Salesforce, Inc.

Ladies and gentlemen, thank you for standing by and welcome to the Salesforce Fiscal 2020 Fourth Quarter Results Conference Call. At this time, all participants are in the listen only mode. After the speaker presentation, there will be a question and answer session. To ask a question during the session, you will need to press star 1 on your telephone. Please be advised that today's conference is being recorded. If you require any further assistance, please press star 0. And without further delay, I would like to hand over the conference here speaker, Mr. Evan Goldstein, Senior Vice President of Investor Relations. Sir, you may begin.

Thanks, Ian. Good afternoon, everyone, and thanks for joining us for our fiscal 2020 fourth quarter results conference call. I'm Evan Goldstein, Senior Vice President of Investor Relations. Our results press release, SEC filings, and a replay of today's call can be found on our IR website at www.salesforce.com. With me on the call today are Mark Benioff, Keith Block, Parker Harris, co-founder and CTO, Mark Hawkins, our CFO, Brett Taylor, our COO, and Amy Weaver, our Chief Legal 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. A 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, 10-K.

With that, let me hand the call to Mark. All right. Well, thank you, Evan. And congratulations on your promotion, Evan. We're thrilled for you. Thank you. And thank you, everybody, for being on the call today. As you can see from our results, we had an incredible fourth quarter, capping off another record year for Salesforce. Revenue in the quarter rose to nearly $4.9 billion, up 34% in constant currency. Truly amazing for a company of our size. And for the full year, we delivered $17.1 billion in revenue, up 29%. in constant currency. Now, based on our exceptional fiscal year 20 results, we're raising our fiscal year 21 revenue guidance to $21.1 billion at the high end of our range, representing about 23% projected growth year over year. And no other company of our size is growing at this rate. We're also reiterating our long-term revenue target for fiscal year 24 of $34 to $35 billion. And that's doubling our revenue again in four years, making us the fastest enterprise software company to reach this milestone. And as we continue to deliver record revenue year in and year out, we're committed to balancing this growth with very strong cash flow and incremental operating margin improvement. Now, before I continue, I want to say a few words about Keith. Now, as you've read by now, he's stepping down as co-CEO. Keith is an incredible leader and close friend. who has helped position us as a global leader and deeply strengthened our company. We're surely gonna miss Keith around here. Keith joined almost seven years ago, and together we've grown Salesforce into a company that is the envy of the industry. I am especially grateful to Keith for his service to Salesforce, and I'm absolutely delighted that he will be staying on as an advisor to me Now, as we continue to build on our fourth quarter and our year, our time together has been amazing. I'm his biggest supporter. I am his close friend. I am here to help him on his journey. And as he begins this new journey, we are all with you, Keith. And we're all very excited for you. Now, Keith, I know this goes without saying, but you'll always be part of our ohana. I also want to express my gratitude to our entire Ohana. People ask me all the time, how is it possible to achieve our rate of growth and success? And to me, it's quite simple. It's our core values of trust, of customer success, of innovation, of equality. And I'd like to thank all of our customers from around the world for their incredible commitment to our company and their belief in our vision for Customer 360. I'd also like to recognize an incredible executive in our Ohana, Gavin Patterson. Our friendship with Gavin has spanned more than a decade during his time leading BT, where he served as their chief executive officer. And I'm delighted to announce that Gavin has accepted the position of president and CEO of Salesforce International based in London. Gavin is an incredible global leader, a member of many groups that we have been associated with for many years, including the World Economic Forum, a very close friend, and I could not be more pleased to welcome Gavin to Salesforce. We're in the midst of a huge wave of digital transformation, and it's only getting bigger. And every one of these digital transformations begins and ends with a customer. Every CEO we meet around the world is deeply committed to transforming their business around their customer. And they're relying on Salesforce as their trusted digital advisor. We're the number one CRM provider. We're the leader in sales and service and marketing and commerce and platform and analytics and integration and so many more. Our clouds are the key building blocks of Customer 360, along with the powerful platform services, including security and mobility and AI and voice and blockchain and more. What makes Customer 360 so powerful is that it unifies and manages all the data, not just within Salesforce, but from almost any data source to deliver a complete 360-degree view of your customer. It's a single source of truth that results in one-to-one journeys for customers across retail stores and commerce sites, email and messaging, call centers, field service, in fact, across every customer interaction and every industry. And Customer 360 is the only platform delivering this unique capability, enabling this single source of truth. And with our recent acquisition of Tableau, we're turning Customer 360 data into actionable insights that are available to every user, helping them to move from data to decisions. I'm especially excited by the success of Tableau and how well we're doing together. Adam Solipski, the Tableau CEO and His team are doing an incredible job, and it's clear that customers recognize Tableau's value to see and understand all the data in Customer 60 and throughout their whole enterprise. And MuleSoft has continued to perform beyond expectations. It's become incredibly strategic to so many of our customers, and we're so thrilled with the progress of their team. We've been leading innovation around CRM for more than two decades. We started the company as a system of record. We've evolved into a system of engagement and then a system of intelligence. And now we're pursuing a system that is a single source of truth. In fact, when you look at some of these incredible accomplishments like Einstein, well, in Einstein, in Q4, it powered more than 11 billion predictions per day, up 6 billion from just a year ago. No other company is delivering this level of intelligence, and it's absolutely critical for us as we head to our own holy grail, the single source of truth for all of our customers, the knowledge of their customers, connecting with their customers in a whole new way. I'm also thrilled to share the news today that we signed a definitive agreement to acquire Velocity. Velocity has been a phenomenal partner for the last six years, delivering industry-specific clouds and mobile solutions for the world's top companies, all built natively on the Salesforce platform. And Velocity and Salesforce have been closely connected with our values. The company's committed to customer success and giving back through Pledge 1% right from the very beginning. The work we've already done together with our customers has been extraordinary. And with this acquisition, it will be easier than ever for us to deliver powerful industry solutions to our customers by every vertical. And I'm absolutely looking forward to welcoming my old friend and the CEO of Velocity, David Schmeier, and the entire Velocity team to our Ohana later this year. I'm proud of what our Ohana has accomplished in fiscal year 20 and over the last 21 years. Salesforce is living proof that stakeholder capitalism works when we value all stakeholders. Yes, we've delivered phenomenal returns for our shareholders, more than 4,000% since we went public in 2004. But we've also delivered fantastic returns for our stakeholders, $330 million in grants to worthy causes. Our employees have delivered 4.9 million hours of volunteerism. 46,000 nonprofits and NGOs use our software for free. And we're the number one contributor to our local San Francisco and Oakland public schools, as well as to the homelessness crisis right here in our native San Francisco. We've achieved net zero gas emissions globally. We've delivered a carbon neutral cloud to our customers. And we're committing to reach 100% renewable energy for global operations by 2022, because the planet is a stakeholder. This is how we've grown from a pioneering idea to a company headed towards $35 billion in fiscal 24, known for our culture and committed to giving back at scale and executing on stakeholder capitalism. And it's why I so strongly believe that when we serve all stakeholders, business is the greatest platform for change. Our commitment to all stakeholders is one of the reasons that Fortune has ranked Salesforce as one of its 100 best companies to work for for the 12th year in a row. We're also very proud that Fortune has named Salesforce as one of the top 10 most admired companies in the world and one of the best workplaces for giving back. And just this week, Ethisphere named Salesforce one of the most ethical companies for the 11th year. And it's why, together with our partners and customers, we're creating millions of Salesforce-related jobs around the world. According to IDC, the Salesforce economy will add 4.2 million new jobs by 2025, impacting global GDP by over $1.2 trillion. And this is what we mean when we say that business is the greatest platform for change. And that's why I've never been more excited about our opportunity ahead for Salesforce to deliver success to all of our stakeholders, including our shareholders. And I'm sitting here with Parker Harris, my co-founder and CTO. And on March 8th, which is just two weeks from now, Salesforce will celebrate its 21st birthday. Is that right, Parker? That's correct, Mark. When we first showed up at 1449 Telegraph Hill Boulevard, or was it Montgomery Street? I think it's Montgomery Street. Montgomery. On Telegraph Hill and started Salesforce, and we're excited, Parker, to have you at the call today. Thank you for having me, Mark. And with that, we'll turn it over to Keith.