Salesforce Inc at Goldman Sachs Communacopia & Technology Conference Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Kash Rangan - Goldman Sachs Group Inc - Analyst : What is ahead for Marc Benioff. And what is the head for Salesforce? What does the company look like? This is the rate of -- the time of tumultuous change and all kinds of questions, what's ahead for Marc?

Question: Kash Rangan - Goldman Sachs Group Inc - Analyst : 125. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. SEPTEMBER 09, 2025 / 11:25PM, CRM.N - Salesforce Inc at Goldman Sachs Communacopia & Technology Conference

Question: Kash Rangan - Goldman Sachs Group Inc - Analyst : I've been to every Dreamforce including the -- I've been to every single Dreamforce since the --

Question: Kash Rangan - Goldman Sachs Group Inc - Analyst : I'm going to see a Forecast -- REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. SEPTEMBER 09, 2025 / 11:25PM, CRM.N - Salesforce Inc at Goldman Sachs Communacopia & Technology Conference

Question: Kash Rangan - Goldman Sachs Group Inc - Analyst : And the future of the software industry has been called into question because of AI. Is someone that -- I mean, you started Salesforce in 1998, was it '98? Yeah, and you worked at Oracle. You went through the whole client server transition. You actually -- when I met you, you explained to me what the web browser is going to do to the enterprise software industry, and you are the first executive that I knew that was able to put a web browser front end on top of a drab user interface and make it look so pretty, right? When I look at AI, I feel like AI is a new UI. But then people tell me that, well, AI is going to take over software. You don't need applications anymore. I can custom build an AI that can do forecasting and planning and this and that. What do you think of that?

Question: Kash Rangan - Goldman Sachs Group Inc - Analyst : How do you see the -- you also not only put the first person to put web browser and crop of enterprise software, but you also had the SaaS model, Software as a Service. Remember that one. So now people tell me that SaaS is a flat industry. It's all about consumption. How do you monetize? What is the business model of a Salesforce look like one year, two year, three years down the line? What do you see just consumption versus seats play -- interplay in your base?

Question: Kash Rangan - Goldman Sachs Group Inc - Analyst : The $20. Not the two under --

Question: Kash Rangan - Goldman Sachs Group Inc - Analyst : Got it. So you've got now 12,000 Agentforce customers. if this is to scale, how do you see the underlying technology changing to ensure that this foundational platform can support 120x. We're talking about -- Thomas Kurian was earlier here today. And practically, every one of the AI native is talking about 10x, 20x. So to support that growth in transactions how do you scale this agent technology going forward? Just as you scale the SaaS platform from you wanted to be 1 million users, you ended up being like 50 million, 60 million, 70 million. And I went through a learning experience

Question: Kash Rangan - Goldman Sachs Group Inc - Analyst : Literally us here.

Question: Kash Rangan - Goldman Sachs Group Inc - Analyst : We're going to be here tomorrow. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. SEPTEMBER 09, 2025 / 11:25PM, CRM.N - Salesforce Inc at Goldman Sachs Communacopia & Technology Conference

Question: Kash Rangan - Goldman Sachs Group Inc - Analyst : Marc, if we are to look at -- for investors that may have not completely bought into this. what are the indicators that they should be looking for that you will be sharing with us to help gauge that, okay, you know what, I'm confident that Salesforce is a real player in the agentic world. in a SaaS plus AI world or seats plus consumption world.

Question: Kash Rangan - Goldman Sachs Group Inc - Analyst : How does it happen? I thought I was going to take away jobs in marketing. You're not going to have marketing jobs, not going to have customers are poor jobs, developer jobs. What is your view as someone that's been through these cycles where tech automates introduces productivity and there's too says, it's going to take away jobs, and it doesn't happen, could it be real this time.

Question: Kash Rangan - Goldman Sachs Group Inc - Analyst : Wanted to also ask you, when you talked about the financial discipline, is it I would imagine that there is a desire to reaccelerate top line growth rate because I mean, there's no better way to show improving trajectory than to show better top line growth rate. Is that possible for Salesforce?

Question: Kash Rangan - Goldman Sachs Group Inc - Analyst : Neroli.

Question: Kash Rangan - Goldman Sachs Group Inc - Analyst : And CEOs and founders like you that wake up every day thinking about this big transformation ahead and how you position the company for this new tech cycle? You guys are...

Question: Kash Rangan - Goldman Sachs Group Inc - Analyst : Is that a change for you? Because you don't travel to see this many customers.

Question: Kash Rangan - Goldman Sachs Group Inc - Analyst : Organic? $100 billion organic?

Question: Kash Rangan - Goldman Sachs Group Inc - Analyst : On that note, I wish you really well, my friend. And thanks for the last 23 years. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. SEPTEMBER 09, 2025 / 11:25PM, CRM.N - Salesforce Inc at Goldman Sachs Communacopia & Technology Conference