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North America Equity Research

20 November 2024

Salesforce Inc
Agentforce Reflects a More Thoughtful, Forceful AI Overweight
Vision from Salesforce; Partner Sees Certain CRM, CRM US
Customers in Process of Substantial Adoption Price (19 Nov 24):$323.43
▲Price Target (Dec-24):$340.00
Prior (Dec-24):$310.00

We are presenting our recent conversation with two consultants who work at a
global systems integrator partner of Salesforce (detailed feedback on subsequent Software - Large Cap / Mid & Small
Cap
pages) to provide a frontline view of the trends that we expect to drive
fundamentals for Salesforce over the next 12-18 months. Key Takeaways. 1) Mark R Murphy AC
Agentforce a Notable Improvement; Reflects More Thoughtful & Forceful (1-415) 315-6736
mark.r.murphy@jpmchase.com
Vision. The partners take a distinctly positive tone on Agentforce, expressing that
“it seems like a meaningful improvement… the customers we’ve spoken to seem Arti Vula, CFA
(1-415) 315-5919
genuinely interested”. The contacts’ perspective is that the technology vision arti.vula@jpmchase.com
expressed around Agentforce and subsequent to Dreamforce this year is more
Sonak Kolar
“thoughtful” and “forceful” and that there is “good” energy coming from (1-212) 270-9410
Salesforce relative to the Einstein Copilot technology and Dreamforce last year. In sonak.kolar@jpmchase.com
addition, the consultants seem to be understanding a longer-term strategic roadmap Josefina Ruggieri
that starts with “agents interacting with people now, then it will be agents speaking (1-212) 622-0030
with agents… after that [there is a lot that is possible]”. It is suggested that, though josefina.ruggieri@jpmchase.com
the agent-to-agent interaction is obviously getting a bit ahead of the technology J.P. Morgan Securities LLC

actually being used by customers, Salesforce lacked this broader vision at the same
time last year. 2) Vast Majority of Companies Will Ultimately Use Solutions Like
Quarterly Forecasts (FYE Jan)
Agentforce vs. Internally Developed Solutions. Though they are positive on
Adj. EPS ($)
Salesforce’s AI roadmap, the contacts believe there is “still a lot of work to be done” 2024A 2025E 2026E
to get customers to a place where AI applications can be deployed at scale, both in Q1 1.69 2.44A 2.58
terms of getting software stacks in order as well as implementing organizational Q2 2.12 2.56A 2.70
Q3 2.11 2.42 2.68
change management needed to acclimate companies to operationalizing AI in day- Q4 2.29 2.67 3.13
to-day operations. The consultants concur that they do see many customers trying FY 8.21 10.10 11.10
to implement internally-developed AI solutions but are adamant that “over time…
and for complex deployments like customers say they want to do, most customers Style Exposure
will have to use someone like Salesforce”. It is explained that once customers move
beyond AI applications with narrow use cases that are relatively contained and
move into complex use cases and sophisticated services that cross departments,
handle sensitive information, balance compliance / ethical considerations, and
communicate with many other applications, it becomes a “different beast”. The
contacts sum up that while there are a handful of tech-forward companies that have
the financial and technical resources to develop such AI solutions internally, “the
vast majority [of companies out there] simply can’t”. Ultimately, the partners
believe competitive pressures resulting from certain customers within industries
adopting advanced GenAI technologies will induce the others to adopt powerful
technologies like Agentforce instead of attempting to develop them internally. The
contacts hint that they are already seeing certain customers in the process of
adopting Agentforce in a substantial way, which may cause others to more
seriously consider Agentforce or other externally developed AI solutions. 3)
Salesforce Needs GenAI or Other Emerging Products to Continue to Grow 10%
+ Over the Longer-term. The contacts are skeptical that Salesforce can grow 10%+
Sources for: Style Exposure – J.P. Morgan Quantitative and Derivatives Strategy; all other tables are company data and J.P. Morgan estimates.

See page 10 for analyst certification and important disclosures.

J.P. Morgan does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that
the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single
factor in making their investment decision.

www.jpmorganmarkets.com
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Mark R Murphy AC North America Equity Research
(1-415) 315-6736 20 November 2024 JPMORGAN
mark.r.murphy@jpmchase.com

Price Performance Summary Investment Thesis and Valuation

Investment Thesis
Salesforce stands out from almost any pack as the pioneering
trailblazer of the cloud computing movement, and it has become
a true multi-product success story as it now rides atop multiple
product pillars of substantial scale and trajectory.
Valuation
Our $340 Dec-25 PT is based on ~25x EV/CY25E uFCF.

Performance Drivers
YTD 1m 3m 12m
Abs 22.9% 10.4% 21.9% 46.2%
Rel -1.2% 9.5% 16.4% 16.1%

Company Data
Shares O/S (mn) 973
52-week range ($) 348.86-212.00
Market cap ($ mn) 314,697.40
Exchange rate 1.00
Free float (%) 95.8%
3M ADV (mn) 5.57
3M ADV ($ mn) 1,567.3
Volatility (90 Day) 28
Index S&P 500
BBG ANR (Buy | Hold | Sell) 42|12|1

Key Metrics (FYE Jan)

$ in millions FY24A FY25E FY26E
Financial Estimates
Revenue 34,857 37,850 40,954
Adj. EBIT 10,632 12,375 13,923
Adj. EBITDA 10,632 12,375 13,923
Adj. net income 8,087 9,894 10,964
Adj. EPS 8.21 10.10 11.10
BBG EPS 10.10 11.16 -
Cashflow from operations 10,234 12,689 13,997
FCFF 9,498 12,018 13,263
Margins and Growth
Revenue Growth Y/Y (%) 11.2% 8.6% 8.2%
EBIT margin 30.5% 32.7% 34.0%
EBIT Growth Y/Y (%) 50.4% 16.4% 12.5%
EBITDA margin 30.5% 32.7% 34.0%
EBITDA Growth Y/Y (%) 50.4% 16.4% 12.5%
Net margin 23.2% 26.1% 26.8%
Adj. EPS growth 56.7% 22.9% 9.9%
Ratios
Adj. tax rate 16.4% 22.1% 24.0%
Interest cover - - -
Net debt/Equity - - -
Net debt/EBITDA - - -
ROE - - -
Valuation
FCFF yield 3.0% 3.8% 4.1%
Dividend yield - - -
EV/Revenue 9.0 8.3 7.7
EV/EBITDA 29.6 25.4 22.6
Adj. P/E 39.4 32.0 29.1

Source: J.P. Morgan Quantitative and Derivatives Strategy for Performance Drivers; company data, Bloomberg Finance L.P. and J.P. Morgan estimates for all other tables. Note: Price history may not be
complete or exact.

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Mark R Murphy AC North America Equity Research
(1-415) 315-6736 20 November 2024 JPMORGAN
mark.r.murphy@jpmchase.com

organically for 3-5 years without meaningful contribution from AI or other emerging
products, rather suggesting a runway of 1-2 years under those constraints. The view put
forward is that a lot of the ‘low hanging fruit’ that occurred in the past with customers that
would pay Salesforce large sums because they were in the first inning of modernization is in
the past: in their eyes, as far as that low hanging fruit goes, “the honeymoon is over”.
However, the tone is positive on the ability for Salesforce to be able to thread the needle and
maintain the 10%+ organic growth level over the 3-5 year timeframe, commenting that “you
shouldn’t count Salesforce out” as it is “embedded in almost every enterprise company out
there” and that based on their conversations, it’s obvious that a large portion of customers
will give new Salesforce products a real chance. 4) Demand Environment Mostly Stable; No
Near-term Catalysts for Software Spending. The consultants report a demand environment
that is “fine” and improved incrementally vs. earlier in 2024 but that “customers are still slow
to spend and very careful with what they spend on.” It appears that the 1H of the year got off
to a slightly slower start than expected and that the improvement in the 2H is primarily due
to getting back on track and the closing of existing / anticipated deals rather than new,
unexpected ones. On the topic of whether AI spending decisions are causing customer
confusion or crowding out non-AI software spending, the contacts acknowledge that
customers do have uncertainty induced by AI and that “most [customers] haven’t fully figured
out how to translate the concept to use cases… but they’re getting better [at deploying AI in
meaningful ways]”. However, the consultants think there is only “some, not a lot” of negative
impact from AI on non-AI software spending. The emphasis is put more on the measured,
cost-conscious buying environment and constrained budgets, with contacts not seeing any
catalysts in the nearer term: “if the spending environment gets better… it will likely be in 2025
if companies get more comfortable with AI spending and [get broader budgets in general].”
A positive perspective is given as (a) customers appear to be getting more comfortable with
GenAI technologies month-by-month and (b) CIOs and other software stakeholders appear
to be agitating for incremental software budgets, both of which could be positive for 2025
activity levels. 5) ROI-focused Approach to Software Reflects Shift in Software
Procurement Mentality. The contacts explain that even if / when software budgets begin to
improve, the more measured, deliberate approach to software procurement is now deeply
ingrained. The contacts opine that “customers have been pitched on value for more than a
decade, now they’re talking about ROI [which includes cost as the denominator to value]”.
This change in how buyers approach software spending is cited as a primary reason why there
are so many fewer ‘digital transformation’ type projects and why cost has become such an
area of focus. The partners were quick to emphasize that this doesn’t mean that software
spending will be perpetually mired: “customers will go back to spending, it will just probably
be more [methodical] than it was before”. Net/net: We maintain our view that Salesforce
operates a business model that is bending, but not breaking, even within a challenging macro
that is affecting all software companies, and we continue to see eventual upside from current
levels as the company pivots to an efficiency playbook and balances slower growth with
profitability and FCF generation while infusing Generative AI capabilities into its clouds.
We view FCF/Sh as the appropriate lens for the company and believe the thesis should remain
intact as Salesforce continues to grow, albeit at a slower rate, and show meaningful Op
margin expansion, which should be tracked by FCF margin over time. Remain OW; Dec-25
PT of $340.

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Mark R Murphy AC North America Equity Research
(1-415) 315-6736 20 November 2024 JPMORGAN
mark.r.murphy@jpmchase.com

Detailed Ecosystem Insights

In order to assess trends and business momentum for companies in our coverage, we
continually seek the feedback and expertise of customers and partners. Our Ecosystem
Insights are an unbiased selection of comments intended to add incremental color to the
Software sector. Additionally, it is the view of one customer or partner and might not be
statistically significant, and, as such, we would wait to hear from other customers and
partners to inform our view from a mosaic of information.

Background

• Contacts work for a global systems integrator (GSI) with expertise across the
Salesforce stack, with a particular focus on the data and data processing portions of
the tech stack.
• Customers include global F500 companies.

Demand Environment

• The consultants comment that the demand environment is “fine… a bit better than
it was earlier this year” but that “customers are still slow to spend and very
careful with what they spend on.”
• When asked whether they expected the 2H to improve materially, the contacts took a
measured tone, stating that for a variety of reasons the 1H of the year was a bit
“odd” as customers seemed to be reluctant to make decisions and customers seem to
be a bit more willing to move forward now; however, “it’s not a bunch of new,
[unexpected] deals coming in… it is [deals] closing [on the appropriate timetable
and as expected]”.
• “If the spending environment gets better… it will likely be in 2025 if companies get
more comfortable with AI spending and [get broader budgets in general].”
• They add (a) that CIOs and other software stakeholders are beginning to sound more
agitated with the constrained budgets and (b) customers are getting incrementally
more comfortable with AI use cases each month, both of which they think might be
positive for 2025 software spending.
• On the topic of whether decision-making around AI has contributed to the slowdown
in customer activity earlier this year and potentially now, the partners indicated that
“there is definitely some lack of [customer] certainty” on how to proceed with AI
because “most [customers] haven’t fully figured out how to translate the concept to
use cases… but they’re getting better [at deploying AI in meaningful ways]”.
• Ultimately, the consultants think that there is “some, not a lot” of AI slowing down
buying or crowding out of ‘regular’ software spending.
• Regarding customer cost-consciousness and slower decision-making regarding
software spending, the consultants opine that they don’t really expect that to taper
off any time soon, even if budgets improve.
• The contacts explain that “customers have been pitched on value for more than a
decade, now they’re talking about ROI [which includes cost as the denominator to
value]” and that is why cost has become such a big factor and why they don’t expect
that to change.

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Mark R Murphy AC North America Equity Research
(1-415) 315-6736 20 November 2024 JPMORGAN
mark.r.murphy@jpmchase.com

• The consultants caveat that while it sounds negative, they are positive on the
spending environment over the longer term: “customers will go back to spending, it
will just probably be more [methodical] than it was before”.

Agentforce & GenAI

• The contacts are positive on Agentforce, stating that “it seems like a meaningful
improvement… the customers we’ve spoken to seem genuinely interested”, while
adding that it is still early.
• The consultants opine that the technology vision that Salesforce is expressing
around this iteration of its technology and during Dreamforce is more “thoughtful…
forceful” and that there is a good “energy” emanating from Salesforce.
• They add that they can see the progression of the track Salesforce is attempting to
execute on, “it’s agents interacting with people now, then it will be agents speaking
with agents… after that [there is a lot that is possible]”.
• While they are positive on Salesforce’s AI products and roadmap, the contacts
suggest that there is “still a lot of work to be done” to get customers to a place where
they can (a) have internal data and software stack able to start developing AI-
enabled workflows and (b) the internal change management necessary to use those
workflows at scale.
• In discussing customer decision-making around whether to build AI applications
internally vs. using solutions developed by the likes of Salesforce, the consultants
are adamant that “over time… and for complex deployments like customers say
they want to do, most customers will have to use someone like Salesforce”.
• The partners explain that building an AI application for a narrow use case that
doesn’t go across different departments, doesn’t handle sensitive information, or
communicate with many other applications or sources is nothing compared to
building complex GenAI agents that provide sophisticated services, which is a
“different beast”.
• They give the example of a powerful customer service AI agent, opining that if you
want a truly comprehensive AI solution there that can serve customer issues such as
a return or availability or price matching, “it gets really complex, really fast” as the
software stack must access multiple data types, data sources, must understand what
is being asked, what options are logical for the customer, and, importantly, must do
so in a way that doesn’t cause any violations in terms of personal information, not
producing offensive content, and other compliance-related issues.
• The contacts sum up that while there are a handful of companies with the
pocketbook and “technical capability” to actually internally develop AI solutions
that can meet those standards, “the vast majority [of companies out there] simply
can’t”.
• When asked whether they see customers which have tried to develop AI applications
internally and are now coming back to third-party solutions, the contacts suggest
there is some “stubbornness” on behalf of customers to stop spending on internal
projects, and that it is very complex.
• Expanding on the point, the partners state that at this point some of these internal
projects are being kept around (a) for political reasons, as the champions don’t want
to abandon them and buy an external solution, (b) external AI software sometimes
has “sticker shock”, and that in certain cases the solutions developed internally are
“very narrow”, and (c) are not really comparable to the broad capabilities being

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Mark R Murphy AC North America Equity Research
(1-415) 315-6736 20 November 2024 JPMORGAN
mark.r.murphy@jpmchase.com

offered by horizontal software companies which can be “intimidating”.

• “Salesforce is frustrated that so many of the customers are trying to do it
themselves… you can see by how [Salesforce is] marketing [Agentforce and its AI
solutions].”
• The contacts expect that the problem will resolve itself over time via competitive
pressures, as certain customers start to adopt the technology and move quickly,
which will “leave [other competitors] behind”, hinting that they think this dynamic
may already be happening, as they have seen certain customers who are
meaningfully investing in Agentforce.
• In terms of timeline of Agentforce contributing to revenue, the contacts anticipate
that even with a good pace of adoption it will take 12+ months for the bookings to
accelerate and then translate into revenue due to the natural enterprise sales and
deployment/usage cycles.

Salesforce Growing 10%+

• When asked whether Salesforce can continue to grow its revenue organically 10%+
for 3-5 years without meaningful contribution from AI or other emerging products,
the consultants are skeptical, as Salesforce has a large revenue base, many customers
have already invested meaningfully in the base systems (e.g., a CRM system, digital
marketing, etc.), and customers are more measured in their approach to spending.
• The contacts expect that Salesforce could keep up the 10%+ growth without AI or
other emerging products for perhaps 1-2 years, but that the time when companies
would give Salesforce a big check because they were in the first inning of
modernization is likely behind it: “the honeymoon is over”.
• Despite this, the partners do see the potential for Salesforce to grow above 10%
again on the back of Agentforce and Data Cloud, commenting that “you shouldn’t
count Salesforce out” as it is “embedded in almost every enterprise company out
there” and that based on their conversations it’s obvious that a large portion of
customers will give new Salesforce products a real chance.
• On whether they’re optimistic on Salesforce’s ability to execute and grow 10%+
organically over the next 3-5 years, the contacts say “yes” and that they have the
means to do so.

Mulesoft

• Contacts speak positively to Mulesoft momentum and describe it as “a very good

product, it’s very well respected”.
• They add that Mulesoft demand has incrementally improved over the last few
quarters among their customers as data has become more of a focus and customers
work to integrate and connect their data across different applications.
• They comment that one of the biggest headwinds to Mulesoft is “its own success”
as customers that begin using the product broadly see a spike in their Mulesoft
bills which “spooks [customers] sometimes”.
• The contacts note that in certain cases this leads to customers re-evaluating its use,
but that ultimately “Mulesoft delivers on its value” and customers realize they’d be
spending a lot more if they went and tried to stitch together different products vs.
sticking to Mulesoft.
• The partners note that there is some degree of churn that results from this process,

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Mark R Murphy AC North America Equity Research
(1-415) 315-6736 20 November 2024 JPMORGAN
mark.r.murphy@jpmchase.com

and that this was particularly prevalent during the initial rounds of cost-cutting that
happened in 2022 / 2023, but emphasize that they’ve seen big customers effectively
try to leave but ending up staying with Mulesoft, while certain smaller customers
“boomeranged” and came back to the product.

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Mark R Murphy AC North America Equity Research
(1-415) 315-6736 20 November 2024 JPMORGAN
mark.r.murphy@jpmchase.com

Investment Thesis, Valuation and Risks

Salesforce Inc (Overweight; Price Target: $340.00)
Investment Thesis
Salesforce stands out from almost any pack as the pioneering trailblazer of the cloud
computing movement, and it has become a true multi-product success story as it now rides
atop multiple product pillars of substantial scale and trajectory. As “The Customer
Company” transforms industry-leading organizations by modernizing and re-envisioning
their front-office systems, it successfully spans the application and platform markets in a
way that, arguably, only Microsoft and Oracle have achieved. The vastness of its
Dreamforce user conference, which reached >300K registrations in 2022, combined with
the high level of ecosystem buy-in, suggests the company’s long-term targets are achievable
as it continues to drive operational leverage within its model while growing at scale.
Valuation
We are establishing a Dec-25 PT of $340 (was previously Dec-24 PT of $310). Our $340
Dec-25 PT is based on ~25x EV/CY25E uFCF. The revision is driven by shifts in peer group
multiples. This multiple is at a discount to its peer comp set (SAP, ADBE, INTU, and
ADSK), which trades at ~32x EV/CY25E uFCF on average. We believe this is warranted
given an inferior FTM GAAP operating margin profile (21% vs. 29% for peers) and inferior
FTM revenue growth profile (8% vs. 12% for peers).
Risks to Rating and Price Target

• Deceleration in billings growth. Investors typically direct most of their attention to

Salesforce’s calculated billings growth, which is viewed as a leading indicator of future
revenue growth. Billings growth has decelerated or remained roughly consistent in each
of the last four quarters. A continued deceleration in the year-over-year billings growth
rate, whether due to underlying fundamental challenges or invoicing optics, could
provide a headwind for shares of CRM.
• Failure to execute in new markets. Salesforce acquired MuleSoft, a leader in the
application integration market. If Salesforce cannot navigate this market and gain more
share than its competitors, then its growth could be impeded and its ability to cross-sell
existing Salesforce product could reduce.
• Maturation of sales force automation (Sales Cloud). Sales Cloud contributes roughly
one-third of Salesforce’s revenue and is also growing the slowest on a y/y basis.
Salesforce is taking several steps to maintain its high level of total revenue growth, but
if growth in Sales Cloud lags too much, it may be difficult for Salesforce to offset any
decelerating growth of Sales Cloud on total revenue growth with growth in other
products.
• Competition from legacy vendors. Salesforce has grown into a $30B+ software
company, partially at the expense of legacy vendors including Oracle, Microsoft, and
SAP. These vendors, while mostly having to acquire their way into SaaS applications,
have been shifting R&D efforts into home-grown SaaS and PaaS offerings, some of
which compete with Salesforce. Although competitive efforts haven’t yet garnered the
level of investor enthusiasm that Salesforce has enjoyed, future products and offerings
from legacy vendors could rein in Salesforce’s growth and mind share.

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Mark R Murphy AC North America Equity Research
(1-415) 315-6736 20 November 2024 JPMORGAN
mark.r.murphy@jpmchase.com

Salesforce Inc: Summary of Financials

Income Statement - Annual FY23A FY24A FY25E FY26E Income Statement - Quarterly 1Q25A 2Q25A 3Q25E 4Q25E
Revenue 31,352 34,857 37,850 40,954 Revenue 9,133A 9,325A 9,335 10,057
COGS (6,826) (7,132) (7,525) (8,150) COGS (1,805)A (1,796)A (1,923) (2,001)
Gross profit 24,526 27,725 30,325 32,804 Gross profit 7,328A 7,529A 7,412 8,055
SG&A (13,539) (13,159) (13,552) (14,218) SG&A (3,292)A (3,312)A (3,362) (3,587)
Adj. EBITDA 7,068 10,632 12,375 13,923 Adj. EBITDA 2,928A 3,144A 2,967 3,336
D&A - - - - D&A - - - -
Adj. EBIT 7,068 10,632 12,375 13,923 Adj. EBIT 2,928A 3,144A 2,967 3,336
Net Interest - - - - Net Interest - - - -
Adj. PBT 660 4,950 7,711 9,434 Adj. PBT 1,867A 1,837A 1,828 2,179
Tax (452) (814) (1,704) (2,264) Tax (334)A (408)A (439) (523)
Minority Interest 0 0 0 0 Minority Interest 0A 0A 0 0
Adj. Net Income 5,226 8,087 9,894 10,964 Adj. Net Income 2,407A 2,495A 2,365 2,627
Reported EPS 0.21 4.20 6.13 7.26 Reported EPS 1.56A 1.47A 1.42 1.68
Adj. EPS 5.24 8.21 10.10 11.10 Adj. EPS 2.44A 2.56A 2.42 2.67
DPS - - - - DPS - - - -
Payout ratio - - - - Payout ratio - - - -
Shares outstanding 997 985 980 988 Shares outstanding 985A 973A 977 984
.
Balance Sheet & Cash Flow Statement FY23A FY24A FY25E FY26E Ratio Analysis FY23A FY24A FY25E FY26E
Cash and cash equivalents - - - - Gross margin 78.2% 79.5% 80.1% 80.1%
Accounts receivable - - - - EBITDA margin 22.5% 30.5% 32.7% 34.0%
Inventories - - - - EBIT margin 22.5% 30.5% 32.7% 34.0%
Other current assets - - - - Net profit margin 16.7% 23.2% 26.1% 26.8%
Current assets - - - -
PP&E - - - - ROE - - - -
LT investments - - - - ROA - - - -
Other non current assets - - - - ROCE - - - -
Total assets - - - - SG&A/Sales 43.2% 37.8% 35.8% 34.7%
Net debt/equity - - - -
Short term borrowings - - - -
Payables - - - - P/E (x) 61.7 39.4 32.0 29.1
Other short term liabilities - - - - P/BV (x) - - - -
Current liabilities - - - - EV/EBITDA (x) 44.5 29.6 25.4 22.6
Long-term debt - - - - Dividend Yield - - - -
Other long term liabilities - - - -
Total liabilities - - - - Sales/Assets (x) - - - -
Shareholders' equity - - - - Interest cover (x) - - - -
Minority interests - - - - Operating leverage 233.1% 451.0% 190.9% 152.6%
Total liabilities & equity - - - -
Revenue y/y Growth 18.3% 11.2% 8.6% 8.2%
BVPS - - - -
EBITDA y/y Growth 42.8% 50.4% 16.4% 12.5%
y/y Growth - - - -
Tax rate 68.5% 16.4% 22.1% 24.0%
Net debt/(cash) - - - -
Adj. Net Income y/y Growth 12.2% 54.7% 22.3% 10.8%
EPS y/y Growth 9.5% 56.7% 22.9% 9.9%
Cash flow from operating activities 7,111 10,234 12,689 13,997
DPS y/y Growth - - - -
o/w Depreciation & amortization 3,786 3,959 3,802 3,976
o/w Changes in working capital (2,069) (2,850) (2,477) (2,800)
Cash flow from investing activities (798) (736) (672) (734)
o/w Capital expenditure (798) (736) (672) (734)
as % of sales 2.5% 2.1% 1.8% 1.8%
Cash flow from financing activities - - - -
o/w Dividends paid - - - -
o/w Net debt issued/(repaid) - - - -
Net change in cash 6,313 9,498 12,018 13,263
Adj. Free cash flow to firm 6,313 9,498 12,018 13,263
y/y Growth 19.5% 50.5% 26.5% 10.4%
Source: Company reports and J.P. Morgan estimates.
Note: $ in millions (except per-share data).Fiscal year ends Jan. o/w - out of which

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Mark R Murphy AC North America Equity Research
(1-415) 315-6736 20 November 2024 JPMORGAN
mark.r.murphy@jpmchase.com

Analyst Certification: The Research Analyst(s) denoted by an “AC” on the cover of this report certifies (or, where multiple Research Analysts
are primarily responsible for this report, the Research Analyst denoted by an “AC” on the cover or within the document individually certifies,
with respect to each security or issuer that the Research Analyst covers in this research) that: (1) all of the views expressed in this report
accurately reflect the Research Analyst’s personal views about any and all of the subject securities or issuers; and (2) no part of any of the
Research Analyst's compensation was, is, or will be directly or indirectly related to the specific recommendations or views expressed by the
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Specialists (Sales and Trading) may be shown on this report as contacts but are not authors of the report or part of the Research Department.
Important Disclosures

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Date Rating Price ($) Price Target
($)
01-Jun-22 OW 160.24 275
25-Aug-22 OW 180.01 245
01-Dec-22 OW 160.25 200
02-Mar-23 OW 167.35 230
31-Aug-23 OW 215.04 240
30-Nov-23 OW 230.35 260
29-Feb-24 OW 299.77 310
30-May-24 OW 271.62 300
28-Aug-24 OW 264.20 310

The chart(s) show J.P. Morgan's continuing coverage of the stocks; the current analysts may or may not have covered it over the entire period.
J.P. Morgan ratings or designations: OW = Overweight, N= Neutral, UW = Underweight, NR = Not Rated
Explanation of Equity Research Ratings, Designations and Analyst(s) Coverage Universe:
J.P. Morgan uses the following rating system: Overweight (over the duration of the price target indicated in this report, we expect this stock will

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mark.r.murphy@jpmchase.com

outperform the average total return of the stocks in the Research Analyst’s, or the Research Analyst’s team’s, coverage universe); Neutral (over
the duration of the price target indicated in this report, we expect this stock will perform in line with the average total return of the stocks in the
Research Analyst’s, or the Research Analyst’s team’s, coverage universe); and Underweight (over the duration of the price target indicated in
this report, we expect this stock will underperform the average total return of the stocks in the Research Analyst’s, or the Research Analyst’s
team’s, coverage universe. NR is Not Rated. In this case, J.P. Morgan has removed the rating and, if applicable, the price target, for this stock
because of either a lack of a sufficient fundamental basis or for legal, regulatory or policy reasons. The previous rating and, if applicable, the
price target, no longer should be relied upon. An NR designation is not a recommendation or a rating. In our Asia (ex-Australia and ex-India)
and U.K. small- and mid-cap Equity Research, each stock’s expected total return is compared to the expected total return of a benchmark
country market index, not to those Research Analysts’ coverage universe. If it does not appear in the Important Disclosures section of this report,
the certifying Research Analyst’s coverage universe can be found on J.P. Morgan’s Research website, https://www.jpmorganmarkets.com .
Coverage Universe: Murphy, Mark R: Adobe Inc (ADBE), Akamai Technologies, Inc. (AKAM), BigCommerce (BIGC), Cloudflare (NET),
Datadog (DDOG), Dayforce (DAY), DocuSign (DOCU), DoubleVerify (DV), Dropbox (DBX), HashiCorp (HCP), HubSpot (HUBS), Intuit
(INTU), Microsoft (MSFT), OneStream (OS), Oracle (ORCL), Paycom (PAYC), Paycor (PYCR), Salesforce Inc (CRM), Semrush (SEMR),
ServiceNow (NOW), Snowflake (SNOW), Twilio (TWLO), UiPath (PATH), Workday (WDAY), Zoom Video (ZM), ZoomInfo (ZI)

J.P. Morgan Equity Research Ratings Distribution, as of October 05, 2024

Overweight Neutral Underweight
(buy) (hold) (sell)
J.P. Morgan Global Equity Research Coverage* 49% 38% 13%
IB clients** 50% 46% 38%
JPMS Equity Research Coverage* 46% 41% 13%
IB clients** 71% 67% 54%

*Please note that the percentages may not add to 100% because of rounding.
**Percentage of subject companies within each of the "buy," "hold" and "sell" categories for which J.P. Morgan has provided
investment banking services within the previous 12 months.
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are not included in the table above. This information is current as of the end of the most recent calendar quarter.

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(1-415) 315-6736 20 November 2024 JPMORGAN
mark.r.murphy@jpmchase.com

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mark.r.murphy@jpmchase.com

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Morgan Data for internal business purposes only in an AI system or model that protects the confidentiality of J.P. Morgan Data so as to
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