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 財年第二季度業績電話會議。 （操作員說明）

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

我想將會議交給您的發言人、投資者關係執行副總裁邁克·斯賓塞 (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 財年第二季度業績電話會議。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。今天和我一起參加電話會議的是董事長兼首席執行官馬克·貝尼奧夫 (Marc Benioff)；艾米·韋弗 (Amy Weaver)，總裁兼首席財務官；以及總裁兼首席運營官布萊恩·米爾漢姆 (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原則措施。我們的公認會計原則和非公認會計原則結果和指導之間的調節可以在我們的收益材料和新聞稿中找到。我們今天的一些評論可能包含前瞻性陳述，這些陳述受到風險、不確定性和假設的影響，這些風險、不確定性和假設可能會發生變化。如果這些風險中的任何一個成為現實，或者我們的假設被證明是不正確的，公司的實際結果可能與這些前瞻性陳述存在重大差異。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 SEC 提交的文件中，包括我們最新的 10-K、10-Q 表格報告和其他 SEC 文件。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.

接下來，讓我把電話轉給馬克。

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，邁克，非常感謝今天來到這裡的大家。顯然，我們對這些結果感到非常興奮，並與大家一起努力。感謝您參加本次通話。因此，聽著，正如我們在過去幾次財報電話會議中與您分享的那樣，Salesforce 確實加速了我們向盈利增長的轉型。我認為從數字中可以非常清楚地看出這一點，我非常興奮，尤其是在這一巨大的營收增長以及我們今天的利潤率方面。

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，去年我們一直圍繞這四個關鍵領域進行轉型。首先，我們的短期和長期重組。自第四季度電話會議以來，我們一直在討論這一問題，今天我們將向您通報最新情況。其次，我們通過關註生產力、卓越運營和盈利能力來重新點燃我們的績效文化。布萊恩今天要談論這個。

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，我們正在優先考慮核心創新以推動客戶成功，我迫不及待地想與Dreamforce 的您分享我們如何將我們的核心平台提升到一個全新的水平，向您展示我們的一些令人難以置信的新增強功能數據云以及新版本的 Einstein 以及我們核心平台的基本擴展，真正展示了我們的核心平台是如何重建的，以便我們可以利用過去十年中進行的許多令人驚嘆的收購併運行它們就在核心內部。

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。這就是你們所有人。你知道這對我們有多重要。在過去的 6 或 9 個月裡，我們與投資者相處的時間可能比我們在公司整個歷史上花費的時間還要多。我們從你們所有人那裡收到了很好的反饋，我們確實在這方面取得了很大的進展，我要特別感謝邁克與你們所有人一起所做的一切。

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.

我們正在添加第五個優先事項。上個季度，我們告訴過您，我們現在正在推動人工智能轉型。我們正在為我們的客戶和我們自己開拓人工智能，引領行業度過這個令人難以置信的新創新周期，我對Srini 和David 以及整個產品和技術團隊以令人難以置信的速度發佈人工智能產品感到非常高興本季度向客戶展示了他們在市場上產生的巨大影響，並展示了 Salesforce 如何從#1 CRM 轉變為#1 AI CRM，我對我們整個團隊表示衷心的感謝T&P 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度的表現感到非常滿意。數字基本上不言而喻。我們的人工智能、數據、CRM 加上信任平台，它推動我們成為全球收入第三大的企業軟件公司。我認為在日本，我們剛剛成為第二大公司。祝賀 Salesforce 的每個人，尤其是我們的日本團隊。憑藉我們行業領先的雲和銷售服務營銷商務，我們的行業雲由 Data Cloud、Einstein、Flow、Tableau、Slack、MuleSoft 提供支持。

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，所有這些都集成到一個可信的元數據驅動平台中。與任何其他 CRM 供應商相比，我們為更多客戶提供了更多功能，正如我在 Dreamforce 所說，我迫不及待地想展示這一切。這就是為什麼 Salesforce 是市場份額排名第一的 CRM（基於最大的最新 IDC 軟件跟踪器）。現在，正如我所說，我們正在努力成為第一大人工智能 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，特別是當涉及到我們的最高優先級（如您所見）的盈利能力時。看，看到這些數字我們高興極了。在如此短的時間內看到利潤率加速增長真是令人難以置信。我們已經超出了我們自己的預期。我希望我們已經超過了你。

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.

第二季度，我們的非 GAAP 運營利潤率升至 31.6%。同比增長超過 1,000 個基點。這是我們的營業利潤率連續第二個季度同比增長 1,000 點或更多。正如您即將聽到艾米的消息，我們一直保持嚴格的成本管理方法，同時還在整個產品平台上投資於增長計劃。我們正在為 Salesforce 的未來做好定位，並將繼續提高我們的利潤率，同時我們還將繼續推動客戶增長。

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.

第二季度收入為86億美元。按固定匯率計算，同比增長 11%。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以及您將從布萊恩那裡聽到的更多信息取得了巨大的勝利。

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.

第二季度的運營現金流為 8.08 億美元，相當令人難以置信。同比增長 142%，確實非常強勁。第二季度末，我們剩餘的履約義務達到 466 億美元，同比增長 12%，非常驚人。目前的剩餘履約義務（即我們所說的 cRPO）結束為 241 億美元。同比增長 12%，按固定匯率計算增長 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.

現在到了第二季度，我們已經回來了，這是令人驚奇的，自一年前我們開始回購計劃以來，我們已經回購了 80 億美元的股票。所以我們在過去 12 個月裡購買了 80 億美元的股票，這真是太棒了。艾米將更多地談論這一點。我想——我知道你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.

根據我們的業績和下半年的情況，我們將 24 財年的收入指導上調至 347 億美元至 348 億美元，即預計同比增長約 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 營業利潤率指引提高至 28%，並表示預計 25 財年第一季度將超過 30%。好吧，正如你們都看到了這些數字，現在我很高興正式分享，我們正在再次加速實現這一目標，將我們的 24 財年非 GAAP 運營利潤率提高 30%，同比提高 750 個基點 -超過一年。這有點令人驚奇，但是，是的，我們說今年我們將實現 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，雖然我們認為明年會這樣做，但今年我們真的會這樣做。這是我們整個團隊取得的驚人成就。這確實需要做很多工作。這很困難。在很多情況下，這是一場鬥爭。但我們的團隊令人難以置信。他們所做的一切簡直是奇蹟，我很高興看到，不僅本季度實現了 31% 以上的增長，而且全年也實現了 30% 以上的增長。太棒了。這真是令人難以置信。我非常高興歡迎這麼多迴旋鏢員工回到 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.

Boomerang 員工是指曾經是員工但由於某種原因離開公司、被招聘或去創辦自己的公司或其他原因的員工。嗯，這些成果在很大程度上不僅與我們現有的令人難以置信的員工有關，而且與很多人真正感受到回來幫助我們的願望有關。我只想對他們所有人表示感謝。歡迎他們回來真是令人難以置信。

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 並希望回到 Salesforce 的人們在門外排起了長隊，我們張開雙臂歡迎他們所有人，尤其是我們的銷售、工程和技術組織。久經考驗的贏家、令人難以置信的領導者，因為做了令人難以置信的事情而被 Salesforce 解僱。看著他們回來，因為他們想幫助我們並在技術和領導力方面實現更高水平的增長、能力、收入和利潤。

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.

嗯，我想特​​別感謝其中的一些人，包括剛剛從 Celonis 回到我們的新任首席營收官 Miguel Milano，當然還有我們的首席營銷官 Ariel Kelman，他最近在 Oracle和Kendall Collins，我們的首席商務官，他一直是我的——現在是我的幕僚長，當然，他在Salesforce 擔任過很多很多的高管職位。但這是一個很長的名單，我什至無法繼續列出有多少人回來。我喜歡這一點的是他們正在立即行動。它們會產生立竿見影的影響。他們了解文化。他們了解產品。他們能夠執行令人難以置信的敏捷性。所以我已經拉響了警笛聲，讓他們所有人都回來加入我們。

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.

本月早些時候，我們歡迎 Sabastian Niles 加入 Salesforce 擔任我們的首席法務官。他現在坐在桌邊對我做鬼臉，我不會更高興。我非常高興薩巴斯蒂安成為我的執行領導團隊的一員。今年我們見到了薩巴斯蒂安。他和 Wachtell 一起做了很多工作，正如你們很多人都知道的那樣，我們不會詳細介紹。現在沒有必要經歷這些。過去的已經過去了。但我會告訴你，在 Salesforce 這段令人驚嘆的時期發生的最偉大的事情之一就是見到了 Sabastian，現在讓他加入領導團隊，我非常興奮，我很高興他能和我們在一起。歡迎薩巴斯蒂安。

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。人工智能、數據、CRM、信任，讓我告訴你，我們正處於人工智能革命的黎明。正如我所說，這是一個新的創新周期，將在未來幾年引發大規模的技術購買週期。這也是一個新技術投資週期。我們參與了許多頂級人工智能初創企業的最早幾輪融資。你們很多人都已經看到了。我們很早就到那裡了。但我告訴你，這家公司開創了人工智能的先河，不僅僅是在預測方面，你們很多人都在關注愛因斯坦的發展和成長。而且，你也看到了，在生成式人工智能的起步階段，我們發表了一些關於即時工程的第一篇論文，我們採取了深度學習路線，我們確實展示了再生式人工智能的潛力，現在看到了很多這些公司變得如此成功。

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 億美元的收入運行率。看到這種增長真是太棒了，而且特別自豪的是他們就在我們的家鄉舊金山，這裡正在成為世界第一的人工智能城市。為我們的城市感到非常興奮。現在，通過我們 5 億美元的生成人工智能基金，我們看到了 Anthropic、Cohere、Hugging Face 等眾多出色公司在道德人工智能方面的發展。我剛剛聽說其中一個人剛剛轉租了我們的整個 Slack 大樓，但我不被允許透露他是誰。但我對此感到無比興奮，因為我們確實看到舊金山市中心成為人工智能中心。

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，我今年遇到的各個行業的每位首席執行官都認為，人工智能對於提高他們的收入和利潤，尤其是提高他們的生產力至關重要。人工智能只是增強了我們每天能做的事情，想想我自己，上週我在巴德上花了很多時間，這太不可思議了。我只是買了一些手電筒，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序上發生的情況的照片，並將其交給巴德，因為巴德具有攝取照片的多模式功能。然後攝取了照片，它告訴我不要購買手電筒，它的質量很差，它推薦了一款更適合我的。令人難以置信的是，我再次致力於下一代人工智能的研究。

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.

這激勵著我，我認為我們的許多客戶，最終所有人都相信，通過人工智能與客戶的聯繫比以往任何時候都更加緊密，他們可以發展自己的業務，同時降低成本，提高生產力，提高效率並通過人工智能超越客戶期望。我會告訴你，我們 Salesforce 的每一個管理團隊每週都會使用 Einstein AI 來做完全相同的事情。我們回去，我們正在嘗試利用愛因斯坦來增強我們自己。所以我們要說的是，我們現在一直在這樣做並且非常令人印象深刻，我們會說，“好吧，布萊恩，你認為我們的數字是多少？”我們會說，“好吧，這非常好，布萊恩。但是愛因斯坦，你真正認為這個數字是多少？”然後愛因斯坦會說，我認為布萊恩在裝沙袋，然後會議繼續。現實情況是，每家公司都將經歷以客戶為中心的人工智能轉型，因為每一次人工智能轉型都以客戶開始和結束，這就是為什麼 Salesforce 真正為未來做好了準備。

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.

憑藉愛因斯坦這項令人難以置信的技術，我們投入了大量資金，不斷成長並融入我們的核心技術基礎，我們正在使生成式人工智能民主化，使我們的客戶能夠輕鬆地實施每個行業的每項工作、每項業務。我只想說，在過去的幾個月裡，我們在整個Customer 360 中註入了新的生成式人工智能輔助層。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，我們本季度向所有客戶以及 Salesforce 內部發布的內容令人難以置信。然後當我們看到這一點時，他們都對自己說，你知道嗎，在這個新世界中，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.

但為世界上最大的品牌大規模普及生成式人工智能需要的不僅僅是這些大型語言模型和深度學習算法，我們都知道這一點。因為我們的很多客戶都思考過，他們嘗試過，他們從 Hugging Face 中取得了一些成果。這真太了不起了。一家了不起的公司。我們剛剛投資了他們的新一輪並獲取了一個模型並在其中放入了一些數據，但沒有任何反應。然後他們不明白，他們打電話給我們說：“嘿，這裡發生了什麼事？我覺得這個人工智能太神奇了？”就像，“嗯，要真正實現這種智能需要付出很多努力。”我認為這就是 Salesforce 帶來的價值，我們真的能夠幫助我們的客戶以低代碼、無代碼的方式使用我們的產品，開箱即用地實現這種技術優勢。

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.

這實際上只是生成型人工智能的大規模民主化。這正是我們正在努力實現的目標，每一項人工智能轉型的核心都成為我們智能、集成且令人難以置信的 Salesforce 平台，我們將在 Dreamforce 上展示這一切。我們的平台現在開始並結束於我們的數據云，我只想讚揚令人難以置信的數據云團隊所交付的成果。你們中的很多人都已經看到了數據云的發布，這是我們在去年Dreamforce 中開始真正展示的令人難以置信的Genie 技術，但您可以通過數據云看到的是，如果客戶想要通過人工智能取得成功，他們必須將數據整合在一起。對於每個客戶來說，這是至關重要的第一步。我們將看到這場人工智能革命實際上是一場數據革命。您將在 Dreamforce 看到，我們將盡可能快、盡可能簡單地為每一位客戶啟用此數據云。

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.

這個數據云令人難以置信，它為我們的客戶所做的一切。它不僅內置人工智能，而且是實時的、自動化的，並且與核心平台集成。它不是一些單獨的數據云。它是我們平台的一個集成部分，存在於我們的元數據、我們的核心代碼中，例如我們的銷售雲、我們的服務雲，以及您即將在我們新的營銷雲和商務雲中看到的，當然還有我們的核心應用程序開發能力都在我們的數據云中。由於這種架構，世界上沒有哪個 CRM 平台比 Salesforce 更能利用如此驚人的銷售隊伍和業務數據來推動人工智能驅動的應用程序。我們的客戶可以輕鬆設置並使用。

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.

我們的數據云作為核心元數據架構的一部分進行了深度集成，它允許我們的客戶快速處理來自任何來源的所有數據，而無需與他們被迫的獨立數據倉庫和數據湖進行昂貴的集成項目購買和創建更多的信息孤島以及所有這些獨立的系統和獨立的團隊，而不是擁有一個集成的數據架構。

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.

我們正在將客戶從擁有數據孤島轉變為擁有所有數據的單一事實來源。這是我們最大的夢想。借助數據云和我們的客戶 Einstein、Flow、Lightning、Tableau、MuleSoft、Slack 等強大技術，他們可以通過大規模 AI、自動化和分析輕鬆增強每個應用程序和客戶體驗。數據云仍然是我們增長最快的有機產品。您將在 Dreamforce 看到新版本，它與我們的銷售雲和服務雲完全集成，當然還有我們的營銷雲和其他關鍵功能。而即將推出的這種新的第二版數據云將全面向客戶發布。

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。就在第二季度，數據云就吸收了超過 6 萬億條記錄，這令人驚訝。它吸收了 6 萬億條記錄並觸發了超過 1 萬億次激活來推動客戶參與。我們始終將信任置於我們平台上發生的一切的中心，這從來都不是重要的——我想說，更重要的是，尤其是現在，不僅是數據云，還有這場人工智能革命。

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.

因為這場人工智能革命是一場信任革命，愛因斯坦所做的一切也都以信任為中心，特別是道德，我特別想讚揚我們道德和人道使用辦公室所做的令人難以置信的工作，他們開創了道德和技術的使用。如果你沒有讀過他們本季度在《哈佛商業評論》上發表的令人難以置信的文章。太棒了。他們正在做令人難以置信的工作，真正表明這不僅僅是關於人工智能，不僅僅是關於數據，而且還關於信任和道德。這就是我們開發愛因斯坦信任層的原因。這在業內是完全絕無僅有的。它使我們的客戶能夠維護他們的數據隱私、安全、駐留和合規性目標。

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，我們已經處於早期階段，看到了這些令人驚嘆的愛因斯坦創新的勢頭。希思羅機場和 PenFed Credit Union 等公司確實採用了 Einstein，並將其 Salesforce 實施在本季度提升到了另一個水平。希思羅機場是人工智能、數據、客戶關係管理和信任的變革力量以及單一事實來源的力量的一個很好的例子。每年有 7000 萬名旅客經過他們的航站樓，我相信你們中的許多人都是其中之一。我也有。希思羅機場運營規模巨大，通過服務雲、營銷雲、商務雲管理整個機場體驗，但現在希思羅機場還添加了數據云，為每次客戶交互提供單一事實來源並進行設置引領人工智能革命。

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.

借助 Einstein，希思羅機場的服務代理現在可以通過人工智能輔助生成對服務查詢、案例偏​​轉、撰寫案例摘要的答复，以及來自數據云的所有相關數據和業務背景。我們正在通過數據云和我們的服務雲在服務方面進行令人難以置信的令人興奮的創新工作，人工智能將向我們展示服務未來的全新願景以及我們的服務云不僅可以為客戶做些什麼提供高質量的客戶服務，同時提供令人難以置信的新生產力水平。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.

我對我們行業的未來、我們公司的力量和未來、幫助我們所有客戶，尤其是我們的團隊的潛力、我們團隊的素質，尤其是在所有這些令人驚嘆的新迴旋鏢的推動下，感到前所未有的興奮。 ，您將在 Dreamforce 看到這一切。 Dreamforce 即將於 9 月 12 日至 14 日在舊金山舉行。我期待著歡迎你們每一位來到 Dreamforce。我現在位於舊金山 Salesforce 大廈的頂部。我們將帶你到這裡來。我們將帶您參觀莫斯康 (Moscone)。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，這不僅僅是今年最大的企業技術會議，這將是世界上最大的人工智能會議和最大的人工智能專家聚會。我們將擁有許多世界頂級的人工智能思想家，包括 Sam Altman 和他令人驚嘆的 OpenAI 公司，他正在做的事情令人難以置信； Anthropic 首席執行官 Dario Amodei 是他的校友之一，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.

斯坦福大學的李飛飛，一位出色的人工智能研究員和富有遠見的領導者，在 1,500 場 Dreamforce 會議中的一些會議中發表了一些演講，我們將在這裡看到的人工智能和 Dreamforce 真是太棒了。我們將把每個人的技能提升到一個全新的水平。我們還將分享我們對 CRM 未來、下一代數據云和 Einstein 的願景。我們還將推出噴火戰機。他們將舉辦我們的 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為我演奏晚餐。希望我們能在會議上見到他，以一些令人難以置信的方式。我們迫不及待地想讓大家來到這裡，向您展示 Salesforce 正在發生的事情、人工智能領域正在發生的事情、舊金山正在發生的事情。這將是一場令人驚嘆的活動，距離我們只剩幾天了。現在讓我把它交給布萊恩。

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

謝謝馬克，特別是沙袋評論。對此，我真的非常感激。我們的重點...

It wasn't me. It was Einstein.

不是我。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，事情就是這樣，布萊恩。

Got it. Our focus on operational...

知道了。我們專注於運營...

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

寶貝，這就是人工智能革命正在向你襲來。所以準備好吧。

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。我們對卓越運營、高性能和增長計劃的關注推動了另一個強勁的季度。我們繼續採用嚴格的成本管理和效率方法，消除業務的複雜性，以推動營收和利潤的改進。我在本季度遇到的每位客戶都明確表示，他們專注於提高生產力、快速實現價值和業務增長。

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 視為這些優先事項的答案，我們正在讓客戶更輕鬆、更快速地安全、大規模地釋放可信生成式 AI 的力量。通過人工智能、數據、CRM 和信任平台，我們的創新速度比以往任何時候都快。我們還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.

您從 Marc 那裡聽說，數據云正在增強我們的產品組合，在銷售、服務、營銷和商務工作流程中提供實時客戶數據。這就是為什麼超過 90% 的財富 100 強企業平均有超過 5 個雲依賴 Salesforce。在持續謹慎的購買環境中，本季度繼續壓縮較大的轉型交易，影響了我們的專業服務增長。儘管如此，我們第二季度的營收和利潤還是超出了預期。這反映了我們行之有效的進入市場戰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.

我們的高績效文化繼續推動業績，我對團隊在本季度的表現感到自豪。我們在核心產品、數據、人工智能、服務、行業和國際領域的增長舉措正在推動我們的成功。本季度，我們看到核心業務的需求持續增長，並且我們繼續受益於客戶整合其技術平台以降低複雜性、提高效率和增長。本季度我們取得的 10 場胜利中有 6 場包含 5 個或更多雲。正如您將從 Amy 那裡聽到的那樣，我們正在加深與在 Salesforce 上運營業務的多雲客戶的關係，並通過擁有 1 個集成的 AI 驅動的 CRM 平台實現巨大的價值。

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.

施耐德電氣十多年來一直使用 Customer 360，提高客戶參與度、服務和效率。通過 Einstein，Schneider 改進了需求生成，將成交時間縮短了 30%。通過 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 萬次支持交互，其中大部分是通過我們的自助服務產品完成的。

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.

在第二季度，施耐德選擇 Marketing Cloud 來進一步個性化客戶體驗。本季度，我們看到銷售績效管理、數字服務、自助服務和營銷參與度等附加產品增長了 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，為我們的小型企業客戶提供了銷售、服務和營銷為一體的綜合服務。

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 Marc 所說，數據云是我們有史以來增長最快的有機創新之一，它讓客戶釋放數據的力量，通過人工智能、自動化和分析來增強每個應用程序和客戶體驗。這正在推動我們的強勁勢頭。數據云佔據了本季度 10 大交易中的 5 個，我們看到 SiriusXM 和 KPMG 等公司取得了巨大的勝利。本季度，聯邦快遞對 Salesforce 進行了重大投資，增加了數據云。 FedEx 長期以來一直依賴 Salesforce 的多個雲，包括銷售、服務、營銷和 Einstein。現在，隨著數據云的啟用，Salesforce 的每個部分都進行了深度集成，以推動增長並提供更有針對性的客戶參與和個性化體驗。

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.

我們還看到愛因斯坦生成人工智能的強勁客戶動力。 PenFed 是人工智能、數據、CRM 和信任如何推動客戶增長的一個很好的例子。 PenFed 是美國最大的信用合作社之一，其增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 Financial Services Cloud、Experience Cloud 和 MuleSoft，以及我們由 Einstein 驅動的聊天機器人，每月處理 40,000 個客戶服務會話。

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 Einstein 驅動的聊天機器人接觸時就解決了 20% 的案件，導致去年聊天機器人活動增加了 223%，帶來了令人難以置信的投資回報率。第二季度，PenFed 通過 Data Cloud 進行了擴展，統一了近 300 萬會員的所有客戶數據，並增加了 Einstein 的使用，為每一位服務代理推出生成式 AI 助手。

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 方面也取得了巨大勝利，Tableau 繼續成為我們收入增長的推動力。第二季度，我們超過 100 萬美元的交易中近一半都涉及 MuleSoft。隨著客戶將所有來源的數據匯集在一起​​以提高燃油效率、增長和洞察力，MuleSoft 已成為他們的關鍵任務，並被納入我們十大交易中的一半。我們看到我們的自動化產品（包括 Slack）的使用量出現了出色的增長，該產品現在每周啟動近 800 萬個工作流程，同比增長 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.

我們的垂直行業仍然是我們的增長槓桿。我們的 8 個行業雲連續第三個季度的 ARR 增長超過 50%。我們還看到，我們在國際上取得了強勁的增長，例如歐洲、中東和非洲地區的 Hargreaves Lansdown、亞太地區維多利亞州的教育部、拉丁美洲的家樂福銀行等。我很高興重申馬克早些時候所說的日本現在是該國第二大軟件企業，增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.

進入今年下半年，我們正在引領第一大 AI CRM 的發展方向，抱歉，我們的創新步伐處於歷史最高水平。我們對客戶成功的關注推動了我們自身的成功，從而加快了收入和盈利能力。 Salesforce 的全部力量以及我們令人難以置信的開拓者、專家和合作夥伴社區將在下個月的 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。我們第二季度的業績表明，我們在 4 個（現在是 5 個）關鍵轉型領域繼續取得巨大進展，營收和利潤又實現了一個季度的擴張。正如您在我們的結果中看到的，我們正在實現轉型，推動盈利增長和股東價值，並且憑藉排名第一的 AI CRM，我們為未來做好了準備。我們對盈利增長框架的執行推動了我們第二季度的業績。

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.

那麼讓我們從最上面的評論開始。第二季度收入為 86 億美元，按固定匯率計算同比增長 11%。這一增長主要得益於 MuleSoft 持續的發展勢頭、穩健的銷售和服務業績以及適度的外匯順風。這被專業服務的持續疲軟部分抵消。我們業務模式的持久性和持續的多雲擴展戰略反映了我們統一平台的關鍵任務性質。每年投資超過 1000 萬美元、平均擁有 7 個雲的 450 多個客戶就證明了這一點。在過去 5 年裡，價值 1000 萬美元以上的客戶數量增加了兩倍，他們的平均雲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.

從地域角度來看，美洲地區收入增長了10%。歐洲、中東和非洲地區按固定匯率計算增長 13% 或 11%，亞太地區按固定匯率計算增長 20% 或 24%。我們看到國際上的新業務增長強勁，尤其是加拿大、法國和印度，而美國則繼續受到限制。

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.

從行業角度來看，製造業、汽車和能源的彈性較大，而高科技、零售和消費品的彈性則更為穩健。截至本季度末，第二季度收入流失率約為 8%。第二季度，我們的非 GAAP 運營利潤率升至 31.6%，連續第二季度增長 1,000 個基點或更多。利潤率的提高是由我們的重組行動節省的資金、收入的實力和投資時機推動的。

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。我們嚴格的成本管理方法使我們能夠提前三個季度超過 30% 的非 GAAP 利潤率目標。第二季度運營現金流為 8.08 億美元，同比增長 142%。第二季度自由現金流為 6.28 億美元，同比增長 379%。現金流量的上升是由比預期更強的收款以及與我們剛剛討論的第二季度利潤率收益相關的現金流出減少所推動的。

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.

現在轉向剩餘的履約義務，RPO（代表合同下的所有未來收入）在第二季度末達到 466 億美元，同比增長 12%。當前剩餘履約義務 (cRPO) 為 241 億美元，同比增長 12%，按固定匯率計算增長 11%。這超出了預期，尤其是由於 MuleSoft 的發展勢頭。正如我們上季度指出的那樣，cRPO 增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，我們繼續履行我們的資本回報承諾。第二季度，我們以股票回購的形式返還了 19 億美元，使總回報超過 80 億美元，相當於自去年 8 月啟動該計劃以來超過 4800 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.

在轉向指導之前，我想簡單談談當前的宏觀環境。正如您從布萊恩那裡聽到的，經過衡量的宏觀環境繼續影響客戶的決策。我們的訂閱、支持和專業服務業務中仍然看到銷售週期延長、交易審批層數增加以及交易壓縮。這些因素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。在收入方面，我們將收入指引上調至 347 億美元至 348 億美元，按名義貨幣和固定匯率計算，同比增長 11%。這一增長是由我們的訂閱和支持收入的強勁推動的，尤其是 MuleSoft 的收入。我們正在加速向盈利增長轉型。對於 24 財年，我們很高興將非 GAAP 營業利潤率指導提高至 30%，同比提高 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.

正如馬克強調的那樣，我們正處於一個新的人工智能時代，一個新的創新周期，我們將像過去十年一樣繼續投資。因此，我們預計，在投資時機的推動下，今年下半年的季度利潤率將呈非線性，特別是在以人工智能為重點的研發領域。我們還繼續關注基於股票的薪酬，預計今年佔收入的比例將提高至略高於 8%。

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.

由於這些更新，我們現在預計 24 財年 GAAP 稀釋後每股收益為 3.50 美元至 3.52 美元，其中包括 1.11 美元的重組費用。目前預計非 GAAP 稀釋後每股收益為 8.04 美元至 8.06 美元。我們將 24 財年的運營現金流增長指導提高至約 22% 至 23%。其中還包括來自重組的 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，隨著我們減少剩餘的淨運營虧損，我們預計 24 財年的現金稅將會增加。隨著我們提取剩餘的稅收抵免結轉，我們預計下一財年的現金稅阻力將更大。本財年的資本支出預計略低於收入的 2.5%。這導致本財年自由現金流增長約 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.

現在介紹第三季度的指導。在收入方面，我們預計收入為 87 億美元至 87.2 億美元，增長約 11% 或按固定匯率計算 10%。按名義匯率計算，第三季度 cRPO 同比增長預計略高於 11%，按固定匯率計算略高於 10%。我們仍然預計專業服務對 cRPO 增長的阻力約為 1 個百分點。

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，第三季度是我們在去年 7 月首次看到的經過衡量的購買環境中經歷的第一個完整季度。雖然我們預計預訂量增長將開始正常化，但 cRPO 將繼續受到前 5 個季度銷售業績衡量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 每股收益為 1.02 美元至 1.03 美元。非 GAAP 每股收益為 2.05 美元至 2.06 美元。由於我們關注股東回報和嚴格的資本配置，我們繼續期望通過 24 財年的股票回購來完全抵消基於股票的薪酬稀釋。

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，我要感謝我們的股東一直以來的支持。正如我們在兩個季度前為您介紹的那樣，我們已經從根本上加速了向盈利增長的轉型。我們保持嚴格的成本管理方法，同時繼續進行戰略投資，特別是在我們的新數據和人工智能能力方面。

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，我希望您能夠親自或虛擬地參加 Dreamforce，聆聽我們團隊正在提供的令人難以置信的人工智能創新的最新信息。正如馬克所說，這將是年度人工智能盛會。現在，邁克，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，我們現在將進入電話問答部分。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.

（操作員說明）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.

該團隊在軟著陸方面做得非常出色，這並不是使用一個與經濟相關的過度使用的術語。這就是成本控制、運營紀律等等。所以真的祝賀你。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.

您要問的一個問題是，我們對新產品感到非常興奮。我們擁有生成式人工智能能力。消費環境似乎趨於穩定。經濟確實實現了軟著陸。您認為 Salesforce 是否已最大化其客戶錢包份額？或者您認為可以獲得更多份額，因此未來會有更好的日子嗎？因為我們已經看到保證金故事的發展非常非常令人印象深刻。 Salesforce 能否回到增長而非高速增長的時代？銷售是否能恢復，但市場是否有足夠的空間，是否有足夠的客戶錢包份額？生成式人工智能的產品似乎已經足夠讓人興奮了。因此，如果你把一切都考慮在內，我們是否還能在利潤方面做得很好，同時在經濟狀況不再成為製約因素時仍然有機會實現更快的增長。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 見到您。我們真的很興奮，我想當你看到這些新的人工智能產品時，你也會非常興奮。當我們談論增長時，我認為這將從人工智能開始。我認為人工智能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 OpenAI 等一些新公司中看到這一點。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，在過去的幾個季度中，我們確實看到了謹慎的購買環境。這也是事實，不僅在 Salesforce，而且我認為對於您關注的我們絕大多數同行也是如此。我認為您也多次提出過這一點。我當然預計這種情況會減弱，特別是當客戶開始採用這些新的人工智能技術並了解他們需要投資和發展才能實現更高水平的生產力時。

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.

話雖如此，我們也看到了我們的許多核心技術和產品的驚人增長，我特別想指出MuleSoft 在過去幾個季度取得的令人難以置信的成功，因為這是一款在過去幾個季度中取得了令人難以置信的成功的產品。超出了我們的預期，尤其是包括我們的幾個地區。所以這並不是到處都滲透的東西，而是有一些孤立的區域。

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 將成為我們的客戶的催化劑，讓他們看到與我們一起成長的機會，看到這些新產品、這些新技術。數據云只是 Salesforce 可以與客戶一起投資的許多新領域的例子之一。我確信，當他們開始在這種大流行後的宿醉中重新點燃 IT 購買預算時，我認為當我們達到下一個水平時，我們將看到它的驅動力人工智能。

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，卡什，謝謝你的提問。我認為我們在之前的電話會議中概述了一項增長戰略，它是三管齊下的，一是圍繞擴大我們的多雲客戶，而藉助人工智能和數據云等新技術，我們有一個巨大的機會回到我們的客戶和擴大他們使用的雲的數量，這是一個巨大的增長機會，可以為我們的客戶帶來更多價值，當然也為我們帶來更多成功。

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會，我們認為國際市場還有很大的發展空間。我們將繼續集中精力在那裡進行我們認為合適的投資。顯然，我們希望看到經濟有所好轉。最後，關於工業。您聽到我說過，我們的行業雲中有 8 個在本季度增長超過 50%。我們的行業產品所產生的影響是顯著的。因此，對行業的更深層次投資也將繼續推動該業務的增長。

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，如果我沒有請 Ariel Kelman 來和我們一起坐在桌邊談論 Dreamforce 並談論一些正在出現的令人難以置信的新技術，那就是我的失職了。 Ariel，您能否給我們一些見解，讓我們了解您將在其中一些催化劑中看到什麼，或者 Salesforce 將出現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能盛會。我們擁有龐大的演講者陣容，其中包括一些最具技術性的公司以及這些公司和人員的技術演講者，以幫助更廣泛的商業界了解他們可以在我們的 Customer 360 系列產品中使用人工智能做什麼。

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、營銷人員和客戶服務人員舉辦會議，真正教導他們並啟發他們如何使用人工智能，通過我們直接在流程中的產品中構建的技術來真正提高他們的能力工作，以便他們可以立即利用它。

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

Ariel，你回來已經幾個月了，一個月了？已經多久了？

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

從6月初到現在，已經有3個月左右的時間了。

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

3個月。那麼請告訴我們您回到 Salesforce 後最大的驚喜是什麼？

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.

我最大的驚喜是，在某些方面，這裡所有人的活力與 12 年前我在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對技術的高標準與其他公司相比，我們所構建的確實非常非常令人耳目一新。

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，我們很遺憾您先去了 Amazon，然後又去了 Oracle，但我們很高興您回到這裡。歡迎回來。好吧，邁克爾。

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

謝謝，卡什。艾瑪，我們將回答下一個問題。

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.

我贊同卡什對本季度業績表現的祝賀，特別是在利潤率方面，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，你們遠遠提前了計劃，比計劃提前了 3 個季度實現了目標。但前面也有一個巨大的機會。

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.

Marc，您多次談到了生成式人工智能帶來的變革機遇。因此，當你們平衡這兩個機會和目標時，我們應該如何考慮投資生成式人工智能機會與今年下半年甚至明年可能的進一步利潤增長之間的平衡。

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，我真的想直接解決這個問題，這就是你真正所說的，這是一個令人難以置信的機會，生成式人工智能確實是這樣的機會，但也有許多其他機會，包括數據。我真的認為前面有一些令人難以置信的機會。看到我們將能夠做什麼將是令人難以置信的。我認為問題是，正如你所說，我們將在多大程度上真正釋放公司的根本增長，而不是我們向投資者做出的繼續實現盈利增長的承諾。

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，從根本上講，從去年 Dreamforce 的投資者日開始，我們就告訴過您，我們致力於盈利增長。現在你可以看到我們是認真的。這不是玩笑。我們做了很多事情。我們減少了事情。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，我們仍在做一些事情來做到這一點。

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.

與此同時，我們看到了行業中出現的令人難以置信的機會、不斷湧現的新公司，當然還有各種不尋常的上市公司混亂。所以我們正在關注所有這些事情。但第一是我們對您的承諾。沒有什麼比我們與投資者的信任更重要的了。第二點是，我們非常渴望確保 Salesforce 成為第一大 AI CRM，並且在過去 6 個月裡我們已經做了很多有機的工作來實現這一目標。當然，我們也可以做一些事情來幫助我們處理無機物。我們正在研究這些事情。我們正在考慮一切，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，我想補充一點，是的，當我們進行重組時，從來不僅僅是為了盈利。我們還做出了改變，以便我們有資源投資於我們認為將推動公司最高增長的領域。本季度我們的支出方式非常嚴格，但我們希望抓住這些機會，特別是圍繞人工智能、數據和我們的核心業務。

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有非線性。就未來而言，當我們展望未來時，請強調馬克所說的有關我們承諾的一切。正如我上次所說，我確實相信每年 30% 是一個下限，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 Kirk Materne 和 Evercore 的線路。

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。怎麼樣——這對本季度有什麼影響嗎？那麼您如何看待今年下半年的指導？

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，在今年的指導中，我考慮了價格的上漲以及我們新的變化或圍繞人工智能的機會。我想說的是，這兩者都對我們今年的指導沒有重大影響。我認為這些機會確實需要一段時間才能覆蓋我們的客戶群，特別是在我們尋求更新的定價方面。

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 年內看到價格上漲的影響真正影響到客戶群。因此，本財年沒有重大重大變化。

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

您的下一個問題來自瑞銀集團的 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?

也許對 Marc 和/或 Amy 來說，現在員工人數減少了 11%，正如你所說，Marc，歡迎我們員工回來，你是否覺得你現在已經將員工人數調整到了 70,000 人的水平？已經觸底了嗎？如果你覺得它有機會穩定或再次開始增長，馬克，這是否是一個信號，表明你覺得今年 11% 的增長率已達到或接近底部？

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，因為我們正在不斷增長和投資於我們的員工隊伍，尤其是在人工智能方面。另外，我想我提到我們正在我們的核心領域進行如此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他們的工作，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以及數據云，所有這些我們計劃在 Dreamforce 上向您展示並加速這項工作，這對我們來說極其重要。

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，布萊恩擁有許多正在增長的產品和地區，我們也命令他投資於他的增長。所以我們在繼續增加我們的員工數量，但我們也面臨著正常的人員流失，當然，員工數量，這也是其中的一部分。因此，當這兩件事得到重新平衡時，您將繼續看到我們的員工人數調整併向前發展。我不知道我們是否可以將其稱為底部，或者是否是 - 但我們今天沒有計劃在公司中進行任何其他重大重組工作，就像我們今年早些時候看到的那樣。我們希望，這一切已經完成，並且已經過去了。

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·希爾斯 (Brad Sils)。

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關於人工智能的問題。這裡的機會在整個堆棧中都非常令人興奮。通過銷售 GPT，您突出顯示了內容自動化、通話摘要、銷售協助、服務 GPT、自動回复、摘要和日程安排。當您縱觀 Salesforce 堆棧時，根據您今天從產品早期發布的客戶那裡看到的活動，您在銷售、服務、營銷、商務和核心領域中看到最大的機會在哪裡？

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，非常感謝你。我只想說，我們正處於一場激烈的比賽的開始，我們確實在廣泛地審視人工智能的演變，你真的會看到它發生在 4 個主要區域。

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，這是可以預見的。這太棒了。這就是為什麼 Salesforce 本週將在 Einstein 上交付約 1 萬億筆交易。太不可思議了。這些大多是預測性交易，但我們正在迅速進入第二個領域，我們都知道這是生成式人工智能和這些 GPT 產品，我們現在已經向客戶發布了這些產品。我們對工程組織和技術組織、產品組織的速度及其通過生成式人工智能交付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.

我們擁有由一支令人難以置信的人工智能研究團隊領導的豐富的人工智能專業知識。我們現在處於生成區的想法意味著這是第二區。但正如您將在 Dreamforce 中看到的那樣，第 3 區正在開放自主系統和基於代理的系統。這將是另一個層面的增長和另一個層面的創新，我們還沒有真正看到很多公司已經實現了這一點，我們很高興在這個領域進行大量創新和增長，並在所有這些方面幫助我們的客戶地區。

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通用人工智能，這將是第四個領域。我認為，當我們跨越這 4 個區域時，CRM 對我們的客戶來說將變得比以往任何時候都更加重要。因為正如我提到的，你將能夠獲得更多的自動化、更多的智能、更高的生產力、更多的能力、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.

你是對的，我們將看到各種各樣的功能，就像你所說的那樣，無論是通話摘要和帳戶概述、交易見解和見解摘要、產品內幫助還是移動工作簡報。我的意思是，當我考慮服務之類的事情時，當我們看到我們可以做的案例偏轉量以及我們的服務團隊的生產力提高時，不僅在回復和回答中，而且在總結和總結中。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復對話中的重要性。

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.

然後我們將能夠通過我們的產品為客戶提供一個開放的系統。我們不是，我們並沒有規定他們必須使用這些人工智能係統中的任何一種。我們有一個生態系統。當然，我們有自己的模型和技術，可以提供給客戶，但我們也投資所有這些公司，我們計劃也能夠為這些客戶提供機會，並且他們將能夠提供各種各樣的東西。你會看到這一點，無論它最終會成為合同數字化和成本生成、調查生成器還是各種活動援助。

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.

最近在倫敦的世界巡演中，我們展示了我們的數據云如何進行自動營銷細分，這令人難以置信。你將會看到所有這些事情中將會發生更多的事情。很多事情你都可以在 Slack 中看到。對於這些人工智能公司來說，Slack 已經變得不可思議。我們遇到的每一家人工智能公司都是 Slack 公司。他們都首先讓他們的代理可用於 Slack。例如，我們在 Anthropic 中看到，Cloud 首先出現，然後是 Cloud 2，然後是 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 作為一家公司，在內部使用 Slack，他們利用自己的技術，每天開發新聞摘要和時事通訊，並使用 Slack 做出了令人難以置信的事情。因為 Slack 只是人工智能的信息寶庫，您將看到我們沿著這些思路在 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 醒來並變得更加了解，並且讓 Slack 能夠完成我剛才提到的所有事情。我認為您將看到的最令人興奮的事情之一就是 Slack，它很大程度上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，它可以促進我們在 Slack 內部運行的核心銷售雲系統。

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，我們還將看到如何通過 Slack 在 Salesforce 中發布和交付我們的所有核心服務。對於我們公司來說，在核心 Salesforce 以及所有這些人工智能係統上提供 Slack 作為一個巨大、非常易於使用的界面非常重要。因此，所有這些都是下一代人工智能功能，我很高興能夠在 Dreamforce 以及 Data Cloud 向您展示所有這些功能。

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

您的下一個問題來自德意志銀行的 Brad Zelnick。

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盈利能力方面取得了超額的成就。馬克，我的問題是問你的。我想深入研究數據云，因為我們不斷從合作夥伴那裡聽到的消息表明，興趣水平一直在不斷提高。您能否談談這些項目的流程和範圍，以及這一生成式人工智能時刻如何影響這個機會？為什麼 Salesforce 能夠成為首選合作夥伴，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會議上所說的那樣，我們說過這與人工智能、這與數據、這與 CRM 和信任有關。這四件事必須結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，是人工智能+數據+CRM+信任。我認為這確實是一個我們必須真正弄清楚並向客戶展示這一點的時刻。我們在過去 6 個月裡一直在嘗試真正預訂。

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，我們正在與你們所有人一起經歷巨大的轉變。但你可以看到，我們還經歷了圍繞人工智能的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，看看他們能做什麼、不能做什麼以及他們興奮什麼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能的未來是什麼。

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.

這四件事加在一起將從根本上幫助我們。我認為數據云將成為它的核心，你說得100%正確。嗯，當然，這對我們來說是一個巨大的收入機會，因為正如您從 Brian 那裡聽到的那樣，擁有 Sales Cloud、Service Cloud 和 Marketing Cloud 的客戶正在使用我們的平台。也許他們也有商務雲，現在他們正在添加數據云。當這些雲與這些客戶的雲堆積在一起時，流失率就會下降，客戶會變得更加成功，他們會開發出單一的事實來源。

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?

我們的工作就是讓所有這些東西在我們的核心上運行，並用人工智能點燃所有這些東西。因此，我非常高興能夠重新聘請肯德爾·柯林斯（Kendall Collins）擔任我的幕僚長和首席商務官。 Kendall，您能否給我們介紹一下 Dreamforce 的願景以及我們將看到的數據云和其中一些令人驚嘆的雲，以及為什麼每個人都應該對未來幾週內即將發生的事情感到興奮9 月12 日所有人都到達舊金山時？

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，很高興回來。大約 4 個月過去了，看到 Salesforce 的活力真是令人驚訝，這家公司擁有正確的價值觀，我認為有正確的人才，而且在正確的時間進行了創造性的工作。你所說的關於人工智能的內容非常引人注目，因為它不僅僅是一朵雲的問題。這是為了讓每個雲變得更好，看到 Sales GPT、Marketing GPT、Commerce GPT 上週上線。 Dreamforce 將會令人興奮。

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務官薩巴斯蒂安·奈爾斯 (Sabastian Niles) 旁邊，他剛剛從 Wachtell 加入我們。 Sabastian，我們很高興您能現場參加第一次財報電話會議，歡迎來到 Salesforce。我知道這將是你的第一個夢想力量，讓我們了解你對未來的興奮。

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，我最興奮的是我們的價值觀、信任、客戶成功、創新、平等、可持續發展如何真正融入我們的文化中。這些價值觀正在推動我們的客戶旅程，它們正在推動我們對投資者的承諾，它們正在推動我們對所有利益相關者的承諾。我當然認為，當我們展望未來時，無論是在未來幾個月、未來幾年、未來十年甚至更長的時間裡，這些價值觀將成為人工智能發展的基礎。

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，我認為對於所有企業甚至個人來說，他們將如何選擇與將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，無論是設計還是設計技術、技術部署、開發、服務和監控，我對未來所看到的一切感到非常興奮。

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，我非常高興您加入我們的新管理團隊，這也是我們 Salesforce 團隊的發展。感謝您在過去 6 個月中給予我們的所有幫助，尤其是我們所有投資者的幫助。邁克爾？

Your question comes from Brent Thill with Jefferies.

你的問題來自 Jefferies 的布倫特·希爾 (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?

3 月份，過去 2 個季度的 cRPO 增長了 12%。隨著人工智能融入到模型中，您是否相信從長遠來看，您可以將業務重新加速至 15% 至 20% 的增長？

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，我會告訴你，這肯定是我每天都在想的。你是對的，我是一位成長型首席執行官。這就是我喜歡做的事情。我喜歡成長。我的意思是，過去六個月的利潤率一直在增長，所以這對我來說是一個重新構建。但今年我們的業務已經發展到令人難以置信的收入數字，成為世界第三大軟件公司。當我們進入這些令人難以置信的新能力水平時，我對未來感到非常興奮。有很多很多方法可以提高收入。

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，現在我也很沉迷於底線。而且，正如我之前所說，沒有什麼比我對所有利益相關者（包括投資者）的信任更重要的了。因此，我想確保我們履行對大家的承諾和承諾，就像我們在過去 3 次財報電話會議中所做的那樣，我們已經完全按照我們告訴你們的那樣交付了我們要做的事情，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.

與此同時，你知道我正在考慮如何利用擺在我們面前的這些令人難以置信的機會將球向前和向下移動。因此，必須有一個平衡的等式才能做到這一點，使其適合我們，也適合您，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.

當我們來到 Dreamforce 時，我希望您能找到我並找到我，讓我們進行一對一的對話，就像我們在過去 6 個月中所做的那樣。我想做過去幾個季度一直在做的事情，那就是向你們所有人和我們的投資者表示誠摯的謝意，這是至關重要的一部分。你們提出了一些重要的見解，其中許多是我們自己所沒有的，而我們可以採取一些措施使我們成為一家更強大的公司。

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，我相信您可以從數字中看到這一點。從來沒有一家軟件公司達到這個水平。即使現在我們開始跨越這些令人難以置信的數字，在 300 億美元左右的數字中，公司的實力也從未如此之高，現在我們在人工智能面前擁有這個令人難以置信的機會。

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 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。您現在可以斷開連接。