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.

“ continues to be the fastest growing software company of its size,” said Marc Benioff, Chairman and CEO,  “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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