賽富時 (CRM) 2022 Q3 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to the Salesforce Fiscal 2022 Third Quarter's Results Conference Call.

女士們，先生們，謝謝你們的支持。歡迎參加 Salesforce 2022 財年第三季度業績電話會議。

(Operator Instructions) I would like to hand over the conference to your speaker, Mr. Evan Goldstein, Senior Vice President of Investor Relations.

（操作員說明）我想將會議交給您的發言人，投資者關係高級副總裁 Evan Goldstein 先生。

Sir, you may begin.

先生，您可以開始了。

Thank you, Jeff. Hello, everyone, and thanks for joining us for our fiscal '22 third quarter conference call.

謝謝你，傑夫。大家好，感謝您參加我們的 22 財年第三季度電話會議。

I'm Evan Goldstein, Senior Vice President of Investor Relations.

我是投資者關係高級副總裁 Evan Goldstein。

Our press release, SEC filings and a replay of today's call can be found on our IR website at www.salesforce.com/investor.

我們的新聞稿、SEC 文件和今天電話會議的重播可以在我們的投資者關係網站 www.salesforce.com/investor 上找到。

With me on the call today is Marc Benioff, Chair and Co-CEO; Bret Taylor, Vice Chair and Co-CEO; Amy Weaver, Chief Financial Officer; and Gavin Patterson, Chief Revenue Officer.

今天與我通話的是主席兼聯合首席執行官馬克·貝尼奧夫； Bret Taylor，副主席兼聯合首席執行官；艾米·韋弗，首席財務官；和首席營收官 Gavin Patterson。

As a reminder: Our commentary today will primarily be in non-GAAP terms. Reconciliations between our GAAP and non-GAAP results and guidance can be found in our earnings and press release. Some of our comments today may contain forward-looking statements that are subject to risks, uncertainties and assumptions. In particular our expectations around the impacts of COVID-19 pandemic on our business, acquisition, results of operations and financial condition and that of our customers and partners are uncertain and subject to change. Should any of these materialize or should our assumptions prove to be incorrect, actual company results could differ materially from these forward-looking statements. A description of these risks, uncertainties and assumptions and other factors that could affect our financial results is included in our SEC filings, including our most recent report on Form 10-K.

提醒一下：我們今天的評論將主要採用非 GAAP 術語。我們的 GAAP 和非 GAAP 結果和指導之間的調節可以在我們的收益和新聞稿中找到。我們今天的一些評論可能包含受風險、不確定性和假設影響的前瞻性陳述。特別是我們對 COVID-19 大流行對我們的業務、收購、運營結果和財務狀況以及我們的客戶和合作夥伴的影響的預期是不確定的，並且可能會發生變化。如果其中任何一項成為現實，或者我們的假設被證明不正確，公司的實際業績可能與這些前瞻性陳述大不相同。這些風險、不確定性和假設以及可能影響我們財務業績的其他因素的描述包含在我們提交給美國證券交易委員會的文件中，包括我們最近的 10-K 表格報告。

With that, let me hand the call to Marc.

有了這個，讓我把電話交給馬克。

Well, thanks so much, Evan. And I hope everyone on the call and all your families had a wonderful Thanksgiving. And happy Hanukkah to everyone celebrating the festival of lights this week.

嗯，非常感謝，埃文。我希望電話中的每個人以及你所有的家人都有一個美好的感恩節。祝本周慶祝燈節的每個人光明節快樂。

Now this year, I'm grateful for many things, but I'll have to tell you I'm very grateful for my good friends who I'm sitting here with, Bret Taylor. And Bret, congratulations on becoming the co-CEO of Salesforce.

今年，我感謝很多事情，但我必須告訴你，我非常感謝我坐在這裡的好朋友布雷特·泰勒。還有 Bret，恭喜您成為 Salesforce 的聯合首席執行官。

Thank you, Marc. It's really an honor of a lifetime. Thank you. Thanks to the Board. And most importantly, thank you to our customers and Trailblazers. I'm honored [to be a part of you in] this next chapter of Salesforce.

謝謝你，馬克。這真的是一生的榮幸。謝謝你。感謝董事會。最重要的是，感謝我們的客戶和開拓者。我很榮幸 [成為您的一部分] Salesforce 的下一章。

Well, Bret, I -- first met you, you were at Google. You did an amazing job with Google Maps. And you started your own company, then it was acquired by Facebook. You became the CTO of Facebook. And then you left Facebook and started another company; and Salesforce was very lucky to buy that company, Quip. And then you've had an amazing run here over the last 5, 5.5 years at Salesforce and most recently as our Chief Operating Officer and now as co-CEO. We couldn't be more grateful for you and your leadership. And congratulations. And it's just amazing to watch you [go].

嗯，布雷特，我——第一次見到你，你在谷歌。您在 Google 地圖方面做得非常出色。你創辦了自己的公司，然後被 Facebook 收購。你成為了 Facebook 的 CTO。然後你離開了 Facebook，創辦了另一家公司； Salesforce 非常幸運地收購了 Quip 公司。在過去的 5 年、5.5 年裡，您在 Salesforce 的表現非常出色，最近擔任我們的首席運營官，現在擔任聯合首席執行官。我們非常感謝您和您的領導。並祝賀。看著你[去]真是太棒了。

Well, Marc, I don't know if you know this. You were the first person I called when I started that second company because I wanted your mentorship and advice, so for me, this partnership was really the culmination of a decade-long friendship. And I'm just grateful. So excited for this next chapter.

好吧，馬克，我不知道你是否知道這一點。當我創辦第二家公司時，你是我第一個打電話的人，因為我想要你的指導和建議，所以對我來說，這種夥伴關係真的是十年友誼的高潮。我很感激。對下一章感到非常興奮。

Well, it's super exciting. And I'll tell you we're going to get into this, Bret, but you've had a lot of great experiences with customers this quarter and also with all of our Ohana. And just give us one insight out of the quarter. Tell us about the world. And what's one thing you learned this quarter that really has surprised you or enlightened you that you can share with all of us?

嗯，超級刺激。我會告訴你，布雷特，我們將進入這個領域，但你在本季度與客戶以及我們所有的 Ohana 都有很多很棒的經歷。並且只是給我們一個季度的見解。告訴我們這個世界。您在本季度學到的哪一件事真正讓您感到驚訝或啟發了您，您可以與我們所有人分享？

Well, actually, Gavin Patterson and I, we took a trip to Europe together. We visited London, Paris, Amsterdam, Frankfurt. And there's -- this pandemic is a roller coaster, but what I heard from the more than 60 customers we talked to on that trip is a sense of really moving forward, that we'll have to take into account health and safety. We have to really think about this pandemic as an endemic, but people [aren't sitting down]. People are moving forward. They're focused on growth and they're focused on this new normal. And I have a very optimistic view of the future despite this roller coaster of a pandemic.

嗯，實際上，加文帕特森和我，我們一起去歐洲旅行。我們參觀了倫敦、巴黎、阿姆斯特丹、法蘭克福。還有——這種流行病就像過山車一樣，但我從我們在那次旅行中交談的 60 多名客戶那裡聽到的是一種真正向前邁進的感覺，我們必須考慮到健康和安全。我們必須真正將這種流行病視為一種流行病，但人們[沒有坐下來]。人們在前進。他們專注於增長，他們專注於這種新常態。儘管大流行過山車，但我對未來的看法非常樂觀。

It is a roller coaster of a pandemic. You're absolutely right. Well, it's been an amazing 6 quarters. And I'll tell you, the last 6 quarters, well, that's -- they've been unlike anything Salesforce has ever been through, that I've ever been through. And we -- I would say this is -- things are still changing and transforming. We're almost in a pandemic age, and we're kind of getting used to what it mean to be inside of a pandemic. And yet at the same time, Salesforce has never been more successful. And I think, Bret, when you look at the financial results, I'm sure you'd agree this was an amazing third quarter. Revenue in the quarter was $6.86 billion, up 27% year-over-year. And it's really driven by all these amazing products but really by this incredible customer success, and we can see it. We're #1 again for the eighth year in a row in CRM, according to IDC. It's really exciting. Were you surprised to see that?

這是一場大流行的過山車。你是絕對正確的。嗯，這是一個驚人的 6 個季度。我會告訴你，過去 6 個季度，嗯，那是 - 它們與 Salesforce 所經歷過的任何事情都不同，我所經歷過的。我們——我想說的是——事情仍在變化和轉變。我們幾乎處於大流行時代，我們有點習慣於在大流行中意味著什麼。然而與此同時，Salesforce 從未像現在這樣成功。我認為，布雷特，當您查看財務業績時，我相信您會同意這是一個了不起的第三季度。本季度收入為 68.6 億美元，同比增長 27%。它真的是由所有這些令人驚嘆的產品推動的，但真的是由這個令人難以置信的客戶成功推動的，我們可以看到它。據 IDC 稱，我們在 CRM 領域連續第八年蟬聯第一。這真的很令人興奮。看到這個你很驚訝嗎？

Not surprised at all, but it's something I look forward to every year every time those numbers come out.

一點也不驚訝，但每當這些數字出來時，這是我每年都期待的事情。

[Wasn't it just] awesome? And our Sales and Service Clouds, well, they've become massive individual businesses at this point, generating more than $6 billion each. I mean that's bigger than a lot of cloud companies that I know by themselves. And they're continuing to grow in the double digits. It's amazing. I mean Sales Cloud is amazing this quarter. And operating and the -- margin in the quarter was also very good at 19.8%. I mean that exceeded my expectations. And we delivered $404 million in operating cash flow, up 19% year-over-year.

[不只是]很棒嗎？而我們的銷售和服務雲，在這一點上，它們已經成為龐大的個體企業，每個企業創造了超過 60 億美元的收入。我的意思是，這比我自己認識的許多雲公司都要大。他們繼續以兩位數的速度增長。太奇妙了。我的意思是本季度的 Sales Cloud 非常棒。本季度的運營和利潤率也非常好，為 19.8%。我的意思是這超出了我的預期。我們實現了 4.04 億美元的運營現金流，同比增長 19%。

And now for fiscal year '22, we're raising our revenue guide again, just raised it at Investor Day a couple weeks ago. And now we're raising it again to $26.4 billion, at the high end of the range, representing 24% projected growth year-over-year. That's a $100 million raise since Q2, when we initiated guidance for revenue in December of last year. We've now raised guidance, since that initial -- initiation, $850 million. It's pretty awesome. And we're delighted to raise our full year operating margin once again to 18.6%. We have a -- obviously a new team. We have a new structure now. We're in a new world. We're talking about that, but we have an incredible new model. And it's really reflected in this incredible operating margin performance really for this year and also with the operating margin guide for next year as well. And this is really an incredible reflection of this new way that we have -- the new way we're thinking and how we're driving and leading at Salesforce. And as we shared at our Investor Day in September, we're expecting fiscal year '23 revenue guidance of $31.8 billion. That's the high end of our range, and operating margin of 20%.

現在對於 22 財年，我們再次提高了我們的收入指南，幾週前剛剛在投資者日提高了它。現在我們再次將其提高到 264 億美元，處於該範圍的高端，預計同比增長 24%。自去年 12 月我們啟動收入指導以來，第二季度增加了 1 億美元。自最初啟動以來，我們現在已經提出了 8.5 億美元的指導。這真是太棒了。我們很高興再次將全年營業利潤率提高到 18.6%。我們有一個 - 顯然是一個新團隊。我們現在有一個新的結構。我們在一個新世界。我們正在談論這個，但我們有一個令人難以置信的新模型。這確實反映在今年令人難以置信的營業利潤率表現以及明年的營業利潤率指南中。這確實是我們所擁有的這種新方式的令人難以置信的反映——我們正在思考的新方式以及我們如何在 Salesforce 中推動和領導。正如我們在 9 月的投資者日上分享的那樣，我們預計 23 財年的收入指導為 318 億美元。這是我們範圍的高端，營業利潤率為 20%。

Now as everyone knows, no other software company of our size and scale is really performing at this level. We know that because we're talking to other cloud CEOs every day. And I'll tell you I couldn't be more proud of our Ohana and that Salesforce is soon going to enter the Fortune 100. We've only -- really if you think about it, we only spent 2 years in the $20 billions. I think about how long I was waiting to get into the $20 billions in revenue for Salesforce, and [we're done with it. I mean it's kind of like] now we're talking about being in the $30 billions. And I am kind of like, well, I wonder. Wow, this is amazing. How long are we going to end up in the $30 billions? So you got to enjoy every moment because it goes fast. And you look at the growth, and I really think it's all about this customer success. It's been awesome. I know we're going to tell some great stories here on the call, LVMH and VMware and ADT and so many of our customers. And we're hearing some great stories from Slack customers too. I'm looking forward to Bret telling you a couple of great stories. I even had a great story yesterday from a friend of mine who was at a check-in counter for an airline. And they were using Slack entirely to make the reservation and book the tickets, an incredible story with this company. So well, I guess all of this is just an overnight success story for Salesforce [and doing] it now almost 1/4 of a century. And it's been a great quarter.

現在眾所周知，沒有其他像我們這樣規模和規模的軟件公司真正達到這個水平。我們知道這一點，因為我們每天都在與其他雲計算 CEO 交談。我會告訴你，我為我們的 Ohana 感到無比自豪，而且 Salesforce 即將進入財富 100 強。我們只是 - 真的，如果你仔細想想，我們只花了 2 年的時間在 200 億美元中.我想我等了多久才能為 Salesforce 帶來 200 億美元的收入，而且 [我們已經完成了。我的意思是有點像] 現在我們談論的是 300 億美元。我有點像，嗯，我想知道。哇，這太棒了。我們將在多長時間內結束 300 億美元？所以你必須享受每一刻，因為它過得很快。你看看增長，我真的認為這完全取決於客戶的成功。太棒了。我知道我們將在電話會議上講述一些很棒的故事，LVMH 和 VMware 和 ADT 以及我們的許多客戶。我們也從 Slack 客戶那裡聽到了一些很棒的故事。我期待著 Bret 給你講幾個很棒的故事。昨天我什至從我的一個朋友那裡聽到了一個很棒的故事，他在一家航空公司的值機櫃檯。他們完全使用 Slack 進行預訂和訂票，這對這家公司來說是一個令人難以置信的故事。好吧，我想所有這一切對 Salesforce 來說只是一夜之間的成功故事 [並且現在已經做了將近 1/4 個世紀。這是一個很棒的季度。

All right, well, Bret, congratulations. And why don't you take it from here?

好吧，布雷特，恭喜你。你為什麼不把它從這裡拿走？

Thank you, Marc.

謝謝你，馬克。

As Marc said, we had another phenomenal quarter driven by our new operating model, our new management team and a product portfolio that's just increasingly relevant to every company looking to thrive in this new world. Through this pandemic, our customer success has fueled our success. We have hired more than 30,000 people remotely. We've launched more products than we ever have before and we've connected with more customers than we ever have before. We've also proven that we can come together safely in person. We just did Dreamforce in San Francisco a couple months ago. We're doing Dreamforce in New York...

正如 Marc 所說，在我們新的運營模式、新的管理團隊和產品組合的推動下，我們又迎來了一個非凡的季度，這些產品組合與每家希望在這個新世界中茁壯成長的公司越來越相關。通過這次大流行，我們的客戶成功推動了我們的成功。我們已經遠程僱傭了 30,000 多人。我們推出了比以往更多的產品，我們與更多的客戶建立了聯繫。我們還證明了我們可以親自安全地聚在一起。幾個月前，我們剛剛在舊金山做了 Dreamforce。我們在紐約做 Dreamforce...

[That's just] amazing, right?

[這只是]太棒了，對吧？

It's amazing...

太奇妙了...

Might as well have another Dreamforce next week. Why not?

下週還不如再來一次 Dreamforce。為什麼不？

Dreamforce all year long, Marc.

Dreamforce 全年，馬克。

And we also have opened 65 of our offices. And as I mentioned, Gavin and I took that trip to Europe, talked to over 60 customers. And really interesting to see a wide range of industries going through different issues, whether it's the supply chain or the Great Resignation, but there was one theme in all those conversations. Every customer reinforced that work is not somewhere you go but something you do. Every single company I spoke with is building their digital headquarters because they know their teams need to be successful from their home or from this office in this new era of hybrid work. And Customer 360 and Slack are powering this transformation for companies in every industry in every region of the world, and you can really see it in our results.

我們還開設了 65 個辦事處。正如我所提到的，我和 Gavin 去了歐洲，與 60 多名客戶進行了交談。看到各種各樣的行業經歷不同的問題真的很有趣，無論是供應鏈還是大辭職，但所有這些對話中都有一個主題。每個客戶都強調，工作不是你去的地方，而是你做的事情。我採訪過的每一家公司都在建立他們的數字總部，因為他們知道在這個混合工作的新時代，他們的團隊需要在家中或辦公室取得成功。 Customer 360 和 Slack 正在為世界各個地區各個行業的公司推動這一轉型，您可以在我們的結果中真正看到這一點。

In the quarter, we saw strong growth across regions: 23% in the Americas, 38% in EMEA and 26% in APAC. And what really stands out to me, Marc, is the strength of our core organic CRM business. Sales Cloud...

在本季度，我們看到各個地區的強勁增長：美洲增長 23%，歐洲、中東和非洲地區增長 38%，亞太地區增長 26%。 Marc，真正讓我印象深刻的是我們核心有機 CRM 業務的實力。銷售雲...

That is amazing, right, especially Sales and Service Cloud together.

這太棒了，對，尤其是銷售和服務雲。

Well, it is Sales Cloud has accelerated to 17% year-over-year growth. As Marc mentioned, it's now exceeding the $6 billion business, just like Service Cloud. And Service Cloud, which -- is actually continuing to grow above 20% year-over-year.

嗯，Sales Cloud 已經加速到 17% 的同比增長。正如 Marc 所提到的，它現在已經超過了 60 億美元的業務，就像 Service Cloud 一樣。而服務雲，實際上是在繼續以每年 20% 以上的速度增長。

Yes. That's just awesome. Congratulations. That was just beyond my expectation.

是的。這太棒了。恭喜。那簡直出乎我的意料。

Yes, it really shows the strength in our core organic business, and it's just phenomenal to see this kind of growth at that kind of scale.

是的，它確實顯示了我們核心有機業務的實力，看到這種規模的增長真是太神奇了。

And there's nothing like the start of the holiday shopping season, which started last week, to make me appreciate just how mission critical our Commerce and Marketing Clouds are on Black Friday and Cyber Monday. Cyber Week runs on Salesforce for the world's greatest retailers. What we saw was just incredible. So Commerce Cloud processed more than 100 million orders in November, powering the shopping experiences for brands like Ralph Lauren, PUMA, Crocs, LVMH. And get this, Marc: This year, we have sent over 1 trillion messages from our Marketing Cloud. And in Cyber Week alone, we delivered 40 billion messages, up 34% year-over-year.

沒有什麼比上週開始的假日購物季更讓我體會到我們的商務和營銷雲在黑色星期五和網絡星期一的任務關鍵性了。 Cyber Week 在 Salesforce 上為世界上最偉大的零售商舉辦。我們所看到的簡直令人難以置信。因此，Commerce Cloud 在 11 月處理了超過 1 億份訂單，為 Ralph Lauren、PUMA、Crocs、LVMH 等品牌提供了購物體驗。明白這一點，馬克：今年，我們從營銷雲發送了超過 1 萬億條消息。僅在網絡週，我們就發送了 400 億條消息，同比增長 34%。

Incredible.

極好的。

And we're lapping the pandemic. Last year, digital was the only way people were shopping, and we're growing 34% on top of that. Our message platform...

我們正在應對大流行。去年，數字是人們購物的唯一方式，我們在此基礎上增長了 34%。我們的消息平台...

And also you have to give a callout here on reliability because -- both of us went through some very difficult moments in the weekend getting calls from customers, who were not using our Marketing Cloud but are good customers of ours, because products that they chose from other vendors were not working on Black Friday and Cyber Monday. And we're like wow. We were just so grateful to all of our Ohana for the tremendous performance they delivered over the weekend.

此外，您必須在此處對可靠性進行標註，因為 - 我們倆都在周末經歷了一些非常困難的時刻，接到客戶的電話，他們沒有使用我們的 Marketing Cloud，但他們是我們的好客戶，因為他們選擇了產品來自其他供應商的產品在黑色星期五和網絡星期一不工作。我們就像哇。我們非常感謝我們所有的 Ohana 人，感謝他們在周末的出色表現。

Well, I just want to give a special thank you to every member of Salesforce, but I would -- particularly the engineering teams, to get that kind of reliability.

好吧，我只想特別感謝 Salesforce 的每一位成員，但我會——尤其是工程團隊，以獲得這種可靠性。

Absolutely.

絕對地。

When so much of our customers' business is happening over a day or a weekend, it's just crucial that these systems stay up. And I'm so proud of the team. And hopefully, some of those customers will become customers of Marketing Cloud next year.

當我們客戶的大量業務在一天或一個週末發生時，這些系統保持正常運行至關重要。我為這個團隊感到驕傲。希望其中一些客戶明年能成為 Marketing Cloud 的客戶。

I hope so. I hope so.

但願如此。但願如此。

And one thing I really want to call out is this move towards mobile commerce continued. Mobile push notifications sent [from] our Marketing Cloud grew over 94% year-over-year. We're just seeing the smartphone continue to transform commerce. All in, our Commerce and Marketing Clouds grew 25% year-over-year in our third quarter, continuing an amazing 20-month run as the global economy continues to digitize.

我真正想強調的一件事是繼續向移動商務邁進。 [從]我們的 Marketing Cloud 發送的移動推送通知同比增長超過 94%。我們只是看到智能手機繼續改變著商業。總而言之，我們的商業和營銷雲在第三季度同比增長 25%，隨著全球經濟繼續數字化，持續了驚人的 20 個月運行。

I also wanted to talk about Slack. So Slack outperformed our expectations in the first full quarter as a part of the Salesforce family. The number of customers on Slack who spend over $100,000 was up 44% year-over-year. And adoption of Slack Connect was up an astonishing 176% year-over-year. Slack is not just a product. Slack is a network, and it's just incredible to see that growth. Slack also continues to innovate as an -- at an unbelievable pace. Slack Huddles, which is Slack's new real-time audio capability, is already used weekly by over 1/3 of Slack users. And Slack Clips, the new asynchronous video capability, are being played nearly 1 million times a week. And this month at Slack Frontiers, which I hope all of you have watched it -- and if you haven't, you can watch it online. Stewart and the team announced the next generation of Slack's platform. And it's going to truly transform the way companies think about workflows and automation...

我還想談談 Slack。因此，作為 Salesforce 家族的一員，Slack 在第一個完整季度的表現超出了我們的預期。 Slack 上花費超過 100,000 美元的客戶數量同比增長 44%。 Slack Connect 的採用率同比增長了驚人的 176%。 Slack 不僅僅是一個產品。 Slack 是一個網絡，看到這種增長簡直令人難以置信。 Slack 還以令人難以置信的速度繼續創新。 Slack Huddles 是 Slack 的新實時音頻功能，每周有超過 1/3 的 Slack 用戶使用。新的異步視頻功能 Slack Clips 每周播放近 100 萬次。這個月在 Slack Frontiers，我希望你們所有人都看過——如果你們還沒有，你們可以在線觀看。斯圖爾特和團隊宣布了下一代 Slack 平台。它將真正改變公司對工作流程和自動化的看法……

Well, I think that, that is definitely what I saw firsthand, where I was like, "How can it be that an airline is basically front-ending their entire system with Slack?" That's a shock to me.

嗯，我認為，這絕對是我親眼所見，我當時想，“一家航空公司怎麼會基本上用 Slack 來前端他們的整個系統？”這對我來說是一個震驚。

Slack is a system of engagement for every workflow, every application and every person [in your enterprise]. It's really an amazing platform vision. And absolutely, watch Slack Frontiers if you haven't seen it. It will -- I think it will blow your mind.

Slack 是一個讓每個工作流程、每個應用程序和每個人[在您的企業中] 參與的系統。這真是一個了不起的平台願景。如果您還沒有看過，絕對可以觀看 Slack Frontiers。它會——我想它會讓你大吃一驚。

Well, it's pretty cool. What an incredible new part of our portfolio.

嗯，這很酷。我們產品組合中的一個令人難以置信的新部分。

[What's interesting], Slack has already transformed the way we work at Salesforce. Since we have deployed Slack internally, we've sent 46% fewer e-mails. And in the last 30 days alone, our employees have sent nearly 60 million Slack messages and conducted 500,000 Slack huddles. We run Salesforce on Slack.

[有趣的是]，Slack 已經改變了我們在 Salesforce 的工作方式。由於我們在內部部署了 Slack，我們發送的電子郵件減少了 46%。僅在過去 30 天裡，我們的員工就發送了近 6000 萬條 Slack 消息，並進行了 500,000 次 Slack 會議。我們在 Slack 上運行 Salesforce。

And every CEO and every Board I talk to is focused on how they can succeed in this era of flexible work. According to Slack's research, 93% of workers are looking for flexibility when they work, and 76% are looking for flexibility where they work. Companies need to connect their employees, their partners, their customers from anywhere because we all know we are not going to be in the office 5 days a week...

與我交談的每一位 CEO 和每一位董事會都專注於如何在這個靈活工作的時代取得成功。根據 Slack 的研究，93% 的員工在工作時尋求靈活性，76% 的員工在工作時尋求靈活性。公司需要從任何地方連接他們的員工、合作夥伴、客戶，因為我們都知道我們不會每週 5 天都在辦公室......

Right. It really flies in the face of all of these kind of -- you hear companies. Like CEOs say, "Oh, everyone has to come back in the office now. This is a mandate."

對。它真的在所有這些類型的面前飛 - 你聽到公司。就像 CEO 說的那樣，“哦，現在每個人都必須回到辦公室。這是一項任務。”

Marc, do you know what happens when they say that? Their employees leave and go to the company...

馬克，你知道他們這麼說會發生什麼嗎？他們的員工離開去公司……

Well, I have to be very careful because, when I say, like, on a broadcast television or at a conference, "Hey. Employees are going to have flexibility in how they work. And they're going to have a digital headquarters. They're going to have a physical headquarters. They're going to mix and match. They're going to move around a little bit," I get phone calls. And it's just so contrary to what we see in our own business. [It's amazing].

嗯，我必須非常小心，因為當我在廣播電視或會議上說，“嘿。員工將在工作方式上具有靈活性。他們將擁有一個數字總部。他們將有一個實體總部。他們將混合搭配。他們將四處走動，”我接到電話。這與我們在自己的業務中看到的完全相反。 [太奇妙了]。

Well, our offices aren't going away. It's just that your digital headquarters is becoming more important because it is truly the infrastructure that connects all of it and especially in this new normal. And Slack and Customer 360 together are really powering this transformation. You can see in the results of the third quarter for Slack. Slack did $280 million of revenue, $30 million ahead of guidance. Retailers like Saks and innovative companies like the Southeast Asian ridesharing and food delivery app Grab, they're relying on Slack every day to collaborate, to automate workflows and to connect with their partners. And what's exciting to me, Marc, is the deep product innovations we're building between Slack and Customer 360 are already driving success for our customers. I had a great time working with VMware's new CEO, Raghu Raghuram, this quarter as he spun VMware out of Dell. And Raghu's team is already using Slack and Service Cloud [for case forming] to decrease the time to resolution for their customers. I could not be more excited for the momentum we see in the Slack business and in particular Slack's integration into Salesforce.

好吧，我們的辦公室不會消失。只是您的數字總部變得越來越重要，因為它是真正連接所有這些的基礎設施，尤其是在這個新常態下。 Slack 和 Customer 360 共同推動了這一轉變。您可以在 Slack 第三季度的結果中看到。 Slack 的收入為 2.8 億美元，比預期高出 3000 萬美元。像 Saks 這樣的零售商和像東南亞拼車和送餐應用程序 Grab 這樣的創新公司，他們每天都依靠 Slack 進行協作、自動化工作流程並與他們的合作夥伴建立聯繫。 Marc 讓我興奮的是，我們在 Slack 和 Customer 360 之間建立的深度產品創新已經在為我們的客戶帶來成功。本季度，我與 VMware 的新任 CEO Raghu Raghuram 一起工作非常愉快，因為他將 VMware 從戴爾分拆出來。 Raghu 的團隊已經在使用 Slack 和 Service Cloud [用於案例形成] 來縮短客戶解決問題的時間。對於我們在 Slack 業務中看到的勢頭，尤其是 Slack 與 Salesforce 的整合，我感到無比興奮。

As Marc said, we're in a new world. We have a new operating model that's driving durable growth. And our team continues to deliver incredible success for our customers during these unprecedented times. Our core business is stronger than ever and is experiencing incredible growth at scale. Slack and Customer 360 have never been more relevant, and we're playing a pivotal role in supporting our customers' next phase of growth. And I'm excited to hand it over to Gavin to bring this to life and talk about what [he's seeing] with our customers around the globe.

正如馬克所說，我們處於一個新世界。我們有一個新的運營模式來推動持久增長。在這個前所未有的時期，我們的團隊繼續為我們的客戶帶來令人難以置信的成功。我們的核心業務比以往任何時候都更強大，並且正在經歷令人難以置信的規模增長。 Slack 和 Customer 360 從未如此重要，我們在支持客戶下一階段的增長方面發揮著關鍵作用。我很高興能把它交給 Gavin 來實現這一點，並與我們在全球的客戶談論 [他所看到的]。

Gavin?

加文?

Thanks, Bret. And I'd like to add my congratulations on your promotion.

謝謝，布雷特。我想對你升職表示祝賀。

Thank you, Gavin.

謝謝你，加文。

So as Marc and Bret said, we are in a new world. And I've seen it through the eyes of our customers which I've recently been visiting in New York, San Francisco, Frankfurt, Paris, Amsterdam, Zurich, Middle East and, of course, London. I am very excited by the early results of how our new operating model is playing out. The strength of our core business is incredible. And the power of Salesforce Customer 360 and Slack together is creating the digital HQ that is enabling our customers to get back to growth. And as Bret said, Salesforce has never been more relevant.

正如馬克和布雷特所說，我們處於一個新世界。我最近在紐約、舊金山、法蘭克福、巴黎、阿姆斯特丹、蘇黎世、中東，當然還有倫敦訪問過我們的客戶，我從他們的眼中看到了這一點。我對我們的新運營模式如何發揮作用的早期結果感到非常興奮。我們核心業務的實力令人難以置信。 Salesforce Customer 360 和 Slack 的共同力量正在創建數字總部，使我們的客戶能夠恢復增長。正如 Bret 所說，Salesforce 從未如此重要。

In the quarter, we saw strong growth in every region, especially in the Americas. We grew relationships with Amazon, Builders FirstSource, IQVIA, Sunbelt Rentals, Tapestry and so many more. In EMEA, we deepened relationships with incredible brands like Fennia, Primark and PUMA. And in APAC, we have significant wins with Foxtel, Fujitsu, Hitachi and the New Zealand Ministry of Health.

在本季度，我們在每個地區都看到了強勁的增長，尤其是在美洲。我們與亞馬遜、Builders FirstSource、IQVIA、Sunbelt Rentals、Tapestry 等等建立了合作關係。在歐洲、中東和非洲，我們加深了與 Fennia、Primark 和 PUMA 等令人難以置信的品牌的關係。在亞太地區，我們與 Foxtel、富士通、日立和新西蘭衛生部取得了重大勝利。

Now we all know the incredible security company ADT. They are using Salesforce Customer 360 to unify their entire customer experience, empowering 4,000 customer service agents and 7,000 field service agents with a complete view of their customers, which is driving operational efficiencies as well as growth. And as Bret said, we expanded our partnership with VMware, which has been a Salesforce customer since 2008. This quarter, they kicked off a pilot of Slack plus Service Cloud to accelerate customer support. They also partnered with Tableau to extend data and analytics across their entire business, enabling the presentation of deep analytics to help innovate even faster. LVMH continues to expand with Salesforce to deliver luxury goods from anywhere. Globally, 40,000 retail associates and customer service agents use Salesforce to deliver personalized retail journeys for their customers. And our win with the boohoo group, which is a leading U.K.-based online fashion retailer, uses our technology to deliver their incredible online shopping experience. With Commerce Cloud, boohoo is now expanding shopping via social media marketplaces as they look to build for the future.

現在我們都知道了不起的安全公司 ADT。他們正在使用 Salesforce Customer 360 來統一他們的整個客戶體驗，使 4,000 名客戶服務代理和 7,000 名現場服務代理能夠全面了解他們的客戶，從而推動運營效率和增長。正如 Bret 所說，我們擴大了與自 2008 年以來一直是 Salesforce 客戶的 VMware 的合作夥伴關係。本季度，他們啟動了 Slack plus Service Cloud 試點，以加快客戶支持。他們還與 Tableau 合作，將數據和分析擴展到整個業務，實現深度分析的呈現，從而幫助更快地進行創新。 LVMH 繼續與 Salesforce 合作，在任何地方提供奢侈品。在全球範圍內，40,000 名零售員工和客戶服務代理使用 Salesforce 為其客戶提供個性化的零售旅程。我們與英國領先的在線時尚零售商 boohoo 集團的勝利使用我們的技術為他們提供令人難以置信的在線購物體驗。借助 Commerce Cloud，boohoo 現在正在通過社交媒體市場擴展購物，因為他們希望為未來構建。

And the State of Nevada's Department of Motor Vehicles is another great story in the quarter. They selected Salesforce as the platform to power its digital transformation across its entire business. This will mean a whole new experience for residents renewing driver's licenses, credentialing, titling and registering of vehicles and so much more. And this is another great example of digital transformation powered by Salesforce and, of course, another great reason to move to Las Vegas. These are all great organizations that have pivoted their business to navigate this new world and deliver customer success from anywhere. They're relying on us more than ever; and inspiring us to leverage the power of Salesforce Customer 360, Slack and so much more to continue to fuel their business.

內華達州機動車輛部是本季度的另一個好故事。他們選擇 Salesforce 作為平台來推動其整個業務的數字化轉型。這將意味著居民更新駕駛執照、認證、車輛所有權和登記等方面的全新體驗。這是由 Salesforce 提供支持的數字化轉型的另一個很好的例子，當然，也是搬到拉斯維加斯的另一個重要原因。這些都是偉大的組織，他們將業務重心轉向這個新世界，並從任何地方為客戶提供成功。他們比以往任何時候都更加依賴我們；並激勵我們利用 Salesforce Customer 360、Slack 等功能繼續推動他們的業務發展。

And finally, a word on Q4. I'm really encouraged about how we started the quarter. Demand and pipe look strong. And we're looking forward to a great finish to what has been an exceptional year.

最後，談談第四季度。我對我們如何開始本季度感到非常鼓舞。需求和管道看起來很強勁。我們期待著為這非凡的一年畫上圓滿的句號。

I want to thank our incredible team for continuing to do such a great job in the midst of a massive global change. The work they do and the technology they deliver powers our customers' success, and we couldn't be more grateful.

我要感謝我們令人難以置信的團隊在全球巨變中繼續做出如此出色的工作。他們所做的工作和他們提供的技術為我們客戶的成功提供了動力，我們非常感激。

Amy, over to you to share the financial details of our quarter.

艾米，給你分享我們季度的財務細節。

Great. Thank you, Gavin. And hello, everyone.

偉大的。謝謝你，加文。大家好。

As we discussed 2 months ago at our Analyst Day, we are in a new world. And we showed our ability to execute in this new world once again in Q3. We delivered on key metrics, strong top and bottom line and cash flows; and our focus remains on disciplined and profitable growth. Q3 was also a milestone quarter, as it was our first full quarter with Slack. Building on their strong performance over the last several quarters, Slack's early results reinforce our confidence in the strategic importance of this best-in-class asset. Now let me walk you through some of the results for Q3 fiscal '22 beginning with top line commentary.

正如我們 2 個月前在分析師日討論的那樣，我們處於一個新世界。我們在第三季度再次展示了我們在這個新世界中的執行能力。我們交付了關鍵指標、強勁的頂線和底線以及現金流；我們的重點仍然是有紀律和盈利的增長。第三季度也是一個里程碑式的季度，因為這是我們與 Slack 合作的第一個完整季度。基於過去幾個季度的強勁表現，Slack 的早期業績增強了我們對這一一流資產的戰略重要性的信心。現在讓我帶您了解 22 財年第三季度的一些結果，從頂線評論開始。

Total revenue for the third quarter was $6.86 billion, which includes $280 million from Slack. This is up 27% year-over-year, or 26% in constant currency. The strong demand environment and new business pipeline that we've highlighted on the last few earnings calls continued, allowing us to outperform top line expectations again.

第三季度總收入為 68.6 億美元，其中包括來自 Slack 的 2.8 億美元。這同比增長 27%，或按固定匯率計算增長 26%。我們在最近幾次財報電話會議上強調的強勁需求環境和新業務渠道仍在繼續，使我們的業績再次超出預期。

A few key highlights from the quarter. First launched 22 years ago, Sales Cloud became to -- $6 billion run rate business this quarter and grew revenue 17%. Sales Cloud now joins Service Cloud, which became a $6 billion business just 2 quarters ago. And Service Cloud continues to grow over 20% at scale. These are 2 massive businesses growing in the double digits, and their success is a testament to the strength of our core. Our Americas business is performing extremely well, and we see a healthy demand environment in front of us. New business in North America was especially strong, our largest market that we have been operating in for over 20 years.

本季度的一些關鍵亮點。 Sales Cloud 於 22 年前首次推出，本季度的營業額為 60 億美元，收入增長了 17%。 Sales Cloud 現在加入了 Service Cloud，後者僅在 2 個季度前就成為了 60 億美元的業務。 Service Cloud 繼續以超過 20% 的規模增長。這是兩個以兩位數增長的大型企業，它們的成功證明了我們核心的力量。我們的美洲業務表現非常出色，我們看到了健康的需求環境。北美的新業務尤其強勁，這是我們經營了 20 多年的最大市場。

And as you heard from Bret, Slack continues to outperform our expectations. [Slack saw] strong customer acquisition, with notable strength in the enterprise. The number of paid customers spending greater than $100,000 annually accelerated for the fourth consecutive quarter, up 44% year-over-year. Slack Connect's adoption remained strong, with the number of connected end points reaching a record level, up 176% year-over-year. And we've been able to introduce Slack new customers. Already 4 of our top 10 deals this quarter included a new Slack win.

正如您從 Bret 那裡聽到的那樣，Slack 的表現繼續超出我們的預期。 【Slack鋸】獲客力強，企業實力顯著。每年花費超過 100,000 美元的付費客戶數量連續第四個季度增長，同比增長 44%。 Slack Connect 的採用率依然強勁，連接的端點數量達到創紀錄水平，同比增長 176%。我們已經能夠引入 Slack 新客戶。本季度我們的前 10 項交易中已有 4 項包括新的 Slack 勝利。

Once again, we saw strong growth in our multi-cloud deals, as our customers continued to ask for more than point solutions. In Q3, we recorded 33% year-over-year growth in the number of deals containing 5 or more clouds. We did see some headwinds this quarter to our MuleSoft business. When a business is growing as quickly as MuleSoft is, there are scaling challenges you can face; and we experienced some of those challenges this quarter. We are confident in the changes that we have made going forward. As a reminder: A large portion of our MuleSoft revenue is recognized in period, which has an outsized impact to our second half revenue. MuleSoft remains a critical part of our Customer 360, allowing our customers to integrate all of their data and systems.

我們再次看到多雲交易的強勁增長，因為我們的客戶繼續要求不僅僅是單點解決方案。在第三季度，我們記錄了包含 5 個或更多雲的交易數量同比增長 33%。本季度我們確實看到了 MuleSoft 業務的一些不利因素。當企業像 MuleSoft 一樣快速增長時，您可能會面臨擴展挑戰；我們在本季度經歷了其中一些挑戰。我們對未來所做的改變充滿信心。提醒一下：我們 MuleSoft 收入的很大一部分是在期間確認的，這對我們下半年的收入產生了巨大的影響。 MuleSoft 仍然是我們 Customer 360 的關鍵部分，允許我們的客戶集成他們所有的數據和系統。

Beginning this quarter, with the incorporation of Slack into our financial results, we are providing investors with updated "revenue by service offering" disclosures. Going forward, Slack will be reported in Platform and Other. We are also creating a new revenue category, data, which will incorporate MuleSoft and Tableau, including Tableau CRM, all of which were previously included in Platform and Other. We believe this will provide greater transparency into our results. A historical recast using our new revenue breakdown is available in the earnings deck that we published alongside our press release.

從本季度開始，隨著 Slack 納入我們的財務業績，我們將向投資者提供更新的“服務收入”披露。展望未來，Slack 將在平台和其他中報告。我們還創建了一個新的收入類別，即數據，它將包含 MuleSoft 和 Tableau，包括 Tableau CRM，所有這些以前都包含在平台和其他中。我們相信這將為我們的結果提供更大的透明度。使用我們新的收入細分的歷史重鑄可在我們與新聞稿一起發布的收益面板中找到。

And we continued to make great progress on attrition. For the first time in company history, revenue attrition was below 8%. Q3 attrition was between 7.5% to 8%, an improvement versus last quarter's 8% to 8.5%. Our remaining performance obligation representing all future revenue under contract ended at -- Q3 at approximately $36.3 billion, up 20% year-over-year. And current remaining performance obligation or CRPO, which represents all future revenue under contract that is expected to be recognized as revenue in the next 12 months, was approximately $18.8 billion, up 23% year-over-year and in constant currency. Slack represents 4 points of growth, in line with our guidance.

我們繼續在減員方面取得重大進展。公司歷史上第一次收入流失率低於 8%。第三季度的流失率在 7.5% 至 8% 之間，與上一季度的 8% 至 8.5% 相比有所改善。我們在第三季度結束時代表所有未來合同收入的剩餘履約義務約為 363 億美元，同比增長 20%。當前剩餘的履約義務或 CRPO（代表預計將在未來 12 個月內確認為收入的所有未來合同收入）約為 188 億美元，按固定匯率計算，同比增長 23%。根據我們的指導，Slack 代表 4 個增長點。

Turning to operating margin. Q3 non-GAAP operating margin was 19.8%, which continues to benefit from revenue outperformance, efficiencies from a work-from-anywhere world and a focus on disciplined spending.

轉向營業利潤率。第三季度非美國通用會計準則營業利潤率為 19.8%，這繼續受益於收入表現出色、隨時隨地工作的效率以及對紀律支出的關注。

Q3 GAAP EPS was $0.47, and non-GAAP EPS was $1.27. The outperformance in the quarter was primarily due to stronger revenue and expense efficiencies as well as realized and unrealized gains on our strategic investment portfolio. These mark-to-market adjustments benefited GAAP EPS by approximately $0.27 and non-GAAP EPS by approximately $0.28.

第三季度 GAAP 每股收益為 0.47 美元，非 GAAP 每股收益為 1.27 美元。本季度的出色表現主要是由於更高的收入和費用效率以及我們戰略投資組合的已實現和未實現收益。這些按市值計價的調整使 GAAP 每股收益約 0.27 美元，非 GAAP 每股收益約 0.28 美元。

Turning to cash flow. Operating cash flow in the third quarter was $404 million, up 19% year-over-year. CapEx for the quarter was $166 million, resulting in free cash flow of $238 million, up 11% year-over-year.

轉向現金流。第三季度經營現金流為 4.04 億美元，同比增長 19%。本季度資本支出為 1.66 億美元，自由現金流為 2.38 億美元，同比增長 11%。

Now turning to guidance. We expect Q4 revenue of $7.224 billion to $7.234 billion or approximately 24% growth year-over-year. This guidance assumes a $285 million contribution from Slack in the fourth quarter. For the full year, we are raising our fiscal '22 revenue guidance by another $50 million to $26.3 million (sic) [$26.3 billion] to $26.4 billion. This equates to a total $100 million raise to our revenue guidance since Q2.

現在轉向指導。我們預計第四季度收入為 72.24 億美元至 72.34 億美元，同比增長約 24%。該指引假設 Slack 在第四季度貢獻了 2.85 億美元。全年，我們將 22 財年的收入指導再提高 5000 萬美元至 2630 萬美元（原文如此）[263 億美元] 至 264 億美元。這相當於我們自第二季度以來的收入指導總額增加了 1 億美元。

Our guidance now includes $565 million contribution from Slack for the fiscal year. The fiscal year revenue contribution from Slack represents a $35 million increase from our previous guidance. Our full year guidance continues to include $200 million from Acumen. For Q4, we expect to deliver CRPO growth of approximately 19%. This includes 4 points of growth from Slack.

我們的指導現在包括 Slack 在本財年的 5.65 億美元捐款。 Slack 的財政年度收入貢獻比我們之前的指導增加了 3500 萬美元。我們的全年指導繼續包括來自 Acumen 的 2 億美元。對於第四季度，我們預計 CRPO 將實現約 19% 的增長。這包括來自 Slack 的 4 個增長點。

One thing I will call attention to is that we remain mindful of the strengthening U.S. dollar in our foreign operations, which may impact our financials. We continue to monitor foreign exchange as we execute on what is typically the largest quarter in our fiscal year.

我要提請注意的一件事是，我們仍然注意美元在我們的海外業務中走強，這可能會影響我們的財務狀況。在我們執行本財年通常最大的季度時，我們將繼續監控外匯。

We expect Q4 GAAP EPS of negative $0.24 to negative $0.23 and non-GAAP EPS of $0.72 to $0.73. For the full year, this translates to GAAP EPS guidance of $1.28 to $1.29 and non-GAAP EPS guidance of $4.68 to $4.69. We expect recent M&A will be an approximately $0.49 headwind to non-GAAP diluted EPS. And please recall that our OIE and EPS guidance assume no further contribution from mark-to-market accounting as required by ASU 2016-01.

我們預計第四季度 GAAP 每股收益為負 0.24 美元至負 0.23 美元，非 GAAP 每股收益為 0.72 美元至 0.73 美元。對於全年，這轉化為 1.28 美元至 1.29 美元的 GAAP 每股收益指引和 4.68 美元至 4.69 美元的非 GAAP 每股收益指引。我們預計最近的併購將對非公認會計原則攤薄後的每股收益構成約 0.49 美元的逆風。請記住，我們的 OIE 和 EPS 指南假定 ASU 2016-01 要求的按市值計價會計沒有進一步的貢獻。

We are also raising our fiscal '22 non-GAAP operating margin guidance to 18.6%, representing an expansion of 90 basis points year-over-year. The raise in our operating margin guidance is due to refined assumptions around Slack and Acumen. We now expect a 140 basis point headwind or 10 basis points less headwind than our previous guidance. I'd like to call out that our guidance continues to incorporate expense seasonality that is weighted to Q4, including investments in both our workforce and growth opportunities and T&E expectations.

我們還將 '22 財年非公認會計原則營業利潤率指引提高至 18.6%，同比增長 90 個基點。我們的營業利潤率指引上調是由於對 Slack 和 Acumen 的精細假設。我們現在預計阻力將比我們之前的指導低 140 個基點或減少 10 個基點。我想指出，我們的指導繼續納入加權到第四季度的支出季節性，包括對我們的勞動力和增長機會以及 T&E 預期的投資。

We are raising fiscal '22 operating cash flow guidance by 4 points, now expecting 18% to 19% growth year-over-year. The increase from our previous guide is primarily driven by strong revenue performance and lower headwinds from M&A. The dilutive cash flow impact of Slack and Acumen now represents a headwind to our year-over-year growth of approximately 5 points. Excluding the anticipated impact of M&A, operating cash flow growth would be 23% to 24%. We continue to expect CapEx to be approximately 3% of revenue in fiscal '22, resulting in a free cash flow growth rate of approximately 19% to 20% for the fiscal year. Excluding the anticipated impact of M&A as previously noted, this rate would be 25% to 26%. As I shared with you 2 months ago, it is incredibly important to drive disciplined decision-making in every aspect of the company. This new mindset will enable a more durable company as we approach $50 billion, and fiscal '22 represents how we can deliver profitable growth in this new world.

我們將 22 財年的運營現金流指導提高了 4 個百分點，現在預計同比增長 18% 至 19%。我們之前指南的增長主要是由於強勁的收入表現和併購帶來的不利因素減少。 Slack 和 Acumen 對現金流的稀釋性影響現在對我們約 5 個百分點的同比增長構成了不利影響。排除併購的預期影響，經營現金流增長將在 23% 至 24% 之間。我們繼續預計資本支出將佔 22 財年收入的約 3%，從而導致本財年的自由現金流增長率約為 19% 至 20%。如前所述，排除併購的預期影響，該比率將為 25% 至 26%。正如我在 2 個月前與您分享的那樣，在公司的各個方面推動嚴格的決策制定是非常重要的。當我們接近 500 億美元時，這種新的思維方式將使公司更加耐用，而 22 財年代表了我們如何在這個新世界中實現盈利增長。

Turning to fiscal '23, we are -- we were pleased to provide our initial revenue and non-GAAP operating margin guidance during our Investor Day. Today, we are initiating Q1 fiscal '23 revenue guidance of $7.215 billion to $7.25 billion or approximately 21% to 22% growth year-over-year. As Gavin mentioned, we're off to a strong start in Q4. And we'll provide you with our complete fiscal '23 guidance as part of our Q4 earnings in February.

談到 23 財年，我們很高興在投資者日期間提供我們的初始收入和非公認會計準則營業利潤率指導。今天，我們啟動了 23 財年第一季度的收入指導，即 72.15 億美元至 72.5 億美元，或同比增長約 21% 至 22%。正如加文所說，我們在第四季度有了一個強勁的開端。作為我們 2 月份第四季度收益的一部分，我們將為您提供完整的 23 財年指導。

So to close. Our business is performing well and we continue to see record levels of revenue and operating margin. Our flagship product in Sales Cloud saw its third consecutive quarter of acceleration, and we now have two $6 billion businesses in sales and service. Slack is outperforming our expectations, and the integration continues to progress well. And we remain incredibly well positioned with our broad product portfolio and global reach to be able to serve all of our customers. Our products are more relevant than ever.

所以要關閉。我們的業務表現良好，我們繼續看到創紀錄的收入和營業利潤率。我們在 Sales Cloud 中的旗艦產品實現了連續第三個季度的加速增長，我們現在擁有兩項 60 億美元的銷售和服務業務。 Slack 的表現超出了我們的預期，整合繼續取得良好進展。而且，我們憑藉廣泛的產品組合和全球影響力，能夠為我們所有的客戶提供服務，仍然處於非常有利的地位。我們的產品比以往任何時候都更具相關性。

Finally, on a personal note, I want to congratulate both Marc and Bret on their new co-CEO partnership. I have been privileged to work closely with both of them for many years, and I cannot begin to tell you how excited I am for both of them and even more for Salesforce.

最後，就個人而言，我要祝賀 Marc 和 Bret 建立新的聯合 CEO 夥伴關係。多年來，我有幸與他們兩人密切合作，我無法告訴你我對他們兩人以及對 Salesforce 的興奮程度。

So Jeff, why don't I kick it back to you? And we can open it up for questions. Jeff, operator?

那麼傑夫，我為什麼不把它還給你呢？我們可以打開它來提問。傑夫，接線員？

(Operator Instructions) Your first question will come from Brad Zelnick from Deutsche Bank.

（操作員說明）您的第一個問題將來自德意志銀行的 Brad Zelnick。

Congrats on a good quarter and to Bret on being named co-CEO. I actually have 2 questions, maybe 1 for Marc and for Amy. And for Marc, on the co-CEO structure, how do you envision breaking down CEO responsibilities amongst yourselves? And maybe what did you learn in the past about having co-CEOs that'll make this structure even better than it was last time around? And then perhaps for Amy: Amy, the guidance that you've given us for CRPO in Q4 seems to imply a meaningful deceleration. What factors contribute to this? Is there anything anomalous to call out perhaps in addition to FX? And is there anything at all that impacts the confidence level that you have in your forecast?

祝賀一個好季度，並祝賀布雷特被任命為聯合首席執行官。我實際上有 2 個問題，可能是 Marc 和 Amy 的 1 個。對於 Marc，關於聯合 CEO 的結構，您如何設想在你們之間分解 CEO 的職責？也許你過去學到了什麼讓聯合首席執行官讓這個結構比上次更好？然後也許對於艾米：艾米，您在第四季度為我們提供的 CRPO 指導似乎暗示了有意義的減速。哪些因素促成了這一點？除了 FX 之外，還有什麼異常需要注意的嗎？有什麼東西會影響您對預測的信心水平嗎？

Well, first of all, congratulations again, Bret. It's super exciting. And you're right. Salesforce has had an evolving leadership structure several times, and we have also had tremendous success previously with a co-CEO structure. And of course, probably those folks who have benefited the most was really our shareholders and all of our stakeholders, as we've seen. As we've changed these structures, it's actually been an acceleration on the company, so I am very excited about the co-CEO structure. These jobs are big jobs, and being able to have a partner that you can share it with makes it a lot easier. And when Keith decided to retire, I was back in this job and it's very lonely. And now to have a partner with Bret, I couldn't be more excited. So I want to congratulate him again.

好吧，首先，再次恭喜，布雷特。這是超級令人興奮的。你是對的。 Salesforce 的領導結構已經多次演變，而且我們之前在聯合 CEO 結構中也取得了巨大的成功。當然，正如我們所見，那些受益最多的人可能真的是我們的股東和我們所有的利益相關者。由於我們改變了這些結構，這實際上是對公司的加速，所以我對聯合首席執行官的結構感到非常興奮。這些工作都是大工作，能夠擁有一個可以與之分享的合作夥伴會讓工作變得容易得多。當基思決定退休時，我又回到了這份工作中，而且非常孤獨。現在和布雷特有一個合作夥伴，我非常興奮。所以我想再次祝賀他。

Great. On CRPO, business is strong. We've raised FY '22 revenue by $300 million 3 months ago, another $50 million just 2 months ago and now another $50 million today. And this is even with some of the headwinds I described from Mule and, as you noted, some uncertainty on FX. So overall, I believe our CRPO guidance is in line with our guided revenue growth rate for the quarter and for the year. We believe it's appropriate. And of course, as we said, Q4 is our largest new business quarter.

偉大的。在 CRPO 上，業務很強勁。 3 個月前，我們將 22 財年的收入提高了 3 億美元，僅 2 個月前又增加了 5000 萬美元，現在又增加了 5000 萬美元。這甚至包括我從 Mule 中描述的一些不利因素，正如你所指出的，FX 存在一些不確定性。因此，總的來說，我相信我們的 CRPO 指導與我們本季度和全年的指導收入增長率一致。我們認為這是合適的。當然，正如我們所說，第四季度是我們最大的新業務季度。

Your next question will come from the line of Raimo Lenschow from Barclays.

您的下一個問題將來自巴克萊銀行的 Raimo Lenschow。

Congrats, Bret, to the expanded role. And congrats on a great quarter from me as well. Can I ask around Slack? And one of the main exciting points around Slack was the shared channels. And especially if you think about it on the sales side, that should be kind of really interesting. Can you talk to that, what you're seeing there in the market and the feedback you're getting from customers? And a follow-up question for Amy: If I look, you beat operating margins this quarter. Can you talk a little bit about the linearity of spending in Q4? Because like this quarter was so much better, so you must be spending or hiring quite a bit in Q4.

恭喜，布雷特，擴大角色。並祝賀我取得了一個偉大的季度。我可以問一下 Slack 嗎？ Slack 的主要亮點之一是共享頻道。尤其是如果您從銷售方面考慮它，那應該非常有趣。您能談談您在市場上看到的情況以及您從客戶那裡得到的反饋嗎？還有一個對艾米的後續問題：如果我看的話，你本季度的營業利潤率超過了。你能談談第四季度支出的線性度嗎？因為就像這個季度要好得多，所以你必須在第四季度花費或招聘很多。

Yes, thank you for your question about Slack. And you're right. The shared channels, which the brand name is called Slack Connect, is just one of the most differentiated and exciting parts of Slack as a platform, particularly if you think about the opportunity to integrate Slack with Customer 360 because, as I said, Slack is not just a platform for communicating with fellow employees. It's a platform to engage with your partners, with your customers; and integrate with every single application at your company. I think the best measure of it in this quarter, I mentioned it in my script, was Slack Connect was up an astonishing 176% year-over-year in the quarter. And I think behind that, what's really exciting, and Stewart articulates this so well, there's a really strong network effect when multiple companies and multiple partners are using this service. It makes the service more valuable. We use Slack Connect with our customers now, and I think probably the best example this past week was Cyber Week. So many of the retailers that I worked with used Slack as their command center for Cyber Week. They would have Salesforce in there. They would have the agencies running their campaigns, their merchandisers. All of these folks are coordinated to drive as much GMV growth as they can in a short period of time. Slack was really at the center of that and, as you said, really about a shared channel with multiple stakeholders, so it's a big part of our product strategy. And it's a big part of the strategy for Slack to continue to grow. And candidly, I don't think there's an enterprise product like this in the marketplace that really has network effects from company to company, and we're really excited about it.

是的，感謝您提出關於 Slack 的問題。你是對的。共享渠道（品牌名稱為 Slack Connect）只是 Slack 作為一個平台最與眾不同和最令人興奮的部分之一，特別是如果您考慮將 Slack 與 Customer 360 集成的機會，因為正如我所說，Slack 是不僅僅是與同事交流的平台。這是一個與您的合作夥伴、您的客戶互動的平台；並與您公司的每個應用程序集成。我認為本季度最好的衡量標準是，我在腳本中提到過，Slack Connect 在本季度同比增長了驚人的 176%。我認為在這背後，真正令人興奮的是，斯圖爾特很好地表達了這一點，當多家公司和多個合作夥伴使用這項服務時，會產生非常強大的網絡效應。它使服務更有價值。我們現在與客戶一起使用 Slack Connect，我認為過去一周最好的例子可能是網絡週。與我合作的許多零售商都將 Slack 用作 Cyber Week 的指揮中心。他們會有 Salesforce 在那裡。他們會讓代理機構開展他們的活動，他們的經銷商。所有這些人都經過協調，以在短時間內盡可能多地推動 GMV 增長。 Slack 確實是其中的核心，正如你所說，它實際上是與多個利益相關者共享渠道，所以它是我們產品戰略的重要組成部分。這是 Slack 繼續發展戰略的重要組成部分。坦率地說，我認為市場上沒有像這樣的企業產品真正在公司之間產生網絡效應，我們對此感到非常興奮。

Great. I'll take the second part of your question, on operating margins. So you -- overall this year, I'm so pleased with our FY '22 operating margin trajectory. As a reminder: We started off the year at 17.7% guidance; and we've raised consistently, now up to 18.6% for the full year. And we really focus on delivering operating margin for the year and not for any particular quarter. That said, we're coming off a very -- a third great op margin quarter in a row. And there is some seasonality to our margins. So in Q4, we are expecting to see additional investments in our workforce and our growth and also some modest increased T&E expectations. And that's going to cause the quarter-over-quarter decline in operation -- operating margin, but again we're really excited about the full year number and proud to be guiding to 18.6%.

偉大的。我將回答你問題的第二部分，關於營業利潤率。所以你 - 今年總體而言，我對我們 22 財年的營業利潤率軌跡感到非常滿意。提醒一下：我們年初的指導率為 17.7%；我們一直在持續提高，現在全年提高到 18.6%。我們真正專注於提供全年的營業利潤率，而不是任何特定季度。也就是說，我們連續第三個季度實現了非常好的運營利潤率。我們的利潤有一些季節性。因此，在第四季度，我們預計將看到對我們的勞動力和增長的額外投資，以及一些適度增加的 T&E 預期。這將導致運營利潤率環比下降，但我們再次對全年數字感到非常興奮，並自豪地引導至 18.6%。

Your next question will come from the line of Brent Thill from Jefferies.

您的下一個問題將來自 Jefferies 的 Brent Thill。

Just given Kevin's -- Gavin's comments on Q4 demand and pipeline strength, many are asking, given the bookings growth was 23%. The 19% guide for Q4, why such a sharp decel? Anything that we should consider as it relates to the guidance and what you're seeing going into the fourth quarter?

鑑於凱文-加文對第四季度需求和管道實力的評論，許多人都在問，因為預訂量增長了 23%。第四季度的 19% 指導，為什麼會出現如此急劇的下降？我們應該考慮與指導相關的任何事情以及您在第四季度看到的情況嗎？

I think Amy should directly address that, and then Gavin can come in as well. Amy?

我認為艾米應該直接解決這個問題，然後加文也可以進來。艾米？

Brent, talking to Q4. We actually feel very, very good about this. As Gavin said and he can tell you more, we feel very strongly about the demand environment. When I look at revenue for the year, again I want to emphasize that we've raised $100 million since Q2. We raised $50 million at Investor Day, which was about halfway through Q3. And we could see a very strong quarter coming as well as an additional $50 million right now, so I do believe that both our guides for CRPO and for revenue are supportive and reflects what we're seeing in the market. So Gavin, why don't I give this to you for a little bit more color on what you're seeing?

布倫特，與第四季度交談。我們實際上對此感覺非常非常好。正如加文所說，他可以告訴你更多，我們對需求環境感到非常強烈。當我查看今年的收入時，我想再次強調，自第二季度以來我們已經籌集了 1 億美元。我們在投資者日籌集了 5000 萬美元，大約是第三季度的一半。我們可以看到一個非常強勁的季度以及現在額外的 5000 萬美元，所以我相信我們的 CRPO 和收入指南都是支持性的，反映了我們在市場上看到的情況。所以加文，我為什麼不把這個給你，讓你看到的東西多一點顏色？

Sure. Well, in a word, we started the fourth quarter really strong. And as I said in my comments, demand is strong across the piece. The pipe looks very good. Americas is particularly strong. And parts of Europe, I think, are performing equally well. There's a good performance across the verticals and so it's a balanced performance across the piece. So look. We're feeling confident about the fourth quarter. There's no question about it. So we don't give you any specifics, of course, at this stage, but I'm -- as I say, I'm very pleased with the way [we started in the] first few weeks.

當然。好吧，總之，我們在第四季度開始時非常強勁。正如我在評論中所說，整個作品的需求都很強勁。管子看起來很不錯。美洲尤其強大。我認為，歐洲部分地區的表現同樣出色。在垂直領域有很好的表現，所以它是一個平衡的表現。所以看。我們對第四季度充滿信心。毫無疑問。因此，當然，在這個階段，我們不會給你任何細節，但我 - 正如我所說的，我對 [我們在前幾週開始的方式感到非常滿意。

Our next question will come from the line of Keith Weiss from Morgan Stanley.

我們的下一個問題將來自摩根士丹利的 Keith Weiss。

Excellent. Very nice quarter. And my congratulations to Bret as well. [And this is] 2 questions for Amy, 1 in terms of the Q4 guide that's getting a lot of attention. FX is kind of working against us on a go-forward basis. Can you talk to us to the degree that there's any FX impacts already incorporated into that Q4 guide? And to what extent have you incorporated the strong U.S. dollar into the margin commentary and the forward FY '23 guide?

優秀的。非常好的季度。我也祝賀布雷特。 [這是] Amy 的 2 個問題，1 個關於 Q4 指南的問題，這引起了很多關注。 FX 在向前推進的基礎上對我們不利。您能否與我們談談該第四季度指南中已包含任何外匯影響的程度？您在多大程度上將強勢美元納入保證金評論和 23 財年遠期指南？

And then the second question is a little bit broader. You guys have been working on this new philosophy of a better balance between growth and profitability for a couple of quarters now. How is that progressing? Can you give us kind of a status update in terms of are you finding this to be an easier, harder job than you originally anticipated in terms of pivoting the company with -- to more of an efficiency focus?

然後第二個問題更廣泛一些。幾個季度以來，你們一直在研究這種在增長和盈利能力之間取得更好平衡的新理念。進展如何？您能否向我們提供一種狀態更新，您是否發現這比您最初預期的更容易、更難，使公司更加註重效率？

Great. Keith, thank you for both questions. So let me start with foreign exchange. As you noted, I think that any global CFO who you speak to this week is watching foreign exchange very, very closely. And it has had a modest impact to our guidance, so we're going to be monitoring that going forward. Just to give you an idea of the volatility: Just since Investor Day, we've seen the euro devalue nearly -- I think it's between 4% and 5% right now. And the Great British pound is down about 2%. And they do have modest impacts on us. Now we don't give detailed information about our currency split, but I can tell you our international revenue is chiefly driven by 4 currencies. It'll be the euro, the British pound, the yen and then to a lesser extent the Australian dollar. And so as you know, we don't explicitly guide to FX, but we certainly do factor that into our planning processes and build out our guide based on those projections. Second question -- and your second -- sorry. Go ahead.

偉大的。基思，謝謝你的兩個問題。那麼讓我從外匯開始。正如您所指出的，我認為本週與您交談的任何全球首席財務官都在非常非常密切地關注外匯交易。它對我們的指導產生了適度的影響，因此我們將繼續監控這一點。只是為了讓您了解波動性：就在投資者日以來，我們已經看到歐元幾乎貶值——我認為現在在 4% 到 5% 之間。英鎊下跌約 2%。它們確實對我們產生了適度的影響。現在我們沒有提供關於我們的貨幣拆分的詳細信息，但我可以告訴你我們的國際收入主要由 4 種貨幣驅動。它將是歐元、英鎊、日元，其次是澳元。如您所知，我們沒有明確指導 FX，但我們肯定會將其納入我們的計劃流程並根據這些預測構建我們的指南。第二個問題——你的第二個問題——對不起。前進。

Yes. (inaudible) -- he wants to talk about our kind of march towards greater efficiencies.

是的。 （聽不清）——他想談一談我們向更高效率邁進的方式。

Yes.

是的。

I mean I think this has been really a highlight of the last 6 quarters, which is we took advantage of the pandemic to reset our model. We've talked about that we have a new model. We're taking that extremely seriously, not only just in how we budgeted fiscal year '22, which is what we're finishing right now, but also we're finishing up our budget for fiscal year '23. That obviously also takes into consideration these changes, yes, in foreign exchange. The strengthening of the U.S. dollar is something that I'm sure all of you are watching and we watch as well. We're a global company. These things matter to us. How our numbers shake out always depend on currencies and there can be variation quarter to quarter based on that. So when we look at efficiency: We saw an opportunity, when the pandemic hit, to really look at how are we spending money overall. And we were really taken by changes in the pandemic cycle, T&E, the use of our real estate, our marketing spend. And we started to rebalance, to reshape, to rethink about how do we look at our model, overall model, not just our revenue model but our expense model. Since we started the company, I would say, we never really had an opportunity to look at it. You're on a train. The train is going. The train is working. Why would you make changes to the train? Unless there's a pandemic. That's when you say, "Well, I guess we're going to get rid of this caboose."

我的意思是，我認為這確實是過去 6 個季度的一個亮點，我們利用大流行來重置我們的模型。我們已經討論過我們有一個新模型。我們非常重視這一點，不僅是在我們如何編制 '22 財年的預算，這是我們現在正在完成的工作，而且我們正在完成我們的 '23 財年的預算。這顯然也考慮到了這些變化，是的，在外匯方面。我相信你們所有人都在關注美元走強，我們也在關注。我們是一家全球性公司。這些事情對我們很重要。我們的數字如何擺脫總是取決於貨幣，並且基於此可能會出現季度變化。因此，當我們關注效率時：當大流行來襲時，我們看到了一個機會，可以真正了解我們總體上是如何花錢的。我們真的被大流行週期、T&E、我們的房地產使用和營銷支出的變化所吸引。我們開始重新平衡，重塑，重新思考我們如何看待我們的模型，整體模型，不僅僅是我們的收入模型，還有我們的費用模型。自從我們創辦公司以來，我想說，我們從來沒有真正有機會看到它。你在火車上。火車要開。火車正在運行。你為什麼要改變火車？除非發生大流行。那時你會說，“好吧，我想我們要擺脫這個守車了。”

So the reality is we have the opportunity to start to make changes that we didn't have that opportunity before. And now we've been able to really learn. And I mean we've kind of gone over it a couple of times, but we -- [what we've seen in a year when we acquired this incredible] company, the 18.6% is pretty awesome. And we've also given really strong guidance for next year with 20%. And you can see the tremendous operating margin that we've delivered in each of the last 6 quarters, so we have a tremendous feeling of optimism to the future as we look to having this incredible new model. And is efficiency part of that model? Absolutely, but really the best part of the model is really optimizing the company in ways that only the pandemic let us do that. And I'd love for Amy and Bret to both come in, maybe Gavin too, because this has been a very important part of the management team's work in the last several quarters as we've realized there are some knobs that we can turn that we were just never really allowed to do before and now we can. So do you want to comment on it, Bret?

所以現實是我們有機會開始做出我們以前沒有機會的改變。現在我們已經能夠真正學習了。我的意思是我們已經討論過幾次了，但是我們 - [我們在收購這家令人難以置信的公司的一年中所看到的] 18.6% 非常棒。我們還為明年提供了 20% 的非常強有力的指導。您可以看到我們在過去 6 個季度中的每個季度都實現了巨大的營業利潤率，因此我們對未來抱有極大的樂觀情緒，因為我們期待擁有這種令人難以置信的新模式。效率是該模型的一部分嗎？絕對可以，但該模型真正最好的部分是真正優化公司，只有大流行才能讓我們這樣做。我希望 Amy 和 Bret 都能加入，也許 Gavin 也能加入，因為這是過去幾個季度管理團隊工作的一個非常重要的部分，因為我們已經意識到我們可以轉動一些旋鈕我們以前從未真正被允許這樣做，現在我們可以了。所以你想評論一下嗎，布雷特？

Yes. [I mean I'll just start]. First, I just want to give a special thank you to Amy. I think we talk a lot about top line revenue performance, the pandemic and a number of other factors leading to the operating margin delivery that we've delivered, but I think the most important part of it is discipline. And fundamentally as a company, we are a growth company. We'll always be a growth company, but [we want to be prudent, don't] need to choose between growth and operational efficiency. And you're seeing it in both the top line growth and the bottom line growth. And I think a lot of that is due to Amy's leadership and really the work of the entire management team to transform the way we operate. I think -- as Marc alluded to, this train (inaudible) caboose, as you put it, I think, is set up to grow even faster coming out of this pandemic.

是的。 [我的意思是我會開始]。首先，我只想特別感謝 Amy。我認為我們談論了很多關於收入表現、大流行以及導致我們交付的營業利潤率交付的許多其他因素，但我認為其中最重要的部分是紀律。從根本上說，作為一家公司，我們是一家成長型公司。我們將永遠是一家成長型公司，但 [我們要謹慎，不要] 需要在增長和運營效率之間做出選擇。你在收入增長和利潤增長中都看到了它。我認為這在很大程度上要歸功於艾米的領導以及整個管理團隊為改變我們的運營方式所做的工作。我認為 - 正如馬克所暗示的那樣，這列火車（聽不清）守車，正如你所說的，我認為，在這場大流行中增長得更快。

That's good. So Bret, Marc, I think you both said it very, very well. And Keith, as we look at this, we continue to benefit from the revenue outperformance; from everything we've learned in the pandemic, from new way to work; and really from, I think, a heightened sense of discipline, but what I would emphasize most of all is that this is really a commitment by the entire management team. And what has really impressed me as we've been putting in place new policies, tightening the -- tightening up budgets is the fact that every team has really stepped up and shared in the commitment and shared in the changes.

那挺好的。所以布雷特，馬克，我認為你們倆都說得非常非常好。基思，當我們看到這一點時，我們繼續從收入表現中受益；從我們在大流行中學到的一切，從新的工作方式；實際上，我認為，這是一種高度的紀律意識，但我最要強調的是，這確實是整個管理團隊的承諾。真正讓我印象深刻的是，我們一直在製定新政策，收緊 - 收緊預算是每個團隊都真正加強並分享承諾並分享變化的事實。

Before we go on to the next question. We have a tremendous executive, Gavin Patterson, who's our Chief Revenue Officer, who was formerly a public company CEO of British telephone. And Gavin has been the Chief Revenue Officer, as all of you know, through the pandemic. And he also brought tremendous insights into managing this new model and the efficiency and optimization. Gavin, I'd love it if you could give us a few words as well on your vision on how this new model is working for you. And maybe you could touch on what the new sales model is as part of this.

在我們繼續下一個問題之前。我們有一位出色的高管，加文·帕特森，他是我們的首席營收官，曾是英國電話公司的一名上市公司首席執行官。眾所周知，在大流行期間，加文一直是首席營收官。他還為管理這種新模式以及效率和優化帶來了深刻的見解。加文，如果你能就你對這種新模式如何為你工作的願景也給我們幾句話，我會很高興的。作為其中的一部分，也許你可以談談新的銷售模式是什麼。

Thanks, Marc. Well, this is something I touched on at Investor Day. I truly believe that we can continue to drive growth. And that will continue to be our #1 priority, but we could do so at the same time as driving efficiencies through the business through disciplined decision-making. You heard it from Amy. And it's a mantra that we're using throughout the business. And some of the things I talked about then are really to do with providing a tighter grip across the business, deploying best practice across our operating units. When we've got a successful model, how do we replicate it across operating units around the world and put a lot more focus on things like participation and driving productivity? So ensuring that we're getting the most value out of our 10,000-person sales force, which is one of our sources of competitive advantage, but how do we make sure everybody is contributing every quarter and that we're looking to eke out both small deals and big deals throughout the year? And then finally, how do we open up new channels? So the direct model continues to be our strongest muscle. There's no question about that, but we're finding that customers and not just small customers are keen to use more and more and -- or purchase more and more through digital and online. And that's an area that we're revamping, and it's going to be a bigger part of our overall delivery of new bookings going forward. So the focus for me has been about driving best practice across the Salesforce ecosystem and having a flatter organization that allows for faster decision-making and stronger leadership within the units themselves.

謝謝，馬克。嗯，這是我在投資者日提到的。我真的相信我們可以繼續推動增長。這將繼續是我們的第一要務，但我們可以在這樣做的同時通過嚴格的決策提高業務效率。你是從艾米那裡聽到的。這是我們在整個業務中使用的口頭禪。我當時談到的一些事情實際上是為了加強對業務的控制，在我們的運營部門部署最佳實踐。當我們擁有一個成功的模式時，我們如何將其複製到世界各地的運營部門，並將更多的精力放在參與和提高生產力等事情上？因此，確保我們從 10,000 人的銷售團隊中獲得最大價值，這是我們競爭優勢的來源之一，但我們如何確保每個季度每個人都做出貢獻，並且我們希望兩者都能勉強維持全年的小交易和大交易？最後，我們如何開闢新渠道？所以直接模型仍然是我們最強壯的肌肉。對此毫無疑問，但我們發現客戶而不僅僅是小客戶熱衷於使用越來越多的產品——或者通過數字和在線購買越來越多的產品。這是我們正在改進的一個領域，它將成為我們未來新預訂整體交付的重要組成部分。因此，對我來說，重點是在 Salesforce 生態系統中推動最佳實踐，並擁有一個更扁平的組織，以便更快地做出決策並在單位內部擁有更強的領導力。

Yes. Thank you so much, Gavin. And I think the commentary from Gavin, Amy and Bret should indicate to you how fortunate I am to have this great management team running Salesforce during this pandemic; and then this ability to have -- not only to have this great team but to put in the new model during this and now this new structure as well. Look. We're in a new world. We all know that. And we've all seen this -- all the things that are supposedly happening this week. Who knows how much of it is actually true? So we have the ability to adjust and to run the company dynamically. And I think that's why you see such an incredibly strong quarter here in Q3. And I believe we're going to have a world-class quarter in the fourth quarter and a great fiscal year next year as well.

是的。非常感謝你，加文。我認為 Gavin、Amy 和 Bret 的評論應該向您表明，在這場大流行期間，我有這個偉大的管理團隊運行 Salesforce 是多麼幸運；然後是這種能力——不僅是擁有這個偉大的團隊，而且在這個過程中加入新的模式，現在也是這個新的結構。看。我們在一個新世界。我們都知道。我們都看到了這一點——本週應該發生的所有事情。誰知道其中有多少是真的？所以我們有能力動態調整和運營公司。我認為這就是為什麼你在第三季度看到如此強勁的季度。我相信我們將在第四季度實現世界一流的季度，明年也將是一個偉大的財政年度。

Our next question will come from the line of Kash Rangan from Goldman Sachs.

我們的下一個問題將來自高盛的 Kash Rangan。

Congratulations to Bret on becoming Co-CEO. One for the Co-CEOs and one for the CFO: When you look at the operating model of the company, it is working quite well. You're pretty close to 20% organic growth rate, give or take. Your margins are pretty close to 20%. In fact, you absorbed Slack and did margins that were on par with your best margins before, so everything is going well. Do you feel the need to make any acquisitions? Or even if you do, do you feel like you can contain all this with the current margin structure?

祝賀 Bret 成為聯合首席執行官。一份給聯席首席執行官，一份給首席財務官：當你看看公司的運營模式時，它運作得很好。你的有機增長率非常接近 20%，不管是給予還是接受。您的利潤率非常接近 20%。事實上，你吸收了 Slack 並獲得了與之前最好的利潤相當的利潤，所以一切都很順利。你覺得有必要進行任何收購嗎？或者即使你這樣做了，你覺得你可以用當前的保證金結構包含所有這些嗎？

And one for Amy. When you look at the tremendous operating efficiencies you've been able to experience in a very short period of time, does that increase your confidence in the longer-term outlook granted that you don't have a specific margin target for the longer term? How should we think about the sustainability of the improvement of margins in the longer term as we watch the incredible success you've had in a very short span of time?

還有一個給艾米。當您看到您在很短的時間內能夠體驗到的巨大運營效率時，這是否會增加您對長期前景的信心，因為您沒有長期的特定利潤率目標？當我們看到你們在很短的時間內取得了令人難以置信的成功時，我們應該如何看待利潤率提高的長期可持續性？

Well, I think you're right, Kash. We're doing a very good job of absorbing Slack and integrating it deeply into the company. Not only into the distribution organization with Gavin and not just with its financial characteristics with Amy, but you can see the tremendous vision and especially if you watched the Dreamforce keynote that Bret brought to Slack and Salesforce together with Slack, first. And I'd love for him to talk about that because I think, when we get to Dreamforce New York City, which is going to happen on December 8 at Javits Center -- and I hope all of you will join us there. We'll have 2,000 customers there with us and we'll be broadcasting that all over the world as well. Well, I think that you'll see that this has fundamentally changed the tone and tempo and future of Salesforce, that we're really a very different kind of company because of this amazing acquisition. That said, this is a large acquisition. It is taking a lot of work and time from the management team to absorb it. And it still will take several more quarters before we can tell you that we're really running deeply integrated with Slack. I mean -- and Bret, you've done so much of the leadership here with Slack and with Stewart, so maybe you could just address where we are and how you see the future acquisition environment.

嗯，我認為你是對的，卡什。我們在吸收 Slack 並將其深入整合到公司中方面做得非常好。不僅與 Gavin 一起進入分銷組織，而且與 Amy 一起了解其財務特徵，而且您可以看到巨大的願景，特別是如果您首先觀看了 Bret 與 Slack 一起為 Slack 和 Salesforce 帶來的 Dreamforce 主題演講。我很樂意讓他談論這個，因為我想，當我們到達紐約市的 Dreamforce 時，這將在 12 月 8 日在賈維茨中心舉行——我希望你們所有人都能加入我們的行列。我們將有 2,000 名客戶與我們在一起，我們也將在世界各地進行廣播。嗯，我想你會看到這從根本上改變了 Salesforce 的基調、節奏和未來，因為這次驚人的收購，我們真的是一家非常不同的公司。也就是說，這是一筆大收購。管理團隊需要大量的工作和時間來吸收它。我們還需要再過幾個季度才能告訴你我們真的在與 Slack 深度集成。我的意思是——布雷特，你在這裡與 Slack 和斯圖爾特一起做了這麼多的領導，所以也許你可以談談我們在哪里以及你如何看待未來的收購環境。

Yes. Well -- and I'll start [just reiterating] what Marc said, which is right now our focus is integrating Slack and not on any near-term M&A. As Marc said, it's really important. What sets Salesforce apart is how successful we've been able to integrate and grow our acquisitions. My favorite slide at Investor Day was Amy's, [when she, when we] talked about the growth of ExactTarget, of MuleSoft and Tableau; and now seeing the early returns from Slack. I think it's [one of our superpowers as an organization's], and it really requires a lot of focus from the management team. Slack [does feel really special, though], as Marc said. It's just a moment in time where the way we've worked, which has sort of been -- as Marc said, it's [not something we all planned]. We just showed up at work one day and that's the way work was done, and the whole world was reimagined at the same time. And we have this incredible opportunity to partner with our customers and help them with this transformation. And it's no one knows where the world is going. We know we're not going back to the "office 5 days a week." And Slack has just become such a strategic part of every single customer conversation. And as Marc said, I encourage everyone to either come in person to Javits Center on December 8 or watch online on Salesforce+ and really see the power of Salesforce Customer 360 and Slack together. And I think you can see why we're so excited about it and see -- as you can see some of the early returns this quarter as we beat guidance.

是的。好吧 - 我將開始 [只是重申] Marc 所說的話，現在我們的重點是整合 Slack，而不是任何近期的併購。正如馬克所說，這真的很重要。 Salesforce 的與眾不同之處在於我們能夠成功地整合和發展我們的收購。在投資者日，我最喜歡的幻燈片是 Amy 的幻燈片，[當她，當我們]談到 ExactTarget、MuleSoft 和 Tableau 的發展時；現在看到了 Slack 的早期回報。我認為這是[我們作為一個組織的超級大國之一]，它確實需要管理團隊的大量關注。正如 Marc 所說，Slack [確實感覺很特別]。這只是我們工作方式的一個時刻，這有點像馬克所說的那樣，這[不是我們所有人都計劃的]。有一天，我們只是出現在工作中，這就是工作的完成方式，同時整個世界都被重新想像。我們有這個難得的機會與我們的客戶合作並幫助他們實現這一轉變。沒有人知道世界將走向何方。我們知道我們不會回到“每週 5 天”的辦公室。 Slack 剛剛成為每個客戶對話的戰略部分。正如 Marc 所說，我鼓勵大家要么在 12 月 8 日親自來 Javits 中心，要么在 Salesforce+ 上在線觀看，真正了解 Salesforce Customer 360 和 Slack 的力量。而且我認為你可以看到為什麼我們對此如此興奮並看到 - 你可以看到本季度的一些早期回報，因為我們超過了指導。

Yes. [I'll really] add to that, that you've seen us, Kash, do so many incredible acquisitions, starting with ExactTarget, moving on to MuleSoft, to Tableau, Slack, but let me tell you there is no finish line on these acquisitions. They're -- it's a lot of work. It's a lot of -- it's skill. It's art. It's luck also to keep them all going. Because look, we're innovating organically and also we have innovated inorganically. And then we're deeply integrating these acquisitions into [a] Customer 360. Our ultimate vision of where all of that is going, well, that's still something that we're continuing to reveal and is being revealed to us, so it's a dynamic process and it requires all of our attention. And we're very excited about Slack and how far we've been able to come in such a short period of time.

是的。 [我真的] 補充一下，你已經看到我們，Kash，進行了許多令人難以置信的收購，從 ExactTarget 開始，到 MuleSoft、Tableau、Slack，但讓我告訴你，沒有終點線這些收購。他們是——這是很多工作。很多——這是技巧。是藝術。讓他們繼續前進也是幸運的。因為看，我們在進行有機創新，也進行了無機創新。然後我們將這些收購深度整合到 [a] Customer 360 中。我們對所有這些發展方向的最終願景，嗯，這仍然是我們繼續向我們揭示和揭示的東西，所以它是一個動態的過程，它需要我們所有的注意力。我們對 Slack 以及我們在如此短的時間內取得的成就感到非常興奮。

Great. Kash, following up on your second question, about operating margin. We've had a great year on this. I'm really delighted to predict that we're going to end the year around 18.6%. And as you know, at Investor Day, I was thrilled to announce a guide to 20% next year, which I think symbolically is a key number for us. And we're doing that despite it being a full year with Slack and what I'm hoping will be some moderately increasing T&E expenditures, but we're very much committed to doing that. We have not given long-term guidance beyond FY '23, but I will say we are committed to continuing to improve operating margin. As Bret said, there's a reimagination going on. [We're having] a chance to reimagine everything about how we operate. And I want to be able to make sure that we're using that to look at operating margin and look at how we're running a company with fresh eyes and continue to improve.

偉大的。 Kash，跟進你的第二個問題，關於營業利潤率。我們在這方面度過了美好的一年。我真的很高興地預測，我們將在今年年底達到 18.6% 左右。如你所知，在投資者日，我很高興地宣布了明年 20% 的指南，我認為這對我們來說象徵性地是一個關鍵數字。我們正在這樣做，儘管 Slack 已經整整一年了，我希望 T&E 支出會適度增加，但我們非常致力於這樣做。我們沒有給出 23 財年之後的長期指導，但我會說我們致力於繼續提高營業利潤率。正如布雷特所說，正在重新構想。 [我們正在] 有機會重新構想我們的運營方式。我希望能夠確保我們使用它來查看營業利潤率，並以全新的眼光看待我們如何運營一家公司並繼續改進。

Your next question will come from the line of DJ Hynes from Canaccord Genuity.

您的下一個問題將來自 Canaccord Genuity 的 DJ Hynes。

Bret, I was hoping you could touch on some of the growing pains that were alluded to with MuleSoft. I think you also mentioned that there were some changes made in that business that you feel pretty good about, so maybe just unpack that a little bit. And Amy, maybe as a follow-up to that question, how should we think about the seasonality and modeling of the data cloud business just given it's the first time that you're breaking that out?

Bret，我希望你能談談 MuleSoft 提到的一些成長的痛苦。我認為您還提到該業務發生了一些您感覺很好的變化，所以也許只是稍微解開一下。艾米，也許作為這個問題的後續，我們應該如何考慮數據云業務的季節性和建模，因為這是你第一次打破它？

I appreciate the question. As Marc said, there's really no finish line with integrating acquisitions. And we've made some changes that we think are right for the long term in what has been, I think, maybe perhaps, Marc, our fastest-growing acquisition today that you saw in Amy's slide at Investor Day. So we feel very confident in the decisions we've made and have to get through a bit of this change management we were seeing in the short-term results, but we feel very confident in the future of MuleSoft and certainly no change to the demand environment. Actually Gavin and I were just talking about this just before the earnings call, just how important MuleSoft [is a lot] in our Q4 deals, particularly the Customer 360 deals where our customers are connecting multiple clouds to multiple back-end systems; and how much integration is such an important part of our customer conversation. So we feel confident in the long term of the business and recognize we have some short-term growing pains as we integrate our acquisitions.

我很欣賞這個問題。正如馬克所說，整合收購確實沒有終點線。我們已經做出了一些我們認為從長遠來看是正確的改變，我認為，也許是 Marc，我們今天增長最快的收購，你在 Amy 在投資者日的幻燈片中看到。因此，我們對我們所做的決定感到非常有信心，並且必須通過我們在短期結果中看到的一些變革管理，但我們對 MuleSoft 的未來充滿信心，當然需求不會發生變化環境。實際上，Gavin 和我只是在財報電話會議之前討論了這個問題，MuleSoft 在我們的第四季度交易中 [非常重要]，尤其是客戶將多個雲連接到多個後端系統的 Customer 360 交易；以及多少集成是我們客戶對話的重要組成部分。因此，我們對業務的長期發展充滿信心，並認識到我們在整合收購時會遇到一些短期的成長陣痛。

Yes. And Gavin, could you come in here and kind of address that directly? And just tell us about the demand environment for the fourth quarter and next year and what kind of pipeline and capabilities you're seeing with customers today.

是的。加文，你能進來直接說一下嗎？只需告訴我們第四季度和明年的需求環境，以及您今天與客戶看到的管道和功能類型。

Well, I'm not going to give specific numbers, but you can, hopefully, tell from my tone and conviction the demand environment is strong. The pipe is strong, and we're feeling confident about Q4 and looking into Q1 as well. I think Bret said it very eloquently. We've gone through a little bit of, I would say, growing pains this quarter with Mule. There are operational challenges, but the actions that need to be taken are very clear. But it does not change in any way our belief that Mule is fundamental to our ability to deliver our Customer 360, so I see its role in solving customer problems and creating value for customers as absolutely fundamental. And I'm confident we'll be able to work through these over the next quarters. So across the board, Marc, the business and demand environment look strong. And as we cycle through another wave of COVID, I don't see that changing fundamentally.

好吧，我不會給出具體數字，但希望你可以從我的語氣和信念中看出需求環境強勁。管道很強勁，我們對第四季度充滿信心，並且也在研究第一季度。我認為布雷特說得很有說服力。我想說，本季度我們與 Mule 一起經歷了一些成長的痛苦。存在運營挑戰，但需要採取的行動非常明確。但這絲毫不會改變我們的信念，即 Mule 是我們交付 Customer 360 能力的基礎，因此我認為它在解決客戶問題和為客戶創造價值方面的作用絕對是基礎。我相信我們將能夠在接下來的幾個季度中解決這些問題。因此，全面而言，馬克，商業和需求環境看起來很強勁。當我們在另一波 COVID 中循環時，我認為這種情況不會發生根本性的變化。

We have reached the end of the allotted time for questions.

我們已經到了規定的提問時間。

We would like to answer the second part of that question, please.

請回答這個問題的第二部分。

[Yes, so let me just say quickly a response] to that. You ask about the seasonality of data in our new reporting matrix. So one of the advantages of breaking up the revenue this way is, I think, it really provides greater transparency to all of our investors. And what this will do is it will put Tableau and MuleSoft, which are 2 primarily licensed-based offerings, together in the same line, so I don't think it's so much a question of seasonality, but it's a question actually of lumpiness. Because of the way that we recognize the revenue in period, you were simply going to see more variability in those -- in that line than you would in other areas. I really think it's an advantage to everyone, to be able to have that be isolated going forward.

[是的，所以讓我快速回答一下]。您在我們的新報告矩陣中詢問數據的季節性。因此，我認為，以這種方式分解收入的好處之一是，它確實為我們所有的投資者提供了更大的透明度。這樣做的目的是將 Tableau 和 MuleSoft（這兩種主要基於許可的產品）放在同一條線上，所以我不認為這是一個季節性問題，但它實際上是一個塊狀問題。由於我們確認期間收入的方式，您只會看到這些方面的可變性 - 在該行中比在其他領域中看到的更多。我真的認為這對每個人來說都是一個優勢，能夠在未來保持隔離。

All right, thank you for joining us on the call today. If you have any other follow-up questions, please e-mail us at investor@salesforce.com. Look forward to speaking with you next quarter.

好的，感謝您今天加入我們的電話會議。如果您有任何其他後續問題，請發送電子郵件至investor@salesforce.com。期待下個季度與您交談。

Ladies and gentlemen, this concludes today's conference call. Thank you for participating. You may now disconnect.

女士們，先生們，今天的電話會議到此結束。感謝您的參與。您現在可以斷開連接。