Management remarks
Call period: 2027 Q2 · 2026-08-26
Guidance: Robin Washington: This brings our updated FY 2027 guidance for revenue to $46.1 billion-$46.4 billion, resulting in subscription and support growth of slightly above 12% year-over-year and slightly under 12% in constant currency.Demand and orders: Marc Benioff: We are told customers would pay less for our products, but what Miguel was about to tell you is they are upgrading, and A1E and A4X bookings, they more than doubled quarter over quarter.Margins: Robin Washington: We're holding our non-GAAP operating margin guidance at approximately 34.3%, and we're updating our GAAP operating margin guidance to approximately 20.1%.Analyst Q&A
Analyst Gabriela Borges asked: My question is a little bit on the economic value to Salesforce from these different types of cohorts. I know you're still figuring out monetization on headless. Do you think in steady state, you'll be able to capture the same type of ACV from customers agnostic of whether they do Agentforce or whether they do some sort of headless configuration? Management Robin Washington answered: So they're going to get innovation in the moment. That is an early stage for us relative to our installed base or our opportunity to continue to upgrade our customers to those premium editions that gives them instantaneous access to this innovation is an amazing future opportunity for us. We feel really comfortable with the monetization strategy that we have, and most importantly, the flexibility that we are giving our customers that allows us to capture that.管理层陈述
电话会期间：2027 Q2 · 2026-08-26
指引：罗宾·华盛顿：这使我们的2027财年营收指引更新为461亿至464亿美元，对应订阅及支持业务同比增速略高于12%，按固定汇率计算略低于12%。需求与订单：马克·贝尼奥夫：有人称客户会为我们的产品支付更低价格，但米格尔即将分享的内容显示，客户正在升级我们的产品，且A1E和A4X的预订量环比增长超过一倍。利润率：罗宾·华盛顿：我们将非GAAP营业利润率指引维持在约34.3%，并将GAAP营业利润率指引更新至约20.1%。分析师问答
分析师加布里埃拉·博尔热斯问道：“我想了解不同客户群体给Salesforce带来的经济价值，目前你们仍在探索无界面产品的变现方式，你认为稳态下，无论客户使用Agentforce还是进行无界面配置，都能获得相同的年度合同价值（ACV）吗？” 管理层罗宾·华盛顿回应：“客户将即时获得创新。相对于现有客户基础或升级客户至高级版本以获取创新的机会而言，该业务仍处早期阶段，但这是绝佳的未来机遇。我们对现有变现策略很有信心，且为客户提供的灵活性将帮助我们实现目标。”This earnings-call research was prepared from company results, regulatory filings, financial statements, and earnings-call transcripts or official replays. It is for informational purposes only and does not constitute investment advice.这篇财报电话会研究基于公司公告、监管文件、财务报表，以及真实电话会文字稿或官方回放整理。内容仅供参考，不构成投资建议。
