Good afternoon. Thank you for attending today's Procore Technologies, Inc, FY 25 Q4 Earnings Call. My name is Tamia, and I will be your moderator for today's call. All lines will be muted during the presentation portion of the call, with an opportunity for questions and answers at the end. If you would like to ask a question, please press star one on your telephone keypad. I would now like to pass the conference over to your host, Alexandra Geller, Head of IR. Good afternoon, and welcome to Procore's 2025 Fourth Quarter Earnings Call. I'm Alexandra Geller, Head of Investor Relations. With me today are Ajei Gopal, President and CEO, and Howard Fu, CFO. Further disclosure of our results can be found in our press release issued today, which is available on the investor relations section of our website and our periodic reports filed with the SEC. Today's call is being recorded, and a replay will be available following the conclusion of the call. Comments made on this call include forward-looking statements regarding, among other things, our financial outlook, platform and products, customer demand, operations, and macroeconomic and geopolitical conditions. You should not rely on forward-looking statements as predictions of future events. All forward-looking statements are subject to risks, uncertainties, and assumptions and are based on management's current expectations and views as of today, February 12, 2026. Procore undertakes no obligation to update any forward-looking statements to reflect new information or unanticipated events, except as required by law. If this call is replayed or viewed after today, the information presented during the call may not contain current or accurate information. Therefore, these statements should not be relied upon as representing our views as of any subsequent date. We'll also refer to certain non-GAAP financial measures to provide additional information to investors. Reconciliation of non-GAAP to GAAP measures is provided in our press release and our periodic reports filed with the SEC. With that, let me turn the call over to Ajei. Thank you, Alex, and welcome everyone. I'm excited to join you today to discuss our Q4 and Fiscal Year 2025 Results. As this is my first earnings call as CEO, I want to start by expressing my strong conviction in Procore's future. During my first few months, I have been spending time with customers and employees and evaluating the business objectively to ensure our strategy is built for long-term value creation and that our operations are scaled for peak efficiency. These initial months have reinforced my belief that Procore possesses the hallmarks of a best-in-class vertical software leader and is building one of the most mission-critical vertical software platforms. As a crucial system of record for the built world, our ability to drive collaboration across all construction stakeholders creates a powerful network effect. Furthermore, I believe Procore is uniquely positioned to lead in the AI era, driving unprecedented efficiency gains across the entire construction lifecycle. I am confident that the scale of our business, the capabilities of our products and platform, and the depth of our customer relationships give us a clear path to drive durable growth, meaningfully expand margins, and compound free cash flow per share over the long term. I am incredibly energized by the opportunity to scale this company to its full potential. My evaluation is happening in lockstep with disciplined execution across the company. As our Q4 and fiscal year 2025 results demonstrate, our operational pace continues to improve as we strengthen our position in the market. Let me shift to business performance. Building on four consecutive quarters of strong business momentum, we ended the year with an exceptional Q4 that exceeded the high end of our guidance. For the full year, we delivered 15% revenue growth and 14% non-GAAP operating margin, which represents year-over-year expansion of 400 basis points. I am particularly pleased with this result, given the ongoing headwinds from a challenging construction environment, with the U.S. Census reporting negative growth for the combined non-residential and multifamily sectors. Let me take a few minutes to walk you through some of the highlights of our strong quarter. I'd like to start with the largest and most mature part of our business today, U.S. general contractors. I am encouraged by how much opportunity exists within the segment. From new logos to volume expansion and product cross-sell, I believe this cohort of our business remains a cornerstone of our growth. In Q4, we added three new ENR 400 logos and expanded our run rate with more than 70 ENR 400 customers. One of our new ENR 400 additions joined Procore as our largest new logo win of the quarter and displaced an incumbent vendor. They partnered with Procore because of our unified enterprise-grade platform and their strong internal demand for our products. They also adopted Procore Pay to automate their manual processes and Procore Resource Management for their growing fleet of capital assets for their self-performed work. With Procore, they expect to achieve a return on their investments in a few key areas: the ability to scale labor efficiently, drive schedule and cost predictability at the portfolio level, and gain new levels of enterprise governance and visibility. We have a track record of displacing incumbent vendors, and we believe this is yet another example of the construction industry realizing that Procore is the gold standard. Of course, our U.S. GC opportunity goes well beyond the ENR 400. To illustrate this market depth, we signed more than 30 $100,000+ ARR agreements this quarter with contractors outside of the ENR 400. An example of this is with an enterprise general contractor based in Georgia, who returned to Procore as a significant win-back. After leaving Procore in 2024 for a cheaper solution, they returned to us in Q3, and then in Q4, they deepened their partnership with Procore even further. They adopted our platform enterprise-wide and added Procore Pay and Resource Management, resulting in a high six-figure expansion. With Procore, they expect to enhance efficiency, support growth, and anticipate savings of more than 27,000 labor hours per year, the equivalent of adding roughly 13 full-time employees. While we never want to see a customer leave, this win-back reaffirms a simple truth: the value of Procore creates an advantage that price alone cannot match. These wins illustrate the clear value our GC customers realize from using Procore. Our newer products, including Pay, Resource Management, Preconstruction, and Analytics, are compelling value drivers. We see these products as notable expansion opportunities for our global GC customers to drive incremental growth. Beyond U.S. GCs, we see substantial opportunity with the other stakeholders we serve, specifically owners and subcontractors. With our demonstrated product market fit and our continued product innovation, these stakeholders represent extensive white space globally and will serve as significant growth levers for Procore. In the interest of time, let me focus on owners, the most diverse group of customers spanning industries such as Technology, Energy, Utilities, Education, Healthcare, and Real Estate. Our owners business continues to scale, with Q4 marking another quarter of consistent growth in this segment. To meet their evolving needs, we're planning to launch a suite of specialized products later this year, including portfolio management, planning, funding, and asset management. This empowers owners to more effectively manage their project portfolios, mitigate risks, and optimize costs. I'm also proud to report that Procore for Government achieved FedRAMP Moderate authorization this quarter and is now available in the FedRAMP Marketplace. This milestone validates our commitment to some of the most stringent data security standards in software, which will unlock further opportunities with U.S. federal and state government customers. A primary example of the growing demand for these solutions is in data centers, where AI infrastructure is driving unprecedented investment. Procore is the clear leader for data center construction. While data centers currently represent a modest 2% of total U.S. construction activity, the growth trajectory, fueled by the global demand for AI, is compelling. Procore is ideally positioned to capture these tailwinds as this sector becomes a more substantial component of total construction spend. For example, our largest international Q4 deal, at seven figures annually, was a big up-and-coming hyperscaler in the U.K. data center market. This customer selected Procore in Q4 to establish a single source of truth and ensure consistency across the global projects. And within weeks, they expanded construction volume to meet accelerated data center deadlines. Moving beyond data centers, we also added new owner customers, including the Central Ohio Transit Authority and one of Canada's largest real estate developers. We also expanded with existing owner customers, such as a globally recognized online retailer and a leading semiconductor manufacturer. I would now like to move to a discussion of strategy. There are rare moments in history when a technological shift accelerates industry-wide adoption. At Procore, we last saw this with the ubiquity of broadband and the rise of mobile devices. This was a major catalyst for our business, as Procore was initially built to bring efficiency and collaboration to the job site, unlocking value for the people with mud on their boots. We believe AI stands to be an even more meaningful catalyst than any that we've seen before. Procore's category leadership position did not arrive overnight. We started as a system of record for the built world, and we have evolved into a system of collaboration as we hit scale across the globe. Over time, we earned the right to turn trusted, dynamic data into action. Today, Procore is a digital window into the built world. We are where physical assets and activities are digitized and where actions are taken to change the physical world. This journey is what makes our move into Agentic AI feel inevitable rather than opportunistic, and our recent tuck-in acquisition of Datagrid leverages this leadership position to accelerate our AI strategy. We believe that the combination of Procore Helix and Datagrid will generate notable product synergies due to our highly complementary capabilities and roadmaps, bringing premier advanced reasoning and broad third-party integration capabilities into Procore. We call this combined offering Procore AI. To demonstrate the potential of Procore AI, I'd like to share a recent example from a superintendent at a joint Procore and Datagrid Enterprise GC customer that showcases our most recent advanced reasoning capabilities. Like most superintendents, their day consists of walking the job site and taking videos to share with off-site stakeholders. On this particular walk, they noticed a potential issue with a structural column. They took a video and sent the footage to our AI agent with a simple prompt: "Identify the issues here." Using advanced reasoning, our agent didn't just watch the video, it understood it. By simultaneously analyzing the audio and video cues, the agent identified the exact column and utilized reasoning to know where to go in Procore to pull the drawings, specifications, and documents related to that column. The agent concluded that the column had been incorrectly coded, determined the required rework, automatically created the work order, and notified the relevant stakeholders. The agent also triggered related downstream workflows in Procore, halting further work on that area and scheduling the rework. Historically, these tasks would have demanded several hours of manual effort and individual expertise to navigate across project specifications. This is not just a hypothetical possibility. This is a real-world example of Procore AI turning a standard job site walkthrough into an autonomous resolution. This illustrates the true power of Procore AI's construction-aware multimodal reasoning. This scenario occurs thousands of times across the job site. This is true special-purpose AI, built for construction. It has the domain expertise to understand the context, the access to search records, and the authority to trigger actions, and it was built for project teams out in the field, delivered through the tool they use every day. This seamless integration of intelligence and utility is a direct result of four foundational points that will enable us to lead in the AI era. First, as construction's mission-critical system of record, with nearly three million active users, Procore has a massive proprietary dynamic data set, and the value is not only in the volume of data, it's in the depth of its context. We map the complex, dynamic interactions between people, workflows, and the physical job site, capturing and continuously updating every document, annotation, and day-to-day change. This dynamic relevance is exactly what's needed to power high-stakes Agentic AI. My second point is trust, a fundamental prerequisite for AI adoption. It's crucial that construction stakeholders trust how the technology provider will use their data, and that's why we've built a scalable, enterprise-grade infrastructure to ensure that every AI action is secure, compliant, and contextually relevant. It's only through this combination of contextual data and trust that a platform can provide the industry with needed productivity gains. The third point is our network effect. For AI to automate and complete tasks, it must work where the users work. On a typical project, a customer often connects with dozens of different companies, all collaborating on the platform every day to get their jobs done. Procore serves as the central hub where everyone in construction comes to connect and collaborate, making the platform not just a system of record, but a true system of collaboration, accelerating the flywheel of our network effect. The fourth point is Procore agentic solutions perform critical actions, not just provide insights. As the critical orchestration layer for every stakeholder in construction, we believe our platform is capable of delivering a true digital coworker to help construction workers get more done with less. This is paramount for an industry facing chronic labor shortages of nearly 350,000 workers in the U.S. alone, according to Associated Builders and Contractors. Today, Procore delivers agentic AI directly to the crews in the field, as well as to the teams in the office, embedding intelligence directly into their natural workflow. By supporting each of our nearly 3 million active users with digital coworkers, we can provide a scalable solution to the industry's labor shortage. Long-time Procore customer, Haskell, is already benefiting from digital coworkers. By deploying Procore AI on a single project, their initial ROI was immediate, saving superintendents hours per day on mundane tasks. Within just 6 months, they went from 0 AI usage to expanding to several projects with the intent to deploy across their portfolio. Their productivity gains were so impactful that Haskell is now looking to empower everyone on their construction teams with digital coworkers from Procore. One way to conceptualize the value of these productivity gains can be seen in comparison to the cost of labor, which is significant within construction. For every $1 of construction volume, a contractor spends a material portion on labor. With digital coworkers from Procore, we believe customers will materially increase their output without corresponding labor growth, leading to meaningful savings. Capturing just a small fraction of that ROI represents an incremental market opportunity for Procore, expanding beyond our traditional solutions. The economic value of our traditional solutions is supported by our construction volume-based pricing model. Because we price on project scale rather than seat count, our traditional revenue remains insulated from headcount fluctuations as AI drives industry efficiency. There is a profound sense of magic when software stops being a tool you manage and starts becoming an expert that manages the project for you, anticipating hurdles and clearing them in the background. The benefits of Procore AI extend far beyond efficiency gains. By reclaiming thousands of labor hours, we are freeing up valuable resources for our customers to deploy on more projects. Procore's path forward is defined by a powerful economic duality of upside opportunity and downside protection. We will monetize the value and ROI of Procore AI agents, even as our volume-based model provides a structural economic foundation for our core business. I believe Procore will unlock unprecedented value as a definitive winner in the Agentic AI era. In summary, Q4 was another excellent quarter and closed out a strong year for Procore. My first quarter as CEO exceeded my expectations, and while there is a lot of work ahead, I am incredibly excited about the future of Procore. Procore is a rare company. We have scaled past $1 billion in revenue, defined an entire category, delivered a best-in-class platform, and established a deeply loyal customer base. What Procore has built is truly impressive, and this is just the beginning. I joined because I believe our brightest days are ahead of us. We are well positioned for durable growth and margin expansion. As we continue to innovate for our customers and execute towards our goals, I am confident in our ability to deliver substantial shareholder value. Before I turn the call over to Howard, I want to thank all of the Procore employees. None of the opportunities Procore has would be possible without the incredible culture you've built over the years. Thank you for making me feel welcomed, and thank you for your commitment to our customers and to our company. Howard? Thanks, Ajei, and thank you to everyone for joining us. The main topics I would like to cover today include our Q4 and full year financial results, additional color on the business, and our outlook for fiscal 2026. Total revenue in Q4 was $349 million, up 15.6% year-over-year. Our Q4 international revenue grew 14% year-over-year and was impacted by currency headwinds. On a constant currency basis, international revenue grew 15% year-over-year. Q4 non-GAAP operating income was $52 million, representing a non-GAAP operating margin of 15%. As for our key backlog metrics, current RPO grew 22% year-over-year, and current deferred revenue grew 18% year-over-year. As you heard from Ajei, Q4 was an exceptional quarter to round out a strong year. Let me share some additional color on our performance. Beginning with the top line, our strength in the quarter came from robust execution across multiple areas of the business. We are seeing broad-based momentum upmarket, higher pipeline conversion, and improving renewal and churn rates, which we largely attribute to our go-to-market operating model. Our strength upmarket is reflected in the number of six- and seven-figure deals, which grew 20% year-over-year on top of a very strong performance last Q4. The total number of $ 100,000+ ARR customers now totals more than 2,700. Within our strength upmarket, we ended the year with 115 customers spending more than $1 million in ARR with Procore. This represents 34% year-over-year growth, further demonstrating our ability to scale to the largest customers around the world. We also continue to see strong momentum with Procore Pay, ending the year with nearly 450 customers, representing more than 70% year-over-year growth. As we've been messaging throughout 2025, we believe the number of $ 100,000+ ARR customers is the best representation of our business performance and our revenue growth, as it represents the vast majority of our customer base at 66% of total ARR. In contrast, our total customer count growth is heavily impacted by our SMB customers, and therefore is not reflective of our underlying business performance. As such, and in line with our commentary to investors over the past year, this will be the final earnings we will be disclosing total customer count. However, we will continue to disclose the $ 100,000+ ARR customer count on a quarterly basis. Our strength in the quarter also contributed to the strength in CRPO. This metric continues to benefit primarily from longer average contract duration. When normalizing CRPO for this dynamic, the year-over-year growth is consistent with both Q4 revenue growth and ending ARR growth. Once contract duration stabilizes, reported and normalized CRPO growth will eventually converge with revenue growth. With respect to margins, we delivered 400 basis points of margin improvement for the year, all while investing in our go-to-market operating model and our platform. While our margin improvement may not be linear within the year, we will continue to deliver incremental margin expansion on an annual basis, which is also reflected in our fiscal 2026 guide. Now let's turn to our north star metric: free cash flow per share. We delivered our strongest free cash flow quarter in history, generating $90 million in the quarter, bringing full-year free cash flow to $215 million, representing 69% year-over-year growth and a 16% free cash flow margin. This result reflects our strong bookings, which translated into higher billings and collections, as well as continued margin expansion. We are also focused on limiting our share count dilution rate. Our weighted average diluted share count grew less than 1% in Q4, which reflects our continued discipline on equity compensation. We believe our share count growth is a leading indicator of SBC leverage over the long term. SBC, which is a lagging indicator, can be impacted by accounting rules that have no impact on dilution. Our Q4 results were an example of this, with SBC increasing to 23% of revenue, driven by a one-time charge of unvested equity related to the transition of our former CEO. This charge only impacted the P&L and was not an acceleration of equity compensation payout. Excluding this one-time charge, SBC would have been 16.6% of revenue, which is in line with Q3. Our Q4 and full-year results demonstrate that we remain focused on delivering durable growth, margin expansion, and modest share count growth in order to compound free cash flow per share. Our strong results and momentum were all achieved before any material top-line benefits from AI that we expect to realize in the future. Looking back on the year, I am proud that we delivered on the commitments we made for fiscal 2025, particularly while facing ongoing headwinds from a challenging construction environment. Our go-to-market motion is yielding tangible and more consistent results, characterized by improved sales productivity and a noticeable shift towards larger enterprise-wide relationships. This motion, combined with the compelling ROI of our platform, has not only solidified our category leadership, but has also created a more durable business. More importantly, we have achieved this while remaining laser-focused on our north star metric: free cash flow per share. With that, let's move on to our outlook. For the first quarter of fiscal 2026, we expect revenue between $351 million and $353 million, representing year-over-year growth of 13%-14%. Q1 non-GAAP operating margin is expected to be 14%-15%. For the full year fiscal 2026, we expect revenue between $1.489 billion to $1.494 billion, representing total year-over-year growth of 13%. We expect our non-GAAP operating margin guidance for the year to be between 17.5%-18%, which implies year-over-year margin expansion between 340-390 basis points. Additionally, to closer align our guided metrics to free cash flow per share, we are now formally guiding free cash flow margin on an annual basis. We expect free cash flow margin for the year to be 19%, which implies year-over-year margin expansion of 270 basis points. To wrap up, we are pleased with how we ended the year and the momentum we have across multiple aspects of the business, and we are confident that we can deliver on our promise of a stronger P&L in Fiscal '26. We expect our category leadership, strong execution, and AI capabilities to drive shareholder value in the years ahead. With that, let's turn it over to the operator for Q&A. Thank you. We will now begin the question-and-answer session. If you would like to ask a question, please press star followed by one on your telephone keypad. If, for any reason at all, you would like to remove that question, please press star followed by two. Again, to ask a question, please press star one. The first question comes from Saket Kalia with Barclays. You may proceed. Okay, great. Hey, Ajei. Hey, Howard. Thanks for taking my questions here, and nice finish to the year. Hey, Saket, how are you? Thanks, Saket. Good. Hey, guys. Ajei, maybe to start with you, appreciated your prepared remarks, particularly around AI. But I was wondering if we could just dig a little deeper on what your customer conversations have been like on the topic of AI. And maybe specifically, do you see customers trying to maybe build Procore-like tools themselves someday? So, Saket, the example that I gave you in the script, frankly, that gave me goosebumps, and it, I hope it gave you goosebumps as well, because it's so compelling. It shows how different the construction use case is from the general horizontal office application or, the commercial, use case, or a general consumer use case of AI. And that's why this laser focus that we've had on construction is so important to our customers. And so to your point, I mean, thinking about it from a customer perspective, our customers, they neither have the time nor the inclination to become AI experts. They're in the business of construction, and they just want to build better, and that's their business. They want to make sure, though, that their tech vendor is taking advantage of the best and the latest technologies, including, of course, AI. And that's the conversations that I have with my customers, and I'm excited that we have the structural advantages, and that we've also taken the operational actions to emerge as an AI winner. Now, as far as Procore AI is concerned, we're seeing, we're seeing, you know, clear customer adoption. So we have something like 66,000 unique active users who are using Procore AI. We've got something like 700 customers nearly, who have created thousands of agents on Procore, and these customers, they skew upmarket. And obviously, we expect this momentum to continue to increase, with the breadth and the depth of the capabilities that we have now that we've concluded the Datagrid acquisition. And at the risk of sort of repeating some of the comments from the script, I think it's important to recognize that, you know, we rode the wave, when mobile became mobile and broadband became ubiquitous, we rode that wave to deliver digitization to the construction industry. And we were able to bring technology to the frontline workers in a manner that was appropriate to how they work and where they work. And so obviously, we built up a tremendous amount of trust with the industry, at that time, and we have the same opportunity for AI today. If you think about what I discussed, there's sort of structural and operational aspects. So let me just sort of talk a little bit about the structural. You know, our solutions are at the interface between the physical and the digital world. I mean, we're the ones who are digitizing activities, and we're the ones where action is taking place to affect the physical world. And as I mentioned in my script, you know, we are the system of record. We've got 3 million users, but as a system of record, we have this dynamic record of decisions that have taken place across thousands and thousands of projects. But it's not just the data, it's the relationship between the data elements. It's the annotations, how things have changed, the decisions. All of that is contained within our system of record, but it's not just being the system of record, it's the fact that we're now also a system of collaboration because we have this network effect where we, we've become a central hub for project stakeholders to connect, and to be able to work together. I also pointed out that we are, we are providing insights, and, and of course, we're also taking insights a step further, and we're providing actions, and those actions are enabling our customers to be successful. But those actions take place in the context of trust because we've built a scalable enterprise-grade infrastructure to ensure every AI action is secure, compliant, and relevant. So we're very excited about our structural advantages. As I talk to customers, they see this, and obviously, the actions that we've taken, the investments that we've made, I mean, we recognize the importance of AI. We've mobilized our company behind the opportunity, and we're applying significant resources. You saw this at Groundbreak, where AI was everywhere. We took you guys and our customers through our AI strategy. And then, of course, we've acquired Datagrid since then, as you know. And with as far as Datagrid is concerned, we've known the team for some time. Those guys are AI experts. They're construction tech experts. They're excited about the use of AI in construction, and they're gonna be part of the Procore team, and we anticipate a great integration with that, with those capabilities. So, I'm really excited about what we do. We see this as a upside opportunity as we think about the value that we're able to provide to our customers. And the overall technology, as you saw from the example, is pretty amazing. That's, that's great. That's great per perspective, Ajei. Howard, maybe for my follow-up for you, you know, we've talked about the impact of pooled contracts on CRPO, and appreciate you kind of talking about the normalized growth there. Can you just maybe looking forward, can you just maybe talk about the glide path for that metric in 2026 as we think about when that duration benefit maybe starts to normalize? Does that make sense? It does. Thanks, Saket, and of course, first and foremost, Q4 CRPO growth includes the impact from a very strong Q4 bookings quarter. That's first and foremost what's showing up in Q4. Remember, that reflects five quarters in a row. If you go back to fiscal 2024 Q4 of consistent and strong execution and on the top line. So that's first and foremost. We had a really strong Q4. Secondly, when you think about Q4, we also saw another uptick in contract duration. As that continues to increase, it continues to impact CRPO growth. Normalizing for the contract duration growth, similar to Q3, this is also true in Q4, normalized CRPO growth is in line and consistent with Q4 revenue growth and also ending ARR growth in Q4. So that's the first couple of things. When we think about that glide path, if the contract duration is stable, then what will happen is the CRPO growth will eventually normalize with revenue growth, and if it stays stable throughout fiscal 2026, that will likely occur towards the, latter part of the year. So that's what you can expect in terms of timing. But the last thing that I will say is, remember, a lengthening contract duration is actually a reflection of the confidence that our customers continue to have in extending their relationship and partnership with Procore, and that's a positive, a very positive outcome that we continue to see. Very helpful. Thanks, guys. Thank you. The next question comes from Adam Borg with Stifel. You may proceed. Awesome. Thanks so much for taking the question, and great to speak with you, Ajei. Maybe just going back to the script for a minute, you talked about a nice win back, and so now that you've been in the seat, I'd love to hear more about maybe what surprised you, either to the upside or even the downside, just on the competitive landscape and importantly, Procore's position, competitively. Well, think that the conversations I've had with customers, I think is most reflective of the relationship that we have with our customers. The conversations I've had have been incredibly positive. And I think I shared this one example, I think of a story with one of my customers at our last call in December. But I was in a meeting with a large GC in Manhattan, and one of the senior executives who wasn't in the meeting and who had recently been promoted, he walked back into the meeting. He walked into the meeting, and he said, "Listen, I wanted to take this opportunity to meet with you because we started working with Procore over a decade ago. We made a bet on Procore, and it was a very big bet, and Procore came through, and you've really helped drive our industry forward and drive our business forward." And that's sort of an example of the kind of conversations that I'm having with customers. So it is really those conversations I think make me feel really excited about the depth of the customer relationships. I see lots of opportunities. I'm incredibly optimistic about our technology, about our platform, especially of course, in the work that we're doing with AI. That comes up oftentimes in conversations with customers. And I'm looking forward, as we continue here to maintaining traction with our stakeholders and of course, continuing to build up in owners and subs as well as international. It is really quite an exceptional company in terms of the capabilities and the customer relationships. And from a relationship perspective, you see that being reflected in the way in which we're able to interact with customers. Hey, Adam, if I just may, this is Howard. I just want to answer your question on, regarding competitive. We still continue to see very strong competitive win rates, similar to what we disclosed back in 2024. And I think what you're seeing in the two examples that were in the prepared remarks, one was actually a displacement of an incumbent, and the other one was a win back. I think those are emblematic of our continued strength in terms of our win rates, and we still hold a very strong position versus our competitors out there. That, that's great to hear. And maybe just as a quick follow-up, you know, to Ajei's point about international, and great to see the continued, you know, go-to-market changes taking hold. So as you think about kind of these go-to-market changes continuing, and, and Ajei, now that you've had a little bit more time in the seat, as you think about the international footprint, what kind of gets you most excited about that opportunity? And any thoughts on how a channel could help kind of build the feet on the street, so to speak, in coming years? Thanks so much. Yeah, I mean, I think, obviously, I've been in seat for about a quarter, but everything that you point to in terms of channel, in terms of international, all of these things are opportunities that we are continuing to look at and evaluate from my perspective. There, you know, my experience obviously has been with businesses which have had channel, with significant channel presence, and that's obviously an opportunity for us, as well as significant international presence. So that's something that I continue to look at as we look at future evolution of our business. Hey, hey, Adam, this is Howard again. You know, I'll just, I'll just tell you, we, we would have liked to been further along on the international side in terms of top line. International is still facing the same types of macroeconomic challenges that is impacting the progress there. But having said that, the model that we put in place, we still believe is the absolute right model. We are seeing the good results internationally as well as domestically in terms of that model being put in place with respect to folks like the technical specialists, and we continue to see progress. We believe in the opportunities. We have product market fit and continue to build towards more product market fit. So longer term is, it is still an absolutely an opportunity for us. And so we're excited about it. We would like to be further along. It is something that we think over the long term will still continue to contribute to our growth. Really appreciate the call, gentlemen. Thank you. The following comes from David Hynes with Canaccord. You may proceed. Hey, thank you, guys, and congrats on the nice quarter. I'm gonna go reverse order and start with you, Howard. I'm curious what you saw in terms of trends of volume commitments during the Q4 renewal cycle, and maybe you could compare that to kind of how it was a year ago. I don't know if, as part of that, you know, what kind of price you're taking on like for like renewals. Any color there would be helpful. Yeah. In general, we're not gonna disclose a specific number, but last quarter, we talked about ACV commitments on the platform crossing $1 trillion, and that continues to grow in Q4. We continue to see strength there, and that also exemplifies and is evidence that we continue to gain share, as well, and so it's grown off of that $1 trillion mark. Okay. And then, Ajei, maybe you could go a little bit deeper on Datagrid. I'm curious, where are the data that's not inside of Procore? resides where Datagrid will help you? Is it, is it in other construction point solutions? Is it, is it in other systems of record? Like, what, what is that data that needs to come into the system that will help kind of power your AI efforts? Well, I think, I think it's important to understand then what our architectural construct is as we put together the whole solution. As we announced at Groundbreak, our strategy at the baseline is to have essentially well-thought-through APIs, which are appropriate for agentic workflows, to have a platform for agentic applications and API, and agentic AI solutions, and then to build out AI agents themselves. So it's a three-layered structure, APIs, a platform including. And the platform includes the ability to do things like advanced reasoning, multimodal reasoning, that's construction aware, as well as, of course, to be able to monetize activity. So there's sort of those three layers. We announced our strategy, and obviously, we were building towards that. We saw with Datagrid, the opportunity to be able to accelerate that growth because they had focused a lot on areas that we hadn't focused, and we had a complementary way of approaching the market. Now, they have—between us, we have connectors into a, into a large number, I think, of third-party systems, including ERP systems and others, which allow us to collect information and bring it together. What's really important as far as data is concerned, when you think about the volume of our data, we've got something like 3 million, 3 million active users in our system. We've got all kinds of information in our systems, including what's really important, things like annotations and changes, which are sort of unique data elements, as well as the, the dynamic view of how that data has changed. So there's, there's a lot of resources that we've been in a position to bring to bear in terms of the information that's within Procore, the ability to be able to orchestrate activities, and how Data Grid has essentially accelerated the strategy that we had in place, bringing some really interesting reasoning capabilities, as well as some interesting connectivity capabilities that they had built into the overall Procore AI story. Got it. Okay. Thank you, guys. Thanks, David. Thank you. As a quick note, please limit yourself to one question only. Moving forward, the next question comes from Matthew Martino with Goldman Sachs. Please proceed. Yeah, hey, thanks for taking my questions, guys. Ajei, maybe sticking with the Procore AI for a moment. Like, can you elaborate on the specific monetization strategy for this? Should investors expect a new premium SKU, some sort of platform-wide price uplift or consumption model tied to the ROI that you intend to generate for your customers here? And if I could just slip in a quick one for you, Howard. You know, what looks like headcount grew about 5%, total for the year, even with the go-to-market changes. Looking forward, you know, Procore's guiding to around 400 basis points of margin expansion. Do you feel that the business is sufficiently resourced from a go-to-market perspective, especially if we were to see kind of a construction cycle turn over the next several quarters? Thank you both. So let me just answer your question about monetization of AI, and then I'll turn it over to you, to Howard. Look, as with any business, and new business opportunity, the first thing you've got to do is to establish a compelling ROI. And we believe that we're doing that. We know that we're doing that. Our customers are seeing benefit and value from the technology, as I described in the example, where they're saving time and are able to do things that they wouldn't have otherwise been able to do, given the shortage of labor and given the limited amount of hours in the day that they have. So the first thing you have to do is to make manifest that ROI. And obviously, from our perspective, the labor cost element for that our customers are facing, that is one of the significant and most important line items for our customers. And having digital coworkers do the work, we think generates that significant ROI. And even if we can monetize a small fraction of that, we have a significant and incremental upside opportunity that we believe will drive upside to our business, at the same time that we support our customers. And we are likely to be including some of those AI offerings within upcoming bundles that are part of some new packaging. We're also likely to be including some component-based, some consumption-based components. Now, this is obviously relatively new to the market, so we're likely to experiment, and we're likely to evolve our approach. But look, I'm excited about our path forward. I'm excited about our ability to monetize AI, and we'll be sure to keep you posted as we proceed. Hey, Matt, this is Howard. Let me just answer your question around capacity and leverage, and so forth. The first thing is, the short answer is yes, we have enough capacity. We have planned for enough capacity going into fiscal 26 to be able to sufficiently invest in the business. Let me go through a couple more details here. One is, remember what we talked about from the go-to-market perspective. Fiscal 25 was an investment year. We are going into fiscal 26 with largely the capacity that we already need on the go-to-market side, and then the focus is really on productivity increases. So that's the first thing. With respect to the places where we are adding more resources and more headcount, it's largely focused on the R&D side of things, and those are largely going to be added in lower-cost geos for the most part. In addition to that, we continue to see leverage across all parts of the OpEx lines, as we did last year, as we're doing this year, as we will do continuing going forward. Also keep in mind, although we are using internally AI, and that is having a benefit, a lot of those improvements that we have done last year and this year is largely just getting better at the foundational ways that we operate. As we think about leverage going forward and the resources that we need, the AI piece is actually going to be an additional tailwind to our ability to find scale and leverage in the business going forward. Thank you. The next question comes from Ken Wong with Oppenheimer. You may proceed. Fantastic. Howard, I wanted to ask about the guidance. You know, previously, you guys had this growth-profit dynamic where it was, it was somewhat inversely correlated. Should we think about elevated margins, coming at a lower growth rate, or is that no longer the case? And then just how, any philosophical changes in terms of incremental conservatism as you guys embed some, some of, some of the Ajei-isms that, that, you know, and some of his learnings over the coming quarters? Hey, Ken. So the first thing is, there is no change to our guidance philosophy. You can expect the same type of cadence that we did in fiscal 25 for what we're going to do in fiscal 26. The first question I want to make sure I address, though. You know, we've talked about this before. It's not really a trade-off between top line versus bottom line. What we optimize for is still our north star metric: free cash flow per share, and that's what we're gonna optimize for, both the numerator and the denominator of that equation, so that we provide the best return to our shareholders. Perfect. Thank you so much. Sure. Thank you. The next question comes from Dylan Becker with William Blair. You may proceed. Hey, gentlemen, appreciate it. Maybe, Ajei, for you, kind of stepping back, if we, if we double-click on the owner segment, maybe it ties into kind of the enterprise momentum and some of the larger players being more insulated here. But could you give us a sense on, on what you're hearing from, from those owners as it pertains to kind of CapEx deployments in 2026? Maybe the network dynamics of their opportunity to kind of mandate Procore adoption throughout the platform, and maybe, if anything, where FedRAMP, and I know you guys have a good data center business as well here, but what that can kind of unlock incrementally as more dollars are allocated to that channel. Thank you. So, from an owner's perspective, you know, one of the nice things about the owners segment, as I said, is that the owners represent customers from multiple verticals. And obviously, I talked about data center deployments, where there is a massive amount of increase in expenses as people start to build out in data centers. So you see incremental spending in certain areas, but because it's owners—essentially, any enterprise customer is an owner, you see the natural fluctuations of those end markets being reflected in the way owners think about their own real estate investments. So, our value proposition to owners goes beyond the value proposition that we have to general contractors. As I said, you know, our value proposition to owners is around portfolio management. It's about being able to manage the complexity of all of the activity that they have going, potentially working across multiple GCs and multiple locations. And you're absolutely right. The network effect that I talked about earlier is a really important aspect of our business. I mentioned that in the context of AI, but it's certainly very important in the context, in just the broader context of owners mandating a particular solution, resulting in the GCs taking advantage of that solution, resulting in the subs taking advantage of that solution. And that we've been seeing essentially since we began as a company. So that, that allows us to create this, this deep well of users who are tied to Procore in a much more intimate way than perhaps with other solutions might have. The other thing, you mentioned FedRAMP. FedRAMP represents for us, obviously, the federal government represents an incremental opportunity as we start to look out. The fact that we have FedRAMP certification allows us to support opportunities that we were not able to before we achieved that certification. Thank you. The final question comes from Jason Celino with KeyBanc. You may proceed. Hey, great. Thanks for fitting me in. Maybe just for Howard, you know, if I kind of adjust for the duration, looks like you've had the biggest bookings quarter ever. So big congratulations there. Just wanted to ask if there was any deals that might have been pulled forward, not pulled forward, but closed earlier than you would have anticipated. And then when we think about kind of that normalized CRPO, if it is consistent with revenue growth, you know, would that suggest that it did uptick, you know, versus the prior quarter as well? Thank you. So first of all, yes, Q4 was a fantastic quarter, and it was the biggest quarter that we've had from a bookings perspective. So, the answer is yes there. And in terms of where that came from, it actually didn't come from any one specific deal or even a couple of deals. The strength was actually more broad-based across both large deals as well as the broader commercial segment. And what we saw was really the engine starting to really gain momentum, building again on four quarters of really strong and consistent execution. And so that gives us tremendous amount of confidence and momentum going into fiscal 2026. In terms of normalized CRPO, the only thing that we'll continue to disclose and tell you it is still consistent with Q4 revenue growth and ending AR growth. I think that gives plenty of information about where we expect things to go in the near term. Thank you. This concludes today's conference call. Thank you for your participation. You may now disconnect your line.