2023 Q4 Form 10-Q Financial Statement

#000110852423000048 Filed on November 30, 2023

View on sec.gov

Income Statement

Concept 2023 Q4
Revenue $8.720B
YoY Change 11.27%
Cost Of Revenue $2.155B
YoY Change 3.21%
Gross Profit $6.565B
YoY Change 14.19%
Gross Profit Margin 75.29%
Selling, General & Admin $3.805B
YoY Change -5.09%
% of Gross Profit 57.96%
Research & Development $1.204B
YoY Change -5.94%
% of Gross Profit 18.34%
Depreciation & Amortization $862.0M
YoY Change -8.4%
% of Gross Profit 13.13%
Operating Expenses $5.064B
YoY Change -4.25%
Operating Profit $1.501B
YoY Change 226.3%
Interest Expense -$44.00M
YoY Change -375.0%
% of Operating Profit -2.93%
Other Income/Expense, Net $58.00M
YoY Change -13.43%
Pretax Income $1.487B
YoY Change 213.05%
Income Tax $263.0M
% Of Pretax Income 17.69%
Net Earnings $1.224B
YoY Change 482.86%
Net Earnings / Revenue 14.04%
Basic Earnings Per Share $1.26
Diluted Earnings Per Share $1.25
COMMON SHARES
Basic Shares Outstanding 972.0M shares
Diluted Shares Outstanding 981.0M shares

Balance Sheet

Concept 2023 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $11.86B
YoY Change -0.46%
Cash & Equivalents $6.453B
Short-Term Investments $5.410B
Other Short-Term Assets $1.732B
YoY Change 18.06%
Inventory
Prepaid Expenses
Receivables $4.850B
Other Receivables $0.00
Total Short-Term Assets $20.20B
YoY Change 5.17%
LONG-TERM ASSETS
Property, Plant & Equipment $6.325B
YoY Change -1.45%
Goodwill $48.61B
YoY Change 0.12%
Intangibles $5.737B
YoY Change -24.49%
Long-Term Investments $4.774B
YoY Change -6.83%
Other Assets $3.176B
YoY Change 18.55%
Total Long-Term Assets $70.82B
YoY Change -2.55%
TOTAL ASSETS
Total Short-Term Assets $20.20B
Total Long-Term Assets $70.82B
Total Assets $91.02B
YoY Change -0.94%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $5.308B
YoY Change 0.44%
Accrued Expenses $523.0M
YoY Change -7.76%
Deferred Revenue $12.56B
YoY Change 12.25%
Short-Term Debt $0.00
YoY Change
Long-Term Debt Due $999.0M
YoY Change -15.48%
Total Short-Term Liabilities $19.39B
YoY Change 6.4%
LONG-TERM LIABILITIES
Long-Term Debt $8.426B
YoY Change -10.53%
Other Long-Term Liabilities $2.348B
YoY Change 14.15%
Total Long-Term Liabilities $10.77B
YoY Change -6.11%
TOTAL LIABILITIES
Total Short-Term Liabilities $19.39B
Total Long-Term Liabilities $10.77B
Total Liabilities $32.93B
YoY Change 1.23%
SHAREHOLDERS EQUITY
Retained Earnings $10.28B
YoY Change 33.74%
Common Stock $58.15B
YoY Change 7.9%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $58.09B
YoY Change
Total Liabilities & Shareholders Equity $91.02B
YoY Change -0.94%

Cashflow Statement

Concept 2023 Q4
OPERATING ACTIVITIES
Net Income $1.224B
YoY Change 482.86%
Depreciation, Depletion And Amortization $862.0M
YoY Change -8.4%
Cash From Operating Activities $1.532B
YoY Change 389.46%
INVESTING ACTIVITIES
Capital Expenditures $166.0M
YoY Change -16.16%
Acquisitions $82.00M
YoY Change
Other Investing Activities $112.0M
YoY Change -84.68%
Cash From Investing Activities -$54.00M
YoY Change -110.13%
FINANCING ACTIVITIES
Cash Dividend Paid $0.00
YoY Change
Common Stock Issuance & Retirement, Net $1.925B
YoY Change 14.79%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$1.765B
YoY Change 5.18%
NET CHANGE
Cash From Operating Activities $1.532B
Cash From Investing Activities -$54.00M
Cash From Financing Activities -$1.765B
Net Change In Cash -$319.0M
YoY Change -62.69%
FREE CASH FLOW
Cash From Operating Activities $1.532B
Capital Expenditures $166.0M
Free Cash Flow $1.366B
YoY Change 1087.83%

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<div style="margin-top:9pt;text-indent:24.75pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Fiscal Year</span></div><div style="margin-top:5pt;text-indent:24.75pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company’s fiscal year ends on January 31. References to fiscal 2024, for example, refer to the fiscal year ending January 31, 2024.</span></div>
us-gaap Use Of Estimates
UseOfEstimates
<div style="margin-top:9pt;text-indent:24.75pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Use of Estimates</span></div><div style="margin-top:5pt;text-indent:24.75pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions in the Company’s condensed consolidated financial statements and notes thereto.</span></div><div style="margin-top:5pt;text-indent:24.75pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Significant estimates and assumptions made by management include the determination of:</span></div><div style="margin-top:3.25pt;padding-left:40.5pt;text-indent:-13.5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:10pt">the fair value of assets acquired and liabilities assumed for business combinations;</span></div><div style="margin-top:3.25pt;padding-left:40.5pt;text-indent:-13.5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:10pt">the standalone selling price (“SSP”) of performance obligations for revenue contracts with multiple performance obligations;</span></div><div style="margin-top:3.25pt;padding-left:40.5pt;text-indent:-13.5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:10pt">the valuation of privately-held strategic investments;</span></div><div style="margin-top:3.25pt;padding-left:40.5pt;text-indent:-13.5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:10pt">the recognition, measurement and valuation of current and deferred income taxes and uncertain tax positions;</span></div><div style="margin-top:3.25pt;padding-left:40.5pt;text-indent:-13.5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:10pt">the average period of benefit associated with costs capitalized to obtain revenue contracts; </span></div><div style="margin-top:3.25pt;padding-left:40.5pt;text-indent:-13.5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:10pt">the useful lives of intangible assets; and</span></div><div style="margin-top:3.25pt;padding-left:40.5pt;text-indent:-13.5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:10pt">the fair value of certain stock awards issued.</span></div>Actual results could differ materially from these estimates. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable, which forms the basis for making judgments about the carrying values of assets and liabilities as well as income and expenses to be recognized.
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1 segment
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1 segment
us-gaap Concentration Risk Credit Risk
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<div style="margin-top:5pt;text-indent:24.75pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Concentrations of Credit Risk, Significant Customers and Investments</span></div>The Company’s financial instruments that are exposed to concentrations of credit risk consist primarily of cash and cash equivalents, marketable securities and accounts receivable. The Company monitors and manages the overall exposure of its cash balances to individual financial institutions on an ongoing basis. The Company’s marketable securities portfolio consists primarily of investment-grade securities, and the Company’s policies limit the amount of credit exposure to any one issuer. The Company does not require collateral for accounts receivable. The Company maintains an allowance for its doubtful accounts receivable for estimated credit losses. This allowance is based upon historical loss patterns, the number of days that billings are past due, an evaluation of the potential risk of loss associated with delinquent accounts and current market conditions and reasonable and supportable forecasts of future economic conditions to inform adjustments to historical loss patterns. The Company records the allowance against bad debt expense through the condensed consolidated statements of operations, included in general and administrative expense, up to the amount of revenues recognized to date. Any incremental allowance is recorded as an offset to unearned revenue on the condensed consolidated balance sheets. Receivables are written off and charged against the recorded allowance when the Company has exhausted collection efforts without success.
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us-gaap Capitalized Contract Cost Impairment Loss
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crm Sharebased Compensation Arrangementby Sharebased Payment Award Award Offering Period
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crm Contract With Customer Liability Billings And Other
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us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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us-gaap Amortization Of Above And Below Market Leases
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CY2023Q4 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
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us-gaap Net Income Loss
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1618000000 usd
CY2023Q4 crm Sharebased Compensation Arrangementby Sharebased Payment Award Amortization Year Four
SharebasedCompensationArrangementbySharebasedPaymentAwardAmortizationYearFour
796000000 usd
CY2023Q4 crm Share Based Compensation Arrangement By Share Based Payment Award Amortization Thereafter
ShareBasedCompensationArrangementByShareBasedPaymentAwardAmortizationThereafter
151000000 usd
CY2023Q4 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
5496000000 usd
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
615000000 usd
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
3300000000 usd
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.19
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
321000000 usd
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
627000000 usd
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.51
CY2023Q4 us-gaap Net Income Loss
NetIncomeLoss
1224000000 usd
CY2022Q4 us-gaap Net Income Loss
NetIncomeLoss
210000000 usd
us-gaap Net Income Loss
NetIncomeLoss
2690000000 usd
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
995000000 shares
CY2023Q4 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
9000000 shares
CY2022Q4 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
3000000 shares
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
9000000 shares
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
6000000 shares
CY2023Q4 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
981000000 shares
CY2022Q4 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
1000000000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
985000000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
1001000000 shares
CY2023Q4 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2023Q4 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false
CY2023Q4 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false

Files In Submission

Name View Source Status
crm-20231031_lab.xml Edgar Link unprocessable
0001108524-23-000048-index-headers.html Edgar Link pending
0001108524-23-000048-index.html Edgar Link pending
0001108524-23-000048.txt Edgar Link pending
0001108524-23-000048-xbrl.zip Edgar Link pending
crm-20231031.htm Edgar Link pending
crm-20231031.xsd Edgar Link pending
ex311-ceocertq3fy24.htm Edgar Link pending
ex312-cfocertq3fy24.htm Edgar Link pending
ex321-soxcertsq3fy24.htm Edgar Link pending
Financial_Report.xlsx Edgar Link pending
MetaLinks.json Edgar Link pending
R1.htm Edgar Link pending
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crm-20231031_pre.xml Edgar Link unprocessable
crm-20231031_cal.xml Edgar Link unprocessable
crm-20231031_def.xml Edgar Link unprocessable
FilingSummary.xml Edgar Link unprocessable
crm-20231031_htm.xml Edgar Link completed
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report.css Edgar Link pending
Show.js Edgar Link pending