賽富時 (CRM) 2025 Q1 法說會逐字稿

Welcome to Salesforce's Fiscal 2025 First Quarter Results Conference Call. (Operator Instructions)

歡迎參加 Salesforce 2025 財年第一季業績電話會議。 （操作員說明）

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.

現在我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 Mike Spencer。先生，您可以開始了。

Thanks, and good afternoon. Thanks for joining us today on our fiscal 2025 first quarter results conference call. Our press release, SEC filings and a replay of today's call can be found on our website.

謝謝，下午好。感謝您今天參加我們的 2025 財年第一季業績電話會議。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。

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.

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 of our GAAP and non-GAAP results and guidance can be found in our earnings materials and press release.

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的調節可以在我們的收益材料和新聞稿中找到。

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.

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. Thanks so much, Mike. I'm really excited for the call today because there's two things that I've really been looking forward to talking about. First is our incredible financial transformation, as you can see from the numbers today, and the second is the incredible work that's happening with artificial intelligence.

好的。非常感謝，麥克。我對今天的電話感到非常興奮，因為我一直很期待談論兩件事。首先是我們令人難以置信的財務轉型，正如您從今天的數字中看到的那樣，第二是人工智慧正在發生的令人難以置信的工作。

Look, first of all, in Q1, we delivered $9.13 billion in revenue, up 11% year-over-year in both nominal and constant currency. Subscription support revenue grew at 12% year-over-year and 13% in constant currency.

首先，在第一季度，我們實現了 91.3 億美元的收入，以名目貨幣和固定匯率計算，年增 11%。訂閱支援收入年增 12%，以固定匯率計算成長 13%。

And for the 11th year in a row, Salesforce is still ranked the #1 provider worldwide by market share based on the latest IDC software tracker. I mean that really gets to a core part of our technology transformation that I'm going to get to, which is the transformation to AI. And because we are the #1 CRM provider. We're now managing more than 250 petabytes of data for our customers. This is going to be absolutely critical as they move into artificial intelligence.

根據最新的 IDC 軟體追蹤器，按市場份額計算，Salesforce 連續 11 年位居全球第一。我的意思是，這確實涉及到我將要涉及的技術轉型的核心部分，即向人工智慧的轉型。因為我們是排名第一的 CRM 提供者。我們現在正在為客戶管理超過 250 PB 的資料。當他們進入人工智慧領域時，這絕對是至關重要的。

And now also, let's turn to our financial guidance. For fiscal year '25, we're maintaining our revenue guidance of $37.7 billion to $38 billion, growth of 8% to 9% year-over-year, and we now expect fiscal year '25 subscription and support revenue growth to be approximately 10% year-over-year in constant currency. As you can see from our results, we remain committed to profitable growth at scale, and I would also say, incredible cash flow and continue to expect fiscal year '25 non-GAAP operating margin of 32.5%, a 200 basis point improvement year-over-year.

現在，讓我們轉向我們的財務指導。對於 25 財年，我們維持 377 億至 380 億美元的收入指引，年增 8% 至 9%，我們現在預計 25 財年訂閱和支持收入增長約為 10按固定匯率計算的同比百分比。正如您從我們的業績中看到的，我們仍然致力於大規模的盈利增長，我還要說，令人難以置信的現金流，並繼續預計25 財年非GAAP 營業利潤率為32.5%，比上年提高200 個基點 -超過一年。

I'm extremely proud of our team's focus and determination to deliver this world-class financial results, including this cash flow and profitability in the quarter. And Brian and Amy will discuss Q1 performance in much greater detail.

我對我們團隊的專注和決心感到非常自豪，他們致力於實現世界一流的財務業績，包括本季的現金流和獲利能力。布萊恩和艾米將更詳細地討論第一季的表現。

As I said, I couldn't be more excited about the opportunity ahead for Salesforce not only with these incredible financial results but in the incredible transformations that we're leading with our customers in artificial intelligence. Every company in the world, across every industry, is being transformed by AI in the next few years. And when you look at the power of AI, you realize the models and the UI are not the critical success factors. It's not critical where the enterprise will transform. There are thousands of these models, some open source and some close source models, some built with billions, some with just a few dollars, most of these will not survive. They're just commodities now, and it's not where the intelligence lies. And they don't know anything about a company's customer relationships.

正如我所說，我對 Salesforce 面臨的機會感到無比興奮，不僅是這些令人難以置信的財務業績，而且是我們與客戶在人工智慧領域引領的令人難以置信的變革。未來幾年，世界上各行各業的每家公司都將被人工智慧改造。當您看到人工智慧的力量時，您會意識到模型和使用者介面並不是關鍵的成功因素。企業將向何處轉型並不重要。這些模型有數千個，有些是開源的，有些是封閉原始碼的模型，有些花費了數十億美元，有些只花費了幾美元，其中大多數將無法生存。它們現在只是商品，而不是情報所在。他們對公司的客戶關係一無所知。

Each day, hundreds of petabytes of data are created that AI models can use for training and generating output. But the one thing that every enterprise needs to make AI work is their customer data as well as the metadata that describes the data, which provides the attributes and contacts the AI models need to generate accurate, relevant output. And customer data and metadata are the new gold for these enterprises. And Salesforce now manages, as I mentioned, 250 petabytes of this precious material.

每天都會創建數百 PB 的數據，人工智慧模型可將其用於訓練和產生輸出。但每個企業讓人工智慧發揮作用所需的一件事是他們的客戶數據以及描述數據的元數據，元數據提供人工智慧模型產生準確、相關輸出所需的屬性和聯繫。客戶資料和元資料是這些企業的新黃金。正如我所提到的，Salesforce 現在管理著 250 PB 的寶貴資料。

We have one of the most and largest repositories of front-office enterprise data and metadata in the world. And every day, more companies are adopting Salesforce as their front office, bringing all their structured and unstructured data into our platform. Nearly half of our top 50 wins in the quarter included 6 or more of our clouds. That really speaks to the comprehensive nature of our strategy. It's incredible. And many of these customers have a central business and customer data that exists outside of Salesforce that's trapped in thousands of apps and silos. It's disconnected.

我們擁有世界上最多、最大的前台企業資料和元資料儲存庫之一。每天都有越來越多的公司採用 Salesforce 作為前台，將所有結構化和非結構化資料引入我們的平台。本季我們的前 50 場勝利中，近一半都包含 6 個或更多的雲端。這確實說明了我們策略的全面性。太不可思議了。其中許多客戶擁有 Salesforce 以外的核心業務和客戶數據，這些數據被困在數千個應用程式和孤島中。它已斷開連接。

That's why we're seeing this incredible momentum with our Data Cloud, our fastest-growing organic, and our next billion-dollar cloud. It's the first step to becoming an AI enterprise. Data Cloud gives every company a single source of truth and you can securely power AI insights and actions across the entire Customer 360.

這就是為什麼我們看到我們的數據雲、我們成長最快的有機雲以及我們下一個價值十億美元的雲端呈現出令人難以置信的勢頭。這是成為人工智慧企業的第一步。資料雲為每家公司提供單一事實來源，您可以在整個 Customer 360 中安全地支援 AI 見解和行動。

Now let me tell you why I'm excited about Data Cloud and why it's transforming our customers and how it's preparing them for this next generation of artificial intelligence. Data Cloud was included in 25% of our $1 million-plus deals in the quarter. We added more than 1,000 Data Cloud customers for the second quarter in a row. 8 trillion records were ingested in the Data Cloud in the quarter, up 42% year-over-year, and we processed 2 quadrillion records. That's a 217% increase compared to last year.

現在讓我告訴您為什麼我對資料雲感到興奮，為什麼它正在改變我們的客戶，以及它如何讓他們為下一代人工智慧做好準備。在本季超過 100 萬美元的交易中，有 25% 包含資料雲。我們連續第二季增加了 1,000 多個資料雲客戶。本季資料雲攝取了 8 兆筆記錄，年增 42%，我們處理了 2 兆筆記錄。與去年相比增加了 217%。

Over 1 trillion activations drove customer engagement, which is a 33% increase year-over-year. This incredible growth of data in our system and the level of transactions that we're able to deliver not just in the core system but especially in data cloud is preparing our customers for this next generation of AI.

超過 1 兆次啟動推動了客戶參與度，年增 33%。我們系統中資料的驚人成長以及我們不僅能夠在核心系統中而且特別是在資料雲中提供的交易水平正在幫助我們的客戶為下一代人工智慧做好準備。

And last month, we created a Zero Copy Partner Network with partners, including Amazon, Databricks, Google, IBM, Microsoft and Snowflake, so customers can access this live data from anywhere in Data Cloud without copying or moving it. It's the engine of our future growth, and this is the engine of our future artificial intelligence growth as well.

上個月，我們與 Amazon、Databricks、Google、IBM、Microsoft 和 Snowflake 等合作夥伴創建了零複製合作夥伴網絡，因此客戶可以從 Data Cloud 中的任何位置存取這些即時數據，而無需複製或移動數據。它是我們未來成長的引擎，也是我們未來人工智慧成長的引擎。

As you know, for years, we've delivered predictive AI across all our clouds with Einstein. Einstein is generating hundreds of billions of predictions per day, trillions per week. Now we're working with thousands of customers to power generative AI use cases with our Einstein Copilot, our Prompt Builder, our Einstein Studio, all of which went live in the first quarter, and we've closed hundreds of Copilot deals since this incredible technology has gone GA. And in just the last few months, we're seeing Einstein Copilot develop higher levels of capability. We are absolutely delighted and could not be more excited about the success that we're seeing with our customers with this great new capability.

如您所知，多年來，我們與 Einstein 一起在所有雲端提供預測人工智慧。愛因斯坦每天產生數十億個預測，每週產生數兆個預測。現在，我們正在與數千名客戶合作，透過我們的Einstein Copilot、我們的Prompt Builder、我們的Einstein Studio 為生成式AI 用例提供支持，所有這些都在第一季度上線，自這一令人難以置信的合作以來，我們已經完成了數百筆Copilot 交易技術已經GA。在過去的幾個月裡，我們看到愛因斯坦副駕駛發展了更高水準的能力。我們對客戶憑藉這項偉大的新功能所取得的成功感到非常高興和興奮。

Saks, a leader in the luxury fashion market, part of Hudson's Bay, went all-in on Salesforce in the quarter. CEO Marc Metrick is using AI to create more personal experiences for every customer touch point across their company. And with our Einstein 1 Platform in Data Cloud, Saks can unify and activate all its customer data to power trusted AI.

Saks 是哈德遜灣 (Hudson's Bay) 旗下奢華時尚市場的領導者，本季全力投資 Salesforce。執行長 Marc Metrick 正在使用人工智慧為公司的每個客戶接觸點創造更多的個人化體驗。借助數據雲中的 Einstein 1 平台，Saks 可以統一並啟動所有客戶數據，為可信任的人工智慧提供支援。

Another great story is FedEx, a company that we all know, bringing together previously siloed information. It's the leader in getting packages delivered quickly. And of course, how are we going to now deliver a more productive, more efficient and more profitable FedEx? The Salesforce data and app and AI capabilities generate expense savings. This is the core efficiency while growing and accelerating top line revenue. This is the effectiveness that we're delivering for FedEx. This efficiency includes next best action for sellers, automated lead nurturing, Slack for workflow management, opportunity scoring, a virtual assistant, AI on unstructured data for delivering content to sales and customer service.

另一個偉大的故事是聯邦快遞，這是一家眾所周知的公司，它匯集了以前孤立的信息。它是快速遞送包裹的領導者。當然，我們現在如何提供一個更有生產力、更有效率、更有利可圖的聯邦快遞？ Salesforce 資料、應用程式和人工智慧功能可節省費用。這是成長和加速營收的核心效率。這就是我們為聯邦快遞提供的效率。這種效率包括賣家的下一步最佳行動、自動化潛在客戶培育、用於工作流程管理的 Slack、機會評分、虛擬助理、用於向銷售和客戶服務提供內容的非結構化資料的人工智慧。

And when we think about effectiveness, we see our Journey Builder delivering hyper personalization, integrating customer experiences across service, sales, marketing, the ability to tailor and deliver customer experiences based on a Customer 360 view.

當我們考慮成效時，我們看到我們的旅程建立器提供超個人化，整合跨服務、銷售、行銷的客戶體驗，以及基於客戶 360 度視圖客製化和提供客戶體驗的能力。

When we look at these incredible next generation of capability we've delivered at FedEx, gone now are these days of static business rules that leave customers dissatisfied, asking, "Do they not know that I'm a valued customer of FedEx?" Now FedEx has not only the power of the Customer 360 but the power of AI to unlock so much more commercial potential by conducting an orchestra of commercial functions that never played well together before.

當我們看到聯邦快遞提供的這些令人難以置信的下一代功能時，如今那些讓客戶不滿意的靜態業務規則已經一去不復返了，他們會問：「他們難道不知道我是聯邦快遞的尊貴客戶嗎？現在，聯邦快遞不僅擁有 Customer 360 的力量，還擁有人工智慧的力量，可以透過執行一系列以前從未很好地配合過的商業功能來釋放更多的商業潛力。

You have a significant opportunity now with Salesforce and this incredible platform that sellers can convince companies to transform all of their incredible capabilities to deliver another level profitability. I think stories like that are driving our company forward, and it's all driven by the power of artificial intelligence.

現在，您擁有 Salesforce 和這個令人難以置信的平台的重要機會，賣家可以說服公司轉變其所有令人難以置信的能力，以提供更高水平的盈利能力。我認為這樣的故事正在推動我們公司前進，而這一切都是由人工智慧的力量推動的。

Another story I'm really excited about in the quarter is Air India, transformed with data and AI. If you don't know about Air India, they're an incredible airline who's acquired multiple airlines to create this amazing platform for India's growth. And with Data Cloud, Air India is unifying Data Cloud across loyalty, reservations, flight systems and data warehouses. They have a single source of truth to handle more than 550,000 service cases each month. And now with Einstein, we're automatically classifying and summarizing cases and sending that to the right agent who'd recommend the next steps and upgrading in high-value passenger experiences. Even when things happen like a flight delay, our system is able to immediately intervene and provide the right capability to the right customer at the right time.

本季另一個讓我真正興奮的故事是印度航空，它透過數據和人工智慧進行了轉型。如果你不了解印度航空，他們是一家令人難以置信的航空公司，它收購了多家航空公司，為印度的發展創造了這個令人驚嘆的平台。透過資料雲，印度航空正在統一忠誠度、預訂、航班系統和資料倉儲方面的資料雲。他們每月擁有單一事實來源來處理超過 550,000 個服務案例。現在，借助 Einstein，我們可以自動對案例進行分類和總結，並將其發送給合適的代理，由他們推薦後續步驟併升級高價值的乘客體驗。即使發生航班延誤等情況，我們的系統也能夠立即介入並在正確的時間向正確的客戶提供正確的功能。

All of that frees up agents to deliver more personal service and create more personal relationships, a more profitable, a more productive, a more efficient Air India, a company that's using AI to completely transform their capability.

所有這些都使代理商能夠騰出時間來提供更多個人化服務並建立更多個人關係，使印度航空變得更有利可圖、生產力更高、效率更高，這家公司正在利用人工智慧徹底改變他們的能力。

We are looking forward to talk to you more in this call about these incredible transformations, the financial transformation that we've gone through with these incredible cash flow and margin numbers and this incredible artificial intelligence transformation.

我們期待在這次電話會議中與您更多地討論這些令人難以置信的轉型、我們透過這些令人難以置信的現金流和利潤率所經歷的財務轉型以及令人難以置信的人工智慧轉型。

And now over to Brian.

現在輪到布萊恩。

Thanks, Marc, and thanks to all of you for joining us today. I also want to thank the team for their hard work this quarter. As Marc said, we're incredibly well positioned for this AI transformation. We're the #1 AI CRM innovating at a pace I've not seen in my entire career. I could not be more excited about the opportunity ahead.

謝謝馬克，也謝謝大家今天加入我們。我還要感謝團隊本季的辛勤工作。正如馬克所說，我們在這場人工智慧轉型中處於非常有利的位置。我們是排名第一的 AI CRM，其創新速度是我整個職業生涯中從未見過的。我對未來的機會感到非常興奮。

We're seeing good demand as AI technology rapidly evolves and customers recognize the value of transforming into AI enterprises. CEOs and CIOs are excited about the opportunity with data and AI and how it can impact their front-office operations.

隨著人工智慧技術的快速發展以及客戶認識到轉型為人工智慧企業的價值，我們看到了良好的需求。執行長和資訊長對數據和人工智慧帶來的機會及其對前台營運的影響感到興奮。

We continue to focus on our growth levers of multi-cloud deals, international expansion, industry solutions, the Salesforce ecosystem and, of course, the data and AI innovations across all of our clouds.

我們持續關注多雲交易、國際擴張、產業解決方案、Salesforce 生態系統的成長槓桿，當然還有我們所有雲端中的資料和人工智慧創新。

Now let me briefly address the buying environment. We continue to see the measured buying behavior similar to what we experienced over the past 2 years and with the exception of Q4 where we saw stronger bookings. The momentum we saw in Q4 moderated in Q1 and we saw elongated deal cycles, deal compression and high levels of budget scrutiny.

現在讓我簡單介紹一下購買環境。我們繼續看到衡量的購買行為與過去兩年的經驗相似，但第四季的預訂量有所增加。我們在第四季度看到的勢頭在第一季有所放緩，我們看到交易週期延長、交易壓縮和高水準的預算審查。

In addition, in Q1, as part of our ongoing transformation, we made some intentional changes in our go-to-market organization to drive long-term productivity and create better customer experiences, which also played a role in the softer bookings performance. At the same time, we are seeing strong momentum in various parts of our business, particularly Data Cloud in industries. And we continue to drive our core growth levers. Multi-cloud deals, again, were a highlight for us in the quarter with 6 of our top 10 deals, including 6 or more clouds, showing the depth and relevance of our portfolio.

此外，在第一季度，作為我們持續轉型的一部分，我們對行銷組織進行了一些有意的改變，以提高長期生產力並創造更好的客戶體驗，這也對預訂業績疲軟起到了一定作用。同時，我們看到業務各領域的強勁勢頭，尤其是產業數據雲。我們將繼續推動我們的核心成長槓桿。多雲交易再次成為本季我們的一大亮點，前 10 筆交易中有 6 筆，其中包括 6 筆或更多雲交易，顯示了我們投資組合的深度和相關性。

Let me give you just one example of a company that is using Salesforce across the entire front office. CrowdStrike, a leading cybersecurity company and a longtime customer of Salesforce added Data Cloud, Marketing Cloud, Commerce Cloud, Revenue Cloud and MuleSoft in the quarter. CrowdStrike already relied on Einstein 1 sales and service and Slack, and now they'll use Data Cloud to pull together new and trapped data from data lakes to build a 360-degree view of their customers, helping them align sales and marketing efforts to drive growth.

讓我舉一個例子，說明一家公司在整個前台都使用 Salesforce。 CrowdStrike 是一家領先的網路安全公司，也是 Salesforce 的長期客戶，在本季增加了資料雲、行銷雲、商務雲、營收雲和 MuleSoft。 CrowdStrike 已經依賴Einstein 1 銷售和服務以及Slack，現在他們將使用Data Cloud 將資料湖中的新資料和擷取資料匯集在一起，以建立客戶的360 度視圖，幫助他們協調銷售和行銷工作，以推動生長。

They're also leveraging MuleSoft with incredible results. MuleSoft has helped CrowdStrike accelerate project delivery by 30% and decrease maintenance costs by 20%. Salesforce is now the backbone of CrowdStrike driving every aspect of CrowdStrike's operation and limiting the reliance on complex siloed third-party applications.

他們也利用 MuleSoft 取得了令人難以置信的成果。 MuleSoft 幫助 CrowdStrike 將專案交付速度加快了 30%，並將維護成本降低了 20%。 Salesforce 現在是 CrowdStrike 的支柱，推動 CrowdStrike 營運的各個方面，並限制對複雜的孤立第三方應用程式的依賴。

As Marc said, we're seeing impressive growth in our Data Cloud business. In the quarter, 25% of our deals over $1 million included Data Cloud. It's obviously an important growth lever for us as it brings all of our clouds to life and makes them all better.

正如馬克所說，我們看到數據雲業務取得了令人矚目的成長。本季度，超過 100 萬美元的交易中有 25% 涉及資料雲。對我們來說，這顯然是一個重要的成長槓桿，因為它讓我們所有的雲變得栩栩如生，並使它們變得更好。

And we continue to see momentum in Einstein AI with wins at Turtle Bay Resort, Autodesk and Langley Federal Credit Union as companies transform into AI enterprises.

隨著公司轉型為人工智慧企業，我們繼續看到愛因斯坦人工智慧的勢頭，海龜灣度假村、歐特克和蘭利聯邦信用社都取得了勝利。

One example is Siemens. Siemens lacked a centralized destination for customers to easily choose the right products and buy on demand. To simplify the buying experience for customers, Siemens worked with Salesforce to develop and launch its Accelerator Marketplace, an AI-powered digital marketplace built on Einstein 1 Commerce, providing AI-generated product pages, smart recommendations and self-service ordering. And they did it all in just 6 months.

西門子就是一個例子。西門子缺乏一個集中的目的地，可供客戶輕鬆選擇合適的產品並按需購買。為了簡化客戶的購買體驗，西門子與 Salesforce 合作開發並推出了 Accelerator Marketplace，這是一個基於 Einstein 1 Commerce 構建的人工智慧數位市場，提供人工智慧生成的產品頁面、智慧推薦和自助訂購服務。他們在短短 6 個月內就完成了這一切。

And obviously, AI is not just for our customers. As part of our own transformation, we continue to adopt AI inside Salesforce. Under the leadership of our Chief People Officer Nathalie Scardino and our Chief Information Officer Juan Perez, we've integrated Einstein right into Slack, helping our employees schedule, plan and summarize meetings and answer employee questions. Einstein has already answered nearly 370,000 employee queries in a single quarter. In our engineering organization, our developers now save more than 20,000 hours of coding each month through the use of our AI tools. These innovations are helping us drive continued efficiencies across the business and accelerate our product road maps.

顯然，人工智慧不僅適合我們的客戶。作為我們自身轉型的一部分，我們繼續在 Salesforce 內部採用人工智慧。在首席人力官 Nathalie Scardino 和首席資訊長 Juan Perez 的領導下，我們已將 Einstein 整合到 Slack 中，幫助我們的員工安排、規劃和總結會議並回答員工問題。 Einstein 在一個季度內已經回答了近 370,000 個員工詢問。在我們的工程組織中，我們的開發人員現在透過使用我們的 AI 工具，每月可以節省 20,000 多個小時的編碼時間。這些創新正在幫助我們持續提高整個業務的效率並加快我們的產品路線圖。

We have great momentum with Slack, which again was included in nearly half of our top 50 deals in the quarter. We also launched Slack AI in February, an amazing innovation that provides recap, summaries and personalized search right within Slack. I personally have been using it every day to get caught up on the conversations happening in every channel. And we've seen great traction with our customers with this product, and our customers have summarized over 28 million Slack messages since its launch in February.

我們與 Slack 的合作勢頭強勁，該季度再次躋身我們前 50 筆交易中的近一半。我們還在二月推出了 Slack AI，這是一項令人驚嘆的創新，可以在 Slack 內提供回顧、摘要和個人化搜尋。我個人每天都在使用它來了解每個頻道中發生的對話。我們看到該產品對客戶產生了巨大的吸引力，自 2 月推出以來，我們的客戶已經總結了超過 2800 萬條 Slack 訊息。

Rocket Mortgage added Slack AI in the quarter to help its employees save time and close loans faster. They've also leveraged external Slack channels to collaborate with partners more effectively and efficiently. And they've experienced a 60% faster turnaround speed from working with their customers and partners in Slack.

Rocket Mortgage 在本季度添加了 Slack AI，以幫助其員工節省時間並更快地結清貸款。他們也利用外部 Slack 管道與合作夥伴更有效、更有效率地協作。透過在 Slack 中與客戶和合作夥伴合作，他們的周轉速度提高了 60%。

On the international front, we had a solid quarter. In Lat Am, we had great wins at [Cilio] and Grupo DPSP; in EMEA, great wins at IHG Hotels & Resorts and John Lewis partnership; and in APAC, Atlassian and Bank of Philippines Islands were wins in the quarter. We saw particular strength in our Japan business, with wins at Seibu Prince Hotels worldwide and Hitachi.

在國際方面，我們有一個穩定的季度。在拉丁美洲，我們在 [Cilio] 和 Grupo DPSP 取得了巨大勝利；在歐洲、中東和非洲地區，洲際酒店集團酒店及度假村與 John Lewis 合作取得了巨大勝利；在亞太地區，Atlassian 和菲律賓群島銀行在本季度取得了勝利。我們在日本業務中看到了特別的優勢，在全球範圍內的西武王子酒店和日立都取得了勝利。

Industries was another growth lever for us in the quarter. Half of our top 10 deals included one of our industry cloud. A great example in the quarter was Paychex, a digital HR leader. By leveraging Financial Service Cloud and Data Cloud, Paychex is able to unify their data, delivering better insights and creating a single view of each customer. And using Einstein 1 sales and service, Paychex will be able to proactively manage insurance renewals, which means agents can proactively reach out and surface renewal opportunities during any touch point with the customer, 30, 60 or 90 days in advance, driving an increased rate of renewals.

工業是我們本季的另一個成長槓桿。我們的十大交易中有一半包括我們的行業雲之一。本季的一個很好的例子是數位人力資源領導者 Paychex。透過利用金融服務雲和數據雲，Paychex 能夠統一其數據，提供更好的見解並創建每個客戶的單一視圖。使用 Einstein 1 銷售和服務，Paychex 將能夠主動管理保險續保，這意味著代理商可以在與客戶的任何接觸點提前 30、60 或 90 天主動聯繫並提供續保機會，從而提高保險費率續訂。

And in the public sector, the city of Los Angeles chose Salesforce to modernize how the city's 4 million residents request city services using its MyLA311 system. The city will use government cloud and other Salesforce solutions to integrate AI assistance into MyLA311 and modernize its own constituent-facing services, giving residents more self-service options and improving service reliability and responsiveness.

在公共部門，洛杉磯市選擇 Salesforce 來現代化該市 400 萬居民使用其 MyLA311 系統請求城市服務的方式。該市將使用政府雲端和其他 Salesforce 解決方案將人工智慧輔助整合到 MyLA311 中，並對面向選民的服務進行現代化改造，為居民提供更多自助服務選擇，並提高服務可靠性和回應能力。

Our partner ecosystem also continues to be a growth lever for us. I'm especially excited about our deep partnership with Amazon as a growth driver as we move forward into Q2 and beyond with Salesforce products now available on the AWS marketplace. Joint customers are able to expedite their deployments through faster buying and billing experiences and flexible budgeting options.

我們的合作夥伴生態系統也持續成為我們的成長槓桿。隨著我們進入第二季及以後，Salesforce 產品現已在 AWS 市場上推出，我對與 Amazon 的深度合作夥伴關係作為成長動力感到特別興奮。聯合客戶能夠透過更快的購買和計費體驗以及靈活的預算選項來加快部署。

In closing, I want to echo Marc in acknowledging the hard work of the team, our continued success has been made possible by our amazing employees, customers, partners and trailblazers.

最後，我想與馬克一樣，對團隊的辛勤工作表示認可，我們出色的員工、客戶、合作夥伴和開拓者使我們的持續成功成為可能。

And with that, I will now pass it off to Amy.

現在，我將把它傳遞給艾米。

Great. Thanks, Brian. Q1 represents another quarter of continued discipline and transformation across the business. I am very proud of all of our employees for their continued dedication and hard work. Now let's go straight to the results.

偉大的。謝謝，布萊恩。第一季代表整個企業又一個持續紀律和轉型的季度。我為我們所有員工的持續奉獻和辛勤工作感到非常自豪。現在讓我們直接看結果。

For the first quarter, revenue was $9.13 billion, up 11% year-over-year in nominal and constant currency. The result was at the lower end of our guided range due to continuing pressures on professional services, some license revenue volatility and the continued measured buying environment.

第一季營收為 91.3 億美元，以名目貨幣和固定匯率計算年增 11%。由於專業服務的持續壓力、一些許可證收入的波動以及持續衡量的購買環境，結果處於我們指導範圍的下限。

Subscription and support revenue grew 12% year-over-year in nominal and 13% in constant currency. As mentioned on our last call, this included a tailwind from the timing of license revenue in MuleSoft and Tableau related to Q4 deals and a 1 point benefit from the leap year.

以名目匯率計算，訂閱和支援收入年增 12%，以固定匯率計算，年增 13%。正如我們在上次電話會議中所提到的，這包括與第四季度交易相關的 MuleSoft 和 Tableau 授權收入時間表帶來的利好，以及閏年帶來的 1 個百分點的收益。

From a geographic perspective, in Q1, Americas revenue grew 11%, EMEA grew 10% or 9% in constant currency, and APAC grew 14% or 21% in constant currency. We saw strong new business growth in Japan, India and Canada, while the U.S., parts of Lat Am and EMEA were constrained.

從地理角度來看，第一季美洲地區營收成長11%，歐洲、中東及非洲地區成長10%，以固定匯率計算成長9%，亞太地區成長14%，以固定匯率計算成長21%。我們看到日本、印度和加拿大的新業務成長強勁，而美國、拉丁美洲和歐洲、中東和非洲部分地區則受到限制。

From an industry perspective, in Q1, public sector and financial services both performed well, while high tech and retail and consumer goods were more constrained. Our new offerings for small and medium businesses, Starter and Pro Suite, which are ready-to-use, simplified solutions, with AI built in, are building momentum. In Q1, we added another 2,300 new logos to these products. Since Starter's launch last year, we've seen customers upgrade to our recently launched Pro Suite and even to our Enterprise and Unlimited editions.

從產業角度來看，第一季公部門和金融服務業均表現良好，而高科技和零售消費品則較為受限。我們針對中小型企業的新產品 Starter 和 Pro Suite 是即用型簡化解決方案，內建人工智慧，正在累積動力。在第一季度，我們為這些產品添加了另外 2,300 個新標誌。自從去年推出 Starter 以來，我們已經看到客戶升級到我們最近推出的 Pro Suite，甚至升級到我們的 Enterprise 和 Unlimited 版本。

Q1 revenue attrition ended the quarter at around 8%, in line with recent quarters. I'm also very pleased that our non-GAAP operating margin again finished strong at 32.1%, up 450 basis points year-over-year. And our profitable growth trajectory continues to drive strong cash flow generation.

截至本季末，第一季營收流失率約為 8%，與最近幾季的情況一致。我還非常高興的是，我們的非 GAAP 營運利潤率再次強勁達到 32.1%，較去年同期成長 450 個基點。我們的獲利成長軌跡持續推動強勁的現金流產生。

Q1 operating cash flow was $6.25 billion, up 39% year-over-year. Q1 free cash flow was $6.1 billion, up 43% year-over-year. Cash flow did benefit modestly from the timing of cash tax payments. Now to put this cash flow performance in context, we have more than tripled the cash we generated just 4 years ago.

第一季營運現金流為 62.5 億美元，較去年同期成長 39%。第一季自由現金流為 61 億美元，較去年同期成長 43%。現金流確實因現金稅繳納時間而略有受益。現在，將現金流表現放在背景中，我們產生的現金比四年前增加了兩倍多。

Turning to remaining performance obligation, RPO, which represents all future revenue under contract. We ended Q1 at $53.9 billion, up 15% year-over-year. Current remaining performance obligation, or CRPO, ended at $26.4 billion, up 10% year-over-year in nominal. Now this includes a $200 million FX headwind, which results in more than 10% year-over-year growth in constant currency. CRPO growth was primarily driven by resilience in our core products. However, as Brian mentioned, we did continue to experience measured buying behavior, which is reflected in the moderated Q1 bookings.

談到剩餘履約義務，RPO，它代表合約下的所有未來收入。第一季末，我們的營收達到 539 億美元，年增 15%。目前剩餘履約義務 (CRPO) 為 264 億美元，名義年增 10%。現在，這包括 2 億美元的外匯逆風，這導致以固定匯率計算的同比增長超過 10%。 CRPO 的成長主要是由我們核心產品的彈性所推動的。然而，正如布萊恩所提到的，我們確實繼續經歷了謹慎的購買行為，這反映在第一季預訂量的放緩中。

On capital return, we were incredibly proud to pay out our first ever quarterly dividend of $0.40 per share for a total of $388 million. And altogether in Q1, we returned more than $2.5 billion in the form of share repurchases and dividends. This brings our total cash return since the inception of our capital return program to more than $14 billion. We remain committed to continued capital return and anticipate declaring our quarterly dividend next month, subject to Board approval.

在資本回報方面，我們非常自豪地支付了每股 0.40 美元的首次季度股息，股息總額為 3.88 億美元。第一季度，我們以股票回購和股利的形式總共返還了超過 25 億美元。這使得自資本返還計劃啟動以來我們的現金返還總額超過 140 億美元。我們仍然致力於持續的資本回報，並預計下個月宣布季度股息，但須經董事會批准。

Now let's turn to guidance, starting with full fiscal year '25. A few items to note. First, on the buying environment, we are assuming that the conditions we saw in Q1 continue throughout our fiscal year. On FX, our revenue guidance continues to incorporate a $100 million FX headwind year-over-year or about a 30 basis points impact. We also continue to expect our professional services business to be a headwind to revenue, with deal compression and customers delaying or slowing projects. However, we also continue to see strong demand for data cloud and multi-cloud adoption. We're seeing benefits from recent pricing and packaging changes, and we're seeing strong industries adoption. These factors are also included in our guide.

現在讓我們轉向指導，從整個財年 '25 開始。有幾點要注意。首先，關於購買環境，我們假設第一季的情況在整個財年持續下去。在外匯方面，我們的收入指引繼續納入同比 1 億美元的外匯逆風或約 30 個基點的影響。我們也繼續預計，由於交易壓縮和客戶推遲或放慢項目，我們的專業服務業務將成為收入的阻力。然而，我們也持續看到對數據雲和多雲採用的強勁需求。我們看到了最近定價和包裝變化的好處，並且我們看到了行業的強勁採用。這些因素也包含在我們的指南中。

As a result, on revenue, we are maintaining our guidance range of between $37.7 billion to $38 billion, growth of 8% to 9% year-over-year. We now expect subscription and support revenue growth to be approximately 10% year-over-year in constant currency. And we expect attrition to remain generally consistent at slightly above 8% for the full year. As a reminder, starting in fiscal '25, we include Slack invoice in the metric, which we expect to create a modest headwind.

因此，就收入而言，我們維持 377 億美元至 380 億美元的指導範圍，年增 8% 至 9%。我們現在預計訂閱和支援收入按固定匯率計算將年增約 10%。我們預計全年員工流失率將整體維持在略高於 8% 的水平。提醒一下，從 25 財年開始，我們將 Slack 發票納入指標中，我們預計這會帶來適度的阻力。

Now turning to profitability and cash flow. On margins, we continue to expect fiscal year '25 non-GAAP operating margin of 32.5%, representing a 200 basis point improvement year-over-year, following the significant increase last year. This incorporates intentional investments in targeted growth opportunities, notably AI, data and our core businesses.

現在轉向獲利能力和現金流。在利潤率方面，我們繼續預期 25 財年非 GAAP 營業利潤率為 32.5%，繼去年大幅成長後，年增 200 個基點。這包括對目標成長機會的有意投資，特別是人工智慧、數據和我們的核心業務。

Stock-based compensation is now expected to be just above 8% as a percent of revenue. The modest increase from our prior guidance is primarily a result of lower voluntary employee attrition in Q1 than in recent years. As a result, for fiscal year '25, GAAP operating margin guidance is expected to be approximately 20%, representing 550 basis points of improvement year-over-year. We expect fiscal year '25 GAAP diluted EPS of $6.04 to $6.12. Non-GAAP diluted EPS is expected to be $9.86 to $9.94.

目前，基於股票的薪酬預計將略高於收入的 8%。較我們先前的指導略有增加主要是由於第一季員工自願流失率低於近年來。因此，25 財年的 GAAP 營業利潤率指引預計約為 20%，年增 550 個基點。我們預計 25 財年 GAAP 稀釋後每股收益為 6.04 美元至 6.12 美元。非 GAAP 攤薄後每股收益預估為 9.86 美元至 9.94 美元。

As a result of our continued margin expansion, we are delivering world-class cash flow, and we continue to expect fiscal year '25 operating cash flow growth to be approximately 21% to 24%, inclusive of cash tax payment headwinds. We also continue to expect CapEx for the fiscal year to be slightly below 2% of revenue. This results in free cash flow growth of approximately 23% to 26% for the fiscal year.

由於我們持續的利潤率擴張，我們正在提供世界一流的現金流，並且我們繼續預計 25 財年的營運現金流增長約為 21% 至 24%，其中包括現金稅支付的不利因素。我們也繼續預期本財年的資本支出將略低於收入的 2%。這導致本財年自由現金流成長約 23% 至 26%。

Now to guidance for Q2. On revenue, we expect $9.2 billion to $9.25 billion, up 7% to 8% year-over-year in nominal and approximately 8% in constant currency. CRPO growth for Q2 is expected to be 9% year-over-year in nominal, including a $200 million FX headwind, resulting in 10% constant currency growth. This includes ongoing headwinds from professional services. For Q2, we expect GAAP EPS of $1.31 to $1.33 and non-GAAP EPS of $2.34 to $2.36.

現在介紹第二季的指導。在營收方面，我們預計營收為 92 億至 92.5 億美元，以名目匯率計算年增 7% 至 8%，以固定匯率計算約成長 8%。 CRPO 第二季度名目成長率預計為 9%，其中包括 2 億美元的外匯逆風，導致貨幣恆定成長率為 10%。這包括專業服務帶來的持續阻力。對於第二季度，我們預計 GAAP 每股收益為 1.31 美元至 1.33 美元，非 GAAP 每股收益為 2.34 美元至 2.36 美元。

In closing, I want to emphasize that I am incredibly proud of the company's commitment to disciplined, strategic investments and continued productivity gains to drive strong margin expansion and cash flow growth at scale. And of course, I want to thank our employees and our shareholders for their continued support.

最後，我想強調的是，我對公司致力於嚴格的策略投資和持續的生產力提高以推動利潤率的強勁擴張和現金流的大規模增長感到無比自豪。當然，我要感謝我們的員工和股東的持續支持。

Now Mike, let's open up the call for questions.

現在，麥克，讓我們開始提問。

Thanks, Amy, and thanks, everyone, for joining. (Operator Instructions) And with that, Rob, we will take the first question.

謝謝艾米，也謝謝大家的加入。 （操作員說明） Rob，接下來我們將回答第一個問題。

(Operator Instructions) Our first question comes from the line of Keith Weiss from Morgan Stanley.

（操作員說明）我們的第一個問題來自摩根士丹利的 Keith Weiss。

I appreciate all the detail on sort of the growth drivers and what you guys are excited about in the business. But the quarter did come in below your expectations for CRPO growth, and we all look at that as a forward indicator, but you're not taking down the full year revenue guidance. So I was hoping you could help us get comfortable on why that's not leaving risk on the table and why you guys feel comfortable that original fiscal year '25 guide is still appropriate. Like, why not take it down and make it more conservative and ensure that we can get back to beat and raise quarters on a go-forward basis?

我很欣賞關於成長動力的所有細節以及你們對這個行業感到興奮的事情。但該季度確實低於您對 CRPO 成長的預期，我們都將其視為前瞻性指標，但您並沒有取消全年營收指引。因此，我希望您能幫助我們了解為什麼這不會留下風險，以及為什麼您覺得最初的 25 財年指南仍然合適。例如，為什麼不將其取消並使其更加保守，並確保我們能夠恢復正常並在前進的基礎上提高季度收入？

Great. Keith, thanks for the question. I'll take that one. Let me start by saying that there are many factors we have to consider within our guidance. And all in, based on what we're seeing at this time, we continue to believe that we will be within the range we guided. .

偉大的。基思，謝謝你的提問。我會接受那個。首先我要說的是，在我們的指導範圍內，我們必須考慮很多因素。總而言之，根據我們目前所看到的情況，我們仍然相信我們將處於我們指導的範圍內。 。

Now any guide, that is a balancing act. And as Brian called out, we are continuing to see this measured buying behavior. It's really been very consistent for the last 2 full years at this point with the possible exception of Q4 where we did see stronger bookings. And you can see the impact of that environment on our Q1 numbers. There's no question about that.

現在任何指南都是一種平衡行為。正如布萊恩所說，我們將繼續看到這種謹慎的購買行為。在這一點上，過去兩年的情況確實非常穩定，但第四季度可能是個例外，我們確實看到了更強勁的預訂量。您可以看到該環境對我們第一季數據的影響。毫無疑問。

ProServ also continues to see more and more pressure as customers are really just looking for shorter duration projects. However, this is really balanced by the demand that we are seeing in our products, and that remains strong. We continue to see good demand on multi-cloud adoption. We're seeing benefits from pricing and packaging changes that we have rolled out over the past year. We're seeing very healthy adoption around our industries projects.

ProServ 也繼續面臨越來越大的壓力，因為客戶實際上只是在尋找工期較短的專案。然而，這實際上與我們在產品中看到的需求相平衡，並且仍然強勁。我們繼續看到對多雲採用的良好需求。我們看到了去年推出的定價和包裝變化帶來的好處。我們看到我們的行業項目得到了非常健康的採用。

I also should point out that our attrition rate remains very healthy. Customers are continuing to rely on Salesforce to run their businesses, and they'll continue to do that. So when I step back and really take a holistic view of the full year. We do feel confident that we will be within our guidance range.

我還應該指出，我們的員工流動率仍然非常健康。客戶將繼續依賴 Salesforce 來經營他們的業務，而且他們將繼續這樣做。因此，當我退後一步，真正全面審視全年的情況時。我們確實有信心我們將在我們的指導範圍內。

I'd like to add, I really continue to focus on, exactly like Amy says, this incredible transformation that we've seen with the financials. And obviously, we're delivering some numbers this quarter that were beyond our imagination just a few quarters ago. .

我想補充一點，正如艾米所說，我確實繼續關注我們在財務方面看到的這種令人難以置信的轉變。顯然，我們本季提供的一些數字超出了我們幾個季度前的想像。 。

Another point of optimism is not just what Amy said but also we see this incredible transformation happening with our customers. And we all know the AI transformation is many transformations. It's a transformation of how we're interacting with software. It's also a transformation of these algorithms, what we call these models that the AI is built on, and it's a transformation of the data that's used by whether it's consumers or enterprises to deliver this incredible next level of intelligence. But for enterprises, we know that this customer data and this metadata is really the new gold for these enterprises, and it's a huge driver of growth for our business.

另一個樂觀點不僅是艾米所說的，而且我們看到我們的客戶正在發生這種令人難以置信的轉變。我們都知道人工智慧的變革涉及許多方面的變革。這是我們與軟體互動方式的轉變。這也是這些演算法的轉變，我們稱之為人工智慧所基於的這些模型，也是對消費者或企業所使用的數據的轉變，以提供令人難以置信的下一級的智慧。但對於企業來說，我們知道這些客戶資料和元資料對這些企業來說確實是新的黃金，是我們業務成長的巨大推動力。

We all saw the report from McKinsey, 75% of the value of Gen AI use cases is in the front office. And everybody knows Salesforce is the leader in front-office software. That's our fundamental premise for our growth going forward. We're already managing 250 petabytes of data and metadata that's going to be used to generate this incredible level of intelligence and artificial intelligence capability to deliver for our customers a level of productivity and profitability they've just never been able to see before.

我們都看到了麥肯錫的報告，Gen AI用例的價值75%在前台。眾所周知，Salesforce 是前台軟體領域的領導者。這是我們未來發展的基本前提。我們已經在管理 250 PB 的數據和元數據，這些數據和元數據將用於產生令人難以置信的智慧和人工智慧功能，為我們的客戶提供他們以前從未見過的生產力和獲利水平。

And at the heart of that is going to be our Data Cloud. And we've seen this Data Cloud, well, we've seen this deliver for our customers an incredible level of capability in just the short period that we've made it available. It's already included in 25% of our $1 million-plus deals, as I mentioned, and more than 1,000 Data Cloud customers in the second quarter again. That's our second quarter row.

其核心將是我們的資料雲。我們已經看到了這個數據雲，我們已經看到它在我們提供的短時間內為我們的客戶提供了令人難以置信的功能水平。正如我所提到的，它已經包含在我們超過 100 萬美元的交易中的 25% 中，並且在第二季度再次包含在 1,000 多個資料雲客戶中。這是我們的第二季行。

When we look at a quarter where we see huge growth of a new product, it really sets us up for continued delivery of growth of that incredible technology. But what's the cool thing about Data Cloud is it's connected to every single one of our clouds. So it's making our Sales Cloud better, our Service Cloud better, our Marketing Cloud, our Commerce Cloud. Every aspect of Salesforce is better now with this incredible new technology.

當我們看到新產品在一個季度出現巨大增長時，這確實為我們持續實現這項令人難以置信的技術的成長奠定了基礎。但資料雲的最酷之處在於它連接到我們的每個雲端。因此，它使我們的銷售雲、服務雲、行銷雲、商務雲變得更好。借助這項令人難以置信的新技術，Salesforce 的各個方面現在都變得更好。

Another key part of it is, as I mentioned, 8 trillion records were ingested into Data Cloud in the first quarter, that was up 42% year-over-year; and 2 quadrillion records were processed, that's up 217% year-over-year; and over 1 trillion activations driving customer engagement, up 33% year-over-year. All of that means that we're preparing to our customers for a level of data capability that's going to give them this next capability of artificial intelligence. And last month, we created the Zero Copy Partner Network with Amazon, Databricks, Google, IBM, Microsoft and Snowflake that federates our Data Cloud with all these amazing data sources.

另一個關鍵部分是，正如我所提到的，第一季資料雲中引入了 8 兆筆記錄，較去年同期成長 42%；處理了 2 兆筆記錄，年增 217%；超過 1 兆次啟動推動了客戶參與度，年增 33%。所有這些意味著我們正在為客戶提供一定程度的數據能力，這將為他們提供人工智慧的下一個能力。上個月，我們與 Amazon、Databricks、Google、IBM、Microsoft 和 Snowflake 創建了零複製合作夥伴網絡，將我們的資料雲與所有這些令人驚嘆的資料來源聯合起來。

Look, we really are focused on two things in our company. One is this incredible financial transformation that we've all gone through with you in the last year. The second one is this incredible transformation to artificial intelligence, which is going to be based on data. I don't think any company is more well positioned for the future of artificial intelligence and also delivering the kind of metrics that our stakeholders are going to want in Salesforce.

看，我們公司確實專注於兩件事。其中之一是去年我們與您一起經歷的令人難以置信的財務轉型。第二個是人工智慧令人難以置信的轉變，它將基於數據。我認為沒有任何一家公司能夠更好地適應人工智慧的未來，並提供我們的利害關係人希望在 Salesforce 中提供的指標。

Our next question comes from the line of Brad Sills from Bank of America.

我們的下一個問題來自美國銀行的 Brad Sils。

I appreciate the commentary on the impact from the tough macro. We're certainly seeing that across the group. Brian, you mentioned also perhaps some impact here from go-to-market changes, which is, I guess, shouldn't be a big surprise given all that's going on at Salesforce right now. I wonder if you could just articulate a little bit on that. What are those changes? Is this the kind of situation where it's just some short-term impact that could benefit the sales productivity over the longer term?

我很欣賞對嚴峻宏觀影響的評論。我們確實在整個集團中看到了這一點。 Brian，您也提到了上市變化可能帶來的一些影響，我想，考慮到 Salesforce 目前發生的一切，這不應該是一個大驚喜。我想知道你是否可以就此闡述。這些變化是什麼？在這種情況下，只是一些短期影響就可以有利於長期的銷售生產力嗎？

Yes, Brad, thanks for the question. And you're exactly right. These are changes that we typically make in the first quarter. It's the most obvious time to make those changes when you start out a new year. These changes are actually intended to be productivity drivers for the future. Absolutely right, we want to get aligned behind our go-to-market strategy around buyer to make sure that we're aligned to support our customer scale, that we can really support our multi-cloud strategy going forward to ensure our customers know exactly what we can do to support them across our entire product portfolio. And some of the changes that we made were exactly for that reason, how do we ensure that we are aligned behind that strategy to ensure we can go faster in Q2, Q3 and Q4. So you're absolutely right, the changes, while impactful in Q1 are short term, and we expect to see productivity gains from them going forward.

是的，布拉德，謝謝你的提問。你是完全正確的。這些是我們通常在第一季做出的改變。當你開始新的一年時，這是做出這些改變的最明顯的時間。這些變化其實是為了成為未來生產力的驅動力。絕對正確，我們希望圍繞買家製定進入市場策略，以確保我們能夠支持我們的客戶規模，我們能夠真正支持我們未來的多雲策略，以確保我們的客戶準確了解我們可以採取哪些措施來在整個產品組合中為他們提供支持。我們所做的一些改變正是出於這個原因，我們如何確保我們在該策略背後保持一致，以確保我們能夠在第二季、第三季和第四季走得更快。因此，您說得完全正確，這些變化雖然在第一季產生影響，但只是短期的，我們預計未來將看到這些變化帶來的生產力提高。

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

您的下一個問題來自 Jefferies 的 Brent Thill。

Just from a geographic perspective, Europe looked like it was a little weaker, I'm curious if that's where you saw the pronounced weakness in EMEA. Or was this pretty consistent across most of the geographic regions?

僅從地理角度來看，歐洲看起來有點弱，我很好奇您是否在歐洲、中東和非洲看到了明顯的弱點。或者這在大多數地理區域中都相當一致嗎？

Yes, EMEA was weaker in the quarter. Frankly, feeling some of the measured buying environment. Most pronouncedly, actually felt it also in the Americas. But there are other pockets around the world that were very strong. Canada was a strong region for us in the quarter. I mentioned our Japan business really accelerated in the quarter, really outstanding performance from our Japan business. So the big businesses are going to feel the impact, obviously, of the measured buying environment. In the Americas, more exposure to technology, which I think we all know has been a tough industry over the last several quarters. SMB and other areas, the transactional business, these are the areas where we're going to feel some of those headwinds in the business. So spot-on, EMEA and America sort of feeling the impacts of the measured environments.

是的，歐洲、中東和非洲地區本季表現較弱。坦白說，感覺購買環境有些衡量。最明顯的是，實際上在美洲也感受到了這一點。但世界上還有其他一些地區也非常強大。加拿大是本季我們表現強勁的地區。我提到我們的日本業務在本季確實加速了，我們的日本業務表現非常出色。因此，大企業顯然會感受到謹慎的購買環境的影響。在美洲，更多地接觸技術，我想我們都知道在過去幾季中這是一個艱難的行業。中小企業和其他領域，交易業務，這些是我們將感受到業務中的一些阻力的領域。因此，歐洲、中東和非洲和美國準確地感受到了所測量環境的影響。

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

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

Maybe for Marc or Brian. But I was just kind of curious, when we think about this measured buying environment, is there any sort of crowding effect around AI that's impacting software in your view, meaning when you think about all these companies starting to gear up for this next platform shift, was it just the uncertainty of what they're going to spend on over the next 6 to 12 months, holding them back perhaps on what their normal sort of pace of spending might be with you all or other enterprise software companies? I know it's sort of an ongoing question, wondering if you all could weigh in.

也許是為了馬克或布萊恩。但我只是有點好奇，當我們考慮這種經過衡量的購買環境時，在您看來，人工智慧周圍是否存在任何影響軟體的擁擠效應，這意味著當您考慮所有這些公司開始為下一個平台轉變在做好準備時，是否只是他們在未來 6 到 12 個月內將支出的不確定性，阻礙了他們在你們所有人或其他企業軟體公司的正常支出速度？我知道這是一個持續存在的問題，想知道你們是否可以參與其中。

Well, let me give you my swing at exactly where we are, and then I'm going to turn it over to Brian to fill in the detail. I think when you look back over the last 4 years, Salesforce entered the pandemic in 2020, that's 4 years ago almost exactly, about half the size that we're at now. We've doubled our company at scale from $20 billion to approximately $40 billion. That's how I look at it in my mind. You can fill in the exact numbers. And over that period of time, we saw an incredible surge in the demand and buying environment and in the sales environment, especially during the pandemic.

好吧，讓我告訴你我的揮桿位置，然後我將把它交給布萊恩來填寫細節。我認為，當你回顧過去 4 年時，Salesforce 是在 2020 年進入大流行的，那幾乎是 4 年前，大約是我們現在規模的一半。我們公司的規模已經翻了一番，從 200 億美元增加到約 400 億美元。我心裡就是這麼看的。您可以填寫準確的數字。在那段時間裡，我們看到需求和購買環境以及銷售環境出現了令人難以置信的激增，尤其是在疫情期間。

As we entered the post-pandemic reality, we saw companies who had acquired so much software in that time looked to actually rationalize it, ingest it, integrate it, install it, update it. I mean it's just a massive amount of software that was put in. And so every enterprise software company kind of has adjusted during end of this post-pandemic environment. So when you look at all of these companies, especially as you saw them report in the last 30 days, they're all basically saying that same thing in different ways.

當我們進入大流行後的現實時，我們看到當時購買瞭如此多軟體的公司希望真正合理化它，吸收它，整合它，安裝它，更新它。我的意思是，這只是安裝了大量的軟體。因此，當你查看所有這些公司時，特別是當你看到他們在過去 30 天內的報告時，你會發現他們基本上都在以不同的方式表達相同的事情。

When you take AI, that has to be our growth driver for future capabilities for these companies. AI, when we look at these companies and the stories that we told on the call, whether it's FedEx or Air India or CrowdStrike or Paychex or any of the huge deals that we did in the quarter, what we're seeing is not only the installation and integration and implementation of the platforms that we've sold in the last 4 years but the layering in of this new capability, which is delivering for these companies a kind of a capability that we weren't able to forecast 4 years ago.

當你採用人工智慧時，它必須成為我們這些公司未來能力的成長動力。人工智慧，當我們審視這些公司以及我們在電話會議上講述的故事時，無論是聯邦快遞、印度航空、CrowdStrike、Paychex 還是我們在本季所做的任何巨額交易，我們看到的不僅僅是我們在過去4 年中銷售的平台的安裝、整合和實施，但這種新功能的分層，為這些公司提供了我們4 年前無法預測的功能。

I told you the story of FedEx, like when we talk to their top executives about what they've delivered, or you take an incredible company like State Farms with kind of automated 60 million policyholders, thousands of agents, they're just able to deliver at a level of capability. And I said it before, but profitability, employee augmentation, better customer relationships, much higher margins, these are financial metrics that we're able to deliver into these implementations. That's on top of where we were 4 years ago.

我告訴過你FedEx 的故事，就像當我們與他們的高層管理人員談論他們交付的產品時，或者你以State Farms 這樣一家令人難以置信的公司為例，它擁有6000 萬保單持有人、數千名代理人，他們能夠以能力水準交付。我之前說過，但是獲利能力、員工人數增加、更好的客戶關係、更高的利潤，這些是我們能夠在這些實施中提供的財務指標。這高於我們 4 年前的水平。

And the point I was trying to make here earlier, and I'll keep making, which is, the most important thing Salesforce is doing is not just continuing to automate every customer touch point. This is obviously critical and why we've been able to consume this 250 petabytes of information, but the second key point is we've rebuilt the way that we are delivering a foundation of data for our customers. Why is that so important? Because as we have now re-architected all of our apps and all of our capabilities to fuel and fund this Data Cloud, it means that, for our customers going forward, they're going to be able to take this Data Cloud and leverage that into their future capability and growth and especially profitability and productivity.

我之前試圖在這裡強調的一點是，我將繼續強調，即 Salesforce 所做的最重要的事情不僅僅是繼續自動化每個客戶接觸點。這顯然至關重要，也是我們能夠使用這 250 PB 資訊的原因，但第二個關鍵點是我們重建了為客戶提供資料基礎的方式。為什麼這麼重要？因為我們現在已經重新架構了所有應用程式和所有能力來為這個資料雲提供燃料和資金，這意味著，對於我們的客戶來說，他們將能夠利用這個資料雲並利用它影響他們未來的能力和成長，尤其是獲利能力和生產力。

And that is where our whole company and I think our whole industry is eventually going to go. Not every company is as well positioned, as you know, for this artificial intelligence capability of Salesforce is because they just don't have the data. They may say they have this capability or that capability, this user interface, that model, that whatever, all of these things are quite fungible and are expiring quickly as the technology rapidly moves forward. But the piece that will not expire is the data. The data is the permanent key aspect that, as we've said, even in our core marketing, it's the gold for our customers and their ability to deliver our next capability in their own enterprises.

這就是我們整個公司和整個產業的最終發展方向。如你所知，並非每家公司都處於有利地位，因為 Salesforce 的人工智慧功能只是因為他們沒有資料。他們可能會說他們有這種能力或那種能力，這個使用者介面，那個模型，無論如何，所有這些東西都是可以替代的，並且隨著技術的快速發展而很快就會過期。但不會過期的部分是數據。正如我們所說，數據是永久的關鍵方面，即使在我們的核心行銷中，它也是我們的客戶以及他們在自己的企業中提供我們的下一個功能的能力的黃金。

And Brian, I'll turn it over to you.

布萊恩，我會把它交給你。

Yes. Thanks, Marc. And all those things are absolutely true. Marc said earlier, 75% of gen AI, benefits will come from the front office. And we're really feeling that right now in our demand we're seeing from our customers and the pipelines that we're creating out there, solid performance on pipe gen. I do think customers are getting their data estate in order as a precursor to leveraging AI capabilities, and we're seeing that with the growth of Data Cloud right now, customers really wanting to bring together many data sources so they can leverage AI in the flow of work and our capabilities. So I think it's actually a step process for many of our customers. Let's get our data in order and then let's layer in the AI to really drive the productivity gains that we expect. And so that's really what we're seeing in the market right now, Kirk.

是的。謝謝，馬克。所有這些事情都是絕對正確的。 Marc 早前表示，75% 的人工智慧收益將來自前台。我們確實感覺到，現在根據我們的需求，我們從客戶和我們正在創建的管道中看到了管道生成的可靠性能。我確實認為客戶正在獲取他們的數據資產，作為利用人工智慧功能的先導，而且我們看到，隨著數據雲現在的增長，客戶確實希望將許多數據源整合在一起，以便他們可以在工作流程和我們的能力。所以我認為對於我們的許多客戶來說這實際上是一個步驟過程。讓我們整理數據，然後加入人工智慧，真正推動我們預期的生產力提升。這就是我們現在在市場上看到的情況，柯克。

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

您的下一個問題來自瑞銀集團 (UBS) 的卡爾凱斯特德 (Karl Keirstead)。

Maybe I'll switch subjects. So Marc and Amy, there was some concern in your shareholder base in March and April around media reports related to M&A. I know you can't comment on those reports, not expecting that, but wondering if you could comment on your M&A framework, whether there has been any change to it at all, I think might be helpful.

也許我會換個話題。馬克和艾米，你們的股東在 3 月和 4 月對與併購相關的媒體報導有些擔憂。我知道你不能對這些報告發表評論，不希望這樣，但想知道你是否可以對你的併購框架發表評論，是否有任何改變，我認為可能會有所幫助。

Yes. No, I'd love to talk about that, and I think it's extremely important. I mean Salesforce has a long history of innovation, organic innovation like we've seen today with Data Cloud. Everyone, I'm sure, is extremely impressed with the growth of that product. But also inorganic innovation, and a lot of our customer touch points, whether it's our commerce platform or our marketing platform and their integration platform, are inorganic innovation, products that we acquired, many of them at a multi-hundred million dollar revenue level, that are at the multibillion-dollar revenue level.

是的。不，我很想談談這個，而且我認為這非常重要。我的意思是，Salesforce 有著悠久的創新歷史，有機創新就像我們今天在資料雲端上看到的那樣。我確信，每個人都對該產品的成長印象深刻。但也是無機創新，我們的許多客戶接觸點，無論是我們的商務平台還是我們的行銷平台及其整合平台，都是無機創新，我們收購的產品，其中許多收入達到數億美元水平，收入達到數十億美元水準。

Some of the largest, most important software companies in the market today are actually companies that we acquired at much smaller levels. And all of you know Salesforce's story and how we put all of that together. And of course, I've mentioned we're re-architecting almost every single one of those products and quite successfully and redeploying them to our customers into a single integrated data fabric to provide the power of future artificial intelligence. Now when we look at all of that combined, we always are looking at what is the next level of innovation. And so we're going to be looking at products organically. But yes, we will continue to look at products inorganically.

當今市場上一些最大、最重要的軟體公司實際上是我們以小得多的規模收購的公司。你們都知道 Salesforce 的故事以及我們如何將所有這些整合在一起。當然，我已經提到過，我們正在重新架構幾乎所有這些產品，並且非常成功地將它們重新部署給我們的客戶，形成一個單一的整合資料結構，以提供未來人工智慧的力量。現在，當我們將所有這些結合起來時，我們總是在關注下一個創新水平是什麼。因此，我們將有機地看待產品。但是，是的，我們將繼續以無機的方式看待產品。

But as we've committed to you, if we're looking at a large-scale acquisition, we're going to make sure that it is not dilutive to our customers, that it's accretive, that it has the right metrics. And we're also going to be quick to walk away from things that we are not totally confident in or that we don't have the trust with whatever company that we're looking at. So we have operated inside that framework. We continue to acquire companies. We just acquired an amazing new company called Spiff, which is part of our Salesforce automation platform. It's an amazing capability.

但正如我們向您承諾的那樣，如果我們正在考慮進行大規模收購，我們將確保它不會稀釋我們的客戶，而是具有增值性，並且具有正確的指標。我們也會迅速放棄那些我們不完全有信心或我們對我們正在尋找的公司不信任的事情。所以我們是在這個框架內運作的。我們繼續收購公司。我們剛剛收購了一家名為 Spiff 的令人驚嘆的新公司，它是我們 Salesforce 自動化平台的一部分。這是一個了不起的能力。

I mean Salesforce, as you know, is the #1 SFA platform in the world. That SFA platform got a lot better this quarter with the capabilities now that it's deeply integrated into Data Cloud, which gives SFA customers the next step of growth with our SFA platform but also it has an incredible new level of artificial intelligence and generative AI capabilities now built into the Sales Cloud. And in addition, it also has compensation capabilities through Spiff, and that's through inorganic, and that was acquired through our new M&A framework, for example. And as we go forward, we're going to continue to look at those opportunities.

我的意思是，如您所知，Salesforce 是世界上排名第一的 SFA 平台。該SFA 平臺本季得到了很大改善，其功能現已深度整合到數據雲中，這為SFA 客戶提供了我們SFA 平台的下一步增長，而且它現在還擁有令人難以置信的新水平的人工智慧和生成式AI 功能內建於銷售雲中。此外，它還透過 Spiff 擁有補償能力，這是透過無機的，例如透過我們新的併購框架獲得的。隨著我們的前進，我們將繼續尋找這些機會。

And look, we're not going to shy away from M&A for any one particular reason if it's within our framework. But if it's outside of our framework, we're going to be extremely cautious. And let me have Amy reiterate what the attributes of that framework are and how we look at M&A because I don't think any company has been more successful with M&A than Salesforce has been. I mean that's how we've built our Customer 360 and have this incredible, incredible platform that we're able to automate these amazing companies with what we've gone through.

看，如果在我們的框架內，我們不會因為任何特定原因而迴避併購。但如果它超出了我們的框架，我們就會非常謹慎。讓我讓 Amy 重申該框架的屬性以及我們如何看待併購，因為我認為沒有任何公司在併購方面比 Salesforce 更成功。我的意思是，這就是我們建立 Customer 360 並擁有這個令人難以置信的平台的方式，我們能夠利用我們所經歷的一切使這些令人驚嘆的公司實現自動化。

But as we go forward, we know that we need to slightly adjust that so that we can continue to deliver to you these amazing financial metrics that you see, like you see this amazing cash flow number and margin number that we've seen rarely before in the software industry. Maybe only a couple of companies have ever delivered cash flow at this level, and I think it's higher than most of the great consumer companies like Coke and Starbucks and all of that. Like, these numbers are pretty epic in that area. But we know we continue to deliver cash flow and margin numbers at this level. We're also going to have to continue to keep our eye on the M&A framework.

但隨著我們的前進，我們知道我們需要稍微調整一下，以便我們能夠繼續向您提供您所看到的這些令人驚嘆的財務指標，就像您看到我們以前很少看到的驚人的現金流量數字和利潤率數字一樣在軟體產業。也許只有少數公司曾經提供過這個水平的現金流，而且我認為它比可口可樂和星巴克等大多數偉大的消費品公司都要高。就像，這些數字在該領域是相當史詩般的。但我們知道我們將繼續在這個水平上提供現金流和利潤率。我們也必須繼續關注併購框架。

So Amy, let's talk about that.

艾米，我們來談談這個吧。

Great. Thanks, Marc. Let me back it up a little bit to talk about our capital allocation strategy overall. And it's really very simple. We are going to continue to expand our free cash flow margin as we scale. We are going to invest in innovation. As Marc said, that is organic and it can be inorganic, if it matches our principles and our goals. And we're going to return cash to shareholders, and we're doing that now both through our share repurchase program and our dividend program.

偉大的。謝謝，馬克。讓我稍微支持一下我們的整體資本配置策略。這真的非常簡單。隨著規模的擴大，我們將繼續擴大自由現金流利潤率。我們將投資於創新。正如馬克所說，如果它符合我們的原則和目標，它可以是有機的，也可以是無機的。我們將向股東返還現金，我們現在透過股票回購計畫和股利計畫來做到這一點。

Now on the inorganic perspective, as you brought up, we're always going to be opportunistic. M&A has been an incredible part of our past. I'm sure at the right time, it will be part of our future. But it's got to fit into the framework that we have been outlining for the last few days. We're going to have to have a time line to value accretion. We're going to need to prioritize our use of the balance sheet, and it's got to be a best-in-class asset. And when all that comes together, that's what we'll be focused on.

現在，從無機的角度來看，正如您所提到的，我們總是會投機取巧。併購是我們過去令人難以置信的一部分。我確信在適當的時候，它將成為我們未來的一部分。但它必須符合我們過去幾天概述的框架。我們必須有一個時間軸來評估增值。我們需要優先考慮資產負債表的使用，它必須是一流的資產。當所有這些結合在一起時，這就是我們將關注的重點。

In the meantime, I really want to talk about our goal, we are trying to optimize shareholder value. At the end of the day, that's the single most important element. And we're doing that by focusing on delivering very strong free cash flow per share. We're doing this by our focus on profitable growth and by very carefully managing our dilution. When you bring that together, I am very confident in our long-term free cash flow per share opportunity and very confident about our capital allocation strategy overall.

同時，我真的很想談談我們的目標，我們正在努力優化股東價值。歸根究底，這是最重要的因素。我們透過專注於提供非常強勁的每股自由現金流來做到這一點。我們透過專注於獲利成長和非常謹慎地管理稀釋來做到這一點。當你把這些結合在一起時，我對我們的長期每股自由現金流機會非常有信心，對我們的整體資本配置策略也非常有信心。

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

您的下一個問題來自巴克萊銀行的 Raimo Lenschow。

Obviously, this quarter was impacted on the booking side. Maybe a question for Brian and Amy here. If you think about the two factors you pointed out, one is the economy, one is on the sales changes at the beginning of the year, on the economy side, like we've been talking about a tough selling environment for a while now, has it gotten worse from what you've seen? Or are the issues this quarter more coming from the sales reorg?

顯然，本季預訂方面受到了影響。也許有個問題想問布萊恩和艾米。如果你想想你指出的兩個因素，一個是經濟，一個是年初的銷售變化，在經濟方面，就像我們已經談論一段時間艱難的銷售環境一樣，從你所看到的情況來看，情況是否變得更糟了？還是本季的問題比較來自於銷售重組？

Raimo, thanks for the question. Appreciate it. Hard to parse apart what the two impacts were in our first quarter, no doubt about it. We did have some changes that I outlined in the quarter as we set ourselves up for productivity in FY '25. The economy question, I think, is one that we feel like it's similar to what we felt in the first half of last year. The same measured buying environment that we experienced in the first half is sort of what felt like the same in Q1. We came off a Q4 that was very solid, very, very strong performance. In retrospect, in hindsight, we may have been in a similar environment but executed very well as a sales team in that fourth quarter. So hard to really parse apart these things.

雷莫，謝謝你的提問。欣賞它。毫無疑問，很難區分第一季這兩個影響是什麼。我們確實進行了一些我在本季度概述的變化，因為我們為 25 財年的生產力做好了準備。我認為，我們認為經濟問題與去年上半年的情況類似。我們在上半年經歷的相同的衡量購買環境與第一季的感覺類似。我們第四季的表現非常穩定、非常非常強勁。回想起來，事後看來，我們可能處於類似的環境，但在第四季作為銷售團隊執行得非常好。很難真正解析這些東西。

But when you look at some of the transactions that we saw in Q1, we saw compression on many deals that we ultimately ended up getting done, but they got smaller when we ultimately closed them. We saw a couple of deals push out of the quarter as people delayed decisions that we thought would actually happen in our first quarter. And this no-decision issue is coming up more frequently than we anticipated. So hard to really parse those two things apart. But when you combine them both in a particular quarter, it can have an impact of lower bookings, and that's what we felt in our first quarter.

但是，當您查看我們在第一季看到的一些交易時，我們發現許多最終完成的交易受到壓縮，但當我們最終關閉它們時，它們變得更小。我們看到一些交易推遲了本季度，因為人們推遲了我們認為實際上會在第一季發生的決定。這種無法做出決定的問題出現的頻率比我們預期的要高。很難真正將這兩件事分開。但是，當您在特定季度將兩者結合起來時，可能會產生預訂量下降的影響，這就是我們在第一季的感受。

Yes. I think I'd also like to add, and I'll just give you a little color on the narrative inside our company. When we look at operating inside this environment, which we've been now going through for a couple of years, and we look at, hey, how do we continue to deliver these strong ACV numbers but also how do we continue to deliver the overall strong financial metrics, at the same time, it's important that we're delivering this high level of customer success to prepare for our future growth, it's really along three lines.

是的。我想我還想補充一點，我只是要跟大家介紹一下我們公司內部的故事。當我們審視在這種環境下的營運時，我們已經經歷了幾年，我們會考慮，嘿，我們如何繼續提供這些強勁的 ACV 數字，以及我們如何繼續提供整體強大的財務指標，同時，重要的是我們要提供高水準的客戶成功，為我們未來的成長做好準備，這實際上是沿著三條線。

And those three lines, first of all, is we are just having to start every quarter with much higher pipelines. We look at these pipeline multiples as much higher than we've traditionally had to start with, and this is really critical in managing our distribution organization and overall success in the quarter. And where traditionally, we might have to start our pipelines at 2x, now our message to our distribution leaders is, hey, if you're going to start out your pipeline in the quarter, you better start out at 3x. And this is also our message to our peers as well, to evaluate the pipeline much more aggressively than ever before. That means a much deeper inspection of the pipeline but holding it at a much higher level. That is evidence of this environment. And if you would ask any leader in this company how many times they've heard from me or from Brian that they better started at a 3x pipeline because that is the world that we're in today.

首先，這三條線是我們每個季度都必須以更高的管道開始。我們認為這些管道倍數比我們傳統上必須開始的要高得多，這對於管理我們的分銷組織和本季的整體成功非常關鍵。傳統上，我們可能必須以 2 倍的速度啟動管道，現在我們向分銷領導者傳達的信息是，嘿，如果您要在本季度啟動管道，那麼最好從 3 倍開始。這也是我們向同儕傳達的訊息：比以往任何時候都更積極地評估管道。這意味著對管道進行更深入的檢查，但將其保持在更高的水平。這就是這種環境的證據。如果你問這家公司的任何領導者，他們有多少次從我或布萊恩那裡聽到，他們最好從 3 倍管道開始，因為這就是我們今天所處的世界。

The second attribute that's incredibly important for all of our leaders in our company or throughout our industry is you might need a much higher level of enablement. What that means is so many people have come into our industry in the last 5 or even 10 years, a lot of them just need the level of training capability, especially as we move into this new area of artificial intelligence, generative AI, data, the kind of capabilities that we're talking about when we explain to people how models work, how UIs work, how data frameworks work and how it works in regards to our software and our platforms and our architectures, that is requiring a level of training that is incredibly important. And when we're talking about companies at scale like Salesforce who have very significant numbers of salespeople, I'm not going to go into all of the details of how it's organized and how many we have, but just know that, that requires a very high level of enablement, and that's the second key attribute, managing this framework in this environment.

對於我們公司或整個行業的所有領導者來說，第二個屬性非常重要，您可能需要更高水準的支援。這意味著在過去 5 年甚至 10 年裡有這麼多人進入我們的行業，其中許多人只需要培訓能力水平，特別是當我們進入人工智慧、生成式 AI、數據、當我們向人們解釋模型如何工作、UI 如何運作、資料框架如何運作以及它如何與我們的軟體、平台和架構相關時，我們所討論的能力需要一定程度的培訓這非常重要。當我們談論像 Salesforce 這樣擁有大量銷售人員的大規模公司時，我不會詳細介紹其組織方式以及我們擁有多少銷售人員，但要知道，這需要非常高水平的支持，這是第二個關鍵屬性，在這個環境中管理這個框架。

And the third is a level of stability. Now when you enter the first quarter of any fiscal year, there always is going to be a desire of every sales organization to slightly shift, slightly adjust their strategy and their organization to reflect the demand for the fiscal year. You start the fiscal year writing your business plan, thinking about how you're going to execute, and then you have to look at how much disruption are you able to tolerate in the quarter. Because if you over shift, if you do too much, you will end up with more volatility in the quarter in the ACV than you like. Now it may result in a better fourth quarter. A good example is last year where we saw, okay, in the first quarter, we might not have achieved exactly everything we wanted because we had too much disruption, but by the fourth quarter, we over delivered. So there is a level of balance that has to be achieved in regards to stability and disruption.

第三是穩定性。現在，當您進入任何會計年度的第一季時，每個銷售組織總是希望稍微改變、稍微調整他們的策略和組織，以反映該會計年度的需求。您在會計年度開始時編寫業務計劃，考慮將如何執行，然後必須考慮本季能夠承受多少干擾。因為如果你過度調整，如果你做得太多，你最終會在本季度 ACV 中出現比你想要的更大的波動。現在可能會帶來更好的第四季業績。一個很好的例子是去年，我們看到，好吧，在第一季度，我們可能沒有完全實現我們想要的一切，因為我們遇到了太多的干擾，但到了第四季度，我們超額交付了。因此，在穩定性和破壞性方面必須達到一定程度的平衡。

And those three attributes, having 3x pipelines, having much higher levels of enablement and having much higher levels of stability, that is the key to managing in this environment in this part of the industry right now. And when I talk to my peers and other major enterprise software companies, that is what I'm really emphasizing to them. And for all of them, of course, it's good if they're using our products because our products are really the key to making all of that happen because we're able to deliver for these companies all of those things that they need to have that level of success as well.

這三個屬性，即擁有 3 條管道、更高水準的支援以及更高水準的穩定性，是目前在該行業的這一環境中進行管理的關鍵。當我與我的同行和其他主要企業軟體公司交談時，這就是我真正向他們強調的。當然，對於他們所有人來說，如果他們使用我們的產品，那是件好事，因為我們的產品確實是實現這一切的關鍵，因為我們能夠為這些公司提供他們需要的所有東西也達到了那種程度的成功。

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

您的下一個問題來自高盛 (Goldman Sachs) 的卡什·蘭根 (Kash Rangan)。

I'm actually looking at the Salesforce Tower from my office here. And I'm thinking about the past. Marc, you've been through all these cycles before. Maybe it's just cyclical, maybe high interest rates, causing economic uncertainty, maybe it's as simple as that. Or maybe it's structural. And if it's structural, maybe there's an architectural change going on. Marc, you drove the last big architectural change from distributed computing to internet computing. How confident you are that this generative AI, which is causing an upheaval in that whole tech stack, is not something to take lightly?

實際上，我正在我的辦公室觀看 Salesforce Tower。我正在回想過去。馬克，你以前經歷過所有這些週期。也許這只是週期性的，也許是高利率，導致經濟不確定性，也許就是這麼簡單。或者也許是結構性的。如果是結構性的，也許正在發生架構上的變化。 Marc，您推動了從分散式運算到網際網路運算的最後一次重大架構變革。您對這種正在整個技術堆疊中引起劇變的生成式人工智慧不容小視有多大信心？

And what are the things that the company is preparing, if it's not just cyclical or maybe the structural change that's going on, what are the things that you are doing to the company to bulletproof? Because typically, incumbents miss big transitions, right? You and I have seen that. We've all seen that. What are the things you're doing to ensure that you're bulletproof in that regard that you're absolutely ready architecturally for the next cycle?

公司正在準備哪些事情，如果這不僅僅是週期性的，或者可能是正在發生的結構性變化，那麼你正在為公司做哪些事情來防彈？因為通常情況下，現任者會錯過重大轉變，對嗎？你和我都看到了這一點。我們都看到了。您正在採取哪些措施來確保您在架構上為下一個週期做好了萬無一失的準備？

Well, I'd like to make a couple of comments on that. I think that, number one, it's been pretty magical to use OpenAI over the last year, especially in the last release, when I'm really talking to it. And when I think about the incredible engineering effort that OpenAI has done, it's pretty awesome. They've built a great UI. I love talking to the software. They have really strong algorithms or what we call Models, especially their new one, which is their 4o Model. And then they stole data from lots of companies like Time, Dow Jones, New York Times, Reddit.

嗯，我想對此發表幾點評論。我認為，第一，去年使用 OpenAI 非常神奇，尤其是在最後一個版本中，當我真正與它交談時。當我想到 OpenAI 所做的令人難以置信的工程工作時，它真是太棒了。他們建立了一個很棒的用戶介面。我喜歡與軟體交談。他們擁有非常強大的演算法或我們所說的模型，尤其是他們的新演算法，即他們的 4o 模型。然後他們竊取了《時代》、道瓊斯、《紐約時報》、Reddit 等許多公司的數據。

Now they're all making good, doing agreements with all of us, saying, "We're sorry," and paying for it. And they took that data, they normalized it, they delivered a comprehensive data set that they train their model on. And all of us understand that that's what they did, right? They have the great UI, they have this amazing model and then they have the data. And then we've seen a lot of fast followers with the models. It could be open source models like Llama 3. It could be some proprietary models like Gemini from Google and others. Now there's thousands and thousands of these models. And if you look on Hugging Face, everybody is a fast follower. And 6 months later, everybody is where everybody else was 6 months ago. And the data, well, a lot of these companies are all thinking they can rip off all this data, too, and they're all having to pay that price. Okay, that's the consumer world.

現在他們都做得很好，與我們所有人達成協議，說“我們很抱歉”，並為此付出了代價。他們獲取了這些數據，對其進行了標準化，並提供了一個全面的數據集來訓練他們的模型。我們所有人都明白他們就是這麼做的，對吧？他們有很棒的用戶界面，他們有這個令人驚嘆的模型，然後他們有數據。然後我們看到了很多模型的快速追隨者。它可以是開源模型，如 Llama 3。現在有成千上萬個這樣的模型。如果你看看 Hugging Face，你會發現每個人都是快速追隨者。 6 個月後，每個人都處於 6 個月前的狀態。而數據，很多這樣的公司都認為他們也可以竊取所有這些數據，而且他們都必須付出這個代價。好吧，這就是消費世界。

The enterprise world is a little different, right? We have great user interfaces, great apps, all kinds of great technology that our users are using, the millions and millions of users. Then we have the same models, in many cases, or maybe we've written some of our own models with our engineers. But then the third piece is the data. And that data is a little bit different. Because in the enterprise, how do you put together these large, fully normalized data sets to deliver this incredible capability, and that is where the magic is going to be. Because for all companies, including ours and others, who want to deploy generative AI internally, it's not going to be Times Magazine that's going to give you the intelligence, it's going to be our customer data and your transaction history and how you're how your company operates in your workflow and your metadata.

企業世界有點不同，對嗎？我們擁有出色的用戶介面、出色的應用程式以及我們的用戶正在使用的各種出色技術，以及數以百萬計的用戶。然後，在很多情況下，我們都有相同的模型，或者我們可能與我們的工程師一起編寫了一些我們自己的模型。但第三部分是數據。這些數據有點不同。因為在企業中，如何將這些大型的、完全標準化的資料集放在一起來提供這種令人難以置信的功能，而這正是神奇之處。因為對於所有想要在內部部署生成式人工智慧的公司（包括我們的公司和其他公司）來說，為您提供情報的不會是《時代雜誌》，而是我們的客戶資料、您的交易歷史記錄以及您的行為方式您的公司在您的工作流程和元資料中運作。

And that idea that we can deliver another level of productivity for companies using that architecture is absolutely in front of us. But that idea that we have to do it with the right architecture, that also is in front of us. And I think that while we can say it's a different kind of architecture, it's still the same idea that we need a great UI, we need models, but we're going to need very highly normalized and federated data. And that data needs to be stored somewhere, and it needs to come from somewhere. And that is going to be something that's going to continue in perpetuity over time as these models and UIs are quite fungible. And we'll be using different models and different UIs over the years, but we'll be using the same deep data sources. And I think that is why, when I look at what Salesforce is doing, this is going to be critical for our customers.

我們可以為使用該架構的公司提供更高水準的生產力，而這個想法絕對擺在我們面前。但我們必須使用正確的架構來實現這一點，這也擺在我們面前。我認為，雖然我們可以說這是一種不同類型的架構，但我們需要一個出色的 UI，我們需要模型，但我們需要非常高度規範化和聯合的數據，這仍然是同樣的想法。這些數據需要儲存在某個地方，並且需要來自某個地方。隨著時間的推移，這種情況將永遠持續下去，因為這些模型和使用者介面是可以互換的。多年來我們將使用不同的模型和不同的 UI，但我們將使用相同的深度資料來源。我認為這就是為什麼當我看到 Salesforce 正在做的事情時，這對我們的客戶至關重要。

Now you may see great new UIs like Agents and you may see great new UIs like you see what we've deployed with Slack. Brian was talking about how he's changed how he uses Slack with our new Slack AI or what we've done with SFA this quarter, service this quarter with the incredible new generative capabilities. But this idea that the data is going to be more important for companies than ever, having deeply normalized federated data sources, and when I look at the success we've had with so many of these companies, I mentioned State Farm briefly, we've become their fundamental data architecture. That is not where we were with that company even 4 years ago.

現在，您可能會看到很棒的新 UI，例如 Agents，也可能會看到很棒的新 UI，就像您看到我們使用 Slack 部署的內容一樣。 Brian 正在談論他如何透過我們的新 Slack AI 改變了他使用 Slack 的方式，或者我們本季對 SFA 所做的事情，本季透過令人難以置信的新生成功能提供服務。但這種想法是，數據對於公司來說將比以往任何時候都更加重要，擁有深度規範化的聯合數據源，當我看到我們與許多這樣的公司取得的成功時，我簡要提到了State Farm，我們'已經成為他們的基本資料架構。即使是四年前，我們在這家公司的處境也不是這樣的。

Now they look at us as the fundamental framework for their future. And as they want to deploy agents or as they want to deploy new user interfaces or achieve more productivity, the data that they have in Salesforce and the ability to manage and share, keep that data reliable, available and scalable, the way that we do updates that we don't bring down our system, do an upgrade and an update like a lot of vendors still do, those kind of capabilities, that will be more important than ever. And I think that, that is going to be a huge driver for our growth going forward and provide the foundation for this future and what the future of the enterprise is going to look like. And I think it's a little bit different than in the consumer model.

現在，他們將我們視為他們未來的基本框架。當他們想要部署代理程式或想要部署新的使用者介面或實現更高的生產力時，他們在Salesforce 中擁有的資料以及管理和共享的能力，保持資料可靠、可用且可擴展，就像我們所做的那樣我們不會關閉我們的系統的更新，像許多供應商仍然做的那樣進行升級和更新，這些功能將比以往任何時候都更加重要。我認為，這將成為我們未來成長的巨大推動力，並為未來以及企業的未來奠定基礎。我認為這與消費者模型有點不同。

Your final question comes from the line of Mark Murphy from JPMorgan.

你的最後一個問題來自摩根大通的馬克墨菲。

Marc, you mentioned that there's a transformation of how we interact with software that's happening. And I'm curious if you sense any temporary pause as customers may be trying to digest the new innovations, the new pricing mechanisms. It includes consumption pricing. And perhaps there's going to be a pause that refreshes down the road as they ultimately gain comfort and start to move forward with the Einstein Copilots and all the other innovations that require a little bit of a different architecture, a different thought process.

馬克，您提到我們與軟體互動的方式正在轉變。我很好奇你是否感覺到任何暫時的停頓，因為客戶可能正在嘗試消化新的創新、新的定價機制。它包括消費定價。也許會有一個暫停，當他們最終獲得安慰並開始與愛因斯坦副駕駛和所有其他需要一點不同的架構、不同的思維過程的其他創新一起前進時，他們會在路上重新煥發活力。

Well, I think it's a very key question, which is Salesforce is managing many different kinds of pricing models. Obviously, like our Data Cloud is a consumption product. We've seen a clear path out to over $1 billion in revenue with that product. It uses consumption pricing. We look at our core SFA product, which is a product doing, I don't know, approximately $8 billion a year or Service Cloud doing approximately $8 billion a year. These are per user prices.

嗯，我認為這是一個非常關鍵的問題，Salesforce 正在管理許多不同類型的定價模式。顯然，像我們的數據雲是一種消費產品。我們已經看到該產品帶來超過 10 億美元收入的明確途徑。它使用消費定價。讓我們來看看我們的核心 SFA 產品，我不知道這是一個每年約 80 億美元的產品，還是每年約 80 億美元的 Service Cloud。這些是每個用戶的價格。

But when you buy Salesforce now and you're buying our products, you might be buying a new product that we have called UE+. And that's a product that we just introduced a few months ago. Now why is that exciting? Because UE+ is a hybrid pricing model that includes per user pricing and consumption pricing. It delivers for our customers the ability to deploy all the architectures that I articulated on the call today but to do it in an incredibly competitive price point.

但是，當您現在購買 Salesforce 並購買我們的產品時，您可能購買的是我們稱為 UE+ 的新產品。這是我們幾個月前剛推出的產品。為什麼這令人興奮？因為UE+是一種混合定價模型，包括以使用者定價和消費定價。它為我們的客戶提供了部署我今天在電話會議上闡述的所有架構的能力，而且是以極具競爭力的價格點來實現的。

And when we look at the very large customers that are deploying Salesforce, standardizing on our platform to deliver this kind of capability for the future, as we retrain our salespeople to be able to have the narrative that I have on the call today, this idea that we can deliver basically not only the #1 AI CRM, we see these incredible growth in our pipelines, as I mentioned, not only the kind of the next-generation price points and products like with UE+, but we have to deliver it with a level of customer success through our partners and the implementations at scale and also with the culture that Salesforce is known for. Those are really the five elements that we are really taking into consideration as we're moving forward.

當我們看到正在部署Salesforce 的大型客戶時，在我們的平台上進行標準化，以便為未來提供這種功能，同時我們重新培訓我們的銷售人員，使其能夠像我今天在電話會議上那樣進行敘述，這個想法我們基本上不僅可以提供排名第一的AI CRM，正如我所提到的，我們看到我們的管道中出現了令人難以置信的增長，不僅是像UE+ 這樣的下一代價格點和產品，而且我們必須以透過我們的合作夥伴和大規模實施以及 Salesforce 聞名的文化，客戶取得了一定程度的成功。這些確實是我們在前進過程中真正考慮的五個要素。

We think that we have the right mix, and we're spending a lot of time talking to our customers very, very closely. Don't think that there aren't a lot of people walking into these companies saying, "Hey, you can do this. You can do that. You can do these other things". We've seen a lot of that in the last 6 to 12 months, and then it turns out that you can't. "Hey, I can make this happen. I can make that happen. I can pull a rabbit out of the hat in the enterprise for you by doing this, that and the other thing," and then it doesn't actually happen. And then what it turns out is you got to do a lot of the hard work to make this AI happen, and that starts with building highly normalized, large-scale, federated, highly available data sources. And then building on top of that the kind of capabilities to deliver it to our customers.

我們認為我們擁有正確的組合，我們花了大量時間與客戶進行非常非常密切的交談。不要認為沒有很多人走進這些公司說：「嘿，你可以做這個。你可以做那個。你可以做其他這些事情」。在過去的 6 到 12 個月裡，我們已經看到了很多這樣的情況，但事實證明你做不到。 「嘿，我可以讓這件事發生。我可以讓那件事發生。我可以透過做這個、那個和其他事情來為你在企業中變出一隻兔子，」然後它實際上並沒有發生。事實證明，你必須做很多艱苦的工作才能實現這種人工智慧，而這首先要建立高度規範化、大規模、聯合、高度可用的資料來源。然後在此基礎上建立將其交付給客戶的能力。

I think a common story is, "Hey, oh, yes, I am a provider of a data lake or a data capability. And just by going to that, I'm going to be able to provide all your AI." But then it turns out that no one in the enterprise actually uses that product. There is no UI that's commonly accessed. That's why I'm so excited that Salesforce has Sales Cloud and Service Cloud and Tableau and Slack and all of our amazing products that have these huge numbers of users that use these products every single day in a trusted, scalable way and then connecting that into this new capability. That's where the magic is going to happen.

我認為一個常見的故事是，“嘿，哦，是的，我是數據湖或數據能力的提供者。只要做到這一點，我就能夠為您提供所有的人工智慧。”但事實證明，企業中沒有人真正使用該產品。沒有經常存取的 UI。這就是為什麼我如此興奮，因為Salesforce 擁有銷售雲端和服務雲端、Tableau 和Slack 以及我們所有令人驚嘆的產品，這些產品擁有大量用戶，他們每天以可信賴、可擴展的方式使用這些產品，然後將其連接到這項新功能。這就是奇蹟發生的地方。

By the time we get to Dreamforce, and for those of you who maybe were at our Connections Conference or our last World Tour in New York or even TrailheaDX, we haven't heard gasps in the audience when we demoed the products in, I think, maybe ever. Like, some of the new technologies incredible we're able to deliver for our customers, and I think that it's going to be extremely exciting going forward, and it will be delivered with a variety of new business models and pricing models. But at the end of the day, we're going to have to be a trusted partner to these customers delivering this AI at scale.

當我們到達 Dreamforce 時，對於那些可能參加過我們的 Connections 會議或我們上一次在紐約舉行的世界巡演甚至 TrailheaDX 的人來說，當我們演示產品時，我們還沒有聽到觀眾的喘息聲，我想，也許曾經。例如，我們能夠為客戶提供一些令人難以置信的新技術，我認為未來將會非常令人興奮，並且它將透過各種新的商業模式和定價模式來提供。但最終，我們必須成為這些大規模提供人工智慧的客戶值得信賴的合作夥伴。

Great. We want to thank everyone for joining the call today, and we look forward to seeing everyone over the coming weeks.

偉大的。我們要感謝大家今天加入電話會議，並期待在未來幾週內見到大家。

This concludes today's conference call. Thank you for your participation. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。