Procore Technologies Inc (PCOR) 2025 Q3 法說會逐字稿

Hello, and welcome to the Procore Technologies Inc., Q3 2025 earnings call. My name is Alex, and I'll be coordinating today's call. (Operator Instructions)

大家好，歡迎參加 Procore Technologies Inc. 2025 年第三季財報電話會議。我叫亞歷克斯，我將負責協調今天的電話會議。（操作說明）

I'll now hand it over to Alexandra Geller, Head of IR, to begin. Please go ahead.

現在我將把發言權交給投資人關係主管亞歷珊卓蓋勒，由她開始。請繼續。

Good afternoon, and welcome to Procore's 2025 third-quarter earnings call. I'm Alexandra Geller, Head of Investor Relations.

下午好，歡迎參加Procore 2025年第三季財報電話會議。我是投資人關係主管亞歷珊卓·蓋勒。

Before I begin today's call, I wanted to share that Howard Fu, our CFO, is unexpectedly out of the country attending to a sudden family emergency and will not be joining today's earnings call. For that reason, with me today are Tooey Courtemanche, Founder, President, and CE; and Matthew Puljiz, Senior Vice President of Finance, who will be joining in Howard's place on a one-time basis. You will hear from Howard again soon.

在開始今天的電話會議之前，我想告訴大家，我們的財務長 Howard Fu 因突發家庭緊急情況而意外出國，將不會參加今天的財報電話會議。因此，今天與我一起出席的有創始人、總裁兼首席執行官 Tooey Courtemanche；以及財務高級副總裁 Matthew Puljiz，他將代替 Howard 出席一次。你很快就會再次收到霍華德的消息。

Further disclosure of our results can be found in our press release issued today, which is available on the Investor Relations section of our website and our periodic reports filed with the SEC. Today's call is being recorded, and a replay will be available following the conclusion of the call.

有關我們業績的更多披露信息，請參閱我們今天發布的新聞稿（可在我們網站的投資者關係部分以及我們向美國證券交易委員會提交的定期報告）。今天的電話會議正在錄音，會議結束後將提供回放。

Comments made on this call include forward-looking statements regarding, among other things, our financial outlook, go-to-market model, CEO transition, platform and products, customer demand, operations, stock repurchase program, 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, November 5, 2025. Procore undertakes no obligation to update any forward-looking statements to reflect new information or unanticipated events except as required by law.

本次電話會議中發表的評論包括有關我們財務前景、市場進入模式、首席執行官過渡、平台和產品、客戶需求、營運、股票回購計劃以及宏觀經濟和地緣政治狀況等方面的前瞻性聲明。您不應將前瞻性陳述作為對未來事件的預測。所有前瞻性陳述均受風險、不確定性和假設的影響，並且基於管理層截至 2025 年 11 月 5 日的當前預期和觀點。除法律要求外，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.

如果今天之後重播或查看此通話，通話期間提供的資訊可能不包含最新或準確的資訊。因此，這些聲明不應被視為代表我們此後任何日期的觀點。

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

我們也會提及一些非公認會計準則財務指標，以便向投資者提供更多資訊。非公認會計準則指標與公認會計準則指標的調節表已在我們的新聞稿和提交給美國證券交易委員會的定期報告中提供。

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

那麼，現在讓我把電話交給圖伊。

Thanks, Alex, and thank you, everyone, for joining us today. Let's start with our Q3 performance, which represented another strong quarter. Some highlights include: revenue growth was 14.5% year over year, which is consistent with last quarter's growth and reflects our underlying business momentum and performance that we've seen this year; non-GAAP operating margins increased quarter over quarter to 17%, reflecting our commitment to improving our efficiency profile.

謝謝Alex，也謝謝各位今天蒞臨。我們先來看第三季的業績，這又是一個強勁的季度。一些亮點包括：收入同比增長 14.5%，與上一季的增長一致，反映了我們今年以來的基本業務勢頭和業績；非 GAAP 營業利潤率環比增長至 17%，反映了我們致力於提高效率的決心。

We had another strong quarter for large deals, with the number of six- and seven-figure deals accelerating to 31% year-over-year growth, and the number of $100,000 plus ARR customers now totals more than 2,600. Our go-to-market model is yielding benefits, positioning Procore for efficient growth.

本季大額交易表現強勁，六位數和七位數交易數量年增 31%，年經常性收入超過 10 萬美元的客戶總數超過 2,600 家。我們的市場推廣模式正在產生效益，使 Procore 能夠有效成長。

Another very important highlight from the quarter was our announcement that Ajei Gopal would join Procore as our next CEO. Ajei officially steps into the role on November 10, at which point I will focus exclusively on my role as Chair of the Board, where my commitment to our customers, the industry, and Procore's mission will remain as strong as ever.

本季另一個非常重要的亮點是我們宣布 Ajei Gopal 將加入 Procore 擔任下一任執行長。Ajei 將於 11 月 10 日正式就任，屆時我將專注於擔任董事會主席一職，我對我們的客戶、行業和 Procore 使命的承諾將一如既往地堅定。

I've had the privilege of serving as Procore's CEO for nearly 25 years, and it has been the honor of a lifetime. Needless to say, the Board and I were incredibly diligent and thoughtful in our search for Procore's next leader, and I can confidently say that we have found the ideal person, both in operational track record and in his sincere quality of character, to guide Procore through this next phase of growth. Ajei has more than 35 years of proven experience, including leading a multi-billion-dollar global technology company and driving shareholder value. He has relevant vertical software experience, most recently serving as the CEO at Ansys.

我有幸擔任 Procore 的執行長近 25 年，這對我來說是一生的榮幸。毋庸置疑，董事會和我為Procore尋找下一任領導人付出了極大的努力和深思熟慮，我可以自信地說，我們已經找到了理想的人選，無論從營運業績還是真誠的品格來看，他都能夠帶領Procore進入下一個成長階段。Ajei 擁有超過 35 年的豐富經驗，包括領導一家價值數十億美元的全球科技公司並提升股東價值。他擁有相關的垂直行業軟體經驗，最近擔任 Ansys 的執行長。

During his tenure, Ansys significantly improved its operating performance and more than quadrupled its market value. His prior roles, including serving as operating partner at Silver Lake, have shaped him into a versatile leader who knows how to scale innovation, navigate complexity, and deliver lasting impact.

在他的領導下，Ansys 的營運表現顯著提升，市值成長了四倍多。他之前擔任過多個職位，包括銀湖資本的營運合夥人，這些經歷使他成長為一位多才多藝的領導者，他懂得如何擴大創新規模、應對複雜局面並產生持久的影響。

Ajei's track record is clearly impressive, but his deep passion for transforming the physical world through digital innovation is what ultimately convinced me that he was the right choice. He recognizes and values the privilege of leading software companies that help its customers build things that are lasting, tangible, and impactful. In his career, he has been inspired by the pride those creators felt in building something so transformative, and he sees the same pride in construction and in Procore's customers. That shared sense of purpose is why I know he is the right leader to guide us into the future. So you'll hear directly from Ajei later in the quarter once he officially steps into the role as CEO.

Ajei 的過往業績固然令人印象深刻，但他對透過數位創新改變實體世界的熱情最終讓我確信他是正確的選擇。他認識到並珍惜領導軟體公司的特權，這些公司幫助客戶建立持久、切實、有影響力的產品。在他的職業生涯中，他深受那些創造者在建造如此具有變革意義的事物時所感受到的自豪感的啟發，並且他在建築行業和 Procore 的客戶身上也看到了同樣的自豪感。正是這種共同的目標感讓我確信，祂是帶領我們走向未來的合適領導者。所以，在本季晚些時候，當 Ajei 正式就任 CEO 一職後，您將直接聽到他的演講。

Since this is my last earnings call at the helm, I want to take a moment and leave you with why I am so optimistic and confident about the future of Procore. First and foremost, let me remind you that construction is one of the largest and most essential global industries, estimated to reach $15 trillion in construction spend by 2030, and yet it remains one of the least digitized.

由於這是我擔任執行長期間的最後一次財報電話會議，我想花一點時間向大家說明一下，為什麼我對 Procore 的未來如此樂觀和充滿信心。首先，我要提醒各位，建築業是全球規模最大、最重要的產業之一，預計到 2030 年建築支出將達到 15 兆美元，但它仍然是數位化程度最低的產業之一。

With Procore as the clear category leader, I believe that this market is ours for the taking, offering tremendous opportunity for durable long-term growth. Construction is a massive yet cyclical industry that has been operating in a down cycle for quite some time, which has been a steady headwind to our business.

Procore 已成為該領域的絕對領導者，我相信這個市場唾手可得，為實現持久的長期成長提供了巨大的機會。建築業是一個規模龐大但週期性很強的行業，已經處於下行週期相當長一段時間了，這對我們的業務來說一直是一個持續的不利因素。

For example, our focus area of US non-residential and multi-family construction has gone from growing 25% year over year in Q1 2023 to negative growth of 2% for the last two quarters, as reported by the US Census. That represents a staggering 27-point reduction in growth over two years, and yet in that same two-year period, Procore has continued to grow faster than this end market by approximately 10 to 20 percentage points.

例如，根據美國人口普查局報告，我們重點關注的美國非住宅和多戶住宅建設領域，從 2023 年第一季的同比增長 25% 轉變為過去兩個季度的負增長 2%。這意味著兩年內成長率大幅下降了 27 個百分點，然而在同樣的兩年期間，Procore 的成長速度仍然比該終端市場快約 10 到 20 個百分點。

During that period, we also increased the annual construction volume committed on our platform by more than 30% even in the face of this headwind. And I am proud that in Q3, Procore reached another exciting milestone, surpassing $1 trillion in annual construction volume contracted to our platform across all global stakeholders. This clearly demonstrates our team's ability to execute and take market share even in challenging construction cycles. I want you all to know that when this cycle inevitably turns upward, and it will, we strongly believe this headwind will become a tailwind.

在此期間，即使面臨這種不利因素，我們也實現了平台上年度建築量成長 30% 以上。我感到自豪的是，在第三季度，Procore 又達到了一個激動人心的里程碑，我們平台上所有全球利益相關者簽訂的年度建築合約總額超過了 1 兆美元。這清楚地表明，即使在充滿挑戰的施工週期中，我們的團隊也具備執行和搶佔市場份額的能力。我想讓大家知道，當這個週期不可避免地開始好轉時（而且它一定會好轉），我們堅信這股逆風將會變成順風。

My conviction for Procore's future is further reinforced by the strength of our platform. From day one, we've been solely focused on construction and have built the only unified construction platform that supports all types of projects from vertical to horizontal across the entire construction lifecycle.

我對 Procore 的未來充滿信心，而我們平台的強大實力也進一步增強了我的信心。從一開始，我們就專注於建築領域，並建立了唯一一個統一的建築平台，支援從垂直到水平的整個建築生命週期中的所有類型項目。

By connecting people, processes, and data in one place, we believe our platform is uniquely positioned to harness the power of AI for our customers. This was a key topic at our annual industry conference, Groundbreak, just a couple of weeks ago. We announced exciting new innovations, including our Agentic roadmap that harnesses our comprehensive and unmatched corpus of proprietary construction data to further extend our platform advantage.

我們相信，透過將人員、流程和數據連接在一個地方，我們的平台具有獨特的優勢，能夠為我們的客戶利用人工智慧的力量。就在幾週前，這是我們年度行業大會「突破」（Groundbreak）的關鍵議題。我們宣布了令人興奮的新創新，包括我們的 Agentic 路線圖，該路線圖利用我們全面且無與倫比的專有建築數據，進一步擴大我們的平台優勢。

Our customers were able to interact with our agents on the expo floor, and they shared that they believe that these innovations will be game-changing for the industry. At Groundbreak, I met with our Customer Advisory Board. And during a Q&A session, unprompted, our customers raised their hand one by one, sharing that Procore's partnership and unwavering commitment to our customer success is why they selected us and why they continue to stay with us.

我們的客戶能夠在展會現場與我們的代理商互動，他們表示相信這些創新將改變整個產業。在 Groundbreak 大會上，我與我們的客戶顧問委員會進行了會面。在問答環節中，我們的客戶主動舉手錶示，Procore 的合作夥伴關係以及對客戶成功的堅定承諾是他們選擇我們並繼續與我們合作的原因。

It was truly a powerful moment for me, one that reinforced the impact of our true partnership approach. Over our nearly 25-year history, this dedication has earned Procore the trust of the construction industry, which is paramount for a sector defined by high risk and tight margins.

對我來說，那真是一個意義非凡的時刻，它讓我更加深刻地體會到我們真正夥伴關係模式的影響。在近 25 年的發展歷程中，這種專注為 Procore 贏得了建築業的信任，這對於一個高風險、利潤微薄的行業來說至關重要。

So I think this long-time customer quote from Brassfield & Gorrie sums it up well, quote, the Procore Platform and the people behind it are enabling our teams to collaborate more effectively, operate more efficiently, raise the bar for excellence in project execution, and drive innovation in how we work. We look forward to continuing to build on this partnership in the years ahead, end quote.

所以我認為 Brassfield & Gorrie 的一位長期客戶的評價很好地概括了這一點：“Procore 平台及其背後的團隊正在幫助我們的團隊更有效地協作、更高效地運營、提高項目執行的卓越標準，並推動我們工作方式的創新。”我們期待在未來幾年繼續深化這種合作關係。

My confidence in Procore's future is further bolstered by our commitment to improving our margin profile. While we have achieved 1,900 basis points of non-GAAP operating margin improvement since the start of 2023, this only scratches the surface of our profitability potential. Our business model offers substantial margin leverage. We're deeply committed to unlocking this potential and view continuous improvement here as a priority for our business.

我對Procore未來的信心，也因我們致力於改善利潤率而進一步增強。雖然自 2023 年初以來，我們的非 GAAP 營業利潤率提高了 1900 個基點，但這只揭示了我們獲利潛力的冰山一角。我們的商業模式提供了可觀的利潤空間。我們致力於充分發揮這一潛力，並將持續改善視為我們業務的優先事項。

The changes implemented over the past year have positioned us for future leverage, and we currently see no structural hurdles that would prevent us from reaching our profitability milestones and compounding free cash flow per share. I also believe that we are in a stronger position with our go-to-market model yielding positive benefits and improved execution.

過去一年實施的變革使我們為未來的槓桿作用奠定了基礎，目前我們認為沒有任何結構性障礙會阻止我們實現獲利目標和提高每股自由現金流。我也相信，我們的市場推廣模式讓我們處於更有利的地位，帶來了正面的效益和更好的執行力。

To share some specifics, we are seeing higher year-over-year pipeline conversion, improved expansion rates, and lower voluntary sales headcount attrition. Our customers continue to share overwhelmingly positive feedback on the increased technical resources now at their disposal, which are making them even more successful, productive, and efficient. Naturally, there are areas where we want to improve and continue to get better, but overall, we are pleased with how our team is executing. And of course, this motion continues to secure new logos and strengthen existing customer relationships.

具體來說，我們看到銷售管道轉換率逐年提高，擴張速度加快，銷售人員自願離職率降低。我們的客戶持續給予壓倒性的正面回饋，表示他們現在擁有更多技術資源，這使他們更加成功、更有生產力、更有效率。當然，我們也有一些方面需要改進和持續提升，但總的來說，我們對團隊的執行感到滿意。當然，這項措施也有助於贏得新客戶並加強與現有客戶的關係。

In Q3, we added new customers across all stakeholders, including one of the largest defense contractors in the world, a top 40 E&R general contractor, Valvoline Incorporated, one of Canada's largest electricity transmission companies, the Department of Transportation for Mid-Atlantic State, and Horwitz Mechanical.

第三季度，我們新增了來自各利益相關方的客戶，其中包括全球最大的國防承包商之一、全球排名前 40 的 E&R 總承包商 Valvoline Incorporated、加拿大最大的電力傳輸公司之一、中大西洋州交通部以及 Horwitz Mechanical。

This quarter, E2 Optics, a leading technology infrastructure contractor, also became a large new Procore customer. While they initially approached us for help with pre-construction, the conversation quickly shifted from software replacement for a specific pain point to full operational transformation. E2 Optics chose Procore's unified platform to gain visibility and control across the entire project lifecycle, connecting estimating, operations, resource management, and analytics.

本季度，領先的技術基礎設施承包商 E2 Optics 也成為 Procore 的大型新客戶。雖然他們最初是來尋求施工前期的幫助，但談話很快就從針對特定痛點的軟體替換轉向了全面的營運轉型。E2 Optics 選擇 Procore 的統一平台，以獲得整個專案生命週期的可視性和控制力，將估算、營運、資源管理和分析連接起來。

The key differentiator for them was the power of Procore Analytics and our reporting dashboards. By standardizing their data on our platform, they can now measure performance, fuel continuous improvement, and finally, unlock critical project data that's trapped in siloed systems. Moving forward, E2 Optics will use Procore to build hyperscale data centers, healthcare, higher education, and other commercial facility projects.

對他們來說，關鍵的差異化因素是 Procore Analytics 的強大功能和我們的報告儀表板。透過在我們的平台上對數據進行標準化，他們現在可以衡量績效、推動持續改進，並最終解鎖被困在孤立系統中的關鍵項目數據。展望未來，E2 Optics 將利用 Procore 建立超大規模資料中心、醫療保健、高等教育和其他商業設施項目。

Another new large logo win in the quarter was with the medical facilities arm of one of the largest managed care organizations in the US. In Q3, they purchased Procore to replace a host of fragmented solutions that led to inefficient processes and highly manual workflows. The decision to partner with Procore was driven by our proven ability to provide a construction-specific solution that streamlines operations and enhances scalability across their entire organization. They'll use Procore to build hospitals and medical office buildings across the country.

本季贏得的另一個大型新客戶是美國最大的醫療管理機構之一的醫療設施部門。第三季度，他們收購了 Procore，以取代導致流程效率低下和高度人工化的眾多分散解決方案。我們決定與 Procore 合作，因為我們有能力提供專門針對建築業的解決方案，從而簡化營運並提高整個組織的可擴展性。他們將使用 Procore 在全國各地建造醫院和醫療辦公大樓。

We also had strong expansion wins across stakeholders in Q3, including a leading Irish construction company, E&R 23, Brasfield & Gorrie, a top five E&R 600 specialty contractor; Goodman Australia; and a Fortune 200 natural gas company.

第三季度，我們在各利益相關方中也取得了強勁的成長，其中包括愛爾蘭領先的建築公司 E&R 23、E&R 600 強前五名專業承包商 Brasfield & Gorrie、Goodman Australia 以及一家財富 200 強天然氣公司。

One of our largest expansions in the quarter was a seven-figure win with a leading hyperscale data center campus provider. With major data center projects across the US, EMEA, and APAC, they more than doubled their annual construction volume to $10 billion, and they went all in on Procore spanning the entire construction lifecycle. A key driver in this deal was their interest in leveraging our new resource management products to create a system of record for assets and materials tracking, as well as Procore Pay for lien waiver and compliance tracking.

本季我們最大的擴張項目之一是與一家領先的超大規模資料中心園區供應商達成的七位數交易。憑藉在美國、歐洲、中東和非洲以及亞太地區的大型資料中心項目，他們的年度建設量翻了一番多，達到 100 億美元，並且他們全力投入 Procore，涵蓋整個建設生命週期。促成這筆交易的關鍵因素是他們有興趣利用我們新的資源管理產品來創建資產和材料追蹤的記錄系統，以及利用 Procore Pay 進行留置權放棄和合規性追蹤。

You may recall that resource management is a comprehensive offering of labor, equipment, and materials, the most critical management areas for subcontractors and self-performed GCs. And it's an area that we have made significant investments in over the past years, beginning with labor, then adding equipment last year, and closing the loop with materials set to launch next year.

您可能還記得，資源管理是對勞動力、設備和材料的全面管理，這是分包商和自營總承包商最關鍵的管理領域。過去幾年，我們在這個領域進行了大量投資，首先是勞動力，然後是去年添置的設備，明年將推出新材料，從而形成一個完整的閉環。

Another seven-figure expansion win was with Related Companies, one of the largest privately held real estate development and management firms in the US. Related had been using Procore on a few regional agreements, and in Q3, they displaced a host of incumbent vendors to expand enterprise-wide on Procore, adding volume and new products. With a large and growing pipeline of development, Related needed a scalable, unified platform to connect teams, standardize workflows, and deliver real-time visibility into project performance. Moving forward, Related will use Procore to execute on their expansive pipeline of large-scale commercial real estate developments, as well as data centers and renewable energy projects.

另一筆七位數的擴張交易來自 Related Companies，該公司是美國最大的私人房地產開發和管理公司之一。Related 公司先前已在一些區域協議中使用 Procore，並在第三季取代了許多現有供應商，在 Procore 上實現了企業級擴展，增加了業務量和新產品。由於開發專案數量龐大且不斷成長，Related 需要一個可擴展的統一平台來連接團隊、規範工作流程並提供專案績效的即時可見性。展望未來，Related 將利用 Procore 來執行其龐大的大型商業房地產開發項目，以及資料中心和再生能源項目。

As you can see from these wins, our competitive positioning remains as strong as ever. We have a broad market opportunity that encompasses global general contractors, owners, and subcontractors, and the landscape remains largely greenfield.

從這些勝利可以看出，我們的競爭地位依然穩固。我們擁有廣泛的市場機會，涵蓋全球總承包商、業主和分包商，而且該領域仍處於起步階段。

And it's important to note that many of our largest deals are uncontested. In fact, half of our top 10 new logo deals this quarter, which included all stakeholders, involved no other vendor in the prospects evaluation. While investors often assume that large up-market transactions are competitive in nature, the reality is that our clear category leadership frequently positions us as the only viable platform that can digitize the construction industry.

值得注意的是，我們許多最大的交易都沒有爭議。事實上，本季我們排名前 10 的新 logo 交易中，有一半（包括所有利害關係人）在評估潛在客戶時沒有涉及其他供應商。雖然投資者通常認為大型高端市場交易本質上是競爭性的，但現實情況是，我們清晰的行業領導地位常常使我們成為唯一能夠實現建築業數位化的可行平台。

As you can hear from my remarks today, I have deep conviction in Procore's future. As Procore's founder, I am transitioning the company from a position of strength, ensuring that Ajei inherits a strong foundation for our next stage of growth. I believe that with Ajei leveraging his proven operational expertise as a CEO and my continued commitment to our mission and our vision as the Chair of the Board, we have an unbeatable combination.

正如你們從我今天的演講中聽到的那樣，我對Procore的未來充滿信心。身為 Procore 的創辦人，我正在將公司從強大的地位過渡到新的階段，以確保 Ajei 能夠繼承一個堅實的基礎，從而進入下一個發展階段。我相信，憑藉 Ajei 作為執行長所展現出的卓越營運才能，以及我作為董事會主席對我們的使命和願景的持續承諾，我們擁有了無與倫比的組合。

But more than that, in the time that we've spent together, Ajei and I have grown close over a shared passion and appreciation for empowering the builders of the world with technology. We already met with several of our largest customers, and I have been impressed at how quickly Ajei has picked up on the nuances of the construction industry and how he's begun to build a rapport with industry leaders, and I am very confident he's going to continue to strengthen those relationships.

但更重要的是，在我們相處的這段時間裡，我和 Ajei 因為對利用科技賦能世界建構者的共同熱情和欣賞而變得親密。我們已經與幾位最大的客戶會面，Ajei 對建築業的細微差別掌握得如此之快，以及他如何開始與行業領導者建立融洽的關係，都給我留下了深刻的印象，我非常有信心他會繼續加強這些關係。

I'm handing over the reins with complete confidence that Procore is in the right hands and has the opportunity to deliver substantial shareholder value. The road ahead for this company and for our industry has never looked more promising, and I fully intend to remain a shareholder.

我完全有信心將 Procore 交給合適的人，相信它有機會為股東創造巨大的價值。公司和我們產業的未來發展前景從未如此光明，我完全打算繼續持有股份。

I just want to say thank you all for your support, and thank you, Ajei, and a big thank you to all Procore customers, partners, employees, and shareholders who have helped us get to this point. We never could have done it without you.

我只想對大家表示感謝，感謝大家的支持，感謝 Ajei，也要特別感謝所有 Procore 的客戶、合作夥伴、員工和股東，感謝你們幫助我們走到今天。沒有你們，我們根本不可能做到。

With that, I'm going to turn it over to Matt to walk you through our financial performance.

接下來，我將把麥克風交給馬特，讓他為大家介紹我們的財務表現。

Thanks, Tooey, and hello, everyone. Today, I'd like to cover how our Q3 performance is emblematic of our commitment to free cash flow per share improvement.

謝謝 Tooey，大家好。今天，我想談談我們第三季的業績如何反映了我們致力於提高每股自由現金流的承諾。

You've heard us reference free cash flow per share as our North Star metric, and the three ways in which Q3 specifically improved this are: one, durable growth; two, margin expansion; and three, modest share count growth. But first, let's cover our financial results for the quarter.

你們都聽我們說過，每股自由現金流是我們最重要的指標，而第三季度在以下三個方面具體有所改善：一、持續增長；二、利潤率擴張；三、股份數量適度增長。但首先，讓我們先來看看本季的財務表現。

Total revenue in Q3 was $339 million, up 14.5% year over year. Our Q3 international revenue grew 14% year over year and was impacted by currency headwinds. On a year-over-year basis, FX contributed approximately 1 point of headwind to international revenue growth. Therefore, on a constant currency basis, international revenue grew 15% year over year.

第三季總營收為 3.39 億美元，年增 14.5%。第三季國際營收年增 14%，但受到匯率波動的影響。與去年同期相比，外匯因素對國際營收成長造成了約 1 個百分點的不利影響。因此，以固定匯率計算，國際營收年增 15%。

Q3 non-GAAP operating income was $59 million, representing a non-GAAP operating margin of 17%. As for our key backlog metrics, current RPO grew 23% year over year, and current deferred revenue grew 14% year over year.

第三季非GAAP營業收入為5,900萬美元，非GAAP營業利益率為17%。至於我們的關鍵積壓訂單指標，目前 RPO 年增 23%，目前遞延收入較去年同期成長 14%。

Now let me share some additional color on our performance. Beginning with the top line, we delivered another quarter of net new ARR growth that was notably faster than revenue growth. This strength came from multiple areas, with outperformance from our owner and specialty contractor motions, strong growth from our mid-market team, and continued execution in North America.

現在讓我再補充一些關於我們表現的細節。首先來看營收方面，我們又實現了一個季度淨新增 ARR 成長，而且成長率明顯高於營收成長。這項優勢來自多個方面，包括業主和專業承包商業務的出色表現、中端市場團隊的強勁成長以及在北美地區的持續執行。

Expansion was also strong within many of these dimensions, and we continue to see CrossSell improve its contribution to expansion bookings, which we largely attribute to our go-to-market operating model. We are very pleased with these results, particularly given this execution took place in a construction macro where the combined US non-residential and multi-family sectors had negative 2% growth. Procore's 14.5% growth is a premium of 16.5 percentage points compared to these sectors. We believe that continuing to execute the way we have will extend our category leadership and increase our market share.

在許多方面，擴張也表現強勁，我們繼續看到 CrossSell 對擴張預訂的貢獻不斷提高，這主要歸功於我們的市場營運模式。我們對這些結果非常滿意，尤其是在美國非住宅和多戶住宅行業合計增長為負 2% 的建築宏觀經濟環境下執行的情況下。Procore 的成長率為 14.5%，比這些產業高出 16.5 個百分點。我們相信，繼續以我們目前的方式執行，將鞏固我們在品類中的領先地位，並提高我們的市場份額。

Our strength in the quarter also contributed to strength in CRPO. Keep in mind that this metric has been benefiting primarily from longer average contract duration, and we saw this dynamic increase further in Q3, which incrementally benefited CRPO. When normalizing CRPO for this dynamic, the year-over-year growth is consistent with both Q3 revenue growth and ending ARR growth. We expect this disparity to shrink as early as Q4 as we begin to anniversary the longer contract duration impact.

本季我們的強勁表現也帶動了 CRPO 的強勁成長。請記住，該指標主要受益於平均合約期限的延長，我們在第三季度看到這種動態進一步增加，這逐步提高了 CRPO。當對 CRPO 進行這種動態調整後，年增速與第三季營收成長速度和期末 ARR 增速均相符。我們預計，隨著較長合約期限的影響開始顯現，這種差距最早將在第四季縮小。

Taking a step back, the decision by our customers to lengthen their contract terms is a powerful reflection of their long-term commitment to Procore's platform.

從更宏觀的角度來看，客戶延長合約期限的決定有力地反映了他們對 Procore 平台的長期承諾。

In addition to durable growth, we also delivered another quarter of improvement in our non-GAAP operating margin, which increased 380 basis points quarter on quarter. We are proud of this progression, which did include some one-time benefits in G&A, primarily pertaining to facility and tax reimbursements. The entire management team remains aligned and committed to continued profitability improvement, and we believe we are well positioned for margin expansion in the years to come.

除了持續成長外，我們的非GAAP營業利潤率也連續第二季有所提高，較上季成長了380個基點。我們為此進展感到自豪，其中確實包括一些一次性的一般及行政費用福利，主要涉及設施和稅收報銷。整個管理團隊保持一致，致力於持續提高獲利能力，我們相信我們已做好充分準備，在未來幾年實現利潤率的擴張。

From a share count perspective, our Q3 loss of diluted share count grew 1% year over year. Our lower dilution was driven by two factors: one, we continue to be disciplined in how we deploy equity compensation; and two, year to date, we have repurchased approximately $129 million in stock, representing 1.9 million shares.

從股份數量的角度來看，我們第三季稀釋後股份數量的減少額年增了 1%。我們較低的股權稀釋主要受兩個因素驅動：一是我們繼續嚴格控制股權激勵的使用；二是今年迄今為止，我們已回購了約 1.29 億美元的股票，相當於 190 萬股。

While our previously authorized repurchase program expired in October, we are pleased to announce that we have implemented a new repurchase program for another one-year period for an additional $300 million. This new program maintains our flexibility to opportunistically deploy a lever in our capital allocation strategy to optimize long-term shareholder value.

雖然我們先前批准的回購計劃已於 10 月份到期，但我們很高興地宣布，我們已實施一項新的回購計劃，為期一年，額外回購金額為 3 億美元。這項新計劃保持了我們的靈活性，使我們能夠抓住機會，在資本配置策略中運用槓桿，以優化股東的長期價值。

Our strong Q3 results reinforce the compounding power of our free cash flow per share algorithm, which can be summarized as: one, durable top-line growth. We feel very good about our ability to execute and take market share even in a challenging construction cycle. Two, continued margin improvement. We have demonstrated leverage in our model and are positioned for further margin expansion in the future. And three, we expect our diluted share count to grow modestly each year before repurchasing any shares. The combination of these levers is how we intend to compound free cash flow per share and drive shareholder value.

我們強勁的第三季業績鞏固了我們每股自由現金流演算法的複利效應，可概括為：一、持續的營收成長。即使在充滿挑戰的建築週期中，我們也對自身的執行能力和市佔率取得能力充滿信心。第二，利潤率持續提升。我們的模式已經展現出槓桿效應，並已做好準備，在未來進一步擴大利潤率。第三，我們預計在回購任何股份之前，我們的稀釋股份數量每年將小幅增長。我們計劃透過這些手段的組合來提高每股自由現金流並提升股東價值。

With that, let's move on to our outlook. For the fourth quarter of 2025, we expect revenue between $339 million and $341 million, representing year-over-year growth of 12% to 13%. Q4 non-GAAP operating margin is expected to be 14.4%.

接下來，讓我們展望未來。我們預計 2025 年第四季的營收將在 3.39 億美元至 3.41 億美元之間，年增 12% 至 13%。預計第四季非GAAP營業利益率為14.4%。

For the full year fiscal 2025, we are raising our revenue guide to a range of $1.312 billion-$1.314 billion, representing total year-over-year growth of 14%. We are also raising our non-GAAP operating margin guidance for the year to be 14%, which implies year-over-year margin expansion of 400 basis points.

對於 2025 財年全年，我們將營收預期上調至 13.12 億美元至 13.14 億美元，年增 14%。我們同時將本年度非GAAP營業利潤率預期上調至14%，這意味著年比利潤率成長400個基點。

Regarding fiscal 2026, we are generally comfortable with the Street's revenue dollar estimate per FactSet and do not feel the need to update estimates at this time. Given Ajei is starting as CEO next week, we want to provide him sufficient time to onboard and ramp before providing formal guidance.

關於 2026 財年，我們基本上認同 FactSet 給出的華爾街營收美元預測，目前不認為有必要更新預測。鑑於 Ajei 將於下週開始擔任 CEO，我們希望給他足夠的時間熟悉情況並順利上手，然後再提供正式的指導。

And before I close, on behalf of Howard and the entire Procore team, I want to say to Tooey, thank you. We are all grateful to have had this opportunity to work for you. Your authentic leadership has influenced us tremendously. And I know I'm not alone when I say that you have truly made this world a better place, not just because of the success of Procore, but also because of the success of our customers and the success of all the individuals you have impacted by your life's work.

最後，我謹代表 Howard 和整個 Procore 團隊，向 Tooey 說謝謝。我們都非常感激有機會為您工作。您真誠的領導力對我們產生了巨大的影響。我知道我不是唯一一個這樣認為的人：您確實讓這個世界變得更美好，這不僅是因為 Procore 的成功，也是因為我們的客戶的成功，以及您畢生工作所影響的所有人的成功。

So for myself and on behalf of our leadership team, employees, customers, and shareholders, we are thrilled that your mission continues here at Procore, and we look forward to supporting you in your next chapter as Chair of the Board.

因此，我謹代表我自己以及我們的領導團隊、員工、客戶和股東，非常高興您在 Procore 繼續您的使命，我們期待在您擔任董事會主席的下一個篇章中為您提供支持。

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

接下來，讓我們把問答環節交給接線生。

(Operator Instructions) DJ Hynes, Canaccord.

（操作說明）DJ Hynes，Canaccord。

First, Tooey, congrats on all that you've accomplished. I know this isn't goodbye, but wishing you the best of luck in the new role. Maybe we can start, Tooey. Yeah, of course. I think you've said in the past that perhaps the signal of a turning point in end-market demand would start with the owners.

首先，Tooey，恭喜你所取得的所有成就。我知道這不是告別，但祝你在新的職位上一切順利。或許我們可以開始了，圖伊。當然。我認為你過去曾說過，終端市場需求轉折點的訊號或許會從業主開始。

So I guess the question is, is that still a reasonable way to think about things? And what are you seeing in that segment of the business?

所以我想問的是，這種思考方式現在還合理嗎？那麼，您在該業務領域看到了什麼？

Let me start with what I'm seeing, and then I'll talk about the owners in particular. The headline is that what we're seeing in the macroenvironment is pretty much what we saw last quarter, and the quarter before that, and the quarter before that. So there really has not been a big change in the macro headwinds that are out there.

讓我先說說我看到的情況，然後再重點談談業主們。總的來說，我們目前在宏觀環境中看到的情況，與上個季度、上個季度以及再上個季度的情況基本上相同。所以，目前面臨的宏觀不利因素並沒有太大變化。

But as I've told you in the past, I do believe that owners are -- that's where projects begin, right? And so the more owners get excited about building projects, the better it is for Procore because we sell to owners, GCs, and subs. So in general, it is a good place to look for it. And as I said in my opening remarks, we do believe that this is going to -- this headwind will eventually turn and we will have a tailwind.

但正如我之前告訴過你的，我相信業主——專案就是從業主那裡開始的，對吧？因此，業主對建築專案的熱情越高，對 Procore 就越有利，因為我們向業主、總承包商和分包商銷售產品。所以總的來說，這裡是個尋找它的好地方。正如我在開場白中所說，我們相信這股逆風最終會轉變，我們將迎來順風。

But I do want to also caution you that when that happens, it takes time for projects to get greenlit and to get permitted and to put into construction volume before it hits Procore's revenue. But it will turn, and we're excited about that.

但我還要提醒您，當這種情況發生時，專案需要時間獲得批准、取得許可並投入建設，才能最終為 Procore 帶來收入。但情況終會好轉，我們對此感到興奮。

Perfect. Thank you. And then, Matt, maybe a follow up for you. I mean, the comment that stood out in your prepared remarks was that net new ARR growth came in notably faster than revenue growth. And I just want to unpack kind of what you're trying to convey there, and does that portend revenue growth acceleration here in the future?

完美的。謝謝。然後，馬特，或許我該跟進一下。我的意思是，在你準備好的發言稿中，最突出的一點是，新增年度經常性收入的成長速度明顯快於收入成長速度。我想仔細分析一下您剛才想表達的意思，這是否預示著未來營收成長將會加速？

Sure. This was a very common question we got 90 days ago as well when we reported Q2. And so I'll just reiterate, we had another strong quarter. We're on pace for a strong year. And all of our commentary we made 90 days ago around our base case of growth, I would reiterate that today. If anything, the third quarter just increased our confidence in this topic.

當然。這也是我們在90天前發布第二季財報時常被問到的問題。因此，我再次重申，我們迎來了一個強勁的季度。我們有望迎來強勁的一年。我今天仍然要重申我們90天前圍繞增長基本情況所做的所有評論。如果有什麼變化的話，那就是第三季的數據增強了我們對這個問題的信心。

Obviously, there is an upside case. There is a downside case. We can talk about those if you're interested. Right now, we are operating well within the base case, and we feel really good about that. Our optimism is high. Our confidence is high. And yeah, we're looking forward to delivering a Q4 when we report in February.

顯然，也存在有利的情況。也存在不利的一面。如果你有興趣，我們可以聊聊這些。目前，我們的營運一切順利，完全符合預期，對此我們感到非常滿意。我們信心十足。我們信心十足。是的，我們期待在二月發布第四季財報時帶來更好的業績。

Matthew Martino, Goldman Sachs.

馬修馬蒂諾，高盛集團。

First of all, Tooey, I'd echo the congratulations on your last earnings call in retirement. Excited to see your impact as you continue to work behind the scenes with customers.

首先，Tooey，我也要恭喜你退休後最後一次財報電話會議圓滿結束。期待看到你繼續在幕後與客戶合作，並產生正面的影響。

For the first question I have here for Tooey. Yes, of course. Tooey, I'd love to hear your perspective on how you think about the data center opportunity. I appreciate that this is kind of 2%, 3% share of non-RES historically, but there's been a flurry of major announcements in the past three months. Procore itself signed a large expansion in the quarter.

我第一個問題要問 Tooey。是的當然。Tooey，我很想聽聽你對資料中心機會的看法。我知道這在歷史上只佔非再生能源的 2% 到 3%，但過去三個月出現了一系列重大公告。Procore公司本身在本季也簽署了一項大型擴張協議。

Wondering if your thinking here has evolved on how impactful the data center buildout can be for Procore, especially with a few of your larger customers directly tied to the theme. Then I have a follow up.

我想知道您對資料中心建立對 Procore 的影響程度的看法是否有所改變，尤其是考慮到您的一些大客戶與此主題直接相關。然後我還有後續問題。

Yeah. So Matt, first and foremost, I would have corrected you, but you said it for me, which is data centers, as exciting as they are, do not make up a very large portion of the overall construction economy. But I think that being said, first is I also want to say Procore has done very, very well in the data center world. We're everywhere, and it's something that we're very proud of. It is a strength.

是的。所以馬特，首先，我本來想糾正你，但你已經替我說了，那就是資料中心雖然令人興奮，但在整個建築經濟中所佔的份額並不大。但我想說的是，首先我還想說，Procore 在資料中心領域做得非常非常出色。我們無所不在，我們為此感到非常自豪。這是優勢。

As you know, the construction economy is made up of many different sectors. And when one wanes, one waxes. And so we have a -- that is one example of an area in the market which is doing particularly well, which you can also look at things like multi-family, which have been struggling for the last few years as a downward trend.

如您所知，建築經濟由許多不同的部門組成。當一方衰落時，另一方就會崛起。因此，我們看到——這是一個市場中表現特別好的領域的例子，你也可以看看像多戶住宅這樣的領域，它們在過去幾年裡一直處於下滑趨勢。

So data centers are exciting. Everybody's talking about it, but it is a small portion of our business.

所以資料中心令人興奮。大家都在談論這件事，但這只占我們業務的一小部分。

Got it. Thanks a lot. And then Matt, for you, nice to see CRPO hanging in there in the mid-teens. Could you maybe peel that back a little bit and give us a sense of how renewals trended in the quarter, whether you're seeing a higher proportion of stable or growing ACV commitments relative to the past few quarters? Thanks.

知道了。多謝。還有馬特，很高興看到 CRPO 能堅持到十幾名外。您能否再詳細解釋一下，讓我們了解本季續約的趨勢，與過去幾季相比，您是否看到穩定或成長的年度合約價值承諾比例更高？謝謝。

Yeah. The two dynamics influencing the reported number were all of the strengths Tooey talked about in the strong quarter. And I would include renewals in that category. It was very healthy in that regard.

是的。影響報告數字的兩大因素，正是 Tooey 在強勁季度中所提到的所有優勢。我會把續約也歸入這一類。從這方面來說，它非常健康。

The other dynamic, obviously, is what we also called out in my prepared remarks around the contract duration ticking up. But the underlying health of the business, I would describe as stable to positive and trending in the right direction. So we feel pretty good about that.

另一個顯而易見的動態是，正如我在事先準備好的發言稿中提到的，合約期限正在逐漸延長。但就企業整體健康狀況而言，我認為是穩定到良好，並且正朝著正確的方向發展。所以我們對此感覺相當不錯。

Yeah. Matt, one thing that just jumped out at me, and that's why I put it in the prepared remarks, is the fact that Procore now has $1 trillion of committed construction volume annually on our platform. And when I set out to start this business many, many years ago, I could have never imagined having that amount of impact on an industry. And it's just a testament to how we're doing with the new acquisition of customers as well as our expansion of our existing.

是的。馬特，有一件事讓我印象深刻，這也是我把它寫進準備好的發言稿的原因，那就是 Procore 平台上的年度承諾建設量現在達到了 1 兆美元。很多年前我創辦這家公司的時候，做夢也沒想到會對一個產業產生如此大的影響。這充分證明了我們在獲取新客戶以及拓展現有客戶方面做得多麼出色。

And Matt, you might remember last November at the Investor Day, that number was roughly $900 billion. So it gives you another sense of how customers are feeling about their renewal activity with us.

馬特，你可能還記得去年 11 月的投資者日上，這個數字大約是 9,000 億美元。這樣可以讓你從另一個角度了解客戶對我們續約活動的感受。

Brent Thill, Jefferies.

布倫特‧蒂爾，傑富瑞集團。

The CRPO, I think, is the highest growth you've seen in seven quarters. And I'm just curious if there's anything to consider as just a sign of, hey, ongoing continued good execution, macro maybe opening up a bit, or any other factors on that side. Then I had a quick follow-up.

我認為，CRPO 是七個季度以來最高的成長。我只是好奇，這是否預示著某種跡象，例如持續良好的執行力、宏觀經濟可能略有開放，或其他任何相關因素。然後我又快速地跟進了一次。

I'm going to let Matt start, and then I'm going to come in over the top.

我打算讓馬特先開始，然後我從後面接球。

Yeah. Hey, Brent. So the two drivers of the CRPO performance are: one, strong quarter. We can talk about our category leadership. I'll let Tooey cover that. And then obviously, the second dynamic is the increasing contract duration that we've been having. When you're normalizing for all of that, the underlying CRPO growth rate is very consistent with the revenue growth rate in the quarter. But I'll let Tooey explain like thematically what's been happening in the business.

是的。嘿，布倫特。因此，CRPO業績的兩個驅動因素是：一、強勁的季度業績。我們可以談談我們在品類中的領先地位。我會讓圖伊來報道這件事。很顯然，第二個動態是合約期限不斷延長。考慮到所有這些因素，實際的 CRPO 成長率與當季的收入成長率非常一致。但我會讓圖伊從主題上解釋一下這個行業最近發生的事情。

Well, so you hear me say all the time, Brent, that first and foremost, the opportunity is so large. The TAM is so big. And also the fact that we are the system of choice for the industry when it comes to construction management, primarily because we're the best platform that's out there.

布倫特，你常聽我說，首先，機會非常大。潛在市場規模非常大。此外，我們也是建築管理領域產業首選的系統，這主要是因為我們是目前最好的平台。

And I think the other contributing factor is our go-to-market motion has been very strong, and it's driven by an extremely good brand presence in the markets that we serve. So all of that just reflects the strength of us and how we're feeling -- how our customers feel about us.

我認為另一個促成因素是我們的市場推廣力度非常強勁，這得益於我們在所服務市場中極佳的品牌影響力。所以這一切都反映了我們的實力和我們的感受——以及我們的客戶對我們的感受。

Okay. And just on the go-to market. Tooey, you mentioned it's yielding benefits. I know many of the changes are in the rearview mirror. But where have you started to see kind of the biggest improvements in the field? What has been maybe your and Larry's proudest moment of what the change is? Is there one or two areas that you can point to and highlight that this has been a great outcome?

好的。而且就在市場上。Tooey，你提到它正在產生效益。我知道很多改變都已成為過去。但是，您認為該領域最大的進步是從哪裡開始出現的呢？你和拉里最引以為傲的改變時刻是什麼？您能否指出一兩個方面，並強調這是一個非常好的結果？

Yeah. So I would say primarily, the customer intimacy that we have generated through providing additional resources to our customers to make them more successful is something that really is driving a lot of goodwill, which leads to both revenue expansion on dollars committed as well as additional products being sold. So that has that downstream impact, which is really, really powerful. And so we have been kind of excited about that.

是的。因此，我認為最重要的是，我們透過向客戶提供額外資源以幫助他們取得更大成功而建立的客戶親密關係，確實帶來了很多商譽，這既帶來了已投入資金的收入增長，也帶來了更多產品的銷售。所以這會產生下游影響，而且這種影響非常非常強大。所以，我們對此感到非常興奮。

And I don'tt know if you want to add anything.

我不知道你是否還有什麼要補充的。

Yeah. So I would talk about there are some pretty tangible benefits we've seen. Overall, improved execution, which is great. We've now had a few quarters in a row. It really began in Q4 of last year and has continued in Q3 of this year. We've got higher pipe conversion, which is a great sign, improving expansion rates.

是的。所以我想談談我們已經看到的一些非常實際的好處。總體而言，執行力有所提高，這很好。我們已經連續幾個季度都取得了這樣的成績。這種情況實際上始於去年第四季度，並延續至今年第三季。管道轉換率提高了，這是一個好兆頭，提高了擴張速度。

We've actually had lower voluntary headcount attrition in sales and go-to-market, which is great. That keeps productivity online for a longer period of time. And then clearly, the big one is when you hear directly from customers themselves, and Tooey touched upon that.

實際上，我們在銷售和市場推廣方面的人員自願離職率有所下降，這很好。這樣可以延長線上工作時間。顯然，最重要的是直接聽取客戶的意見，Tooey 也談到了這一點。

So in aggregate, we feel like we're operating quite well. We think we are where we thought we would be. At the same time, there's no mission accomplished banner being hung up in the Procore offices here. We want to get better. We see opportunities to get better, and we will. We're pleased where we are right now.

總的來說，我們感覺我們的營運狀況相當不錯。我們認為我們已經達到了我們預期的目標。同時，Procore 辦公室裡並沒有掛出任務完成的橫幅。我們想變得更好。我們看到了進步的機會，而且我們一定會做到。我們對現狀很滿意。

Saket Kalia, Barclays.

薩克特·卡利亞，巴克萊銀行。

Tooey, really nice way to cap off your term as CEO, so kudos.

Tooey，這真是你作為CEO任期完美結束的絕佳方式，值得稱讚。

Thanks, Saket.

謝謝你，薩凱特。

Absolutely. Actually, Tooey, maybe on that topic for you. I don't know if it has been said yet, but just congrats on hiring Ajei. I mean, he did a great job at Ansys. So great to see.

絕對地。其實，Tooey，也許關於這個話題我可以跟你說。我不知道之前有沒有人說過，但還是要祝賀你們聘用了阿傑伊。我的意思是，他在 Ansys 的工作非常出色。真是太好了。

Understanding that he hasn't started yet, what are some of his ideas about the business that maybe intrigued you during the search process? I am curious. And I don't want to pre-announce anything that he is planning, but I am just kind of curious. What was intriguing about some of his thoughts on the business?

考慮到他還沒有正式開始，在尋找合適人選的過程中，他有哪些關於公司發展的想法可能引起了你的興趣？我很好奇。我不想提前透露他的任何計劃，但我確實有點好奇。他對商業的一些看法有哪些引人入勝？

Yeah. So it was remarkable because early on in the conversations that Ajei and I were having, we kept honing in on our passions around serving the people who build the world around us. And his experience prior to his new role at Procore really, really is a good analog to what we're trying to do here. So first and foremost, that was kind of the moment where I think we both saw like, wow, this is something that could be great.

是的。所以這很了不起，因為在我和阿傑伊的早期對話中，我們不斷地聚焦於為建立周圍世界的人們服務這一共同的熱情。他在加入 Procore 擔任新職務之前的經歷，與我們現在正在做的事情，確實非常相似。所以首先，我覺得那一刻我們兩個都意識到，哇，這可能會是一件很棒的事。

And I've had the great privilege of getting to know Ajei over the last couple of months and even more in the last few weeks. It just turned out that he is not only a great operator, but he's also just a great person. I was driving into work this morning thinking to myself like, I am more confident now than I've ever been because I have so much faith in him. And he's such an inspirational leader. So that's a comforting place to be in this moment in my life.

在過去的幾個月裡，我有幸結識了阿傑伊，尤其是在過去的幾周里，我們之間的了解更加深入。事實證明，他不僅是一位優秀的經紀人，而且也是一位非常棒的人。今天早上開車上班的時候，我一直在想，我現在比以往任何時候都更有自信，因為我對他充滿信心。他是一位非常鼓舞人心的領導者。所以，在人生的這個階段，待在那裡讓我感到很舒服。

Yeah. That's great. Matt, maybe for you, for my follow-up. I know we don't talk about net revenue retention rates expressly, but it sounds like they're trending up. I was wondering if you could confirm that. And maybe more specifically, what products specifically are sort of driving what sounds like an improving NRR and whether we think it can continue into next year?

是的。那太棒了。馬特，也許是為了你，為了我的後續跟進。我知道我們沒有明確討論淨收入留存率，但聽起來它們呈現上升趨勢。我想請您確認一下。更具體地說，哪些產品具體地推動了淨收入率的提升，以及我們認為這種提升能否持續到明年？

Sure. So there's some puts in -- we disclose that metric every Q4. And when we report in February, we'll definitely quantify it. So I'll keep my answer qualitative to your point.

當然。所以有一些看跌期權——我們會在每個季度第四季度披露該指標。我們在二月的報告中一定會對此進行量化。所以我會就你的觀點給出定性回答。

But there are puts and takes going on in there. I would describe churn year to date as stable, which is good. I would describe expansion as improving. So those two things would be the tailwind going into NRR. The headwind would actually be the same dynamic that's happening in CRPO with the longer contract duration.

但其中也有買賣交易。今年迄今的客戶流失率保持穩定，這是件好事。我會把擴張描述為改進。所以這兩件事將成為推動淨收益率上升的順風。實際上，這種不利因素與 CRPO 中由於合約期限較長而出現的動態相同。

One of the reasons why customers are electing to take longer-term contracts is the option to pool your construction volume. You may have heard us talk about this before, pooled models. Pooled models are a great option for customers. It's a win-win. We get a longer commitment. They get a lot more flexibility. We're quite happy about that.

客戶選擇簽訂長期合約的原因之一是可以選擇集中施工量。您可能之前聽過我們談過這個，混合模型。共享模式對客戶來說是個很好的選擇。這是雙贏。我們獲得了更長的合約期限。他們獲得了更大的靈活性。我們對此感到非常高興。

But those contracts do come with an NRR of 100% throughout that contract term. So that's the headwind. So I wouldn't be surprised we end up in a very similar place where we were last Q4. This is why it's not the best metric for us. You can see the financials may look good, but NRR may look unchanged for all the reasons I described.

但這些合約確實保證在整個合約期間內淨收益率 (NRR) 為 100%。這就是逆風。所以，如果我們最終的處境與上個季度第四季非常相似，我不會感到驚訝。這就是為什麼它對我們來說不是最佳衡量標準的原因。你可以看到財務數據看起來可能不錯，但由於我所描述的所有原因，淨收益率可能看起來沒有變化。

And then on the product front, if I had to single one, I would probably pick financials. But as you may have recalled what we talked about at Groundbreak, we're pretty optimistic about what's going on in resource management. And those are things there that are going to be quite beneficial to us in the long term.

至於產品方面，如果非要我選一個的話，我可能會選金融產品。但正如你可能還記得我們在 Groundbreak 大會上討論的內容一樣，我們對資源管理領域的發展前景相當樂觀。從長遠來看，這些東西對我們非常有益。

I would throw in analytics as well. Our customers love our analytics product.

我還要補充一點數據分析。我們的客戶非常喜歡我們的分析產品。

Jason Celino, KeyBanc Capital Markets.

Jason Celino，KeyBanc Capital Markets。

Sorry. On mute. Anyways, Tooey, it's been a pleasure. (multiple speakers) Yeah. You'd think after five years, we'd figure out the mute button, but I guess not. But no, Tooey, it's been a pleasure. And we'll still see you at Groundbreak, so you won't disappear from our lives completely.

對不起。靜音。總之，Tooey，和你相處很愉快。（多人發言）是的。你可能會覺得，五年過去了，我們應該早就弄清楚靜音鍵是怎麼回事了，但看來並非如此。但是，圖伊，不，我非常榮幸。我們也會繼續在 Groundbreak 見到你，所以你不會完全從我們的生活中消失。

But like taking a step back a little bit, I think when you guys went public four years ago, you had that chart showing that construction was, what was it, the second under-digitized industries. I know the industry's made a lot of progress over the last few years. (multiple speakers)

但讓我們稍微回顧一下，我認為你們四年前上市時，你們曾發布過一張圖表，顯示建築業是，嗯，是第二大數字化程度較低的行業。我知道在過去幾年裡，這個行業取得了很大的進步。（多位發言者）

Yes, yes. Good memory. When we think about what the next five years might look like, where do you think the industry digitizes the most? Open-ended question, but thought I'd ask.

是的，是的。記憶力好。當我們展望未來五年時，您認為產業數位化程度最高的領域是什麼？這是一個開放式問題，但我還是想問。

Yeah. By the way, this is one of the things that I just am so grateful for because we do have this corpus of proprietary construction data that is unprecedented. In this era of AI, I believe that we are extremely well-positioned to drive tremendous productivity into the entire industry, from the owners to the GCs all the way to the subs. And it's because we have this data that we can share with the industry. So they do not have to make the same mistakes over and over again and they can optimize their business.

是的。順便說一句，我對此感到非常感激，因為我們擁有前所未有的專有建築數據。在人工智慧時代，我相信我們擁有得天獨厚的優勢，能夠大大提高整個產業的生產力，從業主到總承包商，再到分包商。正因為我們擁有這些數據，我們才能與業界分享。這樣他們就不必一遍又一遍地犯同樣的錯誤，並且可以優化他們的業務。

The industry has been plagued for decades with a labor shortage. The more we can do to drive productivity into the organizations that we are serving, the better they perform as companies. And the more grateful they are, the more they want to buy Procore. So I'm really excited about our opportunity to leverage the data on the platform to enable this industry to get off the bottom of that list and move up.

幾十年來，該行業一直飽受勞動力短缺的困擾。我們越能提高所服務組織的生產力，這些組織的績效就越好。他們越是心存感激，就越想買 Procore。因此，我非常興奮我們有機會利用平台上的數據，使這個行業擺脫墊底的位置，向上發展。

Okay, great. I think you're still beta testing some different pricing and packaging adjustments. Just curious how that testing is going and when we might hear more concrete details of when these changes will be rolled out across the board. Thanks.

好的，太好了。我認為你們還在對一些不同的定價和包裝調整進行beta測試。我只是好奇測試進展如何，以及我們何時才能聽到關於這些變化何時全面推出的更具體細節。謝謝。

Sure. I can take that one. What Jason's referring to, if you don't know, is historically, our products have been sold à la carte. And we are in a pilot right now with a cohort of current customers and new logo prospects where we are offering our solutions in kind of a good, better, best bundles and packages that are tailored to the stakeholder. So, so far, Jason, it's going quite well. I would say the feedback from customers has been positive in terms of the simplicity of the menu of options. If you want to land with a modest amount of solutions, you can.

當然。我可以接受這個。如果你不知道的話，Jason 指的是，從歷史上看，我們的產品都是以單點方式銷售的。我們目前正在對一群現有客戶和潛在客戶進行試點，以「好」、「更好」、「最佳」的組合和套餐形式提供我們的解決方案，這些組合和套餐都是根據利益相關者的需求量身定制的。傑森，到目前為止，一切進展順利。我認為顧客對菜單選項的簡潔性給予了正面的回饋。如果你想只提交數量適中的解決方案，也是可以的。

And you have a very clear graduation path to adopting a bit more. And that was the downside to our prior, I should say, our current model right now. We're not really expecting this offering to really change the financial trajectory of the business. It's really just more about simplicity and having something very digestible for customers to kind of consume so we can digitize them on their own journey path.

而且，你還有一條非常清晰的畢業路徑，可以逐步增加收養的比例。這就是我們之前，或者說我們現在的模式的缺點。我們並不指望這項產品能真正改變公司的財務走向。其實更重要的是簡單易懂，讓客戶能夠輕鬆接受並消費，這樣我們才能以自己的方式引導他們實現數位轉型。

Jason, we've been hearing this for years from our customers that there's a certain subset of our prospects that would much prefer a simpler pricing model so they don't have to go through the à la carte process. This is just another example of Procore meeting our customers where they want us to meet them. And I am very excited that it is showing such positive results.

傑森，多年來我們從客戶那裡一直聽到這樣的回饋：有一部分潛在客戶更喜歡簡單的定價模式，這樣他們就不必經歷逐項選擇的過程。這再次體現了Procore如何以客戶希望的方式滿足他們的需求。我很高興它取得瞭如此積極的成果。

Joe Vruwink, Baird.

Joe Vruwink，Baird。

A big congrats to you, Tooey. The large-scale activities is good to see. There's nothing that strikes me about the seasonality in 2Q and 3Q that's naturally conducive to large deals or surfacing large deals. I would think that 4Q is probably when more large deals tend to happen. So I just wanted to confirm that point that you're not pulling anything out of the pipeline early, that sort of thing.

Tooey，恭喜你！看到這些大規模活動是件好事。在我看來，第二季和第三季的季節性因素並沒有什麼特別之處，能夠自然而然地促成大額交易或出現大額交易。我認為第四季可能是發生更多大型交易的時期。所以我只是想確認一下，你們沒有提前從管道中取出任何東西，諸如此類的事情。

But more specifically, just asking about how the 4Q large-scale opportunity is shaping up and if the conversion rates you noted earlier stay at pretty good levels, could that maybe be an upside driver as you think about how you're going to exit this year?

但更具體地說，我想問的是，第四季的大規模機會進展如何？如果您之前提到的轉換率保持在相當不錯的水平，這是否會成為您考慮今年如何結束業績的利多因素？

Yeah. It's a great question. I'll start, and Tooey can kind of come in over the top. You're right. Typically, in software and certainly at Procore's history, you do not see the large-scale activity in the middle of the year. You typically see it in Q4. It's difficult for us to discern if this is a new pattern given it's a small sample size. But I do think the one large change from our past to today is we are in a little bit of a different operating model. So we are giving the team credit for that.

是的。這是一個很好的問題。我先開始，Tooey 可能會有點搶戲。你說得對。通常情況下，在軟體產業，尤其是在 Procore 的發展歷程中，你不會看到年中出現大規模的業務活動。通常在第四季可以看到這種情況。由於樣本量較小，我們很難判斷這是否是新的模式。但我認為，從過去到現在，最大的變化是我們採用了略有不同的營運模式。所以我們應該把功勞歸給團隊。

I would say our Q4 pipe looks healthy. I like the breadth of it. We have a large quantity of different stakeholders, different GOs, different deal sizes, frankly. So whether the large-scale activity continues in Q4 or not remains to be see, but Our optimism is quite positive in Q4.

我認為我們Q4管道狀況良好。我喜歡它的廣度。坦白說，我們有大量不同的利害關係人、不同的政府組織、不同規模的交易。因此，第四季大規模活動是否會繼續還有待觀察，但我們對第四季持相當樂觀的態度。

I guess the only thing I'll add is, I said this in the opening remarks, and Matt just alluded to it, but the success in the quarter was based on a broad set of stakeholders, right? So we're no longer a company that relies so super heavily on GCs. We have a very strong owners' business and a subcontractor business as well. And so going into Q4, it's nice to see that mix across all stakeholders.

我唯一要補充的是，我在開場白中說過，馬特也剛剛提到過，本季的成功是基於眾多利益相關者的共同努力，對吧？所以我們不再是一家過度依賴總承包商的公司了。我們擁有實力雄厚的業主自營業務和分包商業務。因此，進入第四季度，很高興看到所有利害關係人之間呈現出這種平衡。

Okay. That's great. And then I wanted to ask, and I know you kind of addressed 2026 with where street estimates are, I guess, leaving that aside for a moment, I think in the past, another way you've typically addressed forward revenue potential is to steer folks back to your CRPO growth.

好的。那太棒了。然後我想問一下，我知道您已經根據市場預測談到了 2026 年的情況，我想，暫且把這一點放在一邊，我認為在過去，您通常談到未來收入潛力的另一種方法是引導人們關注您的 CRPO 增長。

And so if that's growing very near revenue today, I would normally think about that type of growth rate as maybe a starting point for what next year's revenue can be. Without getting super explicit on the exact number, is that relationship still applicable here? Or has something changed about CRPO where it's not going to have that relationship anymore?

因此，如果目前的成長率非常接近收入，我通常會把這種成長率視為明年收入的起點。不具體說明數字，這種關係在這裡仍然適用嗎？或者CRPO的情況發生了變化，不再與CRPO維持這種關係了嗎？

I would say that relationship would still exist, but I do think we have to remember we are getting a new boss on Monday. And when we want to provide our formal guide for next year, we'll do that in February. And then I think that's probably the best point in time to talk about next year more specifically than we have done this year. But we can speak about Q3. We can talk a little bit about our confidence level in this current quarter, that remains. And I would use that information as you wish.

我認為這段關係還會繼續存在，但我們必須記住，週一我們將迎來一位新老闆。我們計劃在二月發布明年的正式指南。我認為現在可能是更具體地討論明年計劃的最佳時機，而不是像今年這樣討論得那麼深入。但我們可以談談第三季。我們可以稍微談談我們對本季的信心水平，目前依然如此。我會按照您的意願使用這些資訊。

Joshua Tilton, Wolfe Research.

Joshua Tilton，沃爾夫研究公司。

Congrats, Tooey, on a great run. And congrats, Matt, on tonight. You did a great job.

恭喜 Tooey，跑得真棒！恭喜你，馬特，今晚表現出色。你做得很好。

Two questions for me. Maybe the first one, kind of a follow-up to Saket's question, but a little bit more direct. Tooey, you're messaging how you feel you're leaving the company from a position of strength. So as you transition the leadership role from a position of strength to somebody who we also agree with you is going to be a great leader, where do you just see the -- where do you see the place that Ajei can maybe make the biggest positive improvement to the business over the next few years?

我有兩個問題。或許第一個問題算是 Saket 問題的後續，但更直接一些。Tooey，你傳遞的訊息是，你覺得自己是在公司處於強勢地位的情況下離開的。因此，當您將領導角色從強勢地位過渡到我們也認為會成為優秀領導者的人時，您認為在未來幾年裡，Ajei 可以在哪些方面為公司帶來最大的積極改進？

Well, as I mentioned, Josh, when I went out searching for the next leader of Procore, the primary driver I was looking for is somebody who's actually seen this before. They've taken a business from a billion to three to five and that they actually know and have the pattern recognition to do so, and they do so successfully.

正如我之前提到的，Josh，當我尋找Procore的下一任領導人時，我主要考慮的是是否有人真正見過這種情況。他們將一家公司從十億發展到三億再到五億，而且他們確實知道這樣做的訣竅，並且具備這種模式識別能力，而且他們成功地做到了。

The other piece was across the fact that Ajei has so much experience building a global business, building out partner ecosystems, all the things that are kind of the next phase needed for Procore. So I think he brings a toolbox with him that is filled with the tools that are required to build the future of Procore.

另一點是，Ajei 在建立全球業務、建立合作夥伴生態系統方面擁有豐富的經驗，而這些正是 Procore 下一階段所需要的。所以我認為他帶來了一個工具箱，裡面裝滿了建立 Procore 未來所需的工具。

Helpful. And then maybe just the follow-up for Matt. Also, maybe I acknowledge it's a little too early here, but I guess when we think about Ajei's ability to make all those changes that you just mentioned five seconds ago, you're very clear on the call that you guys are committed to expanding margins going forward.

很有幫助。然後或許只是給馬特的後續報告。另外，也許我承認現在說這些還為時過早，但我想，當我們考慮到 Ajei 有能力做出你剛才五秒鐘前提到的所有那些改變時，你在電話會議上非常明確地表示，你們致力於在未來擴大利潤率。

Do you feel like you can remain committed to that margin expansion while also giving Ajei the room that he needs to improve the growth profile of the business if he believes that that's the right path for Procore going forward?

您是否覺得，在堅持擴大利潤率的同時，也能給 Ajei 足夠的空間，讓他能夠改善公司的成長狀況（如果他認為這是 Procore 未來發展的正確方向）？

Short answer is yes. I think the range of magnitude and the exact quantification of that needs to be determined, which I think your question is very spot-on and fair. And quite frankly, something we'll be talking about a lot internally over the quarter before we lock this plan. But we have been spending some time with him already before his formal start date.

簡而言之，答案是肯定的。我認為需要確定其量級範圍和確切的量化指標，我認為你的問題非常切中要害，也很合理。坦白說，在最終確定這項計劃之前，我們會在本季內部對此進行大量的討論。但在他正式上任之前，我們已經和他相處了一段時間。

And I'd just echo the comments Tooey made. This is a very credible operator. He has really asked a lot of excellent questions to us. And I'm filling in for Howard tonight, but I think it's very safe to speak on his behalf by saying our job is to give him as many options and paths and flexibility as possible. And we are guiding for 400 bps of non-GAAP EBIT expansion this year. I think that's a very doable number next year. I think it's likely we go a little bit higher than that. But beyond that, I think it's appropriate for him to get into the seat, and then we can actually deliver something next year.

我完全同意 Tooey 的評論。這是一家非常可靠的營運商。他真的問了我們很多非常好的問題。今晚我代替霍華德發言，但我認為我可以很肯定地代表他發言，我們的工作是盡可能給他更多的選擇、途徑和靈活性。我們預計今年非GAAP EBIT將成長400個基點。我認為明年這個數字是完全可以實現的。我認為我們最終的成交價可能會比這個略高一些。但除此之外，我認為他應該坐上這個位置，這樣我們明年才能真正有所作為。

Ken Wong, Oppenheimer.

Ken Wong，奧本海默。

Since we're coming off of Groundbreak, Tooey would love to get some feedback from you in terms of kind of how customers were talking about the competitive landscape. What were you hearing in terms of your product versus one of your larger peers out there? Any kind of changes out there that you were picking up on?

由於我們剛剛結束了 Groundbreak 大會，Tooey 非常希望得到您的一些回饋，了解客戶是如何看待競爭格局的。與市場上規模較大的競爭對手相比，你聽到的關於你產品的各種說法是什麼？你注意到哪些變化了嗎？

Great question, Ken. I have to be totally honest with you. I did not talk to one customer who brought up a competitor once at Groundbreak, so that did not happen. But let me focus on the feedback that we got.

問得好，肯。我必須對你完全坦誠。在 Groundbreak 展會上，我沒有遇到任何一位客戶提及競爭對手，所以這種情況並沒有發生。但我想重點談談我們收到的回饋。

The feedback is that our customers and our prospects that attended Groundbreak were yet again blown away by the achievements we've done over the last 12 months since the last one. And we are just getting very, very positive feedback.

回饋顯示，參加 Groundbreak 大會的客戶和潛在客戶再次對我們自上次大會以來 12 個月內的成就感到驚嘆不已。我們收到的回饋都非常非常正面。

I want to tell you too, they're very excited about AI, right? As you know, this is going to change the world, and we're really bullish on it. I received an email yesterday from one of the CEO and the Chairman of the Board of one of the largest construction companies in America, talking about wanting to partner with me and partner with Procore to get a front-row seat to Procore's AI strategy as well as getting access early to our tools. So there is a lot of excitement around the things that Procore can do. And yeah, so that was it. No real talk about competition at all.

我也想告訴你，他們對人工智慧非常感興趣，對吧？正如你所知，這將改變世界，我們對此非常看好。昨天我收到一封來自美國一家大型建築公司執行長兼董事會主席的電子郵件，他們表示希望與我以及 Procore 合作，以便搶先了解 Procore 的人工智慧策略，並儘早使用我們的工具。所以大家對Procore的功能感到非常興奮。嗯，事情就是這樣。完全沒有真正談到競爭。

But Ken, hey, it's Matt. I would add, as far as actually what the internal data shows, I'll just reiterate what Tooey had said in his prepared remarks. We feel like this dynamic is quite favorable to Procore. And we stand behind our past disclosures on this front. It's been very consistent, very positive. So we feel quite good about it. We respect our competitors quite a bit, but we are very confident in ourselves to continue our category leadership.

但是肯，嘿，我是馬特。至於內部數據實際顯示的內容，我只想重申 Tooey 在事先準備好的演講稿中所說的內容。我們認為這種動態對Procore來說相當有利。我們堅持過去在這方面所作的披露。一直都很穩定，非常積極。所以我們對此感覺相當不錯。我們非常尊重我們的競爭對手，但我們對自己保持行業領先地位充滿信心。

Got it. Thanks, Matt. And then maybe just quickly, and I know you've touched a lot on the kind of the longer duration. I guess when you're looking at that data, any sense how much of that is maybe product-driven in terms of kind of customers wanting to commit more because of product and therefore it makes sense to maybe stretch things out? How much of that is the go-to market?

知道了。謝謝你，馬特。然後也許可以簡單說一下，我知道您已經談到了許多持續時間較長的問題。我想，當你查看這些數據時，你能不能意識到其中有多少是產品驅動的，例如客戶因為產品而想要投入更多，因此延長合約期限就顯得有意義了？其中有多少是出口市場？

Obviously, pushing up enterprise, you'll naturally see longer-term deals. Any context you can give us in terms of kind of some of the key components you think might be kind of pushing customers in this direction?

顯然，隨著企業規模的擴大，自然會看到更長期的交易。您能否提供一些背景信息，例如您認為可能促使顧客朝這個方向發展的關鍵因素有哪些？

I think all the things you bring up are fair and are contributing. A couple of things to note. Our go-to-market folks, they're not incentivized to sell a three-year contract over a two-year contract. So the duration or the term is very much determined by the customers themselves.

我認為你提出的所有觀點都很合理，也很有價值。有幾點要注意。我們的市場推廣人員並沒有動力去推銷三年期合約而不是兩年合約。因此，期限或期限很大程度上由客戶自己決定。

Now, some may want a longer period of time to ramp into a greater amount of products as you're bringing up. But if I had to pinpoint one specific cause or one specific driver, it probably has to do with these pooled contract models. And it's really about having more flexibility to deploy volume given there might be uncertainty into their project schedules. That would probably be the single biggest driver. But yes, as we move more up market, as we establish more strategic relationships with these customers, all of that is going to come with longer duration.

現在，有些人可能希望有更長的時間來逐步增加產品數量，就像你引入產品一樣。但如果非要指出一個具體原因或一個具體驅動因素，那可能與這些集中式合約模式有關。實際上，這關乎在專案進度可能存在不確定性的情況下，擁有更大的部署規模彈性。那很可能是最大的驅動因素。但是，隨著我們向高端市場邁進，隨著我們與這些客戶建立更具戰略意義的關係，所有這些都將帶來更長的持續時間。

I'd also point out that I firmly believe that we are so mission-critical to the customers that we serve that it only makes sense for them to make a longer-term investment in us. It's very difficult to rip and replace all of the things that Procore does. So when you make a commitment to Procore, you're making a commitment. And that's I think that's a testament to how mission-critical we are.

我還要指出，我堅信我們對所服務的客戶至關重要，因此他們對我們進行長期投資是理所當然的。要完全替換掉 Procore 的所有功能是非常困難的。所以，當你選擇 Procore 時，你就做出了承諾。我認為這足以證明我們肩負的任務有多重要。

Daniel Jester, BMO Capital Markets.

Daniel Jester，BMO資本市場。

Hi, this is Will Hancock on for Dan Jester. Thanks so much for taking our question. So you guys touched a bit on the macroenvironment. But just wondering if you'd be able to share any additional color on the current demand environment, if you're seeing traction in international GOs, given your guys' sales changes to the regions that add a layer of support. Thank you.

大家好，我是威爾·漢考克，替丹·傑斯特為您報道。非常感謝您回答我們的問題。你們剛才稍微談到了宏觀環境。但我想問一下，鑑於你們的銷售策略調整，加強了對各地區的支持，你們能否就當前的需求環境提供一些補充信息，例如國際訂單是否出現了增長？謝謝。

Maybe I should just start by saying -- I'm going to reiterate no change notably at all in the macroenvironment. It's still a challenging macroenvironment, both in the US and abroad. And so not a lot to say there. I don't know if you want to --

或許我應該先說明一點──我要重申，宏觀環境不會有任何顯著變化。無論在美國或國外，宏觀環境仍充滿挑戰。所以也沒什麼好說的了。我不知道你是否願意--

No, I concur. It's been very consistent, not getting worse, not getting better. It's been quite stable, but it's been a steady headwind for us.

不，我同意。情況一直很穩定，既沒有惡化，也沒有好轉。雖然一直比較穩定，但對我們來說卻始終是個不利因素。

But I will say we're very, very optimistic about our performance facing these headwinds, and it's something that we're proud of.

但我想說的是，面對這些不利因素，我們對自身的表現非常非常樂觀，我們為此感到自豪。

That's right. Yeah. And when it does turn, we expect it'll be a tailwind to the business. It's just difficult to determine when that will occur.

這是正確的。是的。而當情況好轉時，我們預期這將對公司業務起到推動作用。只是很難確定這種情況何時會發生。

Great. That's helpful. A quick one here on the 4Q guide. How should we think about hitting that top end of the range? What kind of assumptions did you guys factor in on the lower bound?

偉大的。那很有幫助。這裡簡單介紹一下第四季的指南。我們該如何看待達到價格上限的問題？你們在計算下限時考慮了哪些假設？

I would say regarding our guidance, the philosophy has not changed. And so you can kind of trace that back to what we have done in the past and what we've delivered. We've applied that same mentality to the fourth quarter. So we continue to be confident and stand behind that guide.

關於我們的指導方針，我認為其理念沒有改變。所以，你可以追溯到我們過去所做的事情以及我們所取得的成果。我們在第四季也秉持了同樣的理念。因此，我們依然對該指南充滿信心並堅持執行。

Thank you. At this time, we'll take no further questions for today. So therefore, that concludes today's conference call. Thank you all for joining. You may now disconnect your lines.

謝謝。今天我們就不再接受任何提問了。至此，今天的電話會議就結束了。感謝各位的參與。現在您可以斷開線路了。