Salisbury Bancorp Inc CRM
Q1 2014 Earnings Call Transcript

Transcript Call Date 05/23/2013

Operator: Good afternoon. My name is Shinel, and I will be your conference operator today. At this time, I would like to welcome everyone to the Fiscal First Quarter Results Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question-and-answer session.

I will now turn the call over to John Cummings, Director of Investor Relations.

John Cummings - Senior Director, IR: Thank you Shinel, and good afternoon, everyone and thank you for joining us today to discuss our fiscal first quarter 2014 results. Access to the first quarter results press release, our SEC filings, and a webcast replay of today's call can be found on our Investor Relations website at And as a reminder, we'll also be posting the highlights of our call on Twitter at the handle @Salesforce_IR.

With me today to discuss our Q1 results are Marc Benioff, Chief Executive Officer; and Graham Smith, Chief Financial Officer. Marc and Graham will open with a few prepared remarks and then we'll turn the call over to answer questions.

Please note that our commentary today will primarily be in non-GAAP terms. Reconciliations between GAAP and non-GAAP metrics for both reported results and our forward guidance can be found in our earnings press release issued an hour ago. In addition, we may offer incremental metrics to provide greater insight into our business or our quarterly results. Please be advised that the additional detail may be one-time in nature and may or may not be provided in the future. It's also possible we may reference certain unreleased services or features not yet available, because we cannot guarantee the future timing or availability of these services or features. We recommend customers listening today make their purchase decisions based on services and features that are currently available.

The primary purpose of today's call is to provide you with information regarding our fiscal first quarter 2014 performance. Some of our discussion and responses to your questions may contain forward-looking statements, which are subject to risks, uncertainties and assumptions. Should any of these risks or uncertainties materialize or should our assumptions prove to be incorrect, actual Company results may or could differ materially from these forward-looking statements. All these risks, uncertainties, and assumptions, as well as other information on potential risk factors that could affect our financial results are included in our forms filed with the SEC, including our most recent report on Form 10-K, particularly under the heading, 'Risk Factors.'

So, with that, let me turn the call over to Marc.

Marc Benioff - Chairman and CEO: Hey, thanks John, and I am thrilled to kick off our fiscal 2014 with yet another great quarter at Revenue for the first quarter rose 28% from a year ago to more than $890 million and in constant currency revenue grew faster at 30%. Operating cash flow exceeded $280 million for the quarter, also an increase of more than 30% year-over-year and deferred revenue grew to more than $1.7 billion, also up 30%.

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