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Salesforce.com Announces Fiscal Fourth Quarter and Full Year Results

SAN FRANCISCO Feb. 24, 2011 January 31, 2011

(Logo:  http://photos.prnewswire.com/prnh/20050216/SFW105LOGO)

salesforce.com $2 billion Marc Benioff $2 billion

Salesforce.com delivered the following results for its fiscal fourth quarter and full year 2011:

Revenue $457 million $429 million $28 million

$1.657 billion $1.551 billion $106 million

Earnings Per Share: $0.08 $0.31 $42 million $7 million $2 million

$8 million

$0.47 $1.22 $120 million $20 million $19 million

Customers

Cash $166 million $459 million $1.4 billion $319 million

Deferred Revenue January 31, 2011 $935 million

November 18, 2010 February 24, 2011

Q1 FY12 $480 million $482 million

($0.01) ($0.02) $0.26 $0.27 $48 million $11 million $3 million

Full Year FY12 Guidance November 18, 2010 $2.03 billion $2.05 billion

$0.08 $0.11 $1.35 $1.38 $227 million $40 million $11 million

The following is a per share reconciliation of GAAP diluted EPS to non-GAAP diluted EPS Guidance for the first quarter and full fiscal year:

Fiscal 2012

Q1

FY2012

GAAP EPS Range*

($0.01) – ($0.02)

$0.08 -$0.11

Plus

Amortization of purchased intangibles

$0.08

$0.28

Stock-based expense

$0.33

$1.57

Amortization of debt discount

$0.02

$0.08

Less

Income tax effect of certain Non-GAAP items

($0.15)

($0.66)

Non-GAAP diluted EPS

$0.26-$0.27

$1.35-$1.38

Shares used in computing basic net income per share (millions)

134

Shares used in computing diluted net income per share (millions)

142

145

* For Q1 GAAP EPS loss, basic number of shares used for calculation

Quarterly Conference Call

2:00 p.m. Pacific Time http://www.salesforce.com/investor March 23, 2011

About Salesforce.com

cloud computing

January 31, 2011

San Francisco Europe Asia http://www.salesforce.com

Non-GAAP Financial Measures:

The primary purpose of these non-GAAP measures is to provide supplemental information that may prove useful to investors who wish to consider the impact of certain non-cash items on the company’s operating performance.  Non-cash stock-based compensation, amortization of acquisition-related intangible assets, and the amortization of debt discount on the company’s convertible senior notes are being excluded from the company’s FY11 financial results because the decisions which gave rise to these expenses were not made to increase revenue in a particular period, but were made for the company’s long-term benefit over multiple periods.  While strategic decisions, such as those to issue stock-based compensation, acquire a company, or issue convertible senior notes, are made to further the company’s long-term strategic objectives and impact the company’s income statement under GAAP measures, these items affect multiple periods and management is not able to change or affect these items in any particular period.  As such, supplementing GAAP disclosure with non-GAAP disclosure using the non-GAAP measures provides management with an additional view of operational performance by excluding expenses that are not directly related to performance in any particular period, and management uses both GAAP and non-GAAP measures when planning, monitoring, and evaluating the company’s performance.

In addition, the majority of the company’s industry peers report non-GAAP operating results that exclude certain non-cash or non-recurring items.  Management believes that the provision of supplemental non-GAAP information will enable a more complete comparison of the company’s relative performance.  

Specifically, management is excluding the following items from its non-GAAP EPS for Q4 and FY11, and its estimated non-GAAP estimates for Q1 and FY12:

  • Stock-Based Expenses:  The company’s compensation strategy is to use stock-based compensation to attract and retain key employees and executives.  It is principally aimed at aligning their interests with those of our stockholders and at long-term employee retention, rather than to motivate or reward operational performance for any particular period.  Thus, stock-based compensation expense varies for reasons that are generally unrelated to operational decisions and performance in any particular period.  
  • Amortization of Purchased Intangibles:  The company views amortization of acquisition-related intangible assets, such as the amortization of an acquired company’s research and development efforts, customer lists and customer relationships, as items arising from pre-acquisition activities.  These are costs that are determined at the time of an acquisition.  While it is continually viewed for impairment, amortization of the cost is a static expense, one that are not typically affected by operations during any particular period.
  • $575 million January 2010
  • Income Tax Effects:  The company’s estimated non-GAAP effective tax rate is lower than the estimated GAAP effective tax rate due to the exclusion of the expense items described above.  

“Safe harbor” statement under the Private Securities Litigation Reform Act of 1995:  This press release contains forward-looking statements about expected GAAP revenue and GAAP and non-GAAP earnings per share for the first fiscal quarter of 2012 and the full fiscal year, the company’s expected tax rates, stock-based compensation expenses, amortization expenses, and shares outstanding.  The achievement or success of the matters covered by such forward-looking statements involve risks, uncertainties and assumptions.  If any such risks or uncertainties materialize or if any of the assumptions prove incorrect, the company’s results could differ materially from the results expressed or implied by the forward-looking statements we make.

San Francisco, California

January 31, 2011 www.salesforce.com/investor

Salesforce.com, inc. assumes no obligation and does not intend to update these forward-looking statements, except as required by law.

Copyright (c) 2011 salesforce.com, inc.  All rights reserved.  Salesforce and the "no software" logo are registered trademarks of salesforce.com, inc., and salesforce.com owns other registered and unregistered trademarks.  Other names used herein may be trademarks of their respective owners.

salesforce.com, inc.

Condensed Consolidated Statements of Operations

(in thousands, except per share data)

(Unaudited)

Three Months Ended January 31,

Fiscal Year Ended January 31,

2011

2010

2011

2010

Revenues:

Subscription and support

$428,534

$327,394

$1,551,145

$1,209,472

Professional services and other

28,333

26,655

105,994

96,111

Total revenues

456,867

354,049

1,657,139

1,305,583

Cost of revenues (1):

Subscription and support

61,116

42,428

208,243

159,172

Professional services and other

31,195

25,631

115,570

98,753

Total cost of revenues

92,311

68,059

323,813

257,925

Gross profit

364,556

285,990

1,333,326

1,047,658

Operating expenses (1):

Research and development

57,530

36,447

187,887

131,897

Marketing and sales

233,217

168,552

792,029

605,199

General and administrative

74,200

55,472

255,913

195,290

Total operating expenses

364,947

260,471

1,235,829

932,386

Income (loss) from operations

(391)

25,519

97,497

115,272

Investment income

9,426

10,628

37,735

30,408

Interest expense

(3,290)

(1,207)

(24,909)

(2,000)

Other expense

(1,366)

(262)

(6,025)

(1,299)

Income before provision for income taxes and noncontrolling interest

4,379

34,678

104,298

142,381

Benefit (provision) for income taxes

6,491

(12,263)

(34,601)

(57,689)

Consolidated net income

10,870

22,415

69,697

84,692

Less: Net income (loss) attributable to noncontrolling interest

43

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