SAN FRANCISCO--(BUSINESS WIRE)--Dec 3, 2024-- Salesforce (NYSE: CRM), the #1 AI CRM, today announced results for its third quarter fiscal 2025 ended October 31, 2024. Third Quarter Highlights FY25 Guidance Highlights "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 Guidance 5 Full Year FY25 Guidance 5 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: 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 O ctober 31, 2024 C ompared to Three Months E nded October 31, 2023 Three Months Ended J uly 31, 2024 C ompared to Three Months E nded July 31, 2023 Three Months Ended O ctober 31, 2023 C ompared to Three Months E nded 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 O ctober 31, 2024 C ompared to Three Months E nded October 31, 2023 Three Months Ended J uly 31, 2024 C ompared to Three Months E nded July 31, 2023 Three Months Ended O ctober 31, 2023 C ompared to Three Months E nded 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 C ompared to O ctober 31, 2023 July 31, 2024 C ompared to J uly 31, 2023 October 31, 2023 C ompared to O ctober 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: 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/ CONTACT: Mike Spencer Salesforce Investor Relations investor@salesforce.comCarolyn Guss Salesforce Public Relations 415-536-4966 pr@salesforce.com KEYWORD: UNITED STATES NORTH AMERICA CALIFORNIA INDUSTRY KEYWORD: PROFESSIONAL SERVICES BUSINESS TECHNOLOGY SOFTWARE CONSULTING ARTIFICIAL INTELLIGENCE SOURCE: Salesforce Copyright Business Wire 2024. PUB: 12/03/2024 04:01 PM/DISC: 12/03/2024 04:02 PM http://www.businesswire.com/news/home/20241203924824/en
Many in the meme coin market will always remember the exponential expansion DOGE and SHIB saw in 2021. They drew much interest, mostly via social media, celebrity endorsements, and their community-driven character. Investors look for the next great altcoin to replicate these success stories as the cryptocurrency market grows. Elon Musk's Grok AI suggests that the solution might come via a fresh cryptocurrency called Rexas Finance (RXS) . 2021 DOGE and SHIB's Rally Dogecoin's 2021 began with a price of $0.005. Though initially modest, Dogecoin has become a powerful, committed community. Still, in 2021, its value shot skyrocketing. The turning point occurred in May when well-known figures like Elon Musk's sponsorships rapidly sparked curiosity. Reaching an all-time high of $0.73 by the middle of the year, Dogecoin's price indicated an unheard-of rise of around 14,000%. This remarkable success emphasized how social media buzz and community-driven projects shape token values. Starting in January 2021 at less than $0.0000001, Shiba Inu started particularly on services like Twitter. Shiba Inu's explosive ascent was driven primarily by its meme appeal and great community support. Rising to an all-time high of $0.000088 by May, the coin saw an amazing rise of almost 88,000,000% from its starting value. Social media trends and community involvement drove the frenzy over Shiba Inu, proving the ability of meme coins to create enormous value in a brief period. Rexas Finance (RXS): The Meme Coin to Track Next? Elon's Grok AI claims that a new altcoin called Rexas Finance (RXS) could copy the rallies of Shiba Inu and Dogecoin. At Stage 11 of its presale, Rexas Finance was priced at $0.175. It has already shown strong market interest and sold 380,889,281 tokens, raising $33,281,023. Rising by 483% from its initial presale price of $0.03, the token's quick appreciation suggests notable investor trust in its core value proposition. Rexas Finance distinguishes itself from conventional meme coins by focusing on real-world asset (RWA) tokenization. While Shiba Inu and Dogecoin depend on community involvement and buzz, Rexas Finance uses its technology to streamline asset management and investment. By allowing the tokenization of goods, including real estate, art, and commodities, Rexas Finance converts conventional investment choices into easily available and flexible digital assets. Unlike the speculative attraction of other meme coins, this strategy gives the blockchain sector actual value and closes a large market gap. GrokAI’s Prediction for Rexas Finance: A 40,000% Price Surge by 2025 According to Elon's Grok AI estimates, by early 2025, Rexas Finance (RXS) would see a 40,000% price increase. Should this prediction come true, the token might hit $70, among the most amazing crypto success stories ever recorded. This forecast's justification is complex. First, Rexas Finance stands to gain from the increasing need in the blockchain environment for actual asset management solutions. Traditional finance is still reluctant to interact with digital assets completely; hence, new technologies like those presented by Rexas Finance have great potential. Rexas Finance has a special advantage over other tokens since it offers a platform that democratizes investing possibilities and simplifies asset tokenizing. Second, Rexas Finance's future expansion finds a strong basis thanks to its community-driven approach and smart presale operations. Using public presales instead of depending on venture financing has helped the platform build confidence and responsibility among its users. Furthermore, the Certik audit and other quality guarantees Rexas Finance has conducted guarantee high levels of safety and openness, essential in fostering investor confidence. Finally, the case of Rexas Finance goes beyond simple speculation. The technology opens new investing opportunities by allowing the tokenization of actual assets with ease not possible through other techniques. This useful application reflects the causes of the explosive expansion seen with Dogecoin and Shiba Inu: community involvement mixed with creative use cases attracting general attention. Conclusion As the crypto industry develops and welcomes new technology, Rexas Finance, Dogecoin, and Shiba Inu might be the next great performer. Rexas Finance is positioned to create history in the next few years with solid foundations, a clear mission, and an involved community. For more information about Rexas Finance (RXS) visit the links below: Website: https://rexas.com Win $1 Million Giveaway: https://bit.ly/Rexas1M Whitepaper: https://rexas.com/rexas-whitepaper.pdf Twitter/X: https://x.com/rexasfinance Telegram: https://t.me/rexasfinance Join our WhatsApp Channel to get the latest news, exclusives and videos on WhatsApp _____________ Disclaimer: Analytics Insight does not provide financial advice or guidance. Also note that the cryptocurrencies mentioned/listed on the website could potentially be scams, i.e. designed to induce you to invest financial resources that may be lost forever and not be recoverable once investments are made. You are responsible for conducting your own research (DYOR) before making any investments. Read more here.
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ASI suspendedA new study by the firm Kickresume surveyed 1,250 random U.S. LinkedIn profiles to find out how many U.S. citizens would rather switch companies or wait for promotion. The method of randomised sampling has not been specified. However, the study found out that 58 percent of people are more likely to change jobs than to wait for promotion. This issue of deciding between switching companies or pursuing a promotion is something that many people have considered throughout their careers . How likely is an internal promotion? Kickresume found that only 17 percent of people were promoted by their current employer in the last 5 years. With others, over half (58 percent) switched employers to pursue new roles in the same timeframe. Out of those who got promoted, they spent an average time of two years and 4 months waiting for their next step on the career ladder. Those who switched employers did so an average of 3.7 times in a five year period, which equates to once every 1 year and 5 months. While a possible path to success, this represents a frequent number of job changes and could signal a commitment problem to prospective employers. The survey also found a degree of fluidity in the employment area with 65 percent of workers ending up changing roles, whether through an internal promotion or switching to another company. Stay or leave? Kickresume found that there was a significant difference in the amount of people who were promoted compared to those who changed employers instead. The data shows that changing jobs is the more likely career decision across all U.S. regions. Martin Poduška at Kickresume has told Digital Journal: “There have always been two paths to progress in a career—you either get promoted or start looking for a new job. However, our new survey suggests that for workers in today’s United States, only one of those paths seems to remain open. Promotions are rarer than people think.” This is due to: “Factors such as at-will employment, the structure of the corporate ladder, and recent economic hiccups all contribute to the trend of increased job switching. It has proven to be easier than to wait for a promotion and offers greater opportunities for growth, at least speaking in the context of the USA.” He adds some advice for those caught in the middle: If the promotion’s out of your reach, switching jobs may be the best way to progress in your career. However, it’s always wise to discuss potential advancements with the manager or HR before making the big decision.” The Midwest has the highest number of people who were promoted 27 percent of citizens located in the Midwest earned a promotion in the past 5 years, which is the highest percentage out of all the US regions. The Midwest was followed closely by both the South and West, in both US regions, 26 percent of people earned a promotion in the past 5 years. In last place is the Northeast, with just 24 percent of Americans that received a promotion. Dr. Tim Sandle is Digital Journal's Editor-at-Large for science news.Tim specializes in science, technology, environmental, business, and health journalism. He is additionally a practising microbiologist; and an author. He is also interested in history, politics and current affairs.
Ruben Amorim warned “the storm will come” eventually as Manchester United’s head coach tried to temper expectations ahead of the trip to Arsenal. The 39-year-old has been a breath of fresh air since succeeding Erik ten Hag, with his personality and approach, coupled with promising early performances, bringing hope back to Old Trafford. Amorim has been touched by his warm welcome but repeatedly urged fans to avoid jumping the gun, having followed a draw at Ipswich with home wins against Bodo/Glimt and Everton. Wednesday’s trip to Arsenal is comfortably his biggest challenge yet and victory would see United move within three points of the Premier League title contenders. Put to Amorim it will be hard to manage expectations if they won in the capital, the head coach said: “I would like to say different things, but I have to say it again: the storm will come. “I don’t know if you use that expression, but we are going to have difficult moments and we will be found out in some games. “And I know that because I’m knowing my players and I know football and I follow football, so I understand the difference between the teams. “We are in the point in that we are putting simple things in the team, without training, and you feel it in this game against Everton, they change a little bit the way they were building up. “They are very good team, and we were with a lot of problems because we cannot change it by calling one thing to the captain. A midweek trip to the capital awaits 🚆 #MUFC || #PL pic.twitter.com/1e6VrILJW3 — Manchester United (@ManUtd) December 3, 2024 “So, we don’t have this training, so let’s focus on each game, on the performance, what we have to improve, trying to win games. And that is the focus. “I know it’s really hard to be a Manchester United coach and say these things in press conferences. We want to win all the time. No matter what. “We are going to try to win, but we know that we are in a different point if you compare to Arsenal. “So, it is what it is and we will try to win it and we go with confidence to win, but we know that we need to play very well to win the next football match.” The trip to Arsenal is the second of nine December matches for United, who are looking to avoid suffering four straight league defeats to the Gunners for the first time. The Red Devils have not won a Premier League match at the Emirates Stadium since 2017, but Amorim knows a thing or two about frustrating Mikel Arteta’s men. Arsenal thrashed Sporting Lisbon 5-1 in the Champions League last week, but in 2022-23 he led the Portuguese side to a Europa League last-16 penalty triumph after a 1-1 draw in London made it 3-3 on aggregate. “Arsenal this year, they play a little bit different,” Amorim said. “They are more fluid. “For example, two years ago when we faced them with Sporting, you knew how to press because you can understand better the structure. “Now it’s more fluid with (Riccardo) Calafiori and (Jurrien) Timber in different sides. One coming inside, the other going outside. Also (Martin) Odegaard changed the team, and you can feel it during this season. “So, you can take something from that game, especially because I know so well the opponent so you can understand the weakness of that team. “But every game is different, so you take something, but you already know that you are going to face a very good team.” This hectic winter schedule means Amorim sidestepped talk of January transfer business ahead of facing Arsenal, although he was more forthcoming on Amad Diallo’s future. The 22-year-old, who put in a man of the match display in Sunday’s 4-0 win against Everton, is out of contract at the end of the season, although the club holds an option to extend by a year. Diallo has repeatedly spoken of his desire to stay at United and it has been reported an agreement is close. Amorim said: “I think he wants to stay, and we want him to stay. So that is clear and we will find a solution.” We do not moderate comments, but we expect readers to adhere to certain rules in the interests of open and accountable debate.
BOSTON , Dec. 13, 2024 /PRNewswire/ -- The Board of Directors (the "Board") of The China Fund, Inc. (the "Fund") has declared a distribution in the amount of $0.1497 per share. The distribution is comprised entirely of ordinary income. The dividend will be payable on January 10, 2025 , to stockholders of record on December 30, 2024 , with an ex-dividend date of December 30, 2024 . The Fund has a Dividend Reinvestment and Cash Purchase Plan (the "Plan") in which each stockholder automatically participates, unless the stockholder instructs Computershare Trust Company, N.A. (the "Plan Agent"), in writing, to have all distributions, net of any applicable U.S. withholding tax, paid in cash. If the Fund's shares are trading at a premium to the net asset value ("NAV") per share of the Fund on the distribution payment date, the Plan provides that stockholders will be issued Fund shares valued at NAV. If the Fund's shares are trading at a discount to the NAV per share, stockholders will be issued shares of the Fund valued at market price. Stockholders will not be charged a fee in connection with the reinvestment of dividends or capital gains distributions. A stockholder may terminate his or her participation in the Plan by notifying the Plan Agent in writing at the address below. Stockholders who have questions regarding the distribution may contact EQ Fund Solutions, LLC at 1-888-CHN-CALL (246-2255). The Fund is a closed-end management investment company with the objective of seeking long-term capital appreciation by investing primarily in equity securities (i) of companies for which the principal securities trading market is in the People's Republic of China (" China "), or (ii) of companies for which the principal securities trading market is outside of China , or constituting direct equity investments in companies organized outside of China , that in both cases derive at least 50% of their revenues from goods and services sold or produced, or have at least 50% of their assets, in China . While the Fund is permitted to invest in direct equity investments of companies organized in China , it presently holds no such investments. The Fund's shares are listed on the New York Stock Exchange under the ticker symbol "CHN." The Fund's investment manager is Matthews International Capital Management, LLC. For more information regarding the Fund and the Fund's holdings, please call 1-888-CHN-CALL (246-2255) or visit the Fund's website at www.chinafundinc.com . For more information about the Plan or to terminate your participation in the Plan, please contact Computershare Trust Company, N.A. at c/o The China Fund, Inc. at P.O. Box 43078, Providence, Rhode Island 02940-3078, by telephone at 1-800-426-5523 or via the Internet at www.computershare.com/investor . View original content: https://www.prnewswire.com/news-releases/the-china-fund-inc-declares-distributions-302331625.html SOURCE The China Fund, Inc.Week 17 NFL playoff picture: Vikings win sets up clash with Lions for NFC No. 1 seed
BEIJING , Dec. 30, 2024 /PRNewswire/ — A report from People’s Daily: According to the Chinese Confucian classic The Book of Rites , “All living things should flourish without harming each other; all ways of life should thrive without hindering each other.” Chinese President Xi Jinping quoted this ancient Chinese saying when meeting foreign guests attending the China International Friendship Conference and conference marking the 70th anniversary of the Chinese People’s Association for Friendship with Foreign Countries in October this year. He explained that harmony in diversity is the law governing the occurrence and development of all things, as well as the law guiding the spread and advancement of human civilization. A civilization can flourish only through exchanges and mutual learning with other civilizations, which are key driving forces for the progress of human civilization and world peace and development, noted Xi. Chinese civilization, as an inclusive and integrated whole, has become what it is today through constant interactions with other civilizations. Distinguished by its inclusiveness, it emphasizes the beauty of diversity and the harmonious coexistence among all civilizations; appreciates different civilizations for their unique beauty; and remains committed to openness and inclusiveness, exchanges and mutual learning. Rather than replacing diverse cultures with a single monoculture, Chinese civilization endeavors to integrate various cultures into a shared tapestry, resolving conflicts and forging consensus. The inclusiveness of Chinese civilization defines the open-mindedness of Chinese culture to embrace and draw on other cultures. Drawing on the values of fine traditional Chinese culture, China upholds the principles of equality, mutual learning, dialogue and inclusiveness among civilizations. It has proposed and implemented the Global Civilizations Initiative (GCI), striving to paint a grand picture of civilization that promotes the building of a community with a shared future for mankind. Head-of-state diplomacy in 2024 Throughout the year 2024, the efforts to uphold openness and inclusiveness and promote mutual learning among civilizations have been a consistent theme of China’s head-of-state diplomacy. During his state visit to France , Xi communicated with French President Emmanuel Macron at Col du Tourmalet, contemplating the ways for different civilizations to coexist in harmony without seeking uniformity. In his keynote speech at the opening ceremony of the 10th ministerial conference of the China-Arab States Cooperation Forum, he said that China will work with the Arab side in the spirit of inclusiveness and mutual learning to make their relations a paradigm of harmonious coexistence between civilizations. At the opening ceremony of the 2024 Beijing Summit of the Forum on China-Africa Cooperation, he called for joint efforts to advance modernization featuring diversity and inclusiveness, and unveiled ten partnership actions for modernization to deepen China – Africa cooperation, of which the Partnership Action for Mutual Learning among Civilizations was in the first place. At the 16th BRICS Summit in Kazan, Russia , he called on BRICS members to build a BRICS committed to closer people-to-people exchanges, and act as advocates for harmonious coexistence among all civilizations, so that their diverse cultures can inspire one another and illuminate the path forward for BRICS. During talks with Peruvian President Dina Boluarte , he urged the two countries to shoulder the responsibility of the times of mutual learning among civilizations, advocate strengthening international dialogue among civilizations, and explore the establishment of a global network for dialogue and cooperation among civilizations. From bilateral to multilateral occasions, and from regional to global issues, Xi has been committed to promoting exchanges and mutual learning among civilizations, striving to foster mutual understanding and mutual trust among countries worldwide. As the future of all countries is closely connected, tolerance, coexistence, exchanges and mutual learning among different civilizations play an irreplaceable role in advancing humanity’s modernization process and making the garden of world civilizations flourish. “We should be advocates for exchanges among civilizations. We should enhance communication and dialogue, and support each other in taking the path to modernization suited to our respective national conditions,” Xi said at the “BRICS Plus” Leaders’ Dialogue. Tangible actions to implement Global Civilizations Initiative This year, China continues to implement the GCI and promote exchanges and mutual learning among different civilizations with concrete actions. The GCI has been incorporated into its bilateral cooperation agreements with more than 30 countries. China has hosted a range of cultural exchange activities such as the opening ceremonies of the Kazakhstan tourism year in China in 2024 and the China-Russia Years of Culture. An exhibition of “Great Ancient Civilizations: China and the Tawantinsuyo in Peru ” was jointly held by the two countries in Peru . Besides, China and Greece have co-organized the inaugural World Conference of Classics and established the Chinese School of Classical Studies in Athens , creating a new platform of civilizational exchange and mutual learning between China , Greece , and other nations around the world. The 78th session of the UN General Assembly unanimously adopted a resolution proposed by China to establish the International Day for Dialogue among Civilizations, which fully indicates global recognition and support for the GCI and its core principles. Joint pursuit of modernization Chinese modernization is deeply rooted in fine traditional Chinese culture and draws inspiration from all of human civilization’s outstanding achievements. It has created a new model for human advancement, providing an important reference for other developing countries as they explore a path to modernization suitable to their national conditions. China is working with Africa to build a platform for governance experience sharing, a China – Africa knowledge network for development, and 25 centers on China and Africa studies. It is ready to make better use of Africa’s leadership academies to cultivate talents for governance, and invite 1,000 members of African political parties to China to deepen exchanges of experience in party and state governance. It will also coordinate with others to form a Global South Think Tanks Alliance to promote people-to-people exchanges and experience-sharing in governance. These efforts demonstrate that China champions mutual respect, inclusiveness and coexistence of different civilizations in its modernization drive, striving for more fruitful outcomes under the GCI. To meet common challenges and create a better future for all, the world looks to civilization to play its role. China stands ready to work with all countries to implement the GCI, uphold the principles of equality, mutual learning, dialogue and inclusiveness among civilizations, and let cultural exchanges transcend estrangement, mutual learning transcend clashes, so as to advance the building of a community with a shared future for mankind. View original content: https://www.prnewswire.com/apac/news-releases/china-strives-for-exchanges-mutual-learning-among-civilizations-302340040.html SOURCE People’s Daily