SAN FRANCISCO–(BUSINESS WIRE)–Salesforce (NYSE: CRM), the #1 AI CRM, today announced results for its third quarter fiscal 2024 ended October 31, 2023.
- Third Quarter Revenue of $8.72 Billion, up 11% Year-Over-Year (“Y/Y”), up 10% in Constant Currency (“CC”)
- Third Quarter GAAP Operating Margin of 17.2% and non-GAAP Operating Margin of 31.2%
- Current Remaining Performance Obligation of $23.9 Billion, up 14% Y/Y, 13% CC
- Third Quarter GAAP Diluted Earnings per Share (“EPS”) of $1.25 and non-GAAP Diluted EPS of $2.11
- Returned $1.9 Billion to Stockholders in the Third Quarter in the Form of Share Repurchases
- Initiates Fourth Quarter FY24 Revenue Guidance of $9.18 Billion to $9.23 Billion, up 10% Y/Y
- Narrows Full Year FY24 Revenue Guidance to $34.75 Billion to $34.8 Billion, up 11% Y/Y
- Raises Full Year FY24 GAAP Operating Margin Guidance to 14.5% and non-GAAP Operating Margin Guidance to 30.5%
- Raises Full Year FY24 Operating Cash Flow Growth Guidance to 30% to 33% Y/Y
“We had another strong quarter of executing on our profitable growth plan we set in motion last year, delivering $8.7 billion in revenue and again raising our operating margin guidance for this fiscal year,” said Marc Benioff, Chair and CEO, Salesforce. “We’re now the third largest enterprise software company by revenue, the number one AI CRM and the number one enterprise apps company. Most importantly, we’re bringing CRM, data, AI and trust together in a single, integrated platform, leading our customers into a new era of incredible productivity and growth.”
“Over the last year we have transformed the company, enabling us to deliver another quarter of strong profitable growth with GAAP operating margin of 17.2% and non-GAAP operating margin of 31.2%,” said Amy Weaver, President and CFO of Salesforce. “We remain focused on driving shareholder value as we deliver innovation to our customers as the #1 AI CRM.”
Salesforce delivered the following results for its fiscal third quarter:
Revenue: Total third quarter revenue was $8.72 billion, an increase of 11% Y/Y and 10% CC. Subscription and support revenues were $8.14 billion, an increase of 13% Y/Y. Professional services and other revenues were $0.58 billion, a decrease of (4)% Y/Y.
Operating Margin: Third quarter GAAP operating margin was 17.2%. Third quarter non-GAAP operating margin was 31.2%. Restructuring negatively impacted third quarter GAAP operating margin by (60) bps.
Earnings per Share: Third quarter GAAP diluted EPS was $1.25, and non-GAAP diluted EPS was $2.11. Losses on the Company’s strategic investments negatively impacted GAAP diluted EPS by $(0.06) based on a U.S. tax rate of 25% and non-GAAP diluted EPS by $(0.06) based on a non-GAAP tax rate of 23.5%. Restructuring negatively impacted third quarter GAAP diluted EPS by $(0.06).
Cash Flow: Cash generated from operations for the third quarter was $1.53 billion, an increase of 389% Y/Y. Free cash flow was $1.37 billion, an increase of 1088% Y/Y. Restructuring negatively impacted third quarter operating cash flow growth by (3,600) bps.
Remaining Performance Obligation: Remaining performance obligation ended the third quarter at $48.3 billion, an increase of 21% Y/Y. Current remaining performance obligation ended at $23.9 billion, an increase of 14% Y/Y, and 13% CC.
Forward Looking Guidance
As of November 29, 2023, the Company is initiating its fourth quarter GAAP and non-GAAP diluted EPS guidance, current remaining performance obligation growth guidance, and revenue guidance. The Company is updating its full year FY24 revenue guidance and raising its 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.
|
|
Q4 FY24 Guidance |
|
Full Year FY24 Guidance |
|
Revenue |
$9.18 – $9.23 Billion |
|
$34.75 – $34.8 Billion |
|
Y/Y Growth |
10% |
|
11% |
|
FX Impact(1) |
No impact |
|
($50M) Y/Y FX |
|
GAAP Operating Margin |
N/A |
|
14.5% |
|
Non-GAAP Operating Margin(2) |
N/A |
|
30.5% |
|
GAAP Diluted Earnings per Share(2) |
$1.26 – $1.27 |
|
$3.99 – $4.00 |
|
Non-GAAP Diluted Earnings per Share(2) |
$2.25 – $2.26 |
|
$8.18 – $8.19 |
|
Operating Cash Flow Growth (Y/Y)(3) |
N/A |
|
30% – 33% |
|
Current Remaining Performance Obligation Growth (Y/Y) |
10% |
|
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 Q4 FY24 repurchase activity under our share repurchase program. |
|||
|
(3) Operating Cash Flow Growth guidance includes an estimated 14% – 16% headwind from charges associated with our restructuring plan announced on January 4, 2023 (the “Restructuring Plan”). |
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|
(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) |
|
~14.5% |
|
Plus |
|
|
|
Amortization of purchased intangibles(2) |
|
5.4% |
|
Stock-based compensation expense(2)(3) |
|
8.0% |
|
Restructuring(2)(3) |
|
2.6% |
|
Non-GAAP operating margin(1) |
|
~30.5% |
|
(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 in the restructuring line have been calculated based on charges associated with the Restructuring Plan. Stock-based compensation expense included in the full year FY24 guidance GAAP to non-GAAP reconciliation table excludes stock-based compensation expense related to the Restructuring Plan, which is included in the restructuring line. |
||
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 |
||||||
|
|
Q4 |
|
FY24 |
||||
|
GAAP diluted earnings per share range(1)(2) |
$1.26 – $1.27 |
|
$3.99 – $4.00 |
||||
|
Plus |
|
|
|
||||
|
Amortization of purchased intangibles |
$ |
0.47 |
|
|
$ |
1.90 |
|
|
Stock-based compensation expense |
$ |
0.69 |
|
|
$ |
2.82 |
|
|
Restructuring(3) |
$ |
0.09 |
|
|
$ |
0.91 |
|
|
Less |
|
|
|
||||
|
Income tax effects and adjustments(4) |
$ |
(0.26 |
) |
|
$ |
(1.44 |
) |
|
Non-GAAP diluted earnings per share(2) |
$2.25 – $2.26 |
|
$8.18 – $8.19 |
||||
|
Shares used in computing basic net income per share (millions)(5) |
|
973 |
|
|
|
975 |
|
|
Shares used in computing diluted net income per share (millions)(5) |
|
984 |
|
|
|
985 |
|
|
(1) The Company’s GAAP tax provision is expected to be approximately 26% for the three months ended January 31, 2024, and approximately 21% 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 is 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 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 Winter 2024 Product Release, visit: www.salesforce.com/products/innovation/winter-24-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, cybersecurity, 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 war in Ukraine and the Israel-Hamas war; 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 (“ESG”) initiatives, including our ability to comply with evolving legal standards and federal and state regulations concerning ESG matters.
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 October 31, |
|
Nine Months Ended October 31, |
|||||||||||||
|
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
|
Revenues: |
|
|
|
|
|
|
|
||||||||
|
Subscription and support |
$ |
8,141 |
|
|
$ |
7,233 |
|
|
$ |
23,789 |
|
|
$ |
21,232 |
|
|
Professional services and other |
|
579 |
|
|
|
604 |
|
|
|
1,781 |
|
|
|
1,736 |
|
|
Total revenues |
|
8,720 |
|
|
|
7,837 |
|
|
|
25,570 |
|
|
|
22,968 |
|
|
Cost of revenues (1)(2): |
|
|
|
|
|
|
|
||||||||
|
Subscription and support |
|
1,571 |
|
|
|
1,451 |
|
|
|
4,596 |
|
|
|
4,381 |
|
|
Professional services and other |
|
584 |
|
|
|
637 |
|
|
|
1,797 |
|
|
|
1,879 |
|
|
Total cost of revenues |
|
2,155 |
|
|
|
2,088 |
|
|
|
6,393 |
|
|
|
6,260 |
|
|
Gross profit |
|
6,565 |
|
|
|
5,749 |
|
|
|
19,177 |
|
|
|
16,708 |
|
|
Operating expenses (1)(2): |
|
|
|
|
|
|
|
||||||||
|
Research and development |
|
1,204 |
|
|
|
1,280 |
|
|
|
3,631 |
|
|
|
3,927 |
|
|
Marketing and sales |
|
3,173 |
|
|
|
3,345 |
|
|
|
9,440 |
|
|
|
10,141 |
|
|
General and administrative |
|
632 |
|
|
|
664 |
|
|
|
1,902 |
|
|
|
1,967 |
|
|
Restructuring (3) |
|
55 |
|
|
|
0 |
|
|
|
815 |
|
|
|
0 |
|
|
Total operating expenses |
|
5,064 |
|
|
|
5,289 |
|
|
|
15,788 |
|
|
|
16,035 |
|
|
Income from operations |
|
1,501 |
|
|
|
460 |
|
|
|
3,389 |
|
|
|
673 |
|
|
Gains (losses) on strategic investments, net |
|
(72 |
) |
|
|
23 |
|
|
|
(242 |
) |
|
|
75 |
|
|
Other income (expense) |
|
58 |
|
|
|
(8 |
) |
|
|
158 |
|
|
|
(121 |
) |
|
Income before provision for income taxes |
|
1,487 |
|
|
|
475 |
|
|
|
3,305 |
|
|
|
627 |
|
|
Provision for income taxes |
|
(263 |
) |
|
|
(265 |
) |
|
|
(615 |
) |
|
|
(321 |
) |
|
Net income |
$ |
1,224 |
|
|
$ |
210 |
|
|
$ |
2,690 |
|
|
$ |
306 |
|
|
Basic net income per share |
$ |
1.26 |
|
|
$ |
0.21 |
|
|
$ |
2.76 |
|
|
$ |
0.31 |
|
|
Diluted net income per share |
$ |
1.25 |
|
|
$ |
0.21 |
|
|
$ |
2.73 |
|
|
$ |
0.31 |
|
|
Shares used in computing basic net income per share |
|
972 |
|
|
|
997 |
|
|
|
976 |
|
|
|
995 |
|
|
Shares used in computing diluted net income per share |
|
981 |
|
|
|
1,000 |
|
|
|
985 |
|
|
|
1,001 |
|
|
(1) Amounts include amortization of intangible assets acquired through business combinations, as follows: |
|||||||||||||||
|
|
Three Months Ended October 31, |
|
Nine Months Ended October 31, |
||||||||||||
|
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
|
Cost of revenues |
$ |
245 |
|
|
$ |
250 |
|
|
$ |
743 |
|
|
$ |
785 |
|
|
Marketing and sales |
|
223 |
|
|
|
224 |
|
|
|
668 |
|
|
|
693 |
|
|
(2) Amounts include stock-based compensation expense, as follows: |
|||||||||||||||
|
Three Months Ended October 31, |
|
Nine Months Ended October 31, |
|||||||||||||
|
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
|
Cost of revenues |
$ |
109 |
|
|
$ |
130 |
|
|
$ |
324 |
|
|
$ |
372 |
|
|
Research and development |
|
238 |
|
|
|
287 |
|
|
|
735 |
|
|
|
863 |
|
|
Marketing and sales |
|
275 |
|
|
|
330 |
|
|
|
815 |
|
|
|
947 |
|
|
General and administrative |
|
71 |
|
|
|
96 |
|
|
|
223 |
|
|
|
288 |
|
|
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 October 31, |
|
Nine Months Ended October 31, |
||||||||
|
|
2023 |
|
2022 |
|
2023 |
|
2022 |
||||
|
Revenues: |
|
|
|
|
|
|
|
||||
|
Subscription and support |
93 |
% |
|
92 |
% |
|
93 |
% |
|
92 |
% |
|
Professional services and other |
7 |
|
|
8 |
|
|
7 |
|
|
8 |
|
|
Total revenues |
100 |
|
|
100 |
|
|
100 |
|
|
100 |
|
|
Cost of revenues (1)(2): |
|
|
|
|
|
|
|
||||
|
Subscription and support |
18 |
|
|
19 |
|
|
18 |
|
|
19 |
|
|
Professional services and other |
7 |
|
|
8 |
|
|
7 |
|
|
8 |
|
|
Total cost of revenues |
25 |
|
|
27 |
|
|
25 |
|
|
27 |
|
|
Gross profit |
75 |
|
|
73 |
|
|
75 |
|
|
73 |
|
|
Operating expenses (1)(2): |
|
|
|
|
|
|
|
||||
|
Research and development |
14 |
|
|
16 |
|
|
14 |
|
|
17 |
|
|
Marketing and sales |
36 |
|
|
43 |
|
|
37 |
|
|
44 |
|
|
General and administrative |
7 |
|
|
8 |
|
|
8 |
|
|
9 |
|
|
Restructuring |
1 |
|
|
0 |
|
|
3 |
|
|
0 |
|
|
Total operating expenses |
58 |
|
|
67 |
|
|
62 |
|
|
70 |
|
|
Income from operations |
17 |
|
|
6 |
|
|
13 |
|
|
3 |
|
|
Gains (losses) on strategic investments, net |
(1 |
) |
|
0 |
|
|
(1 |
) |
|
0 |
|
|
Other income (expense) |
1 |
|
|
0 |
|
|
1 |
|
|
0 |
|
|
Income before provision for income taxes |
17 |
|
|
6 |
|
|
13 |
|
|
3 |
|
|
Provision for income taxes |
(3 |
) |
|
(3 |
) |
|
(2 |
) |
|
(2 |
) |
|
Net income |
14 |
% |
|
3 |
% |
|
11 |
% |
|
1 |
% |
|
(1) Amounts include amortization of intangible assets acquired through business combinations as a percentage of total revenues, as follows: |
|||||||||||
|
|
Three Months Ended October 31, |
|
Nine Months Ended October 31, |
||||||||
|
|
2023 |
|
2022 |
|
2023 |
|
2022 |
||||
|
Cost of revenues |
3 |
% |
|
3 |
% |
|
3 |
% |
|
3 |
% |
|
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 October 31, |
|
Nine Months Ended October 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) |
|||||||
|
|
October 31, 2023 |
|
January 31, 2023 |
||||
|
Assets |
(unaudited) |
|
|
||||
|
Current assets: |
|
|
|
||||
|
Cash and cash equivalents |
$ |
6,453 |
|
|
$ |
7,016 |
|
|
Marketable securities |
|
5,410 |
|
|
|
5,492 |
|
|
Accounts receivable, net |
|
4,850 |
|
|
|
10,755 |
|
|
Costs capitalized to obtain revenue contracts, net |
|
1,757 |
|
|
|
1,776 |
|
|
Prepaid expenses and other current assets |
|
1,732 |
|
|
|
1,356 |
|
|
Total current assets |
|
20,202 |
|
|
|
26,395 |
|
|
Property and equipment, net |
|
3,807 |
|
|
|
3,702 |
|
|
Operating lease right-of-use assets, net |
|
2,518 |
|
|
|
2,890 |
|
|
Noncurrent costs capitalized to obtain revenue contracts, net |
|
2,194 |
|
|
|
2,697 |
|
|
Strategic investments |
|
4,774 |
|
|
|
4,672 |
|
|
Goodwill |
|
48,614 |
|
|
|
48,568 |
|
|
Intangible assets acquired through business combinations, net |
|
5,737 |
|
|
|
7,125 |
|
|
Deferred tax assets and other assets, net |
|
3,176 |
|
|
|
2,800 |
|
|
Total assets |
$ |
91,022 |
|
|
$ |
98,849 |
|
|
Liabilities and stockholders’ equity |
|
|
|
||||
|
Current liabilities: |
|
|
|
||||
|
Accounts payable, accrued expenses and other liabilities |
$ |
5,308 |
|
|
$ |
6,743 |
|
|
Operating lease liabilities, current |
|
523 |
|
|
|
590 |
|
|
Unearned revenue |
|
12,564 |
|
|
|
17,376 |
|
|
Debt, current |
|
999 |
|
|
|
1,182 |
|
|
Total current liabilities |
|
19,394 |
|
|
|
25,891 |
|
|
Noncurrent debt |
|
8,426 |
|
|
|
9,419 |
|
|
Noncurrent operating lease liabilities |
|
2,764 |
|
|
|
2,897 |
|
|
Other noncurrent liabilities |
|
2,348 |
|
|
|
2,283 |
|
|
Total liabilities |
|
32,932 |
|
|
|
40,490 |
|
|
Stockholders’ equity: |
|
|
|
||||
|
Common stock |
|
1 |
|
|
|
1 |
|
|
Treasury stock, at cost |
|
(10,004 |
) |
|
|
(4,000 |
) |
|
Additional paid-in capital |
|
58,149 |
|
|
|
55,047 |
|
|
Accumulated other comprehensive loss |
|
(331 |
) |
|
|
(274 |
) |
|
Retained earnings |
|
10,275 |
|
|
|
7,585 |
|
|
Total stockholders’ equity |
|
58,090 |
|
|
|
58,359 |
|
|
Total liabilities and stockholders’ equity |
$ |
91,022 |
|
|
$ |
98,849 |
|
Contacts
Mike Spencer
Salesforce
Investor Relations
415-536-6250
Carolyn Guss
Salesforce
Public Relations
415-536-4966
The post Salesforce Announces Strong Third Quarter Fiscal 2024 Results appeared first on Daily Host News.
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