, inc. (NYSE:CRM) Q1 2020 Earnings Conference Call - Final Transcript

Jun 04, 2019 • 05:00 pm ET

Previous, inc. (NYSE:CRM) Q1 2020 Earnings Conference Call - Final Transcript


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Good day, ladies and gentlemen, and thank you for standing by. Welcome to the Salesforce Q1 Fiscal Year Earnings Conference Call. At this time, all participants are in a listen-only mode. Following management's prepared remarks, we will host a question/answer session, and our instructions will be given at that time. (Operator Instructions) As a reminder, this conference call is being recorded for replay purposes.

It is now my pleasure to hand the conference over to Mr. John Cummings, Senior Vice President, Investor Relations. Sir, you may begin.

John Cummings

Thanks so much, Brian. Good afternoon, everyone, and thank you for joining us for our fiscal first quarter 2020 results conference call. Our results, press release, SEC filings and a replay of today's call can be found on our IR website at

With me on the call today are Marc Benioff, Chairman and Co-CEO; Keith Block, Co-CEO; Mark Hawkins, President and CFO; and Bret Taylor, President and Chief Product Officer.

As a reminder, our commentary today will primarily be in non-GAAP terms. Reconciliations between our GAAP and non-GAAP results contained in the earnings press release.

Some of our comments today may contain forward-looking statements, which are subject to risks, uncertainties and assumptions. Should any of these materialize or should our assumptions prove to be incorrect, actual company results could differ materially from these forward-looking statements. A description of these risks, uncertainties and assumptions and other factors that could affect our financial results are included in our SEC filings, including our most recent report on Form 10-Q.

With that, let me hand it over to you, Marc.

Marc Benioff

Okay. Hey. Thanks so much, John, and thank you everyone for being on the call today. I am sorry, I am a little bit late here. I was working on Kramer and that will be on in 45 minutes. So let me just say, first of all, we are just happy to share that revenue in the quarter rose to more than $3.7 billion, up 24% in dollars and 26% in constant currency. And, in Q1, we delivered nearly $2 billion in operating cash flow, up 34% year-over-year. I just want to congratulate our entire team for these cash flow numbers, because they are just phenomenal.

For fiscal year 2020, we're guiding to $16.25 billion at the high-end of the range, representing 22% projected growth year-over-year and that's up $200 million from 90 days ago, when we had our Q4 earnings call. No other enterprise software company of our size and scale is growing at this rate.

Just last month, IDC worldwide software tracker ranked Salesforce the number one CRM for the sixth year in a row and I'll tell you that is more important than ever, especially so many of our customers are going through these tremendous digital transformations and we all know every digital transformation begins and ends with the customer.

And when I'm looking at CEOs all over the world, this is really front and center in their mind, it's probably is exciting to