Financial Data and Key Metrics Changes - In fiscal year 2026, the company achieved total revenue of $961 million, representing a 24% year-over-year growth, with subscription revenue growing by 26% year-over-year [7][21] - Q4 total revenue was $254 million, growing 21% year-over-year, while subscription revenue reached $192 million, up 23% year-over-year [20][21] - Q4 gross transaction volume (GTV) was $19.8 billion, reflecting a 16% year-over-year growth [20] - Q4 platform gross margin improved to 80%, an increase of 330 basis points year-over-year [22] - Q4 operating income was $27.1 million, resulting in an operating margin of 10.7%, an improvement of 740 basis points year-over-year [23] - Free cash flow for Q4 was $35 million, up from $11 million in the prior year [23] Business Line Data and Key Metrics Changes - Subscription revenue growth was driven by strong performance in Pro, commercial, and new trades [21] - Usage revenue grew 22% year-over-year to $53 million, with fintech utilization remaining strong [21] - Professional services revenue for Q4 was $8.9 million [21] Market Data and Key Metrics Changes - The company exited FY 2026 with approximately 10,800 total active customers, up 14% year-over-year [22] - Net dollar retention was greater than 110% for the quarter, while gross dollar retention was greater than 95% for the full fiscal year [22] Company Strategy and Development Direction - The company aims to continue executing on multi-year growth factors and bring its vision to life with the agentic operating system for the trades [14] - The focus is on leveraging AI to enhance operational velocity and create more value for customers [19][88] - The company plans to expand the Max program, which integrates AI capabilities to automate workflows and improve customer outcomes [12][14] Management's Comments on Operating Environment and Future Outlook - Management highlighted the importance of AI in removing constraints and enhancing operational efficiency [9][10] - The company expects to maintain a 25% incremental operating margin framework for FY 2027, with a focus on investing in AI and internal tooling [25] - Management expressed confidence in the ongoing strength of free cash flow and the ability to attract world-class talent to capitalize on growth opportunities [29][19] Other Important Information - The company is experiencing strong growth in its partner ecosystem, which contributes to usage revenue [21][64] - The Max program is expected to double the monthly subscription revenue for customers when fully ramped [12][56] Q&A Session Summary Question: Impact of Weather on Q4 Results - Management noted that Q4 was warmer than the previous year, but an ice storm in the last week affected technician availability [28] Question: Incremental Margin Commentary - Management explained that the high incremental margins were driven by overperformance in usage and being behind in hiring, which limited reinvestment opportunities [29] Question: Sales Capacity Investments - Management indicated that while there are opportunities to invest in sales, there is a natural limit to the number of deals that can be pursued in a given year [32] Question: Update on Commercial Business - Management confirmed that the commercial segment is on track and receiving positive customer feedback [35] Question: Scaling the Max Program - Management emphasized the importance of establishing product-market fit before scaling the Max program, focusing on efficient onboarding [38][39] Question: Adoption Curve for Max - Management discussed the potential for Max to deliver significant ROI and the intention to double capacity as adoption increases [45][46] Question: Virtual Agents Contribution - Management clarified that virtual agents are part of the usage consumption and are expected to grow as they handle increased call volumes [62] Question: Partner Monetization - Management explained that partner monetization is a growing part of the business and may lead to usage revenue outpacing GTV growth [64]