Salesforce, Inc. (NYSE:CRM) Q1 2025 Results Conference Call May 29, 2024 5:00 PM ET

Salesforce, Inc. (纽约证券交易所：CRM) 2025 年第一季度财报电话会议 2024 年 5 月 29 日 下午 5:00 ET

Company Participants 公司参与者

Mike Spencer - EVP, Finance and Strategy, IR

迈克·斯宾塞 - 执行副总裁，财务与战略，投资者关系

Marc Benioff - Chair and CEO

马克·贝尼奥夫 - 主席兼首席执行官

Amy Weaver - President and CFO

艾米·韦弗 - 总裁兼首席财务官

Brian Millham - President and COO

布赖恩·米尔哈姆 - 总裁兼首席运营官

Conference Call Participants

会议电话参与者

Keith Weiss - Morgan Stanley

基思·韦斯 - 摩根士丹利

Brad Sills - Bank of America

布拉德·西尔斯 - 美国银行

Brent Thill - Jefferies 布伦特·希尔 - 杰富瑞

Kirk Materne - Evercore ISI

柯克·马特恩 - Evercore ISI

Karl Keirstead - UBS 卡尔·凯尔斯特德 - 瑞银

Raimo Lenschow - Barclays

雷莫·伦肖 - 巴克莱

Kash Rangan - Goldman Sachs

卡什·兰甘 - 高盛

Mark Murphy - JPMorgan 马克·墨菲 - 摩根大通

Operator 操作员

Welcome to Salesforce's Fiscal 2025 First Quarter Results Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question-and-answer session [Operator Instructions]. I would now like to hand the conference over to your speaker, Mike Spencer, Executive Vice President of Finance and Strategy and Investor Relations. Sir, you may begin.

欢迎参加 Salesforce 2025 财年第一季度业绩电话会议。所有线路已静音，以防止背景噪音。在发言者发言后，将进行问答环节[操作员说明]。现在我将把会议交给您的发言人，财务与战略及投资者关系执行副总裁迈克·斯宾塞。先生，您可以开始。

Mike Spencer 迈克·斯宾塞

Thanks, and good afternoon. Thanks for joining us today on our fiscal 2025 first quarter results conference call. Our press release, SEC filings and a replay of today's call could be found on our Web site. Joining me on the call today is Marc Benioff, Chair and CEO; Amy Weaver, President and Chief Financial Officer; and Brian Millham, President and Chief Operating Officer. As a reminder, our commentary today will include non-GAAP measures, reconciliations of our GAAP and non-GAAP results and guidance can be found in our earnings materials and press release. Some of our comments today may contain forward-looking statements that are subject to risks, uncertainties and assumptions, which could change. Should any of these risks materialize or should our assumptions prove to be incorrect, actual company results could differ materially from these forward-looking statements. A description of these risks, uncertainties and assumptions and other factors that could affect our financial results is included in our SEC filings, including our most recent report on Forms 10-K, 10-Q and any other SEC filings. Except as required by law, we do not undertake any responsibility to update these forward-looking statements. And with that, let me hand the call over to Marc.

谢谢，下午好。感谢您今天参加我们 2025 财年第一季度业绩电话会议。我们的新闻稿、SEC 文件以及今天电话会议的重播可以在我们的网站上找到。今天与我一起参加电话会议的有：董事长兼首席执行官 Marc Benioff，总裁兼首席财务官 Amy Weaver，以及总裁兼首席运营官 Brian Millham。请注意，我们今天的评论将包括非 GAAP 指标，GAAP 和非 GAAP 结果的调节，以及指导意见，这些内容可以在我们的财报材料和新闻稿中找到。我们今天的一些评论可能包含前瞻性声明，这些声明受到风险、不确定性和假设的影响，可能会发生变化。如果这些风险变为现实，或者我们的假设被证明不正确，公司的实际结果可能会与这些前瞻性声明有重大差异。有关这些风险、不确定性和假设以及可能影响我们财务结果的其他因素的描述已包含在我们的 SEC 文件中，包括我们最近的 10-K、10-Q 表格报告和其他 SEC 文件。 除法律要求外，我们不承担更新这些前瞻性陈述的任何责任。接下来，我将把电话交给 Marc。

Marc Benioff 马克·贝尼奥夫

Thanks so much, Mike. I'm really excited for the call today, because there's two things that I'm really been looking forward to talking about. First is our incredible financial transformation as you can see from the numbers today and the second is the incredible work that's happening with artificial intelligence. Look, first of all, in Q1, we delivered $9.13 billion in revenue, up 11% year-over-year in both nominal and constant currency. Subscription and support revenue grew at 12% year-over-year and 13% in constant currency. And for the 11th year in a row, Salesforce is still ranked the number one provider worldwide by market share based on the latest IDC software tracker. I mean, that really gets to a core part of our technology transformation that I'm going to get to, which is the transformation to AI. And because we are the number one CRM provider, we're now managing more than 250 petabytes of data for our customers. This is going to be absolutely critical as they move into artificial intelligence.

非常感谢你，迈克。我对今天的电话会议感到非常兴奋，因为有两件事我非常期待讨论。首先是我们令人难以置信的财务转型，正如你今天看到的数字，第二是人工智能领域正在发生的令人惊叹的工作。首先，在第一季度，我们实现了 91.3 亿美元的收入，同比增长 11%，无论是名义上还是按固定汇率计算。订阅和支持收入同比增长 12%，按固定汇率计算增长 13%。连续第 11 年，Salesforce 仍然被最新的 IDC 软件追踪器评为全球市场份额第一的供应商。这确实触及了我们技术转型的核心部分，我将要谈到的就是向人工智能的转型。由于我们是第一的 CRM 供应商，我们现在为客户管理超过 250PB 的数据。这在他们进入人工智能领域时将是绝对关键的。

And now also let's turn to our financial guidance. For fiscal year '25, we're maintaining our revenue guidance of $37.7 billion to $38 billion, growth of 8% to 9% year-over-year. And we now expect fiscal year '25 subscription and support revenue growth to be approximately 10% year-over-year in constant currency. As you can see from our results, we remain committed to profitable growth at scale, and I would also say incredible cash flow. And then continue to expect fiscal year 2025 non-GAAP operating margin of 32.5%, a 200 basis point improvement year-over-year. I'm extremely proud of our team's focus and determination to deliver this world class financial result, including this cash flow and profitability in the quarter. And Brian and Amy will discuss Q1 performance in much greater detail.

现在让我们来看看我们的财务指导。对于 2025 财年，我们维持收入指导在 377 亿美元到 380 亿美元之间，同比增长 8%到 9%。我们现在预计 2025 财年的订阅和支持收入增长将在不变货币下约为 10%。正如您从我们的业绩中看到的，我们仍然致力于规模化的盈利增长，我还想说现金流非常出色。我们继续预计 2025 财年的非 GAAP 运营利润率为 32.5%，同比提高 200 个基点。我对我们团队专注和决心实现这一世界级财务业绩感到非常自豪，包括本季度的现金流和盈利能力。布莱恩和艾米将更详细地讨论第一季度的表现。

As I said, I couldn't be more excited about the opportunity ahead for Salesforce, not only with these incredible financial results but in the incredible transformations that we are leading with our customers in artificial intelligence. Every company in the world across every industry is being transformed by AI in the next few years. And when you look at the power of AI, you realize the models and the UI are not the critical success factors, it's not critical where the enterprise will transform. There are thousands of these models, some open source and some closed source models, some built with billions, some with just a few dollars, most of these will not survive. They are just commodities now and it's not where the intelligence lies. And they don't know anything about a company's customer relationships.

正如我所说，我对 Salesforce 面前的机会感到无比兴奋，不仅因为这些令人难以置信的财务结果，还因为我们在人工智能领域与客户共同引领的巨大变革。在未来几年，世界上每个行业的每家公司都将被人工智能所改变。当你看到人工智能的力量时，你会意识到模型和用户界面并不是关键成功因素，企业转型的关键并不在于此。这些模型有成千上万种，有些是开源的，有些是闭源的，有些是用数十亿构建的，有些则只花费了几美元，其中大多数将无法生存。它们现在只是商品，而智能并不在于此。它们对公司的客户关系一无所知。

Each day, hundreds of petabytes of data are created that AI models can use for training and generating output. But the one thing that every enterprise needs to make AI work is their customer data, as well as the metadata that describes the data, which provides the attributes and context the AI models need to generate accurate, relevant output. And customer data and metadata are the new gold for these enterprises, and Salesforce now manages, as I mentioned, 250 petabytes of this precious material. We have one of the most and largest repositories of front office enterprise data and metadata in the world. And every day more companies are adopting Salesforce as their front office, bringing all their structured and unstructured data into our platform.

每天，数百拍字节的数据被创建，供人工智能模型用于训练和生成输出。但每个企业使人工智能正常运作所需的唯一东西是他们的客户数据，以及描述数据的元数据，这些元数据提供了人工智能模型生成准确、相关输出所需的属性和上下文。客户数据和元数据是这些企业的新黄金，而 Salesforce 现在管理着我提到的 250 拍字节的这些珍贵材料。我们拥有世界上最大和最全面的前台企业数据和元数据存储库之一。每天，越来越多的公司将 Salesforce 作为他们的前台，将所有结构化和非结构化数据引入我们的平台。

Nearly half of our top 50 wins in the quarter included six or more of our clouds. That really speaks to the comprehensive nature of our strategy. It's incredible. And many of these customers have essential business and customer data that exists outside of Salesforce that's trapped in thousands of apps and silos and it's disconnected. That's why we're seeing this incredible momentum with our Data Cloud, our fastest growing organic and our next $1 billion cloud. It's the first step to becoming an AI enterprise. Data Cloud gives every company a single source of truth and you can securely power AI insights and actions across the entire Customer 360.

我们季度内前 50 名的客户中，近一半包含了六个或更多的云服务。这真正体现了我们战略的全面性。这令人难以置信。许多客户的关键业务和客户数据存在于 Salesforce 之外，困在成千上万的应用程序和孤岛中，彼此之间没有连接。这就是为什么我们的数据云正在获得如此惊人的势头，它是我们增长最快的有机云，也是下一个十亿美元的云。这是成为人工智能企业的第一步。数据云为每家公司提供了单一的真实数据来源，您可以安全地在整个客户 360 中推动人工智能洞察和行动。

Now let me tell you why I'm excited about Data Cloud and why it's transforming our customers and how it's preparing them for this next generation of artificial intelligence. Data Cloud was included in 25% of our $1 million plus deals in the quarter. We added more than 1,000 data cloud customers for the second quarter in a row. 8 trillion records were ingested in the Data Cloud in the quarter, up 42% year-over-year and we processed 2 quadrillion records, that's a 217% increase compared to last year. Over 1 trillion activations drove customer engagement, which is a 33% increase year-over-year. This incredible growth of data in our system and the level of transactions that we're able to deliver, not just in the core system but especially in data cloud is preparing our customers for this next generation of AI. And last month, we created a Zero Copy Partner Network with partners, including Amazon, Databricks, Google, IBM, Microsoft and Snowflake, so customers can access this live data from anywhere in data cloud without copying or moving it. It's the engine of our future growth and this is the engine of our future artificial intelligence growth as well.

现在让我告诉你为什么我对数据云感到兴奋，以及它是如何改变我们的客户并为他们准备下一代人工智能的。数据云在本季度的 100 万美元以上交易中占到了 25%。我们连续第二个季度新增了超过 1000 个数据云客户。本季度数据云中处理了 8 万亿条记录，同比增长 42%，我们处理了 2 千万亿条记录，比去年增长了 217%。超过 1 万亿次激活推动了客户参与，同比增长 33%。我们系统中数据的惊人增长以及我们能够提供的交易水平，不仅在核心系统中，尤其是在数据云中，正在为我们的客户准备下一代人工智能。上个月，我们与包括亚马逊、Databricks、谷歌、IBM、微软和 Snowflake 在内的合作伙伴创建了零拷贝合作伙伴网络，以便客户可以在数据云中从任何地方访问这些实时数据，而无需复制或移动。这是我们未来增长的引擎，也是我们未来人工智能增长的引擎。

As you know, for years, we've delivered predictive AI across all our clouds with Einstein. Einstein is generating hundreds of billions of predictions per day, trillions per week. Now, we are working with thousands of customers to power generative AI use cases with our Einstein Copilot, our Prompt Builder, our Einstein Studio, all of which went live in the first quarter. And we've closed hundreds of Copilot deals since this incredible technology has gone GA. And in just the last few months, we're seeing Einstein Copilot develop higher levels of capability. We are absolutely delighted and could not be more excited about the success that we're seeing with our customers with this great new capability.

正如您所知，多年来，我们通过Einstein在所有云服务中提供预测性人工智能。Einstein每天生成数千亿个预测，每周数万亿个预测。现在，我们正在与数千个客户合作，利用我们的Einstein助手、提示生成器和Einstein工作室来推动生成式人工智能的应用，这些工具在第一季度上线。自从这项令人难以置信的技术正式发布以来，我们已经签署了数百个助手交易。在过去几个月中，我们看到Einstein助手的发展能力不断提升。我们感到非常高兴，对与客户合作取得的成功感到无比兴奋。

Saks, a leader in the luxury fashion market, part of Hudson’s Bay, went all in on Salesforce in the quarter. CEO, Marc Metrick, is using AI to create more personal experiences for every customer touchpoint across their company. And with our Einstein 1 platform and Data Cloud, Saks can unify and activate all its customer data to power trusted AI. Another great story is FedEx, a company that we all know, bringing together previously siloed information. It's the leader in getting packages delivered quickly. And of course, how are we going to now deliver a more productive, more efficient and more profitable FedEx. The SF -- the Salesforce data and app and AI capabilities generate expense savings. This is the core efficiency while growing and accelerating top line revenue. This is the effectiveness that we're delivering for FedEx. This efficiency includes next best action for sellers, automated lead nurturing, Slack for workflow management, opportunity scoring, a virtual assistant, AI and unstructured data for delivering content to sales and customer service.

萨克斯（Saks），作为奢侈时尚市场的领导者，隶属于哈德逊湾（Hudson’s Bay），在本季度全力投入 Salesforce。首席执行官马克·梅特里克（Marc Metrick）正在利用人工智能为公司每个客户接触点创造更个性化的体验。借助我们的 Einstein 1 平台和数据云，萨克斯可以统一并激活所有客户数据，以推动可信赖的人工智能。另一个精彩的案例是我们都熟知的联邦快递（FedEx），它将之前孤立的信息整合在一起。它是快速递送包裹的领导者。当然，我们现在如何让联邦快递变得更高效、更有生产力和更有盈利能力。Salesforce 的数据、应用和人工智能能力产生了成本节约。这是核心效率，同时推动和加速顶线收入。这是我们为联邦快递提供的有效性。这种效率包括为销售人员提供的最佳下一步行动、自动化的潜在客户培育、用于工作流管理的 Slack、机会评分、虚拟助手、人工智能以及用于向销售和客户服务提供内容的非结构化数据。

And when we think about effectiveness, we see our Journey Builder delivering hyper personalization, integrating customer experiences across service, sales, marketing, the ability to tailor and deliver customer experiences based on a Customer 360 view. When we look at this incredible next generation of capability we've delivered at FedEx, gone now are these days of static business rules that leave customers dissatisfied asking, do they not know that I am a valued customer of FedEx? Now FedEx has not only the power of the Customer 360, but the power of AI to unlock so much more commercial potential by conducting an orchestra of commercial functions that never played well together before. You have a significant opportunity now with Salesforce and this incredible platform that sellers can convince companies to transform all of their incredible capabilities to deliver another level of profitability. I think stories like that are driving our company forward and it's all driven by the power of artificial intelligence.

当我们考虑有效性时，我们看到我们的旅程构建器提供了超个性化，整合了服务、销售、营销等各个方面的客户体验，能够根据客户 360 视图量身定制和交付客户体验。当我们看到在联邦快递交付的这一令人难以置信的下一代能力时，过去那些让客户感到不满的静态业务规则已经不复存在，他们会问，难道他们不知道我是一名联邦快递的尊贵客户吗？现在，联邦快递不仅拥有客户 360 的力量，还有人工智能的力量，可以通过协调以前从未良好协作的商业职能来释放更多的商业潜力。现在，您与 Salesforce 和这个令人难以置信的平台有了一个重要的机会，销售人员可以说服公司转变他们所有令人惊叹的能力，以实现更高水平的盈利能力。我认为这样的故事正在推动我们的公司向前发展，而这一切都是由人工智能的力量驱动的。

Another story I'm really excited about in the quarter is Air India, transformed with data and AI. If you don't know about Air India, they are an incredible airline who's acquired multiple airlines to create this amazing platform for India's growth. And with Data Cloud, Air India is unifying Data Cloud across loyalty, reservations, flight systems and data warehouses. They have a single source of truth to handle more than 550,000 service cases each month. And now with Einstein, we are automatically classifying and summarizing cases and sending that to the right agent with recommended next steps and upgrading in high value passenger experiences. Even when things happen like a flight delay, our system is able to immediately intervene and provide the right capability to the right customer at the right time. All of that frees up agents to deliver more personal service and create more personal relationships, a more profitable, a more productive, a more efficient Air India, a company that's using AI to completely transform their capability.

另一个让我在这个季度非常兴奋的故事是印度航空，通过数据和人工智能实现了转型。如果你不知道印度航空，他们是一家令人难以置信的航空公司，收购了多家航空公司，创建了这个令人惊叹的平台，以促进印度的增长。借助数据云，印度航空正在统一忠诚度、预订、航班系统和数据仓库的数据信息。他们拥有一个单一的真实数据源，每月处理超过 550,000 个服务案例。现在，借助Einstein，我们能够自动分类和总结案例，并将其发送给合适的代理，提供推荐的后续步骤，并提升高价值乘客的体验。即使在航班延误等情况发生时，我们的系统也能够立即介入，并在正确的时间为正确的客户提供合适的能力。所有这些都使代理能够提供更个性化的服务，建立更个人化的关系，创造一个更有利可图、更高效、更高生产力的印度航空，这是一家利用人工智能彻底转型其能力的公司。

Well, we're looking forward to talking to you more in this call about these incredible transformations, the financial transformation that we've gone through with these incredible cash flow and margin numbers, and this incredible artificial intelligence transformation. And now over to Brian.

好的，我们期待在这个电话中与您进一步讨论这些令人难以置信的转型，包括我们在现金流和利润率方面经历的财务转型，以及这个令人惊叹的人工智能转型。现在把时间交给布莱恩。

Brian Millham 布赖恩·米尔哈姆

Thanks, Marc, and thanks to all of you for joining us today. I also want to thank the team for their hard work this quarter. As Marc said, we're incredibly well positioned for this AI transformation. We're the number one AI CRM innovating at a pace I've not seen in my entire career. I could not be more excited about the opportunity ahead. We're seeing good demand as AI technology rapidly evolves and customers recognize the value of transforming into AI enterprises. CEOs and CIOs are excited about the opportunity with data and AI and how it can impact their front office operations. We continue to focus on our growth levers of multi-cloud deals, international expansion, industry solutions, the Salesforce ecosystem and of course, the data and AI innovations across all of our clouds. Now let me briefly address the buying environment. We continue to see the measured buying behavior similar to what we experienced over the past two years and with the exception of Q4 where we saw stronger bookings. The momentum we saw in Q4 moderated in Q1 and we saw elongated deal cycles, deal compression and high levels of budget scrutiny. In addition, in Q1, as part of our ongoing transformation, we made some intentional changes in our go-to-market organization to drive long term productivity and create better customer experiences, which also played a role in the softer bookings performance. At the same time, we are seeing strong momentum in various parts of our business, particularly Data Cloud and industries. And we continue to drive our core growth levers, multi-cloud deals, again, were a highlight for us in the quarter with six of our top 10 deals, including six or more clouds, showing the depth and relevance of our portfolio.

谢谢你，Marc，也谢谢大家今天加入我们。我还想感谢团队在这个季度的辛勤工作。正如 Marc 所说，我们在这场人工智能转型中处于极其有利的位置。我们是第一家在人工智能客户关系管理方面创新的公司，以我整个职业生涯中未曾见过的速度进行创新。我对未来的机会感到无比兴奋。随着人工智能技术的快速发展，客户认识到转型为人工智能企业的价值，我们看到良好的需求。首席执行官和首席信息官对数据和人工智能的机会感到兴奋，以及它如何影响他们的前台运营。我们继续专注于多云交易、国际扩展、行业解决方案、Salesforce 生态系统，以及当然，在我们所有云中的数据和人工智能创新等增长杠杆。现在让我简要谈谈购买环境。我们继续看到与过去两年类似的谨慎购买行为，除了第四季度我们看到更强的预订。我们在第四季度看到的势头在第一季度有所减弱，交易周期延长，交易压缩，预算审查的水平很高。 此外，在第一季度，作为我们持续转型的一部分，我们在市场推广组织中进行了有意的调整，以推动长期生产力并创造更好的客户体验，这也在一定程度上影响了预订业绩的疲软。同时，我们在业务的各个部分看到了强劲的势头，特别是在数据云和行业方面。我们继续推动我们的核心增长杠杆，多云交易再次成为我们本季度的亮点，前十名交易中有六个涉及六个或更多的云，显示了我们产品组合的深度和相关性。

Let me give you just one example of a company that is using Salesforce across the entire front office. CrowdStrike, a leading cybersecurity company and a longtime customer of Salesforce added Data Cloud, Marketing Cloud, Commerce Cloud, Revenue Cloud and MuleSoft in the quarter. CrowdStike already relied on Einstein 1 sales and service and Slack, and now they'll use Data Cloud to pull together new and trap data from data lakes to build a 360 degree view of their customers, helping them align sales and marketing efforts to drive growth. They're also leveraging MuleSoft with incredible results. MuleSoft has helped CrowdStrike accelerate project delivery by 30% and decreased maintenance costs by 20%. Salesforce is now the backbone of CrowdStrike driving every aspect of CrowdStrike's operation and limiting the reliance on complex siloed third party applications. As Marc said, we're seeing impressive growth in our Data Cloud business. In the quarter, 25% of our deals over $1 million included Data Cloud. It's obviously an important growth lever for us as it brings all of our clouds to life and make them all better. And we continue to see momentum in Einstein AI with wins at Turtle Bay Resort, Autodesk and Langley Federal Credit Union as companies transform into AI enterprises. One example is Siemens. Siemens lacked a centralized destination for customers to easily choose the right products and buy on demand. To simplify the buying experience for customers, Siemens worked with Salesforce to develop and launch its Xcelerator marketplace, an AI-powered digital marketplace built on Einstein 1 commerce, providing AI-generated product pages, smart recommendations and self service ordering, and they did it all in just six months.

让我给你举一个使用 Salesforce 的公司例子。CrowdStrike 是一家领先的网络安全公司，也是 Salesforce 的长期客户，在本季度新增了数据云、营销云、商业云、收入云和 MuleSoft。CrowdStrike 已经依赖于 Einstein 1 销售和服务以及 Slack，现在他们将使用数据云从数据湖中整合新数据和历史数据，以建立客户的 360 度视图，帮助他们协调销售和营销工作以推动增长。他们还利用 MuleSoft 取得了令人难以置信的成果。MuleSoft 帮助 CrowdStrike 加快了项目交付速度 30%，并降低了 20%的维护成本。Salesforce 现在是 CrowdStrike 的支柱，推动着 CrowdStrike 运营的各个方面，减少了对复杂孤立的第三方应用程序的依赖。正如 Marc 所说，我们在数据云业务中看到了令人印象深刻的增长。在本季度，25%的超过 100 万美元的交易中包含了数据云。显然，这对我们来说是一个重要的增长杠杆，因为它使我们的所有云服务得以实现并变得更好。 我们继续看到Einstein人工智能的势头，在海龟湾度假村、Autodesk 和兰利联邦信用合作社等公司转型为人工智能企业方面取得了成功。一个例子是西门子。西门子缺乏一个集中式的平台，让客户能够轻松选择合适的产品并按需购买。为了简化客户的购买体验，西门子与 Salesforce 合作开发并推出了其 Xcelerator 市场，这是一个基于Einstein 1 商业的人工智能驱动的数字市场，提供人工智能生成的产品页面、智能推荐和自助下单，他们在短短六个月内完成了这一切。

And obviously, AI is not just for our customers, as part of our own transformation, we continue to adopt AI inside Salesforce. Under the leadership of our Chief People Officer, Natalie Scardino and our Chief Information Officer, Juan Perez, we've integrated Einstein right into Slack, helping our employees schedule, plan and summarize meetings and answer employee questions. Einstein has already answered nearly 370,000 employee queries in a single quarter. And in our engineering organization, our developers now save more than 20,000 hours of coding each month through the use of our AI tools. These innovations are helping us drive continued efficiencies across the business and accelerate our product road maps. We have great momentum with Slack, which again was included in nearly half of our top 50 deals in the quarter. We also launched Slack AI in February, an amazing innovation that provides recap, summaries and personalized search right within Slack. I personally have been using it every day to get caught up on the conversations happening in every channel, and we've seen great traction with our customers with this product, that our customers have summarized over 28 million Slack messages since its launch in February. Rocket Mortgage added Slack AI in the quarter to help its employees save time and close loans faster. They've also leveraged external Slack channels to collaborate with partners more effectively and efficiently. And they've experienced a 60% faster turnaround speed from working with their customers and partners in Slack.

显然，人工智能不仅仅是为了我们的客户，作为我们自身转型的一部分，我们继续在 Salesforce 内部采用人工智能。在我们的首席人事官 Natalie Scardino 和首席信息官 Juan Perez 的领导下，我们将 Einstein 直接集成到 Slack 中，帮助我们的员工安排、计划和总结会议，并回答员工的问题。Einstein 在一个季度内已经回答了近 370,000 个员工查询。在我们的工程组织中，我们的开发人员现在每月通过使用我们的人工智能工具节省超过 20,000 小时的编码时间。这些创新正在帮助我们在业务中推动持续的效率，并加速我们的产品路线图。我们在 Slack 方面有很大的势头，Slack 在本季度的前 50 个交易中几乎占据了一半。我们还在 2 月份推出了 Slack AI，这是一项令人惊叹的创新，能够在 Slack 中提供回顾、总结和个性化搜索。 我个人每天都在使用它，以便跟上每个频道的对话，自从二月份推出以来，我们的客户在这个产品上取得了很大的进展，客户已经总结了超过 2800 万条 Slack 消息。Rocket Mortgage 在这一季度添加了 Slack AI，以帮助员工节省时间并更快地完成贷款。他们还利用外部 Slack 频道与合作伙伴更有效和高效地合作。与客户和合作伙伴在 Slack 上合作后，他们的周转速度提高了 60%。

On the international front, we had a solid quarter. In LATAM, we had great wins at [Celio] and Grupo DPSP; and EMEA, great wins at IHG Hotels and Resorts and John Lewis partnership; and in APAC, Atlassian and Bank of Philippines Islands were wins in the quarter. We saw particular strength in our Japan business with wins at Seibu Prince Hotels worldwide and Hitachi. Industries was another growth lever for us in the quarter, half of our top 10 deals included one of our industry clouds. A great example in the quarter was Paychex, a digital HR leader. By leveraging Financial Service Cloud and Data Cloud, Paychex is able to unify their data, building better insights and creating a single view of each customer. And using Einstein 1 sales and service, Paychex will be able to proactively manage insurance renewals, which means agents can proactively reach out and surface renewal opportunities during any touchpoint with the customer, 30, 60 or 90 days in advance driving an increased rate of renewals. And in the public sector, the City of Los Angeles chose Salesforce to modernize how the city's 4 million residents request city services using its MyLA311 system. The city will use government cloud and other Salesforce solutions to integrate AI assistance into MyLA311 and modernize its own constituent facing services, giving residents more self service options and improving service reliability and responsiveness. Our partner ecosystem also continues to be a growth lever for us. I'm especially excited about our deep partnership with Amazon as a growth driver for -- as we move forward into Q2 and beyond with Salesforce products now available on the AWS marketplace. Joint customers are able to expedite their deployments through faster buying and billing experiences and flexible budgeting options. In closing, I want to echo Marc in acknowledging the hard work of the team, our continued success has been made possible by our amazing employees, customers, partners and trailblazers. And with that, I will now pass it off to Amy.

在国际市场上，我们度过了一个强劲的季度。在拉美地区，我们在[Celio]和 Grupo DPSP 取得了重大胜利；在欧洲、中东和非洲地区，我们在洲际酒店和约翰·刘易斯合作伙伴关系中取得了显著成就；在亚太地区，Atlassian 和菲律宾银行在本季度也取得了胜利。我们在日本业务中表现尤为强劲，全球范围内与西武王子酒店和日立的合作取得了成功。行业云是我们本季度的另一个增长杠杆，我们的前十名交易中有一半涉及我们的行业云。本季度的一个优秀案例是 Paychex，这是一家数字人力资源领导者。通过利用金融服务云和数据云，Paychex 能够统一其数据，构建更好的洞察，并创建每个客户的单一视图。使用 Einstein 1 销售和服务，Paychex 将能够主动管理保险续保，这意味着代理商可以在与客户的任何接触点上提前 30、60 或 90 天主动联系并发现续保机会，从而提高续保率。在公共部门，洛杉矶市选择 Salesforce 来现代化该市 400 万居民请求城市服务的方式，使用其 MyLA311 系统。 该城市将利用政府云和其他 Salesforce 解决方案，将人工智能助手整合到 MyLA311 中，并现代化其面向选民的服务，为居民提供更多自助选项，提高服务的可靠性和响应能力。我们的合作伙伴生态系统也继续成为我们的增长杠杆。我特别对与亚马逊的深度合作伙伴关系感到兴奋，因为这将推动我们的增长——随着我们进入第二季度及以后，Salesforce 产品现在已在 AWS 市场上可用。联合客户能够通过更快的购买和账单体验以及灵活的预算选项加快部署进程。最后，我想呼应 Marc，感谢团队的辛勤工作，我们的持续成功得益于我们出色的员工、客户、合作伙伴和开拓者。接下来，我将把时间交给 Amy。

Amy Weaver 艾米·韦弗

Great. Thanks, Brian. Q1 represents another quarter of continued discipline and transformation across the business. I am very proud of all of our employees for their continued dedication and hard work. Now let's go straight to the results. For the first quarter, revenue was $9.13 billion, up 11% year-over-year in nominal and constant currency. The result was at the lower end of our guided range due to continuing pressures on professional services, some license revenue volatility and the continued measured buying environment. Subscription and support revenue grew 12% year-over-year in nominal and 13% in constant currency. As mentioned on our last call, this included a tailwind from the timing of license revenue in MuleSoft and Tableau related to Q4 deals and a 1 point benefit from the leap year. From a geographic perspective, in Q1, Americas revenue grew 11%, EMEA grew 10% or 9% in constant currency and APAC grew 14% or 21% in constant currency. We saw strong new business growth in Japan, India and Canada, while the US, parts of LATAM and EMEA, were constrained. From an industry perspective, in Q1, public sector and financial services both performed well, while high tech and retail and consumer goods were more constrained. Our new offerings for small and medium businesses, Starter and Pro Suite, which are ready to use simplified solutions with AI built in, are building momentum. In Q1, we added another 2,300 new logos to these products. Since Starter's launched last year, we've seen customers upgrade to our recently launched Pro Suite and even to our Enterprise and Unlimited additions.

很好。谢谢你，布莱恩。第一季度代表着业务持续的纪律和转型。我为我们所有员工的持续奉献和努力感到非常自豪。现在让我们直接进入结果。第一季度，收入为 91.3 亿美元，同比名义增长 11%，恒定货币增长 11%。由于专业服务的持续压力、一些许可证收入的波动以及持续谨慎的购买环境，结果处于我们指导范围的下限。订阅和支持收入同比名义增长 12%，恒定货币增长 13%。正如我们上次电话会议中提到的，这包括来自 MuleSoft 和 Tableau 与第四季度交易相关的许可证收入时机的顺风，以及由于闰年带来的 1 个百分点的好处。从地理角度来看，第一季度，美洲收入增长 11%，欧洲、中东和非洲增长 10%（恒定货币增长 9%），亚太地区增长 14%（恒定货币增长 21%）。我们在日本、印度和加拿大看到了强劲的新业务增长，而美国、拉美部分地区和欧洲、中东和非洲则受到限制。 从行业的角度来看，在第一季度，公共部门和金融服务表现良好，而高科技和零售消费品则受到更多限制。我们为中小企业推出的新产品 Starter 和 Pro Suite，提供了内置 AI 的简化解决方案，正在积累势头。在第一季度，我们为这些产品新增了 2300 个客户自标识。自去年 Starter 推出以来，我们看到客户升级到我们最近推出的 Pro Suite，甚至升级到我们的 Enterprise 和 Unlimited 版本。

Q1 revenue attrition ended the quarter at around 8%, in line with recent quarters. I'm also very pleased that our non-GAAP operating margin again finished strong at 32.1%, up 450 basis points year-over-year. And our profitable growth trajectory continues to drive strong cash flow generation. Q1 operating cash flow was $6.25 billion, up 39% year-over-year. Q1 free cash flow was $6.1 billion, up 43% year-over-year. Cash flow did benefit modestly from the timing of cash tax payments. Now to put this cash flow performance in context, we have more than tripled the cash we generated just four years ago. Turning to remaining performance obligation, RPO, which represents all future revenue under contract. We ended Q1 at $53.9 billion, up 15% year-over-year. Current remaining performance obligation, or CRPO, ended at $26.4 billion, up 10% year-over-year in nominal. Now this includes a $200 million FX headwind, which results in more than 10% year-over-year growth in constant currency. CRPO growth was primarily driven by resilience in our core products. However, as Brian mentioned, we did continue to experience measured buying behavior, which is reflected in the moderated Q1 bookings. On capital return, we were incredibly proud to pay out our first ever quarterly dividend of $0.40 per share for a total of $388 million. And altogether in Q1, we returned more than $2.5 billion in the form of share repurchases and dividends. This brings our total cash return since the inception of our capital return programs to more than $14 billion. We remain committed to continued capital return and anticipate declaring our quarterly dividend next month subject to Board approval.

第一季度的收入流失率在季度末约为 8%，与最近几个季度一致。我也很高兴我们的非 GAAP 运营利润率再次强劲，达到了 32.1%，同比增长 450 个基点。我们的盈利增长轨迹继续推动强劲的现金流生成。第一季度的运营现金流为 62.5 亿美元，同比增长 39%。第一季度的自由现金流为 61 亿美元，同比增长 43%。现金流在一定程度上受益于现金税款支付的时机。现在，为了将这项现金流表现放在背景中，我们生成的现金比四年前增加了三倍多。接下来谈谈剩余履约义务（RPO），它代表所有未来合同下的收入。我们在第一季度结束时的 RPO 为 539 亿美元，同比增长 15%。当前剩余履约义务（CRPO）在名义上为 264 亿美元，同比增长 10%。这包括 2 亿美元的外汇逆风，这导致在固定货币中同比增长超过 10%。CRPO 的增长主要得益于我们核心产品的韧性。然而，正如布莱恩提到的，我们确实继续经历了适度的购买行为，这反映在第一季度的预订量有所减缓。 在资本回报方面，我们非常自豪地支付了首个季度每股 0.40 美元的股息，总计 3.88 亿美元。在第一季度，我们以股票回购和股息的形式回报了超过 25 亿美元。这使我们自资本回报计划启动以来的总现金回报超过 140 亿美元。我们仍然致力于持续的资本回报，并预计下个月在董事会批准的情况下宣布我们的季度股息。

Now let's turn to guidance, starting with full fiscal year '25. A few items to note. First, on the buying environment, we are assuming that the conditions we saw in Q1 continue throughout our fiscal year. On FX, our revenue guidance continues to incorporate a $100 million FX headwind year-over-year or about a 30 basis points impact. We also continue to expect our professional services business to be a headwind to revenue with deal compression and customers delaying or slowing projects. However, we also continue to see strong demand for Data Cloud and multi-cloud adoption. We're seeing benefits from recent pricing and packaging changes and we're seeing strong industries adoption. These factors are also included in our guide. As a result, on revenue, we are maintaining our guidance range of between $37.7 billion to $38 billion, growth of 8% to 9% year-over-year. We now expect subscription and support revenue growth to be approximately 10% year-over-year in constant currency. And we expect attrition to remain generally consistent at slightly above 8% for the full year. As a reminder, starting in fiscal '25, we include Slack invoice in the metric, which we expect to create a modest headwind.

现在让我们转向指导，首先是 2025 财年的整体情况。有几点需要注意。首先，在购买环境方面，我们假设第一季度看到的条件将在整个财年内持续。在外汇方面，我们的收入指导继续考虑到与去年相比有 1 亿美元的外汇逆风，或大约 30 个基点的影响。我们还继续预计我们的专业服务业务将对收入构成逆风，因为交易压缩以及客户推迟或放慢项目。然而，我们也继续看到对数据云和多云采用的强劲需求。我们正在看到最近定价和包装变化带来的好处，并且看到强劲的行业采用。这些因素也包含在我们的指导中。因此，在收入方面，我们维持 370 亿美元到 380 亿美元的指导范围，同比增长 8%到 9%。我们现在预计订阅和支持收入的增长将在不变货币下约为 10%。我们预计流失率全年将保持在略高于 8%的水平。 作为提醒，从 2025 财年开始，我们将在指标中包含 Slack 发票，这预计会带来一定的阻力。

Now turning to profitability and cash flow. On margins, we continue to expect fiscal year '25 non-GAAP operating margin of 32.5%, representing a 200 basis point improvement year-over-year, following the significant increase last year. This incorporates intentional investments in targeted growth opportunities, notably AI, data and our core businesses. Stock based compensation is now expected to be just above 8% as a percent of revenue. The modest increase from our prior guidance is primarily a result of lower voluntary employee attrition in Q1 than in recent years. As a result, for fiscal year '25, GAAP operating margin guidance is expected to be approximately 20%, representing 550 basis points of improvement year-over-year. We expect fiscal year '25 GAAP diluted EPS of $6.04 to $6.12. Non-GAAP diluted EPS is expected to be $9.86 to $9.94. As a result of our continued margin expansion, we are delivering world class cash flow. And we continue to expect fiscal year '25 operating cash flow growth to be approximately 21% to 24% inclusive of cash tax payment headwinds. We also continue to expect CapEx for the fiscal year to be slightly below 2% of revenue. This results in free cash flow growth of approximately 23% to 26% for the fiscal year.

现在转向盈利能力和现金流。在利润率方面，我们继续预计 2025 财年的非 GAAP 运营利润率为 32.5%，比去年提高 200 个基点，继去年显著增长之后。这包括对目标增长机会的有意投资，特别是在人工智能、数据和我们的核心业务方面。预计股票薪酬将占收入的 8%以上。与我们之前的指引相比，适度的增加主要是由于第一季度自愿员工流失率低于近年来的水平。因此，2025 财年的 GAAP 运营利润率指引预计约为 20%，比去年提高 550 个基点。我们预计 2025 财年的 GAAP 稀释每股收益为 6.04 美元至 6.12 美元。非 GAAP 稀释每股收益预计为 9.86 美元至 9.94 美元。由于我们持续的利润率扩张，我们正在提供世界级的现金流。我们继续预计 2025 财年的运营现金流增长约为 21%至 24%，包括现金税支付的阻力。我们还继续预计本财年的资本支出将略低于收入的 2%。 这导致财政年度的自由现金流增长约为 23%至 26%。

Now to guidance for Q2. On revenue, we expect $9.2 billion to $9.25 billion, up 7% to 8% year-over-year in nominal and approximately 8% in constant currency. CRPO growth for Q2 is expected to be 9% year-over-year in nominal, including a $200 million FX headwind, resulting in 10% constant currency growth. This includes ongoing headwinds from professional services. For Q2, we expect GAAP EPS of $1.31 to $1.33 and non-GAAP EPS of $2.34 to $2.36. In closing, I want to emphasize that, I am incredibly proud of the company's commitment to disciplined strategic investments and continued productivity gains to drive strong margin expansion and cash flow growth at scale. And of course, I want to thank our employees and our shareholders for their continued support. Now Mike, let's open up the call for questions.

现在进入第二季度的指导。我们预计收入为 92 亿美元到 92.5 亿美元，同比增长 7%到 8%，以名义计算，按固定汇率计算约为 8%。第二季度的 CRPO 增长预计为名义上同比增长 9%，其中包括 2 亿美元的外汇逆风，导致固定汇率增长为 10%。这包括来自专业服务的持续逆风。对于第二季度，我们预计 GAAP 每股收益为 1.31 美元到 1.33 美元，非 GAAP 每股收益为 2.34 美元到 2.36 美元。最后，我想强调，我对公司在有纪律的战略投资和持续的生产力提升方面的承诺感到非常自豪，以推动强劲的利润扩张和大规模的现金流增长。当然，我要感谢我们的员工和股东对我们持续的支持。现在，迈克，我们开始接受提问。

Mike Spencer 迈克·斯宾塞

Thanks, Amy. And thanks, everyone, for joining. When we go to Q&A, we ask that each participant limit themselves to one question. And with that, Rob, we’ll take the first question.

谢谢，艾米。谢谢大家的参与。当我们进入问答环节时，请每位参与者限制自己提一个问题。好了，罗伯，我们开始第一个问题。

Question-and-Answer Session

问答环节

Operator 操作员

[Operator Instructions] Your first question comes from the line of Keith Weiss from Morgan Stanley.

[操作员指示] 您的第一个问题来自摩根士丹利的基思·韦斯。

Keith Weiss 基思·韦斯

I appreciate all the detail on sort of the growth drivers and what you guys are excited about in the business. But the quarter did come in below your expectations for CRPO growth, and we all look at that as a forward indicator. But you're not taking down the full year revenue guidance. So I was hoping you could help us get comfortable on why that's not leaving risk on the table and why you guys feel comfortable that original fiscal year '25 guide is still appropriate? Like why not take it down and make it more conservative and ensure that we can get back to beat and raise quarters on a go-forward basis?

我很欣赏你们对增长驱动因素以及你们在业务中感到兴奋的所有细节。但这一季度的 CRPO 增长低于你们的预期，我们都将其视为一个前瞻性指标。但你们并没有下调全年收入指引。因此，我希望你们能帮助我们理解为什么这不会留下风险，以及你们为什么觉得原定的 2025 财年指引仍然合适？为什么不下调并采取更保守的态度，以确保我们能够在未来的季度中实现超预期和提升预期？

Amy Weaver 艾米·韦弗

I'll take that one. Let me start by saying that there are many factors we have to consider within our guidance. And all in, based on what we're seeing at this time, we continue to believe that we will be within the range we guided. Now any guide is a balancing act, and as Brian called out, we are continuing to see this measured buying behavior. It's really been very consistent for the last two full years at this point with a possible exception of Q4 where we did see stronger bookings. And you can see the impact of that environment on our Q1 numbers, there's no question about that. PROserve also continues to see more and more pressure as customers are really just looking for shorter duration projects. However, this is really balanced by the demand that we are seeing in our products, and that remains strong. We tend -- we continue to see good demand on multi-cloud adoption. We're seeing benefits from pricing and packaging changes that we have rolled out over the past year. We're seeing very healthy adoption around our industry projects.

我选择这个。首先，我想说我们在指导中必须考虑许多因素。根据我们目前看到的情况，我们仍然相信我们会在我们指导的范围内。任何指导都是一种平衡行为，正如布莱恩所提到的，我们继续看到这种有节制的购买行为。在过去的两年里，这种行为一直非常稳定，可能只有第四季度的预订量较强是个例外。你可以看到这种环境对我们第一季度数字的影响，这毫无疑问。PROserve 也继续面临越来越大的压力，因为客户实际上只是寻求短期项目。然而，这种情况被我们在产品中看到的需求所平衡，这种需求依然强劲。我们继续看到多云采用的良好需求。我们看到过去一年推出的定价和包装变化带来了好处。我们在行业项目的采用方面也看到了非常健康的增长。

I also should point out that our attrition rate remains very healthy. Customers are continuing to rely on Salesforce to run their businesses and they'll continue to do that. So when I step back and really take a holistic view of the full year, we do feel confident that we will be within our guidance range.

我还应该指出，我们的流失率保持得非常健康。客户继续依赖 Salesforce 来运营他们的业务，他们将继续这样做。因此，当我退后一步，从整体上看整个年度时，我们确实感到有信心，我们将会在我们的指导范围内。

Marc Benioff 马克·贝尼奥夫

I'd like to add. I really continue to focus on exactly like Amy says, this incredible transformation that we've seen with the financials. And obviously, we're delivering some quarter -- some numbers this quarter that were beyond our imagination just a few quarters ago. Another point of optimism is, not just what Amy said, but also we see this incredible transformation happening with our customers. And we all know the AI transformation as many transformations. It's a transformation of how we're interacting with software. It's also a transformation of these algorithms, what we call these models, that the AI is built on. And it's a transformation of the data that's used by whether it's consumers or enterprises to deliver this incredible next level of intelligence. But for enterprises, we know that this customer data and this metadata is really the new gold for these enterprises, and it's a huge driver of growth for our business. We all saw the report from McKinsey. 75% of the value of Gen AI use cases is in the front office. And everybody knows Salesforce is the leader in front office software, that's our fundamental premise for our growth going forward. That we're already managing 250 petabytes of data and metadata that's going to be used to generate this incredible level of intelligence and artificial and capability to deliver for our customers a level of productivity and profitability they've just never been able to see before. And at the heart of that is going to be our Data Cloud.

我想补充一下。我确实继续专注于艾米所说的这一令人难以置信的财务转型。显然，我们在本季度交付的一些数字超出了我们几季度前的想象。另一个乐观的观点是，不仅仅是艾米所说的，我们还看到我们的客户正在发生这种令人难以置信的转型。我们都知道人工智能转型就像许多转型一样。这是我们与软件互动方式的转变。这也是这些算法的转变，我们称之为这些模型，人工智能就是建立在这些模型之上的。这是消费者或企业用来提供这种令人难以置信的下一层智能的数据的转变。但对于企业来说，我们知道这些客户数据和元数据实际上是这些企业的新黄金，它是我们业务增长的巨大驱动力。我们都看到了麦肯锡的报告。生成性人工智能用例的 75%价值在前台。大家都知道 Salesforce 是前台软件的领导者，这是我们未来增长的基本前提。 我们已经在管理 250PB 的数据和元数据，这些数据将用于生成这种令人难以置信的智能和人工能力，为我们的客户提供他们从未见过的生产力和盈利能力。而这一切的核心将是我们的数据云。

And we've seen this Data Cloud -- well, we've seen this deliver for our customers an incredible level of capability in just the short period that we've made it available. It's already included in 25% of our million dollar-plus deals, as I mentioned, and more than 1,000 Data Cloud customers in the second quarter again, that's our second quarter row. When we look at a quarter where we see huge growth of a new product, it really sets us up for continued delivery of growth of that incredible technology. But what's the cool thing about Data Cloud is it's connected to every single one of our clouds. So it's making our Sales Cloud better, our Service Cloud better, our Marketing Cloud or Commerce Cloud, every aspect of Salesforce is better now with this incredible new technology.

我们已经看到这个数据云——好吧，我们已经看到它在我们提供给客户的短时间内带来了令人难以置信的能力。正如我提到的，它已经包含在 25%的百万美元以上的交易中，并且在第二季度有超过 1000 个数据云客户，再次强调，这是我们的第二季度。当我们看到一个季度中新产品的巨大增长时，这确实为我们继续交付这种令人难以置信的技术的增长奠定了基础。但数据云的酷炫之处在于它与我们每一个云都相连。因此，它使我们的销售云更好，使我们的服务云更好，使我们的营销云或商务云更好，Salesforce 的每一个方面现在都因这项令人难以置信的新技术而变得更好。

Another key part of it is, as I mentioned, 8 trillion records were ingested into Data Cloud in the first quarter, that was up 42% year-over-year and 2 quadrillion records were processed, that's up 217% year-over-year, and over 1 trillion activations driving customer engagement, up 33% year-over-year. All of that means that we're preparing our customers for a level of data capability that's going to give them this next capable -- capability of artificial intelligence.

另一个关键部分是，正如我提到的，第一季度有 8 万亿条记录被导入数据云，同比增长 42%；处理了 2 万亿条记录，同比增长 217%；超过 1 万亿次激活推动了客户参与，同比增长 33%。所有这些意味着我们正在为客户准备一种数据能力，使他们能够获得下一代人工智能能力。

And last month, we created the Zero Copy Partner Network with Amazon, Databricks, Google, IBM, Microsoft and Snowflake that federates our Data Cloud with all these amazing data sources.

上个月，我们与亚马逊、Databricks、谷歌、IBM、微软和 Snowflake 创建了零拷贝合作伙伴网络，将我们的数据云与所有这些令人惊叹的数据源联邦化。

Look, we really are focused on two things in our company. One is this incredible financial transformation that we've all gone through with you in the last year. The second one is this incredible transformation to artificial intelligence, which is going to be based on data. I don't think any company is more well positioned for the future of artificial intelligence and also delivering the kind of metrics that our stakeholders are going to want in Salesforce.

看，我们公司确实专注于两件事。第一是我们在过去一年中与您一起经历的这一令人难以置信的财务转型。第二是这一基于数据的人工智能的惊人转型。我认为没有任何公司比我们更适合人工智能的未来，同时也能提供我们的利益相关者在 Salesforce 中所需的那种指标。

Operator 操作员

Your next question comes from the line of Brad Sills from Bank of America.

您的下一个问题来自美国银行的布拉德·西尔斯。

Brad Sills 布拉德·西尔斯

I appreciate the commentary on the impact from the tough macro. We're certainly seeing that across the group. Brian, you mentioned also perhaps some impact here from go-to-market changes, which is, I guess, shouldn't be a big surprise given all that's going on at Salesforce right now. I wonder if you could just articulate a little bit on that. What are those changes? Is this the kind of situation where it's just some short term impact that could benefit the sales productivity over the longer term?

我很感激对艰难宏观环境影响的评论。我们确实在整个集团中看到了这一点。布莱恩，你提到可能还有一些来自市场推广变化的影响，我想考虑到 Salesforce 目前的情况，这应该不算太意外。我想知道你能否对此稍作阐述。这些变化是什么？这是那种短期影响的情况吗，可能会在长期内提升销售生产力？

Brian Millham 布赖恩·米尔哈姆

And you're exactly right. These are changes that we typically make in the first quarter. It's the most obvious time to make those changes when you start out a new year. These changes are actually intended to be productivity drivers for the future, absolutely right. We want to get a line behind our go-to-market strategy around buyer to make sure that we're aligned to support our customer scale that we can really support our multi-cloud strategy going forward to ensure our customers know exactly what we can do to support them across our entire product portfolio. And some of the changes that we made were exactly for that reason, how do we ensure that we are aligned behind that strategy to ensure we can go faster in Q2, Q3 and Q4. So you're absolutely right. The changes, while impactful in Q1, are short term and we expect to see productivity gains from them going forward.

你说得完全正确。这些变化通常是在第一季度进行的。这是开始新的一年的最明显时机。这些变化实际上是为了未来的生产力驱动，没错。我们希望在我们的市场策略上与买方保持一致，以确保我们能够支持客户的规模，从而真正支持我们的多云战略，确保我们的客户清楚我们可以如何在整个产品组合中支持他们。而我们所做的一些变化正是出于这个原因，我们如何确保在这一战略背后保持一致，以确保我们在第二、第三和第四季度能够更快地推进。所以你说得完全正确。这些变化虽然在第一季度产生了影响，但是短期的，我们预计未来会看到生产力的提升。

Operator 操作员

Your next question comes from the line of Brent Thill from Jefferies.

您的下一个问题来自 Jefferies 的 Brent Thill。

Brent Thill 布伦特·希尔

Just from a geographic perspective, Europe looked like it was a little weaker. I'm curious if that's where you saw the pronounced weakness in EMEA or was this pretty consistent across most of the geographic regions?

从地理角度来看，欧洲似乎稍显疲软。我很好奇这是否是你在 EMEA 地区看到的明显弱点，还是这种情况在大多数地理区域中都比较一致？

Brian Millham 布赖恩·米尔哈姆

Yes, EMEA was weaker in the quarter, frankly, feeling some of the measured buying environment most pronouncedly actually felt it also in the Americas. But there are other pockets around the world that were very strong. Canada was a strong region for us in the quarter. I mentioned our Japan business really accelerated in the quarter, really outstanding performance from our Japan business. So the big businesses are going to feel the impact, obviously, of the measured buying environment. In the Americas, more exposure to technology, which I think we all know has been a tough industry over the last several quarters. On SMB and other areas, the transactional business, these are the areas where you're going to feel some of those headwinds in the business. So spot on EMEA and America sort of feeling the impacts of the measured environments.

是的，EMEA 在本季度表现较弱，坦率地说，感受到了一些明显的购买环境，这种感觉在美洲也很明显。但世界其他地区的表现非常强劲。加拿大在本季度是我们一个强劲的市场。我提到我们的日本业务在本季度真正加速，表现非常出色。因此，大型企业显然会感受到这种购买环境的影响。在美洲，技术行业的曝光度更高，我想我们都知道在过去几个季度这一直是一个艰难的行业。在中小企业和其他领域，交易业务是你会感受到一些业务阻力的地方。因此，EMEA 和美洲都在感受到这种购买环境的影响。

Operator 操作员

Your next question comes from the line of Kirk Materne from Evercore ISI.

您的下一个问题来自 Evercore ISI 的 Kirk Materne。

Kirk Materne 柯克·马特恩

Maybe for Marc or Brian. But I was just kind of curious, when we think about this measured buying environment, is there any sort of crowding effect around AI that's impacting software in your view, meaning when you think about all these companies starting to gear up for this next platform shift. Is just the uncertainty of what they're going to spend on over the next six to 12 months holding them back perhaps on what their normal sort of pace of spending might be with you all or other enterprise software companies? I know it's sort of an ongoing question, wondering if you all could weigh in.

也许是对 Marc 或 Brian 来说。但我只是有点好奇，当我们考虑到这种有度量的购买环境时，您认为在人工智能周围是否存在某种拥挤效应影响软件，意思是当您考虑到所有这些公司开始为下一个平台转变做好准备时。接下来六到十二个月他们将花费多少的不确定性是否在某种程度上抑制了他们与您或其他企业软件公司之间的正常支出节奏？我知道这算是一个持续的问题，想知道你们是否能发表一下看法。

Marc Benioff 马克·贝尼奥夫

Well, let me give you my swing at exactly where we are, and then I'm going to turn it over to Brian to fill in the detail. I think when you look back over the last four years, Salesforce entered the pandemic in 2020, as four years ago, almost exactly, about half the size that we're at now. We've doubled our company at scale from $20 billion to approximately $40 billion, that's how I look at it in my mind. You can fill in the exact numbers. And over that period of time, we saw an incredible surge in the demand and buying environment and in the sales environment, especially during the pandemic. As we entered the post pandemic reality, we saw companies who had acquired so much software in that time look to actually rationalize it, ingest it, integrate it, install it, update it. I mean, it's just a massive amount of software that was put in, and so for every enterprise software company kind of has adjusted during end of this post pandemic environment. So when you look at all of these companies, especially as you saw the report in the last 30 days, they're all basically saying that same thing in different ways.

好吧，让我给你讲讲我们现在的情况，然后我会把时间交给布莱恩来补充细节。我认为，当你回顾过去四年时，Salesforce 在 2020 年进入疫情时，规模几乎是现在的一半。我们将公司的规模从 200 亿美元翻倍到大约 400 亿美元，这就是我心中的看法。你可以填补确切的数字。在这段时间里，我们看到需求和购买环境，以及销售环境，尤其是在疫情期间，出现了惊人的激增。当我们进入后疫情现实时，我们看到那些在此期间获得了大量软件的公司，开始寻求合理化、吸收、整合、安装和更新这些软件。我是说，投入了大量的软件，因此每个企业软件公司在后疫情环境的结束时都进行了调整。所以当你看到所有这些公司，尤其是在过去 30 天的报告中，他们基本上都在以不同的方式说着同样的话。

When you take AI, that has to be our growth driver for future capabilities for these companies. AI, when we look at these companies and the stories that we told on the call, whether it's FedEx or Air India, or CrowdStrike, or Paychex, or any of the huge deals that we did in the quarter, what we're seeing is not only the installation and integration and implementation, of the platforms that we've sold in the last four years, but the layering in of this new capability, which is delivering for these companies a kind of a capability that we weren't able to forecast four years ago. And when we saw, like I told you the story of FedEx, like when we talk to their top executives about what they've delivered or you take an incredible company like State Farms is kind of automated 60 million policyholders, thousands of agents, they're just able to deliver at a level of capability. And I said it before, but profitability, employee augmentation, better customer relationships, much higher margins, these are financial metrics that we're able to deliver into these implementations, that's on top of where we were four years ago. So I think that as -- and the point I was trying to make here earlier, and I'll keep making, which is, the most important thing Salesforce is doing is not just continuing to automate every customer touchpoint. This is obviously critical and why we've been able to consume this 250 petabytes of information.

当我们谈到人工智能时，这必须成为这些公司的未来能力增长驱动力。人工智能，当我们观察这些公司以及我们在电话中讲述的故事时，无论是联邦快递、印度航空、CrowdStrike、Paychex，还是我们在这个季度达成的任何重大交易，我们看到的不仅是过去四年中我们所销售平台的安装、集成和实施，还有这种新能力的叠加，这为这些公司提供了一种我们四年前无法预测的能力。当我们看到，比如我告诉你联邦快递的故事时，当我们与他们的高管谈论他们所交付的成果，或者你拿一个像 State Farms 这样令人难以置信的公司，他们自动化了 6000 万保单持有者和数千名代理人，他们能够在能力水平上交付。我之前说过，盈利能力、员工增强、更好的客户关系、更高的利润率，这些都是我们能够在这些实施中交付的财务指标，这些是在四年前的基础上。 所以我认为，正如我之前试图表达的观点，我会继续强调，Salesforce 最重要的事情不仅仅是继续自动化每一个客户接触点。这显然是至关重要的，也是我们能够处理这 250 PB 信息的原因。

But the second key point is we've rebuilt the way that we are delivering a foundation of data for our customers. Why is that so important? Because as we have now rearchitected all of our apps and all of our capabilities to fuel and fund this Data Cloud, it means that for our customers going forward, they're going to be able to take this Data Cloud and leverage that into their future capability and growth and especially profitability and productivity. And that is where our whole company, and I think our whole industry, is eventually going to go. Not every company is as well positioned as you know for this artificial intelligence capability of Salesforce is because they just don't have the data. They may say they have this capability or that capability, this user interface, that model, that, whatever, all of these things are quite fungible and are expiring quickly as the technology rapidly moves forward. But the piece that will not expire is the data. The data is the permanent key aspect that -- as we've said in our -- even in our core marketing, it's the gold for our customers and their ability to deliver our next capability in their own enterprises. And Brian, I'll turn it over to you.

但第二个关键点是我们重建了为客户提供数据基础的方式。这为什么如此重要？因为我们现在已经重新架构了所有的应用程序和能力，以支持和资助这个数据云，这意味着对于我们的客户来说，未来他们将能够利用这个数据云来推动他们的未来能力、增长，尤其是盈利能力和生产力。这就是我们整个公司，以及我认为我们整个行业，最终将要走的方向。并不是每家公司都像你知道的那样，能够很好地适应 Salesforce 的人工智能能力，因为他们根本没有数据。他们可能会说他们有这个能力或那个能力，这个用户界面、那个模型，等等，所有这些东西都是相当可替代的，并且随着技术的快速发展而迅速过时。但不会过时的部分是数据。数据是一个永久的关键方面——正如我们在核心营销中所说的，它是我们客户的金矿，能够帮助他们在自己的企业中提供下一个能力。 布赖恩，我把它交给你。

Brian Millham 布赖恩·米尔哈姆

And I -- all those things absolutely true. Marc said earlier, 75% of Gen AI will benefits will come from the front office, and we're really feeling that right now in our demand we're seeing from our customers and the pipelines that we're creating out there, solid performance on pipe gen. I do think customers are getting their data estate in order as a precursor to leveraging AI capabilities, and we're seeing that with the growth of Data Cloud right now. Customers really wanting to bring together many data [Technical Difficulty] our capabilities. So I think it's actually a step process for many of our customers. Let's get our data in order and then let's layer in the AI to really drive the productivity gains that we expect. And so that's really what we're seeing in the market right now, Kirk.

我——所有这些事情绝对真实。马克之前说过，75%的生成 AI 的好处将来自前台，而我们现在确实感受到了这一点，来自客户的需求和我们正在创造的管道，管道生成的表现非常稳健。我确实认为客户正在整理他们的数据资产，以便为利用 AI 能力做好准备，而我们现在在数据云的增长中看到了这一点。客户真的希望将许多数据整合在一起[技术困难]我们的能力。因此，我认为这实际上是许多客户的一个逐步过程。让我们先整理好数据，然后再引入 AI，以真正推动我们所期望的生产力提升。这就是我们现在在市场上看到的情况，柯克。

Operator 操作员

Your next question comes from the line of Karl Keirstead from UBS.

您的下一个问题来自瑞银的卡尔·凯尔斯特德。

Karl Keirstead 卡尔·凯尔斯特德

Maybe I'll switch subjects. So Marc and Amy, there was some concern in your shareholder base in March and April around media reports related to M&A. I know you can't comment on those reports, not expecting that, but wondering if you could comment on your M&A framework, whether there has been any change to it at all, I think might be helpful.

也许我会换个话题。那么，Marc 和 Amy，您在三月和四月的股东基础上对与并购相关的媒体报道有一些担忧。我知道您不能对这些报道发表评论，不指望您这样做，但我想知道您是否可以评论一下您的并购框架，是否有任何变化，这可能会很有帮助。

Marc Benioff 马克·贝尼奥夫

No, I'd love to talk about that, and I think it's extremely important. I mean, Salesforce has a long history of innovation. Organic innovation like we've seen today with Data Cloud, everyone, I'm sure, is extremely impressed with the growth of that product. But also inorganic innovation and a lot of our customer touchpoints, whether it's our commerce platform or our marketing platform and our integration platform our inorganic innovation, products that we acquired, many of them at a multi-hundred million dollar revenue level that are at the multibillion-dollar revenue level. Some of the largest, most important software companies in the market today are actually companies that we acquired at much smaller levels. And all of you know Salesforce's story and how we put all of that together. And of course, I've mentioned we're rearchitecting almost every single one of those products and quite successfully and redeploying them to our customers into a single integrated data fabric to provide the power of future artificial intelligence. Now when we look at all of that combined, we always are looking at what is the next level of innovation. And so we're going to be looking at products organically. But yes, we will continue to look at products and organically. But as we've committed to you, if we're looking at a large scale acquisition, we're going to make sure that it is not dilutive to our customers that it's accretive, that it is -- has the right metrics. And we're also going to be quick to walk away from things that we are not totally confident in or that we don't have the trust with whatever company that we're looking at.

不，我很乐意谈论这个问题，我认为这非常重要。我的意思是，Salesforce 有着悠久的创新历史。像今天我们看到的 Data Cloud 这样的有机创新，大家一定对该产品的增长感到非常印象深刻。但还有无机创新，以及我们许多客户接触点，无论是我们的商业平台、营销平台还是集成平台，我们的无机创新，许多我们收购的产品，其收入水平达到数亿美元，甚至是数十亿美元。今天市场上最大、最重要的软件公司实际上是我们在更小规模时收购的公司。你们都知道 Salesforce 的故事，以及我们是如何将这一切整合在一起的。当然，我提到过我们正在重新架构几乎所有这些产品，并且相当成功地将它们重新部署给我们的客户，形成一个单一的集成数据结构，以提供未来人工智能的强大能力。现在，当我们将所有这些结合在一起时，我们始终在寻找下一个创新的层次。 因此，我们将有机地审视产品。是的，我们将继续有机地审视产品。但正如我们向您承诺的，如果我们考虑大规模收购，我们会确保这不会稀释我们客户的利益，而是增值的，并且具备正确的指标。同时，我们也会迅速放弃那些我们没有完全信心的事情，或者与我们正在考虑的公司没有信任关系的事情。

So we have operated inside that framework. We continue to acquire companies. We just acquired amazing new company called Spiff, which is part of our Salesforce automation platform. It's an amazing capability. I mean Salesforce, as you know, is the number one SFA platform in the world. That SFA platform got a lot better this quarter with the capabilities now that it's deeply integrated into Data Cloud, which gives SFA customers the next step of growth with our SFA platform, but also it has an incredible new level of artificial intelligence and Generative AI capabilities now built into the Sales Cloud. And in addition, it also has compensation capabilities through Spiff, and that's through inorganic and that was acquired through our new M&A framework, for example. And as we go forward, we're going to continue to look at those opportunities. And look, we're not going to shy away from M&A for any one particular reason if it's within our framework. But if it's outside of our framework, we're going to be extremely cautious. And let me have Amy reiterate what the attributes of that framework are and how we look at M&A, because I don't think any company has been more successful with M&A than Salesforce has been. I mean that's how we've built our Customer 360 and have this incredible, incredible platform that we're able to automate these amazing companies with what we've gone through.

所以我们一直在这个框架内运作。我们继续收购公司。我们刚刚收购了一家名为 Spiff 的了不起的新公司，它是我们 Salesforce 自动化平台的一部分。这是一个惊人的能力。正如你所知，Salesforce 是全球第一的 SFA 平台。这个 SFA 平台在本季度得到了很大的提升，因为它现在与数据云深度集成，这为我们的 SFA 客户提供了下一步的增长机会，同时它还具备了令人难以置信的新一层人工智能和生成式 AI 能力，这些能力现在已经内置于 Sales Cloud 中。此外，它还通过 Spiff 提供了补偿能力，这也是通过我们的新并购框架收购的。例如，展望未来，我们将继续关注这些机会。我们不会因为任何特定原因而回避并购，只要它在我们的框架内。但如果它超出了我们的框架，我们将非常谨慎。 让我请艾米重申一下这个框架的属性以及我们如何看待并购，因为我认为没有任何公司在并购方面比 Salesforce 更成功。我是说，这就是我们如何构建我们的客户 360，并拥有这个令人难以置信的平台，使我们能够通过我们所经历的来自动化这些令人惊叹的公司。

But as we go forward, we know that we need to slightly adjust that so that we can continue to deliver to you these amazing financial metrics that you see, like you see this amazing cash flow number and margin number that we've seen rarely before in the software industry, maybe only a couple of companies have ever delivered cash flow at this level. And I think it's higher than most of the great consumer companies like Coke and Starbucks and all of that, like it's pretty -- these numbers are pretty epic in that area. But we know to deliver -- continue to deliver cash flow and margin numbers at this level. We're also going to have to continue to keep our eye on the M&A framework. So Amy, let's talk about that.

但随着我们向前推进，我们知道需要稍微调整一下，以便继续向您提供这些令人惊叹的财务指标，比如您看到的这个惊人的现金流和利润率，这在软件行业中是非常罕见的，可能只有几家公司曾经达到过这样的现金流水平。我认为这比大多数优秀的消费品公司，如可口可乐和星巴克等还要高，这些数字在这个领域相当惊人。但我们知道，要继续提供这样的现金流和利润率，我们还需要继续关注并购框架。所以，艾米，我们来谈谈这个。

Amy Weaver 艾米·韦弗

Let me back it up a little bit to talk about our capital allocation strategy overall. And it's really very simple. We are going to continue to expand our free cash flow margin as we scale. We are going to invest in innovation. As Marc said, that is organic and it can be inorganic, if it matches our principles and our goals. And we're going to return cash to shareholders and we're doing that now both through our share repurchase program and our dividend program. Now on the inorganic perspective, as you brought up, we're always going to be opportunistic. M&A has been an incredible part of our past. I'm sure at the right time will be part of our future. But it's got to fit into the framework that we have been outlining for the last few days. We're going to have to have a time line to value accretion. We're going to need to prioritize our use of the balance sheet and it's got to be a best-in-class asset. And when all that comes together, that's what we'll be focused on. In the meantime, I really want to talk about our goal, we are trying to optimize shareholder value. At the end of the day, that's the single most important element. And we're doing that by focusing on delivering very strong free cash flow per share. We're doing this by our focus on profitable growth and by very carefully managing our dilution. And when you bring that together, I am very confident in our long term free cash flow per share opportunity and very confident about our capital allocation strategy overall.

让我稍微回顾一下，谈谈我们的资本配置战略。其实非常简单。我们将继续扩大我们的自由现金流利润率，同时进行规模扩张。我们会投资于创新。正如马克所说，这可以是有机的，也可以是无机的，只要符合我们的原则和目标。我们还会向股东返还现金，现在我们正在通过股票回购计划和分红计划来实现这一点。至于无机方面，正如你提到的，我们将始终保持机会主义。并购在我们的过去中扮演了重要角色，我相信在合适的时机，它也会成为我们未来的一部分。但这必须符合我们过去几天所概述的框架。我们需要有一个时间表来评估价值增值。我们需要优先考虑资产负债表的使用，并且必须是顶尖的资产。当所有这些条件都满足时，这就是我们将专注的方向。与此同时，我真的想谈谈我们的目标，我们正在努力优化股东价值。归根结底，这就是最重要的元素。 我们通过专注于每股强劲的自由现金流来实现这一目标。我们专注于盈利增长，并非常谨慎地管理我们的稀释。当将这些因素结合在一起时，我对我们长期的每股自由现金流机会非常有信心，对我们的资本配置战略整体也非常有信心。

Operator 操作员

Your next question comes from the line of Raimo Lenschow from Barclays.

您的下一个问题来自巴克莱的 Raimo Lenschow。

Raimo Lenschow 雷莫·伦肖

Obviously, this quarter was impacted on the booking side. Maybe a question for Brian and Amy here. If you think about the two factors you pointed out, one is the economy, one is the -- on the sales changes at the beginning of the year. On the economy side, like we've been talking about a tough selling environment for a while now. Has it gotten worse from what you've seen or is it -- are the issues this quarter more coming from the sales reorg?

显然，这个季度在预订方面受到了影响。也许这是一个可以问 Brian 和 Amy 的问题。如果你考虑到你提到的两个因素，一个是经济，另一个是年初的销售变化。在经济方面，正如我们所讨论的，销售环境一直很艰难。从你们看到的情况来看，情况是否变得更糟，还是这个季度的问题更多来自销售重组？

Brian Millham 布赖恩·米尔哈姆

Hard to parse apart what the two impacts were in our first quarter, no doubt about it. We did have some changes that I outlined in the quarter as we set ourselves up for productivity in FY25. The economy question, I think, is one that we feel like it's similar to what we felt in the first half of last year, the same measured buying environment that we experienced in the first half is sort of what felt like the same in Q1. We came off a Q4 that was very solid, very, very strong performance. In retrospect and hindsight, we may have been in a similar environment, but executed very well as the sales team in that fourth quarter. So hard to really parse apart these things. But when you look at some of the transactions that we saw in Q1, we saw a compression on many deals that we ultimately ended up getting done, but they got smaller when we ultimately closed them. We saw a couple of deals push out of the quarter as people delayed decisions that were -- that we thought would actually happen in our first quarter. And there's no decision issue, it’s coming up more frequently than we anticipated. So hard to really parse those two things apart. But when you combine them both in a particular quarter, it can have an impact of lower bookings, and that's what we felt in our first quarter.

很难分清我们第一季度的两个影响是什么，毫无疑问。我们确实有一些变化，我在季度中概述了这些变化，因为我们为 2025 财年的生产力做好了准备。关于经济的问题，我认为这与我们去年上半年感受到的情况相似，第一季度的购买环境与上半年经历的相似。我们刚刚经历了一个非常稳固、非常强劲的第四季度。从回顾和反思来看，我们可能处于类似的环境，但在第四季度的销售团队执行得非常好。因此，真的很难将这些事情分开。但当你查看我们在第一季度看到的一些交易时，我们发现许多交易在最终完成时变得更小。我们看到有几笔交易推迟到下个季度，因为人们推迟了我们认为会在第一季度发生的决策。而且没有决策的问题出现得比我们预期的更频繁。因此，真的很难将这两件事情分开。 但是当你在特定的季度将它们结合在一起时，可能会导致预订量下降，这就是我们在第一季度感受到的。

Marc Benioff 马克·贝尼奥夫

I think I'd also like to add, and I'll just give you a little color on the narrative inside our company. When we look at operating inside this environment, which we've been now going through for a couple of years and we look at, hey, how do we continue to deliver these strong ACV numbers, but also how do we continue to deliver the overall strong financial metrics. At the same time, it's important that we're delivering this high level of customer success to prepare for our future growth. It's really along three lines. And those three lines, first of all, is we are just having to start every quarter with much higher pipelines. We look at these pipeline multiples as much higher than we've traditionally had to start with. And this is really critical in managing our distribution organization and overall success in the quarter. And where traditionally, we might have to start our pipelines at 2 times, now our message to our distribution leaders is, hey, if you're going to start out your pipeline in the quarter, you better start out at 3 times. And this is also our message to our peers as well to evaluate the pipeline much more aggressively than ever before, that means a much deeper inspection of the pipeline but holding it at a much higher level. That is evidence of this environment. And if you would ask any leader in this company, how many times they've heard from me or from Brian that they better started at a 3 times pipeline, because that is the world that we're in today.

我想我还想补充一点，我会给你们讲讲我们公司内部的叙述。当我们在这个环境中运营时，这个环境我们已经经历了几年，我们在思考，嘿，我们如何继续交付这些强劲的年度合同价值（ACV）数字，同时我们如何继续交付整体强劲的财务指标。与此同时，提供高水平的客户成功以为我们的未来增长做好准备是非常重要的。这实际上是沿着三个方面进行的。这三个方面首先是我们每个季度都必须以更高的管道开始。我们发现这些管道倍数远高于我们传统上开始时的水平。这在管理我们的分销组织和季度整体成功中至关重要。而在传统上，我们可能需要以 2 倍的管道开始，现在我们对我们的分销领导者的消息是，嘿，如果你要在这个季度开始你的管道，你最好以 3 倍的管道开始。 这也是我们对同行的讯息，要比以往更加积极地评估管道，这意味着对管道进行更深入的检查，但要保持在更高的水平。这是这个环境的证据。如果你问这家公司里的任何领导，他们听到我或布莱恩说过多少次，他们最好从三倍的管道开始，因为这就是我们今天所处的世界。

The second attribute that's incredibly important for all of our leaders in our company or throughout our industry is you might need a much higher level of enablement. What that means is so many people have come into our industry in the last five or even 10 years, a lot of them just need the level of training, capability, especially as we move into this new area of artificial intelligence, Generative AI, data, the kind of capabilities that we're talking about when we explain to people how models work, how UIs work, how data frameworks work and how it works in regards to our software and our platforms and our architectures, that is requiring a level of training that is incredibly important. And when we're talking about companies at scale like Salesforce who have very significant numbers of sales people, I’m not going to go into all of the details of how it's organized and how many we have. But just know that, that requires a very high level of enablement and that's the second key attribute managing this framework -- in this environment. And the third is a level of stability. Now when you enter the first quarter of any fiscal year, there always is going to be a desire of every sales organization to slightly shift, slightly adjust their strategy and their organization to reflect the demand for the fiscal year, you start the fiscal year writing your business plan, thinking about how you're going to execute. And then you have to look at, how much disruption are you able to tolerate in the quarter? Because if you over shift, if you do too much, you will end up with more volatility in the quarter in the ACV than you like. Now it may result in a better fourth quarter.

在我们公司或整个行业中，所有领导者都非常重要的第二个属性是你可能需要更高水平的赋能。这意味着在过去五年甚至十年中，许多人进入了我们的行业，他们中的很多人只需要培训和能力的水平，特别是当我们进入人工智能、生成性人工智能、数据等新领域时。当我们向人们解释模型如何工作、用户界面如何工作、数据框架如何工作以及它们在我们的软件、平台和架构中的运作方式时，这需要一个非常重要的培训水平。当我们谈论像 Salesforce 这样的大规模公司时，他们有非常庞大的销售团队，我不会详细说明它是如何组织的以及我们有多少人。但请知道，这需要一个非常高水平的赋能，这就是在这种环境中管理这个框架的第二个关键属性。第三个属性是稳定性。 现在，当你进入任何财政年的第一季度时，每个销售组织总会有一种轻微调整其战略和组织以反映财政年度需求的愿望。你开始财政年时会撰写商业计划，思考如何执行。然后你必须考虑，在这个季度你能够容忍多少干扰？因为如果你过度调整，做得太多，你会发现季度的年度合同价值（ACV）波动会比你希望的要大。不过，这可能会导致第四季度表现更好。

A good example is last year, where we saw, okay, in the first quarter, we might not have achieved exactly everything we wanted because we had too much disruption, but by the fourth quarter, we overdelivered. So there is a level of balance that has to be achieved in regards to stability and disruption. And those four attributes having 3 times pipelines, having much higher levels of enablement and having much level -- higher levels of stability, that is the key to managing in this environment in this part of the industry right now. And when I talk to my peers and other major enterprise software companies, that is what I'm really emphasizing to them. And for all of them, of course, it's good if they're using our products because our products are really the key to making all of that happen because we're able to deliver for these companies all of those things that they need to have that level of success as well.

一个好的例子是去年，我们看到，在第一季度，我们可能没有完全实现我们想要的一切，因为我们遭遇了太多的干扰，但到第四季度，我们超额完成了。因此，在稳定性和干扰之间必须达到一定的平衡。这四个属性，包括三倍的管道、更高水平的赋能和更高水平的稳定性，是在当前行业环境中管理的关键。当我与我的同行和其他主要企业软件公司交谈时，我真的在向他们强调这一点。当然，对他们来说，如果他们使用我们的产品，那是件好事，因为我们的产品确实是实现这一切的关键，因为我们能够为这些公司提供他们所需的所有东西，以达到成功的水平。

Operator 操作员

Your next question comes from the line of Kash Rangan from Goldman Sachs.

您的下一个问题来自高盛的 Kash Rangan。

Kash Rangan 卡什·兰甘

Marc and team, actually looking at the Salesforce Tower from my office here. And I'm thinking about the past. Marc, you've been through all these cycles before. Maybe it's just cyclical, maybe high interest rates causing economic uncertainty, maybe it's as simple as that, or maybe it's structural. And if it's structural, maybe there's an architectural change going on. And Marc, you drove the last big architectural change from distributed computing to internet computing. And how confident you are that this generative AI, which is causing an upheaval in that whole tech stack is not something to take lightly? And what are the things that the company is preparing if it's not just cyclical or maybe there’s structural change that's going on, what are the things that you are doing to the company to bulletproof, because typically, people incumbents miss big transitions, right? You and I have seen that, we've all seen that. And one of the things you're doing to ensure that, you're bulletproof in that regard that you're absolutely ready architecturally for the next cycle.

马克和团队，其实我在这里的办公室里看着 Salesforce 大厦。我在思考过去。马克，你经历过所有这些周期。也许这只是周期性的，也许高利率导致经济不确定性，也许就这么简单，或者也许是结构性的。如果是结构性的，也许正在发生某种架构变化。马克，你推动了从分布式计算到互联网计算的最后一次重大架构变化。你对这种正在引发整个技术堆栈动荡的生成性人工智能有多大的信心，这可不是轻视的事情？如果这不仅仅是周期性的，或者也许正在发生结构性变化，公司正在做哪些准备？你在公司做了哪些事情来确保其稳固，因为通常情况下，现有企业会错过重大转型，对吧？你我都见过，我们都见过。你正在做的事情之一是确保在这方面你是稳固的，绝对在架构上为下一个周期做好准备。

Marc Benioff 马克·贝尼奥夫

Well, I will just say -- I'd like to make a couple of comments on that. I think that, number one, it's been pretty magical to use OpenAI over the last year, especially in the last release where I'm really talking to it. And when I think about the incredible engineering effort that OpenAI has done, it's pretty awesome. They've built a great UI. I love talking to the software. They have really strong algorithms or what we call models, especially their new one, which is their 40 model. And then they source data from lots of companies like Time, Dow Jones, New York Times, Reddit. Now they're all making good, doing agreements with all of us saying, we're sorry and paying for it. And they took that data, they normalized it, they delivered a comprehensive data set that they train their model on. And all of us understand that that's what they did, right? They have the great UI, they have this amazing model and then they have the data. And then we've seen a lot of fast followers with the models, it could be open source models like Lama 3. It could be some proprietary models like Gemini from Google and others. Now there's thousands and thousands of these models. And if you look on Hugging Face, everybody is a fast follower and six months later, everybody is where everybody else was six months ago. And the data, well, a lot of these companies are all thinking they can rip off all this data to and they're all having to pay that price. Okay, that's the consumer world.

好吧，我只想说——我想对此做几条评论。我认为，首先，在过去一年中使用 OpenAI 真是太神奇了，尤其是在最近的版本中，我真的在与它对话。当我想到 OpenAI 所做的令人难以置信的工程努力时，真是太棒了。他们构建了一个很好的用户界面。我喜欢与软件对话。他们拥有非常强大的算法，或者我们称之为模型，尤其是他们的新模型，即 40 模型。然后，他们从许多公司获取数据，比如《时代》杂志、道琼斯、纽约时报、Reddit。现在他们都在与我们达成协议，表示抱歉并为此付费。他们将这些数据进行了标准化，提供了一个全面的数据集来训练他们的模型。我们都明白他们所做的，对吧？他们有出色的用户界面，有这个惊人的模型，还有数据。然后我们看到许多快速跟进的模型，可能是像 Lama 3 这样的开源模型，也可能是像谷歌的Gemini等一些专有模型。现在有成千上万的这些模型。 如果你看看 Hugging Face，大家都是快速跟随者，六个月后，大家都在六个月前的同一个地方。而这些数据，很多公司都认为他们可以窃取这些数据，但他们都不得不为此付出代价。好吧，这就是消费者世界。

The enterprise world is a little different, right? We have great user interfaces, great apps, all kinds of great technology that our users are using, the millions and millions of users, than we have the same models in many cases or maybe we've written some of our own models with our engineers. But then the third piece is the data. And that data is a little bit different. Because in the enterprise, how do you put together these large, fully normalized data sets to deliver this incredible capability, and that is where the magic is going to be. Because for all companies, including ours and others who want to deploy generative AI internally, it's not going to be Times Magazine that's going to give you the intelligence, it's going to be our customer data and your transaction history and how you're -- how your company operates in your workflow and your metadata. And that idea that we can deliver another level of productivity for companies using that architecture is absolutely in front of us. But that idea that we have to do it with the right architecture that also is in front of us. And I think that while we can say it's a different kind of architecture, it's still the same idea that we need a great UI, we need models, but we're going to need very highly normalized and federated data. And that data needs to be stored somewhere and it needs to come from somewhere. And it's going to -- that is going to be something that's going to continue in perpetuity over time as these models and UIs are quite fungible. And we'll be using different models and different UIs over the years, but we'll be using the same data sources.

企业世界有点不同，对吧？我们拥有出色的用户界面、优秀的应用程序，以及用户正在使用的各种优秀技术，数以百万计的用户。在许多情况下，我们有相同的模型，或者可能我们与工程师一起编写了一些自己的模型。但第三个要素是数据。这些数据有点不同。因为在企业中，如何将这些大型、完全规范化的数据集整合在一起，以提供这种令人难以置信的能力，这就是魔力所在。对于所有公司，包括我们自己和其他希望在内部部署生成式人工智能的公司来说，提供智能的不是《时代》杂志，而是我们的客户数据、您的交易历史，以及您的公司在工作流程和元数据中的运作方式。利用这种架构为公司提供另一个生产力水平的想法绝对摆在我们面前。但我们必须以正确的架构来实现这一点的想法同样摆在我们面前。 我认为，虽然我们可以说这是一种不同的架构，但我们仍然需要一个出色的用户界面，需要模型，同时我们还需要高度规范化和联邦化的数据。这些数据需要存储在某个地方，并且需要来自某个地方。这将是一个随着时间的推移而持续存在的过程，因为这些模型和用户界面是相当灵活的。多年来，我们将使用不同的模型和不同的用户界面，但我们将使用相同的数据源。

And I think that is why when I look at what Salesforce is doing, this is going to be critical for our customers. Now you may see great new UIs like agents and you may see great new UIs like you see what we've deployed with Slack. Brian was talking about how he's changed how we use Slack with our new Slack AI or what we've done with SFA this quarter or service this quarter with the incredible new generative capabilities. But this idea that the data is going to be more important for companies than ever, having deeply normalized federated data sources. And when I look at the success we've had with so many of these companies, I mentioned State Farm, briefly, we've become their fundamental data architecture, that is not where we were with that company even four years ago. Now they look at us as the fundamental framework for their future. And as they want to deploy agents or as they want to deploy new user interfaces or achieve more productivity, the data that they have in Salesforce and the ability to manage and share, keep that data reliable, available and scalable, the way that we do updates that we don't bring down our system, do an upgrade and an update like a lot of vendors still do, those kind of capabilities, that will be more important than ever. And I think that, that is going to be a huge driver for our growth going forward and provide the foundation for this future and what the future of the enterprise is going to look like. And I think it's a little bit different than in the consumer model.

我认为这就是为什么当我看到 Salesforce 正在做的事情时，这对我们的客户来说将是至关重要的。现在你可能会看到像代理这样的出色新用户界面，或者你可能会看到我们与 Slack 部署的出色新用户界面。布莱恩谈到他如何通过我们的新 Slack AI 改变我们使用 Slack 的方式，或者我们在这个季度与 SFA 或服务方面所做的事情，拥有令人难以置信的新生成能力。但这个观点是，数据对公司来说将比以往任何时候都更重要，拥有深度规范化的联合数据源。当我看到我们与这么多公司取得的成功时，我提到过 State Farm，简要地说，我们已经成为他们的基本数据架构，这与四年前我们与该公司的关系截然不同。现在他们将我们视为他们未来的基本框架。 随着他们希望部署代理或新的用户界面，或实现更高的生产力，他们在 Salesforce 中拥有的数据，以及管理和共享这些数据的能力，保持数据的可靠性、可用性和可扩展性，我们进行更新的方式不会使我们的系统停机，进行升级和更新的方式与许多供应商仍然采用的方式不同，这些能力将比以往任何时候都更重要。我认为，这将成为我们未来增长的巨大驱动力，并为未来的基础奠定基础，以及企业的未来将会是什么样子。我认为这与消费者模型有些不同。

Operator 操作员

Your final question comes from the line of Mark Murphy from JPMorgan.

您最后的问题来自摩根大通的马克·墨菲。

Mark Murphy 马克·墨菲

Marc, you mentioned that there's a transformation of how we interact with software that's happening. And I'm curious, if you sense any temporary pause as customers may be trying to digest the new innovations, the new pricing mechanisms, it includes consumption pricing. And that perhaps there's going to be a pause that refreshes down the road as they'll ultimately gain comfort and start to move forward with the Einstein Copilots and all the other innovations that require a little bit of a different architecture, a different thought process?

马克，你提到我们与软件互动的方式正在发生转变。我很好奇，您是否感觉到客户在消化新创新和新定价机制（包括消费定价）时可能会有暂时的停顿。也许未来会有一个“暂停”来刷新，因为他们最终会感到舒适，并开始推进爱因斯坦助手和所有其他需要不同架构和思维方式的创新？

Marc Benioff 马克·贝尼奥夫

Well, I think it's a very key question, which is Salesforce is managing many different kinds of pricing models, obviously, like our Data Cloud is a consumption product. We've seen a clear path now to over $1 billion in revenue with that product, it uses consumption pricing. We look at our core SFA product, which is a product doing, I don't know, approximately $8 billion a year or Service Cloud doing approximately $8 billion a year. These are per user prices. But when you buy Salesforce now and you're buying our products, you might be buying a new product that we have called UE+. And that's a product that we just introduced a few months ago. Now why is that exciting? Because UE+ is a hybrid pricing model that includes per user pricing and consumption pricing. It delivers for our customers the ability to deploy all the architectures that I articulated on the call today, but to do it in an incredibly competitive price point. And when we look at the very large customers that are deploying Salesforce, standardizing on our platform to deliver this kind of capability for the future as we retrain our sales people to be able to have the narrative that I have on the call today, this idea that we can deliver basically not only the number one AI CRM, not only deliver -- we see these incredible growth in our pipelines, as I mentioned, not only the kind of the next generation price points and products like with UE+, but we have to deliver it with a level of customer success through our partners and the implementations at scale and also with the culture that Salesforce is known for.

好吧，我认为这是一个非常关键的问题，那就是 Salesforce 正在管理许多不同类型的定价模型，显然，我们的数据云是一个消费产品。我们现在已经看到了通过该产品实现超过 10 亿美元收入的明确路径，它采用消费定价。我们看看我们的核心 SFA 产品，它的年收入大约为 80 亿美元，或者服务云的年收入也大约为 80 亿美元。这些都是按用户定价的。但是，当你现在购买 Salesforce 并购买我们的产品时，你可能会购买我们新推出的产品 UE+。这是我们几个月前刚刚推出的产品。为什么这令人兴奋呢？因为 UE+是一种混合定价模型，包含按用户定价和消费定价。它为我们的客户提供了部署我今天在电话中阐述的所有架构的能力，但以极具竞争力的价格点来实现。 当我们看到那些正在部署 Salesforce 的大型客户时，他们正在标准化我们的平台，以便为未来提供这种能力，同时我们也在重新培训我们的销售人员，使他们能够拥有我今天通话中提到的叙述。这种理念是，我们不仅可以提供全球第一的 AI CRM，还可以实现我们在管道中看到的惊人增长，正如我提到的，不仅是下一代的价格点和像 UE+这样的产品，我们还必须通过我们的合作伙伴和大规模的实施，以 Salesforce 所知的文化，提供客户成功的水平。

Those are really the five elements that we are really taking into consideration as we're moving forward. We think that we have the right mix and we're spending a lot of time talking to our customers very, very closely, look at -- don't think that there aren't a lot of people walking into these companies saying, hey, you can do this, you can do that, you can do these other things. We've seen a lot of that in the last six to 12 months, and then it turns out that you can't. Hey, I can make this happen, I can make that happen. I can pull a rabbit out of the hat in the enterprise for you by doing this, that and the other thing and then it doesn't actually happen. And then what it turns out is, you got to do a lot of the hard work to make this AI happen, and that starts with building highly normalized, large scale, federated, highly available data sources. And then building on top of that the kind of capabilities to deliver it to our customers. I think a common story is, hey, oh, yes, I am a provider of a data lake or a data capability. And just by going to that, I'm going to be able to provide all your AI.

这些确实是我们在前进过程中非常考虑的五个要素。我们认为我们有正确的组合，并且我们花了很多时间与客户进行非常密切的沟通。不要认为没有很多人走进这些公司说，嘿，你可以这样做，你可以那样做，你可以做其他事情。在过去的六到十二个月里，我们看到了很多这样的情况，结果却是你做不到。嘿，我可以让这个发生，我可以让那个发生。我可以通过做这个、那个和其他事情为你在企业中变出一只兔子，但实际上并没有发生。结果是，你必须做很多艰苦的工作才能让这个人工智能实现，而这首先要从构建高度规范化、大规模、联邦化和高可用性的数据源开始。然后在此基础上构建能够将其交付给客户的能力。我认为一个常见的故事是，嘿，哦，是的，我是数据湖或数据能力的提供者。仅仅通过这一点，我就能够提供你所有的人工智能。

But then it turns out that no one in the enterprise actually uses that product. There is no UI that's commonly access. That's why I'm so excited that Salesforce is Sales Cloud and Service Cloud, and Tableau, and Slack, and all of our amazing products that have these huge numbers of users that use these products every single day in a trusted, scalable way and then connecting that in to this new capability, that's where the magic is going to happen. By the time we get to Dreamforce, and for those of you who maybe were at our Connections Conference or our last World Tour in New York or even in Trailhead DX, we haven't heard gasps in the audience when we demoed the products, I think maybe ever, like some of the new technology is incredible we're able to deliver for our customers. And I think that it's going to be extremely exciting going forward, and it will be delivered with a variety of new business models and pricing models. But at the end of the day, we're going to have to be a trusted partner to these customers delivering this AI at scale.

但后来发现，企业中实际上没有人使用那个产品。没有一个常用的用户界面。这就是为什么我对 Salesforce 的 Sales Cloud 和 Service Cloud、Tableau、Slack 以及我们所有这些每天都有大量用户以可信、可扩展的方式使用的惊人产品感到如此兴奋，并将其连接到这个新能力，这就是魔法将要发生的地方。当我们到达 Dreamforce 时，对于那些可能参加过我们的 Connections Conference 或我们在纽约的最后一次 World Tour，甚至在 Trailhead DX 的人来说，我们在演示产品时没有听到观众的惊叹声，我想这可能是有史以来第一次，因为我们能够为客户提供的一些新技术是令人难以置信的。我认为未来将会非常令人兴奋，并将以各种新的商业模式和定价模式交付。但归根结底，我们必须成为这些客户的可信赖合作伙伴，以大规模交付这一人工智能。

Mike Spencer 迈克·斯宾塞

Great. We want to thank everyone for joining the call today, and we look forward to seeing everyone over the coming weeks.

很好。我们要感谢大家今天参加电话会议，期待在接下来的几周见到大家。

Operator 操作员

This concludes today's conference call. Thank you for your participation. You may now disconnect.

今天的电话会议到此结束。感谢您的参与。您现在可以挂断电话。