賽富時 (CRM) 2026 Q4 法說會逐字稿

Good afternoon everyone. My name is Leilla, and I will be your conference operator today. At this time, I would like to welcome you to the Salesforce fourth-quarter and full-year fiscal 2026 conference call. This conference is being recorded, and all lines have been placed on mute to prevent any background noise.(Operator Instructions)

各位下午好。我叫萊拉，今天我將擔任你們的會議接線生。此時此刻，我謹代表 Salesforce 宣布 2026 財年第四季及全年業績，歡迎各位參加電話會議。本次會議正在錄音，所有線路均已靜音，以防止背景噪音產生。 （操作說明）

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

此時，我想把電話交給財務和投資者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 fourth-quarter results conference call. We are trying out a new format today, and as such, have shortened our prepared remarks to ensure we have time for your questions. Our press release, SEC filings, and a replay of today's call can be found on our website.

下午好，感謝各位今天參加我們2026財年第四季業績電話會議。今天我們嘗試一種新的形式，因此縮短了準備好的發言稿，以確保我們有時間回答大家的問題。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。

Joining me on the call today are Marc Benioff, Chairman CEO; and Rob Washington, Chief Operating and Finance Officer. We also have Miguel Milano, President and Chief Revenue Officer; and Patrick Stokes, President and Chief Marketing Officer, joining us for the Q&A portion of the call.

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，以及首席營運長兼財務長羅伯·華盛頓。我們也邀請了總裁兼首席營收長 Miguel Milano 和總裁兼首席行銷長 Patrick Stokes 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.

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。

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, including our most recent report on Forms 10-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、不確定性和假設，以及可能影響我們財務表現或結果的其他因素的描述，都包含在我們提交給美國證券交易委員會的文件中，包括我們最新的 10-K 表格、10-Q 表格和其他美國證券交易委員會的文件。除法律要求外，我們不承擔更新這些前瞻性陳述的任何責任。

As a reminder, our commentary today will include non-GAAP measures. Reconciliations between our GAAP and non-GAAP results and guidance can be found in our earnings materials and our press release.

再次提醒，我們今天的評論將包含非GAAP指標。有關我們 GAAP 和非 GAAP 結果及指引的調整表，請參閱我們的獲利報告和新聞稿。

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

那麼，現在讓我把電話交給馬克。

All right. Thanks so much, Mike. We're so thrilled to be here with everybody. And I'll tell you what we're here in this beautiful San Francisco on the 60th floor of Salesforce Tower, and it is a gorgeous day, 70 degrees, the AI capital of the world, and we're coming here to you live. Really excited about everything that's going on.

好的。非常感謝，麥克。能和大家一起在這裡，我們感到非常高興。我現在身處美麗的舊金山，在 Salesforce 大廈的 60 層，今天天氣晴朗，氣溫 70 華氏度（約 21 攝氏度），這裡是世界人工智慧之都，我們正在這裡進行現場直播。我對正在發生的一切感到非常興奮。

So let's start with the highlights from one of the absolute best years in our history and one of the best performances in software ever and guiding one of the best performances in software ever. We have delivered phenomenal performance across revenue, across margin expansion, across cash flow and CRPO and RPO. I mean, the numbers are really incredible.

那麼，讓我們從我們歷史上最輝煌的一年、軟體史上最輝煌的成就之一以及指導軟體史上最輝煌的成就之一的亮點開始。我們在營收、利潤率擴張、現金流、CRPO 和 RPO 等方面都取得了卓越的業績。我的意思是，這些數字真的太不可思議了。

For the full year, we delivered $41.5 billion in revenue up 10% year over year and 9% constant currency. We had $11.2 billion in revenue for the fourth quarter, up 12% year over year, 10% in constant currency. CRPO rose to $35.1 billion, up 16% year over year and 13% in constant currency, and we passed an incredible milestone with $72 billion in total RPO, which is up 14% year over year. Now, that is a $72 billion in total RPO, up 14% year over year in case you missed that point.

全年來看，我們的營收達到 415 億美元，年增 10%，以固定匯率計算成長 9%。第四季營收達 112 億美元，年增 12%，以固定匯率計算成長 10%。CRPO 成長至 351 億美元，年成長 16%，以固定匯率計算成長 13%；RPO 總額達到 720 億美元，年成長 14%，這是一個令人難以置信的里程碑。現在，RPO 總額達到 720 億美元，年增 14%，以防你錯過了這一點。

I did read a tweet that RPO does not matter. But evidently, we have it if it doesn't matter. So total RPO, $72 billion.

我確實看到一則推文說RPO（招募點分配）並不重要。但顯然，如果這無關緊要的話，我們已經有了。因此，RPO 總額為 720 億美元。

Last year, we laid out a path towards double-digit revenue growth by the second half of fiscal year '27, and we're hitting our marks. And based on our strong Q4 performance and the fast start with Informatica, we're updating our fiscal year '30 revenue target to $63 billion. Now, that means we're only spending two years of the 40s, kind of hard to believe.

去年，我們制定了在 2027 財年下半年實現兩位數營收成長的目標，而我們正在逐步實現這一目標。基於我們第四季度強勁的業績以及與 Informatica 的快速合作，我們將 2030 財年的營收目標更新為 630 億美元。這意味著我們只度過了 40 年代的兩年，這有點難以置信。

I have never seen performance like this. But this obviously is not a rational market. We all know this, so we're using our remarkable cash flows to take advantage. This is not our first SaaS-pocalypse, we have been through many SaaS-pocalypses.

我從未見過這樣的表演。但這顯然不是一個理性的市場。我們都知道這一點，所以我們正在利用我們充裕的現金流來獲利。這並非我們第一次遭遇 SaaS 危機，我們已經經歷過許多 SaaS 危機了。

I remember the horrible SaaS-pocalypse of 2020 when not only the software industry was dying, but we were all dying. But we made it through that. And now everyone is back, doing great, so we're so grateful to make it through that, and we're going to make it through this at as well. And it's just a great marketing opportunity and a great buying opportunity, and that's why we are doing this incredible repurchase authorization to $50 billion.

我還記得2020年可怕的SaaS末日，當時不僅軟體產業走向衰亡，我們所有人都在走向衰亡。但我們挺過來了。現在大家都回來了，一切都很好，所以我們非常感激能夠挺過那段時期，我們也一定能夠挺過這次難關。這既是一個絕佳的行銷機會，也是一個絕佳的購買機會，因此我們才批准了高達 500 億美元的巨額回購計畫。

In fiscal year '26, we returned more than $14 billion or 99% of our free cash flow to shareholders. Thank you, Robin, for that. And today, we're increasing our share repurchase authorization to $50 billion because these are some low prices. So Robin will share more about that in a moment.

在 2026 財年，我們向股東返還了超過 140 億美元，即自由現金流的 99%。謝謝你，羅賓。今天，我們將股票回購授權額度提高到 500 億美元，因為目前的股價很低。羅賓稍後會詳細介紹這一點。

The biggest brands in the world are choosing Salesforce to lead their agentic transformation. Companies like Amazon, Ford, AT&T, Moderna, GM, Pfizer so many, and these are big deals in Q4 wins over $1 million were up 26% year over year. That's just so we know, in Q4 wins over $1 million were up 26% year over year. Congratulations, Miguel. Wins over $10 million were up 33% year over year.

全球各大品牌都選擇 Salesforce 來引領代理商轉型。像是亞馬遜、福特、AT&T、Moderna、通用汽車、輝瑞等等公司，這些都是第四季的大單，成交額超過 100 萬美元的訂單年增了 26%。只是想讓大家知道，第四季票房超過 100 萬美元的訂單年增了 26%。恭喜你，米格爾。超過 1000 萬美元的獎金年增 33%。

For example, the US Army run by Army Secretary, Dan Driscoll, do an amazing job, has awarded us a 10-year indefinite delivery, indefinite quantity contract with a ceiling of $5.6 billion. Thank you, Dan.

例如，由陸軍部長丹·德里斯科爾領導的美國陸軍做得非常出色，授予我們一份為期 10 年、金額上限為 56 億美元的無限期交付、無限量合約。謝謝你，丹。

This level of financial performance is a clear signal, a clear signal that companies across every industry and region are investing in Salesforce to become agentic enterprises, just like we've been talking about now for two years, at Dreamforce that the agentic enterprise is a real idea, and we're going to talk about Agentforce, and I think it just became an $800 million business. We're going to talk about that.

這種財務表現水平是一個明確的信號，表明各個行業和地區的公司都在投資 Salesforce，以成為代理型企業，就像我們在過去兩年裡在 Dreamforce 大會上一直在談論的那樣，代理型企業是一個真正的理念，我們將討論 Agentforce，我認為它剛剛成為一家價值 8 億美元的企業。我們接下來要談談這件事。

You've heard me talk about it at Dreamforce and on these calls, our vision of humans and agents working together for years, companies bought apps. We all use apps. I've got apps right here on my phone. I've got apps on my computer. But now, I'm using apps and agents. I use them at home, I use them in my company. We can be talking about that. That is a reality we have. We have 83,000 employees here at Salesforce humans, and we have lots of agents running around as well.

你們都聽我說過，在 Dreamforce 大會和這些電話會議上，我們一直夢想著人類和智能體能夠攜手合作，多年來，公司一直在購買應用程式。我們都使用應用程式。我的手機裡就有很多應用。我的電腦上裝了一些應用程式。但現在，我開始使用應用程式和代理程式。我在家用它們，在公司也用它們。我們可以談談這個。這就是我們所面臨的現實。Salesforce 共有 83,000 名員工，此外還有許多代理商在四處奔波。

Miguel qualified 50,000 leads this week with agents. So we have apps and agents. We have humans and agents working together. We've been talking about that at Dreamforce as well.

米格爾本週透過經紀人篩選出了 5 萬條合格的銷售線索。所以我們既有應用程序，也有代理。我們有人類和智能體共同工作。我們在 Dreamforce 大會上也討論過這個問題。

And this is just an incredible opportunity for Salesforce. Our market is bigger than ever because not only selling apps, we're selling apps and agents. So bringing humans, agents, apps, and data together not just to make people better at their jobs, but to redefine how work gets done. This is just an incredible exciting moment in software. So we're seeing incredible demand for Agentforce. In its first 15 months, we closed 29,000 deals, up 50% quarter over quarter.

這對 Salesforce 來說是一個絕佳的機會。我們的市場比以往任何時候都更大，因為我們不僅銷售應用程序，還銷售應用程式和代理商。因此，將人、代理商、應用程式和數據結合起來，不僅是為了讓人們更好地完成工作，更是為了重新定義工作的完成方式。這是軟體領域一個令人難以置信的激動人心的時刻。因此，我們看到市場對 Agentforce 的需求非常旺盛。在成立的頭 15 個月裡，我們完成了 29,000 筆交易，比上一季成長了 50%。

Customers in production have increased as well, nearly 50% in Q4. It can do more, have more power, more capability than ever. If you haven't seen the new Agentforce, you haven't seen Agentforce, the level of determinism, the voice capabilities, Agentforce studio, Agentforce builder. We are spending a huge amount of time on Agentforce. I just saw the new Agentforce demos from our team, it was incredible.

生產部門的客戶數量也有所增加，第四季成長了近 50%。它比以往任何時候都更強大、更卓越。如果你還沒看過新的 Agentforce，那你還沒真正體驗過 Agentforce 的強大功能，包括它的確定性、語音功能、Agentforce 工作室和 Agentforce 建構器。我們在 Agentforce 上投入了大量時間。我剛剛看了我們團隊最新的 Agentforce 演示，真是太棒了。

We even have Agentforce running in Slack. We have Agentforce builder running in Slack. We have amazing things happening, and our Agentforce and Data 360 ARR, including Informatica, now exceeds $2.9 billion. I heard ARR doesn't matter anymore. But in case it does, we have $2.9 billion, up 200% year over year, more than 75% of our top 100 wins in Q4 included both Agentforce and Data 360.

我們甚至在 Slack 中運行了 Agentforce。我們在 Slack 中運行了 Agentforce 建構器。我們正在取得令人矚目的成就，我們的 Agentforce 和 Data 360 ARR（包括 Informatica）現已超過 29 億美元。我聽說ARR（年度收視率）現在已經不重要了。但如果真的發生這種情況，我們擁有 29 億美元的收入，年增 200%，第四季度我們前 100 名客戶中，超過 75% 的客戶同時包括 Agentforce 和 Data 360。

In a bit, we're going to hear from three amazing customers, Wyndham, one of my very favorite customers in the world, the world's largest hotel chain. SharkNinja, I just got one of their great new products, I'm sure you know about they've got the best slushing machine, but one of the most innovative consumer product companies in the world. And SaaStr, an incredible community of B2B software founders, executives, investors, and I think you all know that I love Jason, but I've never been more excited about our business here at Salesforce.

稍後，我們將聽到三位了不起的客戶的故事，其中一位是溫德姆酒店集團，它是我最喜歡的客戶之一，也是世界上最大的連鎖飯店。SharkNinja，我剛入手了他們的一款很棒的新產品，我相信你也知道，他們擁有最好的冰沙機，而且是世界上最具創新精神的消費品公司之一。還有 SaaStr，一個由 B2B 軟體創始人、高管、投資者組成的令人驚嘆的社區，我想你們都知道我喜歡 Jason，但我從未像現在這樣對我們在 Salesforce 的業務感到興奮。

No one else is delivering this level of capability at this scale to this many customers. And we are taking the power of the agentic enterprise of these apps and sales force, and we're giving them the security, reliability, availability, scalability that you need to make them successful in business like ours, but in all businesses, in small and medium businesses and general sized businesses and very large enterprises in the government and in ISVs as well.

沒有其他公司能夠以這種規模向如此多的客戶提供這種水平的能力。我們正在利用這些應用程式和銷售團隊的代理企業能力，並賦予它們所需的安全性、可靠性、可用性和可擴展性，使它們能夠在像我們這樣的企業中取得成功，而且在所有企業中，包括中小企業、一般規模的企業以及政府和獨立軟體開發商 (ISV) 等大型企業中取得成功。

So this is a category that just did not really exist a year ago. I would just say that look at IT service management. We just launched Salesforce IT service in October, Salesforce ITSM. And in just a few months, Miguel has won over 180 customers, amazing Miguel.

所以，這一類別在一年前根本不存在。我只想說，應該要專注在IT服務管理。我們在10月份推出了Salesforce IT服務，Salesforce ITSM。短短幾個月內，米格爾就贏得了 180 多位顧客，真是了不起的米格爾。

But I especially love five customers who get to leave the purgatory of ServiceNow like Sunrun, Cornerstone, Coolisys, and there's others, too, that we're not allowed to mention, but I might mention them anyway. Who are leaving in ServiceNow now for the new Salesforce IT service product, which is about apps and agents, helping you manage all your ITSM.

但我尤其喜歡有五家客戶擺脫了 ServiceNow 的困境，例如 Sunrun、Cornerstone 和 Coolisys，還有其他一些客戶，我們不能提及，但我可能還是會提到他們。現在，許多使用者正在離開 ServiceNow，轉而使用 Salesforce 的全新 IT 服務產品，該產品以應用程式和代理為核心，幫助您管理所有 ITSM 服務。

But don't just think it's just that. We built an amazing new life sciences product this year. Agentforce for life sciences and since we launched so many of the global pharma companies, and I've met with so many of the CEOs myself, they're leaving Veeva, the purgatory of Veeva, including AstraZeneca, Novartis, Takeda, and of course, Albert at Pfizer, they're all saying that they are going to Salesforce Life Sciences, which is a product that has apps and agents.

但不要以為事情僅止於此。今年我們打造了一款令人驚豔的全新生命科學產品。Agentforce 專為生命科學領域打造，自從我們推出以來，許多全球製藥公司都已加入，而且我自己也與許多首席執行官會面過，他們都離開了 Veeva，離開了 Veeva 這個“煉獄”，包括阿斯利康、諾華、武田，當然還有輝瑞的 Albert，他們都表示將轉向 Salesforce Life Sciences，這是一個擁有應用程序和代理產品的產品。

And this is amazing. They are the most regulated businesses in the world, and they're choosing Salesforce. And over the years, I've met with untold numbers of customers, call it thousands, call it more than that. They used to tell me maybe, okay, I want to roll my own AI. I'm going to build my own model, I've been to build my own agent.

這太神奇了。他們是世界上監管最嚴格的企業，但他們選擇了 Salesforce。多年來，我見過無數的客戶，說是成千上萬，說是更多。他們過去常跟我說，或許，好吧，我想自己開發人工智慧。我打算建立自己的模型，我已經著手建立自己的代理商。

I said, tell me about that, let me know how that goes, show me exactly what you're doing. Or you can just turn it on in the Salesforce product you already have. You have Sales Cloud, turn on the agents. You have Service Cloud, turn on the agents, our marketing cloud, turn on the agent. You have Slack, turn on Slackbot, and that idea that every app now has the capability to have agents.

我說，跟我說說情況，讓我知道進展如何，給我示範一下你在做什麼。或者，您也可以直接在您已有的 Salesforce 產品中啟用它。您已擁有 Sales Cloud，請啟用代理程式。您擁有 Service Cloud，請啟用代理；您擁有我們的行銷雲，請啟用代理。你擁有 Slack，開啟 Slackbot，然後你就會明白，現在每個應用程式都有能力擁有代理。

So customers tell me that they want to basically kind of get to that next level. And the way to do that is by including this context, the ability for the AI, the data to know you. No better example of that than Slackbot immediately as you turn it on, you're a Slack customer, it looks at all your slack. It looks at your DMs, it looks through Salesforce. It looks through Google. It looks even that Microsoft Teams as hard as that is for some agents to go and do, but we've told them how to do it.

所以客戶告訴我，他們基本上是想達到下一個等級。實現這一目標的方法是加入這個背景訊息，讓人工智慧能夠透過數據了解你。Slackbot 就是最好的例子，當你打開它時，如果你是 Slack 用戶，它就會查看你所有的 Slack 訊息。它會查看你的私信，也會查看 Salesforce 中的資料。它會透過谷歌搜尋。看起來，即使對於某些員工來說，使用 Microsoft Teams 仍然很困難，但我們已經告訴他們​​如何操作了。

And then it says, I understand your business, and I can give you help, advice, support. And in fact, a recent survey of 100 CIOs found that the number of companies planning to use a platform like this, this idea of apps and agents has now doubled just in the last 18 months because of this, they realize this is more than just turning on Mac bot on your Mac mini okay, which, by the way, I have a Mac, and the setup is great, open claw. I love it.

然後它說，我了解您的業務，我可以為您提供幫助、建議和支持。事實上，最近對 100 位首席資訊長進行的一項調查發現，計劃使用此類平台（即應用程式和代理的概念）的公司數量在過去 18 個月中翻了一番，原因在於，他們意識到這不僅僅是在你的 Mac mini 上打開 Mac Bot 那麼簡單。順便說一句，我有一台 Mac，而且設定很棒，Open Claw。我喜歡它。

But for companies who want to have the reliability, availability, security, okay, the sharing models. The key parts of that to really make sure that the business is safe and secure while you're running all these skilled agents. Well, let's just know that that is what Salesforce is doing. And that's why Salesforce has become one of these incredible companies because our platform provides these amazing four layers that you see right here that everyone needs to convert raw intelligence into real work, everything they need to become an agentic enterprise. Just look at this.

但對於那些想要可靠性、可用性、安全性的公司來說，共享模式是可以接受的。關鍵在於確保在你經營所有這些熟練的代理人時，業務能夠真正安全可靠。好吧，我們只需要知道Salesforce正在這樣做就行了。正因為如此，Salesforce 才成為如此傑出的公司之一，因為我們的平台提供了您在這裡看到的這四個令人驚嘆的層面，每個人都需要這些層面將原始智慧轉化為實際工作，他們所需的一切都是為了成為一個智慧型企業。看看這個。

Look at what we felt, look at what we have built, and thank you to our team, they have done a phenomenal job. Srini can't be here because he's in India. He was at the India AI Summit this week, he could not make it back here in time.

看看我們當時的感受，看看我們所取得的成就，感謝我們的團隊，他們做得非常好。斯里尼不能來，因為他在印度。他本週在印度參加人工智慧高峰會，沒能及時趕回來。

Look at what our engineering team has built, and thank you to them. Look at where it starts. First of all, yes, we can use all those large language models. We love them all. We love all of our children equally and down below here, whether it's anthropic or open AI or Mistral or Lama all of them, and there's more coming. They're amazing. World models are coming. They're amazing. They're all down below here, and we're using them.

看看我們的工程團隊打造出了什麼，感謝他們。看看它從哪裡開始。首先，是的，我們可以使用所有這些大型語言模型。我們愛他們所有人。我們平等地愛著我們所有的孩子，無論他們是人類、開放人工智慧、米斯特拉爾還是喇嘛，我們都愛他們，而且未來還會有更多。他們太棒了。世界級模特兒即將到來。他們太棒了。它們都在下面，我們正在使用它們。

And then, of course, we bring them into Data 360, and that lets you harmonize your data, integrate your data, and federate that means connect into other data sources throughout your company and grab it. Other data repositories, you might be using Snowflake or Databricks, you might be using BigQuery or anything, even IBM mainframes and you can bring it into Data 360, activate your data, and then it comes up into your apps.

當然，之後我們會將它們匯入 Data 360，這樣就可以協調、整合數據，並進行聯合，這意味著連接到公司內的其他數據來源並獲取數據。其他資料儲存庫，例如 Snowflake 或 Databricks，BigQuery 或其他任何儲存庫，甚至是 IBM 大型主機，都可以將其匯入 Data 360，啟動數據，然後資料就會出現在您的應用程式中。

So if you're using the service app, and you want to have an experience like help.salesforce.com for your company, now the service app has that agentic capability, the data is coming up, and it comes up to the next level to Agentforce and you can build your agents, train your agents, put the guardrails in your agents, give them voice. They can talk now, they're talking. And then all of a sudden, you can even manage and orchestrate and collaborate from Slack.

因此，如果您正在使用服務應用程序，並且希望為您的公司提供類似 help.salesforce.com 的體驗，那麼現在服務應用程式具有代理功能，資料正在湧現，並提升到 Agentforce 的更高水平，您可以建立代理、培訓代理、為代理設定安全限制，並賦予他們發言權。他們現在可以說話了，他們正在說話。然後突然之間，你甚至可以透過 Slack 進行管理、協調和協作。

So this is our architecture. And all of this is unified, integrated, and that idea that we can deliver this unified platform to our customers, to help them deliver humans and agents working together. So you can see right here, Agentforce has the tooling to build to manage, to orchestrate the agents to make them talk to give them determinism, to give them the capabilities if they want.

這就是我們的架構。所有這些都是統一的、整合的，我們的理念是向客戶提供這個統一的平台，幫助他們實現人員和代理商的協同工作。所以你可以看到，Agentforce 擁有建構和管理代理的工具，可以協調代理進行通信，賦予代理確定性，並根據需要賦予代理各種功能。

And then we have the engagement layer to deliver agentic enterprises, where work happens in Slack across our apps. If you haven't seen Slackbot.

然後，我們還有互動層，用於打造智慧企業，讓工作在我們的應用程式上透過 Slack 進行。如果你還沒見過Slackbot。

I talked to a lot of customers. So I kind of see Slackbot. Where is it? I have the free edition? I'm like, maybe you should pay us and get the enterprise edition because, and boom, that's when all the Slackbot turns on, and you can go through your whole company, run your company.

我與許多顧客交談過。所以我覺得 Slackbot 還蠻像的。它在哪裡？我用的是免費版？我心想，或許你該付費買企業版，因為，砰！ Slackbot 就啟動了，你可以管理整個公司，經營你的公司。

I had one of our customers over last night, Aneel Bhusri at Workday. I'm like, have you seen Slackbot, and Aneel was like, no, I have not seen yet. I'm like, you're the biggest Slack customer we have. I'm like, I had to sit there and say, look at this, and I'm like said to Slackbot, I'm having drinks with Aneel and I just am trying to like give the demo of Slackbot, what should I say to him? What is the strategy between Salesforce and Workday and then boom.

昨晚我們的一位客戶來我家作客，他是 Workday 公司的 Aneel Bhusri。我問他：“你見過 Slackbot 嗎？” Aneel 說：“沒有，我還沒看過。”我心想，你們可是我們Slack最大的客戶啊。我當時就想，我得坐在那裡說，看看這個，然後我對 Slackbot 說，我正在和 Aneel 喝酒，我只是想給他演示一下 Slackbot，我應該跟他說些什麼呢？Salesforce 和 Workday 之間的策略是什麼？然後就爆發了。

It just went through the whole thing, showed him every deal. He couldn't believe everything that was happening between these our two companies, he had to get updated because he's the new CEO of Workday, and it was amazing. That was my real experience. Together, all of this is the complete operating system for the agentic enterprise.

它把整個過程都過了一遍，給他看了每一筆交易。他簡直不敢相信我們兩家公司之間發生的一切，他必須了解情況，因為他是 Workday 的新任 CEO，這真是太棒了。那是我真實的經驗。所有這些加起來就構成了代理企業的完整作業系統。

Yes, I'm using it myself. And we're using it, we're customer zero. And that's crucial because look, we already know now, our customers aren't going to deploy just one agent. There's going to be many agents, many capabilities. The ability to automate many different types of work, and they're going to deploy hundreds or thousands. Many are going to be from us.

是的，我自己也在用。我們正在使用它，我們是零號客戶。這一點至關重要，因為我們現在已經知道，我們的客戶不會只部署一個代理程式。將會有很多代理人，很多功能。他們有能力實現多種不同類型工作的自動化，而且他們計劃部署數百台這樣的設備。很多都將來自我們。

Others could be from other amazing companies like one that just mentioned, Workday, I love them. But these agents can't work in isolation. Like ET, each one of them needs to phone home. Okay, so that home is Salesforce. And they are calling us through the MCP server or maybe even just through one of our core platforms, and the more agents that our company deploys, us or anyone else, the more essential our platform becomes.

其他員工可能來自其他優秀的公司，像是剛才提到的 Workday，我非常喜歡他們。但這些代理人不能孤立地工作。就像外星人一樣，他們每個人都需要打電話回家。好的，所以這家公司是 Salesforce。他們透過 MCP 伺服器聯繫我們，甚至可能只是透過我們的核心平台之一聯繫我們。我們公司部署的代理商越多（無論是我們自己還是其他公司），我們的平台就越重要。

This is my personal testimonial. I'm giving you my personal testimonial how I run Salesforce. You can come here, I will show you how I run a business with apps and agents together. And it's why nearly 90% of Forbes top 50 AI companies. Forbes top 50 AI companies, use Salesforce and Slack. And if there is a SaaS-pocalypse, I think it might be eaten by the sasquatch because there are a lot of companies using a lot of SaaS because SaaS just got a lot better with agents as a service. Now, I won't tell you exactly tell you what that says. But let's just say they're SaaS and there's also agents as a service.

這是我的個人證詞。我將以我個人的經驗來分享我是如何運作 Salesforce 的。你可以來這裡，我會向你展示我是如何利用應用程式和代理商共同經營業務的。這也是為什麼福布斯評選出的 50 家頂級人工智慧公司中，近 90% 的公司都採用了人工智慧技術。福布斯排名前 50 名的人工智慧公司都在使用 Salesforce 和 Slack。如果真的出現 SaaS 末日，我認為它可能會被大腳怪吃掉，因為現在有很多公司都在大量使用 SaaS，而 SaaS 隨著代理即服務 (Agent as a Service) 的出現而變得更加完善。現在，我不會告訴你上面到底寫了什麼。但假設它們是 SaaS，並且也有代理即服務。

Now, I want to tell you how we're measuring the value our platform delivers to customers. Today, we are one of the largest consumers of tokens in the world to date, now over 19 trillion tokens. So we continue to show you that because we want you to see that we're actually doing what we say.

現在，我想告訴大家我們是如何衡量我們的平台為客戶帶來的價值的。如今，我們是全球最大的代幣消費商之一，目前持有超過 19 兆枚代幣。所以我們繼續向你們展示這一點，因為我們希望你們看到我們確實在言行一致。

I know that there's been some enterprise software companies who say they're doing agents or they're doing AI, but then they're not showing up in the token rankings from the language model companies. So we're here is $19 trillion, okay, but we really want to take this to another level. And another level is a token on its own doesn't know your customers, your pipeline, your org chart, but Salesforce does. And the value isn't in the token. The value is in what our platform does with it, the work.

我知道有些企業軟體公司聲稱他們在做智能體或人工智慧，但它們並沒有出現在語言模型公司的代幣排名中。所以我們現在有 19 兆美元，好吧，但我們真的想把它提升到另一個水平。另一個層次是，令牌本身並不了解你的客戶、你的銷售管道、你的組織架構，但 Salesforce 卻了解。而且該值並不在令牌中。價值在於我們的平台如何利用它，以及它所扮演的角色。

That's why today, we're introducing an additional metric. The Agentic Work Unit created by our very own Patrick Stokes, sitting here at the table. The AWU not to be confused with our customer, AWS. And AWU represents one unit of AI work, agentic work unit. We're rolling this out to see how you like it actually here in earnings. It's a record updated workflow triggered, decision made. MCP called.

因此，今天我們要引進一項新的指標。我們自己的 Patrick Stokes 創建的 Agentic 工作單元，他現在就坐在桌旁。AWU 請勿與我們的客戶 AWS 混淆。AWU 代表人工智慧工作單元，即智能體工作單元。我們正在推出這項功能，看看您在實際收益中感覺如何。這是觸發的已更新工作流程記錄，並已做出決定。MCP 呼叫。

And to date, AI agents on the Salesforce platform delivered 2.4 billion agentic work units. That is where AI isn't just thinking or calling things, it's getting work done, work done, transactions. And in Q4 alone, we delivered about 771 million of them, we're still trying to exactly figure out exactly what these numbers mean for us. But what it means for me, is that we are doing what we say that is we are explaining that humans and agents are working together.

迄今為止，Salesforce 平台上的 AI 代理程式已交付 24 億個代理程式工作單元。人工智慧不僅僅是思考或打電話，它還能完成工作、完成交易。光是在第四季度，我們就交付了約 7.71 億件產品，我們仍在努力弄清楚這些數字對我們究竟意味著什麼。但對我來說，這意味著我們正在做我們所說的事情，也就是說，我們正在解釋人類和智能體正在共同工作。

We are showing you a business at scale running them. We are showing them how we are making our business better. Our service is so much better this year because we're using our new Service Cloud with our omnichannel supervisor deployed with Agentforce.

我們正在向您展示一家大規模經營這些公司的企業。我們正在向他們展示我們如何改進業務。今年我們的服務品質有了顯著提升，因為我們使用了新的 Service Cloud，並將全通路主管部署在了 Agentforce 平台上。

Our sales, Miguel just hit record sales numbers, you can see them. We've never sold or had so much ACV in our history in the fourth quarter because not only does he have 15,000 account executives. But he has all these agents who are out there doing this amazing work. So that is so exciting. This is raw intelligence converted into the real work. It's driving efficiency and growth.

我們的銷售額，Miguel 剛剛創下了銷售紀錄，你們都看到了。我們歷史上第四季從未有過如此高的銷售額或年度合約價值，因為他不僅擁有 15,000 名客戶經理。但他有很多經紀人在外面做著非常出色的工作。真是太令人興奮了。這是將原始智慧轉化為實際工作的成果。它正在提高效率並促進成長。

Okay. Now, let me tell you about one of the biggest drivers of these work units, Slackbot. A lot of you use Slack, I use Slack every day. It's the employee -- ultimate employee agent. And many of you know that X, the social media platform, hosts about 500 million messages a day, right? Elon must do an amazing job on X, incredible what he has done.

好的。現在，讓我來介紹一下這些工作單元的最大驅動力之一——Slackbot。很多人都用Slack，我每天都用Slack。它是員工——最終的員工代理人。你們很多人都知道，社群媒體平台 X 每天大約會發布 5 億則訊息，對吧？埃隆在X項目上一定做得非常出色，他所取得的成就令人難以置信。

But did you know that Slack host about 1 billion messages a day? So while X, amazing X, I use it myself. I just tweeted something, 500 million messages a day. Well, Slack is hosting 1 billion messages a day. And remember, every one of them is about getting work done. That's why we bought it.

但你知道 Slack 每天大約會收到 10 億則訊息嗎？所以，雖然 X，很棒的 X，我自己也在用。我剛剛發了一條推文，每天有 5 億條訊息。Slack每天處理10億條訊息。記住，所有這些工作都是為了完成任務。這就是我們買它的原因。

Remember, Slack's ticker symbol was WORK. Slackbot can access all of those messages as well as your files, your calendar, your Salesforce, your Google, your Microsoft Teams, your this, your that, Slackbot goes around, pulls it all together, and then it knows your business. So then it's able to orchestrate with other agents. It has an incredible partner marketplace, really the number one AI ecosystem in the world, and has more than 350 AI apps and agents already. There is no other AI ecosystem like it.

記住，Slack 的股票代號是 WORK。Slackbot 可以存取所有這些訊息以及你的文件、日曆、Salesforce、Google、Microsoft Teams、你的各種信息，Slackbot 會把所有這些資訊整合起來，然後它就能了解你的業務了。這樣它就能與其他代理人協調。它擁有一個令人難以置信的合作夥伴市場，堪稱全球首屈一指的人工智慧生態系統，目前已有超過 350 個人工智慧應用程式和代理商。沒有其他人工智慧生態系統能與之媲美。

One of those partners is Anthropic, we love Anthropic. We love Dario, Daniella. I tweeted about what they did yesterday, incredible demo. Just yesterday, Dario demonstrated how he is doing something amazing with Salesforce in the enterprise. Every single one of their demos, whether it was for HR, engineering investment banking, started at ending in Slack, pretty awesome. And so, it's about agents and apps, humans agents. It's all working together. You can see it in his demos. You can see it in our demos.

其中一個合作夥伴是 Anthropic，我們非常喜歡 Anthropic。丹妮拉，我們愛達裡奧。我昨天在推特上發了他們做的演示，太棒了。就在昨天，達裡奧展示了他如何利用 Salesforce 在企業中創造出令人驚嘆的成果。他們的所有演示，無論是面向人力資源、工程還是投資銀行，都以 Slack 開始和結束，非常棒。所以，關鍵在於代理人和應用程序，也就是人類代理人。一切都在協同運作。你可以在他的演示中看到這一點。您可以在我們的演示中看到它。

By the way, Anthropic runs its whole global operation on Salesforce and Slack, I think actually, every AI company does. Yeah, I think they do. So maybe you saw they're hiring a Salesforce admin, Dario. Let us know if you need new names. But I think it's just a point we're making that Salesforce is doing great with these AI companies.

順便說一句，Anthropic 的整個全球營運都是基於 Salesforce 和 Slack 的，實際上，我認為所有人工智慧公司都是如此。是的，我覺得他們會的。達裡奧，你可能已經看到他們正在招募 Salesforce 管理員了。如果您需要新的名稱，請告訴我們。但我認為這只是想說明 Salesforce 與這些人工智慧公司合作得非常出色。

We're so thrilled of our relationship with Dario, and I think we just put another $100 million into the new round. We're up about $330 million in Anthropic invested. It's almost about 1% of Anthropic. And believe me, I wish we had invested a lot more, John. I don't know why we didn't do more.

我們對與達裡奧的合作關係感到非常興奮，而且我認為我們剛剛在新一輪融資中又投入了 1 億美元。我們在 Anthropico 的投資已經增加了約 3.3 億美元。它幾乎佔人類總數的 1%。相信我，約翰，我真希望我們當時能投入更多。我不知道為什麼我們沒有做得更多。

Okay. With that, it's time we're going to hear from some of our most inspiring customers becoming agentic enterprises. We have the great Mark. Mark, I see you. Mark is there from SharkNinja. Hey, Mark.

好的。接下來，我們將聆聽一些最鼓舞人心的客戶講述他們如何轉型為代理型企業。我們有偉大的馬克。馬克，我看到你了。Mark來自SharkNinja。嘿，馬克。

Hey, Marc, congratulations to you and your team. What a quarter.

嘿，馬克，恭喜你和你的團隊。這季度真是糟糕透了。

Mark, I'm so thrilled to talk to you, and I love all your products, and thank you for the Christmas presents. I have them, and I'm using them.

馬克，我很高興能和你聊天，我非常喜歡你的所有產品，謝謝你的聖誕禮物。我有這些，而且我正在使用它們。

Appreciate it. I'm really happy that so much of our holiday selling season was really driven by the launch of Salesforce that, as you know, happened at the end of September and would love to talk to you about it.

謝謝。我很高興我們假期銷售季的大部分成長都得益於 Salesforce 的推出，正如您所知，Salesforce 的推出是在 9 月底進行的，我很樂意與您探討一下。

Well, Mark, you know that we've been working together now, just me and you, as well as with our whole sales team to make we can automate all of SharkNinja. We want to automate your sales, service, marketing or commerce. Everything you're doing, I'm so excited about your future. We have our best team working with you.

馬克，你知道我們現在一直在一起工作，就我們倆，還有我們整個銷售團隊，目的是實現 SharkNinja 的所有自動化。我們希望實現您的銷售、服務、行銷或商務流程自動化。你所做的一切，都讓我對你的未來充滿期待。我們已安排最優秀的團隊與您合作。

Give us your view of what's happened and the value we've been able to deliver, what's your biggest surprise? What in the slushy machine, what came out?

請談談您對目前情況以及我們所創造的價值的看法，您最大的驚喜是什麼？冰沙機裡出來的是什麼？

Look, Marc, I mean, we launched 25 products a year, and we're really innovating at speed. And we need customer service solutions that move just as fast. I mean, most companies treat service as a cost center. For us, Marc, it's really about lifetime value of the consumer. I mean, we view service as a growth engine for the business.

聽著，馬克，我的意思是，我們每年推出 25 款產品，我們的創新速度真的很快。我們需要同樣快速回應的客戶服務解決方案。我的意思是，大多數公司都將服務視為成本中心。馬克，對我們來說，關鍵在於消費者的終身價值。我的意思是，我們把服務視為企業成長的引擎。

And it's not just about servicing problems, it's about building lifetime value. We set up with you and your team, a guided shopping agent in eight weeks right before the holiday season. I was nervous about it as I went to my team and I said, we're putting this in place in October. There's generally kind of a cutoff in our business where after October 1, you don't really do anything.

這不僅是解決問題的問題，而是要創造終身價值的問題。我們在假日開始前的八週內，為您和您的團隊安排了一位購物指導代理。我當時很緊張，但我還是跟我的團隊說，我們將在十月實施這項計畫。在我們的行業裡，通常有一個截止日期，10 月 1 日之後，你基本上什麼都不做了。

And we launched this in eight weeks, and it brought tremendous value to the consumer. I mean, it helped them with researching and buying and troubleshooting, really all in one seamless conversation. So it was a great success for us this holiday season.

我們在八週內就推出了這款產品，它為消費者帶來了巨大的價值。我的意思是，它幫助他們進行研究、購買和故障排除，真正實現了所有環節的無縫銜接。所以，這個假期對我們來說非常成功。

Well, Mark, I think that working with you has been extremely interesting because you're very much a B2C company, and there are so many exciting things that you're doing. When you look at what Salesforce has done and deployed, especially in regards to AI and agents and apps, where has it really impacted you the most?

馬克，我覺得和你一起工作非常有趣，因為你們是一家非常注重消費者體驗的公司，而且你們正在做很多令人興奮的事情。縱觀 Salesforce 的成就和部署，尤其是在人工智慧、代理程式和應用程式方面，它對您產生的最大影響是什麼？

Well, look, let me start with this stat for you. I mean, just since we launched Salesforce in Q4, I mean, agents have participated in 0.25 million consumer engagements during that period of time. So just in a really, really short period of time, 0.25 million engagements.

好，先讓我給你看這個統計。我的意思是，自從我們在第四季度推出 Salesforce 以來，代理商在那段時間裡已經參與了 25 萬次消費者互動。所以在非常非常短的時間內，就獲得了 25 萬次互動。

We put so many products out into the market. And sometimes, that many products creates complexity for the consumer. And so whether they're calling about a service issue or a troubleshooting issue or where is my order issue, it's allowed our customer service agents to focus on the really challenging issues, and it's freed up an enormous amount of time for them. It's a win for the consumer because the consumer is getting their questions answered quickly, they're not waiting. And it's a win for us because it's driving down cost. And it's, in the end, just having a better service experience.

我們向市場推出了大量產品。有時，如此多的產品反而會帶給消費者困惑。因此，無論他們打電話來諮詢服務問題、故障排除問題還是訂單查詢問題，這都讓我們的客服人員能夠專注於真正具有挑戰性的問題，並為他們節省了大量時間。這對消費者來說是件好事，因為消費者的問題能很快得到解答，無須等待。這對我們來說是件好事，因為它降低了成本。歸根結底，這只是為了獲得更好的服務體驗。

Well, Mark, I just want to thank you so much. We're so grateful to you as a customer of Salesforce. It has been an absolute pleasure getting to know you, working with you. And I think that we have such a great future together and thank you for the Christmas presents. I'm using them. I made some amazing mango sorbet actually this week, and it was awesome.

馬克，我真的非常感謝你。我們非常感謝您作為 Salesforce 的客戶。認識你、與你共事，真是我的榮幸。我認為我們有非常美好的未來，謝謝你送的聖誕禮物。我正在使用它們。我這週做了些超棒的芒果冰沙，味道好極了。

Sounds great. Thanks, Marc.

聽起來不錯。謝謝你，馬克。

Bye, Mark. Great to see you.

再見，馬克。很高興見到你。

Well, I've been so thrilled to work with Mark, but I have to also introduce you to another really good friend of mine, Geoff at Wyndham. And you probably heard from Geoff this week, he had a phenomenal quarter, doing great, the number one hotel in the world.

我很高興能和馬克一起工作，但我還要向你們介紹我的另一位好朋友，溫德姆酒店的傑夫。你可能這週已經從傑夫那裡聽說了，他這季度業績非常出色，酒店銷量位居世界第一。

Geoff, we are so thrilled. Geoff, congratulations on everything that's going on with Wyndham, we're thrilled. Give us your vision of what's going on in the world and with Wyndham, and we'd love to hear how you're using Salesforce as well.

傑夫，我們太激動了。傑夫，恭喜你在溫德姆取得的一切成就，我們感到非常興奮。請您談談您對世界現況和溫德姆酒店集團發展的看法，我們也想了解您是如何使用 Salesforce 的。

When we have -- Mark -- I mean, when you think about just how far we've come in the last year, today, we have over 5,000 deployments of Agentforce across our over 8,300 hotels. It is a huge, huge part of our agentic platform, and we are really just getting started.

馬克，我的意思是，想想我們在過去一年裡的成就，如今，我們在超過 8300 家酒店中部署了超過 5000 個 Agentforce 系統。它是我們代理平台中極為重要的一部分，而我們才剛起步。

We're starting to roll out to Canada and internationally. But with Salesforce tools like MuleSoft and Data 360, we have built a single source of truth, unified all of our guests reservation, information, and data, all of their loyalty information and all of their CRM data so that all of our agents now are operating with the same trusted and real-time guests and hotel information, which they weren't before.

我們正開始向加拿大和國際市場推廣。但藉助 MuleSoft 和 Data 360 等 Salesforce 工具，我們建立了一個單一數據源，統一了所有客人的預訂、資訊和數據、所有忠誠度資訊以及所有 CRM 數據，從而使我們所有的代理商現在都能使用相同的、可信的實時客人和酒店信息，而這在以前是無法實現的。

We're calling it Wyndham Guest 360. It is a key enabler for our agent foundry. And it is delighting in better guest experiences, improving those experiences and building on increased loyalty engagement. But most importantly, Marc, you've talked a lot about labor, which is agentic, it is taking millions of dollars of labor costs from our small business owners in the front office out of their operation, and it is driving millions of dollars of increased revenue for these franchisees.

我們稱之為溫德姆賓客360。它是我們代理構建的關鍵推動因素。它致力於提供更好的賓客體驗，不斷改進這些體驗，並在此基礎上提高客戶忠誠度。但最重要的是，馬克，你談了很多關於勞動力的問題，勞動力具有代理性，它正在從我們小型企業主的前台運營中節省數百萬美元的勞動力成本，並為這些加盟商帶來數百萬美元的收入增長。

Well, I just have to say this one thing, which is I have been hugely surprised at how fast you have gone, Geoff. We work with all the major hotel companies and I love them all, and I stay in them all. They're fantastic. I'm actually going to stay to Wyndham Hotel tonight. I'm flying East.

我只想說一件事，那就是傑夫，你的進步速度真的讓我非常驚訝。我們與所有主要酒店集團都有合作，我都很喜歡，而且我都住過。它們太棒了。我打算今晚入住溫德姆酒店。我正在向東飛行。

But I have to ask you this question, Geoff, because I don't understand how are you going so fast? What are you doing? Is this because you're leading from the top? I mean, you seem to like -- I just talked from Mark at SharkNinja, he really is owning this. Why are you guys going so fast? Why are you doing so well? I mean, it's just you're loading out these apps and agents that your team is crushing it. What is going on?

但我必須問你這個問題，傑夫，因為我不明白你為什麼跑得這麼快？你在幹什麼？這是因為你身先士卒嗎？我的意思是，你似乎很喜歡——我剛剛和 SharkNinja 的 Mark 聊過，他真的很有主見。你們為什麼開這麼快？為什麼做得這麼好？我的意思是，你只是在加載這些應用程式和代理，你的團隊做得非常出色。到底是怎麼回事？

We're in the hospitality business, and we always say it's all about humans, yes. But it is humans as you've always said, with agents who are driving that customer success together.

我們從事酒店服務業，我們常說，一切都與人有關，沒錯。但正如你一直所說，是人，是代理人，共同推動客戶的成功。

Think about our customers. Before our integration with you all, our agents had to spend time gathering basic guest information on who Marc Benioff was before he checked in tonight. And that was not easily at their fingertips or even worse, asking Marc for his information that we should have had.

想想我們的客戶。在我們與大家整合之前，我們的工作人員不得不花時間收集馬克·貝尼奧夫（Marc Benioff）的基本信息，以便他今晚能夠入住。而且他們並不容易獲得這些信息，更糟的是，他們甚至沒有向馬克索取我們本應掌握的資訊。

And our agents now have encyclopedic knowledge. Think about it of all of your guests history, all of your booking behavior, all of your loyalty status because we tied it all together, giving us an ability to answer any question imaginable that any guests like you might have before you check in tonight before you stay.

我們的特工現在擁有百科全書般的知識。想想您所有的客人歷史記錄、預訂行為、會員等級，因為我們把所有這些都整合在一起，使我們能夠回答像您這樣的客人今晚入住前可能提出的任何問題。

In moments, not minutes, and we're booking you into your preferred room based on our knowledge, our guest, Salesforce knowledge of your past day history. We are successfully working now. I hope to upsell you a suite upgrade if we haven't already an early check-in. Sounds like you're getting in at a late checkout tomorrow if you'd like one. I don't know if you're bringing -- if you have pets, but if you were, those agents would be selling you a pet or an F&B --

只需片刻，而非幾分鐘，我們就能根據我們掌握的關於您過去一天的歷史記錄、我們客戶的了解以及 Salesforce 掌握的信息，為您預訂您心儀的房間。我們現在工作進展順利。如果您還沒有提前入住，我希望能幫您升等到套房。聽起來你明天可以辦理延遲退房，如果你願意的話。我不知道你是否會帶寵物，但如果你會的話，那些代理商會向你推銷寵物或餐飲服務。

They're going to jump in.

他們準備跳進去。

But look, this is all being done autonomously, which small business owners and operators would not have had time to do before. We have been working so hard. It is generating so much money. We're seeing faster average speeds of answer. Zero hold times.

但你看，這一切都是自主完成的，這是小企業主和經營者以前根本沒有時間去做的事情。我們一直都很努力。它創造了巨額財富。我們看到平均回覆速度更快了。零等待時間。

I've heard you talk a lot about why no customer should wait. And that's why we're doing it. We're receiving and we're moving more importantly, millions and millions of dollars, as I said, in the front office, but we're generating millions of dollars of increased ancillary revenues to these small business owners. It's not costing anything.

我聽你多次說過為什麼不該讓顧客等待。這就是我們這麼做的原因。正如我所說，我們在前台部門接收並更重要的是轉移了數百萬美元，但我們正在為這些小企業主創造數百萬美元的額外輔助收入。它不花任何錢。

And we're also seeing, which is really, really important, a 200-basis-point increase in direct bookings from AI voice agents and AI voice agent conversion versus having to get those bookings through expensive third-party online travel agencies. That is increasing guest satisfaction.

我們還看到，非常非常重要的一點是，透過 AI 語音代理直接預訂和 AI 語音代理轉換率比透過昂貴的第三方線上旅行社預訂增加了 200 個基點。這樣可以提高顧客滿意度。

Our guest satisfaction scores are up 400 basis points, they've never been higher. And this customer experience that we've created is more efficient. Again, humans with agents driving customer success, we're agent first, and we're very proud of it.

我們的顧客滿意度分數提高了 400 個基點，達到了歷史最高水準。我們打造的這種客戶體驗更有效率。再次強調，我們以人為本，以代理人推動客戶成功，我們始終把代理人放在第一位，我們為此感到非常自豪。

Well, I just want to thank you so much, Geoff, thank you, and thanks to your team because I'll tell you, it takes a great leader like you, but it also takes a great team and you've got both, and you've made something really incredible happened. Great job and congratulations.

我只想真誠地感謝你，傑夫，謝謝你，也感謝你的團隊，因為我要告訴你，這需要像你這樣優秀的領導者，但也需要一個優秀的團隊，而你們兩者兼備，你們創造了一些非常了不起的事情。幹得好，恭喜！

We're proud to be with you. Our Chief Commercial Officer, who was on stage with you at Dreamforce. (inaudible) We'll be back this year.

我們很榮幸能與您共事。我們的首席商務官，曾與您一同在 Dreamforce 大會上登台。（聽不清楚）我們今年還會回來。

So I hope you come to Dreamforce this year. Bye, Geoff.

所以我希望你今年能來參加Dreamforce大會。再見，傑夫。

All right. Well, I want to now introduce you to an incredible person who I've known for 20 years, and it's very inspiring entrepreneurs, really become a huge influencer in the world. His getting his hands story to the great company called SaaStr building agents, learning how they work, deploying them, really being on the bleeding edge, the cutting-edge of this technology, and thanks for being here, Jason. I'm so thrilled to have you.

好的。好的，現在我想向大家介紹一位我認識了20年的了不起的人，他是一位非常鼓舞人心的企業家，真正成為了世界上一位巨大的影響力人物。他親身參與了SaaStr這家偉大公司的開發，學習代理的工作原理，部署代理，真正站在這項技術的前沿，感謝你今天能來，Jason。能有你真是太好了。

Super exciting. Yes. Congrats on the quarter, by the way.

太棒了！是的。順便恭喜你本季業績出色。

Jason, I just want to ask you one question. What is it that's making this happen? What is inspiring you to kind of transform yourself and transform SaaStr to this incredible opportunity?

傑森，我只想問你一個問題。是什麼原因導致了這種情況的發生？是什麼激勵你改變自己，並將SaaStr轉型為一個絕佳的機會？

Well, look, maybe two things. If you're -- we're builders. We've been -- I mean, you were -- I think you were like on Radio Shack computers or something back in the day, right? We've been building since here rolling game we're building at our heart, right? And this is the most exciting time to build ever, ever for us as executives, entrepreneurs. Honestly, if you're not excited to be building agentic, you should quit, you should go off and go to pasture, do your next thing.

嗯，你看，或許有兩件事。如果你是──我們就是建設者。我們曾經——我的意思是，你曾經——我想你以前好像在Radio Shack之類的電腦公司工作過，對吧？我們從一開始就在打造這款滾動遊戲，這是我們核心的追求，對吧？對我們這些主管和企業家來說，這是有史以​​來最令人興奮的創業時代。說實話，如果你對建構代理沒有熱情，你應該辭職，你應該退休，去做你的下一件事。

So we backed into agents because I got tired after our own big event of rebuilding the team, and we went all in and we said, I want to try to rebuild the whole team with agents about almost 10 months ago. Agentforce was a key part of that. And we wanted to push it early. Can you really do all of this, all these go-to-market motions with agents, and the numbers are pretty good.

所以，在經歷了我們自己的團隊重建大事件後，我感到疲憊不堪，於是我們轉而尋求經紀人，大約 10 個月前，我們全力以赴，決定嘗試用經紀人重建整個團隊。Agentforce是其中的關鍵組成部分。我們想儘早推進這個專案。你真的能做到這一切嗎？所有這些與經紀人合作的市場推廣活動，而且業績還相當不錯。

Well, you've been a pioneer. You -- it's a funny thing because in our own independent world, here we are, we're out here building Agentforce, Slackbot, you know that. We also acquired Momentum and we acquired Qualified and so forth. We're so excited about these companies. And then all of a sudden, well, you kind of were building our vision of the future, totally independently.

嗯，你真是個先驅者。你知道，這很有趣，因為在我們自己的獨立世界裡，我們在這裡開發 Agentforce、Slackbot 等等。我們也收購了 Momentum 和 Qualified 等等。我們對這些公司感到非常興奮。然後突然之間，你就完全獨立地建構了我們對未來的願景。

And so we felt very validated in a way. It was kind of crazy. But then we looked at you and said, wow, this is a true visionary, and you really have always had a lot of clarity, not just in SaaS, before that, you know that.

所以從某種意義上來說，我們覺得自己的觀點被認可了。真是太瘋狂了。但後來我們看著你，說，哇，這真是一個有遠見的人，而且你一直以來都很有洞察力，不僅僅是在 SaaS 領域，在此之前也是如此，你知道的。

And now here you are, as agents as a service as well. You have your vision there now as well. So I guess once a visionary, always a visionary, but give us your vision then. Where are we going? Because you've heard about the SaaS-pocalypse.

而現在，你們也成為了代理商，提供相關服務。你現在也有了你的願景。所以我想，一旦成為有遠見的人，就永遠是有遠見的人，那麼就請你告訴我們你的願景吧。我們要去哪裡？因為你聽過SaaS末日論。

And you know that this isn't our first SaaS-pocalypse. We've had a few of them. But now, where are we going over the next couple of years?

而且你也知道，這並非我們第一次遭遇 SaaS 末日。我們遇到過幾個。但是，未來幾年我們要去哪裡呢？

Well, I think -- and I think this is good for Salesforce, but I think we're underestimating how powerful these agents are. I think, look, for most people, AI is confusing, the media is confusing, what the hell is going on. Let me simplify this. I was just looking at our numbers on Agentforce this morning. So far, and again, we're a small organization.

嗯，我認為——而且我認為這對 Salesforce 來說是好事——但我認為我們低估了這些代理商的強大功能。我認為，對大多數人來說，人工智慧很令人困惑，媒體報道也很令人困惑，到底發生了什麼事？我來簡化一下。我今天早上正好在查看Agentforce上的數據。目前為止，我們仍然是一個小組織。

We went from 15 humans to 2.5 and 20 agents, okay? That's a lot of change. But an Agentforce alone, as a tiny organization, we closed $2.7 million. That's not the army contract you got, but that's a lot for us, 2.7% with an agent, and we have 3.5 million more in the pipeline. Those are agents and it works.

我們從15個人減少到2.5個和20個代理人，懂嗎？變化真大。但光是 Agentforce 一家小型公司就完成了 270 萬美元的交易。那不是你拿到的那份軍隊合同，但對我們來說也是一筆巨款，透過經紀人可以獲得 2.7% 的佣金，而且我們還有 350 萬美元的合同正在洽談中。這些都是代理人，而且效果不錯。

And so that is exciting. That is exciting that these agents can go out and sell for you. And the first thing I did is --

所以這很令人興奮。這些經紀人可以幫你出去賣房，這真是太棒了。我做的第一件事是--

It is kind of crazy and amazing, isn't it?

這真是既瘋狂又神奇，不是嗎？

It's crazy. It just wasn't -- not only was this not really possible a year ago, and this is this -- a year -- the problem -- all of us, we were using ChatGPT in the early days. It was all hallucinations. It was hard to believe this stuff would work even 18 months ago, wasn't it? It was hard to believe. But everything got okay last summer, and then at the end of the year, it got great.

太瘋狂了。這根本不可能——不僅一年前這根本不可能，而且一年前——問題是——我們所有人，在早期都使用過 ChatGPT。這一切都是幻覺。18 個月前，很難相信這些東西會有效，對吧？簡直難以置信。但去年夏天一切都好轉了，到了年底，情況就變得非常好了。

And there's reasons that Salesforce has got great, but to be nerdy, even Anthropic, your customer, when they rolled out these four-dot models, up to four, five, for B2B stuff like we do, it wasn't a little bit better. It was like jaw-droppingly better.

Salesforce 取得巨大成功是有原因的，但說實話，即使是你的客戶 Anthropic，當他們推出這些四點模型（甚至四點、五點模型）來處理像我們這樣的 B2B 業務時，情況也並沒有好轉多少。簡直好得令人難以置信。

The hallucinations will be worse than a human mixes and the productivity side. So it's just -- we've never seen these gains, and the idea that now our Salesforce instance can run autonomously versus doing manual data entry. I mean, this was always a dream.

幻覺會比人類混合體和生產力方面的情況更糟。所以，我們從未見過這樣的成果，現在我們的 Salesforce 實例可以自主運行，而無需手動輸入資料。我的意思是，這始終是我的一個夢想。

I want to tell everyone exactly why I wanted you here because number one is, yes, we love -- by the way, market churning was awesome, right? And then we had Geoff at Wyndham. And these are very big companies, like good sized companies, and not the biggest companies in the world, but incredible companies. But you're a small company. in some ways, a solopreneur, right? You're an entrepreneur or -- and I think that it is going to go across the whole market that is small businesses are benefiting, medium, we call small business 0 to 200 employees. Maybe that's where you are.

我想告訴大家我為什麼想讓你們來這裡，因為首先，是的，我們喜歡——順便說一句，市場波動很棒，對吧？然後，我們在溫德姆遇到了傑夫。這些都是規模很大的公司，雖然不是世界上最大的公司，但卻是非常了不起的公司。但你們公司規模很小，某種程度上來說，就像是單槍匹馬創業，對吧？你是企業家，或者——我認為這將遍及整個市場，小型企業、中型企業，我們稱小型企業為 0 到 200 名員工的企業。也許你就在那裡。

Then we have 200 to 2,000 medium, and we have the 2,000 to 5,000 in general business. Then we have the 5,000, the monsters, then we have the government. We have software companies. Every segment is impacted by this. Don't you think every company is impacted?

然後我們有 200 到 2000 家中型企業，還有 2000 到 5000 家一般商業企業。然後是那5000名暴徒，也就是怪物，然後是政府。我們有軟體公司。每個環節都會受到影響。你不認為每家公司都會受到影響嗎？

I think everyone was going to look at their business and say, what can I fully automate with an agent. Everyone is -- you're going to unlatch a ton of creativity, right? The key thing that I've learned for folks is just start with one use case. For us, it was what you -- the idea you came up with like last summer, reactivate the leads the sales team never talked to. That was our first use case. Find something or with Wyndham.

我認為每個人都會審視自己的業務，然後說，我可以透過代理商實現哪些完全自動化。每個人都會——你會釋放出大量的創造力，對吧？我學到的最關鍵的一點是，建議大家先從一個用例開始。對我們來說，關鍵在於你——就像去年夏天你提出的想法一樣，重新啟動銷售團隊從未聯繫過的潛在客戶。那是我們的第一個應用案例。找找溫德姆飯店。

A huge thing, right? Because like believe there's 20 million, 30 million. We don't even know, maybe 100 million people we didn't call back in the last 26 years. But Miguel called back 50,000 people with agents last week that we would not have gotten to. Even though he's got all these reps, he still doesn't have the ability to call everybody back. It's amazing.

一件大事，對吧？因為就像相信有2000萬、3000萬一樣。我們甚至不知道，也許在過去的 26 年裡，我們有 1 億人沒有回電。但上週，米格爾透過經紀人回了 5 萬名客戶電話，而我們原本不可能聯絡他們。即使他已經進行了這麼多次訓練，他仍然沒有能力把每個人都召回。太神奇了。

We did 3,000 with Agentforce. And for one -- I was just looking at a couple of examples. We closed a 250,000 customer this week. But the first one with Agentforce was Freshworks. You know Freshworks.

我們透過 Agentforce 完成了 3000 項任務。舉個例子——我只是看了幾個例子。本週我們簽下了一位第25萬名客戶。但第一款採用 Agentforce 的是 Freshworks。你聽過Freshworks嗎？

They do support and a bunch of other stuff, but they've changed. Girish isn't the CEO anymore. The marketing teams turned over. We don't know anybody. The agent found the right person and close the deal. That's sort of magical. That wouldn't have really been possible without agents they are.

他們確實提供支持和其他很多東西，但他們改變了。吉里什已經不再擔任執行長了。行銷團隊進行了人員更迭。我們不認識任何人。經紀人找到了合適的人選，並促成了交易。這簡直太神奇了。如果沒有這些代理人，這一切根本不可能實現。

It's just like -- that's exciting.

感覺就像——這太令人興奮了。

It's exciting. And the fact that every company can start with something here, they can reactivate something or even with Wyndham responding after hours. And actually, my old Head of Customer Success is now Head of SMB at PayPal, they use Agentforce. And he just told me -- texted me this morning or this morning, they have a broken merchant flow where folks would sign up to use PayPal and then they would abandon it like an abandoned cart. They put Agentforce on it, and the conversion rates are much higher, but they couldn't get any people to do this, right?

真令人興奮。而且，每家公司都可以從這裡開始，他們可以重新啟動某些東西，甚至可以像溫德姆酒店一樣在下班後做出回應。事實上，我以前的客戶成功主管現在是 PayPal 的中小企業主管，他們使用的是 Agentforce。他今天早上傳簡訊給我說，他們的商家流程出了問題，人們註冊使用 PayPal 後，就會像放棄購物車一樣放棄帳號。他們在上面安裝了 Agentforce，轉換率也高得多，但他們找不到人來做這件事，對吧？

So all of us have some process that to do.

所以我們每個人都有一些事情要做。

It's so exciting because you have humans and agents working together. You're working with your agents. It's the apps of the agents working together. But it's kind of fun because I think that for the last 26 years, you and I, we've been in this kind of SaaS industry, and it's all been all about apps. And that's now -- and the apps haven't gone away, but as PayPal is still using those apps, they -- by the way, PayPal is a huge customer in sales, B2B, and also service call center contact center. But now, just as you articulated so beautifully, more productivity, more capability, the ability -- the lost card idea. That's what we're finding this ability.

這太令人興奮了，因為人類和智能體可以一起工作。您正在與您的代理人合作。這是代理商們共同使用的應用程式。但這其實挺有趣的，因為我覺得在過去的 26 年裡，你我都身處 SaaS 產業，而這一切都與應用程式有關。現在情況就是這樣——這些應用程式並沒有消失，但由於 PayPal 仍在使用這些應用程序，所以——順便說一句，PayPal 是銷售、B2B 以及服務呼叫中心聯絡中心的大型客戶。但現在，正如你如此精彩地闡述的那樣，更高的生產力、更強的能力、更強大的能力——丟失的卡片理念。這就是我們發現這種能力的原因。

So now we're selling not just in the SaaS apps, we're also selling agents -- and yeah, these two are going to be two markets and who knows, maybe one will be bigger than the other. Maybe they'll both be the same size. We don't exactly know. I mean, we just -- we just gave guidance that we're going to do $46.2 billion this year on revenue. So I can't tell you when the -- an Agentforce is like about an $800 million business now.

所以現在我們不僅在 SaaS 應用程式中銷售產品，還在銷售代理商——是的，這兩個市場將會是兩個不同的市場，誰知道呢，也許其中一個會比另一個更大。或許它們的大小會一樣。我們並不確切知道。我的意思是，我們剛剛——我們剛剛給出的業績預期是，今年營收將達到 462 億美元。所以我無法告訴你——Agentforce 現在大概是一家價值 8 億美元的公司。

So I can't tell you exactly when Agentforce will be a $46 billion or $30 billion. But it has the potential to go just like -- but I'm still planning --

所以我無法準確告訴你 Agentforce 何時會達到 460 億或 300 億美元。但它有可能就像——但我仍在計劃中--

(inaudible) help me, you guys.

（聽不清楚）幫幫我，夥計們。

46 times 3 is 120, plus 18 is 138.

46乘以3等於120，加上18等於138。

I think Agentforce -- and I'm not being infectious. I think it will be $1 million at the table because I think the value is about 3x the software. This is why I think the SaaS-pocalypse or sasquatch-calypse or whatever, I think there's some truth to this because agents are changing the world.

我認為是 Agentforce——而且我沒有傳染性。我認為成交價會是 100 萬美元，因為我認為這款軟體的價值大約是其本身價值的 3 倍。這就是為什麼我認為所謂的 SaaS 末日、大腳怪末日或其他什麼說法是有道理的，因為智慧代理正在改變世界。

And if you're not -- if you don't have Agentforce, if you're one of the leaders and you don't -- and you're not there, I think it's fair to be concerned, right? But the value -- I wrote this post about how much more valuable salesforce is as with our agents. It's not a little more value. It is like 10 times more valuable.

如果你沒有——如果你沒有 Agentforce，如果你是領導階層成員之一卻沒有——如果你不在那裡，我認為有理由感到擔憂，對吧？但它的價值在於——我寫了這篇文章，講述了 Salesforce 比我們的代理商更有價值。這不僅僅是價值略高一點。它的價值是原來的十倍。

I don't know you are using Salesforce really six months ago.

我不知道你六個月前是否還在使用 Salesforce。

Not really. We -- our team had shrunk, and the value is the data for (multiple speakers) never fired, they left.

並不真地。我們－我們的團隊規模縮小了，而價值在於（多位發言人）的數據，他們從未被解僱，而是離開了。

Yeah. Now, you have like a team of agents and humans, and your company is bigger and more successful than ever.

是的。現在，你擁有了一支由代理人和員工組成的團隊，你的公司比以往任何時候都更大、更成功。

We're using Salesforce okay? Or even -- and actually, what's interesting is not only are these agents using more Salesforce, I just figured this out today. The most dated part of our software stack is a company called Marketo. You'll remember from the old days for marketing automation back in the day, very innovative, right? jaw dropped in the day. We're sort of a prisoner. We're stuck on it. These agents --

我們正在使用 Salesforce，可以嗎？或者更進一步——實際上，有趣的是，這些代理商不僅更多地使用 Salesforce，我今天才發現這一點。我們軟體堆疊中最過時的部分是一家名為 Marketo 的公司的產品。你還記得以前的行銷自動化技術嗎？非常具有創新性，對吧？當天就驚呆了。我們就像囚犯一樣。我們被這個問題困住了。這些代理人--

I got some things to show you there.

我那裡有一些東西要給你看。

Yeah. But the agents, our Salesforce agents have taken all of that data and put into Salesforce. So now Salesforce is accumulating all the value from all these other stores and becoming the -- so that's why whatever the math is. I'm going to bet on the 150. I'm not going to -- it might take eight years, but I think it's -- I think the agentic side is worth three to four times the software side.

是的。但是我們的 Salesforce 代理商已經將所有這些資料匯入了 Salesforce。所以現在 Salesforce 正在累積來自所有其他商店的所有價值，並成為——所以這就是為什麼無論計算結果如何。我賭150分。我不會——這可能需要八年時間，但我認為——我認為代理商方面的價值是軟體方面的三到四倍。

Eight-plus. Great job. Really appreciate you joining the earnings call.

八歲以上。幹得好。非常感謝您參加財報電話會議。

Great. Thanks, everybody.

偉大的。謝謝大家。

All right. There we go. We just had three great customers. We gave some numbers.

好的。好了。我們剛剛接待了三位非常棒的客戶。我們給了一些數字。

And now, I'm turning it over to you, Robin, and take it over.

現在，我把一切都交給你了，羅賓，由你來接管。

Thanks, Marc. What an amazing trilogy of three great questions. Absolutely. On a great year. We're going to turn to the numbers and tell everybody about it.

謝謝你，馬克。多麼精彩的三部曲，提出了三個絕妙的問題。絕對地。真是美好的一年。我們將拿出數據，把結果告訴大家。

So good afternoon. We closed an exceptionally strong fiscal year. We have rebuilt our platform to convert the raw intelligence of LLMs into real work that drives revenue, as we just heard about, reduces costs, and scales reliably without limits. This is powering the transition to the agentic enterprise for our customers and ourselves.

午安.我們剛結束了一個業績非常強勁的財政年度。我們已經重建了我們的平台，將LLM的原始智慧轉化為能夠帶來收入的實際工作，正如我們剛才聽到的那樣，降低成本，並能可靠地無限擴展。這正在推動我們的客戶和我們自身向代理型企業轉型。

So to share a few data points, as expected, as Marc said, we had a great quarter, a great year. We finished the fiscal year '26 with second-half net new AOV growth ahead of second-half AOV growth. Agentforce and Data 360 ARR, inclusive of Informatica Cloud ARR, reached $2.9 billion. That's up over 200% year over year. This includes Informatica Cloud ARR of $1.1 billion and Agentforce ARR of approximately $800 million, which is up 169% year over year.

所以，分享一些數據點，正如馬克所說，我們度過了一個非常棒的季度，也度過了非常棒的一年。我們在 2026 財年下半年實現了淨新增訂單金額 (AOV) 成長，高於上半年訂單金額 (AOV) 成長。Agentforce 和 Data 360 的年度經常性收入（包括 Informatica Cloud 的年度經常性收入）達到 29 億美元。與去年同期相比成長超過200%。其中包括 Informatica Cloud 的 ARR 為 11 億美元，ARR 約為 8 億美元，年增 169%。

New bookings for Agentforce 1 edition and Agentforce for apps or as we call it [A4X], our most premium SKUs, nearly tripled quarter over quarter. Our consumption flywheel is spinning faster than ever. In the quarter, more than 60% of Agentforce and Data 360 bookings came from existing customers expanding their commitments.

Agentforce 1 版和 Agentforce 應用版（我們稱之為 [A4X]）是我們最優質的 SKU，其新預訂量較上季成長了近三倍。我們的消費飛輪正以前所未有的速度旋轉。本季度，Agentforce 和 Data 360 超過 60% 的預訂量來自現有客戶擴大服務範圍。

Looking at our largest deals, every single 1 of our top 10 wins included Agentforce, data, sales, service, platform, and analytics. Our newest addition to our portfolio, Informatica, landed in 6 of those top 10 wins, proving it is a critical component of us building the data foundation for the agentic enterprise.

從我們最大的交易來看，我們排名前 10 名的所有成功案例都包含了 Agentforce、數據、銷售、服務、平台和分析。我們產品組合中最新加入的 Informatica 在這 10 個獲獎案例中佔據了 6 個席位，證明它是我們建立智慧企業資料基礎的關鍵組成部分。

So let's dive a bit further into these incredible results. Subscription and support revenue grew slightly above 10% year over year in nominal and constant currency. Total revenue was $41.5 billion, up 10% year over year in nominal and 9% in constant currency, driven by Agentforce, Data 360, Slack, Agentforce sales and service performance. Informatica's Q4 results also outperformed our expectations.

那麼，讓我們更深入地了解這些令人難以置信的成果。訂閱和支援收入以名目貨幣和固定匯率計算年增率略高於 10%。總營收為 415 億美元，以名目匯率計算年增 10%，以固定匯率計算年增 9%，主要得益於 Agentforce、Data 360、Slack 以及 Agentforce 的銷售和服務績效。Informatica 第四季的業績也超出了我們的預期。

This strong performance was partially offset by continued weakness in marketing, in commerce, weaker-than-expected Tableau performance, and the on-prem revenue timing in Tableau and MuleSoft we shared last quarter. Q4 revenue attrition ended the year at approximately 8%, in line with recent trends.

這一強勁的業績被行銷和商業的持續疲軟、Tableau 業績低於預期以及我們上個季度分享的 Tableau 和 MuleSoft 本地部署收入時間表等因素部分抵消。第四季營收流失率全年約 8%，與近期趨勢一致。

Our current remaining performance obligation, or CRPO, ended Q4 at $35.1 billion, which was up approximately 16% year over year in nominal and 13% in constant currency, driven by strong net new AOV, especially in Agentforce, Data 360, Slack, and sales. This does include a 4-point contribution from Informatica.

截至第四季末，我們目前的剩餘履約義務（CRPO）為 351 億美元，以名目匯率計算年增約 16%，以固定匯率計算年增約 13%，這主要得益於強勁的新增淨訂單價值，尤其是在 Agentforce、Data 360、Slack 和銷售方面。這其中包括 Informatica 貢獻的 4 分。

Our top priority remains accelerating growth. Based on our FY26 net new AOV performance, we are more confident in our path to reaccelerate organic revenue in second half FY27. And as outlined at Investor Day.

加快成長仍然是我們的首要任務。根據我們 2026 財年的淨新增 AOV 表現，我們對 2027 財年下半年重新加速有機收入成長更有信心。正如投資者日上所概述的那樣。

Given our strong net new AOV performance and the incorporation of Informatica, we are updating our FY30 framework as follows: We are now targeting FY30 revenue of $63 billion, which represents an 11% CAGR from FY26 to FY30.

鑑於我們強勁的新增訂單淨額表現以及 Informatica 的加入，我們對 2030 財年框架進行瞭如下更新：我們現在的目標是 2030 財年收入達到 630 億美元，這相當於從 2026 財年到 2030 財年收入達到 11%。

We remain on track to roll a 50 by FY30, and we are pleased that with our continued focus on operational excellence, we delivered 60 basis points of expansion in FY26.

我們仍有望在 2030 財年實現 50 個百分點的成長，並且我們很高興地看到，透過持續專注於卓越運營，我們在 2026 財年實現了 60 個基點的成長。

As we think about FY27 and fueling our framework, we are making targeted investments, including advancing our Hyperforce third-party infrastructure for trust and security, ramping our AE capacity, and scaling FTEs to drive adoption. These investments are partially funded by efficiency we've unlocked becoming the lean agentic enterprise as our own customer zero.

在展望 2027 財年並為我們的框架提供動力時，我們正在進行有針對性的投資，包括推進我們的 Hyperforce 第三方基礎設施以實現信任和安全，提高我們的 AE 能力，以及擴大 FTE 規模以推動採用。這些投資的部分資金來自我們透過成為精實型代理商（我們自己的客戶就是企業的第一名）而釋放的效率。

Before we turn to guidance, a quick update on capital allocation. I'm proud to say that we have achieved all elements of our Investor Day commitments including capital allocation. Also, our Board has approved a 5.8% increase in our quarterly dividend to $0.44 per share.

在給予指導意見之前，先快速更新一下資本配置。我很自豪地說，我們已經實現了投資者日的所有承諾，包括資本配置。此外，董事會已批准將季度股息提高 5.8%，至每股 0.44 美元。

Additionally, and as you've heard, given the current stock price dislocation, the most prudent investment we can make is in Salesforce. We are updating our share repurchase authorization to $50 billion.

此外，正如你所聽到的，鑑於目前的股價波動，我們能做的最謹慎的投資就是投資 Salesforce。我們將股票回購授權額度更新為 500 億美元。

So let's talk about FY27. We are initiating fiscal year '27 revenue guidance of $45.8 billion to $46.2 billion. growth of approximately 10% to 11% in nominal and constant currency.

那我們就來談談2027財年吧。我們初步預測 2027 財年營收將達到 458 億美元至 462 億美元，以名目匯率和固定匯率計算，成長率約為 10% 至 11%。

We expect subscription and support growth guidance of slightly under 12% year over year or approximately 11% year over year in constant currency. This is fueled by continued momentum in Agentforce and Data 360, partially offset by weakness in marketing, commerce, and Tableau.

我們預計訂閱和支援業務的年成長率將略低於 12%，或以固定匯率計算約為 11%。Agentforce 和 Data 360 的持續成長勢頭推動了這一趨勢，但行銷、商務和 Tableau 的疲軟在一定程度上抵消了這一趨勢。

Our non-GAAP operating margin guidance is 34.3%, an expansion of 20 basis points. As I mentioned, this is the year where we are making further investments to fuel long-term growth and ensure customer success with Agentforce. We expect GAAP operating margin of 20.9%, an expansion of 80 basis points.

我們給出的非GAAP營業利潤率預期為34.3%，比預期成長20個基點。正如我之前提到的，今年我們將加強投資力度，以促進長期成長，並確保客戶透過 Agentforce 獲得成功。我們預期 GAAP 營業利潤率為 20.9%，成長 80 個基點。

Turning to Q1 guidance. We expect revenue of $11.03 billion to $11.08 billion, growth of approximately 12% to 13% in nominal and 10% to 11% in constant currency. CRPO growth for Q1 is expected to be approximately 14% year over year in nominal and approximately 13% year over year in constant currency. Clearly, we are executing against our FY30 framework, accelerating growth and investing with discipline, including investing in Salesforce via share repurchases.

接下來是第一季業績指引。我們預計營收為 110.3 億美元至 110.8 億美元，以名目匯率計算成長約 12% 至 13%，以固定匯率計算成長約 10% 至 11%。預計第一季 CRPO 年增率（以名目匯率計算）約為 14%，以固定匯率計算約為 13%。顯然，我們正在按照 2030 財年框架執行，加速成長並有紀律地進行投資，包括透過股票回購投資 Salesforce。

Before we wrap up to better reflect our agentic enterprise strategy, we are reevaluating our revenue by cloud disclosures in FY27. So stay tuned for an update on this disclosure prior to our Q1 earnings release.

為了更好地體現我們的代理企業策略，在總結之前，我們將重新評估 2027 財年透過雲端揭露所獲得的收入。因此，請繼續關注我們在第一季財報發布前發布的有關此項披露的最新消息。

Finally, a big thank you to all of our employees for their dedication and hard work delivering a very successful FY26 and onward to an incredible FY27.

最後，衷心感謝所有員工的奉獻和辛勤工作，使 2026 財年取得了巨大成功，並期待 2027 財年再創佳績。

Mike, I'll turn it over to you.

麥克，我把它交給你了。

Thanks, Robin. And with that, Leila, we're going to go to the first question, please.

謝謝你，羅賓。那麼，萊拉，我們接下來要進入第一個問題。

(Operating Instructions) Keith Weiss, Morgan Stanley.

（操作說明）基斯‧韋斯，摩根士丹利。

Excellent. Thank you, guys, for taking the question, and congratulations on a really nice end to FY26. particularly when it comes to the Agentforce numbers, the Agentforce members are definitely eye-popping getting to a big scale and still growing at really, really high rates. But on the other side of that, CRPO perhaps was a little bit disappointing. On an organic basis, you grew that at 9%, just in line with your guidance. And typically, we expect a little bit of a bet, 100, 150 basis points of a beat.

出色的。謝謝各位回答這個問題，也祝賀你們2026財年圓滿結束。特別是Agentforce的會員人數，絕對令人矚目，規模龐大，而且仍以非常非常高的速度成長。但另一方面，CRPO或許有點令人失望。在自然增長的基礎上，你們實現了 9% 的成長，完全符合你們的指導方針。通常情況下，我們會預期會出現小幅波動，波動幅度在 100 到 150 個基點之間。

And I think that's soaking some concerns with investors, can Salesforce do both? Can we grow a big agent for his business and sustain the growth and momentum in the broader Salesforce portfolio when we bring along the entirety of the business.

我認為這引起了投資人的一些擔憂，Salesforce 能否同時做到這兩點？我們能否為他的業務培養一個強大的代理商，並在將整個業務整合到 Salesforce 產品組合中時，保持成長勢頭？

So can you talk to that aspect, can Agentforce (inaudible) as the broader Salesforce product portfolio? Can it bring along everything? And what gives you confidence in that acceleration in the back half of the year?

那麼，您能否談談這方面，Agentforce（聽不清楚）能否作為更廣泛的 Salesforce 產品組合的一部分？它能把所有東西都帶上嗎？你對下半年的加速成長有何信心？

All right. Well, I think that that is absolutely a great question. And I think the reason why it's such a great question is because Salesforce is, just as you said, it's a comprehensive business. We're closing new business, new ideas. We have building new technology, and we also carry with us that we are a subscription business. So we're carrying with us our legacy as well, and we're renewing and moving that legacy business forward. That's also one of the exciting parts of Salesforce because that also gives us the predictability to understand what's going to happen in the future fiscal years.

好的。嗯，我覺得這絕對是個好問題。我認為這個問題之所以如此重要，是因為如你所說，Salesforce 是一家綜合企業。我們正在開拓新業務，提出新想法。我們正在開發新技術，同時我們也秉持著訂閱制的商業模式。所以，我們也傳承著我們的傳統，並且正在更新和推進這項傳統業務。這也是 Salesforce 令人興奮的地方之一，因為它使我們能夠預測未來幾個財政年度會發生什麼。

So yes, we are innovating. We're creating the future. We're adding to the future. We're also renewing our customers. And I have to tell you, we're just very proud actually of the numbers.

是的，我們正在進行創新。我們正在創造未來。我們正在為未來添磚加瓦。我們也在進行客戶續約。我必須告訴你們，我們對這些數據感到非常自豪。

I mean, this fiscal year is far better than I expected at the beginning of the year than the fourth quarter, actually, even in the third and fourth quarter. Miguel's numbers were far exceeded my expectations. And to your point, Agentforce also and also Data 360 are exceeding our expectations.

我的意思是，本財年比我年初預期的要好得多，實際上，比第四季甚至比第三季和第四季都要好。米格爾的成績遠遠超出了我的預期。正如您所說，Agentforce 和 Data 360 也都超出了我們的預期。

And yes, could we sell more? Could we renew more? Can we do more? Can we do this? Can we do all these various things we absolutely can, but we are very grateful for what we've been able to achieve so far.

是的，我們還能賣更多嗎？我們能否續簽更多合約？我們還能做得更多嗎？我們能做到嗎？我們當然可以做所有這些事情，但我們對目前為止所取得的成就感到非常感激。

Robin, do you want to add to that?

羅賓，你還有什麼要補充的嗎？

Yeah. I agree with that. I think we're monetizing AI, Keith, through many different fashions. We've got multiple ways to monetize. We're seeing great growth, as I mentioned, in our premium SKUs. We're seeing acceleration. I think just listening to the three customer interviews talks about the great value that they're getting from core.

是的。我同意。基思，我認為我們正在透過多種不同的方式將人工智慧貨幣化。我們有多種獲利方式。正如我之前提到的，我們的高端 SKU 銷售成長迅猛。我們看到加速發展。我覺得光聽這三位客戶的訪談就能看出他們從核心功能中獲得了多大的價值。

It's also important to point out, we didn't talk about it a lot, but our seats, we're still seeing them grow year on year and quarter on quarter.

還有一點要指出，雖然我們很少談到這一點，但我們的座位數仍然逐年、逐季成長。

So what we see is now with Agentforce with the system that you laid out, the system with the agency, et cetera, we're just seeing incremental value to our software. And some of it's going to be consumption-based, but we're going to have a hybrid model. Seats will continue to be a key component of our growth going forward. And what we hope to see is just what you heard from the three customers today, incremental value coming as the result of our agentic technology and capabilities.

所以我們現在看到的是，有了您提出的 Agentforce 系統，有了代理商系統等等，我們看到了軟體價值的逐步提升。其中一些將基於消費，但我們將採用混合模式。未來，座位仍將是我們成長的關鍵組成部分。我們希望看到的，正如你們今天從三位客戶那裡聽到的那樣，是透過我們的代理技術和能力帶來的增量價值。

Brent Thill, Jefferies.

布倫特‧蒂爾，傑富瑞集團。

Good afternoon. Marc, the $50 billion buyback, I guess many are asking given the falloff in big multiples, why not lean a little harder in acquiring technology in M&A versus buying the stock back?

午安.馬克，關於500億美元的股票回購，我想很多人都會問，鑑於高倍數股票的下跌，為什麼不更傾向於在併購中收購科技公司，而不是回購股票？

Well, I really appreciate that. I think, Brent, the way to look at this is, I'll just tell you how I look at it, which is that there's many uses of cash. Number one is dividend. We just increased the dividend by 5%. That's one use of cash, very important.

非常感謝。布倫特，我認為看待這個問題的方法是，我直接告訴你我的看法，那就是現金有很多用途。第一點是股息。我們剛剛將股息提高了5%。這是現金的一種用途，非常重要。

And then we're also looking at buyback, traditional buybacks, okay? And so we're doing that. We've done that very aggressively over the last few years, as you know.

然後我們還要考慮回購，傳統的回購，好嗎？所以我們正在這樣做。正如你所知，過去幾年我們一直在積極推動這項工作。

And acquisitions, we will continue to do acquisitions, but using our new formula that we put into place, and we've done now quite a few acquisitions using that new formula, and it's been great. I wish I had used it actually through the entire history of Salesforce, I think we have a much better understanding of how to do acquisitions that are accretive to the business, but not dilutive to investors.

至於收購，我們將繼續進行收購，但會採用我們制定的新方法，目前我們已經運用這種新方法完成了不少收購，效果非常好。我希望我在 Salesforce 的整個發展歷程中都能運用它，我認為我們現在對如何進行既能增加業務收益又不會稀釋投資者利益的收購有了更深刻的理解。

And then debt, so I think there is a role here that we're just very underleveraged on our balance sheet. And I think, look, you're a great banker. You've been a great banker for decades now. I think if you look at our balance sheet, now we're going to do more than $16 billion in cash flow this year we're not using debt effectively.

然後是債務，所以我認為這裡有一個問題，那就是我們的資產負債表槓桿率非常低。我認為，你看，你是一位非常優秀的銀行家。你幾十年來一直是一位非常優秀的銀行家。我認為，如果你看一下我們的資產負債表，你會發現我們今年的現金流將超過 160 億美元，而我們並沒有有效地利用債務。

And I think at these prices in the market, the ability actually to kind of come to terms that we had some acquisitions in the past like Slack and Tableau that diluted our investors, I think, now is the opportunity to take some of that stock back out of the market. And these are great prices. I'm sure you would agree with that.

我認為，在目前的市場價格下，我們或許應該意識到，過去我們收購 Slack 和 Tableau 等公司稀釋了部分股東的權益，現在正是將部分股票從市場中贖回的機會。而且價格非常優惠。我相信你會同意這一點。

And we want to use our capital correctly. And I think that is a great way to do that. And I think our stock is a great price, and I want Robin to buy as much of it as he possibly can.

我們希望正確地利用我們的資金。我認為這是一個很好的方法。我認為我們的股票價格很划算，我希望羅賓盡可能多買。

And I'd maybe add to that, Brent, it doesn't preclude us from doing all the things you mentioned to grow, as Marc just said, with our free cash flow with our cash balance, with our access to market. We're going to do -- we brought 10 companies, and we also returned over 99% of our free cash flow to our shareholders, be your buybacks and dividends. So as we think about optimizing our balance sheet to Marc's point, we're positioning ourselves to grow organically and inorganically and also return value to our shareholders.

我還要補充一點，布倫特，這並不妨礙我們像馬克剛才說的那樣，利用我們的自由現金流、現金餘額和市場管道，去做你提到的所有發展壯大的事情。我們將——我們收購了 10 家公司，並將超過 99% 的自由現金流返還給了股東，用於股票回購和分紅。因此，正如馬克所說，當我們考慮優化資產負債表時，我們正在努力實現有機成長和非有機成長，並為股東創造價值。

I think that when you look at such a huge cash flow number, although we just finished a $15 billion a year coming into it, what will we be probably at least a $16.5 billion cash flow year, then we should be really just thinking about how do we use cash correctly. What is the right way to use cash?

我認為，當你看到如此龐大的現金流數字時——儘管我們剛剛結束了一年 150 億美元的現金流，但今年的現金流可能至少會達到 165 億美元——我們真的應該好好思考一下如何正確地使用現金。如何正確使用現金？

And yes, I think that there are many ways to use cash. But focusing on those four things, the dividend the buyback, the acquisition, and debt, all four critical.

是的，我認為現金有很多用途。但要專注於這四件事：股利、股票回購、收購和債務，這四件事都至關重要。

And if you have other ideas or you have other thoughts, we're very open. I'd love to have the conversation, of course.

如果您有其他想法或意見，我們非常樂意傾聽。我當然很樂意進行這次對話。

Kirk Materne, Evercore.

Kirk Materne，Evercore。

Yeah, thanks very much for taking the question. Marc, you alluded to it in your comments, the presentation actually by Anthropic, I thought was an interesting example of sort of a better together strategy with you and one of the model partners. But there is continued concern that those providers might become more competitive with you over time.

是的，非常感謝您回答這個問題。馬克，你在評論中也提到了這一點，Anthropic 的演講實際上是一個有趣的例子，說明如何透過你和其中一位模特兒合作夥伴更好地合作來提升業績。但人們仍然擔心，隨著時間的推移，這些服務提供者可能會變得更具競爭力。

I was wondering if you could just give us an idea of how you see the lines of demarcation in terms of partnering as well as potentially competing down the line, where do you think you guys have a right to win, where they might have a right to win. I think just a little bit more color on that would be helpful in terms of people's view of where we might be going in terms of the partnerships with those companies. Thanks.

我想請您談談您如何看待合作以及未來可能出現的競爭中的界限，您認為您在哪些方面有獲勝的把握，他們在哪些方面有獲勝的把握。我認為，如果能對此多一些細節說明，將有助於人們了解我們與這些公司合作的未來發展方向。謝謝。

Well, no, I'd be delighted to do that, and maybe we can even put up our slide again of our kind of stack diagram because it makes it really clear what our vision of the world is, which is at one very critical part of this, these new models whether it's OpenAI, whether it's in Anthropic, whether it's Gemini, whether it's Lama, whether it's -- you pick, the DeepSeek, Mistral, there's so many -- you can go off as well to look at that there's thousands of them. We make some of them ourselves. These models are new parts of our infrastructure that we really did not have in place a few years ago.

不，我很樂意這樣做，也許我們可以再次展示我們的堆疊圖，因為它非常清楚地說明了我們對世界的願景，而這正是其中一個非常關鍵的部分，這些新模型，無論是 OpenAI、Anthropic、Gemini、Lama，還是——隨便你選，DeepSeek、Mistral，太多了——你也可以去看看，有成千上萬。有些是我們自己做的。這些模型是我們基礎設施的新組成部分，幾年前我們還沒有這些設施。

We had some of our own models. You remember when we did Einstein, and I would talk about on the earnings call that I was using Einstein to understand what was happening in my business, that was all based on Salesforce models. That we had. So we've always had models at the bottom of our infrastructure, but now, we really are able to kind of say, look at this, we've done 19 trillion tokens without these models.

我們有一些自己的模型。你還記得我們推出 Einstein 的時候嗎？我會在財報電話會議上談到，我正在使用 Einstein 來了解我的業務中正在發生的事情，而這一切都是基於 Salesforce 模式。我們曾經有過。所以，我們一直以來都在基礎設施的最底層使用模型，但現在，我們真的能夠說，看看這個，我們在沒有這些模型的情況下已經完成了 19 兆個代幣。

So these models here, that's who we have today. They will change over time. They're a critical part of our infrastructure.

所以，今天我們看到的就是這些模特兒了。它們會隨著時間而改變。它們是我們基礎設施的重要組成部分。

I think the strategic question that you're asking is this, not only does it look like that in the slide that we just saw. But could those models themselves become platforms? So could OpenAI then also be a platform? Could Anthropic be a platform? Can Gemini be a platform? Can DeepSeek be a platform? Can Mistral be a platform? Can Lama be its own platform? So that in the way that we have Windows and Mac, or HTML or different things as platforms where applications all of a sudden appear, all of a sudden an application come in within one of those platforms and then use some of those services, absolutely. Those could be new platforms, there will also be other new platforms.

我認為你提出的策略性問題是這樣的，不僅僅是我們剛才看到的幻燈片上所呈現的那樣。但這些模型本身能否成為平台呢？那麼，OpenAI 也可以算一個平台嗎？Anthropic 能否成為一個平台？Gemini 能成為一個平台嗎？DeepSeek 能成為一個平台嗎？Mistral 能否成為一個平台？Lama 能否成為一個獨立的平台？所以，就像我們有 Windows 和 Mac，或 HTML 或其他不同的平台一樣，應用程式突然出現，突然間一個應用程式進入其中一個平台，然後使用其中的一些服務，這絕對是肯定的。這些可能是新的平台，未來還會有其他新的平台。

I have a platform right here as well. iOS. There are many platforms. And our job as a software company is to help our customers to create success and to take that and help them connect with their customers in a whole new way.

我這裡也有一個平台，iOS。平台有很多。作為一家軟體公司，我們的工作是幫助客戶取得成功，並以此為基礎，幫助他們以全新的方式與客戶建立聯繫。

So we'll deliver our products, our capabilities, our value proposition with our customer relationships, of course, we have over 150,000, I think, customers on our core, 1 million on Slack. We have 15,000 sales reps who are out there their job is to work with customers to help architect their future success with these ideas.

所以，我們將透過與客戶的關係來交付我們的產品、我們的能力、我們的價值主張。當然，我們的核心客戶超過 15 萬，Slack 的客戶超過 100 萬。我們有 15,000 位銷售代表，他們的工作是與客戶合作，幫助他們運用這些理念建構未來的成功。

And our primary vision though, today, because this in the current reality -- this is about humans and agents working together. And these customers, like you saw today with Wyndham, with SharkNinja, even SaaStr, even Salesforce. Our job is to take what's available today and make it successful. And that isn't where those platforms are today, as you know.

不過，就目前而言，我們的主要願景是──人類和智能體共同協作。這些客戶，就像你今天看到的 Wyndham、SharkNinja，甚至是 SaaStr，甚至是 Salesforce。我們的工作就是利用現有的資源，並使其成功。如你所知，這些平台如今的發展狀況並非如此。

And in your business, you have -- you work for an amazing company. Keith works or an amazing company. And these large banks where we are providing a lot of automation for the sales professionals, the service professionals, there is a lot to do to not only automate those call centers, those contact centers, the sales forces, the employees with Slack, but then to also then unleash the agents in a way that is compliant, that is secure, that is available, that is scalable, that is reliable, that is able to operate hand in hand.

而你的事業也是如此——你為一家了不起的公司工作。Keith 在一家很棒的公司工作。而對於我們為銷售人員和服務人員提供大量自動化服務的這些大型銀行來說，不僅要實現呼叫中心、聯絡中心、銷售團隊以及使用 Slack 的員工的自動化，還要以合規、安全、可用、可擴展、可靠且能夠協同運作的方式釋放代理的潛力。

So if you go to help.salesforce.com today and you want to get help from Salesforce, you know that you're going to be able to automatically connect to our contact center as well. That's incredible. We couldn't do that just a couple of years ago. as you know. So that's the current way we're deploying. Well there could there be other ways that we deploy.

所以，如果您今天訪問 help.salesforce.com 並想獲得 Salesforce 的幫助，您就知道您也將能夠自動連接到我們的聯絡中心。那真是難以置信。如你所知，幾年前我們還做不到這一點。這就是我們目前的部署方式。當然，我們可能還有其他部署方式。

It's definitely possible the future could have many different forms, but we can see right now what we're going to sell this year to our customers. We have a lot to sell and a lot to do.

未來當然有可能呈現多種不同的形式，但我們現在就能看到今年我們將向客戶銷售哪些產品。我們有很多東西要賣，也有很多事要做。

Gabriela Borges, Goldman Sachs.

加布里埃拉·博爾赫斯，高盛。

Hi, good afternoon. Thanks for taking the question. I wanted to ask the team about the $2.4 billion disclosure on AWUs. Tell us a little bit about how you translate the tokens and the agentic work units to monetization. I know you've been working on ALAs. How do you think about the evolution of the time and the pricing model, Jason from SaaStr was just talking about the agent valley of the stack being created a 4x more than software value at the stacks. So tell us a little bit more about how the ALAs are going and Robin for you specifically, how does it impact gross margin?

您好，下午好。感謝您回答這個問題。我想問團隊關於 AWU 24 億美元的披露情況。請您簡要介紹一下您是如何將代幣和代理工作單元轉化為貨幣的。我知道你一直在做ALA相關的工作。您如何看待時間和定價模式的演變？ SaaStr 的 Jason 剛才談到，堆疊中的代理谷的價值是堆疊中軟體價值的 4 倍。那麼請您再詳細介紹一下ALA的進展情況，特別是對您而言，它對毛利率有何影響？

I think Patrick should really lead this AWU discussion because it's kind of his brain child and he was very unhappy that I keep bringing out this token number because I'm very impressed. We have 19 trillion tokens, but because I think that really shows that we're really using these products to deploy these agents.

我認為派崔克應該主導這次關於AWU的討論，因為這算是他的創意，而且他很不高興我總是提起這個象徵性的數字，因為我對此印象深刻。我們擁有 19 兆個代幣，但我認為這真正表明我們正在使用這些產品來部署這些代理程式。

Well, I mean, everybody can now know Agentforce is hugely successful. And all the new capabilities of Agentforce, the determinism, the voice, the programmability, Agentforce Studio, Agentforce Builder, and now, Slackbot as well. But I think that then there's another level of this idea of agentic work units. So why don't you tell us what your vision?

我的意思是，現在大家都知道Agentforce已經取得了巨大的成功。Agentforce 的所有新功能，包括確定性、語音、可程式性、Agentforce Studio、Agentforce Builder，以及現在的 Slackbot。但我認為，這種自主工作單元的概念還有另一個層次。那麼，為什麼不告訴我們你的願景是什麼呢？

Yeah, sure. So as we started looking at how our customers were using Agentforce and we started looking at how we're consuming tokens from the model providers, all those models that sit at the bottom of our layer from open AI and from Anthropic, what they're doing is they're providing intelligence into our system, and we're able to measure that intelligence through the lens of a token, and that's how most of these model companies are charging. It's the amount of tokens that your platform, in our case, is consuming.

當然可以。因此，當我們開始研究我們的客戶如何使用 Agentforce，以及我們如何使用來自模型提供者的代幣時，我們發現，所有位於我們底層（來自 OpenAI 和 Anthropic）的模型都在為我們的系統提供智能，而我們可以透過代幣來衡量這種智能，這也是大多數模型公司收費的方式。這是你的平台（在本例中）正在消耗的代幣數量。

But when we started looking at that across our customers, we can start to see, okay, our top 10 customers are consuming this many tokens. We know how many tokens Salesforce is consuming internally. But it begs the question, well, is it -- are they doing anything? Are they working? Are they providing any value? Or is it just input and output of intelligence, right?

但當我們開始查看所有客戶的情況時，我們開始發現，好的，我們前 10 名的客戶消耗了這麼多代幣。我們知道 Salesforce 內部消耗了多少代幣。但這不禁讓人質疑，他們到底有沒有採取任何行動？它們在工作嗎？它們有價值嗎？或者說，它只是智慧的輸入和輸出，對嗎？

So you can ask it a question, it can write you a poem, but that's not really all that valuable in the enterprise world. What's valuable is creating a document for you or updating a record or helping us right here at this table, we all use Slackbot to prepare our notes here, our customer stories, we're all preparing that with Slackbot. So what we did is we said, what if we could count those individual work units.

所以你可以問它一個問題，它可以為你寫一首詩，但這在企業界並沒有太大的價值。真正有價值的是，它可以為你創建文件、更新記錄，或幫助我們這些人。我們都使用 Slackbot 來準備筆記、客戶故事等等。所以我們就想，如果我們能統計這些單獨的工作單元呢？

And then what if we could look at those work units relative to the tokens, and we said, oh, there's a relationship between the two. We can start to see a ratio of tokens being consumed and work coming out. And that ratio starts to become really interesting because now we can look at our customers and say, hey, customer A, you have a really nice ratio. You're getting a lot of work done on the platform for the amount of tokens that you're consuming, and hey, Mr. Customer B, your relationship is actually not so good. You're consuming a ton of tokens and not getting a lot of work done. What can we do to help you?

那麼，如果我們能夠觀察這些工作單元與代幣之間的關係，然後發現兩者之間有某種關聯呢？我們可以開始看到代幣消耗量與工作產出量之間的比例。這個比率開始變得非常有趣，因為現在我們可以查看我們的客戶，然後說，嘿，客戶 A，你的比率非常好。就你消耗的代幣數量而言，你在平台上完成的工作量很大，但是，嘿，B 先生，你們的關係實際上並不太好。你消耗了大量的代幣，但並沒有完成太多工作。我們能為您做些什麼？

So it becomes a really kind of interesting way. The tokens are kind of a leading indicator, but the work unit, we think is a much more valuable indicator in terms of where the value is actually coming from for our customers and for our own transformation into an agentic enterprise.

所以這變成了一種非常有趣的方式。代幣可以算是一種領先指標，但我們認為，就我們的客戶和我們本身向代理型企業轉型而言，工作單元才是更有價值的指標，因為它能反映出價值的實際來源。

But maybe on the monetization, I can pass to you.

但關於獲利模式，或許我可以把決定權交給你。

Yeah, I mean this is something that we continue to look, I think you were asking specifically Gabriela about what does it do to gross margins. And as we think about margins in the short run, we think we're pretty neutral.

是的，我的意思是，這是我們一直在關注的問題。我想你之前專門問過 Gabriela，這會對毛利率產生什麼影響。至於短期利潤率，我們認為我們持中立態度。

Patrick talked about this differentiation between tokens and AWUs, while tokens, those prices, we're working with our various partners, those are going to start to go down over time and commoditize, but also importantly, when you think about our products, engineering and product is working on ways to continue to fine-tune our products with things like Agentforce scripts, which is going to make it easier for us to produce the work, but reduce the overall costs. So those are things.

Patrick 談到了代幣和 AWU 之間的區別，代幣的價格，我們正在與各個合作夥伴一起努力，隨著時間的推移，這些價格將會開始下降並商品化，但同樣重要的是，當你考慮我們的產品時，工程和產品團隊正在努力尋找方法，通過 Agentforce 腳本等方式繼續微調我們的產品，這將使我們更容易完成工作，同時實現總體成本。以上就是一些事情。

And then again, we're optimizing. We're using customer zero. Marc talks about the fact that we're allocating resources. We're also looking at other things to overall continue to drive our efficiency down.

然後，我們又在進行優化。我們使用零號客戶。馬克談到了我們正在分配資源的事實。我們也正在研究其他方法，以繼續降低整體效率。

So short term, we don't see gross margins getting worse. Fairly neutral, long time. We're doing everything in conjunction with our FY27 framework and our overall operating margin improvement to continue to get efficiencies in gross margin and operating margin.

因此，短期內我們預期毛利率不會惡化。比較中立，時間很長。我們正在按照 2027 財年框架和整體營業利潤率提升目標開展一切工作，以繼續提高毛利率和營業利潤率的效率。

Miguel, do you want to take on the question about AWUs and kind of what we're seeing in the market and how customers are consuming this technology?

米格爾，你想談談關於AWU的問題嗎？例如我們在市場上看到的情況，以及客戶是如何使用這項技術的？

Yeah. I've been working very hard for the last quarter to have this minute because I really want to tell you the story. Q3 was stellar. You heard the numbers at the time. We made a very clear commitment, Robin and I in partnership at the Investor Day, we shared three key messages to you all.

是的。過去一個季度我一直在努力工作，就是為了這一刻，因為我真的很想把這個故事講給你們聽。第三季表現出色。你當時聽到了那些數字。在投資者日上，我和 Robin 作為合作夥伴，向大家做出了非常明確的承諾，我們分享了三個關鍵訊息。

Number one is we were seeing the very likely possibility of revenue reacceleration in 12 to 18 months. That was four months ago.

第一，我們看到收入很可能在 12 到 18 個月內重新加速成長。那是四個月前的事了。

Today, we are saying that the revenue reacceleration, organic revenue acceleration of subscription and support is going to happen in H2. And we are very -- we are committed to that, and we are certain now because we've seen the net AOV growth outpacing the AOV growth in H2 last year.

今天，我們宣布訂閱和支援業務的收入將再次加速成長，有機收入將在下半年實現。我們對此非常堅定，而且我們現在很有信心，因為我們看到淨平均訂單價值 (AOV) 的成長速度超過了去年下半年的平均訂單價值 (AOV) 的成長速度。

We're sitting now in Q1. We're looking at Q1 and Q2, and I can tell you with absolute confidence that the AOV growth is going to significantly outpace the AOV growth. So now four quarters of will be pulling up the AOV growth is going to finally translate in H2 into a revenue reacceleration. That was number one.

我們現在處於第一季。我們正在關注第一季和第二季度，我可以非常自信地告訴大家，平均訂單價值 (AOV) 的成長速度將顯著超過第二季。因此，連續四個季度的AOV成長最終將在下半年轉化為營收的重新加速成長。那是第一名。

Number two was the fiscal year '30 a long-term durable growth plan. We are recommitted to that to the point that we've increased the target from 60% to 63%. If you do the math, it's not all because Informatica, it's because we are more and more certain that we are going to hit the numbers.

第二項是 2030 財年的長期永續成長計畫。我們重申了這項承諾，並將目標從 60% 提高到 63%。如果你仔細計算一下，你會發現這不僅僅是因為 Informatica，而是因為我們越來越有信心達到目標數字。

And then the third thing, which is substantially important, and it goes to the monetization. And to the [ALA] question is we have found the formula to monetize AI. There are three ways, three ways, distinct ways, and the main ones that we are using to monetize AI.

第三點非常重要，那就是獲利模式。至於[ALA]提出的問題，我們已經找到了人工智慧貨幣化的公式。有三種方法，三種不同的方法，也是我們目前主要用來實現人工智慧貨幣化的方法。

Number one is our large installed base of 100 millions of seats, we are upgrading to our premium SKUs that contain already embedded AI and unlimited access to agentic for employee use cases. Number one.

第一，我們擁有 1 億個席位的龐大安裝基礎，我們正在升級到我們的高級 SKU，這些 SKU 已經嵌入了 AI，並為員工使用案例提供了無限的代理存取權限。第一。

We've seen, as Robin referred to earlier, that SKU business has triple Agentforce first edition and Agentforce store sales and service has tripled quarter on quarter. Last quarter, it doubled. So it's pretty monster.

正如 Robin 前面提到的那樣，我們已經看到 SKU 業務是 Agentforce 第一版的三倍，Agentforce 商店的銷售和服務也環比增長了三倍。上個季度翻了一番。所以它相當可怕。

The second way to monetize this is very peculiar because now our apps are Agentforce sales, agent for service, all of them are agentic. So now the ROI that companies generate by implementing our apps has increased. So now, we have access to new seats that before companies couldn't afford to roll out Salesforce or any of our apps.

第二種獲利方式非常特殊，因為現在我們的應用程式是 Agentforce 銷售、服務代理，它們都是代理軟體。因此，企業透過實施我們的應用程式所獲得的投資報酬率提高了。所以現在，我們能夠獲得以前公司無法負擔的新席位，從而部署 Salesforce 或我們的任何應用程式。

And the third way is for customer-facing agentic use cases, agents, we sell though the credits, flex credits. And companies, if you look at the bookings of Agentforce in Q4, 50% were credits, flex credits, [fuel] and 50% were higher SKUs.

第三種方式是面向客戶的代理用例，我們透過積分、彈性積分來銷售代理。如果你查看 Agentforce 第四季的預訂情況，你會發現 50% 是積分、靈活積分、[燃油]，50% 是高 SKU。

If you look at the top 12 deals, which, by the way, record Robin and Marc, we've never done more than 10 deals above $10 million in the quarter. This was our best Q4 ever our best-quarter ever. We did 12 deals, about $10 million. One of them about 50%, three of them are about 20%. When we look at those, and if you look at the three ways to monetize, 6 out of the top 10 deals basically were upgrades of the existing SKUs, 7 out of the top 10 deals, we added 6 and 5 of the top 10 deals included credits for agentic use cases, customer-facing use cases.

如果你看一下前 12 筆交易（順便說一句，這些交易記錄了 Robin 和 Marc 的業績），我們一個季度內從未完成過超過 10 筆 1000 萬美元以上的交易。這是我們有史以來最好的第四季度，也是我們有史以來最好的季度。我們完成了 12 筆交易，總額約 1000 萬美元。其中一人約佔 50%，另外三人約佔 20%。當我們審視這些數據，並考察三種盈利方式時，會發現排名前 10 的交易中有 6 筆基本上是對現有 SKU 的升級，排名前 10 的交易中有 7 筆是新增的，排名前 10 的交易中有 5 筆包含代理用例和麵向客戶的用例的積分。

Three of them included everything. But the beautiful thing is in every study that we heard today that was very incredible these three customer stories. I have a bunch of stories that I wanted to tell you, but we're running out of time here. In every one of these stories, we are monetizing AI through these three different angles. And we are seeing it in the bookings. We are seeing it in the pipeline.

其中三件都包含了所有東西。但最精彩的是，在我們今天聽到的所有研究中，這三位客戶的故事都非常令人難以置信。我有很多故事想跟你講，但我們時間不多了。在所有這些故事中，我們都透過這三個不同的角度來實現人工智慧的商業化。我們從預訂量中也看到了這一點。我們正在看到它正在研發中。

I'm very confident about Q1. I mean, something happened in Q4 that was muster. I mean, Marc said a target to me and to my team, I need to see bookings starting with a number, and we deliver above the number that was incredible. I'm looking at the pipeline, double-digit growth in pipeline.

我對第一季非常有信心。我的意思是，第四季度發生了一些與選拔有關的事情。我的意思是，馬克為我和我的團隊設定了一個目標，我們需要看到預訂量達到一個數字，而我們最終的預訂量超過了這個數字，這真是太棒了。我正在查看產品線，產品線實現了兩位數的成長。

I'm looking at my capacity. We've hired over time. We started last year 12 months ago with 0% growth in ramped AEs. These areas that are ready to sell. It takes our as a year or so to sell to be prepared. We are starting this fiscal year with 15% to 17% more growth in ramped as -- that's dynamite. We have double-digit growth in pipeline.

我正在評估我的能力。我們逐步招募的。去年，也就是12個月前，我們的新增AE成長率為0%。這些區域已準備好出售。我們需要大約一年的時間來準備出售事宜。本財年伊始，我們的產能利用率就實現了 15% 至 17% 的成長——這真是太棒了。我們的在研項目數量實現了兩位數的成長。

I'm very confident about the net AOV growth significantly outpacing AOV growth. And ALAs have been a big part of this. This is the number one product that we sell now. We sold 120-plus ALAs in Q4. I thought we're going to do between 50 and 100, we did 120.

我非常有信心淨平均訂單價值 (AOV) 的成長速度將顯著超過平均訂單價值 (AOV) 的成長速度。而ALA在其中發揮了重要作用。這是我們目前銷售第一的產品。我們在第四季度售出了 120 多台 ALA。我以為我們會做 50 到 100 個，結果我們做了 120 個。

In the top 10 deals, we sold 8 ALAs in the top 10 deals. These are customers that are going all in and commit and commit long term to our -- to the future and there are outsized deals.

在前 10 筆交易中，我們售出了 8 筆 ALA。這些客戶全力以赴，對我們的未來做出長期承諾，而且交易金額龐大。

Raimo Lenschow, Barclays.

雷莫·倫肖，巴克萊銀行。

Hey, thanks for squeezing me in here. I'll get a quick one. if your cross-sell or the token upsell is working so well, you said 60% of the bookings came from that one. it's kind of almost getting the message out to more customers quicker. You now have 29,000 customers. How do you think about that evolution from kind of getting new customers and getting these guys up and productive this year? How do you think about the role there and what are the roadblocks?

嘿，謝謝你擠出時間來幫我。我快速回答一下。如果你的交叉銷售或代幣追加銷售效果這麼好，你說60%的預訂都來自這些管道，那豈不是能更快地把訊息傳遞給更多客戶？您現在擁有 29,000 名客戶。您如何看待今年從獲取新客戶到讓這些員工投入生產營運的整個過程？您如何看待這個角色？您認為會遇到哪些障礙？

Yeah, Raimo. Good to see you again. Listen, we did 29,000 Agentforce transactions. We have approximately 22,000, 23,000 customers. But you said it very well. Our role, the role of my team, the role of my executive, the role of all the -- as is to be in front of customers to explain these stories and the value that we can drive. I mean, today, yesterday or today, I don't know when, there was a wall in Australia, we had 12,000 Yes. today, right? 12,000 customers.

是的，雷莫。很高興再次見到你。聽著，我們完成了 29,000 筆 Agentforce 交易。我們大約有 22,000 到 23,000 名客戶。但你說得很好。我們的角色、我的團隊的角色、我的主管的角色、所有人的角色——都是站在客戶面前，解釋這些故事以及我們所能創造的價值。我的意思是，今天，昨天或今天，我不知道是什麼時候，澳洲有一面牆，我們有 12,000 人。是的，今天，對吧？12000名顧客。

It's actually tomorrow, but it's today.

其實是明天，但感覺就是今天。

It's Australian. I don't know, whatever 12,000 customers showed up, it's happened. It's already happened, by the way, and I think we just need to -- the key message that we are conveying to our customers is we are, SaaS is more important than ever. In the world all this is -- I mean, we are so happy that this row intelligence exist, but to convert row intelligence into reliable, accurate scalable enterprise work. You need a software infrastructure like the one that Marc described with our four layers system of context, the system of work, this is our big differentiator.

這是澳洲的。我不知道，反正來了12,000名顧客，這事兒就這麼發生了。順便說一句，這種情況已經發生了，我認為我們只需要——我們向客戶傳達的關鍵訊息是，SaaS 比以往任何時候都更重要。在世界上，這一切都是——我的意思是，我們很高興有這種行級智慧存在，但是如何將行級智慧轉化為可靠、準確、可擴展的企業級工作呢？你需要像 Marc 所描述的那種軟體基礎設施，它包含我們四層情境系統和工作系統，這是我們最大的優勢。

Nobody has 40% market share in sales and service. I'm sorry. In the customer domain, we are the systems of work. We have the system of agency, very sophisticated. Some companies are building it, whatever, but we have the best because we are proven in 4,000 production customers, 23,000 total customers.

銷售和服務領域沒有人能佔據 40% 的市場。對不起。在客戶領域，我們就是工作系統。我們的代理商體系非常完善。有些公司也在生產，隨便吧，但我們的產品是最好的，因為我們在 4,000 個生產客戶和 23,000 個總客戶中得到了驗證。

Nobody has that at the scale and the complexity because our agents are connected to the data connected able to trigger actions, and then we have the system engagement, which is Slack.

沒有人能達到這樣的規模和複雜度，因為我們的代理連接到數據，能夠觸發操作，然後我們還有系統交互，也就是 Slack。

I mean, the demo of this Anthropic is incredible. It started in Slack. Then what did they do? They took it out to another UI, which is awful, by the way. But it's -- I mean, it wasn't really as nice as lag, but they did all the work, incredible work. Again, we are so lucky that this company exists. And then they copy-paste it. They did that, right? They copy-paste it and they put it back on Slack. Okay.

我的意思是，Anthropic 的演示簡直太棒了。一切始於Slack。然後他們做了什麼？他們把它遷移到了另一個使用者介面，順便說一句，那個介面糟透了。但是——我的意思是，雖然它不如延遲那麼好，但他們完成了所有的工作，非常了不起的工作。再次感謝上帝，我們很幸運有這樣一家公司存在。然後他們複製貼上。他們確實這麼做了，對吧？他們複製貼上後又把它發回了 Slack。好的。

Today, you can do that with Slackbot. You don't have to get out and in, and we have a great partnership with Anthropic. But anyway, Raimo, we are very excited.

現在，你可以用 Slackbot 來實現這一點。您無需外出或進出，而且我們與 Anthropic 建立了良好的合作關係。不過，雷莫，我們都非常興奮。

Patrick, I think you should come in here and talk about this.

派崔克，我覺得你應該進來談談這件事。

Yeah. I mean, everybody right now, everybody through the past few years has been so enamored with the model, of course, it's this brand new thing, this intelligence layer that we never had but also the data. But what's really happening around us is the apps are changing. The UI is changing, as Miguel is alluding to. And that's really what we're seeing because these old apps of these point-and-click buttons, those were designed for human beings to interact with.

是的。我的意思是，現在每個人，過去幾年裡的每個人，都對這個模型非常著迷，當然，這是一個全新的事物，一個我們從未擁有過的智能層，還有數據。但我們周圍真正發生的是應用程式正在發生變化。正如米格爾所暗示的那樣，使用者介面正在發生變化。而這正是我們現在所看到的，因為這些帶有點擊按鈕的舊應用程序，是為人類互動而設計的。

But what happens when you have human beings and agents in the same place. right? Suddenly, a lot of those interactions, those UI paradigms kind of get thrown away. You don't need all of this complex UI anymore. And that's what makes Slack so powerful, and I think that's what Anthropic knows. I think that's what we saw in their demos yesterday. You kind of like process the work.

但是，當人類和智能體同時出現在同一個地方時會發生什麼事呢？對吧？突然間，很多互動方式、很多使用者介面範式都被拋棄了。你不再需要這些複雜的介面了。這就是 Slack 如此強大的原因，我認為 Anthropic 也深諳此道。我認為這就是我們昨天在他們的演示中看到的。你有點像是在處理工作。

But ultimately, it's coming -- that work is getting done because some person or some agent is asking for it, and then you need to give it back to that person or that agent. And where do you do that? You do that in Slack. And that's what makes Slackbot so unbelievably powerful is you never have to leave.

但歸根結底，它終究會到來——這項工作之所以能夠完成，是因為有人或代理人提出了要求，然後你需要把它交還給那個人或那個代理人。那你在哪裡做這件事？你可以用 Slack 來完成這些操作。Slackbot之所以如此強大，就在於你永遠不必離開。

And of course, it's powered by Claude. We love our partners at Anthropic but it knows all of the context of your business, not just the context of your systems of records as we think about it, but all of the conversations happening inside of Slack and has access to all of that and the knowledge that it gains from that truly unmatched. It might be our most important piece of data that we have.

當然，這一切都是克勞德提供的動力。我們非常喜歡 Anthropic 的合作夥伴，但它了解您業務的所有背景，不僅僅是我們認為的記錄系統的背景，還包括 Slack 中發生的所有對話，並且能夠訪問所有這些信息，從中獲得的知識是真正無與倫比的。這可能是我們擁有的最重要的數據。

And so when you put all that together into this brand-new user interface, that's really where we see this big transformation in SaaS happening. It's that the apps are going to -- they're going to change, and they're going to just turn into this environment where humans and agents are really working together.

因此，當把所有這些整合到這個全新的使用者介面中時，我們就能看到 SaaS 領域正在發生的巨大變化。應用程式將會改變，它們將會變成人類和智慧體真正協同工作的環境。

And I think to add to that, if you think about customer success, we're really doubling down, as we said, on FTEs. And I think they're the folks that are on the ground with our selling teams, our solution selling teams to ultimately make this vision a reality. And I think that's the key component to converting it from ALS to ultimately consuming. That's what we want to continue to see happening as that consumption will continuing to fly.

而且我認為，補充一點，如果你考慮到客戶成功，正如我們所說，我們正在加倍投入全職員工 (FTE)。我認為他們是與我們的銷售團隊、解決方案銷售團隊一起深入一線，最終將這個願景變成現實的人。我認為這是將 ALS 患者最終轉化為可食用患者的關鍵因素。我們希望這種情況繼續發生，因為消費將繼續高速成長。

Well, great. And we want to thank everyone for joining us today, and look forward to seeing you soon.

太好了。感謝各位今天蒞臨，期待很快與您再次相聚。

Bye, everybody. Thanks so much.

再見，各位。非常感謝。

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