Procore Technologies Inc (PCOR) 2025 Q4 法說會逐字稿

Good afternoon. Thank you for attending today's Procore Technologies, Inc. FY25 Q4 earnings call. My name is Tamia, and I will be your moderator for today's call. (Operator Instructions) I would now like to pass the conference over to your host, Alexandra Geller, Head of IR.

午安.感謝您參加今天Procore Technologies, Inc. 2025財年第四季財報電話會議。我叫塔米婭，我將擔任今天電話會議的主持人。（操作員指示）現在，我將把會議交給主持人，IR主管亞歷山德拉·蓋勒。

Good afternoon, and welcome to Procore's 2025 fourth quarter earnings call. I'm Alexandra Geller, Head of Investor Relations. With me today are Ajay Gopal, President and CEO; and Howard Fu, CFO. . Further disclosure of our results can be found in our press release issued today, which is available on the Investor Relations section of our website and our periodic reports filed with the SEC.

下午好，歡迎參加Procore 2025年第四季財報電話會議。我是投資人關係主管亞歷珊卓·蓋勒。今天陪我出席的有總裁兼執行長 Ajay Gopal 和財務長 Howard Fu。。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）。

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

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, platform and products, customer demand, operations and macroeconomic and geopolitical conditions. You should not rely on forward-looking statements as predictions of future events. All forward-looking statements are subject to risks, uncertainties and assumptions and are based on management's current expectations and views as of today, February 12, 2026.

本次電話會議中發表的評論包括有關我們財務前景、平台和產品、客戶需求、營運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 2026 年 2 月 12 日的當前預期和觀點。

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

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。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。我們也會參考一些非GAAP財務指標，以便向投資者提供更多資訊。我們在新聞稿和向美國證券交易委員會提交的定期報告中提供了非GAAP指標與GAAP指標的調節表。

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

那麼，我把電話交給阿傑吧。

Thank you, Alex, and welcome, everyone. I'm excited to join you today to discuss our Q4 and fiscal year 2025 results. As this is my first earnings call as CEO, I want to start by expressing my strong conviction in Procore's future.

謝謝你，Alex，也歡迎各位。今天我很高興能與大家一起探討我們第四季和 2025 財年的表現。由於這是我作為執行長的第一次財報電話會議，我想先表達我對Procore未來的堅定信心。

During my first few months, I have been spending time with customers and employees and evaluating the business objectively to ensure our strategy is built for long-term value creation and that our operations of scale for peak efficiency. These initial months have reinforced my belief that Procore assesses the hallmarks of a best-in-class vertical software leader and is building one of the most mission-critical vertical software platforms as a crucial system of record for the built world, our ability to drive collaboration across all construction stakeholders creates a powerful network effect.

在最初的幾個月裡，我花時間與客戶和員工交流，客觀地評估業務，以確保我們的策略能夠創造長期價值，並且我們的營運規模能夠達到最高效率。最初的幾個月更加堅定了我的信念，即 Procore 具備一流垂直軟體領導者的各項特徵，並且正在構建一個對建築行業至關重要的垂直軟體平台，作為建築領域的重要記錄系統，我們推動所有建築利益相關者之間協作的能力創造了強大的網絡效應。

Furthermore, I believe Procore is uniquely positioned to lead in the AI era, driving unprecedented efficiency gains across the entire construction life cycle. I am confident that the scale of our business, the capabilities of our products and platform and the depth of our customer relationships give us a clear path to drive durable growth, meaningfully expand margins and compound free cash flow per share over the long term. I am incredibly energized by the opportunity to scale this company to its full potential. My evaluation is happening in lockstep with disciplined execution across the company. As our Q4 and fiscal year 2025 results demonstrate, our operational pace continues to improve as we strengthen our position in the market.

此外，我認為 Procore 擁有獨特的優勢，能夠在人工智慧時代引領潮流，在整個建築生命週期中實現前所未有的效率提升。我相信，憑藉我們業務的規模、產品和平台的實力以及與客戶關係的深度，我們能夠清晰地實現可持續增長，顯著擴大利潤率，並在長期內提高每股自由現金流。有機會將這家公司發展壯大到其全部潛力，我感到無比振奮。我的評估工作與公司各部門的嚴格執行步調一致。正如我們的第四季和 2025 財年業績所示，隨著我們在市場中地位的不斷鞏固，我們的營運速度也持續提升。

Let me shift to business performance. Building on four consecutive quarters of strong business momentum, we ended the year with an exceptional Q4 that exceeded the high end of our guidance. For the full year, we delivered 15% revenue growth and 14% non-GAAP operating margin, which represents year-over-year expansion of 400 basis points. I'm particularly pleased with these results given the ongoing headwinds from a challenging construction environment, with the U.S. Census reporting negative growth for the combined nonresidential and multifamily sectors.

接下來我想談談業務績效。憑藉連續四個季度強勁的業務成長勢頭，我們以出色的第四季度業績結束了這一年，該業績超過了我們預期的上限。全年來看，我們的營收成長了 15%，非 GAAP 營業利潤率成長了 14%，年增了 400 個基點。考慮到當前充滿挑戰的建築環境所帶來的持續不利因素，我對這些結果尤其感到滿意。美國人口普查局報告稱，非住宅和多戶住宅產業合計負成長。

Let me take a few minutes to walk you through some of the highlights of our strong quarter. I'd like to start with the largest and most mature part of our business today, U.S. general contractors. I am encouraged by how much opportunity exists within the segment. From new logos to volume expansion and product cross-sell I believe this cohort of our business remains a cornerstone of our growth.

讓我花幾分鐘時間帶您回顧我們本季的一些亮點。我想先從我們目前業務中規模最大、發展最成熟的部分——美國總承包商——開始談起。我對這個領域蘊藏的巨大機會感到鼓舞。從新標誌到銷售擴張和產品交叉銷售，我相信這部分業務仍然是我們成長的基石。

In Q4, we added three new ENR 400 logos and expanded our run rate with more than 70 ENR 400 customers. One of our new ENR 400 additions joined Procore as our largest new logo win of the quarter and displaced an incumbent vendor.

第四季度，我們新增了三個 ENR 400 標誌，ENR 400 客戶數量超過 70 家，業務量也隨之成長。我們新加入的 ENR 400 強企業之一是 Procore，這是我們本季贏得的最大新客戶，並取代了原有供應商。

They partnered with Procore because of our unified enterprise-grade platform and their strong internal demand for our products. They also adopted Procore Pay to automate their manage processes and Procore resource management for their growing fleet of capital assets for their self-perform work. With Procore, they expect to achieve a return on their investments in a few key areas the ability to scale labor efficiently, drive schedule and cost predictability at the portfolio level and gain new levels of enterprise governance and visibility.

他們之所以選擇與 Procore 合作，是因為我們擁有統一的企業級平台，而且他們內部對我們產品有著強烈的需求。他們還採用了 Procore Pay 來自動化其管理流程，並採用了 Procore 資源管理來管理其不斷增長的資本資產，以用於其自主執行的工作。他們希望透過 Procore 在幾個關鍵領域獲得投資回報，包括高效擴展勞動力規模、在投資組合層面推動進度和成本可預測性，以及獲得更高水準的企業治理和視覺性。

We have a track record of displacing incumbent vendors and we believe this is yet another example of the construction industry realizing that Procore is the gold standard. Of course, our USGC opportunity goes well beyond the ENR. To illustrate this market depth, we signed more than 30 100,000-plus ARR agreements this quarter with contractors outside of the ENR 400. An example of this is with an enterprise general contractor based in Georgia, who returned to Procore as a significant win back. After leading Procore in 2024 for a cheaper solution, they returned to us in Q3.

我們有取代現有供應商的成功記錄，我們相信這是建築業認識到 Procore 是黃金標準的另一個例證。當然，我們在美國海岸防衛隊的機會遠遠超出了 ENR。為了說明這個市場深度，本季我們與 ENR 400 強以外的承包商簽署了 30 多份年經常性收入超過 10 萬美元的協議。例如，一家總部位於喬治亞州的企業總承包商重新與 Procore 合作，這對 Procore 來說是一個重大的贏回案例。在 2024 年領先 Procore 尋求更便宜的解決方案後，他們在第三季度又回到了我們這裡。

And then in Q4, they deepened their partnership with Procore even further. They adopted our platform enterprise-wide and added Procore Pay and resource management, resulting in a high 6-figure expansion.

然後在第四季度，他們進一步深化了與Procore的合作關係。他們在整個企業範圍內採用了我們的平台，並添加了 Procore Pay 和資源管理功能，從而實現了高達六位數的成長。

With Procore, they expect to enhance efficiency, support growth and anticipate savings of more than 27,000 labor hours per year. the equivalent of adding roughly 13 full-time employees. While we never want to see a customer lead, this win back reaffirms the simple truth. The value of Procore creates an advantage that price alone cannot match. These wins illustrate the clear value on GC customers realize from using Procore.

他們希望藉助 Procore 提高效率，支持業務成長，並預計每年節省超過 27,000 個工時，相當於增加約 13 名全職員工。雖然我們永遠都不希望看到客戶流失，但這次客戶挽回再次印證了一個簡單的道理。Procore 的價值在於它所帶來的優勢，而這只是價格所無法比擬的。這些成功案例充分說明了 GC 客戶使用 Procore 所獲得的明顯價值。

Our newer products, including Pay, Resource management, preconstruction and analytics or compelling value drivers. We see these products as notable expansion opportunities for our global GC customers to drive incremental growth.

我們的新產品包括付款、資源管理、施工前準備和分析或引人注目的價值驅動因素。我們認為這些產品為我們的全球 GC 客戶帶來了顯著的擴張機會，可以推動業務的逐步成長。

Beyond US GCs, we see substantial opportunity with the other stakeholders we serve, specifically owners and subcontractors. With our demonstrated product market fit, and our continued product innovation. These stakeholders represent extensive white space globally and will serve as significant growth levers for Procore. In the interest of time, let me focus on owners, the most diverse group of customers spanning industries such as technology, energy, utilities, education, health care and real estate. Our business continues to scale with Q4 marking another quarter of consistent growth in this segment.

除了美國總承包商之外，我們還看到了與我們服務的其他利益相關者，特別是業主和分包商的巨大合作機會。憑藉我們已證明的產品市場契合度以及我們持續的產品創新。這些利害關係人在全球範圍內代表著廣闊的市場空白，並將成為 Procore 的重要成長槓桿。為了節省時間，我決定專注於業主群體，這是客戶群中最多元化的一個群體，涵蓋了科技、能源、公用事業、教育、醫療保健和房地產等行業。我們的業務持續擴大，第四季度標誌著該業務板塊又一個季度保持了持續成長。

To meet their evolving needs, we are planning to launch a suite of specialized products later this year, including portfolio management, planning, funding and asset management. This empowers owners to more effectively manage their project portfolios, mitigate risks and optimize costs. I'm also proud to report that Procore government achieved FedRAMP Moderate authorization this quarter and is now available in the FedRAMP marketplace. This milestone validates our commitment to some of the more stringent data security standards and software, which will unlock further opportunities with U.S. federal and state government customers.

為了滿足他們不斷變化的需求，我們計劃在今年稍後推出一系列專業產品，包括投資組合管理、規劃、融資和資產管理。這使業主能夠更有效地管理其專案組合，降低風險並優化成本。我還要自豪地宣布，Procore 政府版在本季獲得了 FedRAMP 中等授權，現在可以在 FedRAMP 市場上購買。這個里程碑證明了我們對一些更嚴格的資料安全標準和軟體的承諾，這將為我們帶來更多與美國聯邦和州政府客戶合作的機會。

A primary example of the growing demand for these solutions is in data centers, where AI infrastructure is driving unprecedented investments.

資料中心就是這些解決方案日益增長的需求的一個主要例證，而人工智慧基礎設施正在推動前所未有的投資。

Procore is the clear leader for data center construction. While data centers currently represent a modest 2% of total U.S. construction activity, the growth trajectory fueled by the global demand for AI is compelling. Procore is ideally positioned to capture these tailwinds as this sector becomes a more substantial component of total construction spend. For example, our largest international Q4 deal as seven figures annually, was a big up-and-coming hyperscaler in the U.K.

Procore 是資料中心建置領域的絕對領導者。雖然資料中心目前僅占美國建築活動總量的 2%，但全球對人工智慧的需求推動其成長勢頭強勁。隨著建築業在建築總支出中所佔比例越來越大，Procore 已做好充分準備，抓住這些利多因素。例如，我們第四季最大的國際交易是與英國一家新興的大型超大規模資料中心營運商達成的，年交易額達七位數。

data center market. This customer selected Procore in Q4 to establish a full source of truth and ensure consistency across the global projects. And within weeks, they expanded construction volume to meet accelerated data center deadlines.

數據中心市場。這位客戶在第四季度選擇了 Procore，以建立完整的資料來源並確保全球專案的一致性。幾週之內，他們就擴大了施工規模，以滿足加快的資料中心建設工期要求。

Moving beyond data centers. We also added new owner customers, including the Central Ohio Transit Authority, and one of Canada's largest real estate developers. We also expanded with existing owner customers such as a globally recognized online retailer and a leading semiconductor manufacturer. I would now like to move to a discussion of strategy. There are rare moments in history when a technological shift accelerates industry-wide adoption.

超越資料中心。我們也新增了一些業主客戶，包括俄亥俄州中部交通管理局和加拿大最大的房地產開發商之一。我們也拓展了與現有業主客戶的合作，例如一家全球知名的線上零售商和一家領先的半導體製造商。現在我想轉而討論戰略問題。歷史上，技術變革加速整個產業應用的情況實屬罕見。

At Procore, we last saw this with the ubiquity of broadband and the rise of mobile devices. This was a major catalyst for our business, as Procore was initially built to bring efficiency and collaboration to the job site, unlocking value for the people with mounded boots.

在 Procore，我們上一次看到這種情況是在寬頻普及和行動裝置興起的時候。這極大地推動了我們的業務發展，因為 Procore 最初的建立目的是為了提高工作現場的效率和協作，為那些穿著厚重靴子的工人創造價值。

We believe AI stands to be an even more meaningful catalyst than any that we've seen before. Procore's category leadership position did not arrive overnight. We started as a system of record for the built all and we have evolved into a system of collaboration as we hit scale across the globe. Over time, we earn the right to turn trusted dynamic data interaction. Today, Procore is a digital window into the build world.

我們相信，人工智慧將成為比我們以往所見的任何催化劑更有意義的催化劑。Procore的產業領先地位並非一朝一夕取得。我們最初是為所有已建成專案建立記錄系統，隨著我們在全球範圍內規模的擴大，我們已發展成為一個協作系統。隨著時間的推移，我們贏得了進行可信動態數據互動的權利。如今，Procore 已成為了解建築業的數位化窗口。

We are where physical assets and activities are digitized and where actions are taken to change the physical world. This journey is what makes our move into a agenetic AI feel inevitable rather than opportunistic. And our recent tuck-in acquisition of Data Grid leverages its leadership position to accelerate our AI strategy.

我們致力於將實體資產和活動數位化，並採取行動改變物理世界。正是這段歷程讓我們覺得，邁向基因工程人工智慧的步伐是不可避免的，而不是機會主義的。我們最近對 Data Grid 的收購，充分利用了其領先地位，加速了我們的人工智慧策略。

We believe that the combination of Procore Helix and data grid will generate notable product synergies due to our highly complementary capabilities and road maps bringing premier advanced reasoning and broad third-party integration capabilities into Procore. We call this combined offering Procore AI. To demonstrate the potential of Procore AI, I'd like to share a recent example from the superintendent and a joint Procore and data grade enterprise GC customer that showcases our most recent advanced reasoning capabilities.

我們相信，Procore Helix 與資料網格的結合將產生顯著的產品協同效應，因為我們擁有高度互補的能力和路線圖，將一流的高級推理和廣泛的第三方整合能力引入 Procore。我們將這項組合服務稱為Procore AI。為了展示 Procore AI 的潛力，我想分享一個來自監理工程師和 Procore 與資料級企業總承包商聯合客戶的最新案例，該案例展示了我們最新的高級推理能力。

Like most superintendents, their day consists of walking the job site and taking videos to share with off-site stakeholders. On this particular walk, they noticed a potential issue with a structural column. They took a video and sent the footage to our AI agent with a simple prompt, identify the issues here. Using advanced reasoning, our agents didn't just watch the video. It understood, by simultaneously analyzing the audio and video Qs, the agent identified the exact column and utilized reasoning to know where to go in Procore to pull the growing, specifications and documents related to that column.

和大多數工地主管一樣，他們每天的工作就是巡視工地，拍攝影片與場外利害關係人分享。在這次巡視中，他們注意到一根結構柱可能有問題。他們拍攝了一段視頻，並將視頻發送給我們的人工智慧代理，並附上一個簡單的提示：找出這裡的問題。我們的智能體運用高階推理能力，不只是觀看影片。透過同時分析音訊和視訊問題，該代理識別出確切的列，並利用推理來了解在 Procore 中應該去哪裡提取與該列相關的增長、規範和文件。

The agent concluded that the column has been incorrectly coded, determined the required rework automatically created the work order and notified the relevant stakeholders. The agents also triggered related downstream workflows in Procore, halting further work in that area and scheduling the rework. Historically, these tasks would have demanded several hours of manual efforts and individual expertise to navigate across project specifications. This is not just a hypothetic possibility. This is a real-world example of Procore AI, turning a standard job site walk through into an autonomous resolution.

代理人得出結論，該列的編碼有誤，確定了所需的返工，自動建立了工單並通知了相關利害關係人。這些代理商還會觸發 Procore 中的相關下游工作流程，停止該領域的進一步工作並安排返工。從歷史上看，這些任務需要數小時的人工投入和個人專業知識才能理解專案規範。這並非僅僅是假設的可能性。這是 Procore AI 的實際應用案例，它將標準的現場巡查變成了自主解決方案。

This illustrates the true power of Procore AI's construction aware multimodal reason.

這充分展現了 Procore AI 感知建築的多模態推理的真正威力。

This scenario occurs thousands of times across the job site. This is true special purpose AI built for construction. It has a domain expertise to understand the context, the access to search records and the authority to trigger actions. And it was built for project teams out of the field delivered through the tool they use every day. This seamless integration of intelligence and utility direct result of four foundational points that will enable us to lead in the AI era.

這種情況在工地上會發生成千上萬次。這是專為建築業打造的真正專用人工智慧。它具備理解上下文的領域專業知識、存取搜尋記錄的權限以及觸發操作的權限。它是為現場專案團隊打造的，並透過他們每天使用的工具進行交付。智慧與實用性的無縫融合，源自於四個基本要點，這將使我們能夠在人工智慧時代引領潮流。

First, as construction's mission-critical system of record with nearly 3 million active users, Procore has a massive proprietary dynamic data set. And the value is not only in the volume of data, it's in the depth of its context. We map the complex dynamic interactions between people, workflows and the physical job site, capturing and continuously updating every document allocation and day-to-day change. This dynamic relevance is exactly what's needed to power high-stakes agentic AI.

首先，作為建築業的關鍵任務記錄系統，Procore 擁有近 300 萬活躍用戶，並擁有龐大的專有動態資料集。而其價值不僅在於資料量，更在於資料的深度。我們繪製出人員、工作流程和實際工作現場之間複雜的動態交互，捕捉並不斷更新每份文件的分配和日常變化。這種動態相關性正是驅動高風險智慧人工智慧所需要的。

My second point is trust, a fundamental prerequisite for AI adoption. It's crucial that construction stakeholders trust how the technology provider will use their data. And that's why we've built a scalable, enterprise-grade infrastructure to ensure that every AI action is secure, compliant and contextually relevant. It's only through this combination of contextual data and trust that a platform can provide the industry with needed productivity gains. The third point is our network effect.

我的第二點是信任，這是人工智慧普及應用的基本前提。對於建築業的利益相關者來說，信任技術提供者將如何使用他們的數據至關重要。因此，我們建立了一個可擴展的企業級基礎設施，以確保每個 AI 操作都是安全、合規且與上下文相關的。只有將情境數據與信任結合，平台才能為產業帶來所需的生產力提升。第三點是我們的網路效應。

For AI to automate and complete tasks, it must work where the users work. On a typical project, a customer often connects with dozens of different companies, all collaborating on the platform every day to get their jobs done.

人工智慧要實現自動化並完成任務，就必須在使用者工作的地方運作。在典型的專案中，客戶通常會與數十家不同的公司聯繫，所有這些公司每天都在平台上合作完成他們的工作。

So for serves as a central hub where everyone in construction comes to connect and collaborate, making the platform not just a system of record, but a true system of collaboration accelerating the flywheel of our network effect. The fourth point is Procore agentic solutions perform critical actions, not just provide insights. As the critical orchestration layer for every stakeholder in construction, we believe our platform is capable of delivering a true digital coworker to help construction workers get more done with less. This is paramount for an industry facing chronic labor shortages of nearly 350,000 workers in the U.S. alone according to associated builders and contractors.

因此，它成為了建築業所有人聯繫和協作的中心樞紐，使該平台不僅是一個記錄系統，更是一個真正的協作系統，加速了我們網路效應的飛輪。第四點是，Procore 智能體解決方案執行關鍵操作，而不僅僅是提供見解。作為建築業所有利益相關者的關鍵協調層，我們相信我們的平台能夠提供真正的數位化同事，幫助建築工人事半功倍。對於面臨長期勞動力短缺的產業來說，這一點至關重要。據相關建築商和承包商稱，僅在美國，該行業就面臨近 35 萬名工人的短缺。

Today, Procore delivers agentic AI directly to the crews in the field as well as to the teams in the office, embedding intelligence directly into the natural workflow. By supporting each of our nearly 3 million active users with digital coworkers, we can provide a scalable solution to the industry's labor shortage. Long time Procore customer [Casco] is already benefiting from digital coworkers. By deploying Procore AI on a single project, their initial ROI was immediate, saving superintendence hours per day on mundane tasks. Within just six months, they went from 0 AI usage to expanding to several projects with the intent to deploy across their portfolio.

如今，Procore 將智慧 AI 直接提供給現場工作人員以及辦公室團隊，將智慧直接嵌入到自然的工作流程中。透過為我們近 300 萬活躍用戶提供數位同事，我們可以為產業勞動力短缺問題提供可擴展的解決方案。Procore 的長期客戶 [Casco] 已經開始受益於數位化同事。透過在單一專案中部署 Procore AI，他們的初始投資回報立竿見影，每天為管理人員節省數小時的日常瑣事時間。短短六個月內，他們就從零人工智慧應用擴展到多個項目，並計劃將人工智慧部署到他們的整個產品組合中。

The productivity gains were so impactful that -- is now looking to empower everyone on their construction teams with digital coworkers from Procore.

生產力提升如此顯著，以至於——現在正尋求透過Procore的數位同事賦予其建築團隊中的每個人。

One way to conceptualize the value of these productivity gains can be seen in comparison to the cost of labor, which is significant within construction. For every dollar of construction volume, a contractor spends a material portion of labor. With digital coworkers from Procore, we believe customers will materially increase their output without corresponding labor growth, leading to meaningful savings. Capturing just a small fraction of that ROI represents an incremental market opportunity for Procore expanding beyond our traditional solutions. The economic value of our traditional solutions is supported by our construction volume-based pricing model.

理解這些生產力提升價值的一種方法是將其與勞動成本進行比較，而勞動成本在建築業中非常重要。承包商每完成一美元的建築工程，就要花費相當一部分人力成本。我們相信，借助 Procore 的數位化員工，客戶無需增加勞動力即可大幅提高產量，從而實現顯著的成本節約。即使只獲得其中一小部分投資報酬率，也代表 Procore 在傳統解決方案之外拓展市場的機會。我們傳統解決方案的經濟價值得到了基於施工量定價模式的支持。

Because we price on project scale rather than see count, our traditional revenue remains insulated from head count fluctuations as AI drives industry efficiency.

由於我們按專案規模而不是人數定價，因此隨著人工智慧推動行業效率的提高，我們的傳統收入不會受到人員數量波動的影響。

There is a profound sense of magic when software stops being a tool you manage and starts becoming an expert that manages the project for you, anticipating hurdles and clearing them in the background. The benefits of Procore AI extends far beyond efficiency gains. By reclaiming thousands of labor hours, we are freeing up valuable resources for our customers to deploy on more projects. Procore forward is defined by a powerful economic duality of upside opportunity and downside protection. We will monetize the value and ROI of Procore AI agents even as our volume-based model provides a structural economic foundation for our core business.

當軟體不再是你管理的工具，而是成為為你管理專案、預見障礙並在後台清除障礙的專家時，你會感受到一種深刻的神奇力量。Procore AI 的優勢遠不止於提高效率。透過節省數千工時，我們為客戶釋放了寶貴的資源，使其能夠投入更多專案。Procore 前瞻策略的特徵在於其強大的經濟雙重性：既有上漲機會，也有下跌保護。我們將透過 Procore AI 代理的價值和投資回報率實現盈利，同時，我們基於交易量的模式為我們的核心業務提供了結構性的經濟基礎。

I believe Procore will unlock unprecedented value as a definitive winner in the genic AI era. In summary, Q4 was another excellent quarter and closed on a strong year for Procore. My first quarter as CEO exceeded my expectations. And while there is a lot of work ahead, I am incredibly excited about the future of Procore. Procore is a rare company.

我相信，Procore 將在基因人工智慧時代成為絕對的贏家，釋放出前所未有的價值。總而言之，第四季又是一個出色的季度，為Procore強勁的一年畫上了圓滿的句號。我擔任CEO的第一個季度業績超出了我的預期。雖然前方還有很多工作要做，但我對 Procore 的未來感到無比興奮。Procore是一家難得的公司。

We have scale past $1 billion in revenue, defined an entire category, delivered a best-in-class platform and establish a deeply loyal customer base. What Procore built is truly impressive. And this is just the beginning. I joined because I believe our brightest days are ahead of us. We are well positioned for durable growth and margin expansion.

我們的營收規模已超過 10 億美元，定義了一個全新的類別，提供了一流的平台，並建立了高度忠誠的客戶群。Procore 的產品確實令人印象深刻。而這只是個開始。我加入是因為我相信我們最美好的日子還在後頭。我們已做好充分準備，實現持續成長和利潤率擴張。

As we continue to innovate for our customers and execute towards our goals, I am confident in our ability to deliver substantial shareholder value.

隨著我們不斷創新，為客戶創造價值，並朝著我們的目標努力，我對我們為股東創造巨大價值的能力充滿信心。

Before I turn the call over to Howard, I want to thank all of the Procore employees. None of the opportunities Procore has would be possible without the incredible culture you've built over the years. Thank you for making me being welcomed, and thank you for your commitment to our customers and to our company. Howard.

在將電話交給霍華德之前，我想感謝Procore的所有員工。如果沒有你們多年來建立的卓越企業文化，Procore 的所有機會都不可能實現。感謝你們的熱情接待，也感謝你們對客戶和公司的付出。霍華德。

Thanks, Ajei, and thank you to everyone for joining us. The main topics I would like to cover today include our Q4 and full year financial results, additional color on the business and our outlook for fiscal 2016.

謝謝Ajei，也謝謝大家的參與。今天我想重點介紹一下我們的第四季度和全年財務業績、業務的更多細節以及我們對 2016 財年的展望。

Total revenue in Q4 was $349 million, up 15.6% year-over-year. Our Q4 international revenue grew 14% year-over-year and was impacted by currency headwinds. On a constant currency basis, international revenue grew 15% year-over-year. Q4 non-GAAP operating income was $52 million, representing a non-GAAP operating margin of 15%. As for our key backlog metrics, current RPO grew 22% year-over-year and current deferred revenue grew 18% year-over-year.

第四季總營收為 3.49 億美元，年增 15.6%。我們的第四季國際營收年增 14%，但受到匯率不利因素的影響。以固定匯率計算，國際營收年增 15%。第四季非GAAP營業收入為5,200萬美元，非GAAP營業利益率為15%。至於我們的關鍵積壓訂單指標，目前 RPO 年增 22%，目前遞延收入較去年同期成長 18%。

As you heard from Ajei, Q4 was an exceptional quarter to round out a strong year.

正如Ajei所說，第四季業績斐然，為強勁的一年畫上了圓滿的句號。

Let me share some additional color on our performance. Beginning with the top line, our strength in the quarter came from robust execution across multiple areas of the business. We are seeing broad-based momentum upmarket, higher pipeline conversion and improving renewal and churn rates, which we largely attribute to our go-to-market operating model. Our strength up market is reflected in the number of 6- and 7-figure deals which grew 20% year-over-year on top of a very strong performance in last Q4. The total number of $100,000-plus ARR customers now totals more than 2,700.

讓我再補充一些關於我們表現的細節。首先來看營收方面，本季我們取得的強勁業績得益於公司多個業務領域的穩健執行。我們看到市場整體呈現強勁成長勢頭，銷售通路轉換率提高，續約率和流失率也得到改善，這主要歸功於我們的市場營運模式。我們的強勁市場表現體現在六位數和七位數交易的數量上，這些交易同比增長了 20%，這得益於上一季第四季度的強勁業績。ARR（年度經常性收入）超過 10 萬美元的客戶總數現已超過 2,700 人。

within our strength up market, we ended the year with 115 customers spending more than $1 million in ARR with Procore. This represents 34% year-over-year growth further demonstrating our ability to scale to the largest customers around the world. We also continue to see strong momentum with Procore Pay, ending the year with nearly 450 customers representing more than 70% year-over-year growth. As we've been messaging throughout 2025, we believe the number of 100,000-plus ARR customers is the best representation of our business performance and our revenue growth as it represents the vast majority of our customer base at 66% of total ARR.

在我們實力增強的市場中，我們以 115 位客戶透過 Procore 實現的年度經常性收入超過 100 萬美元的業績結束了這一年。這代表著同比增長 34%，進一步證明了我們有能力服務全球最大的客戶。我們也看到 Procore Pay 繼續保持強勁的成長勢頭，到年底客戶數量接近 450 家，較去年同期成長超過 70%。正如我們在 2025 年一直傳達的訊息一樣，我們認為擁有 10 萬以上 ARR 客戶的數量最能代表我們的業務表現和收入成長，因為它代表了我們客戶群的絕大多數，佔總 ARR 的 66%。

In contrast, our total customer count growth is heavily impacted by our SMB customers and therefore, is not reflective of our underlying business performance. As such, and in line with our commentary to investors over the past year, this will be the final earnings we will be disclosing total customer count. However, we will continue to disclose the $100,000-plus ARR customer count on a quarterly basis. Our strength in the quarter also contributed to the strength in CRPO. This metric continues to benefit primarily from longer average contract duration when normalizing CRPO for this dynamic, the year-over-year growth is consistent with both Q4 revenue growth and ending ARR growth.

相較之下，我們的客戶總數成長很大程度上受到中小企業客戶的影響，因此並不能反映我們實際的業務表現。因此，根據我們過去一年對投資者的評論，這將是我們最後一次披露客戶總數的收益。但是，我們將繼續按季度公佈年經常性收入超過 10 萬美元的客戶數量。本季我們的強勁表現也帶動了 CRPO 的強勁成長。該指標繼續主要受益於較長的平均合約期限，在對 CRPO 進行這種動態調整後，同比增速與第四季度收入增長和期末 ARR 增長一致。

Once contract duration stabilizes, reported and normalized CRPO growth will eventually converge with revenue growth. With respect to margins, we delivered 400 basis points of margin improvement for the year, all while investing in our go-to-market operating model and our platform. While our margin improvement may not be linear within the year, we will continue to deliver incremental margin expansion on an annual basis, which is also reflected in our fiscal '26 guide.

一旦合約期限穩定下來，報告的和正常化的 CRPO 成長最終將與收入成長趨於一致。在利潤率方面，我們實現了全年利潤率提升 400 個基點，同時也對我們的市場推廣營運模式和平台進行了投資。雖然我們的利潤率改善可能不會在一年內呈線性增長，但我們將繼續逐年實現利潤率的逐步提升，這一點也體現在我們的 2026 財年業績指引中。

Now let's turn to our North Star metric, free cash flow per share. We delivered our strongest free cash flow quarter in history, generating $90 million in the quarter, bringing full year free cash flow to $215 million, representing 69% year-over-year growth and a 16% free cash flow margin. This result reflects our strong bookings which translated into higher billings and collections as well as continued margin expansion. We are also focused on limiting our share count dilution rate. Our weighted average diluted share count grew less than 1% in Q4, which reflects our continued discipline on equity compensation we believe our share count growth is a leading indicator of SBC leverage over the long term.

現在讓我們來看看我們的核心指標—每股自由現金流。我們實現了該公司歷史上最強勁的自由現金流季度，該季度創造了 9,000 萬美元的自由現金流，使全年自由現金流達到 2.15 億美元，年增 69%，自由現金流利潤率為 16%。這一結果反映了我們強勁的預訂量，轉化為更高的帳單金額和收款額，以及利潤率的持續成長。我們也致力於限制股份稀釋率。第四季度，我們的加權平均稀釋股份數量成長不到 1%，這反映了我們對股權激勵的持續嚴格控制。我們認為，從長遠來看，股份數量的增長是 SBC 槓桿率的領先指標。

SBC, which is a lagging indicator can be impacted by accounting rules that have no impact on dilution. Our Q4 results were an example of this, with SBC increasing to 23% of revenue, driven by a onetime charge of invested equity related to the transition of our former CEO. This charge only impacted the P&L and was not an acceleration of equity compensation payout. Excluding this onetime charge, SBC would have been 16.6% of revenue, which is in line with Q3.

SBC 是一個滯後指標，可能會受到對稀釋沒有影響的會計準則的影響。我們的第四季業績就是一個例子，SBC 佔收入的比例上升至 23%，這主要是由於與我們前任 CEO 過渡相關的投資權益的一次性支出所致。這項費用僅影響損益表，並不構成股權激勵支付的加速。除去這筆一次性費用，SBC 將佔收入的 16.6%，與第三季的情況一致。

Our Q4 and full year results demonstrate that we remain focused on delivering durable growth margin expansion and modest share count growth in order to compound free cash flow per share. And our strong results and momentum were all achieved before any material top line benefits from AI that we expect to realize in the future. Looking back on the year, I am proud that we delivered on the commitments we made for fiscal '25, particularly while facing ongoing headwinds from a challenging construction environment.

我們的第四季和全年業績表明，我們將繼續專注於實現可持續的成長利潤率擴張和適度的股份數量成長，以提高每股自由現金流。而且，我們取得的強勁業績和發展勢頭都是在人工智慧帶來任何實質營收成長之前實現的，而我們預計人工智慧將在未來帶來這些成長。回顧過去一年，我為我們實現了 2025 財年所做的承諾而感到自豪，尤其是在面臨充滿挑戰的建築環境帶來的持續不利因素的情況下。

Our go-to-market motion is yielding tangible and more consistent results, characterized by improved sales productivity and a noticeable shift towards larger enterprise-wide relationships. This motion, combined with the compelling ROI of our platform has not only solidified our category leadership, but has also created a more durable business. And more importantly, we have achieved this while remaining laser-focused on our North Star metric, free cash flow per share.

我們的市場推廣策略正在取得實際且更穩定的成果，其特點是銷售效率提高，並明顯轉向建立更廣泛的企業級合作關係。這項舉措，加上我們平台令人矚目的投資報酬率，不僅鞏固了我們在品類中的領先地位，也創造了更持久的業務。更重要的是，我們在實現這一目標的同時，始終專注於我們的北極星指標——每股自由現金流。

With that, let's move on to our outlook. For the first quarter of fiscal 2026 we expect revenue between $351 million and $353 million, representing year-over-year growth of 13% to 14%. Q1 non-GAAP operating margin is expected to be between 14% and 15%. For the full year of fiscal '26, we expect revenue between $1.489 billion, and $1.494 billion, representing total year-over-year growth of 13%. We expect our non-GAAP operating margin guidance for the year to be between 17.5% and and 18%, which implies year-over-year margin expansion between 340 and 390 basis points.

接下來，讓我們展望未來。我們預計 2026 財年第一季的營收將在 3.51 億美元至 3.53 億美元之間，年增 13% 至 14%。第一季非GAAP營業利潤率預計在14%至15%之間。預計 2026 財年全年營收將在 14.89 億美元至 14.94 億美元之間，年增 13%。我們預計本年度非GAAP營業利潤率將在17.5%至18%之間，這意味著年比利潤率將成長340至390個基點。

Additionally, to closer align our guided metrics to free cash flow per share, we are now formally guiding free cash flow margin on an annual basis. We expect free cash flow margin for the year to be 19%, which implies year-over-year margin expansion of 270 basis points. To wrap up, we are pleased with how we ended the year and the momentum we have across multiple aspects of the business, and we are confident that we can deliver on our promise of a stronger P&L in fiscal '26. We expect our category leadership, strong execution and AI capabilities to drive shareholder value in the years ahead.

此外，為了使我們的指導指標與每股自由現金流更加一致，我們現在正式按年度指導自由現金流利潤率。我們預計本年度自由現金流利潤率為 19%，這意味著利潤率年增 270 個基點。總而言之，我們對今年的收官表現以及業務各個方面取得的進展勢頭感到滿意，我們有信心在 2026 財年實現更強勁的損益表。我們預計，憑藉我們在品類中的領先地位、強大的執行力和人工智慧能力，將在未來幾年為股東創造價值。

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) Saket Kalia, Barclays.

（操作說明）Saket Kalia，巴克萊銀行。

Okay, great. Hey, AJ; hey, Howard, thanks for taking my questions and nice finish to the year. Ajei, maybe to start with you. I appreciate your prepared remarks, particularly around AI. But I was wondering if we could just dig a little deeper on what your customer conversations have been like on the topic of AI? And maybe specifically, do you see customers trying to maybe build Procore like tools themselves someday?

好的，太好了。嘿，AJ；嘿，霍華德，謝謝你們回答我的問題，也謝謝你們為這一年畫上了一個完美的句號。阿傑伊，或許就從你開始吧。我非常欣賞您事先準備好的發言稿，特別是關於人工智慧的演講。但我很想知道，我們能否更深入地了解您與客戶就人工智慧主題進行的對話內容？具體來說，您是否看到客戶將來有一天可能會嘗試自己建立類似 Procore 的工具？

So Saket, the example that I gave you in the script. Frankly, that gave me goosebumps, and I hope it gave you guns well because it's so compelling. It shows how different the construction use cases from the general horizontal office application or the commercial use case -- a general consumer use case of AI. And that's why this laser focus that we've had on construction is so important to our customers. And so to your point, I mean, thinking about it from a customer perspective, our customers, they neither have the time nor the inclination to become AI experts.

所以薩凱特，我劇本裡給你舉的例子。說實話，這讓我起了雞皮疙瘩，我希望它也能讓你感覺到震撼，因為它太引人入勝了。它表明建築業用例與一般的橫向辦公應用或商業用例（人工智慧的一般消費者用例）有多麼不同。正因如此，我們對建築業的專注對我們的客戶來說才如此重要。所以，正如你所說，從客戶的角度來看，我們的客戶既沒有時間也沒有意願成為人工智慧專家。

They're in the business of construction, and they just want to build better. And that's their business. . And they want to make sure though that their tech vendor is taking advantage of the best and the latest technologies including, of course, AI, and that's the conversations that I have with my customers. And I'm excited that we have the structural advantages and that we have also taken the operational actions to emerge as an AI winner.

他們從事建築業，他們只是想建造更好的建築。那是他們自己的事。。他們希望確保他們的技術供應商能夠利用最新、最好的技術，當然也包括人工智慧，而這正是我與客戶討論的內容。令我興奮的是，我們擁有結構性優勢，並且已經採取了營運措施，最終成為人工智慧領域的贏家。

Now as far as Procore AI is concerned, we're seeing pure customer adoption. So we have something like 66,000 unique active users who are using Procore AI. We've got something like 700 customers nearly who have created thousands of agents on Procore. And these customers, they skew up market.

就 Procore AI 而言，我們看到的是純粹的客戶採納。所以，我們有大約 66,000 名獨立活躍用戶正在使用 Procore AI。我們有大約 700 位客戶，他們在 Procore 上創建了數千個代理程式。這些顧客拉高了市場檔次。

And obviously, we expect this momentum to continue to increase with the breadth and the depth of the capabilities that we have now that we've concluded the data grid acquisition. And at the risk of sort of repeating some of the comments from the script, I think it's important to recognize that we rode the wave when mobile became mobile and broadband became ubiquitous, we rode that wave to deliver digitization to the construction industry.

顯然，隨著資料網格的獲取完成，我們預期隨著我們能力的廣度和深度的提升，這種勢頭將繼續增強。冒著重複劇本中一些評論的風險，我認為重要的是要認識到，當行動裝置普及、寬頻普及時，我們乘著這股浪潮將數位化帶入了建築業。

And we were able to bring technology to the frontline work is in a manner that was appropriate to how they work and where they work. And obviously, we built up a tremendous amount of trust with the industry at that time, and we have the same opportunity for AI today. And if you think about what I discussed, there's sort of structural and operational aspects. And so let me just sort of talk a little bit about the structural.

我們能夠以適合第一線工作人員工作方式和工作地點的方式，將技術引入第一線工作。顯然，當時我們與業界建立了巨大的信任，而今天我們在人工智慧領域也擁有同樣的機會。如果你仔細想想我剛才討論的內容，你會發現其中包含一些結構性和操作性方面的問題。那麼，讓我簡單談談結構方面的問題。

Our solutions are at the interface between the physical and the digital world. I mean we're the ones who are digitizing activities and we're the ones where action is taking place to affect the physical world. And as I mentioned in my script, we are the system of record. We've got 3 million users, but in as a system of record, we have this dynamic record of decisions that have been taken that have taken place across thousands and thousands of projects. But it's not just the data, it's the relationship between the data elements.

我們的解決方案處於物理世界和數位世界的交匯點。我的意思是，我們才是將活動數位化的人，我們才是採取行動影響物理世界的人。正如我在腳本中提到的，我們是記錄系統。我們有 300 萬用戶，但作為一個記錄系統，我們擁有數千個專案中已做出決策的動態記錄。但重要的不僅是數據，而是數據元素之間的關係。

It's the annotations, how things have changed, the decisions, all of that is contained within our system of record, but it's not just being the system of record, it's the fact that we're now also a system of collaboration because we have this network effect where we we've become a central hub for project stakeholders to connect and to be able to work together.

註釋、事物的變化、決策等等，所有這些都包含在我們的記錄系統中，但它不僅僅是一個記錄系統，更重要的是，我們現在也是一個協作系統，因為我們擁有這種網絡效應，我們已經成為項目利益相關者聯繫和合作的中心樞紐。

I also pointed out that we are providing insights. And of course we're also taking insights a step further and we're providing actions and those actions are enabling our customers to be successful, but those actions take place in the context of trust because we've built a scalable enterprise grade infrastructure to ensure every AI action is secure, compliant, and relevant. So we're very excited about our structural advantages as I talk to customers.

我還指出，我們正在提供一些見解。當然，我們也將洞察力進一步提升，並提供相應的行動方案，這些行動方案能夠幫助我們的客戶取得成功，但這些行動方案都是在信任的背景下實施的，因為我們已經建立了一個可擴展的企業級基礎設施，以確保每個 AI 操作都是安全、合規和相關的。因此，在與客戶交談時，我對我們的結構優勢感到非常興奮。

They see this, and obviously the actions that we've taken, the investments that we've made. I mean, we recognize the importance of AI. We've mobilized our company behind the opportunity and we're applying significant resources. You saw this at groundbreak, where AI was everywhere. We took you guys and our customers through our AI strate our customers through our AI strategy, and then, of course, we've acquired -- since then, as I, as and with, as far as data grid is concerned, we've known the team for some time.

他們看到了這一點，也看到了我們採取的行動和所進行的投資。我的意思是，我們認識到人工智慧的重要性。我們已經調動公司所有資源來抓住這個機遇，並投入了大量資源。在 Groundbreak 大會上，你已經看到了這一點，當時人工智慧無所不在。我們向你們和我們的客戶介紹了我們的人工智慧策略，然後，當然，從那時起，我們收購了——就資料網格而言，正如我所說，我們已經認識這個團隊一段時間了。

Those guys are AI experts, they're construction tech experts. They're excited about the use of AI in construction, and they're going to be part of the Procore team, and we anticipate a great integration with that, with those capabilities. So I'm really excited about what we do. We see this as an upside opportunity as we think about, the value that we're able to provide to our customers. And the overall, the overall technology, as you saw from the example, is pretty amazing.

那些人都是人工智慧專家，也是建築技術專家。他們對人工智慧在建築領域的應用感到興奮，他們將成為 Procore 團隊的一員，我們期待與他們的功能進行良好的整合。所以我對我們所做的事情感到非常興奮。我們認為這是一個上升的機會，因為我們能夠為客戶提供價值。正如你從例子中看到的，整體技術非常了不起。

That's great. That's great perspective, AJ, how, Howard, maybe for my follow-up for you. We've talked about the impact of pooled contracts on CRPO and appreciate you kind of talking about the normalized growth there. Can you just maybe looking forward, can you just maybe talk about the glide path for that metric in 2026 as we think about when that duration benefit maybe starts to normalize? Does that make sense?

那太棒了。AJ，你的觀點很棒，Howard，也許我可以就此跟進一下。我們已經討論過集中合約對 CRPO 的影響，感謝您談到那裡的正常成長。展望未來，您能否談談該指標在 2026 年的發展軌跡，以及我們何時才能開始考慮持續時間優勢的正常化？這樣說得通嗎？

It does. Thanks, Saket, of course, first and foremost, Q4 CRPO growth, includes, the impact from a very strong Q4 booking score. That's first and foremost what's showing up in Q4, and remember that reflects five quarters in a row, if you go back to fiscal fiscal '24 Q4 of consistent and strong execution and on the top-line. So that's first and foremost, we had a really strong Q4.

確實如此。謝謝 Saket，當然，首先，第四季度 CRPO 成長包含了第四季度強勁的預訂得分帶來的影響。首先，這是第四季度最突出的成果，記住，這反映了連續五個季度（從 2024 財年第四季開始）持續強勁的執行力和營收成長。首先，也是最重要的一點，我們第四季的業績非常強勁。

Secondly, when you think about Q4, we also saw another uptick in contract duration, and as that continues to increase, it continues to impact CRPO growth. Normalizing for the contract duration growth, similar to Q3, this is also true in Q4. Normalized CRPO growth is in line and consistent with Q4 revenue growth and also ending Aar growth in Q4. So that's the first couple of things.

其次，考慮到第四季度的情況，我們也看到合約期限再次延長，隨著這種情況的持續增加，它將繼續影響 CRPO 的成長。如果將合約期限成長進行標準化處理，與第三季類似，第四季的情況也是如此。經調整後的 CRPO 成長與第四季營收成長以及第四季末 Aar 成長一致。以上就是前兩件事。

When we think about that glide path, if the contract duration is stable, then what will happen is the CRPO growth will eventually normalize with revenue growth, and if it stays stable throughout fiscal '26, that will likely occur towards the latter part of the year. So that's what you can expect in terms of timing, but the last thing that I will say. I remember a lengthening contract duration is actually a reflection of the confidence that our customers continue to have in extending their relationship and partnership with Pro Core, and that's a positive, very positive outcome that we continue to see.

當我們考慮這一發展路徑時，如果合約期限保持穩定，那麼CRPO的成長最終將與收入成長同步正常化；如果它在整個2026財年保持穩定，那麼這種情況可能會在今年下半年發生。所以，時間安排方面大概就是這樣，但最後一點我要說的是…我記得合約期限的延長實際上反映了我們的客戶對延長與 Pro Core 的關係和合作夥伴關係的信心，這是一個我們不斷看到的積極、非常積極的結果。

Adam Borg, Stiefel.

Adam Borg，Stiefel。

Awesome. Thanks so much for taking the question and great to speak with you, Ajay. Maybe just going back to the script for a minute, you talked about a nice win back. And so now that you've been in the seat, I'd love to hear more about maybe what surprised you either to the upside or even the downside, just on the competitive landscape and importantly, CRPO position, competitively.

驚人的。非常感謝你回答這個問題，很高興能和你交談，Ajay。或許我們可以稍微回顧一下劇本，你剛剛談到了漂亮的逆轉。既然您已經坐上了那個位置，我很想聽聽您在競爭格局方面，尤其是在 CRPO 職位競爭方面，有哪些令您感到意外的亮點或不足之處。

Well, I mean, look, I think that, the conversations I've had with customers, I think is most reflective of the relationship that we have with our customers. It, it's been, the conversations I've had have been incredibly positive. And I think I shared this one, example, I think of a story with one of my customers, at our last call in December.

嗯，我的意思是，你看，我認為，我與客戶的對話最能反映我們與客戶之間的關係。一直以來，我與他人進行的對話都非常正面。我想我曾在去年 12 月的最後一次電話會議上，和一位客戶分享過這個例子，一個故事。

But I was in a meeting in a, with a large GC in Manhattan, and one of the senior executives who wasn't in the meeting and had recently been promoted, he walked back into the meeting, he walked into the meeting and he said, Listen, I wanted to take this opportunity to meet with you, because we started working with Procore over a decade ago. We made a bet on Procore. It was a very big bet.

但當時我在曼哈頓和一家大型總承包商開會，一位最近剛升職的高級主管沒有參加會議，他重新走進會議室，說道：“聽著，我想藉此機會和你見一面，因為我們十多年前就開始和 Procore 合作了。”我們押注了Procore。這是一場豪賭。

And Procore came through, and you've really helped drive our industry forward and drive our business forward. And that's sort of an example of the kind of conversations that I'm having with customers. So it is really, those conversations, I think, make me feel really excited about the depth of the customer relationships.

Procore 不負眾望，你們確實幫助推動了我們產業和我們業務的發展。這算是我與客戶對話的例子。所以，這些對話真的讓我對客戶關係的深度感到非常興奮。

I see lots of opportunities. I'm incredibly, optimistic about our technology, about our platform, especially, of course, in the work that we're doing with AI that comes up oftentimes in conversations with customers. And I'm looking forward, as we move, as we continue here to maintaining traction with our stakeholders and of course, continue to build with build up and owners and subs as well as international.

我看到了很多機會。我對我們的技術和平台充滿信心，尤其對我們與客戶經常討論的人工智慧領域的工作更是如此。我期待著，隨著我們不斷前進，我們將繼續與利益相關者保持聯繫，當然，也將繼續與業主、分包商以及國際夥伴共同發展。

It is really quite an exceptional company in terms of the capabilities and the customer relationships, and from a relationship perspective, you see that being reflected in the way in which we're able to interact with customers.

就能力和客戶關係而言，這真是一家非常出色的公司，從關係角度來看，這一點體現在我們與客戶的互動方式上。

Hey Adam, it's probably just May. This is Howard. I just want to -- your question. Regarding competitive, we still continue to see very strong competitive win rates, similar to what we disclosed back in 2024. And I think what you're seeing in the two examples that were in the prepared remarks, one was actually a displacement of an incumbent, and the other one was a winback. I think those are emblematic of our continued strength in terms of our win rates. And we still held a very strong position versus our competitors out there.

嘿，亞當，現在可能才五月。這是霍華德。我只想回答你的問題。在競技方面，我們仍然看到非常強勁的競技勝率，與我們在 2024 年披露的情況類似。我認為，在準備好的發言稿中提到的兩個例子中，一個實際上是現任者的更迭，另一個則是贏回的。我認為這些都反映了我們在勝率方面持續保持的強大實力。我們仍然保持著相對於競爭對手的非常強大的地位。

That, great to hear. And maybe just as a quick follow-up to Ajay's point about international and great to see the continued go-to-market changes taking hold. So as you think about kind of these go-to-market changes continuing and Ajei, now that you've got a little bit more time in the seat, as you think about the international footprint, what kind of gets you most excited about that opportunity? And any thoughts on how a channel could help kind of build the feet on the street, so to speak, in coming years? Thanks so much.

聽到這個消息真是太好了。或許可以作為 Ajay 關於國際化觀點的快速補充，很高興看到持續的市場進入方式的改變正在發揮作用。所以，當您考慮到這些市場進入方式的改變仍在繼續，而 Ajei 現在您又有更多的時間擔任這個職位，當您考慮國際佈局時，什麼最讓您對這個機會感到興奮？那麼，對於頻道在未來幾年如何幫助建​​立“實地影響力”，您有什麼想法呢？非常感謝。

Yes. I mean I think, obviously, I've been in seat for about a quarter, but everything that you point to in terms of channel, in terms of international, all of these things are opportunities that we are continuing to look at and evaluate from my perspective there. My experience, obviously, has been with businesses which have had channel with significant channel presence -- and that's obviously an opportunity for us as well as significant international presence. So that's something that I continue to look at as we look at future evolution of our business.

是的。我的意思是，很顯然，我上任才一個季度，但你提到的通路、國際市場等所有方面，都是我們正在持續關注和評估的機會。顯然，我的經驗主要來自那些擁有強大通路影響力的企業——這顯然對我們來說是一個機會，同時也是一個重要的國際影響力。所以，在展望我們業務的未來發展時，我會繼續關注這一點。

Adam, this is Howard again. I'll just tell you, we would have liked to have been further along on the international side in terms of top line. International is still facing the same types of macroeconomic challenges that is impacting the progress there. But having said that, the model that we put in place, we still believe is the absolute right model. We are seeing the good results internationally as well as domestically in terms of that model being put in place with respect to folks like the technical specialists, and we continue to see progress.

亞當，我是霍華德。我只能說，就收入而言，我們原本希望在國際業務方面取得更大的進展。國際經濟仍面臨著與以往相同的宏觀經濟挑戰，這些挑戰正在影響國際經濟的發展進程。但即便如此，我們仍然相信我們所建立的模式是絕對正確的模式。我們看到，無論在國際上或國內，這種模式在技術專家等人員方面都取得了良好的效果，而且我們不斷看到進步。

We believe in the opportunities we have product market fit, and continue to build towards more product market fit. So longer term, it is still absolutely an opportunity for us. And so we're excited about it. We would like to be further along. It is something that we think over the long term will still continue to contribute to our growth.

我們相信我們擁有的產品市場契合度，並將繼續努力實現更高的產品市場契合度。所以從長遠來看，這對我們來說絕對仍然是一個機會。所以，我們對此感到很興奮。我們希望取得更大的進展。我們認為，從長遠來看，這仍將繼續為我們的發展做出貢獻。

Really appreciate the color, gentlemen.

先生們，真的很喜歡這個顏色。

DJ Hynes, Canaccord

DJ Hynes，Canaccord

Hey, thank you guys and congrats on the next quarter. I'm going to go reverse order and start with you, Howard. I'm curious what you saw in terms of trends of volume commitments during the Q4 renewal cycle. And maybe you could compare that to kind of how it was a year ago and I don't know if as part of that, what kind of price you're taking on like-for-like renewals? Any color there would be helpful.

嘿，謝謝大家，也恭喜你們下個季度取得好成績。我要反其道而行之，先從你開始，霍華德。我很想知道您在第四季續約週期中觀察到的銷售承諾趨勢如何。或許你可以把現在的情況和一年前的情況做個比較，我不知道作為比較的一部分，你們在同等條件下的續約價格是多少？任何顏色都會有所幫助。

Yes. In general, we're not going to disclose the specific number. But last quarter, we talked about ACV commitments on the platform crossing $1 trillion, and that continues to grow in Q4. So we continue to see strength there. And that also exemplifies and is evidence that we continue to gain share as well. And so it's grown off of that $1 trillion.

是的。一般而言，我們不會透露具體數字。但上個季度，我們談到該平台的 ACV 承諾將突破 1 兆美元，而且第四季這一數字還在持續成長。因此，我們繼續看到這方面的優勢。這也體現並證明了我們也不斷擴大市場份額。因此，它正是在這1兆美元的基礎上發展起來的。

Okay. And then, AJ, maybe we could go a little bit deeper on data grade. I'm curious where the data that's not inside of Procore resides where data grid will help you. Is it in other construction point solutions? Is it in other systems of record, like what is that data that needs to come into the system that will help kind of power your AI efforts?

好的。然後，AJ，或許我們可以更深入地探討一下資料等級。我很好奇那些不在 Procore 內部的資料儲存在哪裡，資料網格可以幫助你。其他建築解決方案中也有嗎？是否在其他記錄系統中？例如，需要將哪些資料匯入系統才能幫助您實現人工智慧目標？

Well, I think it's important to understand, Ben, what our architectural construct is as we put together the whole solution. As you -- as we announced at groundbreak, our strategy at the baseline is to have essentially well-thought through APIs, which are appropriate for agnetic workflows to have a platform for agenetic applications and AgenticAI solutions and then to build out AI agents themselves. So it's a 3-layer structure, I platform and the platform includes the ability to do things like advanced reasoning, multimodal reasoning that's construction aware as well as, of course, to be able to monetize activity.

嗯，本，我認為在建立整個解決方案的過程中，了解我們的架構結構非常重要。正如我們在奠基儀式上所宣布的那樣，我們的基準策略是擁有經過深思熟慮的 API，這些 API 適用於智慧工作流程，為智慧應用程式和 AgenticAI 解決方案提供平台，然後再建立 AI 代理本身。所以這是一個三層結構，I 平台，該平台包含執行高級推理、多模態推理（感知構造）等功能，當然，也能夠將活動貨幣化。

So there's sort of that -- those three layers. We announced our strategy and obviously, we were building towards that. We saw with Data Grid the opportunity to be able to accelerate that growth because they had focused a lot on areas that we hadn't focused and we had a complementary way of approaching the market. Now they have -- between us, we have connectors in to a large number, I think, of third-party systems, including ERP systems and others, which allow us to collect information and bring it together. What's really important as far as data is concerned, when you think about the volume of our data, we've got something like 3 million active users in our system.

所以就有了這三層結構。我們公佈了我們的策略，顯然，我們正在朝著這個方向努力。我們看到了與 Data Grid 合作的機會，能夠加速這一成長，因為他們專注於我們沒有關注的領域，而我們則以互補的方式進入市場。現在，我們之間——我認為——有很多第三方系統，包括 ERP 系統等，都透過連接器連接起來，這使我們能夠收集資訊並將其整合在一起。就數據而言，真正重要的是，考慮到我們數據的數量，我們的系統中大約有 300 萬活躍用戶。

We've got all kinds of information in our systems, including what's really important things like annotations and changes, which are sort of unique data elements as well as the dynamic view of how that data has changed.

我們的系統中包含了各種信息，包括一些非常重要的信息，例如註釋和更改，這些都是獨特的資料元素，以及資料如何變化的動態視圖。

So there's a lot of resources that we have been in a position to bring to bear in terms of the information that's within Procore, the ability to be able to oxtrate activities and have data grade is essentially accelerated the strategy that we had in place, bringing some really interesting reasoning capabilities as well as some interesting connectivity capabilities that they had built into the overall Procore AI story.

因此，我們能夠利用 Procore 內部的資訊資源，以及分析活動和獲取資料品質的能力，這實際上加速了我們已有的策略，帶來了一些非常有趣的推理能力以及一些有趣的連接能力，這些能力都已融入到 Procore AI 的整體架構中。

Matthew Martino, Goldman Sachs.

馬修馬蒂諾，高盛集團。

Yeah, hey, thanks for taking my questions, guys. AJ, maybe sticking with the Procore AI for a moment. Like can you elaborate on the specific monetization strategy for this? Should investors expect a new premium SKU sort of platform-wide price uplift or consumption model tied to the ROA -- ROI that you intend to generate for your customers here?

是啊，謝謝各位回答我的問題。AJ，或許會暫時繼續使用Procore AI。能否詳細說明一下具體的獲利策略？投資者是否應該期待一種新的高端 SKU 類型的全平台價格提升或與 ROA（您打算為客戶產生的 ROI）掛鉤的消費模式？

And if I could just slip in a quick one for you, Howard. What looks like head count grew about 5% total for the year, even with the go-to-market changes. Looking forward, Procore's guiding to around 400 basis points of margin expansion. Do you feel that the business is sufficiently resourced from a go-to-market perspective, especially if we were to see kind of the construction cycle turn over the next several quarters? Thank you both.

霍華德，我可以再給你補充一句嗎？即使考慮到市場策略的變化，全年員工總數似乎也增加了約 5%。展望未來，Procore 預計利潤率將擴大約 400 個基點。從市場進入的角度來看，您是否認為公司的資源足夠充足，尤其是在未來幾季建築週期可能會轉變的情況下？謝謝你們兩位。

So let me just answer your question about monetization of AI and then I'll turn it over to you to Howard. Look, as in any business and new business opportunity, the first thing you've got to do is to establish a compelling ROI and we believe that we're doing that. We know that we're doing that. Our customers are seeing benefit and value from the technology, as I described in the example, where they're saving time and are able to do things that they wouldn't have otherwise been able to do given the shortage of labor and given the limited amount of hours in the day that they have. .

那麼，讓我先回答一下你關於人工智慧獲利的問題，然後我再把問題交給霍華德。你看，就像在任何商業活動和新的商業機會中一樣，你首先要做的是建立令人信服的投資回報率，我們相信我們正在做到這一點。我們知道我們正在這樣做。正如我在例子中所描述的那樣，我們的客戶正在從這項技術中受益和獲得價值，他們節省了時間，並且能夠做一些在勞動力短缺和一天時間有限的情況下他們原本無法做的事情。。

And so the first thing you have to do is to make manifest that ROI. And obviously, from our perspective, the labor cost elements that our customers are facing, that is one of the significant and most important line items for our customers. And having digital coworkers do the work, we think generates that significant ROI and even if we can monetize a small fraction of that, we have a significant and incremental upside opportunity that we believe will drive upside to our business at the same time that we support our customers. And we are likely to be including some of those AI offerings within upcoming bundles that are part of some new packaging we're also likely to be including component based -- some consumption-based components.

因此，你首先要做的是將投資報酬率轉化為實際收益。顯然，從我們的角度來看，客戶面臨的勞動成本因素是客戶最重要、最關鍵的成本項目之一。我們認為，讓數位化同事完成工作可以產生顯著的投資回報率，即使我們只能將其中一小部分貨幣化，我們也擁有巨大的、不斷增長的成長機會，我們相信這將在支持客戶的同時，推動我們業務的成長。我們可能會將其中一些人工智慧產品納入即將推出的捆綁包中，這些捆綁包是我們可能還會納入的一些基於組件的新包裝的一部分——一些基於消費的組件。

Now this is obviously relatively new to the market. So we're likely to experiment, and we're likely to evolve our approach. But look, I'm excited about our path forward. I'm excited about our ability to monetize AI, and we'll be sure to keep you posted as we proceed.

這顯然是市場上相對較新的產品。因此，我們可能會進行試驗，也可能會不斷改進我們的方法。但是，我對我們未來的道路感到興奮。我對我們實現人工智慧商業化的能力感到興奮，我們一定會隨時向您報告進度。

Matt, this is Howard. Let me just answer your question around capacity and leverage and so forth. So the first thing is we -- the short answer is yes. We have enough capacity. We have planned for enough capacity going into fiscal '26 to be able to sufficiently invest in the business.

馬特，這位是霍華德。讓我來回答你關於產能、槓桿等等的問題。所以首先，我們的答案是──簡而言之，是的。我們有足夠的產能。我們已為進入 2026 財年做好了充足的產能規劃，以便能夠對業務進行充分的投資。

Let me go through a couple of more details here.

讓我再補充一些細節。

One is, remember what we talked about from a go-to-market perspective, fiscal '25 was an investment year. We are going into fiscal '26 with largely the capacity that we already need on the go-to-market side and then the focus is really on productivity increases. And so that's the first thing. With respect to the places where we are adding more resources and more headcount, it's largely focused on the R&D side of things, and those are largely going to be added in lower-cost geos for the most part. And in addition to that, we continue to see leverage across all parts of the OpEx lines as we did last year, as we're doing this year as we will do continuing going forward, and also keep in mind, although we are using internally AI, and that is having a benefit, a lot of those improvements that we have done last year and this year is largely just getting better at the foundational ways that we operate.

一是，還記得我們之前從市場推廣角度討論過的內容嗎？ 2025 財年是投資年。進入 2026 財年，我們在市場推廣方面已經基本具備了所需的產能，因此重點將放在提高生產力上。所以，這是第一件事。至於我們增加資源和人員配備的地方，主要集中在研發方面，而且這些增加的資源和人員大多會投入成本較低的地區。除此之外，我們繼續看到營運支出各個環節的槓桿作用，就像去年一樣，就像今年一樣，並且我們將繼續這樣做。還要記住，雖然我們在內部使用人工智慧，而這確實帶來了好處，但我們去年和今年所做的許多改進，主要只是在我們營運的基礎方式上做得更好。

And as we think about leverage going forward and the resources that we need, the AI piece is actually going to be an additional tailwind to our ability to find scale and leverage in the business going forward.

當我們思考未來的槓桿作用和我們需要的資源時，人工智慧實際上將成為我們未來在業務中找到規模和槓桿作用的額外助力。

Ken Wong, Abenheimer.

Ken Wong，Abenheimer。

Fantastic, Howard, I wanted to ask about the guidance. Previously, you guys had this growth profit dynamic where it was it was somewhat inversely correlated. Should we think about elevated margins coming at a lower growth rate? Or is that no longer the case? And then just any philosophical changes in terms of incremental conservatism as you guys embed some some of the -- and some of his learnings over the coming quarters?

太好了，霍華德，我想問指導方面的問題。之前，你們的成長利潤動態是呈現反比關係的。我們是否應該考慮在成長率較低的情況下獲得較高的利潤率？或者情況已經有所改變？那麼，在接下來的幾個季度裡，隨著你們逐步吸收他的一些經驗教訓，在漸進式保守主義方面，是否會有任何哲學上的變化？

Ken. So the first thing is there is no change to our guidance philosophy. You can expect the same type of cadence that we did in fiscal '25 for what we're going to do in fiscal '26.

肯。首先，我們的指導理念沒有任何改變。您可以期待我們在 2025 財年採取的同樣節奏，來推進 2026 財年的工作。

The first question I want to make sure I address, though, we've talked about this before. It's not really a trade-off between top line versus bottom line. What we optimize for is still our North Star metric around free cash flow per share and that's what we're going to optimize for both the numerator and the denominator of that equation so that we provide the best return to our shareholders.

不過，我首先要確保回答的這個問題，我們之前已經討論過。這其實並不是營收和利潤之間的權衡取捨。我們追求的仍然是每股自由現金流這一核心指標，我們將優化該等式的分子和分母，從而為股東提供最佳回報。

Dylan Becker, William Blair.

迪倫貝克爾，威廉布萊爾。

Gentlemen, I appreciate it. Maybe, Ajay, for you kind of stepping back, if we double-click on the owner segment, maybe it ties into kind of the enterprise momentum and some of the larger players being more insulated here. But could you give us a sense on what you're hearing from those owners as it pertains to kind of CapEx deployment in 2026, maybe the network dynamics of their opportunity to kind of mandate proforma taken throughout the platform. And maybe, if anything, where Fed RAMP? And I know you guys have a good data center business as well here, but what that can kind of unlocking for in fully as more dollars are allocated to that trail. Thank you.

各位，非常感謝。阿傑，或許從你的角度來看，如果我們仔細分析一下所有者群體，可能會發現這與企業的發展勢頭以及一些規模較大的參與者受到的影響較小有關。但您能否讓我們了解一下您從這些業主那裡聽到的關於 2026 年資本支出部署方面的信息，以及他們有機會在整個平台上強制執行預測的網絡動態？或許，如果真有什麼事的話，那就是聯準會的 RAMP 在哪裡？我知道你們的資料中心業務也很不錯，但是隨著更多資金投入到這條道路上，它的潛力才能完全釋放出來。謝謝。

So from an owner's perspective, one of the nice things about the owners segment, as I said, is that the owners represent customers from multiple verticals. And obviously, I talked about data center deployments where there is a massive amount of increase in expenses as people start to build out in data centers. So you see incremental spending in certain areas -- but because it's owners -- essentially any enterprise customer as an owner, you see the natural fluctuations of those end markets being reflected in the way owners think about their own real estate investments. So -- but our value proposition to owners goes beyond the value proposition that we have to general contractors.

所以從業主的角度來看，正如我所說，業主群的一個好處是，業主代表了來自多個垂直領域的客戶。顯然，我還談到了資料中心部署，隨著人們開始建立資料中心，費用也大幅增加。因此，你會看到某些領域的支出增加——但因為是業主——基本上任何企業客戶都是業主，你會看到這些終端市場的自然波動反映在業主思考自己房地產投資的方式上。所以——但我們為業主提供的價值主張超越了我們為總承包商提供的價值主張。

As I said, our value proposition to owners is around portfolio management, it's about being able to manage the complexity of all of the activities that they have going potentially working across multiple GCs and multiple locations. And you're absolutely right. There is -- the network effect that I talked about earlier is a really important aspect of our business. We talked about -- I mentioned that in the context of -- but it's certainly very important in the context in just the broader context of owners mandating a particular solution, resulting in the GCs taking advantage of that solution, resulting in the subtaking advantage of that solution.

正如我所說，我們對業主的價值主張是圍繞投資組合管理展開的，它旨在管理他們可能在多個總承包商和多個地點開展的所有活動的複雜性。你說得完全正確。確實存在——我之前提到的網路效應是我們業務中非常重要的一個面向。我們討論過——我提到過——但這在業主強制要求採用特定解決方案的更廣泛背景下肯定非常重要，導致總承包商利用該解決方案，最終導致分包商利用該解決方案。

And that we've been seeing essentially since we began as a company. So that allows us to create this deep well of users who are tied to Procore in a much more intimate way than perhaps with other solutions might have. The other thing, you mentioned FedRAMP. FedRAMP represents -- for us, obviously, the federal government represents an incremental opportunity as we start to look out. The fact that we have FedRAMP certification allows us to support opportunities that we were not able to, before we achieved that certification.

而從公司成立之初，我們就一直看到這種情況。這樣一來，我們就能建立起一個龐大的使用者群體，他們與 Procore 的連結比使用其他解決方案時更加緊密。另外，你提到了 FedRAMP。對我們來說，FedRAMP 顯然代表聯邦政府為我們提供了一個逐步擴大的機會，讓我們開始放眼未來。獲得 FedRAMP 認證後，我們能夠支持以前無法提供的機會。

Jason Celino, KeyBanc.

Jason Celino，KeyBanc。

Hey, great, thanks for fitting me in. Maybe just for Howard. If I kind of adjust for the duration, it looks like you've had the biggest bookings quarter ever. So big congratulations there. Just wanted to ask if there was any deals that might have been pulled forward, not pulled forward, but closed earlier than you would have anticipated. And then when we think about kind of that normalized CRPO, if it is consistent with revenue growth, would that suggest that it did uptick versus the prior quarter as well. Thank you.

嘿，太好了，謝謝你們安排我過來。或許只是為了霍華德。如果考慮到時間因素，你們的預訂量似乎創下了有史以來最高的季度紀錄。所以，恭喜你！我只是想問一下，是否有任何交易提前完成，而不是沒有提前完成，而是比您預期的更早成交。然後，當我們考慮這種標準化的 CRPO 時，如果它與收入成長一致，這是否表明它與上一季相比也有所增長。謝謝。

So first of all, yes, Q4 was a fantastic quarter. And it was the biggest quarter that we had from a bookings perspective. So the answer is yes there. And in terms of where that came from, it actually didn't come from any one specific deal or even a couple of deals. The strength was actually more broad-based across both large deals as well as the broader commercial segment.

首先，是的，第四季是一個非常棒的季度。從預訂量來看，這是我們有史以來業績最好的季度。所以答案是肯定的。至於它的來源，實際上並非來自任何一項具體的交易，甚至也不是來自幾項交易。事實上，無論是大型交易還是更廣泛的商業領域，這種強勁勢頭都更加普遍。

And what we saw was really the engine starting to really gain momentum building again on four quarters of really strong and consistent execution. And so that gives us a tremendous amount of confidence and momentum going into fiscal '26.

我們看到的是，這台引擎在連續四個季度強勁穩定的發揮基礎上，再次開始真正獲得動力。因此，這讓我們對即將到來的 2026 財年充滿信心和動力。

In terms of normalized CRPO, the only thing that we'll continue to disclose and tell you it is still consistent with Q4 revenue growth and ending ARR growth. I think that gives plenty of information about where we expect things to go in the near term.

就標準化 CRPO 而言，我們唯一會繼續揭露並告訴大家的是，它仍然與第四季度收入成長和期末 ARR 成長保持一致。我認為這提供了足夠的信息，讓我們了解近期內事情的發展方向。

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

謝謝。今天的電話會議到此結束。感謝您的參與。現在您可以斷開線路了。