Salesforce.com, inc. (NYSE: CRM) stock fell over 2.4% in the pre-market session of Feb 26th, 2021 (Source: Google finance) post lower than expected fourth quarter of FY 21.
Subscription and support revenues for the quarter were $5.48 billion, which represents an increase of 20% year-over-year. Professional services and other revenues for the quarter were $0.34 billion, which represents an increase of 18% year-over-year.
The Cash generated from operations for the fourth quarter was $2.17 billion, which represents an increase of 33% year-over year. Total cash, cash equivalents and marketable securities ended the fourth quarter 2021 at $11.97 billion. Remaining performance obligation at the end of the fourth quarter was at approximately $36.1 billion, which is an increase of 17% year-over-year. Current remaining performance obligation at the end of the fourth quarter at approximately $18.0 billion, which is an increase of 20% year-over-year, 18% in constant currency.
CRM in the fourth quarter of FY 21 has reported the adjusted earnings per share of $1.04. Mark-to-market accounting of the company’s strategic investments, required by ASU 2016-01, benefited non-GAAP diluted earnings per share by $0.22 based on a non-GAAP tax rate of 22%. The company had reported the adjusted revenue growth of 20 percent to $5.82 billion in the fourth quarter of FY 21. Geographically, the revenue from America grew 18%, the revenue from EMEA grew 24% and the revenue from APAC grew 27% year on year. The company delivered the fourth quarter non-GAAP operating margin of 17.5%.
For the first quarter ending in May, Salesforce.com expects its per-share earnings to range from 88 cents to 89 cents. The company expects revenue to be in the range of $5.88 billion to $5.89 billion for the fiscal first quarter. The analysts surveyed by Zacks had expected revenue of $5.7 billion. Q1 2022 Current Remaining Performance Obligation Growth (Y/Y) is expected to be approximately 19%.
Salesforce.com expects full-year 2022 earnings to be in the range of $3.39 to $3.41 per share, with revenue ranging from $25.65 billion to $25.75 billion. For fiscal 2022, the company expects year on year operating cash flow growth to be in the range of approximately 10% to 11%. The company expects FY22 Non-GAAP Operating Margin Guidance to be of approximately 17.7%.