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SALESFORCE COM INC (CRM)
10-K
Annual report pursuant to section 13 and 15(d)
Filed on 02/29/2008
Filed Period 01/31/2008

Table of contents

  • Page 1
    SALESFORCE COM INC (CRM) 10-K Annual report pursuant to section 13 and 15(d) Filed on 02/29/2008 Filed Period 01/31/2008

  • Page 2
    ... Market, Suite 300 San Francisco, California 94105 (Address of principal executive offices) Telephone Number (415) 901-7000 (Registrant's telephone number, including area code) Securities registered pursuant to Section 12(b) of the Act: Title of each class Common Stock, par value $0.001 per share...

  • Page 3
    ...with Accountants on Accounting and Financial Disclosure Controls and Procedures Other Information PART III Item 10. Directors, Executive Officers of the Registrant and Corporate Governance Matters Item 11. Executive Compensation Item 12. Security Ownership of Certain Beneficial Owners and Management...

  • Page 4
    ... offices are located in San Francisco, California and our principal website address is www.salesforce.com. Our office address is The Landmark @ One Market, Suite 300, San Francisco, California 94105. We designed and developed our hosted CRM service to be an easy-to-use and intuitive application...

  • Page 5
    ... of deployment, low user adoption rates, lack of ubiquitous access, high total cost of ownership and a relatively low return on investment. In an attempt to address these challenges, many enterprise software application vendors adapted their products to be accessible over the Internet. However...

  • Page 6
    ... manage, analyze and share information regarding their sales, customer service and support, and marketing operations. Our on-demand technology platform, Force.com, which was introduced in 2007, allows customers and partners to customize and integrate Salesforce CRM applications or build entirely new...

  • Page 7
    ... tools and features recognizable to users of popular websites such as those of Amazon.com, eBay, and Yahoo!, it has a more familiar interface than typical CRM enterprise applications. As a result, our users do not require substantial training on how to use and benefit from our service. We conduct...

  • Page 8
    ... will find more uses for our service and therefore purchase additional subscriptions, continue to renew their existing subscriptions, and upgrade to more fully featured versions such as our Unlimited Edition. Encourage the development of third-party applications on our Force.com platform. Our Force...

  • Page 9
    ... contact center to support a wide range of customer interactions that occur through voice, chat, email, and in-person interactions. • • • As of January 31, 2008, we offered six principal editions of our service for a fee: Group Edition, Professional Edition, Enterprise Edition, Unlimited...

  • Page 10
    ... reports. It does not include the more advanced customer service and support or marketing automation features such as: campaigns, forecasts, leads, solutions, online case capture, self-service portal, notes and attachments, Offline Edition, and mass email capabilities. Using the Force.com platform...

  • Page 11
    ... a development environment for building and testing integrations and internally built applications. Additionally, customers may use Salesforce Sandbox as an exact replica of their production salesforce systems for employee-training purposes. Customers of Professional Edition and Enterprise Edition...

  • Page 12
    ... services to our customers. Training We offer a number of traditional classroom and online educational classes that address topics such as implementing, using and administering our service. We also offer classes for our partners who implement our service on behalf of our customers. We bill...

  • Page 13
    ...we dynamically tune the database based upon specific attributes of the user, the data model, the data security layer and the specific customizations to each report or dashboard. We have built a service-oriented architecture, or SOA, which allows our service to be addressable by other applications on...

  • Page 14
    ... to maintain multiple versions of our application and are able to maintain relatively low research and development expenses as compared to enterprise software vendors. Operations As of January 31, 2008, we serve our customers and users from a single, third-party Web hosting facility located on the...

  • Page 15
    ... traffic to our Web properties web site development to engage and educate prospects and generate interest through product information and demonstrations, free trials, case studies, white papers, and marketing collateral email, direct mail, and phone campaigns to capture leads that can be funneled...

  • Page 16
    ... or issues with our service. The support program includes email support, an online repository of helpful information about our service, shared best practices for implementation and use, and telephone support. Telephone support is provided by internal and third party technical support specialists on...

  • Page 17
    Table of Contents performance, security, scalability, flexibility and reliability of the service; ease of integration with existing applications; quality of customer support; availability and quality of implementation, consulting and training services; vendor reputation; product adoption; sales...

  • Page 18
    ... filings, free of charge from our Web site at http://www.salesforce.com/company/sec-filings.jsp as soon as reasonably practicable following our filing of any of these reports with the SEC. You can also obtain copies free of charge by contacting our Investor Relations department at the office address...

  • Page 19
    ...be difficult to replace or which could cause errors or failures of our service. We rely on computer hardware purchased or leased and software licensed from third parties in order to offer our service, including database software from Oracle Corporation. This hardware and software may not continue 16

  • Page 20
    ... market acceptance of our service include reluctance by enterprises to migrate to an on-demand application service; a limited number of service offerings and risks associated with developing new service offerings; the price and performance of our service; the level of customization we can offer...

  • Page 21
    ... as from enterprise software vendors and online service providers who may develop and/or bundle CRM products with their products in the future. For small business customers, we also face competition from companies whose offering is based on Microsoft Outlook and Excel for limited contact management...

  • Page 22
    ...in our pricing policies whether initiated by us or as a result of intense competition; the cost, timing and management effort for the introduction of new features to our service; the rate of expansion and productivity of our sales force; the length of the sales cycle for our service; new product and...

  • Page 23
    ... and volatile, and if it develops more slowly than we expect, our business could be harmed. The market for on-demand application services is not as mature as the market for packaged enterprise software, and it is uncertain whether these services will achieve and sustain high levels of demand and...

  • Page 24
    ... a central online marketplace for on-demand applications that we host for our customers, developers and partners to exchange custom on-demand applications that are built on, or can integrate with, our service. These custom applications, some of which are not CRM-related, include applications ranging...

  • Page 25
    ... completion, introduction and market acceptance of the feature or edition. Failure in this regard may significantly impair our revenue growth. In addition, because our service is designed to operate on a variety of network hardware and software platforms using a standard browser, we will need to...

  • Page 26
    ... us from offering our service to others. If we fail to develop our brands cost-effectively, our business may suffer. We believe that developing and maintaining awareness of the salesforce.com brand and our other brands in a cost-effective manner is critical to achieving widespread acceptance of our...

  • Page 27
    ... individuals in the future in the markets where we do business. If we are unable to hire and develop sufficient numbers of productive direct sales personnel, sales of our service will suffer and our growth will be impeded. In addition, we plan to develop and expand our indirect sales channel...

  • Page 28
    ...to collect and/or use demographic and personal information from their customers, which could reduce demand for our service. Many if not most other jurisdictions, including Asia countries, have similar stringent privacy laws and regulations. In addition to government activity, privacy advocacy groups...

  • Page 29
    ... not have employment agreements with any of our executive officers, key management, development or operations personnel and, therefore, they could terminate their employment with us at any time. We do not maintain key person life insurance policies on any of our employees. The loss of one or more of...

  • Page 30
    ... lacked such controls, procedures and policies. In addition, if we finance acquisitions by issuing convertible debt or equity securities, our existing stockholders may be diluted which could affect the market price of our stock. Further, if we fail to properly evaluate and execute acquisitions or...

  • Page 31
    ...in customer purchases; recruitment or departure of key personnel; disruptions in our service due to computer hardware, software or network problems; market conditions in our industry, the industries of our customers and the economy as a whole; and trading activity by a limited number of stockholders...

  • Page 32
    ... common stock. ITEM 1B. UNRESOLVED STAFF COMMENTS None. ITEM 2. PROPERTIES Our executive offices and principal office for domestic marketing, sales, professional services and development occupy approximately 290,000 square feet in San Francisco, California under leases that expire at various times...

  • Page 33
    ... Executive Vice President Marketing, Applications, and Education Executive Vice President, Law, Policy and Corporate Strategy Senior Vice President and General Counsel Executive Vice President and Chief Financial Officer Designate Chief Customer Officer and President of International Operations...

  • Page 34
    Table of Contents December 2007, Senior Vice President and General Manager, Applications from January to October 2006 and as our Vice President, Product Marketing from October 2004 to January 2006. Mr. Hu has also served in various management positions in marketing since joining salesforce.com in ...

  • Page 35
    ... PURCHASES OF EQUITY SECURITIES Market Information for Common Stock Our common stock has been quoted on the New York Stock Exchange under the symbol "CRM." The following table sets forth for the indicated periods the high and low sales prices of our common stock as reported by the New York Stock...

  • Page 36
    ... stock commenced trading on the New York Stock Exchange) through January 31, 2008, assuming an initial investment of $100. Data for the Standard & Poor's 500 Index and the Nasdaq Computer & Data Processing Index assume reinvestment of dividends. The comparisons in the graph below are based upon...

  • Page 37
    ...and support Professional services and other Total revenues Cost of revenues (1): Subscription and support Professional services and other Total cost of revenues Gross profit Operating expenses (1): Research and development Marketing and sales General and administrative Lease recovery Total operating...

  • Page 38
    Table of Contents (1) Cost of revenues and operating expenses include stock-based expenses, consisting of: Fiscal Year Ended January 31, 2008 2007 2006 2005 2004 Cost of revenues Research and development Marketing and sales General and administrative Total stock-based expenses $ $ 7,926 $ 6,...

  • Page 39
    ... service in February 2000. In order to increase our revenues and take advantage of our market opportunity, we will need to, among other things, continue to add substantial numbers of paying subscriptions and upgrade our customers to more fully featured versions such as our Unlimited Edition. We plan...

  • Page 40
    ... also offer a number of classes on implementing, using and administering our service that are billed on a per person, per class basis. Our typical payment terms provide that our customers pay us within 30 days of invoice. We recognize revenue in accordance with the provisions of SEC Staff Accounting...

  • Page 41
    ... largest cost. General and Administrative. General and administrative expenses consist of salaries and related expenses, including stock-based expenses, for finance and accounting, human resources and management information systems personnel, legal costs, professional fees, other corporate expenses...

  • Page 42
    ...revenues from customers who purchase our premium support offerings are recognized similarly over the term of the support contract. As part of their subscription agreements, customers generally benefit from new features and functionality with each release at no additional cost. In situations where we...

  • Page 43
    ... employees, the total number of stock awards granted, the fair value of the stock awards at the time of grant, changes in estimated forfeiture assumption rates and the tax benefit that we may or may not receive from stock-based expenses. Additionally, the application of SFAS 123R requires the use...

  • Page 44
    ...Revenues: Subscription and support Professional services and other Total revenues Cost of revenues: Subscription and support Professional services and other Total cost of revenues Gross profit Operating expenses: Research and development Marketing and sales General and administrative Total operating...

  • Page 45
    ...Revenues: Subscription and support Professional services and other Total revenues Cost of revenues: Subscription and support Professional services and other Total cost of revenues Gross profit Operating expenses: Research and development Marketing and sales General and administrative Total operating...

  • Page 46
    ...by geography: Americas Europe Asia Pacific 75% 17 8 100% 78% 15 7 100% Fiscal Year Ended January 31, 80% 14 6 100% 2008 2007 2006 Stock-based expenses: Cost of revenues Research and development Marketing and sales General and administrative 1% 1 3 2 7% 1% 1 4 2 8% - % - 1 - 1% Overview of...

  • Page 47
    ... application service. Additionally, as more professional service arrangements are accounted for as a single unit of accounting with the related subscription service and recognized ratably over the term of the subscription contract, our costs of professional services will exceed the related revenue...

  • Page 48
    ... in employee-related costs, stock-based expenses, infrastructure-related costs, professional and outside service costs and a legal settlement. Our general and administrative headcount increased by 33 percent since January 31, 2007 as we added personnel to support our growth. Operating Income...

  • Page 49
    ... in employee-related costs, stock-based expenses, infrastructure-related costs and professional and outside service costs. Our general and administrative headcount increased by 62 percent since January 31, 2006 as we added personnel to support our growth. Operating Income (Loss). Operating loss...

  • Page 50
    ... options and $32.0 million of excess tax benefits from employee stock plans. As of January 31, 2008, we have a total of $5.9 million in letters of credit outstanding in favor of our landlords for office space in San Francisco, California, New York City, Singapore, Sweden and Switzerland. To date...

  • Page 51
    ...of Contents Our principal commitments consist of obligations under leases for office space and co-location facilities for additional data center capacity and the development and test data center, and computer equipment and furniture and fixtures. We also have long-term liabilities related primarily...

  • Page 52
    ... contracts for trading or speculative purposes. Interest rate sensitivity We had cash, cash equivalents and marketable securities totaling $669.8 million at January 31, 2008. These amounts were invested primarily in money market funds and instruments, corporate notes and bonds, government securities...

  • Page 53
    ... CONSOLIDATED FINANCIAL STATEMENTS The following financial statements are filed as part of this Report: Page No. Reports of Independent Registered Public Accounting Firm Consolidated Balance Sheets as of January 31, 2008 and 2007 Consolidated Statements of Operations for each of the three years in...

  • Page 54
    ... relation to the basic financial statements taken as a whole, presents fairly in all material respects the information set forth therein. As discussed in Note 1 to the consolidated financial statements, in fiscal 2007 salesforce.com, inc. changed its method of accounting for stock-based compensation...

  • Page 55
    ... Contents REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM To the Board of Directors and Stockholders of salesforce.com, inc. We have audited salesforce.com, inc.'s internal control over financial reporting as of January 31, 2008, based on criteria established in Internal Control -Integrated...

  • Page 56
    Table of Contents salesforce.com, inc. Consolidated Balance Sheets (in thousands, except share and per share data) January 31, January 31, 2008 2007 Assets Current assets: Cash and cash equivalents Short-term marketable securities Accounts receivable, net of allowance for doubtful accounts of $906...

  • Page 57
    ...and support Professional services and other Total revenues Cost of revenues (1): Subscription and support Professional services and other Total cost of revenues Gross profit Operating expenses (1): Research and development Marketing and sales General and administrative Lease recovery Total operating...

  • Page 58
    ... stock-based compensation Exercise of stock options, warrants and stock grants to 5,547,883 board members for board services Tax benefits from employee stock plans - Repurchase of unvested shares (25,123) Fair value of stock awards issued to nonemployees for - services Collection of outstanding note...

  • Page 59
    ...options, warrants and stock grants to board members for board services Tax benefits from employee stock plans Stock-based expenses Repurchase of unvested shares Components of comprehensive income, net of tax: Foreign currency translation adjustment Unrealized gain on marketable securities Net income...

  • Page 60
    ... of marketable securities Maturities of marketable securities Capital expenditures Proceeds from sale of investment Net cash used in investing activities Financing activities Proceeds from the exercise of stock options and warrants Excess tax benefits from employee stock plans Collection of notes...

  • Page 61
    ... Policies Description of Business Salesforce.com, inc. (the "Company") is the leading provider, based on revenue and market share, of software on demand, according to a July 2007 report by International Data Corporation. It provides a comprehensive customer relationship management ("CRM") service...

  • Page 62
    ... of cash and cash equivalents, marketable securities and trade accounts receivable. Although the Company deposits its cash with multiple financial institutions, its deposits, at times, may exceed federally insured limits. Collateral is not required for accounts receivable. The Company maintains...

  • Page 63
    ... Costs For website development costs and the development costs related to the Company's on-demand application service, the Company follows the guidance of Emerging Issues Task Force ("EITF") Issue No. 00-2, Accounting for Web Site Development Costs ("EITF 00-2"), and EITF Issue No. 00-3, Application...

  • Page 64
    Table of Contents salesforce.com, inc. Notes to Consolidated Financial Statements-(Continued) Position 97-2 to Arrangements That Include the Right to Use Software Stored on Another Entity's Hardware ("EITF 00-3"). EITF 00-2 sets forth the accounting for website development costs based on the ...

  • Page 65
    ... securities are excluded when, for example, their exercise prices are greater than the average fair values of the Company's common stock. Fiscal Year Ended January 31, 2008 2007 2006 Stock awards Income Taxes 3,175 4,019 387 The Company uses the liability method of accounting for income taxes...

  • Page 66
    ... subscription fee; and (2) related professional services and other revenue. Other revenues consist primarily of training fees. Because the Company provides its application as a service, the Company follows the provisions of the Securities and Exchange Commission's, or SEC, Staff Accounting Bulletin...

  • Page 67
    ... generally invoices its customers in annual or quarterly installments. Accordingly, the deferred revenue balance does not represent the total contract value of annual or multi-year, noncancelable subscription agreements. Deferred revenue also includes certain deferred professional services fees...

  • Page 68
    ... is the vesting term of four years. Stock-based expenses pursuant to SFAS 123R are recognized net of forfeiture activity. The fair value of each option grant was estimated on the date of grant using the Black-Scholes option pricing model with the following assumptions and fair value per share: 2008...

  • Page 69
    ... of Contents salesforce.com, inc. Notes to Consolidated Financial Statements-(Continued) During fiscal 2008 and 2007, the Company capitalized $2,068,000 and $808,000, respectively, of stock-based expenses related to internal-use software development and deferred professional services costs. During...

  • Page 70
    ... of Contents salesforce.com, inc. Notes to Consolidated Financial Statements-(Continued) Recent Accounting Pronouncement In September 2006, the FASB issued SFAS No. 157, "Fair Value Measurements" (SFAS No. 157). SFAS No. 157 defines fair value, establishes a framework for measuring fair value, and...

  • Page 71
    ... Contents salesforce.com, inc. Notes to Consolidated Financial Statements-(Continued) 2. Balance Sheet Accounts Marketable Securities At January 31, 2008, marketable securities consisted of the following (in thousands): Amortized Cost Unrealized Gains Unrealized Losses Fair Value Corporate notes...

  • Page 72
    Table of Contents salesforce.com, inc. Notes to Consolidated Financial Statements-(Continued) Prepaid Expenses and Other Current Assets Prepaid expenses and other current assets consisted of the following (in thousands): As of January 31, 2008 2007 Deferred professional services costs Prepaid ...

  • Page 73
    ...remaining purchase price was classified as purchased intangible assets and are being amortized as follows: territory rights, 7 years and customer relationship and other, 3 years. In September 2007, the Company sold its minority ownership interest in a privately held professional services corporation...

  • Page 74
    ...the Company's stock option plans were generally for periods not to exceed 10 years and were issued at fair value of the shares of common stock on the date of grant as determined by the trading price of such stock on the New York Stock Exchange. After February 1, 2006, options issued to employees are...

  • Page 75
    ... Exercise Price Aggregate Intrinsic Value Balance as of January 31, 2006 Increase in shares authorized: 2004 Equity Incentive Plan 2006 Inducement Equity Incentive Plan Options granted under all option plans Restricted stock unit activity Stock grants to board members for board services and...

  • Page 76
    ... as the shares vested and was recorded over the vesting periods. Together with past stock awards to non-employees, such expenses amounted to $249,000, $413,000 and $279,000 for fiscal 2008, 2007 and 2006, respectively. Such expense was estimated using the Black-Scholes pricing model using similar...

  • Page 77
    ... Plan 2004 Employee Stock Purchase Plan 2004 Outside Directors Stock Plan 13,409,345 1,717,290 1,225,500 3,831,477 217,810 1,000,000 755,000 22,156,422 During fiscal 2006, a board member received stock grants for a total of 20,000 shares of common stock for board services pursuant to the terms...

  • Page 78
    ... not cured in a timely manner, SunBridge can require the Company to purchase all of its shares in the joint venture. The purchase price for SunBridge's shares would be the then fair market value plus a specified premium. In the event that SunBridge commits a breach of, or if it fails to perform, its...

  • Page 79
    Table of Contents salesforce.com, inc. Notes to Consolidated Financial Statements-(Continued) costs. Approximately $1.8 million of the purchase price was attributed to assumed debt that was repaid immediately following the close of the transaction. The Company acquired Sendia because it had an ...

  • Page 80
    Table of Contents salesforce.com, inc. Notes to Consolidated Financial Statements-(Continued) The...Fiscal Year Ended January 31, 2008 2007 2006 Current: Federal State Foreign Total Deferred: Federal State Foreign Total Provision (benefit) for income taxes 77 $ 31,245 4,515 6,502 42,262 $ 15,243 ...

  • Page 81
    Table of Contents salesforce.com, inc. Notes to Consolidated Financial Statements-(Continued) A reconciliation of income taxes at the statutory federal income tax rate to the provision (benefit) for income taxes included in the accompanying consolidated statements of operations is as follows (in ...

  • Page 82
    ...state research and development tax credits of approximately $8.1 million, which do not expire. Utilization of the Company's net operating loss carryforwards may be subject to substantial annual limitation due to the ownership change limitations provided by the Internal Revenue Code and similar state...

  • Page 83
    ... 31, 2008, the Company had a total of $5.9 million in letters of credit outstanding substantially in favor of its landlords for office space in San Francisco, California, New York City, Singapore, Sweden and Switzerland. These letters of credit renew annually and mature at various dates through...

  • Page 84
    ... does not consolidate the Foundation's statement of activities with its financial results. Since the Foundation's inception, the Company has provided at no charge certain resources to Foundation employees such as office space. The value of these items totals approximately $35,000 per quarter. 81...

  • Page 85
    ... 247,500 shares of salesforce.com common stock. Additionally, the Company has donated subscriptions to the Company's service to other qualified non-profit organizations. The fair value of these donated subscriptions is in excess of $2.0 million per month. The Company plans to continue providing free...

  • Page 86
    ...Chief Executive Officer and Chief Financial Officer, as appropriate to allow timely decisions regarding required disclosure, and that such information is recorded, processed, summarized and reported within the time periods specified in SEC rules and forms. (b) Management's Report on Internal Control...

  • Page 87
    ... because of changes in conditions, or the degree of compliance with policies or procedures may deteriorate. Because of the inherent limitations in a cost-effective control system, misstatements due to error or fraud may occur and not be detected. ITEM 9B. OTHER INFORMATION Not applicable. 84

  • Page 88
    ... other executive officers. The Code of Conduct is available on our Web site at http://www.salesforce.com/ company/investor/governance/. A copy may also be obtained without charge by contacting Investor Relations, salesforce.com, inc., The Landmark @ One Market, Suite 300, San Francisco, California...

  • Page 89
    Table of Contents PART IV ITEM 15. EXHIBITS, FINANCIAL STATEMENT SCHEDULES (a) The following documents are filed as a part of this Report: 1. Financial Statements: The information concerning our financial statements, and Report of Independent Registered Public Accounting Firm required by this Item...

  • Page 90
    ..., for him in any and all capacities, to sign any amendments to this annual report on Form 10-K, and to file the same, with exhibits thereto and other documents in connection therewith, with the Securities and Exchange Commission, hereby ratifying and confirming all that said attorney-in-fact, or his...

  • Page 91
    ....com, inc and its officers and directors 1999 Stock Option Plan, as amended 2004 Equity Incentive Plan, as amended 2004 Employee Stock Purchase Plan 2004 Outside Directors Stock Plan, as amended 2006 Inducement Equity Incentive Plan Master Service Agreement dated May 17, 2005 between salesforce.com...

  • Page 92
    ... a management contract or compensatory plan or arrangement. Confidential treatment has been requested for a portion of this exhibit. Incorporated by reference from the Company's registration statement on Form S-1 (No. 333-111289), Amendment No. 3, as filed with the Securities and Exchange Commission...

  • Page 93
    ... 10.14 FORM OF OFFER LETTER SALESFORCE.COM [DATE] [NAME] [ADDRESS] Dear [NAME]: I am pleased to offer you a position with Salesforce.com, Inc. (the "Company") as its [ ] commencing on [ ]. If you decide to join us, you will receive an annual salary of [ ], less applicable withholding, which will be...

  • Page 94
    ...Ms. Sumner is eligible to receive an annual discretionary target bonus of 100% of her annual base salary, based on individual and Company performance. This schedule sets forth the material terms of the offer letters with certain executive officers of salesforce.com, inc. The form is filed herewith.

  • Page 95
    .... Salesforce.com Canada Corporation Salesforce.com Information Technology (Shanghai) Co., Ltd. Salesforce.com France SAS Salesforce.com Germany GmbH Salesforce.com Hong Kong Ltd. Salesforce.com India Private Limited SFDC (EMEA) Limited SFDC International Ltd. SFDC Ireland Ltd. Salesforce.com Italy...

  • Page 96
    ... Employee Stock Purchase Plan of salesforce.com, inc., of our reports dated February 28, 2008, with respect to the consolidated financial statements and schedule of salesforce.com, inc. and the effectiveness of salesforce.com,inc.'s internal control over financial reporting included in this Annual...

  • Page 97
    ...'s board of directors (or persons performing the equivalent functions): a) b) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process...

  • Page 98
    ...'s board of directors (or persons performing the equivalent functions): a) b) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process...

  • Page 99
    ... Securities Exchange Act of 1934 and that information contained in such Form 10-K fairly presents, in all material respects, the financial condition and results of operations of salesforce.com, inc. /s/ MARC BENIOFF Marc Benioff Chairman of the Board of Directors and Chief Executive Officer Based...