Procore Technologies Inc (PCOR) 2025 Q1 法說會逐字稿

Good afternoon. Thank you for attending today's Procore Technologies, Inc. FY25 Q1 earnings call. My name is Tamia, and I'll be your moderator for today's call. (Operator Instructions)

午安.感謝您參加今天的 Procore Technologies, Inc. FY25 Q1 收益電話會議。我叫塔米亞 (Tamia)，我將擔任今天電話會議的主持人。（操作員指示）

I would now like to pass the conference over to your host, Alexandra Geller, Head of Investor Relations. You may proceed.

現在，我想將會議交給主持人、投資者關係主管亞歷山德拉蓋勒 (Alexandra Geller)。您可以繼續。

Good afternoon, and welcome to Procore's 2025 first 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.

下午好，歡迎參加 Procore 2025 年第一季財報電話會議。我是投資人關係主管亞歷珊卓蓋勒 (Alexandra Geller)。今天與我一起的有創辦人、總裁兼執行長 Tooey Courtemanche 和財務長 Howard Fu。有關我們業績的進一步披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 include forward-looking statements regarding, among other things, our financial outlook, go-to-market transition, our stock repurchase program, 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, 2025.

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、股票回購計劃、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來預測未來事件。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 5 月 1 日的當前預期和觀點。

Procore undertakes no obligation to update any forward-looking statements to reflect new information or unanticipated events, except as required by law. If this call is replayed or viewed after today, the information presented during the call may not contain current or accurate information. Therefore, these statements should not be relied upon as representing our views as of any subsequent date. We'll also refer to certain non-GAAP financial measures to provide additional information to investors. A reconciliation of non-GAAP to GAAP measures is provided in our press release in our periodic reports filed with the SEC.

除非法律要求，否則 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。如果在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當前或準確的資訊。因此，這些聲明不應被視為代表我們任何後續日期的觀點。我們也將參考某些非公認會計準則財務指標，為投資者提供更多資訊。我們向美國證券交易委員會提交的定期報告中的新聞稿中提供了非公認會計準則與公認會計準則衡量標準的對帳。

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 addressing what's top of mind for everyone. The uncertainties and potential impacts of the tariff policies. First and foremost, I want you all to know that we have not seen any material change in our customers' behavior so far. Clearly, we are carefully monitoring this very fluid situation, and we're staying close with our customers and prospects as it develops.

謝謝亞歷克斯，也謝謝大家今天加入我們。因此，我想先談談大家最關心的問題。關稅政策的不確定性和潛在影響。首先，我想讓大家知道，到目前為止，我們還沒有看到客戶行為有任何實質變化。顯然，我們正在密切關注這一非常不穩定的局勢，並且隨著事態的發展與我們的客戶和潛在客戶保持密切聯繫。

Our customers are working to understand the impacts of these tariffs on their end customers and their supply chains. For example, the typical contractor has a cost structure that's made up of approximately one half labor and the other half materials. Procurement has always been a balance of obtaining the highest quality materials at the optimal price point within the fastest time frame and the introductions of tariffs do not change that calculus. For project requirements that stipulate by American, tariffs may be less relevant. And where domestic procurement might not even be possible, tariffs could increase the cost of materials and ultimately, the corresponding project costs.

我們的客戶正在努力了解這些關稅對其最終客戶及其供應鏈的影響。例如，典型的承包商的成本結構大約一半由勞動力組成，另一半由材料組成。採購始終是在最短的時間內以最優的價格獲得最高品質的材料的平衡，而關稅的引入不會改變這種計算。對於美國規定的項目要求，關稅可能不太重要。在國內採購甚至不可能的情況下，關稅可能會增加材料成本，並最終增加相應的項目成本。

Modest cost increases can likely be accommodated by contractors and their owner clients, which could benefit our business model. Some contracts have allowances or escalation clauses designed to protect GCs and subs from unforeseen cost increases and many firms buy materials at the onset of a project to mitigate the risk of future price increases. However, should costs rise to a level where a contractor or owner cannot absorb them, it is possible that projects could get delayed or even canceled. While there's no way to know for sure, some believe that if tariffs persist long term, they could spark a wave of American reindustrialization.

承包商及其業主客戶可能會接受適度的成本增加，這可能有利於我們的商業模式。一些合約設有補貼或升級條款，旨在保護總承包商和分包商免受不可預見的成本增加的影響，許多公司在專案開始時購買材料，以減輕未來價格上漲的風險。然而，如果成本上升到承包商或業主無法承受的水平，專案可能會被推遲甚至取消。雖然無法確定，但有些人認為，如果關稅長期持續下去，可能會引發美國再工業化的浪潮。

This outcome could drive substantial growth in nonresidential construction, creating a tailwind for the industry, our customers and ultimately, for Procore. Abroad, we have observed a renewed commitment to investment in infrastructure and nonresidential construction as exemplified by Germany's proposed EUR500 billion infrastructure investment plan. Over time, we expect this trend may benefit the growth of our international business.

這一結果可能推動非住宅建築的大幅成長，為產業、我們的客戶以及最終的 Procore 創造順風。在國外，我們看到了對基礎設施和非住宅建築投資的重新承諾，例如德國提出的5000億歐元基礎設施投資計畫。隨著時間的推移，我們預計這一趨勢可能有利於我們的國際業務的成長。

We remain optimistic that even if the construction industry and Procore were to face short-term headwinds due to the tariffs, our business could benefit from long-term tailwinds. At this point in time, we do not have any clarity on how tariffs might change the demand environment over the course of the year. Procore's pipeline remains steady and our customers haven't substantially altered their plans. We are ready to adapt our strategy by either playing offense or defense based on how things unfold in an effort to optimize our free cash flow and our per share metrics.

我們仍然樂觀地認為，即使建築業和 Procore 因關稅而面臨短期阻力，我們的業務也能受益於長期順風。目前，我們還不清楚關稅將如何改變全年的需求環境。Procore 的管道保持穩定，我們的客戶也沒有大幅改變他們的計畫。我們準備根據事態發展調整我們的策略，採取進攻或防守，以優化我們的自由現金流和每股指標。

Look, construction is no stranger to uncertainty, change or rising costs. As the industry adapts to the evolving economic policy, just like we've seen it do time and time again, we remain committed to driving its ongoing digital transformation. And let's not forget, that the world needs to be built and rebuilt and Procore is the industry chosen partner, helping to lead the way.

看，建築業對不確定性、變動或成本上升並不陌生。正如我們一次又一次看到的那樣，隨著產業適應不斷變化的經濟政策，我們仍然致力於推動其持續的數位轉型。我們不要忘記，世界需要建造和重建，而 Procore 是產業選擇的合作夥伴，幫助引領潮流。

Okay. So now I'd like to shift gears and spend the bulk of this call addressing how we're focusing on the things within our control and how we are managing those areas to capitalize on the amazing long-term opportunity for Procore. Let's start with our Q1 performance, which represented a solid quarter and a good start to the year. Some highlights include: we grew revenue 15% year-over-year. Non-GAAP operating margins increased quarter-over-quarter to 10%, and we now have over 2,400 customers contributing greater than $100,000 in ARR.

好的。因此，現在我想換個話題，用這次電話會議的大部分時間來討論我們如何專注於我們能控制的事情，以及我們如何管理這些領域，以利用 Procore 驚人的長期機會。讓我們從第一季的業績開始吧，這是一個穩健的季度，也是今年的一個好開始。一些亮點包括：我們的營收年增了 15%。非公認會計準則營業利潤率較上季成長至 10%，目前我們擁有超過 2,400 名客戶，為 ARR 貢獻了超過 10 萬美元。

Procore continues to win and retain a loyal customer base because we deliver significant ROI for our stakeholders. Today, thousands of customers rely on the Procore platform to run their business, improving visibility and predictability so that they could manage risk and make smarter decisions. In a dynamic and uncertain macroeconomic environment, the need for productivity gains and risk management becomes even more paramount. This is exactly what the Procore platform is built for to help our customers complete their projects on time and on budget.

Procore 持續贏得並保留忠實的客戶群，因為我們為利害關係人提供了可觀的投資報酬率。如今，成千上萬的客戶依靠 Procore 平台來開展業務，提高可見度和可預測性，以便他們能夠管理風險並做出更明智的決策。在動態和不確定的宏觀經濟環境中，提高生產力和風險管理的需求變得更加重要。這正是 Procore 平台的宗旨，旨在幫助我們的客戶按時、按預算完成他們的專案。

Procore's real-time reporting and analytics provide valuable insights into project costs and potential risks associated with tariff-induced price changes. Procore's document management and workflow capabilities enable meticulous documentation and change order management, which helps stakeholders protect their margins in an environment where costs can fluctuate rapidly due to tariffs.

Procore 的即時報告和分析為專案成本和與關稅引起的價格變化相關的潛在風險提供了寶貴的見解。Procore 的文件管理和工作流程功能可實現細緻的文件和變更單管理，幫助利害關係人在成本因關稅而快速波動的環境中保護其利潤。

Procore's platform fosters seamless communication and collaboration among project stakeholders, enabling quicker response to supply chain issues and cost changes. So these are just a few examples of how our platform unlocks efficiency gains and reduces risk to help customers navigate a heightened cost environment and increased complexity.

Procore 的平台促進了專案利害關係人之間的無縫溝通和協作，從而能夠更快地回應供應鏈問題和成本變化。這些只是我們的平台如何提高效率、降低風險以幫助客戶應對成本增加和複雜性增加的幾個例子。

Procore continues to prioritize our platform capabilities, deepening our ability to connect all stakeholders from the office to the field and across owners, GCs and specialty contractors. We are focused on creating an even more unified collaborative experience that further breaks down silos and streamlines communication across the entire project life cycle. A key part of this effort is harnessing the power of AI.

Procore 繼續優先考慮我們的平台功能，深化我們連接從辦公室到現場以及業主、總承包商和專業承包商的所有利害關係人的能力。我們致力於創造更統一的協作體驗，進一步打破孤島並簡化整個專案生命週期的溝通。這項努力的關鍵部分是利用人工智慧的力量。

And when it comes to the value that we can deliver to our customers with AI, we've only scratched the surface. Our agent strategy remains a key focus within our product road map. We have a number of agents in development across the platform, from productivity enhancers to potentially game-changing next best action agents. All of these agents are being built in direct response to customer feedback. The agent potential is far reaching from uncovering revenue opportunities to improving productivity and reducing risk in some of the most challenging aspects of construction.

當談到我們可以利用人工智慧為客戶提供的價值時，我們才剛開始接觸。我們的代理策略仍然是我們產品路線圖的重點。我們正在開發平台上的多種代理，從生產力增強器到可能改變遊戲規則的下一個最佳行動代理。所有這些代理都是根據客戶回饋直接建立的。代理商的潛力非常大，從發現收入機會到提高生產力以及降低建築行業一些最具挑戰性的方面的風險。

We are still very much in the early stage of building these agents, but we are incredibly excited to test our first round of agents with our customers. As we advance our connected platform strategy, we see greater potential to unlock value for our customers. We can achieve this potential by combining the integrated data on our platform with AI agents. So take, for instance, the two things that matter most in construction, time and money, both of which Procore helps customers better manage today.

我們仍處於建立這些代理商的早期階段，但我們非常高興與我們的客戶一起測試我們的第一輪代理商。隨著我們推進互聯平台策略，我們看到了為客戶釋放價值的更大潛力。我們可以透過將平台上的整合資料與人工智慧代理相結合來實現這一潛力。舉例來說，建築業中最重要的兩件事是時間和金錢，Procore 可以幫助客戶更好地管理這兩者。

In the future, you're going to be able to task agents 24 hours a day with monitoring schedules and budgets alongside the data inside both the Procore platform and our partner ecosystem. These agents are being built to identify emerging patterns at real time, helping teams proactively address issues that could impact time and budget at the project level.

將來，您將能夠全天候監控任務代理的計劃和預算以及 Procore 平台和我們的合作夥伴生態系統內的資料。這些代理商旨在即時識別新興模式，幫助團隊主動解決可能影響專案層面時間和預算的問題。

So to give you an example, many contracts have schedule obligations. Future Procore agents will help ensure that those specific time lines are met. AI agents will seek to find the best conditions and timing for tasks, identifying the relevant stakeholders and optimizing for their availability and then automatically sharing those recommendations with a human approval to schedule the tasks.

舉個例子，許多合約都有時間表義務。未來的 Procore 代理商將協助確保滿足這些特定的時間表。人工智慧代理將尋求找到執行任務的最佳條件和時間，識別相關利益相關者並優化他們的可用性，然後在人工批准的情況下自動分享這些建議以安排任務。

Historically, the only way to solve these problems was to add head count to the payroll. So these agents have the potential to drive meaningful productivity gains, reduce risk and improve margins. Not only that, these investments are going to better enable our customers to manage their businesses in a time of uncertainty or for that matter, in times of strong demand, thereby strengthening our partnership and deepening the value that we provide to our customers.

從歷史上看，解決這些問題的唯一方法是增加薪資單上的員工數量。因此，這些代理商有潛力推動生產力大幅提升、降低風險並提高利潤率。不僅如此，這些投資還將使我們的客戶在不確定時期或需求強勁時期更好地管理他們的業務，從而加強我們的合作夥伴關係並深化我們為客戶提供的價值。

Look, this is an incredibly exciting time, especially for someone like me who's deeply involved in our product and furthering the adoption of AI in the construction industry, and I believe that the possibilities ahead of us are endless. In the near term, as we navigate this dynamic environment, we believe the measurable ROI that we deliver through our existing platform and our ability to help customers do more with less, will drive continued growth for Procore.

看，這是一個令人難以置信的激動人心的時刻，特別是對於像我這樣深入參與我們的產品並推動人工智慧在建築業應用的人來說，我相信我們面前的可能性是無窮無盡的。在短期內，當我們在這個動態環境中前進時，我們相信透過我們現有的平台提供的可衡量的投資回報率以及我們幫助客戶用更少的資源做更多的事情的能力將推動 Procore 的持續成長。

Over the long term, our opportunity remains as exciting as ever with several growth vectors as discussed in our last Investor Day to drive sustained and continued growth. First is acquiring new customers, which includes underpenetrated segments like owners and specialty contractors. We believe that there's more than 360,000 logos in the markets that we serve today, of which we have a little over 17,000.

從長遠來看，我們的機會仍然像以往一樣令人興奮，正如我們在上次投資者日討論的那樣，我們擁有幾個成長載體來推動持續和繼續成長。首先是獲取新客戶，其中包括業主和專業承包商等滲透不足的領域。我們相信，我們目前服務的市場中有超過 360,000 個標識，其中我們擁有的標識略多於 17,000 個。

Second is through volume expansion. We have less than half of our customers' existing volume, meaning that we could double our committed construction volume without adding a single new customer.

二是透過規模擴張。我們現有的客戶數量不到一半，這意味著我們可以在不增加任何新客戶的情況下將承諾的施工量增加一倍。

Third is product cross-sell to help customers increase their efficiency and eliminate siloed point solutions. Fourth is international expansion. The TAM outside the US is significantly larger than the US yet it represents only 15% of revenue today.

第三是產品交叉銷售，幫助客戶提高效率並消除孤立的點解決方案。第四是國際化擴張。美國以外的 TAM 明顯大於美國，但目前僅佔收入的 15%。

And last but not least, we remain committed to investing in our platform to launch innovative products that enhance our customers' productivity. Our customer wins this quarter demonstrate success across all of these growth levels. In Q1, we added new customers across all stakeholders, including an ENR 250 specialty contractor, global software leader Workday, a major social media platform and the Iowa Army National Guard.

最後但同樣重要的一點是，我們將繼續致力於投資我們的平台，推出能夠提高客戶生產力的創新產品。本季我們的客戶獲勝證明了我們在所有這些成長水準上都取得了成功。在第一季度，我們在所有利害關係人中增加了新客戶，包括 ENR 250 專業承包商、全球軟體領導者 Workday、主要社群媒體平台和愛荷華州陸軍國民警衛隊。

In the quarter, we also added a large semiconductor company as a new customer with growing investments in US chip manufacturing. They needed a scalable platform to manage complex multibillion-dollar construction projects more efficiently. They intend to leverage Procore to build large-scale semiconductor fabrication construction and retrofits as well as capital expansion programs across the US and Asia. This was a competitive evaluation and Procore's ability to offer a single connected platform across the entire project life cycle was a key differentiator and a big reason we won the deal.

本季度，我們還增加了一家大型半導體公司作為新客戶，該公司對美國晶片製造的投資不斷增加。他們需要一個可擴展的平台來更有效地管理複雜的數十億美元的建築項目。他們打算利用 Procore 在美國和亞洲建造大規模半導體製造廠和改造廠以及資本擴張計劃。這是一項競爭性評估，Procore 能夠在整個專案生命週期中提供單一連接平台，這是我們贏得交易的關鍵差異化因素和重要原因。

Another large new logo win for the quarter was the European division of a global commercial real estate firm. They've been using a number of point solutions, leading to operational inefficiencies and siloed and out-of-date information. They wanted a unified platform with integrated project management and financials and powerful analytics to reduce risk and drive efficiency.

本季另一個重大的新標誌勝利是一家全球商業房地產公司的歐洲分部。他們一直在使用多種點解決方案，導致營運效率低下以及資訊孤立和過時。他們想要一個統一的平台，整合專案管理和財務以及強大的分析功能，以降低風險並提高效率。

In Q1, they chose Procore to be the operating system for the future of their commercial delivery in Europe, adopting products in preconstruction, project management and financials. This is a great example of a customer who isn't just looking to manage their projects. They're engineering transformation across their operations by using Procore. We also had strong expansion wins across stakeholders in Q1, including the University of Alabama, a premier space exploration company, a Fortune 40 retailer, one of Canada's largest subcontractors and Burns & McDonnell and ENR 38 general contractors.

在第一季度，他們選擇 Procore 作為未來在歐洲商業交付的作業系統，並在施工前、專案管理和財務方面採用產品。這是一個很好的例子，說明客戶不僅僅是想管理他們的專案。他們正在利用 Procore 實現整個營運的工程轉型。在第一季度，我們還在利益相關者中取得了強勁的擴張勝利，其中包括阿拉巴馬大學、一家頂級太空探索公司、一家財富 40 強零售商、加拿大最大的分包商之一以及 Burns & McDonnell 和 ENR 38 總承包商。

One of the largest wins in the quarter was an expansion win with a leading US health care system. Since 2020, they had seen tremendous success using Procore for one of their regions. But the other regions were still using a mix of manual processes and point solutions, resulting in limited visibility across their overall construction operation and disjointed reported.

本季最大的勝利之一是與美國領先的醫療保健系統達成擴張協議。自 2020 年以來，他們在其中一個地區使用 Procore 取得了巨大的成功。但其他地區仍在使用手動流程和點解決方案的混合，導致其整體施工操作的可視性有限且報告脫節。

I am proud to share that this customer expanded their use of Procore to all regions in Q1 to streamline processes across their business, drive greater consistency in reporting and provide better visibility into construction operations.

我很自豪地告訴大家，該客戶在第一季將 Procore 的使用範圍擴大到了所有地區，以簡化整個業務流程、提高報告的一致性並更好地了解施工運作。

Moving forward, they will use Procore to build all aspects of hospital construction. These customer win stories highlight the wide range of use cases where Procore delivers value across the industry. We take great pride in our customers' continued growth, and we remain committed to delivering value as they navigate a dynamic economic environment.

展望未來，他們將利用Procore來建構醫院建設的各個面向。這些客戶成功案例凸顯了 Procore 在整個產業中提供價值的廣泛用例。我們為客戶的持續成長感到非常自豪，我們將繼續致力於在客戶應對動態的經濟環境時提供價值。

Now let's shift gears to another area within our control, which is our go-to-market transition. As a reminder, we believe this transition will position us for continued top line growth while allowing us to build deeper, lasting partnerships with our customers.

現在讓我們轉向我們控制範圍內的另一個領域，即我們的市場進入轉型。提醒一下，我們相信這項轉變將使我們繼續實現收入成長，同時使我們能夠與客戶建立更深層、持久的合作關係。

We remain confident in this operating model. As previously shared, we completed the early milestones of hiring and enablement. Our attention and focus has now shifted to adapting to the new operating model, managing change effectively, minimizing disruption and continuing to deliver customer value and growth. Q1 was the first quarter with this new operating model in place, and it's already been well received by our teams, customers and partners.

我們對這種營運模式仍然充滿信心。正如之前所分享的，我們完成了招募和支援的早期里程碑。我們的注意力和重點現已轉移到適應新的營運模式、有效管理變革、最大限度地減少干擾以及繼續提供客戶價值和成長。第一季是採用這種新營運模式的第一個季度，它已經得到了我們的團隊、客戶和合作夥伴的好評。

As expected, we did experience some disruption in the quarter as the teams are ramping into their new roles and they're adapting to the new business processes. We have certainly had some learnings, but we are all seeing some encouraging signs. Our customers are benefiting from the tailored market-specific approach our general managers are taking as well as from the support that they're receiving from our new technical resources.

正如預期的那樣，由於團隊正在承擔新的角色並適應新的業務流程，我們在本季確實經歷了一些混亂。我們確實學到了一些東西，但我們都看到了一些令人鼓舞的跡象。我們的客戶受益於我們的總經理採取的針對特定市場量身定制的方法以及他們從我們的新技術資源中獲得的支援。

And our sellers are diligently collaborating as they build pipeline and account plans for the year. All of this leads us to believe that we are on the right track. So when it comes to areas within our control, we are pleased with the progress that we've made. There's still more work ahead, and we anticipate change management will continue through at least Q2 as the organization acclimates this new model, but we remain highly optimistic about our long-term trajectory.

我們的賣家正在努力合作，制定年度的通路和帳戶計劃。所有這些都讓我們相信我們正走在正確的道路上。因此，當涉及到我們能夠控制的領域時，我們對所取得的進展感到滿意。未來還有更多的工作要做，我們預計變革管理將至少持續到第二季​​度，因為組織正在適應這種新模式，但我們對我們的長期發展軌跡仍然非常樂觀。

This operating model is beneficial to our customers and creates a more aligned go-to-market effort that deepens our customer relationships and better positions Procore to succeed in both stronger or weaker demand environment.

這種營運模式對我們的客戶有利，並創造了更協調的市場進入努力，加深了我們的客戶關係，並使 Procore 在更強勁或更弱的需求環境中更能取得成功。

So now I'd like to give you an update on our CEO succession plan. In March, we announced that I decided to initiate the search for my successor. We clearly stated that there is no set time frame for the search and it's business as usual at Procore until we bring on the right candidate.

現在我想向大家介紹一下我們的執行長繼任計畫的最新情況。今年三月，我們宣布我決定開始尋找我的繼任者。我們明確表示，搜尋沒有設定時間框架，在我們找到合適的候選人之前，Procore 的業務照常進行。

Our performance this quarter reflects that continued focus. Announcing this early has already started to pay dividends in the form of strong referrals, and I am personally very thankful to our shareholders and fellow technology and construction leaders who have passed along qualified recommendations.

我們本季的業績體現了我們持續的關注。提前宣布這一消息已經開始以強有力的推薦形式帶來回報，我個人非常感謝我們的股東以及傳遞合格推薦的技術和建築領導者。

We recently hired a search firm, and we're taking a thoughtful and patient approach as we search for Procore's next CEO. We are not in a hurry, our priority is finding the right candidate, an excellent operator with experience leading companies at scale who shares our passion for connecting everyone in construction on a global platform.

我們最近聘請了一家搜尋公司，我們正在採取深思熟慮和耐心的方式尋找 Procore 的下一任執行長。我們並不著急，我們的首要任務是找到合適的候選人，一位擁有領導大規模公司經驗的優秀運營商，並且與我們一樣熱衷於在全球平台上連接建築行業的每個人。

So I want you all to know that I am as committed as ever, and I could not be more excited about Procore's promising long-term potential.

所以我想讓大家知道，我會一如既往地投入，並且對 Procore 的長期潛力感到無比興奮。

And with that, I'll turn it over to Howard to share more on our business performance. Howard?

接下來，我將把時間交給霍華德，讓他分享更多有關我們業務表現的資訊。霍華德？

Thanks, Tooey, and thank you to everyone for joining us. The main topics I would like to cover today are our Q1 financial results, additional color on the quarter and our outlook. Total revenue in Q1 was $311 million, up 15% year-over-year, and international revenue grew 18% year-over-year. Our Q1 international results were slightly impacted by currency headwinds. On a year-over-year basis, FX contributed approximately 2 points of headwind to international revenue growth.

謝謝，Tooey，也謝謝大家加入我們。我今天想討論的主要主題是我們第一季的財務表現、本季的補充內容以及我們的展望。第一季總營收為 3.11 億美元，年增 15%，其中國際營收年增 18%。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造成了約 2 個百分點的阻力。

Therefore, on a constant currency basis, International revenue grew 20% year-over-year. Q1 non-GAAP operating income was $32 million, representing a non-GAAP operating margin of 10%.

因此，以固定匯率計算，國際營收年增 20%。第一季非公認會計準則營業收入為 3,200 萬美元，非公認會計準則營業利益率為 10%。

As for our key backlog metrics, current RPO grew 20% year-over-year and current deferred revenue grew 15% year-over-year. Now let me share some additional color on the business. In addition to our execution in the quarter, current RPO continues to primarily benefit from a longer contract duration. This is reflected in the notably higher growth rates in our noncurrent RPO over the last two quarters. Longer contract durations can result in greater stability in current RPO growth for a longer period of time.

至於我們的關鍵積壓指標，目前 RPO 年增 20%，目前遞延營收年增 15%。現在讓我分享一些有關該業務的更多細節。除了本季的執行情況外，目前的 RPO 繼續主要受益於更長的合約期限。這反映在過去兩個季度中我們的非當前 RPO 成長率明顯較高。更長的合約期限可以使當前 RPO 成長在較長時間內更加穩定。

For example, a customer on a 12-month contract that renewed at the end of Q4 would have approximately nine months of contract value in cRPO when we report Q1. But if that same customer renewed for 24 months at the end of Q4, then cRPO would reflect 12 months of contract value when we report Q1.

例如，對於在第四季度末續簽了 12 個月合約的客戶，當我們報告第一季時，其 cRPO 中的合約價值約為九個月。但如果同一位客戶在第四季度末續簽了 24 個月的合同，那麼當我們報告第一季時，cRPO 將反映 12 個月的合約價值。

When normalizing cRPO for this dynamic the year-over-year growth continues to be in the mid-teens. We expect this dynamic to continue to benefit cRPO for at least the second quarter of fiscal '25 and which may result in a continued disparity between cRPO growth and out quarter revenue growth. From a profitability standpoint, we expect to deliver continued margin improvement for the year. The entire management team remains aligned and committed to continuously improving our profitability.

當針對此動態對 cRPO 進行標準化時，年成長仍保持在十幾歲的水平。我們預計這種動態將至少在 2025 財年第二季度繼續使 cRPO 受益，並可能導致 cRPO 成長與季度收入成長之間持續存在差距。從獲利能力的角度來看，我們預計今年的利潤率將繼續提高。整個管理團隊保持一致並致力於不斷提高我們的獲利能力。

Additionally, we believe we have levers to deliver incremental margin improvements should tariffs result in notable headwinds to demand. Optimizing free cash flow per share remains our primary focus in driving shareholder value. and one lever we have is to opportunistically repurchase shares. In the first quarter, we returned approximately $100 million in capital to shareholders by repurchasing approximately 1.5 million shares at an average price of $68.96.

此外，我們相信，如果關稅導致需求出現明顯阻力，我們有能力逐步提高利潤率。優化每股自由現金流仍然是我們推動股東價值的主要關注點。我們的一個槓桿就是適時回購股票。第一季度，我們以平均 68.96 美元的價格回購了約 150 萬股股票，向股東返還了約 1 億美元的資本。

We intend to continue repurchasing shares in Q2 should market conditions appear attractive. With another $200 million authorized under the existing program, we will continue to look for opportunities to use this lever to compound free cash flow per share, as we remain as convicted as ever in the long-term opportunity for Procore.

如果市場條件看起來有吸引力，我們打算在第二季繼續回購股票。根據現有計劃授權的另外 2 億美元，我們將繼續尋找機會利用這一槓桿來增加每股自由現金流，因為我們仍然一如既往地堅信 Procore 的長期機會。

Moving to tariffs. As you heard from Tooey, this is a fluid and evolving environment, we do not have clarity on how tariffs could change the demand environment this year. As of today, we have not seen meaningful impacts to our pipeline from the tariff policies. For that reason, we have not made material changes to our internal expectations so far. However, we are continuously monitoring the situation closely and evaluating a range of potential scenarios to prepare for various outcomes.

轉向關稅。正如您從 Tooey 那裡聽到的，這是一個不斷流動和演變的環境，我們不清楚關稅將如何改變今年的需求環境。截至今天，我們還沒有看到關稅政策對我們的管道產生重大影響。因此，到目前為止，我們尚未對內部預期做出重大改變。然而，我們正在持續密切監測局勢，並評估一系列潛在情況，為各種結果做好準備。

Spend discipline and operating leverage are in our control regardless of external factors. Should a material demand headwinds arise as a result of tariffs we are prepared to pull various financial and operational levers to deliver incremental margin expansion without sacrificing long-term growth opportunities. We have a history of balancing growth and margin in challenging times.

無論外部因素如何，支出紀律和經營槓桿都在我們的控制範圍內。如果由於關稅而出現重大需求阻力，我們準備利用各種財務和營運槓桿來實現利潤率的逐步擴大，同時又不犧牲長期成長機會。我們擁有在充滿挑戰的時期平衡成長和利潤的歷史。

For example, we delivered more than 2,000 basis points of non-GAAP operating margin improvement in 2020 during COVID. As we communicated at our Investor Day, we remain confident in our path to achieve 25% free cash flow margins in the medium term and 40% free cash flow margins in the long term. in a prolonged slower growth environment, we believe we could achieve these profitability targets even faster.

例如，在 2020 年 COVID 期間，我們的非 GAAP 營業利潤率提高了 2,000 多個基點。正如我們在投資者日上所傳達的那樣，我們仍然有信心在中期實現 25% 的自由現金流利潤率，在長期實現 40% 的自由現金流利潤率。在長期成長放緩的環境中，我們相信我們可以更快地實現這些獲利目標。

While the tariff policies have not materially changed our optimism about the long-term opportunities for Procore, it has influenced how we are choosing to guide for this year. When we initially shared our conservative fiscal '25 revenue guidance, our intent was to flow through our quarterly revenue beats to the updated full year guide. In light of the tariff situation and despite our strong Q1 performance, we are maintaining the high end of our previously issued full year guidance. We remain very confident in our ability to achieve our guidance despite the increased uncertainty due to the evolving tariff policies.

雖然關稅政策並沒有從根本上改變我們對 Procore 長期機會的樂觀態度，但它影響了我們今年的指導選擇。當我們最初分享保守的 25 財年收入預測時，我們的目的是將季度收入預測納入更新後的全年預測中。鑑於關稅情況，儘管我們第一季業績強勁，但我們仍維持先前發布的全年指引的高端。儘管關稅政策的不斷變化增加了不確定性，但我們仍然對實現預期目標的能力充滿信心。

With that, let's move on to our outlook. For the second quarter of 2025, we expect revenue between $310 million and $312 million, representing year-over-year growth of 9% to 10%. Due to non-GAAP operating margin is expected to be between 11% and 11.5%.

有了這些，我們就可以繼續展望未來了。對於 2025 年第二季度，我們預計營收在 3.1 億美元至 3.12 億美元之間，年增 9% 至 10%。由於非公認會計準則營業利潤率預計在11%至11.5%之間。

For the full year of fiscal '25, we are maintaining the high end of our revenue guide with a range between $1.286 billion and $1.29 billion, representing total year-over-year growth of 12%. We are maintaining our non-GAAP operating margin guidance for the year to be between 13% and 13.5%, which implies year-over-year margin expansion between 300 basis points and 350 basis points.

對於 25 財年全年，我們維持營收指引的高端，介於 12.86 億美元至 12.9 億美元之間，年增 12%。我們維持今年非公認會計準則營業利潤率指引在 13% 至 13.5% 之間，這意味著利潤率年增 300 個基點至 350 個基點。

To wrap up, we are pleased with how we started the year, and 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, and we will prioritize efficient growth and strong per share improvement.

總而言之，我們對今年的開局感到滿意，我們仍然非常樂觀和有信心，我們有多種途徑來長期改善我們的財務狀況。我們是該領域的領導者，服務於世界上最大的行業之一，我們將優先考慮高效成長和強勁的每股盈餘成長。

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

接下來，讓我們將問題交給操作員進行問答。

(Operator Instructions) Saket Kalia, Barclays.

（操作員指示）Saket Kalia，巴克萊銀行。

Howard, maybe for you, the cRPO acceleration was great to see and appreciate some of the dynamics that you called out with noncurrent RPO, maybe thinking about the normalized growth that you called out, can you just talk about some of the drivers there qualitatively in terms of strength of new logos versus maybe net revenue retention from your existing? And when does that benefit from noncurrent RPO maybe normalize?

霍華德，也許對您來說，cRPO 加速發展是一件很棒的事情，您可以看到並欣賞您在非當前 RPO 中提到的一些動態，也許考慮到您提到的正常化增長，您能否從新標識的強度與現有標識的淨收入保留方面定性地談談其中的一些驅動因素？那麼非當前 RPO 帶來的好處何時會正常化？

Yes, sure. Thanks, Saket. So I think in Q1, we had a strong new logo quarter, and I think that definitely contributed to our performance in Q1. Some additional color that I'll talk about is, remember, we're viewed as partners, strategic partners to our customers. And one of the things that drove the increase in duration is really from the increase in terms of the pooled models that we think customers signed up for in Q3 and Q4.

是的，當然。謝謝，Saket。因此我認為，在第一季度，我們有一個強勁的新標誌季度，我認為這肯定有助於我們在第一季度的業績。我要談的一些額外內容是，請記住，我們被視為合作夥伴，客戶的策略夥伴。我們認為，推動持續時間增加的因素之一實際上是來自客戶在第三季和第四季簽署的池化模型的增加。

And the reason that's important is because it really gives our customers some flexibility to consume the volume that they buy from Procore over a longer period of time. So we think that, that's what drove some of the longer duration. And just to give you a little bit more specifics of duration uptick from historically about 20 months to about 21.5 months and the proportion of our ARR, that is on multiyear deals increase from roughly about 38% of the ARR to about 43% of the ARR.

這很重要，因為它確實為我們的客戶提供了一定的靈活性，讓他們可以在較長時間內消費從 Procore 購買的數量。所以我們認為，這就是推動持續時間較長的原因。為了向您提供更多有關期限增加的細節，我們從歷史上大約 20 個月增加到大約 21.5 個月，並且我們的 ARR 比例（即多年期交易的比例）從大約 38% 增加到 43% 左右。

Now In terms of when this might normalize, we're probably looking at the back part of the year, probably in Q4, is when this will normalize. And we just wanted to provide color in the quarter to make sure folks understood that delta between where cRPO growth and where revenue growth is, is really in the mid-teens in terms of cRPO.

現在就何時可能恢復正常而言，我們可能會考慮在今年下半年，可能是在第四季度，那時情況將會恢復正常。我們只是想在本季度提供一些細節，以確保人們了解 cRPO 成長與營收成長之間的差異，就 cRPO 而言，實際上處於十幾歲左右。

Yes, absolutely. That's really helpful call out. Tooey, maybe for you, I'd love to dig into some of the changes from last year, particularly international. As you brought on more management and at the local level, what are some of the early signs that you're seeing on things like pipeline or customer conversations? Or any other metrics that you use to gauge success internationally?

是的，絕對是。這確實很有幫助。Tooey，也許對你來說，我很想深入了解去年的一些變化，特別是國際上的變化。隨著您在當地層面引入更多管理職能，您在管道或客戶對話等方面看到了哪些早期跡象？或者您使用其他什麼指標來衡量國際上的成功？

Yes, great question, Saket. By the way, this -- we're well into the middle of our transition. So there's a lot that's happened since the last time we spoke. But yes, on the international front, this is really one of the big, big reasons why we made this change moving to the GM model was we really wanted to create more bespoke go-to-market effort in the markets that we are serving. And one size fits all just wasn't going to scale.

是的，問得好，Saket。順便說一句，我們正處於轉型期。自從我們上次談話以來發生了很多事情。但是，是的，在國際方面，這確實是我們做出這一轉變並轉向通用汽車模式的一大原因，因為我們確實希望在我們所服務的市場中創造更多客製化的上市努力。而一刀切的做法並不適用。

So the thing that I can point to is I talk to customers all the time and I freaking love it. One of the things that I hear often is, hey, these new technical resources that you guys have been contributing to our accounts have actually made our adoption and our engagement go up and they're grateful for it. And those are resources they didn't have access to before. And so all of that just leads us to believe that growth will fall in line and things are going to continue to move in a very positive direction.

所以我可以指出的是，我一直在與客戶交談，我非常喜歡這樣做。我經常聽到的一件事是，嘿，你們為我們的帳戶貢獻的這些新技術資源實際上提高了我們的採用率和參與度，他們對此表示感謝。這些都是他們以前無法獲得的資源。因此，所有這些都讓我們相信，經濟成長將會趨於平穩，事情將繼續朝著非常積極的方向發展。

So we are very happy with where we are in the process of making this transition. And the green shoots are there. One other area to just note is when you look at a project team, an account manager and the customer success engineer and all the folks that are swarming in account, when those teams are operating as a unit and they're really fired up and they're finishing each other sentences, you know you've got the right org design, and I'm seeing that again and again. So very, very positive.

因此，我們對目前所處的轉變過程感到非常滿意。綠芽已經出現。需要注意的另一個方面是，當您看到一個專案團隊、一個客戶經理、一個客戶成功工程師以及所有在客戶部門忙碌的人員時，當這些團隊作為一個整體運作時，他們真的充滿熱情，能夠互相補充對方的發言，您就知道您擁有正確的組織設計，我一次又一次地看到這種情況。非常非常積極。

Dylan Becker, William Blair.

迪倫貝克爾、威廉布萊爾。

Maybe, Tooey, kind of sticking on that, on the go-to-market front. The customers obviously are facing a lot of complexity in the current backdrop. But how that emphasis of swarming kind of plays into that long-term strategic partnership positioning, addressing things like rising input costs, labor constraints, things of the like and kind of maybe how that enables you or gives you confidence in your ability to continue cross-selling expanding the volume base and several kind of the core tenets of the growth algorithm that you pointed to?

也許，Tooey 會在行銷方面堅持這一點。在當前的背景下，客戶顯然面臨許多複雜的情況。但是，這種對群體的強調如何影響長期戰略夥伴關係定位，解決諸如投入成本上升、勞動力限制等問題，以及這如何使您能夠或讓您有信心繼續進行交叉銷售，擴大銷量基礎以及您所指出的增長算法的幾種核心原則？

Yes. So Dylan, the one thing to just point out, which I know you know is what Procore really was built for was to drive efficiency and productivity into our customers' businesses. And so what we're seeing is in this time of additional stress and uncertainty in the marketplace, that the customers are actually very grateful that we're actually providing the services that we do.

是的。所以 Dylan，我要指出的一點是，我知道您知道 Procore 的真正目的是為了提高客戶的業務效率和生產力。因此，我們看到的是，在這個市場壓力和不確定性增加的時期，客戶實際上非常感謝我們所提供的服務。

I was talking to one of our largest customers yesterday, and they were saying that they are grateful that we are a partner and not a vendor in these moments because we do so much more than just provide them with software and then we partner with them on how to work through these big challenges and how to create the transparency on the job site so people can see where the risk lies. So yes, I think this is where Procore shines. And it's an honor to be a partner with the industry during these challenging times.

昨天我與我們最大的客戶之一進行了交談，他們說他們很感激我們在這些時刻成為合作夥伴而不是供應商，因為我們所做的遠不止為他們提供軟體，然後我們與他們合作解決這些重大挑戰以及如何在工作現場創建透明度，以便人們可以看到風險所在。所以是的，我認為這就是 Procore 的閃光點。在這充滿挑戰的時期，我很榮幸能夠成為業界的合作夥伴。

Great. Okay. That's helpful. And then not going to miss the AI opportunity this time for you, Tooey. But how do you think about your kind of positioning in light of what you just said as well, too, given where you sit in the construction ecosystem today?

偉大的。好的。這很有幫助。那麼，Tooey，你這次也不會錯過 AI 機會。但是，考慮到您目前在建築生態系統中的位置，您如何看待自己的定位？

And the access to curated data and the workflows to drive level of automation and productivity. I mean how does that give you the perception of the right to win in an increasingly agentic-oriented world?

並存取精選數據和工作流程來提高自動化和生產力水平。我的意思是，在一個日益以代理為導向的世界中，這如何讓您認識到獲勝的權利？

By the way, I love this, Dylan, this is my -- this is where I spent a lot of my passionate time. So yes, what we have and we have this unique vantage point, which no one else has, because we were built in the cloud, we only serve construction. We're a single code base. We have everything, and we have a great partner ecosystem that provides data into the ecosystem.

順便說一句，我喜歡這裡，迪倫，這是我的——這是我度過許多熱情時光的地方。所以是的，我們擁有這個獨特的優勢，這是其他人所沒有的，因為我們是在雲端建造的，我們只服務建築。我們是一個單一的程式碼庫。我們擁有一切，我們擁有一個偉大的合作夥伴生態系統，可以為生態系統提供數據。

So because we have the corpus of data that we do across so many different project types, across so many different stakeholders and across so many different geos. We have the data to look for pattern recognition to help our customers run better businesses. And that is exactly what agentic work is all about. Let me give you an example. We have an agent that we're building with some customers right now around daily logs on the job site.

因為我們擁有涵蓋眾多不同項目類型、眾多不同利害關係人和眾多不同地理位置的數據。我們擁有尋找模式識別的數據，以幫助我們的客戶更好地開展業務。這正是代理工作的意義。讓我給你舉個例子。我們目前正與一些客戶一起圍繞工作現場的日誌建立一個代理。

And a daily log on a job site is essentially a very important document that fills out who was on site, what accidents happen, what observations happen, what photos happen, what visitors, what deliveries, all that information has to be gathered on a daily basis. If the project manager doesn't do it, they incur a lot of risk for their business.

工作現場的日誌本質上是一份非常重要的文件，其中記錄了誰在現場、發生了哪些事故、進行了哪些觀察、拍攝了哪些照片、有哪些訪客、運送了哪些貨物，所有這些資訊都必須每天收集。如果專案經理不這樣做，他們的業務就會面臨很大的風險。

So our customers, the executives come to us all the time saying, we need to repay somebody to go look in all those daily reports every day to see who hasn't filled them out. And now we have agents that are doing that 24/7 with a couple of customers in the pilot, and it's just game-changing. It's not like super technical, but it's super valuable, and that's what we're focusing on is delivering value and productivity tools to our customers.

因此，我們的客戶和高階主管總是來找我們說，我們需要雇用一個人每天去查看所有的日報，看看誰還沒填寫。現在，我們的代理商可以全天候為試點中的幾位客戶提供這種服務，這無疑改變了遊戲規則。它並不是超級技術，但卻非常有價值，而我們關注的重點就是為客戶提供價值和生產力工具。

Joe Vruwink, Baird.

喬·弗魯溫克，貝爾德。

You made a comment in the past that the length of a recession matters as much as the depth of a recession. I know all the tariff news is fairly fresh. But maybe when you audit customer decisions, and I guess this would be more of the annual variety. Does it seem like there's maybe any bracing for a shorter downturn? And I guess if one takes the view that the downturn is short before the long-term tailwinds Tooey spoke to, I would imagine they're probably not changing their volume commitment because that impedes them on the other side. Is there maybe that thought process that's helping kind of preserve the financial performance in the quarter?

您過去曾說過，經濟衰退的持續時間與經濟衰退的深度同樣重要。我知道所有關稅新聞都相當新鮮。但也許當你審核客戶的決定時，我想這會更有年度變動性。看起來似乎有人正在為短暫的經濟衰退做準備？我想，如果有人認為在 Tooey 談到的長期順風到來之前，經濟衰退只是短暫的，那麼我想他們可能不會改變他們的銷售承諾，因為這會阻礙他們的發展。這種思維過程是否有助於維持本季的財務表現？

Well, Joe, I would look at it a little bit differently, which is our customers, they tend to be -- they tend to plan over the long term more than they react to the short term. They're running projects in a lot of cases that are two years long.

嗯，喬，我會從不同的角度來看待這個問題，我們的客戶往往更傾向於長期規劃，而不是針對短期做出反應。在很多情況下，他們執行的計畫都為期兩年。

So for them, their business is way out over the horizon, and they're not going to make kind of rash decisions based off of new cycles, but that doesn't mean that they're not very aware of what's going on. And all of the folks I'm talking to are doing all of the prudent things that any other business owner would do, which is running scenario, planning -- putting in some cases, subcommittees together. They'll have folks that are focusing on commodities, in pricing and pre-purchasing of materials before jobs.

因此對他們來說，他們的業務還很遙遠，他們不會根據新的周期做出草率的決定，但這並不意味著他們不太清楚正在發生的事情。與我交談的所有人都在做其他企業主會做的謹慎的事情，即運作方案、規劃——在某些情況下，成立小組委員會。他們會安排人員專注於商品、定價以及工作前的材料預購。

And of course, their legal team is trying to get their escalation clauses into every contract that they have in order to be prepared, but the takeaway on this one, Joe, is no one is sounding the alarm. This is just people doing what they do when they're running a great business. And then when I think about what Procore is doing, as much as there's a lot of noise out there and trust me, we do the scenario planning like everyone else. We focus on what's in our control. And we put all of our energy in the things that we can do to make our customers more productive and make them have better margins. And so to us, that's where our focus is.

當然，他們的法律團隊正試圖將升級條款納入每一份合約中，以便做好準備，但喬，這次的教訓是，沒有人發出警報。這只是人們在經營偉大事業時所做的事情。然後，當我思考 Procore 正在做的事情時，儘管外面有很多噪音，但相信我，我們會像其他人一樣進行情境規劃。我們專注於我們能夠控制的事情。我們將全部精力投入在能夠幫助客戶提高生產力和增加利潤的事情中。所以對我們來說，這就是我們的重點所在。

And then touching on something you just said, I mean, with tariffs, there's going to be a lot of legal changes and the contractual arrangement owners and contractors have with one another, management of the project itself trend differently. I guess when you think about your financial and resource management solutions, are you seeing a spike in interest there? Can those kind of serve as new conversation starters or lead generation to maybe pitch the broader suite?

然後談到您剛才說的內容，我的意思是，隨著關稅的出台，將會有很多法律變化，業主和承包商之間的合約安排、專案本身的管理趨勢也會有所不同。我想，當您考慮財務和資源管理解決方案時，您是否看到了興趣的激增？這些是否可以作為新的談話開端或引導產生更廣泛的套件？

I would say we haven't seen any material change, not to say that our customers and the prospects out there don't value highly our financial products. They basically are -- they're basically not overreacting. And again, like I said, they're not making quick decisions. And actually, Joe, this gives me an opportunity. An analogy I'd like to share with folks is -- if you and I walked into an emergency room on a Friday night at 10:00 PM as lay people and we looked at what was going on in the chaos, the mayhem, the fear, the gore and everything else, we would have one perspective.

我想說我們沒有看到任何實質的變化，並不是說我們的客戶和潛在客戶不重視我們的金融產品。他們基本上——他們基本上沒有反應過度。再說一遍，就像我說的，他們不會快速做出決定。事實上，喬，這給了我一個機會。我想與大家分享一個比喻——如果您和我作為普通人於週五晚上 10 點走進急診室，我們看看混亂、暴行、恐懼、血腥和其他一切中發生的事情，我們會有一個視角。

But if you turn your perspective briefly to what the ER doctor who's been working in that same ER room for the last 10 years, their perspective, which is they're used to dealing with uncertainty. They're used to dealing with chaos and regulation.

但是，如果你簡單地將視角轉向過去 10 年一直在同一急診室工作的急診室醫生，他們的觀點是，他們習慣於處理不確定性。他們習慣於處理混亂和監管。

And so that's the way I look at the industry is that these folks deal with us all the time. Look, I've been doing this for many years, since 2002, I've seen time and time again, there's a new issue du jour that they have to deal with. But what they do is they deal with it. And they deal with it consistently and they deal with it well and the best ones deal with it really well and they come out better than they went into it with.

所以，我看待這個行業的方式是，這些人一直在與我們打交道。你看，我已經做這個很多年了，自 2002 年以來，我一次又一次地看到，他們必須處理一個新的問題。但他們會處理這個問題。他們始終如一地處理這個問題，並且處理得很好，最好的人處理得非常好，結果比他們開始時更好。

Brent Bracelin, Piper Sandler.

布倫特布雷斯林、派珀桑德勒。

Today, I wanted to maybe double-click into kind of customer growth. If we think about the opportunity here, I get that revenue and backlog could be impacted by a slowdown in construction. Good to see it's not happening yet. But as you think about what would -- how would you measure progress, let's say, a year from now, you added 200 new customers this quarter.

今天，我想進一步探討客戶成長問題。如果我們考慮這裡的機會，我認為收入和積壓訂單可能會受到建築業放緩的影響。很高興看到它還沒有發生。但當您思考如何衡量進度時，假設一年後，您本季增加了 200 名新客戶。

You can't control the volume they come on, but you can control the number of customers that decide to standardize on Procore. So is that the North Star over the next year, is it all about customer adds? Walk through the metric, if you can't control revenue, would it be customers and logos that we should really look to see where you're having the most success?

您無法控制他們的使用量，但您可以控制決定使用 Procore 標準化的客戶數量。那麼，這就是明年的北極星嗎？一切都與客戶增加有關嗎？透過指標來看，如果你無法控制收入，那麼我們真正應該關注的是不是客戶和標識，以了解你在哪裡取得了最大的成功？

So one thing that I pointed out, Brent, was that we have 2,400 customers that are contributing over $100,000 in ARR. For us, it's much more about the dollar volume than it is the customer volume because in our world, there's a lot of SMB folks that do less than $5 million a year. But they're -- it's not an area where we spend a lot of our time. And so that's where we would get the logo count increase that you're talking about. Now of course, I always want more, and that's my job, right?

因此，布倫特，我要指出的一件事是，我們有 2,400 名客戶為 ARR 貢獻了超過 10 萬美元。對我們來說，美元交易量比客戶數量更重要，因為在我們的世界中，許多中小企業每年的營業額不到 500 萬美元。但這不是我們花費大量時間的地方。這就是我們所說的徽標數量增加的原因。當然，我總是想要更多，這就是我的工作，對吧？

So but -- and we have been seeing success. The owners business has been showing some success. And so our international business, our cross-sell and our upsell. And then when I zoom way out, and I'm like, Brent, the TAM that we are focusing on is so big, and there's so much untapped opportunity for us out there. And that we have -- like I mentioned in the opening remarks, we have half of our customers' volume we just got the other half, we would double the size of this great business.

但——我們已經看到了成功。業主的生意已取得一些成功。我們的國際業務、交叉銷售和追加銷售也是如此。然後，當我把目光放遠時，我會想，布倫特，我們關注的 TAM 是如此之大，而且那裡還有許多尚未開發的機會等著我們。正如我在開場白中提到的那樣，我們擁有一半的客戶量，我們剛剛獲得了另一半，我們將使這項偉大業務的規模翻一番。

There's just so much ahead of us. And then you get me thinking about like all the things that we're doing, I think, doing well like our go-to-market transition, like all of the work that we're doing with agents and AI, I just -- the future is very bright.

我們面前還有很長的路要走。然後你讓我思考我們正在做的所有事情，我認為，做得很好，例如我們的市場轉型，例如我們與代理商和人工智慧所做的所有工作，我只是 - 未來非常光明。

And then, Howard, you mentioned one thing. I just wanted to double-click on relative to longer duration. I think you talked about mix of ARR 20-plus months. How does that impact rev recognition? If a customer signed larger contracts, if they slow consumption of those contracts, maybe in year one?

然後，霍華德，你提到了一件事。我只是想雙擊相對於更長的持續時間。我認為您談論的是 20 多個月的 ARR 組合。這對轉速辨識有何影響？如果客戶簽署了更大的合同，如果他們放慢這些合約的消費速度，也許在第一年？

Do you see a little bit of a change in rev rec there or not, that would just only have an impact on cRPO and not revenue?

您是否看到 rev rec 有一點變化，這只會對 cRPO 產生影響，而不會對收入產生影響？

Yes. Brent, it actually doesn't impact rev rec at all. And you can think about it this way, with the longer durations and the longer proportion of customers with multiyear deals. What it does is actually reload cRPO sooner. So for example, instead of reloading cRPO in Q3 of this year, those longer durations allowed us to reload cRPO in Q1 and Q2.

是的。布倫特，它實際上根本不影響轉速記錄。你可以這樣想，合約期限越長，簽訂多年合約的客戶比例就越大。它的作用實際上是更快地重新載入 cRPO。舉例來說，更長的持續時間使我們能夠在第一季和第二季重新加載 cRPO，而不是在今年第三季重新加載 cRPO。

And that's why we wanted to call that out. And that separation, if you control for that, Brent, our cRPO growth would still be in that mid-teens range.

這就是我們想要指出這一點的原因。布倫特，如果你控制住這種分離，我們的 cRPO 增長仍然會處於十幾歲的中間水平。

Kash Rangan, Goldman Sachs.

高盛的卡什·蘭根（Kash Rangan）。

This is Matt Martino on for Kash Rangan. Tooey, one for you. I imagine with all the uncertainty out there, Procore's deflationary value prop to the construction industry should really start to resonate with customers. It seems like especially with the recent go-to-market enablement efforts, there could be a greater opportunity to cross-sell some of these newer products where there's still a lot of white space. I'd love to get your thoughts on any areas or products you believe Procore can lean into to help customers navigate through a more dynamic macro.

我是 Matt Martino，為 Kash Rangan 報道。 Tooey，我想，鑑於目前存在的許多不確定性，Procore 對建築業的通貨緊縮價值主張應該會真正開始引起客戶的共鳴。尤其是在最近的上市支援工作下，這些新產品在仍有大量空白的領域可能有更大的交叉銷售機會。我很想聽聽您對 Procore 可以依賴的任何領域或產品的看法，以幫助客戶瀏覽更具動態的宏觀世界。

Yes, Matt. So one of the big reasons why we did this transition that we're going through is we wanted to get closer to the customer. We wanted to drive adoption and engagement, which we believe gives us an opportunity and the right to have a conversation with the customer about these other productivity enhancement tools that we have to offer them. . And so that is really the journey that we're on.

是的，馬特。因此，我們進行這項轉變的一個重要原因是我們想要更貼近客戶。我們希望推動採用和參與，我們相信這為我們提供了機會和權利與客戶討論我們必須為他們提供的其他生產力增強工具。。這就是我們正在進行的旅程。

And so it really depends on the stakeholders. So owners need different tool sets than the specialty contractors. And GCs need a different set, too. So there's always an opportunity to increase the number of products that our customers adopt of ours, and I'm glad that we now have the teams in place to have those conversations.

所以這實際上取決於利害關係人。因此，業主需要的工具套件與專業承包商不同。而且 GC 也需要不同的集合。因此，我們總是有機會增加客戶採用的產品數量，我很高興我們現在有一個團隊來進行這些對話。

DJ Hynes, Canaccord.

DJ Hynes，Canaccord。

Maybe Tooey, sticking with that go-to-market realignment threat, I mean, you alluded to kind of modest disruption in Q1, but you also said there were some learnings that you picked up as part of this process. Maybe you could just double click on what those learnings were and kind of how that informs or changes the strategy, if at all, kind of going into Q2 and Q3?

也許 Tooey，堅持那個進入市場的重新調整威脅，我的意思是，你提到第一季出現了某種程度的混亂，但你也說你在這個過程中獲得了一些經驗教訓。也許您可以雙擊查看這些學習內容以及它們如何告知或改變策略，如果有的話，如何進入 Q2 和 Q3？

Yes. Let just share some learnings with you. But I think the big takeaway here, DJ, is that everything is kind of going pretty much to plan, right? And by the way, when you embark on a journey to do a go-to-market transition to the scale and the scope in which we did, you go through scenario planning and not everything ends up in your scenarios where you would hope they would. And I would honestly say that we believe that we've ended up in a great place in this transition.

是的。讓我們與你們分享一些經驗。但我認為，DJ，這裡最大的收穫是一切都在按計畫進行，對吧？順便說一句，當你踏上旅程，將市場轉型到我們這樣的規模和範圍時，你會進行情境規劃，但並不是所有的事情都會按照你希望的方式結束。我可以坦誠地說，我們相信，我們在這個轉變過程中已經取得了很好的成果。

And to your point, yes, there have been some learnings along the way. Change management is never easy, right? Communication is key. And if you don't get some of the communication right, you got to go back and fix it. But in general, I really believe that we've done a great job on this and that we're making great progress.

正如您所說，是的，一路走來我們已經學到了一些東西。變更管理從來都不是一件容易的事，對吧？溝通是關鍵。如果某些溝通出現問題，您就必須回去修復它。但總的來說，我確實相信我們在這方面做得很好，而且正在取得巨大進展。

DJ, this is Howard. I'll just really quickly add on, the short answer is we're about exactly where we thought we would be, both in terms of the disruption that we expected as well as some of the green shoots that we expected. And we expect to continue on this journey through Q2 and then we still expect to get some of this benefit going into the back part of this year. And we're about where we thought we would be, and that's a sign, and it gives us additional confidence that this is the right model to go towards as we go after this long-term opportunity for Procore.

DJ，我是霍華德。我只想快速補充一點，簡短的回答是，我們的情況與我們預想的完全一致，無論是就我們預期的混亂程度而言，還是就我們預期的一些復甦跡象而言。我們預計這一進程將持續到第二季​​度，並且我們仍預計在今年下半年獲得一些好處。我們正處於我們預想的位置，這是一個訊號，它讓我們更有信心，這是 Procore 在追求長期機會時應該採取的正確模式。

Yes. I would say definitely not mission accomplished. I don't want to send that, DJ, but -- and we have work left to be done, but I'm definitely happy with where we've ended up.

是的。我想說這絕對不是任務完成。我不想發送那個，DJ，但是——我們還有一些工作要做，但我對我們的最終成果感到非常滿意。

Good. Yes. That's great to hear. Howard, maybe the financial follow-up to that would be just looking at like Q1 sales and marketing OpEx. I was a little surprised to see it below Q3 '24 levels, right, especially given kind of the incremental hiring you did in the back half of last year.

好的。是的。聽到這個消息真是太好了。霍華德，也許後續的財務狀況只是專注於第一季的銷售和行銷營運支出。我有點驚訝地看到它低於 24 年第三季的水平，對吧，特別是考慮到去年下半年你所做的增量招募。

So are there efficiencies that are being drawn out elsewhere in the model? Like how should we think about kind of that OpEx line specifically as you continue to scale there?

那麼，該模型中是否存在其他可以體現效率的地方？例如，當您繼續擴大規模時，我們應該如何具體考慮那種 OpEx 線？

Yes. In the back part of fiscal '24, DJ, there were a lot of onetime things that we actually deployed and invested in that we talked about last year. Those are onetime and did not persist into fiscal '25. However, we still did continue to add resources and a significant amount of resources to support these changes on the go-to-market side in Q4 and to the first part of Q1, which then offset that -- which then offset at that a little bit. But it was really about a lot of the onetime pieces from last year.

是的。DJ，在 24 財年後期，我們實際部署和投資了很多我們去年討論過的一次性事項。這些都是一次性的，並沒有持續到 25 財年。然而，我們仍然繼續增加資源，並且投入了大量的資源來支持第四季度和第一季前半段在上市方面的變化，這在一定程度上抵消了這一影響。但它實際上是關於去年的許多一次性作品。

And just to remind everyone, look, what we're optimizing for is not any particular expense in a quarter or cRPO quarter or anything like that. It's really about optimizing free cash flow per share and compounding free cash flow per share over time.

只是提醒大家，我們所優化的並不是某個季度或 cRPO 季度的任何特定費用或諸如此類的東西。這實際上是關於優化每股自由現金流並隨著時間的推移增加每股自由現金流。

Adam Borg, Stifel.

亞當·博格（Adam Borg），Stifel。

Awesome. Maybe the first one, Tooey. So to your point, obviously, if there's a potential downturn here. It's always a great opportunity to go deeper into the installed base and you talked about having less than half the ACV volume in the existing customers, and there's another 50%-plus remaining. Any thought or any visibility into of the ACV that you do not have today?

驚人的。也許是第一個，Tooey。所以，就你的觀點而言，顯然，如果這裡有潛在的衰退。深入了解已安裝客戶群始終是一個絕佳的機會，您談到現有客戶的 ACV 量不到一半，還剩下 50% 以上。您今天對 ACV 有什麼想法或了解嗎？

What is already in a competitor's book of business, what's not available altogether? Just trying to size the size of that opportunity? And then I have a follow-up.

競爭對手的業務簿上已經有哪些內容，哪些內容是完全沒有的？只是想衡量這個機會的大小？然後我有一個後續問題。

Yes. So by the way, one thing to think about, Adam, is that a lot of the accounts that we're going into right now, they don't have an existing system or if they do, they're using Microsoft Office or some sort of kind of homegrown situation or a bunch of point solutions. And in some cases, some old ERP systems to do their project management. So it's not really as uniformly spread as you would -- one might think across that.

是的。順便說一下，亞當，有一件事需要考慮，那就是我們現在要處理的許多帳戶，他們沒有現有的系統，或者如果他們有，他們正在使用微軟 Office 或某種自主開發的情況或一堆點解決方案。在某些情況下，一些舊的 ERP 系統可以用來進行專案管理。因此，它的分佈實際上並不像人們想像的那樣均勻——人們可能會這麼認為。

Generally, the only reluctance our customers have to bring on more volume is it's a matter of change. Like are they going -- is there a division within their organization. They have to go through a whole bunch of change management in order to go through, is there a division that's working for a particular sector where they have some specialized software that they might be using. So it's all of that. But to me, it's all gettable, it's all greenfield and it's all ours for the taking. We just have to go get it.

一般來說，我們的客戶唯一不願意增加銷售的原因就是因為這是一個改變的問題。例如，他們是否會——他們的組織內部是否存在分歧。他們必須經歷大量的變革管理才能了解是否有一個部門為某個特定部門工作，並且他們可能會使用一些專門的軟體。就是這樣。但對我來說，這一切都是可以得到的，這一切都是未開發的土地，這一切都是我們可以得到的。我們只需要去得到它。

No, that's super clear. And that's really exciting. Maybe as a follow-up, Howard, just on gross margin, it was a little bit lower this quarter relative to the last number of quarters. Just any color there on how we should think about for the rest of the year?

不，這非常清楚。這確實令人興奮。霍華德，作為後續問題，就毛利率而言，本季相對於前幾季略有下降。我們該如何思考今年剩下的時間呢？

There's really nothing to take from that. The gross margin tick down was really a result of some of the changes we made on the go-to-market side, that shifted some of the expense from sales and marketing to cost of revenue. It's neutral to free cash flow. It's neutral to operating margin. It's really a function of where it sits on the P&L.

這確實沒什麼好說的。毛利率的下降實際上是我們在市場進入方面做出的一些改變的結果，這些改變將部分費用從銷售和行銷轉移到了收入成本。它對自由現金流是中性的。這對營業利潤率來說是中性的。這實際上取決於它在損益表中的位置。

So there's nothing really there to look at. Over time, we still expect gross margins to be in the mid-80s, plus or minus-1 or 2 points, and that's the way that you should think about the profile.

所以那裡其實沒什麼好看的。隨著時間的推移，我們仍然預計毛利率將在 85% 左右，上下浮動 1 或 2 個百分點，這就是您應該考慮概況的方式。

Jason Celino, KeyBanc Capital Markets.

KeyBanc 資本市場 Jason Celino。

Maybe just a couple of questions on the duration update. Is this being driven by maybe some of the go-to-market changes? Like are there any incentives that the salespeople are getting to drive some of these pooled deals or these longer deals? And then maybe why would it normalize in Q4? Is that just a function of lapping?

也許只是關於持續時間更新的幾個問題。這是否是由一些市場進入變化所驅動的？例如，銷售人員是否有任何激勵措施來推動這些集合交易或長期交易？那麼為什麼它會在第四季恢復正常呢？這僅僅是研磨的功能嗎？

Yes. So the last part of that question is, yes, it's just lapping kind of when these changes started to take place in Q3 and Q4, and you could see that in the growth rate of our long-term RPO. I want to be clear. There are no special incentives that we are putting in place for our field to sell longer-term deals. And as I mentioned earlier on the Q&A, we believe it's because our customers, again, looking at us as a strategic partner, really wanting the flexibility to consume the ACV that they buy from Procore and things like multiyear pool models allow them to do that. And we started to see that in Q3 and Q4, and that's what's impacting the duration.

是的。所以這個問題的最後一部分是，是的，當這些變化在第三季和第四季開始發生時，它只是一種重疊，你可以在我們的長期 RPO 成長率中看到這一點。我想說清楚。我們沒有為我們的油田制定任何特殊的激勵措施來出售長期交易。正如我之前在問答中提到的那樣，我們相信這是因為我們的客戶再次將我們視為戰略合作夥伴，真正希望能夠靈活地使用他們從 Procore 購買的 ACV，而多年期池模型等可以讓他們做到這一點。我們在第三季和第四季開始看到這種情況，這就是影響持續時間的原因。

Okay. Excellent. And then maybe just one question on guidance philosophy. I think this earnings season has been quite different for many companies and different management teams are taking a different approach. You spoke about it in the prepared remarks a little bit, but can you maybe just speak to how you're thinking about the revenue guidance and conservatism?

好的。出色的。然後也許只有一個關於指導哲學的問題。我認為這個財報季對許多公司來說都有很大不同，不同的管理團隊採取了不同的方法。您在準備好的發言中稍微談到了這一點，但您能否談談您對收入指導和保守主義的看法？

Because when I look at the 2Q guidance that decelerates and there's an implied reacceleration in the back half. Just curious how you're approaching this.

因為當我查看第二季指引時，會發現成長速度正在減速，而後半部則隱含著重新加速的跡象。只是好奇你如何處理這個問題。

Yes. We're approaching it very conservatively. The guide has the ability to withstand a significant decline in our demand environment, and we would still be able to hit and beat that guide. Internally, we continue to evaluate a range of scenario outcomes, and we have conviction that the guide is enough to cover a significant down case.

是的。我們對此採取非常保守的態度。該指南有能力承受我們需求環境中的大幅下降，並且我們仍然能夠達到並超越該指南。在內部，我們繼續評估一系列情境結果，我們確信該指南足以涵蓋重大的下滑情況。

We continue to control what we can control, and we continue to optimize for free cash flow per share and we will continue to manage the business appropriately on what we can control, regardless of what's going on in the external market. And we think we have room to not just beat the revenue guide, but the opportunity to provide incremental margin improvement should we see the demand headwinds pick up. I want to be clear that we haven't seen any material changes on that today.

我們將繼續控制我們能夠控制的事情，我們將繼續優化每股自由現金流，並且無論外部市場發生什麼，我們都將繼續在我們能夠控制的事情上適當地管理業務。我們認為，我們不僅有空間超越收入指南，而且如果需求逆風加劇，我們還有機會逐步提高利潤率。我想明確指出的是，我們今天沒有看到任何實質的變化。

Thank you. Thank you for your participation today. This concludes today's conference call. You may now disconnect your lines.

謝謝。感謝您今天的參與。今天的電話會議到此結束。現在您可以斷開線路了。