賽富時 (CRM) 2022 Q4 法說會逐字稿

Good afternoon, ladies and gentlemen, and welcome to Salesforce's Fiscal 2022 Fourth Quarter and Full Year Results Conference Call. Just a reminder, today's call is being recorded. (Operator Instructions)

下午好，女士們，先生們，歡迎參加 Salesforce 的 2022 財年第四季度和全年業績電話會議。提醒一下，今天的通話正在錄音中。 （操作員說明）

Now I'd like to hand the conference over to your speaker, Mr. Evan Goldstein, Senior Vice President of Investor Relations. Please go ahead, sir.

現在我想把會議交給你的演講者，投資者關係高級副總裁 Evan Goldstein 先生。請繼續，先生。

Thank you, Bo.

謝謝你，博。

Hello, everyone, and thanks for joining us for our fiscal 2022 fourth quarter and full year results conference Call. I'm Evan Goldstein, Senior Vice President of Investor Relations. Our press release, SEC filings and a replay of today's call can be found on our IR website at www.salesforce.com/investor.

大家好，感謝您參加我們的 2022 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。我們的新聞稿、SEC 文件和今天電話會議的重播可以在我們的投資者關係網站 www.salesforce.com/investor 上找到。

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

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

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

提醒一下，我們今天的評論將主要採用非 GAAP 術語。我們的 GAAP 和非 GAAP 結果和指導之間的調節可以在我們的收益和新聞稿中找到。

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 COVID-19 pandemic on our business, acquisition, results of operation and financial condition, and that of our customers and partners are uncertain and subject to change. Should any of these materialize or should our assumptions prove to be incorrect, actual company results could differ materially from the forward-looking statements.

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、經營結果和財務狀況的影響的預期，以及對我們的客戶和合作夥伴是不確定的，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.

這些風險、不確定性和假設以及可能影響我們財務業績的其他因素的描述包含在我們提交給美國證券交易委員會的文件中，包括我們最近的 10-K 表格報告。

With that, let me hand the call to Marc.

有了這個，讓我把電話交給馬克。

Well, thanks, Evan.

嗯，謝謝，埃文。

This is probably one of those calls that the most difficult type of call that we can do. And the reason why it is the most difficult call that we can do is all of the grim things that are happening in the world. And of course, all of us are witnesses to tragedies that we cannot believe our eyes. And at the same time, we're here on the call to tell you that Salesforce had perhaps the best quarter it's ever had in its history, and we are trying to measure our response.

這可能是我們能做的最困難的呼叫之一。這是我們能做的最困難的電話的原因是世界上正在發生的所有嚴峻的事情。當然，我們所有人都是我們無法相信自己眼睛的悲劇的目擊者。同時，我們在電話中告訴您，Salesforce 可能是其歷史上最好的一個季度，我們正在努力衡量我們的反應。

And this is actually very personal for me. I'm sure many of you know that my great grandfather actually immigrated from Kyiv from -- growing up, it was Kiev in our household. And -- but my great grandfather, [Isaac Benioff], came to the United States from Kyiv. And my grandfather was born here in the United States and then came to San Francisco and met my grandmother, who was the second-generation San Franciscan. And that's why I'm here now. I'm a fourth-generation San Franciscan. But looking back and looking at my family now in the Ukraine, my heart is really breaking for them. And the senseless pain, the suffering, the -- it's just unbelievably difficult to see what is going on in the world.

這對我來說實際上是非常私人的。我相信你們中的許多人都知道，我的曾祖父實際上是從基輔移民過來的——從小到大，我們家都是基輔。而且——但我的曾祖父，[艾薩克·貝尼奧夫]，從基輔來到美國。而我的祖父出生在美國這裡，然後來到舊金山，遇到了我的祖母，她是舊金山的第二代人。這就是我現在在這裡的原因。我是第四代舊金山人。但回首往事，看著我現在在烏克蘭的家人，我真的為他們心碎。還有那些無意義的痛苦，苦難，-- 很難想像世界上正在發生什麼。

And while we really don't have employees or do business in the Ukraine or Russia of any consequence, I would say that we do have employees and families like mine. And with loved ones there and deep connections to the region in this part of the world, and our heart is continuing to break. And we've provided ways that we provide humanitarian care.

雖然我們確實沒有員工或在烏克蘭或俄羅斯開展業務，但我想說我們確實有像我這樣的員工和家庭。那裡有親人，與世界這個地區的該地區有著深厚的聯繫，我們的心仍在繼續破碎。我們提供了提供人道主義護理的方式。

I just provided some response through World Central Kitchen, which I highly endorse, Jose Andres, and someone who I've worked with for many years. And as we find more ways to provide humanitarian care, we will. This is very important to us and who we are in our core values at Salesforce.

我剛剛通過 World Central Kitchen 提供了一些回應，我高度認可 Jose Andres 和我合作多年的人。隨著我們找到更多提供人道主義護理的方法，我們會的。這對我們以及我們在 Salesforce 的核心價值觀中的身份非常重要。

So as I said, this is a difficult moment for us because we are not blind to what's happening in the world, and yet we did have probably, I would say, the best quarter we've ever had in the history of the company. And I'm here on the 61st floor of Salesforce Tower. We've got significant numbers of our employees back here in the office. I was just with them. And I was also -- just spent a tremendous amount of time in surveying the city and how things are coming back to life here kind of in our post-pandemic reality that we're now entering, and it's powerful.

所以正如我所說，這對我們來說是一個艱難的時刻，因為我們並沒有對世界上正在發生的事情視而不見，但我們確實可能，我想說，這是我們公司歷史上最好的一個季度。我在 Salesforce Tower 的 61 樓。我們有大量員工回到辦公室。我只是和他們在一起。我也——剛剛花了很多時間調查這座城市，以及在我們現在正在進入的大流行後現實中，這裡的事情是如何恢復生機的，而且它很強大。

This energy around here is amazing. We're really turning a corner in our battle with the virus. And I believe, in many ways, COVID is behind us. And certainly, I know that Omicron and BA2 are very serious viruses, but we are in a very different position in the world today, fighting these things than we were a couple of years ago. And I want to thank everyone who has done so much for getting us through the last 2 years.

這裡的能量是驚人的。在與病毒的鬥爭中，我們真的正在轉機。我相信，在很多方面，COVID 都在我們身後。當然，我知道 Omicron 和 BA2 是非常嚴重的病毒，但我們今天在世界上處於非常不同的位置，與幾年前相比，我們與這些東西作鬥爭。我要感謝所有為我們度過過去兩年所做的一切努力的人。

It really became very clear to us, a couple of weeks ago, we had our fiscal year kickoff in New York City. We had 5,000 employees attending in person at the Javits Center. It was amazing to be with 5,000 employees again. We had -- we have 75,000 employees now in the company. 35,000 of our 75,000 employees have started since the pandemic. So we've had quite a bit of growth here at Salesforce.

幾週前，我們真的很清楚，我們的財政年度在紐約市啟動。我們有 5,000 名員工親自到 Javits 中心參加。再次與 5,000 名員工在一起真是太棒了。我們有 - 我們現在在公司有 75,000 名員工。自大流行以來，我們 75,000 名員工中有 35,000 名已開始工作。因此，我們在 Salesforce 取得了相當大的增長。

And I would also say that when we asked, we're in the room, and how many of you have not attended a Salesforce kickoff, stand up and be welcomed, I would say 75% of the room stood up. And Bret and I are conducting this kickoff together as a team, and I think we are both in shock. And what you said that was...

我還要說，當我們問起時，我們在房間裡，你們中有多少人沒有參加 Salesforce 啟動儀式，站起來受到歡迎，我想說 75% 的房間都站了起來。布雷特和我作為一個團隊一起進行這次開球，我認為我們都感到震驚。而你所說的是...

It was amazing.

這是驚人的。

It was, right?

那是對的？

Being in person again after so long.

時隔這麼久，再次親臨現場。

Being back at the Javits Center with 5,000 employees, doing a kickoff. And with tens and tens of thousands of employees online. And I'll tell you that we were able to get together safely, thanks to our safety cloud. We're interconnected with a number of COVID tests that we're dynamically updating how we were doing and trying to keep the virus at bear. There are still some virus there, but not a lot. And we did our best to have a very safe program, and we've been doing this now. We've had 2 Dreamforces with this program with our safety cloud. We've had the kickoffs. We've had all kinds of events and programs all over the world using this technology.

帶著 5,000 名員工回到 Javits 中心，開始活動。並且有成千上萬的員工在線。我會告訴你，由於我們的安全雲，我們能夠安全地聚在一起。我們與許多 COVID 測試相互關聯，我們正在動態更新我們的工作方式並試圖控制病毒。那裡仍然有一些病毒，但不是很多。我們盡了最大的努力來製定一個非常安全的程序，而且我們現在一直在這樣做。通過我們的安全雲計劃，我們已經有 2 個 Dreamforces。我們已經開球了。我們在世界各地舉辦了各種使用這項技術的活動和節目。

And it's very powerful, Mayor de Blasio came, and he was talking about how we had built the contact tracing system for New York, which we did, and the vaccine management system for New York, which we did, and many apps and talking about how we landed a 787 during the height of the pandemic in New York, which we did, and providing millions of pieces of PPE and so forth. But the emotional part for me, and I don't know, Bret, if you were, but when he said everywhere where our employees were sitting was a FEMA field hospital just a short time ago. And we were sitting in a hospital and having a kickoff. And we realized, wow, we've somehow gotten through this. And wouldn't you -- was that a moment?

它非常強大，白思豪市長來了，他在談論我們如何為紐約建立接觸者追踪系統，我們做了，紐約的疫苗管理系統，我們做了，還有許多應用程序和談論我們如何在紐約大流行最嚴重的時候降落 787，我們做到了，並提供了數百萬件 PPE 等等。但對我來說，情緒化的部分，我不知道，布雷特，如果你是，但是當他說我們的員工所在的地方到處都是 FEMA 野戰醫院時，就在不久前。我們坐在醫院裡開球。我們意識到，哇，我們已經以某種方式度過了難關。你不會——那是片刻嗎？

Yes. You could feel the impact and just the poignancy of the moment as everyone looked out at their seats and tried to imagine a cot and really captured just as hard and as long as it's been how far we've come.

是的。當每個人都看著他們的座位並試圖想像一張嬰兒床時，你可以感受到這種影響和那一刻的辛酸，並且只要我們已經走了多遠，就真的很努力地捕捉到了。

I'll tell you, I added up how many CEOs I've been with in the last 90 days and it's been about 46. And as I've talked to all these CEOs all over the world and traveled and so forth, it's been a powerful couple of years and difficult. And I mean I'm grateful for what all of our Ohana have done and all of our employees have done and also our customers and the first responders and scientists and everybody to get through this because it does feel like -- and I think as evidenced by what we just went through in New York, we're kind of coming to the end of this. And it's not that this isn't still raging. I just read some horrible articles about what's going on right now in Hong Kong with BA2, but we are kind of coming to another stage here. And I hope that we're about to get back to a more normal world. And we're doing that -- unfortunately, a war and a pandemic. This is not an uncommon story and very sad to see what's going on here.

我會告訴你，我把過去 90 天裡與我共事過的 CEO 的數量加起來，大約是 46強大的幾年和困難。我的意思是，我感謝我們所有 Ohana 所做的一切，我們所有的員工所做的，還有我們的客戶、第一響應者、科學家和每個人都能度過難關，因為它確實感覺 - 我認為有證據根據我們剛剛在紐約所經歷的，我們即將結束這一切。這並不是說這還沒有肆虐。我剛剛閱讀了一些關於 BA2 正在香港發生的事情的可怕文章，但我們在這裡進入了另一個階段。我希望我們即將回到一個更正常的世界。我們正在這樣做——不幸的是，一場戰爭和一場流行病。這不是一個不尋常的故事，看到這裡發生的事情非常難過。

So with that, I have to tell you, though, that I'm speaking now to our investors and analysts directly. And I'm speaking directly about the performance of the company. We had a phenomenal quarter. We capped off, which was just a phenomenal fiscal year '22 with just incredible numbers. And we continue to see just tremendous, tremendous demand from customers across every industry, every geography and every product category.

因此，我必須告訴你，我現在直接與我們的投資者和分析師交談。我直接談論公司的業績。我們有一個非凡的季度。我們結束了，這只是一個驚人的 22 財年，數字令人難以置信。我們繼續看到來自每個行業、每個地區和每個產品類別的客戶的巨大需求。

And I think that like many of the portfolio managers who are on the call and will ask questions later, we're managing a full portfolio. We see that. With products and geographies and industries. And across the whole portfolio, I would say there's a remarkable strength. And every company that I speak to, these CEOs that I'm speaking to, they're all going through major digital transformations. And those customers, they all are all beginning and ending with the customer.

而且我認為，就像許多在電話中並稍後會提出問題的投資組合經理一樣，我們正在管理一個完整的投資組合。我們看到了。隨著產品和地域和行業。在整個投資組合中，我會說有一個非凡的實力。與我交談的每家公司，與我交談的這些 CEO，他們都在經歷重大的數字化轉型。而那些客戶，他們都是以客戶為起點和終點的。

And our job remains to help these companies grow and achieve this transformation. And that's why we've had such an incredible year, and I'm confident that, that will continue. And you can see that in kind of these incredible numbers, but also our very deep commitment to this kind of very disciplined, very profitable and very cash flow positive -- as you can see, the $6 billion number and the $7-plus billion number scheduled for next year and going up in the years to come.

我們的工作仍然是幫助這些公司成長並實現這一轉變。這就是為什麼我們度過瞭如此令人難以置信的一年，我相信這將繼續下去。你可以從這些令人難以置信的數字中看到這一點，而且我們對這種非常有紀律、非常有利可圖和非常積極的現金流的堅定承諾——正如你所看到的，60 億美元的數字和 7 億美元以上的數字計劃於明年進行，並在未來幾年內增加。

That for the fourth quarter, revenue rose to more than $7.3 billion, up 26% year-over-year. That's pretty awesome for a company of our size that we did a 26% growth quarter at $7.3 billion. I don't think there were too many $7.3 billion quarters at 26% growth in the world this year. And for the full fiscal '22, revenue was $26.5 billion, again, up 25% year-over-year. Again, a $26 billion company growing 30% -- 25%. And of course, that's why we're coming in on this $32.1 billion year. So we're continuing to be the fastest-growing top 5 enterprise software company in history.

第四季度，收入增至超過 73 億美元，同比增長 26%。對於我們這樣規模的公司來說，這真是太棒了，我們在一個季度實現了 26% 的增長，達到 73 億美元。我認為今年全球以 26% 的增長率增長 73 億美元的季度並不多。整個 22 財年的收入為 265 億美元，再次同比增長 25%。同樣，一家價值 260 億美元的公司增長了 30% - 25%。當然，這就是為什麼我們要在這個 321 億美元的年中獲得收益。因此，我們將繼續成為歷史上增長最快的前 5 名企業軟件公司。

Salesforce is on track to becoming the world's #1 enterprise cloud, software applications company. This operating margin for the quarter was 15%; and for the full year, 18.7%. And we've just continued to deliver this disciplined approach to margin expansion. And you can see that in the forecast for the quarter now at over 20% operating margin with the $32.1 billion year.

Salesforce 有望成為全球排名第一的企業雲、軟件應用公司。本季度的營業利潤率為 15%；全年為 18.7%。我們剛剛繼續採用這種嚴格的方法來擴大利潤。您可以在本季度的預測中看到，目前營業利潤率為 20% 以上，年收入為 321 億美元。

So with our unique business model, we continue to grow revenue at scale, drive operating margin expansion, leading to strong cash generation. I mean, you can see that in all 3 aspects of this quarter. And we closed fiscal year '22 with really incredible cash flow, reaching a milestone of $6 billion in the year, and that's really up 25% year-over-year. That's really amazing, and I would say, far exceeded our goals.

因此，憑藉我們獨特的商業模式，我們將繼續大規模增加收入，推動營業利潤率擴大，從而帶來強勁的現金生成。我的意思是，你可以在本季度的所有三個方面看到這一點。我們以令人難以置信的現金流結束了 '22 財年，在這一年達到了 60 億美元的里程碑，同比增長了 25%。這真是太棒了，我想說，遠遠超出了我們的目標。

I'll tell you that based on our strong fiscal year '22 results, we're excited to raise our fiscal year '23 revenue guidance to $32.1 billion, something I've been excited to talk about, at the high end of the range, representing 21% growth year-over-year. Amy, I hope that, that is just the beginning of the (inaudible) for the year. And we are committed to delivering a fiscal year '23 operating margin of 20%. And customer success is just continuing to just drive this financial success. And our product innovation is providing customers with the resilience they need to navigate these, I would say, grim and uncertain times. And that's why Salesforce has been ranked by IDC as the #1 CRM for 8 years in a row. We have a tremendous focus here, being the #1 CRM.

我會告訴你，基於我們強勁的 22 財年業績，我們很高興將 23 財年的收入指引提高到 321 億美元，這是我一直很高興談論的高端產品，同比增長 21%。艾米，我希望這只是今年（聽不清）的開始。我們承諾在 23 財年實現 20% 的營業利潤率。客戶成功只是繼續推動這種財務成功。我們的產品創新為客戶提供了應對這些（我想說）嚴峻和不確定時期所需的彈性。這就是 Salesforce 連續 8 年被 IDC 評為排名第一的 CRM 的原因。我們在這裡非常關注，成為#1 CRM。

Our entire Customer 360 portfolio, that is the Sales Cloud and the Service Cloud and the Marketing Cloud and the Commerce Cloud and Slack and Tableau and MuleSoft. And by the way, other great clouds, too, that aren't even listed when we talk about these things, like our Financial Services Cloud or our Safety Cloud or Sustainability Cloud. Putting them all together for our customers, well, it becomes the single source of truth for virtually the entire Fortune 500. And all of this customer success is being led by an incredible management team, which I think everyone on the call will agree and I certainly believe, never has been stronger or more aligned.

我們的整個 Customer 360 產品組合，即銷售雲、服務雲、營銷雲、商務雲、Slack、Tableau 和 MuleSoft。順便說一句，當我們談論這些事情時，甚至沒有列出其他偉大的雲，比如我們的金融服務雲、安全雲或可持續發展雲。為我們的客戶把它們放在一起，好吧，它成為幾乎整個財富 500 強企業的唯一真實來源。所有這些客戶成功都是由一個令人難以置信的管理團隊領導的，我認為電話中的每個人都會同意，我當然相信，從未如此強大或更一致。

Now I want to talk about a couple of customers real quickly and then wrap this up. Ford -- well, you're going to hear more from Bret and Gavin. We're helping major companies like this around the world transform their business. And I love this company. I think it's one of the great companies, very transformational, tremendous new CEO, Jim Farley, has got a great vision for the world. You've seen that -- if you haven't been inside this Lightning 150 truck, it's going to be the electric vehicle for everyone. It's the e-transit van. It's amazing. And I have 2 of these MACH-Es, a yellow one and a white one. And if you haven't tried it, you should go to the Ford dealer because it's just worth it to test drive the car because it drives very different than other electric cars, and I've had probably every single one because I love these things.

現在我想快速談談幾個客戶，然後總結一下。福特——嗯，你會聽到布雷特和加文的更多消息。我們正在幫助世界各地像這樣的大公司轉變他們的業務。我喜歡這家公司。我認為它是偉大的公司之一，非常具有變革性，新任 CEO 吉姆·法利 (Jim Farley) 對世界有著遠大的願景。你已經看到了——如果你還沒有坐過這輛 Lightning 150 卡車，它將成為每個人的電動汽車。這是電動運輸車。太奇妙了。我有兩個這樣的 MACH-E，一個黃色的和一個白色的。如果你還沒有嘗試過，你應該去福特經銷商那裡試駕這輛車是值得的，因為它的駕駛方式與其他電動汽車非常不同，而且我可能每一輛都擁有，因為我喜歡這些東西.

And a few weeks ago, I was with Jim Farley, and we launched the Ford Pro business unit. And it -- they're doing a B2B business unit at Ford to complement their B2C unit, not so unlike a lot of our other customers like Home Depot. But I'll tell you that Ford Pro, that -- they're really looking at targeting professionals, targeting productivity. They're really looking at giving the motivation for the professional. And I'll tell you, I live in a rural area, and I even have a Ford 550 truck, which is configured as a fire truck. When things go wrong, I have to be ready for that. And they have telematics, but I am excited to be able to build all these Customer 360 services around this Ford 550 truck because I'm trying to turn that Ford 550 into a Ford 360. That's how I look at this world.

幾週前，我和吉姆·法利在一起，我們推出了福特 Pro 業務部門。而且——他們正在福特建立一個 B2B 業務部門來補充他們的 B2C 部門，這與我們的許多其他客戶（如 Home Depot）並沒有太大的不同。但我會告訴你，福特 Pro，他們真正著眼於瞄準專業人士，瞄準生產力。他們真的在為專業人士提供動力。而且我告訴你，我住在農村，我什至有一輛福特550卡車，它被配置為消防車。當事情出錯時，我必須為此做好準備。他們有遠程信息處理，但我很高興能夠圍繞這輛福特 550 卡車構建所有這些客戶 360 服務，因為我正試圖將福特 550 變成福特 360。這就是我看待這個世界的方式。

And I'll tell you that Jim Farley right up in [Baskerville] not so far away from here a few weeks ago, and it was awesome to see their product line, but also how their customers and their partners are all really connecting with this -- these new products in incredible new ways.

我會告訴你，幾週前，吉姆法利就在離這裡不遠的[巴斯克維爾]，看到他們的產品線真是太棒了，而且他們的客戶和他們的合作夥伴都是如何真正與這個聯繫起來的——這些新產品以令人難以置信的新方式。

And when you look at Ford and kind of they're driven towards, well, sustainability, it -- I find it to be very much aligned with what's happening in the world because we all know we're in a climate emergency. We need everyone to get to net zero as fast as possible. Salesforce, now coming into the Fortune 100 this year. We are a net zero company already, fully renewable across our entire value chain. We've achieved 100% renewable energy for our global operations. We're reducing emissions further. We're very sensitive to what we're doing with all of our products, with sustainability.

當你看到福特，他們被驅使著，嗯，可持續發展，我發現它與世界上正在發生的事情非常一致，因為我們都知道我們正處於氣候緊急狀態。我們需要每個人盡快達到淨零。 Salesforce，今年進入財富 100 強。我們已經是一家淨零公司，在我們的整個價值鏈中完全可再生。我們的全球業務實現了 100% 的可再生能源。我們正在進一步減少排放。我們對我們所有產品的可持續發展非常敏感。

And we know we can't stop. There's no finish line on sustainability. It's really one of our very core values now. And we're operationalizing sustainability in every part of our business. It's an area I spend a lot of time on in the last, I would say, 6 months, even looking at new investments. Bret and I just looked at a very cool company together. You can say we were surprised the type of companies that we're looking at in carbon relationship management that before we were not. It's the new CRM, carbon relationship management, because there's a lot we can do in analytics, in information management and in helping our customers get the carbon that they need to be successful.

我們知道我們不能停止。可持續性沒有終點線。這確實是我們現在的核心價值觀之一。我們正在業務的各個部分實施可持續性。這是我在過去 6 個月里花了很多時間在這個領域，甚至是在尋找新的投資。布雷特和我一起看了一家非常酷的公司。你可以說我們對我們在碳關係管理中所關注的公司類型感到驚訝，而我們之前沒有。這是新的 CRM，即碳關係管理，因為我們可以在分析、信息管理和幫助我們的客戶獲得成功所需的碳方面做很多事情。

And every business can be a platform for addressing climate change. The first step is for each and one of us to commit to being net zero ourselves. I have a lot of friends who are venture capitalists who are saying they're going to move into the sustainability world. And I said to them, the first thing they need to do in their portfolios, get their portfolios to be net zero. All of our work around sustainability might be the most important and rewarding work of our lives. Well, it's one of the things we celebrate.

每個企業都可以成為應對氣候變化的平台。第一步是我們每個人都承諾自己實現淨零。我有很多朋友是風險投資家，他們說他們將進入可持續發展的世界。我對他們說，他們需要在他們的投資組合中做的第一件事，就是讓他們的投資組合淨為零。我們圍繞可持續發展所做的所有工作可能是我們一生中最重要和最有價值的工作。嗯，這是我們慶祝的事情之一。

Salesforce is going to be 23 years old, amazing, on March 8, just a few days from now, a quarter of a century. It's getting there. Just Parker is not with us today. He's traveling. So I want to just say happy birthday to Parker, and thank you for starting this great company with me so many years ago. And we look at all the evolutions of the company and the management team and the products and its -- the employees and all of our Ohanas and all of our stakeholders, thank you. When we started this in 1999, I never dreamed we would have become this amazing company and entering the Fortune 100 in 2022. So this is awesome.

Salesforce 將在 3 月 8 日迎來 23 歲生日，這真是太棒了，也就是從現在開始的幾天，也就是四分之一個世紀。它快到了。只是帕克今天不在我們身邊。他在旅行。所以我只想對帕克說生日快樂，感謝你在這麼多年前和我一起創辦這家偉大的公司。我們著眼於公司和管理團隊的所有演變以及產品及其 - 員工和我們所有的 Ohanas 以及我們所有的利益相關者，謝謝。當我們在 1999 年開始這項工作時，我從未夢想過我們會成為這家了不起的公司，並在 2022 年進入財富 100 強。所以這太棒了。

And our values have created so much value when we look at $0.5 billion in grants now to our communities, $6.7 million in employee volunteer hours, more than $100 million here to our San Francisco and Oakland public schools, who so badly need it, especially right now, running 55,000 nonprofits and NGOs on our product for free. And so many other things that we've been able to do here, the children's hospitals here in San Francisco or so many other things around the world.

當我們看到現在向我們的社區提供 5 億美元的贈款時，我們的價值觀創造瞭如此多的價值，670 萬美元的員工志願者時間，超過 1 億美元的舊金山和奧克蘭公立學校，他們非常需要它，尤其是對現在，在我們的產品上免費運行 55,000 個非營利組織和非政府組織。以及我們在這裡能夠做的許多其他事情，舊金山的兒童醫院或世界各地的許多其他事情。

So thank you to all of you for making that happen. And we're also delighted -- and thank you to our trailblazers, especially who believe so much in our products. They've lifted us up. And again, Parker and I are just so very grateful.

所以感謝你們所有人讓這一切發生。我們也很高興——感謝我們的開拓者，特別是他們對我們的產品如此信任。他們把我們舉起來了。再一次，帕克和我非常感激。

And now, over to you, Bret.

現在，交給你了，布雷特。

Thank you, Marc. I really appreciate it.

謝謝你，馬克。對此，我真的非常感激。

As Marc said, we had a phenomenal quarter to finish another phenomenal year of innovation and customer success. And you can see it in our performance. Our operating model and our discipline are generating profitable growth at incredible scale. I've had the privilege of meeting hundreds of customers over the past few months. And the thing I've come away with after those conversations is that Salesforce is more strategic to their success than ever before.

正如 Marc 所說，我們有一個非凡的季度來完成又一個非凡的創新和客戶成功年。您可以在我們的表演中看到這一點。我們的運營模式和紀律正在以令人難以置信的規模產生盈利增長。在過去的幾個月裡，我有幸會見了數百名客戶。在這些對話之後，我得到的結論是 Salesforce 比以往任何時候都更具戰略性來幫助他們取得成功。

Every company is going through digital transformation. And that transformation starts and ends with their customers. That's what drove our incredible performance in every region this quarter: 23% in the Americas, 38% in EMEA and 20% in APAC. We continue to see tremendous demand from our customers across the entire Customer 360 portfolio. Companies like KPMG and Scotiabank are using Sales Cloud to build digitally native sales teams with brand-new products like revenue intelligence and our new Slack integrations.

每家公司都在經歷數字化轉型。這種轉變始於他們的客戶，也始於他們的客戶。這就是推動我們本季度在每個地區取得令人難以置信的業績的原因：美洲 23%，歐洲、中東和非洲 38%，亞太地區 20%。我們繼續看到客戶對整個 Customer 360 產品組合的巨大需求。畢馬威 (KPMG) 和豐業銀行 (Scotiabank) 等公司正在使用 Sales Cloud 來建立數字原生銷售團隊，這些團隊擁有全新的產品，如收入情報和我們新的 Slack 集成。

Sales Cloud growth accelerated again this quarter to 17% year-over-year, and it's now a $6 billion revenue business. Companies like State Farm and U.S. Bank expanded their use of sales -- Service Cloud this quarter, helping it grow at 18% year-over-year to nearly $6.5 billion in revenue. These sales and service businesses are just incredible. Independently, each is larger than any other cloud Software-as-a-Service company, and they're more relevant to more customers than they've ever been in our 23-year history.

本季度銷售雲增長再次加速，同比增長 17%，現在是一項 60 億美元的收入業務。 State Farm 和 U.S. Bank 等公司在本季度擴大了對銷售服務雲的使用，幫助其收入同比增長 18%，達到近 65 億美元。這些銷售和服務業務簡直令人難以置信。獨立地，每家公司都比任何其他雲軟件即服務公司都大，而且它們與更多客戶的相關性比我們 23 年曆史上的任何時候都高。

Our Marketing Cloud also continued to show strong growth, with customers like Humana and Sunrun. Marketing Cloud delivered over 40 billion messages in Cyber Week alone and delivered 4.1 billion messages per day throughout Q4, up 37% year-over-year. Just Eat takeaway, which Gavin and I recently visited in Amsterdam, is a great Marketing Cloud success story from the quarter. Just Eat is a leading online food delivery marketplace. And like all digitally native companies, they've adopted Slack as their digital headquarters, with 11,000 monthly active users. This quarter, they expanded with Marketing Cloud to engage with their customers, their restaurant partners and their delivery partners.

我們的營銷雲也繼續顯示出強勁的增長，客戶包括 Humana 和 Sunrun。 Marketing Cloud 僅在 Cyber Week 就發送了超過 400 億條消息，整個第四季度每天發送 41 億條消息，同比增長 37%。加文和我最近在阿姆斯特丹訪問的 Just Eat 外賣是本季度營銷云成功案例。 Just Eat 是領先的在線食品配送市場。和所有數字原生公司一樣，他們採用 Slack 作為他們的數字總部，每月有 11,000 名活躍用戶。本季度，他們通過 Marketing Cloud 進行了擴展，以與客戶、餐廳合作夥伴和送貨合作夥伴進行互動。

We also saw Commerce Cloud wins at Ralph Lauren, Bose, Sonos, continuing this trend towards digital commerce that accelerated so rapidly in the pandemic. Together, Marketing and Commerce grew 20% year-over-year in the quarter.

我們還看到 Commerce Cloud 在 Ralph Lauren、Bose、Sonos 贏得了勝利，延續了這種在大流行中迅速加速的數字商務趨勢。本季度，營銷和商務合計同比增長 20%。

Both Tableau and MuleSoft continue to be the data foundation for our multi-cloud Customer 360 deployments. Tableau had strong wins in the quarter with Southwest Airlines, IBM and Sunrun. MuleSoft was also a part of some of our largest deals in the quarter, including Bose, Deloitte and Ford. Together, our Tableau and MuleSoft data business accelerated to 23.5% year-over-year growth in the quarter.

Tableau 和 MuleSoft 繼續成為我們多雲 Customer 360 部署的數據基礎。 Tableau 在本季度與西南航空公司、IBM 和 Sunrun 取得了巨大的勝利。 MuleSoft 也是我們本季度一些最大交易的一部分，包括 Bose、德勤和福特。我們的 Tableau 和 MuleSoft 數據業務在本季度共同加速至 23.5% 的同比增長。

And I'm happy to say that Slack continues to exceed our expectations in every way as every company in the world builds the digital headquarters for this next generation of work that Marc was just talking about. With key wins at companies like Carvana and Netflix, the number of customers spending $100,000 annually with Slack increased by 46% year-over-year. Marc and I could not be more pleased with how the Slack integration is going, and that remains our top priority as a management team. That's why, as we said at our Investor Day, we don't have any plans for material M&A in the near term. Slack is our focus.

我很高興地說，隨著世界上每家公司都在為 Marc 剛剛談到的下一代工作建立數字總部，Slack 在各個方面都超出了我們的預期。隨著 Carvana 和 Netflix 等公司的重大勝利，每年在 Slack 上花費 100,000 美元的客戶數量同比增長 46%。 Marc 和我對 Slack 整合的進展感到非常滿意，這仍然是我們作為管理團隊的首要任務。這就是為什麼，正如我們在投資者日上所說，我們在短期內沒有任何重大併購計劃。鬆弛是我們的重點。

It's been so great to hear Slack come up in almost every one of those hundreds of customer conversations I had this quarter. PayPal is a great example from the quarter. We've had a long relationship with Dan Schulman and the PayPal team who use Customer 360 across both their B2B and their B2C businesses. This quarter, PayPal expanded their use of Slack, using new capabilities like Slack Huddles for thousands of real-time audio calls every week, and Slack Chat bots to respond to employee questions, log IT tickets and more.

在我本季度進行的數百次客戶對話中幾乎每一次都聽到 Slack 的出現真是太棒了。 PayPal 是本季度的一個很好的例子。我們與 Dan Schulman 和 PayPal 團隊建立了長期合作關係，他們在 B2B 和 B2C 業務中都使用 Customer 360。本季度，PayPal 擴大了對 Slack 的使用，使用新功能，例如 Slack Huddles 每週進行數千次實時音頻通話，並使用 Slack Chat 機器人來回答員工問題、記錄 IT 工單等。

This digital transformation acceleration is happening in every industry, and you can see it in the momentum of our industry clouds. These are our purpose-built solutions for financial services, health care, consumer goods, energy and 8 other industries. We saw unprecedented growth across our industry solutions, and our most strategic multi-cloud deals were driven by our industry-specific products.

這種數字化轉型的加速正在每個行業都在發生，你可以從我們行業雲的勢頭中看到它。這些是我們為金融服務、醫療保健、消費品、能源和其他 8 個行業專門構建的解決方案。我們的行業解決方案實現了前所未有的增長，我們最具戰略意義的多雲交易是由我們的行業特定產品推動的。

GEICO is a great example. GEICO is the second-largest auto insurer in the U.S. with over 25,000 agents, led by an incredible CEO in Todd Combs. Our professional services team is working with GEICO to deliver a digital-first customer experience with our Financial Services Cloud. And it's improving their customer experience and saving the company millions in costs at the same time.

GEICO 就是一個很好的例子。 GEICO 是美國第二大汽車保險公司，擁有超過 25,000 名代理人，由令人難以置信的首席執行官 Todd Combs 領導。我們的專業服務團隊正在與 GEICO 合作，通過我們的金融服務雲提供數字優先的客戶體驗。它正在改善他們的客戶體驗並同時為公司節省數百萬美元的成本。

We saw strong growth in all segments, including meaningful acceleration in our largest transformational deals as well as our lower-end transactional deals and Slack self-service business. These transactional businesses are the closest thing we have to a real-time economic barometer. And right now, all the indicators are positive. And perhaps most importantly, this quarter, we saw the lowest customer attrition in our company's history despite all the disruption in the economy. Overall, it was an extraordinary quarter, and we're seeing incredible momentum in the business.

我們在所有領域都看到了強勁的增長，包括我們最大的轉型交易以及我們的低端交易交易和 Slack 自助服務業務的顯著加速。這些交易業務是我們擁有的最接近實時經濟晴雨表的東西。而現在，所有的指標都是積極的。也許最重要的是，本季度我們看到了公司歷史上最低的客戶流失率，儘管經濟受到了乾擾。總體而言，這是一個非凡的季度，我們看到了令人難以置信的業務發展勢頭。

As Marc said, as a leadership team, we've never been more aligned, and we're executing better than we've ever had. I'm enormously proud of our entire team. I'm grateful for the support of our customers, our partners and all of our stakeholders as we continue to deliver incredible growth at scale quarter-over-quarter and year-over-year.

正如馬克所說，作為一個領導團隊，我們從未像現在這樣團結一致，我們的執行力也比以往任何時候都好。我為我們整個團隊感到無比自豪。我感謝我們的客戶、我們的合作夥伴和所有利益相關者的支持，因為我們將繼續以季度環比和同比的規模實現令人難以置信的增長。

And over to you, Gavin.

交給你，加文。

Thanks, Bret.

謝謝，布雷特。

I would echo Marc and Bret on just how many remarkable customer success stories we saw in the quarter across all our full portfolio of products, industries and geographies. The dynamics we're seeing in customer engagement are absolutely fantastic. Just over the past few months, I've done more than 75 meetings with C-Suite executives and the accessibility, that sense of urgency and interest from the highest levels of companies is incredible and shows no signs of slowing down. What's clear is there is a tremendous appetite for digital transformation, and we fully expect that to continue.

對於我們在本季度在我們所有的產品、行業和地區的所有產品組合中看到了多少非凡的客戶成功案例，我會附和 Marc 和 Bret 的看法。我們在客戶參與方面看到的動態非常棒。就在過去的幾個月裡，我已經與 C-Suite 高管舉行了超過 75 次會議，而且公司最高層的緊迫感和興趣令人難以置信，而且絲毫沒有放緩的跡象。很明顯，人們對數字化轉型有著巨大的需求，我們完全期望這種情況會持續下去。

In the Americas, we grew relationships with Accenture, Banco C6, Scotiabank State Farm, the state of Michigan's Department of Health and Human Services, U.S. Bank, Zoom and so many more. In EMEA, we continue to deepen our relationships with Airbus, Cloud Factory and AlphaSights. And in APAC, we had significant wins with incredible organizations like Bank of Philippines, (sic) [Bank of the Philippine Islands], Panasonic Corporation and Hitachi.

在美洲，我們與 Accenture、Banco C6、Scotiabank State Farm、密歇根州衛生與公眾服務部、U.S. Bank、Zoom 等多家公司建立了合作關係。在 EMEA，我們繼續深化與空客、Cloud Factory 和 AlphaSights 的關係。在亞太地區，我們與菲律賓銀行、（原文如此）[菲律賓群島銀行]、松下公司和日立等令人難以置信的組織取得了重大勝利。

Health care also stood out with wins like Humana, IQVIA, Lucira Health and Teladoc Health. Moderna is another one in that category. They are intent on becoming the first fully digital biotech company, embedding analytics, AI and automation across every step of their value chain. We are a key partner on that journey. With Health Cloud, Moderna will gain a more complete view of its customers; and with Einstein and Tableau CRM, they will be able to analyze data across all departments and use predictive analytics to make better decisions.

醫療保健領域也脫穎而出，贏得了 Humana、IQVIA、Lucira Health 和 Teladoc Health 等公司的勝利。 Moderna 是該類別中的另一個。他們打算成為第一家完全數字化的生物技術公司，在其價值鏈的每一步都嵌入分析、人工智能和自動化。我們是這一旅程的關鍵合作夥伴。借助 Health Cloud，Moderna 將更全面地了解其客戶；借助 Einstein 和 Tableau CRM，他們將能夠分析所有部門的數據並使用預測分析做出更好的決策。

And we continue to build our relationship with Sanofi, where the CEO, Paul Hudson, and his team are already using Health Cloud and Service Cloud. In Q4, they added Consumer Goods Cloud, Tableau CRM and Salesforce B2B Commerce, which will let them better engage with health care providers, patients and pharmacies around the world. This is another great example of our complete Customer 360 portfolio at work.

我們繼續與賽諾菲建立合作關係，賽諾菲首席執行官 Paul Hudson 和他的團隊已經在使用 Health Cloud 和 Service Cloud。在第四季度，他們添加了 Consumer Goods Cloud、Tableau CRM 和 Salesforce B2B Commerce，這將使他們能夠更好地與世界各地的醫療保健提供者、患者和藥房互動。這是我們完整的 Customer 360 產品組合在工作中的另一個很好的例子。

We also grew our partnership with Mercedes-Benz in the quarter. They're using Salesforce to transform the way they engage with their customers. And as Mercedes becomes even more sustainable and reimagines their fleet for the electric future, they're relying on Customer 360 to unite their sales, service and marketing teams around a single shared view of each customer.

我們還在本季度加強了與梅賽德斯-奔馳的合作。他們正在使用 Salesforce 來改變他們與客戶互動的方式。隨著梅賽德斯變得更加可持續並為電動未來重新構想他們的車隊，他們依靠 Customer 360 將他們的銷售、服務和營銷團隊圍繞每個客戶的單一共享視圖團結起來。

Ralph Lauren is another great expansion. And I'm not just saying that because the CEO, Patrice Louvet, was my former boss at P&G. We're helping Ralph Lauren deepen its connection with its customers in both digital and physical setting, particularly as they expand into new regions. In fact, Commerce Cloud helped them grow their North American online sales by over 30% in the December quarter. And throughout the pandemic, Ralph Lauren has relied on Slack to keep their geographically distributed teams working together seamlessly from anywhere.

拉爾夫勞倫是另一個偉大的擴張。我這麼說不僅僅是因為首席執行官帕特里斯·盧維（Patrice Louvet）是我在寶潔的前任老闆。我們正在幫助 Ralph Lauren 在數字和實體環境中加深與客戶的聯繫，尤其是在他們擴展到新地區時。事實上，Commerce Cloud 幫助他們在 12 月季度將北美在線銷售額增長了 30% 以上。在整個大流行期間，Ralph Lauren 一直依靠 Slack 來保持其地理上分散的團隊在任何地方無縫協作。

18 months ago, Australia's state of Victoria Department of Health selected Salesforce to deploy a COVID-19 contact-tracing system. In Q4, Victoria tapped Salesforce to provide a technology foundation for managing the state's COVID response efforts. For example, Victoria is using MuleSoft to integrate information from various systems, detecting COVID cases as the virus moves between outbreaks and steady-state living, and has also deployed Marketing Cloud to enhance communications with citizens affected by the pandemic.

18 個月前，澳大利亞維多利亞州衛生部選擇 Salesforce 部署 COVID-19 接觸者追踪系統。在第四季度，維多利亞州利用 Salesforce 為管理該州的 COVID 響應工作提供了技術基礎。例如，維多利亞州正在使用 MuleSoft 整合來自各種系統的信息，在病毒在爆發和穩定生活之間移動時檢測 COVID 病例，並且還部署了 Marketing Cloud 以加強與受大流行影響的公民的溝通。

These are just some of the highlights from an amazing quarter of customer success from anywhere. We are proud to have supported these and so many other companies and are grateful to all our customers for their continued trust.

這些只是來自任何地方的驚人四分之一的客戶成功的一些亮點。我們很自豪能夠支持這些公司和許多其他公司，並感謝所有客戶的持續信任。

And as Marc and Bret said, our customers' success drives our financial success. I'm really grateful to be part of this management team, which I think has never been stronger or more aligned or even more committed to generating disciplined profitable growth at scale. Also, I want to thank our team for their outstanding execution, for continuing to do such a great job in the midst of a massive global change.

正如 Marc 和 Bret 所說，我們客戶的成功推動了我們的財務成功。我真的很感激能成為這個管理團隊的一員，我認為這個管理團隊從未像現在這樣強大、更加一致，甚至更加致力於大規模地實現有紀律的盈利增長。此外，我要感謝我們的團隊出色的執行力，感謝他們在全球巨變中繼續做出如此出色的工作。

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

艾米，給你分享我們季度的財務細節。

Thank you, Gavin, and hello to everyone on the line.

謝謝你，Gavin，向在線的每一個人問好。

Fiscal '22 was a remarkable year for Salesforce. Our focus on disciplined and profitable growth drove record levels of revenue, margin and cash flow. So let me take you through some of the results for Q4 and full year fiscal '22, beginning with the top line commentary.

'22 財年對於 Salesforce 來說是非凡的一年。我們專注於有紀律和盈利的增長，推動了創紀錄的收入、利潤率和現金流。因此，讓我帶您了解第四季度和 22 財年全年的一些結果，從頂線評論開始。

Total revenue for the fourth quarter was $7.33 billion, which includes $312 million from Slack. This is up 26% year-over-year or 27% in constant currency. We continue to execute upon the robust demand environment that we highlighted throughout fiscal '22. For the full year, total revenue was $26.5 billion, which is up 25% year-over-year or 24% in constant currency. Full year revenue includes $592 million from the 2 quarters of Slack. Our portfolio of relevant products, serving a broad set of customers and customer needs, continues to drive our business performance.

第四季度的總收入為 73.3 億美元，其中包括來自 Slack 的 3.12 億美元。同比增長 26%，按固定匯率計算增長 27%。我們將繼續執行我們在 22 財年強調的強勁需求環境。全年總收入為 265 億美元，同比增長 25%，按固定匯率計算增長 24%。全年收入包括來自 Slack 兩個季度的 5.92 億美元。我們的相關產品組合服務於廣泛的客戶和客戶需求，繼續推動我們的業務績效。

A few key highlights from the quarter. As you've heard from Marc and Bret and Gavin, our core business continues to perform very, very well. Sales Cloud and Service Cloud are both $6 billion businesses. And in Q4, they grew 17% and 18% year-over-year, respectively. Our progress in the enterprise continues with our largest deals getting even larger. The number of 7-figure deals signed in Q4 grew 34% year-over-year. And in Q4, the number of 8-figure deals more than doubled. Our industry products also continued to perform very well. In fact, our largest deal ever, as measured by incremental ARR, was a financial services win that we signed during the quarter. And 8 of our top 10 deals included an industries product.

本季度的一些關鍵亮點。正如您從 Marc、Bret 和 Gavin 那裡聽到的，我們的核心業務繼續表現非常非常好。銷售雲和服務雲都是 60 億美元的業務。在第四季度，它們分別同比增長 17% 和 18%。隨著我們最大的交易越來越大，我們在企業方面的進步仍在繼續。第四季度簽署的 7 位數交易數量同比增長 34%。在第四季度，8 位數的交易數量增加了一倍多。我們的行業產品也繼續表現良好。事實上，以增量 ARR 衡量，我們有史以來最大的一筆交易是我們在本季度簽署的金融服務勝利。我們的前 10 項交易中有 8 項包括行業產品。

I also want to provide an update on MuleSoft, which grew 24% year-over-year during Q4. We continue to realize the benefits of the go-to-market organizational changes we implemented last year. We're happy with the progress. However, we do not anticipate seeing the full benefit of these changes until the back half of fiscal '23.

我還想提供有關 MuleSoft 的最新信息，它在第四季度同比增長了 24%。我們繼續意識到我們去年實施的上市組織變革的好處。我們對進展感到高興。但是，我們預計要到 23 財年下半年才能看到這些變化的全部好處。

Last quarter, during Q3, we drove attrition -- our attrition rate to below 8% for the first time in company history. Now for the second quarter in a row, our attrition is again at an all-time low. Ending Q4 revenue attrition was between 7% to 7.5%.

上個季度，在第三季度，我們推動了員工流失——我們的員工流失率在公司歷史上首次降至 8% 以下。現在連續第二個季度，我們的流失率再次處於歷史最低點。第四季度末的收入損失在 7% 到 7.5% 之間。

Our remaining performance obligation, representing all future revenue under contract, ended Q4 at approximately $43.7 billion, up 21% 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 $22 billion, up 22% year-over-year and 24% in constant currency. The outperformance was driven by new business outperformance and strong renewals. Slack represents approximately 4.5 points of CRPO growth, slightly ahead of the 4 points provided during last quarter's guidance.

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 437 億美元，同比增長 21%。當前剩餘的履約義務或 CRPO 代表預計將在未來 12 個月內確認為收入的所有未來合同收入，約為 220 億美元，同比增長 22%，按固定匯率計算增長 24%。新業務的出色表現和強勁的續約推動了這一優異表現。 Slack 代表 CRPO 增長約 4.5 個百分點，略高於上一季度指引中提供的 4 個百分點。

Turning to operating margin. For the full year, non-GAAP operating margin was 18.7%, which represents approximately 100 basis points of improvement year-over-year. As a reminder, this includes 140 basis points of headwind from M&A. I'm very proud that our team drove strong margin expansion while also absorbing our largest acquisition ever.

轉向營業利潤率。全年，非美國通用會計準則營業利潤率為 18.7%，同比增長約 100 個基點。提醒一下，這包括來自併購的 140 個基點。我很自豪我們的團隊推動了強勁的利潤增長，同時也吸收了我們有史以來最大的一筆收購。

Q4 GAAP EPS was negative $0.03, and non-GAAP EPS was $0.84. Realized and unrealized gains on our strategic investment portfolio benefited both GAAP and non-GAAP EPS by approximately $0.03. For the full fiscal year, GAAP EPS was $1.48, and non-GAAP EPS was $4.78. Realized and unrealized gains on our strategic investment portfolio benefited GAAP EPS by approximately $0.93 and non-GAAP EPS by approximately $0.98.

第四季度 GAAP 每股收益為負 0.03 美元，非 GAAP 每股收益為 0.84 美元。我們戰略投資組合的已實現和未實現收益使 GAAP 和非 GAAP 每股收益均受益約 0.03 美元。整個財年，GAAP 每股收益為 1.48 美元，非 GAAP 每股收益為 4.78 美元。我們戰略投資組合的已實現和未實現收益使 GAAP 每股收益受益約 0.93 美元，非 GAAP 每股收益約 0.98 美元。

Turning to cash flow. I was particularly pleased with how we closed the year, completing a milestone year of cash generation. For the full fiscal year, operating cash flow was $6 billion, up 25% year-over-year. CapEx was $717 million, resulting in free cash flow of $5.3 billion, up 29% year-over-year. Recent M&A represented a 2-point headwind to both our operating and free cash flows. Excluding the impact of M&A, our full year operating cash flow growth rate was 27%, and our free cash flow growth rate was 31%.

轉向現金流。我對我們如何結束這一年感到特別高興，完成了具有里程碑意義的現金產生年。整個財年，運營現金流為 60 億美元，同比增長 25%。資本支出為 7.17 億美元，產生 53 億美元的自由現金流，同比增長 29%。最近的併購對我們的運營和自由現金流造成了 2 個百分點的不利影響。剔除併購的影響，我們全年經營現金流增長率為 27%，自由現金流增長率為 31%。

Now on to guidance. We are raising our Q1 revenue guidance by $130 million to $7.37 billion to $7.38 billion or approximately 24% growth year-over-year, and that is coming off a historically strong Q1 last year. This guidance assumes a $330 million contribution from Slack. For the full year, we are raising our fiscal '23 revenue guidance by $300 million to $32 billion to $32.1 billion or approximately 21% growth year-over-year. Our guidance assumes a $1.5 billion contribution from Slack.

現在開始指導。我們將第一季度的收入指引提高了 1.3 億美元至 73.7 億美元至 73.8 億美元，或同比增長約 24%，這與去年第一季度的歷史強勁勢頭相去甚遠。該指南假設 Slack 提供了 3.3 億美元的捐款。全年，我們將 23 財年的收入指導提高 3 億美元至 320 億美元至 321 億美元，或同比增長約 21%。我們的指導假設 Slack 貢獻了 15 億美元。

In addition, last week, we announced our acquisition of Traction on Demand, a professional services business. Our revenue guidance assumes a $75 million contribution in [fiscal '23] from Traction on Demand, which we anticipate will close by the end of this fiscal quarter. Please note that the deals remain subject to customary closing conditions.

此外，上週，我們宣布收購專業服務企業 Traction on Demand。我們的收入指導假設 [23 財年] 來自 Traction on Demand 的貢獻為 7500 萬美元，我們預計該貢獻將在本財季末結束。請注意，交易仍需遵守慣例成交條件。

Foreign currency has continued to be highly, highly volatile. To give you a sense of the impact on our business, our fiscal '23 revenue guidance reflects a year-over-year headwind of approximately $300 million from FX.

外匯繼續高度、高度波動。為了讓您了解對我們業務的影響，我們的 23 財年收入指引反映了來自 FX 的約 3 億美元的同比逆風。

For Q1, we expect to deliver CRPO growth of approximately 21%. This includes roughly 5 points of growth from Slack. We expect Q1 GAAP EPS of negative $0.05 to negative $0.04 and non-GAAP EPS of $0.93 to $0.94. For the full year, we expect GAAP EPS of $0.46 to $0.48 and non-GAAP EPS guidance of $4.62 to $4.64.

對於第一季度，我們預計 CRPO 將實現約 21% 的增長。這包括來自 Slack 的大約 5 個增長點。我們預計第一季度 GAAP 每股收益為負 0.05 美元至負 0.04 美元，非 GAAP 每股收益為 0.93 美元至 0.94 美元。全年，我們預計 GAAP 每股收益為 0.46 美元至 0.48 美元，非 GAAP 每股收益指引為 4.62 美元至 4.64 美元。

As a reminder, please keep in mind that our other income and expense, or OEI, guidance incorporates the impact from debt raised for Slack. Please also recall that our OIE and EPS guidance assumes no contribution from mark-to-market accounting.

提醒一下，請記住，我們的其他收入和支出 (OEI) 指南包含了為 Slack 籌集的債務的影響。還請記住，我們的 OIE 和 EPS 指導假設沒有按市值計價會計的貢獻。

We are also reiterating our fiscal '23 non-GAAP operating margin guidance of 20%, representing an expansion of 130 basis points year-over-year. We expect 100 to 125 basis points of headwind from M&A. This disciplined approach will drive another year of strong cash flow generation. We are initiating fiscal '23 operating cash flow guidance of approximately 21% to 22% year-over-year. We do not expect an OCF headwind from Slack for the full year. In addition, our guidance currently assumes a 3-point headwind from cash taxes associated with tax law changes requiring the capitalization of certain R&D costs.

我們還重申了我們的 23 財年非公認會計原則營業利潤率指引為 20%，同比增長 130 個基點。我們預計併購將帶來 100 至 125 個基點的阻力。這種嚴謹的方法將推動又一年強勁的現金流產生。我們正在啟動 23 財年的運營現金流指導，同比增長約 21% 至 22%。我們預計 Slack 全年不會出現 OCF 逆風。此外，我們的指導目前假設與稅法變化相關的現金稅有 3 個逆風，這些變化需要將某些研發成本資本化。

As we continue to scale our operations, I am particularly pleased with our CapEx guide for this year. We expect CapEx to be approximately 2% of revenue in fiscal '23, which is an all-time low for the business. This results in anticipated free cash flow growth of approximately 25% to 26% for the fiscal year.

隨著我們繼續擴大業務規模，我對今年的資本支出指南感到特別滿意。我們預計資本支出將佔 23 財年收入的約 2%，這是該業務的歷史最低點。這導致本財年的預期自由現金流增長約 25% 至 26%。

To close, we believe that our portfolio of differentiated and relevant technology is well positioned in a large and rapidly growing market. Fiscal '22 was an extraordinary year for the company as we drove record levels of revenue and operating margin and cash flow. This demonstrates that with discipline, we can achieve profitable growth at scale.

最後，我們相信我們的差異化和相關技術組合在一個龐大且快速增長的市場中處於有利地位。 '22 財年對公司來說是不平凡的一年，因為我們推動了創紀錄水平的收入、營業利潤率和現金流。這表明，通過紀律，我們可以實現規模化的盈利增長。

I am very thankful for the opportunity over my first year to meet so many members of our shareholder community, both in person and virtually, and I look forward to meeting many more of you over the coming years.

我非常感謝第一年有機會親自和虛擬地與我們股東社區的這麼多成員會面，我期待在未來幾年與更多人會面。

Now Evan, shall we open up the call for questions? And Bo, you can go ahead and open up the line. Thank you.

現在埃文，我們應該打開提問的電話嗎？和博，你可以繼續打開線路。謝謝你。

(Operator Instructions) We go first this afternoon to Alex Zukin at Wolfe Research.

（操作員說明）我們今天下午首先去 Wolfe Research 的 Alex Zukin。

Congratulations on a great quarter and also the really heartfelt beginning, Marc.

祝賀一個偉大的季度，也是真正衷心的開始，馬克。

Maybe just to start, if you think about the environment that you're in right now, you had a bigger beat on CRPO. You guided more -- even better than people, I think, anticipated for Q1. You raised the full year by more. Are you seeing -- or can you comment -- there were some reports of pull-forwards of demand for front-office applications. Can you just set the stage and maybe just gives us some context around what you saw in Q4? And kind of as you come out of the pandemic, the strength of pipeline, the demand environment and your ability to execute on that demand?

也許只是開始，如果你考慮一下你現在所處的環境，你在 CRPO 上的表現更好。你的指導更多——我認為，甚至比人們對第一季度的預期還要好。你把全年提高了更多。您是否看到 - 或者您能評論一下 - 有一些關於前台應用程序需求增長的報告。您能否為我們搭建一個舞台，也許只是給我們一些關於您在第四季度看到的情況的背景信息？當您從大流行中走出來時，管道的強度、需求環境以及您執行該需求的能力？

I really appreciate the question, and it's a question that I've heard quite a bit in the last quarter, especially because the numbers that we're putting up are really unprecedented. In many cases, I've never seen them in the software industry. For 40 years, I've never seen numbers like this, put up like this, at rates like this. And I think because of that, these questions are actually quite reasonable.

我真的很感激這個問題，我在上個季度聽到了很多這個問題，特別是因為我們提出的數字確實是前所未有的。在許多情況下，我從未在軟件行業見過它們。 40 年來，我從未見過這樣的數字，這樣的數字，這樣的比率。我認為正因為如此，這些問題實際上是相當合理的。

But the reality is, over the last 2 years, what we have seen has been incredible demand. And really, that demand is really linked to the digital transformations that our clients are going through. Our customers, it doesn't really matter by geography or by industry, are very deeply committed to their digital transformations of their businesses.

但現實是，在過去 2 年中，我們看到了令人難以置信的需求。實際上，這種需求與我們的客戶正在經歷的數字化轉型息息相關。我們的客戶，無論地域或行業，都非常堅定地致力於其業務的數字化轉型。

I think that if the pandemic put a light on anything for them, it was that their businesses were not going to have a future if they did not go through a digital transformation. And that these digital transformations, as I said in my comments, were going to begin and end with the customer.

我認為，如果大流行為他們帶來了啟示，那就是如果他們不進行數字化轉型，他們的業務就不會有未來。正如我在評論中所說，這些數字化轉型將從客戶開始和結束。

I mean I think that the Ralph Lauren story is a great story because it's a digital transformation, like we've seen with many retailers, okay? But of course, they have to go through this and not just stop what they've done. There's -- we're just at the beginning with that client and with so many clients. And our product line has not become more narrow. It's become more broad.

我的意思是我認為 Ralph Lauren 的故事是一個很棒的故事，因為它是一個數字化轉型，就像我們在許多零售商那裡看到的那樣，好嗎？但是，當然，他們必須經歷這些，而不僅僅是停止他們所做的事情。有 - 我們才剛剛開始與那個客戶和這麼多客戶打交道。而且我們的產品線並沒有變得更窄。它變得更加廣泛。

And I think our acquisition strategy that has been executed, I believe, really well in the past few years really has expanded our total addressable market so significantly that when you look into these clients, these Chief Information Officers and really the Chief Executive Officers, who I primarily work with every day, they see us so strategic to the future of their fundamental businesses that, that is why our relationships with them have become just paramount for our company. You can't compare it to where we were 10 years ago or 15 years ago or, of course, when we started. But today, this relationship is that these CEOs are very much the transformational -- digital transformation officers.

而且我認為我們在過去幾年中執行得非常好的收購戰略確實極大地擴展了我們的總潛在市場，以至於當您研究這些客戶時，這些首席信息官和真正的首席執行官，他們我主要每天與他們一起工作，他們認為我們對其基礎業務的未來具有戰略意義，這就是為什麼我們與他們的關係對我們公司來說變得至關重要。你無法將它與 10 年前或 15 年前的我們相比，當然，當我們開始時。但今天，這種關係是，這些 CEO 是非常具有變革性的——數字化轉型官員。

I'm not telling you anything you don't know. This is the most important thing that they can do every day. And this is really very much to the core of who we have become in our company, that we can show up with our products and services and say to a great company -- we've told the stories this year of the AT&Ts, for example, or the Sonoses of we're talking about, on this call, so many amazing customers, but without us, they would not have the growth rates that they have had. And it's -- our growth rates are just a reflection on theirs.

我不會告訴你任何你不知道的事情。這是他們每天可以做的最重要的事情。這對於我們在公司中成為的核心非常重要，我們可以展示我們的產品和服務，並向一家偉大的公司說 - 我們已經講述了今年 AT&T 的故事，例如，或者我們正在談論的 Sonoses，在這次電話會議上，有這麼多令人驚嘆的客戶，但如果沒有我們，他們就不會擁有他們所擁有的增長率。它是——我們的增長率只是他們的反映。

But by no means in any of these customers, have we completed our work. In many cases, we're in the 10% or 20% or 30% growth areas where we're just at the beginning of what we can do with these customers. So that's what I'm very excited about. And we've really cracked the code on building a relationship and a motion with them.

但絕不是在這些客戶中的任何一個中，我們都完成了我們的工作。在許多情況下，我們正處於 10% 或 20% 或 30% 的增長領域，我們才剛剛開始與這些客戶合作。這就是我非常興奮的地方。我們真的破解了與他們建立關係和行動的密碼。

And I'd really like Bret to come in because, I think, especially with the extension with Slack. Again, Tableau also really transformed. I was with a -- recently, I was actually in the White House with a Fortune 100 CEO and turned to me and said, I start every day with Slack. And this is not a customer that we have even a big Salesforce footprint. And I just said to myself, these acquisitions, they've just opened so many doors for us and transformed who we are and the conversation that we can have.

而且我真的很希望 Bret 能夠加入，因為我認為，尤其是與 Slack 的擴展。同樣，Tableau 也真正發生了變化。我和一位——最近，我實際上和一位財富 100 強的 CEO 在白宮，然後轉向我說，我每天都從 Slack 開始。這不是我們在 Salesforce 上擁有大量足蹟的客戶。我只是對自己說，這些收購為我們打開了許多大門，改變了我們的身份以及我們可以進行的對話。

All right, Bret, can you just continue this narrative?

好的，布雷特，你能繼續這個敘述嗎？

Yes. I mean, as Marc said, I think what really characterized this quarter, particularly in Q4, as you know, we have -- it's our largest quarter, a lot of really big transformational deals. We call them multi-cloud deals. It's exactly as Marc characterized it. It's a real trusted digital adviser relationship, where we're helping solve the problems most fundamental to the executive teams of our customers. And it's not something that's related to the pandemic. It's related to the systemic digitization of the economy. And that's something that we think is a secular trend and that is absolutely enduring, and we see it in the demand environment.

是的。我的意思是，正如馬克所說，我認為本季度的真正特點，特別是在第四季度，如你所知，我們有 - 這是我們最大的季度，有很多非常大的轉型交易。我們稱它們為多雲交易。就像馬克描述的那樣。這是一種真正值得信賴的數字顧問關係，我們正在幫助解決客戶執行團隊最根本的問題。這與大流行無關。這與經濟的系統性數字化有關。我們認為這是一種長期趨勢，而且絕對是持久的，我們在需求環境中看到了這一點。

As Marc said, Slack continues to exceed our expectations, and I think it's benefiting not only from the trend towards this new way of working that we're all figuring out right here in Salesforce Tower, it's also benefiting being a part of our Customer 360 portfolio. And you heard it in the customer stories, and it's why Slack's Q4 revenue was $312 million, well ahead of our guidance of $285 million. We're really seeing the synergies both in our value proposition from our product, but also our distribution environment as well.

正如 Marc 所說，Slack 繼續超出我們的預期，我認為它不僅受益於我們在 Salesforce Tower 中正在探索的這種新工作方式的趨勢，而且還受益於成為我們 Customer 360 的一部分文件夾。你在客戶故事中聽到了，這就是為什麼 Slack 的第四季度收入為 3.12 億美元，遠高於我們 2.85 億美元的指導。我們真的從我們的產品中看到了我們的價值主張以及我們的分銷環境中的協同效應。

And to answer one of your other questions, we're seeing strong pipeline going into Q1. And we feel that, as I mentioned, across both our transactional business and large deals, pipelines remain very strong, and we don't see any demand pull forward.

為了回答您的其他問題之一，我們看到進入第一季度的強大管道。正如我所提到的，我們認為，在我們的交易業務和大宗交易中，管道仍然非常強勁，我們沒有看到任何需求向前推進。

And this quarter, especially, we were really shocked that it just kept accelerating through the quarter. And I really think -- we don't talk about create and close and -- but this idea that we're creating and closing these opportunities in the quarter themselves very much the momentum aspect of the total market. I mean how do you see the current rate of growth in the market itself as reflected by our total product and geographic or vertical portfolio?

尤其是本季度，我們真的很震驚，它在本季度一直在加速。而且我真的認為 - 我們不談論創造和關閉 - 但是我們在本季度創造和關閉這些機會的想法本身就是整個市場的動力方面。我的意思是，您如何看待我們的總產品和地理或垂直組合所反映的市場本身的當前增長率？

Well, I think the thing that's been the most, I'll say, pleasant surprise was despite inflation, the crisis in the supply chain, the conflict in Europe, our customers, this is -- the problems that we solve for our customers are as urgent as ever. And as you mentioned, our Customer 360 portfolio, which since you and Parker started this company 23 years ago, it's not just sales opportunity management anymore. It's really every aspect of the customer experience. And it means that we're starting conversations in every department of every single one of our customers and have the opportunity to expand really...

好吧，我認為最令人驚喜的事情是，儘管通貨膨脹，供應鏈危機，歐洲衝突，我們的客戶，這是 - 我們為客戶解決的問題是一如既往的緊迫。正如您所提到的，我們的 Customer 360 產品組合，自從您和 Parker 23 年前創辦這家公司以來，它不再只是銷售機會管理。這實際上是客戶體驗的各個方面。這意味著我們開始在每個客戶的每個部門進行對話，並有機會真正擴展......

If they don't digitize, they're not going to grow.

如果他們不進行數字化，他們就不會成長。

Exactly.

確切地。

If they don't implement these products, they're not going to grow. I think they also had a debate with so many of these CEOs, well, everybody is coming back. No, they're not. Well, everything is going back to the way it was. No, it's not. And I think now, even some of those the CEOs took these really hard positions. They're like, okay, we're going to have a flexible work environment. And Slack is obviously right there in the middle of that motion.

如果他們不實施這些產品，他們就不會成長。我想他們也和這麼多 CEO 進行了辯論，嗯，每個人都回來了。不，他們不是。好吧，一切都回到了原來的樣子。不，這不對。而且我認為現在，甚至其中一些首席執行官也擔任了這些非常艱難的職位。他們說，好吧，我們將擁有一個靈活的工作環境。 Slack 顯然就在那個動作的中間。

And it's in the middle of it for every single one of our customer conversations, which is why it's, I think, one of the most exciting acquisitions we've ever done.

它在我們每一次客戶對話的中間，這就是為什麼它是，我認為，我們做過的最激動人心的收購之一。

And it was critical that we did that at that time because it's kind of setting up the future of work combined with the #1 CRM.

我們當時這樣做是至關重要的，因為它可以與排名第一的 CRM 相結合來建立工作的未來。

Absolutely.

絕對地。

Okay. All right. Thank you for the question.

好的。好的。感謝你的提問。

We go next now to Keith Weiss at Morgan Stanley.

接下來我們來看看摩根士丹利的 Keith Weiss。

Congratulations on a really nice end to FY '22 and really given us a lot of confidence on the durability of growth with that FY '23 guide.

祝賀 22 財年的一個非常好的結束，並且真的讓我們對 23 財年指南的增長持久性充滿信心。

I had a question for Amy on the margin side of the equation. Bret talked to us about sort of the near-term pause on M&A as you guys focus on integrating Slack. But at some point, Salesforce is going to come back to doing larger M&A, as you should. It should be a strategic tool that you guys use on a go-forward basis.

我在等式的邊緣有一個問題要問艾米。 Bret 與我們談到了併購的近期暫停，因為你們專注於整合 Slack。但在某個時候，Salesforce 會像你應該做的那樣重新進行更大規模的併購。它應該是你們在前進的基礎上使用的戰略工具。

With Slack, you guys have been able to still grow operating margins despite digesting a big acquisition. Is this something you think you could do going forward when you do additional large M&A? Is Salesforce now at the scale and you guys have the efficiency muscle toned enough to be able to do large M&A and still get this 125, 150 basis point margin expansion year after year?

有了 Slack，儘管消化了一筆大收購，你們仍然能夠提高營業利潤率。這是您認為在進行額外的大型併購時可以做的事情嗎？ Salesforce 現在是否達到了規模，你們的效率肌肉已經足夠強大，能夠進行大型併購，並且仍然年復一年地獲得 125、150 個基點的利潤率增長？

Great. Keith, thanks for the question. Good to hear from you. So I appreciate the questions and the focus on operating margin. I'm really proud of what the company has done over last year and looking into this year. As you know, last year, we were able to expand 100 basis points even in the face of what was significantly -- by significant measure, our largest acquisition. And this year, we intend to raise another 130 basis points while continuing to have some headwinds.

偉大的。基思，謝謝你的問題。很高興聽到你的消息。所以我很欣賞這些問題和對營業利潤率的關注。我為公司去年所做的一切以及對今年的展望感到非常自豪。如你所知，去年，我們能夠擴大 100 個基點，即使面對意義重大的事情——從重要的衡量標準來看，這是我們最大的收購。今年，我們打算在繼續遇到一些阻力的同時再提高 130 個基點。

In terms of the future, as Bret said, large strategic M&A is just something we are not focused on in the near term. We're really focused on Slack and making Slack as successful as possible for all of our shareholders and for this company.

就未來而言，正如布雷特所說，大型戰略併購只是我們近期不關注的事情。我們真正專注於 Slack，並讓 Slack 盡可能為我們所有的股東和這家公司帶來成功。

In terms of what we can do in the future, I certainly think that we have learned a lot about how we integrate companies and what we can do in terms of the op margin pressures on that. And certainly, it would be a goal to learn -- to get us to the point where we would not have to take on any sort of degradation of our margin through M&A.

就我們未來可以做的事情而言，我當然認為我們已經了解了很多關於我們如何整合公司以及我們在運營利潤率壓力方面可以做些什麼。當然，這將是一個學習的目標——讓我們達到不需要通過併購來降低我們的利潤率的程度。

We take our next question now from Phil Winslow at Credit Suisse.

我們現在從瑞士信貸的菲爾溫斯洛那裡提出下一個問題。

Congrats on a great end to the year.

祝賀這一年的美好結束。

Bret, you said that Salesforce is becoming more strategic to the C-Suite, just with their broadening footprint. So my question is -- and Marc, too, and even Gavin, when you talk to customers, what are they saying to you about, call it, not only the breadth of the CRM portfolio, but also now the depth of the vertical tech stack when choosing Salesforce versus, let's say, point vendors, especially kind of considering the upside we saw in Slack this quarter?

Bret，你說 Salesforce 對 C-Suite 的戰略意義越來越大，只是因為他們的足跡不斷擴大。所以我的問題是——還有 Marc，甚至是 Gavin，當你與客戶交談時，他們對你說了什麼，稱之為，不僅是 CRM 產品組合的廣度，還有現在垂直技術的深度選擇 Salesforce 與比方說點供應商時的堆棧，尤其是考慮到我們在本季度在 Slack 中看到的優勢？

Well, I'll start and maybe pass it over to you, Gavin, to talk to some of the conversations you're having with customers. Fundamentally, we talk about our strategy at Customer 360, and that's really the end-to-end customer experience across sales, customer service, digital marketing, digital commerce and the foundations and the platforms you need to power that, in MuleSoft and Tableau and Slack. And I think when we talk to the C-Suite, I think when we talk about customer wins like Ford and GEICO and Mercedes-Benz and PayPal, they're really trying to solve for that end-to-end digital customer experience. And point solutions don't get them there.

好吧，我會開始，也許會把它交給你，加文，談談你與客戶的一些對話。從根本上說，我們在 Customer 360 中談論我們的戰略，這實際上是跨銷售、客戶服務、數字營銷、數字商務的端到端客戶體驗，以及在 MuleSoft 和 Tableau 中提供支持所需的基礎和平台，以及鬆弛。我認為，當我們與 C-Suite 交談時，我認為當我們談論像福特、GEICO、梅賽德斯-奔馳和 PayPal 這樣的客戶勝利時，他們真的在努力解決端到端的數字客戶體驗。點解決方案並沒有讓他們在那裡。

Point solutions mean, essentially, their IT department becomes software-development shops. What they want is to digitize their customer experience. They want to do it quickly, and they want to do with fast time to value and high return on investment. And I think because of the completeness of our portfolio, we're really the only software company that can provide that experience to our customers.

點解決方案本質上意味著他們的 IT 部門變成了軟件開發商店。他們想要的是數字化他們的客戶體驗。他們想要快速完成，他們想要快速實現價值並獲得高投資回報。而且我認為由於我們產品組合的完整性，我們確實是唯一一家可以為我們的客戶提供這種體驗的軟件公司。

And I think that, that's really our differentiation is that we come with the complete Customer 360 portfolio rather than just a point solution. And I think that's led to, not only our ability to compete in new accounts, which was a meaningful part of our growth this past year, but also, as Marc mentioned, as we're expanding our relationships with our customers, they know that they can trust us to really truly build a single source of truth and actually achieve the business objectives and the growth formula that you need in this new economy.

我認為，我們真正的區別在於我們提供完整的 Customer 360 產品組合，而不僅僅是一個單點解決方案。我認為這不僅導致了我們在新客戶中競爭的能力，這是我們過去一年增長的重要組成部分，而且正如 Marc 提到的，當我們擴大與客戶的關係時，他們知道他們可以相信我們能夠真正建立一個單一的事實來源，並真正實現您在這個新經濟中所需的業務目標和增長公式。

Gavin, do you want to provide some color on that?

加文，你想提供一些顏色嗎？

Well, I'd probably say 2 or 3 points, Bret. I mean, first and foremost, digital transformation has become a CEO priority. I mean this is one of the changes over the last 2 or 3 years. It's no longer delegated into the IT Department. It's a top 3 priority for the CEO because they realize, and we've talked about it already in the call, without a digital strategy, they don't have a strategy at all. So they have to own it. So it is a conversation that we tried -- is at the top of the house.

好吧，我可能會說 2 或 3 分，布雷特。我的意思是，首先，數字化轉型已成為 CEO 的首要任務。我的意思是這是過去 2 或 3 年的變化之一。它不再被委派給 IT 部門。這是 CEO 的首要 3 優先事項，因為他們意識到，我們已經在電話會議中討論過，如果沒有數字戰略，他們根本就沒有戰略。所以他們必須擁有它。所以這是我們嘗試過的對話——在房子的頂部。

I think when it comes to the Customer 360, and building on Bret's comment, what we often find is what they like about our Customer 360 is they'll start maybe with Sales Cloud and then add Service, add analytics, add Commerce. And so they're building it as they go along. So they might not necessarily buy all of it to start with, but they know we've got a solution for them as they expand and want to get more of a complete view of their customers.

我認為當談到 Customer 360 時，基於 Bret 的評論，我們經常發現他們喜歡 Customer 360 的地方是他們可能會從 Sales Cloud 開始，然後添加服務、添加分析、添加 Commerce。因此，他們正在構建它。因此，他們可能不一定會一開始就購買所有產品，但他們知道我們已經為他們提供了解決方案，因為他們正在擴張並希望更全面地了解他們的客戶。

And the example I gave is -- Sanofi is a great example of this. We started with Health Cloud and Service Cloud and then added Consumer Goods Cloud, Tableau CRM, B2B Commerce and filled out the cloud as they went through the last 12, 18 months.

我舉的例子是——賽諾菲就是一個很好的例子。我們從 Health Cloud 和 Service Cloud 開始，然後添加了 Consumer Goods Cloud、Tableau CRM、B2B Commerce，並在過去 12 個月和 18 個月中填充了雲。

And then I think the final thing I'd say is industries is -- and the verticalization of our business is a theme that's been growing over the last few years. I mean it started a few years ago now, but -- and actually, we started with financial services. We've added Health Cloud, consumer goods, as I mentioned earlier, retail. The list goes on.

然後我想我要說的最後一件事是行業——我們業務的垂直化是過去幾年一直在增長的一個主題。我的意思是它從幾年前開始，但實際上，我們是從金融服務開始的。我們添加了健康雲，消費品，正如我之前提到的，零售。名單還在繼續。

And why do customers and why do CEOs like this? Well, they buy a product that has a lot of the standard functionality that you need within an industry already built in. And what that means is they pay a little bit more for that. It's a little bit more expensive, but in return they get a product that's got faster time to value. And that is the key thing that CEOs are looking for. How do I get a return quickly. I want a return in months, not years. And that's what many of our industry cloud provides out of the box.

為什麼客戶和 CEO 喜歡這樣？好吧，他們購買的產品具有您在一個已經內置的行業中需要的許多標準功能。這意味著他們為此付出了更多。它有點貴，但作為回報，他們得到的產品可以更快地實現價值。而這正是 CEO 們正在尋找的關鍵所在。如何快速獲得回報。我希望在幾個月內獲得回報，而不是幾年。這就是我們許多行業雲提供的開箱即用的功能。

And ladies and gentlemen, we do have time for one final question this afternoon. We'll take that question now from Tyler Radke at Citi.

女士們，先生們，今天下午我們確實有時間回答最後一個問題。我們現在從花旗的 Tyler Radke 那裡回答這個問題。

Marc, I wanted to get your take on the valuation out there in the software market. Obviously, come in quite a bit since the last call. Just how are you thinking about that as you approach M&A? And obviously, with valuations having come down so much, does that change kind of your philosophy or framework on how you're approaching M&A given higher IRR and kind of the math?

馬克，我想了解一下你對軟件市場估值的看法。顯然，自從上次通話以來，進來了很多。在您進行併購時，您是如何考慮的？很明顯，隨著估值大幅下降，考慮到更高的內部收益率和數學計算，這是否會改變你處理併購的理念或框架？

Well, we've certainly seen the software industry contract, and I think it's probably best reflected by that ETF. I watch it very closely, IGV. And I think that when you look at it overall, kind of that precipitous fall, which we've seen happen over many times in the last 20 or 30 years. It's not unprecedented, but it does happen, and that's where we are right now.

好吧，我們當然已經看到了軟件行業的合同，我認為它可能最好地反映在 ETF 上。我非常仔細地觀察它，IGV。而且我認為，當你從整體上看時，那種急劇下降的情況，我們在過去的 20 或 30 年中已經多次看到這種情況發生。這不是史無前例的，但它確實發生了，這就是我們現在所處的位置。

In regards to the change in the M&A environment for us, we continue to look at tactical M&A. But really, since we made a major decision now more than a year ago to acquire Slack, it became our most strategic initiative in the company. And it's going to take us quite a long time to be able to digest this acquisition. We also obviously still have other parts of our portfolio that we have our eye on and that are requiring a lot of our focus and making sure that our entire portfolio is working for our investors.

關於我們併購環境的變化，我們繼續關注戰術併購。但實際上，自從我們一年多前做出收購 Slack 的重大決定以來，這成為了我們在公司中最具戰略意義的舉措。我們需要很長時間才能消化這次收購。顯然，我們還關注我們投資組合的其他部分，這需要我們大量關注並確保我們的整個投資組合為我們的投資者服務。

So I don't really see us doing any kind of strategic acquisition for some time until we can get our hands fully around Slack and say that we've done a great job.

因此，在我們完全掌握 Slack 並說我們做得很好之前，我真的看不到我們在一段時間內進行任何形式的戰略收購。

Bret, what is your perspective on that?

布雷特，你對此有何看法？

Yes. And I think you articulate it well, Marc. We -- right now, we -- our focus was on integrating Slack and executing with the portfolio that we have. And I don't see any material M&A in the near term.

是的。我認為你說得很好，馬克。我們——現在，我們——我們的重點是整合 Slack 並與我們擁有的產品組合執行。而且我認為短期內不會有任何重大併購。

I think that really the key point for us and how we're looking at managing our business and providing value back to you, our investors, is we are delivering a portfolio of product. We're not an ETF by any means, but we are a selection of some of the most important products in the software industry. Even our service product, if you look at it as an absolute business, is probably the largest service product in the industry. It has a tremendous growth rate. It has a tremendous leadership position. Analysts rank it and look at it uniquely. We pay a lot of attention to it.

我認為對我們而言，真正的關鍵點以及我們如何看待管理我們的業務並為您，我們的投資者提供價值，是我們正在提供產品組合。無論如何，我們不是 ETF，但我們是軟件行業中一些最重要產品的精選。即使是我們的服務產品，如果你把它看成一個絕對的業務，也可能是行業中最大的服務產品。它有著驚人的增長速度。它具有巨大的領導地位。分析師對其進行排名並以獨特的方式看待它。我們非常關注它。

So as we manage our portfolio here at Salesforce, we look at service as a part of that. And we're focused on making sure that, that is the most innovative, highest level of customer success it can have. And also, it's transformed many times since we've introduced it, not so unlike our Sales product, not so unlike what we've done with our Commerce product, where we've completely rewritten it and it now operates as a platform, as a kind of what we call a headless commerce or an API architecture. Slack now is part of our portfolio. Tableau is part of our portfolio. MuleSoft is part of our portfolio. And many of our -- these exciting new vertical opportunities.

因此，當我們在 Salesforce 管理我們的產品組合時，我們將服務視為其中的一部分。我們專注於確保這是最具創新性、最高水平的客戶成功。而且，自從我們推出它以來，它已經轉變了很多次，與我們的銷售產品並沒有太大的不同，與我們對 Commerce 產品所做的沒有太大的不同，我們已經完全重寫了它，它現在作為一個平台運行，因為一種我們稱之為無頭商務或 API 架構的東西。 Slack 現在是我們產品組合的一部分。 Tableau 是我們產品組合的一部分。 MuleSoft 是我們產品組合的一部分。還有我們的許多——這些令人興奮的新垂直機會。

We saw a lot of excitement and interest around our sustainability cloud this quarter. A lot of customers realizing they need to go net zero now, and they're going to have to do carbon accounting. They're going to have to do their kind of carbon reporting and certification. And we're looking at net zero cloud or safety cloud as well as growth capabilities for us. And each one of these components in our portfolio, Bret and I go through piece by piece to make sure it's working. And of course, the geographies, each geography is an important part of the portfolio.

我們在本季度看到了對我們的可持續發展雲的很多興奮和興趣。許多客戶意識到他們現在需要實現淨零排放，他們將不得不進行碳核算。他們將不得不進行他們的碳報告和認證。我們正在關注淨零雲或安全雲以及我們的增長能力。我們產品組合中的每一個組件，Bret 和我逐個檢查以確保其正常工作。當然，地理，每個地理都是投資組合的重要組成部分。

I'll tell you kind of a -- pardon me on the aside. One of the areas where I've spent a lot of time in making sure we're highly competitive and successful was Japan. But I haven't been able to go to Japan in a couple of years. So now it's kind of -- the pandemic is kind of coming to a close. I'm looking forward to getting back over there. It's very important to me to get over there. I haven't really been able to work on many parts of the -- our Japanese business.

我會告訴你一種——請原諒我。我花了很多時間確保我們具有高度競爭力和成功的領域之一是日本。但我已經有幾年沒能去日本了。所以現在它有點 - 大流行即將結束。我期待著回到那裡。到那裡去對我來說很重要。我還沒有真正能夠在我們日本業務的許多部分工作。

Our CEO over there has done a fantastic job, Koide-san. He's amazing. He has a brand-new office. My close friend, Yoshiki, was at our office. I was very jealous. I haven't even been to our new office, which is on the grounds of the Imperial Palace in Japan, the largest office building there given to an American software company. We're very proud of that fact.

我們那邊的首席執行官做得非常出色，小出先生。他很了不起。他有一個全新的辦公室。我的好朋友 Yoshiki 在我們的辦公室。我非常嫉妒。我什至沒有去過我們的新辦公室，它位於日本皇宮內，那裡是美國軟件公司最大的辦公樓。我們為這一事實感到非常自豪。

And I don't know, Brad, how do you look at this part of our business today?

我不知道，布拉德，你如何看待我們今天的這部分業務？

I think it's a great way to wrap up the call, Marc. I think the strength of the portfolio is really the theme. I think one of the things that stood out to me in the performance is the strength of our core businesses. As you said, our core sales and service business, I think it's appropriate coming up on our 23rd birthday, that Sales Cloud 23 years later continues to grow at 17% and [over] $6 billion in...

我認為這是結束通話的好方法，馬克。我認為投資組合的實力才是真正的主題。我認為表現中對我來說最突出的一件事是我們核心業務的實力。正如您所說，我們的核心銷售和服務業務，我認為在我們 23 歲生日到來之際，Sales Cloud 23 年後繼續以 17% 的速度增長並 [超過] 60 億美元......

It's kind of amazing. It's -- really, it's unprecedented in the software industry that you'd see something after 2 decades deliver such kind of a growth rate.

這有點不可思議。確實，在軟件行業中，你會在 2 年之後看到這樣的增長速度，這在軟件行業是前所未有的。

It is. And I bet there's a few analysts on the call who's been covering you and this company ever since, and I doubt any of them imagined...

它是。我敢打賭，從那以後，電話會議上有幾位分析師一直在報導你和這家公司，我懷疑他們中的任何一個人都沒有想像到……

They all got the TAM wrong.

他們都把 TAM 弄錯了。

We all got...

我們都得到了...

Not just them. I'm right in there. I couldn't -- I can't believe it. It's doing -- it's $6 billion on its way to, I don't know, 10 -- I have no idea what it's going to. It's unbelievable.

不只是他們。我就在裡面。我不能——我不敢相信。它正在做——它正在走向 60 億美元，我不知道，10——我不知道它會發生什麼。這太不可思議了。

And I think the strength of our portfolio is the reason why we're committed to this path, why we're not pursuing material M&A in the near term. And I think it really reflects the execution of Gavin's team and really the whole company.

我認為我們投資組合的實力是我們致力於這條道路的原因，也是我們在短期內不追求實質性併購的原因。我認為這確實反映了 Gavin 團隊和整個公司的執行力。

And we have such a rich and deep portfolio and so many...

我們擁有如此豐富而深入的產品組合和如此多的...

Exactly.

確切地。

I agree. Amy, anything you want to say before we wrap this up?

我同意。艾米，在我們結束之前你有什麼想說的嗎？

No, I think this was terrific. Again, what I was most pleased about, about last year and where we're driving this year is just top performance on top line, bottom line and cash flow. And being able to show that we can do all 3 and continue this with a discipline, just sets us up beautifully for the rest of the year.

不，我認為這太棒了。再說一次，我最高興的是，關於去年以及我們今年的發展方向只是頂線、底線和現金流的最佳表現。並且能夠證明我們可以做到這三點，並以紀律的方式繼續這一點，這讓我們在今年剩下的時間裡做得很好。

Gavin, anything you'd like to comment on before we wrap the call up today?

加文，在我們今天結束電話會議之前，您有什麼想評論的嗎？

Just to say, look, it was an outstanding year, and we kept it off with an outstanding quarter, but there is no sign of it slowing down as we enter this fiscal. We're very confident of the year ahead. The pipeline is really strong across all geographies, across all products, and that's why we're raising our guidance. So we're entering this year with a very high degree of conviction.

只是說，看，這是一個出色的一年，我們以一個出色的季度保持了它，但是當我們進入本財年時，沒有跡象表明它會放緩。我們對來年充滿信心。該管道在所有地區、所有產品中都非常強大，這就是我們提高指導的原因。因此，我們以非常高的信念進入今年。

Well, I think that, that's well said. And I'll tell you, we spend a lot of time with our investors. I know that I do, and I know we spent a lot -- a lot of them are portfolio managers. They're running a full portfolio, which is how they're trying to get a return on their investment. And the more time I've spent with them, I think they've influenced me and how I run our business here. And I think we're very much at that same perspective, and we want to deliver an outstanding return to our investors as well.

嗯，我覺得，說得好。我會告訴你，我們花了很多時間與我們的投資者在一起。我知道我這樣做了，而且我知道我們花了很多錢——他們中的很多人都是投資組合經理。他們正在運行一個完整的投資組合，這就是他們試圖獲得投資回報的方式。我和他們相處的時間越多，我認為他們影響了我以及我在這裡經營業務的方式。而且我認為我們的觀點非常相似，我們也希望為我們的投資者提供出色的回報。

Thank you so much for everything. And our hearts and our thoughts and prayers are with all those right now who are going through these troubled times.

非常感謝你的一切。我們的心、我們的思想和祈禱與所有正在經歷這些困難時期的人同在。

Thank you, ladies and gentlemen.

謝謝你們，女士們，先生們。

That will conclude today's Salesforce's Fiscal 2022 Fourth Quarter and Full Year Results Conference Call. Thank you all for joining us, and wish you all a great remainder of your day. Goodbye.

這將結束今天的 Salesforce 2022 財年第四季度和全年業績電話會議。感謝大家加入我們，並祝大家度過美好的一天。再見。