賽富時 (CRM) 2023 Q4 法說會逐字稿

Welcome to Salesforce Fiscal 2023 Fourth Quarter and Full Year Results Conference Call. (Operator Instructions)

歡迎參加 Salesforce 2023 財年第四季度和全年業績電話會議。 （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.

我想將會議交給您的發言人，投資者關係執行副總裁 Mike Spencer。先生，您可以開始了。

Good afternoon and thanks for joining us today on our fiscal 2023 fourth quarter results conference call. Our press release, SEC filings and a replay of today's call can be found on our website. With me on the call today is Marc Benioff, Chair and CEO; Amy Weaver, President and Chief Finance Officer; and Brian Millham, President and Chief Operating Officer.

下午好，感謝您今天加入我們的 2023 財年第四季度業績電話會議。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。今天與我通話的是董事長兼首席執行官馬克·貝尼奧夫 (Marc Benioff)； Amy Weaver，總裁兼首席財務官；總裁兼首席運營官 Brian Millham。

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 and 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.

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，並受風險、不確定性和假設的影響，這些可能會發生變化。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。

A description of these risks, 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 any other SEC filings. Except as required by law, we do not undertake any responsibility to update these forward-looking statements.

對這些風險、不確定性和假設以及可能影響我們財務業績的其他因素的描述包含在我們向美國證券交易委員會提交的文件中，包括我們關於 10-K 表格、10-Q 表格和任何其他向美國證券交易委員會提交的文件的最新報告。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 to Marc.

就這樣，讓我把電話交給馬克。

Thanks, Mike, and hey, thanks to all of you for joining the call. As you can see from our results, we had another strong quarter. Improving profitability is our highest priority, and that really showed up this quarter. Our goal is to make Salesforce the largest and most profitable software company in the world, and that is what we are doing.

謝謝，邁克，嘿，感謝大家加入電話會議。正如您從我們的結果中看到的那樣，我們有另一個強勁的季度。提高盈利能力是我們的首要任務，這一點在本季度真正體現出來了。我們的目標是讓 Salesforce 成為世界上最大、最賺錢的軟件公司，這就是我們正在做的事情。

Six months ago, in September at our Dreamforce Investor Day, we shared with you our comprehensive transformation plan, the new day for profitable growth. But things have changed. As we entered our fourth quarter, we recognized that we needed to radically accelerate the transformation plan time frame. We need to press the hyperspace button and bring the 2-year goals forward quickly and exceed them.

六個月前，在 9 月的 Dreamforce 投資者日，我們與您分享了我們全面的轉型計劃，這是盈利增長的新一天。但事情發生了變化。當我們進入第四季度時，我們認識到我們需要從根本上加快轉型計劃的時間框架。我們需要按下超空間按鈕，將2年目標快速推進並超越它們。

Now we immediately put into place an accelerated transformation plan, 4 areas: short-term and long-term restructuring of the company; improving profitability and productivity; prioritizing our core innovations; and a deeper and even stronger relationship with our shareholders, you. In fact, that's where we started.

現在我們立即實施了加速轉型計劃，四個方面：公司的短期和長期重組；提高盈利能力和生產力；優先考慮我們的核心創新；與我們的股東您建立更深厚的關係。事實上，這就是我們的起點。

The very first thing we did when I became sole CEO 3 months ago was Amy and I promoted Mike Spencer, our Head of IR, to our leadership team. So we're all in much more communication with all of you.

3 個月前，當我成為唯一的 CEO 時，我們做的第一件事就是 Amy，我將我們的 IR 主管 Mike Spencer 提拔到我們的領導團隊。所以我們都在與你們所有人進行更多的交流。

We're now moving aggressively across all 4 fronts of our transformation. First, we're reigniting our performance culture and doubling down on our accountable management of our sales organization, as you're about to hear from Brian. As you know, beginning in January, we also initiated a headcount reduction, and we're significantly consolidating our real estate footprint.

我們現在正在積極推進轉型的所有 4 個方面。首先，我們正在重新點燃我們的績效文化，並加倍努力對我們的銷售組織進行負責任的管理，正如您即將聽到布賴恩的消息一樣。如您所知，從 1 月開始，我們還開始裁員，我們正在大力整合我們的房地產業務。

Second, we're more closely scrutinizing every dollar of investment and resource and very focused on driving operational excellence and automation across the business. Third, our amazing engineering team is focused on integrating our acquisitions and prioritizing our core innovations that are driving customer success.

其次，我們正在更仔細地審查每一美元的投資和資源，並非常專注於推動整個企業的卓越運營和自動化。第三，我們出色的工程團隊專注於整合我們的收購，並優先考慮推動客戶成功的核心創新。

And finally, as we set in motion, longer-term structural improvements, we're working with Bain on a comprehensive operating and go-to-market review. To ensure a high degree of accountability, our Board is forming a new business transformation committee, which I have joined, and we have fully disbanded our M&A committee as well to reflect our new focus.

最後，隨著我們著手進行長期結構改進，我們正在與貝恩公司合作進行全面的運營和上市審查。為了確保高度的問責制，我們的董事會正在組建一個新的業務轉型委員會，我也加入了該委員會，並且我們已經完全解散了併購委員會，以反映我們的新重點。

We also dramatically stepped up our communication feedback loop with our investment community, and I hope you all are feeling that. For the past several months, all visits Salesforce, including me, all of our Board members, including our Lead Independent Director, Robin Washington and our senior management team have spent a lot of time listening to and working with all of our investors.

我們還大大加強了與投資界的溝通反饋循環，我希望你們都能感受到這一點。在過去的幾個月裡，所有訪問 Salesforce 的人，包括我，我們所有的董事會成員，包括我們的首席獨立董事 Robin Washington 和我們的高級管理團隊，都花了很多時間傾聽我們所有投資者的意見並與之合作。

As I said, we've hit that hyperspace button since we last talked to you a quarter ago, and I'm thrilled with the progress we've made. Changes that used to take months are happening in weeks. Changes that used to take weeks are happening in days. And changes that used to take days are happening in hours.

正如我所說，自從我們上次在一個季度前與您交談以來，我們已經按下了那個超空間按鈕，我對我們取得的進展感到非常興奮。過去需要數月才能完成的更改現在只需數週時間即可完成。過去需要數週才能完成的更改在幾天內就發生了。過去需要數天才能完成的更改現在只需數小時即可完成。

Powered by this transformation, we delivered another strong quarter. Our team really delivered on both the top and bottom line, exceeding our expectations. As I said, improving our profitability is our highest priority. And in Q4, we accelerated operating margin to a new record high.

在這種轉變的推動下，我們交付了另一個強勁的季度。我們的團隊確實實現了頂線和底線，超出了我們的預期。正如我所說，提高我們的盈利能力是我們的首要任務。在第四季度，我們的營業利潤率加速創下歷史新高。

Non-GAAP operating margin for fiscal '23 was 22.5%, significantly above our forecast, an improvement of almost 4 points year-over-year. Revenue was $8.38 billion, up 14% year-over-year or 17% in constant currency, which is above what we forecast to deliver for the quarter. And for the full year, we delivered $31.4 billion in revenue, up 18% year-over-year or 22% in constant currency. It's one of the best performances of any enterprise software company our size, and it's amazing that Salesforce is now over $30 billion in revenue.

23 財年的非美國通用會計準則營業利潤率為 22.5%，大大高於我們的預期，同比提高近 4 個百分點。收入為 83.8 億美元，同比增長 14%，按固定匯率計算增長 17%，高於我們對本季度的預期。全年，我們實現了 314 億美元的收入，同比增長 18% 或按固定匯率計算增長 22%。這是我們規模的所有企業軟件公司中表現最好的公司之一，令人驚訝的是，Salesforce 現在的收入超過 300 億美元。

We closed fiscal year '23 with operating cash flow reaching $7.1 billion, up 19% year-over-year, the highest cash flow in our company's history and one of the highest cash flows of any enterprise software company our size ever.

我們在 23 財年結束時的經營現金流達到 71 億美元，同比增長 19%，是我們公司歷史上現金流最高的，也是我們規模有史以來現金流最高的企業軟件公司之一。

I also want to call out the great progress we have made with MuleSoft and Tableau. As you know, we've been focused over the past few quarters on reigniting MuleSoft sales growth, and this quarter was evidence that those efforts are paying off beautifully. MuleSoft was included in 7 of our top 10 deals in the quarter, and Tableau was included in every one of our top 10 deals.

我還想指出我們在 MuleSoft 和 Tableau 方面取得的巨大進步。如您所知，過去幾個季度我們一直專注於重振 MuleSoft 的銷售增長，本季度證明這些努力取得了豐碩的回報。本季度前 10 大交易中有 7 筆包含 MuleSoft，而 Tableau 包含在我們前 10 筆交易中的每筆交易中。

These acquired products are integral to our Customer 360 and enabling our customers to use our data product line to achieve a new level of excellence in managing their customer relationships and its critical data. In short, our transformation has been radically accelerated. As you can see, our performance is significantly up already. Our productivity is also up. Our profitability is up, and we are not done.

這些收購的產品是我們 Customer 360 不可或缺的組成部分，使我們的客戶能夠使用我們的數據產品線在管理客戶關係及其關鍵數據方面達到新的卓越水平。簡而言之，我們的轉型已經從根本上加速了。如您所見，我們的性能已經顯著提高。我們的生產力也提高了。我們的盈利能力提高了，但我們還沒有完成。

Now we're putting into place the next phase of our transformation to profitable growth. We just rolled out our new business plan, which we call the V2MOM in partnership with our employees worldwide. Everyone in the company is now aligned around our highest priorities and our aspirations.

現在，我們正在實施向盈利增長轉型的下一階段。我們剛剛與全球員工合作推出了新的商業計劃，我們稱之為 V2MOM。公司中的每個人現在都圍繞著我們的最高優先事項和我們的願望保持一致。

I'm excited to announce that looking forward to fiscal year '24, we expect a non-GAAP operating margin of approximately 27%, an additional acceleration of 4.5 points year-over-year. And for fiscal year '24 revenue, we're guiding to $34.7 billion at the high end of the range, over 10% projected year-over-year growth. But that's not all, we're also looking at our overall share count.

我很高興地宣布，展望 24 財年，我們預計非 GAAP 營業利潤率約為 27%，同比進一步加速 4.5 個百分點。對於 24 財年的收入，我們指導範圍的高端為 347 億美元，預計同比增長超過 10%。但這還不是全部，我們也在關注我們的整體份額。

And as we focus on reducing dilution, we've already returned $4 billion of the original $10 billion authorization in our share repurchase plan that we announced in August. And our Board has now approved a substantial increase in that share repurchase plan from $10 billion to $20 billion. This will allow us to fully offset dilution from stock-based compensation.

由於我們專注於減少稀釋，我們已經在 8 月份宣布的股票回購計劃中返還了最初授權的 100 億美元中的 40 億美元。我們的董事會現已批准將該股票回購計劃從 100 億美元大幅增加到 200 億美元。這將使我們能夠完全抵消股票補償帶來的稀釋。

We're also thrilled to welcome 3 new members to our Board, Mason Morfit, the CEO and Chief Investment Officer of ValueAct Capital; Arnold Donald, the former President and Chief Executive Officer of Carnival Corporation; and Sachin Mehra, the Chief Financial Officer of Mastercard, 3 amazing executives who have already made their mark on business, and I'm looking forward to them making their mark on Salesforce.

我們也很高興地歡迎 3 位新成員加入我們的董事會，Mason Morfit，ValueAct Capital 的首席執行官兼首席投資官；嘉年華公司前總裁兼首席執行官阿諾德·唐納德；和 Mastercard 的首席財務官 Sachin Mehra，這三位了不起的高管已經在商業上留下了自己的印記，我期待著他們在 Salesforce 上留下自己的印記。

We're incredibly happy that these phenomenal executives are joining us to help guide our next level of profitable growth. That makes 5 new Board members we have brought on in just the past 16 months, another import of our accelerated transformation.

我們非常高興這些傑出的高管加入我們，幫助指導我們下一階段的盈利增長。這使得我們在過去 16 個月裡引進了 5 名新董事會成員，這是我們加速轉型的又一重要舉措。

I also want to say how grateful we are to our 2 outgoing Board members, Sandy Robertson and Alan Hassenfeld, both of whom many of you know and who, for the last 2 decades, have given Salesforce and our industry incredible leadership, guidance and service. Thank you so much, Alan and Sandy.

我還想說，我們非常感謝即將離任的 2 位董事會成員，Sandy Robertson 和 Alan Hassenfeld，你們中的許多人都認識他們，並且在過去的 20 年裡，他們為 Salesforce 和我們的行業提供了令人難以置信的領導、指導和服務.非常感謝，艾倫和桑迪。

We know that we have the right team, the right strategy and the right products to compete and complete this transformation. And we're continuing to build our future. I've never been more inspired by our engineering teams, and it's no wonder that we're ranked #1 CRM by IDC for the ninth year in a row.

我們知道我們擁有合適的團隊、正確的戰略和合適的產品來競爭並完成這一轉型。我們正在繼續建設我們的未來。我們的工程團隊從未像現在這樣鼓舞過我，難怪我們連續 9 年被 IDC 評為 CRM #1。

We're delivering tremendous customer success and continue to gain market share in CRM. Our customer revenue attrition is at its lowest level in our 24-year history. This is a critical metric of all of our customers' success. And we know every digital transformation begins and ends with the customer. We have an incredible vision for the future of CRM, a fully integrated suite built on our new Genie Data Cloud and our next-generation platform powered by real-time hyperscale data, AI and automation.

我們正在為客戶帶來巨大的成功，並繼續在 CRM 領域獲得市場份額。我們的客戶收入流失處於我們 24 年曆史中的最低水平。這是我們所有客戶成功的關鍵指標。我們知道每一次數字化轉型都始於客戶，也始於客戶。我們對 CRM 的未來有著令人難以置信的願景，這是一個完全集成的套件，它建立在我們新的 Genie 數據云和我們由實時超大規模數據、人工智能和自動化提供支持的下一代平台上。

Our new Data Cloud is the most exciting innovation that we've developed since the original Salesforce clouds and our metadata platform, which we viewed as our first horizon and our second horizon for our technology. [There] our third horizon is our data cloud. In this new AI world that we are all now entering, nothing is more important for our customers than our new data cloud, which is rapidly becoming the intelligent heart of their customer engagement.

我們新的數據云是自最初的 Salesforce 雲和我們的元數據平台以來我們開發的最激動人心的創新，我們將其視為我們技術的第一視野和第二視野。 [那裡]我們的第三個地平線是我們的數據云。在我們現在正在進入的這個新的 AI 世界中，對我們的客戶來說，沒有什麼比我們的新數據云更重要的了，它正迅速成為客戶參與的智能核心。

Data cloud becomes our most important cloud, augmenting every Salesforce cloud and making every part of our Customer 360 more automated, more intelligent and more real time. We just launched Tableau plus Data Cloud natively integrating Tableau with Data Cloud. So every customer can easily visualize, automate, explore and act on their data in real time.

數據云成為我們最重要的雲，增強了每個 Salesforce 雲，使我們 Customer 360 的每個部分都更加自動化、更加智能和更加實時。我們剛剛推出了 Tableau plus Data Cloud，將 Tableau 與 Data Cloud 原生集成。因此，每個客戶都可以輕鬆地實時可視化、自動化、探索和處理他們的數據。

And during the quarter, I was inspired by partnering with Jim Farley, the CEO of Ford on Ford's deployment of Data Cloud. Jim and Ford, while they're leveraging Data Cloud to unify their customer data and deliver personalized real-time customer engagement and dealer focus.

在本季度，我受到了與福特首席執行官吉姆法利合作部署福特數據云的啟發。 Jim 和 Ford，他們正在利用數據云來統一他們的客戶數據並提供個性化的實時客戶參與和經銷商關注。

Starting with their amazing new Mach-E electric Mustang, an amazing car. Ford proactively updates customers about vehicle delivery through both e-mail and SMS with our marketing cloud. I loved getting my text actually, it was amazing. Ford delivers dealers now with leads and intelligent insights to drive faster sales with our Sales Cloud.

從他們令人驚嘆的全新 Mach-E 電動野馬開始，這是一輛了不起的汽車。福特使用我們的營銷云通過電子郵件和短信主動向客戶更新車輛交付信息。實際上，我喜歡收到我的文字，這太棒了。 Ford 現在為經銷商提供銷售線索和智能洞察，以通過我們的 Sales Cloud 推動更快的銷售。

And their technicians, well, they're receiving the next best action and technical insights through our Service Cloud. All of this, all of it, it's driven by our data cloud, delivering intelligent, real-time and automated customer engagement from within the Salesforce platform.

他們的技術人員，他們正在通過我們的服務雲接收下一個最佳行動和技術見解。所有這一切，都是由我們的數據云驅動，從 Salesforce 平台內提供智能、實時和自動化的客戶參與。

I've also been very inspired by our work with Boston Scientific and their amazing CEO, Michael Mahoney. Our teams were able to use our Data Cloud to create a unified view of their customers. In just 5 months, they were able to bring data from the front office and back office and all of their systems together.

我們與 Boston Scientific 及其出色的首席執行官 Michael Mahoney 的合作也讓我深受啟發。我們的團隊能夠使用我們的數據云來創建他們客戶的統一視圖。在短短 5 個月內，他們就能夠將來自前台和後台的數據以及他們所有系統的數據整合在一起。

Boston Scientific's ability to create customer segments using our Marketing Cloud went from 3 to 6 months to nearly real time, and they could deliver next best action insights to their sales teams in the flow of work in Sales Cloud and used our Marketing Cloud to deliver personalized product recommendations on their website in real time. And Boston Scientific as a regulated company, well, with Data Cloud, they're able to easily specify data retention policies for compliance.

Boston Scientific 使用我們的 Marketing Cloud 創建客戶群的能力從 3 到 6 個月變為幾乎實時，他們可以在 Sales Cloud 的工作流程中向其銷售團隊提供下一個最佳行動見解，並使用我們的 Marketing Cloud 提供個性化在他們的網站上實時推薦產品。 Boston Scientific 作為一家受監管的公司，有了 Data Cloud，他們能夠輕鬆地指定數據保留策略以實現合規性。

Now as a longtime customer, I'll tell you, Boston Scientific and Michael, well, they've humbled me personally and really humbled all of us at Salesforce with their incredible innovations, their amazing leadership and especially their use of our Data Cloud.

現在作為長期客戶，我會告訴你，Boston Scientific 和 Michael，好吧，他們以令人難以置信的創新、驚人的領導能力，尤其是他們對我們的數據云的使用，讓我個人和 Salesforce 的所有人都感到謙卑。

This is only the beginning of what's possible. As we build more native automation, intelligence and real-time integration deeper into our Data Cloud and apps, and we're rebalancing our resources to be Data Cloud-first inside our company. And next week, at our TrailheadDX conference in San Francisco on March 7 and 8, you'll see how we're bringing even more innovation through our platform with our new EinsteinGPT technology, the world's first generative AI for CRM, a tremendous complement to our Data Cloud and core Einstein AI platform. EinsteinGPT will be integrated into all of our clouds as well as Tableau, MuleSoft and Slack.

這只是一切可能的開始。隨著我們在我們的數據云和應用程序中構建更多的本地自動化、智能和實時集成，我們正在重新平衡我們的資源，以便在我們公司內部成為數據云優先。下週，在 3 月 7 日至 8 日於舊金山舉行的 TrailheadDX 會議上，您將看到我們如何通過我們的平台帶來更多創新，我們的新 EinsteinGPT 技術是世界上第一個用於 CRM 的生成人工智能，是對我們的數據云和核心愛因斯坦人工智能平台。 EinsteinGPT 將集成到我們所有的雲以及 Tableau、MuleSoft 和 Slack 中。

And then there's another way we're opening the door to use AI for our future and for all of our customers', as we have begun working with the rapidly expanding AI ecosystem in our industry, I've been really impressed with how companies like Anthropic, a leading provider of generative AI, are using Slack as their user interface for generative AI assistance. The relevance of Slack as an incredible enterprise productivity platform, user interface and critical data set for these new AI systems, while it's inspiring all kinds of new use cases, I couldn't be more excited about the future.

然後還有另一種方式，我們正在為我們的未來和我們所有的客戶打開使用人工智能的大門，因為我們已經開始與我們行業中迅速擴展的人工智能生態系統合作，我對公司如何喜歡Anthropic 是生成式 AI 的領先提供商，它正在使用 Slack 作為生成式 AI 輔助的用戶界面。 Slack 作為這些新人工智能係統的一個令人難以置信的企業生產力平台、用戶界面和關鍵數據集的相關性，雖然它激發了各種新的用例，但我對未來感到無比興奮。

To wrap it up, our transformation is happening now. We're making Salesforce one of the most profitable software companies in the world with one of the highest cash flows and one of the very largest as well. You can see it from our numbers by this quarter why I'm so motivated, so inspired and so confident that we can do even more faster than anyone realized.

總而言之，我們的轉型正在發生。我們正在使 Salesforce 成為世界上最賺錢的軟件公司之一，擁有最高的現金流量之一，也是最大的軟件公司之一。你可以從我們本季度的數字中看出為什麼我如此積極、如此鼓舞和如此自信我們可以比任何人意識到的更快地做事。

Now I'm happy to hand this over to Brian, our Chief Operating Officer; and with Amy, our -- my closest partner in accelerating the transformation. Many of you know Brian and have worked closely with him, and as many global executive roles at Salesforce, Brian has now been with us for more than 23 years, and his employee number lucky 6 -- lucky 13, actually, it's lucky #13, Brian, that's you.

現在我很高興將其交給我們的首席運營官布賴恩；和艾米一起，我們——我在加速轉型方面最親密的伙伴。你們中的許多人都認識 Brian 並與他密切合作過，Brian 在 Salesforce 擔任過許多全球高管職務，現在他已經在我們公司工作了 23 年多，他的員工編號幸運 6——幸運 13，實際上，它是幸運的 #13 ，布賴恩，就是你。

No one has had more customer success than you at Salesforce, and I couldn't be more thrilled to have you as our COO. I'm really grateful for your leadership and the success that you're having with your team, and wow, what a great quarter you delivered. Brian, thank you for everything.

沒有人比你在 Salesforce 取得的客戶成功更多，我很高興你能成為我們的首席運營官。我真的很感謝你的領導能力和你與你的團隊所取得的成功，哇，你交付了多麼棒的一個季度。布萊恩，謝謝你所做的一切。

In closing, I want to thank all of our Ohana, our employees, our customers, our partners and all of our shareholders for another strong quarter. And now, Brian, over to you.

最後，我要感謝我們所有的 Ohana、我們的員工、我們的客戶、我們的合作夥伴和我們所有的股東，讓我們又一個強勁的季度。現在，布賴恩，交給你了。

Thank you, Marc. As Marc said, the accelerated transformation to profitable growth we have underway is already having a positive impact as reflected in our strong results in the fourth quarter. I'm pleased with how we're improving our execution, delivering customer success in the ongoing measured buying environment.

謝謝你，馬克。正如馬克所說，我們正在進行的向盈利增長的加速轉型已經產生了積極影響，這反映在我們第四季度的強勁業績中。我很高興我們如何改進我們的執行力，在持續衡量的購買環境中幫助客戶取得成功。

As part of our short-term and long-term restructuring, we've been re-architecting how we go to market in a more efficient, productive, and profitable way. We've reduced the size of the sales and success organization by 10% and are planning further improvements through the work we're doing with Bain.

作為我們短期和長期重組的一部分，我們一直在重新設計我們如何以更高效、多產和盈利的方式進入市場。我們已經將銷售和成功組織的規模縮減了 10%，併計劃通過我們與貝恩的合作進一步改進。

We're also laser-focused on performance, productivity and accountability of all of our teams. We are better aligning incentives with margins, removing layers and increasing spans of control to unleash even higher performance. We're inspecting every part of our business to find opportunities to drive efficiencies and reduce cost of sales, marketing and G&A.

我們還高度關注我們所有團隊的績效、生產力和責任感。我們正在更好地使激勵措施與利潤率保持一致，消除層級並擴大控制範圍，以釋放更高的績效。我們正在檢查我們業務的每個部分，以尋找提高效率並降低銷售、營銷和 G&A 成本的機會。

We've learned that we needed to reboot our entire sales enablement process to ensure faster onboarding with reps able to better understand our entire product portfolio and speak the language of our customers in weeks, not months. During the pandemic, we saw productivity drop among our account executives who were working exclusively from home. I believe when our people are together, they're better learners, collaborators and networkers. It also reinforces our performance culture.

我們了解到，我們需要重新啟動整個銷售支持流程，以確保銷售代表能夠更快地入職，從而能夠更好地了解我們的整個產品組合，並在數周而不是數月內說出客戶的語言。在大流行期間，我們看到完全在家工作的客戶經理的工作效率下降。我相信當我們的員工在一起時，他們會成為更好的學習者、合作者和交流者。它還強化了我們的績效文化。

That's why our sales, success and service teams [are working from office] or in front of our customers a minimum of 4 days a week. Getting together in person is accelerating enablement and driving our performance and productivity. I'm confident these changes will drive the outcomes that we are all looking for.

這就是為什麼我們的銷售、成功和服務團隊 [在辦公室工作] 或每周至少有 4 天在客戶面前工作。親自聚會正在加速實現並推動我們的績效和生產力。我相信這些變化將推動我們都在尋找的結果。

Now before I hand it off to Amy, I'll briefly share some customer highlights from the quarter. We had great customer wins across all products, industries, segments and geographies. We deepened our relationships with Walmart, State Farm, IBM, Siemens, the State of New York, Volkswagen Group, Hitachi and many more leading companies. I'm very proud of our teams that we recorded record low attrition once again this quarter, which is a testament to how our Customer 360 platform is providing the cost savings efficiency and productivity gains our customers need today.

現在，在我將其交給 Amy 之前，我將簡要分享本季度的一些客戶亮點。我們在所有產品、行業、細分市場和地區都贏得了巨大的客戶。我們加深了與沃爾瑪、State Farm、IBM、西門子、紐約州、大眾汽車集團、日立和許多領先公司的關係。我為我們的團隊感到非常自豪，因為我們在本季度再次創下了歷史最低的流失率，這證明了我們的 Customer 360 平台如何提供當今客戶所需的成本節約效率和生產力提升。

As customers are looking to consolidate platforms and reduce complexity, we're seeing many multi-cloud expansions, a key growth strategy for us. Our top 10 wins in the quarter included 5 or more of our cloud. And our top 5 customer wins included 7 or more of our clouds. This is an example of our Customer 360 strategy working.

隨著客戶尋求整合平台並降低複雜性，我們看到了許多多雲擴展，這是我們的一個關鍵增長戰略。我們在本季度的前 10 大勝利包括 5 個或更多的雲。我們贏得的前 5 名客戶包括 7 個或更多的雲。這是我們的 Customer 360 戰略運作的一個例子。

We also continue to see strong momentum from our vertical solutions, which deepened our customer relationships across industries and geographies while accelerating time to value. In the quarter, 8 of our 13 industry clouds grew above 50% ARR, just unbelievable results there. Verticals are a key driver of our growth strategy, and that's why we've amplified them aggressively in this year's V2MOM.

我們還繼續從我們的垂直解決方案中看到強勁的勢頭，這些解決方案加深了我們跨行業和跨地區的客戶關係，同時加快了實現價值的時間。在本季度，我們 13 個行業雲中有 8 個的 ARR 增長超過 50%，這是令人難以置信的結果。垂直領域是我們增長戰略的關鍵驅動力，這就是我們在今年的 V2MOM 中積極擴大垂直領域的原因。

Tableau and MuleSoft and Slack continue to be highly relevant for our customers. And as Marc noted in his comments, they're part of our largest and most strategic deals in the quarter. And we're very proud of the progress we're seeing under the new leadership to more deeply integrate these acquired companies into our core sales and service motions.

Tableau、MuleSoft 和 Slack 仍然與我們的客戶高度相關。正如馬克在評論中指出的那樣，它們是我們本季度最大、最具戰略意義的交易的一部分。我們為在新領導層的領導下取得的進展感到非常自豪，這些進展將這些收購的公司更深入地整合到我們的核心銷售和服務計劃中。

Marc also mentioned Data Cloud. It's going to be an incredible driver of organic growth going forward as these new capabilities are built on the platform and seamlessly integrate into some of our largest clouds, Sales Cloud, Service Cloud, Marketing Cloud and Commerce Cloud. We're seeing many more companies use Data Cloud like Formula 1, American Family Insurance, PGA TOUR Superstore who are using this amazing technology to deliver intelligent, automated, and real-time customer engagement. It is a huge opportunity.

Marc 還提到了數據云。隨著這些新功能建立在平台上並無縫集成到我們最大的一些雲、Sales Cloud、Service Cloud、Marketing Cloud 和 Commerce Cloud，這將成為未來有機增長的強大推動力。我們看到越來越多的公司使用 Data Cloud，例如 Formula 1、American Family Insurance、PGA TOUR Superstore，他們正在使用這種驚人的技術來提供智能、自動化和實時的客戶參與。這是一個巨大的機會。

In closing, I'm immensely grateful to our customers, our employees and partners and our shareholders for their continued support. We are unwavering in our commitment to deliver customer success and in our transformation to profitable growth.

最後，我非常感謝我們的客戶、我們的員工和合作夥伴以及我們的股東一直以來的支持。我們堅定不移地致力於幫助客戶取得成功，並致力於實現盈利性增長。

Now over to Amy.

現在輪到艾米了。

Thank you, Brian. It is great to be here today to talk about our financial results and the transformation underway. As we laid out at Investor Day in September, it is a new day for Salesforce. As Marc called out, we are focusing on 4 key areas: short- and long-term expense restructuring; employee productivity; product innovation; and of particular importance to me, continuing to build on our relationships with our shareholders.

謝謝你，布萊恩。很高興今天能在這裡談論我們的財務業績和正在進行的轉型。正如我們在 9 月的投資者日所規劃的那樣，這對 Salesforce 來說是新的一天。正如馬克所說，我們專注於 4 個關鍵領域：短期和長期費用重組；員工生產力；產品創新；對我來說特別重要的是，繼續加強我們與股東的關係。

Near our long-term restructuring is absolutely a necessary step to reach our goals. Over the past very intense 90 days since our last earnings call, Marc, Brian and I have spent countless hours together and with our leadership team to ensure our cost restructuring actions accelerate our profitable growth goals. We have already taken a difficult action on decreasing our workforce, and we are consolidating our real estate footprint.

就我們的長期重組而言，絕對是實現我們目標的必要步驟。自我們上次財報電話會議以來，過去 90 天非常緊張，Marc、Brian 和我與我們的領導團隊一起度過了無數個小時，以確保我們的成本重組行動加速我們的盈利增長目標。我們已經在裁員方面採取了艱難的行動，我們正在鞏固我們的房地產足跡。

I want to emphasize that these are just the first steps. As we drive longer-term structural improvements, I look forward to working closely across the company on a comprehensive operating and go-to-market review.

我想強調的是，這些只是第一步。在我們推動長期結構改進的過程中，我期待著在全公司範圍內密切合作，進行全面的運營和上市審查。

Since I took on the role of the CFO more than 2 years ago, I've truly enjoyed spending time with and hearing feedback from our shareholders. Just this past quarter, I was able to meet with shareholders extensively, both virtually and in person, in San Francisco, in New York and across Europe. Your feedback has been immensely valuable in helping us shape our transformation. And based on that feedback, I am more confident than ever in our profitable growth framework, disciplined capital allocation strategy, and opportunity to drive shareholder value.

自從 2 年多前擔任首席財務官一職以來，我真的很享受與股東共度時光並聽取股東的反饋。就在上個季度，我得以在舊金山、紐約和歐洲各地以虛擬方式和親自方式與股東廣泛會面。您的反饋對於幫助我們塑造轉型非常有價值。基於這些反饋，我對我們的盈利增長框架、嚴格的資本配置策略以及推動股東價值的機會比以往任何時候都更有信心。

Now turning to our results for Q4 fiscal year '23, beginning with top line commentary. For the fourth quarter, revenue was $8.38 billion, up 14% year-over-year or 17% in constant currency, with the beat primarily driven by a reignite MuleSoft and Tableau and slight improvement on foreign exchange rates.

現在轉向我們 23 財年第四季度的業績，從頂線評論開始。第四季度收入為 83.8 億美元，同比增長 14% 或按固定匯率計算增長 17%，增長的主要原因是 MuleSoft 和 Tableau 的重振以及匯率的小幅改善。

For the full fiscal year, revenue was $31.4 billion, up 18% or 22% in constant currency. The total foreign exchange headwind for the year was approximately $860 million.

整個財年，收入為 314 億美元，按固定匯率計算增長 18% 或 22%。全年外匯逆風總額約為 8.6 億美元。

Geographically, we saw strong new business growth in the United Kingdom, France and Switzerland, while the United States sales environment remained measured. In Q4, the Americas revenue grew 15%; EMEA grew 13% or 20% in constant currency; and APAC grew 18% or 30% in constant currency. From an industry perspective, we saw strong growth in public sector and travel transportation and hospitality, while the financial services and high-tech sectors showed weakness.

從地域上看，我們在英國、法國和瑞士看到了強勁的新業務增長，而美國的銷售環境依然穩健。第四季度，美洲收入增長15%；歐洲、中東和非洲增長 13% 或 20%（按固定匯率計算）；亞太地區按固定匯率計算增長了 18% 或 30%。從行業角度來看，我們看到公共部門、旅遊交通和酒店業增長強勁，而金融服務和高科技行業表現疲軟。

And from a product perspective, as mentioned, MuleSoft and Tableau outperformed our expectations, while we continue to see customer spending pressure in both Commerce and Marketing.

從產品的角度來看，如前所述，MuleSoft 和 Tableau 的表現超出了我們的預期，同時我們繼續看到客戶在商業和營銷方面的支出壓力。

For revenue attrition, we remain at record lows, ending the quarter below 7.5%, reflecting the value that our services are providing our customers and their customer success.

對於收入流失，我們仍處於創紀錄的低位，本季度結束時低於 7.5%，反映了我們的服務為我們的客戶及其客戶成功提供的價值。

Non-GAAP operating margin finished stronger than expected in Q4 at 29.2% and 22.5% for the full fiscal year. The higher-than-expected performance does include some onetime benefits I want to call out. First, there is a restructuring benefit of approximately 1.5 points for Q4. Additionally, in Q4, there were approximately 4.5 points of temporal benefits from license-based revenue performance, annual compensation rationalized for business performance, as well as other onetime efficiencies and savings. Even when normalizing for these benefits, this still represents our highest ever quarterly and annual non-GAAP margin performance.

非美國通用會計準則營業利潤率在第四季度的表現強於預期，整個財年分別為 29.2% 和 22.5%。高於預期的性能確實包括一些我想指出的一次性好處。首先，第四季度的重組收益約為 1.5 個百分點。此外，在第 4 季度，基於許可證的收入績效、根據業務績效合理化的年度薪酬以及其他一次性效率和節省帶來了大約 4.5 個暫時性收益。即使將這些收益標準化，這仍然是我們有史以來最高的季度和年度非 GAAP 利潤率表現。

Q4 operating cash flow was $2.8 billion, up 41% year-over-year. Q4 free cash flow was $2.6 billion, up 42% year-over-year. For fiscal year '23, operating cash flow was $7.1 billion, up 19% year-over-year. As a reminder, this includes a 4-point headwind from cash taxes associated with tax law changes that require the capitalization of certain R&D costs.

第四季度經營現金流為 28 億美元，同比增長 41%。第四季度自由現金流為 26 億美元，同比增長 42%。 23 財年，運營現金流為 71 億美元，同比增長 19%。提醒一下，這包括與需要將某些研發成本資本化的稅法變化相關的現金稅帶來的 4 點逆風。

Free cash flow finished at $6.3 billion, up 19% year-over-year, driven by strong collections during the final quarter of the year.

受去年最後一個季度收款強勁的推動，自由現金流達到 63 億美元，同比增長 19%。

Turning to remaining performance obligation, or RPO, which represents all future revenue under contract. This ended Q4 at $48.6 billion, up 11% year-over-year. Current remaining performance obligation, or CRPO, ended at $24.6 billion, up 12% year-over-year and 13% in constant currency. The outperformance was driven by strong go-to-market execution, particularly on early renewals and MuleSoft and some recovery in foreign exchange rates.

轉向剩餘履約義務或 RPO，它代表合同項下的所有未來收入。第四季度末為 486 億美元，同比增長 11%。當前剩餘履約義務 (CRPO) 為 246 億美元，同比增長 12%，按固定匯率計算增長 13%。出色的表現得益於強大的上市執行力，特別是在早期續約和 MuleSoft 以及外匯匯率的一些回升方面。

Finally, we continue to deliver on our commitment to returning cash to shareholders. We returned $2.3 billion during the quarter for a total of $4 billion since announcing our first ever share repurchase program in August. This represents more than 60% of free cash flow for fiscal year '23.

最後，我們繼續履行向股東返還現金的承諾。自 8 月宣布首次股票回購計劃以來，我們在本季度返還了 23 億美元，總計 40 億美元。這佔 23 財年自由現金流的 60% 以上。

Before moving to our guidance, I want to briefly discuss the current macro environment. In Q4, we continued to see the measured environment we've called out over the past 2 quarters. This resulted again in elongated sales cycles, additional deal approval layers and deal compression. Our guidance assumes these trends persist with no material improvement or deterioration.

在轉向我們的指導之前，我想簡要討論一下當前的宏觀環境。在第 4 季度，我們繼續看到我們在過去 2 個季度中呼籲的衡量環境。這再次導致延長的銷售週期、額外的交易審批層級和交易壓縮。我們的指導假設這些趨勢持續存在，沒有實質性改善或惡化。

Now to our guidance. Let's start with fiscal year '24. As we've discussed over the last year, Salesforce is deeply committed to structural margin expansion, and we are accelerating on our new day for profitable growth framework. At Dreamforce, we guided to 25% plus margins by FY '26, and we emphasized our ambition to grow margins beyond that content.

現在是我們的指導。讓我們從 24 財年開始。正如我們在去年討論的那樣，Salesforce 堅定地致力於結構性利潤率擴張，我們正在加速實現盈利增長框架的新一天。在 Dreamforce，我們指導到 26 財年利潤率達到 25% 以上，我們強調了我們將利潤率提高到超出該水平的雄心。

Now for fiscal year '24, we are pleased to share that we expect non-GAAP operating margin of 27%, representing a 4.5 point improvement year-over-year and exceeding our goal by 2 years. And we are just getting started.

現在，對於 24 財年，我們很高興地宣布，我們預計非 GAAP 營業利潤率為 27%，同比增長 4.5 個百分點，超過我們的目標 2 年。我們才剛剛開始。

One item of note, our guidance includes slightly under one half points of benefit due to a depreciation change to the useful life of certain equipment by 1 year effective February 1. For our infrastructure-related equipment, this changed the useful life from approximately 4 to 5 years. And for IT employee equipment, this changed from approximately 3 to 4 years.

需要注意的一項是，我們的指導包括略低於半個百分點的收益，這是由於某些設備的使用壽命從 2 月 1 日起折舊更改為 1 年。對於我們的基礎設施相關設備，這將使用壽命從大約 4 更改為5年。對於 IT 員工設備，這從大約 3 年變為 4 年。

And as a general reminder, because our regional revenue and expenses are typically in the same currencies, there tends to be a natural FX hedge in our operating margin.

作為一般性提醒，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。

On revenue, we are expecting $34.5 billion to $34.7 billion, representing over 10% growth year-over-year and the same in constant currency. On attrition, starting in FY '24, we are including MuleSoft and Tableau in the metric. As a result, attrition is expected to be slightly above 7.5%.

在收入方面，我們預計在 345 億美元至 347 億美元之間，同比增長超過 10%，按固定匯率計算也是如此。關於減員，從 24 財年開始，我們將 MuleSoft 和 Tableau 納入指標。因此，預計流失率將略高於 7.5%。

Next, we are planning for stock-based compensation as a percent of revenue to begin trending lower this year to below 9% in fiscal year '24. This is primarily a result of the decreasing impact from prior M&A as well as adjustments being made to our equity program.

接下來，我們計劃將基於股票的薪酬佔收入的百分比從今年開始下降至 24 財年的 9% 以下。這主要是由於先前併購的影響減少以及對我們的股權計劃進行了調整。

We expect fiscal year '24 GAAP EPS of $2.59 to $2.61, including estimated charges for the January restructuring of $0.85. Non-GAAP EPS is expected to be $7.12 to $7.14. We expect our fiscal year '24 operating cash flow growth to be approximately 15% to 16%. Important to note, this includes an estimated 14-point headwind related to the restructuring. As a reminder, we will see an increase in our cash taxes in fiscal '24 as we draw down our remaining net operating losses.

我們預計 24 財年 GAAP 每股收益為 2.59 美元至 2.61 美元，其中包括 1 月份重組的估計費用 0.85 美元。非 GAAP 每股收益預計為 7.12 美元至 7.14 美元。我們預計我們的 24 財年運營現金流量增長率約為 15% 至 16%。需要注意的重要一點是，這包括與重組相關的估計 14 點逆風。提醒一下，隨著我們減少剩餘的淨運營虧損，我們將在 24 財年看到現金稅增加。

CapEx for the fiscal year is expected to be slightly below 2.5% of revenue. This results in free cash flow growth of approximately 16% to 17% for the fiscal year, inclusive of the restructuring charge mentioned above.

本財年的資本支出預計將略低於收入的 2.5%。這導致本財年的自由現金流增長約 16% 至 17%，其中包括上述重組費用。

Now to guidance for Q1. On revenue, we expect $8.16 billion to $8.18 billion, growth of approximately 10% or 12% in constant currency. This reflects a $150 million FX headwinds. For Q1, we expect GAAP EPS of $0.24 to $0.25 and non-GAAP EPS of $1.60 to $1.61. CRPO growth for Q1 is expected to be approximately 11% year-over-year and the same in constant currency. Our guidance continues to incorporate the persistent measured customer buying behavior.

現在為第一季度提供指導。在收入方面，我們預計 81.6 億美元至 81.8 億美元，按固定匯率計算增長約 10% 或 12%。這反映了 1.5 億美元的外匯逆風。對於第一季度，我們預計 GAAP 每股收益為 0.24 美元至 0.25 美元，非 GAAP 每股收益為 1.60 美元至 1.61 美元。第一季度的 CRPO 增長率預計將同比增長約 11%，按固定匯率計算與此相同。我們的指南繼續納入持續衡量的客戶購買行為。

On long-term targets, I'd like to provide a few updates. First, with the acceleration on our profitability framework in FY '24, I am very pleased to announce that we now expect to achieve non-GAAP operating margin of at least 30% in Q1 of fiscal year '25. And I want to emphasize that 30% represents a milestone, but not the destination. We are not putting a ceiling on our margin aspirations.

關於長期目標，我想提供一些更新。首先，隨著我們 24 財年盈利框架的加速，我很高興地宣布，我們現在預計在 25 財年第一季度實現至少 30% 的非 GAAP 營業利潤率。我想強調的是，30% 代表一個里程碑，但不是終點。我們沒有為我們的利潤率目標設定上限。

We are thrilled that we are exceeding our FY '26 profitability goals years in advance. Note that we are not reiterating our fiscal year '26 revenue target of $50 billion at this time due to the uncertain macro and currency environments that we have discussed. We anticipate having further updates to our long-term plans at our next Investor Day.

我們很高興我們提前幾年超過了 FY '26 的盈利目標。請注意，由於我們討論過的不確定的宏觀和貨幣環境，我們目前並未重申 26 財年 500 億美元的收入目標。我們預計在下一個投資者日會進一步更新我們的長期計劃。

Next, as we continue to focus on shareholder return and disciplined capital allocation, I'd like to share a few additional updates. I'm pleased that the Board has approved an increase to our share repurchase authorization from $10 billion to $20 billion. As a result, we now expect to fully offset our stock-based compensation dilution through our share repurchases in fiscal year '24.

接下來，隨著我們繼續關注股東回報和有紀律的資本配置，我想分享一些額外的更新。我很高興董事會已批准將我們的股票回購授權從 100 億美元增加到 200 億美元。因此，我們現在預計將通過 24 財年的股票回購完全抵消我們基於股票的薪酬稀釋。

On M&A, we are confident in our current portfolio and are focused on continued integration of current assets. Reflective of this, you have already heard from Marc that the Board has decided to disband our M&A committee.

在併購方面，我們對當前的投資組合充滿信心，並專注於對現有資產的持續整合。考慮到這一點，您已經從馬克那裡聽說董事會已決定解散我們的併購委員會。

In closing, I would like to share a deep gratitude for our shareholders, our customers and especially our employees. Our relentless focus on execution and our proactive management in the current environment allowed us to close out a strong quarter and sets us up for a transformational fiscal year '24.

最後，我要對我們的股東、我們的客戶，尤其是我們的員工表示深深的感謝。我們對執行的不懈關注和我們在當前環境下的積極管理使我們能夠結束一個強勁的季度，並為我們的 24 財年轉型做好準備。

It is a new day at Salesforce. And as we look ahead, I'm excited for the opportunity in front of us as we continue to drive profitable growth and shareholder value.

這是 Salesforce 新的一天。展望未來，我對擺在我們面前的機會感到興奮，因為我們將繼續推動盈利增長和股東價值。

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

現在邁克，我們應該打開電話提問嗎？ .

Yes, please, Amy. Operator, let's go to questions, please.

是的，拜託，艾米。接線員，請讓我們開始提問。

(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 Keith Weiss 與摩根士丹利的合作。

Congratulations on a really strong end to fiscal year. It might actually be a question for Brian because I wanted to begin on the growth side of the equation. Both in terms of, like, how you guys exceeded expectations so well in Q4, but -- so on a go-forward basis, it sounds like there's a lot of changes taking place within the Salesforce, a lot of restructuring in terms of how you guys are going to market.

祝賀本財年結束得非常好。這實際上可能是布賴恩的問題，因為我想從等式的增長方面開始。就你們如何在第四季度如此好地超出預期而言，但是 - 所以在前進的基礎上，聽起來 Salesforce 內部發生了很多變化，在如何進行重組方面進行了大量重組你們要去市場。

How do you garner confidence that, that's not going to impact your ability to grow on a go-forward basis and you're not going to see, like, additional headwinds to growth as you go through this restructuring or you don't, like, cut too sharply?

你如何獲得信心，這不會影響你在前進的基礎上發展的能力，你不會看到，比如，在你經歷這種重組時，增長會遇到額外的阻力，或者你不會，比如, 切得太猛？

And then maybe to bring Amy into the equation. When you guided for FY '24, did you assume any negative impact from this restructuring? Did you take down any of your expectations in terms of productivity to account for any execution challenges or sort of execution risk around these sales restructurings?

然後也許將 Amy 納入等式。當你為 24 財年做指導時，你是否認為這次重組有任何負面影響？您是否降低了對生產力的任何期望，以解決這些銷售重組的任何執行挑戰或某種執行風險？

Well, Keith, first of all, thanks for the question. Really appreciate it. And I agree we had very strong performance in our Q4. Very happy with the quick pivot we made enabling our salespeople to talk differently about the values our customers get. Time to value is very critical to our customers, automation, digital transformation, efficiencies and cost reductions in their organizations. And we did a beautiful job in the fourth quarter to drive that message to our customers to see better-than-expected performance.

好吧，基思，首先，謝謝你提出這個問題。真的很感激。我同意我們在第四季度的表現非常強勁。非常高興我們的快速轉變使我們的銷售人員能夠以不同的方式談論客戶獲得的價值。實現價值的時間對於我們的客戶、自動化、數字化轉型、效率和組織成本降低至關重要。我們在第四季度做了出色的工作，將這一信息傳達給我們的客戶，讓他們看到好於預期的業績。

On your question about next year and some of the changes we're seeing in our organization, we feel very good about the work that we're doing. As we mentioned in the commentary, the organic innovation that's coming out of our product organization is phenomenal. We have an incredible portfolio to go sell them the Customer 360, new product that we can go sell in Data Cloud.

關於你關於明年的問題以及我們在組織中看到的一些變化，我們對我們正在做的工作感到非常滿意。正如我們在評論中提到的，來自我們產品組織的有機創新是驚人的。我們擁有令人難以置信的產品組合，可以向他們出售 Customer 360，這是我們可以在數據云中銷售的新產品。

And as you know, the CRM market continues to grow very fast in double digit, and we think we should be taking market share in that market environment. I also would like to say, I think we have an opportunity to drive higher productivity amongst our salespeople. I think we have an opportunity to bundle products together and to show up differently in front of our customers, to consolidate organizations that have been stand-alone sales organizations in the past.

如您所知，CRM 市場繼續以兩位數的速度快速增長，我們認為我們應該在該市場環境中佔據市場份額。我還想說，我認為我們有機會提高銷售人員的生產力。我認為我們有機會將產品捆綁在一起，以不同的方式呈現在我們的客戶面前，鞏固過去一直是獨立銷售組織的組織。

Bundling products together, driving higher ASP per salesperson is really what we want to go do next year. And we don't think that the impact of some of the changes that we're making, the architecture of the organization is going to have an impact on our growth next year. Amy, over to you. .

將產品捆綁在一起，推動每個銷售人員提高平均售價，這確實是我們明年想要做的事情。而且我們認為我們正在進行的某些更改的影響，組織的架構不會對我們明年的增長產生影響。艾米，交給你了。 .

Great. Thanks, Brian. Keith, so a couple of things. First, just going back to your question on growth and the beat for Q4. I did want to point out that, that was primarily from MuleSoft and Tableau. That license revenue came in very strong in Q4. And as you know, the way that we account for license revenue gives it more of a boost in quarter than our subscription. Also, we do see a slight improvement on foreign exchange beyond what we were expecting. So all of that led to a very strong Q4 on the revenue side.

偉大的。謝謝，布萊恩。基思，有幾件事。首先，回到你關於增長和第四季度節拍的問題。我確實想指出，這主要來自 MuleSoft 和 Tableau。該許可收入在第四季度非常強勁。如您所知，我們計算許可收入的方式比我們的訂閱在季度中帶來更多的增長。此外，我們確實看到外匯略有改善，超出了我們的預期。因此，所有這些都導致了收入方面非常強勁的第四季度。

In terms of the FY '24 guide, we feel very good about the guide coming in, a little above 10% for this year. We've taken into account all of the factors that we're talking about, including macro. On macro, what we're assuming is really no near-term change when it comes to the selling environment. So not expecting an upside, nor we're expecting a material deterioration. And I think Brian really already hit on the restructuring. .

就 FY '24 指南而言，我們對即將發布的指南感到非常滿意，今年略高於 10%。我們已經考慮了我們正在談論的所有因素，包括宏觀因素。在宏觀方面，我們假設在銷售環境方面近期確實沒有變化。因此，我們不期待上漲，也不期待物質惡化。而且我認為布賴恩真的已經開始重組了。 .

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 的合作。

Congrats on the quarter, and thank you for the very comprehensive outlook going into next year. Marc, the question is for you. I think this is obviously a new chapter for Salesforce. You're back as sole CEO. I think I get a lot of questions from folks asking how you're going to be prioritizing your time now, how you're going to be spending your time given these new parameters of execution you're setting out for the company. So I was wondering if you could just comment on that a little bit.

祝賀本季度，感謝您對明年的非常全面的展望。馬克，這個問題是給你的。我認為這顯然是 Salesforce 的新篇章。你作為唯一的首席執行官回來了。我想我從人們那裡得到了很多問題，問你現在將如何優先安排你的時間，考慮到你為公司製定的這些新的執行參數，你將如何花費你的時間。所以我想知道你是否可以對此發表一點評論。

Thanks so much for that question. I really appreciate it. I really appreciate everyone's support during the quarter. I don't think we could have had this quarter without everyone who's on the call. We really are very grateful to the support we had, especially from the analysts and the shareholders, because, really, through their guidance and enlightenment, we were able to execute a different plan.

非常感謝這個問題。對此，我真的非常感激。我非常感謝大家在本季度的支持。我不認為如果沒有所有隨叫隨到的人，我們不可能有這個季度。我們真的非常感謝我們的支持，尤其是來自分析師和股東的支持，因為，真的，通過他們的指導和啟發，我們能夠執行一個不同的計劃。

I think when we look back, and I think we have to look backwards to go look forward. Obviously, the 2021 calendar year is like something that none of us have ever experienced in the technology business. It was incredible. You can see that throughout the whole industry.

我認為當我們回顧過去時，我認為我們必須回顧過去才能向前看。顯然，2021 年是我們在科技行業從未經歷過的一年。實在太棒了。你可以在整個行業中看到這一點。

Then as we entered 2022, it was not 2021, and I think we all understand that. Currencies, measured buying environment, macro conditions, inflation, the stock market. So when we planned 2022 out of 2021, I'm talking calendar years now, that's where I think we had a little incongruence, and then we had to adjust and shift and pivot, and that's really what happened right around Dreamforce. We really started to see it.

然後當我們進入 2022 年時，並不是 2021 年，我想我們都明白這一點。貨幣、衡量的購買環境、宏觀條件、通貨膨脹、股市。因此，當我們計劃從 2021 年到 2022 年時，我現在說的是日曆年，那是我認為我們有點不一致的地方，然後我們不得不調整、轉變和轉向，這就是圍繞 Dreamforce 發生的事情。我們真的開始看到了。

We had that great Investor Day with you all. We put out there our profitability framework. We put together our fiscal year 2016 targets. And 90 days ago when everything happened, you know what happened. We don't have to go through it again. It doesn't matter. It's behind us. But you all said, hey, you guys can hit the hyperspace button, just like I said, and we did. We hit the hyperspace button, and we said, we can hit these targets now.

我們和大家一起度過了那個偉大的投資者日。我們在那裡提出了我們的盈利能力框架。我們制定了 2016 財年的目標。 90 天前，一切都發生了，你知道發生了什麼。我們不必再經歷一遍。沒關係。它在我們身後。但是你們都說，嘿，你們可以按下超空間按鈕，就像我說的那樣，我們做到了。我們按下超空間按鈕，我們說，我們現在可以擊中這些目標了。

We don't have to wait 2 years, and that's where I'm putting my time, my energy, my effort. I'm very proud of the team for delivering this Q4 operating margin of 29.2% because that really has become like our North Star. As Amy just said, as we look to next year, even in Q1 and so forth, we're saying that this 30% plus world, this is we should be living in that.

我們不必等待 2 年，那是我投入時間、精力和努力的地方。我為團隊實現了 29.2% 的第四季度營業利潤率感到非常自豪，因為這真的像我們的北極星一樣。正如艾米剛才所說，我們展望明年，甚至在第一季度等等，我們說這個 30% 以上的世界，我們應該生活在其中。

We have onboarded the entire management team worldwide to that fact. It's a core part of our V2MOM. It's one of the name of our methods that we are guiding 30% plus. And that's our direction. And at the same time, we had a great quarter. Just like you just heard, Q4 revenue at $8.38 billion, exceed our expectations for many reasons, some currency, but really a lot was execution and execution in the corner from 2 great product lines with our Tableau and MuleSoft team, extremely impressive execution.

我們已經讓全球的整個管理團隊了解這一事實。它是我們 V2MOM 的核心部分。這是我們指導 30% 以上的方法的名稱之一。這就是我們的方向。與此同時，我們有一個很棒的季度。就像你剛剛聽到的那樣，第四季度的收入為 83.8 億美元，超出了我們的預期，原因有很多，一些貨幣，但實際上很多是我們的 Tableau 和 MuleSoft 團隊在 2 個偉大產品線的執行和執行，非常令人印象深刻的執行。

And I'll also just call out what an unbelievable performance for the year at $31.4 billion, this is just a huge incredible software company that has got great margins and great cash flow and a great position in the market. So that's where my head is at.

而且我還要指出今年 314 億美元的驚人表現，這只是一家令人難以置信的巨大軟件公司，它擁有巨大的利潤率和現金流，並且在市場上佔有重要地位。這就是我的想法。

There's basically 2 motions here. One is, just like we just heard, Brian has to continue to deliver the ACVs. That's why we're keeping a lot of stability in our sales organization right now, maintaining the productivity, deliver the year in ACV. This is really critical for us. That's motion number one.

這里基本上有兩個動議。一是，就像我們剛剛聽到的那樣，Brian 必須繼續交付 ACV。這就是為什麼我們現在要在我們的銷售組織中保持很大的穩定性，保持生產力，在 ACV 中交付年度。這對我們來說真的很重要。這是第一項動議。

Motion number two is also, at the same time, profitability. Profitability is our -- truly our #1 strategy, and that's my #1 strategy. That's what I've been focused on with the management team. That is the #1 thing we talked about at the start of every meeting we have in this company. And that is why we were able to deliver that in 90 days.

第二個動議同時也是盈利能力。盈利能力是我們——確實是我們的第一戰略，這也是我的第一戰略。這就是我一直關注的管理團隊。這是我們在這家公司舉行的每次會議開始時談論的第一件事。這就是我們能夠在 90 天內交付的原因。

You all know that we've never had an efficiency focus in the company before because we've had 24 incredible years of where we've had to just grow, grow, grow. There have been moments where we've had to pull back. '01, '02, bad recession, we had to pull back. '08, '09, we had to pull back and reassess.

你們都知道，我們公司以前從未關注過效率，因為我們已經度過了令人難以置信的 24 年，我們必須不斷成長、成長、成長。曾經有過我們不得不退縮的時刻。 01 年、02 年，嚴重的經濟衰退，我們不得不撤退。 08 年、09 年，我們不得不撤退並重新評估。

We're kind of looking at this moment as, hey, we can reassess. This is a incredible moment. We can deliver great results. You saw we're delivering more than 10% growth -- revenue growth, but we want to deliver this more than 27% margin growth for the year and -- not growth, but margin target. And we're going -- obviously, the growth rate is actually much higher.

我們有點看著這一刻，嘿，我們可以重新評估。這是一個不可思議的時刻。我們可以提供很好的結果。你看到我們實現了超過 10% 的增長——收入增長，但我們希望實現今年超過 27% 的利潤率增長——不是增長，而是利潤率目標。我們要去 - 顯然，增長率實際上要高得多。

I mean I think that, that is amazing that we've delivered more than 4 points last year, not basis points, 4 points, and 4.5 points this year, and that's my main focus. I've gotten a lot of great coaching. I'll just -- huge call out to my mentor, Larry Ellison, who has spent a lot of time with me, giving me the Oracle playbook. And I'm very grateful to him.

我的意思是，我認為，我們去年交付了超過 4 個百分點，而不是今年的基點、4 個百分點和 4.5 個百分點，這真是太棒了，這是我的主要關注點。我得到了很多很棒的指導。我只是——非常感謝我的導師拉里埃里森，他花了很多時間和我在一起，給了我 Oracle 劇本。我非常感謝他。

He was the first person who texted me after the earnings came out today. And as -- I'll tell you, it's good to have friends in the world when things happen, and he's been a great friend, and we're executing that playbook to increase our margins. They obviously have best-of-class margins. So it's great to have someone on your side like that and great to have all of you on our side as well because without all you, we would not be able to deliver this quarter. So thank you so much for everything. .

他是今天收入公佈後第一個給我發短信的人。而且——我會告訴你，當事情發生時，在世界上有朋友是件好事，他是一個很好的朋友，我們正在執行那個劇本來增加我們的利潤。他們顯然擁有一流的利潤率。所以很高興有人站在你這邊，也很高興你們所有人都站在我們這邊，因為沒有你們，我們將無法交付本季度。非常感謝你所做的一切。 .

Your next question comes from the line of Brad Sills with BofA Securities.

你的下一個問題來自美國銀行證券公司的 Brad Sills。

Congratulations on a nice finish to the year and margin and outlook. I wanted to ask how important the concept of CDP and vertical solutions are. As you pivot towards this ongoing sales productivity and asking reps to sell more of the solution of all the great components in the Salesforce stack, how important are those solutions and really pulling in more of those components over time?

祝賀您今年的成績、利潤率和展望都取得了不錯的成績。我想問一下 CDP 和垂直解決方案的概念有多重要。當您轉向這種持續的銷售生產力並要求銷售代表銷售更多 Salesforce 堆棧中所有優秀組件的解決方案時，這些解決方案有多重要，並且隨著時間的推移真正引入更多這些組件？

Well, I just think that's such a great question, Brad. And thank you so much, and also thanks to you for the quarter, your support. I would like to say that, of course, we have a lot of great products, Sales Cloud, Service Cloud, our platform, Marketing Cloud, Commerce Cloud or verticals that you know. But there's been an evolution of our CDP.

好吧，我只是認為這是一個很好的問題，布拉德。非常感謝您，也感謝您在本季度的支持。我想說的是，當然，我們有很多很棒的產品，Sales Cloud、Service Cloud、我們的平台、Marketing Cloud、Commerce Cloud 或您知道的垂直領域。但是我們的 CDP 已經發生了變化。

I think it kind of started in Marketing, and it's become so much more. We're entering this new world of AI. And we've always been influenced by the world of AI and IoT and seeing our customers try to add in all of their intelligent devices onto our platform so they can have better relationships with their customers who are connected to them in these incredible new ways.

我認為它是從市場營銷開始的，現在已經變得更多了。我們正在進入這個人工智能的新世界。我們一直受到人工智能和物聯網世界的影響，看到我們的客戶試圖將他們所有的智能設備添加到我們的平台上，以便他們可以與以這些令人難以置信的新方式連接到他們的客戶建立更好的關係。

And you may remember, we're going to have Thunder, the IoT cloud. That was kind of a version 1 idea of the CDP, and it didn't exactly work out. The main reason why is customers really wanted an integrated deeply inside Salesforce with our metadata platform. And they wanted it to be a data lake inside Salesforce, and we had built it outside. So we realized, let's build it back inside the platform, which is what we've done.

你可能還記得，我們將擁有物聯網雲 Thunder。那是 CDP 的第 1 版想法，但並沒有完全實現。主要原因是客戶真的希望將 Salesforce 與我們的元數據平台深度集成。他們希望它成為 Salesforce 內部的數據湖，而我們在外部構建了它。所以我們意識到，讓我們在平台內部重新構建它，這就是我們所做的。

And this data cloud, you can see it now deployed in customers, and I'll give you a couple of great examples. One is Ford, amazing what they have done with the Data Cloud. Of course, they're using Sales Cloud and Service Cloud and Marketing Cloud, but it's all integrated with the Data Cloud, and they deployed their first product this quarter, which is the Mach-E. So if you have a Mach-E -- I have one, they're amazing -- and you're getting text messages from Ford or e-mail messages, you're getting them from our Data Cloud, and that is incredible to see that.

而這個數據云，你可以看到它現在部署在客戶中，我會給你幾個很好的例子。一個是福特，他們用數據云所做的事情令人驚嘆。當然，他們正在使用 Sales Cloud、Service Cloud 和 Marketing Cloud，但它們都與 Data Cloud 集成，並且他們在本季度部署了他們的第一個產品，即 Mach-E。因此，如果你有一輛 Mach-E——我有一個，它們太棒了——而且你從福特那裡收到短信或電子郵件，你會從我們的數據云中得到它們，這對看到那個。

Boston Scientific, another amazing story that I mentioned, this idea that they were able to use Data Cloud to unify their front office and back office systems together in this really incredible integrated way.

Boston Scientific，我提到的另一個驚人的故事，這個想法是他們能夠使用數據云以這種非常令人難以置信的集成方式將他們的前台和後台系統統一在一起。

Formula 1, I just reviewed last night, how they -- only 1% of Formula 1 fans -- F1 fans that they're the only -- they come to the races. The other 99% they have to connect with electronically, but they need an intelligent AI-based system. And with Data Cloud, you can bring your own AI model. We ingest it. And then our system automatically is connecting with your customer. And as they're interfacing in all of our different clouds, the AI-based Data Cloud is doing this incredible heavy lifting.

一級方程式，我昨晚剛剛回顧了他們——只有 1% 的一級方程式車迷——他們是唯一的 F1 車迷——他們是如何來參加比賽的。其他 99% 的人必須通過電子方式連接，但他們需要一個基於人工智能的智能係統。借助 Data Cloud，您可以帶來自己的 AI 模型。我們攝取它。然後我們的系統會自動與您的客戶建立聯繫。當它們在我們所有不同的雲中連接時，基於 AI 的數據云正在完成這項令人難以置信的繁重工作。

So it's going to be an amazing organic driver for us. I mean it's probably our fastest-growing cloud in the quarter. And I can't be more excited to show more of what we're doing there. You've seen some of it at Dreamforce. You saw some of it where -- we've now deeply integrated Tableau into it. So Tableau has a server now finally, but Tableau also is an incredible window onto all of the Salesforce data through the data cloud, really neat work. And our engineering team, a huge call out to them for this great success. .

所以這對我們來說將是一個了不起的有機驅動力。我的意思是它可能是我們本季度增長最快的雲。我非常高興能展示更多我們在那裡所做的事情。您已經在 Dreamforce 看到了其中的一些內容。您在其中看到了其中的一些——我們現在已經將 Tableau 深度集成到其中。所以 Tableau 現在終於有了一個服務器，但 Tableau 還是一個令人難以置信的窗口，可以通過數據云查看所有 Salesforce 數據，這真是一項出色的工作。還有我們的工程團隊，為他們的巨大成功向他們發出了巨大的呼聲。 .

And Brad, just another comment quickly on the industry play. A big part of our success in the quarter and a big bet for us in the coming years as we invest heavily in our industry cloud. I think you heard in the commentary, 8 of 13 of our industry clouds grew above 50% in ARR in the quarter. Really a great payoff in the investment we've made in the technology there and really having our sales team show up and speaking the customer -- the language of our customers to drive the growth of this business, couple that with the strategies around driving international growth, international expansion of all of our products, along with multi-cloud selling, a great opportunity for us going forward. So the industry is a big part of our strategy.

布拉德，只是對行業遊戲的另一個快速評論。我們在本季度取得成功的很大一部分，並且在未來幾年對我們來說是一個很大的賭注，因為我們在我們的行業雲上投入了大量資金。我想你在評論中聽說過，我們 13 個行業雲中有 8 個在本季度的 ARR 增長超過 50%。我們在那裡的技術投資確實帶來了巨大的回報，真正讓我們的銷售團隊出現並與客戶交談——我們客戶的語言推動了這項業務的增長，並將其與推動國際化的戰略相結合我們所有產品的增長、國際擴張，以及多雲銷售，是我們前進的絕佳機會。因此，該行業是我們戰略的重要組成部分。

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

你的下一個問題來自巴克萊銀行的 Raimo Lenschow。

Congrats on the tough decisions this quarter and the great quarter. So I think you all be praised for that and the hard work you've done. A question for me, more for Brian. Obviously, there were comments out from you guys around sales, sales productivity as we kind of went through the January. If you think about the actions you're taking now, where do you see that sales productivity that you're seeing at the moment? And where do you think (inaudible) Salesforce and the setup that you have here?

祝賀本季度的艱難決定和偉大的季度。所以我認為你們都應該為此和你們所做的辛勤工作而受到表揚。一個問題給我，更多的是給布賴恩。顯然，在我們經歷了一月份時，你們對銷售、銷售效率發表了評論。如果您考慮您現在正在採取的行動，您在哪裡看到您目前看到的銷售效率？你認為（聽不清）Salesforce 和你在這裡的設置在哪裡？

Raimo, I'm not exactly sure -- you're cutting out a little bit there. So I'll try to deduce what your question was around productivity. Productivity is a big component of our growth strategy going forward. How do we get our account executives to sell more each and every month, each and every quarter to our customers? We've got some great strategy around that. Enablement is a big component of that. .

Raimo，我不太確定——你在那裡刪減了一點。所以我會嘗試推斷你的問題是關於生產力的。生產力是我們未來發展戰略的重要組成部分。我們如何讓我們的客戶經理每個月、每個季度向我們的客戶銷售更多產品？我們對此有一些很好的策略。啟用是其中的重要組成部分。 .

You heard in my commentary earlier that we're very focused on ensuring that we're enabling our entire sales teams around our entire product portfolio and bringing people back to the office to drive that productivity, that learning that is so important for us as we think about the growth going forward.

你在我之前的評論中聽說我們非常專注於確保我們圍繞我們的整個產品組合使我們的整個銷售團隊成為可能，並讓人們回到辦公室以提高生產力，學習對我們來說非常重要，因為我們想想未來的增長。

I also mentioned an opportunity we have to bring our products together around a buyer, how do we put some bundles together to drive higher ASPs for all of our sellers and solve more problems for our customers with a single selling motion versus today, maybe several selling motions to go win those deals. And so productivity, a big driver of our growth strategy going forward, an effort, frankly, that we've always kept productivity flat and hired more AEs to drive our growth. We're going to inverse that equation going forward and think about productivity as our driver going forward. So really appreciate the question and hope I got it because your line was breaking up.

我還提到了一個機會，我們必須圍繞買家將我們的產品整合在一起，我們如何將一些捆綁產品整合在一起，從而為我們所有的賣家帶來更高的平均售價，並通過單一的銷售行動為我們的客戶解決更多的問題，而不是今天，可能是多次銷售動議去贏得這些交易。因此，生產力是我們未來增長戰略的重要推動力，坦率地說，我們一直努力保持生產力持平並聘請更多 AE 來推動我們的增長。我們將推翻這個等式，並將生產力視為我們前進的驅動力。非常感謝這個問題，希望我能得到它，因為你的電話斷線了。

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

你的下一個問題來自 Kash Rangan 與高盛的合作。 .

What an amazing end of fiscal year. Congratulations to the team. Much much much better than expected, brighter days ahead. Question for Marc. And maybe, Brian, you can chime in here. So Marc, we went through the 2008, 2009 recession, 2010 rebound, back then, the company was a smaller company, but you still were able to get profitability up. We went through a bit of a downturn, and we came out of it.

多麼驚人的財政年度結束。祝賀團隊。比預期的要好得多，未來的日子會更美好。馬克的問題。也許，布賴恩，你可以在這裡插話。所以馬克，我們經歷了 2008 年、2009 年的經濟衰退，2010 年的反彈，當時公司規模較小，但你仍然能夠提高盈利能力。我們經歷了一段低迷時期，然後走出了困境。

So are there pyramids to be drawn in this cycle? Because there's certainly uncertainty about recession, whatnot, that's damping spending. If we take that as a fact, the growth rate that you guided to, should that be the aspirational long-term growth rate of the company? Or do you think if and when the recession clears that there should be a rebound in spending? And we understand that all the go-to-market rationalization that you and Brian and Amy you're all working on should allow you to gain share. So help us think about the recovery curve of Salesforce in the next economic cycle.

那麼這個循環有沒有金字塔要畫呢？因為經濟衰退肯定存在不確定性，所以這抑制了支出。如果我們將其視為事實，那麼您指導的增長率是否應該是公司理想的長期增長率？或者你認為經濟衰退是否以及何時會出現支出反彈？我們知道，您和 Brian 以及 Amy 都在努力的所有上市合理化應該讓您獲得份額。所以幫助我們思考Salesforce在下一個經濟周期的複蘇曲線。

To understand what we're going through, I really did go back and looked at all the numbers in '01, '02 and '08, '09. And what you said, Kash, is quite enlightened in that. Of course, we saw in '08, '09 ACV fall off dramatically. And of course, we hit the break on spending, and we accelerated margin, I think, 6 points during that time. I don't know the exact numbers, but it was a moment where you see sales and marketing companies, marketing spend -- when these things happen, CEOs, they stop hiring salespeople. They stop spending on marketing, right? Everybody knows the methodology of what, how CEOs behave in a recession. As soon as the stock market implodes CEOs, they hit the brakes.

為了了解我們正在經歷的事情，我真的回去查看了 01 年、02 年和 08 年、09 年的所有數字。卡什，你所說的在這方面很有啟發性。當然，我們在 08 年和 09 年看到 ACV 急劇下降。當然，我們在支出方面有所突破，我認為在那段時間我們的利潤率提高了 6 個百分點。我不知道確切的數字，但那是一個你看到銷售和營銷公司、營銷支出的時刻——當這些事情發生時，首席執行官們，他們停止僱用銷售人員。他們停止在營銷上花錢，對吧？每個人都知道 CEO 在經濟衰退中的行為方式。一旦股市崩盤，CEO們就會踩剎車。

So I think that, that's what we saw in '08, '09. I think we really started to see that in the middle of '22, maybe August, September, October, November. Certainly, as we've exited Dreamforce, we were like, I think that we can execute our playbook. We have a recession playbook. We know how to transform the company. Well, you just saw it in the last 90 days where the things we're doing are launching on our -- really launched a profitable growth strategy. This is a key part of what we're doing, really making sure that every executive in this company knows that profitability is our highest priority and making sure that we keep in the very forefront of our mind that Salesforce is not just one of the largest and fastest growing.

所以我認為，這就是我們在 08 年、09 年看到的情況。我認為我們真正開始看到它是在 22 世紀中期，也許是八月、九月、十月、十一月。當然，當我們退出 Dreamforce 時，我們就像，我認為我們可以執行我們的劇本。我們有一本經濟衰退手冊。我們知道如何改造公司。好吧，你剛剛在過去 90 天裡看到了我們正在做的事情正在啟動——真正啟動了一個盈利增長戰略。這是我們正在做的事情的關鍵部分，真正確保公司的每一位高管都知道盈利能力是我們的首要任務，並確保我們始終牢記 Salesforce 不僅僅是最大的公司之一並且增長最快。

You can see that I think that we gained -- we probably added or created more ACV than all the other SaaS companies combine. Like our ACV numbers are massive, but also the most profitable software company in the world, the most -- the highest cash flow. That's what's on our mind.

你可以看到，我認為我們獲得了——我們添加或創建的 ACV 可能比所有其他 SaaS 公司加起來還要多。就像我們的 ACV 數字是巨大的，但也是世界上最賺錢的軟件公司，最多 - 最高的現金流。這就是我們的想法。

And to do that, we are really focusing on making sure we have the expertise in the company. And I'll tell you, Dreamforce, you are all sitting in the audience. You know Mason Morfit was there, sitting next to his founder, Jeff Ubben. And we had been working with Mason, and he started bringing us these incredible ideas on distribution, on pricing, on efficiency. It was these incredible strategic decks. I have never seen the level of quality of work from anyone outside the company before. I was just so inspired with what Mason came up with that, and I'm like, you know what, we should put him on the board and he has added just incredible value.

為此，我們真正專注於確保我們擁有公司的專業知識。我會告訴你，Dreamforce，你們都坐在觀眾席上。你知道 Mason Morfit 在那裡，坐在他的創始人 Jeff Ubben 旁邊。我們一直在與梅森合作，他開始給我們帶來關於分銷、定價和效率的這些令人難以置信的想法。正是這些令人難以置信的戰略套牌。我以前從未見過公司以外任何人的工作質量水平。梅森的想法讓我深受鼓舞，我想，你知道嗎，我們應該讓他加入董事會，他增加了難以置信的價值。

I mean probably a lot from the Microsoft experience, obviously, being on the Microsoft Board was awesome for him. And the expertise that we're getting as a Board member is incredible. I think he starts today, but he has really been working with us now and has been really cool. And a huge call out to Jeff, too, because Jeff has been a friend for many years and great thoughts.

我的意思可能是很多來自微軟的經歷，很明顯，成為微軟董事會成員對他來說很棒。作為董事會成員，我們獲得的專業知識令人難以置信。我認為他今天開始，但他現在真的一直在和我們一起工作，而且真的很酷。也非常感謝 Jeff，因為 Jeff 多年來一直是我的朋友，他的想法很棒。

I'll tell you -- and all of these guys, I'll tell you -- there's a lot of them. We all know that. I've learned from everybody. I really appreciate all of their feedback. It's been fantastic. And we're also adding 2 more great Board members today, I mentioned already. But you might now know, Sachin, the CFO of Mastercard, incredible financial expertise. And also Arnold Donald, who I've known for so many years, is probably one of the greatest Fortune 100 CEOs of our time, incredible executive. Looking forward to everyone getting to know him.

我會告訴你 - 所有這些人，我會告訴你 - 他們有很多。我們都知道。我向大家學習了。我非常感謝他們的所有反饋。太棒了。我已經提到過，今天我們還增加了 2 位優秀的董事會成員。但你現在可能知道，萬事達卡的首席財務官薩欽擁有令人難以置信的財務專業知識。還有我認識多年的阿諾德·唐納德 (Arnold Donald)，他可能是我們這個時代最偉大的財富 100 強首席執行官之一，令人難以置信的高管。期待大家認識他。

And again, a huge thank you to Sandy and Alan, all of you -- I know many of you work for Sandy in your careers. And it's hard to see Sandy leave the Board because we love him, but it's been 20 years so it's probably the right moment. We're having dinner next week, and it's going to be a lot of gratitude there.

再次非常感謝桑迪和艾倫，你們所有人——我知道你們中的許多人在您的職業生涯中都為桑迪工作。很難看到桑迪離開董事會，因為我們愛他，但已經 20 年了，所以現在可能是正確的時機。下週我們將共進晚餐，屆時將充滿感激之情。

And I think that those points, combined with -- by the way, we're going to repurchase so much stock, $20 billion, I think it's real right time. We've already did $4 billion and that's obviously critical for us, and we even created this new Business Transformation Committee. So the Board can really keep their eye on these KPIs that we're talking about.

我認為這些要點，再加上——順便說一下，我們將回購這麼多股票，200 億美元，我認為現在是正確的時間。我們已經做了 40 億美元，這對我們來說顯然很重要，我們甚至創建了這個新的業務轉型委員會。因此，董事會可以真正關注我們正在討論的這些 KPI。

But yes, performance, productivity, the fundamental profitability of the company, the prioritization of our products, leading with growth like with our new Data Cloud, with our verticals that was very enlightened that question and our services organization as well. We have a lot of growth things. So when you look at -- the buying environment gets back online in some huge way, and it doesn't become measured, I think we are very well positioned for the future, and we have these great customer relationships. And I don't think there's any other evidence of that than the -- that we just hit a record low on customer attrition.

但是，是的，性能、生產力、公司的基本盈利能力、我們產品的優先級、引領增長，比如我們的新數據云，我們的垂直領域對這個問題非常有啟發性，我們的服務組織也是如此。我們有很多成長的東西。因此，當你看到 - 購買環境以某種巨大的方式重新上線，並且沒有被衡量時，我認為我們為未來做好了很好的準備，並且我們擁有這些良好的客戶關係。而且我認為沒有任何其他證據可以證明這一點 - 我們剛剛在客戶流失方面創下歷史新低。

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

你的下一個問題來自 Brent Thill 與 Jefferies 的合作。

Amy, given Marc's #1 profit -- goal of profitability, can you outline where this big jump is coming from? Can you give us just a sense of the big areas that you feel that you can really cut?

艾米，考慮到馬克的第一利潤——盈利目標，你能概述一下這一巨大飛躍的來源嗎？你能告訴我們你認為你真正可以削減的大面積嗎？

And I guess, back to Marc, it seems like you can keep growing at a pretty good rate even with higher margins. So this doesn't really feel like it's really sacrificing growth when you're guiding to still a double-digit number.

我想，回到馬克，即使利潤率更高，你似乎也可以保持相當不錯的增長速度。因此，當您指導仍然是兩位數時，這並不會讓人覺得它真的在犧牲增長。

Brent, thanks for the question. So we've got great plans for this year. As you know, we guided to 27% for fiscal year '24, and we plan to hit 30% early in the following year. Very excited about what we're doing. This is a journey that we've been on for quite some time. Just in the last 2 years, we have increased our operating margin almost 500 basis points, and this was while fully absorbing Slack.

布倫特，謝謝你的提問。所以我們今年有很好的計劃。如您所知，我們在 24 財年的目標是 27%，我們計劃在明年年初達到 30%。對我們正在做的事情感到非常興奮。這是我們已經進行了相當長一段時間的旅程。就在過去 2 年裡，我們的營業利潤率增加了近 500 個基點，同時還完全吸收了 Slack。

We announced at Investor Day, we were going to keep going and set out a goal of 25% or more by FY '26. We really hit the gas pedal on that over the last 90 days, accelerating to the 27 and the 30 that I mentioned to you. And again, as I said, even at 30, I don't view as a ceiling. That's really just getting us started on this front.

我們在投資者日宣布，我們將繼續前進，並設定到 26 財年達到 25% 或更多的目標。在過去的 90 天裡，我們真的踩下了油門踏板，加速到我向你提到的 27 和 30。再一次，正如我所說，即使在 30 歲，我也不認為這是一個上限。這真的只是讓我們在這方面開始。

Now in terms of how this is going on, there has been a lot we've been doing leading up to this with discipline across the company, looking for savings. We took 2 major steps in January. One was the real estate. We announced that we are going to be shrinking our global real estate considerably over the upcoming years. The other was the headcount.

現在，就目前的情況而言，我們一直在做很多事情，以在整個公司內遵守紀律，尋求節省。我們在一月份採取了兩個主要步驟。一是房地產。我們宣布，我們將在未來幾年大幅縮減我們的全球房地產。另一個是人數。

And on the job eliminations, I just do want to pause for a moment on that. On the call like this, it's easy to talk about that very clinically as the headcount just represents dollars and not real human beings, we all fully realize that there's employees whose lives and careers and families were deeply impacted by these decisions. And I just want to assure our employees that we never lose sight of that.

關於裁員，我只是想暫停一下。在這樣的電話會議上，很容易很冷靜地談論這個問題，因為員工人數只代表美元，而不是真正的人，我們都充分意識到，有些員工的生活、職業和家庭深受這些決定的影響。我只想向我們的員工保證，我們永遠不會忽視這一點。

But these actions weren't our first steps, and there are going to be plenty more actions that we take to increase our operating margin going forward. We have a number of initiatives underway. Brian talked about quite a few in the sales and marketing area. Sales and G&A are really 2 of our greatest opportunities, although we have started a comprehensive operating and go-to-market review that is going across all of our business. This has led -- Bain is coming in to do this and to work with us and to go through with this. I think that we've got a great initiatives underway.

但這些行動並不是我們的第一步，我們將採取更多行動來提高我們未來的營業利潤率。我們正在實施多項舉措。布賴恩在銷售和營銷領域談到了很多。銷售和 G&A 確實是我們最大的兩個機會，儘管我們已經開始對我們所有業務進行全面的運營和上市審查。這導致 - 貝恩公司正在做這件事並與我們合作並完成這件事。我認為我們正在進行一項偉大的計劃。

The other thing I would say, finally, in terms of my confidence, it really comes back to the passion and the skills of our employees. When we focus on sales, we became the fastest-growing enterprise software company ever. When we focus on product, we created an unmatched Customer 360. And now we are asking all of these incredibly talented and passionate employees to bring that same focus to productivity and efficiency. And with all of them behind us, I have no doubt that we're going to be world class for profitability. .

最後，我要說的另一件事是，就我的信心而言，這真的要歸功於我們員工的熱情和技能。當我們專注於銷售時，我們成為了有史以來發展最快的企業軟件公司。當我們專注於產品時，我們創造了一個無與倫比的客戶 360。現在我們要求所有這些非常有才華和熱情的員工將同樣的注意力放在生產力和效率上。有了他們所有人的支持，我堅信我們將成為世界一流的盈利能力。 .

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

你的下一個問題來自瑞銀的 Karl Keirstead。

Amy, just continuing on the margin conversation, you hinted in your comments about a desire to close the gap between GAAP and non-GAAP earnings. I'm just wondering if you could talk a little bit about what key levers you're using to do that. You hinted that adjustments to the equity program. It might be interesting to hear a little bit more. And over what time frame do you think that bridge might close?

艾米，繼續保證金對話，你在評論中暗示希望縮小 GAAP 和非 GAAP 收益之間的差距。我只是想知道您是否可以談談您正在使用哪些關鍵槓桿來做到這一點。你暗示了對股權計劃的調整。多聽一點可能會很有趣。您認為這座橋可能會在什麼時間範圍內關閉？

Great. Thanks for the question, Karl. There is certainly an increasing focus on GAAP margins, and in particular, on adding back stock-based compensation into our non-GAAP operating margin. I spent quite a bit of time in Europe meeting with investors in January. And in Europe, that is the first thing that everyone does. So very much top of mind.

偉大的。謝謝你的問題，卡爾。當然，人們越來越關注 GAAP 利潤率，尤其是將基於股票的薪酬添加到我們的非 GAAP 營業利潤率中。一月份，我在歐洲花了很多時間與投資者會面。在歐洲，這是每個人都會做的第一件事。所以非常重要。

Our stock-based compensation for last year was just over 10%. We plan to drive that below 9% this year. And we're getting -- there are 2 of key levers there. One is that we're actually burning through a lot of the stuff that came with some of the M&A we've done in recent years. So that is rolling through our system in the way that's going to help drive the numbers down.

我們去年的股票薪酬剛剛超過 10%。我們計劃今年將該比例降至 9% 以下。我們得到了 - 那裡有 2 個關鍵槓桿。一是我們實際上正在消耗我們近年來所做的一些併購帶來的很多東西。因此，這將以有助於降低數字的方式在我們的系統中滾動。

The others are changes at our Compensation Committee has been making very thoughtfully to how we grant equity and the form of equity that we grant. So we'll have more coming up on that as we get into proxy season, but I see this going well over the next few years. .

其他是我們的薪酬委員會對我們授予股權的方式和我們授予的股權形式進行的非常周到的改變。所以當我們進入代理季節時，我們會有更多的事情發生，但我認為這在未來幾年會進展順利。 .

Your last question comes from the line of Sarah Hindlian-Bowler with Macquarie Capital.

你的最後一個問題來自 Macquarie Capital 的 Sarah Hindlian-Bowler。

Congratulations to the entire team on an Oscar-worthy quarter. Karl really did a great job of asking the stock-based compensation question I was going to ask. So I'd like to pivot a little bit back towards maybe getting your understanding of the macro environment that helped you build your outward guidance. Brian, maybe this is a question for you in terms of getting a sense for where you saw points of stickiness or points of disruption or otherwise within your various vertical categories.

祝賀整個團隊獲得奧斯卡金像獎。卡爾真的很好地提出了我要問的基於股票的薪酬問題。所以我想稍微回顧一下，也許讓你了解幫助你建立外向指導的宏觀環境。布賴恩，也許這對你來說是一個問題，讓你了解你在哪裡看到粘性點或中斷點，或者在你的各種垂直類別中。

Yes. Thank you, Sarah. Appreciate the question. And yes, we are in a measured buying environment. There's no doubt about it. And the impact of that are things like elongated sales cycles and multiple layers of approvals that we're facing and maybe even some shrinking deal sizes. One of the nice things we've done, though, is to make sure we're training our people to navigate those headwinds that we've got in the market to go execute better. We saw that happen in Q4, and we'll see that happen in fiscal year '24.

是的。謝謝你，莎拉。感謝這個問題。是的，我們處於謹慎的購買環境中。毫無疑問。其影響是延長銷售週期和我們面臨的多層批准，甚至可能縮小交易規模。不過，我們所做的一件好事就是確保我們正在培訓我們的員工，以應對我們在市場上遇到的逆風，從而更好地執行。我們在第四季度看到了這種情況，我們將在 24 財年看到這種情況。

On the industry side, and maybe even the segment side, in our SMB market, economic headwinds tend to hit that a little bit harder. And so we saw some headwinds in our SMB market. Some of the self-serve strategies and motions that we have for Slack were impacted by the economic headwinds.

在行業方面，甚至在細分市場方面，在我們的 SMB 市場中，經濟逆風往往會對其造成更大的打擊。因此，我們在 SMB 市場看到了一些不利因素。我們為 Slack 制定的一些自助策略和動議受到了經濟逆風的影響。

And then from an industry perspective, we actually saw a lot of strength in industries around public sector, manufacturing, engineering -- excuse me, energy and travel hospitality was a strength for us in the quarter. Some areas that we continue to see headwinds in technology is probably not a surprise to anybody, and also financial services were a bit of a headwind for us in the quarter but have a lot of belief that we can turn that around in FY '24. So Sarah, thank you so much for the question. Appreciate it.

然後從行業的角度來看，我們實際上在公共部門、製造、工程等行業看到了很多優勢——對不起，能源和旅遊接待是本季度我們的優勢。我們繼續看到技術逆風的一些領域可能對任何人來說都不足為奇，而且金融服務在本季度對我們來說也有點逆風，但我們堅信我們可以在 24 財年扭轉這種局面。莎拉，非常感謝你提出這個問題。欣賞它。

Okay. Thanks, Sarah, and thanks, everyone, for joining us today. We appreciate everyone taking the time and look forward to seeing everyone over the coming several weeks. Thanks.

好的。謝謝莎拉，也謝謝大家今天加入我們。我們感謝大家抽出時間，並期待在接下來的幾週內見到大家。謝謝。

Thanks, all.

謝謝大家

Aloha.

阿羅哈。

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。