March 1, 2023 – Salesforce (NYSE: CRM), the global leader in CRM, today announced results for its fourth quarter and full fiscal year ended January 31, 2023.
Salesforce (NYSE: CRM) reported fiscal Q4 diluted earnings of $1.68,Analysts polled by Capital IQ expected $1.36.
Revenue for the quarter was $8.38 billion, Analysts surveyed by Capital IQ expected $7.99 billion.
The company said it expects Q1 adjusted earnings of $1.60 to $1.61 on revenue of $8.16 billion to $8.18 billion. Analysts polled by Capital IQ are looking for adjusted earnings of $1.32 on revenue of $8.03 billion.
The company said it expects full fiscal 2024 adjusted earnings of $7.12 to $7.14 on revenue of $34.5 billion to $34.7 billion. Analysts surveyed by Capital IQ are expecting adjusted earnings of $5.87 on revenue of $34.13 billion.
Fourth Quarter Revenue of $8.38 Billion, up 14% Year-Over-Year.
Revenue: Total fourth quarter revenue was $8.38 billion, an increase of 14% Y/Y, and 17% CC. Subscription and support revenues were $7.79 billion, an increase of 14% Y/Y. Professional services and other revenues were $0.60 billion, an increase of 19% Y/Y.
Total fiscal 2023 revenue was $31.35 billion, an increase of 18% Y/Y, and 22% CC. Subscription and support revenues were $29.02 billion, an increase of 18% Y/Y. Professional services and other revenues were $2.33 billion, an increase of 27% Y/Y.
FY23 Revenue of $31.4 Billion, up 18% Y/Y,
FY23 GAAP Operating Margin of 3.3% and Non-GAAP Operating Margin of 22.5%.
FY23 Operating Cash Flow of $7.1B, up 19% Y/Y.
Current Remaining Performance Obligation of $24.6 Billion, up 12% Y/Y,
Returned $2.3 Billion in Fourth Quarter and $4.0 Billion in FY23 to Shareholders in the Form of Share Repurchases.
Full Year FY24 Revenue Guidance of $34.5 Billion to $34.7 Billion, up ~10% Y/Y.
Full Year FY24 GAAP Operating Margin Guidance of ~10.8% and Non-GAAP Operating Margin Guidance of ~27.0%.
Full Year FY24 Operating Cash Flow Guidance of ~15 – 16% growth Y/Y.
Announces Share Repurchase Program increased to $20 billion.
Cash generated from operations for the fourth quarter was $2.79 billion, an increase of 41% Y/Y. Free cash flow was $2.57 billion, an increase of 42% Y/Y.
Cash generated from operations for fiscal 2023 was $7.1 billion, an increase of 19% Y/Y. Free cash flow was $6.3 billion, an increase of 19% Y/Y.
Remaining Performance Obligation: Remaining performance obligation ended the fourth quarter at $48.6 billion, an increase of 11% Y/Y. Current remaining performance obligation ended at $24.6 billion, an increase of 12% Y/Y, 13% CC.
Guidance
Salesforce, Inc. Consolidated Statements of Operations
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.