賽富時 (CRM) 2024 Q3 法說會逐字稿

Welcome to Salesforce's Fiscal 2024 Third Quarter Results Conference Call. (Operator Instructions) I would now like to hand the conference over to your speaker, Mike Spencer, Executive Vice President of Investor Relations. Sir, you may begin.

歡迎參加 Salesforce 2024 財年第三季業績電話會議。 （操作員指示）我現在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。

Thank you. Good afternoon, and thanks for joining us today on fiscal 2024 third 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.

謝謝。下午好，感謝您今天參加我們的 2024 財年第三季業績電話會議。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。今天和我一起參加電話會議的是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.

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改變。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聲明有重大差異。

A description of these risks, uncertainties and assumptions and other factors that could affect our financial results is included in our SEC filings, including our most recent report on Forms 10-K, 10-Q and any other SEC filings. Except as required by law, we do not undertake any responsibility to update these forward-looking statements. And with that, let me hand the call over to Marc.

這些風險、不確定性和假設以及可能影響我們財務表現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 表格報告和任何其他 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。接下來，讓我把電話轉給馬克。

All right. Hey Mike, thanks so much, and thanks for all your hard work this year. It's been an incredible year. And also, I just really appreciate everyone being here on the call today. And hope you all had a great Thanksgiving, and I hope you're all preparing a fantastic holiday for yourself coming up. I know it's been an incredible year for so many of the folks on this call, and I'd just encourage all of my folks to try to take a couple of days off and do a little digital detox. And I hope you get a chance to do that as well as we come into the season.

好的。嘿，麥克，非常感謝，感謝你今年的辛勤工作。這是令人難以置信的一年。而且，我真的很感謝今天大家來參加電話會議。希望你們都度過了一個愉快的感恩節，也希望你們都在為即將到來的自己準備一個美好的假期。我知道對於參加這次電話會議的許多人來說，這是令人難以置信的一年，我只是鼓勵我所有的人嘗試休息幾天，進行一些數位排毒。我希望你有機會在我們進入這個賽季時這樣做。

We're obviously super excited about these results. We've delivered in this unbelievable quarter and in this unbelievable year. And this double-digit revenue growth, delivering non-GAAP margin exceeding 30%, this is really exciting for us. And when we look at these numbers, when we think about having an $8.7 billion quarter, 31.2% margin in the quarter, and then talking about this year at $34.8 billion fiscal year '24, amazing with 30.5% margin growth, whether it's 800%, 900%, 1,000% increase from year-over-year, these numbers all exceed what we thought we were able to do.

我們顯然對這些結果感到非常興奮。我們在這個令人難以置信的季度和令人難以置信的一年中取得了成果。這種兩位數的收入成長，以及超過 30% 的非 GAAP 利潤率，這對我們來說確實令人興奮。當我們看到這些數字時，當我們想到季度利潤為87 億美元、季度利潤率為31.2%，然後談論今年24 財年的利潤率為348 億美元時，利潤率增長30.5% 令人驚嘆，無論是800% 、年成長900%、1000%，這些數字都超出了我們想像的能力。

And I'll tell you, we really did this in partnership with all of you. I'm just going to come back to that a couple of times to give you the gratitude and thanks that you deserve for everything you've been doing to help us have an unbelievably great year. But I'll tell you, it's more than just a great year. It's also a huge year of transformation. I think everyone on the call knows that. It's exactly a year ago, as you remember, or maybe I'd like to forget, exactly how crazy that year got, and it was a really unusual year. But we knew we had to change. We knew there had to be transformation. We knew there were things that had to get done.

我會告訴你，我們確實與你們所有人合作做到了這一點。我只是想再重複幾次，向你們表示感謝，你們為幫助我們度過了令人難以置信的美好一年所做的一切，這是你們應得的。但我會告訴你，這不僅僅是美好的一年。這也是一個巨大轉型的一年。我想參加電話會議的每個人都知道這一點。正如你所記得的，或者也許我想忘記，那一年是多麼瘋狂，這是非常不尋常的一年。但我們知道我們必須改變。我們知道必須進行轉型。我們知道有些事情必須完成。

And we know, look, that we were going to have to restructure our business for the short and long term. We talked about that in each of the last several calls. We knew we had to focus on increasing profitability, productivity, operational excellence across the board. We knew that. We knew that we had to really double down on our core, deliver some strong relationships with you, our investors. And then I'll just keep coming back to that, that you've been just such great partners in making all of this happen.

我們知道，看，我們將不得不重組我們的短期和長期業務。我們在最近幾次通話中都討論了這一點。我們知道我們必須專注於全面提高獲利能力、生產力和卓越營運。我們知道這一點。我們知道，我們必須真正加倍努力，與您（我們的投資者）建立牢固的關係。然後我會繼續回顧這一點，你們是實現這一切的偉大合作夥伴。

And I'll tell you that we have to stay focused on continuing to be this #1 AI CRM, which we've been doing. You're going to hear about that today and really finding these incredible growth factors for the company. You know what, people have been asking me why am I so excited about this quarter? And Brian is going to hit on this as well, and Amy is going to hit on this as well. The 3 things that keep coming back to me are, number one, that we have 80% growth in deals more than $1 million. That is far exceeding our expectations, that we were able to pull together all of these different clouds into this kind of what we call a cocktail.

我會告訴你，我們必須繼續專注於繼續成為排名第一的人工智慧 CRM，這是我們一直在做的。今天你將會聽到這個消息，並真正為公司找到這些令人難以置信的成長因素。你知道嗎，人們一直在問我為什麼對這個季度如此興奮？布萊恩也會想到這一點，艾米也會想到這一點。我不斷想起的三件事是，第一，超過 100 萬美元的交易成長了 80%。這遠遠超出了我們的預期，我們能夠將所有這些不同的雲聚集在一起形成我們所說的雞尾酒。

The customers were wanting to buy Tableau, Slack, MuleSoft, the Data Cloud, the Sales Cloud, the Service Cloud, all that we're able to build these big transactions. And there's no question that, that kind of fell off last year, now to see that come back. That is just really exciting. Brian's going to talk about that.

客戶想要購買 Tableau、Slack、MuleSoft、資料雲、銷售雲、服務雲，以及所有我們能夠建立這些大型交易的工具。毫無疑問，去年這種情況有所下降，現在又回來了。這真是令人興奮。布萊恩將談論這個。

Number two, we have a great new product. And everyone knows here at Dreamforce, Data Cloud. You can see in the quarter 1,000 new Data Cloud customers. That is number 2 thing. I am really excited about that. I literally just got off the plane from Tokyo. You probably all saw me yesterday at Salesforce World Tour. Tokyo was incredible. Everyone is very excited about Salesforce in Japan, now the second largest software company in Japan. Incredible what has happened over there in the market.

第二，我們有一個很棒的新產品。 Dreamforce 的每個人都知道 Data Cloud。您可以在本季看到 1,000 個新的資料雲客戶。這是第二件事。我對此感到非常興奮。我剛從東京下飛機。昨天你們可能都在 Salesforce 世界巡迴演唱會上見過我。東京太不可思議了。每個人都對日本的Salesforce感到非常興奮，它現在是日本第二大軟體公司。市場上發生的事情令人難以置信。

I met with hundreds of customers while I was there. I spoke to some of the CEOs of the largest companies in Japan. It was an incredible week. It was the momiji season, which is the fall season with incredible fall leaves, beautiful over there. And I'll tell you, everyone wants to talk about Data Cloud. And that is really exciting to have an incredible driver for future growth.

我在那裡會見了數百名顧客。我與日本最大公司的一些執行長進行了交談。這是令人難以置信的一周。那是紅葉季節，這是秋天的季節，那裡有令人難以置信的秋葉，美麗極了。我告訴你，每個人都想談論資料雲。擁有令人難以置信的未來成長驅動力真是令人興奮。

And the third thing is these Einstein GPT Copilots that we've delivered. These Einstein GPT Copilots, this is a product we didn't really even have an imagination around a year ago. Of course, we had Einstein. Of course, we could see the incredible growth of Einstein. I mean now Einstein, with predictive and generative combined, is doing 1 trillion transactions a week, that's amazing. But more amazing is that 17% of the Fortune 100 are now Einstein GPT Copilot customers. And this is a product that is just coming to market. Everyone is so excited about buying this product.

第三件事是我們交付的這些 Einstein GPT 副駕駛。這些愛因斯坦 GPT 副駕駛，這是我們大約一年前甚至沒有想像到的產品。當然，我們有愛因斯坦。當然，我們可以看到愛因斯坦令人難以置信的成長。我的意思是，現在愛因斯坦將預測性和生成性結合，每週進行 1 兆筆交易，這真是太神奇了。但更令人驚訝的是，財富 100 強中有 17% 現在是 Einstein GPT Copilot 的客戶。這是一款剛上市的產品。每個人都對購買這個產品感到非常興奮。

So when you see these larger deals, when you see Data Cloud, when you see these Einstein GPT Copilots going into place, that is why we are excited about our growth and why we're excited about this quarter. And then you look at the financial metrics. The $1.5 billion in cash flow, up about 1,000%. That is another reason why we're excited about the quarter.

因此，當您看到這些更大的交易時，當您看到資料雲時，當您看到這些Einstein GPT Copilots 就位時，這就是為什麼我們對我們的成長感到興奮以及為什麼我們對本季感到興奮。然後你看看財務指標。現金流達15億美元，年增約1,000%。這是我們對本季感到興奮的另一個原因。

So let me get into the script a little bit, and let me talk to kind of give you the structured messages and then turn this over to Brian. So number one, we are the #1 AI CRM. If that isn't clear already, we're leading the industry through the unprecedented AI innovation cycle. It's unlike anything I've seen and most of the people that I talk to all over the world feel the same way. We're the only platform that are bringing CRM and data and AI and trust together for our customers in a way that enables them across every industry to be more successful, faster, be more productive, more efficient. We're the #1 by market share for the tenth year in a row based on latest IDC software tracker. We're the #1 enterprise apps company now. That's amazing.

因此，讓我稍微了解一下腳本，然後讓我向您提供結構化訊息，然後將其交給布萊恩。所以第一，我們是排名第一的人工智慧 CRM。如果這一點還不清楚，那麼我們正在引領業界經歷前所未有的人工智慧創新周期。這與我所見過的任何事情都不同，而且與我在世界各地交談過的大多數人都有同樣的感覺。我們是唯一一個為我們的客戶將 CRM、數據、人工智慧和信任結合在一起的平台，使他們在各個行業都能更成功、更快速、更有效率。根據最新的 IDC 軟體追蹤器，我們的市佔率連續十年排名第一。我們現在是排名第一的企業應用程式公司。太棒了。

And Data Cloud, this hyperscale, this real-time customer data platform that is performing incredibly well for us, it's the foundation of every AI transaction, but it's the foundation of every large deal that we did this quarter. That is what is so exciting. And in just our third quarter, Data Cloud has ingested an astonishing 6.4 trillion records, 6.4 trillion records. That's 140% year-over-year increase. It triggered 1.4 trillion activations, a 220% increase year-over-year. This is a monster product. I could not be more excited.

數據雲，這個超大規模的即時客戶數據平台，對我們來說表現得非常好，它是每筆人工智慧交易的基礎，也是我們本季所做的每筆大型交易的基礎。這就是令人興奮的地方。光是第三季度，數據雲就吸收了驚人的 6.4 兆筆記錄，6.4 兆筆記錄。較去年同期成長 140%。它觸發了 1.4 兆次激活，年增 220%。這是一個怪物產品。我非常興奮。

And it's the perfect time, we didn't really understand that it was going to line up so well with this generative AI revolution. This is a product we've been working on for a couple of years. Just the timing of it has been incredible because, listen, if you don't have your data together, in a company, you're not going to deliver AI. It's not like companies are going to run their AI off of Reddit or off of some kind of big public data set. They have to have their data set together to make AI work for them, and that is why the Data Cloud is so powerful for them.

這是一個完美的時機，我們並沒有真正意識到它會與這場生成式人工智慧革命如此契合。這是我們多年來一直致力於開發的產品。它的時機令人難以置信，因為，聽著，如果你沒有在公司收集數據，你就不會提供人工智慧。公司並不打算在 Reddit 或某種大型公共資料集上運行人工智慧。他們必須將資料集整合在一起才能讓人工智慧為他們服務，這就是為什麼資料雲對他們如此強大的原因。

Now as I've said before, this AI revolution is going to be a trust revolution. It's not just about CRM, data or AI. It's also about trust. And I think the trust layer and the way that we've architected our platform so that our customers are not basically taking -- getting taken advantage of these next-generation large language models, these foundation models, they are so hungry for all of this data, and they want our customers' data so that they can grow. We're not going to let them have it. We're going to separate ourselves from those models through a trust layer so customers can be protected. This is going to be so important for the future of how Salesforce architects itself with artificial intelligence.

正如我之前所說，這場人工智慧革命將是一場信任革命。這不僅僅是 CRM、數據或人工智慧的問題。這也與信任有關。我認為信任層和我們建立平台的方式使得我們的客戶基本上不會利用這些下一代大型語言模型，這些基礎模型，他們對所有這些都非常渴望數據，他們需要我們客戶的數據以便他們能夠成長。我們不會讓他們得逞。我們將透過信任層將自己與這些模型分開，以便保護客戶。這對於 Salesforce 未來如何利用人工智慧建置自身來說非常重要。

Now revenue in the quarter was $8.7 billion. Not too many software executives get to say it so I think I'll say it twice, actually. Revenue for the quarter was $8.7 billion, up 11% year-over-year. Incredible. Third largest enterprise software company now by revenue, also incredible. And companies standardizing on Salesforce as their core technology platform, doing these multi-cloud deals with us. Getting that growth, as I said, that incredible stat that Brian is going to come back to, the 80% growth in deals of more than $1 million, so exciting. 9 of the top 10 deals included 6 or more clouds. Think about that. 9 out of our top 10 deals included 6 or more clouds.

目前該季度的營收為 87 億美元。沒有太多軟體主管能夠這麼說，所以我想我實際上會說兩次。該季度營收為 87 億美元，年增 11%。極好的。現在以收入計算第三大企業軟體公司，也令人難以置信。公司將 Salesforce 標準化作為其核心技術平台，與我們進行這些多雲交易。正如我所說，獲得這種增長，Brian 將回到那個令人難以置信的統計數據，超過 100 萬美元的交易增長 80%，非常令人興奮。前 10 筆交易中有 9 筆包含 6 個或更多雲。考慮一下。我們的前 10 筆交易中有 9 筆包含 6 個或更多雲。

So you know that we have amazing clouds, Sales Cloud, Service Cloud, Marketing Cloud, Platform, our Commerce Cloud, Slack, Tableau, MuleSoft, but think about it, how they're bringing all of those things together, Data Cloud, they're bringing it all together into a cocktail. That's amazing. And by the way, those cocktails are going to be a Christmas cocktail soon. And in Q3, we once again showed our commitment to increasing our margins. Non-GAAP operating margin for the quarter was 31.2%, up 850 basis points year-over-year, following an increase of 1,000 basis points in the previous 2 quarters. It kind of is a sentence that you don't really expect ever read as a CEO, so that was kind of amazing.

所以你知道我們有令人驚嘆的雲，銷售雲，服務雲，行銷雲，平台，我們的商務雲，Slack，Tableau，MuleSoft，但想一想，他們如何將所有這些東西整合在一起，數據雲，他們我們正在將所有這些融合到雞尾酒中。太棒了。順便說一句，這些雞尾酒很快就會成為聖誕雞尾酒。在第三季度，我們再次表明了提高利潤率的承諾。本季非 GAAP 營運利潤率為 31.2%，年增 850 個基點，前兩個季度成長 1,000 個基點。這句話是你作為執行長不會真正想到的一句話，所以這有點令人驚奇。

Operating cash flow for the third quarter was $1.5 billion, up 389% year-over-year. Free cash flow was $1.4 billion, up 1,088% year-over-year. Percentages and absolute numbers are just mind-blowing. And our remaining performance obligation ended the third quarter at $48.3 billion, which is an increase of, oh, yes, 21% year-over-year. Pretty good.

第三季營運現金流為 15 億美元，年增 389%。自由現金流為 14 億美元，年增 1,088%。百分比和絕對數字令人震驚。截至第三季度，我們剩餘的履約義務為 483 億美元，年增 21%。不錯。

Okay. Now let's move on to guidance. Based on our performance, we're raising our fiscal year '24 revenue guidance in constant currency to $34.8 billion at the high end of the range, 11% projected growth year-over-year. Last quarter was raised our fiscal year '24 non-GAAP operating margin of 30% and now we're accelerating again. And we think that we're going to move this thing to 30.5% for the year. And Amy, I think you better beat that, okay? So I mean, the acceleration on the margin this year has been pretty incredible as we all know.

好的。現在讓我們繼續指導。根據我們的業績，我們將以固定匯率計算的 24 財年營收指引上調至上限 348 億美元，預計將年增 11%。上個季度我們將 24 財年非 GAAP 營運利潤率提高了 30%，現在我們再次加速成長。我們認為今年我們將把這個比例提高到 30.5%。艾米，我想你最好打敗它，好嗎？所以我的意思是，眾所周知，今年的邊際加速是相當令人難以置信的。

So if you go back and look at the last 5 quarters, you wouldn't believe it. I don't believe it. We delivered an improvement of 850 basis points year-over-year this quarter. I couldn't be more proud of our entire team, how well they are doing. We just got our employee surveys back. The team, the morale is super high, so cohesive, brought back so many boomerangs, really reinforced our culture during this year as well. That's been one of the major things that we have been doing. We've really been focused on building this #1 AI CRM, rebuilding our product strategy.

因此，如果你回頭看看過去 5 個季度，你將不會相信。我不相信。本季我們的業績年增了 850 個基點。我為我們整個團隊感到無比自豪，他們的表現非常出色。我們剛收到員工調查。這個團隊，士氣非常高，非常有凝聚力，帶回了很多迴旋鏢，在這一年裡也確實強化了我們的文化。這是我們一直在做的主要事情之一。我們確實專注於建立這個排名第一的人工智慧 CRM，重建我們的產品策略。

Really focused on, number 2, is getting these sales executives be able to tell these stories of AI success. And it's incredible to be able to exactly explain to a customer what they can do to be successful. Through -- the third thing we're really focused on is this idea of delivering new products and new technologies, and this UE+ product that we've now introduced in the market to see so many customers adopt that in the quarter, to see so much of it in our pipeline, UE+ and the incredible work of David Schmaier and his team has been just amazing there.

真正關注的第二點是讓這些銷售主管能夠講述人工智慧的成功故事。能夠準確地向客戶解釋他們可以做什麼才能取得成功，這真是令人難以置信。透過——我們真正關注的第三件事是提供新產品和新技術的想法，以及我們現在在市場上推出的 UE+ 產品，看到如此多的客戶在本季度採用它，看到如此我們的流程、UE+ 以及David Schmaier 和他的團隊所做的令人難以置信的工作令人驚嘆。

And also our professional services team, delivering these great implementations and making sure our customers are successful. And the fifth thing I would say we're focused on is this Ohana 2.0 culture, which is really takes shape in the middle of this year and really now evidence in this -- you probably saw we just became a Great Place to Work again. We're on the top 10. We're now #7. And it's amazing to see that recognition for this company is so well deserved.

還有我們的專業服務團隊，提供這些出色的實施並確保我們的客戶成功。我要說的第五件事是我們關注的 Ohana 2.0 文化，它在今年年中真正形成，現在確實是證據——你可能看到我們剛剛再次成為一個最佳工作場所。我們排在前 10 名。現在我們排在第 7 名。令人驚訝的是，這家公司獲得如此當之無愧的認可。

So where are we? Well, you're seeing this high level of interest in Data Cloud and Einstein. It's incredible what's happened. I've been on the road pretty much nonstop, especially over the last month. I've been in -- throughout Europe. I've been now in Asia. I've been throughout the United States. And I just continue to see these same trends, which is customers are investing for the future and they're investing and inspired by AI to give them more productivity.

那我們在哪裡？嗯，您看到了人們對資料雲和 Einstein 的高度興趣。發生的事情令人難以置信。我幾乎一直在路上，尤其是在上個月。我去過──整個歐洲。我現在已經在亞洲了。我走遍了美國。我繼續看到這些相同的趨勢，即客戶正在為未來投資，他們正在投資並受到人工智慧的啟發，以提高他們的生產力。

Look, they realize unemployment is just so low. Where are they going to hire more people? It's so hard for them to hire. They're going to have to get more productivity from their employees. They're going to do that through this great new technology, and we're going to help them make that happen. Data Cloud was part of 6 of our top 10 deals in the quarter. We had more than 1,000 net new customers for Data Cloud. I've talked a little bit about the number of deals -- the number of wins over $1 million in Data Cloud doubled, and the average ARR per win more than tripled compared to last quarter, pretty awesome.

看，他們意識到失業率是如此之低。他們要去哪裡僱用更多的人？他們招人太難了。他們必須提高員工的生產力。他們將透過這項偉大的新技術來做到這一點，我們將幫助他們實現這一目標。 Data Cloud 是我們本季十大交易中的 6 筆交易的一部分。我們的 Data Cloud 擁有超過 1,000 個淨新客戶。我已經談過一些關於交易數量的問題——Data Cloud 中超過 100 萬美元的勝利數量翻了一番，每次勝利的平均 ARR 比上季度增加了兩倍多，非常棒。

And we've now created a self-service switch so that every EE and UE customer can just flip it on. And engineering has just done a great job letting every customer become a Data Cloud customer. Closed a lot of amazing deals in the quarter. Really excited about AWS. I know everyone has been talking about that, especially down at the conference this week at re:Invent, and we couldn't be more thrilled for our partnership with Andy Jassy, really excited.

我們現在創建了一個自助服務開關，以便每個 EE 和 UE 客戶都可以打開它。工程部門剛剛做了一項出色的工作，讓每個客戶都成為資料雲客戶。本季完成了許多令人驚嘆的交易。對 AWS 真的很興奮。我知道每個人都在談論這一點，尤其是在本週的 re:Invent 會議上，我們對與 Andy Jassy 的合作感到非常興奮，真的很興奮。

Really excited about our relationship with American Cancer Society doing -- they've been a customer for a long time, doing incredible work now seeing them use the Data Cloud, even becoming even more productive, more efficient. [Group Global], 30 million users now using Data Cloud, SiriusXM. Joe Inzerillo, great executive. We worked so closely with him at Disney. And one of the reasons that Disney has become wall-to-wall Salesforce. And nowadays at SiriusXM, he's deployed a great, incredible deployment of Data Cloud, but our -- actually our whole product line or so. Excited to work with Joe.

我們對我們與美國癌症協會的關係感到非常興奮——他們已經是我們的客戶很長時間了，現在看到他們使用數據雲做了令人難以置信的工作，甚至變得更有效率。 [Group Global]，現在有 3,000 萬用戶使用 Data Cloud、SiriusXM。喬·因澤裡洛（Joe Inzerillo），偉大的高階主管。我們在迪士尼與他密切合作。這也是迪士尼成為全方位 Salesforce 的原因之一。如今，在 SiriusXM，他部署了出色的、令人難以置信的資料雲部署，但實際上是我們的整個產品線左右。很高興與喬一起工作。

And this is really, I think, going to continue on as we start to talk more about customers who are using Data Cloud. I was just in Houston and had a great dinner down there with all of our customers. We had some phenomenal local country music performance at the dinner as well. The Ortega family did a great job cooking for us. Their restaurants are probably our favorite when we get on the road. But I'll tell you, Waste Management and Jim Fish, who I saw when I was in Houston, great executive, love working with Jim. Here is a great company, North America's leading environmental sustaining -- sustainability solutions provider. Now most of the folks on the call are probably customers.

我認為，隨著我們開始更多地談論使用數據雲的客戶，這種情況確實會繼續下去。我剛剛在休士頓，和我們所有的顧客一起吃了一頓豐盛的晚餐。晚宴上我們還欣賞了一些精彩的當地鄉村音樂表演。奧爾特加一家為我們做飯做得很好。當我們上路時，他們的餐廳可能是我們最喜歡的。但我會告訴你，廢棄物管理公司和吉姆·菲什（Jim Fish），我在休士頓時見過他，他是一位出色的高階主管，喜歡與吉姆一起工作。這是一家偉大的公司，北美領先的環境永續發展解決方案提供者。現在，大多數打電話的人可能都是客戶。

And wow, they just have done an incredible implementation and now doing a great job implementing all the AI solutions as well. Well, there's a lot more to talk about there. We've got so much going on and March 8 is going to be a big day for Salesforce. We're going to turn 25 years old. It's hard to believe. At the same time, we've completely rebuilt the company and so well positioned for the AI revolution. And we're lucky to have a great management team, and we've got them sitting here at the table.

哇，他們剛剛完成了令人難以置信的實施，現在在實施所有人工智慧解決方案方面也做得非常出色。嗯，那裡還有很多要談的。我們發生了很多事情，3 月 8 日對 Salesforce 來說將是一個重要的日子。我們即將滿25歲了。很難去相信。同時，我們徹底重建了公司，為人工智慧革命做好了充分準備。我們很幸運擁有一支優秀的管理團隊，我們讓他們坐在桌子旁。

Of course, we've got Mike Spencer here who is doing a great job running FP&A and IR. We have Sabastian, our new Chief Legal Officer; Amy, our new CFO. But Brian, why don't you take it from here and tell us what happened during the quarter?

當然，我們這裡有 Mike Spencer，他在 FP&A 和 IR 方面做得非常出色。我們有新任首席法務官 Sabastian；艾米，我們的新任財務長。但是布萊恩，你為什麼不從這裡開始告訴我們這個季度發生了什麼事？

Yes, I really appreciate it, Marc. Thank you so much. I'm very pleased with the quarter, and it's really a testament to our laser focus on operational excellence, high performance and profitable growth initiatives. We're seeing the results of our full-scale transformation of our company. In Q3, our non-GAAP operating margin is up an amazing 850 basis points year-over-year. And we reduced GAAP sales and marketing costs as a percentage of revenue by 6 full points. And we've matured our pricing and packaging to drive growth and simplify the buying experience.

是的，我真的很感激，馬克。太感謝了。我對這個季度非常滿意，這確實證明了我們對卓越營運、高效能和獲利成長計畫的高度關注。我們正在看到公司全面轉型的成果。第三季度，我們的非 GAAP 營業利潤率較去年同期驚人地成長了 850 個基點。我們將 GAAP 銷售和行銷成本佔收入的百分比降低了 6 個百分點。我們已經成熟了定價和包裝，以推動成長並簡化購買體驗。

As Marc said, we're well positioned to continue to drive profitable growth as we head into the largest quarter, our largest quarter and into next fiscal year. Despite the continued measured buying environment, we grew revenues in Q3, driven primarily by the strength of our product portfolio and multi-cloud transformational deals. In fact, the average size of our deals greater than $1 million, as Marc said, was up 80% year-over-year, doubling our net new business in this segment. And for the third consecutive quarter, we saw add-on products like sales performance management, digital service and sales productivity grow ARR nearly 40%.

正如馬克所說，隨著我們進入最大的季度，我們最大的季度和下一財年，我們處於有利地位，可以繼續推動利潤成長。儘管購買環境持續受到衡量，但我們在第三季的營收仍有所成長，這主要是由我們的產品組合和多雲轉型交易的實力所推動的。事實上，正如 Marc 所說，我們的交易平均規模超過 100 萬美元，年成長 80%，使我們在該領域的淨新業務翻了一番。我們連續第三個季度看到銷售績效管理、數位服務和銷售生產力等附加產品的 ARR 成長了近 40%。

As customers look for quick time-to-value solutions and productivity gains, we saw traction with our new Salesforce Starter offering with nearly 1,000 new logos added this quarter. As the #1 AI CRM, companies in every industry and geography like Fujitsu, Southwest Airlines, ANZ Bank are turning to us as their trusted adviser to help them transform their business for the AI future. We're seeing amazing energy across our ecosystem with our partners, GSIs and ISVs who are looking to do -- build more opportunities with us around our AI offerings. And we've established new partnerships with global management consulting companies like Bain and McKinsey. And as Marc mentioned, we're expanding our existing relationship with AWS.

隨著客戶尋求快速實現價值的解決方案和生產力的提高，我們看到了新的 Salesforce Starter 產品的吸引力，本季度添加了近 1,000 個新徽標。作為排名第一的人工智慧 CRM，富士通、西南航空、澳新銀行等各行業和地區的公司都將我們視為值得信賴的顧問，幫助他們實現業務轉型，迎接人工智慧的未來。我們在我們的生態系統中看到了驚人的能量，我們的合作夥伴、GSI 和 ISV 正在尋求圍繞我們的 AI 產品與我們一起創造更多機會。我們也與貝恩和麥肯錫等全球管理顧問公司建立了新的合作關係。正如 Marc 所提到的，我們正在擴大與 AWS 的現有關係。

It marks a significant milestone in the evolution of our global partnership with Amazon, deepening the integrations between AWS and Salesforce products. We're bringing together the #1 AI CRM and a leading public cloud provider to deliver an open integrated data and AI platform to make it easy to find, buy and manage Salesforce products to the AWS Marketplace.

它標誌著我們與 Amazon 全球合作夥伴關係發展的一個重要里程碑，加深了 AWS 和 Salesforce 產品之間的整合。我們將排名第一的 AI CRM 和領先的公有雲供應商結合在一起，提供開放的整合資料和 AI 平台，讓您可以輕鬆地在 AWS Marketplace 上尋找、購買和管理 Salesforce 產品。

Before I get into the product momentum, I want to share some operational highlights. We continue to effectively manage our expenses, as you've seen, and is reflected in our improved non-GAAP operating margin, which exceeded 31%. Today, our execution, inspection and understanding of our customers buying and approval process is better than ever. Our focus on high performance is a driver of growth is paying huge dividends in Q3. We saw more than a 30% increase in AE productivity year-over-year.

在介紹產品動力之前，我想先分享一些營運亮點。正如您所看到的，我們繼續有效管理我們的費用，這反映在我們的非 GAAP 營運利潤率的提高（超過 31%）。今天，我們對客戶購買和審批流程的執行、檢​​查和理解比以往任何時候都更好。我們對高性能的關注是成長的動力，並在第三季度帶來了巨大的紅利。我們發現 AE 生產力年增了 30% 以上。

We're also refining and scaling our big deal motion and further bundling products to drive higher sales and simplify the buying experience for our customers. And we're doing all this while becoming more effective and efficient. I've been impressed with how quickly we deployed our own trusted generative AI tools and applications internally. We've launched Sales GPT and Slack Sales Elevate internally, and our global support team is live with Service GPT, and we're seeing incredible results.

我們也正在完善和擴大我們的大促銷活動，並進一步捆綁產品，以推動更高的銷售額並簡化客戶的購買體驗。我們在做這一切的同時變得更加有效和有效率。我們在內部部署值得信賴的生成式人工智慧工具和應用程式的速度給我留下了深刻的印象。我們在內部推出了 Sales GPT 和 Slack Sales Elevate，我們的全球支援團隊正在使用 Service GPT，我們看到了令人難以置信的結果。

We've streamlined our quoting process with automation, eliminating over 200,000 manual approvals so far this year. And since the introduction in September, our AI-driven chatbot has autonomously resolved thousands of employee-related queries without the need for human involvement. We're seeing great success with our products and so our customers, which is clearly reflected in the high-level engagement and participation we're seeing in our events.

我們透過自動化簡化了報價流程，今年迄今已消除了超過 20 萬次手動批准。自 9 月推出以來，我們的人工智慧驅動的聊天機器人已經自動解決了數千個與員工相關的問題，而無需人工參與。我們的產品和客戶都取得了巨大的成功，這清楚地反映在我們在活動中看到的高層參與和參與中。

In addition to Dreamforce, we hosted 80% of our top customers for the quarter. We also held an amazing 450 customer events in our offices with nearly $2 billion in pipeline. And as we close out the year, we have a New York City World Tour coming up in December 14. I hope you all can join us in person. And if you can't, we hope you join us on Salesforce+.

除了 Dreamforce 之外，本季我們還接待了 80% 的頂級客戶。我們還在辦公室舉辦了 450 場令人驚嘆的客戶活動，籌措資金近 20 億美元。當我們結束這一年時，我們將於 12 月 14 日舉辦紐約世界巡迴演唱會。我希望你們都能親自參加我們。如果您不能，我們希望您加入我們的 Salesforce+。

We continue to hire selectively across key growth areas, especially in data cloud and AI, and we've seen the highest demand to join Salesforce in our history with the largest volume of applications in any quarter ever. Our growth initiatives across our core products, data, AI, industries and international drove our strong performance in the quarter. And as Marc outlined, we're seeing strong momentum in Data Cloud and Einstein. Importantly, we're already seeing high demand for our new premium UE+ bundle as customers recognize the value of our integrated solutions with Einstein AI functionality and Data Cloud built in.

我們繼續在關鍵成長領域有選擇性地招募員工，特別是在資料雲端和人工智慧領域，我們看到加入Salesforce 的需求達到了我們歷史上最高的水平，任何季度的申請數量也達到了歷史最高水平。我們在核心產品、數據、人工智慧、產業和國際領域的成長舉措推動了我們本季的強勁業績。正如馬克所概述的那樣，我們看到數據雲和愛因斯坦的強勁勢頭。重要的是，隨著客戶認識到我們內建 Einstein AI 功能和資料雲端的整合解決方案的價值，我們已經看到對我們新的高級 UE+ 捆綁包的巨大需求。

And our existing customers increased their spend with us by more than 70% when they upgraded to UE+. Industry clouds continue to be a tailwind to our growth, chosen by customers like Humana and U.S. Agency for internal development and RBC Wealth Management U.S. For the first time this quarter, 9 of 13 industry clouds grew ARR above 50%. We're seeing continued MuleSoft growth, which was in 8 of our top 10 deals this quarter and delivered an amazing 140 billion automated flows, up 142% year-over-year.

我們的現有客戶在升級到 UE+ 後，在我們這裡的支出增加了 70% 以上。產業雲持續成為我們成長的推動力，受到 Humana 和美國內部開發機構以及 RBC Wealth Management U.S. 等客戶的青睞。本季度，13 個產業雲中的 9 個的 ARR 成長首次超過 50%。我們看到 MuleSoft 持續成長，該交易出現在本季 10 大交易中的 8 起，並交付了驚人的 1,400 億個自動化流程，較去年同期成長 142%。

And Tableau, which is fully integrated to the Data Cloud, continues to help customers like Rubrik, Canara Bank and U.S. Navy see and understand their data and make data-driven decisions. In the quarter, we did continue to see the macro trends affect our business, in particular, our professional services business, our create and close sales motion and our Slack self-service business. Despite those headwinds, Slack was included in 7 of our top 10 deals. Every day this quarter, there were 700 million Slack messages sent and 2.75 million workflows ran on the Slack platform.

Tableau 完全整合到資料雲中，繼續幫助 Rubrik、Canara Bank 和 U.S. Navy 等客戶查看和理解他們的資料並做出資料驅動的決策。在本季度，我們確實繼續看到宏觀趨勢影響我們的業務，特別是我們的專業服務業務、我們的創建和關閉銷售活動以及我們的 Slack 自助服務業務。儘管存在這些不利因素，Slack 仍被納入我們十大交易中的 7 項。本季每天發送的 Slack 訊息達到 7 億條，Slack 平台上運行的工作流程達到 275 萬個。

We recently announced Denise Dresser as the new CEO of Slack, and I've had the chance to work with Denise for a dozen years and could not be more thrilled for her, and importantly, for the Slack business. Before I hand it off to Amy, I want to share some key number and highlights on how we deliver for our customers during Cyber Week. Commerce Cloud powered nearly 50 million orders on digital storefronts across Cyber Week with 100% uptime. Einstein powered more than 49 billion product recommendations and over 53 billion marketing messages were sent via the Marketing Cloud. In addition, Service Cloud helped our customers field and resolve 3.7 billion cases. This clearly demonstrates the scale and reliability of our #1 AI CRM platform.

我們最近宣布 Denise Dresser 擔任 Slack 的新任首席執行官，我有機會與 Denise 合作了十幾年，我為她感到無比興奮，更重要的是，為 Slack 業務感到興奮。在將其交給艾米之前，我想分享一些關於我們如何在網路週期間為客戶提供服務的關鍵數字和亮點。 Commerce Cloud 在網路週期間為數位店面的近 5000 萬個訂單提供了支持，並且正常運行時間為 100%。 Einstein 提供了超過 490 億個產品推薦，並透過 Marketing Cloud 發送了超過 530 億則行銷訊息。此外，Service Cloud 也幫助我們的客戶現場解決了 37 億個案例。這清楚地證明了我們排名第一的人工智慧 CRM 平台的規模和可靠性。

So in closing, we're heading into Q4 with a ton of energy and ambition, guiding our customers through a new innovation cycle with an unwavering commitment to their success. I, like Marc, am extremely proud of the team with the changes that we've made not just in Q3 but over the last year. And as I said earlier, we're well positioned for Q4 and as we head into fiscal year '25. And with that, I'll turn it over to you, Amy.

因此，最後，我們將以充沛的精力和雄心壯志進入第四季度，引導我們的客戶度過一個新的創新週期，並堅定不移地致力於他們的成功。我和馬克一樣，為我們的團隊感到非常自豪，我們不僅在第三季而且在去年都做出了改變。正如我之前所說，隨著我們進入第 25 財年，我們已為第四季度做好了充分準備。這樣，我就把它交給你了，艾米。

Great. Thanks, Brian. Q3 represents another strong quarter of strong execution and discipline. As you heard from both Marc and Brian, we've transformed the company over the past 12 months to drive consistent, profitable growth. And we are pioneering the next wave of innovation with data, AI, CRM and trust.

偉大的。謝謝，布萊恩。第三季代表著另一個執行力強、紀律嚴明的強勁季度。正如您從 Marc 和 Brian 那裡聽到的那樣，我們在過去 12 個月裡對公司進行了轉型，以推動持續的獲利成長。我們正在利用數據、人工智慧、客戶關係管理和信任引領下一波創新浪潮。

Now let's get right to the results. For the third quarter, revenue was $8.7 billion, up 11% year-over-year and 10% in constant currency. This represents a $40 million beat in constant currency. The growth was primarily driven by continued MuleSoft momentum and resilient sales and service performance. From a geographic perspective, the Americas revenue grew 9%, EMEA grew 14% or 10% in constant currency, and APAC grew 18% or 21% in constant currency. We saw strong new business growth in India, Brazil and Japan, while parts of EMEA were more constrained.

現在讓我們直接看結果。第三季營收為 87 億美元，年增 11%，以固定匯率計算成長 10%。以固定匯率計算，這相當於 4000 萬美元。這一成長主要得益於 MuleSoft 持續的發展動能以及富有彈性的銷售和服務表現。從地理角度來看，美洲地區營收成長 9%，歐洲、中東和非洲地區成長 14%，以固定匯率計算成長 10%，亞太地區成長 18% 或以固定匯率計算 21%。我們看到印度、巴西和日本的新業務成長強勁，而歐洲、中東和非洲部分地區則受到更多限制。

From an industry perspective, public sector performed very well while high tech and general continues to be more measured. And as Brian mentioned, our multi-cloud momentum continues. In Q3, 9 of our top 10 deals included 6 or more clouds. Q3 revenue attrition remained strong and ended the quarter again at approximately 8%. In Q3, our non-GAAP operating margin was 31.2%, up 850 basis points year-over-year. Our strong margin outperformance was driven by our continued disciplined investment strategy. Q3 operating cash flow was $1.5 billion, up 389% year-over-year. Q3 free cash flow was $1.4 billion, up 1,088% year-over-year. This upside in cash flow was driven primarily by strong collections as well as lower cash outflow that results to higher margins just discussed.

從行業角度來看，公共部門表現非常出色，而高科技和一般部門則繼續更加謹慎。正如布萊恩所提到的，我們的多雲勢頭仍在繼續。在第三季度，我們的前 10 筆交易中有 9 筆包含 6 個或更多雲端。第三季營收流失依然強勁，季末再次達到約 8%。第三季度，我們的非 GAAP 營運利潤率為 31.2%，較去年同期成長 850 個基點。我們強勁的利潤率表現得益於我們持續嚴格的投資策略。第三季營運現金流為 15 億美元，年增 389%。第三季自由現金流為 14 億美元，年增 1,088%。現金流量的上升主要是由強勁的收款以及較低的現金流出推動的，這導致了剛才討論的更高的利潤率。

Now turning to remaining performance obligations, RPO, which represents all future revenue under contract, ended Q3 at $48.3 billion, up 21% year-over-year. Current remaining performance obligation, or CRPO, ended at $23.9 billion, up 14% year-over-year and 13% in constant currency. This was ahead of expectations, primarily driven by strong early renewal performance as well as a large customer win in the quarter. This was partially offset by a 1-point headwind from professional services that we had cautioned about last quarter. Finally, we continue to deliver on our capital return commitment. In Q3, we returned another $1.9 billion in the form of share repurchases. And to date, we have exceeded our initial authorization of $10 billion in just over 5 quarters.

現在轉向剩餘的履約義務，RPO（代表合約下的所有未來收入）第三季末達到 483 億美元，年增 21%。目前剩餘履約義務 (CRPO) 結束為 239 億美元，年增 14%，以固定匯率計算成長 13%。這超出了預期，主要是由於強勁的早期續訂業績以及本季度贏得了大量客戶。這被我們上季度警告的專業服務 1 個百分點的逆風所部分抵消。最後，我們繼續履行我們的資本回報承諾。第三季度，我們以股票回購的形式又返還了 19 億美元。迄今為止，我們僅用了 5 個多季度就超過了最初授權的 100 億美元。

Before moving to guidance, I want to reiterate that we continue to assume a consistent measured customer buying environment. Let's start with full year fiscal year '24. On revenue, we are narrowing our guidance range to $34.75 billion to $34.8 billion, representing 11% growth year-over-year in nominal. We are now expecting a $50 million FX headwind, which implies a modest raise in constant currency. On margins, we have made incredible progress on profitability and productivity this year. For fiscal year '24, we are very pleased to raise non-GAAP operating margin guidance again to 30.5%, representing an 800 basis point improvement year-over-year. We also remain focused on stock-based compensation, which is now expected to be approximately 8% as a percent of revenue.

在轉向指導之前，我想重申，我們繼續假設一個一致的、經過衡量的客戶購買環境。讓我們從 24 財年全年開始。在營收方面，我們將指導範圍縮小至 347.5 億美元至 348 億美元，名義年增 11%。我們現在預計將出現 5000 萬美元的外匯逆風，這意味著固定匯率將小幅上漲。在利潤方面，今年我們在獲利能力和生產力方面取得了令人難以置信的進步。對於 24 財年，我們非常高興將非 GAAP 營業利潤率指引再次提高至 30.5%，年增 800 個基點。我們也持續關注以股票為基礎的薪酬，目前預計其佔收入的比例約為 8%。

As a result of these updates, we now expect fiscal year '24 GAAP diluted EPS of $3.99 to $4, including estimated charges for the restructuring of $0.91. Non-GAAP diluted EPS is now expected to be $8.18 to $8.19. We are raising our fiscal year '24 operating cash flow growth guidance to approximately 30% to 33%, and this continues to include a 14- to 16-point headwind from restructuring. The upside in our cash flow guidance is driven by strong collections to date and our continued expense discipline.

由於這些更新，我們現在預計 24 財年 GAAP 稀釋後每股收益為 3.99 美元至 4 美元，其中包括 0.91 美元的重組費用。目前預計非 GAAP 攤薄後每股收益為 8.18 美元至 8.19 美元。我們將 24 財年營運現金流量成長指引提高至約 30% 至 33%，其中繼續包括來自重組的 14 至 16 個百分點的阻力。我們的現金流指引的上行是由迄今為止強勁的收款和我們持續的支出紀律所推動的。

CapEx for the fiscal year is expected to be slightly below 2.5% of revenue. This results in free cash flow growth of approximately 33% to 36% for the fiscal year. 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. In fact, as a result of our ongoing share repurchases, for the first time in company history, we expect the full year's ending share count to decrease year-over-year.

本財年的資本支出預計略低於營收的 2.5%。這導致本財年自由現金流成長約 33% 至 36%。由於我們關注股東回報和嚴格的資本配置，我們繼續期望透過 24 財年的股票回購來完全抵消以股票為基礎的薪資稀釋。事實上，由於我們正在進行股票回購，我們預計全年期末股票數量將比去年同期減少，這在公司歷史上尚屬首次。

Now to guidance for Q4. On revenue, we expect $9.18 billion to $9.23 billion, growth of 10% in both nominal and constant currency. CRPO growth for Q4 is expected to be 10% year-over-year in nominal and 11% in constant currency. Similar to this past quarter, we expect professional services headwinds of 1 point to CRPO growth. For Q4, we expect GAAP EPS of $1.26 to $1.27 and non-GAAP EPS of $2.25 to $2.26. As we look forward to our largest quarter of the year, we remain focused on strong execution and our disciplined investment strategy.

現在介紹第四季的指導。在營收方面，我們預計營收為 91.8 億美元至 92.3 億美元，以名目貨幣和固定匯率計算均成長 10%。以名目匯率計算，第四季 CRPO 預計將年增 10%，以固定匯率計算，預計年增 11%。與上一季類似，我們預期專業服務對 CRPO 成長的阻力為 1 個百分點。對於第四季度，我們預計 GAAP 每股收益為 1.26 美元至 1.27 美元，非 GAAP 每股收益為 2.25 美元至 2.26 美元。當我們期待今年最大的季度時，我們仍然專注於強大的執行力和嚴格的投資策略。

In closing, I want to echo both Marc and Brian. This was a great quarter, but even more than that, this has been an extraordinary year of transformation. I want to thank our shareholders for their continued support, and I particularly want to thank our employees for their incredible work throughout the past year. Now Mike, let's open up the call for questions.

最後，我想呼應馬克和布萊恩的觀點。這是一個偉大的季度，但更重要的是，這是非凡的轉型之年。我要感謝我們的股東的持續支持，我特別要感謝我們的員工在過去一年中所做的出色工作。現在，麥克，讓我們開始提問。

Thanks, Amy. Operator, we'll move to questions now. Out of courtesy for others on the call, we ask that each person participating only ask 1 question. And with that, operator, we'll take the first question.

謝謝，艾米。接線員，我們現在開始提問。出於對通話中其他人的禮貌，我們要求每位參與者只提出 1 個問題。那麼，接線員，我們將回答第一個問題。

Our first question comes from the line of Kirk Materne with Evercore ISI.

我們的第一個問題來自 Evercore ISI 的 Kirk Materne。

And congrats on a nice quarter in a tough market environment. This -- I don't know if Marc or Brian wants to take this one, but MuleSoft growth against a pretty tough comp really does stand out a little bit in this quarter. And I was just wondering if you could talk about if we should view that as a harbinger of more interest in the broader Data Cloud offering, and whether the interest in MuleSoft is also sort of a harbinger of -- just more interest in AI as people try to get their data estates in order to get ready for this coming AI wave?

恭喜您在嚴峻的市場環境中取得了不錯的季度業績。我不知道 Marc 或 Brian 是否願意接受這個，但 MuleSoft 在本季相對於相當艱難的競爭中的成長確實表現突出。我只是想知道你是否可以談談我們是否應該將此視為對更廣泛的數據雲產品產生更多興趣的預兆，以及對MuleSoft 的興趣是否也是一種預兆——只是作為人類對人工智能更感興趣嘗試獲取他們的數據資產，以便為即將到來的人工智慧浪潮做好準備？

I'm going to have Brian really give you the detail, but what I'll tell you is you're seeing something that we have been seeing and calling out for the last few quarters, but we probably have not been able to illuminate it to the level that you see now in the numbers, which is that every customer and every customer transformation and every customer AI transformation is going to begin and end with data. And for us to achieve that goal, those customers are going to have to get to another level of excellence with their data.

我會讓布萊恩真正向您提供詳細信息，但我要告訴您的是，您正在看到我們在過去幾個季度中看到並呼籲的一些東西，但我們可能無法闡明它達到您現在在數字中看到的水平，即每個客戶、每個客戶轉型以及每個客戶人工智慧轉型都將以數據開始和結束。為了讓我們實現這一目標，這些客戶必須利用他們的數據達到另一個卓越水準。

And at the heart and soul of that for many of these customers is becoming MuleSoft. So in addition to Einstein, in addition to Data Cloud, in addition to our Copilot technology that we called out, it's been a lot about MuleSoft this year. And we think that, that trend is going to continue and it's very exciting, and that we're very well positioned with this completely unique product that is helping our customers bring all their data together for their AI transformations. Brian?

對許多這類顧客來說，其核心和靈魂就是 MuleSoft。因此，除了 Einstein，除了 Data Cloud，除了我們提到的 Copilot 技術之外，今年還有很多關於 MuleSoft 的內容。我們認為，這種趨勢將持續下去，這是非常令人興奮的，而且我們在這款完全獨特的產品上處於非常有利的地位，它正在幫助我們的客戶將所有數據整合在一起進行人工智慧轉型。布萊恩？

Kirk, thanks for the question. I think you nailed it. It's exactly what's happening out there. The data is becoming such an important asset for our customers that they want to bring it all together and they want to leverage our MuleSoft technology to do it. And so it's really an exciting opportunity. As we stated, it was 8 of our 10 top deals in the quarter. And you can see the amount of data flowing through MuleSoft as an indicator for how important the data is, 142% up year-over-year on automated flows on the platform.

柯克，謝謝你的提問。我想你已經成功了。這正是那裡正在發生的事情。對於我們的客戶來說，數據正成為如此重要的資產，他們希望將所有數據整合在一起，並希望利用我們的 MuleSoft 技術來實現這一目標。所以這確實是一個令人興奮的機會。正如我們所說，這是我們本季 10 筆頂級交易中的 8 筆。您可以看到流經 MuleSoft 的資料量，作為資料重要性的指標，平台上的自動化流量較去年同期成長 142%。

I'd be remiss if I also didn't call out the leader there and Eric Eyken-Sluyters, who's done an incredible job in leading the sales organization as well. And so I think you nailed it in your question. This is a really important critical product for us and for our customers as we think about scaling to the future.

如果我沒有提到那裡的領導者和 Eric Eyken-Sluyters，那就是我的失職了，他在領導銷售組織方面也做了令人難以置信的工作。所以我認為你在你的問題中明確了這一點。當我們考慮向未來擴展時，這對我們和我們的客戶來說是一個非常重要的關鍵產品。

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

你的下一個問題來自巴克萊銀行的 Raimo Lenschow。

Congrats from me as well. The -- Brian, you talked about the sales productivity, and that was a big theme this year and the 30% increase is very impressive. Where are we on that journey in terms of like, first of all, how did you achieve that? Because that's a very big number in the software industry. But like where are we on that journey in terms of going forward?

我也表示祝賀。 Brian，您談到了銷售生產力，這是今年的一個大主題，30% 的成長非常令人印象深刻。首先，您是如何實現這目標的？因為這在軟體產業中是一個非常大的數字。但就前進而言，我們在這段旅程中處於什麼位置？

Thanks for the question, and obviously a big focus for us. We've talked about it on previous calls with all of you. It's a never-ending journey, obviously, and we want to continue to drive productivity for account executives. We talked about a very large deal in the quarter that helped drive that productivity. But all in, we saw a very nice increase in our productivity, really focused on a couple of things.

感謝您提出問題，這顯然是我們關注的重點。我們在之前的電話會議中已經與大家討論過這個問題。顯然，這是一個永無止境的旅程，我們希望繼續提高客戶主管的工作效率。我們討論了本季度的一項非常大的交易，有助於提高生產力。但總而言之，我們看到我們的生產力得到了非常好的提高，並真正專注於幾件事。

One, we leaned in enablement for all of our sellers out there to ensure that they really understand this broad portfolio of products and are able to go out and talk to our customers about it. Deeply understanding our buying process. This was some of an area early in maybe last year where we stumbled a bit, not understanding the buying process of our customers, deep inspection of our business, both pipelines and cycles that we're in and driving.

第一，我們致力於為所有賣家提供支持，以確保他們真正了解這一廣泛的產品組合，並能夠出去與我們的客戶談論它。深入了解我們的購買流程。也許是去年年初，我們在這個領域遇到了一些挫折，不了解客戶的購買流程，不深入檢查我們的業務，不了解我們所處的管道和週期。

Really being oriented to value as we talk to our customers about the solutions that we can provide to them. What is the ROI our customers going to see from the investments they're making in Salesforce, ensuring that we really understand that before we put proposals in front of them. And finally, I think there's -- I couldn't be prouder of the inspection that we're getting across the board. We have a new sales leader in Miguel Milano, who's brought a new discipline to the way that we're looking at the pipeline not only in the existing quarters but in future quarters going forward. And so the discipline that we've driven across the board is driving these great results from a productivity perspective at the [EE] front. Thank you for the question.

當我們與客戶討論我們可以為他們提供的解決方案時，真正以價值為導向。我們的客戶將從他們在 Salesforce 中進行的投資中看到的投資回報率是多少，確保我們在向他們提出建議之前真正了解這一點。最後，我認為——我對我們正在進行的全面檢查感到無比自豪。我們有一位新的銷售主管米格爾·米蘭諾（Miguel Milano），他為我們不僅在現有季度而且在未來幾個季度審視管道的方式帶來了新的紀律。因此，我們全面推動的紀律正在從[EE]前沿的生產力角度推動這些偉大的成果。感謝你的提問。

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。

Very nice quarter. I wanted to ask about the 17% of the Fortune 500 that are the Einstein GPT Copilot customers. Really impressive figure. Really early in a technology cycle, because a lot of what we're hearing is a lot of exploration out there, a lot of people trying to figure out what to do with these tools, not a lot of buying. So can you give us a little bit of color on kind of what's driving that adoption and what's enabled you guys to get such good adoption so quickly? And maybe if I could sneak one in for Amy as well. Great margin expansion this year, but there's a lot of stuff you guys need to be investing against with this technology cycle. Should we expect to see further margin expansion as we head into FY '25?

非常好的季度。我想詢問財富 500 強中 17% 的 Einstein GPT Copilot 客戶的情況。真是令人印象深刻的數字。確實處於技術週期的早期，因為我們聽到的很多都是大量的探索，很多人試圖弄清楚如何使用這些工具，而不是大量購買。那麼，您能否向我們介紹一下是什麼推動了這種採用，以及是什麼使您能夠如此迅速地獲得如此良好的採用？也許我也能為艾米偷偷送一份。今年利潤率大幅成長，但在這個科技週期中，你們需要投資很多東西。當我們進入 25 財年時，我們是否應該預期利潤率會進一步擴大？

Great. Do you want me to take this first?

偉大的。你要我先拿這個嗎？

Yes...

是的...

Okay, Keith, always looking for that margin expansion, always looking for a little bit more guidance, but really happy to address this. We've had fantastic margin expansion this year, I mean, up 800 basis points for the end of the year. If I look back over the last 3 years, we have gone from 17.7% 3 years ago to -- we'll be ending this year over 30% on operating margin, which I am just thrilled about. I think that we do have some room here. As I've said before, we view this as a floor, not a ceiling on our success, and we intend to continue our focus on operating margin.

好吧，基思，總是在尋找利潤擴張，總是在尋找更多指導，但真的很高興解決這個問題。我的意思是，今年我們的利潤率實現了驚人的成長，年底成長了 800 個基點。如果我回顧過去 3 年，我們的營業利潤率已經從 3 年前的 17.7% 上升到今年的營業利潤率將超過 30%，對此我感到非常興奮。我認為我們這裡確實有一些空間。正如我之前所說，我們認為這是我們成功的底線，而不是上限，我們打算繼續關注營業利潤率。

In terms of investments, it's all a matter of priorities. We cut deeply earlier this year, and we've really been using that to invest into the areas of the business that we see as most strategic going forward. And we've been very disciplined, especially around head count as we've been doing that. Right now, I really see areas of investment in AI and Data Cloud. In distribution, we're looking at those success stories like MuleSoft and doubling down.

就投資而言，這都是優先事項。今年早些時候，我們進行了大幅削減，我們確實一直在利用這一點來投資我們認為最具戰略意義的業務領域。我們一直都非常自律，尤其是在人員數量方面，因為我們一直在做這件事。現在，我確實看到了人工智慧和數據雲領域的投資領域。在發行方面，我們正在研究 MuleSoft 等成功案例並加倍努力。

But we're also being very careful on how we do that. We are questioning levels. We are questioning locations. We're making sure that we're maximizing really high-scale, lower-cost locations as well. So I feel like we've got the room to do this, and we have the opportunities to invest into our future as well as to manage our margin very efficiently.

但我們對於如何做到這一點也非常謹慎。我們質疑水平。我們正在詢問地點。我們也確保最大限度地利用規模較大、成本較低的地點。所以我覺得我們有空間做到這一點，我們有機會投資我們的未來並非常有效地管理我們的利潤。

Yes, I'll just add a little bit there, too, Amy. I think we have really a team focused on the margin expansion. We want to continue to simplify our go-to-market strategies, how we optimize our pricing and packaging going forward as well. We talked about some of the things that we're doing there. New channels to market. We're really excited about the AWS Marketplace as a new channel to market for us. Amy mentioned location strategies, how do we continue to look at our real estate portfolio as an opportunity, how do we leverage our own technology, sales force on Salesforce and using our own products to drive more efficiency and automation in our business.

是的，艾米，我也要補充一點。我認為我們確實有一個專注於利潤擴張的團隊。我們希望繼續簡化我們的上市策略，以及如何優化未來的定價和包裝。我們討論了我們在那裡做的一些事情。新的市場通路。我們對 AWS Marketplace 作為我們的新市場管道感到非常興奮。 Amy 提到了選址策略，我們如何繼續將我們的房地產投資組合視為機會，我們如何利用我們自己的技術、Salesforce 上的銷售人員以及使用我們自己的產品來提高我們業務的效率和自動化。

So lots of opportunity to continue to do this. I'm excited about the culture and structural change in the way that we're thinking about margin expansion of the company, and I think you'll continue to see that. So thank you, Keith.

所以有很多機會繼續這樣做。我對我們考慮公司利潤擴張的文化和結構變化感到興奮，我想你會繼續看到這一點。謝謝你，基斯。

And then on the Fortune 500 that are using it, you're right, it is early days. And as we said in the script, a lot of our customers are starting to trial and use this technology to see the benefits around productivity and cost takeout, leveraging the technology. But as we've also said, the data is an important aspect of this. And how do they clean up and harmonize their data first before they start to roll out these AI technologies broadly? How do you trust the output that you're getting from your AI investments?

然後對於正在使用它的財富 500 強企業來說，你是對的，現在還處於早期階段。正如我們在腳本中所說，我們的許多客戶開始嘗試和使用這項技術，以了解利用該技術在生產力和成本方面帶來的好處。但正如我們也說過的，數據是其中一個重要的面向。在開始廣泛推廣這些人工智慧技術之前，他們如何先清理和協調數據？您如何相信從人工智慧投資中獲得的輸出？

And so what we found in conversations with our customers is an energy around and excitement around AI, but in a need to clean up the data first before they can really take advantage of this. And we'll continue to see the expansion. The 17% is great. We want to continue to go faster there, and we're going to work with our customers to go drive those outcomes.

因此，我們在與客戶的對話中發現，人工智慧充滿活力和令人興奮，但需要先清理數據，然後才能真正利用這一點。我們將繼續看到擴張。 17% 已經很不錯了。我們希望繼續更快實現這一目標，我們將與客戶合作，推動這些成果的實現。

Your next question comes from the line of Mark Murphy with JPMorgan.

你的下一個問題來自摩根大通的馬克墨菲。

And congrats on an amazing performance. Marc, part of the story of 2023 has been optimizations weighing on hyperscaler spend and then greater scrutiny on seat-based SaaS licenses. We are now starting to hear from hyperscalers that the optimizations are attenuating. Do you sense that a shift in mentality spilling over a little into the thought process, for example, for Sales Cloud seats or perhaps some excitement sparked by Sales GPT and freeing up some budget there on GenAI that maybe wasn't there 6 months ago?

並祝賀您的精彩表演。 Marc，2023 年故事的一部分是對超大規模支出進行最佳化，然後對基於席位的 SaaS 授權進行更嚴格的審查。我們現在開始從超大規模廠商得知，優化正在減弱。您是否感覺到心態的轉變稍微滲透到了思維過程中，例如，對於 Sales Cloud 席位，或者 Sales GPT 引發了一些興奮，並在 GenAI 上釋放了一些預算，而這些預算可能在 6 個月前還沒有？

I think your #1 thing that you're going to see is customers trying to achieve more productivity. This AI revolution is a productivity revolution, and it means that every customer is just a lot more augmented. When I was in Tokyo, obviously, the yen is very depressed. And of course, we see that in our financial results as well. They'd be so much higher if the yen was higher. But I had an opportunity to walk into a couple of our customers' retail stores, and one of them that I was extremely impressed with was Louis Vuitton.

我認為您將看到的第一件事是客戶試圖提高生產力。這場人工智慧革命是一場生產力革命，它意味著每個客戶都得到了更大的增強。當我在東京時，日圓顯然非常低迷。當然，我們在財務表現中也看到了這一點。如果日圓走高，它們的價格就會高很多。但我有機會走進了幾家客戶的零售店，其中讓我留下深刻印象的是路易威登。

And when I walked into Louis Vuitton, they know exactly who I am. They have -- even in Tokyo, and I test this wherever I go in the world, lots of different customers, I had an incredible experience. They use this amazing app that they've built with our platform called ICON. They've done an incredible job. They have my full customer data and buying history. The sales executives are guided on how to work with me and what kind of products I'm interested in and what I want to buy.

當我走進路易威登時，他們清楚知道我是誰。他們 - 即使在東京，我在世界各地的任何地方都測試了這一點，有很多不同的客戶，我有一個令人難以置信的體驗。他們使用這個令人驚嘆的應用程序，該應用程式是透過我們的平台構建的，名為 ICON。他們做了令人難以置信的工作。他們有我完整的客戶資料和購買歷史。銷售主管會指導如何與我合作以及我對什麼類型的產品感興趣以及我想購買什麼。

And it's a productivity revolution for them. They are able to get a lot more success with our technology. And I walked into another store which is not one of our customers, and I have to follow up still with the CEO because, wow, the customer experience was just Oracle. It was the exact opposite. They didn't know anything about me. They couldn't work with me at all. It took probably the salesperson 3 or 4 or 5 times as long to complete the transaction because they did not have the automation. The productivity revolution had not come to this company.

這對他們來說是一場生產力革命。他們能夠利用我們的技術取得更大的成功。我走進另一家不是我們客戶的商店，我仍然必須跟進首席執行官，因為，哇，客戶體驗就是 Oracle。事實恰恰相反。他們對我一無所知。他們根本無法和我一起工作。由於沒有自動化，銷售人員可能需要花費 3、4 或 5 倍的時間才能完成交易。生產力革命並沒有降臨到這家公司。

So when I look at the companies that have had that great success, obviously, the entire Louis Vuitton group, obviously, the entire Kering Group, when I look at so many of the organizations that I had the opportunity to kind of touch, it's been amazing. I guess I was also very inspired in Japan talking to Goto-san as the CEO of Seibu. He has an incredible hotel chain called Prince Hotels. And they're building a whole next-generation loyalty system based on Salesforce. They've had great success in using our product for marketing their hotels and having much higher levels of customer touch, both in B2B and B2C.

因此，當我看到那些取得巨大成功的公司時，顯然，整個路易威登集團，顯然，整個開雲集團，當我看到這麼多我有機會接觸過的組織時，驚人的。我想我在日本與西武執行長後藤先生的談話也受到了很大的啟發。他擁有一家令人難以置信的連鎖飯店，名為王子飯店 (Prince Hotels)。他們正在基於 Salesforce 建立一個完整的下一代忠誠度系統。他們在使用我們的產品行銷其酒店方面取得了巨大成功，並在 B2B 和 B2C 方面擁有更高水準的客戶接觸。

But now they can take it to another level with the Data Cloud and provide a high-level loyalty management point system, something that's so important for their future growth. I had another opportunity to talk to [Tomiyama-san] is the Head of Technology at Toyota. His point was very simple, that we've fully automated all of the Toyota dealers in Japan. It's been an incredible success story. We have done that with Toyota Media Services as our partner, a company that we have an incredible relationship with.

但現在他們可以透過數據雲將其提升到另一個水平，並提供高水平的忠誠度管理積分系統，這對於他們未來的發展非常重要。我還有另一個機會與豐田技術主管[Tomiyama-san]交談。他的觀點非常簡單，我們已經實現了日本所有豐田經銷商的完全自動化。這是一個令人難以置信的成功故事。我們與豐田媒體服務公司作為我們的合作夥伴一起做到了這一點，我們與這家公司有著令人難以置信的關係。

But now with Toyota, we have the ability to take our vision to a whole another level, making this connected car experience really go one step higher, connecting all the Toyota cars directly to our Data Cloud and the Data Cloud then having the ability to proactively deliver the customer information and interactivity as it hits different thresholds. These are the opportunities that I see going forward. It's about productivity. It's about automation. It's about doing it on a global basis for these companies. And ultimately, for them, it's about taking advantage of incredible new artificial intelligence technology that before was not possible.

但現在有了豐田，我們有能力將我們的願景提升到一個全新的水平，使這種互聯汽車體驗真正更上一層樓，將所有豐田汽車直接連接到我們的數據雲，然後數據雲能夠主動地當客戶達到不同的閾值時提供客戶資訊和互動性。這些是我看到的未來​​機會。這是關於生產力的。這是關於自動化的。這是關於在全球範圍內為這些公司做這件事。最終，對他們來說，這是利用以前不可能實現的令人難以置信的新人工智慧技術。

Mark, if I could weigh on there as well. I think Marc stated it well. Companies are still really focused right now in this environment, on productivity, on automation, on time to value. You certainly see it from the CFO as my counterparts around the world. Real focus on every dollar that's being spent. We're now entering our sixth quarter of measured customer buying behavior, and we're saying that this has been continuing recently.

馬克，如果我也能在那裡權衡的話。我認為馬克說得很好。在這種環境下，公司目前仍然非常關註生產力、自動化和實現價值的時間。你當然可以從財務長和我在世界各地的同行那裡看到這一點。真正專注於所花費的每一塊錢。我們現在正在進入對客戶購買行為進行測量的第六季度，我們說這種情況最近一直在持續。

And that does reflect, particularly in areas like SMB, self-serve, create and close, you see this in professional services. But I'm also really excited about what we're seeing in terms of how we can step in and really help our customers get to their goals. Brian, I don't know if you have anything further to add.

這確實反映出，特別是在中小企業、自助服務、創建和關閉等領域，您可以在專業服務中看到這一點。但我也對我們所看到的如何介入並真正幫助我們的客戶實現他們的目標感到非常興奮。布萊恩，我不知道你是否還有什麼要補充的。

No, that's great, Amy. Exactly what I was going to say, a lot of demand at the top of the funnel for us for new technologies like Data Cloud and like AI, but also seeing some headwinds, no doubt, from our more transactional business, as you stated. So Mark, thank you for the question.

不，那太好了，艾米。正如我想說的，我們對數據雲和人工智慧等新技術有很多需求，但毫無疑問，正如您所說，我們的交易性業務也帶來了一些阻力。馬克，謝謝你的提問。

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

您的下一個問題來自布倫特希爾 (Brent Thill) 與傑弗里斯 (Jefferies) 的對話。

Marc, really nice improvement in deals over $1 million, up 80% year-over-year. You've all alluded to this larger contract you landed. I'm just curious, do you feel like this is a new environment? Do you feel this is Miguel and the team having better gel in the field. What do you -- any more color there, if you could talk to you on the bigger deal front would be helpful.

馬克，超過 100 萬美元的交易確實取得了很大的進步，比去年同期成長了 80%。你們都提到了你們簽訂的這份更大的合約。我只是好奇，你覺得這是一個新環境嗎？你覺得這是米格爾和他的團隊在球場上有更好的表現嗎？你想做什麼——如果你能在更大的交易方面與你交談的話，還有更多的顏色會很有幫助。

There's a lot of debate on the management team and putting together this call on how we're going to answer that question. We don't want to, in any way, give you indications that we see this environment going behind us. That said, we see a lot of green shoots. There's -- just a lot of opportunities. Customers are excited about -- and I think Japan, I would say, is very much a metaphor for me. When I was there about a year ago, for them, it was still the pandemic. Everyone, when I had lunch with my employees, they had to wear masks a year ago. So this was the first time when I felt like, oh, kind of back to normal and the pandemic hangover is kind of ingested by the customers.

關於管理團隊以及我們將如何回答這個問題的電話會議，存在著許多爭論。我們不想以任何方式向您表明我們看到這種環境正在過去。也就是說，我們看到了很多綠芽。有很多機會。客戶對此感到興奮——我認為日本對我來說很大程度上是一個隱喻。大約一年前，當我在那裡時，對他們來說，這仍然是大流行病。大家，一年前我和員工一起吃午餐的時候，他們都必須戴口罩。所以這是我第一次感覺，哦，有點恢復正常了，大流行的宿醉被顧客吸收了。

I think that we're cautious about saying, oh, it's all green shoots, everything is going, we're back to normal. But at the same level, we are honest with you that we have a lot of green shoots and -- in products, in geographies. And you can see in this growth rate in large deals. So we're excited. I don't think we're willing to say to you on the call, hey, we've turned the corner. We want to but we're not sure because for a lot of customers, they still are measured in their buying environments. You know that. You talk to these customers. You talk to the channel partners. They're somewhat measured in their buying environments.

我認為我們應該謹慎地說，哦，一切都剛剛萌芽，一切都會好起來，我們已經恢復正常了。但在同一層面上，我們誠實地告訴你們，我們在產品和地理位置方面都有很多新芽。你可以從大宗交易的成長率中看到這一點。所以我們很興奮。我認為我們不願意在電話中對你說，嘿，我們已經渡過難關了。我們想要，但我們不確定，因為對許多客戶來說，他們仍然在購買環境中進行衡量。你懂的。您與這些客戶交談。您與通路合作夥伴交談。他們在某種程度上是根據自己的購買環境來衡量的。

But I would say people are a lot less measured than they were is one way to put it. There's definitely a reduction in the measured environment. And on a global basis, and like I said, in some of these customers in the last 30 days, I was in -- I can give you my direct experience. I was in San Francisco, Los Angeles, Las Vegas, Stuttgart, Germany, I was in Nice, Monaco. I visited with our customers throughout that area. And also, I went up to Amsterdam, to France. I had a large customer dinner in the U.K. in London. I went to the U.K. Safety Summit. I then came back and went to Japan.

但我想說的是，人們的衡量標準比以前低得多，這是一種說法。測量的環境肯定有所減少。在全球範圍內，正如我所說，在過去 30 天內，在其中一些客戶中，我可以向您提供我的直接經驗。我在舊金山、洛杉磯、拉斯維加斯、德國斯圖加特、摩納哥尼斯。我拜訪了整個該地區的客戶。而且，我還去了阿姆斯特丹、法國。我在英國倫敦舉辦了一場大型客戶晚宴。我參加了英國安全峰會。然後我就回來了，去了日本。

I think I see something very consistently, which is customers are extremely excited about AI everywhere we go. It could be government, it could be commercial organizations. It could be technologists. Everyone is excited about AI. At the same time, there is a lot of confusion about what AI can and cannot do. And I think that's a huge opportunity for us to tell stories to our customers of what the success opportunities are in the enterprise with AI and also what the reality is for a lot of these customers.

我想我一直看到一些事情，那就是無論我們走到哪裡，客戶都對人工智慧感到非常興奮。可能是政府，也可能是商業組織。可能是技術專家。每個人都對人工智慧感到興奮。同時，人們對人工智慧能做什麼、不能做什麼存在著許多困惑。我認為這對我們來說是一個巨大的機會，可以向客戶講述人工智慧企業的成功機會以及許多客戶的現實情況。

When I -- I mentioned I was in Vegas. When I showed up in Vegas at the Wynn Hotel, the customers are -- they have our product in their hands, welcoming me. The whole team comes out because they're so excited because they used Salesforce, it's very flattering. When I got to Disneyland in Anaheim, which is something I have done 4 times this year, and obviously, they've become also one of our very largest customers in the world. Every Disney guy and they use Disney guys, which is a product. I highly recommend it to all the Disneylands, in Disney Tokyo on Monday and in Disney Anaheim. Been talking to the Disney guys and they use Salesforce and Slack to make those tours happen.

當我——我提到我在維加斯。當我出現在維加斯的永利酒店時，顧客們——他們手裡拿著我們的產品，歡迎我。整個團隊都出來了，因為他們非常興奮，因為他們使用了 Salesforce，這非常令人受寵若驚。當我到達阿納海姆的迪士尼樂園時，今年我已經去過四次了，顯然，他們也成為了我們在世界上最大的客戶之一。每個迪士尼人，他們都使用迪士尼人，這是一種產品。我強烈推薦給所有迪士尼樂園，週一東京迪士尼和阿納海姆迪士尼。一直在與迪士尼人員交談，他們使用 Salesforce 和 Slack 來實現這些遊覽。

They use Salesforce call center now for Disney+. On the Disney store is Commerce Cloud. It's an incredible success story, but it's a huge opportunity for them to take another level of Disney where I certainly can see how all that information can get translated into AI. And that when I walk in the park, I'm expecting The Mandalorian to come up to me and say, "Hey, what did you think of the episode last night?" It hasn't happened yet. I think we're all kind of on the cusp of delivering that full customer 360 for Disney. I think Bob Iger has been doing an incredible job in his vision for the future of the company with AI Assist extraordinary.

他們現在為 Disney+ 使用 Salesforce 呼叫中心。迪士尼商店中有 Commerce Cloud。這是一個令人難以置信的成功故事，但這對他們來說是一個巨大的機會，讓迪士尼達到另一個層次，我當然可以看到所有這些資訊如何轉化為人工智慧。當我在公園散步時，我期待曼達洛人走過來對我說：“嘿，你覺得昨晚的這一集怎麼樣？”這還沒有發生。我認為我們正處於為迪士尼提供完整客戶 360 度服務的風口浪尖。我認為鮑勃艾格（Bob Iger）在他對公司未來的願景中透過 AI Assist 出色地完成了令人難以置信的工作。

And I can kind of go customer by customer, story by story. And this excitement, this energy, these ideas of innovation of AI were not in place a year ago. Because don't forget, a year ago, I don't think any of us have used ChatGPT or Bard or Anthropic or Cohere or Adapt or any of the new AI companies. None of us had really had our hands on or envisioned what it really meant to us or that we would have Copilots, and that those Copilots would give us this ability to do all kinds of next-generation capabilities.

我可以逐個客戶、逐個故事地進行分析。這種興奮、這種能量、這些人工智慧創新理念在一年前還沒有到位。因為不要忘記，一年前，我認為我們中沒有人使用過 ChatGPT 或 Bard 或 Anthropic 或 Cohere 或 Adapt 或任何新的人工智慧公司。我們中沒有人真正親手或設想過它對我們真正意味著什麼，或者我們將擁有副駕駛，而這些副駕駛將賦予我們執行各種下一代功能的能力。

But a year later, it's a technology revolution. And we just want to make sure it's a trust revolution. We want to make sure it's about an AI and CRM and data revolution. I think we hit it right with the Data Cloud. We have -- we still have a lot of work, as everyone does in our industry, on AI and making it safe for our customers. This is going to be incredibly important. I think for a lot of customers, they realize that they'd like to just let this AI unleashed autonomously but it still hallucinates a huge amount and it also is quite toxic. So we're not quite ready for that revolution.

但一年後，這是一場科技革命。我們只是想確保這是一場信任革命。我們希望確保這是一場人工智慧、客戶關係管理和數據革命。我認為我們在數據雲方面做到了正確。正如我們行業中的每個人一樣，我們在人工智慧和確保客戶安全方面還有很多工作要做。這將非常重要。我認為對於許多客戶來說，他們意識到他們想讓這個人工智慧自動釋放，但它仍然會產生大量的幻覺，而且它的毒性也很大。所以我們還沒有為這場革命做好準備。

But every day, it's getting a little better. And when I -- going through the streets of Tokyo, it's not quite the minority report, which is a movie that was partly written by our futurist, Peter Schwartz, but it's getting closer to that idea. And when I walked into some of these stores, there's definitely a lot more automation based on my customer record but not quite the level of automation that Tom Cruise felt when he walked into that Gap store, if you remember that scene, which was so amazing, which is very much front of mind for a lot of our customers because they want to have that capability and they want us to deliver that for them.

但每一天，情況都在好一點。當我穿過東京的街道時，這並不完全是少數派報告，這是一部部分由我們的未來學家彼得·施瓦茨撰寫的電影，但它越來越接近這個想法。當我走進其中一些商店時，根據我的客戶記錄，肯定有更多的自動化，但並不完全達到湯姆·克魯斯走進那家Gap 商店時感受到的自動化水平，如果你還記得那個場景，那真是太神奇了，這對我們的許多客戶來說是非常重要的，因為他們希望擁有這種能力，並且希望我們為他們提供這種能力。

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。

Okay. Great. Maybe I'll direct this to Amy and Brian. Salesforce obviously made a fairly significant pricing change early in the fourth quarter. And maybe, Brian, I'd love to get some color on the receptivity. And Amy in particular, is there a way you might frame the extent to which the price change may have impacted the guidance for 11% constant currency in the fourth quarter? And also, was that perhaps one of the drivers for the early renewals that you saw in 3Q as some customers maybe wanted to get in front of it?

好的。偉大的。也許我會把這個轉給艾米和布萊恩。 Salesforce 顯然在第四季初做出了相當重大的定價調整。布萊恩，也許我很想了解接受能力。特別是艾米，您是否有辦法確定價格變動可能對第四季 11% 固定匯率指引的影響程度？而且，這可能是您在第三季度看到的早期續訂的驅動因素之一，因為一些客戶可能希望搶在它之前？

Karl, thanks for the question. Appreciate it. The price increases landed as well as the price increase can, I guess, with our customers out there. I think when we're delivering value to our customers and they're seeing benefits from our technology, we feel good about our ability to go execute against this. It's still early, honestly. We just introduced this a few months ago.

卡爾，謝謝你的提問。欣賞它。我想，價格上漲以及價格上漲都可能與我們的客戶有關。我認為，當我們為客戶提供價值並且他們看到我們的技術帶來的好處時，我們對我們執行此任務的能力感到滿意。老實說，現在還早。我們幾個月前剛剛介紹了這一點。

And so we have seen certainly some benefits from it. But we'll see these benefits roll in over the next, really, 3 years as these contracts come up for renewal. And so yes, there's been receptivity to it but the big impact will be seen over the next 3 years. We're not going to see it in the near term, honestly, in our numbers. Amy, any comments?

所以我們確實看到了它的一些好處。但隨著這些合約的續簽，我們將在接下來的三年內看到這些好處的體現。所以，是的，人們已經接受了它，但巨大的影響將在未來三年內顯現出來。老實說，我們短期內不會在我們的數據中看到這一點。艾米，有什麼意見嗎？

Thanks, Brian. Karl, Brian pretty much summed it up. As we mentioned last quarter, we do not anticipate a material impact from pricing in the guide this year. That said, I have been very pleased by the execution and the discipline that we're showing around rolling this out. And an uplift really needs to roll for the full renewal installed base, which is going to take some time.

謝謝，布萊恩。卡爾、布萊恩幾乎總結了這一點。正如我們上季度提到的，我們預計今年指南中的定價不會產生重大影響。也就是說，我對我們在推出這項專案時所表現出的執行力和紀律感到非常滿意。並且確實需要為完全更新的安裝基礎進行提升，這將需要一些時間。

Your final question will come from the line of Brad Sills with Bank of America.

您的最後一個問題將來自美國銀行的布拉德希爾斯 (Brad Sils)。

Wonderful. Great to see all the success here with Data Cloud. I'm not surprised we're hearing that from the channel. My question is really around the organization, the team that's responsible for executing on this and how they plug into the different product groups. Data scientists in this day and age are a rare commodity and you clearly are attracting that. So would love to get a sense for that organization, how it's evolved and how well integrated they are across the different product groups.

精彩的。很高興看到數據雲取得的所有成功。我們從頻道中聽到這樣的消息我並不感到驚訝。我的問題實際上是圍繞組織、負責執行此任務的團隊以及他們如何融入不同的產品組。在當今時代，資料科學家是一種稀有商品，而您顯然正在吸引它。因此，我很想了解該組織、它是如何發展的以及它們在不同產品組中的整合程度。

Well, I think that, that is very much a primary focus of the company, which is that -- when we started this Data Cloud, we thought we were just building a CDP. And a CDP looked like an exciting market opportunity. We're #1 in enterprise marketing automation. That seems like a great opportunity. But the more we started working on this product, we realized, oh, every one of our clouds needs this Data Cloud. And so Sales Cloud needs a Data Cloud, Service Cloud needs a Data Cloud. Yes, Marketing Cloud needs a Data Cloud, called that CDP. And Slack needs a Data Cloud. Tableau also needs a Data Cloud. If you've seen any of my recent demonstrations and propose it with these great Tableau customers in Japan, they all need Data Cloud on the back end of Tableau.

嗯，我認為，這在很大程度上是公司的主要關注點，即——當我們啟動這個資料雲時，我們認為我們只是在建立一個 CDP。 CDP 看起來是一個令人興奮的市場機會。我們在企業行銷自動化領域排名第一。這似乎是一個很好的機會。但隨著我們開始研究這個產品，我們意識到，哦，我們的每一個雲端都需要這個資料雲。因此銷售雲需要資料雲，服務雲需要資料雲。是的，行銷雲需要一個資料雲，稱為 CDP。 Slack 需要資料雲。 Tableau 也需要資料雲。如果您看過我最近的任何演示並向日本的這些優秀 Tableau 客戶提出建議，那麼他們都需要 Tableau 後端的資料雲。

And this idea that the Data Cloud will become the heart and soul of the product, be the engine of all of Salesforce's apps and say you can use our models, our AI models or you can bring your own models into the Data Cloud, which is a very cool feature. This idea that it also has this incredible level of capability. But the amount of data that it's already managing and the amount of data that it's already ingested, that is what is shocking to us. And I think that you're going to see as we get deeper and deeper into this so you can really see the level of data that we're handling, the trillions and trillions of transactions. This is going to be the key to the AI working for enterprises.

這個想法是，資料雲將成為產品的核心和靈魂，成為 Salesforce 所有應用程式的引擎，並表示您可以使用我們的模型、我們的人工智慧模型，或者您可以將自己的模型引入資料雲，這是一個非常酷的功能。這個想法表明它也具有這種令人難以置信的能力。但它已經管理的數據量和已經攝取的數據量讓我們感到震驚。我認為，隨著我們越來越深入地了解這一點，您將會看到，這樣您就可以真正看到我們正在處理的數據水平，數萬億的交易。這將是人工智慧為企業服務的關鍵。

Enterprises are going to want to deploy AI for productivity. I think I've made that case already on the call, but they're going to get frustrated when the Copilot that they are given from other companies don't have any data. They just have data grounded to maybe the application that's sitting in front of them, but it doesn't have a normalized data framework on -- integrated into the Copilot. So while I think Copilots on productivity applications are exciting because you can tap into these kind of broad consumer databases that we've been using. So as an example, the Copilot is I'm writing an e-mail. So now my -- I'm saying to the Copilot, hey, now can you rewrite this email for me or some -- make this 50% shorter or put it into the words of William Shakespeare. That's all possible and sometimes it's a cool party trick.

企業將希望部署人工智慧來提高生產力。我想我已經在電話會議上提出了這個問題，但是當其他公司給他們的副駕駛沒有任何數據時，他們會感到沮喪。他們只是擁有基於可能位於他們面前的應用程式的數據，但它沒有整合到副駕駛中的標準化數據框架。因此，雖然我認為生產力應用程式上的 Copilots 令人興奮，因為您可以利用我們一直在使用的這些廣泛的消費者資料庫。舉個例子，副駕駛是我正在寫一封電子郵件。所以現在我的——我對副駕駛說，嘿，現在你能為我或其他人重寫這封電子郵件嗎——把它縮短 50% 或用威廉·莎士比亞的話來說。這一切都是可能的，有時這是一個很酷的派對技巧。

It's a whole different situation when we say, "I want to write an e-mail to this customer about their contract renewal. And I want to write this e-mail that really references the huge value that they receive from our product and their log-in rates. And I also want to emphasize how the success of all the agreements that we have signed with them have impacted them, and that we're able to provide this rich data to the Copilot and through the prompt and the prompt engineering that is able to deliver tremendous value back to the customer." And this date, this customer value will only be provided by companies who have the data. And we are just very fortunate to be a company with a lot of data.

當我們說「我想給這位客戶寫一封關於合約續約的電子郵件」時，情況就完全不同了。我想寫這封電子郵件，並真正提到他們從我們的產品和日誌中獲得的巨大價值我還想強調我們與他們簽署的所有協議的成功如何影響他們，並且我們能夠向副駕駛提供這些豐富的數據，並通過提示和提示工程能夠為客戶帶來巨大的價值。”而這個日期，這個客戶價值將只有擁有數據的公司才能提供。我們很幸運能夠成為一家擁有大量數據的公司。

And we're getting a lot more data than we've ever had. And a lot of that is coming from the Data Cloud because it's amplifying the capabilities of all the other data we have. So it's a very interesting moment for Salesforce. I think the demonstrations at Dreamforce were outstanding. The demonstrations that we'll deliver in our February release will be mind-boggling for our customers of what they will be able to get done. And I think that by the time we get to Dreamforce '25 or '24, in September '24, what we'll see is nothing that we could have possibly imagined just 24 months earlier before these breakthroughs in generative AI have really taken hold through the whole industry.

我們獲得的數據比以往任何時候都多得多。其中很大一部分來自資料雲，因為它增強了我們擁有的所有其他資料的功能。因此，對於 Salesforce 來說，這是一個非常有趣的時刻。我認為 Dreamforce 的示範非常出色。我們將在二月發布的版本中提供的演示對於我們的客戶來說將是令人難以置信的，他們將能夠完成什麼。我認為，當我們在 24 年 9 月到達 Dreamforce '25 或 '24 時，我們將看到的並不是我們在 24 個月前想像的，在這些生成式人工智慧的突破真正實現之前整個行業。

No one company has a hold on this. I think it's pretty clear at this point that because of the way AI is built through open source, that these models are very much commodity models, and these responses are very much commodity responses. So we've always felt that way about AI. For more than a decade, we said that its growth has really been amplified by open source development. Because these open source models now are as strong as commercial models are or proprietary models, I think that what we really can see is that, that is going to accelerate this through every customer. There's not going to be any kind of restrictions because of the proprietariness or the cost structures of these models. We're going to see this go much faster than any other technology.

沒有一家公司能夠控制這一點。我認為現在很清楚，由於人工智慧是透過開源來建構的，這些模型在很大程度上是商品模型，而這些回應在很大程度上是商品回應。所以我們對人工智慧一直有這樣的感覺。十多年來，我們一直說開源開發確實放大了它的成長。因為這些開源模型現在與商業模型或專有模型一樣強大，所以我認為我們真正可以看到的是，這將透過每個客戶加速這一過程。由於這些模型的專有性或成本結構，不會有任何限制。我們將看到它的發展速度比任何其他技術都要快得多。

The reference point, as I've been using as I travel around, is really mobile operating systems. Mobile operating systems are very important, and we all have one on our desk or in our pocket right now. But really, the development of mobile operating systems has been quite constrained because they're really held mostly by 2 companies and 2 sets of engineering teams. That's not how this technology is being built. This technology is highly federated across thousands of companies and thousands of engineering teams who are sharing this technology. And because of that, you're ending up with a rate of innovation unlike anything we've seen in the history of our industry and is moving us into areas very quickly that could become uncomfortable. So this is an exciting moment.

正如我在旅行時一直使用的參考點實際上是行動作業系統。行動作業系統非常重要，我們現在桌上或口袋裡都有一個。但實際上，行動作業系統的開發一直受到很大限制，因為它們實際上主要由兩家公司和兩套工程團隊掌握。這項技術並不是這樣建構的。該技術在共享該技術的數千家公司和數千個工程團隊之間高度聯合。正因為如此，你最終的創新速度將不同於我們行業歷史上所見過的任何東西，並且很快就會讓我們進入可能會感到不舒服的領域。所以這是一個令人興奮的時刻。

Great. Thanks, Brad. With that, we'll conclude the call. We appreciate everyone joining the call and wish everyone a happy holiday season. Thank you. Happy holidays, everybody.

偉大的。謝謝，布拉德。這樣，我們就結束通話了。我們感謝大家加入電話會議，並祝大家節日快樂。謝謝。大家節日快樂。

Thanks, everybody.

謝謝大家。

Bye, everyone. Thank you.

迴見了各位。謝謝。

And that concludes today's call. Thank you all for joining. You may now disconnect.

今天的電話會議到此結束。感謝大家的加入。您現在可以斷開連線。