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Thursday, November 18, 2010

SalesForce.com (CRM) Beats on Revenues & Earnings (Financial Performance Charts & Review) *Raises FY 2011 guidance*

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SalesForce.com (CRM) reported earnings on Thursday, November 18


SalesForce.com (CRM) Beats on Revenues & Earnings

Financial performance charts of SalesForce.com (CRM) have been updated on the SalesForce.com Financial Performance page for the latest QE October 2010. The charts are:

SalesForce.com Performance by the Quarters
Earnings per Share and Cash Flow per Share
Total Revenues, Operating Income, Net Income
Gross, Operating, and Net Margins
Return on Assets
Total Revenues and Earnings per Share Growth Rates

Income Statement Fiscal Q3 SalesForce.com (CRM) reported total revenues of $429.1M, net income of $22.4M, and earnings per share of $0.15. From the prior fiscal quarter Q2 2010, total revenues were up +8.8%, net income up +34.9%, and earnings per share up +36.4%. From the prior fiscal Q3 2009, these were up +29.8%, +4.3%, and -6.3%, respectively. For fiscal Q3, gross, operating, and net margins were 80.86%, 8.19%, and 5.21%, respectively. For the prior fiscal Q2, these were 80.27%, 7.53%, and 4.20%, respectively. Cash flow from operations was $0.54 per share. Analyst's estimates for fiscal Q3 were about $410M revenues and $0.11 earnings per share.

Balance Sheet Fiscal Q3 SalesForce.com's (CRM) total assets increased +1.6% to a record $2.74B from the prior quarter of $2.698B. The capital to assets ratio (total stockholders' equity divided by total assets) is 44%, slightly down from the previous quarter of 46.5% but continues strong. The current ratio (current assets divided by total assets) is a very liquid 43.5% and does not include $1.03B in noncurrent marketable securities. SalesForce.com (CRM) is very liquid with strong capital. The return on assets peaked in QE October 2009 at 5.13% and has declined each quarter since to 3.38% in QE October 2010. The $1.8B in cash, cash equivalents, and marketable securities (current and noncurrent), which are 65.8% of the total assets of $2.74B, is pulling down the ROA.

Disclosure We are long CRM.


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