Salesforce, Inc.

Welcome to Salesforce first quarter fiscal 2026 results conference call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. If you would like to ask a question, please press star one on your telephone keypad. And if you'd like to withdraw your question, again, press star one. Also, this call is being recorded. And I would now like to hand the conference over to your speaker, Mike Spencer, Executive Vice President of Finance and Strategy and Investor Relations. Sir, you may begin.

Thank you. Good afternoon. Thanks for joining us today on our fiscal 2026 first quarter results conference call. Our press release, SEC filings, and a replay of today's call can be found on our website. Joining me on the call today is Mark Benioff, Chair and CEO, and Robin Washington, Chief Operating and Finance Officer. In addition, we also have Srini Talapurgada and President Chief Engineering and Customer Success Officer, and Miguel Milano, President and Chief Revenue Officer, joining us for the Q&A portion of the call. Some of our comments today may contain forward-looking statements that are subject to risks, uncertainties, and assumptions, which could change. Should any of these risks materialize, or should our assumptions prove to be incorrect, actual company results or outcomes could differ materially from these forward-looking statements. A description of these risks and uncertainties and assumptions and other factors that could affect our financial results and outcomes is included in our SEC filings including our most recent report on Forms 10-K, 10-Q, and any other SEC filings. Except as required by law, we do not undertake any responsibility to update these forward-looking statements. As a reminder, our commentary today will include non-GAAP measures. Reconciliations between our GAAP and non-GAAP results and guidance can be found in our earnings materials and press release. And with that, let me hand the call to Mark.

All right. Hey, thanks so much, Mike. Really appreciate everything you're doing. And before I get into all these exciting highlights from the quarter, there's so much to talk about. I just want to say a few words about Informatica, and I'm sure everybody knows I love Informatica. I've been working with this company since probably 2006. Soe Babasi, a former CEO last night, sent me a photo of me and him together at their user conference, and I'm so excited that we have signed this definitive agreement to acquire them for $8 billion, which upon close is going to unite our number one AICRM and, of course, their number one AIA. MDM, and ETL, and bringing these things together, well, I couldn't be more excited about this acquisition. I know that many people on the call know Informatica so well, just like I do. You may not know everything that's happened with Informatica. I've followed it very closely, the way they've rewritten their product into the cloud, their incredible engineering leadership, especially some of their incredible new engineering centers, and what they've built is just awesome. And I'll tell you that there's just few technology companies I've just been more impressed with. In fact, we're a customer, we're a partner, we're an investor in Informatica. We really love the company. We love the people. We've loved the leadership. And I have to say, we probably spent the last 20 years discussing how to bring the companies together. We spent a lot of time not only with their new CEO, Mitt, who's fantastic. but with their engineering teams. And Ivan sent our group over to India to see what they were doing there. And it all led really to this incredible moment. So it's an awesome acquisition for us. It's a transformational step. It's a great price for the company. This transaction, and I think that Robin will get into this, you know, because we've been very focused on staying, you know, really in our, you know, acquisition framework. We spent a lot of time thinking about what is it going to take to buy a company of scale? How much are we really willing to spend? Are we willing to walk away like we did a year ago when numbers are not right? We just want to be as disciplined as possible. And look, at the end of the day, I know all of you already know this, but this is a great price for a great company. It's got great multiples. It's a creative, it's non-dilutive. It's coming together in an incredible way. And this is a moment where Informatica is more important to our customers than ever before because of what's happened with AI. And I think everyone who is going through an AI transformation, every business, including mine, we're going to talk about some great businesses that are going through transformations, whether it's Pepsi or Flabella or OpenTable, etc. But every AI transformation is a data transformation. And you don't see it on the consumer side because When you're using a consumer AI, you have to remember that the data set has kind of been prefabricated for you. That is the training data and everything is put together. It's an amalgamated data set applied to this consumer AI model. That's not how an enterprise AI really works. You have to have your enterprise data together to get the result that you want. And when you look at these very high functioning agents, and we'll talk about one that we have We have so many, I mean, we've done now eight, seven or 8,000 agent force deals. I think we've got 4,000 paid agent force customers. There's a hundred million dollars in agent force ARR, a billion dollars in more than data cloud and agent force ARR. But when you look at these companies that are doing it right, they have got their data together. And that is what is really the key, this ability to unify or harmonize or activate all the data that across the entire enterprise. And if you can imagine this idea that you want to deploy all of this incredible, you know, agentic data, well, you've got to get your data right. Informatica, combined with Salesforce's Data Cloud, combined with Tableau, combined with other key assets that we're going to bring to bear, this is what is creating this incredible data business. And I mean... You know, we have big goals for how the size and scale that that data business can get to. Robin will go through that in detail. And we will really work hard to advance this mission of Informatica to make sure that our customers' data is incredible. So, anyway, let me turn it over to Robin to give her perspective on Informatica, and then we'll get into the quarter.