賽富時 (CRM) 2026 Q2 法說會逐字稿

Good afternoon, everyone. My name is Leila and I will be your conference operator today. At this time, I would like to welcome you to the Salesforce second-quarter fiscal 2026 conference call. This call is being recorded. (Operator Instructions)

大家下午好。我叫萊拉 (Leila)，今天我將擔任您的會議主持人。現在，我歡迎您參加 Salesforce 2026 財年第二季電話會議。此通話正在錄音。（操作員指示）

At this time, I would like to turn the call over to Mike Spencer, Executive Vice President of Finance and Strategy and Investor Relations. Sir, you may begin.

現在，我想將電話轉給財務、策略和投資者關係執行副總裁 Mike Spencer。先生，您可以開始了。

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

下午好，感謝您今天參加我們的 2026 財年第二季業績電話會議。我們的新聞稿、美國證券交易委員會 (SEC) 文件以及今天電話會議的重播可以在我們的網站上找到。

Joining me on the call today is Marc Benioff, Chair and CEO, and Rob Washington, Chief Operating and Finance Officer. We also have Srinivas Tallapragada, President and Chief Engineer 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布華盛頓 (Rob Washington)。我們也邀請了總裁兼首席工程師成功長 Srinivas Tallapragada 和總裁兼首席營收長 Miguel Milano 參加本次電話會議的問答環節。

Some of our comments today maintain 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 differ materially from these forward-looking statements.

我們今天的一些評論保留了前瞻性的陳述，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將與這些前瞻性陳述有重大差異。

A description of these risks and uncertainties and assumptions and other factors that could affect our financial results or outcomes, including our SEC filings, including our most recent report on Forms10-K, 10-Q, and other SEC filings, except as required by law, we do not undertake any responsibility to update these forward-looking statements.

這些風險和不確定性以及假設和其他可能影響我們財務結果或成果的因素的描述，包括我們向美國證券交易委員會提交的文件，包括我們最近關於 Forms10-K、10-Q 和其他美國證券交易委員會提交的文件的報告，除非法律要求，否則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-gap 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 和非差距結果與指引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 Marc.

說完這些，讓我把電話交給馬克。

All right. Hey, Mike, thank you so much. I'm really excited to get into the call. And as you saw, we really had a great quarter to close out the first half of the year with outstanding performance across all of our key metrics, including our revenue, our margin, our cash flow, our CRPO. And even our AI and data cloud numbers were all incredible.

好的。嘿，麥克，非常感謝你。我很高興接聽電話。正如您所看到的，我們確實以一個出色的季度結束了今年上半年，我們所有關鍵指標都表現出色，包括我們的收入、利潤率、現金流、CRPO。甚至我們的人工智慧和數據雲端數字都令人難以置信。

We outperformed on Q2 revenue with $10.25 billion, up 10% year-over-year and 9% in constant currency. Miguel's sales team drove incredible momentum. Net new bookings from deals over $1 million grew 26% year-over-year. And we closed deals with companies like Dell, Marriott, Eaton, US Bank, Japan Post Bank, Lululemon, and the US Army.

我們第二季的營收表現優異，達到 102.5 億美元，年增 10%，以固定匯率計算成長 9%。米格爾的銷售團隊取得了令人難以置信的進展。超過 100 萬美元交易的淨新預訂量年增 26%。我們也與戴爾、萬豪、伊頓、美國銀行、日本郵政銀行、Lululemon 和美國陸軍等公司達成了交易。

And non-GAAP operating margin came in strong at 34.3%. And we outperformed on CRPO with $29.4 billion, up 11% year-over-year. And the AI and data product line is up 120% year over year.

非公認會計準則營業利潤率強勁達到 34.3%。我們的 CRPO 表現優異，達到 294 億美元，年增 11%。人工智慧和數據產品線較去年同期成長120%。

We're on track to close out fiscal '26 as a record year, raising our guidance on the low end for revenue, raising on non-GAAP operating margin and cash flow. And we expect to finish with nearly $15 billion in operating cash flow. That's just incredible and a huge raise from the previous quarter.

我們預計在 26 財年創下紀錄，提高收入的最低預期，提高非公認會計準則營業利潤率和現金流。我們預計最終的營運現金流將接近 150 億美元。這真是令人難以置信，與上一季相比有了大幅成長。

Make no mistake, these results aren't just financial milestones. It's the growth that we are seeing, particularly with Agentforce and Data Cloud, and it's proof and you're about to get into this now as I start to really give you our fundamental organizing principle for the company and what I believe the enterprise software industry is about to become because the agent -- agentic enterprise, the agentic enterprise, the real manifestation of what AI was meant to be, well, that agentic enterprise has arrived.

毫無疑問，這些結果不僅僅是財務上的里程碑。這是我們目睹的成長，尤其是 Agentforce 和 Data Cloud 的成長，這就是證明，現在你即將了解這一點，我開始真正向你介紹我們公司的基本組織原則，以及我認為企業軟體產業即將變成什麼樣子，因為代理商——代理企業，代理企業，人工智慧的真正體現，嗯，代理商已經到來。

In the three quarters since we launched Agentforce, we have now won more than 6,000 paid deals and more than 12,500 overall. And 40% of our Agentforce new bookings this quarter came from existing customers extending their investment with Salesforce. And it's demonstrating the value that they're getting and how the flywheel is really working.

自我們推出 Agentforce 以來的三個季度中，我們已贏得超過 6,000 筆付費交易，總計超過 12,500 筆。本季我們 Agentforce 的新訂單中有 40% 來自現有客戶透過 Salesforce 擴大投資。這展示了他們所獲得的價值以及飛輪的實際運作方式。

We've seen a 60% increase quarter-over-quarter in customers who've gone from pilot to production and they're expanding use cases and scaling consumption. And this is just the beginning of the most transformative time in our industry ever.

我們發現從試點到生產的客戶數量環比增長了 60%，並且他們正在擴大用例並擴大消費規模。而這只是我們產業有史以來最具變革性的時代的開始。

I've never been more excited about anything in my entire career. We're about to get into it. I've spent weeks on the road this summer meeting with CEOs, CIOs and frontline teams. And one thing is extremely clear to me, every single one of our customers is becoming an agentic enterprise. It's a huge vision for the future. It's a huge vision for the future of business. And really, it's a huge vision for the future of Salesforce.

在我的整個職業生涯中，我從未對任何事情感到如此興奮。我們即將開始討論。今年夏天，我花了數週時間在路上與執行長、資訊長和第一線團隊會面。對我來說，有一件事非常清楚，我們的每個客戶都在成為一家代理商。這是對未來的宏偉願景。這是對商業未來的宏偉願景。事實上，這就是 Salesforce 未來的宏偉願景。

But this isn't just an upgrade. This isn't simply just some automating some existing business process these agentic enterprises. Well, for Salesforce, it's certainly true. It's a complete transformation. And for our customers, the agentic enterprise is a complete reinvention in many cases of who they are and what their potential is.

但這不僅僅是一次升級。這不僅僅是簡單地將這些代理商現有的一些業務流程自動化。嗯，對於 Salesforce 來說，這確實是事實。這是一個徹底的轉變。對我們的客戶來說，代理企業在許多情況下是對客戶身分和潛力的徹底重塑。

It's a shift from traditional hierarchies to reshaping the entire company from busy work to orchestrating workflows, from siloed teams to seamless collaboration, from clicking and routing to natural conversations. And hours are shrinking to seconds, employees and customers are being augmented.

這是從傳統等級制度的轉變，重塑整個公司，從繁忙的工作到協調的工作流程，從孤立的團隊到無縫協作，從點擊和路由到自然對話。隨著時間的流逝，時間縮短至幾秒鐘，員工和客戶的數量也隨之增加。

But ultimately, it's about this. It's about humans and agents working together with every decision grounded in trusted data. This is, as I said, what AI was meant to be.

但最終，它是關於這個的。它是關於人類和代理共同努力，以可信數據為基礎做出的每一個決定。正如我所說，這就是人工智慧的本意。

And I'd just like to talk about what that agentic enterprise means for us at a very high level, how we're going to define it. And then also like to talk about what some of our customers are doing and what we're doing as well. I mean, I think that across our portfolio, we are adding these native agentic capabilities into every single one of our products. In sales, every prospect is finally getting a call back, agents qualify at scale, humans close the deal.

我只想從高層次談談代理商對我們來說意味著什麼，以及我們將如何定義它。然後也想談談我們的一些客戶正在做什麼以及我們也在做什麼。我的意思是，我認為在我們的整個產品組合中，我們正在將這些原生代理功能添加到我們的每個產品中。在銷售中，每個潛在客戶最終都會接到回電，代理商會按規模進行資格審查，最後由人工完成交易。

I mean let me just get into that for just a minute. Our Sales Cloud for years has been an app that thousands or millions of salespeople use to manage their sales every single day. But now riding alongside every salesperson is an agentic salesperson.

我的意思是讓我花一點時間來討論這個問題。多年來，我們的銷售雲一直是成千上萬的銷售人員每天用來管理銷售的應用程式。但現在，每位銷售人員身邊都有一名代理銷售人員。

And that agentic salesperson is calling every single person back. And how that relates to Salesforce, well, let me tell you that, well, maybe somewhere between 20 million and 100 million people who have contacted Salesforce in the last 26 years, they haven't been called back.

而那位代理銷售人員正在回電給每個人。這與 Salesforce 有何關係？好吧，讓我告訴你，在過去的 26 年裡，可能有 2,000 萬到 1 億人聯繫過 Salesforce，但他們都沒有接過電話。

It's just because we didn't have enough people. But now with our new agentic sales, everybody is getting called back. It's a huge breakthrough and something that every company is going to benefit from.

只是因為我們人手不夠。但現在，隨著我們新的代理商銷售的推出，每個人都會收到回電。這是一個巨大的突破，每家公司都將從中受益。

And in service, we've been talking about that now for months, you can see our agents are handling millions of conversations while humans are delivering the empathy and expertise. Well, it's a bigger story than that, where you know that we have delivered in the last nine months about 1.5 million conversations just for our own company on help.salesforce.com. And you also know that we continue to have thousands of humans who are also delivering their support answers. Well, guess what, the CSAT scores are about the same.

在服務方面，我們已經討論了好幾個月了，你可以看到我們的代理人正在處理數百萬次對話，而人類則在傳遞同理心和專業知識。其實，這遠不止於此。您知道，在過去九個月裡，我們僅在 help.salesforce.com 上就為我們公司帶來了約 150 萬次對話。您也知道，我們還有數千名客服人員持續提供支援解答。好吧，你猜怎麼著，CSAT 分數差不多。

In field service, agents orchestrate scheduling and logistics so technicians can focus on solutions. I saw it myself at my home. I have this incredible device from Eaton, one of our large customers using our field service product. And it actually connects my air stream trailer to my house.

在現場服務中，代理商協調調度和物流，以便技術人員可以專注於解決方案。我在家裡親眼看見了它。我從伊頓公司獲得了這款令人難以置信的設備，伊頓公司是我們使用現場服務產品的大客戶之一。它實際上將我的氣流拖車與我的房子連接起來。

And when the technician comes out to work on it, well, they're able to use the agentic capability to learn as much as possible about the product that I'm using and how to fix it and how to repair it, while also managing the traditional system of record that's on the field service capability, managing all the field service and service operations through the field service capability. It's really pretty awesome.

當技術人員出來工作時，他們能夠使用代理功能盡可能多地了解我正在使用的產品以及如何修復它，同時還可以管理現場服務功能上的傳統記錄系統，透過現場服務功能管理所有現場服務和服務操作。這確實非常棒。

And we've been showing now for a few months, starting at our Tableau conference, the new version of Tableau, where agents surface insights and make recommendations instantly and where agents and humans are working together to make smarter, faster decisions.

從 Tableau 大會​​開始，我們幾個月來一直在展示 Tableau 的新版本，其中代理可以立即提出見解並提出建議，並且代理和人類可以協同工作以做出更明智、更快速的決策。

One really cool thing when we look at our marketing product, and I'm sure you know, we do about $11 trillion e-mails a year to our customers, well, those are all one-way conversations. But now we're demonstrating to our customers and about to release our new e-mail platform that provides every one-way conversation into a two-way conversation. And agents are going to turn these one-way e-mails into 2-way conversations.

當我們查看我們的行銷產品時，有一件非常酷的事情，我相信你知道，我們每年向客戶發送大約 11 兆美元的電子郵件，嗯，這些都是單向對話。但現在我們正在向客戶展示並即將發布我們的新電子郵件平台，該平台將每一次單向對話轉變為雙向對話。代理商將把這些單向電子郵件轉變為雙向對話。

In commerce, it's the same thing. Agents are giving every seller superpowers and shoppers a personal assistant. And if you've seen anyone from Salesforce recently, have them show you how we're using Slack as our interface to our own agentic enterprise where we have dozens of agents with people and apps and LMs, all in one conversational agentic workspace. It's pretty cool. And these agents are operating across apps, departments, silos, all running off of our data cloud, all running off of Agentforce.

在商業領域也是如此。代理商為每個賣家提供超能力，並為每個購物者提供私人助理。如果您最近見過 Salesforce 的任何人，請讓他們向您展示我們如何使用 Slack 作為我們自己的代理企業的介面，在該企業中，我們有數十名代理，包括人員、應用程式和 LM，所有這些都在對話式代理工作區中。這很酷。這些代理程式跨應用程式、部門、孤島運行，全部由我們的資料雲運行，全部由 Agentforce 運行。

It's an incredible transformation of our product line, but really of our company. Not just of our company, but of our customers, too. This is a moment in business that we'll never forget where every business is becoming an agentic enterprise.

這是對我們的產品線乃至我們公司的令人難以置信的轉變。這不僅對我們公司如此，對我們的客戶也是如此。這是我們永遠不會忘記的商業時刻，每個企業都在成為代理企業。

If we look out into our customers, we're already starting to see some incredible examples. Let me tell you, DirecTV save billing reps nearly 300 hours of inquiry handling with Agentforce. And Employee AI Agent executed 50,000 actions in a week. I've been working with DirecTV for more than 20 years at Salesforce.

如果我們觀察我們的客戶，我們已經開始看到一些令人難以置信的例子。我告訴你，DirecTV 借助 Agentforce 為計費代表節省了近 300 小時的查詢處理時間。員工AI代理在一週內執行了50,000個動作。我在 Salesforce 與 DirecTV 合作了 20 多年。

And I'll tell you, when I wrote that line for the script, it just occurred to me, wow, I think only about a year ago, we hadn't even started using the word agent or agentic or Agentforce at Salesforce. And here we are talking about one of our largest and most important customers receiving this incredible benefit.

我告訴你，當我在劇本中寫下那一行字時，我突然想到，哇，我想大約一年前，我們甚至還沒有開始在 Salesforce 使用 agent 或 agentic 或 Agentforce 這個詞。我們在這裡談論的是我們最大、最重要的客戶之一獲得了這一令人難以置信的好處。

Engine, an incredible company, projecting millions in annual savings by cutting call times. PenFed, we talked about, many scripts that we've had, already projecting millions in annual savings by using Agentforce in its loan underwriting.

Engine 是一家令人難以置信的公司，透過縮短通話時間，預計每年可節省數百萬美元。我們談到了 PenFed 的許多腳本，它們已經預計透過在貸款承保中使用 Agentforce 每年可以節省數百萬美元。

And our good friends at Under Armour and Kevin Plank, well, he more than doubled his case deflection rate and boosted customer satisfaction by double digits. And they did it in under 60 days. an incredible thing to see the speed of these deployments in enterprise software.

而我們在 Under Armour 和 Kevin Plank 的好朋友，他的案件分流率提高了一倍多，顧客滿意度也提高了兩位數。他們在不到 60 天的時間內就完成了任務。企業軟體的部署速度之快令人難以置信。

Now a lot of our employees are excited about Reddit because they've reduced average resolution times from 8.9 minutes to 1.4 minutes. And Telepass, well, they've powered more than 275,000 agentic conversations over five months. And the way they got it in the script is, we can't believe the speed and growth of these conversations just in the last few weeks, a conversation with the management level that they've become one of our fastest-growing Agentforce customers.

現在，我們的許多員工都對 Reddit 感到興奮，因為他們將平均解決時間從 8.9 分鐘縮短到了 1.4 分鐘。而 Telepass 在五個月內已經支援了超過 275,000 次代理對話。他們在腳本中表達的方式是，我們無法相信在過去幾週內這些對話的速度和成長，與管理層的對話表明他們已經成為我們成長最快的 Agentforce 客戶之一。

So it's no wonder we're seeing so many companies build on their initial success. Our good friends in Copenhagen, Pandora, the amazing jewelry retailer, Alex's entire team scaled from one agent to three in a single quarter. And I'm so glad they're coming to Dreamforce to show everyone exactly what they're doing.

因此，我們看到如此多的公司在最初的成功基礎上繼續發展，這並不奇怪。我們在哥本哈根的好朋友潘朵拉，這家優秀的珠寶零售商，亞歷克斯的整個團隊在一個季度內從一個代理商擴大到三名。我很高興他們來到 Dreamforce 向大家展示他們正在做的事情。

And our friends at Indeed have more than doubled the number of actions taken by their customer-facing agents and added another agent in Slack to drive internal productivity.

我們在 Indeed 的朋友將面向客戶的代理商所採取的行動數量增加了一倍以上，並在 Slack 中增加了另一個代理商來提高內部生產力。

And finally, I have to mention because it's an amazing story, that Williams Sonoma, and we've only been live for a few weeks, started with Agentforce powering customer support for just one of their brands. I think you know they have like quite a few amazing brands like Pottery Barn and West Elm and others.

最後，我必須提一下，因為這是一個令人驚奇的故事，Williams Sonoma，我們上線才幾個星期，就開始使用 Agentforce 為其其中一個品牌提供客戶支援。我想你知道他們有不少令人驚嘆的品牌，像是 Pottery Barn、West Elm 等。

Well, now it's rolled out along eight of their brands and as well as agents for other use cases, including a sous chef agent, that is helping customers choose cookware and guiding them step-by-step through recipes. They are finding incredible new ways to use the Agentforce platform. And they're doing it side by side across their entire sales force deployment.

現在，它已經沿著他們的八個品牌以及其他用例的代理推出，其中包括一個副廚師代理，幫助客戶選擇炊具並指導他們逐步完成食譜。他們正在尋找使用 Agentforce 平台的令人難以置信的新方法。並且他們在整個銷售隊伍部署中並肩進行這項工作。

Now these are all examples, including Salesforce, of an agentic enterprise in action. But it's really about how each company is transforming to become an agentic enterprise. And none of this is possible without Data Cloud. Data Cloud is the heart and soul of the success of these agents because it is providing the data and the metadata that you need and the context to get the accuracy.

這些都是代理企業實際運作的例子，包括 Salesforce。但這實際上是關於每家公司如何轉型成為代理企業。如果沒有資料雲，這一切都不可能實現。資料雲是這些代理成功的核心和靈魂，因為它提供您所需的資料和元資料以及獲得準確性的上下文。

We probably have the highest accurate agents in the industry, and the way that we're achieving that is through our data cloud. It's this Data Cloud as well as Tableau and MuleSoft and soon Informatica, all working together to really helping our customers to clean and harmonize their data and provide it in a way that can be consumed by our Agentforce platform to provide this level of accuracy.

我們可能擁有業內最準確的代理商，而我們實現這一目標的方式是透過我們的資料雲。正是這個數據雲以及 Tableau 和 MuleSoft 以及即將推出的 Informatica 共同努力，真正幫助我們的客戶清理和協調他們的數據，並以我們的 Agentforce 平台可以使用的方式提供這些數據，以提供這種級別的準確性。

I think the data business is probably the most strategic and most important business for Salesforce going forward. And already, it's a $7 billion business. And Data Cloud is having a great year. It had 140% year-over-year growth in customers and 326% growth in Rose access by zero-copy integration. The usage numbers are really just off the charts. But over half of the Fortune 500 are already on Data Cloud, but it's really just the very, very beginning.

我認為資料業務可能是 Salesforce 未來最具策略意義和最重要的業務。如今，這已成為一項價值 70 億美元的產業。數據雲今年表現十分出色。其客戶數量年增 140%，透過零拷貝整合實現的 Rose 訪問量成長 326%。使用數字確實超出了預期。但財富 500 強企業中已有超過一半的企業使用了資料雲，但這實際上才剛開始。

Now FedEx, and you're going to see them at Dreamforce, their Chief Operating Officer, Richard Smith, is coming to be part of my keynote. Well, let me tell you that they've got unified data across all their platforms now with Data Cloud, and the numbers that they're telling us that they're saving, well, I'm not going to -- I'm not going to take away Richard's punchline from the Dreamforce keynote, it's like numbers I've never heard in terms of what the amount that can be saved by technology.

現在是聯邦快遞，您將在 Dreamforce 上看到他們，他們的營運長理查德史密斯 (Richard Smith) 將成為我的主題演講的一部分。好吧，讓我告訴你，他們現在已經通過數據雲在所有平台上統一了數據，他們告訴我們他們節省了多少錢，好吧，我不會——我不會從 Dreamforce 主題演講中奪走理查德的妙語，就技術可以節省多少錢而言，這是我從未聽說過的數字。

And now if a business customer isn't actively shipping, our own marketing cloud campaign is automatically triggered and sales reps are alerted and it's all happening through our Data Cloud. And this idea that FedEx has seen a double-digit increase in the percentage of customers who signed the contract and proceeded to start shipping, it's dramatically surprised them what has been possible in such a short period of time. And honestly, it's also surprised us.

現在，如果商業客戶沒有積極出貨，我們自己的行銷雲端活動就會自動觸發，銷售代表會收到警報，這一切都透過我們的資料雲進行。聯邦快遞發現，簽約並開始出貨的客戶比例出現了兩位數的成長，在如此短的時間內取得這樣的成績讓他們感到非常驚訝。說實話，這也讓我們感到驚訝。

Now I want to mention 2 areas where we're laser-focused and where the opportunity remains absolutely enormous. And that is public sector. But also a new product category for us, which a lot of you know, ITSM or IT service. Now let's talk just briefly about the government.

現在我想提一下我們重點關注的兩個領域，這兩個領域仍然蘊藏著巨大的機會。這就是公共部門。但對我們來說這也是一個新的產品類別，很多人都知道，ITSM 或 IT 服務。現在我們來簡單談談政府。

Now you already know, our government is already our largest and most important customer. It's a multibillion-dollar customer for Salesforce. And we've been driving efficiency and performance and taxpayer savings for more than a decade. Everybody knows that we run the VA, the Veterans Affairs, and the US Coast Guard, and so many great agencies.

現在你們已經知道，我們的政府已經是我們最大、最重要的客戶。它是 Salesforce 的一個價值數十億美元的客戶。十多年來，我們一直致力於提高效率、提高績效並節省納稅人的錢。大家都知道我們管理退伍軍人事務部、美國海岸防衛隊和許多偉大的機構。

But we're starting to expand what we're doing even more and moving more into these DoD agencies as well. And this quarter, we finalized an incredible agreement, another one with the US Army, a fast pass that enables Army teams to quickly access and deploy Salesforce.

但我們開始進一步擴大我們的工作範圍，並將更多的工作轉移到國防部機構。本季度，我們與美國陸軍達成了一項令人難以置信的協議，這是一項快速通行證，使陸軍團隊能夠快速存取和部署 Salesforce。

It was a huge win for us. And already, we're helping the Army operate more efficiency, streamlining how they identify and elevate leaders, simplifying congressional reporting, powering Amazon like Marketplace for their tactical gear. I spoke with them yesterday. And I just, of course, first wanted to thank them for their service.

這對我們來說是一個巨大的勝利。而且，我們已經在幫助陸軍提高運作效率，簡化他們識別和提升領導者的方式，簡化國會報告，並為他們的戰術裝備提供類似亞馬遜的市場支援。我昨天和他們談過了。當然，我首先想感謝他們的服務。

But second, I just wanted to say that it's incredible how they're looking at our technology to really transform their own operations. And now with Agentforce for public sector and FedRAMP High certification, we're able to sell more to the government than ever before because we're bringing the power of the agentic enterprise directly to the government.

其次，我只想說，他們正在利用我們的技術來真正改變他們自己的運營，這真是令人難以置信。現在，透過公共部門的 Agentforce 和 FedRAMP High 認證，我們能夠向政府銷售比以往更多的產品，因為我們將代理企業的力量直接帶給了政府。

The Army is already planning to launch a digital front door for its Human Resource Command, providing 24/7 powered service and support to all soldiers and personnel and millions of veterans. And we have lots and lots of ideas at where we're going to be able to provide value for the US Army. And in the 21st century, agents just aren't optional. We know that. They're mission-critical.

美國陸軍已經計劃為其人力資源司令部推出數位前門，為所有士兵和人員以及數百萬退伍軍人提供全天候服務和支援。我們有很多想法，希望能夠為美國陸軍提供價值。而在 21 世紀，代理人已不再是可有可無的。我們知道這一點。它們的任務至關重要。

Well, there's another area where that's absolutely true, and that's in the world of ITSM and IT service. It's an application area that we just haven't gone to before. But I'm very excited that next month, and you're going to see this at Dreamforce as well, that we're launching our own agentic IT service platform. A lot of our existing customers have been asking for this. We're bringing a whole new level of capability.

嗯，在另一個領域也絕對是如此，那就是 ITSM 和 IT 服務領域。這是我們以前從未涉及過的應用領域。但我很高興下個月，你們也會在 Dreamforce 上看到這一點，我們將推出自己的代理 IT 服務平台。我們的許多現有客戶都一直要求這樣做。我們正在帶來全新水準的能力。

It's agent-first and it's Slack-first, that is right inside Slack, you're going to be using our agentic IT service capability.

它是代理優先，也是 Slack 優先，也就是在 Slack 內部，您將使用我們的代理 IT 服務功能。

It's natively embedded where employees already work with zero learning curve. And with agentic IT service, well, every request is becoming a conversation where agents work hand-in-hand with IT teams proactively fixing their problems. It's going to be an incredible growth driver for the company. But it's just really another example of how every platform is going to become agentic. And I think we're really excited that we're getting there first.

它原生嵌入在員工已經工作的地方，無需任何學習曲線。有了代理 IT 服務，每個請求都變成了對話，代理與 IT 團隊攜手合作，主動解決他們的問題。這將成為公司令人難以置信的成長動力。但這實際上只是每個平台如何變得具有代理性的另一個例子。我認為我們真的很高興我們能夠率先實現這一目標。

And it's a very democratic platform. A lot of the ITSM products have only served the very highest end of the market with maybe 1,000 customers here or 1,000 customers there. But the thing about Slack is that it's used by about 1 million customers worldwide. And I think all of them are going to be able to be able to benefit from this IT service platform. No one else is delivering this level of agenda capability and digital labor at scale.

這是一個非常民主的平台。許多 ITSM 產品僅服務最高端市場，可能這裡有 1,000 個客戶，或那裡有 1,000 個客戶。但 Slack 的特點是，全球約有 100 萬客戶使用它。我認為他們都將能夠從這個 IT 服務平台中受益。沒有其他人能夠大規模地提供這種程度的議程能力和數位勞動力。

Now we know how to do this because our own first customer for this, well, it's us. We are Customer Zero. And over the last 6 months, as Customer Zero, we've been doing all of these critical things that I've mentioned. Yes. Yes, we've done the 1.4 million customer support conversations with a 77% resolution rate.

現在我們知道該怎麼做了，因為我們的第一個客戶就是我們自己。我們是零號客戶。在過去的六個月裡，作為零客戶，我們一直在做我提到的所有這些關鍵的事情。是的。是的，我們已經進行了 140 萬次客戶支援對話，解決率為 77%。

Yes, we have the sales agent that's qualifying prospects and generating pipeline. And yes, over 26 years, we just let too many millions of prospects go untouched. Mea culpa, that was our fault.

是的，我們有銷售代理負責篩選潛在客戶並產生銷售管道。是的，在過去的 26 年裡，我們錯失了數百萬的潛在客戶。我錯了，那是我們的錯。

But in the last seven weeks, this sales agent that we've just built, well, it's had conversations, conversations with tens of thousands of inbound leads, even setting up appointments with human SDRs and helping close deals. And we have it running in customers as well. It's been incredible what the opportunity is.

但在過去七週內，我們剛剛建立的這個銷售代理已經與數以萬計的潛在客戶進行了對話，甚至與人工 SDR 安排了約會並幫助達成交易。我們也在客戶中運行它。這是一個令人難以置信的機會。

Look, we all know the agentic enterprise is here. We all know the agentic enterprise is the next wave of business. We all know that it's going to fundamentally reshape and rebuild and recast all of our companies. And we know that what's going to happen is going to be something that we could never have expected where humans and agents are going to be working side by side.

你看，我們都知道代理企業就在這裡。我們都知道代理企業是下一波商業浪潮。我們都知道，它將從根本上重塑、重建和重塑我們所有的公司。我們知道即將發生的事情是我們從未預料到的：人類和代理人將並肩工作。

And look, Salesforce is going to lead the way. There's no question about that. We've built the software infrastructure for the agentic enterprise, we have our metadata platform unifying our apps, our data and agents into one powerful agentic operating system. We are rebuilding every single one of our products to be agentic. We're delivering almost every single one of those products at Dreamforce.

瞧，Salesforce 將引領潮流。毫無疑問。我們為代理企業建立了軟體基礎設施，我們擁有元資料平台，將我們的應用程式、資料和代理程式統一到一個強大的代理作業系統中。我們正在重建我們的每一款產品，使其具有代理功能。我們在 Dreamforce 上交付了幾乎所有這些產品。

And at Dreamforce, you're going to see all of these products. You're going to see hundreds of customers that have deployed these products. And you're going to hear directly from leaders like Dow and FedEx and Accenture and Smartsheet and Williams Sonoma and Pfizer and OpenAI and Anthropic and so many others about how they are becoming agentic enterprises and using our Salesforce agentic operating system.

在 Dreamforce 上，您將看到所有這些產品。您將會看到數百名客戶已經部署了這些產品。您還將直接聽到陶氏、聯邦快遞、埃森哲、Smartsheet、Williams Sonoma、輝瑞、OpenAI、Anthropic 等眾多領先企業講述他們如何成為代理企業並使用我們的 Salesforce 代理作業系統。

It's a funny thing. I don't think in the last earnings script, well, I guess, maybe if you go back a year ago, like was I even talking about agentic or Agentforce or agents? And now if you talk about the agentic enterprise, it's another layer above that. So you're going to see that we are rapidly moving to what the next generation of technology is. And at Dreamforce, you're going to see incredible new capabilities, like I said, not just the ITSM product and all these new platforms.

這是一件有趣的事。我不認為在上一份收益腳本中，好吧，我想，也許如果你回到一年前，我甚至還在談論 agentic 或 Agentforce 或代理商？現在，如果您談論代理企業，它又是另一層。所以你會看到我們正在快速地向下一代技術邁進。正如我所說，在 Dreamforce 上，您將看到令人難以置信的新功能，不僅僅是 ITSM 產品和所有這些新平台。

You're going to see Agentforce version 4.

您將看到 Agentforce 版本 4。

Well, it's going to be amazing, and you're not going to want to miss it. it's going to be October 14 through 16 in San Francisco. We have an incredible show put together. We've even got a great concert for our children's hospital put together with Metallic and Benson Boone. We've got some amazing surprises for our keynotes.

嗯，這將是非常精彩的，你不會想錯過的。它將於 10 月 14 日至 16 日在舊金山舉行。我們準備了一場精彩的演出。我們甚至與 Metallic 和 Benson Boone 合作為我們的兒童醫院舉辦了一場精彩的音樂會。我們的主題演講有一些令人驚喜的驚喜。

But you're going to just see the future of technology. And let me just say this, at Salesforce, we've always believed that business is the greatest platform for change. We believed that when it was in the world of mobile and social and we believed that before there was AI. That was true in the cloud.

但你只會看到科技的未來。我只想說，在 Salesforce，我們始終相信業務是改變最大的平台。當它處於行動和社交領域時，我們就相信這一點；當它處於人工智慧領域時，我們也相信這一點。在雲端確實如此。

Well, the agentic enterprise for us is just not about efficiency or growth. It's about making a positive difference in the world. It's one of our core values at Salesforce, from helping companies serve their customers to driving sustainability to supporting communities. And this transformation is grounded in our purpose and in our values, and you're going to see all of that at Dreamforce as well.

嗯，對我們來說，代理企業不僅僅關心效率或成長。這是為了給世界帶來正面的改變。這是 Salesforce 的核心價值之一，從幫助公司服務客戶到推動永續發展再到支援社群。這種轉變植根於我們的宗旨和價值觀，您也將在 Dreamforce 上看到這一切。

Okay. Well, I'm really excited to have all of you on the call and answer your questions. And now over to Robin.

好的。嗯，我很高興大家能來參加電話會議並回答你們的問題。現在輪到羅賓了。

Thanks, Marc, and good afternoon, everyone. As Marc shared, we closed the first half with strong momentum and are on track for a record year. We're delivering customer success, executing with discipline and setting ourselves up to accelerate profitable growth.

謝謝，馬克，大家下午好。正如馬克所說，我們以強勁的勢頭結束了上半年，並有望創下創紀錄的一年。我們致力於幫助客戶取得成功，嚴格執行紀律，並致力於加速獲利成長。

The agentic enterprise is here and we know this firsthand. As Customer Zero, our own sales, service and Slack agents are augmenting teams across the company, transforming how we work and driving operational excellence.

代理企業就在這裡，我們對此有第一手的了解。作為零客戶，我們自己的銷售、服務和 Slack 代理商正在增強整個公司的團隊，改變我們的工作方式並推動卓越營運。

We're also helping our customers like Lennar, Vonage, Booking, and Pearson become agentic enterprises. They're trusting Salesforce to unify their data, apply real-time context and securely deploy agents that automate routine work, streamline operations and elevate every customer interaction. That is why Data Cloud and AI ARR continues to scale, reaching $1.2 billion in Q2, growing 120% year on year.

我們也幫助 Lennar、Vonage、Booking 和 Pearson 等客戶成為代理企業。他們相信 Salesforce 能夠統一他們的資料、應用即時上下文並安全地部署代理，從而自動執行日常工作、簡化操作並提升與每個客戶的互動。這就是為什麼數據雲和 AI ARR 持續擴大，第二季達到 12 億美元，比去年同期成長 120%。

Now let me give a little bit more context on the strong results for the quarter. As Marc shared, revenue in the second quarter was $10.24 billion, up 10% year-over-year in nominal and 9% in constant currency. This was better than expected, driven primarily by onetime licensing revenue and professional services recognition as well as strong execution. Subscription and support revenue grew slightly above 9% in constant currency.

現在，讓我稍微介紹一下本季強勁業績的背景。正如馬克所分享的，第二季的營收為 102.4 億美元，以名目匯率計算年增 10%，以固定匯率計算成長 9%。這比預期要好，主要得益於一次性授權收入和專業服務認可以及強勁的執行力。以固定匯率計算，訂閱和支援收入成長略高於 9%。

We delivered another quarter of profitable growth with Q2 non-GAAP operating margin up 60 basis points and GAAP operating margin up 370 basis points, marking a 10th consecutive quarter of operating margin expansion.

我們又實現了一個季度的獲利成長，第二季非 GAAP 營業利潤率上升 60 個基點，GAAP 營業利潤率上升 370 個基點，這是營業利潤率連續第 10 個季度擴大。

Current remaining performance obligation, or CRPO, ended Q2 at $29.4 billion, up 11% year-over-year in nominal and 10% in constant currency. This was also better than expected driven by sales execution, particularly in creating close, SMB and big deals.

目前剩餘履約義務（CRPO）在第二季末達到 294 億美元，以名目金額計算年增 11%，以固定匯率計算成長 10%。這也比預期更好，這得益於銷售執行，特別是在達成緊密交易、中小企業交易和大額交易方面。

As you know, we've built a resilient business with a diversified portfolio of products and our customer base across various geographies, segments and industries. From a geographic perspective, we saw strong new business growth in the US and pockets of EMEA, particularly the Netherlands and Switzerland, while the UK and Japan were constrained. From a segment perspective, we continue to see strong performance in our small and mid-market business this past quarter.

如您所知，我們已經建立了具有彈性的業務，擁有多元化的產品組合和遍布不同地區、領域和行業的客戶群。從地理角度來看，我們看到美國和歐洲、中東和非洲地區（尤其是荷蘭和瑞士）的新業務成長強勁，而英國和日本則受到限制。從細分市場的角度來看，上個季度我們的中小型市場業務持續表現強勁。

And from an industry perspective, technology, and comms and media performed well, while retail and consumer goods and public sector remain measured. These results reflect our disciplined focus on the three strategic priorities I laid out last quarter. I'll walk you through our progress on each.

從行業角度來看，技術、通訊和媒體表現良好，而零售和消費品以及公共部門表現仍然平平。這些結果反映了我們對上個季度提出的三個策略重點的嚴格關注。我將向您介紹我們在每個方面的進展。

First, we focused on delivering customer success and accelerating data and AI adoption. Customers continue to trust Salesforce for their most mission-critical workflows. In fact, service and platform were in all of our top 10 wins and 70% of our top 100 wins included five or more clouds. Further, building on that solid foundation, data and AI products were in 60 deals greater than $1 million.

首先，我們專注於實現客戶成功並加速數據和人工智慧的採用。客戶繼續信任 Salesforce 能夠處理其最關鍵的工作流程。事實上，服務和平台都名列我們前 10 名的勝利之中，而前 100 名勝利中有 70% 涉及五個或更多的雲。此外，在此堅實基礎上，數據和人工智慧產品的交易額已達 60 筆，金額超過 100 萬美元。

Our consumption model is showing strong early success. I want to underscore what Marc just talked about. More than 40% of our data cloud and Agentforce bookings this quarter came from existing customers expanding their investment. Agentic AI and data make the capabilities of our unified platform, the information, the logic and the workflows, more important and valuable than ever before.

我們的消費模式早期就展現了巨大的成功。我想強調馬克剛才談到的內容。本季度，我們超過 40% 的資料雲和 Agentforce 訂單來自現有客戶擴大投資。Agentic AI 和數據使我們的統一平台、資訊、邏輯和工作流程的功能比以往任何時候都更加重要和有價值。

And we are making it even easier for new customers to get started. Last month, we announced new flexible payment options for Agentforce, including pay-as-you-go, to lower the barrier to adoption and encourage experimentation. And following their launch last quarter, Flex Credits now account for 80% of Agentforce Q2 new bookings.

我們正在努力讓新客戶更輕鬆地開始使用。上個月，我們宣布了 Agentforce 新的靈活付款方式，包括即用即付，以降低採用門檻並鼓勵實驗。自上季推出以來，Flex Credits 現已佔 Agentforce 第二季新預訂量的 80%。

As Customer Zero, our internal deployment is key to our second priority, operational excellence to maximize shareholder value. In Q2, we expanded 24/7 instant support to six new languages, which combined with English now cover over 94% of our global case volume.

作為零客戶，我們的內部部署是我們第二要務的關鍵，即實現卓越營運以最大化股東價值。在第二季度，我們將全天候即時支援擴展至六種新語言，加上英語，現已涵蓋我們全球案例量的 94% 以上。

Earlier this year, we launched our IT and HR agents in Slack to support our employees. And in July, we launched dozens more specialized agents in Slack. We believe that being agent-first is a key driver of our own long-term margin expansion.

今年早些時候，我們在 Slack 中推出了 IT 和 HR 代理商來為我們的員工提供支援。今年 7 月，我們在 Slack 中推出了數十個專業代理商。我們相信，以代理商為先是我們自身長期獲利擴張的關鍵驅動力。

As part of our lean agentic enterprise transformation, we're making smart trade-offs as we manage our portfolio of products and end markets. We are reallocating resources and ruthlessly prioritizing our investments to accelerate data and AI adoption and drive further growth.

作為精實代理企業轉型的一部分，我們在管理產品組合和終端市場時做出了明智的權衡。我們正在重新分配資源並嚴格優先考慮我們的投資，以加速數據和人工智慧的採用並推動進一步成長。

Finally, all of this is underpinned by our third priority: maintaining a responsible capital allocation strategy. Our strategy is simple: make disciplined investments to fuel profitable growth and maintain a balanced approach of return of capital to our shareholders via share repurchases and dividends.

最後，這一切都基於我們的第三個優先事項：保持負責任的資本配置策略。我們的策略很簡單：進行有紀律的投資以推動獲利成長，並透過股票回購和股利保持向股東的平衡資本回報方式。

Leveraging our responsible M&A framework, we are making strategic investments that accelerate our agentic road map. In the last few months, we closed the acquisitions of Convergence AI, Blue Birds and Y, and entered into a definitive agreement to acquire Regrello, bringing in key talent and technology to accelerate our innovation. These assets will unlock valuable new data and agented capabilities for our customers.

利用我們負責任的併購框架，我們正在進行策略性投資，以加速我們的代理路線圖。在過去的幾個月裡，我們完成了對 Convergence AI、Blue Birds 和 Y 的收購，並達成了收購 Regrello 的最終協議，引進關鍵人才和技術來加速我們的創新。這些資產將為我們的客戶釋放寶貴的新數據和代理功能。

Also a quick update on Informatica. We now expect Informatica to close in the fourth quarter of FY26 or early in FY27. At this time, given the variability and potential closing timing, we have not included any contribution from Informatica in our guidance.

另外也對 Informatica 進行了快速更新。我們現在預計 Informatica 將在 2026 財年第四季或 2027 財年初關閉。目前，考慮到可變性和潛在的結束時間，我們尚未在指導中納入 Informatica 的任何貢獻。

And on capital return, in Q2, we returned $2.6 billion to shareholders through buybacks and dividends. This brings our total capital return since the program began to nearly $27 billion. And today, I'm pleased to announce that our Board has approved a $20 billion expansion of our share repurchase authorization.

在資本回報方面，第二季度，我們透過回購和股利向股東返還了 26 億美元。這使得該計劃啟動以來的總資本回報達到近 270 億美元。今天，我很高興地宣布，我們的董事會已批准將股票回購授權擴大 200 億美元。

So finally, let's get into guidance. We are pleased to raise the low end of our fiscal year '26 revenue guidance to $41.1 billion to $41.3 billion. This results in growth of approximately 8.5% to 9% year-over-year in nominal and 8% in constant currency.

最後，讓我們開始指導。我們很高興將 26 財年營收預期的低端提高至 411 億美元至 413 億美元。這導致名目成長率約為 8.5% 至 9%，而以固定匯率計算則為 8%。

On foreign exchange, we now expect a $300 million tailwind, up $50 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 Agentforce this year.

在外匯方面，我們現在預計將有 3 億美元的順風，比我們上次公佈的數字增加了 5000 萬美元。我們重申，受今年數據雲和 Agentforce 成長動能的推動，我們的訂閱和支援收入按固定匯率計算年增約 9%。

This is partially offset by weakness in marketing and commerce and slower growth in our exploration base.

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。

We are pleased to raise our non-GAAP operating margin 10 basis points to 34.1% for the year, building on the continuous improvement from the last few years and aligned with our ongoing commitment to long-term margin improvement. We now expect GAAP operating margin of 21.2%. This is inclusive of additional restructuring charges.

我們很高興將今年的非公認會計準則營業利潤率提高 10 個基點至 34.1%，這建立在過去幾年持續改善的基礎上，也符合我們對長期利潤率改善的持續承諾。我們現在預計 GAAP 營業利潤率為 21.2%。這包括額外的重組費用。

We are also raising our annual guidance on operating cash flow growth to 12% to 13%. This is driven by cash tax savings as a result of the recently enacted tax bill. We now expect CapEx of slightly below 2% of revenue, resulting in free cash flow growth of 12% to 13%.

我們也將年度經營現金流量成長預期上調至 12% 至 13%。這是由於最近頒布的稅收法案帶來的現金稅收節省。我們現在預計資本支出將略低於收入的 2%，從而導致自由現金流增加 12% 至 13%。

Turning to Q3 guidance. Revenue is expected to be $10.24 billion to $10.29 billion, up 8% to 9% year-over-year in nominal and 8% in constant currency. CRPO growth for Q3 is expected to be slightly above 10% year over year in nominal, including a $300 million FX tailwind, resulting in slightly above 9% constant currency growth. As a reminder, while we have seen more normalized bookings growth recently, CRPO will continue to be impacted by the cumulative effect of the measured sales performance that started in Q2 fiscal year '23.

轉向第三季指引。預計營收為 102.4 億美元至 102.9 億美元，以名義成長 8% 至 9%，按固定匯率成長 8%。預計第三季 CRPO 名目成長率將略高於 10%，其中包括 3 億美元的外匯順風，導致固定匯率成長率略高於 9%。提醒一下，雖然我們最近看到了更正常化的預訂量成長，但 CRPO 將繼續受到 2023 財年第二季開始的衡量銷售業績的累積效應的影響。

In closing, we continue to deliver strong results. And by investing with discipline, we are positioning ourselves incredibly well for the agentic future. We're excited to share more about our product strategy and how we are delivering the agentic enterprise at Dreamforce in October. I look forward to seeing many of you there.

最後，我們持續取得強勁的成果。透過有紀律地投資，我們為代理業的未來做好了充分的準備。我們很高興在十月的 Dreamforce 大會上分享更多有關我們的產品策略以及我們如何實現代理企業的資訊。我期待在那裡見到你們。

I'll turn it back over to Mike.

我會把它交還給麥克。

Thanks, Robin. Operator, we'll take the first question, please.

謝謝，羅賓。接線員，請我們回答第一個問題。

(Operator Instructions) Kash Rangan, Goldman Sachs.

（操作員指示）高盛的 Kash Rangan。

Thank you very much. One for you, Marc. The debate that has surfaced lately is, has SaaS outlived its long run? Tech cycles have rarely lasted this long. So how defensible is SaaS, particularly the category that you're in within SaaS against disruption from AI native apps and maybe custom-built AI?

非常感謝。給你一個，馬克。最近出現的爭論是，SaaS 是否已經過時了？技術週期很少持續這麼久。那麼 SaaS 的防禦能力如何，特別是您所在的 SaaS 類別，可以抵禦來自 AI 原生應用和自訂 AI 的干擾嗎？

One, if I could sneak one for you, Robin. Data Cloud and Agentforce showing triple-digit growth. When does that inflect the top line?

一，如果我可以偷偷給你一個，羅賓。Data Cloud 和 Agentforce 呈現三位數成長。這什麼時候會對營收產生影響？

Well, thanks, Kash. I think that you're absolutely right. The software industry is going through a tremendous transformation, and it's really driven by the fundamental acceleration of artificial intelligence. Now I think you know that Salesforce has been AI for more than a decade with our Einstein platform, but it's really the emergence of large language models that really are giving us a new platform that we can build on and extend our applications with.

好吧，謝謝，卡什。我認為你完全正確。軟體產業正在經歷巨大的變革，而這實際上是由人工智慧的根本性加速所推動的。現在我想你知道 Salesforce 已經透過我們的 Einstein 平台在人工智慧領域耕耘了十多年，但真正為我們提供一個新平台的是大型語言模型的出現，我們可以在此基礎上建立和擴展我們的應用程式。

And that idea that all of a sudden, we've been running customer service here at Salesforce, as I mentioned, since we started 26 years ago, on our own app. And what that meant was that there were humans, about 6,000 of them or 7,000 or 8,000 of them or 9,000, whatever the number is.

正如我所提到的那樣，自從 26 年前我們開始使用自己的應用程式以來，我們突然就在 Salesforce 上運行客戶服務了。這意味著那裡有人類，大約有 6,000 人，或 7,000 人，或 8,000 人，或 9,000 人，不管具體數字是多少。

Well, those humans, they're there working on the application and they are adding to it and changing it and working with it and so forth and so on and resolving cases and talking to customers and also posting information on our website and helping customers to find new ways to resolve their issues.

嗯，那些人在那裡開發應用程序，他們添加內容、修改內容、使用它等等，解決案例、與客戶交談，還在我們的網站上發布信息，幫助客戶找到解決問題的新方法。

And then all of a sudden, this year, we've now built an incredible new capability called Agentforce. And by building that capability, there is an agent, an incredibly intelligent piece of software that's also now directly working with the customer. So we have humans working with the customers like we have and now also agents.

然後突然之間，今年，我們建立了一項名為 Agentforce 的令人難以置信的新功能。透過建構這種功能，就有了一個代理，一個非常聰明的軟體，現在可以直接與客戶合作。因此，我們有人類與客戶合作，現在也有代理商。

And it's not just at some small scale, it's actually at a large scale. In the last nine months, about 1.5 million conversations happened directly with these agents and 1.5 million of these conversations happened with humans. And so it's those apps and it's the agents working together.

而且它不只是小規模的，實際上規模很大。在過去的九個月中，大約有 150 萬次對話是直接與這些代理人進行的，其中 150 萬次對話是與人類進行的。這些應用程式和代理程式共同協作。

Now it's not the agents have completely taken over the huge customer support channel at Salesforce. It's just not possible. Because AI, as we all know, these large language models only have a certain level of accuracy and it's not 100%. It's probably about in the 90s when it really gets well-architected with our data cloud and with all the different capabilities and really advanced techniques that we've come up with to make our AI as accurate as it can.

現在代理商還沒有完全接手 Salesforce 龐大的客戶支援管道。這根本不可能。因為人工智慧，眾所周知，這些大型語言模型只有一定程度的準確率，而不是 100%。大概是在 90 年代，我們的資料雲和各種不同的功能以及我們想出的真正先進的技術真正地完善了架構，使我們的人工智慧盡可能的準確。

And so by doing that, yes, there's a lot that we can resolve automatically through these agents with the customers, but there's also a lot that cannot be resolved. And that has to be escalated to the humans. And so it's humans and agents working together to satisfy customer success. And this is what has been extremely important.

因此，透過這樣做，是的，我們可以透過這些代理商與客戶自動解決許多問題，但也有很多問題無法解決。而這一目標必須升級到人類。因此，人類和代理商共同努力來滿足客戶的成功。這一點極為重要。

And it's all built on this huge data fabric, which is really our Data Cloud, metadata, and really our system of record that we've built up with our customers over 2.5 decades. And that's about the 200 or 300 petabytes of information that we manage for our customers.

這一切都建立在這個龐大的資料結構之上，這實際上是我們的資料雲、元數據，也是我們與客戶在過去 25 年中共同建立的記錄系統。這就是我們為客戶管理的大約 200 或 300PB 的資訊。

Now that metaphor for sales -- for service, well, that's also now happening for sales as well. As I mentioned, with this incredible new robotic sales person that's out there calling back every single one of our lead and setting appointments and even, in many places, closing deals, and it's going to be true in every application we made.

現在，這個銷售和服務的比喻，嗯，現在也適用於銷售。正如我所提到的，有了這個令人難以置信的新型機器人銷售人員，它可以回電給我們的每一個潛在客戶，安排約會，甚至在很多地方完成交易，而且它在我們製作的每一個應用程式中都將實現。

So it's not about the fundamental, I would say, elimination of SaaS. What I would say, it's the fundamental extension of SaaS. And I think that the fever that we have around this, well, maybe this is why we're one of the first companies at scale to not only deliver these solutions, but use these solutions.

所以我想說，這並不是從根本上消除 SaaS。我想說的是，它是 SaaS 的根本延伸。我認為，我們對此的熱情，也許這就是為什麼我們是第一批不僅提供這些解決方案而且使用這些解決方案的公司之一。

I guess when I look at the other large enterprise software companies and I look at their websites and I look at how the capabilities that they're providing in terms of same old FAQ systems and this thing, versus what we've done at help.salesforce.com, well, I'd say we're way ahead. And I think we have a very crystal-clear vision about what the future of enterprise software looks like and how we're going to be able to help customers achieve a level of success.

我想，當我看到其他大型企業軟體公司，看到他們的網站，看到他們在相同的舊常見問題解答系統等方面所提供的功能，與我們在 help.salesforce.com 上所做的相比，嗯，我想說我們遙遙領先。我認為我們對企業軟體的未來以及我們如何幫助客戶取得一定程度的成功有著非常清晰的願景。

Over the weekend, I read that MIT study that's becoming very popular, which really goes to show that a lot of companies have thought they were on the right path with generative AI, building their own models, doing it themselves, hooking it all up. And now they're claiming about 94% of those projects have failed. But we've been saying that was going to happen for the last several years, as you know.

週末，我讀到了麻省理工學院的一項非常受歡迎的研究，這項研究確實表明，許多公司認為他們在生成人工智慧方面走在了正確的道路上，他們建立了自己的模型，自己動手，把所有事情都連接起來。現在他們聲稱其中約 94% 的項目都失敗了。但正如你所知，過去幾年我們一直在說這將會發生。

But that's not what our customers are saying. Our customers are saying that they're getting phenomenal results and that they have humans and agents working together to create a new level of customer success, or we say it at Salesforce as an agentic enterprise.

但我們的客戶卻不這麼認為。我們的客戶表示，他們獲得了非凡的成果，並且他們的人員和代理商共同努力創造了新的客戶成功水平，或者我們在 Salesforce 作為代理商企業這樣說。

Yeah. maybe to add, Kash, to your point, what -- how should we think about revenue growth acceleration, I'll add to Marc's excitement. We really do see this as the opportunity to define the agentic enterprise. And I'd say we're really starting to harvest the benefits of the investments that we've made in our products. We're continuing to double down on innovation, as I talked about, and we're placing bets in all the right areas. Net new AOV, deployment of agents with FTEs and our AE capacity in growing areas.

是的。卡什，也許要補充你的觀點，我們該如何看待收入成長加速，我會增加馬克的興奮感。我們確實將此視為定義代理企業的機會。我想說，我們確實開始收穫我們在產品上投資的回報。正如我所說，我們將繼續加倍投入創新，並在所有正確的領域下注。淨新 AOV、部署具有 FTE 的代理以及在成長領域的 AE 能力。

I think one of the things we report to you, our cloud revenue, on a quarterly basis for transparency. But we're really evolving our pricing and our go-to-market strategy. So yeah, it is early days in the adoption cycle, but we are really confident in our strategy to monetize AI. We're focused on capturing the value for our customers. And I'd say we're really optimizing for usage of our platform.

我認為，為了透明起見，我們每季都會向您報告我們的雲端收入。但我們確實在改進我們的定價和市場進入策略。是的，現在還處於採用週期的早期階段，但我們對將人工智慧貨幣化的策略非常有信心。我們專注於為客戶創造價值。我想說我們確實在優化我們平台的使用。

We believe this will unlock deeper value across all of our core products over time.

我們相信，隨著時間的推移，這將為我們所有核心產品釋放更深層的價值。

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

謝謝，卡什。接線員，請我們回答下一個問題。

Keith Weiss, Morgan Stanley.

摩根士丹利的基斯‧韋斯。

Excellent. Thank you, guys, for taking the question. And Marc, I really agree with your characterization of the extension of SaaS versus the elimination of SaaS. Almost seems like the market has a little bit of a mischaracterization of what generative AI is, thinking of it as a category versus a big extension of capabilities.

出色的。謝謝大家回答這個問題。馬克，我非常同意你對 SaaS 擴充與 SaaS 消除的描述。市場似乎對生成式人工智慧有一些誤解，認為它只是一個類別，而不是能力的重大擴展。

And I think Salesforce is showing their ability to deliver those capabilities. One of the stats that you talked about in the quarter was the 60% increase in pilot to production. Was there some technology catalyst or some implementation catalyst that caused that increase of conversions of the pilot projects into production?

我認為 Salesforce 正在展示他們提供這些功能的能力。您在本季度談到的統計數據之一是試生產率增加了 60%。是否存在某種技術催化劑或某種實施催化劑，導致試點計畫轉化為生產的數量增加？

If so, what was that? And any color you could give us on what that looks like, what a production deal is going to look like around Agentforce versus what you've been seeing in the pilots?

如果是的話，那是什麼？您能否向我們詳細介紹一下具體情況？與您在試播節目中看到的情況相比，《Agentforce》的製作協議是什麼樣的？

I'd really like to call in Miguel and Srini to give you some real insights into what's going on in the field with our customers. Because I think it will really illuminate for you some of the real-life examples that get to what you're trying to point out. Srini?

我非常想請 Miguel 和 Srini 來為你們提供一些關於我們的客戶現場狀況的真實見解。因為我認為它確實能為你闡明一些現實生活中的例子，從而說明你想要指出的觀點。斯里尼？

So I think a great question. So one of the things which we have been working very closely with our customers using our forward deployment engineers in motion, and what we have been working, and customers are at different stages, like some are in pilots, some are in production and doing multiple agents.

所以我認為這是一個很好的問題。因此，我們一直在與客戶密切合作，利用我們的前沿部署工程師，我們一直在努力，客戶處於不同的階段，例如有些處於試點階段，有些處於生產階段並有多個代理。

And as we are learning, people are -- we are figuring out with our customers lot of gaps in how they think about their product. They all try to do the do-it-yourself and they're realizing that you can't white-code your way to enterprise reliability and security.

隨著我們的學習，人們——我們正在與客戶一起找出他們對產品的看法上的許多差距。他們都嘗試自己動手，並且意識到不能透過白代碼來實現企業的可靠性和安全性。

And that's why you hear a lot of customers or you hear a lot of news about pilot purgatory. But some of the special things we have to do in the product. So for example, we worked with Equinox and we learned that they -- for their brand image, the gym company, they had a lot of UI treatment specialized branding, and we added it in the product.

這就是為什麼你會聽到很多顧客或聽到很多關於飛行員煉獄的新聞。但我們必須在產品中做一些特殊的事情。例如，我們與 Equinox 合作，我們了解到他們——對於他們的品牌形象，健身房公司，他們有很多 UI 處理專門的品牌，我們將其添加到產品中。

Then we are working with customers like Lennar and Adecco where most of these places where the engineers were caught in what I call the prompt doom loop, where people are trying to write prompts and write prompts, and anybody who's an AI engineer will tell you, it's very frustrating, and you do it.

然後，我們正在與 Lennar 和 Adecco 等客戶合作，在這些地方，大多數工程師都陷入了我所說的提示厄運循環，人們試圖編寫提示並編寫提示，任何一位人工智慧工程師都會告訴你，這非常令人沮喪，但你還是這樣做。

So one of the things we have to build is determinism in our agents, allowing them to power -- to leverage the power of the LLMs in a trusted level.

因此，我們必須建立的一件事就是代理中的確定性，讓它們能夠在可信的層面上利用 LLM 的力量。

Another thing, in our own deployment, as we get to -- that is at the entry level. But as you go to real scale, initially when we did help.salesforce.com, we would have a look at every answer the agents are doing and fine-tune it and understand it. But as you're trying to understand millions of such requests, you cannot do it. So we had to build in the product what we call Agentforce Command Center to enable observability and track it, and performance-manage, if you will, the agents on a scaled way.

在我們自己的部署中，我們還遇到了另一件事——這是入門級的。但當你真正擴大規模時，最初當我們做 help.salesforce.com 時，我們會查看代理商所做的每個回答，並對其進行微調和理解。但當您試圖理解數百萬個這樣的請求時，您無法做到這一點。因此，我們必須在產品中建立所謂的 Agentforce 指揮中心，以實現可觀察性和追蹤性，並且如果願意的話，還可以以規模化的方式對代理商進行效能管理。

So I think this is why you're seeing, as the statistic says, 40% of our revenue is coming from existing customers, increase their consumption. They're really seeing that, hey, I got the first version. So a series of tactical, practical features with a very closed-loop with our customers and hardening, deep integration with our Data Cloud and platform, really increasing the scale, and then just some engineering, customer success, cycle and the product adoption cycle. And then, of course, we have our field teams, under Miguel, who are now trying to take this to market at different customers. And I'll pass it to Miguel to add his context.

所以我認為這就是為什麼你會看到，正如統計數據所示，我們 40% 的收入來自現有客戶，增加他們的消費。他們確實看到了，嘿，我得到了第一個版本。因此，一系列戰術、實用的功能與我們的客戶形成一個非常閉環的關係，並且與我們的數據雲和平台進行強化、深度集成，真正擴大了規模，然後是一些工程、客戶成功、週期和產品採用周期。當然，在 Miguel 的領導下，我們還有現場團隊，他們現在正試圖將產品推向不同的客戶市場。我會將其傳遞給 Miguel 以添加他的上下文。

So thank you, Srini, and thank you for making also Agentforce much faster to implement. Listen, let me take this back for a couple of seconds to the bigger picture. I just turned 57 last week, I'm approaching 34 years of professional career, and I don't think I've ever been this excited about our industry and the opportunity ahead of us.

所以謝謝你，Srini，也謝謝你讓 Agentforce 的實作更快。聽著，讓我花幾秒鐘回顧更大的圖景。我上週剛過 57 歲生日，我的職業生涯即將迎來 34 年，我想我從未對我們的行業和我們面前的機會如此興奮。

And the key is, and going back to Kash question and also Keith comment on the extensibility of these new AI capabilities, the key is with our core apps, which are nothing other than deterministic workflows that human use every day.

關鍵是，回到 Kash 的問題以及 Keith 對這些新 AI 功能的可擴展性的評論，關鍵在於我們的核心應用程序，它們只不過是人類每天使用的確定性工作流程。

Our Data Cloud, which is a single source of truth that humans and agents need to access. And our Agentforce agent capabilities that are natively, natively built in the apps and with the data, everything running on the same metadata language that humans and agents understand, this is the only one, the only way to scale AI.

我們的資料雲是人類和代理需要存取的唯一事實來源。我們的 Agentforce 代理功能是原生建置在應用程式和資料中的，一切都運行在人類和代理程式都能理解的相同元資料語言上，這是擴展 AI 的唯一方法。

So let me give you a couple of examples. I mean, Marc alluded to DIRECTV. Incredible business value. This is one of the biggest flex credit customers that we have globally. They went from pilot to production in just two months in a very complex environment. They run all our applications.

讓我給你舉幾個例子。我的意思是，馬克提到了 DIRECTV。令人難以置信的商業價值。這是我們全球最大的彈性信貸客戶之一。在非常複雜的環境下，他們只花了兩個月的時間就從試點進入生產階段。它們運行我們所有的應用程式。

Two things that are worth noting is they leverage data cloud at speed, all the billing information from their backend systems through MuleSoft going to Data Cloud. And then, of course, all the 10,000 agents are working on Service Cloud. So that's a great example.

值得注意的是兩件事：他們快速利用資料雲，所有來自後端系統的計費資訊都透過 MuleSoft 傳輸到資料雲。當然，所有 10,000 名代理程式都在 Service Cloud 上工作。這是一個很好的例子。

Another example, which is funny because we've already talked about them, but the story is just getting better. It's Falabella, is the largest retailer in Latin America. Their main use case, they have several, but their main use case is: Where is my order? And they solved that question to the customers across the web, in-app and WhatsApp. The pilot took two months from idea to production.

另一個例子很有趣，因為我們已經討論過它們了，但故事正在變得更精彩。它就是 Falabella，是拉丁美洲最大的零售商。他們的主要用例有幾個，但他們的主要用例是：我的訂單在哪裡？他們透過網路、應用程式和 WhatsApp 向客戶解決了這個問題。該試點計畫從構思到製作耗時兩個月。

They access their OMS system. They leverage the CRM data in Salesforce, knowledge articles that we put in Data Cloud. They connect Data Cloud to GCP. And the value is extraordinary. The NPS has increased by 10%, 10 points, from 70% to 70%.

他們訪問他們的 OMS 系統。他們利用 Salesforce 中的 CRM 資料以及我們放入資料雲端的知識文章。他們將資料雲連接到 GCP。而且價值非凡。NPS增加了10%，10個點，從70%增加到70%。

All the digital interactions, most of them, 70% of them have shifted to WhatsApp, and the call volume has dropped by 25%. But the very cool piece of the story here is they started being at this multi-100,000 customer.

所有的數位互動，其中大部分，70%已經轉移到WhatsApp，通話量下降了25%。但故事中最酷的部分是他們開始服務這個擁有數十萬名客戶的客戶。

Then in May, they came back to refill the tank and they nearly tripled the business on Agentforce. And now we are discussing again to double. And the whole thing predicates on the fact that we are the only platform, the only software infrastructure that can bring the deterministic workflows, the data and the agentic reasoning and actioning on the same platform. And this is very exciting.

然後在五月，他們回來重新加油，Agentforce 的業務幾乎增加了兩倍。現在我們再次討論加倍。整件事情都基於這樣一個事實：我們是唯一的平台，唯一的軟體基礎設施，能夠在同一平台上實現確定性工作流程、資料和代理推理和行動。這非常令人興奮。

Well, I'd just like to summarize that. I just want to come back to Kash's comment, and Keith, I think your comment is so insightful. But especially when you put it together with Kash, which is like we are seeing one of the greatest transformations in software, the idea that we're moving from that enterprise software is just for human beings to where it's also having an agentic layer and that, together, it's more powerful to serve customers and that it can create enterprises that are much lower cost and much more efficient and much more capable and much more powerful.

好吧，我只是想總結一下。我只是想回到 Kash 的評論，Keith，我認為你的評論非常有見地。但尤其是當你將它與 Kash 結合時，就像我們看到軟體領域最偉大的變革之一，我們的想法是，企業軟體從只為人類服務轉變為也具有代理層，並且結合起來，它可以更強大地為客戶服務，並且可以創建成本更低、效率更高、能力更強、更強大的企業。

And it's against this strange narrative that's out there that somehow enterprise SaaS or apps or something are going away.

這與外界流傳的奇怪說法相反，即企業 SaaS 或應用程式等正在逐漸消失。

Now I guess, nothing lasts forever, okay? But I just look at how I'm running my own business and the business of our customers, I don't understand what the replacement is. So I just look at this incredible next-generation transformational capability, and I'm going to lay it all out at Dreamforce.

現在我想，沒有什麼是永恆的，好嗎？但我只是看看我如何經營自己的業務和客戶的業務，我不明白替代品是什麼。所以我只是看看這個令人難以置信的下一代轉型能力，我將在 Dreamforce 上全面闡述它。

And by the way, my keynote, I threw away all my slides and I said, let's just have 12 CEOs of the largest companies on the planet just show you exactly what they're doing with this technology, because it's crystal clear what the value proposition is. But to hear some of this nonsense that's out there in social media or in other places, people say the craziest things, but it's not grounded in any customer truth.

順便說一下，在我的主題演講中，我扔掉了所有的幻燈片，我說，讓我們讓地球上 12 家最大公司的執行長向你們展示他們如何使用這項技術，因為價值主張是什麼是非常清楚的。但在社群媒體或其他地方聽到的一些胡言亂語，人們說了一些最瘋狂的話，但這些胡言亂語沒有任何客戶事實作為依據。

And I think this is what really gets down to the part and parcel of it all, which is we are in the greatest transformation of our industry, which I characterize as the agentic enterprise. But the idea that there is, I'll just say, again, an AGI, that seems like a fantastical term.

我認為這才是真正關鍵所在，我們正處於產業的最大轉型期，我稱之為代理企業。但是，我再說一遍，AGI 這個想法似乎是一個奇妙的術語。

I know it's coming in the next week or two evidently. But this idea that there's some AGI that's about to take over the whole world. Well, let me just help everybody understand that's not exactly what's about to happen, that we have this incredible capability, which is the large language model, which is the next step in artificial intelligence.

我知道它顯然會在接下來的一兩週內到來。但有觀點認為，某種 AGI 即將統治全世界。好吧，讓我幫助大家理解這並不是即將發生的事情，我們擁有這種令人難以置信的能力，即大型語言模型，這是人工智慧的下一步。

And yes, we have been able to find what we think is the perfect synergy between the large language model and enterprise software, which we call the agentic enterprise or agents. And this idea that you can deliver an agentic enterprise, and you can do what we did, which is reduce your support heads and have an agentic layer and have a more efficient company and make more money and do better for your shareholders and also deliver a better experience for your customers and for your employees, well, that's what we're doing at Salesforce.

是的，我們已經能夠找到我們認為的大型語言模型和企業軟體之間的完美協同作用，我們稱之為代理企業或代理。這個想法就是你可以打造一個代理企業，你可以像我們一樣，減少你的支援人員，擁有一個代理層，擁有一個更有效率的公司，賺更多的錢，為你的股東做得更好，同時也為你的客戶和員工提供更好的體驗，嗯，這就是我們在 Salesforce 所做的事情。

And some of the other nonsense that's out there, I just cannot get my head around. And by the way, I take everything very seriously. So when somebody makes some big common I'm like, all right, well, I'm going to go out there and really look at that because I guess AGI is going to happen tomorrow. So I'm ready for that, or, oh, I really -- okay, well, SaaS apps are going to -- well, are going to go away and I'm going to go check that out. But there's so much down sense.

還有一些其他的無稽之談，我實在無法理解。順便說一句，我對待每件事都非常認真。因此，當有人做出一些重大的共同決定時，我會想，好吧，我要去那裡認真看看，因為我猜 AGI 明天就會發生。所以我已經為此做好了準備，或者，哦，我真的 - 好吧，SaaS 應用程式將會 - 好吧，將會消失，我要去檢查一下。但其中卻蘊藏著這麼多的失落感。

You got to separate the forest from the trees. Or for those of us who are Bible readers, maybe we separate the wheat from the chaff. And I'll just tell you, as we separate the wheat from the chaff, just know there is truth out there, and you have to go out there and really find it. And the truth is always with the customers and also right here at Customer Zero. And I plan to like lay it all out for you at Dreamforce as well on October 14.

你必須把森林和樹木分開。或者對於我們這些讀聖經的人來說，也許我們可以把好東西和壞東西區分開來。我只想告訴你，當我們把真善美從壞惡中分離出來時，你就會知道真相就在那裡，你必須走出去，真正地找到它。而真相永遠存在於顧客心中，也存在於 Customer Zero 這裡。我計劃在 10 月 14 日的 Dreamforce 大會上向大家詳細闡述這一切。

Outstanding. Really looking forward to it.

傑出的。真的很期待。

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

謝謝，基斯。接線員，請我們回答下一個問題。

Brent Thill, Jefferies.

布倫特·蒂爾（Brent Thill），傑富瑞集團。

Thanks, Marc. With the $20 billion addition to the buyback, there's questions about the strategy of leaning harder into the buyback and the balance of M&A? And I guess, does this signal that you're leaning harder towards a buyback? Or do you feel like you can do both M&A and the buyback? Just curious to get your thoughts. You have been doing higher frequency of deals, and I think everyone would love to hear your perspective on what this means.

謝謝，馬克。隨著回購金額增加 200 億美元，人們對更傾向於回購和併購平衡的策略產生了疑問？我想，這是否表明您更傾向於回購？或者您覺得您可以同時進行併購和回購？只是好奇想知道你的想法。您一直在提高交易頻率，我想每個人都想聽聽您對這意味著什麼的看法。

Well, I think -- and let me give you my vision and then let me turn it over to Robin on execution. So I think at a high level, the most important thing is that we deliver extraordinary cash flow. That's number one. And I think we are delivering extraordinary cash flow for an enterprise software company, I think one of the highest in the industry of any enterprise software companies. And while a lot of software companies and others have just thrown their cash flow away to go build data centers or, dude, I don't even know what with their money.

好吧，我想——讓我告訴你我的想法，然後讓我把它交給羅賓去執行。因此我認為從高層次來看，最重要的是我們實現了非凡的現金流。這是第一點。我認為，我們為一家企業軟體公司帶來了非凡的現金流，我認為我們是業內所有企業軟體公司中現金流最高的公司之一。而許多軟體公司和其他公司只是把他們的現金流浪費在建立資料中心上，或者，老兄，我甚至不知道他們用錢做什麼。

But I'll just say that we are going to do three things with our money. One, we are going to provide a buyback, just like you said, because I think that is a great idea. We are also going to provide a dividend, which I think is also a great idea. And we're also going to use it to look around. And if we see great entrepreneurs or great technology or something that we've never seen before that just blows our mind, we're going to buy it.

但我只想說，我們將用我們的錢做三件事。首先，正如您所說，我們將提供回購，因為我認為這是一個好主意。我們還將提供股息，我認為這也是一個好主意。我們還將用它來環顧四周。如果我們看到偉大的企業家、偉大的技術或一些我們從未見過的讓我們驚嘆的東西，我們就會購買它。

And we saw that a couple of times even during our quarter, you've heard this word Regrello, which is a word probably no one's ever heard before. And we've been talking to them for almost a year. And we know them because the CEO of Regrello and Srini used to work together at Oracle. And the President of Regrello used to work here at Salesforce. And so we've been tracking this company.

我們發現，即使在我們這個季度，您也曾多次聽過「Regrello」這個詞，這個詞可能以前從未有人聽說過。我們已經與他們交談了近一年。我們認識他們是因為 Regrello 的執行長和 Srini 曾經在 Oracle 共事。Regrello 的總裁曾經在 Salesforce 工作過。因此我們一直在關注這家公司。

And then our customer Dell took their supply chain and automated 20,000 users using Regrello and that got our attention. And then we saw our customer Mercedes start to implement it as well and then we're like, what exactly is going on?

然後，我們的客戶戴爾利用 Regrello 實現了其供應鏈 20,000 名用戶的自動化，這引起了我們的注意。然後我們看到我們的客戶梅賽德斯也開始實施它，然後我們就想，到底發生了什麼事？

And they started building agentic supply chain. And when we saw the technology, we said, oh, well, this might even be bigger than a genetic supply chain. And we just couldn't get our head around how they were doing exactly everything they were doing. And it took us about nine months of due diligence. And then finally, we said, well, we think we're going to buy Regrello.

他們開始建立代理供應鏈。當我們看到這項技術時，我們說，哦，好吧，這甚至可能比基因供應鏈更大。我們只是無法理解他們所做的一切究竟是如何做到的。我們花了大約九個月的時間進行盡職調查。最後，我們說，好吧，我們想收購 Regrello。

And we just love this company. And there's other little companies that we found. You heard that word Bluebirds. And there's other little things out there that we've seen. But when you have $15 billion of cash flow in a single year, like this year, and I think you know next year is going to be bigger, that we plan to use it in a smart way.

我們非常喜歡這家公司。我們也發現了其他小公司。你聽過「藍鳥」這個詞。我們還看到了其他一些小東西。但是當你在一年內就有 150 億美元的現金流時，例如今年，而且我想明年的現金流會更大，我們計劃以一種明智的方式使用它。

And I think that, that trinity, using it for buybacks and using it for dividends and also using it to provide inorganic innovation is the right idea and a balanced framework, which is the one that we've laid out in previous earnings calls.

我認為，這個三位一體，用它來回購、用它來分紅、也用它來提供無機創新，是正確的想法和平衡的框架，這也是我們在之前的收益電話會議上提出的。

And I think we're executing it super well. And I think you also know we even have the super strategic acquisition that's getting teed up that we've been talking about now for several quarters to bring in because, look, every single customer is going through every AI transformation is a data transformation. It's not really spoken for some reason by others. But if you don't have your data right, you don't get your AI right. And so we all understand that.

我認為我們執行得非常好。我想你也知道，我們甚至有一個超級策略收購正在籌備中，我們已經討論了好幾個季度了，因為，你看，每個客戶都在經歷每一次人工智慧轉型，都是一次數據轉型。其他人因為某些原因並沒有真正說過這句話。但如果你的數據不正確，你就無法獲得正確的人工智慧。我們都明白這一點。

And we think that every customer is going to need an Informatica, every customer is going to need a MuleSoft and every customer is going to need a Data Cloud. And together, we think that's called the AI foundation. And that AI foundation is the Data Cloud plus MuleSoft plus Informatica. And if you're going to roll out Agentforce, you're going to need an AI foundation made up of those three things. So that all comes out of thinking about cash flow.

我們認為每個客戶都需要一個 Informatica，每個客戶都需要一個 MuleSoft，每個客戶都需要一個資料雲。我們認為，這就是所謂的人工智慧基礎。而這個 AI 基礎就是資料雲加上 MuleSoft 加上 Informatica。如果你要推出 Agentforce，你將需要一個由這三者組成的 AI 基礎。所以這一切都源自於對現金流的思考。

So I think that we have clarity around where we're going. And Robin, why don't we talk about exactly how you're going to execute that?

所以我認為我們很清楚我們要去哪裡。羅賓，我們為什麼不討論一下你具體要如何實現這一點呢？

Well, I think you summed it up well, Marc, in terms of the trinity. We're balanced. We have a disciplined M&A framework. We're going to be opportunistic. We've clearly made a big bet on Informatica.

嗯，馬克，我認為你從三位一體的角度總結得很好。我們很平衡。我們擁有嚴謹的併購框架。我們將抓住機會。我們顯然對 Informatica 下了很大的賭注。

That's our large acquisition. But as you said, we're going to be -- particularly as it comes to the agentic stage, if we see other things out there that make sense we're going to buy them. Our strong free cash flow allows us to do that. But we also will stay disciplined relative to returning value to shareholders. Maybe we'll move to the next question, Mike.

這是我們的大型收購。但正如你所說，我們將會——特別是在代理階段，如果我們看到其他有意義的東西，我們就會購買它們。我們強大的自由現金流使我們能夠做到這一點。但我們也將嚴格遵守向股東回報價值的規定。也許我們可以轉到下一個問題，麥克。

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

正確的。謝謝，布倫特。接線員，請我們回答下一個問題。

Kirk Materne, Evercore.

柯克·馬特恩（Kirk Materne），Evercore。

Yeah. Thanks very much. I think this one is here for Marc or Miguel. But these two quarters in a row you've mentioned the create and close business has been pretty strong. And as we think about AI doing more work on the behalf of customers, I was curious just as your view of whether the mid-market become more of a source of durable growth for you all as we look out over the next few years. Marc, you mentioned that in relation to the ITSM opportunity. Just curious about what you're seeing in the mid-market and if this can be a more expansive opportunity for you all as we look out? Thanks.

是的。非常感謝。我認為這個是給馬克或米格爾的。但您提到的連續兩個季度的創建和關閉業務一直非常強勁。當我們考慮讓人工智慧為客戶做更多工作時，我很好奇，正如您對未來幾年中端市場是否會成為您持久增長源泉的看法一樣。馬克，您提到了與 ITSM 機會相關的內容。我只是好奇您在中端市場看到了什麼，以及從我們的角度來看，這是否會為您所有人帶來更廣泛的機會？謝謝。

Well, I really appreciate that question, and it's very much a corridor strategy and has been for 26 years, but we don't really talk about it as aggressively as we should. And so I think there might have been a point of confusion.

嗯，我非常感謝這個問題，這在很大程度上是一種走廊策略，已經實施了 26 年，但我們並沒有像應該的那樣積極地談論它。所以我認為可能存在一個混淆點。

So let me just help provide some clarification, which is that, unlike other enterprise software companies, we're extremely committed to what we call our 5-segment strategy. And the 5-segment strategy, maybe 6, I'll say, but let's say, our 5-segment strategy, I'll lay what is.

因此，請允許我進行一些澄清，即，與其他企業軟體公司不同，我們非常致力於所謂的五段策略。我會說 5 段策略，也許是 6 段，但是，假設我們的 5 段策略，我會說明是什麼。

But really is 5-segment strategy is, number one, hey, we love enterprises. And we love the biggest enterprises. And we used a lot of big enterprise names, Fortune 100 names on this call. We love those customers. They're great. We love them. They're very profitable. It's a fantastic segment to be in.

但實際上，五段式策略是，第一，嘿，我們熱愛企業。我們熱愛最大的企業。我們在這次電話會議上引用了許多大企業的名字，包括財富 100 強企業的名字。我們熱愛這些顧客。他們很棒。我們愛他們。他們的利潤非常豐厚。這是一個非常棒的環節。

But it's not the only segment of business. Small and medium business, which are like 0 to 200 employee companies, we're extremely strong in, we always have been. We have products that are extremely relevant for them, including our sales and service products and core products, but even Slack and others. And the SMB 0 to 200 business is way stronger right now than we've ever seen it.

但這並不是唯一的業務領域。中小型企業，也就是員工人數為 0 到 200 人的公司，是我們非常強大的業務，我們一直都是如此。我們擁有與他們極為相關的產品，包括我們的銷售和服務產品以及核心產品，甚至還有 Slack 和其他產品。目前，中小企業 0 到 200 的業務比我們以前見過的任何時候都要強勁。

I think that part of the reason why that is, is because AI makes every entrepreneur a super entrepreneur and AI makes every SMB business look more like a mid-market business. So all of a sudden, you move from the 0 to 200 segment into the next segment, which call it 200 to 2,000 or 200 to 3,000 employees.

我認為部分原因是因為人工智慧讓每個企業家都成為超級企業家，而人工智慧讓每個中小企業看起來更像中型企業。因此，突然之間，您就從 0 到 200 人的細分市場進入了下一個細分市場，即 200 到 2,000 名或 200 到 3,000 名員工。

But as you get into that next segment of the business world, these are businesses that are starting to grow up, have real revenue, need real systems. They look like real companies. They don't have tens of employees; they have hundreds of employees. They have now thousands of employees.

但當你進入商業世界的下一個領域時，這些企業開始成長，擁有真正的收入，需要真正的系統。它們看起來像真正的公司。他們沒有幾十名員工，而是有數百名員工。他們現在有數千名員工。

And those companies, they need real software, too, but they don't have CIOs. They don't have DIY. They need prepackaged software and they're not really dealing with the hyperscalers or the large-scale SIs. They're dealing with us. We are their hyperscaler.

這些公司也需要真正的軟體，但他們沒有 CIO。他們沒有DIY。他們需要預先打包的軟體，而且他們實際上並沒有與超大規模企業或大型 SI 打交道。他們正在和我們打交道。我們是他們的超大規模提供者。

We are their software hyperscaler. We're not -- we're -- they look to us as a company like that they might look to a super big company might have every option. These companies don't have a real option. And this is a huge segment of the market.

我們是他們的軟體超大規模提供者。我們不是——我們——他們把我們看作是一家這樣的公司，他們可能會把我們看作是一家擁有各種選擇的超級大公司。這些公司沒有真正的選擇。這是一個巨大的市場部分。

The next part of the market is the traditionally called general business market or high end of the mid-market business, which could be like anywhere from a couple of thousand employees to maybe 5,000 or 6,000 employees. And this also is an extremely fast-growing part of the business.

市場的下一部分是傳統上稱為一般商業市場或中端市場的高端業務，其員工人數可能從數千人到 5,000 或 6,000 人不等。這也是業務中成長極為迅速的一部分。

Now I cannot tell you why, but we see it, and Miguel and I talk about it almost every day, that not only SMB business, but this mid-market and general business is growing super fast. And when I talk to my friends who run the large SIs, I've been encouraging them to move their business downstream to serve these companies that have single-digit thousand companies, call it, employees. So that is in the 1,000 to 10,000 employees.

現在我無法告訴你原因，但我們看到了這一點，而且我和米格爾幾乎每天都在談論這一點，不僅是中小企業業務，而且中型市場和一般業務也在超快速增長。當我與經營大型 SI 的朋友交談時，我一直鼓勵他們將業務轉移到下游，為那些擁有數千名員工的公司提供服務。也就是說，員工人數在 1,000 到 10,000 人之間。

Because what happens is, all of a sudden, when you get into the next segment, which is segment, call it, Segment 4, you get into the big boys, the big companies, the Fortune 100, 200, Fortune 500 companies who have the tens of thousands of company employees and they have maybe more options, but -- and bigger budgets.

因為突然之間，當你進入下一個細分市場，也就是我們所說的第 4 個細分市場時，你就會進入大公司、大公司、財富 100 強、200 強、財富 500 強公司，這些公司擁有數萬名員工，他們可能擁有更多選擇，而且預算也更大。

And it's very exciting when you close one of these because you end up with some mega transaction. But they're going through a lot of transformation because they're being pitched a lot of different technology right now. And a lot of it is fantasy land. But just -- it's all going to play out in its own way in Segment 4.

當你完成其中一筆交易時，你會感到非常興奮，因為你最終會獲得一筆巨額交易。但他們正在經歷許多轉型，因為他們現在面臨許多不同的技術。其中很多都是幻想世界。但只是——一切都將在第 4 部分以自己的方式展開。

Segment 5, it's the government. I think we all know that the government has been going through something that none of us have ever seen before in the last six months. And we all understand the DOGE revolution and we're all watching that closely, and that is something that we're -- now the government is coming out of and is starting to acquire like we talked about our Army transaction on the call.

第五部分是政府。我想我們都知道，過去六個月政府經歷了一些我們從未見過的事情。我們都了解 DOGE 革命，我們都在密切關注，這就是我們現在正在做的事情——政府正在走出困境，開始收購，就像我們在電話中談到的軍事交易一樣。

And Segment 6 is really ISVs. And every ISV and ecosystem is going through a huge transformation as well. And we see that in our app exchange, but we probably have the most vibrant ecosystem in the world, which is Slack. If you haven't been on Slack to see what's happening on Slack, it's not just the ecosystem, all these next-generation AI companies ranging from OpenAI to Anthropic to everyone are on Slack. And it is incredible how they've used that as their operating system and as their platform to run their companies.

第 6 部分實際上是 ISV。每個 ISV 和生態系統也正在經歷巨大的轉變。我們在應用程式交換中看到了這一點，但我們可能擁有世界上最具活力的生態系統，那就是 Slack。如果你還沒有上過 Slack，可以看看 Slack 上發生的事情，它不僅僅是生態系統，從 OpenAI 到 Anthropic 等所有下一代人工智慧公司都在 Slack 上。令人難以置信的是，他們將其用作操作系統和運營公司的平台。

And then we're really bringing all of our core products down into Slack so that everything is Slack-first. It's a term I used in the script, the idea that you'll be able to start Sales Cloud and start Service Cloud and all of our products even our new ITSM product from Slack first and then move up. And I think that's very exciting, and you'll see all of that play out at Dreamforce. A lot of that gets released in our October release.

然後，我們真正將所有核心產品納入 Slack，以便一切都以 Slack 為先。這是我在腳本中使用的術語，即您將能夠先從 Slack 啟動 Sales Cloud、啟動 Service Cloud 以及我們的所有產品，甚至我們的新 ITSM 產品，然後再向上移動。我認為這非常令人興奮，你會在 Dreamforce 上看到這一切的實現。其中許多內容將在我們十月的發表會中發布。

And Miguel, do you want to just fill in what I'm talking about?

米格爾，你想補充一下我所說的內容嗎？

Yeah, Well, Kirk, you asked Marc's favorite question. So thank you for that. But listen, we are adding a lot of capacity to our business, AE capacity. At the end of Q2, we had added 20% more AEs than we did last year.

是的，柯克，你問了馬克最喜歡的問題。謝謝你。但聽著，我們正在為我們的業務、AE 容量增加很多容量。截至第二季末，我們新增的 AE 數量比去年增加了 20%。

Obviously, it takes 6 to 18 months for those AEs to ramp. On the low end of the market, actually, they ramp faster. But we have a man that is grow what is growing. And today, we see that the low end of the market and the mid-market is growing significantly.

顯然，這些 AE 需要 6 到 18 個月的時間才能成長。事實上，在低端市場，他們的成長速度更快。但我們有一個正在成長的人。今天，我們看到低端市場和中端市場正在顯著成長。

And it's growing significantly for two reasons. One is these customers want to become agentic enterprises. And they don't have chief digital officers, they don't have CTOs, they don't have the complexity. They need a trusted partner where they bring the data, they bring the AI, embedding the applications, and they're buying faster than anything we've seen.

由於兩個原因，它的增長顯著。一是這些客戶想成為代理企業。他們沒有首席數位官，沒有首席技術官，他們沒有複雜性。他們需要一個值得信賴的合作夥伴，為他們提供數據、人工智慧、嵌入應用程序，而且他們的購買速度比我們所見過的任何產品都快。

We also made some organizational changes. We brought the old Salesforce model back. We brought people to hubs. We hire faster, we enable faster. The second reason it's growing a lot is because AI is creating more small and medium companies.

我們也進行了一些組織變革。我們重新採用了舊的 Salesforce 模型。我們將人們帶到了樞紐。我們招募更快，我們啟用也更快。它快速成長的第二個原因是人工智慧正在創造更多的中小型公司。

So that opportunity is huge and that's why we're investing significantly. We're investing significantly more in the mid and low end of the market. We're investing in the high end of the market. We're also growing double-digit in capacity in the high end of the market. But by the way, there are many other areas where we are investing and that we are seeing are having already impact in accelerating bookings.

所以這個機會是巨大的，這就是我們大力投資的原因。我們正在加大對中低階市場的投資。我們正在投資高端市場。我們在高端市場的產能也實現了兩位數的成長。但順便說一句，我們正在許多其他領域進行投資，我們看到這些投資已經對加速預訂產生了影響。

I see the pipeline into H2. Pipeline is growing in the high teens. And for big deals, it's actually approaching 20% growth. That's a really good sign. We haven't seen that pipeline in a long time.

我看到了進入 H2 的管道。管道正在以十幾公尺的高度增長。對於大交易來說，成長率實際上接近 20%。這確實是一個好兆頭。我們很久沒有看過那條管道了。

The agentic enterprise is really the next incredible investment cycle. And I think we are, as we've discussed here, we have the right solver infrastructure to monetize this massive opportunity. Our innovation keeps giving us, so thank you, Srini; thank you, Steve, I mean this is an embarrassment of riches.

代理企業確實是下一個令人難以置信的投資週期。我認為，正如我們在這裡討論的那樣，我們擁有正確的解決方案基礎設施來將這一巨大的機會貨幣化。我們的創新不斷為我們帶來好處，所以謝謝你，斯里尼；謝謝你，史蒂夫，我的意思是這是一種令人尷尬的財富。

When you look at the products that we're going to release in Q3: Agentforce Voice, Tableau Next, Marketing Cloud Next just released recently. We just certified Agentforce and Data Cloud for government. That's going to be a monster opportunity for us.

當您查看我們將在第三季發布的產品時：Agentforce Voice、Tableau Next、Marketing Cloud Next 剛剛發布。我們剛剛為政府認證了 Agentforce 和 Data Cloud。這對我們來說將是一次絕佳的機會。

Life science cloud, we are killing VIVA in many other -- in their turf. ITSM, Mark alluded to it, new agent fabric, partner cloud. All that is more products for our increased capacity to sell. And I'm not even including Informatica. And new packaging, new pricing to monetize and make it simpler for customers to absorb this amazing innovation.

生命科學雲，我們正在許多其他領域殺死 VIVA——在他們的地盤。ITSM，Mark 提到了它，新的代理結構，合作夥伴雲端。所有這些都是為了增加我們的銷售能力，從而提供更多的產品。我什至沒有包括 Informatica。新的包裝、新的定價使其獲利，讓客戶更容易接受這項驚人的創新。

And as Marc and Robin and Srini said earlier, we have more and more Agentforce and data cloud customers. They bring shorter sales cycles. It's create and close. We've closed 40% of the ACV that we closed in Q2, just came from create and close, short call cycles on Data Cloud and Agentforce to existing customers. So these are tangible examples of what we are doing now to accelerate the growth.

正如 Marc、Robin 和 Srini 之前所說，我們擁有越來越多的 Agentforce 和資料雲客戶。它們帶來更短的銷售週期。它是創建並關閉。我們在第二季完成了 40% 的 ACV，這些 ACV 僅來自於 Data Cloud 和 Agentforce 對現有客戶的建立和關閉、短暫通話週期。這些都是我們為加速成長所採取的具體措施的例子。

And obviously, the low end of the market is great, but we are seeing growth everywhere.

顯然，低端市場很棒，但我們看到各個地方都在成長。

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

接線員，請我們回答下一個問題。

Mark Murphy, JPMorgan.

摩根大通的馬克墨菲。

Marc, we've heard software companies say that they have held their head count flat in their support organizations. We haven't heard anyone saying that they reduced head count by close to 40% there like you have. I'm curious, what do you think is holding other software companies back from seeing that breakthrough?

馬克，我們聽說軟體公司表示，他們的支援組織中的員工人數保持不變。我們還沒聽到有人像您一樣說他們裁減了近 40% 的員工人數。我很好奇，您認為是什麼阻礙了其他軟體公司實現這項突破？

And then as you repurpose those sales roles in -- excuse me, the support roles more into sales roles, what type of firepower do you see that giving you to try to drive some of the incremental top line growth that you referred to about 90 days ago?

然後，當您將這些銷售角色重新定位為 - 對不起，將支援角色更多地轉變為銷售角色時，您認為這會給您帶來什麼樣的火力，以嘗試推動您大約 90 天前提到的一些增量收入增長？

Mark, it's a great question, and let me just say this number one. In our industry, people always overestimate what you can do in a year and underestimate what we can do in a decade. And it's hard for everybody to get their head around what's possible. We're sitting up here at the top of Salesforce Tower and looking at Mt. Diablo. But if you were at Telegraph Hill and you're at Mama's Restaurant right now, you'd still be in San Francisco, but you wouldn't be able to see Mt. Diablo.

馬克，這是一個很好的問題，我只想說第一點。在我們的行業中，人們總是高估我們一年內能做的事情，而低估我們十年內能做的事情。而每個人都很難理解什麼是可能的。我們坐在 Salesforce Tower 的頂端，眺望著魔鬼山。但如果你現在在電報山 (Telegraph Hill) 的 Mama's Restaurant，你仍然在舊金山，但你將無法看到魔鬼山 (Mt. Diablo)。

Maybe we just have a little more clarity from where we sit. . But we can see crystal clear that Salesforce has the opportunity to do exactly what you're saying, which is to reduce everybody's support cost to make everyone's sales organization a lot more productive to make everyone's marketing have a much higher ROI to make every field service technician, a super man or super woman and to make every Slack user far more empowered in their organization than ever before, and I could go on and on and on.

也許我們只是從自己的位置看問題更清楚。。但我們可以清楚地看到，Salesforce 有機會做到您所說的事情，即降低每個人的支持成本，使每個人的銷售組織更有效率，使每個人的營銷都有更高的投資回報率，使每個現場服務技術人員都成為超人，並使每個 Slack 用戶在其組織中比以往擁有更大的權力，我可以繼續說下去。

And why others are not doing this yet is I think there's -- maybe it's threefold. One is timing, like I'm saying. Two, it could just be there's a lot of nonsense, to Kash's point, which I think Kash said it really well, which is like there are very smart people in our industry and other executives who are saying absolute nonsense.

我認為其他人還沒有這樣做的原因是——也許有三個原因。一個是時機，就像我說的。第二，就卡什的觀點而言，這可能只是有很多無稽之談，我認為卡什說得很好，就像我們行業中有一些非常聰明的人和其他高管在說一些完全無稽之談。

And I don't understand why they're saying this nonsense. Maybe it's just to create a certain level of FUD in the market. But I think it's inappropriate at this point and what it's done for the whole enterprise software industry, I think, is crazy.

我不明白他們為什麼說這些廢話。或許這只是為了在市場上製造一定程度的恐懼、疑慮和不確定性 (FUD)。但我認為目前這是不合適的，而且我認為它對整個企業軟體產業的影響是瘋狂的。

And I would say the third thing is fear. Because I think with fear, all of a sudden, as soon as you start to say, I'm going to make some dramatic change, but let me make one thing crystal clear, which is that the agentic enterprise, unlike every other technology value proposition that we've profitized for the last 26 years, the one big difference is not only is it a radical technology transformation, as I articulated, humans and agents working together. It's also a radically different organizational transformation involving what the structure of your company looks like.

我想說的第三件事是恐懼。因為我帶著恐懼去想，突然之間，一旦你開始說，我要做出一些重大改變，但讓我把一件事說清楚，那就是代理企業，不同於過去 26 年裡我們盈利的所有其他技術價值主張，一個很大的區別是，它不僅是一場徹底的技術轉型，正如我所闡述的，人類和代理人共同努力。這也是一種完全不同的組織轉型，涉及公司結構的改變。

And you probably saw that we just put out a press release that we're restructuring our company. And everyone is like saying to me, why are you doing that? What are you doing about this? What are you doing about that? You're making this change.

您可能已經看到，我們剛剛發布了一份新聞稿，宣布我們正在重組公司。每個人都問我，為什麼要這麼做？你對此做了什麼？對此你準備做什麼？你正在進行這個改變。

Yes, we're taking out poor performers; we do that every year. But we're doing something else that's much more important we're becoming an agentic enterprise. We realize that the opportunity at hand for us and for everyone and for everyone on this call is to build a radically new company, a more profitable company, a higher revenue company, a company with better performing marketing programs, more productive employees, much more augmented customer opportunities and employee opportunities. This idea that we're going to radically impact and change how companies are shaped and operate, we're not just going to build the software, it's the software and it's the structure.

是的，我們會淘汰表現不佳的員工；我們每年都會這麼做。但我們正在做其他更重要的事情，我們正在成為一家代理商。我們意識到，對於我們、對於每個人、對於參加此次電話會議的每個人來說，眼前的機會是建立一家全新的公司，一家更盈利、收入更高的公司，一家營銷計劃表現更佳、員工效率更高、客戶機會和員工機會更多的公司。我們將從根本上影響和改變公司形成和運作的方式，我們不只是要建立軟體，而是軟體和結構。

I've been on the road for eight weeks and I'm just back after meeting with hundreds of customers, primarily in Europe. And in each and every single one, it's a complex transformation, not just from the software side but also from the human management, what we call change management side. I'm sure you're all familiar with the term change management.

我已經在路上走了八個星期了，剛剛見完數百名客戶回來，主要是在歐洲。每一個過程都是一個複雜的轉變，不僅來自軟體方面，也來自人力管理，也就是我們所說的變革管理方面。我相信你們都熟悉變更管理這個名詞。

And so I'll just tell you like I was with one of our customers that I love, which is Adecco, which is this incredible recruiting company. And they're -- I'm sitting with the CEO and they're in France, Miguel is with me and we're having a great conversation, and the CIO is from Switzerland, and we're all sitting there and the -- each person is from a different part of Europe, and we're having a very robust conversation.

因此，我只想告訴您，就像我和我們最喜歡的一位客戶 Adecco 在一起一樣，這是一家令人難以置信的招聘公司。他們——我和執行長坐在一起，他們在法國，米格爾和我在一起，我們正在進行一次非常愉快的談話，首席資訊長來自瑞士，我們都坐在那裡——每個人都來自歐洲的不同地區，我們正在進行一次非常深入的談話。

But they're rebuilding their whole business model, they're technology model, they're rebuilding their whole company around this idea.

但他們正在重建整個商業模式、技術模式，並圍繞著這個想法重建整個公司。

In another case, we then drove to Schneider, who's been a customer of ours for like, I think, 20 years. And we've been -- known three or four Schneider CEOs, and I -- the new CEO, Olivier, is amazing. I had dinner with him in Dubai and now I'm seeing him again in Paris, and we're just talking about this. And I realize my job is to inspire and to energize and motivate and to fundamentally show the vision of what is possible for the future of software itself for him.

在另一種情況下，我們隨後開車去了施耐德，我想他已經是我們的客戶 20 年了。我們認識三、四位施耐德首席執行官，而我——新任首席執行官奧利維爾非常出色。我和他在杜拜共進晚餐，現在我在巴黎又見到他，我們正在談論這件事。我意識到我的工作是啟發、激勵和鼓舞他，並從根本上向他展示軟體本身的未來前景。

And for him, it's really exciting because he not only is going to rebuild this company, but he can also rebuild the software that he builds and delivers to his customers. And then we went up to -- I got on the plane literally, I'm just recalling my trip in my head right now, up to Amsterdam to talk to some of the banks up there.

對他來說，這真的令人興奮，因為他不僅要重建這家公司，還可以重建他開發並交付給客戶的軟體。然後我們就去了——我真的上了飛機，我現在還在腦海裡回想我的旅程，去阿姆斯特丹與那裡的一些銀行交談。

And we went through this agentic enterprise vision with our Financial Services Cloud and how we've rebuilt this product and what -- and I'm with the CEO and the management team, and the CEO stops me at the end of the meeting, he goes, I just want to tell you, this has been a great two hours, but we took our entire Board meeting yesterday to only talk about what the potential is for agentic capability at our bank. And I think in each and every case, every company is going to go through this dramatic transformation. Now there will be vendors that lay out what they think is the future.

我們透過金融服務雲討論了代理企業願景，以及我們如何重建該產品，以及——我和首席執行官以及管理團隊在一起，首席執行官在會議結束時打斷了我，他說，我只想告訴你，這是很棒的兩個小時，但我們昨天的整個董事會會議只是為了討論我們銀行的代理能力的潛力。我認為，在每種情況下，每家公司都會經歷這種巨大的轉變。現在，一些供應商將會闡述他們所認為的未來。

And they could say, well, we're going to give you this large language model in your -- I'm not going to go through the specific different models. But at the productivity level. Or we're going to give you just a large language model, or we're going to do this for you. But I haven't found anyone other than Salesforce.

他們可能會說，好吧，我們將為您提供這個大型語言模型——我不會詳細介紹不同的具體模型。但在生產力水準上。或者我們只會給你一個大型語言模型，或者我們會為你做這件事。但除了 Salesforce 之外我還沒有找到任何人。

And I will say maybe there's a couple of other peers of ours who then can come in at scale, but I think we're the only one who's rebuilt every single one of our product line because I am super passionate that all of our products need to change and all of our customers need to adopt this and that we are going to do it through a whole different business strategy.

我想說，也許我們的其他一些同行也可以大規模加入，但我認為我們是唯一一家重建了每一條產品線的公司，因為我非常熱衷於我們所有的產品都需要改變，我們所有的客戶都需要採用這種改變，而我們將透過完全不同的商業策略來實現這一點。

And this is just a moment where if you can't feel or see what's about to happen, it is incredible. And it's not just about some foundation model is now officially taking over every enterprise, because I've been to every customer on planet earth, I haven't seen that.

而這一刻，如果你無法感覺或看到即將發生的事情，那真是令人難以置信。這不僅僅是一些基礎模型現在正式接管每個企業，因為我已經拜訪過地球上的每個客戶，我還沒有看到這種情況。

But what I have seen is that, like in my own company, if you haven't seen it, come over, I'm going to show to you myself, that you can do things in a company that you could not do before, and it's all possible. And you can do a lot of things.

但我所看到的是，就像在我自己​​的公司裡一樣，如果你還沒看到，那就過來吧，我會親自給你展示，你可以在一家公司裡做以前做不到的事情，這一切都是可能的。你可以做很多事。

But one last thing, you cannot do everything. And folks that think that you can do everything or that this AGI is this and now AGI is getting recast, AGI. AGI used to be -- AGI is, let's say, the AI that basically is able to reinvent itself and build new models on its own. Okay?

但最後一件事，你不能做所有的事情。有些人認為你可以做任何事情，或者 AGI 就是這樣，現在 AGI 正在重塑，AGI。AGI 曾經是——可以說，AGI 是一種基本上能夠自我重塑並自行建立新模型的人工智慧。好的？

So anyone who says, now, well, AGI is just a version of a model that can now not only code but then refactor software. It's not -- everyone is trying to recast AGI because of a lot of aggressive comments about AGI from a few years ago.

因此，現在有人說，AGI 只是一個模型版本，它現在不僅可以編碼，還可以重建軟體。事實並非如此——由於幾年前對 AGI 有很多激烈的評論，所以每個人都試圖重塑 AGI。

So let's just come back here, it's now being recast as super intelligence, the reality is you can -- you see these large language models are actually hitting the upper limits of their existence. They are themselves finite data sets built on the Internet built on finite set of algorithms, and we can see what those are and what they are not. There's no question about that.

所以讓我們回到這裡，它現在被重塑為超級智能，現實是你可以——你看這些大型語言模型實際上正在達到它們存在的上限。它們本身是基於有限演算法集在互聯網上建立的有限資料集，我們可以看到它們是什麼，不是什麼。毫無疑問。

okay? But that idea that they're valuable, yes, you can use them, coupled with enterprise software to do some incredible things.

好的？但是這個想法是有價值的，是的，你可以使用它們，結合企業軟體來做一些不可思議的事情。

Great. Thanks, Marc. Operator, we'll take our last question now, please.

偉大的。謝謝，馬克。接線員，我們現在來回答最後一個問題。

Raimo Lenschow, Barclays.

巴克萊銀行的 Raimo Lenschow。

Perfect. Hey, just to wrap it all up together. If you think about it, you have more sales guys, as Miguel said, the agents should help you to get more productive. What does that tell me about your confidence about the growth outlook going forward? Could be a short answer.

完美的。嘿，只是把一切都總結一下。如果你仔細想想，你有更多的銷售人員，正如米格爾所說，代理商應該幫助你提高生產力。這說明您對未來成長前景有何信心？可以是一個簡短的回答。

Well, I think that Miguel was actually putting together a pretty compelling narrative around what we think is happening inside of our own company. And you can see it in the numbers if you look closely enough, they're pretty exciting. And this is not a company in crisis. This is a company that is accelerating and doing things in new ways, has it going through a huge innovation cycle, is innovating organically and inorganically and has incredible levels of customer success.

嗯，我認為米格爾實際上是圍繞著我們認為我們公司內部正在發生的事情，編造了一個非常引人注目的敘述。如果你仔細觀察，你就可以從數字中看到這一點，它們非常令人興奮。這並不是一家陷入危機的公司。這是一家正在加速發展並以新方式做事的公司，它正在經歷一個巨大的創新週期，正在進行有機和無機創新，並取得了令人難以置信的客戶成功水平。

But there is something bigger than that. I'll just let get Miguel repeat what he said before because it was so subtle but yet so important because it's our growth ladder and it's our narrative on why we think we're going to see some incredible growth over the next six to three quarters.

但還有比這更大的事。我只是讓米格爾重複他之前說過的話，因為它非常微妙但又非常重要，因為這是我們的成長階梯，也是我們對為什麼我們認為我們將在未來六到三個季度看到令人難以置信的增長的敘述。

Yeah. Thank you, Marc. I think, Raimo, you're thinking more about how the booking acceleration might flow through the top line revenues. Robin already alluded to that. My focus is accelerating bookings.

是的。謝謝你，馬克。我認為，雷莫，你更多考慮的是預訂加速如何影響營業收入。羅賓已經提到了這一點。我的重點是加速預訂。

I'm very happy with the execution of my team. I'm very positive about what is coming ahead, not just in H2, but also what is coming in the next fiscal year. We're already thinking about the next fiscal year.

我對我的團隊的表現非常滿意。我對未來充滿信心，不僅是下半年，還有下一個財政年度。我們已經在考慮下一個財政年度了。

We wouldn't be investing at the rate that we are investing with very -- a lot of intentionality in the areas that are growing, in the areas that have higher margin if we didn't see a great opportunity. We are sitting with Agentforce and Data Cloud in thousands of customers.

如果我們沒有看到巨大的機會，我們就不會以現在的速度，有意識地在成長領域、利潤率更高的領域進行投資。我們與 Agentforce 和 Data Cloud 合作，為數千名客戶提供服務。

I'm already seeing customers that have refilled the tank, we call it refill the tank when they come back and buy more data or more Agentforce credit. There is a customer that in just three or four months, they refilled the tank 3 times.

我已經看到一些客戶重新加滿了油箱，當他們回來購買更多數據或更多 Agentforce 信用時，我們稱之為重新加滿油箱。有一位顧客，在短短三、四個月的時間裡，就加滿了三次水箱。

I gave you the example of Falabella. When we have thousands of customers, and we're going to have billions, billions of agents working, this is digital labor, at scale, working in thousands of companies, just consuming, just operating, just driving value to the customers, and customers are going to need more credit, more fuel, and I see a bright future. The bookings are very strong and I'm very confident in the future of the company.

我給你舉了法拉貝拉的例子。當我們擁有成千上萬的客戶，我們將擁有數十億、數十億的代理，這就是大規模的數位勞動力，在成千上萬的公司中工作，只是消費，只是運營，只是為客戶創造價值，而客戶將需要更多的信貸，更多的燃料，我看到了光明的未來。預訂量非常大，我對公司的未來充滿信心。

Okay. Thanks, Raimo.

好的。謝謝，雷莫。

Thank you. Yeah. Thank you.

謝謝。是的。謝謝。

I appreciate everyone joining the call today and I want to remind everyone to tune into our product innovation webinar on Friday. We'll have a session focused on Agentforce adoption and Customer Zero. Look forward to seeing you all then and over the coming weeks. Thank you.

我感謝今天參加電話會議的每個人，我想提醒大家在周五收聽我們產品創新網路研討會。我們將舉行一場重點討論 Agentforce 採用和 Customer Zero 的會議。期待屆時以及未來幾週內與大家見面。謝謝。

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

感謝您的加入。今天的電話會議到此結束。您現在可以斷開連線。