, inc. (NYSE:CRM) Q3 2020 Earnings Conference Call - Final Transcript

Dec 03, 2019 • 05:00 pm ET

Previous, inc. (NYSE:CRM) Q3 2020 Earnings Conference Call - Final Transcript


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Ladies and gentlemen, thank you for standing by and welcome to the Fiscal Third Quarter Earnings Conference Call. At this time, all participants are in a listen-only mode.

After the speakers' presentation, there will be a question-and-answer session. [Operator Instructions]

Please be advised that today's conference is being recorded.

[Operator Instructions]

And without further delay, I would like to hand over the conference to Mr. John Cummings, Senior Vice President of Investor Relations. Sir, please go ahead.

John Cummings

Thanks so much, Ian. Good afternoon everyone and thanks for joining us for our fiscal 2020 Third Quarter 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 is Marc Benioff, Chairman and Co-CEO; Keith Block, Co-CEO; Mark Hawkins, President and CFO; Bret Taylor, President and Chief Product Officer and; Amy Weaver, President, Legal and Corporate Affairs. As a reminder, our commentary today will primarily be in non-GAAP terms. Reconciliations between our GAAP and non-GAAP results and guidance can be found in our 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.

And with that let me turn the call over to Marc Benioff.

Marc Benioff

Very good. Thanks, everyone, and good afternoon and thank you for joining us for our fiscal 2020 third quarter results conference call. I am delighted to be with you. And thanks, John. John is with Keith Block and they are in Phoenix and we are here in San Francisco at the top of Salesforce Tower. It's been just two weeks since I saw most of your Dreamforce and I hope you've all had in amazing time. I'm thrilled to share that our Q3 results were outstanding. Revenue rose to $4.5 billion, up 34% in constant currency.

We ended the quarter with more than $25.9 billion in total remaining performance obligation, up 22% versus last year. As we announced a couple of weeks ago, we've raised our full-year fiscal year revenue guidance to $17 billion, at the high end of the range. That represents 28% growth for the year. We also initiated fiscal year '21 revenue guidance of $20.9 billion, at the high end of the range or approximately 23% growth for the year.

What's more significant an extremely exciting to me is that we are also intending to double the company by fiscal year '24 with a revenue target of $34 billion to $35 billion, making us the fastest enterprise software company to reach that milestone. It's really incredible and it's really exciting for all of our Ohana. And as we continue to deliver a