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Russell 2000, bitcoin usd, cmc crypto 200, salesforce, inc. (nyse:crm) q4 2023 earnings call transcript.

Salesforce, Inc. (NYSE: CRM ) Q4 2023 Earnings Call Transcript March 1, 2023

Operator: Welcome to Salesforce Fiscal 2023 Fourth Quarter and Full Year Results Conference Call. I would like to hand over the conference to your speaker, Mike Spencer, Executive Vice President of Investor Relations. Sir, you may begin.

Michael Spencer: Good afternoon and thanks for joining us today on our fiscal 2023 fourth quarter results conference call. Our press release, SEC filings and a replay of today's call can be found on our website. With me on the call today is Marc Benioff, Chair and CEO; Amy Weaver, President and Chief Finance Officer; and Brian Millham, President and Chief Operating Officer. As a reminder, our commentary today will include non-GAAP measures. Reconciliations between our GAAP and non-GAAP results and guidance can be found in our earnings and press release. Some of our comments today may contain forward-looking statements and are subject to risks, uncertainties and assumptions, which could change. Should any of these risks materialize or should our assumptions prove to be incorrect, actual company results could differ materially from these forward-looking statements.

A description of these risks, uncertainties and assumptions and other factors that could affect our financial results is included in our SEC filings, including our most recent report on Forms 10-K, 10-Q and any other SEC filings. Except as required by law, we do not undertake any responsibility to update these forward-looking statements. And with that, let me hand the call to Marc.

Marc Benioff: Thanks, Mike, and hey, thanks to all of you for joining the call. As you can see from our results, we had another strong quarter. Improving profitability is our highest priority, and that really showed up this quarter. Our goal is to make Salesforce the largest and most profitable software company in the world, and that is what we are doing. Six months ago, in September at our Dreamforce Investor Day, we shared with you our comprehensive transformation plan, the new day for profitable growth. But things have changed. As we entered our fourth quarter, we recognized that we needed to radically accelerate the transformation plan timeframe. We needed to press the hyperspace button and bring the 2-year goals forward quickly and exceed them.

Now we immediately put into place an accelerated transformation plan in 4 areas: short-term and long-term restructuring of the company; improving profitability and productivity; prioritizing our core innovations; and a deeper and even stronger relationship with our shareholders, you. In fact, that's where we started. The very first thing we did when I became sole CEO 3 months ago was Amy and I promoted Mike Spencer, our Head of IR, to our leadership team. So we're all in much more communication with all of you. We're now moving aggressively across all 4 fronts of our transformation. First, we're reigniting our performance culture and doubling down on our accountable management of our sales organization, as you're about to hear from Brian. As you know, beginning in January, we also initiated a headcount reduction, and we're significantly consolidating our real estate footprint.

Second, we're more closely scrutinizing every dollar of investment and resource and very focused on driving operational excellence and automation across the business. Third, our amazing engineering team is focused on integrating our acquisitions and prioritizing our core innovations that are driving customer success. And finally, as we set in motion, longer-term structural improvements, we're working with Bain on a comprehensive operating and go-to-market review. To ensure a high degree of accountability, our Board is forming a new business transformation committee, which I have joined, and we have fully disbanded our M&A committee as well to reflect our new focus. We also dramatically stepped up our communication feedback loop with our investment community, and I hope you all are feeling that.

For the past several months, all of us at Salesforce, including me, all of our Board members, including our Lead Independent Director, Robin Washington and our senior management team have spent a lot of time listening to and working with all of our investors. As I said, we've hit that hyperspace button since we last talked to you a quarter ago, and I'm thrilled with the progress we've made. Changes that used to take months are happening in weeks. Changes that used to take weeks are happening in days. And changes that used to take days are happening in hours. Powered by this transformation, we delivered another strong quarter. Our team really delivered on both the top and bottom line, exceeding our expectations. As I said, improving our profitability is our highest priority.

And in Q4, we accelerated operating margin to a new record high. Non-GAAP operating margin for fiscal '23 was 22.5%, significantly above our forecast, an improvement of almost 4 points year-over-year. Revenue was $8.38 billion, up 14% year-over-year or 17% in constant currency, which is above what we forecast to deliver for the quarter. And for the full year, we delivered $31.4 billion in revenue, up 18% year-over-year or 22% in constant currency. It's one of the best performances of any enterprise software company our size, and it's amazing that Salesforce is now over $30 billion in revenue. We closed fiscal year '23 with operating cash flow reaching $7.1 billion, up 19% year-over-year, the highest cash flow in our company's history and one of the highest cash flows of any enterprise software company our size ever.

I also want to call out the great progress we have made with MuleSoft and Tableau. As you know, we've been focused over the past few quarters on reigniting MuleSoft sales growth, and this quarter was evidence that those efforts are paying off beautifully. MuleSoft was included in 7 of our top 10 deals in the quarter, and Tableau was included in every one of our top 10 deals. These acquired products are integral to our Customer 360 and enabling our customers to use our data product line to achieve a new level of excellence in managing their customer relationships and its critical data. In short, our transformation has been radically accelerated. As you can see, our performance is significantly up already. Our productivity is also up. Our profitability is up, and we are not done.

Now we're putting into place the next phase of our transformation to profitable growth. We just rolled out our new business plan, which we call the V2MOM in partnership with our employees worldwide. Everyone in the company is now aligned around our highest priorities and our aspirations. I'm excited to announce that looking forward to fiscal year '24, we expect a non-GAAP operating margin of approximately 27%, an additional acceleration of 4.5 points year-over-year. And for fiscal year '24 revenue, we're guiding to $34.7 billion at the high end of the range, over 10% projected year-over-year growth. But that's not all, we're also looking at our overall share count. And as we focus on reducing dilution, we've already returned $4 billion of the original $10 billion authorization in our share repurchase plan that we announced in August.

And our Board has now approved a substantial increase in that share repurchase plan from $10 billion to $20 billion. This will allow us to fully offset dilution from stock-based compensation. We're also thrilled to welcome 3 new members to our Board, Mason Morfit, the CEO and Chief Investment Officer of ValueAct Capital; Arnold Donald, the former President and Chief Executive Officer of Carnival Corporation; and Sachin Mehra, the Chief Financial Officer of Mastercard, 3 amazing executives who have already made their mark on business, and I'm looking forward to them making their mark on Salesforce. We're incredibly happy that these phenomenal executives are joining us to help guide our next level of profitable growth. That makes 5 new Board members we have brought on in just the past 16 months, another (ph) of our accelerated transformation.

I also want to say how grateful we are to our 2 outgoing Board members, Sandy Robertson and Alan Hassenfeld, both of whom many of you know and who, for the last 2 decades, have given Salesforce and our industry incredible leadership, guidance and service. Thank you so much, Alan and Sandy. We know that we have the right team, the right strategy and the right products to compete and complete this transformation. And we're continuing to build our future. I've never been more inspired by our engineering teams, and it's no wonder that we're ranked #1 CRM by IDC for the ninth year in a row. We're delivering tremendous customer success and continue to gain market share in CRM. Our customer revenue attrition is at its lowest level in our 24-year history.

This is a critical metric of all of our customers' success. And we know every digital transformation begins and ends with the customer. We have an incredible vision for the future of CRM, a fully integrated suite built on our new Genie Data Cloud and our next-generation platform powered by real-time hyperscale data, AI and automation. Our new Data Cloud is the most exciting innovation that we've developed since the original Salesforce clouds and our metadata platform, which we viewed as our first horizon and our second horizon for our technology. Our third horizon is our data cloud. In this new AI world that we are all now entering, nothing is more important for our customers than our new data cloud, which is rapidly becoming the intelligent heart of their customer engagement.

Data cloud becomes our most important cloud, augmenting every Salesforce cloud and making every part of our Customer 360 more automated, more intelligent and more real time. We just launched Tableau plus Data Cloud natively integrating Tableau with Data Cloud. So every customer can easily visualize, automate, explore and act on their data in real time. And during the quarter, I was inspired by partnering with Jim Farley, the CEO of Ford on Ford's deployment of Data Cloud. Jim and Ford, they're leveraging Data Cloud to unify their customer data and deliver personalized real-time customer engagement and dealer focus. Starting with their amazing new Mach-E electric Mustang, an amazing car Ford proactively updates customers about vehicle delivery through both e-mail and SMS with our marketing cloud.

I loved getting my text actually, it was amazing. Ford delivers dealers now with leads and intelligent insights to drive faster sales with our Sales Cloud. And their technicians, well, they're receiving the next best action and technical insights through our Service Cloud. All of this, all of it, it's driven by our data cloud, delivering intelligent, real-time and automated customer engagement from within the Salesforce platform. I've also been very inspired by our work with Boston Scientific and their amazing CEO, Michael Mahoney. Our teams were able to use our Data Cloud to create a unified view of their customers. In just 5 months, they were able to bring data from the front office and back office and all of their systems together. Boston Scientific's ability to create customer segments using our Marketing Cloud went from 3 to 6 months to nearly real time, and they could deliver next best action insights to their sales teams in the flow of work in Sales Cloud and used our Marketing Cloud to deliver personalized product recommendations on their website in real time.

And Boston Scientific as a regulated company, well, with Data Cloud, they're able to easily specify data retention policies for compliance. Now as a longtime customer, I'll tell you, Boston Scientific and Michael, well, they've humbled me personally and really humbled all of us at Salesforce with their incredible innovations, their amazing leadership and especially their use of our Data Cloud. This is only the beginning of what's possible. As we build more native automation, intelligence and real-time integration deeper into our Data Cloud and apps, and we're rebalancing our resources to be Data Cloud-first inside our company. And next week, at our TrailheadDX conference in San Francisco on March 7 and 8, you'll see how we're bringing even more innovation through our platform with our new EinsteinGPT technology, the world's first generative AI for CRM, a tremendous complement to our Data Cloud and core Einstein AI platform.

Photo by Fotis Fotopoulos on Unsplash

EinsteinGPT will be integrated into all of our clouds as well as Tableau, MuleSoft and Slack. And then there's another way we're opening the door to use AI for our future and for all of our customers', as we have begun working with the rapidly expanding AI ecosystem in our industry, I've been really impressed with how companies like Anthropic, a leading provider of generative AI, are using Slack as their user interface for generative AI assistance. The relevance of Slack as an incredible enterprise productivity platform, user interface and critical data set for these new AI systems, while it's inspiring all kinds of new use cases, I couldn't be more excited about the future. To wrap it up, our transformation is happening now. We're making Salesforce one of the most profitable software companies in the world with one of the highest cash flows and one of the very largest as well.

You can see it from our numbers by this quarter why I'm so motivated, so inspired and so confident that we can do even more faster than anyone realized. Now I'm happy to hand this over to Brian, our Chief Operating Officer; and with Amy, our -- my closest partner in accelerating the transformation. Many of you know Brian and have worked closely with him, and as many global executive roles at Salesforce, Brian has now been with us for more than 23 years, and his employee number lucky 6 -- lucky 13, actually, it's lucky #13, Brian, that's you. No one has had more customer success than you at Salesforce, and I couldn't be more thrilled to have you as our COO. I'm really grateful for your leadership and the success that you're having with your team, and wow, what a great quarter you delivered.

Brian, thank you for everything. In closing, I want to thank all of our Ohana, our employees, our customers, our partners and all of our shareholders for another strong quarter. And now, Brian, over to you.

Brian Millham: Thank you, Marc. As Marc said, the accelerated transformation to profitable growth we have underway is already having a positive impact as reflected in our strong results in the fourth quarter. I'm pleased with how we're improving our execution, delivering customer success in the ongoing measured buying environment. As part of our short-term and long-term restructuring, we've been re-architecting how we go to market in a more efficient, productive, and profitable way. We've reduced the size of the sales and success organization by 10% and are planning further improvements through the work we're doing with Bain. We're also laser-focused on performance, productivity and accountability of all of our teams. We are better aligning incentives with margins, removing layers and increasing spans of control to unleash even higher performance.

We're inspecting every part of our business to find opportunities to drive efficiencies and reduce cost of sales, marketing and G&A. We've learned that we needed to reboot our entire sales enablement process to ensure faster onboarding with reps able to better understand our entire product portfolio and speak the language of our customers in weeks, not months. During the pandemic, we saw productivity drop among our account executives who were working exclusively from home. I believe when our people are together, they're better learners, collaborators and networkers. It also reinforces our performance culture. That's why our sales, success and service teams or in front of our customers a minimum of 4 days a week. Getting together in person is accelerating enablement and driving our performance and productivity.

I'm confident these changes will drive the outcomes that we are all looking for. Now before I hand it off to Amy, I'll briefly share some customer highlights from the quarter. We had great customer wins across all products, industries, segments and geographies. We deepened our relationships with Walmart, State Farm, IBM, Siemens, the State of New York, Volkswagen Group, Hitachi and many more leading companies. I'm very proud of our teams that we recorded record low attrition once again this quarter, which is a testament to how our Customer 360 platform is providing the cost savings efficiency and productivity gains our customers need today. As customers are looking to consolidate platforms and reduce complexity, we're seeing many multi-cloud expansions, a key growth strategy for us.

Our top 10 wins in the quarter included 5 or more of our cloud. And our top 5 customer wins included 7 or more of our clouds. This is an example of our Customer 360 strategy working. We also continue to see strong momentum from our vertical solutions, which deepened our customer relationships across industries and geographies while accelerating time to value. In the quarter, 8 of our 13 industry clouds grew above 50% ARR, just unbelievable results there. Verticals are a key driver of our growth strategy, and that's why we've amplified them aggressively in this year's V2MOM. Tableau and MuleSoft and Slack continue to be highly relevant for our customers. And as Marc noted in his comments, they're part of our largest and most strategic deals in the quarter.

And we're very proud of the progress we're seeing under the new leadership to more deeply integrate these acquired companies into our core sales and service motions. Marc also mentioned Data Cloud. It's going to be an incredible driver of organic growth going forward as these new capabilities are built on the platform and seamlessly integrate into some of our largest clouds, Sales Cloud, Service Cloud, Marketing Cloud and Commerce Cloud. We're seeing many more companies use Data Cloud like Formula 1, American Family Insurance, PGA TOUR Superstore who are using this amazing technology to deliver intelligent, automated, and real-time customer engagement. It is a huge opportunity. In closing, I'm immensely grateful to our customers, our employees and partners and our shareholders for their continued support.

We are unwavering in our commitment to deliver customer success and in our transformation to profitable growth. Now over to Amy.

Amy Weaver: Thank you, Brian. It is great to be here today to talk about our financial results and the transformation underway. As we laid out at Investor Day in September, it is a new day for Salesforce. As Marc called out, we are focusing on 4 key areas: short- and long-term expense restructuring; employee productivity; product innovation; and of particular importance to me, continuing to build on our relationships with our shareholders. Near our long-term restructuring is absolutely a necessary step to reach our goals. Over the past very intense 90 days since our last earnings call, Marc, Brian and I have spent countless hours together and with our leadership team to ensure our cost restructuring actions accelerate our profitable growth goals.

We have already taken a difficult action on decreasing our workforce, and we are consolidating our real estate footprint. I want to emphasize that these are just the first steps. As we drive longer-term structural improvements, I look forward to working closely across the company on a comprehensive operating and go-to-market review. Since I took on the role of the CFO more than 2 years ago, I've truly enjoyed spending time with and hearing feedback from our shareholders. Just this past quarter, I was able to meet with shareholders extensively, both virtually and in person, in San Francisco, in New York and across Europe. Your feedback has been immensely valuable in helping us shape our transformation. And based on that feedback, I am more confident than ever in our profitable growth framework, disciplined capital allocation strategy, and opportunity to drive shareholder value.

Now turning to our results for Q4 fiscal year '23, beginning with top line commentary. For the fourth quarter, revenue was $8.38 billion, up 14% year-over-year or 17% in constant currency, with the beat primarily driven by a reignite MuleSoft and Tableau and slight improvement on foreign exchange rates. For the full fiscal year, revenue was $31.4 billion, up 18% or 22% in constant currency. The total foreign exchange headwind for the year was approximately $860 million. Geographically, we saw strong new business growth in the United Kingdom, France and Switzerland, while the United States sales environment remained measured. In Q4, the Americas revenue grew 15%; EMEA grew 13% or 20% in constant currency; and APAC grew 18% or 30% in constant currency.

From an industry perspective, we saw strong growth in public sector and travel transportation and hospitality, while the financial services and high-tech sectors showed weakness. And from a product perspective, as mentioned, MuleSoft and Tableau outperformed our expectations, while we continue to see customer spending pressure in both Commerce and Marketing. For revenue attrition, we remain at record lows, ending the quarter below 7.5%, reflecting the value that our services are providing our customers and their customer success. Non-GAAP operating margin finished stronger than expected in Q4 at 29.2% and 22.5% for the full fiscal year. The higher-than-expected performance does include some onetime benefits I want to call out. First, there is a restructuring benefit of approximately 1.5 points for Q4.

Additionally, in Q4, there were approximately 4.5 points of temporal benefits from license-based revenue performance, annual compensation rationalized for business performance, as well as other onetime efficiencies and savings. Even when normalizing for these benefits, this still represents our highest ever quarterly and annual non-GAAP margin performance. Q4 operating cash flow was $2.8 billion, up 41% year-over-year. Q4 free cash flow was $2.6 billion, up 42% year-over-year. For fiscal year '23, operating cash flow was $7.1 billion, up 19% year-over-year. As a reminder, this includes a 4-point headwind from cash taxes associated with tax law changes that require the capitalization of certain R&D costs. Free cash flow finished at $6.3 billion, up 19% year-over-year, driven by strong collections during the final quarter of the year.

Turning to remaining performance obligation, or RPO, which represents all future revenue under contract. This ended Q4 at $48.6 billion, up 11% year-over-year. Current remaining performance obligation, or CRPO, ended at $24.6 billion, up 12% year-over-year and 13% in constant currency. The outperformance was driven by strong go-to-market execution, particularly on early renewals and MuleSoft and some recovery in foreign exchange rates. Finally, we continue to deliver on our commitment to returning cash to shareholders. We returned $2.3 billion during the quarter for a total of $4 billion since announcing our first ever share repurchase program in August. This represents more than 60% of free cash flow for fiscal year '23. Before moving to our guidance, I want to briefly discuss the current macro environment.

In Q4, we continued to see the measured environment we've called out over the past 2 quarters. This resulted again in elongated sales cycles, additional deal approval layers and deal compression. Our guidance assumes these trends persist with no material improvement or deterioration. Now to our guidance. Let's start with fiscal year '24. As we've discussed over the last year, Salesforce is deeply committed to structural margin expansion, and we are accelerating on our new day for profitable growth framework. At Dreamforce, we guided to 25% plus margins by FY '26, and we emphasized our ambition to grow margins beyond that content. Now for fiscal year '24, we are pleased to share that we expect non-GAAP operating margin of 27%, representing a 4.5 point improvement year-over-year and exceeding our goal by 2 years.

And we are just getting started. One item of note, our guidance includes slightly under one half points of benefit due to a depreciation change to the useful life of certain equipment by 1 year effective February 1. For our infrastructure-related equipment, this changed the useful life from approximately 4 to 5 years. And for IT employee equipment, this changed from approximately 3 to 4 years. And as a general reminder, because our regional revenue and expenses are typically in the same currencies, there tends to be a natural FX hedge in our operating margin. On revenue, we are expecting $34.5 billion to $34.7 billion, representing over 10% growth year-over-year and the same in constant currency. On attrition, starting in FY '24, we are including MuleSoft and Tableau in the metric.

As a result, attrition is expected to be slightly above 7.5%. Next, we are planning for stock-based compensation as a percent of revenue to begin trending lower this year to below 9% in fiscal year '24. This is primarily a result of the decreasing impact from prior M&A as well as adjustments being made to our equity program. We expect fiscal year '24 GAAP EPS of $2.59 to $2.61, including estimated charges for the January restructuring of $0.85. Non-GAAP EPS is expected to be $7.12 to $7.14. We expect our fiscal year '24 operating cash flow growth to be approximately 15% to 16%. Important to note, this includes an estimated 14-point headwind related to the restructuring. As a reminder, we will see an increase in our cash taxes in fiscal '24 as we draw down our remaining net operating losses.

CapEx for the fiscal year is expected to be slightly below 2.5% of revenue. This results in free cash flow growth of approximately 16% to 17% for the fiscal year, inclusive of the restructuring charge mentioned above. Now to guidance for Q1. On revenue, we expect $8.16 billion to $8.18 billion, growth of approximately 10% or 12% in constant currency. This reflects a $150 million FX headwinds. For Q1, we expect GAAP EPS of $0.24 to $0.25 and non-GAAP EPS of $1.60 to $1.61. CRPO growth for Q1 is expected to be approximately 11% year-over-year and the same in constant currency. Our guidance continues to incorporate the persistent measured customer buying behavior. On long-term targets, I'd like to provide a few updates. First, with the acceleration on our profitability framework in FY '24, I am very pleased to announce that we now expect to achieve non-GAAP operating margin of at least 30% in Q1 of fiscal year '25.

And I want to emphasize that 30% represents a milestone, but not the destination. We are not putting a ceiling on our margin aspirations. We are thrilled that we are exceeding our FY '26 profitability goals years in advance. Note that we are not reiterating our fiscal year '26 revenue target of $50 billion at this time due to the uncertain macro and currency environments that we have discussed. We anticipate having further updates to our long-term plans at our next Investor Day. Next, as we continue to focus on shareholder return and disciplined capital allocation, I'd like to share a few additional updates. I'm pleased that the Board has approved an increase to our share repurchase authorization from $10 billion to $20 billion. As a result, we now expect to fully offset our stock-based compensation dilution through our share repurchases in fiscal year '24.

On M&A, we are confident in our current portfolio and are focused on continued integration of current assets. Reflective of this, you have already heard from Marc that the Board has decided to disband our M&A committee. In closing, I would like to share a deep gratitude for our shareholders, our customers and especially our employees. Our relentless focus on execution and our proactive management in the current environment allowed us to close out a strong quarter and sets us up for a transformational fiscal year '24. It is a new day at Salesforce. And as we look ahead, I'm excited for the opportunity in front of us as we continue to drive profitable growth and shareholder value. Now Mike, should we open the call up for questions? .

Michael Spencer: Yes, please, Amy. Operator, let's go to questions, please.

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Salesforce Q3 2023 Earnings Preview: 5 Things To Know

This is the first Salesforce quarterly earnings report since the vendor’s September Dreamforce event.

An update on customer interest in generative artificial intelligence, the future of Salesforce GenAI and where Slack is headed are among the potential topics to come up during Salesforce’s quarterly earnings report Wednesday.

The report will cover the San Francisco-based customer relationship management (CRM) platform vendor’s third quarter (ended Oct. 31) of its 2024 fiscal year.

Salesforce has more than 11,000 partners worldwide, according to the vendor, meaning that analysts could ask about the role of MSPs and consultants in bringing new and familiar Salesforce wares to market during the call.

[RELATED: Salesforce Dreamforce 2023: CEO Says Other AI Vendors Use ‘Your Data To Make Money’ ]

Salesforce Q3 Earnings Preview

This is the first Salesforce quarterly earnings report since the vendor’s September Dreamforce event in which Salesforce positioned itself as a competitive force in the growing GenAI market dominated at the moment by Microsoft and Google .

Here’s more of what to expect Wednesday on the Salesforce earnings call.

Salesforce GenAI Activity

Analysts on the Salesforce earnings call this week will no doubt have plenty of questions on the adoption of Salesforce’s GenAI offerings and how they compare to rivals such as Microsoft, Google and IBM.

A November report from investment bank KeyBanc said that Salesforce’s Data Cloud, AI and GenAI offerings have “not necessarily generated AI sales,” but they have “driven other products including Slack and MuleSoft.”

“Partners are still building out their Data Cloud AI capabilities, with demand pickup expected in 2H25,” according to the KeyBanc report. “Salesforce continues to push to move customer data into the data cloud to enable AI.”

Customer budgets for calendar year 2024 look “uncertain,” according to the KeyBanc report. But the firm expects “a weak 1H with a pickup in 2H driven by the convergence of a macro recovery and readiness of datacloud/AI.”

Morgan Stanley said in a November report that “partners view Data Cloud as a key component of Salesforce’s vision for bringing Generative AI capabilities to the product suite, so we are looking to an acceleration in uptake of Data Cloud for early signals of customer preparations for adopting Salesforce GenAI solutions down the line.”

In a separate November report, Morgan Stanley said that checks with Salesforce channel partners showed “signs of stability, while recent price increases are yielding expansions on both new and renewal contracts.”

The firm also believes that “despite recent hiring trends and incremental investments needed to bolster the company’s pipeline of Generative AI products,” Salesforce should meet its 30 percent operating margin target for fiscal year 2024 “given cost efficiencies of re-allocating expenses away from less valuable investments.”

An October report from KeyBanc noted that Salesforce is monetizing its AI offerings “through add-on modules like Sales and Service GPT included within Einstein 1 Sales and Service, and increasingly we expect through multi-cloud tiers providing packaged genAI solutions leveraging underlying cross-cloud customer data.”

AI pricing “needs to balance subscription that gives customers visibility with consumption pricing that protects variable costs,” according to the report.

In its report, Morgan Stanley said it does not expect “clarity around Data Cloud & Einstein 1 consumption pricing” on the call. It also expects fiscal year 2025 revenue estimates on the following earnings call due to uncertainty in the macroeconomy.

More Salesforce Channel Check Results

A November report from KeyBanc revealed that “softer” check from Salesforce solution provider partners, resulting in lowered estimates for revenue and current remaining performance obligation (cRPO). Feedback from channel partners “worsened from 2Q24 checks.”

“All we spoke to missed their F3Q24 quarterly services targets,” according to the KeyBanc report. “New deals scarce, transformation projects pushed out, cycles elongated. One said Dreamforce did not generate the hoped for demand uplift despite Einstein 1 and data integration announcements. One did note improvement in the cost & spend optimization trends.”

The partners told KeyBanc that services weakened quarter over quarter “across most verticals with new deals/new logos and large transformation projects remaining on hold.” And “most partners did indicate, however, that influenced license sales were more in line with expectations, with traction around Unlimited tiers and upsell driven by the recent price increase.”

As for Data Cloud and AI, “no traction yet, but discussions around it driving cross-sell,” according to the KeyBanc report.

Still, the firm expects “an overall in-line F3Q but see some risk around the F4Q guide and particularly cRPO as an indicator for FY25,” according to the report. KeyBanc expects fiscal year 2025 to 2026 revenue growth of about 11 percent, the same for fiscal year 2024 to 2025 cRPO growth.

The November report from Morgan Stanley, meanwhile, resulted in “stable checks,” with “partners citing price increases effectively being realized stand in contrast with investor concerns of a single-digit FQ4 cRPO guide.”

“Industries and MuleSoft performance sound strong in checks, while commentary around Service, Marketing, Commerce remains mixed,” according to the Morgan Stanley report. The firm saw “no signs of a materially worsening of demand in our checks.”

Partners told Morgan Stanley they continue to see the same “additional approval layers in the deal process, delayed buying patterns, and extended sales cycles” experienced over the past year. They called this a “new normal” and said “few other vendors seeing a return to sales cycles observed in 2021,” according to the report.

“On the positive side, we heard of limited incremental deterioration in Salesforce partner practices, with the majority of partners we spoke with this quarter performing inline-to-slightly above plan during Salesforce’s FQ3,” according to the report.

Salesforce Multi-Cloud Strategy

Salesforce executives will likely update analysts on the call on its ongoing strategy to get customers to adopt multiple cloud offerings from the vendor.

KeyBanc said in an October report that it is “positively impressed by Salesforce’s focus on driving increased multi-cloud sales,” although Salesforce reiterated “that most customers currently use just one or two of their clouds.” The report was based on a meeting with Bill Patterson, who was Salesforce executive vice president and general manager of CRM applications at the time and was promoted in November to EVP of corporate strategy.

“As an enabler for multi-cloud integration, management underscored improvements in the underlying cross-cloud data cloud/Einstein1 Platform infrastructure, whose progress from ‘Customer 360’ to CDP to Genie to Data Cloud we noted as a key theme this year at Dreamforce,” according to the report. “Beyond product integration, we expect the company to extend multi-cloud packaging initiatives like the recently announced Unlimited+ tier with additional multi-cloud tiered pricing, with both these product and GTM multi-cloud initiatives progressing over the next 12 months.”

Salesforce’s push toward multi-cloud adoption could help it out as customers look to consolidate to fewer vendors, according to the report. Salesforce even sees vendor consolidation “reaccelerating post a lull with macro.”

New Slack CEO

Salesforce co-founder and CEO Marc Benioff likes to hand the mic to promoted executives on company earnings calls, so recently appointed Slack CEO Denise Dresser (pictured) may have some time to talk about her vision for the communications platform.

Although Salesforce partners have given CRN a mixed take on Slack in past interviews – with some partners seeing sales to customers and others not – a more streamlined partner program could lead to more emphasis on partners in Slack’s go-to-market in 2024.

Dresser took over the role earlier this month, succeeding Lidiane Jones, who will become CEO of dating app Bumble, according to a LinkedIn post. Jones became Slack’s CEO in December 2022.

Dresser has been with Salesforce for more than 12 years, most recently holding the title of president of accelerated industries, according to her LinkedIn account.

Salesforce also notably hired Frank Defesche away from Veeva Systems this month as senior vice president and general manager of life sciences. A Morgan Stanley report called the hiring “an important development, especially considering the push back from some investors on Salesforce’s ability to take on Veeva and compete in Life Sciences.”

Defesche could also make an appearance on this week’s earnings call to talk about his vision for Salesforce in life sciences.

Salesforce Partnerships, Products

Salesforce executives this week could provide more details on the partnership and products strategy going into 2024.

During Amazon Web Services’ re:Invent conference in Las Vegas this week, the two vendors announced an expanded partnership with deeper product integrations across data and AI, plus select Salesforce products finally available on the AWS Marketplace, according to a joint statement.

Earlier this month, Salesforce and Accenture announced a partnership around life sciences, with new innovations, assets and accelerators powered by data and AI, according to a joint statement.

On the product front, Einstein Copilot and Copilot Builder are set to become generally available sometime between December and February, according to an online Salesforce product roadmap.

Active pilots include Einstein Search for Knowledge (ES4K), which aims to help resolve cases faster, and Einstein for Anypoint Code Builder, which promises developers a way to jumpstart integration projects with code generated from natural language prompts.

Dow Jones Futures Rise With Jobs Report Due After Ugly Market Reversal; J&J To Buy Shockwave

D ow Jones futures rose modestly early Friday, along with S&P 500 futures and Nasdaq futures. The March jobs report looms as a key stock market test. Johnson & Johnson will buy Shockwave Medical.

Please watch the video at Investors.com - Earnings Cheat Sheet: Preparing Your Portfolio

The stock market rally started off strong Thursday on higher-than-expected jobless claims. But key indexes gave up solid gains in the afternoon, reversing lower on Mideast tensions.

Google parent Alphabet reportedly is mulling a bid for marketing software maker HubSpot. HubSpot stock broke out of a base, while Google remains in a buy zone. Salesforce.com reversed lower from an early entry on the Google-HubSpot news.

Several stocks flashed buy signals Thursday, but fell back with the market.

Tesla rebounded, paring weekly losses from disastrous delivery figures. But Tesla stock is below key levels.

Nvidia fell below a key level but is still trading within a recent range. Rival Advanced Micro Devices suffered major losses. Nvidia stock is on IBD Leaderboard and the IBD 50.

J&J To Buy Shockwave

Early Friday, Dow Jones giant Johnson & Johnson said it would acquireShockwave Medical for $13.1 billion, or $335 a share. Both stocks rose slightly early Friday.

SWAV stock had surged 68% to 319.99 as of April 4 in 2024, with takeover speculation among the driving forces.

Jobs Report

The Labor Department will release the March jobs report at 8:30 a.m. ET. Economists expect nonfarm payrolls to rise by 200,000 after February's 275,000 gain. The jobless rate is seen holding at 3.9%. Average hourly earnings should rise by 0.3% vs. February, with the yearly gain cooling to 4.1% from 4.3%.

The employment data follows the rise in weekly jobless claims, but the overall economy trend has been strong in the U.S. along with improvement in China and Europe. Along with rising oil and commodity prices, that's raised concerns that inflation will not keep cooling.

Markets see a 69% chance of a Fed rate cut in June.

Dow Jones Futures Today

Dow Jones futures rose 0.25% vs. fair value. S&P 500 futures advanced 0.3% and Nasdaq 100 futures climbed 0.4%.

The 10-year Treasury yield rose slightly to 4.33%.

The jobs report will almost surely swing Dow Jones futures and Treasury yields.

Remember that overnight action in Dow futures and elsewhere doesn't necessarily translate into actual trading in the next regular stock market session.

Join IBD experts as they analyze leading stocks and the market on IBD Live

Stock Market Rally

The stock market rally gave up gains in the afternoon for a second straight session, with Wednesday's downside reversal much more emphatic.

Israeli Prime Minister Benjamin Netanyahu said Israel will be aggressive vs. Iran and its allies, declaring, "Those who harm us or plan to harm us, we will harm." That triggered a stock market reversal and another gain in crude oil futures. Netanyahu's statement came as President Joe Biden pushed hard for an Israeli cease-fire with Hamas.

The Dow Jones Industrial Average slumped 1.35% in Thursday's stock market trading, falling for a fourth straight session and undercutting the 50-day line for the first time since Nov. 2. Salesforce stock was the biggest Dow loser. The S&P 500 index declined 1.2%, closing below its 21-day line for the first time in three months.

The Nasdaq composite, up 1.2% intraday, closed down 1.4%, fractionally below the 10-week line for the first time since early November.

The small-cap Russell 2000 fell 1.1%, back below the 21-day line.

Strong mornings, weak closes aren't a great sign for the market. Still, the major indexes aren't far from highs. A slightly longer pause could be constructive.

A number of leading stocks teased buy signals once again but fell back. But one good market day could unleash a good crop of buying opportunities.

Friday's jobs report could provide that push — or send the major indexes and key stocks back below support levels

U.S. crude oil prices rose 1.4% to $86.59 a barrel, up 6.4% over the last five sessions to the highest price since late October.

The 10-year Treasury yield fell nearly 5 basis points to 4.31%, pulling back slightly for a second straight session after hitting a 2024 high of 4.43% Tuesday morning.

Among growth ETFs, the iShares Expanded Tech-Software Sector ETF fell 1.2%, reversing lower from the 50-day line. Salesforce is a major IGV component, with HubSpot a significant holding. The VanEck Vectors Semiconductor ETF slumped 2.7%, with Nvidia stock the dominant holding and AMD a key member.

Reflecting more-speculative story stocks, ARK Innovation ETF fell 1.4% and ARK Genomics ETF was down 1.6%. Tesla stock is a major holding across Ark Invest, with Cathie Wood bulking up on shares in recent weeks.

The SPDR S&P Metals & Mining ETF retreated 1.6%. The SPDR S&P Homebuilders ETF stepped down 1.4%. The Energy Select SPDR ETF dipped less than 0.1% and the Health Care Select Sector SPDR Fund fell 1.4%.

The Industrial Select Sector SPDR Fund slipped 0.9%. The Financial Select SPDR ETF declined 1.1%.

Time The Market With IBD's ETF Market Strategy

Google Stock

Google stock fell 2.8% to 150.53, largely on the market reversal. Shares dropped below a 152.15 handle buy point, cleared on Monday. The search giant is considering charging for premium AI search tools, according to the Financial Times. Meanwhile, Google is mulling a bid for HubSpot, according to Bloomberg.

HUBS stock jumped as high as 693.85 intraday, clearing a 660 flat-base buy point. The digital marketing software specialist closed up 4.9% to 657.68, just below that entry.

But buying a stock on takeover buzz carries a big risk if no deal happens.

Salesforce stock fell 3.3% to 294.76 following the Google-HubSpot report, undercutting the 50-day line and the low of its recent consolidation. Shares tried to rebounded but faded with the market. Shortly after the open, CRM stock hit 311.30, topping a short trendline. Salesforce is on track for a flat base after Friday's close.

Nvidia Stock

Nvidia stock fell 3.4% to 859.05, finishing below the 21-day moving average for the first time in three months. It was the lowest close since March 11. Still, the AI chip leader appears to be a few weeks into a possible base that started with an ugly March 8 downside reversal. That came a day after NVDA stock closed 41.9% above its 50-day line, the most extended it's been in 20 years. Nvidia closed Thursday just 8.3% above its 50-day line and 5% above its 10-week.

But while Nvidia and most AI chip stocks suffered modest losses, AMD had a nasty sell-off. Shares hit resistance at the 50-day line, then plunged 8.3% to 165.83. AMD stock has been lagging Nvidia, in particular since the March 8 reversal day.

Tesla Stock

Tesla stock rose 1.7% to 171.18, slashing intraday gains on the market reversal. Shares are down 2.7% for the week, but that's impressive given the EV giant's stunningly weak first-quarter deliveries report on Tuesday. Tesla is already cutting prices and offering new incentives in key markets to start Q2.

TSLA stock is still below its 10-week line, which has been a key resistance level in 2024.

Shares are down 31.1% in 2024, but Tesla stock hasn't gotten much cheaper on a forward price-to-earnings ratio.

What To Do Now

Once again, stocks showed strength in the morning then fizzled in the afternoon.

So far, the market rally is just pausing for a couple of weeks, showing normal action. A sideways market can be positive in the long run, but can be tricky at the time.

But investors who jumped on buying opportunities on Wednesday and Thursday morning likely are sitting on losses if they didn't cut those positions.

If the market reacts well to Friday's employment figures, then recent buys will look savvy and investors will get a number of fresh buying opportunities. A market sell-off on the jobs report could trigger sell signals, especially for newer positions.

So have your watchlists and your exit strategies ready.

Read The Big Picture every day to stay in sync with the market direction and leading stocks and sectors.

Please follow Ed Carson on Threads at @edcarson1971 and X/Twitter at @IBD_ECarson for stock market updates and more.

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Reporting by Anirban Sen and Milana Vinn in New York; Additional reporting by Jeffrey Dastin in San Francisco; Editing by Chizu Nomiyama, Nick Zieminski and Richard Chang

Our Standards: The Thomson Reuters Trust Principles. , opens new tab

Thomson Reuters

Anirban Sen is the Editor in Charge for U.S. M&A at Reuters in New York, where he leads the coverage of the biggest deals. After starting with Reuters in Bangalore in 2009, Anirban left in 2013 to work as a technology deals reporter in several leading business news outlets in India, including The Economic Times and Mint. Anirban rejoined Reuters in 2019 as Editor in Charge, Finance to lead a team of reporters, covering everything from investment banking to venture capital. Anirban holds a history degree from Jadavpur University and a post-graduate diploma in journalism from the Indian Institute of Journalism & New Media.

Milana Vinn reports on technology, media, and telecom (TMT) mergers and acquisitions. Her content usually appears in the markets and deals sections of the website. Milana previously worked at GLG and PE Hub, where she spent several years covering TMT deals in private equity. She graduated from CUNY Graduate School of Journalism with Masters in Business Journalism.

Warner Music Group will not submit an offer to acquire French digital music company Believe , the music label said in a statement on Saturday.

Theramex said on Friday it was considering concerns raised by Britain's competition watchdog's phase 1 probe over the company's purchase of European rights to two of U.S. drugmaker Viatris' women's healthcare products ranges.

Toronto market posts longest weekly winning streak in 5 years

Canada's resource-linked main stock index rose on Friday to a new record high as higher commodity prices boosted the outlook for corporate earnings and investors grew more confident the Bank of Canada would cut interest rates in the coming months.

Salesforce Announces Strong Fourth Quarter Fiscal 2024 Results

San Francisco, CA – February 28, 2024 – Salesforce (NYSE: CRM), the #1 AI CRM, today announced results for its fiscal fourth quarter and full fiscal year 2024 ended January 31, 2024.

• Fourth Quarter Revenue of $9.29 Billion, up 11% Year-Over-Year (“Y/Y”), up 10% in Constant Currency (“CC”)
• Current Remaining Performance Obligation of $27.6 Billion, up 12% Y/Y, up 13% CC
• FY24 Revenue of $34.9 Billion, up 11% Y/Y, up 11% CC
• FY24 GAAP Operating Margin of 14.4% and non-GAAP Operating Margin of 30.5%
• FY24 Operating Cash Flow of $10.2 Billion, up 44% Y/Y
• Initiates a Quarterly Dividend of $0.40 per Share of Outstanding Common Stock
• Announced Share Repurchase Program Authorization Increased by $10 Billion
• Returned $1.7 Billion in the Form of Share Repurchases to Stockholders in Q4 and $11.7 Billion Since Inception of our Share Repurchase Program 
• Initiates Full Year FY25 Revenue Guidance of $37.7 Billion to $38.0 Billion, up 8% – 9% Y/Y
• Initiates Full Year FY25 Subscription & Support Revenue Growth Guidance of Approximately 10% Y/Y, Slightly Above 10% Y/Y CC
• Initiates Full Year FY25 GAAP Operating Margin Guidance of 20.4% and non-GAAP Operating Margin Guidance of 32.5%
• Initiates Full Year FY25 Operating Cash Flow Growth Guidance of 21% to 24% Y/Y

“It’s been a phenomenal year of transformation for Salesforce with strong performance across all our key metrics, including record cash flow and margin growth. Our total remaining performance obligation ended the fourth quarter at $56.9 billion, an increase of 17% year-over-year. We’re also thrilled to initiate our first-ever Salesforce dividend and increase our share buyback plan by $10 billion,” said Marc Benioff, Chair & CEO, Salesforce. “With our trusted, unified Einstein 1 Platform, we’re incredibly well positioned to build on our success and capitalize on the massive surge in tech spending expected over the coming years, delivering an unprecedented level of intelligence to our customers as AI transforms every company and industry.” 

With our trusted, unified Einstein 1 Platform, we’re incredibly well positioned to build on our success and capitalize on the massive surge in tech spending expected over the coming years, delivering an unprecedented level of intelligence to our customers as AI transforms every company and industry. Marc Benioff, Chair & CEO, Salesforce

“We had a strong close to our fiscal year and demonstrated significant progress on the profitable growth strategy we announced last year, delivering full year GAAP operating margin of 14.4% and Non-GAAP operating margin of 30.5%,” said Amy Weaver, President and CFO of Salesforce. “We have had an extraordinary year of transformation and, looking ahead, we remain committed to driving shareholder value.”

Salesforce delivered the following results for its fiscal fourth quarter and full fiscal year:

Revenue : Total fourth quarter revenue was $9.29 billion, an increase of 11% Y/Y and 10% CC. Subscription and support revenues were $8.75 billion, an increase of 12% Y/Y. Professional services and other revenues were $0.54 billion, a decrease of (9)% Y/Y.

Fiscal 2024 revenue was $34.86 billion, an increase of 11% Y/Y and 11% CC. Subscription and support revenues were $32.54 billion, an increase of 12% Y/Y. Professional services and other revenues were $2.32 billion, flat Y/Y.

Operating Margin: Fourth quarter GAAP operating margin was 17.5%. Fourth quarter non-GAAP operating margin was 31.4%. Restructuring negatively impacted fourth quarter GAAP operating margin by (190) bps.

Fiscal 2024 GAAP operating margin was 14.4%. Fiscal 2024 non-GAAP operating margin was 30.5%. Restructuring negatively impacted fiscal 2024 GAAP operating margin by (280) bps.

Earnings per Share : Fourth quarter GAAP diluted EPS was $1.47 and non-GAAP diluted EPS was $2.29. Losses on the Company’s strategic investments negatively impacted GAAP diluted EPS by $(0.03) based on a U.S. tax rate of 24.5% and non-GAAP diluted EPS by $(0.03) based on a non-GAAP tax rate of 23.5%. Restructuring negatively impacted fourth quarter GAAP diluted EPS by $(0.18).

Fiscal 2024 GAAP diluted EPS was $4.20 and non-GAAP diluted EPS was $8.22. Losses on the Company’s strategic investments negatively impacted GAAP diluted EPS by $(0.21) based on a U.S. tax rate of 24.5% and non-GAAP diluted EPS by ($0.22) based on a non-GAAP tax rate of 23.5%. Restructuring negatively impacted fiscal 2024 GAAP diluted EPS by $(1.00).

Cash Flow : Cash generated from operations for the fourth quarter was $3.40 billion, an increase of 22% Y/Y. Free cash flow was $3.26 billion, an increase of 27% Y/Y. Restructuring negatively impacted fourth quarter operating cash flow growth by (200) bps.

Cash generated from operations for the fiscal 2024 was $10.23 billion, an increase of 44% Y/Y. Free cash flow was $9.50 billion, an increase of 50% Y/Y. Restructuring negatively impacted fiscal 2024 operating cash flow growth by (1,500) bps.

Remaining Performance Obligation : Remaining performance obligation ended the fourth quarter at $56.9 billion, an increase of 17% Y/Y. Current remaining performance obligation ended at $27.6 billion, an increase of 12% Y/Y, and 13% CC.

Salesforce Initiates Quarterly Dividend

Salesforce’s Board of Directors declared a cash dividend of $0.40 per share of our outstanding common stock, payable on April 11, 2024 to stockholders of record as of the close of business on March 14, 2024. We intend to pay a cash dividend on a quarterly basis going forward, subject to market conditions and approval by our Board of Directors.

Forward Looking Guidance

As of February 28, 2024, the Company is initiating its first quarter GAAP and non-GAAP diluted EPS guidance, current remaining performance obligation growth guidance, and revenue guidance. The Company is initiating its full year FY25 revenue guidance, GAAP and non-GAAP diluted EPS guidance, GAAP and non-GAAP operating margin guidance, subscription and support revenue growth 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.

Image Modal

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 Spring 2024 Product Release, visit: www.salesforce.com/products/spring-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. 

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About Salesforce

Salesforce, the global CRM leader, empowers companies of every size and industry to digitally transform and create a 360° view of their customers. For more information about Salesforce (NYSE: CRM), visit: www.salesforce.com .

Any unreleased services or features referenced in this or other press releases or public statements are not currently available and may not be delivered on time or at all. Customers who purchase Salesforce applications should make their purchase decisions based upon features that are currently available. Salesforce has headquarters in San Francisco, with offices in Europe and Asia, and trades on the New York Stock Exchange under the ticker symbol "CRM." For more information please visit https://www.salesforce.com , or call 1-800-NO-SOFTWARE.

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“It’s been a phenomenal year of transformation for Salesforce with strong performance across all our key metrics, including record cash flow and margin growth. Our total remaining performance obligation ended the fourth quarter at $56.9 billion, an increase of 17% year-over-year. We’re also thrilled to initiate our first-ever Salesforce dividend and increase our share buyback plan by $10 billion,” said Marc Benioff, Chair & CEO, Salesforce. “With our trusted, unified Einstein 1 Platform, we’re incredibly well positioned to build on our success and capitalize on the massive surge in tech spending expected over the coming years, delivering an unprecedented level of intelligence to our customers as AI transforms every company and industry.” 

Quarterly Conference Call 

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