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

[Presentation] Please welcome Executive Vice President, Investor Relations, Mike Spencer.

Welcome. Thank you all so much for being here. We're maybe a couple of years overdue, but we're super excited to have you all here. Hopefully, you've gotten a chance to tour around Dreamforce a little bit. If you haven't had the opportunity yet, I strongly encourage you to walk the floor, talk to customers. And in particular, go see Agent for City. Mark mentioned on the stage yesterday, but I think it's really important for you all to hear directly from customers you're going to hear us talk a lot about it today, but do get out and see the sites and tour around. So we've got a package in today. I am -- but I want to start with just say thank you. You have choices. We appreciate your investment. We hear from a lot of you. Feedback's a gift. But we are super excited to have you here, and we're super site to tell you our story today. And you're going to hear from a great group of our leaders, but we always start every presentation with a thank you. In traditional analyst -- let me see here you go. In traditional Analyst Day format. We've got to give you the precursor. I'm not going to read the slide. Just to say that we are going to make some forward-looking statements today, which are subject to change. So always please refer to our latest filings with the SEC. So the agenda. We've got -- we're going to kick off with Steve Fisher. I'm going to talk about the specifics on the next slide, who's our Chief Product Officer; Miguel Milano, our Chief Revenue Officer, is going to come up after that. Then Robin, and then we're going to close with Marc and the leadership team for Q&A. Marc will be here for the last 1 hour or 1:15 minutes of the presentation today. And then afterwards, we're going to have cocktails out in the reception area. There'll be some demo televisions as well with some folks demoing some of the technology you're going to hear about and some of the technology you've seen at Dreamforce. So please stop by, I ask all the questions you'd like to ask. We are selective in what we put out there. So we really want you guys to get a front row seat to some of the tech that we've been introducing this week. So let's talk about the details of what you're going to hear about today. You all have probably seen, if you got a chance to watch the keynote yesterday. The circle graphic that you see here gives you a layout of our product portfolio. Steve is going to come up and walk you through where we're at from an innovation cycle standpoint. We've been investing at time. We'll talk about that, but we're super excited about where we're at. And we are certainly in a zone where the pace of innovation is rapid. And you all know that, you cover our space. But you're going to hear Steve really get into it. And we're super excited to have Steve here. You all have not heard from Steve before, but he is a key cornerstone obviously, to our product strategy. Followed by that, he's going to be Miguel Milano, our Chief Revenue Officer. He's going to come in and take the product vision that Steve is going to paint for you and give you the go-to-market lens and what we're doing there. And I'll come back up and talk about that between sessions. And then lastly, Robin is going to come up and give you the financial framework and the monetization structure of all that. So we're super excited with the lineup. Keep your questions to the end, and we'll get into the Q&A. So with that, I'm going to hand it off to Steve.

Hi, everybody. Good afternoon. Thanks for coming. And as Mike also said, it's really -- especially now when things are changing so rapidly and it's really a nice opportunity to get the opportunity to come up here, share kind of our thoughts and then hear your feedback. And so looking forward to the questions later today. I thought we could start by maybe setting a little context about kind of what we've been doing behind the scenes for the last 4 or so years. So as you know, for the first 15 or so years as a company, we're really focused on improving the model, multi-tenancy, metadata, the cloud, CRM, Sales Cloud, our platform, Service Cloud, that was -- I was here from 2004 to 2014. So that was a big part of my career was helping see that through. And then -- and that -- that was a pretty good ride and kind of think we kind of showed that the future of enterprise software was in the cloud. At that point, in order to really complete the story though, in order to be able to deliver the full customer experience, we bought a few companies, as I'm sure you're aware. And so about 4 years ago, we decided to step back a little bit because during that time, our architecture had gotten a little bit fragmented and the data was somewhat fragmented and the experiences were somewhat fragmented. And we -- that was great for the time because we brought in all these amazing teams and capabilities and customer relationships and it really completed a large part of the portfolio. But at that point, 4 years ago, we decided, okay, now we need to -- because our mission wasn't really -- isn't really, okay, we want to deliver a great experience for sales teams engaging with their customers and service teams engaging with their customers and so on. It's really about from the CRM perspective, putting the customer at the center and breaking down all the silos so that our customers, the businesses that we serve can have the best, most relevant, most personalized experience across every touch point and where the business understands everything about the customer and can deliver the best possible experience and build enduring customer relationships. That's really our core, core, core mission. And to do that, we needed to sort of rearchitect our platform, bring all of those applications together on to a next generation of our core platform. And at the heart of that, what we really started with in 2022 was around data. And that's the origin of Data Cloud or now Data360 because data has always been the foundation for CRM. If you want to deliver great customer experiences, you need to bring together everything you know about those customers so that you can power your employees and deliver those automated experiences. And similarly, that's when we started rearchitecting some of our other major clouds, Marketing Cloud and Commerce Cloud and Tableau with analytics. And reimagining what elements of those should be in this new common platform with data as the foundation, but predictive AI and automation and analytics and the semantic layer and visualization, and all of those capabilities we were hard at work kind of behind the scenes to really deliver on that promise, the true promise of CRM putting the customer at the center and having everything fluid across all those touch points with data AI, automation, analytics, all the customer touch points and channels in the core architecture. And then while that's going on in late 2022, we all sort of had our ChatGPT moment. when ChatGPT hit, and we realized, oh, this is going to change everything. And I'm sure we all -- all of you experienced that, we certainly did. And so we then spent a lot of time and effort really pivoting the company around what is our role in bringing this LLM, AI, Agentic revolution to life and help it be useful for business. And that's a lot of what we've been doing really the last 2.5, 3 years or so is first with kind of embedding prompts across the platform and then early agentic efforts. Then 1 year ago, launching Agentforce and then really embedding that across the entire platform. So that's kind of been the journey in the last 4 years. It turned out in our point of view, that all that work to bring everything together onto one platform was pretty much exactly what was required to help these LLMs actually be useful for business. So I thought for the rest of this, I'd sort of walk through that. Because last year, another area we were really fortunate was last year when we launched Agentforce, most of our customers had been experimenting with GenAI, maybe with us, maybe with others trying to understand how can I make this useful, how can I make this useful. And then something about the experience at Dreamforce or the fact that we had delivered the agentic capability embedded within our platform, the response was a little -- it exceeded our expectations, let me put it that way, with initially in the first few months, thousands and thousands of customers and now well north of 12,000 customers who are actively building agents within our -- within Agentforce and within our platform. And so why did that seem to have struck a cord not that we launched last year did everything that was necessary. In fact, it's been quite a year of learning. But I think it did strike a bit of a cord, which is the key -- one of the key lessons that we've learned is that the LLM by itself, while it's pretty cool in our consumer world, and it's pretty helpful if we want to write letters or think -- help us think about things. It's not particularly useful by itself for business. It needs to be connected. We all know, it needs to be connected to the data. It needs to be connected to the system, so it can take action. You need to be able to embed it within the application, so it can assist the humans that are engaging, same with your customers. It needs to be able to work with customers directly. It needs to be able to escalate from a customer to a human, all of these capabilities really need to be -- are not really native within an LLM. They're not really within the model. They're just outside of the model. The model is astonishing for what it can do with language and basic reasoning but it doesn't do any of that other stuff. And that's sort of where we were, in some ways, are reasonably well positioned because we've been doing this work consolidating on this one platform that included data and automation and analytics and sales, service, marketing, commerce, industries, integration, all the capabilities that we have coming together because it turns out that data is not only necessary to fuel customer engagement. It's also absolutely critical to fuel your agents, empower your agents. So being in the flow of work, providing that context, all the security sharing, governance, all these capabilities that we've sort of been working on really in the context of CRM turned out to be very, very useful to power agents. Now of course, they were not was not enough. I would say those were all necessary but not sufficient. And that's really the journey that we've been on the last year is learning with our customers, getting the feedback, working with them really being in the trenches when we had 5,000 growing to 12,000 customers, building agents, we learned all the things that, okay, this is actually working pretty well, but we also learned all the things that were struggles. And that's what we've tried to bake into our platform. And the foundation, so our platform, our new Agentforce 360 platform really lives at 3 primary layers. The first is the data layer. This is what we used to call Data Cloud, now data 360. And I think it's probably the least understood part of our entire architecture because probably a little bit because of the named Data Cloud. When people hear that, not -- assume, oh, this must be a snowflake competitor or a Databricks competitor, and that's just not the case. Snowflake and Databricks and big query and Redshift are among our biggest partners. Because, yes, Data Cloud allows you to bring all your enterprise data together, all your -- certainly all your Salesforce data, which is quite a bit of customer relevant data but also your web data, your mobile data, your backoffice data, whatever is customer or customer adjacent or really any data and allows you to bring all of that together and then harmonize that into that single golden customer record. And that's very important. So Snowflake can do that and Databricks can do that and all these other data platforms can do that as well. The difference is -- the primary difference is that Data 360 is deeply integrated into that common platform that I mentioned earlier. So we have spent the last few years rebuilding our platform dramatically improving the scale of our metadata, transforming all the tools that are within Salesforce reimagining all the applications so that if the data is in Data 360, it's in sales. If the data is in Data 360, it's in service, marketing, commerce, all of our industry's apps. It's available for analytics. It's easy to integrate. All that capability was already there. And so unlike -- so salespeople -- salespeople do not log in to Snowflake. Snowflake is fantastic, but it's really analysts that tend to log into snowflake, not salespeople. People in the contact center do not log in to Databricks. Databricks is amazing for data scientists. So we had these data platforms that have been able to consolidate data, just like data cloud, Data 360 can. But it was still kind of topped in those now consolidated silos because getting that data to support your customers or power your agents, there was a big divide and it was very complex, expensive and fragile to cross that chasm. That's the problem that Data 360 really, really, really solves. Because what we did was we sort of pioneered the zero-copy data federation relationships. So if the data is in -- with just a few clicks. The data is in snowflake, the data is in Data 360. If the data is in Databricks, the data is in Data 360. It's not physically there. It's virtualized there and the metadata is there. But from the consumers of Data 360, it might as well be there. And remember, if the data is a Data 360, it's in Sales Cloud and Service Cloud and Marketing Cloud and Commerce Cloud, so you see where I'm going. Now all of a sudden, with just a few clicks, all that work that our customers have done with Snowflake and Databricks and BigQuery and Redshift, now the value of that was multiplied significantly because it could all be activated to serve the customer. Because if the data is in Snowflake, now it's just natively in Sales Cloud, no ETL, no complex processes, no batch processes, no real time, no, nothing. It's just there. And that has been, I think, a big unlock. Because it allows -- it's all of that problem of being able to take all your enterprise data, create those golden customer records and use that to serve your customers. Then, of course, ChatGPT and all of a sudden, not just structured data, but also unstructured data and agents. And so similarly, all those documents, all those complex documents, all the simple documents, that we're kind of not really available to serve enterprise software, they can now be unlocked. They can be unlocked for the humans, but most importantly, they can be unlocked for the agent. So that's really the role that Data 360 plays. It's really the glue between all the enterprise data and your customers and your agents. That's why it's been quite a successful ride. That's layer number one, the data. Data is the foundation is the foundation for CRM and obviously, the AI revolution is a data revolution. The next layer is the agentic layer, the Agentforce layer. And this was the key for us last year. And why I think we saw such interest from our customers was that it was embedded within the platform. And so it had immediate access to all that data that our customers are already putting into Data Cloud, now Data 360. It was connected into all of the applications. It was accessible through all of our channels that we support, SMS and WhatsApp and chat and now voice. And so that was not -- you didn't need to kind of do all this integration where you have an agentic platform over here and a data platform over here and new applications over here. That is very complicated. Now it was all together in one platform. But that said, we really have been -- I don't think I've ever been on a more interesting and intense learning journey than I have been in the last -- almost a year since we launched Agentforce. Because we're all new and figuring out, okay, exactly what are these LLMs really good at? And exactly what are they not really good at and they're very good at language. That is astonishing. Now all of a sudden, you have software, infrastructure that can understand language, can generate language, who saw that coming? I certainly did not amazing. And they have some basic reasoning capability, but actually what we've kind of learned is it's more limited than you might think. And so we've been on a journey when we had Agentforce first launched, well, where are our customers struggling? And that's really the road map of Agentforce. So we did Agentforce 1 almost a year ago. Mostly the value there was integrated in the Salesforce platform, and you had a nice ability to use prompts to create be embedded in the brain of the agent, and you could take advantage of Data 360, and you could take advantage of things like Flow and Apex and MuleSoft to be able to act across the enterprise. That's sort of the basics of an agent. Is you feed it the data, you feed it the APIs, you tell the agent what role it is. It's topics, it's kind of its mission in life. And then hopefully, it uses as reasoning ability to take the uterine and take action and give a response. That's basically the heart of an agent. But here's what we found. First, our customers were reluctant to release these agents because they needed to have confidence through testing. And testing an agent is a little tricky. Because the output is non-deterministic. You're not going to all wait for the same input, you don't always get the same output. We're not used to that actually. We're just having to give an input, you get an output, you test it, you move on. And so in the world of AI, you need to use AI to sort of validate the AI. And you can also use the AI to create more exotic challenging test cases. So that was our testing center that we launched last December. And the next challenge was, "Okay, now I'm confident. I put out my agent. How is it going? What's working? What's not working? How do I optimize it?" That was the next set of releases is we put -- we provided the complete all the session information, all the details, all the analytics, all the tracing available so that our customers could see from the macro level. How is this performing in the contact center? How are the agent performing overall? How is it performing as a sales agent all the way down to the micro exactly what did the agents say when and why. And everything in between and then the ability to use AI to help uncover challenges and make recommendations and things like that. That's what we released over the summer. And that was -- those were, I think, big breakthroughs for why customers why you're starting to see at the event. Large customers seeing success with agents. But then there were a couple of other things that we learned that we're just now releasing. And I'm going to go, what's okay, because I think these are really interesting insights that we learned and I'd like to go a little bit technical and kind of describe what's going on because I think this helps us explain at least me understand why this is -- why it's been so easy to build a killer demo, but why has it been so hard to get agents that actually deliver the goods. And here's what we found really in 2 key areas in addition to the ones I already mentioned, 2 key areas that were a bit surprising. One was that even that the agents -- so we would have customers tell the agent in natural language through prompts like everybody is doing, first do this and then this and then do this, but never do this or always do this. And if this is true, then do this, but otherwise do this. If you looked at the prompts for all of our customers, they're riddled with that. But what happened was that the LLM would maybe most of the time, do what you told it to do, but not all of the time, what it do what you told it to do. And that's kind of been the experience is that the reasoning ability, the ability to always follow instructions, that's not really the LLM strength. And the realization was if you actually know what you want the agent to do, don't go to the LLM, just say, do this and then do this. And if this then do this, else do this, kind of the basics back to the traditional software role that we're all used to. But I think maybe we thought the agents could kind of just figure it all out on their own, but they get very confused. They can't do that. They're designed not to do that. They're designed really to figure out the next word to say, and they're not designed to always do. And in the world of business, there are some things where you want that creativity. But there are some things where you actually just needed to do the same thing every single time. And so that's where we -- so we would have our customers, they would write those problems. And then it didn't always work. It mostly worked, but it didn't always work. So then they would redo the prompts and redo the prompts and get into what Srini calls the prompt doom loop, where you just -- and then if it's not listening to you, you'd say never do this and you put it in all caps and repeat it 3 times. Literally, that's what our customers were doing. And it's like, okay, this is a big unlock. And so that's what Agentforce script is. What Agentforce script is the ability to be inside the brain of the agent because the agent is not the LLM. The agent is running in our platform, Agentforce is the agent. And the LLM is infrastructure that the agent can use when appropriate. But now you can actually just say, first do this and then do this. And if this then do this. It's kind of back to the future in a lot of ways. But while -- and that's true within the brain, but it's also true at large. There's kind of a sense out there that I'll just ask the agent in the future. I'll just ask the AI what to do. Tell it what to do. And it will just figure it all out. It will look at all the data, it will look at all my APIs and it will figure out the next step. And the first thing we learned was actually, if you don't constrain the agent to maybe no more than 6, 7, 8 things that they should be paying attention to, it gets very confused. And then we learned, well, even within those 6, 7, 8 things, use the LLM where it's appropriate, do not use it where you actually know what to do. That's this deterministic capability with agent script. And all of that has sort of said, okay, software is still software. In the -- in business, when you actually know what you want, whether it's for compliance reasons or you just want to execute your business process, 100% the way you want to execute it, then just use the enterprise software you've been using all along, that is still really, really useful. It's not to say that the agent isn't an astonishing capability. If you go to help out salesforce.com or you go to www.salesforce.com and engage with our agents, it's light years ahead of where bots used to be before. And that's also true on the inside. If somebody is in the contact center helping a person, maybe they came from that customer-facing agent, and then it got escalated to a human. It's really good that that's the same agent with the same context, guiding that human. That is astonishing. But everything else needs to basically kind of work the way it did because if you wanted to work 100% of the time, we already know how to do that, but this allows us to do something else. And that was a huge learning. The second learning was what we're calling intelligent context, which is with unstructured data, which historically has kind of not been useful for business software other than maybe as an attachment. But with an biastructure data, I mean documents. And theoretically, what we first built into Data 360 was, you would upload your documents. We would break them up and do kind of bite-size pieces that an LLM could digest because if you throw a 40-page document at LLM, it turns out it gets very confused and it's kind of slow and expensive. And then you would put it in a new kind of database where you could the agent, the LLM, the agent could ask the question, you get back the answer. And here's what we found. The answer was right about 40% of the time. And so our customers were spending half their time in the prompt doom loop, really, you can never get out of that; and the other half of their time trying to reprocess the data, all of those documents so that the LLM would understand. And why would that -- intuitively, why would that happen? Well, for example, one of our customers is a pharmaceutical company, and they would have these complex documents to describe symptoms and all that. And the document was starting with a flow chart. And the flow chart would have all the elements in the flow chart would then say continued on Page 203 or continue on Page 700. And the basic way of processing that would not work. Or they would have tables within tables, within tables, or have these pictures they complex documents designed for humans, actually probably a little hard even for humans to understand. So that's this intelligent context. That's where we've rebuilt Data 360 and its unstructured data pipeline to be able to take those complex documents. And using AI feed it into these new databases so that rather than 40%, it's like in the high 90% of accuracy. This is where our customers were spending all of their time. It was on the prompts and it was on getting the data to actually give -- it all about accuracy. It was all about repeatability. It was all about balancing the creativity with the determinism. And so we're really, really excited. We think maybe given all the feedback we've gotten and being in the trenches as we've been for the last 12 months, that these 2 capabilities amidst many other capabilities, we think these 2 capabilities are going to be a big, big unlock. We obviously also launched voice which hopefully you'll get a chance. If you go to the camp ground, you can go and we got Boost, you can go build your own voice agent in like 5 minutes is pretty cool. I would recommend it. We're very proud of the voice interaction, getting that to be low latency and interruptions and all of that. That was nontrivial at the level of scale that we need and the openness that we need. And so we're pretty happy about that. And we've also rebuilt the entire builder experience so that you can kind of use AI to help you build the agent that you can have a natural language pump like our customers did, but they push a button and the AI will turn it into agent script, so that you don't need to build the agent script yourself. But if you're a hard-core programmer, you can also get raw access to the core code that is the agent brain. So we're pretty happy about all -- these are, we think, going to be breakthrough capabilities. And then the final part of the architecture, so there's the data, there's the agentic layer. And the other thing we've really been doing this was not true, really, a year ago, but we have really rebuilt our applications. Because you can have -- if data is over here and the agentic layers over here and every application is totally separate, it is a heavy lift to get the full value and productivity. And because we've already put everything together onto a common platform, that's where we started 4 years ago, so we've really turned all of our apps into Agentforce apps, the Agentforce sales from the SDR that Marc talked about in the keynote, answering all the calls, all when people would come to us and we wouldn't call them back and now we are because we didn't have enough people, but not with agents. We do through account planning and prospecting the entire sales experience is now augmented by Agentforce. The entire service experience, customer-facing and for the people in the contact center and for the service managers with the command center, all fully identified. Field service. Marc talked about his experience with Eaton. Now whenever you -- anybody goes out in the field, they have an agent there supporting them. Marketing, turning every one-way message into a 2-way conversation and also agents helping you build campaigns. Commerce with an agentic -- buyer agent, a shopper agent, a merchant agent, analytics. So now with our reimagined Tableau, now built natively on agent force with the semantic layer of giving business meaning to your data, the visualization layer that we've now pulled -- abstracted out and made available across the entire platform. Now you have a data analyst, which is an agent at your side, able to ask deep, hard, challenging questions and pull back all the amazing Tableau visualizations across the board, including now with IT service as a new offering that we just launched this past week. So every single one of our apps is now fully Agentforce enabled and all of our industry applications with over 200 agents and agentic actions now being released this month. Everything in this platform, all the apps the data, the agentic layer, all of the applications are all working together so that rather than having to figure out how to do the integration, the complex integration, bring everything together, it all just works naturally seamlessly as one fully integrated platform, both to serve your customer better and also to power those agents. And that's really the Agentforce 360, really a reconceptualization, a reimagination of our entire product suite. Very, very different from where we were a year ago and dramatically different from where we were 4 years ago, which was what I sort of described at the beginning, where we have -- it's about the humans and the agents and the apps and the data all working together with the data layer, the agentic layer and then all the applications built on top of those -- of that platform, all working together seamlessly synergistically. And of course, these are not silos either. So going -- in fact, we're seeing the world of sales and the world of marketing, these worlds are really blurring. Generating pipeline now that you can have one-to-one conversations at massive scale, the lines are really blurring between marketing and commerce. The lines are really blurring between all of those in service. The lines are really blurring. And that's really to the benefit of our customers and especially their customers because now they can be treated as an individual and not kind of siloed off by the particular department that they happen to be talking to. It's really been the dream of CRM. And now through the data layer and the identic layer, we think we're on the verge of being able to deliver those incredible experiences that have been so challenging in the past. And ultimately, that's what really we mean by the Agentic enterprise. Having this genic layer powered by data that is infused, infuses all the applications, all of the touch points, everything that the employees are working with everything that -- all of the engagement that customers have, they are elevated by agents or they can engage directly with agents, and it all works seamlessly together, the humans and the agents working together to drive customer success. We believe that, that is really kind of our core strategy. Our advantage is that we -- it's all come together on one platform, putting the customer at the center. Deepening trust elevating employees, building enduring customer relationships. So hopefully, that gives you a sense of kind of where we've been in the last 4 years. Where we've been in the last 12 months, it's been an extraordinary 12 months. I've been in this business a long, long time, and really nothing has been like the last 12 months of learning and iterating and engaging and figuring out this new astonishing technology. What is really great at. And when it's not so great out and how can we kind of take advantage of all the capability also deal with all the challenges in the areas that -- particularly in the world of business, it's not that good at. That's kind of what we think we've really delivered for this Dreamforce, and that's what I got to say. All right. So -- thank you. And hopefully that was helpful, and I'm going to turn it back to Mike.

Okay. Thank you, Steve. That was great. I really want to commence Steve and his team for behind the scenes, what you all don't see, and he mentioned it a few times, but I really want to emphasize it is the -- you'll hear Marc talk about the beginner's mind. And Steve has done a tremendous job over the last couple of years of really embedding the concept that feedback is a gift, whether it's coming from customers, whether it's coming from internal use of the products. Listening to the feedback, responding to it and incorporating it into the product. And it's really helped us start to advance it. And you all have heard from us on a regular basis about how important customer success is, and that starts with incorporating and listening to the feedback and being responsive to our customers. So it's really been a core part of our journey. With that, I'm very, very pleased to introduce Miguel Milano. He's another boomerang to the company, our Chief Revenue Officer. And the thing I'll highlight about Miguel, which you all will appreciate as fellow finance folks. Miguel is a math guy at heart. So we have some very -- as you might imagine, for those that know me well, some very healthy math debates at times. And Miguel is always ready to go toe to toe on any type of math equation and get into it. So I really respect the work he does and the healthy debates that we have at times as we argue about how high his forecast should go. So with that, I'm going to hand over to Miguel.

Hello, everyone. I'm Miguel Milano, President of the company. I joined in 2011 and as Mike said, for -- in 2020, I led for a 3.5-year internship at a great company and then came back lured by the amazing opportunity that I was seeing ahead of us and the lucky executive in the company that gets to take to market the incredible innovation that Steve and his team and also Srini have built over the years. And like he said, the last 12 months have been so incredible. So let me start by thanking all of you. We don't take this lightly. I mean, this is an incredible audience, we are so proud that you are hearing us. And hopefully, you spend time also talking to our customers, looking -- feeling the energy, the momentum. This is my 12th Dreamforce. I haven't seen this energy this momentum ever. The dynamic environment, the amount of partners, the amount of customers. So hopefully, you get that also in your minds. Today, I want to cover 3 topics, okay? I'm going to go straight to the point. I think we're going to really get you under the hood and you're going to see things that you haven't seen before. And I think they're going to be very enlightening. So first, I'm going to double down a little bit on the agentic enterprise opportunity. This is like unprecedented like -- I mean, I've been 25-plus years in sales. I haven't seen anything like this coming at me ever in the last 3 decades. And you're going to see how we have developed like a playbook to really go fast and scale to capture this opportunity. Second topic is I want to ensure you that we have been investing wisely for the last 12 months to be ready for this opportunity. And then third is with the rubber hits the road, I'm going to show you real examples of customer success. And I'm going to tell you how we have reimagined in my partnership with Srini here. He drives customer success also how we have reimagined our customer success. And I'm going to tell you some very, very cool stories of some additional customers. I'm going to even have some customers here on the stage with me. You saw Mark at the keynote yesterday with 5 customer stories, I have my own 5 customer stories, and there are a lot of fun. And they exemplify what is happening right now in the company. So agentic enterprise opportunity. Yes. Every company, this has never happened before. I mean this reminds me a little bit like in the 2010 to 2020 decade, where I joined the company in 2011. It was kind of lucky moment because at that point, every company wanted to go to the cloud. They wanted to go to use CRM applications in the cloud. And we were the lucky recipient at the time because we were the best platform. We were scalable, we're very secure. We were multi-tenant. And for me, it was an incredible decade because I was running international, first Europe than international. And every country that we would go in, every account, every industry, every customer started implementing sales cloud, service cloud, marketing cloud, field service, analytics, et cetera. It was like a marvelous decade and I feel that we are in front of the next golden decade. What is happening is that every customer, every customer wants to become an agentic enterprise. Why? Because they want to go faster. They want to grow top line. They want to drive productivity. They want to reduce cost. They want to increase the NPS, the customer success. They want to make their lives of the customers better, more available, more proactive and then they want to empower the employees. Now they know that AI is going to enable that. And they want to transform themselves. They want to bring conversational UI to every channel. Every company now wants to have conversational ways to access their customers. They want to leverage a single source of truth. That's why I lost so much Data 360. Once the data is in Data 360, it's everywhere. It's also in the minds of every single agent, okay? We want employees to be augmented with AI, but we want agents to execute autonomously when required. It's a combination of the two. The same way that I mean this is probably one of my biggest learnings in the last 6 months. Everybody was very excited about AI until we realized that late in AI just do things wasn't good. Nobody know, as my boss says. And -- so we want to make sure that we build a platform where probabilistic reasoning leaves together with deterministic execution. And deterministic execution is the apps, the workflows that have been built for many years. Then we want to make sure that humans and agents are orchestrated in a seamless way. And then everything needs to operate as usual in a secure platform where governance is maintained. Data sharing models are maintaining. This is an agentic enterprise. And if you become an agentic enterprise, you have all these benefits that grow the productivity. So this is happening. Every time if you guys talk to some big customers, midsized customers, small customers away, more customers have had this very clear. They won. They didn't want to -- they don't have CIOs. They don't have to see Chief AI office. We're going to have CIO. They have no CTOs there. They just go for it. They want an embedded AI, embedded agents in a platform. That's why we're going so fast in the low end of the market. But if you talk to any size customer, they're going to tell you that. We understood this, with keep ties, with experimented, we are ready to go. We want to become agentic enterprises. So what I've done on my end? I have 29,000 people in my organization, I have 14,000-plus account executive sellers. We've created -- we -- every time we do something we need to do it at scale. So we created like a playbook, call a sales motion to really win the heart and the minds of the executive particularly the CIOs. And we do always the same thing. By the way, this is very similar to the playbook that we had when we were convincing customers to go from on-prem CRM to the cloud CRM. We start with a point of view. What is the vision? what does an agentic enterprise look like for you, customer in that -- in your specific industry? And I'm going to show you an example that make it very clear. We have point of view for every industry, for every domain, for every process. We know the agents that are most likely going to impact specific business KPIs. Then of course, we live in a world where customers have already made a lot of technology decisions. We don't believe that customers need to implement all our technology stack. And okay, I'm sorry, and now you've invested 5 years in a data lake, but you need to use Data Cloud. Of course, not. In fact, I tell customers when they've done work in RedShip, BigQuery, Snowflake, Databricks. I tell them this customer, me a customer, he just won the lottery. Because I am going to multiply the ROI of that investment immediately. Steve said it earlier, ask customers how many people logged in into Snowflake last week? Nobody. The data is secure, is governed but it's not activated. It's not driving value. So we need to respect the architectures, and we need to add to the architecture and power that architecture. Of course, we do that much. That's the easy part. And then fortunately or unfortunately, I think it's fortunately because that gives customer confidence, we do pilots. Most of the times, we do pilots. In fact, many of the stories that you're going to see today, the stories that you heard yesterday started with a pilot, okay? Because they need to prove that the agent can operate, can work and engage with customers. And then once they feel that they're ready to go and deploy not just one agent but many agents, they need the right commercial construct. And I think one thing we've learned is that customers they don't really understand. There's a lot of none in the tokens, data ingestion, how much I'm going to consume, how much I'm going to pay you. So we've made it very easy for customers as you see we are meeting customers where they are. We have so many ways for customers to contract commercially with us. So let me show you quickly an example of point of view, and then I'll talk to you a little bit more about pricing. This is a Telco company, okay? I go in front of the CEO. And I explained what the Agentic enterprise is, I typically start with the discretion of agentic enterprise. I gave some examples. And then a solution, we can help you become an agent enterprise. This is your road map. This is the life cycle of a customer. These are key processes. And these are specific, specific agentic use cases you can deploy. Of course, a regular customer, the execution bandwidth that customers have, they're very busy. Their IT departments, they cannot swallow all that in one bite. But we, basically, with our professional services, with our FDA or with our partners, we built a 2-, 3-year plan so that they start deploying use cases. Every one of this use case impact business KPIs and drive value. And I'm sorry, every CEO gets enamored when I show this slide to them because they want to become an agentic enterprise. They didn't know how we are giving them the road map on how to do it. And by the way, this is based on many years of experience. We have industry teams. We also work with partners. So imagine we have slides like this for every industry. And we have all the agents. In some cases, we've already built these agents out of the box in our industry cloud. Now pricing. We're meeting customers where they are, okay? Listen, there are customers that say, listen, I don't want to get confused with consumption, et cetera. I want seat-based licenses. Well, we created seat-based additions like Agentforce 1 edition or Agentforce for sales, Agentforce for service, that essentially is if you have already 10,000 users of Service Cloud, I'm going to give you the superpower of AI and Agentic for those 10,000 users. So we upgrade you to Agentforce for service. And now you have a limited, a limited and metered. We don't meter it, it's a limited access to Agentforce for employee-facing agents. That's pretty cool. So now, oh, my god, as a service agent in a consenter, I'm going to have 20, 30, 40, 50 agents that are going to be working for me. I mean it doesn't matter what they do, it's already covered in the SKU. Yes, customer, and they love it. Of course, the price of the SKU increases significantly, and that is a top-selling SKU that we launched in Q2. There are customers that want to go into the consumption world, but they just want to buy fuel, credits. They are more scared. They still don't know, okay, pay as you go. Or you do a precommitment like you do with hyperscalers. You can be certain amounts, but you only pay when you deliver -- when you consume the revenue. Okay? We have that. And then we have on the right side. We have new offers. These are very, very exciting. These are big. One piece is flex agreement, and this is very interesting. I think you're going to like what I'm going to say now. So we thought like you thought, okay? If works shift to Agentic to agents, we may have less humans doing that job. That's a fair thought to have, right? A year ago, we didn't know that really humans and agents need to be working together, and there is many more things that humans are going to be doing. But so -- but we wanted to build agreements. We call them the Flex agreement, where if a customer believes that by shifting to agents, they're going to have less humans. Therefore, they don't have to pay for the service cloud licenses or the sales cloud licenses. Well, we get them the option in the contract. We call them flex agreements where they can use the investment in the fee-based licenses to fill more consumption. Now this rationalization of seats, as we call it, is actually not happening. We have very few customers asking for that. And those that are asking for that, the seats are not going away. But you know what, it gives us a sense of reassurance to the customers that they can have the flexibility. But the one that I'm most excited about is the ILS, the identic enterprise license agreement. Let me double click on it. So Marc and I came up with this over the summer, if I can -- maybe 1 second. Maybe -- yes. Perfect. So Marc and I -- Marc has been a month in Europe last summer, and we started visiting customers, all CEOs. And I think customers are already past the phase. We call it the technology phase, where there were kicking tires and experimenting. And CEOs for the most part, they're tired they're saying, okay, I just want to transform. I just want to use AI everywhere. We are clear that there are very few technology vendors that can do this for us. We want Salesforce to do it, but we are worried about the pricing. So what we said is after many meetings, we realized that uncertainty of pricing, in fact, predictability of cost was very important for CEOs. So we put together something very simple. And it wasn't easy. It was one of my debate with Mike. So Mike just trust me, okay? Just trust me. Flat fee, unlimited uses -- limited usage of data cloud and Agentforce for our customers. They can deploy any use case they want for 2, 3 years, they can ingest as much data as they need for those agentic use cases. And of course, we have some wording so that they don't go crazy with data ingestion for any other thing. And then also some milo because sometimes you need to bring the data and make it easy for them. And obviously, these unlimited consumption agreements, they come with a step change in how we monetize the customer because the reality is it also comes with a step change on how they use our software. They now are using our solar as a digital labor platform. They're going to deploy many, many use cases. This is -- I mean, it has to do with CRM, but it doesn't have to do with CRM. I mean we are identifying all our serum apps, but there are so many other use cases that are adjacent to CRM that now agents can do. So we're giving them the construct, the predictability for them to go big with Agentforce and Data Cloud. By the way, some of them are saying, "Well, why don't you throw in some of the seat-based licenses. And I give you more money, but I don't want to be counting licenses or analytics or Tableau next or market." We are very flexible, but alas are mostly on the consumption side. By the way, we also layer success resources. Our own success resources, signature success is an offering that really, really is the high end of the market to how we -- very proactive, how we manage adoption, consumption, how we take care of any tones that the customer has. We also have FDAs. I'll talk about FDA in a second and professional services. I think we also bring partners. Sometimes we invest in the partner as part of this ILS. Okay. We've already signed. We put this together mid-July. We've already signed a dozen of them. We have until Friday last week, we had 150 ILS being negotiated right now in the pipeline after Marc announced this at his key auto Monday. This number is probably going to be doubling very soon. All of them for this H2, a lot of them in October, many of them in Q4. And I wanted to understand one thing. This alas, this is not -- we're adding one extra cloud, and we were in 10% more AUV, we call it AUV. So subscription to -- this is a step change, in some cases, a multiplayer impact in our monetary relationship with our customers. Again, I'm always said, the only reason customers pay us 50% more, 200% more, 300% more is because they're using that differently. They're using a different budget pool, which is the digital labor. They are driving tremendous value. So very excited about that. You're going to hear a lot about that in the earnings call. So let me go to the second topic. This is an obvious one, but I want to make sure it's -- we haven't done this that frequently in our company. We've been for 2 or 3 years, the reality is after COVID, we haven't invested a lot of capacity. We have plenty of capacity. The demand also wasn't there at the scale that we're seeing today. And we've been pretty conservative. But last year, after Dreamforce, we were blown away. I mean I told the story at the earnings call, I will repeat it here, it's basically public. Marc told me last year when we launched Agentforce -- Agentforce came live, I think it was October 25 or October 26 last year. We had 5 days to close a quarter. He asked me Miguel, closed 20 deals because I want to talk about them in the earnings call. And I'm like, okay, Marc, I don't have an SKU. I don't know how we're going to close 2020 deals in 5 days, I don't even have a contract. Miguel, figure it out. So I call all my team, I have 15 amazing leaders. And we were ready to deliver. We have great relationships. We have a lot of customers that trust us. And then like the day before the launch, Marc calls - Miguel, you need to sell 50. Marc, you told me 20 -- 50. I'm like, okay. But then I call. Net-net is 6 days later, we closed 206 deals, okay? 206 deals. Then we closed 3,000 plus. I'm talking paying deals. 3,000 plus in Q4. We had committee 1,000 a week. So this is out of control. So we realized that a huge opportunity was unfolding ahead of us. And then we decided to invest heavily in capacity because at the end of the day, demand was there. Supply has 2 components such as Salesforce. One is the steep component, the product component, but if I don't have capacity to take to market, that supply doesn't get anywhere to the demand. So this is the process that we went through. So we decided, okay, what are the high-impact strategic times that we are not covering yet. If you look at the left side of the slide, and then can we really capture those TAMs? And then I'm going to plot a few areas where we invested there. And then on the right side, we say, okay, what are the places that today we are already seeing growing and have higher productivity. And then third, we say, okay, let's make sure that we don't go into crazy places that the cost to book is too high, okay? We like low cost to book. Now sometimes, I'm okay. Investing in an area with higher cost to book if that solution is very, very sticky and has high productivity. But the net-net is that's how we were thinking a year ago when after 2 years, I was given tremendous budget to higher capacity. By the way, when I say capacity is AEs, but also it's -- with all the golden ratios, these AEs -- BDRs, it's whatever specialists. So as an example, as an illustration, these are choices that we made. We've been making in the last few years. If you look on the left side, big TAMs that we think we can capture easily, more in international public sector. We have very big in public sector in the U.S., but really -- in international, we have a great business in Australia and New Zealand, a little bit in the U.K., but that's pretty much it. That's humongous opportunity because we have all the use cases. Mission Forge is the same, is government for defense, life science. And as you know, we were not -- we were selling all around commercial area of life science, but we decided to go big into the commercial side. We just launched a product this week, but we have already 80 customers, including some of the biggest pharma companies in the world that are betting on us for the future versus staying with diving the new platform. I mean, this is like incredible. It's incredible to see how these big pharma companies are telling us, well, the only reason we were in Vivas because we couldn't buy so far. But the only reason we like Viber is because Viva was on your platform. What's scalable, was extensible, was secure. That's what we want for the future. So we put the IP in our platform to complement the pieces that we don't have is skyrocketing. Integration, field service revenues. So the different colors are either market segments, products. And then the other side is what is growing, what is growing fast and what is high productivity. Mark likes to say, Miguel, grow what is growing. That's pretty simple. But simple things are powerful. So we've been investing -- I mean, I'm not going to go through the areas, but all those areas are growing a lot, and most of them have very high productivity. So that's how we have been using our dollars to invest in capacity. Now the other thing that I'm doing is particularly because there is a lot of new people, new AEs, new seller capacity, we are making sure that the productivity, the productivity is there and that we increase productivity. So this is -- I'm not going to go in the interest of time in all the details, but we continue to drive very strong performance culture. We give obviously sellers that are not performing the opportunity to perform. But if they don't, we put them out. I think we have the best sales team in the world, and I've been in several companies, and this is like very powerful. We've revamped enablement for 6 months, I've been the Chief Enablement Officer of the company also. And the goal was to accelerate the time to sell. We've reduced it by 1/3. I told you about the higher-end SKUs, they bring big tickets, bigger ASPs, which, at the end, increases productivity of the We are simplifying our go-to-market, not to have too many specialists, consumption, I will. This is for somebody that has been sitting -- that has been selling license -- seat-based licenses most of my life to see this is like Glory, it's like Heaven. So I told you guys that 40% of our Agentforce and Data Cloud business, which is growing a lot, came from customers refilling the tank. But what you probably didn't calculate in the math is we started the year only with a few thousand, 5,000, less than 5,000 customer paying customers of Agentforce plus data cloud, okay? We're going to -- and by the way, we've an Agentforce platform that was being built as we were speaking at the time. Now fast forward 12 months, at the end of this year, we have now more than 10,000 -- more than 10,000 pain agent for customers. We're going to finish with more than 20,000 paying customers data cloud and Dreamforce. So imagine next year, all these customers are coming to us, and they're going to refill the tank. So that's very exciting. And then we want to be very lean. The whole company in every part of the organization, you're going to hear from Robin. We are using -- eating our -- drinking our champagne and we are identifying all our processes. So this is my process. I'm using SDR agents to follow needs that before, nobody follows. 75% of our leads we didn't follow ever. Now with the CRs, we're starting to follow thousands of them. We've closed already hundreds of deals. Through these agents, it's incredible. They're better than our human SDRs. But now they're complement I mean, it's unfair because they only touch the low-quality leads, and they still perform very well. Then we have on slack a sales agent to support our sellers throughout everything, preparing the -- doing account research, preparing the briefings, doing competitive intelligence. Anyway, we're going to have more and more agents. So this is to increase productivity of these. So we're investing wisely, and we are keeping an eye on productivity and increasing productivity. And now with the rubber hits the road is customer success. So we have reimagined customer success in the era of agentic. You see the word It's going to get a little bit confusing. I like math, but it's important, and you're going to perfectly understand it. The whole company is aligning behind these 4 letters, net, new AOB. Okay. So the imagination of customer success, and this is in tight partnership with Srini. We created a group of people, you've heard FEs, deploye engineers. The reason this is like a mix between professional services to implement things and engineers that understand product. in the same profile, which is kind of difficult and recruiting and enabling this team is complex. We are now in the multi-hundred people. We're going to grow this to close to 1,000 by the end of the year, beginning of next year and will probably continue to grow. At the same time, partners are building the same capability. Why? Because these ever-changing platforms, I mean, we have weekly releases of Agentforce. We used to have releases every 4 months of Ser Cloud Service Cloud. Now it's every week. We need direct connection, directly back between the customers. We have 13,000 implementations right now of Agentforce. Between them and the product team. Obviously, we are not in the 30,000, but we are in the most important ones in a few hundred. This is very important. Then the ecosystem. We have come up with programs. We're going to spend time with Deloitte, with Accenture, with our top partners. They're building these. They're building their capability. They're enabling their people. There's 165,000 certifications and agent force in our partner ecosystem. And we are starting to invest in them. Now we have a contract with them. Okay. I'm going to give you this money to go to this account, but you need to deliver this consumption and these number of agents and this data ingestion. And this is what hyperscalers do. This is what all the data lake companies do. We were not doing it because we were not used to that. Now we are. And then finally, Nano UV. So I would say Nano UV is king or queen, okay? The whole company has been aligned around that. And then UV, I'll go into some detail. Net UV, first of all, attrition is bookings, minus attrition. Okay, attrition is when customers don't renew the contracts. Booking is when customers buy more subscription, okay? So the importance of net AUV is the following: The reality is that on this slide, the most important line is the light blue line, which is the AOB growth. You now take AUV growth as the lead indicator of revenue growth in the future, right? If the AUV, AUVs, the sum of all the subscriptions that we have take out professional services revenue. So if AUV accelerate, revenue will accelerate a few months later. And if AUV decelerates, revenue decelerates, okay? And we've been seeing in the last few years how our revenues have decelerated, okay? We don't like that. We don't like that. I don't like that, but it's a reality, okay? Revenues have been decelerating because the market we were in was getting tighter. We were becoming bigger. It's harder to grow -- to accelerate the growth. in those conditions, we were competing with SaaS budget also from even other domains. So we -- you saw on the differentiated area that net new UV was growing less than the AUV was; growing. So the key thing here, so let me wrap up on let me come back 1 second. The key thing here is that the AUV growth is what we want to accelerate. In this company, AUV has been growing every year, and it will continue to grow every year for the years to come, but it has been decelerating. The second derivative. For the AUV growth to accelerate, which is what we want, there is one thing that needs to happen. And you can do your models, you'll see. The net new AUV growth needs to be higher than the AUV growth. So let's take this as an example. Last year -- I think last quarter, we announced our subscription revenue was 9%. Our AUV is more or less 9% growth. If the net new AUV, which is what we had, is the difference between the bookies minus the attrition. If that piece that we put on top of the EUV, if that piece is growing less than 9%, the combined resulting AUV is going to continue to decelerate. You understand, okay? So if the net new AUV growth is less than 9%, the AUV growth will be 8.7%, 8.5, 8.6 -- okay, disaster. We don't want that, okay? So our obsession is to -- for the net new AUV, which was what we add on top of the AUV to grow faster than the AUV. If the net new AUV grows 11%, 12%, and we put it on a base that is growing 9%, the AOV accelerates. And that's key. When those 2 lines cross, we will start seeing AUV immediately, AUV acceleration and then months later, revenue acceleration. And I think one of the huge "announcement" that we are sharing with you is those lines are crossing as we speak. After 3 years of net new AUV growth being significantly below the AUV growth. In fact, for 3 years, it was negative, okay? And it just dragged down the acceleration of the EUV. Now the lines are crossing as we speak. I have full confidence that the dark blue is going to continue to go up. Why? Because bookings are accelerating because the capacity is coming online, the innovation is unprecedented, what we are delivering. Because the identic enterprise opportunity is most or opportunity because the low end of the market is already on fire. We have the best month, last month. I mean, when I said the this month, I'm talking 30%, 40% growth in the low end of the market, it's crazy. That was only 1 month, but we will grow close to 20% on the low end of the market. That's -- we haven't seen this kind of growth in the line of the market for a long time. The consumption flywheel is kicking in, and it's becoming a bigger and bigger component of our total bookings. And next year, it's going to be even bigger. You have all those points at the bottom. And the mission force, we're betting big emission for it's going to take a bit longer information force. But that gives me a lot of confidence that the booking is accelerating, and we put in place a lot of programs to reduce attrition, to reduce the -- to slow down the attrition growth. So net new AUV, which is the difference between bookings that are accelerating. And attrition, which is decelerating. So net new AUV is going to accelerate significantly. So the graph is going to look better and better. And that's going to have a big impact in the revenue and big impact. It's going to have an impact to revenue and -- we're going to talk about it later, okay. Robin will give you more detail. Super exciting. Super exciting. But I think what is more exciting is to hear about the customers. And these are the 5 customers that Marc talked about yesterday. So I'm not going to -- I'm not going to go and talk about them right now because you heard the stories. But I'm just going to say one thing because the theme is the same for everyone. These customers are embracing Salesforce to help them become agentic enterprises. The whole theme of agentic enterprise started less than a year ago. So put that in context. In most cases here, there's been already a step change in the way they use Salesforce. And in the ways we monetize the relationship with them. But I just want to leave you with a quote for Laura, the CEO of Williams Sonoma. She said something in the interview yesterday, so always public. She said she showed her the -- some of the use cases of agents in some of the websites. And she said, it's only a small beginning on just one brand. We have many brands as you know. We're looking forward to using different versions of this on all our brands. I want to take you through the slide with the telco footprint with 80-plus agentic use cases, okay? I'm going to show you an example of a telco company that has already 10 of those in production. This is 70-plus. But only to start the relationship has had already a step change. Let me go fast through some other examples. I'm going to go very fast to the top 3, and then I'm going to invite 2 customers, cash a bank and live in to join me on stage so that they tell you their own stories. So before I talk about these 5 cases, I couldn't resist to add this little thing at the bottom of the page that says that, I look at the top before I came to this meeting, the top pure LLM providers, okay? People think that the LLM are becoming the new CRM applications and SaaS is the end of sub, is the end of SaaS. Well, they -- just in the last year, they've tripled their spend in our CRM application sales, service, marketing, and slag analytics. So that's pretty cool. And I probably anticipate that to be probably time 6, time 10 in the next 2 years, okay? Because it's not the end of SaaS is a new chapter of SaaS is a new chapter of SaaS, where, yes, there may be a conversational interface. There will be a conversational interface to consume the enterprise applications, but you need the agentic execution through the robust workflows that have been built for years, secured, governed, that's the future of SaaS. So let me take it -- leading intelligent power management company. All the stories are the same, great relationship. They were enjoying our core clouds on the left side I divide this slide between the pre-agentic and the agentic. By the way, the line in the middle is one of the months since October last year until now. So I mean, the beautiful thing is everything is happening very fast. The size of the columns is at scale. It's a business that they do with us, okay? They were a happy customer, look at the cloud that they were using. They were using mainly for sales, service, field service marketing, and then they came to Dreamforce last year. Every customer is the same. They came to Dreamforce last year. Then we realized that we built a digital labor platform, and they started thinking, Oh my God, if I could do all these things and all these process, if I can identify. In this case, we -- since 31 last year, we built more than 80 different use cases with As of today, we have 150 use cases built. Of those, we have 40 more or less use cases in production from -- performed by 6 different agents, okay? They enter into -- how many months ago, 3 months ago, they did a step change in their relationship with us. They added Agentforce and Data Cloud and then they're starting to deploy all these agents. Pretty significant. By the way, the size of the column doesn't include already committed bookings because we've ramped the deal. So there is -- that column is going to -- already is going to grow without doing anything much more in the future. This is a step change. This is not adding one cloud and adding 10% to the business. Second example is God, I love this company. I was having dinner with the CIO last night. And the use case is amazing. The first same thing, stable relationship look at the clouds that they had, our core applications, our core application 10 years -- more than 10 years of customer Salesforce, they were using sales cloud, service cloud, analytics. They were a happy customer in the million dollars -- a few million dollars. They came to Dreamforce, CEO was here. CIO was here. They were blown away by Agentforce, they immediately come to us. In fact, they were one of our few initial customers during Q3 last year -- sorry, Q4 last year. And then they build a number of use cases that they wanted to deploy immediately. They actually didn't invest a lot. It was a pilot, a few hundred thousand dollars. The first agent is called SO, which in finish, it means resilience in times of disruption because they use the agent for when people travel got disrupted, that they could call an agent and the agent would figure out everything. Now they use it for loyalty. They are plugging -- They're having double the, [ 1,000 ] conversations per week, and we are negotiating a pretty large agreement Anila to essentially the size of the bar on the left is going to more than double very soon. I'm hoping for October, but if not, it's going to be November, but for sure, they're going to do it, they are very excited. Next example. One New Zealand. This is the largest telco company in New Zealand, okay? The CEO is here with us this week. He's not here to the attendee. Although he actually wanted to be here, but I said, "You know what, I already have an international customer. I need an international customer and a U.S.-based customer." So this is the progenic phase, again, happy customer. The nuance here is that in the identic phase, in addition to data cloud and Agentforce, they also added Communications Cloud to a little -- to put a layer of industry on our sales and service cloud. You already see how the step change in the relationship, which was already in the millions. Now it's obviously more than double, okay? And we are currently negotiating with the CEO. And again, we're hoping that it's going to happen this week or next week to double the bar on the right. Again, and we're going to get into the double-digit million dollars. Only because they have built 80 use cases. They were ready. They already have 10 agency production. Their main agent in production is a very simple one. It's for self-serve of B2C customers to move them from prepaid to postpaid. And yesterday, the CEO, Miguel, I just want you to be the first one to know. By the way, I'm a tall congener by education, and I was very close to this customer. I just want you to know that the conversion rate of our of Agentforce agent to move people from prepaid to postpaid, which is what they want because postpaid customers last longer and spend more per month is 4x, 4x better than our human agents. The guys blown away. He has the whole team here. He has a list of 80 use cases that he is deploying. He doesn't have more flex credits, et cetera, to deploy them. So he -- we're going to do a big step change. This is a multiplier effect. And by the way, in most cases, the mortgage they use, the more they realize that they need the apps, our core apps to execute. And I have customers that didn't have Sales Cloud or Service Cloud and because they have agents now, they are buying the core apps. So not only there is a 5 wheel effect, a consumption flywheel, but there is a product flywheel from core products, to agentic products to more core products to more agentic products and then the consumption flightwheel, which is the different way. So it's very exciting. I can show you more slides or I can invite 2 real customers to speak with me here on stage. What do you prefer slides or customers? Okay. So it is -- it is my honor, okay. I need to do a little intro -- 1 second because this is very close to my heart, and I need to -- we need to go fast, by the way, because as usual, I'm running out of time. But Mike introduction was too long for me. But listen, this is very close to my heart, okay? This is personnel. The reason -- I mean, probably the main reason I'm here in front of you today is because in 2000 -- sorry, in 1993, I got a phone call from Bank that they have awarded me a full right scholarship to go to MIT. So I spent 2 years at MIT, totally changed my life, full right, pay by Bank and forever grateful. The King of Spain gives the scholarship to you, together with the CEO of Bank. I'm Marian American that I made in Boston. I'm here because of that. So I really have a lot of love for this company and now have even more love because they're an incredible customer of ours that are growing a lot. . So I want to invite Luis can with Javier. He's the COO of the bank. He's the largest bank in Spain, 20 million customers, 40,000, 50,000 employees. To be on stage. I'm going to ask you the same question that I had in the slide. I'm going to ask him live. Disha, please give you a big run of applause.

It's a pleasure to be here, but I don't know why all the people prefer me on the -- I think it's better for you the slide.

Just in case we have it as a backup. So we same 3 questions. Number one, we had a great relationship for many years, more than 10 years, you were using us what we call our core products across the bank, I think 38,000 financial services cloud licenses and many other things. Can you tell us how was that relationship before the agenting moment?

Okay. We have started our relation 15 years ago because we have problems were with our customer engagements. And we -- the first tools that we used was sales for us was really important, okay?

Sales cloud.

Sales Cloud. Okay. And we started with all of our branches and start to introduce all their tools or Salesforce tools, but we have a huge range all of them. In fact, our ecosystem about the commercial areas of the whole ecosystem is sales ecosystem because we believe that it was really important to integrate all the activities, the commercial activities in the same tool of the -- the same tool of Salesforce. Now...

They also have crazy. They're one of the biggest e-commerce platforms in Spain because they want to finance their goods and they sell a lot. So Commerce Cloud was also we use

Yes, yes, Commerce Cloud, we use Commerce Cloud -- well, and in fact, daily 38,000 employees use Salesforce tools, okay? For us, it was an enabler, and it was the first stage because we don't want to create our own tools. The was in the financial entities historically you have own tools to develop some kind of activities, commercial activities. And now all of I always say that our employees, they call Salesforce tools is -- my customers, okay? And in fact, I think when we speak with them about, okay, what do you prefer? Take the tools or go to create a new tool and internal to always say, please don't touch Salesforce

This is a perfect example of what Salesforce used to be, right? Happy customer, is my customers, everybody use it. They use everything all our products, mid-teens, mid-teens, millions of dollars of business with them every year, very successful, growing a little bit every year, we're adding more users. Okay, let's give you a bit more marketing cloud a little tough, okay? Now what happened -- again, what happened last year? You guys -- your team came to Dreamforce. Yes, what happened?

Well, my team came to Dreamforce and after that. This is my first Dreamforce. And my team can say, okay, we have one opportunity because we are now involved in a transformation project called it customers, okay? And customers is how we can go to the future. okay, in our business processes. This is -- the most important issue is that we show the opportunity after look about other vendors, other possibilities in the market, we thought, okay, my good, if Salesforce view fit with our needs in our transformational platform, okay? Customer, we have one opportunity to make a jump in our relation. And previously was, okay, it's a vendor, Salesforce that has probably the best versus CRL. But now we are thinking that we need to take advantage of the AI, generative AI and the agentic era. And this was, for us, really important because our whole ecosystem is Salesforce. And if you want to create value for your customer and your business processes. We thought that was really important to have the best partners and Salesforce was the best partnership. Why?

You look at other vendors, right?

Yes, several vendors -- as you know, there are several vendors in the market, more than 3 or 4. And indeed, and with selective Salesforce. And starting with -- well, we are a bank and We have a strong regulation. We need to be really confident about secure transparency, okay? For us, our supervisors need to know that you have the control of all your interactions that was really important for us. And AM Force and Data Cloud mass for us

Data Cloud across the company. an agent only to 8,000 -- the 30,000 employees.

Yes, 8,000 because you need to start with, well, we thought that it was important to start with the remote advisers and with the contact center. And for us, our remote advisers are around 3,000. The contra center is over 2,000 people. And there are other activities, internal activities like customer -- customer satisfaction areas of that 8,000 was the key point to start with the rest --

So that's what happened in the last few months. We signed this contract is -- by the way, it was a step change in the already healthy relationship. I think we added like 6% more. And we started in December last year. There's been progress now. I think, I don't know, you've deployed already live agents.

; Yes, yes. We have one at that now is where we have production, 1 and enrolling at this moment, 8 agents more all around the customer needs, okay.

Last question, super fast. What is the future? I mean we only sold you to. We only gave superpower to 8,000 of our employees. Is the future for us in the bank?

Yes. But we look at the future in this way, okay? We believe that the future of our company is to be an adjusting company. But thinking that we will have a hybrid organization with human and agents. But as make the same tax that the tumor sometimes. Again, we need to know how we can evolve our organization because it's a cultural question. And we want to change completely our business processes. Really, in fact, we are deeply sure that Saleforce could be for us the best partner for the future and for this future. And Miguel, is you has continued to drive our customers needs and improve our business processes. I assure that sales force will be -- we'll be happy you

Thank you so much. Thank -- thank you so much. Thank you very much.

Sorry because I must to take off. Bye.

Great story, very close to home, and I'm very proud that could do it. I'm going to finish with the now back here to the U.S., close to your home. I'm going to invite here on stage -- He's the rest Engineering of Vivint, the leading smart home and security company in the U.S. You all know the company. We're going to tell the same story. It's like a broken record. Ryan, where are you? Are you here? Big round of applause. Thank you so much. All right. All right. By the way, you've already seen my questions. it's pretty remarkable what is really happening. And I have to thank you because you were the largest you took the largest bet on Agentforce when we launched it. You were 1 of the few first customers, and you were the largest one. You came and told us how excited you were. But before we go into that moment, Again, same question. Tell me how the relationship was with did before Agentforce and Data Cloud?

Yes. We had a 15-year relationship and Vivint is a smart home and security provider that delivering peace of mind to our customers is most important. That customer experience is important. So the first 15 years has really been building on sales, service, marketing cloud, the core components of Salesforce. And so we really honed in that customer experience and serving millions of customers on the platform is where we honed in and focused on building on that platform and the value associated with that.

So super successful customer, happy growing moderately every year. And then your team, you also came to Dreamforce last year, and you saw agentforce. What happened?

Yes. We saw agent force Vivint is a fully vertically integrated smart home company. We were excited about what we heard, but there is some hesitation. And being a fully vertically integrated company, we had to prove it and put it to the test. And so we actually had a bake off where I put 2 teams. We had a team that did a DIY approach, and I had a team that did Agentforce approach. And it was a stark contrast for what we saw with the DIY approach. By the time they were rolling out the infrastructure, the security and looking at scaling it, the Agentforce team had already deployed and started gaining business value. And so it was a huge immediate notice that going with a platform that we had already built on over those past 15 years, we can leverage some of the main components of flows, triggers, Apex. Everything that we already built automatically worked within the platform, and we had a massive head start on top of where we were.

I mean this is so beautiful. This is a Customer 360 advantage. This is the apps that are there for the deterministic execution, the flows, the OpEx code, everything that is ready for ages to execute, and that was a big half for you. Okay. So you came in, you made a bet, you negotiated very hard, which is okay, that's fine. And it was still a substantial deal and a substantial increase in the relationship, but tell us what's happened in the last year?

Yes, in the last year, we've deployed agents across really the customer service elevating and increasing the experience to our customers in 2 ways. We have assisted agents and autonomous agents. The assisted agents are really helping lower the learning curve for our customer service representatives, making their job easier. That was a huge win -- improved our handle time with our customers. Then the second piece, as we start rolling out autonomous agents. We rolled out AVA, our Autonomous vivint Agent, and doing troubleshooting with our customers. And then we've graduated that to complex cases, things such as making payments through AVA scheduling technicians, rescheduling technicians, some complex tasks using the power of the platform. And again, a lot of the things that we've built over the years. And then the beauty of the platform is we've been able to scale that and run the pilot for voice and relatively easily pivoting from chat to voice has been a quick and a great fast pickup for us as a company.

Love it. Love it. Perfect example. So the last question is, how do you see the future of our relationship? Do you think we're going to be happy with you guys? How are you going to be happy with us? How is it looking?

Well, Miguel, we've got -- really exponential use cases in front of us, keep building this platform. What we're looking at is orchestrating agents across boundaries, internal and external. And what we've seen there's certainly problems in front of us and what we're doing. So we're excited for that. Thank you.

All the best. Thank you so much. Before I get to -- I get fire of this company. I'm going to go very fast. Listen, it's all the same. It's not that complex, is there was a Salesforce that we had a great relationship with our products with customers. Agentforce came in just 12 months, step changes in the relationships in the way they use our software as the digital lever platform, but also the way that we monetize that relationship because we are adding significantly more value to the customer. This is a multiplier effect. Robin is going to talk about 3, 4x multiplier effect that we see in all our relationships. You've seen a bunch of examples. It is very exciting. Again, unprecedented opportunity, the 3 messages unprecedented opportunity ahead of us. We know how to capture this opportunity. We've been investing wisely to capture the opportunity. We've imagine customer success to deliver the opportunity together with our partners. And the last sentence is welcome to the next chapter of SaaS. Only Salesforce has the Customer 360 apps, which are the deterministic workflows, the Data 360, the single source of truth and the Agentforce 360 platform to deliver the Agentic enterprise scale. Thank you so much. I'm sorry for being a little over time.

Thank you, Miguel. That was great. I hope everyone absorbed all of that, like I said earlier, when I introduced Miguel, he's been a huge champion for us, leading the way on the go-to-market side of things. And as you highlighted, enablement has been a huge topic for us internally over the past -- especially in the past 6 months, trying to catch up with all the product innovation that Steve started the presentation with. So with that, I'm super pleased to introduce Robin Washington, our CoFo, our Chief Operating and Financial Officer. I know some of you have had a chance to meet with her, but many of you have not yet. So I'm very, very pleased to bring him up here and introduce her and have her take you through the monetization of everything you just heard about.

Good afternoon, everyone. It's to be here. As many of you know, prior to me taking on this role a little over 6 months ago, I was a member of the Salesforce Board for a very long time and a lead independent director. You know that old thing when you're on a Board, it's very different than an operator, it is. I've learned so much since I've been here that I didn't know, even though it was a long-time board member, but I came here because I truly believe in the opportunity that we have. And the more I've dug in, the more I believe in the opportunity that we have. So I want to start my presentation with one of my favorite traditions at Salesforce, and that's a big thank you. I want to thank all of you all as investors for your support, your warm welcome. I appreciate the opportunity to talk to many of you doing my listening tour. I also want to thank the leadership team who has been helping onboard me. As you can tell, we've got some great storytellers. And I don't know, Miguel, maybe our CFO in the making. So -- but it's been wonderful to get to work with these leaders in a different way. And I also want to be sure to give a shout out to the Investor Relations team led by Mike Spencer. Putting this together is a tremendous job prepping us on with everything going on with Dreamforce with customers and everything. So thank you to the IR team and everyone help. Thank you, amazing job. I constantly get great feedback from you all about the information you provide. And as Mike said, we're always learning, and we look for additional feedback going forward. So I'm going to catch up a little bit of time since Miguel, our CFO, use some of my because ultimately, I want to get to Q&A where you guys can ask us questions. So I'll go quickly. You heard the story of how we got here, the replatforming, the building of the Customer 360. What will allow us to provide the genic enterprise to our customers. Miguel shared a little bit about the growth investments that we've made, the focus on growing capacity where we need it to grow as well as net new AUV and our extreme focus on customer success. As he said, it is now a metric going into FY '27 for every employee in the company. And it's going to be critical as I lay out our financial framework. I'm going to cover our financial framework, how do we tie this valuable and pull it together. And as I'm sure all of you want to know what does this mean to your models and the numbers. So let's dive in. I'm going to restart with this slide because I want to ground you with where we are today. As I said, I think a CFO I'm making, so I don't need to explain net new AUV. But as you can see, we have had some lower stage growth for a while. That is reaccelerating. The excitement that you've heard yesterday from our customers. Hopefully, you've gotten to see many of the keynotes gives us great confidence and our ability to turn the curve here and see ACV accelerate going forward. So what does that mean? As we look out over the next 5 years, we are excited about the opportunity that we have to return to double-digit growth. And continue that acceleration, particularly with the products and the go-to-market motion that you just heard about. Keep in mind that this $60-plus billion FY '30 revenue target that I'm providing you excludes Informatica. What does that mean? It's a 10% organic CAGR between FY '26 and FY '30. Now keep in mind, our model that I explained on the previous page, right? Given the fact that we have had this drag, it will take us a little bit of time to you to see that fully reflected in subs and support revenue. I'm predicting now and you guys on the I'm concerned, we have probably 12 to 18 months. But importantly, we are confident in our ability to reach $60-plus billion by FY '30. In addition to that, as you know, we're very focused on profitable growth. One of my key goals as CoFO is to deliver Salesforce is not only anagenic enterprise, but a mean a genetic enterprise. So in addition to our 60-plus billion, we're also looking at being $50 billion by FY '30. How do we measure our view on rule of $50 billion? Subs and support growth at constant currency percentage plus non-GAAP operating margin. Okay. What I'm going to go into in a little bit more detail over the next 20 minutes or so are the various pillars and how we get there. And as you've heard me on the Q1 and Q2 call, I'll continually update you in terms of the progress that we're making. Our growth drivers, our focus on operational excellence, and of course, very important to you and for us to continue to deliver shareholder value, responsible capital allocation. And we do all that, very focused on what's very fundamentally important here at Salesforce in accordance with our core values. So let's dive into the growth drivers, some of which Miguel talked about, but I want to kind of frame it with you how we think about it financially. So let's start with our TAM. There is a massive agentic growth opportunity ahead of us. Over the next 5 years, we anticipate that AI apps and platform spend will exceed $600 billion. And we believe that we are well positioned with everything you just heard from Steve and Miguel to take advantage of that. Fueling that is this focus on digital labor, a $13 trillion opportunity over the next 5 years. And one of the things that we found out when we read your research reports, when we talk to customers, you heard from you today and you've heard all week, we know that CIOs are shifting where they spend budgets. We know that we're moving from discussions about AI to actually deployment of agents, okay? And we also know, as you've heard, that the apps are driving the operationalization of AI. Why is that important? It's important because if you think about all the fud out there about SaaS being dead, we believe it's a myth. And we believe it's a myth because of what we're seeing our customers do and our opportunities like this. There is a 5x plus opportunity of increased spend in app and platforms over the next 5 years, and we're positioned to take advantage of it. So we've talked about Customer 360. I view it Growth 360. What are those 4 pillars? What do we need to focus on? And the first 3 are tried and true. We've talked to you about them before. Let's think about multi-cloud. We know that 85% of our ARR comes from customers where they have 4 or more clouds. As you know, we continue to take advantage of how we package, bundle and deliver support options to our customers. We are meeting customers where they are, whether they're buying our agentic products, or our core clouds. We also have a balanced portfolio. We focus not only on geographies, but on industries and on segments. And as you heard Miguel talk about, as you've heard us talk about on the adoption that we're seeing in SMB and lower has been accelerating tremendously. And we're starting to see it in our enterprise customers as well. But the one area that I really want to click in for you in the next couple of slides is innovation. And I always learn so much when I listen to Steve talk because he really gives the story behind what we've been up to, as you said, for the last 3 to 4 years. It is that innovation, particularly as it relates to Agentforce and Data Cloud or Agent 360. We change the names of our products around here so much, so I always have to keep up. But that consumption flywheel, that's what's going to drive our overall growth through our innovation. So I asked the team, let's look back in time. I'm new. What have we really invested organically? Everyone when I talk to them always talks about our M&A. But over the past 3 years, and you heard Steve talk about what he and Srini and all the teams have been up to, we have invested over $10 billion in organic R&D spend. The products that I've listed are just the start. Steve talked about the replatforming and everything else we're doing. What does that drive? That drives our belief that our organic innovation is going to allow us to reaccelerate to double-digit growth. Prior to taking on this role and some of my Board work, I spent 12 years in the biotech space as the CFO of Gilead. And when we talked about our operating model, we used to talk about the investment in R&D, the harvesting of that investment as we commercialize products, right? And ultimately, it gave us the dollars to continue to reinvest and grow our company. That product life cycle was anywhere from 8 to 10 years. That's not the case today. You heard Steve talk about just the tremendous innovation where we didn't even have Agentforce when we were here last year at Dreamforce. It came on after that. So our acceleration of innovation, our replatforming, our integration of our platform well positions us for the agentic era going forward. So let's talk specifically a little bit more about data and AI. And what are some of the proof points? I know that's what you all want to understand. In Q2, we talked about a $1.2 billion Data 360 plus AI, our ARR, 120% year over growth -- year-over-year growth from Q2. You'll also remember that in Q1, we talked about the $100 million in Agentforce -- Agentforce revenue. As of Q2, inclusive of that Agentforce revenue and our new products, Slack is an example, employee agents, we grew our agentic AI ARR 400% or $440 million in revenue. Again, we're just getting started. So let's talk a little bit more about the drivers of the consumption flywheel. Steve talked about all the gyrations of going through to get agents to work, being simplistic, moving to deterministic. The usage case starts when basic agents can answer questions, take action. We ultimately want them to be proactive. You heard from the 2 customers about how they're leveraging agents to work side by side. What does that enable? It enables us to continue to support our customers 24/7. It enables our customers to have more authentic relationships and customized relationships even if they're not in the stores, right? And so what we believe is that with our deeply unified platform, our ability to move our customers from agentic over time to agentic enterprises is huge. And again, it just keeps that flywheel spinning. I have to figure out a way to make that go up into the right. That's our goal, right? So this is a really important slide. I want you guys to all click in constantly, Robin, Miguel, Mark, Steve, Srini, how are we going to monetize the agentic enterprise? We are confident in the significant ARR expansion opportunity that we have as customers adopt the agentic enterprise. Most of our customers today are more at the fundamental level, averaging 3 clouds, tier -- mid-tier level of support. But as they continue to move towards agentic, pre-agentic, expanding additional clouds, adopting industry solutions, a 1.2x ARR uplift. You heard from a few customers that are just beginning the agentic journey. And I'm going to show you a few examples. But again, as they adopt Agentforce and support and core expansion -- and we believe even if in the future, as you heard Miguel say, we're not seeing much of it today, but even if we see some seat optimization, we still believe we have a 1.5 to 2x opportunity, right, relative to the ability to increase ARR. But now the key point is going forward, moving our customers to agentic, leveraging the fact that you're going to have agents and people working side by side, scaling our customers' areas of support, solving difficult problems, reducing costs, reducing complexity. That is the Agentic enterprise. And as people -- as customers adopt our Agentforce wall-to-wall internally and externally supporting their customers, we see 3x to 4x ARR uplift. So I'm going to take you quickly through a few examples, and I'm not bringing up customers. But here's an example, customer goods customers starting with Agentforce. You can see when they've adopted it over time. You can see the revenue going back through FY '21. They started with a few of our clouds. They adopted more, moving to Agentforce, 1.5x since adopting Agentforce relative to the ARR that we're obtaining. A telecom customer, they led with Data Cloud. Again, every customer is at a different point on their journey. But there, as they started with Data Cloud then adopted Agentforce, 1.4x increase in spending upon adoption of AgentForce. And then my last example, consumer electronics. Customers -- this customer led with AI and data. And you can see them in MuleSoft. But look at the acceleration of our ARR as they started adopting Agentforce. And as we said, we're early in the cycle. Yes, we are at an inflection point. Yes, getting to that double-digit revenue growth is going to take time. But we see it, our customers see it. The opportunity is ours to capture. So again, $60 billion plus FY '30 revenue target and again, excluding Informatica. Our pillars I just walked you through, multi-cloud, pricing and packaging, our balanced portfolio and most importantly, our innovation. My second pillar of focus, operational excellence. So we -- as you know, we've been very focused on profitable growth. We continue to drive profitable growth while investing in innovation for all the reasons and context that you've just heard about. Over the last 5 years, as you can see, we're on track to nearly double our operating margins. And there's some basic fundamental principles of how we've been doing that because, yes, you've heard about investments. We are investing in high-growth areas, but we're rebalancing our headcount across the business. Some of that, we're doing leveraging Agentforce, right? You've heard us talk about health.com, right? You've heard Miguel talk about SDRs. But also, again, when you think about operational excellence, it's also the processes. We are focused on ruthlessly prioritizing where we spend our dollars. We're driving discipline and efficiency and most important, we're zeroing in on being customer 0. That's critical to us being the lean and agentic enterprise. So what's our playbook? Miguel has a playbook for go-to-market. We've got a playbook of how we're going to become the lean and agentic enterprise. Miguel talked significantly about sales productivity. I'm going to talk about other components of our business. Srini, who had support has been focused on Hyperforce, public cloud. What does that do? That helps us with gross margins. We have been maniacally focused on customer health. Do we have the right level of ratios? Are we a performance culture? Are we leaning in, in our spans and layers, right? We're looking at all those areas. We have really attributed all of this to a beginner's mind as to how we run our business and being a lean agentic enterprise. We also are leveraging our hub strategy, not only for sales, but for other areas. There are low-cost options for us to run our business, and we're doubling down in order to continue to focus on our lean agentic enterprise. And lastly, AI efficiency. We hear about it a lot across our industry. It's real. We're taking advantage of it. And we're doing it primarily by leveraging our own products, Salesforce on Salesforce. I'm very proud to partner with our Chief Digital Officer, Joe Inzarello. We are stepping back and looking at all of our processes. Starting with our lead to cash. What can we do to identify it? What can we do to simplify it? How do we leverage our own products to get better? So I talked a little bit about this before, but leading as customer zero is critical to us being a lean agentic enterprise. And I've covered a lot of these. But on the sales and marketing side, we know that's a huge opportunity for us. COGS, R&D, I've talked both about these. If you think about it, what's happening in customer service, we're also reallocating resources. We're able -- because of our focus on Salesforce help Salesforce.com, we're able to reallocate some of those folks to proactive service versus reactive service. We're able to use some of those folks with the skill sets to really develop those forward deployed engineers who are critical to customer success. And what does that mean? It's going to improve our net new AOV. Again, another part of that inflection point that we talked about. And then, of course, there's G&A efficiency. Like every customer out there that's experimenting and particularly for us, we've trained everybody on creating agents. And we've got a lot of them out there. But we're honing in, like everyone else, in deciding what are the high-impact agents. For us now, there's about 40, right? And they're across our enterprise, working side-by-side with our employees on improving the employee experience, enabling our sellers, allowing us to better engage with our customers and driving our operational efficiency. So the last area I want to briefly cover for you all is capital allocation. We talked about profitable growth. Well, what does it drive? Cash flow. We talked about our growth in operating margins. We are also on track to actually triple our free cash flow -- or I'm sorry, we have been on track to triple our free cash flow in 5 years. And of course, it will keep going up, right, as we meet those overall long-term objectives. We have a capital allocation framework. Again, we doubled down and invested on organic innovation. And we've also done some inorganic innovation, but we have a responsible M&A framework in which we're doing it. We've delivered and returned cash to shareholders via our dividend and our share repurchase program, which I'll talk about on the next slide. And we're also focused on reducing stock-based comp. So since the inception of our program, we've returned over $29 billion via share repurchases. And as you know, last quarter, we announced an additional $20 billion buyback. What we're letting you know today and committing to is for the second half of FY '26, we're doubling down on share repurchases. So we expect to buy back another $7 billion of shares in the next 6 months. As you can see, it's a high percentage of our free cash flow. Over time, it's been about 80% of our free cash flow since inception of the program. So I want to click in quickly to M&A because I know it's something that we get asked about, right? We're focused. I work hand-in-hand, as does the leadership team, with our M&A team. And we've kind of got these 3 pillars that we've looked at: tech and talent, adjacencies as well as strategic M&A. You heard us in the keynote talk about Regrello, right? We have quickly integrated Own and SPI, and the return on those investments have been amazing, and they're driving revenue growth. All of this has been guided by our responsible M&A framework. A quick update on Informatica. We expect it to close either in Q4 or Q1. We're working through the regulatory process. It has been an amazing, to the extent you can, ability to work with that leadership team and figure it out how we quickly integrate. Steve talked about why Informatica is important, but I know for all of you, you want to understand the value, right? We talked about a clear time line for accretion. We talked about using our balance sheet and not being dilutive and getting it at the appropriate valuation. What I'm pleased to say is we've worked through our integration plans as we work with their leadership team. 6 months ago, I talked about the fact that we expected it to be accretive within 2 years. Now it's 1. So another example that we're focused, we're being responsible, and we're delivering on what we said we're going to do. So in summary, delivering a lean agentic enterprise. Our profitable growth framework, 3 pillars: our growth drivers, which you've heard about; our target, $60-plus billion in organic growth, excluding Informatica by FY '30; a focus on operational excellence, a profitable growth framework of [ 50 ] by FY '30, and you see the measurements below. And finally, a continued focus on free cash flow expansion and reduction of SBC. And again, as I said, our model takes a little bit of time, but we're all very committed to delivering on these long-term objectives. So I believe our CEO is here, or I'll turn it over to Mike. And Mike can introduce him.

Thank you, Robin. Thank you, Robin. That was great. Robin is not wrong. Our CEO is here. But because we're running a bit tight, we're going to combine a couple of things, and I'm going to have the crew bring up the leadership team and Marc with that, and then we'll ask Marc to say hello. Just a couple of logistical dynamics I just wanted to highlight really quickly. The deck will be posted. It's being filed with the SEC currently, so you'll have access all those materials. Once we're done with Q&A, we definitely encourage you to stick around and have a drink where we have many members of our leadership team that will join. So there'll be lots of folks that you can pepper questions to, if so interested. And of course, we'll be available after as well. So with that, I'm going to ask Marc and the leadership team to come on up and join me on stage, and then we'll get into the Q&A. Marc, welcome.

Are you all enjoying Dreamforce so far? We have flights for you down to Oracle World now. The buses are leaving from the lobby of the St. Regis in 10 minutes.

So with that, we'll go straight to Q&A. And if we can turn up the lights a bit so I can see who's out there. And we'll start over here with Kirk. And we got mic runner, sorry, they'll catch up to you in a second.

Kirk Materne, Evercore ISI. Marc, you had a lot of customers up on the stage with you yesterday. Clearly, everybody is talking about AI, but customers seem to be having some trouble sort of going from the perceived value to seeing the value. And I was just curious, when do you think that could change? Meaning you had some big customers on stage. Do you guys need to have a more industry-focused approach to this, meaning solving problems in each industry with AI to make sure that you get tentpole customers in each of those industries? In the next 12 months, when we come back, does the FOMO kick in from other leaders that aren't there already because I think everybody has been waiting, but I'm just kind of curious on your thought process on the timing around that.

I think it's a good question. First of all, I just want to welcome you all to Dreamforce. Very happy that everybody is here and making the commitment to be here. We're very grateful to you. We know that you do have your choice of conferences to kind of reference my joke. So we're glad that you do come here. I hope that you do have a good time and that you have a safe experience while you're here. I've been on the road for about 3 weeks nonstop now. We've been in front of hundreds of customers previewing this. The keynote is really linked to one fundamental thing that happened about 3 months ago, which just became incredibly clear to us that -- and it directly addresses your question, which is that what customers want to hear is that other customers are adopting. There is no question that what we've seen in the last 3 years is that the speed of innovation has outpaced the speed of customer adoption, right? And that's because it was only about 3 years ago that we all got on ChatGPT for the first time and said, oh, here's a new foundational piece of technology that's going to change everything. And it's an awesome moment in technology whenever that happens. And now after 3 years, of course, what happened was we kind of, first of all, began to integrate it in. That was our kind of GPT series of products. Then last year, you saw us deliver Agentforce as a product. And now you see us delivering Agentforce as a fundamental platform that is kind of underneath now all of our products. So what we've had to be able to do, and I think Steve just did a beautiful job articulating -- Steve did a beautiful job articulating kind of the vision for what has happened, but this kind of just systemic, deep fundamental integration of this technology so that it's consumable by companies. Because these companies, like the ones that you saw yesterday, maybe some of the most important companies in the world, maybe some of the most important CEOs or C-level officers in the world, all said the same thing, which is they need -- they love this idea that they want to be able to consume this technology, but they need to consume it through these applications. They need to consume it through this technology. They can't just DIY it. They can't just kind of build their own model or do all this and then think that they're going to all of a sudden become this "agentic enterprise." They need a fundamental application platform. And that power is what we're trying to demonstrate. And I think that to your point is number two, is that as we've spoken to these customers, they want to speak to other customers. I'll just stand up so you can see me. They want to speak to other customers, and they want to hear from other customers. They know what we have to say. What we have to say it doesn't bear as much as the customer. That's why I'm actually probably the #1 thing that I'm looking for at the end of this conference is actually reading a lot of your reports, but also how many of you here are going to do surveys while you're here of our customer base, raise your hand. Yes. And those surveys become very meaningful to us. And I think what the surveys are going to say is that we've kind of hit this threshold where the customers are adopting. You saw this moment in the keynote at the beginning when I said, how many of you are already adopting Agentforce, and you saw how many hands went up, it was a significant number. And I think that this is kind of what's happening, and they want that validation to hear from an Athena at Pepsi or a Richard Smith at FedEx or a Michael Dell or a Laura Alber or whoever it is or 50,000 of them across the street, by the way, they're all talking to each other on how to do it. That's why they're here, right? We've never had more people at Dreamforce. Our pipelines, where's my go, have never been bigger. Our revenue projections have never been higher. Our cash flow has never been higher. Our profitability has never been higher. I don't think our product line has ever been more relevant and more powerful. And for all of these customers who want to now achieve this next level of capability in their company, how are they going to do it? You go to all the conferences. You are the experts in enterprise software. How will they achieve this if they don't use this platform? Maybe there are some other things they can do. We're not operating at the productivity level, as you know. We're operating at the core fundamental, enterprise, mission-critical layer so that these companies can deliver this capability. They all want to get to this next level. We are showing them here is exactly what to do. They want to know what it is. They want to know why it's important, and they want to know exactly how it works. And we're just laying it out. And while we're doing that, you saw that we also bumped into some new segments like supply chain. So here's Michael Dell. He's running 20,000 suppliers on Agentforce supply chain today. So it's important for us that not only does he come here to say, yes, I'm running service. I don't know if he was watching -- were you watching him during the keynote in his face, but he's looking directly at me. And then there were certain moments in the keynote where like we got the field service and the different things that he hadn't seen in some of the new products. And he's like, oh, I'm going to go get some more of that because there's things that we can do to help him to achieve his vision of Dell become an agentic enterprise. But there's something that we can do for all of our customers to help them to get to the next level. Remember, we have, I don't know, 150,000 core customers on the Salesforce platform and about 1 million on Slack. On all of those customers, we're trying to bring them to a whole new level. If you're with a Salesforce executive, have them show you their phone how we're already doing this at Salesforce, have them show you the agents running on Slack. I was just across the street. I'm on this Yahoo! stream and I'm with these journalists. And I'm like, look, here's my phone, here's Slack, here's Agentforce in Slack. Let's renew this customer now. Let's sell to this customer now. I think unlike probably some of the other shifts that we've been through, and we've been through so many. We've been through the cloud, social, mobile, even AI 10 years ago, Einstein and now agentic. Customers are surprisingly looking to us, first, which is why I hired Joe Inzerillo about a year ago from Sirius XM and said, I need you to help me to rapidly move for Salesforce to become an agentic enterprise. And we took him and we took him out of the G&A function, and he works directly for Steve. And that movement basically for me was that, okay, let's just go function by function by function. And first was service and support. So you've already seen that here we are, this has only been live for, what, 9 months. Okay, we're delivering 1.6 million or so, probably more now service conversations?

1.8.

1.8. Okay.

[ 87. ]

Tech support available 24/7 of Salesforce. 1.8 million support. You guys can probably already know my numbers, like why am I even saying it? And then, right? And then the humans have done 1.8. And you understand how it's working. You saw the omnichannel supervisor. You saw how we're moving things back and forth. We had to show that. Sales, here we are 26 years in, we're -- all of a sudden, we were -- I guess there's about 20 million to 100 million people we didn't call back in the last 26 years, we just didn't have enough people to call everybody back. So yes, we have the Sales Cloud. We have our 15,000 AEs or whatever it is out there and complemented by the managers and the SDRs and the whole ecosystem. But now there's an agentic layer, even with all those people, calling back, this week, 50,000 people?

More than 100,000 people in total.

So far, 100,000 people that we've been live, just calling people back that we haven't been able to reach, qualifying, evaluating, et cetera.

We've closed deals. We've closed hundreds of deals already.

So as we kind of go from product by product by product, capability by product by capability, how are we defining humans and agents working together? In the process, the pipelines have expanded. We're hiring more reps. You saw the distribution capacity expansion. It's been very important. And all of a sudden, we found segments of the business in the world that we didn't realize that we were not selling aggressively into. It was a huge surprise to Miguel. We didn't really go through it in detail, but obviously, Salesforce sells into 6 key segments. It sells into the small business, we call 0 to 200 employees. It sells into what we call the medium business, which is kind of the 200 employees to like 1,000 employees. It sells into the general business, which is kind of 1,000 employees to 2,000 employees. It's kind of a very large business, even though this doesn't really qualify very, very large business, but over 2,000 employees; and to the software market, the ISVs and so forth and so on and the governments. In those 6 segments, all of a sudden, Miguel is like, wow, I didn't realize, oh my God, look at that growth. Look at this growth rate. Look at that growth rate. As we're adding capacity, then all of a sudden, we're like, oh, well, because that isn't exactly what we're doing in the last 3 years, which is very clear why we don't have to go through the details of the history, we were not watering all the trees. We were not watering all the plants. All the gardens were not. And it turned out like a lot of places where we had deforested, the seeds were still there, and we just needed a water. And all of a sudden, we saw growth. So that's very exciting. So we've significantly invested in the product and technology and innovation strategy. And you've seen kind of that next version. There's never been a more exciting time. You saw it in the keynote. You can go across the street. You can see it in the eyes of the customers that they're lit up. It doesn't have the same kind of think that maybe we all had the kind of confusion 3 years ago when we first saw this technology. What does this mean? Who didn't have that thought? Now we're like, oh, this is exactly how I'm going to make money with this. This is how I'm going to improve my business with this. Here's exactly how to do it. Here are the proof points, and I can follow this model. That is a different level. That is why we're excited on a technology and product perspective. That's very important. There's only 2 things that we do. One is building that product. The second thing is now selling it. So now on a global stage, across every geography, every language and across all 6 of those segments, we have to deliver the goods, and we have to deliver the growth. And we have to get to those -- the numbers are off the screen, but then we're trying to get to these very high numbers. And obviously, we can all do the math. We're only going to spend a couple of years in the 40s. And we're going to rapidly move into the 50s. And this is obviously, as Robin said herself, very conservative. So we're very excited about where we're going.

[indiscernible]

Well, I didn't know I was in the back row. I'm not sure. But check the transcript. And then this is just a -- look, we're moving into rarefied air. How many -- you're all enterprise software experts, right? That's everybody's in the room. We know who's in the room. You guys have covered it, you've created it, you made it. You know it more than anybody else. We haven't really seen numbers like this in pure software. We're not making hardware. There's no data centers. It's not -- we're not building something the size of Manhattan. That's not -- we're a software hyperscaler, right? We're helping those customers get to where they want to get to across those 6 segments through this incredible platform that you've seen. And I don't really see anybody else exactly doing with that and not at the level of excellence, quality and the technical leadership where we are. So I'm very excited about that. So I'm very excited about where we are with the products. I'm very excited about where we are across the 6 segments. And with the customer awareness and consciousness, those words, that idea, we're moving to the agentic enterprise, where last year, it was like, hey, welcome to Agentforce. Now it's like, actually, one more thing. Here's all the -- it's now in every product, and you can now upgrade and update every single part of your business. And we're going to help you go into new areas. So when we're with Athena at Pepsi yesterday or 2 days ago, of course, she's done a fantastic job. In fact, we were down in Mexico City on Monday or whatever Monday that was. I don't really know. This is San Francisco, right? But anyway, we're in Mexico City. We're with the Latin American leader, incredible woman. And she's leading, passing through all -- and they're a huge customer. And I'm like, Athena, down there, amazing what we heard. I need to show you now because we hadn't even time to really -- I want to brief you, show you what Dell is doing with Agentforce supply chain and how we're also now going to do that with Pepsi. And I think this idea that we're going to walk the clock for all of our customers, we have a lot to sell them. We have a deep and rich product line. It's updated, it's modern. It lets them bring in the best of the large language models, the best of AI, the tippy top of what the vision is of what you can build in terms of the next level of capability. And I hope we can deliver it to them as their trusted partner. And I'm also hoping that we have 80,000 employees that we're bringing them all along as experts to become their trusted advisers in building agentic enterprises. I don't know any other company that is as well positioned, both from a brand, personnel and also technology perspective to be that trusted partner. That is our goal. And your role in all of this is we are reading -- prime personally reading every single report you're doing, every single survey you're doing. You probably don't even realize what a critical role that you play in our strategy, especially in the last 3 years, we could not have gone as fast as we did without your research because so many exciting things has happened in the last 3 years. And so we have tried to integrate all of that. So I'm really looking forward to seeing what you're going to say about the show. I'm really excited about what's happening across the street. I was really paying attention in the keynote to see how it was being received. I was watching the eyes, 12,000 people in the room, obviously, 50,000 people here. I saw there's over 1 million views on YouTube of the keynote. Now obviously, we're going to get all of our employees trained. We will now deliver this show all over the world, as you know, on a cadence with our World Tour series, and we will -- our pipelines are super high. I'll tell you go through it in detail. I think customers want this. They need it. They've kind of in some ways, and this is what your research has shown, kind of been in some areas, been on pause on buying because they've been confused. Then there are certain people in our industry, we don't go through names that have said, oh, well, this is changing, that is changing. We don't know about this. There's like a certain amount of fud that's out there. It's like, no, no, this is actually your opportunity, and you can really kick as* if you do this. And by the way, look at us, we're doing it. Why don't you want to do it, too? Oh, and Michael Dell is doing it, and Athena is doing it, and Laura Alber is doing it. And Alex at Pandora is doing it, and you can do it, too. You can look at how great this is. And I hope that, that's what's happening right now across the street that all these folks that have done it are like telling all those folks like, hey, yes, let's go do this together. They're building networks. It's kind of like what's happening here. You guys are all building your network and exchanging cards and make sure you all have all your modern contact information. Across the street, all those customers are building community and then are going to execute this. So I'm very excited. I'm grateful that you're here. It's obviously a huge show for us. It's really -- it's already exceeded my expectations. We've had -- already had a lot of fun, some crazy interviews. If you haven't seen what Brett Adcock said today on stage, it was amazing. I just interviewed His Excellency Minister Alsawa from Saudi Arabia. We just have a lot of really exciting things happen anyway. Thank you. That's it. Better not to say anything else.

Let's go...

All right. And that is the end of the Q&A session.

Let's go to that back side over there. I was going to Keith.

That was the summary of our 3 presentations, yes?

Great set of presentations. Keith Weiss from Morgan Stanley. Steve did a great job of walking through the role that the existing SaaS solutions and what you guys have built is necessary for delivering the generative AI functionality. And it's something that I definitely believe in, and I've been talking a lot. But investors are still concerned about not what the foundational models can do today, but what they're going to be able to do tomorrow, what they're going to be able to do 2 years from now because of the hundreds of billions of dollars of infrastructure we're building underneath it. So does that concern -- I mean, do you hear that from your customers? Is that pausing sales cycles? Is that creating some of that fud? And if so, how do you counter that concern of, again, not what the foundational models do today, but what are they going to do tomorrow?

Well, I think that I just like to kind of -- I'll touch on it and then Steve has his position as well and I'll have Steve address it. But I'll just say, number one, look, technology marches forward. Innovation marches forward. Everything is getting lower cost and easier to use. The show we're doing this year is not the one that we did last year, and it's not the one we did before. And how many of you have been to more than 10 Dreamforces? Raise your hand. How many have been to more than 20? There's been 23, this [ haircut ] right here. The thing is -- now he has time, he's retiring. But the thing is that -- all right, go back 23 years ago to the slide deck, it's not the same show, it's not the same product line, it's not the same set of customers. It has gone forward. And the key thing for us is we're constantly bringing this new technology in and then adapting it for our customers so that they can be successful. There's no question that in the areas that we specialize in, in the front office, especially the transformational opportunity for the technology is just awesome and that the ability for the customer to embrace it and then extend it and bring it forward is awesome. And like Julie Sweet was sitting there, obviously, she's a huge customer, but also she implements it for a lot of customers. And then at the end of keynote, she came up and goes, you guys have got a lot faster than I expected. We have to retrain everybody and we have to like double down. And I'm like, I think we really have. And I think that we want that infrastructure and we want that capability to get more value to our customers because we're going to sell it. We want to be that partner in implementing it. We want to help those customers to achieve that value and the promise of this technology. Somebody is going to have to do that. Who else is going to build -- who's building out those organizations to deliver it. And I think when we look at other enterprise software companies like Microsoft, this isn't the -- you can go to the show and use the product line and talk to their customers, they're also across the street, right? They're also in the room. This isn't what they're selling. So this is another opportunity. We're farther ahead. I think that it's only going to accelerate us. I think it's very exciting. I think we've also -- we're not having to take back a lot of the things we've said over the last 3 years. I think we have been mostly on point and we're accurate in predicting the future. That is everything is tied together over the last, hopefully, 26 years, but especially even in the last 3 years of AI and how things are going, we've kind of said, here, this is where we're going, and we have now kind of put A and B and C, and we're going to deliver D now and on and on and on. All right. And Steve, do you want to directly address the question technically?

Yes, thanks. And so it's a little bit what I was talking about earlier. It's kind of been the learning that...

Steve and I have only worked together for now.

Only for 45 years.

45 years. When we were 15 years old, we started our first software company together, Liberty Software down in Burlingame -- and where Steve was from San Mateo and I was in Hillsboro, and I'm very proud to have Steve as our President of Products. So Steve?

All right. Well, thanks, Marc.

Good to see you, Steve.

So the -- early on, when really we had our -- Marc mentioned our ChatGPT moment and we were trying to understand, okay, what exactly is this -- how is this going to work for business? And we didn't really understand what was going on within these large language models. I was very impacted actually by a podcast I listened to years ago from Kevin Scott, the Microsoft CTO. And he said -- what he said was, you have to understand. These LLMs are not platforms. They are not -- they're certainly not applications. They are infrastructure. They will provide new capabilities, astonishing new capabilities that we've never had access to before around language and limited reasoning. I talked about this a little bit earlier in the day. But they need to be -- to be useful for business, they need to be embedded in platforms that can take advantage of that. And then you need to have new applications or existing applications that are rebuilt on top of that platform. And that really informed in many ways, our old strategy. And I think it was completely right in exactly how it played out. Early on, 3 years ago, what was everybody saying? Well, we need to build a model. We need to build a model because in the old predictive AI world, that's what you did. You built models. And people are still doing that. Predictive AI is still relevant. But it turned out that actually this was really more about language capabilities, reasoning capabilities. And if you -- it's too long, too latent, too expensive and not secure if you kind of think about it in that old way. This was the conventional wisdom 3 years ago. Nobody is really doing that anymore in business, but that was the conventional wisdom. And that was not right because there's no sharing model in an LLM. You need to up-to-the-minute data. So the data and the context and the unstructured data, all the work that we talked about earlier, that's not going to be in the model. You need to be able to feed it in.

So sometimes we use those words and people don't understand sharing model. So -- and I think we've also reviewed some platforms recently and wait a minute, there's no sharing model here. So can you just explain what the sharing model is, why it's important and why that's at the core of our architecture?

Yes. So for well over 20 years, core -- built into the core of our platform has been you only get access to the data that you should have access to. That seems pretty obviously critical for businesses. And as we expanded our data capability with...

Governments.

And -- I was getting to that. As we expanded our data capability with Data cloud...

I'm sure you got to.

I'm working on it, Marc. Just give me a moment. As we expanded that, we've now added deep governance capability. I think one of the most exciting things we did really in the last 12 months was we dramatically expanded the governance capability within Data Cloud, which is at that level of scale, that's actually kind of a hard problem to solve. It was hard enough at the scale or the B2B scale of kind of our traditional data capability, doing it -- that was millions or billions of records. Now we're talking about trillions of records. And so that is another -- so all of that, large language models, they're like kind of like us. I can tell Marc, Marc, this is super confidential. You cannot tell anybody. I guarantee, especially with you, I guarantee, within a few hours, it's going to be out there on text, probably the most of you. That is human nature. And these LLMs are kind of weirdly like that. They like -- and you've actually been to kind of put this language in my mind. They are these language models. They're word models. Their mission is to figure out what is the next word that I should be saying. And they're going to do their best to give you great words that will be...

That's why they're always so accurate, too, because the words are just hyperlinked together in some strange way. And so the accuracy that's possible in a world model is only so...

They do not keep secrets. They do not -- they try their best to tell the truth, but we all know this. You use ChatGPT. I use ChatGPT every day. And it's pretty good, but it's not 100%. And in the world of business, you need to be able to feed in that data. And -- but you -- but if one user is asking for data, you don't want the LLM to have it all baked into its model. You need to be able to feed in, but only feed in the data that's relevant. Now Marc gets one view of the data and I get a different view and all of you would get a different view. That's part of enterprise software. That's what's necessary. And the same thing is true for taking actions. It needs to be embedded in the applications to be valuable. It needs to be accessible across all the channels, whether that's chat or voice or SMS or WhatsApp or e-mail or whatever it is. All that -- LLMs don't do anything -- any of that. But the most important lesson, this is what I spent a decent bit of time in the morning talking about is that even when you have all of that, you've got the secure data, you feed it in and you figured out how to actually massage that data appropriately so that it gets the accurate answers -- that was the context intelligence, I think, breakthrough that we're delivering right now. But even then, even when you tell the LLM in clear, consistent language, do this, don't do this. I talked about this earlier quite a bit. They sometimes do and they sometimes don't. And that's why these deterministic workflows, these deterministic instructions, even in the bowels of the brain of the agent, it's -- something kind of changed, and I was guilty of this also as I was brainstorming and thinking about, well, these things will just figure it out. But it doesn't make any sense. If you actually know step by step what you want to do and you can look at what the response is and know exactly what you want to then do and you want your return process to be your return process or your order management process to be your order management process or whatever it is, why would you turn that over to the LLM, which is going to be slower and more expensive and not 100% accurate. This is not, in any way, meant to say anything that the LLMs are the most astonishing technology I have ever seen, but they have their place. They are not going to replace all the other work that's been done. They're going to augment it. They're going to make it more powerful, more compelling. They're going to take employees to the next level. They're going to allow you to scale ways you never have before, astonishing, but you still need everything else. When you know what you want it to do, just do it. You don't need the LLM for that. You need the LLM more for when you don't really know what you want it to do and it can step in there in an astonishing way.

The last thing you said is extremely important. So the last thing that he just said was the LLM is extremely important, and you want it to do its job when it needs to do its job, but we all understand what the costs are of using the LLM and these GPUs, right, and these tokens. And we also have that there's another mechanism, right? And this idea to be able to like choose the LLM when you need it and also there's going to be a moment when you're not going to choose the LLM. But I think directly addressing your point is there is a certain amount of -- I would just say nonsense that's out there, like, for example, that these products are writing all the software now. And that is not what's happening. It's a productivity improvement. It definitely gives you the ability to do more. You can do a lot of things. You just cannot do everything. We haven't seen that capability. You've all seen that. And then we'll see, well, you know we can now write this. And it's like, really, okay, well, let's take a look at that. And then how are you going to maintain it? And how are you going to sell it and show it to us exactly and show us that this is exactly what you're saying. And I think that there's a lot of folks who are trying to be very prothetic and visionary and aggressive in what they're saying about a lot of this technology and trying to position themselves. Some of them are prophets and some of them are false prophets. And it's going to be up to you to separate the wheat from the chaff. And that is very much your job. And you're going to see it with the customers because with the customers you're going to say, well, are you doing -- are you using it that way? Is that what's happening? And I think that's very much where we are in the industry right now. I don't know...

Maybe I'd add something that is very important, Marc, I don't know if you were here, but this is exactly what our customers are telling us, the 2 customers that I had here on stage and also the 5 stories that I told, their aha moment is when they realized that to -- for deterministic execution, they needed the apps. So SaaS is going into a new chapter, which is where we're becoming the hub for agentic execution in a trusted way in a way that we maintain governance and compliance and security. That's very powerful. And the anecdote that I drop here in front of everyone here is if you look at the 4 pure-play LLM providers, they tripled the investment in SaaS applications from Salesforce in the last 12 months. But what I didn't tell you is -- you guys want to know what is the #1 segment, the fastest-growing segment in our business right now is all the AI companies that are hundreds of them. Our business with them is skyrocketing. These are the companies that supposedly are going to run the workflows and everything. But for now, they're buying SaaS applications from Salesforce.

And if I was an LLM company, then I would say to you, well, LLMs can do everything. But it may not be the right tool for the right job. It may be that you have that as part of your infrastructure, which I think is what Steve said, and you're going to choose it at the right moment, and that there's going to be different ways to address different problems. And what's great is we have a portfolio of technologies and then we can choose the right technology at the right time for the right customer. I don't know if this -- does this make sense? Is it congruent to what we're saying? Do you want to add any more?

No, I think that's good.

Okay. Let's go to Kash here.

Kash from Goldman Sachs. Since you guys give...

I thought you retired. What is [indiscernible]?

January 30 next year. Unfortunately, you're stuck with me. At the end of your fiscal year.

All right.

I don't have questions because my colleagues are going to ask you a great question, but I want to make a few observations. From right to left, Parker Harris, great memories of -- at a bar, watching the 2008 Presidential election, while Dreamforce was going on, so great memories. Srini, you wrote a great white paper, which I've been suggesting to everybody what the new architecture of Salesforce is. So great job. Steve Fisher, you may not remember me, but -- you do?

I remember you.

I asked Marc, what is metadata? And he said, you got to meet Steve. In 2005, you taught me what metadata was. And I think, Parker, you were in the same meeting, you taught me what multi-tenant was in 2005, I want to say. So great memories. Marc, I'll get to you at the very end. Spencer, great job. This is incredible Analyst Day. I don't think anybody has brought together the entire management team on one stage. And Miguel, I've not met you before, but obviously, great energy. Robin, great job on the reacceleration. That is the most important message that I took away. Marc, for you. I spoke with a $90 billion revenue company earlier today, and I asked them, hey, rank where everybody is in this agentic technology? He said, not just because they are at Dreamforce, but they said that you guys were ahead of ServiceNow or any other company they've been working with. Everybody has respectable technology, but they viewed your agentic capabilities as [indiscernible] OpenAI. So I just want to wish you well in this journey. I think when we met, you were doing $50 million in revenue or so. Here we are. I think $60 million is too low. I think you should dream bigger. $100 million, why not?

We are. But this is all Robin -- Robin will only let us say so much. I'm happy to say more.

Thank you, and wishing you well.

Thank you. Kash, before we go on, I think we all owe you actually a debt of gratitude. It has been decades. We obviously have fun together, the hair and also you're the only one who is singing of the analysts. So I don't know who will be the one who will pick up your opportunity, but I want to thank, on behalf of the entire software industry, probably the analyst community as well, for your decades of great leadership, visionary work, all the writing, the surveys, customer interactions, and we could not have done our job without you. So thank you very much for everything that you've done for us.

Let's go to Brent.

I will not be singing. It's Brent Thill with Jefferies. Marc, Miguel talked about the SMB acceleration and the success you're having with SMB. What is happening there? Why is it doing so well? And when does this filter into the enterprise where you can see that same level of success upmarket?

Yes. It's phenomenal, what's happening, and the growth rates are incredible. I don't know if we went through them with you in detail, but -- okay. But in small business, but in medium and general business, in those 3 segments very specifically, obviously, I went through that we have 6 segments that we're selling into. 3 out of the 6, the growth rates are outside of our imagination. And I think that there's 2 reasons why. One is because we are watering the fields, and we did the forest at some level. And fortunately, for us, the seeds are still there. Two is I think we're going to see an absolute explosion in small business and in mid-market. I think we're seeing the beginning of something that is going to be huge. One reason is because in the world of technology adoption, they can go faster because they can just do more. Two is they have to. They don't have the DIY choice that some of these companies do. So some of the customers we profiled yesterday, they can DIY it or they can buy it, right? And in those segments, they can't DIY it. Also -- so they can make the decision faster. And another key reason is this technology is benefiting them more dramatically because they can now start to look and act and work like large businesses where before they were small, medium and commercial-sized businesses from the 0 to 2,000. And I think that we are seeing that now start to creep up into the larger businesses. I feel -- and then the government will be, of course, is going to come kind of at the end of the technology adoption curve. So this is just, I think, has spoken to how things have done before. Now remember, maybe we're probably one of the only companies that you follow that we have to deliver solutions that go from 0 -- companies from 0 to millions of employees. So of course, we're with Walmart. We're with companies with millions employees. And then we're with companies with a few employees. I was with someone last night at dinner who had 4 employees. So our software has to go from the smallest to the largest company in the world, that's our burden to carry. Our technology has to make them all agentic enterprises. We have to span the entire market. We can see across the whole software market. We can see across every geography. So we have incredible clarity into what's growing where, speed of growth, and we're incredibly optimistic on these segments. And then, by the way, on these large enterprises, the pipelines are growing incredibly quickly. We are also extremely optimistic on these very large companies. I mean I haven't talked to Miguel yet in debrief on how his conversations went yesterday. But my conversations have been all incredibly optimistic, and I think that we're showing these companies, and they're getting validation from each other that there's a lot more to do with this technology. If we start to breach into these very high growth rates, I mean, it will be remarkable because as you can see from the screen, while the slide keeps getting taken down, we're already at very high levels of revenue and bookings. So I don't think anybody is selling more enterprise software this year than we are. You'll have to tell me if you're the experts. And we are on the pole position, and I think this is the fundamental accelerator. And thank you, Kash, for saying, we agree, we think we're far ahead of anybody else. We haven't seen any other product where we want, oh, wow, they've done a much better job on this agentic integration than we have. Like we think that -- especially in our core, but now we're starting to come into new areas that we're far ahead. And if you talk to -- if you get Steve aside and you can kind of look at -- and I don't know if John Zamora is in the room, but he's just done a brilliant, brilliant job as an investor of investing in so many great companies, but also just we have a tremendous window into all the innovation and all the different companies. So all of a sudden, we can look at 100, 200 companies, 300 and then go, oh, wait a minute, we want to buy Regrello. Oh wait, we want to buy this one. Wait, we need that. Oh, wow, that is -- this is great. Wait, that one is duplicative. This one isn't as far along as they think they are. We think we have that clarity, and we're trying to move at a level of speed that we -- I don't think we've ever moved this fast. And if you just take out the deck from a year ago, you'll see it's not the same deck, and it's not the same product line and yet it is. So that's what's very exciting for us. And I really hope that a year from now, my dream is that we'll just see more acceleration of these core products, of this agentic that we will not have to take back the agentic enterprise vision and say, well, no, we didn't get it right. No one wants to become an agentic enterprise. Sorry, everybody. We're now on to this new thing. I think that we're going to go forward.

So Marc, by the way, we are seeing acceleration in all the 6 segments, even the ISV segment, even the public sector segment, the enterprise segment. The big unlock to get into the high teens and even more in the enterprise is going to be the ILS. You have no idea the conversations. Every company, every large enterprise want to do an agentic enterprise license agreement. And then one soundbite that I had that Adam.

I think you should tell the story like you have this breakthrough.

But when I said that we had it together. And I presented the slide on the ILS and it's -- I mean, after you explained it in a...

I moved to Europe for the summer, and Miguel and I were making a lot of sales calls. And then all of a sudden, we realized, wait a minute, these customers want all they can need on agentic. And we hadn't seen that in a while. It used to be back in the day when we have these unlimited license agreements, especially kind of Miguel and I both exited from the Oracle days when the ULA kind of started. And then this idea that we're coming back into the agentic enterprise license agreement. And when we're selling to some of our very large customers who probably won't use the names, it's like, oh, wait, we should be -- they want to do a much broader standardization.

They want predictability. They want predictability. And they are willing to pay significantly more for our platform because they're going to use it for a different purpose, which is digital labor.

And a lot of trust with us...

There is a lot of trust. But the soundbite that I forgot to mention, but Adam Alfano, our leader for SMB globally, he told me, Miguel, I cannot really go in detail into the numbers and what happened in September, in August, et cetera, is incredible. But Marc will go into the numbers for sure. But what he said is we're growing significantly faster than a pure play like HubSpot in the low end of the market, which is pretty impressive because we have to serve all segments.

Yes. I'm not going to go through the details, but it is very impressive where we've been. I think we can do this.

Okay. Let's go to the next question. Let's go to Mr. Murphy here in the middle.

I'm Mark Murphy with JPMorgan. I'm trying to picture, if I called Salesforce 26 years ago, Marc, and I'm getting a call back now, and it's been a little while.

Sorry.

It's a robot voice calling me back. I mean, is there a little awkwardness? It sounds like it's working. And so I'm just trying to understand, are the callbacks from the...

It could be a call back, but it could also be an e-mail. So it could be an e-mail exchange back. So it could just be something -- now all of a sudden, maybe you've gotten one of these texts on your phone. Hello? And it's like waiting, who is this? What's going on? And then all of a sudden, it's like, wait, suddenly a robot is trying to talk to me. There's -- this is a little more sophisticated, and it could be an e-mail, it could be a text or it could be a voice. And in all cases, I think, yes, you'll get a call back, a follow-up and a repeat follow-up until you say stop, and it's working. And I think it's going to benefit all customers.

Okay. So is that a chunk of this -- the 19% pipeline growth, Miguel, is this something that's factoring in there would be -- and something that will kind of help relative to Robin's guidance?

Currently, I told the team that is leading this SDR agent army, we're going to [ hide ] this, this is going to be upside. It's going to be a surprise for Robin, hopefully. But the calling back and the following up on the leads, the beautiful thing about it is that it's highly personalized. I mean an SDR that takes care of 6,000 leads per month, he or she cannot personalize the communication with the leads the way our SDR agents, AI SDR agents do. So I'm very excited. We rolled them out 6 weeks ago. We're already in the hundreds of thousands. We've closed already 130 or 140 deals. We're generating millions of pipeline. So give us some time to go full scale and cover 100% of the leads, and I think we're going to have a positive impact.

The other component of it, I think that you need to think about is there's the AEs that we have on the ground with customers, but it's the support ratios and some of those things where the way we follow up on these contracts, that's the opportunity for us when we think about the productivity, like are there other ways to streamline or use digital labor as opposed to actual labor to do that.

Let's go here to Mr. Bachman in the middle.

It's Keith Bachman from Bank of Montreal. I'd like to direct my question to Robin and Miguel. But before I do that, I want to advocate for you, Robin, in that I heard you say the 12- to 18-month time frame to get to double digits is conservative. You didn't say [ 60 ] was conservative. I think Marc might have been misconstruing the words there. So that relationship was understood.

We'll also be bringing you in on the compensation negotiation.

My question is, Robin, the construct to double-digit growth, I wanted to just ask you about that. And the way I think about it is you have -- as you talked about, you're beginning phases of more wide-scale agentic adoption. So that's a new revenue stream. But what investors are also concerned about is what we call the core platforms. Candidly, the growth has been disappointing. And so to get to double digit, how do you think about that? Is it because of agentic gets big enough that it's more material? Or is there some reinvigoration, if you will, of what we call the core platforms? Now you mentioned ELAs and things like that. But just help us understand and particularly what I'm asking about is the core platform. And if you really want to drill down, there's tremendous trepidation around commerce and marketing within that context. So that's it for me.

I think it's a really good question. And I think what we're trying to show, if you think about the overview, the slide that Steve talked us through. And just being new in my role, you always step and say, are we appropriately talking about our business? And I think what you've heard us talk about is it is the -- we talk about the clouds, but we're selling really these agentic enterprises, and we're seeing AI and Agentforce drive further adoption, further usage of our core. But as we showed in the various examples that you saw, you kind of start there and then you grow. But you're right. I mean, we have a huge base, 100,000 customers, the Walmarts to the SMBs, right? But -- and we also remember a component of the agentic revenue is consumption-based, which is different than seat-based. So yes, we're working through all of that as we think about growth going forward. But I'll let you maybe take that.

I think, by the way, this is very, very close to Steve's heart because we talk about core clouds and then we talk about agentic. The reality is our Sales Cloud is now Agentforce Sales Cloud. Our Service Cloud is -- I mean, you cannot conceive a selling motion or a service motion or a field operation motion without agentic embedded on it. So when we look at the clouds internally, our numbers are much better than the ones that you see because agentic is assigned to each of the clouds. It's very hard to handicap a cloud and say, okay, you need to grow, but you need to grow without AI and agentic. Well, the world is AI and agentic. It's like when you're selling on-prem, okay, whatever is on cloud, it doesn't come to the core cloud. Well, the cloud has evolved. And our clouds have evolved. And that's why we look at the overall AOV growth and the revenue growth. But Steve, I mean, you love this topic.

Just to caveat, our numbers aren't significantly different, right? I mean, so our core -- I mean when we do break out our clouds and we add our agentic, we provide those numbers. So I just want to be sure, to your point, yes, it does take time to see that flow through subs and support revenue as we ramp.

I was talking about -- I was talking about the bookings.

I just want to be sure we stay -- yes.

And also, I think I appreciate your particular question on commerce and marketing. And we have worked -- that was -- they were a bit of a different challenge because those were not on our core platform. I talked about this earlier. And it is a -- I'm sure you can appreciate, it is an extremely heavy lift to bring at-scale technologies, in many cases, multiple at-scale technologies in the case of Marketing Cloud and make it all coherent with the rest of this new emerging platform with data and AI and everything that we talked about before to really allow you to break down all of those silos. And for -- I would -- if you have an opportunity, I don't actually know when the Commerce Cloud keynote is, but I know the Marketing Cloud keynote is tomorrow. And if you're interested in this, I would really encourage you to go because the agentic capabilities, not only having marketing now seamlessly across sales, service and commerce and industries and all of that, it was really on the side. It was really excluded from all of that before. Now through -- especially through Data 360, Data Cloud and Agentforce, it's all coming together. And at least -- this hasn't landed yet. This is happening next week and then really final happening in about 3 months being able to take not only identifying all the steps along the way to creating campaigns and you can use AI to generate your campaign brief and to figure out your segments and all of that, that's extremely cool. But it's really going to be different. Marketing to date has been -- you send out a lot of messages and you kind of hope for a small hit rate, maybe people will click and go to a landing page. And typically, that landing page is not a very personalized landing page, but it's going to be completely different. Marketing is going to become truly one-to-one. People -- you're going to get the messages, whether they're e-mails or text messages or WhatsApp messages or whatever it is, whatever the latest channel will be, it will be across all channels because our platform is channel agnostic. We support everything. And at the other end, if the customer wants, is going to be an agent. And we've been in the world of how many times you see in the from field no reply or do not reply. Well, now it's going to become please reply. And you're going to be able to build a relationship and have an engagement at massive scale. It's just -- it's a whole new idea that's never been possible before. Now that's released on certain channels today, but by the end of our fiscal year, that's going to be the future of marketing. And it's going to really start to blur the lines between, okay, is this a sales call or is this a marketing call? Or is this a service engagement and people are going to ask questions and sometimes those questions will be on point. But sometimes they just want to know about their orders or other products or who knows where it's going to go. And then when you actually do go to a website, that's also going to be the -- all websites. Now this is going to take a little bit more time. But imagine the world where all websites are agentic. We have a little bit of that today if you go to salesforce.com that we have an agent there. And the agent, you'll be able to navigate the website the normal way, that's not going away, but now you'll be able to have a conversation. And the agent will be able to rebuild the web page or bring up a new page and highlight for you the information you're interested in or landing pages will become highly personalized and relevant knowing everything that we know about you. Kind of like you're asking about the SDR agent earlier. And is that going to be a robotic voice? And is it going to be -- and when we saw -- originally, it was e-mail. When we -- if we could show you these e-mails, it was kind of astonishing, not only what it knew about the person, but what it knew about the products and it knew about the questions. And actually, some of these people were kind of angry with us because they had been disappointed in some way, and we were able to help them get their answers. It's really so interesting how this is going to play out. So we're pretty bullish, at least I'm pretty bullish on the future of marketing with agentic marketing, the future of commerce with agentic commerce, both for merchants and for shoppers. All of that is really yet to play out, but it's all landing in our products by the end of this fiscal year.

This has been a heroic effort from product and engineering to fully rewrite the marketing and commerce products for the agentic era. And we're really showing it for the first time at the show, and we're about to deliver to the customers over the next few weeks. So we really would like your feedback. I get back to what I said on the first few sentences -- really need your data, really need your surveys. I want to hear what the customers are thinking. I think that we have built a whole family of products that we think represents what the future of the enterprise looks like. And I think that customers are able to see it for the first time. And I think that we're obviously marching towards -- I keep -- I'm looking at the same slide that I'm looking at the slide, but you're not looking at it. I don't know what message they're trying to send me, but there's 2 slides, by the way, which is one slide is $60 billion, 10% and then Rule of 50 by fiscal year '30. And the funny thing about that is I just keep doing that in my mind. I guess that Rule of 50 means that if you subtract the growth rate that, that's what the margin is, is that how it works, right?

Kind of, yes.

So you can start to -- and then you take that number and multiply it by 60, and then you get a pretty healthy margin number. So profitability numbers. These are impressive numbers. Parker, do you want to add anything? You're putting the mic up.

Do I want to add anything? I think I've never seen a better integrated product that Steve has led, Srini is transforming really how we go to market in terms of service and leading the 4 deployed engineers. I've never seen clearer slides around our financials than from Robin. So I just want to re-welcome Robin to the company now as a Board member. It's incredible. And Miguel, obviously, for sales in the pipeline. So I've never been bullish on where we're at. I really like that we're being much more transparent. We're showing you that net new AOV and coming back to growth. And that's the reality. We see so much that you can't see. And we try to explain it to you. And I think our model has always been confusing to many of you, no offense, that it's a recurring revenue model and some of what you see is light from a den star and we're seeing in the future. We're trying to kind of explain that and show you where we are in time as well as projecting out. And I think Robin has really led that a lot, and Miguel and obviously, Marc, to kind of show you where we're going because we are super optimistic about our future. And hopefully, you can see that from all the talks today.

Okay. So just -- the slide you're seeing now is the slide. And then just see on -- and then there's the second slide that I was -- that's what I kept looking at. So you can't see the second slide. Can you go to the next slide? Yes, there it is. So then I was saying to Robin, it was kind of an algebra thing that you're going to take. That was the point that I didn't want to think I was saying something that you didn't have the option of hearing.

Okay. So we're going to wrap it there. We have several leaders I need to get to other keynotes urgently. So my watch has been blowing up with messages. So again, I appreciate you all joining us today. We do have a cocktail hour. I...

Mike, I want to just thank you for having a great IR Day and taking such great care of these analysts. And how many of you are coming to Metallica tonight? Anybody coming to Metallica or Benson Boone night? Nobody is coming? What?

There's some...

Raise your hand if you're coming to the concert. Okay. A couple are coming. All right. Everybody else is going home. Too bad.

So we'll be around. Please have a drink. We can answer more questions over cocktails. Thank you all.

Thanks so much, everybody. Thank you.