賽富時 (CRM) 2026 Q3 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 third-quarter fiscal 2026 conference call. This conference is being recorded. (Operator Instructions)

大家下午好。我叫萊拉，今天將由我擔任你們的會議接線生。此時此刻，我謹代表 Salesforce 宣布 2026 財年第三季業績，歡迎各位參加電話會議。本次會議正在錄影。（操作說明）

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.

此時，我想把電話交給財務與策略及投資人關係執行副總裁麥克‧史賓塞。先生，您可以開始了。

Good afternoon, and thanks for joining us today on our fiscal 2026 third-quarter results conference call. Our press release, SEC filings and a replay of today's call can be found on our website. Joining me on the call today is Marc Benioff, Chair and CEO; Robin Washington, Chief Operating and Finance Officer. We also have Srini Tallapragada, President and Chief Engineering and Customer Success Officer; and Miguel Milano, President and Chief Revenue Officer, joining us for the Q&A portion of the call.

下午好，感謝各位今天參加我們2026財年第三季業績電話會議。我們的新聞稿、提交給美國證券交易委員會的文件以及今天電話會議的錄音都可以在我們的網站上找到。今天與我一起參加電話會議的有董事長兼執行長馬克貝尼奧夫；營運長兼財務長羅賓華盛頓。我們也邀請了總裁兼首席工程和客戶成功長 Srini Tallapragada，以及總裁兼首席營收長 Miguel Milano，他們將參加電話會議的問答環節。

Some of our comments today may contain forward-looking statements that are subject to risks, uncertainties and assumptions, which could change. Should any of these risks materialize or should our assumptions prove to be incorrect, actual company results or outcomes could differ materially from these forward-looking statements. A description of these risks, uncertainties and assumptions and other factors that could affect our financial results or outcomes is included in our SEC filings included in our most recent report on Forms 10-K, 10-Q, and any other SEC filings.

我們今天的一些評論可能包含前瞻性陳述，這些陳述受到風險、不確定性和假設的影響，可能會發生變化。如果這些風險中的任何一個成為現實，或者我們的假設被證明是錯誤的，則公司的實際表現或結果可能與這些前瞻性聲明有重大差異。有關這些風險、不確定性、假設以及可能影響我們財務表現或結果的其他因素的描述，已包含在我們最新的 10-K 表格、10-Q 表格報告以及任何其他提交給美國證券交易委員會的文件中。

Except as required by law, we do not undertake any responsibility to update these forward-looking statements. As a reminder, our commentary today will include non-GAAP measures and reconciliations between our GAAP and non-GAAP results and guidance can be found in our earnings materials and press release.

除法律要求外，我們不承擔更新這些前瞻性陳述的任何責任。再次提醒，我們今天的評論將包含非GAAP指標，我們的GAAP和非GAAP結果之間的調節表以及相關指引可在我們的獲利資料和新聞稿中找到。

And with that, let me hand the call over to Marc.

那麼，現在讓我把電話交給馬克。

All right. Great job, Mike. And thanks, everyone, for joining us today. Well, as you can see, first of all, great seeing everyone at Dreamforce. We're so happy that you are all with us.

好的。幹得好，麥克。感謝各位今天蒞臨本節目。嗯，正如你所看到的，首先，很高興在 Dreamforce 見到大家。我們非常高興你們都能和我們在一起。

And now you can see we've delivered strong results for the quarter across all of our key metrics. We're continuing to execute on the path to our $60 billion dream that we outlined in detail with you -- all of you at Investor Day. And we delivered really strong bookings. Miguel is here. He's going to talk to you about that.

現在您可以看到，我們本季在所有關鍵指標上都取得了強勁的成績。我們將繼續朝著實現 600 億美元夢想的方向前進，這個夢想我們已經在投資者日上向各位詳細闡述過了。我們的預訂量非常可觀。米格爾來了。他會跟你談談這件事。

And we have delivered incredible results with Agentforce. It's really exceeding our expectations. You're going to hear all the details, but I think that you could see 3.2 trillion tokens delivered for our customers. It's all exceeding our expectations. We're going to get into all of that detail as well.

我們藉助 Agentforce 取得了令人矚目的成果。這真的超出了我們的預期。你們將會聽到所有細節，但我認為你們可能會看到我們的客戶收到 3.2 兆枚代幣。一切都超出了我們的預期。我們也會深入探討所有這些細節。

That's the core of our organic innovation. We're making these disciplined strategic acquisitions like Informatica, also now online in the company. We're really excited about the harmonization, integration, federation that Informatica plus Data 360 plus MuleSoft is giving us, and that's going to strengthen our overall leadership in data and, of course, AI.

這就是我們有機創新的核心。我們正在進行像 Informatica 這樣有條不紊的策略性收購，該公司現在也已上線營運。我們對 Informatica、Data 360 和 MuleSoft 為我們帶來的協調、整合和聯合感到非常興奮，這將加強我們在資料和人工智慧領域的整體領導地位。

And we're ensuring that we have the distribution capacity, that's extremely important for us because we are a direct seller in place to support long-term growth, and Miguel has made some fantastic investments over the last 12 months in all of our core segments, we're going to talk about that as well.

我們正在確保擁有足夠的配送能力，這對我們來說至關重要，因為我們是一家直銷公司，旨在支持長期成長。在過去的 12 個月裡，Miguel 在我們所有核心業務領域都進行了一些非常棒的投資，我們也會談到這一點。

And finally, Robin is going to speak in more detail about the capital allocation strategy and the investments that we're making for fiscal year '27, which we're getting very excited about and a very clear focus on our continued path for, I would say, very sustainable, profitable, durable growth, and innovation in the company.

最後，Robin 將更詳細地談論資本配置策略以及我們為 2027 財年所做的投資，我們對此感到非常興奮，並且非常明確地專注於我們繼續走可持續、盈利、持久增長和公司創新之路。

Now, you are all at Dreamforce. You saw that energy, the level of customer success, it exceeded my expectations, and you saw how we're bringing humans, data, AI apps together to build the Agentic enterprise. And we just couldn't be more excited about that and how customers are receiving the message. Every CEO I met at Dreamforce. And I mean, every CEO I speak to just in the last couple of days, I had some great meetings.

現在，你們都在Dreamforce大會現場。你看到了那種活力，看到了客戶的成功程度，這超出了我的預期，你也看到了我們是如何將人類、數據和人工智慧應用程式結合起來，建立智慧企業。我們對此感到無比興奮，也對客戶們對這訊息的接受程度感到欣喜。我在Dreamforce大會上遇到的每一位CEO。我的意思是，就在過去幾天裡，我跟每一位CEO都進行了交談，我們進行了非常棒的會談。

And I'll tell you that -- everyone knows that they want to get to the next level in their business to bring AI in, become more productive, become more efficient, become elevated as Matthew said in the opening video. But they all know they now -- they've got to become these agentic enterprises. And I don't think for a lot of them two years, three years ago, maybe even a year ago, they really understood that opportunity, and they are now more motivated than ever to do it.

我還要告訴你們——每個人都知道他們想要讓自己的業務提升到一個新的水平，引入人工智慧，提高生產力，提高效率，提升自身實力，正如馬修在開場影片中所說的那樣。但他們現在都知道——他們必須成為有自主性的企業。我認為，兩年前、三年前，甚至一年前，他們中的許多人並沒有真正理解這個機會，而現在他們比以往任何時候都更有動力去做這件事。

We're going to hear about that some story, great stories from the quarter -- and of course, we've all read that crazy MIT study where customers went off trying to build their own models and try to build their own toolkits and this and that and DIY it and now they realize the real value from AI is delivering, number one, customer agents, and we have so many examples, but now I think about $500 million in Agentforce revenue, talking about customer agents, but also -- and what's really exciting here at Salesforce.

我們將聽到一些精彩的故事，一些本季度的精彩故事——當然，我們都讀過那篇瘋狂的麻省理工學院研究報告，報告指出客戶們嘗試構建自己的模型、工具包等等，進行各種DIY，而現在他們意識到人工智能的真正價值在於提供，首先是客戶服務代理，我們有很多例子，但現在我想到Agentforce的5億美元收入，談到客戶服務代理，但還有一個真正的地方的地方。

And some of you have seen it, but probably a lot of you haven't is employee agents. And we've really delivered an incredible new framework deeply integrated into our Slack product. Every Salesforce employee already uses it every day I do, and it's the core of every demonstration we give to our customers to show how we have unleashed with Slack, something new called Slackbot, which is really the heart of our employee agent strategy, and you're going to see that.

你們當中有些人可能已經見過，但可能很多人還沒見過，那就是員工代理人。我們確實交付了一個非常棒的新框架，並將其深度整合到我們的 Slack 產品中。每個 Salesforce 員工每天都在使用它，我也是如此。它是我們向客戶展示如何利用 Slack 釋放潛力的每個簡報的核心，我們稱之為 Slackbot，它實際上是我們員工代理策略的核心，您很快就會看到。

It's incredible. It is able to go not only through Slack, but and not only through the whole Internet, but also through all of our customers' data that they have basically provisioned in a secure way through Salesforce as well and deliver a context. And I'll tell you -- now before I do a customer visit or call or whatever it is, I'll just kind of sit right down. I was with a really good friend of mine.

真是不可思議。它不僅能夠透過 Slack，而且不僅能夠透過整個互聯網，還能透過我們客戶透過 Salesforce 以安全方式提供的所有數據，並提供上下文。我告訴你——在我進行客戶拜訪、打電話或其他任何操作之前，我都會先坐下來。我當時和我的一個非常好的朋友在一起。

Just this weekend, I had lunch with him, and he's a top venture capitalist and he had been a huge investor in the Coinbase. And I'll tell you that we're just sitting there, just talking about, hey, tell me about everything with your venture capital company, tell me everything about this venture capitalist and then also tell me everything about Coinbase and the company and our relationship.

就在這個週末，我和他一起吃了午飯，他是一位頂尖的創投家，也是 Coinbase 的主要投資者。我告訴你，我們當時就坐在那裡，聊著天，嘿，跟我說說你創投公司的一切，跟我說說這位創投家的一切，然後再跟我說說 Coinbase 和這家公司以及我們之間的關係。

And then it's able to deliver to me an absolute and complete not only analysis, not only a summarization, not only all of the detail, but next steps, how to sell, what I should do exactly for the customer.

然後，它不僅能為我提供絕對完整的分析、總結和所有細節，還能提供後續步驟、如何銷售以及我應該為客戶做些什麼。

And I love demoing this to customers because they don't think it's possible. And then when they see it, they say, wow, this is what AI was meant to be. And I'm like, this is context, this is data. This is apps. This is the best of the large language models and delivering it all to you. Well, anyway, let's get into the quarter.

我喜歡向客戶示範這個功能，因為他們覺得不可能。然後當他們看到它時，他們會說，哇，這就是人工智慧應該有的樣子。我當時就想，這就是背景，這就是數據。這是應用程式。這是大型語言模型中的佼佼者，我們將所有功能都呈現給您。好了，總之，讓我們進入本季吧。

Q3 revenue was $10.26 billion. It's up 9% year over year, 8% in constant currency. Our non-GAAP operating margin came in strong at 35.5%. And cRPO was outstanding. You see already $29.4 billion, up 11%. Miguel is going to talk about this great quarter we had -- the best quarter, I think we've had actually in three years and 11% in constant currency and RPO is nearly $60 billion, growing 12% year over year. Kind of huge numbers, but very exciting, considering we've also rebuilt all the products as well and delivering this AI future for everyone.

第三季營收為102.6億美元。年增 9%，以固定匯率計算成長 8%。我們的非GAAP營業利益率表現強勁，達到35.5%。cRPO 的表現非常出色。目前已達 294 億美元，成長 11%。米格爾將要談談我們這個非常棒的季度——我認為這是我們三年來最好的一個季度，按固定匯率計算增長了 11%，RPO 接近 600 億美元，同比增長 12%。數字確實很大，但考慮到我們也重建了所有產品，並將人工智慧的未來帶給所有人，這非常令人興奮。

This really is signaling to us that it's a strong pipeline of future revenue as customers ground their AI future in Agentforce. In the third quarter, operating cash flow was a whopping $2.3 billion, up 17% year over year. Free cash flow was $2.2 billion, up 22% year over year, and we expect to finish the year with nearly $15 billion in operating cash flow. That was pretty awesome, I think. I think it's more operating cash flow at $15 billion than even Walmart.

這確實向我們表明，隨著客戶將他們的 AI 未來建立在 Agentforce 之上，未來收入將穩定成長。第三季度，經營現金流高達 23 億美元，較去年同期成長 17%。自由現金流為 22 億美元，年增 22%，我們預計今年底的營運現金流將接近 150 億美元。我覺得那真是太棒了。我認為它的營運現金流高達 150 億美元，甚至比沃爾瑪還要多。

So that's awesome. Agentforce and Data reached nearly $1.4 billion in ARR in the quarter, up 114% year over year, including Agentforce ARR of about $540 million, 330% year over year. And I think all of our account executives, (inaudible) I think we've got about 15,000, I don't know what the exact numbers out there are all selling this now.

太棒了。Agentforce 和 Data 在本季的 ARR 達到近 14 億美元，年成長 114%，其中 Agentforce 的 ARR 約為 5.4 億美元，較去年同期成長 330%。我認為我們所有的客戶經理，（聽不清楚）我想我們大約有 15,000 人，我不知道確切的數字是多少，現在都在銷售這個產品。

People really can understand it. We can demo it, we can show it. But I think you've all seen like what our customers are doing. And the one I love and that I use because I'm a huge customer is Williams-Sonoma's version of Agentforce, which they call all of [Olive]. And if you haven't been on the Williams Support -- Williams-Sonoma's website and seen the sous chef that they call alive and used it, I think the quality is what I'm most impressed with that it's really very, very good.

人們確實能夠理解。我們可以演示，我們可以展示。但我認為你們都看到了我們的客戶正在做的事情。我最喜歡也最常使用的，因為我是他們的大客戶，是 Williams-Sonoma 版本的 Agentforce，他們稱為 all of[橄欖]如果你還沒有訪問過 Williams Support（威廉姆斯-索諾瑪）的網站，沒有看到他們稱之為“活的副廚”並親自體驗過，我認為最讓我印象深刻的是它的質量，它真的非常非常好。

You don't see hallucinations. You see really kind of the customer personality, the quality, the ability to deliver value, and they are saying that's about 60% of their chats.

你不會出現幻覺。你可以真正了解客戶的個性、品質、創造價值的能力，他們說這佔他們聊天內容的 60% 左右。

We've got a whole another level to go with them with voice, which is coming, which is very exciting. This is our fastest-growing product ever. And every Salesforce app now not just sales, service, marketing, commerce, all of them, Tableau, Slack, our new ITSM, supply chain products, they've all been rebuilt, and Sreeni's here, he's going to talk about what we've done to bring Agentforce into every product we have and we transform Agentforce from being a product to a platform, so that all of our apps can reason, learn, take action, collaborate with users, but it's really about humans and apps and the AI and the data all working together.

我們還有一個全新的層面可以應用，那就是語音功能，這非常令人興奮。這是我們迄今為止成長速度最快的產品。現在，Salesforce 的所有應用程序，不僅是銷售、服務、行銷、商務，還包括 Tableau、Slack、我們新的 ITSM、供應鏈產品，它們都已重建。 Sreeni 也在這裡，他將談談我們如何將 Agentforce 整合到我們所有的產品中，並將 Agentforce 從一個產品轉變為一個平台，這樣我們所有的應用程式都可以進行推理、學習、採取行動、與用戶合作。但實際上，這一切都關乎人、應用程式、人工智慧和數據如何協同工作。

And that is what's so exciting that every part of our platform is now so deeply integrated and because all of the data is unified. And every app shares the same metadata. They speak the same language, and you really get that feeling when you are using the Slackbot and Srini will tell you about it because all of a sudden Slackbot is able to like read across all of our data, but then talk directly to you and give you that elevated experience.

而最令人興奮的是，我們平台的每個部分現在都實現了深度集成，並且所有數據都實現了統一。而且每個應用程式都共享相同的元資料。它們說著同一種語言，當你使用 Slackbot 時，你會真切地感受到這一點，Srini 會告訴你這一點，因為 Slackbot 突然間就能讀取我們所有的數據，然後直接與你對話，帶給你更優質的體驗。

So when an LLM is interacting with Agentforce, it's getting that strategic context from our data from the data on the Internet as well, from the data that it's been trained in. And then how you -- knows how your business operates, it's really able to give you that. And that's because Salesforce is unique in that we have data that makes business more valuable. It's that customer data, the service data, the sales data, the marketing data and then we're able to deliver it in a tremendously friendly way.

因此，當 LLM 與 Agentforce 互動時，它會從我們的資料、網路上的資料以及它所接受訓練的資料中獲取策略背景。然後，它了解你的業務運作方式，這真的能夠為你提供這些資訊。這是因為 Salesforce 的獨特之處在於，我們擁有能夠提升企業價值的資料。我們掌握了客戶數據、服務數據、銷售數據和行銷數據，然後能夠以非常友善的方式呈現。

We've rebuilt all of our products to deliver this agentic enterprise really just getting going. I think Srini will tell you we were really brainstorming a few years ago when we first created our GPT series, we were starting to begin to integrate the large language models. I don't think we exactly knew that at this point, we'd be able to deliver this incredible customer agent experience and this incredible employee agent experience.

我們已經重建了所有產品，以交付這個剛起步的代理商。我想 Srini 會告訴你，幾年前我們第一次創建 GPT 系列時，我們確實在進行頭腦風暴，我們開始著手整合大型語言模型。我認為我們當時並不知道，我們能夠提供如此卓越的客戶服務體驗和如此卓越的員工服務體驗。

In fact, 6 of our top 10 deals in the quarter are now driven by companies that just want to transform with Agentforce. And that's a big thought because a year ago, we're basically just trying to ship the product. It was just coming out of beta. It was like a very strong version 1, but it's more than a strong version 1 now. And I think everyone can go and look at that example with Williams-Sonoma or with SharkNinja or with -- I mean there are so many great examples that I use every day. I know Miguel has got his remarkable pad in front of him.

事實上，本季我們十大交易中有 6 筆是由希望藉助 Agentforce 實現轉型的公司促成的。這是一個很重要的想法，因為一年前，我們基本上只是在努力把產品交付出去。它當時剛結束測試階段。它就像一個非常強大的第一版，但現在它比強大的第一版還要強大。我認為每個人都可以去看看 Williams-Sonoma 或 SharkNinja 的例子，或者——我的意思是，我每天都會用到很多很棒的例子。我知道米格爾面前擺著他那間很棒的公寓。

So I think that just a year since we introduced Agentforce, we've closed over 18,500 Agentforce deals. 9,500 of them are paid transactions, it's up 50% quarter over quarter. All of our reps now kind of have the acuity. They've got the nomenclature, they're enabled. That was a huge lift for us to start to bring the whole company into this AI revolution and give them the tools and now these great customer examples. And it's happening around the world.

所以我覺得，自從我們推出 Agentforce 以來僅僅一年，我們就完成了超過 18,500 筆 Agentforce 交易。其中 9,500 筆是付費交易，季增了 50%。我們所有的銷售代表現在都具備這種敏銳度。他們掌握了術語，他們具備了能力。對我們來說，讓整個公司開始進入這場人工智慧革命，並為他們提供工具，以及現在這些優秀的客戶案例，都是一個巨大的進步。而且這種情況正在世界各地發生。

I just got back from Japan and I saw it there. I was in the UK. I saw it there. I've seen obviously throughout the whole United States. It's really a global phenomenon. So Agentforce is now powered.

我剛從日本回來，我在那裡看到了。我當時在英國。我在那裡看到了。我顯然在美國各地都看到了。這確實是一種全球性現象。Agentforce現在已經通電了。

Here's a few interesting things. Agentforce has powered 1.2 billion large language model calls, that's interactions when agents invoke a model to understand contacts and decide the next best action. Across the apps, you've seen the omnichannel supervisor like built into the service cloud, where all of a sudden, I'm a customer. I'm coming into the website even like Salesforce to help.salesforce.com or any of our customers' websites.

這裡有一些有趣的事情。Agentforce 已支援 12 億次大型語言模型調用，即代理調用模型來理解聯絡人並決定下一步最佳行動的交互。在各種應用程式中，您都看到了類似全通路主管的功能，它被內建到服務雲中，突然之間，我就成了客戶。我甚至會造訪 Salesforce 的網站，例如 help.salesforce.com 或我們任何客戶的網站。

And I'm in there, and I'm working and then all of a sudden, I've hit kind of the limit of what the LLM can do, I can escalate immediately, also write to a human. And that's where the humans and the agents and the AI and the data all have to work together.

我當時在裡面工作，突然間，我感覺自己已經達到了 LLM 所能做到的極限，我可以立即升級，也可以寫信給真人。這就需要人類、智能體、人工智慧和數據共同協作。

And our top 50 customers, including -- and Miguel has got this story in his pocket, but Falabella, Vivint, DIRECTV. There's so many great stories, more than 200 million Agentforce LLM calls in Q3 alone, on track to power another 2 billion over the next year. And those LMs now are calling these agent force actions such as updating the opportunities, creating a case, handling service inquiry and the number of average weekly actions has now risen about 140% Q over Q.

我們的前 50 位客戶包括——米格爾已經掌握了這個故事——Falabella、Vivint、DIRECTV。精彩的故事不勝枚舉，光是第三季度，Agentforce LLM 就處理了超過 2 億次通話，預計明年還將處理 20 億次通話。現在，這些 LM 將這些代理強制操作稱為更新機會、建立案例、處理服務查詢等操作，平均每週操作數量較上季增加了約 140%。

So we're really seeing the adoption and the usage. And that's what we're exciting. And here's the number we really haven't focused on, I think, in an earnings script, and I don't even think we hit it last time exactly, but Agentforce has processed more than 3.2 trillion tokens. So 3.2 trillion tokens of LLM gateway so far. And we're going to start talking about that concept.

所以我們確實看到了這種普及和使用。這就是我們感到興奮的地方。我認為，我們在財報報告中並沒有真正關注到這個數字，而且我甚至認為我們上次也沒有準確達到這個數字，但 Agentforce 已經處理了超過 3.2 兆個代幣。截至目前，LLM網關已發行3.2兆個代幣。接下來我們要開始討論這個概念。

We saw that in OpenAI's recent announcement that we were in their [Trillion] Token Club. And of course, we use all of the large language models. The -- they're all great. We love all of them. We love all of our children, but they're also all just commodities, and we can have the choice of choosing whatever one we want, whether it's Open AI or Gemini or anthropic or what there's other open source ones, they're all very good at this point.

我們在 OpenAI 最近的公告中看到，我們加入了他們的萬億代幣俱樂部。當然，我們也使用了所有的大型語言模型。它們——它們都很棒。我們愛他們所有人。我們愛我們所有的孩子，但它們也都只是商品，我們可以選擇我們想要的任何一個，無論是 OpenAI、Gemini、Athropotic 還是其他開源軟體，它們目前都非常優秀。

So we can swap them in and out. The lowest cost the best one for us, making us basically the top user of these foundation models. And that point that we did 3.2 trillion tokens, let Bilbo Baggins know that we've got adoption and usage happening here with this large language model gateway. That was just out to J.R.R. Tolkien himself, but that's the end of the jokes for the call.

所以我們可以把它們互換放進去。成本最低的對我們來說就是最好的，這使我們基本上成為這些基礎模型的最大用戶。而我們實現了 3.2 兆個代幣，這足以讓比爾博·巴金斯知道，我們透過這個大型語言模型網關實現了普及和使用。那句話是專門說給J.R.R.托爾金本人聽的，但這次通話的玩笑就到此為止了。

In October alone, token usage was nearly $540 billion, up 25% month over month. And I just don't think any other enterprise software company has that's quite like this. This isn't your Clippy. This is not your kind of a good AI demo. This is real enterprise adoption of agentic AI and capability at scale globally. And those numbers are going to keep growing as customers put Agentforce to work across their business, but not every task or step in the workflow needs to call the LLM, we call that determinism. And determinism is really important because for those of us who grew up in software, we used to call it if then statements, but now we call it determinism.

光是10月份，代幣使用量就接近5,400億美元，較上季成長25%。我認為其他任何企業軟體公司都沒有像這樣的產品。這不是你的 Clippy。這不是那種好的AI示範。這是企業在全球真正大規模採用智能體人工智慧及其相關能力的案例。隨著客戶在其業務中應用 Agentforce，這些數字仍會繼續成長，但並非工作流程中的每個任務或步驟都需要呼叫 LLM，我們稱之為確定性。確定性非常重要，因為對於我們這些在軟體產業長大的人來說，我們過去稱之為 if then 語句，但現在我們稱之為確定性。

But determinism is that, hey, if I need to do this, go to the LLM, but I probably don't need to go to the LLM, just do that. So that is going to even reduce our costs further and not hit the LLM as much as we do. And that's why we built hybrid reasoning and agent script and our AI teams are just crushing it on that. And we're getting customers the best of both worlds, combining LLM driven reasoning and deterministic precision. We had strong performance across Agentforce Service, Agentforce Sales, and Slack.

但決定論認為，嘿，如果我需要做這件事，那就去讀法學碩士，但我可能不需要讀法學碩士，那就做那件事就行了。這樣一來，我們的成本將進一步降低，對LLM的影響也不會像現在這麼大。正因如此，我們建立了混合推理和代理腳本，而我們的人工智慧團隊在這方面取得了巨大的成功。我們為客戶帶來了兩全其美的體驗，將 LLM 驅動的推理和確定性的精確性結合起來。我們在 Agentforce Service、Agentforce Sales 和 Slack 方面都取得了強勁的業績。

And those three apps are just a powerful combination for just us at Salesforce, we use those every single day, we live on them. It is really the hat trick for Salesforce with large customers to say, let us show you what we're doing in service. Let us show you what we're doing in sales. Let us show what we're doing in Slack. And it's a Wow experience right now. It's only going to get better.

這三個應用程式對我們 Salesforce 來說就是一個強大的組合，我們每天都在使用它們，我們的生活離不開它們。對於 Salesforce 來說，真正能讓大客戶滿意的，就是說：“讓我們向您展示我們在服務方面所做的一切。”讓我們向您展示我們在銷售方面所做的工作。讓我們來展示一下我們在 Slack 中正在做的事情。現在這真是一次令人驚豔的體驗。情況只會越來越好。

And in fact, if we included the full contribution of Agentforce, just in service, we used to call it Service Cloud, now we call it Agentforce service, but you look at Agentforce service, we would show an additional point of growth in Q3. Now Mike likes to carve off the agent thing, revenue, Heath wants to have it in his own line, blah, blah, blah, it's a huge argument between me and Mike. and the reality is, look, you're not going to have agent for service or agent for sales without the AI. So it's just moving.

事實上，如果我們把 Agentforce 的全部貢獻都算進去，僅僅在服務方面，我們以前稱之為 Service Cloud，現在我們稱之為 Agentforce 服務，但如果你看一下 Agentforce 服務，我們會發現第三季度還有一個額外的增長點。現在麥克想把代理商業務和收入單獨剝離出來，希思想把它納入自己的業務線，等等等等，這成了我和麥克之間爭論的焦點。但現實是，你看，沒有人工智慧，你就不可能有服務代理或銷售代理。所以它只是在移動。

And Slack is now where it's coming all together. And that is this incredible conversational interface for every app, every agent, every workflow. I'm going to get to a really cool point in a second. When we released this new Slack bot every -- you've got to see it. So you've all got friends or Salesforce employees, take them aside and have them show you Slackbot. And just do whatever query you want and say, hey, I'm talking to this customer, I'm talking to that.

現在，Slack 把所有這些功能整合到了一起。這就是適用於每個應用程式、每個代理程式、每個工作流程的強大對話式介面。我馬上要講到一個很精彩的部分。我們每次發布這款新的 Slack 機器人時——你一定要看看。所以，如果你有朋友或 Salesforce 的員工，就把他們拉到一邊，讓他們給你看 Slackbot。然後，你可以隨意進行任何查詢，並說：“嘿，我正在與這個客戶對話，我正在與那個客戶對話。”

I tell me this, I -- and you are going to see some incredible things, how it has the ability to search across Salesforce and build agents and create things and do this incredible work on your behalf.

我告訴自己，你會看到一些不可思議的事情，它能夠搜尋 Salesforce 中的所有數據，創建代理，創建各種東西，並代表你完成這些不可思議的工作。

Now I'll tell you -- and I'll just tell you that for me, Slackbot is like chatting with just one of our Ohana that knows everything about Salesforce. So it's pretty awesome, but nearly 90% now of all of the Forbes top 50 AI companies are using Salesforce. Let's just think about that for a second. 90% of all the Forbes top 50 AI companies, those are the Anthropics and Open AIs, and the blah, blah, blah companies, okay, that is our cognition cursor figure AI, okay.

現在我要告訴你——我只想告訴你，對我來說，Slackbot 就像是和我們 Ohana 家族中一位對 Salesforce 瞭如指掌的成員聊天一樣。所以這很棒，現在福布斯排名前 50 的 AI 公司中，有近 90% 都在使用 Salesforce。我們不妨思考一下。在福布斯人工智慧公司排行榜前 50 名中，90% 都是 Anthropics 和 OpenAIs，以及其他一些公司，好吧，這就是我們所說的認知遊標圖人工智慧，好吧。

They all average about four clouds each already. And 80% of them are using Slack to run their business. So if you're with those companies, hey, say, hey, show me how you're using Slack. They may not have Slackbot yet because we've only turned it on for a small number of customers who are about to hit the switch and everybody is going to see this employee agent power. So that most people have seen that customer agent power.

它們平均每朵雲大約有四朵。其中 80% 的人都在使用 Slack 來經營業務。所以，如果你在這些公司工作，嘿，說，嘿，給我展示一下你是如何使用 Slack 的。他們可能還沒有 Slackbot，因為我們只為少數即將啟用該功能的客戶開啟了它，每個人都將看到這種員工代理的強大功能。所以大多數人都見識到了客服人員的權力。

Now they're going to see the employee agent power. And they're going to see how it's built on Agentforce, how it's built on the apps and how it's built on the data. Now with all these companies, we're really partnering with them. So we can really leverage the best of what they're building, the frontier models, the agents and even Srini's using the coding agents now.

現在他們就要見識到員工代理人的力量了。他們將看到它是如何基於 Agentforce 構建的，它是如何基於應用程式構建的，以及它是如何基於資料構建的。現在，我們與所有這些公司都建立了真正的合作關係。因此，我們可以充分利用他們正在建立的最佳技術，包括前沿模型、代理，甚至 Srini 現在正在使用的編碼代理。

And look, you've heard me say this over the last few years. And we kind of -- Miguel is going to come to this point, but we all know the speed of innovation in the last three years as far out seeded the speed of customer adoption and customers have been racing to catch up to what we've been doing. But we do see that changing.

你看，過去幾年裡，你們都聽我說過這句話了。我們有點——米格爾也會提到這一點，但我們都知道，過去三年創新的速度遠遠超過了客戶接受的速度，而客戶一直在努力追趕我們所做的一切。但我們看到這種情況正在改變。

And we saw that at Dreamforce. And I know all of you saw that also that customers are really saying, yeah, I'm going to use this now, I'm going to do this. I'm going to put in my customer agents. I'm going to put my employee agents. I'm going to get my omnichannel supervisor. I'm going to harmonize my data. I'm going to federate my data. I'm going to upgrade my apps.

我們在Dreamforce大會上就看到了這一點。我知道你們也都看到了，顧客確實在說，是的，我現在就要用這個，我要這麼做。我要把我的客服人員放進去。我要派我的員工代理人。我要去找我的全通路主管。我打算整理我的數據。我打算聯合我的數據。我打算升級我的應用程式。

And customers in production with Agentforce have jumped now 70% year quarter over quarter. So customers in production with Agentforce jumped 70% quarter over quarter. That's the stats that we're looking for. Great companies like Uber, like Conagra, like LY, like Williams-Sonoma, like all these great companies that we've been talking about and the consumption flywheel is gaining traction.

使用 Agentforce 進行生產的客戶數量已經比去年同期增加了 70%。因此，使用 Agentforce 的生產環境客戶數量較上季成長了 70%。這就是我們想要的數據。像 Uber、Conagra、LY、Williams-Sonoma 這樣的偉大公司，以及我們一直在談論的所有這些偉大的公司，消費飛輪正在獲得動力。

In the quarter, more than 50% of new Agentforce bookings as well as 50% of Data 360 in bookings came from existing customers, expanding their investment, which was awesome and really showed adoption. And we are very focused on adoption more than ever before, especially as an Agentforce. Data 360 is the foundation for every Agentforce deployment, and it's accelerating in Q3, Data 360, the product formerly known as Data Cloud.

本季度，超過 50% 的 Agentforce 新訂單以及 50% 的 Data 360 訂單均來自現有客戶，這擴大了他們的投資，這非常棒，也真正體現了客戶的接受度。我們比以往任何時候都更加重視用戶採納，尤其是作為 Agentforce 團隊。Data 360 是 Agentforce 所有部署的基礎，並且在第三季加速發展。 Data 360 是以前稱為 Data Cloud 的產品。

In Q3, Data 360 ingested 32 trillion records. 32 trillion records, up 119% year over year, and that includes 15 trillion through zero-copy data integration up 341% year over year. So Dentsu, Moody's, KPMG, Ferguson, Zoom and dozens more invested in Data 360 in the quarter. And I couldn't be more excited about completing our acquisition of Informatica. It's three months ahead of schedule as we like it here at Salesforce. We like things ahead of schedule, and we like them under budget.

第三季度，Data 360 攝取了 32 兆筆記錄。 32 兆筆記錄，年增 119%，其中包括透過零拷貝資料整合攝取的 15 兆筆記錄，較去年同期成長 341%。因此，電通、穆迪、畢馬威、弗格森、Zoom 等數十家公司在本季投資了 Data 360。我對完成對 Informatica 的收購感到無比興奮。正如Salesforce所希望的那樣，進度比原計劃提前了三個月。我們喜歡提前完成任務，也喜歡在預算內完成任務。

And I'll tell you, Amit. I know all of you know Amit, his team are great. We're thrilled to have them. And when we were doing the due diligence on the company, and we saw a lot of things in the labs that we're looking forward to bringing to the market because, look, that data layer, and I haven't done the math exactly, but I think if you do some of the math, I think it's about a $10 billion business for us next year now.

我會告訴你的，阿米特。我知道你們都認識阿米特，他的團隊很棒。我們非常高興能擁有他們。當我們對這家公司進行盡職調查時，我們在實驗室裡看到了很多我們期待推向市場的東西，因為，你看，那個數據層，我還沒有精確計算過，但我認為如果你做一些計算，我認為明年它將為我們帶來大約 100 億美元的業務。

When you look at Data 360 plus MuleSoft plus informatica and Mike has got his pencil out trying to figure out if I'm right, but I think I am. When you look at a $10 billion business, that's the first layer, that's data. So Informatica with Data 360 MuleSoft I mean that is taking everything to this new level. And when you get into the world of harmonization integration federation, and then you're trying to deliver it to the AI, the intelligence, the accuracy, the reliability to wipe out the hallucinations, delivering the AI context.

當你看到 Data 360、MuleSoft 和 Informatica 時，Mike 會拿出鉛筆來琢磨我的想法是否正確，但我認為我的想法是對的。當你審視一家價值 100 億美元的企業時，第一層就是數據。所以，Informatica 和 Data 360 MuleSoft 的組合，我的意思是，它將一切都提升到了一個新的水平。當你進入協調、整合、聯邦的世界，然後你試圖將其交付給人工智慧，使其具備智慧、準確性和可靠性，從而消除幻覺，並交付人工智慧上下文。

Now we're seeing momentum across multiple sectors. We had incredible wins this quarter, Miguel is going to talk about CVS Health and Telecom Argentina and TD Bank and the IRS, somebody who's going to be getting a big check from all of us, they are all now on Agentforce. So your IRS agents or Agentforce agents and [NG] and so many more are becoming agentic enterprises. And Costco, we love Costco. It's -- well, we love all of our retailer friends equally.

現在我們看到多個行業都呈現出發展勢頭。本季我們取得了令人難以置信的勝利，Miguel 將要談到 CVS Health、阿根廷電信、TD 銀行和美國國稅局，我們將向他們支付一大筆錢，他們現在都在 Agentforce 平台。所以，你的國稅局代理人、Agentforce 代理人、[NG] 以及許多其他代理人正在變成代理企業。還有 Costco，我們很喜歡 Costco。嗯——我們平等地愛著我們所有的零售商朋友。

They are all of our children. But we do love that Costco warehouse experience. It's a great expansion for us in the quarter. We're driving AI and digitization across everything they do for their members. We're doing some incredible things there with Google.

他們都是我們的孩子。但我們確實很喜歡 Costco 的倉儲式購物體驗。這對我們來說是本季的重大擴張。我們正在推動人工智慧和數位化應用於他們為會員提供的所有服務。我們正在和谷歌一起做一些非常了不起的事情。

And we worked with Javier, if you don't know, Javier, probably one of the top, I don't know, five, one, two -- I mean, best CIOs have ever worked with in the whole industry. Was it at Coke? Was it at P&G? Was it at Mondelez now, somehow Costco got them. I still don't know how Costco got Javier, but congratulations to Costco. So many times, having great results there.

我們曾與 Javier 共事，如果你不認識他，Javier 可能是業內頂尖的，我不知道，五位，一位，兩位——我的意思是，我們合作過的最優秀的首席資訊長之一。是在可口可樂公司嗎？是在寶潔公司嗎？現在是不是在億滋國際了？不知怎麼的，好市多也拿到了。我仍然不知道 Costco 是如何簽下 Javier 的，但還是要祝賀 Costco。很多次都取得了很好的結果。

So really excited to see these customers, especially these big customers. And of course, we know General Motors, we love Mary, amazing, how one of her new Escalade IQ, she's tired of me telling her how much I love it. Expanding Salesforce across the automotive cloud, Data 360, MuleSoft, Agentforce Sales, Agentforce service. But really cool Agentforce tossed their other collaborative product. We won't talk -- tell you what it is, you probably know the name. And they're now using Slack.

非常高興見到這些客戶，特別是這些大客戶。當然，我們都知道通用汽車，我們喜歡瑪麗，太棒了，她新買的凱迪拉克凱雷德IQ，她都聽膩了我跟她說我有多喜歡它了。將 Salesforce 擴展到汽車雲端、Data 360、MuleSoft、Agentforce Sales、Agentforce 服務。但Agentforce真的放棄了他們的另一個協作產品。我們不會多說——告訴你那是什麼，你可能知道它的名字。他們現在都在使用Slack。

So Mary, we're thrilled that you're doing that. We love working with you. You're an incredible CEO, and you're showing the world how to turn an iconic company into an agentic enterprise, great products and great systems and with Agentforce, Mario's speeding up case resolution for her call centers. Slack is now the company's primary communications hub, scaling to 96,000 employees in just nine months.

瑪麗，我們很高興你這麼做。我們很樂意與您合作。你是一位了不起的CEO，你正在向世界展示如何將標誌性公司轉變為代理商型企業，打造出色的產品和系統。借助Agentforce，Mario正在加快其呼叫中心的案件處理速度。Slack 現在是該公司的主要溝通中心，僅花了九個月時間就擴展到了 96,000 名員工。

Last month, we launched Agentforce IT Service or Agentforce ITSM or you know that what company that we're targeting. We never really went after this before. And then all of a sudden, we realize we have the top service product in the world, and then we've got the top field service product in the world. And customers want this kind of trinity from us that includes IT service. And for whatever reason, because we had certain people in our company, won't go into the names who didn't want to build it and building that database that drives it.

上個月，我們推出了 Agentforce IT 服務或 Agentforce ITSM，或者你知道，這就是我們的目標公司。我們以前從未真正追求過這一點。然後突然之間，我們意識到我們擁有世界上最好的服務產品，也擁有世界上最好的現場服務產品。客戶希望我們能提供這種三位一體的服務，其中包括IT服務。不知出於什麼原因，因為我們公司裡有些人（我就不點名了）不想建構它，也不想建立一個驅動它的資料庫。

Well, already, we're selling product and really doing a phenomenal job there. The former CEO of AI, [Muddu] is running this thing. And PenFed went live with ITSM with agents for IT service, and we've got all kinds of customers who've bought products from these competitors who never deployed them or don't like these guys.

嗯，我們已經開始銷售產品了，而且做得非常出色。AI 的前任執行長 [Muddu] 正在運作這個計畫。PenFed 已經上線了 ITSM，並配備了 IT 服務代理。我們有很多客戶都從這些競爭對手那裡購買了產品，但他們要么從未部署過這些產品，要么不喜歡這些競爭對手。

Well, guess what? We are going to deliver some incredible capabilities. And we think that -- well, you look at PenFed, I think they went live with agents for IT service, as well as member service and collections, they're projecting a 30% reduction in operational expenses and $2 million in savings with this product is killer. So tell your friends who need ITSM, they can get it now from Salesforce. And we're seeing incredible momentum also.

你猜怎麼著？我們將提供一些令人難以置信的功能。我們認為——看看 PenFed，他們已經上線了 IT 服務、會員服務和收款代理，他們預計營運費用將減少 30%，而這款產品將節省 200 萬美元，這真是太棒了。所以，請告訴您身邊需要ITSM服務的朋友，他們現在可以從Salesforce取得該服務了。我們也看到了令人振奮的發展動能。

And here's another competitive situation. In Life Sciences cloud. And with Life Sciences cloud, with new bookings tripling year over year, always been a strong vertical for us, but we have this partner who decided to become our competitor, Veeva, and we're taking market share from Veeva. They even had to talk about it in their earnings call that they lost all these deals to us, but they have not seen the losses yet that are coming, highlighted by a notable new win at Helion this quarter, but just in the past few months.

這裡還有另一種競爭局面。在生命科學雲端平台上。生命科學雲端業務一直是我們的優勢領域，新訂單量逐年增長三倍，但我們的合作夥伴 Veeva 決定成為我們的競爭對手，我們正在從 Veeva 手中奪取市場份額。他們甚至在財報電話會議上不得不談到，他們把所有這些訂單都輸給了我們，但他們還沒有看到即將到來的損失，本季度在 Helion 取得的顯著新勝利就是一個例證，而這僅僅是在過去的幾個月裡發生的。

More than 120 industry leaders have selected life science cloud. I was talking to the CEO of one of the top 5 life sciences companies just yesterday, he's a good friend of mine. And going to life sciences cloud, all led by the way, with Pfizer and Albert who decided to be the first one and so grateful to him. And it's a great product. It includes 5 of the -- top 5 of the top 20 pharma companies already, but you're going to see them all use life sciences cloud and most recently, Novartis is gone Salesforce, Life Sciences cloud and, I don't know, all of Takeda, all of them are going to go.

超過120家產業領導者選擇了生命科學雲。就在昨天，我還和一家前五名的生命科學公司的執行長聊過天，他是我很好的朋友。而邁向生命科學雲的進程，這一切都是由輝瑞公司和阿爾伯特·施瓦辛格引領的，他們決定成為第一個採用雲端技術的公司，我們非常感謝他。而且這是一款很棒的產品。它已經包含了排名前 20 的製藥公司中的前 5 名，但你會看到它們都在使用生命科學雲，最近，諾華已經轉向 Salesforce 和生命科學雲，還有，我不知道，武田的所有公司，它們都會轉向 Salesforce 和生命科學雲。

And our Public Sector Solutions ARR also grew 50% year over year in Q3, really cool products. I was just in Washington, D.C. last week, mentioned the IRS. I was with the Treasury Secretary. I was with a number of the Cabinet Secretary.

第三季度，我們的公共部門解決方案年度經常性收入也比去年同期成長了 50%，產品真的很棒。我上週剛去過華盛頓特區，提到了美國國稅局。我當時和財政部長在一起。我當時和幾位內閣大臣在一起。

All of them are rebuilding what they're doing, reautomating. And we want to help all of them, and I'm inspired to see some of the largest, most impactful government agencies running their businesses and their critical workflows and their agents and their data on Salesforce, including the Air Force, Army, Dan Driscol. We're really proud to work with Dan and the Army and just told me came in and delivered his recruiting goals, nine months early using agent for sales and Department of Agriculture, and of course, we run the whole Veterans Affairs, we've got 120 apps there now.

他們都在重建自己的工作流程，實現自動化。我們想幫助他們所有人，看到一些規模最大、影響力最強的政府機構，包括空軍、陸軍和丹·德里斯科爾，都在 Salesforce 上運營他們的業務、關鍵工作流程、代理和數據，我深受鼓舞。我們非常榮幸能與丹和陸軍合作，他告訴我，他提前九個月完成了徵兵目標，這得益於銷售代理和農業部，當然，我們還負責整個退伍軍人事務部的工作，現在我們已經收到了 120 份申請。

And it used to be a huge problem with Veterans Affairs for the whole country and veterans were not getting the service and support they needed, and we cleaned that up for them. And as I mentioned also the IRS, but for everyone we're in there, doing our best, and we're delivering at very reasonable cost and on budget and we're not -- we're really excited to be working with the government and helping them to become agentic enterprises.

過去，退伍軍人事務部在全國範圍內都存在一個巨大的問題，退伍軍人沒有得到他們需要的服務和支持，而我們為他們解決了這個問題。正如我之前提到的，還有美國國稅局，但對於所有人來說，我們都在盡最大努力，以非常合理的成本和預算交付成果，我們真的很高興能與政府合作，幫助他們成為代理企業。

And we're really excited to work with the IRS. I just want to say the Office of the Chief Counsel has automated up to 98% of manual activities decreasing the time to fully open a tax court case from 10 days to 30 minutes. Another division, saving an estimated 500,000 minutes a year retiring multiple legacy systems. And now Agentforce with IRS is going to be able to further optimize automate, accelerate business process across the entire agency. And I just want to congratulate Secretary Paulson for his tremendous leadership and what he's done in transforming the IRS and also all of the treasury.

我們非常高興能與美國國稅局合作。我只想說，首席法律顧問辦公室已將高達 98% 的人工活動自動化，將稅務法庭案件的全面立案時間從 10 天縮短到 30 分鐘。另一個部門透過淘汰多個舊系統，每年預計節省 50 萬分鐘。現在，Agentforce 與 IRS 的合作將能夠進一步優化、自動化和加速整個機構的業務流程。我只想祝賀保爾森部長展現了卓越的領導才能，以及他在改革美國國稅局和整個財政部方面所做的貢獻。

This week, we launched the UK's first AI police officer. We work with multiple police departments to roll out Bobby. Everybody loves Bobby, it's the Agentforce Service agent that is the public's first point of contact for nonemergency calls and Bobby autonomously provides instant responses on more than 90 topics and police departments have already seen a 20% reduction in non-emergency demand, and they are just getting started. And this is what real enterprise adoption looks like.

本週，我們推出了英國首位人工智慧警官。我們與多個警察部門合作推出Bobby計畫。每個人都喜歡Bobby，它是Agentforce Service的代理，也是公眾在非緊急呼叫時的第一個聯絡點。 Bobby可以自主地對90多個主題提供即時回复，警察部門已經發現非緊急需求減少了20%，而這只是個開始。這就是企業真正採用新技術的樣子。

No other companies delivering agents of the scale. And when you look at what others in our space are doing, the difference is clear. We're delivering this capability to a global customer base, more than 150,000 Salesforce customers and 1 million companies are now on Slack, now have the immediate opportunity to work side-by-side with agents and Agentforce and the apps are already using every day to become elevated.

沒有其他公司能提供如此大規模的代理商。當你看看我們這個領域其他人都在做什麼時，差異就顯而易見了。我們正在向全球客戶群提供這項功能，超過 15 萬 Salesforce 客戶和 100 萬家公司現在都在使用 Slack，現在他們有機會立即與代理商和 Agentforce 並肩工作，並且每天都在使用的應用程式已經得到了提升。

And that's why we're uniquely positioned for this new area. We have the strategy of the platform, the global scale. And I would say also, our core values very much trust, customer success, quality and sustainability remain very much intact. I also want to thank all of our incredible Ohana for everything they've done during the quarter to make this quarter so successful, make Dreamforce so successful and all the world tours that are happening and so many great customer stories, but I especially want to thank all of our Ohana who have done 10 million volunteer hours to support the communities where they live and work. It is -- we are so grateful to them.

正因如此，我們才在這個新領域擁有獨特的優勢。我們擁有平台策略和全球規模。而且我想說，我們的核心價值——信任、客戶成功、品質和永續性——仍然完好無損。我還要感謝我們所有了不起的家人，感謝他們在本季度所做的一切，使本季度如此成功，使 Dreamforce 如此成功，以及正在進行的所有世界巡迴活動和眾多精彩的客戶故事，但我尤其要感謝我們所有為支持他們生活和工作的社區而貢獻了 1000 萬小時志願服務的家人。是的——我們非常感謝他們。

And now I'd like to throw it over to Robin.

現在我想把話題交給羅賓。

Thank you, Marc, and good afternoon, everyone. It was great to see many of you at my first reinforces as CofO which was unforgettable. The energy was incredible, as Mark just talked about a though the quarter, as you can see from our bookings momentum. We're excited to see our customers' transformation to the Agentic Enterprise accelerate, driven by Growth 360 playbook, including multi-close pricing and packaging, our balanced portfolio and continued innovation.

謝謝你，馬克，大家下午好。很高興在我第一次以指揮官身份參加的強化會議上見到你們中的許多人，那次會議令人難忘。氣氛非常熱烈，正如馬克剛才談到的，從我們預訂量的成長勢頭可以看出，整個季度都充滿了活力。我們很高興看到，在 Growth 360 策略（包括多重成交定價和打包、均衡的產品組合和持續創新）的推動下，我們的客戶向代理型企業轉型的速度正在加快。

I just want to share a few key data points with you. More than 70% of our top 100 wins included five or more clouds. In pricing and packaging, new bookings for Agentforce One addition and A for X, or as we call it, Agentforce for apps, our most premium SKU doubled quarter over quarter. Our consumption flywheel is spinning. Agentforce accounts and production increased quarter over quarter. And more than 50% of Agentforce bookings came from existing customers refilling the tanks.

我只想和你們分享幾個關鍵數據點。在我們排名前 100 的勝利中，超過 70% 的勝利都包含五個或更多雲。在定價和包裝方面，Agentforce One 新增產品和 A for X（或我們稱之為 Agentforce for apps，我們最優質的 SKU）的新預訂量較上季翻了一番。我們的消費飛輪還在旋轉。Agentforce 帳戶和產量較上季成長。超過 50% 的 Agentforce 預訂來自現有客戶的續約。

Agentforce and Data 360 ARR was up 114% year over year. This is inclusive of Agentforce ARR, which is up 330% year over year. Clearly, we have the winning formula here.

Agentforce 和 Data 360 的年度經常性收入年增 114%。這其中包括 Agentforce 的年度經常性收入 (ARR)，該收入年增 330%。顯然，我們已經找到了致勝之道。

So let's turn to the results of the quarter. Revenue in the third quarter was $10.26 billion, up 9% year over year in nominal and 8% in constant currency, driven by the trifecta of Agentforce, Data 360, and Agentforce Sales and Service Performance. This was partially offset by a faster-than-anticipated mix shift to cloud for Tableau and on-prem revenue timing in Tableau and MuleSoft.

那麼，讓我們來看看本季的業績。第三季營收為 102.6 億美元，以名目匯率計算年增 9%，以固定匯率計算年增 8%，這主要得益於 Agentforce、Data 360 和 Agentforce Sales and Service Performance 三項業務的強勁成長。Tableau 轉型為雲端速度超乎預期，以及 Tableau 和 MuleSoft 的本地部署營收成長，部分抵銷了上述影響。

As we've shared with you before, the on-prem portion of MuleSoft and Tableau revenue is recognized in period, which creates less predictability revenue quarter-over-quarter. Subscription and support revenue grew 10% year over year in nominal and 9% in constant currency. Q3 revenue attrition ended the quarter at approximately 8%, in line with recent trends. We delivered another quarter of profitable growth, with Q3 non-GAAP operating margin up 240 basis points and GAAP operating margin up 130 basis points.

正如我們之前與您分享的那樣，MuleSoft 和 Tableau 的本地部署部分收入是按期間確認的，這使得季度間的收入預測性降低。訂閱和支援收入以名目匯率計算年增 10%，以固定匯率計算年增 9%。第三季營收流失率約 8%，與近期趨勢一致。我們又實現了一個季度的獲利成長，第三季非GAAP營業利潤率成長240個基點，GAAP營業利潤率成長130個基點。

The strong performance this quarter was driven in part by timing of expenses and a bad debt expense adjustment based on our strong collection performance. Current remaining performance obligation, or cRPO, ended Q3 at $29.4 billion, up approximately 11% year over year in nominal and constant currency, inclusive of a $200 million foreign exchange tailwind. This better-than-expected performance was driven by strong bookings and a modest benefit from early renewals and the timing of on-prem revenue.

本季強勁的業績部分得益於費用支出的時間安排以及基於我們強勁的收款業績而進行的壞帳費用調整。截至第三季末，目前剩餘履約義務（cRPO）為 294 億美元，以名目匯率和固定匯率計算年增約 11%，其中包括 2 億美元的外匯利好。這一超出預期的業績得益於強勁的預訂量、提前續訂帶來的適度收益以及現場收入的時機。

And I'm pleased to share that for the first time since fiscal year 2022, net new AOV growth outpaced AOV growth. From a geographic perspective, we saw strong business growth in North America and EMEA, led by France and the U.K., while Asia Pacific was more constrained, particularly in Australia and India. From a segment perspective, we continue to see strong performance in our small and mid-market business and enterprise growth accelerated this past quarter.

我很高興地宣布，自 2022 財年以來，淨新增訂單平均訂單價值 (AOV) 成長率首次超過了訂單平均訂單價值 (AOV) 成長率。從地理角度來看，北美和歐洲、中東及非洲地區的業務成長強勁，其中法國和英國表現突出；而亞太地區的業務成長則受到更多限制，尤其是在澳洲和印度。從業務部門來看，我們的中小企業業務持續保持強勁成長勢頭，而上個季度企業業務成長速度加快。

From an industry perspective, business services and consultancy, healthcare and life sciences and retail and consumer goods performed well, while comes in media and manufacturing automotive and energy were more measured. As committed, I wanted to quickly update you on the progress we made on our three strategic priorities.

從產業角度來看，商業服務和諮詢、醫療保健和生命科學以及零售和消費品產業表現良好，而媒體、汽車和能源製造業則表現較為穩定。正如我之前承諾的那樣，我想快速地向大家報告我們在三個戰略重點方面取得的進展。

First, customer success. Repeating what Mark said, our top priority is accelerating Agentforce and Data 360 adoption. We are relentlessly reallocating our resources to high-growth areas and it's paying off. Q3 was one of our biggest pipeline generation quarters ever, and customers leveraging our forward-deployed engineers are seeing 33% faster deployment times.

首先，客戶成功。正如馬克所說，我們的首要任務是加快 Agentforce 和 Data 360 的普及應用。我們正不懈地將資源重新分配到高成長領域，而這種做法正在發揮成效。第三季是我們有史以來管道產生量最大的季度之一，利用我們前線部署工程師的客戶，部署速度提高了 33%。

Second, operational excellence. As Customer Zero, our STR agent, has worked hundreds of thousands of leads, generating tens of millions in incremental pipeline. We see that same velocity with Agentforce on help.salesforce.com, which passed 2 million conversations this quarter. It took nine months to reach the first million and just half that time to double it, another clear example of our internal consumption flywheel taking off.

其次，是卓越營運。作為零號客戶，我們的 STR 代理已經處理了數十萬個銷售線索，創造了數千萬美元的增量銷售管道。我們在 help.salesforce.com 上的 Agentforce 也看到了相同的成長速度，本季對話次數已超過 200 萬次。花了九個月達到第一個一百萬，而花了一半的時間就翻了一番，這再次清楚地表明了我們內部消費飛輪的運作。

The third area I want to cover is responsible capital allocation. Informatica enhances our trusted data foundation, and it will be accretive within 12 months. We also returned more than $4 billion to shareholders in Q3. We continue to see a meaningful opportunity to invest in ourselves and we are on track for a 50% step-up in share repurchases in the second half of this fiscal year.

我想談的第三個面向是負責任的資本配置。Informatica 增強了我們值得信賴的數據基礎，並將在 12 個月內帶來收益。第三季度，我們也向股東返還了超過40億美元。我們仍然看到投資自身的重要機會，並且我們預計在本財年下半年將股票回購規模成長 50%。

Turning to guidance. I want to frame our outlook, inclusive of Informatica. To help you model this clearly, where relevant, I'll give our organic performance, layering the acquisition impact and then provide the consolidated figures for Q4 and fiscal year '26.

尋求指導。我想闡述我們對 Informatica 的理解。為了幫助您更清晰地了解情況，我將在相關部分提供我們的有機業績，並分層列出收購的影響，然後提供 2026 年第四季和財年的合併數據。

Starting with subscription and support revenue. We are reiterating our fiscal year '26 organic subscription and support growth guidance of approximately 9% year over year in constant currency. This is fueled by continued momentum in Agentforce and Data 360, partially offset by weaknesses in marketing and commerce and the on-prem dynamic for MuleSoft and Tableau. Informatica will contribute approximately 80 basis points of additional growth, resulting in total subscription and support growth of slightly under 10% year over year in constant currency.

首先從訂閱和支援收入開始。我們重申 2026 財年有機訂閱和支持成長預期，以固定匯率計算，年增約 9%。Agentforce 和 Data 360 的持續成長勢頭推動了這一趨勢，但 MuleSoft 和 Tableau 在行銷、商務和本地部署方面的疲軟以及本地部署模式在一定程度上抵消了這一趨勢。Informatica 將貢獻約 80 個基點的額外成長，從而使訂閱和支援總成長率以固定匯率計算略低於 10%。

Turning to total revenue. We are narrowing our fiscal year '26 revenue guidance on an organic basis to $41.15 billion to $41.25 billion, growth of approximately 9% in nominal and 8% in constant currency. This is attributed to a $25 million FX headwind since last quarter and the on-prem dynamic for Tableau and MuleSoft. We anticipate a contribution of approximately 80 basis points from Informatica resulting in fiscal year '26 revenue of $41.45 billion to $41.55 billion or approximately 9% to 10% in nominal and approximately 9% in constant currency.

接下來看總收入。我們將 2026 財年有機成長收入預期收窄至 411.5 億美元至 412.5 億美元，以名目匯率計算成長約 9%，以固定匯率計算成長約 8%。這歸因於上一季以來 2500 萬美元的外匯不利因素，以及 Tableau 和 MuleSoft 的本地部署動態。我們預計 Informatica 將貢獻約 80 個基點，使 2026 財年營收達到 414.5 億美元至 415.5 億美元，以名目匯率計算約為 9% 至 10%，以固定匯率計算約為 9%。

Before I turn to profitability, I want to highlight that with our current trajectory of net new ALP growth, we project to finish fiscal year '26 with half two net new AOV growth ahead of half two AOV growth.

在談到獲利能力之前，我想強調，按照我們目前的淨新增 ALP 成長軌跡，我們預計 2026 財年淨新增 AOV 成長將比去年同期高出 20%。

Turning to margin. As a result of the close timing of Informatica, we are maintaining our non-GAAP operating margin guidance at 34.1% and adjusting our GAAP operating margin to 20.3%. We are raising our annual guidance on operating cash flow growth to approximately 13% to 14% growth as a result of our strong Q3 bookings performance. We expect capital expenditures to remain slightly below 2% of revenue, resulting in free cash growth of approximately 13% to 14%.

轉向邊距。由於 Informatica 的上市時間臨近，我們維持非 GAAP 營業利潤率預期為 34.1%，並將 GAAP 營業利潤率調整為 20.3%。由於第三季預訂業績強勁，我們將年度經營現金流成長預期上調至約 13% 至 14%。我們預計資本支出將略低於收入的 2%，從而使自由現金流增長約 13% 至 14%。

Organic cRPO growth for Q4 is expected to be approximately 11% year over year in nominal and 9% year over year in constant currency. As a reminder, we are lapping our acquisition of OM in Q4 FY25, which represents slightly under 1 point of impact.

預計第四季有機cRPO成長率以名目匯率計算年增約11%，以固定匯率計算年增約9%。提醒一下，我們在 2025 財年第四季完成了對 OM 的收購，這代表著略低於 1 個點的影響。

Inclusive of Informatica, we expect cRPO growth of approximately 15% year over year in nominal, including a $500 million FX tailwind, resulting in approximately 13% constant currency growth.

包括 Informatica 在內，我們預期 cRPO 名目成長率約為 15%，其中 5 億美元的外匯利好因素將帶來約 13% 的固定匯率成長率。

Consistent with our Investor Day outlook, we remain on track to reaccelerate revenue in 12 to 18 months. In closing, our momentum is building, fueled by Agentforce. We are executing against our FY30 framework and investing with discipline, positioning us incredibly well for the future.

與我們在投資者日上的展望一致，我們仍有望在 12 至 18 個月內重新加速營收成長。最後，在 Agentforce 的推動下，我們的勢頭正在不斷增強。我們正在按照 2030 財年規劃執行，並有條不紊地進行投資，這使我們為未來做好了極其充分的準備。

Finally, a big thank you to all our employees for their dedication and hard work delivering a successful Q3.

最後，衷心感謝所有員工的奉獻和辛勤工作，使第三季度取得了圓滿成功。

I'll turn it back to you, Mike.

麥克，我把它還給你。

Thanks, Robin. And with that, we're going to move to the Q&A portion of our call. Operator, can we please move to the first question?

謝謝你，羅賓。接下來，我們將進入電話會議的問答環節。接線員，我們可以進入第一個問題了嗎？

(Operator Instructions) Keith Weiss, Morgan Stanley.

（操作說明）基斯‧韋斯，摩根士丹利。

Excellent. Thank you guys for taking questions. Congratulations on real quarter. And also great to see you guys putting your money where your mouth is and the accelerated share buybacks, expressing your conviction and sort of the value of Salesforce's stock where it is.

出色的。謝謝各位回答問題。恭喜取得真正的季度業績。很高興看到你們言行一致，加快了股票回購步伐，這反映了你們對 Salesforce 股票當前價值的信心。

I had a question for Miguel and trying to sort of tap into your experience in talking to these large customers because there's still a very big mismatch in the marketplace in terms of what we hear from investors in terms of the expectation that generative AI is going to be injurious to the SaaS-based application layer that enterprise customers are going to try to build their own functionality or going to try to replace solutions like Salesforce with DIY solutions that they can build around these models, versus what we're seeing in the inflection in your business. So can you talk to us a little bit about what you're hearing from customers in their applicator or a desire, if they have one of building out their own applications versus going to a vendor like Salesforce to try to get to this generative AI functionality or capabilities?

我有一個問題想問米格爾，想了解你與這些大客戶溝通的經驗，因為目前市場上仍然存在很大的不匹配，投資者普遍認為生成式人工智能會對基於 SaaS 的應用層造成損害，企業客戶會嘗試構建自己的功能，或者嘗試用 DIY 解決方案（圍繞這些模型構建）來取代 Salesforce 等解決方案，而我們在你的業務中看到的業務並非如此轉變。那麼，您能否和我們談談您從客戶那裡聽到的關於他們應用開發或需求的意見，例如，他們是更傾向於構建自己的應用程序，還是選擇像 Salesforce 這樣的供應商來獲取這種生成式 AI 功能？

Keith, thank you so much. That's spot-on question. And it's the heart -- I think it's the heart of the matter. And I think there is a really different perspective on what is really happening. This past quarter, I was in 3 continents, 12 countries, I talk to 400 customers, many one-on-ones, many one to two several dinners.

基思，非常感謝你。問得好。而這正是問題的核心——我認為這才是問題的關鍵。我認為對於正在發生的事情，存在著截然不同的看法。上個季度，我去了三大洲的 12 個國家，與 400 位客戶進行了交談，其中很多是一對一的，還有很多是一對二的晚餐。

And the reality is very different. There is something very large, very important, and I want to emphasize this, I don't think we've made Marc and Robin enough justice to what is happening right now in front of us. This is -- there is a new very large secular demand trend, which is the agentic enterprise.

而現實情況卻截然不同。有一件非常重大、非常重要的事情，我想強調這一點，我認為我們還沒有充分地展現馬克和羅賓在我們眼前所經歷的一切。這是——出現了一種新的、非常大的長期需求趨勢，那就是代理企業。

Every single company in the world, small, medium, large wants to become an agentic enterprise, some -- at a company that is conversational that is much smarter that empowers employees by giving them extra information that is able to execute autonomously, but also probabilistically on one side, when AI wants to execute; deterministically, when you want the current workflows to be executed.

世界上每一家公司，無論大小，都想成為一家智慧型企業，一些公司希望成為一家對話式企業，一家更加智能的企業，通過向員工提供額外信息來賦能員工，使他們能夠自主執行，但一方面，當人工智能想要執行時，它也可以以概率的方式執行；另一方面，當你想要執行當前工作流程時，它也可以確定性地執行。

And this is to increase growth, to reduce costs, to improve customer satisfaction and every customer wants to do it. Now the problem is they've been experimenting. They've been experimenting for two years. They've gone from experimentation now to frustration a little bit. And now they are all saying, you know what, this is hard.

這樣做是為了促進成長、降低成本、提高客戶滿意度，而每個客戶都希望這樣做。現在的問題是他們一直在進行試驗。他們已經進行了兩年的試驗。他們現在已經從實驗階段轉為有些沮喪了。現在他們都說，你知道嗎，這太難了。

This is much harder than we thought. They all want to go to scale because the opportunities, which is a multitrillion market cap opportunity, it's in front of us. The TAM is a multitrillion for us, and they want to go all in, they know it's hard because LLM cannot do this alone. And now to answer your question, the last mile is hard. And last mile is hard because companies need the context.

這比我們想像的要難得多。他們都想擴大規模，因為機會就在眼前，這是一個市值數兆美元的機會。TAM 對我們來說是數萬億美元，他們想全力以赴，他們知道這很困難，因為 LLM 無法獨自完成這項任務。現在來回答你的問題，最後一公里是最難的。最後一公里之所以難，是因為企業需要了解背景資訊。

For enterprise AI to be successful and accurate in the enterprise, you need the context, you need the data, you need the metadata, you need deterministic workflows. You don't want the agents to be essentially executing based on what they found in an LLM. You want the agents to execute in a deterministic way the same workflows that that company had already qualified the apps for the years that humans are already using. And they need AI that is embedded where the humans are.

企業人工智慧要在企業中取得成功並準確無誤，需要上下文、資料、元資料和確定性工作流程。你不希望代理人基本上是根據他們在LLM中發現的內容來執行任務。你希望代理以確定性的方式執行該公司多年來已經驗證過的、人類一直在使用的應用程式的相同工作流程。他們需要的是能夠融入人類生活環境的人工智慧。

That's why it's so important to have the data with the context to have the apps, the deterministic workflows to have the AI where the humans are, and only Salesforce can do that. And we are seeing an incredible increase in demand ahead of us. We are winning. You're seeing the bookings. I'm very proud of the quarter that we delivered. I'm very thankful to my team, the whole employee base as far as I'm also very thankful to our customers and are very thankful to our partners.

這就是為什麼擁有具有上下文的資料對於應用程式、確定性工作流程以及讓 AI 與人類一起工作至關重要，而只有 Salesforce 才能做到這一點。我們預見到未來需求將出現驚人的成長。我們贏了。您現在看到的是預訂資訊。我對我們本季的業績感到非常自豪。我非常感謝我的團隊，感謝全體員工，也非常感謝我們的客戶和合作夥伴。

Marc, do you want to add anything to that?

馬克，你還有什麼要補充的嗎？

No, I think that was great.

不，我覺得很棒。

Thanks, Miguel.

謝謝你，米格爾。

Raimo Lenshow, Barclays.

雷莫·倫肖，巴克萊銀行。

Michael, can I stay on that subject a little bit? You've been expanding the sales -- your sales rep quite a bit, and that's still part of the plan. How do you think about the ramping of those? And how do you also think about productivity for those extra reps coming on? Thank you.

邁克爾，我能再就這個話題多說一會兒嗎？你們的銷售代表已經大幅拓展了銷售管道，這仍然是計畫的一部分。你如何看待這些產品的增產？那麼，對於接下來的額外訓練次數，你又如何看待訓練效率呢？謝謝。

I have to credit Marc for that. We had a seminal moment a year ago where we, particularly Marc he saw the demand coming. And he told us let's invest in capacity. Let's also invest in enablement. So I became six months ago also the enablement leader for the company. And we have now, today, 20% more capacity in place. We're going to finish the year with 15% more capacity enabled, already, we call it ramped.

這都要歸功於馬克。一年前，我們經歷了一個具有里程碑意義的時刻，我們，特別是馬克，預見了即將到來的需求。他告訴我們，要投資產能。我們還要投資於賦能。所以六個月前，我也成為了公司的賦能負責人。現在，我們的產能比之前提高了 20%。今年年底，我們將產能提升 15%，我們稱之為產能爬坡。

This is fundamental. It takes 6 to 12 months to -- on average, to ramp ace. We've done all the hard work, exactly at the moment that the demand is coming at us. So I see the pipelines growing. The top of the funnel is growing. We've never seen a pipe gen quarter like we did in Q3 with essentially very healthy double-digit growth in pipe gen, above our expectations.

這是根本性的。平均而言，要達到王牌水準需要 6 到 12 個月的時間。我們已經完成了所有艱苦的工作，而此時市場需求也正向我們襲來。我看到管道正在不斷擴建。漏斗頂部正在成長。我們從未見過像第三季度這樣管道建設季度，管道建設實現了非常健康的兩位數增長，超出了我們的預期。

Next year, pipeline -- open pipeline is, again, double-digit healthy growth on open pipeline, that matching the double-digit healthy growth on enabled capacity. It is very exciting. We are ready to capture the opportunity. And again, this is not just one more cloud that now we are very excited, Agentforce, data cloud is going to have 10%, 20% on the business that we do with every customer.

明年，管道——開放管道——再次實現兩位數的健康成長，與已啟用產能的兩位數健康成長相匹配。這太令人興奮了。我們已做好抓住機會的準備。再次強調，這不僅僅是另一個讓我們非常興奮的雲端平台，Agentforce 資料雲將為我們與每位客戶的業務帶來 10% 到 20% 的成長。

The Agentic enterprise is a new paradigm. Customers will have -- we'll use Salesforce in a totally different way. They will use Salesforce to be the platform for detailed labor for sales, for service, for marketing. And the impact on the way we can monetize those relationships is exponential. It's not linear growth, it's exponential.

代理型企業是一種新的範式。客戶將會擁有—我們將以完全不同的方式使用 Salesforce。他們將使用 Salesforce 作為銷售、服務和行銷等詳細工作安排的平台。而這對我們利用這些關係賺錢的方式所產生的影響是指數級的。這不是線性成長，而是指數成長。

Robin alluded to that at Investor Day. We were talking about 3 times, 4 times the ability to multiply the monetization on customers because, by the way, they're getting 3 times or 4 times or 10 times more value from our products. I've already seen a lot of examples of companies that had a great relationship with us, had a multi-cloud relationship with us.

羅賓在投資者日上暗示了這一點。我們當時說的是，客戶變現能力可以提高 3 倍、4 倍，因為順便說一句，他們從我們的產品中獲得的價值是原來的 3 倍、4 倍甚至 10 倍。我已經看到很多與我們建立了良好關係、與我們建立了多雲合作關係的公司的例子。

Sales, service, all our core clouds, we're very excited. And then Agentforce and Data Cloud came. They decided to become an agentic enterprise. They understood the last mile problem, they bet on Salesforce and now the bookings that we do with them, the AOV had doubled, tripled, in some cases, multiplied by four and five, and we are just getting started. We just want to get every single one of our 150,000, 200,000 customers through the agentic enterprise journey. And for each of them, there is going to be a multiplier effect.

銷售、服務、我們所有的核心雲端平台，我們都感到非常興奮。然後，Agentforce 和 Data Cloud 出現了。他們決定成為代理型企業。他們了解了最後一公里問題，他們押注 Salesforce，現在我們透過他們完成的預訂，平均訂單價值翻了一番、兩番，在某些情況下甚至翻了四番、五番，而我們才剛開始。我們只想讓我們的 15 萬、20 萬客戶都順利完成代理企業轉型之旅。而且，對於它們中的每一個，都會產生倍增效應。

Brad Zelnick, Deutsche Bank.

布拉德‧澤爾尼克，德意志銀行。

Great. Thanks so much, and my congrats on an amazing quarter. Marc, at this point, even without Informatica and now more so with it, you have one of the largest infrastructure businesses in all of software, well over $10 billion in scale. What Salesforce's competitive advantage in infrastructure? And how do you not only get credit for it in its own right but leverage these core capabilities to drive the overall company's success?

偉大的。非常感謝，恭喜你們度過了一個精彩的季度。馬克，即便沒有 Informatica，現在有了 Informatica，你已經擁有了軟體產業最大的基礎設施業務之一，規模超過 100 億美元。Salesforce在基礎架構上的競爭優勢是什麼？那麼，如何才能不僅憑藉自身實力獲得認可，還能運用這些核心能力來推動公司的整體成功呢？

Really appreciate the question, Brad. I think, number one, I just want to make sure everybody realizes we're not building data centers at Salesforce. We're preserving our gross margins and our cash flow. But we will use the data centers that are being built. And we will take advantage of the lower cost that we're seeing in the market from the incredible build-out of data centers.

非常感謝你的提問，布拉德。我認為，首先，我只想確保每個人都明白，Salesforce 並沒有建造資料中心。我們正在維持毛利率和現金流。但我們將使用正在建置中的資料中心。我們將利用資料中心快速建置帶來的市場成本下降優勢。

But yes, you're right. Our data infrastructure is incredible. We call it our data foundation. And I think you realize it composes, as I mentioned, three key things: Informatica, Data 360, our data cloud and also MuleSoft.

是的，你說得對。我們的數據基礎設施非常出色。我們稱之為數據基礎。正如我之前提到的，我認為您已經意識到它由三個關鍵部分組成：Informatica、Data 360、我們的資料雲以及 MuleSoft。

And together, you're right, I think it will do about $10 billion next year in business. So this is a very significant software business. But it's fundamental, it's key for every one of our customers to move to this data foundation. And we are still at the beginning of that journey with so many of our customers. And one of the keys to it is -- it's federation.

你說得對，我認為明年兩家公司的營業額將達到約 100 億美元。所以這是一家非常重要的軟體公司。但這對我們每一位客戶來說都是至關重要的，讓他們遷移到這個資料基礎架構上。對於我們許多客戶而言，我們仍處於這段旅程的開始階段。其中一個關鍵點就是──聯邦制。

And I just came back from Japan, as I mentioned, one of the most important companies in Japan, other than Salesforce is IBM. IBM has about 8,000 employees in Japan. We have about 4,000 employees in Japan. We have -- I think we're the largest software company in Japan right now.

正如我之前提到的，我剛從日本回來，在日本，除了 Salesforce 之外，最重要的公司之一就是 IBM。IBM在日本約有8000名員工。我們在日本約有4000名員工。我認為我們目前是日本最大的軟體公司。

And the ability to federate Data 360 to the IBM Mainframe, which is technology that we just introduced in Tokyo two weeks ago at world tour, that idea that you're running Agentforce, but it is being fueled by not only the data in Data 360, but simultaneous the data in your IBM Mainframe. So that infrastructure is critical to delivering the AI that is accurate, that is reliable, that is low in hallucinogens.

而且，Data 360 也能夠與 IBM 大型主機聯合，這項技術是我們兩週前在東京的世界巡迴展上推出的。其理念是，您在執行 Agentforce 時，不僅要依靠 Data 360 中的數據，還要同時依靠 IBM 大型主機中的資料。因此，基礎設施對於提供準確、可靠、低致幻成分的人工智慧至關重要。

And this is fantastic for the company, and it is not something that is totally independent. It's deeply integrated with everything that we do. So all of our apps, Agentforce, our customer agents, our employee agents, everything is built on this fundamental foundation. I couldn't be more excited about it.

這對公司來說是件好事，但這並非完全獨立的事。它與我們所做的一切都緊密相連。因此，我們所有的應用程式、Agentforce、我們的客戶代理、我們的員工代理，一切都建立在這個基本基礎上。我對此感到無比興奮。

Brent Thill, Jefferies.

布倫特‧蒂爾，傑富瑞集團。

Great. Marc, the halo effect the Agentforce is having. I mean it seems that sales and service were stable at high single-digit growth, Slack accelerated growth. Can you just speak to what you think this is doing for your other clouds and maybe even drilling them the slack resurgence?

偉大的。馬克，特工部隊產生的光環效應。我的意思是，銷售和服務似乎保持了較高的個位數成長，而 Slack 則實現了加速成長。您能否談談您認為這會對您的其他雲端平台產生什麼影響，甚至是否會加劇 Slack 的復甦？

Well, you're right on it, Brent. I think that it's an accelerator on the core. And I think that we're -- to address the question that went to Miguel where there was a false narrative that somehow the core is in jeopardy because of these large language models. And while the large language models are very important and they will expand in functionality I'm sure, over time, the reality is, is that our ability to take our core applications extend them and deliver another level of value beyond what we were doing before.

沒錯，布倫特。我認為它本質上是一個加速器。我認為我們正在——為了回答米格爾提出的問題，其中有一種錯誤的說法，即由於這些大型語言模型，核心受到了某種程度的威脅。雖然大型語言模型非常重要，而且我相信隨著時間的推移，它們的功能會不斷擴展，但現實情況是，我們能夠擴展核心應用程序，並提供比我們以前所做的更高層次的價值。

Now we had already been doing predictive AI and all the kind of Einstein AI. But now with Agentforce, it's another level, and you could see it really at Dreamforce when we're demoing Agentforce Service with the omnichannel supervisor and the ability for the agent and the humans to interact autonomously. That was just awesome. It's because it's humans and agents and the apps and the data. And that, I think, is what is really driving this forward and it's happening in sales, it's happening in service, it's happening in the Slack and I'm confident it's going to happen in marketing.

我們之前已經在做預測性人工智慧和各種愛因斯坦式人工智慧了。但現在有了 Agentforce，情況就完全不同了，在 Dreamforce 大會上，當我們示範 Agentforce Service 的全通路主管功能以及代理和人類自主互動的能力時，你就能真正看到這一點。真是太棒了。因為它涉及到人、代理人、應用程式和資料。我認為，這才是真正推動這一切向前發展的因素，它正在銷售領域發生，正在服務領域發生，正在 Slack 中發生，我相信它也會在行銷領域發生。

It's going to happen in commerce. It's going to happen across every Tableau, across every single product. Every single product had to be rebuilt, so that took some time. I'd love for Srini to come in kind of talk about that. But now as we deliver those Agentforce products and you saw each and every one of them at Dreamforce, how far they are Customers are excited to get to that next level.

這在商業領域將會發生。這種情況將發生在 Tableau 的每一款產品中。所有產品都必須重新製造，所以花了一些時間。我非常希望斯里尼能來談談這件事。但現在，隨著我們交付這些 Agentforce 產品，您在 Dreamforce 大會上也看到了每一款產品，它們已經發展到了何種程度，客戶們都興奮地期待著邁向下一個階段。

Just to come those two questions. If you really look at agents, agents need context, really. And they need tools. And what is context? To get context, you need data across the enterprise, some in the company, which is in the platform, some you want to federate it, which is what we call data copy and some through ingest, which is why Informatica case.

就問這兩個問題。如果你仔細觀察代理人，你會發現代理人確實需要背景資訊。他們需要工具。那麼，什麼是語境呢？要獲取上下文，你需要整個企業的數據，一些數據在公司內部，這些數據在平台上，一些數據你想聯合起來，這就是我們所說的數據複製，還有一些數據通過攝取，這就是 Informatica 案例的原因。

You need to understand where all the data is in the company. You need a catalog. You need a metadata. You need to organize all these data, and you need tools. This is what is enterprise context. Without having an enterprise context, it's very, very hard. And that's what our data foundation gives with Informatica, MuleSoft, and Data 360.

你需要了解公司裡所有資料都儲存在哪裡。你需要一份產品目錄。您需要元資料。你需要整理所有這些數據，而且你需要一些工具。這就是企業環境。如果沒有企業背景，這非常非常困難。這就是我們藉助 Informatica、MuleSoft 和 Data 360 所建構的資料基礎所提供的。

On top of that..

除此之外…

And Srini, you really drill into that because people still don't understand.

Srini，你真的應該深入探討這個問題，因為人們仍然不理解。

So just so you know, just on ingest, for example, in quarter over quarter on Data 360, people have built their lake, just in Data Cloud, our ingest has increased by 38%, and zero-copy has increased by 52% growth in terms of records. But this is unstructured data.

舉個例子，僅就資料攝取而言，在 Data 360 上，人們已經建立了自己的資料湖，僅在 Data Cloud 中，我們的資料攝取量就增加了 38%，零拷貝資料量在記錄數方面增長了 52%。但這是非結構化資料。

So it's just not the structured data. It's all your documents, all your knowledge articles, all your user manuals. That has increased by 109% growth. And then this is how you create create this unified profile or unified product ID, unified customer master, unified account master. That's what a unified context you want in a real-time profile. That's very hard to do.

所以問題不在於結構化資料。這裡有你所有的文件、所有知識文章、所有使用者手冊。這一數字增加了109%。然後，您就可以建立統一設定檔或統一產品 ID、統一客戶主資料、統一帳戶主資料了。這就是即時個人資料中所需的統一上下文。那很難做到。

But just if you have this context, it's not enough. You need the deterministic place for reasoning, where deterministic, where non-deterministic. Then you need the tools. The agents have to take actions. Some of the actions are in Salesforce already, the jobs to be done over 25 years.

但僅僅了解了這些背景資訊是不夠的。你需要確定性的推理場所，確定性的，非確定性的。那你就需要工具了。特工們必須採取行動。部分操作已在 Salesforce 中實現，這些工作將在 25 年內完成。

For each vertical, we have really deep understanding of not just a sales rep does. We know what a sales step does in a financial industry, different from what a sales rep does in pharma, which is different from what a sales rep does in a telecommunications industry. So that's the jobs to be done.

對於每個垂直行業，我們都有著非常深入的了解，而不僅僅是銷售代表的了解。我們知道金融業的銷售步驟是做什麼的，這與製藥業的銷售代表所做的工作不同，而製藥業的銷售代表所做的工作又與電信業的銷售代表所做的工作不同。這就是需要完成的工作。

Imagine you need the context, you need the jobs to be done, you need the tools. And sometimes you have back-end systems where you need those APIs. That's why MuleSoft is very important.

想像一下，你需要了解背景訊息，你需要完成任務，你需要工具。有時，後端系統也需要這些 API。這就是 MuleSoft 非常重要的原因。

Now if you just think these three are enough, it's not enough because once you go live, you need an eval, you need to know how the agents are performing. You need auditing, you need compliance, you need local data residency tools. This is what we are finding enterprises yourself are realizing that it's good news actually for me.

如果你認為這三點就夠了，那就錯了，因為一旦系統上線，你就需要進行評估，你需要知道代理商的表現如何。你需要稽核工具、合規工具和本地資料駐留工具。我們發現，企業本身也意識到，這對我來說其實是個好消息。

When I talk to CIOs, I see two types. People who are really advanced who are visionaries who started two years back, do it yourself. They really understand the pain point. They are the ones who are moving fast to the platform. And then there are some people who still think they can do it and we'll convert them over years. So I see people who have -- who know what it takes and so they know the day to day three problems and some people who still think.

我與資訊長們交流時，發現他們分成兩種類型。那些真正有遠見、有遠見的人，兩年前就開始創業，他們都是自己動手。他們真的了解痛點。他們正迅速地向該平台遷移。還有一些人仍然認為自己可以做到，我們會用幾年時間讓他們改變想法。所以我看到有些人知道需要付出什麼，也知道每天會遇到的三個問題，有些人還在思考。

So to do this, it was not easy, correct? You had to build a platform. So four years back, we started with a Hyperforce layer. Then we created a data layer. We have to pull the data lake, a lake warehouse that's what Data 360 was. We rebuilt the entire infrastructure on the platform, on the hyperscalers, we have to rewrite our entire metadata layer to do not thousands of records but millions of objects. Then we had to rewrite all our applications, our core sales.

所以，做這件事並不容易，對嗎？你必須搭建一個平台。四年前，我們開始使用 Hyperforce 層。然後我們創建了一個資料層。我們需要提取資料湖，也就是資料倉儲，Data 360 就是這樣一個資料湖。我們在平台上重建了整個基礎設施，在超大規模資料中心上，我們必須重寫整個元資料層，以處理數百萬個物件而不是數千個記錄。然後我們不得不重寫所有應用程式和核心銷售系統。

It's no longer a Sales Cloud, it's agent for sales. So because when I talk to Miguel, he doesn't just want a sale, he wants to transform his function into agent sales function and even on on customer success. So my job is not to do customer success. I want to write a agentic customer success. This is why help.salesforce.com is important. That's what you're seeing. So imagine each of these applications are changing.

它不再是銷售雲端平台，而是銷售代理。所以，當我跟米格爾談話時，他想要的不只是銷售，他還想把他的職能轉變為代理銷售職能，甚至轉變為客戶成功職能。所以我的工作不是做客戶成功方面的工作。我想寫一篇關於代理型客戶成功的文章。這就是 help.salesforce.com 如此重要的原因。這就是你看到的。假設這些應用程式都在發生變化。

But this framework is hallowing another thing. When we started doing ITSM, normally it would have taken a long time. But because we had the foundation of the data layer, the agent force layer, the metadata layer, suddenly building an agentic ITSM became very easy and that's what you are trying to see the leverage, same with life science cloud. So we're not trying to build the regular way, but this took time. And now that we have this customer success you are seeing, this is what is going to make it a differentiator, and that's our promise to our customers.

但這種框架卻在神化另一件事。當我們開始實施IT服務管理（ITSM）時，通常需要很長時間。但是，由於我們有了資料層、代理力量層和元資料層的基礎，建立代理式 ITSM 突然變得非常容易，這就是你想要看到的槓桿作用，生命科學雲也是如此。所以我們並沒有嘗試用常規的方式建造，但這確實花了時間。現在，您看到了我們取得的客戶成功案例，這將使我們脫穎而出，這也是我們對客戶的承諾。

One more right thing is our customers two years back, they would ask me, what model are you supporting, where is it, what hyperscale you run. They don't ask me any of those things now because we abstract all that complexity for them. That's the original promise of Salesforce when we said no software. Basically, that's what it is.

還有一點值得肯定的是，兩年前我們的客戶會問我，你們支持什麼模型，它在哪裡，你們運行的是什麼樣的超大規模系統。他們現在不會問我這些問題了，因為我們已經為他們簡化了所有這些複雜情況。這是 Salesforce 最初的承諾，我們當時不會提供軟體。基本上就是這樣。

We bring the customers to the future. We want to help our customers go to the agentic enterprise. And that's what we are doing. And all our forward deployment motions with our own PS services, with our customer success team, also with our SI partners, heavily invested with Accenture, Deloitte, PwC, and other global partners to really ensure that we also jointly partner with them and in a lot of places, we are co-selling them.

我們引領客戶走向未來。我們希望幫助我們的客戶走向代理企業。而這正是我們正在做的。我們所有的前期部署措施都與我們自己的專業服務、客戶成功團隊以及我們的系統整合合作夥伴進行，並大力投資於埃森哲、德勤、普華永道和其他全球合作夥伴，以真正確保我們也與他們共同合作，在很多地方，我們與他們共同銷售。

They're having combined FD train. And this together is what it takes to generate the agentic enterprise. And that's how all these points we are trying to tie together. Hopefully, that answers your question.

他們正在進行聯合消防列車作業。而這兩者結合起來，就構成了自主企業。這就是我們試圖將所有這些要點聯繫起來的方式。希望這能解答你的疑問。

Kirk Materne, Evercore Partners.

Kirk Materne，Evercore Partners。

Congrats on the momentum around Agentforce. Miguel, I think this one's for you. When Agentforce first came out, there was a lot of questions from partners, customers about pricing, just confusion, trying to get a handle on that. It seems with the momentum, people are more comfortable with that. And sort of the second part of there's still a lot of concern among investors about as Agentforce helps customers maybe keep headcount stable or even lower headcount in certain areas.

恭喜Agentforce取得如此佳績。米格爾，我覺得這首歌是給你的。Agentforce剛推出時，合作夥伴和客戶對定價有很多疑問，大家都很困惑，努力想弄清楚這一點。似乎隨著這種勢頭，人們也越來越能接受這一點了。第二部分是，投資人仍然非常擔心 Agentforce 幫助客戶維持員工人數穩定，甚至在某些領域減少員工人數。

How does Salesforce monetize in that kind of situation. And I was wondering if you could just touch upon that a little bit because I think that would be helpful to people to understand how AOV grows even in, say, a stable or declining headcount situation.

在這種情況下，Salesforce是如何獲利的？我想請您稍微談談這一點，因為我認為這有助於人們了解即使在員工人數穩定或下降的情況下，平均訂單價值 (AOV) 是如何增長的。

Thank you so much. Listen, Agentforce is at the heart of the agentic enterprise transformation. The momentum that we saw in Q3 is pretty significant, is unheard of, is beyond our expectations. And I want to differentiate between momentum on the bookings, okay?

太感謝了。聽著，Agentforce 是企業智慧轉型的核心。我們在第三季看到的成長勢頭非常強勁，前所未聞，超出了我們的預期。我想區分一下預訂量的勢頭，好嗎？

Bookings is one part of the equation. The hardest part of the equation is the adoption. Now, on bookings, we saw the numbers of the 70% more customers in production.

預訂量只是其中的一部分。最難的部分在於採納。現在，在預訂方面，我們看到生產中的客戶數量增加了 70%。

I think there is one statistic that we haven't mentioned, which is very powerful. We said that 50% or more of the bookings came from customers refilling the tank. Robin alluded to that. But I don't know if you remember two quarters ago, I was super excited. I had to dig very deep to find that three customers came and refill the tank in Q1. In Q3, 362 customers refilled the tank. That's an incredible testimony of the success that Agentforce is having in a very short time frame.

我認為我們還沒有提到一項非常強大的統計數據。我們表示，50% 或以上的訂單來自加油站的顧客。羅賓暗示了這一點。但我不知道你是否還記得，兩個季度前，我當時非常興奮。我費了好大勁才查到，第一季有三位顧客來加滿了油箱。第三季度，共有 362 位客戶加滿了油箱。這充分證明了 Agentforce 在很短的時間內取得了巨大的成功。

Now the other thing that we've learned is pricing matters. It's very complex. We've gone long ways. We've had different ways of pricing the product. And now I think we have the whole portfolio of different commercial frameworks to meet customers where they are where they want to be.

現在我們也了解到，定價很重要。這非常複雜。我們已經走了很遠的路。我們嘗試過不同的產品定價方式。現在我認為我們擁有全套不同的商業框架，可以滿足客戶在他們所在以及他們想要達到的目標。

My favorite one, of course, is the extreme. Those customers that are really determined to become an agentic enterprise before their peers in their industry, they realized that the last mile is very hard. They know that Salesforce is the last mile with humans with the apps, with the data and the context, they go all in with us.

當然，我最喜歡的是極端情況。那些真正決心在行業同行之前成為代理型企業的客戶，他們意識到最後一公里非常難熬。他們知道 Salesforce 是連結人、應用程式、資料和背景的最後一公里，他們會全力以赴地與我們合作。

And they ask, Miguel, we don't want to be trapped here in two or three years because consumption, we used to have 10 different metrics, make it easy for us. And we went to them and we tell them, listen, give me a fluffy, we'll give you -- we pull all the power, all the power of Salesforce, including FDs from Srini and we will deliver the Agentic Enterprise promise. We have actually a point of view for every industry that includes hundreds of agents that have already been defined. We have a database of agents with their roles, with their workflows that they have to trigger on how they configure them. And we have the Phase 1, Phase 2, Phase 3 and customers just buy on AELA.

他們問，米格爾，我們不想兩三年後就被困在這裡，因為消費，我們過去有 10 個不同的指標，這讓我們很容易做到這一點。我們去找他們，告訴他們，聽著，給我一個毛茸茸的，我們會給你——我們調動所有權力，Salesforce 的所有權力，包括 Srini 的 FD，我們將兌現 Agentic Enterprise 的承諾。實際上，我們對每個行業都有自己的觀點，其中包括數百個已經確定的代理人。我們有一個資料庫，其中包含代理的角色、他們需要觸發的工作流程，這些工作流程取決於他們的配置方式。我們有第一階段、第二階段、第三階段，客戶只需在 AELA 上購買即可。

We did 16 AELAs in agentic enterprise license agreement. In Q3, we have about 100 AELAs in the pipeline, and all these are multimillion-dollar deals and it is very exciting, but it gives the customer the predictability that they need. Now there are other customers that are more cautious, and they -- I'm going to do the extreme...

我們在代理企業授權協議方面完成了 16 項 AELA。第三季度，我們有大約 100 項 AELA 正在洽談中，所有這些都是數百萬美元的交易，這非常令人興奮，也為客戶提供了他們需要的可預測性。現在還有一些顧客比較謹慎，他們──我打算採取極端措施…

-- drill in here. so here, we have this enterprise license agreement we call the agentic enterprise license agreement.

——深入探討一下。所以，這裡我們有一份企業授權協議，我們稱之為代理企業授權協議。

When we first started with Agentforce, we were talking about, oh, it's going to be so much per conversation. It was this type of pricing may be transaction-based pricing, usage-based pricing, but customers have pushed for more flexibility we've moved fast to that. How has that really hit the market, explain why that is so important for customers?

當我們剛開始使用 Agentforce 時，我們一直在討論，哦，每次對話都會佔用大量時間。這種定價方式可能是基於交易的定價，也可能是基於使用量的定價，但客戶一直要求更大的靈活性，所以我們迅速採取了這種方式。這項技術在市場上的實際反應如何？為什麼這對消費者來說如此重要？

Because Marc, good question by the way. You and me came up with the AELA concept when we visited a few customers in Europe from Unilever to P&I We had great conversations. And we realized that they wanted to move. They wanted to transform, but they were afraid about all these metrics, consumption, et cetera. So we -- what we're doing now is very simple.

因為馬克，順便說一句，你問得好。你和我是在拜訪歐洲的一些客戶時萌生出 AELA 概念的，這些客戶包括聯合利華和 P&I。我們進行了非常棒的交流。我們意識到他們想搬家。他們想要轉型，但他們害怕所有這些指標、消費等等。所以我們——我們現在所做的事情非常簡單。

We are putting the whole menu of options to them. We also have a very successful SKUs that we launched, which are Agentforce for sales or Agentforce for service that are seat-based SKU. People talk about seat versus consumption-based pricing. The reality is there are a lot of customers that want to seat based because seat-based gives you the predictability.

我們會把所有選項都提供給他們。我們也推出了非常成功的 SKU，即基於席位的 Agentforce 銷售版或 Agentforce 服務版。人們在討論座位定價與消費定價。事實上，許多顧客都希望按座位付費，因為按座位付費能帶來可預測性。

So we've sold a lot of seat-based licenses for Agentforce and data cloud in Q3. In fact, that SKU has doubled year-on-year. It's very massive success there. And -- but we also have customers from the beginning that they want to just pay per conversation or per agentic actions. So we have the whole portfolio, and we are meeting and I love the sentence that Robin illuminated me with a while ago is we are meeting customers where they are.

因此，我們在第三季售出了大量基於席位的 Agentforce 和資料雲許可證。事實上，該 SKU 的銷量比去年同期增長了一倍。那裡取得了巨大的成功。而且——但我們也有一些客戶從一開始就希望按對話次數或客服人員操作次數付費。所以我們擁有完整的產品組合，我們正在與客戶會面，我非常喜歡 Robin 不久前啟發我的一句話：我們正在客戶所在的地方與他們會面。

Every customer is a different point in their journey. So pricing is not -- we put pricing away from the table. And by the way, we also have flex pricing.

每個客戶都處於其旅程的不同階段。所以定價不是問題——我們把定價問題排除在外。順便一提，我們也提供彈性定價方案。

If customers are -- now going to the second part of the question. If customers are worried, okay, I don't want to invest here too much because I already have my service agents in this -- in the call centers and my sales people and what if that reduces, we have flex agreements where if you decide that because the future of agentic is human and agents working together. In most companies, humans are also going to increase. But if they decrease in some areas, you redeploy them but they may not need a license as far as well, you can use that payment to Salesforce into credits, into an AELA or into a seat-based license. So we have the full flexibility.

如果客戶是－現在進入問題的第二部分。如果客戶擔心，好吧，我不想在這裡投入太多，因為我已經有了我的服務代理——在呼叫中心和我的銷售人員，如果這減少了怎麼辦？我們有靈活的協議，如果你決定，因為代理的未來是人，代理們一起工作。大多數公司裡，員工人數也會增加。但如果某些地區的使用者減少，您可以重新部署他們，但他們可能不需要許可證，您也可以將支付給 Salesforce 的款項兌換成積分、AELA 或基於席位的許可證。因此我們擁有充分的靈活性。

Now humans and agents, I think you guys always ask the same thing on whether the number of seats is increasing, the price is increasing. Well, for our clouds, we are seeing both increasing, which is exciting. And we have the flexibility for customers if they want to move investment from one area to the other. So far, we are seeing that the power of the agentic enterprise is when agents augment humans, and they work together side by side with humans.

現在，無論是人類還是代理商，我想你們總是會問同一個問題：座位數量增加了，價格也上漲了。就我們的雲量而言，我們看到雲量都在增加，這令人振奮。如果客戶想將投資從一個地區轉移到另一個地區，我們也能提供相應的靈活性。到目前為止，我們看到智能體的力量在於智能體能夠增強人類的能力，並與人類並肩工作。

Great. Thanks, Kirk.

偉大的。謝謝你，柯克。

Operator, we'll take last question, please.

接線員，我們來回答最後一個問題。

Brad Sills, Bank of America.

布拉德·西爾斯，美國銀行。

Wonderful. Marc, a question for you. I remember at the analyst meeting that we had at Dreamforce. You referred to some efforts to kind of get back to the basics and in the sales channel in pipeline. I think you had mentioned that there were -- the leads were there, but you weren't watering the leads or the seeds were there, you weren't watering the seeds.

精彩的。馬克，我有個問題想問你。我記得在Dreamforce大會上我們召開的分析師會議上。你提到了一些回歸基本面、回歸銷售管道和銷售流程的努力。我想你之前提到過，線索就在那裡，但你沒有澆灌線索；或者種子就在那裡，但你沒有澆灌種子。

I would love it if you could elaborate on that effort to kind of focus back on kind of back to the basics lead generation -- what impact that has had on the pipeline. Thank you so much.

如果您能詳細說明這項旨在回歸基礎線索開發的努力——以及它對銷售管道產生的影響，我將不勝感激。太感謝了。

Okay. Well, I think that maybe this is our greatest accomplishment of the year. Of course, Srini has done a phenomenal job as well as Steve and the entire technology team in building an Agentforce. There's no question, the product is more exciting than ever before. We went through this in detail today.

好的。嗯，我覺得這或許是我們今年最大的成就。當然，Srini、Steve 和整個技術團隊在建立 Agentforce 方面都做得非常出色。毫無疑問，這款產品比以往任何時候都更令人興奮。我們今天詳細討論了這個問題。

But I think that probably the most exciting thing that we have done this year from my perspective is not only have we delivered this incredible piece of technology, but we've radically enhanced the capacity of the distribution organization at a level that we have not done in years.

但我認為，從我的角度來看，我們今年所做的最令人興奮的事情可能不僅是我們交付了這項令人難以置信的技術，而且我們還從根本上提高了分銷組織的能力，達到了我們多年來從未達到的水平。

This is very important, not for this year, but for the subsequent years. And this investment that we made this year in the capacity is going to pay off across all six segments. I just want you to remember Salesforce sells to companies, zero to 200 employees, 200 to 1,000, 1,000 to 5,000, 5,000 above the, US government and across our ecosystem or the software industry. And to really address all six segments, it's critical for us to have the capacity to do that.

這非常重要，不僅對今年重要，對未來幾年也同樣重要。我們今年在產能方面的這項投資，將在所有六個業務領域中獲得回報。我只想提醒您，Salesforce 的客戶包括員工人數從 0 到 200 人、200 到 1000 人、1000 到 5000 人、5000 人以上的公司，以及美國政府和整個軟體產業的生態系統。要真正解決所有六個面向的問題，我們必須具備這樣的能力。

Miguel, what is your total capacity increase for the year so far?

米格爾，你今年的總產能成長率是多少？

20 -- as of today, 23%.

20——截至今日，23%。

About 23% capacity increase. And then we do four critical things. Not only have we delivered more capacity, we have, as Miguel said, train them, enable them. Obviously, these concepts that we're talking about a agentic Enterprise we've created this. We're envisioning this.

產能提升約23%。然後我們做四件至關重要的事。我們不僅提高了產能，而且正如米格爾所說，我們還培訓了他們，賦予了他們能力。顯然，我們正在討論的這些概念，就是我們創造的代理企業。我們正在設想這一點。

We're defining what the future is with this. So we have to enable them and train and give them the ability to deliver that in every one of these market segments.

我們正在用它定義未來。因此，我們必須賦能於他們，培訓他們，並賦予他們在每個細分市場中提供這種服務的能力。

Number two, that core capacity, we have to look at that across every single one of those segments. Several of those segments are delivering mid-double-digit growth at a level that we have not also seen in years. Huge shock to us. And we really think that so many of these segments are just on fire and doing incredibly well. And then three is we have to link the compensation plans of these incredible sellers to these goals, all the goals that you've kind of heard as outlined in the script.

第二，核心能力，我們必須審視每一個細分領域。其中幾個細分市場實現了兩位數的中段成長，這是我們多年來從未見過的水平。這對我們來說是巨大的打擊。我們真的認為這些細分領域中有很多都非常火爆，發展勢頭強勁。第三，我們必須將這些優秀銷售人員的薪酬計畫與這些目標連結起來，這些目標就是你在劇本中已經聽到的所有目標。

And the last thing is we measure the participation of each seller across each segment across each geo, across every operating unit and find out why are they selling or why are they not selling this product and this geography in this segment. So it's a radical level of management. I would say that our ability to do that today far exceeds where we were even just three or four years ago.

最後，我們將衡量每個賣家在每個細分市場、每個地區、每個營運部門的參與情況，並找出他們為什麼在這個細分市場、這個地區銷售或不銷售該產品。所以這是一種激進的管理方式。我認為，我們今天在這方面的能力遠遠超過了三、四年前。

And Miguel, I think, is done a phenomenal job in making that happen. And I think that when we're running the largest Salesforce in software industry, which is what we have and the ability to deliver that across all of these segments with what I think is the most competitive piece of software we have ever had across every industry, every geography, across every segment, it's a Herculean task.

我認為，米格爾在促成此事方面做得非常出色。我認為，當我們經營軟體產業最大的 Salesforce 系統時（這正是我們所擁有的），並且能夠將這種系統推廣到所有這些領域，同時還要提供我認為是我們有史以來在每個行業、每個地區、每個細分領域都最具競爭力的軟體，這是一項艱鉅的任務。

And Q3 you look at these numbers and you saw we were guiding, I think, that we were going to do 9% CRPO growth, and it went to 11% because Miguel crushed it. And I'm really excited about Q4, but especially, I'm excited about fiscal year '27 and fiscal year '28, because of the capacity increases that we're making now.

第三季度，你看看這些數據，你會發現我們當時預計 CRPO 成長 9%，但最終成長了 11%，因為 Miguel 表現出色。我對第四季充滿期待，但尤其對 2027 財年和 2028 財年充滿期待，因為我們現在正在進行產能提升。

Well, thank you, Brad, and thank you, everyone, for joining us today. We look forward to seeing everyone over the coming weeks. Take care.

好的，謝謝你，布萊德，也謝謝各位今天能來參加我們的節目。我們期待在接下來的幾週見到大家。小心。

Thank you for joining. This concludes today's call, and you may now disconnect.

感謝您的參與。今天的通話到此結束，您可以掛斷電話了。