Salesforce, Inc.

Good day, ladies and gentlemen, and thank you for standing by. Welcome to the Salesforce Q4 and fiscal year 19 earnings conference call. At this time, all participants are in a listen-only mode. Following management's prepared remarks, we will host a question-and-answer session, and our instructions will be given at that time. If during the conference day you require operator assistance, press star then zero, and an operator will be happy to assist you. As a reminder, this conference call is being recorded for replay purposes. It is now my pleasure to hand the conference over to John Cummings, Senior Vice President of Investor Relations. Sir, you may begin.

Thanks so much, Brian. Good afternoon, everyone, and thanks for joining us for our fiscal fourth quarter and full year 2019 results conference call. Our results press release, SEC filings, and a replay of today's call can be found on our IR website at salesforce.com slash investor. With me on the call today is Mark Benioff, Chairman and Co-CEO, Keith Block, Co-CEO, Mark Hawkins, President and CFO, and Brett Taylor, President and Chief Product 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 press release. Some of our comments today may contain forward-looking statements which are subject to risks, uncertainties, and assumptions. Should any of these materialize or should our assumptions prove to be incorrect, actual company results could differ materially from these forward-looking statements. The description of these risks, uncertainties, and assumptions and other factors that could affect our financial results are included in our SEC filings including our most recent report on Form 10-K. So with that, let me turn the call to you, Mark.

Thank you, John, and thank you, everybody, for being on the call today. As you can see from our results, Q4 tapped off another record year for Salesforce. Revenue in the quarter rose to more than $3.6 billion, up 27% in constant currency. Truly amazing for a company of our size. And for the full year, we delivered more than $13.2 billion in revenue, making Salesforce the fastest enterprise software company ever to reach $13 billion. Based on our outstanding fiscal year 19 results, we're raising our fiscal year 20 revenue guidance to $1,605 billion at the high end of the range, representing 21% projected growth year over year. And we expect this incredible growth to continue, which is why we're now initiating a revenue target for fiscal year 23 to 26. sorry, fiscal year 23 of $26 to $28 billion, organically doubling our revenue again in the next four years. I've never been more excited about the opportunity ahead for Salesforce. Around the world, more and more companies are investing in their digital transformations, which start and end with the customer. Earlier this year, I was at the World Economic Forum in Davos, where I met with hundreds of global customers, and I've also been on the road meeting with customers across the U.S., and everywhere I go, I hear the same thing. Companies are continuing to make incredible investments in their customer experience. They know they need to invest in becoming more customer-centric, more efficient, and more automated. And when they invest, they're looking to do it with companies they trust, and that's why they're looking to Salesforce. Salesforce is not only the number one CRM, but we're really their most trusted enterprise software vendor. And whether they're B2B or B2C, they're now becoming a B2B2C company. They're all transforming to connect with their customers in a whole new way, and we're the only company with an intelligent customer success platform for both B2B and B2C companies. Salesforce is the number one CRM, and as you all know, with MuleSoft, we're now the number one integration platform. We're also a leader in sales and service and marketing and in digital commerce, and in fact, service is on its way to becoming our largest cloud. That's incredible. That is allowing us to deliver a level of digital transformation never before possible. It's redefined the CRM experience for so many of our customers. And over the last 20 years, no other company has been more focused on customer relationships. We've not only remained totally focused on CRM, we've constantly redefined and expanded what CRM means. CRM is the largest and fastest growing market of enterprise software today, bigger than operating systems, ERPs, and databases. And we continue to take share and outpace this market. According to EDIDC, Salesforce commands 20% of the overall CRM market, more than the next three competitors combined. At Dreamforce, we introduced the Salesforce Intelligent Customer 360, giving our customers a unified 360-degree view of their customers across every touchpoint in sales, service, marketing, commerce, communities, and more. And we have a tremendous vision for the next decade with our Intelligent Customer 360, a major growth engine for Salesforce moving forward. We're operating at a tremendous scale at Salesforce. Just look at some of the daily milestones our customers have helped us achieve on our intelligent customer success platform. Every day, 3 million sales opportunities and 3.2 million leads created in Sales Cloud. Every day, 9.7 million cases logged in Service Cloud. And every day, 1.9 billion emails sent from Marketing Cloud. Amazing. Every day, 44 million reports and dashboards created in Einstein Analytics, and now, every day, more than 6 billion predictions in Salesforce Einstein on our AI. During the holiday shopping season, the Commerce Cloud processed more than 4.2 million orders and supported 690 million e-commerce page views in a single day. No other vendor provides CRM at scale. And it's why Salesforce has been named one of the world's most innovative companies eight years in a row by Forbes. Take Salesforce Lightning. We've revolutionized the Salesforce user experience with a redesigned, intelligent, and intuitive new platform that is now making millions of users more productive. And Lightning makes it easy for them to build incredible innovation and customer experience with clicks, not code. With Salesforce Essentials, we're now making it possible for millions of small businesses to tap into this innovation and deliver incredible customer experiences. But as we all know, every digital transformation isn't just a customer transformation, it's also an AI transformation. It's an automation transformation. This is a big shift for our customers and the industry is undergoing it everywhere. That's why we've built Salesforce Einstein AI innovation deeply into the Salesforce platform. I'm thrilled with the adoption of Einstein which, as I said, is now delivering more than 6 billion predictions every day. Now, with Einstein, we're enabling our customers to interact with Salesforce as easily and as naturally as they think and as they talk. Just as Salesforce brought our customers to cloud, social, mobile, and AI, we're bringing them voice as well. In fact, half of U.S. households already have a voice-activated device. It's going to become a dominant user interface, but Salesforce is no exception We've taken these consumer voice experiences and we've brought them to our customers and made them more productive at work. Now, and very, very soon, every Salesforce app that has ever been built will have Einstein available to it. The power of voice isn't just getting information. It's getting information into your database and into your CRM system. It has to be fully interactive. With Einstein voice, customers will be able to update all of their data in Salesforce with voice commands. AI is critical to every customer transformation, and the automation it delivers is driving the next generation of efficiency for companies. It's also radically a transformation in the nature of work, and it's why all of the CEOs I've met with are talking about rebalancing and re-skilling their workforce for the future. As automation impacts the workforce, we recognize we have a responsibility to deliver our solutions to help people skill up for the jobs of tomorrow, especially for jobs in the amazing Salesforce economy that is growing around us. One that will create more than 3 million new jobs and more than 850 billion in GDP impact by 2022. That's why we created Trailhead, a personal learning cloud that empowers everyone, regardless of their background, to learn and demand skills for free. We now have more than 1.2 million learners on Trailhead and are changing people's lives every day. This week, as we celebrate another record year, we're also celebrating another great milestone, Salesforce's 20th birthday on March 8th. In 1999, Parker and I could not have imagined that Salesforce would be the company it is today. What I'm most proud of is the trust we have with all of our stakeholders. There's a clear connection between customer success and a company's values, and that's why trust is the heart of our culture. And we've seen this as we've grown our company over the last 20 years. We've focused on our culture as a key part of who we are as an organization. because we realize exactly as Drucker told us, our culture eats our strategy for breakfast. People are drawn to Salesforce, yes, because of our focus on customer success, but it's also because of our culture. Companies are excited to do business with us. They trust us to deliver the innovation they need to succeed in this fourth industrial revolution. In fact, Ethisphere just named Salesforce one of the most ethical companies again. Well, All of this is so exciting as we turn 20. Now, together, we build trust with our communities for the impact we've made. And over the past 20 years, together with our foundation and Salesforce.org, we've now given out $260 million in grants. 40,000 nonprofits and NGOs use our software for free. And our employees have volunteered nearly 4 million hours in our local communities. I could not be more proud of them. And as Parker and I reflect back on the last 20 years, there's one word that comes to mind. That's gratitude. To close, I want to thank all of our employees, our customers, our partners, our shareholders, our investors, our analysts, and all of our trailblazers in communities around the world who joined us in this amazing journey over the last 20 years. I'm so deeply grateful, and I hope you all celebrate with us on March 8th. Now let me turn over to our co-CEO, Keith Locke.