Summary
Salesforce.com, Inc. (CRM) filed an 8-K on February 22, 2006, to report its financial results for the quarter ended January 31, 2006. The filing primarily serves to attach a press release detailing these results, which include both Generally Accepted Accounting Principles (GAAP) and non-GAAP financial measures. Investors should note that the company is providing these non-GAAP figures to offer a clearer view of its operational performance, excluding certain one-time or non-recurring items. The most significant non-GAAP adjustment pertains to a one-time, non-cash income of $285,000 recognized in the first quarter of fiscal 2006 stemming from a lease abandonment liability reduction. Additionally, a $6,769,000 income reversal from a deferred tax valuation allowance in the third quarter of fiscal 2006 is also excluded in the non-GAAP presentation. Management's intent in presenting these adjusted figures is to allow for a better understanding of the underlying business trends.
Key Highlights
- 1Salesforce.com reported its financial results for the quarter ended January 31, 2006, via an 8-K filing.
- 2The company is providing both GAAP and non-GAAP financial metrics to investors.
- 3Non-GAAP measures exclude a $285,000 one-time, non-cash income related to a lease abandonment liability reduction.
- 4Non-GAAP measures also exclude $6,769,000 in income from a deferred tax valuation allowance reversal from a prior quarter (Q3 FY06).
- 5Management aims to provide a clearer view of underlying operational results and performance trends through non-GAAP reporting.
- 6The filing incorporates by reference a press release dated February 22, 2006, containing the detailed financial results.
- 7Information provided in this report is not considered 'filed' for Section 18 of the Exchange Act liabilities.