賽富時 (CRM) 2023 Q3 法說會逐字稿

Good afternoon, ladies and gentlemen, and welcome to Salesforce's Fiscal 2023 Third Quarter Results Conference Call. (Operator Instructions) and please be advised that this call is being recorded. After the speaker's prepared remarks, there will be a question-and-answer session. (Operator Instructions) And now at this time, I'll turn the call over to your speaker, Mr. Mike Spencer, Executive Vice President, Investor Relations. Please go ahead.

女士們先生們，下午好，歡迎參加 Salesforce 2023 財年第三季度業績電話會議。 （操作員說明），請注意，此通話正在錄音中。在演講者準備好的發言之後，將進行問答環節。 （操作員說明）現在，我將把電話轉給您的發言人，投資者關係執行副總裁 Mike Spencer 先生。請繼續。

Thank you, Bo. Good afternoon, and thanks for joining us today on our fiscal 2023 third quarter results conference call. Our press release, SEC filings and a replay of today's call can be found on our website.

謝謝你，博。下午好，感謝您今天加入我們的 2023 財年第三季度業績電話會議。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網站上找到。

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 Brian Milham, President and Chief Operating Officer.

今天和我一起打電話的是主席兼聯席首席執行官馬克·貝尼奧夫 (Marc Benioff)；布雷特泰勒，副主席兼聯席首席執行官；首席財務官 Amy Weaver；總裁兼首席運營官 Brian Milham。

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, uncertainties and assumptions, which could 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 could affect -- that could affect our financial results is included in our SEC filings, including in our most recent report on Forms 10-K, 10-Q and other SEC filings. Except as required by law, we do not undertake any responsibility to update these forward-looking statements.

提醒一下，我們今天的評論將包括非 GAAP 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前瞻性陳述，這些陳述受風險、不確定性和假設的影響，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，或者如果我們的假設被證明是不正確的，公司的實際結果可能與這些前瞻性陳述存在重大差異。這些風險、不確定性和假設以及其他可能影響我們財務業績的因素的描述包含在我們向美國證券交易委員會提交的文件中，包括我們最近關於 10-K 表格、10-Q 表格和其他向美國證券交易委員會提交的文件的報告。除法律要求外，我們不承擔更新這些前瞻性陳述的任何責任。

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

就這樣，讓我把電話交給馬克。

Okay. Well, thank you so much, Mike, and thank you, everyone, for being on the call. I just want to come back to how great it was to see so many of you at Dreamforce in September. It was really a wonderful experience for me personally. It was our most successful, but I really think it was our most important Dreamforce ever because we were able to come together for what we called our great reunion. And being with you all of you, especially at our IR day, that was a joy for me.

好的。好吧，非常感謝你，邁克，也感謝大家接聽電話。我只想回到九月份在 Dreamforce 見到你們中的許多人是多麼的棒。這對我個人來說真的是一次美妙的經歷。這是我們最成功的一次，但我真的認為這是我們有史以來最重要的 Dreamforce，因為我們能夠聚在一起進行我們所謂的偉大重聚。和你們所有人在一起，尤其是在我們的 IR 日，這對我來說是一種快樂。

Now let's get on to the quarter results. We delivered solid revenue growth and profitability in an increasingly challenging environment. You've seen how we're driving customer success, the strength of our organic innovation and this incredible Trailblazers community and how it manifested at the Dreamforce. And everywhere we turned, we saw customers learning how to connect with their customers in entirely new ways and the depth of our Customer 360 platform.

現在讓我們來看看季度業績。在日益具有挑戰性的環境中，我們實現了穩健的收入增長和盈利能力。您已經看到我們如何推動客戶成功、我們有機創新的力量和這個令人難以置信的開拓者社區，以及它如何在 Dreamforce 上體現。無論我們走到哪裡，我們都看到客戶學習如何以全新的方式與他們的客戶聯繫，以及我們 Customer 360 平台的深度。

We're also thrilled to introduce Genie, which is our Customer Data Cloud, and it's one of the most transformational technologies we have ever delivered. And when you hear some of the metrics already coming out of customer adoption with Genie, I think that you'll be incredibly impressed, and I can't wait for Bret to talk about that.

我們也很高興推出 Genie，這是我們的客戶數據云，它是我們交付過的最具變革性的技術之一。當您聽到 Genie 的客戶採用率已經得出的一些指標時，我想您會印象深刻，我等不及 Bret 談論它了。

The best part of Dreamforce is being together. That was what it was all about for me, and I'm sure it was for you as well, and the 40,000 folks that all came to San Francisco to have this incredible experience and all the additional folks that joined us online.

Dreamforce 最好的部分就是在一起。這就是我的意義所在，我相信這對你來說也是如此，還有 40,000 名全都來到舊金山享受這種不可思議的體驗的人，以及所有在線加入我們的人。

Now let's get to our results. Revenue in the quarter, well, it was $7.84 billion. That's up 14% year-over-year. I think that's a record for us. And also, it was 19% in constant currency. And we're going to talk about that foreign exchange situation in just a second. We closed some amazing deals in the quarter with great companies like Bank of America, RBC Wealth Management and Dell and other great stories, and I'm also going to get that into a moment as well. And even with purchase decisions receiving greater scrutiny, we continue to gain market share and close marquee transactions.

現在讓我們來看看我們的結果。該季度的收入為 78.4 億美元。同比增長 14%。我認為這是我們的記錄。而且，按固定匯率計算，它是 19%。我們將在一秒鐘內討論外匯情況。我們在本季度與美國銀行、加拿大皇家銀行財富管理公司和戴爾等偉大公司達成了一些驚人的交易以及其他偉大的故事，我也將把它納入一個時刻。即使購買決定受到更嚴格的審查，我們仍繼續獲得市場份額並完成大型交易。

IDC recently ranked Salesforce as the #1 in CRM. And now we've done that for 9 years in a row. And I'm proud that we've delivered revenue growth in this environment, but especially proud of the team for our continued focus on delivering record operating margins. And here, you can see now, up 22.7% non-GAAP operating margin we delivered for the quarter. And I think when I look back at various financial crisis, as we think back even, I think, to '08, '09, I think it was like somewhere down to 10%. So we've come a long way in a short period of time.

IDC 最近將 Salesforce 評為 CRM 領域的第一名。現在我們已經連續 9 年這樣做了。我很自豪我們在這種環境下實現了收入增長，但特別為團隊感到自豪，因為我們繼續專注於提供創紀錄的營業利潤率。在這裡，您現在可以看到，我們本季度的非 GAAP 營業利潤率增長了 22.7%。我認為，當我回顧各種金融危機時，我們甚至回想起 08 年、09 年，我認為它下降到 10%。所以我們在很短的時間內取得了長足的進步。

So this quarter has been further proof of our commitment to profitable growth, continuing our operating margin growth, continued focus on our revenue growth, continued focus on our market share growth. And a great evidence of that is our remaining performance obligation. Our RPO is now an incredible $40 billion. Now as I've said in the last few quarters, the dollar had a strong quarter, maybe even a stronger quarter than we had. I think that when we first said that, in the second quarter, folks didn't really understand what we were talking about, or maybe it was in the first quarter we said that.

因此，本季度進一步證明了我們對盈利增長的承諾，繼續我們的營業利潤率增長，繼續關注我們的收入增長，繼續關注我們的市場份額增長。我們剩餘的履約義務就是一個很好的證據。我們的 RPO 現在是令人難以置信的 400 億美元。現在正如我在過去幾個季度所說的那樣，美元有一個強勁的季度，甚至可能比我們的季度更強勁。我認為當我們在第二季度第一次這麼說時，人們並不真正理解我們在說什麼，或者也許是在第一季度我們這麼說了。

I remember it was a trip to Japan when I called Amy and I was asking her what the expectations were for revenue. But when I told her what my guidance was for what and how I was looking at revenue, including foreign exchange, I don't think either one of us could believe what was really happening, and now we've really seen it start to play out.

我記得當時我去日本旅行，當時我打電話給艾米，問她對收入的期望是什麼。但是當我告訴她我的指導是什麼以及我如何看待收入，包括外匯時，我認為我們中的任何一個人都無法相信真正發生的事情，現在我們真的看到它開始發揮作用出去。

We continue to see the impact of foreign currency fluctuations. And of course, that is our biggest surprise of the year. In the quarter, we saw $300 million year-over-year headwinds to revenue, and we've expected a total of $900 million for the full year. Now that is something we just could not have expected a year ago, and that is when we initiated our revenue guidance. At Dreamforce and in my travels around the world, our customers have been asking how to best navigate this economic situation with the high level of market volatility and uncertainty.

我們繼續看到外匯波動的影響。當然，這是我們今年最大的驚喜。在本季度，我們看到收入同比下降 3 億美元，我們預計全年總收入將下降 9 億美元。現在這是我們一年前無法預料的事情，那是我們啟動收入指導的時候。在 Dreamforce 和我在世界各地的旅行中，我們的客戶一直在詢問如何在市場波動和不確定性高的情況下最好地駕馭這種經濟形勢。

A lot of CEOs have never been through these types of crises before. They haven't seen these kind of variations in the market or in foreign exchange or even in market demand. Well, we've got a lot to say about that because this is not our first financial crisis. And I'm seeing a lot of buying behavior that really reflects a lot of what we've seen during other crises, whether it's '08, '09 or even '01.

許多首席執行官以前從未經歷過這些類型的危機。他們沒有在市場或外匯甚至市場需求中看到這種變化。好吧，我們對此有很多話要說，因為這不是我們第一次遇到金融危機。而且我看到很多購買行為確實反映了我們在其他危機中看到的很多情況，無論是 08 年、09 年還是 01 年。

And obviously, the current economic situation is nowhere near as severe as what happened beginning in '08, but there are some patterns that we've seen repeat themselves. And in early '08, we saw customers who were reluctant to expand distribution capacity, they weren't adding service people, they froze their hiring, they initiated headcount reductions. We saw those occur that year. We saw that in '11 as well. I think that maybe when things start to get a little tough or when the stock market shifts, that's when CEOs say, hold on, should we be expanding distribution capacity right now? Should we be expanding service capacity?

顯然，當前的經濟形勢遠沒有 08 年開始時那麼嚴峻，但我們已經看到一些模式在重演。在 08 年初，我們看到客戶不願意擴大分銷能力，他們沒有增加服務人員，他們凍結了招聘，開始裁員。那一年我們看到了這些。我們也在 11 年看到了這一點。我認為，也許當事情開始變得有點艱難，或者當股市發生變化時，首席執行官們就會說，等一下，我們現在應該擴大分銷能力嗎？我們應該擴大服務能力嗎？

What do we stop -- let's stop our advertising, let's stop our marketing spend, things that they can immediately take actions on. Well, you couple that with foreign exchange headwinds have become an issue and everyone was shifting their focus to finding efficiencies, reducing their costs, increasing productivity, and again, we're feeling all of this once again. And that led us to the shift of the company. It took us a lot to how we operate and where we are investing our dollars. We've actually developed our own playbook.

我們要停止什麼——讓我們停止我們的廣告，讓我們停止我們的營銷支出，他們可以立即採取行動的事情。好吧，再加上外匯逆風已經成為一個問題，每個人都將注意力轉移到提高效率、降低成本、提高生產力上，我們再次感受到了這一切。這導致我們公司發生了轉變。我們如何運作以及我們在哪裡投資我們花了很多時間。我們實際上已經開發了自己的劇本。

We really wrote it all down. We talked about what was happening. We knew what happened again. And we had to dust off some of those plans and numbers from 12, 13 years ago from 22 years ago. And we've turned that playbook into gaining market share and focusing on operational discipline and operational excellence, especially in the face of economic headwinds.

我們真的把它都寫下來了。我們談到了正在發生的事情。我們又知道發生了什麼。我們不得不從 22 年前的 12 年、13 年前的計劃和數字中剔除一些。我們已經將該劇本轉變為獲得市場份額並專注於運營紀律和卓越運營，尤其是在面對經濟逆風的情況下。

And as the economy has started to recover, whether it's in 2010 or even in 2002, we were able to radically accelerate our growth. I have to tell you, when we went back as a team and we looked at the numbers, even I was really shocked to see kind of how things changed, some of the decisions that we made, but then how we all of a sudden were able to navigate so well, and use that as an opportunity to adjust the company in all -- in a number of really critical and strategic areas.

隨著經濟開始復蘇，無論是在 2010 年還是 2002 年，我們都能夠從根本上加速增長。我必須告訴你，當我們作為一個團隊返回並查看這些數字時，甚至我也很震驚地看到事情發生了一些變化，我們做出了一些決定，但後來我們突然變得能夠駕馭得如此之好，並以此為契機在許多真正關鍵和戰略領域調整公司的所有方面。

Now I've always believed since that point, especially, that an economic crisis creates these opportunities, and we're squarely in that moment, and we've acted. Starting in July of this year, the buying environment became more measured and foreign exchange headwinds were becoming increasingly complex. We told you then we didn't believe this challenging macro environment was going to be a short-term problem. And you know we're not economists. You know that we don't know exactly what is happening or when the recovery will happen, et cetera, but we do see a lot, and I think we understand a lot about what's going on because we have such strong global data.

從那時起，我一直相信，特別是經濟危機會創造這些機會，我們正處於那個時刻，我們已經採取了行動。從今年 7 月開始，購買環境變得更加謹慎，外匯逆風變得越來越複雜。我們當時告訴過你，我們不相信這個具有挑戰性的宏觀環境會成為一個短期問題。你知道我們不是經濟學家。你知道我們並不確切知道正在發生什麼或何時會發生復蘇等等，但我們確實看到了很多，而且我認為我們對正在發生的事情了解很多，因為我們擁有如此強大的全球數據。

And we're not assuming that this economy gets any better anytime soon. We're just reporting what we see with our customers, the kind of changes they make when they start to feel these headwinds. We're following our playbook to make sure it works well positioned to gain market share, to increase our profitability, to focus on our operating margin, to focus on the growth of our revenue and be able to continue to invest, especially when the economy recovers.

而且我們並不假設這種經濟會很快好轉。我們只是報告我們在客戶身上看到的情況，以及他們在開始感受到這些逆風時所做的改變。我們正在遵循我們的劇本，以確保它能夠很好地獲得市場份額，提高我們的盈利能力，專注於我們的營業利潤率，專注於我們的收入增長並能夠繼續投資，特別是當經濟恢復。

Now for this fiscal year, we're maintaining our revenue guidance of $30.9 billion to $31 billion, up 17% year-over-year or 20% in constant currency. And you saw that, that also included that incremental foreign exchange headwind, and it's even an expected incremental $100 million of foreign exchange headwind just since last quarter. We're raising our fiscal year '23 non-GAAP operating margin guidance from 20.4% to 20.7%, an expansion of 200 basis points year-over-year, and I expect a lot more, especially with this increased focus we have on expanding our operating margin.

現在，對於本財年，我們維持 309 億美元至 310 億美元的收入指引，同比增長 17% 或按固定匯率計算增長 20%。你看到了，這還包括增加的外匯逆風，甚至是自上個季度以來預計增加的 1 億美元的外匯逆風。我們將 23 財年的非 GAAP 營業利潤率指引從 20.4% 提高到 20.7%，同比增長 200 個基點，我預計還會有更多，尤其是在我們更加關注擴張的情況下我們的營業利潤率。

Salesforce is mission-critical to nearly every Fortune 1000 company because every company is becoming a customer company. And everyone knows that this is the time during a crisis like this that you need to focus on your customers. If you need to do one thing, if there's one critical thing that every company has to do to get through this, is to make sure they maintain their relationships with their customers. It's a critical part of navigating through this time, and you're not going to be successful if you don't stay connected with your customers.

Salesforce 對幾乎每家財富 1000 強公司都是關鍵任務，因為每家公司都在成為客戶公司。每個人都知道，在這樣的危機中，現在正是您需要關注客戶的時候。如果你需要做一件事，如果每個公司都必須做一件關鍵的事情來度過難關，那就是確保他們保持與客戶的關係。這是度過這段時間的關鍵部分，如果您不與客戶保持聯繫，您就不會成功。

We're signing transformational deals with major brands as every industry continues to digitally transform and that continues to be perhaps the most important initiative of every company, regardless of the economic situation. When you look at this by industry, it's slightly different for each industry.

我們正在與主要品牌簽署轉型協議，因為每個行業都在繼續數字化轉型，這可能仍然是每家公司最重要的舉措，無論經濟形勢如何。當您按行業查看時，每個行業都略有不同。

In telecom. We're working with almost every major player as they transform how they connect with their customers. All telcos must deliver faster, better service to customers, keeping their costs down, focusing on their NPS score, becoming more competitive. We all know that. It's a highly competitive industry. We all understand the dynamics well. It's one of the reasons why we've done so well in all these global telecom companies.

在電信。我們正在與幾乎所有主要參與者合作，因為他們正在改變與客戶的聯繫方式。所有電信公司都必須為客戶提供更快、更好的服務，降低成本，關注 NPS 分數，提高競爭力。我們都知道。這是一個競爭激烈的行業。我們都非常了解動態。這也是我們在所有這些全球電信公司中表現出色的原因之一。

But I really want to talk to you about a great example, and this deal that we signed with T-Mobile in the quarter. Now we've done a lot of work with Mike and with T-Mobile over the years, and it's been very exciting to see how they built their company and especially how they've executed the merger -- and now they have a amazing transformational opportunity and how they work with businesses, and we're working with them to develop a vision for the next-generation user experience for T-Mobile for Business. And our professional services team is leading that charge.

但我真的很想和你談談一個很好的例子，以及我們在本季度與 T-Mobile 簽署的這筆交易。多年來，我們已經與 Mike 和 T-Mobile 一起完成了大量工作，看到他們如何建立自己的公司，尤其是他們如何執行合併，我們感到非常興奮——現在他們有了驚人的轉型機會以及他們如何與企業合作，我們正在與他們合作，為 T-Mobile for Business 制定下一代用戶體驗的願景。我們的專業服務團隊正在領導這項工作。

Financial Services, well, that's another industry that's been going through one of the most incredible digital transformations, but it's an incredible moment for them, actually. It's why we're working with all the major financial service companies to drive stronger client relationships and to unite their teams to be more effective, especially in this environment. It's a golden time for financial services in many ways. A great example is Bank of America, who I think has been a customer for more than 20 years, and we've been with them through many different financial crises.

金融服務，嗯，這是另一個正在經歷最令人難以置信的數字化轉型的行業，但實際上這對他們來說是一個令人難以置信的時刻。這就是為什麼我們與所有主要金融服務公司合作，以推動更牢固的客戶關係並團結他們的團隊以提高效率，尤其是在這種環境下。從許多方面來說，現在都是金融服務的黃金時期。一個很好的例子是美國銀行，我認為它是我們 20 多年的客戶，我們與他們一起度過了許多不同的金融危機。

But in a short amount of time, they've increased productivity and reduced their technical debt. They're saving time and money, they're connecting with their customers in new ways. It's a tremendous relationship with BofA to become their CRM standard. We're delighted to have such great success with them over many decades and to expand this relationship to the business bank, to the corporate bank and the investment bank, it's really an expansion.

但在很短的時間內，他們提高了生產力並減少了技術債務。他們節省了時間和金錢，他們以新的方式與客戶聯繫。成為他們的 CRM 標準與美國銀行有著密切的關係。我們很高興在過去幾十年中與他們取得如此巨大的成功，並將這種關係擴展到商業銀行、企業銀行和投資銀行，這確實是一種擴展。

And I just want to thank Brian for his tremendous loyalty, but also his partnership over so many decades, and it's just a great organization to work with every single day.

我只想感謝 Brian 的巨大忠誠，以及他幾十年來的合作夥伴關係，這是一個每天都能與之合作的偉大組織。

Well, before I go on, first of all, I want to give you an invitation. I hope that you'll all plan to join us in New York City next week, where we're going to host our Salesforce world tour on December 8. Join us in person or online, where we're going to announce some new innovations. And you're going to hear from our incredible customers and so much more.

好吧，在我繼續之前，首先，我想給你一個邀請。我希望你們都計劃下週在紐約加入我們，我們將在 12 月 8 日舉辦我們的 Salesforce 世界巡演。親自或在線加入我們，我們將宣布一些新的創新.你會聽到我們令人難以置信的客戶的消息等等。

Now before I end, I have to say something, and it's something that I did not want to say ever, and I'm extremely sad to tell you that Bret Taylor is going to be leaving the company. Bret and I are like brothers. I love him very deeply. He's an incredible person. And one of the great joys of my company has been having him here. And I'll tell you, for me, this has been a feeling of tremendous loss. I'm experiencing that right now. You can probably hear it in my voice. It makes me think of all the great people that we have actually lost in the company over the time as well, so many great leaders of our industry, but especially now with Bret.

現在在我結束之前，我必須說點什麼，這是我一直不想說的話，我非常難過地告訴你布雷特泰勒將離開公司。布雷特和我就像兄弟一樣。我愛他很深。他是一個不可思議的人。我公司的一大樂趣就是有他在這裡。我會告訴你，對我來說，這是一種巨大的失落感。我現在正在經歷。你可能可以從我的聲音中聽到它。這讓我想起了我們在這段時間裡實際上在公司失去的所有偉大的人，我們行業的許多偉大的領導者，尤其是現在的布雷特。

This is just really hard for me, and I'm extremely sad to see him go. I know he has created 2 great companies. I know he wants to go create a third great company. And you can't keep a wild tiger in a cage. And we got to let them be free and let him go, and I understand, but I don't like it. And Bret, you know that you're always going to be our brother. You know that you -- we love you very deeply, that you have a home here. We're going to try to get you back somehow. So don't think that you're going to somehow get out of this alive, because you're not. And you're always going to be part of our Ohana. And we are really upset about this, and it's going to be a difficult moment for us.

這對我來說真的很難，看到他離開我非常難過。我知道他創建了兩家偉大的公司。我知道他想去創建第三家偉大的公司。你不能把一隻野生老虎關在籠子裡。我們必須讓他們自由，讓他離開，我理解，但我不喜歡這樣。布雷特，你知道你永遠是我們的兄弟。你知道你——我們非常愛你，你在這裡有一個家。我們會想方設法讓你回來。所以不要以為你會以某種方式活著離開這個世界，因為你不是。你將永遠成為我們 Ohana 的一部分。我們對此感到非常沮喪，這對我們來說將是一個艱難的時刻。

But I know that you're going to be with us through the end of the year, and I know you're going to continue to work with us even after this point. But Bret, we love you, and we're so sorry to see you leave the company at the end of this year.

但我知道你會一直和我們在一起到今年年底，而且我知道即使在這一點之後你也會繼續與我們合作。但是布雷特，我們愛你，我們很遺憾看到你在今年年底離開公司。

Thank you, Marc. It's hard to follow that and trying to keep my composure as well. I just want to start, Marc, by just expressing how deeply grateful I am to you. And just as importantly, the entire Salesforce team. For the past 6-plus years, I just couldn't have imagined it when I joined the company. I could not be more proud of the trust, innovation and customer success we've delivered in my time here, particularly over the past few years. I think this amazing community has helped every organization in the world to remain connected to their customers amidst a public health crisis, the economic turmoil, this global pandemic. It's just incredible, and I'm incredibly grateful.

謝謝你，馬克。很難遵循這一點並努力保持冷靜。馬克，我只想首先表達我對你的感激之情。同樣重要的是，整個 Salesforce 團隊。這6年多的時間，是我剛進公司時想都不敢想的。我為我在這裡的時間，特別是在過去幾年中所交付的信任、創新和客戶成功感到無比自豪。我認為這個了不起的社區幫助世界上的每個組織在公共衛生危機、經濟動盪和這場全球大流行病中與他們的客戶保持聯繫。這太不可思議了，我非常感激。

And Marc, you personally, you've been my mentor long before I joined this company. And in the past 6 years, your relationship has definitely become the most significant in my professional career. I would not be the leader I am today without you, and I cannot thank you enough for our friendship and our partnership.

馬克，就個人而言，在我加入這家公司之前很久，你就是我的導師。在過去的 6 年裡，你們的關係無疑成為我職業生涯中最重要的一段感情。沒有你，我不會成為今天的領導者，我對你的友誼和夥伴關係感激不盡。

The past few years have been tumultuous for all of us, and I've recently been reflecting what's been truly important to me. And while there is absolutely no easy time for a transition like this, I really do feel that now is the right time for me to return to my entrepreneurial roots, particularly given the technology landscape and the economy going through such tectonic shifts. Salesforce has never been stronger, and I've never been more confident in the future of the company. And as Marc said, I will remain as co-CEO through the end of the fiscal year, not only to ensure a smooth transition, but most importantly, to ensure that we have a strong close to the quarter and a strong close to the fiscal year.

過去幾年對我們所有人來說都是動盪不安的，最近我一直在反思對我來說真正重要的事情。雖然這樣的過渡絕對不容易，但我確實覺得現在是我回歸創業本源的正確時機，尤其是考慮到技術格局和經濟正在經歷這種結構性轉變。 Salesforce 從未如此強大，我對公司的未來也從未如此自信。正如馬克所說，我將在本財年結束前繼續擔任聯席首席執行官，這不僅是為了確保平穩過渡，而且最重要的是，確保我們在本季度和財年結束時表現強勁年。

And as Marc said, even after this transition, I will always, always be a part of this company and always be a part of this community. As Marc said, we had a solid quarter, top -- double-digit top and bottom line performance, demonstrating the strength of our business model and our commitment to operating with discipline and delivering profitable growth at scale. We continue to deliver on organic innovation, and our product portfolio is strategically positioned, mission-critical and highly differentiated.

正如馬克所說，即使在這次交接之後，我也將永遠、永遠是這家公司的一份子，永遠是這個社區的一份子。正如馬克所說，我們有一個穩健的季度，最高 - 兩位數的最高和最低業績，證明了我們商業模式的實力以及我們對紀律經營和大規模實現盈利增長的承諾。我們繼續提供有機創新，我們的產品組合具有戰略定位、關鍵任務和高度差異化。

Our ecosystem and our app exchange marketplace are unparalleled in the industry. And as Marc mentioned, as you saw at Dreamforce, our innovation engine is in overdrive, with Genie, Slack Canvas, Net Zero marketplace and more, building on our position as a leader in nearly every CRM category.

我們的生態系統和我們的應用程序交換市場在業界是無與倫比的。正如 Marc 提到的那樣，正如您在 Dreamforce 上看到的那樣，我們的創新引擎正處於超速狀態，Genie、Slack Canvas、Net Zero 市場等，鞏固了我們在幾乎所有 CRM 類別中的領導地位。

Genie, in particular, makes every part of our Customer 360 platform more automated, intelligent and real time, driving faster time to value for our customers. And the adoption of Genie by our customers, particularly this past Cyber week, has exceeded all of our expectations. The Genie Customer Data Cloud is already processing literally over 100 billion customer records on average every single day. During Cyber Week alone, Genie ingested an astonishing 1.1 trillion records and enabled 43 billion consumer engagements for our customers.

尤其是 Genie，它使我們 Customer 360 平台的每個部分都更加自動化、智能化和實時化，從而為我們的客戶加快實現價值的速度。我們的客戶對 Genie 的採用，尤其是在過去的網絡週，已經超出了我們的所有預期。 Genie 客戶數據云已經平均每天處理超過 1000 億條客戶記錄。僅在網絡週期間，Genie 就吸收了驚人的 1.1 萬億條記錄，並為我們的客戶實現了 430 億次消費者參與。

Inter, a leading digital banking service company in Brazil, is a great example of Genie's power. Inter was able to consolidate 6 data systems into 1, and they are converting 35x more customers with Genie. Like Marc, I met with hundreds of CEOs across every industry over the last few months. In this buying environment, our customers are increasingly focused on 3 things. First is time to value.

巴西領先的數字銀行服務公司 Inter 是 Genie 強大功能的一個很好的例子。 Inter 能夠將 6 個數據系統整合為 1 個，並且他們通過 Genie 將客戶轉化為 35 倍以上。和馬克一樣，在過去幾個月裡，我會見了各行各業的數百名首席執行官。在這種購買環境中，我們的客戶越來越關註三件事。首先是實現價值的時間。

Our customers need to quickly get the benefits of their technology investments. Second is ensuring these digital transformation projects drive cost savings in addition to customer satisfaction and top line growth. And third, we know our customers need to consolidate their platforms and vendor relationships to reduce complexity and risk and to drive efficiency. We are delivering on all 3 at scale today for our customers.

我們的客戶需要快速從他們的技術投資中獲益。其次是確保這些數字化轉型項目在提高客戶滿意度和收入增長的同時推動成本節約。第三，我們知道我們的客戶需要整合他們的平台和供應商關係，以降低複雜性和風險並提高效率。今天，我們正在為我們的客戶大規模交付所有 3 項服務。

Our customers are seeing on average an estimated 25% in savings in their IT costs and 26% increase in employee productivity using Salesforce according to a recent survey of more than 3,500 of our customers. RBC Wealth Management is a great example. RBC is onboarding new customers in minutes instead of days, and they've consolidated over 26 technology systems into 1 using our Customer 360 platform, decreasing their maintenance costs by 50%. Despite the economic headwinds that Marc mentioned, we had record low revenue attrition again this quarter, which is a testament to just how mission-critical Salesforce is to our customers, especially in this environment.

根據最近對 3,500 多家客戶的調查，我們的客戶發現使用 Salesforce 平均可節省 25% 的 IT 成本，並將員工工作效率提高 26%。 RBC 財富管理就是一個很好的例子。 RBC 在幾分鐘而不是幾天內吸引新客戶，他們使用我們的 Customer 360 平台將超過 26 個技術系統整合為一個，將維護成本降低了 50%。儘管 Marc 提到了經濟逆風，但本季度我們的收入流失率再次創下歷史新低，這證明了 Salesforce 對我們客戶的關鍵任務，尤其是在這種環境下。

We also launched new product bundles for sales, service, marketing and analytics. These product bundles are enabling our customers to consolidate their tools on Salesforce, driving efficient growth. We're also closing transformational deals and multi-cloud expansions. This quarter, 7 of our top 10 deals included 5 or more of our clouds.

我們還推出了用於銷售、服務、營銷和分析的新產品包。這些產品捆綁包使我們的客戶能夠在 Salesforce 上整合他們的工具，從而推動高效增長。我們還將完成轉型交易和多雲擴展。本季度，我們的前 10 大交易中有 7 筆涉及 5 個或更多雲。

Now let's turn to the cloud performance. Sales Cloud, our flagship, continues to drive sales productivity for the world's most important brands. Sales Cloud grew 12% year-over-year, a healthy 17% in constant currency, including great customer wins at companies like Bolt, Snowflake and Thermo Fisher. Service Cloud continues to help our customers deliver exceptional customer service experiences and reduce their customer service costs. Service Cloud grew 12% year-over-year or 16% in constant currency, approaching $2 billion in revenue for the quarter. With wins at Carl Zeiss, Dell and Fujitsu.

現在讓我們轉向雲性能。我們的旗艦產品 Sales Cloud 繼續推動全球最重要品牌的銷售效率。 Sales Cloud 同比增長 12%，按固定匯率計算增長 17%，包括在 Bolt、Snowflake 和 Thermo Fisher 等公司贏得的巨大客戶。 Service Cloud 繼續幫助我們的客戶提供卓越的客戶服務體驗並降低他們的客戶服務成本。 Service Cloud 同比增長 12%，按固定匯率計算增長 16%，本季度收入接近 20 億美元。在 Carl Zeiss、Dell 和 Fujitsu 贏得勝利。

Our Marketing and Commerce Clouds power the digital customer experiences for the world's greatest retailers and [browns] around the world, and together grew 12% year-over-year or 18% in constant currency, thanks to wins at companies like Banco Bradesco, Hugo Boss and Saks.

我們的 Marketing and Commerce Clouds 為全球最大的零售商和 [browns] 提供數字客戶體驗，並且由於在 Banco Bradesco、Hugo 等公司的勝利，同比增長 12% 或按固定匯率計算增長 18%老闆和薩克斯。

We just passed Black Friday and Cyber Monday, and I wanted to express my gratitude to our engineering teams. Our engineering teams again delivered unparalleled mission-critical reliability and scale to retailers around the world. Even lapping the pandemic, the sales process for our Commerce Cloud in Cyber Week increased 11% year-over-year. And our Marketing Cloud delivered nearly 49 billion messages in Cyber Week alone, up 21% year-over-year. We've now sent 1.4 trillion messages from our Marketing Cloud so far this year, just incredible.

我們剛剛度過了黑色星期五和網絡星期一，我想對我們的工程團隊表示感謝。我們的工程團隊再次為世界各地的零售商提供了無與倫比的關鍵任務可靠性和規模。即使在大流行期間，我們的 Commerce Cloud 在網絡週的銷售流程也同比增長了 11%。我們的營銷雲僅在網絡週就發送了近 490 億條消息，同比增長 21%。今年到目前為止，我們已經從 Marketing Cloud 發送了 1.4 萬億條消息，這真是令人難以置信。

Our platform business, which includes Slack, grew 18% or 22% in constant currency, highlighted by wins at Japan Airlines, WorkSafe Victoria and Zoom. Einstein Artificial Intelligence platform is now generating 194 billion predictions every single day across the Salesforce Customer 360 platform, up 57% year-over-year. And Slack, which now powers collaboration and workflows across the entire Customer 360, grew 46% year-over-year. Slack is now handling more than 2.6 billion actions every single day and had great wins this quarter with companies like Rivian and Verizon.

我們的平台業務（包括 Slack）按固定匯率計算增長了 18% 或 22%，突出表現在日本航空公司、WorkSafe Victoria 和 Zoom 的勝利。 Einstein 人工智能平台現在每天在 Salesforce Customer 360 平台上生成 1940 億個預測，同比增長 57%。而現在支持整個 Customer 360 的協作和工作流程的 Slack 同比增長了 46%。 Slack 現在每天處理超過 26 億次操作，並在本季度與 Rivian 和 Verizon 等公司取得了巨大的成功。

Data, which includes MuleSoft and Tableau, continues to be core to every digital transformation at every single one of our customers. Data grew 13% year-over-year or 16% in constant currency. We're seeing strong demand from MuleSoft, which reaccelerated in the quarter to 19% year-over-year growth or 23% in constant currency, with wins at brands like Western Union, SmileDirectClub and Kona.

包括 MuleSoft 和 Tableau 在內的數據仍然是我們每一位客戶的每一次數字化轉型的核心。數據同比增長 13%，按固定匯率計算增長 16%。我們看到 MuleSoft 的強勁需求，它在本季度再次加速，同比增長 19% 或按固定匯率計算增長 23%，贏得了 Western Union、SmileDirectClub 和 Kona 等品牌。

Integration transactions on the MuleSoft platform grew to $6.7 billion per day, up 33% year-over-year. Tableau grew at 8% year-over-year or 9% in constant currency, with wins in the quarter at Inter and McLaren Racing.

MuleSoft 平台上的集成交易增長到每天 67 億美元，同比增長 33%。 Tableau 同比增長 8%，按固定匯率計算增長 9%，本季度在 Inter 和 McLaren Racing 獲勝。

As a reminder, due to the way we recognize revenue in MuleSoft and Tableau, when the macro environment is difficult, we typically see the effects earlier and more pronounced in these businesses. We're confident in the opportunity ahead for Tableau, and we recently made changes to reaccelerate Tableau growth. This includes new leadership, and as importantly, new product integrations like revenue intelligence, a deep integration between Sales Cloud and Tableau that has become one of our fastest-growing add-on products.

提醒一下，由於我們在 MuleSoft 和 Tableau 中確認收入的方式，當宏觀環境困難時，我們通常會更早地在這些業務中看到更明顯的影響。我們對 Tableau 未來的機遇充滿信心，並且我們最近做出了一些改變以重新加速 Tableau 的發展。這包括新的領導層，同樣重要的是，新產品集成，如收入智能，Sales Cloud 與 Tableau 之間的深度集成，已成為我們增長最快的附加產品之一。

And finally, as we mention every quarter, our industry solutions continued to be a strength in our portfolio, with out-of-the-box processes that enable our customers to achieve faster time to value and lower implementation costs. Even with the many successes in the quarter, we expect this increasingly challenging [buying] environment to continue next year. I'm confident that Salesforce has never been more mission critical to our customers in this environment.

最後，正如我們每個季度都提到的那樣，我們的行業解決方案繼續成為我們產品組合的優勢，開箱即用的流程使我們的客戶能夠更快地實現價值並降低實施成本。即使本季度取得了許多成功，我們預計這種日益具有挑戰性的 [購買] 環境將在明年繼續。我相信在這種環境下，Salesforce 對我們的客戶來說從未像現在這樣重要。

And to wrap, I'm so grateful for our employees, our [18 million] Trailblazers, and all of our customers and partners for helping lead the way with innovation, agility and resilience to navigate in these times. And before I pass it to you, Amy, I just wanted to express my personal gratitude to you. As I became the first-time CEO and you became a first-time CFO navigating the company and navigating our customers through these crises, I'm so grateful for our relationship and for everything this company has done for me.

最後，我非常感謝我們的員工、我們的 [1800 萬] 開拓者，以及我們所有的客戶和合作夥伴，感謝他們以創新、敏捷性和彈性引領潮流，在這個時代前行。在我把它傳遞給你之前，艾米，我只是想表達我個人對你的感激之情。當我成為第一任 CEO，而你成為第一任 CFO，帶領公司和客戶度過這些危機時，我非常感謝我們的關係以及這家公司為我所做的一切。

Great. Bret, thank you so much. And let me just start by saying to you, it has truly been a joy to work with you for the last 6 years. I am going to miss you terribly, but I'm also equally excited for you on your next steps, and I know there will be incredible success again.

偉大的。布雷特，非常感謝你。讓我首先對您說，在過去的 6 年裡與您共事真的很愉快。我會非常想念你，但我也同樣為你的下一步感到興奮，我知道你會再次取得令人難以置信的成功。

So taking a sharp left turn to our results here. I am pleased to report another quarter of double-digit top and bottom line growth. Despite increasing macro pressure, revenue grew nearly 20% in constant currency. And as we discussed at our Investor Day in September, it's a new day for profitability. I'm very proud of our Salesforce team and all of our employees for generating record operating margin during Q3.

所以向左急轉我們的結果。我很高興地報告另一個季度的兩位數收入和利潤增長。儘管宏觀壓力越來越大，但按固定匯率計算，收入增長了近 20%。正如我們在 9 月的投資者日討論的那樣，這是盈利的新一天。我為我們的 Salesforce 團隊和所有員工在第三季度創造了創紀錄的營業利潤率而感到自豪。

Reiterating Marc's comments, profitable growth is a major focus as we lean in on best-in-class operational excellence across all aspects of our business. As customers focus on optimizing time to value, driving cost savings and consolidating platforms and vendor relationships, we remain well positioned to support them through the current economic environment.

重申 Marc 的評論，盈利增長是一個主要關注點，因為我們在業務的各個方面都依靠一流的卓越運營。由於客戶專注於優化實現價值的時間、推動成本節約以及鞏固平台和供應商關係，我們仍然處於有利地位，可以在當前的經濟環境中為他們提供支持。

Now to our results for Q3 fiscal year '23. I'll begin with top line commentary. Total revenue for the third quarter was $7.84 billion, up 14% year-over-year or 19% in constant currency. Foreign exchange continued to be a headwind to our results, as the dollar further strengthened throughout the quarter. For Q3, the total FX impact was $300 million, approximately $50 million more than we had forecast.

現在來看我們 23 財年第三季度的業績。我將從頭條評論開始。第三季度總收入為 78.4 億美元，同比增長 14%，按固定匯率計算增長 19%。隨著美元在整個季度進一步走強，外匯繼續對我們的業績構成不利影響。對於第三季度，外匯影響總額為 3 億美元，比我們的預測多出約 5000 萬美元。

A few highlights from the quarter. Again, as we outlined at Investor Day, we have 3 balanced growth pillars: Customer 360 Advantage, industry solutions and geographical expansion. All of these continued to reflect the growing adoption of our portfolio across our customer base. First, multi-cloud adoption by our customer base continues. Customers with 5 or more clouds increased ARR by over 20%.

本季度的一些亮點。同樣，正如我們在投資者日概述的那樣，我們有 3 個平衡的增長支柱：客戶 360 度優勢、行業解決方案和地域擴張。所有這些都繼續反映出我們的產品組合在我們的客戶群中的採用率越來越高。首先，我們的客戶群繼續採用多雲。擁有 5 個或更多雲的客戶將 ARR 提高了 20% 以上。

Second, our industry solution continues to be a strong tailwind to our revenue growth. Seven of our 13 industry clouds grew ARR above 50% this quarter. In some of the highest performing industries, clouds in the quarter included energy and utilities, manufacturing and our recently announced Automotive Cloud.

其次，我們的行業解決方案繼續成為我們收入增長的強勁動力。本季度，我們 13 個行業雲中有 7 個的 ARR 增長超過 50%。在一些表現最好的行業中，本季度的雲包括能源和公用事業、製造業以及我們最近宣布的汽車雲。

Finally, from a geographical perspective, Americas grew 16% year-over-year, EMEA grew 10%, 23% in constant currency, and APAC grew 14%, which is 30% in constant currency. And as you have heard, revenue attrition in Q3 was again below 7.5%, reflecting the value that our services are providing to the customer base in this tough operating environment.

最後，從地理角度來看，美洲同比增長 16%，歐洲、中東和非洲增長 10%，按固定匯率計算增長 23%，亞太地區增長 14%，按固定匯率計算增長 30%。正如您所聽到的，第三季度的收入流失率再次低於 7.5%，反映了我們的服務在這種艱難的運營環境中為客戶群提供的價值。

Q3 non-GAAP operating margin was a strong 22.7%, driven by our ongoing focus on disciplined execution, our hiring slowdown and resource prioritization. Q3 GAAP EPS was $0.21 and non-GAAP EPS was $1.40. Mark-to-market accounting of the company's strategic investments increased GAAP and non-GAAP EPS by $0.02.

第三季度非 GAAP 營業利潤率高達 22.7%，這得益於我們持續關注紀律執行、招聘放緩和資源優先排序。第三季度 GAAP 每股收益為 0.21 美元，非 GAAP 每股收益為 1.40 美元。公司戰略投資的按市值計算的會計準則使 GAAP 和非 GAAP 每股收益增加了 0.02 美元。

Operating cash flow was $313 million in Q3, down 23% year-over-year. CapEx was $198 million, resulting in free cash flow of $115 million, down 52% year-over-year, both driven by lower billings.

第三季度經營現金流為 3.13 億美元，同比下降 23%。資本支出為 1.98 億美元，導致自由現金流為 1.15 億美元，同比下降 52%，兩者均受較低的賬單推動。

Turning to remaining performance obligation, which represents all future revenue under contract. RPO ended Q3 at approximately $40 billion, up 10% year-over-year.

轉向剩餘履約義務，它代表合同項下的所有未來收入。第三季度 RPO 約為 400 億美元，同比增長 10%。

Current remaining performance obligation, or CRPO, was approximately $20.9 billion, up 11% year-over-year and 15% in constant currency. This includes 1 point of incremental FX headwinds beyond our Q3 guidance.

當前剩餘履約義務或 CRPO 約為 209 億美元，同比增長 11%，按固定匯率計算增長 15%。這包括超出我們第三季度指導的 1 點增量外匯逆風。

And finally, Q3 was a milestone quarter for Salesforce. After announcing our first ever share repurchase program on the last earnings call, I am pleased to share that we returned $1.7 billion to shareholders during Q3.

最後，第三季度對於 Salesforce 來說是一個里程碑式的季度。在上次財報電話會議上宣布了我們有史以來的第一個股票回購計劃後，我很高興地與大家分享，我們在第三季度向股東返還了 17 億美元。

Before moving to our guidance, I'd like to comment on the current economic environment. You recall that last quarter, we noted measured customer buying behavior really beginning in July. This led to elongated sales cycles, additional deal approval layers and deal compression, particularly in enterprise.

在轉向我們的指導之前，我想對當前的經濟環境發表評論。您還記得上個季度，我們注意到真正從 7 月開始測量的客戶購買行為。這導致銷售週期延長、交易審批層級增加和交易壓縮，尤其是在企業中。

As Q3 progressed, we saw an even more challenging buying environment, driving intense customer scrutiny on every investment dollar to ensure the highest return possible. During Q3, this behavior was most pronounced in our U.S. and major European markets, while Japan remained more resilient. From an industry perspective, the most impacted were retail, consumer goods and communications and media, while the more resilient were travel and hospitality, manufacturing, automotive and energy. And from a product perspective, we continue to see customer spending pressure in commerce and marketing.

隨著第三季度的進展，我們看到了更具挑戰性的購買環境，促使客戶對每一筆投資進行嚴格審查，以確保盡可能獲得最高回報。在第三季度，這種行為在我們的美國和主要歐洲市場最為明顯，而日本仍然更具彈性。從行業角度來看，受影響最大的是零售、消費品以及通信和媒體，而更具彈性的是旅遊和酒店、製造業、汽車和能源。從產品的角度來看，我們繼續看到客戶在商業和營銷方面的支出壓力。

Now to our guidance. First, on revenue, we are pleased to maintain our fiscal year '23 revenue guidance of $30.9 billion to $31 billion. representing 17% growth year-over-year or 20% in constant currency despite an incremental $100 million FX headwind since our last call. This raises the total year-over-year FX headwind to $900 million.

現在是我們的指導。首先，在收入方面，我們很高興將 23 財年的收入指引維持在 309 億美元至 310 億美元之間。儘管自我們上次電話會議以來增加了 1 億美元的外匯逆風，但同比增長 17% 或按固定匯率計算增長 20%。這使同比外匯逆風總額增加到 9 億美元。

In addition, our guidance includes Slack at slightly above $1.5 billion. As you've already heard, we are deeply committed to expanding our profitability over the long term. I am proud that we are raising our fiscal '23 non-GAAP operating margin guidance to 20.7%, an increase of 200 basis points year-over-year. And this guidance also includes approximately 75 basis points of headwind from Slack.

此外，我們的指引包括略高於 15 億美元的 Slack。正如您已經聽說的那樣，我們堅定地致力於擴大我們的長期盈利能力。我感到自豪的是，我們將 23 財年的非 GAAP 營業利潤率指引提高到 20.7%，同比增長 200 個基點。該指南還包括來自 Slack 的大約 75 個基點的逆風。

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. For Q4, we expect GAAP EPS of $0.23 to $0.25 and non-GAAP EPS of $1.35 to $1.37. For the full year, we expect GAAP EPS of $0.55 to $0.57 and non-GAAP EPS of $4.92 to $4.94. CRPO growth for Q4 is expected to be approximately 7% year-over-year or [10%] in constant currency. This guidance continues to incorporate the more challenging trends in our customer behavior, as previously discussed.

提醒一下，由於我們的區域收入和支出通常以相同的貨幣計價，因此我們的營業利潤率往往存在自然的外匯對沖。對於第四季度，我們預計 GAAP 每股收益為 0.23 美元至 0.25 美元，非 GAAP 每股收益為 1.35 美元至 1.37 美元。對於全年，我們預計 GAAP 每股收益為 0.55 美元至 0.57 美元，非 GAAP 每股收益為 4.92 美元至 4.94 美元。預計第 4 季度 CRPO 同比增長約 7%，或按固定匯率計算 [10%]。如前所述，該指南繼續納入我們客戶行為中更具挑戰性的趨勢。

We now expect our fiscal '23 operating cash flow guidance to be approximately 16%, which is at the lower end of our previous guidance, driven by lower billings. This includes a 3-point headwind from cash taxes associated with tax law changes, requiring the capitalization of certain R&D costs.

我們現在預計我們的 23 財年運營現金流指導約為 16%，這是在我們之前指導的較低端，這是由於較低的賬單。這包括與稅法變化相關的現金稅帶來的 3 點逆風，要求將某些研發成本資本化。

We now expect CapEx to be approximately 2.5% of revenue for the fiscal year. This results in free cash flow growth of approximately 17% for the fiscal year.

我們現在預計本財年資本支出約為收入的 2.5%。這導致本財年的自由現金流增長約 17%。

Before I close, I'd like to share a few thoughts on fiscal year '24. As discussed, we are experiencing a very unpredictable macro environment as our customers are working to ensure their businesses are also healthy for the long term. Compounding that dynamic is an unprecedented foreign currency market. Therefore, at this time, we believe it would be premature to provide revenue guidance for the next fiscal year.

在我結束之前，我想分享一些關於 24 財年的想法。如前所述，我們正在經歷一個非常不可預測的宏觀環境，因為我們的客戶正在努力確保他們的業務長期健康發展。前所未有的外匯市場加劇了這種動態。因此，我們認為目前為下一財年提供收入指引還為時過早。

Now in terms of operating margin, we are driving operating discipline and following our playbook that Marc discussed to ensure that we are consistently expanding our operating margin in the face of top line headwinds. And as the leadership team, we're continuing to take a hard look at our cost structure. This is all part of our playbook, and we will continue to take steps that drive profitable growth. Of note, we intend to provide full FY '24 guidance on our fourth quarter earnings call.

現在就營業利潤率而言，我們正在推動運營紀律並遵循馬克討論的劇本，以確保我們在面對頂線逆風時不斷擴大我們的營業利潤率。作為領導團隊，我們將繼續認真審視我們的成本結構。這都是我們劇本的一部分，我們將繼續採取措施推動盈利增長。值得注意的是，我們打算在第四季度財報電話會議上提供完整的 FY '24 指導。

So to close, we are helping our customers navigate the current macro environment by bringing much needed efficiencies to their digital strategy with a compelling value case. Our commitment to disciplined decision-making is unwavering, and we are marching towards our fiscal '26 target of at least 25% non-GAAP operating margin, inclusive of any capital allocation decision.

因此，總而言之，我們正在通過引人注目的價值案例為他們的數字戰略帶來急需的效率，從而幫助我們的客戶駕馭當前的宏觀環境。我們對嚴格決策的承諾是堅定不移的，我們正在朝著 26 財年的目標邁進，即非 GAAP 營業利潤率至少達到 25%，包括任何資本分配決策。

And as our business grows, we will continue to target returning on average 30% to 40% of free cash flow annually to our shareholders.

隨著我們業務的增長，我們將繼續致力於每年向股東平均返還 30% 至 40% 的自由現金流。

Now, Mike, should we open up the call for questions?

現在，邁克，我們應該開始提問嗎？

That's good. Thank you, Amy. Bo, we'll go to Q&A and we'll take the first question.

那挺好的。謝謝你，艾米。 Bo，我們將進入問答環節，我們將回答第一個問題。

(Operator Instructions) We take our first question this afternoon of Keith Weiss of Morgan Stanley.

（操作員說明）今天下午我們將回答摩根士丹利的基思韋斯的第一個問題。

Maybe one for Marc and one for Amy. Marc, on the leadership change or Bret leaving. We're also very sorry to see Bret leaving. He was a great addition to the team. I guess the good news is there's already a CEO and you set to go. But should we expect a replacement for Bret on a going-forward basis? Are you going to look to go back to that kind of co-CEO dynamic or replace kind of what he was doing on a day-to-day basis with some other executive on a go-forward basis?

也許一份給馬克，一份給艾米。馬克，關於領導層變動或布雷特離開。我們也很遺憾看到布雷特離開。他是球隊的重要補充。我想好消息是已經有一位 CEO 而你準備離開了。但是我們是否應該期望在未來的基礎上替代布雷特？你是打算回到那種聯合首席執行官的動態，還是在未來的基礎上用其他高管取代他每天所做的事情？

And then I guess for Amy, at the Analyst Day, you talked about a more back-end loaded operating margin trajectory towards that 25%. Any change in that dynamic given kind of what's going on in the macro environment and seeing kind of the degradation on the top line? Does that push operating margin, does that sort of push operating margin expansion to the kind of the forefront in any way?

然後我猜對艾米來說，在分析師日，你談到了向 25% 邁進的更多後端負載運營利潤率軌跡。考慮到宏觀環境中正在發生的事情並看到頂線出現某種退化，這種動態有任何變化嗎？這是否會推動營業利潤率，是否會以任何方式將營業利潤率擴張推向最前沿？

Well, thanks, Keith. And I think it's a great question. And obviously, we're still in a little bit of shock and extremely sad and feeling a lot of loss for losing Bret. Again, I don't have to tell you, one of the best people I've ever worked with in my life and also just a great person.

好吧，謝謝，基思。我認為這是一個很好的問題。顯然，我們仍然有點震驚和極度悲傷，並為失去布雷特感到非常失落。再一次，我不必告訴你，他是我一生中共事過的最好的人之一，也是一個偉大的人。

And I have to also tell you that we have a lot of fantastic people in the company, and Bret's management team, what we call the ELT here at Salesforce, includes some incredible people who have been with us in some cases for decades. And they're some of our most capable and incredible people, and I think you know a lot of them, Keith, very well on a personal level as well.

我還必須告訴你，我們公司有很多很棒的人，Bret 的管理團隊，我們在 Salesforce 稱之為 ELT，包括一些不可思議的人，他們在某些情況下已經和我們在一起幾十年了。他們是我們最有能力和最不可思議的人，我想你認識他們中的很多人，基思，在個人層面上也非常了解。

And I couldn't -- I have to tell you, I couldn't be more proud of Bret and everything he's done in the last 7 years. But while we have a huge light on Bret, I think it would be unfair to not also put a huge light on these other managers and leaders in the company who have done such a great job, whether it's our product leaders or operational leaders, geographic leaders, many of them who you know and have met over the years, whether it was at Dreamforce's or world tours or at Investor Days, whether it is people who do our impact work or philanthropy work or human resources, our incredible marketing leaders, many of whom we have such deep personal relationships with because we've done such unbelievable marketing in the company now for so long.

我不能——我必須告訴你，我為布雷特和他在過去 7 年所做的一切感到無比自豪。但是，儘管我們對 Bret 給予了很大的關注，但我認為如果不對公司中做得如此出色的其他經理和領導者也給予很大的關注是不公平的，無論是我們的產品負責人還是運營負責人，地理領導者，其中許多是您多年來認識和見過的人，無論是在 Dreamforce 或世界巡迴演出還是在投資者日，無論是從事我們影響力工作或慈善工作或人力資源的人，我們令人難以置信的營銷領導者，許多我們與他們有著如此深厚的個人關係，因為我們在公司裡做了這麼長時間的令人難以置信的營銷。

Folks who have joined us after acquiring their companies, and we have many of those folks as well, and which is also how we ended up with Bret when we bought his company. And people who are doing work in core work in our areas like the quality and sustainability, as well as operational leaders where we've brought in some great new folks recently from organizations who are bringing us a new level of operational excellence. I don't have to tell you, I think we have the finest engineering team in the world, the leaders in engineering and some of them are what we call boomerangs, people left and didn't find greener pastures, and came back to reclaim their leadership positions and the company are probably the greatest.

在收購他們的公司後加入我們的人，我們也有很多這樣的人，這也是我們在收購他的公司時最終與布雷特在一起的方式。在質量和可持續性等我們領域從事核心工作的人員，以及運營領導者，我們最近從組織中引進了一些優秀的新人，他們將我們的卓越運營提升到了一個新的水平。我不必告訴你，我認為我們擁有世界上最優秀的工程團隊，工程領域的領導者，其中一些人就是我們所說的飛旋鏢，人們離開了，沒有找到更好的牧場，然後回來重新開墾他們的領導職位和公司可能是最偉大的。

I don't have to call out my co-founder, who you know very well, Parker Harris, who happens to be in Tokyo today and not on the call because he's running our world tour with our phenomenal team there. Delivered what I expect to be shortly the second largest software company in Japan, and on and on and on. But I do want to bring it back to Bret because this is his moment, and I think it's very important that we really send him the appropriate gratitude and also call out. And until he walks out the door, don't worry, I'm going to be keeping -- trying to keep recruiting him back and I am a good salesman Keith, as you know me very well.

我不必打電話給我的聯合創始人，你非常了解他，Parker Harris，他今天恰好在東京而不是在打電話，因為他正在和我們非凡的團隊一起主持我們的世界巡演。交付了我期望很快成為日本第二大軟件公司的公司，並不斷發展壯大。但我確實想把它帶回給布雷特，因為這是他的時刻，我認為我們真正向他表達適當的感激之情並大聲疾呼是非常重要的。在他走出家門之前，別擔心，我會繼續——試圖繼續招募他，我是一個很好的推銷員基思，你很了解我。

And it's not -- the deal is not over until it's over, but we do have to tell you that he has decided to leave. But I tell people all the time, we lose deals all the time, Keith. And for me, I never lose. I keep going back until I win. Brian is here laughing. Brian, how long have you been with the company now?

而且它不是 - 交易直到它結束才算結束，但我們必須告訴你他已經決定離開。但我一直告訴人們，我們總是失去交易，基思。對我來說，我永遠不會輸。我一直回去，直到我贏了。布賴恩在這裡笑。布賴恩，你現在在公司工作多久了？

23 years.

23年。

23 years. Is that true, Brian? And do you feel like I'll never keep up this?

23年。是真的嗎，布賴恩？你覺得我永遠不會跟上這個嗎？

Yes, you will.

是的你將會。

Yes. And I'll break him down on (inaudible).

是的。我會打破他（聽不清）。

(inaudible)

（聽不清）

Yes. So he's in trouble. All right. Amy?

是的。所以他有麻煩了。好的。艾米？

Okay, Keith, turning over to operating margin. As I mentioned, we are very committed to being at 25% or above by FY '26. Now we're not giving a guide for FY '24 at this moment. So I'm not going to comment on the linearity. I will say that this is just a huge focus for the entire company. I think we've really shown that with our current quarter at 22.7%, which is an all-time record high. And this is coming not just from one area or one silver bullet, but really from a commitment and a disciplined approach across all parts of the company, whether it is sales, G&A, marketing, finance, the list goes on, if the group were contributing. One thing that we're particularly focused on their structural changes. So we've certainly driven down workforce costs by the much more measured approach to hiring that we have had this year.

好的，基思，轉向營業利潤率。正如我所提到的，我們非常致力於在 26 財年之前達到 25% 或以上。現在我們現在不提供 FY '24 的指南。所以我不打算評論線性度。我會說這只是整個公司的一個巨大焦點。我認為我們已經真正證明了這一點，我們當前的季度為 22.7%，創歷史新高。這不僅來自一個領域或一個靈丹妙藥，而且實際上來自公司所有部門的承諾和紀律嚴明的方法，無論是銷售、G&A、營銷、財務，如果團隊是貢獻。我們特別關注他們的結構變化的一件事。因此，我們今年採用的更加慎重的招聘方法無疑降低了勞動力成本。

We also look to our cost of goods sold (inaudible) third-party cost efficiencies. We tightly prioritize T&A this year to prioritize customer-facing travel. And we are also benefiting from choices that we have made in the past and continue to review around our real estate footprint. So again, the commitment is here. I'm excited to see where we can go, and I think we're already putting the necessary tools in place.

我們還關注我們的商品銷售成本（聽不清）第三方成本效率。今年，我們嚴格優先考慮 T&A，以優先考慮面向客戶的旅行。我們也受益於我們過去所做的選擇，並繼續審查我們的房地產足跡。因此，再次承諾。我很高興看到我們可以去哪裡，而且我認為我們已經準備好必要的工具。

We take our next question now from Mark Murphy of JPMorgan.

我們現在接受摩根大通的馬克墨菲的下一個問題。

Bret, happy trails, and thanks for everything. Mark, I wanted to ask you if you think that this volatile environment is going to be fully conducive to remote work -- or do you see some of your employees maybe gravitating back a little more to in-office? And Amy relatedly and since you just mentioned it, could you touch on the plans for the real estate footprint, including the Salesforce Tower and the other buildings? And just help us understand maybe how that could contribute to margin expansion?

布雷特，快樂的足跡，感謝你所做的一切。馬克，我想問你，你是否認為這種多變的環境將完全有利於遠程工作——或者你是否看到你的一些員工可能更傾向於回到辦公室工作？和艾米相關，既然你剛剛提到了它，你能談談房地產足蹟的計劃，包括 Salesforce Tower 和其他建築物嗎？只是幫助我們了解這可能如何促進利潤率增長？

Yes, absolutely. And First, Mark, I hope that you see that the operating margin in this quarter, which has hit a record level at 22.7%, that we are fulfilling our commitment to you and to others that we are deeply focused on this. And you're 100% right, that there's a lot of things pre-pandemic that we had in our company that are expenses that we don't need post-pandemic.

是的，一點沒錯。首先，馬克，我希望你看到本季度的營業利潤率達到創紀錄的 22.7%，我們正在履行對你和其他人的承諾，我們對此非常關注。你是 100% 正確的，我們公司在大流行前有很多東西是大流行後我們不需要的費用。

Now in regards to being in the office, well, all of us are in the office today. And there is no remote workers here. And it's an interesting metaphor, but there's companies that I work with very closely. And I have to tell you, someone who's influenced me greatly is the CEO of Honeywell, Darius and [share a common] Board member, Robin Washington. And he's made a plea for me for many years that he has factory workers and those factory workers still every single day during the pandemic were in the factory. And that it's a very critical part of how he runs his business. And when I have advocated for new kinds of work and folks having the flexibility in their working environment to remember his factory workers. And I think he's absolutely right and 100% correct. Well, I would also say we have factory workers.

現在關於在辦公室，好吧，我們今天都在辦公室。而且這裡沒有遠程工作者。這是一個有趣的比喻，但我與一些公司密切合作。我必須告訴你，對我影響很大的人是霍尼韋爾公司的首席執行官 Darius 和 [共同的] 董事會成員 Robin Washington。多年來，他一直為我懇求他有工廠工人，而那些工廠工人在大流行期間每天都在工廠裡。這是他經營業務的一個非常關鍵的部分。當我提倡新的工作方式和人們在工作環境中擁有靈活性時，我會記住他的工廠工人。我認為他是絕對正確的，而且 100% 正確。好吧，我還要說我們有工廠工人。

Now today, we are the factory workers. The work that we're doing is required here in our factory. And you know where that factory is very well, Mark. You know where we are. And we have different factories, around the world that we call our towers and our hubs and core offices. But I think we also realize and I think that even Darius would agree with me, that the percentage of folks who are working remotely is going to be higher.

今天，我們是工廠工人。我們正在做的工作需要在我們的工廠進行。馬克，你知道那家工廠在哪裡。你知道我們在哪裡。我們在世界各地擁有不同的工廠，我們稱之為塔樓、樞紐和核心辦公室。但我認為我們也意識到，甚至 Darius 也會同意我的觀點，即遠程工作的人的比例會更高。

So before the pandemic the percentage of remote workers for Salesforce was approximately 20%. For other companies now, we're seeing that normalize at somewhere around 50% even with mandatory workdays. So I do think that we're going to have a rebalancing. I think even at Salesforce, we have what I would call factory jobs, folks that do are required to be here, whether they are doing maybe very core work or even new folks who don't have maybe the tribal knowledge yet or need the mentorship or folks coming in from college who benefit from being in the office.

因此，在大流行之前，Salesforce 的遠程工作人員比例約為 20%。對於現在的其他公司，我們看到即使有強制性工作日，這種情況也會在 50% 左右正常化。所以我確實認為我們將進行重新平衡。我認為即使在 Salesforce，我們也有所謂的工廠工作，需要做的人必須在這裡，無論他們從事的是非常核心的工作，還是可能還不具備部落知識或需要指導的新人或者從大學畢業的人在辦公室裡受益匪淺。

But we're never going back to how it was. We all know that. I'm sure a lot of you actually are at home right now. And before this, even maybe your companies, especially the banks, especially the New York banks and some of those New York bank leaders who have made impassioned pleas for return to work. But even though many of you who belong to some of those banks, I bet you're not at those offices right now. And I think we are in a new world, and we all realize that.

但我們永遠不會回到原來的樣子。我們都知道。我敢肯定你們中的很多人現在實際上都在家裡。在此之前，甚至可能是你們的公司，尤其是銀行，尤其是紐約的銀行和一些慷慨激昂地請求恢復工作的紐約銀行領導人。但即使你們中的許多人屬於其中一些銀行，我敢打賭你們現在不在那些辦公室。我認為我們處在一個新世界，我們都意識到了這一點。

But I think that we're finding a new way forward and there will be more in office, and there will be -- but we'll maintain the flexibility to be at home. And I will call out one more thing, which is probably one of the most successful things we've done is come up with new ways to work, and you've probably been down with the Salesforce Ranch, and we'll have about 10,000 of our employees go through that this year in training and collaboration sessions, and we'll find other new ways to work.

但我認為我們正在尋找一條新的前進道路，將會有更多的人在辦公室工作，而且會有——但我們將保持在家裡的靈活性。我還要再說一件事，這可能是我們做過的最成功的事情之一，那就是提出新的工作方式，你可能對 Salesforce Ranch 不滿意，我們將有大約 10,000我們的員工今年在培訓和協作課程中經歷了這一過程，我們將找到其他新的工作方式。

And that's also one of the reasons why we acquired Slack. And I think why we've seen just great growth in Slack, why Slack channels are so important, why you saw the tremendous new multimedia environment in Slack? And we have got quite a few other surprises coming in regards to the integration between Slack and Customer 360 and line of business capabilities and other areas regarding systems of record involving Slack. And all of that's because we're a new way to work, and we're going to need new tools. So that's how I look at it, Mark.

這也是我們收購 Slack 的原因之一。我想為什麼我們看到 Slack 的巨大增長，為什麼 Slack 渠道如此重要，為什麼你在 Slack 中看到了巨大的新多媒體環境？關於 Slack 和 Customer 360 之間的集成以及業務線功能以及涉及 Slack 的記錄系統的其他領域，我們還有很多其他驚喜。所有這一切都是因為我們是一種新的工作方式，我們將需要新的工具。所以這就是我的看法，馬克。

I'm trying to be straight, honest with you, that you have to have a beginner's mind, and we're finding our way through this. And we're going to have more in work in the office, but we're never going to go back to how it was. Brian, do you want to talk about what you're doing with your organization?

我想對你說實話，你必須有一個初學者的頭腦，我們正在尋找解決這個問題的方法。我們將在辦公室進行更多工作，但我們永遠不會回到原來的樣子。布賴恩，你想談談你在組織中所做的事情嗎？

Yes, Marc, I appreciate it, and certainly don't want to contradict anything that you said, but (inaudible)

是的，馬克，我很感激，當然不想反駁你所說的任何事情，但是（聽不清）

Why should today be any different?

為什麼今天會有所不同？

Yes, agreed. Mark, I really believe that being together drives more learning, better collaboration, better networking and better enablement. We have a broad portfolio of products and we saw through the pandemic that we -- there's a lot to learn around the way that we're positioning our products, new organic products coming out, acquisitions that we were positioning our customers to (inaudible) to our customers. And so I really like people coming back in the office. I like that connection that we have to one another, I think it's part of our culture and how we operate. I've asked my team recently to spend more time in the office. But importantly, I've also asked them to spend more time in front of our customers.

是的，同意了。馬克，我真的相信在一起可以推動更多的學習、更好的協作、更好的網絡和更好的支持。我們擁有廣泛的產品組合，我們通過大流行看到我們 - 在我們定位產品的方式、新有機產品的推出、我們為客戶定位的收購（聽不清）方面有很多東西要學習給我們的客戶。所以我真的很喜歡人們回到辦公室。我喜歡我們彼此之間的那種聯繫，我認為這是我們文化和我們運作方式的一部分。我最近要求我的團隊花更多時間在辦公室。但重要的是，我還要求他們花更多時間在我們的客戶面前。

It's a big differentiation for us. When we're out talking to our customers and driving the success that they expect from us. And so I want to drive higher productivity and the performance culture and one of the ways I want to do that to ensure that we're spending more time together, whether that's in the office or out in front of our customers.

這對我們來說是一個很大的區別。當我們外出與客戶交談並推動他們期望我們取得成功時。因此，我想推動更高的生產力和績效文化，以及我想這樣做的一種方式，以確保我們花更多的時間在一起，無論是在辦公室還是在客戶面前。

Great. And Mark, turning to your question about how that may affect our real estate strategy and margins and savings going forward. So over the past 2 years, we have continued to reimagine our real estate strategy. That is not only to optimize for scale, but also continue hybrid work environment and how people are working and how they're using their space? And this has included reducing our footprint fairly significant right now. Some of that you see when we do large write-offs over these times, but a lot of it has also been opportunistic.

偉大的。馬克，轉向你的問題，即這將如何影響我們的房地產戰略以及未來的利潤和儲蓄。因此，在過去的 2 年裡，我們繼續重新構想我們的房地產戰略。這不僅是為了優化規模，還要繼續混合工作環境以及人們如何工作以及他們如何使用他們的空間？這包括現在相當顯著地減少我們的足跡。當我們在這些時候進行大量註銷時，你會看到其中一些，但其中很多也是機會主義的。

When leases come up, and we don't renew, when we consolidate into areas. It's something that we are continuing to benefit from. It is also something that we are continuing to evaluate. We have a new head of real estate Relina Bulchandani, who is doing an incredible job among the (inaudible) and really looking at every aspect of our real estate and see how we use it the best and the most efficiently in this new world.

當租約出現時，我們不續約，當我們合併到區域時。我們將繼續從中受益。這也是我們正在繼續評估的事情。我們有一位新的房地產主管 Relina Bulchandani，她在（聽不清）中做著令人難以置信的工作，並真正關注我們房地產的各個方面，看看我們如何在這個新世界中最好和最有效地使用它。

We'll take our next question now from Raimo Lenschow at Barclays.

我們現在將從巴克萊銀行的 Raimo Lenschow 那裡接受下一個問題。

I just wanted to -- a question for Brian. As you kind of started diluting already on the initiatives you're taking there, like how should we think about -- what are you seeing in terms of what -- in the field in terms of there's macro, but it's also relatively a decent penetration of Salesforce. Like how do you think this will play out? And how do you see your sales force position in terms of sales capacity, et cetera, which kind of (inaudible) ?

我只是想-- 有一個問題要問Brian。當你已經開始稀釋你在那裡採取的舉措時，比如我們應該如何考慮 - 你在什麼方面看到了什麼 - 在宏觀方面，但它也是一個相對不錯的滲透銷售人員。比如你認為這將如何進行？您如何看待您的銷售人員在銷售能力等方面的地位，哪種（聽不清）？

Thanks, Raimo, for the question and really appreciate it. Certainly, the buyer environment has changed out there in the market. It's become more measured. But our platform is still mission critical to every one of our customers out there, and we're seeing that play out in the demand environment. The pipeline that we're creating is very healthy in the market right now. The interest in our customers' C360 platform remains very high. We've repositioned our products and our selling teams to sell not just to the CEO, but to the CFO, actually across the entire C-suite.

謝謝 Raimo 提出這個問題，非常感謝。當然，市場上的買家環境已經發生了變化。變得更有分寸了。但我們的平台對我們的每一位客戶來說仍然是關鍵任務，我們看到這一點在需求環境中發揮作用。我們正在創建的管道目前在市場上非常健康。我們客戶對 C360 平台的興趣仍然很高。我們重新定位了我們的產品和我們的銷售團隊，不僅向 CEO 銷售，而且向 CFO 銷售，實際上是在整個 C-suite 中。

We want to make sure that we're covering off everybody that could potentially say yes or no to a buying process. We're going to focus on what we can control. We have plenty of capacity in the market right now. We have lots of AEs that we've hired over the past couple of years. And we want to make sure that we're doing the things that we can to continue to grow market share across the entire portfolio. We continue to see multi-cloud expansion. You mentioned that. We think we have a huge opportunity to continue to sell to our existing customers, more of the products that are in our portfolio, both inorganic and the acquired companies that we have.

我們想確保我們掩蓋了所有可能對購買過程說“是”或“否”的人。我們將專注於我們可以控制的事情。我們現在在市場上有足夠的容量。在過去的幾年裡，我們僱傭了很多 AE。我們希望確保我們正在盡我們所能繼續擴大整個產品組合的市場份額。我們繼續看到多雲擴張。你提到過。我們認為我們有巨大的機會繼續向現有客戶銷售我們產品組合中的更多產品，包括無機產品和我們擁有的收購公司。

And so we still see a big opportunity for us to spend a lot of time with our customers, selling the entire product portfolio. And the size of our selling base, the customers that we have still a very big opportunity for us to expand our TAM and execute on our growth strategies.

因此，我們仍然看到了一個很大的機會，可以花很多時間與客戶在一起，銷售整個產品組合。以及我們銷售基礎的規模，我們仍然有很大的機會擴大我們的 TAM 並執行我們的增長戰略。

We go next now to Brad Zelnick at Deutsche Bank.

接下來我們去德意志銀行的 Brad Zelnick。

And Bret, best of luck to you. It's been a pleasure. My question is for Marc. Marc, you have a lot of pressure out there from all kinds of investors to drive profitability, including some activists. But paradoxically, it would seem an amazing time to put money to work with all the dislocation of the world creating opportunity. How do you do both at the same time?

布雷特，祝你好運。這是我的榮幸。我的問題是給馬克的。馬克，你面臨著來自各種投資者的巨大壓力，要求你提高盈利能力，包括一些激進主義者。但自相矛盾的是，這似乎是一個絕佳的時機，可以在世界混亂的情況下投入資金，創造機會。你如何同時做這兩件事？

Yes. Thank you, Brad, for the question because I think it's probably what's on my mind every day. And first, before I go to the question, I want to go back to Raimo, -- and Raimo , I want to tell you that our thoughts and prayers are with your CEO for a full recovery, and we were so sorry to hear about his diagnosis, and Barclays is such an important partner of ours, but your CEO is so fantastic and we're thinking of him every single moment right now. So Brad, you're right. We are in a moment here were one of our goals, strong goals, as you can see by these results, is to increase our operating margin. And we're not going to do anything that's going to prevent that increased momentum. And as a shareholder myself, that's my thought every single day.

是的。布拉德，謝謝你提出這個問題，因為我認為這可能是我每天都在想的事情。首先，在我回答這個問題之前，我想回到 Raimo，- Raimo，我想告訴你，我們的想法和祈禱與你的首席執行官一起完全康復，我們很遺憾聽到他的診斷，巴克萊銀行是我們如此重要的合作夥伴，但你的首席執行官非常棒，我們現在每時每刻都在想著他。所以布拉德，你是對的。正如您從這些結果中看到的那樣，我們現在的目標之一是提高我們的營業利潤率。我們不會做任何會阻止這種增長勢頭的事情。作為股東，我每天都這麼想。

We also realize we want to reduce dilution. That's also why we're doing our stock buyback. And we've talked about that extensively. It's been extremely important. I think that we bought back a considerable amount of stock during the quarter that we, I think, set a goal that we're going to buy back about $10 billion. And I think that we have bought back an extensive amount -- I think, over $1 billion in the quarter.

我們也意識到我們想要減少稀釋。這也是我們進行股票回購的原因。我們已經廣泛討論了這一點。這非常重要。我認為我們在本季度回購了大量股票，我認為我們設定了回購約 100 億美元的目標。我認為我們已經回購了大量資金——我認為本季度超過 10 億美元。

Yes, about 11 million shares, $1.7 billion returned to shareholders this quarter.

是的，本季度向股東返還了大約 1100 萬股，17 億美元。

So I think that's extremely important as an action. So reducing dilution is very important to us, and increasing our operating margin is very important to us, increasing our profitability. But this is a massive opportunity. Every company is going through a digital transformation -- you and I both know very well. It's all begins and ends with the customer, and that's why we're closing these incredible transactions globally.

所以我認為這是一項極其重要的行動。所以減少稀釋對我們來說非常重要，增加我們的營業利潤率對我們來說非常重要，增加我們的盈利能力。但這是一個巨大的機會。每家公司都在經歷數字化轉型——你我都很清楚。這一切都始於客戶，也終於客戶，這就是我們在全球範圍內完成這些令人難以置信的交易的原因。

At the same time, you know that there's all kinds of opportunities out there but it has to be balanced and we have to weigh those. And I think some of the transactions that we were able to do in the past when we were a smaller company, a more tactical company or maybe shooting more from the hip from an acquisition perspective, -- and I think we've done, I don't know, Amy, would you say more than 60 transactions or more.

與此同時，你知道那裡有各種各樣的機會，但它必須是平衡的，我們必須權衡這些。而且我認為我們過去能夠做的一些交易，當我們是一家規模較小的公司，一家更具戰術性的公司，或者從收購的角度來看可能更多地從臀部射擊時，我認為我們已經完成了，我不知道，艾米，你會說超過 60 筆交易或更多。

Yes, 60-70 probably over the years.

是的，多年來可能是 60-70。

So as we do even the smallest transaction to the largest, it has a different frame and a different calculation. Look, it's one of the reasons why we recruited Mike to the company. He had the background, and you all know Mike from Microsoft because we wanted that kind of financial discipline. Amy and I talked about it very closely. As she came in, we spent a lot of time thinking about who we would recruit and as we identified somebody who could guide us specifically in that area, we picked Mike, and this was important.

因此，當我們從最小的交易到最大的交易時，它具有不同的框架和不同的計算。聽著，這就是我們將 Mike 招入公司的原因之一。他有背景，你們都知道來自微軟的邁克，因為我們想要那種財務紀律。艾米和我非常密切地討論過這件事。當她進來時，我們花了很多時間考慮我們要招募誰，當我們確定了可以在該領域專門指導我們的人時，我們選擇了邁克，這很重要。

And we've also made other major changes to Amy's team so that she had the best A-team possible. And now when we look at this going forward, we want to do it all. We want to continue to grow revenue, we want to continue to grow our operating margin and we want to look at strategic opportunities. But we're not going to do that at the expense of our operating margin. We're going to continue to grow it.

我們還對 Amy 的團隊進行了其他重大更改，以便她擁有最好的 A 級團隊。現在，當我們展望未來時，我們想要做到這一切。我們希望繼續增加收入，我們希望繼續增加我們的營業利潤率，我們希望尋找戰略機遇。但我們不會以犧牲營業利潤為代價來做到這一點。我們將繼續發展它。

And I think you know at Investor Day, we said that we have the short-term goal of 25 points. But I think that the reality is, is that we like to beat our targets, and we're not going to get crazy with you on this call, but we're doing everything we can to make these numbers go up, and we will continue to do that in all these areas that you see and you know the company, as well as anybody. You've been inside and outside this company, you know every single part of it. You know that we have lots of opportunities, lots of levers, lots of things that we can do.

我想你知道在投資者日，我們說過我們有 25 個點的短期目標。但我認為現實是，我們喜歡超越我們的目標，我們不會在這次電話會議上對你發瘋，但我們正在盡一切努力使這些數字上升，我們會在你看到的所有這些領域繼續這樣做，你知道公司，以及任何人。你在這家公司內外都來過，你了解它的每一個部分。你知道我們有很多機會，很多槓桿，很多我們可以做的事情。

I think that you also watched us very closely through '08 and '09. And you can see how we acted then to increase operating margin, and we are going to continue to do everything we can to make this the best company possible, best numbers and also the highest values in the industry and be an example for others as well.

我認為您在 08 年和 09 年期間也非常密切地關注我們。你可以看到我們當時是如何提高營業利潤率的，我們將繼續盡我們所能使這家公司成為業內最好的公司、最好的數字和最高的價值，並成為其他人的榜樣.

Certainly. We'll take that now from Kirk Materne at Evercore ISI.

當然。我們現在將從 Evercore ISI 的 Kirk Materne 那裡獲取。

I'll add my best wishes to Bret on his next endeavors. Maybe this one is for Brian. Brian, you mentioned that the pipeline build levels still remained healthy. I was just kind of curious if you could talk to us a little bit about industries that are seemingly more impacted for you all due to the macro backdrop and maybe products? And kind of what's your thought process on some of the sales elongation that you've been seeing? I assume that you're not expecting it to change anytime in the near term. But I was just wondering if you could just talk to us about industries and products in particular that might be getting hit a little bit harder or perhaps those that are hanging in there better than others?

我將對布雷特接下來的努力表示最良好的祝愿。也許這是給布賴恩的。布賴恩，你提到管道構建水平仍然保持健康。我只是有點好奇你是否可以和我們談談由於宏觀背景和產品而似乎對你們所有人影響更大的行業？你對你所看到的一些銷售增長的思考過程是什麼？我假設您不希望它在短期內隨時發生變化。但我只是想知道你是否可以和我們談談行業和產品，特別是那些可能受到更嚴重打擊的行業和產品，或者那些比其他行業和產品更好的行業和產品？

Yes. Thanks for the question. I think starting with the ones that are hanging in there better. Travel and hospitality was a strength for us in the quarter. Our manufacturing industry really bounced back this quarter and was very good. Automotive was very strong for us in the quarter, and energy was also quite strong.

是的。謝謝你的問題。我認為從掛在那裡的那些開始更好。旅行和款待是我們本季度的強項。我們的製造業這個季度真的反彈了，非常好。本季度汽車對我們來說非常強勁，能源也相當強勁。

On the other side, we felt a little bit of pressure on our tech industry right now and great relationships and big customers there, but that's an industry that we did not see acceleration in the quarter. And some of the other industries were sort of flat. Financial Services as an example, was relatively flat in the quarter. And so one of the strengths that we did have, though, I will say, is our industry clouds. And the more investment we make in our industry cloud, we're seeing acceleration there, very good growth in the quarter as we invest in those products. We're seeing great penetration. We're seeing higher close rates. We're also seeing better retention rates, which is obviously very important to us as we think about the customer success of our base. We're able to get deals done faster speaking the customers' language and showing up with products that match up to their requirements very well. And I'm sorry, I missed the other part of your question, if you wouldn't mind repeating it.

另一方面，我們現在對我們的科技行業以及那裡的良好關係和大客戶感到有點壓力，但這是一個我們在本季度沒有看到加速的行業。而其他一些行業則表現平平。以金融服務為例，該季度相對平穩。因此，我要說的是，我們確實擁有的優勢之一是我們的行業雲。我們對行業雲的投資越多，我們看到那裡的加速，當我們投資這些產品時，本季度的增長非常好。我們看到了巨大的滲透。我們看到更高的收盤價。我們還看到了更好的保留率，這顯然對我們來說非常重要，因為我們考慮了我們基地的客戶成功。我們能夠以客戶的語言更快地完成交易，並展示非常符合他們要求的產品。很抱歉，如果您不介意重複一遍，我錯過了您問題的另一部分。

Just any products that you'd call out, and we obviously see the revenue, but I was just kind of curious on a bookings basis.

只是你會叫出的任何產品，我們顯然看到了收入，但我只是在預訂的基礎上有點好奇。

Yes. And I think Marc mentioned earlier in his commentary about some of the products that tend to get cut early in a downturn. Marketing spend would be one that we see impacted fairly early on marketing automation. CEOs make quick action, and that's a quick place to sort of pull back on marketing. We did see less expansion on sales and service in the quarter on incremental users as our customers started to maybe do a little less hiring. Maybe they paused hiring. We saw less expansion on the Sales Cloud users and Service Cloud users.

是的。而且我認為馬克在他的評論中提到了一些在經濟低迷時期往往會提前削減的產品。營銷支出將是我們認為很早就對營銷自動化產生影響的支出。首席執行官們迅速採取行動，這是一個可以迅速撤回營銷的地方。由於我們的客戶開始減少招聘，我們確實看到本季度增加用戶的銷售和服務擴張較少。也許他們暫停了招聘。我們看到 Sales Cloud 用戶和 Service Cloud 用戶的擴展較少。

And certainly, commerce has been one where we had a great run up over the past couple of years during the pandemic, and we've seen a bit of a slowdown on commerce. And so those would be a couple of examples of some of the products that are seeing a bit of headwinds in these times.

當然，在過去幾年的大流行期間，商業一直是我們取得長足發展的領域，但我們看到商業有所放緩。因此，這些將是這些時期遇到一些不利因素的一些產品的幾個例子。

There's been kind of interesting anecdote there around commerce. In our Commerce Cloud, obviously, we have blowout numbers in Cyber Week despite lapping the pandemic. But it was interesting, commerce page views were up 14%, but commerce orders were only up 2%. So you can see not only our customers' impact, but even the consumer behaviors becoming more measured, and we're obviously a B2B company, but all consumer companies are seeing this right now and sort of doing more or less and a lot of people browsing for products and buying a little bit less than they did last year, which I thought was very interesting.

圍繞商業有一些有趣的軼事。很明顯，在我們的商務雲中，儘管流行病蔓延，但我們在網絡週的數字仍然井噴。但有趣的是，商業頁面瀏覽量增長了 14%，但商業訂單僅增長了 2%。因此，您不僅可以看到我們客戶的影響，甚至可以看到消費者行為變得更加可衡量，我們顯然是一家 B2B 公司，但所有消費品公司現在都看到了這一點，並且或多或少地做了很多人瀏覽產品和購買比去年少了一點，我覺得這很有趣。

That's right.

這是正確的。

Bo, let's take our last question now.

Bo，現在讓我們回答最後一個問題。

That last question will come from Sarah Hindlian-Bowler at Macquarie Capital.

最後一個問題將來自 Macquarie Capital 的 Sarah Hindlian-Bowler。

Great. I really appreciate you squeezing me in. And I'll add my congratulations and best wishes to you, Bret. Hopeful that you have an incredible opportunity in front of you. This was a question for Amy. I think one topic that we touched on, you mentioned briefly on the call were your retention rates, which continues to be a great way to add revenue that's really high margins. So maybe we could drill down into that a little bit, what you're doing to drive your retention rates higher? And maybe how some of the product bundling or suite strategy plays into that would be helpful as well.

偉大的。我真的很感謝你把我擠進來。我會向你表示祝賀和最良好的祝愿，布雷特。希望你面前有一個難以置信的機會。這是艾米的問題。我認為我們談到的一個話題，你在電話中簡要提到的是你的保留率，這仍然是增加真正高利潤收入的好方法。所以也許我們可以深入研究一下，你正在做什麼來提高你的保留率？也許某些產品捆綁或套件策略如何發揮作用也會有所幫助。

So Sarah, let me start by saying it's great to have you back as a covering analyst for our stock and to hear your voice on this call. Yes, on attrition or retention rates, I'm really, really pleased to see where we were this quarter. Again, record lows. I think it says so much about our team to support that, but also our customers and their dedication to us and the fact that Salesforce has become so mission-critical. I'm actually going to turn this over to Brian, because if there is an expert in the company on attrition and what we're doing for our customers, it's Brian. So Brian, do you want to add on ...

所以莎拉，首先讓我說，很高興你回來擔任我們股票的覆蓋分析師，並在這次電話會議上聽到你的聲音。是的，關於人員流失率或保留率，我真的非常高興看到我們本季度的表現。再次創下歷史新低。我認為這充分說明了我們的團隊對此的支持，也說明了我們的客戶及其對我們的奉獻精神，以及 Salesforce 已變得如此關鍵的任務這一事實。實際上，我要把這件事交給布賴恩，因為如果說公司裡有一位專家研究人員流失以及我們為客戶所做的事情，那就是布賴恩。所以布賴恩，你想補充......

Amy, thank you. I appreciate it. I'll quickly address it. Thank you, Sarah, for the question. First of all, I think it's part of our heritage, our DNA, as a customer success is the core value of ours, and we own it across the entire company. So it's not just the success teams, the services teams that own it bit the entire organization from product to our financial teams. Everyone owns customer success.

艾米，謝謝你。我很感激。我會很快解決它。莎拉，謝謝你提出這個問題。首先，我認為這是我們傳統的一部分，我們的 DNA，因為客戶的成功是我們的核心價值，我們整個公司都擁有它。因此，不僅僅是成功團隊，擁有它的服務團隊會影響整個組織，從產品到我們的財務團隊。每個人都擁有客戶的成功。

We've made some investments in the way that we go to market touching our customers more frequently from a success perspective, and the motions that we're running. As I mentioned earlier, selling products that align very specifically to our customers from the industry cloud perspective, where we're seeing better adoption rates there and better usage.

從成功的角度來看，我們已經對我們進入市場的方式進行了一些投資，更頻繁地接觸我們的客戶，以及我們正在運行的動議。正如我之前提到的，從行業雲的角度來看，銷售非常適合我們客戶的產品，我們在那裡看到了更好的採用率和更好的使用率。

We've also made some strategic investments in our own services organization alongside a great ecosystem of partners as well that are driving better implementations upfront, faster time to value for our customers and better results from a customer success perspective. And some of the motions that we're running that are new, great leadership under a gentleman named Jim Roth, who's running our success organization; Lori Steele, who joined us to run our services organization; and now has turned over the reins to Mark Wakelin, doing great work with our customers, very oriented to speed to value and ensuring they're getting tremendous customer success on our platform.

我們還對我們自己的服務組織以及一個強大的合作夥伴生態系統進行了一些戰略投資，這些投資正在推動更好的前期實施，更快地為我們的客戶實現價值，並從客戶成功的角度獲得更好的結果。我們正在運行的一些議案是在一位名叫吉姆羅斯的紳士的領導下的新的，偉大的領導，他正在管理我們的成功組織； Lori Steele 加入我們，負責管理我們的服務組織；現在已將控制權移交給 Mark Wakelin，與我們的客戶開展出色的工作，非常注重快速實現價值並確保他們在我們的平台上獲得巨大的客戶成功。

Great. Thanks, Sarah. And thank you, everyone, for joining the call today, and we look forward to seeing everyone over the next few weeks. Take care.

偉大的。謝謝，莎拉。感謝大家今天加入電話會議，我們期待在接下來的幾週內見到大家。小心。

Thank you. Again, ladies and gentlemen, that will conclude Salesforce's Fiscal 2023 Third Quarter Results Call. I'd like to thank you all so much for joining us, and wish you all a great evening. Goodbye.

謝謝你。女士們先生們，Salesforce 2023 財年第三季度業績電話會議將結束。非常感謝大家加入我們，祝大家度過一個愉快的夜晚。再見。