賽富時 (CRM) 2020 Q4 法說會逐字稿

Ladies and gentlemen, thank you for standing by.

女士們，先生們，謝謝你們的支持。

And welcome to the Salesforce Fiscal 2020 Fourth Quarter Results Conference Call.

歡迎參加 Salesforce 2020 財年第四季度業績電話會議。

(Operator Instructions) Please be advised that today's conference is being recorded.

（操作員說明）請注意，今天的會議正在錄製中。

(Operator Instructions) And without further delay, 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）我想立即將會議移交給您的發言人，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。

Thanks, Ian.

謝謝，伊恩。

Good afternoon, everyone, and thanks for joining us for our fiscal 2020 fourth quarter results conference call.

大家下午好，感謝您參加我們的 2020 財年第四季度業績電話會議。

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 results 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。

With me on the call today are Marc Benioff; Keith Block; Parker Harris, Co-Founder and CTO; Mark Hawkins, our CFO; Bret Taylor, our COO; and Amy Weaver, our Chief Legal Officer.

今天與我通話的是馬克·貝尼奧夫；基思塊； Parker Harris，聯合創始人兼首席技術官；我們的首席財務官 Mark Hawkins； Bret Taylor，我們的首席運營官；和我們的首席法律官 Amy Weaver。

As a reminder, our commentary today will primarily be in non-GAAP terms.

提醒一下，我們今天的評論將主要採用非 GAAP 術語。

Reconciliations between our GAAP and non-GAAP results and guidance can be found in our earnings press release.

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。

Some of our comments today may contain forward-looking statements, which are subject to risks, uncertainties and assumptions.

我們今天的一些評論可能包含前瞻性陳述，這些陳述受風險、不確定性和假設的影響。

Should any of these materialize or should our assumptions prove to be incorrect, actual company results could differ materially from these forward-looking statements.

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。

A description of these risks, uncertainties and assumptions and other factors that could affect our financial results are included in our SEC filings, including our most recent report on Form 10-K.

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。

All right.

好的。

Well, thank you, Evan, and congratulations on your promotion, Evan.

嗯，謝謝你，埃文，祝賀你升職，埃文。

We're thrilled for you.

我們為你感到高興。

Thank you.

謝謝你。

And thank you, everybody, for being on the call today.

謝謝大家，今天參加電話會議。

As you can see from our results, we had an incredible fourth quarter, capping off another record year for Salesforce.

正如您從我們的結果中看到的那樣，我們在第四季度取得了令人難以置信的成績，為 Salesforce 創造了又一個創紀錄的一年。

Revenue in the quarter rose to nearly $4.9 billion, up 34% in constant currency, truly amazing for a company of our size.

本季度收入增至近 49 億美元，按固定匯率計算增長 34%，對於我們這樣規模的公司來說確實令人驚嘆。

And for the full year, we delivered $17.1 billion in revenue, up 29% in constant currency.

全年，我們實現了 171 億美元的收入，按固定匯率計算增長了 29%。

Now based on our exceptional fiscal year '20 results, we're raising our fiscal year '21 revenue guidance to $21.1 billion at the high end of our range, representing about 23% projected growth year-over-year.

現在，根據我們出色的 20 財年業績，我們將 21 財年的收入指引提高至 211 億美元，處於我們範圍的高端，預計同比增長約 23%。

And no other company of our size is growing at this rate.

沒有其他像我們這樣規模的公司以這種速度增長。

We're also reiterating our long-term revenue target for fiscal year '24 of $34 billion to $35 billion, and that's doubling our revenue again in 4 years making us the fastest enterprise software company to reach this milestone.

我們還重申了 24 財年 340 億至 350 億美元的長期收入目標，這使我們的收入在 4 年內再次翻了一番，使我們成為實現這一里程碑的最快企業軟件公司。

And as we continue to deliver record revenue year in and year out, we're committed to balancing this growth with very strong cash flow and incremental operating margin improvement.

隨著我們年復一年地繼續創造創紀錄的收入，我們致力於平衡這種增長與非常強勁的現金流和增量營業利潤率的提高。

Now before I continue, I want to say a few words about Keith.

現在，在我繼續之前，我想對 Keith 說幾句。

Now as you've read by now, he's stepping down as Co-CEO.

正如你現在所讀到的，他將辭去聯席首席執行官的職務。

Keith is an incredible leader and close friend, who has helped position us as a global leader and deeply strengthened our company.

基思是一位了不起的領導者和親密的朋友，他幫助我們定位為全球領導者，並極大地加強了我們的公司。

We're surely going to miss Keith around here.

我們肯定會想念這裡的基思。

Keith joined almost 7 years ago, and together, we've grown Salesforce into a company that is the envy of the industry.

Keith 大約在 7 年前加入，我們一起將 Salesforce 發展成為一家令業界羨慕的公司。

I am especially grateful to Keith for his service to Salesforce, and I'm absolutely delighted that he will be staying on as an adviser to me now as we continue to build on our fourth quarter and our year.

我特別感謝 Keith 為 Salesforce 提供的服務，我非常高興他現在將繼續擔任我的顧問，因為我們將繼續在第四季度和今年繼續發展。

Our time together has been amazing.

我們在一起的時光真是太棒了。

I'm his biggest supporter.

我是他最大的支持者。

I am his close friend.

我是他的好朋友。

I am here to help him on his journey.

我是來幫助他的。

And as he begins this new journey, we are all with you, Keith, and we're all very excited for you.

當他開始新的旅程時，我們都和你在一起，基思，我們都為你感到非常興奮。

Now Keith, I know this goes without saying, but you will always be part of our ohana.

現在基思，我知道這是不言而喻的，但你將永遠是我們 ohana 的一部分。

I also want to express my gratitude to our entire ohana.

我還想對我們整個 ohana 表示感謝。

People ask me all the time how is it possible to achieve our rate of growth and success, and to me, it's quite simple.

人們總是問我如何才能實現我們的成長和成功，對我來說，這很簡單。

It's our core values of trust, of customer success, of innovation, of equality.

我們的核心價值觀是信任、客戶成功、創新和平等。

And I'd like to thank all of our customers from around the world for their incredible commitment to our company and their belief in our vision for Customer 360.

我要感謝來自世界各地的所有客戶，感謝他們對我們公司的難以置信的承諾以及他們對我們對 Customer 360 願景的信念。

I'd also like to recognize an incredible executive in our ohana, Gavin Patterson.

我還想表彰我們 ohana 中一位令人難以置信的高管，Gavin Patterson。

Our friendship with Gavin has spanned more than a decade during his time leading BT, where he served as their Chief Executive Officer.

在 Gavin 擔任 BT 首席執行官期間，我們與 Gavin 的友誼已經跨越了十多年。

And I'm delighted to announce that Gavin has accepted the position of President and CEO of Salesforce International based in London.

我很高興地宣布，Gavin 已接受位於倫敦的 Salesforce International 總裁兼首席執行官一職。

Gavin is an incredible global leader, a member of many groups that we have been associated with for many years, including the World Economic Forum, a very close friend, and I could not be more pleased to welcome Gavin to Salesforce.

Gavin 是一位令人難以置信的全球領導者，是我們多年來一直合作的許多團體的成員，包括世界經濟論壇，一位非常親密的朋友，我非常高興地歡迎 Gavin 加入 Salesforce。

We're in the midst of a huge wave of digital transformation, and it's only getting bigger.

我們正處於巨大的數字化轉型浪潮之中，而且只會越來越大。

And every one of these digital transformation begins and ends with the customer.

這些數字化轉型中的每一個都始於客戶，也始於客戶。

Every CEO we meet around the world is deeply committed to transforming their business around their customer, and they're reliant on Salesforce as their trusted digital adviser.

我們在世界各地遇到的每一位 CEO 都堅定地致力於圍繞他們的客戶轉變他們的業務，他們依賴 Salesforce 作為他們值得信賴的數字顧問。

We're the #1 CRM provider.

我們是排名第一的 CRM 提供商。

We're the leader in sales, in service, in marketing, in commerce, in platform, in analytics and integration, so many more.

我們是銷售、服務、營銷、商業、平台、分析和集成等領域的領導者。

Our clouds are the key building blocks of Customer 360 along with the powerful platform services, including security, mobility and AI and voice and blockchain and more.

我們的雲是 Customer 360 的關鍵構建塊以及強大的平台服務，包括安全性、移動性和 AI 以及語音和區塊鍊等。

What makes Customer 360 so powerful is that it unifies and manages all the data not just within Salesforce but from almost any data source to deliver a complete 360-degree view of your customer.

Customer 360 如此強大的原因在於，它不僅可以統一和管理 Salesforce 內部的所有數據，還可以管理幾乎所有數據源的所有數據，以提供完整的 360 度客戶視圖。

It's a single source of truth that results in one-to-one journeys for customers across retail stores, in commerce sites, e-mail and messaging, call centers, field service.

它是單一的事實來源，可為客戶在零售商店、商業網站、電子郵件和消息傳遞、呼叫中心、現場服務中提供一對一的旅程。

In fact, across every customer interaction and every industry.

事實上，跨越每一個客戶互動和每一個行業。

And Customer 360 is the only platform delivering this unique capability, enabling the single source of truth.

Customer 360 是唯一提供這種獨特功能的平台，支持單一事實來源。

And with our recent acquisition of Tableau, we're turning Customer 360 data into actionable insights that are available to every user, helping them to move from data to decisions.

通過我們最近對 Tableau 的收購，我們將 Customer 360 數據轉化為可供每位用戶使用的可行見解，幫助他們從數據轉向決策。

I'm especially excited by the success of Tableau and how well we're doing together.

我對 Tableau 的成功以及我們一起做得很好感到特別興奮。

Adam Selipsky, the Tableau CEO, and his team are doing an incredible job, and it's clear that customers recognize Tableau's value to see and understand all the data in Customer 360 and throughout their whole enterprise.

Tableau 首席執行官 Adam Selipsky 和他的團隊做得非常出色，很明顯，客戶認識到 Tableau 在查看和理解 Customer 360 以及整個企業中的所有數據方面的價值。

And MuleSoft has continued to perform beyond expectations.

MuleSoft 的表現繼續超出預期。

It has become incredibly strategic to so many of our customers, and we're so thrilled with the progress of their team.

對於我們的許多客戶來說，它已經變得非常具有戰略意義，我們對他們團隊的進步感到非常興奮。

We've been leading innovation around CRM for more than 2 decades.

二十多年來，我們一直在圍繞 CRM 引領創新。

We started the company as a system of record.

我們將公司作為一個記錄系統成立。

We've evolved into a system of engagement and then a system of intelligence, and now we're pursuing a system that is a single source of truth.

我們已經演變成一個參與系統，然後是一個智能係統，現在我們正在追求一個單一事實來源的系統。

In fact, when you look at some of these incredible accomplishments, like Einstein, well, in Einstein in Q4, it powered more than 11 billion predictions per day, up 6 billion from just a year ago.

事實上，當你看到其中一些令人難以置信的成就時，比如愛因斯坦，嗯，在第四季度的愛因斯坦，它每天支持超過 110 億次預測，比一年前增加了 60 億次。

No other company is delivering this level of intelligence, and it's absolutely critical for us as we head to our own holy grail, the single source of truth for all of our customers, the knowledge of their customers, connecting with their customers in a whole new way.

沒有其他公司能夠提供這種水平的智能，這對我們來說絕對至關重要，因為我們正走向我們自己的聖杯，我們所有客戶的唯一真實來源，他們客戶的知識，以全新的方式與他們的客戶建立聯繫方法。

I'm also thrilled to share the news today that we signed a definitive agreement to acquire Vlocity.

我也很高興今天分享我們簽署了收購 Vlocity 的最終協議的消息。

Vlocity has been a phenomenal partner for the last 6 years, delivering industry-specific clouds and mobile app solutions for the world's top companies all built natively on the Salesforce platform.

在過去的 6 年中，Vlocity 一直是出色的合作夥伴，為全球頂級公司提供行業特定的雲和移動應用程序解決方案，這些公司都在 Salesforce 平台上本地構建。

And Vlocity and Salesforce have been closely connected with our values.

Vlocity 和 Salesforce 與我們的價值觀密切相關。

The company is committed to customer success and giving back through pledge 1% right from the very beginning.

公司從一開始就承諾通過承諾 1% 的回報來幫助客戶取得成功。

The work we've already done together with our customers has been extraordinary and with this acquisition, will be easier than ever for us to deliver powerful industry solutions to our customers by every vertical.

我們已經與客戶一起完成的工作非常出色，通過此次收購，我們將比以往更容易為每個垂直領域的客戶提供強大的行業解決方案。

And I'm absolutely looking forward to welcoming my old friend and the CEO of Vlocity, David Schmaier, and the entire velocity team to our ohana later this year.

我非常期待在今年晚些時候歡迎我的老朋友兼 Vlocity 的首席執行官 David Schmaier 以及整個速度團隊加入我們的 ohana。

I'm proud of what our ohana has accomplished in fiscal year '20 and over the last 21 years.

我為我們的 ohana 在 20 財年和過去 21 年所取得的成就感到自豪。

Salesforce is living proof that stakeholder capitalism works when we value all stakeholders.

當我們重視所有利益相關者時，Salesforce 就是利益相關者資本主義有效的活生生的證明。

Yes, we've delivered phenomenal returns for our shareholders, more than 4,000% since we went public in 2004, but we've also delivered fantastic returns for our stakeholders.

是的，自 2004 年上市以來，我們為股東帶來了驚人的回報，超過 4,000%，但我們也為利益相關者帶來了豐厚的回報。

$330 million in grants to worthy causes.

為有價值的事業提供 3.3 億美元的贈款。

Our employees have delivered 4.9 million hours of volunteerism.

我們的員工提供了 490 萬小時的志願服務。

46,000 nonprofits and NGOs use our software for free, and we're the #1 contributor to our local San Francisco and Oakland public schools as well as to the homelessness crisis right here in our native San Francisco.

46,000 家非營利組織和非政府組織免費使用我們的軟件，我們是舊金山和奧克蘭公立學校以及我們家鄉舊金山的無家可歸危機的第一貢獻者。

We have achieved net 0 gas emissions globally.

我們在全球實現了淨 0 氣體排放。

We've delivered a carbon-neutral cloud to our customers, and we're committing to reach 100% renewable energy for our global operations by 2022 because the planet is a stakeholder.

我們已經為我們的客戶提供了一個碳中和的雲，我們承諾到 2022 年為我們的全球業務實現 100% 的可再生能源，因為地球是一個利益相關者。

This is how we've grown from a pioneering idea to a company headed towards $35 billion in fiscal '24, known for our culture and committing to giving back at scale and executing on stakeholder capitalism.

這就是我們如何從一個開創性的想法成長為一家在 24 財年達到 350 億美元的公司，該公司以我們的文化而聞名，並致力於大規模回饋並執行利益相關者資本主義。

And it's why I so strongly believe that when we serve all stakeholders, business is the greatest platform for change.

這就是為什麼我如此堅信，當我們為所有利益相關者服務時，企業就是最大的變革平台。

Our commitment to all stakeholders is 1 of the reasons that Fortune has ranked Salesforce as 1 of its 100 companies -- 100 Best Companies to Work For, for the 12th year in a row.

我們對所有利益相關者的承諾是《財富》連續第 12 年將 Salesforce 列為其 100 家公司之一——100 家最適合工作的公司之一的原因之一。

We're also very proud that Fortune has named Salesforce as 1 of the Top 10 Most Admired Companies in the World and 1 of the Best Workplaces for Giving Back.

我們也很自豪《財富》雜誌將 Salesforce 評為全球十大最受尊敬的公司之一，以及最佳回饋工作場所之一。

And just this week, Ethisphere named Salesforce 1 of the most ethical companies for the 11th year.

就在本週，Ethisphere 連續第 11 年將 Salesforce 評為最具道德的公司之一。

And it's why, together with our partners and customers, we're creating millions of Salesforce-related jobs around the world.

這就是為什麼我們與我們的合作夥伴和客戶一起在全球創造數百萬個與 Salesforce 相關的工作崗位。

According to IDC, the Salesforce economy will add 4.2 million new jobs by 2025, impacting global GDP by over $1.2 trillion.

根據 IDC 的數據，到 2025 年，Salesforce 經濟將增加 420 萬個新工作崗位，對全球 GDP 的影響超過 1.2 萬億美元。

And this is what we mean when we say that business is the greatest platform for change, and that's why I've never been more excited about our opportunity ahead for Salesforce to deliver success to all of our stakeholders, including our shareholders.

這就是我們所說的業務是變革的最佳平台時的意思，這就是為什麼我從未對 Salesforce 為我們所有的利益相關者（包括我們的股東）帶來成功的機會感到無比興奮。

And I'm sitting here with Parker Harris, my Co-Founder and CTO.

我和我的聯合創始人兼首席技術官帕克哈里斯坐在這裡。

And on March 8, which is just 2 weeks from now, Salesforce will celebrate its 21st birthday.

3 月 8 日，也就是距現在僅 2 週的時間，Salesforce 將慶祝其 21 歲生日。

Is that right, Parker?

是嗎，帕克？

That's correct, Marc.

沒錯，馬克。

When we first showed up at 1449 Telegraph Hill Boulevard or was it Montgomery Street?

我們第一次出現在 1449 Telegraph Hill Boulevard 還是蒙哥馬利街？

It was Montgomery Street.

那是蒙哥馬利街。

Montgomery.

蒙哥馬利。

On Telegraph Hill and started Salesforce, and we're excited, Parker, to have you at the call today.

在 Telegraph Hill 並開始了 Salesforce，Parker，我們很高興今天有你參加電話會議。

Thank you for having me, Marc.

謝謝你邀請我，馬克。

And with that, we'll turn it over to Keith.

有了這個，我們將把它交給基思。

Thanks, Marc, and thank you very much for those kind words.

謝謝，馬克，非常感謝你的客氣話。

It's been my greatest honor to be part of Salesforce over the last 7 years.

在過去的 7 年裡，成為 Salesforce 的一員是我最大的榮幸。

When I first joined the company in 2013, we were generating $4 billion in revenue, amazingly about the same amount that we just delivered in this last quarter.

當我在 2013 年第一次加入公司時，我們創造了 40 億美元的收入，驚人地與我們在上個季度剛剛交付的收入相當。

And now we are a global enterprise company guiding to more than $21 billion in FY '21 with a focus on industries and speaking the language of the customer.

現在，我們是一家全球性企業公司，在 21 財年引導著超過 210 億美元的目標，專注於行業並使用客戶的語言。

We have the market's leading enterprise software ecosystem, and we are now the trusted adviser for digital transformation for CEOs all over the world.

我們擁有市場領先的企業軟件生態系統，我們現在是全球 CEO 值得信賴的數字化轉型顧問。

It's a tremendous accomplishment, but I'm ready to start a new chapter.

這是一項了不起的成就，但我已準備好開始新的篇章。

I'm very grateful to our employees, our customers, our partners and certainly, this community, our investors, and working side-by-side with you, Marc, as well the rest of this great management team has been one of the most fulfilling experiences of my career.

我非常感謝我們的員工、我們的客戶、我們的合作夥伴，當然還有這個社區、我們的投資者，並與你並肩工作，馬克，以及這個偉大的管理團隊的其他成員一直是最優秀的管理團隊之一我職業生涯的充實經歷。

I will be forever grateful for our friendship, so I appreciate that, and I'm very proud of the incredible growth trajectory the company is on.

我將永遠感激我們的友誼，所以我很感激，我為公司令人難以置信的增長軌跡感到非常自豪。

I'm excited that I'm going to be working together with Marc in my role as an adviser, so I'm grateful for that as well.

我很高興能以顧問的身份與 Marc 一起工作，所以我也很感激。

This quarter and year have really been a capstone of my time at Salesforce, and now I'd like to share some of the impressive highlights from the quarter.

本季度和本年確實是我在 Salesforce 工作的頂峰，現在我想分享本季度的一些令人印象深刻的亮點。

In Q4, we grew 32% in the Americas, 28% in APAC and 47% in EMEA in constant currency.

在第四季度，按固定匯率計算，我們在美洲增長了 32%，在亞太地區增長了 28%，在 EMEA 增長了 47%。

Now that includes our recent acquisitions.

現在這包括我們最近的收購。

And at the close of FY '20, the number of Salesforce customers spending $20 million annually grew 34%.

在 20 財年結束時，每年花費 2000 萬美元的 Salesforce 客戶數量增長了 34%。

Let me share a few key examples of the strategic relationships that we've been building with our customers in these markets and how we've become a trusted digital adviser across industries, geographies and segments.

讓我分享幾個關鍵示例，說明我們與這些市場的客戶建立的戰略關係，以及我們如何成為跨行業、地域和細分市場值得信賴的數字顧問。

Volkswagen Group, the #1 manufacturer of cars in the world is partnering with Salesforce to transform how they deliver personalized experiences to their dealers, employees and end consumers.

世界排名第一的汽車製造商大眾汽車集團正在與 Salesforce 合作，改變他們向經銷商、員工和最終消費者提供個性化體驗的方式。

Leveraging Salesforce, Volkswagen will have a 360-degree view across their 12 brands.

借助 Salesforce，大眾汽車將擁有 12 個品牌的 360 度全景視圖。

It's pretty incredible, a single source of truth for customer engagement.

這是非常令人難以置信的，是客戶參與的單一事實來源。

Transformation is also one of 3M's top strategic business priorities, and over the last several years, we've been partnering to transform how they serve their customers.

轉型也是 3M 的首要戰略業務重點之一，在過去幾年中，我們一直在合作改變他們為客戶服務的方式。

Part of that strategy, 3M significantly invested in our Customer 360 solutions in the fourth quarter to increase productivity, drive business growth and enhance the customer experience.

作為該戰略的一部分，3M 在第四季度對我們的 Customer 360 解決方案進行了大量投資，以提高生產力、推動業務增長並增強客戶體驗。

St.

英石。

James's Place, the U.K.'s largest wealth manager, also expanded its relationship with Salesforce significantly.

英國最大的財富管理公司 James's Place 也顯著擴大了與 Salesforce 的關係。

SJP is going wall to wall with Salesforce, leveraging Financial Services Cloud, Einstein Analytics, MuleSoft and more, all to transform how their advisers engage with clients.

SJP 將與 Salesforce 緊密合作，利用 Financial Services Cloud、Einstein Analytics、MuleSoft 等來改變他們的顧問與客戶互動的方式。

And many of our existing relationships in Europe deepened as well, including with Enel and adidas.

我們在歐洲的許多現有關係也得到了深化，包括與 Enel 和阿迪達斯的關係。

Now APAC.

現在亞太地區。

We had an outstanding quarter driven by remarkable growth in Japan, where we deepened our relationships with Toyota and Mizuho Financial Group.

在日本的顯著增長推動下，我們的季度表現出色，我們加深了與豐田和瑞穗金融集團的關係。

And we continue to strengthen our relationship with Telstra, Australia's largest telco.

我們繼續加強與澳大利亞最大的電信公司 Telstra 的關係。

In the fourth quarter, our industry vertical solutions continued to deliver tremendous value to customers, and as Marc said, Vlocity will be an incredible addition for building out the industry solution.

在第四季度，我們的行業垂直解決方案繼續為客戶帶來巨大價值，正如 Marc 所說，Vlocity 將成為構建行業解決方案的一個令人難以置信的補充。

So I think we're all very, very excited about that.

所以我認為我們都對此非常非常興奮。

In health care, Cerner chose Health Cloud to power their Client 360 project, and they're also partnering with us to sell Salesforce to their health care clients.

在醫療保健領域，Cerner 選擇 Health Cloud 為其 Client 360 項目提供支持，他們還與我們合作將 Salesforce 銷售給他們的醫療保健客戶。

Financial services also showed strong momentum in the quarter.

金融服務在本季度也表現出強勁勢頭。

Long-time customer Farmers Insurance added Financial Services Cloud and Einstein Analytics to empower their agents to deliver even more responsive and personalized experiences to their 15 million policyholders across the United States.

長期客戶 Farmers Insurance 添加了 Financial Services Cloud 和 Einstein Analytics，使他們的代理人能夠為他們在美國的 1500 萬保單持有人提供更具響應性和個性化的體驗。

We began a new relationship with Canadian Imperial Bank of Commerce, CIBC, and expanded with many of the top banks in the U.S. and around the world, including Goldman Sachs, Banco Bradesco, Banco Santander and ANZ Bank.

我們與加拿大帝國商業銀行 (CIBC) 建立了新的合作關係，並與美國和世界各地的許多頂級銀行進行了擴展，包括高盛、布拉德斯科銀行、桑坦德銀行和澳新銀行。

Deluxe went wall to wall with Salesforce to improve customer insight, ignite innovation and drive toward its goal of selling all products and services to all customers.

Deluxe 與 Salesforce 緊密合作，以提高客戶洞察力、激發創新並推動其向所有客戶銷售所有產品和服務的目標。

Deluxe is also partnering with Salesforce to offer Salesforce Essentials, the world's #1 CRM product purpose built for small businesses to its approximately 4.5 million customers.

Deluxe 還與 Salesforce 合作，向其約 450 萬客戶提供 Salesforce Essentials，這是專為小型企業打造的全球排名第一的 CRM 產品。

As we continue to highlight, our partners play a critical role in our customers' transformations and are investing more in Salesforce to drive their own growth.

正如我們繼續強調的那樣，我們的合作夥伴在我們客戶的轉型中發揮著關鍵作用，並且正在加大對 Salesforce 的投資以推動他們自己的增長。

In Q4, Deloitte expanded their use of Service Cloud and Sales Cloud and made new investments in Quip, Analytics, Einstein and My Trailhead.

在第四季度，德勤擴大了對 Service Cloud 和 Sales Cloud 的使用，並對 Quip、Analytics、Einstein 和 My Trailhead 進行了新的投資。

And our partner ecosystem continues to thrive.

我們的合作夥伴生態系統繼續蓬勃發展。

In Q4, the number of new partners with apps on the Salesforce AppExchange increased 45% year-over-year and app installs exceeded 7.5 million.

第四季度，在 Salesforce AppExchange 上擁有應用程序的新合作夥伴數量同比增長 45%，應用程序安裝量超過 750 萬。

As you know, in Q3, we concluded the largest acquisition in our history with Tableau.

如您所知，在第三季度，我們完成了對 Tableau 的歷史上最大的收購。

As Marc said, we're pleased with how well Tableau has performed over the year and certainly in Q4.

正如 Marc 所說，我們對 Tableau 一年來的表現以及第四季度的表現感到滿意。

Tableau had significant wins, including 3 of the world's biggest brands in the Internet and retail spaces, 2 of which are at the top of the Fortune 100.

Tableau 取得了重大勝利，其中包括 3 個世界上最大的互聯網和零售領域品牌，其中 2 個在財富 100 強中名列前茅。

And Toyota, Enel and Volkswagen all chose MuleSoft, by the way, in the quarter, to unlock data and accelerate their digital transformations.

順便說一句，豐田、Enel 和大眾汽車在本季度都選擇了 MuleSoft 來解鎖數據並加速他們的數字化轉型。

So in closing, it's been an incredible privilege to work with an amazing group of people here at Salesforce.

所以最後，在 Salesforce 與一群了不起的人一起工作是一種令人難以置信的榮幸。

It's an extraordinary, inspirational company that truly, truly lives its values more important in this world today than I think ever.

這是一家非凡的、鼓舞人心的公司，它在當今世界上真正地、真正地踐行其價值觀，比我想像的更重要。

And I have no doubt that Marc and this amazing Salesforce team will continue to deliver customer success and serve as a beacon of light and a leader in the industry.

我毫不懷疑，Marc 和這個了不起的 Salesforce 團隊將繼續為客戶帶來成功，並成為行業的燈塔和領導者。

So again, I want to thank our employees, our customers, our partners and certainly our investors for your support.

因此，我要再次感謝我們的員工、客戶、合作夥伴，當然還有我們的投資者的支持。

So with that, I'll turn the call over to Mark Hawkins.

因此，我將把電話轉給馬克霍金斯。

Well, great.

嗯，太好了。

Thank you, Keith.

謝謝你，基思。

And Keith, I can't thank you enough for your partnership, your leadership, your friendship and your support since I joined the company.

基思，自從我加入公司以來，我非常感謝你的合作、領導、友誼和支持。

Fiscal '20 was another important and busy year for Salesforce.

'20 財年對 Salesforce 來說是又一個重要而忙碌的一年。

We launched one of the most significant product initiatives in the company's history with Customer 360.

我們與 Customer 360 一起推出了公司歷史上最重要的產品計劃之一。

We acquired Tableau, the largest acquisition in our history, which enables our customers to see and understand data.

我們收購了 Tableau，這是我們歷史上最大的一筆收購，它使我們的客戶能夠查看和理解數據。

We welcomed Salesforce.org, expanding our vertical strategy.

我們歡迎 Salesforce.org，擴展我們的垂直戰略。

We unveiled and expanded several strategic partnerships, including AWS, Microsoft and Alibaba to better serve our customer.

我們推出並擴展了多個戰略合作夥伴關係，包括 AWS、微軟和阿里巴巴，以更好地服務於我們的客戶。

And we accomplished all this while sustaining organic top line growth and producing another year of strong financial performance driven by our values, our discipline and our focus.

我們完成了這一切，同時保持了有機頂線增長，並在我們的價值觀、紀律和專注的推動下又創造了強勁的財務業績。

Here are a few of the financial highlights for Q4 and fiscal '20.

以下是第四季度和 20 財年的一些財務亮點。

Q4 revenue grew 35% in dollars and 34% in constant currency.

第四季度收入以美元計算增長 35%，以固定貨幣計算增長 34%。

Excluding the impact of Tableau and Salesforce.org, Q4 revenue grew 22%.

排除 Tableau 和 Salesforce.org 的影響，第四季度的收入增長了 22%。

For all of fiscal '20, revenue grew 29% in dollars and 29% in constant currency.

在整個 20 財年，收入以美元計算增長了 29%，以固定貨幣計算增長了 29%。

Excluding the impact of Tableau and Salesforce.org, fiscal '20 revenue grew 23%.

排除 Tableau 和 Salesforce.org 的影響，20 財年的收入增長了 23%。

Q4 CRPO grew 26% in dollars and 27% in constant currency, and again, excluding the impact of Tableau and .org, Q4 CRPO grew 20%.

第 4 季度 CRPO 以美元計算增長 26%，按固定貨幣計算增長 27%，同樣，排除 Tableau 和 .org 的影響，第 4 季度 CRPO 增長 20%。

Our portfolio of industry-leading products continues to deliver strong year-over-year subscription and support revenue growth in Q4.

我們行業領先的產品組合繼續提供強勁的同比訂閱並支持第四季度的收入增長。

Sales Cloud grew 17% or approximately 14% excluding the contribution from Salesforce.org.

不包括 Salesforce.org 的貢獻，Sales Cloud 增長了 17% 或大約 14%。

This compares to a year-over-year growth rate of 11% in Q4 of last year.

相比之下，去年第四季度的同比增長率為 11%。

Service Cloud grew 26% or approximately 22%, excluding the contributions from ClickSoftware and Salesforce.org, and this compares to a year-over-year growth rate of 22% in Q4 of last year.

不包括 ClickSoftware 和 Salesforce.org 的貢獻，Service Cloud 增長了 26% 或約 22%，而去年第四季度的同比增長率為 22%。

Platform and other grew 74% or approximately 30%, excluding the contribution from Tableau and Salesforce.org, and this compares to a year-over-year growth rate of 54% in Q4.

不包括 Tableau 和 Salesforce.org 的貢獻，平台和其他方面增長了 74% 或約 30%，相比之下，第四季度的同比增長率為 54%。

Keep in mind, last year's results included revenue from the acquisition of MuleSoft.

請記住，去年的業績包括收購 MuleSoft 的收入。

And Marketing and Commerce Cloud grew 28% or approximately 24%, excluding the contributions from Salesforce.org.

營銷和商務雲增長了 28% 或大約 24%，不包括 Salesforce.org 的貢獻。

This compares to a year-over-year growth rate of 34% in Q4.

相比之下，第四季度的同比增長率為 34%。

Again, keep in mind the Marketing Cloud revenue benefited from the acquisition of Datorama.

同樣，請記住 Marketing Cloud 的收入得益於收購 Datorama。

So while M&A benefited the growth rates for each of the clouds year-over-year, our organic growth rate by cloud remains very strong and have even accelerated year-over-year in some cases.

因此，雖然併購使每個雲的增長率同比受益，但我們的云有機增長率仍然非常強勁，在某些情況下甚至同比加速。

Lower revenue attrition also continued to support our growth in Q4 and for the full fiscal year with dollar attrition continuing the downward trend we have seen for the last several quarters.

較低的收入流失也繼續支持我們在第四季度和整個財年的增長，美元流失繼續我們在過去幾個季度看到的下降趨勢。

And I'm very pleased to share that the revenue attrition for the year is now currently below 9%.

我很高興地告訴大家，今年的收入流失率目前低於 9%。

This is a historic low for Salesforce.

這是 Salesforce 的歷史低點。

This continuous improvement reflects the ongoing shift of our business mix to enterprise and the international markets, which inherently have longer contractual relationships and lower attrition rates.

這種持續改進反映了我們的業務組合正在向企業和國際市場轉變，這些市場本質上具有更長的合同關係和更低的流失率。

Turning to operating margin.

轉向營業利潤率。

Q4 non-GAAP operating margin was 15.4%, down 110 basis points year-over-year.

第四季度非美國通用會計準則營業利潤率為 15.4%，同比下降 110 個基點。

As discussed last year, our Q4 non-GAAP operating margin reflects the timing of Dreamforce in Q4 versus Q3 last year as well as the timing of integration and other investments in Tableau.

正如去年所討論的，我們的第四季度非公認會計原則營業利潤率反映了 Dreamforce 在第四季度與去年第三季度的時間以及對 Tableau 進行整合和其他投資的時間。

For the full year, we've delivered non-GAAP operating margin of 16.8%, down 24 basis points year-over-year but coming in higher than our expectation largely due to the overall revenue outperformance.

全年，我們的非美國通用會計準則營業利潤率為 16.8%，同比下降 24 個基點，但高於我們的預期，這主要是由於整體收入表現出色。

Excluding the impact from M&A, our organic non-GAAP operating margin is consistent with our initial guide from last year of approximately 125 to 150 basis points.

排除併購的影響，我們的有機非公認會計原則營業利潤率與我們去年的初步指導一致，約為 125 至 150 個基點。

Q4 GAAP loss per share was $0.28, and this loss was unfavorable compared to our expectation due to the incremental tax cost associated with the integration of acquired operations and assets.

第四季度 GAAP 每股虧損為 0.28 美元，由於與收購的業務和資產整合相關的增量稅收成本，這一虧損與我們的預期相比是不利的。

Q4 non-GAAP earnings per share was $0.66.

第四季度非公認會計原則每股收益為 0.66 美元。

Turning to cash flow.

轉向現金流。

We had a very strong cash collections in Q4, which drove operating cash flow of $1.6 billion, up 23% year-over-year.

我們在第四季度的現金收款非常強勁，這推動了 16 億美元的運營現金流，同比增長 23%。

For fiscal '20, we delivered $4.3 billion of operating cash flow, up 27% over last year.

20 財年，我們實現了 43 億美元的運營現金流，比去年增長了 27%。

CapEx for this year was $643 million.

今年的資本支出為 6.43 億美元。

We continue to see scale benefits from CapEx with CapEx as a percent of revenue now approximately 4%, and that's down from 4.5% of revenue last year.

我們繼續看到資本支出的規模效益，資本支出佔收入的百分比現在約為 4%，低於去年收入的 4.5%。

Free cash flow, defined as operating cash flow less CapEx, was $1.5 billion in Q4, up 29% over last year.

第四季度自由現金流（定義為經營現金流減去資本支出）為 15 億美元，比去年增長 29%。

And for fiscal year '20, free cash flow grew 32% year-over-year to $3.7 billion.

在 20 財年，自由現金流同比增長 32% 至 37 億美元。

Remaining performance obligation representing all future revenues under contract ended Q4 at $30.8 billion, up 20% year-over-year.

第四季度結束時，代表所有未來合同收入的剩餘履約義務為 308 億美元，同比增長 20%。

Current RPO, which is our business that is billed and unbilled and expected to be recognized as revenue in the next 12 months, was $15 billion, up 26% year-over-year with Tableau and Salesforce.org contributing approximately 6 points of growth to this amount.

當前的 RPO 是我們的計費和未計費業務，預計將在未來 12 個月內確認為收入，為 150 億美元，同比增長 26%，Tableau 和 Salesforce.org 貢獻了大約 6 個增長點這一數額。

Before I move on to guidance, as Marc described, we're excited to be expanding our industry offering with the acquisition of Vlocity.

正如 Marc 所描述的，在我繼續指導之前，我們很高興通過收購 Vlocity 來擴展我們的行業產品。

We are acquiring Vlocity for approximately $1.33 billion in cash net of Salesforce's ownership in the company.

我們將以大約 13.3 億美元的現金（扣除 Salesforce 在該公司的所有權）收購 Vlocity。

The transaction is expected to close during the fiscal second quarter, and we expect approximately $50 million in revenue contribution during fiscal '21.

該交易預計將在第二財季完成，我們預計在 21 財年的收入貢獻約為 5000 萬美元。

Additional details on the transaction can be found in our recently filed 8-K.

有關交易的更多詳細信息，請參閱我們最近提交的 8-K。

Now turning to guidance.

現在轉向指導。

As a result of our Q4 performance, we are pleased to raise our Q1 revenue guidance by $50 million to $4.875 billion to $4.885 billion or 30% to 31% growth year-over-year.

由於我們第四季度的表現，我們很高興將我們的第一季度收入指引提高 5000 萬美元至 48.75 億美元至 48.85 億美元，或同比增長 30% 至 31%。

We're also raising our fiscal '21 revenue guidance by $200 million to $21 billion to $21.1 billion or approximately 23% growth year-over-year.

我們還將 21 財年的收入指引提高了 2 億美元至 210 億美元至 211 億美元，或同比增長約 23%。

With the advantage of our predictable and recurring revenue model, along with our expanding product portfolio and increasing traction in enterprise and in our geographies, as Marc mentioned, we remain on track to deliver $34 billion to $35 billion in revenue in fiscal '24.

正如馬克所提到的，憑藉我們可預測和經常性收入模式的優勢，以及我們不斷擴大的產品組合以及在企業和地區的吸引力增加，我們仍有望在 24 財年實現 340 億至 350 億美元的收入。

This long-term target represents a 4-year CAGR of approximately 20% at the high end of the range and is consistent with the durable growth we've been delivering year after year.

這個長期目標代表了該範圍高端的 4 年復合年增長率約為 20%，並且與我們年復一年地實現的持久增長相一致。

For Q1, our fiscal '21, we expect to see CRPO growth of approximately 23% to 24% year-over-year.

對於我們的 21 財年第一季度，我們預計 CRPO 將同比增長約 23% 至 24%。

We expect to deliver fiscal '21 non-GAAP operating margin of 18.1%, which represents approximately 125 basis points of expansion year-over-year, driven by continued improvements in organic operating leverage, which is partially offset by the margin headwinds and tailwinds related to recent M&A.

我們預計將實現 18.1% 的 21 財年非公認會計原則營業利潤率，這代表著同比增長約 125 個基點，這是由有機經營槓桿的持續改善推動的，這部分被利潤率逆風和順風相關最近的併購。

We expect fiscal '21 operating cash flow growth of approximately 20% or better than $5.1 billion, which reflects continued strong cash generation, partially offset by the cash headwinds from the acquisition of Tableau.

我們預計 21 財年的運營現金流增長約 20% 或超過 51 億美元，這反映了持續強勁的現金生成，部分被收購 Tableau 帶來的現金逆風所抵消。

For fiscal '21, we anticipate CapEx to remain at approximately 4% of revenue.

對於 21 財年，我們預計資本支出將保持在收入的 4% 左右。

We expect fiscal '21 GAAP diluted EPS of $0.12 to $0.14 and non-GAAP diluted EPS of $3.16 to $3.18.

我們預計 21 財年 GAAP 攤薄後每股收益為 0.12 美元至 0.14 美元，非 GAAP 攤薄後每股收益為 3.16 美元至 3.18 美元。

Now our GAAP and our non-GAAP EPS assumes that OIE is a net expense of approximately $5 million for fiscal '21, and our non-GAAP tax rate of 22%, which is down approximately 50 basis points, primarily due to higher projected research and development credits.

現在，我們的 GAAP 和我們的非 GAAP 每股收益假設 OIE 是 21 財年約 500 萬美元的淨支出，我們的非 GAAP 稅率為 22%，下降了約 50 個基點，這主要是由於更高的預期研究和發展學分。

Please recall that our OIE and EPS guidance assumes no contribution from mark-to-market accounting as required by ASU 2016-01.

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。

And lastly, as a reminder, the full financial impact of Vlocity acquisition is factored into our guidance today.

最後，提醒一下，收購 Vlocity 的全部財務影響已納入我們今天的指導。

To close, we've delivered another year of strong financial performance, highlighted by organic durable top line growth and excellent cash flow generation.

結束時，我們又實現了強勁的財務業績，其中突出的是有機持久的收入增長和出色的現金流產生。

Further, in a year where we closed the largest acquisition in our history and further expanded our products and industry offerings, we are pleased with our ability to deliver a consistently reported non-GAAP operating margin percent.

此外，在我們完成歷史上最大的收購併進一步擴展我們的產品和行業產品的一年中，我們對我們能夠提供一致報告的非公認會計原則營業利潤率百分比感到高興。

This level of sustained and balanced growth at our scale is unprecedented in the enterprise software industry.

在我們的規模上，這種持續平衡的增長水平在企業軟件行業中是前所未有的。

Closing, I'd like to thank our employees, our customers, our partners and our community and our shareholders for their continued support.

最後，我要感謝我們的員工、客戶、合作夥伴、社區和股東的持續支持。

And with that, let's open up the call for questions.

有了這個，讓我們開始提問。

(Operator Instructions)

（操作員說明）

The first question is from Phil Winslow from Wells Fargo.

第一個問題來自富國銀行的菲爾溫斯洛。

Congrats on a great close of the year.

祝賀這一年的完美收官。

And Keith, I really enjoyed working with you.

基思，我真的很喜歡和你一起工作。

Looking forward to see where your path takes you.

期待看到你的道路帶你去哪裡。

Just wanted to focus in on the Sales Cloud.

只是想專注於銷售雲。

I mean you mentioned reacceleration in several clouds, and that's the one that really jumped out to us.

我的意思是你提到了幾朵雲中的再加速，那是我們真正跳出來的那一個。

We've seen in the past couple of quarters, 17% this quarter.

我們在過去幾個季度看到，本季度為 17%。

Can you double click on what's really driving that?

你能雙擊真正驅動它的原因嗎？

I mean that's the highest growth rate we've seen in Sales Cloud for 4 quarters now.

我的意思是，這是我們在 Sales Cloud 中看到的 4 個季度以來的最高增長率。

And also maybe talk about how Vlocity will figure into that, too.

也可能會談論 Vlocity 將如何解決這個問題。

Yes, sure.

是的，當然。

A couple of things.

有幾件事。

In terms of the Sales Cloud, the thing that I could tell you, one is that, of course, the acquisition of .org added a few growth points.

關於Sales Cloud，我可以告訴你的一點是，收購.org當然增加了一些增長點。

I think we said 4 growth points.

我想我們說的是4個增長點。

But if you think about 13% growth without that, it's a strong growth rate.

但如果你不考慮 13% 的增長，這是一個強勁的增長率。

We're very pleased about that.

我們對此感到非常高興。

I think one of the things that you see is the balance of our offering, the continued innovation, CPQ, AI.

我認為你看到的一件事是我們產品的平衡、持續的創新、CPQ、人工智能。

I think a number of factors have just made this a very, very welcome and competitive product.

我認為有很多因素使它成為一個非常非常受歡迎和有競爭力的產品。

I don't know, Bret, if you want to add some comments.

我不知道，布雷特，如果你想添加一些評論。

Yes, I also think it's really important to understand, well, Sales Cloud is a product that Parker and Marc created 21 years ago.

是的，我也認為了解 Sales Cloud 是 Parker 和 Marc 21 年前創建的產品非常重要。

We haven't stopped innovating.

我們並沒有停止創新。

So at Dreamforce, we announced major new capabilities like Einstein Call Coaching, which is leveraging the power of Einstein to enable inside sales teams to coach people to be as effective as the most effective account executives on the team.

因此，在 Dreamforce，我們宣布了重要的新功能，例如 Einstein Call Coaching，它利用 Einstein 的力量使內部銷售團隊能夠指導員工，使其與團隊中最有效的客戶主管一樣有效。

We've also continued a steady stream of new add-ons for customers of Sales Cloud, things like Salesforce Maps, which enables field sales; CPQ, which enables quote to cash; PRM, which enables you to extend your sales process to your ecosystem of partners; and I would say, perhaps most importantly, Salesforce Essentials, which is really packaging all of this up and bringing it into really easy-to-digest, easy-to-deploy solution for small businesses as well.

我們還繼續為 Sales Cloud 的客戶提供源源不斷的新插件，例如支持現場銷售的 Salesforce Maps； CPQ，使報價變為現金； PRM，使您能夠將銷售流程擴展到您的合作夥伴生態系統；我想說的是，也許最重要的是 Salesforce Essentials，它確實將所有這些打包起來，並將其引入到非常易於消化、易於部署的小型企業解決方案中。

So I think that we're really focused on innovation and making sure we have a steady new stream of innovation to bring to our customers in our flagship and namesake product.

因此，我認為我們真正專注於創新，並確保我們擁有穩定的新創新流，以我們的旗艦產品和同名產品帶給我們的客戶。

The next question is from Heather Bellini from Goldman Sachs.

下一個問題來自高盛的 Heather Bellini。

Great.

偉大的。

I was wondering -- and Keith, best wishes in your next endeavors.

我想知道——還有基思，祝你接下來的努力。

But I was wondering, Marc, if you could share with us a little bit of the initial feedback on Tableau from customers.

但我想知道，Marc，您能否與我們分享一些客戶對 Tableau 的初步反饋。

Has there been anything that surprised you in terms of how customers are leveraging it?

在客戶如何利用它方面，有什麼讓您感到驚訝的事情嗎？

And I'm also wondering to the extent you are seeing people who are obviously running it on-premise, to the extent you're starting to hear customers talk about being able to leverage that data that's on-premise and bring it into your various cloud offerings.

而且我還想知道您看到的人顯然是在內部運行它的程度，在某種程度上您開始聽到客戶談論能夠利用內部部署的數據並將其帶入您的各種雲產品。

Well, thanks, Heather, for that.

好吧，謝謝，希瑟，為此。

I think there's probably 3 things that have really been the big surprises with Tableau.

我認為 Tableau 可能有 3 件事真正讓我們大吃一驚。

The first is just I think I've mentioned this before on public.tableau.com.

第一個是我想我之前在 public.tableau.com 上提到過這個。

If you haven't seen that site or been on there to see the incredible level of innovation of -- and size and scale of their community, that has been -- continues to be a surprise.

如果你還沒有看過那個網站或者沒有去過那裡看到令人難以置信的創新水平——以及他們社區的規模和規模——仍然是一個驚喜。

It's inspiring for us, certainly, when we built our own AppExchange and our own community of trailblazers.

當然，當我們建立自己的 AppExchange 和我們自己的開拓者社區時，這對我們來說是鼓舞人心的。

I think they kind of got us beat a little bit in terms of what they've been able to do.

我認為就他們能夠做到的事情而言，他們讓我們略勝一籌。

Now they haven't -- they -- I think there's another opportunity for them to monetize that in a more aggressive way to build ISVs there.

現在他們還沒有——他們——我認為他們還有另一個機會以更積極的方式將其貨幣化，在那裡建立獨立軟件開發商。

I think maybe we have that part figured out, so I've been encouraging them there to take that next step.

我想也許我們已經弄清楚了那部分，所以我一直在鼓勵他們採取下一步行動。

I just was up there, amazing company.

我剛剛在上面，很棒的公司。

Two, the CEO is awesome, and we're thrilled to have Adam as part of the team.

第二，CEO 很棒，我們很高興 Adam 成為團隊的一員。

And he has fit right in, kind of like our lost cousin from the northwest that we have now reassembled into the family, so that's very exciting to have him.

而且他很適合，有點像我們現在已經重新組裝到這個家庭中的西北失去的表弟，所以擁有他非常令人興奮。

And three, I would say that from a customer perspective, I have never had so many customers come to me on an acquisition and immediately tell me that they want to go enterprise-wide with it.

第三，我想說的是，從客戶的角度來看，我從來沒有有這麼多客戶來找我進行收購併立即告訴我他們想在整個企業範圍內進行收購。

This was slowed down a little bit last year because, as you know, the integration was a little bumpy.

這在去年有所放緩，因為如您所知，集成有點顛簸。

But as we now get into our new fiscal year, the way that we have architected our distribution organizations and compensation plans is to give as much throughput.

但隨著我們現在進入新的財政年度，我們構建分銷組織和薪酬計劃的方式是提供盡可能多的吞吐量。

And I was going to say velocity, but I have to pick another word.

我要說速度，但我必須選擇另一個詞。

I have -- and as much acceleration as possible because I think every customer already loves Tableau.

我有 - 並且盡可能加快速度，因為我認為每個客戶都已經喜歡 Tableau。

We just had our company kickoff here last week, 2 weeks ago.

上週，兩週前，我們剛剛在這裡舉行了公司啟動儀式。

And we had a customer come from a large financial services firm to speak to our employees to inspire them, and the customer spoke about how they've always loved Salesforce, but they secretly never told us that they also loved Tableau so much.

我們有一位來自一家大型金融服務公司的客戶與我們的員工交談以激勵他們，客戶談到他們一直很喜歡 Salesforce，但他們從不偷偷告訴我們他們也非常喜歡 Tableau。

And that was very cool and something that we've heard a lot.

這非常酷，我們聽過很多。

So I hope that kind of informs you how excited we are about Tableau.

所以我希望這能告訴您我們對 Tableau 有多麼興奮。

The next question is from Keith Weiss from Morgan Stanley.

下一個問題來自摩根士丹利的 Keith Weiss。

Keith, it's been a pleasure working with you and definitely leaving on a high note after this Q4, which definitely seemed very strong.

基思，很高興與您合作，並且在第四季度之後肯定會以高調離開，這絕對看起來非常強大。

Two questions, one, in terms of kind of the strength in the overall business.

兩個問題，一個是整體業務的實力。

Given kind of what we've been seeing over the past couple of days in the stock market and with the coronavirus, any indication that that's impacting demand at all for Salesforce heading into your guys' FY '21?

鑑於我們過去幾天在股市和冠狀病毒中所看到的情況，是否有跡象表明這會影響 Salesforce 進入你們 21 財年的需求？

Then the second question maybe for Mr. Benioff.

那麼第二個問題可能是針對貝尼奧夫先生的。

With Keith leaving, is there any changes you have to make to -- on the leadership structure or anything that you have to do in terms of bringing in new management to fill in for the functionality that you could bring in the role?

隨著 Keith 的離開，您是否需要對領導結構進行任何更改，或者在引入新的管理人員來填補您可以擔任該職位的功能方面您必須做的任何事情？

So Keith, thanks for the kind words.

所以基思，謝謝你的好話。

I'll address the first part, and obviously, Marc can talk about the second one.

我將討論第一部分，顯然，Marc 可以討論第二部分。

Look, I think the numbers kind of speak for themselves, and I would say that the setup -- the company is clearly executing and set up for success and scaling at a great pace, so I think the future is very, very bright.

看，我認為數字本身就說明了一切，我想說的是，公司顯然正在執行和設置，以取得成功和以極快的速度擴展，所以我認為未來非常非常光明。

As they say in Washington, D.C., the state of the union is strong, so I think we all feel very, very confident about that.

正如他們在華盛頓特區所說的那樣，國情是強大的，所以我認為我們都對此感到非常非常有信心。

With respect to the coronavirus, I'm sure Marc will have some comments on that, but it's not affecting us right now.

關于冠狀病毒，我相信 Marc 會對此發表一些評論，但它現在不會影響我們。

Certainly, we're concerned.

當然，我們很擔心。

We're watching to see what happens here.

我們正在觀察這裡會發生什麼。

And we're empathetic to those who it is affecting.

我們對那些受到影響的人表示同情。

But overall, I think we are -- the company is in a terrific spot, and I think we're all proud of the results here.

但總的來說，我認為我們是——公司處於一個了不起的位置，我認為我們都為這裡的結果感到自豪。

Well, number one, I think all of our hearts go out to all of the families around the world who have been impacted by the coronavirus and certainly, the world governments and their impact to contain what is possibly going to be a serious pandemic.

好吧，第一，我認為我們所有的心都與世界上所有受到冠狀病毒影響的家庭同在，當然，世界各國政府及其對遏制可能會成為嚴重流行病的影響。

So we have been listening and paying attention closely to what's been happening around the world.

因此，我們一直在傾聽並密切關注世界各地正在發生的事情。

Certainly, we've had a number of customers come to us just in our normal course of business and talk to us about how their businesses have been impacted.

當然，我們有很多客戶只是在我們正常的業務過程中來找我們，並與我們討論他們的業務如何受到影響。

Those have been mostly limited to airlines and hospitality companies, companies who have their operations primarily in China or who have significant supply chains based in China.

這些主要限於航空公司和酒店公司、主要在中國開展業務或在中國擁有重要供應鏈的公司。

I think that when we've looked at architecting Salesforce over the last 21 years and as we've looked at navigating the economic crises that we've been through before, we've been through 2 serious recessions.

我認為，當我們在過去 21 年中審視構建 Salesforce 並審視我們之前經歷過的經濟危機時，我們經歷了兩次嚴重的衰退。

Now as we look at navigating a biological crisis -- when we started Salesforce, Parker and I really built a business model that was designed to transcend these situations so that we would have durable growth over time regardless of the crises.

現在，當我們著眼於應對生物危機時——當我們創辦 Salesforce 時，帕克和我真的建立了一個旨在超越這些情況的商業模式，以便我們能夠隨著時間的推移而持續增長，而不管危機如何。

I think that really played out in a surprising way with a level of strength in 2009, '10 and '11 financial crisis that if you look at our revenue curves, it looks like it never happened because whether our bookings are up or down 1 quarter or the next, the strength of our revenue model and the resulting cash flow and commitment we've had to incremental operating margin over 21 years has really paid out to have a level of durable capability for the company that I think has been unprecedented in the technology industry and given our investors, the returns that have been so strong for them and something that we're very committed to continuing to do more than I think Mark will know, 93%, 92%.

我認為這在 2009 年、10 年和 11 年的金融危機中以一種令人驚訝的方式表現出來，如果你看看我們的收入曲線，它似乎從未發生過，因為無論我們的預訂量在 1 個季度是上升還是下降或者接下來，我們的收入模式的實力以及由此產生的現金流和我們必須在 21 年中增加營業利潤率的承諾已經真正為公司提供了一定程度的持久能力，我認為這是前所未有的科技行業，考慮到我們的投資者，對他們來說如此強勁的回報，以及我們非常致力於繼續做的事情，我認為馬克會知道，93%，92%。

What is it?

它是什麼？

Yes.

是的。

That's right.

這是正確的。

It's 93% of our...

這是我們93%的...

93% of our revenue is deferred, so that just gives us tremendous visibility into the future.

我們 93% 的收入是遞延的，這讓我們對未來有了巨大的了解。

And this is a key architecture of our accounting and of our company corporation and how -- and our relationships with our customers, especially our deep contractual multi-year relationships with our customers.

這是我們會計和我們公司的關鍵架構，以及我們與客戶的關係，尤其是我們與客戶的多年合同關係。

I think I mentioned how grateful I am to Keith and how delighted I am in his decision to move on to a new chapter, and I will deeply partner with him and making that successful for Salesforce and for him.

我想我提到了我對基思的感激之情，以及我對他決定進入新篇章的決定感到多麼高興，我將與他深入合作，為 Salesforce 和他取得成功。

And when I look around this management table here in this room, I'll tell you that I'm also very inspired by our team.

當我環顧這個房間裡的這張管理表時，我會告訴你，我也很受我們團隊的啟發。

Of course, Parker, who's been by my side for 21 years, could not have done this without him.

當然，陪伴我21年的帕克，如果沒有他，是不可能做到這一點的。

We also have our Chief Operating Officer, Bret Taylor, who many of you know, with his tremendous lineage at -- including Facebook and Google and his own private companies.

我們還有我們的首席運營官布雷特·泰勒（Bret Taylor），你們中的許多人都認識他，他在 Facebook 和谷歌以及他自己的私人公司擁有巨大的血統。

Our Chief Legal Officer, Amy Weaver, is probably one of the finest executives who I've had the opportunity to work with; and our CFO, Mark Hawkins, who just hit me on the side of my shoulder to make sure I didn't forget about him.

我們的首席法務官 Amy Weaver 可能是我有機會共事過的最優秀的高管之一；還有我們的首席財務官馬克霍金斯，他只是拍了拍我的肩膀，以確保我沒有忘記他。

Well, thanks, Marc.

嗯，謝謝，馬克。

But I also want to mention that there's 2 people who are around the management table who are public company CEOs as well who aren't currently with us because they're traveling.

但我還想提一下，管理層中有兩個人是上市公司的首席執行官，他們目前不在我們身邊，因為他們正在旅行。

One is Adam Selipsky, who's the CEO of Tableau, who is an incredible part of our management team and has provided unbelievable value in the short time he's been here.

其中一位是 Tableau 的首席執行官 Adam Selipsky，他是我們管理團隊中不可多得的一員，在他來這裡的短時間內就提供了令人難以置信的價值。

And a new addition, who's been with us as our Chairman of Europe but who has now become our President and CEO of International, could not be more excited to welcome Gavin Patterson, who was the Chief Executive Officer of BT, headquartered in London.

還有一位新加入的人，他曾擔任我們的歐洲主席，但現在已成為我們的國際總裁兼首席執行官，他非常高興地歡迎總部位於倫敦的英國電信首席執行官 Gavin Patterson。

And when you look at our total management team that Keith and I have built together, that you have to be awfully proud of this group, and I think it is the finest management team in the software technology industry, maybe any industry, but also our Board of Directors is part of that.

當你看到我和 Keith 共同建立的我們的整個管理團隊時，你必須為這個團隊感到非常自豪，我認為它是軟件技術行業中最優秀的管理團隊，也許是任何行業，但也是我們的董事會是其中的一部分。

I'll tell you, they are phenomenal and our management team that doesn't include the people that I mentioned.

我會告訴你，他們是非凡的，我們的管理團隊不包括我提到的那些人。

We have so many amazing executives.

我們有很多了不起的高管。

I could go on and on.

我可以繼續下去。

And they would love me to by the way.

順便說一句，他們會喜歡我的。

So I hope that answers the question.

所以我希望這能回答這個問題。

And I also want to just say (foreign language) Keith, which in Hawaii, we say to good friends because we know we will see them soon.

我還想說（外語）基思，在夏威夷，我們對好朋友說，因為我們知道我們很快就會見到他們。

Thank you, Marc.

謝謝你，馬克。

The next question is from Raimo Lenschow from Barclays.

下一個問題來自巴克萊銀行的 Raimo Lenschow。

Keith, all the best from me as well.

基思，我也祝你好運。

I wanted to double click on the vertical and progress you made this year.

我想雙擊你今年取得的垂直和進展。

Vlocity is obviously helping, and maybe you can double click on that a little bit as well.

Vlocity 顯然有幫助，也許你也可以雙擊它。

But like can you speak to what you saw in the verticals this quarter?

但是，您能談談您在本季度在垂直領域看到的情況嗎？

Well, I think you know it's always been a passion of mine and certainly of Marc's that we had a huge focus on speaking the language of the customer and the importance of industries.

好吧，我想你知道這一直是我的熱情，當然也是 Marc 的熱情所在，我們非常注重講客戶的語言和行業的重要性。

Approximately 3 years ago, we launched some incredible innovation with Financial Services Cloud as well as our Health Cloud.

大約 3 年前，我們通過 Financial Services Cloud 和 Health Cloud 推出了一些令人難以置信的創新。

And we had some amazing wins in the quarter associated with both of those.

我們在與這兩者相關的季度中取得了一些驚人的勝利。

Now when you think about the capability of Vlocity and what Vlocity brings to the table, I mean this is an organization of people who've been in the industry for a long time.

現在，當您考慮 Vlocity 的能力以及 Vlocity 帶來的影響時，我的意思是這是一個由在該行業工作了很長時間的人組成的組織。

Marc mentioned David Schmaier.

馬克提到了大衛·施邁爾。

They have deep, deep, deep industry and domain expertise.

他們擁有深厚、深厚、深厚的行業和領域專業知識。

So this will really strengthen and accelerate and broaden the capabilities that Salesforce has in the verticals.

因此，這將真正加強、加速和擴大 Salesforce 在垂直領域的能力。

And when you really think about speaking the language of the customers and the importance of these verticals, this is where you start getting into running the mission-critical processes of a company.

當你真正考慮到客戶的語言和這些垂直領域的重要性時，這就是你開始運行公司的關鍵任務流程的地方。

And as great as our strategic relationships have been, this will further deepen them.

儘管我們的戰略關係一直很好，但這將進一步加深它們。

So I think it's an incredible acquisition.

所以我認為這是一次不可思議的收購。

I think it's going to be a huge add to the company.

我認為這將對公司產生巨大的影響。

There's no question that our joint customers pre-acquisition view this as very, very close partners.

毫無疑問，我們的聯合客戶預收購認為這是非常非常密切的合作夥伴。

So I'm very, very optimistic about the impact that Vlocity will have on the company.

所以我對 Vlocity 對公司的影響非常非常樂觀。

Yes.

是的。

And let me -- I'll just double down on that by -- I don't double click because I use a phone, so I don't know what to say exactly or how -- am I supposed to touch or double touch or -- but I think Keith has really inspired us to be much more committed to verticals and vertical solutions than ever before.

讓我--我會加倍強調--我不雙擊因為我使用電話，所以我不知道確切地說什麼或如何--我應該觸摸還是雙擊或者——但我認為 Keith 確實激勵我們比以往任何時候都更加致力於垂直和垂直解決方案。

He's going to be a huge part of the legacy here.

他將成為這裡遺產的重要組成部分。

And of course, you know about our Financial Services Cloud and our Health Care Cloud, our focus on the government, our vertical solutions team, which is also based in Seattle near our Tableau headquarters.

當然，您還了解我們的金融服務雲和醫療保健雲、我們對政府的關注、我們的垂直解決方案團隊，該團隊也位於西雅圖，靠近 Tableau 總部。

And now with Vlocity, well, many of these executives we have worked with and worked together with for maybe 30 years or more, we know them extremely well.

現在有了 Vlocity，好吧，我們已經與這些高管一起工作了 30 年或更長時間，我們非常了解他們。

We were

我們曾經

(technical difficulty)

（技術難度）

with us to create this company.

與我們一起創建這家公司。

I'm especially excited that David Schmaier is coming into Salesforce.

我對 David Schmaier 加入 Salesforce 感到特別興奮。

He's one of the finest executives who I've worked with, and I couldn't be more excited about amplifying the vertical strategy with them.

他是我共事過的最優秀的高管之一，我對與他們一起擴大垂直戰略感到非常興奮。

And I'm sure we'll have many more things that we'll be ready to announce that have honestly been inspired by Keith's tremendous vision and passion towards taking our incredible platform but delivering it by industry and also, as Keith said so well, in the language of our customers, which is something he's just done a beautiful job executing in the company.

我敢肯定，我們將準備好宣布更多的事情，這些事情確實受到了 Keith 的巨大願景和熱情的啟發，他對利用我們令人難以置信的平台但通過行業來提供它，而且正如 Keith 所說的那樣，用我們客戶的語言，這是他剛剛在公司執行的出色工作。

The next question is from Kash Rangan from Bank of America.

下一個問題來自美國銀行的 Kash Rangan。

Congratulations, Keith, on a tremendous chapter in your journey at Salesforce.

恭喜 Keith，您在 Salesforce 的旅程中翻開了巨大的篇章。

Marc, I have a question for you.

馬克，我有一個問題要問你。

This is obviously a really big step, and given that Keith's been running some critical functions in the company, go to market, sure, Keith was working on some $10-plus million, $100-plus million deals, and I'm curious to get your thoughts, Marc, on how you're going to be managing the transition risk with the quarterly execution going forward in the next couple of quarters, granted that Keith's staying on in an advisory capacity, but clearly, a lot has changed the last 4 years since he took over that critical function.

這顯然是一大步，鑑於 Keith 一直在公司中運行一些關鍵職能，進入市場，當然，Keith 正在處理大約 10 多萬美元，100 多萬美元的交易，我很想得到馬克，你的想法是，你將如何在接下來幾個季度的季度執行中管理過渡風險，考慮到基思繼續擔任顧問職務，但很明顯，過去 4 年發生了很多變化自從他接任這一關鍵職能以來已有多年。

And I would assume that you will be bringing onboard somebody and doing that part of the job yourself in the interim, but please help me out with those assumptions and much appreciate your response.

我會假設您將在此期間將某人帶入並自己完成這部分工作，但請幫助我解決這些假設，並非常感謝您的回复。

Well, I think that Keith would be the first to say that he has built a world-class distribution team that goes across the world.

好吧，我認為基思會是第一個說他已經建立了一個世界級的分銷團隊，遍布全球的人。

When we promoted Keith to Co-CEO, one of the things that he said to me is he wanted to get out of the business of running the Salesforce.

當我們將 Keith 提升為聯席 CEO 時，他對我說的其中一件事是他想擺脫 Salesforce 的經營。

That's been something that we've worked to do.

這是我們一直在努力做的事情。

Through that, we have built an incredible distribution management team with some of the best executives in the world who are go-to-market.

通過這種方式，我們建立了一支令人難以置信的分銷管理團隊，其中包括一些世界上最優秀的進入市場的高管。

And I don't think you're going to find a better team who can execute on that in the same way that we have a great technology team.

而且我不認為你會找到一個更好的團隊來執行它，就像我們擁有一個偉大的技術團隊一樣。

The other half of any software company is the distribution team.

任何軟件公司的另一半是發行團隊。

I would give both teams A+, and I couldn't be more excited about their capability to go forward and execute our business plan.

我會給兩個團隊 A+，我對他們推進和執行我們的業務計劃的能力感到非常興奮。

Yes, Marc, I would just add, Kash, the -- we all work hard here but we all work hard as an executive team and a management team.

是的，馬克，我只想補充一點，卡什，我們都在這裡努力工作，但我們都作為執行團隊和管理團隊努力工作。

And sitting around this table, one of the things that I think everybody would say is that we all care about our customers and everybody sells.

坐在這張桌子旁，我想每個人都會說的一件事是，我們都關心我們的客戶，每個人都在銷售。

It's not just one person.

這不僅僅是一個人。

And I've been around a lot of go-to-market teams, as you know, and there's no question, this is the finest one in the industry.

正如你所知，我和很多上市團隊一起工作，毫無疑問，這是業內最好的團隊。

It's certainly the finest one I've ever seen.

這當然是我見過的最好的。

So I think what I believe is that we've got a team that is clearly executing in Q4 and ready to execute in Q1 and beyond.

所以我認為我相信我們的團隊在第四季度明顯執行並準備在第一季度及以後執行。

And it's enormously talented and motivated.

它非常有才華和動力。

So this is not about one person.

所以這不是關於一個人的。

This is about a machine and a culture that was launched by Marc and Parker nearly 21 years ago, and I'm very confident in their ability to continue this going.

這是關於 Marc 和 Parker 近 21 年前推出的機器和文化，我對他們繼續這種發展的能力充滿信心。

The next question is from Brad Zelnick from Crédit Suisse.

下一個問題來自瑞士信貸的 Brad Zelnick。

Keith, congrats on another phenomenal run.

基思，恭喜你又一次取得了驚人的成績。

I truly wish you the best in the next chapter, and we look forward to learning more when you're ready to share that with us.

我真誠地祝愿您在下一章中一切順利，當您準備好與我們分享時，我們期待著了解更多。

But my question is for Marc Benioff.

但我的問題是針對馬克·貝尼奧夫的。

It's a bigger picture question.

這是一個更大的問題。

Marc, I believe Salesforce is 21 years old this month if I've got my math right.

馬克，如果我的數學正確的話，我相信 Salesforce 這個月已經 21 歲了。

And to the notion that people overestimate what can be accomplished in the near term and underestimate the long term, what are your greatest surprises relative to what you set out to do 21 years ago?

對於人們高估短期內可以完成的事情而低估長期的想法，相對於您 21 年前的目標，您最大的驚喜是什麼？

And as you look forward, what do you think Salesforce can accomplish in the next 20 years?

展望未來，您認為 Salesforce 在未來 20 年可以完成什麼？

(inaudible) I was just going to say as a platform for change, what's the greatest impact you can hope to achieve in the next couple of decades?

（聽不清）我只是想說作為一個變革平台，你希望在未來幾十年內實現的最大影響是什麼？

Well, I'm going to turn that over to Parker Harris, my co-founder, because he's been a huge influence on our leadership, and I don't think he's been on an earnings call before and excited that he's in the room, and I feel like I need to ask him.

好吧，我將把它交給我的聯合創始人帕克哈里斯，因為他對我們的領導層產生了巨大的影響，而且我認為他之前沒有參加過財報電話會議並為他在房間裡感到興奮，我覺得我需要問他。

Parker, what does the future hold?

帕克，未來會怎樣？

Well, I think one of the questions was what's the biggest surprise.

好吧，我認為其中一個問題是最大的驚喜是什麼。

I think 1 of the biggest surprises when Marc and I started Salesforce, there was 1 definition of CRM 21 years ago, and that definition has evolved over the past 2-plus decades.

我認為當 Marc 和我創辦 Salesforce 時，最大的驚喜之一是 21 年前 CRM 有一個定義，並且該定義在過去 2 多年中不斷演變。

And it's been driven by the Fourth Industrial Revolution in terms of all these new technologies, and we continue to strive to stay ahead of that trend, both with our organic innovation as well as with the incredible acquisitions that we've done to create the Customer 360 and a single source of truth.

就所有這些新技術而言，它受到第四次工業革命的推動，我們將繼續努力保持領先於這一趨勢，無論是通過我們的有機創新，還是通過我們為創造客戶所做的令人難以置信的收購360 度和單一的事實來源。

It's been our mission our entire career so far, and we will continue on going forward.

到目前為止，這是我們整個職業生涯的使命，我們將繼續前進。

I'll pass it back to Marc in terms of the impact that Salesforce as a company can have on changing the world.

關於 Salesforce 作為一家公司對改變世界的影響，我將把它轉回給 Marc。

I'm so proud of Marc personally at Davos this year and watching the story of the Trillion Trees project and the impact that we can have on the globe and what a huge vision that is.

我為 Marc 今年在達沃斯親眼目睹了 Trillion Trees 項目的故事以及我們可以對全球產生的影響以及這是多麼巨大的願景感到非常自豪。

And a lot of that is thanks to my co-founder, Marc.

這在很大程度上要歸功於我的聯合創始人 Marc。

Well, Parker, I couldn't be more grateful to you.

好吧，帕克，我對你感激不盡。

You've been a great co-founder and have been there every step of the way.

您一直是一位出色的聯合創始人，並且一路走來。

I think that probably for both of us, we had 3 visions when we started the company: One was a new technology model, which -- the cloud that has become mainstream; One was new business model, which was selling software as a subscription; and the third was a new philanthropic model, which was our 1-1-1 model, which has evolved into our deep beliefs in stakeholder capitalism, our core values of trust and customer success and innovation and equality, our dream that the work that we do at Salesforce is repeated in values and ethics and other companies that we inspire other companies also to improve the state of the world.

我認為，對於我們倆來說，我們在創辦公司時可能有 3 個願景：一個是一種新技術模型，它 - 雲已經成為主流；一種是新的商業模式，即以訂閱的形式銷售軟件；第三個是一種新的慈善模式，也就是我們的 1-1-1 模式，它已經演變成我們對利益相關者資本主義的深刻信念，我們信任和客戶成功以及創新和平等的核心價值觀，我們的夢想是我們所做的工作在 Salesforce 做的事情在價值觀和道德規範以及其他公司中得到重複，我們激勵其他公司也改善世界狀況。

Those are all very important parts of Salesforce.

這些都是 Salesforce 非常重要的部分。

You mentioned visions like 1 trillion trees, where we hope to sequester 208 gigatons of carbon over the next decade, where we've partnered with several governments, including the European governments, the U.S. government, Chinese government, Colombian government and others.

你提到了像 1 萬億棵樹這樣的願景，我們希望在未來十年內封存 208 千兆噸的碳，我們已經與多個政府合作，包括歐洲政府、美國政府、中國政府、哥倫比亞政府等。

These things are extremely important to us.

這些東西對我們來說非常重要。

We are in a planetary emergency.

我們正處於地球緊急狀態。

We need to be taking care of our environment.

我們需要愛護我們的環境。

We all need to be focused on becoming net 0 as companies and organizations, which Salesforce is.

作為公司和組織，我們都需要專注於成為淨 0，Salesforce 就是這樣。

We all need to focus on sequestering the 280 gigatons of carbon that have been emitted into the atmosphere since 1750.

我們都需要集中精力封存自 1750 年以來排放到大氣中的 280 千兆噸碳。

We need to get all the plastic out of the ocean between -- before 2050, where there'll be more plastic than fish.

我們需要在 2050 年之前從海洋中清除所有塑料，屆時塑料將比魚還多。

These are important visions for the environment.

這些都是對環境的重要願景。

We need to show how companies can unleash their good, like we talked about in the script, whether it's volunteerism or grants or working with schools or whether it's gender equality, where we're deeply committed to paying men and women equally for equal work that we believe in the equality of every human being and that we can be an example of a company at scale on how to bring our values to the world, and we can work with governments of all types.

我們需要展示公司如何釋放他們的好處，就像我們在劇本中談到的那樣，無論是志願服務、贈款還是與學校合作，或者是性別平等，我們都堅定地致力於為男女平等工作我們相信每個人都是平等的，我們可以成為如何將我們的價值觀帶給世界的大規模公司的榜樣，我們可以與各種政府合作。

We can work with companies.

我們可以與公司合作。

And that's the mission that we have as a management team, as an executive team, that we want to build -- be a company that builds great products, which Parker has done, but also be ethical in our behavior and realize the power that has given us as a company as great and that we need to do that.

這就是我們作為管理團隊和執行團隊的使命，我們想要建立——成為一家製造偉大產品的公司，帕克已經做到了，但我們的行為也要符合道德，並實現我們所擁有的力量給我們作為一家偉大的公司，我們需要這樣做。

I think that we have the opportunity to work with now so many chief executives all over the world.

我認為我們現在有機會與世界各地如此多的首席執行官合作。

Keith mentioned a deal that we did this quarter, Volkswagen.

基思提到了我們本季度完成的一項交易，大眾汽車。

And Brad and I met with Dr. Diess, the CEO of Volkswagen, as we're getting ready to close the deal at the World Economic Forum in Davos.

布拉德和我會見了大眾汽車公司的首席執行官迪斯博士，因為我們正準備在達沃斯世界經濟論壇上完成交易。

These are important partnerships that we have to influence other companies, not just Volkswagen but the hundreds of other companies that we met, for example, in Davos, sort of that we'll meet this quarter all over the world.

這些是我們必須影響其他公司的重要合作夥伴關係，不僅是大眾汽車，還有我們遇到的數百家其他公司，例如在達沃斯，我們將在本季度在世界各地遇到這種情況。

We hope to inspire them and influence them in these areas.

我們希望在這些領域激勵他們並影響他們。

This is an important part of Salesforce and what we're doing.

這是 Salesforce 的重要組成部分，也是我們正在做的事情。

So I would say that if I was to have the greatest surprise, it was that those 3 visions all came true, that we're a $21 billion in revenue this year.

所以我想說，如果要讓我感到最大的驚喜，那就是這三個願景都實現了，我們今年的收入為 210 億美元。

But for sure, we have a dream that's much greater than that.

但可以肯定的是，我們的夢想遠不止於此。

We've given guidance of $35 billion.

我們給出了 350 億美元的指導。

The company can be bigger.

公司可以做大。

But just building a company to do more revenue is not what we are about, nor is it what we've ever been about in this company.

但是，僅僅建立一家公司以增加收入並不是我們的宗旨，也不是我們在這家公司一直以來的宗旨。

The deals are important.

交易很重要。

The revenue is very important.

收入非常重要。

Improving the operating margin is very important.

提高營業利潤率非常重要。

The cash flow is extremely important.

現金流非常重要。

The business metrics are important because it shows that you can do good and do well at the same time, that this is an important part of who we are as a company.

業務指標很重要，因為它表明您可以同時做好並做好，這是我們作為一家公司的重要組成部分。

That's at our very core.

這是我們的核心。

That's what stakeholder capitalism is, that we can serve our shareholders and our stakeholders.

這就是利益相關者資本主義，我們可以為我們的股東和我們的利益相關者服務。

I think that that will become amplified in a world where things seem increasingly crazy.

我認為在一個事情似乎越來越瘋狂的世界裡，這將被放大。

We all see what's going on in the world.

我們都看到了世界上正在發生的事情。

There's no mystery.

沒有什麼奧秘。

And Salesforce is an incredible company to take that forward.

Salesforce 是一家令人難以置信的公司，能夠推動這一進程。

So we want to deliver outstanding business performance and shareholder return, and at the same time, we want to deliver world-class stakeholder return to inspire companies to do all of those things.

因此，我們希望提供出色的業務業績和股東回報，同時，我們希望提供世界級的利益相關者回報，以激勵公司做所有這些事情。

Your last question is from Jennifer Lowe from UBS.

您的最後一個問題來自瑞銀的 Jennifer Lowe。

I'll add to the course of best wishes for Keith in your next endeavors.

在您接下來的努力中，我將向 Keith 致以最良好的祝愿。

I had 2 questions, but they're related, one, just a quick 1 for Mark Hawkins.

我有兩個問題，但它們是相關的，一個是馬克霍金斯的一個快速問題。

You gave us the revenue impact for Vlocity, but I'd be curious what the margin impact from that transaction was.

您向我們提供了 Vlocity 的收入影響，但我很好奇該交易對利潤的影響是什麼。

And then more broadly, the second part is at Analyst Day 3 months ago, there was discussion around taking time to digest between deals.

然後更廣泛地說，第二部分是在 3 個月前的分析師日，有關於在交易之間花時間消化的討論。

Tableau officially, officially closed 3 months ago, where you got the go-ahead to integrate.

Tableau 正式關閉，3 個月前正式關閉，您可以在那裡進行整合。

Now we're seeing another acquisition.

現在我們看到了另一項收購。

It's not as big as Tableau, but it's certainly not a small one either.

它沒有 Tableau 大，但肯定也不小。

I'm just curious to get an update on where the mindset is on M&A going forward from here.

我只是想知道從這裡開始併購的心態在哪裡的最新信息。

Well, I think I'd really like to address that because I think we so strongly believe that we actually do need an acquisition pause after Tableau.

好吧，我想我真的很想解決這個問題，因為我認為我們非常堅信在 Tableau 之後我們確實需要暫停收購。

It was, by far, the biggest deal we've ever done, significant and far more exciting than we could have ever imagined.

到目前為止，這是我們做過的最大的一筆交易，意義重大，也比我們想像的更令人興奮。

The partnership has been incredible.

這種夥伴關係令人難以置信。

And I don't think we anticipated doing even a small deal like -- because Vlocity is a relatively small transaction.

而且我認為我們甚至沒有預料到會做這樣的小交易——因為 Vlocity 是一個相對較小的交易。

But in our relationship with Vlocity and the way that we originally invested in the company, it created a situation for acquisition that we needed to take advantage of and which is why we have acquired it at a very attractive price because we have been partners with them from the very beginning.

但在我們與 Vlocity 的關係以及我們最初投資該公司的方式中，它創造了我們需要利用的收購情況，這就是為什麼我們以非常有吸引力的價格收購它，因為我們一直是他們的合作夥伴從一開始就。

And this was a moment in time, I think, that we don't see some huge opportunity to do a lot more acquisitions right now.

我認為，這是一個時刻，我們現在看不到進行更多收購的巨大機會。

It's not something that we're working on.

這不是我們正在做的事情。

We're very much working right now on the execution of our business and the execution of our fiscal year '21 business plan.

我們現在非常努力地執行我們的業務和執行我們的 21 財年商業計劃。

We have written what we call our V2MOM, which is our business plan for the year.

我們已經編寫了我們稱之為 V2MOM 的內容，這是我們今年的業務計劃。

We have, 2 weeks ago, brought our executive management team together, our top 600 officers.

兩週前，我們召集了我們的執行管理團隊，我們的前 600 名官員。

We have presented it to them, and they -- we have instructed them to execute it.

我們已將其提交給他們，他們 - 我們已指示他們執行它。

And we feel very good about that plan, and we feel very good about where we are.

我們對那個計劃感覺很好，我們對我們所處的位置感覺很好。

We don't anticipate any major acquisitions in the short term.

我們預計短期內不會有任何重大收購。

And maybe, Mark, you'd like to fill in some details.

也許，馬克，你想填寫一些細節。

Sure.

當然。

Yes, I think I totally agree with those comments.

是的，我認為我完全同意這些評論。

I think also, Jennifer, in terms of the margin impact on Vlocity, without getting specific, it's obviously dilutive.

我還認為，詹妮弗，就利潤對 Vlocity 的影響而言，沒有具體說明，這顯然是稀釋性的。

When you do purchase accounting and the write-downs and such, you should think about it in that way, for sure.

當您購買會計和減記等時，您當然應該以這種方式考慮它。

But we haven't elected to go specific on that one.

但我們還沒有選擇具體說明這一點。

Great.

偉大的。

Thank you for joining us on the call today.

感謝您今天加入我們的電話會議。

If you have any follow-up questions, please e-mail us at investor@salesforce.com.

如果您有任何後續問題，請發送電子郵件至investor@salesforce.com。

Look forward to speaking with you on our Q1 results call in May.

期待在 5 月份的第一季度業績電話會議上與您交談。

Thank you.

謝謝你。

Ladies and gentlemen, this concludes today's conference call.

女士們，先生們，今天的電話會議到此結束。

Thank you for your participation.

感謝您的參與。

And have a wonderful day.

並度過美好的一天。