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ExactTarget Acquisition Conference Call

June 4, 2013 8:30 am ET


John Cummings – Director of Investor Relations

Marc Benioff – Chairman and Chief Executive Officer

Graham Smith – Executive Vice President and Chief Financial Officer

Scott D. Dorsey – Co-Founder, Chairman and Chief Executive Officer


Phil Winslow – Credit Suisse

Rick Sherlund – Nomura Securities

Heather Bellini – Goldman Sachs

John DiFucci – JPMorgan

S. Kirk Materne – Evercore Partners

Brendan Barnicle – Pacific Crest Securities

Jason Maynard –Wells Fargo Securities

Tom Roderick – Stifel, Nicolaus & Co., Inc.

Kash Rangan – Bank of America Merrill Lynch



Good morning. My name is Tamara and I will be your conference operator today. At this time, I would like to welcome everyone to the ExactTarget Acquisition 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 conference call over to Mr. John Cummings, Senior Director of Investor Relations. Please go ahead, Sir.

John Cummings

Thanks Tamara and good morning everyone. Earlier this morning, announced its intended acquisition of ExactTarget. The details of this transaction can be found in the press release issued at approximately 7.30 AM Eastern Time this morning. Joining me today to discuss the transaction are Marc Benioff, Chairman and CEO, Graham Smith, Chief Financial Officer and Scott Dorsey, ExactTarget’s CEO, Chairman and Co-Founder.

The purpose of today’s call is to discuss the acquisition of ExactTarget. Marc and Graham will review the proposed acquisition and the terms of the transaction including the estimated impact on our fiscal second quarter and full-year fiscal 2014 guidance which we gave on our most recent results call in May.

After Marc and Graham’s comments, we’ll turn the call over to your questions. You should be aware that our discussion and responses to your questions may contain forward-looking statements related to the acquisition of ExactTarget and estimated results of the company which are subject to risks, uncertainties and assumptions.

All statements other than historical facts included in our discussion including but not limited to statements regarding the timing and closing of the transaction, the expected benefits of the transaction, expected performance and future business plans and any assumptions underlying any of the foregoing, are forward-looking statements. Should any of these risks or uncertainties materialize or should our assumptions prove to be incorrect, actual company results and actual effects of the transaction on could differ materially from these forward-looking statements.

The discussion of risks, uncertainties and assumptions related to the acquisition and the estimated impact of the company as well as the other information on potential risk factors that could affect our financial results are included in the periodic reports filed by and ExactTarget filed with the SEC including ours and ExactTarget’s most recent reports on Form 10-Q and Form 10-K respectively particularly under the headings Risk Factors and the Tender Offer statement on schedule TO and other offer documents to be filed by and a Solicitation Recommendation Statement on Schedule 14d-9 to be filed by ExactTarget.

Please be aware that any unreleased services or features referenced in today’s discussion for other public statements are not yet available and may not be delivered on time or at all, customers who purchased our services should make these decisions based on features that are currently available.

Finally the intended acquisition of ExactTarget includes a Tender Offer made by and a subsidiary. Tender Offer has not yet commenced, the discussion regarding the acquisition is for informational purposes only and it’s neither an offer to purchase, nor solicitation of an offer to sell any securities.

At the time, the Tender Offer is commenced, will file with the Securities and Exchange commission a Tender Offer statement on schedule TO and ExactTarget will file a Solicitation Recommendation Statement on Schedule 14d-9 with respect to the Tender Offer.

ExactTarget’s stockholders and other investors are strongly advised to read the Tender Offer materials including the offer to purchase and related letter of transmittal and certain other Tender Offer documents that have yet to be filed and the Solicitation Recommendation Statement when they become available as they will contain important information which should be read carefully for any decision is made with respect to the Tender Offer.

The Tender Offer statement and the Solicitation Recommendation Statement will be available for free at the SEC’s website at Free copies of these materials and other Tender Offer documents will also be made available by the information agent for this Tender Offer. So with all that, let me turn things over to Marc.

Marc Benioff

Well thanks so much John and you know this is really a historic day for Cloud Computing and we are just absolutely thrilled to have this call with you, it’s something that we’ve been planning for sometime and I have never been more excited about anything that I’ve ever done at and let me tell you why that is. wants to be the number one CRM company in the world. That’s what we’ve absolutely wanted from the very beginning and just a few weeks ago, Gartner said that we are and that was a huge milestone for us, but when we look out at the CRM marketplace, we recognize that for us to continue to be number one in CRM. We’ve of course have to be number one in sales, which we are. We have to number in service, which we are. But we also need to work even harder to become number one at marketing.

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