賽富時 (CRM) 2025 Q3 法說會逐字稿

Welcome to Salesforce's fiscal 2025 third-quarter results conference call. (Operator Instructions)

歡迎參加 Salesforce 2025 財年第三季業績電話會議。 （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, Regina. Good afternoon, and thanks for joining us today on our fiscal 2025 third-quarter results conference call. Our press release, SEC filings, and a replay of today's call can be found on our website. Joining me on the call today is Marc Benioff, Chair and CEO; Amy Weaver, President and Chief Financial Officer; and Brian Millham, President and Chief Operating Officer.

謝謝，雷吉娜。下午好，感謝您今天參加我們的 2025 財年第三季業績電話會議。我們的新聞稿、美國證券交易委員會 (SEC) 文件以及今天電話會議的重播可以在我們的網站上找到。今天和我一起參加電話會議的是董事長兼執行長馬克‧貝尼奧夫 (Marc Benioff)；艾米‧韋弗 (Amy Weaver)，總裁兼財務長；以及總裁兼營運長布萊恩·米爾漢姆 (Brian Millham)。

As a reminder, our commentary today will include non-GAAP measures. Reconciliations between our GAAP and non-GAAP results and guidance can be found in our earnings materials and press release. Some of our comments today may contain forward-looking statements that are subject to risks, uncertainties, and assumptions which could change. Should any of these risks materialize or should our assumptions prove to be incorrect, actual company results could differ materially from these forward-looking statements.

提醒一下，我們今天的評論將包括非公認會計原則措施。我們的公認會計原則和非公認會計原則結果和指導之間的調節可以在我們的收益資料和新聞稿中找到。我們今天的一些評論可能包含前瞻性陳述，這些陳述可能會受到風險、不確定性和可能變化的假設的影響。如果這些風險中的任何一個成為現實，或者我們的假設被證明是不正確的，公司的實際結果可能與這些前瞻性聲明有重大差異。

A description of these risks and 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.

這些風險、不確定性、假設以及其他可能影響我們財務表現的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 表格報告以及任何其他 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. Well, thanks so much, Mike. And I just really appreciate everybody being on the call today. We have so many exciting things to talk about, and I hope you all had a great Thanksgiving. I'm incredibly excited about these results that we've delivered in the quarter and very strong performance across revenue, operating margin, CRPO, and cash flow. But as I'm sure everybody knows on the quarter; these numbers are not what we're really excited about at Salesforce. And while the quarter numbers are fantastic, the real excitement is really what is hitting with the technology, and I'm really excited to talk to you about that.

好的。嗯，非常感謝，麥克。我真的很感謝今天大家來參加電話會議。我們有很多令人興奮的事情要談論，我希望你們都度過了一個愉快的感恩節。我對我們在本季度交付的這些業績以及在收入、營業利潤率、CRPO 和現金流方面非常強勁的表現感到非常興奮。但我確信每個人都知道本季的情況；這些數字並不是 Salesforce 真正讓我們感到興奮的。雖然季度數據非常棒，但真正令人興奮的是技術的發展，我很高興能與您談論這一點。

But before we do, let's do talk about that incredible financial transformation that we have gone -- undergone over the last few years. You're going to hear more from Brian and Amy about what we're doing to redefine success, delivering this kind of financial value for our customers, but achieving these incredible results. So this is about so much more than another great quarter. We're really at the edge of a revolutionary transformation. This is really the rise of digital labor.

但在此之前，讓我們先談談過去幾年我們所經歷的令人難以置信的財務轉型。您將從 Brian 和 Amy 那裡聽到更多關於我們正在做什麼來重新定義成功，為我們的客戶提供這種財務價值，並取得這些令人難以置信的成果。因此，這不僅僅是另一個偉大的季度。我們確實處於革命性變革的邊緣。這確實是數位勞動力的興起。

Now, for the last -- I would say for the last 25 years at Salesforce, we've been helping companies to manage and share their information and you can see that across our whole product line and whether it's in sales or service or marketing or commerce, whether it's analytics, Slack, across the board. But now, we've really created a whole new market, a new TAM, a TAM that is so much bigger and so much more exciting than the data management market that it's hard to get our head completely around. This is the market for digital labor. And Salesforce has become, right out of the gate here, the largest supplier of digital labor, and this is just the beginning. And it's all powered by these autonomous AI agents. All of you know that this is fundamentally reshaping how businesses operate.

現在，我要說的是，在Salesforce 的過去25 年裡，我們一直在幫助公司管理和分享他們的訊息，您可以在我們的整個產品線中看到這一點，無論是在銷售、服務、行銷還是商業，無論是分析、Slack，還是全面的。但現在，我們確實創造了一個全新的市場，一個新的 TAM，一個比資料管理市場更大、更令人興奮的 TAM，以至於我們很難完全理解。這就是數位勞動力的市場。 Salesforce 已經成為最大的數位勞動力供應商，而這只是開始。這一切都由這些自主人工智慧代理提供支援。大家都知道，這從根本上重塑了企業的運作方式。

It's fundamentally shaping how we operate our business and how we think about the industry itself and how you're thinking about the industry, how we're thinking about Salesforce. And with Salesforce, Agentforce, we're not just imagining this future. We're already delivering it. And you so know that in the last week of the quarter, Agentforce went production. We delivered 200 deals, and our pipeline is incredible for future transactions. We can talk about that with you on the call, but we've never seen anything like it. We don't know how to characterize it.

它從根本上塑造了我們經營業務的方式、我們對行業本身的看法以及您對行業的看法，以及我們對 Salesforce 的看法。借助 Salesforce、Agentforce，我們不僅僅只是想像這個未來。我們已經在交付了。您知道，在本季度的最後一周，Agentforce 投入生產。我們交付了 200 筆交易，我們的管道對於未來的交易來說是令人難以置信的。我們可以在電話中與您討論這個問題，但我們從未見過類似的情況。我們不知道如何描述它的特徵。

This is really a moment where productivity is no longer tied to workforce growth, but through this intelligent technology that can be scaled without limits. And Agentforce represents this next evolution of Salesforce.

這確實是一個生產力不再與勞動力成長掛鉤的時刻，而是透過這種可以無限擴展的智慧技術。 Agentforce 代表了 Salesforce 的下一代發展。

This is a platform now, Salesforce as a platform or AI agents work alongside humans in a digital workforce that amplifies and augments human capabilities and delivers with unrivaled speed, and you can see that I'm going to get into it. You go to help.salesforce.com, you can see we've unleashed that on our entire support organization already. We've created this incredible agenetic layer around the whole company. And this is just the beginning of a complete digital transformation for the world.

現在這是一個平台，Salesforce 作為一個平台或人工智慧代理與數位勞動力中的人類一起工作，放大和增強人類的能力並以無與倫比的速度交付，您可以看到我將進入它。您造訪 help.salesforce.com，您可以看到我們已經在整個支援組織中釋放了這一點。我們在整個公司周圍創建了這個令人難以置信的遺傳層。這只是世界全面數位轉型的開始。

On top of the agenetic layer, we'll soon see a robotic layer as well where these agents will manifest into robots. And how all this is going to change society is only visible today in the movies or in our imaginations, but we can see it unfolding right here through this company, Salesforce. And that is what we are really excited about.

在遺傳層之上，我們很快就會看到機器人層，這些代理將在其中顯現為機器人。這一切將如何改變社會，如今只能在電影或我們的想像中看到，但我們可以透過 Salesforce 這家公司看到它的展開。這就是我們真正感到興奮的事情。

These agents are not tools. They are becoming collaborators. They're working 24/7 to analyze data, make decisions, take action, and we can all start to picture this enterprise managing millions of customer interactions daily with Agentforce seamlessly resolving issues, processing transactions, anticipating customer needs, freeing up humans to focus on the strategic initiatives, and building meaningful relationships.

這些代理不是工具。他們正在成為合作者。他們全天候(24/7) 分析數據、制定決策、採取行動，我們都可以開始想像這家企業每天使用Agentforce 管理數百萬次客戶交互，無縫解決問題、處理交易、預測客戶需求，讓人們能夠集中精力策略舉措，並建立有意義的關係。

And this is going to evolve into customers that we have, whether it could be a large hospital or a large hotel where not only are the agents working 24/7, but robots are also working side by side with humans, robots manifestations of agents this idea that it's all happening before our eyes and that this isn't just some far-off future. It's happening right now.

這將演變成我們擁有的客戶，無論是大型醫院還是大型酒店，那裡不僅有客服人員 24/7 工作，而且機器人也與人類並肩工作，機器人是客服人員的表現形式認為這一切都發生在我們眼前，而且這不僅僅是遙遠的未來。它現在正在發生。

And with Agentforce, we're unleashing this new era of digital labor for every business, in every industry. And the implications are just simply profound. For decades, economic growth dependent on expanding the human workforce. It was all about getting more labor. But with labor and with the labor force stagnating globally, Agentforce is unlocking a new path forward. It's a new level of growth for the world and for our GPT and businesses no longer need to choose between scale and efficiency with agents, they can achieve both. And our customers are already experiencing this transformation.

透過 Agentforce，我們正在為每個產業、每個企業開啟數位勞動力的新時代。其影響是深遠的。幾十年來，經濟成長依賴勞動力的擴張。這一切都是為了獲得更多勞動力。但隨著勞動力和全球勞動力的停滯，Agentforce 正在開闢一條新的前進道路。對於世界來說，這是一個新的成長水平，對於我們的 GPT 來說，企業不再需要在代理商的規模和效率之間進行選擇，他們可以實現兩者。我們的客戶已經在經歷這種轉變。

Agentforce is deflecting service cases and resolving issues, processing, qualifying leads, helping close more deals, creating optimizing marketing campaigns, all at an unprecedented scale, 24/7. We all saw this unfolding at Dreamforce in San Francisco. You were all there. I really appreciate you all coming and being with us.

Agentforce 正在以前所未有的規模（24/7）轉移服務案例並解決問題、處理、篩選潛在客戶、協助完成更多交易、創建優化行銷活動。我們都在舊金山的 Dreamforce 看到了這一切的發生。你們都在那裡。我真的很感謝你們大家的到來並與我們在一起。

But I think what you saw and what was remarkable was the huge thirst that our customers had for this and how they built more than 10,000 agents in three days. And I think you know that we then unleashed a world tour of that program, and we have now built thousands and thousands of more agents in these world tours all over the world, giving our customers the ability to understand and get their hands on the technology and envision for their own companies what they're going to do.

但我認為您所看到的、值得注意的是我們的客戶對此的巨大渴望以及他們如何在三天內建立了 10,000 多個代理商。我想你知道，我們隨後啟動了該計劃的世界巡演，現在我們在世界各地的這些世界巡演中建立了成千上萬的代理，使我們的客戶能夠了解並掌握該技術並為自己的公司設想他們將要做什麼。

And now, we're seeing this demand for Agentforce like, as I've said, just became available on October 24 and we're already seeing this incredible velocity. More than 200 Agentforce deals just in Q3, it doesn't mean anything because the pipeline is in the thousands or potential transactions that are coming up in future quarters. So companies like FedEx, Adecco, Accenture, Ace Hardware, IBM, RBC Wealth Management, and many more are now building their digital labor forces on the Salesforce platform with Agentforce. So that is the largest and most important companies in the world across all geographies, across all industries are now building and delivering agents.

現在，我們看到了對 Agentforce 的這種需求，正如我所說，它剛剛在 10 月 24 日推出，而且我們已經看到了這種令人難以置信的速度。光是第三季就有超過 200 筆 Agentforce 交易，這沒有任何意義，因為未來幾季可能會出現數千筆交易或潛在交易。因此，FedEx、Adecco、Accenture、Ace Hardware、IBM、RBC Wealth Management 等公司現在正在利用 Agentforce 在 Salesforce 平台上建立數位勞動力。因此，世界上所有地區、所有行業中最大、最重要的公司現在都在建立和提供代理商。

And Salesforce is unique as we are perhaps one of the only companies at scale in an enterprise that is now delivering this globally. We could not be more excited. We could not be more proud of our teams, our technology teams, our engineering teams, our product teams, our marketing teams, and our distribution teams who are getting this to market first.

Salesforce 是獨一無二的，因為我們可能是目前在全球範圍內提供此服務的企業中唯一具有規模的公司之一。我們非常興奮。我們為我們的團隊、技術團隊、工程團隊、產品團隊、行銷團隊和分銷團隊感到無比自豪，他們率先將這款產品推向市場。

And look, we are not only prepared for this agent-faced -- agent-first feature; we're leading it for our customers and ourselves. And as you know, we pride ourselves on being customer zero for all of our products, and Agentforce is no exception. We're excited to share that Agentforce is now live on help.salesforce.com. I hope that you've all gone there and checked it out.

看，我們不僅為這個面向代理的代理優先功能做好了準備；我們正在為我們的客戶和我們自己引領這一趨勢。如您所知，我們為所有產品成為零客戶而感到自豪，Agentforce 也不例外。我們很高興地告訴大家，Agentforce 現已在 help.salesforce.com 上上線。我希望你們都去過那裡並檢查過。

You might have also noticed that we have a test going on for our US customers, where we put an agent at the front of our website as well to kind of see what that is like. This is an ungrounded agent, but it's really a vision for what the potential of what agents can be doing at every part of marketing. Our help portal, help.salesforce.com, which is now live.

您可能還注意到，我們正在為美國客戶進行測試，我們也在網站的前面放置了一個代理，以了解情況如何。這是一個不接地氣的代理商，但它確實是對代理商在行銷各個部分可以發揮的潛力的願景。我們的協助入口網站 help.salesforce.com 現已上線。

This portal, this is our primary support mechanism for our customers. It lets them authenticate in, it then becomes grounded with the agent, and that Help portal already is handling 60 million sessions and more than 2 million support cases every year now that is 100% on Agentforce. It's going to have dramatic implications for our company from not only the technology point of view, but also from a human resource point of view, where we can really start to look at how are we going to rebalance our headcount into areas that now are fully automated and to into areas that are critical for us to grow like distribution.

這個門戶是我們為客戶提供的主要支援機制。它允許他們進行身份驗證，然後與代理商建立聯繫，幫助入口網站每年已經處理 6000 萬個會話和超過 200 萬個支援案例，現在 100% 在 Agentforce 上。這不僅從技術的角度來看，而且從人力資源的角度來看，都將對我們公司產生巨大的影響，我們可以真正開始考慮如何將我們的員工數量重新平衡到現在完全成熟的領域。進入對我們發展至關重要的領域，例如分銷。

I think you've all heard that we're trying to hire 1,000, 2,000 more salespeople because we see not only maximize our productivity of our current sales force over the last couple of years, but we just need to grow and expand to reflect this incredible distribution opportunity. It's a once-in-a-lifetime opportunity to really help customers achieve something they could never have done before. And while these legacy chatbots have handled these basic tasks like password resets and other basic mundane things, Agentforce is really unlocking an entirely new level of digital intelligence and operational efficiency at this incredible scale.

我想你們都聽說過，我們正試圖再僱用1,000 名、2,000 名銷售人員，因為我們不僅看到在過去幾年中最大限度地提高了現有銷售人員的生產力，而且我們只需要成長和擴張來反映這一點難以置信的分銷機會。這是一個千載難逢的機會，可以真正幫助客戶實現他們以前從未做過的事情。雖然這些傳統聊天機器人已經處理了密碼重設等基本任務和其他基本的日常事務，但 Agentforce 確實以令人難以置信的規模解鎖了全新水平的數位智慧和營運效率。

Now, when you use help.salesforce.com, especially as authenticated users, as I mentioned, you're going to see this incredible level of accuracy and responsiveness and you're going to see remarkably low hallucinogenic performance whether for solving simple queries or navigating complex service issues because Agentforce is not just grounded in our Salesforce data and metadata including the repository of 740,000 documents and 17 languages, it's also grounded in each customer's data, their purchases, returns. That data it's that 200 petabytes or through 200 to 300 petabytes of Salesforce data that we have that gives us this kind of, I would say, almost unfair advantage with Agentforce because our agents are going to be more accurate in the least (inaudible) of any because they have access to this incredible capability.

現在，當您使用help.salesforce.com 時，尤其是作為經過驗證的用戶，正如我所提到的，您將看到這種令人難以置信的準確性和響應能力，並且無論是解決簡單的查詢還是解決問題，您都會看到非常低的致幻效能。每個客戶的資料及其購買和退貨。我想說的是，我們擁有的200 PB 或200 到300 PB 的Salesforce 數據為我們帶來了Agentforce 的這種幾乎不公平的優勢，因為我們的代理商在至少（聽不清楚）的情況下會更加準確。

And Agentforce can instantly reason over this vast amounts of data, deliver precise personalizing answers with citations in seconds, and Agentforce can seamlessly hand off to support engineers, delivering them complete summary and recommendation as well. And you can all try this today. This isn't some fantasy land future idea this is today reality.

Agentforce 可以立即對大量資料進行推理，在幾秒鐘內提供精確的個人化答案和引用，而 Agentforce 可以無縫地移交給支援工程師，並為他們提供完整的摘要和建議。今天大家都可以嘗試看看。這不是幻想中的未來想法，而是今天的現實。

I just want to compare and contrast that against other companies who say they are doing enterprise AI. You can look at even Microsoft. We all know about Copilot, it's been out, it's been touted now for a couple of years. We've heard about CoPilot. We've seen the demo. In many ways, it's just repackaged ChatGPT.

我只是想與其他自稱正在做企業人工智慧的公司進行比較和對比。你甚至可以看看微軟。我們都知道 Copilot，它已經推出，並且已經被熱捧了好幾年了。我們聽過副駕駛。我們已經看過示範了。從很多方面來說，它只是重新包裝的ChatGPT。

You can really see the difference where Salesforce now can operate its company on our platform. And I don't think you're going to find that on Microsoft's website, are you? I know many of you are specialists in Microsoft, go ahead and try to find this running on microsoft.com, and I'll be looking forward to -- your responses.

您可以真正看到 Salesforce 現在可以在我們的平台上經營其公司的差異。我認為您不會在微軟的網站上找到它，對嗎？我知道你們中的許多人都是 Microsoft 的專家，請繼續嘗試在 microsoft.com 上運行此程序，我將期待 — 您的回應。

Look, we expect that our own transformation with Agentforce on help.salesforce.com and in many other areas of our company, it is going to deflect between a quarter and half of annual case volume and in optimistic cases, probably much, much more of that. Agentforce is going to deliver the same unprecedented accuracy, speed and cost savings to our customers.

看，我們預計我們自己在help.salesforce.com 上透過Agentforce 進行的轉型以及我們公司的許多其他領域的轉型，年度案例量將減少四分之一到一半，在樂觀的情況下，可能會減少更多。 Agentforce 將向我們的客戶提供同樣前所未有的準確性、速度和成本節約。

Now, when we look at customers that are starting to implement this today, there's a lot of great examples. One of them is the smart home security provider, Vivint. They've struggled with this high volume of support calls, a high churn rate for service reps; it's a common story. But now using the Agentforce, Vivint has created a digital support staff to autonomously provide support through their app, their website, troubleshooting, a broad variety of issues across all their customer touch points.

現在，當我們看到今天開始實施這一點的客戶時，有很多很好的例子。其中之一是智慧家庭安全提供者 Vivint。他們一直在努力應對大量的支援電話、服務代表的高流失率；這是一個常見的故事。但現在，Vivint 使用 Agentforce 創建了一支數位支援人員，透過他們的應用程式、網站、故障排除以及所有客戶接觸點的各種問題自主提供支援。

And in addition, Vivint is planning to utilize Agentforce to further automate technician scheduling, payment request, proactive issue resolution, the use of device telemetry because Agentforce is across the entire sales force product line and including Slack.

此外，Vivint 還計劃利用 Agentforce 進一步自動化技術人員調度、付款請求、主動問題解決和設備遙測的使用，因為 Agentforce 遍及整個銷售團隊產品線，包括 Slack。

So now, here's another great customer example that's already incredible to work they've already done to get this running and going in their company at Deco, the world's leading provider of talent solutions, handling 300 million job applications annually. But historically, they have just not been able to go through or respond in a timely way, of course, to the vast majority of applications that they're gating. But now, the Agentforce is going to operate an incredible scale, sorting through the millions of resumes, 24/7 matching candidates to opportunities proactively prequalifying them for recruiters. And in addition, Agentforce can also assess candidates helping them to refine their resumes, giving them a better chance of qualifying for a role.

現在，這是另一個很好的客戶例子，他們已經做了令人難以置信的工作，以使其在Deco 公司中運行和運行，Deco 是世界領先的人才解決方案提供商，每年處理3 億份工作申請。但從歷史上看，他們無法及時審查或回應他們正在審查的絕大多數申請。但現在，Agentforce 的營運規模將達到令人難以置信的規模，對數百萬份履歷進行分類，24/7 全天候地將候選人與機會相匹配，並主動為招募人員進行資格預審。此外，Agentforce 還可以評估候選人，幫助他們完善履歷，讓他們有更好的機會獲得職位資格。

Now, listen. We have been talking on these earnings calls for, I don't know, more than a year, maybe two years, why Salesforce has an unfair advantage in AI? I think we took one earnings call just to talk about the power of data and what the power of data meant for Salesforce. Now you're really seeing that get manifested right into the customer themselves in getting that value. We are not just pull us off -- delivering the philosophy anymore.

現在，聽著。我不知道，我們已經討論這些獲利電話一年多了，也許兩年了，為什麼 Salesforce 在人工智慧方面擁有不公平的優勢？我認為我們召開一次財報電話會議只是為了討論資料的力量以及資料的力量對 Salesforce 意味著什麼。現在，您確實看到了這一點在客戶本身中得到了體現，從而獲得了價值。我們不再只是傳遞理念。

We're really showing you that, yes, Salesforce is already the largest supplier of enterprise AI in the world, 2 trillion Einstein transactions a week, no one is delivering this level of enterprise AI that we are. But now we're not just delivering that Einstein transaction, we're delivering these incredible Agentforce capabilities as well. This is a bold leap into the future of work where AI agents with humans unite to transform all of our customer interactions.

我們確實在向您展示，是的，Salesforce 已經是世界上最大的企業 AI 供應商，每週 2 兆個 Einstein 交易，沒有人能夠像我們一樣提供這種級別的企​​業 AI。但現在我們不僅提供 Einstein 交易，我們還提供這些令人難以置信的 Agentforce 功能。這是向未來工作的大膽飛躍，人工智慧代理與人類聯合起來改變我們所有的客戶互動。

Another powerful example is a nonprofit, College Possible. College Possible matches eligible students with counselors to help them navigate and become ready for college. And in California, for example, the statewide average stands at slightly over one counselor for every 500 students. It just isn't enough. Where are we going to get all that labor. Well, we know whether we're going to get that labor. We're going to get it from Agentforce. This means the vast majority of students are not getting the help they need, and now they are going to get the help they need.

另一個有力的例子是非營利組織「Collegepossible」。大學可能將符合條件的學生與輔導員匹配，幫助他們導航並為上大學做好準備。例如，在加州，全州平均每 500 名學生配備一名輔導員略多。這還不夠。我們從哪裡得到所有這些勞動力。好吧，我們知道我們是否會得到那個勞動力。我們將從 Agentforce 獲取它。這意味著絕大多數學生沒有獲得他們需要的幫助，而現在他們將獲得他們需要的幫助。

Colleges Possible creates a virtual counselor built on Agentforce and under a week. They already had all the data. They have the metadata, they already knew the students. They already had all of the capabilities built into their whole Salesforce application; it was just a flip of a switch. I mean you have to think about that for just a second.

Colleges Maybe 創建了一個基於 Agentforce 的虛擬輔導員，耗時不到一周。他們已經掌握了所有數據。他們擁有元數據，他們已經了解學生。他們已經將所有功能內建到整個 Salesforce 應用程式中；這只是一個開關的翻轉。我的意思是你必須考慮一下。

We have 135,000 customers and those 135,000 customers have now been endowed with Agentforce. It's in every single one of those implementations today. It's just a switch that needs to get flipped on. And our job is to motivate, to excite to inspire our customers to turn that switch on right now.

我們擁有 135,000 名客戶，這 135,000 名客戶現已獲得 Agentforce。今天，它存在於每一個實現中。這只是一個需要打開的開關。我們的工作就是激勵、激勵我們的客戶立即打開這個開關。

And when you look at College Possible, yes, it's very exciting. Any high school student will have access to this college counselor that knows about their goals, their transcripts, all the information on the colleges that can deliver this highly precise experience for them. But why? It's because all of the work and the data and the capability that College Possible has put into Salesforce over the years and years that they had it. It's not the week that it took to get them to turn it on. They have done a lot of work.

當你看到“大學可能性”時，是的，這非常令人興奮。任何高中生都可以聯繫這位大學輔導員，他了解他們的目標、成績單以及可以為他們提供這種高度精確的體驗的大學的所有資訊。但為什麼？這是因為 College Maybe 多年來投入 Salesforce 的所有工作、數據和能力，他們都擁有。這不是讓他們打開它所需的一周。他們做了很多工作。

And when you look at those 135,000 customers that we have, they have so much work in the Salesforce to organize and get all that data and workflow ready and now they can just turn those agents on. Now, we're working with across all kinds of industries to do so many different and exciting areas. We could go on and on and on.

當你看到我們擁有的 135,000 名客戶時，他們在 Salesforce 中做了很多工作來組織和準備所有資料和工作流程，現在他們可以開啟這些代理程式。現在，我們正在與各行各業合作，在許多不同且令人興奮的領域開展工作。我們可以繼續說下去。

Now, over the last few years, we've really aggressively invested in integrating all of our apps on a single core platform with shared services for security workflow user interfaces more. We've been rewriting all of our acquisitions into that common area. We're really looking at how do we take all of our applications and all of our acquisitions, everything and delivered into one consistent platform, we call that More Core internally inside Salesforce.

現在，在過去的幾年裡，我們確實積極投資將我們的所有應用程式整合在一個核心平台上，並提供更多安全工作流程使用者介面的共享服務。我們一直在將所有收購重寫到這個共同領域。我們真正關注的是如何將我們所有的應用程式和所有收購的所有內容交付到一個一致的平台中，我們在 Salesforce 內部稱之為「更多核心」。

And when you look at that More Core initiative, I don't think there's anyone who delivers this comprehensive platform: sales, service, marketing, commerce, analytics, Slack, all of it as one piece of code. And then now deeply integrated in that one piece of code is also our data cloud. That is a key part of our strategy, which continues to have this phenomenal momentum as well to help customers unify and federate with zero-copy data access across all their data and metadata, which is crucial for AI to work.

當你看到 More Core 計劃時，我認為沒有人能夠提供這個綜合平台：銷售、服務、行銷、商務、分析、Slack，所有這些都作為一段程式碼。現在，我們的資料雲也深度整合到了這段程式碼中。這是我們策略的關鍵部分，該策略將繼續保持這種驚人的勢頭，幫助客戶統一和聯合跨所有數據和元數據的零複製數據訪問，這對於人工智慧的發揮至關重要。

And now, that third layer is really opening up for us, which is this agenetic layer. We have built this agenetic layer that takes advantage of all the investments in Salesforce for our customers and made it in our platform. It's really these three layers. And in these three layers that form a complete AI system for enterprises and really uniquely differentiate Salesforce uniquely differentiate Agentforce from every other AI platform that this is one piece of code. This isn't like three systems. It's not a bunch of different apps all running independently. This is all one piece of code. That's why it works so well, by the way, because it is one platform. And we understand that this extraordinary technology is -- also require us to have some kind of extraordinary responsibility.

現在，第三層真正對我們開放，這就是非遺傳層。我們已經建立了這個遺傳層，它利用了我們客戶在 Salesforce 上的所有投資，並將其納入我們的平台中。確實是這三層。在這三層中，為企業形成了完整的人工智慧系統，並真正使 Salesforce 與眾不同，Agentforce 與其他人工智慧平台的獨特區別在於，這是一段程式碼。這不像三個系統。它不是一堆獨立運行的不同應用程式。這都是一段程式碼。順便說一下，這就是它運作得這麼好的原因，因為它是一個平台。我們知道，這項非凡的技術──也要求我們承擔某種非凡的責任。

That Salesforce trust is our number one value. It's never been more critical, especially with this pioneering new technology. We're committed to building Agentforce with accountability and fairness and transparency at the core, and we've been focusing on empowering our customers and partners to also navigate this era, equipping them with the tool skills and education of thrive in an AI-driven economy. You know that because you've heard so many presentations and thoughts on this that we've put together with our team and because we -- obviously, this is just our latest moment in AI.

Salesforce 的信任是我們的第一價值觀。它從未如此重要，尤其是對於這項開創性的新技術。我們致力於打造以問責制、公平和透明為核心的 Agentforce，我們一直致力於幫助我們的客戶和合作夥伴駕馭這個時代，為他們提供在人工智慧驅動的環境中蓬勃發展的工具技能和教育。經濟。你知道這一點，因為你已經聽過我們與我們的團隊對此進行的如此多的演講和想法，而且因為我們——顯然，這只是我們在人工智慧領域的最新時刻。

So the transformation is not without challenges. Jobs are going to evolve, roles are going to shift, and businesses will need to adapt. And listen, at Salesforce, jobs are going to evolve and roles will shift and businesses will need to adapt as well. We're all going to need to rebalance our workforce. This is the agents take on more of the workforce. And then we can rebalance and reshape our companies into new ways.

因此，轉型並非沒有挑戰。工作將會發生變化，角色將會發生變化，企業也需要適應。聽著，在 Salesforce，工作將會發生變化，角色將會發生變化，企業也需要適應。我們都需要重新平衡我們的勞動力。這是代理人承擔了更多的勞動力。然後我們可以重新平衡並重塑我們的公司，以新的方式進行。

History has shown us that with every disruption comes an explosion of new opportunities. This morning, I was on the phone with one of our large customers, and they were telling me how they're targeting inside their company, 25% more efficiency with artificial intelligence, incredible goal.

歷史告訴我們，每一次顛覆都會帶來新機會的爆發。今天早上，我和我們的一位大客戶通了電話，他們告訴我他們如何在公司內部定位，利用人工智慧將效率提高 25%，這是一個令人難以置信的目標。

This is an incredible moment. Entire industries are going to emerge, fueled by innovation and creativity of people using Agentforce to solve challenges to reach new heights. It's just the beginning of a level of innovation and change that none of us have really ever seen. It's a radical expansion of our total addressable market. And it's really the beginning of a change that we're going to see that's including agents. It's going to include robots. That's going to include the use of the data, the metadata and all the technology that we've been pioneering now for the last several decades.

這是一個令人難以置信的時刻。在人們使用 Agentforce 解決挑戰並達到新高度的創新和創造力的推動下，整個行業將會出現。這只是我們從未真正見過的創新和變革水平的開始。這是我們整個潛在市場的徹底擴張。這確實是我們將看到的變革的開始，其中包括代理商。其中將包括機器人。這將包括資料、元資料以及過去幾十年來我們一直在開拓的所有技術的使用。

This is more than a technological revolution. It's an opportunity to create a better future for all of us. And at Salesforce, we believe, business is the greatest platform for change. And with Agentforce, we're leading the way into a new horizon of digital labor. We're excited to take this vision for deploying a digital labor force for every organization even further.

這不僅僅是一場科技革命。這是為我們所有人創造更美好未來的機會。在 Salesforce，我們相信，業務是變革的最大平台。借助 Agentforce，我們正在引領數位勞動力的新領域。我們很高興能夠進一步實現為每個組織部署數位勞動力的願景。

And you're going to -- now, and this is incredible, even able to say this because we just introduced Agentforce in October, but I want to invite all of you to join us for the launch of Agentforce 2.0. And it is incredible what you are going to see the advancements in the technology already are amazing and accuracy and the ability to deliver additional value. And we hope that you're going to join us in San Francisco. This is going to happen on December 17. You'll see Agentforce 2.0 for the first time, and you're not going to believe it, you're not going to want to miss it.

現在，這真是令人難以置信，甚至可以這麼說，因為我們剛剛在 10 月推出了 Agentforce，但我想邀請大家加入我們，共同推出 Agentforce 2.0。令人難以置信的是，您將看到技術的進步已經令人驚嘆，準確性以及提供附加價值的能力。我們希望您能在舊金山加入我們。這將在 12 月 17 日發生。

And now, over to Brian.

現在，交給布萊恩。

Thanks, Marc. Really appreciate it. I've been at Salesforce almost as long as Marc and Parker, and this is the most exciting time in my career. As a company, we redefined enterprise software with cloud and social, mobile, and predictive AI over the past 25 years and now we're doing it again with Agentforce. As Marc said, this is the beginning of a revolutionary transformation that will fundamentally redefine how we work and how work gets done.

謝謝，馬克。真的很感激。我在 Salesforce 工作的時間幾乎與 Marc 和 Parker 一樣長，這是我職業生涯中最激動人心的時刻。作為一家公司，我們在過去 25 年透過雲端、社交、行動和預測人工智慧重新定義了企業軟體，現在我們透過 Agentforce 再次這樣做。正如馬克所說，這是革命性變革的開始，將從根本上重新定義我們的工作方式和完成工作的方式。

Our strong results in the quarter reflect the trust our customers, partners, and stakeholders have in the Salesforce to lead them into this new agent-first world. We made great progress in the quarter against Salesforce growth pillars, first and foremost with Agentforce and Data Cloud, but also with our multi-cloud deals, international expansion, industry solutions and our ecosystem. Agentforce will enable companies to achieve a new era of abundance with more efficiency, more productivity, even stronger customer relationships, higher margins, and higher revenues across every industry. It's a new technology model and a new business model, and we built a complete agent-first platform for customers that will save them millions of dollars and provide them with limitless workforces to drive greater value.

我們本季的強勁業績反映了我們的客戶、合作夥伴和利害關係人對 Salesforce 的信任，相信 Salesforce 能夠帶領他們進入這個新的代理商優先世界。本季我們在 Salesforce 成長支柱方面取得了巨大進展，首先是 Agentforce 和資料雲，還有我們的多雲交易、國際擴張、產業解決方案和我們的生態系統。 Agentforce 將使各行業的公司能夠以更高的效率、更高的生產力、更強的客戶關係、更高的利潤和更高的收入進入一個富裕的新時代。這是一種新的技術模式和新的商業模式，我們為客戶建立了一個完整的代理優先平台，這將為他們節省數百萬美元，並為他們提供無限的勞動力來推動更大的價值。

Companies like reMarkable and Wiley are already seeing incredible results. Wiley, an early adopter, is resolving cases over 40% faster with Agentforce than their previous chat bot. Heathrow Airport, one of the busiest airports in the world, will be able to respond to thousands of travelers inquiries instantly, accurately and simultaneously. SharkNinja, a new logo in the quarter, chose Agentforce and Commerce Cloud to deliver 24/7 personalized support for customers across 28 international markets and unifying its service operations.

reMarkable 和 Wiley 等公司已經取得了令人難以置信的成果。 Wiley 是早期採用者，使用 Agentforce 解決案件的速度比之前的聊天機器人快了 40% 以上。希思羅機場是世界上最繁忙的機場之一，將能夠即時、準確、同時回應數千名旅客的詢問。 SharkNinja 是本季的新標誌，它選擇 Agentforce 和 Commerce Cloud 為 28 個國際市場的客戶提供 24/7 個性化支持，並統一其服務營運。

Our customer success with Agentforce and our AI solutions is driving strong results. In Q3, the number of wins greater than $1 million with AI more than tripled year over year. and we signed more than 2,000 AI deals, including more than the 200 Agentforce wins that Marc shared. To capture this increased demand for Agentforce, we're hiring 1,400 AEs globally in our fourth quarter, and we're also using new sales SDR agent and sales coaching agent to augment every seller.

我們的客戶透過 Agentforce 和 AI 解決方案的成功正在推動強勁成果。第三季度，透過 AI 贏得超過 100 萬美元的金額年增了兩倍多。我們簽署了 2,000 多項 AI 協議，其中包括 Marc 分享的 200 多項 Agentforce 勝利。為了滿足對 Agentforce 不斷增長的需求，我們將在第四季度在全球招募 1,400 名 AE，我們也使用新的銷售 SDR 代理商和銷售輔導代理商來增強每個銷售人員的能力。

We're also seeing amazing Agentforce energy across the ecosystem with our global partners involved in 75% of our Q3 Agentforce deals and 9 of our top 10 wins in the quarter. Over 80,000 system integrators have completed Agentforce training, and hundreds of ISVs and technology partners are building and selling agents. And our partners are also becoming agent first enterprises themselves. In the quarter, Accenture chose Agentforce to streamline sales operations and enhance bid management for its 52,000 global sellers. By integrating sales coach and custom AI agents, Agentforce is improving deal quality and targeting a 75% boost in bid coverage.

我們也看到整個生態系統中令人驚嘆的 Agentforce 能量，我們的全球合作夥伴參與了我們第三季 Agentforce 交易的 75% 以及本季前 10 項勝利中的 9 項。超過 80,000 家系統整合商已完成 Agentforce 培訓，數百家 ISV 和技術合作夥伴正在建置和銷售代理商。而我們的合作夥伴本身也正在成為代理優先企業。本季度，埃森哲選擇 Agentforce 來簡化其 52,000 個全球賣家的銷售營運並增強投標管理。透過整合銷售教練和客製化 AI 代理，Agentforce 正在提高交易質量，並將投標覆蓋率提高 75%。

We see an incredible future with Agentforce, not only for our customers, but also for us. As customer zero, we can leverage Agentforce ourselves to realize the benefits of digital labor for us to amplify and augment our human workforce. Marc talked about how we reimagine Salesforce customer service with Agentforce. We're also deploying Agentforce to engage our prospects on salesforce.com, answering their questions 24/7 as well as handing them off to our SDR team. You can see it for yourself and test it out on our home page.

我們看到 Agentforce 擁有令人難以置信的未來，不僅為我們的客戶，也為我們自己。作為零號客戶，我們可以自己利用 Agentforce 來實現數位勞動力的優勢，從而擴大和增強我們的勞動力。 Marc 談到了我們如何利用 Agentforce 重新構想 Salesforce 客戶服務。我們也部署 Agentforce 來吸引 salesforce.com 上的潛在客戶，全天候 (24/7) 回答他們的問題，並將其轉交給我們的 SDR 團隊。您可以親自查看並在我們的主頁上進行測試。

We'll use our new Agentforce SDR agent to further automate top of funnel activities when gatherings leads -- lead data for providing education and qualifying prospects and booking meetings. Initiatives like this and many others mean Salesforce will become a new lever for productivity, growth, and efficiency for Salesforce, which should save millions of hours and free up hundreds of millions of dollars to reinvest into our strategic growth initiatives.

我們將使用新的 Agentforce SDR 代理在收集潛在客戶時進一步自動化漏斗頂部活動 - 用於提供教育和合格潛在客戶以及預訂會議的潛在客戶資料。諸如此類的舉措以及許多其他舉措意味著 Salesforce 將成為 Salesforce 生產力、成長和效率的新槓桿，這將節省數百萬個小時並釋放數億美元以重新投資於我們的策略性成長計畫。

Become an agent-first enterprise starts with having unified data. That's why we continue to see amazing momentum with Data Cloud, which was included in 8 of our top 10 wins in the quarter. Today, 25% of the Fortune 100 are data cloud customers.

成為代理優先的企業，從擁有統一的數據開始。這就是為什麼我們繼續看到數據雲的驚人勢頭，該季度我們的 10 大勝利中有 8 場都包含了它。如今，財富 100 強企業中有 25% 是資料雲客戶。

Mark mentioned the Adecco Group, they're centralizing more than 40 instances and legacy systems with Data Cloud to build a foundation to implement Agentforce at scale. Usage is a key indicator for our products' value to our customers, and our customers are now processing 767 trillion records every month.

Mark 提到了 Adecco Group，他們透過 Data Cloud 集中了 40 多個實例和舊系統，為大規模實施 Agentforce 奠定了基礎。使用情況是我們產品對客戶價值的關鍵指標，我們的客戶現在每月處理 767 兆筆記錄。

Indeed, the world's leading job site hires three people every second on its platform. Using Data Cloud as its go-to-market data architecture, Indeed matches 580 million job seeker profiles with over 3 million employers. With Agentforce, Indeed aims to have time to hire and help 3 million people over employment barriers by 2030.

事實上，這家全球領先的招聘網站每秒在其平台上招募三名員工。 Indeed 使用 Data Cloud 作為其上市資料架構，將 5.8 億求職者資料與超過 300 萬雇主進行配對。 Indeed 的目標是透過 Agentforce，到 2030 年有時間僱用並幫助 300 萬人克服就業障礙。

IBM, one of our valued strategic partners, selected Data Cloud in the quarter to enhance their global client service with a unified view of all client interactions and actionable usage insight, they can deliver even more efficient personalized experiences.

IBM 是我們重要的策略合作夥伴之一，在本季度選擇了 Data Cloud，透過所有客戶互動的統一視圖和可操作的使用情況洞察來增強其全球客戶服務，他們可以提供更有效率的個人化體驗。

Proprietary unstructured data is a powerful fuel for AI, and we're excited that we were able to close the acquisition of Zoomin to accelerate and unlock the unstructured data to power AI agents, making them more personalized and context aware for every customer interaction.

專有的非結構化資料是人工智慧的強大燃料，我們很高興能夠完成對Zoomin 的收購，以加速和解鎖非結構化資料來為人工智慧代理提供動力，使它們在每次客戶互動中更加個性化和情境感知。

We also finalized our acquisition of the Own Company, owns data management capabilities complement our existing offerings, and will strengthen data security, privacy and compliance across our platform. As Marc described, Agentforce is a game changer for our core products, enabling customers to leverage AI-powered insights and actions directly in the flow of work across our entire product portfolio. This is evidenced by the strong demand for Sales Cloud and Service Cloud, both of which to achieve double-digit growth in Q3.

我們也完成了對自己公司的收購，擁有的資料管理能力補充了我們現有的產品，並將加強我們平台上的資料安全、隱私和合規性。正如 Marc 所描述的，Agentforce 是我們核心產品的遊戲規則改變者，使客戶能夠直接在我們整個產品組合的工作流程中利用人工智慧驅動的見解和行動。對銷售雲端和服務雲端的強勁需求就證明了這一點，這兩個雲端在第三季都實現了兩位數的成長。

We also just wrapped up another incredible Cyber Week during which Commerce Cloud powered close to 50 million orders on digital storefronts with nearly 100% uptime. Salesforce powered nearly 60 billion AI-powered product recommendations, a 21% increase year over year and over 56 billion marketing messages were sent via Marketing Cloud. Service Cloud also helped our customers deal and resolve 3.8 billion cases. Clearly, the scale, reliability, intelligence of our integrated platform is unmatched.

我們也剛結束了另一個令人難以置信的網路週，在此期間，Commerce Cloud 為數位店面提供了近 5000 萬個訂單，並且正常運行時間接近 100%。 Salesforce 提供了近 600 億則由人工智慧驅動的產品推薦，較去年同期成長 21%，並透過 Marketing Cloud 發送了超過 560 億則行銷訊息。服務雲也幫助客戶處理和解決了38億個案件。顯然，我們整合平台的規模、可靠性和智慧性是無與倫比的。

And we continue to see solid momentum with Slack with wins at Capital One, Snap, Rivian, and Volkswagen Group Technology annual spend on Slack AI grew nearly 50% quarter over quarter, and Slack was included in more than a third of our deals greater than $1 million. Since the release of Slack AI, our customers have summarized over 600 million messages, saving them a collective 1.1 million hours.

我們繼續看到Slack 的強勁勢頭，在第一資本(Capital One)、Snap、Rivian 和大眾汽車集團技術公司(Volkswagen Group Technology) 上取得勝利，Slack AI 的年度支出環比增長了近50%，並且Slack參與了超過三分之一的交易，超過了1/3。自 Slack AI 發布以來，我們的客戶已匯總了超過 6 億條訊息，總共節省了 110 萬個小時。

Tableau and MuleSoft continue to be foundational and fundamental to our customers' transformations. In the quarter, Tableau had wins at Allegion, Sirius XM, and Hitachi and MuleSoft headwinds at Northwell Health, 3M, and CalOptima Health.

Tableau 和 MuleSoft 仍然是我們客戶轉型的基礎和基礎。本季度，Tableau 擊敗了 Allegion、Sirius XM、Hitachi 和 MuleSoft，擊敗了 Northwell Health、3M 和 CalOptima Health。

Our industry clouds continue to fuel our growth with strong demand in highly regulated industries like health care, notably our new Agent first Life Science Cloud was in 3 of our top 10 deals in the quarter. We also saw strong momentum internationally with wins at BrenTag and Finnair. Once again, half of our top 10 wins for the quarter were international.

我們的行業雲繼續推動我們的成長，醫療保健等受到高度監管的行業的強勁需求，特別是我們的新代理第一生命科學雲在本季度十大交易中佔了三筆。我們在國際上也看到了強勁的勢頭，在 BrenTag 和芬蘭航空取得了勝利。再一次，本季前 10 場勝利中有一半來自國際比賽。

We continue to unlock customer spend through new channels, including the Agentforce partner network that launched at Dreamforce, which allows customers to customize and deploy specialized agents using trusted third-party extensions from Salesforce App Exchange. And AWS Marketplace continues to be a growth driver. Our Q3 transactions doubled quarter over quarter with 10 deals exceeding $1 million.

我們繼續透過新管道釋放客戶支出，包括在 Dreamforce 推出的 Agentforce 合作夥伴網絡，該網絡允許客戶使用來自 Salesforce App Exchange 的可信任第三方擴充功能來自訂和部署專業代理程式。 AWS Marketplace 持續成為成長動力。我們第三季的交易量較上季翻了一番，其中 10 筆交易超過 100 萬美元。

Salesforce's business and financial performance has delivered unprecedented results, and we're doing it again with our product transformation and Agentforce. We're starting Q4 with strong momentum, and no one is better positioned to capture the massive Agentforce opportunity ahead.

Salesforce 的業務和財務表現取得了前所未有的成果，我們將透過產品轉型和 Agentforce 再次實現這一目標。我們以強勁的勢頭開始了第四季度，沒有人比我們更能抓住未來 Agentforce 的巨大機會。

Now, over to you, Amy.

現在，艾米，交給你了。

Great. Thanks, Brian. As you heard from Marc and Brian, we are incredibly excited about the opportunity ahead with Agentforce. Simply put, Salesforce is uniquely positioned to become the leading enterprise AI platform and the source of a digital workforce for companies around the globe. And as customer zero for Agentforce, we're already seeing a significant pickup in case deflection for our customer service organizations. This is just the beginning of a new world of humans and AI agents working together to fundamentally reshape the economics of business.

偉大的。謝謝，布萊恩。正如您從 Marc 和 Brian 那裡聽到的，我們對 Agentforce 未來的機會感到非常興奮。簡而言之，Salesforce 擁有獨特的優勢，能夠成為領先的企業人工智慧平台和全球公司數位化勞動力的來源。作為 Agentforce 的零客戶，我們已經看到我們的客戶服務組織的案例偏差顯著增加。這只是人類和人工智慧代理人共同努力從根本上重塑商業經濟的新世界的開始。

As Marc mentioned, we have been on the financial transformation over the past several years, and you'll see it in our results. Q3 represents another quarter of focused execution leading to strong outcomes. Q3 revenue was $9.44 billion, up 8% year over year in nominal and constant currency, driven by resilience in our core clouds. Subscription and support revenue grew 9% year over year in nominal and constant currency, led by another quarter of double-digit growth in both sales and service driven by strong ARPU growth. As expected, this was partially offset by deceleration in our license revenue growth in MuleSoft and Tableau in Q3 on tough prior-year compares.

正如馬克所提到的，過去幾年我們一直在進行財務轉型，您會在我們的業績中看到這一點。第三季代表著又一個季度的集中執行，帶來了強勁的成果。在核心雲端彈性的推動下，第三季營收為 94.4 億美元，以名目貨幣和固定匯率計算年增 8%。以名目貨幣和固定匯率計算，訂閱和支援收入年增 9%，在 ARPU 強勁成長的推動下，銷售和服務又實現了兩位數成長。正如預期的那樣，與去年相比，第三季 MuleSoft 和 Tableau 的授權收入成長放緩部分抵消了這一影響。

From a geographic perspective, Americas revenue grew 6% in nominal and constant currency, EMEA grew 12% or 9% in constant currency, and APAC grew 16% or 14% in constant currency. We saw strong new business growth in LatAm, Canada, and Australia, while the United States and parts of EMEA remained constrained.

從地理角度來看，美洲地區的收入以名義和固定匯率計算增長了6%，歐洲、中東和非洲地區的收入按固定匯率計算增長了12% 或9%，亞太地區的收入按固定匯率計算增長了16% 或14%。我們看到拉丁美洲、加拿大和澳洲的新業務成長強勁，而美國和歐洲、中東和非洲部分地區仍受到限制。

From an industry perspective, in Q3, health and life sciences, manufacturing and automotive, and energy all performed well. Both retail and consumer goods were more measured. Our multi-cloud momentum continues with our top 25 deals averaging more than five clouds each.

從產業來看，第三季度，健康與生命科學、製造與汽車、能源等產業均表現良好。零售和消費品都更加謹慎。我們的多雲勢頭仍在繼續，前 25 筆交易平均每筆交易超過 5 個雲。

Now, you hear us talk about this metric every quarter. It's an incredible proof point that our customers trust Salesforce to transform their entire customer experience from sales to service to marketing and commerce to analytics and integration. But our multi-cloud strategy is also core to our financial strategy.

現在，您會聽到我們每個季度都會談論這個指標。這是一個令人難以置信的證據，表明我們的客戶相信 Salesforce 能夠改變他們的整個客戶體驗，從銷售到服務到行銷和商務到分析和整合。但我們的多雲策略也是我們財務策略的核心。

Multi-cloud customers have higher spend, lower attrition rates, and drive significant ARR expansion for us each quarter. That's because Salesforce is the only company that can deliver a 360-degree view of your customers, which is essential for every company as we move into an agent-first world.

多雲客戶的支出更高，流失率更低，並且每個季度都為我們帶來顯著的 ARR 成長。這是因為 Salesforce 是唯一一家能夠提供 360 度客戶視圖的公司，當我們進入代理優先的世界時，這對每家公司都至關重要。

Data Cloud also continues to be the foundation for every AI transformation, and it was included in one-third of all of our deals this quarter over $1 million. As you heard from Brian, Data Cloud helps unlock AI with our customers. And that's why 8 of our top 10 deals included both Data Cloud and AI, inclusive of Agentforce. This is really the model for all future transactions.

數據雲也仍然是每一次人工智慧轉型的基礎，本季我們所有超過 100 萬美元的交易中有三分之一都包含了它。正如您從 Brian 那裡聽到的那樣，Data Cloud 幫助我們的客戶解鎖人工智慧。這就是為什麼我們的 10 項前 10 項交易中有 8 項同時包含資料雲和人工智慧，其中包括 Agentforce。這實際上是所有未來交易的模型。

Q3 revenue attrition ended the quarter slightly above 8%, in line with recent quarters. Q3 non-GAAP operating margin was 33.1% and up 190 basis points year over year, driven by top-line outperformance and disciplined expense management. And I am very pleased to share that this quarter, our GAAP operating margin hit 20% for the first time in company history.

第三季的營收流失率略高於 8%，與最近幾季的情況一致。第三季非 GAAP 營運利潤率為 33.1%，年成長 190 個基點，這得益於出色的營收表現和嚴格的費用管理。我很高興地告訴大家，本季我們的 GAAP 營業利潤率在公司歷史上首次達到 20%。

Q3 non-GAAP EPS was $2.41, inclusive of $0.18 charge driven by mark-to-market adjustments of our strategic investment portfolio. Excluding this impact, non-GAAP EPS would have been $2.59, well ahead of our guidance. Q3 operating cash flow was $2 billion, up 29% year over year. Q3 free cash flow was $1.8 billion, up 30% year over year.

第三季非 GAAP 每股盈餘為 2.41 美元，其中包括因我們的策略投資組合按市值調整而產生的 0.18 美元費用。排除此影響，非 GAAP 每股盈餘將為 2.59 美元，遠高於我們的指引。第三季營運現金流為 20 億美元，年增 29%。第三季自由現金流為 18 億美元，年增 30%。

Turning to remaining performance obligation. RPO, which represents all future revenue under contract, ended Q3 at $53.1 billion, up 10% year over year. Current RPO, or CRPO, added at $26.4 billion, an increase of slightly more than 10% year over year in nominal currency. This includes a $100 million FX tailwind, which results in 10% year-over-year growth in constant currency.

轉向剩餘的履約義務。 RPO 代表合約下的所有未來收入，第三季末達到 531 億美元，年增 10%。目前的 RPO（CRPO）增加了 264 億美元，以名目貨幣計算，年增幅略高於 10%。其中包括 1 億美元的外匯順風，導致以固定匯率計算年增 10%。

CRPO outperformance was driven by early renewable favorability and strong new bookings performance. Of note, on the bookings performance, over the past couple of quarters, we have seen stabilization in our transactional businesses, most notably, create and close and SMB.

CRPO 的出色表現是由早期對再生能源的青睞和強勁的新訂單表現所推動的。值得注意的是，在過去幾季的預訂表現方面，我們看到交易業務趨於穩定，最值得注意的是創建和關閉以及中小企業。

One call out on the Q3 CRPO results. As you heard from Marc, Agentforce momentum in Q3 was incredible, with over 200 deals closed in only one week. However, given we are early in our adoption cycle, it is not yet a material contributor to CRPO.

其中之一是對第三季 CRPO 結果的呼籲。正如您從 Marc 那裡聽到的那樣，Agentforce 在第三季度的勢頭令人難以置信，僅在一周內就完成了 200 多筆交易。然而，鑑於我們仍處於採用週期的早期，它還不是 CRPO 的實質貢獻者。

On capital return, in Q3, we executed $1.2 billion in share repurchases and paid nearly $400 million in dividends. This brings our total return to shareholders in the quarter to $1.6 billion. Through our capital return program, we continue to expect to more than fully offset dilution from our FY25 stock-based compensation. And I'm pleased to share that since its inception of our capital allocation program, total capital returns have now surpassed $20 billion.

在資本回報方面，第三季度，我們執行了 12 億美元的股票回購，並支付了近 4 億美元的股息。這使得本季股東總回報達到 16 億美元。透過我們的資本回報計劃，我們繼續期望能夠完全抵消 25 財年股票薪酬的稀釋作用。我很高興地告訴大家，自從我們的資本配置計畫啟動以來，總資本回報現已超過 200 億美元。

Now, let's turn to guidance. Note that after the end of our third quarter, we closed our acquisitions of the own company in Zoomin. As such, our guidance incorporates contributions from both these deals. Let's start with the full fiscal year '25.

現在，讓我們轉向指導。請注意，第三季末後，我們完成了對 Zoomin 自家公司的收購。因此，我們的指導方針納入了這兩筆交易的貢獻。讓我們從 25 財年的整個財年開始。

On revenue, we are raising the low end of our guidance range to $37.8 billion and maintaining the high end at $38 billion, growth of approximately 8% to 9% year over year, reflecting the strong execution and revenue outperformance over the last two quarters.

在營收方面，我們將指導範圍的下限提高至 378 億美元，並將上限維持在 380 億美元，年增約 8% 至 9%，反映了過去兩季強勁的執行力和營收表現。

For subscription and support revenue, we still expect approximately 10% growth year over year in constant currency. A few reminders on our revenue guide.

對於訂閱和支援收入，我們仍預計以固定匯率計算將年增約 10%。關於我們的收入指南的一些提醒。

On FX, our revenue guidance continues to incorporate a $100 million FX headwinds year over year or a 30-basis-point impact. We continue to expect our professional services business to be a headwind to revenue growth. And as we shared last quarter, our guidance incorporates deceleration in our license revenue growth in the back half of this year. On attrition, we expect attrition to remain consistent at slightly above 8% for the full year.

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 30 個基點的影響。我們仍然預期我們的專業服務業務將成為收入成長的阻力。正如我們上季度分享的那樣，我們的指導意見包括今年下半年授權收入成長的減速。在員工流失方面，我們預計全年員工流動率將維持在略高於 8% 的水平。

Now, turning to profitability and cash flow. On margins, we are pleased to raise our fiscal year '25 non-GAAP operating margin guidance to 32.9%, representing a 240 basis point improvement year over year. This incorporates intentional investments in growth opportunities, most notably in Agentforce and Data Cloud. As we said last quarter, stock-based compensation is still expected to be approximately 8.4 as a percent of revenue.

現在，轉向獲利能力和現金流。在利潤率方面，我們很高興將 25 財年非 GAAP 營運利潤率指引提高至 32.9%，年增 240 個基點。這包括對成長機會的有意投資，尤其是在 Agentforce 和資料雲方面。正如我們上季度所說，基於股票的薪酬預計仍佔收入的 8.4% 左右。

For fiscal year '25, GAAP operating margin guidance continues to be slightly below 20%, representing 540 basis points of improvement year over year. We expect fiscal year '25 GAAP diluted EPS of $6.15 to $6.20. Non-GAAP diluted EPS is expected to be $9.98 to $10.03. We are raising our fiscal year '25 operating cash flow growth to approximately 24% to 26%, inclusive of cash tax headwinds, and we continue to expect CapEx for the fiscal year to be slightly below 2% of revenue. This now results in free cash flow growth of approximately 26% to 28% for the fiscal year.

25 財年，GAAP 營業利益率指引持續略低於 20%，較去年同期提升 540 個基點。我們預計 25 財年 GAAP 稀釋後每股收益為 6.15 美元至 6.20 美元。非 GAAP 攤薄後每股收益預估為 9.98 美元至 10.03 美元。我們將 25 財年的營運現金流量成長提高至約 24% 至 26%（包括現金稅不利因素），且我們仍預期本財年的資本支出將略低於營收的 2%。這導致本財年自由現金流成長約 26% 至 28%。

Now, the guidance for Q4. On revenue, we expect $9.9 billion to $10.1 billion, up 7% to 9% year over year in nominal and constant currency. CRPO growth for Q4 is expected to be approximately 9% year over year in nominal, including $100 million FX headwind and slightly above 9% in constant currency. Similar to Q3, we do not expect a material contribution to CRPO from Q4 Agentforce-related bookings. For Q4, we expect GAAP EPS of $1.55 to $1.60 and non-GAAP EPS of $2.57 to $2.62.

現在，第四季的指導。在營收方面，我們預計營收為 99 億美元至 101 億美元，以名目貨幣和固定匯率計算，年增 7% 至 9%。第四季 CRPO 名目成長率預計約為 9%，其中包括 1 億美元的外匯逆風，以固定匯率計算略高於 9%。與第三季類似，我們預計第四季度 Agentforce 相關預訂不會對 CRPO 產生重大貢獻。對於第四季度，我們預計 GAAP 每股收益為 1.55 美元至 1.60 美元，非 GAAP 每股收益為 2.57 美元至 2.62 美元。

In closing, I am very pleased with our strong execution this quarter, and we remain focused on driving profitable growth, optimizing free cash flow, and delivering a new era of customer success with Agentforce, which truly represents the next evolution of Salesforce.

最後，我對我們本季的強勁執行力感到非常滿意，我們仍然專注於推動獲利成長、優化自由現金流，並透過 Agentforce 開啟客戶成功的新時代，這真正代表了 Salesforce 的下一次發展。

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

現在，麥克，讓我們開始提問。

Thanks, Amy. (Event Instructions) With that, Regina, let's go to the first question, please.

謝謝，艾米。 （活動說明） 那麼，Regina，我們來討論第一個問題。

Brent Thill, Jefferies.

布倫特·希爾，杰弗里斯。

Good afternoon, Marc. On Agentforce, I'm curious if you could just talk about the halo effect you're starting to see across the product lines, perhaps some of the other products getting pulled in. You mentioned Data Cloud can be -- can you speak to what you're seeing from that? Thank you.

下午好，馬克。在 Agentforce 上，我很好奇您是否可以談談您開始在整個產品線中看到的光環效應，也許還有一些其他產品被引入。看到了嗎？謝謝。

Brent, thanks. It's a great question. And Amy really hit a very subtle line in the middle of her script, and it probably requires a little more illumination which is Amy really said to you that in our top 25 deals, we saw this kind of collaboration with these five clouds each. And what that means to us is that our top customers are really loading in this complete agent-first cocktail. And this idea that we have sales, we have service, we have marketing, we have analytics. We have our Data Cloud, we have Slack, and every customer wants these products and wants them together.

布倫特，謝謝。這是一個很好的問題。艾米在她的劇本中間確實擊中了一條非常微妙的路線，這可能需要更多的說明，艾米確實對你說，在我們的前25 筆交易中，我們看到了與這五朵雲的這種合作。這對我們來說意味著我們的頂級客戶確實正在享受這種完整的代理商優先的雞尾酒。我們有銷售、有服務、有行銷、有分析。我們有數據雲，有 Slack，每個客戶都想要這些產品並希望將它們結合在一起。

We have an incredible sales cloud, number one in the world; you know that. And it is the only agent-first Sales Cloud today is highly differentiated. We have the number one service cloud in the world. The Gartner just published the new Magic Quadrant. We're number one, way up and to the right. And we guess what, we are now part of their up and to the right because we're the only agent first service cloud, marketing cloud, analytics, data, Slack across the board.

我們擁有令人難以置信的銷售雲，世界第一；你知道的。它是當今唯一高度差異化的代理商優先銷售雲。我們擁有世界第一的服務雲。 Gartner 剛剛發布了新的魔力像限。我們是第一，在右邊。我們猜怎麼著，我們現在是他們的一部分，因為我們是唯一代理第一服務雲、行銷雲、分析、數據、Slack 的全面服務。

And I'll tell you a story, which is we have an incredible customer in the healthcare industry and the recently called me in there. They were thinking about how are they going to deploy these agents and on and on and on, and it's a huge opportunity for health care, and I can talk to you exhaustively all about that. But we gave them a whole pitch, went through the whole thing. And then the next day, they called us back and they said, we really want to talk to you now about our Marketing Cloud Choice. And we're looking at Adobe and how should we think about that?

我會告訴你一個故事，我們在醫療保健行業有一個令人難以置信的客戶，最近打電話給我。他們正在思考如何部署這些代理，等等，這對醫療保健來說是一個巨大的機會，我可以與您詳盡地討論這一點。但我們給了他們一個完整的演講，經歷了整件事。第二天，他們回電給我們說，我們現在真的想和您談談我們的行銷雲選擇。我們正在關注 Adob​​e，我們應該如何看待它？

And I'm like, wow, we really probably should bring in our team and show you what we're doing, but it's really -- you have to look at the whole platform that we can do because, yeah, we have an incredible marketing cloud and incredible e-mail capabilities and promotion capabilities and on and on and deeply integrated into our workflow, but take a look how it operates across all of your customer channels and all of your customer touch points and how this is one comprehensive customer suite and it's all agent-first and (inaudible) sent me a text and it's a very large customer and said, of course, we are going with you on the marketing as well.

我想，哇，我們真的可能應該引入我們的團隊並向您展示我們正在做什麼，但這確實- 您必須看看我們可以做的整個平台，因為，是的，我們有一個令人難以置信的行銷雲以及令人難以置信的電子郵件功能和促銷功能等等，並深入整合到我們的工作流程中，但請看看它如何在您的所有客戶管道和所有客戶接觸點上運作，以及這是一個全面的客戶套件這都是代理優先，（聽不清）給我發了一條短信，這是一個非常大的客戶，並說，當然，我們也會和你一起進行營銷。

Because I think when customers realize that they are going to build agent first companies that the agent needs to have a comprehensive access to this entire data set and metadata set that we are the only ones who have built this platform.

因為我認為，當客戶意識到他們要建立代理優先的公司時，代理商需要全面存取整個資料集和元資料集，而我們是唯一建立這個平台的人。

Nobody else has a comprehensive platform that does sales, service, marketing, analytics, data cloud, Slack, all integrated together as one piece of code and operating across all languages, all currencies and can sell from the smallest company to the very largest in the world. And that is what is unique about Salesforce.

沒有其他人擁有這樣一個綜合平台，可以進行銷售、服務、行銷、分析、資料雲、Slack，所有這些都集成為一段程式碼，可以跨所有語言、所有貨幣進行操作，並且可以從最小的公司到最大的公司進行銷售。這就是 Salesforce 的獨特之處。

And we have something very special right now because -- and you know, Brent, because you've been covering this for a long time, we always have the best enterprise AI, and our Einstein is the best. It's been -- we've been working on that for more than a decade. So of course, we were able to put it into overdrive and deliver agents first. But because it's within the platform, everything is in the platform.

我們現在有一些非常特別的東西，因為——你知道，布倫特，因為你已經報道這個問題很長時間了，我們總是擁有最好的企業人工智慧，而我們的愛因斯坦是最好的。我們已經為此努力了十多年。因此，當然，我們能夠超速運轉並首先交付代理。但因為它在平台內，所以一切都在平台內。

This isn't some distinct discrete piece of code; it's just another light switch on for the customer to get the full level of functionality. So I couldn't be more excited about it. I'm sure it's comes true on the call. I really think that for all of us, you think about, Brent, how long we've been working together for decades before I started Salesforce.

這不是一些獨特的離散代碼；而是一段代碼。這只是客戶獲得完整功能的另一個開關。所以我對此感到非常興奮。我確信這會在電話中實現。我真的認為，對於我們所有人來說，布倫特，在我創立 Salesforce 之前，我們已經合作了幾十年了。

And you think about the conversation we just had on this earnings call, is unlike any conversation you and I have ever had about software. We are all about to learn and grow and expand and evolve and become a different kind of industry that's providing a different kind of value and this is the most excited I've ever been about the software industry.

你想想我們剛剛在這次財報電話會議上進行的對話，與你和我曾經進行過的有關軟體的任何對話都不同。我們都將學習、成長、擴展和發展，成為一個提供不同價值的不同產業，這是我對軟體產業最興奮的。

Thanks, Brent. Regina, we'll take our next question, please.

謝謝，布倫特。雷吉娜，我們將回答下一個問題。

Keith Weiss, Morgan Stanley.

基斯‧韋斯，摩根士丹利。

Thank you, guys, for taking the question, and I definitely hear the excitement coming through on the call. Maybe a question for Brian. When it comes to those 200 deals that you've already signed for Agentforce, maybe you could give us some color on what those deals look like? Do they tend to be upsells. What type of uplift do you see if you're upselling to customers? Do they tend towards like one cloud or another? How expansive are there? Any kind of color that we can used to try to kind of understand this opportunity better.

謝謝你們提出這個問題，我確實聽到了電話中傳來的興奮之情。也許有個問題想問布萊恩。當涉及到您已經為 Agentforce 簽署的 200 筆交易時，也許您可以給我們一些關於這些交易的具體情況？他們是否傾向於追加銷售？如果您向客戶追加銷售，您會看到什麼類型的提升？他們傾向於像一朵雲還是另一朵雲？那裡有多廣闊？我們可以使用任何一種顏色來嘗試更好地理解這個機會。

Yeah. Keith, thank you for the question and a good one. We are seeing incredible traction with our customers as add-ons to many of our Service Cloud offerings. Obviously, Service Cloud is our largest cloud and our -- our initial Agentforce opportunity is with our Service Cloud customers right now, and we saw a ton of add-ons happening in our customer base with Service Cloud.

是的。基思，謝謝你提出這個問題，這是一個很好的問題。作為我們許多服務雲端產品的附加元件，我們看到了對客戶的巨大吸引力。顯然，Service Cloud 是我們最大的雲，我們最初的 Agentforce 機會現在就在我們的 Service Cloud 客戶中，我們看到 Service Cloud 的客戶群中出現了大量的附加元件。

But what our customers also recognize is that this is a platform and the opportunity to move from, yes, of course, we want to have autonomous agents that are supporting customers like we have on help.salesforce.com, but what are all the opportunities you have in your interactions and the flow of work with your customers where you can deploy agents.

但我們的客戶也意識到，這是一個平台和機會，是的，當然，我們希望擁有像 help.salesforce.com 上那樣支援客戶的自主代理，但是所有機會是什麼？和工作流程中部署代理程式。

And so while we have tremendous excitement and the initial 200 deals were largely in the Service Cloud space. We feel great about the opportunity with Sales Cloud and with Marketing Cloud and with Commerce Cloud and of course, with Data Cloud, which is included in all of our Agentforce deals. And so those 200 deals sort of tip of the iceberg when we think about the opportunity that's ahead of us for Agentforce.

因此，儘管我們感到非常興奮，但最初的 200 筆交易主要集中在服務雲領域。我們對銷售雲、行銷雲、商務雲，當然還有資料雲的機會感到非常高興，它包含在我們所有的 Agentforce 交易中。因此，當我們思考 Agentforce 面臨的機會時，這 200 筆交易只是冰山一角。

Thanks, team.

謝謝，團隊。

Regina, we'll take next question, please.

雷吉娜，我們將回答下一個問題。

Raimo Lenschow, Barclays.

雷莫‧倫肖 (Raimo Lenshow)，巴克萊銀行。

Perfect. Thank you. You're obviously creating a lot of value for your clients. Like, how is the discussion about how you kind of participate or work with the clients about pricing for Agentforce going? Or like how should we think about it? What are you hearing there? Thank you.

完美的。謝謝。顯然，您正在為客戶創造很多價值。例如，關於您如何參與或與客戶合作討論 Agentforce 定價的討論進度如何？或者說我們該如何思考？你在那裡聽到什麼？謝謝。

Thanks for the question. I'll start, and I think Marc is probably going to chime in as well. But we -- but we're super excited about. And I would say, as you all know, it's a usage-based structure. And at $2 a conversation, we feel like the value is very high for our customers, given what they're spending today in a lot of their conversations please.

謝謝你的提問。我先開始，我想馬克也可能會插話。但我們——但我們非常興奮。我想說，正如你們所知，這是一個基於使用的結構。考慮到客戶今天在許多對話中花費的錢，我們認為每次對話 2 美元的價值對我們的客戶來說非常高。

Everybody knows I've been worrying a boot because I ruptured my Achilles while I was on a scuba diving trip to Fakarava, which is an incredible place in the Tuamotu and French Polynesia, for my birthday, I was having a great time, ruptured my Achilles, unfortunately. And I'm sure we all know the international motto of Fakarava, which I have close to my heart, which is, I don't give a Fakarava.

每個人都知道我一直擔心靴子，因為我在法卡拉瓦潛水之旅中跟腱斷裂，法卡拉瓦是土阿莫土群島和法屬波利尼西亞的一個令人難以置信的地方，在我的生日那天，我玩得很開心，我的阿基里斯腱斷裂了。我相信我們都知道 Fakarava 的國際座右銘，這也是我深深銘記在心的，那就是，我不給 Fakarava。

So I think that I just got a call from my hospital telling me that I'm coming in to get scheduled for another MRI and incredible service. Everybody knows I have this great relationship with UCSF and their -- they pay a lot of attention to me, I pay a lot of attention to them, incredible organization, and they had a lot of questions for me about getting me ready for my next MRI and at the end of the call and this kind of preoperative care and then another call postoperative and so forth. And I was just saying to myself, wow, what did that cost them? And they just don't have enough people as it is. Their doctors are already burned out. Their nurses are burnt out. I talked to the folks all the time. There's a lot of pajama time for all these doctors is what they call it because they're all working late at night with their families, trying to get through all of their messages.

所以我想我剛剛接到醫院的電話，告訴我我要來安排另一次核磁共振檢查和令人難以置信的服務。每個人都知道我與加州大學舊金山分校和他們有著良好的關係——他們非常關注我，我也非常關注他們，這是一個令人難以置信的組織，他們向我提出了很多問題，讓我為我的下一個賽季做好準備。我只是對自己說，哇，這讓他們付出了什麼代價？他們只是沒有足夠的人手。他們的醫生已經精疲力盡了。他們的護士都精疲力盡了。我一直和人們交談。對於所有這些醫生來說，他們有很多睡衣時間，因為他們都在深夜與家人一起工作，試圖理解他們所有的資訊。

Everybody is maxed out at UCSF. I mean it's an incredible org, but I can't believe the amount that they have to do with such actually limited workforce. And then when I got this call, I said, you know, they kind of know all of this already about me. They've got all of my data. They have all of my care. They have my family history. They've got all my scans they can have an agent do this work, and that call probably cost them $100. And it didn't have to happen. And I think that we could have done the call were probably about $1.50.

在加州大學舊金山分校，每個人都已經筋疲力盡了。我的意思是，這是一個令人難以置信的組織，但我無法相信他們與如此有限的勞動力所要做的事情。然後當我接到這個電話時，我說，你知道，他們已經知道了關於我的所有事情。他們已經掌握了我的所有數據。他們有我全部的照顧。他們有我的家族史。他們已經得到了我所有的掃描結果，他們可以讓代理人來做這項工作，而這個電話可能要花費他們 100 美元。這本來是不必要的。我認為我們本可以撥打電話的費用約為 1.50 美元。

And I think that, that is the message to our customers, which is -- how are you going to give so many people a break, let them get back to their strategic work, let them focus on what really matters, their customers. And some of the work that's a little bit more administrative and bureaucratic and political that's done by these political layers or higher levels, that's like, you know what, I think that, that could have happened with agent.

我認為，這就是向我們的客戶傳達的訊息，即——如何讓這麼多人休息一下，讓他們回到策略工作上，讓他們專注於真正重要的事情，即他們的客戶。有些工作更具行政性、官僚性和政治性，是由這些政治層或更高層級完成的，就像，你知道嗎，我認為，這可能發生在特工身上。

And that's kind of how I look at it. And I think we're just at an incredible moment where we can really grow our country's revenue or GDP, do a lot more, have a lot more productivity without hiring a lot more people. And the hospital example is the best example.

我就是這麼看的。我認為我們正處於一個令人難以置信的時刻，我們可以真正增加我們國家的收入或國內生產總值，做更多的事情，提高生產力，而無需僱用更多的人。醫院的例子就是最好的例子。

And consumption pricing isn't new to Salesforce. You all know that we have our Sandboxes and our Commerce Scout and Heroku and Data Cloud and many, many, but this is a consumption product. We have per user products, which are for humans. We have consumption products for agents and robots. And that's how I think we should look at it, which is the comparative costs is there's just no comparison.

消費定價對 Salesforce 來說並不新鮮。你們都知道我們有沙箱、Commerce Scout、Heroku 和資料雲等等，但這是一種消費產品。我們有針對人類的每用戶產品。我們有代理商和機器人的消費產品。我認為我們應該這樣看待它，即比較成本，因為沒有可比性。

And do you want to add more to that, Brian?

布萊恩，你想補充更多嗎？

I'd just say our customers really understand the cost of their labor right now. And when we can deploy agents to help them manage their interactions with their customers, the pricing conversations are significantly easier. And so, you can even see it on our website. We've got calculators that allow our customers to go do the work themselves, and it's been a great add for them to go understand what the cost structures look like, and it's been an enlightenment for many of our customers to see the value that we can deliver for them with Agentforce.

我只想說，我們的客戶現在確實了解他們的勞動成本。當我們可以部署代理商來幫助他們管理與客戶的互動時，定價對話就會變得更加容易。因此，您甚至可以在我們的網站上看到它。我們有計算器，可以讓我們的客戶自己做工作，這對他們來說是一個很好的補充，可以讓他們了解成本結構是什麼樣的，這對我們的許多客戶來說是一個啟發，讓他們看到我們的價值可以透過 Agentforce 為他們提供服務。

Great. Thanks very much. Regina, we'll go to next question, please.

偉大的。非常感謝。雷吉娜，我們將進入下一個問題。

Brad Zelnick, Deutsche Bank.

布拉德‧澤爾尼克，德意志銀行。

Great. Thanks so much for taking the question. Marc, I wanted to ask about the More Core initiative that you mentioned in your remarks. It would seem further integrating the platform can only be a good thing for customers. Can you talk more about what's involved and the size of the price as you cut out the other side of this initiative? Thanks.

偉大的。非常感謝您提出問題。馬克，我想問您在發言中提到的「更多核心」倡議。看來進一步整合該平台對客戶來說只會是一件好事。當您討論這項措施的另一面時，您能多談談所涉及的內容和價格的大小嗎？謝謝。

Well, we have been working on this now for a couple of years, really since we started our transformation, which I think maybe this call is the two-year anniversary of our transformation. Is that right, Amy? I mean it was about two years ago that we were like, woah, we're about to go through an incredible transformation. And I think we would not have gotten through that transformation without the support of all of you.

嗯，自從我們開始轉型以來，我們已經在這方面努力了幾年，我想也許這次電話會議是我們轉型的兩週年紀念日。是這樣嗎，艾米？我的意思是大約兩年前，我們就像，哇，我們即將經歷一​​個令人難以置信的轉變。我認為，如果沒有你們所有人的支持，我們就不可能完成這項轉變。

And I think you know that you gave us a lot of the advice and thinking and strategy to do that, and it's been an incredible 24 months. It's been a financial transformation and it's been a technology transformation.

我想您知道您為我們提供了很多建議、想法和策略來做到這一點，這是令人難以置信的 24 個月。這是一場金融轉型，也是一場科技轉型。

And now, when we really think about what are the things that we really invested in, it's -- we really tried to look at how do we try to make our organization stronger to be able to deliver the numbers that we want to be able to do to -- and we want to expand our distribution organization. That's something that we wish we had done faster. We're still not where we want to be there.

現在，當我們真正思考我們真正投資的東西是什麼時，我們確實嘗試著研究如何使我們的組織變得更強大，以便能夠交付我們希望能夠實現的數字我們希望擴大我們的分銷組織。我們希望我們能做得更快。我們還沒有到達我們想要到達的地方。

I would say where we've made very significant investments were in AI, and I think that's evidenced by Agentforce, and we also made very significant investments in More Core. We've dramatically increased not only the productivity but also the number of engineers in the company over the last two years as well. That's been an incredible focus for us. That's why we're able to deliver this technology capability.

我想說的是，我們在人工智慧方面進行了非常重大的投資，我認為 Agentforce 證明了這一點，而且我們也在 More Core 方面進行了非常重大的投資。在過去的兩年裡，我們不僅大幅提高了生產力，也大幅增加了公司工程師的數量。這對我們來說是一個令人難以置信的焦點。這就是我們能夠提供這種技術能力的原因。

And when we look at the company, I would say More Core has come out of it. So at Dreamforce, you saw how commerce and marketing, for example, which always had been outside of the core platform are now inside the core platform. And the idea that we want sales, service, marketing, analytics, data cloud, Slack, all to be in one platform.

當我們審視這家公司時，我會說它已經產生了更多核心。例如，在 Dreamforce，您會看到一直位於核心平台之外的商業和行銷現在如何位於核心平台內部。我們希望銷售、服務、行銷、分析、資料雲、Slack 都集中在一個平台上。

And that is because we want all of the workflow, the data, the metadata, all to be in one platform. And the reason why is because the AI does not work if you don't have that. The AI needs this ability to look across these huge data sets and capabilities to kind of pull it all together. Because you can imagine that I'm on the phone with UCSF, and I'm talking now to the agent at some point in the future instead of talking to the person who I spoke to today and they say, you still owe $500 on that last visit, which is not uncommon for me. There's some additional fee or something that I have to pay. And I'll say, yes, go ahead and process that. And that's all just happens on our platform.

這是因為我們希望所有工作流程、資料、元資料都位於一個平台中。原因是如果沒有人工智慧，人工智慧就無法運作。人工智慧需要這種能力來查看這些巨大的數據集和將它們整合在一起的能力。因為你可以想像我正在與 UCSF 通電話，我現在正在與代理人在未來的某個時間交談，而不是與今天與我交談的人交談，他們說，你還欠 500 美元上次訪問，這對我來說並不罕見。我需要支付一些額外費用或其他費用。我會說，是的，繼續處理吧。這一切都發生在我們的平台上。

So the commerce can happen on the platform, the confirming the email can happen on the platform. The case management can happen on the platform, the patient relationship management can happen on the platform, and it can happen by industry. It can happen by geography, it can be happen by currency.

因此，商務可以在平台上進行，確認電子郵件可以在平台上進行。病例管理可以在平台上進行，患者關係管理可以在平台上進行，也可以按行業進行。它可以透過地理發生，也可以透過貨幣發生。

And that is what's really, I think, unique about Salesforce, and it's not just that we're delivering this agent-first solution. It's the comprehensive functionality set underneath there that's all possible.

我認為，這就是 Salesforce 的真正獨特之處，而不僅僅是我們提供這種代理優先的解決方案。正是其下面的綜合功能集才使一切成為可能。

Great. Thanks, Brad. Regina, we'll go the next question, please.

偉大的。謝謝，布拉德。雷吉娜，我們將討論下一個問題。

Brent Bracelin, Piper Sandler.

布倫特·布萊斯林，派珀·桑德勒。

Good afternoon. Thanks for taking my question here. I wanted to ask about the new foundations offering. This seems like a new strategic approach to multi-cloud packaging that could also drive broader agent adoption. What's been customer response to foundation so far? And do you have a sense on what adoption might look like in the coming year?

午安.感謝您在這裡提出我的問題。我想詢問一下新的基金會產品。這似乎是一種新的多雲打包策略方法，也可以推動更廣泛的代理商採用。到目前為止，客戶對基金會的反應如何？您是否知道來年的採用情況會是什麼樣子？

I think the foundation -- and when you look at other initiatives that we have, and this is all coming out of More Core. So when you look at essentials, when you look at our focus on the SMB market, when you look at kind of you're seeing the fundamental rewriting of the product in real time. It is a little bit like we are flying the airplane and rebuilding it in real time.

我認為基礎——當你看看我們擁有的其他舉措時，這一切都來自「更多核心」。因此，當您關注本質時，當您關注我們對中小企業市場的關注時，當您關注某種類型時，您會看到產品的即時基本重寫。這有點像我們正在駕駛飛機並即時重建它。

I would joke with my team two years ago, what happened was we were flying the airplane. We found out the two pilots were gone in the front and one person at the parachute jumped out of plane. And we were all left on the plane, and we were on the phone with all of you going, well, we're going to put it all together and just trust us, we're going to get this done. And while we've been doing that, not only do we land the plane successfully, but we rebuilt the whole airplane in real time. And that idea that the platform itself has been rebuilt, and it's pretty incredible.

兩年前我會和我的團隊開玩笑，當時我們正在駕駛飛機。我們發現前排的兩名飛行員已經失踪，降落傘旁的一名人員從飛機上跳了出來。我們都留在飛機上，我們透過電話與大家說，好吧，我們要把所有的事情放在一起，相信我們，我們會完成這件事。當我們這樣做時，我們不僅成功著陸了飛機，而且還即時重建了整個飛機。平臺本身已經重建，這真是令人難以置信。

Foundations is really a glimpse at what's happening. It's the same code set, but you can see how foundations is kind of a whole different way to use Salesforce, and we're making as much of our functionality available to all of our customers as possible. So we're shipping foundations so that every customer can get a taste of sales and service and marketing and analytics and Data Cloud and Slack. And everything that we have because we realize -- and I'll include one thing I didn't mention is platform.

基金會實際上是對正在發生的事情的一瞥。這是相同的程式碼集，但您可以看到 Foundations 是一種完全不同的使用 Salesforce 的方式，並且我們正在向所有客戶提供盡可能多的功能。因此，我們正在提供基礎服務，以便每個客戶都可以體驗銷售和服務、行銷和分析以及資料雲和 Slack。我們擁有的一切，因為我們意識到——我將包括我沒有提到的一件事，那就是平台。

So it's very important that these customers see that they don't have to go buy another best-of-breed product; they can just flip the switch and everything comes on. And that is working, and we still have a lot of work to do to educate our customers on all the capabilities that we have.

因此，讓這些客戶意識到他們不必去購買另一種同類最佳產品，這一點非常重要。他們只需扳動開關，一切就開始了。這正在發揮作用，我們仍然有很多工作要做，讓我們的客戶了解我們擁有的所有功能。

Still a lot of our Sales Cloud customers don't have Service Cloud, and a lot of our Service Cloud customers don't have Sales Cloud, and that's true of Marketing Cloud, I could go to each one of these clouds because in some ways, we've been selling a lot of these clouds in their own silos, so they've built on their own customer bases. And we have a lot of customers, and we have a lot of software to sell to a lot of people, but it's an exciting moment because we're so highly differentiated.

我們的許多銷售雲客戶仍然沒有服務雲，我們的許多服務雲客戶也沒有銷售雲，行銷雲也是如此，我可以訪問這些雲中的每一個，因為在某些方面，我們一直在他們自己的孤島中銷售大量此類雲，因此他們建立了自己的客戶群。我們有很多客戶，我們有很多軟體可以賣給很多人，但這是一個令人興奮的時刻，因為我們是如此高度差異化。

Great. Thanks, Brent. Regina, we'll take our last question now, please.

偉大的。謝謝，布倫特。雷吉娜，我們現在回答最後一個問題。

Kirk Materne, Evercore ISI.

柯克·馬特納，Evercore ISI。

Yes. Thanks very much, and congrats on the quarter and great to hear all the excitement around Agentforce off the launch. Brian, this is probably for you. I was just curious and dovetails back into some earlier comments. Really strong attach with Data Cloud thus far. I was just kind of curious how far along are your customers in terms of having their data in order so that they can get value from Agentforce somewhat out of the box?

是的。非常感謝，並祝賀本季度，很高興聽到 Agentforce 發布後的所有興奮之情。布萊恩，這可能適合你。我只是很好奇，並與之前的一些評論相吻合。到目前為止，與資料雲的連結確實很牢固。我只是有點好奇您的客戶在整理資料以便他們可以從 Agentforce 中獲得開箱即用的價值方面走了多遠？

I'm just trying to get a better standing on how long does it take from the conversation with customers and sort of scouting out what they're going to do, getting their data in order and then bringing sort of Agentforce to bear, is it a three-, six-month process, just trying to get a sense if you have an idea on that quite yet. Thanks.

我只是想更好地了解與客戶的對話需要多長時間，並了解他們要做什麼，整理數據，然後使用 Agentforce，是嗎？是否對此有想法。謝謝。

Yes, it's a great question, Kirk. And I appreciate it. It is -- it varies by customer, honestly. If you've had a very strong data architecture strategy for many years, your ability to turn on data cloud, harmonize your data and leverage it in our AI solutions is months, weeks even.

是的，這是一個很好的問題，柯克。我很感激。老實說，這因客戶而異。如果您多年來一直擁有非常強大的資料架構策略，那麼您打開資料雲、協調資料並在我們的人工智慧解決方案中利用它的能力需要數月、甚至數週。

There are other customers who have data siloed across their business, they built data lakes. It sits across different divisions that they want to bring together in Data Cloud, and that can take a bit longer, six months even to bring that data together.

還有其他客戶在其業務中擁有孤立的數據，他們建立了數據湖。它位於不同的部門，他們希望將這些資料整合到資料雲中，這可能需要更長的時間，甚至需要六個月的時間才能將這些資料整合在一起。

They all want to move faster, which is the great opportunity for us. They all recognize the need for harmonized data to make their AI and their Agentforce opportunity better with their customers. And so what we're seeing is tremendous demand for not only the technology but the people to go harmonize the data, get it in a state that they can now leverage Agentforce to really deliver for their customers. So it really depends, honestly, is the answer.

他們都希望行動得更快，這對我們來說是一個很好的機會。他們都認識到需要統一的數據，以使他們的人工智慧和 Agentforce 機會更好地服務客戶。因此，我們看到的不僅是對技術的巨大需求，而且對人員的巨大需求，以協調數據，使其處於現在可以利用 Agentforce 真正為客戶提供服務的狀態。所以說實話，這確實取決於答案。

Thanks, Kirk, and thanks, everyone, for joining the call today. We look forward to seeing everyone over the coming weeks and wish everyone a happy holiday season.

謝謝柯克，謝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，並祝大家節日快樂。

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

今天的電話會議到此結束。感謝大家的加入。您現在可以斷開連線。