Marc Benioff
Chair, Chief Executive Officer and Co-Founder at Salesforce
All right. Hey, thanks so much, Mike, and hey, thanks, everyone, for being on the call. Look, as you can see from these numbers, we've had just an incredible and incredible quarter. Well, actually, we've just had an incredible year here at Salesforce, with strong performance across all of our key metrics, revenue, margin, EPS, cash flow and, of course, our CRPO. Look, it's been an extraordinary year of transformation for Salesforce. You all know that. You've all been there with us.
You've been the support that we have needed during this year. Thank you to all of our shareholders, and thank you to all of our stakeholders. It's been a year of incredible transformation for our industry, with the emergence of this next generation of artificial intelligence as well. It's been really two unbelievable things happening at once, the total transformation of the Salesforce and the total transformation of our industry. All right.
Let's start with the transformation of Salesforce. Okay. Look, it was over a year ago, we said Salesforce had to transform. And you, many of you came to me, came to our whole team and you said, "Look, we're going to transform the whole company." We did it together. We could not have done it without you. We said we would restructure our business for the short and long-term, we did that.
We said we would place a laser focus on increasing productivity and operational excellence from across the board, we've done that. We said, we're going to double down on innovation to make our core products even better, we've done that. And when you see what's coming in TrailheaDX next week, you're not going to believe it. Not just our next-generation artificial intelligence, not just prompt builder, not just our copilot, but this data cloud, which I'm going to get to in a second, our fastest, most exciting new product ever, fastest-growing, most customer traction that I have ever seen, that has been incredible.
So let's talk about all of this. And -- let's talk also about how we have also strengthened our relationships with our investors. Thank you, Mike, for everything you've done. And Amy, together with the management team, with our Board, we've really focused on you, the investor community. We've accomplished all of that together. We've completely transformed this company together, and we're very grateful to each and every one of you.
And that transformation, while it has driven incredible results and you're seeing productivity is up, profitability is up, margin is up, revenue is up, and you're going to see it again in our results for our quarter, you're going to be looking at these full year numbers with phenomenal cash flow with incredible margin growth -- well, margin growth that I've never seen in any software company over the last 12 months, 18 months, it's completely unprecedented. And you can see the incredible speed and success of the transformation that we've undertaken.
Now we believe that Salesforce not only needs to be a great software company for our customers, our employees, our communities, but also a great company for our shareholders as well. We've certainly seen that with the exceptional performance of our equity over the last few months. Now I'm thrilled that we're opening the door to another incredible part of our ongoing transformation today with the introduction of our first-ever dividend, and that's amazing.
To say that word for the first time in 25 years in Salesforce history, our first-ever dividend, what you're going to hear more about from Amy in a moment, and if this year has shown anything -- if it's shown anything at all, it really shows that we've committed to serving all of our stakeholders. We closed out fiscal '24 with $9.29 billion in revenue for the fourth quarter. That's up 11% year-over-year, 10% in constant currency.
Pretty awesome at our size and scale, incredible, eight of our top 10 deals in the quarter included six or more of our clouds, really showing the depth and breadth of our product line and our portfolio. And all of our top 10 wins included sales, service and platform, and we're really focused on delivering that full cocktail of all of our clouds to all of our customers. And our deals greater than $10 million, well, they grew nearly 80% year-over-year in fiscal year '24. That was also amazing.
Our customers just get so much more value, and they can do so much more when they take the full advantage of our Einstein one Platform. And I want to explain that to you, because we have such a rich set of applications that when we're working with all of these employees through the whole company and also the customers as well, we're filling our platform with the data and the metadata that our customers need to be successful.
And there is no other time in the history of our industry, that that rich data and metadata together in one place is so important, because that is what you're going to need to drive this artificial intelligence and you're going to see that next week at TrailheaDX, as we show you our copilot for our first time and prompt builder for the first time and data cloud for the first time and how it works together, so that you can get the insights that you need.
Now this is all possible because we're delivering this Einstein one Platform. But before I get to that, I just want to make this one last point. For the full year, we delivered $34.9 billion in revenue, up 11% year-over-year. One of the best performances of any enterprise software companies ever. With our continued disciplined, approach to margin expansion, non-GAAP operating margin for fiscal 2024 was also 30.5%, up 800 basis points year-over-year.
We closed fiscal year '24 with operating cash flow reaching 10.2 billion operating cash flow, up 44% year-over-year, a major goal for the company this year. Well done, highest cash flow in our company's history. CRPO, our current remaining performance obligation was $27.6 billion, up 12% and 13% in constant currency year-over-year, fantastic display on CRPO. And total remaining performance obligation ended the fourth quarter at $56.9 billion, an increase of 17% year-over-year.
Now let me just say this again, $57 billion in RPO, amazing. For fiscal year '25, we expect free cash flow to grow between 23% to 26% for fiscal year '25. That is for fiscal year '25, we expect free cash flow to grow between 23% to 26%. And we're guiding revenue to $38 billion at the high end of our range, 9% year-over-year, expecting to deliver fiscal year '25 in subscription and support revenue growth of above 10% year-over-year in constant currency. We're going to get to that detail in a second. We're committed to delivering non-GAAP operating margin of 32%. All told an unbelievable year of transformation.
From the financial metrics, we're going to get to the technology now. And before I move on, let me just say, I've never seen anything like it over the last 25 years of CEO at Salesforce. The pace of change, the focus on productivity, profitability, the speed innovation, the quality of the management team, people coming back to help us get it done, our boomerangs, our Ohana, thank you to everyone, who's made this possible.
Just look at where we are now. Salesforce is the world's number one AI CRM, number one in sales, number one in service, number one in marketing, number one data cloud, incredible. And since the start of the pandemic in 2020, we've doubled the size of the company. That's amazing. We doubled the size of the company and scale since the pandemic started, which was about four years ago. That's incredible at our scale.
We're the largest Enterprise Applications company in the world. We passed this IP. That was amazing. That was a huge accomplishment this year. But now, we're the third largest Enterprise Software company in the world and the second largest in Japan. And to all of my Japan, Ohana [Foreign Speech] for what you have done with the Japanese market is incredible.
We're not stopping. Our management team and our extraordinary employees are focused every day to make our business as strong as it can be. Personally, I've never been more excited about the future of Salesforce. You're about to hear why. It's not just the incredible financial results, not just the unrivaled success of our customers, but it is the incredible door that has opened through Artificial Intelligence once again and the evolution of our entire technology platform, it's what our engineering and product teams have done in the last 12 months is nothing short of amazing.
I'm so grateful to their leadership. And to David and Srini and to all of your employees, thank you for what you have done for Salesforce. Your leadership, your vision, your insights, your creativity in rebuilding the platform so quickly and Data Cloud for Artificial Intelligence, for Steve, what you have done for Jujhar, my whole team, it's incredible. As I said, it's not only a remarkable year of transformation for Salesforce it's been an amazing year of transformation for our entire industry.
As I talk to CEOs around the world, they tell me, they want three things. You may have heard me say this already, but I'll say it again. One, they want more productivity, and they're going to get that productivity through the fundamental augmentation of their employees through Artificial Intelligence. It's happening. It's empirical. Number two is, they want higher value customer relationships, which is also going to happen through this AI. And they want higher margins, which we are seeing empirically as well through the -- when they use this artificial intelligence in these Next-Generation products.
As we look at productivity, as we look at higher value customer relationships, as we look at higher margins, how do our customers get these things? How are they achieving these goals? It is AI. It is why every CEO and company knows they need to make major investments in AI right now. And I believe, this is the single most important moment in the history of the technology industry. It's giving companies an unprecedented level of intelligence that will allow them to connect with their customers in a whole new way. And with our The Einstein one Platform, we're helping out our customers transform for the AI future.
Now many of our customers have inspired by OpenAI's GPT-4. I have a Cohere, I have an Anthropic, I have an Inflection, I had and also all the amazing models on hugging face and other AI models, all these things, amazing. And everyone has been wowed, by what these AIs can do, incredible things and a lot of party tricks, a lot of magical things. And then we also realized there are some other things, too. Let's talk about the truth. The truth is that these AI models are all trained on amalgamated public data. You all understand that.
You've all seen the New York Times lawsuit of OpenAI or others who are really going to take, hey, this is all -- this amalgamated stolen public data, much of it used without permission, unlicensed, but amalgamated into these single consolidated data stores. Now some of my people even say this is just stolen data, but all this public data has been amalgamated into what they call training sets. And these training sets then get turned into what we call inference, which is how the AI then is able to start to deliver its insights. But there's other things that it's providing besides insights.
These AI models, well, they could be considered very confident liars, producing misinformation, hallucinations. Hallucinations are not a feature, okay? And I'm going to get to that point in a second. And I think you all understand it that already because at this point, we all have a high level of experience with AI, don't we? Everyone has had that experience. And there's a danger though for companies, for enterprises, for our customers that these are not trusted solutions.
And let me point out why that is, especially for companies who are in regulated markets. Why this is a big, big deal. These models don't know anything about the company's customer relationships and, in some cases, are just making it up. Enterprises need to have the same capabilities that are captivating consumers, those amazing things, but they need to have it with trust and they need to have it with security, and it's not easy.
Look, we all read the story. Now it just happened last week. An airline chatbot prompts by a passenger to book a flight with a 90-day refund window. It turns out the chatbot, running on one of these big models, we won't have to use any brand names here. We all know who it was, hallucinate the option. It did not exist. We all know what that's like. We've all had the experience.
So here's the chatbot. It hallucinates the option. It's working with the customers. It didn't exist. It did not exist. The airline said, oh listen, that was just the chatbot. It gets that way some time. We're so sorry -- you know what, that's just a separate technical entity, a separate legal entity and the airline, "We can't -- we're not going to hold liability for that. Well, guess what? That defense did not work in a court of law.
The court of law said that, that AI chatbot that made up that incredible new policy for that company, well, that company was going to be held responsible, liable for that policy, that they were going to be held liable for the work of that chatbot. Just as they would for a human employee, they were being held liable for a digital employee. The reality for every enterprise is that to deliver trusted AI experiences, you need these three essential components now.
You need that compelling user interface. There's no question, a natural and effortless experience. And at Salesforce, we have some of the most intuitive user interfaces that deliver insights and intelligence across sales and service and marketing and commerce and industries. Many of you are on Slack right now. Many of you are on Tableau. Many of you are on MuleSoft are, one of our other products. Okay. Now what else do you need? Number two, you need a world-class AI model.
And now we know there's many, many models available. Just go to hugging face, which is a company that we're investor in or look at all the other models. And by the way, not only the thousands of models right now, but there are tens of thousands, hundreds of thousands of models coming. And all the models that are available today will be obsolete 12 months from now. So we have to have an open, extensible and trusted framework inside Salesforce to be receptacles for these models. That's why Einstein one is so important.
Then you have to be able to use these AI models. The ones that Salesforce is developing or these public models on Hugging Face or other things, or even bring your own model. Customers are even making their own models, fantastic. Of course, we have great partnerships with OpenAI, with Mythropic, with Cohere with many other AI models. This is the second key component. One is the UI, the second is the model, all right? Now for those who have put like, for example, copilot on our phone or any one of the copilots, on the App store, we have a compelling UI, and we know underneath there, there is a compelling model.
But third, we also know there's a huge data set there. But here we go. Now we're in the enterprise. In the enterprise, you need deep integration of data and metadata for the AI to understand and deliver the critical insights and intelligence that customers need across their business, across sales, service, marketing, commerce, whatever it is. That deep integration of the data and metadata that's not so easy.
That's not just some amalgamate stolen public data set. In the enterprise, that deep integration of data and metadata. Oh, that's what Salesforce does. We are a deep integration of data and metadata. That is why it's very, very exciting. I'd like to say, and I love NVIDIA, by the way, and what Jensen has done is amazing, and they are delivering very much. In the era of the gold rush, the Levi's jeans to the gold miners. But we all know where the goal is the data. The gold is the data.
And that's why we're so excited about Salesforce because we are one of the very largest repositories of enterprise data and metadata in the world for our customers. And customers are going to start to realize this right now. And they try to stitch together a variety of AI tools and copilots and this and that and whatever I've had so many funny conversations with so many customers that come to me that they're experts in AI and their.
And then I just say to them, but how are you going to deliver this experience? And then finally, they realize, "Oh, I need the deep integration with the data and the metadata. The reason why the metadata is so important is because it describes the data. That's why so many companies are turning to Salesforce for their AI transformation. Only Salesforce offers these critical layers of AI for our customers, the UI, the model and the deep integration of the data and the metadata make the AI smart and intelligent and insightful. And without the hallucinations and without all of these other -- all the other problems.
For more than two decades, we've been trusted with our customers' data and metadata. And we have a lot of it. And a lot of you are customers, you understand what I'm saying. But many of our customers also have islands and thousands of systems of trapped data. Now what I'm going to say is very simple. Trap data is all over the enterprise. Now what trap data could be is you might be using a great company like Snowflake and I less Snowflake or Databricks or Microsoft or you might be using Amazon system or even something like Google, what do you say, BigQuery, all these various databases, but put your hand up if you're using Snowflake every day. Put your hand up if you're using one of these other systems.
Put your hand up if you're using Salesforce, Sales Cloud, Service Cloud, Tableau, Slack, we need to be able to, through our zero copy, automatically integrate into our data cloud, all of those systems and then seamlessly provide that data back into these amazing tools. And that is what we are doing because so many of our customers have islands of trapped data in all of these systems, but the AI is not going to work because it needs to have the seamless amalgamated data experience of data and metadata, and that's why our data cloud is like a rocket ship.
The entire AI revolution is built on this foundation of data, and it's why we're so excited about this incredible data cloud. It's now deeply integrated into all of our apps into our entire platform. Its self-service for all of our customers to turn on. It is our fastest-growing product ever. It's our total focus for fiscal year 2025. With Salesforce Data Cloud, Salesforce can unlock this trap data and bring together all of their business and customer data into one place for AI, all while keeping their data safe and secure, and it's all running inside our Einstein Trust layer, and we've deployed it to all of our customers, we unleash now the copilot as well to all of our customers deeply built on our pilot on our data and metadata.
And while other copilots just sit and spin because they can't figure out what the data means and if you haven't seen the demonstrations, you can see these co-pilots spin, but when they use Salesforce and all of a sudden becomes intelligent, and that is the core of the NSN platform. And all of our apps, all of our AI capabilities, all of the customer data and one deeply integrated trusted metadata platform, and that's why we're seeing incredible demand for data cloud.
Data Cloud brings it all together. And we are so blessed to have Data Cloud in our company. And it's also why in Q4, 25% of our deals already over $1 million have included Data Cloud. And we've recently added over 1,000 new customers to Data Cloud. We've never seen traction like this of a new product because you can just easily turn on the Data Cloud and it adds huge value to Sales Cloud. It adds huge value to Service Cloud, the Marketing Cloud and the CDP.
You've all seen the Gartner Magic Quadrant that got published last week about the data cloud or if you haven't go to my Twitter feed and you'll see how amazing that MQ is and it's the fastest-growing organic product in the history of Salesforce. This last quarter, more than seven trillion records, seven trillion records were ingested into Data Cloud. Unbelievable, seven trillion records in just in a data cloud with over a trillion activations driving customer engagement, lighting up all of those sales service marketing cloud users, all the platform, Tableau, it's all integrated into Data Cloud.
And because Data Cloud and all of Einstein one is built on our metadata framework, as I just described, every customer app can securely access and understand the data and use any bottle, use an UI workflow, integrate with the platform. That means less complexity, more flexibility, faster innovation, but also we want to say good bye to these hallucinations. We want to say goodbye to all of these crazy experiences or having with these bots that don't know what they're doing because they have no data or metadata, okay?
Or the data that they have metadata is like productivity data like the highest level data that's not deeply integrated data. So only Salesforce can do this. Only Salesforce has this vision of this kind of platform and only has -- we've been working on this for 25 years, and we are not done. We are just starting because let me tell you now of a story of how we're delivering a high-quality, trusted AI for our customers. We all know the HR and payroll leader, ADP and their incredible new CEO, Maria Black, amazing.
ADP has been a great sales cloud customer for two decades. They've used Einstein for years. They are one of the first customers we ever have. We're so grateful to ADP, amazing and work with so many of their great CEOs over the decades. And the company wanted to transform now customer service with AI to give their agents real-time insights, next best actions, auto generating case summaries.
But what I have to say to you, it was a little bit embarrassing Salesforce is not number one on their list. And I said to them, "How can that be? We're the number one service cloud. We're number one in the MQ. We're number one in this. Number went work. No, we're going to go evaluate this. We're going to look at all the different solutions -- we're going to look at all the new AI models.
We think we're just going to hook this model up to this, and we're going to do that. And it sounds like a big root Goldberg invention what was going to happen there. And so we had to go in and we just wanted to partner with them and say, "All right, show us what you want to do. We're going to work with you, we're going to be trusted partners. Let's go. But like a lot of our customers move into AI, ADP realized it didn't have a comprehensive deeply integrated platform of data and metadata that could bring together all of this into a single source of truth and then you get the incredible customer service.
Then you get the results that you're looking for. And it's deeply integrated with their sales systems with marketing and custom applications. And ADP discovered the only sales force can do this. We were able to show ADP how we could unlock trap data with data cloud, zero copy, drive intelligence, productivity, efficiency for their sales team with Einstein to levels unimagined just a year ago.
We're now incredibly excited to work with all of our customers to take their AI to the next level with Einstein Copilot, which is going live tomorrow. Einstein Copilot, which if you haven't seen it, and if you haven't -- please come to TrailheaDX next week. This is the first conversational AI assistant for the enterprise that's truly trusted. It's amazing. It can answer questions. It can summarize. It can create new content, dynamically automate task on behalf of the user. From the single consistent user experience embedded directly within our platform.
But let me tell you the one thing that can do that's more important than all of that. It is able to read across all the data and metadata in our platform to get that insight instantly. And you're going to see that. So the sales rep might ask the Einstein Copilot, what lead I should focus on or what is the most important thing I need to do with this opportunity.
And it may say, you need to resolve this customer's customer case because this escalation has been around for a week or you better go and answer that lead that came in on the Marketing Cloud before if you want to move this opportunity for it because it's reading across the entire data set. That is something that individual users cannot do that the copilot can do.
With access to customer data and the metadata and sales force, including all this real-time data and website engagement and the ability to read through the data set, that's why Einstein Copilot has all the context to understand the question and surface belied that has the highest value and likelihood to convert. And it can also instantly generate the action plan with the best steps to close the deal, such as suggesting optimal meeting times, on the lead contacts, known preferences even drafting e-mail.
If you haven't seen the video that I put on my Twitter feed last night, there's a five-minute video that goes through -- all of these incredible things that it's able to do, there's never been an enterprise AI capability quite like it. It's amazing. All of us can understand the task that copilot is performing, and I bet a lot of people even on this call that a lot of other companies might say they can do this, but I assure you, without the deep integration of the day of the metadata across the entire platform within copilots deep integration of that data, they cannot do it.
They cannot do it, I assure you they cannot because they don't have the data on the meta data, which is so critical to making an AI assistant so successful. And I encourage you to try the demos yourself to put our copilot up against any other copilot. Because I'll tell you that I've seen enterprise copilots from these other companies and actions and they just spend and spin and spin. And somehow a different copilot for every app, some with different capabilities, restrictions, grounding this, wysiwyg web builders or whatever. It's very cute, very nice, exciting it's really cool for the first minute, and then you realize, wait a minute, what data is available to this copilot.
Only a conversation UI, okay, can start to understand all these things if it has this access. Only after a conversational UI for canned queries or don't understand the customers to customize the copilot, none of these things are going to work. I've used those copilots from the competitors-- have not seen them work yet. Okay.
The thinking icon, the spinning, it goes on and on and on and on. Einstein Copilot, you're going to see -- you're going to have your hands on it now. It's been released into the wild to our customers, to all of you this is fundamentally different kind of AI. Just like Einstein was a different AI, which became the democratization of AI, which is why Einstein does one trillion transactions a week. Einstein is the only copilot with the ability to truly understand what's going on with your customer relationships.
It's one conversational AI assistant, deeply connected to trusted customer data and metadata. It's one integrated system for all of our customers across any role or industry, and it's why we call it Einstein 1. One platform. One integrated system, that is what you need to get AI to work. Next week at our TrailblazerDX Conference in San Francisco, I hope you're all coming. It's going to be amazing on March 6 and 7th, you're going to see how we're bringing even more AI innovation to our customers.
So be prepared to be amazed by Einstein Copilot Builder, Prompt Builder, Model Builder and so much more that we're doing to help our customers make every employee more productive and to transform every customer experience, and I hope you're going to join us in person or you can join us online at Salesforce+. And with closing, I just want to thank all of you, once again, for everything that you've done for us for the last year. We're so grateful to each and every one of you and to our entire management team, all our Ohana and all of our customers as well.
We're so grateful as we look forward now to our 25th anniversary in March 8th, I've never been more excited. You can hear, why? Not just the fundamental transformation of the company, but also the fundamental transformation of the product line and the product vision as we move into this incredible new intelligent world that we're all seen with AI. So, thank you and now I'm turning it over to Brian, who was employee number 13, our Chief Operating Officer. He's done a phenomenal job this year. Without him and without Amy, without our whole management team, it would not be possible.
I just want to thank again everyone who has been a huge part of everything, and I'll turn it over to you, Brian. Here we go.
