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1、Financial UpdateQ4 FY25NYSE:CRMSalesforce_irSafe harbor statement under the Private Securities Litigation Reform Act of 1995:This presentation contains forward-looking statements about the Companys financial and operating results and guidance,which include,but are not limited to,expected GAAP and no

2、n-GAAP financial and other operating and non-operating results,including revenue,net income,earnings per share,operating cash flow growth,operating margin,expected revenue growth,expected foreign currency exchange rate impact,expected current remaining performance obligation growth,expected tax rate

3、s or provisions,stock-based compensation expenses,amortization of purchased intangibles,shares outstanding,market growth,strategic investments,expected restructuring expense or charges,and expected timing of product releases and enhancements.The achievement or success of the matters covered by such

4、forward-looking statements involves risks,uncertainties and assumptions.If any such risks or uncertainties materialize or if any of the assumptions prove incorrect,the Companys results or outcomes could differ materially and adversely from those expressed or implied by our forward-looking statements

5、.Readers are cautioned not to place undue reliance on such forward-looking statements.The risks and uncertainties referred to above include-but are not limited to-risks associated with:our ability to maintain sufficient security levels and service performance,avoid downtime and prevent,detect and re

6、mediate performance degradation and security breaches;our ability to secure sufficient data center capacity;our reliance on third-party infrastructure providers,including hardware,software and platform providers and the organizations responsible for the development and maintenance of the infrastruct

7、ure of the Internet;uncertainties regarding AI technologies and their integration into our product offerings;our ability to achieve our aspirations,the evolving landscape related to environmental,social and governance(“ESG”)matters;the effect of evolving government regulations,including those relate

8、d to our industry and providing services on or accessing the Internet,and those addressing ESG matters,data privacy,cybersecurity,cross-border data transfers,government contracting and procurement,and import and export controls;current and potential litigation and regulatory investigations involving

9、 us or our industry;our ability to successfully expand or introduce new services and product features,including related to AI and Agentforce;our ability to successfully complete,integrate and realize the benefits from acquisitions or other strategic transactions;uncertainties regarding the pace of c

10、hange and innovation and our ability to compete in the markets in which we participate;our ability to successfully execute our business strategy and our business plans,including efforts to expand internationally and related risks;our ability to predict and meet expectations regarding our operating r

11、esults and cash flows,including revenue and remaining performance obligation,including as a result of the seasonal nature of our sales cycle and the variability in our results arising from the accounting for term license revenue products and some complex transactions;our ability to predict and limit

12、 customer attrition and costs related to those efforts;the demands on our personnel and infrastructure resulting from significant growth in our customer base and operations,including as a result of acquisitions;our real estate and office facilities strategy and related costs and uncertainties;the pe

13、rformance of our strategic investment portfolio,including fluctuations in the fair value of our investments;our ability to protect our intellectual property rights;our ability to maintain and enhance our brands;uncertainties regarding the valuation and potential availability of certain tax assets;th

14、e impact of new accounting pronouncements and tax laws;uncertainties affecting our ability to estimate our tax rate,including our tax obligations in connection with potential jurisdictional transfer of intellectual property;uncertainties regarding the effect of geopolitical events,inflationary press

15、ures,market and macroeconomic volatility,financial institution instability,changes in monetary policy,foreign currency exchange rate and interest rate fluctuations,uncertainty regarding the imposition of and changes in trade policies,including trade wars,tariffs or other trade restrictions or the th

16、reat of such actions and climate change,natural disasters and actual or threatened public health emergencies on our workforce,business,and operating results;uncertainties regarding the impact of expensing stock options and other equity awards;the sufficiency of our capital resources,including our ab

17、ility to execute our share repurchase program and declare future cash dividends;our ability to comply with our debt covenants and lease obligations;and uncertainties regarding impacts to our workforce and workplace culture,such as those arising from our current and future office environments or remo

18、te work policies or our ability to realize the expected benefits of the restructuring plan.Further information on these and other factors that could affect the Companys actual results or outcomes is included in the reports on Forms 10-K,10-Q and 8-K and in other filings it makes with the Securities

19、and Exchange Commission from time to time.These documents are available on the SEC Filings section of the Financials section of the Companys website at http:/ no obligation and does not intend to revise or update publicly any forward-looking statements for any reason,except as required by law.2Safe

20、HarborUniquely positioned to help our customers drive broad-based digital transformationWe bring humans together with AI agents to drive customer success 1Source:IDC,Worldwide Semiannual Software Tracker,October 2024.CRM market includes the following IDC-defined functional markets:Sales Force Produc

21、tivity and Management,Marketing Campaign Management,Customer Service,Contact Center,Advertising,and Digital Commerce Applications.Company Overview3#1 CRM software provider worldwide by revenue for 11 consecutive years1Salesforce.#CRM.20.7%6.3%4.5%3.3%3.3%Financial OverviewAnnual Results4FY25 Financi

22、al Summary$38.1B9%$35.8B10%N/A11%N/AN/A33.0%250bps$10.2024%N/AN/A$12.4B31%$37.9B9%$35.7B10%$30.2B9%$63.4B11%19.0%460bps$6.3651%$13.1B28%N/AN/AAnnual ResultsChange Y/YAnnual ResultsChange Y/YGAAPNon-GAAP151The non-GAAP columns present non-GAAP financial metrics,including non-GAAP operating margin,dil

23、uted earnings per share,and free cash flow,and the related non-GAAP growth rates as compared to prior periods.Non-GAAP revenue and non-GAAP current performance obligation(cRPO)represent constant currency(CC)results.Refer to slides 6,7,11,and 12 for explanations of non-GAAP CC revenue growth and slid

24、e 14 for non-GAAP CC cRPO growth.Refer to the Appendix for an explanation of non-GAAP financial measures,why we believe these measures can be helpful,and a reconciliation of non-GAAP financial measures to the most comparable GAAP measures,when applicable.2Diluted Earnings Per Share is calculated usi

25、ng GAAP revenue.Total RevenueCurrent Remaining Performance ObligationTotal Remaining Performance ObligationOperating MarginDiluted Earnings Per Share2Operating Cash FlowFree Cash FlowSubscription&Support RevenueOur framework for profitable growth generated strong financial results Subscription&Suppo

26、rt and Acquisition Growth TrendsFY25 Disaggregation of Revenue6Year-over-Year Growth in Constant Currency1FY24FY25Sales11%10%Service12%10%Platform and Other11%10%Marketing and Commerce9%8%Integration and Analytics220%12%Total Subscription&Support Revenue12%10%MuleSoft Total Revenue(CC)322%12%Tableau

27、 Total Revenue(CC)316%9%Slack Total Revenue317%13%1Non-GAAP revenue CC growth rates as compared to the comparable prior period.Refer to the Appendix for an explanation of constant currency calculations and the basis of presentation.2In the fourth quarter of fiscal year 2024,the Company renamed the s

28、ervice offering previously referred to as Data to Integration and Analytics,which includes MuleSoft and Tableau.3MuleSoft,Tableau,and Slacks contributions to total revenue include professional services revenue and subscription and support revenue.Data Cloud and Agentforce revenue will be prospective

29、ly included in Platform and Other effective with deals closed in FY26.Incremental investments in international markets driving growthFY25 Revenue by Region7Year-Over-Year Growth in Constant Currency1FY24FY25Americas10%8%EMEA12%9%APAC22%16%Total Revenue211%9%1Non-GAAP revenue CC growth rates as compa

30、red to the comparable prior period.Refer to the Appendix for an explanation of constant currency calculations and the basis of presentation.2Revenues by geography are determined based on the region of the Companys contracting entity,which may be different than the region of the customer.Financial Ov

31、erviewQuarterly Results881The non-GAAP columns present non-GAAP financial metrics,including non-GAAP operating margin,non-GAAP diluted earnings per share,and free cash flow,and the related non-GAAP growth rates as compared to prior periods.Non-GAAP revenue and non-GAAP current performance obligation

32、(cRPO)represent constant currency(CC)results.Refer to slides 6,7,11,and 12 for explanations of non-GAAP CC revenue growth and slide 14 for non-GAAP CC cRPO growth.Refer to the Appendix for an explanation of non-GAAP financial measures,why we believe these measures can be helpful,and a reconciliation

33、 of non-GAAP financial measures to the most comparable GAAP measures,when applicable.2Diluted Earnings Per Share is calculated using GAAP revenue.Q4 FY25 Financial Summary$10.1B9%$9.5B9%N/A11%N/AN/A33.1%170bps$2.7821%N/AN/A$3.8B17%$10.0B8%$9.5B8%$30.2B9%$63.4B11%18.2%70bps$1.7519%$4.0B17%N/AN/AQuart

34、erly ResultsChange Y/YQuarterly ResultsChange Y/YGAAPNon-GAAP1Total RevenueCurrent Remaining Performance ObligationTotal Remaining Performance ObligationOperating MarginDiluted Earnings Per Share2Operating Cash Flow9Free Cash FlowSubscription&Support RevenueGuidance 10Q1 FY26 Guidance1Full Year FY26

35、Guidance1Total Revenue$9.71-$9.76 billion$40.5-$40.9 billionY/Y Growth6%-7%7%-8%FX Impact2($50M)Y/Y FX($150M)Y/Y FXCC Growth37%7%-8%Subscription&Support Revenue Growth(Y/Y)4N/AApproximately 8.5%CC Growth3,4N/AApproximately 9%GAAP Operating MarginN/A21.6%Non-GAAP Operating Margin3N/A34.0%GAAP Diluted

36、 Earnings per Share3$1.49-$1.51$6.95-$7.03Non-GAAP Diluted Earnings per Share3$2.53-$2.55$11.09-$11.17Operating Cash Flow Growth(Y/Y)N/AApproximately 10%-11%Current Remaining Performance Obligation Growth(Y/Y)Approximately 10%N/AFX Impact2($100M)Y/Y FXN/A1This guidance does not reflect any potential

37、 future gains or losses on our strategic investment portfolio,as it is not possible to forecast future gains and losses,and is based on estimated GAAP tax rates that reflect the Companys currently available information and excludes forecasted discrete tax items such as excess tax benefits from stock

38、-based compensation.The GAAP tax rates may fluctuate due to discrete tax items and related effects in conjunction with certain provisions in the Tax Cuts and Jobs Act,future acquisitions or other transactions.2Revenue FX impact is calculated by taking the current period rates compared to the prior p

39、eriod average rates.Current Remaining Performance Obligation FX impact is calculated by taking the current period rates compared to the prior period ending rates.3Non-GAAP CC revenue growth,non-GAAP operating margin and non-GAAP diluted earnings per share are non-GAAP financial measures.Refer to the

40、 Appendix for an explanation of non-GAAP financial measures.The Companys shares used in computing GAAP diluted earnings per share guidance and non-GAAP diluted earnings per share guidance excludes any impact to share count from potential Q1-Q4 FY26 repurchase activity under our Share Repurchase Prog

41、ram.4Subscription&Support revenue excludes professional services revenue.Compounding top and bottom-line growth10Subscription&Support and Acquisition Growth TrendsQ4 FY25 Disaggregation of Revenue11FY24FY25Year-over-Year Growth in Constant Currency1Q1Q2Q3Q4Q1Q2Q3Q4Sales13%12%10%10%11%10%11%9%Service

42、13%12%11%12%11%11%10%9%Platform and Other12%11%11%10%10%10%8%12%Marketing and Commerce10%10%8%7%10%7%8%8%Integration and Analytics220%16%22%21%25%14%5%6%Total Subscription&Support Revenue13%12%12%12%13%10%9%9%MuleSoft Total Revenue(CC)326%17%26%19%27%13%1%7%Tableau Total Revenue(CC)312%13%16%20%21%1

43、1%5%3%Slack Total Revenue320%16%18%16%17%17%8%11%1Non-GAAP revenue CC growth rates as compared to the comparable prior period.Refer to the Appendix for an explanation of constant currency calculations and the basis of presentation.2In the fourth quarter of fiscal year 2024,the Company renamed the se

44、rvice offering previously referred to as Data to Integration and Analytics,which includes MuleSoft and Tableau.3MuleSoft,Tableau and Slacks contributions to total revenue include professional services revenue and subscription and support revenue.Data Cloud and Agentforce revenue will be prospectivel

45、y included in Platform and Other effective with deals closed in FY26.Incremental investments in international markets driving growthQ4 FY25 Revenue by Region12FY24FY25Year-Over-Year Growth in Constant Currency1Q1Q2Q3Q4Q1Q2Q3Q4Americas10%10%9%9%11%8%6%8%EMEA17%11%10%11%9%11%9%7%APAC24%24%21%19%21%16%

46、14%14%Total Revenue213%11%10%10%11%9%8%9%1Non-GAAP revenue CC growth rates as compared to the comparable prior period.Refer to the Appendix for an explanation of constant currency calculations and the basis of presentation.2Revenues by geography are determined based on the region of the Companys con

47、tracting entity,which may be different than the region of the customer.Q4 FY25 Non-GAAP Expense Profile 1Non-GAAP operating margin is the proportion of non-GAAP income from operations as a percentage of GAAP revenue and is a non-GAAP financial measure.Non-GAAP expense as a percentage of revenue is t

48、he proportion of non-GAAP expense categories as a percentage of GAAP revenue and is a non-GAAP financial measure.Refer to the Appendix for an explanation of which items are excluded from our non-GAAP financial measures and why we believe these measures can be useful,as well as a reconciliation of no

49、n-GAAP financial measures to the most comparable GAAP measures,when applicable.70bps GAAP Operating Margin170bpsNon-GAAP Operating Margin168%68%66%67%67%32%30%19%19%11%11%6%7%Non-GAAP Sales&Marketing%of RevenueNon-GAAP Cost of Revenues%of RevenueNon-GAAP Research&Development%of RevenueNon-GAAP Gener

50、al&Administrative%of RevenueQ424Q125Q225Q325Q42513Q4 FY25Y/YDelivering profitable growth at scale1111Q4 FY25 Key Financial Metric Trends14FY24FY25Year-over-Year GrowthQ1Q2Q3Q4Q1Q2Q3Q4Current Remaining Performance Obligation(cRPO)GAAP/CC112%/12%12%/11%14%/13%12%/13%10%/10%10%/11%10%/10%9%/11%FX$(Head

51、wind)/Tailwind2($200M)($300M)$100M($300M)Total Remaining Performance Obligation 11%12%21%17%15%15%10%11%Operating Cash Flow22%142%389%22%39%10%29%17%Free Cash Flow321%379%1088%27%43%20%30%17%1To present non-GAAP CC cRPO growth,cRPO balances in local currencies in previous comparable periods are conv

52、erted using the United States dollar currency exchange rate as of the most recent balance sheet date.2As of Q125,the Company is prospectively disclosing the FX(headwind)/tailwind in dollars to cRPO.3Free cash flow(FCF)is a non-GAAP financial measure.Refer to the Appendix for an explanation of non-GA

53、AP financial measures,and why we believe these measures can be useful,as well as a table including a reconciliation of FCF to the most comparable GAAP financial measure.In FY25,$9.3B Capital Returned to Stockholders(1)%YoYDiluted Share Count%(1)%Diluted Share CountYoYQ424Q125Q225Q325Q42515Q4 FY25983

54、M974M$19.4BRepurchased Since Inception of the Total$30B Authorized$1.5BQuarterly Dividend Payments to DateThank you 16Appendix17Non-GAAP Financial MeasuresThis presentation includes information about non-GAAP earnings per share,non-GAAP income from operations,non-GAAP expenses,non-GAAP operating mar

55、gin,free cash flow and constant currency revenue and constant currency current remaining performance obligation growth rates(collectively the“non-GAAP financial measures”).These non-GAAP financial measures are measurements of financial performance that are not prepared in accordance with U.S.general

56、ly accepted accounting principles and computational methods may differ from those used by other companies.Non-GAAP financial measures are not meant to be considered in isolation or as a substitute for comparable GAAP measures and should be read only in conjunction with the Companys condensed consoli

57、dated financial statements prepared in accordance with GAAP.Management uses both GAAP and non-GAAP financial measures when planning,monitoring and evaluating the Companys performance.The primary purpose of using non-GAAP financial measures is to provide supplemental information that may prove useful

58、 to investors and to enable investors to evaluate the Companys results in the same way management does.Management believes that supplementing GAAP disclosure with non-GAAP disclosure provides investors with a more complete view of the Companys operational performance and allows for meaningful period

59、-to-period comparisons and analysis of trends in the Companys business.Further,to the extent that other companies use similar methods in calculating non-GAAP financial measures,the provision of supplemental non-GAAP information can allow for a comparison of the Companys relative performance against

60、other companies that also report non-GAAP operating results.Non-GAAP operating margin is the proportion of non-GAAP income from operations as a percentage of GAAP revenue.Non-GAAP income from operations excludes the impact of the following items:stock-based compensation expense,amortization of acqui

61、sition-related intangibles and charges related to the restructuring initiatives.Non-GAAP diluted earnings per share excludes,to the extent applicable,the impact of the following items:stock-based compensation expense,amortization of purchased intangibles,charges related to the restructuring initiati

62、ves and income tax adjustments.These items are excluded because the decisions that give rise to them are not made to increase revenue in a particular period,but instead for the Companys long-term benefit over multiple periods.The Company defines the non-GAAP measure free cash flow as GAAP net cash p

63、rovided by operating activities,less capital expenditures.Constant currency information is provided as a framework for assessing how our underlying business performed excluding the effect of foreign currency rate fluctuations.To present constant currency revenue,current and comparative prior period

64、results for entities reporting in currencies other than United States dollars are converted into United States dollars at the weighted average exchange rate for the quarter being compared to for growth rate calculations presented,rather than the actual exchange rates in effect during that period.To

65、present current remaining performance obligation on a constant currency basis,we convert the current remaining performance obligation balances in local currencies in previous comparable periods using the United States dollar currency exchange rate as of the most recent balance sheet date.18GAAP to N

66、on-GAAP Financial Reconciliation(in millions)Three Months Ended January 31,Fiscal Year Ended January 31,Full Year FY26 GuidanceNon-GAAP income from operations2024202520242025Non-GAAP Operating MarginGAAP income from operations$1,622$1,820$5,011$7,205 GAAP operating margin2 21.6%Plus:Plus:Amortizatio

67、n of purchased intangibles 458 382 1,869 1,651 Amortization of purchased intangibles4 3.7%Stock-based compensation expense5 667 803 2,764 3,181 Stock-based compensation expense4,5 8.4%Restructuring 173 298 988 461 Restructuring4,5 0.3%Non-GAAP income from operations1$2,920$3,303$10,632$12,498 Non-GA

68、AP operating margin2 34.0%Revenue 9,287 9,993 34,857 37,895 Non-GAAP operating margin2 31.4%33.1%30.5%33.0%(in millions)Three Months Ended January 31,Fiscal Year Ended January 31,Computations of free cash flow,a non-GAAP measure2024202520242025GAAP net cash provided by operating activities$3,403$3,9

69、70$10,234$13,092 (Capital expenditures)(147)(154)(736)(658)Free cash flow3$3,256$3,816$9,498$12,434 Three Months Ended January 31,Fiscal Year Ended January 31,Full Year FY26 GuidanceNon-GAAP diluted earnings per share2024202520242025Q1 FY26 GuidanceGAAP diluted earnings per share$1.47$1.75$4.20$6.36

70、$1.49-$1.51$6.95-$7.03Plus:Amortization of purchased intangibles 0.47 0.39 1.90 1.70 0.39 1.54 Stock-based compensation expense5 0.68 0.82 2.81 3.27 0.86 3.47 Restructuring 0.18 0.31 1.00 0.47 0.03 0.13 (Income tax effects and adjustments)(0.51)(0.49)(1.69)(1.60)(0.24)(1.00)Non-GAAP diluted earnings

71、 per share6$2.29$2.78$8.22$10.20$2.53-$2.55$11.09-$11.17Shares used in computing non-GAAP diluted earnings per share(millions)7 983 974 984 974 980 985 1Non-GAAP Income from operations is used to calculate non-GAAP Operating Margin.It excludes the impact of the amortization of purchased intangibles,

72、stock-based compensation expense and charges related to the Companys restructuring initiatives.2GAAP operating margin is the proportion of GAAP income from operations as a percentage of GAAP revenue.Non-GAAP operating margin is the proportion of non-GAAP income from operations as a percentage of GAA

73、P revenue.3Free cash flow(FCF)is defined as GAAP net cash provided by operating activities,less capital expenditures.4The percentages shown above have been calculated based on the midpoint of the low and high ends of the revenue guidance for full year FY26.5The percentages shown in the restructuring

74、 line have been calculated based on charges associated with the Companys restructuring initiatives.Stock-based compensation expense excludes stock-based compensation expense related to the Companys restructuring initiatives,which is included in the restructuring line.6GAAP diluted earning per share(

75、EPS)is calculated by dividing GAAP net income by number of diluted shares.Non-GAAP diluted EPS is calculated by dividing non-GAAP net income by number of diluted shares.It excludes the impact of stock-based compensation expense,amortization of purchased intangibles,charges related to the restructuri

76、ng initiatives and income tax adjustments.7The Companys shares used in computing GAAP net income per share guidance and non-GAAP net income per share guidance excludes any impact to share count from potential Q1-Q4 FY26 repurchase activity under our share repurchase program.19GAAP to Non-GAAP Financ

77、ial Reconciliation(in millions)PeriodQ4 FY24Q1 FY25Q2 FY25Q3 FY25Q4 FY25Revenue 9,287 9,133 9,325 9,444 9,993 GAAP Cost of Revenues 2,148 2,162 2,159 2,150 2,217 Less:Amortization of purchased intangibles 235 238 231 131 150 Stock-based compensation expense1 107 119 132 135 132 Non-GAAP Cost of Reve

78、nues 1,806 1,805 1,796 1,839 1,935 Non-GAAP Cost of Revenues as a%of Revenue2 19%20%19%19%19%GAAP Sales and Marketing Expense 3,437 3,239 3,224 3,323 3,471 Less:Amortization of purchased intangibles 223 223 223 223 232 Stock-based compensation expense1 247 290 309 312 294 Non-GAAP Sales and Marketin

79、g Expense 2,967 2,726 2,692 2,788 2,945 Non-GAAP Sales and Marketing Expense as a%of Revenue2 32%30%29%30%30%GAAP Research and Development Expense 1,275 1,368 1,349 1,356 1,420 Less:Stock-based compensation expense1 237 260 276 278 277 Non-GAAP Research and Development Expense 1,038 1,108 1,073 1,07

80、8 1,143 Non-GAAP Research and Development Expense as a%of Revenue2 11%12%11%11%11%GAAP General and Administrative Expense 632 647 711 711 767 Less:Stock-based compensation expense1 76 81 91 95 100 Non-GAAP General and Administrative Expense 556 566 620 616 667 Non-GAAP General and Administrative Exp

81、ense as a%of Revenue2 6%6%7%7%7%1Stock-based compensation expense included in the GAAP to non-GAAP reconciliation tables above excludes those expenses related to the Companys restructuring initiatives.For the three months ended July 31,2024 and January 31,2024,$2 million and$7 million of such expense is excluded,respectively.No other quarters presented in this slide incurred stock-based compensation expense related to restructuring.2Non-GAAP expense categories as a%of revenue are calculated using GAAP revenue.20