Can you talk more about international expansion? The competition is different, and Procore has a lot of white space internationally. It is hard to move a U.S.-based model elsewhere. How is the competition different? What needs to change? Have they made the required changes? Is there a big opportunity, or do you still see it being difficult to penetrate further?

I am a bit removed at this point, but I think international expansion looked attractive on paper. However, it was more challenging in practice than many leaders expected. In the U.S., we were the category leader, but internationally, we entered a fragmented, localized market with strong local incumbents, different construction norms, compliance requirements, and pricing expectations. Procore's pricing model is quite different from traditional models. Outside the U.S., there wasn't a single dominant player; instead, there were many small regional players.

Can you talk more about international expansion? The competition is different, and Procore has a lot of white space internationally. It is hard to move a U.S.-based model elsewhere. How is the competition different? What needs to change? Have they made the required changes? Is there a big opportunity, or do you still see it being difficult to penetrate further?

For example, European platforms were well-established in Germany and France, and Australian vendors understood local workflows better. Some of these competitors had long-standing customer relationships and appeared cheaper on paper. We underestimated the challenges of scaling globally, including language barriers, local integrations, tax, and regulatory differences. It wasn't just about copying the U.S. playbook and translating it. The international opportunity was real, but the onset was slower, more complex, and more competitive than the U.S. market.

In the U.S., what do you see as the key opportunities and continued pain points when it comes to winning new customers? Let's start with new customers and go from there.

You mentioned that acquiring new logos has been challenging for the company, and that was true during my tenure as well. We focused on land and expand strategies. The new logo opportunity wasn't gone; it was about leveraging deeper engagement with existing accounts. The upside was in turning job site adoption into more enterprise penetration. We aimed to integrate financials, pre-construction, and expansion opportunities. The pain points in winning new customers aren't due to the product's quality. It is more about everyone already having some system in place, whether that is old systems, shared drives, or homegrown tools.