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Salesforce, Inc. 8-K Report, Financial Results (Feb 28, 2024)

Reports
Earnings & Results·Other Events·Exhibits & Filings
Filing Date
Filed February 28, 2024
Period End
February 28, 2024
Security
CRM
In the record · 2016–202610-K1110-Q328-K144

CRM filed 11 annual reports (10-K), 32 quarterly reports (10-Q) and 144 current reports (8-K) between 2016 and 2026.

  1. Leadership change8-K · Aug ’18Aug ’18
  2. Material agreement8-K · Dec ’20Dec ’20
  3. Restructuring8-K · Jan ’23Jan ’23
  4. Leadership change8-K · Sep ’26Sep ’26

01—Abstract

Summary

Summary of the 8-K filed February 28, 2024. Cited figures are marked; the original filing is the authoritative source.

Salesforce, Inc. (CRM) filed an 8-K on February 28, 2024, reporting its financial results for the fiscal quarter and year ended January 31, 2024.

While the press release detailing the specific financial figures is incorporated by reference, the filing also highlights key capital allocation decisions that are significant for investors. Notably, the company announced a new quarterly cash dividend of $0.40a per share, payable in April 2024, marking a step towards returning capital directly to shareholders.

In addition, Salesforce substantially enhanced its commitment to shareholder returns by increasing its share repurchase program authorization by an additional $10.0 billionb. Coupled with the existing $8.0 billion remaining from the prior authorization as of January 31, 2024, this significantly boosts the capital available for share buybacks, signaling management's confidence and a strategy to manage dilution and enhance shareholder value.

02—Key points

Key Highlights

  1. Announced a quarterly cash dividend of $0.40 per share, payable on April 11, 2024.
  2. Increased the authorized share repurchase program by an additional $10.0 billion.
  3. As of January 31, 2024, approximately $8.0 billion remained available under the existing share repurchase program.
  4. The share repurchase program, initiated in August 2022, has no fixed expiration date.
  5. Repurchases can be executed through various methods including open market and privately negotiated transactions, and under Rule 10b5-1 plans.
  6. The filing incorporates by reference the press release dated February 28, 2024, which contains the detailed financial results for the fiscal quarter and year ended January 31, 2024.

03—Questions

Frequently Asked Questions

  1. What are the key financial results reported?

    The 8-K filing announces that Salesforce issued a press release on February 28, 2024, detailing its financial results for the fiscal quarter and fiscal year ended January 31, 2024. The specific financial figures are provided in the attached press release (Exhibit 99.1), which is incorporated by reference.

  2. What is Salesforce's new capital return policy?

    Salesforce announced two significant capital return initiatives: a new quarterly cash dividend of $0.40 per share, with the first payment expected on April 11, 2024, and a substantial increase in its share repurchase program, adding $10.0 billion to the authorized amount.

  3. How much money is authorized for share repurchases?

    As of January 31, 2024, there was approximately $8.0 billion remaining under the existing share repurchase program. With the announcement on February 28, 2024, an additional $10.0 billion was authorized, bringing the total available for repurchases to approximately $18.0 billion (the original $8.0 billion plus the new $10.0 billion authorization).

  4. When can investors expect to receive the dividend?

    The cash dividend of $0.40 per share is payable on April 11, 2024, to stockholders of record as of the close of business on March 14, 2024.

04—Continue

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