Salesforce Announces Strong First Quarter Fiscal 2022 Results
Salesforce (CRM) reported a record first quarter for fiscal 2022, with revenues reaching $5.96 billion, a 23% year-over-year increase. The company raised its full-year revenue guidance by $250 million to approximately $26 billion and non-GAAP operating margin to 18%. GAAP diluted EPS was $0.50 and non-GAAP EPS was $1.21. Cash generated from operations surged 74% year-over-year, totaling $3.23 billion. Remaining performance obligations increased 19% to approximately $35 billion.
- Revenue increased by 23% year-over-year to $5.96 billion.
- Full-year revenue guidance raised by $250 million to approximately $26 billion.
- Non-GAAP operating margin improved to 18%.
- GAAP diluted EPS of $0.50 and non-GAAP EPS of $1.21.
- Cash from operations rose 74% year-over-year to $3.23 billion.
- Remaining performance obligation increased by 19% to approximately $35 billion.
- GAAP operating margin was only 5.9%, indicating potential profitability concerns.
Salesforce (NYSE: CRM), the global leader in CRM, today announced results for its first quarter of fiscal 2022 ended April 30, 2021.
“We had the best first quarter in our company’s history,” said Marc Benioff, Chair & CEO, Salesforce. “We believe our Customer 360 platform is proving to be the most relevant technology for companies accelerating out of the pandemic. With incredible momentum throughout our core business, we’re raising our revenue guidance for this fiscal year by
“Our performance in the first quarter was strong across all financial metrics,” said Amy Weaver, President and Chief Financial Officer, Salesforce. “We saw record levels of new business and strength across all products, regions, and customer sizes. Our impressive start to this year helps fuel our momentum for the rest of the year as we keep pace toward our goal of
Salesforce delivered the following results for its fiscal first quarter:
Revenue: Total first quarter revenue was
Operating Margin: First quarter GAAP operating margin was
Earnings per Share: First quarter GAAP diluted earnings per share was
Cash: Cash generated from operations for the first quarter was
Remaining Performance Obligation: Remaining performance obligation ended the first quarter at approximately
As of May 27, 2021, the company is initiating its revenue guidance, GAAP earnings per share guidance, non-GAAP earnings per share guidance, and current remaining performance obligation growth guidance for its second quarter of fiscal year 2022. As of May 27, 2021, the company is raising its revenue guidance previously provided on December 1, 2020 and updated on February 25, 2021 for its full fiscal year 2022. As of May 27, 2021 the company is raising its operating cash flow guidance, GAAP earnings per share guidance, non-GAAP earnings per share guidance, GAAP operating margin guidance and non-GAAP operating margin guidance previously provided on February 25, 2021 for its full fiscal year 2022.
Management will provide further commentary around these guidance assumptions on its earnings call, which is expected to occur on May 27, 2021 at 2:00 PM Pacific Time.
Our guidance assumes no change to the value of the company's strategic investment portfolio as it is not possible to forecast future gains and losses. In addition, the guidance below is based on estimated GAAP tax rates that reflect the company’s currently available information, and excludes forecasted discrete tax items such as excess tax benefits from stock-based compensation. The GAAP tax rates may fluctuate due to future acquisitions or other transactions.
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