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F1Q14 Earnings Conference Call

May 23, 2013 5:00 pm ET


John Cummings – Director of Investor Relations

Marc Benioff – Chairman and Chief Executive Officer

Graham Smith – Executive Vice President and Chief Financial Officer


Brent Thill – UBS

Heather Bellini – Goldman Sachs

Mark Murphy – Piper Jaffray

Brendan Barnicle – Pacific Crest Securities

Nandan Amladi – Deutsche Bank

Keith Weiss – Morgan Stanley

Samad Samana – FBR

Phil Winslow – Credit Suisse

Jason Maynard – Wells Fargo

Walter Pritchard – Citi

Raimo Lenschow – Barclays Capital



Good afternoon. My name is Shinal, and I will be your conference operator today. At this time, I would like to welcome everyone to the’s Fiscal First Quarter Results Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers’ remarks, there will be a question-and-answer session. (Operator Instructions)

I will now turn the call over to John Cummings, Director of Investor Relations.

John Cummings

Thank you, Shinal, and good afternoon everyone and thank you for joining us today to discuss our fiscal first quarter 2014 results. Access to the first quarter results press release, our SEC filings and a webcast replay of today’s call can be found on our Investor Relations website at And as a reminder, we’ll also be posting the highlights of our call on Twitter at the handle @Salesforce_IR.

With me today to discuss our Q1 results are Marc Benioff, Chief Executive Officer; and Graham Smith, Chief Financial Officer. Marc and Graham will open with a few prepared remarks and then we’ll turn the call to over to answer questions. Please note that our commentary today will be primarily in non-GAAP terms. Reconciliations between GAAP and non-GAAP metrics for both reported results and our forward guidance can be found in our earnings press release issued an hour ago.

In addition, we may offer incremental metrics to provide greater insight into our business or our quarterly results. Please be advised that the additional detail may be one-time in nature and may or may not be provided in the future. It’s also possible we may reference certain unreleased services or features not yet available, because we cannot guarantee the future timing or availability of these services or features. We recommend customers listening today make their purchase decisions based on services and features that are currently available.

The primary purpose of today’s call is to provide you with information regarding our fiscal first quarter 2014 performance. Some of our discussion and responses to your questions may contain forward-looking statements, which are subject to risks, uncertainties and assumptions. Should any of these risks or uncertainties materialize or should our assumptions prove to be incorrect, actual Company results could differ materially from these forward-looking statements. All these risks, uncertainties, and assumptions, as well as other information on potential risk factors that could affect our financial results are included in our forms filed with the SEC, including our most recent report on Form 10-K, particularly under the heading, ‘Risk Factors.’

So with that, let me turn the call over to Marc.

Marc Benioff

Thanks, John. And I’m thrilled to kick-off our fiscal 2014 to be another great quarter at

Revenue for the first quarter rose 28% from year ago to more than $890 million. At constant currency, revenue grew faster at 30%. Operating cash flow exceeded $280 million for the quarter also an increase of more than 30% year-over-year and deferred revenue grew to more than $1.7 billion also up 30%. Based on these great results, we’re raising our full fiscal 2014 revenue guidance which we project at $3.835 billion to $3.875 billion and will roll on our way to first $1 billion quarter.

In addition, I’m thrilled that after a decade of growth and market share gains, Gartner announced this quarter that Salesforce is now the largest CRM platform in the world. We’ve displaced SAP to become the number one CRM market share leader regardless of On Premise or Cloud, Salesforce is number one. I’d like to congratulate all of our employees, our customers; our shareholders on this important achievement of become the number one CRM company.

Salesforce has always been a catalyst and evangelist for innovation and enterprise software. We pioneered the shift to cloud, to social, to mobile and today with this next generation of technology, our customers are connecting with their customers in entirely new ways. They are becoming customer companies and they’re transforming for managing systems record to systems of engagement and we’re leading the way. With our full product lines, the Sales Cloud, the Service Cloud, the Marketing Cloud and the Salesforce Platform, customers have the tools to become customer companies and unlock greater levels of growth, innovation and success. That’s why our customers have made us the clear leader in each of our four core markets.

First, our flagship Sales Cloud is the number one app for sales teams helping customers to drive phenomenal sales productivity and top line growth. It’s the only sales platform with built-in tools motivating line teams through and continuously refresh company and contact information through and with the latest release of Salesforce Chatter customers can access sales clouds records and files right from their mobile devices.

The new Chatter mobile app is available now from the Apple app store and from Google Play and I recommend that you download and see this incredible new vision of how CRM works in the mobile environment. The Service Cloud is the world’s number one app for customer service and support and it’s the only service platform that ties customer service with sales and social.

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