Home Business Wire Salesforce Announces Strong Second Quarter Fiscal 2024 Results

Salesforce Announces Strong Second Quarter Fiscal 2024 Results

SAN FRANCISCO–(BUSINESS WIRE)–Salesforce (NYSE: CRM), the #1 AI CRM, today announced results for its second quarter fiscal 2024 ended July 31, 2023.

  • Second Quarter Revenue of $8.60 Billion, up 11% Year-Over-Year (“Y/Y”), up 11% in Constant Currency (“CC”)
  • Second Quarter GAAP Operating Margin of 17.2% and Non-GAAP Operating Margin of 31.6%
  • Current Remaining Performance Obligation of $24.1 Billion, up 12% Y/Y, 11% CC
  • Second Quarter GAAP Diluted Earnings per Share (“EPS”) of $1.28 and Non-GAAP Diluted EPS of $2.12
  • Returned $1.9 Billion to Stockholders in the Second Quarter in the Form of Share Repurchases
  • Initiates Third Quarter FY24 Revenue Guidance of $8.70 Billion to $8.72 Billion, up ~11% Y/Y
  • Raises Full Year FY24 Revenue Guidance to $34.7 Billion to $34.8 Billion, up ~11% Y/Y
  • Raises Full Year FY24 GAAP Operating Margin Guidance to ~13.3% and Non-GAAP Operating Margin Guidance to ~30.0%
  • Raises Full Year FY24 Operating Cash Flow Growth Guidance to 22% to 23% Y/Y

“Our transformation drove our strong second quarter results, delivering revenue of $8.6 billion and record GAAP and non-GAAP operating margins,” said Marc Benioff, Chair and CEO of Salesforce. “Based on our performance and what we see in the back half of the year, we’re raising our fiscal year ‘24 revenue, operating margin, and operating cash flow growth guidance. As the #1 AI CRM, with industry-leading clouds, Einstein, Data Cloud, MuleSoft, Slack and Tableau, all integrated on one trusted, unified platform, we’re leading our customers into the new AI era.”

“We continue to execute against our profitable growth framework, delivering 17.2% GAAP operating margin and 31.6% non-GAAP operating margin — exceeding our target three quarters early,” said Amy Weaver, President and CFO of Salesforce. “We are accelerating our transformation and continue to drive strong shareholder value.”

Salesforce delivered the following results for its fiscal second quarter:

Revenue: Total second quarter revenue was $8.60 billion, an increase of 11% Y/Y and 11% CC. Subscription and support revenues were $8.01 billion, an increase of 12% Y/Y. Professional services and other revenues were $0.60 billion, an increase of 3% Y/Y.

Operating Margin: Second quarter GAAP operating margin was 17.2%. Second quarter non-GAAP operating margin was 31.6%. Restructuring negatively impacted second quarter GAAP operating margin by (50) bps.

Earnings per Share: Second quarter GAAP diluted EPS was $1.28, and non-GAAP diluted EPS was $2.12. Losses on the Company’s strategic investments negatively impacted GAAP diluted EPS by $(0.02) based on a U.S. tax rate of 25% and non-GAAP diluted EPS by $(0.02) based on a non-GAAP tax rate of 23.5%. Restructuring negatively impacted second quarter GAAP diluted EPS by $(0.05).

Cash Flow: Cash generated from operations for the second quarter was $0.81 billion, an increase of 142% Y/Y. Free cash flow was $0.63 billion, an increase of 379% Y/Y. Restructuring negatively impacted second quarter operating cash flow growth by (16,600) bps.

Remaining Performance Obligation: Remaining performance obligation ended the second quarter at $46.6 billion, an increase of 12% Y/Y. Current remaining performance obligation ended at $24.1 billion, an increase of 12% Y/Y, and 11% CC.

Forward Looking Guidance

As of August 30, 2023, the Company is initiating its third quarter GAAP and non-GAAP diluted EPS guidance, current remaining performance obligation growth guidance, and revenue guidance. The Company is raising its full year FY24 revenue guidance, GAAP and non-GAAP diluted EPS guidance, GAAP and non-GAAP operating margin guidance, and operating cash flow growth guidance.

Our guidance assumes no change to the value of the Company’s strategic investment portfolio as it is not possible to forecast future gains and losses. In addition, the guidance below is based on estimated GAAP tax rates that reflect the Company’s currently available information, and excludes forecasted discrete tax items such as excess tax benefits from stock-based compensation. The GAAP tax rates may fluctuate due to discrete tax items and related effects in conjunction with certain provisions in the Tax Cuts and Jobs Act, future acquisitions or other transactions.

 

Q3 FY24

Guidance

 

Full Year FY24

Guidance

 

Revenue

$8.70 – $8.72 Billion

 

$34.7 – $34.8 Billion

 

Y/Y Growth

~11%

 

~11%

 

FX Impact(1)

$100M Y/Y FX

 

no impact

 

GAAP Operating Margin

N/A

 

~13.3%

 

Non-GAAP Operating Margin(2)

N/A

 

~30.0%

 

GAAP Diluted Earnings per Share(2)

$1.02 – $1.03

 

$3.50 – $3.52

 

Non-GAAP Diluted Earnings per Share(2)

$2.05 – $2.06

 

$8.04 – $8.06

 

Operating Cash Flow Growth (Y/Y)(3)

N/A

 

22% – 23%

 

Current Remaining Performance Obligation Growth (Y/Y)

Slightly above 11%

 

N/A

 

FX Impact(4)

~1 pt

 

N/A

 

(1) Revenue FX impact is calculated by taking the current period rates compared to the prior period average rates.

(2) Non-GAAP operating margin and non-GAAP EPS are non-GAAP financial measures. See below for an explanation of non-GAAP financial measures. The Company’s shares used in computing GAAP Diluted EPS guidance and Non-GAAP Diluted EPS guidance excludes any impact to share count from potential Q3 – Q4 FY24 repurchase activity under our share repurchase program.

(3) Operating Cash Flow Growth guidance includes an estimated 14% – 16% headwind associated with charges from restructuring.

(4) Current Remaining Performance Obligation FX impact is calculated by taking the current period rates compared to the prior period ending rates.

The following is a reconciliation of GAAP operating margin guidance to non-GAAP operating margin guidance for the full year:

 

 

Full Year FY24

Guidance

GAAP operating margin(1)

 

~13.3%

Plus

 

 

Amortization of purchased intangibles(2)

 

5.4%

Stock-based compensation expense(2)

 

8.1%

Restructuring(2)(3)

 

3.2%

Non-GAAP operating margin(1)

 

~30.0%

(1) GAAP operating margin is the proportion of GAAP income from operations as a percentage of GAAP revenue. Non-GAAP operating margin is the proportion of non-GAAP income from operations as a percentage of GAAP revenue.

(2) The percentages shown above have been calculated based on the midpoint of the low and high ends of the revenue guidance for full year FY24.

(3) The percentages shown above have been calculated based on the high end of the estimated charges in connection with our restructuring plan announced on January 4, 2023 (the “Restructuring Plan”).

The following is a per share reconciliation of GAAP diluted EPS to non-GAAP diluted EPS guidance for the next quarter and the full year:

 

Fiscal 2024

 

Q3

 

FY24

 

GAAP diluted earnings per share range(1)(2)

$1.02 – $1.03

 

 

$3.50 – $3.52

 

Plus

 

 

 

 

 

Amortization of purchased intangibles

$

0.47

 

 

$

1.89

 

Stock-based compensation expense

$

0.71

 

 

$

2.84

 

Restructuring(3)

$

0.10

 

 

$

1.11

 

Less

 

 

 

 

 

Income tax effects and adjustments(4)

$

(0.25

)

 

$

(1.30

)

Non-GAAP diluted earnings per share(2)

$2.05 – $2.06

 

 

$8.04 – $8.06

 

Shares used in computing basic net income per share (millions)(5)

 

978

 

 

 

979

 

Shares used in computing diluted net income per share (millions)(5)

 

987

 

 

 

988

 

(1) The Company’s GAAP tax provision is expected to be approximately 27% for the three months ended October 31, 2023, and approximately 25% for the year ended January 31, 2024. The GAAP tax rates may fluctuate due to discrete tax items and related effects in conjunction with certain provisions in the Tax Cuts and Jobs Act, future acquisitions or other transactions.

(2) The Company’s projected GAAP and Non-GAAP diluted EPS assumes no change to the value of our strategic investment portfolio as it is not possible to forecast future gains and losses. The impact of future gains or losses from the company’s strategic investment portfolio could be material.

(3) The estimated impact to GAAP diluted EPS has been calculated based on the high end of the estimated charges in connection with the Restructuring Plan.

(4) The Company’s Non-GAAP tax provision uses a long-term projected tax rate of 23.5%, which reflects currently available information and could be subject to change.

(5) The Company’s shares used in computing GAAP EPS guidance and Non-GAAP EPS guidance excludes any impact to share count from Q3 – Q4 FY24 repurchase activity under our share repurchase program.

For additional information regarding non-GAAP financial measures see the reconciliation of results and related explanations below.

Management will provide further commentary around these guidance assumptions on its earnings call.

Product Releases and Enhancements

Three times a year Salesforce delivers new product releases, services, or enhancements to current products and services. These releases are a result of significant research and development investments made over multiple years, designed to help customers drive cost savings, boost efficiency, and build trust.

To view our major product releases and other highlights as part of the Summer 2023 Product Release, visit: www.salesforce.com/products/summer-23-release.

Quarterly Conference Call

Salesforce plans to host a conference call at 2:00 p.m. (PT) / 5:00 p.m. (ET) to discuss its financial results with the investment community. A live webcast and replay details of the event will be available on the Salesforce Investor Relations website at www.salesforce.com/investor.

About Salesforce

Salesforce empowers companies of every size and industry to connect with their customers through the power of AI + data + CRM. For more information about Salesforce (NYSE: CRM), visit: www.salesforce.com.

“Safe harbor” statement under the Private Securities Litigation Reform Act of 1995: This press release contains forward-looking statements about the Company’s financial and operating results and guidance, which include, but are not limited to, expected GAAP and non-GAAP financial and other operating and non-operating results, including revenue, net income, earnings per share, operating cash flow growth, operating margin, expected revenue growth, expected foreign currency exchange rate impact, expected current remaining performance obligation growth, expected tax rates or provisions, stock-based compensation expenses, amortization of purchased intangibles, shares outstanding, market growth, strategic investments, expected restructuring expense or charges, and expected timing of product releases and enhancements. The achievement or success of the matters covered by such forward-looking statements involves risks, uncertainties and assumptions. If any such risks or uncertainties materialize or if any of the assumptions prove incorrect, the Company’s results or outcomes could differ materially from those expressed or implied by the forward-looking statements it makes.

The risks and uncertainties referred to above include — but are not limited to — risks associated with: our ability to maintain security levels and service performance that meet the expectations of our customers, and the resources and costs required to avoid unanticipated downtime and prevent, detect and remediate performance degradation and security breaches; the expenses associated with our data centers and third-party infrastructure providers; our ability to secure additional data center capacity; our reliance on third-party hardware, software and platform providers; uncertainties regarding AI technologies and its integration into our product offerings; the effect of evolving domestic and foreign government regulations, including those related to the provision of services on the Internet, those related to accessing the Internet, and those addressing data privacy, cross-border data transfers and import and export controls; current and potential litigation involving us or our industry, including litigation involving acquired entities, and the resolution or settlement thereof; regulatory developments and regulatory investigations involving us or affecting our industry; our ability to successfully introduce new services and product features, including any efforts to expand our services; the success of our strategy of acquiring or making investments in complementary businesses, joint ventures, services, technologies and intellectual property rights; our ability to complete, on a timely basis or at all, announced transactions; our ability to realize the benefits from acquisitions, strategic partnerships, joint ventures and investments, and successfully integrate acquired businesses and technologies; our ability to compete in the markets in which we participate; the success of our business strategy and our plan to build our business, including our strategy to be a leading provider of enterprise cloud computing applications and platforms; our ability to execute our business plans; our ability to continue to grow unearned revenue and remaining performance obligation; the pace of change and innovation in enterprise cloud computing services; the seasonal nature of our sales cycles; our ability to limit customer attrition and costs related to those efforts; the success of our international expansion strategy; the demands on our personnel and infrastructure resulting from significant growth in our customer base and operations, including as a result of acquisitions; our ability to preserve our workplace culture, including as a result of our decisions regarding our current and future office environments or remote work policies; our dependency on the development and maintenance of the infrastructure of the Internet; our real estate and office facilities strategy and related costs and uncertainties; fluctuations in, and our ability to predict, our operating results and cash flows; the variability in our results arising from the accounting for term license revenue products; the performance and fair value of our investments in complementary businesses through our strategic investment portfolio; the impact of future gains or losses from our strategic investment portfolio, including gains or losses from overall market conditions that may affect the publicly traded companies within our strategic investment portfolio; our ability to protect our intellectual property rights; our ability to maintain and enhance our brands; the impact of foreign currency exchange rate and interest rate fluctuations on our results; the valuation of our deferred tax assets and the release of related valuation allowances; the potential availability of additional tax assets in the future; the impact of new accounting pronouncements and tax laws; uncertainties affecting our ability to estimate our tax rate; uncertainties regarding our tax obligations in connection with potential jurisdictional transfers of intellectual property, including the tax rate, the timing of transfers and the value of such transferred intellectual property; uncertainties regarding the effect of general economic, business and market conditions, including inflationary pressures, general economic downturn or recession, market volatility, increasing interest rates, changes in monetary policy and the prospect of a shutdown of the U.S. federal government; the potential impact of financial institution instability; the impact of geopolitical events, including the ongoing armed conflict in Europe; uncertainties regarding the impact of expensing stock options and other equity awards; the sufficiency of our capital resources; our ability to execute our share repurchase program; our ability to comply with our debt covenants and lease obligations; the impact of climate change, natural disasters and actual or threatened public health emergencies; expected benefits of and timing of completion of the restructuring plan and the expected costs and charges of the restructuring plan, including, among other things, the risk that the restructuring costs and charges may be greater than we anticipate, our restructuring efforts may adversely affect our internal programs and ability to recruit and retain skilled and motivated personnel, our restructuring efforts may be distracting to employees and management, our restructuring efforts may negatively impact our business operations and reputation with or ability to serve customers, and our restructuring efforts may not generate their intended benefits to the extent or as quickly as anticipated; and our ability to achieve our aspirations, goals and projections related to our environmental, social and governance initiatives, including our ability to comply with emerging corporate responsibility regulations.

Further information on these and other factors that could affect the Company’s actual results or outcomes is included in the reports on Forms 10-K, 10-Q and 8-K and in other filings it makes with the Securities and Exchange Commission from time to time. These documents are available on the SEC Filings section of the Financials section of the Company’s website at http://investor.salesforce.com/financials/.

Salesforce, Inc. assumes no obligation and does not intend to update these forward-looking statements, except as required by law.

© 2023 Salesforce, Inc. All rights reserved. Salesforce and other marks are trademarks of Salesforce, Inc. Other brands featured herein may be trademarks of their respective owners.

Salesforce, Inc.

Condensed Consolidated Statements of Operations

(in millions, except per share data)

(Unaudited)

 

Three Months Ended July 31,

 

Six Months Ended July 31,

 

2023

 

2022

 

2023

 

2022

Revenues:

 

 

 

 

 

 

 

Subscription and support

$

8,006

 

 

$

7,143

 

 

$

15,648

 

 

$

13,999

 

Professional services and other

 

597

 

 

 

577

 

 

 

1,202

 

 

 

1,132

 

Total revenues

 

8,603

 

 

 

7,720

 

 

 

16,850

 

 

 

15,131

 

Cost of revenues (1)(2):

 

 

 

 

 

 

 

Subscription and support

 

1,515

 

 

 

1,490

 

 

 

3,025

 

 

 

2,930

 

Professional services and other

 

598

 

 

 

637

 

 

 

1,213

 

 

 

1,242

 

Total cost of revenues

 

2,113

 

 

 

2,127

 

 

 

4,238

 

 

 

4,172

 

Gross profit

 

6,490

 

 

 

5,593

 

 

 

12,612

 

 

 

10,959

 

Operating expenses (1)(2):

 

 

 

 

 

 

 

Research and development

 

1,220

 

 

 

1,329

 

 

 

2,427

 

 

 

2,647

 

Marketing and sales

 

3,113

 

 

 

3,424

 

 

 

6,267

 

 

 

6,796

 

General and administrative

 

632

 

 

 

647

 

 

 

1,270

 

 

 

1,303

 

Restructuring (3)

 

49

 

 

 

0

 

 

 

760

 

 

 

0

 

Total operating expenses

 

5,014

 

 

 

5,400

 

 

 

10,724

 

 

 

10,746

 

Income from operations

 

1,476

 

 

 

193

 

 

 

1,888

 

 

 

213

 

Gains (losses) on strategic investments, net

 

(29

)

 

 

45

 

 

 

(170

)

 

 

52

 

Other income (expense)

 

45

 

 

 

(57

)

 

 

100

 

 

 

(113

)

Income before provision for income taxes

 

1,492

 

 

 

181

 

 

 

1,818

 

 

 

152

 

Provision for income taxes

 

(225

)

 

 

(113

)

 

 

(352

)

 

 

(56

)

Net income

$

1,267

 

 

$

68

 

 

$

1,466

 

 

$

96

 

Basic net income per share

$

1.30

 

 

$

0.07

 

 

$

1.50

 

 

$

0.10

 

Diluted net income per share

$

1.28

 

 

$

0.07

 

 

$

1.49

 

 

$

0.10

 

Shares used in computing basic net income per share

 

975

 

 

 

997

 

 

 

977

 

 

 

994

 

Shares used in computing diluted net income per share

 

986

 

 

 

1,001

 

 

 

987

 

 

 

1,001

 

(1) Amounts include amortization of intangible assets acquired through business combinations, as follows:

Three Months Ended July 31,

 

Six Months Ended July 31,

 

2023

 

2022

 

2023

 

2022

Cost of revenues

$

250

 

 

$

260

 

 

$

498

 

 

$

535

 

Marketing and sales

 

222

 

 

232

 

445

 

 

469

(2) Amounts include stock-based compensation expense, as follows:

Three Months Ended July 31,

 

Six Months Ended July 31,

 

2023

 

2022

 

2023

 

2022

Cost of revenues

$

112

 

 

$

130

 

 

$

215

 

 

$

242

 

Research and development

 

256

 

 

 

297

 

 

 

497

 

 

 

576

 

Marketing and sales

 

277

 

 

 

326

 

 

 

540

 

 

 

617

 

General and administrative

 

79

 

 

 

98

 

 

 

152

 

 

 

192

 

Restructuring

 

0

 

 

0

 

 

16

 

 

0

(3) In January 2023, the Company announced a restructuring plan (the “Restructuring Plan”) intended to reduce operating costs, improve operating margins, and continue advancing the Company’s ongoing commitment to profitable growth. The Restructuring Plan includes a reduction of the Company’s workforce and select real estate exits and office space reductions within certain markets.

 

Salesforce, Inc.

Condensed Consolidated Statements of Operations

(As a percentage of total revenues)

(Unaudited)

 

 

Three Months Ended July 31,

 

Six Months Ended July 31,

 

2023

 

2022

 

2023

 

2022

Revenues:

 

 

 

 

 

 

 

Subscription and support

93

%

 

93

%

 

93

%

 

93

%

Professional services and other

7

 

 

7

 

 

7

 

 

7

 

Total revenues

100

 

 

100

 

 

100

 

 

100

 

Cost of revenues (1)(2):

 

 

 

 

 

 

 

Subscription and support

18

 

 

20

 

 

18

 

 

20

 

Professional services and other

7

 

 

8

 

 

7

 

 

8

 

Total cost of revenues

25

 

 

28

 

 

25

 

 

28

 

Gross profit

75

 

 

72

 

 

75

 

 

72

 

Operating expenses (1)(2):

 

 

 

 

 

 

 

Research and development

14

 

 

17

 

 

14

 

 

17

 

Marketing and sales

36

 

 

44

 

 

37

 

 

45

 

General and administrative

7

 

 

8

 

 

8

 

 

9

 

Restructuring

1

 

 

0

 

 

5

 

 

0

 

Total operating expenses

58

 

 

69

 

 

64

 

 

71

 

Income from operations

17

 

 

3

 

 

11

 

 

1

 

Gains (losses) on strategic investments, net

0

 

 

0

 

 

(1

)

 

1

 

Other income (expense)

0

 

 

(1

)

 

1

 

 

(1

)

Income before provision for income taxes

17

 

 

2

 

 

11

 

 

1

 

Provision for income taxes

(2

)

 

(1

)

 

(2

)

 

0

 

Net income

15

%

 

1

%

 

9

%

 

1

%

(1) Amounts include amortization of intangible assets acquired through business combinations as a percentage of total revenues, as follows:

Three Months Ended July 31,

 

Six Months Ended July 31,

 

2023

 

2022

 

2023

 

2022

Cost of revenues

3

%

 

3

%

 

3

%

 

4

%

Marketing and sales

2

 

 

3

 

 

3

 

 

3

 

(2) Amounts include stock-based compensation expense as a percentage of total revenues, as follows:

 

Three Months Ended July 31,

 

Six Months Ended July 31,

 

2023

 

2022

 

2023

 

2022

Cost of revenues

1

%

 

2

%

 

1

%

 

2

%

Research and development

3

 

 

4

 

 

3

 

 

4

 

Marketing and sales

3

 

 

4

 

 

3

 

 

4

 

General and administrative

1

 

 

1

 

 

1

 

 

1

 

Restructuring

0

 

 

0

 

 

0

 

 

0

 

Salesforce, Inc.

Condensed Consolidated Balance Sheets

(in millions)

 

 

July 31, 2023

 

January 31, 2023

Assets

(unaudited)

 

 

Current assets:

 

 

 

Cash and cash equivalents

$

6,772

 

 

$

7,016

 

Marketable securities

 

5,625

 

 

 

5,492

 

Accounts receivable, net

 

5,400

 

 

 

10,755

 

Costs capitalized to obtain revenue contracts, net

 

1,781

 

 

 

1,776

 

Prepaid expenses and other current assets

 

1,560

 

 

 

1,356

 

Total current assets

 

21,138

 

 

 

26,395

 

Property and equipment, net

 

3,876

 

 

 

3,702

 

Operating lease right-of-use assets, net

 

2,575

 

 

 

2,890

 

Noncurrent costs capitalized to obtain revenue contracts, net

 

2,352

 

 

 

2,697

 

Strategic investments

 

4,778

 

 

 

4,672

 

Goodwill

 

48,566

 

 

 

48,568

 

Intangible assets acquired through business combinations, net

 

6,182

 

 

 

7,125

 

Deferred tax assets and other assets, net

 

2,980

 

 

 

2,800

 

Total assets

$

92,447

 

 

$

98,849

 

Liabilities and stockholders’ equity

 

 

 

Current liabilities:

 

 

 

Accounts payable, accrued expenses and other liabilities

$

5,059

 

 

$

6,743

 

Operating lease liabilities, current

 

510

 

 

 

590

 

Unearned revenue

 

14,237

 

 

 

17,376

 

Debt, current

 

999

 

 

 

1,182

 

Total current liabilities

 

20,805

 

 

 

25,891

 

Noncurrent debt

 

8,424

 

 

 

9,419

 

Noncurrent operating lease liabilities

 

2,867

 

 

 

2,897

 

Other noncurrent liabilities

 

2,269

 

 

 

2,283

 

Total liabilities

 

34,365

 

 

 

40,490

 

Stockholders’ equity:

 

 

 

Common stock

 

1

 

 

 

1

 

Treasury stock, at cost

 

(8,057

)

 

 

(4,000

)

Additional paid-in capital

 

57,345

 

 

 

55,047

 

Accumulated other comprehensive loss

 

(258

)

 

 

(274

)

Retained earnings

 

9,051

 

 

 

7,585

 

Total stockholders’ equity

 

58,082

 

 

 

58,359

 

Total liabilities and stockholders’ equity

$

92,447

 

 

$

98,849

 

Salesforce, Inc.

Condensed Consolidated Statements of Cash Flows

(in millions)

(Unaudited)

 

Three Months Ended July 31,

 

Six Months Ended July 31,

 

2023

 

2022

 

2023

 

2022

Operating activities:

 

 

 

 

 

 

 

Net income

$

1,267

 

 

$

68

 

 

$

1,466

 

 

$

96

 

Adjustments to reconcile net income to net cash provided by operating activities:

 

 

 

 

 

 

 

Depreciation and amortization (1)

 

890

 

 

 

907

 

 

 

2,144

 

 

 

1,813

 

Amortization of costs capitalized to obtain revenue contracts, net

 

476

 

 

 

408

 

 

 

946

 

 

 

802

 

Stock-based compensation expense

 

724

 

 

 

851

 

 

 

1,420

 

 

 

1,627

 

(Gains) losses on strategic investments, net

 

29

 

 

 

(45

)

 

 

170

 

 

 

(52

)

Changes in assets and liabilities, net of business combinations:

 

 

 

 

 

 

 

Accounts receivable, net

 

(768

)

 

 

(790

)

 

 

5,355

 

 

 

5,015

 

Costs capitalized to obtain revenue contracts, net

 

(331

)

 

 

(505

)

 

 

(606

)

 

 

(904

)

Prepaid expenses and other current assets and other assets

 

(52

)

 

 

113

 

 

 

(343

)

 

 

(296

)

Accounts payable and accrued expenses and other liabilities

 

(376

)

 

 

326

 

 

 

(1,779

)

 

 

(896

)

Operating lease liabilities

 

(167

)

 

 

(186

)

 

 

(335

)

 

 

(388

)

Unearned revenue

 

(884

)

 

 

(813

)

 

 

(3,139

)

 

 

(2,807

)

Net cash provided by operating activities

 

808

 

 

 

334

 

 

 

5,299

 

 

 

4,010

 

Investing activities:

 

 

 

 

 

 

 

Business combinations, net of cash acquired

 

0

 

 

 

(25

)

 

 

0

 

 

 

(439

)

Purchases of strategic investments

 

(182

)

 

 

(208

)

 

 

(287

)

 

 

(431

)

Sales of strategic investments

 

13

 

 

 

38

 

 

 

22

 

 

 

83

 

Purchases of marketable securities

 

(1,798

)

 

 

(1,152

)

 

 

(2,166

)

 

 

(3,724

)

Sales of marketable securities

 

533

 

 

 

451

 

 

 

802

 

 

 

892

 

Maturities of marketable securities

 

462

 

 

 

722

 

 

 

1,247

 

 

 

1,167

 

Capital expenditures

 

(180

)

 

 

(203

)

 

 

(423

)

 

 

(382

)

Net cash used in investing activities

 

(1,152

)

 

 

(377

)

 

 

(805

)

 

 

(2,834

)

Financing activities:

 

 

 

 

 

 

 

Repurchases of common stock

 

(1,949

)

 

 

0

 

 

 

(4,003

)

 

 

0

 

Proceeds from employee stock plans

 

362

 

 

 

181

 

 

 

811

 

 

 

455

 

Principal payments on financing obligations

 

(282

)

 

 

(44

)

 

 

(392

)

 

 

(116

)

Repayments of debt

 

(181

)

 

 

(1

)

 

 

(1,182

)

 

 

(2

)

Net cash provided by (used in) financing activities

 

(2,050

)

 

 

136

 

 

 

(4,766

)

 

 

337

 

Effect of exchange rate changes

 

11

 

 

 

(21

)

 

 

28

 

 

 

(46

)

Net increase (decrease) in cash and cash equivalents

 

(2,383

)

 

 

72

 

 

 

(244

)

 

 

1,467

 

Cash and cash equivalents, beginning of period

 

9,155

 

 

 

6,859

 

 

 

7,016

 

 

 

5,464

 

Cash and cash equivalents, end of period

$

6,772

 

 

$

6,931

 

 

$

6,772

 

 

$

6,931

 

Contacts

Mike Spencer

Salesforce

Investor Relations

415-536-6250

investor@salesforce.com

Carolyn Guss

Salesforce

Public Relations

415-536-4966

pr@salesforce.com

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