CRM

June 1, 2018 Summary Earlier this week, Salesforce reported the results of its fiscal Q1. This was another strong quarter, although it is easy to get carried away by the headline hype. The company is on track to achieve its growth goal this year on a currency-adjusted basis. It achieved significant leverage at scale, both…

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Mar. 26, 2018 Summary Salesforce announced last week that it was acquiring MuleSoft at a substantial premium. Some observers felt that the valuation was excessive at more than 16X forward revenues, a new record, apparently for that metric in the enterprise IT space. This article looks at the valuation and why it was justified in the…

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Mar. 26, 2018 Summary Salesforce announced last week that it was acquiring MuleSoft at a substantial premium. Some observers felt that the valuation was excessive at more than 16X forward revenues, a new record, apparently for that metric in the enterprise IT space. This article looks at the valuation and why it was justified in…

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Dec. 1, 2017 Summary Salesforce announced the results of its fiscal Q3 last week. The company achieved strong results, particularly in terms of both bookings and earnings. The company provided somewhat conservative guidance and the shares, after making all-time highs, have retreated a bit. The company continues to be very highly valued in terms of…

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Aug. 25, 2017 Summary Earlier this week, Salesforce reported the results of its fiscal Q2. The quarter was exceptionally strong on the sales front with a beat on headline numbers and a significantly larger beat on bookings. Salesforce’s guidance was muted in the wake of such strong sales performance, but to an extent reflects emerging…

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May 23, 2017 Summary Last week, Salesforce.com reported the results of the company’s fiscal Q1. It is clear that the company continues to achieve its operational goals and has gotten off to an early lead in terms of monetizing its AI platform, Einstein. But the problem is that the company is expected to be executing…

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Mar. 2, 2017 Summary Salesforce reported the results of its fiscal Q4 Tuesday evening. All of the revenue metrics and cash flow showed very strong performance, beating prior forecasts. Profits were ahead of expectations, and cash flow, representing an enormous volume of contract signings, grew by 50%. Partially as a result of the strong volume…

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Dec. 29, 2016 Summary CRM has been one of my less successful calls for the past year and has generated enough negative alpha to last a lifetime. The company’s operating performance has been decent enough for the most part; but not good enough to satisfy investors. The elements that investors want to see in their…

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Nov. 20, 2016 Summary Salesforce reported the results of its fiscal Q3 Thursday evening. The results were marginally above expectations in terms of revenues, more noticeably above expectations in terms of earnings, and the company presented a solid Q4 outlook. I expect, based on conference call commentary, that Q4 results will noticeably over-attain guidance and…

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October 3, 2016 Summary Dreamforce, the annual user conference hosted by Salesforce.com, starts tomorrow in San Francisco. These shows are extravaganzas with live entertainment and rowdy good times, but this year the convention comes at a bit of an epochal point in the history of the company. Shares have declined by 17% since their peak…

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