Q2 2027 Salesforce Inc Earnings Call

August 26, 2026

Speaker #1: Good afternoon, everyone. I am Shivani Ahuja, and welcome to our Q2 earnings pre-live—pre-show—live from San Francisco. Now, you've probably heard the SAS apocalypse story, and the idea that AI kills enterprise software.

Speaker #1: Everyone, I am Shivani Huja, and welcome to our Q2 earnings pre-live—pre-show—live from San Francisco. Now, you've probably heard the SAS Apocalypse story, and the idea that AI kills enterprise software.

Speaker #1: I don't buy it. We don't buy it. What we're actually seeing is the opposite: consumption is growing at an incredible pace, and customers are unlocking more value than ever before.

Speaker #1: Now, three customers are joining us today to prove it firsthand. We've got Xero, we've got Legora, and we've got Replit. And what's especially interesting is that they're taking different approaches to AI.

Speaker #1: Now, Xero, going deep with Agent Force. Legora's employees work with Claude and ChatGPT every single day. And with Replit, they build with Claude Code.

Speaker #1: Now, these are different reasoning engines, entirely different interfaces, but underneath, all three is the same trusted foundation. Salesforce. So let's get into it. And first up, we've got Xero.

Speaker #1: Now, Xero helps small businesses around the world manage their finances. The company serves nearly 5 million subscribers. And that includes accountants and bookkeepers. Now, Xero has been a Salesforce customer since 2014, running on Service Cloud, and now Agent Force.

Speaker #1: And now, Agent Force. Joining me here in the studio, live today, right now, this moment, is Xero CEO Sukinder Singh Kasidi. Thank you so much, Sukinder, for joining us today.

Speaker #1: Joining me here in the studio live today, right now, this moment, is Xero CEO Sukinder Singh Kasidi. Thank you so much, Sukinder, for joining us today.

Speaker #1: We are thrilled to have you on the show.

Speaker #2: Well, thank you for having me.

Speaker #1: Now, Sukinder, how critical is Salesforce to running Xero today? And, you know, not to lead the witness, but put simply, what would become harder or stop working without it?

Speaker #2: Well, first of all, as you noted, we have been a Salesforce customer since 2014, and we have scaled subscribers multiple folds since then, of course.

Speaker #2: We've also scaled geos multiple times.

Speaker #1: Right.

Speaker #2: And we use Salesforce not just as Service Cloud, but also Marketing Cloud and Sales Cloud. So it underpins all of our customer interactions, both outbound and inbound.

Speaker #1: Right.

Speaker #2: And we use Salesforce not just as Service Cloud, but also Marketing Cloud and Sales Cloud. So it underpins all of our customer interactions, both outbound and inbound.

Speaker #2: So it is critical infrastructure for us. And so what would happen if we stopped using it? Well, even before we get into AI, I think our GTM would grind to a halt, and our customers would be pretty disconnected from their, you know, their experience at Xero.

Speaker #2: So it is critical infrastructure for us. And so what would happen if, if we stopped using it? Well, even before we get into AI, I think our GTM would grind to a halt, and our customers, would be pretty disconnected, from their, you know, their experience at Xero.

Speaker #2: But it is a very critical part of our tech strategy and stack, including in an AI-forward world.

Speaker #1: I love that. And so you've got sales, you've got service, you've got marketing. It's almost like the pipes in which all of this rich data is flowing through.

Speaker #1: And now Agent Force. So talk us through a bit about your experience with Agent Force. What agents have you built? How quickly did you move from idea from, like, this idea of an agent doing work to the agent actually doing real work?

Speaker #1: And now Agent Force. So talk us through a bit about your experience with Agent Force. What agents have you built? How quickly did you move from idea, from, like, this idea of an agent doing work to the agent actually doing real work?

Speaker #2: Right. Well, I think at Xero, I think Agent Force has been, I'd say, foundational and instrumental to changing our customer experience in our support area in particular.

Speaker #2: Right. Well, I think it, at Xero, I think Agent Force has been, I'd say, foundational and instrumental to changing our customer experience in our support.

Speaker #2: Area in particular. And there are a couple things I want to call out, because I think they were things that were never before possible at Xero.

Speaker #2: And there are a couple things I want to call out, because I think they were things that were never before possible at Xero. So Xero is built entirely as a digital-first customer support experience.

Speaker #2: So Xero is built entirely as a digital-first customer support experience. So believe it or not, we've never had call centers. customers would have to self-service, which is great on a site called Partner Central, which houses all of our repositories of, of answers and knowledge base.

Speaker #2: So believe it or not, we've never had call centers. Customers would have to self-service, which is great on a site called Partner Central, which houses all of our repositories of answers and knowledge base.

Speaker #2: But there was no way to ever talk to anyone live. And there was no way to get real-time support. And so as the team was building Agent Force, or looking at Agent Force, and thinking about what we could do with it, you know, real-time support became the critical opportunity.

Speaker #2: but there was no way to ever talk to anyone live.

Speaker #1: Yeah.

Speaker #2: And there was no way to get real-time support. And so, as the team was building Agent Force, or looking at Agent Force, and thinking about what we could do with it, you know, real-time support became the critical opportunity.

Speaker #2: And about nine months ago, maybe ten months ago, we started talking about what if we could give 100% of our customers real-time support. And I think the first fear was like, well, if we had an agent, and internally we codenamed this Lucy, you know, and we offered it to 100% of customers, would actually and we were willing to route people to an agent if we could, if the if to a live agent, if the AI agent could not answer their questions, would we see explosion in staffing costs and volume and even the ability to talk to somebody?

Speaker #2: And about 9 months ago, maybe 10 months ago, we started talking about what if we could give 100% of our customers real-time support. And I think the, the first fear was like, well, if we had an agent, and internally we codenamed this Lucy.

Speaker #2: You know, and we offered it to 100% of customers, would actually, and we were willing to route people to an agent if we could, if the, if, to a live agent, if the AI agent could not answer their questions, would we see explosion in staffing costs and volume and even the ability to talk to somebody?

Speaker #2: Would that would that blow our gross margins? And instead, what happened, of course, is we set ourselves a goal, and Agent Force was the enabler.

Speaker #2: Would that, would that blow our gross margins? And instead, what happened, of course, is, we set ourselves a goal, and Agent Force was the enabler.

Speaker #2: We built a custom workflow and a custom journey for our customers on the chatbot. We. I challenged the team when they had rolled out to 25%, and we're seeing good results.

Speaker #2: We built a custom workflow and a custom journey for our customers on the chatbot. We now just called it our customer service agent. We don't call it Lucy anymore.

Speaker #2: and I challenged the team when they had rolled out to 25%, and we're seeing good results. I said, take it to 100. and their fear was, well, what if CSAT's not good enough?

Speaker #2: I said, take it to 100. And their fear was, well, what if CSAT's not good enough? What have you? And I said, look, this is an experience we've never had before.

Speaker #2: What have you? And I said, look, this is an experience we've never had before. For our customers, it is something that hasn't existed. And could only exist in an AI world.

Speaker #2: Where our customers, it is something that hasn't existed. And could only exist in an AI world. And so we rolled it out to 100% of our customers just a couple of months ago.

Speaker #2: And so we rolled it out to 100% of our customers just a couple of months ago. we're already seeing, of course, many, many questions answered instantaneously.

Speaker #2: We're already seeing, of course, many, many answered instantaneously. I think it's a 62% deflection rate.

Speaker #2: I think it's a 62% deflection rate. We've had over 200,000 interactions. you know, tens of thousands of interactions, going on in any given month.

Speaker #1: Wow.

Speaker #2: We've had over 200,000 interactions you know, tens of thousands of interactions going on in any given month. And what we have really done is given them the ability to, A, get most of their questions answered instantaneously.

Speaker #2: And what we have really done is given them the ability to, A, get most of their questions answered instantaneously. For those that aren't, they are able to be routed to an agent.

Speaker #2: For those that aren't, they are able to be routed to an agent. So now, for the first time, there is a human talking to them faster than would other have previously been possible.

Speaker #2: So now, for the first time, there is a human talking to them faster than would other, have, previously been possible. And of course, we've been able to do this while maintaining, you know, what is a pretty high margin, a gross profit or a gross margin, profile for ourselves.

Speaker #2: And of course, we've been able to do this while maintaining, you know, what is a pretty high margin a gross profit or a gross margin profile for ourselves.

Speaker #1: And this is this whole idea, again, that CSAT would have been at Xero, because it didn't exist before, so now.

Speaker #1: And this is this whole idea, again, that CSAT would have been at Xero, because it didn't exist before.

Speaker #2: Exactly. So how do you measure something that hasn't existed?

Speaker #2: Exactly. So how do you measure something that hasn't existed? Yes.

Speaker #1: Incremental value.

Speaker #2: Yes.

Speaker #1: And it sounds like this internally named Agent Lucy is not just stopping at service, because now you're starting to build upon the case building.

Speaker #1: and, and it sounds like this internally named Agent Lucy is not just stopping at service, because now you're starting to build upon the capabilities.

Speaker #2: Yes, of course. But I mean, the capabilities once, as you know, once you have an agent, and you know it can work for certain use cases, you're going to start rolling in more.

Speaker #2: Yes, of course. I mean, the capabilities once, as you know, once you have an agent. And you know it can work for certain use cases, you're going to start rolling in more.

Speaker #2: So now billing, we don't just do accounting, we do payroll and payments as well on our platform. And so now we can support payroll questions as well.

Speaker #2: So now billing, we, we don't just do accounting, we do payroll and payments as well on our platform. And so now we can support payroll questions as well.

Speaker #2: And so, you know, that customer service agent is just getting more and more powerful. And so that has been one of the big Agent Force implementations.

Speaker #2: There's one more that is worth highlighting, which is our ability to really nurture leads and procure more leads. Like, any business, you know, lead gen is another great opportunity.

Speaker #2: There's one more that. Is worth highlighting, which is our ability to, really nurture leads. And procure more leads. Like, any business, you know, lead gen is another great opportunity.

[Company Representative] (Xero): line margin, or gross profit, or gross margin profile for ourselves.

Sukhinder Singh Cassidy: line margin, or gross profit, or gross margin profile for ourselves.

Speaker #1: My margins, or gross profit, or gross margin profile for ourselves.

Shibani Ahuja: Good afternoon, everyone. I am Shibani Ahuja, and welcome to our Q2 earnings pre-show, live from San Francisco. You've probably heard the SaaSpocalypse story and the idea that AI kills enterprise software. I don't buy it. We don't buy it. What we're actually seeing is the opposite. Consumption is growing at an incredible pace, and customers are unlocking more value than ever before. Three customers are joining us today to prove it firsthand. We've got Xero, we've got Legora, and we've got Replit. What's especially interesting is that they're taking different approaches to AI. Xero is going deep with Agentforce. Legora's employees work with Claude and ChatGPT every single day. With Replit, they build with Claude Code. These are different reasoning engines, entirely different interfaces, but underneath all three is the same trusted foundation, Salesforce. Let's get into it.

Speaker #2: And here, we've used Agent Force to build an AI SDR, and that SDR is taking leads from the website, from accounts and bookkeepers who come in, and it also will re-nurture old, old leads, effectively inactive, accounts and bookkeepers who we want to re-stimulate.

Speaker #2: And here, we've used Agent Force to build an AI SDR. and that SDR is taking leads from the website, from accounts and bookkeepers who come in, and it also will, re-nurture old, old leads, effectively inactive, accounts and bookkeepers who we want to re-stimulate.

Speaker #2: And this is the sole idea. Again, the CSAT would have been at zero because it didn't exist before, to now.

Shibani Ahuja: This is the whole idea. Again, CSAT would have been at zero because it didn't exist before

[Company Representative] (Xero): Exactly

Sukhinder Singh Cassidy: Exactly

Speaker #1: Exactly. So how do you measure somebody that hasn't existed? Yes.

Shibani Ahuja: to now bring it to something where

[Company Representative] (Xero): How do you measure something that hasn't existed yet?

Shibani Ahuja: to now bring it to something where

Sukhinder Singh Cassidy: How do you measure something that hasn't existed yet?

Shibani Ahuja: It is incremental value.

[Company Representative] (Xero): Yes.

Sukhinder Singh Cassidy: Yes.

Speaker #2: And it sounds like this internally named agent, Lucy, is not just stopping at service, because now you're starting to build upon the capabilities.

Shibani Ahuja: And it sounds like this internally named Agent Lucy is not just stopping at service, because now you are starting to build upon the capabilities as well.

Speaker #2: We see that they we have increased our email open rates 3X. We use of our AI SDR, of course, we are booking more leads than would have been possible previously.

[Company Representative] (Xero): Yes, of course. The capabilities, as you know, once you have an agent

Sukhinder Singh Cassidy: Yes, of course. The capabilities, as you know, once you have an agent

Speaker #1: Yes, of course. But I mean the capabilities—once, as you know, once you have an agent and you know it can work for certain use cases, you're going to start rolling in more.

Speaker #2: we see that they, we have increased our email open rates 3X. With the use of our AI SDR. of course, we are booking more leads than, would have been possible previously.

Shibani Ahuja: Yeah

[Company Representative] (Xero): and you know it can work for certain use cases, you are going to start rolling in more. So now billing, we do not just do accounting, we do payroll and payments as well on our platform.

Sukhinder Singh Cassidy: and you know it can work for certain use cases, you are going to start rolling in more. So now billing, we do not just do accounting, we do payroll and payments as well on our platform.

Speaker #1: So now, billing—we don't just do accounting, we do payroll and payments as well on our platform. And so now we can support payroll questions as well.

Speaker #2: And of course, we're avoiding the staffing costs of trying to do this manually at scale. So another really exciting implementation.

Speaker #2: And of course, we're avoiding the staffing costs. Of trying to do this manually at scale. So, another really exciting implementation.

Shibani Ahuja: Oh, wow.

[Company Representative] (Xero): Now we can support payroll questions as well. That customer service agent is just getting more and more powerful. That has been one of the big Agentforce implementations. There is one more

Sukhinder Singh Cassidy: Now we can support payroll questions as well. That customer service agent is just getting more and more powerful. That has been one of the big Agentforce implementations. There is one more

Speaker #1: And so, you know, that customer service agent is just getting more and more powerful. And so, that has been one of the big agent-force implementations.

Speaker #1: I love these use cases, because they're examples of, like, something you didn't have before. Like, you didn't necessarily have folks that could call back all these leads to now, you're seeing outcomes.

Speaker #1: I love these use cases because they're examples of, like, something you didn't have before. Like, you didn't necessarily have folks that could call back all these leads to now, you're seeing outcomes.

Speaker #1: There's one more that is worth highlighting, which is our ability to really nurture leads and procure more leads. Like any business, you know, lead gen is another great opportunity.

Shibani Ahuja: Sure

[Company Representative] (Xero): that is worth highlighting, which is our ability to really nurture leads and procure more leads.

Sukhinder Singh Cassidy: that is worth highlighting, which is our ability to really nurture leads and procure more leads.

Speaker #1: You didn't have enough folks to answer all the calls. This is wild.

[Company Representative] (Xero): Like any business, lead gen is another great opportunity. Here, we have used Agentforce to build an AI SDR, and that SDR is taking leads from the website, from accounts and bookkeepers who come in, and it also will re-nurture old leads, effectively inactive accounts and bookkeepers who we want to re-stimulate. We see that we have increased our email open rates 3X.

Sukhinder Singh Cassidy: Like any business, lead gen is another great opportunity. Here, we have used Agentforce to build an AI SDR, and that SDR is taking leads from the website, from accounts and bookkeepers who come in, and it also will re-nurture old leads, effectively inactive accounts and bookkeepers who we want to re-stimulate. We see that we have increased our email open rates 3X.

Speaker #2: Yeah, I think you're hitting the key opportunity. Right? People always think about what you lose, but what you gain is a level of scale and the ability to have new use cases that previously just simply weren't possible.

Speaker #2: Yeah, I think you're hitting the key opportunity right. People always think about what you lose, but what you gain is a level of scale and the ability to have new use cases that previously just simply weren't possible.

Speaker #1: And here, we've used agent force to build an AI SDR, and that SDR is taking leads from the website, from accounts and bookkeepers who come in, and it also will re-nurture old, old leads—effectively inactive accounts and bookkeepers who we want to re-stimulate.

Shibani Ahuja: First up, we've got Xero. Xero helps small businesses around the world manage their finances. The company serves nearly 5 million subscribers, and that includes accountants and bookkeepers. Xero's been a Salesforce customer since 2014, running on Service Cloud, and now Agentforce. Joining me here in the studio live today, right now, this moment, is Xero CEO Sukhinder Singh Cassidy. Thank you so much, Sukhinder, for joining us today. We are thrilled to have you on the show.

Speaker #2: You just thought about staffing people.

Speaker #2: You just thought about, staffing people.

Speaker #1: Now, now Xero spent more than a decade building its customer data and workflows on Salesforce. Like, this doesn't happen overnight. What what has that foundation made possible as you've moved faster with AI?

Speaker #1: Now, now Xero spent more than a decade building its customer data and workflows on Salesforce. Like, this doesn't happen overnight. What, what has that foundation made possible as you've moved faster with AI?

Speaker #1: We see that we have increased our email open rates three times with the use of our AI SDR. Of course, we are booking more leads than would have been possible previously.

Speaker #2: Well, you've hit the critical word, right? Data. I mean, at the end of the day, Salesforce is, of course, a system of record for us.

Shibani Ahuja: Wow

[Company Representative] (Xero): with the use of our AI SDR. Of course, we are booking more leads than would've been possible previously, and of course, we're avoiding the staffing costs of trying to do this manually at scale. So, another really exciting implementation.

Sukhinder Singh Cassidy: with the use of our AI SDR. Of course, we are booking more leads than would've been possible previously, and of course, we're avoiding the staffing costs of trying to do this manually at scale. So, another really exciting implementation.

Speaker #2: Well, you've hit the critical word right, data. I mean, at the end of the day, Salesforce is, of course, a system of record for us.

Speaker #2: But it also provides us clean data, proprietary data, customer data. And it also provides the infrastructure around that, security, compliance, all the things we care about, because we ourselves are a system of record for small businesses when it comes to their financial operating data.

Speaker #1: And of course, we're avoiding the staffing costs of trying to do this manually at scale. So, another really exciting implementation.

Speaker #2: But it also provides us clean data, proprietary data, customer data. And it also provides the infrastructure around that, security, compliance, all the things we care about because we ourselves are a system of record for small businesses when it comes to their financial operating data.

Sukhinder Singh Cassidy: Well, thank you for having me.

Speaker #2: I love these use cases because they're examples of, like, something you didn't have before. Like, you didn't necessarily have folks that could call back all these leads, but now you're seeing outcomes.

Shibani Ahuja: I love these use cases because they're examples of something you didn't have before. You didn't necessarily have folks that could call back all these leads, to now you're seeing outcomes. You didn't have enough folks to answer all the calls.

Shibani Ahuja: Sukhinder, how critical is Salesforce to running Xero today? Not to lead the witness, but put simply, what would become harder or stop working without it?

Speaker #2: So I appreciate what Salesforce does for us in enabling us to surface clean data upon which to build agents. And new journeys in much the same way we do for our customers, where their critical infrastructure, and we built agentic capabilities on top.

Speaker #2: So I appreciate what Salesforce does for us in enabling us to surface clean data, upon which to build agents. And new journeys in much the same way we do for our customers, where their critical infrastructure and we built agenta capabilities on top.

Speaker #2: You didn't have enough folks to answer all the calls. This is wild.

Sukhinder Singh Cassidy: Well, first of all, as you noted, we have been a Salesforce customer since 2014, and we have scaled subscribers multiple-fold since then, of course. We have also scaled geos multiple times.

Speaker #1: Well, I think you're hitting the—yeah, I think you're hitting the key opportunity, right? People always think about what you lose, but what you gain is a level of scale and the ability to have new use cases that previously just simply weren't possible.

[Company Representative] (Xero): Well, I think you're hitting the-

Sukhinder Singh Cassidy: Well, I think you're hitting the-

Shibani Ahuja: This is wild.

[Company Representative] (Xero): Yeah. I think you are hitting the key opportunity, right? People always think about what you lose, but what you gain is a level of scale and the ability to have new use cases that previously just simply weren't possible.

Sukhinder Singh Cassidy: Yeah. I think you are hitting the key opportunity, right? People always think about what you lose, but what you gain is a level of scale and the ability to have new use cases that previously just simply weren't possible.

Speaker #2: So I don't know. I think it's hard to have a powerful, you know, ongoing increasing reasoning without, you know, access to great data.

Shibani Ahuja: Right.

Speaker #2: So, yeah, I, I don't know. I think it's hard to have, a powerful, you know, ongoing increasing reasoning without, you know, access to great data.

Sukhinder Singh Cassidy: We use Salesforce not just as Service Cloud, but also Marketing Cloud and Sales Cloud. So it underpins all of our customer interactions, both outbound and inbound. So it is critical infrastructure for us. What would happen if we stopped using it? Well, even before we get into AI, I think our GTM would grind to a halt, and our customers would be pretty disconnected from their experience at Xero. But it is a very critical part of our tech strategy and stack, including in an AI-forward world.

Shibani Ahuja: That's right.

Speaker #1: You just talked about staffing people.

[Company Representative] (Xero): You just thought about staffing people.

Sukhinder Singh Cassidy: You just thought about staffing people.

Speaker #2: Now, Xero spent more than a decade building its customer data and workflows on Salesforce. This doesn't happen overnight. What has that foundation made possible as you've moved faster with AI?

Shibani Ahuja: Xero spent more than a decade building its customer data and workflows on Salesforce. This doesn't happen overnight. What has that foundation made possible as you have moved faster with AI?

Speaker #1: We always say trust is our number one value, and it is for a reason, so that we can extend that trust to you. So Kinder, I really want to thank you for joining us today.

Speaker #1: Well, you've hit the critical word, right? Data. I mean, at the end of the day, Salesforce is, of course, a system of record for us.

Speaker #1: We are so proud of what we've built together, and we are so excited to see what's next for Xero. Thank you. Now, if you're just tuning in, we're talking live with customers right now.

[Company Representative] (Xero): Well, you've hit the critical word, right? Data.

Sukhinder Singh Cassidy: Well, you've hit the critical word, right? Data.

Speaker #1: We are so proud of what we've built together, and we are so excited to see what's next for Xero. Thank you. Now, if you're just tuning in, we're talking live with customers right now.

Shibani Ahuja: Data.

[Company Representative] (Xero): At the end of the day, Salesforce is of course a system of record for us, but it also provides us clean data.

Sukhinder Singh Cassidy: At the end of the day, Salesforce is of course a system of record for us, but it also provides us clean data. Proprietary data, customer data, and it also provides the infrastructure around that, security, compliance, all the things we care about because we ourselves are a system of record for small businesses when it comes to their financial operating data. So I appreciate what Salesforce does for us in enabling us to surface clean data upon which to build agents.

Speaker #1: But it also provides us clean data, proprietary data, and customer data. And it also provides the infrastructure around that—security, compliance, all the things we care about—because we ourselves are a system of record for small businesses when it comes to their financial operating data.

[Company Representative] (Xero): Proprietary data, customer data, and it also provides the infrastructure around that, security, compliance, all the things we care about because we ourselves are a system of record for small businesses when it comes to their financial operating data. So I appreciate what Salesforce does for us in enabling us to surface clean data upon which to build agents.

Speaker #1: The full earnings report starts at 2:00 p.m. Pacific. And up next, another customer we've got is Legora. Now, Legora didn't just bolt AI onto legal software.

Shibani Ahuja: I love that. So you have got sales, you have got service, you have got marketing. It is almost like the pipes in which all of this rich data is flowing through. Now Agentforce. So talk us through a bit about your experience with Agentforce. What agents have you built? How quickly did you move from this idea of an agent doing work to the agent actually doing real work?

Speaker #1: The full earnings report starts at 2:00 PM Pacific. And up next, another customer we've got is Legora. Now, Legora didn't just bolt AI onto legal software.

Speaker #1: So I appreciate what Salesforce does for us in enabling us to surface clean data, upon which to build agents and new journeys, in much the same way we do for our customers, where they're critical infrastructure, and we build agentic capabilities on top.

Speaker #1: Nope, nope. The company was built around it, giving lawyers a faster way to handle contract reviews, due diligence, and legal research. And it's growing rapidly.

Shibani Ahuja: Right

[Company Representative] (Xero): And new journeys, in much the same way we do for our customers. We're their critical infrastructure, and we built agentic capabilities on top. I think it's hard to have a powerful, ongoing, increasing reasoning without access to great data.

Sukhinder Singh Cassidy: And new journeys, in much the same way we do for our customers. We're their critical infrastructure, and we built agentic capabilities on top. I think it's hard to have a powerful, ongoing, increasing reasoning without access to great data.

Sukhinder Singh Cassidy: Right. Well, I think at Xero, I think Agentforce has been, I would say, foundational and instrumental to changing our customer experience in our support area in particular. There are a couple of things I want to call out, because I think they were things that were never before possible at Xero. So Xero was built entirely as a digital-first customer support experience. Believe it or not, we have never had call centers.

Speaker #1: Expanding from roughly 600 to more than 1,500 employees in just six months. Huh, that's interesting. Joining us remotely is David Ekstin, CFO of Legora.

Speaker #1: Expanding from roughly 600 to more than 1,500 employees in just six months. Huh, that's interesting. Joining us remotely is David Ekstine, CFO of Legora.

Speaker #1: So, I don't know. I think it's hard to have powerful, you know, ongoing, increasing reasoning without, you know, access to great data.

Speaker #1: Welcome, David. It is such a pleasure to have you here today. Thank you for joining us.

Speaker #2: We always say trust is our number one value, and it is for a reason—so that we can extend that trust to you.

Speaker #1: Welcome, David. It is such a pleasure to have you here today. Thank you for joining us.

Shibani Ahuja: We always say trust is our number one value, and it is for a reason. It is so that we can extend that trust to you. Sukhinder, I really want to thank you for joining us today. We are so proud of what we have built together, and we are so excited to see what is next for Xero.

Speaker #3: Thanks for having me, Shabani. We're very excited.

Speaker #2: So, Kinder, I really want to thank you for joining us today. We are so proud of what we've built together, and we are so excited to see what's next for Xero.

Speaker #1: Now, David, Legora was built in the AI era with no legacy systems, no bad habits, nothing to unlearn. Like, that's pretty special. As a result, what do your employees do differently?

Speaker #1: Now, David, Legora was built in, in the AI era with no legacy systems, no bad habits, nothing to unlearn. Like, that's pretty special. As a result, what do your employees do differently?

Shibani Ahuja: Wow.

Sukhinder Singh Cassidy: Customers would have to self-service, which is great, on a site called Partner Central, which houses all of our repositories of answers and knowledge base.

[Company Representative] (Xero): Thank you.

Sukhinder Singh Cassidy: Thank you.

Speaker #2: Thank you. Now, if you're just tuning in, we're talking live with customers right now. The full earnings report starts at 2:00 p.m. Pacific. And up next, another customer we've got is Legora.

Shibani Ahuja: Thank you. If you are just tuning in, we are talking live with customers right now. The full earnings report starts at 2:00 PM Pacific. Up next, another customer we have got is Legora. Legora didn't just bolt AI onto legal software. Nope. The company was built around it, giving lawyers a faster way to handle contract reviews, due diligence, and legal research. It is growing rapidly, expanding from roughly 600 to more than 1,500 employees in just six months. That is interesting. Joining us remotely is David Axene, CFO of Legora. Welcome, David. It is such a pleasure to have you here today. Thank you for joining us.

Speaker #3: Great question. So I have lived in the SaaS world now for over 15 years, and I can tell you the first seven months that I've been at Legora, I've been truly transformational.

Speaker #3: Okay, great question. So I have lived in the SaaS world now for over 15 years, and I can tell you the first seven months that I've been at Legora, I've been truly transformational.

Shibani Ahuja: Yeah

Shibani Ahuja: Yeah.

Sukhinder Singh Cassidy: There was no way to ever talk to anyone live and there was no way to get real-time support. As the team was building Agentforce or looking at Agentforce and thinking about what we could do with it, real-time support became the critical opportunity. About 9 months ago, maybe 10 months ago, we started talking about, what if we could give 100% of our customers real-time support? I think the first fear was like, well, if we had an agent, and internally, we codenamed this Lucy,

Sukhinder Singh Cassidy: There was no way to ever talk to anyone live and there was no way to get real-time support. As the team was building Agentforce or looking at Agentforce and thinking about what we could do with it, real-time support became the critical opportunity. About nine months ago, maybe 10 months ago, we started talking about, what if we could give 100% of our customers real-time support? I think the first fear was like, well, if we had an agent, and internally, we codenamed this Lucy.

Speaker #2: Now, Legora didn't just bolt AI onto legal software—nope, nope. The company was built around it, giving lawyers a faster way to handle contract reviews, due diligence, and legal research.

Speaker #3: The clearest tell is how we're organized. We don't have one central organization that you file tickets to. We don't we have a go-to-markets operations team.

Speaker #3: The clearest tell is how we're organized. We don't have one central organization that you file tickets to. We don't, we have a go-to-markets operations team.

Speaker #2: And it's growing rapidly, expanding from roughly 600 to more than 1,500 employees in just six months. Huh, that's interesting. Joining us remotely is David Ekstine, CFO of Legora.

Speaker #3: We have a marketing operations team. We have a product operations team. And each one owns building their first AI workflows for its own function.

Speaker #3: It seems intuitive, but it's harder to do in practice. The people closest to the work are the ones that build the systems for the work.

Shibani Ahuja: Sure

Shibani Ahuja: Sure.

Sukhinder Singh Cassidy: and we offered it to 100% of customers, and we were willing to route people to a live agent if the AI agent could not answer their questions, would we see explosion in staffing costs and volume

Sukhinder Singh Cassidy: And we offered it to 100% of customers, and we were willing to route people to a live agent if the AI agent could not answer their questions, would we see explosion in staffing costs and volume.

Speaker #2: Welcome, David. It is such a pleasure to have you here today. Thank you for joining us.

Speaker #3: So let me give you a quick example. A rep at Legora, they don't write their own outbound. They don't even type up their own call notes.

Speaker #3: Thanks for having me, Shabani. We're very excited.

David Axene: Thanks for having me, Shibani. We are very excited.

David Eckstein: Thanks for having me, Shibani. We are very excited.

Speaker #2: Now, David, Legora was built in the AI era, with no legacy systems, no bad habits, nothing to unlearn. Like, that's pretty special. As a result, what do your employees do differently?

Shibani Ahuja: Now, David, Legora was built in the AI era with no legacy systems, no bad habits, nothing to unlearn. That is pretty special. As a result, what do your employees do differently?

Speaker #3: That's all automated. What they do is they walk into a partner meeting at a law firm or a Fortune 500 company, and they already know the practice mix.

Shibani Ahuja: Right

Shibani Ahuja: Right.

Sukhinder Singh Cassidy: and even the ability to talk to somebody? Would that blow our gross margins? Instead, what happened, of course, is we set ourselves a goal, and Agentforce was the enabler. We built a custom workflow and a custom journey for our customers on the chatbot. We now just call it our customer service agent. We don't call it Lucy anymore. I challenged the team when they had rolled out to 25% and were seeing good results. I said, "Take it to 100." Their fear was, well, what if CSAT's not good enough, what have you? I said, "Look, this is an experience we've never had before.

Sukhinder Singh Cassidy: And even the ability to talk to somebody? Would that blow our gross margins? Instead, what happened, of course, is we set ourselves a goal, and Agentforce was the enabler. We built a custom workflow and a custom journey for our customers on the chatbot. We now just call it our customer service agent. We don't call it Lucy anymore. I challenged the team when they had rolled out to 25% and were seeing good results. I said, "Take it to 100." Their fear was, well, what if CSAT's not good enough, what have you? I said, "Look, this is an experience we've never had before.

Speaker #3: They know the deal history. They know who's in the room, because the research was done before they even sat down. This limits the number of ad hoc requests.

Speaker #3: Okay, great question. So, I have lived in the SaaS world now for over 15 years, and I can tell you the first seven months that I've been at Legora have been truly transformational.

Speaker #3: They know the deal history. They know who's in the room, because the research was done before they even sat down. This limits the number of ad hoc requests.

David Axene: Great question. I have lived in the SaaS world now for over 15 years, and I can tell you the first seven months that I have been at Legora have been truly transformational. The clearest tell is how we are organized. We do not have one central organization that you file tickets to. We have a go-to-markets operations team, we have a marketing operations team, we have a product operations team, and each one owns building their first AI workflows for its own function. It seems intuitive, but it is harder to do in practice.

David Eckstein: Great question. I have lived in the SaaS world now for over 15 years, and I can tell you the first seven months that I have been at Legora have been truly transformational. The clearest tell is how we are organized. We do not have one central organization that you file tickets to. We have a go-to-markets operations team, we have a marketing operations team, we have a product operations team, and each one owns building their first AI workflows for its own function. It seems intuitive, but it is harder to do in practice.

Speaker #3: It also enables them to become more self-service. And we bring this back to the hiring phase. Every single contributor to our organization, they need to demonstrate that they can build their own agents, not do use ChatGPT.

Speaker #3: The clearest tell is how we're organized. We don't have one central organization that you file tickets to. We don't. We have a go-to-market operations team.

Speaker #3: We have a marketing operations team. We have a product operations team. And each one owns building their first AI workflows for its own function.

Speaker #3: We are a real show-me-don't-tell-me organization.

Speaker #1: All right. This is incredible. What you've been able to do. And so your employees, they're using Claude and ChatGPT to be these builders every single day.

Shibani Ahuja: Yeah.

Sukhinder Singh Cassidy: For our customers, it is something that hasn't existed and could only exist in an AI world. We rolled it out to 100% of our customers just a couple of months ago. We're already seeing, of course, many, many questions answered instantaneously. I think it's a 62% deflection rate.

Speaker #1: All right, this is incredible. what you've been able to do. And so your employees, they're using Claude and ChatGPT to be these builders every single day.

Speaker #3: It seems intuitive, but it's harder to do in practice. The people closest to the work are the ones that build the systems for the work.

Shibani Ahuja: Right.

David Axene: The people closest to the work are the ones that build the systems for the work. Let me give you a quick example. A rep at Legora, they do not write their own outbound. They do not even type up their own call notes. That is all automated. What they do is they walk into a partner meeting at a law firm or a Fortune 500 company, and they already know the practice mix. They know the deal history. They know who is in the room because the research was done before they even sat down. This limits the number of ad hoc requests. It also enables them to become more self-service. We bring this back to the hiring phase. Every single contributor to our organization, they need to demonstrate that they can build their own agents, not do use ChatGPT.

Speaker #1: So where does Salesforce fit into that environment, and why is it more important now than ever?

Speaker #3: So let me give you a quick example. A rep at Legora—they don’t write their own outbound. They don’t even type up their own call notes.

Speaker #1: So where does Salesforce fit into that environment, and why is it more important now than ever?

Speaker #3: It is the critical system of record. So we moved to Salesforce consciously, because at our scale, we needed that enterprise layer. We needed permission.

Speaker #3: It is the critical system of record. So we moved to Salesforce consciously because at our scale, we needed that enterprise layer. We needed permission.

Speaker #3: That's all automated. What they do is walk into a partner meeting at a law firm or a Fortune 500 company, and they already know the practice mix.

Shibani Ahuja: Wow.

Sukhinder Singh Cassidy: We've had over 200,000 interactions, tens of thousands of interactions going on in any given month. What we have really done is given them the ability to, A, get most of their questions answered instantaneously. For those that aren't, they are able to be routed to an agent. So now, for the first time, there is a human talking to them

Speaker #3: We needed audit trails. We needed governance. And we've been through several generations of frontier models since we've made that move, and we'll go through several more.

Speaker #3: They know the deal history. They know who's in the room because the research was done before they even sat down. This limits the number of ad hoc requests.

David Eckstein: This limits the number of ad hoc requests. It also enables them to become more self-service. We bring this back to the hiring phase. Every single contributor to our organization, they need to demonstrate that they can build their own agents, not do use ChatGPT.

Speaker #3: The AI world is rapidly changing, but some things are constant.

Speaker #3: The AI world is rapidly changing, but some things are constant. What can't change every four months is that system of record. Who did we sell to?

Speaker #3: It also enables them to become more self-sufficient. And if we bring this back to the hiring phase, every single contributor to our organization needs to demonstrate that they can build their own agents, not just use ChatGPT.

Speaker #1: Right.

Speaker #3: What can't change every four months is that system of record. Who did we sell to? On what terms? Who should have access to what?

Shibani Ahuja: Right

Shibani Ahuja: Right.

Sukhinder Singh Cassidy: faster than would have previously been possible. Of course, we've been able to do this while maintaining what is a pretty high margin of gross profit or a gross margin profile for ourselves.

Sukhinder Singh Cassidy: Faster than would have previously been possible. Of course, we've been able to do this while maintaining what is a pretty high margin of gross profit or a gross margin profile for ourselves.

Speaker #3: On what terms? Who should have access to what? If that layer moves, everything sitting on top of it stops being trustworthy. So when I think about Claude and ChatGPT, that's about how people work.

Speaker #3: If that layer moves, everything's sitting on top of it, stops being trustworthy. So when I think about Claude and ChatGPT, that's about how people work.

Speaker #3: We are a real "show me, don't tell me" organization.

Shibani Ahuja: Right.

David Axene: We are a real show me, do not tell me organization.

David Eckstein: We are a real show me, do not tell me organization.

Shibani Ahuja: This whole idea, again, CSAT would've been at zero because it didn't exist before. So now

Shibani Ahuja: This whole idea, again, CSAT would've been at zero because it didn't exist before. So now.

Speaker #2: This is incredible—what you've been able to do. And so, your employees, they're using Claude and ChatGPT to be these builders every single day.

Shibani Ahuja: This is incredible what you've been able to do. Your employees are using Claude and ChatGPT to be these builders every single day. Where does Salesforce fit into that environment, and why is it more important now than ever?

Sukhinder Singh Cassidy: Exactly. How do you measure something that hasn't existed?

Speaker #3: Salesforce is what they leverage to get that work done. I'd actually push back on any of the framing that says that that AI layer will eventually replace the system of record.

Shibani Ahuja: incremental value.

Shibani Ahuja: Incremental value.

Sukhinder Singh Cassidy: Yes.

Shibani Ahuja: It sounds like this internally named Agent Lucy is not just stopping at service because now you are starting to build upon.

Speaker #2: Where does Salesforce fit into that environment, and why is it more important now than ever?

Speaker #3: To me, it makes it more valuable, because the agent is only as good as the context that you give it. And that context has to come from an authoritative layer.

Speaker #1: You're re right.

Sukhinder Singh Cassidy: Yes, of course.

Speaker #3: To me, it makes it more valuable because the agent is only as good as the context that you give it, and that context has to come from an authoritative layer.

Shibani Ahuja: the capabilities as well.

Shibani Ahuja: The capabilities as well.

Sukhinder Singh Cassidy: I mean, the capabilities, you know, once you have an agent,

Sukhinder Singh Cassidy: I mean, the capabilities, you know, once you have an agent.

Speaker #3: It is the critical system of record. So, we moved to Salesforce consciously because, at our scale, we needed that enterprise layer. We needed permission.

David Axene: It is the critical system of record. We moved to Salesforce consciously because at our scale, we needed that enterprise layer.

David Eckstein: It is the critical system of record. We moved to Salesforce consciously because at our scale, we needed that enterprise layer.

Shibani Ahuja: Yeah

Shibani Ahuja: Yeah.

Sukhinder Singh Cassidy: and you know it can work for certain use cases, you are going to start rolling in more. So now billing, we don't just do accounting, we do payroll and payments as well on our platform.

Sukhinder Singh Cassidy: And you know it can work for certain use cases, you are going to start rolling in more. So now billing, we don't just do accounting, we do payroll and payments as well on our platform.

Speaker #3: So Legora, is the fastest software company with a Salesforce to go from 1 to 100 million ARR. We did it in less than 18 months.

Shibani Ahuja: Right.

David Axene: We needed permission. We needed audit trails. We needed governance. We have been through several generations of frontier models since we made that move, and we will go through several more. The AI world is rapidly changing, but some things are constant.

David Eckstein: We needed permission. We needed audit trails. We needed governance. We have been through several generations of frontier models since we made that move, and we will go through several more. The AI world is rapidly changing, but some things are constant.

Speaker #3: We needed audit trails. We needed governance. And we've been through several generations of frontier models since we made that move, and we'll go through several more.

Shibani Ahuja: Oh, wow.

Speaker #3: And we cannot afford to change our CRM again.

Speaker #3: The AI world is rapidly changing, but some things are constant. What can't change every four months is that system of record. Who do we sell to?

Speaker #3: And we cannot afford to change our CRM again.

Speaker #1: Now, and David, you're you're talking about some incredible concepts. You've grown from over six from 600 to over 1,500 employees in six months, like, in addition to your ARR.

Shibani Ahuja: Yeah

Shibani Ahuja: Yeah.

Sukhinder Singh Cassidy: that is worth highlighting, which is our ability to really nurture leads and procure more leads. Like any business, lead gen is another great opportunity. Here, we have used Agentforce to build an AI SDR, and that SDR is taking leads from the website, from accounts and bookkeepers who come in, and it also will re-nurture old leads, effectively inactive accounts and bookkeepers who we want to restimulate. We see that we have increased our email open rates 3x

Sukhinder Singh Cassidy: That is worth highlighting, which is our ability to really nurture leads and procure more leads. Like any business, lead gen is another great opportunity. Here, we have used Agentforce to build an AI SDR, and that SDR is taking leads from the website, from accounts and bookkeepers who come in, and it also will re-nurture old leads, effectively inactive accounts and bookkeepers who we want to restimulate. We see that we have increased our email open rates 3x.

Speaker #1: No, and David, you're, you're talking about some incredible concepts. you've grown from over six, from 600 to over 1,500 employees in six months, like, in addition to your ARR.

Shibani Ahuja: Right.

David Axene: What cannot change every four months is that system of record. Who do we sell to? On what terms? Who should have access to what? If that layer moves, everything sitting on top of it stops being trustworthy. When I think about Claude and ChatGPT, that is about how people work. Salesforce is what they leverage to get that work done. I would actually push back on any of the framing that says that that AI layer will eventually replace the system of record.

David Eckstein: What cannot change every four months is that system of record. Who do we sell to? On what terms? Who should have access to what? If that layer moves, everything sitting on top of it stops being trustworthy. When I think about Claude and ChatGPT, that is about how people work. Salesforce is what they leverage to get that work done. I would actually push back on any of the framing that says that that AI layer will eventually replace the system of record.

Speaker #3: On what terms? Who should have access to what? If that layer moves, everything that's sitting on top of it stops being trustworthy. So when I think about Claude and ChatGPT, that's about how people work.

Speaker #1: Everyone talks about AI replacing jobs. Like, this is another angle and another dimension: your proof point that it doesn't. So what are all of these new people actually doing?

Speaker #3: Salesforce is what they leverage to get that work done. I'd actually push back on any of the framing that says that AI layer will eventually replace the system of record.

Speaker #3: Yeah. So to rewind the clock, January 1st. We had 220 employees in the organization. A few months later, we had 600. Today, we have 900 Legorians.

Speaker #3: Yeah. So to rewind the clock, January 1st.

Speaker #1: Okay.

Speaker #3: We had 220 employees in the organization. A few months later, we had 600. Today, we have 900 Legorians. We will finish the year at nearly 1,500 Legorians.

Speaker #2: Right.

Shibani Ahuja: Right.

David Axene: To me, it makes it more valuable, because the agent is only as good as the context that you give it, and that context has to come from an authoritative layer. Legora is the fastest software company with a Salesforce to go from 1 to 100 million ARR. We did it in less than 18 months.

David Eckstein: To me, it makes it more valuable, because the agent is only as good as the context that you give it, and that context has to come from an authoritative layer. Legora is the fastest software company with a Salesforce to go from 1 to 100 million ARR. We did it in less than 18 months.

Speaker #3: To me, it makes it more valuable because the agent is only as good as the context that you give it, and that context has to come from an authoritative layer.

Speaker #3: We will finish the year at nearly 1,500 Legorians. So we're going to go from 220 to 1,500 in 12 months. What are they doing?

Shibani Ahuja: Wow

Shibani Ahuja: Wow.

Sukhinder Singh Cassidy: with the use of our AI SDR. Of course, we are booking more leads than would have been possible previously, and of course, we are avoiding the staffing costs of trying to do this manually at scale. So, another really exciting implementation.

Sukhinder Singh Cassidy: With the use of our AI SDR. Of course, we are booking more leads than would have been possible previously, and of course, we are avoiding the staffing costs of trying to do this manually at scale. So, another really exciting implementation.

Speaker #3: So we're going to go from 220 to 1,500 in 12 months. What are they doing? It can be boiled down to three main things.

Speaker #3: So Legora is the fastest software company with a Salesforce to go from $1 million to $100 million ARR. We did it in less than 18 months.

Speaker #3: It can be boiled down to three main things. So first, we are investing aggressively in our go-to-market organization, which benefits Salesforce. With over a 70% win rate at pilot, we need to have our reps be first to those accounts, because we can close one of those accounts three out of four times.

Speaker #3: So first, we are investing aggressively in our go-to-market organization, which benefits Salesforce. With over a 70% win rate at pilot, we need to have our reps be first to those accounts, because we can close one of those accounts three out of four times.

Shibani Ahuja: I love these use cases because they are examples of something you did not have before. You did not necessarily have folks that could call back all these leads, to now you are seeing outcomes. You did not have enough folks to answer all the calls.

Shibani Ahuja: Wow.

Speaker #3: And we cannot afford to change our CRM again.

David Axene: We could not afford to change our CRM again.

David Eckstein: We could not afford to change our CRM again.

Speaker #2: Now, and David, you're, you're talking about some incredible concepts. you've grown from over 6, from 600 to over 1,500 employees in 6 months, like, in addition to your ARR.

Shibani Ahuja: No. David, you are talking about some incredible concepts. You have grown from 600 to over 1,500 employees in six months, in addition to your ARR. Everyone talks about AI replacing jobs. This is another angle and another dimension. Your proof point that it does not. What are all of these new people actually doing?

Speaker #3: We're in over 50 markets, and laws jurisdictional is very relationship-driven. It's very hard to sell to a customer or prospect in Tokyo or Toronto from a seat in New York.

Speaker #3: We're at over 50 markets. And Lobster is fictional. It's very relationship-driven. It's very hard to sell to a customer or prospect in Tokyo or Toronto from a seat in New York.

Sukhinder Singh Cassidy: Well, I think you're hitting the-

Shibani Ahuja: This is wild.

Sukhinder Singh Cassidy: Yeah, I think you're hitting the key opportunity, right? People always think about what you lose, but what you gain is a level of scale and the ability to have new use cases that previously just simply weren't possible.

Speaker #2: Everyone talks about AI replacing jobs. This is another angle and another dimension: your proof point that it doesn't. So, what are all of these new people actually doing?

Speaker #3: We need real people across our 17 global offices. Second, we are an AI company that sells software. And a lot of the change that we're driving, yes, it's software, but it's also change management.

Shibani Ahuja: That's right.

Sukhinder Singh Cassidy: You just thought about staffing people.

Speaker #3: Yeah. So to rewind the clock, January 1st.

David Axene: Yeah. To rewind the clock, 1 January.

David Eckstein: Yeah. To rewind the clock, 1 January.

Shibani Ahuja: Now, Xero spent more than a decade building its customer data and workflows on Salesforce. This does not happen overnight. What has that foundation made possible as you have moved faster with AI?

Speaker #2: Yeah.

Speaker #3: We had 220 employees in the organization. A few months later, we had 600. Today, we have 900 Legorians. We will finish the year at nearly 1,500 Legorians.

Shibani Ahuja: Yeah

David Axene: we had 220 employees in the organization. Few months later, we had 600. Today, we have 900 Legorians. We will finish the year at nearly 1,500 Legorians. We are going to go from 220 to 1,500 in 12 months. What are they doing? It can be boiled down to three main things. First, we are investing aggressively in our go-to-market organization, which benefits Salesforce. With over a 70% win rate at pilot, we need to have our reps be first to those accounts, because we can close one of those accounts three out of four times. We are in over 50 markets, and laws are fictional. It is very relationship driven. It is very hard to sell to a customer or prospect in Tokyo or Toronto from

David Eckstein: we had 220 employees in the organization. Few months later, we had 600. Today, we have 900 Legorians. We will finish the year at nearly 1,500 Legorians. We are going to go from 220 to 1,500 in 12 months. What are they doing? It can be boiled down to three main things. First, we are investing aggressively in our go-to-market organization, which benefits Salesforce.

Speaker #3: So as a result, we actually have more lawyers inside of the organization than software engineers. We call them legal engineers. Their job is not to do legal work.

Sukhinder Singh Cassidy: Well, you have hit the critical word, right? Data.

Speaker #3: So we're going to go from 220 to 1,500 in 12 months. What are they doing? It can be boiled down to three main things.

Shibani Ahuja: Data.

Sukhinder Singh Cassidy: At the end of the day, Salesforce is of course a system of record for us, but it also provides us clean data.

Speaker #3: It's to redesign how a firm's work gets done given what technology can now do for that organization. That's a role that didn't exist three years ago, and now we're hiring hundreds of legal engineers this year alone.

Sukhinder Singh Cassidy: proprietary data, customer data, and it also provides the infrastructure around that. Security, compliance, all the things we care about because we ourselves are a system of record for small businesses when it comes to their financial operating data. So I appreciate what Salesforce does for us in enabling us to surface clean data upon which to build agents

David Eckstein: With over a 70% win rate at pilot, we need to have our reps be first to those accounts, because we can close one of those accounts three out of four times. We are in over 50 markets, and laws are fictional. It is very relationship driven. It is very hard to sell to a customer or prospect in Tokyo or Toronto from

Speaker #3: And then finally, and this one is near and dear to my heart, the third bucket refers to the people that are required to scale an organization to those 50 markets.

Speaker #3: Because we can close one of those accounts three out of four times. We're in over 50 markets, and laws and jurisdiction are very relationship-driven.

Speaker #3: And then finally, and this one is near and dear to my heart, the third bucket refers to the people that are required to scale an organization to those 50 markets.

Speaker #3: It's very hard to sell to a customer or prospect in Tokyo or Toronto from a seat in New York. We need real people across our 17 global offices.

Shibani Ahuja: Right

Speaker #3: Finance, security, compliance, people, operations, my own function is a really good example of a job AI created, not destroyed. Overall, Legora sees AI as a capacity expander in contrast to what you might think.

Sukhinder Singh Cassidy: and new journeys in much the same way we do for our customers. We are their critical infrastructure, and we built agentic capabilities on top. I think it's hard to have a powerful, ongoing, increasing reasoning without access to great data.

Speaker #3: Finance, security, compliance, people, operations, my own function is a really good example of a job AI created, not destroyed. overall, Legora sees AI as a capacity expander in contrast to what you might think.

Shibani Ahuja: Right

David Axene: a seat in New York. We need real people across our 17 global offices. Second, we are an AI company that sells software. A lot of the change that we are driving, yes, it is software, but it is also change management. As a result, we actually have more lawyers inside of the organization than software engineers. We call them legal engineers.

David Eckstein: a seat in New York. We need real people across our 17 global offices. Second, we are an AI company that sells software. A lot of the change that we are driving, yes, it is software, but it is also change management. As a result, we actually have more lawyers inside of the organization than software engineers. We call them legal engineers.

Speaker #3: Second, we are an AI company that sells software. And a lot of the change that we're driving—yes, it's software—but it's also change management.

Shibani Ahuja: We always say trust is our number one value, and it is for a reason. It's so that we can extend that trust to you. Sukhinder, I really want to thank you for joining us today. We are so proud of what we've built together, and we are so excited to see what's next for Xero.

Speaker #3: Our clients are actually adding more lawyers because they can now take on more work. Our $1 1 trillion TAM that we operate in, the legal services TAM, is supply constrained.

Speaker #3: Our clients are actually adding more lawyers because they can now take on more work. Our $1 trillion TAM that we operate in, the legal services TAM, is supply constrained.

Speaker #3: So as a result, we actually have more lawyers inside of the organization than software engineers. We call them legal engineers.

Speaker #2: Wow.

Shibani Ahuja: Wow.

Speaker #3: Their job is not to do legal work; it's to redesign how a firm's work gets done, given what technology can now do for that organization.

David Axene: Their job is not to do legal work. It is to redesign how a firm's work gets done given what technology can now do for that organization. That is a role that did not exist three years ago, and now we are hiring hundreds of legal engineers this year alone. Then finally, and this one is near and dear to my heart, the third bucket refers to the people that are required to scale an organization to those 50 markets. Finance, security, compliance, people, operations. My own function is a really good example of a job AI created, not destroyed. Overall, Legora sees AI as a capacity expander. In contrast to what you might think, our clients are actually adding more lawyers because they can now take on more work. Our $1 trillion TAM that we operate in, the legal services TAM, is supply constrained.

David Eckstein: Their job is not to do legal work. It is to redesign how a firm's work gets done given what technology can now do for that organization. That is a role that did not exist three years ago, and now we are hiring hundreds of legal engineers this year alone. Then finally, and this one is near and dear to my heart, the third bucket refers to the people that are required to scale an organization to those 50 markets. Finance, security, compliance, people, operations. My own function is a really good example of a job AI created, not destroyed.

Speaker #3: We're seeing more M&A, more litigation, more regulation, more companies being formed. And our 900 Legorians, we're just getting started. The pie is growing.

Sukhinder Singh Cassidy: Thank you.

Speaker #3: We're seeing more M&A, more litigation, more regulation, more companies being formed. And our 900 Legorians, we're just getting started. The pie is growing.

Shibani Ahuja: Thank you. Now, if you're just tuning in, we're talking live with customers right now. The full earnings report starts at 2:00 PM Pacific. Up next, another customer we've got is Legora. Legora didn't just bolt AI onto legal software. Nope. The company was built around it, giving lawyers a faster way to handle contract reviews, due diligence, and legal research. It's growing rapidly, expanding from roughly 600 to more than 1,500 employees in just six months. That's interesting. Joining us remotely is David Eckstein, CFO of Legora. Welcome, David. It is such a pleasure to have you here today. Thank you for joining us.

Speaker #3: That's a role that didn't exist three years ago, and now we're hiring hundreds of legal engineers this year alone. And then finally—and this one is near and dear to my heart—the third bucket refers to the people that are required to scale an organization to those 50 markets.

Speaker #1: Legorians, that's going to stick. David, that one's definitely going to stick. So Salesforce, Salesforce is bringing to you that deep, trusted data, but it's actually not just the data.

Speaker #1: It's the context behind that data. And while you didn't mention it, I imagine there's an element of probabilistic deterministic, but it's also bringing this new way of working, these new new new roles.

Speaker #1: It's the context behind that data. and, and while you didn't mention it, I imagine there's an element of probabilistic deterministic, but it's also bringing this new way of working, these new, new, new roles.

Speaker #3: Finance, security, compliance, people, operations—my own function is a really good example of a job AI created, not destroyed. Overall, Legora sees AI as a capacity expander.

Speaker #1: Like you said, like, your own department being an entirely new function that wouldn't have existed before. There seems to be a common theme that we're starting to see where it's less about the old traditional thoughts around AI and what AI will take away or what AI will reduce and rather build and grow for the future.

Speaker #1: Like you said, like your own department being an entirely new function that wouldn't have existed before. There seems to be a common theme that we're starting to see where it's less about the old traditional thoughts around AI and what AI will take away or what AI will reduce, and rather build and grow for the future.

David Eckstein: Overall, Legora sees AI as a capacity expander. In contrast to what you might think, our clients are actually adding more lawyers because they can now take on more work. Our $1 trillion TAM that we operate in, the legal services TAM, is supply constrained. We are seeing more M&A, more litigation, more regulation, more companies being formed, and our 900 Legorians, we are just getting started. The pie is growing.

Speaker #3: In contrast to what you might think, our clients are actually adding more lawyers because they can now take on more work. Our $1 trillion TAM that we operate in—the legal services TAM—is supply constrained.

David Eckstein: Thanks for having me, Shibani. We're very excited.

Speaker #1: And so, what what are you thinking about for the future?

Shibani Ahuja: Now, David, Legora was built in the AI era with no legacy systems, no bad habits, nothing to unlearn. That's pretty special. As a result, what do your employees do differently?

Speaker #1: And so, what, what are you thinking about for the future?

Speaker #2: I'm thinking about

Speaker #3: how the surface area is changing. So when I look at Legora and Salesforce, everyone is logged into Salesforce. But if you're thinking about our Legorians logging into Salesforce in the traditional interface, the answer, it's changing every single day.

Speaker #2: I'm thinking about how

Speaker #3: We're seeing more M&A, more litigation, more regulation, and more companies being formed. And our 900 Legorians—we're just getting started. The pie is growing.

Speaker #3: the surface area is changing. So when I look at Legora and Salesforce, everyone is logged into Salesforce. But if you're thinking about our Legorians logging into Salesforce in the traditional interface, the answer, it's changing every single day, and it's split by role.

David Axene: We are seeing more M&A, more litigation, more regulation, more companies being formed, and our 900 Legorians, we are just getting started. The pie is growing.

David Eckstein: Great question. I have lived in the SaaS world now for over 15 years, and I can tell you the first seven months that I've been at Legora have been truly transformational. The clearest tell is how we're organized. We don't have one central organization that you file tickets to. We have a go-to-markets operations team, we have a marketing operations team, we have a product operations team, and each one owns building their first AI workflows for its own function. It seems intuitive, but it's harder to do in practice.

Speaker #2: Legorians—that's going to stick. David, that one's definitely going to stick. So, Salesforce is bringing to you that deep, trusted data, but it's actually not just the data.

Shibani Ahuja: Legorians, that is going to stick. David, that one is definitely going to stick. Salesforce is bringing to you that deep trusted data, but it is actually not just the data, it is the context behind that data. While you did not mention it, I imagine there is an element of probabilistic deterministic. But it is also bringing this new way of working, these new roles. Like you said, your own department being an entirely new function that would not have existed before. There seems to be a common theme that we are starting to see where it is less about the old traditional thoughts around AI and what AI will take away or what AI will reduce, and rather build and grow for the future.

Speaker #3: And it's split by role. The surface area has expanded, and it's changed. And as a result, yes, ops and finance absolutely live in the traditional dashboard.

Speaker #3: The surface area has expanded, and it's changed. And as a result, yes, ops and finance absolutely live in the traditional dashboard.

Speaker #2: It's the context behind that data. And, while you didn't mention it, I imagine there's an element of probabilistic and deterministic, but it's also bringing this new way of working, these new roles.

Speaker #1: Right.

Speaker #3: But reps likely are not logging into Salesforce in the traditional way. They're logging in via Slack. They're engaging via Slack. And so the surface area is constantly expanding in this new AI ecosystem.

Speaker #1: Right.

Speaker #2: Like you said, your own department is an entirely new function that wouldn’t have existed before. There seems to be a common theme we’re starting to see, where it’s less about the old traditional thoughts around AI and what AI will take away or reduce, and more about what it can build and grow for the future.

Shibani Ahuja: Like you said, your own department being an entirely new function that would not have existed before. There seems to be a common theme that we are starting to see where it is less about the old traditional thoughts around AI and what AI will take away or what AI will reduce, and rather build and grow for the future.

Speaker #3: Updates go into Salesforce via natural language now instead of typing. Or a pipeline reviews are coming directly from the system rather than building slides from scratch to me, that's wasted mental calories.

Speaker #3: Updates go into Salesforce via natural language now instead of typing. Or, pipeline reviews are coming directly from the system rather than building slides from scratch to me, that's wasted mental calories.

Shibani Ahuja: Right.

David Eckstein: The people closest to the work are the ones that build the systems for the work. Let me give you a quick example. A rep at Legora, they do not write their own outbound. They do not even type up their own call notes. That is all automated. What they do is they walk into a partner meeting at a law firm or a Fortune 500 company, and they already know the practice mix. They know the deal history. They know who is in the room because the research was done before they even sat down. This limits the number of ad hoc requests. It also enables them to become more self-service. We bring this back to the hiring phase. Every single contributor to our organization, they need to demonstrate that they can build their own agents, not use ChatGPT.

Speaker #2: And so, what are you thinking about for the future?

David Axene: Yeah

David Eckstein: Yeah

Shibani Ahuja: What are you thinking about for the future?

Speaker #3: So AI is handling the busy work. Great. That's AI's job. But the human layer, that's adding the judgment. That's the sales strategy on top.

Speaker #3: I'm thinking about how the surface area is changing. So, when I look at Legora and Salesforce, everyone is logged into Salesforce. But if you're thinking about our Legorians logging into Salesforce in the traditional interface, the answer—it's changing every single day.

David Axene: I am thinking about how the surface area is changing. When I look at Legora and Salesforce, everyone is logged into Salesforce.

David Eckstein: I am thinking about how the surface area is changing. When I look at Legora and Salesforce, everyone is logged into Salesforce.

Speaker #3: And that is the future of Salesforce and Legora.

Shibani Ahuja: Right.

David Axene: But if you are thinking about are Legorians logging into Salesforce in the traditional interface? The answer, it is changing every single day, and it is split by role. The surface area has expanded and it has changed. As a result, yes, ops and finance absolutely live in the traditional dashboard.

David Eckstein: But if you are thinking about are Legorians logging into Salesforce in the traditional interface? The answer, it is changing every single day, and it is split by role. The surface area has expanded and it has changed. As a result, yes, ops and finance absolutely live in the traditional dashboard.

Speaker #3: And that is the future of Salesforce and Legora.

Speaker #1: David, keep this up. We're going to have to bring you into marketing because you what you are describing so well is this whole idea of headless.

Speaker #1: David, keep this up. We're going to have to bring you into marketing because you, you are describing so well is this whole idea of headless.

Speaker #3: And it's split by role. The surface area has expanded, and it's changed. And as a result, yes, ops and finance absolutely live in the traditional dashboard.

Speaker #1: It's like you're putting it into real words to say you're we're decoupling the Salesforce platform from the UI so that organizations like yours can build the way you'd like to build what you want, build how you want to.

Speaker #1: It's like you're putting it into real words to say you're de we're decoupling the Salesforce platform from the UI so that organizations like yours can build the way you'd like to build what you want, build how you want to.

Speaker #3: But reps likely are not logging into Salesforce in the traditional way. They're logging in via Slack, they're engaging via Slack, and so the surface area is constantly expanding in this new AI ecosystem.

Shibani Ahuja: Right.

David Axene: Reps likely are not logging into Salesforce in the traditional way. They are logging in via Slack. They are engaging via Slack.

David Eckstein: Reps likely are not logging into Salesforce in the traditional way. They are logging in via Slack. They are engaging via Slack.

Speaker #1: David, I really want to thank you. That's exactly what yours is exactly what an enterprise agentic enterprise looks like. And you've been building AI native from the ground up.

Shibani Ahuja: Right.

David Eckstein: We are a real show me, do not tell me organization.

Shibani Ahuja: Right.

David Axene: The surface area is constantly expanding in this new AI ecosystem. Updates go into Salesforce via natural language now instead of typing, or pipeline reviews are coming directly from the system rather than building slides from scratch. To me, that is wasted mental calories. So AI is handling the busy work. Great, that is AI's job.

David Eckstein: The surface area is constantly expanding in this new AI ecosystem. Updates go into Salesforce via natural language now instead of typing, or pipeline reviews are coming directly from the system rather than building slides from scratch. To me, that is wasted mental calories. So AI is handling the busy work. Great, that is AI's job.

Shibani Ahuja: This is incredible what you have been able to do. Your employees, they are using Claude and ChatGPT to be these builders every single day. Where does Salesforce fit into that environment, and why is it more important now than ever?

Speaker #3: Updates go into Salesforce via natural language now instead of typing. Or pipeline reviews are coming directly from the system, rather than building slides from scratch. To me, that's wasted mental calories.

Speaker #1: Thank you.

Speaker #3: Let's go. Thanks for having me.

Speaker #1: Thank you. Let's go. Now, folks, if you're catching this midstream, we're talking live with customers now in the full earnings report follows at 2:00 PM Pacific.

Speaker #1: Let's go. Now, folks, if you're catching this midstream, we're talking live with customers now in the full earnings report follows at 2:00 p.m. Pacific.

David Eckstein: It is the critical system of record. We moved to Salesforce consciously because at our scale, we needed that enterprise layer.

Speaker #1: Now, for our final guest, we've got Replit. Now, Replit lets anyone build software simply by describing what they want. Can I try this on my son?

Speaker #3: So, AI is handling the busy work. Great, that's AI's job. But the human layer—that's adding the judgment. That's the sales strategy on top.

Speaker #1: Now, for our final guest, we've got Replit. Now, Replit lets anyone build software simply by describing what they want. Can I try this on my son?

Shibani Ahuja: Right.

David Axene: The human layer, that is adding the judgment. That is the sales strategy on top, and that is the future of Salesforce and Legora.

David Eckstein: The human layer, that is adding the judgment. That is the sales strategy on top, and that is the future of Salesforce and Legora.

Shibani Ahuja: Right.

David Eckstein: We needed permission checks, we needed audit trails, we needed governance. We have been through several generations of frontier models since we made that move, and we will go through several more. The AI world is rapidly changing, but some things are constant.

Speaker #3: And that is the future of Salesforce and Legora.

Speaker #1: No, I can't. It doesn't work that way. There's no coding required. The company is scaling fast with an ambitious goal of reaching a billion dollars in ARR.

Speaker #2: David, keep this up—we're going to have to bring you into marketing, because what you are describing so well is this whole idea of headless.

Shibani Ahuja: David, keep this up. We are going to have to bring you into marketing because what you are describing so well is this whole idea of headless. It is like you are putting it into real words to say we are decoupling the Salesforce platform from the UI so that organizations like yours can build the way you would like to build what you want, build how you want to. David, I really want to thank you. That is exactly what yours is, exactly what an agentic enterprise looks like. You have been building AI native from the ground up. Thank you.

Speaker #2: It's like you're putting it into real words to say we're decoupling the Salesforce platform from the UI, so that organizations like yours can build the way you'd like to—build what you want, build how you want to.

Speaker #1: Again, a common theme that I'm hearing from the last conversation in this one. Now, ARR for the folks that are on the call, that means annual recurring revenue.

Shibani Ahuja: Right.

David Eckstein: What cannot change every four months is that system of record. Who did we sell to? On what terms? Who should have access to what? If that layer moves, everything sitting on top of it stops being trustworthy. When I think about Claude and ChatGPT, that is about how people work. Salesforce is what they leverage to get that work done. I would actually push back on any of the framing that says that that AI layer will eventually replace the system of record.

Speaker #1: Again, a common theme that I'm hearing from the last conversation in this one. Now, ARR, for the folks that are on the call, that means annual recurring revenue.

Speaker #1: And they're aiming to do this by the end of this year. Joining us is Replit's Chief Revenue Officer, Ghazi Masood. Ghazi, welcome. It is wonderful to have you here.

Speaker #2: David, I really want to thank you. That’s exactly what—yours is exactly what an enterprise agentic enterprise looks like. And you’ve been building AI native from the ground up.

Speaker #1: And they're aiming to do this by the end of this year. Joining us is Replit's Chief Revenue Officer, Gazi Mahsun. Gazi, welcome. It is wonderful to have you here.

Speaker #4: Hey, good to see you. How are you?

Speaker #2: Thank you. Let's go. Now, folks, if you're catching this midstream, we're talking live with customers now, and the full earnings report follows at 2:00 PM Pacific.

Speaker #4: Hey, good to see you. How are you?

David Axene: Let's go. Thanks for having me.

David Eckstein: Let's go. Thanks for having me.

Speaker #1: Great, great, great. Nice to see you too. OK, so Replit's growth has been a little bit wild. Your enterprise adoption took off so fast that your old go-to-market systems couldn't keep pace.

Shibani Ahuja: Let's go. Now, folks, if you are catching this midstream, we are talking live with customers now, and the full earnings report follows at 2:00 PM Pacific. Now, for our final guest, we have Replit. Replit lets anyone build software simply by describing what they want. Can I try this on my son? No, I cannot. It does not work that way. There is no coding required. The company is scaling fast with an ambitious goal of reaching $1 billion in ARR. Again, a common theme that I am hearing from the last conversation and this one. ARR, for the folks that are on the call, that means annual recurring revenue. And they are aiming to do this by the end of this year. Joining us is Replit's Chief Revenue Officer, Ghazi Masood. Ghazi, welcome. It is wonderful to have you here.

Speaker #1: Great, great, great. Nice to see you too. Okay, so Replit's growth has been a little bit wild. Your enterprise adoption took off so fast that your old go-to-market systems couldn't keep pace.

Shibani Ahuja: Right.

David Eckstein: To me, it makes it more valuable because the agent is only as good as the context that you give it, and that context has to come from an authoritative layer. Legora is the fastest software company with a Salesforce to go from 1 to 100 million ARR. We did it in less than 18 months.

Speaker #2: Now, for our final guest, we've got Replit. Now, Replit lets anyone build software simply by describing what they want. Can I try this on my son?

Speaker #1: That speed, it broke a few things. What broke first and why was Salesforce the fix?

Speaker #1: That speed it broke a few things. What broke first and why was Salesforce the fix?

Speaker #4: Yeah, yeah. It wasn't really what broke first. It was really the scale element, right? So when I got here and knowing how fast we had to go scale and build our GTM teams, it was just a common sense type conversation.

Speaker #2: No, I can't. It doesn't work that way. There's no coding required. The company is scaling fast with an ambitious goal of reaching $1 billion in ARR.

Shibani Ahuja: Wow.

David Eckstein: We cannot afford to change our CRM again.

Shibani Ahuja: No, and David, you are talking about some incredible concepts. You have grown from 600 to over 1,500 employees in 6 months, in addition to your ARR. Everyone talks about AI replacing jobs. This is another angle and another dimension. You are proof point that it does not. So what are all of these new people actually doing?

Speaker #4: In order to kind of scale at the pace that we wanted to actually scale at, we needed a hard robust system. So the question was, yeah, could we have built it ourselves?

Speaker #4: in order to kind of scale at the pace that we wanted to actually scale at, we needed a hard robust system. So the question was, yeah, could we have built it ourselves?

Speaker #2: Again, a common theme that I'm hearing from the last conversation and in this one. Now, ARR, for the folks that are on the call, means annual recurring revenue.

Shibani Ahuja: Again, a common theme that I am hearing from the last conversation and this one. ARR, for the folks that are on the call, that means annual recurring revenue. And they are aiming to do this by the end of this year. Joining us is Replit's Chief Revenue Officer, Ghazi Masood. Ghazi, welcome. It is wonderful to have you here.

Speaker #4: Sure, we could have. Is that the best use of our time or our energy to do it? Probably not. And, you know, I'm in a go-to-market leader for many, many years at different companies out there, and I'm a big fan of Salesforce.

Speaker #2: And they're aiming to do this by the end of this year. Joining us is Replit's Chief Revenue Officer, Ghazi Mahsun. Ghazi, welcome. It is wonderful to have you here.

Speaker #4: Sure, we could have. Is that the best use of our time or energy to do it? Probably not. And, you know, I'm in a go-to-market leader for many, many years at different companies out there, and I'm a big fan of Salesforce.

Speaker #4: Hey, good to see you. How are you?

Speaker #4: And the idea of getting a trusted, proven system of record into our ecosystem was the right, easy decision for us. So that's what we did.

Ghazi Masood: Hey, good to see you. How are you?

Speaker #4: And the idea of getting a trusted, proven system of record into our ecosystem was the right, easy decision for us. so that's what we did.

Speaker #2: Great, great, great. Nice to see you, too. Okay, so Replit's growth has been a little bit wild. Your enterprise adoption took off so fast that your old go-to-market systems couldn't keep pace.

Shibani Ahuja: Great. Nice to see you, too. Okay. Replit's growth has been a little bit wild. Your enterprise adoption took off so fast that your old go-to-market systems could not keep pace. That speed, it broke a few things. What broke first, and why was Salesforce the fix?

David Eckstein: Yeah. So to rewind the clock, 1 January-

Shibani Ahuja: Yeah

David Eckstein: we have 220 employees in the organization. A few months later, we had 600. Today, we have 900 Ligurians. We will finish the year at nearly 1,500 Ligurians. So we are going to go from 220 to 1,500 in 12 months. What are they doing? It can be boiled down to three main things. First, we are investing aggressively in our go-to-market organization, which benefits Salesforce. With over a 70% win rate at pilot, we need to have our reps be first to those accounts, because we can close one of those accounts three out of four times. We are in over 50 markets, and law is jurisdictional, it is very relationship driven. It is very hard to sell to a customer or prospect in Tokyo or Toronto from a seat in New York. We need real people across our 17 global offices.

Speaker #4: And, you know, not only did it come on board early, it's really the foundation that's going to stay with us as we continue scaling to the levels we're scaling at over the next few years.

Speaker #2: That speed, it broke a few things. What broke first, and why was Salesforce the fix?

Speaker #1: I love to hear that. And I love that you've actually called out that you had that contemplation or or maybe not really to say, should we build it ourselves.

Speaker #1: I love to hear that. And I love that you've actually called out that you had that contemplation or, or maybe not really to say should we build it ourselves.

Speaker #4: Yeah, yeah. It wasn't really what broke first; it was really the scale element, right? So, when I got here and knowing how fast we had to go scale and build our GTM teams, it was just a common-sense type conversation.

Ghazi Masood: Yeah. It wasn't really what broke first. It was really the scale element, right? When I got here, and knowing how fast we had to go scale and build our GTM teams, it was just a common sense type conversation. In order to scale at the pace that we wanted to actually scale at,

Speaker #1: I I hear this day in, day out from a lot of folks to say, build it myself. Like, I've got a core business. I've got a core business of doing something I should probably be focusing my efforts in that core business.

Speaker #1: I, I hear this day in, day out from a lot of folks to say, build it myself. Like, I've got a core business. I've got a core business of doing something.

Speaker #1: I should probably be focusing my efforts in that core business. And let alone, like, when you build it out, it's day two. What's the day two implications of building something out the maintenance of it?

Speaker #4: In order to kind of scale at the pace that we wanted to actually scale at, we needed a hard, robust system. So the question was, yeah, could we have built it ourselves?

Speaker #1: And let alone, like, when you build it out, it's day two. What's the day two implications of building something out that maintenance of it?

Shibani Ahuja: Yeah

Ghazi Masood: we needed a hard, robust system. The question was, could we have built it ourselves? Sure, we could have. Is that the best use of our time or our energy to do it? Probably not.

Speaker #1: So thanks for calling that out. Now, you grew Replit from 75 to 300 agent force seats. So 75 to 300 agent force seats speed.

Speaker #4: Sure, we could have. Is that the best use of our time or our energy to do it? Probably not. And, you know, I—I'm a go-to-market leader for many, many years at different companies out there, and I'm a big fan of Salesforce.

Shibani Ahuja: Yeah.

Ghazi Masood: I've been a go-to-market leader for many, many years at different companies out there, and I'm a big fan of Salesforce. The idea of getting a trusted, proven system of record into our ecosystem was the right easy decision for us. That's what we did, and not only did it come on board early, it's really the foundation that's going to stay with us as we continue scaling to the levels we're scaling at over the next few years.

Speaker #1: While you also increase your Slack consumption. What gave you that confidence that you could expand that quickly?

Speaker #1: While you also increased your Slack consumption. What gave you that confidence that you could expand that quickly?

David Eckstein: Second, we are an AI company that sells software, and a lot of the change that we are driving, yes, it is software, but it is also change management. As a result, we actually have more lawyers inside of the organization than software engineers. We call them legal engineers.

Speaker #4: And the idea of getting a trusted, proven system of record into our ecosystem was the right, easy decision for us. So that's what we did.

Speaker #4: Yeah. Yeah, so a couple of points. Like, so one, internally, if you look at our global employee base, we're all Slack users. So not addition in addition to growing our GTM team, we're growing as a company.

Speaker #4: Yeah. yes, a couple of points. Like, so one, internally, if you look at our global employee base, we're all Slack users. so not addition in addition to growing our GTM team, we're growing as a company.

Speaker #4: Internationally, globally around the world. So we just needed more Slack licenses to help accommodate just our broad employee growth, which is great. You know, we're also starting on the whole Slack code partnership with you all or in early stages with that.

Speaker #4: internationally, globally around the world.

Shibani Ahuja: Wow.

David Eckstein: Their job is not to do legal work. It is to redesign how a firm's work gets done, given what technology can now do for that organization. That is a role that didn't exist 3 years ago, and now we are hiring hundreds of legal engineers this year alone. Then finally, and this one is near and dear to my heart, the third bucket refers to the people that are required to scale an organization to those 50 markets. Finance, security, compliance, people, operations. My own function is a really good example of a job AI created, not destroyed. Overall, Legora sees AI as a capacity expander. In contrast to what you might think, our clients are actually adding more lawyers because they can now take on more work. Our USD 1 trillion TAM that we operate in, the legal services TAM, is supply constrained.

Speaker #1: Right.

Speaker #4: So we just needed more Slack licenses to help accommodate just our broad employee growth, which is great. You know, we're also starting on the whole Slack code, partnership with you all or in early stages with that.

Speaker #2: I love to hear that, and I love that you actually called out that you had that contemplation — or maybe, not really — to say, should we build it ourselves?

Shibani Ahuja: I love to hear that. I love that you've actually called out that you had that contemplation, or maybe not really, to say, "Should we build it ourselves?" I hear this day in, day out from a lot of folks to say, "Build it myself, I've got a core business.

Speaker #2: I hear this day in, day out from a lot of folks who say, "Build it myself." Like, I've got a core business. I've got a core business of doing something.

Speaker #4: So the team is pretty excited about that and what's to come with that. So the Slack usage and growth was just common sense, just to scale with our employee base.

Ghazi Masood: Yeah.

Shibani Ahuja: I've got a core business of doing something. I should probably be focusing my efforts in that core business. Let alone, when you build it out, it's day 2. What's the day 2 implications of building something out, the maintenance of it? Thanks for calling that out. Now, you grew Replit from 75 to 300 Agentforce seats. 75 to 300 Agentforce seat speed, while you also increased your Slack consumption. What gave you that confidence that you could expand

Ghazi Masood: Yeah.

Speaker #2: I should probably be focusing my efforts on that core business. And let alone, like, when you build it out, it's day two. What's the day two implication of building something out—the maintenance of it?

Speaker #4: We we live in Slack every single day. Then on the agent force side of the house, you know, I had to go build a sales organization north of 200 people by the end of this year.

Speaker #4: We, we live in Slack every single day. then on the agent force side of the house, you know, I had to go build a sales organization north of 200 people by the end of this year.

Speaker #2: So thanks for calling that out. Now, you grew Replit from 75 to 300 agent force seats—so, 75 to 300 agent force seats—speed.

Speaker #4: And looking at global expansion into regions like South America, Europe, Middle East, Asia Pacific. So we needed to go out and really expand our footprint of users on Salesforce.

Speaker #2: While you also increased your Slack consumption, what gave you that confidence that you could expand that quickly?

Ghazi Masood: Yeah

Shibani Ahuja: that quickly?

Speaker #4: Yeah, yes, a couple of points. So, one, internally, if you look at our global employee base, we're all Slack users. So not only are we growing our GTM team, we're growing as a company.

Ghazi Masood: Well, a couple of points. One, internally, if you look at our global employee base, we're all Slack users. In addition to growing our GTM team, we're growing as a company, internationally, globally around the world.

Speaker #4: And by the way, it's not just the salespeople, right? We also have a BDR function that does both inbound and outbound. So while we use, like, our classic outbound dial-in capabilities and tools, a lot of our systems of record all kind of pull off of Salesforce.

Speaker #4: And by the way, it's not just the salespeople, right? We also have a BDR function that does both inbound and outbound. So while we use like our classic outbound, dial-in capabilities and tools, a lot of our systems of record all kind of pull off of Salesforce.

Speaker #4: Internationally, globally around the world, so we just needed more Slack licenses to help accommodate our broad employee growth, which is great. You know, we're also starting on the whole Slack code partnership with you all—we're in early stages with that, so the team's pretty excited about that and what's to come with that.

Shibani Ahuja: Right.

Ghazi Masood: We just needed more Slack licenses to help accommodate just our broad employee growth, which is great. We're also starting on the whole Slack Code partnership with you all, or in the early stages with that, so the team's

Speaker #4: So it's extremely important for us just to kind of make sure we have the right capacity of. Licenses. We're bringing on board into the team.

David Eckstein: We are seeing more M&A, more litigation, more regulation, more companies being formed, and our 900 Legorians, we are just getting started. The pie is growing.

Speaker #4: So it's extremely important for us just to kind of make sure we have the right capacity of licenses, for the folks that we're bringing on board into the teams.

Shibani Ahuja: Love it.

Ghazi Masood: pretty excited about that and what's to come with that. The Slack usage and growth was just common sense, just to scale with our employee base. We live in Slack every single day. Then on the Agentforce side of the house, I had to go build a sales organization north of 200 people by the end of this year, and looking at global expansion into regions like South America, Europe, Middle East, Asia Pacific. We needed

Speaker #1: That's, that's great. And you're able to, to adjust and flex as needed with the, with, with as your needs are, are coming along. Now, you're also running Salesforce headlessly, and we talked again with our, our earlier guest, David, on, on this notion of headless.

Shibani Ahuja: Legorians, that is going to stick, David. That one is definitely going to stick. Salesforce is bringing to you that deep trusted data, but it is actually not just the data, it is the context behind that data. While you didn't mention it, I imagine there is an element of probabilistic deterministic, but it is also bringing this new way of working, these new roles. Like you said, your own department being an entirely new function that wouldn't have existed before. There seems to be a common theme that we are starting to see where it is less about the old traditional thoughts around AI and what AI will take away or what AI will reduce, and rather build and grow for the future.

Speaker #4: So the Slack usage and growth was just common sense, just to scale with our employee base. We—we live in Slack every single day.

Speaker #4: Then, on the agent force side of the house, you know, I had to go build a sales organization north of 200 people by the end of this year.

Speaker #1: you've got your own pipeline dashboard that you've built on Salesforce data, and it's feeding directly into Slack. Now, what does that approach make possible for your teams?

Speaker #4: And looking at global expansion into regions like South America, Europe, the Middle East, and Asia Pacific, we needed to go out and really expand our footprint of users on Salesforce.

Speaker #4: Yeah. So, so the philosophy is we have no shortage of Replit apps that we're building on top of Salesforce. and they're everything from, like, we have our own CPQ, which is our order form generator, which basically pulls out of Salesforce.

Shibani Ahuja: Wow

Ghazi Masood: to go out and really expand our footprint of users on Salesforce. By the way, it's not just the salespeople. We also have a BDR function that does both inbound and outbound. While we use our classic outbound dialing capabilities and tools, a lot of our systems of record all pull off of Salesforce. It's extremely important for us just to make sure we have the right capacity of licenses for the folks that we're bringing on board into the teams.

Speaker #4: And by the way, it's not just the salespeople, right? We also have a BDR function that does both inbound and outbound. So, while we use our classic outbound dialing capabilities and tools, a lot of our systems of record all kind of pull off of Salesforce.

Speaker #4: We have our own, revenue dashboard, that we actually run our business off of. We have our own forecasting application that our reps actually forecast their deals off of, Salesforce.

David Eckstein: Yeah

Shibani Ahuja: What are you thinking about for the future?

David Eckstein: I'm thinking about how the surface area is changing. When I look at Legora and Salesforce, everyone is logged into Salesforce.

Speaker #4: So, it's extremely important for us to make sure we have the right capacity of licenses for the folks that we're bringing on board into the teams.

Speaker #4: we also have our customer health dashboard. that we actually call, which is like a game site equivalent, right? That we actually go out and build on top of that.

Shibani Ahuja: Right.

David Eckstein: But if you're thinking about are Legora users logging into Salesforce in the traditional interface, the answer, it's changing every single day, and it's split by role. The surface area has expanded and it's changed. As a result, yes, ops and finance absolutely live in the traditional dashboard.

Speaker #2: That's w that's great. And you're able to, to adjust and flex as needed with the with, with as your needs are, are coming along.

Shibani Ahuja: That's great, and you're able to adjust and flex as needed with the

Speaker #4: So we have no shortage of it. And our philosophy is we while Salesforce is important as our system of record, and that's where all the data harnesses, we want to go out and build the UI layer utilizing Replit, because we're familiar with our processes, we're familiar with the look and feel, we're familiar with kind of our, our culture.

Ghazi Masood: Yeah

Shibani Ahuja: as your needs are coming along. You are also running Salesforce headlessly, and we talked again with our earlier guest, David, on this notion of headless. You have got your own pipeline dashboard that you have built on Salesforce data, and it is feeding directly into Slack. What does that approach make possible for your teams?

Speaker #2: Now, you're also running Salesforce headlessly, and we talked again with our earlier guest, David, on this notion of headless. You've got your own pipeline dashboard that you've built on Salesforce data, and it's feeding directly into Slack.

Shibani Ahuja: Right.

David Eckstein: But reps likely are not logging into Salesforce in the traditional way. They're logging in via Slack, they're engaging via Slack.

Speaker #2: Now, what does that approach make possible for your teams?

Shibani Ahuja: Right.

David Eckstein: So the surface area is constantly expanding in this new AI ecosystem. Updates go into Salesforce via natural language now instead of typing, or pipeline reviews are coming directly from the system rather than building slides from scratch. To me, that's wasted mental calories. So AI is handling the busywork. Great, that's AI's job.

Speaker #4: And we're building those across the team. So in my RevOps organization, we actually have two functions, the classic name is go-to-market engineers. but we call them like AI engineers.

Speaker #4: Yeah, so the philosophy is, we have no shortage of Replit apps that we're building on top of Salesforce. They're everything from—like, we have our own CPQ, which is our order form generator, which basically pulls out of Salesforce.

Ghazi Masood: Yeah. So, the philosophy is we have no shortage of Replit apps that we are building on top of Salesforce. They are everything from, we have our own CPQ, which is our order form generator.

Speaker #4: And they're basically tasked with all of the tooling that we want to go do that pulls off of Salesforce. So while Salesforce is in the background, the idea is no one's really touching it.

Shibani Ahuja: Yeah

Ghazi Masood: which basically pulls out of Salesforce. We have our own revenue dashboard that we actually run our business off of. We have our own forecasting application that our reps actually forecast their deals off of Salesforce. We also have our customer health dashboard that we actually call, which is like an insight equivalent. That we actually go out and build on top of that. So we have no shortage of it, and our philosophy is while Salesforce is important as our system of record, and that is where all the data harnesses, we want to go out and build a UI layer utilizing Replit, because we are familiar with our processes, we are familiar with the look and feel. We are familiar with our culture, and we are building those across the team. So in my RevOps organization, we actually have two functions. The classic name is go-to-market engineers, but we call them AI engineers.

Speaker #4: We have our own revenue dashboard that we actually run our business off of. We have our own forecasting application that our reps actually forecast their deals off of—Salesforce.

Speaker #4: It's kind of, you know, they're hosting the data, integrating with their data warehouse, and then everything on top of that is a Replit application.

Shibani Ahuja: Right.

David Eckstein: But the human layer, that is adding the judgment, that is the sales strategy on top, and that is the future of Salesforce and Legora.

Speaker #4: We also have our customer health dashboard that we actually call—which is like a Game Site equivalent, right?—that we actually go out and build on top of that.

Speaker #1: So it's again, I, like a common theme that I'm seeing come through in all of these conversations is Salesforce use it as you wish.

Shibani Ahuja: David, keep this up. We are going to have to bring you into marketing because what you are describing so well is this whole idea of headless. It is like you are putting it into real words to say we are decoupling the Salesforce platform from the UI so that organizations like yours can build the way you would like to build what you want, build how you want to. David, I really want to thank you. Yours is exactly what an agentic enterprise looks like, and you have been building AI native from the ground up. Thank you.

Ghazi Masood: So we have no shortage of it, and our philosophy is while Salesforce is important as our system of record, and that is where all the data harnesses, we want to go out and build a UI layer utilizing Replit, because we are familiar with our processes, we are familiar with the look and feel. We are familiar with our culture, and we are building those across the team.

Speaker #1: It's composable parts. We work well in the ecosystem with other technologies that you have or coding tools. And the other thing that you just talked about is a new role.

Speaker #1: It sounds like, like AI engineers, these, these are this idea that you've got new types of roles coming up at your organization. Maybe talk a bit about that.

Speaker #4: Yeah, absolutely. I mean, you need somebody who is really good at dogfooding, who's really good at, you know, having to build versus buy, type common sense type conversation.

Speaker #4: And we're building those across the team. So in my RevOps organization, we actually have two functions. The classic name is go-to-market engineers, but we call them, like, AI engineers.

Ghazi Masood: So in my RevOps organization, we actually have two functions. The classic name is go-to-market engineers, but we call them AI engineers. They are basically tasked with all of the tooling that we want to go do that pulls off of Salesforce. So while Salesforce sits in the background, the idea is no one is really touching it. It is there hosting the data.

David Eckstein: Let us go. Thanks for having me.

Shibani Ahuja: Let us go. Now, folks, if you are catching this midstream, we are talking live with customers now, and the full earnings report follows at 2:00 PM Pacific. Now, for our final guest, we have Replit. Now, Replit lets anyone build software simply by describing what they want. Can I try this on my son? No, I cannot. It does not work that way. There is no coding required. The company is scaling fast with an ambitious goal of reaching 1 billion USD in ARR. Again, a common theme that I am hearing from the last conversation and this one. Now, ARR, for the folks that are on the call, that means annual recurring revenue, and they are aiming to do this by the end of this year. Joining us is Replit's Chief Revenue Officer, Ghazi Masood. Ghazi, welcome. It is wonderful to have you here.

Speaker #4: And really coming up with a catalog list of libraries, right? You know, what the, the, the crazy thing is, like in everybody at internally at Replit dogfoods, and what that creates sometimes is, you know, duplicative applications and stuff that, you know, is happening out there.

Speaker #4: And they're basically tasked with all of the tooling that we want to go do that pulls off of Salesforce. So, while Salesforce is in the background, the idea is no one's really touching it.

Ghazi Masood: They are basically tasked with all of the tooling that we want to go do that pulls off of Salesforce. So while Salesforce sits in the background, the idea is no one is really touching it. It is there hosting the data.

Speaker #4: It's kind of, you know, they're hosting the data, integrating with their data warehouse, and then everything on top of that is a Replit application.

Shibani Ahuja: Right

Ghazi Masood: integrating with our data warehouse, then everything on top of that is a Replit application.

Speaker #4: So putting that into a catalog and making sure that we actually have a source of truth of all of the value-added applications and what we can automate and what actually makes sense is like extremely important to us.

Speaker #2: So, again, a common theme that I'm seeing come through in all of these conversations is: Salesforce—use it as you wish. It's composable parts.

Shibani Ahuja: So it is again, a common theme that I am seeing come through in all of these conversations is Salesforce, use it as you wish. It is composable parts. We work well in the ecosystem with other technologies that you have, or coding tools. The other thing that you just talked about is a new role. It sounds like AI engineers, this idea that you have got new types of roles coming up into your organization. Maybe talk a bit about that.

Speaker #4: So that's really what this role is, you know, allows us to go out and do. And these people that we're bringing on board, I mean, they're just passionate about building with AI and tooling like this.

Speaker #2: We work well in the ecosystem with other technologies that you have, or coding tools. And the other thing that you just talked about is a new role.

Speaker #2: It sounds like, like, AI engineers—these are, these are this idea that you've got new types of roles coming up into your organization. Maybe talk a bit about that.

Speaker #4: So this is kind of what they live and breathe every single day. And in the early innings, but we've seen just tremendous productivity in a very, very short amount of time.

Speaker #4: Yeah, absolutely. I mean, you need somebody who is really good at dogfooding, who is really good at, you know, having to build versus buy.

Ghazi Masood: Well, absolutely. You need somebody who is really good at doc coding, who is really good at having the build versus buy

Speaker #1: And is that, is that building that they're doing, is it happening like, again, I'm having these conversations with customers where it was, this was traditionally just functions for technology, technology roles and technology departments, whereas now this notion of citizen development where we want everyone to be a builder.

Ghazi Masood: Hey, good to see you. How are you?

Speaker #2: Mm-hmm.

Speaker #4: Type common sense type conversation.

Shibani Ahuja: Yeah

Shibani Ahuja: Great. Nice to see you, too. Replit's growth has been a little bit wild. Your enterprise adoption took off so fast that your old go-to-market systems couldn't keep pace. That speed, it broke a few things. What broke first, and why was Salesforce the fix?

Ghazi Masood: common sense type conversation.

Speaker #2: Yeah.

Speaker #4: And really coming up with a catalog list of libraries, right? You know, what the—the crazy thing is, like, everybody internally at Replit, it dogfoods.

Shibani Ahuja: Yeah.

Ghazi Masood: And really coming up with a catalog list of libraries. The crazy thing is, everybody internally at Replit doc codes. And what that creates sometimes is duplicative applications and stuff that is happening out there. So putting that into a catalog and making sure that we actually have a source of truth

Speaker #1: Is that a bit of what's happening within your organization?

Speaker #4: And what that creates sometimes is, you know, duplicative applications and stuff that, you know, is happening out there. So, putting that into a catalog and making sure that we actually have a source of truth.

Speaker #4: Absolutely. I mean, so everybody, irrespective of the role's builders, right? So if you look at myself and my team, we're all non-developers and non-engineers.

Speaker #4: We're all builders. You look at people in the finance organizations, they're builders. You look at people in our people in HR function, they're builders, right?

Ghazi Masood: Yeah. It wasn't really what broke first. It was really the scale element, right? When I got here, and knowing how fast we had to go scale and build our GTM teams, it was just a common sense type conversation. In order to kind of scale at the pace that we wanted to actually scale at,

Speaker #4: Of all the value-added applications and what we can automate, and what actually makes sense, that is extremely important to us. So that's really what this role, you know, allows us to go out and do.

Shibani Ahuja: Right

Ghazi Masood: of all of the value-added applications, and what we can automate and what actually makes sense is extremely important to us. So that's really what this role allows us to go out and do. And these people that we're bringing on board, they're just passionate about building with AI and tooling like this. So this is what they live and breathe every single day, and in the early innings, but we've seen just tremendous productivity in a very, very short amount of time.

Speaker #4: So everybody is building because the tools and capability of applications like Replit and others really allow people with like zero coding experience and knowledge to go out and bring their ideas to life in a very, very short amount of time.

Speaker #4: And these people that we're bringing on board, I mean, they're just passionate about building with AI and tooling like this. So this is kind of what they live and breathe every single day.

Shibani Ahuja: Yeah

Ghazi Masood: we needed a hard, robust system. The question was, yeah, could we have built it ourselves? Sure, we could have. Is that the best use of our time or energy to do it? Probably not.

Speaker #1: And being able to use natural language to really just be able to describe, very much so in, in line with your organization. So what's next?

Speaker #4: And in the early innings, we’ve seen just tremendous productivity in a very, very short amount of time.

Shibani Ahuja: Yeah.

Ghazi Masood: I have been a go-to-market leader for many, many years at different companies out there. I am a big fan of Salesforce, and the idea of getting a trusted, proven system of record into our ecosystem was the right, easy decision for us. That is what we did, and not only did it come on board early, it is really the foundation that is going to stay with us as we continue to scale into the levels we are scaling at over the next few years.

Speaker #2: And is that is that building that they're doing, is it happening like, again, I'm having these conversations with customers where it was this was traditionally just functions for technology, technology roles and technology departments, whereas now this notion of citizen development where we want.

Shibani Ahuja: And is that building that they're doing, is it happening, again, I'm having these conversations with customers where this was traditionally just functions for technology roles and technology departments, whereas now this notion of citizen development, where we want

Speaker #1: What's next for you?

Speaker #4: Well, next is to get to a billion dollars. that's a big priority. a lot of hiring to go do.

Speaker #1: Yeah.

Speaker #4: we're opening up some, big international markets. you're going to see us make a big presence out in Europe, during Labor Day week. that's been out, out on social.

Speaker #2: Everyone to be a builder. Is that a bit of what's happening within your organization?

Ghazi Masood: Oh, yeah

Shibani Ahuja: everyone to be a builder. Is that a bit of what's happening within your organization?

Speaker #4: So if you're out in London, come see us. We're going to be making a big splash in London. And then after that is Japan.

Speaker #4: Absolutely. I mean, so everybody, irrespective of their roles, are builders, right? So if you look at myself and my team, we're all non-developers and non-engineers.

Ghazi Masood: Absolutely. Everybody, irrespective of the role, is builders.

Shibani Ahuja: Yeah.

Ghazi Masood: If you look at myself and my team, we are all non-developers and non-engineers. We are all builders. You look at people in the finance organization, they are builders. You will get people in HR function, they are builders. Everybody is building it because the tools and capability of applications like Replit and others really allow people with zero coding experience and knowledge to go out and bring their ideas to life in a very short amount of time.

Shibani Ahuja: I love to hear that, and I love that you have actually called out that you had that contemplation, or maybe not really, to say, "Should we build it ourselves?" I hear this day in, day out from a lot of folks to say, "Build it myself. I have got a core business. I have got a core business.

Speaker #4: And then, Latin America. So we have a lot of growth, to go out and do a lot of hiring and, you know, big aspirations.

Speaker #4: We're all builders. You look at people in the finance organization—they're builders. You look at people in our HR function—they're builders. Right?

Speaker #4: So, everybody is building because the tools and capability of applications like Replit and others really allow people with zero coding experience and knowledge to go out and bring their ideas to life in a very, very short amount of time.

Speaker #4: and, and then keep an eye out on our launches because we ship at just amazing velocity and speed. And you're going to continue seeing some amazing announcements, from us as we close out the year.

Ghazi Masood: Yeah

Shibani Ahuja: of doing something. I should probably be focusing my efforts on that core business. Let alone, when you build it out, it is day 2. What are the day 2 implications of building something out, the maintenance of it? Thanks for calling that out. Now, you grew Replit from 75 to 300 Agentforce seats. 75 to 300 Agentforce seats speed, while you also increased your Slack consumption. What gave you that confidence that you could expand

Speaker #1: I am looking forward to following you for many reasons. One is just all of the incredible development that you're doing. I think it's very applicable even to what we're, what we are doing.

Speaker #2: And being able to use natural language to really just be able to describe, very much so in line with your organization. So, what's next?

Shibani Ahuja: And being able to use natural language to really just be able to describe.

Ghazi Masood: Exactly.

Shibani Ahuja: Very much so in line with your organization.

Ghazi Masood: Yeah.

Speaker #1: but, I hope you're okay with time zones with all of that, all that jumping back and forth.

Shibani Ahuja: What's next? What's next for you?

Speaker #2: What's next for you?

Speaker #4: Well, next is to get to a billion dollars. That's a big priority. A lot of hiring to go do.

Ghazi Masood: Well, next is to get to a billion dollars.

Speaker #4: I am. Yeah. Just like to me, unfortunately, does not bother me these days. So we'll see how it goes. Yeah.

Shibani Ahuja: Yeah.

Ghazi Masood: That's a big priority. We have a lot of hiring to go do. We're opening up some big international markets. You're going to see us make a big presence out in Europe during Liberty Week. That's been out on social. If you're out in London, come see us. We're going to be making a big splash in London, and then after that is Japan and then Latin America. We have a lot of growth to go out and do, a lot of hiring and big aspirations. Then keep an eye out on our launches because we ship at just amazing velocity and speed, and you're going to continue seeing some amazing announcements from us as we close out the year.

Speaker #2: Mm-hmm.

Speaker #4: We're opening up some big international markets. You're gonna see us make a big presence out in Europe during Labor Day week; that's been out on social.

Ghazi Masood: Yeah

Shibani Ahuja: that quickly?

Speaker #1: You, you, you just suggest. Well, Gazi, I want to thank you, for taking the time to join us today. We really, really appreciate that.

Ghazi Masood: Yes, a couple of points. So one, internally, if you look at our global employee base, we are all Slack users. In addition to growing our GTM team, we are growing as a company, internationally, globally around the world.

Speaker #1: And good luck with your, your expansion. It's very exciting.

Speaker #4: So if you're out in London, come see us. We're going to be making a big splash in London. And then after that is Japan, and then Latin America.

Speaker #4: Thank you. Thanks for having me on. All right.

Speaker #1: Thank you. All right, folks. That is Replit, moving super fast AI native chasing you heard it, a billion dollars in ARR by the end of this year.

Shibani Ahuja: Wow.

Ghazi Masood: We just needed more Slack licenses to help accommodate just our broad employee growth, which is great. We are also starting on the whole Slack Code partnership with you all. We are in the early stages with that, so the team is

Speaker #4: So we have a lot of growth to go out and do—a lot of hiring and, you know, big aspirations. And keep an eye out on our launches, because we ship at just amazing velocity and speed. You're going to continue seeing some amazing announcements from us as we close out the year.

Ghazi Masood: We have a lot of growth to go out and do, a lot of hiring and big aspirations. Then keep an eye out on our launches because we ship at just amazing velocity and speed, and you're going to continue seeing some amazing announcements from us as we close out the year.

Speaker #1: Whoo! We love to see it. The sky is the limit. There you have it, folks. Zero, Legora, Replit, three extremely different companies, three extremely different ways of approaching AI.

Shibani Ahuja: Yeah

Ghazi Masood: pretty excited about that and what is to come with that. So the Slack usage and growth was just common sense, just to scale with our employee base. We live in Slack every single day. Then on the Agentforce side of the house, I had to go build a sales organization north of 200 people by the end of this year, and looking at global expansion into regions like South America, Europe, Middle East, Asia Pacific. So we needed

Speaker #2: I am looking forward to following you for many reasons. One is just all of the incredible development that you're doing. I think it's very applicable, even to what we are doing.

Shibani Ahuja: I am looking forward to following you for many reasons. One is just all of the incredible development that you are doing. I think it is very applicable even to what we are doing. I hope you are okay with time zones with all of that jumping back and forth.

Speaker #1: But here is the through line. None of them are throwing out their enterprise software. No. In fact, they're using it more building on it.

Speaker #2: But I hope you're okay with the time zones and all of that jumping back and forth.

Speaker #4: I am, yeah. Jet lag, to me, unfortunately, does not bother me these days. So we'll see how it goes. Yeah.

Ghazi Masood: I am, yeah. Jet lag, to me, unfortunately, does not bother me these days. We will see how it goes.

Speaker #1: They're unlocking value where they've never had it before. So much for the SaaS apocalypse. That concludes our pre-show. Stay with us though. The full earnings broadcast, it starts now.

Shibani Ahuja: Wow

Ghazi Masood: to go out and really expand our footprint of users on Salesforce. By the way, it is not just the salespeople. We also have a BDR function that does both inbound and outbound. While we use our classic outbound dialing capabilities and tools, a lot of our systems of record all kind of pull off of Salesforce. So it is extremely important for us just to make sure we have the right capacity of licenses for the folks that we are bringing on board into the teams.

Speaker #2: You, you, you just suggest. Well, Gazi, I want to thank you for taking the time to join us today. We really, really appreciate that. And good luck.

Shibani Ahuja: You just adjust.

Ghazi Masood: Yeah.

Shibani Ahuja: Well, Ghazi, I want to thank you for taking the time to join us today. We really, really appreciate that. Good luck.

Speaker #4: Thank you.

Speaker #2: With your expansion, it's very exciting. Thank you. All right, folks. That is Replit, moving super fast, AI native, chasing—you heard it—a billion dollars in ARR by the end of this year.

Ghazi Masood: Thank you.

Shibani Ahuja: with your expansion. It is very exciting.

Ghazi Masood: Thank you. Thanks for having me on.

Shibani Ahuja: Thank you.

Ghazi Masood: All right.

Shibani Ahuja: All right, folks, that is Replit, moving super fast, AI native, chasing, you heard it, a billion dollars in ARR by the end of this year. Woo! We love to see it. The sky is the limit. There you have it, folks. Xero, Legora, Replit. Three extremely different companies, three extremely different ways of approaching AI. Here is the through line. None of them are throwing out their enterprise software. No. In fact, they are using it more, building on it. They are unlocking value where they have never had it before. So much for the SaaSpocalypse. That concludes our pre-show. Stay with us, though. The full earnings broadcast, it starts now.

Speaker #2: So what makes a company truly agentic? Agents operating inside your workflows, not an assistant, no, a colleague. A true partner that knows your business.

Speaker #2: Whoo! We love to see it. The sky is the limit. There you have it, folks—Zero, Legora, Replit: three extremely different companies, three extremely different ways of approaching AI.

Shibani Ahuja: That's great, and you're able to adjust and flex as needed with the

Ghazi Masood: Yeah

Shibani Ahuja: as your needs are coming along. You're also running Salesforce headlessly. We talked again with our earlier guest, David, on this notion of headless. You've got your own pipeline dashboard that you've built on Salesforce data, and it's feeding directly into Slack. What does that approach make possible for your teams?

Speaker #2: Agents that reason, that orchestrate, that determine the next best action across your entire business. An agent that actually gives you agency.

Speaker #2: But here is the through line: none of them are throwing out their enterprise software. No, in fact, they're using it more—building on it.

Shibani Ahuja: None of them are throwing out their enterprise software. No. In fact, they are using it more, building on it. They are unlocking value where they have never had it before. So much for the SaaSpocalypse. That concludes our pre-show. Stay with us, though. The full earnings broadcast, it starts now.

Speaker #3: We're going from the dumb software era to the smart software era. In real time.

Speaker #2: They're unlocking value where they've never had it before. So much for the SaaS apocalypse. That concludes our pre-show. Stay with us, though—the full earnings broadcast starts now.

Ghazi Masood: Yeah. The philosophy is we have no shortage of Replit apps that we're building on top of Salesforce. They're everything from, we have our own CPQ, which is our order form generator

Speaker #1: Your AI business is actually going to be doing a billion dollars in sales.

Speaker #4: Oh, it's over that already.

Speaker #2: Jim, agent forensic data 360 growth is just incredible.

Shibani Ahuja: Right

Ghazi Masood: which basically pulls out of Salesforce. We have our own revenue dashboard that we actually run our business off of. We have our own forecasting application that our reps actually forecast their deals off of Salesforce. We also have our customer health dashboard that we actually call, which is like a team site equivalent. That we actually go out and build on top of that. So we have no shortage of it, and our philosophy is while Salesforce is important as our system of record, and that's where all the data harnesses, we want to go out and build a UI layer utilizing Replit, because we're familiar with our processes, we're familiar with the look and feel, we're familiar with our culture, and we're building those across the team. So in my Rep Ops organization, we actually have two functions.

Speaker #5: When we're working with Salesforce, it feels like we're right at the front of the pack.

Speaker #1: So, what makes a company truly agentic? Agents operating inside your workflows. Not an assistant—no, a colleague. A true partner that knows your business.

[Company Representative] (Salesforce): What makes a company truly agentic? Agents operating inside your workflows. Not an assistant, no, a colleague, a true partner that knows your business. Agents that reason, that orchestrate, that determine the next best action across your entire business. An agent that actually gives you agency.

[Video Narrator]: What makes a company truly agentic? Agents operating inside your workflows. Not an assistant, no, a colleague, a true partner that knows your business. Agents that reason, that orchestrate, that determine the next best action across your entire business. An agent that actually gives you agency. We are going from the dumb software era to the smart software era in real-time. Your AI business is actually going to be doing USD 1 billion in sales. Oh, it is over that already. Jim, Agentforce and Data 360 growth is just incredible.

Speaker #4: None of this stuff works if you don't have context.

Speaker #2: When your data's connected, now you have a foundation.

Speaker #4: Data is everything for an agentic enterprise.

Speaker #1: Agents that reason, that orchestrate, that determine the next best action across your entire business—an agent that actually gives you agency.

Speaker #2: This is where your intelligence is multiplied. Agents that reason with the full weight of the business behind them. Every function, every industry, the US government is our largest customer.

Speaker #2: We're going from the dumb software era to the smart software era — in real time. Your AI business is actually going to be doing a billion dollars in sales.

Marc Benioff: We are going from the dumb software era to the smart software era in real-time.

[Company Representative] (Salesforce): Your AI business is actually going to be doing USD 1 billion in sales.

Speaker #2: And this is where it gets really interesting. Today, you're going to show you Salesforce Headless 360. This is the powerful moment.

Ghazi Masood: The classic name is go-to-market engineers, but we call them AI engineers. They are basically tasked with all of the tooling that we want to go do that pulls off of Salesforce. While Salesforce is in the background, the idea is no one is really touching it. It is there hosting the data, integrating

Speaker #1: Oh, it's over that already.

[Company Representative] (Salesforce): Oh, it is over that already.

Speaker #2: Shiv, Agent Forensic Data 360's growth is just incredible.

[Company Representative] (Salesforce): Jim, Agentforce and Data 360 growth is just incredible.

Speaker #3: When we're working with Salesforce, it feels like we're right at the front of the pack.

Speaker #4: Headless 360 is a huge opportunity for us.

Operator: When we are working with Salesforce, it feels like we are right at the front of the pack.

[Video Narrator]: When we are working with Salesforce, it feels like we are right at the front of the pack. None of this stuff works if you don't have context. When your data's connected, now you have a foundation. Data is everything for an agentic enterprise. This is where your intelligence is multiplied. Agents that reason with the full weight of the business behind them. Every function, every industry. The US government is our largest customer. This is where it gets really interesting. Today, we are going to show you Salesforce Headless 360. This is the powerful moment.

Speaker #2: The entire Salesforce platform is now available to any agent.

Shibani Ahuja: Right

Ghazi Masood: with our data warehouse, everything on top of that is a Replit application.

Speaker #1: Let's see how this stuff works if you don't have context.

[Company Representative] (Salesforce): None of this stuff works if you don't have context. When your data's connected, now you have a foundation.

Speaker #4: We can actually pull data into our own components as we see fit.

Speaker #2: When your data's connected, now you have a foundation.

Speaker #1: We meet the customers where they're at. To customize your experience and your interface.

Shibani Ahuja: It is again, a common theme that I am seeing come through in all of these conversations is Salesforce, use it as you wish. It is composable parts. We work well in the ecosystem with other technologies that you have or coding tools. The other thing that you just talked about is a new role. It sounds like AI engineers, this idea that you have got new types of roles coming up into your organization. Maybe talk a bit about that.

Speaker #1: Data is everything for an agentic enterprise.

Marc Benioff: Data is everything for an agentic enterprise.

Speaker #2: And that changes everything. Because now context is connected. When you think big, you need to keep it simple.

Speaker #2: This is where your intelligence is multiplied—agents that reason with the full weight of the business behind them.

[Company Representative] (Salesforce): This is where your intelligence is multiplied. Agents that reason with the full weight of the business behind them. Every function, every industry.

Speaker #4: Slack is the point of entry. The dashboard for the worker of tomorrow.

Speaker #1: Today, I'm really excited to tell you about the launch of Slack Code. With purpose-built spaces for teams and AI agents to build together directly in Slack.

Speaker #1: Every function, every industry.

Speaker #2: The U.S. government is our largest customer.

[Company Representative] (Salesforce): The US government is our largest customer.

Ghazi Masood: Yeah, absolutely. You need somebody who is really good at doc coding, who is really good at having the build versus buy type.

Speaker #2: It's the new front door to the agentic enterprise.

Speaker #1: And this is where it gets really interesting.

[Company Representative] (Salesforce): This is where it gets really interesting.

Speaker #4: With Anthropic, yesterday we made game-changing announcement. We launched Claude Tag, an agent, that sits in a channel as if it were another teammate. This is transformational.

Speaker #2: Today, we are going to show you Salesforce Headless 360.

Marc Benioff: Today, we are going to show you Salesforce Headless 360.

Shibani Ahuja: Yeah

Ghazi Masood: common sense type conversation.

Shibani Ahuja: Yeah.

Ghazi Masood: And really coming up with a catalog list of libraries. The crazy thing is, everybody internally at Replit doc codes. What that creates sometimes is duplicative applications and stuff that is happening out there. So putting that into a catalog and making sure that we actually have a source of truth

Speaker #1: This is the powerful moment.

[Company Representative] (Salesforce): This is the powerful moment.

Speaker #2: What's really exciting is now we're taking our partnership to the next level. The number one AI meets the number one CRM. With Claude Force, now you can just ask.

Speaker #2: Headless 360 is a huge opportunity for us.

Shibani Ahuja: Headless 360 is a huge opportunity for us.

[Video Narrator]: Headless 360 is a huge opportunity for us. The entire Salesforce platform is now available to any agent. We can actually pull data into our own components as we see fit. We meet the customers where they are at to customize your experience and your interface. That changes everything, because now context is connected. When you think big, you need to keep it simple. Slack is the point of entry, the dashboard for the worker of tomorrow. Today, I am really excited to tell you about the launch of Slack Code, with purpose-built spaces for teams and AI agents to build together directly in Slack.

Speaker #1: The entire Salesforce platform is now available to any agent. We can actually pull data into our own components as we see fit.

Marc Benioff: The entire Salesforce platform is now available to any agent.

Ghazi Masood: We can actually pull data into our own components as we see fit.

Speaker #2: We meet the customers where they're at, to customize your experience and your interface.

[Company Representative] (Xero): We meet the customers where they are at to customize your experience and your interface.

Speaker #2: Which deal needs my attention? Because Claude is connected to Salesforce, it doesn't have to guess.

Shibani Ahuja: Right

Ghazi Masood: of all of the value-added applications and what we can automate and what actually makes sense is extremely important to us. So that is really what this role allows us to go out and do. These people that we are bringing on board, they are just passionate about building with AI and tooling like this. So this is what they live and breathe every single day, and in the early innings, but we have seen just tremendous productivity in a very short amount of time.

Speaker #1: And that changes everything, because now context is connected.

[Company Representative] (Salesforce): That changes everything, because now context is connected.

Speaker #4: Salesforce with a one company that had all the tools in the toolbox.

Speaker #2: When you think big, you need to keep it simple.

[Company Representative] (Salesforce): When you think big, you need to keep it simple.

Speaker #1: Slack is the point of entry—the dashboard for the worker of tomorrow.

[Company Representative] (Salesforce): Slack is the point of entry, the dashboard for the worker of tomorrow.

Speaker #2: Humans and agents in the same feed where all of your data come together coordinating in real time. Sales, service, marketing, commerce. Every signal, every customer, every conversation.

Speaker #2: Today, I'm really excited to tell you about the launch of Slack Code, with purpose-built spaces for teams and AI agents to build together directly in Slack.

[Company Representative] (Salesforce): Today, I am really excited to tell you about the launch of Slack Code, with purpose-built spaces for teams and AI agents to build together directly in Slack.

Speaker #1: It's the new front door to the agentic enterprise.

Shibani Ahuja: And is that building that they are doing, is it happening, again, I am having these conversations with customers where this was traditionally just functions for technology roles and technology departments, whereas now this notion of citizen development, where we want

[Company Representative] (Salesforce): It is the new front door to the agentic enterprise.

[Video Narrator]: It is the new front door to the agentic enterprise. With Anthropic, yesterday, we made game-changing announcements. We launched Claude Tag, an agent that sits in a channel as if it were another teammate. This is transformational. What is really exciting is now we are taking our partnership to the next level. The number one AI meets the number one CRM with Claude Force. Now you can just ask, "Which deal needs my attention?" Because Claude is connected to Salesforce, it does not have to guess. Salesforce was the one company that had all the tools in the toolbox.

Speaker #2: Unified, governed, and trusted.

Speaker #4: The speed and growth of a company of this size and software has never happened before.

Speaker #2: Yesterday, we made game-changing announcements. We launched Claude Pack, an agent that sits in a channel as if it were another teammate. This is transformational.

[Company Representative] (Salesforce): With Anthropic, yesterday, we made game-changing announcements. We launched Claude Tag, an agent that sits in a channel as if it were another teammate. This is transformational.

Speaker #2: It's incredible.

Ghazi Masood: Yeah

Shibani Ahuja: everyone to be a builder. Is that a bit of what's happening within your organization?

Speaker #1: What's really exciting is now we're taking our partnership to the next level. The number one AI meets the number one CRM. With Claude Force, now you can just ask.

[Company Representative] (Salesforce): What is really exciting is now we are taking our partnership to the next level. The number one AI meets the number one CRM with Claude Force.

Ghazi Masood: Absolutely. Everybody, irrespective of the role, is builders.

Shibani Ahuja: Yeah.

[Company Representative] (Salesforce): Now you can just ask, "Which deal needs my attention?" Because Claude is connected to Salesforce, it does not have to guess.

Speaker #2: Which deal needs my attention?

Speaker #1: Because Claude is connected to Salesforce, it doesn't have to guess.

Speaker #2: Salesforce was the one company that had all the tools in the toolbox.

[Company Representative] (Salesforce): Salesforce was the one company that had all the tools in the toolbox.

Speaker #1: Humans and agents in the same feed, where all of your data come together, coordinating in real time—sales, service, marketing, commerce. Every signal, every customer, every conversation.

[Company Representative] (Salesforce): Humans and agents in the same feed where all of your data comes together, coordinating in real time. Sales, service, marketing, commerce, every signal, every customer, every conversation, unified, governed, and trusted.

[Video Narrator]: Humans and agents in the same feed where all of your data comes together, coordinating in real time. Sales, service, marketing, commerce, every signal, every customer, every conversation, unified, governed, and trusted. The speed and growth of a company of this size and software has never happened before. It is incredible.

Shibani Ahuja: And being able to use natural language to really just be able to describe

Ghazi Masood: That is right.

Shibani Ahuja: very much so in line with your organization.

Ghazi Masood: Yeah.

Shibani Ahuja: What is next for you?

Speaker #1: Unified, governed, and trusted.

Ghazi Masood: Well, next is to get to 1 billion USD.

Speaker #2: The speed and growth of a company of this size and software have never happened before.

[Company Representative] (Salesforce): The speed and growth of a company of this size and software has never happened before. It is incredible.

Shibani Ahuja: Yeah.

Ghazi Masood: That's a big priority. We have a lot of hiring to go do. We're opening up some big international markets. You're going to see us make a big presence out in Europe during Labor Day week, that's been out on social. If you're out in London, come see us. We're going to be making a big splash in London, and then after that is Japan and then Latin America. We have a lot of growth to go out and do, a lot of hiring and big aspirations. Then keep an eye out on our launches because we ship at just amazing velocity and speed, and you're going to continue seeing some amazing announcements from us as we close out the year.

Speaker #1: It's incredible.

Speaker #1: At this time, I would like to welcome you to the Salesforce second quarter fiscal 2027 conference call. This conference is being recorded. And all lines have been placed on mute to prevent any background noise.

Speaker #1: After the speakers prepared remarks, there'll be a question and answer session. At this time, I would like to turn the call over to Mark Murphy, executive vice president of Global Investor Relations.

Speaker #1: Sir, you may begin.

Speaker #6: Good afternoon and thanks for joining us today on the fiscal 2027 second quarter results conference call. Our press release, SEC filings and a replay of today's call can be found on our website.

Shibani Ahuja: I am looking forward to following you for many reasons. One is just all of the incredible development that you're doing. I think it's very applicable even to what we are doing. I hope you're okay with time zones with all of that jumping back and forth.

Speaker #6: Joining me on the call today is Mark Benioff, chair, CEO, and co-founder and Robin Washington, chief operating and financial officer. We also have Patrick Stokes, president, applications and marketing, and Miguel Milano, president and chief operating officer, joining us for the Q&A portion of the call.

Ghazi Masood: I am, yeah. Jet lag, to me, unfortunately, does not bother me these days. We'll see how it goes.

Shibani Ahuja: You're used to just the jet.

Ghazi Masood: Yeah.

Shibani Ahuja: Well, Ghazi, I want to thank you for taking the time to join us today. We really, really appreciate that.

Speaker #4: At this time, I would like to welcome you to the Salesforce second quarter fiscal 2027 conference call. This conference is being recorded, and all lines have been placed on mute to prevent any background noise.

Ghazi Masood: Thank you.

Shibani Ahuja: And good luck with your expansion. It is very exciting.

Operator: At this time, I would like to welcome you to the Salesforce Q2 fiscal 2027 conference call. This conference is being recorded, and all lines have been placed on mute to prevent any background noise. After the speakers' prepared remarks, there will be a question and answer session. At this time, I would like to turn the call over to Mark Murphy, Executive Vice President of Global Investor Relations. Sir, you may begin.

Ghazi Masood: Thank you. Thanks for having me on.

Shibani Ahuja: Thank you.

Ghazi Masood: All right.

Speaker #6: 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 or outcomes could differ materially from these forward-looking statements.

Shibani Ahuja: All right, folks, that is Replit. Moving super-fast AI native, chasing, you heard it, a billion dollars in ARR by the end of this year. Whoo. We love to see it. The sky is the limit. There you have it, folks. Xero, Legora, Replit. Three extremely different companies, three extremely different ways of approaching AI. Here is the through line. None of them are throwing out their enterprise software. No. In fact, they are using it more, building on it. They are unlocking value where they have never had it before. So much for the SaaSpocalypse. That concludes our pre-show. Stay with us, though. The full earnings broadcast, it starts now.

Speaker #4: After the speakers' prepared remarks, there will be a question and answer session. At this time, I would like to turn the call over to Mark Murphy, Executive Vice President of Global Investor Relations.

Speaker #6: A description of these risks, uncertainties, and assumptions, and other factors that could affect our financial results or outcomes is included in our SEC filings, including our most recent report on Forms 10-K, 10-Q, and any other SEC filings.

Speaker #4: Sir, you may begin.

Speaker #5: Good afternoon, and thank you for joining us today on the fiscal 2027 second quarter results conference call. Our press release, SEC filings, and a replay of today's call can be found on our website.

Mark Murphy: Good afternoon, and thanks for joining us today on the fiscal 2027 Q2 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, CEO, and Co-founder, and Robin Washington, Chief Operating and Financial Officer. We also have Patrick Stokes, President, Applications and Marketing, and Miguel Milano, President and Chief Operating Officer, joining us for the Q&A portion of the call. 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 or outcomes could differ materially from these forward-looking statements.

Speaker #6: Except as required by law, we do not undertake any responsibility to update these forward-looking statements. As a reminder, our commentary today will include non-GAAP measures.

Speaker #5: Joining me on the call today are Marc Benioff, Chair, CEO, and Co-Founder, and Robin Washington, Chief Operating and Financial Officer. We also have Patrick Stokes, President, Applications and Marketing, and Miguel Milano, President and Chief Operating Officer, joining us for the Q&A portion of the call.

Speaker #6: Reconciliations between our GAAP and non-GAAP results and guidance can be found in our earnings materials and press release. Before turning to our prepared remarks, Mark and Dario just announced CloudForce, a few minutes ago, live on CNBC.

Speaker #5: 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 or outcomes could differ materially from these forward-looking statements.

Mark Murphy: 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 or outcomes could differ materially from these forward-looking statements. A description of these risks, uncertainties, and assumptions and other factors that could affect our financial results or outcomes is included in our SEC filings, including our most recent report on Forms 10-K, 10-Q, and any other SEC filings.

Speaker #6: Let's roll the clip.

Speaker #7: This is really the best of both worlds. This is the number one AI in the world, Anthropic. And the number one CRM, Salesforce. Coming together for the first time in an incredibly powerful way.

Speaker #5: A description of these risks, uncertainties, and assumptions, and other factors that could affect our financial results or outcomes is included in our SEC filings, including our most recent reports on Forms 10-K, 10-Q, and any other SEC filings.

Mark Murphy: A description of these risks, uncertainties, and assumptions and other factors that could affect our financial results or outcomes is included in our SEC filings, including our most recent report on Forms 10-K, 10-Q, and any other SEC filings. Except as required by law, we do not undertake any responsibility to update these forward-looking statements. 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. Before turning to our prepared remarks, Marc and Dario just announced Claudeforce a few minutes ago live on CNBC. Let's roll the clip.

Speaker #7: To build a new product, called CloudForce. It's really a first in the industry, Jim. We've never seen anything like it. It's completely exciting. I think that this is the way all enterprise systems are going to run in the future.

Speaker #5: Except as required by law, we do not undertake any responsibility to update these forward-looking statements. As a reminder, our commentary today will include non-GAAP measures.

Mark Murphy: Except as required by law, we do not undertake any responsibility to update these forward-looking statements. 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. Before turning to our prepared remarks, Marc and Dario just announced Claudeforce a few minutes ago live on CNBC. Let's roll the clip.

Marc Benioff: We're going from the dumb software era to the smart software era in real-time.

[Video Narrator]: We're going from the dumb software era to the smart software era in real-time.

Speaker #2: We found that this, this combination product that we've built together is, is the most useful thing in accelerating it. You know, within Anthropic, for a long time, we've been accelerating the research teams within Claude.

[Company Representative] (Salesforce): Your AI business is actually going to be doing USD 1 billion in sales.

[Video Narrator]: Your AI business is actually going to be doing USD 1 billion in sales.

Speaker #5: Reconciliations between our GAAP and non-GAAP results and guidance can be found in our earnings materials and press release. Before turning to our prepared remarks, Marc and Dario just announced CloudForce a few minutes ago, live on CNBC.

[Company Representative] (Salesforce): Oh, it's over that already.

[Video Narrator]: Oh, it's over that already.

Speaker #2: But, but this is the first time that we've really been able to incredibly accelerate our go-to-market efforts within Claude. And we want that for all the other enterprises.

[Company Representative] (Salesforce): Jim, Agentforce and Data 360 growth is just incredible.

[Video Narrator]: Jim, Agentforce and Data 360 growth is just incredible.

Operator: When we are working with Salesforce, it feels like we are right at the front of the pack.

[Video Narrator]: When we are working with Salesforce, it feels like we are right at the front of the pack.

Speaker #2: And we want to, we want to, me and Mark want to bring it together to everyone. We've already worked with Salesforce in a number of ways.

Speaker #5: Let's roll the clip.

Speaker #6: This is really the best of both worlds. This is the number one AI in the world, Anthropic, and the number one CRM, Salesforce, coming together for the first time in an incredibly powerful way.

Marc Benioff: This is really the best of both worlds. This is the number one AI in the world, Anthropic, and the number one CRM, Salesforce, coming together for the first time in an incredibly powerful way to build a new product called Claudeforce. It's really a first in the industry, Jim. We've never seen anything like it. It's completely exciting. I think that this is the way all enterprise systems are going to run in the future.

[Company Representative] (Salesforce): None of this stuff works if you do not have context. When your data is connected, now you have a foundation.

[Video Narrator]: None of this stuff works if you do not have context. When your data is connected, now you have a foundation.

Speaker #2: We're big users of Salesforce. Salesforce is big users of Claude Code, of cowork, of other tools. We've put products like Claude Tag in Slack already, which is, which is a part of Salesforce.

Marc Benioff: Data is everything for an agentic enterprise.

[Video Narrator]: Data is everything for an agentic enterprise.

Speaker #6: To build a new product called CloudForce. It's really a first in the industry, Jim. We've never seen anything like it. It's completely exciting. I think that this is the way all enterprise systems are going to run in the future.

[Company Representative] (Salesforce): This is where your intelligence is multiplied. Agents that reason with the full weight of the business behind them. Every function, every industry.

[Video Narrator]: This is where your intelligence is multiplied. Agents that reason with the full weight of the business behind them. Every function, every industry.

Speaker #2: And now this combination is a way to, to gain something that's, you know, it's one plus one equals three. Something that's bigger than the sum of its parts.

Speaker #2: My chief commercial officer was just, was just demoing this for me with some of the internal stuff we do within Anthropic. Just, just, just half an hour ago, where he asked, you know, what are the biggest accounts that Anthropic is trying to close now?

Speaker #1: We found that this combination product that we've built together is the most useful thing in accelerating it. You know, within Anthropic, for a long time we've been accelerating the research teams within Claude.

[Company Representative] (Anthropic): We've found that this combination product that we've built together is the most useful thing in accelerating it. Within Anthropic, for a long time, we've been accelerating the research teams within Claude, but this is the first time that we've really been able to incredibly accelerate our go-to-market efforts within Claude. We want that for all the other enterprises, and me and Marc want to bring it together to everyone. We've already worked with Salesforce in a number of ways. We're big users of Salesforce. Salesforce is big users of Claude Code, of CoWork, of other tools. We put products like Claude Tag in Slack already, which is a part of Salesforce. Now this combination is a way to gain something that's one plus one equals three, something that's bigger than the sum of its parts.

Dario Amodei: We've found that this combination product that we've built together is the most useful thing in accelerating it. Within Anthropic, for a long time, we've been accelerating the research teams within Claude, but this is the first time that we've really been able to incredibly accelerate our go-to-market efforts within Claude. We want that for all the other enterprises, and me and Marc want to bring it together to everyone. We've already worked with Salesforce in a number of ways. We're big users of Salesforce.

[Company Representative] (Salesforce): The US government is our largest customer.

[Video Narrator]: The US government is our largest customer.

[Company Representative] (Salesforce): This is where it gets really interesting.

[Video Narrator]: This is where it gets really interesting.

Marc Benioff: Today, we are going to show you Salesforce Headless 360.

[Video Narrator]: Today, we are going to show you Salesforce Headless 360.

Speaker #1: But, but this is the first time that we've really been able to incredibly accelerate our go-to-market efforts within Claude, and we want that for all the other enterprises.

Speaker #2: Like, give, give me a list of the biggest accounts. Talk me through the risks of each one. All the data, all the information comes from being managed in Salesforce.

[Company Representative] (Salesforce): This is the powerful moment.

[Video Narrator]: This is the powerful moment.

Marc Benioff: Headless 360 is a huge opportunity for us.

[Video Narrator]: Headless 360 is a huge opportunity for us.

Speaker #1: And we wanna, we wanna—me and Mark wanna bring it together to everyone. We've already worked with Salesforce in a number of ways. We're big users of Salesforce.

Speaker #2: But the, the conversation, the interaction, that comes through Claude. And so you can see how these two things can be more than the sum of their parts.

[Company Representative] (Salesforce): The entire Salesforce platform is now available to any agent.

[Video Narrator]: The entire Salesforce platform is now available to any agent.

Marc Benioff: We can actually pull data into our own components as we see fit.

[Video Narrator]: We can actually pull data into our own components as we see fit.

Speaker #1: Salesforce is a big user of Claude Code, of Cowork, of other tools. We've put products like Claude Tag in Slack already, which is a part of Salesforce.

Dario Amodei: Salesforce is big users of Claude Code, of CoWork, of other tools. We put products like Claude Tag in Slack already, which is a part of Salesforce. Now this combination is a way to gain something that's one plus one equals three, something that's bigger than the sum of its parts. My chief commercial officer was just demoing this for me with some of the internal stuff we do within Anthropic just half an hour ago, where he asked, "What are the biggest accounts that Anthropic is trying to close now?

Ghazi Masood: We meet the customers where they're at to customize your experience and your interface.

[Video Narrator]: We meet the customers where they're at to customize your experience and your interface.

Speaker #7: Why this is exciting is it's a perfect complement. You know, Anthropic builds this amazing model. And now the model has this incredible user interface, cowork.

[Company Representative] (Salesforce): And that changes everything, because now context is connected.

[Video Narrator]: And that changes everything, because now context is connected.

[Company Representative]: When you think big, you need to keep it simple.

[Video Narrator]: When you think big, you need to keep it simple.

Speaker #1: And now, this combination is a way to gain something that, you know, it's one plus one equals three—something that's bigger than the sum of its parts.

Speaker #7: And when you take cowork and then you're able to put it right on top of Salesforce, it's able to bring the data, the applications, the semantics, the agents themselves, and build complete applications, a total user interface to let you get all the value out of Salesforce that's been trapped so customers have put hundreds of billions of dollars into Salesforce.

Marc Benioff: Slack is the point of entry, the dashboard for the worker of tomorrow.

[Video Narrator]: Slack is the point of entry, the dashboard for the worker of tomorrow.

Ghazi Masood: Today, I am really excited to tell you about the launch of Slack Code, with purpose-built spaces for teams and AI agents to build together directly in Slack.

[Video Narrator]: Today, I am really excited to tell you about the launch of Slack Code, with purpose-built spaces for teams and AI agents to build together directly in Slack.

Speaker #1: My Chief Commercial Officer was just, was just demoing this for me with some of the internal stuff we do within Anthropic. Just, just, just half an hour ago.

[Company Representative] (Anthropic): My chief commercial officer was just demoing this for me with some of the internal stuff we do within Anthropic just half an hour ago, where he asked, "What are the biggest accounts that Anthropic is trying to close now? Give me a list of the biggest accounts. Talk me through the risks of each one." All the data, all the information comes from being managed in Salesforce, but the conversation, the interaction, that comes through Claude. You can see how these two things can be more than the sum of their parts.

[Company Representative] (Salesforce): It's the new front door to the agentic enterprise.

[Video Narrator]: It's the new front door to the agentic enterprise.

Speaker #1: Where he asked, you know, what are the biggest accounts that Anthropic is trying to close now? Like, give me a list of the biggest accounts.

[Company Representative]: With Anthropic, yesterday, we made a game-changing announcement. We launched Claude Tag, an agent that sits in a channel as if it were another teammate. This is transformational.

[Video Narrator]: With Anthropic, yesterday, we made a game-changing announcement. We launched Claude Tag, an agent that sits in a channel as if it were another teammate. This is transformational.

Dario Amodei: Give me a list of the biggest accounts. Talk me through the risks of each one." All the data, all the information comes from being managed in Salesforce, but the conversation, the interaction, that comes through Claude. You can see how these two things can be more than the sum of their parts.

Speaker #1: Talk me through the risks of each one. All the data, all the information, comes from being managed in Salesforce. But the conversation, the interaction, that comes through Claude.

Speaker #7: You know, there's a huge amount of value that can be unleashed through this. Combination.

[Company Representative] (Salesforce): What's really exciting is now we're taking our partnership to the next level. The number one AI meets the number one CRM with Claudeforce.

[Video Narrator]: What's really exciting is now we're taking our partnership to the next level. The number one AI meets the number one CRM with Claudeforce.

Speaker #6: And with that, let me hand the call to Mark.

Speaker #7: Well, thanks so much. I'm really excited to have the call and, you know, it was great to be on CNBC with Dario announcing ClaudeForce.

Speaker #1: And so, you can see how these two things can be more than the sum of their parts.

[Company Representative] (Salesforce): Now you can just ask, "Which deal needs my attention?" Because Claude is connected to Salesforce, it doesn't have to guess.

[Video Narrator]: Now you can just ask, "Which deal needs my attention?" Because Claude is connected to Salesforce, it doesn't have to guess.

Speaker #6: Why this is exciting is it's a perfect complement. You know, Anthropic builds this amazing model, and now the model has this incredible user interface, CoWork.

Marc Benioff: Why this is exciting is it is a perfect complement. Anthropic builds this amazing model, and now the model has this incredible user interface, CoWork. When you take CoWork, then you are able to put it right on top of Salesforce, it is able to bring the data, the applications, the semantics, the agents themselves, and build complete applications, a total user interface, to let you get all the value out of Salesforce that has been trapped. So customers have put hundreds of billions of dollars into Salesforce. There is a huge amount of value that can be unleashed through this combination.

Speaker #7: We're going to get into that in more details as well. And before I get into all of that, though, I want to really want to start here at the beginning and talk about the assess box clips.

[Company Representative]: Salesforce was the one company that had all the tools in the toolbox.

[Video Narrator]: Salesforce was the one company that had all the tools in the toolbox.

Speaker #7: You know, I think you can see from the results, net new AOV growth, it's the strongest. In four years. You know, skeptics really said that seats would decline.

Speaker #6: And when you take Cowork and then you’re able to put it right on top of Salesforce, it’s able to bring the data, the applications, the semantics, the agents themselves, and build complete applications—a total user interface to let you get all the value out of Salesforce that’s been trapped. So, customers have put hundreds of billions of dollars into Salesforce.

[Company Representative] (Salesforce): Humans and agents in the same feed where all of your data comes together, coordinating in real time. Sales, Service, Marketing, Commerce. Every signal, every customer, every conversation, unified, governed, and trusted.

[Video Narrator]: Humans and agents in the same feed where all of your data comes together, coordinating in real time. Sales, Service, Marketing, Commerce. Every signal, every customer, every conversation, unified, governed, and trusted.

Speaker #7: And also that AgentForce sales and service and Slack all seats grew year over year. Skeptics said customers would leave. But attrition was near its lowest level ever.

[Company Representative] (Salesforce): The speed and growth of a company of this size and software has never happened before. It is incredible.

[Video Narrator]: The speed and growth of a company of this size and software has never happened before. It is incredible.

Speaker #7: Skeptics said pricing power would erode. And A1E and A4X bookings more than doubled quarter over quarter. And contract length terms improved across all segments and new business and renewals.

Speaker #6: You know, there's a huge amount of value that can be unleashed through this combination.

Speaker #2: And with that, let me hand the call to Marc.

Mark Murphy: With that, let me hand the call to Marc.

Speaker #6: Well, thanks so much. I'm really excited to have the call, and, you know, it was great to be on CNBC with Dario announcing CloudForce.

Marc Benioff: Well, thanks so much. I am really excited to have the call, and it was great to be on CNBC with Dario announcing Claudeforce. We are going to get into that in more details as well. Before I get into all of that, I really want to start here at the beginning and talk about the SaaSpocalypse. I think you can see this from the results. Net new AOV growth, it is the strongest in four years. Skeptics really said that seats would decline, and also that Agentforce, Sales, and Service, and Slack, all seats grew year-over-year. Skeptics said customers would leave, but attrition was near its lowest level ever. Skeptics said pricing power would erode, and A1E and A4X bookings more than doubled quarter-over-quarter. Contract length terms improved across all segments in new business and renewals.

Speaker #7: And agent agentic use, well, use of the platform, it surged six X, six fold via model context protocol calls and CLA calls. Apps are not dying.

Speaker #6: We're gonna get into that in more detail as well. And before I get into all of that, though, I really want to start here at the beginning and talk about the assess box clips.

Speaker #7: In fact, they're growing. And nine of the 10 AI companies, like you just heard from Anthropic that standardized on Salesforce, use Salesforce and Slack.

Speaker #6: You know, I think you can see from the results: net new AOV growth is the strongest in four years. You know, skeptics really said that seats would decline.

Speaker #7: They spend up, their spend is up $435% year over year. Frontier models depend on CRM, they, they make sure that it works, that it all comes together.

Speaker #6: And also that agent, Force, Sales and Service, and Slack—all seats grew year over year. Skeptics said customers would leave, but attrition was near its lowest level ever.

Speaker #6: Skeptics said pricing power would erode. And A1E and A4X bookings more than doubled quarter-over-quarter. Contract length terms improved across all segments, in both new business and renewals.

Marc Benioff: Skeptics said pricing power would erode, and A1E and A4X bookings more than doubled quarter-over-quarter. Contract length terms improved across all segments in new business and renewals. Agent, agentic use, well, use of the platform, it surged 6x, sixfold, via model context protocol calls and CLA calls. Apps are not dying. In fact, they are growing. Nine of the 10 AI companies, like you just heard from Anthropic that standardized on Salesforce, use Salesforce and Slack. Their spend is up 435% year-over-year.

Speaker #7: They not replace them. Let's now, let me start from the beginning of my script and actually read my prepared remarks for you so you can really understand our vision for the future of where Salesforce is now, where we're going, and we cannot wait to get all of you to dreamforce because we have some incredible things to show you.

Operator: At this time, I would like to welcome you to the Salesforce second quarter fiscal 2027 conference call. This conference is being recorded, and all lines have been placed on mute to prevent any background noise. After the speakers' prepared remarks, there will be a question and answer session. At this time, I would like to turn the call over to Mark Murphy, Executive Vice President of Global Investor Relations. Sir, you may begin.

Speaker #6: And agent, agentic use—well, use of the platform—surged six X, six-fold, via model context protocol calls and CLA calls. Apps are not dying.

Marc Benioff: Agent, agentic use, well, use of the platform, it surged 6x, sixfold, via model context protocol calls and CLA calls. Apps are not dying. In fact, they are growing. Nine of the 10 AI companies, like you just heard from Anthropic that standardized on Salesforce, use Salesforce and Slack. Their spend is up 435% year-over-year. Frontier models depend on CRM. They make sure that it works, that it all comes together. They not replace them. Let me start from the beginning of my script and actually read my prepared remarks for you so you can really understand our vision for the future of where Salesforce is now, where we are going, and we cannot wait to get all of you to Dreamforce because we have some incredible things to show you. Look, we are here in Salesforce Tower in San Francisco.

Speaker #7: Look, we're here in Salesforce Tower in San Francisco. Want to welcome all of you. And I'm thrilled to share the tremendous progress we've made and the momentum we're seeing across the business.

Speaker #6: In fact, they're growing. And nine of the ten AI companies, like you just heard from Anthropic that standardized on Salesforce, use Salesforce and Slack.

Speaker #7: As everyone can see, we just had one of the best quarters ever. And we outperformed on all of our key metrics. And as I just went through and all these key metrics, and these key areas, this nonsense of this assess box clips, I think it's time for it to stop.

Speaker #6: They spend up, their spend is up 435% year over year. Frontier models depend on CRM, they, they make sure that it works, that it all comes together.

Marc Benioff: Frontier models depend on CRM. They make sure that it works, that it all comes together. They not replace them. Let me start from the beginning of my script and actually read my prepared remarks for you so you can really understand our vision for the future of where Salesforce is now, where we are going, and we cannot wait to get all of you to Dreamforce because we have some incredible things to show you. Look, we are here in Salesforce Tower in San Francisco.

Speaker #7: That's why I'm so excited about ClaudeForce as well. It really shows how we're bringing together the world's number one AI and the number one CRM.

Speaker #6: They do not replace them. Now, let me start from the beginning of my script and actually read my prepared remarks for you so you can really understand our vision for the future—where Salesforce is now, where we're going, and why we cannot wait to get all of you to Dreamforce, because we have some incredible things to show you.

Speaker #7: It's really the best of both worlds. We're combining Claude's extraordinary intelligence and reasoning with Salesforce's trusted data and applications and workflows and business rules and governance.

Speaker #7: And while ClaudeForce, Claude might have been for example, you know, for developers, now it's also for knowledge workers. And when you do that, you get something in the world has never seen.

Speaker #6: Look, we're here in Salesforce Tower in San Francisco. I want to welcome all of you, and I'm thrilled to share the tremendous progress we've made and the momentum we're seeing across the business.

Marc Benioff: Want to welcome all of you. I am thrilled to share the tremendous progress we have made and the momentum we are seeing across the business. As everyone can see, we just had one of the best quarters ever, and we outperformed on all of our key metrics. As I just went through all these key metrics in these key areas, this nonsense of this SaaSpocalypse, I think it is time for it to stop. That is why I am so excited about Claudeforce as well. It really shows how we are bringing together the world's number one AI and the number one CRM. It is really the best of both worlds. We are combining Claude's extraordinary intelligence and reasoning with Salesforce's trusted data and applications and workflows and business rules and governance. While Claude might have been, for example, for developers, now it is also for knowledge workers.

Speaker #7: This is a dynamic, deeply personalized interface that thinks, reasons, and acts. It's a truly game-changing experience for our customers. And I'm going to get into the highlights from the quarter.

Speaker #6: As everyone can see, we just had one of the best quarters ever, and we outperformed on all of our key metrics. As I just went through all these key metrics and key areas, this nonsense of this 'assess box clips'—I think it’s time for it to stop.

Mark Murphy: A description of these risks, uncertainties, and assumptions, and other factors that could affect our financial results or outcomes is included in our SEC filings, including our most recent report on forms 10-K, 10-Q, and any other SEC filings. Except as required by law, we do not undertake any responsibility to update these forward-looking statements. 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. Before turning to our prepared remarks, Marc and Dario just announced Claudeforce a few minutes ago live on CNBC. Let's roll the clip.

Speaker #7: But before I do, I want to just tell you one quick story. And I'm going to get into more details in this. I just spent two months in Europe.

Speaker #6: That's why I'm so excited about CloudForce as well. It really shows how we're bringing together the world's number one AI and the number one CRM.

Speaker #7: And I had an exhaustive schedule. I won't go through all the details, but I've never met with more customers in my life. And I was with one of our very largest, probably our largest customer in Switzerland.

Speaker #6: It's really the best of both worlds. We're combining Claude's extraordinary intelligence and reasoning with Salesforce's trusted data, applications, workflows, business rules, and governance.

Marc Benioff: We are combining Claude's extraordinary intelligence and reasoning with Salesforce's trusted data and applications and workflows and business rules and governance. While Claude might have been, for example, for developers, now it is also for knowledge workers. When you do that, you get something the world has never seen. This is a dynamic, deeply personalized interface that thinks, reasons, and acts. It is a truly game-changing experience for our customers, and I am going to get into the highlights from the quarter.

Speaker #7: And I was sitting there with them. And we went through and they spent maybe, I don't know, they, you know, they spent more than a billion dollars for sure with Salesforce.

Speaker #6: And while CloudForce, Claude might have been, for example, you know, for developers, now it's also for knowledge workers. And when you do that, you get something the world has never seen.

Speaker #7: Yeah, they spent about $100 million a year with us. And I'm talking with them and it's a great meeting. It's three hours. And then at the end, we're like, now I want to show you this thing.

Marc Benioff: When you do that, you get something the world has never seen. This is a dynamic, deeply personalized interface that thinks, reasons, and acts. It is a truly game-changing experience for our customers, and I am going to get into the highlights from the quarter. Before I do, I want to just tell you one quick story. I am going to get into more details on this. I just spent 2 months in Europe, and I had an exhaustive schedule. I will not go through all the detail, but I have never met with more customers in my life. I was with one of our very largest, probably our largest customer in Switzerland, and I was sitting there with them. We went through and they spent maybe, I do not know, they spent more than USD 1 billion for sure with Salesforce. They spend about USD 100 million a year with us.

Speaker #7: We haven't shown it to anybody yet. And we're showing them ClaudeForce because the head of all of our operating units have been using ClaudeForce to run their businesses inside Salesforce this quarter.

Speaker #6: This is a dynamic, deeply personalized interface that thinks, reasons, and acts. It's a truly game-changing experience for our customers. And I'm going to get into the highlights from the quarter.

Speaker #7: It's one of the reasons why we're getting such great performance. And all of a sudden, literally, I could see the customer's mouth just dropped open.

Speaker #6: But before I do, I want to just tell you one quick story, and I'm going to get into more details on this. I just spent two months in Europe.

Marc Benioff: Before I do, I want to just tell you one quick story. I am going to get into more details on this. I just spent 2 months in Europe, and I had an exhaustive schedule. I will not go through all the detail, but I have never met with more customers in my life. I was with one of our very largest, probably our largest customer in Switzerland, and I was sitting there with them. We went through and they spent maybe, I do not know, they spent more than USD 1 billion for sure with Salesforce. They spend about USD 100 million a year with us.

Speaker #7: Because it was astonishing they were seeing that we were able to reveal this value that had been trapped in their systems. Okay. Right into this dynamic user interface.

[Company Representative] (Anthropic): We've found that this combination product that we've built together is the most useful thing in accelerating it. Within Anthropic, for a long time, we've been accelerating the research teams within Claude. But this is the first time that we've really been able to incredibly accelerate our go-to-market efforts within Claude. And we want that for all the other enterprises, and me and Marc want to bring it together to everyone. We've already worked with Salesforce in a number of ways. We're big users of Salesforce. Salesforce is big users of Claude Code, of CoWork, of other tools. We've put products like Claude Tag in Slack already, which is a part of Salesforce. And now this combination is a way to gain something that's one plus one equals three, something that's bigger than the sum of its parts.

Marc Benioff: We've found that this combination product that we've built together is the most useful thing in accelerating it. Within Anthropic, for a long time, we've been accelerating the research teams within Claude. But this is the first time that we've really been able to incredibly accelerate our go-to-market efforts within Claude. And we want that for all the other enterprises, and me and Marc want to bring it together to everyone. We've already worked with Salesforce in a number of ways. We're big users of Salesforce. Salesforce is big users of Claude Code, of CoWork, of other tools. We've put products like Claude Tag in Slack already, which is a part of Salesforce. And now this combination is a way to gain something that's one plus one equals three, something that's bigger than the sum of its parts.

Speaker #6: And I had an exhaustive schedule. I won't go through all the detail, but I've never met with more customers in my life. And I was with one of our very largest—probably our largest—customer in Switzerland.

Speaker #7: And they weren't having to hire all these FTEs and all this stuff to get it going. It was building these apps on that they had spent two decades building with Salesforce.

Speaker #6: And I was sitting there with them, and we went through, and they spent maybe—I don't know—they, you know, they spent more than a billion dollars for sure with Salesforce.

Speaker #6: Yeah, they spent about $100 million a year with us. And I'm talking with them, and it's a great meeting. It's three hours. And then at the end, we're like, now I want to show you this thing—we haven't shown it to anybody yet.

Speaker #7: Now, I want to get back to the quarter. We had record revenue and EPS, strong margin performance, CRPO accelerated. It was up about 14%.

Marc Benioff: I am talking with them and it is a great meeting, and it is 3 hours. At the end we are like, "Now I want to show you this thing. We have not shown it to anybody yet," and we show them Claudeforce. The head of all of our operating units have been using Claudeforce to run their businesses inside Salesforce this quarter. It is one of the reasons why we are getting such great performance. All of a sudden, literally, I could see the customer's mouth just dropped open because it was astonishing. They were seeing that we were able to reveal this value that had been trapped in their systems, okay, right into this dynamic user interface. They were not having to hire all these FTEs and all this stuff to get it going.

Speaker #6: And we're showing them CloudForce, because the heads of all of our operating units have been using CloudForce to run their businesses inside Salesforce this quarter.

Speaker #7: Look, we generated $1.1 billion in free cash flow. That was up 81% year over year. I'm going to come back to that in just one second.

Speaker #6: It's one of the reasons why we're getting such great performance. And all of a sudden, literally, I could see the customers' mouths just drop open.

Speaker #7: And our AI business, just incredible momentum. AgentForce ARR, it hit $1.5 billion. Our ARR for AI and data is about to cross $4 billion.

Marc Benioff: My chief commercial officer was just demoing this for me with some of the internal stuff we do within Anthropic just half an hour ago, where he asked, "What are the biggest accounts that Anthropic is trying to close now? Give me a list of the biggest accounts. Talk me through the risks of each one." All the data, all the information comes from being managed in Salesforce, but the conversation, the interaction, that comes through Claude. You can see how these two things can be more than the sum of their parts.

Speaker #6: Because it was astonishing—they were seeing that we were able to reveal this value that had been trapped in their systems. Okay, right into this dynamic user interface.

Speaker #7: Really helps, I guess, that we have $15,000 pure account executives. Hi, Miguel. And the number of accounts with agents in production grew 70% over last quarter.

Marc Benioff: They were seeing that we were able to reveal this value that had been trapped in their systems, okay, right into this dynamic user interface. They were not having to hire all these FTEs and all this stuff to get it going. It was building these apps on the fly for them using the foundation that they had spent 2 decades building with Salesforce. Now, I want to get back to the quarter. We had record revenue and EPS, strong margin performance, CRPO accelerated, it was up about 14%. Look, we generated USD 1.1 billion in free cash flow. That was up 81% year over year.

Speaker #6: And they weren't having to hire all these FTEs and all this stuff to get it going. It was building these apps on the fly for them, using the foundation that they had spent two decades building with Salesforce.

Speaker #7: We had great wins with Deutsche Telecom, met with them when I was in Europe, FIFA, met with them NTT Data, I met with them, Cisco, all expanding their AI investment with us.

Marc Benioff: It was building these apps on the fly for them using the foundation that they had spent 2 decades building with Salesforce. Now, I want to get back to the quarter. We had record revenue and EPS, strong margin performance, CRPO accelerated, it was up about 14%. Look, we generated USD 1.1 billion in free cash flow. That was up 81% year over year. I am going to come back to that in just one second. Our AI business, just incredible momentum. Agentforce ARR, it hit USD 1.5 billion. Our ARR for AI and data is about to cross USD 4 billion. Really helps, I guess, that we have 15,000 pure account executives. Miguel? The number of accounts with agents in production grew 70% over last quarter. We had great wins with Deutsche Telekom, met with them when I was in Europe. FIFA, met with them.

Speaker #6: Now, I want to get back to the quarter. We had record revenue and EPS, strong margin performance, and CRPO accelerated—it was up about 14%. Look, we generated $1.1 billion in free cash flow.

Speaker #7: Great companies, by the way, great visions for the world, and really exciting executives leading their companies who have tremendous vision for what they're going to do with their company using this new technology.

Marc Benioff: Why this is exciting is it is a perfect complement. Anthropic builds this amazing model, and now the model has this incredible user interface, CoWork. When you take CoWork, then you are able to put it right on top of Salesforce, it is able to bring the data, the applications, the semantics, the agents themselves, and build complete applications, a total user interface, to let you get all the value out of Salesforce that has been trapped. So customers have put hundreds of billions of USD into Salesforce. There is a huge amount of value that can be unleashed through this combination.

Speaker #6: That was up 81% year over year. I'm going to come back to that in just one second. And our AI business—just incredible momentum. Agentforce ARR, it hit $1.5 billion.

Speaker #7: And we also completed a multi-billion dollar agreement contract expansion with the US Army. The Army Human Resource Command expects to drive up to $55 million AgentForce conversations every single month.

Marc Benioff: I am going to come back to that in just one second. Our AI business, just incredible momentum. Agentforce ARR, it hit USD 1.5 billion. Our ARR for AI and data is about to cross USD 4 billion. Really helps, I guess, that we have 15,000 pure account executives. Miguel? The number of accounts with agents in production grew 70% over last quarter. We had great wins with Deutsche Telekom, met with them when I was in Europe. FIFA, met with them. NTT DATA, I met with them. Cisco, all expanding their AI investment with us.

Speaker #6: Our ARR for AI and data is about to cross $4 billion. It really helps, I guess, that we have 15,000 pure account executives. I'm Miguel.

Speaker #7: Amazing. The Secretary of the Army took me aside and said, he finished recruiting four months early because he was able to use not only the power of all of his human agents, but AI agents as well.

Speaker #6: And the number of accounts with agents in production grew 70% over last quarter. We had great wins with Deutsche Telekom—met with them when I was in Europe—and FIFA; met with them as well.

Speaker #7: That was the Army being all they could be. And I'll tell you, we're expanding in a market since seeing an incredible success. We launched AgentForce IT Service in November.

Speaker #6: NTT Data—I met with them. Cisco—also expanding their AI investment with us. Great companies, by the way, great visions for the world. And really exciting executives leading their companies, who have tremendous vision for what they're going to do with their company using this new technology.

Marc Benioff: NTT DATA, I met with them. Cisco, all expanding their AI investment with us. Great companies, by the way, great visions for the world, and really exciting executives leading their companies who have tremendous vision for what they are going to do with their company using this new technology. We also completed a multi-billion dollar agreement contract expansion with the US Army. The Army Human Resources Command expects to drive up to 55 million Agentforce conversations every single month. Amazing. The Secretary of the Army took me aside and said he finished recruiting 4 months early because he was able to use not only the power of all of his human agents, but AI agents as well. That was the Army being all they could be. I will tell you, we are expanding in the markets and seeing an incredible success.

Mark Murphy: With that, let me hand the call to Marc.

Speaker #7: And it already has more than 450 customers. Including NYU Lagoon Hospitals and McAfee. You know, conversions from ServiceNow. I think that's very exciting. You know, that we can see that more companies coming into our platform.

Marc Benioff: Well, thanks so much. I am really excited to have the call, and it was great to be on CNBC with Dario announcing Claudeforce. We are going to get into that in more details as well. Before I get into all of that, I really want to start here at the beginning and talk about the SaaSpocalypse. I think you can see this from the results. Net new AOV growth, it is the strongest in four years. Skeptics really said that seats would decline, also that Agentforce Sales and Service and Slack, all seats grew year over year. Skeptics said customers would leave, but attrition was near its lowest level ever. Skeptics said pricing power would erode, and A1E and A4X bookings more than doubled quarter over quarter. Contract length terms improved across all segments in new business and renewals. Agentic use?

Marc Benioff: Great companies, by the way, great visions for the world, and really exciting executives leading their companies who have tremendous vision for what they are going to do with their company using this new technology. We also completed a multi-billion dollar agreement contract expansion with the US Army. The Army Human Resources Command expects to drive up to 55 million Agentforce conversations every single month. Amazing.

Speaker #6: And we also completed a multi-billion-dollar agreement contract expansion with the US Army. The Army Human Resource Command expects to drive up to 55 million agent force conversations every single month.

Speaker #7: And as they come into our platform where we expand it to be not just sales, not just service, not just marketing, not just commerce, not just analytics, but also IT service and other critical functionality.

Speaker #6: Amazing. The Secretary of the Army took me aside and said he finished recruiting four months early because he was able to use not only the power of all of his human agents, but AI agents as well.

Marc Benioff: The Secretary of the Army took me aside and said he finished recruiting 4 months early because he was able to use not only the power of all of his human agents, but AI agents as well. That was the Army being all they could be. I will tell you, we are expanding in the markets and seeing an incredible success. We launched Agentforce IT Service in November, and it already has more than 450 customers, including NYU Langone Health and McAfee, conversions from ServiceNow.

Speaker #7: All of that can be revealed and now rendered through the AgentForce user interface. The more that's in the platform, the more ClaudeForce is going to be able to deliver for it.

Speaker #6: That was the Army being all they could be. And I'll tell you, we're expanding in the markets and seeing incredible success. We launched Agent Force IT Service in November.

Speaker #7: Now, AgentForce Life Sciences is more than $140 customers, including all top five pharmaceutical companies. And AgentForce Ops is helping companies like Kellogg's and Dell turn manual back office work and supply chains into agentic workflows.

Marc Benioff: We launched Agentforce IT Service in November, and it already has more than 450 customers, including NYU Langone Health and McAfee, conversions from ServiceNow. I think that is very exciting, that we can see that more companies coming into our platform, and as they come into our platform where we expand it to be not just sales, not just service, not just marketing, not just commerce, not just analytics, but also IT service and other critical functionality. All of that can be revealed and now rendered through the Agentforce user interface. The more that is in the platform, the more Cloudforce is going to be able to deliver for it. Agentforce Life Sciences has more than 140 customers, including all top 5 pharmaceutical companies. Agentforce Operations is helping companies like Kellogg and Dell turn manual back-office work and supply chains into agentic workflows.

Speaker #6: And it already has more than 450 customers, including NYU, Lagoon Hospitals, and McAfee. You know, conversions from ServiceNow. I think that's very exciting, you know, that we can see more companies coming onto our platform.

Marc Benioff: Well, use of the platform, it surged 6x, sixfold, via model context protocol calls and Claude calls. Apps are not dying. In fact, they are growing. Nine of the 10 AI companies, like you just heard from Anthropic, that standardized on Salesforce, use Salesforce and Slack. Their spend is up 435% year-over-year. Frontier models depend on CRM. They make sure that it works, that it all comes together. They do not replace them. Let me start from the beginning of my script and actually read my prepared remarks for you so you can really understand our vision for the future of where Salesforce is now, where we are going, and we cannot wait to get all of you to Dreamforce because we have some incredible things to show you. Look, we are here in Salesforce Tower in San Francisco.

Speaker #7: That's the Rugello platform we bought now more than ability to deliver and render for a company red, yellow, green on their supply chain every single day.

Marc Benioff: I think that is very exciting, that we can see that more companies coming into our platform, and as they come into our platform where we expand it to be not just sales, not just service, not just marketing, not just commerce, not just analytics, but also IT service and other critical functionality. All of that can be revealed and now rendered through the Agentforce user interface. The more that is in the platform, the more Cloudforce is going to be able to deliver for it. Agentforce Life Sciences has more than 140 customers, including all top 5 pharmaceutical companies.

Speaker #6: And as they come into our platform, where we expand it to be not just sales, not just service, not just marketing, not just commerce, not just analytics, but also IT service and other critical functionality.

Speaker #7: For Dell, they have 20,000 suppliers. And why that's important is we see supply chain as one of the very first applications. So many companies are actually revising for AI because it gives them the ability to actually look into something and do something with an area that really has not moved forward for in decades.

Speaker #6: All of that can be revealed and now rendered through the AgentForce user interface. The more that's in the platform, the more CloudForce is going to be able to deliver for it.

Speaker #7: With this strong performance and momentum and the strategic acquisitions, especially contentful and FIN, we're expecting to close in the coming weeks. And we're raising our fiscal year 27 revenue guidance by about $300 million in constant currency.

Speaker #6: Now, AgentForce Life Sciences has more than 140 customers, including all of the top five pharmaceutical companies. And AgentForce Ops is helping companies like Kellogg's and Dell turn manual back-office work and supply chains into agentic workflows.

Marc Benioff: Agentforce Operations is helping companies like Kellogg and Dell turn manual back-office work and supply chains into agentic workflows. That is the Regrello platform we bought now more than a year ago. It has the ability to deliver and render for a company red, yellow, green on their supply chain every single day. For Dell, they have 20,000 suppliers.

Speaker #7: Now, what's driving all this? Well, it's a fundamental shift in the software industry. AI is unlocking value. As I said, across every part of our platform, AI is able to look into the platform and say, hey, I can see this application construct.

Speaker #6: That's the Regrello platform we bought now more than a year ago. It has the ability to deliver and render for a company red, yellow, green on their supply chain every single day.

Marc Benioff: That is the Regrello platform we bought now more than a year ago. It has the ability to deliver and render for a company red, yellow, green on their supply chain every single day. For Dell, they have 20,000 suppliers. Why that is important is we see supply chain as one of the very first applications so many companies are actually revising for AI, because it gives them the ability to actually look into something and do something with an area that really has not moved forward for in decades. With this strong performance and momentum and the strategic acquisitions, especially Contentful and Fin, we are expecting to close in the coming weeks. We are raising our FY27 revenue guidance by about $300 million in constant currency. What is driving all this? Well, it is a fundamental shift in the software industry.

Marc Benioff: I want to welcome all of you, and I am thrilled to share the tremendous progress we have made and the momentum we are seeing across the business. As everyone can see, we just had one of the best quarters ever, and we outperformed on all of our key metrics. As I just went through in all these key metrics, in these key areas, this nonsense of this SaaSpocalypse, I think it is time for it to stop. That is why I am so excited about Claudeforce as well. It really shows how we are bringing together the world's number one AI and the number one CRM. It is really the best of both worlds. We are combining Claude's extraordinary intelligence and reasoning with Salesforce's trusted data and applications and workflows and business rules and governance. While Claudeforce, Claude might have been, for example, for developers, now it is also for knowledge workers.

Speaker #6: For Dell, they have 20,000 suppliers. And why that's important is we see supply chain as one of the very first applications so many companies are actually revising for AI, because it gives them the ability to actually look into something and do something with an area that really has not moved forward in decades.

Speaker #7: I can see this user model. I can see this sharing model. I can put all of this together and deliver value in a totally new way.

Marc Benioff: Why that is important is we see supply chain as one of the very first applications so many companies are actually revising for AI, because it gives them the ability to actually look into something and do something with an area that really has not moved forward for in decades. With this strong performance and momentum and the strategic acquisitions, especially Contentful and Fin, we are expecting to close in the coming weeks. We are raising our FY27 revenue guidance by about $300 million in constant currency. What is driving all this? Well, it is a fundamental shift in the software industry.

Speaker #7: I've never seen a moment like this in my life. But for our customers, the question isn't whether AI is transformative. It's actually how they get there.

Speaker #7: And I want to talk to customers every single day. That's why I was in Europe. Most of them have not started their AI transformations yet.

Speaker #6: With this strong performance and momentum, and the strategic acquisitions—especially Contentful and FIN, which we're expecting to close in the coming weeks—we're raising our fiscal year '27 revenue guidance by about $300 million in constant currency.

Speaker #7: If you talk to most CEOs, they may say they have a project or they have a failed experiment or they were told to build a model, but it didn't work out for them.

Speaker #7: That is not AI transformation. We're going to see AI transformation and you're really going to see AI transformation when you start using ClaudeForce. And the reason why I feel so strongly about that is I've seen it here at Salesforce.

Speaker #6: Now, what's driving all this? Well, it's a fundamental shift in the software industry. AI is unlocking value. As I said, across every part of our platform, AI is able to look into the platform and say, "Hey, I can see this application construct."

Marc Benioff: AI is unlocking value, as I said, across every part of our platform. AI is able to look into the platform and say, "Hey, I can see this application construct. I can see this user model. I can see the sharing model. I can put all of this together and deliver value in a totally new way." I have never seen a moment like this in my life, but for our customers, the question is not whether AI is transformative, it is actually how they get there. I want to talk to customers every single day. That is why I was in Europe. Most of them have not started their AI transformations yet. If you talk to most CEOs, they may say they have a project or they have a failed experiment, or they were told to build a model, but it did not work out for them. That is not AI transformation.

Marc Benioff: When you do that, you get something the world has never seen. This is a dynamic, deeply personalized interface that thinks, reasons, and acts. It is a truly game-changing experience for our customers, and I am going to get into the highlights from the quarter, but before I do, I want to just tell you one quick story. I am going to get into more details on this. I just spent two months in Europe, and I had an exhaustive schedule. I will not go through all the detail, but I have never met with more customers in my life. I was with one of our very largest, probably our largest customer in Switzerland. I was sitting there with them, and we went through and they spent maybe, I do not know, they spent more than USD 1 billion for sure with Salesforce. They spend about USD 100 million a year with us.

Speaker #7: For our operating unit leaders, when we gave them ClaudeForce, they came back to us and said, I built this app. I did that. I did this other thing.

Speaker #6: I can see this user model. I can see this sharing model. I can put all of this together and deliver value in a totally new way. I've never seen a moment like this in my life.

Speaker #7: That was so exciting. They built their businesses on not just a few core systems. They're not going to just rip out how their company just runs to get to AI.

Speaker #6: But for our customers, the question isn't whether AI is transformative; it's actually how they get there. And I want to talk to customers every single day.

Speaker #7: They want intelligence delivered inside the software they're already using to run their business. And that's what Salesforce, that's what ClaudeForce is going to do.

Speaker #6: That's why I was in Europe. Most of them have not started their AI transformations yet. If you talk to most CEOs, they may say they have a project, or they have a failed experiment, or they were told to build a model but it didn't work out for them.

Marc Benioff: If you talk to most CEOs, they may say they have a project or they have a failed experiment, or they were told to build a model, but it did not work out for them. That is not AI transformation. We're going to see AI transformation, and you're really going to see AI transformation when you start using Claudeforce. The reason why I feel so strongly about that is I've seen it here at Salesforce. For our operating unit leaders, when we gave them Claudeforce, they came back to us and said, "I built this app. I did that. I did this other thing." That was so exciting.

Speaker #7: So I showed them ClaudeForce. I showed them reasoning across their Salesforce data and workflows. I can show it right inside cowork. I also show it right inside Slack.

Speaker #6: That is not AI transformation. We're going to see AI transformation, and you're really going to see AI transformation when you start using CloudForce. And the reason why I feel so strongly about that is I've seen it here at Salesforce.

Marc Benioff: We're going to see AI transformation, and you're really going to see AI transformation when you start using Claudeforce. The reason why I feel so strongly about that is I've seen it here at Salesforce. For our operating unit leaders, when we gave them Claudeforce, they came back to us and said, "I built this app. I did that. I did this other thing." That was so exciting. They built their businesses on not just a few core systems. They're not going to just rip out how their company just runs to get to AI. They want intelligence delivered inside the software they're already using to run their business. That's what Claudeforce is going to do. I show them Claudeforce. I show them reasoning across their Salesforce data and workflows. I can show it right inside CoWork. I also show it right inside Slack.

Speaker #7: One click to deploy and their path to AI transformation just opens up in front of them. It's pretty incredible. It's a great experience as a software executive to see the customers reaction.

Marc Benioff: I am talking with them and it is a great meeting. It is three hours. Then at the end we are like, "Now I want to show you this thing. We have not shown it to anybody yet," and we show them Claudeforce because the head of all of our operating units have been using Claudeforce to run their businesses inside Salesforce this quarter. It is one of the reasons why we are getting such great performance. All of a sudden, literally, I could see the customer's mouth just dropped open because it was astonishing. They were seeing that we were able to reveal this value that had been trapped in their systems, okay, right into this dynamic user interface. They were not having to hire all these FTEs and all this stuff to get it going.

Speaker #6: For our operating unit leaders, when we gave them CloudForce, they came back to us and said, "I built this app. I did that. I did this other thing." That was so exciting.

Speaker #7: And this is what we're building. With our new enterprise harness. So this new enterprise harness AI force, you're going to hear a lot about this at Dreamforce.

Speaker #6: They built their businesses on not just a few core systems. They're not going to just rip out how their company runs to get to AI.

Speaker #7: First, you're going to hear a lot about our data layer. You're going to hear a lot about how we've invested in the federation and integration and harmonization of data you know that's why we bought MuleSoft.

Marc Benioff: They built their businesses on not just a few core systems. They're not going to just rip out how their company just runs to get to AI. They want intelligence delivered inside the software they're already using to run their business. That's what Claudeforce is going to do. I show them Claudeforce. I show them reasoning across their Salesforce data and workflows. I can show it right inside CoWork. I also show it right inside Slack. One click to deploy, and their path to AI transformation just opens up in front of them. It's pretty incredible. It's a great experience as a software executive to see the customer's reaction.

Speaker #6: They want intelligence delivered inside the software they're already using to run their business. And that's what Salesforce, that's what CloudForce is going to do. So I show them CloudForce, I show them reasoning across their Salesforce data and workflows.

Speaker #7: It's why we bought Informatica. It's why we built Data360. You're going to hear about our application layer. Of course, sales, service, marketing. Commerce. You know, analytics.

Marc Benioff: It was building these apps on the fly for them using the foundation that they had spent two decades building with Salesforce. Now, I want to get back to the quarter. We had record revenue and EPS, strong margin performance. CRPO accelerated. It was up about 14%. Look, we generated $1.1 billion in free cash flow. That was up 81% year-over-year. I am going to come back to that in just one second. Our AI business, just incredible momentum. Agentforce ARR, it hit $1.5 billion. Our ARR for AI and data is about to cross $4 billion. Really helps, I guess, that we have 15,000 pure account executives, huh, Miguel? The number of accounts with agents in production grew 70% over last quarter. We had great wins with Deutsche Telekom, met with them when I was in Europe. FIFA, met with them.

Speaker #7: As I just said, supply chain or ITSM. All the different components, field service, all in the application layer. In that application layer, then the agentic layer on top of that.

Speaker #6: I can show it right inside Cowork. I also show it right inside Slack—one click to deploy, and their path to AI transformation just opens up in front of them.

Marc Benioff: One click to deploy, and their path to AI transformation just opens up in front of them. It's pretty incredible. It's a great experience as a software executive to see the customer's reaction. This is what we're building with our new enterprise harness. This new enterprise harness, AI Force, you're going to hear a lot about this at Dreamforce. First, you're going to hear a lot about our data layer. You're going to hear a lot about how we've invested in the federation and integration and harmonization of data. You know that's why we bought MuleSoft. It's why we bought Informatica. It's why we built Data 360. You're going to hear about our application layer. Of course, sales, service, marketing, commerce, analytics. As I just said, supply chain or ITSM, all the different components, field service, all in the application layer.

Speaker #6: It's pretty incredible. It's a great experience as a software executive to see the customers' reaction. And this is what we're building with our new Enterprise Harness.

Speaker #7: And then finally, the interface layer. These four layers: data, apps and semantics, agents, and interface, when it's turned on together, that is when you start to see the true enterprise transformation.

Marc Benioff: This is what we're building with our new enterprise harness. This new enterprise harness, AI Force, you're going to hear a lot about this at Dreamforce. First, you're going to hear a lot about our data layer. You're going to hear a lot about how we've invested in the federation and integration and harmonization of data. You know that's why we bought MuleSoft. It's why we bought Informatica. It's why we built Data 360. You're going to hear about our application layer. Of course, sales, service, marketing, commerce, analytics.

Speaker #6: So this new enterprise harnesses AI force. You're going to hear a lot about this at Dreamforce. First, you're going to hear a lot about our data layer.

Speaker #7: And I'm confident that when you come, to Dreamforce for your own company, since so many of them are already on Salesforce, you're going to see how you are going to be able to transform as well.

Speaker #6: You're going to hear a lot about how we've invested in the federation, integration, and harmonization of data. You know that's why we bought MuleSoft.

Speaker #6: It's why we bought Informatica. It's why we built Data 360. You're going to hear about our application layer—of course, Sales, Service, Marketing, Commerce, Analytics, as I just said, Supply Chain or ITSM—all the different components. Field Service, all in the application layer.

Speaker #7: Now, let me show you what this looks like for Athena Health. Every time someone needed a case summary or opportunity insight, they had to ask IT to run a report.

Speaker #7: So they used Data360 to bring together all the product usage and account data from across their systems to create a single source of truth.

Marc Benioff: As I just said, supply chain or ITSM, all the different components, field service, all in the application layer. In that application layer, then the agentic layer on top of that, and then finally the interface layer. These four layers, data, apps and semantics, agents, and interface, when it's turned on together, that is when you start to see the true enterprise transformation. I'm confident that when you come to Dreamforce for your own company, since so many of them are already on Salesforce, you're going to see how you are going to be able to transform as well.

Marc Benioff: NTT Data, I met with them. Cisco, all expanding their AI investment with us. Great companies, by the way, great visions for the world, and really exciting executives leading their companies who have tremendous vision for what they are going to do with their company using this new technology. We also completed a multi-billion dollar agreement contract expansion with the US Army. The Army Human Resources Command expects to drive up to 55 million Agentforce conversations every single month. Amazing. The Secretary of the Army took me aside and said he finished recruiting four months early because he was able to use not only the power of all of his human agents, but AI agents as well. That was the Army being all they could be. I will tell you, we are expanding in the markets and seeing an incredible success.

Speaker #7: Then with AI force, this new user interface harness, that sits on top of our core systems, they've connected all of it to their AI, complete with the context and the permissions that already lived in Salesforce.

Speaker #6: In that application layer, then the agentic layer on top of that, and then finally the interface layer. These four layers—data, apps and semantics, agents, and interface—when they're turned on together, that's when you start to see the true enterprise transformation.

Marc Benioff: In that application layer, then the agentic layer on top of that, and then finally the interface layer. These four layers, data, apps and semantics, agents, and interface, when it's turned on together, that is when you start to see the true enterprise transformation. I'm confident that when you come to Dreamforce for your own company, since so many of them are already on Salesforce, you're going to see how you are going to be able to transform as well. Let me show you what this looks like for athenahealth. Every time someone needed a case summary or opportunity insight, they had to ask IT to run a report. So they used Data 360 to bring together all the product usage and account data from across their systems to create a single source of truth.

Speaker #7: Now, employees across every level can get instant answers from real Salesforce data from real Salesforce metadata. And all of the sharing models and security models and all of this, all of this is done with zero data retention.

Speaker #6: And I'm confident that when you come to Dreamforce for your own company, since so many of them are already on Salesforce, you're going to see how you are going to be able to transform as well.

Speaker #7: That means no data goes to any model. It all stays in your company. We started engineering that in 2023. We have been perfecting it over the last three years.

Speaker #6: Now, let me show you what this looks like for Athena Health. Every time someone needed a case summary or opportunity insight, they had to ask IT to run a report.

Marc Benioff: Let me show you what this looks like for athenahealth. Every time someone needed a case summary or opportunity insight, they had to ask IT to run a report. So they used Data 360 to bring together all the product usage and account data from across their systems to create a single source of truth. Then, with AI Force, this new user interface harness that sits on top of our core systems, they've connected all of it to their AI, complete with the context and the permissions that already lived in Salesforce.

Speaker #7: And we audit it and we are sure that that data is staying with you without ever opening a browser the usage and the value they're getting with Salesforce is going way up.

Speaker #6: So they used Data 360 to bring together all the product usage and account data from across their systems, creating a single source of truth.

Marc Benioff: We launched Agentforce IT Service in November, and it already has more than 450 customers, including NYU Langone Health and McAfee, conversions from ServiceNow. I think that is very exciting, that we can see that more companies coming into our platform, and as they come into our platform where we expand it to be not just Sales Cloud, not just Service Cloud, not just Marketing Cloud, not just commerce, not just analytics, but also IT service and other critical functionality. All of that can be revealed and now rendered through the Agentforce user interface. The more that is in the platform, the more Cloudforce is going to be able to deliver for it. Now, Agentforce Life Sciences has more than 140 customers, including all top five pharmaceutical companies. Agentforce Ops is helping companies like Kellogg's and Dell turn manual back-office work and supply chains into agentic workflows.

Speaker #6: Then, with AI Force, this new user interface harness that sits on top of our core systems, they've connected all of it to their AI—complete with the context and the permissions that already lived in Salesforce.

Marc Benioff: Then, with AI Force, this new user interface harness that sits on top of our core systems, they've connected all of it to their AI, complete with the context and the permissions that already lived in Salesforce. Now, employees across every level can get instant answers from real Salesforce data, from real Salesforce metadata, and all of the sharing models and security models. All of this is done with zero data retention. That means no data goes to any model. It all stays in your company. We started engineering that in 2023. We have been perfecting it over the last three years, and we audit it, and we are sure that that data is staying with you. Without ever opening a browser, the usage and the value they're getting with Salesforce is going way up. This is the future of enterprise software. I'll tell you what it's not.

Speaker #7: This is the future of enterprise software. And I'll tell you, what it's not. This is not the SAS BOCLEX. This is not the SAS BOCLEX.

Speaker #7: As I said earlier, you know, we've been hearing about this for the last two quarters. These die or predictions about the end of software.

Speaker #6: Now employees across every level can get instant answers from real Salesforce data, from real Salesforce metadata, and all of the sharing models and security models—and all of this is done with zero data retention.

Marc Benioff: Now, employees across every level can get instant answers from real Salesforce data, from real Salesforce metadata, and all of the sharing models and security models. All of this is done with zero data retention. That means no data goes to any model. It all stays in your company. We started engineering that in 2023. We have been perfecting it over the last three years, and we audit it, and we are sure that that data is staying with you. Without ever opening a browser, the usage and the value they're getting with Salesforce is going way up. This is the future of enterprise software. I'll tell you what it's not.

Speaker #7: And how about the models eat everything. But none of them have come true for us. And I don't think, I don't even understand how they could possibly come true.

Speaker #7: Look, models you have to remember. Models are probabilistic systems. They're non-deterministic systems. But our system, our system those four layers that we talked about with data, and apps and semantics and agents, those are deterministic systems.

Speaker #6: That means no data goes to any model. It all stays in your company. We started engineering that in 2023. We have been perfecting it over the last three years, and we audit it. We are sure that your data is staying with you without ever opening a browser.

Speaker #7: But when you put those two things together, that's a level of value we've never seen before. We've been told our growth would slow. That net new AOV growth would not, you know, continue to grow.

Speaker #6: The usage and the value they're getting with Salesforce is going way up. This is the future of enterprise software. And I'll tell you what it's not.

Speaker #7: And yet it's the strongest it's ever been in four years. And significantly outpacing AOV growth. And by the way, did you know that Salesforce, Salesforce has higher free cash flow.

Speaker #6: This is not the SAS box clips. This is not the SAS box clips. As I said earlier, you know, we've been hearing about this for the last two quarters.

Marc Benioff: That is the Regrello platform we bought now more than a year ago. It has the ability to deliver and render for a company red, yellow, green on their supply chain every single day. For Dell, they have 20,000 suppliers. Why that is important is we see supply chain as one of the very first applications so many companies are actually revising for AI, because it gives them the ability to actually look into something and do something with an area that really has not moved forward for in decades. With this strong performance and momentum and the strategic acquisitions, especially Contentful and Fin, we are expecting to close in the coming weeks, and we are raising our fiscal year 2027 revenue guidance by about $300 million in constant currency. Now, what is driving all this? Well, it is a fundamental shift in the software industry.

Marc Benioff: This is not the SaaSpocalypse. As I said earlier, we have been hearing about this for the last two quarters, these dire predictions about the end of software and how the models eat everything. But none of them have come true for us, and I do not even understand how they could possibly come true. Look, models, you have to remember, models are probabilistic systems. They are non-deterministic systems. But our system, those four layers that we talked about with data and apps and semantics and agents, those are deterministic systems. But when you put those two things together, that is a level of value we have never seen before. We have been told our growth would slow, that net new AOV growth would not continue to grow, and yet it is the strongest it has ever been in four years and significantly outpacing AOV growth.

Speaker #6: There are these dire predictions about the end of software, and talk about how the models will eat everything, but none of them have come true for us.

Speaker #7: Higher free cash flow than Costco, Coca-Cola, Home Depot, Ford, Disney, Pepsi. Oh, we also have higher revenue growth rates than Costco, Coca-Cola, Home Depot, Ford, Disney, Pepsi.

Speaker #6: And I don't think—I don't even understand how they could possibly come true. Look, models—you have to remember, models are probabilistic systems. They're non-deterministic systems.

Speaker #7: By the way, all of them are great Salesforce customers too. I love all those companies and all those CEOs. But we have higher free cash flow and higher growth rates than them.

Speaker #6: But our system—those four layers that we talked about, with data and apps and semantics and agents—those are deterministic systems. But when you put those two things together, that's a level of value we've never seen before.

Speaker #7: I just think it's important for speaking directly to the analysts who cover us to actually look and compare our business metrics against those others so you can really see what we do and how we're doing.

Marc Benioff: But when you put those two things together, that is a level of value we have never seen before. We have been told our growth would slow, that net new AOV growth would not continue to grow, and yet it is the strongest it has ever been in four years and significantly outpacing AOV growth. Did you know that Salesforce has higher free cash flow than Costco, The Coca-Cola Company, The Home Depot, Ford Motor Company, The Walt Disney Company, PepsiCo?

Speaker #6: We've been told our growth would slow, that net new AOV growth would not, you know, continue to grow. And yet, it's the strongest it's ever been in four years.

Speaker #7: Our seats were supposed to decline instead. Agent force sales, services, Slack, all saw year over year growth. And we were told customers would abandon us.

Speaker #6: And significantly outpacing AOV growth. And by the way, did you know that Salesforce has higher free cash flow? Higher free cash flow than Costco, Coca-Cola, Home Depot, Ford, Disney, and Pepsi.

Marc Benioff: Did you know that Salesforce has higher free cash flow than Costco, The Coca-Cola Company, The Home Depot, Ford Motor Company, The Walt Disney Company, PepsiCo? We also have higher revenue growth rates than Costco, The Coca-Cola Company, The Home Depot, Ford Motor Company, The Walt Disney Company, PepsiCo. All of them are great Salesforce customers too. I love all those companies and all those CEOs. But we have higher free cash flow and higher growth rates than them. I just think it is important for speaking directly to the analysts who cover us to actually look and compare our business metrics against those others so you can really see what we do and how we are doing. Our seats were supposed to decline. Instead, Agentforce sales, service, and Slack all saw year-over-year growth, and we were told customers would abandon us, but attrition is near its lowest level ever.

Marc Benioff: AI is unlocking value, as I said, across every part of our platform. AI is able to look into the platform and say, "Hey, I can see this application construct. I can see this user model. I can see the sharing model. I can put all of this together and deliver value in a totally new way." I have never seen a moment like this in my life, but for our customers, the question is not whether AI is transformative. It is actually how they get there. I want to talk to customers every single day. That is why I was in Europe. Most of them have not started their AI transformations yet. If you talk to most CEOs, they may say they have a project or they have a failed experiment, or they were told to build a model, but it did not work out for them. That is not AI transformation.

Speaker #7: But attrition is near. It's lowest level ever. I know that you know that because you're calling all of our customers asking them. So we're told customers would pay less for our products.

Speaker #7: But when Miguel was about to tell you this, they're upgrading. An A1E and A4X bookings, they more than doubled quarter over quarter. We're told contract lengths would shrink.

Speaker #6: Oh, we also have higher revenue growth rates than Costco, Coca-Cola, Home Depot, Ford, Disney, and Pepsi. By the way, all of them are great Salesforce customers, too.

Marc Benioff: We also have higher revenue growth rates than Costco, The Coca-Cola Company, The Home Depot, Ford Motor Company, The Walt Disney Company, PepsiCo. All of them are great Salesforce customers too. I love all those companies and all those CEOs. But we have higher free cash flow and higher growth rates than them. I just think it is important for speaking directly to the analysts who cover us to actually look and compare our business metrics against those others so you can really see what we do and how we are doing.

Speaker #6: I love all those companies and all those CEOs. But we have higher free cash flow and higher growth rates than them. I just think it's important, for speaking directly to the analysts who cover us, to actually look and compare our business metrics against those others so you can really see what we do and how we're doing.

Speaker #7: Well, they improved across all segments. And we're told agents accessing our system would kill apps? Well, actually, usage is exploding. Agentic use of our apps through model context protocol calls and CLI calls also surged six fold, six X.

Speaker #7: And we're told the frontier models would eliminate the need for CRM. Instead, they depend on it. And we're showing how one plus one can equal three.

Speaker #6: Our seats were supposed to decline. Instead, Agent, Force, Sales, Service, Slack—all saw year-over-year growth. And we were told customers would abandon us, but attrition is near.

Marc Benioff: Our seats were supposed to decline. Instead, Agentforce sales, service, and Slack all saw year-over-year growth, and we were told customers would abandon us, but attrition is near its lowest level ever. I know that you know that because you are calling all of our customers asking them. We are told customers would pay less for our products, but what Miguel Milano was about to tell you is they are upgrading. In A1E and A4X bookings, they more than doubled quarter over quarter. We are told contract lanes would shrink.

Marc Benioff: We are going to see AI transformation, and you are really going to see AI transformation when you start using Cloudforce. The reason why I feel so strongly about that is I have seen it here at Salesforce. For our operating unit leaders, when we gave them Cloudforce, they came back to us and said, "I built this app. I did that. I did this other thing." That was so exciting. They built their businesses on not just a few core systems. They are not going to just rip out how their company just runs to get to AI. They want intelligence delivered inside the software they are already using to run their business. That is what Cloudforce is going to do. I show them Cloudforce. I show them reasoning across their Salesforce data and workflows. I can show it right inside Cowork. I also show it right inside Slack.

Speaker #7: Nine out of the top 10 AI companies in the world use Salesforce and Slack. You know that. You're talking to them. Companies like Anthropic, for example.

Speaker #6: It's at its lowest level ever. I know that you know that, 'cause you're calling all of our customers and asking them. So, we were told customers would pay less for our products. But when Miguel was about to tell you this, their upgrading in A1E and A4X bookings— they more than doubled quarter over quarter.

Marc Benioff: I know that you know that because you are calling all of our customers asking them. We are told customers would pay less for our products, but what Miguel Milano was about to tell you is they are upgrading. In A1E and A4X bookings, they more than doubled quarter over quarter. We are told contract lanes would shrink. Well, they improved across all segments. We are told agents accessing our system would kill apps. Well, actually, usage is exploding. Agentic use of our apps through model context protocol calls and CLI calls also surged sixfold, 6X. We are told the frontier models would eliminate the need for CRM. Instead, they depend on it. We are showing how 1 plus 1 can equal 3. Nine out of the top 10 AI companies in the world use Salesforce and Slack. You know that. You are talking to them, companies like Anthropic, for example.

Speaker #7: Well, these companies, these nine out of 10 top 10 AI companies, they've increased their spend with us by 435% year over year. Look at that great company, Replit.

Speaker #7: it. You saw them in the pre-show. It's an amazing company. Their sales team lives here. In Slack with Salesforce is their sole source of truth.

Speaker #6: We were told contract lengths would shrink. Well, they improved across all segments. And we were told agents accessing our system would kill apps? Well, actually, usage is exploding—agentic use of our apps through model context protocol calls and CLI calls also surged sixfold—6x.

Marc Benioff: Well, they improved across all segments. We are told agents accessing our system would kill apps. Well, actually, usage is exploding. Agentic use of our apps through model context protocol calls and CLI calls also surged sixfold, 6X. We are told the frontier models would eliminate the need for CRM. Instead, they depend on it. We are showing how 1 plus 1 can equal 3. Nine out of the top 10 AI companies in the world use Salesforce and Slack. You know that. You are talking to them, companies like Anthropic, for example.

Speaker #7: They've tripled the number of agent force sales seats. They're building custom apps to connect directly to Salesforce data and workflows. It all works together.

Speaker #7: By the way, Replit is a great tool on Salesforce. As you can see, AI isn't raised replacing Salesforce. It's unlocking more value across all four layers of our platform.

Speaker #6: And we're told the frontier models would eliminate the need for CRM. Instead, they depend on it. And we're showing how one plus one can equal three.

Speaker #7: Again, across the data layer, the apps layer, and the semantic layer, the agent layer, and the interfaces. Now, we all know that if your data is not right, your AI is not right.

Marc Benioff: One click to deploy, and their path to AI transformation just opens up in front of them. It is pretty incredible. It is a great experience as a software executive to see the customer's reaction. This is what we are building with our new enterprise harness. This new Enterprise Harness AI force, you are going to hear a lot about this at Dreamforce. First, you are going to hear a lot about our data layer. You are going to hear a lot about how we have invested in the federation and integration and harmonization of data. You know that is why we bought MuleSoft. It is why we bought Informatica. It is why we built Data 360. You are going to hear about our application layer. Of course, Sales, Service, Marketing, Commerce, Analytics, as I just said, supply chain or ITSM, all the different components, field service, all in the application layer.

Speaker #6: Nine out of the top 10 AI companies in the world use Salesforce and Slack—you know that. You're talking to them, companies like Anthropic, for example.

Speaker #6: Well, these companies, these nine out of 10 top 10 AI companies, they've increased their spend with us by 435% year over year. Look at that great company RepL.

Speaker #7: I've seen that over and over again in customers where all of a sudden we'll go in and try to show them some magic and all of a sudden we'll go, well, are you really paying attention to your AI?

Marc Benioff: Well, these companies, these 9 out of 10 top 10 AI companies, they have increased their spend with us by 435% year over year. Look at that great company, Replit. You saw them in the pre-show. It is an amazing company. Their sales team lives here in Slack with Salesforce as their source of truth. They have tripled the number of Agentforce sales seats. They are building custom apps that connect directly to Salesforce data and workflows. It all works together. Replit is a great tool on Salesforce. As you can see, AI is not replacing Salesforce. It is unlocking more value across all four layers of our platform. Again, across the data layer, the apps layer, and the semantic layer, the agent layer, and the interfaces. Now, we all know that if your data is not right, your AI is not right.

Speaker #7: Because your data quality doesn't seem to be exactly right. Well, all that data inside Salesforce now provides hundreds of petabytes of critical context of agents can actually understand your business.

Speaker #6: You saw them in the pre-show. It's an amazing company. Their sales team lives here, and Slack with Salesforce is their sole source of truth.

Speaker #6: They've tripled the number of agent Force sales seats. They're building custom apps to connect directly to Salesforce data and workflows. It all works together.

Speaker #7: We're doing more to help customers clean up their data, to make sure that it's well harmonized, to make sure that it's they have the right level of data cleansing, building the right data warehouses, then our apps well, they can be more valuable than they've ever been.

Speaker #6: By the way, Repl is a great tool on Salesforce. As you can see, AI isn’t replacing Salesforce; it’s unlocking more value across all four layers of our platform.

Speaker #7: Because now they don't just run your business, they're running all of your agents as well. Think about it. There's more data inside Salesforce than any human can comprehend.

Speaker #6: Again, across the data layer, the apps layer, the semantic layer, the agent layer, and the interfaces. Now, we all know that if your data’s not right, your AI is not right.

Marc Benioff: Again, across the data layer, the apps layer, and the semantic layer, the agent layer, and the interfaces. Now, we all know that if your data is not right, your AI is not right. I've seen that over and over again in customers, where all of a sudden we'll go in and try to show them some magic, all of a sudden we'll go, "Whoa, are you really paying attention to your AI? Because your data quality doesn't seem to be exactly right." Well, all that data inside Salesforce now provides hundreds of petabytes of critical context so agents can actually understand your business.

Marc Benioff: In that application layer, then the agentic layer on top of that, and then finally the interface layer. These four layers, data, apps and semantics, agents, and interface, when it is turned on together, that is when you start to see the true enterprise transformation. I am confident that when you come to Dreamforce for your own company, since so many of them are already on Salesforce, you are going to see how you are going to be able to transform as well. Let me show you what this looks like for athenahealth. Every time someone needed a case summary or opportunity insight, they had to ask IT to run a report. So they used Data 360 to bring together all the product usage and account data from across their systems to create a single source of truth.

Speaker #7: A human works one record at a time. An agent works around the cross, a clock. It sees everything, not one thing. It reads across millions of records to find the perfect opportunity forecast the quarter and close cases.

Speaker #6: I've seen that over and over again in customers, where all of a sudden we'll go in and try to show them some magic, and all of a sudden we'll go, well, are you really paying attention to your AI?

Marc Benioff: I've seen that over and over again in customers, where all of a sudden we'll go in and try to show them some magic, all of a sudden we'll go, "Whoa, are you really paying attention to your AI? Because your data quality doesn't seem to be exactly right." Well, all that data inside Salesforce now provides hundreds of petabytes of critical context so agents can actually understand your business. We're doing more to help customers clean up their data, to make sure that it's well-harmonized, to make sure that they have the right level of data cleansing, building the right data warehouses. Then our apps, well, they can be more valuable than they've ever been because now they don't just run your business, they're running all of your agents as well. Think about it. There's more data inside Salesforce than any human can comprehend.

Speaker #6: Because your data quality doesn't seem to be exactly right. Well, all that data inside Salesforce now provides hundreds of petabytes of critical context, so AI agents can actually understand your business.

Speaker #7: We know, we've been using these models now for almost a decade. For a decade ago, I would sit in my staff meeting and I would ask Einstein, tell me how is the forecast going to turn out?

Speaker #7: And in many cases, it knew more than our folks. Why? Because it is able to see everything. So here's another great example, Uber for Business.

Speaker #6: We're doing more to help customers clean up their data, to make sure that it's well harmonized, to make sure that they have the right level of data cleansing, building the right data warehouses. Then our apps can be more valuable than they've ever been.

Marc Benioff: We're doing more to help customers clean up their data, to make sure that it's well-harmonized, to make sure that they have the right level of data cleansing, building the right data warehouses. Then our apps, well, they can be more valuable than they've ever been because now they don't just run your business, they're running all of your agents as well. Think about it. There's more data inside Salesforce than any human can comprehend. A human works one record at a time. An agent works around the clock. It sees everything, not one thing.

Speaker #7: They've got 30 onboarding specialists and a mountain of inbound leads nobody was ever going to reach. Their rules, their workflows, every deal that's ever gone through them, they've used Salesforce since the start of Uber.

Speaker #6: Because now they don't just run your business; they're running all of your agents as well. Think about it—there's more data inside Salesforce than any human can comprehend.

Speaker #7: And all of that lived inside Salesforce. Now, this is how they sell. So they paint just pointed agent force at the pile. Got to work, looked at their whole history of their whole company, all the institutional memory, everything that's inside Uber, now six weeks to launch within two weeks, 60% more leads and converting.

Marc Benioff: Then, with AI Force, this new user interface harness that sits on top of our core systems, they have connected all of it to their AI, complete with the context and the permissions that already lived in Salesforce. Employees across every level can get instant answers from real Salesforce data, from real Salesforce metadata, and all of the sharing models and security models. All of this is done with zero data retention. That means no data goes to any model. It all stays in your company. We started engineering that in 2023. We have been perfecting it over the last 3 years, and we audit it, and we are sure that that data is staying with you. Without ever opening a browser, the usage and the value they are getting with Salesforce is going way up. This is the future of enterprise software. I will tell you what it is not.

Speaker #6: A human works one record at a time. An agent works around the clock. It, it sees everything, not one thing. It reads across millions of records to find the perfect opportunity, forecast the quarter, and close cases.

Marc Benioff: A human works one record at a time. An agent works around the clock. It sees everything, not one thing. It reads across millions of records to find the perfect opportunity, forecast the quarter, and close cases. We know. We've been using these models now for almost a decade. A decade ago, I would sit in my staff meeting and I would ask Einstein, "Tell me how is the forecast going to turn out?" In many cases, it'd do more than our folks. Why? Because it is able to see everything. So here's another great example, Uber for Business. They've got 30 onboarding specialists and a mountain of inbound leads nobody was ever going to reach. Their rules, their workflows, every deal that's ever gone through them. They've used Salesforce since the start of Uber, and all of that lived inside Salesforce. Now, this is how they sell.

Marc Benioff: It reads across millions of records to find the perfect opportunity, forecast the quarter, and close cases. We know. We've been using these models now for almost a decade. A decade ago, I would sit in my staff meeting and I would ask Einstein, "Tell me how is the forecast going to turn out?" In many cases, it'd do more than our folks. Why? Because it is able to see everything. So here's another great example, Uber for Business. They've got 30 onboarding specialists and a mountain of inbound leads nobody was ever going to reach.

Speaker #6: We know, we've been using these models now for almost a decade. A decade ago, I would sit in my staff meeting and I would ask Einstein, tell me, how is the forecast gonna turn out?

Speaker #7: This is that power. We're introducing hundreds of packaged agents that understand your business and industry right out of the box. So they can start delivering value within days, not months.

Speaker #6: And in many cases, it knew more than our folks. Why? Because it is able to see everything. So here's another great example: Uber for Business.

Speaker #7: And now with AI force, we're bringing all that to enter the interface. This is the magic moment. People don't have to come to Salesforce to get work done.

Speaker #6: They've got 30 onboarding specialists and a mountain of inbound leads nobody was ever going to reach. Their rules, their workflows, every deal that's ever gone through them—they've used Salesforce since the start of Uber.

Speaker #7: Salesforce comes to them. And Claude and Slack and ChatGPT and Teams wherever they want to work. And it's a shift from software to the interface to software powering every interface.

Marc Benioff: Their rules, their workflows, every deal that's ever gone through them. They've used Salesforce since the start of Uber, and all of that lived inside Salesforce. Now, this is how they sell. They just pointed Agentforce at the pile, got to work, looked at their whole history of their whole company, all the institutional memory, everything that's inside Uber. Now 6 weeks to launch, within 2 weeks, 60% more leads and converting. This is that power.

Speaker #6: And all of that lived inside Salesforce. Now this is how they sell. So they just pointed AgentForce at the pile, got to work, looked at the whole history of their entire company, all the institutional memory, everything that's inside Uber. Now, six weeks to launch; within two weeks, 60% more leads and converting.

Speaker #7: Of course, this is already happening in Slack, which had a phenomenal quarter. It's the best acquisition we ever made. Regardless of all the financial analysts reports that I read about six years ago, when we bought it, we won't go through the details.

Marc Benioff: They just pointed Agentforce at the pile, got to work, looked at their whole history of their whole company, all the institutional memory, everything that's inside Uber. Now 6 weeks to launch, within 2 weeks, 60% more leads and converting. This is that power. We're introducing hundreds of packaged agents that understand your business and industry right out of the box so they can start delivering value within days, not months. Now with AI Force, we're bringing all that to any interface. This is the magic moment. People don't have to come to Salesforce to get work done. Salesforce comes to them in Claude, in Slack, in ChatGPT, in Teams, wherever they want to work. It's a shift from software as the interface to software powering every interface. Of course, this is already happening in Slack, which had a phenomenal quarter.

Marc Benioff: This is not the SaaSpocalypse. As I said earlier, we have been hearing about this for the last 2 quarters, these dire predictions about the end of software and how the models eat everything. But none of them have come true for us, and I do not even understand how they could possibly come true. Look, models, you have to remember, models are probabilistic systems. They are non-deterministic systems. But our system, those 4 layers that we talked about with data and apps and semantics and agents, those are deterministic systems. But when you put those 2 things together, that is a level of value we have never seen before. We have been told our growth would slow, that net new AOV growth would not continue to grow, and yet it is the strongest it has ever been in 4 years and significantly outpacing AOV growth.

Speaker #7: It's water. That's now all under the bridge. But let me just say this. When you look at Slack today, it is where work happens.

Speaker #6: This is that power. We're introducing hundreds of packaged agents that understand your business and industry right out of the box, so they can start delivering value within days, not months.

Marc Benioff: We're introducing hundreds of packaged agents that understand your business and industry right out of the box so they can start delivering value within days, not months. Now with AI Force, we're bringing all that to any interface. This is the magic moment. People don't have to come to Salesforce to get work done. Salesforce comes to them in Claude, in Slack, in ChatGPT, in Teams, wherever they want to work. It's a shift from software as the interface to software powering every interface. Of course, this is already happening in Slack, which had a phenomenal quarter.

Speaker #7: And it's where these AI lives and work and can do things. And not only does it work human work happens, now it's where you can build together too with Slack codes.

Speaker #6: And now with AI Force, we're bringing all that to every interface. This is the magic moment. People don't have to come to Salesforce to get work done.

Speaker #7: AI isn't trapped in a single player chat window. It's a teammate that works across all your people, finding the right agent, the right action, on the flow of work, fueled by all the enterprise context that lives in Salesforce, the conversational context in Slack.

Speaker #6: Salesforce comes to them, and Claude and Slack and ChatGPT and Teams—wherever they want to work. And it's a shift from software as the interface to software powering every interface.

Speaker #7: Companies like Anthropic, OpenAI, Lovable, Replit, on and on and on. I think there's more than a million companies on Slack now. Are all building their agentic products directly into Slack because Slack is where their customers want them.

Speaker #6: Of course, this has already been happening in Slack, which had a phenomenal quarter. It's the best acquisition we ever made. Regardless of all the financial analysts' reports that I read about six years ago, when we bought it, we won't go through the details.

Marc Benioff: It's the best acquisition we ever made, regardless of all the financial analyst reports that I read about 6 years ago when we bought it. We won't go through the details. It's water that's now all under the bridge. Let me just say this. When you look at Slack today, it is where work happens, and it's where these AI lives and can do things. Not only is it where human work happens, now it's where you can build together, too, with Slack Code. AI isn't trapped in a single-player chat window. It's a teammate that works across all your people, finding the right agent, the right action, on the flow work, fueled by all the enterprise context that lives in Salesforce, the conversational context in Slack.

Marc Benioff: By the way, did you know that Salesforce has higher free cash flow than Costco, Coca-Cola, Home Depot, Ford, Disney, Pepsi? We also have higher revenue growth rates than Costco, Coca-Cola, Home Depot, Ford, Disney, Pepsi. By the way, all of them are great Salesforce customers too. I love all those companies and all those CEOs. But we have higher free cash flow and higher growth rates than them. I just think it is important for speaking directly to the analysts who cover us to actually look and compare our business metrics against those others so you can really see what we do and how we are doing. Our seats were supposed to decline. Instead, Agentforce Sales, Service, and Slack all saw year-over-year growth, and we were told customers would abandon us, but attrition is near its lowest level ever.

Speaker #6: It's water. That's now all under the bridge. But let me just say this. When you look at Slack today, it is where work happens, and it's where these AIs live and work and can do things.

Speaker #7: And Slack bot is our fastest adopted AI product ever. Five months after launch, it's got 1 million active users. Up 150% quarter over quarter.

Speaker #7: If you don't have Slack bot turned on in your Slack, instance and you're not using it every day, you are really missing out. It has the ability to read across all of your Slack data and you are going to have insights into your business you just were not able to have before.

Speaker #6: And not only is it where human work happens, now it's where you can build together too with Slack codes. AI isn't trapped in a single-player chat window.

Marc Benioff: AI isn't trapped in a single-player chat window. It's a teammate that works across all your people, finding the right agent, the right action, on the flow work, fueled by all the enterprise context that lives in Salesforce, the conversational context in Slack. Companies like Anthropic, OpenAI, Lovable, Replit, on and on and on, I think there is more than 1 million companies on Slack now, are all building their agentic products directly into Slack because Slack is where their customers want them.

Speaker #6: It's a teammate that works across all your people, finding the right agent, the right action, in the flow of work, fueled by all the enterprise context that lives in Salesforce, and the conversational context in Slack.

Speaker #7: It just makes you a better executive. Robinhood is a great example of what's happening. Robinhood needed AI adoption across its whole workforce. You know, not just engineers.

Speaker #7: So what Vlad did was, he put AI inside Slack. The place where the entire business comes together and connects to Salesforce. Google, Okta, and other systems.

Speaker #6: Companies like Anthropic, OpenAI, Lovable, Replit, on and on and on—I think there's more than a million companies on Slack now—are all building their agentic products directly into Slack, because Slack is where their customers want them.

Marc Benioff: Companies like Anthropic, OpenAI, Lovable, Replit, on and on and on, I think there is more than 1 million companies on Slack now, are all building their agentic products directly into Slack because Slack is where their customers want them. Slackbot is our fastest adopted AI product ever. 5 months after launch, it has 1 million active users, up 150% quarter over quarter. If you do not have Slackbot turned on in your Slack instance and you are not using it every day, you are really missing out. It has the ability to read across all of your Slack data, and you are going to have insights into your business you just were not able to have before. It just makes you a better executive. Robinhood is a great example of what is happening. Robinhood needed AI adoption across its whole workforce, not just engineers.

Speaker #7: And now any employee can use Slack bot to surface past decisions and conversations solve problems without engineering support. And Slack isn't just the best place to work with AI.

Speaker #6: And Slack bot is our fastest adopted AI product ever. Five months after launch, it's got 1 million active users, up 150% quarter over quarter.

Marc Benioff: I know that you know that because you are calling all of our customers asking them. We are told customers would pay less for our products, but what Miguel was about to tell you is they are upgrading. In A1E and A4X bookings, they more than doubled quarter over quarter. We are told contract lanes would shrink. Well, they improved across all segments. We are told agents accessing our system would kill apps. Well, actually, usage is exploding. Agentic use of our apps through model context protocol calls and CLI calls also surged 6-fold, 6X. We are told the frontier models would eliminate the need for CRM. Instead, they depend on it, and we are showing how one plus one can equal three. 9 out of the top 10 AI companies in the world use Salesforce and Slack. Do you know that? You are talking to them, companies like Anthropic, for example.

Marc Benioff: Slackbot is our fastest adopted AI product ever. 5 months after launch, it has 1 million active users, up 150% quarter over quarter. If you do not have Slackbot turned on in your Slack instance and you are not using it every day, you are really missing out. It has the ability to read across all of your Slack data, and you are going to have insights into your business you just were not able to have before. It just makes you a better executive. Robinhood is a great example of what is happening. Robinhood needed AI adoption across its whole workforce, not just engineers.

Speaker #7: It's also the best place to build with AI. We just introduced Slack code, a shared space for teams of agents and humans to build together, right where they already work.

Speaker #6: If you don't have Slack bot turned on in your Slack instance, and you're not using it every day, you are really missing out. It has the ability to read across all of your Slack data, and you are going to have insights into your business you just were not able to have before.

Speaker #7: So when you combine Slack code with Slack bot, it becomes an incredibly powerful multiplayer IDE. Okay, well, as you can see across our whole platform, we're redefining how our customers build, deploy, and scale AI.

Speaker #6: It just makes you a better executive. Robinhood's a great example of what's happening. Robinhood needed AI adoption across its whole workforce—you know, not just engineers.

Speaker #7: And we have a very special guest today on our earnings call. And our friend David Friedberg is here. He's got this great next generation bioengineering company Ohalo welcome, David.

Speaker #6: So what Vlad did was, he put AI inside Slack—the place where the entire business comes together—and connects to Salesforce, Google, Okta, and other systems.

Marc Benioff: Vlad put AI inside Slack, the place where the entire business comes together and connects to Salesforce, Google, Okta, and other systems. Now any employee can use Slackbot to surface past decisions and conversations, solve problems without engineering support. Slack is not just the best place to work with AI, it is also the best place to build with AI. We just introduced Slack Code, a shared space for teams of agents and humans to build together right where they already work. When you combine Slack Code with Slackbot, it becomes an incredibly powerful multiplayer IDE. Well, as you can see, across our whole platform, we are redefining how our customers build, deploy, and scale AI, and we have a very special guest today on our earnings call. Our friend David Friedberg is here. He has this great next-generation bioengineering company, Ohalo.

Speaker #7: Fantastic.

Speaker #2: Hey. Thanks for having me. Hi.

Speaker #1: Great to have you. And they're changing how we feed the planet with a breeding technology that boosts crop yields by 50%, maybe 100%. Scott, are you here?

Speaker #6: And now, any employee can use Slackbot to surface past decisions and conversations, solve problems without engineering support. Slack isn't just the best place to work with AI—it's also the best place to build with AI.

Marc Benioff: Well, these companies, these 9 out of 10 top 10 AI companies, they have increased their spend with us by 435% year over year. Look at that great company, Replit. You saw them in the pre-show. It is an amazing company. Their sales team lives here in Slack with Salesforce as their source of truth. They have tripled the number of Agentforce Sales seats. They are building custom apps that connect directly to Salesforce data and workflows. It all works together. Replit is a great tool on Salesforce. As you can see, AI is not replacing Salesforce. It is unlocking more value across all four layers of our platform. Again, across the data layer, the apps layer, and the semantic layer, the agent layer, and the interfaces. We all know that if your data is not right, your AI is not right.

Speaker #1: He sent me a can of seeds. I don't know if I'm allowed to talk about what I got or not, but it was pretty awesome.

Speaker #6: We just introduced Slack Code, a shared workspace for teams of agents and humans to build together, right where they already work. So when you combine Slack Code with Slack Bot, it becomes an incredibly powerful multiplayer IDE.

Speaker #1: And I'll tell you, David had chosen to see our own product when he first started. Ohalo and how does it pronounce Ohalo? Ohalo? Mahalo?

Speaker #2: Ohalo. I should ask you. It sounds like a Hawaiian word.

Speaker #1: It sounds like but it's not. It's based on an important actually part of bioengineering history, right?

Speaker #6: Okay, well, as you can see, across our whole platform, we're redefining how our customers build, deploy, and scale AI. And we have a very special guest today on our earnings call.

Marc Benioff: Well, as you can see, across our whole platform, we are redefining how our customers build, deploy, and scale AI, and we have a very special guest today on our earnings call. Our friend David Friedberg is here. He has this great next-generation bioengineering company, Ohalo. Welcome, David. Fantastic.

Speaker #2: Yeah. Well, there was an agricultural find in the Sea of Galilee where they found this old pot of seeds, 20,000 years. So it kind of rewrote what we thought about the history of agriculture and plant breeding.

Speaker #6: And our friend David Friedberg is here. He's got this great next-generation bioengineering company, Ohalo. Welcome, David. Fantastic.

Speaker #2: So we named it after that little village.

Speaker #1: Fantastic. Well, yes, you're right. It sounds like a Hawaiian word, but it's not. And I know that you started with another CRM product we won't talk about, which what it is and but I remember when you called me and you said, you know, well, maybe I'll try to vibe code this whole thing, whatever.

Marc Benioff: Welcome, David. Fantastic.

Speaker #2: Hey. Thanks for having me.

Speaker #1: Welcome to the earnings call. Great to have you. And they're changing how we feed the planet with a breeding technology that boosts crop yields by 50%—maybe 100%.

David Friedberg: Hey.

Marc Benioff: Welcome to the earnings call.

David Friedberg: Thanks for having me, Marc.

Marc Benioff: Great to have you.

David Friedberg: Right.

Marc Benioff: They are changing how we feed the planet with a breeding technology that boosts crop yields by 50%, maybe 100%. He already sent me a can of seeds. I do not know if I am allowed to talk about what I got or not, but it was pretty awesome. I will tell you, David had chosen a CRM product when he first started Ohalo, and how does it pronounce, Ohalo?

Speaker #1: Scott, are you here? He sent me a can of seeds. I don't know if I'm allowed to talk about what I got or not, but it was pretty awesome.

Marc Benioff: I have seen that over and over again in customers, where all of a sudden we will go in and try to show them some magic, and all of a sudden we will go, "Whoa, are you really paying attention to your AI? Because your data quality does not seem to be exactly right." All that data inside Salesforce now provides hundreds of petabytes of critical context so agents can actually understand your business. We are doing more to help customers clean up their data, to make sure that it is well-harmonized, to make sure that they have the right level of data cleansing, building the right data warehouses. Then our apps, well, they can be more valuable than they have ever been. Because now they do not just run your business, they are running all of your agents as well. Think about it. There is more data inside Salesforce than any human can comprehend.

Speaker #1: And then a few months later, it turns out you're.

Speaker #2: Well, we did it. Yeah, we did a little vibe coding.

Speaker #1: And I'll tell you, David had chosen to see our own product when he first started—Ohalo. And how does it pronounce? Ohalo?

Speaker #1: Yeah.

Speaker #2: I did a vibe code to make a CRM product over the weekend. And you quickly realized just how much it takes to do maintenance, to do accounts, to do security, there's just much more to it.

Speaker #2: Ohalo. Ohalo. I should ask you—it sounds like a Hawaiian word.

David Friedberg: Ohalo.

Marc Benioff: Mahalo?

David Friedberg: Ohalo. I should ask you. It sounds like a Hawaiian word.

Speaker #1: It sounds like A, but it's not. It's based on an actually important part of bio, bioengineering history, right?

Marc Benioff: It sounds like, but it's not.

David Friedberg: Yeah.

Marc Benioff: It's based on an important, actually, part of bioengineering history, right?

Speaker #2: And we realized pretty quickly there are certain I would say software applications that are maybe verticalized where you have to build custom workflows that make sense for your particular business.

Speaker #2: Yeah. Well, there was an agricultural find in the Sea of Galilee where they found this old pot of seeds, 20,000 years old. So it kind of rewrote what we thought about the history of agriculture and plant breeding.

David Friedberg: Well, there was an agricultural find in the Sea of Galilee where they found this old pot of seeds, 20,000 years. So it kind of rewrote what we thought about the history of agriculture and plant breeding, so we named it after that little village, Ohalo.

Speaker #2: So we named it after that little village.

Speaker #2: But then there's platform software. And platform software, we realized pretty quickly is really what we need to build our entire company around. And Salesforce is what we kind of decided to go with on CRM.

Speaker #1: Fantastic. Well, yes, you're right. It sounds like a Hawaiian word, but it's not. And I know that you started with a, another CRM product we won't talk about, which what it is and, but I remember when you called me and you said, you know, well, maybe I'll try to vibe code this whole thing, whatever.

Marc Benioff: Fantastic. Well, yes, you're right. It sounds like a Hawaiian word, but it's not. I know that you started with another CRM product we won't talk about, what it is, but I remember when you called me and you said, "Well, maybe I'll try to vibe code this whole thing," whatever.

Marc Benioff: A human works one record at a time. An agent works around the clock. It sees everything, not one thing. It reads across millions of records to find the perfect opportunity, forecast the quarter, and close cases. We know, we have been using these models now for almost a decade. For a decade ago, I would sit in my staff meeting and I would ask Einstein, "Tell me how is the forecast going to turn out?" In many cases, it would do more than our folks. Why? Because it is able to see everything. Here is another great example, Uber for Business. They have got 30 onboarding specialists and a mountain of inbound leads nobody was ever going to reach. Their rules, their workflows, every deal that has ever gone through them. They have used Salesforce since the start of Uber, and all of that lived inside Salesforce. This is how they sell.

Speaker #2: We're already on Slack. We're not going to go vibe code Slack. We're not going to vibe code CRM. But then we build custom workflows, custom interfaces, custom prospecting tools that my sales teams I've got agents that are out scanning public county databases, trying to find where farmers are planting, what crops, what their names are, what their contact info is.

Speaker #1: And then, a few months later, it turns out you're — you come.

David Friedberg: Right.

Marc Benioff: And then a few months later, it turns out you're-

Speaker #2: Well, we did. Yeah, we did a little vibe coding. I did a vibe code to make a CRM product over the weekend, and you quickly realize just how much it takes to do maintenance, to do accounts, to do security—there's just much more to it.

David Friedberg: Well, we did a little vibe coding.

Marc Benioff: Yeah.

David Friedberg: I did a vibe code to make a CRM product over the weekend.

Marc Benioff: Yeah.

David Friedberg: And you quickly realize just how much it takes to do maintenance, to do accounts, to do security. There's just much more to it, and we realized pretty quickly there are certain, I would say, software applications that are maybe verticalized where you have to build custom workflows that make sense for your particular business, but then there's platform software. Platform software, we realized pretty quickly, is really what we need to build our entire company around. Salesforce is what we decided to go with on CRM. We're already on Slack. We're not going to go vibe code Slack, or we're not going to vibe code CRM. But then we build custom workflows, custom interfaces, custom prospecting tools at my sales teams.

Speaker #2: I've got agents doing all sorts of prospecting. That interface gives my sales team leads that integrates with Salesforce. They can then go run the standard workflows that are a little bit more standardized across verticals.

Speaker #2: And we realized pretty quickly there are certain, I would say, software applications that are maybe verticalized, where you have to build custom workflows that make sense for your particular business. But then there's platform software.

Speaker #2: And we can build all of our custom workflows in parallel and in concert with the Salesforce tool.

Speaker #2: And platform software, we realized pretty quickly, is really what we need to build our entire company around. And Salesforce is what we kind of decided to go with on CRM.

Speaker #1: Well, it's been very exciting. And I'll tell you, I'm thrilled to have you as now a large Salesforce customer. And.

Speaker #2: One of your callers. But yeah.

Speaker #2: We're already on Slack. We're not gonna go vibe code Slack. We're not gonna vibe code CRM. But then we build custom workflows, custom interfaces, custom prospecting tools at my sales teams.

Marc Benioff: They just pointed Agentforce at the pile, got to work, looked at their whole history of their whole company, all the institutional memory, everything that is inside Uber. Now 6 weeks to launch, within 2 weeks, 60% more leads and converting. This is that power. We are introducing hundreds of packaged agents that understand your business and industry right out of the box, so they can start delivering value within days, not months. Now with AI Force, we are bringing all that to any interface. This is the magic moment. People do not have to come to Salesforce to get work done. Salesforce comes to them in Claude, in Slack, in ChatGPT, in Teams, wherever they want to work. It is a shift from software as the interface to software powering every interface. Of course, this is already happening in Slack, which had a phenomenal quarter.

Speaker #1: I want to well, I would say large in terms of presence, in terms of, you know, everybody knows you now, Dave, because your podcast is so popular.

David Friedberg: We're not going to go vibe code Slack, or we're not going to vibe code CRM. But then we build custom workflows, custom interfaces, custom prospecting tools at my sales teams. I've got agents that are out scanning public county databases, trying to find where farmers are planting what crops, what their names are, what their contact info is.

Speaker #2: Yeah.

Speaker #1: The number one podcast in the world is what I heard. But I.

Speaker #2: In San Francisco. For now. That's right.

Speaker #2: I've got agents that are out scanning public county databases, trying to find where farmers are planting, what crops, what their names are, and what their contact info is.

Speaker #1: But what I want to know is this. So when you do think about the future and you think about your company and, you know, bringing the best of AI and the best of, you know, CRM together, you know, how do you plan to do that?

David Friedberg: I've got agents that are out scanning public county databases, trying to find where farmers are planting what crops, what their names are, what their contact info is. I've got agents doing all sorts of prospecting. That interface gives my sales team leads that integrates with Salesforce. They can then go run the standard workflows that are a little bit more standardized across verticals, and we can build all of our custom workflows in parallel and in concert with the Salesforce tool.

Speaker #2: I've got agents doing all sorts of prospecting. That interface gives my sales team leads that integrate with Salesforce. They can then go run the standard workflows that are a little bit more standardized across verticals.

David Friedberg: I've got agents doing all sorts of prospecting. That interface gives my sales team leads that integrates with Salesforce. They can then go run the standard workflows that are a little bit more standardized across verticals, and we can build all of our custom workflows in parallel and in concert with the Salesforce tool.

Speaker #2: Again, I think it goes back to this point create value? I'm not going to create value as a business by does. If everyone else is using Microsoft Excel, I'm not going to go build Microsoft Excel.

Speaker #2: And we can build all of our custom workflows in parallel and in concert with the Salesforce tool.

Speaker #1: Well, it's been very exciting, and I'll tell you, I'm thrilled to have you as now a large Salesforce customer. And I wanna—well, I would say large in terms of presence, in terms of, you know, everybody knows you now, Dave, because your podcast is so popular.

Marc Benioff: Well, it's been very exciting, and I'll tell you, I'm thrilled to have you as now a large Salesforce customer and-

Speaker #2: If everyone else is using an ERP tool, you know, we integrate with NetSuite and I know that you guys have an integration with NetSuite.

David Friedberg: One of your smaller, but yeah.

Marc Benioff: Well, I would say large in terms of presence, in terms of everybody knows you now, Dave, because your podcast is so popular.

Marc Benioff: It is the best acquisition we ever made, regardless of all the financial analyst reports that I read about 6 years ago when we bought it. We will not go through the details. It is water that is now all under the bridge. Let me just say this. When you look at Slack today, it is where work happens, and it is where these AI lives and can do things. Not only is it where human work happens, now it is where you can build together, too, with Slack Code. AI is not trapped in a single-player chat window. It is a teammate that works across all your people, finding the right agent, the right action, on the flow work, fueled by all the enterprise context that lives in Salesforce, the conversational context in Slack.

Speaker #2: We're not going to go build an ERP tool. And we're not going to go build Slack. We're not going to build communications and messaging.

Speaker #2: We're not going to build CRM. We're going to build custom interfaces for doing plant breeding. We're going to build custom interfaces for prospecting customers.

Speaker #1: The number one podcast in the world is what I heard.

David Friedberg: Yeah.

Marc Benioff: The number one podcast in the world is what I heard.

Speaker #2: In San Francisco. For now.

David Friedberg: In San Francisco.

Speaker #1: But I—for now, but what I want to know is this: So, when you do think about the future, and you think about your company and, you know, combining the best of AI and the best of, you know, CRM together, how do you plan to do that?

Marc Benioff: What I heard.

David Friedberg: For now. That's right.

Marc Benioff: But what I want to know is this. When you do think about the future and you think about your company, and bringing the best of AI and the best of CRM together, how do you plan to do that?

Speaker #2: We're going to build custom interfaces for selecting the right product for a farmer based on my satellite and radar imagery that shows me what that farmer's field is going to look like next season, making an estimation and then making the right product selections for him.

Speaker #2: Again, I think it goes back to this point about where do we create value? I'm not going to create value, as a business, by doing something that everyone else does.

David Friedberg: Again, I think it goes back to this point about where do we create value?

David Friedberg: Again, I think it goes back to this point about where do we create value? I am not going to create value as a business by doing something that everyone else does. If everyone else is using Microsoft Excel, I am not going to go build Microsoft Excel. If everyone else is using an ERP tool, we integrate with NetSuite and I know that you guys have an integration with NetSuite, we are not going to go build an ERP tool, and we are not going to go build Slack. We are not going to build communications and messaging. We are not going to build CRM.

Speaker #2: So the interface to do that for my sales team, for my customers, that's where we add value. And then the actual following up with the customer, connecting with the customer record, making that transaction record, storing it, that needs to be done safely, securely.

David Friedberg: I am not going to create value as a business by doing something that everyone else does. If everyone else is using Microsoft Excel, I am not going to go build Microsoft Excel. If everyone else is using an ERP tool, we integrate with NetSuite and I know that you guys have an integration with NetSuite, we are not going to go build an ERP tool, and we are not going to go build Slack. We are not going to build communications and messaging. We are not going to build CRM. We are going to build custom interfaces for doing plant breeding. We are going to build custom interfaces for prospecting customers.

Speaker #2: If everyone else is using Microsoft Excel, I'm not going to go build Microsoft Excel. If everyone else is using an ERP tool—you know, we integrate with NetSuite, and I know that you guys have an integration with NetSuite.

Speaker #2: It needs to be done with the right account settings, the right access. That's what we're not going to go build. And that's really where the partnership worked.

Marc Benioff: Companies like Anthropic, OpenAI, Lovable, Replit, on and on and on, I think there is more than 1 million companies on Slack now, are all building their agentic products directly into Slack because Slack is where their customers want them. Slackbot is our fastest adopted AI product ever. 5 months after launch, it has got 1 million active users, up 150% quarter over quarter. If you do not have Slackbot turned on in your Slack instance and you are not using it every day, you are really missing out. It has the ability to read across all of your Slack data, and you are going to have insights into your business you just were not able to have before. It just makes you a better executive. Robinhood is a great example of what is happening. Robinhood needed AI adoption across its whole workforce, not just engineers.

Speaker #2: Now, when we make a selection, it has to be a selection with standard platforms. That we can work with, that integrate, that have the integration capabilities, that have the ability to service and support.

Speaker #2: We're not gonna go build an ERP tool, and we're not gonna go build Slack. We're not gonna build communications and messaging. We're not gonna build CRM.

Speaker #2: We're gonna build custom interfaces for doing plant breeding. We're gonna build custom interfaces for prospecting customers. We're gonna build custom interfaces for selecting the right product for a farmer, based on my satellite and radar imagery that shows me what that farmer's field is gonna look like next season—making an estimation and then making the right product selections for him.

David Friedberg: We are going to build custom interfaces for doing plant breeding. We are going to build custom interfaces for prospecting customers. We are going to build custom interfaces for selecting the right product for a farmer based on my satellite and radar imagery that shows me what that farmer's field is going to look like next season, making an estimation, and then making the right product selections for him.

Speaker #2: I'll give you another example just internally. We use Slack, right? That's our primary communication messaging tool. And in Slack, we've got an Ask HR channel now.

David Friedberg: We are going to build custom interfaces for selecting the right product for a farmer based on my satellite and radar imagery that shows me what that farmer's field is going to look like next season, making an estimation, and then making the right product selections for him. So the interface to do that for my sales team, for my customers, that is where we add value. And then the actual following up with the customer, connecting with the customer record, making that transaction record, storing it, that needs to be done safely, securely. It needs to be done with the right account settings, the right access. That is what we are not going to go build, and that is really where the partnership works.

Speaker #2: And so we basically use Claude to set up an Ask HR channel that anyone in my company can ask the HR questions that they would normally spend time calling up the HR people saying, hey, I got this question.

Speaker #2: So, the interface to do that for my sales team, for my customers—that's where we add value. And then the actual following up with the customer, connecting with the customer record, making that transaction record, storing it—that needs to be done safely, securely.

David Friedberg: So the interface to do that for my sales team, for my customers, that is where we add value. And then the actual following up with the customer, connecting with the customer record, making that transaction record, storing it, that needs to be done safely, securely. It needs to be done with the right account settings, the right access. That is what we are not going to go build, and that is really where the partnership works.

Speaker #2: I got this question. Ask HR has access to all of our internal HR documents. And it knows who you are, whether or not it can access your personal information.

Speaker #2: It knows standard benefits policies. And it could just answer all your questions for you through Ask HR. I don't need to go build a communications tool to do that.

Speaker #2: It needs to be done with the right account settings, the right access. That's what we're not going to go build, and that's really where the partnership works.

Marc Benioff: What Vlad did was he put AI inside Slack, the place where the entire business comes together and connects to Salesforce, Google, Okta, and other systems. Now any employee can use Slackbot to surface past decisions and conversations, solve problems without engineering support. Slack is not just the best place to work with AI, it is also the best place to build with AI. We just introduced Slack Code, a shared space for teams of agents and humans to build together right where they already work. When you combine Slack Code with Slackbot, it becomes an incredibly powerful multiplayer IDE. Well, as you can see, across our whole platform, we are redefining how our customers build, deploy, and scale AI. We have a very special guest today on our earnings call, and our friend David Friedberg is here.

Speaker #2: I can leverage Slack and I can leverage Claude to deliver that internally. It's another good example of kind of the sort of thing where we can build something custom using our internal benefits, our internal HR policies, but then we can leverage the platforms and Claude to deliver that.

Speaker #2: Now, when we make a selection, it has to be a selection with standard, you know, platforms that we can work with, that integrate, that have the integration capabilities, that have the ability to service and support.

David Friedberg: Now, when we make a selection, it has to be a selection with standard platforms that we can work with, that integrate, that have the integration capabilities, that have the ability to service and support. I will give you another example. Just internally, we use Slack. That is our primary communication messaging tool. In Slack, we have an Ask HR channel now. We basically use Claude to set up an Ask HR channel that anyone in my company can ask the HR questions that they would normally spend time calling up the HR people saying, "Hey, I got this question. I got this question." Ask HR has access to all of our internal HR documents, and it knows who you are, whether or not it can access your personal information. It knows standard benefits policies, and it can just answer all your questions for you through Ask HR.

Speaker #2: I'll give you another example just internally. We use Slack, right? That's our primary communication messaging tool. And in Slack, we've got an Ask HR channel now.

Speaker #1: Okay. Now, because I'm a competitive person, I have to ask you this last question, which is kind of where I started. You know, this all started because we were just talking on the phone about something else.

Speaker #2: And so, we basically use Claude to set up an Ask HR channel that anyone in my company can use to ask HR questions—questions that they would normally spend time calling up the HR people and saying, "Hey, I got this question."

Speaker #1: There were personal friends. And all of a sudden, you said to me, yeah, I'm using the CRM product. And I'm turning it off completely.

Speaker #1: I'm not going to use this product anymore.

Speaker #2: Yeah.

Speaker #1: And then I was like, well, why? You know, so can you just tell us the story you had already invested in the CRM platform?

Speaker #2: I got this question." Ask HR has access to all of our internal HR documents. And it knows who you are, whether or not it can access your personal information.

David Friedberg: I got this question." Ask HR has access to all of our internal HR documents, and it knows who you are, whether or not it can access your personal information. It knows standard benefits policies, and it can just answer all your questions for you through Ask HR.

Speaker #1: You know, this is one of our competitors. And then but you decided not. Now, you don't have to tell us who it was, but what are some of the features and functions that you saw in Salesforce that then gave you this ability to achieve all this productivity that you so badly desired?

Speaker #2: It knows standard benefits policies, and it could just answer all your questions for you through Ask HR. I don't need to go build a communications tool to do that.

Marc Benioff: He has got this great next-generation bioengineering company, Ohalo. Welcome, David. Fantastic.

David Friedberg: I do not need to go build a communications tool to do that. I can leverage Slack, and I can leverage Claude to deliver that internally. It is another good example of the sort of thing where we can build something custom using our internal benefits, our internal HR policies, but then we can leverage the platforms and Claude to deliver that.

Speaker #2: I can leverage Slack, and I can leverage Claude to deliver that internally. It's another good example of the sort of thing where we can build something custom using our internal benefits and our internal HR policies, but then we can leverage the platforms and Claude to deliver that.

Speaker #2: Well, I wasn't sold. As great a sales guy as you are, I wasn't sold in our first conversation. I was still pretty reticent. I'm like, Mark wants me to do this.

David Friedberg: Hey.

Marc Benioff: Welcome to the Earnings Call.

David Friedberg: Thanks for having me, Marc.

Marc Benioff: Great to have you.

David Friedberg: Right.

Marc Benioff: They are changing how we feed the planet with a breeding technology that boosts crop yields by 50%, maybe 100%. Scott, he already sent me a can of seeds. I do not know if I am allowed to talk about what I got or not, but it was pretty awesome. I will tell you, David had chosen a CRM product when he first started Ohalo, and how does it pronounce? Ohalo?

Speaker #2: I'm going to do it for Mark. But I'm not sure. Okay? This is what I told my team. And there's a guy, great guy named Ben.

Marc Benioff: Okay. Now, because I am a competitive person, I have to ask you this last question, which is kind of where I started. This all started because we were just talking on the phone about something else. We are personal friends. All of a sudden he said to me, "Yeah, I am using the CRM product, and I am turning it off completely. I am not going to use this product anymore.

Speaker #2: Ben works at my shop. And Ben used Claude. He used Cursor. And he spoke to your Salesforce guys, stood it up. And what took us months of going back and forth trying to customize this other CRM tool and build the application and workflows around it that we needed, we were like pulling our hair out.

Speaker #1: There were personal friends, and all of a sudden you said to me, "Yeah, I'm using the CRM product and I'm turning it off completely."

David Friedberg: Ohalo.

Speaker #1: I'm not gonna use this product anymore." And then I was like, "Well, why?" You know, so can you just tell us the story—you had already invested in the CRM platform?

Marc Benioff: Mahalo?

David Friedberg: Ohalo. I should ask you. It sounds like a Hawaiian word.

David Friedberg: Yeah.

Marc Benioff: I was like, "Well, why?" Can you just tell us the story? You had already invested in this CRM platform. This is one of our competitors, but you decided not. You do not have to tell us who it was, but what are some of the features and functions that you saw in Salesforce that then gave you this ability to achieve all this productivity that you so badly desired?

Marc Benioff: It sounds like it, but it is not. It is based on an important, actually, part of bioengineering history, right?

Speaker #2: We're like, let's just build it all from scratch. And that's when you and I talked. So Ben used Claude and Cursor. Got into Salesforce.

Speaker #1: You know, this is one of our competitors, and then, but you decided not. Now, you don't have to tell us who it was, but what are some of the features and functions that you saw in Salesforce that then gave you this ability to achieve all this productivity that you so badly desired?

Speaker #2: And was able to get everything stood up in under a month. And so I wasn't sold until we did it. And then I was like, okay.

Speaker #2: I'll give Mark credit at this point. And maybe we should, you know, send him a check and pay for the product. But yeah. I would say that was the.

Marc Benioff: Fantastic. Well, yes, you are right. It sounds like a Hawaiian word, but it is not. And I know that you started with another CRM product we will not talk about, what it is. But I remember when you called me and you said, "Well, maybe I will try to vibe code this whole thing," whatever.

Speaker #2: Well, I wasn't as sold—a great sales guy as you are. I wasn't sold in our first conversation. I was still pretty reticent. I'm like, "Marc wants me to do this."

David Friedberg: I wasn't sold. As great a sales guy as you are, I wasn't sold in our first conversation. I was still pretty reticent. I'm like, "Marc wants me to do this. I'm going to do it for Marc, but I'm not sure." This is what I told my team. There's a guy, great guy named Ben. Ben worked at my shop, and Ben used Claude, he used Cursor, and he spoke to your Salesforce guys, stood it up. What took us months of going back and forth trying to customize this other CRM tool and build the application and workflows around it that we needed, we were pulling our hair out. We're like, "Let's just build it all from scratch." That's when you and I talked.

Speaker #1: By the way, that's been a huge you're a great marketing guy, but the product and the capability yeah, that sold itself, actually. Like when we got in there and Ben was able to do this in under a month.

Speaker #2: I'm gonna do it for Marc. But I'm not sure, okay? This is what I told my team. And there's a guy, great guy named Ben.

Speaker #1: And he told me he did the whole thing in under a month. Just Ben. And he ran the whole thing.

Speaker #2: Ben works at my shop, and Ben used Claude. He used Cursor, and he spoke to your Salesforce guys, stood it up. And what took us months of going back and forth, trying to customize this other CRM tool and build the application and workflows around it that we needed—we were like pulling our hair out.

David Friedberg: Right.

Marc Benioff: And then a few months later, it turns out you're

Speaker #2: And I think that has been the huge shock for us that, you know, these new next-gen tools, the Cursors, the Replits, the Claudes, of the world make our product better.

David Friedberg: Well, we did a little vibe coding.

Marc Benioff: Yeah.

David Friedberg: I did a vibe code to make a CRM product over the weekend.

Marc Benioff: Yeah.

David Friedberg: And you quickly realize just how much it takes to do maintenance, to do accounts, to do security. There's just much more to it. And we realized pretty quickly there are certain, I would say, software applications that are maybe verticalized, where you have to build custom workflows that make sense for your particular business. But then there's platform software, and platform software, we realized pretty quickly, is really what we need to build our entire company around. And Salesforce is what we kind of decided to go with on CRM. We're already on Slack. We're not going to go vibe code Slack. We're not going to vibe code CRM. But then we build custom workflows, custom interfaces, custom prospecting tools at my sales teams.

Speaker #2: That all of a sudden, it can customize the data, the metadata, set up the preferences, do the administration, do things that maybe you needed, you know, a bunch of service folks to kind of to do.

Speaker #2: We're like, "Let's just build it all from scratch." And that's when you and I talked. So Ben used Claude and Cursor, got into Salesforce, and was able to get everything stood up in under a month.

David Friedberg: We're like, "Let's just build it all from scratch." That's when you and I talked. Ben used Claude and Cursor, got into Salesforce, and was able to get everything stood up in under a month. I wasn't sold until we did it. Then I was like, "Okay. I'll give Marc credit at this point, and maybe we should send him a check and pay for the product." I would say that was the-

David Friedberg: Ben used Claude and Cursor, got into Salesforce, and was able to get everything stood up in under a month. I wasn't sold until we did it. Then I was like, "Okay. I'll give Marc credit at this point, and maybe we should send him a check and pay for the product." I would say that was the-

Speaker #2: Now, all of a sudden, you're getting going in a month. Maybe it might have taken you before. Six months to a year. All of a sudden, now you're fully automated.

Speaker #2: And so I wasn't sold until we did it. And then I was like, "Okay, I'll give Marc credit at this point." And maybe we should, you know, send him a check and pay for the product.

Speaker #2: And your ability to add new functionality and do new things. This has provided this kind of very strong platform. And as I said, it's a deterministic platform.

Speaker #2: But yeah, I would say that was the,

Speaker #2: And while Cursor is more you know, non-deterministic and more probabilistic on the front end, it's helping you to administer it, maybe starting to build new screens for you, analytics.

Speaker #1: By the way, that's been a huge you're, you're, you're, you're a great marketing guy, but what the product and the capability yeah, that sold itself actually.

Marc Benioff: By the way, that's been a huge-

David Friedberg: You're a great marketing guy, but with the product and the capabilities-

Marc Benioff: Thank you, David. I appreciate that.

David Friedberg: Yeah, that sold itself, actually.

Speaker #1: Like, when we got in there and Ben was able to do this in under a month. And he told me he did the whole thing in under a month.

Marc Benioff: Yeah.

David Friedberg: When we got in there, Ben was able to do this in under a month, and he told me he did the whole thing in under a month, just Ben.

Speaker #2: But nothing is going to be better than having this solid foundation.

Speaker #1: Just Ben.

Speaker #2: Right.

Speaker #1: And he ran—he ran the whole thing.

Marc Benioff: Right.

Speaker #1: I was probably early on the SaaS Apocalypse train, as you know, because I know you listen to my show. And I always said, like, I think SaaS was this temporary phenomenon between the founding of the internet and the start of AI.

David Friedberg: He ran the whole thing.

Speaker #2: And, and I think that has—

Marc Benioff: And I think that has been the huge shock for us that these new next-gen tools, the Cursors, the Replit, the Claudes of the world, make our product better.

Speaker #1: It's been a huge shock for us that, you know, these new next-gen tools—the Cursors, the Replits, the Claudes—are out in the world and make our product better.

Speaker #1: But I think that it's a little more nuanced than that. It's probably this verticalized SaaS where you try and standardize a vertical on a bunch of workflows, which actually destroys value in that vertical because everyone's now doing the same thing in the same way.

Speaker #1: That all of a sudden, it can customize the data or the metadata, set up the preferences, do the administration—do things that maybe, you know, a bunch of service folks kind of had to do before.

David Friedberg: That is right.

Marc Benioff: That all of a sudden it can customize the data, the metadata, set up the preferences, do the administration, do things that maybe needed a bunch of service folks to do. Now all of a sudden you are getting going in a month, maybe it might have taken you before six months to a year, all of a sudden now you are fully automated. And your ability to add new functionality and do new things, this has provided this very strong platform. And as I said, it is a deterministic platform.

Speaker #1: Now, all of a sudden, you're getting going in a month. Maybe before it might've taken you six months to a year. All of a sudden, now you're fully automated, and your ability to add new functionality and do new things...

Speaker #1: So no one can differentiate in that vertical. We've actually dumped all our vertical software, verticalized software. We make all of our verticalized SaaS in-house.

Speaker #1: But the horizontal, the platform, Salesforce standardizing on Slack, this is really where I think we've realized that's not that's actually going to get bolstered.

Speaker #1: This has provided this kind of very strong platform. And as I said, it's a deterministic platform.

Marc Benioff: Well, it's been very exciting, and I'll tell you, I'm thrilled to have you as now a large Salesforce customer and-

Speaker #2: Totally.

Speaker #1: And while Cursor is more, you know, non-deterministic or more probabilistic on the front end, it’s helping you to administer it, maybe starting to build new screens for you, analytics, but nothing is gonna be better than having this solid foundation.

David Friedberg: Totally.

Marc Benioff: And while Cursor is more non-deterministic or more probabilistic on the front end, it is helping you to administer it, maybe starting to build new screens for you, analytics, but nothing is going to be better than having this solid foundation.

Speaker #1: And it's more valuable with all the other capabilities we can now build around it. So you know, I'm definitely sold in that sense. I don't think I think there's still a SaaS Apocalypse, but with a lowercase S rather than the uppercase S for verticalized tools where I think AI really allows you to rebuild something that's unique, which creates value for your business in a vertical.

David Friedberg: One of your smaller, but yeah.

Marc Benioff: Well, I would say large in terms of presence, in terms of everybody knows you now, Dave, because your podcast is so popular.

Speaker #2: I was probably early on the SaaS Apocalypse train, as you know, 'cause I—I know you listen to my show, and I—I always said, like, I think SaaS was this temporary phenomenon between the founding of the Internet and the start of AI.

David Friedberg: I was probably early on the SaaSpocalypse train, as you know, because I know you listen to my show, and I always said I think SaaS was this temporary phenomenon between the founding of the internet and the start of AI. But I think that it's a little more nuanced than that. It's probably this verticalized SaaS where you try and standardize a vertical on a bunch of workflows, which actually destroys value in that vertical because everyone's now doing the same thing in the same way, so no one can differentiate in that vertical. We've actually dumped all our verticalized software. We make all of our verticalized SaaS in-house. The horizontal, the platform, Salesforce standardizing on Slack, this is really where I think we've realized that's actually going to get bolstered, and it's more valuable with all the other capabilities we can now build around it.

David Friedberg: Yeah.

Marc Benioff: The number one podcast in the world is what I heard.

David Friedberg: In San Francisco.

Marc Benioff: What I heard.

David Friedberg: For now. That's right.

Marc Benioff: But what I want to know is this, so when you do think about the future and you think about your company, and bringing the best of AI and the best of CRM together, how do you plan to do that?

Speaker #2: Rebuild it on Salesforce? Yeah.

Speaker #1: That's right.

Speaker #2: But I think that it's a little more nuanced than that. It's probably this verticalized SaaS, where you try and standardize a vertical on a bunch of workflows, which actually destroys value in that vertical because everyone's now doing the same thing in the same way.

Speaker #2: Great. Thanks so much, David, for being with us. We really appreciate you coming in today.

Speaker #1: Thank you. Thank you.

Speaker #2: Thank you very much. All right. We're so thrilled to have David here. And we're so grateful to have him now as our new customer.

David Friedberg: Again, I think it goes back to this point about where do we create value?

Speaker #2: And I just thought everyone would love to hear that story because I think, as everybody has heard, David has been wondering, you know, you know, how will he use enterprise software in his new company?

Speaker #2: So no one can differentiate in that vertical. We've actually dumped all our vertical software, verticalized software. We make all of our verticalized SaaS in-house.

David Friedberg: We've actually dumped all our verticalized software. We make all of our verticalized SaaS in-house. The horizontal, the platform, Salesforce standardizing on Slack, this is really where I think we've realized that's actually going to get bolstered, and it's more valuable with all the other capabilities we can now build around it. I'm definitely sold in that sense. I think there's still a SaaSpocalypse, but with a lowercase S rather than the uppercase S for verticalized tools, where I think AI really allows you to rebuild something that's unique, which creates value for your business in a vertical.

David Friedberg: I'm not going to create value as a business by doing something that everyone else does. If everyone else is using Microsoft Excel, I'm not going to go build Microsoft Excel. If everyone else is using an ERP tool, we integrate with NetSuite and I know that you guys have an integration with NetSuite, we're not going to go build an ERP tool, and we're not going to go build Slack. We're not going to build communications and messaging. We're not going to build CRM. We're going to build custom interfaces for doing plant breeding. We're going to build custom interfaces for prospecting customers.

Speaker #2: But the horizontal, the platform Salesforce standardizing on Slack, this is really where I think we've realized that's not—that's actually going to get bolstered and it's more valuable with all the other capabilities we can now build around it.

Speaker #2: Where does he achieve that productivity? And I've just never been more excited about our future, the scale, the opportunity, in front of us is extraordinary.

Speaker #2: You're going to see it at Dreamforce. Not only are we going to have great entertainment, probably the best entertainment we've ever had. So we can't wait to announce that.

Speaker #2: So, you know, I'm definitely sold in that sense. I don't think—I think there's still a SaaS apocalypse, but with a lowercase 's' rather than an uppercase 'S', for verticalized tools, where I think AI really allows you to rebuild something that's unique, which creates value for your business in a vertical.

David Friedberg: I'm definitely sold in that sense. I think there's still a SaaSpocalypse, but with a lowercase S rather than the uppercase S for verticalized tools, where I think AI really allows you to rebuild something that's unique, which creates value for your business in a vertical.

Speaker #2: But also, we've got probably the best products we've ever had. And you're going to see it in just a couple of weeks. It's going to be a huge accelerator for Salesforce, for all of our customers.

Speaker #2: We're going to bring 50,000 people here to San Francisco and show them. Some unbelievable capabilities. And we're going to show you some of the most exciting transformative technology we've ever built.

Speaker #1: Rebuild it on Salesforce? Yeah.

Marc Benioff: Rebuild it on Salesforce.

Speaker #2: Yeah. That's right.

David Friedberg: We're going to build custom interfaces for selecting the right product for a farmer based on my satellite and radar imagery that shows me what that farmer's field is going to look like next season, making an estimation, and then making the right product selections for him. So the interface to do that for my sales team, for my customers, that's where we add value. And then the actual following up with the customer, connecting with the customer record, making that transaction record, storing it, that needs to be done safely, securely. It needs to be done with the right account settings, the right access. That's what we're not going to go build, and that's really where the partnership works.

David Friedberg: Yeah. That's right.

Speaker #1: Great. Thanks so much, David, for being with us. We really appreciate you coming in today. Thank you very much. All right. We're so thrilled to have David here, and we're so grateful to have him now as our new customer.

Marc Benioff: Great. Thanks so much, David, for being with us.

David Friedberg: Thanks you guys. Yeah.

Marc Benioff: We really appreciate you coming in today.

David Friedberg: Thank you.

Marc Benioff: Thank you very much.

Speaker #2: It's the future of enterprise software. And I'll tell you, we're deploying it not just for the RME or for the IRS or for all 15 of the major US agencies, all these incredible new customers that Miguel has signed up from Uber to Deutsche Telecom, you know, to FIFA.

David Friedberg: Thank you.

Marc Benioff: All right. We are so thrilled to have David here, and we are so grateful to have him now as our new customer. I just thought everyone would love to hear that story because I think as everybody has heard, David has been wondering how he will use enterprise software in his new company. Where does he achieve that productivity? I have just never been more excited about our future. The scale, the opportunity in front of us is extraordinary. You are going to see it at Dreamforce. Not only are we going to have great entertainment, probably the best entertainment we have ever had, so can't wait to announce that, but also we have got probably the best products we have ever had. You are going to see it in just a couple weeks. It is going to be a huge accelerator for Salesforce for all of our customers.

Speaker #1: And I just thought everyone would love to hear that story, 'cause I think, as everybody has heard, David has been wondering, you know, how will he use enterprise software in his new company?

Speaker #1: Where does he achieve that productivity? And I've just never been more excited about our future. The scale, the opportunity in front of us is extraordinary.

Speaker #2: You know, you're going to see not only meet all of them, but you're going to see an incredible lineup of speakers at Dreamforce. And yes, Dario is going to come there.

Speaker #1: You're gonna see it at Dreamforce. Not only are we gonna have great entertainment—probably the best entertainment we've ever had—so I can't wait to announce that.

Marc Benioff: Not only are we going to have great entertainment, probably the best entertainment we have ever had, so can't wait to announce that, but also we have got probably the best products we have ever had. You are going to see it in just a couple weeks. It is going to be a huge accelerator for Salesforce for all of our customers. We are going to bring 50,000 people here to San Francisco and show them some unbelievable capabilities. We are going to show you some of the most exciting transformative technology we have ever built. It is the future of enterprise software.

Speaker #2: He's going to be in my keynote. You're also going to see Sam there. Jensen's going to be there. Actually, all the major AI leaders are going to be there.

David Friedberg: Now, when we make a selection, it has to be a selection with standard platforms that we can work with, that integrate, that have the integration capabilities, that have the ability to service and support. I will give you another example. Just internally, we use Slack, right? That is our primary communication messaging tool. In Slack, we have got an Ask HR channel now. We basically use Claude to set up an Ask HR channel that anyone in my company can ask the HR questions that they would normally spend time calling up the HR people saying, "Hey, I got this question. I got this question." Ask HR has access to all of our internal HR documents, and it knows who you are, whether or not it can access your personal information. It knows standard benefits policies, and it can just answer all your questions for you through Ask HR.

Speaker #1: But also, we've got probably the best products we've ever had. And you're going to see it in just a couple of weeks. It's going to be a huge accelerator for Salesforce and for all of our customers.

Speaker #2: David is coming. He's bringing all of his friends. And you're going to see how great companies like Amazon, Nvidia, F1, L'Oréal are bringing humans, agents, platforms together, to connect with customers in new ways that were never possible before.

Speaker #1: We're gonna bring 50,000 people here to San Francisco and show them some unbelievable capabilities. And we're gonna show you some of the most exciting, transformative technology we've ever built.

Marc Benioff: We are going to bring 50,000 people here to San Francisco and show them some unbelievable capabilities. We are going to show you some of the most exciting transformative technology we have ever built. It is the future of enterprise software. I will tell you, we are deploying it not just for the Army or for the IRS or for all 15 of the major US agencies, all these incredible new customers that Miguel has signed up from Uber to Deutsche Telekom, to FIFA. You are going to not only meet all of them, but you are going to see an incredible lineup of speakers at Dreamforce. Yes, Dario is going to come there. He is going to be in my keynote. You are also going to see Sam there. Jensen is going to be there. Actually, all the major AI leaders are going to be there. David is coming. He is bringing all of his friends.

Speaker #2: We're looking forward to seeing you all there. And before that, we've got you, Robin.

Speaker #1: It's the future of enterprise software. And I'll tell you, we're deploying it not just for the RME or for the IRS or for all 15 of the major U.S. agencies, all these incredible new customers that Miguel has signed up—from Uber, to Deutsche Telekom, to FIFA.

Speaker #3: Thanks, Mark. Appreciate it. You're enthusiasm is in fectious. So I'm going to go with a bit speedy here because we want to be sure that we value all of your questions and want to be sure that we can tell you everything we can about the quarter.

Marc Benioff: I will tell you, we are deploying it not just for the Army or for the IRS or for all 15 of the major US agencies, all these incredible new customers that Miguel has signed up from Uber to Deutsche Telekom, to FIFA. You are going to not only meet all of them, but you are going to see an incredible lineup of speakers at Dreamforce. Yes, Dario is going to come there. He is going to be in my keynote. You are also going to see Sam there. Jensen is going to be there. Actually, all the major AI leaders are going to be there. David is coming. He is bringing all of his friends.

Speaker #3: First and foremost, we delivered a record second quarter. AI is amplifying the value of our platform. This isn't just a technology shift, as you've heard.

Speaker #1: You know, you're not only going to meet all of them, but you're going to see an incredible lineup of speakers at Dreamforce. And yes, Dario's going to be there, too.

David Friedberg: I do not need to go build a communications tool to do that. I can leverage Slack, and I can leverage Claude to deliver that internally. It is another good example of kind of the sort of thing where we can build something custom using our internal benefits, our internal HR policies, but then we can leverage the platforms and Claude to deliver that.

Speaker #1: He's gonna be in my keynote. You're also gonna see Sam there. Jensen's gonna be there. Actually, all the major AI leaders are gonna be there.

Speaker #3: It's a reinvention of how our customers work. And it is fueling our growth. So I want to take you through a few of the proof points.

Speaker #1: David is coming. If he is, he's bringing all of his friends. And you're going to see how great companies like Amazon, Nvidia, F1, and L'Oréal are bringing humans, agents, and platforms together to connect with customers in new ways that were never possible before.

Speaker #3: It starts with our operational focus on net new ALV, which is driving our reacceleration. Exceptional Q2 bookings, along with near-record low attrition, drove our Q2 CRPO beat.

Marc Benioff: And you're going to see how great companies like Amazon, NVIDIA, F1, L'Oréal are bringing humans, agents, platforms together to connect with customers in new ways that were never possible before. We're looking forward to seeing you all there. Before that, we've got you, Robin.

Marc Benioff: Okay. Now, because I am a competitive person, I have to ask you this last question, which is kind of where I started. This all started because we were just talking on the phone about something else. We were personal friends, and all of a sudden you said to me, "Yeah, I am using this CRM product, and I am turning it off completely. I am not going to use this product anymore.

Speaker #1: We're looking forward to seeing you all there. And before that, we've got you, Robin.

Speaker #3: Half one, net new ALV growth significantly outpaced ALV growth, keeping us on track for second half organic revenue reacceleration. Contract length terms for new business and renewals are increasing across all segments.

Speaker #3: Thanks, Mark. Appreciate it. Your enthusiasm is infectious. So I'm gonna go a bit speedy here 'cause we want to be sure that we value all of your questions, and want to be sure that we can tell you everything we can about the quarter.

Robin Washington: Thanks, Marc. Appreciate it. Your enthusiasm is infectious. I'm going to go with a bit speedy here because we want to be sure that we value all of your questions and want to be sure that we can tell you everything we can about the quarter. First and foremost, we delivered a record Q2. AI is amplifying the value of our platform. This isn't just a technology shift as you've heard, it's a reinvention of our customers' work, and it is fueling our growth. I want to take you through a few of the proof points. It starts with our operational focus on net new AOV, which is driving our re-acceleration. Exceptional Q2 bookings along with near record low attrition drove our Q2 CRPO beat. H1 net new AOV growth significantly outpaced AOV growth, keeping us on track for H2 organic revenue re-acceleration.

David Friedberg: Yeah.

Marc Benioff: I was like, "Well, why?" Can you just tell us the story? You had already invested in this CRM platform. This is one of our competitors, but you decided not. Now, Dave, you do not have to tell us who it was, but what are some of the features and functions that you saw in Salesforce that then gave you this ability to achieve all this productivity that you so badly desired?

Speaker #3: First and foremost, we delivered a record second quarter. AI is amplifying the value of our platform. This isn't just a technology shift, as you've heard.

Speaker #3: Slack continues to shine, Q2 Slack net new ALV was the fastest quarterly growth since acquisition. AI innovation across our platform is delivering measurable value.

Speaker #3: It's a reinvention of our customers' work, and it is fueling our growth. So I want to take you through a few of the proof points.

David Friedberg: I wasn't sold, as great a sales guy as you are. I wasn't sold in our first conversation. I was still pretty reticent. I'm like, "Marc wants me to do this. I'm going to do it for Marc." But I'm not sure, okay? This is what I told my team. There's a guy, great guy, named Ben. Ben works at my shop, and Ben used Claude, he used Cursor, and he spoke to your Salesforce guys, stood it up. What took us months of going back and forth trying to customize this other CRM tool and build the application and workflows around it that we needed, we were pulling our hair out. We're like, "Let's just build it all from scratch." That's when you and I talked.

Speaker #3: Agentforce ARR reached $1.5 billion, as you heard, driven by SlackBot and headless launches and continued AI momentum. Upgrades to our premium Slack additions have tripled since we launched SlackBot.

Speaker #3: It starts with our operational focus on net new AOV, which is driving our reacceleration. Exceptional Q2 bookings, along with near record-low attrition, drove our Q2 CRPO beat.

Robin Washington: Exceptional Q2 bookings along with near record low attrition drove our Q2 CRPO beat. H1 net new AOV growth significantly outpaced AOV growth, keeping us on track for H2 organic revenue re-acceleration. Contract length terms for new business and renewals are increasing across all segments. Slack continues to shine. Q2 Slack net new AOV was the fastest quarterly growth since acquisition. AI innovation across our platform is delivering measurable value. Agentforce ARR reached $1.5 billion, as you heard, driven by Slackbot and headless launches, and continued AI momentum.

Speaker #3: Our consumption flywheel is turning. AWUs continue to scale as customers drive agentic use cases across the platform. In Q2 alone, customers drove $3.2 billion AWUs up 97% quarter over quarter.

Speaker #3: In the first half, net new AOV growth significantly outpaced overall AOV growth, keeping us on track for second-half organic revenue reacceleration. Contract length terms for new business and renewals are increasing across all segments.

Robin Washington: Contract length terms for new business and renewals are increasing across all segments. Slack continues to shine. Q2 Slack net new AOV was the fastest quarterly growth since acquisition. AI innovation across our platform is delivering measurable value. Agentforce ARR reached $1.5 billion, as you heard, driven by Slackbot and headless launches, and continued AI momentum. Upgrades to our premium Slack editions have tripled since we launched Slackbot. Our consumption flywheel is turning. AWUs continue to scale as customers drive agentic use cases across the platform. In Q2 alone, customers drove 3.2 billion AWUs, up 97% quarter-over-quarter, and Slackbot users were up over 150% quarter-over-quarter. With this clear demand, we are making it even easier to adopt. Our premium bundles give our customers access to our innovation in real-time. Bookings from Agentforce 1 Edition and Agentforce for apps more than doubled quarter-over-quarter.

David Friedberg: Ben used Claude and Cursor, got into Salesforce, and was able to get everything stood up in under a month. I wasn't sold until we did it. Then I was like, "Okay, I'll give Marc credit at this point, and maybe we should send him a check and pay for the product." But yeah, I would say that was the-

Speaker #3: Slack continues to shine. Q2 Slack net new AOV was the fastest quarterly growth since acquisition. AI innovation across our platform is delivering measurable value.

Speaker #3: And SlackBot users were up over 150% quarter over quarter. With this clear demand, we are making it even easier to adopt. Our premium bundles give our customers access to our innovation in real time.

Marc Benioff: By the way, that's been a huge-

Speaker #3: Agentforce ARR reached $1.5 billion, as you heard, driven by Slackbot and headless launches and continued AI momentum. Upgrades to our premium Slack editions have tripled since we launched Slackbot.

David Friedberg: You're a great marketing guy, but with the product and the capability-

Marc Benioff: Thank you, David. I appreciate that.

Speaker #3: Bookings from Agentforce One Edition and Agentforce for Apps more than doubled quarter over quarter. Headless takes this even further. Bringing Salesforce to the surfaces where teams already work.

David Friedberg: Yeah, that sold itself actually.

Marc Benioff: Yeah.

David Friedberg: When we got in there, Ben was able to do this in under a month. He told me he did the whole thing in under a month, just Ben.

Robin Washington: Upgrades to our premium Slack editions have tripled since we launched Slackbot. Our consumption flywheel is turning. AWUs continue to scale as customers drive agentic use cases across the platform. In Q2 alone, customers drove 3.2 billion AWUs, up 97% quarter-over-quarter, and Slackbot users were up over 150% quarter-over-quarter. With this clear demand, we are making it even easier to adopt. Our premium bundles give our customers access to our innovation in real-time. Bookings from Agentforce 1 Edition and Agentforce for apps more than doubled quarter-over-quarter.

Marc Benioff: Right.

David Friedberg: He ran the whole thing.

Marc Benioff: I think that has been the huge shock for us that these new next-gen tools, the Cursors, the Replit, the Claudes of the world, make our product better.

Speaker #3: Our consumption flywheel is turning. AWUs continue to scale as customers drive agentic use cases across the platform. In Q2 alone, customers drove 3.2 billion AWUs, up 97% quarter over quarter.

Speaker #3: Slack, CloudForce, and with AIforce, many more to come. MCP and API usage grew significantly in the quarter, as customers embed Salesforce Intelligence, the data, metadata, and semantics directly into their workflows.

David Friedberg: That is right.

Marc Benioff: That all of a sudden it can customize the data, the metadata, set up the preferences, do the administration, do things that maybe you needed a bunch of service folks to do. Now all of a sudden, you are getting going in a month. Maybe it might have taken you before six months to a year. All of a sudden now you are fully automated, and your ability to add new functionality and do new things. This has provided this very strong platform, and as I said, it is a deterministic platform.

Speaker #3: You can see the momentum in our results from the quarter. Q2 revenue came in at $11.35 billion. Up 11% year over year, above the high end of our guidance and constant currency.

David Friedberg: Totally.

Marc Benioff: While Cursor is more non-deterministic or more probabilistic on the front end, it is helping you to administer it. Maybe starting to build new screens for you, analytics, but nothing is going to be better than having this solid foundation.

Speaker #3: Driven by continued momentum, in Slack and Agentforce. And we continue to accelerate informatica's business. Subscription and support revenue was $10.82 billion, up 12% year over year in nominal and 11% in constant currency.

Speaker #3: Bookings from Agentforce One Edition and Agentforce for Apps more than doubled quarter over quarter. Headless takes this even further, bringing Salesforce to the surfaces where teams already work.

David Friedberg: I was probably early on the SaaSpocalypse train, as you know, because I know you listen to my show, and I always said I think SaaS was this temporary phenomenon between the founding of the internet and the start of AI. I think that it is a little more nuanced than that. It is probably this verticalized SaaS where you try and standardize a vertical on a bunch of workflows, which actually destroys value in that vertical because everyone is now doing the same thing in the same way, so no one can differentiate in that vertical. We have actually dumped all our verticalized software. We make all of our verticalized SaaS in-house. The horizontal, the platform, Salesforce standardizing on Slack, this is really where I think we have realized that is actually going to get bolstered and it is more valuable with all the other capabilities we can now build around it.

Robin Washington: Headless takes this even further, bringing Salesforce to the surfaces where teams already work. Slack, Cloudforce, and with AI Force, many more to come. MCP and API usage grew significantly in the quarter as customers embed Salesforce intelligence, the data, metadata, and semantics directly into their workflows. You can see the momentum in our results from the quarter. Q2 revenue came in at $11.35 billion, up 11% year-over-year above the high end of our guidance in constant currency, driven by continued momentum in Slack and Agentforce. We continue to accelerate Informatica's business. Subscription and support revenue was $10.82 billion, up 12% year-over-year in nominal and 11% in constant currency. Our top-line performance reflects the breadth and resilience of our portfolio. Agentforce apps delivered solid growth anchored in momentum in Slack and resilience in sales and service, with early signs of recovery in marketing.

Speaker #3: Slack, CloudForce, and, with AIforce, many more to come. MCP and API usage grew significantly in the quarter, as customers embed Salesforce intelligence—the data, metadata, and semantics—directly into their workflows.

Speaker #3: Our top-line performance reflects the breadth and resilience of our portfolio. Agentforce Apps delivered solid growth. Anchored in momentum in Slack and resilience in sales and service, with early signs of recovery in marketing.

Speaker #3: While it is two stone to call this the sustainable trend, we're very encouraged by the success enterprise customers are having on our next generation marketing product.

Speaker #3: You can see the momentum in our results from the quarter. Q2 revenue came in at $11.35 billion, up 11% year over year—above the high end of our guidance and on a constant currency basis.

Speaker #3: Headless platform, data 360, and other growth was fueled by continued momentum in informatica and data 360, partially offset by license revenue headwinds and volatility in integration and analytics.

Speaker #3: Driven by continued momentum in Slack and Agentforce, and we continue to accelerate Informatica's business. Subscription and support revenue was $10.82 billion, up 12% year over year in nominal and 11% in constant currency.

David Friedberg: I am definitely sold in that sense. I think there is still a SaaSpocalypse, but with a lowercase S rather than the uppercase S for verticalized tools, where I think AI really allows you to rebuild something that is unique, which creates value for your business in a vertical.

Robin Washington: We continue to accelerate Informatica's business. Subscription and support revenue was $10.82 billion, up 12% year-over-year in nominal and 11% in constant currency. Our top-line performance reflects the breadth and resilience of our portfolio. Agentforce apps delivered solid growth anchored in momentum in Slack and resilience in sales and service, with early signs of recovery in marketing. While it is too soon to call this a sustainable trend, we are very encouraged by the success enterprise customers are having on our next-generation marketing product.

Speaker #3: CRPO accelerated quarter over quarter, with 33.5 billion up 14% in constant currency, that's 1 point ahead of our guide. Driven by strength in Slack, Agentforce, and data 360.

Marc Benioff: Rebuild it on Salesforce.

Speaker #3: Our top-line performance reflects the breadth and resilience of our portfolio. Agentforce Apps delivered solid growth, anchored in momentum in Slack and resilience in Sales and Service, with early signs of recovery in Marketing.

David Friedberg: Yeah. That is right.

Marc Benioff: Great. Thanks so much, David, for being with us.

David Friedberg: Good to see you guys. Yeah.

Marc Benioff: We really appreciate you coming in today.

David Friedberg: Thank you.

Marc Benioff: Thank you very much.

David Friedberg: Thanks.

Marc Benioff: All right. We are so thrilled to have David here, and we are so grateful to have him now as our new customer. I just thought everyone would love to hear that story because I think as everybody has heard, David has been wondering how he will use enterprise software in his new company. Where does he achieve that productivity? I have just never been more excited about our future. The scale, the opportunity in front of us is extraordinary. You are going to see it at Dreamforce. Not only are we going to have great entertainment, probably the best entertainment we have ever had, so can not wait to announce that, but also, we have got probably the best products we have ever had. You are going to see it in just a couple of weeks. It is going to be a huge accelerator for Salesforce, for all of our customers.

Speaker #3: Our continued focus on operational discipline is evident in our profitability. Q2 non-GAAP operating margin was 34.1%, and GAAP operating margin was 20.5%. As customers zero, we are putting Agentforce to work across our own business.

Speaker #3: While it is too soon to call this the sustainable trend, we're very encouraged by the success enterprise customers are having on our next-generation marketing product.

Robin Washington: While it is too soon to call this a sustainable trend, we are very encouraged by the success enterprise customers are having on our next-generation marketing product. Headless platform, Data 360, and other growth was fueled by continued momentum in Informatica and Data 360, partially offset by license revenue headwinds and volatility in integration and analytics. CRPO accelerated quarter over quarter with $33.5 billion, up 14% in constant currency. That is 1 point ahead of our guide, driven by strength in Slack, Agentforce, and Data 360. Our continued focus on operational discipline is evident in our profitability. Q2 non-GAAP operating margin was 34.1% and GAAP operating margin was 20.5%. As customer zero, we are putting Agentforce to work across our own business. Salesforce's help agent has surpassed 5 million customer conversations with 64% resolved autonomously. Slackbot is driving 8.1 million hours of annualized productivity gains for our employees.

Speaker #3: Headless Platform, Data 360, and other growth was fueled by continued momentum in Informatica and Data 360, partially offset by license revenue headwinds and volatility in Integration and Analytics.

Robin Washington: Headless platform, Data 360, and other growth was fueled by continued momentum in Informatica and Data 360, partially offset by license revenue headwinds and volatility in integration and analytics. CRPO accelerated quarter over quarter with $33.5 billion, up 14% in constant currency. That is 1 point ahead of our guide, driven by strength in Slack, Agentforce, and Data 360. Our continued focus on operational discipline is evident in our profitability. Q2 non-GAAP operating margin was 34.1% and GAAP operating margin was 20.5%.

Speaker #3: Salesforce's help agent has surpassed 5 million customer conversations with 64% resolved autonomously. SlackBot is driving 8.1 million hours of annualized productivity gains for our employees.

Speaker #3: CRPO accelerated quarter over quarter, with $33.5 billion, up 14% in constant currency—that’s 1 point ahead of our guide. Driven by strength in Slack, Agentforce, and Data 360.

Speaker #3: That's more than double quarter over quarter. We generated $1.1 billion in free cash flow. That's up 81% year over year. Execution of our 25 billion accelerated share repurchase continues.

Speaker #3: Our continued focus on operational discipline is evident in our profitability. Q2 non-GAAP operating margin was 34.1%, and GAAP operating margin was 20.5%. As customer zero, we are putting Agentforce to work across our own business.

Speaker #3: We expect to repurchase at least 14% of shares outstanding through this program. Thus far, at an average price of $176 per share. Our responsible capital return strategy underscores our conviction in our future.

Robin Washington: As customer zero, we are putting Agentforce to work across our own business. Salesforce's help agent has surpassed 5 million customer conversations with 64% resolved autonomously. Slackbot is driving 8.1 million hours of annualized productivity gains for our employees. That is more than double quarter over quarter. We generated $1.1 billion in free cash flow. That is up 81% year over year. Execution of our $25 billion accelerated share repurchase continues. We expect to repurchase at least 14% of shares outstanding through this program, thus far at an average price of $176 per share.

Speaker #3: Salesforce's help agent has surpassed 5 million customer conversations, with 64% resolved autonomously. SlackBot is driving 8.1 million hours of annualized productivity gains for our employees.

Speaker #3: So turning to our outlook for the year, I want to walk you through the components of the 300 million constant currency raise to our revenue guide.

Speaker #3: We are raising our FY27 revenue guide for organic performance by 100 million. This is driven by the continued momentum in Agentforce, data 360, and Slack.

Marc Benioff: You are going to see how great companies like Amazon, NVIDIA, F1, L'Oréal are bringing humans, agents, platforms together to connect with customers in new ways that were never possible before. We are looking forward to seeing you all there. Before that, we have got you, Robin.

Speaker #3: That's more than double quarter over quarter. We generated $1.1 billion in free cash flow. That's up 81% year over year. Execution of our $25 billion accelerated share repurchase continues.

Robin Washington: That is more than double quarter over quarter. We generated $1.1 billion in free cash flow. That is up 81% year over year. Execution of our $25 billion accelerated share repurchase continues. We expect to repurchase at least 14% of shares outstanding through this program, thus far at an average price of $176 per share. Our responsible capital return strategy underscores our conviction in our future. Turning to our outlook for the year, I want to walk you through the components of the $300 million constant currency raise to our revenue guide. We are raising our FY27 revenue guide for organic performance by $100 million. This is driven by the continued momentum in Agentforce, Data 360, and Slack. These areas of strength offset the continued volatility in overall licensed revenue. Alongside this organic growth, our raise incorporates a $200 million expected contribution from the anticipated closings of Contentful and Fenergo.

Speaker #3: These areas of strength offset the continued volatility in overall license revenue. Alongside this organic growth, our raising corporates a $200 million expected contribution from the anticipated closings of contentful and FEN in the coming weeks.

Robin Washington: Thanks, Marc. Appreciate it. Your enthusiasm is infectious. I am going to go with a bit speedy here because we want to be sure that we value all of your questions and want to be sure that we can tell you everything we can about the quarter. First and foremost, we delivered a record Q2. AI is amplifying the value of our platform. This is not just a technology shift as you have heard, it is a reinvention of how our customers work, and it is fueling our growth. I want to take you through a few of the proof points. It starts with our operational focus on net new AOV, which is driving our re-acceleration. Exceptional Q2 bookings along with near record low attrition drove our Q2 CRPO beat. H1 net new AOV growth significantly outpaced AOV growth, keeping us on track for second-half organic revenue re-acceleration.

Speaker #3: We expect to repurchase at least 14% of shares outstanding through this program, thus far at an average price of $176 per share. Our responsible capital return strategy underscores our conviction in our future.

Speaker #3: Of note, our FY27 revenue now incorporates a $100 million FX headwind compared to our prior guidance. This brings our updated FY27 guidance for revenue to $46.1 billion, to $46.4 billion.

Speaker #3: So, turning to our outlook for the year, I want to walk you through the components of the $300 million constant currency raise to our revenue guide.

Speaker #3: We are raising our FY27 revenue guide for organic performance by $100 million. This is driven by the continued momentum in Agentforce, Data 360, and Slack.

Speaker #3: Resulting in subscription and support growth of slightly above 12% year over year and slightly under 12% in constant currency. We're holding our non-GAAP operating margin guidance at approximately 34.3%.

Speaker #3: These areas of strength offset the continued volatility in overall license revenue. Alongside this organic growth, we're raising corporate's $200 million expected contribution from the anticipated closings of Contentful and FEN in the coming weeks.

Speaker #3: And we're updating our GAAP operating margin guidance to approximately 20.1%. We continue to expect operating and free cash flow growth of approximately 4% to to 5% year over year.

Robin Washington: Alongside this organic growth, our raise incorporates a $200 million expected contribution from the anticipated closings of Contentful and Fenergo in the coming weeks. Of note, our FY27 revenue now incorporates a $100 million FX headwind compared to our prior guidance. This brings our updated FY27 guidance for revenue to $46.1 billion to $46.4 billion, resulting in subscription and support growth of slightly above 12% year over year and slightly under 12% in constant currency.

David Friedberg: Contract lift terms for new business and renewals are increasing across all segments. Slack continues to shine. Q2 Slack net new AOV was the fastest quarterly growth since acquisition. AI innovation across our platform is delivering measurable value. Agentforce ARR reached $1.5 billion, as you heard, driven by Slackbot and headless launches and continued AI momentum. Upgrades to our premium Slack editions have tripled since we launched Slackbot.

Robin Washington: Contract lift terms for new business and renewals are increasing across all segments. Slack continues to shine. Q2 Slack net new AOV was the fastest quarterly growth since acquisition. AI innovation across our platform is delivering measurable value. Agentforce ARR reached $1.5 billion, as you heard, driven by Slackbot and headless launches and continued AI momentum. Upgrades to our premium Slack editions have tripled since we launched Slackbot.

Robin Washington: in the coming weeks. Of note, our FY27 revenue now incorporates a $100 million FX headwind compared to our prior guidance. This brings our updated FY27 guidance for revenue to $46.1 billion to $46.4 billion, resulting in subscription and support growth of slightly above 12% year over year and slightly under 12% in constant currency. We are holding our non-GAAP operating margin guidance at approximately 34.3%, and we are updating our GAAP operating margin guidance to approximately 20.1%. We continue to expect operating and free cash flow growth of approximately 4% to 5% year over year. Moving to our Q3 guidance, we expect Q3 revenue of $11.42 billion to $11.5 billion, growth of approximately 11% to 12% in constant currency. Q3 CRPO growth is expected to be approximately 14% year over year in constant currency.

Speaker #3: So moving to our Q3 guidance, we expect Q3 revenue of $11.42 billion. To $11.5 billion. Growth of approximately 11% to 12% in constant currency.

Speaker #3: Q3 CRPO growth is expected to be approximately 14% year over year in constant currency. I do want to note that this does not include incremental contributions from contentful and FEN, as we await deal closing to ensure accurate balances are reflected.

Speaker #3: Resulting in subscription and support growth of slightly above 12% year-over-year, and slightly under 12% in constant currency. We're holding our non-GAAP operating margin guidance at approximately 34.3%.

Robin Washington: We are holding our non-GAAP operating margin guidance at approximately 34.3%, and we are updating our GAAP operating margin guidance to approximately 20.1%. We continue to expect operating and free cash flow growth of approximately 4% to 5% year over year. Moving to our Q3 guidance, we expect Q3 revenue of $11.42 billion to $11.5 billion, growth of approximately 11% to 12% in constant currency. Q3 CRPO growth is expected to be approximately 14% year over year in constant currency.

Robin Washington: Our consumption flywheel is turning. AWUs continue to scale as customers drive agentic use cases across the platform. in Q2 alone, customers drove 3.2 billion AWUs, up 97% quarter over quarter. Slackbot users were up over 150% quarter over quarter. With this clear demand, we are making it even easier to adopt. Our premium bundles give our customers access to our innovation in real time. Bookings from Agentforce 1 Edition and Agentforce for apps more than doubled quarter over quarter. Headless takes this even further, bringing Salesforce to the surfaces where teams already work, Slack, Cloudforce, and with AI Force, many more to come. MCP and API usage grew significantly in the quarter as customers embed Salesforce intelligence, the data, metadata, and semantics directly into their workflows. You can see the momentum in our results from the quarter.

Speaker #3: And we're updating our GAAP operating margin guidance to approximately 20.1%. We continue to expect operating and free cash flow growth of approximately 4–5% year over year.

Speaker #3: In closing, building on the momentum from a strong first half, we are delivering record revenue and cash flows this year. We look forward to sharing more on our latest innovation and financial framework during investor day at Dreamforce next month, and connecting with many of you here in San Francisco.

Speaker #3: So moving to our Q3 guidance, we expect Q3 revenue of $11.42 billion to $11.5 billion, growth of approximately 11% to 12% in constant currency.

Speaker #3: So before I turn the call back over, I want to thank Mike Spencer, for his incredible leadership of investor relations. His candor and clarity earned the trust of the investor community and I'm personally grateful for his partnership.

Speaker #3: Q3 CRPO growth is expected to be approximately 14% year-over-year in constant currency. I do want to note that this does not include incremental contributions from Contentful and FEN, as we await deal closing to ensure accurate balances are reflected.

Speaker #3: Luckily, he's not going far. He's now taking on a broader role in our finance organization. I also want to extend a very warm welcome to Mark Murphy, as our new head of IR.

Robin Washington: I do want to note that this does not include incremental contributions from Contentful and Fenergo, as we await deal closing to ensure accurate balances are reflected. In closing, building on the momentum from a strong H1, we are delivering record revenue and cash flows this year. We look forward to sharing more on our latest innovation and financial framework during Investor Day at Dreamforce next month and connecting with many of you here in San Francisco. Before I turn the call back over, I want to thank Michael Spencer for his incredible leadership of investor relations. His candor and clarity earned the trust of the investor community, and I am personally grateful for his partnership. Luckily, he is not going far. He is now taking on a broader role in our finance organization.

Speaker #3: He's covered Salesforce as a top sales sign analyst, going all the way back to our IPO. So he knows many of you and our story very well.

Speaker #3: In closing, building on the momentum from a strong first half, we are delivering record revenue and cash flows this year. We look forward to sharing more on our latest innovation and financial framework during Investor Day at Dreamforce next month, and connecting with many of you here in San Francisco.

Speaker #3: Back to you, Mark.

Speaker #2: Thank you for the kind words, Robin. With that, we will move to questions. It is imperative that you limit to one question per analyst and one brief question would be preferred because we need to move quickly.

Speaker #3: So, before I turn the call back over, I want to thank Mike Spencer for his incredible leadership of investor relations. His candor and clarity earned the trust of the investor community, and I'm personally grateful for his partnership.

Robin Washington: Q2 revenue came in at $11.35 billion, up 11% year over year above the high end of our guidance in constant currency, driven by continued momentum in Slack and Agentforce. We continue to accelerate Informatica's business. Subscription and support revenue was $10.82 billion, up 12% year over year in nominal and 11% in constant currency. Our top-line performance reflects the breadth and resilience of our portfolio. Agentforce apps delivered solid growth anchored in momentum in Slack and resilience in Sales and Service, with early signs of recovery in Marketing. While it is too soon to call this a sustainable trend, we are very encouraged by the success enterprise customers are having on our next-generation marketing product. Headless platform, Data 360, and other growth was fueled by continued momentum in Informatica and Data 360, partially offset by license revenue headwinds and volatility in integration and analytics.

Speaker #2: Sophie, please queue up the first question.

Robin Washington: Before I turn the call back over, I want to thank Michael Spencer for his incredible leadership of investor relations. His candor and clarity earned the trust of the investor community, and I am personally grateful for his partnership. Luckily, he is not going far. He is now taking on a broader role in our finance organization.

Speaker #4: I will now begin the Q&A. For today's session, we'll be utilizing the raise hand feature. If you would like to ask a question, simply click on the raise hand button at the bottom of your screen.

Speaker #4: If you've joined us by phone, please press star 9 to raise your hand. Once you've been called on, please unmute yourself and begin to ask a question.

Speaker #3: Luckily, he's not going far. He's now taking on a broader role in our finance organization. I also want to extend a very warm welcome to Mark Murphy as our new head of IR.

Robin Washington: I also want to extend a very warm welcome to Mark Murphy as our new head of IR. He has covered Salesforce as a top sell-side analyst going all the way back to our IPO, so he knows many of you and our story very well. Back to you, Mark.

Speaker #4: Please limit to one question. Thank you. We'll now pause a moment to assemble the queue. We'll take our first question from Kirk Matern from Evercore ISI.

Speaker #3: He's covered Salesforce as a top sell-side analyst, going all the way back to our IPO. So he knows many of you and our story very well.

Speaker #4: Please unmute your line and ask a question.

Speaker #5: Yeah, thanks very much. And thanks for taking the question. A lot of great things going on this quarter, but I have to ask about CloudForce and Mark.

Speaker #3: Back to you, Mark.

Speaker #1: Thank you for the kind words, Robin. With that, we will move to questions. It is imperative that you limit yourself to one question per analyst, and one brief question would be preferred because we need to move quickly.

Mark Murphy: Thank you for the kind words, Robin. With that, we will move to questions. It is imperative that you limit to one question per analyst, and one brief question would be preferred because we need to move quickly. Sophie, please queue up the first question.

Speaker #5: I think specifically I'd love to understand how you and Miguel are going to be taking this product to the field. What are you doing with Anthropic to make sure that this gets out and gets in the hands of your customers as soon as it's available?

Speaker #1: Sophie, please queue up the first question.

Speaker #2: We'll now begin the Q&A. For today's session, we'll be utilizing the raise hand feature. If you would like to ask a question, simply click on the Raise Hand button at the bottom of your screen.

Operator: We will now begin the Q&A. For today's session, we will be utilizing the raise hand feature. If you would like to ask a question, simply click on the raise hand button at the bottom of your screen. If you have joined us by phone, please press star 9 to raise your hand. Once you have been called on, please unmute yourself and begin to ask your question. Please limit to one question. Thank you. We will now pause a moment to assemble the queue. We will take our first question from Kirk Materne from Evercore ISI. Please unmute your line and ask your question.

Speaker #5: And I assume we can be seeing Anthropic and Salesforce salespeople working together to bring a lot of value to both your collective customers. Thanks.

Speaker #2: If you've joined us by phone, please press star nine to raise your hand. Once you've been called on, please unmute yourself and begin to ask your question.

Robin Washington: CRPO accelerated quarter over quarter with $33.5 billion, up 14% in constant currency. That is 1 point ahead of our guide, driven by strength in Slack, Agentforce, and Data 360. Our continued focus on operational discipline is evident in our profitability. Q2 non-GAAP operating margin was 34.1% and GAAP operating margin was 20.5%. As customer zero, we are putting Agentforce to work across our own business. Salesforce's help agent has surpassed 5 million customer conversations with 64% resolved autonomously. Slackbot is driving 8.1 million hours of annualized productivity gains for our employees. That is more than double quarter over quarter. We generated $1.1 billion in free cash flow. That is up 81% year over year. Execution of our $25 billion accelerated share repurchase continues. We expect to repurchase at least 14% of shares outstanding through this program, thus far at an average price of $176 per share.

Speaker #2: Please limit to one question. Thank you. We'll now pause a moment to assemble the queue. We'll take our first question from Clerk Matern from Evercore ISI.

Speaker #6: Well, we're really excited about this product. This is the best of both worlds. It's the number one AI meeting the number one CRM and putting them together.

Speaker #6: As I said, when you do that, you get this incredible result, a radically different type of interface on top of Salesforce's entire platform. It's really powered by this incredible new AI harness that you're going to see at Dreamforce AI Force.

Speaker #2: Please unmute your line and ask a question.

Speaker #4: Yeah, thanks very much, and thanks for taking the question. A lot of great things going on this quarter, but I have to ask about CloudForce and Marc.

Kirk Materne: Yeah. Thanks very much, and thanks for taking the question. A lot of great things going on this quarter, but I have to ask about Claudeforce, and Mark, I think specifically, I would love to understand how you and Miguel are going to be taking this product to the field. What are you doing with Anthropic to make sure that this gets out and gets into the hands of your customers as soon as it is available? I assume we can be seeing Anthropic and Salesforce salespeople working together to bring a lot of value to both your collective customers. Thanks.

Speaker #4: I think, specifically, I'd love to understand, you know, how you and Miguel are going to be taking this product to the field. What are you doing with Anthropic to make sure that this gets out and, you know, gets into the hands of your customers as soon as it's available?

Speaker #6: And that harness is able to power not only CloudForce, but a new version of Slack that you're going to be seeing, as well as Coworker, which is something inside our Lightning interface.

Speaker #6: And other amazing things as well. But once you have that enabled, then you're able to really unleash the power of our data, our applications and semantic layer, our agentic layer, and all of it comes to light in a whole new way.

Speaker #4: And I assume, you know, we could—we can be seeing, you know, Anthropic and Salesforce salespeople working, you know, together to bring, you know, a lot of value to both your collective customers.

Speaker #6: And I really saw it myself, as I said, in Europe, where we would really show these exhaustive demos to customers. And when they could see that all this value that they have in their systems that has been trapped becomes untrapped.

Speaker #4: Thanks.

Speaker #5: Well, we're really excited about this product. This is the best of both worlds—it's the number one AI meeting the number one CRM and putting them together.

Marc Benioff: Well, we are really excited about this product. This is the best of both worlds. This is the number one AI meeting the number one CRM, and putting them together. As I said, when you do that, you get this incredible result, a radically different type of interface on top of Salesforce's entire platform. It is really powered by this incredible new AI harness that you are going to see at Dreamforce, AI Force. That harness is able to power not only Claudeforce, but a new version of Slack that you are going to be seeing, as well as CoWork, which is something inside our Lightning interface, and other amazing things as well. But once you have that enabled, then you are able to really unleash the power of our data, our applications and semantic layer, our agentic layer, and all of it comes to light in a whole new way.

Speaker #6: But you also saw it here at Salesforce. This quarter, we actually released it to many of our executives, all over the world. And many of those executives were the ones who were actually demoing it directly to those customers.

Speaker #5: As I said, when you do that, you get this incredible result—a radically different type of interface on top of Salesforce's entire platform. It's really powered by this incredible new AI harness that you're going to see at Dreamforce, AI Force.

Speaker #6: That it was sales executives or my most senior sales executives, my operating unit leaders, were showing CloudForce to our top customers already. And you're right, we'll also work hand in hand with Anthropic sales executives as well.

Speaker #5: And that harness is able to power not only CloudForce, but a new version of Slack that you're going to be seeing, as well as Co-Worker, which is something inside our Lightning interface, and other amazing things as well.

Marc Benioff: That harness is able to power not only Claudeforce, but a new version of Slack that you are going to be seeing, as well as CoWork, which is something inside our Lightning interface, and other amazing things as well. But once you have that enabled, then you are able to really unleash the power of our data, our applications and semantic layer, our agentic layer, and all of it comes to light in a whole new way.

Robin Washington: Our responsible capital return strategy underscores our conviction in our future. Turning to our outlook for the year, I want to walk you through the components of the $300 million constant currency raise to our revenue guide. We are raising our FY27 revenue guide for organic performance by $100 million. This is driven by the continued momentum in Agentforce, Data 360, and Slack. These areas of strength offset the continued volatility in overall licensed revenue. Alongside this organic growth, our raise incorporates a $200 million expected contribution from the anticipated closings of Contentful and Fin in the coming weeks. Of note, our FY27 revenue now incorporates a $100 million FX headwind compared to our prior guidance.

Speaker #5: But once you have that enabled, then you're able to really unleash the power of our data, our applications and semantic layer, our agentic layer, and all of it comes to light in a whole new way.

Speaker #6: And we'll do whatever we can to make sure that this becomes a huge part of our sales ecosystem. I think this is going to be an incredible opportunity for both companies.

Speaker #6: And I'd love for Miguel to come in and talk about his vision, for how this has come together. And Miguel has been a huge driver of the relationship with Anthropic as well as really broadening the capabilities of both companies.

Speaker #5: And I really saw it myself, as I said, in Europe, where we would really show these exhaustive demos to customers. And when they could see that all this value that they have in their systems that has been trapped becomes untrapped.

Robin Washington: I really saw it myself, as I said, in Europe, where we would really show these exhaustive demos to customers, and when they could see that all this value that they have in their systems that has been trapped becomes untrapped. You also saw it here at Salesforce. This quarter, we actually released it to many of our executives all over the world. Many of those executives were the ones who are actually demoing it directly to those customers, that it was sales executives or my most senior sales executives, my operating unit leaders, were showing Claudeforce to our top customers already. You are right, we will also work hand in hand with Anthropic sales executives as well, and we will do whatever we can to make sure that this becomes a huge part of our sales ecosystem.

Marc Benioff: I really saw it myself, as I said, in Europe, where we would really show these exhaustive demos to customers, and when they could see that all this value that they have in their systems that has been trapped becomes untrapped. You also saw it here at Salesforce. This quarter, we actually released it to many of our executives all over the world. Many of those executives were the ones who are actually demoing it directly to those customers, that it was sales executives or my most senior sales executives, my operating unit leaders, were showing Claudeforce to our top customers already.

Speaker #5: But you also saw it here at Salesforce. This quarter, we actually released it to many of our executives all over the world, and many of those executives were the ones who were actually demoing it directly to those customers.

Speaker #5: Yeah, thank you, Mark. Listen, I've been obsessed with these surface. I myself and a number of my leadership team have been using very profusely the surface, connected, we've done it manually, connected the entity servers, created skills on our own.

Speaker #5: That it was sales executives, or my most senior sales executives, my operating unit leaders, who were showing CloudForce to our top customers already. And you're right, we'll also work hand in hand with Anthropic sales executives as well.

Speaker #5: So I just can't believe that we have now this product available. We are rolling it out to the whole enterprise, to the whole company.

Marc Benioff: You are right, we will also work hand in hand with Anthropic sales executives as well, and we will do whatever we can to make sure that this becomes a huge part of our sales ecosystem. I think this is going to be an incredible opportunity for both companies. I would love for Miguel to come in and talk about his vision for how this has come together. Miguel has been a huge driver of the relationship with Anthropic, as well as really broadening the capabilities of both companies.

Speaker #5: And then we're going to make it practical. We're going to make it available to GA in September to everyone.

Speaker #5: And we'll do whatever we can to make sure that this becomes a huge part of our sales ecosystem. I think this is going to be an incredible opportunity for both companies.

Speaker #6: At Dreamforce. Every single seller of Salesforce will be demoing this product as one of the surfaces. By the way, we love Slack as one of the surfaces, but not everybody has Slack.

Robin Washington: This brings our updated FY27 guidance for revenue to $46.1 billion to $46.4 billion, resulting in subscription and support growth of slightly above 12% year over year and slightly under 12% in constant currency. We are holding our non-GAAP operating margin guidance at approximately 34.3%, and we are updating our GAAP operating margin guidance to approximately 20.1%. We continue to expect operating and free cash flow growth of approximately 4% to 5% year over year. Moving to our Q3 guidance, we expect Q3 revenue of $11.42 billion to $11.5 billion, growth of approximately 11% to 12% in constant currency. Q3 CRPO growth is expected to be approximately 14% year over year in constant currency. I do want to note that this does not include incremental contributions from Contentful and Fin, as we await deal closing to ensure accurate balances are reflected.

Robin Washington: I think this is going to be an incredible opportunity for both companies. I would love for Miguel to come in and talk about his vision for how this has come together. Miguel has been a huge driver of the relationship with Anthropic, as well as really broadening the capabilities of both companies.

Speaker #5: And I'd love for Miguel to come in and talk about his vision for how this has come together. Miguel has been a huge driver of the relationship with Anthropic, as well as really broadening the capabilities of both companies.

Speaker #6: They are complementary. Slack, you are working with your teams, is a multiplayer surface. We co-work, you and CloudForce or Salesforce for Cloud. We are simply going deep and researching, understanding your business.

Speaker #4: Yeah, thank you, Mark. Listen, I've been obsessed with these Surface. I, myself and a number of my leadership team have been using very profusely the Surface, connected, we've done it manually, connected the entity servers, created skills on our own.

Miguel Milano: Yeah. Thank you, Mark. Listen, I have been obsessed with this surface. I myself and a number of my leadership team have been using very profusely the surface connected. We have done it manually, connected the SFP servers, created skills on our own. I just cannot believe that we have now this program available. We are rolling it out to the whole enterprise, the whole company. Then we are going to make it, Patrick, we are going to make it available to GA in September to everyone at Dreamforce. Every single seller of Salesforce will be demoing this product as one of the surfaces. By the way, we love Slack as one of the surfaces, but not everybody has Slack. They are complimentary. Slack, you are working with your teams, is a multiplayer surface.

Speaker #6: By the way, you are able to engage also through Slack, through email, with your team members. It's going to be very powerful. Every customer will be able to buy it.

Speaker #6: They will have to upgrade to our premium editions. And it's going to be a new wave of demand I'm very excited about it. And Miguel, just give us just a couple of anecdotes because I just know when we turn this over to several of your European leaders, specifically and obviously I was in Europe for that time, and they started using it, just even at the most basic level, the kind of things that they were building and the kind of things they could see, about their business and how to drive their business forward really changed.

Speaker #4: So I just can't believe that we have this product available now. We are rolling it out to the whole enterprise, to the whole company.

Speaker #4: And then we're going to make it practical. We're going to make it available to GA in September to everyone.

Speaker #6: At Dreamforce, every single seller at Salesforce will be demoing this product as one of the surfaces. By the way, we love Slack as one of the surfaces, but not everybody has Slack.

Miguel Milano: By the way, we love Slack as one of the surfaces, but not everybody has Slack. They are complimentary. Slack, you are working with your teams, is a multiplayer surface. With CoWork, you and Cloudforce or Salesforce for Cloud, we are simply going deep and researching, understanding your business. By the way, you are able to engage also through Slack, through email with your team members. It is going to be very powerful. Every customer will be able to buy it. They will have to upgrade to our premium editions, and it is going to be a new wave of demand. I am very excited about it.

Speaker #6: They are complementary. With Slack, you are working with your teams—it's a multiplayer surface. When we co-work with you and CloudForce, or Salesforce for Cloud, we are simply going deep and researching, understanding your business.

Speaker #6: Can you explain that? So currently, and by the way, this is what I want all our sellers to do. We're going to be living in three surfaces.

Miguel Milano: With CoWork, you and Cloudforce or Salesforce for Cloud, we are simply going deep and researching, understanding your business. By the way, you are able to engage also through Slack, through email with your team members. It is going to be very powerful. Every customer will be able to buy it. They will have to upgrade to our premium editions, and it is going to be a new wave of demand. I am very excited about it.

Speaker #6: What we built and this innovation came from Europe, more than the US, I'm very excited about that. We basically created a cockpit to understand the business.

Speaker #6: By the way, you are able to engage also through Slack, through email with your team members. It's going to be very powerful. Every customer will be able to buy it.

Robin Washington: In closing, building on the momentum from a strong H1, we are delivering record revenue and cash flows this year.

Speaker #6: So you're saying that Europeans can innovate? You know, sometimes we can. They let us. All right. Yeah. So we built our own agents based on Cloud.

Speaker #6: They will have to upgrade to our premium editions, and it's going to be a new wave of demand. I'm very excited about it.

Robin Washington: We look forward to sharing more on our latest innovation and financial framework during Investor Day at Dreamforce next month and connecting with many of you here in San Francisco. Before I turn the call back over, I want to thank Mike Spencer for his incredible leadership of investor relations. His candor and clarity earned the trust of the investor community, and I am personally grateful for his partnership. Luckily, he is not going far. He is now taking on a broader role in our finance organization. I also want to extend a very warm welcome to Mark Murphy as our new head of IR. He has covered Salesforce as a top sell-side analyst, going all the way back to our IPO, so he knows many of you and our story very well. Back to you, Mark.

Speaker #5: And Miguel, just give, give us just a couple anecdotes because, you know, I just know like when we turn this over to several of your European leaders, specifically and obviously I was in Europe for that time, and they started using it, just even at the most basic level, the kind of things that they were building and the kind of things they could see, about their business and how to drive their business forward really changed.

Robin Washington: Miguel, just give us just a couple anecdotes, because I just know when we turn this over to several of your European leaders specifically, and obviously I was in Europe for that time, and they started using it just even at the most basic level, the kind of things that they were building and the kind of things they could see about their business and how to drive their business forward really changed. Can you explain that?

Marc Benioff: Miguel, just give us just a couple anecdotes, because I just know when we turn this over to several of your European leaders specifically, and obviously I was in Europe for that time, and they started using it just even at the most basic level, the kind of things that they were building and the kind of things they could see about their business and how to drive their business forward really changed. Can you explain that?

Speaker #6: And that agent inspects they are our deputy CROs for all our businesses. And they inspect the business, the pipeline. They tell us if there is risk in the month or in the quarter.

Speaker #6: And I do one thing that is, Mark, you would love this. I talk by the way, I do this on Slack. This is one of the surfaces.

Speaker #5: Can you explain that?

Speaker #6: I do this in I mean, at the time, I co-work. Now it's CloudForce. But I also do it in an app that I build with Cloud Code.

Speaker #6: So currently, and by the way, this is what I want all our sellers to do. We're gonna be, we're gonna be living in three surfaces.

Miguel Milano: Currently, and by the way, this is what I want all our sellers to do, we are going to be living in three surfaces. What we built, and this innovation came from Europe more than the US, I am very excited about that. We basically created a cockpit to understand the business.

Speaker #6: So depending on the moment, I use one of the surfaces. But I do one thing that is very powerful. Every time that I visit a country and don't tell anyone, because I don't want my team to know, but essentially what I do is, okay, I'm visiting Italy.

Speaker #6: What we built—and, you know, this innovation came from Europe more than the US—I'm very excited about that. We basically created a cockpit to understand the business.

Speaker #5: So, you're saying that Europeans can innovate?

Marc Benioff: You are saying that Europeans can innovate?

Speaker #6: You know, sometimes we can. They let us. Yeah. So, we build our own agents based on Cloud, and that agent inspects—they are our deputy CROs for all our businesses—and they inspect the business, the pipeline.

Speaker #6: I mean, we have an amazing leader there, Vanessa Fortessa. She's a Fortissa de la Natura. And I said, okay, give me all the opportunities open opportunities for the month.

Miguel Milano: You know, sometimes we can.

Marc Benioff: I see.

Miguel Milano: If they let us.

Marc Benioff: Good. All right.

Miguel Milano: Yeah. So we build our own agents based on our Claude, and that agent inspects. They are our deputy CROs for all our businesses, and they inspect the business, the pipeline. They tell us if there is risk in the month or in the quarter. I do one thing that is, Marc, you would love this. I talk, by the way, I do this on Slack. This is one of the surfaces. I do this in, at the time, CoWork, now is Claude Force. I also do it in an app that I build with Claude Code. So depending on the moment, I use one of the surfaces. But I do one thing that is very powerful. Every time that I visit a country, and don't tell anyone, because I don't want my team to know. But essentially what I do is, okay, I'm visiting Italy.

Speaker #6: And then send a Slack to every account executive copying the whole chain all the way to Vanessa. Telling them, look at the opportunity record.

Speaker #6: They tell us if there is risk in the month or in the quarter, and I do one thing that is—Marc, you would love this.

Speaker #6: Look at everything. Make it sound like it's me. I review all the emails, all the Slacks before they go. And it'll have a sudden sense 50 very customized Slack messages to the AEs.

Operator: We will now begin the Q&A. For today's session, we will be utilizing the raise hand feature. If you would like to ask a question, simply click on the raise hand button at the bottom of your screen. If you have joined us by phone, please press star nine to raise your hand. Once you have been called on, please unmute yourself and begin to ask your question. Please limit to one question. Thank you. We will now pause a moment to assemble the queue. We will take our first question from Kirk Materne from Evercore ISI. Please unmute your line and ask your question.

Speaker #6: I talk—by the way, I do this on Slack. This is one of the surfaces. I do this in, I mean, at the time, I co-work—now it's CloudForce.

Speaker #6: Asking them if I can help, if we can do anything. It's incredible. The engine is very smart. It proposes already ideas to close the deal.

Speaker #6: But I also do it in an app that I build with Cloud Code. So, depending on the moment, I use one of the surfaces.

Speaker #6: But I do one thing that is very powerful. Every time that I visit a country—and I don't tell anyone, because I don't want my team to know—but essentially what I do is, okay, I'm visiting Italy. I mean, we have an amazing leader there, Vanessa, Vanessa Fortessa. She's a first Sutherland Natura, and I said, okay, give me all the opportunities open, opportunities for the month, and then send a Slack to every account executive, copying the whole chain all the way to Vanessa, telling them: look at the opportunity record, look at everything, make it sound like it's me.

Speaker #6: And then when I visit the country everybody's mobilized. Everybody has been working over the weekend. Vanessa is crazy running around. And we close deals faster.

Miguel Milano: Every time that I visit a country, and don't tell anyone, because I don't want my team to know. But essentially what I do is, okay, I'm visiting Italy. We have an amazing leader there, Vanessa Fortarezza. She's our Forza della Natura. I said, "Okay, give me all the open opportunities for the month, and then send a Slack to every account executive, copying the whole chain all the way to Vanessa, telling them, 'Look at the opportunity record, look at everything, make it sound like it's me.'" I review all the Slacks before they go.

Speaker #6: Yeah. Very exciting.

Miguel Milano: We have an amazing leader there, Vanessa Fortarezza. She's our Forza della Natura. I said, "Okay, give me all the open opportunities for the month, and then send a Slack to every account executive, copying the whole chain all the way to Vanessa, telling them, 'Look at the opportunity record, look at everything, make it sound like it's me.'" I review all the Slacks before they go. It'll sudden send 50 very customized Slack messages to the AEs, asking them if I can help, if we can do of anything. It's incredible. The engine is very smart. It proposes already ideas to close the deal. Then when I visit the country, everybody's mobilized. Everybody has been working over the weekend. Vanessa is crazy running around, and we close deals faster.

Speaker #2: Thanks, Kirk. Sophie, we will take our next question.

Kirk Materne: Yeah. Thanks very much. Thanks for taking the question. A lot of great things going on this quarter, but I have to ask about Claudeforce. Mark, I think specifically, I would love to understand how you and Miguel are going to be taking this product to the field. What are you doing with Anthropic to make sure that this gets out and gets into the hands of your customers as soon as it is available? I assume we can be seeing Anthropic and Salesforce salespeople working together to bring a lot of value to both your collective customers. Thanks.

Speaker #4: Our next question comes from Alex Zukin with Wolf Research. You may now unmute and ask a question.

Speaker #7: Guys, thanks for taking the question. Congratulations on a fantastic quarter. Mark, you're seeing a pretty big debate and tension in the industry about open weight and open source models versus frontier model adoption.

Speaker #6: I review all the emails, all the Slacks before they go, and it all of a sudden sends 50 very customized Slack messages to the AEs asking them if I can help, if we can do anything.

Miguel Milano: It'll sudden send 50 very customized Slack messages to the AEs, asking them if I can help, if we can do of anything. It's incredible. The engine is very smart. It proposes already ideas to close the deal. Then when I visit the country, everybody's mobilized. Everybody has been working over the weekend. Vanessa is crazy running around, and we close deals faster.

Speaker #7: I was wondering if you'd set the stage for us because what you're seeing in customers is important as you're offering the best of both worlds with both CloudForce and AI Force slash Headless.

Speaker #6: It's incredible. The engine is very smart. It already proposes ideas to close the deal, and then, when I visit the country, everybody's mobilized. Everybody has been working over the weekend.

Speaker #7: So maybe talk about how you see this debate settling and about the monetization opportunity for both CloudForce and Headless and kind of when we should start thinking and seeing it in revenue growth.

Marc Benioff: Well, we are really excited about this product. This is the best of both worlds. It is the number one AI meeting the number one CRM and putting them together. As I said, when you do that, you get this incredible result, a radically different type of interface on top of Salesforce's entire platform. It is really powered by this incredible new AI harness that you are going to see at Dreamforce, AI Force. That harness is able to power not only Claudeforce, but a new version of Slack that you are going to be seeing, as well as Coworker, which is something inside our Lightning interface, and other amazing things as well. But once you have that enabled, then you are able to really unleash the power of our data, our applications and semantic layer, our agentic layer, and all of it comes to light in a whole new way.

Speaker #6: Vanessa is crazy running around, and we close deals faster.

Speaker #6: Yeah, I think a lot of customers are asked these questions. And a lot of us, I'm sure you can relate, live in this podcast universe.

Speaker #5: Yeah. Very exciting.

Marc Benioff: Yeah. Very exciting.

Kirk Materne: Yeah. Very exciting.

Speaker #2: Yeah. Thanks, Kirk. Sophie, we will take our next question.

Mark Murphy: Thanks, Kirk. Sophie, we will take our next question.

Speaker #1: Our next question comes from Alex Zukin with Wolfe Research. You may now unmute and ask your question.

Operator: Our next question comes from Alex Zukin with Wolfe Research. You may now unmute and ask your question.

Speaker #6: We just were with David Friedman. He's one of the I think we all love listening to his podcast, right? And we like listening to a lot of these podcasts.

Speaker #7: Guys, thanks for taking the question. Congratulations on a fantastic quarter. Marc, you're seeing a pretty big debate and tension in the industry about open-weight and open-source models versus frontier model adoption.

Alex Zukin: Guys, thanks for taking the question, and congratulations on a fantastic quarter. Marc, you are seeing a pretty big debate and tension in the industry about open weight and open source models versus frontier model adoption. I was wondering if you would set the stage for us, because what you are seeing in customers is important, as you are offering the best of both worlds with both Claudeforce and Agentforce/Headless. Maybe talk about how you see this debate settling and about the monetization opportunity for both Claudeforce and Headless, and when we should start thinking and seeing it in revenue growth.

Speaker #6: And we're in this podcast world. But I think sometime and please don't quote me on this, but podcasts do not always meet reality. And it's very interesting.

Speaker #6: It can be very aggressive. It can be very stimulating. But it might not be exactly true. And I think that that is just the world that we live in.

Speaker #7: I was wondering if you could set the stage for us because what you're seeing in customers is important, as you're offering the best of both worlds with both CloudForce and AI Force/Headless.

Alex Zukin: I was wondering if you would set the stage for us, because what you are seeing in customers is important, as you are offering the best of both worlds with both Claudeforce and Agentforce/Headless. Maybe talk about how you see this debate settling and about the monetization opportunity for both Claudeforce and Headless, and when we should start thinking and seeing it in revenue growth.

Marc Benioff: I really saw it myself, as I said, in Europe, where we would really show these exhaustive demos to customers, and when they could see that all this value that they have in their systems that has been trapped becomes untrapped. But you also saw it here at Salesforce. This quarter, we actually released it to many of our executives all over the world, and many of those executives were the ones who were actually demoing it directly to those customers, that it was sales executives or my most senior sales executives, my operating unit leaders, were showing Claudeforce to our top customers already. You are right, we will also work hand in hand with Anthropic sales executives as well, and we will do whatever we can to make sure that this becomes a huge part of our sales ecosystem.

Speaker #7: So maybe talk about how you see this debate settling, and about the monetization opportunity for both CloudForce and Headless, and kind of when we should start thinking about and seeing it in revenue growth.

Speaker #6: We world we live in a world of misinformation where everybody has an agenda, financial agenda, they're trying to move a market. They're trying to make things happen.

Speaker #5: Yeah, I think a lot of customers are asking these questions, and, you know, a lot of us—I'm sure you can relate—live in this podcast universe.

Marc Benioff: Yeah, I think a lot of customers ask these questions, and a lot of us, I am sure you can relate, live in this podcast universe. We just were with David Friedberg. I think we all love listening to his podcast, right? We like listening to a lot of these podcasts, and we are in this podcast world, but I think sometime, and please do not quote me on this, but podcasts do not always meet reality. It can be very aggressive, it can be very stimulating, but it might not be exactly true. I think that that is just the world that we live in. We live in a world of misinformation where everybody has an agenda, financial agenda. They are trying to move a market. They are trying to make things happen.

Speaker #6: You see that as well with shorts in your market where you'll see people come in with all kinds of misinformation to try to get something to happen.

Speaker #5: We just were with David Friedman. He's one of the—I think we all love listening to his podcast, right? And, you know, we like listening to a lot of these podcasts, and we're in this podcast world. But I think sometimes—and I, you know, please don't quote me on this—but podcasts do not always meet reality.

Speaker #6: So I think that one way to think to handle that is to go talk to customers. And this is what I do. So I have spent a lot of time with customers.

Speaker #6: And customers it's pretty simple. They have if you talk to customers, what they'll say is, we only have three platforms. We have you, Salesforce, doing the front office.

Speaker #5: And it's very interesting. It can be very, you know, aggressive. It can be very stimulating, but it might not be exactly true. And I think that that is just the world that we live in.

Marc Benioff: I think this is going to be an incredible opportunity for both companies. I would love for Miguel to come in and talk about his vision for how this has come together. Miguel has been a huge driver of the relationship with Anthropic, as well as really broadening the capabilities of both companies.

Speaker #6: We have SAP, they're doing the back office. And we have Microsoft, they're doing productivity. And that's it. The reality is, yes, they have those three platforms.

Speaker #6: They also probably are hanging out with a hyperscaler. There's probably three or four different ones depending on what country it is in Europe. They also probably have a data lake supplier.

Speaker #5: We live in a world of misinformation, where everybody has an agenda, a financial agenda. You know, they're trying to move a market—they're trying to make things happen.

Marc Benioff: They are trying to move a market. They are trying to make things happen. You see that as well with shorts in your market, where you will see people come in with all kinds of misinformation to try to get something to happen. I think that one way to handle that is to go talk to customers. This is what I do. I have spent a lot of time with customers. Customers, it is pretty simple. If you talk to customers, what they will say is, "We only have three platforms. We have you, Salesforce, doing the front office. We have SAP, they are doing the back office.

Miguel Milano: Yeah, thank you, Mark. Listen, I have been obsessed with this surface. I myself and a number of my leadership team have been using very profusely the surface connected. We have done it manually, connected the entity servers, created skills on our own. So I just cannot believe that we have now this program available. We are rolling it out to the whole enterprise, the whole company, and then we are going to make it part, we are going to make it available to GA in September to everyone at Dreamforce. Every single seller of Salesforce will be demoing this product as one of the surfaces. By the way, we love Slack as one of the surfaces, but not everybody has Slack. They are complimentary. Slack, you are working with your teams, is a multiplayer surface.

Speaker #6: And they also have a collaboration supplier, Slack or Teams. And I think when we look across those six things, they do not want to also then say, I'm have all these models.

Speaker #5: You see that as well with shorts in your market, where you'll see people come in with all kinds of misinformation to try to get something to happen.

Marc Benioff: You see that as well with shorts in your market, where you will see people come in with all kinds of misinformation to try to get something to happen. I think that one way to handle that is to go talk to customers. This is what I do. I have spent a lot of time with customers. Customers, it is pretty simple. If you talk to customers, what they will say is, "We only have three platforms. We have you, Salesforce, doing the front office. We have SAP, they are doing the back office. We have Microsoft, they are doing productivity, and that is it." The reality is, yes, they have those three platforms. They also probably are hanging out with a hyperscaler. There are probably three or four different ones, depending on what country it is in Europe.

Speaker #5: So I think that one way to think of, to handle that, is to go talk to customers. And this is what I do. So I have spent a lot of time with customers, and customers—it's pretty simple.

Speaker #6: Okay, which kind of gets to your question, which is like, you think that these customers then are going to all of a sudden set up all and maintain and build to the human expertise to be able to build and maintain and train models?

Speaker #5: They have—you know, if you talk to customers, what they'll say is, "We only have three platforms. We have you, Salesforce, doing the front office."

Speaker #6: No. I believe what they're going to do is consume AI through packaged software. Not a huge statement, just they're going to consume their AI through packaged software.

Speaker #5: We have SAP; they're doing the back office. And we have Microsoft; they're doing productivity. And that's it. The reality is, yes, they have those three platforms.

Marc Benioff: We have Microsoft, they are doing productivity, and that is it." The reality is, yes, they have those three platforms. They also probably are hanging out with a hyperscaler. There are probably three or four different ones, depending on what country it is in Europe. They also probably have a data lake supplier, and they also have a collaboration supplier, Slack or Teams. I think when we look across those six things, they do not want to also then say, "I have all these models."

Speaker #5: They also probably are hanging out with a hyperscaler. You know, there are probably three or four different ones, depending on what country it is in Europe.

Speaker #6: You're using Slack. You're consuming AI through packaged software. You're using Salesforce. You're consuming AI through packaged software. At some level, when you use cowork, you're consuming AI through packaged software.

Miguel Milano: With Cowork, you and Cloudforce or Salesforce for Cloud, we are simply going deep and researching, understanding your business. By the way, you are able to engage also through Slack, through email with your team members. It is going to be very powerful. Every customer will be able to buy it. They will have to upgrade to our premium editions, and it is going to be a new wave of demand. I am very excited about it.

Speaker #5: They also probably have a data lake supplier, and they also have a collaboration supplier—Slack or Teams. And I think, when we look across those six things, they do not want to also then say, 'I'm going to have all these models,' okay?

Marc Benioff: They also probably have a data lake supplier, and they also have a collaboration supplier, Slack or Teams. I think when we look across those six things, they do not want to also then say, "I have all these models." That kind of gets to your question, which is, do you think that these customers then are going to all of a sudden set up and maintain and build the human expertise to be able to build and maintain and train models? No. I believe what they are going to do is consume AI through packaged software. Not a huge statement, just they are consuming their AI through packaged software. You are using Slack, you are consuming AI through packaged software. You are using Salesforce, you are consuming AI through packaged software. At some level, when you use CoWork, you are consuming AI through packaged software.

Speaker #6: And when you're using CloudForce, you're certainly using AI through packaged software. And I think that's the right way to think about it. I think the model it's like do you even know what chip you're using?

Speaker #6: Do you really know what data center you're on? Do you know what router you're on? What switch? What type of fiber? What cable you're using?

Marc Benioff: That kind of gets to your question, which is, do you think that these customers then are going to all of a sudden set up and maintain and build the human expertise to be able to build and maintain and train models? No. I believe what they are going to do is consume AI through packaged software. Not a huge statement, just they are consuming their AI through packaged software. You are using Slack, you are consuming AI through packaged software. You are using Salesforce, you are consuming AI through packaged software.

Speaker #5: Which kind of gets to your question, which is like, you think that these customers then are gonna, all of a sudden set up all and maintain and build the, to the, the human expertise to be able to build and maintain and train models?

Speaker #6: What interconnect you're using? At some level, we do will get abstracted back to kind of how the way the world used to be, which is we operated a certain level of value and I believe the highest level of value is at the application layer.

Speaker #5: No, I believe what they're going to do is consume AI through packaged software. Not a huge statement, just that they're going to consume their AI through packaged software.

Speaker #6: So I couldn't tell you from my phone all the way through Salesforce and Slack all the way down to what the hardware infrastructure is.

Speaker #5: You're using Slack; you're consuming AI through packaged software. You're using Salesforce; you're consuming AI through packaged software. At some level, when you use Cowork, you're consuming AI through packaged software.

Miguel Milano: Currently, and by the way, this is what I want all our sellers to do. We are going to be living in three surfaces. What we built, and this innovation came from Europe more than the US, I am very excited about that. We basically created a cockpit, to understand the business.

Marc Benioff: At some level, when you use CoWork, you are consuming AI through packaged software. When you are using Claude Force, you are certainly using AI through packaged software. I think that is the right way to think about it. I think the model is, do you even know what chip you are using? Do you really know what data center you are on? Do you know what router you are on, what switch, what type of fiber, what cable you are using, what interconnect you are using? At some level, we do get abstracted back to how the way the world used to be, which is we operate at a certain level of value.

Speaker #6: And I shouldn't have to worry about that. But I do understand this layer up here. And those top four layers that I've articulated several different times on the call, that's where I live with the customers.

Speaker #5: And when you're using CloudForce, you're certainly using AI through packaged software. And I think that's the right way to think about it. I think the model is, do you even know what chip you're using?

Marc Benioff: When you are using Claude Force, you are certainly using AI through packaged software. I think that is the right way to think about it. I think the model is, do you even know what chip you are using? Do you really know what data center you are on? Do you know what router you are on, what switch, what type of fiber, what cable you are using, what interconnect you are using? At some level, we do get abstracted back to how the way the world used to be, which is we operate at a certain level of value. I believe the highest level of value is at the application layer. So I could not tell you from my phone all the way through Salesforce and Slack, all the way down to what the hardware infrastructure is. I should not have to worry about that.

Speaker #6: I did not have one customer really say to me, tell me, are you going to be on open source or are you going to be on frontier?

Marc Benioff: You are saying that Europeans can innovate?

Miguel Milano: You know, sometimes we can.

Speaker #5: You know, do you really know what data center you're on? Do you know what router you're on? What switch? What type of fiber? What cable you're using?

Marc Benioff: I see.

Miguel Milano: If they let us.

Marc Benioff: All right.

Miguel Milano: Yeah. We build our own agents based on our Claude, and that agent inspects. They are our Deputy CROs for all our businesses, and they inspect the business, the pipeline. They tell us if there is risk in the month or in the quarter. I do one thing that is, Marc, you would love this. I talk, by the way, I do this on Slack. This is one of the surfaces. I do this in, at the time, Cowork, now is Claudeforce. I also do it in an app that I build with Claude Code. Depending on the moment, I use one of the surfaces. I do one thing that is very powerful. Every time that I visit a country, and don't tell anyone, because I don't want my team to know, but essentially what I do is, okay, I'm visiting Italy.

Speaker #6: And I think like one way to think about this is, yes, this is a highly dynamic market. And there will be frontier models. There's going to be open source models.

Speaker #5: What interconnect are you using? At some level, we do—we'll get abstracted back to kind of how the world used to be, which is we operated at a certain level of value, you know. I believe the highest level of value is at the application layer.

Speaker #6: And there's going to be room for all of the above. And I think it's very exciting if you're not tracking what NVIDIA is doing with Nemotron 1.3 and the ability to fine-tune it.

Marc Benioff: I believe the highest level of value is at the application layer. So I could not tell you from my phone all the way through Salesforce and Slack, all the way down to what the hardware infrastructure is. I should not have to worry about that. I do understand this layer up here, and those top four layers that I have articulated several different times on the call, that is where I live with the customers. I did not have one customer really say to me, "Tell me, are you going to be on open source or are you going to be on frontier?"

Speaker #5: So I couldn't tell you, from my phone all the way through Salesforce and Slack, all the way down to what the hardware infrastructure is.

Speaker #6: It's a very exciting moment. For models, but Salesforce also makes a lot of models too, by the way. We have a lot of our own models that run in our platform.

Speaker #6: Our platform runs on our own custom models. We've been writing models since like 2015. And you can find them all on Hugging Face. If you go, you'll see all the models.

Speaker #5: And I shouldn't have to worry about that, but I do understand this layer up here. And those top four layers that I've articulated several different times on the call, that's where I live with the customers.

Marc Benioff: I do understand this layer up here, and those top four layers that I have articulated several different times on the call, that is where I live with the customers. I did not have one customer really say to me, "Tell me, are you going to be on open source or are you going to be on frontier?" I think one way to think about this is, yes, this is a highly dynamic market, and there will be frontier models, there is going to be open source models, and there is going to be room for all of the above. I think it is very exciting if you are not tracking what NVIDIA is doing with Nemotron-3 and the ability to fine-tune it is a very exciting moment for models. Salesforce also makes a lot of models too, by the way.

Speaker #6: If you're really into models, you can go and see that. So I just think we're at a moment where be careful. And I'm not sure I don't think that's what customers well, I don't think that's where customers' heads are at, at least when they talk to me, that's not where their heads are at.

Speaker #5: I did not have one customer really say to me, tell me, you know, are you going to be on open source or are you going to be on Frontier?

Miguel Milano: We have an amazing leader there, Vanessa Fortarezza, she's our first southern Natura. I said, "Okay, give me all the opportunities, open opportunities for the month, and then send a Slack to every account executive, copying the whole chain all the way to Vanessa, telling them, 'Look at the opportunity record, look at everything, make it sound like it's me.'" I review all the emails, all the Slacks before they go. It all of a sudden sends 50 very customized Slack messages to the AEs, asking them if I can help, if we can do of anything. It's incredible. The engine is very smart. It proposes already ideas to close the deal. When I visit the country, everybody's mobilized. Everybody has been working over the weekend. Vanessa is crazy running around, and we close deals faster.

Speaker #5: And I think, like, one way to think about this is, yes, this is a highly dynamic market, and there will be frontier models. There are going to be open-source models, and there's going to be room for all of the above.

Marc Benioff: I think one way to think about this is, yes, this is a highly dynamic market, and there will be frontier models, there is going to be open source models, and there is going to be room for all of the above. I think it is very exciting if you are not tracking what NVIDIA is doing with Nemotron-3 and the ability to fine-tune it is a very exciting moment for models. Salesforce also makes a lot of models too, by the way. We have a lot of our own models that run in our platform. Our platform runs on our own custom models. We have been writing models since 2015, and you can find them all on Hugging Face.

Speaker #6: Maybe some customers are. Obviously, if you go talk to my engineers, maybe they're interested in what's going on. But I don't think the customers that I speak to are at that level.

Speaker #5: And I think it's very exciting. If you're not tracking what NVIDIA is doing with Nemotron 1.3 and the ability to fine-tune it, it's a very exciting moment.

Speaker #6: Does that help you understand how I think about it?

Speaker #7: Super clear.

Speaker #6: Thank you so much.

Speaker #1: Thanks, Alex. Sophie, we will take our next question.

Speaker #5: For models—but Salesforce also makes a lot of models too, by the way—we have a lot of our own models that run in our platform.

Speaker #8: Our next question comes from Elizabeth Porter with Morgan Stanley. Please unmute your line and ask your question.

Marc Benioff: We have a lot of our own models that run in our platform. Our platform runs on our own custom models. We have been writing models since 2015, and you can find them all on Hugging Face. If you go, you will see all the models. If you are really into models, you can go and see that. So I just think we are at a moment where, be careful, and I do not think that is where customers' heads are at. At least when they talk to me, that is not where their heads are at. Maybe some customers are. Obviously, if you go talk to my engineers, maybe they are interested in what is going on, but I do not think the customers that I speak to are at that level. Does that help you understand how I think about it?

Speaker #5: Our platform runs on our own custom models. We've been writing models since, like, 2015, and you can find them all on Hugging Face. If you go, you'll see all the models. If you're really into models, you can go and see that.

Speaker #9: Hi, thank you so much for the question. I wanted to circle back on this strong agent force ARR growth. And in particular, what proportion of current agent force is coming from paid production customers rather than pilots?

Marc Benioff: If you go, you will see all the models. If you are really into models, you can go and see that. So I just think we are at a moment where, be careful, and I do not think that is where customers' heads are at. At least when they talk to me, that is not where their heads are at. Maybe some customers are. Obviously, if you go talk to my engineers, maybe they are interested in what is going on, but I do not think the customers that I speak to are at that level. Does that help you understand how I think about it?

Speaker #5: So I just think we're at a moment where we need to be careful. And I'm not sure—I don't think that's what customers... well, I don't think that's where customers' heads are at. At least when they talk to me, that's not where their heads are at.

Marc Benioff: Yeah. Very exciting.

Mark Murphy: Thanks, Kirk. Sophie, we will take our next question.

Speaker #9: And how is the timeline from pilot to paid deployment and refilling credits changed over the last couple of months? For instance, are we seeing any sort of lengthening as customers are evaluating a broader set of solutions?

Operator: Our next question comes from Alex Zukin with Wolfe Research. You may now unmute and ask your question.

Speaker #5: Maybe some customers are. Obviously, if you go talk to my engineers, maybe they're interested in what's going on, but I don't think the customers that I speak to are at that level.

Alex Zukin: Guys, thanks for taking the question, and congratulations on a fantastic quarter. Marc, you are seeing a pretty big debate and tension in the industry about open weight and open source models versus frontier model adoption. I was wondering if you would set the stage for us, because what you are seeing in customers is important as you are offering the best of both worlds with both Claudeforce and AI Cloud/Headless. Maybe talk about how you see this debate settling and about the monetization opportunity for both Claudeforce and Headless, and when we should start thinking and seeing it in revenue growth.

Speaker #9: Or is Salesforce's increasingly open and headless posture helping de-risk some of these decisions and potentially accelerate engagement with the Salesforce platform? Thanks.

Speaker #5: Does that help you understand how I think about it? Thank you so much.

John DiFucci: Super clear.

Alex Zukin: Super clear.

Marc Benioff: Thank you so much.

Speaker #10: Can I take that?

Speaker #7: Thanks, Alex. Sophie, we will take our next question.

Mark Murphy: Thanks, Alex. Sophie, we will take our next question.

Speaker #6: Yeah, I'm going to have it turn over to Miguel. But the first thing I'll tell you is, we offer our customers a wide variety of capabilities, products, and functionality.

Speaker #4: Our next question comes from Stanley. Please unmute your line and ask your question.

Operator: Our next question comes from Elizabeth Porter with Morgan Stanley. Please unmute your line and ask your question.

Speaker #6: And you mentioned agent force is one. Coworker, if you haven't seen coworker, it's our fastest growing AI product. We have another super fast growing product, Slackbot.

Speaker #6: Hi, thank you so much for the question. I want to just circle back on this strong agent force ARR growth. In particular, what proportion of the current agent force is coming from paid production customers rather than pilots?

Elizabeth Porter: Hi, thank you so much for the question. I wanted to circle back on the strong Agentforce ARR growth. In particular, what proportion of current Agentforce is coming from paid production customers rather than pilots? How has the timeline from pilot to paid deployment and refilling credits changed over the last couple of months? For instance, are we seeing any sort of lengthening as customers are evaluating a broader set of solutions? Is Salesforce's increasingly open and headless posture helping de-risk some of these decisions and potentially accelerate engagement with the Salesforce platform? Thanks.

Speaker #6: Where we expect CloudForce to be growing super fast, agent force also is growing super fast. We have a lot of them. And what we're trying to do is let customers have very flexible capability so that they can choose all of them and grow with them as they want.

Marc Benioff: Yeah, I think a lot of customers ask these questions, and a lot of us, I am sure you can relate, live in this podcast universe. We just were with David Friedberg. He is someone who I think we all love listening to his podcast, right? We like listening to a lot of these podcasts. We are in this podcast world, but I think sometime, and please do not quote me on this, but podcasts do not always meet reality. It is very interesting. It can be very aggressive. It can be very stimulating, but it might not be exactly true. I think that that is just the world that we live in. We live in a world of misinformation where everybody has an agenda, financial agenda. They are trying to move a market. They are trying to make things happen.

Speaker #6: And how is the timeline from pilot to paid deployment and reselling credits changed over the last couple of months? For instance, are we seeing any sort of lengthening as customers are evaluating a broader set of solutions, or is Salesforce's increasingly open and headless posture helping de-risk some of these decisions and potentially accelerate engagement with the Salesforce platform?

Speaker #6: And we have these new bundles that you've already heard about. And these new bundles let customers do that. See, customers want to buy and want to price in different ways.

Speaker #6: This is something I've learned really aggressively recently. Some are still buying by user and by agent. And that's important for them. Some of them want it by consumption.

Speaker #6: Thanks.

Speaker #5: Can I take that? Yeah, I'm going to have it turn over to Miguel, but the first thing I'll tell you is, you know, we offer our customers a wide variety of capabilities, products, and functionality.

Marc Benioff: Can I take that? I am going to have it turned over to Miguel, but the first thing I will tell you is, we offer our customers a wide variety of capabilities, products, and functionality. You mentioned Agentforce is one. CoWork, if you have not seen CoWork, it is our fastest-growing AI product. We have another super fast-growing product, Slackbot. We expect Claudeforce to be growing super fast. Agentforce also is growing super fast. We have a lot of them. What we are trying to do is let customers have very flexible capability so that they can choose all of them and grow with them as they want. We have these new bundles that you have already heard about, and these new bundles let customers do that. See, customers want to buy and want to price in different ways. This is something I have learned really aggressively recently.

Miguel Milano: Can I take that?

Marc Benioff: I am going to have it turned over to Miguel, but the first thing I will tell you is, we offer our customers a wide variety of capabilities, products, and functionality. You mentioned Agentforce is one. CoWork, if you have not seen CoWork, it is our fastest-growing AI product. We have another super fast-growing product, Slackbot. We expect Claudeforce to be growing super fast. Agentforce also is growing super fast. We have a lot of them. What we are trying to do is let customers have very flexible capability so that they can choose all of them and grow with them as they want.

Speaker #6: And that's important to them. Some of them are just basic usage customers. And they want to pay that way. Some of them even want to pay by outcome.

Speaker #5: And you mentioned agent force is one, coworker, if you haven't seen coworker, it's our fastest growing AI product. We have another super fast growing product, Slackbot, where we expect CloudForce to be growing super fast, agent force also is growing super fast.

Speaker #6: And that outcome could be by a transaction outcome or a business outcome. Because customers want that kind of diversity and pricing, we've created a high level of flexibility.

Marc Benioff: You see that as well with shorts in your market, where you will see people come in with all kinds of misinformation to try to get something to happen. I think that one way to handle that is to go talk to customers. This is what I do. So I have spent a lot of time with customers, and customers, it is pretty simple. If you talk to customers, what they will say is, "We only have three platforms. We have you, Salesforce, doing the front office. We have SAP, they are doing the back office. We have Microsoft, they are doing productivity, and that is it." The reality is, yes, they have those three platforms. They also probably are hanging out with a hyperscaler. There is probably three or four different ones, depending on what country it is in Europe.

Speaker #5: We have a lot of them. And what we're trying to do is let customers have very flexible capability so that they can choose all of them and grow with them as they want.

Speaker #6: And that, I think, is really expanded our ability to sign very large transactions with our customers. Miguel, do you want to go into the details?

Speaker #10: Yeah. I mean, the top line numbers are obviously very impressive. But I like to go a little bit deeper under the hood. When you look just at bookings, not just the cumulative ARR, our bookings, Elizabeth, grew triple digit.

Speaker #5: And we have these new bundles that you've already heard about. And these new bundles let customers do that. See, customers want to buy and want to price in different ways.

Marc Benioff: We have these new bundles that you have already heard about, and these new bundles let customers do that. See, customers want to buy and want to price in different ways. This is something I have learned really aggressively recently. Some are still buying by user and by agent. That is important for them. Some of them want it by consumption, and that is important to them. Some of them are just basic usage customers, and they want to pay that way.

Speaker #5: This is something I've learned really aggressively recently. Some are still buying by user and by agent, and that's important for them. Some of them want it by consumption.

Speaker #10: So we doubled. Year on year, that was pretty fantastic. 50% of the bookings came from customers refilling the tank. So the consume, they use the flex credits.

Marc Benioff: Some are still buying by user and by agent. That is important for them. Some of them want it by consumption, and that is important to them. Some of them are just basic usage customers, and they want to pay that way. Some of them even want to pay by outcome, and that outcome could be by a transaction outcome or a business outcome. Because customers want that kind of diversity in pricing, we have created a high level of flexibility, and that, I think, has really expanded our ability to sign very large transactions with our customers. Miguel, do you want to go into the details?

Speaker #5: And that's important to them. Some of them are just basic usage customers, and they want to pay that way. Some of them even want to pay by outcome.

Speaker #10: They want more, they raise their hand. We go there, which, by the way, is good for a productivity because these sales cycles are very short.

Marc Benioff: Some of them even want to pay by outcome, and that outcome could be by a transaction outcome or a business outcome. Because customers want that kind of diversity in pricing, we have created a high level of flexibility, and that, I think, has really expanded our ability to sign very large transactions with our customers. Miguel, do you want to go into the details?

Speaker #10: The time to production is very important for us because consumption is very important to us. We bring customers in the funnel. We want to bring them down.

Speaker #5: And that outcome could be a transaction outcome or a business outcome. Because customers want that kind of diversity in pricing, we've created a high level of flexibility, and that, I think, has really expanded our ability to sign very large transactions with our customers.

Marc Benioff: They also probably have a data lake supplier, and they also have a collaboration supplier, Slack or Teams. I think when we look across those six things, they do not want to also then say, "I have all these models." Which kind of gets to your question, which is do you think that these customers then are going to all of a sudden set up and maintain and build the human expertise to be able to build and maintain and train models? No. I believe what they are going to do is consume AI through packaged software. Not a huge statement, just they are consuming their AI through packaged software. You are using Slack, you are consuming AI through packaged software. You are using Salesforce, you are consuming AI through packaged software. At some level, when you use Cowork, you are consuming AI through packaged software.

Speaker #10: The first thing is to get them to production. We added 2,000 paying customers into production. That's 70% more a quarter on quarter. We are not happy with production only.

Speaker #5: Miguel, do you want to go into the details?

Speaker #3: Yeah, I mean, the top-line numbers are obviously very impressive, but I like to go a little bit deeper under the hood. When you look just at bookings, not just the cumulative ARR, our bookings, Elizabeth, grew double digit, triple digit.

Speaker #10: We want them to really be ready to do the work. We are taking them to the enterprise. We show them everything, how to work.

Miguel Milano: Yeah. The top-line numbers are obviously very impressive, but I like to go a little bit deeper under the hood. When you look just at bookings, not just the cumulative ARR, our bookings, Elizabeth, grew triple digit, so we doubled year on year. That was pretty fantastic. 50% of the bookings came from customers refilling the tank. So they consume, they use the Flex Credits, they want more, they raise their hand, we go there, which by the way, is good for AE productivity because these cell cycles are very short. The time to production is very important for us because consumption is very important to us. We bring customers in the funnel, we want to bring them down. The first thing is to get into production. We added 2,000 paying customers into production. That is 70% more quarter on quarter. We are not happy with production only.

Speaker #10: And then we leave. We call those agents consistently consuming. We added hundreds of consistently consuming agents down there. You've seen the down the funnel.

Speaker #3: So we doubled. Year on year, that was pretty fantastic. Fifty percent of the bookings came from customers refilling the tank. So they consume, they use the flex credits, they want more, they raise their hand, we go there—which, by the way, is good for productivity because these sales cycles are very short.

Speaker #10: You've seen the consumption numbers, the AWs exploded. But for me, the most important thing, the most important thing is to see the live customers.

Speaker #3: The time to production is very important for us because consumption is very important to us. We bring customers into the funnel. We want to bring them down.

Speaker #10: I want to tell you one story if I have time. On one customer. But if you want to write down names of websites that you can go right now and see the agents or call them, Boardwell, GE Appliance.com, Lululemon, if you're going to Mexico, Volaris.com, Erlingus, if you're going to Ireland, my two daughters are in Ireland now.

Miguel Milano: We bring customers in the funnel, we want to bring them down. The first thing is to get into production. We added 2,000 paying customers into production. That is 70% more quarter on quarter. We are not happy with production only. We want them to really be ready to do the work. We are taking them to the enterprise. We show them everything, how to work, and then we leave. We call those agents consistently consuming. We added hundreds of consistently consuming agents down there. You have seen down the funnel.

Marc Benioff: When you are using Cloudforce, you are certainly using AI through packaged software. I think that is the right way to think about it. I think the model is do you even know what chip you are using? Do you really know what data center you are on? Do you know what router you are on, what switch, what type of fiber, what cable you are using, what interconnect you are using? At some level, we do get abstracted back to how the way the world used to be, which is we operate at a certain level of value. I believe the highest level of value is at the application layer. I could not tell you from my phone all the way through Salesforce and Slack, all the way down to what the hardware infrastructure is, and I should not have to worry about that. But I do understand this layer up here.

Speaker #3: The first thing is to get them to production. We added 2,000 paying customers into production. That's 70% more quarter on quarter. We are not happy with production only.

Speaker #3: We want them to really be ready to do the work. We are taking them to the enterprise. We show them everything, how to work, and then we leave.

Speaker #10: You want to call Amazon Blink. I mean, you want to call Bberg.

Miguel Milano: We want them to really be ready to do the work. We are taking them to the enterprise. We show them everything, how to work, and then we leave. We call those agents consistently consuming. We added hundreds of consistently consuming agents down there. You have seen down the funnel. You have seen the consumption numbers, the AWUs exploded. But for me, the most important thing is to see the live customers. I want to tell you one story if I have time on one customer. If you want to write down names of websites that you can go right now and see the agent or call them, Bodewell, geappliance.com, Lululemon. If you are going to Mexico, volaris.com. Aer Lingus, if you are going to Ireland, my two daughters are in Ireland now. You want to call Amazon Blink. You want to call biBERK.

Speaker #6: Amazon Blink's such a great example, Miguel. Were you just talk tell the story just briefly?

Speaker #3: We call those agents consistently consuming. We added hundreds of consistently consuming agents down there. You've seen the down the funnel, you've seen the consumption numbers—the AWs exploded.

Speaker #10: I actually have the phone number. Yeah, Amazon Blink, basically, if you have anything going on in your Amazon devices at home, you can call, voice call.

Speaker #10: But I'm actually giving you one because since everybody here is a business, I want to if you need business insurance, commercial insurance, you can call one of the Berkshire Hathaway companies.

Miguel Milano: You have seen the consumption numbers, the AWUs exploded. But for me, the most important thing is to see the live customers. I want to tell you one story if I have time on one customer. If you want to write down names of websites that you can go right now and see the agent or call them, Bodewell, geappliance.com, Lululemon. If you are going to Mexico, volaris.com. Aer Lingus, if you are going to Ireland, my two daughters are in Ireland now. You want to call Amazon Blink. You want to call biBERK.

Speaker #3: But for me, the most important thing—the most important thing—is to see the live customers. I want to tell you one story, if I have time.

Speaker #10: Bberg. And I'm actually going to give you the phone number, 402-200-3104. Just call. So 402-200-3104. And the experience is incredible because it's not just a chat.

Speaker #3: On one customer. But if you want to write down names of websites that you can go to right now and see the agents or call them: boatwell, GEAppliance.com, Lululemon, if you're going to Mexico, Volaris.com; Aer Lingus, if you're going to Ireland—my two daughters are in Ireland now—you can call. You want to call Amazon Blink, or you want to call Bberg.

Marc Benioff: Those top four layers that I have articulated several different times on the call, that is where I live with the customers. I did not have one customer really say to me, tell me, "Are you going to be on open source or are you going to be on frontier?" I think one way to think about this is, yes, this is a highly dynamic market. There will be frontier models, there is going to be open source models, and there is going to be room for all of the above. I think it is very exciting. If you are not tracking what NVIDIA is doing with Nemotron-13 and the ability to fine-tune it is a very exciting moment for models. But Salesforce also makes a lot of models too, by the way. We have a lot of our own models that run in our platform.

Speaker #10: It's a voice that is anchored to your trusted context. And that can execute across our deterministic applications. But anyways, I give you a bunch of websites, et cetera.

Speaker #10: But let me tell you one story of some of the agents that are working in the enterprise that people don't see. Big digital platform company here in the US.

Speaker #5: Amazon Blink, such a great example, Miguel. Were you just talking—can you tell the story just briefly?

Marc Benioff: Amazon Blink is such a great example, Miguel. Will you just tell the story just briefly?

Speaker #3: I actually have the phone number. Yeah, Amazon Blink—basically, if you have anything going on in your Amazon devices at home, you can call, voice call.

Miguel Milano: I actually have the phone number. Amazon Blink, basically, if you have anything going on in your Amazon devices at home, you can call, a voice call. I am actually giving you one because since everybody here is a business, if you need business insurance, commercial insurance, you can call one of the Berkshire Hathaway companies, biBERK. I am actually going to give you the phone number, 402-200-3104. Just call. 402-200-3104. The experience is incredible because it is not just a chat, it is a voice that is anchored to your trusted context, and that can execute across our deterministic applications. Anyways, I give you a bunch of websites, et cetera. Let me tell you one story of some of the agents that are working the enterprise that people don't see. Big digital platform company here in the US, 45 million AWUs. It is one of our largest.

Speaker #10: 45 million AWUs is one of our largest grew 14 times we started this six months ago. In Q2, the AWUs, the consumption grew 14 times, 14-fold.

Speaker #3: But I'm actually giving you one, because since everybody here is a business, I want to—if you need business insurance, commercial insurance, you can call one of the Berkshire Hathaway companies.

Speaker #10: And what it does is they call it the activation agent. They go to all the merchants that are already registered with this platform, but they are not transacting.

Speaker #3: Bberg. And I'm actually going to give you the phone number: 402-200-3104. Just call. So, 402-200-3104. And the experience is incredible because it's not just a chat.

Marc Benioff: Our platform runs on our own custom models. We have been writing models since 2015, and you can find them all on Hugging Face. If you go, you will see all the models. If you are really into models, you can go and see that. I just think we are at a moment where be careful, and I am not sure. I do not think that is what customers. Well, I do not think that is where customers' heads are at. At least when they talk to me, that is not where their heads are at. Maybe some customers are. Obviously, if you go talk to my engineers, maybe they are interested in what is going on, but I think the customers that I speak to are at that level. Does that help you understand how I think about it?

Speaker #10: They're not getting money from the merchants. And the agent has 1,500 interactions every day. Getting these dormant merchants alive. And then kicking and then generating revenue.

Speaker #3: It's a voice that is anchored to your trusted context and that can execute across our deterministic applications. But anyways, I gave you a bunch of websites, et cetera, but let me tell you one story of some of the agents that are working in the enterprise that people don't see.

Speaker #10: This customer, for instance, was one of the customers because we're meeting them where they are with pricing. They didn't want to buy upfront and do a big thing.

Miguel Milano: Anyways, I give you a bunch of websites, et cetera. Let me tell you one story of some of the agents that are working the enterprise that people don't see. Big digital platform company here in the US, 45 million AWUs. It is one of our largest. It grew 14 times. We started this six months ago in Q2. The AWU, the consumption grew 14 times, 14-fold. What it does is, they call it the activation agent. They go to all the merchants that are already registered with this platform, but they are not transacting. They are not getting money from the merchants.

Speaker #10: They just wanted to try and see the value. So now, Mark, we're negotiating either we give them two options, either outcome-based deal. I mean, we're talking I mean, this is a $40 million customer for us.

Speaker #3: Big digital platform company here in the US, 45 million—45 million AWS. It's one of our largest groups. Fourteen times, we started this six months ago.

Speaker #10: So it would be a monster deal on outcome-based or it could be simply an AELA. Unlimited agreement with millions of.

Miguel Milano: It grew 14 times. We started this six months ago in Q2. The AWU, the consumption grew 14 times, 14-fold. What it does is, they call it the activation agent. They go to all the merchants that are already registered with this platform, but they are not transacting. They are not getting money from the merchants. The agent has 1,500 interactions every day, getting these dormant merchants alive, and then kicking and then generating revenue. This customer, for instance, was one of the customers, because we are meeting them where they are with pricing. They didn't want to buy up front and do a big thing. They just wanted to try and see the value. Now, Marc, we are negotiating either we are given two options, either an outcome-based deal.

Speaker #3: In Q2, the AWs—the consumption grew 14 times, 14-fold. And what it does is, they call it the activation agent. They go to all the merchants that are already registered with this platform, but they are not transacting.

Alex Zukin: Super clear.

Speaker #6: I think that's the most important thing for us. I mean, I think that we've heard so many companies say, "We're doing outcome pricing. We're doing this pricing.

Marc Benioff: Thank you so much.

Mark Murphy: Thanks, Alex. Sophie, we will take our next question.

Operator: Our next question comes from Elizabeth Porter with Morgan Stanley. Please unmute your line and ask your question.

Speaker #6: We're doing that pricing." We're just too big. We have to do it all. And so we've built these new flexible pricing schemes that let our customers choose the price that they want.

Speaker #3: They're not getting money from the merchants. And the agent has 1,500 interactions every day—getting these dormant merchants alive and then kicking, and then generating revenue.

Elizabeth Porter: Hi. Thank you so much for the question. I wanted to circle back on the strong Agentforce ARR growth. In particular, what proportion of current Agentforce is coming from paid production customers rather than pilots? How has the timeline from pilot to paid deployment and refilling credits changed over the last couple of months? For instance, are we seeing any sort of lengthening as customers are evaluating a broader set of solutions? Or is Salesforce's increasingly open and headless posture helping de-risk some of these decisions and potentially accelerate the agent with the Salesforce platform? Thanks.

Miguel Milano: The agent has 1,500 interactions every day, getting these dormant merchants alive, and then kicking and then generating revenue. This customer, for instance, was one of the customers, because we are meeting them where they are with pricing. They didn't want to buy up front and do a big thing. They just wanted to try and see the value. Now, Marc, we are negotiating either we are given two options, either an outcome-based deal. We're talking, this is a USD 40 million customer for us, so it would be a monster deal on outcome-based, or it could be simply an ILA, unlimited agreement with millions of-

Speaker #6: And we're going to get more and more into that zone. But this last thing that Miguel said, that some customers want business outcome pricing, that's very exciting.

Speaker #3: This customer, for instance, was one of the customers because we are meeting them where they are with pricing. They didn't want to buy upfront and do a big thing.

Speaker #6: And that's never been true before in enterprise software. And Miguel, one more huge announcement we had in the quarter was that Miguel is now our chief operating officer.

Speaker #3: They just wanted to try and see the value. So now, Mark, we are negotiating. We give them two options: either an outcome-based deal—I mean, we're talking, this is a $40 million customer for us.

Speaker #6: Congratulations,

Speaker #10: Thank you. Thank you.

Speaker #1: Thanks, Elizabeth. Sophie, we will take our next question.

Miguel Milano: We're talking, this is a USD 40 million customer for us, so it would be a monster deal on outcome-based, or it could be simply an ILA, unlimited agreement with millions of-

Speaker #3: So it would be a monster deal on outcome-based, or it could be simply an AELA unlimited agreement with millions of—

Speaker #2: Our next question comes from Gabriella Borges with Goldman Sachs. Please unmute your line and ask a question.

Speaker #11: Hi, good afternoon. I think this follows nicely from Elizabeth's commentary on the different types of pricing models. If I open to what Xero and Regora and Rekor is saying, you've got some customers that are using the agent for a stack.

Speaker #5: I think that's the most important thing for us. I mean, I think that we've heard so many companies say, "We're doing outcome pricing, we're doing this pricing."

Marc Benioff: I think that's the most important thing for us. I think that we've heard so many companies say, "We're doing outcome pricing. We're doing this pricing. We're doing that pricing." We're just too big. We have to do it all, so we've built these new flexible pricing schemes that let our customers choose the price that they want, and we're going to get more and more into that zone. This last thing that Miguel said, that some customers want business outcome pricing, that's very exciting, and that's never been true before in enterprise software. Miguel, one more huge announcement we had in the quarter was that Miguel is now our Chief Operating Officer. Congratulations, Miguel.

Marc Benioff: Want to take that? Yeah, I am going to have it turned over to Miguel, but the first thing I will tell you is, we offer our customers a wide variety of capabilities, products, and functionality. You mentioned Agentforce as one. Coworker, if you have not seen Coworker, it is our fastest-growing AI product. We have another super fast-growing product, Slackbot, right? We expect Claudeforce to be growing super fast. Agentforce also is growing super fast. We have a lot of them. What we are trying to do is let customers have very flexible capability so that they can choose all of them and grow with them as they want. We have these new bundles that you have already heard about, and these new bundles let customers do that. See, customers want to buy and want to price in different ways. This is something I have learned really aggressively recently.

Speaker #5: We're doing that pricing. You know, we're just too big—we have to do it all. And so we've built these new flexible pricing schemes that let our customers choose the price that they want.

Speaker #11: You've got some customers that are going headless. And now you've got the core for financing today as well. My question is a little bit on the economic value to salesforce from these different types of cohorts.

Speaker #5: And we're going to get more and more into that zone. But this last thing that Miguel said—that some customers want business outcome pricing—that's very exciting.

Marc Benioff: This last thing that Miguel said, that some customers want business outcome pricing, that's very exciting, and that's never been true before in enterprise software. Miguel, one more huge announcement we had in the quarter was that Miguel is now our Chief Operating Officer. Congratulations, Miguel.

Speaker #11: I know you're still figuring out monetization on headless. Do you think in steady state you'll be able to capture the same type of ACV from customers agnostic of whether they do agent for us or whether they do some sort of headless configuration?

Speaker #5: And that's never been true before in enterprise software. And Miguel, one more huge announcement we had in the quarter was that Miguel is now our Chief Operating Officer.

Speaker #5: Congratulations, Miguel.

Speaker #3: Thank you.

Speaker #11: And then any early reflections you can share as you progress on figuring out monetization for headless would be very helpful. Thank you.

Miguel Milano: Thank you.

Marc Benioff: Yeah.

Speaker #2: Thanks, Elizabeth. Sophie, we will take our next question.

Miguel Milano: Thank you.

Mark Murphy: Thanks, Elizabeth. Sophie, we will take our next question.

Speaker #1: Our next question comes from Gabriella Borges with Goldman Sachs. Please unmute your line and ask your question.

Operator: Our next question comes from Gabriela Borges with Goldman Sachs. Please unmute your line and ask a question.

Speaker #3: Maybe I'll start, Gabriella. It's a great question. And even going back to Alex's question as well, we feel really comfortable with like you said, we're working through headless monetization.

Speaker #6: Hi, good afternoon. I think this follows nicely from Elizabeth's commentary on the different types of pricing models. If I open to what Xero and Regora and Replot are saying, you've got some customers that are using the agent for a stack.

Gabriela Borges: Hi, good afternoon. I think this follows nicely from Elizabeth's commentary on the different types of pricing models. If I listen to what Xero, Legora, and Replit is saying, you have some customers that are using the Agentforce stack, you have some customers that are going headless, and now you have the Claudeforce announcement today as well. My question is a little bit on the economic value to Salesforce from these different types of cohorts. I know you are still figuring out monetization on headless. Do you think in steady state you will be able to capture the same type of ACV from customers agnostic of whether they do Agentforce or whether they do some sort of headless configuration? Then any early reflections you can share as you progress on figuring out monetization for headless would be very helpful. Thank you.

Marc Benioff: Some are still buying by user and by agent, and that is important for them. Some of them want it by consumption, and that is important to them. Some of them are just basic usage customers, and they want to pay that way. Some of them even want to pay by outcome, and that outcome could be by a transaction outcome or a business outcome. Because customers want that kind of diversity in pricing, we have created a high level of flexibility, and that I think has really expanded our ability to sign very large transactions with our customers. Miguel, do you want to go into the details?

Speaker #3: But just to further double down on Mark's point, what we ultimately think is predictability and flexibility is what's important to customers. And as Mark said, they're going to buy a lot of different type of ways.

Speaker #6: You've got some customers that are going headless, and now you've got the core for financing today as well. My question is a little bit on the economic value to Salesforce from these different types of cohorts.

Speaker #3: I think most importantly, though, we think with our new platform, AI Force, we really are going to unlock the potential for knowledge workers in great ways.

Speaker #6: I know you're still figuring out monetization on headless. Do you think, in steady state, you'll be able to capture the same type of ACV from customers, regardless of whether they use agent for us, or whether they use some sort of headless configuration?

Speaker #3: I think that's going to be pretty impressive. The other thing is the way we're delivering this is through our premium upgrades that we also talked about.

Gabriela Borges: Do you think in steady state you will be able to capture the same type of ACV from customers agnostic of whether they do Agentforce or whether they do some sort of headless configuration? Then any early reflections you can share as you progress on figuring out monetization for headless would be very helpful. Thank you.

Speaker #3: So they're going to get innovation in the moment. That is a early stage for us relative to our installed base or our opportunity to continue to upgrade.

Speaker #6: And then, any early reflections you can share as you progress on figuring out monetization for headless would be very helpful. Thank you.

Miguel Milano: Yeah. The top line numbers are obviously very impressive, but I like to go a little bit deeper under the hood. When you look just at bookings, not just the cumulative ARR, our bookings, Elizabeth, grew triple digits, so we doubled year on year. That was pretty fantastic. 50% of the bookings came from customers refilling the tank. So they consume, they use the flex credits, they want more, they raise their hand, we go there, which by the way, is good for AE productivity because these cell cycles are very short. The time to production is very important for us because consumption is very important to us. We bring customers in the funnel. We want to bring them down. The first thing is to get into production. We added 2,000 paying customers into production. That is 70% more quarter on quarter. We are not happy with production only.

Speaker #4: Maybe I'll start, Gabrielle. It's a great question, and even going back to Alex's question as well. We feel really comfortable with—like you said—we're working through headless monetization, but just to further double down on Marc's point, what we ultimately think is that predictability and flexibility are what's important to customers.

Miguel Milano: You want to

Marc Benioff: You want to

Robin Washington: Maybe I'll start, Gabriela. It's a great question, and even going back to Alex Zukin's question as well. We feel really comfortable with, like you said, we're working through headless monetization, but just to further double down on Marc's point, what we ultimately think is predictability and flexibility is what's important to customers. As Marc said, they're going to buy a lot of different type of ways. I think most importantly, though, we think with our new platform, Agentforce, we really are going to unlock the potential for knowledge workers in great ways. I think that's going to be pretty impressive. The other thing is, the way we're delivering this is through our premium upgrades that we also talked about. They're going to get innovation in the moment. That is an early stage for us relative to our installed base.

Speaker #3: Our customers to those premium additions that gives them instantaneous access to this innovation is an amazing future opportunity for us. So we feel really comfortable with the monetization strategy that we have.

Speaker #3: And most importantly, the flexibility that we're giving our customers that allows us to capture that.

Speaker #4: And as Marc said, they're going to buy in a lot of different ways. I think, most importantly though, we think with our new platform, AI Force, we really are going to unlock the potential for knowledge workers in great ways.

Speaker #10: Good thing. The AI opportunity, you can see it first augmenting employees. That's where our premium additions come very handy because when you are on one of those premium additions, you basically have unlimited usage to augment yourself as an employee.

Speaker #4: I think that's going to be pretty impressive. The other thing is the way we're delivering this is through our premium upgrades that we also talked about.

Speaker #10: And then the customer-facing use cases, which is monster, this is the digital labor world, it's monster. That we monetize with AELAs, with flex credits, and here we meet customers where they are in their journey.

Robin Washington: The other thing is, the way we're delivering this is through our premium upgrades that we also talked about. They're going to get innovation in the moment. That is an early stage for us relative to our installed base. Our opportunity to continue to upgrade our customers to those premium editions that gives them instantaneous access to this innovation is an amazing future opportunity for us. We feel really comfortable with the monetization strategy that we have, and most importantly, the flexibility that we're giving our customers, that allows us to capture that.

Speaker #4: So they're gonna get innovation in the moment. That is an early stage for us relative to our installed base or our opportunity to continue to upgrade.

Miguel Milano: We want them to really be ready to do the work. We are taking them to the enterprise. We show them everything, how to work, and then we leave. We call those agents consistently consuming. We added hundreds of consistently consuming agents down there. You have seen down the funnel. You have seen the consumption numbers, the AWUs exploded. For me, the most important thing is to see the live customers. I want to tell you one story if I have time on one customer. If you want to write down names of websites that you can go right now and see the agent or call them, Bodewell, geappliance.com, Lululemon. If you are going to Mexico, volaris.com. Aer Lingus, if you are going to Ireland, my two daughters are in Ireland now. You want to call Amazon Blink? You want to call biBERK?

Speaker #10: Sometimes they want to buy as they go. Sometimes we just charge for overages. And many times they buy upfront a bunch of credits. I think AI services is going to increase the demand across the board.

Robin Washington: Our opportunity to continue to upgrade our customers to those premium editions that gives them instantaneous access to this innovation is an amazing future opportunity for us. We feel really comfortable with the monetization strategy that we have, and most importantly, the flexibility that we're giving our customers, that allows us to capture that.

Speaker #4: Our customers do those premium additions that give them instantaneous access to this innovation. It is an amazing future opportunity for us. So we feel really comfortable with the monetization strategy that we have.

Speaker #10: What I can tell you is every and we're measuring this we're going to give you an update in Dreamforce, but we started last year.

Speaker #4: And most importantly, the flexibility that we're giving our customers is allowing us to capture that.

Speaker #10: Customers that start the agentic journey with Salesforce, on average, they are already at double the AOV. With a perspective of nearly quadrupling, three times to four times the AOV.

Speaker #3: Good thing. The AI opportunity—you can see it, you know—first, augmenting employees. That's where our premium editions come in very handy because when you have, when you are on one of those premium editions, you basically have unlimited usage to augment yourself as an employee.

Miguel Milano: Quick thing. The AI opportunity, you can see first augmenting employees. That's where our premium editions come very handy, because when you are on one of those premium editions, you basically have unlimited usage to augment yourself as an employee. Then the customer-facing use cases, which is monster, this is the data labor world, it's monster, that we monetize with ILAs, with Flex Credits, and here we meet customers where they are in their journey. Sometimes they want to buy as they go, sometimes we just charge for overages, and many times they buy up front a bunch of credits. I think AI surfaces is going to increase the demand across the board. What I can tell you is every, and we're measuring this, we're going to give you an update in Dreamforce, but we started last year.

Speaker #10: Think about this. The only thing that I need to do is to convince every single customer, and that's why Mark is on the road from time to time, meeting customers, and convince them to come like he did with David Freeburg, to come with us in their agentic journey.

Speaker #3: And then the customer-facing use cases, which is monster—this is the digital labor world, it's monster—that we monetize with AELAs, with flex credits. And here, we meet customers where they are in their journey.

Speaker #10: Because once they make the decision, double, triple, quadruple the AOV with us.

Marc Benioff: Amazon Blink is such a great example, Miguel. Will you just tell the story just briefly?

Speaker #3: Sometimes they want to buy as they go. Sometimes we just, you know, charge for overages. And many times, they buy upfront a bunch of credits. I think, you know, AI services are going to increase the demand across the board.

Speaker #6: Yeah. And I think that that's what's really key. I think your question is so good, Gabriella. I'll tell you why it's so good. Because I think that if you would ask us a year ago, we'd be like, "Well, we don't really know." But I think now we see is, wow, all this new action on the network, call it agentic action, new user interfaces, new applications, it's just a lot more activity on our service.

Miguel Milano: I actually have the phone number. Amazon Blink, basically, if you have anything going on in your Amazon devices at home, you can call, a voice call. I am actually giving you one because since everybody here is a business, if you need business insurance, commercial insurance, you can call one of the Berkshire Hathaway companies, biBERK, and I am actually going to give you the phone number, 402-200-3104. Just call. So 402-200-3104, and the experience is incredible because it is not just a chat. It is a voice that is anchored to your trusted context and that can execute across our deterministic applications. Anyways, I give you a bunch of websites, et cetera, but let me tell you one story of some of the agents that are working the enterprise that people don't see.

Miguel Milano: I think AI surfaces is going to increase the demand across the board. What I can tell you is every, and we're measuring this, we're going to give you an update in Dreamforce, but we started last year. Customers that start the agentic journey with Salesforce, on average, they are already at double the AOV with a perspective of nearly quadrupling, 3 times to 4 times the AOV. Think about this.

Speaker #3: What I can tell you is, every— and we are measuring this. We are going to give you an update at Dreamforce, but we started last year.

Speaker #3: Customers that start the agentic journey with Salesforce, on average, are already at double the AOV, with a perspective of nearly quadrupling—three times to four times the AOV.

Miguel Milano: Customers that start the agentic journey with Salesforce, on average, they are already at double the AOV with a perspective of nearly quadrupling, 3 times to 4 times the AOV. Think about this. The only thing that I need to do is to convince every single customer, and that's why Marc is on the road from time to time, meeting customers, and convince them to come, like he did with David Friedberg, to come with us in their agentic journey. Because once they make the decision-

Speaker #6: I mean, the amount of action at Salesforce on our service, the value that we're adding, the actual value that we can give to our customers is immense.

Speaker #3: Think about this. The only thing that I need to do is to convince every single customer, and that's why Marc is on the road from time to time, meeting customers and convincing them to come—like he did with David Freeburg—to join us in their agentic journey.

Miguel Milano: The only thing that I need to do is to convince every single customer, and that's why Marc is on the road from time to time, meeting customers, and convince them to come, like he did with David Friedberg, to come with us in their agentic journey. Because once they make the decision-

Speaker #6: So have we fully optimized that yet? No way. We're still trapped in some ways in old per-user pricing models. But there are opportunity to build much more aggressive pricing to really represent the value that we're offering our customers.

Speaker #3: Because once they make the decision, they double, triple, even quadruple the AOV with us.

Robin Washington: That's right.

Miguel Milano: double, triple, quadruple the AOV with us.

Speaker #5: Yeah, and I think that's what's really key. I think your question is so good, Gabrielle. I'll tell you why it's so good: because I think that if you would have asked us a year ago, we'd be like, well, we don't really know.

Miguel Milano: Big digital platform company here in the US, 45 million AWUs, is one of our largest, grew 14 times. We started this 6 months ago. In Q2, the AWU, the consumption grew 14 times, fourteenfold. What it does is, they call it the activation agent. They go to all the merchants that are already registered with this platform, but they are not transacting. They are not getting money from the merchants. The agent has 1,500 interactions every day, getting these dormant merchants alive, and then kicking and then generating revenue. This customer, for instance, was one of the customers, because we are meeting them where they are with pricing. They didn't want to buy upfront and do a big thing. They just wanted to try and see the value. Now, Marc, we are negotiating, either we are giving two options, either an outcome-based deal.

Marc Benioff: Yeah. I think that that's what's really key. I think your question is so good, Gabriela. I'll tell you why it's so good. Because I think that if you would ask us a year ago, we'd be like, "Well, we don't really know." I think now what we see is, wow, all this new action on the network, call it agentic action, new user interfaces, new applications, it's just a lot more activity on our service. The amount of action at Salesforce on our service, the value that we're adding, the actual value that we can give to our customers is immense. So have we fully optimized that yet? No way. We're still trapped in some ways in old per user pricing models, but their opportunity to build much more aggressive pricing, to really represent the value that we're offering our customers, I think is enormous.

Speaker #6: I think is enormous. And Miguel is really at the very beginning of what I think will be one of the most exciting journeys he's ever been on.

Speaker #10: Only 5% of the knowledge workers that use sales and service have agreed to the higher-end additions. We get at 60 to 80 percent premium.

Speaker #5: But I think now what we see is, wow, all this new action on the network—call it agentic action, new user interfaces, new applications—it's just a lot more activity on our service.

Speaker #10: So imagine.

Speaker #6: Yeah. And I think that's a major so if you want CloudForce, if you want headless, if you want all these value-added agentic additions and capabilities, you need to move to our premium addition, which is what's going to give you the power to fully operate inside your enterprise and deliver this high-level of capability and unleash the huge amount of value.

Speaker #5: I mean, the amount of action at Salesforce on our service, the value that we're adding, the actual value that we can give to our customers, is immense.

Marc Benioff: The amount of action at Salesforce on our service, the value that we're adding, the actual value that we can give to our customers is immense. So have we fully optimized that yet? No way. We're still trapped in some ways in old per user pricing models, but their opportunity to build much more aggressive pricing, to really represent the value that we're offering our customers, I think is enormous. Miguel is really at the very beginning of what I think will be one of the most exciting journeys he's ever been on.

Speaker #5: So, have we fully optimized that yet? No way. You know, we're still trapped in some ways in old, you know, per-user pricing models.

Speaker #6: That's been trapped for so many years. I hope that makes sense.

Speaker #5: But there are opportunities to build much more aggressive pricing, you know, to really represent the value that we're offering our customers. I think it is enormous.

Speaker #11: Good numbers there. Thank you.

Speaker #6: Thank you.

Speaker #1: Thanks, Gabriella. Sophie, we will take our last question.

Miguel Milano: We are talking, this is a $40 million customer for us, so it would be a monster deal on outcome based, or it could be simply an ILA, unlimited agreement with millions of

Speaker #2: Our last question comes from John Difucci with Guggenheim Securities. Please unmute your line and ask your question.

Speaker #5: And Miguel is really at the very beginning of what I think will be one of the most exciting journeys he's ever been on.

Marc Benioff: Miguel is really at the very beginning of what I think will be one of the most exciting journeys he's ever been on.

Speaker #1: Thanks for taking my question. Miguel, I know you've gone through the math of how the subscription net new AOV to revenue works. And we agree, it's math.

Speaker #3: Only 5% of the knowledge workers that use Sales and Service have agreed to the higher end additions. We get a 60% to 80% premium.

Miguel Milano: Only 5% of the knowledge workers that use Sales and Service have upgraded to the higher-end editions. We get a 60% to 80% premium, so imagine.

Marc Benioff: I think that is the most important thing for us. I think that we have heard so many companies say, "We are doing outcome pricing. We are doing this pricing, we are doing that pricing. We are just too big. We have to do it all." So we have built these new flexible pricing schemes that let our customers choose the price that they want, and we are going to get more and more into that zone. But this last thing that Miguel said, that some customers want business outcome pricing, that is very exciting, and that has never been true before in enterprise software. Miguel, one more huge announcement we had in the quarter was that Miguel is now our Chief Operating Officer. Congratulations, Miguel.

Speaker #1: But there are two things that Robin said that I think are really important to that. And one, net new AOV growth is as strong as it's been in four years.

Speaker #3: So imagine.

Speaker #5: Yeah, and I think that's a major—so if you want CloudForce, if you want headless, if you want all these value-added, agentic additions and capabilities, you need to move to our premium edition, which is what's going to give you the power to fully operate inside your enterprise and deliver this high level of capability, and unleash the huge amount of value.

Marc Benioff: Yeah. I think that is a major. If you want Claudeforce, if you want Headless, if you want all these value-added agentic additions and capabilities, you need to move to our premium edition, which is what is going to give you the power to fully operate inside your enterprise and deliver this high level of capability and unleash the huge amount of value that has been trapped for so many years. I hope that makes sense.

Speaker #1: And two, you had near-record low attrition. Those two things help that math work. We know that. Can you better I guess help us better understand what's happening underneath those statements?

Speaker #1: How stable or sticky is that foundation of your recurring revenue? And more importantly, how should we think about that going forward? Because Mark's talked a lot about the so-called SaaS apocalypse.

Speaker #5: That's been trapped for so many years. I hope that makes sense.

Speaker #6: Good numbers there. Thank you.

Gabriela Borges: Good numbers there. Thank you.

Speaker #5: Thank you.

Speaker #2: Thanks, Gabrielle. Sophie, we will take our last question.

Marc Benioff: Thank you.

Mark Murphy: Thanks, Gabriela. Sophie, we will take our last question.

Miguel Milano: Thank you.

Marc Benioff: Yeah. Thank you.

Mark Murphy: Thanks, Elizabeth. Sophie, we will take our next question.

Speaker #1: And he's and I appreciate that. That was actually, I don't know, probably not fun, but it was always interesting. But if you follow through on those.

Speaker #1: Our last question comes from John Difuchi with Guggenheim Securities. Please unmute your line and ask your question.

Operator: Our last question comes from John DiFucci with Guggenheim Securities. Please unmute your line and ask your question.

Operator: Our next question comes from Gabriela Borges with Goldman Sachs. Please unmute your line and ask a question.

Speaker #2: Thanks for taking my question. Miguel, I know you've gone through the math of how the subscription net new AOV to revenue works, and we agree, it's math.

John DiFucci: Thanks for taking my question. Miguel, I know you've gone through the math of how the subscription net new AOV to revenue works, and we agree it's math. There are two things that Robin said that I think are really important to that. One, net new AOV growth is the strongest it's been in four years. Two, you had near record low attrition. Those two things help that math work. We know that. Can you better, I guess, help us better understand what's happening underneath those statements? How stable or sticky is that foundation of your recurring revenue? More importantly, how should we think about that going forward? Marc's talked a lot about the so-called SaaSpocalypse, and I appreciate that. That was, I'd say, I don't know, probably not fun, but it was always interesting.

Speaker #6: Empathy.

Gabriela Borges: Hi, good afternoon. I think this follows nicely from Elizabeth's commentary on the different types of pricing models. If I listen to what Xero and Legora and Replit is saying, you have some customers that are using the Agentforce stack, you have some customers that are going headless, and now you have the Claudeforce announcement today as well. My question is a little bit on the economic value to Salesforce from these different types of cohorts. I know you are still figuring out monetization on headless. Do you think in steady state, you will be able to capture the same type of ACV from customers agnostic of whether they do Agentforce or whether they do some sort of headless configuration? Then any early reflections you can share as you progress on figuring out monetization to headless would be very helpful. Thank you.

Speaker #1: But if you if Salesforce follows through on those statements and that math, both low attrition and strong new business growth, that term is going to be part of history, Mark.

Speaker #2: But there are two things that Robin said that I think are really important to that. And one, net new AOV growth is as strong as it's been in four years.

Speaker #6: You missed the third leg of the stool, though, John. You didn't say a new value-added for customers. I think that the key is three things.

Speaker #2: And two, you had near-record low attrition. Those two things help that math work; we know that. Can you help us better understand what's happening underneath those statements?

Speaker #6: Yes, it has to be about low attrition. Okay? And high net new AOV. Very important. But the third thing that we have to do with this AI is deliver this new value-added that's going to bam, bam, bam offer all these new capabilities.

Speaker #2: How stable or sticky is that foundation of your recurring revenue? And more importantly, how should we think about that going forward? Because Marc's talked a lot about the so-called SaaS apocalypse.

John DiFucci: More importantly, how should we think about that going forward? Marc's talked a lot about the so-called SaaSpocalypse, and I appreciate that. That was, I'd say, I don't know, probably not fun, but it was always interesting.

Speaker #6: And I'll just come back to what we said. Whether you're using CloudForce or you're going to see the new version of Slack, I'll just go into a second, also has an incredible surface.

Speaker #2: And he's... And I appreciate that. That was actually— I don't know, probably not fun, but it was always interesting. But if you follow through on those—

Miguel Milano: You want to

Robin Washington: Maybe I will start, Gabriela. It is a great question, and even going back to Alex Zukin's question as well. We feel really comfortable with, like you said, we are working through headless monetization, but just to further double down on Marc Benioff's point, what we ultimately think is predictability and flexibility is what is important to customers. As Marc Benioff said, they are going to buy a lot of different type of ways. I think most importantly, though, we think with our new platform, AI Cloud, we really are going to unlock the potential for knowledge workers in great ways. I think that is going to be pretty impressive. The other thing is, the way we are delivering this is through our premium upgrades that we also talked about. So they are going to get innovation in the moment.

Speaker #6: And this idea that all of a sudden these kind of things that set kind of theoretically at the top of the stack can dynamically build for you these applications so you're going to work with it and you're going to say, "Hey, I'm managing this part of my business.

Marc Benioff: Thank you, John.

John DiFucci: But if you follow through on those statements

Speaker #5: Empathy.

Marc Benioff: Thanks for your empathy.

Speaker #2: But if you—if Salesforce follows through on those statements and that math, both low attrition and strong new business growth, that term's gonna be part of history, Mark.

John DiFucci: But if Salesforce follows through on those statements and that math, both low attrition and strong new business growth, that term is going to be part of history, Marc.

Speaker #6: It involves these customers, these products, these competitors. This technology. And bring this together to me in a map, in a this, in a that." And where you used to have to take months or years to build very complex, very dynamic applications that look like they were built in I'm not going to get too geeky on you, but like React, like a very complex user interface, all of a sudden, that is what the AI is really good at.

Speaker #5: You missed the third leg of the stool, though, John. You didn't say a new value added for customers. I think that the key is, it's three things.

Marc Benioff: You missed the third leg of the stool, though, John. You didn't say a new value added for customers. I think that the key is three things. Yes, it has to be about low attrition, okay? And high net new AOV, very important. But the third thing that we have to do with this AI is deliver this new value added that's going to bam, bam, offer all these new capabilities. I'll just come back to what we said. Whether you're using Claudeforce or you're going to see the new version of Slack, I'll just go into it second, also has an incredible surface. This idea that all of a sudden, these kind of things that sit theoretically at the top of the stack can dynamically build for you these applications.

Speaker #5: Yes, it has to be about low attrition, okay? And high net new AOV. Very important. But the third thing that we have to do with this AI is deliver this new value-added that's gonna bam, bam, bam, offer all these new capabilities.

Speaker #5: And I'll just come back to what we said. Whether you're using CloudForce or you're gonna see the new version of Slack—I'll just go into it in a second—it also has an incredible surface.

Speaker #6: And we're doing the heavy lifting down below. The sharing models, the business models, the security models, keeping it safe, keeping it controlled, keeping the data where it needs to be, making sure the wrong person doesn't see the wrong data, that kind of thing.

Robin Washington: That is an early stage for us relative to our installed base or our opportunity to continue to upgrade our customers to those premium editions that gives them instantaneous access to this innovation, is an amazing future opportunity for us. So we feel really comfortable with the monetization strategy that we have, and most importantly, the flexibility that we are giving our customers, that allows us to capture that.

Speaker #5: And this idea that, all of a sudden, these kind of things that sit, kind of theoretically, at the top of the stack can dynamically build for you these applications.

Marc Benioff: This idea that all of a sudden, these kind of things that sit theoretically at the top of the stack can dynamically build for you these applications. You are going to work with it and you are going to say, "Hey, I am managing this part of my business. It involves these customers, these products, these competitors, this technology," and bring this together to me in a map, and a this and a that. Where you used to have to take months or years to build very complex, very dynamic applications that look like they were built in, I am not going to get too geeky on you, but like React, like a very complex user interface.

Speaker #6: But then that idea that we can offer a lot more value. So it's those three things all coming at once. And that is what our that's what our hope is.

Speaker #5: So you're gonna work with it, and you're gonna say, hey, I'm managing this part of my business. You know, it involves these customers, these products, these competitors, you know, this technology.

Marc Benioff: You are going to work with it and you are going to say, "Hey, I am managing this part of my business. It involves these customers, these products, these competitors, this technology," and bring this together to me in a map, and a this and a that. Where you used to have to take months or years to build very complex, very dynamic applications that look like they were built in, I am not going to get too geeky on you, but like React, like a very complex user interface. All of a sudden, that is what the AI is really good at. We are doing the heavy lifting down below, the sharing models, the business models, the security models, keeping it safe, keeping it controlled, keeping the data where it needs to be, making sure the wrong person does not see the wrong data, that kind of thing.

Speaker #6: Is that we will offer more value for our customers and unleash trapped value and that that's going to give us this huge leg up in that last thing that Miguel said that we're moving to not just kind of outcome-based pricing, which is we completed this many phone calls, therefore, give us a dollar.

Miguel Milano: Good thing. The AI opportunity, you can see, first augmenting employees. That is where our premium editions come very handy, because when you are on one of those premium editions, you basically have a limited usage to augment yourself as an employee. Then the customer-facing use cases, which is monster. This is the data labor world. It is monster. That we monetize with ILAs, with flex credits, and here we meet customers where they are in their journey. Sometimes they want to buy as they go, sometimes we just charge for overages, and many times they buy up front a bunch of credits. I think, AI services is going to increase the demand across the board. What I can tell you is every, and we are measuring this, we are going to give you an update in the Dreamforce, but we started last year.

Speaker #5: And bring this together to me, and a map, and this, and that. And where you used to have to take months or years to build very complex, very dynamic applications that look like they were built in, I’m not gonna get too geeky on you, but like React, you know, like a very complex user interface— all of a sudden, that is what the AI is really good at.

Speaker #6: We want to be able to say, "No, we improve revenue by this much so give us $2 because we made you 20 or we made you 40." And I think that that's like the next generation of enterprise software that is more than outcome-based pricing.

Marc Benioff: All of a sudden, that is what the AI is really good at. We are doing the heavy lifting down below, the sharing models, the business models, the security models, keeping it safe, keeping it controlled, keeping the data where it needs to be, making sure the wrong person does not see the wrong data, that kind of thing. That idea that we can offer a lot more value. It is those three things all coming at once. That is what our hope is that we will offer more value for our customers and unleash trapped value, and that that is going to give us this huge leg up.

Speaker #5: And, you know, we're doing the heavy lifting down below—the sharing models, the business models, the security models—keeping it safe, keeping it controlled, you know, keeping the data where it needs to be, making sure the wrong person doesn't see the wrong data, that kind of thing.

Speaker #6: And there's other enterprise software companies that are out there that are kind of doing well. They work with sometimes mid-market companies and get huge prices for their products because they've basically been able to write an outcome deal like, "If I can generate this much more revenue for you, you have to give me a percentage of it." Whoa, you could do that at scale now that you have this kind of thing.

Speaker #5: But then that idea that we can offer a lot more value. So it's those three things all coming at once. And that is what our—that's what our hope is.

Marc Benioff: That idea that we can offer a lot more value. It is those three things all coming at once. That is what our hope is that we will offer more value for our customers and unleash trapped value, and that that is going to give us this huge leg up. That last thing that Miguel said, that we are moving to not just outcome-based pricing, which is, we completed this many phone calls, therefore give us a dollar. We want to be able to say, "No, we improved revenue by this much, so give us $2 because we made you $20 or we made you $40." I think that that is like the next generation of enterprise software that is more than outcome-based pricing. There are other enterprise software companies that are out there that are doing well.

Miguel Milano: Customers that start the agentic journey with Salesforce, on average, they are already at double the AOV with a perspective of nearly quadrupling, 3 times to 4 times the AOV. Think about this. The only thing that I need to do is to convince every single customer, and that is why Marc Benioff is on the road from time to time, meeting customers, and convince them to come, like he did with David Friedberg, to come with us in their agentic journey. Because once they make the decision-

Speaker #5: Is that we will offer more value for our customers and unleash trapped value, and that that's gonna give us this huge leg up in that last thing that Miguel said, that we're moving to not just kind of outcome-based pricing, which is, we completed this many phone calls, therefore give us a dollar.

Speaker #6: And you don't need a bunch of FDEs and engineers and all that to do that because that's what the AI is really good for up here at this top level.

Marc Benioff: That last thing that Miguel said, that we are moving to not just outcome-based pricing, which is, we completed this many phone calls, therefore give us a dollar. We want to be able to say, "No, we improved revenue by this much, so give us $2 because we made you $20 or we made you $40." I think that that is like the next generation of enterprise software that is more than outcome-based pricing. There are other enterprise software companies that are out there that are doing well.

Speaker #6: Does this make sense what I'm saying to you?

Speaker #1: You know what, Mark, it makes absolute sense. But and I really appreciate it. But I think you'd agree with me that even without that, the way Salesforce stock and some of your peers have been trading, they are not even looking at that.

Speaker #5: You know, we want to be able to say, no, we improved revenue by this much, so give us $2 because we made you $20 or we made you $40.

Speaker #5: And I think that that's like the next generation of enterprise software that is more than outcome-based pricing. And there are other enterprise software companies out there that are kind of doing well.

Robin Washington: That's right.

Miguel Milano: double, triple, quadruple the AOV with us.

Speaker #1: They were just afraid things were going to deteriorate into.

Marc Benioff: Yeah. I think that that's what's really key. I think your question is so good, Gabriela. I'll tell you why it's so good. Because I think that if you would ask us a year ago, we'd be like, "Well, we don't really know." But I think now what we see is, wow, all this new action on the network, call it agentic action, new user interfaces, new applications, it's just a lot more activity on our service. The amount of action at Salesforce on our service, the value that we're adding, the actual value that we can give to our customers is immense. So have we fully optimized that yet? No way. We're still trapped in some ways in old per user pricing models. But the opportunity to build much more aggressive pricing, to really represent the value that we're offering our customers, I think is enormous.

Speaker #6: They're not looking at it. Right. Well, yeah, take the value of Slack. Obviously, I get a call every day from somebody who wants to buy Slack.

Speaker #5: They work with, sometimes, mid-market companies and get huge prices for their products because they've basically been able to write an outcome deal. Like, if I can generate this much more revenue for you, you have to give me a percentage of it.

Marc Benioff: They work with sometimes mid-market companies and get huge prices for their products because they have basically been able to write an outcome deal like, if I can generate this much more revenue for you have to give me a percentage of it. Whoa, you could do that at scale now that you have this kind of thing, and you do not need a bunch of FTEs and engineers and all that to do that, because that is what the AI is really good for up here at this top level. Does this make sense, what I am saying to you?

Speaker #6: Hey, take the value of Slack. Then take the value of our Anthropic stock. That's been like half our value of our forget our cash flow or our customer base.

Speaker #6: That's why I said, "Robin, go try to buy as much back as much Salesforce stock as you can." And I think we got a lot of stock at a good price.

Speaker #5: Whoa, you could do that at scale now that you have this kind of thing. And you don't need a bunch of FDEs and engineers and all that to do that, because that's what the AI is really good for up here at this top level.

Speaker #1: Well, you're on your way. This tonight. Big statement.

Speaker #5: Does this make sense, what I'm saying to you?

Speaker #6: Thank you. Thank you. Keep guiding us, John.

Speaker #2: You know what, Marc, it makes absolute sense, and I really appreciate it. But I think you'd agree with me that even without that, the way Salesforce stock and some of your peers have been trading, they're not even looking at that.

John DiFucci: You know what, Marc? It makes absolute sense, and I really appreciate it, but I think you would agree with me that even without that, the way Salesforce stock and some of your peers have been trading, they are not even looking at that. They were just afraid things were going to deteriorate into-

Speaker #1: On the confidence about the future. I mean, H1, H2 last year was a great net new AOV growth semester. We knew Robin and I, we partnered together.

Speaker #2: They were just afraid things were gonna deteriorate into...

Speaker #1: We knew that for organic revenue to re-accelerate as we committed to happening now in H2, we had to continue with net new AOV growth at pace in AOV growth.

Speaker #5: They're not looking at it, right? Well, yeah, take the value of Slack. You know, obviously I get a call every day from somebody who wants to buy Slack.

Marc Benioff: They are not looking at it. Well, yeah, take the value of Slack. Obviously, I get a call every day from somebody who wants to buy Slack. Hey, take the value of Slack. Then take the value of our Anthropic stock. That has been like half our value of our. Forget our cash flow or our customer base. That is why I said, "Robin, go try to buy as much back, as much Salesforce stock as you can." I think we got a lot of stock at a good price.

Marc Benioff: Miguel is really at the very beginning of what I think will be one of the most exciting journeys he's ever been on.

Speaker #5: Hey, take the value of Slack. Then take the value of our Anthropic stock. That's been like half our value of our—forget our cash flow or our customer base.

Miguel Milano: Only 5% of the knowledge workers that use Sales and Service have upgraded to the higher-end editions. We get a 60% to 80% premium, so imagine.

Speaker #1: That was our obsession. We aligned the whole company this fiscal year, compensation plans, every role. H1, net new AOV significantly growth outpaced AOV growth.

Speaker #5: That's why I said, "Robin, go try to buy as much Salesforce stock as you can, you know?" And, you know, I think we got a lot of stock at a good price.

Marc Benioff: If you want Agentforce, if you want Headless 360, if you want all these value-added agentic additions and capabilities, you need to move to our premium edition, which is what is going to give you the power to fully operate inside your enterprise and deliver this high level of capability and unleash the huge amount of value that has been trapped for so many years. I hope that makes sense.

Speaker #1: We've already raised the guidance. We've already committed to the revenue acceleration in organically in Q3. The momentum is there. We feel very, very strong.

John DiFucci: Well, you are on your way. This tonight

Speaker #2: Well, you're on your way this tonight.

Speaker #1: The demand environment is very, very good, very strong. Our pipeline, our record levels. We have more opportunities to monetize that we are not even putting in the pipeline.

Miguel Milano: On the confidence

Speaker #5: Thank you. Thank you. Keep guiding us, John.

John DiFucci: made a big statement

Miguel Milano: Thank you.

John DiFucci: Thank you.

Miguel Milano: On the-

Marc Benioff: Keep guiding us, John.

Speaker #2: On the confidence about the future—I mean, H1 and H2 last year was our great net new AOV, our growth semester. We knew Robin and I, we partnered together.

Miguel Milano: on the confidence about the future. I mean, H1, H2 last year was our great net new AOV growth semester. We knew, Robin and I, we partnered together, we knew that for organic revenue to re-accelerate as we committed to happening now in H2, we had to continue with net AOV growth outpacing AOV growth. That was our obsession. We aligned the whole company this fiscal year, compensation plans, every role. H1 net AOV significantly growth outpaced AOV growth. We've already raised the guidance. We've already committed to the revenue acceleration organically in Q3. The momentum is there. We feel very strong. The demand environment is very good, very strong. Our pipeline are at record levels. We have more opportunities to monetize that we are not even putting in the pipeline. We have the capacity. Thank you, Marc.

Speaker #1: We had the capacity, thank you, Mark. You pushed us to hire a lot of AEs when things were a little bit rocky.

Speaker #6: Somebody's got to call these customers besides me, Miguel.

Gabriela Borges: Good numbers there. Thank you.

Marc Benioff: Thank you.

Mark Murphy: Thanks, Gabriela. Sophie, we will take our last question.

Speaker #1: Because I know. I know. I do some calls also.

Speaker #2: We knew that for organic revenue to re-accelerate, as we committed to happening now in H2, we had to continue with net new AOV growth at pace in AOV growth.

Speaker #6: Okay. Thank you for helping out.

Speaker #1: We had the capacity and we had the innovation. We had the product. So if you think the demand is there, and it's going to get even better with the AI force, and the supply, which is for us, supply is capacity.

Operator: Our last question comes from John DiFucci with Guggenheim Securities. Please unmute your line and ask your question.

John DiFucci: Thanks for taking my question. Miguel, I know you have gone through the math of how the subscription net new AOV to revenue works, and we agree it is math. But there are two things that Robin said that I think are really important to that. One, net new AOV growth is the strongest it has been in four years, and two, you had near record low attrition. Those two things help that math work. We know that. Can you help us better understand what is happening underneath those statements? How stable or sticky is that foundation of your recurring revenue? More importantly, how should we think about that going forward? Marc has talked a lot about the so-called SaaSpocalypse, and I appreciate that. That was, I would say, I do not know, probably not fun, but it was always interesting.

Speaker #2: That was our obsession. We aligned the whole company this fiscal year—compensation plans, every role. H1 net new AOV significantly outpaced AOV growth.

Speaker #1: Distribution capacity, which we have hired more than anybody else. We still have to hire 1,200 more AEs before the end of the year. We are now hitting 15,000 AEs.

Speaker #2: We've already raised the guidance. We've already committed to the revenue acceleration organically in Q3. The momentum is there. We feel very, very strong.

Speaker #1: And the innovation, we have the best products we've ever had, most of it organic. We've made some tag-in acquisitions to enlarge our terms. We are very confident, definitely we are committed to the H2 revenue re-acceleration.

Miguel Milano: The momentum is there. We feel very strong. The demand environment is very good, very strong. Our pipeline are at record levels. We have more opportunities to monetize that we are not even putting in the pipeline. We have the capacity. Thank you, Marc. You pushed us to hire a lot of AEs when things were a little bit rocky.

Speaker #2: The demand environment is very, very good—very strong. Our pipeline is at record levels. We have more opportunities to monetize that we are not even putting in the pipeline.

Speaker #1: That's already math. Q3 is math. Q4 is nearly math. But we are committed in sustaining that acceleration. And we are going to hear more at Dreamforce about fiscal year '28.

Speaker #2: We had the capacity. Thank you, Mark. You pushed us to hire a lot of A's when things were a little bit rocky.

Miguel Milano: You pushed us to hire a lot of AEs when things were a little bit rocky.

Speaker #2: And I think even to add to that, Miguel, is if you take a look, particularly at sales and service, we're seeing durable growth in seats.

Speaker #5: Somebody's got to call these customers besides me, Miguel.

Marc Benioff: Somebody's got to call these customers besides me, Miguel.

Speaker #2: I know, I know. I do some calls also.

Miguel Milano: I know. I do some calls also.

Speaker #2: Right? So that's fundamental proof point is that everything we're doing is amplifying our entire platform. It's amazing progress.

Speaker #5: Okay, thank you for helping out.

Miguel Milano: Okay. Thank you for helping out.

Speaker #2: We had the capacity, and we had the innovation. We had the product. So if you think the demand is there—and it's gonna get even better with the AI force—and the supply, which for us is capacity, distribution capacity, which we have hired more than anybody else.

Miguel Milano: We have the capacity, we have the innovation, we have the product. If you think the demand is there, it is going to get even better with the AI force. The supply, which is for us supply is capacity, distribution capacity, which we have hired more than anybody else. We still have to hire 1,200 more AEs before the end of the year. We are now hitting 15,000 AEs. The innovation, we have the best products we have ever had, most of it organic. We have made some tuck-in acquisitions to enlarge our TAMs. We are very confident. Definitely, we are committed to the H2 revenue re-acceleration. That is already math. Q3 is math. Q4 is nearly math. We are committed in sustaining that acceleration, and we are going to hear more at Dreamforce about fiscal year 2028, I think. Yeah.

Speaker #1: It's amplifying the need for trusted context and deterministic execution. Very clear.

Marc Benioff: Thank you, John.

John DiFucci: But if you follow through on those statements

Marc Benioff: Thank you for your empathy.

John DiFucci: But if Salesforce follows through on those statements and that math, both low attrition and strong new business growth, that term is going to be part of history, Marc.

Speaker #4: Perfect note to end on. Thank you, John. And thank you to everyone for joining the call. We will be hosting a webinar on Tuesday.

Speaker #2: We still have to hire 1,200 more A's before the end of the year. We are now hitting 15,000 A's. And the innovation—we have the best products we've ever had.

Speaker #4: To deep dive on our customer motion and adoption of AI with Bill Patterson and Connor Martison, and we look forward to seeing you all over the coming weeks and at Investor Day at Dreamforce.

Speaker #2: Most of it organic. We've made some tuck-in acquisitions to enlarge our terms. We are very confident, definitely we are committed to the H2 revenue re-acceleration.

Marc Benioff: You missed the third leg of the stool, though, John. You didn't say a new value added for customers. I think that the key is three things. Yes, it has to be about low attrition, okay? And high net new AOV. Very important. But the third thing that we have to do with this AI is deliver this new value added that's going to bam, bam, offer all these new capabilities. I'll just come back to what we said. Whether you're using Cloudforce, you're going to see the new version of Slack, I'll just go into it second, also has an incredible surface. And this idea that all of a sudden, these kind of things that sit theoretically at the top of the stack can dynamically build for you these applications.

Miguel Milano: Definitely, we are committed to the H2 revenue re-acceleration. That is already math. Q3 is math. Q4 is nearly math. We are committed in sustaining that acceleration, and we are going to hear more at Dreamforce about fiscal year 2028,I think. Yeah.

Speaker #2: That's already math. Q3 is math. Q4 is nearly math. But we are committed to sustaining that acceleration, and we're going to hear more at Dreamforce about fiscal year '28.

Speaker #1: And I think, even to add to that, Miguel, if you take a look particularly at Sales and Service, we're seeing durable growth in seats.

Robin Washington: I think even to add to that, Miguel, is if you take a look particularly at sales and service, we are seeing durable growth in seats.

Speaker #1: Right? So, that fundamental proof point is that everything we're doing is amplifying our entire platform. Amazing progress.

Miguel Milano: Yeah.

Robin Washington: Right? That is

Miguel Milano: It's our product

Robin Washington: fundamental proof point, is that everything we're doing is amplifying our entire platform.

Miguel Milano: AI is helping us.

Robin Washington: Amazing progress.

Speaker #2: It's amplifying the need for trusted context and deterministic execution. Very clear.

Miguel Milano: It is amplifying the need for trusted context and deterministic execution. Very clear.

Speaker #3: Perfect note to end on. Thank you, John, and thank you, everyone, for joining the call. We will be hosting a webinar on Tuesday.

Mark Murphy: Perfect note to end on. Thank you, John, and thank you to everyone for joining the call. We will be hosting a webinar on Tuesday to deep dive on our customer motion and adoption of AI with Bill Patterson and Conor Marsden, and we look forward to seeing you all over the coming weeks and at Investor Day at Dreamforce.

Marc Benioff: You are going to work with it and you are going to say, "Hey, I am managing this part of my business. It involves these customers, these products, these competitors, this technology, and bring this together to me in a map," and a this and a that. Where you used to have to take months or years to build very complex, very dynamic applications that look like they were built in, I am not going to get too geeky on you, but like React, like a very complex user interface. All of a sudden, that is what the AI is really good at. We are doing the heavy lifting down below, the sharing models, the business models, the security models, keeping it safe, keeping it controlled, keeping the data where it needs to be, making sure the wrong person does not see the wrong data, that kind of thing.

Speaker #3: To deep dive on our customer motion and adoption of AI with Bill Patterson and Connor Martison, and we look forward to seeing you all over the coming weeks and at Investor Day at Dreamforce.

Operator: Thank you for joining. This concludes today's call. You may now disconnect.

Marc Benioff: That idea that we can offer a lot more value. It is those three things all coming at once, and that is what our hope is that we will offer more value for our customers and unleash trapped value, and that that is going to give us this huge leg up. That last thing that Miguel said, that we are moving to not just outcome-based pricing, which is we completed this many phone calls, therefore give us a dollar. We want to be able to say, "No, we improved revenue by this much, so give us $2 because we made you $20 or we made you $40." I think that that is like the next generation of enterprise software that is more than outcome-based pricing. There are other enterprise software companies that are out there that are kind of doing well.

Marc Benioff: They work with sometimes mid-market companies and get huge prices for their products because they have basically been able to write an outcome deal, like if I can generate this much more revenue for you have to give me a percentage of it. Whoa, you could do that at scale now that you have this kind of thing, and you do not need a bunch of FDEs and engineers and all that to do that, because that is what the AI is really good for up here at this top level. Does this make sense, what I am saying to you?

John DiFucci: You know what, Marc? It makes absolute sense, and I really appreciate it. I think you would agree with me that even without that, the way Salesforce stock and some of your peers have been trading, they are not even looking at that. They were just afraid things were going to deteriorate into something-

Marc Benioff: They are not looking at it. Well, yeah. Take the value of Slack. Obviously, I get a call every day from somebody who wants to buy Slack. Hey, take the value of Slack. Then take the value of our Anthropic stock. That has been like half our value. Forget our cash flow or our customer base. That is why I said, "Robin, go try to buy as much back, as much Salesforce stock as you can." I think we got a lot of stock at a good price.

John DiFucci: Well, you are on your way. This tonight

Miguel Milano: On the confidence about

John DiFucci: made a big statement

Miguel Milano: Thank you. Thank you.

Marc Benioff: Keep guiding us, John.

Miguel Milano: On the confidence about the future, H1, H2 last year was our great net new AOV growth semester. Robin and I, we partnered together. We knew that for organic revenue to re-accelerate as we committed to happening now in H2, we had to continue with net new AOV growth outpacing AOV growth. That was our obsession. We aligned the whole company this fiscal year, compensation plans, every role. H1, net new AOV significantly growth outpaced AOV growth. We have already raised the guidance. We have already committed to the revenue acceleration organically in Q3. The momentum is there. We feel very, very strong. The demand environment is very good, very strong. Our pipeline are at record levels. We have more opportunities to monetize that we are not even putting in the pipeline. We had the capacity. Thank you, Marc.

Miguel Milano: You pushed us to hire a lot of AE when things were a little bit rocky.

Marc Benioff: Somebody's got to call these customers besides me, Miguel.

Miguel Milano: I know. I do some calls also.

Marc Benioff: Okay. Thank you for helping out.

Miguel Milano: We had the capacity, we had the innovation, we had the product. If you think the demand is there, and it's going to get even better with the AI force, and the supply, which is for our supply, is capacity, distribution capacity, which we have hired more than anybody else. We still have to hire 1,200 more AEs before the end of the year. We are now hitting 15,000 AEs and the innovation. We have the best products we've ever had, most of it organic. We've made some tuck-in acquisitions to enlarge our TAMs. We are very confident. Definitely, we are committed to the H2 revenue re-acceleration. That's already math. Q3 is math. Q4 is nearly math. We are committed in sustaining that acceleration, and we are going to hear more at Dreamforce about fiscal year 2028.

Robin Washington: And I think even to add to that, Miguel, is if you take a look particularly at Sales Cloud and Service Cloud, we are seeing durable growth in seats.

Miguel Milano: Yeah.

Robin Washington: So that is the fundamental proof point, is that everything we are doing is amplifying our entire platform.

Miguel Milano: AI is helping us.

Robin Washington: Amazing progress.

Miguel Milano: It's amplifying the need for trusted context and deterministic execution. Very clear.

Mark Murphy: Perfect note to end on. Thank you, John, and thank you to everyone for joining the call. We will be hosting a webinar on Tuesday to deep dive on our customer motion and adoption of AI with Bill Patterson and Connor Marsden. We look forward to seeing you all over the coming weeks and at Investor Day at Dreamforce.

Operator: Thank you for joining. This concludes today's call. You may now disconnect.