Hi everyone. My name is Alex Geller, and I'm the head of IR, and we want to welcome you to the investor session at Groundbreak. Thank you so much to those of you who are joining us here in Houston today, and then I also want to extend a warm welcome to the folks who are joining us virtually. S o for today's agenda, given we are in the quiet period, this session is going to exclusively focus on product announcements, so you are going to first hear from Steve Davis, our President of Product and Technology, who's going to speak to how Procore is shaping the future of construction. He's going to touch on our architectural foundation that has enabled us to build a truly connected platform, and how that, combined with Procore Helix, are differentiated value props that also enable us to deliver incremental ROI to our customers. Then you're going to hear from Jeff Lewis, SVP of Product Management, who's going to do a deep dive on some of the very exciting platform announcements that we spoke to yesterday that touch on our ability to continue to innovate across all of our stakeholders around the globe. And I'm very excited to announce that Ajei Gopal is going to be joining us on the stage as well. Now, I will remind you that he doesn't officially start in the CEO role until November 10th, so his remarks will be limited to a brief introduction. But I know many of you are very eager to hear from him. And then we're going to conclude with a Q&A session. Again, it's going to be product questions only, so we're going to bring back Steve and Jeff. You're also going to get to hear from Tooey. So I would ask that you hold all of your questions until the end. If you are joining us virtually, you can ask questions throughout. We will be monitoring that. And then, on to our safe harbor. So today's presentation includes forward-looking statements, which are subject to risks and uncertainties. Such statements are based on management expectations as of today, October 16th. And we undertake no obligation to update such statements unless required by law. Lastly, we will be sharing this presentation on our investor relations website later today. And with that, let's get started. Please join me in welcoming Steve Davis to the stage. Hey, good morning, everybody. I'm going to sit for a minute, if you don't mind. It's great to see some familiar faces from last year, and it was nice to meet some of you last night. I always look forward to this session because I don't have to read a teleprompter, although they've given me some slides to look at. For those of you who don't know me, I don't like teleprompters, and I don't like scripts. I like to just have open conversations, which is why I think talking to many of you is so special because you have just great, great questions. So I'm going to give you some kind of inside baseball on what's going on today, and hopefully that'll spawn some interesting discussion later. I'll speak more about the platform bets that we're making, and I think our special sauce, and also what we're seeing a little bit in the industry. And then I'll hand it over to Jeff, who runs product and basically can talk about a lot of the unique things that we're delivering. So I first want to start out by just talking about the profound impact that AI is having on our customers and inside the walls at Procore. As I said on the stage yesterday, what we're seeing is just an unprecedented rate of innovation. You all are aware of this. You see it in the companies you cover. But that acceleration is directly impacting our customer base and how things are built. And I'll use this example. This is basically a hyperscaler project, by the way. It's one of our sample projects. The BIM is running in our BIM platform, and it basically represents the complexity of what we're seeing with our customers. Customers that used to build a vertical high rise have shifted, in some cases, from 5%-30% of their business building hyperscalers, manufacturing fab plants. These are all facilities that require a high degree of orchestration, configuration, design collaboration, logistics on materials. How do you handle with a delay of materials? The speed in which these things have to go up is imperative to the revenue that these platforms can generate, and these are all things where we're seeing a huge advantage of the platform investments that we've made over the past three years come together. I think the other thing is, when I stood in front of all of you, many of you were here three years ago, and I was invited to speak on stage about kind of where we're going with the platform investment. We took a very different path three years ago, and that was to start to lay the building blocks and the foundations that basically set us up to accelerate our AI journey. And I think that's what we're seeing right now. And it's also given us the ability to rapidly acquire and integrate these acquisitions that allowed us to fill in some of these gaps in the lifecycle of construction. All right. The next thing we're also seeing is the overall breakthroughs in just agentic and computer vision technology and how that's applying to our space right now. You saw the BIM model come together. Things that used to be really hard, and I'll give you an example. This literally is just the BIM model. We ran it through literally Nano Banana, VEO, and a host of just orchestrating tools for agentic. In literally less than a day, we're able to create dynamic visualizations, change materials on the wall, emulate the surroundings behind us. These are things that would have taken an enormous amount of time to accomplish. And this is directly from Novorender, the BIM platform. And so these are things that will start to pose a decision on our discussion on how do we actually do collaboration on design? How do we actually do it in real time, actually in the field? How does a clash actually impact what we need to do and what we need to change? How does it impact the materials or a delay in an HVAC unit or the cooling pipes that aren't available? How can you simulate that and understand what that will look like and the impact? All those things are possible. I think the other thing is that this is the first time in my career, and I've shared this with people last night at happy hour. It's the first time in my career where I've seen the consumerization of technology impact the business at such a rapid rate. Things that are coming out last week are already now being applied in the business. That's unprecedented. You think about when the internet came out, the mobile, then the iPhone. These are all things that took a long time to be introduced into the aspects of how we use software. We're now going from things that used to take months to weeks, weeks to days, is what we're seeing applied to this technology. All right, and then I'd say the other thing that we're realizing is from a vertical standpoint, vertical SaaS is poised to capitalize on this. The uniqueness and these jobs to be done in construction requires a deep understanding of knowledge on every aspect of that lifecycle of construction, and so while these large foundational models can understand a lot of the basic concepts and actually understand intent and get you about 60% of the way there, the last mile, the 40%, is where the magic happens, and as I said yesterday, it is the true difference between seeing an underwhelming response that you can't take action on to a wow factor that can actually complete the job to be done. All right. So let's talk about just overall the size of construction and just the connected platform. Construction is projected to be over $15 trillion. You know this. It's one of the least digitized industries and basically underpenetrated in many of our markets. When you tie this to the 20 years of Procore's history and all the data that we have inside our platform, it provides us with a very, very unique opportunity that we're poised to capitalize on, especially as you see the energy and excitement coming out of Groundbreak yesterday with the agent platform and what can be built with those unique data sets. I was telling Tooey this morning that it's not just the unique data sets that we have. It's actually the unique knowledge data sets that the customer may have on a specific way that they do construction or specific specifications and documents. They're now able to attach that to our platform and enrich those agentic agents for benefit of their special sauce, how they actually do the job, and I think that's a pretty big pivot from a foundational language model. You can actually use the foundational model to get the 60%-70%, and then you can start to apply the secret sauce with their data, with our data, all enriched together. I'd say we also continue to see these breakthroughs and these foundational models, such as ChatGPT and Anthropic and a host of others. Obviously, you saw our partnership with AWS and Bedrock. That will open up a host of models that are available to our platform. Think about Helix Assist as a reasoning engine with a model router under the hood, so we can route between different foundational models. We can understand reasoning. We can understand what default agents are fired. This is all the benefit of this connected platform. When I snap an acquisition in, they immediately are able to consume all those core technologies. They're able to benefit from what we call the construction graph. For those of you that may not understand the graph strategy, there's two aspects of the graph. I'll give you the core one that we're focused on, and that is there's a lot of inferred relationships in construction. An example is, let's just say I'm building a building. I have to acquire material. The material has to be shipped. It has to then be provisioned, installed, coordinated with a sub, inspected. There might be an issue with it. I might need to fire a submittal off on a package. Those are all inferred connections that only we know because all those solutions are all connected together. If you don't have that inferred connection and that graph, then when you go ask the question about risk or delays, you're not going to get back the response. And so this whole connected nature is extremely powerful and a massive unlock for basically agentic-type solutions. And as I said again yesterday, underwhelming versus the wow factor. And you're clearly seeing kind of the RAG graph model start to emerge as a way to really create that. Okay. Let's see. Talked about data unlock, job to be done. All right. Let's go to the next. Yeah. We've talked about computer vision. Yeah. Visual design. This is another one. At this point, why isn't this video playing? Oh, sorry. Hold on. Oh, I'd say also too lastly, the investments that we made in just governance, security, control, transparency. After I do these keynotes and these sessions, my day is usually spent meeting with executive teams from our largest customers around the world. I can tell you, about 90% all involved the conversation around security, governance, control, and transparency. This is super important. Each of these companies is focused on their secret sauce, their data. They're building some of the most sophisticated structures in the entire world, and so they treat that very seriously. The building blocks that we put in place have allowed us to accelerate things like FedRAMP at an unprecedented rate. Our path we took on FedRAMP, as you know, was very different. We literally installed our entire platform in that environment. We were able to do that because of those building blocks and those foundations. Everything already ran on that stack. That's allowed us to open up a large number of opportunities for us in spaces that we, quite frankly, weren't able to go into before because of that. And you'll see that start to expand outside the U.S. as well with additional regulatory and certifications that are required. So a huge leg up. The other thing I would say is that transparency, we just rolled out our new AI transparency site. I think it was on Monday. It provides full context into every single agent, what data is being shared, what's being trained on, the NIST standard, the certification. You'll see that evolve very rapidly. You'll also see that evolve to our partner ecosystem. So if a customer is installing a partner connector in our ecosystem, we want to ensure that anybody that's connecting to that data set is adhering to the same standard, and there's full transparency of data end to end. These are the things that our customers are asking us for. These are the things as a company that we're driving forward within our own walls. And so it's a big part of our strategy going forward. All right. Let's talk about the pace of innovation a bit. Probably if Ajei, when he came on board, he asked me how I felt about things, and I said, "This is probably the year that feels the most special to me in my career because the pace that we were able to deliver on, what the teams delivered on this year was just something I hadn't seen before in my career." It's very rare when I'm not limited by engineering. I'm limited more by customer collaboration and design and just how we incorporate the requirements and product. And I think part of that is our breakthroughs and how we're developing software and rethinking internally. I think it is our unique relationship that we've had with our customers and the programs we put in place, like innovation labs and hackathons. 20,000 user voice votes knocked out is an incredible feat. It's 2x more than we did the year before. Our customers clearly felt it. The sheer number of features, by the way, these are the significant features. There's a long list of small things. The sheer number of features and then really, when you look at the number of products that we focused on, we stood on stage last year and announced a lot of things. We delivered on pretty much everything we said. These were big areas. I mean, assets, materials, BIM, schedule, resource management, safety, and obviously a huge agent strategy, so for us, I know the go-to-market team and all of this felt overwhelming coming in because of just the sheer magnitude of packaging these up, so as you know, we've been going through our go-to-market evolution. We're going through the same thing within the product org as far as we reorganized ourselves around our personas. We're very focused now on owners and builders in Europe. That allows us to be very mindful of the job to be done and the product experience for each one, which is very different than how we built before. And so we've been operating that for quite some time this year, and we're already seeing the fruits of that. So anyway, great year. Super proud of the teams. And yeah, we're looking forward to accelerating even further as we go into next year. Okay. Let's go to the next one here. Oh, and one thing, I think Jeff talked about this yesterday. The customers have actually asked us to slow down. Not that they don't want the capabilities. It's slow down from a delivery standpoint and pushing into their environment. So we actually built some innovation here. We built our own kind of release management system that our customers can granularly control. And this isn't just a basic submit a form and you're now in a beta. This allows granular control as a site administrator or Procore administrator to apply it to a user, a set of users, a project, or the entire account. So this allows you to, if you want to go fast and build with us, you can operate in the, I call it the fast lane. So it's like jump in the fast lane and you could build with us. If you want to operate in the slower lane, you can get the quarterly or themed release cycles through the year that are more packaged and managed and ready. So this is fantastic. We're super excited about it. The other thing we're pivoting to is we're moving away from iLabs to overall hackathons. We're shifting to understanding user requirements, doing deep user research, and actually prototyping with our customers in real time, which I think has been a huge win. Our hackathons have been a huge hit. I know Ranjith has said on stage we had just a couple of workshops this week on the agent platform. I think there were about 120 created in each workshop, so I know it's 360, 380. I won't give you exact numbers. IR will get upset with me. But yeah, so it was a lot for just a small number of individuals, so we're super excited to see what that looks like. We actually built an event center in Austin on floor two. We call it kind of our innovation hub. It's going to allow customers to bring their teams in and actually build with us in real time, and so we're super excited. We're going to do ribbon cutting on that in November, right, Tooey? Yeah. Yeah. Okay. Let's talk about Helix. This is where I want to spend the most time. This is a true story. When we originally created the strategy, it was called Copilot. And I'll give you some inside baseball. I made the call on the name. There was a lot of internal debate. And I made the call because 95% of our customers are Microsoft shops. And if you rewind the game tape for two years ago, nobody really knew what this ChatGPT thing was and what it did. And Microsoft had just released Copilot, and they were spending an enormous amount of money. And everybody that gave a demo, regardless of what their product was, they would call it Copilot. And so we said, "Well, let's just call it Copilot because then everybody will know what it is." Unfortunately, everybody thought we were reselling Microsoft's Copilot. And so it actually didn't help us. It actually created an enormous amount of confusion because our customers were like, "Well, we already have Copilot and we're trialing it." I'm like, "No, no, it's different." And so it created a lot of confusion. So we pivoted the name, and we basically moved away from construction intelligence as an umbrella term and moved to Helix as an overall umbrella term for everything that is intelligence layer of the Procore platform. And that includes things like Assist. It includes our agents, our 360 reporting, which, by the way, 360 reporting is now live across all of our tools. It includes our analytics. It's Analytics 2.0. By the way, Analytics is built on DeltaShare technology by Databricks. I've been a Databricks user ever since Ali founded that company. I know that platform well. It was one of the first foundational elements that we put in place when I came on board three years ago. Agent Builder is part of that. Also, our insights and benchmarks that are now lining up across every tool. Customers love this because it lets you benchmark how you're doing compared to your peers or the area or the project type for specific jobs to be done, and that continues to grow. Our Developer Studio, which is big. I'll share more about that. Portfolio Intelligence, which is advanced intelligence of your data and your projects. And then Cloud Connector. By the way, Cloud Connector, SAP just announced their Cloud Sync. Ours is the same thing. It's simply a DeltaShare Sync. So if a customer wants to synchronize their data, we can synchronize it directly into their cloud. It can be on Microsoft Fabric. It can be in Azure. They can do it in their own data lake. And so that was my point on the stage yesterday. We want to give our customers complete access to all their data and do it in the most modern way and synchronized way so they can run their own AI against their own data. They can do their own analytics. Or if they want to use our tools on top of that data, we provide additional benefit as well. And then obviously, Developer Studio, which I'll get into a little bit more, allows for a lot more orchestration. Underneath here are just the foundations. I'm not going to go through the geeky stuff. I know many of you drilled me on this stuff last night. I would just tell you we were hyper-focused on getting the foundational building blocks right, and that means governance, security, transparency, usage, instrumentation. When you're building these agents, there's a lot of reasoning, routing that has to go on and which model to use. What's the cost of this versus that? There's a lot of unit economics. There's a lot of security. If a user doesn't have access to specific things, you clearly don't want the agent to be able to have access to those things. So I would say just like FedRAMP, we took the hard path here and are literally laying down those building blocks. I would say 90% of all those are in place, and now we're focused on accelerating on top of that. And so that's why you're really going to see some acceleration over the next 90 days or so. And then lastly, we talked a bit about the construction graph. We run a monthly product review, and I get to see demos from our large R&D team. Probably the coolest demo I saw the last month was from the construction graph because it gave a response from an agent that it would have been impossible to get. And it did that because of those inferred relationships. So I think the customers are going to be blown away. I know I am when I see them on what's possible when you can make those connections under the hood that, quite frankly, were just impossible before. Okay. Let's get into agents. I won't give you the count because I think the count can be confusing, and IR will slap my hand, but I'll give you some stats. We originally started building agents, very purpose-built agents for each tool, and we quickly realized that when we sat with customers, everybody wanted to change the agent because they did things a little bit differently. There was secret sauce within their company that they wanted to basically put in place, and so we quickly made the pivot to the Agent Builder platform, but we are still focused on very specific jobs to be done that we could provide advanced intelligence on, so many of these are common agents out of the box that we will start rolling out every 30 days or so. Anything from, I'll give you an example, a quality agent to a submittal agent to an invoice agent to a budget agent. These are pretty generic things that we'll have out there. The customer will be able to take that agent and modify it, or they can build one from scratch. There's also what we call kind of tool or foundational agents. These are things like a photo agent or a video agent or a form agent. There's lots of agents that are just foundational, and you can use those to basically attach that to a job to be done to build on what you're trying to accomplish. We actually see that as a massive unlock. There's quite a few that run. I'll give you an example. I think I might have the stats on here. Yeah. So let me give you some stats. So the reporting agent, for instance, it's not an agent you modify. It's just if you go to Assist and ask a question about anything around data, it's going to do the SQL for you, and it's going to turn the result. 60% of all the usage right now are people asking questions about data. So I believe you're probably going to see less and less individuals go to a reporting product. If I was building reporting solutions, I'd be worried because you can literally just have a conversation with that data and do some pretty advanced intelligence. And then charting is coming very soon, or it might be in beta right now. So that's probably a big high-usage one. Another one is photo agent that runs behind the scenes. So we process. Let's see if I have the number here. Hold on. I apologize while I'm going through slides. Yeah, I don't have the number, but I'm going to give you a wild, crazy number. Somewhere between 750,000 to 1.5 million photos a day. That's probably within reason. I'm looking at Alex, but every day those photos get uploaded, that photo agent's automatically running against that and doing the metadata extraction of what that photo is. Like, "Oh, this is a wall. It's sheet rock. It's not painted. There's a ladder. It's leaning against the wall." It's like there could be all kinds of unique things there, so those are happening in the background, so we're pretty excited about this, but the real unlock has really been Agent Builder. I'm not going to go through it with you because I think many of you saw it yesterday, and I don't want to repeat that. It's very easy to use. It's pretty simple to walk through. And we are seeing agent creation at a rapid rate. I heard stories yesterday about individuals walking out of a keynote, going back to their hotel room, creating an agent, and then going to the floor and working with the dev teams to modify and help them use it. That's like real magic for us as software builders to hear that happening. And again, we're seeing huge acceleration. When it comes to users, we have 2,000 customers that have been on this platform. So this isn't, "Hey, we're just going into beta." 2,000 customers have been using Helix Assist throughout this year. We have well over 14,000 monthly active users. That was just from a couple of weeks ago. With this announcement and now going into open beta, that number will, that means all of our customers and the very large number. Am I allowed to say our monthly active user number, Matt? No, he's shaking his head. He won't let me. And so it's a very large number. We'll now soon have access to that. So we will begin to see the pretty big spike here. Okay. Let me tell you a little bit about the evolution. Again, I'm giving you a lot of inside baseball here on kind of how we thought through this. We started with Assist. Think of Assist as your conversational AI, and we're lighting up Assist on every aspect of the product. So anywhere you're using the product, you will have Assist capability. So it won't be anywhere in the product you won't find Assist. The second piece is we were focused on agents, and these were job-specific agents. And this is when we started to make the pivot. Now, we are still working too on Helix-enabled capabilities within every tool, and I'll give you an example of a drop-down box, so when you drop down the form field, we can basically go do reasoning and understand what field you may want to auto-select. When you go fill in the text box, we obviously can help you write the text. When you go to a grid, we're basically building that to be a smart grid, so Procore will soon become Helix-enabled from a user experience perspective throughout the entire journey. It won't be just necessarily conversation. You heard the announcement yesterday on hubs and cards. Our experience is dramatically changing to incorporate Helix in the job to be done, so it feels more like I need to accomplish a task or a job versus I need to go find a tool. And so this is my belief that the adoption of Agentic in our consumer, our day-to-day lives, I won't ask for a show of hands, but I can tell you I rarely go to Google to search for something now. I go to ChatGPT. It's more of a conversation or a voice interaction. Those same influences are happening at work. I'm using voice in a significant percentage of my time now versus hands-on keyboard, and that's accelerating at a rapid rate. One of our licenses we're buying right now at Procore is basically specific to voice interaction with our laptops. I never would have thought I'd be investing a lot of money in voice technology for our laptops. And so it shows you that pace of change. The same thing is going to be ripe for change on the job site. If you're on the job site wearing gloves, the last thing you want to do is pull your phone out and tablet and have to interact with it when at home you're used to just having a conversation, so you're going to see the multi-modality aspect change pretty rapidly. We went to Agent Builder. You've seen that, and then the future for us is a big bet on Developer Studio, which I'll talk about that we're actively working on. I didn't go into this a lot of detail. I'll give you a lot more detail, and as I've talked to customers, this has been the second piece they've been most interested in. Many of these organizations have gone from $300 million in construction to maybe $3 billion. They're integrating with SAP or Oracle. They've made big investments in technology within their own organization. They have very unique requirements on how to integrate and incorporate Procore into the entire ecosystem, or they may have solutions that they've already built or data through other partners that they want to bring into Procore so they can benefit from the job to be done. The Developer Studio strategy is first time ever extending Procore for custom objects so you can bring data in. In the past, that has not been possible. In the future, what we're working on, and I'll show you some examples, you can now bring data in. An example of that would be, I might want to go define a drone video object. I might want to define IoT data, or I might have another third-party solution I want to define as schema. I can now bring that data in, no different than Salesforce or ServiceNow, and I can adjust that data. And I can incorporate it into workflow. I can incorporate it into reporting, or I can build an agent against it. That is a very unique capability that I think will open up a wide variety of use cases for Procore. Another piece that we're going to be focused on is both custom code and form builder and screen builder. And so over time, you'll see the ability to start to develop solutions within Procore for the job to be done. The hyperscaler is a great example. Traditionally, Procore had stopped where we got to the operate phase and the handover of assets. Some of these hyperscalers can go on for two or three years. They look like cities. While they're going on, you need to have maintenance done on the HVAC and cooling units. You may need to have job-to-be-done flows that, quite frankly, can be incorporated in Procore. And they're unique to each industry type. So you start to get into a phase where, well, now you need to operate those units for a period of time until there's full handover. And you can go build and customize that solution right within the Procore platform. So it provides for an immense amount of extendability that just simply wasn't there before. The other thing is there's advanced workflow. So full BPM support. You can do the most advanced workflow orchestration that you can come up with. So literally, it supports BPM. So it's important to our partners. If you're a Deloitte or a Parsons or any of our implementation partners, when they're walking in and implementing an owner that's building fab plants, they may have their own set of what we're calling blueprints that they can package up, which are predefined templates, predefined workflows, and a predefined set of agents. They're already preconfigured, and it allows them to do full implementation capabilities, and our goal is to enable our partners to be able to go in and implement on behalf of Procore without assistance from Procore or the owner or the builder can have full customized integration capability, so there's a lot of excitement about this. We've been actively building this. There's a lot of cool demos that we have internal inside the company. But I would say this is probably one of the most exciting pieces for me because, as a software builder, I remember the early days of many of those platform players, and that was one of the big bets they made was full extensibility. And I believe it's where we need to go as well. Okay. Let's go here. Let me give you an example. By the way, this is a true owner workflow. This is actually inside Developer Studio right now, so you're seeing a screenshot. What it is is let's say an owner is an owner-developer. They use Salesforce for their CRM and lead management. So they're going through their portfolio. They're making the decision on where to invest, what to build. They've now defined that as, "Okay, project ready." We have an integration into Salesforce. It will auto-create the Procore project. So you're seeing I went from Salesforce to I auto-created the Procore project. Now, the next thing you do is have to do risk assessment. So what's the risk assessment on that project? Well, you do that inside Procore. And by the way, that's an agent that they created. So the agent is now fired. I'm orchestrating this flow. Create the risk assessment. And based on the score, I need conditional logic to then create an observation, or I need to just move forward with the project. I need to notify my team, which uses Microsoft Teams, which we have an integration with, to actually do the update. If it has a risk and there's an observation, I want to let the team know, "Hey, there's an observation that's been created, and it's in Procore." Now, our soon-to-be agent platform will allow you to publish agents that actually work within Microsoft or within ChatGPT or any other Agentic-type solution. So you could see a world, and this is where OpenAI made their announcement last week, is we're all moving to this world where agent-to-agent interoperability is going to be crucial. It's one of the questions I got yesterday, which is, "Well, I have my own agent platform. How does Procore work with that platform?" We're providing full interoperability for our agents to be published so you can run those outside of Procore and vice versa. I want to give our partners and our customers the ability to run their agents in our platform in the job to be done. Okay. Okay. Lastly, let's talk about Agent Marketplace. This is another big announcement, and this ties back to the publishing. This actually serves two purposes. Inside a company, let's say there's a supervisor named Bob, and Bob's been with the company for 25 years. And Bob has immense knowledge on a job-to-be-done flow, and Bob has created this amazing agent. And that agent is about three pages of documentation on what it takes to do that job. Bob has referenced about 42 docs. He's tied it to an SOP manual. And everybody wants to use Bob's agent. Bob can publish that agent in the marketplace. And so now you have an employee sharing that agent for his company. And let's say that's a fictitious company. The Procore administrator can decide, "Is Bob's agent a shareable agent that all the employees can benefit from?" So that's one use of, "Hey, there's an internal marketplace that we want to enable for employees to democratize what they've created." And we're seeing this emerge across other platforms as well, like Google Gemini. Secondly, our partners really benefit us because they can come in and do a job-to-be-done exceptionally well. They may have unique data sets. They may have invested heavily in a specific area. What they don't have is they don't have the context. They don't have the security. They don't have the permissions. They don't actually have all the data, and they don't have the graph. When that agent runs in our platform, they actually have all those things. So we want to provide a way for our customers to create their own agents or leverage their own partners, and then they would actually run inside our platform. And so this allows the Procore administrator to go in here and select that maybe I want a compliance agent, or the example we used yesterday was Document Crunch. Document Crunch is a good one because what they've done is they've built a specialized agent that does construction contract review. And so today, if you want to use that, there's only one or two specific places within Procore that you can actually link off and use Document Crunch. Tomorrow, and we'll say tomorrow, bad word to use, so in the future, Document Crunch agent will be inherent anywhere you are in Procore. There's a lot of use cases where contract review or term review is very important when you're doing a job-to-be-done flow. This unlocks Document Crunch and other partners to operate anywhere within the context of Procore. We do that with a reasoning engine. When you're in one of those job-to-be-done flows, the reasoning engine says, "Huh, I think that is something that we should actually validate through our contract." A weather delay is a great example. There's a weather delay. There's a specific time that's required for you to submit the weather delay. Another one we've used is a water table. You hit a water table. You've got a fixed amount of time to report that water table incident, to file all the appropriate forms. It's a time-consuming process. A lot of times, it's not done. It's forgotten. It's missed. It's delayed. Nobody fills out all the forms. Nobody goes and looks up the contract, and so these are things that are automatically handled. And again, that's just one example. It's endless on the number of them that can come into play. Video analyzer, this is another one. You might have two developers out there that are best in the world at building construction video terminology. They can then go build their own agent, publish it on here, and our customers can then consume it, so we're real excited about where that's going. I'm going to speed up. Lastly, I would say, I know many of you have asked me about monetization. Our focus right now is adoption. We want to get this adopted by our users. Our goal is to have Helix and Assist in the hands of all of our customers, regardless of the tier they're on. We will focus then on the usage aspect. And whether it's tokens or credits, each of those tiers will have some type of credit bucket that will be available for them to consume and gain value from our platform, and as we work through the unit economics, we will then decide how much is in there, but that's probably how we'll monetize on that, and it's pretty much the pattern that everybody has pivoted to, but again, our primary focus right now is really adoption. Okay. I'll finish with this. We're obviously recognized as the leader out there. Massive TAM. Our singular focus is a huge advantage for us. It's great when I come to these events and I'm just talking construction. I'm not talking about a multitude of products or horizontal suites, and I truly believe if somebody's been doing this for a long time and focused on AI, this is a unique advantage for us. And I'd say we're a trusted partner. The one thing I've learned, I said it on the stage and I genuinely meant it, is these customers, trust is everything. They don't care about a contract. It's what you said you're going to do. And they look for a partner that they can trust. And I believe that Procore's earned that partnership and relationship over the past 20 years with Tooey at the helm. And I know we'll continue that with Ajei. So with that, I'm going to turn it over to Jeff, and I hope I left him enough time. All right. Who? All right. Give me one quick second here. Okay. Great. Hey, guys. Jeff Lewis, SVP of Product Management. This seat is very comfortable. Thank you, Steve. So I'll cover a few things today. One of the big announcements we made yesterday was sort of increased investment in owners, so I'll talk a little bit about that and how we're thinking about that. I'll walk through just a couple of platform innovations we launched, so our scheduling capabilities, as well as some of the resource management tools, just to give you guys a little bit more context into why we're really excited about those and how those help us scale over time, and then I'll also spend a little bit of time talking about Europe and some of the things we're doing there, which we haven't touched on as much in this conference because Groundbreak tends to be a mostly U.S. audience, but I wanted to give you guys an update on where we're at with that. Cool. All right. So I think maybe just to start, I think a lot of people think of Procore as a general contractor business, and obviously, we've been extremely successful there. But Procore is actually a really, really strong owners' business today. So actually, a quarter of our ARR comes from owners already, right? And so I think we, despite the fact that maybe in the market we still have that Procore is a GC tool framing, have been extremely successful in owners. And so one of the big things we're trying to do going forward is make owners an even bigger centerpiece of Procore, right? We think that is a really strong growth vector for us. We get really strong feedback from owners both on what we have today and where our roadmap is going. And we just see a lot of opportunity here. A couple of things I would just add. So we have over 3,000 owner customers today. It's a very diverse industry, right? So that's folks like hyperscaler data centers, which Steve was referencing before. It's renewable energy developers. It's folks building multifamily residential. It's commercial office developers. It's retailers. I think, I don't know, companies who have big box retail, things like that, who are operating globally. Healthcare systems, schools, government entities. So basically, every kind of building you can imagine is owned by somebody, and a lot of those owners are really good fits for Procore. So it's a very sort of diverse target market we're going after. The other thing is that it tends to skew pretty enterprise. So 34 owners currently pay us more than $1 million a year. And that's about a third of our total $1 million-plus customers, right? So owners skew a little bit bigger than our other customer types. Two of our five biggest customers today are owners, right? There's some really, really big deals out there in owner's land as well. Yeah, just wanted to kind of share, "Hey, we're at a good starting point with owners, but I would say we haven't been as purposeful addressing owners as I think we can be and will be going forward." We think while this is a good base for us, we can actually grow that pretty meaningfully over time. One of the ways we intend to do that is when you think about a general contractor, their whole business is built around projects, right? They win a project, they build that project, they move on to the next project. Owners are different. Building projects is also important for owners, but they spend a lot of time in the planning phase before projects are ever built, and they'll also plan mini projects that never get built, right? So think about a big box retailer. If they're going to open 1,000 stores next year, they might look at 5,000 sites. They might do geotech reports on 3,000 sites. They might do budgets on 2,500 sites, and then finally, they're actually going to go build 1,000 sites. All of that's in the plan phase, and Procore historically hasn't had really strong tools in the plan phase, and that's one of some of the big announcements I talked about yesterday, are extending Procore earlier into that life cycle so that full project funnel can basically be tracked in Procore. Build phase, that's where Procore is awesome today, and that's why we have a successful owners' business. And obviously, one of the big advantages is these owners mostly are not general contractors themselves. They mostly hire general contractors to come in and do this work. Big advantage that their general contractors already use Procore, right? So there's that network effect, and that's where Procore Connect comes in. And then the last piece is operate, right? So let's say it takes you a year to build the big box store. You're then going to have it as a useful asset for a decade or more. And so operations is actually a really big deal for owners. We're basically extending Procore a teeny bit to make a seamless handover from the build phase into the operate phase. But over time, there could be cool opportunities inside the operate phase as well, right? If all of this data is coming out of the build phase, it then helps you operate it better going forward. So not a place we're focused on today, but could be interesting over time. So anyway, as you think about owners, they just have a slightly different lens on this versus the GC who's just focused on that build phase. So when we think about the new innovations we're going to be launching next year, a lot of those portfolio management, planning, and funding are really built around this idea of how do I actually plan all those projects? How do I do that full project funnel? So that's what a lot of the planning tools and portfolio tools are about. The other thing is in that big box retail example I described, if you're going to build 1,000 sites next year, you do care about individual projects, and you want to be able to drill down into that level of detail. But a lot of what you want to be able to do is say, "Show me the east region. Show me all the projects in there. Show me which ones are on track, off track," looking at portfolio-level roll-ups rather than project-level roll-ups. So some of the foundations that Steve was describing around analytics, reporting, cards, hubs, those help us build these portfolio management capabilities and then sort of provide a better, more tailored offering for owners to manage during that phase. Another thing that I'll mention is funding. And so I mentioned public sector entities. We've seen a ton of growth there, right? I mean, Steve in his keynote yesterday mentioned FedRAMP. That's huge for us to be able to both target federal entities, but also state and local entities who require a similar level of data security. One of the things that they tend to do is rely on third-party funding sources to actually get their projects built, right? So hey, I'm a Department of Transportation. I'm going to build a road. Well, I get money from a bond. I get money from the infrastructure bill. I get money from my operating account. I need to have a way to manage where I'm getting all that funding and then assign it out to projects. And so Procore has a really good system for managing finances at a project level, but we've never had this sort of funding management piece, right? And so if we can deliver that, we think that's going to be huge for allowing us to keep seeing great growth in public sector. So those are some of the ideas. And so basically, our perspective is we've done a ton of work with owners over the past year to basically be like, "Okay, use Procore for build. What's it going to take for you to use Procore for plan? What's it going to take for you to buy more Procore?" We've done a lot of work with prospects who haven't been Procore customers. And our view is that portfolio management, planning, and funding should put us in a really, really strong competitive position in the market and allow us to grow pretty significantly in the owners' space. So that's the idea there. Asset management, I can talk a little bit more about this in the materials space. But really, the idea there is that's all the data that comes out of the construction process. And just to maybe define some nomenclature, when we're saying asset management, we actually mean physical assets that are installed inside buildings, right? So light fixtures, HVAC units, doors, all of the fixed assets that are installed in buildings. Owners need really good records on those things so they can do preventive maintenance. They can do sort of just manage their operations around that asset going forward. There is no better way to get all that data than out of Procore in the first place, right? That's where all the data that went into that door, went into that light fixture comes from, right? Submittals, inspections, warranties. So the ability to tie those things together during the build phase is also really helpful. And then the last thing I'll talk about is Procore Connect. So when we've talked to owners, the main reason they end up buying Procore today is because their GCs use Procore, right? So there is this sort of viral loop there where as more GCs use Procore, obviously, we have really strong adoption there. Owners then leverage it. And one thing we've also seen is owners will also often mandate GCs to use Procore, right? So we've seen a lot of customers even come in, like some of the new logo wins that we've announced this year, come in because owners, let's say a data center owner, for example, is already using Procore, mandating that GC uses Procore. And then that GC says, "Hey, you know what? This is actually a better system for us. We should switch to Procore." So there's sort of this nice loop there. What Connect does is it makes it much easier when two customers both own Procore to collaborate across a single project. So historically, Procore has been awesome for collaborating within a single account. And this is really about, "Hey, the owner has Procore. The GC has Procore. Let each of them work out of their own account and sort of seamlessly shoot information back and forth." So that's the big idea on Connect. And we've launched a lot there over the last year and have a really big roadmap on that into 2026. That, to me, is really interesting because I think it creates a really unique network effect for Procore because nobody else has as many general contractors, at least in the U.S., using their system as Procore does. And so to me, that's just a really exciting opportunity and can create this sort of network effect between owner and general contractor. By the way, that's also extensible to general contractor and sub. Procore Connect's sort of agnostic to that, but we're really focused on the owner-GC loop today. All right. Cool. So that's owners in a nutshell. We can obviously go way deeper into that in the Q&A. I'll talk about a couple of cool innovations we launched. So first is scheduling. So we've had a scheduling product. I think that was probably the first thing Tooey built back two decades ago. But what this scheduling product does is it really takes that to the next level, which is why we call it Scheduling 2.0. So the thing to keep in mind is you can create a construction schedule, but it's sort of that old adage like, "Your plan is great until it actually meets the battlefield." That's where our scheduling tool comes in. It actually allows you to collaborate with all of the different people who need to contribute to the schedule. So if you're a general contractor, you might have 40 different trades you're working with, and you have to really tightly sequence what all those trades are doing on site every day. And so this Procore schedule lets you basically do kind of collaborative daily site-level scheduling and really keep people on track. And we're extending it to start to connect to the rest of Procore. So for example, if "Hey, for that particular task, before it's complete, I need an inspection in Procore to be run," you can link those things together and then manage that full process in Procore. So the way I'd sort of think about it, it's like, "Hey, if you're going to build a 70-story building in Midtown Manhattan, that's extremely complex. You're likely going to use a very sophisticated scheduling software to produce that schedule in advance, but then you can bring that into Procore and really manage it on a day-to-day basis." So we feel like the collaboration element and the connection to the rest of Procore element is really exciting. And we've gotten awesome feedback in the beta. So we've been in beta for the last four or five months with close to 100 customers, and the feedback's been outstanding. So now we're in what we call open beta, which means that anybody can, using Procore Explore, log in and use the scheduling tool. And we're seeing a ton of great new user adoption in that. Cool. I will also add that the capabilities to plug into the construction graph are really strong, right? So Steve mentioned, "Hey, we have this great graph technology under the hood where all the different things that are happening, you can start to basically correlate and understand or infer relationships between those." Scheduling is a very rich source of data for that. All the other things that are happening in Procore, daily reports, etc., are also rich sources of data for the schedule. So we're really excited about what AI can do in a scheduling-first platform. All right. Let's see. So the other area I wanted to spend a little bit of time talking about is resource management. So we, over the past few years, have been investing very heavily in resource management. And just to give you guys a little bit of the nomenclature there, resource management effectively refers to labor, equipment, and materials, which are like the three core resources that you need to manage on site to get a job done. And historically, Procore didn't need these tools because we were mostly selling into general contractors who would sub everything out to basically subcontractors. And then subcontractors were the ones who had to manage their own labor, their own equipment, and their own materials to get the job done. Well, two things are happening that make it important for us to invest in resource management. One is we do have a pretty sizable and growing subcontractor business. And so one of the things they're really excited about is, "Hey, how do I manage labor? How do I manage equipment? How do I manage materials?" So that's one component. But the other one is that general contractors are also doing a lot more self-perform. So I'm sure if you guys were walking the floor and talking to customers, one of the things we hear over and over is, "Hey, I used to just be a GC who subbed everything out. I'm increasingly purchasing subcontractors. I now have an in-house concrete division. I now have an in-house structural steel division. I now have an in-house interiors division." And then they start to need labor, equipment, and materials. So those are the couple sort of ideas behind it that are causing us to continue to invest here. So we've been in labor for a few years. We launched equipment last year, and we're going to be launching materials next year based on the acquisition of SiteSense. The other thing I'll add is this also dovetails really nicely with a few things we already have. It dovetails really nicely with financials because if you're already capturing time in the field, you then want to be able to see how that impacts your budget and all of that connects natively in Procore, giving you the ability to basically do real-time budgets. And it also connects really nicely with the field app, right? So you can't just use a general HR system to capture timesheets data in construction. A lot of the people in these crews literally never go to an office, don't even have a laptop, right? They're just out on site every day. And you need to make it super easy for them to get their data in here and be able to track that. So those are a couple of the big advantages. Last thing I'll say is that Steve also mentioned how big the TAM is for construction. A lot of that is in civil and infrastructure. And that's another group that tends to do a lot of self-perform, and they need these kinds of capabilities as well. All right. A couple of other quick things I'll just add. In addition to the tracking of labor, equipment, and materials, we also do a lot of planning. And the reason planning is excited is that one of the things that I think Procore has historically been is very project-centric. But planning starts to bring it up to a company level because what planning lets you do is, let's say I have 200 field staff. I need to understand what jobs they're working on today. I need to understand what pursuit jobs I have. And I need to understand when those field crews are going to roll off their current job and roll on to the next job. And it sort of becomes this company-level system. And I think those are extremely helpful things that we're not selling just project by project. Also, really exciting things around equipment. Similarly, there's all this heavy equipment out in the field. How do you make sure it's in the right place? How do you make sure it's safe? How do you manage your inspections? Procore makes that super easy. And then we're also able to connect in with some cool equipment rental providers. So for example, I announced yesterday we now have heavy equipment telematics. So we can actually connect to data flowing from United Rentals that auto-populates Procore, right? So hey, how much United Rentals equipment have I been renting? What's the rate for all that equipment? And then it can basically auto-populate your budget and your timesheets, which is extremely cool to see in action. All right. And then last thing is materials. So materials is that can be things that show up on site and then get improved upon. Think like conduit for the electrical. It could also be long lead time materials that are ultimately going to become assets, so like an air handling unit or a chiller. So we're seeing a lot of success with this. We have some really, really large customers who leverage our materials management, and we're seeing a lot of demand there. And one area that's pretty interesting and was unexpected for me is there's a lot of interest in materials from owners, actually, right? So Steve, again, mentioned hyperscalers. They're using Procore quite a bit. One of the things they're doing is buying switchgear and buying air handlers and buying all the things they need to build these buildings long in advance and then warehousing them because they just don't want to be limited by materials showing up on site. So we're actually seeing a lot. I was in a lot of customer conversations yesterday with owners who are very interested in materials. And the last thing I'll say is the supply chain of how this stuff works is crazy complicated, right? Steve talked about the job-to-be-done flow. This is like the most complicated job-to-be-done I've ever seen because owners and architects are specifying the materials. General contractors are sort of managing the schedule dependent on when these materials show up. Subcontractors are then actually often signing the actual PO with the equipment provider. And then all of that has to show up on site at the right time, or else the project is delayed, right, because you don't have the right material to be installed that day. So it's an insane supply chain. Many countries are involved. So we just think this is a huge area for opportunity and are seeing a lot of really, really positive feedback from folks who are involved in the beta here. So big opportunity over time. All right. Last thing I will talk about is Europe. So Alex, do you want to do the video quickly? I'll give you a little bit of context after. Skanska jo et firma som bygger noen av de mest komplekse prosjektene i verden. I Norge er vi så heldige at vi får drive og jobbe med verdens dypeste og lengste tunnel. Den på 27 kilometer og skal helt ned på nesten 400 meter under havet. For å styre prosjektet på en god måte, så har da byggherren vår, Statens vegvesen, delt strekningen i tre. Vår del skal møte en annen entreprenør nede under havet. Om et par år, når vi møter vår kollega på den andre siden, så det ikke mange centimeter igjen som skiller oss. Et problem som prosjekt at det enorme datamengder. Ikke bare det mye fag, men også har det store dimensjoner. En softwareløsning som kapabel til å takle all den dataen her, vital. Vi har samlet data i 30-40 år. Det at vi har greid å få sammenfattet det her nå i en visningsmodell, det liksom en ny verden. Boreplan jo det mønsteret som du borer etter. Avtrykket fra det hullet, det blir da en del av Boreloggen. Boreloggen blir da lastet ned, og du kan ta den inn i modellen. En softwareløsning som Novorender muliggjør å få sammenstilt all data på samme plass, så alle brukere på tvers av alle fag kan bruke en sammenstilt BIM-løsning både på iPad og på kontoret på browseren. Vi jobber under svært krevende forhold, helt ned til 390 meters dybde under havet. Og det dermed kjempeviktig for oss å ta med oss BIM-modellen ned i produksjon, helt uavhengig om vi har internettdekning eller ikke. Vi har brukt Novorender nå siden vi kom på prosjektet, og jeg i hvert fall kjempefornøyd med det. Alt du trenger finner du jo på iPaden. Tidligere måtte du gjerne ha fått en ny tegning hvis du var noe mørkt på, og nå har du det på Novorender. Vi helt sikre på at andelen vår med feil, det har vært mye høyere hvis ikke vi har vært så aktive brukere på alle nivåer på bruk av modellen. I dag jobber vi med en veldig stor datamengde innen BIM. Temaer på 20, 30, 40 gigabyte. Og vi prøver samtidig å få plass til en haug av ulike funksjonaliteter inn i samme løsning. Derfor ser vi frem til samarbeidet mellom Procore og Novorender, som forhåpentligvis gjør løsningen enda bedre. All right. So that is our new BIM solution. So we acquired Novorender earlier this year. And the reason we did that is, one, that company has just incredible technology. And hopefully, you can see some of the complexity that comes in with managing BIM models of that scale. And that is very useful globally, and it is particularly useful as a capability in Europe, where they just tend to be somewhat ahead in terms of BIM adoption relative to the U.S. And the thing I'll say about BIM is that Procore, as a project management system, has always been very drawings-centric. So if you think about an RFI or an observation or a punch item, you can place those on the drawings in Procore. But that's sort of like the 2D version. And as BIM continues to come along, we're trying to basically turn that into the 3D version. So we're not trying to be like a BIM authoring solution or a BIM design solution. But I mean, you saw it there. The groundworker under the sea needs to actually be able to see what is happening in the model. And so that idea of field viewing and then being able to connect all the project management data to that is really, really critical. So when we talk about BIM, that's what we really mean. It's like, hey, how do you make it accessible to all the people who aren't working in the design firm but actually need to go build the thing in real life? So that's the big idea there. So hopefully, that kind of helps clarify because I know it can be a little confusing of how BIM relates to design. And again, that's super relevant globally. But we're kind of really ensuring that we nail that for the use case in Europe where, again, they're somewhat ahead. And then as we think about our European strategy generally, largely the product is similar to what they need in the U.S. But there is basically the way they think about it in Europe is more around this idea of common data environment, which is, OK, how do you connect all these things in one clear way and create a golden thread of information that flows throughout the entire project lifecycle? And so as we think about that, we're continuing to work on how we kind of bundle and package our offerings to deliver a really European-focused solution. So that basically includes project management and quality. Those are basically the Procore products that we've had for many. Those are like the core Procore products that everybody uses. Those are really valuable there, and we have a great market opportunity. How do we then connect that to document control? And there are very specific ISO 19650 document control standards in Europe that we've worked really hard to meet and now have a good competitive offering in that area. And then how does that connect to a BIM model to do that not only in 2D on documents but in 3D on BIM? And then asset sort of becomes this connective tissue among all of that. And again, those are the physical assets that are getting installed in the particular product. So yeah, that's sort of as we've done a lot more work with our European customers, we really center it in on like, hey, what's the right packaging? What is the right offering for that group? And feel pretty strongly about our current competitive position in Europe. And as we fully integrate Novorender, as we launch the asset capability, we feel like we're just going to continue to be in a stronger, more competitive position in Europe, and then similar to the U.S., we think that's our entry point, but that then allows us to start to cross-sell solutions like safety solutions, like financials, solutions like resource management, which, while they need some tweaks to work in the European environment, they broadly have the same core jobs to be done as in the U.S., so we're feeling fairly optimistic about the product fit that we're growing in Europe, and the other thing I would add is, while we're focused for international growth from a product perspective primarily on Europe, we've also done a ton of validation that this same product idea will work really well in MENA, Middle East, and will also work really well in Australia. So we're feeling pretty good about the product development we're doing against the European requirements currently. So cool. So I think that's it for me. So I'll leave it there and then pass it over to Ajei. Hi. One more slide. Perfect. Oh yeah, why Procore is so amazing. All right. So, I will, sorry, Alex. Yeah, so just a couple of things to tie it all together. I mean, one thing that I hear from customers over and over is it's extremely helpful that we are both the market leader in construction, but we're also focused specifically on construction, right? So when folks come to our conference, we spend all of our time talking about things that they're interested in, and it makes it, I think, it creates a much faster feedback loop between us and customers. We're singularly focused on this industry and allows us to really hone our R&D development against what those folks need. The connected platform, I mean, someone was asking me yesterday in an executive forum Q&A what I'm most excited about, and I am definitely most excited about the opportunities with Procore Connect, right? The ability to connect owners and general contractors and subs is just good for them, and obviously, it's really good for Procore because that allows us to monetize everybody who's working in construction, not just the general contractor, so really excited about that. And then the idea that Procore can really be this all-in-one platform that covers all of the different things that a customer needs to do in construction, whether it's safety or payments or materials or schedule, I think, especially in the AI era, that's going to be a huge advantage for us because being able to sort of infer and make inferences from all the different things that are occurring on a project is really powerful. And we obviously want to be able to extend through the developer platform to pull in data from third parties. But our view is that as Procore becomes the platform where all that project data lives, we're the natural place to be able to really win in the AI era. And hopefully, that becomes. That proposition has always been really powerful for Procore. But I think it becomes more powerful as we go forward and AI becomes more important. So I'll leave you with that. And now I will introduce Ajei. So thanks, Jeff. This is such a great time for me to join Procore. I hope all of you had a chance to walk around the show floor. Obviously, you had an opportunity to listen to the presentations. And it really crystallizes for me the opportunity that Procore has in front of it. If you look at the technology announcements, the discussion about Helix, if you participated in the customer conversations, certainly I had an opportunity to talk to lots of customers. And what it really brought back to me was the, or brought home to me, is the tremendous technology capability and the deep platform value that Procore brings to customers. And it also brought back to me the deep relationships with customers. And those things, I think, are really important. And certainly, this event continues to crystallize that for me. So I'm really excited about the opportunity. I've met many of you in years past or some of you in years past. But I thought I would take a moment to introduce myself. So I have a degree or have a background in engineering and computer science. I started my career in research. I've had the opportunity to work with large companies, primarily on the product side. I've also run a startup. I've worked in private equity. And for the last decade or so, I've had the fortune, the good fortune of running Ansys, which is an engineering simulation software company, which we recently concluded a sale to Synopsys. That transaction closed some time in the middle of this year in July. Certainly, when I looked at Procore, I saw many similarities to where Ansys was at the time when I joined the company. Ansys was around $1 billion thereabouts of revenue. Procore is similar in nature. When you look at the strength, as I said, of the platform, customer relationships, those were all very similar to what I saw at Ansys back in the day. There's another thing that's very, there's another aspect of similarity here. If you think about the nature of the industry that we serve, the vertical, with Ansys, we were in a position to support different industries with software solutions. Our customers were vertically oriented. They were building real things. For me, I've had the good fortune over the years of working with these kinds of customers. And I really appreciate it and enjoy that. And certainly, here at Procore, it's a very similar opportunity. It's to support customers who are doing tangible things, building things, and supporting them with software solutions so that they can actually deliver and do their work in a more effective way. So I'm excited about that. I'm excited about that. I'm excited about the size of the company. I'm excited about the opportunity, the customer relationships, the strength of the platform. And so my goal as I come on board within the next few weeks, taking over as CEO, my goal is to listen, to learn, to immerse myself in the company, to get as much information as I can, spend time with customers, learn about the technology, and of course, to be able to then, once I'm in the seat, to have the opportunity to talk with all of you about plans and future and what we will be doing going forward over the next coming weeks, months, and years. So thank you very much again. And I look forward to working with all of you. Thank you so much, Ajei. So Steve, Jeff, and Tooey, please come to the stage. And while we're waiting for them to come up here, I do want to remind all of you again, we are in the quiet period. Our Q3 earnings will take place in the next couple of weeks. So please do not ask any questions pertaining to our performance or financials as we're going to address those on the Q3 earnings call. Please keep these questions, oh, I'm sorry, limited to product questions only. Thank you, guys. And that was directed at me mostly. Don't answer. Don't answer those questions. No, that was directed to this audience. I'm just kidding. Great. Thanks. Oh, wow, very loud. Jason Celino with KeyBanc Capital Markets. Tooey, there's a lot of announcements around AI and agents. Yeah. The construction industry is not the most sophisticated, right? But very digitally sophisticated. I might argue with you on that. But let's keep going. Sure. I think the point of my question is, do you think the construction industry is ready for AI? And how do you think about the pace of adoption? And what's the feedback or the skepticism that you hear around that? So when I first started walking into job site trailers trying to sell Procore 20 years ago, I'd run into some people that were doing things with Microsoft Excel in those trailers that, frankly, a lot of you all probably couldn't even do because they had to manage the complexity with the technology that they had to bear. So I think that's one of the reasons why Procore has been successful is that we've been enabling them to do more and more with technology. But now we're at a point where you basically have the answer machine as opposed to the logging machine. And it's just a step function, just increase, and just the capabilities that we're going to be able to deliver to the industry. I haven't seen much reticence in the industry to adopt it at all. I think, like everyone else, everyone's trying to figure out, how do I use it? How do I capture the value of this? And I love to tell people this, which is, I just will ask somebody, what is the most pedantic part of your daily work routine, right? Oh, I got to log into every single project and look at every daily log to make sure that they're filled out or whatever. It takes me an hour a day. And I'm like, well, you can create an agent for that. Let's just create an agent and save you an hour a day. And then you get the converts start to line up. So I'm optimistic about where we're going. But it is going to take time for people to get kind of used to this new paradigm of having the answer machine. Yeah, I made this stat yesterday. If you get into construction because you love to build, no different than you get into software because you love to build. And I think software and construction have a lot of similarities. 80% of your day is doing stuff that's toil and friction that you, frankly, don't want to do. And so whether you call it AI, whatever you call it, there's something happening behind the scenes. We call it toil reduction at Procore, by the way. We have a thing called a toil meter. And so if you can eliminate the toil for them on the job site, their day just got a lot better. It's why we call it assist. And don't call it AI. They actually don't know what's happening behind the scenes. All they know is, wow, you just made my day a lot better because you saved me a whole bunch of time. Can I add one more thing to that, which is, I think that Tooey's spot on that there are some people in construction who are actually extremely advanced. And then I think there's also other people who maybe are the ones you're kind of referring to in your question who are maybe not as digitally native. So I think one of the strategies we've been using, which has been very successful, is running a lot of these AI hackathons. And that, I think, allows people to kind of get their hands on keyboard and then start to build some familiarity with it. And that's been incredibly successful. And people just rave around those. But I do think probably the hardest part is not actually the technology, but it is the cultural shift for these companies. And so one of the things we're trying to do is not just from a technology lens, but also from a services perspective, from an education perspective, from a letting people get hands-on keyboard perspective, gradually getting people up to speed on how these new technologies can work. And then some of those people who are really advanced inside a company can now build a ton of agents and Agent Builder and then publish them to everybody else. And hopefully, that starts to drive some of the usage we're seeing. Great. Hi, guys. Adam Borg with Stifel. Thanks so much for taking the question. Maybe for Steve, you talked about some of the R&D maybe changes made over the past year, which have helped to really accelerate some of the innovation around the three focus areas you talked about. Maybe to go a little bit deeper about what some of those changes are and how does that help you to really accelerate that pace of innovation. Thanks. Yeah, one's pivot in Jeff's organization where we've got leaders that are owning our personas or what we call audiences end to end. So that's one. So a product org that's structured around owner versus builder versus we had a product org structured around SKUs and solutions. And so we've identified that, hey, these are very different audiences and have very different needs with how we talk to them, the capabilities we build, how we package those, and how they experience the project end to end. So that's one. Secondly, as we've incorporated AI inside Procore, we are reimagining how we actually build software. And we've got various levels of maturity depending on team where we're doing prototyping first. And so we're using tools like Vercel. We obviously use Cursor. We use Claude. We use Copilot within GitHub. This has all changed the paradigm of how we build software, going from high-fidelity mockups to user research studies to now we're actually just prototyping with the customer. We're actually sitting in a hackathon and building and then taking those prototypes. And we see how easy it is now to take a prototype and use products like Atlassian's Rovo to break those prototypes down and actually turn those into what we would call L1s and L2s and start to code again. And so my point was that we're entering an era where I'm not constrained by engineering effort. I'm constrained by my ability to collaborate rapidly with the customer and validate the job to be done or problem to solve and really ideate through that. Now, we're not vibe-creating solutions. What we're doing is using that to validate the design, the use case, the flow. And then we're building rapidly on top of our platform. Now, we're early days. And so we're investing heavily. And we're going through. We've created a Procore Academy as well within R&D. So we have a full-blown academy program. We train you on prompt engineering. We train you on our platform. And that allows everybody to start to work up the maturity curve with regards to capability. So we see this great unlock. I don't see our R&D organization growing substantially. I see us investing in more technology, more ways to streamline, more ways to collaborate, more event center type environments for hackathons. So I think you'll see R&D somewhat stay where it's at from my standpoint and, again, from people and really then invest in technology to enable the people we have to be more efficient and add more value to the customers. L et me add, though, that I've had the privilege over the last three years of watching. He can't say this, but I can say this. Watching him come in and basically reimagine how we build software at Procore and has done so much to create so much efficiency in how we build software. The other thing is that Steve is a talent magnet. Everybody wants to work for Steve. So the talent density at Procore, especially in the engineering world, has increased dramatically over the last few years just because of his ability to bring people in. So it's just a different world. And that actually enables us to go fast, which is really exciting. Thank you. Yeah, thanks. Yeah, it's the truth. DJ. Hey, guys. D.J. Hynes from Canaccord. Look, the big obvious takeaway is the amount and pace of innovation that's happening here. I mean, we spent an hour talking about platform and new products. I want to, in a lightweight way, kind of bridge that to go-to-market and ask you about kind of sales enablement processes and what you guys are doing there. And with the new go-to-market structure, does that get any easier? Also, how much of this distribution is able to be driven by kind of in-product prompts where the customers kind of take it on themselves? Any thoughts just kind of how you get the sales force there and how you get the product in the folks' hands? Well, I'll start. It is a very big area of focus for us. So enablement is everything. And much like the organization around his organization around the personas that we sell to, we enable around the persona now, which is before it was more just a general, here's how to use Procore. So we're very, very focused on the end user. And now that we have this new go-to-market motion with our customer success engineers that are there to ensure adoption and engagement by the customers, those folks have to be up to speed. So we put a big, big investment into how we enable people to be able to drive value. And it's something I hadn't seen at Procore before. And I think we're doing it really well right now. I think some other inside baseball. As the go-to-market organization has evolved and aligning around these personas, we've been aligning around personas. Product Marketing came into the R&D organization. Brian Payne's actually in the back. Brian, you raised your hand. He's our VP of Product Marketing. He's basically built out a pretty large Product Marketing organization now that's aligned around personas around these jobs to be done. We're getting a lot better on the handoff between how we're building product, how it's being packaged, how then it goes to enablement, and then enablement takes it to the field and then on to the sales team. It takes a lot to get that orchestration right, especially when you're delivering across so many regions, so many different types of audiences with so many products. It's early days, but clearly we're seeing the fruits of that over the last couple of quarters. And I only think it's going to get better from internally at Procore. Can I add one more thing on that, which is I think one of your other questions was how much can be enabled in product versus not. I would say on that, there's a pretty broad spectrum of complexity of implementation of Procore solutions, right? So you think financials, Procore Pay, timesheets, those are pretty resource-intensive implementations. And I think that's why Steve before mentioned partners. Tooey mentioned partners in his remarks yesterday. I think that is one area where we're very focused is, hey, we have Procore Professional Services, which does a great job with those things. But how can we scale, right? Owners, as an example, tend to already bring their own systems integrators, right? Can we offload some of the complexity onto them? And we're actually seeing really a lot of interest from that group. And then similarly in Europe, it's not going to make sense for us to scale a professional services org in a different time zone the same way we've done it in the US. So how can we start partner first? So that's maybe on the high-complexity pieces. And then schedule, it's very easy to turn on. This Procore Explore allows folks to just come in, look at new capabilities, turn them on in their account. And so that has been a huge, I'd say, tailwind for us in terms of getting adoption and lift on maybe easier to implement solutions. So that's maybe like the framework I would think about for that. Joe, I'm going to give you a question. But just so everyone knows, Ivy back there has a mic as well. So if anyone in the back of the room has questions, please raise your hand. Thanks, Joe Epard. Everything we just saw, everything on the product roadmap, how much would you say is informed by data at your disposal? You talked about knowing the inferred connections and that probably spawns ideas for what you can offer versus related to the go-to-market change. You're now interfacing with the different stakeholders, the enterprise buyer in different ways. So that's probably generating feedback. Can you kind of just what's more important from a product strategy? And then it would seem like if it's data-driven in an AI world and now you're going to be seeing agent-to-agent interactions and that'll inform the roadmap. It seems like that's the moat that becomes stronger over time. Kind of, what's your thought on that? I'll let you start. Yeah, I can take that. So I think that in general, we instrument everything at Procore, right? So we know exactly how many users have turned on scheduling in the past two days. We know exactly how many agents have been created, how many times they've been invoked. So yeah, we have a very extensive sort of internal data analytics framework. And then what we tend to say is metrics are people too. And so then we sort of say, well, hey, 150 users started using schedule yesterday. Let's have our product managers go and reach out to them and understand how that experience is going. So we do do a lot of, I'd say, qualitative feedback from customers that really does help shape what we end up building. And the other thing is because we're building a software that we don't I mean, I know Tooey uses it on his personal projects. And when Procore is going to go build a new second-floor event space, we use Procore on our projects. But we're a software company, not a construction company. And so we do spend a lot of time with our customers watching how they're using our product. And that does inform a ton of our product development. And then Steve mentioned the pivot toward having owners and Europe-focused product teams. One of the benefits and potential problems with being so customer-focused is that you do get pulled toward what your existing customer base wants. And I think that's been a really good thing for Procore. But we need to also be hearing from owners about what they want as they become this giant growth vector for us. And we also need to be spending a lot of time in region with folks in Europe hearing what they want. So those are maybe the couple of different ways I would think about it. Related to AI, I would also say one of the things we've seen is our scheduling data, the usage of scheduling has been pretty low historically because we haven't had a lot of capability in that. So a big part behind Schedule 2.0, that should drive a lot more schedule adoption, which then makes Helix much more interesting. Materials as a data domain didn't exist inside Procore, but that's actually a really rich source of data. So I would also think about some of the capabilities we're launching also maybe build out the full construction data foundation that we need to have Helix be as strong as it ought to be. Yeah, I mean, you're thinking of resource management was specifically driven by we saw that the job-to-be-done flows were ending and not completing because we didn't have those capabilities. And we turned on equipment. There's, again, I'll get in trouble for numbers. Let's just say there's several hundred thousand pieces of equipment in there. We'll easily have probably 500,000-1 million pieces of equipment there probably in the next 12 months. So hand grenade numbers. but that's directly correlated to, oh, we didn't know what was happening because we didn't know the piece of equipment. and as all these projects become more self-perform or you're handing it off to a sub, having those capabilities available has been huge. As somebody that spent 15 years building and running one of the largest, most sophisticated travel platforms in the world, we had to instrument everything. and so a lot of the foundational building blocks are instrumenting the heck out of everything that is done on that platform. so we have more data than we know what to do with, but it definitely is helping us to decide where to go. Thank you. Dylan Becker with William Blair. Steve, you kind of hinted at the value proposition of vertical software and kind of being the platform and what that enables. Wondering if you could maybe kind of expand on that point as it relates to construction and what customers are doing with AI, how that kind of gives you a right to win as that strategic partner? Because instead of them trying to do it themselves, they say, hey, can you build this? That fuels, obviously, this accelerated pace of innovation. Probably ties into data gravity in the partner ecosystem, just kind of the interconnectivity of all of those workings around tighter feedback loops facilitated by being that strategic partner. I think what's happened, especially over the past three years for me, and I think it's now apparent to hopefully all of you that construction is not a system of workflows filling out forms. It is a very complex orchestration of jobs to be done across the ecosystem of partners, complicated ERP, logistics. These are things that somebody can absolutely create a widget or a small solution. But when you watch the scans of video and you look at the level of sophistication in the handoffs and the orchestration, what you're not seeing is the concrete, the rebar that has to be shipped, the coordination, the specifications, the submittals. These are all extremely complicated. It's much more complicated than actually creating software. You're building something physical outside orchestrating a lot of logistics. And so I had this very conversation the other day with a customer. And we walked through, I just asked three basic questions. And they're impossible to solve, whether it's in ChatGPT or a Vibe coding solution or Salesforce or a point solution. And I think that's what we're realizing now. And I think that's where starting to nail every aspect of the lifecycle of construction and tying it together is just immense value. I also think we're entering a world where transparency, governance, security, access, the modality of how you use the app. We're probably 12 months away from many of you are probably not going to be typing on your computer. You're going to be having a conversation. You're probably all going to be wearing glasses. It's going to know who I am. It's going to actually digest the slides. They're going to expect that on the job site. They're going to expect on the job site because that's what their kids use every day. That's what they use at home. So I think keeping up with that pace of acceleration. It's overwhelming for a company like us with almost 2,000 in R&D. You can imagine how you're going to accomplish that with a small team with some pretty basic tools that doesn't understand that end to end, so I think that's our right to win is to start to nail these piece parts and put them together and to keep up with the pace of unprecedented innovation that we're dealing with. I will add that our customers look to us to help them understand how to leverage technology, and so we not only are a partner to them on the software front, but we really do help them with their strategies, and a very large general contractor yesterday said to me, "I don't know why we build this as their company software inside of the walls of our construction company. We're not good at it, and you guys do this for a living. And this is what you guys are, this is what you're good at. "So why don't we do it this way, which is you build software and they'll build buildings and we'll build buildings and we won't build software," so the dividing line is very clear. Yeah, so it's kind of nice to be the place where people go to get the answers. I'll add one more thing. Yesterday, I had a conversation with a very large customer, and many of our customers have multiple divisions. They've acquired lots of companies around them, and so each of those is now at different levels of maturity, and they're looking at, well, hey, why don't you snap into Procore, and of course, the decision on Procore or not was not based on what we did today. It was actually based on what we're going to do tomorrow. I think people are making bets on companies on do they have the right vision and mindset and proof that they can deliver because they know things are changing rapidly. So I think a lot of the selection sometimes is where you're going, not where you've been and what you've done right now, which is a very different paradigm than what we're used to. One thing I was just going to add is I was talking with a CIO of maybe a $600 million annual revenue contractor, so kind of like a maybe more mid-size, less enterprise or strategic. And he was saying that he only has one other person on his team in IT. They keep a super thin budget. And he's like, "I'm all in on whatever you guys can do because I don't have time to go look at anything else. I don't have time to go open up a generic solution and teach it all the things it would need to know about construction," and so I think that's pretty consistent. I mean, for example, we're launching a safety product. Why are we doing that? Because people are like, "Can you just have a safety product in Procore that does everything I need?" I think there is this real pull from the market to have more and more things in Procore because it just makes their life significantly easier, so I think just all of that comes together, and I think, AI, there's a lot to think through to get it right, but I do think it probably ends up being the same fundamental force toward, hey, all-in-one is extremely good for us, and the more we can have in Procore, the better. I'll add one more thing. I mean, that said, we have a lot of very sophisticated customers that have made massive investments in technology. And it's been an advantage for them in specific areas. And that's why I think having the platform, the Developer Studio, and our ability to have an open framework allows for us to integrate into both examples. I don't think you're ever going to have a world where somebody's not investing in technology, maybe their own agent platform to run their jobs to be done in their back office. And you've seen kind of the world of Procore now. You're going to need to interface with those back office flows. And so we want to be able to do that regardless of where that lives. And by the way, what Jeff was saying is true. They do want us. There is a move away from point solutions towards more of a platform. And the beauty of our partner network is that you can have DroneDeploy or any one of our partners embedded in Procore. So even if it's not truly the solution we're delivering, from our customer's vantage point, it's the Procore platform. And that extends this capability of basically solving every problem in construction that we're never going to get to through our partner program. Yeah. Your hand's been up. Hi, Aaron with Citizens. My question is around the underlying data consent for the AI use cases you're rolling out. Can you help us think through the dynamic on analytics where you're talking about creating industry benchmarks, which I think will be super helpful for your customers, versus Developer Studio where you're telling customers your data is your data and we're a steward of that data? Is it correct that you have to use high-level anonymized customer data to build out the benchmarks for analytics? And if so, is there a standard level of data consent you have? Is it an opt-out framework where you have to haggle potentially with some large customers to get access to that data? Yep. I'll let you. Yeah, I can answer that. Yeah, insights and benchmarks, the way we do that is that's at an aggregate level. It's undetectable. And so that's how we do it. So it's basically an aggregate model that runs and basically produces those benchmarks. And so, yeah, you're getting insights. You're seeing it at a project type level or at a zip code level, but not down to customer identifiable data. Yeah. And we have our MSA allows us to have access to the anonymized data. Yeah, to answer your question. Dan Jester, BMO Capital Markets. Thanks for taking my question. Maybe just on the acceleration on the owner side that you talked about this year. I think you've been talking about owners for a long time. And I think I'd just love for you to maybe double-click on what specifically now at this moment in time do you think that is going to drive the acceleration of the adoption on the owner side? Is it product? Is it go-to-market? Why today, maybe more so than in the past couple of years? Thanks. One thing? Yeah. Yeah. I came into Procore in 2019 via the Honest Buildings acquisition, which was maybe like the first foray into owners. Basically, Procore had no owners' business at that time. Now 25% of our billion-dollar-plus ARR is owners. I mean, I think what I would say is it's been happening. It's just we haven't probably been as purposeful about it as we ought to have been. Despite that, it's still been a really strong growth vector. I think what gives us confidence that it can continue to be one is it's growing extremely well today. I was talking with a few folks earlier today. I don't think we've been as specific on go-to-market, on messaging, or on product as we can and we will be going forward. So to us, it just feels like it's a really, really untapped area that has just a ton of upside. So as we look for growth vectors, I think that becomes extremely important. The other thing I would say is when I talk to general contractors, they're excited about the prospect of owners using Procore so long as we get Procore Connect right. And so I think that's the other thing too. It's like, hey, I think that's an area where from a product perspective, we've probably been a little slow. And so that's why we're accelerating to get that working correctly because we don't want any friction to be there. We don't want GCs to be non-fans of our growth and owners. So as I've been getting more into that with general contractors, I think the fundamental idea of everyone being connected is actually extremely attractive. And we just need to deliver some more technology bits to make that work really seamlessly. I think too there's capabilities that these owners need. Jeff went through them that we're now. I will say it's easy. We can roll these capabilities out on a common platform to meet their needs where they've had to go use other solutions that weren't then connected back into the construction data set. So we see that as immense opportunity to basically strengthen the customers we have with expansion, but also expand into other customers that that's table stakes and it's a checkbox on an RFI that you weren't able to check in the past. If you couldn't do portfolio management, capital planning, these things were just required. So we're now checking that box is what's happening. So we have some competitive-related questions in the chat. I'm going to boil it down to how does competition influence our product roadmap? I can take that one. Actually, just circling back to the owners' question. I mean, one thing that is very true is that we see a different competitive set in owners, right? In Europe, we also see a different competitive set. In U.S. GC, we see a different competitive set. That's one other reason why starting to verticalize product management has been helpful because then we can then be more focused on what competitors we're actually competing with in each market. We want to be the best software in each market we compete with. I would say that in general, we do not want to just watch the competition and deliver yesterday's technology tomorrow. We want to outpace them and be in a much better spot. So we do think a lot about how we can compete. And therefore, spend a lot of time just working directly with customers because we think that's how you figure out the core job to be done and you can solve it pretty directly. But we have a competitive intelligence team. We work closely with our sales team on that stuff. And we want to, in general, be a premium solution. And that's going to require that we have an extremely competitive solution. So that's sort of what I would say. It's a factor in what we do. And there's different competitors in each of these markets. So we have to factor those in. But it's not maybe like the driving force of our roadmap because we think that you can only get as good as a competitor if you're copying them. We think the best way to actually go figure out what the market really needs is to go ask them directly and spend a ton of time with them. Yeah, I'll give you my perspective. Jeff knows it really well, is that we make sure that product-market fit is achieved and the competitive checkboxes are checked but we call it kind of what's our Figma moment. We always focus on how would you rethink it and do it differently because we're kind of unconstrained on how we can build something and when I say Figma, Figma obviously rethought how we did design. Who would have thought somebody could disrupt how Adobe tools are used? We've used them for so long so we actually have this term inside the company we use a lot, is like, is that a Figma moment? Scheduling is a Figma moment for us. We're rethinking how scheduling is done. What you didn't see is it's all real-time. It's collaborative. It's like, this is not how scheduling tools actually work. You could have micro-schedules that inform the master schedule. And that can then inform the subsequent master schedule. And so we essentially said, hey, we're unconstrained by what technology can do. So let's rethink actually how scheduling works. I didn't want to build a competitive solution to Microsoft Project. We wanted to rethink it. And so I think we focus more on that. But I think people would be surprised. It's not necessarily chasing competitors. Hey, thanks, DJ Canaccord again. Maybe one just to double-click on FedRAMP. And I'm no expert in this process. So kind of where we are today, what still needs to happen? And then when we get to that ultimate end state, where do you see the earliest unlock? What are those opportunities that you think you can capitalize on first? Yeah, we're at the final stage, so we're actually in process and now FedRAMP Moderate equivalent, which means we've met all the requirements for FedRAMP, and so we're in the final stage of just waiting for the approval, and so it's like now we're waiting for government, and so that could happen as soon as government opens or it could happen as soon as 90 days to a couple of months, so we're really close. I mean, we're at the goal line, so to speak. We are equivalent, so we can actually, for specific projects, you don't need to have FedRAMP in the marketplace approved. You just have equivalency, and we have obtained that, so there's a lot we can go after right now, and we have been. And it does unlock that TAM that we have not been able to go after before with the Department of Defense. So a lot of our biggest customers actually do build for the government. So we're pretty optimistic about what this is going to mean for us. Yeah. And as I said in the keynote, I mean, we put a significant portion. In fact, I think the only major components that weren't in there were the ones we were working on and rolling out while, at the time of going through the process. So I think that's very different than other solutions that only have piece parts in there. If you're buying a solution, you need it end-to-end, not, I just want document control. And so I think that's going to be an advantage to us as well, especially as we innovate even faster. Everybody that's in that, we call it Procore Gov Zone, you'll just get those capabilities. I also believe as we grow into the global markets, I know FedRAMP is the U.S. thing. But if we can walk into a market where we don't have as much brand presence, but we can say we are FedRAMP in the U.S., it just makes us look like real that we're serious and that we take their governance of their data very, very seriously. Yeah. Cyber Essentials Plus is another one in the U.K. So we'll go after that. I mean, there's a laundry list of them in each country. I think we've got a playbook and a foundation to move forward really quickly with those. Buy side is able to ask questions. Thanks. Zach Olson with Throughl ine Capital. So on the owners' piece, the portfolio management and asset management solutions that you're launching, I'm just curious how you plan on monetizing that, because obviously that can exist outside of the actual project of a build. And then how much do you think this could, I guess, expand the wallet potential of owner customers that you are serving today? Thanks. Yeah. A couple of things on that. We think of it primarily as expanding our win rate with new owners, right? So as Steve mentioned, there's a lot of owners who do RFPs for PMIS or Project Management Information System software today that have real requirements around portfolio management and capital planning and asset management. And we don't check those boxes and can get kicked out of those RFPs. So our perspective is, hey, we can actually go win those now. Many of the people who manage those RFPs are like, "Gosh, we would love to have Procore meet these requirements so we can roll you guys out versus some of the other competitors who narrowly check those boxes but miss on user experience and AI and a bunch of other connection to the general contractors, a bunch of other areas where we shine." That's one area. To me, it's like, "Hey, we're going to be able to get a probably similar price point, just with a significantly larger share of owners in market." Additionally, one of the things we've discovered as we've gone heavier into owners is that the ACV-based pricing model does not tend to work as well for owners, and so we are looking at alternatives, including seat-based licensing for owners. Those are some different ways we're thinking about maybe optimizing monetization for owners. And then lastly, with asset management, I would not think of it as an O&M tool. That's not really what we're building. We're building a really great connector from the build phase to the operate phase. And so that really just is an extension of the build phase. But it makes building in Procore significantly more valuable. And I think then creates a really, really seamless handover to an EAMS system that they might have in place. And then down the line, maybe that's a cool place for Procore to play, but no current plans to do that. Yeah, by the way, that handover process is really painful for the owner and the GC. So solving that alone is a huge win. I mean, we do so well from planning all the way through handing the keys to the owner. But you still have to also give all the data to the owner. And this is going to be big. Yeah. A ton of GCs will use assets for that reason because they need to hand it over to the owner in that way. So to drive home that collaboration. And they literally, in a lot of cases, they'll hand the owner a really dirty cardboard box with a bunch of stuff in it. That's how turnover has been done historically. So this is a step function forward. Got this one in the chat. How do you architect and govern the Helix Intelligence layer as a shared capability while preserving tool-level autonomy and measurable adoption at the product module level? Okay. That was a deep technical question. Yeah. What I'd tell you is the approach we took with Helix was very similar to the FedRAMP approach. We actually took the hard path, and so it can be frustrating sometimes because you want to just outpace innovation and build agents really quick. We spent a lot of time on the foundational building blocks, the governance, the transparency, the auditing. For instance, we just launched an AI transparency site on Monday. It's fully wired and instrumented into every single model agent. It shows you every data element. It actually visually shows you how it flows. It shows our NIST and security standards that we're adhering to. It will show you if a partner is connecting to that. It will show you your data being trained on it. We have a lot of audit review in place. The audit is available to the customer on how Assist is being used, so we've really spent a lot of time on the foundational layers. This is not something you want to get wrong, and I think those are one of the things that are differentiating that probably aren't noticeable now when you go demo the wide variety of products out there. All you have to do is ask the question of, well, how do you maintain access rights for specific documents? That's a really hard thing to do. They're very complicated with some of these larger GCs. I had a conversation with a customer yesterday. They're governed by the owner contract, so these owner contracts actually mandate the tools they use and how they can use them and who has access to certain things, so it's very rare. Imagine you're running a business and then somebody else gives you, I mean, our legal department's here. Imagine they're handing me a doc and they're saying, "Hey, Steve, for this type of customer, I want you to go change your access rules and controls in place and then audit that." That's what our customers have to deal with. And so big investment in those layers. And we'll continue to invest in that. But yeah, I wish it were as simple as just building agents because I think that's actually the funner work. So I don't know if that answered the question, but there's a lot of technology in place to do that. And I think that's part of the investment we've made in those foundational building blocks. It's a set of Legos that allows us to snap other things into it pretty quickly and benefit from it. There's a reason, again, I'm giving you inside baseball here. When we acquired Novorender, Tor, actually, he's a founder. He's here, by the way, probably the most brilliant individual in BIM on the planet right now. We flew him into Groundbreak last year so we could see the excitement. But one of the reasons he wanted to be a part of Procore was he saw the foundational building blocks that he knew would be very difficult to go build for that platform to be successful. So he had the best engine, but it was actually missing all the fundamental piece parts. And so to be able to snap that BIM platform onto our building blocks, he gets all those things out of the box: security, permissions, governance, data sharing, graph, analytics, experience layer, connectivity, construction graph, the list goes on. And all those are just a little bit of work to snap those things in. I think Helix is a great example of that. We're surging ahead on what that platform is going to be. So if there are no more questions from the room, there's one final question that I actually thought was a good closeout one for you guys in the chat, which is, obviously, a lot of innovation announced over the past couple of days. Can each one of you speak to what you're most excited about and why? Well, we'll go down the road. Let me start. I'm about to have a little more time on my hands. And my wife and I are actually starting a brand new project. So I'm going to be bugging these guys a lot because I use the hell out of Procore. One of the things that I'm doing today, which is really exciting, is I have my architect's account connected to my account. And we're collaborating through connected drawings, which is a unique use case, but it actually solves a lot of the problems that we have. And now what I'm most excited about is being able to layer Agent Builder on top of all this. So I've been begging for a scheduling tool for 22 years, right? And I finally got one. But scheduling tool alone, super cool, super powerful. Time and money, schedule and budget really matters. But when you can tie the schedule to the actual operational data inside of Procore, let's say the manpower log and the daily log compared to who showed up and who was supposed to show up, that kind of level of integration of data across a platform is going to be transformative. And so I'm really excited about unlocking all of these use cases. So anyhow, I'll let you go. Yeah. I was going to say Procore Connect. I just think that's a really, really cool, unique opportunity that I don't think anybody else can deliver upon. It makes me really excited. I think it solves a bunch of fundamental problems about collaboration. Every project is sort of a unique set of stakeholders who come together to build this thing. I think that by over time, Procore delivering really good products for each of those folks, but then also allowing them to interconnect seamlessly is potentially game-changing for construction. That's definitely the thing that gets me most excited. It's also really hard to build. We are working very aggressively on it with a lot of our partner customers. Yeah, that to me, over time, feels like it's just going to be a huge, huge differentiator for Procore. Mine's probably not as obvious in the announcements, but it's very subtle. Tooey asked me this question before I went on stage yesterday on what was I most excited about. And I probably surprised you when I answered it because it was actually the BIM piece. It's BIM tied to the graph. And I'll tell you why. In the U.S., everything's very 2D centric when you build, but everything really starts with the model. So you're building a physical building. You're building something that has a very complex model behind it that requires an enormous amount of engineering, specifications, alignment, coordination on what this thing's going to be. The ability to kind of go from 3D to 2D to spatial and then have all the inferred connections of everything that goes on to actually build that thing, we actually have the building blocks coming together for that. And before, it was very constrained to maybe a design team or BIM experts. We now have the ability to federate the most sophisticated models in the world, very similar to Google Earth or Google Maps, where they're literally streaming the world to you. And you're able to consume that at the level of detail that you need, whether you're on a mobile device or on your desktop. We now have the capability to do that. And we are able to do that with a model. And so I would say it's the connected graph, inferred data tied to a model, federated out to everybody on a job site, really creates a magical thing for a sub that's trying to install an HVAC handler or somebody trying to do conduit or wiring. Those things are very difficult to understand on drawing sets and emailing individuals. And so I think the world of construction will change. And I think the next set of big announcements you'll see from us will be along the lines of that. And hopefully, we'll be talking about that at Innovation Summit in the springtime. By the way, I asked one of the largest retail owners in the United States last night this question. And they said, "Connect." They're like, "You all cannot connect us fast enough because we want all of that data." So I do think, Jeff, you're on the right track. The other thing I want to point out is I think there's so much potential with image capture. A picture is worth a thousand words, right? There are safety violations in there. There's labor productivity information in there. There's material supply. There's staging information in there. And I think that that is going to be transformative. Yeah. And I could go on and on, but. Thank you so much, Tooey, Steve, and Jeff. And this concludes our investor session for today. And thank you all very much. Appreciate you. Thank you, everybody.