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Good day, everyone. Welcome to Salesforce's Fourth Quarter and Full Year Fiscal 2025 Results Conference Call. [Operator Instructions] Also, this call is being recorded. I would now like to hand the conference over to your speaker, Mike Spencer, Executive Vice President of Finance and Strategy and Investor Relations. Sir, you may begin.

Good afternoon and thanks for joining us today on our Fiscal 2025 Fourth Quarter Results Conference Call. Our press release, SEC filings, and a replay of today's call can be found on our website. Joining me on the call today is Marc Benioff, Chair and CEO; Amy Weaver, President and Chief Financial Officer; and Brian Millham, President and Chief Operating Officer. In addition, we also have Robin Washington, our Board Member and Incoming Chief Operating and Finance Officer here with us today. As a reminder, our commentary today will include non-GAAP measures. Reconciliations between our GAAP and non-GAAP results and guidance can be found in our earnings materials and press release. Some of our comments today may contain forward-looking statements that are subject to risks, uncertainties, and assumptions, which could change. Should any of these risks materialize or should our assumptions prove to be incorrect, actual company results could differ materially from these forward-looking statements. A description of these risks and uncertainties, and assumptions and other factors that could affect our financial results is included in our SEC filings, including our most recent report in Forms 10-K, 10-Q, and any other SEC filings. Except as required by law, we do not undertake any responsibility to update these forward-looking statements. And with that, let me hand the call over to Marc.

Well, hey, thanks so much, Mike. And I'm so excited about this call and reading the script with you because this was just the best quarter we've ever had. And I think you're going to see that as we kind of unfold what's happening here. And I'm sitting here with Amy and Brian and Mike and Sebastian is also on the table and our new MOFO I mean COFO, Robin Washington is here. So welcome, Robin. We're thrilled to have you here as well. And look I'm really excited about this. I really think that, we have something incredible to talk about and obviously, this was the quarter of Agentforce. We're going to talk about that, but it was really just another incredible quarter. And really it's been another incredible year of growth and innovation. I'm sure you all can see we've had a really strong performance across all of our key metrics on revenue, on margin, EPS, cash flow, cRPO. We've passed some amazing milestones, including more than $60 billion in RPO, and this has been the highest cash flow in our company history. You can see we exceeded our cash flow guidance. I think Amy did about $12.9 billion last quarter, but I think we delivered $13.1 billion-ish. And that was just incredible for the quarter and now we're giving guidance. I think it's around $14.5 billion in guidance for next year on the cash flow guidance. So just awesome cash production. Few enterprise software companies have really ever delivered these kind of numbers and I guess only a couple have ever delivered guidance in the $40 billions which is where we are. And our two newest major products are Data Cloud and Agentforce, AI product line now, we can see as a multibillion dollar product line. So we're excited to be in that kind of rarefied air of delivering a multibillion dollar AI product line. We ended this year with $900 million in Data Cloud and AI. ARR, it grew a 120% year-over-year. We've never seen products grow at these levels, especially, Agentforce. And Data Cloud and AI, Agentforce, this is now going to be incredible coming into fiscal year '26. As we begin this year and well since our founding, I couldn't be more excited about what's ahead. It's this is a moment like we've just never seen before. And in just a few months, we've seen this addressable market go from hundreds of billions of dollars and I'm sure you saw those ARC slides that got released over the weekend where she said that she thought this digital labor revolution, which is really like kind of what we're in here now. This digital labor revolution, this looks like it's anywhere from a few trillion to 12 trillion. I mean I kind of agree with her. I think this is much, much bigger than software. I mean for the last 25 years, we've been doing software to help our customers manage their data. That's very exciting. I think building software that kind of prints and deploys digital workers is more exciting and you're going to hear some of these incredible stories in a second. Our formula now really for our customers is this idea that we have these incredible Customer 360 apps. We have this incredible Data Cloud, and this incredible agentic platform. These are the three layers, but it's this that it is a deeply unified platform. It's a deeply unified platform. It's just one piece of code. That's what makes it so unique in this market and that is why customers are having so great success with it. It's not a collection of disjointed parts. You're going to have to kind of self-assemble, DIY it, all kinds of how do you get the security running, how do you do this, how do you do that. It's this idea that it's a deeply unified platform with one piece of code all wrapped in a beautiful layer of trust. And that's what gives Agentforce this incredible accuracy that we're seeing. I'm going to talk about even what we've seen at Salesforce with that is amazing. And I'll tell you that, our customers are just seeing some great success with it. And that's why just 90 days after it went live, we've already have 3,000 paying Agentforce customers who are experiencing unprecedented levels of productivity, efficiency and cost savings. No one else is delivering at this level of capability and we're really seeing a level of integration, simplicity, intelligence, power. I mean, customers are really telling us that we're light years ahead of other providers, and their feedback really speaks volumes. So exciting to go on the web and see Agentforce delivering labor for companies like Equinox, OpenTable, Jacuzzi, and others. I mean, I go to their sites. I'm going to their, to their X feeds, their social media presence and you see Agentforce running. And look a lot of other vendors are talking about their Agent capabilities, but few are able to show that they've got this really running at scale. And, as you're about to hear from Brian, we're seeing some amazing results on Salesforce's Customer

I really appreciate it. It's been a privilege of a lifetime to work here for more than 25 years. Very few people get to start at a company that has zero revenue and help it grow to 38 billion. The journey has been remarkable and this year was certainly the capstone. As you heard from Marc, in just one quarter, Agentforce has been deployed by thousands of brands worldwide, becoming an incredible lever for productivity, growth, and efficiency. It's happened faster than we ever expected. With our deeply unified platform seamlessly integrating our Customer 360 apps, Data Cloud, and Agentforce, we're leading the digital labor revolution. Customers of every size across every industry are seeing immediate and substantial value with Agentforce. We're setting new standards in the industry. OpenTable is a great example of how Agentforce is having immediate impact in just three weeks of handling 73% of all restaurant web queries, a 50% improvement over their previous tool. And they're not alone. The Futurum Group surveyed customers and found that Agentforce can achieve ROI five times faster than DIY while lowering costs by 20%. And technology analyst Valoir found Agentforce delivers autonomous AI agents 16 times faster versus DIY approaches with 75% increased accuracy. We continue to see significant increase in large multi-cloud transactions as companies look to accelerate faster time to value, efficiency, and growth. Goodyear is partnering with us on their transformation using Agentforce to automate and increase the effectiveness of their sales efforts. With Agentforce for field service, Goodyear will be able to reduce repair time by assisting technicians with answers to vehicle related questions and autonomously scheduling field techs appointments. We also continue to embed an agentic layer across our own business. Today, we're live on Agentforce across service and sales, our business technology organization, customer support, and more, and the results are phenomenal. Since launching on our Salesforce help portal in October, Agentforce has autonomously handled 380,000 service requests, achieving an incredible 84% resolution rate and only 2% of the requests require human escalation. And we're using Agentforce for quoting, accelerating our quoting cycles by more than 75%. In Q4, we increased our AE capacity while still driving productivity up 7% year-over-year. Agentforce is transforming how we do outbound prospecting, already engaging more than 50 leads per day with personalized outreach and timely follow ups, freeing up our teams to focus on high value conversation. Our reps are participating in thousands of sales coaching training sessions each month. Data Cloud has a powerful network effect. As usage expands, the platform becomes more intelligent and more valuable, and that's why we're seeing companies around the world, including Maserati, Bell Canada, Dolce & Gabbana, continue to invest in Data Cloud and to build the foundation to implement agents at scale. CaixaBank, which happens to be Spain's leading bank is using Data Cloud to create a robust data infrastructure that supports its agentic transformation and enables them to drive faster and more consistent customer experiences. As you know, the true value of AI is in the data. Nearly half of the Fortune 100 are both AI and Data Cloud customers, and all of our top 10 wins in Q4 included Data Cloud and AI. Agentforce is revolutionizing how our customers work by bringing AI powered insights and actions directly into the workflows across the Customer 360 applications. This is driving strong growth across our portfolio. Sales Cloud and Service Cloud both achieved double-digit growth again in Q4. We're seeing fantastic momentum with Slack with customers like

Great. Thanks, Brian. I wanted to start also by expressing my gratitude to Marc and Brian for their partnership and for their deep friendship over many, many years. It's been an incredible journey, and I'm truly thankful for the opportunity. I am also absolutely thrilled to welcome Robin to the team as our new Chief Operating and Financial Officer. Fiscal year '25 was a year of incredible change with new innovation beyond anything we could have expected just 12 months ago, requiring persistence and urgency in our execution. Q4 is a reflection of that focus across the business and you can see it in our results. Let's start with revenue. For the full year, revenue was $37.9 billion, up 9% year-over-year in both nominal and constant currency. Subscription and Support revenue grew just over 10% in constant currency. Q4 revenue was $10 billion, up 8% year-over-year in nominal. This includes approximately $75 million of incremental FX headwinds since our last guidance, resulting in 9% growth year-over-year in constant currency. Subscription and Support revenue grew 9% year-over-year in constant driven by stability in sales, service and platform partially offset by MuleSoft and Tableau, who had very tough prior year compares. From a geographic perspective, Americas revenue grew 8% in nominal and constant currency. EMEA grew 6% or 7% in constant currency and APAC grew 10% or 14% in constant currency. We saw strong new business growth in LatAm, Japan and Canada, while parts of EMEA remain constrained. Of note, the United States saw some stabilization in the quarter. From an industry perspective, in Q4, Health and Life Sciences, Communications and Media, both performed well, while Tech and Manufacturing, Automotive and Energy were more measured. And as you heard from Brian, our multi-cloud momentum continues as customers turn to our deeply unified platform. That's why our top 100 deals in the quarter averaged six clouds and all of our top 10 wins included AI, Data Cloud, Service Platform and Industry Clouds. Our Data and AI momentum continues as we move towards a world where AI is ubiquitous and embedded in everyday workflows. Our investments in this space have been deliberate and focused and we are now starting to yield strong returns. We ended the year with $900 million in Data Cloud and AI annual recurring revenue, growing nearly 120% year-over-year. As Marc shared, we closed more than 3,000 paid Agentforce deals in the quarter. As customers continue to harness the value of AI deeply embedded across our unified platform, it is no surprise that these customers average nearly four clouds. And these customers came from a diverse set of industries with more than half in technology, manufacturing, financial services and HLS. Q4 revenue attrition ended the quarter slightly above 8%, in line with recent quarters. Q4 non-GAAP operating margin was 33.1%, up 170 basis points year-over-year, driven by topline outperformance and disciplined expense management. GAAP operating margin was 18.2%, up 70 basis points year-over-year. And for the full year, I am very pleased with our non-GAAP operating margin of 33%, up another 250 basis points year-over-year. GAAP operating margin was 19%, up 460 basis points year-over-year, inclusive of incremental restructuring charges we incurred in Q4. Q4 operating cash flow was nearly $4 billion, up 17% year-over-year. Q4 free cash flow was $3.8 billion, also up 17% year-over-year. And for the full year, operating cash flow was a record $13.1 billion, up 28% year-over-year, and that's inclusive of a predicted 10 point cash tax headwind. And as we said, driving strong free cash flow remains a key component of our profitable growth strategy. Fiscal year '25 free cash flow was $12.4 billion, up 31% year-over-year. Turning to remaining performance obligation, RPO, which represents all future revenue under contract. We passed $60 billion for the first time in company history. Q4 finished at an incredible $63.4 billion, up 11% year-over-year, representing our customers' long-term commitment to Salesforce and the durability of our business model. Current RPO or cRPO ended at $30.2 billion, an increase of 9% year-over-year in nominal currency. This includes a $300 million FX headwind, which results in an 11% year-over-year growth in constant currency, driven by strong performance in Data Cloud and AI and Slack. Q4 cRPO also benefited significantly from strong early renewals. Within our bookings this quarter, we again saw continued stabilization in our transactional businesses including create and close and SMB. On capital return, in fiscal '25, we executed $7.8 billion in share repurchases and issued $1.5 billion in dividends. Through our capital return program, we more than fully offset dilution from FY'25 stock-based compensation. And since the inception of our capital return program, we have now returned more than $21 billion to shareholders. Now let's turn to guidance. Starting with full fiscal year '26. We expect revenue of $40.5 billion to $40.9 billion, growth of approximately 7% to 8% year-over-year in nominal and constant currency. And for Subscription and Support revenue, we expect growth of approximately 9% year-over-year in constant currency. Now I want to pause and give a few important notes on this guidance. First, on foreign exchange. As Marc noted, we've seen the US dollar strengthen considerably. And even since our last earnings call, that movement has driven an incremental $200 million headwind to fiscal '26 revenue. Our revenue guidance now incorporates an approximately 0.5 point year-over-year headwind. Second, as we experienced in fiscal '25, we continue to expect our professional services business to be a headwind to growth this year, which is reflected in our guidance for total revenue. Note that as part of our overall implementation strategy, we are leaning more on our partner ecosystem. As you heard from Brian, partners were involved in 50% of our Agentforce wins and 70% of Agentforce activations in Q4. Third, we expect subscription and support revenue to be lifted by momentum in Data Cloud and some contribution from Agentforce this year, partially offset by weakness in marketing and commerce and slower growth in our exploration base in FY'26. Finally, on Agentforce, we are incredibly excited about the customer momentum we are seeing. However, the adoption cycle is still early as we focus on deployment with our customers. As a result, we are assuming a modest contribution to revenue in fiscal '26. We expect the momentum to build throughout the year, driving a more meaningful contribution in fiscal '27. And on attrition, we expect attrition to remain consistent, slightly above 8% for the full year. Now turning to profitability and cash flow. On margins, I want to reiterate that the company remains committed to ongoing expansion. The company has laid a strong foundation for continued margin progression, efficiency and disciplined investments. Fiscal year '26 non-GAAP operating margin is expected to be 34%, representing another 100 basis points of expansion year-over-year. This incorporates intentional investments in high-growth opportunities, most notably in Agentforce and Data Cloud. And I'd like to call out that from a pace perspective, we do expect a ramp in margins throughout the year. Stock-based compensation is expected to stay relatively flat year-over-year as a percent of revenue. We expect fiscal year '26 GAAP operating margin of 21.6%, representing more than 250 basis points of improvement year-over-year. We expect fiscal year '26 GAAP diluted EPS of $6.95 to $7.03. Non-GAAP diluted EPS is expected to be $11.09 to $11.17. As we have mentioned over the last few years, we remain focused on driving durable cash flow growth. We expect fiscal year '26 operating cash flow growth of approximately 10% to 11% and we are not expecting a material headwind from cash taxes this year. We expect CapEx for the fiscal year to be approximately 2% of revenue again. This results in free cash flow growth of approximately 9% to 10% for the fiscal year. Now to guidance for Q1. On revenue, we expect $9.71 billion to $9.76 billion, up 6% to 7% year-over-year in nominal and 7% in constant currency. As a reminder, we are lapping the one point leap year benefit we noted last Q1 as well as the benefit from license revenue timing. cRPO growth for Q1 is expected to be approximately 10% year-over-year in nominal, including a $100 million FX headwind, resulting in slightly above 10% in constant currency. For Q1, we expect GAAP EPS of $1.49 to $1.51 and non-GAAP EPS of $2.53 to $2.55. In closing, I'm very pleased with our strong finish to the year and the foundation we have set in place for continued success and I want to thank our employees for their dedication and execution throughout the year. I also want to extend my gratitude to our shareholders and investment community for your continued support. It has really been a privilege working with all of you. Now Mike, do you want to open up the call for questions?

Thanks. Operator, we're ready to take questions now. As a reminder, we ask everyone to limit to one question and we'll take the first question now.

Thank you, sir. And the first question today comes from Keith Weiss, Morgan Stanley.

Excellent. Thank you guys for taking the question and congratulations on a really strong end to FY'25. I wanted to dig into the Agentforce opportunities, some really big numbers there in terms of the number of deals signed and really good revenue momentum there. Investors are asking me a lot and have a lot of questions on how the pricing model?

Hey, Keith.

Yes. Can you hear me?

Keith, sorry, the first part of your question. Yes, I can hear you now. The first part of your question cut out. So could you start over please?

Sure. Thanks. So congratulations on the very strong quarter. A lot of focus on Agentforce and a lot of big numbers there. Investors are asking me a lot of questions about the changing pricing model dynamics going from a seat-based model to one that includes consume developments and how that nets out. So I was hoping you could give us some color in terms of what you guys are seeing thus far when you're doing these Agentforce contracts? Is it expanding the overall contract size? What kind of expansions are you seeing if you are seeing expansions and does the math net to be a good positive for Salesforce as we move to a more consumptive model or are there any bumps in the road that we should be aware of?

Okay. Well, I'd love to address that directly and then I'm going to ask Brian to come in with some specifics and examples because I think it's so exciting. I think, of course, we've kind of started the company out with the per-user pricing model, and that's about humans. We price per human. So you kind of pricing per human. And then we have products though that are also in the consumption world as well. And, of course, those started in the early days, things like our sandboxes, even things like our Commerce Cloud, even our email marketing product, our Marketing Cloud, these are consumption based products we've had for years and it's always been a mix of products that we have for humans and then products that we have for computers. Now we have these kind of products that are for agents also and agents are also a consumption model. So when we look at our Data Cloud, for example, that's a consumption product, Agentforce is a consumption product. But it's going to be a mix. It's going to be a mix between what's going on with our customers with how many humans do they have and then how many agents are they deploying? I think in one example that I can personally tell you about in the quarter, we did a large transaction with a large telecommunications company. It's incredible. And when I was talking to their CEO, she was asking me how are we going to price the transaction and so forth. And I can't remember the exact number of the deal. I think it was Brian maybe it was about $20 million in ACV something like that for the year maybe a $60 million TCV transaction. And then as part of that transaction, it's a mix of you know we're rebuilding this telecommunications company, so it's Sales Cloud, it's Service Cloud, it's Marketing Cloud. It's all of our core clouds, but then also it's Agentforce. And the Agentforce component, I think, was maybe $7 million in the transaction. So she was buying $7 million of Agentforce. She bought $13 million in our products for humans. And I think that was about $20 million in total. These are about approximate numbers. I think that's kind of the idea that you're going to see us be able to deliver the right package for the right customer. Even if you look at Salesforce, as I mentioned, here we are working in this world and kind of Brian has hit on it, we did, what 360,000 transactions in the quarter with Agentforce on help.salesforce.com. And then what do you have about several thousand customer support reps and so we have our Service Cloud running, we have Agentforce running. We have our different products running than our, of course, our Service Cloud is deeply integrated with our Sales Cloud and other products. So it's going to be a mix. And I think that the mix is the most exciting thing. I don't know any company that's 100% agents. I don't know of any company that doesn't need automation for its humans. I don't know any company that doesn't need a Data Cloud where it needs a consistent common data repository for all of its agents to gain their intelligence. And I don't know any company that's not going to need an agentic layer. And that idea of having apps, data and agents, I think, is going to be the winning combination. Do you want to actually give the real details, Brian.

No. Exactly right. There's trinity, as you called it, Marc, CRM plus data plus agents is really what our customers are coming to us for. Keith, our objective is how do we serve the customers and focus on customer success, how do we give them what they need to go drive their business forward, both from a productivity and from an efficiency perspective. The pricing models will change over time. There's no doubt about it. The nice thing that we've seen with our customers is they really understand the ROI associated with digital labor, what we're able to provide with agents is really driving the velocity of transactions that we've seen. Marc mentioned the 3,000 transactions that we closed in the fourth quarter, really driven on our ROI model that people understand that they can get a tremendous amount of benefit from agents. We will probably move into the near future from conversations as we price most of our initial deals to Universal Credits will allow our customers formal flexibility in the way they transact with us. But we see this as significant upside to our pricing structures going forward. And that's what we've seen in the early days with our engagement with customers.

We directly address like here's a transaction that you're doing, let's say, a customer comes in, they're very interested in building an agentic layer on their company. Is that bringing other human-based clouds along with it?

No doubt. And I think what we've seen is that we have incremental strength in our core technology, the CRM core technology you saw in the quarter, we had some good performance in both Sales and Service Cloud, both above 10% growth in the quarter. And so we are seeing people leverage our core technology, the named pricing models with our core apps and agents together to go drive the efficiencies that they're looking for.

I think you're going to really play it out. I mean you do come to TrailheadDX and you do see that new Tableau Next. I think what you're going to see is a Tableau that was only built for humans before but now is deeply integrated in the Data Cloud and has a deep agentic layer as well. So you're going to be able to come to your own conclusions, get your hands on these products, talk to the customers for an exciting moment.

Thanks, Keith. Operator, we'll take the next question please.

Thank you, sir. And our next question comes from Kirk Materne, Evercore ISI.

Yes. Thanks very much for taking the question. Brian and Marc, I was wondering if you could just talk about, you referred to it a little bit, but as Agentforce builds, obviously, not every company is going to be ready to potentially go agentic today. But is Agentforce having a bit of a halo effect around some of your other products, meaning as we are on the journey to get more monetization from Agentforce, are you seeing pickups or at least higher activity levels in some of your other products that to Brian to your point sort of form this holy this trinity? Thanks.

Sure. Exactly right. And we're seeing it in the way that our customers are using our technology, new ideas, new workflows, new engagements. We talked about Lennar, as an example, their ability to handle leads after hours that they weren't able to get back to or respond to in a quick time frame are now able to touch and engage with those leads and then that, of course, flows into their Salesforce automation system. And so we are seeing this halo effect with our core technology. It is making every single one of our core apps better as they deliver intelligence underpinning these applications. And so it is the message that we're delivering this trinity of apps, data and agents that is really compelling to our customers.

Thank you.

Thanks, Kurt. Operator, we'll take the next question please.

The next question is Raimo Lenschow, Barclays.

Hey, perfect. Congrats from me as well. And Marc like with Amy and Brian you lose some very experienced people on the team. What was the thinking in terms of combining those two roles? And how do you see that playing out going forward? Thank you.

Well, I'm so excited to have Robin come in as our new COFO. And I really think it's exciting because Robin really has this kind of unique capability to deliver the Chief Operating Officer position and Chief Financial Officer position. And I'll tell you, as we did the search, one of the really top candidates that we saw come through held this position in another company. And I think as Robin and I were talking about that, the leverage of having a COFO, this idea that the Financial Officer and the Chief Operating Officer really come together as this incredible partnership to deliver this capability just was a perfect match for us. I was thinking about going with it with this outside candidate and that's where I was fortunate to be able to convince Robin to take the job. And Robin would you like to just say something and just kind of come in here and just tell us about how excited you are to be part of the management team.

Sure, Marc. As you've heard Brian, Amy and Marc talk about it is an exciting opportunity for us right now with Agentforce. So I'm elated to be able to join forces with the operating team. It's an exciting time in our industry as well. And as you've heard us talk about the trinity and our deeply unified platform, I think, we clearly are able to have something that's going to support our customers' growth and productivity in this new area, in this new era, I should say, with the result of sustainable and profitable revenue growth for Salesforce long-term.

Yes. And I just want to also -- I should also really think Miguel Milano, as you probably know came back as our Chief Revenue Officer about a year ago and he decided to rejoin us after some cajoling. And I've asked him to work directly for me, running our worldwide sales organization and so I've been so thrilled about that. And I also have to thank Srini, who's our Chief Engineering Officer is now our Chief Engineering and Services Officer, who's taken on customer service and support. And it's been a rebalancing of our management team. So we have this amazing new executive with Robin. I couldn't be more excited to be have her by my side. And just as a little side note, Robin will tell you, I've been trying to convince her to join the company for over a decade. And so I finally got her and after a lot of selling. So we're thrilled to have Robin with us and joining us direct operating executive from the Board. And then having Miguel is so exciting, of course, having Parker with me as well is so critical. And also, as I mentioned, Srini is running Services and Engineering; and Steve Fisher, being promoted recently to our Chief Product Officer or actually our Chief Technology Officer, running Products; and our Chief Product Officer, David Schmaier, also with expanded responsibilities working directly for me. David is now our Chief Product and Impact Officer. And this is, I couldn't be more thrilled. I also have a great Chief Of Staff Kendall and a whole team around me with so many incredible functions and capabilities. And of course smiling and waving at me across the table is Sebastian Niles, my Chief Legal Officer, who has done an unbelievable job since joining the company. So I don't think I've ever had a better management team. I mean it's hard to beat Amy and Brian, but I think maybe we did it. We're really thrilled. So sorry Amy and Brian to see you go, a Hui Hou, but welcome to the new management team and we're so thrilled to have them with us and we're so excited to start fiscal year '26 with an absolute bang. And Robin did you want to end with any parting comments.

No. We'll go to next.

All right. Very good. She's ready for the next question.

Thanks, Raimo. Let's go to the next question please operator.

Up next is Brent Thill, Jefferies.

Thanks. Marc just on DOGE and the impact of what the federal state [Technical Difficulty]. I'm curious if you can discuss your role and what you think this means for Salesforce?

Well, I don't have any role. I think, of course, I'm coming at this with the beginner's mind like I'm sure all of us are that we want to see what they are able to deliver with the new administration. We're huge fans of the United States of America. We want us to be a successful country as we possibly can be and that also includes having something that I think is critically important for us, which is a balanced budget, something I've encouraged every president that I worked with for quite a few administrations to achieve. We're thrilled with our relationship with the government. You know that we have so many agencies that depend on us from providing support for veterans through our veterans administration and so many other groups. And I think even DOGE just using Slack to manage their communication and coordination. So we'll work closely with the government. We'll do anything we can to help them succeed and we wish them only the best and we're here to help at every step of the way, and we want the US to be as successful as it possibly can.

Thanks, Brent. Operator, we'll go to the next question please.

Next up from JPMorgan, it's Mark Murphy.

Thank you so much. Marc, you had mentioned this labor arbitrage and the jobs are going to evolve. When you think through the scale of that kind of an opportunity, how much labor do you think you can augment to replace, for instance, could a company with 1,000 employees, slow its hiring or stop its hiring and just layer in a couple of hundred Agentforce spot and maybe accelerate its growth. And then further to Brent's point, can we apply that concept to federal government agencies. If they have 3 million workers and some of them are going to leave voluntarily, could they layer in hundreds of thousands of these Agentforce bots and see some greater efficiency.

Well, I think, that I could wave you away and say I don't really know yet, but I will tell you that since I'm the CEO of a 75,000 person company or how many employees do we have now? 75,000, 76,000. So let's just look at us. So we have, what, 9,000 support agents. We really are seeing tremendous efficiency with help.salesforce.com, so we may see the opportunity to rebalance some of those folks in the sales and marketing and other functions. We're really excited about that. I would say that we're definitely have seen a lot of efficiency within engineering and with some of the new tools that I've seen especially some of these high performance coding tools. One of the key members of my staff who's here in the room with us has just showed me one of his new examples of what we're able to do with these coding tools is pretty awesome. And we're not going to hire any new engineers this year. We're seeing 30% productivity increase on engineering and we're going to really continue to ride that up. And we're going to grow sales pretty dramatically this year. Brian has got a big vision for how to grow the sales organization, probably another 10% to 20%, I hope this year because we're seeing incredible levels of demand. I think every company who is our customer or prospect wants us to come in and start talking about what we're going to do with them and how we're going to transform them. Everybody sees the opportunity. I think that the big message I have for a lot of CEOs that I meet with is, hey, we're the last generation of CEOs to only manage humans? I think every CEO going forward is going to manage humans and agents together. I know that's what I'm doing. So this is what I have to think about every single day as a CEO. And I think everyone is going to have to start to think about that. It's definitely starting because, as I mentioned, I was with a large CEO group last week, and it was a topic of conversation in every single person that I met with. And with whether it's those life science CEOs that we mentioned or financial services CEOs or manufacturing CEOs. And every example, they can see how agents are going to be able to augment their workforce. And I think you can see it also in the global economy that I think productivity is going to rise without additions to more human labor, which is good because human labor is not increasing in the global workforce. So you have a stagnant human workforce worldwide. So if you want productivity to go up and you want GDP to grow up and you want growth, I think, that digital labor is going to be one of the catalysts to make that happen and I was talking with a significant economist and economic leader last week. And I think that -- I think everyone's on the same page that we could see something really dramatic. And this is our main focus as a company. We aren't building huge $10 million, $20 million, $30 million, $100 billion data centers. We're not doing some of these kind of engineering efforts that may or may not have some kind of huge payoff, but is going to take down all of our cash and all of our margin for the next several years. We're like augmenting our existing product line with artificial intelligence, taking advantage of these incredible investments that are being made in infrastructure by others and we're going to deliver the digital labor revolution. This is our goal. Our goal is to be the number one provider of digital labor in the world. That's it. I don't think there really is another goal. You can say we're the number one AI CRM, which we already are. But when you're the number one AI CRM, you're also going to lead the digital labor revolution. And that is going to be the focus of fiscal year '26. As I said, this is the year of digital labor and it is going to be the year where every Trailblazer is going to become an Agentblazer.

Great. Thanks. Operator, we'll take our last question now please.

And that question comes from Kash Rangan, Goldman Sachs.

Hey, thank you very much. We'll miss you, Brian and Amy. Congratulations Robin. One for you, Marc. There's a lot of talk about how we're moving from model building and training to the inference layer. And also as part of that shift to agentic technology, there's been a lot of debate about the SaaS technology in the business model. Can the SaaS tech stack that you built and pioneered, how does that fit into the agentic world. Is there a risk that SaaS just becomes a project database. It sounds really terrible, but I'm sure you have an opinion, I'd love to hear it. Thank you.

Okay. Well, Kash, I really appreciate that. Look I've heard that Microsoft narrative too. So I watched the podcast you watched, and that's a very interesting idea. And here's how I look at it, which is I believe there is kind of a holy trinity here of AI CRM, which is the apps, the data and the agents. And these three things have to kind of work together. And I kind of put my money where our mouth is when we kind of built it and we delivered it. And you can see the 380,000 conversations that we had as point of evidence here in the last 90 days on our service and with a very high resolution rate of 84%. Now you can go to our, so you can go to help.salesforce.com and you can see that today. Now Microsoft has had Copilot available for, I think, about two years or more than two years and they are I know that they're the reseller of OpenAI and they've invested the kind of repackaged this ChatGPT whatever. But where on their side are they delivering agents? Where in their company have they done this? Where are they at best practice? Because I think that while they can say such a thing, do they have humans and agents working together to create customer success? Are they rebalancing their workforce with humans and agents. I think that it's a very interesting point that, yes, the agentic layer is very important, but it doesn't operate by itself. It operates with data, with a Data Cloud that has to be federated through your company to all your data sources and humans, we're still here. I'm here. I just knocked on the table in case anybody wants to know this is not an agent. And I mean I guess we're not very long. Is that actually going to be a good test? But just know that I am here and you could call me or text me Kash and I'm using those apps too. Like I said, I've got the new Tableau is amazing, the Sales Cloud, the Service Cloud I use. I use all of our products. Slack, I was just on and that idea that our apps and our Data Cloud and our agentic layer all integrated together right now and delivering value right now to our number one Customer

Thanks, Marc. Thanks, Kash. Thank you, everyone, for joining the call today and we look forward to seeing everyone over the coming weeks.