Good afternoon, everyone. My name is Layla, and I will be your conference operator today. At this time, I would like to welcome you to the Salesforce Q4 and Full Year Fiscal 2026 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 Mike Spencer, Executive Vice President of Finance and Investor Relations. Sir, you may begin. Good afternoon. Thanks for joining us today on our fiscal 2026 Q4 results Conference Call. We are trying out a new format today, and as such, have shortened our prepared remarks to ensure we have time for your questions. Our press release, SEC filings, and a replay of today's call can be found on our website. Joining me on the call today are Marc Benioff, Chair and CEO, and Robin Washington, Chief Operating and Finance Officer. We also have Miguel Milano, President and Chief Revenue Officer, and Patrick Stokes, President and Chief Marketing Officer, joining us for the Q&A portion of the call. Some of our co-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 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 our press release. With that, let me hand the call to Marc. All right. Thanks so much, Mike. We're so thrilled to be here with everybody, and I'll tell you what, we're here in this beautiful San Francisco on the 60th floor of Salesforce Tower, and it is a gorgeous day, 70 degrees, the AI capital of the world, and we're coming here to you live. Really excited about everything that's going on. Let's start with the highlights from one of the absolute best years in our history, and one of the best performances in software ever, and guiding one of the best performances in software ever. We have delivered phenomenal performance across revenue, across margin expansion, across cash flow, and CRPO and RPO. I mean, the numbers are really incredible. For the full year, we delivered $41.5 billion in revenue, up 10% year-over-year, 9% constant currency. We had $11.2 billion in revenue for the Q4, up 12% year-over-year, 10% constant currency. CRPO rose to $35.1 billion, up 16% year-over-year, and 13% in constant currency. We passed an incredible milestone with $72 billion in total RPO, which is up 14% year-over-year. Now, that is $72 billion in total RPO, up 14% year-over-year, in case you missed that point. I did read a tweet that RPO does not matter, but evidently, we have it if it does matter. Total RPO, $72 billion. Last year, we laid out a path towards double-digit revenue growth by the second half of fiscal year 2027, and we're hitting our marks. Based on our strong Q4 performance and the fast start with Informatica, we're updating our fiscal year 30 revenue target to $63 billion. That means we've only spent two years of the 40s. Kind of hard to believe. I have never seen performance like this, but this obviously is not a rational market. We all know this, so we're using our remarkable cash flows to take advantage. You know, this is not our first SaaSpocalypse. We have been through many SaaSpocalypses. You know, I remember the horrible SaaSpocalypse of 2020, when not only the software industry was dying, but we were all dying. We made it through that, and now everyone is back, doing great. We're so grateful to make it through that, and we're gonna make it through this one as well, it's just been a great marketing opportunity and a great buying opportunity, that's why we are doing this incredible repurchase authorization of $50 billion. In fiscal year 2026, we returned more than $14 billion, or 99% of our free cash flow to shareholders. Thank you, Robin, for that. Today, we're increasing our share repurchase authorization to $50 billion because these are some low prices. Robin will share more about that in a moment. The biggest brands in the world are choosing Salesforce to lead their agentic transformation, companies like Amazon, Ford, AT&T, Moderna, GM, Pfizer, so many, these are big deals in Q4, wins over $1 million. We're up 26% year-over-year. That's just so we know, in Q4, wins over $1 million, we're up 26% year-over-year. Congratulations, Miguel. Wins over $10 million, we're up 33% year-over-year. For example, the US Army, run by Army Secretary Dan Driscoll, is doing an amazing job, has awarded us a 10-year indefinite delivery, indefinite quantity contract with a ceiling of $5.6 billion. Thank you, Dan. This level of financial performance is a clear signal, that companies across every industry and region are investing in Salesforce to become agentic enterprises. Just like we've been talking about now for 2 years at Dreamforce, that the agentic enterprise is a real idea, and we're gonna talk about Agentforce, and I think it just became an $800 million business. We're gonna talk about that. You've heard me talk about it at Dreamforce and on these calls, our vision of humans and agents working together. For years, companies bought apps. We all use apps. I've got apps right here on my phone. I've got apps on my computer. Now I'm using apps and agents. I use them at home, I use them in my company. We've been talking about that. That is a reality. We have 83,000 employees here at Salesforce, humans. We have lots of agents running around as well. Miguel qualified 50,000 leads this week with agents. We have apps and agents, we have humans and agents working together. We've been talking about that at Dreamforce as well. This is just an incredible opportunity for Salesforce. Our market is bigger than ever, 'cause not only are we selling apps, we're selling apps and agents. Bringing humans, agents, apps, and data together, not just to make people better at their jobs, but to redefine how work gets done, this is just an incredible, exciting moment in software. We're seeing incredible demand for Agentforce. In its first 15 months, we closed 29,000 deals, up 50% year quarter-over-quarter. Customers in production have increased as well, nearly 50% in Q4. It can do more, has more power, more capability than ever. If you haven't seen the new Agentforce, you haven't seen Agentforce, the level of determinism, the voice capabilities, Agentforce Studio, Agentforce Builder. We are spending a huge amount of time on Agentforce. I just saw the new Agentforce demos from our team. It was incredible. We even have Agentforce running in Slack. We have Agentforce Builder running in Slack. Our Agentforce data, Data 360 ARR, including Informatica, now exceeds $2.9 billion. I heard ARR doesn't matter anymore, but in case it does, we have $2.9 billion, up 200% year-over-year. More than 75% of our top 100 wins in Q4 included both Agentforce and Data 360. In a bit, we're gonna hear from three amazing customers. Wyndham, one of my very favorite customers in the world, the world's largest hotel chain. SharkNinja, I just got one of their great new products I'm sure you know about. They've got the best slushie machine, but one of the most innovative consumer product companies in the world, and SaaStr, an incredible community of B2B software founders, executives, investors, and I think you all know that I love Jason. I've never been more excited about our business here at Salesforce. No one else is delivering this level of capability at this scale to this many customers, and we are taking the power of the agentic enterprise, of these apps and Salesforce, and we're giving them the security, reliability, availability, scalability that you need to make them successful in business like ours, but in all businesses, in small and medium businesses, in general-sized businesses, in very large enterprises, in the government, and in ISVs as well. This is a category that just did not really exist a year ago. You know, I will just say that look at IT service management. You know, we just launched Salesforce IT Service in October, you know, Salesforce ITSM, and in just a few months, Miguel has won over 180 customers. Amazing, Miguel. I especially loved 5 customers who got to leave the purgatory of ServiceNow, like Sunrun, Cornerstone, CoolSys, and there's others, too, that we're not allowed to mention, but I might mention them anyway, who are leaving ServiceNow now for the new Salesforce IT service product, which is about apps and agents helping you manage all your ITSM. Don't just think it's just that. We built an amazing new life sciences product this year, Agentforce for Life Sciences. Since we launched, so many of the global pharma companies, I've met with so many of the CEOs myself, they're leaving Veeva, the purgatory of Veeva, including AstraZeneca, Novartis, Takeda, of course, Albert at Pfizer. They're all saying that they are going to Salesforce Life Sciences, which is a product that has apps and agents, this is amazing. They are the most regulated businesses in the world, they're choosing Salesforce. You know, over the years, I've met with untold numbers of customers, call it thousands, call it more than that. They used to tell me that maybe, "Okay, I want to roll my own AI. I'm gonna build my own model. I'm gonna build my own agent." I said, "Tell me about that. Let me know how that goes. Show me exactly what you're doing." You can just turn it on in the Salesforce product you already have. You have Sales Cloud, turn on the agents. You have Service Cloud, turn on the agents. You have Marketing Cloud, turn on the agents. You have Slack, turn on Slackbot, and that idea that every app now has the capability to have agents. Customers tell me that they want to basically kinda get to that next level, and the way to do that is by including this context, the ability for the AI, the data to know you. No better example of that than Slackbot. Immediately, as you turn it on, you're a Slack customer, it looks at all your Slack. It looks at your DMs. It looks through Salesforce. It looks through Google. It looks even at Microsoft Teams, as hard as that is for some agents to go and do, we've told them how to do it. It says, "I understand your business, and I can give you help, advice, support." A recent survey of 100 CIOs found that the number of companies planning to use a platform like this idea of apps and agents, has now doubled just in the last 18 months because of this. They realize this is more than just turning on Moltbot on your Mac mini, okay? Which, by the way, I have a Mac, and the setup is great. OpenClaw, I love it. For companies who want to have the reliability, availability, security, okay, the sharing models, the key parts of that to really make sure that the business is safe and secure while you're running all these skilled agents, well, let's just know that that is what Salesforce is doing. That's why Salesforce has become one of these incredible companies, because our platform provides these amazing four layers that you see right here, that everyone needs to convert raw intelligence into real work, everything they need to become an agentic enterprise. Just look at this. Look at what we've built. Look at what we have built. Thank you to our team. They have done a phenomenal job. Srini can't be here 'cause he's in India. He was at the India AI Summit this week. He could not make it back here in time. Look at what our engineering team has built. Thank you to them. Look at where it starts. First of all, yes, we can use all those large language models. We love them all. You know, we love all of our children equally. Down below here, whether it's Anthropic or OpenAI or Mistral or Llama, you know, all of them, and there's more coming. They're amazing. You know, world models are coming. They're amazing. They're all down below here, and we're using them. Then, of course, we bring them into Data 360, and that lets you harmonize your data and integrate your data and federate. That means connect into other data sources throughout your company and grab it. You know, other data repositories, you might be using Snowflake or Databricks, you might be using BigQuery or, you know, anything, even IBM mainframes, and you can bring it into Data 360, activate your data, and then it comes up into your apps. If you're using the service app, and you want to have an experience like help.salesforce.com for your company, now the service app has that agentic capability, the data's coming up, and it comes up to the next level to Agentforce, and you can build your agents, train your agents, put the guardrails in your agents, give them voice. They can talk now. They're talking. All of a sudden, you can even manage and orchestrate and collaborate from Slack. This is our architecture, and all of this is unified, integrated, and that idea that we can deliver this unified platform to our customers to help them deliver humans and agents working together. You can see right here, Agentforce has the tooling to build, to manage, to orchestrate the agents, to make them talk, to give them determinism, you know, to give them the capabilities that they want. Then we have the engagement layer to deliver agentic enterprises, where work happens in Slack across our apps. If you haven't seen Slackbot. You know, I talk to a lot of customers, they're like: "I don't see Slackbot. Why are you using it? I have the free edition." I'm like: "Well, maybe you should pay us and get the Enterprise Edition," 'cause, boom! That's when all of a Slackbot turns on, and you can go through your whole company, run your company. I had, you know, one of our customers over last night, Aneel Bhusri, at Workday. I'm like, "Have you seen Slackbot, Aneel?" He's like, "No, I haven't seen it yet." I'm like, "You're the biggest Slack customer we have!" I'm like, I had to sit there and say, "Look at this." I'm like, said to Slackbot, "I'm having drinks with, Aneel, and I just am trying to, like, give him a demo of Slackbot. What should I say to him? What is the strategy between Salesforce and Workday?" Boom, boom, it just went through the whole thing, showed him every deal. He couldn't believe everything that was happening between our two companies. He had to get updated ’cause he's the new CEO of Workday, and it was amazing. That was my real experience. You know, together, all of this is the complete operating system for the agentic enterprise. Yes, I'm using it myself, you know, and we're using it. We're customer zero, and that's crucial because, look, we already know now our customers aren't gonna deploy just one agent. There's gonna be many agents, many capabilities, the ability to automate many different types of work, and they're gonna deploy hundreds or thousands. Many are gonna be from us, others could be from other amazing companies, you know, like one that I just mentioned, Workday, I love them. These agents can't work in isolation. You know, like ET, each one of them needs to phone home. That home is Salesforce, and they are calling us through the MCP server or maybe even just through one of our core platforms, and the more agents that our company deploys, us or anyone else, the more essential our platform becomes. This is my personal testimonial. I'm giving you my personal testimonial of how I run Salesforce. You can come here, I will show you how I run a business with apps and agents together. It's why nearly 90% of Forbes top 50 AI companies use Salesforce and Slack, and if there is a SaaSpocalypse, I think it might be being eaten by the Sasquatch, because there are a lot of companies using a lot of SaaS, because SaaS just got a lot better with agents-as-a-service. I won't tell you exactly, tell you what that, you know, says, but let's just say they're SaaS. There's also agents-as-a-service. I want to tell you how we're measuring the value our platform delivers to customers. Today, we are one of the largest consumers of tokens in the world to date, now over 19 trillion tokens. We continue to show you that because we want you to see that we're actually doing what we say. I know that there's been some enterprise software companies who say they're doing agents or they're doing AI, but then they're not showing up in the token rankings from the language model companies. You know, here's 19 trillion, okay, but we really want to take this to another level. Another level is a token on its own doesn't know your customers, your pipeline, your org chart, but Salesforce does. The value isn't in the token. The value is when what our platform does with it, the work. That's why today we're introducing an additional metric, the agentic work unit, created by our very own Patrick Stokes, sitting here at the table. The AWU, not to be confused with our customer, AWS. An AWU represents one unit of AI work, agentic work unit. We're rolling this out to see how you like it, actually, here in earnings. It's a record updated, workflow triggered, decision made, MCP called. To date, AI agents on the Salesforce platform delivered 2.4 billion Agentic Work Units. That is where AI isn't just thinking or calling things, it's getting work done, transactions. In Q4 alone, we delivered. about $771 million of them. You know, we're still trying to figure out exactly what these numbers mean for us, but what it means for me is that we are doing what we say. That is, we are explaining that humans and agents are working together. We are showing you a business at scale running them. We are showing them how we are making our business better. Our service is so much better this year because we're using our new Service Cloud with our Omni-Channel Supervisor deployed with Agentforce. Our sales, Miguel just hit record sales numbers. You can see them. We've never sold or had so much ACV in our history in the Q4, because not only does he have 15,000 account executives, but he has all these agents who are out there doing this amazing work. That is so exciting. This is raw intelligence converted into real work. It's driving efficiency and growth. Now let me tell you about one of the biggest drivers of these work units, Slackbot. A lot of you use Slack. I use Slack every day. It's the ultimate employee agent, and many of you know that X, the social media platform, hosts about 500 million messages a day, right? Elon Musk do an amazing job on X. Incredible what he has done. Did you know that Slack hosts about 1 billion messages a day? While X, amazing X, I use it myself, I just tweeted something, you know, 500 million messages a day. Slack is hosting 1 billion messages a day. Remember, every one of them is about getting work done. That's why we bought it. Remember, Slack's ticker symbol was work. Slackbot can access all of those messages, as well as your files, your calendar, your Salesforce, your Google, your Microsoft Teams, your this, your that. Slackbot goes around, pulls it all together, and then it knows your business, so then it's able to orchestrate with other agents. It has an incredible partner marketplace, really the number one AI ecosystem in the world, and has more than 350 AI apps and agents already. There is no other AI ecosystem like it. One of those partners is the great Anthropic. We love Anthropic. We love Dario, Daniela. I tweeted about what they did yesterday. Incredible demo. Just yesterday, Dario demonstrated how he is doing something amazing with Salesforce in the enterprise. Every single one of their demos, whether it was for HR, engineering, investment banking, started and ending in Slack. Pretty awesome. It's about you know, agents and apps, humans and agents, it's all working together. You can see it in his demos. You can see it in our demos. By the way, Anthropic runs its whole global operation on Salesforce and Slack. I think actually every AI company does. Yeah, I think they do. Maybe you saw they're hiring a Salesforce admin, Dario. Let us know if you need new names, I think it's just a point we're making, that Salesforce is doing great with these AI companies. We're so thrilled of our relationship with Dario, I think we just put another $100 million into the new round. We're up about $330 million into Anthropic invested. It's almost about 1% of Anthropic, believe me, I wish we had invested a lot more, John. I don't know why we didn't do more. Okay, with that, it's time we're gonna hear from some of our most inspiring customers becoming agentic enterprises. We have the great Mark! Mark, I see you. Mark is there from SharkNinja. Hey, Mark. Hey, Marc. Congratulations to you and your team. What a quarter! Mark, I'm so thrilled to talk to you, and I love all your products, and thank you for the Christmas presents. I have them, and I'm using them. Appreciate it. I'm really happy that, you know, so much of our, you know, holiday selling season was really driven by the launch of Salesforce. That, as you know, happened at the end of September, and, you know, would love to talk to you about it. Well, Mark, you know that we've been working together now, just me and you, as well as with our whole sales team, to make we can automate all of SharkNinja. We wanna automate your sales, service, marketing, your commerce, everything you're doing. I'm so excited about your future. We have our best team working with you. Give us a, your view of what's happened and the value we've been able to deliver. What's your biggest surprise? You know, what in the slushie machine, what came out? Look, Marc, I mean, we launch 25 products a year, and we're really innovating at speed, and we need customer service solutions that move just as fast. I mean, most companies treat service as a cost center. For us, Mark, it's really about lifetime value of the consumer. I mean, we view service as a growth engine for the business, and it's not just about serving, you know, servicing problems, it's about building lifetime value. We set up with you and your team, a guided shopping agent in 8 weeks, right before the holiday season. I was nervous about it as I went to my team, and I said: "We're putting this in place in October?" There's generally kind of a cutoff in our business where, you know, after October first, you don't really do anything, and we launched this in eight weeks, and it brought tremendous value to the consumer. I mean, it helped them with researching and buying and troubleshooting, really all in one seamless conversation, so it was a great success for us this holiday season. Mark, you know, I think that working with you has been extremely interesting because you're very much a B2C company. You know, there's so many exciting things that you're doing. You know, when you look at what Salesforce has done and deployed, especially in regards to AI and agents and apps, you know, where has it really impacted you the most? Well, look, I mean, let me start with this stat for you. I mean, just since we launched Salesforce in Q4, I mean, agents have participated in a quarter of a million consumer engagements during that period of time. Just in a really, really short period of time, a quarter of a million engagements. You know, we put so many products out into the market, and, you know, sometimes that many products creates complexity for the consumer, and so whether they're calling about a service issue or a troubleshooting issue or a where's my order issue. It's allowed our customer service agents to focus on the really challenging issues, and it's freed up an enormous amount of time for them. It's a win for the consumer because the consumer is getting their questions answered quickly, they're not waiting, and it's a win for us 'cause it's driving down cost, and it's, in the end, just having a better service experience. Mark, I just wanna thank you so much. We're so grateful to you as a customer of Salesforce. It has been an absolute pleasure getting to know you, working with you, and I think that we have such a great future together, and thank you for the Christmas presents. I'm using them. I made some amazing mango sorbet, actually, this week, and it was awesome. Sounds great. Thanks, Marc. Bye, Mark. Great to see you. I've been so thrilled to work with Mark, but I have to also introduce you to another really good friend of mine, Jeff at Wyndham. You probably heard from Jeff this week. He had a phenomenal quarter, doing great, the number one hotel in the world. Jeff, we are so thrilled. You know, Jeff, congratulations on everything that's going on with Wyndham. We're thrilled. Give us your vision of what's going on in the world and with Wyndham. We'd love to hear how you're using Salesforce as well. Well, we have, Marc, I mean, when you think about just how far we've come in the last year, today we have over 5,000 deployments of Agentforce across our over 8,300 hotels. It is a huge, huge part of our agentic platform, and we are really just getting started. We're starting to roll out to Canada and internationally. With Salesforce tools like MuleSoft and Data 360, we have built a single source of truth, unified all of our guests' reservation information and data, all of their loyalty information, and all of their CRM data, that all of our agents now are operating with the same trusted and real-time guest and hotel information, which they weren't before. We're calling it Wyndham Guest360. It is a key enabler for our Agent Foundry, and it is delighting in better guest experiences, improving those experiences, and building on increased loyalty engagement. Most importantly, Marc, you've talked a lot about labor, which is agentic. It is taking millions of dollars of labor cost from our small business owners in the front office out of their operation, and it is driving millions of dollars of increased revenue for these franchisees. Well, I just have to say, I just have to say this one thing, which is I have been hugely surprised at how fast you have gone, Jeff. We work with all the major hotel companies, and I love them all, and I stay in them all. They're fantastic. I'm actually gonna stay at a Wyndham hotel tonight. I'm flying east. I have to ask you this question, Jeff, because I don't understand, how are you going so fast? What are you doing? Is this because you're leading from the top? I mean, you seem to like You know, I just talked from Mark at SharkNinja. He really is owning this. Why are you guys going so fast? Why are you doing so well? I mean. I- I- we, we are- it's just incredible. You're loading out these apps and agents, your team is crushing it. What is going on? We're in the hospitality business, and we always say it's all about humans, yes, but it is humans, as you've always said, with agents, who are driving that customer success together. Think about our customers. Before our integration with you all, our agents had to spend time gathering basic guest information on who Marc Benioff was before he checked in tonight, and that was not easily at their fingertips, or even worse, asking Marc for his information that we should have had. Our agents now have encyclopedic knowledge, think about it, of all of your guest history, all of your booking behavior, all of your loyalty status, 'cause we tied it all together, giving us an ability to answer any question imaginable that any guest like you might have before you check in tonight, before your stay, in moments, not minutes, and we're booking you into your preferred room based on our knowledge, our guest Salesforce knowledge of your past stay history. We are successfully working now. I hope to upsell you a suite upgrade, if we haven't already, an early check-in. Sounds like you're getting in late, a late check-out tomorrow, if you'd like one. I don't know if you have pets, but if you were, those agents would be selling you a pet fee, or an F&B amenity for your pet. Don't tell my dogs about that. They're gonna jump in. Look, this is all being done autonomously, which small business owners and operators would not have had time to do before. We have been working so hard. It is generating so much money. We're seeing faster average speeds of answer, 0 hold times. I've heard you talk a lot about why no customer should wait, and that's why we're doing it. We're receiving, and we're removing, more importantly, $ millions and millions, as I said, in the front office, but we're generating $ millions of increased ancillary revenues to these small business owners. It's not costing them anything. We're also seeing, which is really, really important, a 200 basis point increase in direct bookings from AI voice agents and AI voice agent conversion versus having to get those bookings through expensive third-party online travel agencies. That is increasing guest satisfaction. Our guest satisfaction scores are up 400 basis points. They've never been higher, and this customer experience that we've created is more efficient. Again, humans with agents driving customer success. We're agent first, and we're very proud of it. Well, I just wanna thank you so much, Jeff. Thank you, and thanks to your team, because I'll tell you, it takes a great leader like you, but it also takes a great team, and you've got both, and you've made something really incredible happen. Great job. Congratulations. We're proud to be with you. Our chief commercial officer was on stage with you at Dreamforce. I know that. that. He did a great job- Scott Strickland: Did a great job. We'll be back this year. See you. I hope you come to Dreamforce this year. Bye, Jeff. Bye, Marc. All right, well, I wanna now introduce you to an incredible person who I've known for 20 years, and it's very inspiring entrepreneur. He's really become a huge influencer in the world. He's getting his hands dirty at the great company called SaaStr, building agents, learning how they work, deploying them, really being on the bleeding edge, the cutting edge of this technology, and thanks for being here, Jason. I'm so thrilled to have you. Super exciting. Yeah, congrats on the quarter, by the way. Jason, I just wanna ask you one question. Yes. What is it that's making this happen? What is inspiring you to kind of transform yourself and transform, you know, SaaStr to this incredible opportunity? Well, look, maybe two things. We're builders. We've been. I mean, you, you were, I think you were, like, on RadioShack computers or something back in the day, right? I- We've been building since we were kids, right? Right down the street here, Burlingame. we've been You're right. We're builders at our heart, right? This is the most exciting time to build ever for us as executives, entrepreneurs. Honestly, if you're not excited to be building an agentic age, you should quit. You should go off and go to pasture, do your next thing. We backed into agents because I got tired, after our own big event, of rebuilding the team, and we went all in, and we said, "I wanna try to rebuild the whole team with agents," about almost 10 months ago. Agentforce was a key part of that. We wanted to push it early. Can you really do all of this, all these go-to-market motions with agents? The numbers are pretty good. Well, you've been a pioneer. Yeah. You know, it's a funny thing because in our own independent world, here we are, we're out here building Agentforce- Yeah Slackbot, you know that. We also acquired Momentum, and we acquired, you know, Qualified and so forth. We're so excited about these companies. All of a sudden, whoa, you kind of were building our vision of the future, totally independently. Yeah. You know, you know, we felt very validated in a way. It was kinda crazy. We looked at you and said, "Wow, this is a true visionary." You know, you really have always had a lot of clarity, not just in SaaS, before that. You know that. Yeah. Now here you are, you know, as agent as a service as well. You're a visionary now as well. I guess once a visionary, always a visionary. Give us your vision then, you know, where are we going? Because you've heard about the SaaSpocalypse. Yeah And you know that this isn't our first SaaSpocalypse. No. We've had a few of them. You know, now, you know, where are we going over the next couple of years? Well, I think, and I think this is good for Salesforce, but I think we're underestimating how powerful these agents are. I think. Look, for most people, AI is confusing, the media is confusing. "What the hell is going on?" Let me simplify this. I was just looking at our numbers on Agentforce this morning. So far, and again, we're a small organization, we went from 15 humans to 2.5 and 20 agents. Okay, that's a lot of change. On Agentforce alone, as a tiny organization, we've closed $2.7 million. That's not a, the army contract you got, but that's a lot for us. $2.7 million with an agent, and we have $3.5 million more in the pipeline. Those are agents, and it works. That is exciting. That is exciting that these agents can go out and sell for you. The first thing I did- It is kinda crazy and amazing, isn't it? It's crazy. Yeah. It just wasn't... Not only was this not really possible a year ago, and this is, this, I mean, and the problem with all of us, we were using ChatGPT in the early days. It was all hallucinations. It was hard to believe this stuff would work even 18 months ago, wasn't it? It was hard to believe. Everything got okay last summer, and then at the end of the year, it got great. There's reasons at Salesforce it got great, but to be nerdy, even at Anthropic, your customer, when they rolled out these 4. models, up to 4 or 5, for B2B stuff like we do, it wasn't a little bit better. It was, like, jaw-droppingly better. The hallucinations would be worse than a human makes, and the productivity is high. It's just we've never seen these gains, and the idea that now our Salesforce instance can run autonomously versus doing manual data entry, I mean, this was always a dream. I wanna tell everyone exactly why I wanted you here, because number one is, yes, we love... By the way, SharkNinja was awesome, right? Great. We had Jeff, you know, at Wyndham, and these are very big companies, like good-sized companies, and, not the biggest companies in the world, but incredible companies. You're a small company. Yeah. You're in some ways a solopreneur, right? At the edge. You're an entrepreneur. You know, I think that it is gonna go across the whole market. That is, small businesses are benefiting, medium. You know, we call small businesses 0 to 200 employees. Maybe that's where you are. We have 200 to 2,000, you know, medium. Yeah. We have the 2,000 to 5,000 in general business. We have the 5,000, the monsters. We have the government. We have software companies. Every segment is impacted by this, don't you think? Every company is impacted. I think everyone is gonna look at their business and say: "What can I fully automate with an agent?" Everyone's you're gonna unleash a torrent of creativity, right? The key thing that I've learned for folks is just start with one use case. For us, it was what the idea you came up with, like, last summer, reactivate the leads the sales team never talked to. That was our first use case. Find something, or with Wyndham. That's a huge thing, right? 'Cause, like, there's 20 million, 30 million, we don't even know, maybe 100 million people we didn't call back in the last... Yeah 26 years. Miguel called back 50,000 people with agents last week that we would not have gotten to. Even though he's got all these reps, he still doesn't have the ability to call everybody back. It's amazing. We did 3,000 with Agentforce. For one, I was just looking at a couple examples. We closed a $250,000 customer this week, but the first one with Agentforce was Freshworks. You know Freshworks, they do support and a bunch of other stuff, but they've changed. Girish isn't the CEO anymore. The marketing team's turned over. We don't know anybody. The agent found the right person and closed the deal. That's sort of magical. That wouldn't have really been possible without agents and AI, would it? Isn't it exciting? Yeah, it's just like- That's exciting, right? It's exciting. Yeah. The fact that every company can start with something here, they can reactivate something, or even with Wyndham, responding after hours. Actually, my old head of customer success is now head of SMB at PayPal. They use Agentforce. He just told me, texted me this morning, or DM'd this morning, they have a broken merchant flow, where folks would sign up to use PayPal, and then they would abandon it, like an abandoned cart. They put Agentforce on it, and the conversion rates are much higher, but they couldn't get any people to do this, right? All of us have some process... That's. where there's no one to do it. I think it is so exciting, 'cause... Yeah have humans and agents working together. Yeah. You're working with your agents. It's the apps and the agents working together. You know, it's kind of fun because I think that for the last, well, 26 years, you and I, we've been in this kind of SaaS industry, and it's all been all about apps. Yeah. That's now. The apps aren't gone away, because PayPal's still using those apps. By the way, PayPal's a huge customer in Sales, B2B, and also Service, call center, contact center. Yeah. Now, just as you articulated so beautifully, more productivity, more capability, you know, the ability, the lost card idea, you know, that's what we're finding, this ability. Now we're selling not just in the SaaS apps world, we're also selling agents, and yeah, these two are gonna be two markets, and who knows, maybe one will be bigger than the other. Maybe they'll both be the same size. We don't exactly know. I mean Yeah We just gave guidance, you know, that we're gonna do $46.2 billion this year, you know, on revenue. I can't tell you when the... You know, and Agentforce is, like, about an $800 million business. Yeah You know, now. I can't tell you exactly when Agentforce will be a $46 billion or $30 billion dollar but it has the potential to go, just like, What's 46 times 3? I'm still planning. Help me. What's 46 times 3? Help me, you guys. That's how big I think Agentforce will be. 46 times 3 is 120 plus 18. Yeah 38, 138. I think Agentforce, and I'm not being facetious, I think it'll be a $140 billion-dollar business. Yeah, you wanna do it at the table? I think the value is about 3x the software. Yeah. This is why I think the SaaS apocalypse or Sasquatch apocalypse or whatever, I think there's some truth to this because agents are changing the world, and if you don't have Agentforce, if you're one of the leaders and you don't, and you're not there, I think it's fair to be concerned, right? Yeah. The value. You know, I wrote this post about how much more valuable Salesforce is us with our agents. It's not a little more valuable. I read it. It was awesome. It's, like, 10 times more valuable. I don't think you were using Salesforce really six months ago. Not really. Our team had shrunk- Yeah The value was, we were using it as a data store. You just fired some reps or whatever. Yeah. So you. Well, never fired. They left. Yeah. Okay, they left. They left. You know what I mean. Yeah. Now you have, like, a team of agents and humans, and your company's bigger and more successful than ever. We're using Salesforce all day long. Your conference is gonna be amazing this year, right? Yeah, yeah. Okay. Even, and actually, what's interesting is not only are these agents using more of Salesforce, I just figured this out today, the most dated part of our software stack is a company called Marketo. You'll remember from the old days for marketing automation, right? Absolutely. Back in the day, very innovative, right? Jaw dropped in the day. We're sort of a prisoner. We're stuck on it. These agents- I got some things to show you there. But the agents, our Salesforce agents, have taken all of that data and put it into Salesforce. Now Salesforce is accumulating all the value from all these other stores and becoming the hub. That's why whatever the math is. I'm gonna bet on the 150. I'm not gonna. It might take 8 years, but I think the agentic side is worth 3 to 4 times the software side. A plus. Yeah. Great job. Thank you. Thanks for being here. We really appreciate you joining the earnings call. It's great. Okay. Thanks, everybody. Thank you. Thanks. All right, there we go. We just had three great customers. Yeah. We gave some numbers. Now I'm turning it over to you, Robin. Take it over. Thanks, Marc. What an amazing trilogy of 3 great questions. Congratulations on such a great quarter. Oh, absolutely, on a great year. We're gonna turn to the numbers and tell everybody about it. Good afternoon. We closed an exceptionally strong fiscal year. We have rebuilt our platform to convert the raw intelligence of LLMs into real work that drives revenue, as we just heard about, reduces costs, and scales reliably without limits. This is powering the transition to the Agentic Enterprise for our customers and ourselves. To share a few data points, as expected, as Marc said, we had a great quarter or great year. We finished the fiscal year 26 with second-half net new AOV growth ahead of second-half AOV growth. Agentforce and Data 360 ARR, inclusive of Informatica Cloud ARR, reached $2.9 billion. That's up over 200% year-over-year. This includes Informatica Cloud ARR of $1.1 billion and Agentforce ARR of approximately $800 million, which is up 169% year-over-year. New bookings for Agentforce 1 Edition and Agentforce for Apps, or as we call it, A4X, our most premium SKUs, nearly tripled quarter-over-quarter. Our consumption flywheel is spinning faster than ever. In the quarter, more than 60% of Agentforce and Data 360 bookings came from existing customers expanding their commitments. Looking at our largest deals, every single one of our top 10 wins included Agentforce, data, sales, service, platform, and analytics. Our newest addition to our portfolio, Informatica, landed in 6 of those top 10 wins, proving it is a critical component of us building the data foundation for the agentic enterprise. Let's dive a bit further into these incredible results. Subscription and support revenue grew slightly above 10% year-over-year in nominal and constant currency. Total revenue was $41.5 billion, up 10% year-over-year in nominal and 9% in constant currency, driven by Agentforce, Data 360, Slack, Agentforce Sales, and service performance. Informatica's Q4 results also outperformed our expectations. This strong performance was partially offset by continued weakness in marketing and commerce, weaker-than-expected Tableau performance, and the on-prem revenue timing in Tableau and MuleSoft we shared last quarter. Q4 revenue attrition ended the year at approximately 8%, in line with recent trends. Our current remaining performance obligation, or CRPO, ended Q4 at $35.1 billion, which was up approximately 16% year-over-year in nominal and 13% in constant currency, driven by strong net new AOV, especially in Agentforce, Data 360, Slack, and sales. This does include a four-point contribution from Informatica. Our top priority remains accelerating growth. Based on our FY26 net new AOV performance, we are more confident in our path to re-accelerate organic revenue in second half FY27, as outlined at Investor Day. Given our strong net new AOV performance and the incorporation of Informatica, we are updating our FY30 framework as follows: We are now targeting FY30 revenue of $63 billion, which represents an 11% CAGR from FY26 to FY30. We remain on track to Rule of 50 by FY30, and we are pleased that with our continued focus on operational excellence, we delivered 60 basis points of expansion in FY26. As we think about FY27 and fueling our framework, we are making targeted investments, including advancing our Hyperforce third-party infrastructure for trust and security, ramping our AE capacity, and scaling FDEs to drive adoption. These investments are partially funded by efficiency we've unlocked, becoming the lean agentic enterprise as our own Customer Zero. Before we turn to guidance, a quick update on capital allocation. I'm proud to say that we have achieved all elements of our Investor Day commitments, including capital allocation. Also, our board has approved a 5.8% increase in our quarterly dividend to $0.44 per share. Additionally, and as you've heard, given the current stock price dislocation, the most prudent investment we can make is in Salesforce. We are updating our share repurchase authorization to $50 billion. Let's talk about FY 2027. We are initiating fiscal year 2027 revenue guidance of $45.8 billion-$46.2 billion, growth of approximately 10%-11% in nominal and constant currency. We expect subscription and support growth guidance of slightly under 12% year-over-year, or approximately 11% year-over-year in constant currency. This is fueled by continued momentum in Agentforce and Data 360, partially offset by weakness in marketing, commerce, and Tableau. Our non-GAAP operating margin guidance is 34.3%, an expansion of 20 basis points. As I mentioned, this is the year where we are making further investments to fuel long-term growth and ensure customer success with Agentforce. We expect GAAP operating margin of 20.9%, an expansion of 80 basis points. Turning to Q1 guidance, we expect revenue of $11.03 billion to $11.08 billion, growth of approximately 12%-13% in nominal and 10%-11% in constant currency. CRPO growth for Q1 is expected to be approximately 14% year-over-year in nominal and approximately 13% year-over-year in constant currency. Clearly, we are executing against our FY30 framework, accelerating growth and investing with discipline, including investing in Salesforce via share repurchases. Before we wrap up, to better reflect our agentic enterprise strategy, we are reevaluating our revenue by cloud disclosures in FY27. Stay tuned for an update on this disclosure prior to our Q1 earnings release. Finally, a big thank-you to all of our employees for their dedication and hard work, delivering a very successful FY26, and onward to an incredible FY27. Mike, I'll turn it over to you. Thanks, Robin. With that, Layla, we're going to go to the first question, please. Thank you. At this time, if you would like to ask a question, please click on the Raise Hand button, which can be found in the black bar at the bottom of your screen. If you have joined by phone, please dial star nine on your keypad to raise your hand. When it is your turn, you will receive a message on your screen inviting you to become a panelist. Please accept and wait until you are promoted to a panelist, then you may unmute your audio, turn on your camera, and ask your question. As a reminder, we are allowing analysts one question and one related follow-up today. We will now pause a moment to assemble the queue. Your first question will come from Keith Weiss with Morgan Stanley. Excellent. Thank you guys for taking the question, and congratulations on a really nice end to FY26, particularly when it comes to the Agentforce numbers. The Agentforce numbers are definitely eye-popping, getting to a big scale and still growing at really, really high rates. On the other side of that, CRPO perhaps was a little bit disappointing. On an organic basis, you grew that at 9%, just in line with your guidance, and typically, we expect a little bit of a beat, 100, 150 basis points of a beat. I think that's stoking some concern with investors. Can Salesforce do both? Can we grow a big Agentforce business and sustain the growth and momentum in the broader Salesforce portfolio? Can we bring along the entirety of the business? Can you talk to that aspect? Can Agentforce catalyze the broader Salesforce product portfolio? Can it bring along everything? What gives you confidence in that acceleration on the back half of the year? All right, well, I think that that is absolutely a great question. I think the reason why it's such a great question is because Salesforce is, just as you said, it's a comprehensive business. We're closing new business, new ideas. We have building new technology, and we also carry with us that we are a subscription business, so we're carrying with us our legacy as well, and we're renewing and moving that legacy business forward. That's also one of the exciting parts of Salesforce because that also gives us the predictability to understand what's going to happen in the future fiscal years. Yes, we are innovating, we're creating the future, we're adding to the future, we're also renewing our customers, and I have to tell you, we're just very proud, actually, of the numbers. I mean, this fiscal year is far better than I expected it at the beginning of the year. In the Q4, actually, even in the third and Q4, Miguel's numbers were far exceeded my expectations. To your point, Agentforce also, and also Data 360, are exceeding our expectations. Yes, could we sell more? Could we renew more? Can we do more? Can we do this? Can we do all these various things? We absolutely can, but we are very grateful for what we've been able to achieve so far. Robin, do you want to add to that? Yeah, I agree with that. I think we're monetizing AI, Keith, through many different fashions. We've got multiple ways to monetize. We're seeing great growth, as I mentioned, in our premium SKUs. We're seeing acceleration. I think just listening to the three customer interviews talks about the great value that they're getting from Core. It's also important to point out, we didn't talk about it a lot, but our seats, we're still seeing them grow year-over-year and quarter-over-quarter. What we see is now with Agentforce, with the system that you laid out, the system of agency, et cetera, we're just seeing incremental value to our software, and some of it's going to be consumption-based, but we're gonna have a hybrid model. Seats will continue to be a key component of our growth going forward. What we hope to see is just what you heard from the three customers today, incremental value coming as the result of our agentic technology and capabilities. Great. Thanks, Keith. Layla, we'll take the next question, please. Your next question will come from Brent Thill with Jefferies. Good afternoon. Marc, the $50 billion buyback, I guess many are asking, given the falloff in big multiples, why not lean a little harder in acquiring technology in M&A versus buying the stock back? Well, I really appreciate that. I think, Brent, the way to look at this is. I'll just tell you how I look at it, which is that there's many uses of cash. You know, number one is dividend. You know, we just increased the dividend by 5%. That's one use of cash, very important. And then we're also look at buyback, traditional buybacks, okay? So we're doing that. We've done that very aggressively over the last few years, as you know. Acquisitions, we'll continue to do acquisitions, but using our new formula that we've put into place, and we've done now quite a few acquisitions using that new formula, and it's been great. I wish I had used it, actually, through the entire history of Salesforce. I think we have a much better understanding of how to do acquisitions that are accretive to the business but not dilutive to investors. Debt. I think there is a role here that, you know, we're just very under-leveraged on our balance sheet, and I think, you know, look, you're a great banker. You've been a great banker for decades now. I think if you look at our balance sheet, now we're gonna do more than $16 billion in cash flow this year. We're not using debt effectively, and I think at these prices in the market, the ability actually to kinda come to terms that, you know, we had some acquisitions in the past, like Slack and Tableau, that diluted our investors, I think now is the opportunity to take some of that stock back out of the market. These are great prices. I'm sure you would agree with that. We wanna use our capital correctly. I think debt is a great way to do that. I think our stock is a great price. I want Robin to buy as much of it as she possibly can. Yeah. I'd maybe add to that, Brent, it doesn't preclude us from doing all the things you mentioned to grow, as Marc just said, with our free cash flow, with our cash balance... Absolutely With our access to market. We have to do all four of these things. We brought 10 companies. We also returned over 99% of our free cash flow to our shareholders via buybacks and dividends. As we think about optimizing our balance sheet, to Marc's point, we're positioning ourself to o rganically, inorganically, and also return value to our shareholders? I think that when you look at such a huge cash flow number, although we just finished a $15 billion year, coming into it, what will we be? Probably at least a $16.5 billion cash flow year. That's right. You know, then we should be really just thinking about: How do we use cash correctly? That's right. That's right. What is the right way to use cash? Yes, I think that there are many ways to use cash, but focusing on those four things, you know, the dividend, the buyback, the acquisition, and debt. All four are critical. If you have other ideas or you have other thoughts, Please send them our way. We're very open. I'd love to have the conversation, of course. Yeah. Well, thank you, Brent. Layla, let's go to the next question, please. Our next question will come from Kirk Materne with Evercore. Yeah. Thanks very much for taking the question. Marc, you alluded to it in your, in your comments. You know, the presentation yesterday by Anthropic, I thought was an interesting example of sort of a better together strategy with you and one of the model partners. There is, you know, continued concern that those providers might become more competitive with you over time. I was wondering if you'd just give us an idea of how you see the lines of demarcation in terms of partnering, as well as, you know, potentially competing down the line, you know, where you think you guys have a right to win, where they might have a right to win? I think just a little bit more color on that would be helpful in terms of people's view of where we might be going in terms of, you know, the partnerships with those companies. Thanks. No, I'd be delighted to do that. You know, maybe we can even put up our slide again of our kind of stack diagram, 'cause it makes it really clear what our, what our vision of the world is, which is, you know, at one very critical part of this, you know, these new models, you know, whether it's OpenAI, whether it's Anthropic, whether it's Gemini, whether it's Llama, whether it's, you know. You pick. DeepSeek, Mistral, there are so many. You can go off as well to look at that there's thousands of them. We make some of them ourself. These models are new parts of our infrastructure that we really did not have in place, you know, a few years ago. We had some of our own models. You remember when we did Einstein, and I would talk about on the earnings call that I was using Einstein to understand what was happening in my business, that was all based on Salesforce models that we had. We've always had models at the bottom of our infrastructure, but now we really are able to kind of say, "Look at this. We've done 19 trillion tokens with these models." These models here, that's who we have today. They will change over time. They're a critical part of our infrastructure. I think the strategic question that you're asking is this: Not only does it look like that in this slide that we just saw, but could those models themselves become platforms? Could OpenAI then also be a platform? Could Anthropic be a platform? Can Gemini be a platform? Can DeepSeek be a platform? Can Mistral be a platform? Can Llama be its own platform? In the way that we have Windows and Mac, you know, or HTML or different things as platforms where applications all of a sudden appear, will all of a sudden an application come in within one of those platforms and then use some of those services? Absolutely, those could be new platforms. There will also be other new platforms. I have a platform right here as well, iOS. There are many platforms. Our job as a software company is to help our customers to create success, and to take that and help them connect with their customers in a whole new way. We'll deliver our products, our capabilities, our value proposition with our customer relationships. Of course, we have over 150,000, I think, customers on our core, 1 million on Slack. We have 15,000 sales reps who are out there. Their job is to work with customers to help architect their future success with these ideas. Our primary vision, though, today, because this, in the current reality, this is about humans and agents working together. These customers, like you saw today with Wyndham, with SharkNinja, even SaaStr, even Salesforce, our job is to take what's available today and make it successful. That isn't where those platforms are today, as you know. You know, in your business, you have you know, you work for an amazing company. Keith works for an amazing company. You know, these large banks, where we are providing a lot of automation for the sales professionals, the service professionals, there is a lot to do to not only automate those call centers, those contact centers, the sales forces, the employees with Slack, to also then unleash the agents in a way that is compliant, that is secure, that is available, that is scalable, that is reliable, that is able to operate hand in hand. If you go to help.salesforce.com today and you wanna get help from Salesforce, you know that you're gonna be able to automatically connect to our contact center as well. That's incredible. We couldn't do that just a couple of years ago, as you know. That's the current way we're deploying. Could there be other ways that we deploy? It's definitely possible. The future, you know, could have many different forms, but we can see right now what we're gonna sell this year to our customers. We have a lot to sell and a lot to do. Thank you. Great. Thanks, Kirk. Layla, we'll take the next question, please. Your next question will come from Gabriela Borges with Goldman Sachs. Hi, good afternoon. Thanks for taking my question. I wanted to ask the team about the $2.4 billion disclosure on AWS. Tell us a little bit about how you translate the tokens and the Agentic Work Units to monetization. I know you've been working on AELAs. How do you think about the evolution over time and the pricing model? Jason from SaaStr was just talking about the agentic value of the stack being three to four times more than software value of the stack. Tell us a little bit more about how the ELAs are going, and Robin, for you specifically, how does it impact gross margin? Thank you. I think Patrick should really lead this AWU discussion because it's kind of his brainchild, and he was very unhappy that, you know, I keep bringing out this token number 'cause I'm very impressed that we have 19 trillion tokens. you know, because I think that really shows, you know, that we're really using these products to deploy these agents. I mean, everybody can now knows Agentforce is hugely successful, and all the new capabilities of Agentforce, the determinism, the voice, the programmability, Agentforce Studio, Agentforce Builder. Now Slackbot as well. I think that there's another level, this idea of Agentic W ork Units. Why don't you tell us what your vision? Yeah, sure. You know, as we started looking at how our customers were using Agentforce, and we started looking at how we're consuming tokens from the model providers, right? All those models that sit at the bottom of our layer from OpenAI and from Anthropic, what they're doing is they're providing intelligence into our system, and we're able to measure that intelligence through the lens of a token, and that's how most of these model companies are charging. It's the amount of tokens that your platform, in our case, is consuming. When we started looking at that across our customers, we can start to see, okay, you know, our top 10 customers are consuming this many tokens. We know how many tokens Salesforce is consuming internally. It begs the question: Well, are they doing anything? Are they working? Are they providing any value, or is it just input and output of intelligence, right? You know, you can ask it a question, it can write you a poem, but that's not really all that valuable in the enterprise world. What's valuable is creating a document for you or updating a record or, you know, helping us. Right here at this table, we all used Slackbot to prepare, you know, our notes here, our, you know, our customer stories. We're all preparing that with Slackbot. What we did is we said: "What if we could count those individual work units? What if we could look at those work units relative to the tokens?" We said, "Oh, there's a relationship between the two." We can start to see a ratio of tokens being consumed and work coming out, and that ratio starts to become really interesting 'cause now we can look at our customers and say, "Hey, customer A, you have a really nice ratio. You're getting a lot of work done on the platform for the amount of tokens that you're consuming," and, "Hey, Mr. Customer B, your relationship is actually not so good. You're consuming a ton of tokens and not getting a lot of work done. What can we do to help you?" It becomes a really kind of interesting way. The tokens are kind of a leading indicator, but the work unit, we think is a much more valuable indicator, in terms of where the value is actually coming from for our customers and for our own transformation. Absolutely Into an agentic enterprise. Maybe on the monetization, I can toss to you. Yeah. I mean, you know, this is something that we continue. Look, I think you were asking specifically, Gabriela, about what does it do to gross margins? As we think about margins in the short run, we think we're pretty neutral. You know, Patrick talked about this differentiation between tokens and AWUs. Well, tokens, those prices, we're working with our various partners. Those are gonna start to go down over time and commoditize. Also importantly, when you think about our products, engineering and product is working on ways to continue to fine-tune our products with things like Agent Script, which is gonna make it easier for us to produce the work reduce the overall cost. Those are things. Again, we're optimizing. We're using Customer Zero. Marc talks about the fact that we're reallocating resources. We're also looking at other things to overall continue to drive our efficiency down. Short term, we don't see gross margins getting worse, fairly neutral. Long term, we're doing everything in conjunction with our FY27 framework and our overall operating margin improvement to continue to get efficiencies in gross margin and operating margin. Miguel, do you wanna take on the question about AOV and kind of what we're seeing in the market and how customers are consuming this technology? Yeah. I've been working very hard for the last quarter to have this minute because I really wanna tell you the story. Q3 was stellar. You heard the numbers at the time. We made a very clear commitment, Robin Washington and I, in partnership at the Investor Day. We shared 3 key messages to you all. Number 1 is, we were seeing the very likely possibility of revenue re-acceleration in 12 to 18 months. That was 4 months ago. Today, we are saying that the revenue re-acceleration, organic revenue acceleration of subscription and support, is gonna happen in H2, and we are very committed to that, and we are certain now because we've seen the net new AOV growth outpacing the AOV growth in H2 last year. We're sitting now in Q1. We're looking at Q1 and Q2, I can tell you with absolute confidence that the net AOV growth is gonna significantly outpace the AOV growth. Now, 4 quarters of net AOV pulling up the AOV growth is gonna finally translate in H2 into a revenue re-acceleration. That was number 2- number 1. Number 2 was the, your fiscal year 30, long-term durable growth plan. We are recommitted to that, to the point that we've increased the target from 60 to 63. If you do the math, it's not all because Informatica. It's because we are more and more certain that we are gonna hit the numbers. Then the third thing, which is substantially important, and it goes to the monetization and to the AELA co- question, is we have found the formula to monetize AI. There are three ways, distinct ways, the main ones, that we are using to monetize AI. Number one is our large install base of 100 million seats. We are upgrading to our premium SKUs that contain already embedded AI and unlimited access to agentic for employee use cases, number one. We've seen, as Robin referred to earlier, that SKU business triple. Agentforce 1 Edition and Agentforce for Sales and Service has tripled quarter-on-quarter. Last quarter, it doubled, so it's pretty monster. The second way to monetize is this is very peculiar, because now our apps are Agentforce Sales, Agentforce Service, all of them are agentic. Now, the ROI that companies generate by implementing our apps has increased. Now we have access to new seats, that before, companies couldn't afford to roll out Salesforce or any of our apps. The third way is for customer-facing, agentic use cases, agents. We sell fuel, the credits, Flex Credits. Companies, if you look at the bookings of Agentforce in Q4, 50% were credits, Flex Credits, fuel, and 50% were higher SKU use. If you look at the top 12 deals, which by the way, record, Robin and Marc, we've never done more than 10 deals above $10 million in any given quarter. This was our best Q4 ever, our best quarter ever. We did 12 deals above $10 million, 1 of them above $50 million, 3 of them above $20 million. When we look at those, if you look at the 3 ways to monetize, 6 out of the top 10 deals, basically were upgrades of the existing SKUs. 7 out of the top 10 deals, we added seats, and 5 out of the top 10 deals included credits for agentic customer-facing use cases. 3 of them included everything. The beautiful thing is, in every story, every story that we heard today, that was very incredible, these 3 customer stories, I have a bunch of stories that I wanted to tell you, but we're running out of time here. In every one of these stories, we are monetizing AI through these 3 different angles, and we're seeing it in the bookings, we're seeing it in the pipeline. I'm very confident about Q1. I mean, something happened in Q4 that was monster. I mean, Marc set a target to me and to my team, "I need to see bookings starting with a number," we delivered above the number. That was incredible. I'm looking at the pipeline, double-digit growth in pipeline. I'm looking at my capacity. We've hired over time. We started last year, 12 months ago, with 0% growth in ramped AEs. These are AEs that are ready to sell. It takes our AEs a year or so to sell, to be prepared. We are starting this fiscal year with 15%-17% more growth in ramped AEs. That's dynamite. We have double-digit growth in pipeline. I'm very confident about the net AOV growth, significantly outpacing AOV growth, ILAs have been a big part of this. This is the number one product that we sell now. We sold 120+ ILAs in Q4. I thought we were gonna do between 50 and 100. We did 120. In the top 10 deals, we sold eight ILAs, in the top 10 deals. These are customers that go all in and commit, and commit long-term to our to the future. They are outsized deals. Very good. Thank you so much, Miguel. Thank you. Thanks, Gab. Thanks, Layla. We'll take the last question now, please. Hey Your last question will come from Raimo Lenschow with Barclays. Hey, thanks for squeezing me in here. I'm gonna get a quick one. If your cross-sell, or the token upsell is working so well, you said 60% of the booking came from that one, it's kind of almost getting the message out to more customers quicker. You now have 29,000 customers. How do you think about that evolution from kind of getting new customers and getting those guys up and productive this year? How do you think about the road there, and what are the roadblocks? Thank you. Yeah, Raimo, good to see you again. Listen, we did 29,000 Agentforce transactions. We have approximately 22,000-23,000 customers. You said it very well: our role, the role of my team, the role of my executive, the role of all the AEs, is to be in front of customers, to explain these stories and the value that we can drive. I mean, today, yesterday or today, I don't know when, there was a world tour in Australia. We had 12,000. Today. Yes. Today, right? Yes. Uh, twelve thousand, uh, um, customers- It's actually tomorrow, but it's today. It's yesterday. Australia time. I don't know, whatever. 12,000 customers showed up. It's happened. It's already happened, by the way. Yeah. I think we just need to. The key message that we are conveying to our customers is, SaaS is more important than ever. In the world of LLMs, this is I mean, we are so happy that this raw intelligence exists, but to convert raw intelligence into reliable, accurate, scalable enterprise work, you need a solver infrastructure like the one that Marc described with our four layers, the system of context, the system of work. This is our big differentiator. Nobody has 40% market share in sales and service. I'm sorry. In the customer domain, we are the systems of work. We have the system of agency, very sophisticated. Some companies are building it, whatever, but we have the best because we are proven in 4,000 production customers, 23,000 total customers. Nobody has that at the scale and the complexity, because our agents are connected to the data, connected, able to trigger actions. We have the system of engagement, which is Slack. I mean, the demo of this, of Anthropic was incredible. It started in Slack. What did they do? They took it out to another UI, which is awful, by the way, but I mean, it wasn't really as nice as Slack, but they did all the work, incredible work, again, we are so lucky that these companies exist. They copy-pasted. They did that, right? They copy-pasted. They put it back on Slack. Today, you can do that with Slackbot. You don't have to get out and in. We have a great partnership with Anthropic. Anyways, Raimo, we're very excited. Patrick, I think you should come in here and talk about this. Yeah, I mean, you know, everybody right now, everybody through the past few years has been so enamored with the model, of course. It's this brand-new thing, this intelligence layer that we never had, also the data. What's really happening around us is the apps are changing. The UI is changing, as Miguel Milano is alluding to, and that's really what we're seeing because these old apps of these point-and-click buttons, though, you know, those were designed for human beings to interact with. What happens when you have human beings and agents in the same place, right? Suddenly, a lot of those interactions, those UI paradigms, kind of get thrown away. You don't need all of this complex UI anymore, and that's what makes Slack so powerful, and I think that's what Anthropic knows. I think that's what we saw in their demos yesterday, right? That you kind of, like, process the work, but ultimately it's coming. That work is getting done because some person or some agent is asking for it, then you need to give it back to that person or that agent. Where do you do that? You do that in Slack, and that's what makes Slackbot so unbelievably powerful, is you never have to leave. Of course, it's powered by Claude. We love our partners at Anthropic, but it knows all of the context of your business, not just the context of your, you know, your systems of records as we think about it, but all of the conversations happening inside of Slack. It has access to all of that, and the knowledge that it gains from that is truly unmatched. It might be our most important piece of data that we have. When you put all that together into this brand-new user interface, you know, that's really where we see this big transformation in SaaS happening. It's that the apps are gonna change, and they're gonna just turn into this, you know, environment where humans and agents are really working together. I think to add to that, if you think about customer success, right? We're really doubling down, as we said, on FDEs, and I think they're the folks that are on the ground with our selling teams, our solution selling teams, to ultimately make this vision a reality. I think that's the key component to converting it from AELAs to ultimately consuming. That's what we want to continue to see happening, is that consumption wheel continuing to fly. Well said. Well, great. Thank you. Thank you, Raimo. We want to thank everyone for joining us today and look forward to seeing you soon. Bye, everyone.