Salesforce.com Inc.

We expect Salesforce.com to grow its revenues near 23% year over year in fiscal 2022 to around $26 billion with robust growth across its platform cloud, marketing and commerce cloud, and service cloud offsetting slower growth in the maturing sales cloud. Based on its remaining performance obligation (RPO) of nearly $35 billion, we believe the company can grow nearly 20% in fiscal 2023 to over $31 billion in revenues and continue to generate above-industry-average growth over the longer term through share gains. We believe the strong fundamentals in its core CRM offering coupled with complementary product offerings, such as Tableau analytics, Mulesoft API, and Slack collaboration tools, will keep retention rates high while fueling new bookings across its enterprise customer

...The recent upgrade to 'A+' reflects Salesforce.com's growing scale as it continues to outgrow the overall software market. Salesforce.com grew its revenues 23% year over year to $22.4 billion for the latest-12-months ended April 30, 2021, despite the COVID-19 pandemic and has roughly doubled its revenues over the past three years, primarily through organic growth. Given its highly recurring revenue base, we believe management's goal of reaching $50 billion in revenues by fiscal 2026 is achievable. with subscription revenues representing more than 90% of total revenues, continuing share gains across its core customer relationship management (CRM) offerings which we view as mission critical, and ongoing digital transformation which should accelerate the adoption of software-as-a-service (SaaS) offerings by enterprises, This would position Salesforce.com as one of the largest pure software providers globally. We expect Salesforce.com to grow its revenues near 23% year over year in fiscal 2022...

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