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TMTB: CRM Preview Follow-up
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TMTB: CRM Preview Follow-up

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TMT Breakout
Dec 02, 2024
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TMTB: CRM Preview Follow-up
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Just going over CRM #s a bit in more detail. One thing that stands out is Q4 cRPO bar, which is at 9.5% vs street at 9%. A couple things to note:

  1. Last years absolute $ jump from Q3 to Q4 was $3.7B and to get to street at 9% requires a $4B jump. In addition, company had called out benefit from early renewals, a large deal in AWS, and some Tableau/Mulesoft. However there was also a 1 ppts headwind from professional services. Key quote from last year’s Q4 call:

Current remaining performance obligation, or CRPO, ended at $27.6 billion, up 12% year-over-year and 13% in constant currency, particularly driven by strong execution on early renewals. We also benefited from new business performance and timing of license revenue from Mulesoft and Tableau. As expected, this was partially offset by a 1 point headwind from professional services, which we had noted last quarter.

  1. CRM has tended to guide below street for next q over the last several quarters, although that’s always seen as conservative gi…

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