賽富時 (CRM) 2024 Q2 法說會逐字稿

Welcome to Salesforce Fiscal 2024 Second Quarter Results Conference Call. (Operator Instructions)

歡迎參加 Salesforce 2024 財年第二季業績電話會議。 （操作員指示）

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 2024 second quarter results conference call. Our press release, SEC filings and a replay of today's call can be found on our website. Joining me on the call today is Marc Benioff, Chair and CEO; Amy Weaver, President and Chief Financial Officer; and Brian Millham, President and Chief Operating Officer.

下午好，感謝您今天參加我們的 2024 財年第二季業績電話會議。我們的新聞稿、美國證券交易委員會 (SEC) 文件和今天電話會議的重播可以在我們的網站上找到。今天與我一起參加電話會議的還有董事長兼執行長馬克貝尼奧夫 (Marc Benioff)；艾米韋弗 (Amy Weaver)，總裁兼財務長；以及總裁兼營運長 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 materials 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 that could affect our financial results is included in our SEC filings including our most recent report on Forms 10-K, 10-Q and other SEC filings. 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公認會計準則衡量標準。我們的 GAAP 和非 GAAP 結果與指導之間的對帳可以在我們的收益資料和新聞稿中找到。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，可能會發生變化。如果任何這些風險成為現實，或者我們的假設被證明是錯誤的，那麼實際的公司表現可能與這些前瞻性陳述有重大差異。這些風險、不確定性和假設以及可能影響我們財務結果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，包括我們最近的 10-K 表、10-Q 表和其他美國證券交易委員會文件報告。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.

說完這些，讓我把電話交給馬克。

All right. Thanks so much, Mike, and really appreciate everyone being here today. We're obviously very excited about these results and getting out there with all of you. And thanks for being on this call. So listen, as we've shared with you over the last couple of earnings calls, Salesforce has really accelerated our transformation to profitable growth. I think that's super clear from the numbers, and I couldn't be more excited, especially on this huge top line beat and what our margin is looking like today.

好的。非常感謝，麥克，非常感謝大家今天的到來。我們顯然對這些結果感到非常興奮，並與大家一起努力。感謝您接聽本次電話。所以聽著，正如我們在過去幾次財報電話會議上與大家分享的那樣，Salesforce 確實加速了我們向獲利成長的轉型。我認為從數字上可以非常清楚地看出這一點，我感到非常興奮，尤其是看到如此巨大的營收成長以及我們今天的利潤率。

As you all know, over last year, we've been executing against these 4 key areas of our transformation. First, our restructuring for the short and long term. We've been talking about that since the fourth quarter call, and we're going to update you on that today. Second, we're reigniting our performance culture by focusing on productivity, operational excellence and profitability. And Brian is going to talk about that today.

大家知道，去年我們一直在針對這四個關鍵領域進行轉型。首先，我們的短期和長期結構調整。我們從第四季電話會議以來就一直在討論這個問題，今天我們將向大家通報最新情況。其次，我們透過專注於生產力、卓越營運和獲利能力來重振我們的績效文化。布萊恩今天將談論這個問題。

And third, we're prioritizing the core innovations to drive customer success, and I can't wait to share with you at Dreamforce, how we're taking our core platform to a whole new level, showing you some incredible new enhancements to our data cloud as well as new versions of Einstein and also fundamental extensions to our core platform, really showing how our core platform has been rebuilt so that we can take so many of these amazing acquisitions that we've made over the last decade and run them right inside the core.

第三，我們優先考慮核心創新以推動客戶成功，我迫不及待地想在 Dreamforce 上與大家分享我們如何將核心平台提升到一個全新的水平，向大家展示我們數據雲的一些令人難以置信的新增強功能以及新版本的 Einstein 以及我們核心平台的基本擴展，真正展示我們的核心平台將在過去的，以便我們能夠在過去十年中運行的許多令人驚嘆的平台。

Our fourth priority is building even stronger relationships with our investors. That's all of you. You know how important that is to us. We probably spent more time in the last 6 or 9 months with our investors than we have maybe in the entire history of the company. And we've received just great feedback from all of you, and we're really making great progress there, and I want to especially thank Mike for everything that he's doing with all of you.

我們的第四個優先事項是與投資者建立更牢固的關係。你們就這些了。你知道這對我們有多重要。在過去的 6 到 9 個月裡，我們與投資者相處的時間可能比公司整個歷史上相處的時間還要多。我們收到了大家的正面回饋，我們確實取得了很大的進展，我要特別感謝麥克與大家一起做的一切。

And we're adding a fifth priority. And last quarter, we told you we're now driving our AI transformation. We're pioneering AI for both our customers and ourselves, leading the industry through this incredible new innovation cycle, and I couldn't be happier with Srini and David and the entire product and technology team for the incredible velocity of AI products that were released to customers this quarter, and the huge impact that they're making in the market and showing how Salesforce is transforming from being not only the #1 CRM, but to the #1 AI CRM, and I just express my sincere gratitude to our entire T&P team.

我們正在增加第五個優先事項。上個季度，我們告訴大家我們正在推動人工智慧轉型。我們正在為客戶和我們自己開拓人工智慧，引領業界經歷這個令人難以置信的新創新週期，我對 Srini 和 David 以及整個產品和技術團隊感到無比高興，他們本季度向客戶發布了令人驚嘆的人工智慧產品，並對市場產生了巨大影響，展示了 Salesforce 如何從不僅是第一的 CRM，而且是第一的人工智慧 CRM，我向我們整個 T摯的感謝團隊表示感謝團隊。

I couldn't be happier with the performance of our team delivered in the second quarter. The numbers basically speak for themselves. Our AI, data, CRM plus trust platform, well, it's propelled us to become the third largest enterprise software company by revenue in the world. And I think in Japan, we just became the second largest company. So congratulations to everyone at Salesforce and especially to our Japanese team. And with our industry-leading cloud and sales service marketing commerce, our industry clouds powered by Data Cloud, Einstein, Flow, Tableau, Slack, MuleSoft.

我對我們團隊在第二季的表現感到非常滿意。數字基本上說明了一切。我們的人工智慧、數據、CRM 以及信任平台推動我們成為全球收入第三大企業軟體公司。我認為，在日本，我們剛剛成為第二大公司。因此，我向 Salesforce 的所有人表示祝賀，特別是我們的日本團隊。憑藉我們業界領先的雲端和銷售服務行銷商務，我們的產業雲由 Data Cloud、Einstein、Flow、Tableau、Slack、MuleSoft 提供支援。

Really, all of these are integrated into one trusted metadata-driven platform. We're providing more capabilities to more customers than any other CRM vendor, and I can't wait to show all that, as I said, at Dreamforce. That's why Salesforce is the #1 CRM by market share based on the largest -- latest IDC software tracker. And now, we are working hard to be the #1, as I said, AI CRM.

實際上，所有這些都整合到一個可信任的元資料驅動平台中。我們為更多客戶提供比其他 CRM 供應商更多的功能，正如我所說的，我迫不及待地想在 Dreamforce 上展示所有這些功能。這就是為什麼 Salesforce 成為市佔率第一的 CRM（根據最大的最新 IDC 軟體追蹤器）。現在，正如我所說，我們正在努力成為第一名的 AI CRM。

Our transformation drove our second quarter results, especially when it comes to our highest priority, as you can see, profitability. And look, we couldn't be happier to see these numbers. It's incredible to see the margin acceleration in such a short period of time. We've exceeded our own expectations. I hope we've exceeded yours.

我們的轉型推動了第二季度的業績，特別是在我們的最高優先事項——盈利能力方面，正如您所見。瞧，看到這些數字我們真是高興極了。在如此短的時間內看到利潤率加速成長真是令人難以置信。我們已經超越了自己的預期。我希望我們已經超越你們了。

In our second quarter, our non-GAAP operating margin rose to 31.6%. That's up over 1,000 basis points year-over-year. And this is the second quarter in a row our operating margin is up 1,000 or more points year-over-year. And as you're about to hear from Amy, we've maintained our disciplined approach to cost management while also investing in growth initiatives across our entire platform of offerings. And we're positioning Salesforce for the future and will continue to drive our margins and also while we're continuing to drive customer growth.

在第二季度，我們的非公認會計準則營業利潤率上升至 31.6%。與去年同期相比，這一數字上漲了 1,000 多個基點。這是我們的營業利潤率連續第二季年增 1,000 個百分點或更多。正如艾米即將告訴您的那樣，我們一直保持著嚴謹的成本管理方法，同時也投資於整個產品平台的成長計劃。我們正在為 Salesforce 的未來定位，並將繼續提高我們的利潤率，同時繼續推動客戶成長。

Revenue in the second quarter was $8.6 billion. It adds up 11% year-over-year and the same in constant currency. And during the quarter, we had great wins with JPMorgan, Bayer, FedEx, Maersk, as well as the Department of Veterans Affairs and so many more you're going to hear about from Brian.

第二季營收為86億美元。與去年同期相比，這一數字成長了 11%，以固定匯率計算，這一數字保持不變。在本季度，我們與摩根大通、拜耳、聯邦快遞、馬士基以及退伍軍人事務部等許多公司取得了巨大成功，您將從布萊恩那裡了解到更多相關資訊。

Operating cash flow for Q2 was $808 million, pretty incredible. That's up 142% year-over-year, really, very strong. And our remaining performance obligation ended the second quarter at $46.6 billion, that's an increase of 12% year-over-year, really amazing. Current remaining performance obligation, or what we call cRPO, ended at $24.1 billion. That's up 12% year-over-year and 11% in constant currency.

第二季的經營現金流為 8.08 億美元，相當不可思議。這比去年同期成長了 142%，確實非常強勁。我們第二季剩餘的履約義務為 466 億美元，年增 12%，這真是太了不起了。目前剩餘履約義務（或我們稱之為 cRPO）最終為 241 億美元。與去年同期相比成長了 12%，以固定匯率計算則成長了 11%。

Now through the second quarter, we have returned, and this is amazing, $8 billion in share repurchases since we started the buyback program a year ago. So we've bought $8 billion of stock over the last 12 months, that is really awesome. Amy is going to talk more about that. And I think -- I know you realize we have a lot more to do there.

現在到第二季度，我們已經回購了 80 億美元的股票，這是令人驚訝的，自一年前啟動回購計畫以來。因此，我們在過去 12 個月內購買了價值 80 億美元的股票，這真是太棒了。艾米將會就此進行更多討論。我認為——我知道你們意識到我們還有很多事情要做。

Based on our performance and what we saw in the back half of the year, we're raising our fiscal '24 revenue guidance to $34.7 billion to $34.8 billion or about 11% projected growth year-over-year.

根據我們的業績以及下半年的情況，我們將 24 財年的營收預期上調至 347 億美元至 348 億美元，預計將年增約 11%。

Last quarter, we raised our fiscal year '24 non-GAAP operating margin guidance to 28%, and we said that we expected to eclipse 30% in the first quarter of fiscal '25. Well, as you've all seen these numbers and now I'm happy to officially share, we are accelerating that target again, raising our fiscal year '24 non-GAAP operating margin, 30%, an improvement of 750 basis points year-over-year. It's kind of amazing, but yes, we are saying that we're going to deliver 30% margin for this year. And that's an incredible goal.

上個季度，我們將 24 財年非 GAAP 營業利潤率預期上調至 28%，並表示預計 25 財年第一季的營業利潤率將超過 30%。好吧，正如大家所看到的這些數字，現在我很高興正式與大家分享，我們正在再次加速實現這一目標，將 24 財年的非 GAAP 營業利潤率提高到 30%，比去年同期提高了 750 個基點。這有點令人驚訝，但是是的，我們說過今年我們將實現 30% 的利潤率。這是一個令人難以置信的目標。

So while we thought we were going to do it next year, we're really going to do it this year. And it's an amazing achievement of our whole team. It certainly has been a lot of work. It's been difficult. In a lot of cases, it has been a struggle. But our teams are incredible. And what they have done has been nothing more of miraculous, I'm down to see, not only to the delivery of the 31-plus percent growth for this quarter, but the 30% for the year. It's just awesome. It's just incredible. And I'm really excited to welcome back to Salesforce so many boomerang employees.

因此，雖然我們原以為明年會這樣做，但我們實際上會在今年這樣做。這是我們整個團隊所取得的驚人成就。這確實是一項艱鉅的工作。這很困難。在很多情況下，這是一場鬥爭。但我們的團隊非常出色。而我所看到的，他們所做的簡直就是奇蹟，不僅實現了本季 31% 以上的成長，而且全年也實現了 30% 的成長。這真是太棒了。這真是令人難以置信。我真的很高興歡迎這麼多迴力鏢員工重返 Salesforce。

Boomerang employees are employees who were employees but for one reason or another left the company, got recruited away or went off to start their own companies or whatever. Well, a lot of these results have to do with not only our incredible employees that we've had in place, but a lot of folks have really felt the desire to come back and help us. And I just want to say thank you to all of them. It's been incredible to welcome them back.

迴力鏢員工是指曾經是公司員工但因某些原因離開公司、被招募走人或離開創辦自己的公司等的員工。嗯，這些成果不僅與我們現有的優秀員工有關，而且很多人都真心希望回來幫助我們。我只想向他們所有人表示感謝。歡迎他們回來真是令人高興。

And the line is long out the door of people who have left Salesforce and want to come back to Salesforce, and we're welcoming all of them with open arms, especially across our sales, engineering, technology organization. Proven winners, incredible leaders who got taken out of Salesforce because they were doing incredible things. To watch them come back because they want to help us and achieve this next level of growth and capability and revenue and margin and in technology and leadership.

離開 Salesforce 並希望重返 Salesforce 的人員排起了長隊，我們張開雙臂歡迎他們，特別是在我們的銷售、工程和技術部門。他們是公認的成功者、出色的領導者，因為他們做出了出色的成就而被 Salesforce 挖走。看著他們回來，因為他們想幫助我們實現更高水準的成長、能力、收入、利潤、技術和領導力。

Well, I just want to especially start to thank some of those, including Miguel Milano, who's our new Chief Revenue Officer, has just returned to us from Celonis and of course, Ariel Kelman, our Chief Marketing Officer, who was most recently at Oracle, and Kendall Collins, our Chief Business Officer, and has been my -- now my Chief of Staff and was, of course, had so many, many executive positions at Salesforce. But this is a long list, and I can't even continue it of how many people are coming back. And what I love about this is that they're hitting the ground running. They make an immediate impact. They know the culture. They understand the products. They're able to execute incredible agility. And so I've got the siren sound out there for all of them to come back and to join us.

好吧，我首先要特別感謝其中一些人，包括剛從 Celonis 回來擔任我們新任首席營收官的 Miguel Milano，當然還有我們的首席營銷官 Ariel Kelman，他最近在 Oracle 任職，還有我們的首席商務官 Kendall Collins，他曾擔任過我的參謀長，當然，他在 Salesforce 擔任過很多很多高管。但這是一個很長的名單，我甚至無法繼續列出有多少人回來。我喜歡他們這樣做的原因是他們立即採取行動。它們立即產生了影響。他們了解當地文化。他們了解產品。他們能夠表現出令人難以置信的敏捷性。因此，我發出警報聲，呼籲所有人回來並加入我們。

Now earlier this month, we welcomed Sabastian Niles to Salesforce as our Chief Legal Officer. He's sitting here at the table right now making funny faces at me, and I wouldn't be happier. And I couldn't be happier to have Sabastian as part of my executive leadership team. We met Sabastian this year. He did a lot of work with Wachtell, as a lot of you know, we won't go through the details. It's not necessary to go through that right now. The past is the past. But I'll tell you one of the greatest things that happened during this amazing period of Salesforce was meeting Sabastian and now to have him on the leadership team, I couldn't be more excited and I'm thrilled to have him with us. So welcome Sabastian.

本月初，我們歡迎 Sabastian Niles 加入 Salesforce 擔任我們的首席法律長。他現在坐在桌邊對我做鬼臉，我卻高興極了。我非常高興 Sabastian 能成為我的執行領導團隊的一員。我們今年見到了塞巴斯蒂安。他與 Wachtell 合作過很多工作，正如你們許多人所知，我們不會詳細討論。現在沒有必要經歷這些。過去的已經過去了。但我要告訴你，在 Salesforce 的這個輝煌時期發生的最偉大的事情之一就是遇見了 Sabastian，現在他加入了領導團隊，我感到無比興奮，我很高興他能和我們在一起。歡迎 Sabastian。

Thank you.

謝謝。

Okay. Thank you. Those were his opening comments. AI, data, CRM, trust, let me tell you, we are at the dawn of an AI revolution. And as I've said, it's a new innovation cycle that is sparking massive tech buying cycle over the coming years. It's also a new tech investment cycle. We've been involved in the earliest rounds of many of the top AI start-ups. Many of you have seen that. We are in there very early. But I'll tell you, this company has pioneered AI, and not just in predictive, a lot of you have followed up the development and growth of Einstein. But also, you've seen that we've published some of the first papers on prompt engineering, in the beginnings of generative AI, and we took our deep learning routes and we really demonstrated the potential for regenerative AI and now to see so many of these companies become so successful.

好的。謝謝。這是他的開場白。人工智慧、數據、客戶關係管理、信任，讓我告訴你，我們正處於人工智慧革命的黎明。正如我所說，這是一個新的創新週期，它將在未來幾年引發大規模的技術購買週期。這也是一個新的技術投資週期。我們參與了許多頂級人工智慧新創企業的早期融資。你們很多人都已經看到了這一點。我們很早就到了那裡。但我要告訴你們，這家公司是人工智慧的先驅，而且不僅僅是在預測方面，你們很多人都關注著愛因斯坦的發展和成長。但同時，您也已經看到，在生成式人工智慧的初期，我們發表了一些關於快速工程的早期論文，我們採用了深度學習路線，真正展示了再生式人工智慧的潛力，現在看到這麼多公司都取得瞭如此大的成功。

I just saw OpenAI delivering $1 billion revenue run rate. It's just awesome to see this growth and especially proud that they're right here in our hometown of San Francisco, which is becoming the #1 AI city in the world. Very excited for our city. Now through our $500 million generative AI fund, we're seeing the development of ethical AI with amazing companies like Anthropic, Cohere, Hugging Face and so many others. And I just heard one of them just subleased our entire Slack building, but I'm not allowed to say who it is. But I couldn't be more excited about that because we're really seeing downtown San Francisco become AI Central.

我剛剛看到 OpenAI 實現了 10 億美元的營收運行率。看到這種成長真是太棒了，尤其令人自豪的是他們就在我們家鄉舊金山，這裡正在成為世界上第一的人工智慧城市。對我們的城市感到非常興奮。現在，透過我們 5 億美元的生成式人工智慧基金，我們看到了道德人工智慧的發展，其中包括 Anthropic、Cohere、Hugging Face 等許多優秀的公司。我剛剛聽說其中有一家公司轉租了我們整個 Slack 大樓，但我不能透露這家公司是誰。但我對此感到非常興奮，因為我們確實看到舊金山市中心成為了人工智慧中心。

So every CEO I've met with this year across every industry believes that AI is essential to improving both their top and bottom line, but especially their productivity. AI is just augmenting what we can do every single day, just thinking about myself, I have spent so much time on Bard over the last week, it's incredible. I was just buying some flashlights and I couldn't figure out what flashlight I wanted to buy, and I was on Amazon trying to figure out what's the flashlight. And so I took a picture of the -- Amazon picture of what was happening on the app, and I gave it to Bard because Bard has this multimodal capability to ingest the photo. And then ingested the photo, and it told me not to buy the flashlight, that it was poor quality and it recommended one that was better for me. And it was incredible to see that I was once again working with a next generation of artificial intelligence.

因此，今年我遇到的各行各業的每一位執行長都認為，人工智慧對於提高他們的營收和利潤至關重要，尤其是對於提高他們的生產力。人工智慧只是增強了我們每天可以做的事情，想想我自己，過去一周我在巴德學院花了這麼多時間，真是不可思議。我剛買了一些手電筒，但我不知道我想買什麼手電筒，我在亞馬遜上試圖弄清楚什麼是手電筒。因此，我拍了一張亞馬遜應用程式上正在發生的事情的照片，然後把它交給了 Bard，因為 Bard 具有攝取照片的多模式功能。然後攝取了照片，它告訴我不要購買該手電筒，因為它的品質很差，並推薦了一款更適合我手電筒。當我再次與下一代人工智慧一起工作時，我感到非常不可思議。

And that is inspiring me and I think many of our customers and ultimately, all of them believe they can grow their businesses by becoming more connected to their customers than ever before through AI and at the same time, reduce cost, increase productivity, drive efficiency and exceed customer expectations through AI. And I'll tell you, every single management team that we have here at Salesforce, every week, we're using our Einstein AI to do exactly the same thing. We go back, we're trying to augment ourselves using Einstein. So what we'll say is, and we've been doing this now and super impressive, we'll say, "Okay, Brian, what do you think our number is?" And we'll say, "Okay, that's very nice, Brian. But Einstein, what do you really think the number is?" And then Einstein will say, I think Brian is sandbagging, and then the meeting continues. The reality is every company will undergo an AI transformation with the customer at the center, because every AI transformation begins and ends with the customer, and that's why Salesforce is really well positioned with the future.

這激勵了我，我認為我們的許多客戶，最終，他們都相信，透過人工智慧，他們能夠比以往更加緊密地與客戶建立聯繫，從而發展業務，同時，透過人工智慧，降低成本、提高生產力、提高效率並超越客戶期望。我會告訴你，Salesforce 的每個管理團隊每週都在使用我們的 Einstein AI 來做同樣的事情。我們回過頭來，試著利用愛因斯坦來增強自己。所以我們要說的是，我們現在一直在這樣做，而且非常令人印象深刻，我們會說，「好的，布萊恩，你認為我們的數字是多少？」然後我們會說：「好的，布萊恩，你說得非常好。但是愛因斯坦，你認為這個數字到底是多少呢？」然後愛因斯坦會說，我認為布萊恩在逃避現實，然後會議繼續進行。現實情況是，每家公司都將以客戶為中心進行人工智慧轉型，因為每一次人工智慧轉型都始於客戶，終於客戶，這就是為什麼 Salesforce 在未來佔據有利地位。

And with this incredible technology, Einstein that we've invested so much in and grown and integrated into our core technology base, we're democratizing generative AI, making it very easy for our customers to implement every job, every business, in every industry. And I will just say that in the last few months, we've injected a new layer of generative AI assistance across all of the Customer 360. And you can see it with our salespeople who are now using our Sales Cloud GPT, which has been incredible what we've released this quarter to all of our customers and here inside Salesforce. And then when we see that, they all say to themselves, you know what, in this new world, everyone can now be in Einstein.

憑藉這項令人難以置信的技術，我們對愛因斯坦進行了大量的投資，並將其發展並融入我們的核心技術基礎，我們正在使生成人工智慧民主化，使我們的客戶能夠非常輕鬆地在每一個工作、每一個業務、每一個行業中實現這一目標。我只想說，在過去的幾個月裡，我們在整個 Customer 360 中註入了一層新的生成式 AI 輔助。您可以從我們的銷售人員身上看到這一點，他們現在正在使用我們的 Sales Cloud GPT，這是我們本季向所有客戶以及 Salesforce 內部發布的令人難以置信的產品。當我們看到這一點時，他們都會對自己說，你知道嗎，在這個新世界裡，每個人現在都可以成為愛因斯坦。

But democratizing generative AI at scale for the biggest brands in the world requires more than just these large language models and deep learning algorithms, and we all know that. Because a lot of our customers kind of think and they have tried and they go and they pull something off of Hugging Face. This is amazing. An amazing company. We just invested in their new round and grab a model and put some data in it and nothing happens. And then they don't understand and they call us and say, "Hey, what's happening here? I thought that this AI was so amazing?" And it's like, "Well, it takes a lot to actually get this intelligence to occur." And that's what I think that's the value that Salesforce is bringing is that we're really able to help our customers achieve this kind of technological superiority right out of the box just using our products in a low code, no code way.

但是，要為世界上最大的品牌大規模普及生成式人工智慧，需要的不僅僅是這些大型語言模型和深度學習演算法，我們都知道這一點。因為我們的許多顧客都有這樣的想法，他們也嘗試過，並且從 Hugging Face 中藉鑒了一些東西。這太神奇了。一家了不起的公司。我們剛剛在他們的新一輪投資中獲得了模型並輸入了一些數據，但什麼也沒發生。然後他們就不明白了，就打電話給我們說：「嘿，這是怎麼回事？我覺得這個人工智慧很神奇嗎？」就像是，「嗯，實際上要實現這種智能需要付出很多努力。」我認為 Salesforce 帶來的價值在於，我們能夠真正幫助我們的客戶以低程式碼、無程式碼的方式使用我們的產品，立即獲得這種技術優勢。

It's really just democratization of generative AI at scale. And that is really what we're trying to achieve that at the heart of every one of these AI transformations becomes our intelligent, integrated and incredible Salesforce platform, and we're going to show all of that at Dreamforce. Our platform starts and ends now with our Data Cloud, and I just would like to call out the incredible Data Cloud team for what they have delivered. A lot of you have seen the release of the Data Cloud, this incredible Genie technology that we started really showing off last Dreamforce, but what you can see with Data Cloud is that customers must get their data together if they want to achieve success with AI. This is the critical first step for every single customer. And we're going to see that this AI revolution is really a data revolution. And you're going to see at Dreamforce that we're going to get this data cloud turned on as fast as we can and as easiest as we can for every single one of our customers.

這其實只是大規模生成人工智慧的民主化。這就是我們真正想要實現的目標，每一個人工智慧轉型的核心都是我們智慧、整合和令人難以置信的 Salesforce 平台，我們將在 Dreamforce 上展示所有這些。我們的平台現在以數據雲開始和結束，我只想對出色的數據雲團隊所做的貢獻表示讚賞。你們很多人都已經看到了資料雲的發布，這是我們在上屆 Dreamforce 大會上真正展示的這項令人難以置信的 Genie 技術，但從資料雲中可以看出，如果客戶想要在人工智慧方面取得成功，就必須整合他們的資料。對每一位客戶來說，這都是至關重要的第一步。我們將會看到，這場人工智慧革命其實是一場數據革命。您將在 Dreamforce 上看到，我們將以最快速度、最方便的方式為每位客戶開通這個資料雲。

This Data Cloud is incredible, what it's doing for our customers. It not only has AI built in, but it's real time, it's automated, it's integrated with the core platform. It's not some separate data cloud. It's an integrated part of our platform in our metadata, in our core code, like our Sales Cloud, like our Service Cloud and, as you're about to soon see in our new Marketing Cloud and Commerce Cloud and of course, our core application development capabilities all inside our Data Cloud. No CRM platform on the planet is better positioned than Salesforce to use this amazing sales force and business data to fuel AI-powered applications because of this architecture. It's very easy for our customers to set up and just go.

這個數據雲為我們的客戶所做的一切都令人難以置信。它不僅內建了人工智慧，而且是即時的、自動化的，並與核心平台整合。它並不是某個獨立的資料雲。它是我們平台的整合部分，包含在元資料、核心程式碼中，例如我們的銷售雲、服務雲，正如您即將在我們的新行銷雲和商務雲中看到的那樣，當然還有我們資料雲中的核心應用程式開發功能。由於這種架構，地球上沒有哪個 CRM 平台比 Salesforce 更適合利用其驚人的銷售團隊和業務資料來支援 AI 驅動的應用程式。我們的客戶可以非常輕鬆地進行設定並開始使用。

And our data cloud is so deeply integrated as part of this core metadata architecture, it's allowing our customers to quickly action all of their data from any source without the costly integration project necessary with stand-alone data warehouses and data lakes they've been forced to buy and create more islands of information and all of these independent systems and independent teams versus having one integrated data architecture.

我們的資料雲作為核心元資料架構的一部分深度集成，它允許我們的客戶快速處理來自任何來源的所有數據，而無需購買獨立資料倉儲和資料湖所需的昂貴集成項目，並創建更多的資訊孤島以及所有這些獨立系統和獨立團隊，而不是擁有一個整合的資料架構。

We're moving our customers from having islands of data to having a single source of truth for all of their data. This is our greatest dream. With Data Cloud and powerful technologies like Einstein, Flow, Lightning, Tableau, MuleSoft, Slack, our customers, they can easily supercharge every application and customer experience with AI, automation and analytics at scale. Data Cloud continues to be our fastest-growing organic product. You're going to see the new version at Dreamforce it's fully integrated with our Sales Cloud and Service Cloud and of course, already our Marketing Cloud and other key things. And this kind of new second version of Data Cloud that's coming will be fully released to the customers.

我們正在幫助客戶擺脫資料孤島，轉而擁有所有資料的單一真實來源。這是我們最大的夢想。透過資料雲端和 Einstein、Flow、Lightning、Tableau、MuleSoft、Slack 等強大的技術，我們的客戶可以輕鬆地透過大規模人工智慧、自動化和分析來增強每個應用程式和客戶體驗。數據雲持續成為我們成長最快的有機產品。您將在 Dreamforce 上看到新版本，它與我們的銷售雲和服務雲完全集成，當然，還有我們的行銷雲和其他關鍵內容。而即將推出的這種全新的第二版數據雲也將全面向客戶發布。

And as I said, our goal is for every customer just to be able to easily turn it on. Just in the second quarter, Data Cloud ingested, and this is amazing, over 6 trillion records. It ingested 6 trillion records and triggered more than 1 trillion activations to drive customer engagement. And we've always put trust at the center of everything that's going on in our platform, and that has never been important -- more important, I would say, especially now, with not only with Data Cloud, but on this AI revolution.

正如我所說，我們的目標是讓每個客戶都能輕鬆打開它。光是第二季度，Data Cloud 就吸收了超過 6 兆筆記錄，這真是令人驚訝。它吸收了 6 兆筆記錄並觸發了超過 1 兆次啟動以推動客戶參與。我們始終將信任置於我們平台上發生的一切的核心，這從未如此重要——我想說，現在尤其如此，不僅在數據雲方面，而且在這場人工智慧革命中。

Because this AI revolution is a trust revolution, everything Einstein does has also delivered with trust and especially ethics at the center, and I especially want to call out the incredible work of our Office of Ethical and Humane Use, pioneering the use of ethics and technology. If you didn't read their incredible article in HBR this quarter. It was awesome. And they are doing incredible work really saying that it's not just about AI, it's not just about data, but it's also about trust and ethics. And that's why we developed this Einstein trust layer. This is completely unique in the industry. It enables our customers to maintain their data privacy, security, residency and compliance goals.

因為這場人工智慧革命是一場信任革命，愛因斯坦所做的一切也都以信任，尤其是道德為核心，我特別想讚揚我們的道德與人道使用辦公室所做的出色工作，他們開創了道德和技術的結合。如果您本季沒有閱讀他們在《哈佛商業評論》上發表的精彩文章。太棒了。他們所做的工作確實令人難以置信，這不僅關乎人工智慧，不僅關乎數據，還關乎信任和道德。這就是我們發展愛因斯坦信任層的原因。這在業界是絕無僅有的。它使我們的客戶能夠維護其資料隱私、安全、居住和合規目標。

And I can tell you, we're already at this early stage seen momentum with these amazing Einstein innovations. Companies like Heathrow Airport and PenFed Credit Union really adopted Einstein and took their Salesforce implementations to another level in the quarter. Heathrow is a great example of transformative power of AI, data, CRM and trust and the power of a single source of truth. They have 70 million passengers who pass through their terminal annually, I'm sure many of you have been one of those passengers. I have as well. Heathrow is operating in a tremendous scale, managing the entire airport experience with the Service Cloud, Marketing Cloud, Commerce Cloud, but now Heathrow, they've added Data Cloud also, giving them a single source of truth for every customer interaction and setting them up to pioneer the AI revolution.

我可以告訴你們，我們已經在早期階段看到了愛因斯坦這些令人驚嘆的創新的勢頭。希思羅機場和 PenFed 信用合作社等公司真正採用了 Einstein，並在本季度將其 Salesforce 實施提升到了一個新的水平。希思羅機場是人工智慧、數據、CRM 和信任的變革力量以及單一事實來源的力量的絕佳典範。每年有 7000 萬名乘客通過他們的航站樓，我相信你們中的許多人都是其中之一。我也有。希思羅機場的營運規模非常大，透過服務雲、行銷雲、商務雲管理整個機場體驗，但現在希思羅機場也增加了資料雲，為他們提供與每次客戶互動的單一真實來源，並為他們開創人工智慧革命做好準備。

And with Einstein, Heathrow's service agents now have this AI-assisted generating replies to service inquiries, case deflection, writing case summaries, all the relevant data and business context coming from Data Cloud. We're doing so much incredible an exciting innovative work in service with Data Cloud and with our Service Cloud, and AI is going to show us a whole new vision for the future of service and what our Service Cloud can do for customers, not only with delivering high-quality customer service, but delivering incredible new levels of productivity. This is saving their agents huge amounts of time and effort. This is the power of Salesforce.

有了愛因斯坦，希斯洛機場的服務人員現在可以透過人工智慧輔助回覆服務諮詢、案例轉移、撰寫案例摘要，所有相關數據和業務背景都來自資料雲。我們利用數據雲和服務雲在服務領域做了很多令人難以置信的、令人興奮的創新工作，人工智慧將向我們展示服務未來的全新願景，以及我們的服務雲可以為客戶做些什麼，不僅可以提供高品質的客戶服務，還可以提供令人難以置信的全新生產力水平。這為他們的代理商節省了大量的時間和精力。這就是 Salesforce 的力量。

I've never been more excited about the future of our industry, the power and future of our company, the potential to help all of our customers and also especially our team, the quality of our team, especially fueled by all these amazing new boomerangs, and you're going to see it all at Dreamforce. Dreamforce is right around the corner, September 12 through 14 right here in San Francisco. I'm looking forward to welcoming each and every one of you to Dreamforce. I'm right now at the top of Salesforce Tower in San Francisco. We're going to bring you up here. We'll bring you through Moscone. We'll show you our incredible downtown.

我從未對我們行業的未來、我們公司的實力和未來、幫助我們所有客戶的潛力以及特別是我們的團隊、我們團隊的素質感到如此興奮，尤其是在所有這些令人驚嘆的新迴旋鏢的推動下，您將在 Dreamforce 上看到這一切。 Dreamforce 即將於 9 月 12 日至 14 日在舊金山舉行。我期待歡迎你們每一位加入 Dreamforce。我現在就在舊金山 Salesforce Tower 的頂樓。我們要帶你到這裡來。我們將帶您參觀莫斯康展覽中心。我們將向您展示我們令人難以置信的市中心。

And I'll tell you, this isn't just the largest enterprise tech conference this year, it's going to be the world's largest AI conference and the largest gathering of AI experts. We'll have many of the world's top AI thinkers, including Sam Altman and his amazing OpenAI company, incredible what he's doing; Anthropic CEO, Dario Amodei, who's one of his alumni who left OpenAI to start Anthropic, amazing company.

我告訴你們，這不僅是今年最大的企業技術會議，它還將成為世界上最大的人工智慧會議和最大的人工智慧專家聚會。我們將擁有許多世界頂尖的人工智慧思想家，包括 Sam Altman 和他令人驚嘆的 OpenAI 公司，他所做的事情令人難以置信； Anthropic 執行長 Dario Amodei 是他的一位校友，他離開 OpenAI 創辦了 Anthropic，這是一家了不起的公司。

Stanford's Fei-Fei Li, amazing researcher and visionary leader of AI and presenting some of the -- into some of the 1,500 Dreamforce Conference sessions, it's really awesome what we're going to see here with AI and Dreamforce. And we're going to take everyone's skills to a whole another level. And we'll also share our vision for the future of CRM, the next generation of Data Cloud and Einstein. And we're also going to have the Foo Fighters. They are going to play our Dreamforce Benefit Concert.

史丹佛大學的李飛飛是一位出色的人工智慧研究員和富有遠見的領導者，她在 1,500 場 Dreamforce 大會上展示了一些成果，我們將在這裡看到人工智慧和 Dreamforce 的精彩表現。我們將把每個人的技能提升到一個全新的水平。我們也將分享對 CRM、下一代資料雲和愛因斯坦的未來願景。我們也會邀請 Foo Fighters 樂團來表演。他們將參加我們的 Dreamforce 慈善音樂會。

Dave Matthews is going to play my dinner the night before. Hopefully, we're going to see him at the conference, some incredible ways. And we can't wait to get you all here and to show you what's happening at Salesforce, what's happening in AI, what's happening in San Francisco. And it's going to be an amazing event, and we're just a few days away. And now let me turn it over to Brian.

戴夫馬修斯將在前一天晚上演奏我的晚餐。希望我們能在會議上以一些令人難以置信的方式見到他。我們迫不及待地想讓你們來到這裡，向你們展示 Salesforce 正在發生的事情、人工智慧正在發生的事情以及舊金山正在發生的事情。這將是一次令人驚嘆的盛會，而且距離開幕僅剩幾天。現在讓我把話題交給 Brian。

Thanks, Marc, particularly for the sandbagging comment. I really appreciate it. Our focus...

謝謝，馬克，特別是你的沙袋評論。我真的很感激。我們的重點...

It wasn't me. It was Einstein.

不是我。他是愛因斯坦。

Sorry. Yes.

對不起。是的。

So just know, it is what it is, Brian.

所以，只要知道，事實就是這樣，布萊恩。

Got it. Our focus on operational...

知道了。我們專注於營運...

That's the AI revolution coming at you, baby. So get ready.

寶貝，這就是即將來臨的人工智慧革命。所以做好準備吧。

Okay. Our focus on operational excellence, high performance and growth initiatives drove another strong quarter. We continued our disciplined approach to cost management and efficiencies, removing complexity from our business to drive top and bottom line improvements. Every customer I met with in the quarter made it clear they are laser-focused on driving greater productivity, quick time to value and business growth.

好的。我們對卓越營運、高績效和成長計劃的關注推動了另一個強勁的季度。我們繼續採取嚴謹的成本管理和效率方法，消除業務複雜性，從而推動營收和利潤的改善。本季我遇到的每一位客戶都明確表示，他們專注於提高生產力、快速實現價值和業務成長。

We see AI CRM as the answer -- they all see AI CRM as the answer to those priorities, and we're making it easier and faster for our customers to unleash the power of trusted generative AI safely and at scale. We're innovating faster than ever with AI plus data plus CRM plus the trust platform. We also have the most complete product portfolio with Customer 360 delivering mission-critical outcomes for our customers.

我們將 AI CRM 視為答案——他們都將 AI CRM 視為解決這些優先事項的答案，我們正在讓客戶更輕鬆、更快地安全、大規模地釋放可信生成 AI 的力量。我們利用人工智慧、數據、CRM 和信任平台進行比以往更快的創新。我們也擁有最完整的產品組合，Customer 360 為我們的客戶提供關鍵任務成果。

And you've heard from Marc, Data Cloud is supercharging our product portfolio, servicing real-time customer data in the flow of work around sales, service, marketing and commerce. That's why more than 90% of the Fortune 100 rely Salesforce on average more than 5 of our clouds. Amid the ongoing measured buying environment, compression of larger transformational deals continued in the quarter, affecting our professional services growth. Despite that, we exceeded top and bottom line expectations in Q2. This is a reflection of our proven go-to-market strategy and focus on customer success.

您已經從馬克那裡聽說了，數據雲正在增強我們的產品組合，為銷售、服務、行銷和商業等工作流程中的即時客戶數據提供服務。這就是為什麼超過 90% 的財富 100 強企業平均依賴 Salesforce 的 5 個以上雲端。在持續審慎的採購環境下，本季大型轉型交易持續壓縮，影響了我們的專業服務成長。儘管如此，我們第二季的營收和利潤均超出預期。這體現了我們行之有效的行銷策略和對客戶成功的關注。

Our high-performance culture continues to drive results, and I'm proud of how well the team executed in the quarter. Our growth initiatives across core products, data, AI, services, industries and international are driving our success. In the quarter, we saw consistent demand in our core business, and we continue to benefit from customers consolidating their technology platforms to reduce complexity, drive efficiency and growth. 6 of our top 10 wins in the quarter included 5 or more clouds. And as you'll hear from Amy, we're deepening our relationships with multi-cloud customers who are running their businesses on Salesforce and realizing tremendous value from having 1 integrated AI-powered CRM platform.

我們的高績效文化持續推動業績，我為團隊在本季的出色表現感到自豪。我們在核心產品、數據、人工智慧、服務、產業和國際領域的成長舉措正在推動我們的成功。本季度，我們的核心業務需求持續穩定，我們繼續受益於客戶整合其技術平台以降低複雜性、提高效率和成長。我們在本季取得的 10 場勝利中有 6 項涉及 5 朵或更多的雲。正如艾米所說，我們正在深化與在 Salesforce 上開展業務的多雲客戶的關係，並透過擁有一個整合的 AI 驅動的 CRM 平台來實現巨大的價值。

Schneider Electric has been using Customer 360 for over a decade, enhancing customer engagement, service and efficiency. With Einstein, Schneider has refined demand generation, reduced close times by 30%. Through Salesforce Flow, they've automated order fulfillment. And with Service Cloud, they're handling over 8 million support interactions annually, much of it done on our self-service offering.

施耐德電機使用 Customer 360 已有十多年，提高了客戶參與度、服務和效率。借助愛因斯坦，施耐德改進了需求生成，將成交時間縮短了 30%。透過 Salesforce Flow，他們實現了訂單履行的自動化。借助 Service Cloud，他們每年處理超過 800 萬次支援互動，其中大部分是透過我們的自助服務完成的。

In Q2, Schneider selected Marketing Cloud to further personalize the customer experience. In the quarter, we saw add-on products like sales performance management, digital service, self-service and marketing engagement grow 40%. And to help our smaller business customers achieve faster time to value, we introduced a new product called Salesforce Starter in Q2, bringing sales, service and marketing into 1 integrated offering for our small business customers.

第二季度，施耐德選擇了 Marketing Cloud 來進一步個人化客戶體驗。本季度，我們看到銷售績效管理、數位服務、自助服務和行銷參與等附加產品成長了 40%。為了幫助我們的小型企業客戶更快地實現價值，我們在第二季度推出了一款名為 Salesforce Starter 的新產品，將銷售、服務和行銷整合為一個產品，供我們的小型企業客戶使用。

As Marc said, Data Cloud is one of our fastest-growing organic innovations ever, and it lets customers unlock the power of their data to supercharge every application and customer experience with AI, automation and analytics. This is driving our strong momentum. Data Cloud was in 5 of our top 10 deals in the quarter, and we saw great wins at companies like SiriusXM and KPMG. In the quarter, FedEx made a significant investment in Salesforce by adding Data Cloud. FedEx has long relied on multiple clouds from Salesforce, including sales, service, marketing and Einstein. Now with Data Cloud turned on, every part of Salesforce is deeply integrated to drive growth and deliver more targeted customer engagement and personalized experiences.

正如馬克所說，數據雲是我們有史以來成長最快的有機創新之一，它讓客戶釋放數據的力量，利用人工智慧、自動化和分析來增強每個應用程式和客戶體驗。這推動了我們的強勁發展勢頭。數據雲佔據了我們本季十大交易中的五項，並且我們在 SiriusXM 和畢馬威等公司取得了巨大成功。本季度，聯邦快遞透過增加資料雲對 Salesforce 進行了重大投資。聯邦快遞長期以來一直依賴 Salesforce 的多種雲端服務，包括銷售、服務、行銷和愛因斯坦。現在，隨著資料雲的啟用，Salesforce 的每個部分都深度集成，以推動成長並提供更有針對性的客戶參與和個人化體驗。

We're also seeing strong customer momentum on Einstein generative AI. PenFed is a great example of how AI plus data plus CRM plus trust is driving growth for our customers. PenFed is one of the largest credit unions in the U.S., growing at a rate of the next 9 credit unions combined. They're already using Financial Services Cloud, Experience Cloud and MuleSoft, and our Einstein-powered chatbots handling 40,000 customer service sessions per month.

我們也看到愛因斯坦生成人工智慧的客戶勢頭強勁。 PenFed 是一個很好的例子，展示了人工智慧、數據、CRM 和信任如何推動客戶成長。 PenFed 是美國最大的信用合作社之一，其成長速度相當於接下來的 9 家信用合作社的總和。他們已經在使用金融服務雲端、體驗雲端和 MuleSoft，以及我們基於愛因斯坦的聊天機器人，每月處理 40,000 次客戶服務會話。

In fact, today, PenFed resolves 20% of their cases on first contact with Einstein-powered chatbots, resulting in a 223% increase in chatbot activity in the past year with incredible ROI. In Q2, PenFed expanded with Data Cloud to unify all the customer data from its nearly 3 million members and increase their use of Einstein to roll out generative AI assistant for every single one of their service agents.

事實上，如今，PenFed 在首次與基於 Einstein 的聊天機器人接觸時就解決了 20% 的案件，導致過去一年聊天機器人活動增加了 223%，投資回報率令人難以置信。在第二季度，PenFed 透過數據雲端進行了擴展，統一了其近 300 萬會員的所有客戶數據，並增加了對 Einstein 的使用，為其每位服務代理推出生成式 AI 助理。

In the quarter, we also had great wins in Tableau, Slack and MuleSoft, with Tableau continuing to be a tailwind to our revenue growth. In Q2, nearly half of our greater than $1 million deals included MuleSoft. And as customers bring together data from all sources to fuel efficiency, growth and insights, MuleSoft has become mission-critical for them and was included in half of our top 10 deals. We've seen excellent usage growth in our automation products, including Slack, which now which has now launched nearly 8 million workflows weekly, 71% increase year-over-year.

本季度，我們在 Tableau、Slack 和 MuleSoft 方面也取得了巨大成功，Tableau 繼續成為我們營收成長的順風。在第二季度，我們超過 100 萬美元的交易中幾乎有一半涉及 MuleSoft。隨著客戶將來自各個來源的資料匯集在一起以提高效率、促進成長並洞察洞察力，MuleSoft 已成為他們的關鍵任務，並被列入我們十大交易中的一半。我們的自動化產品的使用量顯著增長，其中包括 Slack，目前每週啟動近 800 萬個工作流程，較去年同期成長 71%。

Our industry verticals continue to be a growth lever for us. And for the third consecutive quarter, 8 of our industry clouds grew at ARR above 50%. We also saw -- we saw strong growth internationally with wins like Hargreaves Lansdown in EMEA, Department of Education in Victoria in APAC, Banco Carrefour in LatAm. And I'm excited to reiterate Marc said earlier about Japan now being the second largest software business in the country, just incredible growth.

我們的垂直產業繼續成為我們的成長槓桿。連續第三個季度，我們的 8 個產業雲的 ARR 成長率超過 50%。我們還看到——我們在國際上取得了強勁增長，例如在歐洲、中東和非洲地區贏得了 Hargreaves Lansdown，在亞太地區贏得了維多利亞州教育部，在拉丁美洲贏得了家樂福銀行。我很高興重申馬克之前所說的，日本現在是全國第二大軟體市場，成長速度令人難以置信。

As we head into the second half of the year, we are leading the way as the #1 AI CRM, with a path -- sorry, with the pace of innovation at an all-time high. Our focus on customer success drives our own success, accelerating revenue and profitability. The full power of Salesforce and our incredible community of Trailblazers, experts and partners will be on display at Dreamforce next month. I hope to see you all there. Amy, over to you.

隨著我們進入下半年，我們正以第一的 AI CRM 引領潮流，創新步伐達到了前所未有的高度。我們對客戶成功的關注推動了我們自身的成功，從而加速了收入和獲利能力。 Salesforce 的全部實力以及我們令人難以置信的開拓者、專家和合作夥伴社群將於下個月的 Dreamforce 上展示。我希望在那裡見到你們。艾米，交給你了。

Thank you, Brian. Our Q2 results show that we continue to make great progress in our 4, now 5, key areas of transformation, delivering another quarter of top and bottom line expansion. As you can see in our results, we're delivering against our transformation, driving profitable growth and shareholder value, and we are well positioned for the future, with the #1 AI CRM. Our execution against our profitable growth framework drove our Q2 results.

謝謝你，布萊恩。我們第二季的業績表明，我們在 4 個（現在是 5 個）關鍵轉型領域繼續取得巨大進展，再次實現了季度營收和利潤的成長。正如您在我們的結果中所看到的，我們正在實現轉型，推動獲利成長和股東價值，並且憑藉排名第一的 AI CRM，我們為未來做好了準備。我們根據獲利成長框架實施的措施推動了第二季的業績。

So let's start with the top line commentary. For the second quarter, revenue was $8.6 billion, up 11% year-over-year and the same in constant currency. The growth was primarily driven by continued MuleSoft momentum, solid sales and service performance and a modest FX tailwind. This was partially offset by some continued weakness in professional services. The durability of our business model and our continued multi-cloud expansion strategy reflects the mission-critical nature of our unified platform. This is evidenced by the more than 450 customers who invest more than $10 million annually and average 7 clouds. And in the last 5 years, the number of $10 million-plus customers has tripled, and their average number of clouds has nearly doubled.

那麼讓我們從最重要的評論開始。第二季度，營收為 86 億美元，年增 11%，以固定匯率計算持平。成長主要得益於 MuleSoft 持續的成長動能、穩健的銷售和服務表現以及適度的外匯順風。專業服務業的持續疲軟在一定程度上抵消了這種影響。我們的商業模式的持久性和持續的多雲擴展策略反映了我們統一平台的關鍵任務性質。超過 450 名客戶每年投資超過 1000 萬美元，平均擁有 7 朵雲，證明了這一點。在過去 5 年中，1,000 萬美元以上的客戶數量增加了兩倍，他們的平均雲端數量幾乎增加了一倍。

From a geographic perspective, the Americas revenue grew 10%. EMEA grew 13% or 11% in constant currency, and APAC grew 20% or 24% in constant currency. We saw strong new business growth internationally, highlighted by Canada, France and India, while the United States continues to be constrained.

從地理角度來看，美洲地區營收成長了10%。歐洲、中東和非洲地區成長 13%（以固定匯率計算為 11%），亞太地區成長 20%（以固定匯率計算為 24%）。我們看到國際上新業務強勁成長，其中加拿大、法國和印度表現突出，而美國則持續受到限制。

From an industry perspective, manufacturing, automotive and energy saw greater resilience, while high tech and retail and consumer goods were more measured. Q2 revenue attrition ended the quarter at approximately 8%. In Q2, our non-GAAP operating margin rose to 31.6%, up 1,000 basis points or more for the second quarter in a row. The margin improvement was driven by savings from our restructuring actions, strength in revenue and investment timing.

從產業角度來看，製造業、汽車業、能源業復甦勢頭強勁，高科技業、零售及消費品業復甦勢頭較為穩健。第二季營收損失約為 8%。第二季度，我們的非公認會計準則營業利潤率上升至 31.6%，連續第二季上漲 1,000 個基點以上。利潤率的提高得益於重組行動帶來的節省、收入的強勁成長和投資時機的把握。

I am very proud of our progress. Our disciplined approach to cost management has allowed us to exceed our 30% non-GAAP margin target 3 quarters early. Q2 operating cash flow was $808 million, up 142% year-over-year. Q2 free cash flow was $628 million, up 379% year-over-year. The upside in cash flow was driven by stronger collections than expected and lower cash outflows tied to the Q2 margin benefits we just discussed.

我對我們的進步感到非常自豪。我們嚴謹的成本管理方法使我們提前三個季度超越了 30% 的非 GAAP 利潤率目標。第二季經營現金流為8.08億美元，較去年成長142%。第二季自由現金流為 6.28 億美元，年增 379%。現金流的上升是由於收款額超出預期，以及與我們剛剛討論過的第二季保證金收益相關的現金流出減少。

Now turning to remaining performance obligation, RPO, which represents all future revenue under contract, ended Q2 at $46.6 billion, up 12% year-over-year. Current remaining performance obligation, or cRPO, ended at $24.1 billion, up 12% year-over-year and 11% in constant currency. This was ahead of expectations, notably due to the momentum in MuleSoft. As we called out last quarter, cRPO growth did include a 1 point headwind from professional services.

現在談到剩餘履約義務，代表合約項下所有未來收入的 RPO，第二季末達到 466 億美元，年增 12%。目前剩餘履約義務（cRPO）最終達到 241 億美元，年增 12%，以固定匯率計算成長 11%。這超出了預期，尤其是由於 MuleSoft 的發展勢頭。正如我們上個季度所指出的，cRPO 成長確實包括來自專業服務的 1 個百分點的阻力。

And finally, we continue to deliver on our capital return commitment. In Q2, we returned $1.9 billion in the form of share repurchases, bringing the total return to more than $8 billion, representing more than 48 million shares since the program was initiated just last August.

最後，我們將繼續履行資本回報承諾。在第二季度，我們以股票回購的形式返還了 19 億美元，使總返還金額超過 80 億美元，相當於自去年 8 月該計劃啟動以來已回購了超過 4,800 萬股股票。

Before turning to guidance, I wanted to briefly touch on the current macro environment. As you heard from Brian, the measured macro environment continues to impact customer decision-making. And we are still seeing elongated sales cycles, additional deal approval layers and deal compression in our subscription and support and professional services businesses. These factors are incorporated in our guidance.

在談到指導之前，我想先簡單談談當前的宏觀環境。正如布萊恩所說，衡量的宏觀環境持續影響客戶的決策。我們仍然看到訂閱、支援和專業服務業務中的銷售週期延長、交易審批層級增加以及交易壓縮。這些因素都已納入我們的指導中。

Let's start with fiscal year '24. On revenue, we are raising our guidance to $34.7 billion to $34.8 billion, representing 11% growth year-over-year in both nominal and constant currency. The increase is driven by strength in our subscription and support revenue, particularly in MuleSoft. We are accelerating our transformation to profitable growth. For fiscal year '24, we are pleased to raise non-GAAP operating margin guidance to 30%, representing a 750 basis point improvement year-over-year.

讓我們從 24 財年開始。在營收方面，我們將預期營收提高至 347 億美元至 348 億美元，以名義和恆定貨幣計算，年增 11%。這一成長得益於我們訂閱和支援收入的強勁成長，尤其是 MuleSoft。我們正在加速向獲利成長轉型。對於 24 財年，我們很高興將非 GAAP 營業利潤率預期提高至 30%，較上年同期提高 750 個基點。

As Marc highlighted, we're in a new AI era, a new innovation cycle that we will continue to invest into as we have over the last decade. As a result, we expect nonlinear quarterly margins in the back half of this year, driven by investment timing, specifically in AI-focused R&D. We also remain focused on stock-based compensation and expected to improve this year to slightly above 8% as a percent of revenue.

正如馬克所強調的，我們正處於一個新的人工智慧時代，一個新的創新週期，我們將像過去十年一樣繼續投資。因此，我們預計今年下半年季度利潤率將呈現非線性，這主要受到投資時機（尤其是以人工智慧為重點的研發）的推動。我們也將繼續關注股票薪酬，預計今年將提高至佔收入的 8% 以上。

As a result of these updates, we now expect fiscal year '24 GAAP diluted EPS of $3.50 to $3.52, including estimated charges for the restructuring of $1.11. Non-GAAP diluted EPS is now expected to be $8.04 to $8.06. We are raising our fiscal year '24 operating cash flow growth guidance to approximately 22% to 23%. This continues to include a 14 to 16-point headwind from restructuring.

基於這些更新，我們現在預計 24 財年的 GAAP 稀釋每股收益為 3.50 美元至 3.52 美元，其中包括 1.11 美元的重組預計費用。目前預計非 GAAP 稀釋每股收益為 8.04 美元至 8.06 美元。我們將 24 財年的經營現金流量成長預期上調至約 22% 至 23%。這其中也包括重組帶來的 14 至 16 個百分點的阻力。

As a reminder, we expect to see an increase in our cash taxes in fiscal year '24 as we draw down our remaining net operating losses. We expect an even greater cash tax headwind next fiscal year as we draw down our remaining tax credit carryforward. CapEx for the fiscal year is expected to be slightly below 2.5% of revenue. This results in free cash flow growth of approximately 24% to 25% for the fiscal year.

提醒一下，隨著我們剩餘淨營業虧損的減少，我們預計 24 財年的現金稅將會增加。隨著我們用完剩餘的稅收抵免結轉，我們預計下一財年現金稅收逆風會更大。預計本財年的資本支出將略低於營收的 2.5%。這使得本財年的自由現金流成長約 24% 至 25%。

Now to guidance for Q3. On revenue, we expect $8.7 billion to $8.72 billion, growth of approximately 11% or 10% in constant currency. cRPO growth for Q3 is expected to be slightly above 11% year-over-year in nominal and slightly above 10% in constant currency. We continue to expect professional services headwinds of approximately 1 point to cRPO growth.

現在來看看第三季的指引。就營收而言，我們預計營收將達到 87 億美元至 87.2 億美元，以固定匯率計算成長約 11% 或 10%。第三季 cRPO 成長率預計將略高於去年同期的 11%（以名目匯率計算），略高於 10%（以固定匯率計算）。我們繼續預期專業服務將對 cRPO 成長造成約 1 個百分點的阻力。

As a reminder, Q3 is the first full quarter we lapped the measured buying environment that we first began to see in July of last year. While we expect bookings growth to begin to normalize, cRPO will continue to be materially impacted by the cumulative effect of the previous 5 quarters of measured sales performance.

提醒一下，第三季是我們第一次經歷去年 7 月開始看到的衡量購買環境的完整季度。雖然我們預計預訂量成長將開始正常化，但 cRPO 將繼續受到前 5 個季度銷售業績累積效應的重大影響。

For Q3, we expect GAAP EPS of $1.02 to $1.03. And non-GAAP EPS of $2.05 to $2.06. And as we focus on shareholder return and disciplined capital allocation, we continue to expect to fully offset our stock-based compensation dilution through our share repurchases in fiscal year '24.

對於第三季度，我們預計 GAAP EPS 為 1.02 美元至 1.03 美元。非公認會計準則每股收益為 2.05 美元至 2.06 美元。由於我們注重股東回報和嚴格的資本配置，我們繼續期望透過 24 財年的股票回購完全抵銷股票薪資稀釋。

In closing, I want to thank our shareholders for their continued support. As we laid out for you 2 quarters ago, we have radically accelerated our transformation to profitable growth. We've maintained our disciplined approach to cost management while continuing to make strategic investments, notably in our new data and AI capabilities.

最後，我要感謝股東們的持續支持。正如我們在兩個季度前向您介紹的那樣，我們已經大幅加快了向獲利成長的轉型。我們一直保持嚴謹的成本管理方法，同時繼續進行策略性投資，特別是在新數據和人工智慧能力方面。

And finally, I hope you're able to attend Dreamforce, whether in person or virtually, to hear the latest on the incredible AI innovation our team is delivering. As Marc said, it's going to be the AI event of the year. Now Mike, let's open up the call for questions.

最後，我希望您能夠參加 Dreamforce，無論是親自到現場還是以虛擬方式，來了解我們團隊正在提供的令人難以置信的 AI 創新的最新進展。正如馬克所說，這將成為今年的人工智慧盛會。現在，麥克，讓我們開始提問。

Thanks, Amy. Emma, we'll go to move to Q&A portion of our call now. Out of respect for others on the call, we ask everyone to ask only one question. Emma, please.

謝謝，艾米。艾瑪，我們現在進入通話的問答環節。出於對通話中其他人的尊重，我們要求每個人只問一個問題。艾瑪，請。

(Operator Instructions) Your first question comes from the line of Kash Rangan with Goldman Sachs.

（操作員指示）您的第一個問題來自高盛的 Kash Rangan。

The team has done a spectacular job doing a soft landing, not to use an overused term with respect to the economy. So that's cost controls, operating discipline, et cetera. So really congratulations on that. And I hope that Dreamforce continues to stay in San Francisco, Marc.

該團隊在實現經濟軟著陸方面做得非常出色，這並不是對經濟過度使用的術語。這就是成本控制、營運紀律等等。對此我深表祝賀。我希望 Dreamforce 繼續留在舊金山，馬克。

A question for you is we got all this tremendous new product excitement. We've got generative AI capabilities. The spending environment seems to be sort of stabilizing. The economy does have a soft landing. Do you think Salesforce has maximized its customer wallet share? Or do you think there's more share to gain and therefore, there are better days ahead? Because we've seen the margin story play out very, very impressively. Is there -- is sales -- can Salesforce get back to the days of growth, not hyper growth, but is there enough room in the market, enough customer wallet share? And seemingly there's enough product excitement with generative AI. So if you net it all out, can we still do a nice job with margins while still having a shot at growing even faster when economic conditions are no longer a constraint. Congratulations.

我想問您的一個問題是，我們對所有這些新產品感到非常興奮。我們擁有生成人工智慧的能力。消費環境似乎正在趨於穩定。經濟確實實現了軟著陸。您認為 Salesforce 是否已將客戶錢包份額最大化？或者您認為可以獲得更多的份額，因此未來會更好？因為我們已經看到利潤率的故事以非常非常令人印象深刻的方式展開。 Salesforce 的銷售額能否恢復成長，而不是超高速成長，但市場是否有足夠的空間，是否有足夠的客戶錢包份額？並且似乎生成式人工智慧已經引起了足夠的產品興趣。因此，如果把所有因素都考慮進去，當經濟條件不再成為限制因素時，我們是否還能在保證利潤率的同時，仍然有機會實現更快的成長？恭喜。

Kash, thanks so much, and we're looking forward to seeing you at Dreamforce. We're really excited, and I think you're going to be super excited when you see these new AI products. And when we talk about growth, I think it's going to start with AI. I think that AI is about to really ignite a buying revolution. I think we've already started to see that with our customers and even some of these new companies like OpenAI. And we certainly see that in our customers' base as well.

Kash，非常感謝，我們期待在 Dreamforce 上見到您。我們真的很興奮，我想當你看到這些新的人工智慧產品時你也會非常興奮。當我們談論成長時，我認為它將從人工智慧開始。我認為人工智慧即將真正引發一場購買革命。我認為我們已經開始在我們的客戶甚至一些新公司（如 OpenAI）身上看到這一點。我們當然也在我們的客戶群中看到了這一點。

I think you also know we've definitely seen in the last several quarters a measured buying environment. That's also been true, not just at Salesforce, but I think for the vast majority of our peers that you follow. And I think that you've also called that out a number of times. And I certainly expect that to abate, especially as customers begin to adopt these new AI technologies and understand they need to invest and grow to be able to achieve this kind of next level of productivity.

我想您也知道，在過去幾季中，我們確實看到了一個有節制的購買環境。這也是事實，不僅在 Salesforce，而且我認為對於您關注的絕大多數同行來說都是如此。我認為您也多次提到這一點。我當然希望這種情況會減弱，特別是當客戶開始採用這些新的人工智慧技術並明白他們需要投資和發展才能實現這種更高水準的生產力時。

Now all that said, we've also seen this amazing growth in a number of our core technologies and our products, and I would especially like to call out the incredible success of MuleSoft over the last several quarters because that is a product that has far exceeded our expectations, especially and including several of our geographies as well. So this is not something that is quite permeated everywhere, but there are some isolated areas.

綜上所述，我們的許多核心技術和產品也取得了驚人的成長，我特別想指出 MuleSoft 在過去幾個季度取得的巨大成功，因為這款產品已經遠遠超出了我們的預期，尤其是在我們的幾個地區。因此，這並不是普遍存在的情況，而是在某些孤立區域存在。

And I really think that Dreamforce is going to become a catalyst for our customers to see this opportunity to grow with us, to see these new products, these new technologies. Data Cloud is just one example of many new areas that Salesforce investments can happen with customers. And I'm sure that as they start to reignite their IT-buying budgets in this kind of post-pandemic hangover that's kind of occurred, I think as we kind of get to this next level, we're going to see it driven by artificial intelligence.

我真的認為 Dreamforce 將成為一種催化劑，讓我們的客戶看到與我們一起成長的機會，並看到這些新產品、新技術。資料雲只是 Salesforce 與客戶共同投資的眾多新領域的一個例子。而且我確信，隨著他們在這種大流行後遺症中開始重新點燃他們的 IT 採購預算，我認為當我們進入下一個階段時，我們將看到它受到人工智慧的驅動。

Brian, what's your perspective?

布萊恩，你的觀點是什麼？

Yes, Kash, thanks for the question. I think we've outlined in previous calls a growth strategy, it's three-pronged, one around expanding our multi-cloud customers, and with new technology like AI and Data Cloud, there's a huge opportunity for us to go back to our customers and expand the number of clouds that they're using, a big growth opportunity to drive more value for our customers and certainly more success for us as well.

是的，Kash，謝謝你的提問。我認為我們在之前的電話會議中已經概述了一個增長戰略，它是三管齊下的，一是擴大我們的多雲客戶，二是藉助人工智能和數據雲等新技術，我們有巨大的機會回到我們的客戶身邊，擴大他們使用的雲的數量，這是一個為我們的客戶創造更多價值的巨大增長機會，當然也為我們帶來更多的成功。

International acceleration continues a big opportunity for us, and we think there's plenty of room to run in the international markets. We're going to continue to focus our efforts there and make investments as we see appropriate. Obviously, we'd love to see the economy turn a bit. And then finally, on industries. You heard me say 8 of our industry clouds grew greater than 50% in the quarter. It's remarkable the impact we're having with our industry products. So deeper investments in industries as well will continue to propel the growth of this business.

國際加速對我們來說仍然是一個巨大的機遇，我們認為國際市場有足夠的發展空間。我們將繼續集中精力在那裡並進行我們認為合適的投資。顯然，我們很高興看到經濟有所改善。最後，關於產業。您聽到我說過，我們的 8 個產業雲在本季成長了 50% 以上。我們的產業產品所產生的影響是顯著的。因此，對該行業的更深入投資將繼續推動該業務的成長。

And I think I would be remiss if I didn't call on Ariel Kelman who's sitting here at the table with us to talk about Dreamforce and to also talk about a number of the incredible new technologies that are appearing. So Ariel, can you give us a little bit of an insight to what you -- what we're going to see in some of these catalysts or amazing next level of growth for Salesforce that are going to occur.

我想，如果我不請與我們一起坐在這裡的阿里爾凱爾曼來談論 Dreamforce 以及正在出現的許多令人難以置信的新技術，那我就太失職了。那麼 Ariel，您能否向我們稍微介紹一下，我們將看到哪些催化劑，或者 Salesforce 即將出現的令人驚嘆的下一個增長水平。

Yes, we're very excited about next week's Dreamforce conference. Hopefully, all of you can join us. As Marc said, it's going to be the biggest AI event of the year. We have a tremendous lineup of speakers, both some of the most technical companies and the technical speakers of those companies and people to help the broader business community understand what they can do with AI all across our Customer 360 range of products.

是的，我們對下週的 Dreamforce 會議感到非常興奮。希望大家都能加入我們。正如馬克所說，這將是今年最大的人工智慧盛會。我們擁有眾多演講者，其中既包括一些技術最先進的公司，也包括這些公司的技術演講者，以及個人，他們旨在幫助更廣泛的商業界了解他們可以在我們的客戶 360 系列產品中使用人工智慧做什麼。

We're going to have sessions for salespeople, for marketing people, for customer service people to really teach them and inspire them on how they can use AI to really advance their capabilities with the technology we've built directly in our product in the flow of work so they can take advantage of it immediately.

我們將為銷售人員、行銷人員和客戶服務人員舉辦課程，真正教導他們並激勵他們如何利用人工智慧，利用我們在產品中直接建立的技術在工作流程中真正提升他們的能力，以便他們能夠立即利用它。

Ariel, you've been back now for what has it been, a couple of months now, 1 month? How long has it been?

艾莉爾，你回來多久了，幾個月了，還是一個月？有多久了？

It has been since the beginning of June, it's about 3 months.

從六月初開始，大概有三個月了。

3 months. So tell us what's been your biggest surprise being back at Salesforce?

3個月。那麼告訴我們，回到 Salesforce 後您最大的驚喜是什麼呢？

My biggest surprise is that the energy of all the people here is, in some ways, just as inspiring and energizing as it was when I was here 12 years ago that this passion about the mission we're on and the high standards for the technology that we build is really -- has been very, very refreshing from having been in some other companies.

最讓我驚訝的是，這裡所有人的活力在某種程度上都和我 12 年前來這裡時一樣鼓舞人心、充滿活力，這種對我們所肩負的使命的熱情以及我們所構建的技術的高標準真的——與在其他一些公司工作相比，這真的非常令人耳目一新。

Well, we were sorry to lose you to Amazon and then to Oracle, but we're happy to have you back here. So welcome back. Okay, Michael.

好吧，我們很遺憾你先後去了亞馬遜和甲骨文，但我們很高興你回來了。歡迎回來。好的，麥可。

Thanks, Kash. Emma, we'll take the next question please.

謝謝，卡什。艾瑪，請我們回答下一個問題。

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

您的下一個問題來自摩根士丹利的 Keith Weiss。

I echo Kash's congratulations on a solid quarter, particularly on the margin side of the equation, where you guys really outperformed expectations. And my question is around kind of margins on a go-forward basis. You achieved your targets well ahead of plan, 3 quarters ahead of plan, as you guys stated. But there's also a big opportunity ahead.

我同意卡什對本季業績穩健的祝賀，特別是在利潤方面，你們的表現確實超出了預期。我的問題是關於未來的利潤率。正如你們所說，你們提前 3 個季度實現了目標。但未來也存在著巨大的機會。

And Marc, you talked a lot about this transformational opportunity ahead with generative AI. So how should we be thinking about the balance between investing for that generative AI opportunity versus further kind of margin gains on a go-forward basis into the back half of this year and potentially into next year as you guys balance these 2 opportunities and goals.

馬克，您談了很多關於生成式人工智慧未來帶來的轉型機會。那麼，當你們平衡這兩個機會和目標時，我們應該如何考慮在投資生成式人工智慧機會與在今年下半年以及明年進一步獲得利潤成長之間取得平衡。

Well, I really would like to just directly address that, which is what you're really speaking to is this incredible opportunity ahead, and generative AI is really that opportunity, but also many other opportunities, including data. I really think that there are some unbelievable opportunities ahead. It's going to be incredible to see what we're going to be able to do. And I think that the question is, exactly as you said it, how much are we going to really unleash the fundamental growth of the company against commitments that we have made to our investors to continue to deliver profitable growth.

好吧，我真的想直接談談這個問題，你真正談論的是未來這個令人難以置信的機會，而生成人工智慧確實是一個機會，但還有許多其他機會，包括數據。我確實認為未來存在一些令人難以置信的機會。看到我們能夠做到的事情真是令人難以置信。我認為問題在於，正如您所說，我們將在多大程度上真正釋放公司的根本成長潛力，以兌現我們對投資者所做的繼續實現獲利成長的承諾。

I think that at the very fundamental level, starting with our Investor Day last Dreamforce, we told you that we are committed to profitable growth. And now you can see that we were serious. It wasn't a joke. We did a number of things. We curtailed things. We made changes structurally to the company, short-term and long-term issues. And we're still doing things, by the way, to do that.

我認為，從最基本的層面上來說，從上屆 Dreamforce 投資者日開始，我們就告訴大家，我們致力於獲利成長。現在您可以看到我們是認真的。這不是一個玩笑。我們做了許多事情。我們縮減了一些事情。我們對公司的結構、短期和長期問題進行了改變。順便說一句，我們仍在努力實現這一目標。

At the same time, we see this incredible opportunity that's out in the industry, new companies that are emerging as well as, of course, all kinds of unusual public company dislocation. So we're watching all of those things. But number one is going to be our commitment to you. Nothing is more important than the trust that we have with our investors. Number two is, we are very thirsty to make sure that Salesforce is the #1 AI CRM, and we have done a lot organically to do that in the last 6 months. Of course, there's things out there that we could do to help us with inorganic as well. We're looking at those things. We're looking at everything, but nothing is going to ever trump the trust that we have with all of you.

同時，我們看到行業中存在著令人難以置信的機遇，新公司正在湧現，當然還有各種不同尋常的上市公司混亂。所以我們正在關注所有這些事情。但最重要的是我們對您的承諾。沒有什麼比我們與投資者之間的信任更重要。第二，我們非常渴望確保 Salesforce 成為排名第一的 AI CRM，並且在過去 6 個月中我們為此做了很多工作。當然，我們也可以做一些事情來幫助我們解決無機問題。我們正在研究這些東西。我們正在關註一切，但沒有什麼能夠超越我們對你們所有人的信任。

Keith, I would just add, yes, when we did the restructuring, it was never just for the bottom line. We also made changes so that we were -- we'd have the resources to invest in the areas that we believe are going to drive the highest growth for the company. And we've been very disciplined in our approach to spending this quarter, but we want to lean into these opportunities, especially around AI, around data and around our core.

基思，我只想補充一點，是的，當我們進行重組時，從來不僅僅是為了底線。我們也做出了一些改變，以便我們能夠擁有資源投資於我們認為能夠推動公司實現最高成長的領域。本季我們在支出方面非常謹慎，但我們希望抓住這些機會，特別是在人工智慧、數據和核心領域。

And as a result, you will see that our increase in guidance to 30% does imply slightly nonlinear progression this year. And in terms of the future, as we look forward, underscore everything Marc said about our commitments. And as I said last time, I really believe 30% annually is a floor, not a ceiling.

因此，您會發現，我們將指導值提高到 30% 確實意味著今年的進展略呈非線性。就未來而言，當我們展望未來時，強調馬克所說的我們的承諾的一切。正如我上次所說，我確實相信每年 30% 是一個底線，而不是上限。

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

您的下一個問題來自 Evercore 的 Kirk Materne。

I guess, Amy, I've had a lot of questions just on the impact of the pricing actions that you all announced earlier this -- over the summer. How that -- if that had any impact on the quarter? And then how are you thinking about that in terms of the guidance for the back half of this year?

艾米，我想，我對你們今年夏天早些時候宣布的定價行動的影響有很多疑問。這對本季有何影響？那麼，就今年下半年的指導而言，您如何看待這一點？

Great. Thanks for the question. So on guidance for this year, I have taken into account the pricing uplift as well as any changes from our new -- or opportunities around AI. I will say that neither has a significant influence on our guidance for this year. I think that those opportunities really take a while to roll through our customer base, particularly on pricing as we look to renewal.

偉大的。謝謝你的提問。因此，在製定今年的指導方針時，我已經考慮了價格上漲以及我們新項目或圍繞人工智慧的機會帶來的任何變化。我想說的是，這兩者都不會對我們今年的指導產生重大影響。我認為這些機會確實需要一段時間才能在我們的客戶群中普及，特別是在我們尋求續約時的定價方面。

Brian, anything else you would like to add to that?

布萊恩，您還有什麼要補充的嗎？

No, exactly that. We're going to see the impact of our price increase really hit the customer base over the next 1 to 2 to 3 years. So no big material change in this fiscal year.

不，正是如此。我們將在未來 1 到 2 到 3 年內看到價格上漲對客戶群的影響。因此本財年沒有重大的實質變化。

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

您的下一個問題來自瑞銀的 Karl Keirstead。

Maybe to Marc and/or Amy, with head count down 11% now, and as you talked about, Marc, welcoming back from our employees, do you feel like you've rightsized the head count now at the 70,000 level? Has it sort of bottomed? And if you feel like there's an opportunity for it to stabilize or start growing again, is that a signal, Marc, that you feel like your growth rate here at 11% this year is at or near a bottom?

也許是馬克和/或艾米，現在員工人數減少了 11%，正如你所說的，馬克，歡迎我們的員工回來，你是否覺得現在你已經將員工人數調整到了 70,000 人的水平？已經觸底了嗎？如果您覺得有機會穩定下來或再次開始成長，馬克，這是否表明您覺得今年 11% 的成長率已經處於或接近底部？

Well, I think it's such a great question. It's something the management team is talking about every single day because we are continuing to grow and invest in our headcount, especially in AI. Also, I think I mentioned we are doing so much incredible innovation work on our core, and we've commanded our engineering teams to accelerate their work in moving all of our acquisitions into our core, especially our marketing products and commerce products and Data Cloud, all of which we plan to show you at Dreamforce and to accelerate that work, and that's extremely important to us.

嗯，我認為這是一個很好的問題。這是管理團隊每天都在談論的事情，因為我們正在繼續增加並投資於我們的員工隊伍，特別是在人工智慧領域。此外，我想我提到過，我們在核心上做了很多令人難以置信的創新工作，我們已經命令我們的工程團隊加快工作，將我們所有的收購轉移到我們的核心，特別是我們的營銷產品和商業產品和數據雲，所有這些我們計劃在 Dreamforce 上向您展示，並加速這項工作，這對我們來說非常重要。

And also Brian has a number of products and geographies that are growing and we've also commanded him to invest in his growth. So we are continuing to grow our headcount, but we are also facing normalized attrition, of course, with headcount, that's also part of it. And so as those -- both of those things get rebalanced, you'll continue to see our head count adjust and move forward. I don't know if we can call this as a bottom exactly yet or if it's -- but we're not planning any other major restructuring efforts in the company today like what we saw earlier this year. We hope that, that is one and done and behind us.

此外，布萊恩的許多產品和業務都在成長，我們也要求他對其成長進行投資。因此，我們的員工人數不斷增加，但我們也面臨正常化的人員流失，當然，員工人數的減少也是其中的一部分。因此，隨著這兩件事的重新平衡，您將繼續看到我們的員工人數調整和前進。我不知道我們是否可以將此稱為底部，或者——但我們今天不計劃在公司進行任何其他重大重組，就像我們今年早些時候看到的那樣。我們希望，這一切都已經過去了。

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

您的下一個問題來自美國銀行證券公司的布拉德‧西爾斯 (Brad Sills)。

I wanted to ask another question here on AI. The opportunities here are just so exciting across the stack. With Sales GPT, you've highlighted content automation, call summary, sales assistance, Service GPT, auto replies, summaries and scheduling. Just when you look across the Salesforce stack, where do you see the most opportunity here across sales, service, marketing, commerce and the core based on the activity that you're seeing today from customers with the early release of the product?

我想在這裡問另一個有關人工智慧的問題。這裡的機會真是令人興奮。透過銷售 GPT，您可以突出顯示內容自動化、呼叫摘要、銷售協助、服務 GPT、自動回覆、摘要和排程。當您查看 Salesforce 堆疊時，根據您今天從早期發布產品的客戶那裡看到的活動，您認為銷售、服務、行銷、商務和核心領域中最大的機會在哪裡？

Well, thank you so much for that. And let me just say, we're at the beginning of quite a ballgame here, and we're really looking at the evolution of artificial intelligence in a broad way, and you're really going to see it take place over 4 major zones.

嗯，非常感謝。我只想說，我們正處於相當激烈的角逐的開始階段，我們正在廣泛地觀察人工智慧的發展，你將會看到它在四個主要區域發生。

And the first major zone is what's played out in the last decade, which has been predictive. That's been amazing. That's why Salesforce will deliver about 1 trillion transactions on Einstein this week. It's incredible. These are mostly predictive transactions, but we're moving rapidly into the second zone that we all know is generative AI and these GPT products, which we've now released to our customers. We're very excited about the speed of our engineering organization and technology organization, our product organization and their ability to deliver customer value with generative AI.

第一個主要區域是過去十年發生的事情，具有預測性。這真是太棒了。這就是為什麼 Salesforce 本週將在 Einstein 上完成約 1 兆筆交易。這真是令人難以置信。這些主要是預測性交易，但我們正在迅速進入眾所周知的第二個領域，即生成性人工智慧和這些 GPT 產品，我們現在已經將這些產品發布給我們的客戶。我們對我們的工程組織和技術組織、產品組織的速度以及他們利用生成性人工智慧提供客戶價值的能力感到非常興奮。

We have tremendous AI expertise led by an incredible AI research team. And this idea that we're kind of now in a generative zone means that's zone #2. But as you're going to see at Dreamforce, zone #3 is opening up with autonomous and with agent-based systems as well. This will be another level of growth and another level of innovation that we haven't really seen unfold yet from a lot of companies, and that's an area that we are excited to do a lot of innovation and growth and help our customers in all those areas.

我們擁有一支出色的人工智慧研究團隊，領導豐富的人工智慧專業知識。我們現在處於生成區域，這意味著這是區域#2。但正如您將在 Dreamforce 上看到的那樣，區域 3 也開放了自主系統和基於代理的系統。這將是另一個層次的成長和創新，我們還沒有在很多公司看到過這樣的發展，我們很高興能在這個領域進行大量的創新和成長，並在所有這些領域幫助我們的客戶。

And then we're eventually going to move into AGI and that will be the fourth area. And I think as we move through these 4 zones, CRM will become more important to our customers than ever before. Because you're going to be able to get more automation, more intelligence, more productivity, more capabilities, more augmentation of your employees, as I mentioned.

然後我們最終將進入 AGI，這將是第四個領域。我認為，隨著我們跨越這四個領域，CRM 對我們的客戶來說將變得比以往任何時候都更加重要。因為正如我所提到的，你將能夠獲得更多的自動化、更多的智慧、更高的生產力、更多的能力、以及更多的員工增強。

And you're right, we're going to see a wide variety of capabilities exactly like you said, whether it's the call summaries and account overviews and deal insights and insight summaries and in-product assistance or mobile work briefings. I mean, when I look at things like service, when we see the amount of case deflection we can do and productivity enhancements with our service teams not just in replies and answers, but also in summaries and summarization. We've seen how that works with generative and how important that is in knowledge generation and auto-responding conversations.

您說得對，我們將看到各種各樣的功能，正如您所說的那樣，無論是通話摘要、帳戶概覽、交易洞察、洞察摘要、產品內幫助還是行動工作簡報。我的意思是，當我看到服務之類的事情時，我們看到我們能夠處理的案件數量以及服務團隊生產力的提高，不僅僅是在回復和答復方面，而且在總結和概括方面。我們已經看到了它如何與生成一起工作，以及它在知識生成和自動回應對話中的重要性。

And then we're going to have the ability for our customers to, with our product, we have an open system. We're not we're not dictating that they have to use any one of these AI systems. We have an ecosystem. Of course, we have our own models and our own technology that we have given to our customers, but we're also investing in all of these companies, and we plan to be able to offer them as opportunities for those customers as well, and they'll be able to deliver all kinds of things. And you'll see that, whether it's going to end up being contract digitization and cost generation or survey generators or all kinds of campaign assistance.

然後，我們將有能力為客戶提供我們的產品，我們有一個開放的系統。我們並沒有規定他們必須使用其中任何一種人工智慧系統。我們有一個生態系統。當然，我們有自己的模型和技術提供給我們的客戶，但我們也在投資所有這些公司，我們計劃也為這些客戶提供機會，他們將能夠提供各種各樣的東西。您將會看到，它最終會成為合約數位化和成本生成或調查生成器或各種競選援助。

And the most recently in our world tour in London, we showed how our Data Cloud did automatic marketing segmentation, that was incredible. And you're going to see a lot more that's going to happen in all of these things. A lot of it, you can see happening in Slack. Slack has become incredible for these AI companies. Every AI company that we've met with is a Slack company. All of them make their agents available for Slack first. We saw that, for example, with Anthropic, where Cloud really appeared first and Cloud 2 first then Slack.

最近，在我們最近在倫敦舉行的世界巡迴演唱會中，我們展示了我們的資料雲如何進行自動行銷細分，這真是令人難以置信。你會看到在所有這些事情中會發生更多的事情。您可以在 Slack 中看到很多這樣的情況。對於這些人工智慧公司來說，Slack 已經變得不可思議。我們遇到的每家人工智慧公司都是 Slack 公司。他們都首先讓他們的代理可用於 Slack。例如，我們看到，在 Anthropic 中，Cloud 確實會先出現，然後是 Cloud 2，最後是 Slack。

And then Anthropic, as a company, uses Slack internally and they have a -- they take their technology and develop news digest every day and newsletters and they do incredible things with Slack. Because Slack is just a treasure trove of information for artificial intelligence, and you'll see us deliver all kinds of new capabilities in Slack along these lines.

然後，Anthropic 公司在內部使用 Slack，他們利用 Slack 技術每天開發新聞摘要和時事通訊，並用 Slack 做出令人難以置信的事情。因為 Slack 就是人工智慧的資訊寶庫，你會看到我們沿著這個思路在 Slack 中提供各種新功能。

And we're working, as I've mentioned, get Slack to wake up and become more aware and also for Slack to be able to do all of the things that I just mentioned. One of the most exciting things I think you're going to see a Dreamforce is Slack very much as a vision for the front end of all of our core products. We're going to show you an incredible new capability that we call Slack Sales Elevate, which is promoting our core Sales Cloud system running right inside Slack.

正如我所提到的，我們正在努力讓 Slack 覺醒並變得更加有意識，同時也讓 Slack 能夠做到我剛才提到的所有事情。我認為 Dreamforce 中最令人興奮的事情之一就是 Slack，它是我們所有核心產品前端的願景。我們將向您展示一項令人難以置信的新功能，我們稱之為 Slack Sales Elevate，它可以促進我們的核心 Sales Cloud 系統在 Slack 內部運作。

That's going to be amazing, and we're going to also see how we're going to release and deliver all of our core services in Salesforce through Slack. This is very important for our company to deliver Slack very much as a tremendous, tremendous easy-to-use interface on the core Salesforce, but also all these AI systems. So all of that is that next generation of artificial intelligence capability, and I'm really excited to show all of that to you at Dreamforce as well as Data Cloud as well.

這將是令人驚奇的，我們還將看到如何透過 Slack 發布和交付 Salesforce 中的所有核心服務。對於我們公司來說，不僅在核心 Salesforce 上提供極其易於使用的介面，而且在所有這些 AI 系統上也提供極其易於使用的介面，這一點非常重要。所以這一切都是下一代人工智慧能力，我很高興在 Dreamforce 和 Data Cloud 向大家展示這一切。

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

您的下一個問題來自德意志銀行的布拉德‧澤爾尼克 (Brad Zelnick)。

Great. And congrats in particular to Amy and the whole team on overachieving on profitability. My question, Marc, is for you. I wanted to drill down at the Data Cloud because the things we keep hearing from partners suggest that the interest level just keeps building and building. Can you talk about the pipeline and scope of these projects and how this generative AI moment is impacting the opportunity? And why Salesforce is well positioned as the partner of choice, especially in the context of trust?

偉大的。特別祝賀艾米和整個團隊在獲利方面取得的超額成就。馬克，我的問題是問你的。我想深入研究數據雲，因為我們不斷從合作夥伴那裡聽到的消息表明，興趣水平正在不斷提高。您能談談這些專案的流程和範圍，以及這種生成性人工智慧時刻如何影響機會嗎？為什麼 Salesforce 會成為首選合作夥伴，尤其是在信任方面？

Well, especially as we said on the call as well, which is that we've said this is about AI, this is about data, this is about CRM and this is about trust. Those 4 things have to come together as 1 thing. And that's what we call Salesforce. That's a modern version of Salesforce, is AI plus data plus CRM plus trust. And I think that is really a moment that we have to like really get clear and show that to customers. We've tried to really book the last 6 months.

嗯，特別是正如我們在電話中所說的那樣，我們說過這與人工智慧有關，這與數據有關，這與 CRM 有關，這與信任有關。這四件事必須合在一起成為一件事。這就是我們所說的 Salesforce。這是 Salesforce 的現代版本，即 AI 加資料加 CRM 加信任。我認為這確實是我們必須明確這一點並向客戶展示的時刻。過去 6 個月我們一直在努力預訂。

Obviously, we're going through a huge transformation with all of you. But you can see we've also gone through an incredible technology transformation around artificial intelligence to the point where we got these products out was awesome and let our customers really get into it and see what they can and cannot do and what they're excited about and how they want to move these products forward and what we think is going to be the future of AI.

顯然，我們正在和大家一起經歷巨大的轉變。但你可以看到，我們在人工智慧領域也經歷了令人難以置信的技術轉型，我們推出的這些產品非常棒，讓我們的客戶真正參與其中，了解他們能做什麼和不能做什麼，他們對什麼感到興奮，他們希望如何推動這些產品向前發展，以及我們認為人工智慧的未來將會是什麼。

And it's these 4 things together that are going to fundamentally help us. And I think Data Cloud, you're 100% right, is going to be the heart of it. Well, certainly, it's a huge revenue opportunity for us because as you heard from Brian, customers who have Sales Cloud and they've got Service Cloud and they've got Marketing Cloud, and they're using our platform. Maybe they have Commerce Cloud as well, and now they're adding Data Cloud. And as these clouds get stacked with these customers', attrition falls, customers become more successful, they develop a single source of truth.

這四件事結合起來將從根本上幫助我們。我認為資料雲將成為其核心，您說得完全正確。嗯，當然，這對我們來說是一個巨大的收入機會，因為正如你從布萊恩那裡聽到的，擁有銷售雲、服務雲和行銷雲的客戶都在使用我們的平台。也許他們也有 Commerce Cloud，現在他們正在增加 Data Cloud。隨著這些雲層中堆滿了這些客戶，客戶流失率下降，客戶變得更加成功，他們開發了單一事實來源。

And our job is to get all of these things running on our core and getting all of these things ignited with artificial intelligence. So I was very excited to recruit back as my Chief of Staff and as my Chief Business Officer, Kendall Collins. So Kendall, can you just give us a little insight on the vision of Dreamforce and what we're going to see for Data Cloud and some of these amazing clouds and why everyone should get excited about what's about to happen over the next couple of weeks when everyone gets here into San Francisco on September 12?

我們的工作是讓所有這些東西在我們的核心上運行，並讓所有這些東西透過人工智慧點燃。因此，我非常高興能夠聘請肯德爾·柯林斯 (Kendall Collins) 擔任我的參謀長和首席商務官。那麼 Kendall，您能否向我們簡單介紹 Dreamforce 的願景，以及我們將會看到的資料雲和一些令人驚嘆的雲，以及為什麼每個人都應該對接下來幾週 9 月 12 日大家抵達舊金山時即將發生的事情感到興奮？

Yes, Marc, it's great to be back. It's been about 4 months and just amazing to see the energy of Salesforce, a company with the right values and I think the right people and really at the right time for generative. What you said about AI is so compelling because it's not just about one cloud. It's about making every cloud better, seeing that Sales GPT, Marketing GPT, Commerce GPT went live last week. And Dreamforce is going to be exciting.

是的，馬克，回來真是太好了。大約 4 個月過去了，看到 Salesforce 的活力真是令人驚嘆，這是一家擁有正確價值觀的公司，我認為它擁有合適的人才，並且在正確的時間創造了新的業績。您所說的有關人工智慧的內容之所以如此引人注目，是因為它不僅僅與一朵雲有關。這是為了讓每個雲端變得更好，看到銷售 GPT、行銷 GPT、商務 GPT 已於上週上線。 Dreamforce 將會非常精彩。

Well, I'm really excited as well. And I'll tell you, you're sitting next to Sabastian Niles, our new Chief Legal Officer, just joined us from Wachtell. Sabastian, we're happy to have you here live for the first earnings call and welcome to Salesforce. And I know this is going to be your first Dreamforce and give us a vision of what you're excited about for the future.

嗯，我也很興奮。我告訴你，你坐在我們新任首席法律官塞巴斯蒂安·奈爾斯 (Sabastian Niles) 旁邊，他剛從瓦赫特爾 (Wachtell) 加入我們。薩巴斯蒂安，我們很高興您能來參加第一次財報電話會議，歡迎加入 Salesforce。我知道這將是你們的第一次 Dreamforce，讓我們了解你們對未來的憧憬。

I'd say whether it's Dreamforce or sort of looking ahead, what I've been most excited about is how our values, trust, customer success, innovation, equality, sustainability are truly infused within our culture. And that these values, they're powering our customer journeys, they're powering our commitment to our investors, they're powering our commitment to all stakeholders. And I think certainly, as we look ahead, whether it's in the next several months, the next several years, the next 10 years and beyond, it's these values that are going to underlie how AI evolves.

我想說，無論是 Dreamforce 還是展望未來，最讓我興奮的是我們的價值觀、信任、客戶成功、創新、平等、永續性如何真正融入我們的文化。這些價值觀推動著我們的客戶旅程，推動我們對投資者的承諾，推動我們對所有利害關係人的承諾。我認為，展望未來，無論是未來幾個月、幾年、十年或更久以後，這些價值觀都將決定人工智慧如何發展。

And how at least for sophisticated enterprises, and I think for all enterprises and even individual human beings, they will choose to partner with the companies and organizations who are putting trust first and are deploying and incorporating trust throughout the technology life cycle, whether that's design of technology, deployment of technology, development, service and monitoring, and I could not be more excited by what I see ahead.

至少對於成熟的企業來說，我認為對於所有企業甚至個人來說，他們都會選擇與那些把信任放在首位並在整個技術生命週期中部署和融入信任的公司和組織合作，無論是技術設計、技術部署、開發、服務和監控，我對未來感到無比興奮。

Well, I couldn't be more excited to have you on our new management team and kind of the evolution of our team here at Salesforce. And thank you for all the help that you've given us also in the last 6 months, especially with all of our investors. Michael?

嗯，我非常高興您能加入我們的新管理團隊，並推動 Salesforce 團隊的進步。也感謝您在過去六個月給予我們的所有幫助，特別是我們所有的投資者。麥可？

Your question comes from Brent Thill with Jefferies.

您的問題來自 Jefferies 的 Brent Thill。

Marc, 12% cRPO growth the last 2 quarters. With AI building into the model, do you believe long term you can reaccelerate this to a 15% to 20% growth business?

Marc，過去兩季 cRPO 成長率為 12%。隨著人工智慧融入模型，您是否相信從長遠來看可以將其重新加速到 15% 至 20% 的成長業務？

Well, I'll tell you that's certainly on my mind every single day. And you're right, I'm a growth CEO. So that's what I like to do. I like to grow. I mean that's been about growing margins for the last 6 months, so that's a reframe for me. But we've grown this business to these incredible revenue numbers this year, third largest software company in the world. And as we kind of head into these incredible next levels of capability, I'm very excited about the future. And there's lots and lots of ways to move the top line forward.

好吧，我可以告訴你，我每天都在想這件事。你說得對，我是一位成長型 CEO。這就是我喜歡做的事。我喜歡成長。我的意思是，過去 6 個月利潤率一直在增長，所以對我來說這是一個重新構建。但今年我們的業務收入已成長到令人難以置信的水平，成為全球第三大軟體公司。當我們邁向這些令人難以置信的更高能力水平時，我對未來感到非常興奮。有很多很多的方法可以提高營業收入。

But I'll tell you, now I am quite addicted to the bottom line as well. And also, as I said earlier, there's nothing more important than the trust that I have with all of our stakeholders, including our investors. So I want to make sure that we fulfill our commitments and promises to all of you, just as we have in the last 3 earnings calls, we've delivered exactly as we've told you we are going to do, and we're going to continue to do that.

但我告訴你，現在我對底線也相當上癮。而且，正如我之前所說，沒有什麼比我與所有利害關係人（包括我們的投資者）之間的信任更重要。因此，我想確保我們履行對你們所有人的承諾，就像我們在過去三次財報電話會議上所做的那樣，我們已經完全按照我們告訴你們的去做了，而且我們將繼續這樣做。

At the same time, you know that I am thinking about how are we going to move this ball forward and down the field with these incredible opportunities in front of us. So it's very much has to be a balanced equation to make this right, to make it right for us and to make it right for you, and I'd love to have that conversation in more depth in the next couple of weeks.

同時，你知道，我正在思考，面對眼前這些難以置信的機會，我們該如何推動這場比賽向前發展。因此，這必須是一個平衡的等式才能使這件事正確，對我們和您來說都是正確的，我很樂意在接下來的幾週內進行更深入的對話。

As we all come to Dreamforce, I hope you'll seek me out and find me and let's have that conversation one-on-one, just as we have been having in the last 6 months. I want to do what I've been doing for the last couple of quarters, which is to express my sincere gratitude to all of you and our investors have been a critical part. You've had key insights, many of which we did not have ourselves on things that we could do to make us an even stronger company.

當我們都來到 Dreamforce 時，我希望你們能找到我，讓我們進行一對一的對話，就像我們在過去 6 個月所做的那樣。我想做過去幾季一直在做的事情，那就是向所有人和我們的投資者表達我最誠摯的謝意，你們是公司發展的關鍵部分。您提出了很多關鍵見解，其中許多是我們自己所不具備的，關於我們可以做些什麼來讓我們的公司變得更強大。

And we've done that, I'm sure you can see that in the numbers. There's never been a software company quite like this at this level. Even now as we start to cross into these incredible numbers, in the mid-$30 billion numbers, the strength of the company has never been higher, and now we have this incredible opportunity with AI ahead.

我們已經做到了這一點，我相信您可以從數字中看到這一點。從來沒有一家軟體公司能達到這樣的水準。即使現在我們開始跨越這些令人難以置信的數字，在 300 億美元左右，公司的實力也從未如此強大，現在我們面臨著人工智慧帶來的絕佳機會。

Thanks, Brent, and thanks, everyone, for joining us today. We look forward to seeing everyone hopefully at Dreamforce in a few weeks.

謝謝布倫特，也謝謝大家今天加入我們。我們期待幾週後在 Dreamforce 上見到大家。

This concludes today's conference call. You may now disconnect.

今天的電話會議到此結束。您現在可以斷開連線。