Thank you for your patience and good afternoon. Thank you for attending today's Procore Technologies Inc. FY24 Q4 earnings call. My name is Reagan, and I'll be your moderator today. All lines will be muted during the presentation portion of the call, with an opportunity for questions and answers at the end. If you'd like to ask a question, please press star one on your telephone keypad. I would now like to pass the conference over to our host, Alexandra, with Procore Technologies. Alexandra, you may now proceed. Thanks. Good afternoon and welcome to Procore's 2024 fourth quarter earnings call. I'm Alexandra Geller, head of investor relations. With me today are Tooey Courtemanche, Founder, President, and CEO, and Howard Fu, CFO. Further disclosure of our results can be found in our press release issued today, which is available on the investor relations section of our website and our periodic reports filed with the SEC. Today's call is being recorded, and a replay will be available following the conclusion of the call. Comments made on this call include forward-looking statements regarding, among other things, our financial outlook, go-to-market transition, 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 13th, 2025. 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. Reconciliation of non-GAAP to GAAP measures is provided in our press release and our periodic reports filed with the SEC. With that, let me turn the call over to Tooey. Thanks, Alex, and thank you, everyone, for joining us today. So I'd like to begin by expressing our heartfelt condolences to all of those affected by the devastating wildfires in Southern California. While Procore's headquarters in Carpinteria is safely north of the fires, we were deeply touched by the outpouring of concern that we received from around the world. Our thoughts remain with the residents and communities who have endured these tragic events, and we extend our deepest gratitude to the firefighters and the first responders who courageously put themselves on the front lines. Okay, now I'd like to shift gears to our performance in the quarter. We are very proud of how our team executed, ending the year better than we expected, with several notable bright spots. Some highlights include our strong booking performance in the quarter, which was led by more than 13 six - and seven-figure transactions. We grew the number of customers contributing greater than a million dollars in ARR by 39% year over year, with growth from all three stakeholders and outsized growth from owners. We exceeded our headcount targets for the quarter and are ahead of schedule for our go-to-market hiring. And for efficiency targets for the year, we expanded our non-GAAP operating margin by 800 basis points. We also generated $128 million in free cash flow, resulting in another strong year of cash flow generation, and we believe 2025 we will see a continuation of this trend. Our strength in the quarter was also reflected in our high-quality customer adds and expansions. In Q4, we added new customers across all stakeholders, including one of the world's largest telecommunications companies, the University of San Diego, Prism Electric, Extra Space Storage, and one of Canada's largest general contractors. We also had expansion wins with Tutor Perini, Mortenson, the Japanese division of a major hospitality brand, a Fortune 30 oil refiner, as well as a major expansion with an ENR 50 contractor. I'm particularly proud of two significant Mag 7 wins from the quarter. The first is a new customer, which marks not only our largest win of the quarter, but also one of the biggest seven-figure ARR deals in Procore's history. The second Mag 7 win is a substantial six-figure expansion with an existing customer, driven by their ambitious plans to grow their facilities and data centers. These wins underscore the immense scale of CapEx amongst owners and reaffirm Procore's position as the clear market leader in construction technology. You know, when the world's largest companies seek a trusted partner to manage their most complex projects, they choose Procore. Another big expansion this quarter was with Abergeldie, a leading infrastructure contractor in Australia and New Zealand. In 2023, they piloted a few Procore products. After a thorough evaluation in Q4, they made Procore their primary project management platform, adding several Procore products and expanding their annual construction volume by nearly 10x. They saw the value in Procore's comprehensive project management solution and our ability to seamlessly integrate with their ERP system. This expansion will enable their team to more effectively and efficiently manage their projects, harness the power of their data, and improve internal reporting. These customer wins reflect all of the growth levers that we referenced at our recent investor day, including new logo ads, volume expansion, product cross-sell, and growth outside of the U.S. We are proud of our top-line performance this quarter and the momentum that we've built as we head into this new year. So as I reflect on last year, I'm incredibly proud of how we've delivered on our commitment to focusing on our core. This means reinforcing our foundational strengths while making strategic investments in related areas that enhance and expand our core offerings. First and foremost, I want to highlight the transformative potential of data and AI in reshaping the construction landscape. Thanks to our unique and unmatched construction data set, AI offers us an extraordinary opportunity to create value for our customers by driving greater efficiency, reducing risk, and ultimately transforming how teams collaborate, forecast, and execute projects. Last year, we continued to invest in AI-powered innovations like Copilot, Agents, and Agent Studio, and we're working steadily towards a future where Procore AI will power every task and workflow, deliver actionable insights, and replace manual tedious processes with trusted, customizable agents. And this data set only becomes more powerful as we continue to add new customers and expand with our existing customers. Ultimately, we expect Procore AI will become central to the platform experience, which brings me to another area where we've made great strides: our platform connectivity. The construction process is incredibly collaborative and requires seamless coordination across all relevant stakeholders. This is why an important part of our connected strategy is to ensure that critical project data is shareable not just within a customer, but across customers and their associated accounts. You can think of these connection points as the nerve fibers that go between our products and accounts. This year, we released Connected Drawings that we are in the process of connecting RFIs and Submittals. This is an important part of delivering on our mission to connect everyone in construction on a global platform and represents a very exciting first step in supercharging the connected nature of our solutions, something that we believe will continue to serve as a competitive advantage for Procore. We made a host of other innovations to better serve the diverse needs of all stakeholders and all types of construction. So I'd like to share a few of those highlights. We launched Resource Management, the first solution that brings together labor, equipment, and materials, helping our stakeholders, including subcontractors, self-perform general contractors, and civil and infrastructure customers, manage resources more efficiently with greater precision. We are supporting our civil customers with tools like Procore Maps, which provides stakeholders with seamless access to all project data in a map view, accessible anytime, anywhere. We enhance the experience for our global customers with Procore Zones, ensuring greater consistency in application performance and overall user experience. This also enables local storage and processing of project data, which can be critical for multinational customers with data localization requirements. We also ended the year with more than 250 customers having purchased pay and beginning to reap the benefits of automated invoicing and payments to their subcontractors. While we are pleased with this momentum and the opportunity remains incredibly exciting, we do not expect pay to be material to revenues in 2025, given its associated implementation and project rollout timelines. Over the past year, we released countless feature enhancements addressing customer feedback votes. This is a testament to our deep partnership with the construction industry and our commitment to continually improving and evolving with their needs. Listen, while all of these updates are exciting, the most rewarding part is seeing our innovations impact customers in some of the largest job sites around the world. This year, I visited many customer job sites, from the International Thermonuclear Experimental Reactor in France, otherwise known as ITER, to the Barangaroo Pier Pavilion in Sydney Harbor, to the Lucas Museum in Los Angeles, and was truly humbled by the complexity and sophistication of these projects. When I started Procore 23 years ago, I never imagined that our platform would become the foundation for some of the world's most impactful projects. Of course, another notable 2024 initiative was our decision to pull forward and accelerate our go-to-market transition. We believe that this is going to position us for continued top-line growth while allowing us to build deeper, lasting partnerships with our customers. For more details on these changes, I encourage you to review our recent investor-related materials on our IR website. We're a little over two fiscal quarters into this transition, and we are pacing very well. We're ahead of schedule on hiring, with most roles expected to be filled by the end of Q1. New plans and territories have been distributed, and our sellers are coming online, ramping up and building pipelines. We anticipate the most disruption in the first half of the year as generalists and technical sellers are building this new muscle of working together. With that said, we continue to receive positive feedback from our teams, customers, and partners, and I am confident that our new operating model is going to position Procore to seize the enormous opportunity ahead. The energy was palpable in our sales kickoff in January as the team is fired up about the new sales model and excited to share our platform vision with our customers. There's still work to do, but we remain focused on executing this transition to ensure lasting success. So now I'd like to lay the foundation for how we're thinking about 2025. As we shared in investor day, there's a significant opportunity ahead. In order to capitalize on that opportunity, my focus for the year is going to be first to complete our go-to-market evolution. We aim to transition to this new sales model over the first half of the year and to be fully operational by the second half. This change is key to improving customer outcomes, strengthening relationships, and driving efficient long-term growth. We believe achieving these milestones is going to position us for strong momentum going into 2026. My second priority is driving operational excellence. In the past few years, we've made significant profitability improvements, but there is substantial room for continued margin expansion. We have ambitious goals to be a high-margin business, and we are committed to making further strides toward that goal in 2025. Despite the substantial investments we've made in our go-to-market initiative, we are guiding for continued margin expansion this year, underscoring our ability to balance growth with disciplined execution. And last, but certainly not least, is to multiply the value of our platform. Procore is the only truly unified construction management platform, and we believe this is our greatest differentiator. We are proud of what we built and the exciting announcements that we shared at Groundbreak, but there is so much more that we can do here. Our roadmap includes powerful products and capabilities that are going to amplify the power of our platform and better connect and serve everyone in construction. This is an incredibly exciting chapter in Procore's product journey. Many things that we've been working on for years are coming together to deliver our customers a more connected, intelligent, and powerful platform experience than ever before. To wrap up, we are incredibly proud of how we finished 2024. We are deeply grateful to our customers for their continued trust and partnership, our employees for their dedication, and our shareholders who continue to support us. Together, we're building and refining our business to be a forever company, one that drives lasting shareholder value while continuing to make a meaningful impact on the construction industry for generations to come. And now I'm going to turn it over to Howard to share some more on our business performance. Thanks, Tooey, 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 2025. Total revenue in Q4 was $302 million, up 16% year over year, and international revenue grew 19% year over year. Q4 non-GAAP operating income was negative $2 million, representing an operating margin of negative 1%. As I will discuss momentarily, this is not indicative of the operating margin you should expect for fiscal 2025. Our key backlog metrics, specifically current RPO and current deferred revenue, grew 19% and 17% year over year, respectively. In Q4, we made strong progress towards the growth levers we described at our recent investor day. For the year, we saw continued expansion in margin, cash flow, and per-share metrics. These improvements are stepping stones towards our long-term goals. And as I look ahead, we have a tremendous runway for sustained and long-term growth just in the markets we operate in today, as well as meaningful profitability milestones in both the near and long term. Now let me share some additional color on the business. As you heard from Tooey, we had a strong quarter and ended fiscal 2024 with positive momentum going into fiscal 2025. Strength in the quarter came from multiple areas of the business. We had strong deal execution, converted more of our pipeline, closed large deals both from new logos and expansions, and generally experienced less disruption than we expected from the go-to-market transition. CRPO saw a benefit primarily from early renewals, which grew significantly year over year. This growth is notable considering we also had significant early renewals in Q4 of fiscal 2023. Without this benefit, CRPO growth would have been in the mid-teens. We believe that the positive performance in Q4 sets us up well as we go into fiscal 2025. From a profitability standpoint, Q4 was expected to be our lowest cash flow and operating margin quarter of fiscal 2024. This is due to the timing of various one-time and seasonal investments in the year. However, our margin performance did come in below our guidance. The primary driver is due to deliberate decisions to accelerate initiatives from fiscal 2025 into fiscal 2024. This was a unique opportunity to enhance various one-time initiatives that will benefit fiscal 2025 while still driving margin improvement in both years. Examples include additional contractors to supplement progress against our product roadmap, go-to-market system readiness, and other one-time marketing efforts, including the accommodation of the outsized interest we saw from customers and prospects to attend Groundbreak. The secondary drivers that impacted our margin performance include various other items related to the strong business performance we saw in Q4, including our bookings performance and the related commissions payouts, as well as higher headcount costs from exceeding our hiring targets, primarily within go-to-market. Just to reiterate, this is not indicative of the operating margin you should expect for fiscal 25. We generated $128 million in free cash flow for the year, representing a year-over-year improvement of 171%, while increasing our weighted average diluted shares outstanding by 2.6%. We will continue to be thoughtful in managing both of these metrics. We remain very optimistic and confident that we have multiple paths to improve our financial profile over the long term. We are the category leader serving one of the world's largest industries with a focused and aligned leadership team that will prioritize efficient growth and strong per-share improvements. Before I turn to guidance, I would like to remind you that we continue to be prudent in our expectations as we navigate our go-to-market transition. With that, let's move on to our outlook. For the first quarter of 2025, we expect revenue between $301-$303 million, representing year-over-year growth of 12%. Q1 non-GAAP operating margin is expected to be between 7-8%. For the full year of Fiscal 2025, we are raising our revenue guide to be between $1.285-$1.29 billion, representing total year-over-year growth of 12%. We are raising our non-GAAP operating margin guidance by 50 basis points for the year to be between 13% and 13.5%, which implies year-over-year margin expansion between 300 and 350 basis points. And to wrap up, we are pleased with how we ended the year and the momentum we have going into fiscal 25. 2025 will be a transition year, and we believe our strategic initiatives for the year will set us up for a stronger P&L in fiscal 26 and beyond. With that, let's turn it over to the operator for Q&A. Thank you so much. We'll now be moving to our Q&A session. So if you'd like to ask a question, please press star followed by one on your telephone keypad. To remove your question, press star followed by two. Again, to ask your question, press star one. As a reminder, if you are using a speakerphone, please remember to pick up your handset before asking your question. Our first question comes from Brent Bracelin of Piper Sandler. Your line is now open Thank you. Good afternoon. Great to see the improvement and stabilization in CRPO. Tooey, I wanted to start out with you on owners. Sounded like you had some very large owner wins here in Q4. I think you talked about the owner opportunity as a 25% of the ARR business, but only 2% logo penetration. So how much can you lean into this owner opportunity to maybe offset some of the cyclical cycle down headwinds that you see in the business? It feels like you got some momentum there in Q4. Wondering how sustainable it is going into 2025 and 2026. Thanks. Yeah So Brent, I'm glad you brought this up because, look, the owners' business is a great business, and it continues to be. I do want to start off by setting the table, though, because though we had a lot of strength in the owners, we had strength across the entire spectrum of the stakeholders that we serve, which was really, really remarkable. I was very proud with how we did that, both in the U.S. and internationally. But when you want to focus on owners, yeah, the opportunity owners segment is huge, and there's a lot more we will do over time. We are leaning into that. That's an area where we have lots of focus, and we will continue to lean into it. But yeah, what I think it demonstrates, Brent, more than anything, is just how big the opportunity is ahead of Procore and the fact that people really focus on the ENR 400 as our TAM. But this is a global business serving any owner and GC and sub that actually is building something of scale. So it just really does illustrate the opportunity. And yeah, I'm excited about all segments, but yes, very special with what we've done with owners. Clear. It sounds like the strength here is broad-based, not just in one segment. Howard, just a quick follow-up for you. You mentioned the tailwind to CRPO here from early renewals. What is driving the early renewals? Was there some new products that prompted some early renewal activity? Just help us understand what drove early renewals in the quarter. Thanks. I think it's across a number of areas, Brent. I think it's partially a function of how well we executed in the back part of the quarter. I think that had something to do with it. I think it also speaks to what Tooey talked about in terms of us making progress across the tremendous TAM that we have. And I think it also speaks to kind of the limited and the lesser disruption that we saw in some of the transformations or transitions that we were making in Q4. And I think all of those things put together actually really helped our performance in bookings. We're very happy with the bookings performance in Q4. But yeah, we're very happy with our performance. And by the way, Brent, I do want to come in and just say the execution was so strong. It was just something I'm really, really proud of across the board for the quarter. So every player on the field contributed, and every player on the field did a great job. So execution, and that comes through as early renewals. That comes through as 130-plus six and seven-figure deals. And that just comes through with creating the momentum that we need to have an amazing year. Great to hear. Thank you. Thanks, Brent. Thanks, Brent. Thank you. Our next question comes from Joe Vruwink of Baird. Your line is now open. Great. Thanks for taking my questions. Of all the construction macro indicators we've tried to interpret, it does seem like those that triangulate around an owner's willingness to move forward on projects, not further delay or abandon, those indicators seem to have improved the most over the second half of the year. Do you think that generally lines up with the sentiment you're hearing from the segment, correlates to spending you're seeing? I guess if it does at all, doesn't this mentality from owners generally precede maybe how GCs think about the upcoming year at some point? So Joe, this is Tooey. I would say a couple of things to think about here. One is that we do not ever focus on one or two of these metrics just because you'll drive yourself nuts trying to make sense out of the 10 to 20 that you may look at. But one thing that you did say, which is absolutely true, is that the industry itself is sentiment-driven. And so if there's good news, like people are excited about an election, things get better. If there's bad news, things get a little bit worse. But in general, it's sentiment-driven. But I will tell you this what needs to get built still gets built, right? So there's always an opportunity for Procore. And again, with an industry that's searching for productivity increases, Procore is the ideal solution for them so they could do more with less. So in general, it is very sentiment-driven, and we remain very excited about the opportunities. Okay. That's great. And then just in terms of the booking strength here in Q4, does that in any way deplete the available pipeline, maybe alter the exit momentum you would have expected just under the new sales model later in the year? I guess the question is, did you make it harder on yourself by how strong the fourth quarter ended finishing? Actually, this is Howard Fu here. I actually wouldn't think about it as depleting pipe. I actually think about it as we have strong execution coming out of the year and strong momentum going into the year. However, having said that, in Q1 and Q2, this is where the rubber meets the road in terms of the changes that we're making in the go-to-market organization, and that's really what we're focused on. It's not about depleting the pipe at all. It's really about making sure we nail that execution in Q1 and Q2. Okay. Great. Thank you very much. Thank you, Joe. Thank you. Our next question comes from DJ Hynes of Canaccord Genuity. Your line is now open. Hey, guys. Tooey, maybe we could pick up on that thread that Howard just mentioned and talk a little bit about the reception to the new sales coverage plan when it was introduced to the field at SKL. How much narrower are coverage plans today with the incremental capacity you've added? How active has your technical sales layer been with customer engagement? And just how are you thinking about that potential for disruption given it kind of didn't materialize as badly as you thought in Q4? Yeah. So let me back up a little bit, DJ, and just kind of tell the story again because we announced this last year several quarters ago. But remember, all of 2024 was essentially the planning phase, right? So it was all very hypothetical and theoretical, and nothing really had hit the ground yet. But when we did sales kickoff this year, which was just several weeks ago, there was extreme excitement and enthusiasm across the sales organization about what we're doing. And as a matter of fact, I've talked to lots of customers who are aware of these transitions and are very excited that they're going to get additional resources, and they're going to benefit from this as well. But to what Howard was saying earlier, we're now in the execution phase, right? And we're only a couple of weeks into it. And that's really where the rubber hits the road. And so we have new teams that are still figuring out how to work together. We have folks that are building pipe and focusing on their new accounts and getting on airplanes and shaking hands and buying some steak dinners and all. But they're just getting started. So we're going to carry a healthy dose of skepticism over the next couple of quarters. But we really firmly believe that by the second half of this year, all of these changes and investments we're making are going to start paying off, and we're excited about it. Yeah. Okay. Then Howard, just bridging that commentary into how you think about the shape for 2025, is it right to think that growth probably gets a little bit worse in Q2 and then maybe starts to reaccelerate by Q4, which kind of gets you that full year 2025 growth rate that looks similar to where you're guiding in Q1? Is that the right way to think about the year? I think we'll start to see productivity definitely pick up as we head towards the back part of the year. DJ, I'm not going to comment on what that shape looks like, but the intent is that as we start to get through some of this execution in Q1 and Q2, the productivity will pick up, and you will start to see not just the productivity, but the actual bookings also start to pick up in the seasonality towards the back part of the year. Got it. Okay. Thank you, guys. Thanks, DJ. Thank you. Our next question comes from Brent Thill of Jefferies. Your line is now open. Thanks, Howard. Good to see the cRPO to 19. I guess guiding to 12, explain the delta. Is that really just the sales motion trying to get into gear? Is there something else that you're taking into account for that big a delta into 2025? Yeah. Hey, Brent, good question. Thanks for the question. So the first thing is I just want to remind everyone, the reason that the CRPO growth is at 19% had a lot to do with those early renewals. And without that magnitude of their early renewals, our CRPO growth in Q4 would have been in the mid-teens. And typically, revenue growth is plus or minus a couple of points around that CRPO growth. Specifically for the guidance that we have for the full year on revenue for fiscal 2025 at 12%, it is a raise. And it also reflects an additional level of conservatism applied in fiscal 2025 versus what we did in fiscal 2024. And that's because a lot of what we've talked about already, which is we are actually going through that transformation or that transition right now on the go-to-market side. And from where I sit, there's a lot of moving pieces that still need to come together. We are ahead of plan in terms of hiring, and we're doing really well. But when the rubber meets the road, you just will put a little bit more of a cautiousness on it in terms of what we're guiding. So we're guiding a little bit more conservative this year than last year. Great. Thanks. Thank you. Our next question comes from Saket Kalia of Barclays. Your line is now open. Okay. Great. Hey, guys. Thanks for taking my questions here. Nice finish to the year. Second. Tooey, maybe hey, yeah, absolutely. Tooey, maybe for you just to change it up here for a second. It was great to hear just the number of customers on Procore Pay continue to grow. Maybe the question is, how are you I mean, since you've got a decent sample size now, how are you sort of thinking about that product differentiating versus the incumbents out there? And just any feedback from some of those early adopters on usage and how it's winning? Yeah. By the way, Saket, thank you for teeing me up on this one. This is an area that's near and dear, obviously, to my heart. So we're learning a lot with payments. But the primary attractive driver for our customers on this is the fact that payments is not. It never happens in isolation. Because we're a platform and all of the pieces that go into an invoice long before it gets paid is managed on our platform, the customers are just loving the fact that they can now do that last mile of compliance and payments on the Procore platform, so having it all in one place is great. We also are, frankly, the modern technology stack. We're the system that is a pleasure to use, and I will imply that maybe some other ones are not a pleasure to use, and so therefore, we're capturing the hearts and minds of the end users who are actually clicking the buttons and making the payments, and in general, we're learning that our commercial customers, our enterprise customers, our Strat customers are all valuing what we have, and it's fun. Now, one of the learnings we have is it takes a little longer to wind these accounts up because we have to get everybody onboarded. And then all the projects haven't started at the same time. So we're incredibly patient, but we're also incredibly optimistic about where we're going with it. Yeah. Absolutely. That's super helpful. Howard, maybe for you, for my follow-up, appreciate the visibility on just the early renewals and CRPO. I know we're not going to talk about the shape of CRPO in 2025, but maybe the question is, would most of those renewals maybe have happened in Q1 of 2025? Or should we think about those renewals kind of coming sort of equally throughout the year just as we try to estimate the shape of that CRPO growth in 2025? Yeah. I think it's fair to say that most of those would have come in Q1 and probably the early part of Q1, but there may be some that float throughout the year. But Saket, this is how I would think about it. When we think about CRPO, when we think about the performance in Q4, what we're really solving for is the evolution in the path across multiple years towards our mid and long-term goals. And that's both on the top line and the bottom line. So we're going through this transformation or this transition on the go-to-market. It's going to benefit both the top and bottom line. We're going to continue to grow margins in fiscal 2025 and into fiscal 2026. And we're going to balance that as we continue to optimize free cash flow per share. Remember, all the markets that we talked about and all the different markets that are available to us that we talked about in yesterday, that is also going to contribute in terms of what we invest in, what we solve for, and what we optimize as we think about the trajectory of our revenue growth and our margin profile over the next several years. Very helpful, guys. Thanks for the time. Thanks, Saket. Thank you. Our next question comes from Dylan Becker of William Blair. Your line is now open. Hey, guys. Hey, guys. Really nice job here. Maybe Howard, sticking with that point that you just touched on, how should we think about the leverage between kind of the emphasis on top-line growth and margin? It sounds like there's a little bit of doubling down on some of the early opportunity and momentum you're seeing. But if that continues to accelerate and you see the productivity and collect in the back half, kind of the trade-offs between accelerating kind of the top-line profile versus kind of the margin expansion opportunity? Yeah. Good question. So the first thing is, in no scenario do we not continue to expand margins in 2025 and actually into 2026. That's the first thing. And remember, we are optimizing for free cash flow per share. And so the different paths in terms of the makeup of optimizing free cash flow per share between what the revenue growth and what the margin growth looks like, we're going to need to go through fiscal 2025 to see what that looks like specifically in fiscal 2026. And that's really how we're thinking about the balance of this. Okay. Got it. That's totally fair. And then maybe Tooey, switching over to you, you did call out some larger, obviously, enterprise customers, million-plus, a handful of the Mag 7 ones. I'd be remiss if I didn't ask about data centers, just given kind of the headlines on capital deployment there. I know we've talked about diversification across end markets and end customers, but maybe help us think about what the CapEx deployment on the data center piece can mean from aggregate spend and maybe volumes for your business. Thanks. So Dylan, we always have a bet as to who's going to ask the data center question. So you won the data center question. I'll take the crown. Yeah. I mean, thank you. I really wish you'd asked me about AI and our agent strategy, but I'm going to go ahead and talk to you about data centers. So yeah, I mean, clearly, even if you just look across all the hyperscalers, the amount of investment going into data centers is absolutely off the charts. And so that's one of the strengths in the area of the economy. But I will say for every really strong segment, there's also a counter segment like commercial. And remember, it's only like 2% of the overall construction market. So it's one of the things that's really exciting. And by the way, I'm doing a job site tour next week in Arizona for a not-to-be-named company, but they're all exciting. But really, it's just one piece of an extremely large opportunity for us across all segments of construction. But yeah, I mean, it doesn't hurt, right? I've seen numbers that are eye-popping in terms of the aggregate spend is going to be this year. Sounds great. T hat's great. Appreciate it. Thank you. Thank you. Our next question comes from Adam Borg of Stifel. Line is now open. Awesome. And thanks, Liz, for taking the questions. Tooey, maybe as we think about just the spirit of the go-to-market. Hey, guys. When we think about the go-to-market changes, I'd love to revisit a question that's come up in the past just on the channel. I was just curious kind of what's the latest thinking here in terms of building a channel and even receptivity from larger SIs or VARs to building out that broader ecosystem? Yeah. And by the way, it's a privilege when you have a brand as solid as Procore to be able to have these conversations with the largest SIs in the world who are interested around building practices around this. This is definitely a big part of our long-term plan and something that we talk about very often. It's not an area of significant focus now, but we are building those relationships and we're having those discussions. So when it's time, they will bear the fruit that we know they're going to do. And look, in some markets, that's the way software is purchased, right? So of course, as we enter new markets where that's the norm, we'll be leaning heavily on that as well. That's really helpful. And maybe just as a quick follow-up, Tooey, just in terms of new logo growth, obviously, that's been softer. We've talked about that at length. How do we think about kind of, and maybe for Howard even, so as we think about the guidance for this year, what's the new logo growth that's underpinning that? Is it in line with what we've seen in recent quarters? Or any color here would be really helpful. Thanks so much. Yeah. Look, Adam, we've always talked about customer count as one data point that we look at, but it's not something that significantly drives how our business is. And a lot of that, the customer count is actually concentrated down market. I'd actually point you back more to the $100,000 and six and seven figure numbers that are much more indicative of where our business is now and where it's going to go. And those are more indicative of how that's incorporated into how we're thinking about growth going forward. So yeah, the customer count piece, it's not something that we focus on significantly in terms of what drives the business. And the guide implies that the new logo will be lower. But remember, we manage to the dollars. And that's why I point you more towards the larger customers. Excellent. Thanks so much, guys. Thanks, Adam. Thank you. Thank you. Our next question comes from Daniel Jester of BMO. Your line is now open. Great. Thanks for taking my question. And I'll bite, Tooey, and ask you about AI. I'd love to sort of get a flavor of the early feedback you're getting from folks around the Copilot and the like. And maybe help us with some examples about where you think that they're getting the biggest benefit moving the needle using them. Thanks. Yeah. No, thank you very much, by the way, for teeing me up. So yeah, no, by the way, not only am I talking to customers that are using it, and I'm also using it myself. So I'll tell you what the number one piece of feedback I hear is that Copilot is the answer machine, right? It's instead of getting a list of links back when you do a search, it's actually giving you the opportunity to ask questions of your project and get back intelligent answers, which is really, really exciting. But on top of that, as we're building out our Agents product as well as our Agent Studio, where our customers are going to be able to configure their own agents to do all their own work, that is going to be the partner to you on the job. So instead of just providing answers to you, you're going to have countless numbers of agents on your project that are going to be helping you manage that project. So imagine two things in construction matter schedule and budget, time and money, right? So imagine you're going to have agents that are going to be 24 hours a day monitoring your schedule, monitoring your budget, and more importantly, monitoring the things inside the platform from not only Procore, but our partners to look for opportunities for margin improvement for our customers and to avoid risk. And you're going to have countless eyes working 24/7 on the project that are agents. And I think that that is the future. And by the way, that's only possible because we have a platform that is unified. We have this corpus of data in that we can drive all of that value right into the hands of our customers. So thank you. That's great. Thank you. And then maybe just, oh, you're welcome. And then, Howard, maybe just quickly, FX, any impact that you call out in the quarter? Thanks. Nothing. Very, very minimal. Nothing notable to call out on FX at all. Okay. Thank you. Thanks, Dan. Yep. Thank you. Our next question comes from Jason Celino of KeyBanc. Your line is now open. Great. Good afternoon. Tooey, I think we all kind of have short memories, but with all the news on tariffs and inflation, can you maybe just remind us how that flows through or impacts the Procore business? I know this volume-based pricing model hypothetically captures the upside, but on the other hand, if construction costs inflate, that might affect underlying project activity. So how do you think it flows through, or what did you see in 2021 or prior periods? Well, let me just start with what we're seeing now, Jason. So I talk to lots of customers all the time, and of course, I ask these kind of questions, right? The consensus now, I think from at least the conversations I'm having, is everyone's kind of in a wait-and-see because there's nothing that's been super solid that's been delivered, and so people are not really taking definitive action because they don't know if the tariffs are a bluff or if it's real, but ultimately, this industry is super resilient, so even if the industry itself is going to be a little bit more pessimistic about tariffs, they may also be optimistic about the results of an election. And there's always projects in other sectors. I mean, we just talked about data centers, and it's funny, when I talk to our customers and I mention something around, "What about your wind farm production?" They're like, "Oh, don't worry about it. We've got these other areas of our business where we're doubling down, which are really exciting for us. So we just can't forget how resilient the industry is and how diverse every aspect of the industry that we service. Is that it, Jason? Hi, Jason. We lost you. Do you want to? Oh, yeah, we got you back. We got you now. Oh, okay. Yeah. So my question for Howard, I don't want to get too ahead of my skis, but the performance you saw in Q4, it sounds like the go-to-market changes were still just in planning all through last year. But did any of the upside come from maybe early green shoots from some of the swarming, or is that still yet to come? Those are still yet to come. The story in Q4 is really about strong, strong execution. We saw a really good dose of good execution. It speaks volumes to the enablement, the communication. We didn't see anything change in terms of the competitive environment or anything like that, but we're still going to see the benefits of the changes that we're making in the go-to-market as we approach the back part of this year when we get through Q1 and Q2, and so it was really about just stronger execution in Q4. Okay. Perfect. Thank you. Thanks, Jason. Thanks, Jason. Thank you. Our next question comes from Alexei Gogolev of J.P. Morgan. Your line is now open. Hello, everyone. Tooey, if I may ask you about the market share dynamics, you mentioned continued leadership in the space. I realized that you probably are not planning to update us on a quarterly basis, what your win rates are, and how you're performing against those three top competitors. But directionally, could you maybe give us an update if you feel you've been gaining share in the most recent quarter? So just to be clear, we disclose those kind of that data on an annual basis. And so that's not going to—we're not going to update you on that. But here's the good news. What we told you about at Investor Day, about our win rates being so strong against kind of all ways to look at the competitive market, are holding strong. And they're exactly where they essentially were before. And it's a testament to our ability to deliver the best product in the market with the best people that are selling the value of it. Understood. Tooey, just to clarify or maybe get some more details on the AI agents, do you feel like there's still a significant educational process that is needed among your customers when your sales go out and talk about these products to them? Is there still some confusion among your customers on what exactly is the benefit, or do they clearly understand how much productivity improvement they could see from those agents? Alexei, I would say forget about construction, forget about Procore. I think 2025 is the year of agents, right? So I don't think that many businesses out there are 100% certain as to how they're going to be able to leverage kind of all of this generative AI and specifically around how agents are going to help them. But I will tell you this, that when we have a conversation with a customer or a prospect about the possibilities of what you can do with agents, their eyes pop out of their head. Because remember, for every agent that you would put into our system, generally, the only way they could solve that problem was to add a new headcount to their payroll, which just drives their margins down. So from their vantage point, they're like, "Bring it on." But yes, there is a considerable amount of opportunity for us to educate the community. And I think we're all in this together, frankly. So yeah, but it's very exciting. Thank you, Tooey. Congratulations with great results. Thanks, Alexei. Thank you. Our next question comes from Taylor McGinnis of UBS. Your line is now open. Hi, guys. This is Daniela filling in for Taylor. Thanks for taking our question. So just on operating income margin, it looks like it came in below the guide in Q4, but you slightly increased the operating margin guide for 2025. And it sounds like there were some one-time expenses. So are we largely through that, or are there incrementally more investments that you're making potentially in 2025 that could limit the level of upside? And how do we think about the trajectory from here and the annual expansion that we could see? Yeah. Thanks for the question. So first thing is we take our guidance extremely seriously. And we also take how we manage the trajectory of our margin profile over time very seriously. And in Q4, these were one-time decisions that we made. The business was executing strong. We saw a tremendous amount of momentum, and they came to us and asked to continue to spend, and we said yes. And even in doing so, it still allowed us to expand our margins in fiscal 2024 by 800 basis points. And we expect to continue to expand margins in fiscal 2025. And we leave ourselves room to operate and potentially walk that up through our fiscal 2025 as well. I would tell you, don't anchor on the Q4 number. When we report Q1 and Q2, you're going to see a very different margin profile. And remember what I said before in my response to another question. We will not only expand margins in fiscal 2025, we will also expand margins in fiscal 2026 as well. Great. Thank you. Of course, thanks, Daniela. Thank you. Our last question will be from Siti Panigrahi of Mizuho. Your line is now open. Hi, this is Samir calling in for Siti. The question I had was we're talking about AI benefits for customers and agents and Copilot and whatnot. Just curious about how you are leveraging AI internally in terms of using agents or for software development or for marketing functions. How is that coming along, and what kind of leverage or benefits you're seeing in terms of tangible benefits from using AI internally? Yeah. So we are incredibly excited as a business to be able to leverage the latest and greatest generative AI technology. So of course, we're using Copilot, right, within our development environments. And of course, we're reaping all the benefits. I'm actually writing code these days, and I'm using Copilot. So yeah, it's incredibly, I know from firsthand experience how productive it makes you. So that's really exciting. We're using it in our support department. We're using it basically in our marketing department. Everybody is looking at the best ways to leverage the most modern technology in order for us to get the most leverage out of it, and it's an exciting time, and there's really no area of the business that doesn't get touched by this, so yeah, lots of opportunity. Any tangible numbers you can point to in terms of improving productivity or impact on margins or cost savings you're going to be able to drive forward? We don't have any that we're, maybe it's too early, but it's also we don't have any really that we're going to disclose. But I will tell you this. You look at the pace of innovation that comes out of Procore every single day and the amazing product that we put in the hands of our customers, to me, there has to be some of that in there, obviously. So anything that we can do to help solve the needs of the industry is something that I am 100% behind. And so that's why we're investing in these things internally. Great. Thank you. Thanks, Siti. Oh, yeah. Thank you. That will conclude the Q&A session. So that will now conclude the Procore Technologies, Inc. call. Thank you for your participation. You may now disconnect your line.