賽富時 (CRM) 2023 Q1 法說會逐字稿

Thank you, Emma. Hello, everyone, and thanks for joining us for our fiscal 2023 first quarter results conference call. I'm Evan Goldstein, Senior Vice President of Investor Relations. Our press release, SEC filings and a replay of today's call can be found on our IR website at www.salesforce.com/investor.

謝謝你，艾瑪。大家好，感謝您參加我們的 2023 財年第一季度業績電話會議。我是投資者關係高級副總裁 Evan Goldstein。我們的新聞稿、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, Chair and Co-CEO; Bret Taylor, Vice Chair and Co-CEO; Amy Weaver, Chief Financial Officer; and Gavin Patterson, Chief Revenue Officer. As a reminder, our commentary today will primarily be in non-GAAP terms. Reconciliations between our GAAP and non-GAAP results and guidance can be found in our earnings and press release.

今天與我通話的是主席兼聯合首席執行官馬克·貝尼奧夫； Bret Taylor，副主席兼聯合首席執行官；艾米·韋弗，首席財務官；和首席營收官 Gavin Patterson。提醒一下，我們今天的評論將主要採用非 GAAP 術語。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和新聞稿中找到。

Some of our comments today may contain forward-looking statements that are subject to risks, uncertainties and assumptions, which are subject to change. Should any of these risks materialize or should our assumptions prove to be incorrect, actual company results could differ materially from these forward-looking statements. A description of these risks, uncertainties and assumptions and other factors that could affect our financial results is included in our SEC filings, included in our most recent report on Form 10-K.

我們今天的一些評論可能包含受風險、不確定性和假設影響的前瞻性陳述，這些陳述可能會發生變化。如果這些風險中的任何一個成為現實，或者我們的假設被證明是不正確的，那麼公司的實際業績可能與這些前瞻性陳述大不相同。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，包含在我們最近的 10-K 表格報告中。

Before I hand the call over to Marc, I'm excited to welcome Mike Spencer to Salesforce. As many of you know, I will be taking on a new role here at Salesforce, supporting strategic planning in our product organization, and Mike has joined Salesforce to lead Investor Relations. Mike is familiar to many of you as he previously led Investor Relations at Microsoft. Thank you, Marc, Bret, Amy, Gavin for allowing meaningful rotations that enable career development. It is one of the many benefits of working at Salesforce. And thank you to the investment community for welcoming me over 2 years ago. Leading IR has been one of the most rewarding experiences in my career.

在將電話轉交給 Marc 之前，我很高興歡迎 Mike Spencer 加入 Salesforce。正如你們許多人所知，我將在 Salesforce 擔任新角色，支持我們產品組織的戰略規劃，Mike 已加入 Salesforce 領導投資者關係部。邁克對你們中的許多人都很熟悉，因為他曾在微軟領導投資者關係部。感謝 Marc、Bret、Amy、Gavin 允許有意義的輪崗，以促進職業發展。這是在 Salesforce 工作的眾多好處之一。感謝投資界在 2 年前歡迎我。領導 IR 是我職業生涯中最有價值的經歷之一。

And with that, let me hand the call over to Marc.

有了這個，讓我把電話交給馬克。

Thanks so much, Evan, and congratulations on your promotion. It's so well deserved. You've done a phenomenal job in the last few years, and we're also thrilled for you. And thank you for agreeing to take on this incredible new role at Salesforce and leading the teams, and we could not be more excited for you.

非常感謝，埃文，並祝賀你升職。這是當之無愧的。在過去的幾年裡，你做了一項了不起的工作，我們也為你感到興奮。感謝您同意在 Salesforce 擔任這個令人難以置信的新角色並領導團隊，我們為您感到無比興奮。

And we cannot be more excited to welcome Mike Spencer to Salesforce. I know that many of the folks on this call have worked with Mike before, should be a familiar voice and friend, and I'm looking forward to working closely with Mike. And Mike is going to be based out of our Atlanta headquarters. And really excited about that because our new Chief Information Officer is there, as well as a number of other incredible new executives from Salesforce, including our new Chief Accounting Officer and our Chief Commercial Officer. So really a cool thing to see Atlanta, in our kind of post-pandemic reality, become such a center of gravity for Salesforce. In fact, we just had our Q1 operations review there, and it was exciting to welcome Mike to the team.

我們非常高興地歡迎 Mike Spencer 加入 Salesforce。我知道本次電話會議中的許多人都曾與 Mike 合作過，應該是熟悉的聲音和朋友，我期待與 Mike 密切合作。 Mike 將常駐亞特蘭大總部。對此感到非常興奮，因為我們的新首席信息官以及 Salesforce 的許多其他令人難以置信的新高管都在那裡，包括我們的新首席會計官和首席商務官。因此，在我們這種大流行後的現實中，看到亞特蘭大成為 Salesforce 的重心，真是一件很酷的事情。事實上，我們剛剛在那裡進行了第一季度運營審查，歡迎 Mike 加入團隊令人興奮。

So with that, let me just tell you it's been a whirlwind for our management team, as you're about to hear on this call. We have been on the road. I personally was just in Sydney, Australia. I was in Tokyo. We were in Atlanta, we were in New York. And last week, we were in Davos, Switzerland. All that was in, I think, the last 4 or 5 weeks. And we've really been all over the world. It's been pretty awesome. We've met with hundreds and hundreds of customers. And I can tell you that our business -- you can see this in the Q1 numbers, can't you, is incredibly healthy. And we also -- you can see we had a great quarter.

因此，讓我告訴你，這對我們的管理團隊來說是一場旋風，因為你將在這次電話會議上聽到。我們一直在路上。我個人剛剛在澳大利亞悉尼。我在東京。我們在亞特蘭大，我們在紐約。上週，我們在瑞士的達沃斯。我認為，所有這些都在過去 4 或 5 週內。我們真的去過世界各地。這真是太棒了。我們已經會見了成百上千的客戶。我可以告訴你，我們的業務——你可以在第一季度的數據中看到這一點，不是嗎，非常健康。我們也 - 你可以看到我們有一個很棒的季度。

We're carefully watching the economic data. I know all of you are doing that as well. And so far, we're just not seeing any material impact from the broader economic world that all of you are in. Our demand environment where demand is very strong, and if you look over the last 23 years, Salesforce has proven to be incredibly resilient based on this incredible business model. We have an incredible technology model that we have, where we've been through all kinds of dot-com crashes and recessions and financial crises and global pandemics. And all of you have watched us go through every possible storm, but we continue to weather these storms through the power and strength of our model.

我們正在密切關注經濟數據。我知道你們所有人也在這樣做。到目前為止，我們只是沒有看到你們所有人所處的更廣泛的經濟世界產生任何實質性影響。我們的需求環境非常強勁，如果你回顧過去的 23 年，Salesforce 已被證明是令人難以置信的基於這種令人難以置信的商業模式的彈性。我們擁有一個令人難以置信的技術模型，我們經歷過各種網絡泡沫崩潰、衰退、金融危機和全球流行病。你們所有人都看著我們經歷了每一次可能的風暴，但我們繼續通過我們模型的力量和力量度過這些風暴。

In 2001, I think it really impacted us. We almost lost our business because we were on monthly contracts, we didn't have the right cash flow structure. Investors just wouldn't give us any money. And so we made a lot of changes then, and it's really strengthened our business and made us more durable over time. There's now no better measure of our durability of the business model, the momentum of the business, the strength of the technology model, than our remaining performance obligation, the future revenue that we have in our contract.

2001 年，我認為它確實影響了我們。我們幾乎失去了生意，因為我們是按月簽訂合同的，我們沒有正確的現金流結構。投資者就是不會給我們任何錢。所以我們當時做了很多改變，它確實加強了我們的業務，讓我們隨著時間的推移變得更加耐用。現在，沒有什麼比我們剩餘的履約義務、合同中的未來收入更好地衡量我們商業模式的持久性、業務的發展勢頭、技術模式的實力了。

In Q1, we had $42 billion in RPO, up 20% year-over-year, pretty amazing. And in every crisis we've experienced over nearly 1/4 of a century, well, I'll just tell you, I think that Salesforce, and I'm sure you all agree, always emerges stronger than ever. We became more strategic and more relevant to our customers because we focus on their success and that continues today. And that's why we've been able to grow our revenue for 72 consecutive quarters through every cycle, a focus on customer success. And it's why Salesforce remains the #1 in CRM now for the 9th year in a row, growing in share in all CRM segments yet again according to the IDC Software Tracker.

在第一季度，我們的 RPO 為 420 億美元，同比增長 20%，非常驚人。在近 1/4 個世紀以來我們經歷的每一次危機中，我只想告訴你，我認為 Salesforce，我相信你們都同意，總是比以往任何時候都更強大。我們變得更具戰略性並且與客戶更相關，因為我們專注於他們的成功，並且一直持續到今天。這就是為什麼我們能夠在每個週期中連續 72 個季度實現收入增長，專注於客戶成功。根據 IDC Software Tracker 的數據，這也是 Salesforce 連續 9 年保持 CRM 排名第一的原因，在所有 CRM 領域的份額再次增長。

When it comes to our financial results, we had, as you can see, a very strong quarter. And you can also know that the dollar, well, I think the dollar might even had a stronger quarter than we did, which is kind of amazing. And I certainly saw that in my travels over the last month. And although these kind of fluctuations in foreign currency markets and an unexpected impact in the quarter, we still delivered $7.4 billion in revenue, up 24% year-over-year.

就我們的財務業績而言，如您所見，我們有一個非常強勁的季度。你也可以知道美元，嗯，我認為美元的季度甚至可能比我們更強勁，這有點令人驚訝。我當然在上個月的旅行中看到了這一點。儘管外匯市場出現此類波動以及本季度出現意外影響，但我們仍實現了 74 億美元的收入，同比增長 24%。

Foreign exchange movements have resulted in a revenue headwind of about $109 million year-over-year, something we could not have anticipated. Operating cash flow, though, in the quarter, well, here it is, $3.7 billion up 14% year-over-year, reflecting very strong performance across the core business and operating margin in the quarter, well that was 17.6%.

外匯變動導致收入同比下降約 1.09 億美元，這是我們無法預料的。不過，本季度的經營現金流量為 37 億美元，同比增長 14%，反映了本季度核心業務和營業利潤率的強勁表現，即 17.6%。

Turning to our revenue guidance. Well, as I mentioned, and as presented foreign exchange volatility, it increased the year-over-year headwinds by an additional $300 million for a total of $600 million for the year since we first gave you guidance in our Investor Day. To give you an example, I was in Japan for the first time since the pandemic a couple of weeks ago, I mean it was 2 weeks ago. And I couldn't believe the decline in the value of the yen. It was a very good time to be a tourist in Japan.

轉向我們的收入指導。好吧，正如我所提到的，正如外匯波動所呈現的那樣，自我們在投資者日首次為您提供指導以來，這一年的逆風同比增加了 3 億美元，總計 6 億美元。舉個例子，自幾週前大流行以來，我第一次來到日本，我的意思是兩週前。我無法相信日元貶值。這是一個在日本旅遊的好時機。

But I called our team, I said, this is great to be a tourist in Japan, but it's going to have implications as we roll this revenue out from the Japanese market to our U.S. dollars. And in fact, our Japan revenue in the fourth quarter faced a 12% headwind year-over-year, just to this yen historic fall, something I've just never seen.

但我打電話給我們的團隊，我說，作為一名日本遊客，這很棒，但隨著我們將這些收入從日本市場轉移到我們的美元，這將產生影響。事實上，我們在第四季度的日本收入同比面臨 12% 的逆風，就在日元歷史性下跌之前，這是我從未見過的。

So as a result of these headwinds, we're lowering our fiscal '23 revenue guidance by $300 million to $31.7 billion to $31.8 billion or about 20% growth year-over-year. For operating margin, we're raising our fiscal '23 non-GAAP guidance by 40 basis points to 20.4%, an expansion of 170 basis points year-over-year. As all of you know, we're quite committed to consistent margin and cash flow growth as part of this long-term plan and model that we have to drive both top and bottom line performance.

因此，由於這些不利因素，我們將 23 財年的收入指導下調了 3 億美元至 317 億美元至 318 億美元，或同比增長約 20%。對於營業利潤率，我們將 23 財年非公認會計準則指引上調 40 個基點至 20.4%，同比增長 170 個基點。眾所周知，作為我們必須推動頂線和底線業績的長期計劃和模型的一部分，我們非常致力於持續的利潤率和現金流增長。

And as I said, this demand environment for our Customer 360 platform, as you're about to hear from Bret and from Gavin and from Amy and from others as well, it remains incredibly healthy. Our customer relationships are amazingly strong, as evidenced by these hundreds of customers that we've met with just in the last couple of weeks. And I'll tell you, as you hear some of these incredible stories from the quarter, companies like State Farm and F1 and Goodyear and even the Department of Commerce, well, I'll tell you, these customers, they're very excited to be able to get not only incredible productivity from our product but also growth as well.

正如我所說，我們的 Customer 360 平台的這種需求環境，正如您即將聽到 Bret 和 Gavin 以及 Amy 和其他人的一樣，它仍然非常健康。我們的客戶關係非常牢固，我們在過去幾週內遇到的數百名客戶就證明了這一點。我會告訴你，當你聽到本季度的一些令人難以置信的故事時，像 State Farm、F1 和固特異這樣的公司，甚至是商務部，好吧，我會告訴你，這些客戶，他們非常興奮不僅能夠從我們的產品中獲得令人難以置信的生產力，而且還能夠實現增長。

So let me say that this is a time when every company, every industry, every government is investing in digital transformation. No company is better positioned than we are to help companies transform for the digital future. That was something we fully experienced in Davos last week, and I could not be more grateful to our 77,000 ohana, millions of Trailblazers who are making a difference for our customers and the world. And now over to Bret.

所以讓我說，這是每個公司、每個行業、每個政府都在投資數字化轉型的時代。沒有哪家公司比我們更有能力幫助公司為數字化未來轉型。這是我們上週在達沃斯充分體驗到的事情，我非常感謝我們的 77,000 名 ohana，數百萬為我們的客戶和世界做出改變的開拓者。現在轉到布雷特。

Thanks, Marc. As Marc said, we had a great quarter, and we see strong demand across our clouds, our industries and our regions despite the unprecedented foreign exchange headwinds, and our results really demonstrate the power of our strategy. Our products are more relevant than ever before, as companies invest in our Customer 360 platform to connect with their customers and to drive cost savings in this new digital economy.

謝謝，馬克。正如 Marc 所說，我們有一個很棒的季度，儘管遇到了前所未有的外匯逆風，我們看到我們的雲、我們的行業和我們的地區都有強勁的需求，我們的業績確實證明了我們戰略的力量。我們的產品比以往任何時候都更具相關性，因為公司投資於我們的 Customer 360 平台以與他們的客戶建立聯繫並在這個新的數字經濟中推動成本節約。

Our technology is deeply differentiated, with our Hyperforce infrastructure and Einstein Artificial Intelligence, enabling our customers to reach global scale with levels of trust that are unmatched in the industry. Einstein is now doing 164 billion predictions per day, which is just incredible. Our ecosystem is unparalleled. We have over 15 million Trailblazers, creating what IDC estimates will be $1.6 trillion in economic impact for our customers and for our partners.

我們的技術與我們的 Hyperforce 基礎設施和 Einstein 人工智能有著巨大的差異化，使我們的客戶能夠以業內無與倫比的信任水平達到全球規模。愛因斯坦現在每天要進行 1640 億次預測，這簡直令人難以置信。我們的生態系統是無與倫比的。我們擁有超過 1500 萬開拓者，IDC 估計將為我們的客戶和合作夥伴帶來 1.6 萬億美元的經濟影響。

And our business model, as Marc said, is durable. It's diversified across industries, regions, lines of business, ensuring we're resilient in the face of any economic cycle. And finally, our leadership team continues to focus on disciplined execution, which is driving both top line performance and sustained operating margin cash flow expansion.

正如馬克所說，我們的商業模式是持久的。它跨行業、地區、業務線多樣化，確保我們在面對任何經濟周期時都能保持彈性。最後，我們的領導團隊繼續專注於紀律嚴明的執行，這推動了頂線業績和持續的經營利潤率現金流擴張。

As Marc said, we've all been on the road, and we've been reconnecting with our customers, our Trailblazers and our partners. And the common theme from the customers I've met with, from Singapore to New York to the 30 CEOs I met one-on-one with at Davos last week, is the digital transformation trends that dramatically accelerated during the pandemic. They continue full steam ahead despite all the volatility in the global economy.

正如馬克所說，我們都在路上，我們一直在與我們的客戶、我們的開拓者和我們的合作夥伴重新建立聯繫。我遇到的客戶，從新加坡到紐約，再到上週在達沃斯與我一對一會面的 30 位 CEO，他們的共同主題是在大流行期間急劇加速的數字化轉型趨勢。儘管全球經濟動盪不安，但它們仍繼續全速前進。

One great example is ADP, the leader in home alarm systems. ADP used our Service Cloud to execute over 200,000 virtual service visits in its first quarter. As a result, the company avoided sending out technicians and trucks in 80% of its service cases. They lowered their costs and they lowered their carbon footprint, all while achieving higher customer satisfaction. This is the promise of technology to drive productivity. And our Customer 360 platform is relevant whether you're trying to scale growth, increase productivity and profitability or meet your sustainability goals. And all 3 are increasingly relevant to our customers across the globe.

一個很好的例子是 ADP，家庭報警系統的領導者。 ADP 在第一季度使用我們的服務雲執行了超過 200,000 次虛擬服務訪問。因此，該公司在 80% 的服務案例中都避免了派遣技術人員和卡車。他們降低了成本，減少了碳足跡，同時實現了更高的客戶滿意度。這是技術推動生產力的承諾。無論您是想擴大增長、提高生產力和盈利能力，還是實現您的可持續發展目標，我們的 Customer 360 平台都與您息息相關。這三者都與我們在全球的客戶越來越相關。

We had strong year-over-year growth across every region in the quarter, 21% in the Americas, 33% in EMEA and 24% in APAC. We saw strong momentum across every cloud in our Customer 360 platform as well. Sales Cloud continues to accelerate, surpassing $1.6 billion in the quarter, growing 18% year-over-year with great wins like DoorDash and Stellantis. Stellantis, which was formed last year from the merger between Fiat Chrysler and the French PSA Group, decided to standardize the entire company on Salesforce. They replaced more than 2,500 apps with Customer 360. And with Sales Cloud, they now have a single source of truth for all their customer engagement to drive growth, while delivering best-in-class personalized service.

我們在本季度的每個地區都實現了強勁的同比增長，美洲增長 21%，歐洲、中東和非洲地區增長 33%，亞太地區增長 24%。我們也看到了 Customer 360 平台中每個雲的強勁勢頭。 Sales Cloud 繼續加速增長，本季度超過 16 億美元，同比增長 18%，並取得了 DoorDash 和 Stellantis 等巨大成功。去年，由菲亞特克萊斯勒和法國 PSA 集團合併而成的 Stellantis 決定在 Salesforce 上實現整個公司的標準化。他們用 Customer 360 替換了 2,500 多個應用程序。借助 Sales Cloud，他們現在擁有所有客戶參與的單一事實來源，以推動增長，同時提供一流的個性化服務。

Our Service Cloud grew at 17% year-over-year to $1.76 billion in revenue in the quarter. State Farm, a long-time Salesforce customer, was a great Service Cloud success story this quarter. They're now combining our Field Service platform with Sales Cloud, Service Cloud, Financial Services Cloud to enhance their entire end-to-end customer support experience, especially during catastrophic events. We also continue to see strong momentum with our Marketing Cloud with customers like Bose and Colgate Palmolive. Our Marketing Cloud has become even more relevant to CMOs as they navigate the significant changes in mobile operating systems and new privacy regulations around the globe.

我們的服務雲本季度收入同比增長 17%，達到 17.6 億美元。 State Farm 是 Salesforce 的長期客戶，本季度是一個偉大的 Service Cloud 成功案例。他們現在將我們的現場服務平台與銷售雲、服務雲、金融服務雲相結合，以增強他們的整個端到端客戶支持體驗，尤其是在災難性事件期間。我們還繼續看到與 Bose 和 Colgate Palmolive 等客戶合作的營銷雲的強勁勢頭。隨著 CMO 應對全球移動操作系統的重大變化和新的隱私法規，我們的營銷雲變得更加相關。

This is the new cookie-less world, and it's made growing and measuring consumer engagement harder than ever before, and it's driving investment in our Customer Data Platform, which has become one of the fastest-growing products we've ever released. Bose is using our CDP to unify their customer information from hundreds of different sources to drive hyper-personalized marketing, multichannel campaign management and real-time engagement, all with compliance and trust built in natively.

這是一個沒有 cookie 的新世界，它使增長和衡量消費者參與度變得比以往任何時候都更加困難，它推動了對我們客戶數據平台的投資，該平台已成為我們發布過的增長最快的產品之一。 Bose 正在使用我們的 CDP 來統一來自數百個不同來源的客戶信息，以推動超個性化營銷、多渠道活動管理和實時參與，所有這些都具有原生內置的合規性和信任。

We also saw Commerce Cloud wins at YETI, L’OCCITANE and Goodyear, continuing the digital commerce trend that accelerated so rapidly in the pandemic. Together, Marketing and Commerce stood 22% year-over-year in the quarter. Our data clouds, including MuleSoft and Tableau, grew 15% year-over-year in the quarter. Data is the fuel for every digital interaction, and MuleSoft and Tableau continue to be foundational for every multi-cloud Customer 360 deal. Tableau wins in the quarter included ADP, Bose and Lookers Motor Group, a top auto retailer in the U.K.

我們還看到 Commerce Cloud 在 YETI、L’OCCITANE 和固特異取得勝利，延續了在大流行中迅速加速的數字商務趨勢。本季度，營銷和商務合計同比增長 22%。我們的數據云，包括 MuleSoft 和 Tableau，在本季度同比增長 15%。數據是每次數字交互的燃料，MuleSoft 和 Tableau 繼續成為每筆多雲 Customer 360 交易的基礎。 Tableau 在本季度的勝利包括 ADP、Bose 和英國頂級汽車零售商 Lookers Motor Group。

MuleSoft was also part of some of our largest deals in the quarter, including NTT and continues to deepen our relationships with existing customers like Rocket Mortgage. As you know, we've been working through some issues on MuleSoft's go-to-market motion over the past couple of quarters. Amy will get into specifics, but I'm encouraged by the progress we're making, and we have a strong pipeline for the back half of the year.

MuleSoft 也是我們本季度一些最大交易的一部分，包括 NTT，並繼續加深我們與 Rocket Mortgage 等現有客戶的關係。如您所知，在過去的幾個季度中，我們一直在解決有關 MuleSoft 上市動議的一些問題。艾米將詳細介紹，但我對我們正在取得的進展感到鼓舞，並且我們在今年下半年有一個強大的管道。

I'm also excited to say that Slack continues to exceed our revenue expectations, with wins of the self-driving car company, Cruise and the U.K. Ministry of Justice. This was the fourth consecutive quarter we see more than 40% growth in customers spending more than $100,000 with Slack annually. We also continue to see strong momentum across our 12 industry verticals, including financial services, health care, consumer goods and manufacturing. Our industry-specific clouds were part of 7 of our top 10 deals this quarter.

我也很高興地說，隨著自動駕駛汽車公司 Cruise 和英國司法部的勝利，Slack 繼續超出我們的收入預期。這是連續第四個季度，我們看到每年在 Slack 上花費超過 100,000 美元的客戶增長超過 40%。我們還繼續看到我們 12 個垂直行業的強勁勢頭，包括金融服務、醫療保健、消費品和製造業。我們的行業特定雲是本季度前 10 項交易中的 7 項。

I'm so grateful for our 15 million Trailblazers, all of our partners and our 77,000 employees for helping provide our customers with the innovation, agility and resilience they need to navigate these uncertain times. Our customer success drives our financial success, and this unrivaled community is why our customers choose Salesforce as their trusted digital adviser. Now over to Gavin to talk about some of the customer success stories from the quarter.

我非常感謝我們的 1500 萬開拓者、我們所有的合作夥伴和我們的 77,000 名員工，他們幫助我們的客戶提供他們在這些不確定時期中所需要的創新、敏捷性和彈性。我們的客戶成功推動了我們的財務成功，而這個無與倫比的社區正是我們的客戶選擇 Salesforce 作為他們值得信賴的數字顧問的原因。現在讓 Gavin 談談本季度的一些客戶成功案例。

Thanks, Bret, and thank you, everyone, for being on the call today. I want to start by talking about the strong demand environment we're in. As Bret and Marc said, even in this volatile environment, companies are continuing to invest in their digital transformations, and we're seeing that in our strong pipeline and momentum in the business. I've been on the road this quarter across the U.S., Europe, Asia and most recently in Davos. And in all my conversations, there is a real sense of urgency with our customers.

謝謝，布雷特，謝謝大家今天的電話。我想首先談談我們所處的強勁需求環境。正如 Bret 和 Marc 所說，即使在這種動蕩的環境中，公司仍在繼續投資於他們的數字化轉型，我們在強大的管道和勢頭中看到了這一點在業務中。本季度我一直在美國、歐洲、亞洲以及最近的達沃斯旅行。在我所有的談話中，與我們的客戶有一種真正的緊迫感。

In this new or digital work-from-anywhere world, our customers need to create incredible customer experiences across every interaction to stay competitive. And at the same time, they need to realize productivity gains, efficiencies and resilience from their technology investments.

在這個全新的或數字化的隨時隨地工作的世界中，我們的客戶需要在每次互動中創造令人難以置信的客戶體驗，以保持競爭力。同時，他們需要通過技術投資實現生產力提升、效率和彈性。

That's why they're turning to Salesforce as their trusted digital advisers and to the Customer 360 as their digital platform. We're seeing this play out in the growth of transformational deals, customers making longer-term, multi-cloud investments in Salesforce. These Customer 360 transformation deals with 5 or more clouds grew 21% year-over-year in the quarter. We again saw strong growth in every region. In the Americas, we grew relationships with Brightspeed, Blue Shield of California, SHA Hotels, Workday, Covered California and Ferguson, a $23 billion distributor of plumbing and heating products.

這就是為什麼他們將 Salesforce 作為他們值得信賴的數字顧問，並將 Customer 360 作為他們的數字平台。我們在轉型交易的增長中看到了這一點，客戶對 Salesforce 進行了長期的多雲投資。這些涉及 5 個或更多雲的 Customer 360 轉型交易在本季度同比增長 21%。我們再次看到每個地區的強勁增長。在美洲，我們與 Brightspeed、Blue Shield of California、SHA Hotels、Workday、Covered California 和 Ferguson 建立了合作關係，後者是一家價值 230 億美元的管道和供暖產品分銷商。

Looking at Ferguson in a little more detail. Ferguson has been able to grow its sales during the heart of the supply chain challenges using Customer 360 to give them a single view of their supplier, associate and customer relationships. And in the quarter, Ferguson significantly expanded its relationship with our professional services organization.

更詳細地看看弗格森。 Ferguson 能夠在供應鏈挑戰的核心使用 Customer 360 來增加其銷售量，讓他們能夠從單一視圖中了解他們的供應商、員工和客戶關係。在本季度，弗格森顯著擴大了與我們專業服務組織的關係。

In EMEA, we had significant wins with Lookers Motor Group, Esprit and one of the largest telecom and media companies in France. They're standardizing on Salesforce to not only speed their time to market and reduce IT costs but also to deliver an amazing digital first, front-end experience for their 45 million subscribers. As I mentioned, we had a great win in the U.K. with Lookers Motor Group. With the Customer 360, Lookers has a single unified platform, driving efficiency within their dealerships and contact centers and improving the overall car buying experience for their customers.

在歐洲、中東和非洲，我們與 Lookers Motor Group、Esprit 以及法國最大的電信和媒體公司之一取得了重大勝利。他們在 Salesforce 上進行標準化，不僅可以加快產品上市時間並降低 IT 成本，還可以為其 4500 萬用戶提供令人驚嘆的數字優先前端體驗。正如我所提到的，我們與 Lookers Motor Group 在英國取得了巨大的勝利。借助 Customer 360，Lookers 擁有一個統一的平台，提高了經銷商和聯絡中心的效率，並改善了客戶的整體購車體驗。

Turning to APAC. We continue to deepen our relationships with amazing brands like Kotak Mahindra Bank, LG and NTT, which is also a great Tableau and MuleSoft win. In LatAm, we had a significant win with Serasa Experian. They chose Salesforce Marketing Cloud to improve engagement with their current and prospective customers and to increase marketing efficiency. Formula 1 is watched by 1.5 billion viewers. And today, they're using Salesforce Marketing Cloud, Service Cloud and Sales Cloud to attract new fans, increase fan engagement and convert that fan engagement into brand value and revenue.

轉向亞太地區。我們繼續加深與 Kotak Mahindra Bank、LG 和 NTT 等知名品牌的關係，這也是 Tableau 和 MuleSoft 的一次巨大勝利。在拉丁美洲，我們與 Serasa Experian 取得了重大勝利。他們選擇 Salesforce Marketing Cloud 來改善與當前和潛在客戶的互動並提高營銷效率。一級方程式有 15 億觀眾觀看。如今，他們正在使用 Salesforce Marketing Cloud、Service Cloud 和 Sales Cloud 來吸引新粉絲、提高粉絲參與度並將粉絲參與度轉化為品牌價值和收入。

Salesforce will help Formula 1 leverage customer insights across every channel, both physical and nonphysical and create an end-to-end fan experience, strategy powered by an integrated platform. And our professional services team will help to manage their technology and implementation.

Salesforce 將幫助 Formula 1 利用每個渠道（包括實體渠道和非實體渠道）的客戶洞察力，並創建由集成平台支持的端到端粉絲體驗。我們的專業服務團隊將幫助管理他們的技術和實施。

In the quarter, the National Telecommunications and Information Administration within the U.S. Department of Commerce selected Salesforce to support the administration of the $48 billion from broadband grants to state territories, tribal entities and other eligible applicants to create more low-cost broadband service options and to address digital equality and inclusion needs across U.S. communities.

在本季度，美國商務部下屬的國家電信和信息管理局選擇 Salesforce 來支持管理 480 億美元的寬帶撥款，這些撥款來自向州屬地、部落實體和其他符合條件的申請人，以創建更多低成本的寬帶服務選項，並解決美國社區的數字平等和包容需求。

And to wrap it up, DoorDash has grown tremendously since the pandemic. They fulfilled more than 400 million orders in the last quarter alone and as a mobile-first business growing at an incredible rate, DoorDash turned to Salesforce to improve the customer experience and to respond to issues in real time for its hundreds of thousands of merchants, customers and dashes. They also selected Sales Cloud and MuleSoft to enable them to bring in new merchants on faster and more efficiently.

總而言之，DoorDash 自大流行以來發展迅速。他們僅在上個季度就完成了 4 億多份訂單，作為移動優先業務以驚人的速度增長，DoorDash 轉向 Salesforce 以改善客戶體驗並實時響應其數十萬商家的問題，客戶和破折號。他們還選擇了 Sales Cloud 和 MuleSoft，以使他們能夠更快、更有效地引入新商家。

These are just a few examples from our strong quarter, and we're grateful for customers' continued partnership and trust. Amy, over to you to discuss the financial details of the quarter.

這些只是我們強勁季度的幾個例子，我們感謝客戶的持續合作和信任。艾米，請您討論本季度的財務細節。

Great. Thank you, Gavin, and good afternoon, everyone. As Marc and Bret said, we had strong financial results this quarter, and our pipeline remains robust. We are well positioned to serve our customers in this uncertain macroenvironment. Let's go through some of our results for Q1 of fiscal '23, beginning with top line commentary.

偉大的。謝謝你，加文，大家下午好。正如馬克和布雷特所說，我們本季度的財務業績強勁，我們的管道仍然強勁。在這種不確定的宏觀環境中，我們有能力為我們的客戶提供服務。讓我們回顧一下我們在 23 財年第一季度的一些結果，從頂線評論開始。

Total revenue for the first quarter was $7.41 billion. This is up 24% year-over-year or 26% in constant currency. A few key highlights from the quarter. The momentum in Sales Cloud continued in Q1, with revenue accelerating to 18% growth year-over-year, 20% in constant currency. Slack again outperformed our revenue expectations with $348 million in Q1 compared to our guide of $330 million. The number of customers spending more than $100,000 annually, grew 45% year-over-year. Our industry's products remain in high demand and are providing out-of-the-box solutions to customers with specific needs. We saw an industry's product included in 7 out of our top 10 deals this quarter. And from a geographic perspective, EMEA performance was strong with particular strength in both the U.K. and France.

第一季度總收入為 74.1 億美元。這比去年同期增長了 24%，或按固定匯率計算增長了 26%。本季度的一些關鍵亮點。 Sales Cloud 的勢頭在第一季度繼續保持，收入同比增長 18%，按固定匯率計算增長 20%。 Slack 在第一季度以 3.48 億美元的收入再次超出了我們的預期，而我們的指導為 3.3 億美元。每年花費超過 100,000 美元的客戶數量同比增長 45%。我們行業的產品仍然需求旺盛，並為有特定需求的客戶提供開箱即用的解決方案。本季度我們的前 10 項交易中有 7 項包含一個行業的產品。從地理角度來看，歐洲、中東和非洲地區的表現強勁，在英國和法國尤為強勁。

Now to provide an update on MuleSoft. Total revenue increased 9% year-over-year against a strong prior year comparison, driven by lower-than-expected new business as we work through the go-to-market organizational changes we discussed on the last call. As a reminder, on average, 50% of MuleSoft's total contract value is recognized in period, resulting in more quarterly volatility than our core products. And as Bret mentioned, MuleSoft's pipeline remains strong, and we still anticipate seeing the benefits from these changes in the back half of fiscal '23.

現在提供有關 MuleSoft 的更新。與去年同期相比，總收入同比增長 9%，這是由於我們在上次電話會議上討論的進入市場的組織變革工作低於預期的新業務推動的。提醒一下，平均而言，MuleSoft 總合同價值的 50% 是在期間確認的，這導致比我們的核心產品更多的季度波動。正如 Bret 所提到的，MuleSoft 的管道仍然強勁，我們仍然預計會在 23 財年的後半段看到這些變化帶來的好處。

Total company revenue attrition remains at record lows and in Q1, again, between 7% to 7.5%. And as Marc mentioned, our remaining performance obligation, representing all future revenue under contract ended Q1 at approximately $42 billion, up 20% year-over-year. Current remaining performance obligation, or CRPO, was approximately $21.5 billion, up 21% year-over-year and 24% in constant currency. Slack represented approximately 5% -- or 5 points of that growth, in line with our guidance. This strong RPO performance at our scale reflects the relevance of our product portfolio and strategic relationships with our customers.

公司總收入流失率仍處於歷史低位，第一季度再次下降 7% 至 7.5%。正如馬克所提到的，我們剩餘的履約義務，代表所有未來合同收入，截至第一季度末約為 420 億美元，同比增長 20%。當前剩餘的履約義務或 CRPO 約為 215 億美元，同比增長 21%，按固定匯率計算增長 24%。根據我們的指導，Slack 約佔增長的 5% 或 5 個百分點。在我們的規模上，這種強勁的 RPO 表現反映了我們的產品組合和與客戶的戰略關係的相關性。

Turning to operating margin for the quarter. For Q1, non-GAAP operating margin was 17.6%. Q1 GAAP EPS was $0.03 and non-GAAP EPS was $0.98. Mark-to-market accounting as the company's strategic investments benefited both GAAP and non-GAAP EPS by approximately $0.01.

轉向本季度的營業利潤率。第一季度，非公認會計準則營業利潤率為 17.6%。第一季度 GAAP 每股收益為 0.03 美元，非 GAAP 每股收益為 0.98 美元。作為公司的戰略投資，按市值計價的會計核算使 GAAP 和非 GAAP 每股收益均受益約 0.01 美元。

Moving to cash flow. For Q1, operating cash flow was $3.7 billion, up 14% year-over-year. CapEx was $179 million, resulting in free cash flow of $3.5 billion, up 14% year-over-year.

轉向現金流。第一季度，運營現金流為 37 億美元，同比增長 14%。資本支出為 1.79 億美元，產生 35 億美元的自由現金流，同比增長 14%。

Now before turning to our guidance, I'd like to call attention to the impact that foreign exchange is having on our financials. As a reminder, our primary currency exposures are to the euro, the Great British pound, the Japanese yen and, to a lesser extent, to the Australian dollar. Since we last provided our outlook for fiscal year '23, the dollar has continued to strengthen against all of these currencies. And as such, we are providing increased transparency this quarter into the impact of FX on our guidance.

現在在轉向我們的指導之前，我想提請注意外匯對我們財務的影響。提醒一下，我們的主要貨幣敞口是歐元、英鎊、日元，其次是澳元。自我們上次提供 23 財年展望以來，美元兌所有這些貨幣持續走強。因此，我們將在本季度提高外匯對我們指引的影響的透明度。

Now let's get to that guidance. For the full year, the change in currencies represents an incremental $300 million year-over-year headwind on top of the $300 million we provided last quarter, bringing the total year-over-year FX headwind to $600 million. As such, we are now guiding to fiscal '23 revenue of $31.7 billion to $31.8 billion or approximately 20% growth year-over-year. Our guidance continues to assume a $1.5 billion contribution from Slack.

現在讓我們來看看那個指導。就全年而言，在我們上季度提供的 3 億美元的基礎上，貨幣變化代表了同比增加 3 億美元的逆風，使總的同比外匯逆風達到 6 億美元。因此，我們現在指導 23 財年的收入為 317 億美元至 318 億美元，或同比增長約 20%。我們的指導繼續假設 Slack 貢獻了 15 億美元。

We expect Q2 revenue of $7.69 billion to $7.7 billion or approximately 21% growth year-over-year. Our Q2 revenue guidance includes a $200 million year-over-year headwind from FX and a $360 million contribution from Slack. For Q2, we expect to deliver CRPO growth of approximately 15% year-over-year. This includes a 3-point headwind from FX. And as a reminder, Q2 represents flat fifth quarter of contribution to CRPO and, therefore, the year-on-year growth rate is now normalized.

我們預計第二季度收入為 76.9 億美元至 77 億美元，同比增長約 21%。我們的第二季度收入指引包括來自 FX 的 2 億美元的同比逆風和來自 Slack 的 3.6 億美元的貢獻。對於第二季度，我們預計 CRPO 將同比增長約 15%。這包括來自 FX 的 3 點逆風。提醒一下，第二季度對 CRPO 的貢獻與第五季度持平，因此，同比增長率現已正常化。

We expect Q2 GAAP loss per share of negative $0.03 to negative $0.02 and non-GAAP EPS of $1.01 to $1.02. For the full year, we expect GAAP EPS of $0.38 to $0.40 and non-GAAP EPS of $4.74 to $4.76. And please recall that our OIE and EPS guidance both assume no further mark-to-market adjustments of our strategic investment portfolio.

我們預計第二季度 GAAP 每股虧損為負 0.03 美元至負 0.02 美元，非 GAAP 每股收益為 1.01 美元至 1.02 美元。全年，我們預計 GAAP 每股收益為 0.38 美元至 0.40 美元，非 GAAP 每股收益為 4.74 美元至 4.76 美元。請記住，我們的 OIE 和 EPS 指導都假設我們的戰略投資組合不會進一步按市值調整。

Turning to operating margin, I am very pleased to announce that we are raising our fiscal '23 non-GAAP operating margin guidance by 40 basis points to 20.4%. This includes 100 to 125 basis points of headwind from M&A. This guidance increase represents an expansion of 170 basis points year-over-year and 270 basis points over 2 years, all driven by continued focus on disciplined decision-making across the organization. And as a company, we are committed to continuing to improve profitability over the long term.

談到營業利潤率，我很高興地宣布，我們將 23 財年非 GAAP 營業利潤率指引上調 40 個基點至 20.4%。這包括併購帶來的 100 到 125 個基點的逆風。這一指導增加意味著同比增長 170 個基點和 2 年內增長 270 個基點，所有這些都是由持續關注整個組織的紀律性決策所推動的。作為一家公司，我們致力於在長期內繼續提高盈利能力。

With respect to FX, because our regional revenue and expenses are generally in the same currencies, there tends to be a natural hedge in our operating margin. As such, although we've seen FX headwinds to revenue, we don't currently anticipate a material impact to our operating margin for the full fiscal year.

關於外匯，由於我們的區域收入和支出通常以相同的貨幣計算，我們的營業利潤率往往會自然對沖。因此，儘管我們已經看到外匯對收入的不利影響，但我們目前預計不會對我們整個財年的營業利潤率產生重大影響。

Moving to cash flow, we remain well on our way to drive another year of record cash flow generation, and we are reiterating our fiscal '23 operating cash flow guidance of approximately 21% to 22% growth year-over-year. In addition, our guidance continues to assume a 3-point headwind from cash taxes associated with tax law changes requiring the capitalization of certain R&D costs. We continue to expect CapEx of approximately 2% of revenue in fiscal '23, resulting in free cash flow growth of approximately 25% to 27% for the fiscal year.

轉向現金流，我們仍在努力推動又一年創紀錄的現金流產生，我們重申我們的 23 財年運營現金流指導，同比增長約 21% 至 22%。此外，我們的指導繼續假設與稅法變化相關的現金稅有 3 個逆風，這些變化需要將某些研發成本資本化。我們繼續預計 23 財年資本支出約佔收入的 2%，導致本財年的自由現金流增長約 25% 至 27%。

To close, while there is uncertainty in the macroenvironment, our customers are continuing to come to Salesforce to transform their businesses. The demand we are seeing from our customers is a testament to the strength of these strategic relationships and the relevance of our product portfolio. This gives us confidence in the durability of our business model, and we're excited to help our customers navigate in this changing economy.

最後，儘管宏觀環境存在不確定性，但我們的客戶仍在繼續使用 Salesforce 來轉變他們的業務。我們從客戶那裡看到的需求證明了這些戰略關係的實力以及我們產品組合的相關性。這讓我們對我們的商業模式的持久性充滿信心，我們很高興能幫助我們的客戶在這個不斷變化的經濟中駕馭。

Now before we wrap up, I do want to thank, specifically, Evan for his incredible leadership with the IR team over the last 2 years, his partnership and friendship and wish him all the best in his new role. And let me say officially welcome to Mike Spencer, who I'm delighted to have joining us. And with that, Emma, let's open the line for questions.

現在，在我們結束之前，我要特別感謝 Evan 在過去 2 年中對 IR 團隊的出色領導、他的伙伴關係和友誼，並祝愿他在新角色中一切順利。讓我正式歡迎 Mike Spencer，我很高興能加入我們。有了這個，艾瑪，讓我們打開問題的線路。

(Operator Instructions) Your first question today comes from the line of Mark Murphy with JPMorgan.

（操作員說明）您今天的第一個問題來自摩根大通的 Mark Murphy。

Yes. Marc...

是的。馬克...

(technical difficulty)

（技術難度）

Mark, this is Amy. We're having a lot of trouble hearing you.

馬克，這是艾米。我們很難聽到你的聲音。

Apologies.

道歉。

Operator, we may need to move on to the next question.

接線員，我們可能需要繼續下一個問題。

Yes, let's move on. Let's see if we can come back to Mark.

是的，讓我們繼續。讓我們看看我們是否可以回到馬克。

Certainly. Your next question comes from the line of Keith Weiss with Morgan Stanley.

當然。您的下一個問題來自摩根士丹利的 Keith Weiss。

Really nice quarter in Q1. Two questions. One on Sales Cloud. This is probably the part of the portfolio that investors have been most worried about, maturation and sort of the high market share that Salesforce has. You guys have been able to see accelerating growth. Can you dig in a little bit on kind of what's driving it? Is it the vertical solutions in particular or something in particular that has really reinvigorated that line item?

第一季度真的很不錯。兩個問題。一個在銷售雲上。這可能是投資組合中投資者最擔心的部分、成熟度以及 Salesforce 擁有的高市場份額。你們已經能夠看到加速增長。你能深入了解一下是什麼驅動了它嗎？是特別的垂直解決方案還是特別的東西真正重振了該產品線？

And then one for Amy on the operating margins. I don't think anyone was expecting operating margins going up after this quarter. Can you talk to us a little bit about those initiatives that are enabling better operating margins? There's some speculation in the press about maybe slower headcount growth or some calling of expenses. Is there something programmatic that's enabling you guys to drive that better operating margin on a go-forward basis?

然後是艾米的營業利潤率。我認為沒有人預計本季度之後營業利潤率會上升。你能和我們談談那些提高營業利潤的舉措嗎？媒體上有一些關於可能會放緩員工人數增長或一些開支要求的猜測。有沒有什麼程序化的東西可以讓你們在前進的基礎上推動更好的營業利潤率？

Yes. We're really excited about Sales Cloud growth. Not only did it grow 18% year-over-year in the quarter, but in constant currency grew 20%, which I think is a symbolic threshold for as you said, the product that Marc and Parker built 23 years ago, it is still as relevant today as it ever has been.

是的。我們對 Sales Cloud 的增長感到非常興奮。它不僅在本季度同比增長了 18%，而且按固定匯率計算增長了 20%，我認為這是一個像徵性的門檻，正如你所說，Marc 和 Parker 23 年前建立的產品，它仍然是今天和以往一樣重要。

I think first and foremost, it speaks to our innovation strategy and the organic innovation coming from our engineering teams at the company. This is an example, late last year, we introduced Revenue Intelligence, which is a deep integration between Tableau and our Sales Cloud that enables sales teams to enable every rep to be more efficient to collect cash faster, to boost growth and really bringing together this entire Customer 360 portfolio to give our customers not only a chance to reimagine their Sales Cloud implementations, but make sales that are relevant to an even broader range of customers.

我認為首先，它說明了我們的創新戰略和來自公司工程團隊的有機創新。這是一個例子，去年年底，我們推出了收入智能，它是 Tableau 和我們的銷售雲之間的深度集成，使銷售團隊能夠讓每個銷售代表更高效地更快地收集現金，促進增長並真正將這些整合在一起整個 Customer 360 產品組合，讓我們的客戶不僅有機會重新構想他們的 Sales Cloud 實施，而且可以進行與更廣泛的客戶相關的銷售。

So we're really excited about our innovation strategy. When you look at some of the wins that we've talked about in this quarter like ADP or DoorDash, you think about this next generation of selling in this era of flexible work, there's always an opportunity for our customers to reimagine their approach to sales and Sales Cloud continues to be the most innovative platform for opportunity management and lead management.

因此，我們對我們的創新戰略感到非常興奮。當您查看我們在本季度談到的一些成功案例（例如 ADP 或 DoorDash）時，您會想到在這個靈活工作時代的下一代銷售，我們的客戶總是有機會重新構想他們的銷售方式Sales Cloud 仍然是最具創新性的機會管理和潛在客戶管理平台。

So we're excited about our market-leading position. And also, I just want to say congratulations to the engineering teams, who are continuing to teach an old dog new tricks, and continue to innovate on what is, I think, really the world's leading CRM platform. Amy, talk about operating margin.

因此，我們對我們的市場領先地位感到興奮。而且，我只想對工程團隊表示祝賀，他們繼續向老狗傳授新技巧，並繼續在我認為真正世界領先的 CRM 平台上進行創新。艾米，談談營業利潤率。

Sure, I'd love to. So Keith, thanks for the question. As you noted, I really am very, very pleased about the raise on our operating margin up to 20.4% for this fiscal year. This is not the result of any single change. It's really driven by disciplined decision-making and trying to really unlock incremental efficiencies across the entire business. We've asked each leader to step up to really look across their business and to strategically prioritize their investments. And this is really to make sure that we're getting the highest return for every dollar that we invest.

當然，我很樂意。所以基思，謝謝你的問題。正如您所指出的，我對本財年的營業利潤率提高到 20.4% 感到非常非常高興。這不是任何單一變化的結果。它實際上是由嚴格的決策推動的，並試圖真正釋放整個業務的增量效率。我們已經要求每位領導者站出來真正審視他們的業務，並從戰略上確定他們的投資優先級。這實際上是為了確保我們投資的每一美元都能獲得最高的回報。

You asked about hiring, again, as a result, we're going to continue to hire, we are hiring. But we're doing it in a much more measured pace, and we're focusing the majority of our new hires on roles that will support customer success and the execution of our top priorities. This focus on margin, this is really over the long term. And we are all committed that this is going to make us a stronger company. But I do want to reiterate, this is not just a finance-led initiative. This focus on discipline is being applied across our entire organization. This is supported by Marc, by Bret, by Gavin and truly by our entire leadership team.

您再次詢問有關招聘的問題，因此，我們將繼續招聘，我們正在招聘。但我們正在以更加謹慎的步伐來做這件事，我們將大部分新員工的重點放在支持客戶成功和執行我們的首要任務的角色上。這種對利潤的關注，這確實是長期的。我們都承諾這將使我們成為一家更強大的公司。但我確實想重申，這不僅僅是一項以金融為主導的舉措。這種對紀律的關注正在我們整個組織中得到應用。這得到了 Marc、Bret、Gavin 以及我們整個領導團隊的真正支持。

Your next question comes from the line of Kirk Materne with Evercore.

您的下一個問題來自 Kirk Materne 與 Evercore 的系列。

I don't know who wants to take this, Marc or Bret, but you mentioned Salesforce being able to sort of perform through economic cycles. I was wondering if there's any change to the go-to-market playbook in a tougher economic environment, if at all, in terms of which products might be better to lead with when you start getting in these periods.

我不知道谁愿意接受這個，Marc 還是 Bret，但你提到 Salesforce 能夠在經濟周期中表現出色。我想知道在更艱難的經濟環境下，上市策略是否有任何變化，如果有的話，當你開始進入這些時期時，哪些產品可能會更好地領導。

And then second question would be for Amy. Amy, you basically kept your fiscal year guidance -- revenue guidance unchanged when adjusting for FX. I think everybody is wondering if that guidance probably now reflects a little bit more conservatism, given the more uneven macro backdrop. Could you just comment on that a little bit, maybe versus where we were 90 days ago?

然後第二個問題是針對艾米的。艾米，你基本上保持了你的財政年度指導——在調整外匯時收入指導不變。我想每個人都想知道，鑑於宏觀背景更加不平衡，該指導現在是否可能反映了更多的保守主義。你能稍微評論一下嗎，也許與我們 90 天前的情況相比？

Well, I think you're right that in an environment like this, our selling strategy will change, our narrative will change. And Bret, I think, said it really well. We're going to focus more on how we can deliver productivity for the customer and lower their costs. And at a robust time, we talk about the top line advancement. Of course, it's different for every customer, you know that.

嗯，我認為你是對的，在這樣的環境下，我們的銷售策略會改變，我們的敘述也會改變。我認為，布雷特說得非常好。我們將更多地關注如何為客戶提供生產力並降低他們的成本。在一個強勁的時期，我們談論頂線的進步。當然，每個客戶的情況都不一樣，你知道的。

To the last point that we just heard from the previous question, which was a good question, why has Sales Cloud remained so strong. And you can see more than 18% growth and Service Cloud more than 17% growth. I mean it's incredible to see the growth of these core products. Today, I was in a retailer that I like. I have a personal relationship with Brunello Cucinelli, am going to have dinner with him this week and I was just kind of preparing for that and walked in the store. And I realized that the retail agent in the store is using Sales Cloud and the platform and asking them, "Hey, how do you like it? And what do you think about the solution?" And they have it all said in Italian and it's like a serve in Salesforce -- search in Salesforce.

關於我們剛剛從上一個問題中聽到的最後一點，這是一個很好的問題，為什麼 Sales Cloud 仍然如此強大。您可以看到超過 18% 的增長，Service Cloud 增長超過 17%。我的意思是看到這些核心產品的增長令人難以置信。今天，我在一家我喜歡的零售商。我和 Brunello Cucinelli 有私人關係，這週我要和他共進晚餐，我只是在為此做些準備，然後走進了商店。我意識到店裡的零售代理正在使用 Sales Cloud 和平台，並問他們，“嘿，你覺得怎麼樣？你覺得解決方案怎麼樣？”他們用意大利語說這一切，就像 Salesforce 中的服務——在 Salesforce 中搜索。

And I'm like, wow, the product, I don't think we ever could have imagined all the different uses that it has today 24 years ago when we invented it. And I think that, that kind of flexibility is really what continues to drive its growth. We've talked about that retail use case at AT&T as well has been so important for them. And again, we never really thought that, that point-of-sale environment would be so dramatic or that incredible a product. But when you're working with customers in an environment like this, it really gets down to really understanding what they're trying to do. Every customer has a slightly different solution. Gavin, do you want to come in here and give an example of something you recently put together?

我想，哇，這個產品，我認為我們無法想像 24 年前我們發明它時的所有不同用途。而且我認為，這種靈活性確實是繼續推動其增長的原因。我們已經討論過 AT&T 的零售用例對他們來說非常重要。再說一次，我們從未真正想過，銷售點環境會如此引人注目或令人難以置信的產品。但是，當您在這樣的環境中與客戶合作時，真正要真正了解他們想要做什麼。每個客戶都有一個略有不同的解決方案。 Gavin，你想來這裡舉一個你最近整理的東西的例子嗎？

Well, I think in this type of environment, the key word is relevance, listening to your customers, understanding what the challenge, the specific challenges they are facing and making sure that you tailor the approach to that. So in many cases, Sales Cloud is the right lead, particularly with new business and new customers. Other customers is right to go with -- to lead with Service Cloud and use that as a way of taking cost out of the business and we've used both.

嗯，我認為在這種類型的環境中，關鍵詞是相關性，傾聽你的客戶，了解挑戰是什麼，他們面臨的具體挑戰，並確保你為此量身定制方法。因此，在許多情況下，Sales Cloud 是正確的領導者，尤其是對於新業務和新客戶。其他客戶是正確的選擇——以 Service Cloud 為主導，並將其用作降低業務成本的一種方式，我們兩者都使用過。

And then we have customers who -- as I said in my comments earlier, who were taking the Customer 360. Our multi-cloud take-up this quarter is very strong, up 21% with customers taking 5 or more clouds. So I think it's about listening to the customer, it's about being relevant, understanding that actually we're going through a period now where productivity and transformation is more important than the last few quarters and making sure that we tailor our messages accordingly.

然後我們的客戶——正如我之前在評論中所說，他們正在使用 Customer 360。本季度我們的多雲使用量非常強勁，增長了 21%，客戶使用了 5 個或更多雲。因此，我認為這是關於傾聽客戶的意見，與相關性有關，了解實際上我們現在正在經歷一個生產力和轉型比過去幾個季度更重要的時期，並確保我們相應地調整我們的信息。

Yes. And I would add also kind of the relationships matter and talked about F1 and Gavin was in Monaco over the weekend and Stefano Domenicali, who is the CEO of F1 was our customer at Lamborghini. And of course, we work closely with him and the whole Volkswagen management team. And when they're looking at this current environment, when F1 is looking at the environment, everybody is going to have a slightly different take. So it's nice to have those high-quality relationships at times like this.

是的。我還要補充一點關係問題，談到 F1，加文週末在摩納哥，F1 的首席執行官 Stefano Domenicali 是我們在蘭博基尼的客戶。當然，我們與他和整個大眾汽車管理團隊密切合作。當他們審視當前的環境時，當 F1 審視環境時，每個人的看法都會略有不同。因此，在這樣的時候擁有這些高質量的關係真是太好了。

Great. Kirk, I'll take the second part of your question here on the guide. Look, we feel good about what we're seeing. And you've heard that from Marc, from Gavin, from Bret, you've heard it out of the pipeline. But we're mindful of the uncertain macroenvironment, and that includes continuing FX volatility. And so I believe that our guidance is appropriately conservative under the circumstances.

偉大的。柯克，我將在指南中回答您問題的第二部分。看，我們對我們所看到的感覺很好。你已經從 Marc、Gavin 和 Bret 那裡聽說過，你已經從管道中聽到了。但我們注意到不確定的宏觀環境，包括持續的外匯波動。因此，我認為我們的指導在這種情況下是適當保守的。

Your next question comes from the line of Mark Murphy with JPMorgan.

您的下一個問題來自摩根大通的 Mark Murphy。

Bret, our survey work has shown potential for Slack to be adopted by 1/4 of all employees in the next several years. It looks like a huge number above Google Workspaces and it looks like it could be rivaling Zoom. What do you see as the best use of this $4 billion R&D budget you have to try to accelerate the Slack innovations and achieve that level of ubiquity? And I'm wondering if you would see any opportunity to potentially do more with native video conferencing.

Bret，我們的調查工作表明，在未來幾年內，Slack 有可能被 1/4 的員工採用。它看起來在 Google Workspaces 之上是一個巨大的數字，並且看起來可以與 Zoom 相媲美。您認為如何最好地利用這 40 億美元的研發預算來加速 Slack 的創新並實現普及程度？而且我想知道您是否會看到任何可能通過本地視頻會議做更多事情的機會。

Well, it's a great question. As I think about our innovation, it's really that all of our clouds work together in a complementary way. Sales and service complement each other, sales, service, digital market and e-commerce, complement each other because it really represents the entire front office. And when I think about our acquisitions like MuleSoft, Tableau and Slack, they really amplify our value proposition for Customer 360. Tableau helps all of our customers see and understand their data, which is more relevant than ever before as every interaction becomes digital. MuleSoft enables our customers to integrate all of their legacy and back office systems to Salesforce and really create a strategic platform that accelerates our digital transformation.

嗯，這是一個很好的問題。當我想到我們的創新時，實際上我們所有的雲都以一種互補的方式協同工作。銷售和服務相輔相成，銷售、服務、數字市場和電子商務相得益彰，因為它真正代表了整個前台。當我想到像 MuleSoft、Tableau 和 Slack 這樣的收購時，它們確實放大了我們對 Customer 360 的價值主張。Tableau 幫助我們所有的客戶查看和理解他們的數據，隨著每次交互都變得數字化，這些數據比以往任何時候都更加相關。 MuleSoft 使我們的客戶能夠將他們所有的遺留系統和後台系統集成到 Salesforce，並真正創建一個加速我們數字化轉型的戰略平台。

And Slack, as Gavin and Marc and I heard in Davos last week, is relevant in every single conversation because every single one of our customers is deciding how do they succeed in this new era of flexible work, because every single, particularly, office worker, isn't coming back to the office 5 days a week.

正如 Gavin 和 Marc 和我上週在達沃斯聽到的那樣，Slack 在每一次談話中都是相關的，因為我們的每一位客戶都在決定他們如何在這個靈活工作的新時代取得成功，因為每一位，尤其是辦公室工作人員，每週 5 天都不會回到辦公室。

But it's really not an either-or question because Slack makes the entire Customer 360 more relevant. In fact, one of the things I'm most excited about from this past quarter is we shift a lot of the integrations between Customer 360 and Slack, whether it's team selling and account management in our Sales Cloud or case warming in our Service Cloud, it's actually one of the solutions that DoorDash uses with their Service Cloud deployment. Really using our Slack to amplify their investment in our Service Cloud and they succeed in this new era, where their workforce is working from anywhere.

但這真的不是一個非此即彼的問題，因為 Slack 使整個 Customer 360 更加相關。事實上，上個季度我最興奮的一件事是我們轉移了 Customer 360 和 Slack 之間的許多集成，無論是我們的 Sales Cloud 中的團隊銷售和客戶管理，還是我們的 Service Cloud 中的案例預熱，它實際上是 DoorDash 在其服務雲部署中使用的解決方案之一。真正使用我們的 Slack 來擴大他們對我們服務雲的投資，他們在這個新時代取得了成功，他們的員工可以在任何地方工作。

So really excited to not only invest in Slack as a standalone platform, which is just incredible, but I'm just excited with how much more relevant our Customer 360 value proposition is now that Slack is in the building. I think it's going to be one of the best acquisitions we ever did, and it really makes every customer conversation more relevant in this new era of flexible work.

非常高興不僅將 Slack 作為一個獨立的平台進行投資，這簡直令人難以置信，而且我很高興現在 Slack 正在建設中，我們的 Customer 360 價值主張變得更加相關。我認為這將是我們做過的最好的收購之一，它確實讓每個客戶的對話在這個靈活工作的新時代變得更加相關。

Your next question comes from the line of Brad Zelnick with Deutsche Bank.

您的下一個問題來自德意志銀行的 Brad Zelnick。

Congrats on the strong start to the year. Amy, the business generated a ton of free cash flow. You have almost $14 billion of cash on the balance sheet, and your stock is trading at a really attractive multiple. What would need to happen for you and the Board to consider buying back your stock?

祝賀今年的強勁開局。艾米，這項業務產生了大量的自由現金流。你的資產負債表上有近 140 億美元的現金，而且你的股票正以非常有吸引力的倍數交易。你和董事會需要做什麼才能考慮回購你的股票？

Brad, thanks for the question. As you know, historically, we've not done buybacks. But I will tell you that, as a company, we are always looking at our capital allocation strategy. Our Board consistently looks at this on a quarterly basis, and it's really to assess the best use of cash. Right now, our overall focus is on strengthening our balance sheet to really capitalize on all of the opportunities in front of us.

布拉德，謝謝你的提問。如您所知，從歷史上看，我們沒有進行過回購。但我會告訴你，作為一家公司，我們一直在關注我們的資本配置策略。我們的董事會每季度都會持續關注這一點，這實際上是為了評估現金的最佳使用方式。目前，我們的總體重點是加強我們的資產負債表，以真正利用我們面前的所有機會。

Your next question comes from the line of Brent Bracelin with Piper Sandler.

您的下一個問題來自 Brent Bracelin 和 Piper Sandler。

I guess one of the themes we're starting to hear more from customers is this idea of vendor consolidation, particularly given the tightening business cycle. Have you seen any shift in the pipeline relative to the mix of multi-cloud deals? Any sort of color around the customer appetite to consolidate the number of vendors would be super helpful.

我想我們開始從客戶那裡聽到更多的主題之一是供應商整合的想法，特別是考慮到商業周期的緊縮。您是否看到與多雲交易的混合相關的管道有任何變化？圍繞客戶需求的任何顏色來鞏固供應商的數量都會非常有幫助。

I'll take that one. Look, what you've seen is a very strong quarter across the board, sales service marketing cloud, all posted great numbers. Every region posted great numbers, 21% up in the U.S.; 33% in EMEA; 24% in APAC. So we had a strong quarter, we've got good momentum. And as I look forward, the pipeline looks really strong for the rest of the year. So we are cognizant of the environment we're operating in. But at the moment, we don't see that impacting our numbers. But we're vigilant at all times.

我會拿那個。看，你所看到的是一個非常強勁的季度，銷售服務營銷雲，都發布了很好的數字。每個地區都發布了巨大的數字，美國增長了 21%； 33% 在歐洲、中東和非洲；亞太地區 24%。所以我們有一個強勁的季度，我們有良好的勢頭。正如我所期待的那樣，在今年餘下的時間裡，這條管道看起來真的很強大。因此，我們了解我們所處的環境。但目前，我們認為這不會影響我們的數字。但我們時刻保持警惕。

If there is a consolidation of vendors with our customers, I think we're extremely well placed. We are the only ones with the Customer 360. There's nobody else in the market who is able to offer the full suite of clouds. And if that is the case, and customers choose to continue to move more of their business to it, we'll welcome it with both arms. And I think you saw some great examples of it in the quarter. The Formula 1 example we've been talking about is a great example of that, taking multiple clouds from us across sales, service and marketing.

如果供應商與我們的客戶合併，我認為我們處於非常有利的位置。我們是唯一擁有 Customer 360 的公司。市場上沒有其他人能夠提供全套雲服務。如果是這種情況，並且客戶選擇繼續將更多業務轉移到它，我們將雙臂歡迎它。我認為你在本季度看到了一些很好的例子。我們一直在談論的一級方程式示例就是一個很好的例子，它從我們的銷售、服務和營銷中獲取了多個雲。

I love the ADP example as well. Maria Black there is doing an incredible job at driving the business and creating much more intimate customer relationships. And that's all around the Customer 360 and a consolidation of business from other vendors towards Salesforce is part of that story. So whether it's a single cloud sale, whether it's the Customer 360, we're very well placed, I think, to take full advantage of that.

我也喜歡 ADP 的例子。 Maria Black 在推動業務發展和建立更親密的客戶關係方面做得非常出色。這就是 Customer 360 的全部內容，將其他供應商的業務整合到 Salesforce 就是其中的一部分。因此，無論是單一的雲銷售，還是 Customer 360，我認為我們都可以充分利用這一點。

Yes. I would add, I think that one of the highlights in the quarter was Goodyear. Rich Kramer, someone who we've built a really great relationship with over a number of years, they deployed a number of our different products. Now they're deploying our Commerce Cloud. And it's a great example by having a full suite of products. And also by augmenting those products with our acquisition strategy over the last few years, we really have just a tremendous opportunity with every single customer to extend and expand and land and go. And this is just a moment where I think that there will be some consolidation with vendors, and they'll rely on the vendors that they have the most trusted relationships with.

是的。我要補充一點，我認為本季度的亮點之一是固特異。 Rich Kramer，與我們建立了多年良好關係的人，他們部署了我們許多不同的產品。現在他們正在部署我們的商務雲。擁有一整套產品就是一個很好的例子。而且，通過在過去幾年中通過我們的收購戰略來增強這些產品，我們真的有一個巨大的機會與每一位客戶一起擴展和擴展，登陸和離開。這只是我認為與供應商進行一些整合的時刻，他們將依賴與他們有最信任關係的供應商。

Your next question comes from the line of Brent Thill with Jefferies.

您的下一個問題來自 Jefferies 的 Brent Thill。

Marc, many are asking on the M&A strategy, given the pullback in valuations. Do you change your philosophy and be more aggressive here? Or you're sticking with the playbook in digesting Slack and some many of the other past acquisitions?

馬克，鑑於估值回落，許多人都在詢問併購策略。你會改變你的理念並在這裡變得更加激進嗎？或者你在消化 Slack 和其他許多過去的收購時堅持使用劇本？

Well, it's a great question. I know we're all watching the markets very closely and that we can see a rightsizing on a number of valuations. I think that we are all quite suspect of for quite a long time. But for us, we've kind of laid our acquisition strategy down, and we're done for a while. You can see that with many of these amazing companies that we acquired with MuleSoft, with Tableau, with Slack or even what I just mentioned with Commerce Cloud with Demandware.

嗯，這是一個很好的問題。我知道我們都在密切關注市場，我們可以看到一些估值的合理調整。我想我們都相當懷疑了相當長的一段時間。但對我們來說，我們已經制定了收購戰略，而且我們已經完成了一段時間。您可以看到，我們通過 MuleSoft、Tableau、Slack 甚至我剛剛提到的 Commerce Cloud 和 Demandware 收購了許多令人驚嘆的公司。

And the reality is there's no finish line when it comes to these acquisitions. There are a lot of work. They're hard to integrate. They -- when you think you're done, you're not done, if they can surprise you -- and you have to take your time with them. We've realized that right from the beginning with our first ExactTarget acquisition to today.

現實情況是，這些收購沒有終點線。有很多工作。他們很難整合。他們——當你認為你完成了，你還沒有完成，如果他們能給你驚喜的話——你必須花時間和他們在一起。從我們第一次收購 ExactTarget 到今天，我們已經意識到這一點。

So I would say that for right now, we're not really looking at doing any major acquisitions. It's just not a part of our playbook right now. We're really focused on integrating the ones that we have. We have a lot of work to do still. And that's our primary focus. Amy, do you want to add to that?

所以我想說，目前，我們並沒有真正考慮進行任何重大收購。它現在不是我們劇本的一部分。我們真正專注於整合我們擁有的那些。我們還有很多工作要做。這是我們的主要關注點。艾米，你想補充一下嗎？

No, I think you've got it, Marc. Right now, large-scale M&A is just not part of our current plans. Obviously, we're opportunistic as all strategic tech companies are, and I never say never. But that is just not something that's on our current radar screen.

不，我想你已經明白了，馬克。目前，大規模併購並不是我們當前計劃的一部分。顯然，我們和所有戰略性科技公司一樣都是機會主義者，我從不說永遠不會。但這不是我們當前雷達屏幕上的內容。

Your next question comes from the line of Kash Rangan with Goldman Sachs.

您的下一個問題來自高盛的 Kash Rangan。

Congratulations on a terrific quarter. And Marc and others who have been through multiple cycles on the call here, I'm wondering why are you so confident with this economic cycle? I mean what is so different about this cycle? Certainly, we -- you talk to CEOs, you meet with them on a daily basis. What is top of their mind? And what do you feel differently about Salesforce's positioning in this economic cycle?

祝賀一個了不起的季度。馬克和其他在電話會議上經歷了多個週期的人，我想知道你為什麼對這個經濟周期如此有信心？我的意思是這個週期有什麼不同？當然，我們——您與 CEO 交談，您每天都會與他們會面。他們最關心的是什麼？對於 Salesforce 在這個經濟周期中的定位，您有什麼不同的感受？

And then one for Amy. I just wanted to understand what gives you confidence. I think you've said something faster cash flow growth and margin growth in the press release, just very assuring, just a little bit more detail on how you plan to get there would be great.

然後給艾米一個。我只是想了解是什麼給了你信心。我認為您在新聞稿中已經說過更快的現金流增長和利潤率增長，這非常有保證，只是關於您計劃如何實現這一目標的更多細節會很棒。

Well, Kash, I think I'm going to let each one of our executives speak on this because I'll tell you that we have been having a lot of customer interaction right now and an incredible amount. And I'll tell you when I was down in Sydney, Australia, about 3 weeks ago or 4 weeks ago, and I was just very impressed with the level of economic activity with all of these customers. They're focused on growth. They're focused on market share, they're focused on expansion. They're focused on digital transformation.

好吧，Kash，我想我會讓我們的每一位高管就此事發表意見，因為我會告訴你，我們現在一直在進行大量的客戶互動，而且數量驚人。我會告訴你，大約 3 週前或 4 週前我在澳大利亞悉尼的時候，我對所有這些客戶的經濟活動水平印象深刻。他們專注於增長。他們專注於市場份額，他們專注於擴張。他們專注於數字化轉型。

And then I went off to Japan, and I was in Tokyo and well, it was the same thing. I was with one of our very large customers, Sompo, one of the largest and now the largest insurance company in Japan with their CEO, Sakurada-san. And very impressed with how they're investing and excited about expanding and going into new areas and looking at a number of our new products. They've been with us for quite a long time.

然後我去了日本，我在東京，嗯，那是同樣的事情。我和我們的一個非常大的客戶 Sompo 一起，這是日本最大的保險公司之一，現在是最大的保險公司，他們的首席執行官是 Sakurada-san。他們對擴展和進入新領域以及研究我們的許多新產品的投資方式和興奮感給他們留下了深刻的印象。他們已經和我們在一起很長時間了。

And all of the customers that I met with were growing. It was just an exciting moment. And then we went off to New York, same thing, same story. Everyone is very motivated. These are customers without a lot of debt on their balance sheet. They have flexibility, they're nimble. They know what their product strategies are. They're ready to go. And then when we went down to Atlanta and we reviewed our entire operation, we heard this consistently from our management team.

我遇到的所有客戶都在增長。這只是一個激動人心的時刻。然後我們去了紐約，同樣的事情，同樣的故事。每個人都非常有動力。這些客戶的資產負債表上沒有大量債務。他們有靈活性，他們很靈活。他們知道他們的產品策略是什麼。他們準備好了。然後，當我們前往亞特蘭大並審查我們的整個運營時，我們一直從我們的管理團隊中聽到這一點。

And when we went to Davos last week, again, across industry, across geography, while everyone is looking at rising inflation or supply chain issues or interest rate changes or stock market gyrations or foreign exchange shifts, at the end of the day, we all have our -- we all, I think, are in a very different place than we've really ever been before. And I think a lot of it has to do with the pandemic. I think the pandemic gave everybody the ability to kind of do a reset and think about, okay, now where am I going over the next decade?

當我們上週再次跨行業、跨地域去達沃斯時，當每個人都在關注通脹上升、供應鏈問題、利率變化、股市波動或外匯變動時，歸根結底，我們所有人有我們的 - 我認為，我們都處於一個非常不同的地方，而不是我們以前真正去過的地方。我認為這在很大程度上與大流行有關。我認為大流行使每個人都有能力進行重新設置並思考，好吧，現在我在接下來的十年中要去哪裡？

And so in the last 2 years, I think every company rebuilt their strategy, look at us. We acquired Slack, our largest acquisition ever, we retooled, we built our CDP. We augmented our professional services strategy. We changed our management team. We transformed who's running the company and how it's being run. So we're an example of, okay, we're ready for the next decade. And I think that, that example is probably true for all the customers that we're meeting with. And Bret, do you want to come in and talk about some of your experiences in Davos?

所以在過去的兩年裡，我認為每家公司都重建了他們的戰略，看看我們。我們收購了 Slack，這是我們有史以來最大的一次收購，我們進行了重組，我們建立了 CDP。我們增強了我們的專業服務戰略。我們改變了我們的管理團隊。我們改變了公司的經營者和經營方式。所以我們是一個例子，好吧，我們已經為下一個十年做好了準備。我認為，對於我們會見的所有客戶來說，這個例子可能都是正確的。 Bret，你想進來談談你在達沃斯的一些經歷嗎？

Well, you put it well. I had a privilege of having about 30 one-on-one CEO conversations in Davos, CEOs from different regions around the world, different industries. And I was really pleasantly surprised to just hear how much customers are leaning into their digital investments. Some, like the consumer goods companies, have been really impacted by both the supply chain and inflation and were really focused on how to invest in digital technologies to take down some of their costs to absorb some of that and avoid price increases. And then some other businesses, I talked to the CEO of a beauty company has seen increased demand as we all leave the house for the first time in the past couple of years and was really focused on growth.

嗯，你說得很好。我有幸在達沃斯與來自世界不同地區、不同行業的 CEO 進行了大約 30 次一對一的 CEO 對話。聽到有多少客戶傾向於他們的數字投資，我真的很驚喜。有些公司，比如消費品公司，確實受到了供應鍊和通貨膨脹的影響，並且真正專注於如何投資數字技術以降低部分成本以吸收部分成本並避免價格上漲。然後是其他一些業務，我與一家美容公司的首席執行官交談，看到需求增加，因為我們在過去幾年中第一次離開家，並且真正專注於增長。

But the theme in all of them was whether you're investing in digital technology to connect with your customers or investing in digital technology to drive productivity, we continue to be one of the most strategic vendors and the trusted digital adviser for all of these CEOs across every industry. So I read the same headlines as everyone else, and I'm cognizant of the volatility in the economy. And as Gavin said, we're just focused on being relevant, being the most trusted digital adviser to each of our customers. And as Marc said, we believe that if we form those trusted relationships, especially in times where our customers need that resilience, and need that from us, we will come out of these gaining market share and gaining trust with our customers.

但所有這些的主題是，無論您是投資數字技術以與客戶建立聯繫，還是投資數字技術以提高生產力，我們仍然是最具戰略意義的供應商之一，也是所有這些 CEO 值得信賴的數字顧問遍及各個行業。因此，我與其他人閱讀了相同的頭條新聞，並且我意識到經濟的波動性。正如加文所說，我們只是專注於相關性，成為我們每個客戶最值得信賴的數字顧問。正如 Marc 所說，我們相信，如果我們建立了那些值得信賴的關係，尤其是在我們的客戶需要這種彈性並且需要我們提供這種彈性的時候，我們將從這些關係中脫穎而出，獲得市場份額並贏得客戶的信任。

Well, I think Bret said it really well, connecting with our customers, connecting with employees through Slack, connecting with our data with Tableau, connecting with our partners and these are major themes that we're hearing. Amy, what did you hear in your discussions?

嗯，我認為 Bret 說得非常好，與我們的客戶聯繫，通過 Slack 與員工聯繫，通過 Tableau 與我們的數據聯繫，與我們的合作夥伴聯繫，這些都是我們聽到的主要主題。艾米，你在討論中聽到了什麼？

Davos is something. It's -- there's no better opportunity to connect with hundreds of customers across there. One of the things I really heard was a focus on efficiency. And companies that are looking for partnerships and looking for companies like Salesforce that can help them both grow and become more efficient as they do it, so it was an incredible week and a great opportunity.

達沃斯是一個東西。這是 - 沒有比那裡更好的機會與數百名客戶建立聯繫。我真正聽到的一件事是對效率的關注。那些正在尋找合作夥伴並尋找像 Salesforce 這樣的公司可以幫助他們成長並提高效率的公司，所以這是令人難以置信的一周，也是一個很好的機會。

Gavin, do you want to?

加文，你想要嗎？

Yes. I mean what I heard from customers last week and more generally, I think we're just more important to our customers than we were in previous cycles. We've got a more strategic relationship that is more of a trusted adviser. And I think that's because we have a full suite of cloud and a full Customer 360 solution that can solve multiple problems for them. So if their issue is growth, we've got a solution that will allow them to drive growth. If it's about productivity and cost transformation and efficiency, we've got the right combination for that as well.

是的。我的意思是我上週從客戶那裡聽到的，更一般地說，我認為我們對客戶來說比之前的周期更重要。我們建立了更具戰略性的關係，更像是一個值得信賴的顧問。我認為這是因為我們擁有一整套雲和完整的 Customer 360 解決方案，可以為他們解決多個問題。因此，如果他們的問題是增長，我們有一個解決方案可以讓他們推動增長。如果是關於生產力、成本轉換和效率，我們也有合適的組合。

So it's about relevance. And we heard this time and time again that, increasingly, the digital transformation agenda that the narrative around it is not running out of steam in spite of concerns about the environment. It's becoming more, I think even more important, and we're better placed than any other company to help our customers through that.

所以這是關於相關性。我們一次又一次地聽到，數字化轉型議程越來越多，儘管人們擔心環境問題，但圍繞它的敘述並沒有失去動力。我認為它變得越來越重要，而且我們比任何其他公司都更有能力幫助我們的客戶度過難關。

Yes. One of the customers I met with in Davos, State Farm, I think about the huge journey that we've made with them. Michael Tipsord, the CEO and of course, Keith Block, our good friend is on their Board now. But I'm excited because they're expanding with our field service product. And that product didn't even exist when we first signed our agreement with them. But Customer 360 continues to expand for them.

是的。我在達沃斯遇到的一位客戶，State Farm，我想到了我們與他們一起經歷的巨大旅程。首席執行官 Michael Tipsord，當然還有我們的好朋友 Keith Block，現在都是他們的董事會成員。但我很興奮，因為他們正在使用我們的現場服務產品進行擴展。當我們第一次與他們簽署協議時，該產品甚至都不存在。但 Customer 360 繼續為他們擴展。

They're able to take their single source of truth and bring it to new use cases. And I think that, that's something that I'm really excited about as we expand with all of these customers. Thank you very much for this great question.

他們能夠利用他們的單一事實來源並將其帶到新的用例中。我認為，當我們與所有這些客戶一起擴展時，我真的很興奮。非常感謝您提出這個好問題。

Kash, to follow up on your question on cash flow. For cash flow, our philosophy is that our OCF and FCF should increase faster than revenue as we're increasing our operating margin, which we are. In terms of confidence levels, both on the cash and the operating margin, much of this comes back to the focus on disciplined growth. This is not a passing fad. I'm a huge believer that discipline and constraints make for a stronger and more innovative company. And this is the focus across every part of the company. So where my confidence comes from is really seeing all of our leaders at Salesforce stepping up to this challenge in meeting us.

Kash，跟進您關於現金流的問題。對於現金流，我們的理念是我們的 OCF 和 FCF 的增長速度應該快於收入，因為我們正在增加我們的營業利潤率，我們就是這樣。就現金和營業利潤率的信心水平而言，這在很大程度上取決於對紀律性增長的關注。這不是一時的時尚。我堅信紀律和約束可以造就一家更強大、更具創新性的公司。這是公司各個部門的重點。因此，我的信心來自於真正看到 Salesforce 的所有領導者都在迎接我們的挑戰。

Your last question today comes from the line of Phil Winslow with Credit Suisse.

您今天的最後一個問題來自瑞士信貸的 Phil Winslow。

You've touched on sales, marketing and commerce clouds. I wanted to focus in on service because you've been pretty vocal about just the transformational changes that are going in on customer service. What are customers telling you right now in terms of where they are in their journeys there in terms of transformation. And also, we've obviously seen some big contracts signed from contact center vendors kind of along the team, too. So I wonder if you could just talk us through what you're seeing from customers and what your kind of conviction level is in Service Cloud going forward.

您已經接觸過銷售、營銷和商務雲。我想專注於服務，因為您一直在直言不諱地談論客戶服務正在發生的轉型變化。客戶現在正在告訴您他們在轉型過程中所處的位置。而且，我們顯然也看到了一些來自聯絡中心供應商的大合同。因此，我想知道您是否可以通過您從客戶那裡看到的內容以及您對 Service Cloud 未來發展的信念水平與我們交談。

Thank you. That's a great question. Service continues to be the anchor tenant of our Customer 360 for our largest customers, particularly our long-standing customers like State Farm. And what I've heard from our customers, I think, is really reflected in our product strategy, which is really the completeness of our service portfolio. Customers, like State Farm, the reason they expanded in Q1 is because they expanded with Field Service. And we do field service, we do ticketing, we do contact centers, we do digital service, self-service and chat box.

謝謝你。這是一個很好的問題。對於我們最大的客戶，尤其是像 State Farm 這樣的長期客戶，服務仍然是我們 Customer 360 的主要租戶。我認為，我從客戶那裡聽到的消息真正反映在我們的產品戰略中，這實際上是我們服務組合的完整性。像 State Farm 這樣的客戶，他們在第一季度進行擴展的原因是因為他們通過現場服務進行了擴展。我們提供現場服務、票務、聯絡中心、數字服務、自助服務和聊天框。

And when you think about your customer interactions and you particularly think about this volatile economic environment, that portfolio not only helps you increase customer satisfaction, but do so in a way that reduces costs. I love that ADP example I gave in the script because it was an example when ADP managed to do 200,000 virtual service visits and avoid sending out trucks 80% of the time, their customers were happier and they reduce costs. And the reason we can do that is because we have the most complete service portfolio in the market.

當您考慮與客戶的互動時，尤其是考慮到這種動蕩的經濟環境時，該產品組合不僅可以幫助您提高客戶滿意度，而且還可以降低成本。我喜歡我在腳本中給出的 ADP 示例，因為這是一個示例，ADP 設法進行了 200,000 次虛擬服務訪問，並且在 80% 的時間內避免派出卡車，他們的客戶更快樂並且他們降低了成本。我們之所以能做到這一點，是因為我們擁有市場上最完整的服務組合。

So we're really excited about that. I'm excited again, it goes back to our strategy of organic innovation. And as Gavin said, the completeness of our product portfolio, in particular, as our customers look to consolidate vendors. The fact that we can really be the entire front office for our customers is incredibly differentiated. And our Customer 360 portfolio continues to be one of the main reasons why our customers choose our product offerings.

所以我們對此感到非常興奮。我再次感到興奮，這又回到了我們的有機創新戰略。正如加文所說，我們產品組合的完整性，特別是當我們的客戶希望整合供應商時。我們可以真正成為客戶的整個前台，這一事實令人難以置信。我們的 Customer 360 產品組合仍然是我們的客戶選擇我們產品的主要原因之一。

This concludes our Q&A for today. Mr. Evan Goldstein, I turn the call back over to you.

今天的問答到此結束。 Evan Goldstein 先生，我把電話轉給你。

Thank you for joining us on the call today.

感謝您今天加入我們的電話會議。

Evan, I want to congratulate you on 2 great years in IR. And we couldn't be more excited for you. So let's end this the way we started it with some big props and congratulations for you.

埃文，我想祝賀你在 IR 工作了 2 年。我們為您感到無比興奮。因此，讓我們以我們開始的方式結束這一切，並為您提供一些大道具和祝賀。

Thanks, Marc and the leadership team. Really appreciate it. And if you have any questions for us, feel free to reach out at investor@salesforce.com, and we look forward to talking next quarter.

謝謝，馬克和領導團隊。真的很感激。如果您對我們有任何疑問，請隨時通過investor@salesforce.com 與我們聯繫，我們期待在下個季度進行討論。

This concludes today's conference call. Thank you for attending. You may now disconnect.

今天的電話會議到此結束。感謝您的出席。您現在可以斷開連接。