全球軟體公司 100 強中排名第 8。

The standout event of the quarter was hosting our ECAB, which stands for our Executive Customer Advisory Board at our Carpinteria offices. This is an event that we hold twice a year. And this quarter, we brought together executives from over 30 of our largest owners, GCs and specialty contractor customers, along with several members of the Procore leadership team from across the organization. This event is an invaluable opportunity for us to share Procore's strategy, hear feedback on their needs, discuss construction dynamics and ultimately determine how Procore can become an even stronger partner to the industry.

本季最引人注目的活動是在卡平特里亞辦事處舉辦 ECAB，它代表我們的執行客戶諮詢委員會。這是我們每年舉辦兩次的活動。本季度，我們召集了 30 多家最大的業主、GC 和專業承包商客戶的高階主管，以及整個組織的 Procore 領導團隊的幾名成員。這項活動對我們來說是一個寶貴的機會，可以分享 Procore 的策略、聽取他們的需求反饋、討論施工動態並最終確定 Procore 如何成為行業中更強大的合作夥伴。

So I'd like to share 5 major takeaways I took from the event. First is industry sentiment. Overall, customers expressed more long-term optimism than I had anticipated. Despite the very real uncertainties and challenges in the near term, these customers are increasingly optimistic about the long-term future of construction and their businesses.

所以我想分享我從這次活動中得到的 5 個主要收穫。首先是行業情緒。整體而言，客戶表達的長期樂觀態度比我的預期要高。儘管短期內存在非常現實的不確定性和挑戰，但這些客戶對建築及其業務的長期未來越來越樂觀。

They shared that this optimism is in part driven by the pockets of strength that they continue to see in construction. Those that have diversified portfolios are benefiting from increased spend in sectors such as data centers and infrastructure. So while it's clear the environment remains dynamic in the near term, sentiment is trending in a positive direction and the industry's confidence in the long term is getting stronger.

他們表示，這種樂觀情緒部分是由於他們在建築業中持續看到的強勁力量所推動的。那些擁有多元化投資組合的企業正受益於資料中心和基礎設施等領域支出的增加。因此，儘管短期內環境顯然仍然充滿活力，但市場情緒正朝著正面的方向發展，產業的長期信心也越來越強。

Second is our product road map. Last quarter, I shared that a key focus area within our product road map would be improving the flexibility, configurability and connectability of our products to meet the needs of all types of stakeholders. Customers at the event overwhelmingly validated that our road map is aligned with where the industry is headed. These customers report that the complexity of projects is increasing, placing large demands on workers' time and attention, which cohort can help alleviate by focusing on enhancing our current product capabilities and integrations.

其次是我們的產品路線圖。上個季度，我表示我們產品路線圖中的一個關鍵重點領域是提高產品的靈活性、可配置性和可連接性，以滿足各類利害關係人的需求。參加活動的客戶絕大多數都證實我們的路線圖與產業發展方向一致。這些客戶報告說，專案的複雜性正在增加，對員工的時間和注意力提出了巨大的要求，而團隊可以透過專注於增強我們當前的產品功能和整合來幫助緩解這個問題。

Ultimately, doing so will solidify Procore as the system of record and engagement at the center of our customers' operations. This brings me to my third takeaway, which is data. It's clear that these customers believe that they are at an inflection point dealing with massive amounts of data. The biggest challenges with data are aggregating it across systems, connecting it from one phase of construction to another and knowing what data to focus on.

最終，這樣做將鞏固 Procore 作為客戶營運中心的記錄和參與系統的地位。這引出了我的第三個收穫，那就是數據。顯然，這些客戶認為他們正處於處理大量資料的轉折點。資料面臨的最大挑戰是跨系統聚合資料、將其從建置的一個階段連接到另一個階段，並了解要關注哪些資料。

Our customers see Procore as central to their technology and operations because of our ability to act as a true data aggregator. Unlike other solutions in the market that are comprised of multiple disconnected point solutions, Procore's single platform connects products, stakeholders and workflows across the entire construction life cycle and enables customers to centralize data and run analytics across their entire business.

我們的客戶將 Procore 視為其技術和營運的核心，因為我們有能力充當真正的資料聚合商。與市場上由多個斷開點解決方案組成的其他解決方案不同，Procore 的單一平台將整個施工生命週期的產品、利益相關者和工作流程連接起來，使客戶能夠集中數據並在整個業務中運行分析。

Data is foundational to our connected platform, which creates possibilities for conversational experiences within projects through upcoming products such as Procore Copilot. I had an interesting conversation with one of the most forward-thinking contractors on this topic. And they shared that they are particularly concerned about productivity rates and identifying early warning signs before job goes sideways.

數據是我們互聯平台的基礎，該平台透過即將推出的產品（例如 Procore Copilot）為專案內的對話體驗創造了可能性。我與一位最具前瞻性的承包商就這個主題進行了有趣的對話。他們表示，他們特別關心生產力以及在工作出現問題之前識別早期預警信號。

They asked a host of questions that can't be answered by any one system and spend a lot of time putting these answers together to anticipate if a job will be profitable or not. This is why we're so excited about things like Copilot. With Procore Copilot, they're going to be able to create customer reports to look across multiple systems and allow them to identify those early warning signs and take action sooner, which is only made possible by our aggregated data platform.

他們提出了一系列任何一個系統都無法回答的問題，並花費大量時間將這些答案放在一起，以預測一項工作是否有利可圖。這就是為什麼我們對 Copilot 這樣的東西如此興奮。借助 Procore Copilot，他們將能夠創建客戶報告以跨多個系統進行查看，並允許他們識別這些早期預警信號並更快地採取行動，而這只有透過我們的聚合數據平台才能實現。

This is just one example of how Procore's foundational data asset is enabling us to leverage AI to help customers analyze, optimize and change how they operate their businesses. I'm often asked about the transformational shift in AI and whether or not it may threaten jobs and construction. There was a strong consensus across these customers on themes: one, the potential for AI to transform how our customers build is real; and two, there are no shortcuts in construction.

這只是 Procore 基礎資料資產如何使我們能夠利用人工智慧來幫助客戶分析、優化和改變他們的業務運作方式的範例之一。我經常被問到人工智慧的變革，以及它是否會威脅就業和建築業。這些客戶對以下主題達成了強烈共識：第一，人工智慧改變客戶建構方式的潛力是真實存在的；第二，建設沒有捷徑。

Our customers continually seek ways to build more efficiently, but not at the expense of quality or safety. AI's best use is likely not to do what someone forgot to do or replace what someone might do but rather to act as a force multiplier by automating processes, surfacing information in real time and recommending next best actions. Customers are clearly excited about how AI can be used to solve the biggest challenges for the industry, and Procore is well positioned to leverage this technology.

我們的客戶不斷尋求更有效率的建造方法，但不以犧牲品質或安全為代價。人工智慧的最佳用途可能不是做某人忘記做的事情或取代某人可能做的事情，而是透過自動化流程、即時顯示資訊並推薦下一步最佳行動來充當力量倍增器。客戶顯然對如何利用人工智慧解決產業面臨的最大挑戰感到興奮，而 Procore 已做好充分利用這項技術的準備。

I pride myself on being the earliest customer of our products. And in fact, I am currently an early beta customer of Procore Copilot and tested it on my own personal construction projects. I was recently able to have my first conversation with Copilot on one of my projects, where I asked it to show me which RFIs have an associated scope change. Copilot responded with a specific RFI name and number the scope of work, the estimated cost of the change, which subcontractor was responsible and the status.

我很自豪自己是我們產品的最早的客戶。事實上，我目前是 Procore Copilot 的早期測試版客戶，並在我自己的個人建築專案中對其進行了測試。最近，我與 Copilot 就我的一個專案進行了第一次對話，我要求它向我展示哪些 RFI 具有相關的範圍變更。 Copilot 回覆了特定的 RFI 名稱和編號、工作範圍、變更的預計成本、負責的分包商以及狀態。

Previously, this would have taken me hours of coming through hundreds of RFIs, cross-checking drawings and change orders and running several reports to glean this information myself. The simple actions saved me valuable time and eliminated risk. While still early to predict the full impact of AI on construction, it's clear that the conversational and predictive capabilities of this technology are going to be game changers for the industry.

以前，我需要花數小時的時間查看數百份 RFI、交叉檢查圖紙和變更單並運行幾份報告來自己收集這些資訊。這些簡單的操作節省了我寶貴的時間並消除了風險。雖然預測人工智慧對建築的全面影響還為時過早，但很明顯，這項技術的對話和預測能力將改變該行業的遊戲規則。

And finally, partnership. Ultimately, my goal for these types of events is to strengthen our understanding of how we can help our customers tackle challenges in construction, one of the biggest being the persistent labor shortage. Customers are responding in a variety of ways, including instituting mentoring programs, lobbying to incentivize trade school placements in high schools, leverage AI to support new talent and focusing more on field staff.

最後，夥伴關係。最終，我舉辦這類活動的目標是加深我們對如何幫助客戶應對建築挑戰的理解，其中最大的挑戰之一是持續的勞動力短缺。客戶以多種方式回應，包括制定指導計劃、遊說以激勵高中貿易學校的安置、利用人工智慧支援新人才以及更多關注現場工作人員。

This clearly aligns with our procore.org efforts to help bridge the gap for skilled labor and inspire the next generation of construction professionals. This event underscores just how important it is that we continue to partner with the industry beyond the technology we provide to help solve for the challenges of construction. Our customers deal with so much complexity. I'd like to share a real-world story of a customer that attended the event to help illustrate our partnership.

這顯然與我們 procore.org 幫助縮小熟練勞動力差距並激勵下一代建築專業人員的努力是一致的。此次活動強調了我們在提供技術之外繼續與業界合作以幫助解決建築挑戰的重要性。我們的客戶面臨著如此複雜的情況。我想分享一位參加此活動的客戶的真實故事，以幫助說明我們的合作關係。

A group of Procore leaders recently joined our customer, Haugland Group, a large energy and infrastructure contractor, for a site visit to a wind energy project in Long Island, New York. This important project will connect offshore wind farms to the main power grid and involves the construction of a converter station over 17 miles of trenched power lines and a final connection station to the grid.

Procore 的一群領導者最近與我們的客戶 Haugland Group（一家大型能源和基礎設施承包商）一起對紐約長島的一個風能項目進行了實地考察。這個重要項目將把離岸風電場連接到主電網，並涉及建造一個超過 17 英里的溝渠電力線的換流站和一個最終的電網連接站。

For this project, Haugland has to contend with a multiple of regulatory bodies. They have to meet environmental regulations, control traffic and safety, secure multiple permits, get scheduled clearance from multiple government agencies and conduct night work in all types of weather. The sheer complexity and the amount of data involved in these heavy civil projects cannot be overstated.

對於這個項目，豪格蘭必須與多個監管機構競爭。他們必須滿足環境法規、控制交通和安全、獲得多個許可證、獲得多個政府機構的預定許可，並在各種天氣下進行夜間工作。這些大型土木工程的複雜性和數據量怎麼強調都不為過。

Haugland, with a reputation in the industry for safety, efficiency and a tech-forward approach, turned to Procore as a technology solution and partner to manage this project. Beyond ramping team usage of Procore's post implementation, their leaders are working with our team to find better ways to build. They see the opportunity to strategically leverage Procore to identify and roll out new standard operating procedures that reduce risk around quality, safety, schedule and improved visibility into their project budget.

Haugland 在業界因安全、高效和技術領先而享有盛譽，因此選擇 Procore 作為技術解決方案和合作夥伴來管理該專案。除了提高團隊對 Procore 實施後的使用率之外，他們的領導者還與我們的團隊合作尋找更好的建置方法。他們看到了策略性地利用 Procore 來確定和推出新的標準作業程序的機會，以降低品質、安全、進度方面的風險，並提高專案預算的可見度。

They will be leveraging Procore's action plans to standardize project performance and capture insightful data. Procore empowers Haugland's management to ensure consistency across projects, powering their analytics and ultimately helping save costs and meaningfully reduce risks on projects. Haugland's willingness to collaborate at this level underscores the value of Procore's comprehensive solution, partnership and industry expertise. This reflects a clear trend we've seen, especially within the enterprise.

他們將利用 Procore 的行動計劃來標準化專案績效並捕捉有洞察力的數據。 Procore 讓 Haugland 的管理層能夠確保專案之間的一致性，為他們的分析提供支持，並最終幫助節省成本並顯著降低專案風險。 Haugland 願意在這一層級進行合作，凸顯了 Procore 全面解決方案、合作夥伴關係和產業專業知識的價值。這反映了我們看到的一個明顯趨勢，尤其是在企業內部。

Construction executives on become better builders to grow their margins in the face of a tougher economic environment and are turning to Procore to help them accomplish this goal. I'm honored that Haugland chose Procore to help, and I look forward to continuing to serve them and support them.

面對更嚴峻的經濟環境，建築業高層希望成為更好的建築商，以提高利潤，並尋求 Procore 幫助他們實現這一目標。我很榮幸 Haugland 選擇 Procore 來提供協助，我期待繼續為他們服務並支持他們。

Speaking of choosing Procore, I'd like to share a few notable customer wins in the quarter. Alberici is a leading North American construction company that's ranked #39 on ENR's top 400 contractors list and has been a Procore customer for over 5 years.

說到選擇 Procore，我想分享本季一些值得注意的客戶勝利。 Alberici 是一家領先的北美建築公司，在 ENR 400 強承包商名單中排名第 39 位，並且已成為 Procore 客戶超過 5 年。

This quarter, Alberici expanded their construction volume with us and decided to implement Procore Pay on top of the robust suite of products that they're already using. This is a great example of how our largest customers believe in our vision to streamline the construction payment process. Alberici will continue to use Procore on innovative projects such as Canada's first large-scale lithium-ion battery production plant and the U.S. Navy's Kings Bay facility, which has been overhauled for the very first time in its 30-year history and was nominated for ENR's 2023 Project of the Year.

本季度，Alberici 與我們一起擴大了施工量，並決定在他們已經使用的強大產品套件的基礎上實施 Procore Pay。這是我們最大的客戶如何相信我們簡化施工付款流程的願景的一個很好的例子。 Alberici 將繼續在創新項目中使用 Procore，例如加拿大首個大型鋰離子電池生產工廠和美國海軍國王灣工廠，該工廠在 30 年曆史上首次進行了大修，並獲得 ENR 提名2023 年度項目。

We continue to strengthen our relationships with leading general contractors, and I'd like to share another example of our deepening partnership with the ENR 400. McGough is an ENR 400 contractor with a nearly 70-year legacy serving the commercial, educational and government sectors. They recently expanded significantly with us, deploying Procore enterprise-wide across their business.

我們繼續加強與領先的總承包商的關係，我想分享另一個我們與 ENR 400 深化合作夥伴關係的例子。 。他們最近與我們一起大幅擴張，在整個企業範圍內部署了 Procore。

Initially, they had purchased Procore as part of a rigorous 2-year pilot program, and I am happy to share that they ultimately chose Procore over competitive solutions due to our ability to streamline the field office experience, integrate with their existing technology solutions and support their data strategies and ambitious growth plans over the next several years.

最初，他們購買了Procore，作為嚴格的2 年試點計劃的一部分，我很高興地告訴大家，他們最終選擇了Procore，而不是競爭性解決方案，因為我們有能力簡化現場辦公體驗、與他們現有的技術解決方案和支援整合他們的數據策略和未來幾年雄心勃勃的成長計劃。

Additionally, McGough saw Procore as a tool to help them attract and retain top talent, given how adamantly their field teams advocated for it. Not only did their employees want to use Procore, but McGough also saw the value of using the platform that many recruits have already used through university programs or at their prior companies. With Procore, McGough plans to continue to expand into markets like health care, industrial and multifamily and renew their focus on data centers and federal projects.

此外，鑑於他們的現場團隊對此的大力倡導，McGough 將 Procore 視為幫助他們吸引和留住頂尖人才的工具。他們的員工不僅希望使用 Procore，而且 McGough 也看到了使用該平台的價值，許多新員工已經透過大學課程或先前的公司使用過這個平台。 McGough 計劃透過 Procore 繼續拓展醫療保健、工業和多戶住宅等市場，並重新將重點放在資料中心和聯邦項目上。

In addition to expanding with customers, we continue to build new customer relationships. DataBank Holdings is a leading provider of enterprise class data center, cloud and interconnection services in the U.S. and became a Procore customer in Q1. They have an infrastructure footprint consisting of over 65 data centers, representing over 3 million of combined square footage.

除了擴大客戶規模外，我們還持續建立新的客戶關係。 DataBank Holdings 是美國領先的企業級資料中心、雲端和互連服務供應商，並於第一季成為 Procore 客戶。他們的基礎設施覆蓋範圍包括超過 65 個資料中心，總面積超過 300 萬平方英尺。

Their team was looking for a solution that could standardize processes across their business, provide a single source of truth to better manage their growing number of projects, provide portfolio-level reporting and to help them scale efficiently as they set out to double the number of their capital projects in the next 5 to 7 years.

他們的團隊正在尋找一種解決方案，可以標準化整個業務的流程，提供單一事實來源，以更好地管理不斷增長的專案數量，提供投資組合層級的報告，並幫助他們在計劃將專案數量增加一倍時有效擴展。

After in-depth research of available technology solutions, I am happy to share that they chose Procore as their primary construction management platform. And they shared that the unmatched value Procore provides far outweighs the cost.

在對可用技術解決方案進行深入研究後，我很高興與大家分享，他們選擇了 Procore 作為主要施工管理平台。他們表示，Procore 提供的無與倫比的價值遠遠超過了成本。

So before I close, I'd like to leave you with an anecdote that brings to life the ROI that Procore provides. In construction, our customers allocate a budget for BIM expenses. These expenses effectively reflect the large amount of high-priced labor hours spent on design coordination, fixing design issues, minimizing rework and ensuring the designs are feasible for builders in the field. Every labor hour saved on this process increases our customers' profit margins.

因此，在結束之前，我想先告訴您一個軼事，讓您了解 Procore 提供的投資報酬率。在施工中，我們的客戶會為 BIM 費用分配預算。這些費用有效地反映了在設計協調、解決設計問題、最大限度地減少返工以及確保設計對於現場建築商來說可行方面花費的大量高價人工時間。此過程中節省的每個工時都會增加客戶的利潤率。

Recently, one of our ENR 400 general contractor customers, Bernards, began deploying our BIM solution on their projects. Their VP of BIM shared the following, "Based on the initial set of projects that we have deployed Procore's BIM solution on, we've been able to reduce our BIM expenses by anywhere from 50% to 80%. These significant savings allow us to reduce our BIM budget, which our estimators are going to leverage to make us more competitive on future bids."

最近，我們的 ENR 400 總承包商客戶之一 Bernards 開始在他們的專案中部署我們的 BIM 解決方案。他們的 BIM 副總裁分享了以下內容：「基於我們部署 Procore BIM 解決方案的初始專案集，我們已經能夠將 BIM 費用減少 50% 到 80%。這些顯著的節省使我們能夠減少我們的BIM 預算，我們的估算人員將利用這些預算使我們在未來的投標中更具競爭力。

So these stories, along with the conversations I've had with customers and events like our Customer Advisory Board meeting, all directly influence how I think about the strategy and the direction of the business. You've heard me say before that we are greatly emphasizing focus on how we plan and operate. My time with customers not only reinforces that our decision to focus is the right one but that we're focusing our efforts on the right areas that are going to deliver the greatest value to our customers in both the short and the long term.

因此，這些故事，以及我與客戶的對話以及客戶諮詢委員會會議等活動，都直接影響我對策略和業務方向的看法。你以前聽過我說過，我們非常強調我們的計劃和運作方式。我與客戶相處的時間不僅強化了我們專注的決定是正確的，而且我們將我們的努力集中在正確的領域，這些領域將在短期和長期為我們的客戶帶來最大的價值。

So with that, let me turn it over to Howard to walk through the financial results.

那麼，讓我把它交給霍華德來介紹一下財務表現。

Thanks, Tooey, and thank you to everyone for joining us. Today, I'll recap our Q1 financial results, share some color on the quarter and conclude with our outlook. Total revenue in Q1 was $269 million, up 26% year-over-year, and international revenue grew 32% year-over-year. Our Q1 international results were slightly impacted by currency headwinds. On a year-over-year basis, FX contributed approximately 1 point of headwind to international revenue growth. Therefore, on a constant currency basis, international revenue grew 33% year-over-year.

謝謝托伊，也謝謝大家加入我們。今天，我將回顧我們第一季的財務業績，分享本季的一些內容，並以我們的展望作為總結。第一季總營收為 2.69 億美元，年增 26%，國際營收年增 32%。我們第一季的國際業績受到貨幣逆風的輕微影響。與去年同期相比，外匯對國際收入成長產生了約 1 個百分點的阻力。因此，以固定匯率計算，國際營收年增 33%。

Q1 non-GAAP operating income was $37 million, representing an operating margin of 14%. In our key backlog metrics, specifically current RPO and current deferred revenue, grew 20% and 21% year-over-year, respectively. Now let me take a step back and share some additional color on our Q1 performance.

第一季非 GAAP 營業收入為 3,700 萬美元，營業利潤率為 14%。在我們的關鍵積壓指標中，特別是當前 RPO 和當前遞延收入，分別較去年同期成長 20% 和 21%。現在讓我退後一步，分享一些有關我們第一季表現的額​​外資訊。

First, as Tooey described, while the industry is beginning to develop a stronger sense of long-term optimism, we continue to see the challenges we saw last year. However, the theme that persisted when reviewing the quarter's business results was stability within our renewal activity. Specifically, the higher than historical contraction we began to experience last year has not worsened, but rather has held steady.

首先，正如 Tooey 所描述的，雖然該行業開始形成更強烈的長期樂觀情緒，但我們仍然看到去年看到的挑戰。然而，在回顧本季的業務表現時，持續存在的主題是我們續訂活動的穩定性。具體來說，我們去年開始經歷的高於歷史水準的收縮並沒有惡化，而是保持穩定。

While Q1 is an early indicator of the year, it is an important data point given the large size of the renewal book. Furthermore, the results appear to validate one of our planning assumptions for the year, which was that the demand environment will remain challenging throughout 2024.

雖然第一季是今年的早期指標，但考慮到續訂書的規模很大，它是一個重要的數據點。此外，結果似乎驗證了我們今年的一項規劃假設，即 2024 年需求環境仍將充滿挑戰。

Second, we continue to believe that the back half of the year will be stronger than the first half, driven primarily by our expansion motion. While the stability we saw in our Q1 renewals is just one data point, it is an encouraging outcome that reinforces this perspective. Based on this trajectory, we expect cRPO growth to decelerate further in Q2 before stabilizing and subsequently improving.

其次，我們仍然相信，今年下半年將比上半年更強勁，這主要是由我們的擴張行動所推動的。雖然我們在第一季續訂中看到的穩定性只是一個數據點，但這是一個令人鼓舞的結果，強化了這個觀點。根據這一軌跡，我們預計 cRPO 成長將在第二季進一步減速，然後穩定並隨後改善。

Third, we continued to improve our margin profile in the first quarter. This is yet another proof point of our continued focus on improving efficiency and driving operating leverage across all areas of the business, particularly in times of softening demand. As we said before, our entire leadership team is aligned on being disciplined stewards of capital and challenging ourselves to deploy resources in order to generate the most optimized ROI.

第三，第一季我們的利潤率持續改善。這是我們繼續致力於提高效率和提高所有業務領域的營運槓桿的另一個證明，特別是在需求疲軟的時期。正如我們之前所說，我們的整個領導團隊致力於成為紀律嚴明的資本管理者，並挑戰自我部署資源，以產生最優化的投資報酬率。

Our priority remains on striking the right balance of driving top line growth, improving our margin profile and allowing ourselves the flexibility to react to our business landscape. As such, we intend to manage the business with enough flexibility to either invest in go-to-market should attractive near-term growth opportunities arise or, in the absence of those opportunities, prioritize even greater margin improvement this year. In both cases, we intend to continue investing in long-term R&D opportunities to strengthen our platform capabilities and release solutions to better serve construction.

我們的首要任務仍然是在推動營收成長、提高利潤率以及讓我們能夠靈活地應對業務環境之間取得適當的平衡。因此，我們打算以足夠的靈活性來管理業務，以便在出現有吸引力的短期成長機會時投資進入市場，或者在沒有這些機會的情況下，優先考慮今年更大的利潤率改善。在這兩種情況下，我們都打算繼續投資長期研發機會，以增強我們的平台能力並發布解決方案，以更好地服務建築業。

And fourth, we continue to be excited and optimistic about the opportunity for Procore Pay. Q1 was the first full quarter that this product was available in the market and early customer adoption has been promising. By the end of Q1, we had approximately 100 total customers, primarily upmarket logos, that adopted Pay. We are particularly encouraged that some of the largest and highest profile firms in construction by (inaudible) are adopting Pay and entrusting us to help manage and streamline their payment processes.

第四，我們仍然對 Procore Pay 的機會感到興奮和樂觀。第一季是該產品在市場上上市的第一個完整季度，早期客戶的採用是有希望的。截至第一季末，我們共有約 100 家採用 Pay 的客戶，其中主要是高檔商標。我們特別感到鼓舞的是，（聽不清楚）一些規模最大、知名度最高的建築公司正在採用 Pay 並委託我們協助管理和簡化他們的付款流程。

As a reminder, given the ramp period required for customers to onboard pay, we do not anticipate material financial benefit from this offering this year. However, over the long term, we expect our payments offering to be a contributor to overall growth.

提醒一下，考慮到客戶上船付款所需的過渡期，我們預計今年的這項服務不會帶來實質的經濟利益。然而，從長遠來看，我們預計我們的支付服務將為整體成長做出貢獻。

Moving on to our outlook. As a reminder, our guidance philosophy remains unchanged from 90 days ago. The magnitude of our revenue outperformance versus our guidance is consistent with the commentary we shared last quarter and generally in line with what investors should expect this year. I would encourage you to refer to our remarks on the last quarter's earnings call for more color on our guidance philosophy.

繼續我們的展望。提醒一下，我們的指導理念與 90 天前沒有改變。我們的收入表現優於我們的指導的程度與我們上季度分享的評論一致，並且總體上符合投資者今年的預期。我鼓勵您參考我們對上一季財報電話會議的評論，以進一步了解我們的指導理念。

With that, here is our guidance for Q2 and full year 2024. For the second quarter of 2024, we expect revenue between $274 million and $276 million, representing year-over-year growth of 20% and 21%. Q2 non-GAAP operating margin is expected to be between 11% and 12%. For the full year fiscal 2024, we expect revenue between $1.14 billion and $1.144 billion, representing total year-over-year growth of 20%. Non-GAAP operating margin for the year is expected to be between 9% and 10%, which implies year-over-year margin expansion between 700 and 800 basis points.

以下是我們對 2024 年第二季度和全年的指導。第二季非 GAAP 營業利潤率預計在 11% 至 12% 之間。對於 2024 財年全年，我們預計營收在 11.4 億美元至 11.44 億美元之間，年比總成長 20%。今年的非 GAAP 營業利潤率預計在 9% 至 10% 之間，這意味著利潤率同比增長 700 至 800 個基點。

To wrap up, while we continue to operate in a challenging demand environment in the near term, we remain excited about the long-term opportunity ahead. We will continue to manage the business thoughtfully to optimize our efficiency profile while continuing to invest in the areas we believe will expand our market leadership and drive long-term growth. I'd like to close again by thanking our customers, partners, employees, shareholders and the industry as well as the communities we serve for giving us this opportunity.

總而言之，雖然我們短期內繼續在充滿挑戰的需求環境中運營，但我們仍然對未來的長期機會感到興奮。我們將繼續深思熟慮地管理業務，以優化我們的效率狀況，同時繼續投資於我們認為將擴大我們的市場領導地位並推動長期成長的領域。最後，我要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。

And the first question is from the line of Saket Kalia with Barclays.

第一個問題來自巴克萊銀行的 Saket Kalia。

Tooey, maybe just to start with you. I'd love to zoom out a little bit and just get your perspective on the competitive environment and whether that's changed at all. Despite sort of the macro discussion and uncertainties out there, this is still very clearly a rising tide market. And so maybe the question is, what are you seeing out there from competitors vis-a-vis Procore?

Tooey，也許只是從你開始。我想把範圍縮小一點，了解您對競爭環境的看法以及這種情況是否發生了變化。儘管存在一些宏觀討論和不確定性，但這仍然是一個非常明顯的上漲潮市場。所以也許問題是，相對於 Procore，您從競爭對手那裡看到了什麼？

Well, Saket, nice to hear your voice, first and foremost. I have to say that there has really been no change at all in win rates and really has been true for a long time. So there's really no news on that front. But as you know, Saket, Procore is a premium product, and we do command a premium price.

好吧，Saket，首先很高興聽到你的聲音。我不得不說，勝率確實沒有任何變化，而且很長一段時間以來都是如此。所以這方面確實沒有任何消息。但如您所知，Saket、Procore 是優質產品，我們的價格確實很高。

But when I said earlier about Bernards saving 50% to 80% on their BIM expenditures, the industry recognizes that we drive a tremendous amount of value. And as we've just met with all of our Enterprise Customer Advisory Board members, the industry is rooting for our success because they know that all we do is focus on them, and we get rewarded for that because that's all we do. So yes, really nothing to report on the competitive side, but it is encouraging to see the industry really pulling for us.

但當我之前提到 Bernards 的 BIM 支出節省了 50% 到 80% 時，業界就意識到我們創造了巨大的價值。正如我們剛剛與所有企業客戶諮詢委員會成員會面一樣，整個行業都在支持我們的成功，因為他們知道我們所做的一切都是以他們為中心，而我們也因此獲得了回報，因為這就是我們所做的一切。所以，是的，在競爭方面確實沒有什麼可報告的，但看到這個行業真正為我們提供動力是令人鼓舞的。

Absolutely. That's good to hear. Howard, maybe for my follow-up for you. A lot of great ENR 400 examples in the prepared remarks. And so maybe the question is, as Procore starts selling to larger enterprise customers, maybe more so in the back half of this year, how do you sort of feel about how your sales resources are aligned to that objective? And are there any early signs of success in sort of that pivot in the go to market? Does that make sense?

絕對地。聽起來還不錯。霍華德，也許是我對你的後續行動。準備好的評論中有很多很棒的 ENR 400 範例。因此，也許問題是，隨著 Procore 開始向大型企業客戶銷售（今年下半年可能更是如此），您對您的銷售資源如何與該目標保持一致有何看法？在進入市場的過程中是否有任何成功的早期跡象？那有意義嗎？

Yes, it makes sense. Yes, so the first thing is, there is a nuance I want to make sure I clarify. We are not just starting to sell to the enterprise. This is more of a shift that we started to make towards the back part of last year when we started to see relative strength in our enterprise and upmarket and in our expansion motion. And at that time is when we really started to make that shift in terms of aligning our resources to where that relative strength is.

是的，這是有道理的。是的，所以首先，我想澄清一個細微差別。我們不僅僅是開始向企業銷售。這更多是我們去年下半年開始做出的轉變，當時我們開始看到我們的企業和高端市場以及我們的擴張行動的相對優勢。那時我們才真正開始做出轉變，將我們的資源調整到相對優勢。

So it's not something that we started or pivoted or started this year, it's really a progression of what we started to see last year and a shift and an extension of what we have already been doing in selling into the enterprise market.

因此，這不是我們今年開始或轉向或開始的事情，這實際上是我們去年開始看到的事情的進展，也是我們在向企業市場銷售方面已經做的事情的轉變和延伸。

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。

Quick question on kind of -- I wanted to pair two together, Tooey, maybe on infrastructure and international because infrastructure seems to be an area of focus, too. There's certainly U.S. mandates in play, but there's a ton globally as well, and I'm sure U.S. and international businesses will focus on.

簡單的問題是——我想將兩者配對，Tooey，也許是在基礎設施和國際方面，因為基礎設施似乎也是一個重點領域。當然有美國的強制規定在起作用，但全球範圍內也有很多強制規定，我相信美國和國際企業都會關注。

So I guess, given your focus on both of those segments, how do you think about maybe the infrastructure opportunity help serving as a wedge to catalyze international adoption, too, just given kind of some of the network dynamics there, maybe as a support vector for both kind of compounding on each other?

因此，我想，考慮到您對這兩個細分市場的關注，您如何看待基礎設施機會也有助於充當促進國際採用的楔子，只要考慮到那裡的一些網絡動態，也許可以作為支持向量對於這兩種類型的複合？

Yes, Dylan, that's actually a really good question. And it really speaks to something that we say rather often in these calls. But the industry itself is made up of lots of different segments and components. Some of which are firing on all cylinders. Some of which may be not performing as well as others. And so clearly, especially in the U.S. market right now, the infrastructure investment is very large. It's a bit of a mixed bag when you look into internationally globally. Some countries have large investment in infrastructure and others not quite so much.

是的，迪倫，這確實是一個很好的問題。這確實說到了我們在這些電話中經常說的話。但該行業本身是由許多不同的細分市場和組成部分組成的。其中一些正在全速運轉。其中一些可能表現不如其他。很明顯，特別是在目前的美國市場，基礎建設投資非常大。當你放眼全球時，你會發現這是一個魚龍混雜的情況。有些國家對基礎設施進行了大量投資，而有些國家則沒有那麼多。

And I've been speaking a lot to our global international customers. And where they see strength in infrastructure spend, it's usually just part of their portfolio. So it's not really distorting anything in their book of business. It's just one component of their portfolio.

我一直在與我們的全球國際客戶交談很多。當他們看到基礎設施支出強勁時，這通常只是他們投資組合的一部分。所以這並沒有真正扭曲他們業務中的任何內容。這只是他們投資組合的一個組成部分。

And where they see weakness -- in fact, I talked to several of our customers in the U.K. market where they think that the infrastructure spend is going to be relatively flat this year, given a few things like the fact that there's going to be an election and a few other things that they just think there's not going to be a lot of investment this year.

他們看到了弱點——事實上，我與英國市場的幾位客戶進行了交談，他們認為今年的基礎設施支出將相對持平，考慮到一些因素，比如將會有一個選舉和其他一些事情他們只是認為今年不會有很多投資。

But the rest of their portfolio mix is strong, mostly on the private sector. So it's always that mixed bag, which is infrastructure is a component of it. But in aggregate, our customers are running those diversified portfolios. So it really doesn't distort anything as it relates to Procore.

但他們的其餘投資組合很強勁，主要是私部門。所以它總是混合在一起，基礎設施是其中的一個組成部分。但總的來說，我們的客戶正在運行這些多元化的投資組合。因此，它確實不會扭曲與 Procore 相關的任何內容。

Okay. That makes sense. Maybe switching over to Howard, one for you as well, too. Just kind of pairing the commentary some improving long-term sentiment here, we're coming up on some renewal cycles where we've noted some initial volume conservatism. I guess, how to think about those with the stabilization comments you've seen kind of sequentially as it relates to maybe some of the back half ramp, if that makes sense?

好的。這就說得通了。也許換成霍華德，這也適合你。只是將評論與長期情緒改善結合起來，我們即將進入一些更新周期，我們注意到一些初始交易量保守主義。我想，如何思考那些你所看到的穩定評論，因為它可能與後半坡道的一些相關，如果這有意義的話？

Yes. So look, what we -- how we feel about that back half is the same as we felt 90 days ago. In fact, the stability that we saw in Q1 actually reinforces some of those assumptions. And we still expect the back half of the year to be stronger than the first half from a booking standpoint. And we still expect that to come from the enterprise and upmarket as well as the expansion motion. So things are playing out as we had expected, and there's no change in terms of how we feel about the back half of the year.

是的。所以看，我們對後半部的感覺與 90 天前的感覺一樣。事實上，我們在第一季看到的穩定性實際上強化了其中一些假設。從預訂角度來看，我們仍然預計下半年將強於上半年。我們仍然預計這將來​​自企業和高端市場以及擴張行動。所以事情的發展正如我們預期的那樣，我們對今年下半年的感受沒有改變。

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。

I guess, Tooey, let's continue with the demand threat here, long-term optimism, some near-term challenges. My question is specifically around the data center. I'm getting a lot of excitement around data center expansion and builds, Microsoft spending a ton of money here. Is data center big enough to help offset some of these near-term challenges? Or should we think of that as more incremental to help stabilize the business in a challenging environment?

我想，托伊，讓我們繼續討論這裡的需求威脅、長期樂觀情緒和一些近期挑戰。我的問題特別圍繞在資料中心。我對資料中心的擴展和建設感到非常興奮，微軟在這裡投入了大量資金。資料中心是否足夠大以幫助抵消其中一些近期挑戰？或者我們應該將其視為更具漸進性的舉措，以幫助在充滿挑戰的環境中穩定業務？

So Brent, I hate to give you the same answer I gave Dylan, but it's very much in the same vein, which is where you see these really strong portions of the construction economy. They are generally kind of making up for other sectors, which maybe not be performing as well. So in aggregate, the overall construction volume isn't increasing all that much. But you're just reading a lot about these data centers.

所以布倫特，我不想給你和迪倫一樣的答案，但它的思路非常相似，這就是你看到建築經濟中這些真正強大的部分的地方。它們通常是對其他行業表現不佳的彌補。所以總的來說，整體建設量並沒有增加那麼多。但您只是閱讀了大量有關這些資料中心的內容。

And by the way, I had the opportunity about a month ago to visit a bunch of data centers up in the Pacific Northwest. And when you're flying in and you see these data centers from miles away because there are so many and they're so big, you get a sense of how big they are. But it doesn't create any sort of distortion in our business because our customers, that's just part of their diversified portfolio.

順便說一句，大約一個月前，我有機會參觀了太平洋西北地區的一些資料中心。當您乘坐飛機抵達時，您會在數英里之外看到這些資料中心，因為數量如此之多，而且規模如此之大，您就會感覺到它們有多大。但這不會對我們的業務造成任何形式的扭曲，因為我們的客戶只是他們多元化投資組合的一部分。

As a matter of fact, I'm taking the leadership team to Madrid next -- in 2 weeks, and we're going to go tour some more data centers. It's fun to see because they're big and they're kind of exciting to view, but I wouldn't over-index on that. But I do want to say one thing.

事實上，兩週後我將帶領領導團隊前往馬德里，我們將參觀更多的資料中心。看到它們很有趣，因為它們很大，而且看起來很令人興奮，但我不會對此過度索引。但我確實想說一件事。

I don't -- I personally don't believe that there's any software company out there that builds more data centers or supports the build in more data centers than Procore technologies. And it's something I am really, really proud of. And it's an area where we have a tremendous fit and our brand is strong. And frankly, there's not a -- there's no reason why we shouldn't be on every data center getting built on the planet.

我個人不認為有任何軟體公司能夠比 Procore 技術建立更多的資料中心或支援建立更多的資料中心。這是我非常非常自豪的事。我們在這個領域非常適合，而且我們的品牌也很強大。坦白說，我們沒有理由不在地球上建造每個資料中心。

Makes sense here. And then as a follow-up for Howard, I apologize. I'm actually on the street to New York, there's still a lot of construction happening in New York. Howard, for you, of backlog, RPO and cRPO year-over-year growth was actually healthier than we had expected. Just trying to parse that out.

這裡有道理。然後，作為霍華德的後續行動，我道歉。我實際上在去紐約的街上，紐約仍然有很多建設工程。 Howard，對您來說，積壓訂單、RPO 和 cRPO 的同比增長實際上比我們預期的更健康。只是想把它解析出來。

And you talked about stability. It looks a little stronger than we thought. Was there some maybe early renewals that aided RPO this quarter that came out of next quarter that got pulled forward? Just trying to think through the commentary around renewals and the strength you saw in RPO and cRPO this quarter versus kind of what you expected?

你談到了穩定性。看起來比我們想像的還要強。是否有一些可能有助於本季 RPO 的早期更新，這些更新在下個季度提前？只是想仔細考慮一下有關續約的評論以及您在本季度看到的 RPO 和 cRPO 的強度與您的預期相比？

There was nothing extraordinary from that perspective in terms of nuances or anything specific that caused that. Q1 actually turned out the way that we expected. And in fact, Q1 -- the way that Q1 turned out is actually consistent with our expectation of the back half of the year being stronger.

從這個角度來看，就細微差別或任何導致這種情況的具體情況而言，並沒有什麼特別之處。第一季的結果其實符合我們的預期。事實上，第一季的結果實際上與我們對下半年更加強勁的預期一致。

And with that, you're going to -- we're going to expect to see our cRPO growth continue to go down in Q2 before it levels off and turns around. And that's consistent with the seasonality that we mentioned. So there's nothing specific or nothing nuanced about Q1 that caused those deltas. It's just in some of the noise that happens in any particular quarter.

這樣，我們預計我們的 cRPO 成長將在第二季度繼續下降，然後趨於平穩並出現逆轉。這與我們提到的季節性是一致的。因此，第一季沒有任何具體或細微的差別導致了這些增量。這只是在任何特定季度發生的一些噪音。

The next question is from the line of DJ Hynes with Canaccord Genuity.

下一個問題來自 DJ Hynes 和 Canaccord Genuity 的提問。

This is Ryan on for DJ. I just have a quick question. So I guess a few months ago, we spoke about contemplated, I guess, professional services build-out to kind of like cultivate and bring home these enterprise relationships and limit this Procore attributed churn. Have you guys put any more thought into that? I guess I'm just curious if you have any like internal or external metrics that you're tracking that would kind of make that case more filling.

我是 DJ Ryan。我有一個簡單的問題。因此，我想幾個月前，我們談到了預期的專業服務建設，以培養和帶回這些企業關係，並限制這種由 Procore 造成的客戶流失。大家有沒有再考慮一下？我想我只是好奇你是否有任何類似的內部或外部指標正在跟踪，這會讓這個案例更加充實。

Look, we continue to make sure that we invest in our professional services with the intent to make our customers more successful. And our shift towards that upmarket motion and enterprise is consistent with that shift. And so we continue to do that, and we'll continue to make progress there. There's nothing extraordinary to give an update on. Professional services from a top line standpoint is still a very small part of our revenue, but we still continue to make investments there to make our customers successful.

看，我們繼續確保我們投資於我們的專業服務，旨在讓我們的客戶更加成功。我們向高端市場運動和企業的轉變與這種轉變是一致的。因此，我們將繼續這樣做，並將繼續在這方面取得進展。沒有什麼特別值得更新的。從收入的角度來看，專業服務仍然只占我們收入的一小部分，但我們仍然繼續在這方面進行投資，以使我們的客戶成功。

Okay. Great. And then just a quick follow-up. So we spoke about new labor demand is usually a pretty acute pain point in construction. To what extent do you think Copilot is going to alleviate these pressures? Because I think we all hear about AI has a really strong value prop for, I guess, a traditional knowledge workers. So I'm just kind of curious what kind of effects it will have on more like a boots on the ground hands-on environment?

好的。偉大的。然後進行快速跟進。因此，我們談到新的勞動力需求通常是建築業的一個相當尖銳的痛點。您認為 Copilot 會在多大程度上緩解這些壓力？因為我認為我們都聽說過人工智慧對於傳統知識工作者來說具有非常強大的價值支持。所以我只是有點好奇它會對更像是地面上的動手環境產生什麼樣的影響？

Yes, Ryan. Good question because, as I mentioned in the opening remarks, that was a topic that came up in our Enterprise Customer Advisory Board, which was really like what is the impact of AI on construction. And it's very -- the consensus across -- and remember, these are 30 of the largest owners GCs and specialty contractors around. And the consensus of across these folks who are pretty well versed in all of this was that this wasn't really about taking jobs and eliminating jobs.

是的，瑞安。好問題，因為正如我在開場白中提到的，這是我們企業客戶諮詢委員會提出的一個話題，這實際上就像人工智慧對建築的影響一樣。請記住，這是 30 家最大的業主 GC 和專業承包商的共識。這些精通所有這些的人的共識是，這並不是真正的奪走工作和消除工作。

It was about making people who have their jobs more effective at doing their job and getting them back to doing what they got into this industry to do, which is to build and not to do double data entry and not to do searching through Excel spreadsheets and Word docs on some foreign drive system somewhere. So it is a force multiplier, for sure, and it seemed that way.

這是為了讓那些有工作的人更有效地完成自己的工作，並讓他們回到他們進入這個行業要做的事情，即構建而不是進行雙重數據輸入，而不是通過 Excel 電子表格進行搜索， Word文件位於某個外國驅動系統上。所以它肯定是一個力量倍增器，而且看起來也是如此。

And I'm reaping the benefits of it myself in our beta program. So I think it's going to have a big impact on our industry, but not necessarily -- I don't think we're going to see it pouring the foundation anytime soon.

我自己也在我們的測試計劃中收穫了它的好處。所以我認為這將對我們的行業產生重大影響，但不一定——我認為我們不會很快看到它奠定基礎。

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) 和傑弗里斯 (Jefferies) 的提問。

Howard, Tooey kicked off talking about the good efficiency gains you're seeing in the margin improvement. And I'm curious if you could just lay out, assuming we kind of stick in a tougher environment in the short term, how you're going to lean on those efficiency gains as a lever? Where are you going to see those? How are you getting those? Can you give us just a little more color in terms of where the biggest opportunity is and how you're getting that?

霍華德·托伊首先談到了您在利潤率改善中看到的良好效率提升。我很好奇你是否可以提出，假設我們在短期內堅持在一個更艱難的環境中，你將如何依靠這些效率提升作為槓桿？你要去哪裡看到那些？你怎麼得到這些？您能否告訴我們最大的機會在哪裡以及您如何獲得這個機會？

Yes. Look, the efficiency gains has been the same as we've seen in prior quarters, which said it's really coming from across all the different functional areas. And in terms of what we're investing in and how we're investing, keep in mind that regardless of what happens, we still continue to invest in our product, technology and R&D organization to make sure that we make progress on our road map and to continue to bring value to our customers. In the more short and medium term, the levers that we pull are particularly around the go-to-market side of things in terms of how to flex based on the demand environment and then you'll continue to see that.

是的。看，效率提升與我們在前幾個季度看到的相同，這表明它確實來自所有不同的職能領域。就我們投資的內容和方式而言，請記住，無論發生什麼，我們仍然繼續投資我們的產品、技術和研發組織，以確保我們在路線圖上取得進展並持續為我們的客戶帶來價值。從更短期和中期內來看，我們所採取的槓桿尤其是在進入市場方面，即如何根據需求環境進行調整，然後您將繼續看到這一點。

Specifically for Q1 and for the remainder of the year, what you're seeing is that, remember, we've built flexibility into our plan to be able to have that flexibility to invest back into the business or take it back to margin, depending on what we're seeing and what we're comfortable with. And in Q1, you saw most of that poured back into the margin profile. But even with our guide, Brett, for the year and for Q2, we still have room to continue to have that flexibility to invest back into the business.

特別是對於第一季和今年剩餘時間，請記住，我們已經在計劃中建立了靈活性，以便能夠靈活地投資回業務或將其恢復到利潤率，具體取決於我們所看到的以及我們感到滿意的。在第一季度，您看到大部分資金都回流到了利潤率。但即使有我們的指導布雷特，今年和第二季度，我們仍然有空間繼續保持這種靈活性來投資回業務。

The next question is from the line of Ken Wong with Oppenheimer.

下一個問題來自 Ken Wong 和 Oppenheimer。

The first one for you, Howard, and we're probably kind of splitting hairs here. But when thinking about that cRPO commentary, I think last quarter, it was kind of assumed that it would rise in the second half. And I think this time around, we've got kind of stabilized in Q3 and then kind of improve in Q4. I guess, would you characterize kind of how you're thinking about cRPO going forward is similar to 3 months ago? Or has there been any kind of adjustment in kind of the trough and rebound?

第一個是給你的，霍華德，我們可能有點吹毛求疵。但在考慮 cRPO 評論時，我認為上個季度，人們認為它會在下半年上升。我認為這一次，我們在第三季度有所穩定，然後在第四季度有所改善。我想，您對未來 cRPO 的看法是否與 3 個月前類似？或者說有沒有什麼波谷和反彈的調整？

Our perspective really hasn't changed in terms of what that trajectory is going to look like. Still H2 stronger than H1 from a booking standpoint and how that's going to flow through to cRPO is a further drop in growth in Q2 and then stabilization. Now remember, having said that, Q3 and Q4 are our biggest quarters. So we've got some ways to go to execute against the back half of the year. But particularly with our results in Q1 in the renewal base, that actually is reinforcing our perspective and our assumption that, that will happen at this point. So nothing has really changed, Ken, over -- from 90 days ago.

我們對這軌跡的看法確實沒有改變。從預訂角度來看，下半年仍強於上半年，而這將如何影響 cRPO 是第二季成長進一步下降，然後趨於穩定。現在請記住，話雖如此，第三季和第四季是我們最大的季度。因此，我們有一些方法可以在今年下半年執行。但特別是我們第一季在更新基礎上的結果，這實際上強化了我們的觀點和我們的假設，即這將在此時發生。所以，肯，自 90 天前以來，一切都沒有真正改變。

Got it. Okay. Perfect. And then, Tooey, just wanted to maybe pick your brain on the enterprise side. I mean just looking at the metrics, total RPO is a lot better, long-term RPO is a lot better. And I know you guys are still cautious on the environment. But would you characterize kind of the -- what you guys are seeing at enterprise as being maybe a little more upbeat than how you were thinking 3 months ago?

知道了。好的。完美的。然後，Tooey，只是想在企業方面聽取您的意見。我的意思是只看指標，總 RPO 好得多，長期 RPO 好得多。我知道你們對環境仍然持謹慎態度。但是，您是否認為您在企業中看到的情況可能比三個月前的想法更樂觀？

Yes. It was interesting. So Ken, when I had our Executive Customer Advisory Board here, I asked the same question. And so the first question I asked them was like how do you all feel about the future? And interestingly enough, their optimism level had -- was really high for the long term. But in the short term, they realized that there are macro headwinds and there were challenges that they had to face. So it was almost the exact same story that they've been telling us over time.

是的。很有意思。肯，當我在這裡召開執行客戶諮詢委員會時，我問了同樣的問題。所以我問他們的第一個問題是你們對未來有何看法？有趣的是，從長遠來看，他們的樂觀程度確實很高。但在短期內，他們意識到存在宏觀阻力，並且有必須面對的挑戰。所以這與他們長期以來告訴我們的故事幾乎完全相同。

There was a little bit more optimism over the long run, which came out in those calls. Backlogs being big and getting bigger. So the best way to characterize it is they're facing the challenges of a tough economic environment right now, but they're really excited about the pent-up demand for the future and how their backlogs are shaping up.

從長遠來看，這些電話中透露出了更多的樂觀情緒。積壓的訂單量越來越大。因此，最好的描述方式是，他們目前面臨著嚴峻的經濟環境的挑戰，但他們對未來被壓抑的需求以及積壓的情況感到非常興奮。

The next question is from the line of Aaron Kimson with Citizens JMP.

下一個問題來自公民 JMP 的 Aaron Kimson。

Just going back to the operating margin guidance, I'd like a little more color there. So you did a 4% risk a month into Q1, just did 13.8% adjusted operating margin and guided 9% to 10% of the year. I know you talked about the flexibility stuff in there, Howard. Can you talk about where that investment may go and how much conservatism is in that number?

回到營業利益率指導，我希望有更多的色彩。因此，您在第一季的一個月內承擔了 4% 的風險，調整後的營業利潤率為 13.8%，全年指引值為 9% 至 10%。我知道你談到了靈活性，霍華德。您能談談這筆投資可能會流向何處以及這個數字中有多少是保守的嗎？

Where the investment would go, I think I've already talked about a little bit. In all cases, we continue to invest in our R&D organization, and because we want to make sure that we continue to make progress in that long-term product road map. In the short term, we will flex and invest in our go-to-market as we see fit. Specifically, as it relates to the workforce reduction that we did, about 4%, it was roughly about a $4 million impact or so in Q1.

投資會流向哪裡，我想我已經談過一些了。在所有情況下，我們都會繼續投資於我們的研發組織，因為我們希望確保我們在長期產品路線圖上繼續取得進展。短期內，我們將根據我們認為合適的情況靈活調整並投資於我們的市場推廣。具體來說，因為這與我們削減了約 4% 的勞動力有關，所以第一季的影響約為 400 萬美元左右。

Great. And then just as a follow-up. So Larry Stack is now a full quarter in as your CRO. What changes (inaudible) to the go-to-market motion thus far?

偉大的。然後作為後續行動。 Larry Stack 現在已經擔任您的 CRO 整整一個季​​度了。到目前為止，上市動議發生了哪些變化（聽不清楚）？

Well, Aaron, by the way, I think he might argue with you. I don't think -- I think he's almost a full quarter in. But -- so Larry has been on the road. And really the first several months has been -- he's been all over the earth, visiting our offices and visiting our customers and visiting job sites and just really steeping himself in everything that he needs to know to do his job and just doing a wonderful job at that.

好吧，亞倫，順便說一句，我想他可能會和你爭論。我不認為——我認為他幾乎已經打完四分之一了。事實上，最初的幾個月——他走遍了世界各地，參觀了我們的辦公室、拜訪了我們的客戶、參觀了工作地點，並真正沉浸在完成工作所需的一切知識中，並且做得非常出色。

I'm really enjoying working with him. But still early days for him. I want to give him a little chance to get settled and learn where the cafeteria is. But in general, he's really a great person to work with, and I'm enjoying every minute of it.

我真的很享受和他一起工作。但對他來說還為時過早。我想給他一點機會安頓下來並了解自助餐廳在哪裡。但總的來說，他確實是一個非常適合共事的人，我很享受我共事的每一分鐘。

The next question is from the line of Alexei Gogolev with JPMorgan.

下一個問題來自摩根大通的 Alexei Gogolev。

The next question is from the line of Jason Celino with KeyBanc.

下一個問題來自 KeyBanc 的 Jason Celino。

This is Devin on for Jason today. I want to ask about Procore Pay. I'm encouraged to hear that now you guys have around 100 customers adopting it. I know, Tooey, in the remarks, you kind of talked about 1 customer adopting Procore Pay. Could you just dive into that a little bit more, what ultimately drove them to go to Procore instead? And with Procore Pay now as one of your product suite, I mean, does that help your win rate as you move up market?

這是德文今天為傑森做的。我想問一下 Procore Pay 的事。聽說現在有大約 100 名客戶採用它，我感到很鼓舞。我知道，Tooey，在評論中，您談到了 1 位客戶採用 Procore Pay。您能否再深入探討一下，最終促使他們轉而選擇 Procore 的原因是什麼？我的意思是，隨著 Procore Pay 現在成為您的產品套件之一，這是否有助於您提升市場佔有率？

So Alberici is the one that you're referring to. It's actually been a customer for 5 years, and they have adopted many of our products. And they were well positioned to become a Procore pay customer because they were already running our financials product as well as our invoicing and our ERP connector. So they were very well primed, and they knew what the benefits of having all of that in place. And then tacking on Procore Pay, we're going to be -- was going to deliver some tremendous value.

所以你指的就是阿爾貝里奇。它實際上已經是 5 年的客戶了，他們已經採用了我們的許多產品。他們完全有能力成為 Procore 付費客戶，因為他們已經在運行我們的財務產品以及我們的發票和 ERP 連接器。所以他們已經做好了充分的準備，並且知道將所有這些都落實到位有什麼好處。然後加上 Procore Pay，我們將——將提供一些巨大的價值。

And maybe if you come to Groundbreak, you can ask them directly as to their opinion on all this. But I'll say, they've been nothing but great partners. And there's a lot of customers that are really excited about Procore Pay. But I do always like to caution people, it does take time to get these accounts fully online because they're not going to bring a job online that's halfway done because it wouldn't make sense to start paying people differently during the middle of the job.

也許如果你來到Groundbreak，你可以直接詢問他們對這一切的看法。但我要說的是，他們只是偉大的合作夥伴。許多客戶對 Procore Pay 感到非常興奮。但我總是想提醒人們，讓這些帳戶完全在線化確實需要時間，因為他們不會把半途而廢的工作帶到網上，因為在中間開始向人們支付不同的工資是沒有意義的。

And the way construction companies run is, new jobs come online every month or so. So it takes a bit of time to get these folks ramped up. But the good news is that it's a very solid product, and it's been very well received. And we're just loving the feedback we're getting from the market.

建築公司的運作方式是，每個月左右都會有新的工作出現。因此，要讓這些人振作起來需要一些時間。但好消息是，它是一款非常可靠的產品，而且很受歡迎。我們非常喜歡從市場獲得的回饋。

Understood. And just one follow-up. On the customer addition in the quarter, I mean, it seems like net adds is -- continued to decel. Any additional color you can share there? Is that just a function of your efforts targeting the enterprise segment? And also, just curious how net adds have kind of performed across different geos versus your expectations?

明白了。只有一個後續行動。關於本季的客戶增加，我的意思是，淨增加似乎繼續下降。您可以在那裡分享任何其他顏色嗎？這只是您針對企業細分市場所做努力的結果嗎？另外，只是好奇淨添加在不同地理區域的表現與您的預期有何不同？

Your assumption is correct is that it is a function of us making that shift towards the upper end of the market, keeping in mind that most of our customer count is going to be concentrated down market in the SMB. Now there still is likely a bit of a macro challenge impact in terms of the SMB customer count. But it is that and our focus and our shift towards the upper end of the market.

您的假設是正確的，這是我們向高端市場轉變的函數，請記住，我們的大部分客戶數量將集中在中小型企業的下游市場。現在，就中小企業客戶數量而言，可能仍存在一些宏觀挑戰影響。但這就是我們的重點以及我們向高端市場的轉變。

The other thing to keep in mind is, one, it's not -- customer count is not something that we actively manage to. I'd rather point you to our actual gross retention rate, which is still in the healthy mid-90% range or 95%. And that is indicative of actually customers not leaving us. And so that's a much better number to look at.

另一件要記住的事情是，第一，客戶數量不是我們積極管理的。我寧願向您指出我們的實際總保留率，該比率仍在健康的 90% 中間範圍或 95% 範圍內。這表明客戶實際上並沒有離開我們。所以這是一個比較值得關注的數字。

That concludes all questions. I would now like to pass the conference over to the management team for closing remarks.

所有問題到此結束。現在我想將會議轉交給管理團隊進行閉幕致詞。

Thanks, everybody. Talk soon.

謝謝大家。一會再聊。

That concludes the Procore Technologies, Inc. Fiscal Year '24 Q1 Earnings Call. Thank you for your participation, and enjoy the rest of your day.

Procore Technologies, Inc. 24 財年第一季財報電話會議到此結束。感謝您的參與，祝您有個愉快的一天。