Summary
Salesforce, Inc. (CRM) filed an 8-K on May 29, 2018, primarily to provide its earnings release for the fiscal quarter ended April 30, 2018. The report highlights the adoption of a new accounting standard for revenue recognition, specifically ASC 606, using the full retrospective method. This adoption impacts the presentation of historical financial information, with prior periods adjusted to be consistent with the new standard. Investors should note that the information furnished in this 8-K, including the press release, is not considered 'filed' for certain regulatory purposes and therefore does not subject the company to liabilities under Section 18 of the Exchange Act, nor is it automatically incorporated into other filings unless explicitly stated. The core of this filing is the accompanying press release (Exhibit 99.1), which contains the detailed financial results for the quarter. While the 8-K itself does not provide the numbers, it directs investors to the press release for performance metrics, guidance, and other qualitative information relevant to the company's operational and financial condition. The adoption of ASC 606 is a significant accounting change that investors should review for its impact on reported revenue and related costs.
Key Highlights
- 1The 8-K announces Salesforce's financial results for the fiscal quarter ended April 30, 2018, via an attached press release (Exhibit 99.1).
- 2Salesforce adopted the new revenue recognition standard (ASC 606) effective February 1, 2018.
- 3The company elected to use the full retrospective method for adopting ASC 606, meaning prior periods are restated for comparability.
- 4This accounting change affects the recognition of revenue and costs capitalized to obtain revenue contracts.
- 5The press release serves as the primary source for detailed financial performance metrics and guidance.
- 6Information furnished under Regulation FD is not considered 'filed' for certain legal liabilities (e.g., Section 18 of the Exchange Act).