賽富時 (CRM) 2023 Q2 法說會逐字稿

Welcome to the Salesforce Fiscal 2023 Second Quarter Results Conference Call. (Operator Instructions).

歡迎參加 Salesforce 2023 財年第二季度業績電話會議。 （操作員說明）。

I would like to hand over the conference to your speaker, Mike Spencer, Executive Vice President of Investor Relations. Sir, you may begin.

我想把會議交給你的演講者，投資者關係執行副總裁 Mike Spencer。先生，您可以開始了。

Thank you, Emma, and good afternoon, everyone. Thanks for joining us today for our fiscal 2023 second quarter results conference call. 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，大家下午好。感謝您今天加入我們的 2023 財年第二季度業績電話會議。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; and Amy Weaver, Chief Financial Officer. We'll also be joined by Brian Millham, President and Chief Operating Officer, who will be available for the Q&A portion of the call.

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；和首席財務官艾米·韋弗。總裁兼首席運營官 Brian Millham 也將與我們一起參加電話會議的問答部分。

As a reminder, our commentary today will include non-GAAP measures. Reconciliations between our GAAP and non-GAAP results and guidance can be found in our earnings and press release. Some of our comments today may contain forward-looking statements that are subject to risks and uncertainties and assumptions, which could change.

提醒一下，我們今天的評論將包括非公認會計原則措施。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。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，這些可能會發生變化。

Should any of these risks materialize or should assumptions prove to be incorrect, actual company results could differ materially from these forward-looking statements. A description of these risks and uncertainties and assumptions and other factors that could affect our financial results is included in our SEC filings, including our most recent report on Forms 10-K, 10-Q and other SEC filings.

如果這些風險中的任何一個成為現實，或者假設被證明是不正確的，則公司的實際結果可能與這些前瞻性陳述大不相同。這些風險和不確定性以及可能影響我們財務業績的假設和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，包括我們最近關於表格 10-K、10-Q 和其他美國證券交易委員會文件的報告。

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

有了這個，讓我把電話交給馬克。

Well, hey, thanks, Mike. And thank you, everyone, for being on the call today. As you saw in the results for the quarter, we've delivered really strong revenue growth, profitability and cash flow, showing yet again the resilience and durability of our business model in this economic environment.

好吧，嘿，謝謝，邁克。感謝大家今天參加電話會議。正如您在本季度的業績中看到的那樣，我們實現了非常強勁的收入增長、盈利能力和現金流，再次顯示了我們商業模式在這種經濟環境下的彈性和持久性。

Revenue in the quarter was $7.7 billion, up 22% year-over-year or 26% growth in constant currency. We had a great quarter, but yet again, the dollar had an even stronger quarter, and we continue to see the impact on foreign exchange and currency fluctuation on our financials. For Q2, we saw approximately $250 million of headwind to revenue, which is roughly $50 million more than we assumed in our guide last quarter, and we now expect a total of $800 million foreign exchange headwind year-over-year for the full fiscal year. Operating margin in the quarter was 19.9%, and we delivered $334 million in operating cash flow. Our remaining performance obligation or the total undelivered contract value that we have with our customers is really an incredible $41.6 billion, and this is revenue signed. It's not yet recognized.

本季度收入為 77 億美元，同比增長 22%，或按固定匯率計算增長 26%。我們有一個很棒的季度，但美元再次走強，我們繼續看到外彙和貨幣波動對我們財務的影響。對於第二季度，我們看到大約 2.5 億美元的收入逆風，這比我們在上個季度的指南中假設的多出大約 5000 萬美元，我們現在預計整個財年的外匯逆風同比總計 8 億美元.本季度的營業利潤率為 19.9%，我們實現了 3.34 億美元的營業現金流。我們剩餘的履約義務或我們與客戶的未交付合同總價值確實是令人難以置信的 416 億美元，這是簽署的收入。它還沒有被認可。

Now turning to guidance. Over the last few months, I've met with hundreds of CEOs, with economists, business leaders, political leaders and other experts about their business and where they see this global economy heading. And I don't think it's going to surprise anyone, everyone has got a slightly different answer. And it doesn't matter who you speak to, could be a different geography, a different position, everybody sees things at a slightly different way right now. But what we do know and what I think everyone will agree on is that digital transformation remains the #1 priority for CEOs and that every digital transformation begins and ends with the customer.

現在轉向指導。在過去的幾個月裡，我會見了數百位首席執行官、經濟學家、商界領袖、政治領袖和其他專家，了解他們的業務以及他們認為全球經濟的發展方向。而且我認為這不會讓任何人感到驚訝，每個人的答案都略有不同。與誰交談並不重要，可能是不同的地理位置，不同的職位，現在每個人看待事物的方式都略有不同。但我們確實知道並且我認為每個人都會同意的是，數字化轉型仍然是 CEO 的第一要務，而且每一次數字化轉型都始於客戶，也始於客戶。

That's what continues to drive our business forward, and it's why Salesforce is the #1 CRM by market share globally, according to the IDC Software Tracker. Now for those of you who have been on these calls with us, we've all been through a number of these economic cycles. And we've especially seen that over our last 23 years. And once like this come around, we see customers becoming more measured in the way they buy. Sales cycles can get stretched. Deals are inspected by higher levels of management, and all of this, we began to start to see in July.

根據 IDC Software Tracker 的數據，這就是繼續推動我們的業務向前發展的原因，也是 Salesforce 成為全球市場份額排名第一的 CRM 的原因。現在，對於那些與我們通話的人來說，我們都經歷了許多這樣的經濟周期。在過去的 23 年中，我們尤其看到了這一點。一旦出現這種情況，我們就會看到客戶在購買方式上變得更加謹慎。銷售週期可能會延長。交易由更高級別的管理人員檢查，所有這一切，我們從 7 月開始看到。

Nearly everyone I've talked to is taking a more measured approach to their business. We expect these trends to continue in the near term, and we reflected this in our guidance. Given the significant impact of foreign exchange and buyers being more measured, we're revising our fiscal '23 revenue guidance to $30.9 billion to $31 billion or about 17% growth year-over-year or 20% in constant currency. At the same time, we're maintaining our fiscal year '23 operating margin guide of 20.4%, an expansion of 170 basis points year-over-year. This is further evidence that we remain deeply committed to consistent, disciplined margin, cash flow and revenue growth as part of our long-term plan to drive both top and bottom line performance. We have the right team, the right products, the right playbook for getting to $50 billion in revenue in fiscal year '26.

幾乎與我交談過的每個人都對他們的業務採取了更加謹慎的方法。我們預計這些趨勢將在短期內繼續下去，我們在我們的指導中反映了這一點。鑑於外彙和買家的重大影響更加衡量，我們正在將我們的 23 財年收入指引修改為 309 億美元至 310 億美元，或同比增長約 17% 或按固定匯率計算 20%。同時，我們將 23 財年的營業利潤率指南維持在 20.4%，同比增長 170 個基點。這進一步證明，作為我們推動頂線和底線業績的長期計劃的一部分，我們仍然堅定地致力於保持一致、有紀律的利潤率、現金流和收入增長。我們擁有合適的團隊、合適的產品、合適的劇本，可以在 26 財年實現 500 億美元的收入。

We always get questions about our M&A strategy and what company we're going to acquire next and what we're going to do next from an acquisition cycle. I think we get this question every single earnings call that we do like this. And it's always one of my favorite parts of the call. And I'm excited to tell you we have found a great cloud company, growing revenue for 73 consecutive quarters through every economic cycle. It's got great cash flow, #1 market share, an incredible brand, one of the most admired companies in the world, great values, fantastic community of 17 million Trailblazers, fantastic commitment to its community, runs across 90 countries. And that company is Salesforce.

我們總是會收到關於我們的併購戰略的問題，以及我們接下來要收購哪家公司，以及在收購週期中我們接下來要做什麼。我認為我們每次做這樣的財報電話都會收到這個問題。這一直是我最喜歡的電話之一。我很高興地告訴你，我們找到了一家很棒的雲公司，在每個經濟周期中連續 73 個季度實現收入增長。它擁有巨大的現金流、#1 的市場份額、一個令人難以置信的品牌、世界上最受尊敬的公司之一、巨大的價值、1700 萬開拓者的夢幻般的社區、對社區的非凡承諾，遍布 90 個國家。那家公司就是 Salesforce。

We're thrilled that our Board of Directors has authorized up to $10 billion in our first-ever share repurchase. This reflects the confidence we have in our business and in our approach to generating shareholder value. Brian Millham is going to expand in more detail about the broader capital allocation strategy in a moment. And you'll also hear about some amazing customer wins in the quarter. I'm especially proud of a major deal we closed in the quarter with the U.S. Department of Veterans Affairs, and it's one of our most meaningful partnerships. The VA is a relationship that we've been building for over 6 years, and now Salesforce is becoming the digital front door for our veterans and their families. We can't be more proud to do our part in helping those who have made sacrifices in serving the nation.

我們很高興我們的董事會批准了高達 100 億美元的首次股票回購。這反映了我們對我們的業務和我們創造股東價值的方法的信心。 Brian Millham 稍後將詳細介紹更廣泛的資本配置策略。您還將聽到本季度一些驚人的客戶勝利。我為我們在本季度與美國退伍軍人事務部達成的一項重大交易感到特別自豪，這是我們最有意義的合作夥伴關係之一。 VA 是我們已經建立了 6 年多的關係，現在 Salesforce 正在成為我們退伍軍人及其家人的數字前門。我們非常自豪能夠儘自己的一份力量幫助那些為國家服務而做出犧牲的人。

It's been an incredible year so far being able to connect with our customers in person again, has been just amazing. We've done 63 marketing events so far this year, hosting over 250,000 Trailblazers and counting. But none is more exciting on every level than Dreamforce. And we're hoping to see all of you as we celebrate our 20th Dreamforce, September 20th through the 22nd right here in San Francisco. It's a celebration of our Trailblazers, and we're going to expect 150,000 people to be here and registered to attend. And we'll also be streaming the entire 3 days on Salesforce+ and expect millions more to tune in. We have an amazing line of product announcements and innovations and speakers and giving back. It's going to be a big Dreamforce. It's going to be really the biggest Dreamforce ever, our 20th ever Dreamforce.

到目前為止，這是令人難以置信的一年，能夠再次親自與我們的客戶聯繫，真是太棒了。今年到目前為止，我們已經舉辦了 63 場營銷活動，接待了超過 250,000 名開拓者，而且還在不斷增加。但在各個層面上，沒有比 Dreamforce 更令人興奮的了。我們希望在 9 月 20 日至 22 日在舊金山慶祝我們的第 20 屆 Dreamforce 時見到你們所有人。這是對我們開拓者的慶祝活動，我們預計將有 150,000 人來到這裡並註冊參加。我們還將在 Salesforce+ 上進行整整 3 天的直播，預計會有數百萬人收看。我們有一系列令人驚嘆的產品公告和創新以及演講者和回饋。這將是一個巨大的 Dreamforce。這將是有史以來最大的 Dreamforce，我們的第 20 個 Dreamforce。

And we're also going to be celebrating the impact Salesforce has had through our 1-1-1 philanthropic model as we've now surpassed over $0.5 billion in grants, 7 million hours of volunteerism, and more than 50,000 nonprofits using Salesforce for free. At Dreamforce, the amazing Red Hot Chili Peppers, that's Anthony and his entire band, playing to everyone. They're going to be performing at our annual benefit concert with 100% of the proceeds going to our children's hospitals right here in San Francisco and in Oakland. So please tell your friends, tell your firms, tell your vendors, tell everybody to get sponsorships to Dreamfest because it's going to be incredible. And of course, you're all invited to our Investor Day during Dreamforce on September 21.

我們還將慶祝 Salesforce 通過我們的 1-1-1 慈善模式產生的影響，因為我們現在已經超過 5 億美元的贈款、700 萬小時的志願服務，以及超過 50,000 個免費使用 Salesforce 的非營利組織.在 Dreamforce，令人驚嘆的 Red Hot Chili Peppers，即 Anthony 和他的整個樂隊，為所有人演奏。他們將在我們的年度慈善音樂會上演出，100% 的收益將捐給舊金山和奧克蘭的兒童醫院。所以請告訴你的朋友，告訴你的公司，告訴你的供應商，告訴每個人獲得 Dreamfest 的讚助，因為這將是不可思議的。當然，大家都被邀請參加 9 月 21 日 Dreamforce 期間的投資者日。

Amy, are they invested even if they don't do the Dreamfest sponsorship?

艾米，即使他們不做 Dreamfest 贊助，他們也會投資嗎？

Yes, Marc, they are invited.

是的，馬克，他們被邀請了。

All right. Look, you're not going to want to miss it. Look, before handing off to Bret, I'd like to congratulate Brian Millham, our new Chief Operating Officer. Brian is employee #13 and has been helping us to build this company from its earlier days.

好的。看，你不會想錯過的。聽著，在交給 Bret 之前，我要祝賀我們的新首席運營官 Brian Millham。 Brian 是第 13 號員工，從早期開始就一直在幫助我們建立這家公司。

As Chief Operating Officer, Brian is going to continue to lead our customer success organization and now adds global sales to his responsibilities. Bringing our incredible customer success ecosystem, Sales Cloud sales even closer under Brian will help us to deliver the full power of Salesforce to every one of our customers in the new economy. And we're so fortunate that Gavin Patterson has taken on this important new role as Chief Strategy Officer, helping us to guide our strategic direction. And thank you and congratulations to Gavin. I'm so grateful to Gavin who for the last 2 years during the pandemic has overseen one of Salesforce's most rapid growth periods in Salesforce's history.

作為首席運營官，Brian 將繼續領導我們的客戶成功組織，現在他的職責還包括全球銷售。憑藉我們令人難以置信的客戶成功生態系統，在 Brian 的領導下，Sales Cloud 銷售更加緊密，這將幫助我們將 Salesforce 的全部力量提供給新經濟中的每一位客戶。我們很幸運 Gavin Patterson 擔任首席戰略官這一重要的新角色，幫助我們指導我們的戰略方向。感謝並祝賀 Gavin。我非常感謝 Gavin 在大流行期間的過去 2 年中監督了 Salesforce 歷史上最快速的增長期之一。

When I look back at the last 3 years, I saw it was really only 2 years ago, in fiscal year '21, when we did, proud, I think it was about $5.1 million -- is that -- $5.1 billion. Is that right, Mike, something like that? And then last year, I think for Q2, we did something like $6.3 billion, and now we're doing $7.7 billion, if I get the numbers right. I mean it's an incredible trajectory of growth from over the last 24 months. And I couldn't be more proud of Gavin to help us during that period and now, Brian, in your COO role. Congratulations to Brian and Gavin.

當我回顧過去 3 年時，我發現這真的只是 2 年前，在 21 財年，當我們這樣做的時候，自豪地，我認為它大約是 510 萬美元 - 是 - 51 億美元。是這樣嗎，邁克，是這樣的嗎？然後去年，我認為對於第二季度，我們做了大約 63 億美元，如果我的數字正確的話，現在我們正在做 77 億美元。我的意思是，這是過去 24 個月以來令人難以置信的增長軌跡。我為 Gavin 在那個時期幫助我們感到無比自豪，而現在，Brian，擔任您的首席運營官一職。祝賀布賴恩和加文。

And with that, I'm going to turn it over to Bret.

有了這個，我將把它交給布雷特。

Thanks, Marc. And congratulations, Brian and Gavin. As Marc said, we had another strong quarter delivering strong top and bottom line performance. Our results demonstrate the durability of our business model and the strength of our strategy. Our Customer 360 product portfolio is the industry standard and the market leader, a leader in 12 current Gartner Magic Quadrant reports. And the platform is helping hundreds of thousands of companies in every industry digitally transform.

謝謝，馬克。祝賀你，布賴恩和加文。正如馬克所說，我們又一個強勁的季度實現了強勁的頂線和底線表現。我們的結果證明了我們商業模式的持久性和我們戰略的實力。我們的 Customer 360 產品組合是行業標準和市場領導者，在當前 12 份 Gartner 魔力像限報告中處於領先地位。該平台正在幫助各行各業的數十萬家公司進行數字化轉型。

Our technology is also deeply differentiated. Einstein Artificial Intelligence platform is now doing over 175 billion predictions every day. Just incredible. Our go-to-market capability is also unmatched in the industry. The diversity of the industries, regions and lines of business we serve has driven the durability and resilience Marc talked about and you've seen in our business over the past 23 years. And finally, our ecosystem is unparalleled in enterprise software. As 150,000 Trailblazers joined us for Dreamforce next month, they represent a global community of developers, administrators and ISVs, 17 million strong that are driving what IDC estimates to be $1.6 trillion in new business revenues by 2026.

我們的技術也有很大的差異化。愛因斯坦人工智能平台現在每天進行超過 1750 億次預測。簡直不可思議。我們的上市能力在業內也是無與倫比的。我們服務的行業、地區和業務線的多樣性推動了 Marc 談到的持久性和彈性，您在過去 23 年的業務中也看到了這一點。最後，我們的生態系統在企業軟件中是無與倫比的。下個月有 150,000 名開拓者加入了我們的 Dreamforce，他們代表了一個由開發人員、管理員和 ISV 組成的全球社區，其中 1700 萬人正在推動 IDC 估計到 2026 年將達到 1.6 萬億美元的新業務收入。

As you heard from Marc, we're in a more measured buying environment. Executive teams are scrutinizing all purchasing decisions, and we are seeing some deals take longer to close. I personally met with over 100 CEOs this quarter in my travels across Latin America, Europe and North America, and digital transformation remains their top priority. But the focus of the conversation has shifted meaningfully towards productivity, efficiency and time to value.

正如您從 Marc 那裡聽到的，我們處於更加謹慎的購買環境中。執行團隊正在審查所有採購決策，我們看到一些交易需要更長的時間才能完成。本季度，我在拉丁美洲、歐洲和北美的旅行中親自會見了 100 多位 CEO，數字化轉型仍然是他們的首要任務。但談話的重點已經有意義地轉向生產力、效率和價值實現時間。

In this environment, our Customer 360 portfolio is uniquely positioned to enable our customers to deliver both growth and cost savings. And you can see it in this quarter's results. Sales Cloud revenue grew 15% year-over-year, a healthy 19% in constant currency, including customer wins at CDW, Zscaler and Schneider Electric. Using our Sales Cloud and CRM analytics, Schneider reduced their close time by 30%. And with MuleSoft, they saved 40,000 hours of employees' time and saved $2.7 million in IT costs.

在這種環境下，我們的 Customer 360 產品組合具有獨特的優勢，可以讓我們的客戶實現增長和成本節約。您可以在本季度的業績中看到這一點。 Sales Cloud 收入同比增長 15%，按固定匯率計算，增長了 19%，包括在 CDW、Zscaler 和施耐德電氣贏得的客戶。使用我們的 Sales Cloud 和 CRM 分析，Schneider 將他們的關閉時間縮短了 30%。借助 MuleSoft，他們節省了 40,000 小時的員工時間並節省了 270 萬美元的 IT 成本。

Service Cloud grew 14% year-over-year or 18% in constant currency, including customer wins at the U.S. Department of Veterans Affairs, Workday and Uber. Our digital service product line, in particular, accelerated as customers pivoted their spend to digital technologies that reduce customer service costs. Uber Eats is a great example. Uber Eats saw a 20% improvement in productivity across e-mail, chat and phone support channels with our Service Cloud, and more importantly, with their investment in our Einstein AI chat bots, they improved their call deflection by 30%. Our Marketing and Commerce Cloud grew together 17% year-over-year or 22% in constant currency, including significant expansion of our relationships with Live Nation, L'Oreal and Tapestry.

Service Cloud 同比增長 14% 或按固定匯率計算增長 18%，包括在美國退伍軍人事務部、Workday 和優步贏得的客戶。隨著客戶將支出轉向降低客戶服務成本的數字技術，我們的數字服務產品線尤其加速。 Uber Eats 就是一個很好的例子。 Uber Eats 通過我們的 Service Cloud 將電子郵件、聊天和電話支持渠道的工作效率提高了 20%，更重要的是，通過投資我們的 Einstein AI 聊天機器人，他們將呼叫轉移率提高了 30%。我們的營銷和商務云同比增長 17% 或按固定匯率計算 22%，包括我們與 Live Nation、歐萊雅和 Tapestry 的關係的顯著擴展。

In our Commerce Cloud, we are seeing GMV growth decelerate in line with the rest of the e-commerce industry as consumers settle back down to pre-pandemic norms. Platform, including Slack, grew 53% or 56% in constant currency, including great Slack expansions at organizations like the National Weather Service, Coursera and Mercado Libre. The National Weather Service selected Slack as its platform to connect over 4,300 employees with emergency managers, public safety decision-makers and local media partners nationwide. I'm also excited to say that we will have over 12 Slack product integrations with our Customer 360 platform live and generally available by Dreamforce, where we have an incredible opportunity to help every one of our customers build their digital HQ and Slack in this new era of flexible work.

在我們的 Commerce Cloud 中，隨著消費者恢復到大流行前的規範，我們看到 GMV 的增長與電子商務行業的其他部分同步減速。包括 Slack 在內的平台按固定匯率計算增長了 53% 或 56%，其中包括國家氣象局、Coursera 和 Mercado Libre 等組織的 Slack 大擴張。國家氣象局選擇 Slack 作為其平台，將 4,300 多名員工與全國各地的應急管理人員、公共安全決策者和當地媒體合作夥伴聯繫起來。我也很高興地說，我們將有超過 12 個 Slack 產品與我們的 Customer 360 平台實時集成，並且由 Dreamforce 普遍提供，我們有一個難以置信的機會來幫助我們的每一位客戶在這個新的彈性工作時代。

Data, which includes MuleSoft and Tableau, grew 12% year-over-year or 13% in constant currency with wins at brands like Atlassian, Siemens Energy, CBRE Group and King Power, which is Thailand's leading travel retailer. I'm heartened by the progress we're seeing in our go-to-market transformation of MuleSoft. We are on track to have MuleSoft return to be in a tailwind for revenue growth in the back half of the year.

包括 MuleSoft 和 Tableau 在內的數據同比增長 12% 或按固定匯率計算增長 13%，贏得了 Atlassian、西門子能源、世邦魏理仕集團和泰國領先的旅遊零售商 King Power 等品牌。我對我們在 MuleSoft 的上市轉型中所看到的進展感到鼓舞。我們有望讓 MuleSoft 在今年下半年恢復收入增長。

And finally, our 12 industry clouds were another bright spot in the quarter, growing faster than our line of business cloud as our customers are increasingly focused on time to value and reducing their implementation costs. The out-of-the-box industry processes we've built into our industry clouds are a compelling value proposition in this more measured buying environment, and I'm excited about the new processes we brought to market in the first half of the year, including trade promotion management for consumer goods and our virtual assistant for our Financial Services Cloud.

最後，我們的 12 個行業雲是本季度的另一個亮點，其增長速度超過了我們的業務線雲，因為我們的客戶越來越關注價值實現時間和降低實施成本。我們在行業雲中構建的開箱即用的行業流程在這個更加謹慎的購買環境中是一個引人注目的價值主張，我對我們在今年上半年推向市場的新流程感到興奮，包括消費品的貿易促銷管理和我們的金融服務雲虛擬助手。

As we head towards Dreamforce, our pace of organic innovation has never been stronger. In our summer release alone, we delivered key innovation like revenue intelligence for predictive forecasting, the ability to talk to your data through Tableau, MuleSoft Robotic Process Automation and a new lakehouse architecture for our customer data platform. And just this week, we launched Salesforce Easy, a new all-in-one self-service suite for sales, marketing, service and commerce that is going to transform how small businesses engage with Salesforce.

隨著我們邁向 Dreamforce，我們有機創新的步伐從未如此強勁。僅在我們的夏季版本中，我們就提供了關鍵創新，例如用於預測預測的收入智能、通過 Tableau 與您的數據對話的能力、MuleSoft 機器人流程自動化以及用於我們客戶數據平台的新 Lakehouse 架構。就在本週，我們推出了 Salesforce Easy，這是一個全新的面向銷售、營銷、服務和商務的一體化自助服務套件，它將改變小型企業與 Salesforce 的互動方式。

As you'll hear more from Amy, we're committed to durable growth at scale. We're committed to our 20.4% operating margin this year, and I'm excited that we're announcing our first-ever $10 billion share repurchase program today.

正如您從 Amy 那裡聽到的更多信息，我們致力於實現大規模的持久增長。我們致力於今年 20.4% 的營業利潤率，我很高興我們今天宣布了我們有史以來第一個 100 億美元的股票回購計劃。

Our capital allocation strategy is simple. We will continue to expand our free cash flow margin as we scale. We will invest in our organic innovation. We will reduce the impact of dilution, both by offsetting stock-based compensation and by maintaining a healthy balance sheet to fund any future M&A. I'm so grateful to our 17 million Trailblazers, all of our partners and most importantly, our employees for helping provide our customers with the innovation, agility and resilience they need to navigate these uncertain times.

我們的資本配置策略很簡單。隨著規模的擴大，我們將繼續擴大我們的自由現金流量利潤率。我們將投資於我們的有機創新。我們將通過抵消基於股票的薪酬和保持健康的資產負債表為未來的併購提供資金來減少稀釋的影響。我非常感謝我們的 1700 萬開拓者、我們所有的合作夥伴，最重要的是，我們的員工幫助為我們的客戶提供他們在這些不確定時期所需要的創新、敏捷性和彈性。

Now over to Amy to discuss the financial details of the quarter.

現在讓艾米討論本季度的財務細節。

Great. Thank you, Bret, and congratulations, Brian.

偉大的。謝謝你，布雷特，祝賀你，布賴恩。

I'm pleased to report strong top and bottom line financial results for Q4 -- Q2. That is pleased to report strong top and bottom line financial results in Q2. As you've heard from Marc and Bret, our diversified portfolio remains well positioned to help our customers both grow and drive efficiencies in their business. Our customers are relying on us more than ever to be their trusted adviser, partnering with them on their digital road map.

我很高興報告第四季度和第二季度強勁的頂線和底線財務業績。很高興在第二季度報告強勁的頂線和底線財務業績。正如您從 Marc 和 Bret 那裡聽到的那樣，我們多元化的產品組合仍然能夠幫助我們的客戶發展並提高他們的業務效率。我們的客戶比以往任何時候都更加依賴我們成為他們值得信賴的顧問，在他們的數字路線圖上與他們合作。

Now let me walk through our results for Q2 of fiscal '23, beginning with top line commentary. Total revenue for the second quarter was $7.72 billion, up 22% year-over-year or 26% in constant currency. FX continued to represent a headwind as the dollar continued to strengthen throughout the quarter. In Q2, the headwind from FX was about $50 million more than we had guided.

現在讓我介紹一下我們 23 財年第二季度的結果，從頂線評論開始。第二季度總收入為 77.2 億美元，同比增長 22%，按固定匯率計算增長 26%。隨著美元在整個季度繼續走強，外匯繼續成為不利因素。在第二季度，來自外彙的逆風比我們預期的多出約 5000 萬美元。

A few highlights from the quarter. Sales Cloud continues to be a critical piece of our customers' success, helping companies drive more productive growth. In Q2, Sales Cloud grew 15% year-over-year and 19% in constant currency. Service Cloud grew 14% year-over-year and 18% in constant currency as we help our customers realize efficiencies and cost savings. As customers focus on their digital strategy and transformation, we continue to see growing multi-cloud adoption due to the number of customers who have purchased 5 or more clouds, again grew in double digits. And Slack continued to outperform our revenue expectations with revenue of $381 million. Slack continues to gain traction with customers. And in Q2, 7 of our top 10 deals included Slack. And for the fifth consecutive quarter, the number of customers spending greater than $100,000 with Slack, grew by more than 40% year-over-year.

本季度的一些亮點。 Sales Cloud 繼續成為我們客戶成功的關鍵部分，幫助公司推動更高效的增長。第二季度，Sales Cloud 同比增長 15%，按固定匯率計算增長 19%。由於我們幫助客戶實現效率和成本節約，Service Cloud 同比增長 14%，按固定匯率計算增長 18%。隨著客戶專注於他們的數字戰略和轉型，由於購買了 5 個或更多雲的客戶數量再次以兩位數增長，我們繼續看到越來越多的多雲採用。 Slack 以 3.81 億美元的收入繼續超出我們的收入預期。 Slack 繼續受到客戶的歡迎。在第二季度，我們的前 10 項交易中有 7 項包括 Slack。連續第五個季度，在 Slack 上花費超過 100,000 美元的客戶數量同比增長超過 40%。

Now for a quick update on data. I'm pleased to say that data passed $1 billion of revenue this quarter. And with that, all of our 5 clouds are now generating more than $1 billion in revenue a quarter. Data growth of 12% or 13% in constant currency was driven by MuleSoft total revenue growth of 15% and Tableau growth of 9%. As a reminder, approximately half of MuleSoft and Tableau's total contract value is recognized in period, resulting in more quarterly volatility than our other core products.

現在快速更新數據。我很高興地說，本季度數據的收入超過了 10 億美元。有了這個，我們所有的 5 個雲現在每季度產生超過 10 億美元的收入。 MuleSoft 總收入增長 15% 和 Tableau 增長 9% 推動了 12% 或 13% 的固定貨幣數據增長。提醒一下，MuleSoft 和 Tableau 的總合同價值中約有一半是在期間確認的，這導致比我們的其他核心產品更多的季度波動。

Turning to revenue attrition. Rates remain at record lows, ending Q2 at approximately 7.5%. Q2 non-GAAP operating margin was 19.9%, driven by our continued focus on disciplined decision-making and prioritization. Q2 GAAP EPS was $0.07 and non-GAAP EPS was $1.19. Mark-to-market accounting of the company's strategic investments benefited GAAP EPS by $0.03 and non-GAAP EPS by $0.04. Operating cash flow was $334 million in Q2, down 13% year-over-year. CapEx was $203 million, resulting in free cash flow of $131 million, down 24% year-over-year.

轉向收入流失。利率仍處於歷史低位，第二季度末約為 7.5%。第二季度非公認會計原則營業利潤率為 19.9%，這得益於我們繼續關注有紀律的決策和優先排序。第二季度 GAAP 每股收益為 0.07 美元，非 GAAP 每股收益為 1.19 美元。公司戰略投資的按市值計價會計使 GAAP 每股收益增加 0.03 美元，非 GAAP 每股收益增加 0.04 美元。第二季度經營現金流為 3.34 億美元，同比下降 13%。資本支出為 2.03 億美元，產生 1.31 億美元的自由現金流，同比下降 24%。

Now before getting to our RPO performance and guidance, I'd like to address the current economic environment. As both Marc and Bret mentioned, we started to see more measured buying behavior from our customers, which began in the last month of the quarter. This resulted in stretched sales cycles, additional deal approval layers and deal compression. In addition, we saw slowing in our create and close, Slack self-serve and SMB businesses, which tend to be leading macro indicators. Geographically, this behavior was most pronounced in North America and major European markets, while Japan was relatively more resilient. From an industry perspective, retail, consumer goods and communications and media were the most impacted, while high tech, energy and financial services stayed more consistent during the quarter. And from a product perspective, commerce and marketing saw more pronounced decelerations, while sales and service remains strong.

現在，在討論我們的 RPO 績效和指導之前，我想先談談當前的經濟環境。正如 Marc 和 Bret 所提到的，從本季度的最後一個月開始，我們開始看到客戶的購買行為更加謹慎。這導致銷售週期延長、交易審批層增加和交易壓縮。此外，我們看到我們的創建和關閉、Slack 自助服務和 SMB 業務放緩，這些業務往往是領先的宏觀指標。從地理上看，這種行為在北美和主要歐洲市場最為明顯，而日本則相對更具彈性。從行業角度來看，零售、消費品、通信和媒體受到的影響最大，而高科技、能源和金融服務在本季度則更為穩定。從產品的角度來看，商業和營銷出現了更明顯的減速，而銷售和服務仍然強勁。

Turning to remaining performance obligation, or RPO, which represents all future revenue under contract. It ended Q2 at approximately $41.6 billion, up 15% year-over-year. Current remaining performance obligation, or CRPO, was approximately $21.5 billion, up 15% year-over-year and 19% in constant currency. This includes 1 point of incremental FX headwind beyond our Q2 guidance.

轉向剩餘履約義務或 RPO，它代表合同下的所有未來收入。它在第二季度結束時約為 416 億美元，同比增長 15%。當前剩餘的履約義務或 CRPO 約為 215 億美元，同比增長 15%，按固定匯率計算增長 19%。這包括超出我們第二季度指導的 1 個增量外匯逆風。

Moving to Q3 guidance. We expect revenue of $7.82 billion to $7.83 billion, or approximately 14% growth year-over-year and 18% in constant currency. This reflects a $250 million FX headwind. We also expect the $380 million contribution from Slack. As a reminder, Q3 represents the fifth quarter of Slack contributions to revenue. Therefore, the year-over-year growth rates will be normalized. CRPO growth is expected to be approximately 12% year-over-year or 15% in constant currency. And we expect GAAP EPS of $0.09 to $0.10 and non-GAAP EPS of $1.20 to $1.21.

轉到第三季度指導。我們預計收入為 78.2 億美元至 78.3 億美元，同比增長約 14%，按固定匯率計算增長 18%。這反映了 2.5 億美元的外匯逆風。我們還預計 Slack 將貢獻 3.8 億美元。提醒一下，第三季度代表 Slack 對收入的第五季度貢獻。因此，同比增長率將正常化。預計 CRPO 將同比增長約 12%，或按固定匯率計算 15%。我們預計 GAAP 每股收益為 0.09 美元至 0.10 美元，非 GAAP 每股收益為 1.20 美元至 1.21 美元。

Now turning to our full year fiscal '23 guidance. We are now guiding to fiscal '23 revenue of $30.9 billion to $31.0 billion or approximately 17% growth year-over-year, 20% in constant currency. This incorporates the trends in customer behavior that we saw beginning in July. The total year-over-year FX headwind is now $800 million, an incremental $200 million year-over-year since our previous guidance. As a reminder, the currencies most impacting our revenue are the euro, the British pound, the Japanese yen and, to a lesser extent, the Australian dollar.

現在轉向我們的 23 財年全年指導。我們現在指導 23 財年的收入為 309 億美元至 310 億美元，或同比增長約 17%，按固定匯率計算增長 20%。這包含了我們從 7 月開始看到的客戶行為趨勢。與去年同期相比，總的外匯逆風現在為 8 億美元，與我們之前的指導相比，同比增加了 2 億美元。提醒一下，對我們收入影響最大的貨幣是歐元、英鎊、日元，其次是澳元。

Our guidance continues to assume a $1.5 billion contribution from Slack. As a company, we remain committed to profitability over the long term. And while we see a more deliberate customer buying behavior, I am pleased to hold our fiscal '23 non-GAAP operating margin guidance at 20.4%, an increase of 170 basis points year-over-year. This margin guidance includes roughly 100 basis points of headwind from Slack. As a reminder, because our regional revenue and expenses are generally in the same currencies, there tends to be a natural FX hedge in our operating margin.

我們的指導繼續假設 Slack 貢獻了 15 億美元。作為一家公司，我們始終致力於實現長期盈利。雖然我們看到了更深思熟慮的客戶購買行為，但我很高興將我們的 23 財年非公認會計準則營業利潤率指引保持在 20.4%，同比增長 170 個基點。該保證金指導包括來自 Slack 的大約 100 個基點的逆風。提醒一下，由於我們的區域收入和支出通常採用相同的貨幣，因此我們的營業利潤率往往存在自然的外匯對沖。

For the full year, we expect GAAP EPS of $0.38 to $0.40 and non-GAAP EPS of $4.71 to $4.73. And please recall that our OIE and EPS guidance assumes no further mark-to-market adjustments of our strategic investment portfolio. We are updating our fiscal '23 operating cash flow guidance to approximately 16% to 17% growth year-over-year. 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 expect CapEx to be slightly above 2% of revenue in fiscal '23, a nominal increase over last quarter's guide, reflecting the revised full year revenue guidance. This results in free cash flow growth of approximately 18% to 19% for the fiscal year.

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 4.71 美元至 4.73 美元。請記住，我們的 OIE 和 EPS 指導假設我們的戰略投資組合不會進一步按市值調整。我們正在將我們的 23 財年運營現金流指引更新為同比增長約 16% 至 17%。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。我們預計 23 財年資本支出將略高於收入的 2%，比上一季度的指引名義上增加，反映了修訂後的全年收入指引。這導致本財年的自由現金流增長約 18% 至 19%。

So to close, as our customers and their executive teams, including the CEO, CIO and CFO, focus on their digital investment strategy, we are well positioned with our diversified product portfolio to help drive efficiencies and growth. And we are laser-focused on disciplined decision-making with a commitment to achieving our operating margin guidance. Lastly, let me echo Bret and Marc. We are very, very pleased to be announcing our new share repurchase program today. This step is a reflection of the confidence that we have in the future of Salesforce. And I look forward to seeing everyone at Investor Day on September 21, where we will go into even more detail on our capital allocation strategy.

最後，隨著我們的客戶及其執行團隊（包括首席執行官、首席信息官和首席財務官）專注於他們的數字投資戰略，我們的多元化產品組合處於有利地位，有助於推動效率和增長。我們專注於有紀律的決策，並致力於實現我們的營業利潤率指導。最後，讓我回應 Bret 和 Marc。我們非常非常高興今天宣布我們新的股票回購計劃。這一步反映了我們對 Salesforce 未來的信心。我期待在 9 月 21 日的投資者日與大家見面，屆時我們將更詳細地介紹我們的資本配置策略。

Now Emma, let's open up the call for questions.

現在艾瑪，讓我們打開問題的電話。

(Operator Instructions) Your first question comes from the line of Keith Weiss with Morgan Stanley.

（操作員說明）您的第一個問題來自摩根士丹利的 Keith Weiss。

I think what's really on top of everybody's mind right now is the takedown in the full year revenue guide and what's causing that. You talked a lot about the macro side of the equation, and we definitely see that all around us. We definitely see that in our checks as well. But I think what people want to understand, is there anything more to this? Is there anything more execution-related, perhaps the go-to-market? And is the change in sales leadership from Gavin to Brian, is this in any way meant to address any shortcoming on the distribution strategy? So that's part one.

我認為現在每個人真正最關心的是全年收入指南的取消以及造成這種情況的原因。你談了很多關於等式的宏觀方面，我們肯定在我們周圍看到了這一點。我們肯定在我們的支票中也看到了這一點。但我想人們想了解的是，這還有什麼？有沒有更多與執行相關的東西，也許是上市？銷售領導層從 Gavin 到 Brian 的變化是否意味著解決分銷策略上的任何缺陷？這是第一部分。

Part two, on the expense side equation. Very impressive to be able to sustain 20.4% operating margin target even with the revenues coming down. I guess, for Amy, is there another level of what kind of expense reductions or sort of another gear that you had to sort of go in to be able to sustain that operating margin expansion? And does that impact your ability to sort of invest in the business to sustain those operating margins?

第二部分，關於費用方面的等式。即使收入下降，也能維持 20.4% 的營業利潤率目標，這令人印象深刻。我想，對於 Amy 來說，是否還有其他級別的費用削減或其他設備，您必須進行某種程度的調整才能維持營業利潤率的擴張？這是否會影響您對業務進行某種投資以維持這些營業利潤率的能力？

Yes. I'm so happy to talk to you, Keith, and I'll tell you that you're right. We took the guide down really around 2 points. One is the foreign exchange environment is obviously just unprecedented. And we talked about that last quarter as well. I think maybe we were one of the first to really see what was going on. Somehow just being on the ground in some of these countries that have been so dramatically hit. But to look at where we are right now with the yen, to look where we are right now with the euro, I think the euro maybe just broke parity yesterday. I mean it's -- we're really in an unprecedented moment in foreign exchange.

是的。我很高興和你交談，基思，我會告訴你你是對的。我們將指南降低了大約 2 分。一是外匯環境顯然是前所未有的。我們也談到了上個季度。我想也許我們是最先真正看到正在發生的事情的人之一。不知何故，這些國家中的一些受到瞭如此巨大的打擊。但是看看我們現在與日元的位置，看看我們現在與歐元的位置，我認為歐元昨天可能剛剛打破平價。我的意思是——我們真的處於外匯交易的前所未有的時刻。

And on the other side, as I said and I think as the team has really emphasized, really starting in July, we started to see some metrics where we're like, where do we exactly want to be for the year? And what is appropriate for us? And how do we correctly characterize where the business is? And that is really how we kind of put together this guide, which we think is the appropriate way to communicate the status of the business because we want to be in a place where we're communicating exactly where we are. So I'm sure Amy is going to amplify that as well.

另一方面，正如我所說，我認為正如團隊真正強調的那樣，真正從 7 月開始，我們開始看到一些我們喜歡的指標，我們今年到底想達到什麼水平？什麼是適合我們的？我們如何正確地描述業務的位置？這就是我們整理本指南的方式，我們認為這是傳達業務狀態的適當方式，因為我們希望在一個可以準確傳達我們所在位置的地方。所以我相信艾米也會放大這一點。

Sure, Marc. I think you nailed it on that. When we look at the guide, I believe the guide is appropriate under the circumstances we're seeing right now. And as you know that there's 2 key drivers. The first part is FX, the key currencies, the euro, the pound, the yen, they've all weakened to near historic levels, and we're seeing that impact on our top line as we look forward to the rest of the year. For the remaining part, as we called out, there was a distinct shift in customer buying behavior that we saw near the end of the quarter. And for purposes of the guide, we're assuming that those conditions endured through about the half of the year.

當然，馬克。我想你已經做到了。當我們查看指南時，我相信該指南適合我們現在看到的情況。如您所知，有兩個關鍵驅動因素。第一部分是外匯，主要貨幣、歐元、英鎊、日元，它們都已走弱至接近歷史水平，我們看到這對我們的收入產生了影響，因為我們期待今年餘下的時間.對於其餘部分，正如我們所說，我們在本季度末看到了客戶購買行為的明顯轉變。出於本指南的目的，我們假設這些條件持續了大約半年。

Now turning to your second part of your question, which I think was on op margin. As you know, I was very happy that we are committed to 20.4% and holding that despite bringing down the top line. This is largely coming from a more disciplined approach. It is not a result of one single change. We are continuing to unlock incremental efficiencies across the business. We're asking each leader to step up and look at their businesses and prioritize. I do believe that we are continuing to invest into growth, which still remains our #1 priority.

現在轉向你問題的第二部分，我認為這是在操作邊際上。如你所知，我很高興我們致力於 20.4% 並保持這一水平，儘管收入下降了。這主要來自於一種更加自律的方法。這不是單一變化的結果。我們將繼續釋放整個業務的增量效率。我們要求每位領導者站出來審視他們的業務並確定優先級。我確實相信我們將繼續投資於增長，這仍然是我們的第一要務。

In terms of the specific drivers, definitely continuing to take a measured approach and a very deliberate approach on hiring. T&E, we are prioritizing for customer-facing travel. And again, we are continuing to benefit from some of the decisions we've made over the last few years on real estate.

就具體的驅動因素而言，肯定會繼續採取謹慎的方法和非常慎重的招聘方法。 T&E，我們優先考慮面向客戶的旅行。再一次，我們繼續從過去幾年在房地產方面做出的一些決定中受益。

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, I'm curious if you could talk about Brian's new role. And I think there's a lot of concern, as new head of the sales comes in, that there's some transition period. And can you just address this transition period? And I know he's been with the company for over 20 years and highly regarded, but there's a lot of investors that would love to hear your perspective on this.

馬克，我很好奇你能不能談談布賴恩的新角色。而且我認為隨著新的銷售主管的到來，人們很擔心會有一些過渡期。你能解決這個過渡期嗎？我知道他已經在公司工作了 20 多年，並且備受推崇，但是有很多投資者很想听聽你對此的看法。

Well, that would be my pleasure. I mean I think a lot of you know Brian, he's been a trusted part of our management team for over 20 years. And look, the last time he was the head of sales was only 2 years ago when we went into the pandemic and went through the transition with Keith. You may remember, I put Brian in for, I think, 1 or 2 quarters to run global sales, did a fantastic job. He didn't want to continue with it. So we asked Gavin to step up from his role of -- I think it was International Chairman or European Chairman, I can't remember, honestly. And really proud of Gavin for the last now 2 years. And then Brian is right here. And I asked Brian if he would come in and take this forward and he agreed. And I couldn't be more grateful to that. I know we have just a trusted hand.

好吧，那將是我的榮幸。我的意思是，我想你們中的很多人都認識 Brian，20 多年來，他一直是我們管理團隊值得信賴的一員。看，他上一次擔任銷售主管是在 2 年前，當時我們進入了大流行並與基思一起經歷了過渡。您可能還記得，我認為，我讓布賴恩參與 1 或 2 個季度的全球銷售工作，做得非常出色。他不想繼續了。所以我們要求加文從他的角色中脫穎而出——我認為是國際主席或歐洲主席，老實說，我不記得了。在過去的兩年裡，我真的為 Gavin 感到驕傲。然後布賴恩就在這裡。我問布賴恩他是否會進來並把這件事向前推進，他同意了。我對此感激不盡。我知道我們只有一隻值得信賴的手。

In terms of the transition period, I couldn't imagine anybody who will operate the organization so seamlessly and transparently and with ease. And everybody has such a good relationship already with Brian. And he already runs our forecast calls. He's already been a key part of our sales program. I don't expect any transition period at all, and I'm holding him to that actually.

就過渡期而言，我無法想像會有人如此無縫、透明、輕鬆地運營該組織。每個人都已經和布賴恩建立瞭如此良好的關係。他已經運行了我們的預測電話。他已經是我們銷售計劃的關鍵部分。我根本不希望有任何過渡期，實際上我正在讓他堅持下去。

The other thing I just want to add is Brian has been running our customer success, professional services and partnership organization for a long time. And I think the story to the pandemic has been our historically low attrition rates and our focus on customer outcomes. And I'm really excited about the opportunity of bringing our global sales organization together with our customer success organization. And it's a really important part of our philosophy. And I think this move...

我只想補充的另一件事是，Brian 長期以來一直在運營我們的客戶成功、專業服務和合作組織。我認為這場大流行的故事是我們歷史上較低的流失率和我們對客戶成果的關注。我真的很高興有機會將我們的全球銷售組織與我們的客戶成功組織結合在一起。這是我們理念中非常重要的一部分。而我認為這一舉動...

Well, we definitely surprised both of us, right, how low attrition Brian has been able to get. And how great a job he's done.

好吧，我們絕對讓我們倆都感到驚訝，對，布賴恩的減員率如此之低。他做得多麼出色。

And deeply connecting that success motion to our sales motion, I think, reflects a philosophical view from Marc and me about really our philosophy.

我認為，將成功運動與我們的銷售運動緊密聯繫起來，反映了馬克和我對我們的哲學的哲學觀點。

Brian, can you just step out of the room while we finish answering this? Do you want to just comment on this?

布賴恩，我們回答完這個問題，你能走出房間嗎？您只想對此發表評論嗎？

Yes. First of all, I'm humbled by the opportunity and, Marc, to your comments. I've been very close to this business for the past 2.5 years, working side-by-side with Gavin. I actually was operating in a COO role for him running this business. And I think it's critical as we look at sort of the second half of this year and beyond, this motion of customer success and sales together will drive the outcomes that we're looking for and our customers are looking for. And so I'm thrilled with the results we've seen on the attrition side, thrilled with the results that the customers are getting from the investment they're making in our technology and just so excited to lead the sales.

是的。首先，我為這個機會感到謙卑，馬克，你的評論。在過去的 2.5 年裡，我一直非常接近這項業務，與 Gavin 並肩工作。實際上，我在為他經營這項業務時擔任首席運營官。我認為，當我們展望今年下半年及以後，這一客戶成功和銷售的動議將推動我們正在尋找的結果以及我們的客戶正在尋找的結果，這一點至關重要。因此，我對我們在減員方面看到的結果感到興奮，對客戶從他們對我們的技術進行的投資中獲得的結果感到興奮，並且對領導銷售感到非常興奮。

Can you just address Brent's direct question on transition time, how hard of a transition is this going to be for...

你能直接回答布倫特關於過渡時間的直接問題嗎，這對於過渡來說會有多難……

I think it was measured in hours, actually, Marc. I've been running forecast calls already. I'm in the business travel industry customers. I met with 4 customers yesterday, there will be no transition time. There are no big changes that we're going to be making in our go-to-market other than getting closer to our customers and ensuring that we're delivering value to them in every single transaction that we're working on with them. So very excited to take this on with 0 transition time.

實際上，我認為它是以小時為單位的，馬克。我已經在運行預測電話了。我是商務旅行行業的客戶。我昨天見了4個客戶，沒有過渡時間。除了更貼近客戶並確保我們在與他們合作的每一筆交易中為他們提供價值外，我們不會在進入市場方面做出重大改變。非常高興能以 0 過渡時間完成這項工作。

Your next question comes from the line of Raimo Lenschow with Barclays.

您的下一個問題來自巴克萊銀行的 Raimo Lenschow。

Can you -- obviously, the slowdown that we're seeing or the lengthening of sales cycles, there's nothing that is kind of unique to you guys. We heard from other vendors as well. Can you talk a little bit about what you see in terms of client prioritization, in terms of certain projects? Because I do remember from the old times that the front offers always had higher priority because it's revenue generating, et cetera. Are you seeing that now happening as well? And can you speak to that?

你能 - 很明顯，我們看到的放緩或銷售週期的延長，對你們來說沒有什麼是獨一無二的。我們也收到了其他供應商的消息。你能談談你在客戶優先級方面的看法嗎？就某些項目而言？因為我確實記得從前的時候，前端報價總是具有更高的優先級，因為它可以產生收入等等。您是否也看到這種情況正在發生？你能談談嗎？

Yes. Thanks for the question. First, I'll tell you, I think that trend continues. Digital transformation remains our customers' top priority, and digital transformation starts and ends with the customer. And fundamentally, all of our customers are really investing into the secular trend of the digitization of their customer experience, their employee experience and with our portfolio, we're at the top of that list.

是的。謝謝你的問題。首先，我會告訴你，我認為這種趨勢還在繼續。數字化轉型仍然是我們客戶的重中之重，數字化轉型始於客戶，也始於客戶。從根本上說，我們所有的客戶都在真正投資於他們的客戶體驗、員工體驗和我們的產品組合數字化的長期趨勢，我們名列榜首。

I think what you're seeing is an increased focus on, I say, 3 things. One is time to value. The other is ensuring that these projects drive cost savings in addition to customer satisfaction and top line growth. And then the third is reducing complexity and vendor consolidation. Some of the stories I mentioned like Uber Eats, I think, are great examples because it's really about how do you put up things like digital service technology, whether it's chatbots or self-service, to really take out cost and make these projects pay for themselves as opposed to having protracted multiyear implementations.

我認為您所看到的是對三件事的關注度增加。一是價值的時間。另一個是確保這些項目除了客戶滿意度和收入增長外，還能節省成本。第三個是降低複雜性和供應商整合。我提到的一些故事，比如 Uber Eats，我認為，就是很好的例子，因為它真的是關於你如何提出數字服務技術之類的東西，無論是聊天機器人還是自助服務，以真正降低成本並讓這些項目付出代價本身，而不是長期的多年實施。

I think vendor consolidation is also a trend that we're seeing. And if you look at some of the innovation we're bringing out like our Sales Cloud Unlimited edition, or Salesforce Easy, which I mentioned earlier in my script, they are really efforts to enable our customers to do more with less, to enable them to use Salesforce as their sole vendor, take out some point solutions that perhaps aren't getting the return on investments our customers are looking for, and sort of taking advantage of this opportunity to be the most strategic vendor for our customers right now as they look to really hold their technology to high standards, which is to drive top line and bottom line performance.

我認為供應商整合也是我們看到的一種趨勢。如果你看看我們推出的一些創新，比如我們的 Sales Cloud Unlimited 版或 Salesforce Easy，我在之前的腳本中提到過，它們確實是在努力讓我們的客戶以更少的資源做更多的事情，讓他們使用 Salesforce 作為他們的唯一供應商，採取一些可能無法獲得客戶正在尋找的投資回報的單點解決方案，並利用這個機會成為我們客戶目前最具戰略意義的供應商，因為他們期待真正將他們的技術保持在高標準，這就是推動頂線和底線的表現。

Brian, is there anything you want to add?

布萊恩，你有什麼要補充的嗎？

Great question, Raimo. And I agree with you that front office is the priority you heard both Marc and Bret, and I'm feeling to when we're out talking to CEOs, digital transformation remains our #1 priority, and we need to make sure that we're delivering for them. We're also seeing it in the demand environment. We are still seeing very good generation of pipeline in our business right now. And while we are facing some longer sales cycles and additional layers of deal approvals and potentially some deal compression, the demand environment is solid. And so you're spot on that we are seeing the front office as a priority for every CEO out there.

好問題，雷莫。我同意你的觀點，前台是你聽到 Marc 和 Bret 的首要任務，我覺得當我們與 CEO 交談時，數字化轉型仍然是我們的第一要務，我們需要確保我們為他們重新交付。我們也在需求環境中看到了它。我們現在仍然在我們的業務中看到非常好的一代管道。雖然我們面臨更長的銷售週期和額外的交易批准層以及潛在的一些交易壓縮，但需求環境是穩固的。因此，您發現我們將前台視為每位 CEO 的首要任務。

Your next question comes from the line of Brad Sills with Bank of America.

您的下一個問題來自美國銀行的 Brad Sills。

Thanks for all the color on where you saw the macro impact. It sounds like SMB marketing commerce, but the core sales and service looks to have held in nicely you didn't call out enterprise. So any specific color on how the core business and the large enterprise, those bigger expansion deals in the core track this quarter?

感謝您看到宏觀影響的所有顏色。這聽起來像是 SMB 營銷商務，但核心銷售和服務看起來很好地保留了您並沒有調用企業。那麼，關於本季度核心業務和大型企業、那些更大的擴張交易如何進行的任何具體顏色？

I'll start and then Brian, I'd love your commentary as well. As you said, I think the story, actually, the past number of quarters have been the strength of our core CRM business. Sales Cloud growing at 19% in constant currency is remarkable. This is the product that Marc and Parker built 23 years ago doing -- so much revenue growing at 19% is incredible. And you're seeing it just in, I think, the continued strength in our core business.

我先開始，然後是布賴恩，我也很喜歡你的評論。正如你所說，我認為這個故事，實際上，過去幾個季度一直是我們核心 CRM 業務的優勢。按固定匯率計算，Sales Cloud 以 19% 的速度增長令人矚目。這是 Marc 和 Parker 23 年前開發的產品——收入以 19% 的速度增長令人難以置信。我認為，你只是在我們核心業務的持續實力中看到了這一點。

And the other thing I want to call out is our attrition rate being at historical lows as well. And I think it really reflects the strength of our business. And so as Amy articulated, as it relates to SMB, GMV deceleration, we're seeing things settle down to pre-pandemic norms. But I still see incredible strength in our core CRM business, in the enterprise. And as I said, I think the durability of our business really rests on the durability and diversity of our portfolio, the diversity of the industries that we serve and the diversity of the segments that we serve.

我想指出的另一件事是我們的流失率也處於歷史低位。我認為這確實反映了我們業務的實力。正如 Amy 所闡述的，當它與 SMB、GMV 減速有關時，我們看到事情已經趨於大流行前的規範。但我仍然看到我們核心 CRM 業務在企業中的強大實力。正如我所說，我認為我們業務的持久性實際上取決於我們投資組合的持久性和多樣性、我們服務的行業的多樣性以及我們服務的細分市場的多樣性。

Brian, is there any color you want to add?

布賴恩，你有什麼想要添加的顏色嗎？

Yes. Well said. On the Sales and Service Cloud are sort of the centerpiece of our digital transformation for our customers. And you saw the growth in the quarter, and we expect that to continue. We are seeing some compression in some of the larger transactions in our enterprise business, and it's not a surprise. I've lived through 3 of these cycles before, and you can see that maybe people take a more measured approach to their digital transformation, maybe starting with a smaller piece, but a land-and-expand strategy is something we've used for many, many years, we can grow as the strategy we've used.

是的。說得好。銷售和服務雲是我們為客戶提供數字化轉型的核心。你看到了本季度的增長，我們預計這種情況會持續下去。我們在企業業務中看到一些較大的交易出現了一些壓縮，這並不奇怪。我之前經歷過其中的 3 個週期，您可以看到，也許人們對數字化轉型採取了更加謹慎的方法，也許從較小的部分開始，但我們已經使用了土地和擴張戰略很多很多年，我們可以按照我們使用的策略成長。

And so despite the fact that maybe some of these engagements are a bit smaller, we do see acceleration in these customers in quarters to come. So yes, there was compression out there in some of the business, but we are very confident that we can go execute against the opportunity in front of us in these large enterprise accounts going forward with digital transformation being a top priority.

因此，儘管其中一些參與度可能會小一些，但我們確實看到這些客戶在未來幾個季度的加速增長。所以，是的，在某些業務中存在壓縮，但我們非常有信心，我們可以在這些大型企業客戶中抓住擺在我們面前的機會，將數字化轉型作為重中之重。

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。

Lots of exciting news for Salesforce. Congrats on all the changes. My question maybe, Brian, congrats to you as well in your new position. What would you do to turn around the data cloud? I know, clearly, it has had some very significant momentum. But I can, in some sense, look at the new guidance versus the old and say a lot of that delta is basically the slowdown on the growth rate in the data cloud that is the Tableau and MuleSoft business. Brian, want to get your opinion on that.

Salesforce 有很多令人興奮的消息。祝賀所有的變化。我的問題也許是，布賴恩，祝賀你在新職位上的表現。你會做什麼來扭轉數據云？我知道，很明顯，它有一些非常重要的勢頭。但從某種意義上說，我可以看看新指南與舊指南的對比，並說大部分增量基本上是 Tableau 和 MuleSoft 業務的數據云增長速度放緩。布賴恩，想听聽你的意見。

And just the management team, as you talk to customers, Marc, you've been through these cycles before, what are customers saying as to when they might reengage at the same level of enthusiasm at Salesforce, be deal size or close rate. What are the things that they're looking for from a macro perspective or leading indicators in their business so it could be back to reengaging the way they used to reengage with Salesforce.

就管理團隊而言，當您與客戶交談時，馬克，您之前已經經歷過這些週期，客戶對他們何時可能以同樣的熱情重新參與 Salesforce 有什麼看法，無論是交易規模還是成交率。他們從宏觀角度或業務中的領先指標尋找什麼東西，以便重新採用他們過去重新與 Salesforce 互動的方式。

First of all, Kash, thanks for the question and I appreciate the kind comments. On the data business, it's a unique business for us because some of it is license based. And you can tend to see some of the headwinds we saw in July show up more immediately there. We feel very good about where both those businesses are right now, particularly in MuleSoft that as you heard Bret say is on a great trajectory and will be a tailwind to our revenue growth in the second half of this year. We feel great about that.

首先，Kash，感謝您的提問，感謝您的友好評論。在數據業務方面，這對我們來說是一項獨特的業務，因為其中一些業務是基於許可證的。您可能會看到我們在 7 月份看到的一些不利因素更直接地出現在那裡。我們對這兩項業務目前的狀況感到非常滿意，特別是在 MuleSoft，正如您所聽到的 Bret 所說，MuleSoft 正處於良好的發展軌道上，並將成為我們今年下半年收入增長的推動力。我們對此感覺很好。

Tab is a critical component of our digital transformation with every customer wanting to leverage data to have better insights to the way they operate their business. So clearly, a lot of focus on these businesses because it is such a critical component of every digital transformation. We feel great about that, both those integration and analytics as a category for accelerated growth in the second half. So no big concerns there at all.

Tab 是我們數字化轉型的關鍵組成部分，每位客戶都希望利用數據更好地了解他們的業務運營方式。很明顯，很多人都關注這些業務，因為它是每個數字化轉型的關鍵組成部分。我們對此感到非常滿意，無論是集成還是分析，都是下半年加速增長的一個類別。所以根本沒有什麼大問題。

I would say on your second question, we are not economists, and so we're not going to guide on where -- when people are going to feel like they're coming out of this. We think we're being appropriate with our guide for the second half of the year based on what we saw transpire in July. Marc and Bret?

關於你的第二個問題，我想說的是，我們不是經濟學家，所以我們不會指導人們在什麼時候——什麼時候會覺得他們會擺脫困境。根據我們在 7 月份看到的情況，我們認為我們對下半年的指南是合適的。馬克和布雷特？

Well, I think the main piece that I would really focus on is really going to be spending as much time as I can with customers at Dreamforce. This is our opportunity to really understand deeply across a wide spectrum of our customers, geographies, verticals, what it is that they are seeing in their own businesses. But I think when you look at these customers, we mentioned one is L'Oreal, this has just been an incredible success story for us. We see the B2C story. They're using Marketing Cloud and Commerce Cloud and Service Cloud. The Commerce Cloud story is incredible where they have almost 200 sites globally now for all of their brands. They've got highly customized experiences on the web and mobile and in-store for -- I'm sure a lot of you use the Kiehl's brand. It's a great product. They have a whole new skin hub. They've been with us. They've really reimagine their business using Customer 360. It's a company that we're going to feature and focus and talk about and inspire others at Dreamforce.

好吧，我認為我真正關注的主要部分真的是花盡可能多的時間與 Dreamforce 的客戶在一起。這是我們真正深入了解我們廣泛的客戶、地域、垂直領域的機會，以及他們在自己的業務中看到的內容。但我認為當你看到這些客戶時，我們提到了一個是歐萊雅，這對我們來說是一個令人難以置信的成功故事。我們看到了 B2C 的故事。他們正在使用 Marketing Cloud 和 Commerce Cloud 和 Service Cloud。 Commerce Cloud 的故事令人難以置信，他們現在在全球擁有近 200 個站點，用於所有品牌。他們在網絡、移動設備和店內獲得了高度定制的體驗——我相信你們中的很多人都使用 Kiehl's 品牌。這是一個很棒的產品。他們有一個全新的皮膚中心。他們一直和我們在一起。他們確實使用 Customer 360 重新構想了他們的業務。這是一家我們將在 Dreamforce 中展示、關注、談論和激勵其他人的公司。

I think when you see stories like that, when you look at all the stories that we've seen, especially during this pandemic surge over the last 2 years, it's incredible what folks have done with their businesses. When we get to this moment, I don't think it's a huge surprise that customers are more measured. Everybody is like wondering exactly where the economy is going and how things are moving forward. So this is a point where people are taking a little bit of a breath and then they will reassess. And then when they get their confidence and kind of a full vision for the next stage of their company, they come in. And until then, it's a lot of the transactional business that we would normally see and move forward with.

我認為，當您看到這樣的故事時，當您看到我們所看到的所有故事時，尤其是在過去兩年的大流行期間，人們對他們的業務所做的事情令人難以置信。當我們到達這一刻時，我認為客戶更加謹慎並不令人驚訝。每個人都想知道經濟的確切走向以及事情如何發展。所以這是人們稍微喘口氣的時候，然後他們會重新評估。然後，當他們對公司下一階段充滿信心和全面願景時，他們就會進來。在那之前，我們通常會看到並推進很多交易業務。

Your next question comes from the line of Karl Keirstead with UBS.

您的下一個問題來自瑞銀集團的 Karl Keirstead。

Maybe I'll direct this to Marc and Amy and it's about the $10 billion share repurchase. So maybe a 2-parter. Marc, maybe for you, why do you think this is the right time in the company's development to move forward with your first large repurchase?

也許我會把這個直接告訴馬克和艾米，這是關於 100 億美元的股票回購。所以也許是一個 2-parter。馬克，也許對你來說，為什麼你認為這是公司發展的正確時機，可以推進你的第一次大規模回購？

And then secondly, should everybody on the line interpret this as a signal that perhaps large M&A may be off the table for now?

其次，在線上的每個人都應該將此解釋為一個信號，即大型併購可能暫時不可行嗎？

Well, it's a great question. And I'll tell you this was kind of -- I looked at this quarter very much as kind of a milestone. I'm a big fan of SAP and I have a lot of respect for their business and what they've done in the market over the last 40 -- almost 50 years. And to see our business in July do more than they reported in June in terms of revenue, that was very meaningful to me and I'm very grateful and proud of our team for kind of hitting this tremendous level of scale.

嗯，這是一個很好的問題。我會告訴你，這有點像 - 我把這個季度看作是一個里程碑。我是 SAP 的忠實粉絲，我非常尊重他們的業務以及他們在過去 40 - 近 50 年中在市場上所做的事情。看到我們 7 月份的業務在收入方面比 6 月份報告的要多，這對我來說非常有意義，我非常感謝並為我們的團隊達到如此巨大的規模感到自豪。

But at that same moment, I kind of also can say, okay, what are some changes that we can make. And one of the things, we have such massive cash flow that I think it's completely appropriate for us to look at how we're handling our dilution, for example. I think that's been on the table for a while, and a lot of my conversations with investors they bring it up. We've waited for that moment. I think now is the right moment where we can say we're going to directly address this with our kind of first-ever share repurchase, $10 billion. I'm very excited about it.

但與此同時，我也可以說，好吧，我們可以做出哪些改變。其中一件事是，我們擁有如此龐大的現金流，例如，我認為我們完全適合看看我們如何處理我們的稀釋。我認為這已經討論了一段時間，我與投資者的很多對話都提到了這一點。我們一直在等待那一刻。我認為現在是正確的時機，我們可以說我們將通過我們有史以來的首次股票回購（100 億美元）直接解決這個問題。我對此感到非常興奮。

At the same time, I don't think that, that takes M&A off the table. I think that we continue to look for opportunities. We want to be able to use our cash constructively. This is important for us. It doesn't mean that we're not going to have different kind of guardrails for M&A.

同時，我不認為這會導致併購被排除在外。我認為我們會繼續尋找機會。我們希望能夠建設性地使用我們的現金。這對我們很重要。這並不意味著我們不會為併購設置不同類型的護欄。

And Bret, do you want to just address that point?

布雷特，你想解決這個問題嗎？

Yes. I think, Marc, you articulated it well. I mean when I mentioned this before, but the pillars of our capital allocation strategy are: number one, that we're going to continue to become more profitable to generate expanded free cash flow over time. That's what Marc was saying.

是的。我認為，馬克，你表達得很好。我的意思是當我之前提到這一點時，但我們資本配置策略的支柱是：第一，隨著時間的推移，我們將繼續變得更有利可圖，以產生更多的自由現金流。這就是馬克所說的。

Yes. Thank you for saying that.

是的。謝謝你這麼說。

You created a great business model in Software as a Service, Marc, and I think...

你在軟件即服務領域創造了一個偉大的商業模式，馬克，我認為......

No. I think that committing to this -- committing to the margin for the year is so critical as well for investors.

不。我認為承諾這一點 - 承諾今年的利潤對投資者來說也非常重要。

It is. And number two, we're going to invest in organic innovation. And we talked a bit on -- there's a question Amy earlier on investment. I'm so proud of our investment in organic innovation. You'll see a lot more of it at Dreamforce, but I think we have a better pace of organic innovation that we've had in our history.

這是。第二，我們將投資於有機創新。我們談了一點——艾米早些時候有一個關於投資的問題。我為我們在有機創新方面的投資感到非常自豪。你會在 Dreamforce 看到更多，但我認為我們的有機創新步伐比我們歷史上更快。

But -- and then finally, we want to reduce the impact of dilution, which is feedback I've gotten from all of you. And we're focused on offsetting our stock-based compensation. And we're also focused on maintaining a healthy balance sheet because we understand that's an incredible piece of leverage we have for future M&A. So I think this is a way to -- that we can continue to acquire in the future. It's been a big part of our company's history. It will be a big part of our future, but do so in a way that minimizes the impact of dilution and does it in a more shareholder-friendly way.

但是——最後，我們希望減少稀釋的影響，這是我從你們所有人那裡得到的反饋。我們專注於抵消基於股票的薪酬。而且我們還專注於保持健康的資產負債表，因為我們知道這是我們對未來併購的巨大影響力。所以我認為這是一種方式——我們可以在未來繼續獲得。這是我們公司歷史的重要組成部分。這將是我們未來的重要組成部分，但這樣做的方式是盡量減少稀釋的影響，並以對股東更友好的方式進行。

And you can see like we've picked up some great companies, whether it was ExactTarget, which was kind of the beginning of really augmenting Customer 360 with our Marketing Cloud and then moving on to MuleSoft was amazing. It's really provided all the integration and the connectivity, and then on to Tableau and giving this extension of analytics. So important to so many of our largest customers.

您可以看到，我們已經挑選了一些偉大的公司，無論是 ExactTarget，這是使用我們的 Marketing Cloud 真正增強 Customer 360 的開始，然後轉移到 MuleSoft 真是太棒了。它確實提供了所有集成和連接，然後是 Tableau 並提供了這種分析擴展。對我們這麼多最大的客戶來說非常重要。

And then Slack, I just mentioned L'Oreal, it's an incredible Slack story. They've streamlined their communication. They've got -- they have that awesome Brandstorm event. Have you seen that, Bret? It's that worldwide innovation competition that they do. They've got more than 83,000 student participants, 65 countries. They use Slack to drive that thing forward.

然後是 Slack，我剛剛提到了歐萊雅，這是一個令人難以置信的 Slack 故事。他們簡化了溝通。他們有——他們有很棒的 Brandstorm 活動。你看到了嗎，布雷特？這是他們所做的全球創新競賽。他們有超過 83,000 名學生參加，來自 65 個國家。他們使用 Slack 推動這件事向前發展。

You look at that, we're a different company because we had an acquisition strategy over the last decade. I don't think we necessarily need to break that. But at the same time, we need to be paying attention to dilution and the overall, making sure we have the correct capital allocation strategy as well.

你看，我們是一家不同的公司，因為我們在過去十年中製定了收購戰略。我認為我們不一定需要打破這一點。但同時，我們需要關注稀釋和整體，確保我們也有正確的資本配置策略。

Yes, Marc, I think that's really it. When we look at this, I think this is very much a natural evolution of our capital allocation strategy. And what it really comes down to is that we believe Salesforce is positioned for success over the long term. And this announcement reflects the confidence that we have in our business that as we look forward and our approach to generating shareholder value.

是的，馬克，我想就是這樣。當我們看到這一點時，我認為這在很大程度上是我們資本配置策略的自然演變。真正歸結為我們相信 Salesforce 的定位是長期取得成功。這一公告反映了我們對未來業務的信心以及我們創造股東價值的方法。

Yes. And I really think that when we get to Dreamforce and you see how we brought all of these platforms together, integrated them, you're going to see some really powerful integration capabilities. You already saw some of it at the World Tour in New York with kind of the first level of the customer data platform. You're going to see a whole another extension of that kind of capability when we get to Dreamforce. And it's -- I think, as Bret said, it's in a very exciting moment in time when it comes to innovation with the company.

是的。而且我真的認為，當我們到達 Dreamforce 並且您看到我們如何將所有這些平台整合在一起並集成它們時，您將看到一些非常強大的集成功能。你已經在紐約的世界巡迴賽上看到了其中的一些，它是第一級的客戶數據平台。當我們到達 Dreamforce 時，你會看到這種能力的另一個擴展。它是——我認為，正如布雷特所說，在公司創新方面，這是一個非常激動人心的時刻。

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 think this one is sort of for Bret. Bret, I was just wondering if you could go into the industry cloud strategy a little bit and what you're seeing going on there. And can you just talk a little bit about how important that strategy is as budgets come under more stress and the ability for you all to go deeper with your customers on an industry basis? I was just kind of curious if you can give us an update on that and then how that strategy maybe plays out in a more choppy macro backdrop.

我認為這個有點適合佈雷特。 Bret，我只是想知道您是否可以稍微了解一下行業雲戰略以及您所看到的情況。您能否簡單談談該策略的重要性，因為預算面臨更多壓力，以及你們所有人在行業基礎上與客戶深入交流的能力？我只是有點好奇您是否可以向我們提供有關此方面的最新信息，然後該策略可能如何在更加波濤洶湧的宏觀背景下發揮作用。

Yes. Thanks, Kirk. We have 12 industry clouds spanning a wide range of industries where I think CRM is particularly strategic from financial services to health care, to consumer goods and manufacturing. And you can think of our industry cloud is essentially taking the Customer 360: sales, service, marketing, e-commerce, Tableau, MuleSoft, Slack, and building industry-specific processes and workflows that work out of the box. And as you're sort of alluding to, there's a lot of value for our customers.

是的。謝謝，柯克。我們有 12 個行業雲，涵蓋了廣泛的行業，我認為 CRM 在這些行業中具有特別的戰略意義，從金融服務到醫療保健，再到消費品和製造業。您可以認為我們的行業雲本質上是採用 Customer 360：銷售、服務、營銷、電子商務、Tableau、MuleSoft、Slack，並構建開箱即用的行業特定流程和工作流。正如您所暗示的那樣，我們的客戶有很多價值。

Number one is they don't need to pay us or a professional services firm to implement the table stakes for their digital transformation. It works out of the box. That means they can focus their investment resources in the areas of their business that are differentiated. It means they get faster time to value. And it means that these processes are stickier, which is why our industry clouds have lower attrition rates than our line of business clouds.

第一是他們不需要支付我們或專業服務公司來實施數字化轉型的賭注。它開箱即用。這意味著他們可以將投資資源集中在差異化的業務領域。這意味著他們可以更快地實現價值。這意味著這些流程更具粘性，這就是為什麼我們的行業雲的損耗率低於我們的業務線雲的原因。

It's been a huge area of growth for us and actually a lot of credit to our Chief Product Officer, David Schmaier, who actually -- his company, which we acquired a couple of years ago. Velocity was actually independent software vendor that built industry solutions on top of our platform and has been a strong advocate for this strategy internally.

這對我們來說是一個巨大的增長領域，實際上對我們的首席產品官 David Schmaier 有很大的貢獻，他實際上是他的公司，我們在幾年前收購了這家公司。 Velocity 實際上是獨立的軟件供應商，在我們的平台之上構建了行業解決方案，並且在內部一直大力倡導這一戰略。

It's a huge part of our go-forward strategy. If you have an option to buy one of our industry clouds, why wouldn't you? More works out of the box, you'll get faster time to value. So it's a huge area of investment for us.

這是我們前進戰略的重要組成部分。如果您可以選擇購買我們的行業雲之一，為什麼不呢？更多開箱即用的作品，您將獲得更快的價值實現時間。所以這對我們來說是一個巨大的投資領域。

I think the thing that we do really uniquely though, Marc alluded to it, is it's really all-in-one integrated platform. If you buy our Financial Services Cloud, you get all the capabilities of our Salesforce Cloud, of our Service Cloud or our customer data platform, all in one integrated technology platform. It's very unique in the industry. And I think in this more measured buying environment, it will become even more important, though, actually, it was important prior to this as well. And I think it reflects our alignment with our industry's go-to-market motion and vertical go-to-market motion and really focus on delivering faster time to value to our customers.

我認為我們所做的真正獨特的事情，Marc 提到它，是它真的是多合一的集成平台。如果您購買我們的 Financial Services Cloud，您將獲得我們的 Salesforce Cloud、我們的 Service Cloud 或我們的客戶數據平台的所有功能，所有這些功能都在一個集成的技術平台中。這在業界是非常獨特的。而且我認為在這個更加謹慎的購買環境中，它會變得更加重要，但實際上，在此之前它也很重要。我認為這反映了我們與行業的上市運動和垂直上市運動的一致，並真正專注於為我們的客戶提供更快的價值實現時間。

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

你今天的最後一個問題來自瑞士信貸的菲爾溫斯洛。

I wanted to focus in on Slack. Slack again outperformed revenue expectations. Obviously, the large deal metrics are impressive, too. What's driving the continued advance for Slack, let's say, relative to some of those other vendors that are heavier in the telephony or the video segments of UCaaS that have frankly have been delivering weaker results? And are you seeing strong, call it, stand-alone demand for Slack as a horizontal messaging platform or the Salesforce integrations that you highlighted driving more attach as a collaboration hub of Slack in the context of multi-cloud deployments?

我想專注於 Slack。 Slack 再次超出收入預期。顯然，大宗交易指標也令人印象深刻。比方說，相對於其他一些在電話或 UCaaS 視頻領域更重的供應商，坦率地說，是什麼推動了 Slack 的持續發展？您是否看到了對 Slack 作為橫向消息傳遞平台的強烈需求，或者您強調的 Salesforce 集成，在多雲部署的背景下推動了更多的附加作為 Slack 的協作中心？

Yes, I'll take that one. This is Bret. We are really happy with the performance of Slack. I think it's interesting, we acquired Slack in the midst of this pandemic. And now we're coming out of the pandemic into this new era of flexible work. Office occupancy rates are at historic lows. If you look at the lines of business that we serve like customer service, I've met tens or maybe even hundreds of executive teams whose contact centers are no longer buildings. They're literally just in the cloud now and people are wearing headsets in their kitchens and basements to answer your phone calls.

是的，我要那個。這是布雷特。我們對 Slack 的表現非常滿意。我認為這很有趣，我們在這場大流行中收購了 Slack。現在，我們正走出大流行，進入靈活工作的新時代。辦公室入住率處於歷史低位。如果你看看我們像客戶服務一樣服務的業務線，我會遇到數十甚至數百個執行團隊，他們的聯絡中心不再是建築物。它們現在實際上只是在雲端，人們在廚房和地下室戴著耳機接聽您的電話。

And if you think about what it means to build an employee experience, to build a customer experience in this new area of flexible work, Slack is really at the center of those conversations. And that's why it was such a strategic acquisition for us because 1 plus 1 is truly equal to much more than 2.

如果你想一想建立員工體驗意味著什麼，在這個靈活的工作新領域建立客戶體驗，Slack 確實是這些對話的中心。這就是為什麼它對我們來說是如此戰略性的收購，因為 1 加 1 確實等於遠大於 2。

When I talked about the innovation we're to deliver at Dreamforce, it's across every single one of our cloud. We've been saying, how do we help our customers whose headquarters is now digital transition their CRM, transition their employee experience to this new era of flexible work? So we've seen great wall-to-wall engagements like Mercado Libre, one of the customers I mentioned in my script. But it's also really important that we've invested in integrating Slack with Customer 360 so that when we have a conversation, say, with a retailer preparing for Cyber Week, we're coming not just with our Marketing Cloud or in our Commerce Cloud and our Service Cloud but with a Slack Connect channel that they can use as a command center for Cyber Week.

當我談到我們將在 Dreamforce 提供的創新時，它跨越了我們的每一個雲。我們一直在說，我們如何幫助總部現在數字化的客戶轉變他們的 CRM，將他們的員工體驗轉變為靈活工作的新時代？因此，我們已經看到了像 Mercado Libre 這樣的大規模互動，這是我在腳本中提到的客戶之一。但同樣重要的是，我們投資將 Slack 與 Customer 360 集成，這樣當我們與準備網絡週的零售商進行對話時，我們不僅會使用營銷雲或商務雲，而且我們的服務雲，但有一個 Slack Connect 頻道，他們可以將其用作網絡週的指揮中心。

That's key to our go-to-market motion. But -- and I don't think it's at the expense of what you called stand-alone. When we land a deal, say, for a department -- marketing department, Slack has such wonderful organic viral adoption that a year or 2 later, we're selling to the whole company. And I really think that's key to our go-to-market motion. And Slack is a relevant driver for every single one of the cloud and our Customer 360.

這是我們進入市場的關鍵。但是——而且我不認為這是以犧牲你所謂的獨立為代價的。例如，當我們為一個部門——營銷部門達成交易時，Slack 擁有如此出色的有機病毒式採用率，以至於一兩年後，我們將向整個公司銷售。我真的認為這是我們進入市場的關鍵。 Slack 是雲和我們的 Customer 360 中每一個的相關驅動程序。

And I think a lot of the reasons that we bought the company that they really could benefit from our credibility with customers and our distribution capacity have really paid out. It's such a great product. And in June, you probably know that Bret and I did the World Tour in New York. Many of you were there, but the day before was the Frontiers Conference for Slack. And if you haven't looked at the demo, you really should because the product has come a long way since we bought the company. It's an incredible piece of technology...

我認為我們收購這家公司的很多原因是，他們確實可以從我們對客戶的信譽和我們的分銷能力中受益。這是一個很棒的產品。六月，你可能知道 Bret 和我在紐約參加了世界巡迴演唱會。你們中的許多人都在那裡，但前一天是 Slack 的前沿會議。如果你還沒有看過演示，你真的應該看，因為自從我們收購了這家公司以來，該產品已經走了很長一段路。這是一項令人難以置信的技術...

Voice, video. I mean it's incredible, yes.

語音、視頻。我的意思是這太不可思議了，是的。

You have to see it to believe it. I mean don't you agree like it's something that's like really -- and for a lot of you are coming to Dreamforce, I think you're going to see how a lot of our products have become Slack first. And also the number of integrations that we're going to be able to kind of bring forth, how many integrations now do you have with these core clouds that you've been able to put together?

你必須看到它才能相信它。我的意思是你不同意它就像真的一樣——對於你們中的很多人來說，來到 Dreamforce，我想你們會看到我們的很多產品是如何首先成為 Slack 的。還有我們將能夠帶來的集成數量，您現在與這些核心雲進行了多少集成，您已經能夠將它們放在一起？

We have 12 integrations with -- and the reason there's so many is because it includes our industry clouds, not just sales, service, marketing and commerce. But Marc, you're going into something remarkable huddles, which is the name of the new audio and video introduced, now accounts for 34% of all communication inside of Salesforce. It's completely transformed the way we work, and I'm pretty confident we'll transform all of our customers...

我們有 12 個集成——之所以有這麼多，是因為它包括我們的行業雲，而不僅僅是銷售、服務、營銷和商務。但是，Marc，您將參加一些非凡的聚會，這是引入的新音頻和視頻的名稱，現在佔 Salesforce 內部所有通信的 34%。它徹底改變了我們的工作方式，我非常有信心我們將改變我們所有的客戶......

We've integrated Slack with Tableau, which is really cool, right? Because you can do collaborative analytics.

我們已經將 Slack 與 Tableau 集成在一起，這真的很酷，對吧？因為您可以進行協作分析。

And with the capabilities we launched to allow you to talk to your data, this is happening inside of Slack. It's just an incredible capability and, as I said, a relevant driver for all of our customer engagements and a wonderful way to, I think, drive and accelerate flag adoption that they would have had independently.

借助我們推出的允許您與數據交談的功能，這發生在 Slack 內部。這只是一種令人難以置信的能力，正如我所說，它是我們所有客戶參與的相關驅動因素，也是我認為推動和加速他們獨立擁有的標誌採用的絕妙方式。

But a lot of our customers still haven't seen this. And I think that's why I'm so excited about Dreamforce because when you come to Dreamforce, and you see the keynote, obviously, this will be highlighted. And I think customers will see in real time. What we saw, for example, in Frontiers, even we didn't really have the opportunity because COVID was so freshly integrated into our World Tour keynote, which Bret and I have lamented many times. But I think that when you start to see the incredible innovation that have happened in the Salesforce core clouds like sales, like service, marketing, commerce, even Tableau, you combine that with Slack. You bring that into the Customer 360 with MuleSoft, the single source of truth.

但是我們的很多客戶還沒有看到這一點。我認為這就是我對 Dreamforce 如此興奮的原因，因為當您來到 Dreamforce 時，您會看到主題演講，顯然，這將被突出顯示。而且我認為客戶會實時看到。例如，我們在 Frontiers 中看到的情況，即使是我們也沒有真正有機會，因為 COVID 如此新鮮地融入了我們的世界巡迴演唱會主題演講，布雷特和我曾多次感嘆。但我認為，當您開始看到 Salesforce 核心雲（如銷售、服務、營銷、商務，甚至 Tableau）中發生的令人難以置信的創新時，您會將其與 Slack 結合起來。您可以通過 MuleSoft 將其帶入 Customer 360，這是唯一的事實來源。

The way it's all being integrated with this customer data platform, I don't think anyone else has this vision or is trying to even to execute it. And I've made this kind of L'Oreal -- I told you the L'Oreal story, I said quite a few times, you're going to see that in Dreamforce in real time. You can see many other stories, because I think for us, just trying to communicate our vision, this is like probably the most exciting thing going on here. We just brought 500 of our top executives together for kind of second half kickoff and showed them what we're so excited about, and I don't think anybody walked away not thinking that we've not only got a world-class product that's highly differentiated, but we're really where a lot of our customers are trying to get to in the next level of their customer experience.

它與這個客戶數據平台集成的方式，我認為沒有其他人有這個願景，或者甚至試圖執行它。我製作了這種歐萊雅——我告訴過你歐萊雅的故事，我說過很多次，你會在 Dreamforce 中實時看到。你可以看到很多其他的故事，因為我認為對我們來說，只是試圖傳達我們的願景，這可能是這裡發生的最令人興奮的事情。我們剛剛召集了 500 名高級管理人員參加了下半場的開球，並向他們展示了我們如此興奮的事情，我認為沒有人離開時不認為我們不僅擁有世界一流的產品高度差異化，但我們確實是我們的許多客戶試圖達到更高水平客戶體驗的地方。

And Bret's made the point, Amy's made the point, Brian's made the point that digital transformation is underway, but we all know that every digital transformation is beginning and ending with the customer. And you've got to have this beginning. You have to kind of begin with the end of mine when that's all about building this Customer 360, and you're going to see this at scale when we all get to Dreamforce, and I'll look forward to your feedback then.

Bret 強調了這一點，Amy 強調了這一點，Brian 強調了數字化轉型正在進行中，但我們都知道，每一次數字化轉型都是從客戶開始和結束的。你必須有這個開始。當這一切都是關於構建這個 Customer 360 的時候，你必須從我的結尾開始，當我們都到達 Dreamforce 時，你會大規模地看到這一點，屆時我會期待你的反饋。

Thanks, Phil, and we want to thank everyone for joining us today, and we look forward to seeing everyone over the next quarter.

謝謝，菲爾，我們要感謝大家今天加入我們，我們期待在下個季度見到大家。

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。