賽富時 (CRM) 2026 Q1 法說會逐字稿

Welcome to Salesforce first quarter fiscal 2026 results conference call. (Operator Instructions) Also, this call is being recorded.

歡迎參加 Salesforce 2026 財年第一季業績電話會議。（操作員指示）此外，此通話正在錄音。

And 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你們的發言人，財務、策略和投資者關係執行副總裁麥克‧史賓塞。先生，您可以開始了。

Thank you. Good afternoon, and thanks for joining us today on our fiscal 2026 first quarter results conference call. Our press release, SEC filings and a replay of today's call can be found on our website.

謝謝。下午好，感謝您今天參加我們的 2026 財年第一季業績電話會議。我們的新聞稿、美國證券交易委員會 (SEC) 文件和今天電話會議的重播可以在我們的網站上找到。

Joining me on the call today is Marc Benioff, Chair and CEO; and Robin Washington, Chief Operating and Finance Officer. In addition, we also have Srini Tallapragada and President, Chief Engineering and Customer Success Officer; and Miguel Milano, President and Chief Revenue Officer, joining us for the Q&A portion of the call.

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) 和首席營運兼財務長羅賓華盛頓 (Robin Washington)。此外，我們還邀請了總裁、首席工程和客戶成功官 Srini Tallapragada 以及總裁兼首席營收長 Miguel Milano 參加電話會議的問答環節。

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 or outcomes could differ materially from these forward-looking statements. A description of these risks and uncertainties and assumptions and other factors that could affect our financial results and outcomes, is included in our SEC filings, including our most recent report on Forms 10-K, 10-Q and any other SEC filings. Except as required by law, we do not undertake any responsibility to update these forward-looking statements.

我們今天的一些評論可能包含前瞻性陳述，這些陳述受可能變化的風險、不確定性和假設的影響。如果任何這些風險成為現實，或者我們的假設被證明是錯誤的，那麼實際的公司表現或結果可能與這些前瞻性陳述有重大差異。這些風險、不確定性、假設和其他可能影響我們財務結果和成果的因素的描述都包含在我們向美國證券交易委員會提交的文件中，包括我們最近的 10-K、10-Q 表格報告和任何其他向美國證券交易委員會提交的文件。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。

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衡量標準。我們的 GAAP 和非 GAAP 結果與指導之間的對帳可以在我們的收益資料和新聞稿中找到。

And with that, let me hand the call to Mark.

說完這些，讓我把電話交給馬克。

All right. Thanks so much, Mike. Really appreciate everything you're doing. And before I get into all these exciting highlights from the quarter, there's so much to talk about. I just want to say a few words about Informatica -- and I'm sure everybody knows I love informatica.

好的。非常感謝，麥克。非常感謝您所做的一切。在我開始講述本季所有令人興奮的亮點之前，我有很多話要說。我只想簡單說幾句關於 Informatica 的話——我相信大家都知道我喜歡 Informatica。

I've been working with this company since probably 2006, so former CEO last night sent me a photo of me and him together at their user conference. I'm so excited that we have signed this definitive agreement to acquire them for $8 billion, which upon close is kind of unite our number one AI CRM and of course, they're number one AI, MDM and ECL and bringing these things together, well, I couldn't be more excited about this acquisition.

我大概從 2006 年就開始在這家公司工作了，所以昨晚前任執行長給我發了一張我和他在用戶會議上的合照。我很高興我們簽署了這項最終協議，以 80 億美元收購他們，這筆交易完成後，我們將把我們第一的 AI CRM 與他們的頭號 AI、MDM 和 ECL 結合起來，將這些東西整合在一起，嗯，我對這次收購感到非常興奮。

I know that many people on the call know Informatica so well, just like I do, you may not know everything that's happened with Informatica. I followed it very closely, the way they've rewritten their product into the cloud, they're incredible engineering leadership, especially some of their incredible new engine engineering centers and what they've built is just awesome. And I'll tell you that there's just a few technology companies I've just been more impressed with.

我知道電話會議上的很多人都非常了解 Informatica，就像我一樣，你們可能不知道 Informatica 發生的所有事情。我密切關注著他們，他們將產品重寫到雲端的方式，他們令人難以置信的工程領導力，特別是他們的一些令人難以置信的新引擎工程中心，他們所建造的東西真是太棒了。我要告訴你們的是，只有少數幾家科技公司給我留下了深刻的印象。

In fact, we're a customer, we're a partner. We're an investor in Informatica. We really love the company. We love the people. We love the leadership. And I have to say we probably spent the last 20 years discussing how to bring the companies together. We spent a lot of time not only with their new CEO, but Mitt who is fantastic, but with their engineering teams.

事實上，我們是客戶，我們是合作夥伴。我們是 Informatica 的投資者。我們真的很喜歡這家公司。我們熱愛人民。我們熱愛領導。我必須說，我們可能花了 20 年的時間討論如何將這些公司合併在一起。我們花了很多時間不僅與他們的新任首席執行官，而且與出色的米特以及他們的工程團隊相處。

And I have sent our group over to India to see what they were doing there, and it all led really to this incredible moment. So it's an awesome acquisition for us. It's a transformational step. It's a great price for the company. This transaction, I think that Robin will get into this because we've been very focused on staying really, in our acquisition framework, we spent a lot of time thinking about what is it going to take to buy a company of scale, how much are we really willing to spend?

我派我們的團隊去印度看看他們在那裡做了什麼，這一切都促成了這不可思議的時刻。所以這對我們來說是一次非常棒的收購。這是一個轉變性的一步。對於公司來說，這是一個很划算的價格。這次交易，我認為羅賓會參與其中，因為我們一直非常注重保持我們的收購框架，我們花了很多時間思考購買規模公司需要什麼，我們真正願意花多少錢？

Are we willing to walk away like we did a year ago when numbers are not right, we just want to be as disciplined as possible. And look, at the end of the day, I know all of you already know this, but this is a great price for a great company. It's got great multiples. It's accretive. It's dilutive. It's coming together in an incredible way.

當數字不正確時，我們是否願意像一年前那樣放棄，我們只是希望盡可能地保持紀律。最後，我知道大家都已經知道這一點，但對於一家偉大的公司來說，這是一個很棒的價格。它有很好的倍數。它具有增值性。它具有稀釋作用。一切都以一種令人難以置信的方式融合在一起。

And this is a moment where Informatica is more important to our customers than ever before because of what's happening with AI. And I think everyone who is going through an AI transformation, every business, including mine, we're going to talk about some great businesses that are going through transformations, whether it's Pepsi or Labella or OpenTable, et cetera, but every AI transformation is a data transformation. And you don't see it on the consumer side because when you're using a consumer AI, you have to remember that the data set has kind of been prefabricated for you. That is the training data and everything is put together. It's an amalgamated data set applied to this consumer AI model.

由於人工智慧的發展，Informatica 對我們的客戶來說比以往任何時候都更加重要。我認為每個正在經歷人工智慧轉型的人、每個企業，包括我自己的企業，我們都會談論一些正在經歷轉型的偉大企業，無論是百事可樂、Labella 還是 OpenTable 等等，但每一次人工智慧轉型都是一次資料轉型。而你在消費者方面看不到這一點，因為當你使用消費者人工智慧時，你必須記住資料集已經為你預先製作好了。這就是訓練數據，所有內容都放在一起。這是應用於該消費者 AI 模型的合併資料集。

That's not how an enterprise AI really works, you have to have your enterprise data together to get the result that you want. And when you look at these very high functioning agents, and we'll talk about one that we have -- we have so -- I mean we've done now 7,000 or 8,000 Agentforce deals. I think we've got 4,000 paid Agentforce customers is $100 million in Agentforce ARR, $1 billion and more than data cloud and Agentforce ARR. But when you look at these companies that are doing it right, they have got their data together. And that is what is really the key. This ability to unify or harmonize or activate all the data across the entire enterprise.

這並不是企業人工智慧真正的工作方式，您必須將企業資料整合在一起才能獲得想要的結果。當您看到這些非常有效率的代理商時，我們會談論我們擁有的代理商——我們有——我的意思是我們現在已經完成了 7,000 或 8,000 筆 Agentforce 交易。我認為我們擁有 4,000 名付費 Agentforce 客戶，Agentforce ARR 為 1 億美元，比資料雲端和 Agentforce ARR 為 10 億美元甚至更多。但當你看到這些做得正確的公司時，你會發現他們已經把數據整合在一起了。這才是真正的關鍵。這種統一、協調或啟動整個企業所有資料的能力。

And if you can imagine this idea that you want to deploy all of this incredible agentic data, well, you've got to get your data right, Informatica, combined with Salesforce's data cloud, combined with Tableau combined with other key assets that we're going to bring to bear. This is what is creating this incredible data business. And I mean -- we have big goals for how the size and scale that, that data business can get to. Robin will go through that in detail. And we will really work hard to advance this mission of Informatica to make sure that our customers' data is incredible.

如果你能想像你想要部署所有這些令人難以置信的代理數據，那麼你必須正確獲取數據，Informatica，結合 Salesforce 的數據雲，結合 Tableau 以及我們將要利用的其他關鍵資產。這就是創造這個令人難以置信的數據業務的原因。我的意思是──我們對數據業務的規模和範圍有著遠大的目標。羅賓將詳細闡述這一點。我們將竭盡全力推進 Informatica 的這項使命，確保我們客戶的數據令人難以置信。

So anyway, let me turn it over to Robin to give her perspective on Informatica and then we'll get into the quarter.

無論如何，讓我把它交給 Robin，讓她談談她對 Informatica 的看法，然後我們進入本季。

Thanks, Marc. We're incredibly excited to welcome Informatica to Salesforce at on closing. Our responsible M&A framework that Marc just spoke to is a key pillar of our capital allocation strategy, and it's focused on three areas: customer success and strategic fit, acceleration and value. Our acquisition strategy is methodical, it's patient and it's decisive, targeting transformative assets like Informatica when the calculus aligns to maximize customer success.

謝謝，馬克。我們非常高興地歡迎 Informatica 加入 Salesforce。馬克剛才提到的負責任的併購框架是我們資本配置策略的一個重要支柱，它主要關註三個領域：客戶成功和策略契合度、加速和價值。我們的收購策略是有條不紊的、有耐心的、果斷的，當運算結果符合最大化客戶成功率的要求時，我們就會瞄準像 Informatica 這樣的變革性資產。

You already heard from Marc on why this will be a critical complementary asset for accelerating our growth strategy in data and AI and apps. I'm going to focus on value, our third pillar. We expect to achieve accretion on non-GAAP operating margin, non-GAAP EPS and free cash flow by year two post close.

您已經從馬克那裡聽說了為什麼這將成為加速我們在數據、人工智慧和應用程式方面的成長策略的關鍵補充資產。我將重點放在價值，即我們的第三支柱。我們預計在交易完成後的第二年實現非公認會計準則營業利潤率、非公認會計準則每股收益和自由現金流的成長。

We are laser focused on speed of integration. By leveraging our focus on operational excellence and our M&A integration playbook, our goal is to achieve accretion as quickly as possible, which is a significant evolution in our M&A strategy and in line with recent acquisitions. And in line with our M&A framework, we prioritize non-dilutive forms of consideration. As a result of our durable free cash flow generation and strong balance sheet, this deal will be financed through a combination of cash and new debt, resulting in no share dilution. This transaction is not expected to disrupt our capital return strategy, inclusive of our share repurchase program and our dividend.

我們專注於整合速度。透過利用我們對卓越營運的關注和我們的併購整合策略，我們的目標是盡快實現增值，這是我們併購策略的重大發展，並且與最近的收購一致。根據我們的併購框架，我們優先考慮非稀釋性的對價形式。由於我們擁有持久的自由現金流和強勁的資產負債表，這筆交易將透過現金和新債務的組合進行融資，不會導致股權稀釋。預計此交易不會擾亂我們的資本回報策略，包括我們的股票回購計畫和股利。

Finally, we expect to close by early fiscal year '27. We view this acquisition as a key enabler for Salesforce's next phase of AI-driven growth and believe it will amplify our market differentiation and deliver sustained benefits for all sales force stakeholders.

最後，我們預計將於 27 財年初完成。我們認為此次收購是 Salesforce 下一階段人工智慧驅動成長的關鍵推動因素，並相信它將擴大我們的市場差異化，並為所有銷售團隊利害關係人帶來持續利益。

Now back to you, Marc.

現在回到你身邊，馬克。

All right. Right on. Well, Robin, thank you so much, and you are doing a fantastic job as our new Co-Fo. So great that you're here. And I'm looking forward to you all having the chance to interact with Robin on the call. And look, overall, let's just talk about this. We are just extremely excited to welcome Informatica, and I can't wait to close the deal. And I think that this is going to be an absolutely incredible opportunity.

好的。正是如此。好吧，羅賓，非常感謝你，作為我們的新聯合財務官，你做得非常出色。你能來真是太好了。我期待大家有機會在電話會議上與羅賓互動。總的來說，我們就討論這個吧。我們非常高興地歡迎 Informatica，我迫不及待地想要完成這筆交易。我認為這將是一個絕對難得的機會。

Look, let's move on to the quarter. We delivered $9.83 billion in Q1 revenue. That was up 8% year over year. Subscription and support, 9% in constant currency we so very strong growth in our small and medium market business. It really surprised us. Both of them achieved really strong double-digit new bookings growth. We continue to deliver on these margin goals that we have. We delivered 32.3% non-GAAP margin in the quarter. And we delivered $6.5 billion in operating cash flow. We have $60.9 billion in RPO, up 13% year over year, and we had exceptional performance with CRPO growing year over year in constant currency.

瞧，讓我們繼續討論本季。我們第一季的營收為 98.3 億美元。這比去年同期增長了 8%。訂閱和支援以固定匯率計算成長了 9%，因此我們的中小型市場業務成長非常強勁。這確實讓我們很驚訝。兩家公司的新預訂量均實現了強勁的兩位數成長。我們將繼續實現我們既定的利潤目標。本季我們的非公認會計準則利潤率為 32.3%。我們實現了 65 億美元的營運現金流。我們的 RPO 總額為 609 億美元，年增 13%，且我們的業績表現優異，以固定匯率計算，CRPO 總額較去年同期成長。

And we're raising our fiscal year '26 guidance by $400 million to $41.3 billion at the high end of the range. I mean sometimes you have a quarter when everything is going right for you. That means revenue is going right. Bookings is going right. You're kicking off the quarter. Q1 is always a high risk quarter, but even currency is moving in the right direction. This was just a great quarter, and that is why we're able to deliver this incredible raise.

我們將 26 財年的預期提高 4 億美元，最高達到 413 億美元。我的意思是，有時你會遇到一個季度，一切都很順利。這意味著收入正在好轉。預訂一切順利。您即將開始新季度。第一季始終是一個高風險的季度，但貨幣也朝著正確的方向發展。這是一個非常棒的季度，這也是我們能夠實現如此令人難以置信的加薪的原因。

So a few enterprise software companies probably have ever delivered these kinds of numbers. It's kind of even a shock to me that we're delivering this $41.3 billion in guidance, and we are now just very well positioned to take advantage of this multitrillion dollar opportunity in AI and enterprise software and digital labor. And now in just two quarters, we are also just since we launched Agentforce -- you think about that, we now have more than 4,000 paid deals, as I mentioned, more than 8,000 in total across every industry.

因此，一些企業軟體公司可能曾經提供過此類數據。我們給出的 413 億美元的指導金額甚至讓我感到震驚，我們現在已做好準備，充分利用人工智慧、企業軟體和數位勞動力領域數萬億美元的商機。現在僅僅過了兩個季度，自從我們推出 Agentforce 以來——想想看，我們現在已經有超過 4,000 筆付費交易，正如我提到的，每個行業總共有超過 8,000 筆。

We've got 800 customers already in production with Agentforce, including amazing companies like ENGIE, and that has been a success incredible success story and with incredible velocity and conversations in OpenTable, Finnair, Grupo Global Pavel, we've talked about so many of these. We're going to talk about so many more.

我們已經有 800 個客戶使用 Agentforce 進行生產，其中包括 ENGIE 等出色的公司，這是一個令人難以置信的成功案例，而且速度驚人，我們在 OpenTable、芬蘭航空、Grupo Global Pavel 等公司進行了多次討論。我們將會討論更多內容。

And we have launched hundreds of prebuilt Agentforce for different industries, roles SaaS making it faster and easier for customers to deploy Agentforce. We're learning a lot about how to make agents successful, productive, how to scale, how to tune our own organization, and really get our customers already for this AI transformation in the enterprise led by agents.

而我們已經針對不同產業、角色推出了數百個預先建置的 Agentforce SaaS，讓客戶能夠更快、更輕鬆地部署 Agentforce。我們正在學習如何讓代理商成功、有效率、如何擴展、如何調整我們自己的組織，並真正讓我們的客戶參與由代理商主導的企業人工智慧轉型。

Now earlier this month, we introduced our FlexCredits. It's a new consumption-based pricing model. That's how we've tuned our pricing after a huge amount of customer feedback. And next month, we're going to add FedRAMP high authorization for Agentforce so the US public sector can also experience this incredible success. So no one else is delivering what we think digital labor is at this scale.

本月初，我們推出了 FlexCredits。這是一種新的基於消費的定價模式。這就是我們在收集大量客戶回饋後調整定價的方法。下個月，我們將為 Agentforce 增加 FedRAMP 高授權，以便美國公共部門也能體驗到這一令人難以置信的成功。因此，沒有其他人能夠提供我們認為的這種規模的數位勞動力。

Now of course, Agentforce does agentic augmentation for employees. Agentforce is also doing it directly to consumers. I think that we are really delivering at this point probably more agents and more conversations and more capability to more enterprises than any other vendor in the world. I really see us as the number one agent platform already. And it's only been a few months.

當然，Agentforce 現在為員工提供代理增強服務。Agentforce 也直接針對消費者開展此項業務。我認為，目前我們確實為更多企業提供了比世界上任何其他供應商更多的代理商、更多的對話和更多的功能。我確實已經將我們視為第一個代理平台。而這才過去幾個月而已。

In fact, Agentforce reached more than $100 million in AOV. It's much faster than any product in our history, and we're not even fully deployed on all geographies, currencies or languages. And to that point, I was in Japan last week and they are -- they can't wait to get Agentforce running the Japanese, which we're about to deliver for them. So the success of Agentforce is building on the strong growth we've seen in our data cloud.

事實上，Agentforce 的平均訂單價值 (AOV) 已超過 1 億美元。它比我們歷史上的任何產品都要快得多，而且我們甚至還沒有完全部署到所有地區、貨幣或語言。就這一點而言，我上週去了日本，他們迫不及待地想要讓 Agentforce 運行日語，我們即將為他們提供這項服務。因此，Agentforce 的成功建立在我們所見的資料雲的強勁成長之上。

Data readiness, as I mentioned, with Informatica is critical for every company. And in this quarter, our Data Cloud, just our Data Cloud surpassed 22 trillion records, up 175% year over year. Nearly 60% of our top 100 deals included investments in both Data Cloud and AI. And we are still working really to be able to kind of communicate with every single one of our customers on the importance of Data Cloud and yet Data Cloud just remains this incredibly fast-moving product, 50% of Data Cloud's Q1 new bookings came from existing customers. I think that's really important because it really speaks to the adoption of the product and the incredible usage by the customers who have it.

正如我所提到的，使用 Informatica 做好資料準備對於每家公司都至關重要。本季度，我們的數據雲，光是我們的數據雲就超過了 22 兆筆記錄，比去年同期成長 175%。在我們前 100 筆交易中，近 60% 涉及資料雲和人工智慧的投資。我們仍在努力與每位客戶溝通資料雲的重要性，但資料雲仍然是這個發展非常迅速的產品，資料雲第一季 50% 的新預訂來自現有客戶。我認為這非常重要，因為它確實說明了該產品的採用情況以及擁有該產品的客戶的驚人使用率。

And even though Agentforce is only in its second quarter, 30% of its bookings also came from customers increasing their consumption, another key point of these two products. Now these are early days, but this flywheel, AI, agent, flywheel, it's working Data Cloud and ARR grew more than 120% year over year, and it's more than $1 billion part of our business. That is amazing. The pace of innovation has been incredible. I've just never seen -- our company, really, any company moved this fast with a new technology. We've also witnessed how we've pivoted the entire company around our vision for AI.

儘管 Agentforce 才剛進入第二季度，但其 30% 的預訂量也來自客戶增加消費，這也是這兩款產品的另一個關鍵點。現在還處於早期階段，但這個飛輪、人工智慧、代理、飛輪、它正在運行的資料雲和 ARR 同比增長超過 120%，它是我們業務中超過 10 億美元的一部分。這真是太神奇了。創新的速度令人難以置信。我從未見過——我們公司，真的，任何一家公司能夠如此快速地採用新技術。我們也見證了我們如何圍繞人工智慧願景來調整整個公司。

That is the idea that we have these incredible apps, every single one of these apps being rebuilt for this incredible AI revolution, the Data Cloud itself -- and not to mention, of course, when you start to look at it, you've got the agentic layer and don't forget about our metadata platform. I'm going to get into that in a second, but I just think it all played out just last week when we was looked at the New York World Tour.

這就是我們擁有這些令人難以置信的應用程式的想法，每個應用程式都為這場令人難以置信的人工智慧革命、數據雲本身而重建——當然，更不用說，當你開始看它時，你就有了代理層，不要忘記我們的元數據平台。我馬上就會談到這一點，但我認為這一切都發生在我們上週觀看紐約世界巡迴賽的時候。

I know many of you were there, and you could really feel the energy. 10,000 customers, everyone looking at technology that just a year ago did not exist. And now they are on the very cusp of a huge transformation for their enterprises. Now when I talk about agents and data and apps and metadata, that's what we really call our Atom framework. It's in our experience to see now these four elements, the app, the data, the agents and the metadata that make Salesforce unique if companies need to achieve the real promise of agentic AI -- and you could really see that also play out when we got to our Tableau conference this quarter.

我知道你們中的很多人都在場，你們真的能感受到那種活力。 10,000 名客戶，每個人都在關註一年前還不存在的技術。現在，他們的企業正處於巨大轉型的風口浪尖。現在，當我談論代理、資料、應用程式和元資料時，這就是我們真正稱之為 Atom 框架的東西。根據我們的經驗，如果公司需要實現代理 AI 的真正承諾，那麼這四個要素（應用程式、資料、代理和元資料）將使 Salesforce 獨一無二——而且，當我們在本季度參加 Tableau 會議時，你真的可以看到這一點。

If you were in San Diego, you saw Tableau Next. And what you saw was the Datafam. That's the Tableau community -- kind of fully inspired because not only were they looking at Tableau. Next, this incredible new product. But what they saw was Tableau, the Tableaus they love and -- they also saw an agentic layer and they saw it deeply integrated into our Data Cloud and all running on our metadata platform. That's our ATOM framework. The agents, the data, the apps, the metadata, all together. Tableau Next is a great example of where we're going with all of our technology in our company and customers are so excited.

如果你在聖地牙哥，你會看到 Tableau Next。而你所看到的就是Datafam。這就是 Tableau 社群——受到了充分的啟發，因為他們不僅僅關注 Tableau。接下來是這款令人難以置信的新產品。但他們看到的是 Tableau，他們喜歡的 Tableau，他們也看到了一個代理層，他們看到它深度整合到我們的資料雲中，並且全部運行在我們的元資料平台上。這就是我們的 ATOM 框架。代理、數據、應用程式、元數據，全部都整合在一起。Tableau Next 是我們公司所有技術發展方向的一個很好的例子，客戶對此感到非常興奮。

Slack is really another example. Slack is, of course, where I believe you're going to really begin and end every agent force conversation. It's the conversational interface for managing all of your work across app systems, teams, in Service Cloud, Sales Cloud, Tableau Next, any Salesforce app can live inside Slack. It's a very fluid and natural user experience. I know a lot of you are on Slack.

Slack 確實是另一個例子。當然，我相信 Slack 才是真正開始和結束每個特務對話的地方。它是用於管理跨應用系統、團隊、Service Cloud、Sales Cloud、Tableau Next 的所有工作的對話介面，任何 Salesforce 應用程式都可以在 Slack 內運行。這是一種非常流暢和自然的使用者體驗。我知道你們很多人都在使用 Slack。

And with Agentforce in Slack, every employee has a digital teammate that can make notes for your meeting, summarize your Slack channels. And you really see like AI taking place on Slack when you look at Slack recap or you look at agents just coming right into your channels to talk to you in real time. And you can imagine how all of these new kinds of apps that are appearing in the marketplace where AI and agents are all happening, this is this incredible agent user interface with Slack.

透過 Slack 中的 Agentforce，每位員工都擁有一位數位隊友，可以為您的會議做筆記，總結您的 Slack 頻道。當您查看 Slack 回顧或看到代理商直接進入您的頻道與您即時交談時，您確實會看到 Slack 上發生的 AI 事件。你可以想像所有這些出現在市場上的新型應用程序，其中人工智慧和代理程式都在發生，這就是 Slack 令人難以置信的代理用戶介面。

So in this new agentic AI era, every company is going to say that they have agents. Well, I think every company does say they have agents. But without these four parts of what we call ADAM, the -- really the agents, the data, the apps, the Metadata Framework, you're just not really able to deliver this complete experience for the enterprise, including delivering digital labor. That's why so many customers are achieving success now with Agentforce and so many of our new offerings that are using this incredible combination.

因此，在這個新的代理 AI 時代，每家公司都會說他們有代理。嗯，我認為每家公司確實都說他們有代理商。但是，如果沒有我們所說的 ADAM 的這四個部分，即代理、資料、應用程式、元資料框架，您就無法真正為企業提供完整的體驗，包括提供數位勞動力。這就是為什麼現在有這麼多客戶透過 Agentforce 和我們許多採用這種不可思議的組合的新產品取得成功的原因。

Let's talk about some customers. Thin Air is using Agentforce to help manage customer service for 12 million passengers. Agentforce is already having thousands of conversations a week with Thin Air customers, and the airline is aiming to automate 80% of customer service queries and reduced new rep onboarding time by 25% with Agentforce. It's been an incredible success story -- and that's not the only airline. I think you remember, we've talked about Singapore Air, we're talking to so many airlines about how they not only can use all our Customer 360 apps, not just the Data Cloud, not just our Meta platform, but build this agentic capability around the airline. This is going to be a huge opportunity for that entire industry, which is so customer service obsessed.

讓我們來談談一些客戶。Thin Air 正在使用 Agentforce 來協助管理 1,200 萬名乘客的客戶服務。Agentforce 每週與 Thin Air 客戶進行了數千次對話，該航空公司的目標是透過 Agentforce 實現 80% 的客戶服務查詢自動化，並將新代表的入職時間縮短 25%。這是一個令人難以置信的成功故事——而且這並不是唯一的航空公司。我想你還記得，我們​​討論過新加坡航空，我們正在與許多航空公司討論如何他們不僅可以使用我們所有的客戶 360 應用程序，而不僅僅是數據雲，不僅僅是我們的元平台，還可以圍繞航空公司構建這種代理能力。對於整個非常注重客戶服務的行業來說，這將是一個巨大的機會。

Now I have to tell you about this great company, Falabella, and for those of you who have ever been to Falabella, you already know, I guess, the analog would be -- I'm speaking from San Francisco. So I'll just say it's kind of the Nordstroms of Latin America in some way. And this is a Latin American retail conglomerate. It's a great example of why agent force is winning. Here's this company that's pioneering Agentforce just a couple of months ago in their Columbia business.

現在我要向你們介紹一下這家偉大的公司，Falabella，對於那些曾經去過 Falabella 的人來說，你們已經知道了，我想，類比一下——我在舊金山講話。所以我只想說，從某種程度上來說，它就像是拉丁美洲的諾德斯特龍百貨公司。這是一家拉丁美洲零售集團。這是代理力量獲勝的一個很好的例子。這家公司幾個月前才在哥倫比亞業務中率先推出 Agentforce。

And then it's so successful, we're actually deploying it on WhatsApp, which we hadn't really seen before, and they're using WhatsApp. The customers are coming in. They're coming in and, hey, what's my order, what's going on? And this what's my order use case is the main thing that's driving Falabella and boom, all of a sudden, they go, you know what, this is working so well. We're going all over Latin America and what was kind of, I think, a low 6-figure deal.

它非常成功，我們實際上將它部署在 WhatsApp 上，這是我們以前從未見過的，而且他們正在使用 WhatsApp。顧客們進來了。他們進來了，嘿，我的訂單是什麼，發生了什麼事？這個「我的訂單」用例是推動 Falabella 發展的主要因素，突然間，他們發現，你知道嗎，它運作得非常好。我們的業務範圍遍佈拉丁美洲，我想，這大概是一筆六位數的交易。

I mean, Miguel is going to have to come in here and tell me turned into like a $1 million deal overnight, what it was $300 million, right, from just Colombia become $1 million. Now it's $1 million. So that's a great example.

我的意思是，米格爾必須來這裡告訴我，一夜之間就變成了 100 萬美元的交易，原來是 3 億美元，對吧，從哥倫比亞變成了 100 萬美元。現在是100萬美元。這是一個很好的例子。

And when we look at another one, OpenTable. We've been talking about this story for a while, which is Glenn is doing a great job deploying agent force and he started with the restaurants than he did employees. And now he's like doing the consumers, and this is an incredible thing that OpenTable has been so successful, and I'm so proud of Glen. And now we see Ramone doing the same thing at PepsiCo, where he's trying to bring together the beverage business and the snack business is kind of building a one PepsiCo vision with the Data Cloud. I think he uses 11 clouds, right?

當我們查看另一個，OpenTable。我們已經談論這個故事有一段時間了，那就是格倫在部署特工力量方面做得很好，他從餐廳開始，然後是員工。現在他就像在為消費者服務，OpenTable 取得如此大的成功是一件不可思議的事情，我為格倫感到驕傲。現在我們看到拉蒙在百事可樂做著同樣的事情，他試圖將飲料業務和零食業務整合在一起，利用數據雲構建一個百事可樂的願景。我認為他使用了 11 朵雲，對嗎？

is that right? Every single one, and then delivering a whole agentic layer around PepsiCo is so incredible. And another Latin American success as Grupo Global, the Brazilian media conglomerate purchased agent force in Q4 in less than three months, agent force basically boosted global retention rate by 22% and driving revenue upgrades, cross-selling, converting nonsubscribers, it's very cool.

對嗎？每一個，然後圍繞百事可樂提供整個代理層是如此令人難以置信。巴西媒體集團 Grupo Global 在第四季度不到三個月的時間內收購了 agent force，這在拉丁美洲取得了另一個成功，agent force 基本上將全球留存率提高了 22%，並推動了收入提升、交叉銷售、轉化非訂閱者，這非常酷。

And I guess one of the surprise stories is NG who's a long-time Salesforce customer known so many of the CEOs, amazing company doing all kinds of great things in the energy marketplace driven out of Europe. And now they're assisting 83% of their users with Agentforce, I think, is the number of conversations that are happening are some of the highest that we've seen, it's really cool. So -- and I've got other stories.

我想其中一個令人驚訝的故事是 NG，他是 Salesforce 的長期客戶，認識很多 CEO，是一家令人驚嘆的公司，在歐洲以外的能源市場上做了各種偉大的事情。現在他們正在使用 Agentforce 為 83% 的用戶提供幫助，我認為，正在進行的對話數量是我們所見過的最高水平，這真的很酷。所以——我還有其他故事。

You've heard me talk already about 1,800 accountant in Smartsheet and so many other customers. This is just the beginning of what's going on with AI, Agentforce, Data Cloud or Metadata Framework. We can go into it in Q&A if you want.

您已經聽我談論過 Smartsheet 中的 1,800 名會計師和許多其他客戶。這只是 AI、Agentforce、資料雲或元資料框架發展的開始。如果您願意，我們可以在問答環節深入探討這個問題。

And now I'll turn it over to Robin.

現在我將把發言權交給羅賓。

Thank you, Marc. I've been in the CoFo role for a little over 50 days now, and I've spent that time deeply listening to our shareholders, employees and customers. And what I've heard has been instrumental in shaping my top priorities for the year ahead, which are delivering customer success and accelerating AI adoption to drive growth driving operational excellence to maximize shareholder value and responsible capital allocation. We're already making progress against these priorities.

謝謝你，馬克。我擔任董事會主席一職已經五十多天了，這段時間我一直在認真傾聽股東、員工和顧客的意見。我所聽到的內容對我確定未來一年的首要任務起到了重要作用，即實現客戶成功、加速人工智慧的採用以推動成長、推動卓越營運、最大化股東價值和負責任的資本配置。我們已經在實現這些優先事項方面取得了進展。

First, let me share a few details on how we're delivering customer success and accelerating AI adoption to drive growth. Our core clouds continue to be a cornerstone of our product portfolio with Sales Cloud, Service Cloud and platform in 9 of our top 10 wins. More than half of our top 10 deals included 6 or more clouds with sales and Service Cloud in nearly 80% of those deals. As customers adopt more clouds, they unlock the full power of our deeply unified platform with Data Cloud and Agentforce built into every one of our applications.

首先，讓我分享一些關於我們如何實現客戶成功以及加速人工智慧應用以推動成長的細節。我們的核心雲繼續成為我們產品組合的基石，銷售雲、服務雲和平台佔據我們十大勝利中的九個。在我們的十大交易中，超過一半的交易涉及 6 個或更多的雲，其中近 80% 涉及銷售和服務雲。隨著客戶採用更多的雲，他們將能夠釋放我們深度統一平台的全部功能，其中資料雲和 Agentforce 內建於我們的每個應用程式中。

This drives the flywheel of success as well as lower attrition as customers realize the benefits of our platform. It's early days, but the flywheel is already turning. 30% of Q1 Agentforce new bookings came through expansion deals from existing agent force customers. And as Marc just shared, our customers continue to invest heavily in data cloud to prepare for their agentic future.

隨著客戶意識到我們平台的優勢，這將推動成功的飛輪並降低客戶流失率。雖然還處於早期階段，但飛輪已開始轉動。第一季 Agentforce 新預訂的 30% 來自現有 Agentforce 客戶的擴展交易。正如馬克剛才分享的那樣，我們的客戶繼續在數據雲上投入巨資，為他們的代理未來做好準備。

In Q1, we closed more than 30 net new annual bookings over $1 million that include both data and AI. Tableau was included in more than 70% of our deals over $1 million and MuleSoft in nearly half of those deals. This underscores how important data is to our customers like Box, Deloitte and Boeing. Our ecosystem plays a critical role in driving customer success and growth. Our partners were included in 7 of our top 10 deals of the quarter.

在第一季度，我們完成了 30 多個超過 100 萬美元的淨新年度訂單，其中包括數據和人工智慧。在我們價值超過 100 萬美元的交易中，超過 70% 的交易涉及 Tableau，而其中近一半的交易涉及 MuleSoft。這強調了數據對 Box、德勤和波音等客戶的重要性。我們的生態系統在推動客戶成功和成長方面發揮關鍵作用。我們的合作夥伴參與了本季十大交易中的七項。

Today, Salesforce is the fastest-growing ISV on AWS Marketplace, which has driven hundreds of transactions for us since launch, including two of our top five deals this quarter. Finally, our industry-specific solutions continue to deliver significant value to customers like the US Air Force and University of Chicago Medicine, nearly half of our top 100 deals included an industry cloud.

如今，Sal​​esforce 是 AWS Marketplace 上成長最快的 ISV，自推出以來已為我們促成了數百筆交易，其中包括本季五大交易中的兩筆。最後，我們針對特定行業的解決方案繼續為美國空軍和芝加哥大學醫學院等客戶提供巨大的價值，我們前 100 筆交易中近一半都包含行業雲。

Our Life Sciences Cloud had a strong quarter. We've seen incredible momentum with more than 40 global customers including Pfizer and Takeda, which was a Q1 win for us. Takeda will use the Life Sciences cloud with agent force and data cloud to unify its data and deploy agents across medical, commercial and patient care operations and we are continuing the momentum. We unveiled a brand-new next-gen mobile application for Life Sciences Cloud for field reps just last week.

我們的生命科學雲本季表現強勁。我們看到了令人難以置信的發展勢頭，全球客戶超過 40 家，包括輝瑞和武田，這是我們第一季的勝利。武田將利用生命科學雲與代理力量和數據雲來統一其數據並在醫療、商業和患者護理運營中部署代理，我們將繼續保持這一勢頭。就在上週，我們為現場代表推出了一款全新的生命科學雲端下一代行動應用程式。

As customers adopt more agents upgrade to premium editions and leverage our industry solutions, we see greater expansion and stronger customer retention with data and AI that value is accelerating driving even more impactful customer outcomes. As you all just heard, we are innovating faster than ever. And this is a core part of how we will drive operational excellence to maximize shareholder value and we're positioned better to leverage our own innovation to drive efficiency and profitability, similar to what our products bring to our customers.

隨著客戶採用更多代理商升級到高級版本並利用我們的行業解決方案，我們看到數據和人工智慧的更大擴展和更強的客戶保留率，其價值正在加速推動更具影響力的客戶成果。正如大家剛才聽到的，我們的創新速度比以往任何時候都快。這是我們如何推動卓越營運以最大化股東價值的核心部分，我們能夠更好地利用我們自己的創新來提高效率和獲利能力，類似於我們的產品為客戶帶來的效果。

Let me give you two great examples. Our sales agent in Slack is transforming how our teams sell. Our AEs have already logged over 21,000 interactions, simplifying everyday sales activity saving our teams over 44,000 hours annually. Further, Data Cloud is amplifying that impact, cutting lead routing from 20 minutes to 19 seconds inflect.

讓我給你舉兩個很好的例子。Slack 中的銷售代理正在改變我們團隊的銷售方式。我們的 AE 已經記錄了超過 21,000 次互動，簡化了日常銷售活動，每年為我們的團隊節省了超過 44,000 小時。此外，資料雲正在擴大這種影響，將引導路由時間從 20 分鐘縮短至 19 秒。

In customer support, Agentforce has handled 750,000 cases and is on track to surpass 1 million help portal requests this quarter, cutting case volume by 7% year over year. As a result, we have reduced some of our hiring needs, enabling us to rebalance and redeploy 500 customer support employees to higher impact data plus AI roles by year-end, driving $50 million in savings showing what's working for us helps our customers envision their future, and I'm excited to keep scaling these efforts internally. That is the power of Salesforce on Salesforce, utilizing our own unified platform infused with data plus AI across our enterprise will drive sustained efficiencies and leverage across our P&L and we are just getting started.

在客戶支援方面，Agentforce 已處理了 750,000 個案例，本季度的幫助入口網站請求預計將超過 100 萬個，案例數量同比減少 7%。因此，我們減少了一些招聘需求，使我們能夠在年底前重新平衡和重新部署 500 名客戶支援員工，以承擔更具影響力的數據和人工智慧角色，從而節省 5000 萬美元，這表明對我們有用的方法可以幫助我們的客戶展望未來，我很高興繼續在內部擴大這些努力。這就是 Salesforce on Salesforce 的力量，利用我們自己的統一平台，在整個企業中註入資料和人工智慧，將推動我們損益表的持續效率和槓桿作用，而我們才剛起步。

Now you've all seen the numbers, but let me provide a little more context on the quarter. For the first quarter, revenue was $9.83 billion, up 8% year over year in nominal and constant currency. Subscription and support revenues grew 9% in constant currency. As a reminder, this incorporates a 1 point headwind from the leap year last February.

現在大家都已經看到了這些數字，但請允許我提供一些有關本季度的更多背景資訊。第一季度，營收為 98.3 億美元，以名目和固定匯率計算年增 8%。以固定匯率計算，訂閱和支援收入成長了 9%。提醒一下，這考慮到了去年二月閏年的 1 點逆風。

Again, this quarter, pricing and packaging continue to be a key lever for us, most notably in sales and service. Q1 revenue attrition ended the quarter at slightly above 8%, in line with recent trends. As we continue to focus on customer success, we are incentivizing on a new metric with our field reps, net new AOV, which measures new and renewal performance together. This provides a clear view on overall business expansion and enables our teams to focus on overall health of the customer.

同樣，本季度，定價和包裝仍然是我們的關鍵槓桿，尤其是在銷售和服務方面。第一季收入損失略高於 8%，與近期趨勢一致。隨著我們繼續專注於客戶的成功，我們正在對我們的現場代表實施一項新指標，即淨新 AOV，該指標可以同時衡量新客戶和續約客戶的績效。這為整體業務擴展提供了清晰的視角，並使我們的團隊能夠專注於客戶的整體健康狀況。

Our business benefits from a balanced portfolio of products and customers across geographies, segments and industries. From a geographic perspective, we saw strong new business growth in the UK, France, Canada and Asia Pacific, particularly South Asia while some pockets in EMEA remain constrained. From a segment perspective, as you heard from Marc, we saw strong performance in our small and mid-market business this quarter. And from an industry perspective, in Q1, comms and media and Health and Life Sciences performed well, while retail and consumer goods and public sector were more measured.

我們的業務受益於跨地區、跨領域和跨行業的均衡產品和客戶組合。從地理角度來看，我們看到英國、法國、加拿大和亞太地區（尤其是南亞）的新業務成長強勁，而歐洲、中東和非洲地區的一些地區仍然受到限制。從細分市場的角度來看，正如馬克所說，本季我們的中小型市場業務表現強勁。從產業角度來看，第一季度，通訊和媒體以及健康和生命科學產業表現良好，而零售和消費品以及公共部門表現更為穩健。

On operating expenses, we continue to focus our investments in sales and marketing and R&D to drive data and AI innovation, helping fuel Customer 360 and future top line leverage.

在營運費用方面，我們繼續將投資重點放在銷售、行銷和研發上，以推動數據和人工智慧創新，幫助推動客戶 360 和未來的營收槓桿。

Turning to our balance sheet and cash flows. Remaining performance obligation ended Q1 at $60.9 billion, up 13% year over year. Current remaining performance obligation, or CRPO, ended Q1 at $29.6 billion, up 12% year-on-year in nominal and 11% in constant currency, which is better than expected, driven by strong renewal performance. Q1 operating cash flow was a healthy $6.5 billion, up 4% year over year.

轉向我們的資產負債表和現金流量。第一季末剩餘履約義務為 609 億美元，年增 13%。第一季末，目前剩餘履約義務（CRPO）達到 296 億美元，以名目值計算年增 12%，以固定匯率計算成長 11%，這好於預期，這得益於強勁的續約表現。第一季營運現金流達到健康的 65 億美元，年增 4%。

And as we focus on responsible capital allocation, we are continuing to invest where it matters most to our business and customers while maintaining a clear focus on efficiency and profitable growth to maximize shareholder value. On capital return, in Q1, we increased our dividend payout by 4% and returned more than $3 billion in the form of share repurchases and dividends. This brings our total cash return since the inception of our capital return program to more than $24 billion.

當我們專注於負責任的資本配置時，我們將繼續在對我們的業務和客戶最重要的領域進行投資，同時明確關注效率和獲利成長，以最大化股東價值。在資本回報方面，在第一季度，我們將股息支付提高了 4%，並以股票回購和股息的形式返還了超過 30 億美元。這使得我們自資本回報計畫實施以來的總現金回報超過 240 億美元。

Finally, let's cover guidance. We are pleased to raise fiscal year '26 revenue guidance to $41 billion to $41.3 billion, an increase of $400 million on the high end, driven by foreign exchange tailwinds. This results in growth of approximately 8% to 9% year over year in nominal and 8% in constant currency. On foreign exchange, we now expect a $250 million tailwind, up $400 million since our last print. We are reiterating our subscription and support revenue growth of approximately 9% year over year in constant currency, driven by the momentum in Data Cloud and some contribution from Agentforce this year. This is partially offset by weakness in marketing and commerce and slower growth in our exploration base.

最後，讓我們來介紹一下指導。我們很高興將 26 財年的營收預期提高至 410 億美元至 413 億美元，受外匯順風的推動，最高增加了 4 億美元。這導致名目成長率約為 8% 至 9%，而以固定匯率計算則為 8%。在外匯方面，我們現在預計將出現 2.5 億美元的順風，比我們上次公佈的數據增加了 4 億美元。我們重申，以固定匯率計算，我們的訂閱和支援收入同比增長約 9%，這得益於數據雲的發展勢頭以及今年 Agentforce 的一些貢獻。這在一定程度上被行銷和商業的疲軟以及勘探基礎的成長放緩所抵消。

Our guidance reflects a consistent demand environment and assumes those trends continue. Of course, if the environment changes, our results may be impacted. As we continue to drive operational excellence, we are pleased to reiterate our non-GAAP operating margins of 34% and GAAP of 21.6% for the year, building on the continuous improvement from the last few years. Our annual guidance on operating cash flow growth of 10% to 11% and free cash flow growth of 9% to 10% remains unchanged.

我們的指導反映了一致的需求環境，並假設這些趨勢將持續下去。當然，如果環境發生變化，我們的結果可能會受到影響。隨著我們繼續推動卓越運營，我們很高興地重申，我們今年的非 GAAP 營業利潤率為 34%，GAAP 營業利潤率為 21.6%，這得益於過去幾年的持續改進。我們對年度經營現金流量成長 10% 至 11% 和自由現金流成長 9% 至 10% 的預期保持不變。

Now turning to Q2 guidance. Revenue is expected to be $10.1 billion to $10.2 billion, up 8% to 9% year over year in nominal and 7% to 8% in constant currency. CRPR growth for Q2 is expected to be 10% year over year in nominal, including a $300 million FX tailwind, resulting in 9% constant currency growth. As a reminder, while we have seen more normalized bookings growth recently, CRPO will continue to be materially impacted by the cumulative effect of the measured sales performance that started in Q2 fiscal year '23 and our slower exploration base.

現在轉向第二季指引。預計營收將達到 101 億美元至 102 億美元，以名目匯率計算年增 8% 至 9%，以固定匯率計算成長 7% 至 8%。預計第二季 CRPR 名目成長率將達到 10%，其中包括 3 億美元的外匯順風，從而實現 9% 的恆定貨幣成長率。提醒一下，雖然我們最近看到了更正常化的預訂增長，但 CRPO 將繼續受到 2023 財年第二季度開始的衡量銷售業績和我們較慢的勘探基礎的累積效應的重大影響。

In closing, we're starting FY26 strong with a trusted, deeply unified platform, the most technical leadership team in our history, and a solid foundation to accelerate efficiency and growth. We truly have a once-in-a-lifetime opportunity to lead our customers in this digital labor revolution with Data Cloud, Agentforce, our Customer 360 apps, all deeply unified within our metadata platform.

最後，我們以值得信賴、高度統一的平台、歷史上技術最精湛的領導團隊以及加速效率和成長的堅實基礎，強勢開啟 26 財年。我們確實擁有千載難逢的機會，透過資料雲、Agentforce 和我們的客戶 360 應用程式引領我們的客戶進行這場數位勞動力革命，所有這些都在我們的元資料平台內深度統一。

And lastly, a huge thank you to our employees, our customers, our partners and our shareholders for the warm welcome. It's an exciting time to be in this new role at Salesforce.

最後，衷心感謝我們的員工、客戶、合作夥伴和股東的熱烈歡迎。能夠在 Salesforce 擔任這個新職位是一件令人興奮的事情。

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

麥克，現在讓我們開始提問吧。

Great. Thanks, Robin. Krista will take the first question please.

偉大的。謝謝，羅賓。請克里斯塔回答第一個問題。

Keith Weiss, Morgan Stanley.

摩根士丹利的基斯‧韋斯。

Congratulations on a great start to the fiscal year. I guess this is a question for all of you guys. The excitement around Agentforce in the Data Cloud is palpable and how you guys speak about it. And we hear a lot about it when we talk to customers and when we talk to channel partners as well even what a lot of investors are wondering is the transmission mechanism of when does this become a bigger driver for the overall growth rate that Salesforce is good, but we'd like to see acceleration against that. We'd like to see you guys getting back to more like a growth footing. Can you talk to us about some of the puts and takes of that? I'm sure there's some timing issues involved Robin, you talked about a weak expiry base. But when can we really see the trajectory of sales force start to tick up from here?

祝賀您財政年度有一個良好的開始。我想這是大家都想知道的問題。大家對資料雲中的 Agentforce 的興奮之情是顯而易見的，你們對此的談話也是如此。當我們與客戶和通路合作夥伴交談時，我們聽到了很多關於這方面的內容，甚至許多投資者想知道的是，這種傳輸機制何時會成為推動 Salesforce 整體成長率的更大驅動力，但我們希望看到加速。我們希望看到你們重新回到成長的基礎。您能跟我們談談其中的一些情況嗎？我確信其中涉及一些時間問題，羅賓，你談到了薄弱的到期基礎。但我們何時才能真正看到銷售團隊的軌跡從現在開始上升呢？

Well, I'm really excited about that question because, obviously, we want to have growth. We also want to have good, solid balanced execution as well. And this is, I think, a big commitment to the company that we are going to -- first and foremost, we're going to maintain our margin framework. We're going to maintain our cash flow framework. You heard about the very disciplined approach to M&A.

嗯，我對這個問題感到非常興奮，因為顯然我們希望實現成長。我們也希望擁有良好、穩固、平衡的執行力。我認為，這是我們對公司做出的重大承諾——首先，我們將維持我們的利潤框架。我們將維持我們的現金流框架。您聽說過非常嚴謹的併購方法。

And so before I go into my pitch on growth, I would really want to make sure that everybody heard what I just said that I'm committed to all of those things, but I'm also deeply committed to growth. And growth is really where we're at right now. And you can see why growth is so important because we are in a moment in time where every company is coming to us saying, how do I go forward and how do I deliver this incredible agentec revolution.

因此，在我開始談論成長之前，我真的想確保每個人都聽到了我剛才說的話，我致力於所有這些事情，但我也深深致力於成長。我們現在確實處於成長階段。你可以明白為什麼成長如此重要，因為我們正處於這樣一個時刻，每家公司都會來找我們，問我們，我該如何前進，我該如何實現這場令人難以置信的 agentec 革命。

Now what that means for us is a number of things that we all have to put into place. One thing is we need to -- now that we kind of have our I would say, kind of the margin transformation behind us, the cash flow transformation behind us, the buyback transformation behind us, the dividend transformation behind us. And also, I would say, we have the acquisition transformation behind us, because we saw the acquisition yesterday and also the acquisition last year of own. But now there's one more huge transformation that is really underway, and it's really driven by this agentic AI moment. And that is the growth transformation.

這對我們來說意味著我們必須落實一些事情。我們需要做的一件事是——我想說，現在我們已經完成了利潤轉型、現金流轉型、回購轉型和股利轉型。而且我想說，我們已經完成了收購轉型，因為我們昨天看到了收購，去年也看到了自己的收購。但現在又有一個巨大的轉變正在發生，它實際上是由代理人工智慧時刻推動的。這就是成長轉型。

And our approach to that is going to be really focused, first and foremost, is on distribution. And Miguel Milano is here as the Chief Revenue Officer, who works directly for me. We also have a the Srini Tallapragada, our Chief Engineering Officer; and Sebastian, our Chief Legal Officer; and of course, Robin. And all of us together are deeply committed to continuing the incredible success of the company.

我們對此採取的措施首先是集中於分銷。米格爾·米蘭諾 (Miguel Milano) 擔任首席營收官，直接向我報告工作。我們還有首席工程長 Srini Tallapragada、首席法律長 Sebastian，當然還有 Robin。我們所有人都將共同致力於延續公司的巨大成功。

Now how would we even accelerate growth at this level? Well, the way we would do it is we've really identified that there's a lot of growth happening already in the company. One of the big areas of growth that's already happening is in small and medium business. Another area that happened in the first quarter is in the mid-market. And we even saw a lot of signs for incredible growth in a lot of our geographic regions like Japan and others and in our core technologies, like we mentioned, with data cloud and AI.

那麼，我們該如何加速這一水準的成長呢？嗯，我們這樣做的原因是，我們確實發現公司已經取得了巨大的成長。已經出現的重大成長領域之一是中小型企業。第一季發生的另一個變化是中端市場。我們甚至看到許多地區（如日本等）以及我們的核心技術（如我們提到的資料雲和人工智慧）出現了令人難以置信的成長跡象。

When we start to put all of these pieces together, that's where we also decided to now hire another 1,000 to 2,000 more salespeople because there are a lot of parts of our business that need investment to grow and we are doing that as well. But I want to get back, we're still going to maintain that margin framework. So while we're making these huge investments, while we are scaling distribution again, while we're doing all these things that have been kind of on pause, I would say, for the last three years for a lot of good reasons.

當我們開始將所有這些部分整合在一起時，我們也決定現在再僱用 1,000 到 2,000 名銷售人員，因為我們業務的許多部分都需要投資才能成長，我們也正在這樣做。但我想說的是，我們仍然將維持該保證金框架。因此，當我們進行這些巨額投資時，當我們再次擴大分銷規模時，當我們在做所有這些在過去三年中由於很多充分理由而暫停的事情時。

Now we're really saying, okay, we can actually do some things in these key areas that are growing, we can supercharge them. And Miguel, do you want to just speak to some of the growth initiatives that you have underway and some of the things that you're especially excited about, not only performance in the quarter, but how you see over the next one to two years from a growth opportunity for the company and how we're going to rapidly move from where we are this year at 41% and into these higher revenue levels, hopefully in the 50s and 60s, but while maintaining the margin and cash flow disciplines that we have now picked up as a core competency.

現在我們真正想說的是，好吧，我們實際上可以在這些正在發展的關鍵領域做一些事情，我們可以增強它們。米格爾，您能否談談您正在進行的一些成長計劃以及您特別興奮的一些事情，不僅是本季度的業績，還有您如何看待未來一到兩年公司的增長機會，以及我們將如何從今年的 41% 迅速邁向更高的收入水平，希望達到 50 到 60%，同時保持我們現在作為核心現金流紀律的利潤率和現金流紀律。

Absolutely, Marc. Keith, thank you for the question. Good question. obviously, growth is our obsession. I shared the very positive sentiment that both Marc and Robin already shared in this call.

當然，馬克。基思，謝謝你的提問。好問題。顯然，增長是我們的執念。我和馬克和羅賓在這次通話中表達了同樣正面的情緒。

I don't think we've been -- we've ever been in a better position in this business. I can tell you, there is some qualitative comments that we made about ADAM, our framework, our deeply unified platform, that flywheel it's incredible is starting to happen. It's great to be into markets that are seminal, the data activation market and also the agentic market everything is coming together, and it's reinforcing the power of our applications.

我認為我們在這個行業中從未處於如此好的地位。我可以告訴你，我們對 ADAM、我們的框架、我們深度統一的平台提出了一些定性的評論，那個令人難以置信的飛輪正在開始發生。能夠進入具有開創性的市場真是太好了，數據激活市場和代理市場一切都融合在一起，這增強了我們應用程式的功能。

By the way, we're bringing this to public sector very soon. But I think I'm also excited about some hard facts in go-to-market that are nondisputable. The expanded capacity that Mark referred to. Today, we have 13,000 days. By the way, we've not only had the record number of AEs in the history of the company, this is 14% growth year-on-year today.

順便說一句，我們很快就會將其引入公共部門。但我認為我也對市場進入過程中一些無可爭議的確鑿事實感到興奮。馬克提到的擴大容量。今天，我們有13000天。順便說一句，我們不僅擁有公司歷史上創紀錄的 AE 數量，而且今天的同比增長率為 14%。

At the end of the quarter, it will be 19% growth at the end of the year, it's going to be 22% growth. But also we've been extremely diligent over the last two years to put this capacity in the areas of higher productivity and higher growth.

本季末，成長率將達到 19%，年底，成長率將達到 22%。但過去兩年來，我們也一直非常努力地將這些產能投入更高生產力和更高成長的領域。

We also have very strong pipeline, open pipeline and also great pipe gain momentum at velocity, all in the double-digit growth. Also, as Marc referred earlier in his comments, we have an incredibly well oiled run rate machine. I mean run rate is nearly 60% of our business and the small and medium businesses approaching 50%, and that is humming, it's growing in the mid to high teens. Of course, we are well known for how we are able to structure and create big deals, and that motion is strengthening. Pricing and packaging is also helping Marc a lot.

我們還擁有非常強大的管道、開放的管道以及高速成長的管道，全部都實現了兩位數的成長。此外，正如馬克之前在評論中提到的，我們擁有一台運轉良好的機器。我的意思是，運作率接近我們業務的 60%，而中小型企業的運作率接近 50%，而且這一數字還在快速成長，在 15% 到 19% 之間。當然，我們因能夠建立和創造大交易而聞名，而且這種動力正在增強。定價和包裝也給馬克很大幫助。

It's making our customers -- we're making it much easier for our customers to simplify the relationship with us and to and to own our fully unified platform, also increasing ASP per seat. Overall, I couldn't be more excited. I joined the company as in 2011, and the momentum is incredible. AWS Marketplace, just to mention the thing is incredible. The partnership with AWS, we transacted $2 billion of business through them, hundreds of transactions and it's tripling year-on-year right now. I've never felt as strong as I feel now in the future of the company.

它使我們的客戶——我們使客戶能夠更輕鬆地簡化與我們的關係並擁有我們完全統一的平台，同時提高每個座位的平均銷售價格。總的來說，我非常興奮。我於 2011 年加入該公司，其發展勢頭令人難以置信。AWS Marketplace，僅舉幾例，這真是令人難以置信。透過與 AWS 的合作，我們透過他們完成了價值 20 億美元的業務，數百筆交易，目前比去年同期成長了兩倍。我從來沒有像現在這樣對公司的未來充滿信心。

Because I really want to get into this to one more level because, obviously, I'm completely in sympathy with this. But number one is, obviously, you came into the company in 2011, we had asked -- we've been recruiting you for many years. You're at Oracle, running a huge part of their business. And then before that, you're a McKinsey as well, then you unfortunately left Salesforce, I think, four years ago or five years ago to become the Chief Revenue Officer of another company.

因為我真的想更深入地探討這個問題，因為顯然我完全同情這一點。但首先，顯然，你是在 2011 年加入公司的，我們已經詢問過你了——我們已經招募你很多年了。您在 Oracle 公司，負責管理公司很大一部分業務。在此之前，您也是麥肯錫的員工，但不幸的是，您四年或五年前離開了 Salesforce，成為了另一家公司的首席營收長。

We won't go into that, but then we patiently recruited you back, and we got you back, what is it two years ago now. And now you've been here for two years. You're now working directly for me as the our 15 core distribution unit leaders all are reporting directly to you -- what was your biggest surprise in Q1? What was it when you look back -- you obviously had a great quarter. What was it the Q1 where we went, wow, that was a huge surprise. I should be investing more here. And here because these are -- these are growth levers. I really didn't realize we even had.

我們不會深入討論這一點，但是我們耐心地將你招募回來，我們讓你回來，這是兩年前的事了。現在你已經來這裡兩年了。您現在直接為我工作，因為我們的 15 位核心分銷部門領導都直接向您匯報——您在第一季最大的驚喜是什麼？當您回顧時，您覺得怎麼樣？顯然您度過了一個非常棒的季度。我們去的 Q1 是什麼，哇，這是一個巨大的驚喜。我應該在這裡投入更多。因為這些是──這些都是成長槓桿。我真的沒有意識到我們甚至有這樣的經歷。

I mean, obviously, it's a leading question. The answer, Marc, I have to say I was shocked to see the momentum that we were enjoying in the line of the market, small, medium and mid-market. In fact, we -- that made us really rethink the exercise of capacity allocation. And we realized that we had allocated enough growth in some of the areas, but not across the 15 us. So even within Q2, we are reallocating capacity to the low end of the market.

我的意思是，顯然這是一個引導性問題。答案是，馬克，我必須說，看到我們在小型、中型和中型市場中所享有的勢頭，我感到很震驚。事實上，這讓我們真正重新思考產能分配的做法。我們意識到，我們在某些​​領域已經分配了足夠的成長空間，但在 15 年內還沒有分配到足夠的成長空間。因此，即使在第二季度，我們也在將產能重新分配到低端市場。

And the other thing that became very important, and this goes back to Keith's question is I mean, it's great to be owning two segments, the data clouds and the data activation business and the agentic business that is growing triple digit. But what if we could grow even faster. I think the participation across my organization needs to be improved. I mean we want -- I told my whole organization, 13,000, you need to sell a Data Cloud deal in Q2, you need to sell an agentforce deal in Q2. I think if we can grow that instead of triple digit, high triple digit, that would accelerate the growth of the company.

另一件非常重要的事情，這又回到了基思的問題，我的意思是，擁有兩個部門真是太好了，數據雲和數據激活業務以及三位數增長的代理業務。但如果我們能夠發展得更快呢？我認為整個組織的參與度需要提升。我的意思是我們想要——我告訴我的整個組織，13,000 人，你需要在第二季度出售一份數據雲交易，你需​​要在第二季度出售一份代理力量交易。我認為，如果我們能夠實現這個數字的成長，而不是三位數，而是高三位數，那麼公司的成長將會加速。

When you really look at kind of distribution capacity expansion year over year by the time we get to this end of this fiscal year, what's your dream in terms of what our total distribution capability, what is the percentage growth that you all have seen?

當您真正看到到本財年末分銷能力逐年擴張時，您對我們的整體分銷能力的夢想是什麼？您看到的百分比成長是多少？

So we are aiming at 22% overall capacity growth. We're going to be growing more on the low end of the market, the small medium business and the mid-market. But that's an incredibly healthy growth. We've never -- I mean, in the last two years, we've been flat most of the time and now to be able to come into with a 14% growth. These market segments, it's also distribution capacity expansion.

因此我們的目標是實現總產能成長 22%。我們將在低端市場、中小型企業和中型市場取得更大發展。但這是一個令人難以置信的健康成長。我們從來沒有——我的意思是，在過去的兩年裡，我們大部分時間都處於平穩狀態，而現在卻能夠實現 14% 的成長率。這些細分市場，也是分銷能力的擴張。

And one more question I have for you. What are a couple of some of these geographic regions that are just blowing your mind in terms of their insatiability for our products and capabilities. I mean, as Robin referred to, we -- we are lucky because we run a highly diversified portfolio of businesses across industries but also across geographies. We saw some momentum in Canada. The whole South Asia is on fire, whole APAC is on fire.

我還有一個問題想問您。有哪些地理區域對我們的產品和能力有著令人難以置信的需求？我的意思是，正如羅賓所提到的，我們很幸運，因為我們經營著跨行業、跨地域的高度多元化的業務組合。我們在加拿大看到了一些發展勢頭。整個南亞都陷入了火海，整個亞太地區也陷入了火海。

And even in Europe, there are in great pockets of growth, France and U.K. out delivered in the quarter. And of course, there are other places where we see a more measured performance. But overall, we see demand across every view. I get asked many times, okay, do you see a different behavior and the this every geography, every account, every segment, every industry, they need two things.

即使在歐洲，也存在著巨大的成長空間，法國和英國在本季的成長表現尤為突出。當然，在其他地方我們也看到了更謹慎的表現。但總體而言，我們看到各個方面都有需求。我被問過很多次，好吧，你是否看到了不同的行為，每個地區、每個帳戶、每個細分市場、每個行業，他們都需要兩樣東西。

They need to activate their data and they need an agentic ledger on top of their applications. I think data cloud and enforce are so powerful that now many companies are wondering why would I deploy any touch point, any touchpoint at that point on an app that is not a Salesforce app. It doesn't make sense.

他們需要啟動他們的數據，並且需要在他們的應用程式上建立一個代理分類帳。我認為資料雲和執行非常強大，現在許多公司都在想為什麼我要在非 Salesforce 應用程式上部署任何接觸點、任何接觸點。這毫無意義。

Brent Thill, Jefferies.

布倫特·蒂爾（Brent Thill），傑富瑞集團。

Robin, just on the growth rate. I'm just curious, given some of the macro and tariffs on uncertainties, have you seen any uncertainty in your customer behavior, clearly putting up good double-digit RPO backlog was good to see. But what are your thoughts on what you're seeing in your pipeline?

羅賓，我們只討論成長率。我只是好奇，考慮到一些宏觀和關稅的不確定性，您是否看到客戶行為中存在任何不確定性，顯然，兩位數的 RPO 積壓是件好事。但是，您對管道中所看到的情況有何看法？

Yeah. Brent, I'll reiterate what Miguel said. We do have this overall balanced portfolio. So we were able to think about that relative to our guidance and the puts and takes of knowing what we know today. It's been helpful to us. We also have the strong momentum, as you've heard us talk about with data and AI. So we have a modest contribution from agent force, but we see that to be a continued needle mover. We've been factored in the headwinds. But overall, that plus the FX change gives us a lot of confidence in where we stand today.

是的。布倫特，我將重申米格爾所說的話。我們確實擁有這個整體平衡的投資組合。因此，我們能夠根據我們的指導以及了解我們今天所知道的知識的利弊來思考這個問題。這對我們很有幫助。正如您所聽到的，我們在數據和人工智慧方面也擁有強勁的發展勢頭。因此，我們從代理力量中獲得了適度的貢獻，但我們認為這將是一個持續的推動力。我們已經考慮到了逆風因素。但整體而言，這一點加上外匯變化讓我們對目前的狀況充滿信心。

You also heard Miguel talk about the AE capacity that will ramp and be available for second half. So we feel really good. We're excited about our products. We're excited about our capacity. And as you heard us talk about our options to grow are in line with what we believe is the ability to deliver on our guidance.

您還聽到了 Miguel 談論 AE 產能將會提升並在下半年投入使用。所以我們感覺非常好。我們對我們的產品感到非常興奮。我們對我們的能力感到非常興奮。正如您所聽到的，我們的成長選擇與我們認為能夠實現指導的能力是一致的。

Raimo Lenschow, Barclays.

巴克萊銀行的 Raimo Lenschow。

Perfect. And the main highlight for me, if I look through the numbers this quarter was the strength in platform. And Mark, you talked about Tableau. Can you talk a little bit about how that combined portfolio of Tableau -- we also Informatica kind of good going to change the game for you around agent and the whole company.

完美的。對我來說，如果看本季的數據，最大的亮點就是平台的實力。馬克，您談到了 Tableau。您能否簡單談談 Tableau 的組合產品組合——我們還有 Informatica，它將如何為您以及代理商和整個公司帶來改變？

Well, I think you're really on to something because I'm going to ask Srini to come in here also. I think that, number one, when you were at the Tableau conference, you really saw this incredible now, Tableau -- but one of the things about that's powerful about the Tableau not as have the agentic layer, not only is it integrated now, deeply integrated into our data cloud, but it's deeply integrated our metadata platform, and it runs on Hyperforce.

好吧，我認為你確實發現了一些問題，因為我也會請 Srini 來這裡。我認為，首先，當您參加 Tableau 大會​​時，您確實看到了這款令人難以置信的 Tableau——但 Tableau 的強大之處之一在於它不具備代理層，它不僅深度集成到我們的數據雲中，而且還深度集成了我們的元數據平台，並且它在 Hyperforce 上運行。

And I'll tell you that if you're using Slack now, you'll see Tableau's appearing within that. If you're using our core applications, Tableau is now appearing within that. And Tableau is now part and parcel with our core functionality and kind of the core components of every other part of Salesforce. So I'm super excited about that. We also went through a pretty big transformation on distribution with Tableau where our Tableau sales leaders who were basically what we call prime account executives that they're kind of independent on the side, running as their own kind of sales organization.

我會告訴你，如果你現在正在使用 Slack，你會看到 Tableau 出現在其中。如果您正在使用我們的核心應用程序，Tableau 現在就會出現在其中。現在，Tableau 已成為我們核心功能不可或缺的一部分，也是 Salesforce 其他每個部分的核心元件。所以我對此感到非常興奮。我們在 Tableau 分銷方面也經歷了相當大的轉變，我們的 Tableau 銷售主管基本上就是我們所說的主要客戶經理，他們在某種程度上是獨立的，以他們自己的銷售組織的形式運作。

They're now deeply integrated into our distribution organization where all of our salespeople are now selling Tableau as a core part of our product line. And those distribution leaders are now supporting them in what we call kind of a co-prime position. But I'll tell you that this idea that Tableau and the new Tableau or really all of our products built on this ADAM framework is really being led by Srini as our Chief Engineering Officer. Srini also runs customer support. He also runs professional services.

他們現在已深度融入我們的分銷組織，我們所有的銷售人員現在都將 Tableau 作為我們產品線的核心部分進行銷售。現在，這些分銷領導者正在以我們所說的共同優先地位為他們提供支持。但我要告訴你，Tableau 和新 Tableau 或實際上我們所有基於 ADAM 框架構建的產品的想法實際上是由我們的首席工程官 Srini 領導的。Srini 也負責客戶支援。他也經營專業服務。

And Srini also runs South Asia, which includes everywhere from Singapore, including Thailand, Malaysia and all the South Asian countries and all of India as well, including our Indian engineering operations. Srini, would you like to come in and kind of fill that in?

Srini 也負責南亞地區，包括新加坡、泰國、馬來西亞和所有南亞國家以及整個印度，其中包括我們的印度工程業務。Srini，你願意進來填寫一下嗎？

Thank you, Marc. So I think the -- I would still frame the bigger point as Agentforce is everybody wants to do agents. This is a new thing. Every customer started with talking about Agentforce. And that's our digital labor platform for the enterprise, and it's built on this deeply unified enterprise scale, trusted open and metadata platform. But all Agentforce is tied to the data strategy.

謝謝你，馬克。所以我認為——我仍然會把更大的觀點定為 Agentforce，因為每個人都想做代理。這是一件新鮮事。每個客戶都是從談論 Agentforce 開始的。這就是我們為企業提供的數位勞動力平台，它建立在這個深度統一的企業規模、可信賴的開放性和元資料平台之上。但所有 Agentforce 都與資料策略相關。

And if you really think of data strategy, this is what Data Cloud is very important. It unifies and activate data with zero copy MuleSoft is very important. It connects all your apps and systems to manage those APIs because that's what the agents need. And then Tableau turns all those insights built on this ADAM framework into action, and that's where the energy is.

如果你真的考慮資料策略，這就是資料雲非常重要的地方。它以零拷貝的方式統一和啟動資料對於MuleSoft來說非常重要。它連接您的所有應用程式和系統來管理這些 API，因為這是代理所需要的。然後，Tableau 將基於此 ADAM 框架構建的所有見解轉化為行動，這就是能量所在。

And of course, Informatica will now accelerate will help us accelerate and expand our data strategy. So this enterprise-grade data platform with MuleSoft, Data Cloud, Tableau and in the future with Informatica gives enterprises a really trusted data platform, which is what is required to really make the promise of agent true because that's what people want a trusted agent, which is scaling, which they can trust, which is -- really delivers the value. And the work we have been doing for the last of 3.5, 4 years, right, from the database layer, right from Hyperforce, then we got all the data layer rewriting everything in the ADAM framework is what people are now seeing it.

當然，Informatica 現在將加速幫助我們加速和擴展我們的資料策略。因此，這個包含 MuleSoft、Data Cloud、Tableau 以及未來 Informatica 的企業級資料平台為企業提供了一個真正值得信賴的資料平台，這是真正實現代理承諾所必需的，因為這就是人們想要的值得信賴的代理，它是可擴展的，是他們可以信任的，這才是真正實現價值的。過去 3.5 到 4 年來，我們一直在做這項工作，從資料庫層開始，從 Hyperforce 開始，然後我們讓所有資料層重寫了 ADAM 框架中的所有內容，這就是人們現在看到的。

And as Marc referred, when we did the Tableau conference, the data fund was really thrilled because now they see not just themselves as just visualizing new and providing insights, but also as agent blazers, they see this future where they can be part of building agents and bring it all together. So that's where how this is all coming together.

正如馬克所提到的，當我們舉辦 Tableau 會議時，數據基金真的很激動，因為現在他們不僅將自己視為可視化新事物和提供見解的人，而且還將自己視為代理開拓者，他們看到了這樣的未來：他們可以成為構建代理的一部分，並將一切整合在一起。這就是一切事情發生的原因。

Brad Sills, Bank of America.

美國銀行的布拉德·西爾斯。

We certainly are hearing the same success that you're describing in the agent force cycle amongst channel partners. Marc, I wanted to ask you a question around some of the indicators that you're paying attention to that give you the comfort that this cycle is going to be material for the company. Is it simply these data cloud deals that you're seeing the momentum there as customers load the data there? Some of these pilot deals you referred to, what are some of the leading indicators that you're looking to that suggest that this is a big cycle coming?

我們當然聽到了您在通路夥伴的代理商力量週期中所描述的同樣的成功。馬克，我想問你一個問題，關於你所關注的一些指標，這些指標讓你確信這個週期對公司來說很重要。您是否只是因為這些數據雲交易而看到了客戶將數據加載到那裡的勢頭？您提到的一些試點交易中，您認為哪些領先指標表明這是一個大周期的到來？

Well, it's a great question. And I think we have to just kind of get right back to the beginning, which is you can kind of look at these earnings calls. I'd like a year ago, we weren't really even -- I don't think the word agent was even on our earnings call a year ago. Maybe it wasn't even on our earnings call nine months ago, but it started to appear.

嗯，這是一個很好的問題。我認為我們必須回到最初的想法，也就是看看這些收益電話會議。我想，一年前，我們甚至還沒有——我認為一年前我們的財報電話會議上甚至還沒有提到「代理」這個詞。也許它甚至還沒有出現在我們九個月前的財報電話會議上，但它已經開始出現了。

And when we released the product end of October, it's November, December, January, February, March, April, here we are in May. So just think about in a relatively short period of time, I've never seen in my career over 45 years in enterprise software this idea that we now have 8,000 customers, 4,000 of whom are paying, many of them who have dense scale deployments where this is working in months. It just makes no sense actually to me. Obviously, most of these products and these technologies like Data Cloud or look at any of our core apps or Hyperforce, all the things that Srini has built, the Miguel has sold, what the company has put together -- these things take years, not months, not days, night week. So we're moving very, very fast.

當我們在十月底發布產品時，已經是十一月、十二月、一月、二月、三月、四月，現在已經是五月了。所以，試想一下，在相對較短的時間內，在我 45 年的企業軟體職業生涯中，我從未見過這樣的想法：我們現在有 8,000 個客戶，其中 4,000 個是付費客戶，其中許多客戶擁有密集的規模部署，可以在幾個月內發揮作用。對我來說這確實毫無意義。顯然，大多數這些產品和技術，例如資料雲，或看看我們的任何核心應用程式或 Hyperforce，Srini 建立的所有東西，Miguel 銷售的所有東西，公司組裝的所有東西——這些東西需要數年時間，而不是數月，不是幾天，也不是一周七天。所以我們的進展非常非常快。

I think one of the most important things, and I think Miguel can really speak to this, and I'll have him do that at the end of this is that when we sell an agent force, we're not just self dropping some box off and saying, okay, we sold an Agentforce. We're pulling all of our clouds in. And I'm sure that you heard like, for example, in the example I think of Pepsi, they have 11 of our clouds.

我認為最重要的事情之一，而且我認為米格爾確實可以談論這一點，我會讓他在最後這樣做，那就是當我們出售代理部隊時，我們不只是自己扔下一些盒子然後說，好吧，我們賣掉了一個代理部隊。我們正在把所有的雲都拉進來。我相信您聽說過，例如，我想到百事可樂的例子，他們有 11 朵我們的雲。

So when we're pulling in Agentforce, where all the other products are coming along with it, obviously, agent force and Data Cloud are absolutely deeply unified and connected but Agentforce and data cloud are deeply integrated and connected to every single one of our products. This is a huge transformation that we have created just in the last two years.

因此，當我們引入 Agentforce 時，所有其他產品也隨之而來，顯然，Agent Force 和資料雲是絕對深度統一和連接的，但 Agentforce 和資料雲與我們的每個產品深度整合和連接。這是我們在過去兩年內實現的巨大轉變。

So two years ago, when we went through our huge financial transformation, we also decided maybe aggressively to also go through a huge innovation transformation. And we have rewritten all of our apps, all of our data cloud, and created an agentic layer and Hyperforce and brought it all together as one unified platform. And two years ago, it was just not there. It's one of the reasons why we feel very comfortable right now acquiring Informatica because we can see how it can radically extend what we have done, complement it. It's incredibly additive this ability to harmonize all of this data, it just is going to make everything better for our customers and give this platform that we have a lot more capability.

因此，兩年前，當我們經歷巨大的財務轉型時，我們也決定積極地進行巨大的創新轉型。我們重寫了所有應用程式、所有資料雲，並創建了代理層和 Hyperforce，將它們整合為一個統一的平台。而兩年前，它還不存在。這就是我們現在非常放心收購 Informatica 的原因之一，因為我們可以看到它如何從根本上擴展我們所做的事情並對其進行補充。這種協調所有這些數據的能力具有令人難以置信的附加價值，它將為我們的客戶提供更好的服務，並為這個平台提供更強大的功能。

Or comment on the non-stand-alone nature of Agentforce, as a reference, we took all the deals, all the Agentforce deals for the quarter on average there were four other clouds on those deals. Also, as Robin referred earlier, one-third of our top 100 deals, including both Agentforce and Data Cloud. But I look at the top 6, the top which on average, $34 million of TCV on average on each of them.

或評論 Agentforce 的非獨立性質，作為參考，我們拿走了所有的交易，本季所有的 Agentforce 交易平均有四個其他雲在這些交易上。此外，正如 Robin 之前提到的，我們的前 100 筆交易中有三分之一包括 Agentforce 和 Data Cloud。但我看了前 6 名的公司，平均每家公司的 TCV 為 3,400 萬美元。

On those 6, 5 of them have Data Cloud as an anchor and also agent force as an anchor the one customer that didn't buy the top data cloud is because they bought in Q4, a multimillion dollar deal in the take out. They set the data foundation before they went to adding more cloud and agent force. On the top 6 managing force, on the top 6 deals, 5 Agentforce. The one that didn't buy is the one that sold you know very well, we are negotiating now the extension to agent force. So it's kind of magic. But going back to Brett's also a question here was referring, okay, what are you really focused on?

在這 6 家公司中，有 5 家以數據雲和代理商力量作為主力，唯一一家沒有購買頂級數據雲的客戶是因為他們在第四季度購買了一筆價值數百萬美元的外賣交易。在添加更多雲端和代理力量之前，他們已經建立了數據基礎。在前 6 大管理力量中，在前 6 大交易中，有 5 名 Agentforce。沒買的就是賣的你很清楚，我們現在正在談判延長代理商的效力。這真是有點神奇。但回到布雷特的問題，這裡也提到了，好吧，你真正關注的是什麼？

The reality is Brett, we're not focused that much on how many more agent force deals or Data Cloud. That motion is on fire. We had 3 times more data cloud deals in Q1 that we had the year before. We have also -- I mean, I mean, infinite numbers more of agentforce because we didn't have it in force last year. What we have focused on very much is on consumption. This is a new game.

事實是，布雷特，我們並不太關注有多少代理力量交易或資料雲。這項議案正在熱烈討論中。我們第一季的數據雲交易量比去年同期增加了 3 倍。我們還有——我的意思是，我的意思是，無限數量的特工力量，因為去年我們還沒有部署。我們非常關注的是消費。這是一個新遊戲。

By the way, this consumption motion is bringing the company really tied together from finance to product with Steve Fisher with engineering and with engineering, which Srini, the whole company and go-to-market is really aligned together behind consumption. I mean my role has changed totally. When I sell my job starts. And we have huge consumption. We have 22 trillion records ingested. 8 of them through zero copy, which is a fantastic innovation -- and as Robin referred earlier on agent force, already 30 customers came back and refilled the tank.

順便說一句，這種消費運動使公司從財務到產品與工程部門緊密聯繫在一起，而整個公司和行銷部門在消費方面實際上是緊密聯繫在一起的。我的意思是我的角色已經完全改變了。當我銷售時我的工作就開始了。而且我們的消費量龐大。我們已接收 22 兆筆記錄，其中 8 條透過零拷貝實現，這是一項了不起的創新——正如 Robin 之前在代理力量上提到的那樣，已經有 30 位客戶回來重新加滿了油箱。

Very exciting. But now that we are touching on the consumption topic, Srini, you helped me a lot. You come up with this initiative of forward deployed engineers. Can you elaborate a bit more on that?

非常令人興奮。但現在我們談了消費話題，Srini，你幫了我很多忙。您提出了前沿部署工程師這項舉措。能詳細說明一下嗎？

Yeah. So I think in my new role as including customer success and professional services, as Marc mentioned, I think I'm really obsessed with customer versus two things, correct, when a new product comes in, which is transforming so much, the iteration, the feedback loop between product, engineering, customer success, go-to-market has to be very tight. So the way we have done is we have created thanks to our customer zero initiative support where agent force is handling a lot of things. We use some of customer deals some of those resources to create this forward deployment engineering team. And we're working with a lot of customers hand-in-hand every day.

是的。因此，我認為在我的新角色中，包括客戶成功和專業服務，正如馬克所提到的，我認為我真的很沉迷於客戶，而不是兩件事，正確的是，當一種新產品問世時，它會發生很大的變化，產品、工程、客戶成功、上市之間的迭代、反饋循環必須非常緊密。因此，我們的做法是，感謝我們的客戶零主動支持，代理力量正在處理很多事情。我們利用一些客戶交易中的一些資源來創建這個前沿部署工程團隊。我們每天都與許多客戶攜手合作。

They're making changes every day to really get the consumption group going and really get the product maturity. And I see three types of customers. We have customers who are in the expansion phase. They got the first customer, these are 30% additional ACV that Miguel talked about. And what are they asking? They're saying they got the first customer life.

他們每天都在做出改變，以真正吸引消費群體並真正實現產品成熟。我看到三種類型的顧客。我們的客戶正處於擴張階段。他們獲得了第一位客戶，這就是 Miguel 所說的額外 30% ACV。他們問的是什麼？他們說他們獲得了第一位顧客的生命。

And they are the people who said, hey, I don't like your conversation, but now I really want to expand, I need a better pricing strategy. This is what we levered and created this new action-based pricing strategy. They also have day two concerns. They're saying, hey, I -- now I want to expand it more. I want observability. I wanted the improvement route. So a lot of our product features we're adding with that. Then we have customers in just in a pilot.

他們會說，嘿，我不喜歡你的談話，但現在我真的想擴大規模，我需要一個更好的定價策略。這就是我們利用並創建的新的基於行動的定價策略。他們還有第二天的擔憂。他們說，嘿，我——現在我想進一步擴大它。我想要可觀察性。我想要改進路線。因此，我們添加了許多產品功能。然後我們在試點階段就擁有客戶。

They got a fast pilot. They are now figuring out how do I get improve my data estates, they're becoming data is becoming very critical. Actually, that is what also was driving some of our strategy. Almost every customer I talk to. There is Informatica there. This is also tied to that, why we are talking about data is very important. They are asking things like setup in determination, they want tools. So we created a testing center.

他們有一個快速的飛行員。他們現在正在研究如何改善我的數據資產，數據變得非常重要。實際上，這也是推動我們部分策略的因素。幾乎和我交談過的每個客戶都是如此。那裡有 Informatica。這也與我們談論數據的原因有關，因為數據非常重要。他們正在詢問諸如設置之類的問題，他們想要工具。因此我們創建了一個測試中心。

How do you treat because these are all not predictive systems. These are stochastic systems. It's not like regulars. So they have -- the models are changing, so they need trust. And then everybody, and this is the broader level, which is enterprise. They want latency, what happens, say, one of these model providers go down. how do I do local residency, how do I provide auditability. I think we are taking all of these features, and we created these forward deployment teams deployed in gas we call where in a tight loop, not just with Salesforce, but also with a lot of our partners like Accenture, Deloitte and all and Neuroflash and customers like that and really improving it.

您如何對待，因為這些都不是預測系統。這些是隨機系統。這和常客不一樣。所以他們——模型正在改變，所以他們需要信任。然後是每個人，這是更廣泛的層面，即企業。他們想要延遲，比如說，其中一個模型提供者出現故障時會發生什麼事。我如何進行本地駐留，如何提供可審計性。我認為我們正在採用所有這些功能，並且我們創建了這些前沿部署團隊，這些團隊部署在我們稱之為緊密循環的網路中，不僅與 Salesforce 合作，還與我們的許多合作夥伴（如埃森哲、德勤、Neuroflash 和類似的客戶）合作，並真正對其進行改進。

I think we are at very early stages. We are super excited. We're obsessed about customer success and the name of the game needs to make you the product, really focus on customer success and iterate the maturity. And I think they're learning a lot of things and that's what we're doing. Almost we're releasing product features almost every day.

我認為我們還處於非常早期的階段。我們非常興奮。我們沉迷於客戶的成功，遊戲的名稱需要讓您成為產品，真正專注於客戶的成功並迭代成熟度。我認為他們學到了很多東西，而這正是我們正在做的事情。我們幾乎每天都會發布產品功能。

This is a learning journey, and we are learning at the biggest scale of any vendor right now across every industry, across every geography across every segment. And this tight feedback loop is very important. Thank you, Srini.

這是一趟學習之旅，我們的學習規模是目前所有供應商中最大的，涉及各個產業、各個地區、各個領域。這種緊密的回饋迴路非常重要。謝謝你，Srini。

Brad Zelnick, Deutsche Bank.

德意志銀行的布拉德‧澤爾尼克 (Brad Zelnick)。

And I echo my congrats. Marc, with AI and Agentforce advancing quicker than anything we've ever seen, I have to imagine the use cases you're seeing today versus even 90 days ago or blowing you away. What can you tell us about what lies on the leading edge in terms of applications, impact on ROI of agent force and how data cloud fits into that?

我對此表示祝賀。馬克，人工智慧和 Agentforce 的進步速度比我們以往見過的任何事物都要快，我不得不想像你今天看到的用例與 90 天前相比會有什麼不同，或者讓你大吃一驚。您能告訴我們在應用方面處於什麼前沿、對座席力量投資回報率的影響以及數據雲如何融入其中嗎？

Well, I really just have to look directly to these stories with these customers. And as I travel the world, and I'll tell you that, again, we've talked about the speed of which Agentforce is gone, but it's not just a US phenomenon, it's an international phenomenon. And as I mentioned last week, I was in Japan and one of our customers in Japan, Fujitsu is really doing some amazing things. But when I heard at the rate and scale and speed that they want to deploy the product, and their vision in terms of how it can be all encompassing for a genetic layer around the entire company.

嗯，我真的只需要直接看看這些顧客的故事。當我周遊世界時，我會告訴你，我們再次討論了 Agentforce 消失的速度，但這不僅僅是美國現象，而是一個國際現象。正如我上週提到的，我在日本，我們在日本的客戶之一富士通確實做了一些了不起的事情。但是當我聽到他們想要部署該產品的速度、規模和速度，以及他們關於如何將產品覆蓋整個公司基因層的願景時。

I really just could not believe it. I really sat with five of the largest Japanese companies. And I think somehow every company's imagination has been captured that they have this idea that they can build an agentic layer around their company. So of course, we've been very focused for many years on the customer opportunity, what we've been calling Customer 360, we've deployed that so well. In recent years, we've also been incredibly excited about what's happened with Slack and how we've gone across the enterprise.

我實在不敢相信。我確實與日本五大公司坐在一起。我認為，不知何故，每家公司的想像力都被這種想法所吸引，他們有這個想法，可以在公司周圍建立一個代理層。當然，多年來我們一直非常關注客戶機會，也就是我們所說的客戶 360，我們已經很好地部署了它。近年來，我們對 Slack 的進展以及我們在企業中的應用感到無比興奮。

And then in addition to that, we've built this massive data business. So now that's really three different businesses that we're in. We're in our customer business. We're in the Slack business, which is the enterprise-wide business. And we're in this incredible data business. Now of course, we're also doing that by vertical. All right.

除此之外，我們還建立了這個海量數據業務。所以現在我們實際上從事三種不同的業務。我們從事的是客戶業務。我們從事的是 Slack 業務，這是一項企業範圍的業務。我們正處於這個令人難以置信的數據業務。當然，我們現在也透過垂直方式來實現這一點。好的。

When we look at that then when we combine that with this agentic and AI and data capability, that's where I really think that it starts to come together, and this really powerful and very meaningful way. And that is what I see over and over and over again. And I think another really good example is kind of really -- we kind of already got into it once before, but I'll just mention it. I was very surprised when I was seeing this demonstration of smart sheet. And all of a sudden, when we're using the product, and it's obviously for those of you know, it's like a cloud version of Excel, very popular.

當我們將其與代理、人工智慧和數據功能相結合時，我認為它就開始融合在一起，而且是一種非常強大且非常有意義的方式。這正是我一次又一次看到的。我認為另一個非常好的例子是——我們之前已經討論過一次了，但我還是提一下。當我看到這個智慧表的演示時，我感到非常驚訝。突然之間，當我們使用該產品時，它顯然對於那些知道的人來說，就像雲端版本的 Excel，非常受歡迎。

I think it's got like 13 million users, a lot of you use it. A lot of you have the technology, cover the company. But all of a sudden, right inside Smartsheet itself, Agentforce is already now in place. And the customer is able to not only get support, but also to add additional users or change key provisions with their licenses this idea that agents are kind of starting to provision to become digital labor. This is exceeding my expectation that it crosses industries, it's crossing geographies. And as I said, all of this is really just happening in only six months.

我認為它有大約 1300 萬用戶，很多人都在使用它。你們很多人都有技術，涵蓋公司。但突然之間，在 Smartsheet 內部，Agentforce 已經存在。客戶不僅可以獲得支持，還可以添加其他用戶或更改其許可證的關鍵條款，代理商開始提供數位化勞動力。這超出了我的預期，它跨越了產業、跨越了地域。正如我所說，所有這一切實際上只發生在六個月內。

By the time we get to Dreamforce, which is still another six months ahead, I expect another huge massive transformation we're starting to cut the code right now on what will be one of the main releases of Dreamforce. And when we look at what will come as the release after Dreamforce, our technology, our product doesn't look at all like what it looked like just a few months ago. So we're moving very, very fast. And I think that I really would say this hasn't really happened too many times in the last 30, 40 years the rate of innovation far exceeds the rate of customer adoption.

當我們迎接 Dreamforce 時（這還需要六個月的時間），我預計還會有另一個巨大的轉變，我們現在就開始編寫程式碼，這將是 Dreamforce 的主要版本之一。當我們展望 Dreamforce 之後的發佈時，我們的技術和產品已經與幾個月前完全不同了。所以我們的進展非常非常快。我認為，在過去的 30 到 40 年裡，這種情況並沒有發生太多次，創新的速度遠遠超過了客戶採用的速度。

The amount of technology, the value that we're able to deliver to a customer is just phenomenal, which is why I have a real fever about expanding our distribution organization, especially in these markets, geographies and segments that are just growing at incredible rates. But for a lot of reasons that have to do with our financial transformation in the last 24 to 36 months, we have not grown those distribution in the segments that we're growing -- it wasn't a mistake that we were making. It was very mindful.

我們能夠為客戶提供的技術數量和價值是驚人的，這就是為什麼我熱衷於擴大我們的分銷組織，特別是在這些以驚人的速度成長的市場、地區和領域。但由於過去 24 到 36 個月內與我們財務轉型有關的許多原因，我們並未在正在成長的細分市場中擴大分銷——這並不是我們犯的錯誤。非常用心。

We knew that we were slowing down growth but we were accelerating margin and cash flow. Now our challenge is very simple. We're going to grow our margin. We're going to grow our cash flow, but we are going to grow our revenue. And the way that we're going to do it is exactly what Miguel and Srini and Robin said, we're going to invest at scale into the markets that are growing very dramatically.

我們知道我們正在減緩成長，但我們正在加速利潤和現金流。現在我們的挑戰非常簡單。我們將提高我們的利潤率。我們將增加現金流，但我們的收入也將增加。我們要做的正是米格爾、斯里尼和羅賓所說的，我們將大規模投資於那些成長非常快速的市場。

And we know where they are. We're there. We're seeing the -- whether it's by geography or whether it's by market segment. That is whether it's by key markets that have grown incredibly since the pandemic like Japan or Latin America or even markets in the United States like the tech industry, okay?

我們知道他們在哪裡。我們到了。我們看到的是——無論是按地理位置還是按細分市場。無論是像日本或拉丁美洲這樣自疫情爆發以來成長驚人的主要市場，還是像科技業這樣的美國市場，好嗎？

But where we have not invested distribution capability, we will invest aggressively what we already have. And then we will also build and create incredible new products and value for those segments as well. And we will also acquire like we did last year with Owen. That's been, by the way, an incredible success story.

但是，對於我們尚未投資分銷能力的地方，我們將積極投資我們現有的分銷能力。然後，我們還將為這些領域打造和創造令人難以置信的新產品和價值。我們也將收購，就像去年收購歐文一樣。順便說一句，這是一個令人難以置信的成功故事。

So I think we have a good handle on, one, how to deliver the numbers that all of our investors want and two, deliver this incredible growth by focusing on geography, segments and product and technology capabilities where the markets are really expanding.

因此，我認為我們很好地掌握了以下幾點：第一，如何實現所有投資者都期望的數字；第二，透過專注於市場真正擴張的地域、細分市場以及產品和技術能力，實現這一令人難以置信的成長。

Kash Rangan, Goldman Sachs.

高盛的卡什·蘭根（Kash Rangan）。

Marc and team. Great start to the fiscal year. I'll keep my questions relatively brief since we're towards the end of the call. Marc, one for you, obviously, Agentforce is up to a smashing success, you are at 4,000 paid customers. When you look at consumer adoption of generative AI, you've got ChatGPT at 500 million users, the adoption there seems to be off the charts.

馬克和他的團隊。財政年度開局良好。由於通話即將結束，我將相對簡短地提問。馬克，顯然，Agentforce 取得了巨大的成功，你們擁有 4,000 名付費客戶。當你觀察消費者對生成式人工智慧的採用情況時，你會發現 ChatGPT 擁有 5 億用戶，其採用率似乎超乎預期。

So what is holding the enterprise back? What are your view as something that led the cloud cycle, what in your view are two or three maybe unblocks that you could bring to bear, so you can have 100,000 Agentforce customers versus the 4,000 have today.

那麼，是什麼阻礙了企業的發展呢？您認為引領雲端運算週期的因素是什麼？您認為可以採取哪兩三個可能的措施來解除阻礙，以便您可以擁有 100,000 名 Agentforce 客戶，而不是今天的 4,000 名。

And one for Robin and congratulations on taking over the new position. I just want to clarify the time duration when you expect Informatica to be accretive. Is that -- so you closed the deal early calendar '26 and it is going to be accretive to calendar '27, if that's the case, why that long? And why not sooner? How could it be sooner?

也祝賀羅賓擔任新職務。我只是想澄清一下您預計 Informatica 會成長的時間長度。是這樣的——所以您在 26 年初就完成了交易，並且會在 27 年產生增值，如果是這樣的話，為什麼要花那麼長時間呢？為什麼不早點呢？怎麼會更早呢？

Okay. Well, Kash, I'm so glad you answered the question or ask the question because I'll tell you that -- we've talked about this before. We've answered this question before, but I want to come back and hit it one more time and then really kind of come in and really explain what it is our strategy is and also the huge progress that we've made, but you're -- and then the incredible opportunity ahead for everybody.

好的。好吧，卡什，我很高興你回答了這個問題或提出了這個問題，因為我會告訴你——我們之前談過這個問題。我們之前已經回答過這個問題，但我想回頭再講一遍，然後真正地解釋我們的策略是什麼，以及我們已經取得的巨大進展，然後是每個人面前難以置信的機會。

Number one, when we all are using chat GPT or Gemini, or u.com or Perplexity or anthropic or any of these models or an open source model or DeepSeek, okay? All of these models are mostly the same. They're within three to six months of innovation of each other. We all know that. And then all these models are trained on mostly the same data sets because there's only so much data that they can be trained on.

第一，當我們都在使用聊天 GPT 或 Gemini、或 u.com、或 Perplexity、或 anthropic、或任何這些模型、或開源模型或 DeepSeek 時，好嗎？所有這些模型大體上都是相同的。他們的創新時間相差在三到六個月之內。我們都知道這一點。然後，所有這些模型都在幾乎相同的資料集上進行訓練，因為它們能夠訓練的資料是有限的。

Now there's some synthetic data, but it doesn't mean very much to a lot of these models. That's why, by the way, that these models still have not improved a lot of their accuracy in the consumer side. And you can see those numbers, those benchmarks are very clear. So what happens is you have these advances in these algorithms, models are just algorithms. And then you have these amalgamated data sets, which are kind of manufactured off of the Internet data.

現在有一些合成數據，但對於許多模型來說意義不大。順便說一句，這就是為什麼這些模型在消費者方面的準確性仍然沒有太大提高。您可以看到這些數字，這些基準非常清晰。所以發生的情況是這些演算法取得了進步，模型只是演算法而已。然後你就得到了這些合併的資料集，它們是根據網路資料製造出來的。

And then all of a sudden, you get this kind of working model, and it's kind of like super search. We all have this experience. It's like prompt engineering, we're right the prompt and we get the answer. And we used to search on Google and now we're searching through one of these models. So it could be a model that Google has Gemini or it could be another model like you mentioned ChatGPT or it could be another model in tropic, et cetera, or DeepSeek and you're searching, you get the results. So why is that not boom and accelerate automatic accelerator for everything you can do in the enterprise.

然後突然之間，你就得到了這種工作模式，它有點像超級搜尋。我們都有過這樣的經驗。這就像提示工程，我們根據提示得到答案。我們以前常常在 Google 上搜索，現在我們正在透過其中一種模型進行搜尋。因此，它可能是 Google Gemini 的一個模型，也可能是另一個模型，例如您提到的 ChatGPT，也可能是 tropic 中的另一個模型，或者 DeepSeek，您正在搜索，然後得到結果。那麼，為什麼這不能成為企業中所有工作的繁榮和加速的自動加速器呢？

And of course, we can all talk to Microsoft about that who came in and said that it would be two years ago or three years ago now with the copilot and how that was going to supercharge everything, and it turned out that, that was a false prophecy because that's not how the enterprise works. The enterprise has data sets that are highly controlled, highly governed and highly secured. And these data sets are everything from your customer data set, to your financial data set, to your HR data set, and the reality is that on all enterprise data is available to all users, like, for example, you work cash at Goldman Sachs you can't see all the Goldman Sachs customer information. There's regulations around that. You can't see all the employees' salary information.

當然，我們都可以和微軟談論這個問題，他們說兩年前或三年前就會有副駕駛，而且它會如何增強一切，但事實證明，這是一個錯誤的預言，因為這不是企業的運作方式。企業擁有嚴格控制、嚴格管理和高度安全的資料集。這些資料集包括您的客戶資料集、財務資料集、人力資源資料集等所有內容，而實際情況是，所有企業資料都可供所有使用者使用，例如，您在高盛從事現金工作，但您無法看到高盛的所有客戶資訊。有關於此的規定。您無法看到所有員工的薪資資訊。

You don't have access to all the Goldman Sachs financial data. So when you're using these models, they're not just giving you access to all of this stuff? Are they, Kash? No, they have to be tightly controlled. But if I'm a Goldman Sachs customer, and I want to come in and I want to ask about my account balance or information about my -- who I am and what my portfolio looks like or what my opportunities are -- or even if I'm a Goldman Sachs employee, and I want information on the general information on benefits or how to enable myself or how to sell products more efficiently to customers -- all of those things could easily happen right now with the agentic platform.

您無權存取高盛的所有財務資料。那麼當您使用這些模型時，它們不僅允許您訪問所有這些東西嗎？是嗎，卡什？不，必須嚴格控制。但如果我是高盛的客戶，我想進來詢問我的帳戶餘額或有關我的信息 - 我是誰，我的投資組合是什麼樣的，我的機會是什麼 - 或者即使我是高盛的員工，我想了解福利的一般信息，如何讓自己或如何更有效地向客戶銷售產品 - 所有這些事情現在都可以通過代理平台輕鬆實現。

However, there's a lot of things that could not happen as I kind of just amplified. And that is kind of the constraint. So what is it going to take to get this transformation to happen, where we have a much bigger agentic wrapper around Goldman Sachs, your company or around all companies. We'll look at my company to start. I think we've probably done the best of maybe any tech company.

然而，正如我剛才所言，有很多事情是不可能發生的。這是一種限制。那麼，我們需要怎麼做才能實現這項轉變呢？我們需要為高盛、您的公司或所有公司建立更大的代理包裝。我們先從我的公司開始吧。我認為我們可能是所有科技公司中做得最好的。

We've done now that this quarter we'll pass through 1 million conversations and customer support. It's a dramatic reduction in the amount of human beings who have had to get involved to answer customer issues. I don't think any other tech company at scale has delivered this capability. It is a proof point without any doubt that Salesforce has been able to deliver on his vision of digital labor an Agentforce is number one, customer zero Salesforce. So we eat our own dog food, and this is amazing.

我們現在已經完成了，本季我們將完成 100 萬次對話和客戶支援。這大大減少了需要回答客戶問題的人手數量。我認為沒有其他規模的科技公司能夠提供這種能力。毫無疑問，這證明了 Salesforce 已經能夠實現其數位勞動力願景，Agentforce 是第一，客戶為零的 Salesforce。所以我們吃自己的狗糧，這太神奇了。

By the way, compare that to other big tech companies like Microsoft and others who have tried to do that, but they don't have this kind of same velocity and capability. They haven't had this kind of ability because they don't have this approach.

順便說一句，與微軟等其他大型科技公司相比，他們也曾經嘗試這樣做，但他們沒有這種速度和能力。他們沒有這種能力，因為他們沒有這種方法。

Now part of it is we're lucky because -- we are built on our Customer 360. We're built on our Service Cloud. We're built on our Sales Cloud. We're built on our Marketing Cloud. So when we look at those things, then we can say at a high level, hey, Marketing Cloud, wow, you're doing 1 trillion e-mails -- how do you take -- those are one-way conversations.

現在部分原因是我們很幸運，因為——我們建立在客戶 360 之上。我們建立在我們的服務雲之上。我們建立在銷售雲之上。我們建立在行銷雲之上。因此，當我們審視這些事情時，我們可以從高層次上說，嘿，Marketing Cloud，哇，您正在發送 1 兆封電子郵件 - 您如何看待 - 這些都是單向對話。

How do you make those two-way conversations that's the agentic opportunity. And today, for our customers, they all want to get there, they all have the hunger to do that. They all want to have this great success, but it takes some time for them to start to build their data sets. And that is why the Informatica acquisition is so important because they all need to not only translate their data to build their master data management, they need to harmonize their data they need to do all these things. And we see that and we go into these customers and like, let's go and they're like, we can do some, but we can't do all. And the reason they can't do all is because their whole enterprise data set is not fully harmonized which is why Informatica is so critical now more than ever.

如何進行這些雙向對話，這就是代理機會。今天，對於我們的客戶來說，他們都希望實現這一目標，他們都渴望實現這一目標。他們都想取得巨大的成功，但他們需要一些時間來開始建立他們的資料集。這就是為什麼收購 Informatica 如此重要，因為他們不僅需要轉換資料來建立主資料管理，還需要協調資料以完成所有這些事情。我們看到這種情況，然後我們去找這些客戶，他們說，我們可以做一些，但不能做所有的事情。他們無法做到所有事情的原因是他們的整個企業資料集尚未完全協調，這就是為什麼 Informatica 現在比以往任何時候都更加重要。

And look, Informatica is a small company. They don't have the distribution scale that we have. They have like a I'm not going to tell you what the size of their distribution organization because it's probably covered under my NDA, but it isn't -- it's orders of magnitude less than Salesforce. I'll tell you that. So that idea that we have the ability to really go out there and start to sell that product to all companies worldwide to really show them that they need this for this capability.

看看吧，Informatica 是一家小公司。他們沒有我們這樣的分銷規模。我不會告訴你他們的分銷組織的規模，因為它可能在我的保密協議的範圍內，但事實並非如此——它比 Salesforce 要小幾個數量級。我會告訴你的。因此，我們有能力真正走出去並開始向全球所有公司銷售該產品，真正向他們展示他們需要這種功能。

Now this is why I have this fever about growing, like Miguel said, our distribution organization by more than 20% this year because we've held back for the last three to six months, on our -- and we've never done that in our history, but we did it because of the financial transformation that we wanted to go through. So we've done that. But it just now is just coinciding perfectly with this technology transformation that we're going through. which indeed is a data transformation, and that is what's going on. So when we ask a question like you said, well, ChatGPT, Gemini well, you know Anthropic.

這就是為什麼我熱衷於成長，就像米格爾說的，我們的分銷組織今年要成長 20% 以上，因為在過去的三到六個月裡，我們一直在抑制——我們歷史上從未這樣做過，但我們這樣做是因為我們想要經歷財務轉型。所以我們這樣做了。但現在它恰好與我們正在經歷的技術轉型完美地吻合。這確實是一次數據轉型，這就是正在發生的事情。因此，當我們問您所說的問題時，ChatGPT、Gemini，您了解 Anthropic。

Well, you know DeepSeek, well, you know per (inaudible) but these are packaged, highly controlled consumer experiences. This is not what you have and you understand the enterprise experience very well cash because you're top enterprise analysts.

嗯，你知道 DeepSeek，嗯，你知道（聽不清楚），但這些都是打包的、高度控制的消費者體驗。這不是你們所擁有的，而且你們非常了解企業經驗，因為你們是頂尖企業分析師。

But at Goldman Sachs, that's not how it's going to roll. And when we work with Goldman Sachs or we work with another bank, like we've probably told you we've already deployed it a lot of banks that this idea that we can do this, but it does require very significant and critical the governance, the security, reliability, availability capability of an enterprise company like Salesforce. And the proof point is here, me, help.salesforce.com.

但在高盛，事情並不是這樣發展的。當我們與高盛或其他銀行合作時，就像我們可能告訴過您的那樣，我們已經在許多銀行部署了這個想法，我們可以做到這一點，但它確實需要非常重要和關鍵的治理、安全性、可靠性和可用性能力，例如 Salesforce 這樣的企業公司。證據點就在這裡，我，help.salesforce.com。

And we are going to do that for all companies, but we're going to do it through Slack. We're going to do it through Tableau. We're going to do it in help. We're going to do it every product we have, and we're going to do it with -- through agentic layer, through a data layer through an app layer and through a metadata layer and we're going to bring these four things together and dramatically transform every company we do business with, whether they're small, medium, large or extra-large just like Miguel went through.

我們將為所有公司提供這項服務，但我們將透過 Slack 來實現。我們將透過 Tableau 來完成此操作。我們將盡力提供協助。我們將對我們擁有的每一款產品都這樣做，我們將透過代理層、資料層、應用層和元資料層來實現這一點，我們將把這四個面向結合起來，徹底改變與我們有業務往來的每家公司，無論它們是小型、中型、大型還是超大型，就像米格爾所經歷的那樣。

Yeah. And Kash, to your other question, timing of close of Informatica as well as time to accretion. Subject to regulatory approval, we expect that it's going to close beginning of our fiscal year '27, which is February of next year, so February '26. The framework that we've talked about when we look at deals, we assume can we get it accretive within two years, right? So that's kind of our goal. Our desire is always to under promise and over deliver.

是的。Kash，關於您的另一個問題，Informatica 的關閉時間以及增值時間。經監管部門批准後，我們預計交易將於 27 財年初完成，也就是明年 2 月，也就是 2026 年 2 月。我們在考慮交易時討論的框架，我們假設我們能在兩年內實現增值，對嗎？這就是我們的目標。我們的願望始終是少承諾，多兌現。

I think with our playbook that we have in place. We're going to go fast as possible. We're really focused on accelerating integration. So we'll see how that works out. But overall, that framework is the two-year period that I provided to accretion.

我認為我們已經制定了劇本。我們會盡可能快地前進。我們真正關注的是加速整合。我們將看看結果如何。但整體來說，這個框架是我提供的兩年累積期。

Krista, we'll take our last question now, please.

克里斯塔，我們現在來回答最後一個問題。

Mark Murphy, JPMorgan.

摩根大通的馬克墨菲。

Marc, the CEO of Anthropic recently commented that AI could wipe out 50% of entry-level white-collar jobs and drive unemployment a lot higher, unfortunately. And since you've been very astute and very ahead of the curve, on commoditization of LLM and you've been very outspoken on the topic of digital labor. I'm curious just to get your thoughts on that concept and -- how do you think Salesforce could help companies navigate whatever changes coming our way while maintaining a human touch or human oversight that might be required?

Anthropic 執行長馬克最近評論說，不幸的是，人工智慧可能會消滅 50% 的入門級白領工作，並導致失業率大幅上升。而且由於您在法學碩士商品化方面非常敏銳且走在時代前沿，並且在數位勞動力話題上直言不諱。我很好奇您對這個概念的看法——您認為 Salesforce 如何幫助公司應對即將發生的任何變化，同時保持可能需要的人性化或人工監督？

Well, I think it's a great question, and I think we all believe in the division of digital labor. And I think I've laid out the case with help.salesforce.com and given you the metrics. And so those employees, though, are really getting, I would say, repositioned in our company in other areas that is we really have -- we have so much opportunity. I can't hire as many people as I want right now.

嗯，我認為這是一個很好的問題，而且我認為我們都相信數位勞動的分工。我認為我已經向 help.salesforce.com 闡述了案例並為您提供了指標。所以我想說，這些員工在我們公司的其他領域確實得到了重新定位，我們確實擁有很多機會。我現在無法僱用我想要的那麼多人。

So I'm hiring, I'm very excited. I'm trying to grow distribution, as I mentioned. I have -- I'm deploying -- I have four deployed engineers I'm trying to hire. I have account executives I'm trying to hire I am doing -- I have a lot of opportunity throughout the world, and that is held back by, wow, there isn't a lot of people to hire. It's actually surprising. So that is kind of the interesting point.

所以我正在招聘，我非常興奮。正如我所提到的，我正在努力擴大分銷。我正在部署——我有四名正在部署的工程師，我正在嘗試僱用。我正在努力招募客戶經理——我在世界各地有很多機會，但卻因為沒有多少人可以招募而受到阻礙。這確實令人驚訝。這是一個有趣的觀點。

And we've all read this paper, for example, AI 2027, which is two years away. And when I talk to a lot of my friends, they're like, oh, well, this is -- this is my vision exactly of what's going to happen. And I'm like the self-replicating rocket ships are not quite here yet. I don't know if you've read this book, We Are Legion, We Are Bob, but it's kind of a phenomenon here in Silicon Valley that all these CEOs are reading this one book saying, yeah, this is exactly what's going to happen, which kind of what yielded Sam Altman's tweet last week.

我們都讀過這篇論文，例如《AI 2027》，還有兩年的時間。當我與很多朋友交談時，他們會說，哦，好吧，這就是——這正是我對將要發生的事情的願景。我覺得自我複製的火箭飛船還沒到來。我不知道您是否讀過這本書《我們是軍團，我們是鮑勃》，但在矽谷，有一種現像是，所有這些執行長都在讀這本書，說，是的，這正是將要發生的事情，這也引發了薩姆·奧特曼上週的推文。

And we're not exactly at that point where the computer is completely Comcast, has human consciousness and to the point where it's running its own manufacturing facilities creating its own rocket ships and launching itself into the planet. And to that point, we aren't exactly even to that point yet where all these white collar jobs are just suddenly disappearing because I think that we realize why AI can do some things. While this is very exciting in the enterprise, we all know, it cannot do everything. And it doesn't have the accuracy yet because it's built on a work model.

我們還沒有達到電腦完全成為康卡斯特、具有人類意識，並能夠運行自己的製造設施、製造自己的火箭飛船並將自己發射到地球上的程度。就這一點而言，我們甚至還沒有達到所有這些白領工作突然消失的程度，因為我認為我們已經意識到為什麼人工智慧可以做一些事情。雖然這在企業中非常令人興奮，但我們都知道，它並不能做所有的事情。但由於它是建立在工作模式上的，所以它還不具備準確性。

And word models are inherently not 100% accurate because of the way that the computer science works, where it's, as you all know, this word, that word, this word and then therefore, it's this other word -- and there's this kind of matrix between this word and all the other words. But when you look at it, the mathematics don't work out to be 100% accurate.

而由於電腦科學的工作方式，詞語模型本質上並不是 100% 準確的，眾所周知，這個詞，那個詞，這個詞，然後是另一個詞——這個詞和所有其他詞之間存在這種矩陣。但當你觀察它時，你會發現數學計算結果並不是 100% 準確的。

It's in the math is hallucinogen which is why people say, the (inaudible) are a feature because it's not going away with that model, we are going to have to have other models that are going to have to come in the future, world models or multi-century models or other things -- but AI is a continuum, and we're not totally there yet. And in terms of the amount of white-collar jobs that are going to disappear, you're all experts at this point in the current generation of AI.

它在數學中是一種致幻劑，這就是為什麼人們說（聽不清楚）是一個特徵，因為它不會隨著該模型而消失，我們將不得不擁有未來將要出現的其他模型，世界模型或多世紀模型或其他東西——但人工智慧是一個連續體，我們還沒有完全到達那裡。就即將消失的白領工作數量而言，你們都是當前這一代人工智慧的專家。

You're using it every day. We're all using it. It doesn't matter who I speak to. Probably all of your children, all of your family members are using it, and you can see how it's impacted like people are smarter. They get their medical labs. They ask, well, what do you think about this? But then when you call your doctor, sometimes the doctor goes, well, actually, that's not completely true. And we're kind of at this point where it's very good on some things, but not for everything.

您每天都在使用它。我們都在使用它。我和誰說話並不重要。可能你所有的孩子、所有家庭成員都在使用它，你可以看到它的影響，例如人們變得更聰明了。他們得到了自己的醫學實驗室。他們問，那麼，你對此有何看法？但是當你打電話給醫生時，有時醫生會說，嗯，實際上，這並不完全正確。我們現在處於這樣的階段：它在某些方面表現得很好，但並不是所有方面都很好。

And because of that, even in the enterprise, while there's a lot of things that we can do edit this press release or write me the speech or whatever. But the reality is, you're pearly still going to want to get in there and work on it. And I think we all know that. So look, we're at an exciting moment in AI and maybe we're moving into this world where there's going to be like these AI profits and obviously, I'm a huge fan of Dario is great, amazing person. Incredible company, wonderful -- but some of these comments, I think, are alarmist and get a little aggressive in the current form of AI today.

正因為如此，即使在企業中，我們也可以做很多事情，例如編輯新聞稿或為我寫演講稿等等。但現實是，你仍然會想要進入那裡並努力工作。我想我們都知道這一點。所以你看，我們正處於人工智慧的一個激動人心的時刻，也許我們正在進入一個充滿人工智慧利潤的世界，顯然，我是達裡奧的忠實粉絲，他是一個偉大而了不起的人。令人難以置信的公司，太棒了——但我認為其中一些評論有些危言聳聽，在當今人工智慧的現狀下有些激進。

Not that it's not a great company. And by the way, Salesforce is a huge investor in Anthropic. We love the company, love Dario. We have embedded it into Slack. It's how Slack does its recap and a lot of this little magical things that happen like talking to you in your channels. But it's not at that point. And that's kind of why I've said like co-pilot is kind of the new clippy in a lot of ways because, yes, you can do some things, but it's kind of got overhyped. And we need to show you what you really can do, how you really can transform your enterprise, how the magic is really can happen.

這並不意味著它不是一家偉大的公司。順便說一句，Salesforce 是 Anthropic 的巨大投資者。我們熱愛這家公司，也熱愛達裡奧。我們已將其嵌入到 Slack 中。這就是 Slack 進行回顧的方式，以及發生的許多神奇的小事，例如在您的頻道中與您交談。但事情還沒到那一步。這就是為什麼我說副駕駛在很多方面都像是一種新的夾子，因為，是的，你可以做一些事情，但它有點被過度炒作了。我們需要向你展示你真正能做什麼，你真正能改變你的企業，以及奇蹟真正如何發生。

And by the way, if you haven't used Tableau. Next, this is the best example where you're using Tableau. We all know Tableau. We've loved it. We've used it for 20 years. But now there's an agent there with you and that it's on a data cloud and it's integrated with Slack and all these other things. It's amazing. And that amazing part is what we're going to do more of and -- but we're not ready to like I think, take the action that Dario suggested. I hope that, that answered your question.

順便說一句，如果您還沒有使用過 Tableau。接下來，這是您使用 Tableau 的最佳範例。我們都知道 Tableau。我們很喜歡它。我們已經使用了它20年了。但現在有一個代理程式與您在一起，它位於資料雲上，並與 Slack 和所有其他東西整合在一起。太神奇了。令人驚訝的是，我們將做更多的事情——但我認為我們還沒有準備好採取達裡奧建議的行動。我希望這能回答你的問題。

Thanks, Marc. Thanks for the question, and thank you, everyone, for joining the call today, and we look forward to seeing everyone over the coming weeks.

謝謝，馬克。感謝您的提問，也感謝大家今天參加電話會議，我們期待在接下來的幾週內與大家見面。

Ladies and gentlemen, this does conclude today's conference call. Thank you for your participation, and you may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝您的參與，您現在可以斷開連接。