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    Salesforce Announces Third Quarter Fiscal 2025 Results

    12/3/24 4:01:00 PM ET
    $CRM
    Computer Software: Prepackaged Software
    Technology
    Get the next $CRM alert in real time by email

    Salesforce (NYSE:CRM), the #1 AI CRM, today announced results for its third quarter fiscal 2025 ended October 31, 2024.

    Third Quarter Highlights

    • Third Quarter Revenue of $9.44 Billion, up 8% both Year-Over-Year ("Y/Y") & in Constant Currency ("CC"), inclusive of Subscription & Support Revenue of $8.88 Billion, up 9% both Y/Y & in CC
    • Third Quarter GAAP Diluted Net Income Per Share was $1.58 and non-GAAP Diluted Net Income Per Share was $2.41. GAAP and non-GAAP Diluted Net Income Per Share were Impacted by Losses on Strategic Investments of $(0.17) and $(0.18), Respectively
    • Third Quarter GAAP Operating Margin of 20.0% and non-GAAP Operating Margin of 33.1%
    • Current Remaining Performance Obligation of $26.4 Billion, up 10% both Y/Y & in CC
    • Third Quarter Operating Cash Flow of $1.98 Billion, up 29% Y/Y, and Free Cash Flow of $1.78 Billion, up 30% Y/Y
    • Returned $1.2 Billion in the Form of Share Repurchases and $0.4 Billion in Dividend Payments to Stockholders, Third Quarter Total Cash Returned to Stockholders of $1.6 Billion

    FY25 Guidance Highlights

    • Initiates Fourth Quarter FY25 Revenue Guidance of $9.90 Billion - $10.10 Billion, up 7% - 9% Y/Y
    • Raises Low End of Full Year FY25 Revenue Guidance to $37.8 Billion to $38.0 Billion, up 8% - 9% Y/Y and Maintains Full Year FY25 Subscription & Support Revenue Growth Guidance of Slightly Below 10% Y/Y & Approximately 10% in CC
    • Raises Full Year FY25 GAAP Operating Margin Guidance to 19.8% and Raises non-GAAP Operating Margin Guidance to 32.9%
    • Raises Full Year FY25 Operating Cash Flow Growth Guidance to 24% to 26% Y/Y

    "We delivered another quarter of exceptional financial performance across revenue, margin, cash flow, and cRPO," said Marc Benioff, Chair and CEO, Salesforce. "Agentforce, our complete AI system for enterprises built into the Salesforce Platform, is at the heart of a groundbreaking transformation. The rise of autonomous AI agents is revolutionizing global labor, reshaping how industries operate and scale. With Agentforce, we're not just witnessing the future—we're leading it, unleashing a new era of digital labor for every business and every industry."

    "We continue to drive disciplined profitable growth with third quarter GAAP operating margin of 20.0%, up 280 basis points year-over-year, and non-GAAP operating margin of 33.1%, up 190 basis points year-over-year," said Amy Weaver, President and CFO of Salesforce. "To date, our total capital returns have surpassed $20 billion and we remain focused on driving shareholder value."

    Third Quarter Notes

    Net Income Per Share: Third quarter GAAP diluted net income per share was $1.58 and non-GAAP diluted net income per share was $2.41. During the three months ended October 31, 2024, losses on strategic investments impacted GAAP diluted net income per share by $(0.17) on a U.S. tax rate of 24.5% and non-GAAP diluted net income per share by $(0.18) on a non-GAAP tax rate of 22.0%.

    Guidance

    Our guidance includes GAAP and non-GAAP financial measures.

     

    Q4 FY25

    Guidance5

     

    Full Year FY25

    Guidance5

    Total Revenue

    $9.90 - $10.10 Billion

     

    $37.8 - $38.0 Billion

    Y/Y Growth

    7 - 9%

     

    8 - 9%

    FX Impact(1)

    ($25M) Y/Y FX

     

    ($100M) Y/Y FX

    Subscription & Support Revenue Growth (Y/Y)(2)(3)

    N/A

     

    Slightly below 10%, Approx 10% CC

    GAAP Operating Margin

    N/A

     

    19.8%

    Non-GAAP Operating Margin(3)

    N/A

     

    32.9%

    GAAP Diluted Net Income per Share(3)

    $1.55 - $1.60

     

    $6.15 - $6.20

    Non-GAAP Diluted Net Income per Share(3)

    $2.57 - $2.62

     

    $9.98 - $10.03

    Operating Cash Flow Growth (Y/Y)

    N/A

     

    24% to 26%

    Current Remaining Performance Obligation Growth (Y/Y)

    Approximately 9%

     

    N/A

    FX Impact(4)

    ($100M) Y/Y FX

     

    N/A

    (1) Revenue FX impact is calculated by taking the current period rates compared to the prior period average rates.

    (2) Subscription & Support revenue excludes professional services revenue.

    (3) Non-GAAP CC revenue growth, non-GAAP operating margin and non-GAAP Diluted net income per share are non-GAAP financial measures. See below for an explanation of non-GAAP financial measures. The Company's shares used in computing GAAP Diluted net income per share guidance and non-GAAP Diluted net income per share guidance excludes any impact to share count from potential Q4 FY25 repurchase activity under our share repurchase program.

    (4) Current Remaining Performance Obligation FX impact is calculated by taking the current period rates compared to the prior period ending rates.

    (5) Guidance assumes contributions from acquisitions of Zoomin Software Ltd. and Own Data Company Ltd., which closed in November 2024.

    The following is a reconciliation of GAAP operating margin guidance to non-GAAP operating margin guidance for the full year:

     

     

    Full Year FY25

    Guidance

    GAAP operating margin(1)

     

    19.8%

    Plus

     

     

    Amortization of purchased intangibles(2)

     

    4.3%

    Stock-based compensation expense(2)(3)

     

    8.4%

    Restructuring(2)(3)

     

    0.4%

    Non-GAAP operating margin(1)

     

    32.9%

    (1) GAAP 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 GAAP revenue.

    (2) The percentages shown above have been calculated based on the midpoint of the low and high ends of the revenue guidance for full year FY25.

    (3) The percentages shown in the restructuring line have been calculated based on charges associated with the Company's restructuring initiatives. Stock-based compensation expense excludes stock-based compensation expense related to the Company's restructuring initiatives, which is included in the restructuring line.

    The following is a per share reconciliation of GAAP diluted net income per share to non-GAAP diluted net income per share guidance for the next quarter and the full year:

     

    Fiscal 2025

     

    Q4

     

    FY25

    GAAP diluted net income per share range(1)(2)

    $1.55 - $1.60

     

     

    $6.15 - $6.20

     

    Plus

     

     

     

    Amortization of purchased intangibles

    $

    0.36

     

     

    $

    1.66

     

    Stock-based compensation expense

    $

    0.83

     

     

    $

    3.27

     

    Restructuring(3)

    $

    0.01

     

     

    $

    0.17

     

    Less

     

     

     

    Income tax effects and adjustments(4)

    $

    (0.18

    )

     

    $

    (1.27

    )

    Non-GAAP diluted net income per share(2)

    $2.57 - $2.62

     

     

    $9.98 - $10.03

     

    Shares used in computing basic net income per share (millions)(5)

     

    960

     

     

     

    962

     

    Shares used in computing diluted net income per share (millions)(5)

     

    978

     

     

     

    975

     

    (1) The Company's GAAP tax provision is expected to be approximately 26.0% for the three months ended January 31, 2025 and approximately 20.0% for the year ended January 31, 2025. 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.

    (2) The Company's projected GAAP and non-GAAP diluted net income per share assumes no change to the value of our strategic investment portfolio as it is not possible to forecast future gains and losses. The impact of future gains or losses from the Company's strategic investment portfolio could be material.

    (3) The estimated impact to GAAP diluted net income per share is in connection with the Company's restructuring initiatives.

    (4) The Company's non-GAAP tax provision uses a long-term projected tax rate of 22.0%, which reflects currently available information and could be subject to change.

    (5) The Company's 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 Q4 FY25 repurchase activity under our share repurchase program.

    For additional information regarding non-GAAP financial measures see the reconciliation of results and related explanations below.

    Management will provide further commentary around these guidance assumptions on its earnings call.

    Product Releases and Enhancements

    Three times a year Salesforce delivers new product releases, services, or enhancements to current products and services. These releases are a result of significant research and development investments made over multiple years, designed to help customers drive cost savings, boost efficiency, and build trust.

    To view our major product releases and other highlights as part of the Winter 2025 Product Release, visit: www.salesforce.com/products/innovation/winter-25-release.

    Environmental, Social, and Governance (ESG) Strategy

    To learn more about our latest initiatives and priorities, review our Stakeholder Impact Report: https://salesforce.com/stakeholder-impact-report.

    Quarterly Conference Call

    Salesforce plans to host a conference call at 2:00 p.m. (PT) / 5:00 p.m. (ET) to discuss its financial results with the investment community. A live webcast and replay details of the event will be available on the Salesforce Investor Relations website at www.salesforce.com/investor.

    About Salesforce

    Salesforce helps organizations of any size reimagine their business for the world of AI. With Agentforce, Salesforce's trusted platform, organizations can bring humans together with agents to drive customer success—powered by AI, data, and action. Visit www.salesforce.com for more information.

    "Safe harbor" statement under the Private Securities Litigation Reform Act of 1995: This press release contains forward-looking statements about the Company's financial and operating results and guidance, which include, but are not limited to, expected GAAP and non-GAAP financial and other operating and non-operating results, including revenue, net income, net income 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 rates 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 forward-looking statements involves risks, uncertainties and assumptions. If any such risks or uncertainties materialize or if any of the assumptions prove incorrect, the Company's results or outcomes could differ materially and adversely from those expressed or implied by our forward-looking statements. 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 remediate 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 infrastructure of the Internet;
    • uncertainties regarding AI technologies and their integration into our product offerings;
    • our ability to achieve our aspirations, goals and projections related to our environmental, social and governance ("ESG") initiatives;
    • the effect of evolving government regulations, including those related 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 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 change 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 results 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 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 performance 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;
    • the 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 pressures, market and macroeconomic volatility, financial institution instability, changes in monetary policy, foreign currency exchange rate and interest rate fluctuations, a potential shutdown of the U.S. federal government 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 ability 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 remote 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 Company's 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 and Exchange Commission from time to time. These documents are available on the SEC Filings section of the Financials section of the Company's website at http://investor.salesforce.com/financials/.

    Salesforce, Inc. assumes no obligation and does not intend to revise or update publicly any forward-looking statements for any reason, except as required by law.

    © 2024 Salesforce, Inc. All rights reserved. Salesforce and other marks are trademarks of Salesforce, Inc. Other brands featured herein may be trademarks of their respective owners.

    Salesforce, Inc.

    Condensed Consolidated Statements of Operations

    (in millions, except per share data)

    (Unaudited)

     

    Three Months Ended October 31,

     

    Nine Months Ended October 31,

     

    2024

     

    2023

     

    2024

     

    2023

    Revenues:

     

     

     

     

     

     

     

    Subscription and support

    $

    8,879

     

     

    $

    8,141

     

     

    $

    26,228

     

     

    $

    23,789

     

    Professional services and other

     

    565

     

     

     

    579

     

     

     

    1,674

     

     

     

    1,781

     

    Total revenues

     

    9,444

     

     

     

    8,720

     

     

     

    27,902

     

     

     

    25,570

     

    Cost of revenues (1)(2):

     

     

     

     

     

     

     

    Subscription and support

     

    1,501

     

     

     

    1,571

     

     

     

    4,617

     

     

     

    4,596

     

    Professional services and other

     

    604

     

     

     

    584

     

     

     

    1,809

     

     

     

    1,797

     

    Total cost of revenues

     

    2,105

     

     

     

    2,155

     

     

     

    6,426

     

     

     

    6,393

     

    Gross profit

     

    7,339

     

     

     

    6,565

     

     

     

    21,476

     

     

     

    19,177

     

    Operating expenses (1)(2):

     

     

     

     

     

     

     

    Research and development

     

    1,356

     

     

     

    1,204

     

     

     

    4,073

     

     

     

    3,631

     

    Sales and marketing

     

    3,323

     

     

     

    3,173

     

     

     

    9,786

     

     

     

    9,440

     

    General and administrative

     

    711

     

     

     

    632

     

     

     

    2,069

     

     

     

    1,902

     

    Restructuring

     

    56

     

     

     

    55

     

     

     

    163

     

     

     

    815

     

    Total operating expenses

     

    5,446

     

     

     

    5,064

     

     

     

    16,091

     

     

     

    15,788

     

    Income from operations

     

    1,893

     

     

     

    1,501

     

     

     

    5,385

     

     

     

    3,389

     

    Losses on strategic investments, net

     

    (217

    )

     

     

    (72

    )

     

     

    (217

    )

     

     

    (242

    )

    Other income

     

    70

     

     

     

    58

     

     

     

    282

     

     

     

    158

     

    Income before provision for income taxes

     

    1,746

     

     

     

    1,487

     

     

     

    5,450

     

     

     

    3,305

     

    Provision for income taxes

     

    (219

    )

     

     

    (263

    )

     

     

    (961

    )

     

     

    (615

    )

    Net income

    $

    1,527

     

     

    $

    1,224

     

     

    $

    4,489

     

     

    $

    2,690

     

    Basic net income per share

    $

    1.60

     

     

    $

    1.26

     

     

    $

    4.66

     

     

    $

    2.76

     

    Diluted net income per share (3)

    $

    1.58

     

     

    $

    1.25

     

     

    $

    4.60

     

     

    $

    2.73

     

    Shares used in computing basic net income per share

     

    956

     

     

     

    972

     

     

     

    963

     

     

     

    976

     

    Shares used in computing diluted net income per share

     

    965

     

     

     

    981

     

     

     

    975

     

     

     

    985

     

    (1) Amounts include amortization of intangible assets acquired through business combinations, as follows:

     

    Three Months Ended October 31,

     

    Nine Months Ended October 31,

     

    2024

     

    2023

     

    2024

     

    2023

    Cost of revenues

    $

    131

     

     

    $

    245

     

     

    $

    600

     

     

    $

    743

     

    Sales and marketing

     

    223

     

     

     

    223

     

     

     

    669

     

     

     

    668

     

    (2) Amounts include stock-based compensation expense, as follows:

     

    Three Months Ended October 31,

     

    Nine Months Ended October 31,

     

    2024

     

    2023

     

    2024

     

    2023

    Cost of revenues

    $

    135

     

     

    $

    109

     

     

    $

    386

     

     

    $

    324

     

    Research and development

     

    278

     

     

     

    238

     

     

     

    814

     

     

     

    735

     

    Sales and marketing

     

    312

     

     

     

    275

     

     

     

    911

     

     

     

    815

     

    General and administrative

     

    95

     

     

     

    71

     

     

     

    267

     

     

     

    223

     

    Restructuring

     

    0

     

     

     

    0

     

     

     

    2

     

     

     

    16

     

    (3) During the three months ended October 31, 2024 and 2023, losses on strategic investments impacted GAAP diluted net income per share by $(0.17) and $(0.06) based on a U.S. tax rate of 24.5%, and non-GAAP diluted net income per share by $(0.18) and $(0.06) based on a non-GAAP tax rate of 22.0% and 23.5%, respectively. During the nine months ended October 31, 2024 and 2023, losses on strategic investments impacted GAAP diluted net income per share by $(0.17) and $(0.19) based on a U.S. tax rate of 24.5%, and non-GAAP diluted net income per share by $(0.17) and $(0.19) based on a non-GAAP tax rate of 22.0% and 23.5%, respectively.

    Salesforce, Inc.

    Condensed Consolidated Statements of Operations

    (As a percentage of total revenues)

    (Unaudited)

     

     

    Three Months Ended October 31,

     

    Nine Months Ended October 31,

     

    2024

     

    2023

     

    2024

     

    2023

    Revenues:

     

     

     

     

     

     

     

    Subscription and support

    94

    %

     

    93

    %

     

    94

    %

     

    93

    %

    Professional services and other

    6

     

     

    7

     

     

    6

     

     

    7

     

    Total revenues

    100

     

     

    100

     

     

    100

     

     

    100

     

    Cost of revenues (1)(2):

     

     

     

     

     

     

     

    Subscription and support

    16

     

     

    18

     

     

    17

     

     

    18

     

    Professional services and other

    6

     

     

    7

     

     

    6

     

     

    7

     

    Total cost of revenues

    22

     

     

    25

     

     

    23

     

     

    25

     

    Gross profit

    78

     

     

    75

     

     

    77

     

     

    75

     

    Operating expenses (1)(2):

     

     

     

     

     

     

     

    Research and development

    14

     

     

    14

     

     

    15

     

     

    14

     

    Sales and marketing

    35

     

     

    36

     

     

    35

     

     

    37

     

    General and administrative

    8

     

     

    7

     

     

    7

     

     

    8

     

    Restructuring

    1

     

     

    1

     

     

    1

     

     

    3

     

    Total operating expenses

    58

     

     

    58

     

     

    58

     

     

    62

     

    Income from operations

    20

     

     

    17

     

     

    19

     

     

    13

     

    Losses on strategic investments, net

    (3

    )

     

    (1

    )

     

    0

     

     

    (1

    )

    Other income

    1

     

     

    1

     

     

    1

     

     

    1

     

    Income before provision for income taxes

    18

     

     

    17

     

     

    20

     

     

    13

     

    Provision for income taxes

    (2

    )

     

    (3

    )

     

    (4

    )

     

    (2

    )

    Net income

    16

    %

     

    14

    %

     

    16

    %

     

    11

    %

     

    (1) Amounts include amortization of intangible assets acquired through business combinations as a percentage of total revenues, as follows:

     

    Three Months Ended October 31,

     

    Nine Months Ended October 31,

     

    2024

     

    2023

     

    2024

     

    2023

    Cost of revenues

    2

    %

     

    3

    %

     

    2

    %

     

    3

    %

    Sales and marketing

    2

     

     

    2

     

     

    3

     

     

    3

     

     

    (2) Amounts include stock-based compensation expense as a percentage of total revenues, as follows:

     

    Three Months Ended October 31,

     

    Nine Months Ended October 31,

     

    2024

     

    2023

     

    2024

     

    2023

    Cost of revenues

    2

    %

     

    1

    %

     

    2

    %

     

    1

    %

    Research and development

    3

     

     

    3

     

     

    3

     

     

    3

     

    Sales and marketing

    3

     

     

    3

     

     

    3

     

     

    3

     

    General and administrative

    1

     

     

    1

     

     

    1

     

     

    1

     

    Restructuring

    0

     

     

    0

     

     

    0

     

     

    0

     

    Salesforce, Inc.

    Condensed Consolidated Balance Sheets

    (in millions)

     

     

    October 31, 2024

     

    January 31, 2024

    Assets

    (unaudited)

     

     

    Current assets:

     

     

     

    Cash and cash equivalents

    $

    7,997

     

     

    $

    8,472

     

    Marketable securities

     

    4,760

     

     

     

    5,722

     

    Accounts receivable, net

     

    4,741

     

     

     

    11,414

     

    Costs capitalized to obtain revenue contracts, net

     

    1,836

     

     

     

    1,905

     

    Prepaid expenses and other current assets

     

    2,091

     

     

     

    1,561

     

    Total current assets

     

    21,425

     

     

     

    29,074

     

    Property and equipment, net

     

    3,416

     

     

     

    3,689

     

    Operating lease right-of-use assets, net

     

    2,167

     

     

     

    2,366

     

    Noncurrent costs capitalized to obtain revenue contracts, net

     

    2,121

     

     

     

    2,515

     

    Strategic investments

     

    4,845

     

     

     

    4,848

     

    Goodwill

     

    49,093

     

     

     

    48,620

     

    Intangible assets acquired through business combinations, net

     

    4,119

     

     

     

    5,278

     

    Deferred tax assets and other assets, net

     

    4,209

     

     

     

    3,433

     

    Total assets

    $

    91,395

     

     

    $

    99,823

     

    Liabilities and stockholders' equity

     

     

     

    Current liabilities:

     

     

     

    Accounts payable, accrued expenses and other liabilities

    $

    5,331

     

     

    $

    6,111

     

    Operating lease liabilities, current

     

    572

     

     

     

    518

     

    Unearned revenue

     

    13,472

     

     

     

    19,003

     

    Debt, current

     

    0

     

     

     

    999

     

    Total current liabilities

     

    19,375

     

     

     

    26,631

     

    Noncurrent debt

     

    8,432

     

     

     

    8,427

     

    Noncurrent operating lease liabilities

     

    2,420

     

     

     

    2,644

     

    Other noncurrent liabilities

     

    2,643

     

     

     

    2,475

     

    Total liabilities

     

    32,870

     

     

     

    40,177

     

    Stockholders' equity:

     

     

     

    Common stock

     

    1

     

     

     

    1

     

    Treasury stock, at cost

     

    (19,414

    )

     

     

    (11,692

    )

    Additional paid-in capital

     

    63,114

     

     

     

    59,841

     

    Accumulated other comprehensive loss

     

    (225

    )

     

     

    (225

    )

    Retained earnings

     

    15,049

     

     

     

    11,721

     

    Total stockholders' equity

     

    58,525

     

     

     

    59,646

     

    Total liabilities and stockholders' equity

    $

    91,395

     

     

    $

    99,823

     

    Salesforce, Inc.

    Condensed Consolidated Statements of Cash Flows

    (in millions)

    (Unaudited)

     

    Three Months Ended October 31,

     

    Nine Months Ended October 31,

     

    2024

     

    2023

     

    2024

     

    2023

    Operating activities:

     

     

     

     

     

     

     

    Net income

    $

    1,527

     

     

    $

    1,224

     

     

    $

    4,489

     

     

    $

    2,690

     

    Adjustments to reconcile net income to net cash provided by operating activities:

     

     

     

     

     

     

     

    Depreciation and amortization (1)

     

    814

     

     

     

    862

     

     

     

    2,600

     

     

     

    3,006

     

    Amortization of costs capitalized to obtain revenue contracts, net

     

    525

     

     

     

    482

     

     

     

    1,568

     

     

     

    1,428

     

    Stock-based compensation expense

     

    820

     

     

     

    693

     

     

     

    2,380

     

     

     

    2,113

     

    Losses on strategic investments, net

     

    217

     

     

     

    72

     

     

     

    217

     

     

     

    242

     

    Changes in assets and liabilities, net of business combinations:

     

     

     

     

     

     

     

    Accounts receivable, net

     

    655

     

     

     

    550

     

     

     

    6,681

     

     

     

    5,905

     

    Costs capitalized to obtain revenue contracts, net

     

    (430

    )

     

     

    (300

    )

     

     

    (1,105

    )

     

     

    (906

    )

    Prepaid expenses and other current assets and other assets

     

    (272

    )

     

     

    (407

    )

     

     

    (1,263

    )

     

     

    (750

    )

    Accounts payable and accrued expenses and other liabilities

     

    32

     

     

     

    172

     

     

     

    (503

    )

     

     

    (1,607

    )

    Operating lease liabilities

     

    (144

    )

     

     

    (139

    )

     

     

    (387

    )

     

     

    (474

    )

    Unearned revenue

     

    (1,761

    )

     

     

    (1,677

    )

     

     

    (5,555

    )

     

     

    (4,816

    )

    Net cash provided by operating activities

     

    1,983

     

     

     

    1,532

     

     

     

    9,122

     

     

     

    6,831

     

    Investing activities:

     

     

     

     

     

     

     

    Business combinations, net of cash acquired

     

    (179

    )

     

     

    (82

    )

     

     

    (517

    )

     

     

    (82

    )

    Purchases of strategic investments

     

    (67

    )

     

     

    (103

    )

     

     

    (374

    )

     

     

    (390

    )

    Sales of strategic investments

     

    13

     

     

     

    80

     

     

     

    118

     

     

     

    102

     

    Purchases of marketable securities

     

    (1,239

    )

     

     

    (661

    )

     

     

    (5,041

    )

     

     

    (2,827

    )

    Sales of marketable securities

     

    554

     

     

     

    315

     

     

     

    3,652

     

     

     

    1,117

     

    Maturities of marketable securities

     

    905

     

     

     

    563

     

     

     

    2,439

     

     

     

    1,810

     

    Capital expenditures

     

    (204

    )

     

     

    (166

    )

     

     

    (504

    )

     

     

    (589

    )

    Net cash used in investing activities

     

    (217

    )

     

     

    (54

    )

     

     

    (227

    )

     

     

    (859

    )

    Financing activities:

     

     

     

     

     

     

     

    Repurchases of common stock

     

    (1,285

    )

     

     

    (1,925

    )

     

     

    (7,753

    )

     

     

    (5,928

    )

    Proceeds from employee stock plans

     

    321

     

     

     

    274

     

     

     

    1,056

     

     

     

    1,085

     

    Principal payments on financing obligations

     

    (100

    )

     

     

    (114

    )

     

     

    (505

    )

     

     

    (506

    )

    Repayments of debt

     

    0

     

     

     

    0

     

     

     

    (1,000

    )

     

     

    (1,182

    )

    Payments of dividends

     

    (382

    )

     

     

    0

     

     

     

    (1,154

    )

     

     

    0

     

    Net cash used in financing activities

     

    (1,446

    )

     

     

    (1,765

    )

     

     

    (9,356

    )

     

     

    (6,531

    )

    Effect of exchange rate changes

     

    (5

    )

     

     

    (32

    )

     

     

    (14

    )

     

     

    (4

    )

    Net increase (decrease) in cash and cash equivalents

     

    315

     

     

     

    (319

    )

     

     

    (475

    )

     

     

    (563

    )

    Cash and cash equivalents, beginning of period

     

    7,682

     

     

     

    6,772

     

     

     

    8,472

     

     

     

    7,016

     

    Cash and cash equivalents, end of period

    $

    7,997

     

     

    $

    6,453

     

     

    $

    7,997

     

     

    $

    6,453

     

    (1) Includes amortization of intangible assets acquired through business combinations, depreciation of fixed assets and amortization and impairment of right-of-use assets.

    Salesforce, Inc.

    Additional Metrics

    (Unaudited)

    Supplemental Revenue Analysis

    Remaining Performance Obligation

    Remaining performance obligation ("RPO") represents contracted revenue that has not yet been recognized, which includes unearned revenue and unbilled amounts that will be recognized as revenue in future periods. RPO is influenced by several factors, including seasonality, the timing of renewals, the timing of term license deliveries, average contract terms and foreign currency exchange rates. Remaining performance obligation is also impacted by acquisitions. Unbilled portions of RPO denominated in foreign currencies are revalued each period based on the period end exchange rates. The portion of RPO that is unbilled is not recorded on the condensed consolidated balance sheets.

    RPO consisted of the following (in billions):

     

    Current

     

    Noncurrent

     

    Total

    As of October 31, 2024

    $

    26.4

     

    $

    26.7

     

    $

    53.1

    As of July 31, 2024

     

    26.5

     

     

     

    27.0

     

     

     

    53.5

     

    As of April 30, 2024

     

    26.4

     

     

     

    27.5

     

     

     

    53.9

     

    As of January 31, 2024

     

    27.6

     

     

     

    29.3

     

     

     

    56.9

     

    As of October 31, 2023

     

    23.9

     

     

     

    24.4

     

     

     

    48.3

     

    Unearned Revenue

    Unearned revenue represents amounts that have been invoiced in advance of revenue recognition and is recognized as revenue when transfer of control to customers has occurred or services have been provided. The change in unearned revenue was as follows (in millions):

     

    Three Months Ended October 31,

     

    Nine Months Ended October 31,

     

    2024

     

    2023

     

    2024

     

    2023

    Unearned revenue, beginning of period

    $

    15,222

     

     

    $

    14,237

     

     

    $

    19,003

     

     

    $

    17,376

     

    Billings and other (1)

     

    7,620

     

     

     

    6,876

     

     

     

    22,158

     

     

     

    20,536

     

    Contribution from contract asset

     

    63

     

     

     

    167

     

     

     

    189

     

     

     

    218

     

    Revenue recognized over time

     

    (9,023

    )

     

     

    (8,249

    )

     

     

    (26,446

    )

     

     

    (24,264

    )

    Revenue recognized at a point in time

     

    (421

    )

     

     

    (471

    )

     

     

    (1,456

    )

     

     

    (1,306

    )

    Unearned revenue from business combinations

     

    11

     

     

     

    4

     

     

     

    24

     

     

     

    4

     

    Unearned revenue, end of period

    $

    13,472

     

     

    $

    12,564

     

     

    $

    13,472

     

     

    $

    12,564

     

    (1) Other includes, for example, the impact of foreign currency translation.

    Disaggregation of Revenue

    Subscription and Support Revenue by the Company's service offerings

    Subscription and support revenues consisted of the following (in millions):

     

    Three Months Ended October 31,

     

    Nine Months Ended October 31,

     

    2024

     

    2023

     

    2024

     

    2023

    Sales

    $

    2,119

     

    $

    1,906

     

    $

    6,188

     

    $

    5,611

    Service

     

    2,288

     

     

     

    2,074

     

     

     

    6,727

     

     

     

    6,087

     

    Platform and Other

     

    1,825

     

     

     

    1,686

     

     

     

    5,329

     

     

     

    4,891

     

    Marketing and Commerce

     

    1,334

     

     

     

    1,230

     

     

     

    3,924

     

     

     

    3,638

     

    Integration and Analytics (1)

     

    1,313

     

     

     

    1,245

     

     

     

    4,060

     

     

     

    3,562

     

     

    $

    8,879

     

     

    $

    8,141

     

     

    $

    26,228

     

     

    $

    23,789

     

    (1) In the fourth quarter of fiscal 2024, the Company renamed the service offering previously referred to as Data to Integration and Analytics, which includes Mulesoft and Tableau.

    Total Revenue by Geographic Locations

    Revenues by geographical region consisted of the following (in millions):

     

    Three Months Ended October 31,

     

    Nine Months Ended October 31,

     

    2024

     

    2023

     

    2024

     

    2023

    Americas

    $

    6,220

     

    $

    5,862

     

    $

    18,483

     

    $

    17,113

    Europe

     

    2,228

     

     

     

    1,998

     

     

     

    6,557

     

     

     

    5,923

     

    Asia Pacific

     

    996

     

     

     

    860

     

     

     

    2,862

     

     

     

    2,534

     

     

    $

    9,444

     

     

    $

    8,720

     

     

    $

    27,902

     

     

    $

    25,570

     

    Constant Currency Growth Rates

    Subscription and support revenues constant currency growth rates by the Company's service offerings were as follows:

     

    Three Months Ended

    October 31, 2024

    Compared to Three Months

    Ended October 31, 2023

     

    Three Months Ended

    July 31, 2024

    Compared to Three Months

    Ended July 31, 2023

     

    Three Months Ended

    October 31, 2023

    Compared to Three Months

    Ended October 31, 2022

    Sales

    11%

     

    10%

     

    10%

    Service

    10%

     

    11%

     

    11%

    Platform and Other

    8%

     

    10%

     

    11%

    Marketing and Commerce

    8%

     

    7%

     

    8%

    Integration and Analytics (1)

    5%

     

    14%

     

    22%

    Total growth

    9%

     

    10%

     

    12%

    (1) In the fourth quarter of fiscal 2024, the Company renamed the service offering previously referred to as Data to Integration and Analytics, which includes Mulesoft and Tableau.

    Revenue constant currency growth rates by geographical region were as follows:

     

    Three Months Ended

    October 31, 2024

    Compared to Three Months

    Ended October 31, 2023

     

    Three Months Ended

    July 31, 2024

    Compared to Three Months

    Ended July 31, 2023

     

    Three Months Ended

    October 31, 2023

    Compared to Three Months

    Ended October 31, 2022

    Americas

    6%

     

    8%

     

    9%

    Europe

    9%

     

    11%

     

    10%

    Asia Pacific

    14%

     

    16%

     

    21%

    Total growth

    8%

     

    9%

     

    10%

    Current remaining performance obligation constant currency growth rates were as follows:

     

    October 31, 2024

    Compared to

    October 31, 2023

     

    July 31, 2024

    Compared to

    July 31, 2023

     

    October 31, 2023

    Compared to

    October 31, 2022

    Total growth

    10%

     

    11%

     

    13%

    Salesforce, Inc.

    GAAP Results Reconciled to Non-GAAP Results

    The following tables reflect selected GAAP results reconciled to Non-GAAP results.

    (in millions, except per share data)

    (Unaudited)

     

     

    Three Months Ended October 31,

     

    Nine Months Ended October 31,

     

    2024

     

    2023

     

    2024

     

    2023

    Non-GAAP income from operations

     

     

     

     

     

     

     

    GAAP income from operations

    $

    1,893

     

     

    $

    1,501

     

     

    $

    5,385

     

     

    $

    3,389

     

    Plus:

     

     

     

     

     

     

     

    Amortization of purchased intangibles (1)

     

    354

     

     

     

    468

     

     

     

    1,269

     

     

     

    1,411

     

    Stock-based compensation expense (2)(3)

     

    820

     

     

     

    693

     

     

     

    2,378

     

     

     

    2,097

     

    Restructuring

     

    56

     

     

     

    55

     

     

     

    163

     

     

     

    815

     

    Non-GAAP income from operations

    $

    3,123

     

     

    $

    2,717

     

     

    $

    9,195

     

     

    $

    7,712

     

    Non-GAAP operating margin as a percentage of revenues

     

     

     

     

     

     

     

    Total revenues

    $

    9,444

     

     

    $

    8,720

     

     

    $

    27,902

     

     

    $

    25,570

     

    GAAP operating margin (4)

     

    20.0

    %

     

     

    17.2

    %

     

     

    19.3

    %

     

     

    13.3

    %

    Non-GAAP operating margin (4)

     

    33.1

    %

     

     

    31.2

    %

     

     

    33.0

    %

     

     

    30.2

    %

    Non-GAAP net income

     

     

     

     

     

     

     

    GAAP net income

    $

    1,527

     

     

    $

    1,224

     

     

    $

    4,489

     

     

    $

    2,690

     

    Plus:

     

     

     

     

     

     

     

    Amortization of purchased intangibles (1)

     

    354

     

     

     

    468

     

     

     

    1,269

     

     

     

    1,411

     

    Stock-based compensation expense (2)(3)

     

    820

     

     

     

    693

     

     

     

    2,378

     

     

     

    2,097

     

    Restructuring

     

    56

     

     

     

    55

     

     

     

    163

     

     

     

    815

     

    Income tax effects and adjustments

     

    (436

    )

     

     

    (372

    )

     

     

    (1,076

    )

     

     

    (1,177

    )

    Non-GAAP net income

    $

    2,321

     

     

    $

    2,068

     

     

    $

    7,223

     

     

    $

    5,836

     

     

     

    Three Months Ended October 31,

     

    Nine Months Ended October 31,

     

    2024

     

    2023

     

    2024

     

    2023

    Non-GAAP diluted net income per share

     

     

     

     

     

     

     

    GAAP diluted net income per share

    $

    1.58

     

     

    $

    1.25

     

     

    $

    4.60

     

     

    $

    2.73

     

    Plus:

     

     

     

     

     

     

     

    Amortization of purchased intangibles (1)

     

    0.37

     

     

     

    0.48

     

     

     

    1.30

     

     

     

    1.43

     

    Stock-based compensation expense (2)(3)

     

    0.85

     

     

     

    0.71

     

     

     

    2.44

     

     

     

    2.13

     

    Restructuring

     

    0.06

     

     

     

    0.06

     

     

     

    0.17

     

     

     

    0.83

     

    Income tax effects and adjustments

     

    (0.45

    )

     

     

    (0.39

    )

     

     

    (1.10

    )

     

     

    (1.19

    )

    Non-GAAP diluted net income per share

    $

    2.41

     

     

    $

    2.11

     

     

    $

    7.41

     

     

    $

    5.93

     

    Shares used in computing non-GAAP diluted net income per share

     

    965

     

     

     

    981

     

     

     

    975

     

     

     

    985

     

     

    (1) Amortization of purchased intangibles was as follows:

     

    Three Months Ended October 31,

     

    Nine Months Ended October 31,

     

    2024

     

    2023

     

    2024

     

    2023

    Cost of revenues

    $

    131

     

     

    $

    245

     

     

    $

    600

     

     

    $

    743

     

    Sales and marketing

     

    223

     

     

     

    223

     

     

     

    669

     

     

     

    668

     

     

    $

    354

     

     

    $

    468

     

     

    $

    1,269

     

     

    $

    1,411

     

     

    (2) Stock-based compensation expense, excluding stock-based compensation expense related to restructuring, was as follows:

     

    Three Months Ended October 31,

     

    Nine Months Ended October 31,

     

    2024

     

    2023

     

    2024

     

    2023

    Cost of revenues

    $

    135

     

     

    $

    109

     

     

    $

    386

     

     

    $

    324

     

    Research and development

     

    278

     

     

     

    238

     

     

     

    814

     

     

     

    735

     

    Sales and marketing

     

    312

     

     

     

    275

     

     

     

    911

     

     

     

    815

     

    General and administrative

     

    95

     

     

     

    71

     

     

     

    267

     

     

     

    223

     

     

    $

    820

     

     

    $

    693

     

     

    $

    2,378

     

     

    $

    2,097

     

     

    (3) Stock-based compensation expense included in the GAAP to non-GAAP reconciliation tables above excludes stock-based compensation expense related to restructuring activities for each of the three months ended October 31, 2024 and 2023 of $0 million and for the nine months ended October 31, 2024 and 2023 of $2 million and $16 million, respectively, which are included in the restructuring line.

     

    (4) GAAP 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 GAAP revenue. Non-GAAP income from operations excludes the impact of the amortization of purchased intangibles, stock-based compensation expense and charges associated with the Company's restructuring activities.

    Salesforce, Inc.

    Computation of Basic and Diluted GAAP and Non-GAAP Net Income Per Share

    (in millions, except per share data)

    (Unaudited)

     

     

    Three Months Ended October 31,

     

    Nine Months Ended October 31,

     

    2024

     

    2023

     

    2024

     

    2023

    GAAP Basic Net Income Per Share

     

     

     

     

     

     

     

    Net income

    $

    1,527

     

    $

    1,224

     

    $

    4,489

     

    $

    2,690

    Basic net income per share

    $

    1.60

     

     

    $

    1.26

     

     

    $

    4.66

     

     

    $

    2.76

     

    Shares used in computing basic net income per share

     

    956

     

     

     

    972

     

     

     

    963

     

     

     

    976

     

     

     

     

     

     

     

     

     

     

    Three Months Ended October 31,

     

    Nine Months Ended October 31,

     

    2024

     

    2023

     

    2024

     

    2023

    Non-GAAP Basic Net Income Per Share

     

     

     

     

     

     

     

    Non-GAAP net income

    $

    2,321

     

     

    $

    2,068

     

     

    $

    7,223

     

     

    $

    5,836

     

    Non-GAAP basic net income per share

    $

    2.43

     

     

    $

    2.13

     

     

    $

    7.50

     

     

    $

    5.98

     

    Shares used in computing non-GAAP basic net income per share

     

    956

     

     

     

    972

     

     

     

    963

     

     

     

    976

     

     

     

     

     

     

     

     

     

     

    Three Months Ended October 31,

     

    Nine Months Ended October 31,

     

    2024

     

    2023

     

    2024

     

    2023

    GAAP Diluted Net Income Per Share

     

     

     

     

     

     

     

    Net income

    $

    1,527

     

     

    $

    1,224

     

     

    $

    4,489

     

     

    $

    2,690

     

    Diluted net income per share

    $

    1.58

     

     

    $

    1.25

     

     

    $

    4.60

     

     

    $

    2.73

     

    Shares used in computing diluted net income per share

     

    965

     

     

     

    981

     

     

     

    975

     

     

     

    985

     

     

     

     

     

     

     

     

     

     

    Three Months Ended October 31,

     

    Nine Months Ended October 31,

     

    2024

     

    2023

     

    2024

     

    2023

    Non-GAAP Diluted Net Income Per Share

     

     

     

     

     

     

     

    Non-GAAP net income

    $

    2,321

     

     

    $

    2,068

     

     

    $

    7,223

     

     

    $

    5,836

     

    Non-GAAP diluted net income per share

    $

    2.41

     

     

    $

    2.11

     

     

    $

    7.41

     

     

    $

    5.92

     

    Shares used in computing non-GAAP diluted net income per share

     

    965

     

     

     

    981

     

     

     

    975

     

     

     

    985

     

    Supplemental Cash Flow Information

    Computation of Free Cash Flow, a Non-GAAP Measure

    (in millions)

    (Unaudited)

     

     

    Three Months Ended October 31,

     

    Nine Months Ended October 31,

     

    2024

     

    2023

     

    2024

     

    2023

    GAAP net cash provided by operating activities

    $

    1,983

     

     

    $

    1,532

     

     

    $

    9,122

     

     

    $

    6,831

     

    Capital expenditures

     

    (204

    )

     

     

    (166

    )

     

     

    (504

    )

     

     

    (589

    )

    Free cash flow

    $

    1,779

     

     

    $

    1,366

     

     

    $

    8,618

     

     

    $

    6,242

     

    Non-GAAP Financial Measures: This press release includes information about non-GAAP operating margin, non-GAAP net income per share, non-GAAP tax rates, free cash flow, constant currency revenue, constant currency subscription and support revenue growth rate 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. generally 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 Company's consolidated financial statements prepared in accordance with GAAP. Management uses both GAAP and non-GAAP measures when planning, monitoring and evaluating the Company's performance.

    The primary purpose of using non-GAAP measures is to provide supplemental information that may prove useful to investors and to enable investors to evaluate the Company's 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 Company's operational performance and allows for meaningful period-to-period comparisons and analysis of trends in the Company's business. Further to the extent that other companies use similar methods in calculating non-GAAP measures, the provision of supplemental non-GAAP information can allow for a comparison of the Company's relative performance against 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 acquisition-related intangibles and charges associated with the Company's restructuring activities. Non-GAAP net income 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 Company's restructuring activities 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 Company's long-term benefit over multiple periods.

    As described above, the Company excludes or adjusts for the following in its non-GAAP results and guidance:

    • Stock-Based Compensation Expense: The Company's compensation strategy includes the use of stock-based compensation expense to attract and retain 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 the cost associated with an acquired company's research and development efforts, trade names, customer lists and customer relationships, and, in some cases, acquired lease intangibles, as items arising from pre-acquisition activities determined at the time of an acquisition. While these intangible assets are continually evaluated for impairment, amortization of the cost of purchased intangibles is a static expense, which is not typically affected by operations during any particular period. Although the Company excludes the amortization of purchased intangibles from these non-GAAP measures, management believes that it is important for investors to understand that such intangible assets were recorded as part of purchase accounting and contribute to revenue generation.
    • Restructuring: Restructuring charges are costs associated with a formal restructuring plan and may include employee notice period costs and severance payments, lease or contract termination costs, asset impairments, accelerated depreciation and amortization and other related expenses. The Company excludes these restructuring charges because they are distinct from ongoing operational costs and it does not believe they are reflective of current and expected future business performance and operating results.
    • Gains (Losses) on Strategic Investments, net: The Company records all fair value adjustments to its equity securities held within the strategic investment portfolio through the statement of operations. As it is not possible to forecast future gains and losses, the Company assumes no change to the value of its strategic investment portfolio in its GAAP and non-GAAP estimates for future periods, including its guidance. Gains (Losses) on Strategic Investments, net, are included in its GAAP financial statements.
    • Income Tax Effects and Adjustments: The Company utilizes a fixed long-term projected non-GAAP tax rate in order to provide better consistency across the interim reporting periods by eliminating the effects of items such as changes in the tax valuation allowance and tax effects of acquisition-related costs, since each of these can vary in size and frequency. When projecting this long-term rate, the Company evaluated a three-year financial projection that excludes the direct impact of the following non-cash items: stock-based compensation expenses and the amortization of purchased intangibles. The projected rate also considers factors including the Company's expected tax structure, its tax positions in various jurisdictions and key legislation in major jurisdictions where the Company operates. For fiscal 2024, the Company used a projected non-GAAP tax rate of 23.5%. For fiscal 2025, the Company uses a projected non-GAAP tax rate of 22.0%, which reflects currently available information, as well as other factors and assumptions. The non-GAAP tax rate could be subject to change for a variety of reasons, including the rapidly evolving global tax environment, significant changes in the Company's geographic earnings mix due to acquisition activity or other changes to the Company's strategy or business operations. The Company will re-evaluate its long-term rate as appropriate.

    The Company presents constant currency information to provide a framework for assessing how the Company's underlying business performed excluding the effect of foreign currency rate fluctuations. To present constant currency revenue growth rates, current and comparative prior period 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 rather than the actual exchange rates in effect during that period. To present current remaining performance obligation growth rates on a constant currency basis, current remaining performance obligation balances in local currencies in previous comparable periods are converted using the United States dollar currency exchange rate as of the most recent balance sheet date.

    The Company defines the non-GAAP measure free cash flow as GAAP net cash provided by operating activities, less capital expenditures.

    View source version on businesswire.com: https://www.businesswire.com/news/home/20241203924824/en/

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