Procore Technologies Inc (PCOR) 2024 Q4 法說會逐字稿

Thank you for your patience and good afternoon. Thank you for attending today's Procore Technologies, Inc., FY24 Q4 earnings call. My name is Reagan, and I'll be your moderator today. (Operator Instructions)

感謝您的耐心，祝您下午好。感謝您參加今天的 Procore Technologies, Inc., FY24 Q4 財報電話會議。我叫雷根，今天我將擔任你們的主持人。（操作員指令）

I would now like to pass the conference over to our host, Alexandra with Procore Technologies. Alexandra, you may now proceed.

現在，我想將會議交給我們的主持人，Procore Technologies 的亞歷山德拉。亞歷珊卓，你現在可以繼續了。

Thanks. Good afternoon, and welcome to Procore 2024 fourth-quarter earnings call. I'm Alexandra Geller, Head of Investor Relations. 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.

謝謝。下午好，歡迎參加 Procore 2024 第四季財報電話會議。我是投資人關係主管亞歷珊卓蓋勒 (Alexandra Geller)。今天與我在一起的有創辦人、總裁兼執行長 Tooey Courtemanche；以及財務長 Howard Fu。有關我們業績的進一步揭露可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和我們向美國證券交易委員會提交的定期報告中查閱。

Today's call is being recorded, and a replay will be available following the conclusion of the call. Comments made on this call include forward-looking statements regarding, among other things, our financial outlook, go-to-market transition, products, customer demand, operations, and macroeconomic and geopolitical conditions. You should not rely on forward-looking statements as predictions of future events.

今天的通話正在錄音，通話結束後將提供重播。本次電話會議的評論包括前瞻性陳述，其中包括我們的財務前景、市場轉型、產品、客戶需求、營運以及宏觀經濟和地緣政治條件等。您不應依賴前瞻性陳述作為未來事件的預測。

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 13, 2025. Procore undertakes no obligation to update any forward-looking statements to reflect new information or unanticipated events, except as required by law.

所有前瞻性陳述均受風險、不確定性和假設的影響，並基於管理層截至 2025 年 2 月 13 日的當前預期和觀點。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，除非法律要求。

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 and our periodic reports filed with the SEC.

如果今天之後重播或查看此通話，通話期間呈現的資訊可能不包含最新或準確的資訊。因此，這些聲明不應被視為代表我們之後任何日期的觀點。我們也會參考某些非公認會計準則財務指標來向投資者提供更多資訊。我們在新聞稿和向美國證券交易委員會提交的定期報告中提供了非公認會計準則與公認會計準則指標的對帳表。

With that, let me turn the call over to Tooey.

說完這些，讓我把電話轉給 Tooey。

Thanks, Alex, and thank you, everyone, for joining us today. So I'd like to begin by expressing our heartfelt condolences to all of those affected by the devastating wildfires in Southern California. While Procore's headquarter in Carpinteria is safely north of the fires, we were deeply touched by the outpouring of concern that we received from around the world. Our thoughts remain with the residents and communities who have endured these tragic events, and we extend our deepest gratitude to the firefighters and the first responders who courageously put themselves on the front lines.

謝謝亞歷克斯，也謝謝大家今天的參與。因此，我首先要向所有遭受南加州毀滅性山火襲擊的人們表示沉痛的哀悼。雖然 Procore 位於卡平特里亞的總部位於火災發生地以北，但我們對來自世界各地的關心深感觸動。我們始終心繫那些經歷過這些悲劇的居民和社區，並向勇敢地衝在前線的消防員和急救人員表示最深切的感謝。

Now, I'd like to shift gears to our performance in the quarter. We are very proud of how our team executed, ending the year better than we expected with several notable bright spots. Some highlights include: our strong booking performance in the quarter, which was led by more than 130 six- and seven-figure transactions. We grew the number of customers contributing greater than $1 million in ARR by 39% year over year, with growth from all three stakeholders and outsized growth from owners. We exceeded our headcount targets for the quarter and are ahead of schedule for our go-to-market hiring. And for efficiency targets for the year, we expanded our non-GAAP operating margin by 800 basis points.

現在，我想談談我們本季的表現。我們為團隊的表現感到非常自豪，今年的業績表現比我們預期的要好，取得了幾個顯著的亮點。其中亮點包括：本季我們的預訂業績表現強勁，其中超過 130 筆六位數和七位數的交易。我們貢獻 ARR 超過 100 萬美元的客戶數量年增 39%，其中來自三大利害關係人的成長最為顯著，而業主的成長更是超乎尋常。我們超額完成了本季的員工人數目標，並且提前完成了市場招聘計劃。為了實現今年的效率目標，我們將非公認會計準則營業利潤率提高了 800 個基點。

We also generated $128 million in free cash flow, resulting in another strong year of cash flow generation, and we believe, 2025, we will see a continuation of this strength. Our strength in the quarter was also reflected in our high-quality customer adds and expansions. In Q4, we added new customers across all stakeholders, including one of the world's largest telecommunication companies, the University of San Diego, Prism Electric, Extra Space Storage, and one of Canada's largest general contractors. We also had expansion wins with Tutor Perini, Mortenson, the Japanese division of a major hospitality brand, a Fortune 30 oil refiner as well as a major expansion with an ENR 50 contractor. I'm particularly proud of two significant Mag 7 wins from the quarter.

我們也產生了 1.28 億美元的自由現金流，從而迎來了另一個強勁的現金流創造年，我們相信，到 2025 年，這種強勁勢頭將得以延續。我們本季的優勢也體現在我們高品質客戶的增加和擴張上。第四季度，我們在所有利害關係人中增加了新客戶，包括全球最大的電信公司之一、聖地牙哥大學、Prism Electric、Extra Space Storage 以及加拿大最大的總承包商之一。我們還與 Tutor Perini、Mortenson、一家大型酒店品牌的日本分部、一家財富 30 強煉油商合作完成了擴張計劃，並與 ENR 50 承包商完成了重大擴張計劃。我對本季度兩次重要的 Mag 7 勝利特別感到自豪。

The first is a new customer which marks not only our largest win in the quarter but also one of the biggest seven-figure ARR deals in Procore's history. The second Mag 7 win is a substantial six-figure expansion with an existing customer, driven by their ambitious plans to grow their facilities and data centers. These wins underscore the immense scale of CapEx amongst owners and reaffirms Procore's position as the clear market leader in construction technology. When the world's largest companies seek a trusted partner to manage their most complex projects, they choose Procore. Another big expansion this quarter was with Abergeldie, a leading infrastructure contractor in Australia and New Zealand.

第一個是新客戶，這不僅標誌著我們本季最大的勝利，也是 Procore 史上最大的七位數 ARR 交易之一。Mag 7 的第二次勝利是與現有客戶進行的六位數的巨額擴張，這得益於他們擴大設施和數據中心的雄心勃勃的計劃。這些勝利凸顯了業主龐大的資本支出規模，並重申了 Procore 作為建築技術領域的明顯市場領導者地位。當世界上最大的公司尋求值得信賴的合作夥伴來管理其最複雜的專案時，他們會選擇 Procore。本季的另一項重大擴張是與澳洲和紐西蘭領先的基礎設施承包商 Abergeldie 合作。

In 2023, they piloted a few Procore products. After a thorough evaluation in Q4, they made Procore their primary project management platform, adding several Procore products and expanding their annual construction volume by nearly 10x. They saw the value in Procore's comprehensive project management solution and our ability to seamlessly integrate with their ERP system. This expansion will enable their team to more effectively and efficiently manage their projects, harness the power of their data, and improve internal reporting. These customer wins reflect all of the growth levers that we referenced at our recent Investor Day, including new logo adds, volume expansion, product cross-sell, and growth outside of the US.

2023 年，他們試用了一些 Procore 產品。在第四季度進行全面評估後，他們將 Procore 作為其主要專案管理平台，增加了多款 Procore 產品，並將其年施工量擴大了近 10 倍。他們看到了 Procore 全面專案管理解決方案的價值以及我們與其 ERP 系統無縫整合的能力。此次擴展將使他們的團隊能夠更有效、更有效率地管理他們的項目，利用他們的數據的力量，並改善內部報告。這些客戶的勝利反映了我們在最近的投資者日提到的所有成長槓桿，包括新標誌的增加、銷售的擴大、產品交叉銷售以及美國以外的成長。

We are proud of our top line performance this quarter and the momentum that we've built as we head into this new year. So as I reflect on last year, I'm incredibly proud of how we've delivered on our commitment to focusing on our core. This means reinforcing our foundational strengths while making strategic investments in related areas that enhance and expand our core offerings. First and foremost, I want to highlight the transformative potential of data in AI in reshaping the construction landscape. Thanks to our unique and unmatched construction data set, AI offers us an extraordinary opportunity to create value for our customers by driving greater efficiency, reducing risk, and ultimately transforming how teams collaborate, forecast, and execute projects.

我們對本季的營收表現以及邁入新的一年所取得的進展感到自豪。因此，當我回顧過去的一年時，我為我們如何履行專注於核心的承諾而感到無比自豪。這意味著我們要加強基礎優勢，同時對相關領域進行策略性投資，以增強和擴大我們的核心產品。首先，我想強調人工智慧數據在重塑建築格局的變革潛力。由於我們獨特且無與倫比的建築資料集，人工智慧為我們提供了一個非凡的機會，透過提高效率、降低風險，並最終改變團隊協作、預測和執行專案的方式來為我們的客戶創造價值。

Last year, we continued to invest in AI-powered innovations like Copilot, Agents, and Agent Studio. And we're working steadily towards a future where Procore AI will power every task and workflow, deliver actionable insights, and replace manual tedious processes with trusted customizable agents. And this data set only becomes more powerful as we continue to add new customers and expand with our existing customers. Ultimately, we expect Procore AI will become central to the platform experience. Which brings me to another area where we've made great strides, our platform connectivity.

去年，我們繼續投資於人工智慧創新，例如 Copilot、Agents 和 Agent Studio。我們正在穩步努力，朝著這樣的未來邁進：Procore AI 將為每項任務和工作流程提供動力、提供可操作的見解，並用值得信賴的可自訂代理取代繁瑣的手動流程。隨著我們不斷增加新客戶並擴大現有客戶規模，這個資料集只會變得更加強大。最終，我們預期 Procore AI 將成為平台體驗的核心。這讓我想到了我們取得巨大進步的另一個領域，即我們的平台連接性。

The construction process is incredibly collaborative and require a seamless coordination across all relevant stakeholders. This is why an important part of our connected strategy is to ensure that critical project data is shareable not just within a customer but across customers and their associated accounts. You can think of these connection points as the nerve fibers that go between our products and accounts. This year, we released connected drawings that we are in the process of connecting RFIs and submittals. This is an important part of delivering on our mission to connect everyone in construction on a global platform and represents a very exciting first step in supercharging the connected nature of our solutions, something that we believe will continue to serve as a competitive advantage for Procore.

施工過程極具協作性，需要所有相關利害關係人的無縫協調。這就是為什麼我們的互聯策略的一個重要部分是確保關鍵項目資料不僅可以在客戶內部共享，而且可以在客戶及其關聯帳戶之間共享。您可以將這些連接點視為我們的產品和帳戶之間的神經纖維。今年，我們發布了相關圖紙，目前正在連接 RFI 和提交文件。這是履行我們在全球平台上連接建築行業每個人的使命的重要組成部分，也是增強我們解決方案的互聯性邁出的非常令人興奮的第一步，我們相信這將繼續成為 Procore 的競爭優勢。

We made a host of other innovations to better serve the diverse needs of all stakeholders and all types of construction, so I'd like to share a few of those highlights. We launched Resource Management, the first solution that brings together labor, equipment, and materials, helping our stakeholders including subcontractors, self-perform general contractors, and civil and infrastructure customers manage resources more efficiently with greater precision. We are supporting our civil customers with tools like Procore Maps, which provides stakeholders with seamless access to all project data in a map view, accessible anytime, anywhere. We enhanced the experience for our global customers with Procore Zones, ensuring greater consistency and application performance and overall user experience. This also enables local storage and processing the project data, which can be critical for multinational customers with data localization requirements.

我們進行了許多其他創新，以更好地滿足所有利益相關者和所有類型建築的不同需求，因此我想分享其中的一些亮點。我們推出了資源管理，這是第一個將勞動力、設備和材料整合在一起的解決方案，幫助我們的利害關係人（包括分包商、自主經營總承包商以及土木和基礎設施客戶）更有效率、更精確地管理資源。我們透過 Procore Maps 等工具為我們的土木工程客戶提供支持，該工具使利害關係人可以隨時隨地無縫存取地圖視圖中的所有專案資料。我們透過 Procore Zones 增強了全球客戶的體驗，確保了更高的一致性和應用程式效能以及整體使用者體驗。這也使得本地儲存和處理專案資料成為可能，這對於有資料本地化要求的跨國客戶來說至關重要。

We also ended the year with more than 250 customers having purchased Pay and beginning to reap the benefits of moderated invoicing and payments to their subcontractors. While we are pleased with this momentum and the opportunity remains incredibly exciting, we do not expect Pay to be material to revenues in 2025, given its associated implementation and project rollout timelines.

截至年底，我們還擁有超過 250 名客戶購買了 Pay，並開始享受審核發票和向分包商付款的好處。雖然我們對這一勢頭感到滿意，而且機會仍然令人興奮不已，但考慮到相關實施和專案推出的時間表，我們預計 Pay 不會對 2025 年的收入產生重大影響。

Over the past year, we released countless feature enhancements addressing customer feedback [votes]. This is a testament to our deep partnership with the construction industry and our commitment to continually improving and evolving with their needs. Listen, while all of these updates are exciting, the most rewarding part is seeing our innovations impact customers in some of the largest job sites around the world.

在過去的一年裡，我們發布了無數的功能增強，以解決客戶回饋[投票]。這證明了我們與建築業的深厚合作夥伴關係以及我們致力於不斷改進和滿足其需求的承諾。聽著，雖然所有這些更新都令人興奮，但最有價值的部分是看到我們的創新影響到世界各地一些最大工作場所的客戶。

This year, I visited many customer job sites from the International Thermonuclear Experimental Reactor in France, otherwise known as ITER, to the Barangaroo Pier Pavilion in Sydney Harbor to the Lucas Museum in Los Angeles and was truly humbled by the complexity and sophistication of these projects. When I started Procore 23 years ago, I never imagined that our platform will become the foundation for some of the world's most impactful projects. Of course, another notable 2024 initiative was our decision to pull forward and accelerate our go-to-market transition. We believe that this is going to position us for continued top line growth while allowing us to build deeper, lasting partnerships with our customers. For more details on these changes, I encourage you to review our recent Investor Day materials on our IR website.

今年，我參觀了許多客戶工作現場，從法國的國際熱核實驗反應器（ITER），到悉尼港的巴蘭加魯碼頭展館，再到洛杉磯的盧卡斯博物館，這些項目的複雜性和精密性令我深感謙卑。23 年前，當我創立 Procore 時，我從未想過我們的平台會成為世界上一些最具影響力的項目的基礎。當然，另一個值得注意的 2024 年措施是我們決定推動並加速我們的市場轉型。我們相信，這將使我們繼續實現營收成長，同時使我們能夠與客戶建立更深、持久的合作關係。有關這些變化的更多詳細信息，我建議您查看我們 IR 網站上最近的投資者日資料。

We're a little over two fiscal quarters into this transition, and we are pacing very well. We're ahead of schedule on hiring with most roles expected to be filled by the end of Q1. New (inaudible) and territories have been distributed, and our sellers are coming online, ramping up and building pipeline. We anticipate the most disruption in the first half of the year as generalists and technical sellers are building this new muscle of working together. With that said, we continue to receive positive feedback from our teams, customers, and partners, and I am confident that our new operating model is going to position Procore to seize the enormous opportunity ahead.

我們已經進入這轉型期兩個多財政季度了，我們的進展非常順利。我們的招募進度提前了，預計大多數職位將在第一季末填補完畢。新的（聽不清楚）和地區已經分佈，我們的賣家正在上線、加強並建立管道。我們預計，由於通才和技術銷售人員正在建立這種新的合作方式，上半年將出現最大的混亂。話雖如此，我們繼續收到來自我們的團隊、客戶和合作夥伴的正面回饋，我相信我們的新營運模式將使 Procore 抓住未來的巨大機會。

The energy was palpable with our sales kickoff in January as the team is fired up about the new sales model and excited to share our platform vision with our customers. There's still work to do, but we remain focused on executing this transition to ensure lasting success.

從一月份我們的銷售啟動以來，我們感受到的活力是顯而易見的，因為團隊對新的銷售模式充滿熱情，並很高興與我們的客戶分享我們的平台願景。仍有工作要做，但我們仍專注於執行這項轉變，以確保持久的成功。

Now, I'd like to lay the foundation for how we're thinking about 2025. As we shared at Investor Day, there's a significant opportunity ahead. In order to capitalize on that opportunity, my focus for the year are going to be: first, to complete our go-to-market evolution.

現在，我想為我們如何思考2025年奠定基礎。正如我們在投資者日所分享的那樣，未來存在著重大機會。為了利用這個機會，我今年的重點是：首先，完成我們的行銷變革。

We aim to transition to this new sales model over the first half of the year and to be fully operational by the second half. This change is key to improving customer outcomes, strengthening relationships, and driving efficient long-term growth. We believe achieving these milestones are going to position us for strong momentum going into 2026.

我們的目標是在今年上半年過渡到這種新的銷售模式，並在下半年全面投入營運。這項變更對於改善客戶成果、加強關係和推動高效的長期成長至關重要。我們相信，實現這些里程碑將為我們在 2026 年取得強勁發展動能奠定基礎。

My second priority is driving operational excellence. In the past few years, we have made significant profitability improvements but there is substantial room for continued margin expansion. We have ambitious goals to be a high-margin business, and we are committed to making further strides towards that goal in 2025. Despite the substantial investments we've made in our go-to-market initiatives, we are guiding for continued margin expansion this year, underscoring our ability to balance growth with disciplined execution.

我的第二要務是推動卓越營運。過去幾年中，我們的獲利能力取得了顯著提升，但利潤率仍有很大持續提升的空間。我們有著成為高利潤企業的雄心勃勃的目標，我們致力於在 2025 年朝著這一目標邁進。儘管我們在市場進入計劃上投入了大量資金，但我們仍預計今年的利潤率將繼續擴大，這凸顯了我們平衡成長與嚴格執行的能力。

And last but certainly not least is to multiply the value of our platform. Procore is the only truly unified construction management platform, and we believe this is our greatest differentiator. We are proud of what we've built and the exciting announcements that we shared at Groundbreak, but there is so much more that we can do here.

最後但同樣重要的一點是增加我們平台的價值。Procore 是唯一真正統一的施工管理平台，我們相信這是我們最大的差異化因素。我們對自己所取得的成就以及在 Groundbreak 大會上分享的激動人心的公告感到無比自豪，但在這裡我們還可以做更多。

Our road map includes powerful products and capabilities that are going to amplify the power of our platform and better connect and serve everyone in construction. This is an incredibly exciting chapter in Procore's product journey. Many things that we've been working on for years are coming together to deliver our customers a more connected, intelligent, and powerful platform experience than ever before.

我們的路線圖包括強大的產品和功能，它們將增強我們平台的力量，更好地連接和服務建築行業的每個人。這是 Procore 產品旅程中令人難以置信的激動人心的一章。我們多年來一直致力於的許多事情正在結合在一起，為我們的客戶提供比以往更加互聯、智能和強大的平台體驗。

To wrap up, we are incredibly proud of how we finished 2024. We are deeply grateful to our customers for their continued trust and partnership, our employees for their dedication, and our shareholders who continue to support us.

總而言之，我們為 2024 年的圓滿結束感到無比自豪。我們深深感謝客戶一直以來的信任與合作、員工的奉獻、股東的持續支持。

Together, we're building and refining our business to be a forever company, one that drives lasting shareholder value while continuing to make a meaningful impact on the construction industry for generations to come.

我們共同建立和完善我們的業務，成為一家永遠的公司，一家推動持久股東價值的公司，一家繼續對子孫後代的建築業產生有意義的影響的公司。

And now, I'm going to turn it over to Howard to share some more on our business performance.

現在，我將把話題交給霍華德，讓他進一步分享我們的業務表現。

Thanks, Tooey, and thank you to everyone for joining us. The main topics I would like to cover today include our Q4 and full year financial results, additional color on the business, and our outlook for fiscal '25. Total revenue in Q4 was $302 million, up 16% year over year, and international revenue grew 19% year over year. Q4 non-GAAP operating income was negative $2 million, representing an operating margin of negative 1%. As I will discuss momentarily, this is not indicative of the operating margin you should expect for fiscal '25.

謝謝，Tooey，也謝謝大家的加入我們。我今天想要討論的主要主題包括我們的第四季度和全年財務業績、業務的更多細節以及我們對 25 財年的展望。第四季總營收為 3.02 億美元，年增 16%，國際營收年增 19%。第四季非公認會計準則營業收入為負 200 萬美元，營業利益率為負 1%。正如我稍後將要討論的，這並不代表您應該預期的 25 財年的營業利潤率。

Our key backlog metrics, specifically current RPO and current deferred revenue, grew 19% and 17% year over year, respectively. In Q4, we made strong progress towards the growth levers we described at our recent Investor Day. For the year, we saw a continued expansion in margin, cash flow, and per share metrics. These improvements are stepping stones towards our long-term goals. And as I look ahead, we have a tremendous runway for sustained and long-term growth just in the markets we operate in today as well as meaningful profitability milestones in both the near and long term.

我們的關鍵積壓指標，特別是目前 RPO 和目前遞延收入，分別較去年同期成長 19％ 和 17％。在第四季度，我們在最近的投資者日所描述的成長槓桿方面取得了長足的進步。今年，我們看到利潤率、現金流和每股指標持續擴大。這些改進是我們實現長期目標的基石。展望未來，僅在我們目前營運的市場中，我們就擁有巨大的持續和長期成長空間，並且在短期和長期內都具有有意義的獲利里程碑。

Now, let me share some additional color on the business. As you heard from Tooey, we had a strong quarter and ended fiscal '24 with positive momentum going into fiscal '25. Strength in the quarter came from multiple areas of the business. We had strong deal execution, converted more of our pipeline, closed large deals both from new logos and expansions, and generally experienced less disruption than we expected from the go-to-market transition. cRPO saw a benefit primarily from early renewals, which grew significantly year over year.

現在，讓我分享一些有關該業務的更多細節。正如您從 Tooey 那裡聽到的，我們本季度表現強勁，並以積極的勢頭結束了 24 財年，並進入了 25 財年。本季的強勁表現源自於業務的多個領域。我們的交易執行力很強，轉化了更多的管道，透過新標誌和擴張完成了大筆交易，而且總體而言，我們在市場轉型過程中遇到的干擾比我們預期的要小。 cRPO 的優勢主要在於早期續約，其業務量較去年同期大幅成長。

This growth is notable, considering we also had significant early renewals in Q4 of fiscal '23. Without this benefit, cRPO growth would have been in the mid-teens. We believe that the positive performance in Q4 sets us up well as we go into fiscal '25. From a profitability standpoint, Q4 was expected to be our lowest cash flow and operating margin quarter of fiscal '24. This is due to the timing of various onetime and seasonal investments in the year.

考慮到我們在 23 財年第四季也有大量提前續約，這一成長非常顯著。如果沒有這項福利，cRPO 成長率將會達到 15% 左右。我們相信，第四季的積極表現為我們進入25財年奠定了良好的基礎。從獲利能力的角度來看，預計第四季將是我們 24 財年現金流和營業利潤率最低的季度。這是由於一年中各種一次性和季節性投資的時間表所致。

However, our margin performance did come in below our guidance. The primary driver is due to deliberate decisions to accelerate initiatives from fiscal '25 into fiscal '24. This was a unique opportunity to enhance various onetime initiatives that will benefit fiscal '25 while still driving margin improvement in both years. Examples include additional contractors to supplement progress against our product road map, go-to-market system readiness, and other onetime marketing efforts, including the accommodation of the outsized interest we saw from customers and prospects to attend Groundbreak. The secondary drivers that impacted our margin performance include various other items related to the strong business performance we saw in Q4, including our bookings performance and the related commissions payouts as well as higher headcount costs from exceeding our hiring targets primarily within go-to-market.

然而，我們的利潤率表現確實低於我們的預期。主要驅動力是由於有意決定將各項措施從 25 財年加速至 24 財年。這是一個獨特的機會，可以加強各種一次性舉措，這些舉措將使 25 財年受益，同時仍能推動兩年的利潤率提高。例如，包括聘請額外的承包商來補充我們的產品路線圖、上市系統準備和其他一次性行銷工作的進展，包括滿足我們看到的客戶和潛在客戶對參加 Groundbreak 的巨大興趣。影響我們利潤率表現的次要驅動因素包括與我們在第四季度看到的強勁業務表現相關的各種其他項目，包括我們的預訂表現和相關的佣金支出，以及由於超出我們的招聘目標（主要在進入市場過程中）而導致的更高的員工成本。

Just to reiterate, this is not indicative of the operating margin you should expect for fiscal '25. We generated $128 million in free cash flow for the year, representing a year-over-year improvement of 171% while increasing our weighted average diluted shares outstanding by 2.6%. We will continue to be thoughtful in managing both of these metrics. We remain very optimistic and confident that we have multiple paths to improve our financial profile over the long term. We are the category leader serving one of the world's largest industries, with a focused and aligned leadership team that will prioritize efficient growth and strong per share improvements.

需要重申的是，這並不能代表您預期的 25 財年的營業利潤率。我們今年創造了 1.28 億美元的自由現金流，年增 171%，同時加權平均稀釋流通股增加了 2.6%。我們將繼續認真管理這兩個指標。我們仍然非常樂觀並有信心，我們有多種途徑來長期改善我們的財務狀況。我們是服務全球最大產業之一的產業領導者，擁有專注且協調的領導團隊，將高效成長和強勁的每股盈餘改善放在首位。

Before I turn to guidance, I would like to remind you that we continue to be prudent in our expectations as we navigate our go-to-market transition. With that, let's move on to our outlook. For the first quarter of 2025, we expect revenue between $301 million and $303 million, representing year-over-year growth of 12%. Q1 non-GAAP operating margin is expected to be between 7% and 8%. For the full year of fiscal '25, we are raising our revenue guide to be between $1.285 billion and $1.29 billion, representing total year-over-year growth of 12%.

在我轉向指導之前，我想提醒您，我們在進行市場轉型時會繼續謹慎地對待我們的預期。好了，讓我們繼續討論一下我們的展望。對於 2025 年第一季度，我們預計營收在 3.01 億美元至 3.03 億美元之間，年增 12%。預計第一季非公認會計準則營業利潤率在 7% 至 8% 之間。對於 25 財年全年，我們將營收預期上調至 12.85 億美元至 12.9 億美元之間，年增 12%。

We are raising our non-GAAP operating margin guidance by 50 basis points for the year to be between 13% and 13.5%, which implies year-over-year margin expansion between 300 and 350 basis points. And to wrap up, we are pleased with how we ended the year and the momentum we have going into fiscal '25. 2025 will be a transition year, and we believe our strategic initiatives for the year will set us up for a stronger P&L in fiscal '26 and beyond.

我們將今年非公認會計準則營業利潤率預期上調 50 個基點，至 13% 至 13.5% 之間，這意味著利潤率將年比擴大 300 至 350 個基點。總而言之，我們對今年的業績以及邁向 25 財年的發展勢頭感到滿意。 2025 年將是個過渡年，我們相信，今年的策略性措施將為我們在 26 財年及以後實現更強勁的損益奠定基礎。

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

現在，讓我們將問題交給操作員進行問答。

(Operator Instructions) Brent Bracelin, Piper Sandler.

（操作員指示） Brent Bracelin、Piper Sandler。

Great to see the improvement and stabilization in cRPO. Tooey, I wanted to start out with you on owners. It sounds like you had some very large owner wins here in Q4. I think you talked about the owner opportunity as 25% of the ARR business but only 2% logo penetration. So how much can you lean into this owner opportunity to maybe offset some of the cyclical cycle down headwinds that you see in the business? It feels like you got some momentum there in Q4. Wondering how sustainable it is going into '25 and '26.

很高興看到 cRPO 的改進和穩定。Tooey，我想先跟你討論一下業主的問題。聽起來您在第四季度獲得了一些非常大的業主勝利。我認為您談到的所有者機會佔 ARR 業務的 25%，但標誌滲透率只有 2%。那麼您可以在多大程度上利用這個所有者機會來抵消您在業務中看到的一些週期性下滑阻力？感覺你在第四季獲得了一些動力。想知道它在 25 年和 26 年的可持續性如何。

Yes. So Brent, I'm glad you brought this up because look, the owner's business is a great business, and it continues to be. I do want to start off by setting the table, though, because though we had a lot of strength in the owners, we had strength across the entire spectrum of the stakeholders that we serve, which was really, really remarkable. I was very proud with how we did that, both in the US and internationally.

是的。所以布倫特，我很高興你提起這件事，因為你看，老闆的生意很棒，而且一直如此。不過，我確實想先說明一下情況，因為雖然我們在業主方面擁有很大的實力，但我們在所服務的整個利益相關者範圍內都擁有實力，這真的非常了不起。我對我們在美國和國際上所取得的成就感到非常自豪。

But when you want to focus on owners, yes, the opportunity owners segment is huge, and there's a lot more we will do over time. We are leaning into that. That's an area where we have lots of focus, and we will continue to lean into it. But yes, what I think it demonstrates, Brent, more than anything, is just how big the opportunity is ahead of Procore and the fact that people have really focused on the ENR 400 as our TAM. This is a -- we are a global business serving -- any owner that, NGC and sub, that actually is building something of scale.

但是當你想把重點放在業主身上時，是的，機會業主群體是巨大的，而且隨著時間的推移，我們會做更多的事情。我們正傾向於此。這是我們非常關注的領域，我們將繼續深入研究。但是的，我認為，布倫特最能證明的是，Procore 面前的機會有多大，以及人們真正關注 ENR 400 作為我們的 TAM 的事實。我們是一家全球性企業，為任何 NGC 和 sub 的所有者提供服務，他們實際上正在建立一些具有規模的東西。

So it just really does illustrate the opportunity. And yes, I'm excited about all segments. But yes, very special with what we've done with owners.

所以它確實說明了機會。是的，我對所有部分都感到興奮。但確實，我們為業主所做的一切都非常特別。

Clear, it sounds like the strength here is broad-based not just in one segment. Howard, just a quick follow-up for you. You mentioned the tailwind to cRPO here from early renewals. What is driving the early renewals? Was there some new products that prompted some early renewal activity?

顯然，這聽起來像是這裡的優勢是廣泛的，而不僅僅是某一部分。霍華德，我只想快速跟進一下你的情況。您提到了早期續約為 cRPO 帶來的順風。推動早期更新的因素有哪些？是否有一些新產品促使一些早期更新活動？

Just help us understand what drove early renewals in the quarter.

只需幫助我們了解推動本季提前續約的因素即可。

I think it's across a number of areas, Brent. I think it's partially a function of how well we executed in the back part of the quarter. I think that had something to do with it. I think it also speaks to what Tooey talked about in terms of us making progress across the tremendous TAM that we have. And I think it also speaks to kind of the limited and lesser disruption that we saw in some of the transformations or transitions that we were making in Q4.

我認為這涉及多個領域，布倫特。我認為這在一定程度上取決於我們在本季後半段的表現。我認為這與此有關。我認為這也說明了 Tooey 所說的我們在巨大的 TAM 上取得了進展。我認為這也說明我們在第四季進行的一些轉型或轉變中看到的干擾有限且較小。

And I think all of those things put together actually really helped our performance in bookings. We're very happy with the bookings performance in Q4. But yes, we're very happy with our performance.

我認為所有這些因素結合起來確實有助於提高我們的預訂表現。我們對第四季的預訂表現非常滿意。但確實，我們對自己的表現非常滿意。

And by the way, Brent, I do want to come in and just say execution was so strong. It was just something I'm really, really proud of across the board for the quarter. So every player on the field contributed, and every player in the field did a great job, so execution. And that comes through as early renewals. That comes through as 130-plus six- and seven-figure deals, and that just comes through with creating the momentum that we need to have an amazing year.

順便說一句，布倫特，我確實想說一下，執行力非常強。這是我本季真正引以為傲的事情。因此，場上的每位球員都做出了貢獻，場上的每位球員都表現出色，所以執行力很強。這透過早期的更新得以實現。這些交易總計超過 130 筆六位數和七位數的交易，為我們迎來精彩的一年創造了必要的動力。

Joe Vruwink, Baird.

喬·弗魯溫克，貝爾德。

Of all the construction macro indicators we've tried to interpret, it does seem like those that triangulate around an owner's willingness to move forward on projects, not further delay or abandon, those indicators seem to have improved the most over the second half of the year. Do you think that generally lines up with the sentiment you're hearing from the segment correlates to spending you're seeing? And I guess if it does at all, doesn't this mentality from owners generally proceed maybe how GCs think about the upcoming year at some point?

在我們試圖解讀的所有建築宏觀指標中，那些圍繞業主推進專案意願（而不是進一步拖延或放棄）的指標似乎在下半年有所改善。您是否認為這與您從該領域聽到的與您看到的支出相關的觀點一致？我想，如果確實如此，那麼業主的這種心態難道不就是 GC 在某個時候對來年的看法嗎？

So Joe, this is Tooey. I would say, a couple of things to think about here. One is that we do not ever focus on one or two of these metrics just because they're -- you'll drive yourself nuts trying to make sense out of the 10 to 20 that you may look at. But one thing that you did say which is absolutely true is that the industry itself is sentiment-driven. And so if there's good news, like people are excited about an election, things get better.

喬，這是圖伊。我想說，這裡有幾件事要考慮。一是，我們從來不會只關注其中的一兩個指標，因為它們——如果你要從你可能看到的 10 到 20 個指標中找出意義，那你會拼命努力的。但您說的有一點是絕​​對正確的，那就是這個行業本身就是受情緒驅動的。因此，如果有好消息，例如人們對選舉感到興奮，事情就會變得更好。

If they're bad news, things get a little bit worse. But in general, it's sentiment-driven. But I will tell you this. What needs to get built still gets built, right? So there's always an opportunity for Procore.

如果是壞消息，情況就會變得更糟。但總的來說，這是由情緒驅動的。但我會告訴你這一點。該建的東西還是會蓋的，對嗎？因此 Procore 總是有機會的。

And again, with an industry that's searching for productivity increases, Procore is the ideal solution for them so they could do more with less. So in general, it is very sentiment-driven, and we remain very excited about the opportunities.

再一次，對於尋求提高生產力的產業來說，Procore 是他們的理想解決方案，讓他們能夠用更少的資源做更多的事情。因此，總的來說，這是非常受情緒驅動的，我們對這些機會仍然感到非常興奮。

Okay, that's great. And then just in terms of the bookings strength here in Q4, does that, in any way, deplete the available pipeline, maybe alter the exit momentum you would have expected just under the new sales model later in the year? I guess the question is, did you make it harder on yourself by how strong the fourth quarter ended finishing?

好的，太好了。那麼就第四季度的預訂力度而言，這是否會以某種方式耗盡可用的管道，或者會改變您預期在今年稍後新的銷售模式下退出勢頭？我想問題在於，第四節比賽的強勢收尾是否讓你自己承受了更大的壓力？

Actually -- this is Howard here. I actually wouldn't think about it as depleting pipe. I actually think about it as we have strong execution coming out of the year and strong momentum going into the year. However, having said that, in Q1 and Q2, this is where the rubber meets the road in terms of the changes that we're making in the go-to-market organization, and that's really what we're focused on. It's not about depleting the pipe at all. It's really about making sure we nail that execution in Q1 and Q2.

事實上 —— 我是霍華德。我實際上並不認為這會消耗管道。事實上，我認為我們在今年的執行力很強，而且在進入新的一年時發展勢頭強勁。然而，話雖如此，在第一季和第二季度，這是我們在行銷組織所做的變革的關鍵時刻，這也是我們真正關注的重點。這根本與耗盡管道無關。這實際上是為了確保我們在第一季和第二季順利執行。

DJ Hynes, Canaccord.

DJ Hynes，Canaccord。

Tooey, maybe we could pick up on that thread that Howard just mentioned and talk a little bit about the reception to new sales coverage plan when it was introduced to the field at SKO. Like how much narrower are coverage plans today with the incremental capacity you've added? How active has your technical sales layer been with customer engagement? And just like how are you thinking about that potential for disruption, given it kind of didn't materialize as badly as you thought in Q4?

Tooey，也許我們可以接著霍華德剛才提到的話題，談談新銷售覆蓋計劃在 SKO 推出時的反響。例如，隨著您增加增量容量，今天的覆蓋計劃會變得有多窄？您的技術銷售層對客戶參與的動機如何？鑑於第四季度的情況並沒有像您想像的那麼糟糕，您如何看待這種潛在的中斷？

Yes. So let me back up a little bit, DJ, and just kind of tell the story again because we announced this last year, several quarters ago. But remember, all of 2024 was essentially the planning phase, right? So it was all very hypothetical and theoretical, and nothing really had hit the ground yet. But when we did sales kickoff this year, which was just several weeks ago, there was extreme excitement and enthusiasm across the sales organization about what we're doing.

是的。所以，DJ，讓我稍微回顧一下，再講一次這個故事，因為我們在去年，也就是幾個季度前宣布了這一點。但請記住，整個 2024 年基本上都處於規劃階段，對嗎？所以這一切都只是假設和理論而已，還沒有任何實際成果。但當我們今年啟動銷售時，也就是幾週前，整個銷售組織對我們所做的事情表現出極大的興奮和熱情。

And as a matter of fact, I talked to a lot of customers who are aware of these transitions and are very excited that they're going to get additional resources, and they're going to benefit from this as well. But to what Howard was saying earlier, we're now in the execution phase, right? And we're only a couple of weeks into it. And that's really where the rubber hits the road. And so we have new teams that are still figuring out how to work together.

事實上，我與許多了解這些轉變的客戶進行了交談，他們非常興奮，因為他們將獲得額外的資源，他們也將從中受益。但正如霍華德之前所說，我們現在處於執行階段，對嗎？我們才剛開始幾週。這才是輪胎真正與路面接觸的地方。因此，我們有新的團隊，他們仍在研究如何合作。

We have folks that are building pipe and focusing on their new accounts and getting on airplanes and shaking hands and buying some steak dinners and all. But they're just getting started. So we're going to carry a healthy dose of skepticism over the next couple of quarters. But we really firmly believe that by the second half of this year, all of these changes and investments we're making are going to start paying off, and we're excited about it.

我們有些人正在建立管道，專注於他們的新客戶，他們乘飛機，與他們握手，買牛排晚餐等等。但他們才剛開始。因此，我們將在接下來的幾個季度中保持適當的懷疑態度。但我們堅信，到今年下半年，我們所做的所有這些改變和投資都將開始產生回報，我們對此感到興奮。

Yes, okay. And then Howard, just bridging that commentary into how you think about the shape for 2025. Is it right to think that growth probably gets a little bit worse in Q2 and then maybe starts to reaccelerate by Q4, which kind of gets you that full year 2025 growth rate that looks similar to where you're guiding in Q1? Is that the right way to think about the year?

是的，好的。然後霍華德，請您結合這一評論談談您對 2025 年情況的看法。您是否認為，經濟成長在第二季度可能會略有惡化，然後可能在第四季度開始重新加速，從而使 2025 年全年的成長率與您在第一季預測的水平相似？這是思考這一年的正確方式嗎？

I think we'll start to see productivity definitely pick up as we head towards the back part of the year. DJ, I'm not going to comment on what that shape looks like. But the intent is that as we start to get through some of this execution in Q1 and Q2, the productivity will pick up, and you will start to see not just the productivity but the actual bookings also start to pick up in the seasonality towards the back part of the year.

我認為，隨著今年下半年的到來，我們將開始看到生產力明顯回升。DJ，我不會評論那個形狀是什麼樣子的。但我們的目的是，隨著我們在第一季和第二季開始完成一些執行工作，生產力將會回升，你會開始看到，不僅是生產力，而且實際預訂量也會在年底的季節性因素下開始回升。

Brent Thill, Jefferies.

布倫特·蒂爾（Brent Thill），傑富瑞（Jefferies）。

Howard, good to see the cRPO to 19%. I guess, guiding to 12%, explain the delta. Is that really just the sales motion trying to get into gear? Is there something else that you're taking into account for that big a decel into '25?

霍華德，很高興看到 cRPO 達到 19%。我想，引導至 12%，解釋一下增量。這真的只是為了推動銷售行動嗎？您是否也考慮了其他因素，導致 25 年的成長速度如此之快？

Yes. Brent, good question. Thanks for the question. So the first thing is I just want to remind everyone, the reason that the cRPO growth is at 19% had a lot to do with those early renewals. And without that magnitude of the early renewals, our cRPO growth in Q4 would have been in the mid-teens.

是的。布倫特，好問題。謝謝你的提問。因此，我首先想提醒大家，cRPO 成長率達到 19% 的原因與這些早期續約有很大關係。如果沒有如此大規模的早期續約，我們第四季的 cRPO 成長率將只有 15% 左右。

And typically, revenue growth is plus or minus a couple of points around that cRPO growth. Specifically for the guidance that we have for the full year on revenue for fiscal '25 at 12%, it is a raise. And it also reflects an additional level of conservatism applied in fiscal '25 versus what we did in fiscal '24. And that's because a lot of what we've talked about already, which is we are actually going through that transformation or that transition right now on the go-to-market side. And from where I sit, there's a lot of moving pieces that still need to come together.

通常情況下，收入成長會在 cRPO 成長的上下浮動幾個點。具體來說，我們對 25 財年全年營收的預期為 12%，這是一個成長。這也反映了我們在25財年相對於24財年所​​採取的額外保守主義程度。這是因為我們已經討論了很多內容，即我們實際上現在正在經歷市場進入方面的轉變或過渡。從我所處的位置來看，仍有許多活動部分需要整合在一起。

We are ahead of plan in terms of hiring, and we're doing really well. But when the rubber meets the road, you just put a little bit more of cautiousness on it in terms of what we're guiding. So we're guiding a little bit more conservative this year than last year.

我們在招聘方面已經提前做好了計劃，而且我們的表現非常好。但當輪胎與道路接觸時，你只需要按照我們的指導多加小心。因此，我們今年的指導方針比去年略為保守。

Saket Kalia, Barclays.

Saket Kalia，巴克萊銀行。

Okay, great. Nice finish to the year. Tooey, maybe for you just to change it up here for a second. It was great to hear just the number of customers on Procore Pay continue to grow. Maybe the question is, how are you -- I mean, since you've got a decent sample size now, how are you sort of thinking about that product differentiating versus the incumbents out there?

好的，太好了。今年畫上了一個圓滿的句點。Tooey，也許你只需要在這裡改變一下。很高興聽到 Procore Pay 的客戶數量持續成長。也許問題是，你怎麼樣——我的意思是，既然你現在已經有了相當多的樣本，那麼你如何看待該產品與現有產品之間的差異化？

And just any feedback just on -- from some of those early adopters on usage and how it's winning?

還有一些早期採用者的回饋，關於它的使用以及如何取勝？

Yes. Well, by the way, Saket, thank you for teeing me up on this one. This is an area that's near and dear, obviously, to my heart. So we're learning a lot with payments. But the primary attractive driver for our customers on this is the fact that payments is not a -- it never happens in isolation.

是的。嗯，順便說一句，Saket，謝謝你為我提供這個機會。顯然，這是我非常關心的一個領域。我們在支付方面學到了很多。但對我們的客戶來說，最主要的吸引力在於付款並不是孤立發生的。

Because we're a platform and all of the pieces that go into an invoice long before it gets paid is managed on our platform, the customers are just loving the fact that they can now do that last mile of compliance and payments on the Procore platform. So having it all in one place is great. We also are, frankly, the modern technology stack where the system that is like a pleasure to use and will imply that maybe some other ones are not a pleasure to use. And so therefore, we're capturing the hearts and minds of the end users who are actually clicking the buttons and making the payments. And in general, we're learning that our commercial customers, our enterprise customers, our customers are all valuing what we have. And it's fun.

因為我們是一個平台，發票付款之前的所有部分都在我們的平台上管理，所以客戶非常喜歡這樣一個事實：他們現在可以在 Procore 平台上完成最後的合規和付款。所以把所有東西放在一個地方真是太好了。坦白說，我們也是現代技術堆疊中的一部分，其中一些系統使用起來很愉快，但也意味著其他一些系統使用起來可能並不愉快。因此，我們正在贏得那些實際點擊按鈕並進行付款的最終用戶的心。總的來說，我們了解到我們的商業客戶、企業客戶和客戶都很重視我們所擁有的東西。而且很有趣。

Now, one of the learnings we have is it takes a little longer to wind these accounts up because we have to get everybody onboarded. And then all the projects haven't started at the same time. So we're incredibly patient, but we're also incredibly optimistic about where we're going with it.

現在，我們得到的一個教訓是，清理這些帳戶需要更長的時間，因為我們必須讓每個人都參與其中。但所有項目並沒有同時開始。因此，我們非常有耐心，但我們對未來發展也非常樂觀。

Yes, absolutely. That's super helpful. Howard, maybe for you for my follow-up. I appreciate the visibility on just on the early renewals and cRPO. I know we're not going to talk about the shape of cRPO in '25, but maybe the question is, would most of those renewals maybe have happened in Q1 of '25? Or should we think about those renewals kind of coming sort of equally throughout the year just as we try to estimate the shape of that cRPO growth in '25?

是的，絕對是如此。這非常有幫助。霍華德，也許你可以作為我的後續跟進。我很欣賞對早期續訂和 cRPO 的關注。我知道我們不會談論 25 年 cRPO 的形態，但也許問題是，大多數續約是否可能發生在 25 年第一季？或者，我們應該考慮這些更新在全年中平均進行，就像我們試圖估計 25 年 cRPO 的成長形態一樣？

Yes, I think it's fair to say that most of those would have come in Q1 and probably the early part of Q1, but there may be some that flow throughout the year. But Saket, this is how I would think about it. When we think about cRPO, when we think about the performance in Q4, what we're really solving for is the evolution in the path across multiple years towards our mid- and long-term goals, and that's both on the top line and the bottom line. So we're going through this transformation or this transition on the go-to-market. It's going to benefit both the top and bottom line.

是的，我認為可以公平地說，其中大部分會在第一季度，甚至可能是第一季初期出現，但也有一些可能會貫穿全年。但是 Saket，我是這樣想的。當我們考慮 cRPO 時，當我們考慮第四季度的表現時，我們真正要解決的是多年來朝著我們的中長期目標前進的路徑，這既涉及營收，也涉及利潤。所以，我們正在經歷這種市場轉型或轉變。這將對營收和利潤都有利。

We're going to continue to grow margins in fiscal '25 and into fiscal '26. And we're going to balance that as we continue to optimize free cash flow per share. And remember, all the markets that we talked about and all the different markets that are available to us that we talked about at Investor Day, that is also going to contribute in terms of what we invest in, what we solve for, and what we optimize as we think about the trajectory of our revenue growth and our margin profile over the next several years.

我們的利潤率將在25財年和26財年持續成長。隨著我們繼續優化每股自由現金流，我們將實現平衡。請記住，我們在投資者日談到的所有市場以及我們可以接觸的所有不同市場，也將在我們考慮未來幾年收入成長軌跡和利潤狀況時，對我們的投資、解決的問題和優化的方式做出貢獻。

Dylan Becker, William Blair.

迪倫貝克爾、威廉布萊爾。

Really nice job here. Maybe, Howard, sticking with that point that you just touched on, how should we think about the leverage between kind of the emphasis on top line growth and margin? It sounds like there's a little bit of doubling down on some of the early opportunity and momentum you're seeing. But if that continues to accelerate and you see the productivity inflect in the back half, kind of the trade-offs between accelerating kind of the top line profile versus kind of a margin expansion opportunity?

這裡的工作真是太棒了。霍華德，也許堅持你剛才提到的觀點，我們該如何考慮強調營業額成長和利潤率之間的槓桿作用？聽起來，您所看到的一些早期機會和勢頭正在加倍增強。但如果這種趨勢持續加速，並且您看到下半年生產力出現變化，那麼加速營收成長與利潤率擴大機會之間的權衡如何呢？

Yes, good question. So the first thing is, in no scenario do we not continue to expand margins in '25 and actually into '26. That's the first thing. And remember, we are optimizing for free cash flow per share. And so the different paths in terms of the makeup of that -- of optimizing free cash flow per share between what the revenue growth and what the margin growth looks like, we're going to need to go through fiscal '25 to see what that looks like specifically in fiscal '26.

是的，好問題。因此，第一件事是，在任何情況下，我們都不會停止在 25 年以及 26 年擴大利潤率。這是第一件事。請記住，我們正在優化每股自由現金流。因此，就營收成長和利潤率成長之間優化每股自由現金流的組成而言，我們需要經歷 25 財年，才能了解 26 財年的具體情況。

And that's really how we're thinking about the balance of this.

這確實就是我們對這平衡的思考。

Okay, got it. That's a little fair. And then maybe, Tooey, switching over to you. You did call out some larger, obviously, enterprise customers, $1 million-plus, a handful of the Mag 7 ones. I'd be remiss if I didn't ask about data centers, just given kind of the headlines on capital deployment there.

好的，明白了。這有點公平。然後也許，Tooey，會轉到你身上。您確實提到了一些較大的客戶，顯然是企業客戶，金額超過 100 萬美元，其中有不少是 Mag 7 的客戶。如果我不問資料中心的情況，那就太失禮了，因為我只是提到了那裡的資本部署情況。

I know we've talked about diversification across end markets and in customers, but maybe help us think about what the CapEx deployment on the data center piece can mean from aggregate spend and maybe volumes for your business.

我知道我們已經討論過終端市場和客戶的多樣化，但也許可以幫助我們思考資料中心部分的資本支出部署對總支出和業務量意味著什麼。

So Dylan, we always have a bet as to who's going to ask the data center question, so you won the data center question. (laughter) I'd really wish you'd ask me about AI and our agent strategy, but I'm going to go ahead and talk to you about data centers. So yes, I mean, clearly, even if you just look across all the hyperscalers, the amount of investment going into the data centers is absolutely off the charts. And so that's one of the strengths in the area of the economy. But I will say, for every really strong segment, there's also a counter-segment like commercial.

所以 Dylan，我們總是打賭誰會問資料中心的問題，所以你贏了資料中心的問題。（笑聲）我真的希望你問我關於人工智慧和我們的代理策略的問題，但我將繼續與你討論資料中心。是的，我的意思是，很明顯，即使你只看所有的超大規模企業，投入資料中心的投資額絕對是驚人的。這是經濟領域的優勢之一。但我想說的是，每個真正強大的細分市場都存在著像商業這樣的反向細分市場。

And remember, it's only like 2% of the overall construction market. So it's one of the things that's really exciting. And by the way, I'm doing a job site tour next week in Arizona for a not to be named company, but they're all exciting. But really, it's just one piece of an extremely large opportunity for us across all segments of construction. But yes, I mean, it doesn't hurt, right?

請記住，它僅佔整個建築市場的 2%。這是真正令人興奮的事情之一。順便說一句，下週我將去亞利桑那州為一家不願透露姓名的公司進行工作現場參觀，但這一切都很令人興奮。但實際上，這只是我們在整個建築業中面臨的巨大機會中的一個。但是是的，我的意思是，它不疼，對吧？

There -- I've seen numbers that are eye-popping in terms of the aggregate spend is going to be this year.

就今年的總支出而言，我看到的數字令人震驚。

Adam Borg, Stifel.

亞當·博格（Adam Borg），斯蒂費爾（Stifel）。

Tooey, maybe as we talk about just the spirit of the go-to-market -- when we think about the go-to-market changes, I'd love to revisit a question that's come up in the past, just on the channel. I was just curious kind of what's the latest thinking here in terms of building a channel and even receptivity from larger SIs or VARs to building out that broader ecosystem?

Tooey，也許當我們談論市場進入的精神時——當我們思考市場進入的變化時，我很想重新討論過去在通路上出現的一個問題。我只是好奇，在構建渠道方面，甚至從更大的 SI 或 VAR 的接受度到構建更廣泛的生態系統方面，這裡的最新想法是什麼？

Yes. And by the way, it's a privilege when you have a brand as solid as Procore to be able to have these conversations with the largest SIs in the world who are interested around building practices around this. This is definitely a big part of our long-term plan and something that we talk about very often. It's not an area of significant focus now, but we are building those relationships and we're having those discussions, so when it's time, they will bear the fruit that we know they're going to do.

是的。順便說一句，如果您擁有像 Procore 這樣堅實的品牌，那麼能夠與世界上對此建立實踐感興趣的最大 SI 進行對話是一種榮幸。這絕對是我們長期計劃的重要組成部分，也是我們經常談論的事情。這目前並不是我們關注的重點領域，但我們正在建立這些關係，並進行這些討論，因此，當時間到了，它們將結出我們所知道的果實。

And look, in some markets, that's the way software is purchased, right? So of course, as we enter new markets where that's the norm, we'll be leaning heavily on that as well.

你看，在某些市場，這就是購買軟體的方式，對嗎？因此，當然，當我們進入這種常態的新市場時，我們也會嚴重依賴這一點。

That's really helpful. And maybe just as a quick follow-up, Tooey. Just in terms of new logo growth, obviously, that's been softer. We've talked about that at length. How do we think about kind of -- and maybe for Howard even, so as we think about the guidance for this year, what's the new logo growth that's underpinning that? Is it in line with what we've seen in recent quarters? Or any color here would be really helpful.

這真的很有幫助。也許只是作為一個快速的後續行動，Tooey。僅從新標誌的成長來看，顯然情況比較疲軟。我們已經詳細討論過這個問題。我們如何看待——甚至對於霍華德來說，當我們考慮今年的指導時，支撐這項指導的新標誌增長是什麼？這與我們最近幾季看到的情況一致嗎？或者這裡的任何顏色都會很有用。

Yes. Look, Adam, we've always talked about customer count as one data point that we look at, but it's not something that significantly drives how our business is. And a lot of that, the customer count is actually concentrated down market. I'd actually point you back more to the $100,000 and six- and seven- figure numbers that are much more indicative of where our business is now and where it's going to go. And those are more indicative of how that's incorporated into how we're thinking about growth going forward.

是的。聽著，亞當，我們一直將客戶數量作為我們關注的一個數據點，但它並不是影響我們業務發展的重要因素。其中許多客戶數量實際上集中在市場下游。我實際上想讓你更多地回顧一下 10 萬美元以及六位數和七位數的數字，這些數字更能說明我們業務目前的狀況以及未來的發展方向。這些更能說明我們如何將其融入未來成長的思考中。

So yes, the customer count piece is -- it's not something that we focus on significantly in terms of what drives the business. And the guide implies that the new logo will be lower, but remember, we manage to the dollars, and that's why I point you more towards the larger customers.

是的，從推動業務發展的因素來看，客戶數量並不是我們重點關注的因素。該指南暗示新標誌的尺寸會更低，但請記住，我們要控製成本，這就是為什麼我會將重點放在更大的客戶上。

Daniel Jester, BMO.

丹尼爾·傑斯特（Daniel Jester），BMO。

And I'll bite, Tooey, and ask you about AI. I'd love to sort of get a flavor of the early feedback you're getting from folks around the Copilot and the like. And maybe help us with some examples about where you think that they're getting the biggest benefit moving the needle using them.

我會咬牙切齒，Tooey，問你關於人工智慧的問題。我很想了解您從 Copilot 等周圍的人們那裡得到的早期回饋。也許您可以幫助我們舉一些例子，說明您認為透過哪些例子可以得到最大的利益。

Yes. No, thank you very much, by the way, for teeing me up. So yes, no, by the way, not only am I talking to customers that are using it, and I'm also using it myself. So I'll tell you what the number one piece of feedback I hear is that Copilot is the answer machine, right? It's instead of getting a list of links back when you do a search, it's actually giving you the opportunity to ask questions of your project and get back intelligent answers, which is really, really exciting.

是的。不，順便說一句，非常感謝你為我開球。所以，是的，不是，順便說一下，我不僅在與使用它的客戶交談，而且我自己也在使用它。所以我會告訴你，我聽到的第一個回饋是，Copilot 是應答機，對嗎？它並不是在您搜尋時返回連結列表，而是實際上讓您有機會詢問有關項目的問題並獲得智慧答案，這真的非常令人興奮。

But on top of that, as we're building out our Agents product as well as our Agent Studio, where our customers are going to be able to configure their own agents to do all their own work, that is going to be the partner to you on the job. So instead of just being providing answers to you, you're going to have countless numbers of agents on your project that are going to be helping you manage that project. So imagine, two things in construction matter, schedule and budget, time and money, right? So imagine you're going to have agents that are going to be 24 hours a day monitoring your schedule, monitoring your budget, and more importantly, monitoring the things inside the platform from not only Procore but our partners to look for opportunities for margin improvement for our customers and to avoid risk. And you're going to have countless eyes working 24/7 on the project that are agents.

但除此之外，隨著我們建立我們的代理商產品以及代理商工作室，我們的客戶將能夠配置自己的代理商來完成他們自己的所有工作，這將成為您工作中的合作夥伴。因此，您不僅會得到答案，還會有無數的代理商在您的專案中幫助您管理該專案。那麼想像一下，建築中有兩件事很重要，進度和預算，時間和金錢，對嗎？想像一下，你將有代理商每天 24 小時監控你的日程安排、監控你的預算，更重要的是，監控平台內部的情況，不僅監控 Procore，還監控我們的合作夥伴，以尋找為我們的客戶提高利潤的機會並避免風險。而且，你將擁有無數雙眼睛，他們都是代理人，每天 24 小時都關注著這個項目。

And I think that, that is the future. And that's -- by the way, that's only possible because we have a platform that is unified. We have this corpus of data and that we can drive all of that value right into the hands of our customers.

我認為，這就是未來。順便說一句，這只有在我們擁有統一的平台時才有可能。我們擁有大量的數據，並且可以將所有這些價值直接傳遞給我們的客戶。

And then maybe just Howard, maybe just quickly, FX, any impact did you call out in the quarter?

然後也許只是霍華德，也許只是很快，FX，您在本季度提到了什麼影響嗎？

Nothing. Very, very minimal. Nothing notable to call out on FX at all.

沒有什麼。非常非常小。在外匯方面，根本沒什麼值得注意的。

Jason Celino, KeyBanc.

傑森·塞利諾 (Jason Celino)，KeyBanc。

Tooey, I think we all kind of have short memories, but with all the news on tariffs and inflation, can you maybe just remind us how that flows through or impacts the Procore business? I know this volume-based pricing model hypothetically captures the upside. But on the other hand, if construction costs inflate, that might affect underlying project activity. So how do you think it flows through? Or what did you see in 2021 or prior periods?

Tooey，我想我們的記憶力都很短，但考慮到關稅和通貨膨脹的種種新聞，你能否提醒我們這些新聞對 Procore 業務有何影響？我知道這種基於數量的定價模型理論上能夠實現上行潛力。但另一方面，如果建築成本上漲，可能會影響基礎項目活動。那您認為它是如何流動的呢？或者您在 2021 年或之前看到了什麼？

Well, let me just start with what we're seeing now, Jason. So I talk to lots of customers all the time, and of course, I ask these kind of questions, right? The consensus now, I think, from at least the conversations I'm having is everyone is kind of in a wait-and-see because there's nothing that's been super solid that's been delivered. And so there's -- people are not really taking definitive action because they don't know if it's -- if the tariffs are a bluff or if it's real. But ultimately, this industry is super resilient.

好吧，傑森，讓我從我們現在看到的情況開始說吧。所以我經常和很多客戶交談，當然，我會問這些問題，對吧？我認為，至少從我所進行的對話來看，現在的共識是每個人都在觀望，因為目前還沒有任何非常實在的舉措。所以，人們並沒有真正採取明確的行動，因為他們不知道關稅是虛張聲勢還是真金白銀。但最終，這個行業具有超強的韌性。

So even if the industry itself is going to be a little bit more pessimistic about tariffs, they may also be optimistic about the results of an election, and there's always projects in other sectors. I mean, we just talked about data centers. And it's funny when I talk to our customers and I mention something around what about your wind farm production. They're like, oh, don't worry about it. We've got these other areas of our business where we're doubling down, which are really exciting for us. So we just can't forget how resilient the industry is and how diverse every aspect of the industry that we service.

因此，即使產業本身對關稅持悲觀態度，他們也可能對選舉結果持樂觀態度，而且其他產業也總會有項目。我的意思是，我們剛剛討論了資料中心。當我與客戶交談並提到有關你們風電場生產的情況時，這很有趣。他們會說，哦，別擔心。我們正在加倍投入其他業務領域，這對我們來說真的令人興奮。因此，我們不能忘記這個行業有多麼富有彈性，以及我們服務的行業的各個方面有多麼多樣化。

Okay. Yes. So my question for Howard. I don't want to get too ahead of my skis, but the performance you saw in Q4, it sounds like the go-to-market changes were still just in planning all through last year, but did any of the upside come from maybe early green shoots from some of the swarming or is that still yet to come?

好的。是的。我的問題是問霍華德。我不想太過超前，但從您在第四季度看到的表現來看，聽起來上市變化在去年全年都還只是在計劃中，但其中的任何好處是否來自於一些蜂擁而至的早期綠芽，還是還沒有到來？

Those are still yet to come. The story in Q4 is really about strong, strong execution. We saw a really good dose of good execution. It speaks volumes to the enablement, the communication. We didn't see anything change in terms of the competitive environment or anything like that.

這些都還沒到來。Q4 的故事其實與強而有力的執行有關。我們看到了大量非常好的執行成果。這充分說明了支持和溝通。我們沒有看到競爭環境或類似方面有任何變化。

But we're still going to see the benefits of the changes that we're making in the go-to-market as we approach the back part of this year when we get through Q1 and Q2. And so it was really about just stronger execution in Q4.

但是，隨著今年下半年第一季和第二季的到來，我們仍然將看到我們在行銷方面所做的改變所帶來的好處。因此，這實際上只是關於第四季度更強有力的執行。

Alexei Gogolev, JPMorgan.

摩根大通的 Alexei Gogolev。

Tooey, if I may ask you about the market share dynamics. You mentioned the continued leadership in the space. I realize that you probably are not planning to update us on a quarterly basis what your win rates are and how you're performing against those three top competitors. But directionally, could you maybe give us an update if you feel you've been gaining share in the most recent quarter?

Tooey，我可以問您有關市場份額動態的問題嗎？您提到了在該領域的持續領導地位。我知道您可能不打算每季向我們報告您的勝率以及您與前三大競爭對手相比的表現。但從方向來看，如果您覺得最近一個季度的市佔率有所增加，能否向我們提供最新消息？

So just to be clear, we disclose those kind of that data on an annual basis, and so that's not going to -- we're not going to update you on that. But here's the good news. What we told you about at Investor Day about our win rates being so strong against kind of all ways to look at the competitive market are holding strong. And they're exactly where they essentially were before. And it's a testament to our ability to deliver the best product in the market with the best people that are selling the value of it.

所以需要明確的是，我們每年都會揭露這些數據，所以我們不會向您更新這方面的資訊。但這有個好消息。我們在投資人日告訴您，在各種競爭激烈的市場中，我們的勝率都非常高。它們基本上還停留在原來的地方。這證明了我們有能力透過最優秀的人才向市場提供最優質的產品並實現其價值。

Understood. And just to clarify or maybe get some more details on AI Agents. Do you feel like there is still a significant educational process that is needed among your customers when your sales go out and talk about these products to them? Is there still some confusion among your customers on what exactly is the benefit? Or do they clearly understand how much productivity improvement they could see from those Agents?

明白了。只是為了澄清或獲得有關 AI 代理的更多細節。當您的銷售人員出去向客戶介紹這些產品時，您是否覺得仍需要進行重要的教育過程？您的客戶對於其具體好處是否仍有疑慮？或者他們是否清楚地了解從這些代理商可以看到多少生產力的提高？

Well, so Alexei, I would say forget about construction, forget about Procore. I think 2025 is the year of agents, right? So I don't think that many businesses out there are 100% certain as to how they're going to be able to leverage the kind of all of this generative AI and specifically around how agents are going to help them. But I will tell you this, that when we have a conversation with a customer or a prospect about the possibilities of what you can do with agents, their eyes pop out of their head. Because remember, for every agent that you put on into our system, and generally, the only way they could solve that problem was to add a new headcount to their payroll, which just drives their margins down.

好吧，阿列克謝，我想說，忘記建築，忘記 Procore。我認為 2025 年是代理商之年，對嗎？因此，我認為很多企業都不能 100% 確定他們將如何利用這種生成性人工智慧，尤其是代理商將如何幫助他們。但我要告訴你的是，當我們與客戶或潛在客戶談論代理商可以做什麼的可能性時，他們會驚訝得目瞪口呆。因為請記住，對於您放入我們系統的每個代理，一般來說，他們解決該問題的唯一方法就是在他們的工資單上增加新的員工，而這只會降低他們的利潤。

So like from their vantage point, they're like, bring it on. But yes, there is a considerable amount of opportunity for us to educate the community. And I think we're all in this together, frankly. So yes, but it's very exciting.

所以從他們的有利位置來看，他們就像，來吧。但確實，我們有很多機會教育社區。坦白說，我認為我們都身處同一個境地。是的，但這非常令人興奮。

Congratulations. Great results.

恭喜。效果非常好。

Taylor McGinnis, UBS.

瑞銀的泰勒麥金尼斯。

This is Daniela on for Taylor. So just on operating income margin, it looks like it came in below the guide in Q4, but you slightly increased the operating margin guide for 2025, and it sounds like there were some onetime expenses. So are we largely through that? Or are there incrementally more investments that you're making potentially in 2025 that could limit the level of upside? And how do we think about the trajectory from here and the annual expansion that we could see?

這是丹妮拉，代替泰勒。因此，僅就營業收入利潤率而言，看起來第四季度的營業收入利潤率低於預期，但您略微提高了 2025 年的營業利潤率預期，而且聽起來好像有一些一次性費用。那我們基本上已經解決了這個問題嗎？或者，您在 2025 年進行的投資是否會逐漸增多，從而限制上行空間？我們如何看待目前的軌跡以及我們可能看到的年度擴張？

Yes, thanks for the question. So first thing is we take our guidance extremely seriously, and we also take how we manage the trajectory of our margin profile over time very seriously. And in Q4, these were onetime decisions that we made. The business was executing strong. We saw a tremendous amount of momentum, and they came to us and asked to continue to spend, and we said yes.

是的，謝謝你的提問。因此，首先，我們非常重視我們的指導，我們也非常重視如何隨著時間的推移管理我們的利潤率趨勢。在第四季度，這些都是我們做出的一次性決定。業務執行情況強勁。我們看到了巨大的發展勢頭，他們來找我們並要求繼續投入，我們同意了。

And even in doing so, it still allowed us to expand our margins in fiscal '24 by 800 basis points. And we expect to continue to expand margins in fiscal '25. And we leave ourselves room to operate and potentially walk that up throughout fiscal '25 as well. I would tell you, don't anchor on the Q4 number when we report Q1 and Q2. It is you're going to see a very different margin profile.

即使這樣，我們仍然能夠將 24 財年的利潤率提高 800 個基點。我們預計25財年的利潤率將持續擴大。我們也為自己留出了營運空間，並且有可能在整個 25 財年實現這一目標。我想告訴你，當我們報告第一季和第二季的數據時，不要只專注在第四季的數據。您將會看到非常不同的利潤狀況。

And remember what I said before in my response to the other question, we'll not only expand margins in fiscal '25; we will also expand margins in fiscal '26 as well.

記住我之前在回答另一個問題時說過，我們不僅會在 25 財年擴大利潤率；我們也將擴大26財年的利潤率。

Siti Panigrahi, Mizuho.

瑞穗的 Siti Panigrahi。

This is Sameer calling in for Siti. The question I had was, we're talking about AI benefits for customers and agents and Copilots and whatnot. Just curious about how you are leveraging AI internally in terms of using agents or for software development or for marketing functions. How is that coming along? And what kind of leverage or benefits you're seeing in terms of tangible benefits from using AI internally?

這是 Sameer 為 Siti 打來的電話。我的問題是，我們正在談論人工智慧為客戶、代理商、副駕駛員等等帶來的好處。我只是好奇您如何在使用代理、軟體開發或行銷功能方面內部利用人工智慧。進展如何？就內部使用人工智慧的實際利益而言，您看到了什麼樣的優勢或好處？

Yes. So we are incredibly excited as a business to be able to leverage the latest and greatest generative AI technology. So of course, we're using Copilot, right, with our development environments. And of course, we're reaping all the benefits. I'm actually writing code these days, and I'm using Copilot.

是的。因此，作為一家企業，我們非常高興能夠利用最新、最偉大的生成式人工智慧技術。當然，我們在我們的開發環境中使用 Copilot。當然，我們也收穫了所有好處。我最近實際上正在編寫程式碼，並且正在使用 Copilot。

So it's -- yes, it's incredibly -- I know from a first-hand experience how productive it makes you. So that's really exciting. We're using it in our support department. We're using it basically in our marketing department. Everybody is looking at the best ways to leverage the most modern technology in order for us to get the most leverage out of it.

是的，這真是令人難以置信，我從第一手經驗中知道它能讓你多麼有效率。這真的非常令人興奮。我們的支援部門正在使用它。我們基本上在行銷部門使用它。每個人都在尋找最佳方法來利用最先進的技術，以便我們從中獲得最大的效益。

And it's an exciting time. And there's really no area of the business that doesn't get touched by this. So it's -- yes, lots of opportunity.

這是一個令人興奮的時刻。事實上，沒有任何業務領域不受此影響。是的，機會很多。

Any tangible numbers you can point to in terms of improving productivity or impact on margins or cost savings you're going to be able to drive forward?

您能指出在提高生產力、影響利潤或節省成本方面能夠推動的具體數字嗎？

We really don't have any that we're -- yes, maybe it's too early but also we don't have any really that we're going to disclose. But I will tell you this, you look at the pace of innovation that comes out of Procore every single day and the amazing product that we put in the hands of our customers. To me, there has to be some of that in there, obviously. So anything that we can do to help solve the needs of the industry is something that I am 100% behind, and so that's why we're investing on these things internally.

我們確實沒有任何可以披露​​的資訊——是的，也許現在還為時過早，但我們也確實沒有任何可以披露​​的資訊。但我會告訴你，你看看 Procore 每天的創新步伐，以及我們交到客戶手中的令人驚嘆的產品。對我來說，這其中顯然有一定的道理。因此，我百分之百支持我們為解決產業需求所做的一切努力，這也是我們在內部投資這些事情的原因。

Thank you. That will conclude the Q&A session so that will now conclude the Procore Technologies, Inc., call. Thank you for your participation. You may now disconnect your line.

謝謝。問答環節就此結束，因此 Procore Technologies, Inc. 的電話會議也將在今日結束。感謝您的參與。現在您可以斷開線路了。