Salesforce.com 2004 Annual Report Download - page 73
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Table of Contents
salesforce.com, inc.
Notes to Consolidated Financial Statements—(Continued)
Accrued Expenses and Other Current Liabilities
Accrued expenses and other current liabilities consisted of the following (in thousands):
January 31,
2005
January 31,
2004
Accrued compensation $ 16,836 $ 8,980
Accrued other liabilities 6,560 3,812
Current portion of lease abandonment liability 278 477
Liability for early exercise of unvested employee stock options 591 749
Accrued taxes payable 5,146 2,304
Accrued professional costs 2,241 695
Accrued rent 815 665
$ 32,467 $ 17,682
4. Initial Public Offering
In June 2004, the Company completed the sale of 11,500,000 shares of common stock, which included the underwriters' exercise of an over-allotment
option, at a price of $11.00 per share. A total of $126,500,000 in gross proceeds was raised in this initial public offering. After deducting the underwriting
discount of $8,855,000 and offering expenses of $3,877,000, net proceeds were $113,768,000.
Upon the closing of the Company's initial public offering, the 58,024,345 shares of the Company's outstanding convertible preferred stock converted,
on a one-for-one basis, into shares of common stock.
5. Income Taxes
The domestic and foreign components of income (loss) before provisions for income taxes and minority interest were as follows (in thousands):
Fiscal Year Ended January 31,
2005
2004
2003
Domestic $ 12,509 $ 9,550 $ (4,247)
Foreign (3,356) (5,311) (5,761)
$ 9,153 $ 4,239 $ (10,008)
The provision for income taxes were as follows (in thousands):
Fiscal Year Ended January 31,
2005
2004
2003
Current:
Federal $ 354 $ 186 $ —
State 189 263 —
Foreign 674 92 —
$ 1,217 $ 541 $ —
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