賽富時 (CRM) 2025 Q4 法說會逐字稿

Good day everyone. Welcome to Salesforce's fourth-quarter and full-year fiscal 2025 results conference call.(Operator Instructions) Also, this call is being recorded.

大家好。歡迎參加 Salesforce 2025 財年第四季和全年業績電話會議。 （操作員指示）此外，本次通話正在被錄音。

I would now like to have the conference over to your speaker, Mike Spencer, Executive Vice President of Finance and Strategy and Investor Relations. Sir, you may begin.

現在我想將會議發言者交給財務、策略和投資者關係執行副總裁 Mike Spencer。先生，您可以開始啦。

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

下午好，感謝您今天參加我們的 2025 財年第四季業績電話會議。我們的新聞稿、美國證券交易委員會 (SEC) 文件以及今天電話會議的重播可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; Brian Millham, President and Chief Operating Officer. In addition, we also have Robin Washington, our Board Member and Incoming Chief Operating and Finance Officer here with us today.

今天與我一起參加電話會議的還有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；總裁兼營運長 Brian Millham。此外，今天與我們一起出席的還有我們的董事會成員、新任營運和財務長羅賓華盛頓 (Robin Washington)。

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.

提醒一下，我們今天的評論將包括非公認會計準則指標。我們的 GAAP 和非 GAAP 結果之間的對帳以及指導可在我們的收益資料和新聞稿中找到。

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 informs 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，這些陳述受可能變化的風險、不確定性和假設的影響。如果任何這些風險成為現實或我們的假設被證明是錯誤的，那麼實際的公司表現可能與這些前瞻性陳述有重大差異。這些風險、不確定性和假設以及可能影響我們財務結果的其他因素的描述包含在我們的 SEC 文件中，包括我們最近的報告 10-K、10-Q 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 to Marc.

說完這些，讓我把電話交給馬克。

Well, hey, thanks so much, Mike. And I'm so excited about this call and reading the script with you because this was just the best quarter we've ever had. And I think you're going to see that as we kind of unfold what's happening here.

好吧，嘿，非常感謝，麥克。我對這次通話以及和你們一起閱讀腳本感到非常興奮，因為這是我們經歷過的最好的一個季度。而且我認為，隨著我們逐步了解這裡發生的事情，你就會看到這一點。

I'm sitting here with Amy and Brian and Mike and Sabastian is also on the table and our COFO, Robin Washington is here. So welcome, Robin. We're thrilled to have you here as well.

我和艾米、布萊恩、麥克坐在一起，賽巴斯蒂安也在場，我們的財務長羅賓華盛頓也在這裡。歡迎您，羅賓。我們也非常高興您能來這裡。

And look, I'm really excited about this. I really think that we have something incredible to talk about. And obviously, this was the quarter of Agentforce. We're going to talk about that, but it was really just another incredible quarter. And really, it's been another incredible year of growth and innovation.

瞧，我對此真的很興奮。我確實認為我們有一些令人難以置信的事情要談。顯然，這是 Agentforce 的季度。我們將要談論這個問題，但這確實又是一個令人難以置信的季度。確實，這又是令人難以置信的成長和創新的一年。

I'm sure you all can see, we've had a really strong performance across all of our key metrics on revenue, on margin, EPS, cash flow, CRPO. We've passed some amazing milestones, including more than $60 billion in RPO, and this has been the highest cash flow in our company history.

我相信大家都能看到，我們在營收、利潤率、每股盈餘、現金流量、CRPO 等所有關鍵指標上都表現非常強勁。我們已經取得了一些驚人的里程碑，包括超過 600 億美元的 RPO，這是我們公司歷史上最高的現金流。

You can see we exceeded our cash flow guidance. I think Amy did about $12.9 billion last quarter, but I think we delivered $13.1 billion-ish, and that was just incredible for the quarter. And now we're giving guidance; I think it's around $14.5 billion in guidance for next year on the cash flow guidance. So just awesome cash production.

您可以看到我們超出了我們的現金流預期。我認為艾米上個季度的營收約為 129 億美元，但我認為我們的營收為 131 億美元左右，這對本季來說簡直是令人難以置信的。現在我們正在提供指導；我認為明年的現金流指導價約為 145 億美元。所以現金產量非常可觀。

Few enterprise software companies have really ever delivered these kind of numbers, and I guess only a couple have ever delivered guidance in the [14 billion], which is where we are. And our two newest major products are Data Cloud and Agentforce, AI product line now, we can see is a multibillion-dollar product line. So we're excited to be in that kind of rarefied era of delivering a multibillion-dollar AI product line.

很少有企業軟體公司真正實現過這樣的數字，我想只有幾家公司曾經實現過[140 億美元]的預期，而我們現在的水平就是如此。我們最新的兩個主要產品是Data Cloud和Agentforce，現在的AI產品線，我們可以看到是一條價值數十億美元的產品線。因此，我們很高興能夠進入這種罕見的時代，推出價值數十億美元的人工智慧產品線。

We ended this year with $900 million in Data Cloud and AI ARR. It grew 120% year over year. We've never seen products grow at these levels, especially Agentforce. And Data Cloud and AI, Agentforce, this is now going to be incredible coming into fiscal year '26.

今年，我們在數據雲和 AI ARR 的投資總額達到 9 億美元。較去年同期成長120%。我們從未見過產品能達到如此水準的成長，尤其是 Agentforce。資料雲和人工智慧、Agentforce，在26財年將會變得不可思議。

As we begin this year and well, since our founding, I couldn't be more excited about what's ahead. It's -- this is a moment like we've just never seen before. And in just a few months, we've seen this addressable market go from hundreds of billions of dollars -- and I'm sure you saw those arc slides that got released over the weekend, where she said that she thought this digital labor revolution, which is really kind of what we're in here now, this digital labor revolution, this looks like it's anywhere from a few trillion to 12 trillion.

今年是我們新年伊始，自從我們成立以來，我對未來充滿期待。這是我們從未見過的時刻。在短短幾個月內，我們已經看到這個潛在市場規模從數千億美元增長到如今的水平——我相信你們已經看到了上週末發布的那些幻燈片，她在幻燈片中說，她認為這場數位勞動力革命，也就是我們現在所處的階段，這場數位勞動力革命，看起來規模從幾萬億美元到 12 兆美元不等。

I kind of agree with her. I think this is much bigger than software. For the last 25 years, we've been doing software to help our customers manage their data. That's very exciting. I think building software that kind of prints and deploys digital workers is more exciting, and you're going to hear some of these incredible stories in a second.

我有點同意她的說法。我認為這比軟體重要得多。過去 25 年來，我們一直在開發軟體來幫助客戶管理他們的數據。這非常令人興奮。我認為建立能夠列印和部署數位員工的軟體更令人興奮，您馬上就會聽到一些令人難以置信的故事。

Our formula now really for our customers is this idea that we have these incredible Customer 360 apps. We have this incredible Data Cloud, and this incredible agentic platform. These are the three layers, but that it is a deeply unified platform -- it's a deeply unified platform. It's just one piece of code. That's what makes it so unique in this market. And that is why customers are having so great success with it.

我們現在真正為客戶提供的方案是，我們擁有這些令人難以置信的客戶 360 應用程式。我們擁有這個令人難以置信的數據雲和這個令人難以置信的代理平台。這是三個層，但它是一個深度統一的平台——這是一個深度統一的平台。這只是一段程式碼。這就是它在市場上如此獨特的原因。這就是客戶獲得如此巨大成功的原因。

It's not a collection of disjointed parts; you are going to have to kind of self-assemble, DIY it, all kinds of how do you get the security running? How do you do this, how do you do that? It's this idea that it's a deeply unified platform with one piece of code all wrapped in a beautiful layer of trust.

它不是一堆脫節部分的集合；你將必須自行組裝，DIY，如何確保安全運作？你是怎麼做到這事的？你是怎麼做到那事的？這個想法是，它是一個深度統一的平台，擁有一段程式碼，全部包裹在一個美麗的信任層中。

And that's what gives Agentforce this incredible accuracy that we're seeing. I'm going to talk about -- even what we've seen at Salesforce with that is amazing. And I'll tell you that our customers are just seeing some great success with it. And that's why just 90 days after it went live, we already have 3,000 paying Agentforce customers, who are experiencing unprecedented levels of productivity, efficiency, and cost savings.

這就是 Agentforce 具有我們所見的驚人精確度的原因。我要說的是——即使我們在 Salesforce 看到的情況也令人驚嘆。我要告訴你們的是，我們的客戶已經看到了它的巨大成功。這就是為什麼在上線僅 90 天后，我們已經擁有 3,000 名付費 Agentforce 客戶，他們體驗到了前所未有的生產力、效率和成本節約。

No one else is delivering at this level of capability, and we're really seeing a level of integration, simplicity, intelligence, power. I mean, customers are really telling us that we're light years ahead of other providers, and their feedback really speaks volumes. So exciting to go on the web and see Agentforce delivering labor for companies like Equinox, OpenTable, Jacuzzi and others. I go to their sites. I'm going to their X feeds, their social media presence, and you see Agentforce running. And look, a lot of other vendors are talking about their agent capabilities, but few are able to show that they've got this really running at scale.

沒有人能夠提供這種程度的功能，我們真正看到的是整合度、簡單性、智慧性和強大功能。我的意思是，客戶確實告訴我們，我們比其他供應商領先了幾光年，他們的回饋確實說明了一切。在網路上看到 Agentforce 為 Equinox、OpenTable、Jacuzzi 等公司提供勞動力真是令人興奮。我去了他們的網站。我將訪問他們的 X feed，他們的社交媒體，您將看到 Agentforce 正在運行。而且，很多其他供應商都在談論他們的代理功能，但很少有人能夠證明他們已經真正大規模運作。

And as you're about to hear from Brian, we're seeing some amazing results on Salesforce's customer zero for Agentforce. Our digital labor force is resolving tens of thousands of customer service inquiries, freeing our human employees to focus on the most nuanced issues in customer relationships.

正如您即將從 Brian 那裡聽到的，我們在 Salesforce 為 Agentforce 提供的客戶零方面看到了一些令人驚嘆的成果。我們的數位化勞動力正在解決數以萬計的客戶服務諮詢，使我們的人類員工能夠專注於客戶關係中最細微的問題。

We're seeing tremendous momentum and success stories emerge as we execute our vision to make every company, every single company, every customer of ours, an Agentforce company. That is, we want every customer to be an Agentforce; customer. We want every Trailblazer to be an Agentblazer, and I want to share some of these amazing stories with you today. But first, let's hit a couple of these incredible numbers.

當我們執行我們的願景，讓每一家公司、每一家企業、每一位客戶都成為 Agentforce 公司時，我們看到了巨大的發展勢頭和成功案例。也就是我們希望每位客戶都成為一名Agentforce；顧客。我們希望每位 Trailblazer 都成為 Agentblazer，今天我想與大家分享其中一些令人驚嘆的故事。但首先，讓我們來看看幾個令人難以置信的數字。

We closed out fiscal year '25 with $10 billion in revenue. That's amazing. Our first $10 billion quarter. I remember we had our first $10 billion year. Kind of amazing -- $10 billion quarter, up 8% year over year, 9% constant currency, and I think we've lost -- Amy, is that like a couple $100 million in foreign exchange for the year as well?

我們以 100 億美元的營收結束了 25 財年。這太棒了。我們第一季的營收達到 100 億美元。我記得我們的第一個收入達到 100 億美元的年份。有點令人驚奇——本季 100 億美元，比去年同期增長 8%，按固定匯率計算為 9%，而且我認為我們已經損失了——艾米，這是否相當於今年幾億美元的外匯損失？

In Q4, we closed more than 400 deals over 1 million . All of our top; 10 wins included data and AI. Brian, 400 deals over a million dollars, pretty awesome. And we also continued phenomenal growth with Data Cloud this year, which is the heart of Agentforce. Data Cloud is the fuel that powers Agentforce and our customers are investing in it.

第四季度，我們完成了 400 多筆 100 多萬美元的交易。我們所有的頂級；10場勝利包括數據和AI。布萊恩，400 筆交易超過一百萬美元，太棒了。今年，我們的資料雲也持續實現了驚人的成長，這是 Agentforce 的核心。資料雲是 Agentforce 的動力源泉，我們的客戶正在對其進行投資。

And Data Cloud surpassed 50 trillion -- that's trillion dollars with a T -- records doubling year over year as customers increased their consumption and investment in our data platform. And that is just becoming a critical and essential part of our solution, because as customers turn on AI and Agentforce, if they don't have the data -- we've been talking about this, I guess, for almost 2 years. If you don't have the data, you're not going to get the AI that you so badly want. And nearly a quarter of those 50 trillion records -- that was trillion with a T -- were ingested from outside of Salesforce through our zero copy partner network, which is amazing.

隨著客戶對我們數據平台的消費和投資不斷增加，數據雲規模已超過 50 兆美元，年增一倍。這正成為我們解決方案的關鍵和必要部分，因為當客戶啟用 AI 和 Agentforce 時，如果他們沒有資料——我想，我們已經討論了這個問題將近 2 年。如果你沒有數據，你就無法獲得你迫切想要的人工智慧。在這 50 兆筆記錄中，近四分之一（這個數字是「萬億」）是透過我們的零拷貝合作夥伴網路從 Salesforce 外部取得的，這是非常了不起的。

We'll see increased investments and software developed in agentic layer as AI continues to advance and handle a higher percentage of workloads. And we're taking advantage of the huge investments that these infrastructure companies, we just -- you know we'll work with -- of course, we have two substrates live, where we have Amazon and we have Alibaba; both companies are making huge investments in infrastructure. And the third one, Google, is making a huge infrastructure investment.

隨著人工智慧的不斷進步和處理更高比例的工作負載，我們將看到在代理層的投資和軟體開發增加。我們正在利用這些基礎設施公司的巨額投資，我們只是——你知道我們會與之合作——當然，我們有兩個基底，一個是亞馬遜，另一個是阿里巴巴；兩家公司都在基礎設施方面進行巨額投資。第三家公司Google正在進行巨額基礎設施投資。

We're really getting great prices from these companies. Our deployment -- our ability to deploy at a really low cost is just awesome. And it's just driving down our cost for our customers. So that's so exciting.

我們確實從這些公司獲得了很優惠的價格。我們的部署——我們以非常低的成本進行部署的能力真是太棒了。這也確實降低了我們為客戶節省的成本。這真是太令人興奮了。

Look, for the full year we delivered $37.9 billion in revenue. It's up 9% year over year, operating cash flow reaching $13.1 billion, up 28% year over year. It's really one of the best performances, I think, of any software company. And with our continued discipline approach to margin expansion, our non-GAAP operating margin closed at 33%. That was 250 basis points for fiscal year '25. I think it's 50 basis points higher than we even gave you guidance for a year ago. Is that right, Amy?

你看，我們全年實現了 379 億美元的收入。年增9%，營運現金流達131億美元，年增28%。我認為，這確實是所有軟體公司中最好的表現之一。由於我們繼續嚴格控制利潤率，我們的非 GAAP 營業利潤率收在 33%。對 25 財年來說，這是 250 個基點。我認為這比我們一年前給您的指導高出 50 個基點。是嗎，艾米？

Yeah, and that's awesome, but we also passed an incredible milestones with more than $60 billion in RPO. That I don't think we could have expected.

是的，這很棒，但我們也透過超過 600 億美元的 RPO 實現了令人難以置信的里程碑。我想這是我們無法預料到的。

So this milestone isn't just a number; it's a clear signal that our customers are trusting us, deploying us, getting great value from us, and continuing to invest in our vision for digital labor. I think it's going to be that digital labor vision, that revelation that we're able to provide digital labor at scale with this trinity of apps, data, and agents that is going to drive this fiscal year '26 success.

所以這個里程碑不僅僅是一個數字；這清楚地表明，我們的客戶信任我們、部署我們、從我們這裡獲得巨大價值，並繼續投資於我們的數位化勞動力願景。我認為，正是數位化勞動力的願景，正是我們能夠利用應用程式、數據和代理三位一體大規模提供數位化勞動力的啟示，將推動 26 財年的成功。

We expect to deliver fiscal year '26 subscription support revenue of 9% year over year in constant currency. We remain deeply committed to profitable growth and expect fiscal year '26 non-GAAP operating margin of 34%. We're going to deliver another 100 basis points of expansion following two years, where we expanded more than 1,000 basis points.

我們預計 26 財年的訂閱支援收入將以固定匯率計算年增 9%。我們仍堅定致力於獲利成長，預計26財年非GAAP營業利益率為34%。在兩年內我們將再次實現 100 個基點的擴張，此前兩年我們已經擴張了 1,000 多個基點。

The pace of change, the focus on productivity, profitability, the speed of innovation, the trinity of apps, data, and agents, it's all coming together. As I mentioned, we're seeing customers deploy Agentforce across every industry.

變化的速度、對生產力和盈利能力的關注、創新的速度、應用程式、數據和代理的三位一體，所有這些都融合在一起。正如我所提到的，我們看到客戶在各行各業部署 Agentforce。

Let's talk about a couple of examples. We've been working with Lennar, the nation's largest homebuilder. And most of you know Lennar is really an incredible company, and they've been a customer of ours for about eight years. They came to Dreamforce. And when they came to Dreamforce, they obviously got their hands, like many of you did on Agentforce, got super excited, went back to Miami, talked to their co-CEOs. You probably know Stuart Miller, Jon Jaffe, amazing CEOs.

我們來討論幾個例子。我們一直與美國最大的房屋建築商 Lennar 合作。大多數人都知道 Lennar 是一家非常出色的公司，他們已經成為我們的客戶大約八年了。他們來到了 Dreamforce。當他們來到 Dreamforce 時，他們顯然親身參與了其中，就像你們許多人參加 Agentforce 一樣，他們非常興奮，然後回到邁阿密，與他們的聯合首席執行官進行了交談。您可能認識 Stuart Miller、Jon Jaffe 等出色的 CEO。

And those co-CEOs called me and said, listen, these guys have done a hackathon around Agentforce. We've got five use cases. We see incredible opportunities on our margin, incredible opportunities in our revenue. And do you have our back if we're going to deploy this? And we said, absolutely, we've deployed it ourselves, which is the best evidence that this is real. And they are just incredible. Their vision as a homebuilder providing 24/7 support, sales leads through all their digital channels, they're able to sell all kinds of new products. I think they're going to sell mortgages and insurance and all kinds of things to their customers.

那些聯合執行長打電話給我說，聽著，這些傢伙圍繞著 Agentforce 進行了一次黑客馬拉松。我們有五種用例。我們在利潤方面看到了難以置信的機會，在收入方面也看到了難以置信的機會。如果我們要部署這個，您會支援我們嗎？我們說，當然，我們自己已經部署了它，這是這是真實情況的最佳證據。他們真的令人難以置信。他們的願景是作為一家房屋建築商提供全天候支持，透過所有數位管道提供銷售線索，他們能夠銷售各種新產品。我認為他們將向客戶出售抵押貸款、保險和各種各樣的東西。

And the cool thing is they're using our sales product, our service product, marketing, MuleSoft, Slack, Tableau, they use everything. But they are able to leverage it all together by realizing that just by turning it on, they get this incredible Agentforce capability.

很酷的是，他們使用我們的銷售產品、服務產品、行銷產品、MuleSoft、Slack、Tableau，他們使用一切。但他們意識到，只要打開它，他們就能獲得這種令人難以置信的 Agentforce 功能，從而能夠充分利用它。

All right. I want to tell you another story not just about Lennar and transforming a homebuilder, but I don't know how many of you know about Pandora. If you've been to a shopping center, you will see the Pandora store. You walk in, they have this gorgeous jewelry. They have these cool charm bracelets. They have amazing products.

好的。我想告訴你們另一個故事，不僅僅是關於 Lennar 和改造房屋建築商的故事，但我不知道你們中有多少人知道 Pandora。如果你去過購物中心，你會看到潘朵拉商店。你走進去，就會看到他們有華麗的珠寶。他們有這些很酷的手鍊。他們有令人驚嘆的產品。

And if you know their CEO, Alex, he's absolutely phenomenal. I think he's based over in Amsterdam or he's in the Netherlands; I can't remember where it is, but one of the Northern European countries. Incredible CEO. Time actually just gave them an award as one of the most sustainable companies in the world, great company.

如果你認識他們的執行長亞歷克斯 (Alex)，你就會知道他真是個了不起的人。我認為他駐紮在阿姆斯特丹或在荷蘭；我不記得它是哪裡了，但它是北歐國家之一。令人難以置信的首席執行官。事實上，《時代》雜誌剛剛授予他們一項獎項，稱他們為世界上最具永續發展能力的公司之一，一家偉大的公司。

They're in 100 countries. They employ 37,000 people worldwide. And Alex has this great vision to augment their employees with digital labor. And this idea that whether you're on their website or in their store or whatever it is, that they're going to be able to do so much more with Agentforce. They are going to use -- first of all, they use Commerce Cloud. So if you've been to Pandora.com and bought their products -- and if you haven't, by the way, it's completely worthwhile; it's great. And you can experience our Commerce Cloud, but it's deeply integrated with our service cloud, with data cloud. It's the one unified platform approach.

他們遍佈 100 個國家。該公司在全球擁有 37,000 名員工。亞歷克斯有一個偉大的願景，就是利用數位化勞動力來增強員工的能力。無論您是在他們的網站上、商店中還是其他地方，他們都能夠使用 Agentforce 做更多的事情。他們將要使用—首先，他們使用 Commerce Cloud。所以如果你去過 Pandora.com 併購買過他們的產品——如果你還沒有，順便說一句，這是完全值得的；這很棒。您可以體驗我們的商務雲，但它與我們的服務雲和資料雲深度整合。這是一個統一的平台方法。

And now they're just flipping the switch, turning agents on, and they're planning to deliver 30% to 60% of their service cases with Agentforce. That is awesome. And I really love Alex's vision of what's possible.

現在他們只需輕輕一按開關，啟動代理，就計劃透過 Agentforce 來交付 30% 到 60% 的服務案例。那太棒了。我真的很喜歡亞歷克斯對於可能實現的願景。

And then the last customer I really want to hit on, which I'm so excited about, is Pfizer. And Albert is an incredible CEO. They are doing unbelievable things. They've been a tremendous customer. But now they're really going all in on our Life Sciences Cloud. We're seeing so many -- business counsel last week in Washington, D.C. met with hundreds of CEOs, and so many of the CEOs of the life sciences industry are going with our Life Sciences Cloud; it was incredible.

最後一位我真正想要聯絡的客戶，也是讓我非常興奮的客戶，就是輝瑞。阿爾伯特是一位出色的執行長。他們正在做令人難以置信的事情。他們是我們的重要客戶。但現在他們真正全力投入我們的生命科學雲。我們看到很多——上週在華盛頓特區的商業顧問會見了數百名首席執行官，許多生命科學行業的首席執行官都選擇了我們的生命科學雲；這真是令人難以置信。

And you can see why because it's just a natural upgrade of what they're already doing with us and then this idea that our Life Sciences Cloud becomes this highly differentiated capability from everything currently available in the market, and it allows these pharma, medtech companies so many -- to be able to streamline not just their clinical operations, all their customer-facing, even the ones who want to go to direct-to-consumer, even the ones who want to do clinical trials and this idea that agents are going to make all of that so much better.

您可以看到原因，因為這只是他們與我們合作的自然升級，然後我們的生命科學雲成為與市場上現有產品高度差異化的能力，並且它允許這些製藥公司、醫療技術公司不僅簡化他們的臨床操作，還簡化所有面向客戶的流程，甚至簡化那些想要直接面向消費者的業務，甚至簡化那些想要進行臨床試驗的業務，而代理商將使所有這一切變得更好。

And with Agentforce sales agents, for example, with Pfizer, that's -- they've got 20,000 customer-facing employees and customer-facing folks. That is just a radical extension for them with agents.

以輝瑞公司的 Agentforce 銷售代理為例，他們擁有 20,000 名面向客戶的員工和工作人員。對他們與代理商而言，這只是徹底的延伸。

And I will have to slot in one last one, because I'll tell you -- I'm sure a lot of you are like I have flown in Singapore Air; You know what, it is a great airline. The CEO Goh is amazing. And he has a huge vision that also came out of Dreamforce, where they already deliver probably the best service of any airline in the world. They want to deliver it through agents. So whether you're doing it with service or sales or marketing or commerce or all the different things that Singapore Air is doing with us, you're going to be able to do this right on Singapore Air.

我還要插入最後一個問題，因為我會告訴你們——我相信你們中的很多人都和我一樣乘坐過新加坡航空；你知道嗎，這是一家很棒的航空公司。執行長吳作棟非常出色。他的遠大願景也源自 Dreamforce，他們目前提供的服務可能是全球航空公司中最好的。他們想透過代理商來運送。因此，無論您從事服務、銷售、行銷、商業或新加坡航空與我們合作的所有不同工作，您都可以在新加坡航空上進行。

All right. Well, I know all of you want to see this in person, talk to these customers yourself. You can go to help.salesforce.com. Brian is going to talk about that. When you hear the numbers we delivered in the quarter there, you're not going to believe it.

好的。好吧，我知道你們都想親眼看看，親自和這些顧客交談。您可以造訪 help.salesforce.com。布萊恩將要談論這個問題。當您聽到我們本季公佈的數字時，您不會相信的。

And listen, a lot of people say to me, hey, how are you different from these other agent companies? Number one, go to those other vendors, go to their sites; are they running their agent technology? You've all been on help.salesforce.com. You all know this incredible capability that we're delivering. You've seen it deployed by these other customers like Equinox and Remarkable and others.

聽著，很多人對我說，嘿，你們跟其他經紀公司有何不同？第一，去其他供應商那裡，訪問他們的網站；他們正在運行他們的代理技術嗎？你們都曾經造訪過help.salesforce.com。大家都知道我們正在提供的這種令人難以置信的能力。您已經看到其他客戶（例如 Equinox、Remarkable 等）部署了它。

You've got your hands on -- do you see the other scaled vendors delivering this capability? Or are they just using the word agent? I think you got to beware -- beware, of the false agent. Because the false agent is out there, where people can use the word agent or they got -- they're trying to white wash all the agent, the thing everywhere. But the reality is, there is the real agents, and there are the false agents, and we're very fortunate to have the real stuff going on here.

你已經親身體驗過——你是否看到其他規模供應商也提供這種功能？或者他們只是使用代理這個詞？我認為你必須要小心——小心假經紀人。因為有虛假的經紀人，人們可以使用經紀人這個詞，或者他們得到的東西——他們試圖粉飾所有的經紀人，到處都是這樣的東西。但事實是，有真正的經紀人，也有假經紀人，我們很幸運在這裡遇到了真正的經紀人。

So we've got a lot more groundbreaking AI innovation coming. I can't wait for you to see it at our Trailhead DX event next week, and that's going to be March 5 and 6 in San Francisco. I'm looking forward to seeing all of you there and showing you that -- and I'll tell you while you're there -- I didn't hit it -- you've got to see this new product we've just built, which is Tableau Next.

因此，我們將迎來更多突破性的人工智慧創新。我迫不及待地希望你在下週的 Trailhead DX 活動中看到它，該活動將於 3 月 5 日和 6 日在舊金山舉行。我期待在那裡見到你們所有人，並向你們展示——你們到那裡時我會告訴你們——我還沒說到——你們必須看看我們剛剛建造的這個新產品，那就是 Tableau Next。

I'm sure a lot of you know Tableau; you probably use it every day. When you see what we have built, which is the new Tableau built with Agentforce on the Data Cloud and how it's deeply integrated into our product line, it is going to blow your mind. It is incredible. You've got to make sure you get a demo of Tableau Next. You won't believe it.

我相信很多人都知道 Tableau；你可能每天都會用到它。當您看到我們所建立的內容（即使用資料雲上的 Agentforce 建立的全新 Tableau）以及它如何深度整合到我們的產品線中時，您會驚嘆不已。這真是令人難以置信。您必須確保獲得 Tableau Next 的演示。你不會相信的。

You're going to see the new Slack. You're going to see the new Sales Cloud, Service Cloud, Marketing Cloud, Commerce Cloud, the platform, Agentforce, all the products, this new field service product, which is incredible. You might get a glimpse of the new ITSM product that's coming, if you look hard. But the big thing that I'm excited about, okay? The big thing that I'm really excited about is Tableau Next, because that's about to deploy the customers at scale, and I think people are going to be absolutely blown away.

您將會看到新的 Slack。您將看到新的銷售雲、服務雲、行銷雲、商務雲、平台、Agentforce、所有產品以及這個令人難以置信的新現場服務產品。如果您仔細觀察，您可能會對即將推出的新型 ITSM 產品有所了解。但令我興奮的大事是，好嗎？讓我真正興奮的是 Tableau Next，因為它即將大規模部署客戶，我認為人們會對此感到非常震驚。

All right. Now before I do that, I have to get out the Kleenex because I have to say goodbye to Brian and Amy, who -- it's kind of a moment in time here where Brian has been here for, I think, 25 years, 26 years. He's just wearing one of the many watches that I've given him to recognize his performance.

好的。在做這些之前，我得先拿出紙巾，因為我得和布萊恩和艾米道別，布萊恩已經在這裡生活了 25 年、26 年，這算是個特殊的時刻。他只是戴著我送給他的眾多手錶中的一塊，以表彰他的表現。

Amy is here as well. She's not wearing one of her watches, but she has them at home, probably in her jewelry case or safe or something. And Amy, how long has it been, Amy? 12 years? 11 years with Amy. And we're going through a little bit of a transition of our management team between fiscal year '25 and '26, and we want to say goodbye, and thank you.

艾米也在這裡。她沒有戴手錶，但她有手錶，可能放在她的珠寶盒或保險箱或其他地方。艾米，已經過去多久了，艾米？12年？和艾米在一起 11 年了。在 25 財年和 26 財年之間，我們的管理團隊正經歷一段過渡期，我們想和大家說再見，謝謝大家。

We want to say mahalo and we want to say goodbye, which is a hui hou. And thank you so much for everything and we're going to let them talk and also say their goodbyes, but we're so grateful to everything that you've done for us every single day over the last 25 and 11 years. And it's been great to have you part of our management team, and you're welcome back any time.

我們要說 mahalo，我們要說再見，也就是回侯。非常感謝您所做的一切，我們會讓他們談談，也會和他們道別，但我們非常感謝您在過去的 25 年和 11 年裡每天為我們所做的一切。我們很高興您能成為我們管理團隊的一員，歡迎您隨時回來。

So if you get only out there on the golf course or I know Amy has got some big plans that she's not ready to announce yet in the NGO world, but I'll tell you that you guys get lonely or you're missing the thrill of the hunt, come back and see us because we're going to be ready for you to come back.

因此，如果你只在高爾夫球場上，或者我知道艾米有一些大計劃，她還沒有準備好在非政府組織世界宣布，但我會告訴你，你們會感到孤獨，或者你錯過了狩獵的刺激，回來看看我們，因為我們已經準備好迎接你的回來。

Okay. All right, Brian.

好的。好的，布萊恩。

I really appreciate it. It's been a privilege of a lifetime to work here for more than 25 years. Very few people get to start at a company that has zero revenue and help it grow to $38 billion. The journey has been remarkable, and this year with certainly the capstone.

我非常感激。能夠在這裡工作 25 年多是我一生的榮幸。很少有人能夠在一家收入為零的公司起步並幫助其發展到價值 380 億美元。這是一次非凡的旅程，而今年無疑是巔峰之年。

As you heard from Marc, in just one quarter, Agentforce has been deployed by thousands of brands worldwide becoming an incredible lever for productivity, growth, and efficiency. It's happened faster than we ever expected.

正如您從 Marc 那裡聽到的，僅在一個季度內，Agentforce 就已被全球數千個品牌部署，成為提高生產力、成長和效率的絕佳槓桿。事情發生得比我們預想的還要快。

With our deeply unified platform seamlessly integrating our Customer 360 apps, Data Cloud, and Agentforce, we're leading the digital labor revolution. Customers of every size across every industry are seeing immediate and substantial value with Agentforce. We're setting new standards in the industry.

透過我們深度統一的平台無縫整合我們的客戶 360 應用程式、資料雲和 Agentforce，我們正在引領數位勞動力革命。各個行業、各種規模的客戶都看到了 Agentforce 帶來的直接且巨大的價值。我們正在為這個行業制定新的標準。

OpenTable is a great example of how Agentforce is having an immediate impact in just three weeks of handling 73% of all restaurant web queries, a 50% improvement over their previous tool. And they're not alone. The Futurum Group surveyed customers and found that Agentforce can achieve ROI 5 times faster than DIY while lowering costs by 20%. And technology analyst, [Varun Bawar] found Agentforce delivers autonomous AI agent 16 times faster versus DIY approaches with 75% increased accuracy. We continue to see significant increase in large multi-cloud transactions as companies look to accelerate faster time to value, efficiency, and growth.

OpenTable 是一個很好的例子，它展示了 Agentforce 如何在短短三週內就產生了立竿見影的效果，處理了 73% 的餐廳網路查詢，比以前的工具提高了 50%。而且他們並不孤單。Futurum Group 對客戶進行了調查，發現 Agentforce 可以比 DIY 快 5 倍地實現投資回報，同時降低 20% 的成本。技術分析師 [Varun Bawar] 發現 Agentforce 提供自主 AI 代理的速度比 DIY 方法快 16 倍，準確率提高了 75%。隨著企業尋求加快實現價值、提高效率和促進成長，我們繼續看到大型多雲交易的顯著成長。

Goodyear is partnering with us on their transformation using Agentforce to automate and increase the effectiveness of their sales efforts. With Agentforce for field service, Goodyear will be able to reduce repair time by assisting technicians with answers to vehicle-related questions and autonomously scheduling field picks appointments.

固特異正在與我們合作進行轉型，利用 Agentforce 實現銷售工作的自動化並提高其銷售效率。透過 Agentforce 的現場服務，固特異將能夠協助技術人員解答與車輛相關的問題並自主安排現場接送預約，從而減少維修時間。

We also continue to embed agentic layer across our own business. Today, we're live on Agentforce across service and sales, our business technology organization, customer support and more, and the results are phenomenal. Since launching on our Salesforce health portal on October, Agentforce has autonomously handled 380,000 service requests achieving an incredible 84% resolution rate and only 2% of the requests require human escalation.

我們也會繼續在我們自己的業務中嵌入代理層。今天，我們在服務和銷售、業務技術組織、客戶支援等領域都使用了 Agentforce，而且效果顯著。自 10 月在我們的 Salesforce 健康入口網站上推出以來，Agentforce 已自主處理了 380,000 個服務請求，實現了令人難以置信的 84% 的解決率，並且只有 2% 的請求需要手動升級。

And we're using Agentforce for quoting -- accelerating our quoting cycles by more than 75%. In Q4, we increased our AE capacity while still driving productivity up 7% year over year. Agentforce is transforming how we do outbound prospecting, already engaging more than 50 leads per day with personalized outreach and timely follow-ups, freeing up our teams to focus on high-value conversation. Our reps are participating in thousands of sales coaching training sessions each month.

我們正在使用 Agentforce 進行報價 - 將我們的報價週期加快了 75% 以上。在第四季度，我們提高了 AE 產能，同時仍使生產力年增 7%。Agentforce 正在改變我們進行外向型潛在客戶挖掘的方式，目前已經透過個人化的推廣和及時的後續追蹤每天吸引超過 50 條線索，使我們的團隊能夠專注於高價值的對話。我們的銷售代表每月參加數千場銷售輔導培訓課程。

Data Cloud has a powerful network effect. As usage expands, the platform becomes more intelligent and more valuable, and that's why we're seeing companies around the world, including Maserati, Bell Canada, Dolce Gabbana, continue to invest in Data Cloud and to build the foundation to implement agents at scale. CaixaBank, which happens to be Spain's leading bank, is using Data Cloud to create a robust data infrastructure that supports this agentic transformation and enables them to drive faster and more consistent customer experiences.

數據雲具有強大的網路效應。隨著使用範圍的擴大，該平台變得更加聰明和有價值，這就是為什麼我們看到世界各地的公司，包括瑪莎拉蒂、加拿大貝爾、杜嘉班納，繼續投資數據雲並建立大規模實施代理的基礎。CaixaBank 是西班牙領先的銀行，它正在使用數據雲端來創建強大的數據基礎設施，以支援這種代理轉型並使他們能夠提供更快、更一致的客戶體驗。

As you know, the true value of AI is in the data. Nearly half of the Fortune 100 are both AI and Data Cloud customers, and all of our top 10 wins in Q4 included Data Cloud and AI. Agentforce is revolutionizing how our customers work by bringing AI-powered insights and actions directly into the workflows across the Customer 360 applications. This is driving strong growth across our portfolio.

正如你們所知，人工智慧的真正價值在於數據。財富 100 強企業中近一半都是 AI 和資料雲客戶，我們第四季的十大勝利都涉及資料雲和 AI。Agentforce 透過將人工智慧支援的洞察和行動直接引入到 Customer 360 應用程式的工作流程中，徹底改變了客戶的工作方式。這推動了我們整個投資組合的強勁成長。

Sales Cloud and Service Cloud, both achieved double-digit growth again in Q4. We're seeing fantastic momentum with Slack with customers like ZoomInfo, Remarkable, and MIMIT Health using Agentforce and Slack to boost productivity.

銷售雲和服務雲在第四季度再次實現了兩位數的成長。我們看到 Slack 的發展勢頭強勁，ZoomInfo、Remarkable 和 MIMIT Health 等客戶都使用 Agentforce 和 Slack 來提高生產力。

Once again, Slack was included in over a third of our deals over $1 million, and its contribution to the overall deal size increased double digits year over year. With nearly 5 billion messages sent weekly, Slack is essential to how people work. Going forward, we're confident Slack will be the place where every company brings digital labor to all of their employees, enabling collaboration with Agentforce to get work done.

再一次，Slack 佔據了我們超過三分之一的 100 萬美元以上的交易，其對整體交易規模的貢獻同比增長了兩位數。Slack 每週發送的訊息量接近 50 億條，對於人們的工作方式至關重要。展望未來，我們相信 Slack 將成為每家公司為所有員工提供數位勞動力的地方，並透過與 Agentforce 合作完成工作。

Tableau and MuleSoft are mission-critical to our customers with each feature to nearly half of our greater than $1 million deals. Tableau, now integrated with Data Cloud and Agentforce, on the Salesforce core platform will transform how customers like EchoStar, Goosehead Insurance, and Keller Williams Realty take action on their data.

Tableau 和 MuleSoft 對我們的客戶來說至關重要，每項功能都對我們超過一半的 100 萬美元交易至關重要。Tableau 現已與 Data Cloud 和 Agentforce 集成，在 Salesforce 核心平台上將改變 EchoStar、Goosehead Insurance 和 Keller Williams Realty 等客戶對其資料採取行動的方式。

Customers can now unlock actionable insights from conversational analytics, manage and analyze data using AI assistance and build analytical agents with integrated workflows. Similarly, MuleSoft is transforming how industry leaders like Banco Bradesco, Fujitsu, and Sony Honda Mobility approach enterprise integration. With agent-driven integration and out-of-the-box connectors for every major system, customers simply describe their needs in natural language and our AI automatically builds the solution.

客戶現在可以從對話分析中獲得可操作的見解，使用人工智慧輔助管理和分析數據，並使用整合工作流程建立分析代理。同樣，MuleSoft 正在改變 Banco Bradesco、富士通和 Sony Honda Mobility 等行業領導者處理企業整合的方式。透過代理驅動的整合和每個主要係統的開箱即用連接器，客戶只需用自然語言描述他們的需求，我們的 AI 就會自動建立解決方案。

Agentforce is also enabling us to deliver truly transformative solutions for every industry and region. In Q4, nearly half of our top 100 wins were international, including wins with companies like One New Zealand, LG Electronics, and Versace. Our industry business, along with public sector and dot org finished the year at an incredible $5.7 billion in ARR, up 20% year over year.

Agentforce 也使我們能夠為每個行業和地區提供真正變革的解決方案。在第四季度，我們贏得的 100 大客戶中，有近一半來自國際市場，其中包括與 One New Zealand、LG Electronics 和 Versace 等公司的合作。我們的行業業務以及公共部門和網路組織的 ARR 在年底達到了驚人的 57 億美元，比去年同期成長 20%。

All of our top 10 deals and nearly 75% of our top 100 deals included an industry cloud. To meet this demand, we prebuilt over 170 specialized Agentforce industry skills and a team of 400 specialists supporting transformations across sectors and geographies. Our new channels and partner ecosystem, anchored by our amazing 19 million Trailblazers are unlocking customer spend and driving Agentforce adoption.

我們的十大交易全部以及近 75% 的百大交易都涉及行業雲。為了滿足這項需求，我們預先建立了 170 多種專業的 Agentforce 產業技能和一支由 400 名專家組成的團隊，支援跨產業和跨地區的轉型。我們的新通路和合作夥伴生態系統由我們令人驚嘆的 1,900 萬 Trailblazers 支撐，正在釋放客戶支出並推動 Agentforce 的採用。

And we're leaning into our ecosystem. In fact, partners were involved in 50% of our Agentforce wins and 70% of our Agentforce activations in Q4. We're also working with our partners to become Agentforce companies themselves. Accenture is using Agentforce Sales Coach, which provides personalized coaching and recommendations for sales teams, which is expected to lead to higher win rates. And Deloitte is projecting significant productivity gains and saved workforce hours as they roll out Agentforce over the next few years.

我們正在依靠我們的生態系統。事實上，合作夥伴參與了我們第四季度 50% 的 Agentforce 勝利和 70% 的 Agentforce 啟動。我們也與我們的合作夥伴共同努力，使其自身成為 Agentforce 公司。埃森哲正在使用 Agentforce Sales Coach，它為銷售團隊提供個人化的指導和建議，預計這將提高成功率。德勤預計，隨著未來幾年 Agentforce 的推出，生產效率將顯著提高，工時將大幅節省。

Over 127,000 system integrated employees have completed Agentforce training and more than 1,000 ISVs and technology partners are building and selling agents. Our Agentforce partner network allows customers to deploy pre-built agents and use agent actions from partners like AWS, Google, IBM, Workday, and more.

超過127,000名系統整合員工已完成Agentforce培訓，超過1,000家ISV和技術合作夥伴正在建置和銷售代理商。我們的 Agentforce 合作夥伴網路可讓客戶部署預先建置的代理程式並使用來自 AWS、Google、IBM、Workday 等合作夥伴的代理程式操作。

Earlier this week, we announced an expanded partnership with Google that Marc mentioned to empower customers to use Agentforce with Gemini, their multi-modal models and to deploy Salesforce on Google Cloud. AWS is a huge growth engine for us, helping us close a number of large deals. In fact, in Q4, we closed 25 transactions over $1 million, including three that were more than $10 million.

本週早些時候，我們宣布與Google擴大合作夥伴關係，Marc 提到，這將使客戶能夠將 Agentforce 與 Gemini 及其多模式模型結合使用，並在Google雲端上部署 Salesforce。AWS 對我們來說是一個龐大的成長引擎，幫助我們完成了許多大型交易。事實上，在第四季度，我們完成了 25 筆超過 100 萬美元的交易，其中三筆超過 1,000 萬美元。

We're starting off FY26 in an incredible position with a highly accomplished and technical leadership team ready to guide us through this pivotal moment in AI and agents. I'm incredibly grateful for the opportunity and to all the leaders who have gotten us here, especially Marc and Amy. It's been an honor to work alongside both of you.

我們以令人難以置信的地位開啟了 26 財年，擁有一支非常有成就的技術領導團隊，隨時準備好指導我們度過人工智慧和代理領域的這一關鍵時刻。我非常感謝有這樣的機會，也感謝所有帶我們來這裡的領導，特別是馬克和艾米。能夠和你們二位一起工作是我的榮幸。

Thank you to our employees, customers, partners, and shareholders. I couldn't be more proud of what we've accomplished are more excited about what's ahead for Salesforce.

感謝我們的員工、客戶、合作夥伴和股東。我對我們所取得的成就感到無比自豪，對 Salesforce 的未來也充滿期待。

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

現在，我將把話題交給你，艾米。

Great. Thanks, Brian. I wanted to start also by expressing my gratitude to Marc and Brian for their partnership and for their deep friendship over many, many years. It's been an incredible journey, and I'm truly thankful for the opportunity. I am also absolutely thrilled to welcome Robin to the team as our new Chief

偉大的。謝謝，布萊恩。首先，我要對馬克和布萊恩的合作以及多年的深厚友誼表示感謝。這是一趟不可思議的旅程，我真的很感謝有這樣的機會。我也非常高興地歡迎羅賓加入我們的團隊，擔任我們的新任首席執行官

Operating and Financial Officer. Fiscal year '25 was a year of incredible change with new innovation beyond anything we could have expected just 12 months ago, requiring persistence and urgency in our execution. Q4 is a reflection of that focus across the business, and you can see it in our results.

營運和財務長。25 財年是充滿巨大變化的一年，其中的新創新超出了我們 12 個月前的預期，需要我們在執行中堅持不懈、緊迫感十足。Q4 反映了整個業務的重點，您可以在我們的結果中看到它。

Let's start with revenue. For the full year, revenue was $37.9 billion, up 9% year over year in both nominal and constant currency. Subscription and support revenue grew just over 10% in constant currency. Q4 revenue was $10 billion, up 8% year over year in nominal. This includes approximately $75 million of incremental FX headwinds since our last guidance, resulting in 9% growth year over year in constant currency. Subscription and support revenue grew 9% year over year in constant, driven by stability in sales, service, and platform, partially offset by MuleSoft and Tableau, who had very tough prior-year compares.

讓我們從收入開始。全年營收為 379 億美元，以名目貨幣和固定匯率計算年增 9%。以固定匯率計算，訂閱和支援收入成長略高於 10%。第四季營收為100億美元，年比名義成長8%。這包括自我們上次指引以來約 7,500 萬美元的增量外匯逆風，導致以固定匯率計算年增 9%。由於銷售、服務和平台的穩定，訂閱和支援收入年增 9%，但 MuleSoft 和 Tableau 的表現與去年同期相比非常糟糕，部分抵消了這一增長。

From a geographic perspective, Americas revenue grew 8% in nominal and constant currency. EMEA grew 6% or 7% in constant currency; and APAC grew 10% or 14% in constant currency. We saw strong new business growth in LatAm, Japan, and Canada, while parts of EMEA remain constrained. Of note, the United States saw some stabilization in the quarter.

從地理角度來看，美洲地區的營收以名目和固定匯率計算成長了 8%。歐洲、中東和非洲地區以固定匯率計算成長了 6% 或 7%；亞太地區成長 10%（以固定匯率計算為 14%）。我們看到拉丁美洲、日本和加拿大的新業務強勁成長，而歐洲、中東和非洲部分地區則仍受到限制。值得注意的是，美國本季經濟穩定。

From an industry perspective, in Q4, health and life sciences, communications and media, both performed well, while tech and manufacturing, automotive and energy were more measured. And as you heard from Brian, our multi-cloud momentum continues as customers turn to our deeply unified platform. That's why our top 100 deals in the quarter averaged 6 clouds and all of our top 10 wins included AI, Data Cloud, service platform and industry clouds.

從產業角度來看，第四季度，健康和生命科學、通訊和媒體產業表現良好，而科技和製造業、汽車和能源產業表現更為穩健。正如您從 Brian 那裡聽到的，隨著客戶轉向我們深度統一的平台，我們的多雲勢頭仍在繼續。這就是為什麼我們本季的前 100 筆交易平均涉及 6 個雲，我們的前 10 筆勝利都包括 AI、資料雲、服務平台和產業雲。

Our data and AI momentum continues as we move towards a world where AI is ubiquitous and embedded in everyday workflows. Our investments in this space have been deliberate and focused, and we are now starting to yield strong returns. In the -- we ended the year with $900 million in Data Cloud and AI annual recurring revenue, growing nearly 120% year over year.

隨著我們走向人工智慧無所不在並嵌入日常工作流程的世界，我們的數據和人工智慧發展勢頭將繼續保持。我們在該領域的投資是深思熟慮且有針對性的，現在我們開始獲得豐厚的回報。我們在數據雲和人工智慧方面的年度經常性收入達到了 9 億美元，年成長近 120%。

As Marc shared, we closed more than 3,000 paid Agentforce deals in the quarter. As customers continue to harness the value of AI deeply embedded across our unified platform, it is no surprise that these customers average nearly four clouds. And these customers came from a diverse set of industries with more than half in technology, manufacturing, financial services and HLS.

正如馬克所說，我們在本季度完成了 3,000 多筆付費 Agentforce 交易。隨著客戶繼續利用我們統一平台上深度嵌入的人工智慧的價值，這些客戶平均使用近四種雲端也就不足為奇了。這些客戶來自不同的行業，其中超過一半從事科技、製造業、金融服務和 HLS 行業。

Q4 revenue attrition ended the quarter slightly above 8%, in line with recent quarters. Q4 non-GAAP operating margin was 33.1%, up 170 basis points year over year, driven by top-line outperformance and disciplined expense management. GAAP operating margin was 18.2%, up 70 basis points year over year.

第四季的收入損失略高於 8%，與最近幾季持平。第四季非公認會計準則營業利潤率為 33.1%，比去年同期上升 170 個基點，這得益於營收的優異表現和嚴格的費用管理。GAAP營業利益率為18.2%，較去年同期成長70個基點。

And for the full year, I am very pleased with our non-GAAP operating margin of 33%, up another 250 basis points year over year. GAAP operating margin was 19%, up 460 basis points year over year, inclusive of incremental restructuring charges we incurred in Q4.

就全年而言，我對我們的非 GAAP 營業利潤率 33% 感到非常滿意，比去年同期增加了 250 個基點。GAAP 營業利潤率為 19%，比去年同期成長 460 個基點，其中包括我們第四季發生的增量重組費用。

Q4 operating cash flow was nearly $4 billion, up 17% year over year. Q4 free cash flow was $3.8 billion, also up 17% year over year. And for the full year, operating cash flow was a record $13.1 billion, up 28% year over year, and that's inclusive of a predicted 10-point cash tax headwind.

第四季經營現金流近40億美元，年增17%。第四季自由現金流為 38 億美元，較去年同期成長 17%。全年經營現金流達到創紀錄的 131 億美元，年增 28%，其中包括預計的 10 個百分點的現金稅逆風。

And as we said, driving strong free cash flow remains a key component of our profitable growth strategy. Fiscal year '25 free cash flow was $12.4 billion, up 31% year over year.

正如我們所說，推動強勁的自由現金流仍然是我們獲利成長策略的關鍵組成部分。25財年自由現金流124億美元，年增31%。

Turning to remaining performance obligation, RPO, which represents all future revenue under contract. We passed $60 billion for the first time in company history. Q4 finished at an incredible $63.4 billion, up 11% year over year, representing our customers' long-term commitment to Salesforce and the durability of our business model.

談到剩餘履約義務RPO，它代表合約規定的所有未來收入。我們的營業額在公司史上首次突破600億美元。第四季的銷售額達到了驚人的 634 億美元，比去年同期成長了 11%，這代表了客戶對 Salesforce 的長期承諾以及我們商業模式的持久性。

Current RPO, or CRPO, ended at $30.2 billion, an increase of 9% year over year in nominal currency. This includes a $300 million FX headwind, which results in an 11% year-over-year growth in constant currency, driven by strong performance in Data Cloud and AI and Slack. Q4 CRPO also benefited significantly from strong early renewals. Within our bookings this quarter, we again saw continued stabilization in our transactional businesses, including create and close and SMB.

目前RPO（或CRPO）最終達到302億美元，以名目貨幣計算年增9％。其中包括 3 億美元的外匯逆風，導致以固定匯率計算年增 11%，這得益於數據雲、人工智慧和 Slack 的強勁表​​現。Q4 CRPO 也因早期強勁續約而受益匪淺。在本季的預訂中，我們再次看到交易業務（包括創建和關閉以及 SMB）持續穩定。

On capital return, in fiscal '25, we executed $7.8 billion in share repurchases and issued $1.5 billion in dividends. Through our capital return program, we more than fully offset dilution from FY25 stock-based compensation. And since the inception of our capital return program, we have now returned more than $21 billion to shareholders.

在資本回報方面，在25財年，我們執行了78億美元的股票回購，並發放了15億美元的股利。透過我們的資本回報計劃，我們完全抵銷了 25 財年股票薪酬帶來的稀釋。自從我們的資本回報計畫啟動以來，我們現在已經向股東回報了超過 210 億美元。

Now let's turn to guidance. Starting with full fiscal year '26. We expect revenue of $40.5 billion to $40.9 billion, growth of approximately 7% to 8% year over year in nominal and constant currency. And for subscription and support revenue, we expect growth of approximately 9% year over year in constant currency.

現在讓我們來談談指引。從 26 財年全年開始。我們預計營收為 405 億美元至 409 億美元，以名義和恆定貨幣計算年增約 7% 至 8%。對於訂閱和支援收入，我們預計以固定匯率計算年增約 9%。

Now I want to pause and give a few important notes on this guidance. First, on foreign exchange, as Marc noted, we've seen the US dollar strengthen considerably. And even since our last earnings call, that movement has driven an incremental $200 million headwind to fiscal '26 revenue. Our revenue guidance now incorporates an approximately 0.5 point year-over-year headwind.

現在我想停下來並就該指南談一些重要說明。首先，在外匯方面，正如馬克所說，我們已經看到美元大幅走強。甚至自我們上次財報電話會議以來，這一舉動就已經為 26 財年的收入帶來了 2 億美元的增量阻力。我們的收入預期現在考慮到了同比約 0.5 個百分點的逆風。

Second, as we experienced in fiscal '25, we continue to expect our professional services business to be a headwind to growth this year, which is reflected in our guidance for total revenue. Note that as part of our overall implementation strategy, we are leaning more on our partner ecosystem. As you heard from Brian, partners were involved in 50% of our Agentforce wins and 70% of Agentforce activations in Q4.

其次，正如我們在 25 財年所經歷的那樣，我們繼續預期我們的專業服務業務今年將面臨成長阻力，這反映在我們對總收入的預期中。請注意，作為我們整體實施策略的一部分，我們更加依賴我們的合作夥伴生態系統。正如您從 Brian 那裡聽到的，合作夥伴參與了我們第四季度 50% 的 Agentforce 勝利和 70% 的 Agentforce 啟動。

Third, we expect subscription and support revenue to be lifted by momentum in Data Cloud and some contribution from Agentforce this year, partially offset by weakness in marketing and commerce and slower growth in our exploration base in FY26.

第三，我們預計今年訂閱和支援收入將受到數據雲的發展勢頭和 Agentforce 的一些貢獻的推動，但部分抵消了 26 財年行銷和商業的疲軟以及勘探基礎成長放緩的影響。

Finally, on Agentforce, we are incredibly excited about the customer momentum we are seeing. However, the adoption cycle is still early as we focus on deployment with our customers. As a result, we are assuming a modest contribution to revenue in fiscal '26. We expect the momentum to build throughout the year, driving a more meaningful contribution in fiscal '27. And on attrition, we expect attrition to remain consistent, at slightly above 8% for the full year.

最後，在 Agentforce 上，我們對看到的客戶發展勢頭感到無比興奮。然而，由於我們專注於與客戶一起部署，因此採用週期仍處於早期階段。因此，我們預計這將對26財年的收入做出適度貢獻。我們預計這一勢頭將在全年增強，並在 27 財年帶來更有意義的貢獻。在人員流失方面，我們預計全年人員流失率將保持一致，略高於 8%。

Now turning to profitability and cash flow. On margins, I want to reiterate that the company remains committed to ongoing expansion. The company has laid a strong foundation for continued margin progression, efficiency and disciplined investments.

現在轉向獲利能力和現金流。關於利潤率，我想重申公司仍然致力於持續擴張。該公司為持續的利潤成長、效率和嚴格的投資奠定了堅實的基礎。

Fiscal year '26 non-GAAP operating margin is expected to be 34%, representing another 100 basis points of expansion year over year. This incorporates intentional investments in high-growth opportunities, most notably in Agentforce and Data Cloud. And I'd like to call out that from a pace perspective, we do expect a ramp in margins throughout the year.

26財年非GAAP營業利潤率預計為34%，較上年同期成長100個基點。這包括對高成長機會的有意投資，最值得注意的是 Agentforce 和 Data Cloud。我想指出的是，從速度角度來看，我們確實預期全年利潤率將會上升。

Stock-based compensation is expected to stay relatively flat year over year as a percent of revenue. We expect fiscal year '26 GAAP operating margin of 21.6%, representing more than 250 basis points of improvement year over year. We expect fiscal year '26 GAAP diluted EPS of $6.95 to $7.03. Non-GAAP diluted EPS is expected to be $11.09 to $11.17.

預計股票薪酬佔收入的百分比將比去年同期保持相對穩定。我們預計 26 財年的 GAAP 營業利潤率為 21.6%，較上年同期提高超過 250 個基點。我們預計 26 財年的 GAAP 稀釋每股收益為 6.95 美元至 7.03 美元。非 GAAP 稀釋每股收益預計為 11.09 美元至 11.17 美元。

As we have mentioned over the last few years, we remain focused on driving durable cash flow growth. We expect fiscal year '26 operating cash flow growth of approximately 10% to 11%, and we are not expecting a material headwind from cash taxes this year. We expect CapEx for the fiscal year to be approximately 2% of revenue again. This results in free cash flow growth of approximately 9% to 10% for the fiscal year.

正如我們在過去幾年中所提到的，我們仍然專注於推動持久的現金流成長。我們預計 26 財年的營運現金流將成長約為 10% 至 11%，我們預計今年的現金稅不會帶來重大阻力。我們預期本財年的資本支出將再次達到營收的2%左右。這導致本財年的自由現金流成長約 9% 至 10%。

Now to guidance for Q1. On revenue, we expect $9.71 billion to $9.76 billion, up 6% to 7% year over year in nominal and 7% in constant currency. As a reminder, we are lapping the 1-point leap year benefit we noted last Q1 as well as the benefit from license revenue timing.

現在來看看第一季的指引。就營收而言，我們預計營收為 97.1 億美元至 97.6 億美元，以名目匯率計算年增 6% 至 7%，以固定匯率計算成長 7%。提醒一下，我們正在考慮去年第一季注意到的 1 點閏年效益以及授權收入時機效益。

CRPO growth for Q1 is expected to be approximately 10% year over year in nominal, including a $100 million FX headwind, resulting in slightly above 10% in constant currency. For Q1, we expect GAAP EPS of $1.49 to $1.51 and non-GAAP EPS of $2.53 to $2.55.

預計第一季 CRPO 名目成長率將達到約 10%，其中包括 1 億美元的外匯逆風，以固定匯率計算，成長率將略高於 10%。對於第一季度，我們預計 GAAP 每股收益為 1.49 美元至 1.51 美元，非 GAAP 每股收益為 2.53 美元至 2.55 美元。

In closing, I'm very pleased with our strong finish to the year and the foundation we have set in place for continued success, and I want to thank our employees for their dedication and execution throughout the year. I also want to extend my gratitude to our shareholders and investment community for your continued support. It has really been a privilege working with all of you.

最後，我對我們今年的強勁表現以及為持續成功奠定的基礎感到非常高興，同時我要感謝我們的員工全年的奉獻和執行力。我也要向我們的股東和投資界的持續支持表示感謝。能和你們大家一起工作真的是我的榮幸。

Now Mike, do you want to open up the call for questions?

現在，麥克，你想開始提問嗎？

Thanks. Operator, we're ready to take questions now. As a reminder we ask everyone to limit to one question, and we'll take the first question now.

謝謝。接線員，我們現在可以回答問題了。提醒一下，我們要求每個人只問一個問題，現在我們來回答第一個問題。

Thank you, sir.

謝謝您，先生。

Keith Weiss, Morgan Stanley.

摩根士丹利的基斯‧韋斯。

Excellent. Thank you guys for taking the question. Congratulations on a really strong end to FY25. I wanted to dig into the Agentforce opportunities, some really big numbers there in terms of the number of deals signed and really good revenue momentum there. Investors are asking me a lot and have a lot of questions on how the pricing model --

出色的。感謝你們回答這個問題。恭喜 2025 財年圓滿成功。我想深入挖掘 Agentforce 的機會，就簽署的交易數量和良好的收入勢頭而言，那裡有一些非常大的數字。投資人常問我關於定價模型的問題--

Keith, sorry, we -- the first part of your question -- yeah, I can hear you now. The first part of your question cut out. So could you start over, please?

基思，抱歉，我們 - 你問題的第一部分 - 是的，我現在可以聽到你的聲音。你的問題的第一部分被刪除了。那你能重新開始嗎？

Sure thing. So congratulations on a very strong quarter. A lot of focus on Agentforce and a lot of big numbers there. Investors are asking me a lot of questions about the changing pricing model dynamics going from a seat-based model to one that includes consumptive elements and how that nets out. So I was hoping you could give us some color in terms of what you guys are seeing thus far when you're doing these Agentforce contracts.

當然可以。恭喜您本季業績表現強勁。Agentforce 受到了廣泛關注，並且獲得了大量關注。投資人向我詢問了很多問題，關於定價模型的變化，從基於座位的模型到包含消費元素的模型，以及如何實現淨收益。所以我希望您能給我們介紹一下你們在執行這些 Agentforce 合約時目前看到的情況。

Is it expanding the overall contract size? What kind of expansions are you seeing if you are seeing expansions and does the math net to be a good positive for Salesforce as we move to a more consumptive model? Or are there any bumps in the road that we should (technical difficulty)

這是否會擴大整體合約規模？如果您看到了擴張，您看到了什麼樣的擴張？或者我們應該（技術難度）

(technical difficulty) I think of course, we've kind of started the company out with the per-user pricing model, and that's about humans. We price per human. So you kind of pricing per human, and then we have products though that are also in the consumption world as well. And of course, those started in the early days, things like our sandboxes, even things like our Commerce Cloud, even our email marketing product, our Marketing Cloud, these are consumption-based products we've had for years. And it's always been a mix of products that we have for humans and then products that we have for computers.

（技術難題）我認為，當然，我們已經開始採用以使用者定價的模式來創辦公司，這是關於人的。我們按人頭定價。所以你可以按每個人來定價，然後我們的產品也同樣存在於消費世界中。當然，這些都是從早期就開始的，例如我們的沙盒，甚至我們的商務雲，甚至我們的電子郵件行銷產品、我們的行銷雲，這些都是我們多年來一直擁有的基於消費的產品。我們的產品一直是混合型的，既有為人類提供的產品，也有為電腦提供的產品。

Now we have these kind of products that are for agents also, and agents are also a consumption model. So when we look at our Data Cloud, for example, that's a consumption product, Agentforce is a consumption product. But it's going to be a mix. It's going to be a mix between what's going on with our customers with how many humans do they have and then how many agents are they deploying?

現在我們有這種產品也是針對代理商的，代理商也是一種消費模式。因此，當我們查看我們的資料雲時，例如，這是一個消費產品，Agentforce 就是一種消費產品。但這將是一個混合體。這將是我們客戶的情況、他們有多少人以及他們部署了多少個代理商的混合體？

I think in one example that I can personally tell you about in the quarter, we did a large transaction with a large telecommunications company. It's incredible. And when I was talking to their CEO, she was asking me how are we going to price the transaction and so forth. And I can't remember the exact number of the deal. I think it was -- Brian? Maybe it was about $20 million in ACV, something like that for the year, maybe a $60 million TCV transaction. And then as part of that transaction, it's a mix of -- we're rebuilding this telecommunications company, so it's Sales Cloud, it's Service Cloud, it's Marketing Cloud. It's all of our core clouds, but then also it's Agentforce.

我認為我可以親自告訴您的一個例子是，在本季度，我們與一家大型電信公司進行了一筆大交易。真是難以置信。當我與他們的執行長交談時，她問我如何為交易定價等等。我不記得交易的具體數字了。我認為是──布萊恩？或許 ACV 約為 2,000 萬美元，年度類似這樣的數字，或許是 6,000 萬美元的 TCV 交易。然後作為交易的一部分，我們正在重建這家電信公司，所以它是銷售雲、服務雲和行銷雲。它是我們所有的核心雲，但它也是 Agentforce。

And the Agentforce component, I think, was maybe $7 million in the transaction. So she was buying $7 million of Agentforce. She bought $13 million in our products for humans. And I think that was about $20 million in total. These are about approximate numbers. I think that's kind of the idea that you're going to see us be able to deliver the right package for the right customer.

我認為，Agentforce 組件在交易中的價值可能為 700 萬美元。因此她買了價值 700 萬美元的 Agentforce。她購買了我們價值 1,300 萬美元的人類產品。我認為總額約為 2,000 萬美元。這些只是大概的數字。我想這就是我們能夠為合適的客戶提供合適的包裹的想法。

Even if you look at Salesforce, as I mentioned, here we are working in this world -- and kind of Brian has hit on it -- we did, what, 360,000 transactions in the quarter with Agentforce on help.salesforce.com. And then what do you have, about several thousand customer support reps. And so we have our Service Cloud running; we have Agentforce running. We have our different products running, then our -- of course, our Service Cloud is deeply integrated with our Sales Cloud and other products. So it's going to be a mix. And I think that the mix is the most exciting thing.

即使你看看 Salesforce，正如我提到的那樣，我們在這個世界中工作 - Brian 已經對此有所了解 - 我們在本季度通過 help.salesforce.com 與 Agentforce 進行了 360,000 筆交易。那麼您有大約幾千名客戶支援代表嗎？我們的服務雲端已經運作；我們正在運行 Agentforce。我們有不同的產品在運行，然後我們的產品——當然，我們的服務雲與我們的銷售雲和其他產品深度整合。因此這將是一個混合體。我認為混合是最令人興奮的事情。

I don't know any company that's 100% agents. I don't know of any company that doesn't need automation for its humans. I don't know any company that doesn't need a data cloud where it needs a consistent common data repository for all of its agents to gain their intelligence. And I don't know any company that's not going to need an agentic layer. And that idea of having apps, data, and agents, I think, is going to be the winning combination. Do you want to actually give the real details, Brian?

我不知道有哪家公司是 100% 代理的。我不知道有哪家公司不需要為員工配備自動化設備。我不知道有哪家公司不需要資料雲，它需要一個一致的通用資料儲存庫，以便所有代理商可以取得情報。我不知道有哪家公司不需要代理層。我認為，擁有應用程式、數據和代理的想法將成為成功的組合。布萊恩，你真的想提供真實的細節嗎？

You're exactly right. This Trinity, as you called it, Marc, CRM plus data plus agents is really what our customers are coming to us for. Keith, our objective is how do we serve the customers and focus on customer success, how do we give them what they need to go drive their business forward, both from a productivity and from an efficiency perspective.

你說得完全正確。正如您所說的那樣，Marc，這個三位一體，CRM 加上數據加上代理，才是客戶真正需要的。基思，我們的目標是如何服務客戶並專注於客戶的成功，如何從生產力和效率的角度為客戶帶來推動業務所需的一切。

The pricing models will change over time. There's no doubt about it. The nice thing that we've seen with our customers is they really understand the ROI associated with digital labor. What we're able to provide with agents is really driving the velocity of transactions that we've seen. Marc mentioned the 3,000 transactions that we closed in the fourth quarter, really driven on our ROI model that people understand that they can get a tremendous amount of benefit from agents.

定價模型會隨著時間而改變。毫無疑問。我們從客戶身上看到的好事是，他們真正了解與數位勞動力相關的投資報酬率。我們為代理商提供的服務確實推動了交易的速度。馬克提到，我們在第四季完成的 3,000 筆交易確實推動了我們的投資報酬率 (ROI) 模型，人們明白他們可以從代理商那裡獲得巨大的利益。

We will probably move into the near future from conversations -- as we price most of our initial deals to Universal Credits, will allow our customers formal flexibility in the way they transact with us. But we see this as significantly upside -- significant upside to our pricing structures going forward. And that's what we've seen in the early days with our engagement with customers.

我們可能會在不久的將來透過對話進入這一階段——因為我們將大多數初始交易的定價定為通用信貸，這將使我們的客戶在與我們交易的方式上擁有正式的靈活性。但我們認為，這對我們未來的定價結構有顯著的上行空間。這正是我們在早期與客戶接觸過程中所看到的情況。

(multiple speakers) address like here's a transaction that you're doing -- let's say, a customer comes in, they're very interested in building an agentic layer on their company. Is that bringing other human-based clouds along with it?

（多位發言者）比如說，您正在進行一筆交易－假設有一位顧客進來，他們非常有興趣在他們的公司上建立一個代理層。這是否會將其他人為雲也帶過來？

No doubt. And I think what we've seen is that we have incremental strength in our core technology, the CRM core technology you saw in the quarter, we had some good performance in both sales and Service Cloud, both above 10% growth in the quarter. And so we are seeing people leverage our core technology, the named pricing models with our four apps and agents together to go drive the efficiencies that they're looking for.

無疑。我認為，我們看到的是，我們的核心技術、CRM 核心技術在本季不斷增強，我們在銷售和服務雲方面都表現良好，本季的成長率均超過 10%。因此，我們看到人們利用我們的核心技術、命名定價模型以及我們的四個應用程式和代理商一起來實現他們所尋求的效率。

I think you've got to really play it out. If you do come to Trailhead DX and if you do see that new Tableau Next, I think what you're going to see is a Tableau that was only built for humans before but now is deeply integrated in the Data Cloud and has a deep agentic layer as well. So you're going to be able to come to your own conclusions, get your hands on these products, talk to the customers for an exciting moment.

我認為你必須真正地發揮它的作用。如果您確實來到 Trailhead DX 並且看到了新的 Tableau Next，我想您將看到的是之前僅為人類構建的 Tableau，但現在已經深度集成到資料雲中並且還具有深層代理層。這樣，您將能夠得出自己的結論，親手獲得這些產品，並與客戶進行激動人心的交談。

Thanks, Keith. Operator, we'll take the next question, please.

謝謝，基斯。接線員，請我們回答下一個問題。

Kirk Materne, Evercore ISI.

柯克·馬特恩（Kirk Materne），Evercore ISI。

Yes. Thanks very much for taking the question. Brian and Marc, I was wondering if you could just talk about -- you referred to it a little bit, but you know what, Agentforce builds, obviously, not every company is going to be ready to potentially go agentic today. But is Agentforce having a bit of a halo effect around some of your other products. Meaning as we are on the journey to get more monetization from Agentforce, are you seeing pickups or at least higher activity levels in some of your other products that, to Brian, to your point, sort of form this wholly -- this Trinity? Thanks.

是的。非常感謝您回答這個問題。布萊恩和馬克，我想知道你們是否可以談談——你們提到了這一點，但你們知道嗎，Agentforce 的建立，顯然，並不是每家公司今天都準備好使用 agentic。但是 Agentforce 是否會對您的其他一些產品產生光環效應？意思是，當我們在從 Agentforce 獲得更多貨幣化的過程中，您是否看到其他一些產品的回升或至少是更高的活動水平，對 Brian 來說，正如您所說，這形成了整體 - 這種三位一體？謝謝。

Sure. That's exactly right. And we're seeing it in the way that our customers are using our technology, new ideas, new workflows, new engagements. We talked about Lennar, as an example. Their ability to handle leads after hours that they weren't able to get back to or respond to in a quick timeframe are now able to touch and engage with those leads. And then that, of course, flows into their Salesforce automation system.

當然。完全正確。我們從客戶使用我們的技術、新想法、新工作流程和新參與的方式中看到了這一點。我們以 Lennar 為例進行討論。他們能夠在下班後處理無法在短時間內回覆或回應的潛在客戶，現在他們能夠接觸並與這些潛在客戶互動。然後，當然，這會流入他們的 Salesforce 自動化系統。

And so we are seeing this halo effect with our core technology. It is making every single one of our core apps better as they deliver intelligence underpinning these applications. And so it is the message that we're delivering this trinity of apps, data, and agents that is really compelling to our customers.

所以我們在核心技術上看到了這種光環效應。它使我們的每一個核心應用程式變得更好，因為它們提供了支撐這些應用程式的智慧。因此，我們向客戶傳達的應用程式、數據和代理商三位一體的訊息對客戶來說非常有吸引力。

Thanks ,Kirk. Operator, we'll (technical difficulty) next question please.

謝謝，柯克。接線員，我們將 (技術困難) 回答下一個問題。

Raimo Lenschow, Barclays,

巴克萊銀行的 Raimo Lenschow

Hey, perfect. Congrats from me as well. And Marc, like with Amy and Brian, you lose some very, very experienced people on the team. What was the thinking in terms of combining those two roles? And how do you see that playing out going forward? Thank you.

嘿，完美。我本人也對此表示祝賀。和馬克一樣，艾米和布萊恩也失去了團隊中一些非常有經驗的人才。將這兩個角色結合起來的想法是什麼？您認為未來會如何發展？謝謝。

Well, I'm so excited to have Robin come in as our new COFO. And I really think it's exciting because Robin really has this kind of unique capability to deliver the Chief Operating Officer position and Chief Financial Officer position. And I'll tell you, as we did the search, one of the really top candidates that we saw come through held this position in another company. And I think, as Robin and I were talking about that, the leverage of having a COFO, this idea that the Financial Officer and the Chief Operating Officer really come together as this incredible partnership to deliver this capability just was a perfect match for us.

嗯，我很高興羅賓能夠擔任我們的新財務長。我真的認為這很令人興奮，因為羅賓確實具有這種獨特的能力來擔任營運長和財務長的職位。而且我要告訴你，當我們進行搜尋時，我們發現其中一位非常優秀的候選人在另一家公司擔任這個職位。我認為，正如羅賓和我談論的那樣，擁有財務長的優勢，即財務長和營運長真正走到一起，透過這種令人難以置信的合作關係來實現這一能力，這對我們來說是完美的匹配。

I was thinking about going with it -- with this outside candidate, and that's where I was fortunate to be able to convince Robin to take the job. And Robin, would you like to just say something and just kind of come in here and just tell us about how excited you are to be part of the management team?

我當時正在考慮是否要和這位外部候選人合作，我很幸運能夠說服羅賓接受這份工作。羅賓，您願意就此說幾句話嗎？

Sure, Marc. As you've heard Brian, Amy and Marc talk about it, it is an exciting opportunity for us right now with Agentforce. So I'm elated to be able to join forces with the operating team.

當然，馬克。正如您所聽到的 Brian、Amy 和 Marc 所談論的那樣，對我們來說，現在與 Agentforce 合作是一個令人興奮的機會。因此我很高興能夠與營運團隊合作。

It's an exciting time in our industry as well. And as you've heard us talk about the Trinity and our deeply unified platform, I think we clearly are able to have something that's going to support our customers' growth and productivity in this new area -- in this new era, I should say, with the result of sustainable and profitable revenue growth for Salesforce long term.

這對我們的行業來說也是一個令人興奮的時刻。正如你們聽到我們談論三位一體和我們深度統一的平台一樣，我認為我們顯然能夠擁有一些東西來支持我們客戶在這個新領域的增長和生產力——我應該說，在這個新時代，這將為 Salesforce 帶來長期可持續的、盈利的收入增長。

Yeah. And I just want to also -- I should also really thank Miguel Milano, as you probably know, came back as our Chief Revenue Officer about a year ago, and he decided to rejoin us after some cajoling. And I've asked him to work directly for me, running our worldwide sales organization. And so I've been so thrilled about that.

是的。我還要真的感謝米格爾·米蘭諾，正如你們可能知道的，大約一年前他回來擔任我們的首席營收官，經過一番勸說之後，他決定重新加入我們。我請他直接為我工作，管理我們的全球銷售組織。我對此感到非常興奮。

And I also have to thank Srini, who's our Chief Engineering Officer who is now our Chief Engineering and Services Officer, who's taken on customer service and support. And it's been a rebalancing of our management team.

我還要感謝 Srini，他是我們的首席工程官，現在擔任我們的首席工程和服務官，負責客戶服務和支援。這是我們管理團隊的重新平衡。

So we have this amazing new executive with Robin. I couldn't be more excited to have her by my side. Just as a little side note, Robin will tell you I've been trying to convince her to join the company for over a decade. And so I finally got her after a lot of selling.

我們有一位出色的新主管，叫羅賓。我很高興她能陪在我身邊。順便提一下，羅賓會告訴你，十多年來我一直試著說服她加入公司。經過多次推銷後我終於得到她了。

So we're thrilled to have Robin with us, and joining us, direct operating executive from the Board. And then having Miguel is so exciting. Of course, having Parker with me as well is so critical. And also, as I mentioned, Srini is running services and engineering; and Steve Fisher, being promoted recently to our Chief Product Officer or actually our Chief Technology Officer, running products; and our Chief Product Officer, David Schmaier, also with expanded responsibilities working directly for me. David is now our Chief Product and Impact Officer.

因此，我們很高興羅賓能加入我們，擔任董事會直接營運主管。有了米格爾，真是太令人興奮了。當然，有帕克陪伴我也很重要。而且正如我所提到的，Srini 負責服務和工程；以及最近晉升為我們的首席產品官或實際上是首席技術官的史蒂夫·費舍爾 (Steve Fisher)，負責產品運營；我們的首席產品長 David Schmaier 也承擔更大的職責，直接為我工作。David 現在是我們的首席產品和影響官。

And this is -- I couldn't be more thrilled. I also have a great Chief of Staff, Kendall, and a whole team around me with so many incredible functions and capabilities. And of course, smiling and waving at me across the table is Sabastian Niles, my Chief Legal Officer, who has done an unbelievable job since joining the company.

這是——我感到無比激動。我還有一位出色的參謀長肯德爾，以及我身邊的一支團隊，他們擁有許多令人難以置信的功能和能力。當然，桌子對面向我微笑並揮手的是我的首席法律官塞巴斯蒂安·奈爾斯 (Sabastian Niles)，他自加入公司以來，他做出了令人難以置信的工作。

So I don't think I've ever had a better management team. I mean it's hard to beat Amy and Brian, but I think maybe we did it. We're really thrilled. So sorry, Amy and Brian, to see you go, a hui hou, but welcome to the new management team, and we're so thrilled to have them with us. And we're so excited to start fiscal year '26 with an absolute bang.

所以我認為我從未有過更好的管理團隊。我的意思是擊敗艾米和布萊恩很難，但我想也許我們做到了。我們真的非常興奮。很遺憾，艾米和布萊恩，看到你們離開，我很抱歉，但歡迎加入新的管理團隊，我們很高興他們能加入我們。我們非常高興能夠以一場轟轟烈烈的勝利開啟 26 財年。

And Robin, did you want to end with any parting comments.

羅賓，你想最後說點什麼嗎？

No.

不。

All right. Very good. She's ready for the next question.

好的。非常好。她已準備好回答下一個問題。

Thanks, Raimo. Let's go to the next question, please operator.

謝謝，Raimo。接線員，請我們進入下一個問題。

Brent Thill, Jefferies.

布倫特·蒂爾（Brent Thill），傑富瑞（Jefferies）。

Thanks, Marc, just on DOGE and the impact of what the federal state (technical difficulty) I'm curious if you could discuss your role and what you think this means for Salesforce.

謝謝，馬克，僅就 DOGE 以及聯邦政府（技術難度）的影響而言，我很好奇您是否可以討論一下您的角色以及您認為這對 Salesforce 意味著什麼。

Well, I don't have any role I think -- of course, I'm coming at this with the beginner's mind, like I'm sure all of us are that we want to see what they are able to deliver with the new administration. We're huge fans of the United States of America. We want us to be a successful country as we possibly can be, and that also includes having something that I think is critically important for us, which is a balanced budget, something I've encouraged every President that I worked with for quite a few administrations to achieve.

嗯，我想我沒有任何作用——當然，我只是以初學者的心態來看待這個問題，就像我確信我們所有人都想看看新政府能帶來什麼。我們是美國的忠實粉絲。我們希望我們的國家盡可能地成功，而這也包括我認為對我們至關重要的一點，那就是平衡預算，在我合作過的幾屆政府中，我都鼓勵每一位總統實現平衡預算。

We're thrilled with our relationship with the government. You know that we have so many agencies that depend on us from providing support for veterans through our veterans administration and so many other groups. And I think even DOGE is using Slack to manage their communication and coordination.

我們對與政府的關係感到非常高興。你們知道，有很多機構依賴我們透過退伍軍人管理局和許​​多其他團體為退伍軍人提供支援。我認為連 DOGE 也在使用 Slack 來管理他們的溝通和協調。

So we'll work closely with the government. We'll do anything we can to help them succeed and we wish them only the best. And we're here to help at every step of the way, and we want the US to be as successful as it possibly can.

所以我們將與政府密切合作。我們將竭盡全力幫助他們取得成功並祝他們一切順利。我們將全程提供協助，我們希望美國盡可能地取得成功。

Thanks, Brent. Operator, we will go to the next question.

謝謝，布倫特。接線員，我們進入下一個問題。

Mark Murphy, JPMorgan.

摩根大通的馬克墨菲。

Thank you so much. Marc, you had mentioned this labor arbitrage, and the jobs are going to evolve. When you think through the scale of that kind of an opportunity, how much labor do you think you can augment or replace? For instance, could a company with 1,000 employees, slow its hiring or stop hiring and just layer in a couple of hundred Agentforce spots and maybe accelerate its growth?

太感謝了。馬克，你提到了勞動力套利，工作機會將會改變。當您考慮到這種機會的規模時，您認為可以增加或取代多少勞動力？例如，一家擁有 1,000 名員工的公司是否可以減緩招聘速度或停止招聘，而只提供數百個 Agentforce 職位，從而加速其成長？

And then further to Brent's point, can we apply that concept to federal government agencies? If they have 3 million workers and some of them are going to leave voluntarily, could they layer in hundreds of thousands of these Agentforce bots and see some greater efficiency?

然後進一步回答布倫特的觀點，我們可以將這個概念應用於聯邦政府機構嗎？如果他們有 300 萬名員工，其中一些員工將自願離職，那麼他們是否可以引入數十萬個 Agentforce 機器人並提高效率？

Well, I think that I could wave you away and say, I don't really know yet, but I will tell you that since I'm the CEO of a 75,000-person company or how many employees do we have now? 75,000, 76,000. So let's just look at us. So we have what? 9,000 support agents. We really are seeing tremendous efficiency with help.salesforce.com. so we may see the opportunity to rebalance some of those folks in the sales and marketing and other functions. We're really excited about that.

好吧，我想我可以揮手讓你走開，然後說，我還不太清楚，但我會告訴你，因為我是一家擁有 75,000 名員工的公司的首席執行官，或者我們現在有多少名員工？75,000，76,000。所以讓我們只看看我們自己。那我們有什麼？9,000 名支援代理。我們確實看到了help.salesforce.com 的巨大效率。因此我們可能會看到重新平衡銷售、行銷和其他職能部門部分人員的機會。我們對此感到非常興奮。

I would say that we're definitely have seen a lot of efficiency within engineering and with some of the new tools that I've seen, especially some of these high-performance coding tools, one of the key members of my staff who's here in the room with us has just showed me one of his new -- examples of what we're able to do with these coding tools is pretty awesome. And we're not going to hire any new engineers this year. We're seeing 30% productivity increase on engineering, and we're going to really continue to ride that up.

我想說的是，我們確實看到工程領域出現了許多效率提升，而且利用我所見過的一些新工具，特別是一些高性能編碼工具，與我們在同一個房間裡的一位關鍵員工剛剛向我展示了他的其中一個新的 — — 我們能夠利用這些編碼工具完成的工作的例子非常棒。今年我們不會招募任何新工程師。我們看到工程生產力提高了 30%，而且我們將繼續推動這項進程。

And we're going to grow sales pretty dramatically this year. Brian has got a big vision for how to grow the sales organization, probably another 10% to 20%, I hope, this year because we're seeing incredible levels of demand. I think every company who is our customer or prospect wants us to come in and start talking about what we're going to do with them and how we're going to transform them. Everybody sees the opportunity.

今年我們的銷售額將大幅成長。布萊恩對於如何擴大銷售組織有一個宏偉的願景，我希望今年能夠再成長 10% 到 20%，因為我們看到了令人難以置信的需求水平。我想，每家公司，無論是我們的客戶還是潛在客戶，都希望我們介入並討論我們將如何為他們做些什麼以及如何改變他們。每個人都看到了機會。

I think that the big message I have for a lot of CEOs that I meet with is, hey, we're the last generation of CEOs to only manage humans. I think every CEO going forward is going to manage humans and agents together. I know that's what I'm doing. So this is what I have to think about every single day as a CEO. And I think everyone is going to have to start to think about that.

我想，我要向與我見過的許多 CEO 傳達的一個重要訊息是，嘿，我們是最後一代只管理人 CEO。我認為未來每位 CEO 都會同時管理人類和代理商。我知道這就是我正在做的事。所以這就是我作為執行長每天必須思考的問題。我認為每個人都必須開始思考這個問題。

It's definitely starting because as I mentioned, I was with a large CEO group last week, and it was a topic of conversation in every single person that I met with. And whether it's those life science CEOs that we mentioned or financial services CEOs or manufacturing CEOs, in every example, they can see how agents are going to be able to augment their workforce. And I think you can see it also in the global economy that I think productivity is going to rise without additions to more human labor, which is good because human labor is not increasing in the global workforce. So you have a stagnant human workforce worldwide.

這肯定是一個開始，因為正如我所提到的，上週我和一個大型 CEO 團體在一起，這是我遇到的每個人談論的話題。無論是我們提到的生命科學領域的首席執行官，還是金融服務領域的首席執行官或製造業的首席執行官，在每個例子中，他們都可以看到代理商如何能夠擴充他們的勞動力。我認為你也可以在全球經濟中看到這一點，即無需增加更多的人力，生產力就會提高，這是件好事，因為全球勞動力中人力並沒有增加。因此，全球的人力勞動力都處於停滯狀態。

So if you want productivity to go up and you want GDP to grow up and you want growth, I think that digital labor is going to be one of the catalysts to make that happen. And I was talking with a significant economist and economic leader last week. And I think that the -- I think everyone's on the same page that we could see something really dramatic. And this is our main focus as a company.

因此，如果你希望生產力上升，希望 GDP 成長，希望實現成長，我認為數位勞動力將成為實現這一目標的催化劑之一。上週我與一位著名的經濟學家和經濟領袖進行了交談。我認為——我認為每個人都一致認為我們可能會看到一些真正戲劇性的事情。這是我們公司關注的重點。

We aren't building huge $10 million, $20 million, $30 million, $100 billion data centers. We're not doing some of these kind of engineering efforts that may or may not have some kind of huge payoff but is going to take down all of our cash and all of our margin for the next several years. We're like augmenting our existing product line with artificial intelligence, taking advantage of these incredible investments that are being made in infrastructure by others, and we're going to deliver the digital labor revolution.

我們不會建造價值 1000 萬美元、2000 萬美元、3000 萬美元甚至 1000 億美元的大型資料中心。我們不會進行某些工程努力，這些努力可能會帶來巨大的回報，但會耗盡我們未來幾年的所有現金和利潤。我們正在用人工智慧來增強我們現有的產品線，利用其他人在基礎設施方面進行的這些令人難以置信的投資，我們將實現數位勞動力革命。

This is our goal. Our goal is to be the number 1 provider of digital labor in the world. That's it. I don't think there really is another goal. You can say we're the number one AI CRM, which we already are. But when you're the number one AI CRM, you're also going to lead the digital labor revolution. And that is going to be the focus of fiscal year '26. As I said, this is the year of digital labor, and it is going to be the year where every Trailblazer is going to become an Agentblazer.

這就是我們的目標。我們的目標是成為全球第一的數位勞動力提供者。就是這樣。我認為確實沒有其他目標。你可以說我們是第一的 AI CRM，事實也確實如此。但是，當你成為第一的 AI CRM 時，你也將引領數位勞動革命。這將成為26財年的重點。正如我所說，這是數位勞動之年，也將成為每個 Trailblazer 成為 Agentblazer 的一年。

Great. Thanks. Operator, we will take our last question now please.

偉大的。謝謝。接線員，我們現在來回答最後一個問題。

Kash Rangan, Goldman Sachs.

高盛的卡什·蘭根 (Kash Rangan)。

Hey, thank you very much. We'll miss you, Brian and Amy. Congratulations, Robin. One for you, Marc. There's a lot of talk about how we're moving from model building and trading to the inference layer. And also as part of that shift to agentic technology, there's been a lot of debate about the SaaS technology in the business model.

嘿，非常感謝。我們會想念你們的，布萊恩和艾米。恭喜你，羅賓。給你一個，馬克。關於我們如何從模型建構和交易轉向推理層的討論很多。而且作為向代理技術轉變的一部分，關於商業模式中的 SaaS 技術出現了許多爭論。

Can the SaaS tech stack that you built and pioneered, how does that fit into the Agentic world? Is there a risk that SaaS just becomes a crowd database? It sounds really terrible, but I'm sure you have an opinion. I'd love to hear it. Thank you.

您所建造和開創的 SaaS 技術堆疊如何融入 Agentic 世界？SaaS 是否會有淪為眾包資料庫的風險？這聽起來確實很糟糕，但我相信你一定有自己的看法。我很想聽聽。謝謝。

Okay. Well, Kash, I really appreciate that. And I've heard that Microsoft narrative too. So I watch the podcast you watched, and that's a very interesting idea.

好的。好吧，卡什，我真的很感激。我也聽過微軟的說法。所以我看了你看的播客，這是一​​個非常有趣的想法。

And here's how I look at it, which is I believe there is kind of a holy trinity here of AI CRM, which is the apps, the data and the agents. And these three things have to kind of work together. And I kind of put my money where our mouth is when we kind of built it and we delivered it. And you can see the 380,000 conversations that we had as point of evidence here in the last 90 days on our service and with a very high resolution rate of 84%. You can go to help.salesforce.com, and you can see that today.

我的看法是，我相信 AI CRM 有一種三位一體的本質，即應用程式、資料和代理程式。這三件事必須協同運作。當我們建造並交付它的時候，我可以說說到做到。您可以看到，在過去 90 天內，我們服務上進行了 380,000 次對話，作為證據，解決率高達 84%。您可以造訪 help.salesforce.com，今天就可以看到。

Now Microsoft has had Copilot available for, I think, about two years or more than two years and they are -- I know that they're the reseller of OpenAI, and they've invested -- they've kind of repackaged this ChatGPT, whatever. But where on their side are they delivering agents? Where in their company have they done this? Where -- are they at best practice? Because I think that while they can say such a thing, do they have humans and agents working together to create customer success? Are they rebalancing their workforce with humans and agents?

現在微軟已經推出 Copilot 大約兩年或兩年多了，我知道他們是 OpenAI 的經銷商，他們已經投資了，他們對 ChatGPT 進行了重新包裝，等等。但是他們在哪裡運送特工呢？他們在公司哪裡做過這種事？他們的最佳實踐在哪裡？因為我認為，雖然他們可以這樣說，但他們是否讓人類和代理商共同努力創造客戶成功？他們是否在重新平衡人力和代理人員的勞動力？

I think that it's a very interesting point that, yes, the agentic layer is very important, but it doesn't operate by itself. It operates with data, with a data cloud that has to be federated through your company, to all your data sources. And humans, we're still here. I'm here. I just knocked on the table in case anybody wants to know this is not an agent. And I guess we're not very long is that actually get a good test, but just know that I am here. And you could call me or text me, Kash. And I'm using those apps, too.

我認為這是一個非常有趣的觀點，是的，代理層非常重要，但它不能自行運作。它透過資料進行操作，透過必須透過您的公司聯合到您的所有資料來源的資料雲進行操作。而人類，我們仍然在這裡。我在這裡。我只是敲了敲桌子，以防有人想知道這不是經紀人。我想我們不會待太久，實際上我們會得到一個很好的測試，但只要知道我在這裡就行。你可以打電話給我或發短信，卡什。我也在使用這些應用程式。

Like I said, I've got -- the new Tableau is amazing, the Sales Cloud, the Service Cloud I use. I use all of our products. Slack, I was just on, and that idea that our apps and our data cloud and our agent layer all integrated together right now and delivering value right now to our number one customer zero Salesforce, wow, here we go. And are other vendors really doing that?

就像我說的，我已經使用了——新的 Tableau 非常棒，還有我使用的銷售雲、服務雲。我使用我們所有的產品。Slack，我剛剛加入，這個想法是，我們的應用程式、資料雲和代理層現在都整合在一起，並立即為我們的頭號客戶零 Salesforce 提供價值，哇，我們開始了。其他供應商真的這麼做嗎？

Beware of the false agents. Just go out there and take a look. Who is really talking about it and who is really delivering. And this is a lot of engineering that has to get done to make this really work for a large enterprise like us, and Salesforce has done it. We are the number one AI CRM. We are the leader of the digital labor revolution. You can see it now with over 3,000 paid customers. And as you can see, the tens of trillions of transactions that happen in our data cloud -- incredible.

謹防假代理商。只要出去看看就可以了。誰真正在談論它？要讓這項技術真正適用於像我們這樣的大型企業，需要進行大量的工程設計，而 Salesforce 已經做到了這一點。我們是第一的 AI CRM。我們是數位化勞動力革命的領導者。現在您可以看到它擁有超過 3,000 名付費客戶。正如您所看到的，我們的數據雲中發生了數十萬億筆交易，令人難以置信。

So thank you very much for a great fiscal year '25. Thank you to Amy and Brian. It's amazing. And welcome to Robin on to the management team. And to all of our new executives, congratulations on their promotions, and we're ready for a great fiscal year '26. This is going to be the absolute year of Agentforce.

非常感謝你們為2025財年所做的優秀貢獻。感謝艾米和布萊恩。這太神奇了。歡迎羅賓加入管理團隊。我們衷心祝賀所有新任高階主管的晉升，並已準備好迎接 26 財年的輝煌。這將是 Agentforce 絕對的一年。

Thanks, Marc. Thanks, Kash. Thank you, everyone, for joining the call today. And we look forward to seeing everyone over the coming weeks.

謝謝，馬克。謝謝，卡什。感謝大家今天的電話會議。我們期待在接下來的幾週內與大家見面。

Once again, that does conclude today's conference. Thank you all for your participation. You may now disconnect.

今天的會議再次到此結束。感謝大家的參與。您現在可以斷開連線。