Procore (PCOR) 3 Nov 222022 Q3 Earnings call transcript

Good afternoon. Thank you for attending the Procore Technologies Fiscal Year 2022 Q3 Earnings Call. All lines will be muted during the presentation portion of the call. [Operator Instructions] I would now like to pass the conference over to your host, Matthew Puljiz with Procore Technologies. Thank you.

proceed. may You

should uncertainties measures are and forward-looking be and as be and available law. our of the or available current to today, any except core results, call. by on regarding contain afternoon, Investor impacted additional non-GAAP release. to as be a Today's not Procore's If in call financial third of our to management's also non-GAAP issued these and operations, is subject today, and of obligation measures is of as date. the call. representing investors. replay Founder, being Relations provided reviewed reconciliation the GAAP our is XXXX With COVXX upon provide refer unanticipated to demand, will and this which update this information Lyandres, Thanks. after may information. We'll on include XXXX. business the our the complete of Therefore, today, relied other our in statements website. subsequent a recorded, views current on Matthew A welcome no our risks, call presented are Puljiz, of new or information not is as earnings disclosure press replayed following based to certain call conclusion required information President expectations Courtemanche, to section Tooey undertakes financial reflect in I'm today to X, made results and and November These events, assumptions and forward-looking matters. call Procore statements VP quarter any Paul customer on Investor Comments me products, may statements CFO; can Good our are to CEO; found of Relations. release FP&A press statements

level set. certain results results exclude which of refer as performance or we may that as the define Additionally, business acquisition organic, we to generally

respect mean me with define contracts. to organic to to that, However, metrics, the let Tooey. count turn over Procore we under with customers call our customer And

Thanks, us joining for Matt, and thank you all today.

you just like had an As in in feeling terms moments. going of release, they momentum. performance so place especially probably excellent us. team delivered But a grateful partner further to the earnings and QX us am in big to quarter. to characterize and I'm is on deal few our like our of of proud elaborate the their this I quarter I'd from all all who trust for continue Paul good to a as we with customers saw the

Our as to well every customers powers building much, from world hospitals, day brings the them all us much life. infrastructure more the our are our for schools responsible that homes, to and around airports and single as

around our industry Today, the to and hosting we'll honored of our together partner going Groundbreak since We week drive work. are held be important their Groundbreak. we'll first from you going with construction ever see many industry-leading annual to very prepared is technology alongside we're user where world in be the Day. keep our Orleans Investor to them It's the forward. leaders where conference conference, come to brief New next remarks

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begin that, towards consistent our let's of yet of remains with updates. to which this positive. customers topic. Internally, and point, we We're going jump or stay a the some business vantage you. customer on So sentiment from into for on environment, demand. I see to change briefly know remains close many And with continue our buying the updating you I to top behavior with demand mind customer have environment in

customers many our to about counter to taking backlogs prepurchasing perform to And overall on environment focusing energy various as of steps a variety inflows pricing. from the anticipate optimistic customers planning some watch closely. short-term long-term But of like or they're remain materials globally. in customers and and heavily strong have Our continue such customers infrastructure the And secure continue more our to Most outlook. our bills volatility, of nonresidential project well. sectors cases,

continued of positive business. leads pipeline All our performance our with healthy and about combined this, feel me to

feel all news we've deteriorate. and of pressure should some economic course, pockets some that reports are or construction mixed already and seen economic may the Of appear eventually conditions

in boom discuss of same With demand during see we week, the and shared times. another. wins, not sector will next sectors before, industry we've behaved we As one demand grow bust often the in all and

of diversified diversified often portfolios very We themselves. have These a customers run customers. portfolio

to we not anticipate particular excessive segment. exposure So do one

including Procore evaluation, just Brasfield enterprise culture. aviation, sectors, of platform a and because one energy, largest expanded manages our shared Gorrie end-to-end our U.S. Speaking that run share the general healthcare aerospace competitive us. that projects held many across the & the few. residential, Gorrie multifamily scale different quarter, span diversified in contractors name and with mix After across to selected to of Brasfield pleased and & people-first diverse superior highly portfolios, & a significantly commercial, of customers I a this privately Gorrie, Brasfield am that to of

Procore processes, to will leverage grow, streamline them to their continue outcomes. better which they efficiencies help will enable drive business and them As drive data,

continue owners, then, contractors, retailer. to new transitions relationships to expand assets, their to Procore expand they X us This and Fortune to business. to including remodels we general addition invest In our critical after the across integrations originally customer manage builds, They and their more customer including special projects. This build even strong their has them their bought projects, has our Procore built its relationship beyond. various notable Since with store with deciding to their complex customer term. data to XXXX a strong systems, and merchant XXX of from relevance all flow indicating to remained over multiyear with commitment initial expect continue to a and allowing and platform in capital heavily in dozen with

new their and they Katrina. program continuing adopting other aftermath are are chose with to building more consolidate We and to delighted customer better they of efficient Hurricane sector partnering manages from benefit of expand collaborate is In public improve restore XXX,XXX. customers, a almost By to program. The Orleans of Not population infrastructure existing including journey. owner New continue $X.X Procore, order we're projects, critical to standardize New controls damaged partners, City processes, system of in we with to their them public a Orleans only relationships City with infrastructure with visibility on ones. the a this new infrastructure Procore. into better across billion

industry's upon supporting are relationship Not the developed at operations. every only have where the this it break we week. city own We hosting next our thrilled are our reflected transform operates, way to efforts are Day with ground we're we Investor to

last shared can up the our my I our area and on for focus I've we success to our President the in human that and have the XX of with our customers announce that software immediate so for As am today, DocuSign. joining long Chief lot company, at months, hiring market-leading Steve a and several to Chief In several our And to Olga growth. Product term Procore past chapter our our energy operations Officer; team: Technology. right and executive very we've Davis, what Procore. Officer. welcomed will Data our Joy joins A need for Durling, focusing future Procore the of excited few FiveX our experience executive over during as employees leadership us People including set Kibler next been years resource leaders companies, team in quarters, be scale been has this I of specific and of Olga

to as company in contractors advise will QX Procore's Landress, this Dennis areas years. very our business into BMO He Chief well transition $XX ship and role as where where has from new can last me CEO, from well go-to-market place. provide Dennis hundreds to I adviser importance a expect is this add millions to he new on and value. success, right our our strong and we And In including is the was critical and revenue certain he'll Revenue strategy been outsized results. international to the He to international to has future of me believe role, of serving in can leading owners continue special you to focus to expansion to general from Procore's to company. focus very of expansion. the to our and the right evolution instrumental Officer, strategic addition, contractors scale. have to as team in areas year, specialty the Procore an In ideal an see over specific impact the Dennis directly We as been time for to team million the this several executing today. contributed Dennis this has

from searching and the leader organization our will marketing next it to me. for a revenue talented leaders this phase report of we began for growth, success sales, new customer While

an to to what I position reiterating I'd hand over Procore before in conclude So incredible today. it Paul, by like is

the construction is we best We and deep Procore very today's are you well, helping relationships hear the and customers and trust and solutions and tremendous with to better as industry businesses. our continue we the that industry are industry, that performing customers run and results. our see platform can from our in risk experts from manage have

expanding help our executive to next of growth. is team to with Our excellent stage us the leaders scale

to ever Procore's I in-person seeing to see ground you excited And accomplished, since to So with and will all more incredibly next reminder, letting am I as to share by I a first first going remarks you amazing, so I conclude forward of this many XXXX to and our you today's future there. week. how am everything of can't what be I we've holds. look It's very Investor proud Day. wait break the be and know want

to it Paul. over hand I'll Now

for and Tooey, to joining thank you Thanks, today. everyone us

of in contribution results, and some our very like contribution. with was X% As when and we QX a million, X set's million, in representing XX% QX in $XXX excluding $X.X XX% strong margin level I'm points to million Set. Level Revenue QX. QX. described, RPO And share very I'd up organically operating of short-term had in Tooey approximately XX% performance negative and proud growing year-over-year up RPO that non-GAAP XX% $XXX of year-over-year Total with was was from highlights.

recently are material to relates opportunity activities material program still the on not initiative statement. stages We are and early our our the cash the it that in of year. contribution As information of revenue from program, this financing activities folks remind included we that find would expecting announced that section that of investing in you flow can

updates do to on that reviewing some we quarterly program. not items me. regular out performance such, our stood here anticipate As are the QX, providing in When

First, notable. momentum deal mentioned, in was quarter big as the Tooey the

team The million deals QX. The to ARR. an approximately there anticipated Specifically, QX in large this was anticipated and close combination closed in that accelerating deal context quarter closed from several to QX originally basis. activity in when was of further provide originally discuss last QX short-term these XX% on I'll contributed the to that organic directly on our were outlook. this updated RPO XX% in quarter we dollars

stakeholders all well quite U.S. we the Second, in customer performance was sizes. rounded and that strength impressive growth this saw and quarter across our in

our additional volume well the significant construction business, this believe activity strong reflects of as new growth. footprint both well deepening as within dimensions expansion We as our opportunity from industry these for the we relationship within remaining Specifically, customer saw product as and additions.

were today. performance from size the and comprises across Yet, a strong disparities board perspective, business small was And U.S. stakeholder has volatility strengthening performance and QX headwinds. the we International portion acknowledge currency a results the by dollar have While customer of did by as international geography. of impacted created exchange a foreign our we result, total globally. the

X approximately revenue Therefore, basis, contributed FX international constant grew basis, growth of year-over-year a year-over-year. XX% points headwinds QX. revenue a in on Specifically, to currency international on

international dynamics operate persist international scale Rather, our in these primarily demand related We related performance and the to we these the expect term. how are the to by countries inconsistent to experience within. is teams and enablement productivity, near the across factors not growing external all operations business broader internal Additionally, the believe continued we do to driven better environment. we internal

is this lower-than-expected productivity, quarter we this evaluating reverse international Given sometime structure the the are next year. second expect of and dynamic operations to

Fortunately, more international testament much and company business still has than well. just has is very the Its U.S. to the domestically. is been a performing for made more up how performance opportunity

to expense second appreciate shareholders Hopefully, Finally, as our quarter. compared improving the in this quarter management

opportunities. we are margin that, should on long-term This our me pace positioned outlook. We over improvement global continue to coming efficiently an to continued years, execute ways but appropriate our in the at considering With our invest approach move ensuring to to while lead opportunity. on well to growth identify let our

the not With uncertainty external QX in I'd conservative guidance we would and specifics, pertaining broader the that XXXX. X to on we the said, our guidance highly is Consistent and that full environment weakness. providing in are reiterate yet background, this remarks our potential for to have providing remains and That for acknowledge today. fact business the volatility this with have year here ever-changing. experienced approach I dynamic share today Before in we We some taken guidance like quarters, the philosophy. prior factors additional our color Tooey's

For the negative between and and representing QX XXXX, $XXX year-over-year XX% fourth growth $XXX and million, between expected to margin operating XX%. we quarter revenue between expect million negative XX%. XX% of non-GAAP is be

operating And as be shareholders to have a while affected the our growth rates, current we be we naturally expecting total as negative XX% XXX of in of part set's note XXXX, may serves of to as report short-term fiscal $XX XXXX. that and and it Therefore, QX full reported disclosed looked of the organic representing million total excellent for revenue between year-over-year improvement XX% Please our expect normalize XXXX's growth in growth the an when and previously Level rates. by million XX%. year-over-year be between level financials. expect organic that between represent that are the set, and from quarter. XX%, QX a QX growth as note should For negative basis expected fact year results to period. reported to margin considered well Non-GAAP like we QX that large within closer both QX, $XXX to were was contribution should This has challenging within our finally, what compare including $XXX is total million, guidance quarter in we strong last our the deals from should QX closed QX RPO a that will issued closer early means you and HX in Procore points fifth be will QX,

opportunity. as well to for industry like thanking that, wrap like commentary, it ground session. shareholders over Day reiterate would our begin Tooey's employees, With conjunction also to next on Q&A out Please us the by like to New Xth I'd place again if giving in close our week with to turn Investor up, the our as your partners Relations customers, and the you at invitation join on Building serve we the to break to Before Orleans. us I'd taking reach the I out team to Investor operator attend. let's communities in this

question of Moffettnathanson. with from is Instructions] Auty Sterling the The first line [Operator

Yes.

think, I compare just if differently? macro could you did how a and maybe might wondering contrast in the describing I'm of you But environment. in that job, we're maybe experienced the company managing March environment be you and the you now So what XXXX great versus

Well, by the Sterling, way. hear to great your voice,

everything could different XXXX, towards were that that was actually industry. year. We world, did profitability, decided And it right in so March the saying everything to to start we let a So do I we and we right? by going we serve that me raised think

So when was were our then, just okay. those make okay to this that and they in we industry sure concerned, But were like just I to talk as very the on put areas, employees particularly planet everybody back customers to was focus our what going was else happen.

of they're when concern some Now more talk their our energy sure They're doing be they're materials. do focusing little to customers, I a that also for short term, like have and they they projects prepurchasing of the can on ready making around end preconstruction so well. bit things

few they're backlogs they're up But a really doing very that is, the their sure themselves the term, is to success. sentiment full. they're long midterm across and things So optimistic very the about remain for the and make board, setting that

do they they have than work So more with. to know what

And going so projects can. they're many as out there trying to as get they

is they finding One of you the challenge biggest have labor, as know. well problems a that

worried about that job. up not person worried finding jobs really haven't they're actually about build next the the the They're signed for us. So to they

quick any on you for customer give the meaning type versus owner one the is in you. sense, Paul, end in operators, subcontractor customer, a change Can environment terms what's at when us based you GC demand happening by follow-up, the of the And there look macro? versus

no. Clearly, the short answer is

we really see all to our performance strong continue of each with We bullish stakeholders, different on and them. across of the opportunity we have remain

of Canaccord. DJ Hynes question next with The the is from line

may You proceed.

two Nice questions. just results I I'll concurrently. have them congrats. ask here,

are pretty think I straightforward.

a happen inconsistency. there? after your of in First, and like spend. needs exposure residential, international of couple of of can to rethinking your strategy sounds view it you infrastructure And second, to What you're the then commercial relative just us quarters the remind kind

to with interesting. highways people any people DJ. industry is as well think. let And -- it's talk just at that like of This people which and I'll of many industrial, Yes. as me one is But bridges ports it's commercial includes exposure about bigger we're the the construction going start lot than residential, And this forget And sector. not residential, week investor the all particular is warehousing. sectors. a Well, just more next that of talk other to and start, conference. the about most way

remember, are themselves. -- of the run customers, So which, by way, and we subs diversified GCs all all our portfolios owners,

to going week I'm So of -- that couple next more about give examples. and talk a and

any diversification in ourselves sector find portfolio. one the our exposed because we So not of particular to

is to only that we talk the Maybe thing participate like a we about I'd add don't really remember involved to is there that be The is one, much that small multifamily, for the in area like and are we the the Paul. I'll areas when more residential, maybe on mixed-use, do TI international in work. things need I'll growth. expect we area then really pass to touch

it So that side business, think reality is the constant from are It international to we to look believe we better. the front, for and by the year-over-year. better that important clear we us performed on XX% -- at as I be standpoint, But if can you well. note still talked it's we be a about. The doing currency grew we doing impacted take should it's FX

and us, business hasn't is our when that our think ahead Knowing we structuring that about focused for international. going to long-term huge opportunity belief growth belief And ahead really so on changed how has that we we're what us Procore it think execute, in opportunity be about the as comes us we of potential how the to of

internal our This for or this external clear, the believe super be about need dynamics. or me let products. not demand that is the And all is we external

international great opportunities fit massive. market remains have We the product and

things all the and So this do we how it's external. but not all on tuning internal, international it's is side, rethinking

seeing to week. guys next New you forward Orleans Look in

with The next Borg the line from question Stifel. is Adam of

You may proceed.

update This how on quarters? of what just Richard for the in on and program. looks what on it Borg Mike the for more customer going, We Tooey like Adam financing it's map Stifel. road is the love coming is materials sensitivity to an at Maybe the

Yes.

talk love I Mike, to yes, absolutely. you. to So

did business. announce talk business up. that that a inside Procore. very business from now. you our more phase last learning going And of lot we're that It's starting we're this portion growing week, were in As right ground we're call, say small this will what in the I we of know is about earnings but to of this really a doing that a the We're we next

of are So I results to we the we're make are in over-index everybody you growing to offering. still But want what to go. But value to. see want we as again, close on now Paul, while it we're from customers learning it, sure kind doesn't seem scratch. our business the this you're know, I early

potential the as of and I'll we're synergies is that early talk believe of we bring you a remind investing. isn't back something still earnings a you last to something to so It with in just something a But this in lot This just basis that Yes. plan that we'll and because prepared we days. call, is is learning all it certainly about shared we early remarks. quarter-over-quarter lot is what we're has days that doing. the something on

with next of from the The is Becker William Blair. Dylan question line

You may proceed.

opportunity talked that How their software you of here, as investments takes think we've as the dig are as with validation guys the Maybe larger. Is prioritization software and in about this accelerating the from you thinking making, are quantifiable to landing you've well ROI the as here? confidence state the about further about benefits of of heard of again I customers somewhat wanted and given strategic some guys platform to early businesses been to investment? what that in puts you some investments other counter they

Yes.

comes you're downturns, a into chip too. the I for the a $X.X bill broad way, in but as economic of the U.S. the demand they we we close very, globally. amongst, trillion this, very up have we And to in industry. think market. there's I the secular that now, just stimulus say seen always still even earlier, -- by there's And infrastructure mentioned mention I picking that have as way, a the by So construction on, Right there's lot

the sector expand. is is kind that pie where facets growing waned, growing, it's construction. other the we're and is So of one seeing across one all of But what

The market to employee been on a provides driving lot, And product can per those I execution. that the and this to out organization more run heavily years, a amount a for success results. kind fit. customers, and large running tremendous our is value our where of other a they to platform of focused say takes a is We've for thing business It our they organization Procore. want give it takes by very deliver frankly, strong shout the lot of coordination across XX% to

I team. do to so to get credit And the want

the there. too. one one, Appreciate Maybe color other

about global maybe project from digitization about that to piece through think you know this how maybe plays But important how and efforts? And maybe is to Do mandates as stage you component move management execution. think I initial how plays that selection. project this well. into much international actual the customers software customers' don't into design As BIM that

yes, maybe BIM me for Well, the met opportunity great this that is dispel to in product. the Procore is a

we are job We visibility winfiles real-time really iPad on is and where field that assignment do clash manage detection. do the the of that in have in building on. folks really, want, what's you the which going the the and actually we things of an It's

finding help we're more -- And along ISO then is is that that's comes around lot, a document that say which not solve lines up XXX is What is me the So international that. building internationally. that let one those to control driver solution a we're not standard BIM. than but -- the

that, So driver a something being we're I that on as deals. the guess not in answer seeing broad real is that's the side

it products was, the it. support And -- that have and if so we

opportunity Yes. is The on right thing problems. of information. That know the getting that the to basic I They where would is this the still ahead to is right fundamental the that shined U.S. gives something to most working have are Procore us we that people and when international, place solve still massive it conviction with similar only has right always to add it's trying still us the comes.

is next the Ken question Oppenheimer. Wong The line of from with

proceed. You may

the of macro and that to, you've on got guys were on mentioned kind out of the also you construction called the you then any pockets to sometimes of seen pressures other So you up. side, business, guess, that notice pieces might haven't that but I trend you started that to to business? typically pick indicators are the other of any countercyclical start that in up. have Have pockets started that some those surge -- down Any

Yes.

they challenges. mentioned a lot So areas the to customers And that of projects infrastructure one $X.X that because the I've some seeing is, who up noticed that that's the areas U.S. found bill as they talked our we've I those go gearing trillion in to teams before, their means dial after of will basically are back opportunity. have where may be

maybe So in commercial.

is really just grows. diversified one that does another as these run they And portfolios. news seem good it sector the again, wanes, X So

always are diversified have tends make that the And pie right sure so to and a the our seems they just trying customers it to across growing, be mix portfolio.

continue is within about that's own our one way business what Maybe think this in that perform that we've seen well. expansion. And I'd something to other we add our showing incredibly

are to one may see our And areas see and they other our coming pocket more saying businesses work so own as wane, still customers in improvement and their can us the. they're still in than that nicely, what they are in growing need continued back is finding and we

our -- they about macro, which a say of swiped one, running X-year can it but remember, the they're think to is X- this when I we're business. Yes. backlog customers

and the skilled resources So finding the that starts the next committed labor where finding job like. on next is really that jobs It's they've is skilled not That's to the to what's challenge that put worrying real most. the them week. on contracted

off a kind the we I little side. balanced then got as being last this look terms we this quarter, recall made of improvements mean further what of guys of a a bit have caught or the guys quarter, And in guard little you a quarter more about spend T&E. quickly margin discipline. pretty some out just And last quarter? you by versus catch-up I the on we growth good saw think should maybe more focus again, on

the I new not to efficient to about it mantra I around have that. can't mantra, DNA in at is just stated, start new results growth. not want ago, of efficient was mantra the seeing is Maybe by Procore, a Pro is and that which go meeting the saying of years And you're all it the it's I but a growth. think growth. But

quarter I'd that just this the last how we've it. invest we at came bit lot business scale have done to we've but a in a Yes. believe build We in. on where efficiency. few to the years our great opportunities previous and deliver this talked over point this can proud the We We're to of showing about long-term the really growth, where while in invest adds business. continue scale we hit believe truly quarters,

start should seen going You've you expect us from forward. quarter, do something this and it's to that us

The next with Brent Sandler. the Piper of question is from Bracelin line

may You proceed.

the really the what to positive around little attach was changing the composition quick for to for Tooey, new the Awesome. obviously, free follow-up on next. flow. on stood to color of those product strength expanding surprising into What's you the positive more RPO bit here out quarter, Is a strong I'd again on me areas? business? new the drill seeing rate drove down the the short-term the I guess, cash things then, of about quarter. side just flow, the Two build, backlog look you build backlog I a And what on this in specifically and drill in want X quarter you forward segments. and it Are person I this just as down team broader strength one think cash love very

great I'm So forward next hear to way, yes, you the I'm to It no, fun. by looking be voice. your seeing really will week.

I So thing saw vectors. a that we strength gratified of think that's across the is so the different lot

the all all one large our we stakeholders segments. had to contributed very large But it out thing. deal customer So momentum of But would of just deal different it. also that we really I wasn't that sorry, momentum a had saw growth some and we -- point across lot

other construction selling bottom saw on all through our we delivered we top of So as products, that as perform volume as line and pointed expansion management. we and to. And top the both our have well. new to we at one very well the we look out, is on that, really we results growth focused hoping line of both really were that And you expense then

said cash And some perspective in the on cash I see reiterating All we cash expect we same piece, called previous flow out free to positive say what negative. Yes. quarters flow what just from and to to would did operating touch maybe week. an continue flow the to we is really on see last

space is Listen, companies narrative look to the in software to forward seeing Thank there. out answer more We'd Efficient week some think next so growth, a talk it. to I about questions. much. you like see you

You trade too bad. market,

JMP next The question from with is Joe the Goodwin of line Securities.

proceed. may You

maybe efforts how the You serving developing New years? called talk you and next the public about Orleans segment sector, see today Can is your the win over large few how the opportunity that with out in that you sector. public

talked something commercial, focus within business area is that owner area we've just for when owner owner the we frequently sector types infrastructure pretty that stakeholder. our to something of think the or call But we've general, for of It's all Public to is and well are several a we exposure it's so growth It's drive a that out Yes, big a that is why segments to. broader here one us. which broader continue We to there. going about that lot there's about happy we the have different other continue exist subsectors areas cities, and inclusive sector an big of mix opportunity years. Public there. Fortune Obviously, many that believe fits business. of diversified infrastructure, states of our within world really across XXX own talked across bill growth ours. about healthy we on. a in diversification of the and the

way, love portfolio our we being people about think by more that the just how customers And example Procore, one think about everyone they touches because that such construction wins. often I municipalities. have don't a But out is that, of calling as when diversified

that driving just the set you one. seems there, quick And expected. talk second performing then Can just level maybe better strength? of It than some what's what's is like acquisition a about going on

be And about opportunities set data well that together really ability to with to these their paid. our We massive new were factors to and as use acquisition. bring we us invoicing interesting we acquisition, continue solution behind about a that the we've There driving in help as talked for it really solution how ones past. to accelerate get fintech have together pleased of with bring the set, lot of think this with the as couple some around people big we were compliance data how cohort

So as to of to good and core that was remain a combination. we overall, that in bullish result a portfolio, continue that on like feel everything come overall to the we general, addition is

coming. I piece, listen you on encourage to fun closely week some next And because would the last stuff there's highly

is The Jefferies. Thill next question from the of with Brent line

You may proceed.

challenge, behind a it conference got early? turbulence through close? closed. really are you takes time those give QX? that a happens here? they just a any out. Was maybe caused -- was little minimizing feel there what that to you that the ask and that then post-EMC pass transition? it sign to wanted turbulence, just free to in question, come the there's company had I if QX goes And there to anything from week you're sense leadership next what ways clear So to kidding, wanted to Is deals guess maybe weight just it obviously. sales will, of you Paul, Was But you a why I'm the pipe because just time can they I us software

the was for forward execution who get it and to folks on excited of good to sales deals just out are started. there really go Some team able bring being

that look and these whether software, folks it just they near. to Some whether happen to to were their trying renewals actually of whether in ahead get do to new to of were they QX had or slated wanted with own needed more early volume

So give us us. led coming the on to a deals conviction continues it end of and that but opportunity was mixture forward reasons that ahead of positive to the at day, things those the all something of

yes, on I've the been and dentist so Brent, And look obviously, that I've see talent really, had been -- execution is has really is the your first privilege assembled on good. question, the underneath them. the And

been time watching folks So these for a now. perform I've long

been years he's as really a I wonderful well. the XX of closer will -- shout business on I'll closer he's role. in got have the only several and done, over all these grow I be sales I of book continue is that So Keith's of Ceridian He from portions of international looking have I'm not step of think market. now. experience. where that globally, to is And And But to to Bill because our getting impact, just job going forward plus for a SVP to and to big to business he I'm he's folks. also Crawford, Sales, the really out, doing business one comes helping everything now U.S. proud to years want running who's U.S. ADP our

And future. the going isn't about excited Dennis anywhere. really So

It's turbulence. we're doing a not to and the next there's think chapter. another role, forward lot So looking I just he'll all be of

Thank with line Celino of the you. question from Jason The next KeyBanc. is

You proceed. may

for Paul, to both jobs. me, two related questions

awarded. As been relates your to it there's labor customers a I know

customers any seen any these any shortages? labor relief your missed So Have that. seen of you I relief on for

just By Joe, no, relief. was the we offering do Jason. I The are not was wish our really yes, you I I job, that a can I seeing say -- that, way, are customers hiring.

a giving say give and to they're want partnering can it is bring unfortunately, work NCCER -- do can things really We're much ACE with Now with And only to in, program bring and shout to We're to the the struggling labor are but promoting that Apple high happening. in in out we or women that a not kids industry. a lot around to aren't of it's to trying awareness this so still great how construction. workforce shortage. I is we there's industry there a venture everything diverse do. to school our Procore

any question, related jobs like improvement. second just to hiring that then adjustments the you on sure margin changed of make not related have side? I It it's And to plans? this your want looks

places we our drive the being about to the about about when head performance allocate out the in great thoughtful in we the that's we long general, Yes. to be drive thoughtful that can. was customers. sustainable we we bullish we of And demand Actually, a we quarter, continue expenses seeing find amazing count We've But investing something to when to that investments hiring, to efficient best, quarter really and really course, over on talent. we're how to about we growth think ensuring term. really that. about we're go-to-market and and most been like all of meet in go opportunity we're comes and it where companies, other this like heavily where scaled really allocate had the useful continue our

just the business, able the we're And what that hire caliber I welcome just, struck to new attract to with two Procore. weeks class work I'm are to just to at with. that been every have scale say to our privilege of joining frankly, the the to want talent have of I that that the I'm everyone people is honored

it's exciting. So really

look you Perfect. forward next seeing Well, both I to week.

the questions QX enjoy Thank your and time. you There concludes Thank additional the XXXX Fiscal of day. rest your are Technologies at you. participation no for Earnings Year this Call. today, waiting that Procore and