Procore Technologies Inc (PCOR) 2025 Q2 法說會逐字稿

Good afternoon. Thank you for joining today's Procore Technologies, Inc., FY25 Q2 earnings call.

午安.感謝您參加今天的 Procore Technologies, Inc., FY25 Q2 財報電話會議。

My name is [Reagan]. I'll be your moderator today. (Operator Instructions)

我的名字是[雷根]。今天我將擔任你們的主持人。（操作員指示）

I would now like to pass the conference over to our host, Alexandra Geller, Head of IR. Please proceed.

現在，我想將會議交給我們的主持人、投資者關係主管亞歷山德拉·蓋勒 (Alexandra Geller)。請繼續。

Good afternoon. Welcome to Procore's 2025 second-quarter earnings call.

午安.歡迎參加 Procore 2025 年第二季財報電話會議。

I'm Alexandra Geller, Head of Investor Relations. With me today are Craig Courtemanche, Founder, President and CEO; and Howard Fu, CFO.

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 Craig Courtemanche 和財務長 Howard Fu。

Further disclosure of our results can be found in our press release issued today, which is also available on the Investor Relations section of our website and our periodic reports filed with the SEC.

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，該新聞稿也可在我們網站的投資者關係部分和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. A replay will be available, following the conclusion of the call.

今天的通話正在錄音。通話結束後將提供重播。

Comments made on this call include forward-looking statements regarding, among other things, our financial outlook, go-to-market transition, platform and products, customer demand, operations, and macroeconomic and geopolitical conditions. You should not rely on forward-looking statements as predictions of future events.

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、平台和產品、客戶需求、營運以及宏觀經濟和地緣政治條件。您不應依賴前瞻性陳述來預測未來事件。

All forward-looking statements are subject to risks, uncertainties, and assumptions and are based on management's current expectations and can be used as of today, July 31, 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，並且基於管理層目前的預期，可自 2025 年 7 月 31 日起使用。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。

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.

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，自任何後續日期起，這些聲明都不應被視為代表我們的觀點。

We'll also refer to certain non-GAAP financial measures to provide additional information to investors. A reconciliation of non-GAAP to GAAP measures is provided in our press release and our periodic reports filed with the SEC.

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衡量標準的對帳。

With that, let me turn the call over [Tooey].

好了，讓我把電話轉過去[圖伊]。

Thanks, Alex. Thank you, everyone, for joining us today.

謝謝，亞歷克斯。感謝大家今天加入我們。

Let's start with our Q2 performance, which represented another solid quarter for the year. Some highlights include: revenue grew 14% year over year; non-GAAP operating margins increased quarter over quarter to 13%.

讓我們從第二季的業績開始，這代表今年又一個穩健的季度。一些亮點包括：營收年增 14%；非 GAAP 營業利潤率環比增長至 13%。

We had a strong quarter for large deals, with a number of six- and seven-figure deals growing 21% year over year, resulting in more than 2,500 customers contributing greater than $100,000 in ARR. We saw a continued progress with our go-to-market transition, positioning Procore for efficient growth as we build deeper and lasting partnerships with our customers.

本季我們的大額交易表現強勁，六位數和七位數的交易數量年增 21%，超過 2,500 名客戶貢獻了超過 100,000 美元的 ARR。我們在市場轉型過程中取得了持續進展，在與客戶建立更深層、持久的合作夥伴關係的同時，Procore 也實現了高效成長。

In June, we held our Annual Innovation Summit, exploring how AI-connected workflows and smart data are transforming the construction industry. Our latest innovations put Procore at the forefront of this transformation, as we help to define the next era of construction.

六月，我們舉辦了年度創新高峰會，探討人工智慧連結的工作流程和智慧數據如何改變建築業。我們最新的創新使 Procore 處於這一轉型的前沿，我們幫助定義下一個建築時代。

So I'd like to share a few of these exciting innovations.

所以我想分享一些令人興奮的創新。

Starting with AI intelligence, we introduced Procore Helix, our intelligence layer, with powerful capabilities, including Assist, formerly known as Copilot -- our improved conversational intelligence experience. Second, Agent Builder, which allows customers to build custom agents tailored to their unique workflows directly in Procore. And third, Developer Studio, which will allow agents to work across apps or platforms by leveraging MCPs, third-party integrations, and APIs. We also have out-of-the-box agents in limited release today for our largest customers, including daily log accountability agents and RFI agents, with many more in development.

從人工智慧開始，我們推出了我們的智慧層 Procore Helix，它具有強大的功能，包括 Assist（以前稱為 Copilot）——我們改進的會話智慧體驗。第二，Agent Builder，它允許客戶直接在 Procore 中建立適合其獨特工作流程的自訂代理程式。第三，Developer Studio 將允許代理程式利用 MCP、第三方整合和 API 跨應用程式或平台工作。我們今天也為我們最大的客戶限量發布了開箱即用的代理，包括每日日誌問責代理和 RFI 代理，還有更多代理正在開發中。

We are reimagining the way the owners plan, build, and operate their global portfolios with robust capabilities tailor-made for owners, such as Owners Portfolio Hub, a comprehensive portfolio management solution and integrated asset management for fixed assets to generate even more value for owners.

我們正在透過為業主量身定制的強大功能（例如業主投資組合中心、全面的投資組合管理解決方案和固定資產的綜合資產管理）重新構想業主規劃、構建和運營其全球投資組合的方式，從而為業主創造更多價值。

We continue to innovate our existing products with planned enhancements to improve safety on the job site, simplify scheduling changes to keep projects on track, and create one of the industry's most comprehensive project financial offerings.

我們將繼續對現有產品進行創新，並計劃進行改進，以提高工作現場的安全性，簡化進度安排變更以確保專案順利進行，並打造業內最全面的專案融資產品之一。

We're also unlocking one of the world's most powerful 3D streaming BIM engines with our acquisitions of Novorender and FlyPaper. The announcements that we shared at the Innovation Summit are just the beginning of what's to come, when you combine human expertise with intelligent technology.

透過收購 Novorender 和 FlyPaper，我們還解鎖了世界上最強大的 3D 串流 BIM 引擎之一。當我們將人類的專業知識與智慧技術結合時，我們在創新高峰會上分享的公告只是未來的開始。

We're not just changing workflows. We're changing how the industry thinks about what's possible.

我們不只是改變工作流程。我們正在改變業界對可能性的看法。

I spent a lot of time on the road this past quarter, visiting employees and customers across the US and Europe. A few things stood out everywhere I went.

上個季度我花了很多時間在路上，拜訪美國和歐洲各地的員工和客戶。無論我走到哪裡，都有一些事情引人注目。

Our customers are incredibly optimistic about the rapid pace of technological change and the potential to transform the construction industry. And our employees are equally energized, including our global sellers.

我們的客戶對技術變革的快速步伐和改變建築業的潛力非常樂觀。我們的員工也同樣充滿活力，包括我們的全球銷售人員。

I'm continually impressed by the talent density that we built and the level of product and engineering innovation happening across the company. It's clear the work that we're doing is meaningful and pushing the industry forward.

我們對所建立的人才密度以及整個公司的產品和工程創新水平印象深刻。顯然，我們所做的工作是有意義的，並且推動了產業的發展。

This optimism about the future of construction became clear in the recent conversation I had with John Fish, CEO of Suffolk, widely recognized as one of the most innovative leaders in our space. We discussed how AI, by automating some of the most laborious tasks, empowers construction professionals to step into more impactful fulfilling roles as knowledge workers. This shift is not only changing how we build but also who chooses to build, attracting a new generation of talent to an industry that's becoming more dynamic, innovative, and rewarding.

在最近與薩福克執行長約翰·菲什 (John Fish) 的談話中，我清楚地感受到了對建築業未來的樂觀態度，他被廣泛認為是我們這個領域最具創新精神的領導者之一。我們討論了人工智慧如何透過自動化一些最費力的任務，使建築專業人員能夠作為知識工作者承擔更有影響力、更有意義的角色。這種轉變不僅改變了我們的建設方式，也改變了建設者的選擇，吸引了新一代人才進入這個更具活力、創新性和回報的行業。

By consistently innovating for our customers, we're securing customer wins. In Q2, we added new customers across all stakeholders, including [Calpine Corporation], a leading US renewables energy company, a top 10 ENR 400 general contractor, the Department of Transportation for a large southeastern state, and a major consumer electronics retailer.

透過不斷為客戶創新，我們確保客戶獲勝。在第二季度，我們在所有利害關係人中增加了新客戶，包括 [Calpine Corporation]、美國領先的再生能源公司、ENR 400 前 10 名總承包商、東南部一個大州的交通部以及一家大型消費性電子產品零售商。

Another new customer in the quarter was top design/build contractor Clayco, one of the largest construction firms in the US. Clayco sought to better integrate a highly-segmented technology stack to meet the diverse needs of its six business units. In Q2, they chose Procore to replace an incumbent vendor and help consolidate across a host of solutions. A crucial factor in their decision was finding a partner capable of unifying their construction data with their data architecture vision across multiple enterprise applications.

本季的另一個新客戶是頂級設計/建築承包商 Clayco，它是美國最大的建築公司之一。Clayco 尋求更好地整合高度細分的技術堆疊，以滿足其六個業務部門的不同需求。在第二季度，他們選擇 Procore 來取代現任供應商並協助整合一系列解決方案。他們做出這項決定的關鍵因素是找到一個能夠將他們的施工資料與跨多個企業應用程式的資料架構願景統一起來的合作夥伴。

Procore won the deal by demonstrating our ability to streamline their financial processes, enhance budget management, and deliver a fully-integrated solution that could support the unique needs for all business units. Clayco purchased products across our platform to standardize all construction projects on Procore.

Procore 透過展示我們簡化財務流程、加強預算管理以及提供能夠滿足所有業務部門獨特需求的完全整合解決方案的能力贏得了這筆交易。Clayco 透過我們的平台購買產品，以標準化 Procore 上的所有建築項目。

This win underscores the significant market opportunity that remains within US general contractors.

此次勝利凸顯了美國總承包商仍存在巨大的市場機會。

Another large new logo win in the quarter was a leading US ag producer and one of the nation's largest barn builders, experiencing significant CapEx growth. With a lean team and highly-manual processes, they frequently faced costly project delays and spent significant time and money traveling for individual site inspections and management. In Q2, they selected Procore to standardize operations and enable their aggressive growth targets.

本季另一個重大的新標誌勝利是美國領先的農業生產商和美國最大的穀倉建造商之一，其資本支出大幅增加。由於團隊精幹且流程高度依賴手動，他們經常面臨代價高昂的專案延誤，並花費大量時間和金錢前往各個現場進行檢查和管理。在第二季度，他們選擇 Procore 來標準化營運並實現其積極的成長目標。

With Procore's crucial field office connection, they can now operate with greater efficiency from the office, streamlining communication, task management, and accountability to complete their builds on time and on budget.

借助 Procore 的關鍵現場辦公室連接，他們現在可以在辦公室以更高的效率開展工作，簡化溝通、任務管理和問責，從而按時按預算完成建設。

We also had a strong global expansion wins across stakeholders in Q2, including one of Japan's largest contractors, a longstanding GC in the UAE, J.T. Megan, Purdue University, and a top 10 ENR 600 specialty contractor.

我們還在第二季度取得了跨利益相關者的強勁全球擴張勝利，其中包括日本最大的承包商之一、阿聯酋的長期 GC、J.T. Megan、普渡大學以及 ENR 600 十大專業承包商。

One of our largest wins in the quarter was an expansion with ENR 10 Hitt Contracting, Inc., a Procore customer for over 12 years. In that time, Hitt scaled his business from $800 million to more than $8 billion in revenue, with Procore as a constant in their technology stack, supporting their impressive growth.

本季我們最大的勝利之一是與 ENR 10 Hitt Contracting, Inc. 的擴張，該公司是 Procore 超過 12 年的客戶。在此期間，希特將他的業務收入從 8 億美元擴大到 80 多億美元，而 Procore 作為其技術堆疊中的常量，支持了他們令人矚目的成長。

In Q2, they expanded their Procore footprint with additional ACV, driven by a growing backlog, primarily due to their leadership position, building data centers across the country. With many of their customers also using Procore, they see a tremendous opportunity to leverage AI and to gain further efficiencies as we continue to build out our connected platform.

在第二季度，他們透過增加 ACV 擴大了 Procore 的覆蓋範圍，這主要是由於他們的領導地位，受不斷增長的積壓訂單的推動，並在全國各地建立了數據中心。由於他們的許多客戶也在使用 Procore，隨著我們繼續建立我們的互聯平台，他們看到了利用人工智慧和提高進一步效率的巨大機會。

Another large expansion win in the quarter was with a Fortune 150 utility holding company, already a Procore customer in two of their three business units. This Q2 expansion replaces an outdated, homegrown solution in their remaining unit, Energy Generation.

本季的另一場重大擴張勝利來自財富 150 強公用事業控股公司，該公司已經是 Procore 三個業務部門中的兩個的客戶。此次 Q2 擴展取代了其剩餘部門「能源生產」中過時的自主研發解決方案。

Procore will help them build a wide range of clean energy projects, including large-scale solar farms, natural gas plants, and upgrades to major transmission corridors and substations across the Southeast. Procore won the deal due to our proven success within their existing business units, our robust platform, and our ability to transact efficiently.

Procore 將協助他們建造各種清潔能源項目，包括大型太陽能發電場、天然氣廠以及東南部主要輸電走廊和變電站的升級。Procore 之所以能贏得這筆交易，是因為我們在其現有業務部門中取得了成功，擁有強大的平台，並且能夠有效率地進行交易。

As you can see from these customer wins, the Procore platform is applicable across a wide range of use cases, spanning data centers, energy, agriculture, and everything in between. Our Q2 wins demonstrate our success in attracting new logos, driving increased market share with our existing customers via volume expansion and product cross-sell, as well as strength abroad.

從這些客戶案例中可以看出，Procore 平台適用於廣泛的用例，涵蓋資料中心、能源、農業以及介於兩者之間的一切。我們第二季的成功證明了我們成功地吸引了新客戶，透過擴大銷售量和產品交叉銷售增加了現有客戶的市場份額，並在海外擁有優勢。

We take great pride in our ability to drive efficiency, transparency, and communication across all phases of construction to help our customers build better.

我們非常自豪能夠在施工的各個階段提高效率、透明度和溝通能力，並幫助我們的客戶建造更好的建築。

As we look ahead, it is clear Procore is just getting started. We are the category leader and one of the world's largest and most under-digitized industries. With the best platform in the market and a singular focus on construction, we believe there's a significant opportunity for continued market share gains.

展望未來，很明顯 Procore 才剛起步。我們是該領域的領導者，也是全球規模最大、數位化程度最低的產業之一。憑藉市場上最好的平台和對建築業的專注，我們相信，我們有很大機會繼續擴大市場份額。

A great example of this is our recent FedRAMP in-process designation, with Procore now listed on the FedRAMP marketplace. FedRAMP applies to certain Federal agencies and contractors. This designation is an important milestone towards enhancing our ability to serve this segment of the Federal market.

一個很好的例子是我們最近的 FedRAMP 流程指定，Procore 現已在 FedRAMP 市場上上市。FedRAMP 適用於某些聯邦機構和承包商。這個頭銜是我們增強服務聯邦市場這一領域的能力的重要里程碑。

More broadly, it's a meaningful tailwind within the larger public sector opportunity, where we're already seeing momentum across local municipalities, state agencies, and Federal projects that do not require FedRAMP.

更廣泛地說，這是更大的公共部門機會中的一個有意義的順風，我們已經看到地方市政當局、州政府機構和不需要 FedRAMP 的聯邦項目的發展勢頭。

Our platform is only getting better from here. With the rapid advancements that we're driving in areas like AI, we're helping customers make faster, smarter decisions with less risk -- all on a unified platform built for the complexities of construction.

我們的平台只會越來越好。隨著我們在人工智慧等領域的快速發展，我們正在幫助客戶以更低的風險做出更快、更明智的決策——所有這些都在一個為複雜的建築而建造的統一平台上完成。

We're also operating with greater rigor and focus. Our go-to-market transition is on track. We're executing in a way that positions us for sustained efficient growth, which will allow us to continue improving our margins, free cash flow, and per share metrics.

我們的營運也變得更加嚴謹和專注。我們的市場轉型正在順利進行中。我們的執行方式使我們能夠實現持續高效的成長，這將使我們能夠繼續提高利潤率、自由現金流和每股指標。

Look, we are proud of the progress, to date. But what excites me most is the innovation ahead. We'll showcase many of these innovations at groundbreak in October. I believe the next chapter of Procore's growth will be our most transformative yet, for our customers, for the industry, and for our shareholders.

看，我們對迄今為止的進展感到自豪。但最讓我興奮的是未來的創新。我們將在十月的破土動工儀式上展示其中的許多創新。我相信，Procore 發展的下一章將是我們迄今為止最具變革性的篇章，對我們的客戶、對產業、對股東而言都是如此。

With that, I'll turn it over to Howard to walk you through our financial performance.

接下來，我將把時間交給霍華德，讓他向您介紹我們的財務表現。

Thanks, Tooey. Thank you to everyone for joining us.

謝謝，Tooey。感謝大家的參與。

The main topics I would like to cover today are our Q2 financial results, additional color on the quarter, and our outlook.

我今天想討論的主要主題是我們第二季的財務表現、本季的補充內容以及我們的展望。

Total revenue in Q2 was $324 million, up 14% year over year. Our Q2 international revenue grew 13% year over year and was impacted by currency headwinds. On a year-over-year basis, FX contributed approximately 3 points of headwind to international revenue growth. Therefore, on a constant currency basis, international revenue grew 16% year over year.

第二季總營收為 3.24 億美元，年增 14%。我們第二季的國際營收年增 13%，但受到貨幣逆風的影響。與去年同期相比，外匯對國際收入成長造成了約 3 個百分點的阻力。因此，以固定匯率計算，國際營收年增16％。

Q2 non-GAAP operating income was $44 million, representing a non-GAAP operating margin of 13%.

第二季非公認會計準則營業收入為 4,400 萬美元，非公認會計準則營業利益率為 13%。

As for our key backlog metrics, current RPO grew 21% year over year. Current deferred revenue grew 13% year over year.

至於我們的關鍵積壓指標，目前 RPO 年增 21%。目前遞延收入年增13%。

Now, let me share some additional color on the business. Q2 was a strong quarter for new logo ARR growth, with our general contractor, owner, and public sector motions showing particular strength.

現在，讓我分享一些有關該業務的更多細節。第二季度是新標誌 ARR 成長強勁的季度，我們的總承包商、業主和公共部門動議表現尤為強勁。

Within expansion, we also saw an improvement in the mix between volume expansion and product cross-sell. As we have previously stated, this mix has historically been roughly 80%-20%, respectively. With the addition of our new technical specialists, our expectation is for cross-sell to become a larger contributor to our expansion mix. In Q2, that mix shifted to 70%-30%, with the cross-sell portion increasing primarily from higher attach of our financials suite.

在擴張過程中，我們也看到銷售擴張和產品交叉銷售之間的組合有所改善。正如我們之前所說，從歷史上看，這種組合的比例大約是 80%：20%。隨著新技術專家的加入，我們期望交叉銷售能為我們的擴張組合做出更大的貢獻。在第二季度，該組合變為 70%-30%，交叉銷售部分的增加主要得益於我們財務套件附加價值的提高。

Similar to last quarter, current RPO continues to benefit primarily from longer average contract duration. This is reflected in the notably higher non-current RPO growth rate for the quarter. When normalizing current RPO for this dynamic, the year-over-year growth continues to be in the mid-teens. We expect this dynamic may continue benefiting CRPO in Q3, resulting in a continued disparity between CRPO growth and [out-quarter] revenue growth. We expect this disparity to shrink as early as Q4, as we begin to anniversary the longer contract duration impact.

與上一季類似，目前的 RPO 繼續主要受益於更長的平均合約期限。這反映在本季非流動RPO成長率明顯上升。當針對此動態對當前 RPO 進行標準化時，同比增長仍保持在十幾歲左右。我們預計這種動態可能會在第三季繼續使 CRPO 受益，從而導致 CRPO 成長與 [本季] 收入成長之間的差距持續擴大。隨著我們開始紀念更長的合約期限的影響，我們預計這種差距最早將在第四季度縮小。

We're pleased with our non-GAAP operating margin improvement in Q2, which increased 300 basis points quarter on quarter.

我們對第二季非公認會計準則營業利潤率的提高感到滿意，季增了 300 個基點。

The entire management team remains aligned and committed to continuing to improve our profitability. In the spirit of conservatism, we are maintaining our operating margin guide for the year as we monitor certain items, such as FX, that are not structural to the business.

整個管理團隊保持一致並致力於繼續提高我們的獲利能力。本著保守的精神，我們維持今年的營業利潤率指南，因為我們監控某些非業務結構性的項目，例如外匯。

Even with that conservatism, we are on track for another year of solid operating margin improvement of 350 basis points at the high end of our guide. And we continue to believe we are well positioned for higher margins in the years to come.

即使採取這種保守態度，我們仍有望在下一財年實現 350 個基點的穩健營業利潤率成長，達到我們預期的高端。我們仍然相信，我們已做好準備，在未來幾年實現更高的利潤率。

Let's shift gears now to how we're thinking about our medium- and long-term milestones. When we first announced our go-to-market transition a year ago, we shared that we expected this operating model to yield numerous long-term benefits that would ultimately be reflected in our financial performance.

現在讓我們來談談我們如何思考我們的中期和長期里程碑。一年前，當我們首次宣布進入市場轉型時，我們表示，我們預計這種營運模式將帶來許多長期利益，這些利益最終將反映在我們的財務表現中。

We highlighted more durable long-term growth, which should help our retention and expansion metrics, as well as improvements in sales efficiency, which should help drive best-in-class terminal margins.

我們強調了更持久的長期成長，這將有助於我們的保留和擴張指標，以及銷售效率的提高，這將有助於推動一流的終端利潤率。

We're a couple of quarters into the new operating model and we continue to be optimistic about this change. The early evidence has increased our confidence in achieving the milestones of 25% free cash flow margins in the medium term and 40% free cash flow margins in the long-term that we shared at our Investor Day.

我們已經採用新的營運模式幾個季度了，我們仍然對這項變化持樂觀態度。早期證據增強了我們實現在投資者日分享的中期 25% 自由現金流利潤率和長期 40% 自由現金流利潤率里程碑的信心。

Specifically, this go-to-market model should provide leverage as we scale our top line. And in short, we see opportunities to continue improving profitability, including GAAP margins, while not compromising our growth opportunities.

具體來說，這種市場進入模式應該能在我們擴大營業收入時提供槓桿作用。簡而言之，我們看到了繼續提高獲利能力（包括 GAAP 利潤率）的機會，同時又不會損害我們的成長機會。

So we feel good about the progress we have made in go-to-market. While spend discipline and operating leverage are in our control, there are always external factors that are not. Therefore, while we do intend to improve our Rule of 40 profile in fiscal '26, we anticipate that improvement will be driven by higher profitability. This will also naturally benefit our North Star metric of free cash flow per share.

因此，我們對在市場進入方面取得的進展感到滿意。雖然支出紀律和經營槓桿在我們的控制範圍內，但總有一些外部因素是我們無法控制的。因此，雖然我們確實打算在 26 財年改善我們的 40 規則狀況，但我們預計改善將由更高的獲利能力推動。這自然也會有利於我們每股自由的現金流北極星指標。

With that, let's move on to our outlook.

有了這些，我們就可以繼續展望未來了。

For the third quarter of 2025, we expect revenue between $326 million and $328 million, representing year-over-year growth of 10% to 11%. Q3 non-GAAP operating margin is expected to be between 13% and 13.5%. For the full-year fiscal '25, we are raising our revenue guide to a range of $1.299 billion to $1.302 billion, representing total year-over-year growth of 13%. 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 2025 年第三季度，我們預計營收在 3.26 億美元至 3.28 億美元之間，年增 10% 至 11%。預計第三季非公認會計準則營業利潤率在 13% 至 13.5% 之間。對於 2025 財年全年，我們將營收預期上調至 12.99 億美元至 13.02 億美元，年增 13%。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're pleased with our performance in the quarter and remain confident in our ability to capture the opportunity ahead of us, while we prioritize efficient growth and strong per share improvements.

總而言之，我們對本季的表現感到滿意，並對我們抓住未來機會的能力充滿信心，同時我們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)

（操作員指示）

Dylan Becker, William Blair.

迪倫貝克爾、威廉布萊爾。

Maybe, Tooey, starting with you, you called out a lot of the exciting momentum coming out of the innovation Summit with Helix and a handful of other solutions.

Tooey，也許，從你開始，你就已經提到了 Helix 和其他一些解決方案在創新高峰會上出現的許多令人興奮的勢頭。

I'm wondering to what extent are you seeing customer conversations thinking through that initial adoption curve to lean into AI; and you called out maybe unification across the platform as well, how that thesis around standardization across a multitude of different workflows really kind brings in the value proposition of Procore as that core system of record.

我想知道，您在多大程度上看到客戶對話思考最初的採用曲線以傾向於人工智慧；並且您可能也呼籲整個平台的統一，圍繞跨眾多不同工作流程的標準化論點如何真正帶來 Procore 作為核心記錄系統的價值主張。

Yeah. Dylan, great question. And yeah, the hackathon that we have with our customers was really, really exciting and eye-opening. What we're finding is that our customers are bringing their unique challenges to build out agents on our platform, things that we couldn't even imagine before.

是的。迪倫，這個問題問得好。是的，我們與客戶一起舉辦的黑客馬拉松真的非常令人興奮且令人大開眼界。我們發現，我們的客戶面臨著獨特的挑戰，需要在我們的平台上建立代理，而這些是我們以前無法想像的。

And so to answer your question, what we think is going to happen is the more that we can demonstrate this value, the more people are going to adopt agent builder. The good news is there is a lot of demand from our customers to automate these processes that today can take hours to get done.

所以回答你的問題，我們認為將會發生的是，我們越能證明這個價值，就會有越多的人採用代理構建器。好消息是，我們的客戶非常希望實現這些流程的自動化，而目前這些流程可能需要花費數小時才能完成。

So I think the proof is going to be in the pudding, which is it's going to drive so much value into our customers that the adoption we're hoping is going to reflect that.

所以我認為，事實勝於雄辯，它將為我們的客戶帶來巨大的價值，我們希望採用率能反映這一點。

So, so far, so good.

所以，到目前為止，一切都很好。

I'll just comment with that, if I could, Dylan. This is Howard. Our focus, right, now, is really to get these things into the hands of our customers. And when we do that, I think we will make a lot of discoveries about the way that this can continue to add value to our customers. And from there, it will give us a better perspective on how we're going to move forward in terms of that adoption curve and when we can facilitate that.

如果可以的話，我只會對此發表評論，迪倫。這是霍華德。我們現在的重點是真正將這些東西交到客戶手中。當我們這樣做時，我認為我們將發現很多可以繼續為我們的客戶增加價值的方法。從那裡開始，它將為我們帶來更好的視角，了解我們將如何在採用曲線方面向前邁進，以及何時可以促進這一進程。

And so really, right now ,in the early stages, it's about getting this in the hands of our customers.

所以實際上，現在處於早期階段，我們的目標是將其交到客戶手中。

And by the way, did you asked about what customers are saying? Customers are saying that, more than ever, Procore is the system of record because they need the data to get the jobs done.

順便問一下，你有詢問過顧客的評價嗎？客戶表示，Procore 比以往任何時候都更像記錄系統，因為他們需要資料來完成工作。

Perfect. That's very helpful. Maybe, Howard, on the go-to-market changes, it sounds like that continues to track. Maybe (inaudible) alignment across those teams.

完美的。這非常有幫助。霍華德，也許就市場進入的變化而言，這聽起來像是在繼續追蹤。也許（聽不清楚）這些團隊之間保持一致。

Wondering if there's any additional color you can give us as we think about the ramping of productivity now that a lot of those teams are aligned. It sounds like the cross-sell motion is really starting to resonate -- but any incremental metrics on traction with the go-to-market front?

我想知道您是否能為我們提供更多信息，因為我們現在正在考慮提高生產力，因為現在很多團隊都已經協調一致了。聽起來交叉銷售動議確實開始引起共鳴——但是，在進入市場方面有任何增量指標嗎？

Dylan, you broke up just a little bit there. But I'm going to anticipate what you're asking.

迪倫，你們剛才有點分手了。但我會預料到你會問什麼。

Overall, the go-to-market transition is going about as planned. We had a strong Q1. We had a solid Q1 and Q2. The transition is going about exactly where we expected it to be.

總體而言，市場轉型正在按計劃進行。我們的第一季表現強勁。我們的第一季和第二季表現穩健。轉變正如我們預期的那樣進行。

We are starting to see some internal improvements around things like conversion pipeline, deal cycle. Attrition is low. We're about where we need to be.

我們開始看到轉換管道、交易週期等方面的一些內部改進。人員流失率低。我們正處於我們需要的位置。

And I think, actually, through the first half of the year, I think we're through the peak, I think, of the disruption that we talked about. But we've got a lot of wood to chop in the back half of the year. But we're happy with where we're at.

我認為，實際上，到今年上半年，我們已經度過了我們所說的混亂的高峰期。但今年下半年我們還有很多工作要做。但我們對於目前的狀況感到滿意。

Saket Kalia, Barclays.

巴克萊銀行的 Saket Kalia。

Okay. Great. Nice quarter.

好的。偉大的。不錯的季度。

Thanks, Saket.

謝謝，Saket。

Thanks, Saket.

謝謝，Saket。

Howard, maybe just -- yes, absolutely. Howard, maybe just to start with you -- in your prepared remarks, you talked about the path to Rule of 40. We've talked about that since Analyst Day. It's great to see that march forward.

霍華德，也許只是──是的，絕對是。霍華德，也許我們先從你開始吧——在你準備好的發言中，你談到了「40 法則」的道路。我們從分析師日開始就討論這個問題。很高興看到這項進步。

But I'm curious, you mentioned in your prepared remarks that maybe some more of that would come from margin expansion as you look out to next year. Just to get everybody on the same page, could you just go one level deeper into that as we think about some of the puts-and-takes for next year?

但我很好奇，您在準備好的發言中提到，展望明年，也許更多的收入將來自利潤率的擴大。為了讓大家達成共識，當我們考慮明年的一些利弊時，您能否更深入地探討這個問題？

Understanding you're not guiding. But just what you wanted us to take away from that

了解你沒有指導。但你希望我們從中得到的

Yeah. Sure. Great question, Saket.

是的。當然。很好的問題，Saket。

Let me just step back a little bit and provide context. The first thing we really wanted to communicate was to reiterate our commitment to margin expansion, both for this year and for fiscal '26. And if you really think about it, we've got a pretty good set-up from this year going into next year.

讓我稍微回顧一下並提供背景資訊。我們真正想要傳達的第一件事是重申我們對今年和26財年利潤率擴大的承諾。如果你認真考慮一下，你會發現我們今年已經為明年做好了相當好的準備。

Remember for the go-to-market transition, we pulled forward a lot of those investments into the first part of Q1. And had we not done that, we would have expanded margins even more in the first part of this year. And so we've got a nice set-up going into the next fiscal year, as well in fiscal '26. So that's the first thing.

請記住，為了實現市場轉型，我們將許多投資提前到了第一季的第一部分。如果我們沒有這樣做，今年上半年我們的利潤率將會進一步提高。因此，我們為下一個財政年度以及 26 財政年度做好了良好的準備。這是第一件事。

The second thing: frankly, Saket, what we wanted to make sure is folks didn't get ahead of us on revenue for fiscal '26. It's a little bit early to talk about revenue for fiscal '26 and we still just -- we didn't want folks to get ahead of that.

第二件事：坦白說，Saket，我們想要確保的是，人們在 26 財年的收入上不會超過我們。現在談論 26 財年的收入還為時過早，我們仍然只是——我們不希望人們搶先一步。

When you put those two pieces together, what it means is that free cash flow -- or the Rule of 40 expansion next year -- is going to come from profitability.

當你把這兩部分放在一起時，就意味著自由現金流——或者明年的 40 規則擴張——將來自盈利能力。

The other thing Saket I'll add on top of that is when we talked about the go-to-market transition, we talked about the benefits in two main parts. First part is durable growth through retention, through expansion, cross-sell, which we're already starting to see some benefits from.

Saket，我還要補充一點，當我們談論市場進入轉型時，我們主要從兩個部分討論了其好處。第一部分是透過保留、擴張、交叉銷售來實現持久成長，我們已經開始看到一些好處。

But the other piece is equally important -- around the leverage and the efficiency that we're going to get from go-to-market and AE productivity. That's going to be a pretty significant contributor as we think about our trajectory and in terms of our profitability going into next year and on the path to our mid- and long-term goals of 25% and 40% free cash flow margins.

但另一部分也同樣重要——關於我們將從上市和 AE 生產力中獲得的槓桿和效率。當我們考慮我們的發展軌跡和明年的獲利能力以及實現 25% 和 40% 自由現金流利潤率的中長期目標時，這將是一個相當重要的貢獻者。

Got it. Got it. That's super clear. Thanks for that added context.

知道了。知道了。這非常清楚。感謝您補充的背景資訊。

Tooey, maybe for you, for my follow-up question, it's a bit of a longer-term question. But one of the questions I got from investors is whether, long term, whether Procore maybe needs to consider multiple pricing models, beyond pricing just based on construction volume, which has been a very successful model so far.

Tooey，也許對你來說，對於我的後續問題，這是一個比較長期的問題。但我從投資者那裡得到的一個問題是，從長遠來看，Procore 是否需要考慮多種定價模式，而不僅僅是基於建築量的定價，而後者迄今為止一直是一個非常成功的模式。

But I'm just curious, how much does that come up in your -- and I know you spend a lot of time with customers -- customer conversations? And how realistic of a scenario is that as you think one, two, three years out?

但我只是好奇，這在您與客戶交談中出現的頻率有多高——我知道您花了很多時間與客戶交談？您認為一、二、三年後這種情況有多現實？

By the way, Saket, one thing that people don't realize is that we've actually had some flexibility in our pricing models and model in the past. With our self-perform products, we will sell a group of seats of licenses. And that was the way that the subcontractors wanted to buy the software. So our philosophy has always been, let's try and meet the customers where they are. And so that is one example.

順便說一句，Saket，人們沒有意識到的一件事是，我們過去的定價模式和模型實際上具有一定的靈活性。透過我們的自演產品，我們將出售一組許可證席位。這就是分包商想要購買軟體的方式。因此，我們的理念始終是，盡力在客戶所在的地方與他們會面。這就是一個例子。

The other thing is just in terms of looking forward, yes, mostly in the Owner segment, where we'll hear just the preference to buy differently, right? So looking into per seat licensing models, for instance, for them, or frankly, any way they want to buy, we want to make sure that we're there to meet them where they're most comfortable.

另一件事只是展望未來，是的，主要是在車主領域，我們會聽到不同的購買偏好，對嗎？因此，例如，為他們研究每個座位的許可模式，或者坦率地說，無論他們想以何種方式購買，我們都希望確保在他們最舒適的地方滿足他們的要求。

So ACV is not a sacrosanct item at Procore. But it does work really, really well for the rank-and-file customers of Procore because that's how they run their businesses. They run their businesses off the amount of construction volume they anticipate in their backlogs. And so it's a really good yardstick that we get to use with our customers to understand how much of Procore they're going to use.

因此，ACV 在 Procore 並不是不可侵犯的物品。但對於 Procore 的普通客戶來說，它確實非常有效，因為這就是他們經營業務的方式。他們根據預計的積壓建築量來經營業務。因此，這是一個非常好的標準，我們可以用它來衡量客戶，了解他們將使用多少 Procore。

Super helpful.

超有幫助。

Thanks, Saket.

謝謝，Saket。

Thanks, Saket.

謝謝，Saket。

Joe Vruwink, Baird.

喬·弗魯溫克，貝爾德。

I just wanted to go back to this Rule of 40 expectation for next year. As I think about the last two years and how you've guided this year, it's really three years in a row where margin improvement is more responsible for contributing to Rule of 40.

我只是想回到這個 40 法則來預測明年的情況。當我回顧過去兩年以及今年的指導時，我發現利潤率的提高實際上是連續三年對「40 規則」做出的貢獻。

So are you just saying for next year, you would continue to expect what has been the case? Because I suppose the question related to this is, with that revenue growth rate, does this add anything at all? Would you say it's more flat in growth, relative to this year or some level of improvement?

那您是不是說，對於明年，您會繼續預期這種情況？因為我認為與此相關的問題是，以這樣的收入成長率，這還能增加什麼嗎？您認為與今年相比，成長是比較平穩還是有所改善？

The short answer is yes. Going into next year, the improvement in Rule of 40 is going to be driven by profitability. And I already talked about in my response to the Saket question, why that's the case.

簡短的回答是肯定的。進入明年，40 規則的改善將由獲利能力推動。我在回答 Saket 問題時已經談到了為什麼會發生這種情況。

In terms of revenue -- and I talked about not wanting folks to get ahead of us -- more specifically, I think you hit on it as we don't want folks to get ahead of us from a revenue acceleration standpoint. Right now, it's just too early to talk about fiscal '26 revenue.

就收入而言——我談到了我們不希望別人領先於我們——更具體地說，我認為你說到了這一點，因為從收入加速的角度來看，我們不希望別人領先於我們。現在談論 26 財年的收入還為時過早。

We understand the benefits that we're trying to get in terms of our transition on the go-to-market side. We have a lot to get through in the back half of the year. And frankly, we're still in a pretty depressed macroeconomic environment that's been consistent for some time.

我們了解我們在市場轉型過程中試圖獲得的利益。今年下半年我們還有很多事情要做。坦白說，我們仍然處於相當低迷的宏觀經濟環境中，而且這種情況已經持續了一段時間。

And so the short answer, just to sum up, is yes, you should expect the Rule of 40 improvement to come from margin (inaudible).

所以，簡而言之，答案是肯定的，你應該預期 40 法則的改善將來自利潤率（聽不清楚）。

Okay. And then, I want to switch back data maturity -- and construction is always a point of discussion. I was interested by the rationale you cited and the conquest win just around how data and unifying data was the imperative there.

好的。然後，我想重新討論資料成熟度——而建構始終是一個討論的焦點。我對您引用的理由以及關於數據和統一數據如何成為必要條件的勝利很感興趣。

As you think about AI and now, meeting this data for the benefit of future automation, are you getting the sense that existing customers might look to run more of their volume through your platform; or even outside the subscribers, the collaborators now understand they need to be on the platform to get the maximum benefit?

當您考慮人工智慧以及現在為了未來自動化而獲取這些數據時，您是否感覺到現有客戶可能希望透過您的平台運行更多的業務量；或者甚至在訂閱者之外，合作者現在也明白他們需要在平台上才能獲得最大的利益？

Yeah. Here's one thing to know about construction. This is what all of our customers know and all of our buyers know: construction is very uniform. So every building has a foundation and every building has an HVAC system in it.

是的。關於建築，有一件事你需要知道。這是我們所有客戶和所有買家都知道的：結構非常統一。所以每棟建築都有地基，每棟建築都有 HVAC 系統。

And because of that, when you have all the structured data on your platform, it is really, really well positioned to be worked on with agents. So when our customers are looking to Procore today, they're seeing all this additional value that comes out of Procore.

正因為如此，當您的平台上擁有所有結構化資料時，它就非常適合與代理商合作。因此，當我們的客戶今天關注 Procore 時，他們會看到 Procore 帶來的所有附加價值。

So will we capture more of our customers' volume? Perhaps. I think that's something that we think about over time, which is, as our customers grow, we want to grow with them.

那我們能否獲得更多的客戶量呢？也許。我認為這是我們長期以來思考的問題，隨著客戶的成長，我們也希望與他們一起成長。

And then, in terms of the collaborators, yeah, the collaborators seeing a tremendous amount of value in the data is one of the main reasons why a collaborator becomes the Procore customer. They want to own the data from the projects that they're working on.

然後，就合作者而言，是的，合作者看到數據中的巨大價值是合作者成為 Procore 客戶的主要原因之一。他們希望擁有自己正在進行的專案的數據。

And that's not new, based on AI. That is the way it's always worked. So I think AI is an accelerator in all this. But it really is an exciting time in this industry, as we pivot into making agents do the work.

這並不是什麼新鮮事，基於人工智慧。它一直都是這樣運作的。所以我認為人工智慧是這一切的加速器。但這確實是這個行業令人興奮的時刻，因為我們轉向讓代理商來做這項工作。

DJ Hynes, Canaccord. .

DJ Hynes，Canaccord。。

Congrats on the quarter. I want to ask you a couple of questions on the expansion dynamics and what you're seeing there. Obviously, it's great to see cross-sell making up a larger share there.

恭喜本季取得佳績。我想問您幾個有關擴張動態以及您所看到的情況的問題。顯然，很高興看到交叉銷售佔據了更大的份額。

What gives you confidence that the new go-to-market model's working versus just, there's less volume to upsell right now? I'm trying to figure out, like, is this a signal that the go-to-market realignment is working? Or is it maybe an indictment on the macro?

是什麼讓您有信心新的市場進入模式是有效的，而不是現在追加銷售量減少？我想弄清楚，這是不是表示市場調整正在發揮作用？或者這可能是對宏觀的控訴？

Just help me there.

只要能幫我就行了。

DJ, this is Howard. Actually, let me take that one.

DJ，我是霍華德。實際上，讓我來拿這個。

Look, we're a couple of quarters into this go-to-market transition. And I think undoubtedly, there's some contribution from the technical specialists that have been online for just over two quarters now. And the expectation is that those technical specialists are going to really increase and benefit our cross-sell.

你看，我們已經進入這個市場轉型期幾個季度了。我認為毫無疑問，已經上線兩個多季度的技術專家做出了一些貢獻。我們期望這些技術專家能夠真正增加我們的交叉銷售並使其受益。

The reality of it is, I think, given that we're only about two quarters in, that benefit that we got on the cross-sell came from a broad range of things that we're doing, inclusive of the technical specialists, inclusive of the broader go-to-market changes that we're making, inclusive of the progress that we're making in terms of our product roadmap and our platform.

事實是，我認為，考慮到我們才剛開始兩個季度，我們在交叉銷售中獲得的收益來自於我們正在做的一系列事情，包括技術專家，包括我們正在進行的更廣泛的市場變革，包括我們在產品路線圖和平台方面取得的進展。

But that is absolutely the expectation that we're going to have. But more broadly, I think it's more than just any one thing. I think it's a reflection of us executing well across a number of dimensions in our business.

但這絕對是我們的期望。但從更廣泛的角度來看，我認為這不僅僅是任何一件事。我認為這反映了我們業務在多個層面的良好表現。

Yeah. I want to add, too, I've had, I think, 16 C-level conversations recently. And those conversations have all been around Procore's new model, where they're getting additional technical resources and there's more people involved in their accounts. Trying to help them be more successful is really driving a lot of goodwill with our customers.

是的。我還想補充一點，我最近已經進行了 16 次 C 級對話。這些對話都圍繞著 Procore 的新模式，他們獲得了額外的技術資源，並且有更多的人參與他們的帳戶。努力幫助他們取得更大的成功確實能為我們的客戶帶來許多好處。

And it's been something that the customers are very vocal about, which is what you all are doing now is absolutely the right thing for us and -- so you -- it's hard to argue with your customers.

這是客戶們非常熱衷的事情，你們現在所做的對我們來說絕對是正確的，所以你們很難與客戶爭論。

Yeah. Those are great data points. And my sense is it's only going to get better with more time in the market.

是的。這些都是很棒的數據點。我的感覺是，隨著市場發展時間的延長，情況只會變得更好。

Howard, for you, I want to ask you little --

霍華德，我想問你一點--

Can I just, real quickly, correct you on one thing. Because it sounded me like you were making an assumption that our volume was down. This was not our volume was down. This was the cross-sell was up. So I just want to make sure that that was correct.

我可以很快地糾正你一件事嗎？因為在我看來，你好像認為我們的音量降低了。這不是我們的音量降低了。這意味著交叉銷售上升了。所以我只是想確保這是正確的。

Yeah. That's an important distinction. And I think it makes perfect sense with the explanation.

是的。這是一個重要的區別。我認為這個解釋非常合理。

Howard, can I ask you a little bit on free cash flow? It came in a little light, I think, of where we were. I know it's a seasonally softer quarter, historically. But just how are you thinking about free cash flow generation for the year? And are there factors we should be thinking about as to what happened in Q2?

霍華德，我可以問你一些關於自由現金流的問題嗎？我想，它給我們帶來了一絲光亮，讓我們知道了我們所在的地方。我知道，從歷史上看，這是一個季節性較疲軟的季度。但您究竟是如何考慮今年的自由現金流所產生的呢？對於第二季發生的事情，我們是否應該考慮一些因素？

Yeah. There's always going to be noise quarter on quarter, DJ. I wouldn't put any weight on the free cash flow quarter within the specific quarter here. We're on track to where we expect to be for free cash flow margins for the full year.

是的。每季總會有噪音，DJ。我不會在這裡強調特定季度內的自由現金流季度。我們正朝著全年自由現金流利潤率的預期目標前進。

You can still expect free cash flow margins to be roughly in line with where our operating margin is going to be for the full year. So there's nothing to read into the specific free cash flow for the quarter.

您仍然可以預期自由現金流利潤率將與我們全年的營業利潤率大致一致。因此，本季的具體自由現金流沒有什麼可解讀的。

Kash Rangan, Goldman Sachs.

高盛的卡什·蘭根（Kash Rangan）。

Tooey, I always appreciate your perspective when you talk to your customers on what they -- how are they thinking about -- at this time, the tariff impact is probably well understood by your customers. Where are we in their assessment of what it does for the cost structure? And how ready are they to take on projects with Procore, fully understanding what is it that they do know versus what they did not know three months ago?

Tooey，當您與客戶交談時，我總是很欣賞您的觀點——他們目前在想什麼——您的客戶可能已經很好地理解了關稅的影響。我們對於它對成本結構的影響的評估處於什麼位置？他們是否做好了與 Procore 合作開展專案的準備，是否充分了解了他們現在所了解的內容以及三個月前他們所不知道的內容？

Yeah. Kash, one thing that we talk about a lot here is that our customers are extremely resilient and they build into their business models a ton of resilience. So though there's a lot of noise now around tariffs and other things, there's always noise about something in our industry. And so this is just the issue to [du jour], right now.

是的。卡什，我們在這裡經常談論的一件事是，我們的客戶非常有韌性，他們在自己的商業模式中融入了大量的韌性。因此，儘管現在圍繞著關稅和其他問題存在著許多爭議，但我們行業中總是會存在一些爭議。這就是目前 [du jour] 的問題。

Our customers have built in a lot of flexibility into the way that they actually contract to help them around tariffs. And not to say it's a panacea but they have ways of dealing with this.

我們的客戶在簽訂合約時已經考慮到了很大的靈活性，以幫助他們解決關稅問題。並不是說它是萬能藥，但他們有辦法解決這個問題。

So I'll tell you this. Our customers are very optimistic about the future. And that's true across the board.

所以我會告訴你這個。我們的客戶對未來非常樂觀。總體來說，情況確實如此。

Got it. And also, I know this is a topic that has come up quite a bit but any leading indicators on the go-to-market side as to why this approach is going to work? Can you talk about the breadth of the pipeline, the upsell rate or the retention, et cetera, or maybe even the depth of the pipeline, the customers that you are able to or prospects that you were able to bring on board that you could not before the transformation?

知道了。而且，我知道這個主題已經出現過很多次了，但是在市場進入方面有沒有什麼領先指標可以說明為什麼這種方法會有效？您能否談談通路的廣度、追加銷售率或留任率等，或甚至是通路的深度，也就是您能夠吸引的客戶或潛在客戶，而這些在轉型之前是無法實現的？

It's a lot of things that we've talked about before. In addition to things like conversion, pipeline generation, deal cycles, our head count is stable; attrition is really stable; productivity is going up; the GMs continue to leverage their newfound capabilities and remit to really tailor things that are specific to their regions. So anyways --

很多事情我們之前已經討論過了。除了轉換、通路產生、交易週期等方面之外，我們的員工數量保持穩定；人員流失率也非常穩定；生產力正在上升；總經理們繼續利用他們新發現的能力和職責，真正定制適合其所在地區的業務。所以無論如何--

Yeah. I'll tell you this, the proofs in the pudding, which is our sellers and our customers and our partners are all saying this is working. And so across the board, they can't all be wrong.

是的。我告訴你，事實證明，我們的賣家、客戶和合作夥伴都說這是有效的。所以從整體來看，他們不可能都是錯的。

Look at Clayco, the big win that we had this quarter. They were talking to me earlier this week about how much they appreciate the fact that we partner with them in order to make them successful. It's not just a software transaction. It's a true partnership.

看看 Clayco，這是我們本季取得的巨大勝利。本週早些時候，他們曾與我交談，表示非常感謝我們與他們合作，幫助他們取得成功。這不僅僅是軟體交易。這是真正的合作關係。

Daniel Jester, BMO.

丹尼爾·傑斯特（BMO）。

Great. I feel obliged to throw it out there but Tooey, maybe just a comment on the macro environment and -- any change in the dynamics that you've seen this quarter that you'd call out?

偉大的。我覺得有義務提出這個問題，但是 Tooey，也許只是對宏觀環境的評論——您在本季度看到的動態有什麼變化嗎？

By the way, I'm surprised this wasn't asked earlier because this is normally one of the first questions. It surprised as same as last quarter.

順便說一句，我很驚訝這個問題之前沒有被問到，因為這通常是第一個問題之一。與上一季一樣令人驚訝。

Exactly.

確切地。

There's very little to report other than the fact that it's pretty much the same as last quarter. Sorry, I don't have more for you on that.

除了與上一季基本相同之外，幾乎沒有什麼值得報告的。抱歉，關於這一點我無法提供更多資訊。

No. Just obliged to ask. I do want to dig in on the comment about the cross-sell and the financial suite, specific call-out. If I recall correctly, this was already a product that had a pretty good attach rate.

不。只是有義務問一下。我確實想深入探討有關交叉銷售和財務套件的評論以及具體的呼籲。如果我沒記錯的話，這已經是一款附贈率相當不錯的產品了。

And so maybe is there something specific that has improved the momentum of this or maybe -- another question to ask is, what is it going to take from your perspective to broaden now and have the attach rates for the broader suite accelerate in terms of adoption?

那麼，也許有什麼具體的事情可以改善這種勢頭，或者也許——另一個問題是，從您的角度來看，現在需要做什麼才能擴大規模並加快更廣泛套件的附加率？

Why don't I start? The first thing is we've always talked about what's the next attach or the next thing that we could see as most immediate opportunity in terms of cross-sell. And we've always talked about that financial still has a lot of room.

我為什麼不開始呢？首先，我們一直在談論下一個附加產品是什麼，或者下一個在交叉銷售方面我們認為最直接的機會是什麼。我們一直在說金融仍有很大的發展空間。

When you look at where our customers typically start -- most of our customers have project management but roughly half have financials, some form of financials. And that was always what we expected to be the most immediate opportunity for us. And we made good progress on that in terms of making progress on cross-sell primarily around financials.

當你觀察我們的客戶通常從哪裡開始時——我們的大多數客戶都有專案管理，但大約有一半的客戶有財務，某種形式的財務。我們一直認為這是最直接的機會。我們在交叉銷售方面取得了良好進展，主要圍繞財務方面。

Pay is going to be a smaller portion of that. That goes along with financials. But that was a good outcome for us in terms of what drove that cross-sell for the quarter.

工資將只佔其中很小的一部分。這與財務狀況一致。但就推動本季交叉銷售而言，這對我們來說是一個好結果。

By the way, one of the problems we're calling out financials because we're proud of that (technical difficulty) but it threw all the focus to financials. We had success across all of our product lines, I would say, this quarter. And it really is a testament to the fact that the platform that we have built is really paying off by being able to be extensible and meet our customers where they need us.

順便說一句，我們之所以指出財務問題，是因為我們對此感到自豪（技術難度），但它將所有焦點集中在財務問題上。我想說，本季我們所有的產品線都取得了成功。這確實證明了我們所建構的平台確實具有可擴展性，能夠滿足客戶的需求，從而帶來豐厚的回報。

I'm really proud of all the work that our P&T organization has done to make it so.

我對我們的 P&T 組織為實現這一目標所做的一切工作感到非常自豪。

Taylor McGinnis, UBS.

瑞銀的泰勒麥金尼斯。

Yeah. Howard, maybe just on the CRPO trajectory. On a normalized basis, you've mentioned mid-teens growth the past couple of quarters, which has been solid. But can you just maybe provide a little bit more color on, like, what the trend line has been there. So has it been more stable in the mid-teens or any moderation or improvement to flag?

是的。霍華德，也許只是在 CRPO 軌跡上。在正常情況下，您提到過去幾季的成長率達到了十幾歲，這是很穩健的。但是您能否提供更多細節，例如，趨勢線是怎樣的。那麼它在十幾歲的時候是否更加穩定，或者對標誌有任何緩和或改善？

And then, as you talk about this convergence that we should see with revenue growth in 4Q, can you just comment on whether the duration's tailwinds are still from these multi-year contracts such that should we see a bigger convergence as we get into 1Q?

然後，當您談到我們應該在第四季度看到收入增長的這種趨同時，您能否評論一下持續時間的順風是否仍然來自這些多年期合同，以至於我們是否應該在進入第一季度時看到更大的趨同？

The first thing is, yes, we are still seeing the impact from the longer contract durations that largely came from Q4 going into Q1. That's why we said we could expect to see that start to normalize going into Q2 because we're going to anniversary when that shift happened.

首先，是的，我們仍然看到合約期限延長帶來的影響，這主要來自於第四季度進入第一季的情況。這就是為什麼我們說我們可以預期看到這種情況在第二季開始正常化，因為我們將迎來這種轉變發生的周年紀念日。

And then, just in terms of a little bit more color on the CRPO growth, we had a solid Q1 and Q2. And that contributed to CRPO. But when you normalize for that, the impact of the contract durations, we are in that mid-teens range. And when we start to normalize, we would expect that to normalize around there when we get towards the back part of the year.

然後，就 CRPO 成長而言，我們在第一季和第二季表現穩健。這對 CRPO 做出了貢獻。但是當你將其標準化時，合約期限的影響就處於十幾歲的範圍內。當我們開始正常化時，我們預計到今年下半年情況就會恢復正常。

Perfect. And then, second one for you is when we look at the revenue guide for this year, it looks to imply, like, an acceleration in revenue growth as we get into 4Q. So can you just comment on, is there any improvements that you guys are expecting in the back half, maybe from some of the sales changes, cross-sell materializing, anything to comment on, like, the implied acceleration in growth in 4Q?

完美的。然後，第二個是，當我們查看今年的收入指南時，它似乎意味著，進入第四季度，收入成長將會加速。那麼，您能否評論一下，您預計下半年會有什麼改善，也許是從一些銷售變化、交叉銷售實現等方面，有什麼可以評論的，例如第四季度隱含的成長加速？

That actually has more to do with the compares more than anything. And so there's nothing from a business change standpoint going into the back half of the year that would impact that.

事實上，這與比較關係更大。因此，從業務變化的角度來看，下半年不會發生任何影響這一點的事件。

Awesome.

驚人的。

Jason Celino, KeyBanc Capital Markets.

KeyBanc 資本市場 Jason Celino。

It sounds like the large deal activity was pretty strong in the quarter. Is 2Q normally a heavy six-, seven-figure deal quarter? And then, Howard, are these annual contract values or total contract values?

聽起來本季的大額交易活動相當強勁。第二季通常是交易額達到六位數、七位數的季度嗎？那麼，霍華德，這些是年度合約價值還是總合約價值？

Really, the root of this second part of my question is is the larger deals because of duration. My sense is no. But just wanted to clarify.

實際上，我的問題的第二部分的根源是由於持續時間較長而導致的交易規模較大。我的感覺是沒有。但只是想澄清一下。

Typically, the larger deals are going to come to actually towards the end of the year. And so Q2 is not typically a large deal quarter. And these are going to be the annual contract value that we're referring to.

通常情況下，較大的交易實際上會在年底達成。因此第二季通常不是一個大交易季度。這些就是我們所指的年度合約價值。

Okay. Great. And then, spinning a question that DJ asked earlier, if you're seeing this larger deal activity earlier in the year than you'd expect, is this because of some of those go-to-market changes that you made at the very beginning? Or is this to that better overall execution that you alluded to earlier?

好的。偉大的。然後，回答 DJ 之前提出的一個問題，如果您看到今年早些時候的交易活動比您預期的要大，這是因為您在一開始就做了一些市場進入方面的改變嗎？或者這是您之前提到的更好的整體執行？

I think there's probably a little bit of both in there. I think that we are doing well in terms of the transition of the go-to-market. And remember, we've been increasing our focus on the upper end of the market for a few quarters now that we've talked about for some time.

我認為可能兩者都有一點。我認為我們在市場轉型方面做得很好。請記住，我們已經討論了一段時間了，幾個季度以來，我們一直在加大對高端市場的關注。

And so I think this is a progression against that. And so I don't think it's anything that's a significant shift. It's a progression of what we've been doing for some time in terms of going after the larger customers.

所以我認為這是對此的進步。所以我不認為這是什麼重大的轉變。這是我們一段時間以來在爭取更大客戶方面所做工作的進展。

Ken Wong, Oppenheimer.

黃肯，奧本海默。

Tooey, I wanted to ask you about any thoughts or feedback you're getting from customers as far as impact from [OBBA]. I know the last few years, we've had a lot of potential tailwinds from [IRA] to regulatory stuff. What are you hearing in terms of how this could benefit the end market?

Tooey，我想問一下，關於你從客戶那裡得到的影響，有什麼想法或回饋嗎？[OBBA]。我知道過去幾年，我們從 IRA 到監管方面都獲得了許多潛在的推動力。您認為這會為終端市場帶來什麼好處？

It's interesting. It comes up almost never because -- by the way, our customer conversations these days, they don't talk about tariffs or anything that you all are reading about in the newspaper. They're talking about how they're going to optimize their business, how they're going to drive productivity in their business. And frankly, that's why we're having those conversations -- is that we believe we can help them do that.

這很有趣。它幾乎從未被提及，因為——順便說一句，在我們最近的客戶談話中，他們不會談論關稅或你們在報紙上讀到的任何內容。他們正在討論如何優化業務、如何提高業務生產力。坦白說，這就是我們進行這些對話的原因——我們相信我們可以幫助他們做到這一點。

So -- yeah, it's just remarkably very little. Again, because they build all this resilience into their business anyway. And so for them, this is business as usual.

所以——是的，確實非常少。再說一次，因為他們無論如何都會將這種彈性融入他們的業務中。所以對他們來說，這只是正常的業務。

I use the ER, emergency room, doctor terminology last time. But like, from, all of us on the outside, you see all this chaos in [Mahan], it's like getting into -- it's like walking us -- walking into an ER and seeing all the chaos.

我上次使用了 ER、急診室、醫生術語。但是，從我們所有局外人的角度來看，你會看到 [Mahan] 的所有這些混亂，就像走進去——就像走進我們——走進急診室，看到所有的混亂。

But if you're an ER doctor, that chaos is what's normal. And for our customers, the chaos of all of this noise is what's normal. So it's just our perspective, it looks a lot scarier than it is. And they're like, we've got this.

但如果你是急診室醫生，這種混亂是很正常的。對於我們的客戶來說，所有這些噪音造成的混亂都是正常的。所以這只是我們的觀點，它看起來比實際情況要可怕得多。他們就像是說，我們已經得到了它。

Ken, this is Howard. Just, look, we can potentially see some of the possible tailwinds to the construction industry that could elicit some more investment. We could also see some the potential benefits on our cash flow, particularly from a tax perspective.

肯，這是霍華德。只是，我們可以看到建築業的一些潛在順風，可能會吸引更多的投資。我們也可以看到現金流的一些潛在好處，特別是從稅收角度來看。

We're not working any of those into our projections at this point, let alone anything (technical difficulty).

目前，我們還沒有將這些因素納入我們的預測，更不用說（技術難度）。

Hello?

你好？

Ken, (inaudible) the other question.

肯，（聽不清楚）另一個問題。

Yeah. I lost Howard. I wasn't sure if you guys lost me or I lost you.

是的。我失去了霍華德。我不確定是你們失去了我還是我失去你們了。

Well, I'm not sure about that.

嗯，我不太確定。

I think I get the gist of what Howard was saying, like potential tailwinds, not baking anything in.

我想我明白霍華德所說的要點，就像潛在的順風，而不是任何東西。

And then, maybe just on a follow-up. I know you guys have been potentially working on some product packaging, bundling. Anything in terms of any feedback you're getting on the beta test, how we should think about the end objective for what you guys are trying to achieve here?

然後，也許只是後續行動。我知道你們可能一直在致力於一些產品包裝和捆綁。就您在 Beta 測試中收到的任何回饋而言，我們應該如何看待您們在此嘗試實現的最終目標？

Ken, this is Howard, again. These are really early, early pilots that we're doing -- the good, better, best and determining what to include in each package. It's so early with a small set of select customers.

肯，我又是霍華德。這些都是我們正在進行的早期試點——好的、更好的、最好的，並確定每個方案中應包含哪些內容。現在還為時過早，只有一小部分精選客戶。

It didn't have any impact on our performance. And these packages are much more about streamlining the sales process, making sure that, again, we meet the customers where they are in terms of their journey of getting value out of the Procore platform more so than anything else.

這對我們的表現沒有任何影響。這些套餐更多的是為了簡化銷售流程，確保我們能再次滿足客戶的需求，讓他們能夠從 Procore 平台獲得更多價值。

But it's really early, right now, with the select few customers.

但現在還為時過早，客戶數量有限。

It's a great example, though, of what Saket was asking, which is Procore is constantly trying to meet our customers where they need us to be. This is just one more example.

不過，這很好地體現了 Saket 的要求，即 Procore 始終致力於在客戶需要的地方滿足他們的要求。這只是另一個例子。

Perfect. Thanks a lot, guys.

完美的。非常感謝大家。

Thank you. That will conclude the Q&A session.

謝謝。問答環節到此結束。

I'll now pass it back over to management for any closing or further remarks.

現在我將把它交還給管理層，以便他們做出結束語或進一步的評論。

Thanks for joining us today everybody. Talk soon.

感謝大家今天加入我們。很快再談。

Thank you.

謝謝。

Thank you. That will conclude today's call.

謝謝。今天的電話會議到此結束。

Thank you for your participation. You may now disconnect your lines.

感謝您的參與。現在您可以斷開線路了。