- Fourth Quarter Revenue of $5.82 Billion, up 20% Year-Over-Year, 19% in Constant Currency
- FY21 Revenue of $21.25 Billion, up 24% Year-Over-Year, 24% in Constant Currency
- Current Remaining Performance Obligation of Approximately $18.0 Billion, up 20% Year-Over-Year, 18% in Constant Currency
- FY21 GAAP Operating Margin of 2.1% and Non-GAAP Operating Margin of 17.7%
- Raises First Quarter FY22 Revenue Guidance to Approximately $5.875 Billion to $5.885 Billion, up Approximately 21% Year-Over-Year
- Initiates FY22 GAAP Operating Margin Guidance of Approximately 0.2% and FY22 Non-GAAP Operating Margin Guidance of Approximately 17.7%
SAN FRANCISCO, Calif. – February 25, 2021 – Salesforce (NYSE: CRM), the global leader in CRM, today announced results for its fiscal fourth quarter and full year fiscal 2021 ended January 31, 2021.
“We never could have predicted a year ago what was in store, which makes me incredibly proud of how well we pivoted our company to adapt to this pandemic world,” said Marc Benioff, Chair & CEO of Salesforce. “We had a record quarter and year by innovating more and faster than ever, enabling our customers to be successful from anywhere, and becoming more relevant and strategic than ever. And we continued to serve all of our stakeholders in a time when they needed it most.”
Salesforce delivered the following results for its fiscal fourth quarter and full fiscal year:
Revenue: Total fourth quarter revenue was $5.82 billion, an increase of 20% year-over-year, and 19% in constant currency. Subscription and support revenues for the quarter were $5.48 billion, an increase of 20% year-over-year. Professional services and other revenues for the quarter were $0.34 billion, an increase of 18% year-over-year.
Total fiscal 2021 revenue was $21.25 billion, up 24% year-over-year, and 24% in constant currency. Subscription and support revenues for the year were $19.98 billion, up 25% year-over-year. Professional services and other revenues for the year were $1.28 billion, up 21% year-over-year.
Operating Margin: Fourth quarter GAAP operating margin was 3.3%. Fourth quarter non-GAAP operating margin was 17.5%. Fiscal 2021 GAAP operating margin was 2.1%. Fiscal 2021 non-GAAP operating margin was 17.7%.
Earnings per Share: Fourth quarter GAAP diluted earnings per share was $0.28, and non-GAAP diluted earnings per share was $1.04. Mark-to-market accounting of the company’s strategic investments, required by ASU 2016-01, benefited GAAP diluted earnings per share by $0.21 based on a U.S. tax rate of 25% and non-GAAP diluted earnings per share by $0.22 based on a non-GAAP tax rate of 22%.
Fiscal 2021 GAAP diluted earnings per share was $4.38, and non-GAAP diluted earnings per share was $4.92. Mark-to-market accounting of the company’s strategic investments, required by ASU 2016-01, benefited GAAP diluted earnings per share by $1.75 based on a U.S. tax rate of 25% and non-GAAP diluted earnings per share by $1.82 based on a non-GAAP tax rate of 22%.
Cash: Cash generated from operations for the fourth quarter was $2.17 billion, an increase of 33% year-over-year. Total cash, cash equivalents and marketable securities ended the fourth quarter at $11.97 billion. Cash generated from operations for fiscal 2021 was $4.8 billion, an increase of 11% year-over-year.
Remaining Performance Obligation: Remaining performance obligation ended the fourth quarter at approximately $36.1 billion, an increase of 17% year-over-year. Current remaining performance obligation ended the fourth quarter at approximately $18.0 billion, an increase of 20% year-over-year, 18% in constant currency.
As of February 25, 2021, the company is initiating its GAAP earnings per share guidance, non-GAAP earnings per share guidance, and current remaining performance obligation growth guidance for its first quarter of fiscal year 2022. As of February 25, 2021, the company is raising its revenue guidance previously provided on December 1, 2020 for its first quarter of fiscal year 2022 and full fiscal year 2022. As of February 25, 2021 the company is initiating 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 for its full fiscal year 2022.
