Salesforce, Inc. (CRM) Earnings Call Transcript & Summary

Okay. Good afternoon, everybody. It's Keith Bachman here from Bank of Montreal. Thank you for joining us. We're thrilled to have Salesforce and Lidiane Jones is joining us, who runs the Commerce Cloud, Evan's in background, along with Brooke from the IR team. We may bring them in towards the end. But candidly, we want to focus on commerce today because we are thrilled to have the opportunity to host leadership in Lidiane. So why don't we go ahead and get started?

Lidiane, maybe just to table-set, if you will, tell us a little bit about your responsibilities just so we're clear. And maybe just touch on your background as well.

Thank you, Keith, for having me, and thank you, everybody, for tuning in. I lead Commerce Cloud as Keith mentioned. I've been here at Salesforce for 2.5 years, have a technical product background. We used to lead product on the software side for Sonos so as a Salesforce customer and at Microsoft before that. Here at Salesforce, in addition to commerce, I also lead marketing and experience because we do believe in this connected journey experience across certainly our digital products. So that's additional responsibilities for me.

Okay. Okay. And you said you lead marketing for -- you broke up a little bit at least there. Do you mind just going back over that again?

Yes. Commerce, marketing and experience clouds.

Okay. Terrific. Terrific. Okay. Well, let's go over. I'll periodically look to my right because my questions are on a separate screen. So I'm trying to make as much exercise as possible during this process. But why don't you tell us a little bit about over the next 12 to 18 months, if you sat down with Mark and went over your [indiscernible] what are your big strategic priorities over the next, call it, year and change? What are you focused on?

Great question, Keith. Some of our biggest focus really are about helping our customers succeed ahead of these really important market trends that we are seeing right now. And for commerce, that's really been 3 trends that have informed our product investments. This notion of composability and being able to expand the digital footprint for businesses at a pace that works for customers. Personalization has become more important than ever. We all know that, right? If commerce experiences are highly personalized, we tend to buy more. And so certainly, that's impacting our customers a lot. And then the last part is this connected journey of commerce. And certainly, in Commerce Cloud, we've put a lot of product innovation effort in connecting B2B, B2C order management because customers are blending what it means to do commerce. In some cases, they start or they are traditionally a B2B commerce that is going direct to consumer or vice versa. So some -- we've innovated a lot across this portfolio of order management, B2B commerce, headless to support composability. And to this specific year, we've specifically gone very aggressive on headless capabilities. We acquired a company last year called Mobify, and now we're able to launch earlier this year this whole slew of PWA kits that drive and bring composability to life, along with our managed run time, this is hosted environment to help customers achieve headless more effectively. We -- from an integrations perspective, we've also launched the CDP capabilities for commerce, so out-of-the-box integration. Tableau connector for Commerce Cloud so that customers can realize the power and the value that they're getting for commerce through analytics. And we also launched B2C commerce on the Salesforce platform to help customers easily deliver that direct-to-consumer experience. So those are just a few of the key innovation points for us this year, Keith.

Okay. I want to jump back to CDP for a second. Before we do that, let's just again, maybe you can help us understand what headless and composability means? Where are you going with those expressions?

Great question. So traditionally, I'd say a few years ago, the majority of the market would go into a full broad replatforming or relaunching or, for the first time, launch a commerce experience, which for them would mean a very templated experience for what that storefront would look like in those other potential channels like mobile and so forth look like. Now customers want more customization power onto those experiences. And so headless means that, that front-end experience, what they are seeing what that expression of the front-end experience for the shopper can be done in a very custom way. So headless offers customers the ability to do that. And the second piece that composability is that sometimes customers don't want to do this giant implementation. Maybe they want to optimize just their launch page, the starting page that has the primary products or maybe they want to optimize just checkout and are focused on the composability components related to integrating with particular vendors like shipping or others. So this flexibility and hyper customization of the front end are really what drives this terminology of headless and composable. And they have become very important for customers, especially with these accelerated road maps for going digital that the pandemic brought to the market this past 18 months.

Okay. Okay. Let's turn to CDP, as I mentioned. Where are you today in terms of your functional capabilities? We did a marketing white paper a few months back. And Salesforce had changed some of the nomenclature candidly, Adobe did as well. So some things got renamed. But where are you today? And I think at least according to the slides that we noted, there's a new product functionality coming out, it said winter '22. So what -- where are you today in terms of your CDP capabilities? And what does winter of '22? What's the -- what's coming then, if you will?

Yes. Great question. So we -- let me start with -- by telling you that we have launched a Salesforce CDP. We have a lot of customers that are already live. That's independent of commerce. So customers can buy this Salesforce CDP to really help centralize that customer data. And if you look at the true meaning of CDP, the customer data platform is very focused on helping customers build that profile of the user. And in many cases, Keith, I guarantee you, you and I have multiple identities out there, social [indiscernible], e-mails. So creating, disambiguating all of that is very complex to do. So our CDP is very focused on that, pulling in data ingestion from a lot of different places, reconciling that identity of the user and then helping our customers then target through marketing and other capabilities what that personalized experience looks like for different channels for the users. So that's what our Salesforce CDP is all about, and our customers are very excited about that. One important input of this CDP's commerce because what you buy and what you click on, what your abandoned cart content is, is very much centered around who that user, who that shopper and buyer is. So we've integrated out of the box for the CDP. That's already live today. So customers can ingest customer data -- commerce data with just a couple of clicks of a button. So there's not a ton of integration costs for our customers there. And what we are doing in the winter time frame is expanding that capability to bring even more data related to Einstein. So based on our commerce Einstein capabilities, we can get also some browsing content information so we can start to see what the customer has clicked on, on the shopping site but hasn't yet bought. Those are very important signals as well from a -- fully connecting that journey for service and marketing. So that's what the winter release is going to bring to bear.

Okay. So it's more signals, if you will, during my commerce journey that are going to be funneled into Einstein or the -- sorry, the broader CDP profile and then Einstein is going to leverage those?

Absolutely. And we are really expanding our AI capabilities for Einstein throughout that journey, so that experiences like abandoned cart and that really crossed this cross cloud marketing, commerce service will really shine because we will have that single source of truth, even richer data insights beyond what we already have today that really will differentiate our products in the market.

Okay. Okay. Interesting. Yes. I mean I think CDPs, what all the buyers are pursuing is greater leverage of data. So maybe talk a little bit about your sources of information as a source of competitive advantage, if you will. In other words, you have the vision of Customer 360 across Salesforce and you're leveraging the data of the Service Cloud, of the Marketing Cloud, how does the notion of 360 -- how is that aligned to the whole goal of getting more and richer data in your CDP?

Keith, one of the things that really [ sets ] Salesforce apart and I hear it from customer after customer that thankfully now I'm getting to meet in-person more often than a few months ago, is that when you do have all of these touch points that are Salesforce-based, are powered by Salesforce, the marketing capabilities, in some cases, a portal, self-service portal that's also powered by Salesforce Commerce and service, we really have the ability to bring those -- not only the raw data but also these signals like I was describing earlier that helps us bring the Customer 360 to life across every touch point. So that gives the ability of personalization a whole new level compared to anyone else in the market. So when we talked a lot about -- promotions is one of the areas. Search is another area that we really focus on. We're able to really personalize not only based on your browsing, but based on every experience that you've had, what you've already bought, what you've clicked, marketing campaigns that you seemed more engaged to, services that you've had. So the fact that we do have all of these solutions across the Customer 360 powered by a centralized data platform really gives Salesforce a very unique capability that no one else has because, again, we have all of these great solutions that our customers are already leveraging for their business.

Right, right, right. So when you're not trying to throw a softball here, but just my simple brain, when you have your CDP, it's getting fed by these other sources from your marketing cloud, from your services cloud. So it's a richer set of data. Is that a correct way to think about it?

That is absolutely a great way to think about it. And we -- our CDP also ingests data from other sources as well. And so we certainly leverage that. And so it becomes a very rich Salesforce data, Salesforce repository along with any other signals you want to add to it?

Right. Maybe that's a transition to the inverse of that, if you will. And what I mean by that is do you have customers at Salesforce that deploy the Commerce Cloud that don't have, say, other parts of Salesforce solution such as the Marketing Cloud or the Service Cloud? Or is it -- is the attach rate very high for the reasons that you just described?

Yes. Great question. We share specific attach rates per cloud. But what I can tell you, it's very common for customers in -- certainly in retail, but in many other industries as well to have commerce, marketing and service because together, they're powerful. But it's not required, Keith. We also have customers that only have Commerce Cloud as well because we believe that we want to be the best-in-class for commerce. But when you do bring these other clouds together that you should gain a lot of leverage from having the Salesforce suite together. So what we have seen is, over time, even with in my own customer base of commerce that we used to -- a few years ago, we used to have a lot of very pure commerce cloud customers, and now they are all becoming multi-cloud customers because there's just a lot of power in having more than one, but it's again not required.

Yes. Yes. I mean the secret sauce is in the data. Maybe -- again, before I get to -- can you just describe like where your sweet spot is on the commerce side between B2B and B2C? Where is your highest ratio of installed base, if you will? Where do you think your sweet spot is?

Keith, I would say it's been in a very, very interesting 2 years for us because 2 years ago, that would have been a very straightforward answer. We are very strong in retail. But over the last couple of years, we've seen [indiscernible] significant digital transformation and massive growth in every industry. So we've expanded especially with our added capabilities and B2B commerce order management, the portfolio has expanded in its own capabilities, we are seeing growth in so many industries now. We have customers in manufacturing, insurance, CG for consumer goods in a B2B perspective and many, many others. So now we're very multi-industry cloud because what I would say is that there is a need for digital transformation across every industry, where in the past, retail was very much leading because consumer demand for great experiences was always very high in retail. That need and that urgency has become true in a lot of different industries. And so that's been a really big source of growth for us over the last couple of years, is not only the surge that we are seeing from digital commerce across the market but also the transformation that every industry is going through. And the industry is such a powerful part of what we do here at Salesforce. So it's also a differentiation for us.

Yes. Well, I'm going to hit on that for a second, if I could. Is -- Salesforce seems to be maturing and a lot of companies do this as they mature, they target more industry level solutions. I think Keith Block was one of the leaders in thinking about that. And Workday is doing the same thing with their solution. How are you trying to verticalize, for lack of a better word, the commerce side in terms of trying to create a more target-rich reception?

We have this past 18 to 24 months, we have launched a number of industry-specific applications and solutions over the last, again, 2 years in expanding our -- also expanded our ecosystem. And so what that means, Keith, very specifically is that in retail or say consumer or shopper. But that's not the language that if you are in an insurance business, you say you're talking about a client and that flow is not really not a shopping cart, it's a lead management, but it's a very same set of experiences. So we've very much tailored the front-end experience, the solutions that are specific for industries to go live and their business. And we've brought in industry-specific partners to help our customers be more successful and go to market fast. So that's what tangibly that means. And then we're leaning in on the Salesforce industry's expertise. We have a lot of industry experts here that help our customers go through that transformation because in a lot of cases, there is not just technology transformation, but also process transformation, cultural, organizational transformation. And that's what draws a lot of customers to come to Salesforce it's the kind of full package of what they needed to come to that digital next step for them.

Okay. And so it sounds like, if I heard you correctly, that you're not necessarily altering the underlying IP, but your go-to-market with partners may create a situation where it's more aligned to a given vertical. Is that kind of the way to think about it?

Yes. What we have done, Keith, is that we have built a platform that can power to your point, many industries. So it goes both ways. We build front-end experiences. So we've launched, for example, a mobile app for grocery stores. So that's a technical solution that customers can then customize and bring it to life and it supports the go to market. What we have done for groceries, for example, as well, is that pricing sometimes needs to be per weight and not per unit, right? So there are times that, depending on the industry, we will modify or extend the platform. So the intent of that, that underlying platform gets richer and richer over time based on all of these different industries. And some of our customers have found that to be very helpful because there are cross-industry innovation happening as well. So that's the intent is that we can make the platform, the underlying platform, a unified one and we can make it richer over time, yet still speak the language that our customers want at the front end.

Okay. Is there any -- so we talked before about B2B versus B2C, but let's change the aperture on that. Are there any industries that stand out where Salesforce has had disproportionate success, if you will? Are there any industries where you think you have more work to do?

I would say we have work to do in general, right, Keith? Commerce is evolving. So if we feel like we're done, then something is wrong. So we're constantly innovating. The industries that I feel incredibly proud of, especially right now is retail. We, from a B2C perspective, are powering an insane load, especially during a time like that in the holiday season. We surpassed $1 billion in GMV on Black Friday alone of gross merchandising value. That means over $1 billion in merchandising passed through our platform only digital channel. So it's pretty significant. We did not have any customer -- multi-customer outage problems throughout Cyber Week. So our powerhouse is high-scale trust and incredible volume power. So that's many of -- many of the reasons why customers would choose us. Where I think we will continue to innovate is that we believe AI capabilities -- and I talked a little bit about some of the signals that we are integrating, we're really at the early stages there. We're going to innovate a lot in this coming year to help customers make decisions that really increases revenue for them. Like we launched an inventory service this year that's location-aware. And that's become incredibly powerful for customers to optimize their shipping costs. But we can get even more AI capabilities there to help them with fulfillment vendors and things like that. So that's just one of the areas that you're going to see a lot of innovation for us across every industry. We really believe personalized AI capabilities is going to be a really big part of our customers' success.

Okay. Well let's flesh that out in 2 ways. As you think about what your solution priorities are, it sounds certainly like you mentioned AI and I wanted to see if there's more you wanted to flesh out on what your solution or technology R&D objectives over the next 12 months. Part B of that, are there any areas that you think you need greater integration with the solution stack, i.e., the Commerce Cloud, the Service Cloud or is there still work to do? And then part C of that, because I'm a sell-side analyst, I ask long questions, just to ask Evan is why don't we finish up this thread and tell me about what your objectives are with Slack? So one is just kind of R&D. Two is the back-end solution stack. And three is Slack.

Great question. So they're all very related. So that's the great news. Let me tell you about 4 buckets of the investments for our road map this year because I oversimplified a little bit on the AI front. So we are really investing on this composability piece. So what that means -- that's one pillar of the investment. What that means is that we are really decomposing some of these services. I mentioned inventory. So we also launched [indiscernible], we're launching [ car ] in a very decomposed manner. But not just as a single micro service, we're also making them Salesforce native. So that means that customers, again, that whether they are multi-cloud or not, they are going to get quite a bit of value from having multi-cloud, if they do choose to do that. So that's one big bucket is multi cloud native. So I think my video is struggling a little bit. I can still see -- can you hear me okay?

Perfectly actually. And you're it's odd because your picture is lower and your live video cast is up above. So I don't know. I will just keep going...

All right. That sounds great. So we really are focused on a sale -- decompose services that Salesforce is made of. The second piece I spoke to you now is this AI-led innovation, again and very focused on revenue growth per customer. That will be coupled with a lot of analytics because we want the customer to be able to say I've launched a new promotion service, I can see [ tendrils ] from that. So that's really the second bucket of innovation. The second -- the third piece is ecosystem growth. We're really rallying behind app exchange so that as you see there is growth in social commerce and fulfillment under [indiscernible] point of sale. And so we're going to -- in live shopping, I could go on and on, and you want to see all of our customers embedded -- these partners as quickly as possible with clicks or with APIs that really offer what you need. So ecosystem growth is a really big part of our focus. And then the last piece is actually not too far from what you were asking me related to Slack. We believe that commerce experiences come to life when multiple teams can work effectively together. So if you think about the holiday as one time where customers or a peak event, if you're not a B2C customer, is a very important part of customers' business. And so holiday readiness, it brings together IT admins that are worried about bot security. It brings the marketer who is doing all of the creative work for a particular product launch, the merchandiser that's thinking about the inventory, where the inventory is going to be fulfilled from and pricing and promotions and all of that good stuff. And then sometimes, the vendors, channel partners, creative content vendors. All of them have to come together for a holiday to be successful. And that's where Slack comes in. We are really building merchandising action that allows all of these teams to be able to make decisions all directly from Slack. That's become increasingly more important case, especially with flex work and work from anywhere that companies are going through. They don't know where their team members are going to be, what time zone or and you compound that with vendors and it becomes even more complex. So Slack really is the digital HQ for Commerce Cloud as well. And we've already done some integration work for our order management solution so that teams can be informed of their inventory, information for peak events. So it's been very well received as the start, but it is a foundation of collaboration in how we want to bring all of these teams have a role to play in commerce together to help customers be successful. That is not a contradiction to our investments. It's a very important complement of your -- of our strategy.

Interesting. And how about the notion of Slack facilitating communication when somebody is a buyer on a commerce site versus a supplier. Does Slack play a role there? Or is that in the Service Cloud and the Marketing Cloud?

Yes, that's a great use case. The use case that I used was fairly B2C related. The use case that you're referring to is very B2B related. And so we see that being true in B2B use cases as well where there is a relationship between the seller and the buyer. And so we are integrating not only -- so we do believe that there is an important role for Slack to play there, and we are making that investment as well. And so we are making investments for the seller to interact with buyers. And in the B2B cases, Keith, as you know, buying purchases can be very high. It could be a multimillion dollar purchase. So that relationship and communication is so important. The approval process, the RFP that customers -- that buyers go through. And so we think Slack really shortened that time frame, and it really helps buyers and sellers be more effective in their purchase. Commerce Cloud, the way that we are really investing from a buying perspective is also helping the seller and the buyer modify a cart and facilitate recurring orders. In some cases, seller can tell the buyer that they're going to run out of some inventory ahead of when they will run out of inventory. So those relationships become very well facilitated by commerce with Slack and Sales Cloud.

Yes. It's interesting. I would suspect Slack presence grows over time in the whole commerce food chain meaningfully. Okay. Let's transition a little bit to order management. We were doing research. Candidly, I was a little bit behind on the importance of order management before we establish this meeting. And I'd like to hear a little bit from you, how you think order management fits into the solution and how important it is for differentiation for Salesforce.

Now we believe order management is a really big differentiation for us. We launched order management almost 2 years ago, Keith. And this year has become a critical product for many of our customers. And so why is that? One is most customers are very afraid of touching their order management system because it's not something that people even fully understand, it's a whole -- overly complex. So we've built an order management solution built on the Salesforce platform, leveraging flow that's very, very user friendly. And so you don't have to be an incredible expert to understand how to create very critical [indiscernible]. So what's happened with the pandemic is that customers needed to go live very quickly with flow experiences with workflows that are really important for the shopper or the buyer, but they have to do it very fast. And legacy order management systems are not very conducive of those changes. So think, for example, buying online and pick up in store. That's a very specific order management flow that can be very expensive to do. Our customers are able to do that flow in a weekend. It's really easy to do and exciting to see how quickly our customers are bringing this product to life. And so that's become -- returns in that relationship of the sales agent being able to manage the return and refunds directly for the customer from their service portal. So that full customer journey is really, really important, and order management is bringing the order and product information directly to the consumers. It's really that bridge for customers in delivering a great connected customer experience. So we've seen an incredible amount of interest and customers going live with it. It's become a differentiation for us because we connect commerce and service incredibly easily. And what we have seen is order management has become a great stand-alone product even if customers don't have our commerce yet. So we might start with our order management. So we do think it is a Trojan horse for sure because it's powering something that in the market is incredibly complex. And we just bought a very different unique approach to solve these highly critical use cases for our customers to market. So I'm very excited about this product, and I think we're going to see a pretty significant adoption growth even next year.

If I'm a commerce customer, and then I adopt order management, I assume that's an upsell, right?

Yes. It's an add-on product. It's sold as a separate [indiscernible] for customers. But it's fully connected to each other. So there's no integration work required, but it is 2 separate products.

Okay. Great. We'll move on to a couple more. Just in terms of payments, how important is payments to the overall solution?

Payments is a really relevant topic for our customers because it is -- as they expand their velocity in growing their footprint, digital footprint, there is always more complexity than customers would like to in enabling payments and tends to be months long, et cetera. So we entered this space with a real focus on helping customers go live very, very quickly. So with a couple of clicks, customers can have their payments enabled. And we are seeing a lot of customer excitement about this again because the ease of use is so impressive. And so as customers look at digital transformation, it's become a very foundational layer of business transformation for customers. And we launched Salesforce payment earlier this year and have created integrated payments in the storefront templates that we have, but we've also enabled APIs. So we're seeing a really great growth of customers that are adopting our payments very quickly. As an investor, I'll tell you that it's also a great business to be in because as we talked about the volume of gross merchandising value that are -- is currently operating on our platform today, the more adoption of our customers, leveraging our Salesforce payments, the more that we're able to also grow our business as part of a different revenue stream for us. So I'm very excited about that.

Okay. I think we'll make a transition. I want to come back to go to market for a second, but let's talk a little bit about competition. And before we get to the broader sea in competition. I want to [indiscernible] payments, but you're from Boston. So some of your friends in Boston from HubSpot recently introduced payments as part of their marketing platform. Any thoughts on the broader competitive landscape, including what HubSpot's done?

Yes. I think that's such a great sign that payments is a very growing and relevant opportunity for revenue growth, because you can see companies like HubSpot and many others really jumping on that. So I think for us, it was certainly a validation that it is a great place to be. The second thing for HubSpot is that their business is very much on the small and medium size. And so you can see that from an ease-of-use, ease of deployment, it's a great audience to be in. For us, it's also we want to bring that ease of use for customers in the mid-market and enterprise grid. So I think it's been great to see that, but not something that I think will impact our growth with Salesforce payments, quite the opposite, it's a validation that it's a very thriving one.

Okay. Well, let's talk about who you're kind of duking it out with on a day-to-day basis, so to speak, is when you are seeking out or getting notified of competitive bids or RFPs, RFQs, who's the most frequent competitor? And if you need to define it by segments, that's okay, too, but who are your sales reps telling you that they're bumping into more often than not?

Yes. We -- there are a number of competitors, if you look at the Gartner leader quadrant, you see quite a few players there that show up for us. In the lower end of the market, there's quite a few players that are very focused on very clicks-based experience where a customer can say here, I want to start [indiscernible] play to my catalog. What we see -- the reason why customers would choose us over some of those particular players is that we have found that many of these players are so simplistic that customers have to compound so many third-party vendors to be able to launch an experience that even a growing and scaling business now very complex, starts to struggle with things that are very basic like a promotional launch or a new product launch. And so that's where we really differentiate on the lower end of the market. On the higher end of the market, there are some players that are playing that API-first approach pretty heavily that I was mentioning earlier at the cost of everything else, complexity of implementation becomes really high, the customer data is nonexisting. So that's what we're trying to bring to bear as a differentiation for us, Keith, across these very distinct types of competitors, is that we offer this flexibility, yet we are much simpler to implement than some of these higher-end API-first vendors. And we -- our platform is founded on the Customer 360. So as customers evolve, we are a much more bulletproof solution for customers to adapt their business than some of these other vendors. But I am really proud of the growth of our cloud and not particularly concerned that we are going to continue to grow.

Right. How often do you run into Magenta?

Not as much as I would expect. And I think if you look at our recent set of data that they shared, I think their GMV growth was lower than a year before, which is not the case for our cloud. So I think what we have focused our strategy on is this unified commerce strategy that I mentioned to you, where we're bringing B2B and B2C and order management, so customers can solve any problem that they have or expand their business into new opportunities that they're going after. So I haven't seen any competitive dynamics there.

If you had to pick out one competitor that you -- if you did a histogram, who would be at the top of the bubble in terms of frequency competing against?

I don't have that data from the top of my mind. It's pretty diverse because there are so many players. It's pretty diverse and it's also based on different regions of the globe. There are different players. But I don't have that one on the top of my mind. Could certainly look back at that data and send it to you.

Okay. That's okay. And more just maybe just finishing up here. I apologize. I have a bunch more questions but we're going to run out of time. Just talk about how you're booking revenues between the 2 different solution because I think investors ask a lot of questions about that. How is revenue recognized through the Commerce Cloud between the B2C and the B2B side?

Yes. We have a very flexible pricing model for Commerce Cloud. So the most prevalent one for commerce is that we allow our customers to a shared revenue model. And so that's where customers will really focus on minimum spend of this gross merchandising value. So based on -- if you're selling $100 million in merchandising, then they pay a particular fraction of that total spend on our platform, and then they buy chunks of that GMV. And then the second model is an orders-based model. So based on the number of orders that tends to be more prevalent for B2B customers. Customers can buy a certain amount of orders. And then we also have a more composable pricing model. So based on a particular base on usage of the platform, then we can also provide a composable pricing model. And so we've really focused our pricing on giving customers the ability to do what's right for their business, whether it's B2C with the GMV percentage versus ordering versus composability. He -- we really are -- we'll meet our customers where they are from a pricing perspective. That's just given us the ability to be really flexible, especially as Commerce blend, B2B and B2C. In some cases, they'll go one or the other or both, and we can be first to go there.

Right. Okay. Well, let's -- Lidiane, I want to thank you. Unfortunately, we're out of time. I had a few questions I was going to ask, Evan, but he escapes through the benefit of the clock, shot clock going off. So Evan, congratulations. But Lidiane, certainly appreciate the time. Would love to come see you someday in Boston when we're out of this. And I want to thank Salesforce very much broadly for participating in BMO's winter conference here. We much appreciate it. And we -- if there's any follow-up questions from investors, sorry, we didn't get to some of those, please feel free to e-mail me rather. But on behalf of BMO, I think that's a wrap. And Lidiane many, many thanks. Evan, you as well for participating today. We much appreciate it.