CRM Morgan Stanley TMT 2026

Excellent. Thank you, everyone, for joining us this afternoon. My name is Keith Weiss, I run the U.S. equity software equity research franchise here at Morgan Stanley. Taking my software promotion become the overall but -- very pleased to have with us this afternoon from Salesforce, both Robin Washington, Chief Operating and Financial Officer; and Joe Inzerillo President of Enterprise and AI technology.

So Joe and Robin, thank you so much for joining us.

Thank you so much for being -- and Keith, we had to be sure that we gave you one of our latest we hear there's a big announcement forthcoming, but also just for or right. You have to be sure to show it.

I never got to join in the club and Francisco because I wear suits all the time. So now I could finally it in with I got a lake

I've got to show everybody it's all about Blackbox.

Yes. Blackbox. Very nice. I like it.

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You guys recently closed your FY '26 and a transformational year for Salesforce. When it comes to sort of product strategy, which Joe is going to talk to us a lot about, but also the sort of operating model within -- in Salesforce and pricing models. So maybe just start out, Rob, you could tell us a little bit about some of the key accomplishments from a financial perspective. And how this has set you up for FY '27 in terms of what's been going on with Salesforce in the past year?

Yes. Well, thanks for that start. Yes, we had, as you said, a terrific year from an innovation as well as a financial standpoint. We announced our results last Wednesday as you had in like record revenues, record quarter, record cash flows.

-- pretty much taking you back to Investor Day, Keith, I think what's important to note, we laid out a framework over the next several years. We talked about that continued elevation of net new ALD being greater than AOV over time. And we saw those inflection points play out in Q3, in Q4. So it gave us even further conviction to what I said back then of the 12- to 18-month trajectory to return to organic double-digit growth.

If you add on to that Informatica you're talking about '27, but we're even thinking