Hello everyone, thanks for joining us for our fiscal 2023 first quarter results conference call. I'm Evan Goldstein, Senior Vice President of Investor Relations. Our press release, SEC filings, and a replay of today's call can be found on our IR website at www.salesforce.com/investor. With me on the call today is Marc Benioff, Chair and Co-CEO, Bret Taylor, Vice Chair and Co-CEO, Amy Weaver, Chief Financial Officer, and Gavin Patterson, Chief Revenue Officer. As a reminder, our commentary today will primarily be in non-GAAP terms. Reconciliations between our GAAP and non-GAAP results and guidance can be found in our earnings and press release. Some of our comments today may contain forward-looking statements that are subject to risks, uncertainties, and assumptions, which are subject to change. Should any of these risks materialize, or should our assumptions prove to be incorrect, actual company results could differ materially from these forward-looking statements. A description of these risks, uncertainties, and assumptions, and other factors that could affect our financial results is included in our SEC filings, including our most recent report on Form 10-K. Before I hand the call over to Marc, I'm excited to welcome Mike Spencer to Salesforce. As many of you know, I will be taking on a new role here at Salesforce, supporting strategic planning in our product organization, and Mike has joined Salesforce to lead investor relations. Mike is familiar to many of you as he previously led investor relations at Microsoft. Thank you, Marc, Brett, Amy, Gavin, for allowing meaningful rotations that enable career development. It is one of the many benefits of working at Salesforce. Thank you to the investment community for welcoming me over two years ago. Leading IR has been one of the most rewarding experiences in my career. With that, let me hand the call over to Marc. Well, hey, thanks so much, Evan, and congratulations on your promotion. It's so well-deserved. You've done a phenomenal job in the last two years, and we're all so thrilled for you. Thank you for agreeing to take on this incredible new role at Salesforce and leading these teams, and we could not be more excited for you. We could not be more excited to welcome Mike Spencer to Salesforce. I know that many of the folks on this call have worked with Mike before. Should be a familiar voice and friend, and looking forward to working closely with Mike. Mike is gonna be based out of our Atlanta headquarters. Really excited about that because our new Chief Information Officer is there, as well as a number of other incredible new executives from Salesforce, including our new Chief Accounting Officer and our Chief Commercial Officer. Really a cool thing to see Atlanta in our kinda post-pandemic reality become such a center of gravity for Salesforce. In fact, we just had our Q1 operations review there, and it was exciting to welcome Mike to the team. With that, let me just tell you, it's been a whirlwind for our management team, as you're about to hear on this call. You know, we have been on the road. I personally was just in Sydney, Australia. I was in Tokyo. We were in Atlanta, we were in New York, and last week we were in Davos, Switzerland. All that was in, I think, the last four or five weeks. We've really been all over the world. It's been pretty awesome. We've met with hundreds and hundreds of customers, and I can tell you that our business, and you can see this in the Q1 numbers, can't you? It is incredibly healthy. You know, we also, you can see, had a great quarter. You know, we're carefully, you know, watching the economic data. I know all of you are doing that as well. So far, we're just not seeing any material impact from the broader economic world that all of you are in. You know, our demand environment remains very strong. If you look over the last 23 years, you know, Salesforce has proven to be incredibly resilient based on this incredible business model we have and incredible technology model that we have. We've been through all kinds of dot-com crashes and recessions and financial crises and global pandemics, and all of you have watched us go through every possible storm. You know we continued to weather these storms through the power and strength of our model. You know, in 2001, I think it really impacted us. We almost lost our business because we were on monthly contracts. We didn't have the right cash flow structure. Investors just wouldn't give us any money. We made a lot of changes then, and it's really strengthened our business and made us more durable over time. There's now no better measure of our durability as a business model, the momentum of the business, the strength of the technology model than our remaining performance obligation, the future revenue that we have in our contracts. In Q1, we had $42 billion in RPO, up 20% year-over-year. Pretty amazing. In every crisis we've experienced over nearly a quarter of a century. Well, I'll just tell you, I think that Salesforce, and I'm sure you'll all agree, always, emerges stronger than ever. We became more strategic and more relevant to our customers because we focus on their success, and that continues today. That's why we've been able to grow our revenue for 72 consecutive quarters through every cycle, a focus on customer success. It's why Salesforce remains the number one in CRM now for the ninth year in a row, growing in share in all CRM segments yet again, according to the IDC Software Tracker. When it comes to our financial results, we had, as you can see, a very strong quarter. You can also note that the dollar, I think the dollar might have even had a stronger quarter than we did, which is kind of amazing, and I certainly saw that in my travels over the last month. Although these kind of fluctuations in foreign currency markets had an unexpected impact on the quarter, we still delivered $7.4 billion in revenue, up 24% year-over-year. Foreign exchange movements have resulted in a revenue headwind of about $109 million year-over-year, something we could not have anticipated. Operating cash flow on the quarter, well, here it is, $3.7 billion, up 14% year-over-year, reflecting very strong performance across the core business. Operating margin in the quarter, well, that was 17.6%. Turning to our revenue guidance, well, as I mentioned, these unprecedented foreign exchange volatility that increased the year-over-year headwinds by an additional $300 million for a total of $600 million for the year since we first gave you guidance in our investor day. To give you an example, you know, I was in Japan for the first time since the pandemic a couple of weeks ago. It was two weeks ago, and I couldn't believe the decline in the value of the yen. It was a very good time to be a tourist in Japan. I called our team, and I said, "You know, this is great to be a tourist in Japan, but it's gonna have implications as we roll this revenue up from the Japanese market to our U.S. dollars." In fact, our Japan revenue in the fourth quarter faced a 12% headwind year-over-year just to this yen historic fall, something I've just never seen. As a result of these headwinds, we're lowering our fiscal 2023 revenue guidance by $300 million to $31.7-$31.8 billion or about 20% growth year-over-year. For operating margin, we're raising our fiscal 2023 non-GAAP guidance by 40 basis points to 20.4%, an expansion of 170 basis points year-over-year. As all of you know, we're quite committed to consistent margin and cash flow growth as part of this long-term plan and model that we have to drive both top and bottom line performance. As I said, this demand environment for our Customer 360 platform, as you're about to hear from Bret and from Gavin and from Amy and from others, well, it remains incredibly healthy. You know, our customer relationships are amazingly strong, as evidenced by these hundreds of customers that we've met with just in the last couple of weeks. I'll tell you, as you hear some of these incredible stories from the quarter, companies like State Farm and F1 and Goodyear and even the Department of Commerce. Well, I'll tell you, these customers, they're very excited, you know, to be able to get not only incredible productivity from our products, but also growth as well. Let me say that this is a time when every company, every industry, every government is investing in digital transformation. No company is better positioned than we are to help companies transform for the digital future. That was something we fully experienced in Davos last week. I could not be more grateful to our 77,000 Ohana, millions of Trailblazers who are making a difference to our customers and the world. Now over to Bret. Thanks, Marc. As Marc said, we had a great quarter, and we see strong demand across our clouds, our industries, and our regions, despite the unprecedented foreign exchange headwinds. Our results really demonstrate the power of our strategy. Our products are more relevant than ever before as companies invest in our Customer 360 platform to connect with their customers and to drive cost savings in this new digital economy. Our technology is deeply differentiated with our Hyperforce infrastructure and Einstein artificial intelligence, enabling our customers to reach global scale with levels of trust that are unmatched in the industry. Einstein is now doing 164 billion predictions per day, which is just incredible. Our ecosystem is unparalleled. We have over 15 million Trailblazers creating what IDC estimates will be $1.6 trillion in economic impact for our customers and for our partners. Our business model, as Marc said, is durable. It's diversified across industries, regions, lines of business, ensuring we're resilient in the face of any economic cycle. Finally, our leadership team continues to focus on disciplined execution, which is driving both top-line performance and sustained operating margin cash flow expansion. As Marc said, we've all been on the road, and we've been reconnecting with our customers, our trailblazers, and our partners. The common theme from the customers I've met with, from Singapore to New York to the 30 CEOs I met one-on-one with at Davos last week, is the digital transformation trends that dramatically accelerated during the pandemic. They continue full steam ahead despite all the volatility in the global economy. One great example is ADT, the leader in home alarm systems. ADT used our Service Cloud to execute over 200,000 virtual service visits in its first quarter. As a result, the company avoided sending out technicians in trucks in 80% of its service cases. They lowered their costs, and they lowered their carbon footprint, all while achieving higher customer satisfaction. This is the promise of technology to drive productivity. Our Customer 360 platform is relevant whether you're trying to scale growth, increase productivity and profitability, or meet your sustainability goals. All three are increasingly relevant to our customers across the globe. We had strong year-over-year growth across every region in the quarter. 21% in the Americas, 33% in EMEA, and 24% in APAC. We saw strong momentum across every cloud in our Customer 360 platform as well. Sales Cloud continues to accelerate, surpassing $1.6 billion in the quarter, growing 18% year-over-year, with great wins like DoorDash and Stellantis. Stellantis, which was formed last year from the merger between Fiat Chrysler and Groupe PSA, decided to standardize the entire company on Salesforce. They replaced more than 2,500 apps with Customer 360. With Sales Cloud, they now have a single source of truth for all their customer engagement to drive growth while delivering best-in-class personalized service. Our Service Cloud grew at 17% year-over-year to $1.76 billion in revenue in the quarter. State Farm, a longtime Salesforce customer, was a great Service Cloud success story this quarter. They're now combining our field service platform with Sales Cloud, Service Cloud, Financial Services Cloud to enhance their entire end-to-end customer support experience, especially during catastrophic events. We also continue to see strong momentum with our Marketing Cloud with customers like Bose and Colgate-Palmolive. Our Marketing Cloud has become even more relevant to CMOs as they navigate the significant changes in mobile operating systems and new privacy regulations around the globe. This is the new cookieless world, and it's made growing and measuring consumer engagement harder than ever before. It's driving investment in our customer data platform, which has become one of the fastest-growing products we've ever released. Bose is using our CDP to unify their customer information from hundreds of different sources to drive hyper-personalized marketing, multi-channel campaign management, and real-time engagement, all with compliance and trust built in natively. We also saw Commerce Cloud wins at YETI, L'Occitane, and Goodyear, continuing the digital commerce trend that accelerated so rapidly in the pandemic. Together, marketing and commerce grew 22% year-over-year in the quarter. Our data clouds, including MuleSoft and Tableau, grew 15% year-over-year in the quarter. Data is the fuel for every digital interaction, and MuleSoft and Tableau continue to be foundational for every multi-cloud Customer 360 deal. Tableau wins in the quarter included ADT, Bose, and Lookers Motor Group, a top auto retailer in the U.K. MuleSoft was also part of some of our largest deals in the quarter, including NTT, and continues to deepen our relationships with existing customers like Rocket Mortgage. As you know, we've been working through some issues on MuleSoft's go-to-market motion over the past couple quarters. Amy will get into specifics, but I'm encouraged by the progress we're making, and we have a strong pipeline for the back half of the year. I'm also excited to say that Slack continues to exceed our revenue expectations with wins at the self-driving car company, Cruise, and the UK Ministry of Justice. This was the fourth consecutive quarter we've seen more than 40% growth in customers spending more than $100,000 with Slack annually. We also continue to see strong momentum across our 12 industry verticals, including financial services, healthcare, consumer goods, and manufacturing. Our industry-specific clouds were a part of seven of our top 10 deals this quarter. I'm so grateful for our 15 million trailblazers, all of our partners, and our 77,000 employees for helping provide our customers with the innovation, agility, and resilience they need to navigate these uncertain times. Our customer success drives our financial success, and this unrivaled community is why our customers choose Salesforce as their trusted digital advisor. Now, over to Gavin to talk about some of the customer success stories from the quarter. Thanks, Bret, and thank you everyone for being on the call today. I want to start by talking about the strong demand environment we're in. As Bret and Marc said, even in this volatile environment, companies are continuing to invest in their digital transformations, and we're seeing that in our strong pipeline and momentum in the business. I've been on the road this quarter across the U.S., Europe, Asia, and most recently in Davos. In all my conversations, there is a real sense of urgency with our customers. In this new all-digital work from anywhere world, our customers need to create incredible customer experiences across every interaction to stay competitive. At the same time, they need to realize productivity gains, efficiencies, and resilience from their technology investments. That's why they're turning to Salesforce as their trusted digital advisors and to the Customer 360 as their digital platform. We're seeing this play out in the growth of transformational deals, customers making longer-term multi-cloud investments in Salesforce. These Customer 360 transformation deals with five or more clouds grew 21% year-over-year in the quarter. We again saw strong growth in every region. In the Americas, we grew relationships with Brightspeed, Blue Shield of California, SH Hotels, Workday, Covered California, and Ferguson, a $23 billion distributor of plumbing and heating products. Looking at Ferguson in a little more detail, Ferguson has been able to grow its sales during the heart of the supply chain challenges, using Customer 360 to give them a single view of their supplier, associate, and customer relationships. In the quarter, Ferguson significantly expanded its relationship with our professional services organization. In EMEA, they had significant wins with Lookers Motor Group, Esprit, and one of the largest telecom and media companies in France. They're standardizing on Salesforce to not only speed their time to market and reduce IT costs, but also to deliver an amazing digital-first front-end experience for their 45 million subscribers. As I mentioned, we had a great win in the U.K. with Lookers Motor Group. With the Customer 360, Lookers has a single unified platform driving efficiency within their dealerships and contact centers and improving the overall car buying experience for their customers. Turning to APAC, we continue to deepen our relationships with amazing brands like Kotak Mahindra Bank, LG, and NTT, which was also a great Tableau and MuleSoft win. In Latam, we had a significant win with Serasa Experian. They chose Salesforce Marketing Cloud to improve engagement with their current and prospective customers and to increase marketing efficiency. Formula 1 is watched by 1.5 billion viewers, and today they're using Salesforce Marketing Cloud, Service Cloud, and Sales Cloud to attract new fans, increase fan engagement, and convert that fan engagement into brand value and revenue. Salesforce will help Formula 1 leverage customer insights across every channel, both physical and non-physical, and create an end-to-end fan experience strategy powered by an integrated platform. Our professional services team will help to manage their technology and implementation. In the quarter, the National Telecommunications and Information Administration within the U.S. Department of Commerce selected Salesforce to support the administration of the $48 billion in broadband grants to states, territories, tribal entities, and other eligible applicants to create more low-cost broadband service options and to address digital equity and inclusion needs across U.S. communities. To wrap it up, DoorDash has grown tremendously since the pandemic. They fulfilled more than 400 million orders in the last quarter alone. As a mobile-first business growing at an incredible rate, DoorDash turned to Salesforce to improve the customer experience and to respond to issues in real time for its hundreds of thousands of merchants, customers, and dashers. They also selected Sales Cloud and MuleSoft to enable them to bring in new merchants onboard faster and more efficiently. These are just a few examples from our strong quarter, and we're grateful for customers' continued partnership and trust. Amy, over to you to discuss the financial details of the quarter. Great. Thank you, Gavin, and good afternoon, everyone. As Marc and Bret said, we had strong financial results this quarter, and our pipeline remains robust. We are well-positioned to serve our customers in this uncertain macro environment. Let's go through some of our results for Q1 of fiscal 2023, beginning with top-line commentary. Total revenue for the first quarter was $7.41 billion. This is up 24% year-over-year or 26% in constant currency. A few key highlights from the quarter. The momentum in Sales Cloud continued in Q1, with revenue accelerating to 18% growth year-over-year, 20% in constant currency. Slack again outperforms our revenue expectations with $348 million in Q1, compared to our guide of $330 million. The number of customers spending more than 100K annually grew 45% year-over-year. Our Industries products remain in high demand and are providing out-of-the-box solutions to customers with specific needs. We saw an Industries product included in seven out of our top 10 deals this quarter. From a geographic perspective, EMEA performance was strong, with particular strength in both the U.K. and France. Now to provide an update on MuleSoft. Total revenue increased 9% year over year against a strong prior year comparison, driven by lower than expected new business as we work through the go-to-market organizational changes we discussed on the last call. As a reminder, on average, 50% of MuleSoft's total contract value is recognized in period, resulting in more quarterly volatility than our core products. As Brett mentioned, MuleSoft's pipeline remains strong, and we still anticipate seeing the benefits from these changes in the back half of fiscal 2023. Total company revenue attrition remains at record lows, ending Q1 again between 7%-7.5%. As Marc mentioned, our remaining performance obligation representing all future revenue under contract ended Q1 at approximately $42 billion, up 20% year-over-year. Current remaining performance obligation, or CRPO, was approximately $21.5 billion, up 21% year-over-year and 24% in constant currency. Slack represented approximately 5% or 5 points of that growth in line with our guidance. This strong RPO performance at our scale reflects the relevance of our product portfolio and strategic relationships with our customers. Turning to operating margin for the quarter. For Q1, non-GAAP operating margin was 17.6%. Q1 GAAP EPS was $0.03 and non-GAAP EPS was $0.98. Mark-to-market accounting of the company's strategic investments benefited both GAAP and non-GAAP EPS by approximately $0.01. Moving to cash flow. For Q1, operating cash flow was $3.7 billion, up 14% year-over-year. CapEx was $179 million, resulting in free cash flow of $3.5 billion, up 14% year-over-year. Now before turning to our guidance, I'd like to call attention to the impact that foreign exchange is having on our financials. As a reminder, our primary currency exposures are to the euro, the great British pound, the Japanese yen, and to a lesser extent, to the Australian dollar. Since we last provided our outlook for fiscal year 2023, the dollar has continued to strengthen against all of these currencies. As such, we are providing increased transparency this quarter into the impact of FX on our guidance. Now let's get to that guidance. For the full year, the change in currencies represents an incremental $300 million year-over-year headwind on top of the $300 million we provided last quarter, bringing the total year-over-year FX headwind to $600 million. As such, we are now guiding to fiscal 2023 revenue of $31.7 billion-$31.8 billion or approximately 20% growth year-over-year. Our guidance continues to assume a $1.5 billion dollar contribution from Slack. We expect Q2 revenue of $7.69 billion-$7.7 billion or approximately 21% growth year-over-year. Our Q2 revenue guidance includes a $200 million dollar year-over-year headwind from FX and a $360 million dollar contribution from Slack. For Q2, we expect to deliver CRPO growth of approximately 15% year-over-year. This includes a 3-point headwind from FX. As a reminder, Q2 represents Slack's fifth quarter of contribution to CRPO, and therefore the year-on-year growth rate is now normalized. We expect Q2 GAAP loss per share of -$0.03 to -$0.02 and non-GAAP EPS of $1.01 to $1.02. For the full year, we expect GAAP EPS of $0.38 to $0.40 and non-GAAP EPS of $4.74 to $4.76. Please recall that our OIE and EPS guidance both assume no further mark-to-market adjustments of our strategic investment portfolio. Turning to operating margin, I am very pleased to announce that we are raising our fiscal 2023 non-GAAP operating margin guidance by 40 basis points to 20.4%. This includes 100 to 125 basis points of headwind from M&A. This guidance increase represents an expansion of 170 basis points year-over-year and 270 basis points over two years, all driven by continued focus on disciplined decision-making across the organization. As a company, we are committed to continuing to improve profitability over the long term. With respect to FX, because our regional revenue and expenses are generally in the same currencies, there tends to be a natural hedge in our operating margin. As such, although we've seen FX headwinds to revenue, we don't currently anticipate a material impact to our operating margin for the full fiscal year. Moving to cash flow, we remain well on our way to driving another year of record cash flow generation, and we are reiterating our fiscal 2023 operating cash flow guidance of approximately 21%-22% growth year-over-year. In addition, our guidance continues to assume a 3-point headwind from cash taxes associated with tax law changes requiring the capitalization of certain R&D costs. We continue to expect CapEx of approximately 2% of revenue in fiscal 2023, resulting in free cash flow growth of approximately 25%-27% for the fiscal year. To close, while there is uncertainty in the macro environment, our customers are continuing to come to Salesforce to transform their businesses. The demand we are seeing from our customers is a testament to the strength of these strategic relationships and the relevance of our product portfolio. This gives us confidence in the durability of our business model, and we're excited to help our customers navigate in this changing economy. Now, before we wrap up, I do want to thank specifically Evan Goldstein for his incredible leadership of the IR team over the last two years, his partnership and friendship, and wish him all the best in his new role. Let me say officially welcome to Mike Spencer, who I am delighted to have joining us. With that, Emma, let's open the line for questions. Thank you. If you would like to ask a question, simply press star followed by the number one on your telephone keypad. If you would like to withdraw your question, again, press the star one. If you were in queue before the start of the call, please re-queue now. In the interest of time, we ask today that you limit yourself to one question. We will pause for just a moment to compile the Q&A roster. Your first question today comes from the line of Marc Murphy with JP Morgan. Your line is now open. Yes. Thank you. Mark, Hi, Mark. This is Amy. We're having a lot of trouble hearing you. Apologies. Operator, we may need to move on to the next question. Yeah. Let's move on and see if we can come back to Mark. Certainly. Your next question comes from the line of Keith Weiss with Morgan Stanley. Your line is now open. Excellent. Thank you guys for taking the question, and really nice quarter in Q1. Two questions. One on Sales Cloud. This is probably the part of the portfolio that investors have been most worried about maturation and sort of the high market share that Salesforce has. You guys have been able to see accelerating growth. Can you dig in a little bit on kind of what's driving it? Is it the vertical solutions in particular or something in particular that has really reinvigorated that line item? And then one for Amy on the operating margins. I don't think anyone was expecting operating margins going up after this quarter. Can you talk to us a little bit about those initiatives that are enabling better operating margins? There's some speculation in the press about maybe slower headcount growth or some culling of expenses. Is there something programmatic that's enabling you guys to drive that better operating margin on a go-forward basis? Thank you. We're really excited about Sales Cloud growth. Not only did it grow 18% year-over-year in the quarter, but in constant currency grew 20%, which I think is a symbolic threshold for, as you said, the product that Marc and Parker built 23 years ago that is still as relevant today as it ever has been. I think first and foremost, it speaks to our innovation strategy and the organic innovation coming from our engineering teams at the company. Just as an example, late last year, we introduced Revenue Intelligence, which is a deep integration between Tableau and our Sales Cloud that enables sales teams to enable every rep to be more efficient, to collect cash faster, to boost growth, and really bringing together this entire Customer 360 portfolio to give our customers not only a chance to reimagine their Sales Cloud implementations, but make Sales Cloud relevant to an even broader range of customers. We're really excited about our innovation strategy. When you look at some of the wins that we've talked about in this quarter, like ADT or DoorDash, you think about, you know, this next generation of selling and this era of flexible work, there's always an opportunity for our customers to reimagine their approach to sales, and Sales Cloud continues to be the most innovative platform for opportunity management and lead management. We're excited about our market-leading position, and also, I just wanna say congratulations to the engineering teams for continuing to teach an old dog new tricks and continuing to innovate on what is, I think, really the world's leading CRM platform. Amy, talk about operating margin. Sure, I'd love to. Hi, Keith. Thanks for the question. You know, as you noted, I really am very pleased about the raise on our operating margin up to 20.4% for this fiscal year. You know, this is not the result of any single change. It's really driven by disciplined decision making and trying to really unlock incremental efficiencies across the entire business. You know, we've asked each leader to step up, to really look across their business and to strategically prioritize their investments. This is really to make sure that we're getting the highest return for every dollar that we invest. You asked about hiring as we again, as a result, we're going to continue to hire. We are hiring, but we're doing it at a much more measured pace, and we're focusing the majority of our new hires on roles that will support customer success and the execution of our top priorities. You know, this focus on margin, this is really over the long term, and we are all committed that this is gonna make us a stronger company. I do wanna reiterate, this is not just a finance-led initiative. This focus on discipline is being applied across our entire organization. This is supported by Marc, by Bret, by Gavin, and truly by our entire leadership team. Your next question comes from the line of Kirk Materne with Evercore. Your line is now open. Hi. Thanks very much, and congrats on the quarter. I don't know if who wants to take this, Marc or Bret, but, you know, you mentioned Salesforce being able to sort of perform through economic cycles. I was wondering if there's any change to the go-to-market playbook in a tougher economic environment, if at all, in terms of which products might be better to lead with, you know, when you start getting in these periods. Then second question would be for Amy. You know, Amy, you basically kept your fiscal year guidance revenue guidance unchanged when adjusting for FX. I think everybody's wondering if that guidance probably now reflects a little bit more conservatism given the more uneven macro backdrop. Could you just comment on that a little bit, maybe versus where we were 90 days ago? Thanks. Well, I think you're right that in an environment like this, our whole selling strategy will change, our narrative will change. Bret said it really well. You know, we're gonna focus more on how we can deliver productivity for the customer and lower their costs. You know, at a robust time, we talk about the top-line advancement. Of course, it's different for every customer. You know that. You know, to the last point that we just heard from the previous question, which was a good question, why has Sales Cloud remained so strong? You can see more than 18% growth, and Service Cloud more than 17% growth. I mean, it's incredible to see the growth of these core products. Today I was in a retailer that I like. I have a personal relationship with Brunello Cucinelli, and I'm gonna have dinner with him this week. I was just kind of preparing for that and walked in the store, and I realized, you know, that the retail agent in the store is using Sales Cloud and the platform and asking them, "Hey, how do you like it? What do you think about the solution?" You know, they have it all said in Italian, and it's like, Cerca in Salesforce, search in Salesforce. I'm like, wow, the product, I don't think we ever could have imagined all the different uses that it has today, 24 years ago when we invented it. I think that kind of flexibility is really what continues to drive its growth. We talked about that retail use case, you know, at AT&T as well. It's been so important for them. Again, we never really thought that point-of-sale environment would be so dramatic for that incredible product. But when you're working with customers in an environment like this, it really gets down to really understanding what they're trying to do. Every customer has a slightly different solution. Gavin, do you wanna come in here and give an example of something you've recently put together? Well, I think in this type of environment, the key word is relevance. Listening to your customers, understanding what the specific challenge they're facing, and making sure that you tailor the approach to that. In many cases, Sales Cloud is the right lead, particularly with new business and new customers. Other customers, it's right to lead with Service Cloud and use that as a way of taking cost out of the business, and we've used both. We have customers who, as I said in my comments earlier, who are taking Customer 360. Our multi-cloud uptake this quarter is very strong. They're up 21% with customers taking five or more clouds. I think it's about listening to the customer. It's about being relevant, understanding that actually we're going through a period now where productivity and transformation is more important than the last few quarters, and making sure that we tailor our messages accordingly. Yeah. I would add also, you know, it's kind of the relationships matter in that, talked about F1, and Gavin was in Monaco over the weekend, and, you know, Stefano Domenicali, who's the CEO of F1, was our customer at Lamborghini. Of course, we work closely with him and the whole Volkswagen management team. You know, when they're looking at this current environment, when F1's looking at the environment, everybody's gonna have a slightly different take. It's nice to have those high-quality relationships at times like this. Great. Kirk, hi. I'll take the second part of your question here on the guide. Look, we feel good about what we're seeing, and you've heard that from Mark, from Gavin, from Brett. You've heard about our pipeline. We're mindful of the uncertain macro environment, and that includes continuing FX volatility. I believe that our guidance is appropriately conservative under the circumstances. Your next question comes from the line of Mark Murphy with J.P. Morgan. Your line is now open. Yes. Thank you. Bret, our survey work has shown potential for Slack to be adopted by one-quarter of all employees in the next several years. It looks like a huge number above Google Workspace, and looks like it could be rivaling Zoom. What do you see as the best use of this $4 billion R&D budget you have to try to accelerate the Slack innovations and achieve that level of ubiquity? I'm wondering if you would see any opportunity to potentially do more with native video conferencing. Well, it's a great question. As I think about our innovation, it's really that all of our clouds work together in a complementary way. Sales and Service complement each other. Sales, Service, Marketing, Commerce complement each other because it really represents the entire front office. When I think about our acquisitions, like MuleSoft, Tableau, and Slack, they really amplify our value proposition for Customer 360. Tableau helps all of our customers see and understand their data, which is more relevant than ever before as every interaction becomes digital. MuleSoft enables our customers to integrate all of their legacy and back office systems to Salesforce and really create a strategic platform that accelerates their digital transformation. Slack, as Gavin and Marc and I heard in Davos last week, is relevant in every single conversation because every single one of our customers is deciding how do they succeed in this new era of flexible work, because every single, particularly office worker isn't coming back to the office five days a week. It's really not an either/or question because Slack makes the entire Customer 360 more relevant. In fact, one of the things I'm most excited about from this past quarter is we shipped a lot of the integrations between Customer 360 and Slack. Whether it's teams selling an account management in our Sales Cloud or case swarming in our Service Cloud, it's actually one of the solutions that DoorDash uses with their Service Cloud deployment, really using our Slack to amplify their investment in our Service Cloud, and to succeed in this new era where their workforce is working from anywhere. We're really excited to not only invest in Slack as a standalone platform, which is just incredible, but I'm just excited with how much more relevant our Customer 360 value proposition is now that Slack is in the building. I think it's gonna be one of the best acquisitions we ever did, and it really makes every customer conversation more relevant in this new era of flexible work. Your next question comes from the line of Brad Zelnick with Deutsche Bank. Your line is now open. Brad, hi. Thanks for the question. You know, as you know, historically, we've not done buybacks, but I will tell you that as a company, we are always looking at our capital allocation strategy. Our board consistently looks at this on a quarterly basis, and it's really to assess the best use of cash. Right now, our overall focus is on strengthening our balance sheet to really capitalize on all of the opportunities in front of us. Your next question comes from the line of Brent Bracelin with Piper Sandler. Your line is now open. Thank you. Taking the question. Good afternoon. I guess one of the themes we're starting to hear more from customers is this idea of vendor consolidation, particularly given the tightening business cycle. Have you seen any shift in the pipeline relative to the mix of multi-cloud deals? Any sort of color around the customer appetite to consolidate the number of vendors would be super helpful. Thanks. Yeah, I'll take that one. Look, what you've seen is a very strong quarter. Across the board, sales, service, marketing, cloud all posted great numbers. Every region posted great numbers. 21% up in the US, 33% in EMEA, 24% in APAC. You know, we had a strong quarter. We got good momentum, and as I look forward, the pipeline looks really strong for the rest of the year. You know, we are cognizant of the environment we're operating in, but at the moment, we don't see that impacting our numbers. We're vigilant at all times. If there is a consolidation of vendors with our customers, I think we're extremely well-placed. We are the only ones with the Customer 360. There's nobody else in the market that's able to offer the full suite of clouds. If that is the case and customers choose to continue to move more of their business to us, we'll welcome it with both arms. I think you saw some great examples of it in the quarter. The Formula 1 example we've been talking about is a great example of that, taking multiple clouds from us across sales, service, and marketing. I love the ADT example as well. Maria Black there is doing an incredible job at driving the business and creating much more intimate customer relationships. That's all around the Customer 360, and a consolidation of business from other vendors towards Salesforce is part of that story. you know, whether it's a single cloud sale, whether it's the Customer 360, we're very well-placed, I think, to take full advantage of that. Yeah. I would add, I think that, you know, one of the highlights in the quarter was Goodyear. Rich Kramer is someone who we've built a really great relationship with over a number of years. They deployed a number of our different products. Now they're deploying our Commerce Cloud. It's a great example by having a full suite of products and also by augmenting those products with our acquisition strategy over the last few years, we really have just a tremendous opportunity with every single customer to extend, expand, to land and go. This is just a moment where I think that, there will be some consolidation with vendors, and they'll rely on the vendors that they have the most trusted relationships with. Your next question comes from the line of Brent Thill with Jefferies. Your line is now open. Mark, many are asking on the M&A strategy, given the pullback in valuations. Do you change your philosophy and be more aggressive here? Are you sticking to the playbook in digesting Slack and some of the other past acquisitions? Well, it's a great question. I know we're all watching the markets very closely, and that we can see, you know, a right sizing on a number of valuations. I think that we are all quite skeptical, though, for quite a long time. But for us, you know, we've kind of laid our acquisition strategy down, and we're done for a while. You can see that with, you know, many of these amazing companies that we acquired with MuleSoft, with Tableau, with Slack, or even what I just mentioned with Commerce Cloud, with Demandware. The reality is there's no finish line when it comes to these acquisitions. They're a lot of work. They're hard to integrate. They, when you think you're done, you're not done. They can surprise you, and you have to take your time with them. We've realized that right from the beginning with our first ExactTarget acquisition to today. I would say that for right now, we're not really looking at doing any major acquisitions. It's just not part of our playbook right now. We're really focused on integrating the ones that we have. We have a lot of work to do still, and that's our primary focus. Amy, do you wanna add to that? No, I think you've got it, Mark. You know, right now, large scale M&A is just not part of our current plans. You know, obviously, we're opportunistic as all strategic tech companies are, and I never say never, but that is just not something that's on our current radar screen. Your next question comes from the line of Kash Rangan with Goldman Sachs. Your line is now open. Hi. Thank you so much. Congratulations on a terrific quarter. Marc and others who have been through multiple cycles on the call here, I'm wondering why are you so confident with this economic cycle? I mean, what is so different about this cycle? Certainly, you talk to CEOs, you meet with them on a daily basis. What is top of their mind, and why do you feel differently about Salesforce's positioning in this economic cycle? Then one for Amy. Yeah. I just want to understand, what gives you confidence? I think you've said something, faster cash flow growth and margin growth in the press release, which is very assuring. Just a little bit more detail on how you plan to get there would be great. Thank you so much. Well, Kash, I think I'm gonna let each one of our executives speak on this because I'll tell you that we have been having a lot of customer interaction right now, and it's an incredible amount. I'll tell you when I was down in Sydney, Australia about three weeks ago or four w eeks ago, and I was just very impressed with the level of economic activity with all of these customers. They're focused on growth. They're focused on market share. They're focused on expansion. They're focused on digital transformation. Then I went off to Japan, and I was in Tokyo, well, it was the same thing. I was with one of our very large customers, Sompo, one of the largest, if not the largest insurance company in Japan with their CEO, Sakurada-san, and very impressed with how they're investing and excited about expanding and going into new areas and looking at a number of our new products. They've been with us for quite a long time. All of the customers that I met with were growing, and it was just an exciting moment. Then we went off to New York, same thing, same story. Everyone is very motivated. You know, these are customers without a lot of debt on their balance sheet. They have flexibility. They're nimble. They know what their product strategies are. They're ready to go. When we went down to Atlanta and we reviewed our entire operation, we heard this consistently from our management team. When we went to Davos last week, again, across industry, across geography, while everyone is looking at rising inflation or supply chain issues or interest rate changes or stock market gyrations or foreign exchange shifts, you know, at the end of the day, you know, we all, I think, are in a very different place than we've really ever been before. I think a lot of it has to do with the pandemic. I think the pandemic gave everybody the ability to kind of do a reset and think about, "Okay, now where am I going over the next decade?" In the last two years, I think every company rebuilt their strategy. Look at us, you know, we acquired Slack, our largest acquisition ever. We retooled, we built our CDP, we augmented our professional services strategy, we changed our management team. We transformed who's running the company and how it's being run. We're an example of, okay, we're ready for the next decade. I think that example is probably true for all the customers that we're meeting with. Bret, do you want to come in and talk about, you know, some of your experiences in Davos? Well, you put it well. Yeah, I had the privilege of having about 30 one-on-one CEO conversations in Davos. CEOs from different regions around the world, different industries. Yeah, I was really pleasantly surprised to just hear how much customers are leaning into their digital investments. You know, some, like the consumer goods companies, have been really impacted by both the supply chain and inflation, and were really focused on how to invest in digital technologies to take down some of their costs, to absorb some of that and avoid price increases. Then some other businesses, I talked to the CEO of a beauty company that's seen increased demand as we all leave the house for the first time in the past couple of years, and was really focused on growth. The theme in all of them was whether you're investing in digital technology to connect with your customers or investing in digital technology to drive productivity. We continue to be one of the most strategic vendors and the trusted digital advisor for all of these CEOs across every industry. You know, I read the same headlines as everyone else, and I'm cognizant of the volatility in the economy. As Gavin said, we're just focused on being relevant, being the most trusted digital advisor to each of our customers. As Marc s aid, you know, we believe that if we form those trusted relationships, especially in times where our customers need that resilience and need that from us, we will come out of these, gaining market share and gaining trust with our customers. Well, Bret, I think that went well for connecting with our customers. Sorry, Mark, I cut you off. Yeah. Oh, well, I think Bret said it really well, connecting with our customers, connecting with employees through Slack, connecting with our data with Tableau, connecting with our partners, and these are major themes that we're hearing. Amy, what did you hear in your discussions? You know, Davos was fascinating. It's There's no better opportunity to connect with hundreds of customers across there. One of the things I really heard was a focus on efficiency and companies that are looking for partnerships and looking for companies like Salesforce that can help them both grow and become more efficient as they do it. It was a incredible week and a great opportunity. Gavin, do you wanna fill this? Yeah. I mean, what I heard from customers last week and more generally, I think we're just more important to our customers than we were in previous cycles. We've got a more strategic relationship, a relationship that is more of a trusted advisor. I think that's because we have a full suite of clouds and a full Customer 360 solution that can solve multiple problems for them. If their issue is growth, we've got a solution that will allow them to drive growth. If it's about productivity and cost transformation and efficiency, we've got the right combination for that as well. It is about relevance. We heard this time and time again that increasingly the digital transformation agenda, that the narrative around it is not running out of steam in spite of concerns about the environment. It's becoming more, I think, even more important, and we're better placed than any other company to help our customers through that. Yeah. You know, one of the customers I met with in Davos, State Farm, I think about, you know, the huge journey that we've made with them. Michael Tipsord, the CEO, and of course, Keith Block, our good friend, is on their board now. Excited because they're expanding with our field service product. That product didn't even exist when we first signed our agreement with them. Customer 360 continues to expand for them. They're able to take their single source of truth and bring it to new use cases. I think that that's something that, you know, I'm really excited about as we expand with all of these customers. Thank you very much for this great question. Hey, Kash, to follow up on your question on cash flow. You know, for cash flow, our philosophy is that our OCF and FCF should increase faster than revenue as we're increasing our operating margin, which we are. You know, in terms of confidence levels, you know, both on the cash and the operating margin, much of this comes back to the focus on disciplined growth. You know, this is not a passing fad. I'm a huge believer that discipline and constraints make for a stronger and more innovative company. This is a focus across every part of the company. Where my confidence comes from is really seeing all of our leaders at Salesforce stepping up to this challenge and meeting us. Your last question today comes from the line of Phil Winslow with Credit Suisse. Your line is now open. Hi, thanks for taking my question. You've touched on Sales Cloud, Marketing Cloud, and Commerce Cloud. I wanna focus in on Service Cloud because you've been pretty vocal about just the transformational changes that are going on in on customer service. What are customers telling you right now in terms of where they are, you know, in their, in their journeys there in terms of transformation? Also, we've obviously seen some big contracts signed from, you know, contact center vendors kind of along this theme too. I wonder if you could just talk us through what you're seeing from customers and what your kinda conviction level is in Service Cloud going forward. All right. Thank you. That's a great question. Service Cloud continues to be the anchor tenant of our Customer 360 for our largest customers, particularly our long-standing customers like State Farm. What I'm hearing from our customers, I think, is really reflected in our product strategy, which is really the completeness of our service portfolio. You know, customers like State Farm, the reason they expanded in Q1 is because they expanded with field service. We do field service, we do ticketing, we do contact centers, we do digital service, self-service, and chatbots. When you think about your customer interactions, and you particularly think about this volatile economic environment, that portfolio not only helps you increase customer satisfaction but do so in a way that reduces costs. I love that ADT example I gave in the script because it was an example when ADT managed to do 200,000 virtual service visits and avoided sending out trucks 80% of the time. Their customers were happier, and they reduced costs. The reason we can do that is because we have the most complete service portfolio in the market. We're really excited about that. I'm excited. Again, it goes back to our strategy of organic innovation and, as Gavin said, the completeness of our product portfolio. Particularly as our customers look to consolidate vendors, the fact that we can really be the entire front office for our customers is incredibly differentiated. Our Customer 360 portfolio continues to be one of the main reasons why our customers choose our product offerings. This concludes our Q&A for today. Mr. Evan Goldstein, I turn the call back over to you. Thank you for joining us on the call today. Evan, I wanna congratulate you on two great years in IR, and we couldn't be more excited for you. Let's end this the way we started it with some big props and congratulations for you. Thanks, Mark, and the rest of the leadership team. Really appreciate it. If you have any questions for us, feel free to reach out at investor@salesforce.com, and we look forward to talking next quarter. All right. This con- See you on. Bye-bye. This concludes today's conference call. Thank you for attending. You may now disconnect.