賽富時 (CRM) 2024 Q4 法說會逐字稿

Welcome to Salesforce's Fiscal 2024 Fourth Quarter and Full Year Results Conference Call. Please note, today's call is being recorded. (Operator Instructions) I would now like to hand the conference over to your speaker, Mike Spencer, Executive Vice President of Finance and Strategy and Investor Relations. Sir, you may begin.

歡迎參加 Salesforce 2024 財年第四季和全年業績電話會議。請注意，今天的通話正在錄音。 （操作員指示）我現在想將會議交給您的發言人，財務、策略和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, and good afternoon. Thanks for joining us today on our Fiscal 2024 Fourth 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.

謝謝你，下午好。感謝您今天參加我們的 2024 財年第四季業績電話會議。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. 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.

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。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。

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. Hey, thanks so much, Mike, and hey, thanks, everyone, for being on the call. Look, as you can see from these numbers, we've had just an incredible and incredible quarter. Well, actually, we've just had an incredible year here at Salesforce, with strong performance across all of our key metrics, revenue, margin, EPS, cash flow and, of course, our cRPO. Look, it's been an extraordinary year of transformation for Salesforce. You all know that. You've all been there with us. You've been the support that we have needed during this year. Thank you to all of our shareholders and thank you to all of our stakeholders.

好的。嘿，非常感謝，麥克，嘿，謝謝大家參加電話會議。看，正如您從這些數字中看到的那樣，我們剛剛度過了一個令人難以置信的季度。事實上，我們剛剛在 Salesforce 度過了令人難以置信的一年，我們所有的關鍵指標、收入、利潤率、每股盈餘、現金流，當然還有我們的 cRPO 都表現強勁。瞧，對於 Salesforce 來說，這是非凡的一年。你們都知道。你們都和我們在一起。您是我們這一年所需要的支持。感謝我們所有的股東，感謝我們所有的利害關係人。

It's been a year of incredible transformation for our industry, with the emergence of this next generation of artificial intelligence as well. It's been really 2 unbelievable things happening at once, the total transformation of the Salesforce and the total transformation of our industry.

對於我們的產業來說，這是令人難以置信的變革的一年，下一代人工智慧也出現了。這確實是兩件令人難以置信的事情同時發生，Salesforce 的全面轉型和我們行業的全面轉型。

All right. Let's start with the transformation of Salesforce. Look it. It Was over a year ago, we said Salesforce had to transform. And you, many of you came to me, came to our whole team and you said, "Look, we're going to transform the whole company." We did it together. We could not have done it without you. We said we would restructure our business for the short and long term, we did that. We said we would place a laser focus on increasing productivity and operational excellence from across the board, we've done that. We said we're going to double down on innovation to make our core products even better, we've done that. And when you see what's coming in TrailheaDX next week, you're not going to believe it. Not just our next-generation artificial intelligence, not just prompt builder, not just our copilot, but this Data Cloud, which I'm going to get to in a second, our fastest, most exciting new product ever, fastest-growing, most customer traction that I have ever seen, that has been incredible.

好的。讓我們從 Salesforce 的轉型開始。看它。一年多前，我們說 Salesforce 必須轉型。你們中的許多人來找我，來到我們整個團隊，你們說：“看，我們要改變整個公司。”我們一起做的。沒有你，我們不可能做到這一點。我們說過我們將重組我們的短期和長期業務，我們做到了。我們說過，我們將把重點放在全面提高生產力和卓越營運上，我們已經做到了。我們說過我們將加倍創新，讓我們的核心產品變得更好，我們做到了。當您看到下週 TrailheaDX 即將推出的內容時，您將難以置信。不僅是我們的下一代人工智慧，不僅僅是提示生成器，不僅僅是我們的副駕駛，還有這個數據雲，我稍後將談到它，我們有史以來最快、最令人興奮的新產品，成長最快，最我所見過的客戶吸引力是令人難以置信的。

So let's talk about all of this. And -- let's talk also about how we have also strengthened our relationships with our investors. Thank you, Mike, for everything you've done. And Amy, together with the management team, with our Board, we've really focused on you, the investor community. We've accomplished all of that together. We've completely transformed this company together, and we're very grateful to each and every one of you. And that transformation, while it has driven incredible results and you're seeing productivity is up, profitability is up, margin is up, revenue is up, and you're going to see it again in our results for our quarter, you're going to be looking at these full year numbers with phenomenal cash flow, with incredible margin growth -- well, margin growth that I've never seen in any software company over the last 12 months, 18 months, it's completely unprecedented. And you can see the incredible speed and success of the transformation that we've undertaken.

那麼讓我們來談談這一切。我們也可以談談我們如何加強與投資者的關係。麥克，謝謝你所做的一切。艾米，與管理團隊和我們的董事會一起，我們真正關注的是你們，即投資者群體。我們一起完成了這一切。我們一起徹底改變了這家公司，我們非常感謝你們每一個人。這種轉變帶來了令人難以置信的結果，你會看到生產力提高、盈利能力提高、利潤率提高、收入提高，你將在我們季度的業績中再次看到這一點，你我們將看到這些全年數據，其中包括驚人的現金流和令人難以置信的利潤成長——嗯，在過去的12 個月、18 個月裡，我從未在任何軟體公司中看到利潤成長，這完全是前所未有的。您可以看到我們所進行的轉型的驚人速度和成功。

Now we believe that Salesforce not only needs to be a great software company for our customers, our employees, our communities, but also a great company for our shareholders as well. We've certainly seen that with the exceptional performance of our equity over the last few months.

現在，我們相信 Salesforce 不僅需要成為一家對我們的客戶、我們的員工、我們的社群而言優秀的軟體公司，而且對我們的股東來說也是一家偉大的公司。我們當然已經從過去幾個月我們股票的出色表現中看到了這一點。

Now I'm thrilled that we're opening the door to another incredible part of our ongoing transformation today, with the introduction of our first-ever dividend, and that's amazing. To say that word for the first time in 25 years in Salesforce history, our first-ever dividend. What you're going to hear more about from Amy in a moment, and if this year has shown anything -- if it's shown anything at all, it really shows that we've committed to serving all of our stakeholders.

現在，我很高興我們正在為今天正在進行的轉型的另一個令人難以置信的部分打開大門，推出我們的首次股息，這真是太棒了。這是 Salesforce 歷史 25 年來第一次說出這個詞，這是我們的第一次紅利。稍後您將從艾米那裡聽到更多信息，如果今年有什麼表現的話——如果有什麼表現的話，這確實表明我們致力於為所有利益相關者提供服務。

We closed out fiscal '24 with $9.29 billion in revenue for the fourth quarter. That's up 11% year-over-year, 10% in constant currency. Pretty awesome at our size and scale, incredible. 8 of our top 10 deals in the quarter included 6 or more of our clouds, really showing the depth and breadth of our product line and our portfolio. And all of our top 10 wins included sales, service and platform, and we're really focused on delivering that full cocktail of all of our clouds to all of our customers. And our deals greater than $10 million, well, they grew nearly 80% year-over-year in fiscal year '24. That was also amazing.

24 財年第四季的營收為 92.9 億美元。年增 11%，以固定匯率計算成長 10%。就我們的規模和規模而言，非常棒，令人難以置信。本季前 10 筆交易中有 8 筆涉及 6 個或更多雲端服務，真正展示了我們產品線和產品組合的深度和廣度。我們所有的十大勝利都包括銷售、服務和平台，我們真正專注於向所有客戶提供我們所有雲端的完整雞尾酒。我們的交易額超過 1000 萬美元，在 24 財年同比增長了近 80%。那也太神奇了吧。

Our customers just get so much more value, and they can do so much more when they take the full advantage of our Einstein 1 Platform. And I want to explain that to you because we have such a rich set of applications that when we're working with all of these employees through the whole company and also the customers as well, we're filling our platform with the data and the metadata that our customers need to be successful. And there is no other time in the history of our industry, that, that rich data and metadata together in one place is so important because that is what you're going to need to drive this artificial intelligence. And you're going to see that next week at TrailheaDX as we show you our copilot for our first time and prompt builder for the first time and Data Cloud for the first time and how it works together so that you can get the insights that you need. Now this is all possible because we're delivering this Einstein 1 Platform.

當我們的客戶充分利用我們的 Einstein 1 平台時，他們會獲得更多價值，並且可以做更多事情。我想向您解釋這一點，因為我們擁有如此豐富的應用程序，當我們與整個公司的所有員工以及客戶合作時，我們正在用數據和資訊填充我們的平台。我們的客戶取得成功所需的元數據。在我們行業的歷史上，從未有過這樣的時刻：將豐富的數據和元數據集中在一個地方如此重要，因為這就是驅動人工智慧所需的。下週，您將在 TrailheaDX 上看到這一點，我們將首次向您展示我們的副駕駛、首次提示構建器以及首次數據雲，以及它們如何協同工作，以便您能夠獲得您所了解的見解。需要。現在這一切都成為可能，因為我們正在提供這個 Einstein 1 平台。

But before I get to that, I just want to make this one last point. For the full year, we delivered $34.9 billion in revenue, up 11% year-over-year. One of the best performances of any enterprise software companies ever.

但在此之前，我只想說最後一點。全年我們營收 349 億美元，年增 11%。有史以來所有企業軟體公司中表現最好的之一。

With our continued disciplined approach to margin expansion, non-GAAP operating margin for fiscal '24 was also 30.5%, up 800 basis points year-over-year. We closed fiscal year '24 with operating cash flow reaching $10.2 billion. Operating cash flow, up 44% year-over-year, a major goal for the company this year. Well done. Highest cash flow in our company's history.

隨著我們持續嚴格擴大利潤率，24 財年的非 GAAP 營運利潤率也達到 30.5%，年增 800 個基點。 24 財年結束時，我們的營運現金流達到 102 億美元。經營現金流較去年同期成長44%，是公司今年的主要目標。做得好。我們公司史上最高的現金流。

cRPO, our current remaining performance obligation, was $27.6 billion, up 12% and 13% in constant currency year-over-year. Fantastic display on cRPO. And total remaining performance obligation ended the fourth quarter at $56.9 billion, an increase of 17% year-over-year.

我們目前的剩餘履約義務 cRPO 為 276 億美元，以固定匯率計算年增 12% 和 13%。 cRPO 上的出色顯示。截至第四季末，剩餘履約義務總額為 569 億美元，年增 17%。

Now let me just say this again, $57 billion in RPO, amazing. For fiscal year '25, we expect free cash flow to grow between 23% to 26% for fiscal year '25. That is for fiscal year '25, we expect free cash flow to grow between 23% to 26%. And we're guiding revenue to $38 billion at the high end of our range, 9% year-over-year, expecting to deliver fiscal year '25 in subscription and support revenue growth of above 10% year-over-year in constant currency. We're going to get to that detail in a second.

現在我再說一遍，570 億美元的 RPO，太棒了。對於 25 財年，我們預計 25 財年的自由現金流將成長 23% 至 26%。也就是說，對於 25 財年，我們預期自由現金流將成長 23% 至 26%。我們預計營收將達到 380 億美元的上限，年增 9%，預計 25 財年的訂閱量將實現成長，並支持以固定匯率計算的營收年增 10% 以上。我們稍後會討論這個細節。

We're committed to delivering non-GAAP operating margin of 32%. All told, an unbelievable year of transformation. From the financial metrics, we're going to get to the technology. And before I move on, let me say, I've never seen anything like it over the last 25 years in CEO of Salesforce. The pace have changed, the focus on productivity, profitability, the speed of innovation, the quality of the management team, people coming back to help us get it done, our boomerangs, our Ohana, thank you to everyone who's made this possible.

我們致力於實現 32% 的非 GAAP 營業利潤率。總而言之，這是一個令人難以置信的轉變之年。從財務指標來看，我們將討論技術。在我繼續之前，我想說的是，在過去 25 年裡，我在 Salesforce 的執行長中從未見過類似的情況。節奏已經改變，對生產力、盈利能力、創新速度、管理團隊品質、回來幫助我們完成任務的人們的關注，我們的迴旋鏢，我們的Ohana，感謝所有使這一切成為可能的人。

Just look at where we are now. Salesforce is the world's #1 AI CRM, #1 in sales, #1 in service, #1 in marketing, #1 Data Cloud, incredible. And since the start of the pandemic in 2020, we've doubled the size of the company. That's amazing. We doubled the size of the company and scale since the pandemic started, which was about 4 years ago. That's incredible at our scale.

看看我們現在在哪裡。 Salesforce 是全球排名第一的人工智慧 CRM、銷售排名第一、服務排名第一、行銷排名第一、資料雲排名第一，這太不可思議了。自 2020 年疫情爆發以來，我們將公司規模擴大了一倍。太棒了。自疫情爆發以來（大約四年前），我們將公司規模擴大了一倍。以我們的規模來看，這是令人難以置信的。

We're the largest enterprise applications company in the world. We passed SAP. That was amazing. That was a huge accomplishment this year. But now, we're the third largest enterprise software company in the world and the second largest in Japan. And to all of my Japan, (foreign language) for what you have done with the Japanese market is incredible. We're not stopping. Our management team and our extraordinary employees are focused every day to make our business as strong as it can be. Personally, I've never been more excited about the future of Salesforce. You're about to hear why. It's not just the incredible financial results, not just the unrivaled success of our customers, but it is the incredible door that has opened through artificial intelligence once again and the evolution of our entire technology platform.

我們是世界上最大的企業應用程式公司。我們通過了SAP。那太精彩了。這是今年的一項巨大成就。但現在，我們是世界第三大、日本第二大企業軟體公司。對於我所有的日本人（外語），你們在日本市場所做的一切是令人難以置信的。我們不會停下來。我們的管理團隊和傑出的員工每天都專注於使我們的業務盡可能強大。就我個人而言，我對 Salesforce 的未來感到前所未有的興奮。你馬上就會知道為什麼。這不僅是令人難以置信的財務業績，不僅是我們客戶無與倫比的成功，而且是透過人工智慧和我們整個技術平台的演變再次打開的令人難以置信的大門。

It's what our engineering and product teams have done in the last 12 months is nothing short of amazing. I'm so grateful to their leadership. And to David and Srini and to all of the employees, thank you for what you have done for Salesforce. Your leadership, your vision, your insights, your creativity in rebuilding the platform so quickly. And Data Cloud, for artificial intelligence, for Steve, what you have done, for Juzer, for my whole team, it's incredible.

我們的工程和產品團隊在過去 12 個月中所做的工作簡直令人驚嘆。我非常感謝他們的領導。感謝 David 和 Srini 以及所有員工為 Salesforce 所做的一切。您的領導力、您的遠見、您的洞察力以及您的創造力，讓我們能夠如此迅速地重建平台。資料雲、人工智慧、史蒂夫、Juzer、我的整個團隊所做的一切，都是令人難以置信的。

As I said, it's not only a remarkable year of transformation for Salesforce, it's been an amazing year of transformation for our entire industry.

正如我所說，這不僅是 Salesforce 轉型的非凡一年，也是我們整個產業轉型的非凡一年。

As I talk to CEOs around the world, they tell me, they want 3 things. You may have heard me say this already, but I'll say it again. One, they want more productivity, and they're going to get that productivity through the fundamental augmentation of their employees through artificial intelligence. It's happening. It's empirical.

當我與世界各地的執行長交談時，他們告訴我，他們想要三件事。你可能已經聽我說過這句話了，但我會再說一次。第一，他們想要更高的生產力，並且他們將透過人工智慧從根本上增強員工來獲得這種生產力。正在發生。這是經驗性的。

Number two is, they want higher value customer relationships, which is also going to happen through this AI. And they want higher margins, which we are seeing empirically as well through the -- when they use this artificial intelligence in these next-generation products.

第二是，他們想要更高價值的客戶關係，這也將透過人工智慧實現。他們想要更高的利潤，當他們在下一代產品中使用這種人工智慧時，我們也透過經驗看到了這一點。

As we look at productivity, as we look at higher value customer relationships, as we look at higher margins, how do our customers get these things? How are they achieving these goals? It is AI. It is why every CEO and company knows they need to make major investments in AI right now. And I believe this is the single most important moment in the history of the technology industry. It's giving companies an unprecedented level of intelligence that will allow them to connect with their customers in a whole new way. And with our Einstein 1 Platform, we're helping out our customers transform for the AI future.

當我們著眼於生產力、當我們著眼於更高價值的客戶關係、當我們著眼於更高的利潤時，我們的客戶如何獲得這些東西？他們如何實現這些目標？這是人工智慧。這就是為什麼每位執行長和公司都知道他們現在需要對人工智慧進行重大投資。我相信這是科技業史上最重要的時刻。它為公司提供了前所未有的智慧水平，使他們能夠以全新的方式與客戶建立聯繫。借助 Einstein 1 平台，我們正在幫助客戶實現人工智慧未來的轉型。

Now many of our customers have inspired by OpenAI's GPT 4. I have Cohere, I have [Tropic], I have an Inflection, I had and also all the amazing models on hugging face and other AI models, all these things, amazing. And everyone has been wowed by what these AIs can do, incredible things and a lot of party tricks, a lot of magical things. And then we also realized there are some other things, too. Let's talk about the truth. The truth is these AI models are all trained on amalgamated public data. You all understand that. You've all seen the New York Times lawsuit of OpenAI or others who are really going to tackle, hey, this is all -- these are amalgamated stolen public data, much of it used without permission, unlicensed, but amalgamated into these single consolidated data stores.

現在，我們的許多客戶都受到了OpenAI 的GPT 4 的啟發。我有Cohere，我有[Tropic]，我有Inflection，我有所有令人驚嘆的擁抱臉部模型和其他AI 模型，所有這些都令人驚嘆。每個人都對這些人工智慧的能力感到驚嘆，不可思議的事情和很多派對技巧，很多神奇的事情。然後我們也意識到還有其他一些事情。我們來談談真相。事實上，這些人工智慧模型都是根據合併的公共資料進行訓練的。你們都明白這一點。你們都看過《紐約時報》對OpenAI 或其他真正要解決的問題提起的訴訟，嘿，這就是全部——這些都是被盜的公共數據，其中大部分未經許可、未經許可而使用，但合併為這些單一的綜合資料資料儲存。

Now some of my people even say this is just stolen data, but all this public data has been amalgamated into what they call training sets. And these training sets then get turned into what we call inference, which is how the AI then is able to start to deliver its insights. But there's other things that it's providing besides insights. These AI models, well, they could be considered very confident liars, producing misinformation, hallucinations. Hallucinations are not a feature, okay? And I'm going to get to that point in a second. And I think you all understand it that already -- because at this point, we all have a high level of experience with AI, don't we? Everyone has had that experience. And there's a danger though for companies, for enterprises, for our customers that these are not trusted solutions.

現在我的一些人甚至說這只是被盜的數據，但所有這些公共數據都已合併到他們所謂的訓練集中。然後這些訓練集就會轉化為我們所說的推理，這就是人工智慧如何開始提供其見解的方式。但除了見解之外，它還提供其他東西。這些人工智慧模型，嗯，他們可以被認為是非常自信的騙子，產生錯誤訊息和幻覺。幻覺不是一個特徵，好嗎？我稍後會談到這一點。我想你們都已經明白這一點了——因為在這一點上，我們都在人工智慧方面擁有豐富的經驗，不是嗎？每個人都有過這樣的經驗。但對於公司、企業和我們的客戶來說，這些都不是值得信賴的解決方案，這是一個危險。

And let me point out why that is. Especially for companies who are in regulated markets, why this is a big, big deal. These models don't know anything about the company's customer relationships and, in some cases, are just making it up. Enterprises need to have the same capabilities that are captivating consumers, those amazing things, but they need to have it with trust and they need to have it with security, and it's not easy.

讓我指出原因。特別是對於處於受監管市場的公司來說，為什麼這是一件大事。這些模型對公司的客戶關係一無所知，在某些情況下，只是編造出來的。企業需要擁有同樣能夠吸引消費者的能力，那些令人驚嘆的東西，但他們需要以信任的方式擁有它，並且需要以安全的方式擁有它，這並不容易。

Look, we all read the story. Now it just happened last week. An airline chatbot prompts by a passenger to book a flight with a 90-day refund window. It turns out the chatbot, running on one of these big models, we won't have to use any brand names here, we all know who it was, hallucinate the option, it did not exist. We all know what that's like. We've all had the experience. So here's the chatbot. It hallucinates the option, it's working with the customers, it didn't exist, it did not exist. The airline said, "Oh, listen, that was just the chatbot. It gets that way some time. We're so sorry. You know what, that's just a separate technical entity, a separate legal entity and the airline, "Oh, we can't -- we're not going to hold liable for that." Well, guess what? That defense did not work in a court of law. The court of law said that, that AI chatbot that made up, that incredible new policy for that company -- well, that company was going to be held responsible, liable for that policy, that they were going to be held liable for the work of that chatbot. Just as they would for a human employee, they were being held liable for a digital employee.

看，我們都讀過這個故事。現在它剛剛發生在上週。航空公司聊天機器人提示乘客預訂 90 天退款期限的航班。事實證明，聊天機器人在這些大型模型之一上運行，我們不必在這裡使用任何品牌名稱，我們都知道它是誰，幻覺這個選項，它不存在。我們都知道那是什麼樣的。我們都有過這樣的經驗。這是聊天機器人。它產生了幻覺，它正在與客戶合作，它不存在，它不存在。航空公司說，「哦，聽著，那隻是聊天機器人。有時會這樣。我們很抱歉。你知道嗎，那隻是一個單獨的技術實體，一個單獨的法律實體和航空公司，」哦， 「我們不能——我們不會為此承擔責任。」好吧，你猜怎麼著？這種辯護在法庭上不起作用。法庭說，那個人工智慧聊天機器人彌補了這一點，令人難以置信該公司的新政策- 嗯，該公司將對該政策負責，他們將對聊天機器人的工作負責。就像他們對人類員工一樣，他們將被追究責任。對數位員工承擔責任。

The reality for every enterprise is that to deliver trusted AI experiences, you need these 3 essential components now. You need that compelling user interface. There's no question, a natural and effortless experience. And at Salesforce, we have some of the most intuitive user interfaces that deliver insights and intelligence across sales and service and marketing and commerce and industries. Many of you are on Slack right now. Many of you are on Tableau. Many of you are on MuleSoft, or one of our other products.

每個企業的現實是，要提供可信的 AI 體驗，您現在需要這 3 個基本組件。您需要引人注目的使用者介面。毫無疑問，這是一種自然而輕鬆的體驗。在 Salesforce，我們擁有一些最直覺的使用者介面，可以提供跨銷售、服務、行銷、商業和行業的見解和情報。你們中的許多人現在都在使用 Slack。你們中的許多人都在使用 Tableau。你們中的許多人都在使用 MuleSoft 或我們的其他產品之一。

Okay. Now what else do you need? Number two. You need a world-class AI model. And now we know there's many, many models available. Just go to Hugging Face, which is a company that we're investor in or look at all the other models. And by the way, not only the thousands of models right now, but there are tens of thousands, hundreds of thousands of models coming. And all the models that are available today will be obsolete 12 months from now. So we have to have an open, extensible and trusted framework inside Salesforce to be receptacles for these models. That's why Einstein 1 is so important.

好的。現在你還需要什麼？第二。您需要一個世界一流的人工智慧模型。現在我們知道有很多很多可用的模型。只要去Hugging Face，這是一家我們投資的公司，或者看看所有其他模型。順便說一句，現在不僅有數千種型號，還有數萬、數十萬種型號即將推出。目前可用的所有型號將在 12 個月後過時。因此，我們必須在 Salesforce 內部擁有一個開放、可擴展且值得信賴的框架，作為這些模型的容器。這就是為什麼愛因斯坦一號如此重要。

Then you have to be able to use these AI models. The ones that Salesforce is developing or these public models on Hugging Face or other things, or even bring your own model. Customers are even making their own models, fantastic. Of course, we have great partnerships with OpenAI, with Anthropic, with Cohere, with many other AI models.

那你就必須能夠使用這些人工智慧模型。 Salesforce 正在開發的或 Hugging Face 或其他東西上的這些公共模型，甚至帶來你自己的模型。客戶甚至可以製作自己的模型，太棒了。當然，我們與 OpenAI、Anthropic、Cohere 以及許多其他人工智慧模型都有著良好的合作關係。

This is the second key component. One is the UI, the second is the model, all right? Now for those who have throughput like, for example, copilot on our phone or any one of the copilots, on the App store. We have a compelling UI, and we know underneath there, there is a compelling model. But third, we also know there's a huge data set there. But here we go. Now we're in the enterprise. In the enterprise, you need deep integration of data and metadata for the AI to understand and deliver the critical insights and intelligence that customers need across their business, across sales, service, marketing, commerce, whatever it is. That deep integration of the data and metadata that's not so easy. That's not just some amalgamated stolen public data set. In the enterprise, that deep integration of data and metadata, oh, that's what Salesforce does. We are a deep integration of data and metadata. That is why it's very, very exciting.

這是第二個關鍵組成部分。一是 UI，二是模型，好嗎？現在對於那些有吞吐量的人來說，例如我們手機上的副駕駛或應用程式商店中的任何一位副駕駛。我們有一個引人注目的用戶界面，我們知道在其下面有一個引人注目的模型。但第三，我們也知道那裡有一個龐大的數據集。但我們開始了。現在我們在企業裡。在企業中，您需要深度整合資料和元數據，以便人工智慧理解並提供客戶在整個業務（包括銷售、服務、行銷、商務等）中所需的關鍵見解和情報。資料和元資料的深度整合並不那麼容易。這不僅僅是一些被盜的公共資料集的合併。在企業中，資料和元資料的深度集成，哦，這就是 Salesforce 所做的。我們是資料和元資料的深度融合。這就是為什麼它非常非常令人興奮。

I'd like to say, and I love Nvidia, by the way, and what Jensen has done is amazing, and they are delivering very much. In the era of the gold rush, the Levi's jeans to the gold miners. But we all know where the gold is the data. The gold is the data. And that's why we're so excited about Salesforce because we are one of the very largest repositories of enterprise data and metadata in the world for our customers. And customers are going to start to realize this right now. And they try to stitch together a variety of AI tools and copilots and this and that and whatever I've had so many funny conversations with so many customers that come to me that they're experts in AI and that this. And then I just say to them, but how are you going to deliver this experience? And then finally, they realize, "Oh, I need the deep integration with the data and the metadata. The reason why the metadata is so important is because it describes the data. That's why so many companies are turning to Salesforce for their AI transformation.

我想說，順便說一句，我喜歡 Nvidia，Jensen 所做的事情令人驚嘆，他們正在交付非常多的東西。在淘金熱時代，Levi's牛仔褲走向了淘金客。但我們都知道數據的黃金在哪裡。黃金就是數據。這就是為什麼我們對 Salesforce 如此興奮，因為我們是世界上為客戶提供的最大的企業資料和元資料儲存庫之一。客戶現在就會開始意識到這一點。他們試圖將各種人工智慧工具和副駕駛結合在一起，諸如此類。我與這麼多來找我的客戶進行了很多有趣的對話，他們是人工智慧方面的專家，諸如此類。然後我就對他們說，但是你將如何提供這種體驗？最後，他們意識到，「哦，我需要與資料和元資料進行深度整合。元資料之所以如此重要，是因為它描述了資料。這就是為什麼這麼多公司轉向 Salesforce 進行人工智慧轉型的原因。

Only Salesforce offers these critical layers of AI for our customers, the UI, the model and the deep integration of the data and the metadata make the AI smart and intelligent and insightful. And without the hallucinations and without all of these other -- all the other problems. For more than 2 decades, we've been trusted with our customers' data and metadata. And we have a lot of it. And a lot of you are customers, you understand what I'm saying. But many of our customers also have islands and thousands of systems of trapped data.

只有 Salesforce 為我們的客戶提供這些關鍵的 AI 層、UI、模型以及資料和元資料的深度集成，使 AI 變得聰明、聰明且富有洞察力。沒有幻覺，也沒有所有這些其他的問題。二十多年來，我們一直信賴客戶的數據和元數據。我們有很多。你們很多人都是顧客，你們明白我在說什麼。但我們的許多客戶也有孤島和數千個被困資料的系統。

Now what I'm going to say is very simple. Trap data is all over the enterprise. Now what trap data could be is you might be using a great company like Snowflake and unless Snowflake or Databricks or Microsoft or you might be using Amazon system or even something like Google, what do you say, BigQuery, all these various databases, but put your hand up if you're using Snowflake every day. Put your hand up if you're using one of these other systems. Put your hand up if you're using Salesforce, Sales Cloud, Service Cloud, Tableau, Slack, we need to be able to, through our zero copy, automatically integrate into our Data Cloud, all of those systems and then seamlessly provide that data back into these amazing tools. And that is what we are doing because so many of our customers have islands of trapped data in all of these systems, but the AI is not going to work because it needs to have the seamless amalgamated data experience of data and metadata, and that's why our Data Cloud is like a rocket ship.

現在我要說的很簡單。陷阱資料遍佈整個企業。現在陷阱資料可能是你可能正在使用像 Snowflake 這樣的偉大公司，除非 Snowflake 或 Databricks 或 Microsoft 或者你可能使用 Amazon 系統甚至像 Google 這樣的系統，你說什麼，BigQuery，所有這些不同的資料庫，但是把如果您每天都使用Snowflake，請舉手。如果您正在使用這些其他系統之一，請舉手。如果您使用 Salesforce、Sales Cloud、Service Cloud、Tableau、Slack，請舉手，我們需要能夠透過零複製自動整合到我們的資料雲、所有這些系統中，然後無縫提供這些資料回到這些神奇的工具。這就是我們正在做的事情，因為我們的許多客戶在所有這些系統中都有被困的資料孤島，但人工智慧無法發揮作用，因為它需要擁有資料和元資料的無縫合併資料體驗，這就是為什麼我們的資料雲就像一艘火箭。

The entire AI revolution is built on this foundation of data, and it's why we're so excited about this incredible Data Cloud. It's now deeply integrated into all of our apps into our entire platform. Its self-service for all of our customers to turn on. It is our fastest-growing product ever. It's our total focus for fiscal year '25. With Salesforce Data Cloud, Salesforce can unlock this trap data and bring together all of their business and customer data into one place for AI, all while keeping their data safe and secure, and it's all running inside our Einstein Trust layer, and we've deployed it to all of our customers, we unleash now the copilot as well to all of our customers deeply built on our pilot on our data and metadata.

整個人工智慧革命都是建立在數據基礎上的，這就是為什麼我們對這個令人難以置信的數據雲如此興奮。現在它已深入整合到我們整個平台的所有應用程式中。我們所有的客戶都可以使用它的自助服務。這是我們有史以來成長最快的產品。這是我們 25 財年的整體重點。借助Salesforce Data Cloud，Salesforce 可以解開這一陷阱數據，並將所有業務和客戶數據匯集到一個地方以供AI 使用，同時保持數據安全可靠，並且所有數據都在我們的Einstein Trust 層內運行，我們已經將其部署給我們所有的客戶後，我們現在也向所有客戶釋放了副駕駛，這些客戶都深入建立在我們的數據和元數據試點的基礎上。

And while other copilots just sit and spin because they can't figure out what the data means and if you haven't seen the demonstrations, you can see these co-pilots spin, but when they use Salesforce and all of a sudden becomes intelligent, and that is the core of the Einstein 1 platform. All of our apps, all of our AI capabilities, all of the customer data, and 1 deeply integrated trusted metadata platform, and that's why we're seeing incredible demand for Data Cloud. Data Cloud brings it all together. And we are so blessed to have Data Cloud in our company.

而其他副駕駛只是坐著旋轉，因為他們無法弄清楚數據意味著什麼，如果您還沒有看過演示，您可以看到這些副駕駛旋轉，但當他們使用 Salesforce 時，突然變得聰明，這就是愛因斯坦1號平台的核心。我們所有的應用程式、所有的人工智慧功能、所有的客戶資料以及 1 個深度整合的可信任元資料平台，這就是為什麼我們看到對資料雲端的巨大需求。數據雲將這一切整合在一起。我們非常幸運能夠在我們公司擁有數據雲。

And it's also why in Q4, 25% of our deals already over $1 million have included Data Cloud. And we've recently added over 1,000 new customers to Data Cloud. We've never seen traction like this of a new product because you can just easily turn on the Data Cloud and it adds huge value to Sales Cloud. It adds huge value to Service Cloud, the Marketing Cloud and the CDP. You've all seen the Gartner Magic Quadrant that got published last week about the Data Cloud or if you haven't, go to my Twitter feed and you'll see how amazing that MQ is and it's the fastest-growing organic product in the history of Salesforce.

這也是為什麼在第四季度，我們超過 100 萬美元的交易中有 25% 包含了資料雲。最近，我們在 Data Cloud 中新增了 1,000 多個新客戶。我們從未見過新產品有如此大的吸引力，因為您可以輕鬆打開數據雲，它為銷售雲增加了巨大的價值。它為服務雲、行銷雲和 CDP 增加了巨大的價值。你們都已經看過上週發布的有關數據雲的Gartner 魔力像限，或者如果您還沒有看過，請訪問我的Twitter 源，您會發現MQ 是多麼令人驚奇，它是行業中增長最快的有機產品。 Salesforce 的歷史。

This last quarter, more than 7 trillion records, 7 trillion records were ingested into Data Cloud. Unbelievable. 7 trillion records in just in a Data Cloud with over 1 trillion activations driving customer engagement, lighting up all of those sales service marketing cloud users, all the platform, Tableau, it's all integrated into Data Cloud.

上個季度，超過 7 兆筆記錄被納入資料雲。難以置信。資料雲中包含 7 兆筆記錄，超過 1 兆次啟動推動了客戶參與，點亮了所有銷售服務行銷雲端用戶，所有平台、Ta​​bleau 都整合到了資料雲中。

And because Data Cloud and all of Einstein 1 is built on our metadata framework, as I just described, every customer app can securely access and understand the data and use any bottle, use any UI workflow, integrate with the platform. That means less complexity, more flexibility, faster innovation. But also we want to take to buy to these hallucinations. We want to say goodbye to all of these crazy experiences or having with these bots that don't know what they're doing because they have no data or metadata, okay? Or the data that they have metadata is like productivity data like the highest level data that's not deeply integrated data. So only Salesforce can do this.

正如我剛才所描述的，由於Data Cloud 和Einstein 1 的所有內容都建構在我們的元資料框架上，因此每個客戶應用程式都可以安全地存取和理解資料並使用任何瓶子、使用任何UI 工作流程、與平台整合。這意味著更低的複雜性、更高的靈活性、更快的創新。但我們也想接受這些幻覺。我們想告別所有這些瘋狂的經歷，或告別這些機器人，因為它們沒有數據或元數據，所以不知道自己在做什麼，好嗎？或者他們擁有元資料的資料就像生產力資料一樣，不是深度整合的資料的最高層級資料。所以只有 Salesforce 可以做到這一點。

Only Salesforce has this vision of this kind of platform and only has -- we've been working on this for 25 years, and we are not done. We are just starting because let me tell you now of a story of how we're delivering a high-quality, trusted AI for our customers. We all know the HR and payroll leader, ADP and their incredible new CEO, Maria Black, amazing.

只有 Salesforce 擁有這種平台的願景，而且我們已經在這方面努力了 25 年，而且我們還沒有完成。我們才剛開始，因為現在讓我向您講述我們如何為客戶提供高品質、值得信賴的人工智慧的故事。我們都知道人力資源和薪資領導者 ADP 及其令人難以置信的新任執行長瑪麗亞·布萊克（Maria Black），太棒了。

ADP has been a great sales cloud customer for 2 decades. They've used Einstein for years. They are one of the first customers we ever have. We're so grateful to ADP, amazing. And work with so many of their great CEOs over the decades. And the company wanted to transform now customer service with AI to give their agents real-time insights, next best actions, auto generating case summaries. But what I have to say to you, it was a little bit embarrassing Salesforce is not #1 on their list. And I said to them, "How can that be? We're the #1 service cloud. We're #1 in the market MQ. We're #1 in this. Number one in production. Now, we're going to go evaluate this. We're going to look at all the different solutions. We're going to look at all the new AI models. We think we're just going to hook this model up to this, and we're going to do that. And it sounds like a big Rube Goldberg invention what was going to happen there. And so we had to go in and we just wanted to partner with them and say, "All right, show us what you want to do. We're going to work with you, we're going to be trusted partners. Let's go.

二十年來，ADP 一直是優秀的銷售雲端客戶。他們已經使用愛因斯坦很多年了。他們是我們最早的客戶之一。我們非常感謝 ADP，太棒了。幾十年來與許多偉大的執行長共事。該公司希望利用人工智慧來改變客戶服務，為他們的客服人員提供即時洞察、下一步最佳行動、自動產生案例摘要。但我必須對你說的是，Salesforce 沒有在他們的名單上排名第一，這有點尷尬。我對他們說：「這怎麼可能？我們是排名第一的服務雲。我們在 MQ 市場上排名第一。我們在這方面排名第一。在生產中排名第一。現在，我們要去評估這個。我們將研究所有不同的解決方案。我們將研究所有新的人工智慧模型。我們認為我們只需將此模型與此掛鉤，然後我們將做到這一點。這聽起來像是魯布·戈德堡的一項重大發明，那裡將發生什麼。所以我們必須進去，我們只想與他們合作並說，「好吧，告訴我們你想做什麼。我們將與您合作，我們將成為值得信賴的合作夥伴。我們走吧。

But like a lot of our customers move into AI, ADP realized it didn't have a comprehensive deeply integrated platform of data and metadata that could bring together all of this into a single source of truth, and then you get the incredible customer service. Then you get the results that you're looking for. And it's deeply integrated with their sales systems, with marketing and custom applications. And ADP discovered that only Salesforce can do this. We were able to show ADP how we could unlock trap data with Data Cloud, 0 copy, drive intelligence, productivity, efficiency for their sales team with Einstein to levels unimagined just a year ago. We're now incredibly excited to work with all of our customers to take their AI to the next level with Einstein Copilot, which is going live tomorrow.

但就像我們的許多客戶轉向人工智慧一樣，ADP 意識到它沒有一個全面的深度整合的資料和元資料平台，可以將所有這些整合到單一的事實來源中，然後你就可以獲得令人難以信賴的客戶服務。然後您將得到您正在尋找的結果。它與他們的銷售系統、行銷和客製化應用程式深度整合。 ADP 發現只有 Salesforce 可以做到這一點。我們能夠向 ADP 展示如何使用 Data Cloud、0 副本解鎖陷阱數據，將他們與 Einstein 一起的銷售團隊的智慧、生產力和效率提升到一年前無法想像的水平。現在，我們非常高興能夠與所有客戶合作，透過 Einstein Copilot 將他們的人工智慧提升到一個新的水平，該產品將於明天上線。

Einstein Copilot, which if you haven't seen it, and if you haven't, please come to TrailheaDX next week. This is the first conversational AI assistant for the enterprise that's truly trusted. It's amazing. It can answer questions. It can summarize. It can create new content, dynamically automate task on behalf of the user from the single consistent user experience embedded directly within our platform.

Einstein Copilot，如果你還沒看過，如果你還沒有，請下週來TrailheaDX。這是第一個真正值得企業信賴的對話式人工智慧助理。太奇妙了。它可以回答問題。可以總結一下。它可以透過直接嵌入我們平台的單一一致的使用者體驗來創建新內容，代表用戶動態地自動執行任務。

But let me tell you the 1 thing that can do that's more important than all of that. It is able to read across all the data and metadata in our platform to get that insight instantly. And you're going to see that. So the sales rep might ask the Einstein Copilot, what lead I should focus on or what is the most important thing I need to do with this opportunity. And it may say, you need to resolve this customer's -- customer case because this escalation has been around for a week or you better go and answer that lead that came in on the Marketing Cloud before if you want to move this opportunity for it because it's reading across the entire data set. That is something that individual users cannot do that the Copilot can do.

但讓我告訴你一件比所有這些都更重要的事。它能夠讀取我們平台中的所有數據和元數據，以便立即獲得洞察力。你將會看到這一點。因此，銷售代表可能會問愛因斯坦副駕駛，我應該專注在什麼線索，或者我需要利用這個機會做的最重要的事情是什麼。它可能會說，您需要解決該客戶的客戶案例，因為這種升級已經持續一周了，或者如果您想轉移這個機會，您最好去回答之前在 Marketing Cloud 上出現的線索，因為它正在讀取整個數據集。這是個人用戶無法做到但副駕駛可以做到的事情。

With access to customer data and the metadata in Salesforce, including all this real-time data and website engagement and the ability to read through the data set, that's why Einstein Copilot has all the context to understand the question and surface belied that has the highest value and likelihood to convert. And it can also instantly generate the action plan with the best steps to close the deal, such as suggesting optimal meeting times on the lead contacts, known preferences even draping e-mail. If you haven't seen the video that I put on my Twitter feed last night, there's a 5-minute video that goes through, all of these incredible things that it's able to do, there's never been an enterprise AI capability quite like it. It's amazing.

透過存取 Salesforce 中的客戶資料和元數據，包括所有這些即時資料和網站參與度以及讀取資料集的能力，這就是 Einstein Copilot 擁有所有上下文來理解問題和表面謊言的原因價值和轉換的可能性。它還可以立即產生包含完成交易的最佳步驟的行動計劃，例如建議主要聯絡人的最佳會議時間、已知的偏好甚至是電子郵件。如果你還沒有看過我昨晚在 Twitter 上發布的視頻，這裡有一個 5 分鐘的視頻，它能夠完成所有這些令人難以置信的事情，從來沒有像它這樣的企業人工智能功能。太奇妙了。

All of us can understand the task that Copilot is performing, and I bet a lot of people even on this call -- that a lot of other companies might say they can do this, but I assure you, without the deep integration of the data or the metadata across the entire platform within Copilot's deep integration of that data, they cannot do it. They cannot do it. I assure you they cannot. Because they don't have the data and the metadata, which is so critical to making an AI assistant so successful.

我們所有人都可以理解 Copilot 正在執行的任務，我敢打賭很多人甚至在這次電話會議上 - 許多其他公司可能會說他們可以做到這一點，但我向你保證，無需數據的深度集成或者Copilot 深度整合整個平台的元數據，他們無法做到這一點。他們做不到。我向你保證他們不能。因為他們沒有數據和元數據，而這對人工智慧助理的成功至關重要。

And I encourage you to try the demos yourself to put our Copilot up against any other copilot. Because I'll tell you that I've seen enterprise copilots from these other companies and actions and they just spin and spin and spin. And some have a different copilot for every app, some with different capabilities, restrictions, grounding this, wizzywig builders or whatever. It's very cute, very nice, exciting, it's really cool for the first minute, and then you realize, wait a minute, what data is available to this Copilot.

我鼓勵您親自嘗試演示，讓我們的副駕駛與任何其他副駕駛進行比較。因為我會告訴你，我看過來自其他公司和行動的企業副駕駛，他們只是旋轉、旋轉、旋轉。有些每個應用程式都有不同的副駕駛，有些具有不同的功能、限制、基礎、wizzywig 建構者或其他什麼。它非常可愛，非常好，令人興奮，第一分鐘真的很酷，然後你意識到，等一下，這個副駕駛可以使用哪些數據。

Only a conversation with UI, okay, can start to understand all these things if it has this access. Only after a conversational UI for can queries or don't understand the customers to customize the copilot, none of these things are going to work. I've used those copilots from the competitors, have not seen them work yet. Okay. The thinking icon, spinning, it goes on and on and on and on. Einstein Copilot, you're going to see -- you're going to have your hands on it now. It's been released into the world, to our customers, to all of you, this is fundamentally different kind of AI. Just like Einstein was a different AI, which became the democratization of AI, which is why Einstein does a trillion transactions a week. Einstein is the only copilot with the ability to truly understand what's going on with your customer relationships. It's one conversational AI assistant, deeply connected to trusted customer data and metadata.

只有與 UI 進行對話，好吧，如果它具有此訪問權限，就可以開始理解所有這些事情。只有在對話式UI可以查詢或不理解的客戶定制副駕駛之後，這些事情都行不通。我使用過競爭對手的副駕駛，但還沒有看到他們工作。好的。思考的圖標，旋轉，它一直持續，一直持續。愛因斯坦副駕駛，你將會看到──你現在就可以動手了。它已經發佈到世界各地，發布給我們的客戶，發布給你們所有人，這是一種根本不同的人工智慧。就像愛因斯坦是一個不同的人工智慧一樣，它成為人工智慧的民主化，這就是愛因斯坦每週進行一兆筆​​交易的原因。愛因斯坦是唯一能夠真正了解顧客關係狀況的副駕駛。它是一款對話式人工智慧助手，與可信賴的客戶資料和元資料緊密相連。

It's one integrated system for all of our customers across any role or industry, and it's why we call it Einstein 1. It's 1 platform. One integrated system, that is what you need to get AI to work. Next week at our TrailheaDX conference in San Francisco, I hope you're all coming. It's going to be amazing on March 6 and 7. You're going to see how we're bringing even more AI innovation to our customers. So be prepared, be amazed by Einstein Copilot Builder, Prompt Builder or Model Builder and so much more that we're doing to help our customers make every employee more productive and to transform every customer experience, and I hope you're going to join us in person or you can join us online at Salesforce plus.

這是一個適用於任何角色或行業的所有客戶的整合系統，這就是我們將其稱為 Einstein 1 的原因。它是 1 個平台。讓人工智慧發揮作用需要一個整合系統。下週在舊金山舉行的 TrailheaDX 會議上，我希望你們都能來。 3 月 6 日至 7 日將是令人驚嘆的。您將看到我們如何為客戶帶來更多人工智慧創新。因此，請做好準備，對Einstein Copilot Builder、Prompt Builder 或Model Builder 以及我們正在做的更多事情感到驚訝，我們正在做的事情是幫助我們的客戶提高每位員工的工作效率並改變每一位客戶體驗，我希望您能加入您可以親自與我們聯繫，也可以透過 Salesforce plus 在線加入我們。

And closing, I just want to thank all of you once again for everything that you've done for us for the last year. We're so grateful to each and every one of you and to our entire management team, all our Ohana and all of our customers as well. We're so grateful as we look forward now to our 25th anniversary in March 8, I've never been more excited. You can hear, why? Not just the fundamental transformation of the company, but also the fundamental transformation of the product line and the product vision as we move into this incredible new intelligent world that we're all seeing with AI. So thank you.

最後，我想再次感謝大家去年為我們所做的一切。我們非常感謝你們每一個人、我們的整個管理團隊、所有 Ohana 以及我們所有的客戶。我們非常感激，現在我們期待著 3 月 8 日的 25 週年紀念日，我從未如此興奮。你能聽到，為什麼？當我們進入人工智慧這個令人難以置信的新智慧世界時，不僅是公司的根本轉變，而且是產品線和產品願景的根本轉變。所以謝謝。

And now I'm turning it over to Brian, who was employee #13, our Chief Operating Officer. He's done a phenomenal job this year. Without him and without Amy, without our whole management team, it would not be possible. I just want to thank again everyone who has been a huge part of everything. And I'll turn it over to you, Brian. Here we go.

現在我將其交給 Brian，他是我們的首席營運官，第 13 號員工。他今年的工作非常出色。沒有他，沒有艾米，沒有我們整個管理團隊，這是不可能的。我只想再次感謝所有為一切做出重要貢獻的人。我會把它交給你，布萊恩。開始了。

Well, thank you, Mark. I really appreciate it. I couldn't be more proud to be part of Salesforce the past 25 years, especially this past year as we took on a pivotal business transformation, while delivering incredible innovation for our customers and returns for our shareholders. Our continued focus on operational excellence, high performance and new growth initiatives helped deliver strong results in the fiscal year and remains our focus going forward.

嗯，謝謝你，馬克。對此，我真的非常感激。在過去的25 年裡，我非常自豪能夠成為Salesforce 的一員，尤其是在過去的一年，我們進行了關鍵的業務轉型，同時為我們的客戶提供了令人難以置信的創新，為我們的股東帶來了回報。我們持續專注於卓越營運、高效能和新的成長計劃，幫助我們在本財年取得了強勁的業績，並且仍然是我們未來的重點。

In FY '24, we laid the foundation for success through strategic restructuring, streamlining our go-to-market approach, deeper inspection and continued operational excellence. As part of our transformation, we also refined and scaled our big deal motion and introduced new product bundles to give our customers comprehensive solutions on a unified, trusted platform. And we're unlocking customer spend with new channels like AWS Marketplace and driving C-level relevance through strategic collaboration with McKinsey. The adjustments we made are paying off.

在 24 財年，我們透過策略重組、簡化進入市場的方法、更深入的檢查和持續的卓越運營，為成功奠定了基礎。作為轉型的一部分，我們還完善和擴展了我們的大交易計劃，並推出了新的產品包，以便在統一、值得信賴的平台上為客戶提供全面的解決方案。我們正在透過 AWS Marketplace 等新管道釋放客戶支出，並透過與麥肯錫的策略合作推動 C 級相關性。我們所做的調整正在得到回報。

As Mark mentioned, our deals greater than $10 million in FY '24 grew substantially 78% year-over-year, and we closed 86,000 multi-cloud deals. Our pricing and packaging strategy is driving higher sales and delivering more value for companies of all sizes and industries. Since launching in April, we've added 3,000 new logos through self-service with Salesforce Starter, a solution for small businesses that include sales, service, the end marketing with AI and Data Cloud built in. We're excited by the momentum we're seeing in UE+ bundle, which is now called Einstein 1 edition. It's providing substantial returns for our customers and for Salesforce. In fact, we continue to see significant average sales price uplift from existing customers who upgrade to Einstein 1 edition. It's also attracting new customers to Salesforce. 15% of the companies that purchased our Einstein 1 addition in FY '24 where net new logos.

正如 Mark 所提到的，我們在 2024 財年超過 1000 萬美元的交易同比大幅增長 78%，並且我們完成了 86,000 筆多雲交易。我們的定價和包裝策略正在推動更高的銷售額，並為各種規模和行業的公司提供更多價值。自4 月推出以來，我們已透過Salesforce Starter 的自助服務添加了3,000 個新徽標，Salesforce Starter 是小型企業的解決方案，包括銷售、服務、內建人工智慧和資料雲端的終端行銷。我們對我們的勢頭感到興奮我們在 UE+ 捆綁包中看到，該捆綁包現在稱為 Einstein 1 版本。它為我們的客戶和 Salesforce 帶來了豐厚的回報。事實上，我們繼續看到升級到 Einstein 1 版本的現有客戶的平均銷售價格顯著上漲。它也為 Salesforce 吸引了新客戶。在 24 財年購買 Einstein 1 附加產品的公司中，有 15% 的公司使用了新商標。

As you heard from Mark, with our Einstein 1 platform, including Data Cloud and Einstein Copilot, we are rapidly infusing conversational AI across our entire product portfolio. Einstein 1 is a huge differentiator for us in the industry, transforming -- excuse me, as the industry transforms in this AI revolution. It's the fastest and safest way to unlock an organization's data to create better customer experiences, augment employees with AI and drive productivity and improve margins and profitability. Every AI strategy starts with data.

正如您從 Mark 那裡聽到的，透過我們的 Einstein 1 平台（包括 Data Cloud 和 Einstein Copilot），我們正在快速將對話式 AI 融入到我們的整個產品組合中。愛因斯坦 1 對我們這個產業來說是一個巨大的差異化因素，隨著產業在這場人工智慧革命中的轉變，請原諒我正在轉變。這是解鎖組織數據以創造更好的客戶體驗、透過人工智慧增強員工、提高生產力並提高利潤和盈利能力的最快、最安全的方式。每個人工智慧策略都始於數據。

As Marc said, Data Cloud has strong momentum. Data Cloud is approaching $400 million in ARR growing at nearly 90% year-over-year. And in Q4, 25% of our deals greater than $1 million included Data Cloud. Customers like Xerox and London Stock Exchange and Daikin turned to Data Cloud in Q4 to build their trusted data foundations and unlock their trap data within Salesforce.

正如Marc所說，數據雲勢頭強勁。數據雲的 ARR 已接近 4 億美元，較去年同期成長近 90%。在第四季度，超過 100 萬美元的交易中有 25% 涉及資料雲。 Xerox、倫敦證券交易所和大金等客戶在第四季度轉向數據雲，以建立其可信賴的數據基礎並在 Salesforce 中解鎖其陷阱數據。

And we're excited about our future. We just were named, as Marc mentioned, the leader in the inaugural February 2024 Gartner Magic Quadrant for Customer Data Platforms.

我們對我們的未來感到興奮。正如 Marc 所提到的，我們剛剛在 2024 年 2 月首次發布的 Gartner 客戶資料平台魔力像限中被評為領導者。

I met with a dozen CEOs and business leaders over the past few months, and they're all focused on fueling growth and strengthening customer relationships within their current budgets and workforce, and they see AI as "The Tool" to augment their people and drive more productivity. Companies like ADP, Intel, McLaren and Sonos are investing in Einstein 1 to become AI-first organizations.

在過去的幾個月裡，我會見了十幾位執行長和商業領袖，他們都專注於在當前的預算和勞動力範圍內推動成長和加強客戶關係，他們將人工智慧視為增強員工和推動發展的「工具」更高的生產力。 ADP、英特爾、麥克拉倫和 Sonos 等公司正在投資 Einstein 1，以成為人工智慧優先的組織。

In FY '24, we closed 1,300 Einstein deals as more customers are leveraging our generative and predictive AI capabilities. Take Schneider Electric, they want to standardize and simplify customer care across their 3,000 support agents, speaking 15 different languages around the world. Instead of talking to customers, service agents were spending way too much time searching for answers across different systems and summarizing cases. Dealing with 7 million cases per year leads to time-consuming interactions for their support agents. Now Einstein will automatically create e-mail replies that agents can use to respond and summarize their cases. With the power of Einstein 1, Schneider Electric support teams are already seeing a 15% increase in case efficiencies. And it's not just their service agents, their sales teams are also seeing incredible benefits from our AI capabilities.

在 24 財年，隨著越來越多的客戶利用我們的生成和預測人工智慧功能，我們完成了 1,300 筆 Einstein 交易。以施耐德電機為例，他們希望標準化並簡化其 3,000 名支援代理的客戶服務，這些支援代理在全球範圍內講 15 種不同的語言。服務代理沒有與客戶交談，而是花費太多時間在不同系統中尋找答案並總結案例。每年處理 700 萬個案例，支援代理商需要進行耗時的互動。現在，Einstein 將自動建立電子郵件回复，代理可以使用該回復來回復和總結他們的案例。借助 Einstein 1 的強大功能，施耐德電氣支援團隊已發現案例效率提高了 15%。不僅是他們的服務代理，他們的銷售團隊也從我們的人工智慧功能中看到了令人難以置信的好處。

We're just at the beginning of a new innovation cycle that will spark a massive software buying cycle over the coming years, and Salesforce is leading the way. We continue to see strong demand for our data products as customers lay the foundation for AI, specifically, MuleSoft is helping companies such as Rossignol and TK Elevator North America bring together their data from any source, a critical step to prepare for AI. MuleSoft was in 8 of our top 10 deals in the quarter and executed a record $319 billion workflows -- automated workflows every month, up 100% year-over-year.

我們正處於新的創新週期的開始，該週期將在未來幾年引發大規模的軟體購買週期，而 Salesforce 正處於領先地位。隨著客戶為人工智慧奠定基礎，我們繼續看到對我們的數據產品的強勁需求，具體來說，MuleSoft 正在幫助Rossignol 和TK Elevator North America 等公司整合來自任何來源的數據，這是為人工智慧做好準備的關鍵一步。 MuleSoft 參與了本季十大交易中的 8 項，並執行了創紀錄的 3,190 億美元工作流程——每月自動化工作流程，較去年同期成長 100%。

Tableau was in 20 of our top 25 deals in the quarter and is fully integrated to Data Cloud. Wins in the quarter included customers like IHG, Heathrow Airport and Brazilian fintech, Stone. Tableau Pulse, a phenomenal new product that's just been released generally available last week actually, already has 2,000 customers. Powered by Data Cloud and Einstein, Tableau Pulse automatically delivers personalized AI-powered insights in both a natural language and visual format.

Tableau 參與了本季前 25 筆交易中的 20 筆，並且已完全整合到 Data Cloud。本季的贏家包括 IHG、希斯洛機場和巴西金融科技公司 Stone 等客戶。 Tableau Pulse 是一款非凡的新產品，上週剛發布並全面上市，實際上已經擁有 2,000 名客戶。 Tableau Pulse 在 Data Cloud 和 Einstein 的支援下，自動以自然語言和視覺格式提供基於 AI 的個人化見解。

We're also excited about the innovation coming from Slack, which was included in nearly half of our top 50 deals in the quarter. We just launched SlackAI with features like AI search, channel recaps and thread summaries to meet the enormous demand for embedded AI in the flow of work from customers like Australian Post and OpenAI. It's amazing to see what Slack has accomplished in a decade. And frankly, it's just the beginning. We have a great vision for the future of Slack as a conversational interface for any application. Our specialized industry products continue to fuel our growth chosen in the quarter by customers like Japan Post Insurance and TPG Telecom and USDA. Collectively, our industry businesses finished the year at $4.8 billion ARR, up more than 20% year-over-year. We saw strong growth internationally with wins at Volvo and Genpact, Hitachi and Boticario.

我們也對 Slack 的創新感到興奮，本季我們的 50 項前 50 筆交易中近一半都包含該創新。我們剛剛推出了 SlackAI，具有 AI 搜尋、頻道回顧和主題摘要等功能，以滿足澳洲郵政和 OpenAI 等客戶在工作流程中對嵌入式 AI 的巨大需求。看到 Slack 在十年內的成就真是令人驚嘆。坦白說，這只是一個開始。我們對 Slack 作為任何應用程式的對話介面的未來抱持著美好的願景。日本郵政保險、TPG 電信和美國農業部等客戶在本季度選擇了我們的專業行業產品，繼續推動我們的成長。總的來說，我們的產業業務今年的實際利潤為 48 億美元，年成長超過 20%。隨著沃爾沃、簡柏特、日立和 Boticario 的成功，我們在國際上看到了強勁的成長。

India continues to be a bright spot for us, growing new business at 35% year-over-year, and we continue to invest in the region to meet the needs of customers, including Bajaj Finance. I had the great opportunity to meet with their CEO, Rajeev Jain in January, and a top priority for him was using Einstein to deliver predictive and generative AI across their entire lending business, which they run on Salesforce. In Q4, Bajaj became the second largest Data Cloud customer globally, building their AI foundation on the Einstein 1 platform.

印度仍然是我們的亮點，新業務年增 35%，我們繼續在該地區投資，以滿足包括 Bajaj Finance 在內的客戶的需求。一月份，我有幸會見了他們的執行長 Rajeev Jain，他的首要任務是使用 Einstein 在他們在 Salesforce 上經營的整個貸款業務中提供預測和產生人工智慧。第四季度，Bajaj 成為全球第二大數據雲端客戶，在 Einstein 1 平台上建立人工智慧基礎。

I want to close by acknowledging that our success is only possible because our phenomenal employees, incredible partners, trailblazers, shareholders and amazing customers who have trusted us for 25 years. As we proved in FY '24, when we focus on something as a company, we deliver results and FY '25, that focus is on profitable growth.

最後我想承認，我們之所以能取得成功，是因為我們傑出的員工、令人難以置信的合作夥伴、開拓者、股東和出色的客戶 25 年來一直信任我們。正如我們在 24 財年所證明的那樣，當我們作為一家公司專注於某些事情時，我們會取得成果，而在 25 財年，我們的重點是獲利成長。

And with that, I'll turn it over to you, Amy.

這樣，我就把它交給你了，艾米。

Thanks, Brian. Let me join Marc and Brian on saying what a year it has been for Salesforce. At this time last year we laid out our accelerated transformation plan, and I am incredibly proud of the significant progress we made this year against that plan. Throughout fiscal 2024, we delivered on increasing profitability, revenue, productivity and operational excellence. Q4 represents another quarter of strong execution and continued discipline across the business.

謝謝，布萊恩。讓我和 Marc 和 Brian 一起講述 Salesforce 過去的一年。去年的這個時候，我們制定了加速轉型計劃，我對今年我們在該計劃上取得的重大進展感到無比自豪。在整個 2024 財年，我們實現了盈利能力、收入、生產力和卓越營運的不斷提高。第四季代表著整個企業又一個強而有力的執行力和持續的紀律。

Now let's turn to the results. For the fourth quarter, revenue was $9.3 billion, up 11% year-over-year and 10% in constant currency. The growth was primarily driven by resilient sales and service performance, as well as strength in MuleSoft and Tableau. And for the full year, revenue was $34.9 billion, up 11% year-over-year in both nominal and constant currency. From a geographic perspective, in Q4, the Americas revenue grew 9%, EMEA grew 14% or 11% in constant currency, and APAC grew 14% or 19% in constant currency. We saw strong new business growth in LatAm, India and Canada, while parts of EMEA remain constrained.

現在讓我們看看結果。第四季營收為 93 億美元，年增 11%，以固定匯率計算成長 10%。這項成長主要得益於富有彈性的銷售和服務業績，以及 MuleSoft 和 Tableau 的實力。全年營收為 349 億美元，以名目貨幣和固定匯率計算均較去年同期成長 11%。從地域角度來看，季後美洲地區營收成長9%，歐洲、中東及非洲地區成長14%，以固定匯率計算成長11%，亞太地區成長14%，以固定匯率計算成長19%。我們看到拉丁美洲、印度和加拿大的新業務成長強勁，而歐洲、中東和非洲部分地區仍受到限制。

From an industry perspective, in Q4, public sector and travel transportation and hospitality, both performed well, while retail and consumer goods and high tech were generally more measured.

從行業角度來看，第四季度公共部門以及旅遊交通和酒店業均表現良好，而零售和消費品以及高科技行業普遍表現更為穩健。

Our multi-cloud momentum also continues. In Q4, 8 of our top 10 deals included 6 or more clouds, and more than half of our top 100 wins included 6 or more clouds.

我們的多雲勢頭也在持續。在第四季度，我們的前 10 筆交易中有 8 筆包含 6 種或更多雲，而我們的前 100 筆交易中超過一半包含 6 種或更多雲。

As you've already heard, AI starts with data, and we are seeing strong momentum in Data Cloud. In Q4, more than half of our top 25 wins included Data Cloud.

正如您已經聽說的，人工智慧始於數據，我們看到數據雲的強勁勢頭。在第四季度，我們的前 25 名勝利中有一半以上都包括資料雲。

Q4 revenue attrition ended the quarter at slightly above 8%, generally in line with recent quarters. In Q4, our non-GAAP operating margin was 31.4%, up 220 basis points year-over-year. And for the full year, in line with our guidance, we delivered non-GAAP operating margin of 30.5%, up 800 basis points year-over-year. And GAAP operating margin ended the year at 14.4%, up 1,110 basis points year-over-year. Q4 operating cash flow was $3.4 billion, up 22% year-over-year. Q4 free cash flow was $3.3 billion, up 27% year-over-year. And for the full year, operating cash flow was a record $10.2 billion, up 44% year-over-year. Full year free cash flow was $9.5 billion, up 50% year-over-year.

第四季營收流失率略高於 8%，與最近幾季基本一致。第四季度，我們的非 GAAP 營運利潤率為 31.4%，年增 220 個基點。根據我們的指引，全年我們的非 GAAP 營業利潤率為 30.5%，年增 800 個基點。年末 GAAP 營運利潤率為 14.4%，較去年同期成長 1,110 個基點。第四季營運現金流為 34 億美元，較去年同期成長 22%。第四季自由現金流為 33 億美元，較去年同期成長 27%。全年營運現金流達到創紀錄的 102 億美元，年增 44%。全年自由現金流為 95 億美元，年增 50%。

Now turning to remaining performance obligation, RPO, which represents all future revenue under contract, ended Q4 at an incredible $56 billion, up 17% year-over-year. Current remaining performance obligation, or cRPO, ended at $27.6 billion, up 12% year-over-year and 13% in constant currency, particularly driven by strong execution on early renewals. We also benefited from new business performance and timing of license revenue from MuleSoft and Tableau. As expected, this was partially offset by a 1 point headwind from professional services, which we had noted last quarter.

現在轉向剩餘的履約義務，RPO（代表合約下的所有未來收入）在第四季度結束時達到令人難以置信的 560 億美元，同比增長 17%。目前剩餘履約義務 (cRPO) 最終達到 276 億美元，年成長 12%，以固定匯率計算成長 13%，特別是在早期續約的強勁執行的推動下。我們也受惠於 MuleSoft 和 Tableau 的新業務績效和授權收入時機。正如預期的那樣，這被我們上季度注意到的專業服務 1 個百分點的逆風所部分抵消。

Now let's turn to guidance. Starting with full fiscal year '25. On revenue, we expect $37.7 billion to $38 billion, a growth of 8% to 9% year-over-year. A few items to note on the revenue guide. Our expectations incorporate a $100 million FX headwind year-over-year or a 30 basis point impact. We also expect our professional services business to remain under pressure in FY '25 and expect it will be a headwind to revenue.

現在讓我們轉向指導。從 '25 整個財年開始。營收方面，我們預計為 377 億美元至 380 億美元，年增 8% 至 9%。收入指南中需要注意的一些事項。我們的預期包括年比 1 億美元的外匯逆風或 30 個基點的影響。我們也預計我們的專業服務業務在 25 財年仍將面臨壓力，並預計這將成為收入的阻力。

Within our revenue guidance, subscription and support revenue growth is expected to be slightly above 10% year-over-year in constant currency. As a reminder, our top line expectations include the impact from the measured buying environment that began back in fiscal year '23. This takes time to flow through our subscription revenue stream due to the lag effect of bookings to revenue recognition.

在我們的收入指導範圍內，以固定匯率計算，訂閱和支援收入的年增長預計略高於 10%。提醒一下，我們的頂線預期包括自 23 財年開始衡量的購買環境的影響。由於預訂到收入確認的滯後效應，這需要時間才能流過我們的訂閱收入流。

That said, we continue to execute well in the measured buying environment. Over the past 2 quarters, I'm happy to say that we've seen improved bookings growth. And as you heard from Marc, we're incredibly well positioned to build on our success and bring our customers into this new AI era.

也就是說，我們在謹慎的購買環境中持續表現良好。在過去的兩個季度中，我很高興地說我們看到預訂量成長有所改善。正如您從 Marc 那裡聽到的那樣，我們處於非常有利的位置，可以在我們的成功基礎上再接再厲，並將我們的客戶帶入這個新的人工智慧時代。

Now turning to attrition. Starting in fiscal '25, we are including Slack invoice in the metric. Despite expecting a modest headwind, we expect attrition to remain consistent at slightly above 8%. On margins, we continue to drive operational excellence, productivity and efficiency. And for fiscal year '25, we expect non-GAAP operating margin of 32.5%, representing a 200 basis point improvement year-over-year, while still making key investments in growth opportunities, notably AI, data and our core businesses.

現在轉向消耗。從 25 財年開始，我們將 Slack 發票納入指標。儘管預計阻力不大，但我們預計員工流失率將保持在略高於 8% 的水平。在利潤方面，我們持續推動卓越營運、生產力和效率。對於 25 財年，我們預計非 GAAP 營業利潤率為 32.5%，年增 200 個基點，同時仍對成長機會進行關鍵投資，特別是人工智慧、數據和我們的核心業務。

Stock-based compensation is expected to be below 8% as a percent of revenue as we continue to take a disciplined approach to our equity-based program. As a result, for the fiscal year '25, I am pleased that our GAAP operating margin guidance for the first time is expected to surpass 20%, at 20.4%, representing a 600 basis point improvement year-over-year. We expect fiscal year '25 GAAP diluted EPS of $6.07 to $6.15. Non-GAAP diluted EPS is expected to be $9.68 to $9.76.

隨著我們繼續對基於股權的計劃採取嚴格的方法，基於股票的薪酬預計將低於收入的 8%。因此，在 25 財年，我很高興我們的 GAAP 營業利潤率指引預計將首次超過 20%，達到 20.4%，年比提高 600 個基點。我們預計 25 財年 GAAP 稀釋後每股收益為 6.07 美元至 6.15 美元。非 GAAP 攤薄後每股收益預估為 9.68 美元至 9.76 美元。

As a result of our focus on profitable growth and continued transformation, we are seeing a market improvement in our cash flow outcome. We expect fiscal year '25 operating cash flow growth of approximately 21% to 24%, which includes a 10-point year-over-year headwind from cash taxes. CapEx for the fiscal year is expected to be slightly below 2% of revenue. This results in free cash flow growth of approximately 23% to 26% for the fiscal year.

由於我們專注於獲利成長和持續轉型，我們看到現金流結果的市場改善。我們預計 25 財年的營運現金流量成長約為 21% 至 24%，其中包括現金稅帶來的同比 10 個百分點的阻力。本財年的資本支出預計略低於收入的 2%。這導致本財年自由現金流成長約 23% 至 26%。

Now to guidance for Q1. On revenue, we expect $9.12 billion to $9.17 billion, up 11% year-over-year in nominal and 12% in constant currency. This includes a headwind from the timing of license revenue in MuleSoft and Tableau. Additionally, Q1 has a 1 point benefit from an extra day of revenue recognition given the leap year, which has no impact on our full year revenue or cRPO. cRPO growth for Q1 is expected to be 11% year-over-year in nominal and 12% in constant currency. For Q1, we expect GAAP EPS of $1.42 to $1.44 and non-GAAP EPS of $2.37 to $2.39.

現在介紹第一季的指導。在營收方面，我們預計營收為 91.2 億美元至 91.7 億美元，以名目匯率計算年增 11%，以固定匯率計算年增 12%。這包括 MuleSoft 和 Tableau 的授權收入時間表帶來的不利因素。此外，由於閏年，第一季的收入確認增加了 1 個百分點，這對我們的全年收入或 cRPO 沒有影響。以名目匯率計算，第一季 cRPO 預計將年增 11%，以固定匯率計算，預計年增 12%。對於第一季度，我們預計 GAAP 每股收益為 1.42 美元至 1.44 美元，非 GAAP 每股收益為 2.37 美元至 2.39 美元。

Now to capital return. We are deeply committed to driving free cash flow and return to our shareholders, while investing in new organic growth initiatives. In Q4, we returned $1.7 billion in the form of share repurchases, bringing the total return in FY '24 to $7.7 billion or more than 80% of fiscal year free cash flow, which more than fully offset dilution from our stock-based compensation. Since the inception of our repurchase program, we have now returned $11.7 billion to shareholders, with an average purchase price of $182 per share.

現在回到資本回報。我們堅定地致力於推動自由現金流和股東回報，同時投資於新的有機成長計畫。第四季度，我們以股票回購的形式返還了17 億美元，使24 財年的總回報達到77 億美元，佔本財年自由現金流的80% 以上，這完全抵消了我們基於股票的薪酬的稀釋。自回購計畫啟動以來，我們已向股東返還 117 億美元，平均收購價為每股 182 美元。

And I'm incredibly excited to announce our first ever dividend. We are enhancing our capital return strategy reflective of the confidence we have in the future of our business and our ability to drive long-term cash flow. Our Board has approved the initiation of a quarterly dividend starting at $0.40. More details of this dividend are available in our press release.

我非常高興地宣布我們的第一筆股息。我們正在加強資本回報策略，這反映了我們對業務未來的信心以及推動長期現金流的能力。我們的董事會已批准開始派發季度股息，起價為 0.40 美元。有關此股息的更多詳細信息，請參閱我們的新聞稿。

Additionally, the Board has approved a $10 billion increase to our share repurchase plan, bringing the total authorization to $30 billion. Based on our progress to date, the remaining balance in the program is approximately $18 billion.

此外，董事會也批准了我們的股票回購計畫增加 100 億美元，使授權總額達到 300 億美元。根據我們迄今為止的進展，該計劃的剩餘餘額約為 180 億美元。

In closing, I want to echo Marc and Brian. This has been an extraordinary year. I'm very proud of the progress we have made throughout the company. We are executing with discipline, while also investing for our future. I want to personally thank our employees who have worked so hard this past year and thank our shareholders for their continued support over this past transformational year.

最後，我想呼應馬克和布萊恩的觀點。這是不平凡的一年。我對整個公司所取得的進步感到非常自豪。我們嚴格執行，同時也為我們的未來進行投資。我要親自感謝我們的員工在過去的一年裡辛勤工作，並感謝我們的股東在過去的轉型年中給予我們的持續支持。

Now Mike, I think we better open up the call for questions.

現在，麥克，我認為我們最好開始提問。

Thanks, Amy. Briana, we're ready to take questions.

謝謝，艾米。布萊恩娜，我們準備好回答問題了。

(Operator Instructions) Your first question comes from the line of Brent Thill with Jefferies.

（操作員說明）您的第一個問題來自於 Jefferies 的 Brent Thill 線路。

Marc, last quarter, you had said that you're starting to see some green shoots, and we're not ready to say you completely turned the corner, but I'm just curious if you could give everyone an update in terms of just what you're seeing from customer behavior? And ultimately, how you think that plays out through the year?

馬克，上個季度，您曾說過您開始看到一些萌芽，我們還沒有準備好說您完全扭轉了困境，但我很好奇您是否可以向每個人提供最新情況您從客戶行為中看到了什麼？最後，您認為這一年的表現如何？

It's a great question. And I think Amy will go back and say, it was really this kind of moment in the middle of fiscal year or whatever it was '23 where we started to see this kind of weird behavior. And then I would say, starting -- last quarter, like you said, we saw these green shoots, and now I would really say it was kind of a 180. It's really that AI, every customer realizes, number one, they've got to start a major investment cycle if they're going to remain competitive. Every customer is trying to achieve more productivity. I think we all know what that means. We certainly do. We've had to achieve more productivity ourselves over the last year. And they -- that is really about, in many cases, augmenting your employees. A lot of you've heard my Gucci story. There are so many stories. There's going to be so many more stories where these tools, all of a sudden, really start to deliver much more productivity, better customer relationships and higher margins, CEOs get that. I think that is driving the 180.

這是一個很好的問題。我想艾米會回過頭來說，這確實是財政年度中期的這種時刻，或者無論是 23 年，我們開始看到這種奇怪的行為。然後我想說，從上個季度開始，就像你說的，我們看到了這些萌芽，現在我真的想說，這是一種180 度的轉變。每個客戶都意識到，第一，他們已經實現了人工智慧。如果他們想保持競爭力，就必須開始一個重大的投資週期。每個客戶都在努力提高生產力。我想我們都知道這意味著什麼。我們當然這樣做。去年我們必須提高自己的生產力。在很多情況下，他們其實是為了增強你的員工。你們很多人都聽過我的 Gucci 故事。有很多故事。將會有更多的故事，這些工具突然之間真正開始提供更高的生產力、更好的客戶關係和更高的利潤，執行長們明白了。我認為這就是180度的驅動力。

Obviously, we're also in the third phase of the pandemic. The first phase we all went through together, it was horrible. It was my first pandemic. I had never been through anything like it. Then all of a sudden, we're in the post-pandemic, where we were in this crazy interest rate and inflation environment. Now we're in the third phase, post-post-pandemic. And in post-post-pandemic, things are just better. Not just because we're going through this technology search, but because all this other stuff is behind us and we're in a new normal and people know, "Hey, we need to invest to grow. We need to invest in technology to grow." And that, I think, is really driving the 180 for our customers, for ourselves, I think for a lot of you, we can all see it in the equity markets. That is not the equity markets that we had in 2021.

顯然，我們也正處於疫情的第三階段。我們一起經歷的第一階段非常可怕。這是我第一次發生流行病。我從來沒有經歷過這樣的事情。然後突然之間，我們進入了大流行後，我們處於瘋狂的利率和通貨膨脹環境中。現在我們正處於疫情後的第三階段。在大流行之後，情況會變得更好。不僅因為我們正在經歷這種技術搜索，還因為所有其他事情都已成為過去，我們正處於新常態，人們知道，“嘿，我們需要投資才能增長。我們需要投資技術才能增長”。生長。”我認為，這確實為我們的客戶、我們自己以及你們很多人推動了 180 度的轉變，我們都可以在股票市場上看到這一點。這不是 2021 年的股票市場。

So we are in a new place and we are ready to deliver. You're going to have -- you can be the judge yourself. When we get to TrailheaDX, I hope that you're all going to -- most of you have my text and e-mail -- text and e-mail me, and tell me what you think. Because if you see anyone else being able to deliver on the promise of enterprise AI at the level of quality and scale and capability of Salesforce, I'll be very surprised. And this is driving through different geographies or different product portfolios, green shoots. Brian, I want you to come in here and talk about these green shoots, but really the 180 that we're seeing.

所以我們處於一個新的地方，我們已經準備好交付。你將會——你自己可以成為法官。當我們到達 TrailheaDX 時，我希望你們所有人——你們中的大多數人都收到了我的短信和電子郵件——給我發短信和電子郵件，並告訴我你們的想法。因為如果您看到其他人能夠在 Salesforce 的品質、規模和能力水平上兌現企業人工智慧的承諾，我會感到非常驚訝。這正在推動不同地區或不同產品組合的發展，萌芽。 Brian，我想讓你來這裡談談這些萌芽，但實際上是我們所看到的 180 度轉變。

Yes, I really appreciate it. And we are seeing tremendous demand for Data Cloud and for AI. I do think, Brent, that we are still operating in a measured environment. And we are still having to ensure that we're doing the deep inspection and managing the business very tightly in the way that we have over the past 6, 7 quarters in this environment.

是的，我真的很感激。我們看到對數據雲和人工智慧的巨大需求。布倫特，我確實認為我們仍然在謹慎的環境中運作。我們仍然必須確保我們正在進行深入檢查，並像過去 6、7 個季度在這種環境下那樣嚴格地管理業務。

The green shoots around Data Cloud, around MuleSoft, regional performance that we've seen, have been really outstanding in Canada and LatAm and Spain. I mentioned the India performance on the call. Our focus on industries is really paying big dividends. So we are seeing parts of our business really accelerate, but there certainly are -- still some measured environments out there that we have to continue to take into account the way that we manage this business.

圍繞著數據雲、圍繞 MuleSoft 的萌芽以及我們所見的區域表現在加拿大、拉丁美洲和西班牙非常出色。我在電話會議上提到了印度的表現。我們對產業的關注確實帶來了巨大的回報。因此，我們看到我們的部分業務確實在加速發展，但肯定還有一些可衡量的環境，我們必須繼續考慮我們管理這項業務的方式。

Amy, I think you should come in here and also talk about how you've seen the transformation of the business and the green shoots that you see happening or kind of the 180 that I'm talking about.

艾米，我認為你應該來這裡談談你如何看待業務的轉變以及你所看到的正在發生的萌芽，或者我正在談論的 180 度轉變。

Sure. It's been an incredible couple of years. Marc, as you mentioned, going back to really the beginning of July in fiscal year '23, where we suddenly saw this measured buying environment, the elongated sales cycle, the additional approvals, the compressed deals. And over the last few years, what I've really seen is not so much a shift in the buying behavior, but a shift in our ability to execute. And I think we've seen that over the last couple of quarters, in particular, that we are just executing much better in that. I do think that there is a lot of excitement to come on AI and data, and we'll see how that plays out this year.

當然。這是令人難以置信的幾年。 Marc，正如您所提到的，回到 23 財年的 7 月初，我們突然看到了這個謹慎的購買環境、延長的銷售週期、額外的批准、壓縮的交易。在過去的幾年裡，我真正看到的並不是購買行為的轉變，而是我們執行能力的轉變。我認為我們已經看到，特別是在過去幾個季度中，我們在這方面執行得更好。我確實認為人工智慧和數據將帶來很多令人興奮的事情，我們將看看今年的情況如何。

Your next question comes from Keith Weiss with Morgan Stanley.

您的下一個問題來自摩根士丹利的基思韋斯。

Congratulations on another really nice quarter. A question just on sort of buying cycles and sort of the timing for this AI goodness to kind of come into the numbers. And maybe a question for Brian. How should we think about how customers are ingesting this, right? Like how are they purchasing the Einstein platform? Does it start with Data Cloud and then they move into more of the application functionality? And then importantly, how should investors think about when this could potentially impact numbers? When this will become material enough to see the inflection in kind of revenue growth?

恭喜又一個非常美好的季度。問題只是關於購買週期以及人工智慧的優點進入數字的時機。也許還有一個問題想問布萊恩。我們應該如何考慮客戶如何吸收它，對嗎？例如他們如何購買愛因斯坦平台？是否從資料雲開始，然後轉向更多應用程式功能？然後重要的是，投資者應該如何考慮這何時可能影響數字？什麼時候這將變得足夠重要以看到收入成長的變化？

And then maybe one for Amy. Another 200 basis points of operating margin expansion in the guide, super impressive. Can you give us some indications of where that's coming from? Were there be additional areas of leverage that you're seeing in the business?

然後也許是給艾米的。營業利益率在指導下又擴大了 200 個基點，超級令人印象深刻。你能給我們一些關於它來自哪裡的跡象嗎？您在業務中是否還發現了其他具有優勢的領域？

First of all, Keith, thank you. I really appreciate the question. You kind of nailed it. In your question, we're seeing our customers with tremendous desire to take advantage of AI capabilities to drive the efficiencies in their business, to drive higher margins and productivity, but it all starts with data. And so you saw some of the numbers that we put out in my comments, Data Cloud approaching $400 billion and growing 90% year-over-year. This should be an indicator of the demand that we're seeing for people to get ready for the AI transformation they want to put their company through. And so we're really excited about the opportunity ahead. But every customer I talk to says, I've got trap data. I don't have a great data strategy. My architecture is off, and that's why we're seeing such great performance on our data cloud products.

首先，基思，謝謝你。我真的很感激這個問題。你有點成功了。在你的問題中，我們看到我們的客戶非常希望利用人工智慧功能來提高業務效率，提高利潤和生產力，但這一切都始於數據。所以你看到了我們在評論中給出的一些數字，數據雲接近 4000 億美元，比去年同期增長 90%。這應該是我們看到的人們為他們希望讓公司經歷人工智慧轉型做好準備的需求指標。因此，我們對未來的機會感到非常興奮。但與我交談的每個客戶都說，我有陷阱數據。我沒有很好的數據策略。我的架構已經關閉，這就是為什麼我們在資料雲產品上看到如此出色的效能。

On the AI front, I think we're going to start to see that show up further out in this fiscal year. We don't have a lot of it factored into our guide right now to be candid just because there's so much work that needs to happen. Now the demand is heavy. And as we just launched this Copilot product -- yesterday's announcement and launch it tomorrow, as you'll see next week at TDX. Enormous demand for it, and we think we have a massive opportunity to go faster here. And so a big upside, but not a lot factored in here. And I'm going to flip it over to Amy to talk a little bit about some of that.

在人工智慧方面，我認為我們將開始看到這一點在本財年進一步顯現。坦白說，我們現在並沒有在指南中考慮太多內容，因為還有很多工作要做。現在需求量很大。正如我們剛推出的 Copilot 產品一樣，昨天的公告將於明天發布，您將在下週的 TDX 上看到。對它的需求巨大，我們認為我們有巨大的機會在這裡走得更快。這是一個很大的好處，但這裡沒有考慮太多。我將把它轉給艾米來談談其中的一些內容。

So just following up, Brian, on the comments in terms of the new product. In Data Cloud, we're already seeing this great traction, which is certainly factored in. On some of the gen AI, it's still early. And given the adoption curve, as really our size and scale as a $38 billion company, we're not factoring in a material contribution from these new products into our FY '25 revenue guidance at this time.

布萊恩，請跟進有關新產品的評論。在資料雲中，我們已經看到了這種巨大的吸引力，這當然已被考慮在內。對於某些新一代人工智慧來說，現在還處於早期階段。考慮到採用曲線，以及我們作為一家價值 380 億美元的公司的規模和規模，我們目前並未將這些新產品的實質貢獻納入我們 25 財年的營收指引。

Turning on op margin. Yes, really happy to see another 200 basis points this year as a commitment. This year, we are just seeing amazing leverage from many of the hard decisions we made last year. They're continuing to flow through and really benefiting the business.

打開操作餘裕。是的，我真的很高興看到今年又實現 200 個基點的承諾。今年，我們從去年做出的許多艱難決定中看到了驚人的影響力。它們繼續流動並真正使企業受益。

A few things I would call out, a lot of discipline around headcount over the past year. We are starting to grow in some areas at this point, but it's really investing into our most productive areas, AI and data. And we're doing that in a cost-effective way, really trying to leverage areas that have high, high talent pools and low cost.

我要指出的一些事情是，過去一年在員工人數方面的許多紀律。目前，我們已經開始在某些領域實現成長，但它實際上正在投資我們最富有成效的領域，即人工智慧和數據。我們正在以一種具有成本效益的方式做到這一點，真正嘗試利用擁有大量人才和低成本的領域。

We're also looking at things like top line. How are we doing with our product and pricing? What are we doing in terms of go-to-market efficiencies? Brian has been great this past year in making changes and drive on productivity. I think you'll see additional changes coming -- digital benefits coming from all of those areas.

我們也在關注諸如頂線之類的事情。我們的產品和定價怎麼樣？在進入市場效率方面我們正在做什麼？在過去的一年裡，布萊恩在做出改變和提高生產力方面表現出色。我認為您會看到更多的變化即將到來——所有這些領域都帶來數位化的好處。

Your next question comes from Kash Rangan with Goldman Sachs.

您的下一個問題來自高盛的卡什·蘭根 (Kash Rangan)。

Marc, as you talked -- you talked to a lot of CEOs, right, across all the breadth of industries. What are they saying about their business and their propensity to spend real dollars in Data Cloud with Salesforce? And if that comes true, could the company reaccelerate top line?

馬克，正如您所說，您與各行各業的許多執行長進行了交談。他們對自己的業務以及在 Salesforce 的資料雲上投入實際資金的傾向有何評價？如果這成真，公司能否重新加速營收成長？

One for you, Amy. You seem to sound confident that leading indicators are rebounding. What are those leading indicators we can quantify at least. Qualitatively, can you talk about the leading indicators? And how much of a lag is there between those indicators and how they show up in revenue?

艾米，一份給你的。您似乎對領先指標正在反彈充滿信心。我們至少可以量化哪些領先指標。定性方面，您能談談先行指標嗎？這些指標與它們在收入中的體現之間有多少滯後？

Well, Kash, this is -- basically what every software company wants. You want a new killer app. Sometimes you can get it through organic innovation. Sometimes you get it through inorganic innovation. We got lucky. We've done it with organic innovation, with Data Cloud. I think Data Cloud is everything that we want at this moment for a few different reasons. First of all, yes, it's an incredible new cloud, and we've seen what that kind of can do for Salesforce when we add Sales Cloud to Service Cloud, to Marketing Cloud to platform. And of course, we also had these other clouds that we picked up inorganically, Commerce, Tableau, Slack, et cetera, but this incredible new organic cloud.

好吧，Kash，這基本上是每個軟體公司都想要的。您想要一個新的殺手級應用程式。有時你可以透過有機創新來獲得它。有時你可以透過無機創新來獲得它。我們很幸運。我們透過數據雲的有機創新做到了這一點。我認為出於幾個不同的原因，資料雲是我們目前想要的一切。首先，是的，這是一個令人難以置信的新雲，當我們將銷售雲添加到服務雲、行銷雲到平台時，我們已經看到了它能為 Salesforce 帶來什麼。當然，我們還有其他無機雲，例如 Commerce、Tableau、Slack 等，但這是令人難以置信的新有機雲。

The difference with this cloud -- and the difference between what's ever happened with Salesforce before, this cloud makes every other cloud better. So the hot, new exciting version of Sales Cloud, the hottest new feature in Sales Cloud, what's going to transform the tens of thousands of Sales Cloud customers that we have out there that we've been working on building for the last 2.5 decades is Data Cloud. And Service Cloud -- the new version of Service Cloud is the Service Cloud plus Data Cloud.

與此雲端的不同之處在於，與 Salesforce 之前發生的情況不同，此雲端使其他所有雲端都變得更好。因此，銷售雲的熱門、令人興奮的新版本、銷售雲中最熱門的新功能，將改變我們過去 2.5 年來一直致力於構建的數以萬計的銷售雲客戶：數據雲。還有服務雲——新版的服務雲是服務雲加資料雲。

And Marketing Cloud read the Gartner MQ. We vanquished all of the other competitors completely with this product because it's so deeply integrated with what we're doing already in everything else in marketing. And the platform is extended with data cloud. And if you have this other data infrastructure in your company, any of the BigQuery and the Redshift and the Snowflakes and -- I went through all this -- it's made better with Data Cloud because it unleashes that trap data to your users. This is a compelling reason to use Data Cloud all by itself.

Marketing Cloud 閱讀了 Gartner MQ。我們用這個產品完全擊敗了所有其他競爭對手，因為它與我們在行銷的其他方面已經做的事情如此深入地結合在一起。並透過數據雲對該平台進行了擴展。如果您的公司有其他資料基礎設施，例如BigQuery、Redshift 和Snowflakes 中的任何一個，而且——我經歷了這一切——使用Data Cloud 會變得更好，因為它可以將陷阱資料釋放給您的用戶。這是單獨使用資料雲的一個令人信服的理由。

But that would be if we were not in the greatest transformation of our industry with artificial intelligence where we so badly need this data. Yes, we always love to have another data lake. We would have loved to have a data lake integrated with Sales Cloud many years ago. Okay, we have that. But why is it more important right now? Yes, we have the data lake. We have the repository, we have the warehouse, but now it has deeply also integrated into the AI. That is why every customer must buy this product if they are going to achieve the Nirvana that we can see for businesses, the trinity that we talked about, productivity, customer relationships, margins, when you get data and AI working together.

但如果我們的產業沒有經歷人工智慧帶來的最大轉型，我們迫切需要這些數據，那就會是這樣。是的，我們總是喜歡擁有另一個資料湖。很多年前，我們就希望有一個與 Sales Cloud 整合的資料湖。好的，我們有這個。但為什麼現在更重要呢？是的，我們有資料湖。我們有儲存庫，我們有倉庫，但現在它也深深融入了人工智慧。這就是為什麼每個客戶都必須購買這個產品，如果他們想要實現我們可以為企業看到的涅槃，我們談到的三位一體，生產力、客戶關係、利潤，當你讓數據和人工智慧一起工作時。

We can do it. This is our message to our salespeople, to our partners, to all of you. This is an incredible moment. That is why we have to execute like hell this year. Fiscal year '25 needs to be one thing, the year of Data Cloud.

我們可以做到這一點。這是我們向我們的銷售人員、我們的合作夥伴以及你們所有人傳達的訊息。這是一個令人難以置信的時刻。這就是為什麼我們今年必須拼命執行。 25 財年必須是一件事，那就是資料雲年。

And Kash, thanks for the question about leading indicators. I think first, you obviously heard the excitement about Data Cloud. If you can't...

卡什，感謝您提出有關領先指標的問題。我想首先，您顯然聽到了有關數據雲的興奮。如果你不能...

I can go through it again. You have it. I'll do it one more time.

我可以再經歷一次。你擁有了它。我會再做一次。

Let's just start with that, but I'm looking at a leading indicator. So specifically, there are a number of things that we look at that tend to be leading indicators that things may not be as good. Now that would be something like create and closed, SMB, self-serve. I've talked a lot about those over the past few years. But I do feel very good about some things I'm seeing right now. It is the execution from our team, and we've really seen this over the past 2 quarters, and that's really led to improved bookings growth.

讓我們從這個開始，但我正在研究一個領先指標。因此，具體來說，我們關注的許多事情往往是事情可能不那麼好的先行指標。現在，這將類似於創建和關閉、中小企業、自助服務。在過去的幾年裡，我已經談論了很多關於這些的事情。但我確實對我現在看到的一些事情感覺很好。這是我們團隊的執行力，我們在過去兩個季度中確實看到了這一點，這確實導致了預訂成長的改善。

We think AE productivity, that is up. Brian talked a lot about that last quarter. It was fantastic. We look at our pipeline for indications going forward. That said, as we talked about our top line expectations do include the lagging impact from the measured buying environment that began a couple of years ago. It's just going to take time for that to work through our system, but I am seeing some nice indicators that give me a lot of hope.

我們認為 AE 生產力提高。上個季度布萊恩對此談了很多。太棒了。我們著眼於我們的管道，尋找未來的跡象。也就是說，正如我們談到的，我們的收入預期確實包括幾年前開始的衡量購買環境的滯後影響。這需要時間才能透過我們的系統發揮作用，但我看到一些很好的指標給了我很大的希望。

Your next question comes from Karl Keirstead with UBS.

您的下一個問題來自瑞銀集團的 Karl Keirstead。

Maybe a 2-parter for Brian. Two elements of the business that I think you have a responsibility for. One is around pricing and bundling and you mentioned Einstein 1. Just curious, when will that be a needle mover for revenues? How much of that uplift are you baking into the guide this year? And then also on the pro services side, typically not a focus area for anybody on this call, but down 9% in the quarter was obviously an inflection down. What's happening with that? Is that tight discretionary spend? Or is that Salesforce consciously pushing more work to your SI partners?

也許是布萊恩的兩人伴侶。我認為您有責任負責業務的兩個要素。其中一個是定價和捆綁銷售，您提到了愛因斯坦 1。只是好奇，這什麼時候會成為收入的推動因素？今年您在指南中加入了多少提升？然後，在專業服務方面，通常不是本次電話會議中任何人關注的重點領域，但本季下降 9% 顯然是一個拐點。這是怎麼回事？可自由支配支出是否緊張？或者 Salesforce 是否有意識地將更多工作推給您的 SI 合作夥伴？

So before you hit that, I want you to hit the service, but before you do it. When you think AI and you think -- obviously, we all know what ACV is, I think it's basically a term that we created. Now it's industry-wide, AOV. CSM, Brian, you created that. ACV, this year, we obviously have huge goals internally, okay? A material part of this ACV needs to be Data Cloud. This is important. This is the AI number. This is everything that AI, Einstein 1, the artificial intelligence, Data Cloud, we have to bring this all together, that's why we call it Einstein 1.

所以在你點擊之前，我希望你先點擊該服務，但在你這樣做之前。當你想到人工智慧時，你會想——顯然，我們都知道 ACV 是什麼，我認為它基本上是我們創建的術語。現在它已在全行業範圍內普及，AOV。 CSM，布萊恩，是你創造的。 ACV，今年，我們內部顯然有宏偉的目標，好嗎？此 ACV 的重要組成部分需要是資料雲。這個很重要。這是AI號碼。這就是人工智慧、愛因斯坦 1、人工智慧、資料雲，我們必須將它們整合在一起，這就是為什麼我們稱之為愛因斯坦 1。

Look at the Einstein 1 SKU, look at what we call UE+, that is where you're going to see the material ACV traction. That is our focus intention. Of course, we don't know what's going to really happen. But when we got all of our -- we did a huge kickoff last week in Vegas. We brought 5,000 of our top executives, most -- 80% for sales. We had 70,000 online. We have one message to them. Data Cloud. #1 Data Cloud, #1 AI, become a great storyteller about these stories, number two. Number three, sell UE+, sell Einstein 1; number four, deliver the customer success; number five, our incredible new Ohana 2.0 culture. These are the 5 things we're doing this year. So it's deeply integrated with that, and that -- this absolutely must be part of everything we're doing. But when you think AI, I think Data Cloud. Brian?

看看 Einstein 1 SKU，看看我們所說的 UE+，這就是您將看到材料 ACV 牽引力的地方。這就是我們的專注意圖。當然，我們不知道到底會發生什麼事。但是，當我們全力以赴時，我們上週在維加斯舉行了一場盛大的開球。我們帶來了 5,000 位高階主管，其中 80% 負責銷售工作。我們有 70,000 人在線上。我們有一則訊息要傳達給他們。數據雲。 #1 資料雲、#1 人工智慧，成為這些故事的出色講述者，第二。第三，賣UE+，賣Einstein 1；第四，幫助客戶取得成功；第五，我們令人難以置信的全新 Ohana 2.0 文化。這是我們今年要做的五件事。因此，它與此緊密結合，這絕對必須成為我們所做的一切的一部分。但當你想到人工智慧時，我會想到資料雲。布萊恩？

Karl, back to your question. On pricing and bundling, we're excited about the progress we've made here. UE+ is a good example of what we're seeing. Good acceleration. It's not the only thing we're doing in pricing and packaging. Obviously, we did a price increase last year and seeing some benefits to that, certainly. We're simplifying the way that we are putting quotes in the market, fewer SKUs, making it easier for our sellers to get out there.

卡爾，回到你的問題。在定價和捆綁方面，我們對所取得的進展感到興奮。 UE+ 就是我們所看到的一個很好的例子。加速性佳。這並不是我們在定價和包裝方面所做的唯一事情。顯然，我們去年提高了價格，當然也看到了一些好處。我們正在簡化在市場上提供報價的方式，減少 SKU，使我們的賣家更容易進入市場。

In terms of materiality in the short term, you're not going to really see it show up. We did in the second half of last year. And so while we've seen great progress and there's a lot of promise for it, in terms of this year's revenue guide, not a huge factor in our growth numbers this year. You will see it start to show up in year 2 and 3 as we roll through the renewals, the uplift, et cetera, and some of the incremental pricing changes that we're going to do.

就短期的重要性而言，你不會真正看到它出現。我們去年下半年就這麼做了。因此，儘管我們已經看到了巨大的進步並且有很多希望，但就今年的收入指南而言，這並不是我們今年成長數據的一個重要因素。當我們進行續訂、提升等以及我們將要做的一些增量定價變更時，您會看到它開始出現在第二年和第三年。

On ProServe, a good question. I think the big issue, and it's really been felt across the entire professional services industry, a bit of headwinds on customers' willingness to do massive transformation. We really felt that during the pandemic that customers were coming to us and saying, I want to make a multiyear commitment to your services and spend significant amount of money, very large transactions and services. Now our customers are saying, hey, let me take a bite -- smaller bite at the apple. Let me start smaller to time to value faster. Let me get the benefits of the technology sooner. And so while the demand remains high, it's just smaller transactions that are getting done vis-a-vis last year and the year before that. So the tough compares on large deals, smaller transactions. For us, in a lot of ways, very good. Let's get our customers proving out the technology. Let's go faster, but having an impact on our professional services business right now.

關於 ProServe，這是一個好問題。我認為整個專業服務產業確實感受到了一個大問題，即客戶進行大規模轉型的意願受到了一些阻力。我們確實感覺到，在大流行期間，客戶來找我們並說，我想對你們的服務做出多年的承諾，並花費大量的資金、大量的交易和服務。現在我們的顧客說，嘿，讓我咬一口——小口咬蘋果。讓我從小規模開始，以便更快實現價值。讓我更快享受這項技術的好處。因此，儘管需求仍然很高，但與去年和前年相比，完成的交易規模較小。因此，對大額交易和小額交易進行艱難的比較。對我們來說，在很多方面都非常好。讓我們的客戶證明這項技術。讓我們走得更快，但現在對我們的專業服務業務產生影響。

Your next question comes from Mark Murphy with JPMorgan.

您的下一個問題來自摩根大通的馬克墨菲。

For Amy and Brian, the gross margin and sales efficiency metrics are quite strong this quarter. And so I'm curious just from a standpoint of eating your own dog food or drinking your own champagne, have you been able to realize any benefit from deploying either service GPT or sales GPT internally to save time for your own customer support agents or your own sales teams? I'm just wondering if you're -- are they suddenly becoming more productive or able to do more with less already?

對艾米和布萊恩來說，本季的毛利率和銷售效率指標相當強勁。因此，我很好奇，從吃自己的狗糧或喝自己的香檳的角度來看，您是否能夠意識到透過在內部部署服務GPT 或銷售GPT 來節省您自己的客戶支援代理商或您的時間的任何好處？自己的銷售團隊？我只是想知道他們是否突然變得更有效率或能夠用更少的錢做更多的事情？

We are a big believer on sales on Salesforce. We are deploying our own AI technology internally. Our sales teams are using it. Absolutely, we are seeing benefits right now. But the biggest benefit we've seen actually has been in our support operation, with case summaries, our ability to get -- to tap in a knowledge base is faster to get knowledge surfaced within the flow of work. And so it absolutely is part of our margin expansion strategy going forward, which is how do we leverage our own AI to drive more efficiencies in our business to augment the work that's being done in sales and in service and in marketing and even into our commerce efforts as well. So we're excited about the future there as well as leveraging our own technology to drive those efficiencies.

我們非常相信 Salesforce 上的銷售。我們正在內部部署我們自己的人工智慧技術。我們的銷售團隊正在使用它。當然，我們現在已經看到了好處。但我們實際上看到的最大好處是在我們的支援操作中，透過案例摘要，我們能夠更快地利用知識庫，使知識在工作流程中浮現。因此，這絕對是我們未來利潤擴張策略的一部分，這就是我們如何利用我們自己的人工智慧來提高我們業務的效率，以增強在銷售、服務、行銷甚至我們的商務中所做的工作努力也是如此。因此，我們對那裡的未來感到興奮，並利用我們自己的技術來提高效率。

Amy, I don't know if you have anything else to add to that?

艾米，不知道你還有什麼要補充的嗎？

No. I think that was great, Brian. We have to be customer #1 and users, and I'm excited that we are. Lots of opportunities for us.

不，我認為那很棒，布萊恩。我們必須成為第一個客戶和用戶，我很高興我們是這樣的。我們有很多機會。

Your next question comes from Kirk Materne with Evercore ISI.

您的下一個問題來自 Evercore ISI 的 Kirk Materne。

Congrats on a great fiscal year. I don't know if Brian or Marc wants to take this one, but we realized AI is applicable to every industry. But I was just kind of curious, are there any industries that you believe are farther along in terms of taking advantage of AI, where there, frankly, could be a domino effect due to the competitive advantage? One customer could get over another, if they don't start down this path?

恭喜您度過了一個出色的財政年度。我不知道 Brian 或 Marc 是否願意選這門課，但我們意識到人工智慧適用於每個行業。但我只是有點好奇，您認為有哪些產業在利用人工智慧方面走得更遠，坦白說，由於競爭優勢可能會產生骨牌效應？如果一個客戶不開始走這條路，他們可能會超越另一個客戶嗎？

A very good question -- and an unknown. I mean this is the future -- look, does anybody really know what is going to happen? I mean we saw a Minority Report, War Games. It was written by our futurist, Peter Schwartz at Salesforce many decades ago. We've seen the movies. Her terminator, is this our future? Do we really know what's going to happen? Look, at the end of the day, we all know that everything is underway with AI. The future is unfolding between our eyes. And we all remember the Minority Report scene when Tom Cruise walks into the Gap store, and the whole store turns into a highly personalized experience. And the digital sales agents and the human sales agents all start talking, "Oh, we've got this jeans last time. You need to buy the new jeans this time."

這是一個非常好的問題──也是一個未知數。我的意思是，這就是未來——看，有人真的知道會發生什麼嗎？我的意思是我們看到了《少數派報告》和《戰爭遊戲》。它是由 Salesforce 的未來學家 Peter Schwartz 在幾十年前編寫的。我們看過電影。她的終結者，這就是我們的未來嗎？我們真的知道會發生什麼事嗎？歸根結底，我們都知道一切都在人工智慧的推動下進行。未來正在我們眼前展開。我們都還記得《少數派報告》中湯姆克魯斯走進Gap商店時的場景，整個商店變成了高度個人化的體驗。數位銷售代理和人工銷售代理都開始說話，“哦，我們上次有這條牛仔褲。這次你需要購買新牛仔褲。”

Listen, if I go into the Gap store right now and I love the Gap, amazing new CEO, San Francisco company, fantastic, incredible, worked with him at Mattel, but the store has not yet transformed into the Tom Cruise scene. We know that, okay? But great products, great brand, great company, great lineage, just great founders.

聽著，如果我現在走進Gap 商店，我喜歡這個Gap，一家令人驚嘆的舊金山公司新任首席執行官，太棒了，令人難以置信，在美泰(Mattel) 與他合作過，但商店還沒有轉變為湯姆克魯斯(Tom Cruise) 的場景。我們知道這一點，好嗎？但偉大的產品、偉大的品牌、偉大的公司、偉大的血統、偉大的創辦人。

We are on the verge of something huge happening for all of our customers. We have to be driving that. We think we have the solution. This is going to happen. We also need to be guiding it with the right values. We all know that. We have to have the right core values. I went to this AI Safety Summit, not enough focus on values. The value is not just the woke values that we're seeing in these filters, which are horrible, but the values of trust. And that story I told you on the script.

對於我們所有的客戶來說，我們正處於重大事件的邊緣。我們必須推動這一點。我們認為我們有解決方案。這將會發生。我們還需要用正確的價值觀來指導它。我們都知道。我們必須擁有正確的核心價值。我參加了這個人工智慧安全高峰會，對價值觀的關注不夠。它的價值不僅僅是我們在這些過濾器中看到的可怕的喚醒值，而是信任的價值。我在劇本上告訴你的故事。

When I saw that last week, I'm like, I'm putting this in the script, that this company, which is a great company and a customer of ours, but did not use our technology, went out there and used some kind of rogue AI that they picked off the Internet. Some engineer just hobbled it, hooked it up, and then it started just skewing these hallucinations and false around their loyalty program, and the courts are holding them liable. Good. Let every CEO wake up and realize, we are on the verge of one of the greatest transformations in the history of technology, but trust must be our highest value. And that is why at Salesforce, we are going to lead this not just with great technology like you see. But also, and I just put on my Twitter feed, I hope you see at the top of my Twitter feed, the results for the quarter, but please watch the 5-minute video that's on the Twitter feeds. You can understand coming into TrailheaDX, what we are delivering with AI, a trust-based AI for enterprises built on our data and metadata. This is what's truly important.

當我上週看到這一點時，我想，我將其放入腳本中，這家公司是一家很棒的公司，也是我們的客戶，但沒有使用我們的技術，而是出去使用了某種技術他們從網路上竊取的流氓人工智慧。一些工程師只是把它絆倒，把它連接起來，然後它開始歪曲這些幻覺和虛假的忠誠計劃，法院要求他們承擔責任。好的。讓每位CEO清醒過來，認識到，我們正處於科技史上最偉大變革之一的邊緣，但信任必須是我們的最高價值。這就是為什麼在 Salesforce，我們將不僅僅透過像您所看到的偉大技術來引領這一趨勢。而且，我剛剛發布了我的 Twitter 來源，我希望您能在我的 Twitter 來源的頂部看到本季度的結果，但請觀看 Twitter 來源上的 5 分鐘影片。進入 TrailheaDX，您可以了解我們透過 AI 提供的服務，這是一種基於我們的資料和元資料為企業提供的基於信任的 AI。這才是真正重要的。

Your final question comes from Brad Zelnick with Deutsche Bank.

最後一個問題來自德意志銀行的 Brad Zelnick。

Listen, great to see the Data Cloud traction, the recognition of Gartner's Magic Quadrant. And Marc, I appreciate you taking us into why the architecture is different from general purpose data platforms and that it brings together the data and the metadata. But my question is a 2-parter. A, it's clear Data Cloud is optimized for customer data and customer-related apps. Can you take it beyond that? And then, B, how much of the customer base today is really viable to take Einstein 1 on and UE+ at a 50% higher list price point? And how far penetrated are we into that?

聽著，很高興看到資料雲的吸引力以及 Gartner 魔力像限的認可。馬克，我很感謝您向我們介紹了為什麼該架構與通用資料平台不同以及它將資料和元資料結合在一起。但我的問題是一個兩方的問題。答，很明顯，數據雲針對客戶數據和客戶相關應用程式進行了最佳化。你能超越這個範圍嗎？然後，B，今天有多少客戶群真正能夠以高出 50% 的標價購買 Einstein 1 和 UE+？我們對此的了解程度如何？

Well, I'm going to do the first part, and then I'm going to turn it over to Mike Spencer to do the second because he not only run IR, but he also runs FP&A, and he's been doing that analysis. So I know he was going to comment on this.

好吧，我將完成第一部分，然後我將把它交給 Mike Spencer 來完成第二部分，因為他不僅負責 IR，還負責 FP&A，而且他一直在做分析。所以我知道他會對此發表評論。

Look, number one, this is a huge upsell opportunity for us. You probably know, I think not even 50% of our Sales Cloud user use Service Cloud. Not even 50% of our Service Cloud users use Sales Cloud. [Mea Culpa], that is on us, okay? I wish I could say that all of our sales users are service users or service users or sales users, but even ADP that I talked about in the script, who we've worked with for more than 2 decades. And I remember the first time I made a sales call there, to extract Siebel from their infrastructure, was not yet using us for service. So we have a lot of work to do to sell our existing clouds into our customers and also to upsell our existing customers and cross-sell them with Data Cloud, with Einstein 1, with the full platform, we're rewriting our whole platform to be deeply integrated. We will no longer have all these separate acquired platforms.

看，第一，這對我們來說是一個巨大的追加銷售機會。您可能知道，我認為我們的 Sales Cloud 用戶中甚至沒有 50% 使用 Service Cloud。我們的 Service Cloud 使用者中甚至沒有 50% 使用 Sales Cloud。 [Mea Culpa]，這是我們的責任，好嗎？我希望我可以說我們所有的銷售用戶都是服務用戶或服務用戶或銷售用戶，但即使是我在腳本中談到的 ADP，我們已經與他們合作了 20 多年。我記得我第一次在那裡撥打銷售電話，將 Siebel 從他們的基礎設施中分離出來時，當時還沒有使用我們的服務。因此，我們還有很多工作要做，將我們現有的雲端銷售給我們的客戶，同時向我們現有的客戶進行追加銷售，並透過Data Cloud、Einstein 1 和完整的平台對他們進行交叉銷售，我們正在重寫我們的整個平台深度融合。我們將不再擁有所有這些單獨收購的平台。

When we're done, we have one integrated platform, Einstein 1. One unified data and metadata platform. This is something I have deeply focused on in the last year to make sure it's clear to all of our engineers and are also financed that this must be funded, which it is. And then we will deliver this capability and then we will light up and give you these great success stories. Look, some companies operate at the highest level of the user in the productivity level, that's not where we are.

完成後，我們就擁有了一個整合平台，Einstein 1。一個統一的資料和元資料平台。這是我去年非常關注的事情，以確保我們所有的工程師都清楚這一點，並且也得到了資助，這必須得到資助，事實確實如此。然後我們將提供這種能力，然後我們將點亮並為您提供這些偉大的成功故事。你看，有些公司在生產力水準上以使用者的最高水準運作，那不是我們所在的地方。

Some companies, they operate maybe at the model level. That's also not where we are. We are a data company. We operate at the data level. Yes, we're about customer success made possible by data. This is an AI revolution. It's a data revolution. There's no question. You cannot have the AI without the data. That's why those AI companies stole all that consumer data, so they could have some semblance of these party tricks. For the enterprise, it's not going to fly. You've got to have these comprehensive data sets that are informed by the metadata. And Mike is now going to answer the second part, and we'll wrap it up. Mike, go ahead.

有些公司，他們可能在模型層面上運作。那也不是我們所在的地方。我們是一家數據公司。我們在資料層面進行操作。是的，我們致力於透過數據實現客戶的成功。這是一場人工智慧革命。這是一場數據革命。毫無疑問。沒有數據就不可能擁有人工智慧。這就是為什麼那些人工智慧公司竊取了所有消費者數據，這樣他們就可以有一些類似的派對伎倆。對於企業來說，它不會飛。您必須擁有這些由元資料提供資訊的全面資料集。麥克現在要回答第二部分，我們將結束它。麥克，繼續吧。

Brad, thanks for the question. I think the way to think about the price uplift moving to Einstein 1 addition used to be a limited edition plus, is really about the value that we're providing to our customers because at the end of the day, our ability to get increased price is about the value that we're going to provide. And so as customers start to ramp up their abilities on AI, ramp up their learnings and understand what it means for them economically, our ability to get price will be dictated by that. Early signs of that are pretty strong. We feel good about the progress we've seen. It's only been in market for 4-plus months now in FY '24, but we're encouraged by what we're seeing. But at the end of the day, we're trying to make it as simple as we can for our customers to buy it, but it's going to be predicated on the value.

布拉德，謝謝你的提問。我認為，考慮到愛因斯坦 1 附加版過去是限量版附加版的價格上漲，實際上是關於我們為客戶提供的價值，因為歸根結底，我們獲得更高價格的能力是關於我們要提供的價值。因此，當客戶開始提高他們的人工智慧能力，加強他們的學習並了解這對他們的經濟意義時，我們獲得價格的能力將取決於此。早期跡象非常明顯。我們對所看到的進展感到滿意。它在 24 財年才上市 4 個多月，但我們對所看到的情況感到鼓舞。但歸根結底，我們會盡力讓客戶購買它變得盡可能簡單，但這將取決於價值。

I agree. And just one last comment, Brad, it's Brian. We want to be able to deliver Data Cloud and AI at all levels in all segments. And you see that in our offering around Salesforce Starter, where we're building in AI and Data Cloud capabilities as part of that. So every segment of our customer base should be able to enjoy the power of AI and Data Cloud.

我同意。最後一點評論，布萊德，是布萊恩。我們希望能夠在所有細分市場的各個層面提供資料雲和人工智慧。您可以在我們圍繞 Salesforce Starter 提供的產品中看到這一點，其中我們正在建立人工智慧和資料雲功能作為其中的一部分。因此，我們的每個客戶群都應該能夠享受人工智慧和資料雲端的力量。

We thank everyone for joining the call today. We look forward to seeing everyone over the coming weeks.

我們感謝大家今天加入電話會議。我們期待在接下來的幾週內見到大家。

This will conclude today's conference call. Thank you for joining us. You may now disconnect.

今天的電話會議到此結束。感謝您加入我們。您現在可以斷開連線。