Salesforce Q1 Fiscal 2013 Financial Results: Quarterly Revenue Was $695 Million, Up 38 Percent Year-Over-Year

Posted on May 18 2012 - 4:54am by Editorial Staff

The enterprise cloud company, Salesforce has announced results for its fiscal quarter ended April 30, 2012. Quarterly Revenue of $695 Million, up 38% Year-Over-Year while the quarterly operating cash Flow of $213 Million, up 53% Year-Over-Year, deferred Revenue of $1.33 Billion, up 46% Year-Over-Year, unbilled Deferred Revenue Increases to $2.7 Billion and the company raises FY13 Revenue Guidance to $2.97 – $3.00 Billion.

“Salesforce.com continues to be the fastest growing software company of its size,” said Marc Benioff, Chairman and CEO, salesforce.com.  “Last year we became the first enterprise cloud computing company to achieve $2 billion in revenue, and we’re now poised to deliver the first ever $3 billion year in fiscal 2013.”

Salesforce delivered the following results for its fiscal first quarter:

Revenue:  Total Q1 revenue was $695 million, an increase of 38% on a year-over-year basis. Subscription and support revenues were $655 million, an increase of 38% on a year-over-year basis. Professional services and other revenues were $40 million, an increase of 30% on a year-over-year basis.

Earnings per Share:  Q1 GAAP net loss per share was ($0.14), and non-GAAP diluted earnings per share was $0.37.  The company’s non-GAAP results exclude the effects of $81 million in stockbased compensation expense, $21 million in amortization of purchased intangibles, and $5 million in net non-cash interest expense related to the company’s convertible senior notes.  Non-GAAP EPS calculations are based on approximately 146 million diluted shares outstanding during the quarter, including approximately 4 million shares associated with the company’s convertible senior notes.  GAAP EPS calculations are based on a basic share count of approximately 138 million shares.

Cash:  Cash generated from operations for the fiscal first quarter was $213 million, an increase of 53% on a year-over-year basis.  Total cash, cash equivalents and marketable securities finished the quarter at $1.7 billion.

Deferred Revenue:  Deferred revenue on the balance sheet as of April 30, 2012 was $1.33 billion, an increase of 46% on a year-over-year basis. Current deferred revenue increased by 41% year-over-year to $1.26 billion, benefited in part by longer invoice durations.  Long term deferred revenue increased by 264% year-over-year to $77 million. Unbilled deferred revenue, representing business that is contracted but unbilled and off balance sheet, ended the first quarter at approximately $2.7 billion, up from approximately $2.2 billion at the end of fiscal 2012.

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