Operator: Our final question today comes from Kash Rangan with Goldman Sachs.
Kash Rangan: Congrats on a very good end of the year, Tooey and Howard. Tooey, one thing for you is that you have a new Head of Sales. Generally, when there is a Head of Sales change in software or a CFO change in software, in your case it was a very seamless transition with your CFO change. But Head of Sales change, we always ponder if that’s going to lead to any changes in go-to-market, territory reassignments, quota reassignments, maybe that’s a little bit too radical to expect something like that happening in such a short-term time horizon. Can you just walk us through what are the things that your new Head of Sales, Larry, is going to be tweaking and what are the things that are going to stay unchanged. And one for you, Howard, you laid out a margin framework at your Analyst Day, and you are absolutely right in calling caution at the bottom end of the market.
It looks like the customer count in Q4, your call was absolutely right. But it also appears to be the case that revenue growth is coming better for two straight quarters, the September quarter and December quarter. The margin outcome has also been better than expected. So when I look at your margin guidance, 8 percentage points, non-GAAP op margin for fiscal ’24. It’s not a whole lot different than how you exited Q4 with, which was 7%, I think. And those numbers were better than expected versus the guidance you laid out. So either the revenue growth is really understated and you’re more confident, you have a higher conviction today than you did back at the Analyst Day or the margins have a lot more upside. Can you just help us gauge one for you, each question for you, can you help us to gauge how we should be interpreting your guidance.
Thank you so much and congrats once again.
Tooey Courtemanche: Let me take the question first…
Howard Fu: Let me do the second question first. Hi, Kash. This is Howard. So just I want to make sure you and everyone else understands the revenue guide, while we have high conviction that we will beat that revenue guide, the magnitude of the beat is not going to be as big as we saw in the past, okay? I just want to make sure that that is extremely clear. In terms of the margin guide relative to what we did in Q4, frankly, in Q4, it’s an example of the commitment and the reflection of the commitment and our focus on getting better and getting fit. And it’s not just something that’s from my perspective, it’s the entire company that has really taken this mantra and taking it to how they operate every single day. In terms of the margin guide for fiscal ’24, I can’t also stress enough that this leaves us enough room to continue to invest in the flexibility to invest as we see the opportunities arise for additional investments into the growth that could come in fiscal ’25.
So hopefully, that’s clear, and that answers your question.
Tooey Courtemanche: Actually, that dovetails very nicely into mine. So by the way, today is Larry’s first day. So I want to give him a little latitude to get his bearings while he gets settled. We’ve spent a considerable amount of time with Larry, of course, before he is come in. He’s going to be our CRO, so not only Head of Sales, but also Customer Success as well, just to be super clear. A couple of things about Larry. Larry obviously has lots of experience. We are very aligned around a lot of things. So one thing that Larry and I are in lockstep with is efficient growth. He knows how important growth is for Procore, and he knows how important doing it efficiently is. And it’s one of those things that he and I talked about in every conversation. So I have high hopes that he’s going to help us continue on this journey, but, yes, he’s going to get his bearings first before any major changes happen, and I don’t anticipate anyhow. Thank you.
Operator: Ladies and gentlemen, this concludes our Q&A and today’s conference call. We’d like to thank you for your participation. You may now disconnect your lines.
