Procore Technologies Inc (PCOR) 2026 Q2 法說會逐字稿

Thank you for standing by. My name is Kate, and I will be your conference operator today. At this time, I would like to welcome everyone to the Procore Technologies, Inc. FY26 Q2 earnings call. (Operator Instructions)

感謝您耐心等候。我叫 Kate，今天將擔任本次電話會議的接線員。此刻，我謹代表主辦方歡迎各位參加 Procore Technologies, Inc. 2026 會計年度第二季（FY26 Q2）財報電話會議。（接線員指示）

I would now like to turn the call over to Matthew Puljiz, SVP of Finance. Please go ahead.

現在我想把電話交給財務資深副總裁 Matthew Puljiz。請開始。

Good morning, and welcome to Procore's 2026 second-quarter earnings call. I'm Matthew Puljiz, SVP of Finance. With me today are Ajei Gopal, President and CEO; and Rachel Pyles, 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.

各位早安，歡迎參加 Procore 2026 年第二季財報電話會議。我是財務資深副總裁 Matthew Puljiz。今天與我一同出席的有總裁兼執行長 Ajei Gopal，以及財務長 Rachel Pyles。關於我們業績的進一步揭露，請參閱我們今日發布的新聞稿；該新聞稿可於本公司網站的投資人關係專區，以及我們向美國證券交易委員會（SEC）提交的定期報告中取得。

Today's call is being recorded, and a replay will be available following the conclusion of the call. Comments made on this call include forward-looking statements regarding, among other things, our financial performance, platform and products, customer demand, business strategies, transactions and operations.

今天的電話會議將進行錄音，會議結束後將提供重播。本次電話會議中的評論包含前瞻性陳述，內容涉及（但不限於）我們的財務表現、平台與產品、客戶需求、業務策略、交易以及營運等。

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 used as of today July 30, 2026.

您不應將前瞻性陳述視為對未來事件的預測。所有前瞻性陳述均受風險、不確定性與假設影響，並以管理層截至今日（2026 年 7 月 30 日）的當前預期為基礎。

Procore undertakes no obligation to update any forward-looking statements, except as required by law. If this call is replayed after today, the information presented may not contain current or accurate information. Therefore, statements made during this call should not be relied upon as representing our views as of any subsequent date.

除法律要求外，Procore 不承擔更新任何前瞻性陳述的義務。若本次電話會議於今日之後重播，所呈現資訊可能不再是最新或準確資訊。因此，本次電話會議中的陳述不應被依賴為代表我們於任何後續日期的觀點。

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.

我們也將引用若干非 GAAP 財務衡量指標，以向投資人提供額外資訊。非 GAAP 與 GAAP 指標之調節表已載於我們的新聞稿以及向 SEC 提交的定期報告中。

And with that, let me turn the call over to Ajei.

接下來，我把電話交給 Ajei。

Good morning, and thank you for joining us today. I'm delighted to report that our core business continues to perform very well. as evidenced by our outstanding financial and operational results for the quarter. Nearly nine months into my tenure as CEO, I have a clear view on Procore's go-forward strategy and the operational rigor needed to execute it. and I'm more excited than ever about our prospects for the short and long terms.

各位早安，感謝今天加入我們。我很高興向各位報告，我們的核心業務持續表現非常出色，從本季卓越的財務與營運成果即可見一斑。在我擔任執行長近九個月之際，我已清楚掌握 Procore 未來的策略方向，以及落實該策略所需的營運紀律；我對我們短期與長期的前景比以往任何時候都更感到振奮。

Procore has built one of the most essential vertical software platforms in the industry. A system of collaboration that creates a powerful network effect across the industry's stakeholders. We sit at the intersection of the physical and the digital world, where the decisions made on paper meet the realities of the job side.

Procore 已打造出業界最關鍵的垂直軟體平台之一。這是一套協作系統，能在產業各利害關係人之間形成強大的網路效應。我們位於實體世界與數位世界的交會點，讓紙面上的決策與工地現場的現實相互對接。

I believe we have the opportunity to lead in the AI era by continuing to build a true next-generation AI-native construction management application that delivers meaningful efficiency and safety gains across the construction life cycle. Saving our customers time and money.

我相信，我們有機會在 AI 時代取得領先，持續打造真正的下一代、AI 原生的施工管理應用，為建築全生命週期帶來具實質意義的效率與安全提升。為客戶節省時間與成本。

We have taken concrete steps towards that vision, through both organic development and two targeted acquisitions, including our agreement to acquire DroneDeploy which we announced yesterday. Even as we pursued our strategy, we have continued to execute, recruit key personnel and organize ourselves for success.

我們已透過內生成長與兩項具針對性的收購，朝該願景採取具體步驟，其中包括我們昨日宣布的收購 DroneDeploy 協議。即使在推進策略的同時，我們仍持續落實執行、招募關鍵人才，並調整組織以邁向成功。

This quarter's outstanding results and our raised expectations for the year reflect that discipline. My conversations with customers these past months have only fortified my conviction in our business and our path to long-term value creation.

本季的卓越成果以及我們上調的全年預期，正反映了這份紀律。過去幾個月我與客戶的對話，更加鞏固了我對我們業務以及長期價值創造路徑的信心。

I'm confident that the strength of our business, our ability to execute and the depth of our customer relationships give us a clear runway to durable growth meaningful margin expansion and compounding free cash flow per share.

我有信心，憑藉我們業務的強勁實力、執行能力以及深厚的客戶關係，我們擁有清晰的成長跑道，可實現持久成長、顯著的利潤率擴張，並推動每股自由現金流的複利成長。

Let me start with the quarter. Q2 was an outstanding quarter for Procore, where we delivered 15.8% year-over-year revenue growth and 21.5% non-GAAP operating margin, which represents 800 basis points of year-over-year margin expansion.

我先從本季談起。第二季對 Procore 而言是非常出色的一季：我們實現營收年增 15.8%，非 GAAP 營業利益率達 21.5%，相當於年增 800 個基點的利潤率擴張。

I'm excited that in Q2, we signed a contract for the King Salman International Airport or KSIA in the Kingdom of Saudi Arabia. This public investment fund project, which will become one of the largest airports in the world is implementing Procore for unified digital construction management.

我很興奮地分享，第二季我們在沙烏地阿拉伯王國簽下了 King Salman International Airport（KSIA，薩勒曼國王國際機場）的合約。這項公共投資基金（PIF）專案將成為全球最大的機場之一，並正導入 Procore 以實現統一的數位化施工管理。

Working with strategic delivery partner to Salman, KSIA will use Procore to have one connected source of project data from design through delivery with stronger governance and transparency from the earlier stages.

KSIA 將與薩勒曼的策略交付合作夥伴共同合作，使用 Procore 讓專案資料從設計到交付皆有單一連結的資料來源，並自更早期階段起強化治理與透明度。

To reflect our momentum in the market, I'm pleased that we have raised our annual guidance just as we did last quarter. I am also excited about the margin expansion we have delivered over the past few years. The operating leverage we are building and our commitment to sustained profitability. Rachel will walk through the details in a few minutes.

為反映我們在市場上的動能，我很高興我們如同上季一樣，再次上調全年財測指引。我也對過去幾年我們所實現的利潤率擴張感到振奮。我們正在建立的營運槓桿，以及我們對持續獲利能力的承諾。Rachel 將在幾分鐘後說明細節。

Our core US residential and multifamily construction market has experienced significant growth deceleration over the past 2.5 years, leading to negative growth in late 2025. Despite this, Procore has sustained mid-teens top line growth, significantly outperforming the end market and reflecting the critical nature of our products and our ongoing success across stakeholders.

我們的核心美國住宅與多戶型住宅建築市場，在過去 2.5 年經歷了顯著的成長放緩，並在 2025 年末轉為負成長。儘管如此，Procore 仍維持營收中段十位數（mid-teens）的成長，明顯優於終端市場，並反映出我們產品的關鍵性，以及我們在各利害關係人之間持續成功的成果。

Today, we are seeing an uneven end market with weakness in certain subsectors, such as manufacturing and unprecedented strength in data center construction, driven by ongoing investments in AI. In the US alone, construction spending in the data center subsector has tripled over the last three years, according to Goldman Sachs Research. Commercial real estate services company, JLL reports that nearly 100 gigawatts of new data centers will be added between 2026 and 2030, doubling global capacity.

目前我們看到終端市場表現不均：某些次產業（如製造業）偏弱，而資料中心建設則呈現前所未有的強勁，主要由 AI 持續投資所帶動。根據高盛研究（Goldman Sachs Research），僅在美國，資料中心次產業的建設支出在過去三年已成長至三倍。商用不動產服務公司 JLL 指出，2026 至 2030 年間將新增近 100 吉瓦的新資料中心，使全球容量倍增。

The enormous magnitude of spending on data center construction will continue to drive top line benefits to Procore. And of course, any acceleration in data center construction would be an additional tailwind for us.

資料中心建設的龐大支出規模將持續為 Procore 的營收帶來正面效益。當然，若資料中心建設進一步加速，將成為我們額外的順風。

Procore is the market leader in data centers with 9 of the 10 largest North American data center sites using our solutions during construction. Because data centers is a highly sophisticated facility built on the tight deadline. Our customers rely on Procore to automate approvals and communication and to keep every stakeholder collaborating in real time on a single platform.

Procore 是資料中心領域的市場領導者：北美前十大資料中心工地中有 9 個在施工期間使用我們的解決方案。由於資料中心屬於高度複雜、且需在緊迫工期內建置的設施。我們的客戶仰賴 Procore 來自動化核准流程與溝通，並讓每位利害關係人都能在單一平台上即時協作。

We are expanding our solution set with new product capabilities in connected commissioning and asset workflows. And through our NVIDIA partnership, we are streaming Omniverse powered 3D digital twins of data centers directly inside Procore. In Q2, we closed our largest contract in EMEA history. A nearly $7 million agreement with a European company that builds hyperscale AI data centers across Europe, the US and APAC.

我們正透過「連結式試運轉（connected commissioning）」與資產工作流程等新產品能力，擴充我們的解決方案組合。並且透過與 NVIDIA 的合作，我們將由 Omniverse 驅動的資料中心 3D 數位孿生直接串流至 Procore 內。在第二季，我們完成了 EMEA 地區史上最大合約。與一家在歐洲、美國與亞太地區建置超大規模（hyperscale）AI 資料中心的歐洲公司簽訂近 700 萬美元的協議。

This company will use Procore as a system of record for the entire global construction program, including project execution, document control and cost management. In the process, this customer will replace size spreadsheets with a single standardized audit-ready platform integrated into ERP.

該公司將使用 Procore 作為其全球建設計畫的系統紀錄（system of record），涵蓋專案執行、文件控管與成本管理。在此過程中，該客戶將以單一、標準化且可供稽核（audit-ready）的平台取代大量試算表，並與 ERP 整合。

Moving to our products. Procore was founded with a mission to bring efficiency and collaboration to the job site. Since then, we have expanded our market leadership evolving from a system of record to a global system of collaboration. We are with physical assets and activities are digitized and where actions are taken to change the physical world.

接著談我們的產品。Procore 創立的使命，是為工地帶來效率與協作。自那時起，我們擴大了市場領導地位，從系統紀錄演進為全球協作系統。我們身處實體資產與活動被數位化、並採取行動以改變實體世界的場域。

And our technology strategy is anchored by four key pillars: our extensive data set and depth of context, fueled by nearly 3 million active users, the trust we have established through a secure and compliant infrastructure, the powerful network effect of having dozens of stakeholders collaborating on every project and our focus on moving work forward in addition to providing insights.

而我們的技術策略以四大關鍵支柱為核心：我們龐大的資料集與深厚的情境脈絡（context）——由近 300 萬名活躍使用者所驅動；我們透過安全且符合法規的基礎架構所建立的信任；每個專案有數十位利害關係人協作所帶來的強大網路效應；以及我們除了提供洞察之外，更專注於推動工作向前進展。

Building on this foundation, we are now integrating AI into our platform's core to address the industry's most pressing challenges, including a labor shortage of nearly 350,000 workers in the US alone. Our AI-powered digital co-workers are designed to bridge this gap by delivering purpose-built capabilities for every project stakeholder.

在此基礎上，我們現在正將 AI 整合進我們平台的核心，以解決產業最迫切的挑戰，包括僅在美國就接近 35 萬名工人的勞動力短缺。我們的 AI 驅動數位同事旨在透過為每一位專案利害關係人提供量身打造的能力，來彌補這個缺口。

To accelerate our ambitious road map, we are driving organic innovation alongside strategic acquisitions. Specifically Datagrid, which joined our portfolio in January and DroneDeploy our latest announcement yesterday.

為了加速我們雄心勃勃的路線圖，我們在推動有機創新的同時，也進行策略性併購。具體而言，包括 1 月加入我們版圖的 Datagrid，以及我們昨天最新宣布的 DroneDeploy。

After closing the Datagrid acquisition, we focused on technical integration and launched Procore AI through a dedicated specialist team working as an overlay alongside our core sales force. Our product enabled customers to use construction-specific AI natively and with full context within their existing broker environment. In the last week, we have expanded our library of prebuilt digital co-workers to 20 AI agents purpose-built for construction, and we expanded sales to include our broader go-to-market organization.

在完成 Datagrid 併購後，我們專注於技術整合，並透過一支專責的專家團隊推出 Procore AI；該團隊以疊加方式與我們的核心銷售團隊並行運作。我們的產品讓客戶能在其既有的 broker 環境中，以原生方式並在完整情境下使用建築業專用的 AI。在過去一週，我們已將預建的數位同事庫擴充至 20 個為建築業量身打造的 AI 代理，並將銷售擴展至我們更廣泛的上市推廣（go-to-market）組織。

Initial customer interest has been very positive with leading companies, including HASCO and Level 10 Construction amongst the early adopters. Another great example is Consigli a top North American general contractor and Procore customer for more than a decade. As part of our early limited availability program, the company moved from an internal AI hackathon to deploying four Procore AI agents in three test projects to help with common workflows like reviewing submittals or drafting RFI.

初期客戶興趣非常正面，領先企業（包括 HASCO 與 Level 10 Construction）都在早期採用者之列。另一個很好的例子是 Consigli——北美頂尖的總承包商之一，也是 Procore 超過十年的客戶。作為我們早期限量供應計畫的一部分，該公司從內部 AI 黑客松轉向在三個測試專案中部署四個 Procore AI 代理，以協助處理常見工作流程，例如審查送審文件（submittals）或起草 RFI。

Switching drawings that once took their project engineers 30 minutes now takes 5. Material verifications that took 10 minutes can be accomplished in seconds. With that success, Consigli is now deploying the generally available Procore AI across 50 projects.

切換圖面（drawings）過去需要他們的專案工程師 30 分鐘，現在只要 5 分鐘。材料驗證原本要 10 分鐘，現在幾秒鐘就能完成。在取得這樣的成果後，Consigli 現在正把已正式全面上市（generally available）的 Procore AI 部署到 50 個專案。

We are very excited about the speed at which data grade has been integrated. The reception by our customers to our Procore AI strategy and the momentum we are building in our AI business. This early success gives us further confidence to make another AI accelerating acquisition in DroneDeploy.

我們對 Datagrid 整合的速度感到非常振奮。客戶對我們 Procore AI 策略的反應，以及我們在 AI 業務上正在建立的動能，都令人鼓舞。這些早期成功讓我們更有信心再進行一項加速 AI 的併購——DroneDeploy。

I will cover the strategy around DroneDeploy, while Rachel will discuss the financial details. As a leader in reality capture and robotic automation, what we are calling visual intelligence DroneDeploy bridges the physical construction site with the digital world, delivering critical real-time visibility into job site activity.

我將說明 DroneDeploy 的策略，而 Rachel 會討論財務細節。作為實景捕捉（reality capture）與機器人自動化的領導者，我們稱之為「視覺智慧」（visual intelligence）的 DroneDeploy，將實體施工現場與數位世界連結起來，提供對工地活動至關重要的即時可視性。

While its name reflects its origins with drone-based imaging, the company has evolved over the last 13 years into a fully unified platform for three-dimensional ground and aerial imaging. Spanning drones to ground deployed robots as well as mobile, fixed and wearable cameras.

雖然其名稱反映了以無人機影像起家的背景，但在過去 13 年間，該公司已演進為一個完全整合的三維地面與空中影像平台。涵蓋從無人機到地面部署的機器人，以及行動式、固定式與穿戴式相機。

Their products are based on artificial intelligence and machine learning with particular focus on computer vision and image recognition. Their robotics solutions enable robots and dock drones to conduct scheduled fully autonomous missions, launching, capturing and uploading data without on-site personnel.

他們的產品以人工智慧與機器學習為基礎，特別聚焦於電腦視覺與影像辨識。他們的機器人解決方案可讓機器人與停靠式無人機（dock drones）執行排程的全自主任務，在無需現場人員的情況下完成起飛／啟動、拍攝與上傳資料。

DroneDeploy is being used on over 3 million job sites across more than 180 countries, including many of the large data centers that I mentioned earlier. It is important to note that Procore and DroneDeploy offer complementary solutions that do not overlap. As long-term partners, we have market tested integrations that joint customers are using today.

DroneDeploy 已在超過 180 個國家的 300 多萬個工地使用，其中包括我先前提到的許多大型資料中心。重要的是，Procore 與 DroneDeploy 提供的是互補且不重疊的解決方案。作為長期合作夥伴，我們已完成市場驗證的整合，聯合客戶目前就正在使用。

As soon as the transaction closes, we intend to rapidly build on those integrations to deliver AI-enabled intelligent multimodal capture via cameras, drones and robots deeply integrated into the Procore platform. We expect our augmented solutions will address some of the most challenging pain points customers are facing.

一旦交易完成，我們打算迅速在這些整合之上再加速，透過相機、無人機與機器人提供 AI 賦能的智慧多模態捕捉（intelligent multimodal capture），並深度整合進 Procore 平台。我們預期強化後的解決方案將能解決客戶面臨的一些最棘手痛點。

Building on their strong AI and technology foundation, DroneDeploy has recently developed three AI agents to enable customers to track progress like safety risks and monitor asset conditions. These agents, which are in the early stages of commercialization, are intended to optimize entire workflows, and they help point the way to how Procore AI will transform construction management software.

在其強大的 AI 與技術基礎之上，DroneDeploy 近期已開發三個 AI 代理，讓客戶能追蹤進度、辨識安全風險並監控資產狀況。這些代理目前仍處於商業化早期階段，目標是優化整體工作流程，也指引了 Procore AI 將如何改變建築管理軟體。

To illustrate, I'll reference the customer scenario I mentioned on our Q4 call. I described how during a job site inspection, a supervisor manually took videos of a column to share with stakeholders. An early incarnation of a Procore digital co-worker analyze the audio and visual cues and the specifications and determined that the column had been coded incorrectly and ordered remediation. We would have normally demanded several hours of manual effort and specialized expertise to navigate across project specifications was solved by Procore AI in minutes.

為了說明，我會引用我在第四季電話會議中提到的客戶情境。我描述過在一次工地巡檢中，主管手動拍攝柱子的影片以分享給利害關係人。Procore 數位同事的早期版本會分析音訊與視覺線索以及規格，並判定該柱子的編碼有誤，進而下達修正指令。原本通常需要數小時的人工投入與專業能力、才能在專案規格間穿梭完成的工作，Procore AI 在幾分鐘內就解決了。

When DroneDeploy added to the scenario, the manual job site inspection and logging up observations will no longer be the trigger. Instead, a multimodal perception capability driven by a range of cameras, drones, robots and other devices will regularly evaluate the construction site and automatically initiate any appropriate response, securely, compliantly and in the right context.

當把 DroneDeploy 加入這個情境後，手動的工地巡檢與記錄觀察將不再是觸發點。取而代之的是，由各式相機、無人機、機器人及其他裝置驅動的多模態感知能力，將定期評估施工現場，並在安全、合規且符合情境的前提下，自動啟動任何適當的回應。

With the acute shortage of labor faced by the construction industry, even the simple example shows that AI-driven automation is a potential game changer because action can be taken without waiting for a site visit by an overscheduled supervisor.

在建築業面臨嚴重勞動力短缺的情況下，即便是這個簡單例子也顯示，AI 驅動的自動化可能帶來顛覆性改變，因為不必等待行程滿檔的主管到場巡視，就能採取行動。

This example demonstrates how Procore in the future will incorporate a seamless integration of several capabilities, purpose-built for construction, specifically advanced reasoning or the brain perception or the eyes and years and a secure, collaborative and auditable platform where actions are taken or the arms and legs.

這個例子展示了未來 Procore 將如何無縫整合多項為建築業量身打造的能力：包括進階推理（或稱大腦）、感知（或稱眼睛與耳朵），以及一個安全、可協作且可稽核的平台，在其中採取行動（或稱手臂與腿）。

Such a system will enable us to deliver digital co-workers. For the field and in the back office. The track what's actually happening on a project make sense of it and they take action to change the outcome. That's real value for customers. It offsets labor shortages, and saves time and money.

這樣的系統將使我們能提供數位同事，同時服務於現場與後勤辦公室。它們追蹤專案中實際發生的情況、理解其意義，並採取行動以改變結果。這對客戶而言是真正的價值。它能緩解勞動力短缺，並節省時間與金錢。

Now let me talk about the power of data. Data is the lifeblood for AI. Access to relevant data separates a proof of concept from a mission-critical AI offering. DroneDeploy has captured 20 trillion square feet of visual construction data, an area about the combined size of California, Arizona, New Mexico, Texas and Louisiana. And it goes well beyond roll reality capture.

接下來我想談談資料的力量。資料是 AI 的命脈。能否取得相關資料，決定了一個概念驗證（proof of concept）與一個關鍵任務（mission-critical）的 AI 產品之間的差異。DroneDeploy 已捕捉 20 兆平方英尺的建築視覺資料，面積約等同於加州、亞利桑那州、新墨西哥州、德州與路易斯安那州的總和。而且這遠不止於單純的實景捕捉（reality capture）。

That data includes tens of millions of user-generated annotations, image segmentation, construction progress labeling and well over 100,000 label safety issues. That data will enable us to create smarter AI solutions to solve genuinely meaningful problems in construction. Once the transaction closes, we plan to immediately cross-sell DroneDeploy solutions into our broader customer base and vice versa.

這些資料包含數千萬筆使用者產生的註記、影像分割、施工進度標註，以及超過 100,000 個已標註的安全議題。這些資料將使我們能打造更聰明的 AI 解決方案，去解決建築業中真正有意義的問題。一旦交易完成，我們計畫立即將 DroneDeploy 的解決方案交叉銷售給我們更廣泛的客戶群，反之亦然。

We already share nearly 600 mutual customers, including enterprise brands like Skanska and Turner, a substantial number that validates both the organic demand and the clear synergy potential. Beyond this overlap, we estimate that there are several thousand existing customers of Procore, who could benefit from a combined offering.

我們已經共享近 600 家共同客戶，其中包括 Skanska 與 Turner 等企業品牌；這個相當可觀的數字驗證了有機需求以及明確的協同潛力。除了這部分重疊之外，我們估計 Procore 既有客戶中還有數千家可從整合式方案中受益。

As a trusted partner, Procore is well positioned to drive adoption of DroneDeploy across those customers. As I reflect on the quarter, four key points stand out. First, our core business is performing incredibly well. Second, we have a well-defined strategy to emerge as a leader in the AI era. And I'm excited that DroneDeploy with its strong AI foundation will make a significant contribution to that strategy.

作為值得信賴的合作夥伴，Procore 具備良好條件在這些客戶中推動 DroneDeploy 的採用。回顧本季，有四個重點特別突出。第一，我們的核心業務表現極為出色。第二，我們有一套明確的策略，在 AI 時代崛起成為領導者。我也很期待 DroneDeploy 憑藉其強大的 AI 基礎，將對這項策略做出重大貢獻。

Next, even as we are implementing our strategy, we continue to improve our operational capabilities as evidenced by our exceptional results in the quarter and our raised guidance. And finally, as I speak with customers, I'm even more confident in our direction, our ability to execute as a success of our company. Let me end by thanking my fellow Procorians for their tireless dedication to our customers.

接著，即便在落實策略的同時，我們仍持續提升營運能力，這從本季的卓越成果以及我們上調的財測指引可見一斑。最後，當我與客戶交流時，我對我們的方向、我們的執行能力，以及公司成功的前景更有信心。最後我要感謝所有 Procore 同仁對客戶不懈的投入與奉獻。

And with that, I'll turn the call over to Rachel. Rachel?

接下來，我把電話會議交給 Rachel。Rachel？

Thanks, Ajei, and thanks, everyone, for joining us. Before I get into the results, you will notice we are introducing a new supplemental earnings presentation this quarter, which can be found alongside our press release on our Investor Relations website.

謝謝你，Ajei，也謝謝各位今天加入我們。在我進入業績之前，你們會注意到我們本季推出了一份新的補充性財報簡報，可在我們投資人關係網站上與新聞稿一併找到。

We had an excellent Q2, beating the high end of our revenue guidance by approximately 2.5% and delivering our first quarter of GAAP operating profitability. Total revenue in Q2 was $375 million, up 15.8% year over year. Our Q2 international revenue grew 23% year over year or 19% on a constant currency basis. Q2 non-GAAP operating income was $81 million, representing a non-GAAP operating margin of 21.5% and up 800 basis points year over year. And free cash flow was $65 million, up 507% year over year.

我們第二季表現非常出色，營收較我們指引區間上緣高出約2.5%，並且實現了公司首個季度的 GAAP 營業獲利。第二季總營收為3.75億美元，年增15.8%。第二季國際營收年增23%，若以固定匯率計算則年增19%。第二季非 GAAP 營業利益為8,100萬美元，非 GAAP 營業利益率為21.5%，較去年同期提升800個基點。自由現金流為6,500萬美元，年增507%。

We ended Q2 with broad-based momentum driven by strong operational performance and robust demand across our portfolio. Large deal execution led the way. We are seeing customers increasingly commit to larger, more strategic partnerships with us, which speaks to the critical role we play in their operations.

我們在第二季結束時展現出廣泛的動能，這主要由強勁的營運表現以及我們產品組合各項業務的旺盛需求所帶動。大型交易的執行表現領先。我們看到客戶愈來愈願意與我們建立更大型、更具策略性的合作夥伴關係，這也反映出我們在其營運中扮演的關鍵角色。

When we look under the hood of the large deal performance, the strength was multifaceted. We gained significant traction landing high-profile new logos across both domestic and international markets while rapidly accelerating our momentum in large-scale data center opportunities.

深入觀察大型交易的表現，其強勁動能來自多個面向。我們在國內與國際市場都成功拿下多個具指標性的新客戶標誌（new logos），同時也在大規模資料中心機會上快速加速動能。

This ability to win across multiple vectors gives us confidence as we head into the back half of the year. Our strength in the quarter also contributed to improvement in cRPO where our year-over-year growth rate accelerated by 100 basis points.

這種能在多個面向取勝的能力，讓我們對下半年展望更具信心。本季的強勁表現也帶動 cRPO 改善，使其年增率加速了100個基點。

The primary driver of this quarter's acceleration was stronger underlying bookings performance. cRPO also benefited from an increase in our average contract duration. When normalizing cRPO, the year-over-year growth remains highly consistent with both our Q2 revenue growth and ending ARR growth.

本季加速的主要驅動因素是更強勁的基礎訂單（bookings）表現。cRPO 也受惠於我們平均合約期間的延長。在將 cRPO 正規化後，其年增幅仍與我們第二季營收成長以及期末 ARR 成長高度一致。

As a reminder, once contract duration stabilizes, reported and normalized cRPO growth will eventually converge with revenue growth.

提醒一下，一旦合約期間趨於穩定，報告口徑與正規化口徑的 cRPO 成長最終將與營收成長趨於一致。

Turning to profitability. We are pleased with the margin expansion delivered this quarter, which is reflected in both our non-GAAP and GAAP results, the latter reflecting the company's first quarter of GAAP operating profit.

接著談獲利能力。我們對本季帶來的利潤率擴張感到滿意，這在非 GAAP 與 GAAP 結果中皆有所反映；其中 GAAP 結果也反映公司首個季度的 GAAP 營業獲利。

This reflects not only strong execution across our teams, but also the growing inherent operating leverage in our business model. This quarter's performance is an initial step in a broader trajectory of profitable growth. Looking ahead, we are committed to driving sustained efficiency.

這不僅反映我們各團隊的強勁執行力，也反映我們商業模式中日益增長的內生營運槓桿。本季表現是更廣泛「獲利性成長」軌跡中的第一步。展望未來，我們致力於推動持續性的效率提升。

Specifically, we are initiating FY27 guidance for non-GAAP operating margin at 25% which would represent nearly 1,100 basis points of improvement versus FY25. As we scale further, we will continue to optimize our cost structure, which includes tailwinds from AI efficiencies. We intend to build on the significant margin expansion we've delivered over the past few years, carrying that same upward momentum into the future.

具體而言，我們啟動 FY27 非 GAAP 營業利益率指引為25%，相較 FY25 將提升近1,100個基點。隨著規模進一步擴大，我們將持續優化成本結構，其中也包含 AI 效率帶來的順風。我們打算在過去幾年已實現的顯著利潤率擴張基礎上再接再厲，並將同樣的上升動能延續到未來。

Next, I want to discuss our exciting agreement to acquire DroneDeploy for $845 million in cash. We approach M&A with a high bar for both strategic alignment and financial rigor. We selectively evaluate targets that can accelerate our strategy but maintain strict discipline by ensuring every deal is financially accretive to our business over time. that dual focus on strategic acceleration and financial returns remain central to our capital allocation philosophy.

接下來，我想談談我們令人振奮的協議：以8.45億美元現金收購 DroneDeploy。我們對併購（M&A）在策略契合度與財務嚴謹性上都設有很高門檻。我們會選擇性評估能加速我們策略的標的，同時保持嚴格紀律，確保每一筆交易隨時間推進都能為公司帶來財務增益（accretive）。這種同時聚焦策略加速與財務報酬的雙重目標，仍是我們資本配置理念的核心。

As Ajei detailed, this acquisition represents an important component of our AI strategy, and we see significant synergy opportunities across the combined businesses that will directly benefit customers. To give you a sense of scale, drone deploy has generated approximately $78 million in trailing 12-month revenue.

如 Ajei 所詳述，這項收購是我們 AI 策略的重要組成部分；我們也看到合併後的業務之間存在顯著的協同機會，將直接讓客戶受益。就規模而言，DroneDeploy 在過去12個月（TTM）的營收約為7,800萬美元。

We expect this transaction to be accretive to organic revenue growth, and importantly, we expect to absorb their near-term margin headwind with no changes to the FY26 and FY27 margin outlook we have shared today. We remain confident in our multiyear margin expansion road map.

我們預期這筆交易將對有機營收成長具增益效果；更重要的是，我們預期可吸收其短期利潤率逆風，而不需調整我們今天分享的 FY26 與 FY27 利潤率展望。我們對多年期利潤率擴張藍圖仍充滿信心。

In terms of funding, we have arranged committed bridge financing to fund a majority of the purchase price while we evaluate and finalize our long-term capital structure solution in the most EPS-accretive manner.

在資金方面，我們已安排承諾式過橋融資（committed bridge financing）以支付大部分收購價金，同時我們將評估並敲定長期資本結構方案，以最能提升每股盈餘（EPS）的方式進行。

Because we expect the deal to close later this year, we will provide formal financial details along with any relevant capital updates at the appropriate time. With that, let's move on to our outlook. And to reiterate, this outlook represents our organic business and does not reflect any contributions from DroneDeploy.

由於我們預期交易將於今年稍晚完成，我們會在適當時點提供正式的財務細節以及任何相關的資本更新。接著，讓我們進入展望。再次強調，這份展望僅代表我們的有機業務，不包含 DroneDeploy 的任何貢獻。

For the third quarter of 2026, we expect revenue between $382 million and $384 million, representing year-over-year growth of 13.3% at the high end. Q3 non-GAAP operating margin is expected to be between 19% to 19.5%.

對於2026年第三季，我們預期營收介於3.82億至3.84億美元，高端對應年增13.3%。第三季非 GAAP 營業利益率預期介於19%至19.5%。

For the full year '26 we are raising our revenue guide to a range of $1.51 billion to $1.514 billion, representing total year-over-year growth of 14.5% at the high end. We are also raising our non-GAAP operating margin guidance for the year by 50 basis points to be between 18.5% and 19% and which implies year-over-year margin expansion of 440 to 490 basis points.

對於2026全年，我們將營收指引上調至15.10億至15.14億美元區間，高端對應年增14.5%。我們也將全年非 GAAP 營業利益率指引上調50個基點至18.5%至19%，這意味著年對年利潤率擴張為440至490個基點。

Finally, we are raising our free cash flow margin guidance by 50 basis points to 19.5%, which implies year-over-year free cash flow margin expansion of approximately 310 basis points. It is important to note, we are confident that we can maintain our margin guidance post the closing of our acquisition of DroneDeploy.

最後，我們將自由現金流利潤率指引上調50個基點至19.5%，這意味著年對年自由現金流利潤率擴張約310個基點。需要特別指出的是，我們有信心在完成收購 DroneDeploy 後仍能維持我們的利潤率指引。

In summary, we delivered an excellent quarter that highlights both our top line growth and expanding margin profile by pairing our underlying business momentum with the synergistic acquisition of DroneDeploy, which bolsters our AI strategy we are setting up the business for sustained profitable growth. We remain focused on relentless execution and building on this momentum to generate compounding free cash flow per share over the long term.

總結來說，我們交出一個非常出色的季度：在有機業務動能的帶動下，展現營收成長與利潤率擴張，同時透過具協同效益的 DroneDeploy 收購強化我們的 AI 策略，讓公司為可持續的獲利性成長做好準備。我們將持續專注於不懈的執行力，並在此動能基礎上，長期為每股創造複利式成長的自由現金流。

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

接下來，把時間交給接線員進行問答。

(Operator Instructions) David Hynes, Canaccord.

(接線員指示) David Hynes，Canaccord。

Congrats on a nice quarter and the exciting acquisition. I'll just with start with DroneDeploy. I'm just curious what convinced you that, that business was an asset Procore needed to own rather than continue to partner with? I mean was it the pace of AI innovation, was it what you saw with customer demand, something else? I'm just curious the motivation behind the deal?

恭喜本季表現亮眼，也恭喜這筆令人振奮的收購。我先從 DroneDeploy 開始問。我很好奇，是什麼讓你們相信這項業務是 Procore 必須「擁有」的資產，而不是繼續以合作夥伴方式進行？是因為 AI 創新的速度、你們看到的客戶需求，還是其他原因？我想了解這筆交易背後的動機。

Sure, I mean, that's a great question. Look, we are seeing right now, I think it's stating the obvious. We're obviously seeing a profound transformational opportunity in the industry. I think AI is making an enormous impact on a number of different industries. And certainly, we see an opportunity for us to be able to create this next-generation AI-centric AI-first construction application, which we believe will have tremendous impact on our customers.

當然，我的意思是，這是個很好的問題。你看，我們現在看到的情況，我想這是顯而易見的。我們顯然在這個產業看到了深刻的轉型機會。我認為 AI 正在對許多不同產業產生巨大的影響。而我們確實看到一個機會，讓我們能打造下一代以 AI 為核心、AI 優先（AI-first）的建築施工應用，我們相信這將對客戶帶來巨大的影響。

And as we start to lay out the strategy of what we needed to do, it became very clear that the perception piece of it was something that needed to be part of our strategy towards delivering digital co-workers. I mean when you think about the concept of a co-worker, the whole idea is to be able to collect information, reason about it and act and one aspect of that collection was something that we -- that aspect of perception was something that we needed to add into our business.

當我們開始梳理所需的策略時，很快就清楚「感知（perception）」這一塊必須納入我們交付數位同事（digital co-workers）的策略之中。我的意思是，當你想到「同事」這個概念，核心在於能夠蒐集資訊、對其進行推理並採取行動；而在蒐集的其中一個面向，我們——也就是感知這一塊——是我們需要加入到業務中的能力。

And obviously, when you look at the technology that DroneDeploy had developed, we are long-time partners. We understand how to work with them. We have a great culture. They have deep technology. They have really great people.

而且很明顯，當你看 DroneDeploy 所開發的技術時，我們是長期合作夥伴。我們了解如何與他們合作。我們有很棒的文化。他們有深厚的技術。他們也有非常優秀的人才。

And we saw that opportunity to be able to integrate them into our organization very seamlessly. We had, as I mentioned in my prepared remarks, we have something like 600 or thereabouts combined customers.

而我們看到一個機會，能夠非常無縫地把他們整合進我們的組織。如我在事先準備的發言中提到的，我們合計大約有 600 名左右的共同客戶。

And having seen success at those customers, that gave us confidence and certainly our diligence work as well gave us confidence that we have an opportunity post close to be able to introduce DroneDeploy in the short term directly into our customer base, we have thousands of customers who are not using DroneDeploy today, and that represents incremental opportunity.

而在這些客戶身上看到成功，讓我們有信心；當然，我們的盡職調查工作也同樣讓我們有信心：在交易完成後，我們有機會在短期內把 DroneDeploy 直接導入我們的客戶群。我們有數千名客戶目前尚未使用 DroneDeploy，而這代表額外的增量機會。

So we saw -- and as part of this acquisition, we saw the opportunity to not only drive our long-term strategic direction towards creating digital co-workers with some great technology, we also saw the opportunity in the short term to be able to achieve some of the synergies that I think are relevant in an acquisition and the strategic acquisition of this nature.

因此我們看到——作為這次收購的一部分——我們不僅有機會以一些很棒的技術推動我們長期的策略方向，朝向打造數位協作員（digital co-workers）；我們也看到短期內有機會實現一些我認為在此類收購、以及這種策略性收購中相當相關的綜效。

I'd also make the point about robotics. And this is something certainly we all believe that robotics has a future to play on the construction side. And obviously, DroneDeploy has investments in robotics, and that exposes us to the future of robotics as well. So there are a number of areas where we were very excited about this technology, very excited about the company and great partner.

我也想提一下機器人。這是我們都相信在建築端未來會扮演角色的領域。而且很明顯，DroneDeploy 在機器人方面有投資，這也讓我們能接觸到機器人未來的發展。所以有許多面向讓我們對這項技術非常興奮，對這家公司也非常興奮，而且他們是很棒的合作夥伴。

But certainly, the opportunity right now to build this AI native application for the future is on us. It's right in front of us. We have a great strategy. We have great momentum and the ability to execute that is something that we value and we were excited about.

但可以肯定的是，眼下打造面向未來的 AI 原生應用（AI native application）的機會在我們手上。它就在我們眼前。我們有很棒的策略。我們有很強的動能，而能夠執行落地的能力是我們所重視、也讓我們感到興奮的。

Yes. Yes. Makes sense. Maybe we could zoom out with like a bigger picture AI question. I'm curious if you started to see any relationship between platform maturity and readiness for AI adoption.

是的。是的。有道理。也許我們可以拉遠一點，問一個更宏觀的 AI 問題。我很好奇，你們是否開始看到平台成熟度與 AI 採用準備度之間的關係？

For example, like are customers with deeper Procore deployments, adopting AI more quickly? Or is demand consistent across the installed base? I'm just curious where you see the most fertile hunting ground in the early days of AI expansion.

例如，Procore 部署更深入的客戶，是否更快採用 AI？還是整個既有客戶基礎的需求都一致？我只是好奇，在 AI 擴張的早期階段，你們認為最肥沃、最值得優先開拓的地方在哪裡？

Well, I think it's pretty clear to say that everyone I mean you have to be living under a rock to not have heard about AI and the opportunity to impact your organization. And certainly, our customers are very sophisticated and our customers have all tried to understand what the impact of AI could be on their organization.

嗯，我想很清楚的一點是：大家——你若不是住在石頭底下，不可能沒聽過 AI 以及它影響組織的機會。而且我們的客戶非常成熟，也都嘗試去理解 AI 可能對他們組織帶來的影響。

But as you dig into it, it becomes -- the path forward becomes very clear. Our customers recognize as, frankly, we do in our own IT infrastructure when we think about our own applications, when we're deploying AI, we're relying on people and vendors that we've used in the past, and so when we want, for example, AI in our HR systems, we're going to use our HRIS and leverage that vendor.

但當你深入探討時，前進的路徑就會——就會變得非常清楚。我們的客戶認知到，坦白說，我們在思考自身 IT 基礎設施、在部署 AI、思考自家應用時也是如此：我們會依賴過去用過的人與供應商；因此當我們想要例如在人資系統導入 AI 時，我們會使用我們的 HRIS，並運用該供應商的能力。

In our case, with respect to Procore, our customers are -- our customers are using Procore as a system of collaboration. They're using Procore as a system within which they operate their business. And so when we talk about digital co-workers and the opportunity to go after a fundamental problem such as such as savings, for example, labor, that resonates as long as it works in the system within which they're used to working.

就 Procore 而言，我們的客戶——我們的客戶把 Procore 當作協作系統來使用。他們把 Procore 當作一個在其中營運其業務的系統。因此當我們談到數位協作員，以及去解決一個根本性問題（例如節省成本、例如勞動力）所帶來的機會時，只要它能在他們習慣工作的系統中運作，就會引起共鳴。

And so that's one of the reasons why we invested in making sure that our AI capabilities are integrated into Procore. And that's the work we did certainly when Datagrid came on board, it was integrating data grid into Procore to create this Procore AI capability that we just made available generally to the market.

因此，這也是我們投資、確保 AI 能力整合進 Procore 的原因之一。而這正是我們在 Datagrid 加入後所做的工作：把 Datagrid 整合進 Procore，打造我們剛剛向市場全面推出（GA）的 Procore AI 能力。

So that's what -- that's really what I think customers are looking for is, can I take advantage of AI, but can I do so in a safe and secure way, in a way that's convenient for my business, so I don't have all my employees don't have to become AI experts, but I can get the benefit of that in the context of the work that I'm doing. And that's what we're trying to roll out and make our customers successful.

所以我認為客戶真正想要的是：我能否利用 AI，但能否以安全且具資安保障的方式、以對我的業務方便的方式來做到；讓我的員工不必都成為 AI 專家，但我仍能在我正在做的工作情境中獲得其效益。而這就是我們正努力推動、並讓客戶成功的方向。

Adam Borg, Stifel.

Adam Borg，Stifel。

Awesome. Maybe just internationally, it was great to hear about this large airport deal in Saudi Arabia and then you talked about the largest India deal ever. Maybe talk a little bit more about like a state of the union of what you're seeing in that region, and how you think about the opportunity going forward?

太棒了。也許談談國際市場：很高興聽到你們在沙烏地阿拉伯拿下這筆大型機場案，然後你也提到史上最大的一筆印度交易。能否再多談一點你在該區域看到的整體情況，以及你如何看待未來的機會？

Yes. Look, obviously, we have a business which is primarily focused on the domestic market and about 85% of our business is domestic and about 15% approximately by business international. And we've seen an opportunity to continue to expand internationally.

是的。你看，很明顯我們的業務主要聚焦在本土市場，大約 85% 的業務在國內，約 15%（大致上）是國際業務。而我們也看到持續向國際擴張的機會。

And one of the key things as we think about international -- well, actually, there are two key things. One is product and one is do we have the right -- do we have the right go-to-market motion. Walt, who recently joined our company as the CRO. Some of you know him, Walt has a great deal of experience in being able to build out international go-to-market, especially in a vertically-enabled software business such as ours.

而當我們思考國際市場時——嗯，實際上有兩個關鍵點。一個是產品，另一個是我們是否有正確的——是否有正確的市場進入（go-to-market）打法。Walt 最近加入我們公司擔任 CRO。你們有些人認識他；Walt 在建立國際 go-to-market 方面有非常豐富的經驗，特別是在像我們這樣具垂直產業特性的軟體業務中。

What we're seeing is really a couple of different kinds of international customers or international geographies. So let's take UK, Ireland, for example. So UK, Ireland, there are some product differences between the North American market and say, UK, Ireland and other parts of Europe. Because in Europe, the technology -- the customers are CDE led.

我們看到的其實是幾種不同類型的國際客戶或國際地理區域。以英國、愛爾蘭為例。英國、愛爾蘭在產品上與北美市場相比有一些差異，還有歐洲其他地區也是。因為在歐洲，技術——客戶是以 CDE 為主導的。

So they require a common data environment within which they can work. And that's an important aspect, and there's some very specific requirements in the market.

因此他們需要一個共同資料環境（common data environment），在其中進行工作。這是很重要的一環，而且市場上也有一些非常特定的需求。

This year, we launched a CDE specifically for Europe, and we have seen very positive customer feedback as a result of that. And so that gives me a lot of confidence in our strategy of being able to establish beachheads in geographies and expand. There are other geographies where the US product that we offer is very consistent with the needs of the market.

今年我們針對歐洲推出了專門的 CDE，並且因此看到非常正面的客戶回饋。所以這讓我對我們的策略更有信心：能夠在各地理區域建立灘頭堡（beachheads）並擴張。也有其他地理區域，我們在美國提供的產品與當地市場需求非常一致。

And an example of that is in the Middle East. And that's -- so that's been an area where we have made some incremental investments and focus in the recent past, resulting in success. And certainly, I talked about a very important and valued relationship here with KSIA.

中東就是一個例子。因此那一直是我們在近期做了一些增量投資並加強聚焦的領域，並帶來了成功。而且我也提到我們與 KSIA 之間一段非常重要且珍視的合作關係。

So we're excited about international. It's -- we have a path towards expansion. It is still early days. But I think the framework is in place, and we're excited about our opportunities.

所以我們對國際市場感到興奮。我們——我們有一條擴張的路徑。現在仍屬早期階段。但我認為框架已經到位，我們也對機會感到興奮。

That's great. And maybe just as a quick follow-up for Rachel. Great to see the guide for next year an operating margin, a really strong improvement.

太好了。也許再快速追問 Rachel 一點。很高興看到你們對明年的指引中，營業利益率有非常強勁的改善。

Maybe just help go a step deeper on what's giving the confidence a six quarters out to give that, what is the lever that you're seeing that obviously, you have to have some top line framework as you think about that? So lease qualitatively how you think about organic growth next year, acknowledging that we are six quarters out?

能否再深入一點說明：是什麼讓你們有信心在往後六個季度就給出那樣的指引？你們看到的槓桿是什麼？很顯然，當你們思考這件事時，必須要有某種營收端的框架。所以請用定性方式談談你們如何看待明年的有機成長，同時也承認我們現在距離那個時間點還有六個季度？

Yes, absolutely. Happy to unpack that for you. So as I began to talk to investors following our last call, it was really clear that there was a lot of interest in our margin profile and how do we get to be comparable with our vertical software peers. So I've spent the last four months really digging into the cost structure and looking really hard at where those levels are.

是的，絕對是。很樂意為你拆解說明。所以在我們上次電話會議之後，我開始和投資人交流時，很明顯大家對我們的毛利率／利潤率輪廓很感興趣，以及我們要如何做到能與垂直軟體同業相提並論。因此我在過去四個月深入研究成本結構，並非常仔細地檢視那些水位落在哪裡。

Now that gave me a lot of conviction in our ability to improve the margins so much so that I wanted to be able to share that milestone with you now rather than wait. That 25% non-GAAP operating margin, that represents almost 1,100 basis points of expansion. Well, that's really a notable milestone. It's really just the first of many in our long upward trajectory to get to those best-in-class software margins.

這讓我對我們提升利潤率的能力更有信心，以至於我希望現在就能與各位分享這個里程碑，而不是再等下去。那個 25% 的非 GAAP 營業利潤率，代表將近 1,100 個基點的擴張。嗯，這確實是一個很重要的里程碑。而這其實只是我們長期向上軌跡中的第一個里程碑，目標是達到同級最佳的軟體利潤率水準。

You mentioned a comment about the revenue, and we go through an annual planning process. We are in the process of doing that. We don't have revenue yet to share with you. That will come in the normal time frame early next year.

你提到關於營收的一個評論，而我們會走一個年度規劃流程。我們正在進行那個流程。目前還沒有營收可以和你分享。我們會在明年年初、按正常時程提供。

But we were so confident in the cost structure that we wanted to give this metric out now because there's a number of different ways that we can get there. So you should view this as a comment on cost and not a comment on revenue.

但我們對成本結構非常有信心，所以想現在就先把這個指標提供出來，因為達成它有好幾種不同的方式。所以你應該把這視為對成本的評論，而不是對營收的評論。

Daniel Jester, BMO Capital Markets.

Daniel Jester，BMO 資本市場。

Maybe another one on DroneDeploy. So we were looking over them since you made the announcement last night. It looks like they also sell into end markets that aren't necessarily related to construction, it looks like they do site inspections for energy, they do agriculture things.

也許再問一個關於 DroneDeploy 的問題。自從你們昨晚發布公告後，我們就一直在研究他們。看起來他們也銷售到一些不一定與建築相關的終端市場，例如他們為能源做工地／場址檢查，也做一些農業相關的事情。

So is there a way to help us think about how much of the drone deploy product is directly applicable to your construction customers today? And how much of their product may be isn't as core to your focus?

所以，有沒有一種方式可以幫助我們思考：DroneDeploy 的產品有多少是今天就能直接適用於你們的建築客戶？以及他們的產品中有多少可能不是你們聚焦的核心？

The way to think about DroneDeploy, DroneDeploy has some very strong capabilities on perception which are certainly being used by more traditional construction companies, but they're also being used by companies that I would classify as being owners in our category. So people who are building out infrastructure but managing infrastructure. So drone deploy is able to sell to both owners as well as well people who are actually performing the build on the ground.

談到 DroneDeploy 的方式是這樣：DroneDeploy 在感知（perception）方面有一些非常強的能力，這些能力確實被較傳統的建築公司使用，但也被我會歸類為我們類別中的「業主」（owners）的公司所使用。也就是那些在建設基礎設施、同時也在管理基礎設施的人。因此 DroneDeploy 能同時銷售給業主，以及實際在現場執行建造的人。

The technology is tied to -- so it's very consistent with our with our end market view of owners and builders. Their technology is essentially they're rooted in AI and machine learning around visual intelligence. So it's about being able to capture images, whether they be from the drones or robots or other cameras being able to capture those images process them and evaluate them.

這項技術與——所以它與我們對業主與承包商（builders）的終端市場觀點非常一致。他們的技術本質上是以 AI 與機器學習為根基，聚焦在視覺智慧（visual intelligence）。也就是能夠擷取影像，不論是來自無人機、機器人或其他相機，能夠擷取這些影像、處理它們並加以評估。

So I'm sure -- I mean, obviously, you can see multiple uses for those images, but the focus clearly for us and for drone deploy has been on that around that construction build-out use case, which is all related to the business that we're in.

所以我確定——我的意思是，顯然你可以看到這些影像有多種用途，但對我們以及 DroneDeploy 而言，重點很清楚是在建築施工／建設（build-out）的使用情境上，而這完全與我們所處的業務相關。

Great. That's really helpful context. And then on AI. I think you touched on this in the prepared remarks about the new agents becoming more generally available.

很好。這個背景脈絡非常有幫助。接著談 AI。我想你在事先準備的發言中提到，新代理（agents）正在變得更普遍可用。

Can you just spend a moment around sales enablement? I know Walt is relatively new to the seat. But what are you doing to make sure your sellers have all of the tools available to go and now hit the ground running, that you're going to have a much broader AI product suite, both now and in the near future?

你能不能花點時間談談銷售賦能（sales enablement）？我知道 Walt 上任不久。但你們正在做些什麼，來確保銷售人員具備所有可用工具，能夠立刻上手、迅速開跑，因為你們現在以及不久的將來都會有更廣泛的 AI 產品組合？

Well, I think the reality of selling AI and making sure that, that's something where the, as you say, the sales organization is enabled, that comes from experience. And what we've been very deliberate about is not trying to push the technology out to the general sales force, but to go through this limited availability period.

嗯，我想銷售 AI 的現實是，並確保——如你所說——銷售組織被充分賦能，這需要經驗累積。而我們一直非常刻意地不把技術直接推給整個銷售團隊，而是先走一段有限可用（limited availability）的期間。

And if you look at the time from the time of acquisition of Datagrid into our portfolio, we already had our core organic innovation around AI, and you added -- we added in Datagrid.

如果你看從 Datagrid 併購進入我們產品組合的時間點開始，我們原本就有核心的內生 AI 創新，而你又加入——我們又把 Datagrid 加進來。

And rather than just simply push everything out to the market, we took a moment to integrate the technology and create them the right way and make sure the technology was available through a very small, very targeted team of just a couple of people facing customers who were able to bring in lighthouse accounts earlier accounts where we could see how the technology would be positioned, how it could be deployed, what would be the low friction way to getting started.

我們沒有只是把所有東西直接推向市場，而是花時間整合技術、以正確方式打造它們，並確保技術先透過一個非常小、非常聚焦的團隊來提供——只有幾個人直接面向客戶——他們能夠先導入燈塔客戶（lighthouse accounts）、早期客戶，讓我們看清楚技術應如何定位、如何部署、以及以最低摩擦的方式開始使用。

And so that was the idea. And it actually worked out really well because as we started to go through that, it became clear to us that there was an issue of packaging that we needed to address in order to be able to be more rapid to market. And so we created these starter packs, as you saw in our most recent press release from a few days ago.

這就是當時的想法。而且實際上效果很好，因為在推進過程中，我們很清楚地看到有一個「打包」（packaging）問題需要解決，才能更快速地推向市場。因此我們建立了這些入門套件（starter packs），就像你在幾天前我們最新的新聞稿中看到的那樣。

And the starter packs give teams a low friction way to get started. They are ready to use agents and things like submittals and RFIs and daily logs. And they have very -- they have restricted usage for a certain number of projects. and a certain capability. So it's an easy way for a customer to come in and say, I want to use this -- I want to use AI, I'm not sure exactly how it's going to get used, but I want to take advantage of it.

入門套件讓團隊能以低摩擦的方式開始使用。它們是可直接使用的代理，以及像是送審文件（submittals）、RFI（資訊請求）和每日紀錄（daily logs）等功能。而且它們有非常——它們對特定數量的專案與特定能力有使用限制。所以對客戶而言，這是一個很容易的方式：進來說「我想用這個——我想用 AI，我不確定它會怎麼被使用，但我想要利用它。」

I'm going to use it across these few projects, I'm going to use it on this capability. That gives them the ability to come in and then that allows them to experience, use the technology and then to move onward.

「我會在這幾個專案上使用它，我會用在這個能力上。」這讓他們能夠進來體驗、使用技術，然後再往下一步推進。

So that's the path that we've laid out for ourselves based on this very deliberate limited availability or general availability rollout. And as I said, the product has just gone GA and so the sales. So now it's available to the broader sales force to position with their customers.

所以這就是我們基於這種非常審慎的有限可用到全面可用（general availability, GA）推出節奏，為自己規劃的路徑。而如我所說，產品剛剛進入 GA，因此銷售——所以現在它已經可以讓更廣泛的銷售團隊用來向客戶定位與推廣。

Jason Celino, KeyBanc.

Jason Celino，KeyBanc。

Ajei, I think you mentioned something interesting when we think about truly addressing the digitization of construction robotics has historically not directly addressed the physical opportunities with labor efficiency. With DroneDeploy, how does that bringing closer to that opportunity? And maybe what role do you think robotics has with the broader construction market.

Ajei，我想你提到一個很有意思的點：當我們思考真正要解決建築業數位化時，機器人技術過去並沒有直接處理與勞動效率相關的實體機會。透過 DroneDeploy，這如何讓你們更接近那個機會？以及你認為機器人在更廣泛的建築市場中會扮演什麼角色？

Well, it's obviously early days. But if you think about robotics in general, there's always been a broad dream that robots are going to be in a position to address labor. And -- you see this certainly in industrial settings, which are very constrained. But in a construction environment, it's a much more unconstrained setting, and it becomes a little more challenging to imagine exactly the role of robots in conjunction with human beings and there's concerns about safety and so on and so forth.

嗯，顯然現在還是早期階段。但如果你從整體來看機器人，一直都有一個宏大的願景：機器人將能夠在勞動力方面發揮作用。而——你在工業場景中確實會看到這點，因為那裡的環境非常受限。但在建築環境中，場域限制少得多，因此要想像機器人與人類如何協作的角色就更具挑戰，也會有安全等各式各樣的疑慮。

So it's a very complicated problem. But there is an enormous amount of advancements that are taking place, and I'm not just talking about humanoid robots. I'm talking about special purpose robots that are working in mixed-use environments where there are human beings and robots working together. And that is work in progress, that's evolved.

所以這是一個非常複雜的問題。但目前有大量的進展正在發生，我不只是指人形機器人。我指的是特殊用途機器人，它們在有人類與機器人共同工作的混合使用環境中運作。而這仍在進行中，也在持續演進。

What DroneDeploy brings to the table is they understand how to manage robots. And so part of their technology is the management of robots and management of drones and robots in these environments. So people are using robotic cameras, for example, or drones, being able to manage them so that you essentially have autonomous activity on the construction side. is an important aspect.

DroneDeploy 帶來的價值在於，他們了解如何管理機器人。因此他們技術的一部分就是在這些環境中管理機器人、管理無人機以及機器人。例如人們使用機器人相機或無人機，能夠加以管理，讓你在建築端基本上具備自主化活動，是一個重要面向。

So a great example would be I want to make sure that I get the exactly the same time and exactly the same path. I want to follow and get a perspective of exactly what's happened on that day. So at 5:00 every evening, I'd like over every afternoon, I'd like to understand what happened. Well, that's a predetermined prescheduled activity and DroneDeploy has the technology to be able to do that as a simple example.

所以一個很好的例子是，我想確保我在完全相同的時間、沿著完全相同的路徑進行。我想跟隨並取得對那一天究竟發生了什麼的視角。所以每天傍晚 5:00，我希望在每個下午都能了解發生了什麼。嗯，那是一個預先決定、預先排程的活動，而以 DroneDeploy 的技術能力，這只是個簡單例子就能做到。

So that gives us -- so we see ourselves from construction management as being able to expand broadly into as and when the industry is ready into the management of robots and robotics. So we don't see ourselves as building robots. That's not our business, but we certainly see ourselves in the management space. And again, this is early days, but we're very excited about the technology and the capabilities that DroneDeploy brings to the company.

所以這讓我們——我們從施工管理的角度看待自己，能夠在產業準備好時，廣泛擴展到機器人與機器人技術的管理。所以我們不認為自己是在打造機器人。那不是我們的業務，但我們確實認為自己在管理領域有一席之地。同樣地，這仍是早期階段，但我們對 DroneDeploy 為公司帶來的技術與能力感到非常興奮。

Great. And then maybe just specifically on the second quarter. the revenue beat was bigger than what we've seen over the last couple of quarters, and it sounds like cRPO did quite well. You mentioned the better underlying bookings is like mine, the primary driver, but maybe can you just elaborate on the strengths and maybe why specifically Q2 was so strong?

很好。接著也許特別談一下第二季。營收超預期的幅度比過去幾季更大，而且聽起來 cRPO 表現相當不錯。你提到更好的底層預訂（bookings）是主要驅動因素，但能否再多談談這些強勁之處，以及為什麼 Q2 特別強？

Sure, I'm happy to take that. So as you mentioned, we saw really strong underlying performance. The growth was really broad-based. So it was across multiple geographies. It was among multiple stakeholders, and it was also across multiple customer sizes. Specifically as it relates to cRPO, the majority of that acceleration was driven by the underlying strength in bookings.

當然，我很樂意回答。如你所提到的，我們看到非常強勁的底層表現。成長相當廣泛。涵蓋多個地理區域。涵蓋多個利害關係人，也涵蓋多種客戶規模。具體到 cRPO 而言，這次加速的大部分是由預訂（bookings）的底層強勁所帶動。

There was a smaller portion that was related to duration. So I mentioned in my comments that we had strength in particular with some large customers. Those deals tend to be larger in duration, and so that did tick up duration a little bit. But that was only a small portion of the acceleration in cRPO. The majority of it came from the momentum that we saw in the overall booking number.

其中有較小一部分與合約期間（duration）有關。所以我在評論中提到，我們在一些大型客戶方面特別強勁。這些交易的合約期間通常較長，因此確實讓期間略有上升。但那只占 cRPO 加速的一小部分。大多數來自我們在整體預訂數字上看到的動能。

Matthew Martino, Goldman Sachs.

Matthew Martino，高盛。

Ajei, maybe for you. The construction environment has been uneven for several years now. But at the same time, Procore is introducing products that could offer customers a more compelling ROI independent of project volumes.

Ajei，也許這題給你。施工環境這幾年一直不太均衡。但同時，Procore 正在推出一些產品，即使不看專案量，也可能為客戶提供更具吸引力的投資報酬率（ROI）。

How are those new capabilities influencing customers' willingness to invest? And what are you seeing in the relationship between technology spending and underlying construction activity?

這些新能力如何影響客戶投資意願？你們看到科技支出與底層施工活動之間的關係是什麼？

Well, it's an interesting question. You can't -- any good company cannot focus uniquely on one go-to-market motion or one customer base or just one single customer as you start to expand the organization, you have to think you have to start to think more broadly.

嗯，這是個有趣的問題。你不能——任何一家好的公司，在開始擴張組織時，都不可能只專注於單一的市場進入（go-to-market）模式、或單一客群、或只盯著某一個客戶；你必須開始更廣泛地思考。

And if you look at the origins of Procore, Procore started as a product targeting the larger North American general contractors. And we have expanded over the years. And if you look at our business from owners and subs, owners and subs represented, I would say, maybe 40% of our business thereabouts over the last today.

如果你看 Procore 的起源，Procore 一開始是針對北美較大型總承包商（general contractors）的產品。而我們多年來持續擴展。如果你從業主與分包商（subs）的角度看我們的業務，業主與分包商大概占我們業務的 40% 左右，直到今天也是如此。

And that came from almost -- from a standing start because, obviously, initially, we were focused on the general contractor space. We've also seen success with larger customers and smaller customers. And as part of our go-to-market or as part of our strategy, we are developing technology and solutions that are appropriate for those stakeholders.

而這幾乎是——從零開始建立起來的，因為很明顯，一開始我們聚焦在總承包商領域。我們也在大型客戶與小型客戶上看到成功。作為我們市場進入策略的一部分，我們正在開發適合這些利害關係人的技術與解決方案。

So initially, we were -- we had a set of capabilities, which targeted the needs of general contractors and then we added in capabilities that would support the owners and the subs, but now we're adding in capabilities that we think are really important to specific to specific stakeholders.

所以一開始，我們有一套能力是針對總承包商的需求，接著我們加入了能支援業主與分包商的能力，但現在我們正在加入一些我們認為對特定利害關係人非常重要、且非常針對性的能力。

So for example, I talked about the CDE that we deployed in Europe that was very specifically targeting the European customers. And there, that large deal that I talked about in my script, that included the CDE. So it pays off. We have a solution with -- we just recently launched for owners around portfolio management and capital planning.

例如，我談到我們在歐洲部署的 CDE，那是非常明確地針對歐洲客戶。而我在講稿中提到的那筆大型交易，就包含了 CDE。所以這是有回報的。我們也有一個解決方案——我們最近剛為業主推出，聚焦在投資組合管理與資本規劃。

And that's specifically targeting the owners. And so what we see as our path forward is the ability to create both products that are targeting the stakeholders in a very specific way as well as the scores addressing our go-to-market to be able to make sure that we can address those customers. And the go-to-market sometimes can be direct, it can be channels.

那是專門針對業主。因此，我們看到的前進路徑，是能夠一方面打造以非常具體方式鎖定利害關係人的產品，另一方面也調整我們的市場進入策略，以確保我們能觸及這些客戶。而市場進入有時可以是直銷，也可以透過通路。

I talked about expanding to channels as an opportunity. And in fact, one of the examples I gave earlier on the international with KSIA, that was done in part with the channel partner, one part with the partner.

我談到擴展通路是一個機會。事實上，我先前舉的國際案例 KSIA，那部分就是透過通路夥伴完成的，一部分與夥伴合作。

So partnering direct the combination of the go-to-market, figuring out what the product looks like, making sure you have the right product for the right customer, all of that is part of the alchemy that needs to come together in order to continue to drive growth and success of the organization.

所以，夥伴合作、直銷、市場進入組合，釐清產品應該長什麼樣子，確保你有適合對的客戶的對的產品——所有這些都是需要融合在一起的「煉金術」，才能持續推動組織的成長與成功。

Helpful. And for you, Rachel, gross margins still hovering around the mid-80s over the last several quarters. as digital co-worker adoption and compute consumption start to scale, is that still the appropriate near-term baseline? And what gross margin is embedded in the fiscal '27 operating margin target?

很有幫助。Rachel，過去幾季毛利率仍徘徊在 80% 中段。隨著數位協作員（digital co-worker）的採用與運算消耗開始擴大，這仍是近期期待的合適基準嗎？另外，財年 '27 的營業利益率目標中，隱含的毛利率是多少？

Yes. So as we look at the components of what makes up our gross margin, we expect that, that will be consistent over time. I think that what you're starting to see is that you don't need the most expensive model to do every single task. And so our focus is on optimizing how we deliver those digital co-workers to make sure that we can maintain those margins.

是的。當我們看構成毛利率的各個組成部分時，我們預期這些會隨時間保持一致。我認為你開始看到的是，你不需要用最昂貴的模型去完成每一個任務。因此，我們的重點是優化我們交付這些數位協作員的方式，以確保我們能維持這些毛利率。

Dylan Becker, William Blair.

Dylan Becker，William Blair。

I appreciate it. Maybe, Ajei, in the prepared materials, I thought there was an interesting one, and you just touched on the stakeholder dynamics, but the overall stakeholder mix has been pretty stable and consistent over the last several periods.

感謝。Ajei，也許在事先準備的資料裡，我覺得有一點很有意思；你剛也提到利害關係人的動態，但整體利害關係人組合在過去幾個期間一直相當穩定且一致。

So wondering how this gives supports conviction in the overall durability of the growth profile particularly in the more mature segments where the implication is that is still growing relatively in line with the overall aggregate business. So all of those pillars supporting the overall growth motion, if that makes sense?

所以想請教，這如何支撐你們對整體成長輪廓耐久性的信心，特別是在較成熟的區隔中；因為這暗示那些區隔仍大致與整體彙總業務同步成長。也就是說，所有這些支柱都在支撐整體成長動能，如果我這樣說有道理的話？

So what -- so I just want to make sure I'm understanding your question. Just could you give me another sentence there, please?

所以——我只是想確認我理解你的問題。你可以再補一句話說明一下嗎？

Yes. Yes. So the mix of stakeholder contribution to growth how that holding steady helps drive conviction and grow to durability?

可以。可以。也就是利害關係人對成長的貢獻組合，維持穩定如何有助於提升對成長耐久性的信心？

Look, I think the -- if you look at the mix today at a point in time, it is certainly -- it has been relatively stable for the last several quarters. But if you look at the mix as to where we were sometime back, you can certainly see expansion in both the owners as well as the specialty contractor segments or stakeholders.

你看，我認為——如果你看今天某個時間點的組合，確實——過去幾季相對穩定。但如果你看我們在更早之前的組合，你可以清楚看到業主以及專業承包商（specialty contractor）區隔或利害關係人都有所擴張。

And with respect to international, again, that's been an area where we see opportunity where we haven't seen as much expansion capabilities, and I think that there continues to be opportunity there, and it's a question of putting the right go-to-market in place. So some of these expansion opportunities are short term, some of these expansion opportunities are long term. So this is as far as the stakeholders are concerned.

至於國際市場，同樣地，那一直是我們看到機會的領域；我們還沒有看到那麼多擴張能力，我認為那裡仍然有機會，關鍵在於建立正確的市場進入策略。所以其中一些擴張機會是短期的，有些是長期的。以上是就利害關係人而言。

And then in terms of incremental growth opportunities, obviously, we see AI as we are making investments in AI, and we expect our digital co-worker strategy to also monetize them to contribute in the future. So as we start to look at the aggregate, we see we see opportunities from our overall growth. We see opportunities with respect to the stakeholders, the go-to-market, AI.

接著就增量成長機會而言，很明顯地，我們將 AI 視為一個重點方向，我們正在投資 AI，並且我們預期我們的數位協作員策略也會將這些投資變現，於未來帶來貢獻。因此，當我們開始從整體來看時，我們看到來自整體成長的機會。我們也看到在利害關係人、上市推廣（go-to-market）以及 AI 方面的機會。

And then, of course, the end markets. I mean, we talked about end markets, we are we are driven in part by ACV. And so as the annual construction volume, if there is a recovery in that in the aggregate, that translates into tailwinds for us. And there are certainly segments like for example -- like, for example, data centers if they continue to grow, we get benefit from that.

然後，當然還有終端市場。我的意思是，我們談過終端市場，我們在某種程度上是受到 ACV 所驅動。因此，若年度建築量（annual construction volume）整體出現復甦，這就會轉化為對我們有利的順風。而且確實有一些細分領域，例如資料中心，如果它們持續成長，我們也會從中受益。

So look, we're growing 15 points plus faster than the end market. And so any upside on that translates into further upside on that. So we are we feel very good about our position. So I think there is a perhaps a misunderstanding that our business is really tied to the ENR 400 and GCs only. That's really not the case. We have a very broad set of customers. across the different stakeholders across the different sizes.

所以你看，我們的成長速度比終端市場快 15 個百分點以上。因此，終端市場任何上行都會轉化為我們更進一步的上行。所以我們對自身的定位感到非常有信心。我認為可能存在一個誤解，覺得我們的業務真的只與 ENR 400 和總承包商（GCs）綁在一起。事實並非如此。我們擁有非常廣泛的客戶群，涵蓋不同利害關係人與不同規模。

Perfect. Very helpful. And then going back to the agents and packages, I think it's abundantly clear, right, that they're trying to address the labor shortage need and the ROI of your solutions to help with that.

很好。非常有幫助。接著回到代理（agents）與套裝方案（packages），我想這已經非常清楚了，對吧，他們正試圖解決勞動力短缺的需求，以及你們解決方案在協助這件事上的投資報酬率（ROI）。

But I guess to what extent and maybe the starter packages are a component of this, too. But are you helping with the change management component to where they can actually implement and deploy and ramp those digital co-workers across the entirety of their solution set.

但我想問的是，在多大程度上——也許入門套裝（starter packages）也是其中一部分——你們是否也在協助變革管理（change management）這一塊，讓他們能夠真正導入、部署並在其整套解決方案中全面推進這些數位協作員。

I understand that takes time, but how you're thinking of working through the change management component with your customers?

我理解這需要時間，但你們如何思考與客戶一起推進變革管理這個部分？

I think you just -- you just ticketed the answer in your question, which is, obviously, when we look at the rollout of innovative technology, it isn't simply a matter of rolling technology out and saying have added because of the change management issues.

我想你在問題裡其實已經——已經點出答案了。也就是說，很明顯地，當我們看創新技術的推廣時，並不只是把技術推出去然後說「已經新增了」這麼簡單，因為還有變革管理的議題。

And so the start-up packs have been very well defined and thought through so that they are a bite-sized chunk that can be deployed and understood and incorporated into the way that our customers work.

因此，啟動套裝（start-up packs）被定義得非常清楚、也經過周全設計，使其成為一個可小步導入的模組，能夠被部署、被理解，並融入我們客戶的工作方式。

And so in the spirit of trying to create a long-term sustainable business, we're trying to be thoughtful about how we do this. And this is clearly the strategy that we're pursuing, and we feel very good about the onboarding strategy here.

所以，本著打造長期可持續業務的精神，我們在做法上力求審慎周到。這顯然就是我們正在推進的策略，而我們對這裡的導入（onboarding）策略感到非常有信心。

Ken Wong, Oppenheimer.

Ken Wong，Oppenheimer。

Ajei, since the start of the year, you guys acquired data grid and now DroneDeploy. Do you feel you guys have sufficiently filled the AI product gap? Or are these still maybe the first few dominoes to fall following some additional M&A to come? And then for Rachel, piggybacking off that question, the fiscal '27 margin target, a fantastic to lay that out there. Just wondering, does that also embed sufficient cushion to account for any potential M&A that you guys might do going forward?

Ajei，自年初以來，你們收購了 DataGrid，現在又收購了 DroneDeploy。你覺得你們已經充分補上 AI 產品缺口了嗎？還是說，這些可能仍只是第一批倒下的骨牌，後續還會有更多併購（M&A）？另外問 Rachel，延續這個問題，你們提出 2027 財年的利潤率目標，能把它清楚說出來很棒。想請教的是，這個目標是否也已納入足夠緩衝，以因應你們未來可能進行的任何併購？

Well, so as I said earlier, we -- as we were building out our strategy for AI, it became very clear that this was an area that we were excited about perception, the eyes and the ears metaphor that I used in the script. We really were excited about that space. We felt that it was important to be integrated into our core platform. And so that's why we pursued the DroneDeploy acquisition.

好的，如我先前所說，當我們在打造 AI 策略時，很清楚地看到這是一個我們非常興奮的領域——我在講稿中用過「感知」、也就是「眼睛與耳朵」的比喻。我們對那個領域確實非常興奮。我們認為把它整合進我們的核心平台非常重要。因此這就是我們推動收購 DroneDeploy 的原因。

Now I've always viewed acquisitions as a way to accelerate our strategy. So for us, building out, it's not a strategy unto itself. So we're not building out AI by acquisition where we have a well-defined strategy for our AI capabilities. And then we are determining whether to build, whether to partner or whether to buy based upon the needs at the moment.

我一向把併購視為加速我們策略的一種方式。所以對我們而言，擴張本身並不是一個獨立的策略。因此我們不是透過併購來「打造 AI」；我們對 AI 能力有一套清晰明確的策略。接著我們會依當下需求，判斷要自建、合作，或是收購。

And right now, we are -- we have -- I have tremendous confidence in our team, our capabilities to execute. I'm excited to welcome DroneDeploy into an already vibrant Procore AI environment. I'm excited of what we can be -- what we're going to be able to do together.

而就目前而言，我——我們——我對我們團隊與執行能力充滿信心。我也很高興歡迎 DroneDeploy 加入一個本來就很蓬勃的 Procore AI 生態環境。我很期待我們能——我們將能一起做到的事情。

And then just to answer your question on the margin, as we evaluate acquisition opportunities, we are looking at their strategic fit and then also making sure that they fit within our financial profile. So as we thought about the margin target, we thought about the impact that future M&A would have. And in particular, as I noted in my comments, we see no change to that commitment. -- with the acquisition of drone deploy?

至於你關於利潤率的問題，當我們評估併購機會時，我們會看它們的策略契合度，同時也會確保它們符合我們的財務輪廓。因此，在我們思考利潤率目標時，也把未來併購可能帶來的影響納入考量。特別是，如我在評論中提到的，我們認為這項承諾不會改變。——隨著收購 DroneDeploy？

Joe Vruwink, Baird.

Joe Vruwink，Baird。

I'm wondering, does owning data grids make it easier to acquire DroneDeploy in terms of the indexing and retrieval you can now apply and how that ultimately feeds the downstream AI workflows. And maybe have you given any thoughts to how your TAM ends up growing across both traditional and AI workflows by adding the visual elements.

我想請教，擁有 DataGrid 是否讓你們在收購 DroneDeploy 方面更容易，因為你們現在可以應用索引與檢索能力，而這最終如何餵給下游的 AI 工作流程。另外，你們是否也思考過，透過加入視覺元素，Procore 在傳統與 AI 工作流程上的 TAM 最終會如何成長？

To the first point, look, again, as I said in my previous answer, Joe, for us, it's about the strategy. And there is no single element to the strategy. It's about the strategy it builds on each other. And so all the different elements that we have brought in and assembled as part of Procore AI and that we'll continue to build as part of Procore AI will facilitate that.

針對第一點，你看，再次如我在前一個回答中所說，Joe，對我們而言重點在策略。而策略並不是由單一元素構成。它是各個策略要素彼此疊加、相互支撐。因此，我們作為 Procore AI 一部分所引入並組裝的所有不同要素，以及我們將持續打造的要素，都會促進這件事。

But obviously, you're right to point out that there is synergy and there's technical synergy between the data grade capabilities and the DroneDeploy capabilities along the lines, as you suggested, and that's really exciting to us as well. But we are -- we have a clearly identified strategy, and we're going to continue to execute that strategy.

但很明顯地，你指出的方向是對的，DataGrid 的能力與 DroneDeploy 的能力之間確實存在協同效應，也有技術上的協同效應，正如你所提到的那樣，這也讓我們非常興奮。不過我們——我們有一個清楚界定的策略，而且我們會持續執行這個策略。

And the second part of the question was what Joe?

那問題的第二部分是什麼，Joe？

How the TAM might grow by adding a visual elements into what Procore can offer?

加入視覺元素後，Procore 能提供的內容會如何讓 TAM 成長？

So in the short term, I would point to -- rather than specifically talk about time, I would talk about short-term synergy opportunities. In the short-term synergy opportunities, and we have about slightly shy of -- and I think I mentioned in the script, slightly shy of about 600 joint customers who are using both DroneDeploy and Procore.

所以在短期內，我會指出——與其特別談時間，我更想談短期的協同機會。在短期協同機會方面，我們有大約——而且我想我在講稿中提到過——接近但略少於約 600 家共同客戶，同時使用 DroneDeploy 和 Procore。

But that means that there are thousands of customers who are not using DroneDeploy today who are Procore customers. And we have a cross-sell opportunity. So from our perspective, that is an immediate available opportunity.

但這也意味著，還有數千家目前不是 DroneDeploy 使用者、但卻是 Procore 客戶的公司。我們有交叉銷售（cross-sell）的機會。因此從我們的角度來看，這是一個立即可得的機會。

In the long term, as we talk about digital co-workers, the opportunity, the TAM expansion opportunity is not so much about adding incremental software capabilities, it's really going after a different pool, which is essentially the labor shortage that our customers are facing.

長期來看，當我們談數位協作員時，機會、也就是 TAM 擴張的機會，與其說是增加額外的軟體功能，不如說是切入另一個資金池——本質上就是我們客戶所面臨的勞動力短缺。

They just don't have people. So they have a budget for people, but they just don't have people set aside or they're able to hire people just for the task at hand. And so that represents a different pool of money that is accessible to us.

他們就是缺人。所以他們有用人的預算，但就是沒有足夠的人手，或是他們無法只為了眼前的任務就另外聘人。因此，這代表著另一個我們可以觸及的資金池。

So that from a TAM expansion perspective, the digital co-worker strategy exposes to incremental addressable market that goes beyond the traditional TAM's associated with construction management software.

因此，從 TAM 擴張的角度來看，數位協作員策略讓我們接觸到新增的可服務市場（addressable market），超越了傳統與營建管理軟體相關的 TAM。

Ladies and gentlemen, that concludes today's call. Thank you all for joining. You may now disconnect.

各位女士先生，今天的電話會議到此結束。感謝各位參與。您現在可以掛線。