賽富時 (CRM) 2021 Q4 法說會逐字稿

Welcome to Salesforce Fiscal 2021 Fourth Quarter Results Conference Call. (Operator Instructions) I would now like to turn the call over to your speaker today, Mr. Evan Goldstein, Senior Vice President of Investor Relations. You may go ahead.

歡迎參加 Salesforce 2021 財年第四季度業績電話會議。 （操作員說明）我現在想將電話轉給您今天的發言人，投資者關係高級副總裁 Evan Goldstein 先生。你可以繼續。

Thank you, Michelle. Hello, everyone, and thanks for joining us for our fiscal '21 fourth quarter and full year results conference call. I'm Evan Goldstein, Senior Vice President of Investor Relations. Our results press release, SEC filings and a replay of today's call can be found on our IR website at www.salesforce.com/investor. With me on the call today is Marc Benioff, Chairman and CEO; Amy Weaver, President and CFO; Bret Taylor, President and COO; and Gavin Patterson, President and Chief Revenue Officer.

謝謝你，米歇爾。大家好，感謝您參加我們的 21 財年第四季度和全年業績電話會議。我是投資者關係高級副總裁 Evan Goldstein。我們的業績新聞稿、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。今天與我通話的是董事長兼首席執行官馬克·貝尼奧夫； Amy Weaver，總裁兼首席財務官； Bret Taylor，總裁兼首席運營官；以及總裁兼首席營收官 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 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 impact of the COVID-19 pandemic on our business acquisitions, 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 may differ materially from these forward-looking statements.

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是不正確的，則公司的實際業績可能與這些前瞻性陳述存在重大差異。

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. With that, let me hand the call to Marc.

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。有了這個，讓我把電話交給馬克。

All right. Well, thank you very much, Evan, and thank you, everybody, for being on the call today. It's great to be here and I hope everyone's families are safe and healthy. Through the magic of PCR testing made possible by Visby Medical here in the Bay Area, through masks, safe distancing and being outside and some gorgeous San Francisco day, I am here together sitting at the table with Amy Weaver, our Chief Financial Officer; and Bret Taylor, our Chief Operating Officer; Gavin Patterson, our Chief Revenue Officer; Evan, and Mark Hawkins, our CFO Emeritus. So it's great to be here with everybody.

好的。好的，非常感謝 Evan，感謝大家今天的電話。很高興來到這裡，我希望每個人的家人都安全健康。通過 Visby Medical 在灣區實現 PCR 檢測的魔力，通過口罩、安全距離和戶外活動以及在舊金山度過的美好時光，我和我們的首席財務官 Amy Weaver 一起坐在桌旁；和我們的首席運營官 Bret Taylor； Gavin Patterson，我們的首席營收官； Evan 和我們的名譽首席財務官 Mark Hawkins。所以很高興和大家在一起。

And we haven't really done an outside conference call before, but welcome to the new pandemic world that we are in and we're going to make this work. So this is a reminder. We are definitely in a new place, and we can see the beginning of return to our offices. In fact, I was in Salesforce Tower yesterday and held our global all-hands call. We can see a return to restaurants to maybe even the sports arenas and to concerts one day, who knows? We're getting closer with all of the advancements in technology.

而且我們之前還沒有真正進行過外部電話會議，但歡迎來到我們所處的新的大流行世界，我們將把這項工作做好。所以這是一個提醒。我們絕對是在一個新的地方，我們可以看到回到我們辦公室的開始。事實上，我昨天在 Salesforce Tower 舉行了我們的全球全體會議。有朝一日，我們可以看到餐廳甚至運動場和音樂會的回歸，誰知道呢？我們越來越接近技術的所有進步。

But the reality is that even with the vaccines, we're not really back to the way it was, and I was the only one in the Ohana Floor at Salesforce Tower. And we can all, I think, agree that this pandemic has forever changed our world and how we are working and living and educating ourselves from anywhere.

但現實情況是，即使有了疫苗，我們也並沒有真正回到原來的樣子，而且我是 Salesforce Tower Ohana 樓層中唯一的一個人。我認為，我們都可以同意，這種流行病永遠改變了我們的世界，改變了我們在任何地方工作、生活和教育的方式。

Our Salesforce futurist, Peter Schwartz, who many of you know, probably said it recently to me best when he said, "We're just in a new pandemic world." And as this is going to evolve and shift, we don't know exactly but we're going to kind of make it work. And that's the idea of being outside here during our earnings call. It's an all-digital, it's work-from-anywhere world where every company and every earnings call. We have to be able to work, sell, service, market, collaborate and analyze our data from anywhere.

我們的 Salesforce 未來學家 Peter Schwartz，你們中的許多人都知道，他最近可能對我說得最好，他說：“我們只是在一個新的大流行世界中。”由於這將發展和轉變，我們並不確切知道，但我們會讓它發揮作用。這就是在我們的財報電話會議期間在外面的想法。這是一個全數字化的、隨時隨地工作的世界，每家公司和每家公司都在打電話。我們必須能夠在任何地方工作、銷售、服務、營銷、協作和分析我們的數據。

And Salesforce was somehow already built for this world before it existed. That's why over the last year, Salesforce has become, I think, significantly more strategic and more relevant to our customers than probably any time before. And today, 22 years after founding of Salesforce, we can see it right here that more and more companies around the globe are turning to Salesforce to deliver success from anywhere. And that's why even in the midst of the global pandemic, we had such an incredible year and an incredible quarter, and you can see it in these incredible numbers. And that by delivering success from anywhere, our revenue rose to more than $5.8 billion, up 20% year-over-year, truly amazing for a company of our size.

不知何故，Salesforce 在它存在之前就已經為這個世界而構建了。這就是為什麼在過去的一年裡，Salesforce 變得比以往任何時候都更具戰略性並且與我們的客戶更相關。而今天，在 Salesforce 成立 22 年後，我們可以在這裡看到，全球越來越多的公司正在轉向 Salesforce，以在任何地方取得成功。這就是為什麼即使在全球大流行中，我們也經歷瞭如此令人難以置信的一年和令人難以置信的季度，您可以從這些令人難以置信的數字中看到它。通過在任何地方取得成功，我們的收入增長到超過 58 億美元，同比增長 20%，這對於我們這樣規模的公司來說確實令人驚嘆。

And for the full fiscal year '21, revenue was $21.25 billion, which was up 24% year-over-year. Based on this strong fiscal year '21 results, we're raising our fiscal year '22 guidance to $25.75 billion, which is now at the high end of our range, representing 21% projected growth year-over-year. There's never been a software company over $20 billion in revenue that is growing as fast as we are. And as we shared at our Investor Day last year, our long-term revenue target for the fiscal year '26 is now $50 billion or basically, we're going to double the company from where we are right now. That is doubling revenue in 5 years, and we'll reach that milestone faster than any other enterprise software company. That would make Salesforce the second largest independent software company in the world, amazing.

21 財年全年收入為 212.5 億美元，同比增長 24%。基於這一強勁的 21 財年業績，我們將 22 財年的指導上調至 257.5 億美元，目前處於我們範圍的高端，預計同比增長 21%。從來沒有一家軟件公司的收入超過 200 億美元，而且增長速度與我們一樣快。正如我們在去年的投資者日上分享的那樣，我們 26 財年的長期收入目標現在是 500 億美元，或者基本上，我們將把公司從現在的水平翻一番。這意味著 5 年內收入翻了一番，我們將比任何其他企業軟件公司更快地達到這一里程碑。這將使 Salesforce 成為世界上第二大獨立軟件公司，令人驚嘆。

This is all really a testament to our employees and our customers and the technology, and really, this amazing ecosystem of all of this together and the millions of trailblazers who are working from anywhere and pioneering success from anywhere. I'm often asked, how is it that we're able to succeed in such a difficult time? And I'll tell you, Salesforce is accelerating at such a rapid speed because we are already in this work-from-anywhere world. We're achieving success from anywhere. For us, success starts with our core values.

這一切都是對我們的員工、客戶和技術的真正證明，也確實是對所有這一切的驚人生態系統以及在任何地方工作並在任何地方取得成功的數百萬開拓者的證明。我經常被問到，我們如何能夠在如此艱難的時期取得成功？我會告訴你，Salesforce 正在以如此快的速度加速發展，因為我們已經處於這個隨時隨地工作的世界中。我們正在從任何地方取得成功。對我們而言，成功始於我們的核心價值觀。

And for those of you who followed our company for a long time, when these things happen, when the world changes, we always pivot hard back to our core values. And trust is our #1 value. There's never been a more important time when trust in government and other institutions, well, we can see it's been eroding, and customers are seeking direct customer digital relationships.

對於那些長期關注我們公司的人來說，當這些事情發生時，當世界發生變化時，我們總是努力回到我們的核心價值觀。信任是我們的第一價值。對政府和其他機構的信任從未像現在這樣重要，我們可以看到它一直在受到侵蝕，客戶正在尋求直接的客戶數字關係。

And I think that as the world has evolved, especially in last year, the acceleration of these direct B2B and B2C digital relationships for our customers, it's more important than ever before because we're in a world of all of this mistrust. So that is why this Customer 360 platform is more important than ever and that's why it's so important.

而且我認為隨著世界的發展，特別是在去年，這些直接的 B2B 和 B2C 數字關係為我們的客戶加速，這比以往任何時候都更加重要，因為我們處於一個充滿這種不信任的世界。這就是為什麼這個 Customer 360 平台比以往任何時候都更加重要，這就是它如此重要的原因。

And customer success, well, we're helping our customers navigate the pandemic and achieve success from anywhere, you can see that. I'm going to talk to you in a second about some tremendous innovations with our Vaccine Cloud and our contact tracing capability and innovation. Well, you can see it. We're innovating, well, faster than ever before, developing these amazing new products. And all these incredible new technologies and a quality we're helping and executing philanthropy and working together across all of these communities, especially our schools, hospitals, small businesses and the most vulnerable populations get through what have been some of these incredibly difficult times.

客戶成功，嗯，我們正在幫助我們的客戶應對大流行並在任何地方取得成功，你可以看到這一點。稍後我將與您討論我們的疫苗雲以及我們的接觸者追踪功能和創新的一些巨大創新。嗯，你可以看到它。我們正在以前所未有的速度進行創新，開發這些令人驚嘆的新產品。所有這些令人難以置信的新技術和質量，我們正在幫助和執行慈善事業，並在所有這些社區中共同努力，特別是我們的學校、醫院、小企業和最脆弱的人群，度過了這些難以置信的困難時期。

Our values have guided us as we've pivoted to this new pandemic world. And like every year, we came into it with a business plan. But early on, about a year ago, in fact, we knew that business plan was not going to hold together. We devised a whole new business operating model for how we run Salesforce and how we would succeed from anywhere. We called that our pandemic operating model. We sharpened our relevance, increased our levels of participation, enabled our employees, created new types of sales plays.

當我們轉向這個新的大流行世界時，我們的價值觀指導著我們。和每年一樣，我們帶著商業計劃進入了它。但早在大約一年前，事實上，我們就知道商業計劃是行不通的。我們為如何運行 Salesforce 以及如何在任何地方取得成功設計了一個全新的業務運營模式。我們稱其為我們的流行病運營模式。我們提高了相關性，提高了參與度，為員工提供了支持，創造了新的銷售方式。

And I shared our model with many CEOs that I've talked to over the last several months and now they're applying it to their own organizations and getting incredible new levels of performance out of it as well. As we dialed into the model, we immediately saw our team's level of relevance, participation and enable skyrocket. For example, from Q2 to Q4, our own enterprise sales teams, even though they were at home, used our Sales Cloud to engage in more than 6 million conversations with customers, asking how we can be the most relevant and useful them in a time of crisis. I don't think we would have survived as a business without our Sales Cloud. It was critical to build those business-to-business relationships that are the essence of Salesforce but that we had to do digitally. And Sales Cloud enabled us to sell from anywhere. And throughout the year, we helped other great companies that you've heard about like AT&T or Insperity or Align or 3M or so many others to do the same.

在過去幾個月裡，我與許多與我交談過的 CEO 分享了我們的模型，現在他們正在將其應用到他們自己的組織中，並從中獲得令人難以置信的新水平的績效。當我們撥入該模型時，我們立即看到我們團隊的相關性、參與度和啟用度飆升。例如，從第二季度到第四季度，我們自己的企業銷售團隊，即使他們在家，也使用我們的銷售雲與客戶進行了超過 600 萬次對話，詢問我們如何才能在一段時間內成為最相關和最有用的客戶的危機。我認為如果沒有我們的 Sales Cloud，我們將無法作為一家企業生存下來。建立作為 Salesforce 本質的企業對企業關係至關重要，但我們必須以數字方式進行。 Sales Cloud 使我們能夠在任何地方進行銷售。在這一年中，我們幫助您聽說過的其他偉大公司，如 AT&T、Insperity、Align、3M 或其他許多公司做同樣的事情。

And we all -- of course, we all love getting on the airplanes and flying somewhere and being in person with the customer but it just hasn't been possible. Now if you look at the magic of our Marketing Cloud, well, we were able to create new digital experiences like Dreamforce, and I hope all of you had the opportunity to experience Dreamforce. But we have the ability to use our Marketing Cloud to have those direct digital relationships at scale. And instead of having 170,000 people take over San Francisco, we had more than 140 million views of just Dreamforce. That's amazing.

我們都——當然，我們都喜歡上飛機，飛到某個地方，和客戶面對面，但這是不可能的。現在，如果您看看我們的營銷雲的魔力，我們能夠創造像 Dreamforce 這樣的新數字體驗，我希望你們所有人都有機會體驗 Dreamforce。但是我們有能力使用我們的營銷雲來大規模地建立這些直接的數字關係。而不是讓 170,000 人接管舊金山，我們僅 Dreamforce 就有超過 1.4 億的瀏覽量。太棒了。

We also created hundreds of other leadership events throughout the year for customers, employees, partners, communities, and that generated another 300 million -- 350 million views. In the year, customers like Zoom, like Carrefour, Humana and so many others also chose the Marketing Cloud to fuel their digital business growth as well.

我們還在全年為客戶、員工、合作夥伴、社區創建了數百個其他領導活動，並產生了另外 3 億 - 3.5 億的觀看次數。在這一年中，Zoom 等客戶、家樂福、Humana 等許多其他客戶也選擇了 Marketing Cloud 來推動他們的數字業務增長。

And with Service Cloud, while we managed our own case load as our business continued to accelerate through the year, as we moved our call centers and contact centers into our employees' homes with 4.8 billion interactions using our Service Cloud in the last quarter. Customers, in the year, like Gap and Sonos and even Uber Eats, who use Service Cloud to power success from their customers from anywhere.

借助 Service Cloud，我們管理自己的案件量，因為我們的業務在這一年中繼續加速發展，因為我們在上個季度使用我們的 Service Cloud 將呼叫中心和聯絡中心轉移到了員工家中，進行了 48 億次交互。這一年的客戶，例如 Gap 和 Sonos，甚至 Uber Eats，他們使用 Service Cloud 來推動來自任何地方的客戶的成功。

Now as a customer, Slack, I can tell you, we're using Service Cloud with Slack to improve performance. We've seen a 26% improvement in case times and close rates and 19% improvement in same-day resolution. That's an example where our acquisition of Slack has made so much sense. We've seen the combination of products like Service Cloud and Slack together just make it so much better for us as a company or for our customers, and we're looking forward to doing so much more of that. Slack can be the central nervous system for any company, connecting its people and data across systems, apps and devices from anywhere. It's really an enabler of success from anywhere. And once our merger is approved, we're going to build Slack into more of these products that we have used today and conceptualize and make our customers even more productive. We're going to create the most open and interoperable ecosystem of apps and workflow and enterprise software.

現在，作為 Slack 的客戶，我可以告訴你，我們正在使用 Service Cloud 和 Slack 來提高性能。我們看到案件時間和結案率提高了 26%，當日解決率提高了 19%。這是我們收購 Slack 非常有意義的一個例子。我們已經看到 Service Cloud 和 Slack 等產品的結合讓我們作為一家公司或我們的客戶變得更好，我們期待在這方面做得更多。 Slack 可以成為任何公司的中樞神經系統，將其人員和數據從任何地方跨系統、應用程序和設備連接起來。它確實是從任何地方取得成功的推動力。一旦我們的合併獲得批准，我們將把 Slack 構建到我們今天使用的更多產品中，並概念化並使我們的客戶更有效率。我們將創建最開放和可互操作的應用程序、工作流和企業軟件生態系統。

By achieving success from anywhere at Salesforce, we're delivering success from anywhere to our customers. In many ways, we're becoming the success from anywhere company. Whether it's B2B or B2C, our customers need to accelerate their efforts to go all digital, to build direct customer relationships with their customers. And for so many companies, it's a matter of their survival. With the flexibility, scale and time to value of Customer 360, our customers are able to quickly adapt to this new world. And on any given day, our customers are generating 3 million Commerce Cloud transactions. Well, that's up 100% from a year ago. That's not a surprise to anybody. We all know, we're shopping from anywhere and creating 4 million sales opportunities working from anywhere, their home, a coffee shop, the mountaintop or delivering an average of 2.9 billion marketing messages from anywhere across any digital channel, logging nearly 5 billion case interactions servicing from anywhere.

通過在 Salesforce 的任何地方取得成功，我們可以在任何地方為我們的客戶帶來成功。在許多方面，我們正在成為任何地方的成功公司。無論是 B2B 還是 B2C，我們的客戶都需要加快努力實現全數字化，與客戶建立直接的客戶關係。對於這麼多公司來說，這是他們生存的問題。憑藉 Customer 360 的靈活性、規模和價值實現時間，我們的客戶能夠快速適應這個新世界。在任何一天，我們的客戶都會產生 300 萬筆 Commerce Cloud 交易。嗯，這比一年前增加了 100%。這對任何人來說都不足為奇。眾所周知，我們在任何地方購物，創造了 400 萬個銷售機會，在任何地方工作，他們的家、咖啡店、山頂或通過任何數字渠道從任何地方平均傳遞 29 億條營銷信息，記錄近 50 億個案例從任何地方進行交互服務。

Now Salesforce Einstein, which is our core artificial intelligence capability, really built in the heart of Customer 360. Well, that's now delivering more than 93 billion, 93 billion AI-powered predictions every single day, 93 billion AI-powered predictions every single day across our entire Customer 360, amazing. Customer 360 makes all of our customer interactions smarter than ever before and it's a great example why Salesforce has been ranked by IDC as the #1 CRM for the seventh year in a row.

現在，我們的核心人工智能能力 Salesforce Einstein 真正構建在 Customer 360 的核心。嗯，現在每天提供超過 930 億、930 億個 AI 驅動的預測，每天 930 億個 AI 驅動的預測在我們的整個 Customer 360 中，太棒了。 Customer 360 使我們所有的客戶交互比以往任何時候都更智能，這就是為什麼 Salesforce 連續第七年被 IDC 評為#1 CRM 的一個很好的例子。

It's just the fourth quarter so companies are turning to Salesforce to build trusted relationships with their customers and deliver success from anywhere. Companies like I mentioned, like Align or Telstra or Dixons or Marriott or RBC or Cigna or Sports United, across so many industries, across so many geographies, companies, large companies or small and medium companies, even brands like IQVIA and Deluxe, well, they turned to MuleSoft, which is critical to every digital transformation, to connect to all of their legacy systems and connect that data from anywhere.

這只是第四季度，因此公司正在轉向 Salesforce，以與客戶建立可信賴的關係並從任何地方取得成功。像我提到的公司，如 Align、Telstra、Dixons、Marriott、RBC、Cigna 或 Sports United，跨越許多行業、跨越許多地區、公司、大公司或中小型公司，甚至像 IQVIA 和 Deluxe 這樣的品牌，嗯，他們求助於對每一次數字化轉型都至關重要的 MuleSoft，以連接到他們所有的遺留系統並從任何地方連接這些數據。

And of course, right now, delivering success from anywhere also is managing the pandemic from anywhere. By developing technology like Contact Tracing, Work.com, well, you see in Salesforce.com is at the forefront of helping organizations and governments speed back the pandemic or in the case of the state of Victoria in Australia, well, basically eradicate it. And with Vaccine Cloud, we're helping cities like New York or states like where I am right now, in California, or other entire countries, scale of vaccine operations and get vaccine shots in arms. And I have to tell you, I've just never seen a logistics, and information technology challenge like this before. And our technology is working incredibly well. And you've seen some other implementations of technology in this area. Well, did not work well for these vaccines. So now we can see that more than 50 federal, state, local and private health organizations are using Salesforce to manage this incredible response to pandemic. Cities like Austin and Chicago, New York City, California, New Hampshire, Rhode Island, I mean, it really goes on and on.

當然，現在，在任何地方取得成功也就是在任何地方管理大流行病。通過開發像 Contact Tracing、Work.com 這樣的技術，你在 Salesforce.com 中看到的處於幫助組織和政府加速大流行病的最前沿，或者在澳大利亞維多利亞州的情況下，基本上可以根除它。通過 Vaccine Cloud，我們正在幫助像紐約這樣的城市或像我現在所在的州，在加利福尼亞或其他整個國家，擴大疫苗運營規模並獲得疫苗注射。我必須告訴你，我以前從未見過像這樣的物流和信息技術挑戰。我們的技術運行得非常好。您已經看到了該領域的其他一些技術實現。好吧，這些疫苗效果不佳。因此，現在我們可以看到，超過 50 個聯邦、州、地方和私人衛生組織正在使用 Salesforce 來管理這一令人難以置信的對流行病的反應。奧斯汀和芝加哥、紐約市、加利福尼亞州、新罕布什爾州、羅德島等城市，我的意思是，它真的會一直持續下去。

More than 245 million people, in fact, have used COVID-19 data through our Tableau dashboards, and thousands of organizations are relying on Tableau's COVID-19 data hub, such as Verizon and UNC or UNICEF or experience, and you can check that out at public.tableau.com or just go to tableau.com and you'll see a whole tab just on their response to COVID-19. That's been incredible with what our team at Tableau has done.

事實上，超過 2.45 億人通過我們的 Tableau 儀表板使用了 COVID-19 數據，成千上萬的組織正在依賴 Tableau 的 COVID-19 數據中心，例如 Verizon 和 UNC 或 UNICEF 或經驗，您可以查看在 public.tableau.com 或直接訪問 tableau.com，您會在他們對 COVID-19 的回復中看到一個完整的標籤。我們在 Tableau 的團隊所做的工作令人難以置信。

The pandemic has shifted us all into this work from anywhere world but it's just the beginning of a whole new era. And that's why we're so excited about what we have done and how we have transformed our own organization and our technology with Hyperforce. Look, we've built an incredible new platform. You heard about it at Dreamforce for the first time. This Hyperforce platform, well, this is a fundamental new architecture for us. It lets us run on any hyperscaler. Hyperforce allows us to run anywhere. And that allows our customers to choose where they want to manage their data.

大流行已將我們所有人從世界任何地方轉移到這項工作中，但這只是一個全新時代的開始。這就是為什麼我們對我們所做的事情以及我們如何通過 Hyperforce 改變我們自己的組織和技術感到如此興奮的原因。看，我們已經建立了一個令人難以置信的新平台。你第一次在 Dreamforce 聽說過它。這個 Hyperforce 平台，嗯，這對我們來說是一個基本的新架構。它讓我們可以在任何超大規模計算機上運行。 Hyperforce 允許我們在任何地方運行。這使我們的客戶可以選擇他們想要管理數據的位置。

That's allowed us to open incredible new data centers in India and Germany, and we're planning to support another 10 new additional countries this year and all built on this incredible new architecture. And it's 100% compatible with all our previous implementations. It's another example of how well we're going to be able to help our customers achieve success from anywhere.

這使我們能夠在印度和德國開設令人難以置信的新數據中心，我們計劃今年再支持另外 10 個新的國家，所有這些國家都建立在這個令人難以置信的新架構之上。它與我們之前的所有實現都 100% 兼容。這是我們如何能夠幫助我們的客戶在任何地方取得成功的另一個例子。

Now finally, when we are successful, we have responsibility to others. It means we can be living examples of stakeholder capitalism in action. And it's why during the pandemic, we've accelerated our efforts to serve all stakeholders, including our communities and the planet. We supported frontline workers in 300 hospitals around the world by delivering over 50 million pieces of PPE. We've provided millions of dollars and grants to schools to help with remote learning, to local small businesses to stay afloat, and to organizations focused on racial justice as that turned into a crisis here in our United States.

現在終於，當我們成功時，我們對他人負有責任。這意味著我們可以成為行動中的利益相關者資本主義的活生生的例子。這就是為什麼在大流行期間，我們加快了為所有利益相關者服務的努力，包括我們的社區和地球。我們為全球 300 家醫院的一線工作人員提供了超過 5000 萬件 PPE 支持。我們已經向學校提供了數百萬美元和贈款，以幫助進行遠程學習，向當地小企業提供維持生計，以及向關注種族正義的組織提供幫助，因為這在我們的美國變成了一場危機。

And we've partnered with Gavi, the Vaccine Alliance, on equitable distribution of vaccines across 190 countries. I'm incredibly proud of our efforts to fight climate change and protect our planet. In fact, we are a net 0 operations company today, and we've also reduced our carbon emissions by 40% in the last year. With our Sustainability Cloud, companies across the globe are tracking and reducing their carbon emissions and keeping track of their critical ESGs. We're supporting the global movement to conserve, to restore and grow 1 trillion trees as the founders of the World Economic Forum, 1t.org initiative, and I'm very grateful for everyone who has done so much to help this critical part of climate change with sequestration.

我們與疫苗聯盟 Gavi 合作，在 190 個國家/地區公平分配疫苗。我為我們為應對氣候變化和保護我們的星球所做的努力感到無比自豪。事實上，我們今天是一家淨 0 運營公司，去年我們的碳排放量也減少了 40%。借助我們的可持續發展雲，全球各地的公司都在跟踪和減少他們的碳排放，並跟踪他們的關鍵 ESG。作為世界經濟論壇 1t.org 倡議的創始人，我們支持保護、恢復和種植 1 萬億棵樹的全球運動，我非常感謝所有為幫助這一關鍵部分做出巨大貢獻的人氣候變化與封存。

All of which shows why when we truly serve all stakeholders, business is the greatest platform for change. Well, that's where Salesforce is today and where we're going. It's a new business operating model, work from anywhere, direct trusted customer relationships. You can see this incredible product line, all built on this Hyperforce architecture, serving all stakeholders is how Salesforce is achieving success from anywhere, and it's how we're enabling our customers to achieve success from anywhere. I'm incredibly proud and grateful for what we've been able to accomplish in fiscal year '21.

所有這些都說明了為什麼當我們真正為所有利益相關者服務時，業務是最大的變革平台。嗯，這就是 Salesforce 今天的所在，也是我們要去的地方。這是一種新的業務運營模式，可以在任何地方工作，直接與值得信賴的客戶關係。您可以看到這條令人難以置信的產品線，全部建立在 Hyperforce 架構之上，為所有利益相關者服務是 Salesforce 如何在任何地方取得成功的方式，也是我們如何讓我們的客戶在任何地方取得成功的方式。我為我們在 21 財年所取得的成就感到無比自豪和感激。

And I'm very proud of us even though we're freezing out here in San Francisco but we're outside and doing it safely. We've all been PCR tested. It's all totally fine. And now I'm turning it over to our new Chief Financial Officer, Amy Weaver. Amy?

我為我們感到非常自豪，即使我們在舊金山這裡很冷，但我們在外面並且安全地做這件事。我們都進行了 PCR 測試。這一切都很好。現在我要把它交給我們的新任首席財務官艾米·韋弗。艾米？

Thanks, Marc, and I agree. It's a little surprising to be doing my first call outdoors. But at least it's brisk, this is great. So I'm thrilled to be here today in this new role. I've really enjoyed the opportunity to meet with and learn from many of our shareholders during the transition period, and I'm looking forward to getting to know more of the investment community during fiscal '22.

謝謝，馬克，我同意。第一次在戶外打電話有點令人驚訝。但至少它是輕快的，這很棒。所以我很高興今天能以這個新角色來到這裡。我真的很高興有機會在過渡期間與我們的許多股東會面並向他們學習，我期待在 22 財年更多地了解投資界。

So as Marc described, we closed out our fiscal '21 with another quarter of outstanding growth at scale and solid bottom line execution. So let me take you through some of the results for Q4 and fiscal '21. I'll begin with top line commentary. Total revenue for the fourth quarter was $5.82 billion, up 20% year-over-year or 19% in constant currency. For the full fiscal '21, revenue was $21.25 billion, up 24% year-over-year in both dollars and constant currency. This was a well-rounded performance across geographies and service product offerings.

正如馬克所描述的那樣，我們以另一個季度的規模和穩健的底線執行結束了我們的 21 財年。因此，讓我帶您了解第四季度和 21 財年的一些結果。我將從最重要的評論開始。第四季度總收入為 58.2 億美元，同比增長 20%，按固定匯率計算增長 19%。對於整個 21 財年，收入為 212.5 億美元，以美元和固定貨幣計算，同比增長 24%。這是跨地域和服務產品的全面表現。

Revenue attrition in Q4 was between 9% and 9.5%, which was slightly favorable versus our Q3 guidance assumption. Our continued focus on customer success has resulted in attrition rates better than we had assumed each quarter since the onset of the pandemic. However, our Q4 attrition rate is still higher than where we finished a year ago.

第四季度的收入損失在 9% 至 9.5% 之間，這與我們的第三季度指導假設相比略顯有利。自大流行開始以來，我們對客戶成功的持續關注導致流失率高於我們每個季度的假設。然而，我們第四季度的流失率仍然高於一年前的水平。

Our remaining performance obligation, representing all future revenue under contract, ended Q4 at approximately $36.1 billion, up 17% year-over-year. 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 billion, up 20% or 18% in constant currency.

我們剩餘的履約義務（代表合同項下的所有未來收入）在第四季度末約為 361 億美元，同比增長 17%。當前剩餘的履約義務或 CRPO 代表合同項下的所有未來收入，預計將在未來 12 個月內確認為收入，約為 180 億美元，按固定匯率計算增長 20% 或 18%。

Turning to operating margin. Q4 non-GAAP operating margin was 17.5%. This includes a $184 million real estate impairment charge. As a reminder, our guidance for Q4 had assumed $80 million to $100 million in real estate charges. During the quarter, we identified further opportunities to consolidate and sublease across our global portfolio, including in some of our hub locations.

轉向營業利潤率。第四季度非公認會計原則營業利潤率為 17.5%。這包括 1.84 億美元的房地產減值費用。提醒一下，我們對第四季度的指導假設了 8000 萬至 1 億美元的房地產費用。在本季度，我們發現了在我們的全球投資組合中整合和轉租的更多機會，包括在我們的一些樞紐位置。

For the full year, we delivered non-GAAP operating margin of 17.7%, up 90 basis points year-over-year. The upside from our guidance was largely driven by revenue outperformance and partially offset by the incremental real estate charges that I just referenced. Q4 GAAP EPS was $0.28 and non-GAAP EPS was $1.04. The outperformance in the quarter was primarily due to higher revenue as well as realized and unrealized gains on our strategic investment portfolio. These mark-to-market adjustments benefited GAAP EPS by approximately $0.21 and non-GAAP EPS by approximately $0.22.

全年，我們的非美國通用會計準則營業利潤率為 17.7%，同比增長 90 個基點。我們指引的上升主要是由於收入表現出色，部分被我剛剛提到的房地產費用增加所抵消。第四季度 GAAP 每股收益為 0.28 美元，非 GAAP 每股收益為 1.04 美元。本季度的優異表現主要是由於更高的收入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 0.21 美元，非 GAAP 每股收益約 0.22 美元。

Turning to cash flow. Operating cash flow in the fourth quarter was $2.2 billion, up 33% year-over-year. For the full year, we delivered $4.8 billion of operating cash flow, up 11% over last year. This number was slightly lower than our guidance for the year, which was driven by the growth investments discussed in previous calls as well as by timing of collections at the end of the quarter. CapEx for the quarter was 145 -- $149 million, leading to free cash flow of $2 billion, up 35% year-over-year.

轉向現金流。第四季度的經營現金流為 22 億美元，同比增長 33%。全年，我們實現了 48 億美元的運營現金流，比去年增長了 11%。這個數字略低於我們今年的指導，這是由先前電話會議中討論的增長投資以及本季度末的收款時間推動的。本季度的資本支出為 145 - 1.49 億美元，帶來 20 億美元的自由現金流，同比增長 35%。

Now turning to guidance for Q1 and fiscal '22. As a result of our Q4 performance, we are raising our Q1 revenue guidance by $170 million to $5.875 billion to $5.885 billion or approximately 21% growth year-over-year. This includes a $40 million contribution from Acumen Solutions due to an earlier acquisition closing date of February 1.

現在轉向第一季度和 22 財年的指導。由於我們第四季度的表現，我們將第一季度的收入指導提高了 1.7 億美元至 58.75 億美元至 58.85 億美元，或同比增長約 21%。這包括由於 2 月 1 日較早的收購截止日期而從 Acumen Solutions 提供的 4000 萬美元。

Additionally, please note that MuleSoft will contribute to higher sequential revenue than historical norms in Q1 due to certain contracts that closed in Q4 but have start dates beginning in Q1.

此外，請注意，由於某些在第四季度結束但開始日期從第一季度開始的合同，MuleSoft 將在第一季度貢獻比歷史標準更高的連續收入。

We are also raising our fiscal '22 revenue guidance by $200 million to $25.65 billion to $25.75 billion or approximately 21% growth year-over-year. This includes $190 million from Acumen, and subject to closing, $600 million from Slack. For Q1, we expect to deliver CRPO growth of approximately 19%. We expect non-GAAP operating margin for fiscal '22 of 17.7% or flat year-over-year. We're pleased to keep the margins flat despite an expected 160 basis points headwind from Slack and Acumen, continued investments in our core business and the anticipated gradual increase of travel in the second half of fiscal '22.

我們還將 22 財年的收入指引上調 2 億美元至 256.5 億美元至 257.5 億美元，或同比增長約 21%。這包括來自 Acumen 的 1.9 億美元，以及來自 Slack 的 6 億美元。對於第一季度，我們預計 CRPO 將實現約 19% 的增長。我們預計 22 財年的非 GAAP 營業利潤率為 17.7% 或同比持平。儘管預計 Slack 和 Acumen 將帶來 160 個基點的逆風，對我們的核心業務的持續投資以及預計在 22 財年下半年逐漸增加旅行，但我們很高興保持利潤率持平。

I do want to call out that the real estate consolidation mentioned earlier will have a positive impact on the longer-term P&L. But at this point, we do not see a material benefit in fiscal '22. We expect GAAP diluted EPS for fiscal '22 of negative $0.44 to negative $0.42 and non-GAAP diluted EPS of $3.39 to $3.41. We expect recent M&A will be a $0.53 headwind to non-GAAP diluted EPS. Please recall that our OIE and EPS guidance assume no contribution from mark-to-market accounting as required by ASU 2016-01.

我確實想指出，前面提到的房地產整合將對長期損益產生積極影響。但在這一點上，我們沒有看到 22 財年的物質利益。我們預計 22 財年 GAAP 攤薄每股收益為負 0.44 美元至負 0.42 美元，非 GAAP 攤薄每股收益為 3.39 美元至 3.41 美元。我們預計最近的併購將對非 GAAP 攤薄每股收益構成 0.53 美元的阻力。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貢獻。

We expect fiscal '22 operating cash flow growth of 10% to 11% year-over-year. Note that this includes the expected dilutive cash flow impact of Slack and Acumen, which we expect to represent a headwind to our year-over-year growth of approximately 9 points.

我們預計 22 財年運營現金流量同比增長 10% 至 11%。請注意，這包括 Slack 和 Acumen 的預期攤薄現金流影響，我們預計這將對我們約 9 個百分點的同比增長構成不利影響。

We continue to expect CapEx to be approximately 3% of revenue in fiscal '22, resulting in a free cash flow growth rate of approximately 10% to 11% for the fiscal year. Excluding the anticipated impact of M&A noted above, this rate would be 21% and 22%.

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 10% 至 11%。排除上述併購的預期影響，該比率將分別為 21% 和 22%。

To close, in a year far different from what we ever could have expected, Salesforce delivered durable top line growth, non-GAAP operating margin expansion and took important steps on our path to $50 billion by reimagining our business and setting ourselves up for success from anywhere. I'm extremely proud of the way that our employees navigated the challenges of fiscal '21 with grace, resilience and with an unwavering commitment to our values and to our customers.

結束之際，在與我們預期大相徑庭的一年中，Salesforce 實現了持久的收入增長、非公認會計原則的營業利潤率擴張，並通過重新構想我們的業務並為成功做好準備，在邁向 500 億美元的道路上邁出了重要的一步。任何地方。我為我們的員工以優雅、堅韌和對我們的價值觀和對客戶的堅定承諾應對 21 財年挑戰的方式感到非常自豪。

Finally, I'd like to thank our employees, our customers, our partners, our community and especially our shareholders for their continued support. And with that, Michelle, let's open up the call for questions.

最後，我要感謝我們的員工、客戶、合作夥伴、社區，尤其是股東的持續支持。有了這個，米歇爾，讓我們開始提問。

(Operator Instructions)

（操作員說明）

Your first question comes from Mark Murphy from JPMorgan.

您的第一個問題來自摩根大通的 Mark Murphy。

My question is where are you in the demand cycle for Einstein and the AI technologies? You've had such a long head start there with that vision, and you've been embedding it into your cloud. But it seems like right now is the moment that most companies are finally really prioritizing AI as a top initiative, it's really this year. And so I'm wondering if you're sensing any kind of inflection there with companies being recharged and more ambitious goals for Einstein and the data layer.

我的問題是你在愛因斯坦和人工智能技術的需求週期中處於什麼位置？你已經在這個願景上取得瞭如此長的領先優勢，並且你已經將它嵌入到你的雲中。但似乎現在是大多數公司最終真正將人工智能作為首要舉措的時刻，真的是今年。所以我想知道你是否感覺到公司正在充電以及愛因斯坦和數據層的更雄心勃勃的目標的任何形式的變化。

Well, I'm going to let Bret Taylor take this over. But before he does, I just want to say that I'm so excited with how Einstein has been received by our customers and also how we have deeply integrated it into all of our clouds. It's definitely a critical-enabling technology that has made everybody just a lot more productive. And I've been surprised, while other companies have divested some aspects of artificial intelligence, we continue to see Einstein become the critical enabling capability and differentiation that we can offer key clouds, especially what we've seen with commerce. So I hope that Bret can further illuminate that.

好吧，我要讓布雷特·泰勒接手。但在他這樣做之前，我只想說，我對愛因斯坦如何被我們的客戶所接受以及我們如何將它深度集成到我們所有的雲中感到非常興奮。這絕對是一項關鍵技術，讓每個人的工作效率都提高了很多。我很驚訝，雖然其他公司已經剝離了人工智能的某些方面，但我們繼續看到 Einstein 成為我們可以提供關鍵雲的關鍵支持能力和差異化，尤其是我們在商業方面看到的。所以我希望 Bret 可以進一步闡明這一點。

Yes, it's a great question, and I definitely view this year and this new pandemic world as an inflection point for the adoption of Einstein. Broadly, I think we're seeing just incredible secular trends towards digital. Yes, I've heard a lot of CEOs just talk about essentially, we did in a year what might have taken a decade before in terms of adoption of digital technology. And when all of your customer and your partner and your employee interactions are digital, artificial intelligence and Einstein can make every single one of those engagements more personal.

是的，這是一個很好的問題，我絕對將今年和這個新的大流行世界視為採用愛因斯坦的轉折點。總的來說，我認為我們正在看到令人難以置信的數字化長期趨勢。是的，我聽過很多 CEO 從本質上講，我們在一年內完成了在採用數字技術方面可能需要十年時間的事情。當您的所有客戶、您的合作夥伴以及您的員工互動都是數字化的時，人工智能和愛因斯坦可以讓這些互動中的每一次互動都更加個性化。

To put some numbers on it, I'll just take Service Cloud as an example. Our digital service capability has grown at just unprecedented rates this year. And with the adoption of things like chatbots and -- powered by Einstein, we saw 91% quarter-over-quarter growth in chatbots alone. Our Marketing Cloud, which is just every single one of those interactions is personalized. If you looked at Cyber Week this past quarter, mobile push notifications were up 131% year-over-year. SMS was up 171% year-over-year. You're seeing just unprecedented adoption of digital.

為了給它打一些數字，我將僅以 Service Cloud 為例。今年，我們的數字服務能力以前所未有的速度增長。隨著聊天機器人等的採用，以及由愛因斯坦提供支持，我們看到僅聊天機器人的季度環比增長了 91%。我們的營銷雲，就是這些交互中的每一個都是個性化的。如果您查看上一季度的網絡週，移動推送通知同比增長 131%。 SMS 同比增長 171%。您正在看到前所未有的數字化採用。

And the thing Marc covered in his opening remarks, I think, is really important. And a big part of our thesis as a company is we're not going back. The people who have experienced all these digital trends, whether it's buy online, curbside pickup, that direct-to-consumer trend in the consumer packaged goods industry, the move to telemedicine. One of the customers Marc mentioned, Humana. One of the things they're doing with our platform is Humana Care Support which is this digital interaction between its members, its care teams, its provider communities. All of these trends are here to stay.

我認為，馬克在開場白中提到的內容非常重要。作為一家公司，我們論文的很大一部分是我們不會回頭。經歷過所有這些數字趨勢的人，無論是在線購買、路邊取貨、消費品行業的直接面向消費者的趨勢，還是向遠程醫療的轉變。 Marc 提到的一位客戶 Humana。他們在我們的平台上做的其中一件事是 Humana Care Support，這是其成員、護理團隊、提供者社區之間的數字互動。所有這些趨勢都將繼續存在。

And when we think about Einstein, we think about our platform broadly. We really think that we're looking, over the next 5 years, how can we help every single one of our customers across all these industries, gain success from anywhere and Einstein is a huge part of that vision.

當我們想到愛因斯坦時，我們會廣泛地考慮我們的平台。我們真的認為，在接下來的 5 年裡，我們正在尋找如何幫助所有這些行業的每一位客戶，從任何地方獲得成功，而 Einstein 是這一願景的重要組成部分。

And your next question will come from Brad Zelnick from Crédit Suisse.

您的下一個問題將來自瑞士信貸的 Brad Zelnick。

And congrats on all the success. My question is for Marc and/or Gavin. How do you think about the potential for acceleration coming out of a recession? Does your current pipeline look like it can support it? And are you properly staffed up to capture the opportunity ahead?

並祝賀所有的成功。我的問題是針對 Marc 和/或 Gavin。您如何看待經濟衰退後加速發展的潛力？您當前的管道看起來是否可以支持它？您是否配備了適當的人員以抓住未來的機會？

Sure. Thanks for the question. The pipeline is very strong and we saw that through -- built throughout the year, and coming into Q4, we continue to see it build. And that's in spite of having no face-to-face events during the year. It's all been done digitally. And as Marc said in his opening remarks, Dreamforce to you, where we delivered the whole thing digitally, was a huge success, giving us access to decision makers and allowing us to strengthen that pipeline.

當然。謝謝你的問題。管道非常強大，我們看到了這一點——全年建造，進入第四季度，我們繼續看到它建造。儘管這一年沒有面對面的活動。這一切都是以數字方式完成的。正如 Marc 在開場白中所說，Dreamforce 給你，我們以數字方式交付了整個事情，取得了巨大的成功，讓我們能夠接觸到決策者，並讓我們能夠加強這條管道。

And let me reassure you, we are building the capability in terms of the sales force. You'd be delighted to hear that we're investing significantly in terms of our direct sales force to take advantage of that demand. And I'm very confident we'll be able to meet it. So I think you're hearing today a message from us all that the business is strong, the pipeline is strong, and we've got confidence going into the year.

讓我向你保證，我們正在建立銷售隊伍的能力。您會很高興聽到我們在直銷隊伍方面進行了大量投資以利用這種需求。我非常有信心我們將能夠滿足它。因此，我認為您今天從我們所有人那裡聽到了一個信息，即業務強勁，管道強勁，我們對今年充滿信心。

And your next question will come from Arjun Bhatia from William Blair.

您的下一個問題將來自 William Blair 的 Arjun Bhatia。

Marc, this one might be for you or maybe Gavin, but we've touched on how much the world has changed over the past year with the pandemic. I would love to hear how the complexity of your deals with your customers have changed over the past year, particularly as it relates to things like deal cycles, deal size, multiproduct adoption and perhaps, customer focus on time to value. And how are you adjusting to address those changes?

馬克，這個可能是給你的，也可能是給加文的，但我們已經談到了過去一年世界因大流行而發生了多大的變化。我很想听聽您與客戶交易的複雜性在過去一年中發生了怎樣的變化，尤其是與交易週期、交易規模、多產品採用以及客戶對價值實現時間的關注等問題有關。您如何調整以應對這些變化？

Well, I'm going to let Gavin take this but I'm going to take it at the high-order bit on. I've been surprised how many sales calls we've been able to make this year. And if I could rewind history over the last 22 years, I would have enforced a much more significant digital discipline for our sales organization. I think that when we look back at all of the time and energy we spent physically getting on airplanes, going -- getting in cars, going to people's offices, having a breakfast or a lunch or a dinner, waiting to try to get up and make a C-level sales call, when you look today at the level of access that you have in organizations to conduct B2B sales, I mean, it's all -- the capability, when you're digitally enabled, you can go anywhere just much, much faster.

好吧，我會讓 Gavin 接受這個，但我會在高階位接受它。我很驚訝我們今年能打多少電話。如果我可以回顧過去 22 年的歷史，我會為我們的銷售組織實施更重要的數字化紀律。我認為，當我們回顧我們在飛機上、去——上車、去人們辦公室、吃早餐或午餐或晚餐、等待起床和撥打 C 級銷售電話，當您今天查看您在組織中進行 B2B 銷售的訪問級別時，我的意思是，這就是全部 - 能力，當您啟用數字化功能時，您可以去任何地方， 快多了。

And that's a key reason why with Dreamforce, not only did we have a very successful Dreamforce from our park. And you probably saw the video with Bret and I. But also we then told each of our sales executives all over the world that they were going to have to do that. Same presentation but highly customized with highly customized demonstrations for each and every one of our customers, which we then did.

這就是為什麼有了 Dreamforce，我們不僅擁有來自我們公園的非常成功的 Dreamforce。你可能看過 Bret 和我的視頻。但我們隨後也告訴我們在世界各地的每一位銷售主管，他們將不得不這樣做。相同的演示文稿，但高度定制，為我們的每一位客戶提供高度定制的演示，然後我們就這樣做了。

And customers warmly received that with large groups of their employees. So it's really an example of you can do a lot more to build pipeline, have direct access and deliver highly customized selling at a level of velocity that I don't think previously was possible. Gavin, do you want to comment on that as well?

客戶和他們的大批員工熱情地接受了這一點。所以這確實是一個例子，你可以做更多的事情來建立管道，直接訪問並以我認為以前不可能的速度提供高度定制的銷售。加文，你也想對此發表評論嗎？

Well, what I would say is the digital imperative is now a CEO priority. That's the overriding theme that we've seen over the last 9 months. Previously, it might have been delegated down into the business, but it has become so important and so urgent that the CEO wants to take direct control over it. And that has been something we've been able to take advantage of.

好吧，我想說的是，數字化現在是 CEO 的首要任務。這是我們在過去 9 個月中看到的最重要的主題。以前，它可能已被委派到業務中，但它變得如此重要和緊迫，以至於 CEO 想要直接控制它。這是我們能夠利用的東西。

And coupled with the fact that video allows us to get to see and make us faster and more frequently, it means that the pipeline has been very strong. So you had a question about the deal complexity and changes. It's been strong across the board, so we've done big deals. But the run rate business, the volume side of the business continues to be strong as well. And it's important that both these muscles continue to operate within our business model. So it's a very well-rounded performance in that respect.

再加上視頻讓我們能夠更快、更頻繁地看到並讓我們看到這一事實，這意味著管道非常強大。所以你對交易的複雜性和變化有疑問。它一直很強大，所以我們做了大筆交易。但運行率業務，業務量方面也繼續強勁。重要的是，這兩塊肌肉繼續在我們的商業模式中運作。所以在這方面這是一個非常全面的表現。

And you've rightly identified. Time-to-value is, I think, probably even more important now for decision-makers. And this is a theme that I know certainly, Bret and I have been on calls and is right at the forefront of the CEO and the CTO's decision-making. So the more we can ensure that standard Salesforce solutions are deployed and they're configured in a standard way to ensure that we can get fast deployment, I think, is really, really important. So we're agile, we're getting the right sort of conversations, and the pipeline is strong across the board.

你已經正確識別了。我認為，價值實現時間現在對決策者來說可能更為重要。這是我當然知道的一個主題，布雷特和我一直在待命，並且處於 CEO 和 CTO 決策的最前沿。因此，我們越能確保部署標準 Salesforce 解決方案並以標準方式對其進行配置，以確保我們能夠快速部署，我認為這真的非常重要。所以我們很敏捷，我們進行了正確的對話，而且整個管道都很強大。

Your next question will come from Kirk Materne from Evercore.

您的下一個問題將來自 Evercore 的 Kirk Materne。

Maybe this one's for Bret. Bret, you all named David Schmaier Chief Product Officer and President this quarter. I was just wondering if you could talk a little bit about sort of what you're thinking in terms of going more vertical from a product sort of development perspective in terms of his appointment.

也許這個是給布雷特的。布雷特，你們都任命大衛施邁爾為本季度首席產品官兼總裁。我只是想知道您是否可以談談您在任命他時從產品開發角度更加垂直的想法。

And maybe, Gavin, how does that match up with how you're thinking about trying to maybe double down on certain verticals where you can go deeper with customers and sort of from an industry perspective because that seems to be one of your strengths is being able to sort of go deep in certain industries. Just can you talk about that a little bit?

也許，加文，這與你考慮在某些垂直領域加倍努力的方式相匹配，在這些垂直領域你可以更深入地接觸客戶，從行業的角度來看，因為這似乎是你的優勢之一能夠深入某些行業。你能談談這個嗎？

Yes, it's a great question. I'm so grateful to have David at this company. I was joking with Marc the other day that David Schmaier has forgotten more about CRM than most people know. He's been in this industry for decades and is truly an expert. And our strength as a company is that we are experts in our lines of business. We want to help people sell from anywhere, service from anywhere, market from anywhere, do digital marketing from anywhere.

是的，這是一個很好的問題。我很感激大衛在這家公司。前幾天我和 Marc 開玩笑說，David Schmaier 對 CRM 的遺忘比大多數人知道的要多。他已經在這個行業工作了幾十年，是一位真正的專家。作為一家公司，我們的優勢在於我們是我們業務領域的專家。我們希望幫助人們在任何地方進行銷售、在任何地方提供服務、在任何地方進行營銷、在任何地方進行數字營銷。

But we are increasingly experts in industries. And now thanks to both our organic strategy and our acquisition of Vlocity, we're at 12 industries that we serve across so many strategic verticals for our customers. And you heard our focus, which is really helping our customers in this all-digital work anywhere world find success, find success from anywhere.

但我們越來越成為行業專家。現在，由於我們的有機戰略和我們對 Vlocity 的收購，我們在 12 個行業中為我們的客戶提供瞭如此多的戰略垂直領域服務。您聽到了我們的重點，它真正幫助我們的客戶在世界各地的全數字化工作中獲得成功，從任何地方獲得成功。

And so much of that is really industry-specific. Every industry is going through a very accelerated digital transformation. In consumer goods, as Marc said, it's about creating direct trusted customer relationships, which is a completely new digital motion that requires new expertise, new software, new -- and candidly, just a new business model.

其中很多都是針對特定行業的。每個行業都在經歷非常加速的數字化轉型。正如馬克所說，在消費品領域，它是關於建立直接可信的客戶關係，這是一種全新的數字運動，需要新的專業知識、新軟件、新的——坦率地說，只是一種新的商業模式。

In areas like health care, you've seen the impact this year. Retail, obviously, Cyber Week has accelerated, again, by almost a decade worth of acceleration this year. And when I think about our ability to really provide success from anywhere, it's really building in those industry-specific processes so they work out of the box.

在醫療保健等領域，您已經看到了今年的影響。零售業，顯然，網絡週今年再次加速了近十年的加速。當我想到我們在任何地方真正提供成功的能力時，它確實建立在那些特定於行業的流程中，因此它們開箱即用。

As Gavin and I mentioned, we do a lot of calls together, and that time-to-value discussion is the first thing that comes up. And our vertical solutions are a big part of it because it means we essentially are starting all of our customers on third base with the industry-specific processes that are important to them. So really grateful for David's leadership and really grateful for the alignment between our product strategy and our distribution and sales strategy that this vertical effort gives us.

正如加文和我所提到的，我們一起打了很多電話，而價值實現時間的討論是第一件事。我們的垂直解決方案是其中的重要組成部分，因為這意味著我們本質上是從第三基地的所有客戶開始，採用對他們來說很重要的行業特定流程。非常感謝大衛的領導，也非常感謝這種垂直努力為我們提供的產品戰略與分銷和銷售戰略之間的一致性。

Your next question will come from Tom Roderick from Stifel.

您的下一個問題將來自 Stifel 的 Tom Roderick。

Marc, I guess I'll direct this to you but probably a good opportunity for Gavin to chime in as well from the field. It seems like every year, you get to the fourth quarter and the big deals, the ELAs, the big digital transformation, a lot of those do show up in the fourth quarter. I would imagine, over the last several years, the nature of those transformations have changed.

馬克，我想我會直接告訴你，但對於加文來說，這可能是一個很好的機會在場上插話。似乎每年到了第四季度，大筆交易、ELA、大型數字化轉型，很多都出現在第四季度。我可以想像，在過去的幾年裡，這些轉變的性質已經發生了變化。

Given this has been such a wild and unusual year, would love to hear what you're hearing from the field, like customers are talking about that's different in the way that they're going about their digital transformations. Perhaps it's more MuleSoft, more Tableau or maybe even talking about messaging and engagement. I know it's an open-ended question, but some more anecdotal evidence from the field on big deals would be great.

鑑於這是如此瘋狂和不尋常的一年，很想听聽您從該領域聽到的消息，就像客戶在談論他們進行數字化轉型的方式不同一樣。也許更多的是 MuleSoft，更多的是 Tableau，甚至可能是在談論消息傳遞和參與。我知道這是一個開放式的問題，但是從該領域的一些關於大宗交易的軼事證據會很棒。

Well, I'm going to have Bret and also Gavin come in here and talk about this because they've really had the opportunity to work on so many transactions together. But I think one of the major transformations that's happened this year, and I think you can really see it and it appears into the numbers is when we actually sell to our customers, we're selling our Customer 360 platform.

好吧，我要讓 Bret 和 Gavin 來這裡討論這個問題，因為他們真的有機會一起處理這麼多交易。但我認為今年發生的重大轉變之一，我認為你真的可以看到它並且出現在數字中是當我們實際向客戶銷售時，我們正在銷售我們的 Customer 360 平台。

And we have Sales Cloud. You're right. We have Service Cloud. We have Marketing Cloud. We have Commerce Cloud. We have this amazing Tableau. It's incredible, multibillion-dollar analytics cloud. And we have this amazing MuleSoft integration cloud, billion-dollar integration cloud and a reskilling platform and our services business and our partnerships and the full ecosystem of solutions.

我們有銷售雲。你是對的。我們有服務雲。我們有營銷雲。我們有商務雲。我們有這個驚人的 Tableau。這是令人難以置信的價值數十億美元的分析雲。我們擁有這個令人驚嘆的 MuleSoft 集成雲、價值數十億美元的集成雲和一個技能再培訓平台、我們的服務業務、我們的合作夥伴關係以及完整的解決方案生態系統。

But when customers are coming and working with us, and if I'm working with a CEO, a fellow CEO, of maybe one of these very large companies, they're not as interested in some discrete cloud. I'm sure you could probably appreciate that they are really interested in deploying our platform. And we have a lot of different words to describe these different parts of our code. But the reality is that they really just want us to make them successful.

但是，當客戶前來與我們合作時，如果我與可能是這些非常大的公司之一的 CEO 或 CEO 同事合作，他們對某些離散雲並不感興趣。我相信您可能會欣賞他們對部署我們的平台非常感興趣。我們有很多不同的詞來描述我們代碼的這些不同部分。但現實是，他們真的只是想讓我們讓他們成功。

And when we look at some of the very large implementations that we've done this year, we're quick to say, "Well, we fully implemented all of these AT&T retail stores with our Sales Cloud," but the reality is that when you talk to Jeff McElfresh, who we featured at Dreamforce, who's the CEO of AT&T Wireless, mostly, he just wants to know that he's more productive, more competitive, more innovative and that he is able to have better customer relationships and that all of his employees are aligned.

當我們看到我們今年完成的一些非常大的實施時，我們很快就會說，“好吧，我們用我們的 Sales Cloud 完全實施了所有這些 AT&T 零售店”，但現實是，當你和 Jeff McElfresh 交談，我們曾在 Dreamforce 擔任過 AT&T Wireless 的首席執行官他的員工是一致的。

And that's what we're really starting to sell. And I think that, that's a powerful transformation of our company. And I think it really started when we had the successful acquisition of Tableau. It started to get customers to be able to look at us just much more strategically. It wasn't that we onboarded this incredibly successful analytics business with what we did. But it was really that we, all of a sudden, have a truly strategic solution for customers that's quite broad and that gives them a platform for success.

這就是我們真正開始銷售的東西。我認為，這是我們公司的一次強有力的轉變。我認為它真正開始於我們成功收購 Tableau 時。它開始讓客戶能夠更具戰略性地看待我們。並不是說我們通過我們所做的事情加入了這個非常成功的分析業務。但是，突然之間，我們確實為客戶提供了一個真正的戰略解決方案，該解決方案非常廣泛，並為他們提供了成功的平台。

And then when you look at the pandemic, it's transformed to the platform for success from anywhere. So yes, we're going to let them sell from anywhere or service from anywhere or market from anywhere, but we're going to let them be successful from anywhere and that is really our platform. We used to call it, if you remember, the Customer Success platform. So now we really should just be calling it the Success from Anywhere platform.

然後，當您查看大流行病時，它已轉變為從任何地方取得成功的平台。所以是的，我們將讓他們在任何地方銷售或在任何地方提供服務或在任何地方進行營銷，但我們會讓他們在任何地方取得成功，這確實是我們的平台。如果您還記得的話，我們曾經稱它為客戶成功平台。所以現在我們真的應該把它稱為“來自任何地方的成功”平台。

Anyway, I'm going to have Bret and Gavin chime in here because I think that you're touching on probably one of the most powerful transformational moments for Salesforce. And it's also, honestly, it's one of the main reasons that we've entered into an agreement to acquire Slack because it's an enablement of success from anywhere. Okay. Bret?

無論如何，我要讓 Bret 和 Gavin 在這裡發言，因為我認為你正在觸及可能是 Salesforce 最強大的轉型時刻之一。老實說，這也是我們達成收購 Slack 協議的主要原因之一，因為它可以在任何地方取得成功。好的。布雷特？

Okay. Yes, I'll add a couple anecdotes. So all the big customer names that Marc mentioned in the opening are all multi-cloud transformational deals that really are about the entire Customer 360. I mentioned Align before. That's Marketing Cloud, Sales Cloud and our platform. And so I was actually just having a conversation with their Chief Digital Officer, Sree Kolli, just yesterday. And it's really inspiring because they're using...

好的。是的，我將添加一些軼事。因此，Marc 在開幕式中提到的所有大客戶名稱都是多雲轉型交易，它們實際上是關於整個 Customer 360。我之前提到過 Align。那就是營銷雲、銷售雲和我們的平台。所以我實際上只是在昨天與他們的首席數字官 Sree Kolli 進行了交談。這真的很鼓舞人心，因為他們正在使用...

They are an incredible company.

他們是一家不可思議的公司。

Just an incredible company.

簡直是一家不可思議的公司。

You have to mention, by the way, that one of the cool things about Align is that it's more important than ever because everybody wants to make sure their teeth look good on their Zoom calls. So they like have a huge upsurge because everyone's like, "Whoa, everyone's looking at my teeth." Anyway, go ahead.

順便提一下，Align 的一大優點是它比以往任何時候都更加重要，因為每個人都希望確保他們的牙齒在 Zoom 通話中看起來不錯。所以他們喜歡有一個巨大的熱潮，因為每個人都喜歡，“哇，每個人都在看我的牙齒。”不管怎樣，繼續吧。

As funny as that is...

那樣好笑……

An amazing CEO also by the way.

順便說一句，一位了不起的首席執行官。

As funny as that is, it's also true, but the hard part is we're in this all-digital world. So how do you engage with patients in an all-digital world? So using our core platform which you expect, but they're also building custom apps like My Invisalign, which is built on Heroku, built on our platform to build this really direct trusted relationship with their patients.

儘管這很有趣，但這也是事實，但困難的部分是我們處於這個全數字化的世界。那麼，您如何在全數字世界中與患者互動？因此，使用您期望的我們的核心平台，但他們也在構建自定義應用程序，例如基於 Heroku 構建的 My Invisalign，構建在我們的平台上，以與患者建立這種真正直接的信任關係。

And I think it's a really wonderful example because when you think about, as Marc said, what they want, it's not a sales capability, it's not a marketing capability. They need a digital customer experience to find success from anywhere. And I think every single business is going through this in a unique way. And I think that's very representative of our larger engagements.

我認為這是一個非常好的例子，因為當你想想，正如馬克所說，他們想要什麼，這不是銷售能力，也不是營銷能力。他們需要數字化客戶體驗才能在任何地方取得成功。我認為每個企業都在以獨特的方式經歷這一切。我認為這非常代表我們更大的參與。

Yes. Look, I think most of the points have been hit, but from my perspective, CEOs, C-suite conversations around solutions fundamentally, they're not about products anymore. They're looking for multi-cloud solutions based on a Customer 360, Single Source of Truth, single view of the customer.

是的。聽著，我認為大多數觀點都已被觸及，但從我的角度來看，首席執行官、高管圍繞解決方案的對話從根本上來說不再是關於產品的了。他們正在尋找基於 Customer 360、單一事實來源、單一客戶視圖的多雲解決方案。

And to the earlier discussion, increasingly (inaudible) where a lot of the standard things for the industry are built in so that they can use it out of the box. So I think we're touching on all the key themes. I think there's 1 other thing I would mention is that we're getting into more conversations with customers around outcome-based initiatives. So where they want our services businesses to be involved as part of the design, and there's a real focus on what are the outcomes and how we can underpin those.

在前面的討論中，越來越多（聽不清）行業的許多標準東西都內置了，這樣他們就可以開箱即用地使用它。所以我認為我們正在觸及所有關鍵主題。我想還有一件事我要提到的是，我們正在圍繞基於結果的計劃與客戶進行更多對話。因此，他們希望我們的服務業務作為設計的一部分參與其中，並且真正關注結果是什麼以及我們如何支持這些結果。

So I think we've touched on most of these things already today. But certainly, the complexity of the conversation, the sophistication of the conversation is increasing.

所以我認為我們今天已經觸及了大部分這些事情。但可以肯定的是，談話的複雜性，談話的複雜程度正在增加。

And your next question will come from Frederick Havemeyer from Macquarie.

您的下一個問題將來自麥格理的 Frederick Havemeyer。

Marc, I'd like to ask a bigger picture question. So your portfolio of Cloud Engage customers offer workspaces for employees and enable business introspection with Tableau and Einstein. Now with Slack, you could potentially integrate third-party apps and automate API-driven work across this ecosystem. So if we bring all this together, how do you think about the future of work and Salesforce's role in enabling humans to focus on more meaningful and value-add work?

馬克，我想問一個更大的問題。因此，您的 Cloud Engage 客戶組合為員工提供工作空間，並通過 Tableau 和 Einstein 實現業務自省。現在使用 Slack，您可以潛在地集成第三方應用程序並在整個生態系統中自動化 API 驅動的工作。因此，如果我們將所有這些結合在一起，您如何看待工作的未來以及 Salesforce 在使人們能夠專注於更有意義和增值的工作方面的作用？

Well, I think this is really where we're going. And I don't know if you watched my presentation from Singapore, but I went to Singapore with Bret and we did our company kickoff there, and we were in person with customers there and we're in person with our employees there and really looking at the future work there. I think that they're really living where the rest of us are going to be, which is why we went there.

好吧，我認為這確實是我們要去的地方。我不知道你是否看過我在新加坡的演講，但我和 Bret 一起去了新加坡，我們在那裡開了公司，我們在那裡與客戶面對面，我們在那裡與我們的員工面對面，真的很期待將來在那里工作。我認為他們真的生活在我們其他人將要去的地方，這就是我們去那裡的原因。

The pandemic is very much something that, in many ways, is behind them. Their businesses and their offices and their hotels and -- are open. They're still wearing masks in meetings but they have very low virus rates. And when you look at what's happening there and you look at how they've restructured, you look at how often employees are coming into the office versus before, this is what I think the world that we're about to get into. And anyway, Bret, what was your reaction?

在許多方面，大流行在很大程度上是其背後的東西。他們的企業、他們的辦公室、他們的酒店和——都是開放的。他們在開會時仍然戴著口罩，但病毒感染率非常低。當你看看那裡發生了什麼，你看看他們是如何重組的，你看看員工進入辦公室的頻率與以前相比，這就是我認為我們即將進入的世界。不管怎樣，布雷特，你的反應是什麼？

I think it's a really wonderful point. I think the future right now, we're at this inflection point, where every executive, including Marc, including me, has this once-in-a-lifetime opportunity to really transform the way their companies work.

我認為這是一個非常好的觀點。我認為現在的未來，我們正處於這個轉折點，包括馬克在內的每一位高管，包括我在內，都有這個千載難逢的機會來真正改變他們公司的工作方式。

If you had told me 1.5 years ago that we would execute this entire year without being in an office, without getting on an airplane, I would have said it was impossible. But we did do it and we did it without any notice. And every executive in every company, including ours coming out of this is really asking the question, what is the company we want to be on the other side of it? What sales meetings are we going to get on an airplane for? Is that contact center that used to be a building that is now something that exists in the cloud, are we going to go back to the building or just embrace the cloud?

如果你在 1.5 年前告訴我，我們將在沒有辦公室、沒有上飛機的情況下執行這一整年，我會說這是不可能的。但我們確實做到了，而且我們在沒有任何通知的情況下做到了。每家公司的每一位高管，包括我們的高管，都在問一個問題，我們希望成為什麼樣的公司？我們要在飛機上參加什麼銷售會議？那個曾經是建築物的聯絡中心現在是存在於雲中的東西，我們是要回到建築物還是擁抱雲？

And I think it really, everywhere, and when we were in Singapore and talking to a bunch of companies that had reopened, what stood out to me and Marc was actually how many of the pandemic behaviors actually remained. And I think that's a really interesting glimpse of the future. And you're seeing it across our customer base. There's this concept called flexible work that every single sales meeting I'm in, it comes up, which is when our employees going back to the office. And notably, when employees aren't going back to the office. And I think it's a really interesting time for digital technology.

我認為它真的無處不在，當我們在新加坡與一群重新開業的公司交談時，對我和 Marc 來說最突出的是實際上仍然存在多少流行病行為。我認為這是對未來非常有趣的一瞥。您正在我們的客戶群中看到它。有一個叫做彈性工作的概念，我參加的每一次銷售會議都會出現，也就是我們的員工回到辦公室的時候。值得注意的是，當員工不回到辦公室時。我認為對於數字技術來說，這是一個非常有趣的時期。

But as you said, I think it's a really interesting time to think about what the future work looks like. And it's part of what drew us to Slack and that company's vision for the future because it's not just the digital translation of the way we used to work. It's truly a vision for a new way to work. And I think there is really just incredible appetite for that from our customer base.

但正如你所說，我認為這是一個非常有趣的時間來思考未來的工作是什麼樣的。這也是我們吸引 Slack 和該公司對未來願景的一部分，因為它不僅僅是對我們過去工作方式的數字化翻譯。這確實是一種新的工作方式的願景。而且我認為我們的客戶群對此確實有令人難以置信的胃口。

And your final question for today will come from Terry Tillman from Truist Securities.

您今天的最後一個問題將來自 Truist Securities 的 Terry Tillman。

Yes. And I guess, Bret, maybe it's for you. I remember asking at the Analyst Day about CDP and your efforts there. I think you had said something about how you have some large strategic opportunities you were working on. But I'm kind of curious, what kind of benefit did you see from the CDP product in 4Q and how much it drove Marketing Cloud? And how big could this business be in FY '22?

是的。我猜，布雷特，也許是給你的。我記得在分析師日詢問 CDP 和您在那裡所做的工作。我想你曾經說過你是如何擁有一些重大的戰略機會的。但我有點好奇，你從 4Q 的 CDP 產品中看到了什麼樣的好處，它對 Marketing Cloud 的推動作用有多大？這項業務在 22 財年能有多大？

Yes. I'm extremely excited about our customer data platform. Our brand name for that, we call Customer 360 Audiences. And I think there's a couple of details I'll add. Marc mentioned Hyperforce. This is really the architecture that's enabling our customer data platform. And notably, actually not just in our Marketing Cloud and not just for marketeers but actually enabling B2C scale across our entire platform.

是的。我對我們的客戶數據平台感到非常興奮。為此，我們將品牌名稱稱為 Customer 360 Audiences。我想我會補充一些細節。 Marc 提到了 Hyperforce。這確實是支持我們的客戶數據平台的架構。值得注意的是，實際上不僅在我們的營銷雲中，而且不僅針對營銷人員，而且實際上在我們的整個平台上實現了 B2C 規模。

Because I really do think that -- CRM for a long time was for B2B sellers. Back when Marc and Parker started this company 21 years ago, that's what people thought. Now every single company of any scale and every single department wants a single source of truth for their customer data. They want to create segments. They want to integrate all their data from legacy data sources and proprietary data sources.

因為我確實認為——長期以來，CRM 是為 B2B 賣家服務的。 21 年前，當馬克和帕克創辦這家公司時，人們就是這麼想的。現在，任何規模的每家公司和每個部門都希望為他們的客戶數據提供單一的真實來源。他們想要創建細分市場。他們希望整合來自遺留數據源和專有數據源的所有數據。

And then they want to activate that across every channel, digital channels, in-person channels. And Customer 360 Audience is generally available. We saw a really strong performance in its first few quarters as being available to customers. And we really view it as foundational for our Marketing Cloud in the coming years.

然後他們想在每個渠道、數字渠道、面對面渠道中激活它。並且 Customer 360 Audience 普遍可用。我們在前幾個季度看到了非常強勁的表現，因為它可供客戶使用。我們真的認為它是我們未來幾年營銷雲的基礎。

And we will take one more question from Kash Rangan from Goldman Sachs. Okay. That clears -- that brings us to the end of our Q&A session. We'll turn the call back over to the presenters for closing remarks.

我們將再向高盛的 Kash Rangan 提出一個問題。好的。這很清楚——這使我們的問答環節結束。我們會將電話轉回給演示者以進行結束髮言。

Thank you all for joining us on our Q4 FY '21 earnings call. If you have any questions, please e-mail us at investor@salesforce.com, and we look forward to seeing you at our Q1 call. Thank you.

感謝大家加入我們的 21 財年第四季度財報電話會議。如果您有任何疑問，請發送電子郵件至investor@salesforce.com，我們期待在第一季度電話會議上見到您。謝謝你。

Thank you, everyone. That will conclude today's conference call. You may now disconnect.

謝謝大家。這將結束今天的電話會議。您現在可以斷開連接。