賽富時 (CRM) 2018 Q4 法說會逐字稿

Good afternoon.

下午好。

My name is Erica, and I will be your conference operator today.

我的名字是 Erica，今天我將成為您的會議接線員。

At this time, I would like to welcome everyone to the CRM Q4 earnings call.

在這個時候，我想歡迎大家參加 CRM Q4 財報電話會議。

(Operator Instructions) Mr. John Cummings, you may begin your conference.

（操作員說明）John Cummings 先生，您可以開始您的會議了。

Thanks, Erica, and good afternoon, everyone, and thanks for joining us for our fiscal fourth quarter and full year 2018 results conference call.

謝謝，埃里卡，大家下午好，感謝您參加我們的第四財季和 2018 年全年業績電話會議。

Our results press release, SEC filings, and a replay of today's call can be found on our IR website at www.salesforce.com/investor.

我們的業績新聞稿、SEC 文件和今天電話會議的重播可以在我們的投資者關係網站 www.salesforce.com/investor 上找到。

With me on the call today is Marc Benioff, Chairman and CEO; Keith Block, Vice Chairman, President and COO; Mark Hawkins, our President and CFO.

今天與我通話的是董事長兼首席執行官馬克·貝尼奧夫； Keith Block，副主席、總裁兼首席運營官； Mark Hawkins，我們的總裁兼首席財務官。

Also joining us -- with us today is Bret Taylor, our President and Chief Product Officer.

我們的總裁兼首席產品官 Bret Taylor 今天也加入了我們的行列。

As a reminder, our commentary today will primarily be in non-GAAP terms.

提醒一下，我們今天的評論將主要採用非 GAAP 術語。

Reconciliations between our GAAP and non-GAAP results and guidance can be found in our earnings press release.

我們的 GAAP 和非 GAAP 結果和指導之間的調節可以在我們的收益新聞稿中找到。

Additionally, our commentary today and the guidance we provide are under prior accounting standards ASC 605, pre-revision ASC 340 and ASC 325, and we expect to provide updated guidance under the new accounting standards, including ASC 606, ASC 340-40 and ASU 2016-01, all of which we adopted on February 1, 2018, and we'll do that in the coming weeks.

此外，我們今天的評論和我們提供的指導是根據先前的會計準則 ASC 605、修訂前的 ASC 340 和 ASC 325，我們希望根據新的會計準則提供更新的指導，包括 ASC 606、ASC 340-40 和 ASU 2016-01，我們在 2018 年 2 月 1 日採用了所有這些，我們將在接下來的幾週內這樣做。

Some of our comments today may contain forward-looking statements, which are subject to risks, uncertainties and assumptions, and should any of these materialize or should our assumptions prove to be incorrect, actual company results could differ materially from these forward-looking statements.

我們今天的一些評論可能包含前瞻性陳述，這些陳述受風險、不確定性和假設的影響，如果其中任何一項成為現實，或者我們的假設被證明不正確，公司的實際業績可能與這些前瞻性陳述存在重大差異。

A description of these risks, uncertainties and assumptions and other factors that could affect our financial results are included in our SEC filings, including our most recent report on Form 10-K.

這些風險、不確定性和假設以及可能影響我們財務業績的其他因素的描述包含在我們提交給美國證券交易委員會的文件中，包括我們最近的 10-K 表格報告。

So with that, let me turn the call over to you, Marc.

有了這個，讓我把電話轉給你，馬克。

All right.

好的。

Thank you so much.

太感謝了。

Really appreciate that, John.

真的很感激，約翰。

And I just want to congratulate our entire company and all of our shareholders and investors on just what has been an outstanding Q4.

我只想祝賀我們整個公司以及我們所有的股東和投資者在第四季度的出色表現。

And this has really capped off just a truly record year for Salesforce.

這確實為 Salesforce 創造了一個真正創紀錄的一年。

This is -- it also had just been an outstanding quarter of growth.

這是 - 它也剛剛成為一個出色的增長季度。

You can see that we have propelled Salesforce over $10 billion revenue milestone, and we couldn't be more excited about that and having that fiscal year behind us because now, our vision has never been bigger or more exciting as we have a very clear trajectory to $20 billion in revenue.

您可以看到，我們已經推動 Salesforce 實現了超過 100 億美元的收入里程碑，我們對此感到非常興奮，因為現在，我們的願景從未像現在這樣更大或更令人興奮，因為我們有一個非常清晰的軌跡到 200 億美元的收入。

No other enterprise software company has achieved this scale faster.

沒有其他企業軟件公司能夠以更快的速度實現這一規模。

Certainly, no other enterprise cloud applications company has achieved this scale faster.

當然，沒有其他企業雲應用公司能夠更快地實現這一規模。

And it's our dream to get to $20 billion faster than anyone else.

我們的夢想是比其他人更快地達到 200 億美元。

It's been a relentless focus on our customer success and not just customer but also all of our community, all of our employees, our customers, our partners, all of our key stakeholders and the development of just an incredible culture that has allowed us to scale this organization and continue to strengthen our position as the world's #1 CRM.

我們一直不懈地關注我們的客戶成功，不僅是客戶，還有我們所有的社區、我們所有的員工、我們的客戶、我們的合作夥伴、我們所有的關鍵利益相關者，以及一種令人難以置信的文化的發展，這種文化使我們能夠擴大規模這個組織，並繼續加強我們作為世界第一 CRM 的地位。

There's been incredibly strong demand and execution, especially this quarter across every industry, across every region, cloud, all customer segments.

需求和執行力都非常強勁，尤其是本季度，每個行業、每個地區、每個雲、所有客戶細分市場。

And as we get through this opening comments, I'm sure you'll all agree this may be perhaps our best quarter ever.

當我們完成這個開場評論時，我相信你們都會同意這可能是我們有史以來最好的季度。

We're on a path to exceed $20 billion faster than any other enterprise software company in history and we're all very proud of that.

我們正以比歷史上任何其他企業軟件公司更快的速度超過 200 億美元，我們都為此感到非常自豪。

Salesforce is #1 today in CRM, which is the fastest growing segment of the enterprise software industry.

Salesforce 今天在 CRM 中排名第一，這是企業軟件行業中增長最快的部分。

Fiscal year '18 revenues finalized out at $10.48 billion, up 25%, and that 25% obviously dramatically above where we thought we were going to be when we first gave you a forecast more than a year ago.

18 財年的收入最終達到 104.8 億美元，增長了 25%，這 25% 顯然大大高於我們一年多前首次給你預測時的預期水平。

24% in constant currency, we're delighted with that result.

以固定匯率計算 24%，我們對這個結果很滿意。

Q4 revenue of $2.85 billion, up 24% year-over-year, 21% in constant currency.

第四季度收入為 28.5 億美元，同比增長 24%，按固定匯率計算增長 21%。

But perhaps, what we're most excited about and speaks to the velocity of the company, more than $20 billion of booked business on and off the balance sheet, up 40%, and that exceeded our expectations.

但也許，我們最興奮的是公司的發展速度，超過 200 億美元的資產負債表內外的預定業務增長了 40%，這超出了我們的預期。

Deferred revenue of $7.09 billion, up 28% year-over-year and 25% in constant currency; unbilled deferred revenue up -- of $13.3 billion, up 48% year-over-year.

遞延收入70.9億美元，同比增長28%，按固定匯率計算增長25%；未開票的遞延收入增加了 133 億美元，同比增長 48%。

Q4 operating cash flow of $1.05 billion, up 49% year-over-year and fiscal year '18 operating cash flow of $2.74 billion, also up 27% year-over-year.

第四季度運營現金流為 10.5 億美元，同比增長 49%，18 財年運營現金流為 27.4 億美元，同比增長 27%。

We are also then able to raise our full year fiscal year '19 revenue guidance by $150 million, bringing this up to an expected consistent growth rate projected over the next year of more than 21%.

然後，我們還能夠將我們的 19 財年全年收入指導提高 1.5 億美元，從而達到預計明年超過 21% 的預期持續增長率。

Great companies do more than create great products and great services.

偉大的公司不僅僅是創造偉大的產品和偉大的服務。

Companies like Salesforce build trust with all of their stakeholders, with our employees, our customers, our partners, our shareholders, all of our community, or as we say at Salesforce, our Ohana, our family.

像 Salesforce 這樣的公司與他們的所有利益相關者、我們的員工、我們的客戶、我們的合作夥伴、我們的股東、我們所有的社區，或者正如我們在 Salesforce、我們的 Ohana、我們的家人所說的那樣，建立了信任。

That's how we're running Salesforce from the beginning.

這就是我們從一開始就運行 Salesforce 的方式。

We establish trust as our #1 value.

我們將信任作為我們的第一價值。

Putting our values in action.

將我們的價值觀付諸行動。

We're making our customers successful and improving the state of the world at the same time.

我們正在讓我們的客戶取得成功，同時改善世界的狀況。

And I have to say it's -- I'm here in New York today.

我不得不說——我今天在紐約。

Just went through our Salesforce Tower here in New York.

剛剛經過我們位於紐約的 Salesforce Tower。

New York is our largest market in the world.

紐約是我們在世界上最大的市場。

Incredibly exciting what's happening here.

這裡發生的事情令人難以置信地令人興奮。

And when I see all these incredible people working at Salesforce, they're truly the best and brightest that I've seen.

當我看到所有這些不可思議的人在 Salesforce 工作時，他們確實是我見過的最優秀、最聰明的人。

It's why we're recognized now by Fortune as the #1 best place to work in the world.

這就是為什麼我們現在被《財富》雜誌評為世界上排名第一的最佳工作場所。

That is incredible for us.

這對我們來說是不可思議的。

And also, Fortune published earlier their Most Admired Company list in the World, and we were ranked the 15th Most Admired Company in the World.

此外，《財富》雜誌早些時候發布了他們在世界上最受尊敬的公司名單，我們被評為全球第 15 位最受尊敬的公司。

And Forbes said we're the most innovative company in the year and Innovator of the Decade.

福布斯稱我們是年度最具創新力的公司和十年的創新者。

We couldn't be more pleased.

我們再高興不過了。

And we could not have done it without all of you.

如果沒有你們所有人，我們不可能做到這一點。

We realize that we are all one family working together, and we're very grateful.

我們意識到我們都是一家人一起工作，我們非常感激。

And we're looking forward to an amazing fiscal year '19 ahead of us.

我們期待著即將到來的 19 財年。

So with that now, let me turn this over to Keith Block in San Francisco.

所以現在，讓我把它交給舊金山的 Keith Block。

And Keith will give you a perspective of how the company is operating.

基思將讓您了解公司的運營方式。

Keith, as you know, is our Vice Chairman and Chief Operating Officer.

如您所知，Keith 是我們的副主席兼首席運營官。

Keith?

基思？

Okay.

好的。

Thanks, Marc.

謝謝，馬克。

Good afternoon, everybody.

大家下午好。

As you've already heard, we delivered just an outstanding fourth quarter to complete an exceptional year.

正如您已經聽說的那樣，我們剛剛交付了出色的第四季度，以完成非凡的一年。

We saw accelerating demand and strong execution coming from every industry and every region and every cloud and across all of our customer segments.

我們看到來自每個行業、每個地區、每個雲以及我們所有客戶群的需求加速增長和強大的執行力。

More than ever, CEOs are coming to Salesforce because we fuel their growth, and we are fueling their transformation.

CEO 比以往任何時候都更多地加入 Salesforce，因為我們推動了他們的成長，我們正在推動他們的轉型。

Salesforce continues to be mission-critical to the world's greatest companies, and our strategic relationships are deeper than ever.

Salesforce 繼續對世界上最偉大的公司至關重要，我們的戰略關係比以往任何時候都更深。

In fact, we have nearly twice as many $20 million-plus relationships than we did just 1 year ago, twice as many.

事實上，我們擁有超過 2000 萬美元的關係幾乎是一年前的兩倍，是一年前的兩倍。

And our execution in Q4 was as strong as I've ever seen in my career.

我們在第四季度的執行力是我職業生涯中從未見過的。

We closed more new business in Q4 than we did in the entire fiscal year of 2014.

我們在第四季度完成的新業務比我們在 2014 年整個財年完成的還要多。

That is just 4 short years ago, and it speaks volumes to the momentum that we now have in the market.

那隻是短短 4 年前的事，它充分說明了我們現在在市場上的勢頭。

We are closing more big deals every quarter.

我們每個季度都會完成更多的大宗交易。

In fact, the number of million-dollar-plus deals grew 43% in Q4, and our average deal size continues to expand.

事實上，第四季度百萬美元以上的交易數量增長了 43%，我們的平均交易規模繼續擴大。

Also in the quarter, leading companies, including Siemens and ABB and Google turned to Salesforce to help them transform and grow.

同樣在本季度，包括西門子、ABB 和谷歌在內的領先公司轉向 Salesforce 來幫助他們轉型和發展。

Now as you know, international expansion is one of our key growth levers, and we delivered very strong growth in the quarter, 31% in EMEA and 26% in APAC in constant currency.

如您所知，國際擴張是我們的關鍵增長槓桿之一，我們在本季度實現了非常強勁的增長，以固定匯率計算，歐洲、中東和非洲地區增長 31%，亞太地區增長 26%。

In EMEA, ABB, one of the world's leading industrial technology companies, went all in with us this quarter, and they're using Salesforce to get a broader understanding of their customers across sales, service and marketing.

在歐洲、中東和非洲，世界領先的工業技術公司之一 ABB 在本季度全力支持我們，他們正在使用 Salesforce 來更廣泛地了解其客戶在銷售、服務和營銷方面的情況。

Einstein AI is going to enable them to drive smarter sales and build deeper customer relationships.

Einstein AI 將使他們能夠推動更智能的銷售並建立更深入的客戶關係。

ABB is also has an incredible vision to combine the power of Salesforce with ABB ability and their industry-leading digital offering that enables 70 million connected device.

ABB 還擁有一個令人難以置信的願景，即將 Salesforce 的強大功能與 ABB 的能力及其行業領先的數字產品相結合，實現 7000 萬台聯網設備。

Very, very strong partnership with ABB, and we are thrilled to continue to grow along with them.

與 ABB 建立了非常非常強大的合作夥伴關係，我們很高興能繼續與他們一起成長。

We also formed a new relationship with Deutsche Bahn, which is the world's second-largest transportation company.

我們還與世界第二大運輸公司德國鐵路公司建立了新的合作關係。

And we expanded our relationship with BBVA, who is rolling out our financial services cloud for retail banking to more than 24,000 advisers.

我們擴大了與 BBVA 的關係，後者正在向超過 24,000 名顧問推出我們的零售銀行金融服務雲。

We also formed a new relationship with one of the largest insurance groups in Europe, and they're going wall-to-wall with Salesforce to get a complete view of their business and also to increase their employee engagement and deliver a seamless customer experience across all of their brands.

我們還與歐洲最大的保險集團之一建立了新的合作關係，他們將與 Salesforce 密切合作，以全面了解他們的業務，同時提高員工敬業度並提供無縫的客戶體驗他們所有的品牌。

Great success in EMEA.

在 EMEA 取得巨大成功。

Also moving over to APAC, we continue to see just excellent momentum in financial services, specifically in Australia where we are deepening our relationship with AMP, a leading wealth management company.

同樣轉移到亞太地區，我們繼續看到金融服務的良好勢頭，特別是在澳大利亞，我們正在加深與領先的財富管理公司 AMP 的關係。

We also had one of our largest platform deals in APAC with an exciting company called [Coin].

我們還與一家名為 [Coin] 的令人興奮的公司達成了我們在亞太地區最大的平台交易之一。

If you're not familiar with Coin , they are innovating and scaling their cryptocurrency exchange on the Heroku platform.

如果您不熟悉 Coin，他們正在 Heroku 平台上創新和擴展他們的加密貨幣交易所。

And in Japan, we had another very strong quarter of incredible growth and strengthened our relationship with companies like Nissan and Amana.

在日本，我們又迎來了一個非常強勁的季度，實現了令人難以置信的增長，並加強了我們與日產和阿馬納等公司的關係。

So really to capture the opportunity in front of us, we continue to increase our international go-to-market resources, operations and infrastructure to make sure that we can serve our global customers and continue our enterprise scale.

因此，為了真正抓住擺在我們面前的機會，我們將繼續增加我們的國際市場資源、運營和基礎設施，以確保我們能夠為全球客戶提供服務並繼續擴大我們的企業規模。

In fact, in FY '19 -- excuse me, FY '18, nearly 40% of our new hires were in regions outside the Americas.

事實上，在 19 財年——對不起，18 財年，我們近 40% 的新員工在美洲以外的地區。

Now turning to industries.

現在轉向工業。

We also had a very strong performance across-the-board but specifically in financial services.

我們的整體表現也非常強勁，尤其是在金融服務方面。

Now 18 of the top 20 U.S. and European banks rely on Salesforce.

現在，美國和歐洲排名前 20 的銀行中有 18 家依賴 Salesforce。

And in fact, in Q4, nearly half of those banks expanded their business with us in the quarter.

事實上，在第四季度，這些銀行中有近一半在本季度擴大了與我們的業務。

Half of those banks expanded their business with us, again, something that we're very, very proud of.

這些銀行中有一半再次與我們擴大了業務，這讓我們感到非常非常自豪。

That includes a significant expansion with one of the world's largest banks in the world, which will be deploying Financial Services Cloud across all their retail branches.

這包括與世界上最大的銀行之一進行重大擴張，該銀行將在其所有零售分支機構部署金融服務雲。

TD Bank also selected Financial Services Cloud for retail banking to streamline their mortgage application process for customers.

道明銀行還為零售銀行業務選擇了金融服務雲，以簡化客戶的抵押貸款申請流程。

And in addition, we expanded our relationship with Transamerica.

此外，我們擴大了與 Transamerica 的關係。

They are extending Salesforce to an additional 60,000 insurance agents to give them a unified view of their clients.

他們正在將 Salesforce 擴展到另外 60,000 名保險代理人，以便為他們提供對客戶的統一視圖。

We also expanded with Pacific Life and MassMutual.

我們還與 Pacific Life 和 MassMutual 進行了擴展。

In health care, we expanded our relationship with Anthem as well as another Fortune 50 health care company who is using Service Cloud to better understand patient needs and provide more personalized care.

在醫療保健方面，我們擴大了與 Anthem 以及另一家財富 50 強醫療保健公司的關係，後者正在使用 Service Cloud 更好地了解患者需求並提供更加個性化的護理。

We also deepened our relationship with the Cancer Treatment Centers of America, which is using Health Cloud to improve patient outcomes.

我們還加深了與美國癌症治療中心的關係，該中心正在使用 Health Cloud 來改善患者的治療效果。

Now you're going to hear more about our innovative health care customers and partners in Las Vegas next week in HIMSS, which is the country's largest health care technology conference.

現在，您將在下週在拉斯維加斯舉行的 HIMSS 上聽到更多關於我們創新的醫療保健客戶和合作夥伴的信息，這是美國最大的醫療保健技術會議。

As for our ecosystem, Salesforce continues to be the growth lever for our partners, and more than 55% of our new business is generated with our partners.

至於我們的生態系統，Salesforce 仍然是我們合作夥伴的增長槓桿，我們超過 55% 的新業務是由我們的合作夥伴產生的。

And at the close of FY '18, our partners surpassed 110,000 Salesforce certifications.

在 18 財年結束時，我們的合作夥伴獲得了超過 110,000 個 Salesforce 認證。

This is an increase of more than 30% over last year.

這比去年增加了30%以上。

Today, we have strategic partnerships with industry leaders, including Dell, IBM, Amazon, and in FY '18, as you know, we went live on AWS infrastructure in Canada and Australia.

今天，我們與包括戴爾、IBM、亞馬遜在內的行業領導者建立了戰略合作夥伴關係，如您所知，在 18 財年，我們在加拿大和澳大利亞的 AWS 基礎設施上投入使用。

And at Dreamforce, which was absolutely outstanding, we announced a new strategic partnership with Google to connect Salesforce with Google Cloud and Google Analytics to enable a smarter, more collaborative experience for customers.

在絕對出色的 Dreamforce，我們宣布與 Google 建立新的戰略合作夥伴關係，將 Salesforce 與 Google Cloud 和 Google Analytics 連接起來，為客戶提供更智能、更具協作性的體驗。

On the topic of integration, as you know, this past year, we were focused on making sure that we integrated the incredible companies that we acquired in FY '17, including Demandware.

如您所知，關於整合的話題，在過去的一年中，我們專注於確保我們整合了我們在 17 財年收購的令人難以置信的公司，包括 Demandware。

I will report, this is going very, very well.

我會報告，這進展非常非常順利。

In fact, during the 2017 holiday season, the Commerce Cloud touched 540 million unique shoppers.

事實上，在 2017 年假期期間，Commerce Cloud 觸及了 5.4 億獨立購物者。

Commerce Cloud is now one of the largest commerce environments in the world, along major -- alongside major marketplaces, such as Amazon and Alibaba.

Commerce Cloud 現在是世界上最大的商業環境之一，與亞馬遜和阿里巴巴等主要市場並駕齊驅。

Marc also mentioned that trust is our #1 value.

Marc 還提到信任是我們的第一價值。

It's obviously very, very important to us but innovation is a core value as well, and in the fourth quarter, we rolled out our Spring '18 release to all of our customers, which has over 300 innovations, including exciting enhancements to the Lightning platform and new Einstein innovations across our clouds.

這顯然對我們非常非常重要，但創新也是核心價值，在第四季度，我們向所有客戶推出了 Spring '18 版本，其中包含 300 多項創新，包括對閃電平台的令人興奮的增強以及跨雲的新 Einstein 創新。

And speaking of Einstein, we are seeing tremendous momentum.

說到愛因斯坦，我們看到了巨大的勢頭。

And we just hit an incredible milestone, producing over 1 billion predictions in a single day.

我們剛剛達到了一個令人難以置信的里程碑，在一天內產生了超過 10 億個預測。

And nobody but Salesforce can deliver these deep customer insights at scale, so it's very, very exciting with that momentum.

除了 Salesforce，沒有人可以大規模地提供這些深入的客戶洞察，因此這種勢頭非常非常令人興奮。

Finally, I want to give a quick update on EU, on the EU General Data Protection Regulation, which will come into effect on May 25.

最後，我想簡要介紹一下將於 5 月 25 日生效的歐盟通用數據保護條例。

We welcome the GDPR as an important step for customers to strengthen their privacy programs, and we are committed to helping our customers prepare for it every single day.

我們歡迎 GDPR 作為客戶加強其隱私計劃的重要一步，我們致力於幫助我們的客戶每天做好準備。

So in closing, I want to thank our customers, our partners, our employees for their continued trust in us and for contributing to just an outstanding Q4 and just great full year results.

最後，我要感謝我們的客戶、合作夥伴、員工對我們的持續信任，並感謝他們為出色的第四季度和出色的全年業績做出了貢獻。

So thanks, everybody, for that.

所以謝謝大家。

And now I'd like to turn it over to Mark Hawkins who will talk about our financial execution in the quarter.

現在我想把它交給馬克霍金斯，他將談論我們在本季度的財務執行情況。

Mark?

標記？

Great.

偉大的。

Thanks, Keith.

謝謝，基思。

And as you've heard, we delivered another year of outstanding financial performance.

正如您所聽到的，我們又實現了出色的財務業績。

We posted strong top line and operating cash flow growth and importantly delivered non-GAAP operating margin expansion for the fourth consecutive year.

我們公佈了強勁的收入和經營現金流增長，重要的是連續第四年實現了非公認會計原則的營業利潤率增長。

This is particularly significant, given the exceptionally strong new business we achieved in the fourth quarter.

鑑於我們在第四季度取得的異常強勁的新業務，這一點尤為重要。

Let me discuss the highlights of Q4 and FY '18.

讓我討論一下 Q4 和 FY '18 的亮點。

The fourth quarter revenue grew 24% in dollars and 21% in constant currency, excluding the year-over-year FX tailwind of $64 million.

第四季度收入以美元計算增長 24%，按固定匯率計算增長 21%，不包括 6400 萬美元的同比外匯順風。

We also saw a sequential FX tailwind of $8 million.

我們還看到了 800 萬美元的連續外匯順風。

For the full year, revenue grew 25% in dollars and 24% in constant currency.

全年收入以美元計算增長 25%，以固定貨幣計算增長 24%。

We drove strong year-over-year subscription and support revenue growth across each of the clouds in the fourth quarter.

我們在第四季度推動了強勁的同比訂閱並支持每個雲的收入增長。

Sales Cloud grew 16% and exited the year at $3.7 billion in terms of the run rate.

Sales Cloud 增長了 16%，並以 37 億美元的運行率退出了這一年。

Service Cloud grew 28% and is now at a run rate of more than $3.1 billion.

Service Cloud 增長了 28%，現在的運行速度超過 31 億美元。

Platform and other grew 37% and is now at a run rate of more than $2.1 billion.

Platform and other 增長了 37%，現在的運行速度超過 21 億美元。

And Marketing and Commerce Cloud grew 33% and is now at a run rate of nearly $1.6 billion.

營銷和商務雲增長了 33%，目前的運行速度接近 16 億美元。

Each of these clouds benefited from an FX tailwind that was similar to our revenue tailwind of approximately 3%.

這些雲中的每一個都受益於外匯順風，類似於我們約 3% 的收入順風。

Dollar attrition for the fourth quarter, including Marketing Cloud, was slightly below 10%, which is an improvement over last year.

包括 Marketing Cloud 在內的第四季度的美元損耗略低於 10%，比去年有所改善。

Turning to margin.

轉向邊緣。

You may recall in November, we discussed the dynamics of increased operating margin pressure associated with accelerating growth during our Analyst Day presentation.

您可能還記得 11 月，我們在分析師日演講中討論了與加速增長相關的營業利潤率壓力增加的動態。

We refer to this as model leverage.

我們將此稱為模型槓桿。

This is exactly what transpired in the fourth quarter as we saw an acceleration in our new businesses year-over-year and therefore incurred higher commissions and other selling-related expenses.

這正是第四季度發生的情況，因為我們看到我們的新業務同比增長，因此產生了更高的佣金和其他與銷售相關的費用。

In addition, there's 4 factors impacting our selling cost: first, our enterprise strength; secondly, our strength in our international businesses; third, the investment and the strength in our newly acquired businesses; and then fourth, the acceleration of our sales hiring.

此外，影響我們銷售成本的因素有四個：第一，我們的企業實力；其次，我們在國際業務方面的實力；第三，我們新收購業務的投資和實力；第四，我們銷售招聘的加速。

In that context, we're pleased to drive operating leverage in the business.

在這種情況下，我們很高興推動業務的運營槓桿。

And as a result, we delivered 128 basis points of non-GAAP operating margin improvement for the full year.

因此，我們全年實現了 128 個非公認會計原則營業利潤率的提高。

The fourth quarter non-GAAP EPS was $0.35, up 25% over last year.

第四季度非公認會計原則每股收益為 0.35 美元，比去年增長 25%。

For the full year, we delivered $1.35, up 34% in FY -- over FY '17.

全年，我們交付了 1.35 美元，比 17 財年增長 34%。

EPS benefited by approximately $0.02 in the fourth quarter related to net realized gains from our strategic investment portfolio.

與我們戰略投資組合的已實現淨收益相關，第四季度每股收益受益約 0.02 美元。

Q4 operating cash flow was $1.05 billion, up 49% year-over-year.

第四季度運營現金流為 10.5 億美元，同比增長 49%。

For the full year, we delivered $2.74 billion, up 27% over last year.

全年，我們交付了 27.4 億美元，比去年增長 27%。

This translated to an operating cash flow yield of 26.1%, which was up slightly over FY '17.

這轉化為 26.1% 的運營現金流收益率，略高於 17 財年。

CapEx for the year was $534 million or approximately 5.1% of revenue, down from 5.5% in FY '17.

該年度的資本支出為 5.34 億美元，約佔收入的 5.1%，低於 17 財年的 5.5%。

CapEx primarily consists of leasehold improvements, followed by global data center investments.

資本支出主要包括租賃改善，其次是全球數據中心投資。

For FY '19, we expect CapEx to be approximately 5% of revenue.

對於 19 財年，我們預計資本支出約為收入的 5%。

Turning to free cash flow.

轉向自由現金流。

We -- and that's defined as cash flow less CapEx.

我們——這被定義為現金流減去資本支出。

This was $914 million in the fourth quarter, up 63% over last year.

第四季度為 9.14 億美元，比去年增長 63%。

And I'm very pleased to report that our full year free cash flow was $2.2 billion, up 30% over FY '17.

我很高興地報告，我們全年的自由現金流為 22 億美元，比 17 財年增長 30%。

Deferred revenue ended the year at more than $7 billion, up 28% in dollars and 25% in constant currency, excluding an FX tailwind of $130 million.

截至年底，遞延收入超過 70 億美元，按美元計算增長 28%，按固定匯率計算增長 25%，不包括 1.3 億美元的外匯順風。

On a sequential basis, deferred revenue benefited from an FX tailwind of $56 million.

在連續的基礎上，遞延收入受益於 5600 萬美元的外匯順風。

Our unbilled deferred revenue ended the quarter at approximately $13.3 billion, up 48% over last year.

截至本季度末，我們未開票的遞延收入約為 133 億美元，比去年增長 48%。

Now let me elaborate on those results.

現在讓我詳細說明這些結果。

In addition to a very strong quarter of new business that we discussed, we also had a very strong renewals quarter, including some of the largest renewals in our history.

除了我們討論的一個非常強勁的季度新業務外，我們還有一個非常強勁的續訂季度，包括我們歷史上一些最大的續訂。

Looking at our top 10 customers up for renewal in Q4, 8 of the 10 expanded their relationships with us in this quarter.

看看我們在第四季度需要續約的前 10 名客戶，這 10 名客戶中有 8 名在本季度擴大了與我們的關係。

Both of these factors drove this outstanding growth in our billed and unbilled deferred revenue.

這兩個因素推動了我們的已開票和未開票遞延收入的顯著增長。

Moving on to guidance.

繼續指導。

Coming off our record fourth quarter, we are raising our full year 2019 revenue guidance to $12.6 billion to $12.65 billion, up 20% and to 21% year-over-year growth.

在第四季度創紀錄的基礎上，我們將 2019 年全年收入指引提高至 126 億美元至 126.5 億美元，同比增長 20% 和 21%。

Our performance in FY '18 and especially the fourth quarter reinforces our confidence in our ability to reach our long-term target of $20 billion to $22 billion in revenue by FY '22.

我們在 18 財年，尤其是第四季度的表現增強了我們對在 22 財年實現收入 200 億至 220 億美元的長期目標的信心。

With consistent durable growth guided for FY '19, we expect to deliver 125 to 150 basis points of non-GAAP operating margin improvement in FY '19, driven by continued improvement in operating leverage.

在 19 財年持續持續增長的指導下，我們預計在運營槓桿持續改善的推動下，非 GAAP 營業利潤率將在 19 財年提高 125 至 150 個基點。

We are lowering our fixed long-term projected non-GAAP tax rate to 21.5% for FY '19 from 34.5% in FY '18, primarily due to the new U.S. Tax Act.

主要由於新的美國稅法，我們將 19 財年的固定長期預計非公認會計原則稅率從 18 財年的 34.5% 降低至 21.5%。

And this rate reflects our currently available information.

這個比率反映了我們目前可用的信息。

Due to our ongoing analysis of the Tax Act over the measurement period as well as the rapidly evolving international tax environment and the operations of our business, this rate is subject to change.

由於我們在評估期內對稅法的持續分析以及快速發展的國際稅收環境和我們的業務運營，該稅率可能會發生變化。

We expect other income and expense to be roughly flat year-over-year when excluding the net realized gains from strategic investments recognized in FY '18.

如果不包括 18 財年確認的戰略投資的已實現淨收益，我們預計其他收入和支出將與去年同期大致持平。

Keep in mind that with the adoption of ASU 2016-01 in Q1, there may be additional OIE volatility as we mark-to-market our investments as required.

請記住，隨著第一季度採用 ASU 2016-01，可能會出現額外的 OIE 波動，因為我們根據需要對我們的投資進行盯市。

We are initiating our FY '19 GAAP diluted EPS of $0.61 to $0.63 and our non-GAAP diluted EPS guidance of $2.02 to $2.04.

我們正在啟動我們的 FY '19 GAAP 稀釋每股收益為 0.61 美元至 0.63 美元，我們的非 GAAP 稀釋每股收益指引為 2.02 美元至 2.04 美元。

We expect the full year fiscal 2019 operating cash flow growth of 20% to 21% year-over-year.

我們預計 2019 財年全年運營現金流量同比增長 20% 至 21%。

For Q1, we're expecting revenue of $2.925 billion to $2.935 billion, our GAAP diluted EPS of $0.09 to $0.10 and non-GAAP diluted EPS of $0.43 to $0.44.

對於第一季度，我們預計收入為 29.25 億美元至 29.35 億美元，我們的 GAAP 攤薄後每股收益為 0.09 美元至 0.10 美元，非 GAAP 攤薄後每股收益為 0.43 美元至 0.44 美元。

Turning to deferred revenue.

轉向遞延收入。

As we transition from ASC 605 to ASU 606 in Q1, we will no longer be reporting or guiding to deferred revenue.

隨著我們在第一季度從 ASC 605 過渡到 ASU 606，我們將不再報告或指導遞延收入。

However, for consistency, we want to provide you with a bridge to the first quarter until we report under the new accounting standard.

但是，為了保持一致性，我們希望為您提供通往第一季度的橋樑，直到我們根據新會計準則進行報告。

In that context, we expect our year-over-year deferred revenue growth of 23% to 24% in Q1.

在這種情況下，我們預計第一季度的遞延收入同比增長 23% 至 24%。

Let me remind you that these results and our guidance are all under the prior accounting standards, including ASC 605 and pre-revision ASC 340.

讓我提醒您，這些結果和我們的指導均符合先前的會計準則，包括 ASC 605 和修訂前的 ASC 340。

We expected to provide our updated Q1 and FY '19 guidance, including revenue and EPS under the new and revised accounting standards in the first quarter.

我們預計將在第一季度提供更新的第一季度和 19 財年指導，包括根據新的和修訂的會計準則的收入和每股收益。

So to close, our fourth quarter results drove an outstanding finish to the fiscal 2018, including our fourth consecutive year of non-GAAP operating margin improvement.

因此，結束時，我們的第四季度業績推動了 2018 財年的出色完成，包括我們連續第四年非 GAAP 營業利潤率提高。

I'd like to thank our employees, our customers, our partners and yes, our shareholders as well for your continued support.

我要感謝我們的員工、我們的客戶、我們的合作夥伴，是的，我們的股東，以及你們一直以來的支持。

And with that, I'd like to open up the question for calls -- the call for questions.

有了這個，我想提出電話問題- 問題電話。

Thank you.

謝謝你。

(Operator Instructions) And your first question comes from Karl Keirstead from Deutsche Bank.

（操作員說明）您的第一個問題來自德意志銀行的 Karl Keirstead。

I wanted to congratulate you on that unbilled backlog number of $13.3 billion, that's amazing.

我想祝賀你未開票的積壓數量為 133 億美元，這太棒了。

And maybe it's a 2-parter.

也許它是一個 2-parter。

Maybe for Keith.

也許對於基思。

Keith, what's causing the unbilled to ramp so high?

基思，是什麼導致未開票的人數如此之高？

I know Marc mentioned a lot of renewals, but are these larger deals longer-term contracts that are contributing to that?

我知道 Marc 提到了很多續約，但這些較大的交易是否是促成這種情況的長期合同？

And then maybe for Mark Hawkins.

然後也許是馬克霍金斯。

We don't know what the duration of that unbilled backlog is.

我們不知道未開票積壓的持續時間是多少。

Can you offer any color as to how it will roll into deferred revenue in fiscal '19 and fiscal '20?

您能否提供任何顏色來說明它將如何在 19 財年和 20 財年轉入遞延收入？

This is Keith.

這是基思。

So thanks for the question.

所以謝謝你的問題。

I mean, there's a few things here that I think are really contributing to what's going on here.

我的意思是，我認為這裡有一些事情確實有助於這裡發生的事情。

And at the end of the day, it really comes back to the strategic relationships that we're driving with these customers.

歸根結底，這真的回到了我們與這些客戶建立的戰略關係。

They are more deeper, they are more meaningful relationships.

它們更深，它們是更有意義的關係。

We're driving their digital transformations.

我們正在推動他們的數字化轉型。

And that results in more large contracts than ever, more large customers than ever, longer contracts in terms of duration and a lot of multi-cloud solutions because we're selling solutions and not so much features and functions.

這導致比以往任何時候都更多的大合同、更多的大客戶、更長的合同期限以及大量的多雲解決方案，因為我們銷售的是解決方案，而不是太多的特性和功能。

So all of those are certainly contributing to the financial metrics that you're referencing in your question.

因此，所有這些都肯定有助於您在問題中引用的財務指標。

But at the end of the day, these are deeper, longer relationships with these customers, and that's why the deals are longer and we're seeing the renewals, which obviously is a huge, huge indicator of their confidence in our solutions and in our partnerships.

但歸根結底，與這些客戶建立了更深、更長久的關係，這就是為什麼交易時間更長，我們看到續約的原因，這顯然是他們對我們的解決方案和我們的解決方案充滿信心的一個巨大的、巨大的指標。夥伴關係。

And we've had a record number of very large renewals as well.

我們也有創紀錄的大量續訂。

Yes, and I'll just add on to Keith's point.

是的，我將補充基思的觀點。

I totally agree on the deeper and strategic relationships, people want to grow longer and bigger with us as you can see with the numbers.

我完全同意更深層次和戰略性的關係，正如您從數字中看到的那樣，人們希望與我們一起變得越來越大。

In terms of growth specifically, the duration for unbilled DR that duration is up slightly about a month.

具體而言，就增長而言，未計費 DR 的持續時間略微增加了大約一個月。

And your next question comes from Kash Rangan from Bank of America Merrill Lynch.

您的下一個問題來自美銀美林的 Kash Rangan。

It's been what, 13, 14 years since you went public.

自從你上市以來，已經有 13 年、14 年了。

Question for Marc.

馬克的問題。

As you look at other large technology companies in software, without naming names, they have had a hard time getting to $20 billion in revenue and maintaining very solid growth rate.

當您查看其他大型軟件技術公司時，如果沒有命名，它們很難達到 200 億美元的收入並保持非常穩健的增長率。

How do you think -- how do we -- how should you -- how should we think about salesforce.com, given your organic revenue target of $20 billion?

鑑於您的有機收入目標為 200 億美元，您認為 - 我們如何 - 您應該如何 - 我們應該如何看待 salesforce.com？

How much can the continue -- company continue to grow at an exciting enough pace, capitalizing on all the innovation that you see in the industry?

利用您在行業中看到的所有創新，公司可以繼續以足夠令人興奮的速度增長多少？

What is different about this cycle versus the other peers that have struggled to maintain that kind of growth?

這個週期與其他努力維持這種增長的同行有什麼不同？

Well, thanks, Kash and I'll really just start out by congratulating Keith and his whole organization because honestly, I've just never seen a quarter like this.

嗯，謝謝，Kash 和我首先要祝賀 Keith 和他的整個組織，因為老實說，我從來沒有見過這樣的季度。

This was a blowout quarter.

這是一個井噴的季度。

And just the performance of that organization and their acuity, capability to deliver was shocking to even to me.

就連該組織的表現和他們的敏銳度和交付能力都讓我感到震驚。

And it shows up right there in that number.

它就出現在那個數字中。

You can see it right there in front of you now.

你現在可以在你面前看到它。

I've been really excited to be able to talk about that with you.

能夠和你談論這個我真的很興奮。

More than $20 billion of booked business on and off the balance sheet, up 40%.

超過 200 億美元的資產負債表內外業務，增長 40%。

There is no way we could have said that to you a year ago.

一年前我們不可能對你這麼說。

That is beyond our expectation.

這超出了我們的預期。

And it really has to do with the performance of the organization, number one.

它確實與組織的績效有關，第一。

Number two, and this really gets to your point, I think that, and I had dinner last night with 20 Fortune 100 CEOs here in New York, which is one of the reasons that I came to town.

第二，我認為這真的很符合你的觀點，我昨晚在紐約與 20 位財富 100 強的 CEO 共進晚餐，這也是我來到這裡的原因之一。

And of course, we're all on a very fast-moving economic freight train.

當然，我們都乘坐著快速行駛的經濟貨運列車。

We've seen incredible increase in investment activity with our customers, especially accelerated with these tax cuts.

我們已經看到與客戶的投資活動出現了驚人的增長，尤其是隨著這些減稅措施的加速。

That has been amazing to us.

這對我們來說太棒了。

But squarely in the center of each and every one of their consciousness is the digital transformation that their company is going through.

但他們每個人的意識中心正是他們公司正在經歷的數字化轉型。

It doesn't matter if they're a consumer product goods company, CEO or financial services or a retail or any industry or any geography.

無論他們是消費品公司、首席執行官還是金融服務公司、零售業或任何行業或任何地區，都無關緊要。

Every CEO is thinking about their digital transformation.

每個 CEO 都在考慮他們的數字化轉型。

And I think you and I know that every digital transformation begins and ends with the customer.

我想你我都知道，每一次數字化轉型都始於客戶，也始於客戶。

This is very powerful and it's why we have so much activity in our company.

這是非常強大的，這就是我們公司有這麼多活動的原因。

Of course, we're the #1 customer company in the world.

當然，我們是世界上排名第一的客戶公司。

No other company in the history of the software industry has been as focused on customer relationship management but how companies can have a customer transformation as Salesforce.

軟件行業歷史上沒有任何一家公司像 Salesforce 那樣專注於客戶關係管理，而是公司如何進行客戶轉型。

And this alone, focus, has accelerated our growth.

僅這一點，重點，就加速了我們的成長。

You can see that in the numbers.

你可以在數字中看到這一點。

So certainly, how we finished our year in fiscal year '18 is not where we thought we would start.

因此，當然，我們在 18 財年結束這一年的方式並不是我們認為的開始。

We raised guidance, I think, almost in each and every quarter.

我認為，我們幾乎在每個季度都提出了指導意見。

And yet we still ended up above that.

然而，我們仍然超越了這一點。

And that's why we've raised again here $150 million.

這就是我們在這裡再次籌集 1.5 億美元的原因。

This is the most we've ever raised in the history of the company because we're just ahead of where we thought would be.

這是我們在公司歷史上籌集到的最多資金，因為我們剛剛超出了我們的預期。

So we are -- obviously, $10 billion is now behind us and $20 billion is ahead of us.

所以我們 - 很明顯，100 億美元現在落後於我們，200 億美元在我們前面。

And it's our dream.

這是我們的夢想。

We're going to be the fastest to $20 billion.

我們將最快達到 200 億美元。

But when you have $20 billion already on the -- on and off the balance sheet, you know that, that is -- we're a huge step on the way there.

但是，當您已經在資產負債表內外擁有 200 億美元時，您就會知道，也就是說，我們在實現這一目標的道路上邁出了一大步。

So that's what I couldn't be more excited about.

所以這就是我不能更興奮的。

The position the company is in, its competitiveness, its ability to perform, the quality of the customer relationships, the quality of the products, the integration of the acquisitions, the culture, Fortune #1 Best Place to Work, all of these things have come together in just a really beautiful way, and I'm extremely grateful.

公司所處的位置、競爭力、執行能力、客戶關係的質量、產品的質量、收購的整合、文化、財富排名第一的最佳工作場所，所有這些都有以一種非常美麗的方式走到一起，我非常感激。

And your next question comes from Richard Davis from Canaccord.

您的下一個問題來自 Canaccord 的 Richard Davis。

This is kind of a strategy question.

這是一個戰略問題。

So if you think about it, whatever, 15 years ago, no one thought software companies could run hardware, and then today, you have Amazon, Google, Microsoft with kind of cloud computing systems.

所以如果你想一想，不管怎樣，15 年前，沒有人認為軟件公司可以運行硬件，而今天，亞馬遜、谷歌、微軟擁有云計算系統。

So the question that I wrestle with is, right now, you guys kind of use those compute layer firms for surge capacity, you and others.

所以我要解決的問題是，現在，你們使用那些計算層公司來增加容量，你們和其他人。

But why or why not would it make sense for Salesforce to push out most of its compute load to these specialists?

但是，為什麼 Salesforce 將其大部分計算負載推給這些專家？

Does that ever make sense in the future or just kind of thinking about full circle in terms of evolution?

這在未來是否有意義，或者只是從進化的角度考慮完整的循環？

Yes.

是的。

Well, I think that the way to think about that is we have a comprehensive integrated approach.

嗯，我認為考慮這一點的方法是我們有一個全面的綜合方法。

And where it makes sense to use infrastructure, for example, in a country like Canada or Singapore, we have tremendous relationships with organizations like Amazon and Google where we're going to do that.

在使用基礎設施有意義的地方，例如在加拿大或新加坡這樣的國家，我們與亞馬遜和谷歌等組織有著密切的關係，我們將在這些地方這樣做。

Even during the quarter, we've announced that we're going to be using IBM, has become one of our preferred cloud providers.

即使在本季度，我們也宣布我們將使用 IBM，它已成為我們首選的雲提供商之一。

That -- that's appropriate to have our ability to operate proprietary data centers like we do here in the United States.

那——這對於我們擁有運營專有數據中心的能力來說是合適的，就像我們在美國所做的那樣。

We also use that infrastructure, for example, underneath one of our core platforms, Heroku, as you know, which has become one of the largest application development capabilities in the world.

我們還使用該基礎架構，例如，在我們的核心平台之一 Heroku 下，如您所知，它已成為世界上最大的應用程序開發能力之一。

And we are also live on Amazon in Canada and Australia.

我們也住在加拿大和澳大利亞的亞馬遜上。

So we will use the correct provider at the correct time, whether that's us or whether that's Amazon, Google or IBM.

因此，我們將在正確的時間使用正確的提供商，無論是我們還是亞馬遜、谷歌或 IBM。

Your next question comes from Heather Bellini from Goldman Sachs.

您的下一個問題來自高盛的 Heather Bellini。

Marc, listening to your comments about the macro, I guess I'm wondering, how far back would you have to go to find a time that you were equally as positive on the demand environment?

馬克，聽了你對宏觀的評論，我想我想知道，你需要多遠才能找到一個你對需求環境同樣積極的時間？

And I guess, the second question is just with Einstein being embedded more and more into your product set, how do you see monetization evolving?

我想，第二個問題是隨著愛因斯坦越來越多地嵌入到你的產品集中，你如何看待貨幣化的發展？

Well, Einstein, let's start there.

好吧，愛因斯坦，讓我們從那裡開始。

I mean, we're ahead of our predictions there also, and that's what I've been talking about.

我的意思是，我們在那裡也超前於我們的預測，這就是我一直在談論的。

We are doing, I think it's more than 1 billion predictions a day with Einstein already.

我們正在做，我認為愛因斯坦每天的預測已經超過 10 億次。

So our systems are dramatically enhanced through our deep machine intelligence, machine learning and deep learning architecture known as Einstein, Salesforce Einstein, which has become a critical part of our CRM, first and foremost, highly differentiated against our competition who has yet to be able to put in artificial intelligence in the quality, capability and scale that we have it deeply integrated into our application set across the board, whether you're using Commerce Cloud like Adidas is, whether you're using Sales Cloud like Cisco is or whether you're using an incredible product like Service Cloud like Intuit is, Einstein is in there now.

因此，我們的系統通過我們被稱為 Einstein 的深度機器智能、機器學習和深度學習架構得到顯著增強，Salesforce Einstein 已成為我們 CRM 的關鍵部分，首先，與我們的競爭對手高度差異化將人工智能的質量、能力和規模融入到我們的應用程序集中，無論您使用的是阿迪達斯這樣的商業雲，還是思科這樣的銷售雲，或者您是否使用'正在使用像 Intuit 這樣的 Service Cloud 這樣令人難以置信的產品，愛因斯坦現在就在那裡。

And customers love it because it just makes their employees better.

客戶喜歡它，因為它只會讓他們的員工變得更好。

It's the perfect use case for artificial intelligence, enhancing human performance.

這是人工智能的完美用例，可以提高人類的表現。

And we're going to do a lot more of that.

我們將做更多這樣的事情。

We've only really been at this now for about a year, but it's going far better than we expected, and we'll continue to enhance and extend our artificial intelligence capability.

我們現在才真正做到這一點大約一年，但它比我們預期的要好得多，我們將繼續增強和擴展我們的人工智能能力。

In regards to the overall demand environment, in my personal experiences with Chief Executive Officers over the last month in both international, specifically in Davos, where I was with hundreds of CEOs or in other business forums here domestically, where I've also been with hundreds of CEOs, I can empirically tell you, I have never seen a demand environment like this.

關於整體需求環境，根據我上個月在國際上與首席執行官的個人經歷，特別是在達沃斯，我與數百名首席執行官或在國內的其他商業論壇，我也曾在那裡數百位 CEO，我可以憑經驗告訴你，我從未見過這樣的需求環境。

I cannot quantify that.

我無法量化。

I can just tell you that every CEO is using the positive economic environment but also the domestic tax cuts as ways to accelerate their digital transformations.

我只能告訴你，每一位 CEO 都在利用積極的經濟環境以及國內減稅措施來加速他們的數字化轉型。

And it is putting it #1 on all of their lists, which it should be.

它把它放在他們所有的名單上，這是應該的。

And this is really exciting for us and for others, of course.

當然，這對我們和其他人來說都非常令人興奮。

But for a company like us, we can help these companies get connected with their customers in a whole new way.

但對於像我們這樣的公司，我們可以幫助這些公司以全新的方式與客戶建立聯繫。

And that is we have the ability -- we have the great products and we have the distribution capacity to be able to directly address them.

那就是我們有能力——我們有很棒的產品，我們有分銷能力能夠直接解決它們。

I hope that answers your questions, Heather.

我希望這能回答你的問題，希瑟。

And your next question comes from John DiFucci with Jefferies.

您的下一個問題來自 Jefferies 的 John DiFucci。

A question I have is on the enterprise business.

我的一個問題是關於企業業務的。

I think it's mainly for Keith but maybe for Mark Hawkins, too.

我認為這主要是為了基思，但也可能是為了馬克霍金斯。

Keith, from our work, that enterprise business really started to kick in a little more than 2 years ago.

Keith，從我們的工作來看，企業業務在兩年多前才真正開始起步。

And one of the nice things about this segment is that when you become a strategic vendor or partner to your customers, some of the stuff that Marc Benioff was talking about, in time, they come back and they buy more from you, which is often in the form of add-on large deals again.

這個細分市場的好處之一是，當您成為客戶的戰略供應商或合作夥伴時，馬克·貝尼奧夫（Marc Benioff）談到的一些東西，及時，他們回來並從您那裡購買更多，這通常是再次以附加大筆交易的形式。

And whether it's more seats or more products.

無論是更多的座位還是更多的產品。

And you talked about this happening in financial services.

你談到了金融服務中發生的這種情況。

But we're also hearing about it in your other vertical focus areas.

但我們也在你的其他垂直焦點領域聽到了它。

I guess, the question is, shouldn't those add-on or follow-up deals essentially be more efficient captures and, for instance, perhaps requiring a shorter sales cycle?

我想，問題是，這些附加或後續交易本質上不應該是更有效的捕獲，例如，可能需要更短的銷售週期嗎？

Shouldn't this at least directionally be more profitable over time?

隨著時間的推移，這至少在定向上不應該更有利可圖嗎？

And I realize you've already given guidance on -- Mark Hawkins has, and you have other investments to make, but just on this particular, I just want to make sure I understand how this should evolve over time.

而且我意識到你已經給出了指導——馬克霍金斯已經有了，你還有其他投資要做，但就這一點而言，我只是想確保我了解隨著時間的推移這應該如何發展。

Keith, before you jump in on that, I just want Mark to specifically address that because...

基思，在你開始之前，我只想讓馬克特別解決這個問題，因為......

Yes, happy to do so.

是的，很高興這樣做。

And John, thank you for the question.

約翰，謝謝你的問題。

In fact, we are raising our profitability as we talked about.

事實上，正如我們所說，我們正在提高我們的盈利能力。

This is the -- I just guided the fifth year in a row of expanding the profitability.

這是 - 我剛剛連續第五年指導擴大盈利能力。

One of the things that we see kind of akin to what we talked about at the Dreamforce Analyst Day is that there are some costs incurred with growth basically that impact the short term but we still were able to expand our operating...

我們看到的一件事類似於我們在 Dreamforce 分析師日所討論的內容，那就是增長會產生一些成本，這些成本基本上會影響短期，但我們仍然能夠擴大我們的運營……

But what happens when we blow out a quarter like we did in Q4, Mark?

但是，當我們像第四季度那樣爆發季度時會發生什麼，馬克？

Does that impact then the amount of profit we show for that quarter?

這是否會影響我們在該季度顯示的利潤金額？

In fact, it does.

事實上，確實如此。

What happens is we'll take go-to-market expenses like commissions and that type of thing in the short term, and now you'll see that show up.

所發生的情況是，我們將在短期內收取佣金等進入市場的費用，現在你會看到它的出現。

And then basically, what we have is great long-term economics that are going to benefit.

然後基本上，我們所擁有的是將受益的偉大的長期經濟學。

So one of the things that I would say...

所以我想說的一件事...

So what you're saying is you'll see if we have a great quarter in expansion, deferred revenue, for example.

所以你說的是你會看到我們是否有一個很好的擴張季度，例如遞延收入。

But in-quarter expense for commission is also [sales].

但佣金的季度費用也是[銷售額]。

This is exactly right...

這完全正確...

Should we tell Keith then to be selling less?

那麼我們應該告訴基思少賣嗎？

Is that the point?

這是重點嗎？

No, I think the thing that's powerful about this is that we have -- if you think about creating annuity, it has a lifetime economics of north of 35% margin.

不，我認為這方面的強大之處在於我們擁有 - 如果您考慮創建年金，它的終生經濟利潤率超過 35%。

And what we're seeing is the short-term pressure even with add-on businesses Marc if we're paying commissions and people finish with a strong year, you can have accelerators and that type of thing.

我們看到的是短期壓力，即使是附加業務馬克，如果我們支付佣金並且人們以強勁的一年結束，你可以擁有加速器和類似的東西。

People have a strong demand environment, which we saw with the billed and unbilled DR. And in fact, that has a short-term of -- the cause and effects, but we still delivered.

人們有一個強大的需求環境，我們在計費和未計費的 DR 中看到了這一點。事實上，這具有短期的因果關係，但我們仍然交付了。

This is the point, we still delivered the margin expansion despite that so...

這就是重點，儘管如此，我們仍然實現了利潤率擴張......

So we should tell Keith then to go ahead and sell in Q1?

那麼我們應該告訴基思在第一季度繼續銷售嗎？

Definitely.

確實。

All right, very good.

好的，非常好。

Keith, you can go ahead then and...

基思，那你可以繼續...

I think first quarter and if you blow it out again, we're going to -- it's okay, we'll handle it.

我認為第一季度，如果你再次爆發，我們會 - 沒關係，我們會處理它。

Go ahead.

前進。

Well, I think you gentlemen articulated that very nicely.

嗯，我認為你們先生說得很好。

So I think the only thing that I would add to that, John, is Marc used the phrase lifetime economics.

所以我想我唯一要補充的是，約翰，馬克使用了終身經濟學這個詞。

And I think as we all know, the -- we run a balanced portfolio of business and we do a lot of work in the SMB.

我認為，眾所周知，我們經營著平衡的業務組合，我們在 SMB 做了很多工作。

We do a lot of stuff in the mid-market.

我們在中端市場做了很多事情。

We have focused, as you pointed out, a lot in the enterprise as we continue to become a global company and become an enterprise class company.

正如您所指出的，隨著我們繼續成為一家全球性公司並成為一家企業級公司，我們在企業中投入了很多精力。

That means longer, deeper relationships, as I said in my opening comments.

正如我在開場白中所說，這意味著更長、更深的關係。

But we really are playing the long game here.

但我們真的在這裡打了一場持久戰。

And I guess, there are 2 factors that I think about.

我想，我考慮了兩個因素。

One is the fact that we are able to land and expand in these large accounts and over time, build out those very strategic relationships, which really culminates in these very large deals.

一個是我們能夠在這些大客戶中登陸和擴張，隨著時間的推移，建立起那些非常具有戰略意義的關係，最終最終促成了這些非常大的交易。

I mean, you think about the doubling the number of $20 million relationships that we have year-over-year.

我的意思是，你想想我們每年擁有的 2000 萬美元的關係數量翻了一番。

That's pretty staggering.

這是相當驚人的。

But that also bodes well for the long game.

但這對於長期比賽來說也是個好兆頭。

And of course, there are natural -- you would expect that there'll be natural efficiencies over time.

當然，還有自然的——你會期望隨著時間的推移會有自然的效率。

But the other thing you ought to think about too is that many of these deals are aligned to the schedule of the customers as they deploy.

但您也應該考慮的另一件事是，這些交易中的許多都與客戶部署時的時間表保持一致。

A lot of this, as you suggested, is when a customer is up for renewal, we have the opportunity to expand the solution because the demand is there or because we've demonstrated our capabilities because we understand their business, because we speak the language of the customer and their industry.

正如您所建議的那樣，其中很多是當客戶需要更新時，我們有機會擴展解決方案，因為需求在那裡，或者因為我們展示了我們的能力，因為我們了解他們的業務，因為我們會說這種語言客戶及其行業。

And that's why a lot of these renewals also included additional sales associated with them.

這就是為什麼很多這些續訂還包括與之相關的額外銷售。

So we're just executing very, very well across the board in the balanced portfolio.

因此，我們在平衡的投資組合中全面執行得非常非常好。

And I will say I'm proud of every organization of the company that has focused in all these market segments and all these geographies.

我會說，我為公司的每個組織都專注於所有這些細分市場和所有這些地區感到自豪。

But yes, we have been focusing a lot in the enterprise.

但是，是的，我們一直非常關注企業。

It's kind of -- it's relatively new capability within the age scale of Salesforce.

它有點——在 Salesforce 的年齡範圍內是相對較新的功能。

But the execution has just been fantastic.

但執行簡直太棒了。

Your next question comes from Mark Murphy with JPMorgan.

您的下一個問題來自摩根大通的 Mark Murphy。

So Marc, you described it as perhaps our best quarter ever.

所以馬克，你形容它可能是我們有史以來最好的季度。

And Keith, you said execution was as strong as you've seen in your career, and it's a long decorated career obviously.

基思，你說執行力是你職業生涯中所見的那樣強大，顯然這是一個漫長的職業生涯。

The number that is mind-bending is the 48% growth in the unbilled deferred revenue.

令人費解的數字是未開票的遞延收入增長了 48%。

And so I think that was during in the [20s] Ex Demandware.

所以我認為那是在 [20 年代] Ex Demandware 期間。

Can you help us understand maybe just what that number looks like?

你能幫助我們理解這個數字是什麼樣的嗎？

Excuse me, if we try to normalize it for renewals at an extra month of duration, I mean, would it be 40%?

打擾一下，如果我們嘗試將其正常化以延長一個月的續訂時間，我的意思是，它會是 40% 嗎？

If we just try to uncover the new ACV bookings growth.

如果我們只是試圖發現新的 ACV 預訂增長。

And if you can't do that, is there just any other way to try to convey the acceleration that you mentioned in new business growth?

如果你不能做到這一點，有沒有其他方法可以嘗試傳達你在新業務增長中提到的加速？

Keith, I can help a little bit on that too, if you like, on the normalization, if that would be helpful.

基思，如果你願意，我也可以在標準化方面提供一點幫助，如果這會有所幫助的話。

Why don't I just share -- from that standpoint, if you think again, we're talking about only unbilled DR. We put up a number of 48% because of the expanded and deeper relationships that the customers are driving.

我為什麼不分享一下——從這個角度來看，如果你再想一想，我們談論的只是未開票的 DR。由於客戶正在推動擴大和更深入的關係，我們提出了 48% 的數字。

But if you adjust the term length...

但是，如果您調整術語長度...

Is that for short that Keith had a good quarter?

簡而言之，基思有一個不錯的季度嗎？

He had a very good quarter.

他有一個非常好的季度。

A very good quarter.

一個非常好的季度。

And so even if you adjust, when the customers want a slightly longer relationship because it's more strategic for them, you have a number instead of 48%, it's growing closer to 39% on the unbilled if you normalize for that extension that the customers are asking for.

因此，即使您進行了調整，當客戶因為對他們來說更具戰略性而希望建立稍長的關係時，您的數字會從 48% 增加到接近 39%，如果您將客戶的擴展正常化要求。

So to Marc's point, even with that normalization, this is just a number that maybe go back a lot of years to try to find that.

所以在 Marc 看來，即使有了這種正常化，這只是一個可能要追溯到很多年才能找到的數字。

But I hope that helps and Keith, you might want to add...

但我希望這會有所幫助，基思，你可能想添加......

Well, I think that Mark, the analysts are probably -- investors are looking at this and they're seeing, these are percentages that are much higher against companies that we've seen report this week and last week, cloud companies who are dramatically smaller than we are so we're seeing much stronger rates.

好吧，我認為馬克，分析師可能是——投資者正在關注這一點，他們正在看到，這些百分比比我們本周和上週看到的報告的公司要高得多，雲公司的表現非常出色比我們小，所以我們看到的利率要高得多。

Is that fair?

這公平嗎？

I think the demand, the growth at this scale is really -- it characterizes what you and Keith said about an outstanding quarter.

我認為需求，這種規模的增長確實是——它代表了你和基思所說的一個出色的季度。

I mean, the top line is very, very strong.

我的意思是，頂線非常非常強。

And I think one of the things that Keith said that I feel also based on talking to a lot of customers, is the deepness of the relationship is you can feel it, you can see it.

我認為 Keith 所說的其中一件事也是基於與很多客戶的交談，我覺得關係的深度是你可以感覺到，你可以看到它。

We've been talking about this for a few years but that's something that we really see in the commercial side.

幾年來我們一直在談論這個問題，但這是我們在商業方面真正看到的東西。

Keith, do you want to address that?

基思，你想解決這個問題嗎？

I mean, coming into the quarter when we were on the earnings call about 90 days ago, you're obviously expecting a good quarter.

我的意思是，當我們在大約 90 天前的財報電話會議上進入這個季度時，你顯然期待一個不錯的季度。

We gave very strong guidance.

我們給予了非常有力的指導。

How did the quarter play out for you?

這個季度對你來說怎麼樣？

Well, look, I think this is a high-performing company with a culture of high performance along with a culture of a lot of great things.

好吧，聽著，我認為這是一家高績效的公司，擁有高績效的文化以及許多偉大事物的文化。

And I think in every quarter, we expect high performance.

而且我認為在每個季度，我們都期待高性能。

Again, I go back to my opening comments about this is -- it was just really outstanding execution.

再一次，我回到我關於這個的開場白——這真的是非常出色的執行。

We always expect great execution.

我們總是期待出色的執行力。

And this happened to be one of those quarters for the -- it's one for the ages.

而這恰好是那些地方之一——它是一個時代的地方。

And so we're very, very excited about it.

所以我們對此非常非常興奮。

But if I think about what happened behind it, we've been investing for this for a very, very long time.

但是，如果我考慮一下它背後發生的事情，我們已經為此投資了非常非常長的時間。

When you think about our industry specialization, when you think about our international expansion, when you think about our partner ecosystem, these are 3 growth levers that have propelled us past the $10 billion mark.

當您考慮我們的行業專業化時，當您考慮我們的國際擴張時，當您考慮我們的合作夥伴生態系統時，這些是推動我們超過 100 億美元大關的 3 個增長槓桿。

We're hurdling down the highway towards $20 billion.

我們正在向 200 億美元邁進。

And these are foundational things that will help us turn the corner when we approach $20 billion.

這些都是基礎性的東西，可以幫助我們在接近 200 億美元時轉危為安。

So you add all these things up with the right investments with great execution with a growth environment, a situation where the agenda for CEOs is growth, and our message and promise is all about growth, everything just aligned very, very nicely.

因此，您將所有這些事情與正確的投資相結合，並在增長環境中具有出色的執行力，在這種情況下，CEO 的議程是增長，我們的信息和承諾都是關於增長的，一切都非常非常好地結合在一起。

So again, very, very proud of the entire company for just a complete set of execution in the quarter.

因此，我們再次為整個公司在本季度的一整套執行感到非常非常自豪。

And Keith, I just want to add 1 point that you noted here, which is in Q4, we did invest in additional capacity to get prepared for this $20 billion to $22 billion in FY '22 in terms of ADs and that type of thing as well.

基思，我只想補充一點，你在第四季度提到的一點，我們確實投資了額外的產能，為 22 財年的 200 億至 220 億美元的廣告和類似的事情做好準備出色地。

So that's a good attribute for us to position for the future, but that's also important for people to know is an investment we made in Q4 as well.

因此，這是我們為未來定位的一個很好的屬性，但人們知道這也是我們在第四季度進行的一項投資，這一點也很重要。

And your next question comes from Raimo Lenschow from Barclays.

您的下一個問題來自巴克萊銀行的 Raimo Lenschow。

I just wanted to see if you could double-click a little bit on the performance that you saw in the different clouds, especially Service Cloud reaccelerated again.

我只是想看看您是否可以雙擊一下您在不同雲中看到的性能，尤其是 Service Cloud 再次加速。

And it's now on track to kind of maybe almost take over from the Sales Cloud.

現在它有望從銷售雲中接管。

Just talk a little bit to what you're seeing in the different ones, especially on the Service Cloud.

只需談談您在不同的環境中看到的內容，尤其是在 Service Cloud 上。

Well, I'm happy -- this is Keith.

好吧，我很高興——這是基思。

I'm happy to jump in on that.

我很高興參與其中。

And our President of Products is sitting right next to me, Bret Taylor so he may want to comment as well.

我們的產品總裁 Bret Taylor 就坐在我旁邊，所以他可能也想發表評論。

But look, we saw a very strong balance across all of our clouds, which speaks to again our ability to have multi-cloud solutions and specifically around service.

但是看，我們在所有云中看到了非常強大的平衡，這再次說明了我們擁有多雲解決方案的能力，特別是圍繞服務的能力。

If you think about how companies are differentiating themselves, they differentiate with service.

如果您考慮公司如何使自己與眾不同，他們會通過服務來區分。

And we have the leading solution in service.

我們擁有領先的服務解決方案。

We're the market leader.

我們是市場領導者。

We continue to separate and take market share in Service Cloud.

我們繼續在 Service Cloud 中分離並佔據市場份額。

We've had very, very strong execution, and of course, that drags additional product.

我們有非常非常強大的執行力，當然，這會拖累額外的產品。

But again, service is very, very strong and whether it's core service or whether it's field service, these are differentiated products.

但是同樣，服務非常非常強大，無論是核心服務還是現場服務，這些都是差異化的產品。

I don't know, Bret, if you want to respond to that.

我不知道，布雷特，如果你想對此作出回應。

So, I mean, you think about transforming the customer experience, increasingly, your brand is defined by your customer service and that's really what this product represents.

所以，我的意思是，您考慮改變客戶體驗，您的品牌越來越多地由您的客戶服務定義，而這正是該產品所代表的。

And beyond that, it's also being served by the technological changes.

除此之外，它還受到技術變革的影響。

We talk a lot about in the Fourth Industrial Revolution.

我們在第四次工業革命中談論了很多。

If you look at the confluence of artificial intelligence, the growth of devices like the Amazon Echo, the Google Home, mobile -- mobility, they are transforming customer expectations about customer experience and customer service.

如果你看看人工智能的融合，亞馬遜 Echo、谷歌 Home、移動設備等設備的增長，它們正在改變客戶對客戶體驗和客戶服務的期望。

And I think as consumer demand shifts and our platform really represents the opportunity for our customers to modernize their customer service experience, it's really becoming the tip of the spear for our customers' strategy to transform their customer relationships.

我認為，隨著消費者需求的變化，我們的平台確實為我們的客戶提供了現代化客戶服務體驗的機會，它確實成為我們客戶轉變客戶關係戰略的矛頭。

And your next question comes from Bhavan Suri from William Blair.

您的下一個問題來自 William Blair 的 Bhavan Suri。

But 2 sort of strategic questions, I guess.

但我猜有兩種戰略問題。

And maybe for everyone on the queue.

也許對於隊列中的每個人。

So first on Einstein and AI.

所以首先是愛因斯坦和人工智能。

The use cases are pretty broad.

用例非常廣泛。

So you've got sort of this neat scoring stuff, and you've got stuff as deep as sort of some of the stuff you've seen with Coca-Cola, Coors and things like that.

所以你得到了一些簡潔的得分東西，你得到的東西和你在可口可樂、庫爾斯之類的東西中看到的東西一樣深。

As you think about customers, how are they migrating and what percentage have use cases that are much more complex?

當您考慮客戶時，他們是如何遷移的，有多少百分比的用例更複雜？

And then how are you guys thinking about pricing those because the ROI and the value-add, as you get to more complex AI, becomes dramatically -- it's huge and how are you thinking about pricing it?

然後你們是如何考慮定價的，因為投資回報率和增值，隨著你接觸到更複雜的人工智能，變得非常顯著——它是巨大的，你如何考慮定價？

And then my second question maybe for Bret even is D ware seems to be doing really well.

然後我的第二個問題可能是對 Bret 來說，甚至 D ware 似乎做得很好。

But obviously that's just B2C.

但顯然這只是B2C。

How do you guys think about the B2B e-commerce opportunity, which in dollars may be even bigger than B2C.

你們如何看待 B2B 電子商務機會，以美元計算可能比 B2C 更大。

I just want to get some color on those 2 things.

我只是想在這兩件事上加點顏色。

Well, I think Bret, let's specifically start with that B2B opportunity, Keith?

好吧，我認為 Bret，讓我們從 B2B 機會開始，Keith？

Yes, I mean, I think the evolution of Salesforce as a company.

是的，我的意思是，我認為 Salesforce 作為一家公司的演變。

We started as a B2B company.

我們最初是一家 B2B 公司。

Over the past 5 years or so, we've really expanded our B2C offerings.

在過去 5 年左右的時間裡，我們確實擴展了 B2C 產品。

And the trend we see broadly is a -- those 2 markets really emerging, where B2B companies, their customers are demanding B2C experiences because their expectations are being set by these best-of-breed consumer experiences and consumer technologies.

我們廣泛看到的趨勢是——這兩個市場真正新興，B2B 公司，他們的客戶要求 B2C 體驗，因為他們的期望是由這些同類最佳的消費者體驗和消費者技術設定的。

And we think that one of Salesforce's unique advantages as it relates to B2B and B2C is the fact that we do both.

我們認為 Salesforce 在 B2B 和 B2C 方面的獨特優勢之一是我們兩者都做。

We're really the only company that has a complete Customer Success Platform for both B2B and B2C, and it means that for B2B companies, we can enable them to provide consumer-grade experiences, which is very unique in the marketplace.

我們確實是唯一一家擁有完整的 B2B 和 B2C 客戶成功平台的公司，這意味著對於 B2B 公司，我們可以讓他們提供市場上非常獨特的消費級體驗。

And for B2C companies, we bring this incredible sort of deep legacy of providing these next-generation sales and service experiences, and that experience is really driving our strategy in the B2C space.

對於 B2C 公司，我們帶來了令人難以置信的深厚傳統，即提供這些下一代銷售和服務體驗，而這種體驗真正推動了我們在 B2C 領域的戰略。

So we really view that as one of our strategic advantages is the fact that those are blurring, and we are equally interested in both parts of that market.

因此，我們真的認為，我們的戰略優勢之一是那些模糊不清的事實，我們對該市場的兩個部分同樣感興趣。

And I think, Keith, do you want to take the artificial intelligence question?

我想，Keith，你想回答人工智能的問題嗎？

Yes, I'm happy to talk about artificial intelligence all day long.

是的，我很高興整天談論人工智能。

I just -- look, here's a question about pricing and Marc Benioff may want to weigh in on this.

我只是 - 看，這裡有一個關於定價的問題，Marc Benioff 可能想對此進行權衡。

But look, at the end of the day, we're at the dawn of a new era, and we're very, very excited about Einstein.

但是看，歸根結底，我們正處於一個新時代的黎明，我們對愛因斯坦非常非常興奮。

We've got a lot of momentum.

我們有很大的動力。

Marc talked about the billion interactions and insights that are provided on a daily basis and that we're really excited about that.

Marc 談到了每天提供的十億次互動和見解，我們對此感到非常興奮。

That tells you a lot about what the potential can be.

這告訴你很多關於潛力的信息。

And we get excited because our AI, Einstein is applied to specific use cases around sales and service and marketing.

我們很興奮，因為我們的人工智能 Einstein 被應用於圍繞銷售、服務和營銷的特定用例。

We have companies who continue to experiment and expand with Einstein.

我們有公司繼續與愛因斯坦一起試驗和擴展。

ABB is a classic example of that.

ABB 就是一個典型的例子。

Einstein is being used to help bring better experiences in their sales cycles with their customers as well as the way that they service their customers.

Einstein 被用來幫助在他們的客戶銷售週期以及他們為客戶服務的方式中帶來更好的體驗。

And that is also dumped into IoT so you can imagine the possibilities where all this data being collected on their devices and their robots and how Einstein can help them gain better insights.

這也被傾銷到物聯網中，因此您可以想像在他們的設備和機器人上收集所有這些數據的可能性，以及愛因斯坦如何幫助他們獲得更好的見解。

So it is early days.

所以現在還為時過早。

I think over time, we will be thinking very creatively and innovatingly -- in an innovative way to sort through the pricing of Einstein.

我認為隨著時間的推移，我們將非常有創意和創新地思考——以一種創新的方式來整理愛因斯坦的定價。

But again, our customers seem to really, really enjoy the benefits that we're seeing.

但同樣，我們的客戶似乎真的、真的很享受我們所看到的好處。

Your next question comes from Keith Weiss with Morgan Stanley.

您的下一個問題來自摩根士丹利的 Keith Weiss。

Marc, I totally agree with you on all 4 allowing Keith go out another $2 billion in subscription business because at the end of day, we know that's going to generate really good cash flows over time.

馬克，我完全同意你的所有 4 點，允許 Keith 再進行 20 億美元的訂閱業務，因為最終，我們知道隨著時間的推移，這將產生非常好的現金流。

And you guys are (inaudible).

你們是（聽不清）。

I guess, have been generating a lot of cash building up on the balance sheet.

我想，已經在資產負債表上產生了大量現金。

There hasn't been a lot of M&A in overall software, and you guys haven't done anything big in a while.

整個軟件領域的併購並不多，你們也有一段時間沒有做大事了。

How should we think about the M&A environment going into calendar 2018 and to the year ahead for you guys?

對於你們來說，我們應該如何看待進入 2018 年和未來一年的併購環境？

Let me just lead with it if I may, Keith, and thanks for the comments.

如果可以的話，讓我帶頭吧，Keith，感謝您的評論。

I think we always look for -- over the history of the company, we look at companies that can add to our customer satisfaction and customer success.

我認為我們一直在尋找 - 在公司的歷史上，我們著眼於可以增加我們客戶滿意度和客戶成功的公司。

We look at great entrepreneurs, but we look for very unique things in the world that can help and be additive as we go to the future and our market space.

我們關注偉大的企業家，但我們在世界上尋找非常獨特的事物，這些事物可以在我們走向未來和我們的市場空間時提供幫助和補充。

So that will not change.

所以這不會改變。

And so you should expect that the way we operating when we think about that there is real continuity to that from that standpoint.

因此，從這個角度來看，當我們考慮到這種情況時，您應該期望我們的運營方式具有真正的連續性。

That would be a starting point.

那將是一個起點。

And as far as the cash on the balance sheet, I'll just add that we're always looking at that, we're always looking at our capital allocation.

至於資產負債表上的現金，我只想補充一點，我們一直在關注這一點，我們一直在關注我們的資本配置。

But the number one thing we think about with the capital allocation is to fund growth, and that's our starting point for everything in that respect.

但我們在資本配置方面考慮的第一件事是為增長提供資金，這是我們在這方面一切的出發點。

So I'm going to turn it over to Mark or to Keith or Bret for the comments.

因此，我將把它交給 Mark 或 Keith 或 Bret 徵求意見。

Keith, any additional comments?

基思，還有其他意見嗎？

Yes.

是的。

Look, I think we talked about this historically that when we think about M&A, we have process and methodology and Mark Hawkins is exactly right.

看，我認為我們從歷史上講過，當我們考慮併購時，我們有流程和方法，馬克霍金斯是完全正確的。

We look at a number of characteristics when we think about our growth strategy.

當我們考慮我們的增長戰略時，我們會考慮一些特徵。

But most importantly, when we think about acquisitions, we listen to our customers.

但最重要的是，當我們考慮收購時，我們會傾聽客戶的意見。

Many times, our customers guide us in terms of what we should be thinking about in terms of solutions for them.

很多時候，我們的客戶指導我們在為他們提供解決方案方面我們應該考慮什麼。

So whether it's the technology, the people it's part of the acquisition, the culture, of course, the financial metrics, these are all things that we consider and again there is a strategy, and it's well thought out and there's a process to it.

因此，無論是技術、收購中的人員、文化，當然還有財務指標，這些都是我們考慮的因素，而且還有策略，經過深思熟慮，有一個過程。

I think we can also have Bret touch on that since he is a product of one of our great acquisitions.

我認為我們也可以讓 Bret 談到這一點，因為他是我們偉大收購之一的產物。

Bret?

布雷特？

I'm personally biased, but I think salesforce.com has an incredible acquisition strategy to date, just joking.

我個人有偏見，但我認為 salesforce.com 迄今為止有一個令人難以置信的收購策略，只是在開玩笑。

I mean, I think it's very important that when we think about growth, we align ourselves with our customers and align ourselves with the technological trends that are shifting our customers', customers' expectations.

我的意思是，我認為當我們考慮增長時，我們必須與客戶保持一致，並與正在改變客戶期望的技術趨勢保持一致，這一點非常重要。

And fundamentally, I think that the reason why our customers have partnered with Salesforce in those increasingly deep relationships is because they view Salesforce not just as a suite of products we have today but as a partner to help guide them in the technological transformation that are coming in decades to come.

從根本上說，我認為我們的客戶之所以與 Salesforce 建立越來越深厚的關係，是因為他們不僅將 Salesforce 視為我們今天擁有的一套產品，而且將其視為幫助指導他們進行即將到來的技術轉型的合作夥伴在未來的幾十年裡。

And that will always involve a combination of organic and inorganic innovation.

這將始終涉及有機和無機創新的結合。

I think, I'll just echo Keith's point that we're really following our customers and also making sure that as we recognize significant technology trends like artificial intelligence that are shifting our customers' expectations, that we are aggressively leading by example there so that our customers can depend on us as a technology partner.

我想，我只是附和 Keith 的觀點，即我們確實在關注我們的客戶，並確保當我們認識到人工智能等正在改變客戶期望的重大技術趨勢時，我們會積極以身作則，以便我們的客戶可以依賴我們作為技術合作夥伴。

And your next question comes from Kirk Materne with Evercore ISI.

您的下一個問題來自於 Evercore ISI 的 Kirk Materne。

Keith, obviously, one of the great successes over the last couple of years has been your vertical orientation, both from a go-to-market and a product perspective.

顯然，Keith 在過去幾年中取得的巨大成功之一就是您的垂直方向，無論是從進入市場的角度還是從產品的角度來看。

Obviously, a great -- sounds like a great year for financial services, in particular, but I'm sure a lot of other verticals.

顯然，對於金融服務而言，這一年聽起來很棒，尤其是，但我敢肯定還有很多其他垂直行業。

My question is about health care.

我的問題是關於醫療保健的。

I mean, health care has been a vertical or an industry that's been desperate for innovation for a while as people are sort of changing the way you pay for health care.

我的意思是，醫療保健一直是一個垂直行業或行業，一段時間以來一直渴望創新，因為人們正在改變您支付醫療保健費用的方式。

Your strategy would seem to make a lot of sense.

你的策略似乎很有意義。

I was just kind of curious if you think 2018 or the next -- however you want to sort of catch it from the time frame, are the customers poised to start thinking differently?

我只是有點好奇你是否認為 2018 年或下一個 - 但是你想從時間框架中抓住它，客戶是否準備開始以不同的方式思考？

And are they talking to you differently about how you can help them transform into more of a patient-oriented organization?

他們是否以不同的方式與您談論您如何幫助他們轉變為更多以患者為導向的組織？

So look, obviously, the vertical strategy is paying off.

所以看，顯然，垂直戰略正在取得成效。

You mentioned financial services as well, and we've seen a very interesting change in that dynamic environment.

您也提到了金融服務，我們已經看到在這種動態環境中發生了非常有趣的變化。

When you think about the ease of regulations, the changes in the tax laws, that has just created an environment where IT dollars can now be spent more on innovation than on maintaining the legacy environments around compliance as an example.

當您考慮到法規的寬鬆程度和稅法的變化，這剛剛創造了一個環境，現在 IT 資金可以更多地用於創新，而不是維護圍繞合規性的遺留環境。

So that's exciting.

所以這很令人興奮。

Similarly, in health care, one of the things that's changing the health care industry is technology overall, number one.

同樣，在醫療保健領域，改變醫療保健行業的一件事是整體技術，排名第一。

Number two, if you think about it, patients are more empowered by technology than ever before.

第二，如果你想一想，患者比以往任何時候都更能通過技術獲得力量。

So these health care companies and the health care industry overall is ripe for transformation.

因此，這些醫療保健公司以及整個醫療保健行業的轉型時機已經成熟。

That being said, it's -- it can be unclear at times in terms of -- because of regulations in the regulatory environment where exactly health care is going.

話雖這麼說，但有時可能還不清楚，因為監管環境中的法規正是醫療保健的發展方向。

In the quarter, we signed up and expanded some very, very strong relationships in the health care industry.

在本季度，我們簽約並擴大了醫療保健行業的一些非常非常牢固的關係。

Fortune 50 that is looking to transform their business with our Health Cloud, one of our organic industry products.

財富 50 強希望通過我們的健康雲（我們的有機行業產品之一）改變他們的業務。

I mentioned, Anthem, which is obviously a very, very strong and leading health care provider.

我提到了 Anthem，它顯然是一家非常、非常強大和領先的醫療保健提供商。

So whether it's patients, whether it's providers, whether it's medical device manufacturers, there are many, many ways to transform those industries around customer or client or patient engagements.

因此，無論是患者、供應商還是醫療設備製造商，都有很多很多方法可以圍繞客戶或客戶或患者參與來改變這些行業。

Service, as an example, really becomes front and center when you think about the mission of the health care provider.

例如，當您考慮醫療保健提供者的使命時，服務確實成為首要任務。

So we have a pretty good vision for where the health care industry is going.

因此，我們對醫療保健行業的發展方向有著非常好的願景。

We try to do a lot of collaboration and co-creation with our customers.

我們嘗試與客戶進行大量協作和共同創造。

We also listen to our customers and let them guide us, but we think this is potentially could be a very, very big area for us.

我們也聽取客戶的意見並讓他們指導我們，但我們認為這對我們來說可能是一個非常非常大的領域。

And your last question comes from Adam Holt from MoffettNathanson.

您的最後一個問題來自 MoffettNathanson 的 Adam Holt。

My question is about the platform and other business.

我的問題是關於平台和其他業務。

It looked like it accelerated in the quarter in an environment that some people might characterize as being more competitive with the public clouds and some of the application vendors now more aggressively having their own Platform as a Service businesses.

在某些人可能將其描述為與公共雲更具競爭力的環境中，該季度似乎加速了，而一些應用程序供應商現在更積極地擁有自己的平台即服務業務。

How do you think about the drivers of the strength there this quarter and the outlook for the next several quarters?

您如何看待本季度強勁的驅動因素以及未來幾個季度的前景？

Maybe that's a question for Marc Benioff.

也許這是 Marc Benioff 的問題。

I'm not sure but I appreciate the answer.

我不確定，但我很欣賞這個答案。

Well, I think we've moved into a new world.

好吧，我想我們已經進入了一個新世界。

This is the Fourth Industrial Revolution.

這是第四次工業革命。

We all know that.

我們都知道。

We can see the huge advancements in technology in our fingertips, how we're running this call, how all the computers and mobile devices that we're using, the artificial intelligence that we talked about.

我們可以在指尖看到技術的巨大進步，我們如何運行這個電話，我們使用的所有計算機和移動設備，我們談論的人工智能。

The autonomous vehicles that I saw going down the street today.

我今天在街上看到的自動駕駛汽車。

There's so many exciting things that are happening, information sciences and biotechnology sciences.

有很多令人興奮的事情正在發生，信息科學和生物技術科學。

But as every company sees the Fourth Industrial Revolution underway, they have to tick their place in it.

但是，當每家公司都看到第四次工業革命正在進行時，他們必須在其中打勾。

What are you going to do?

你會怎樣做？

What is your position?

你的立場是什麼？

And also what are your values?

還有你的價值觀是什麼？

What's important to you?

什麼對你很重要？

These 2 ideas, your vision and your values, I think, will define who will be successful and who will fail in the Fourth Industrial Revolution.

我認為，你的願景和價值觀這兩個想法將決定誰將在第四次工業革命中成功，誰將失敗。

For us, it's very simple.

對我們來說，這很簡單。

We squarely believe that we're in the age of the customer, and that for each and every one of our companies that we deal with around the world, that they have to connect with their customer in a whole new way and to build this high-fidelity relationship, whether they're a B2B or B2C customer, that they need to have this single view of the customer.

我們堅信，我們正處於客戶時代，對於我們在世界各地與我們打交道的每一家公司來說，他們必須以全新的方式與客戶建立聯繫，並建立這個高- 保真關係，無論他們是 B2B 還是 B2C 客戶，他們都需要擁有客戶的單一視圖。

It doesn't matter like in the previous discussion, it could be health care, it could be financial services.

沒關係，就像前面討論的那樣，可以是醫療保健，也可以是金融服務。

It could be retail.

可以是零售的。

In each and every case, company by company is thinking, "How do I get to a single view of the customer?" That is Salesforce's single focus.

在每種情況下，公司都在思考，“我如何獲得客戶的單一視圖？”這是 Salesforce 的唯一關注點。

And we do that across many product lines, as you know.

如您所知，我們在許多產品線中都這樣做。

And in terms of what is important to us, well, there's nothing more important than trust.

就對我們來說重要的事情而言，沒有什麼比信任更重要的了。

Trust is our highest value.

信任是我們的最高價值。

And of course, growth is important to us as well.

當然，增長對我們也很重要。

You can see that in our numbers today and innovation, as Bret was talking about.

正如布雷特所說，您可以在我們今天的數字和創新中看到這一點。

Are -- the reason that we're the #1 CRM in the world is the tremendous innovation that we brought to customers like we have in things like Einstein or our new Lightning platform or even Trailhead, where you can learn how to become part of the Salesforce economy and jump on this train so that you can be part of the Fourth Industrial Revolution and be part of Salesforce.

是——我們之所以成為世界上排名第一的 CRM，是因為我們為客戶帶來了巨大的創新，就像我們在 Einstein 或我們的新 Lightning 平台甚至 Trailhead 等產品中所擁有的那樣，您可以在其中學習如何成為其中的一部分Salesforce 經濟並跳上這列火車，這樣您就可以成為第四次工業革命的一部分並成為 Salesforce 的一部分。

These things are so important.

這些東西太重要了。

You can show -- see how it shows up on our AppExchange with the thousands of apps and companies that have been birthed through this vision.

您可以展示 - 看看它如何在我們的 AppExchange 上展示通過這一願景誕生的數千個應用程序和公司。

And then at the end of the day, we all have to be aware that the Fourth Industrial Revolution has a dark side, and it could be that it creates more inequality.

歸根結底，我們都必須意識到第四次工業革命有陰暗面，它可能會造成更多的不平等。

And that's why our core value we talked about is equality in that we so squarely believe that we have to keep an eye on the equality of every human being, whether it's our employees, our customers, the communities that we're in or even the environment or public education systems.

這就是為什麼我們談論的核心價值是平等，因為我們堅信我們必須關注每個人的平等，無論是我們的員工、我們的客戶、我們所在的社區，甚至是環境或公共教育系統。

And that these 4 values, trust and growth innovation and quality continue to serve us very well in our pursuit in this age of the customer.

而這 4 種價值觀、信任和成長、創新和質量繼續為我們在這個客戶時代的追求提供很好的服務。

Well, I want to thank everyone for an amazing fiscal year.

好吧，我要感謝大家度過了一個了不起的財政年度。

All of our employees, customers, partners, all of our Ohana, thank you for everything that you have done for us every single day, we appreciate it so greatly.

我們所有的員工、客戶、合作夥伴，我們所有的 Ohana，感謝您每天為我們所做的一切，我們非常感謝。

And we will see you again at TrailheaDX, our annual Salesforce Developer Conference, which will be March 28 and 29 in San Francisco.

我們將於 3 月 28 日至 29 日在舊金山舉行的年度 Salesforce 開發者大會 TrailheaDX 再次見到您。

And I hope that all of you will join us for this exciting event.

我希望你們所有人都能加入我們，參加這個激動人心的活動。

We'll have some very exciting product news and some incredible surprises there.

我們將在那裡發布一些非常令人興奮的產品新聞和一些令人難以置信的驚喜。

And I'm about to show up on Cramer and from Salesforce Tower here in New York City in just a couple of minutes, if you'll turn on -- turn on CNBC, you'll see me there.

我將在幾分鐘後出現在紐約市的克萊默和 Salesforce Tower，如果你打開 - 打開 CNBC，你會在那裡看到我。

So thanks, everybody, and we'll see you next quarter.

謝謝大家，我們下個季度見。

This concludes today's conference call.

今天的電話會議到此結束。

You may now disconnect.

您現在可以斷開連接。

Thank you for your participation.

感謝您的參與。