salesforce investor day presentation 2023

Salesforce Raises FY22 Revenue Guidance; Initiates FY23 Revenue, GAAP Operating Margin, and Non-GAAP Operating Margin Guidance

SAN FRANCISCO--( BUSINESS WIRE )--Salesforce (NYSE: CRM), the global leader in CRM, today announced the following revision to its Fiscal Year 2022 revenue guidance and initiation of Fiscal Year 2023 guidance as of Sept. 23, 2021.

• Raises FY22 revenue guidance to a range of $26.25 billion to $26.35 billion.
• Initiates FY23 revenue guidance of $31.65 billion to $31.80 billion.
• Initiates FY23 GAAP operating margin guidance of 3.0% to 3.5% and non-GAAP operating margin guidance of 20.0%.

Salesforce will hold its annual Investor Day presentation today, Thursday, Sept. 23 beginning at 8:00 am (PT) / 11:00 am (ET). The live broadcast and on-demand replay will be available at www.salesforce.com/investorday2021 and at www.salesforce.com/investor . An investor presentation accompanying the program, including information regarding the Company’s financial performance, guidance, market opportunity, competitive position and economic model, will also be made available at www.salesforce.com/investor at approximately 12:00 p.m. PT on Sept. 23, 2021.

The following is a reconciliation of GAAP operating margin guidance to non-GAAP operating margin guidance for the full year:

(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.

About Salesforce

Salesforce, the global CRM leader, empowers companies of every size and industry to digitally transform and create a 360° view of their customers. For more information about Salesforce (NYSE: CRM), visit: www.salesforce.com .

Salesforce has headquarters in San Francisco, with offices in Europe and Asia, and trades on the New York Stock Exchange under the ticker symbol “CRM.” For more information, please visit https: / www.salesforce.com , or call 1-800-NO- SOFTWARE.

"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, which may include expected GAAP and non-GAAP financial and other operating and non-operating results, including revenue, net income, earnings per share, operating cash flow growth, operating margin, expected revenue growth, expected current remaining performance obligation growth, expected tax rates, stock-based compensation expenses, amortization of purchased intangibles, shares outstanding, market growth, environmental, social and governance goals, expected capital allocation, including mergers and acquisitions, capital expenditures and other investments, and expected contributions from acquired companies. 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 could differ materially from the results expressed or implied by the forward-looking statements it makes.

The risks and uncertainties referred to above include -- but are not limited to -- risks associated with the impact of, and actions we may take in response to, the COVID-19 pandemic, related public health measures and resulting economic downturn and market volatility; our ability to maintain security levels and service performance meeting the expectations of our customers, and the resources and costs required to avoid unanticipated downtime and prevent, detect and remediate performance degradation and security breaches; the expenses associated with our data centers and third-party infrastructure providers; our ability to secure additional data center capacity; our reliance on third-party hardware, software and platform providers; the effect of evolving domestic and foreign government regulations, including those related to the provision of services on the Internet, those related to accessing the Internet, and those addressing data privacy, cross- border data transfers and import and export controls; current and potential litigation involving us or our industry, including litigation involving acquired entities such as Tableau Software, Inc. and Slack Technologies, Inc., and the resolution or settlement thereof; regulatory developments and regulatory investigations involving us or affecting our industry; our ability to successfully introduce new services and product features, including any efforts to expand our services; the success of our strategy of acquiring or making investments in complementary businesses, joint ventures, services, technologies and intellectual property rights; our ability to complete, on a timely basis or at all, announced transactions; our ability to realize the benefits from acquisitions, strategic partnerships, joint ventures and investments, including our July 2021 acquisition of Slack Technologies, Inc., and successfully integrate acquired businesses and technologies; our ability to compete in the markets in which we participate; the success of our business strategy and our plan to build our business, including our strategy to be a leading provider of enterprise cloud computing applications and platforms; our ability to execute our business plans; our ability to continue to grow unearned revenue and remaining performance obligation; the pace of change and innovation in enterprise cloud computing services; the seasonal nature of our sales cycles; our ability to limit customer attrition and costs related to those efforts; the success of our international expansion strategy; the demands on our personnel and infrastructure resulting from significant growth in our customer base and operations, including as a result of acquisitions; our ability to preserve our workplace culture, including as a result of our decisions regarding our current and future office environments or work-from-home policies; our dependency on the development and maintenance of the infrastructure of the Internet; our real estate and office facilities strategy and related costs and uncertainties; fluctuations in, and our ability to predict, our operating results and cash flows; the variability in our results arising from the accounting for term license revenue products; the performance and fair value of our investments in complementary businesses through our strategic investment portfolio; the impact of future gains or losses from our strategic investment portfolio, including gains or losses from overall market conditions that may affect the publicly traded companies within our strategic investment portfolio; our ability to protect our intellectual property rights; our ability to develop our brands; the impact of foreign currency exchange rate and interest rate fluctuations on our results; the valuation of our deferred tax assets and the release of related valuation allowances; the potential availability of additional tax assets in the future; the impact of new accounting pronouncements and tax laws; uncertainties affecting our ability to estimate our tax rate; uncertainties regarding our tax obligations in connection with potential jurisdictional transfers of intellectual property, including the tax rate, the timing of the transfer and the value of such transferred intellectual property; uncertainties regarding the effect of general economic and market conditions; the impact of geopolitical events; uncertainties regarding the impact of expensing stock options and other equity awards; the sufficiency of our capital resources; our ability to comply with our debt covenants and lease obligations; and the impact of climate change, natural disasters and actual or threatened public health emergencies, including the ongoing COVID-19 pandemic.

Further information on these and other factors that could affect the company’s financial results 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 Investor Information section of the company’s website at www.salesforce.com/investor .

Salesforce.com, inc. assumes no obligation and does not intend to update these forward-looking statements, except as required by law.

Evan Goldstein Salesforce Investor Relations 415-819-2987 [email protected]

Carolyn Guss Salesforce Public Relations 415-536-4966 [email protected]

Release Summary

Salesforce Raises FY22 Revenue Guidance

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News & Insights

Salesforce Boosts FY22 Revenue Outlook; Guides FY23 Revenue Above Estimates - Quick Facts

September 23, 2021 — 07:53 am EDT

Written by RTTNews.com for RTTNews  ->

(RTTNews) - Ahead of its annual Investor Day presentation later on Thursday, cloud-based enterprise software marker Salesforce.com Inc (CRM) raised its revenue guidance for the full-year 2022 and initiated revenue guidance for the full-year 2023.

For fiscal 2022, the company raised its revenue guidance to a range of $26.25 billion to $26.35 billion from the prior forecast range of $26.2 billion to $26.3 billion. On average, analysts polled by Thomson Reuters currently estimate revenues of $26.31 billion for the year.

For fiscal 2023, the company now projects revenues in a range of $31.65 billion to $31.80 billion, while the Street is looking for revenues of $31.47 billion.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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A Year of Resilience: Salesforce Ventures Impact Fund in 2023

Takeaways from Salesforce Ventures’ 2023 Stakeholder Impact Report.

The Salesforce Ventures Impact Fund invests in the most innovative enterprise software companies that drive measurable social and environmental impact. Our investment focus extends across five key areas:

• Climate . Companies creating better access to clean energy, improving resource efficiency, and increasing supply chain performance.
• Education and workforce development . Companies enabling equal access to high-quality education and preparing workers for jobs of the future.
• Diversity, equity, and inclusion . Companies promoting equal opportunity and economic empowerment for women and underrepresented groups.
• Digital health . Companies expanding access and increasing quality of care for underserved groups. 
• Social sector technology . Companies amplifying impact for the social sector through technology that increases efficiency and transparency.

We’re proud to support our portfolio with investment, go-to-market advice, Salesforce partnership opportunities, and much more. Collectively, our portfolio companies create widespread positive impact across the communities they serve.

While 2023 featured its fair share of ups and downs, our team is as enthusiastic as ever to back startups and founders developing innovative solutions to confront the most urgent issues facing our world. But before we look ahead, it’s important to reflect on the year we just experienced, and the outputs generated by our portfolio in this year’s Stakeholder Impact Report . 

2023 IN Review

2023 was a challenging year for venture capital. Global deal value for the year was less than 50% of the total from 2021, and sectors prioritized by impact investing were not spared from this downturn. Funding to climate tech decreased by 30% over 2022, while edtech funding fell 72% from the previous year . These tough economic conditions naturally impacted female and minority founders. Women-founded U.S. companies raised $34.4B in 2023 , down from $44.2B in 2022, while black founders saw their allocation of venture dollars decline for the third year in a row .

Despite these macro headwinds and their adverse effect on the impact investment landscape, we saw reasons for optimism within our target sectors. For starters, investors continue to deploy an increasing amount of capital into impact strategies , signaling a long-term belief in the categories we prioritize. While climate tech investing slowed in 2023, CAGR since 2020 is +23%, and 2023 saw a 29% increase in cumulative funding total to climate tech startups. Additionally, the Inflation Reduction and CHIPS Acts began dispersing capital in 2023 , including $3.5B for grid enhancements and $7B for hydrogen fuel hubs. Over 250 clean energy and manufacturing projects have been announced since the Inflation Reduction Act Passed. Salesforce Ventures’ Impact Fund also invested in a number of standout climate tech companies, including Pano and Amini . 

On the edtech side, private market stinginess did not translate to the public markets, where a majority of publicly traded edtech companies beat the S&P 500 in 2023 . The exit market also remained active for edtech companies in 2023, headlined by Goldman Sachs’ $1.7 billion dollar acquisition of Kahoot! . Additionally, there were some positive signals around funding to female founders. Although overall funding to female founders declined compared to the previous year, the share of capital deployed to female founders in 2023 actually increased (22.8% vs. 18.7% in 2022). 

With many indicators pointing towards a market recovery in 2024, we believe now is the time for impact investors to double down on their commitment to founders driving environmental and societal change. The challenges our world faces are only becoming bigger, more dire, and increasingly imminent. We need dedicated capital allocators backing innovators working to foster a more just, equitable, and sustainable world.

Our Impact in 2023

In a year when many founders were forced to do more with less, we’re proud to say our portfolio rose to the occasion. This year’s Stakeholder Impact Report showcases the milestones achieved by companies the Salesforce Ventures’ Impact Fund has invested in. 

In 2023, our climate tech portfolio companies collectively helped 45.8 million people gain access to clean energy and reduced 12.7 million metric tons of CO2 [1] (vs. 2.6 million metric tons in 2022). Our edtech portfolio helped 7.5 million students , 7 million adult learners , and 3.4 million low-income learners gain access to quality education. Additionally, 6.1 individuals received access to financial services and 6.3 million individuals received career support through startups in our portfolio dedicated to financial inclusion. Finally, 35.1 million patients received access to expanded healthcare services via startups in our health tech portfolio.

Overall, the Impact Fund’s portfolio directly served 107.8 million people in 2023 while facilitating $72.8M in grants and donations . By composition, 70% of our portfolio companies have a female or underrepresented minority founder or CEO, and 85% feature board members who are female or underrepresented minorities. 

Since launching the Salesforce Ventures Impact Fund in 2017, we’ve been proud to see the growing influence our portfolio has had fostering positive social and environmental change in the world. The work continues in 2024, and we’ve already hit the ground running. We’ve closed a handful of investments and have seen deal flow increase across all key sectors. We look forward to meeting and supporting more visionary founders in 2024 who are leveraging technology to foster the changes we want to see in the world. 

If you’re a startup building across climate, edtech, health tech, or DEI, we’d love to talk! To get in touch, email us at [email protected]. 

The Year in Photos

[1] This metric is only for U.S. incorporated companies. Underrepresented minority is defined here as those who identify as Black, Indigenous, or LatinX.

Impact Fund

Salesforce Ventures Impact Fund Report: Annual Results and Outlook

Read article.

Q&A with Propel Founder & CEO Jimmy Chen

Exclusive: Zeck, cofounded by Edward Norton, raises $7.5 million to fight the existential dread looming over your board meetings

Edward Norton wants to fix your terrible board meetings. 

So, on a break from filming—he’s playing folk legend Pete Seeger right now—he sat down with Fortune to discuss enterprise software.   

“I’ve seen the absurd dynamics of organizations,” said Norton in an exclusive interview. “Sending you a 90-page PDF, 24 hours before a meeting, and you grind through it bleary. Then, you show up at the meeting only to have the whole thing read back to you verbatim. It’s just bananas, it’s wildly inefficient.”

It’s a problem that Zeck, a board presentation software startup cofounded by Norton , is looking to solve. Norton and his Zeck cofounders, Robert and Jeffrey Wolfe, previously cofounded crowdfunding platform CrowdRise together, selling the company to GoFundMe in 2017. The three started Zeck in 2022, inspired by their own agonizing board meeting experiences. 

Inevitably bucking your movie star expectations, Norton is in the weeds as the company’s chief strategy officer. And, for the last two years, Norton and the Wolfes have been building out Zeck’s product, which distills hundreds of pages of corporate jargon into interactive websites for boards. Zeck has customers, and even has an AI product, but they’ve held off on substantially raising capital—until now. 

Zeck has raised a $7.5 million Series A, led by Salesforce Ventures and including Khosla Ventures, and Breyer Capital. Connecting with Salesforce was ultimately organic, and a byproduct of about a year of conversations, Norton said. 

Rob Keith, Salesforce Ventures partner, says that it was the right time to invest in Zeck.

“The pandemic-driven shift to remote work has amplified board management challenges, creating a ripe market for Zeck’s transformative solutions to become the new standard,” he told Term Sheet via email. “Zeck is poised to redefine how boards operate.”

And Salesforce, known for its warm and sometimes quirky approach to enterprise software, aligns with Zeck’s ethos. 

“It’s ridiculous that in 2024 any company is still communicating to its board through a fixed slide PDF versus a cloud software platform with robust functionality designed for this specific mission,” Norton said. “It’s like using a Stone Age axe instead of steel. And in this sense the Salesforce DNA and our DNA are obviously extremely well-matched.’   

There’s a natural question: Why isn’t this a problem that’s been solved before? The answers are pretty existential. But for Norton, the existentialism of the problem is part of the appeal of solving it—and makes it feel familiar. 

“In one forum talking about what makes board dynamics so negative, I described prepping for board meetings as a ‘punch-yourself-in-the-face experience,’ and that got a big laugh.” Norton told me, referencing one of his most famous scenes in the film ‘Fight Club’. “I do think that the film’s core existential crisis, that ‘this is your life, and it’s ending one minute at a time’ really does apply to the pain point we are trying to solve. Nobody dreams that one day they’ll be a great builder of a board deck. That’s not anybody’s aspirational narrative for their life!” 

In the end, Norton is making an argument that many software founders agree vehemently with—that good software can make people better, and bad software can make people worse, affecting real-life relationships and interactions. And while it’s easy to get lost in the shuffle, the fact remains that we can better optimize how we spend our time, in boardrooms and elsewhere. 

Because this is your life, and it’s ending one minute at a time.

See you tomorrow, 

Allie Garfinkle Twitter: @agarfinks Email: [email protected] Submit a deal for the Term Sheet newsletter here .

Joe Abrams curated the deals section of today’s newsletter.

VENTURE DEALS

- 401Go , a Sandy, Utah-based retirement plan provider for employers, raised $12 million in Series A funding. Next Frontier Ventures led the round and was joined by Rally Ventures and existing investors Impression Ventures and Stout Street Capital .

- Transcripta Bio , a Palo Alto, Calif.-based drug discovery platform that uses AI to discover and predict the effects of new drugs, raised $10 million from existing investors JAZZ Venture Partners , BlueYard Capital , and others. 

- Edia , a New York City-based AI platform designed to help students succeed at math, raised $9.4 million in funding. Felicis led the round and was joined by 8VC , Inspired Capital , Susa Ventures , and angel investors.

- Klineo , a Paris, France-based digital health startup designed to increase quick access to clinical trials, raised €2 million ($2.1 million) in funding from BPI and business angels.

PRIVATE EQUITY

- Apollo (NYSE: APO) agreed to acquire U.S. Silica Holdings (NYSE: SLCA) , a Katy, Texas-based industrial minerals company and a last-mile logistics provider to the oil and gas industry, for approximately $1.9 billion.

- Godspeed Capital Management acquired IDCUS , a Houston, Texas-based professional services consulting firm for public works, transportation, and building facilities. Financial terms were not disclosed. 

- Paystand acquired Teampay , a New York City-based spend management platform. Financial terms were not disclosed. 

FUNDS + FUNDS OF FUNDS

- Apiary Capital , a London, U.K.-based private equity firm, raised £240 million ($299.8 million) for their second fund focused on companies across the Business Services, Financial and Technology Services, Healthcare and Education sectors. 

- Asante Capital Group , a London, U.K.-based private equity placement and advisory group, promoted Laura Leyland to partner. 

- Flourish Ventures , a San Francisco-based venture capital firm, hired Ravi Kaushik as executive director, head of Asia investments. Formerly, he served as the CFO of Agro.Club . 

This is the web version of Term Sheet, a daily newsletter on the biggest deals and dealmakers in venture capital and private equity. Sign up for free.

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