Salesforce, Inc.

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Operating Activities	LTM	Jan '25	Jan '24	Jan '23	Jan '22	Jan '21	Jan '20	Jan '19	Jan '18	Jan '17	Jan '16
Net Income	7,222	6,197	4,136	208	1,444	4,072	126	1,110	360	323	-47.4
Net Income
Depreciation & Amortization	5,552	5,572	5,884	5,454	4,646	3,904	3,011	1,719	1,376	1,102	844.8
Depreciation and Amortization
Amortization of Deferred Commissions
Amortization of Costs Capitalized to Obtain Revenue Contracts, Net
Share-Based Compensation Expense	3,229	3,183	2,787	3,279	2,779	2,190	1,785	1,283	997	820	593.6
Stock-Based Compensation Expense
Other Adjustments	-302	121	277	239	-1,211	-4,173	-261	-542	-19	—	-30.9
Amortization of Debt Discount and Issuance Costs
Gain on Sales of Land and Building Improvements
Gains from Acquisitions of Strategic Investments
50 Fremont Lease Termination
Loss on Conversions of Convertible Senior Notes
Lease Recovery
Change in the Deferred Income Tax Valuation Allowance
Excess Tax Benefits from Employee Stock Plans
Loss on Settlement of Salesforce.org Reseller Agreement
Losses on Strategic Investments, Net
Minority Interest in Consolidated Joint Venture
Gains on Strategic Investments, Net
Tax Benefit from Intra-Entity Transfer of Intangible Property
Loss on Retirement of Fixed Assets
Changes in Trade Receivables	-699	-490	-659	-995	-1,824	-1,556	-1,000	-923	-719	-633	-582.4
Accounts Receivable, Net
Changes in Accounts Payable	368	1,089	-478	528	507	1,100	982	287	353	104	254
Change in Accounts Payable
Accounts Payable and Accrued Expenses and Other Liabilities
Changes in Accrued Expenses	—	—	—	—	—	—	—	—	—	—	—
Change in Accrued Expenses and Other Current Liabilities
Changes in Income Taxes Payable	—	—	—	—	—	—	—	—	—	—	—
Income Taxes
Changes in Unearned Revenue	1,392	1,584	1,623	1,744	2,629	1,872	1,665	1,503	1,528	1,186	969.7
Unearned Revenue
Changes in Other Operating Activities	-3,260	-4,164	-3,336	-3,346	-2,970	-2,608	-1,977	-1,039	-1,138	-740	-329.3
Deferred Commissions
Change in Prepaid Expenses and Other Current Assets
Other Assets
Costs Capitalized to Obtain Revenue Contracts, Net
Prepaid Expenses and Other Current Assets and Other Assets
Operating Lease Liabilities
Cash from Operating Activities	13,502	13,092	10,234	7,111	6,000	4,801	4,331	3,398	2,738	2,162	1,672.1
Net Cash Provided by Operating Activities

Investing Activities	LTM	Jan '25	Jan '24	Jan '23	Jan '22	Jan '21	Jan '20	Jan '19	Jan '18	Jan '17	Jan '16
Capital Expenditure	-607	-658	-736	-798	-717	-710	-643	-595	-534	-464	-594.8
Land Activity and Building Improvements
Purchase of 50 Fremont Land and Building
Deposit and Withdrawal for Purchase of 50 Fremont Land and Building
Deposit for Purchase of 50 Fremont Land and Building
Capital Expenditures
Proceeds from Sale of Property, Plant & Equipment	—	—	—	—	—	—	—	—	—	—	133.4
Proceeds from Land Activity, Net
Proceeds from Land and Building Improvements Held for Sale
Non-Refundable Amounts Received for Sale of Land Available for Sale
Purchases of Investments	-7,019	-7,418	-4,257	-5,327	-7,392	-5,902	-4,625	-1,430	-2,219	-1,180	-1,525.5
Purchases of Strategic Investments
Purchases of Marketable Securities
Proceeds from Sale of Investments	8,056	7,647	3,748	4,575	8,449	3,922	2,657	1,832	767	2,153	557.8
Sales of Strategic Investments
Sales of Marketable Securities
Maturities of Marketable Securities
Sales and Maturities of Marketable Securities
Payments for Business Acquisitions	-3,249	-2,734	-82	-439	-14,876	-1,281	-369	-5,115	-25	-3,193	-58.7
Purchase of Subsidiary Stock
Business Combinations, Net of Cash Acquired
Other Investing Activities	—	—	—	—	—	—	—	—	—	—	—
Restricted Cash
Strategic Investments, Net
Cash from Investing Activities	-2,819	-3,163	-1,327	-1,989	-14,536	-3,971	-2,980	-5,308	-2,011	-2,684	-1,487.9
Net Cash Provided by Investing Activities

Financing Activities	LTM	Jan '25	Jan '24	Jan '23	Jan '22	Jan '21	Jan '20	Jan '19	Jan '18	Jan '17	Jan '16
Issuance of Short-Term Debt	—	—	—	—	—	—	—	—	—	—	—
Proceeds from Revolving Credit Facility, Net
Net Issuance / (Repayments) of Short-Term Debt	—	—	—	—	—	—	—	—	—	—	—
Issuance of Long-Term Debt	—	—	—	—	7,906	-20	—	2,966	—	1,245	—
Proceeds from Term Loan, Net
Proceeds from Issuance of Debt, Net of Issuance Costs
Repayments of Long-Term Debt	-536	-1,603	-1,811	-423	-1,357	-107	-676	-1,660	-429	-648	-382.3
Payments on Convertible 0.25% Senior Notes
Repayments of Slack Convertible Notes, Net of Capped Call Proceeds
Principal Payments on Financing Obligations
Repayments of Debt
Payments on Convertible Senior Notes
Net Issuance / (Repayments) of Long-Term Debt	-536	-1,603	-1,811	-423	6,549	-127	-676	1,306	-429	597	-382.3
Issuance of Common Shares	1,249	1,540	1,954	861	1,289	1,321	840	704	650	401	455.5
Proceeds from Employee Stock Plans
Proceeds from the Issuance of Common Stock, Net of Issuance Costs Incurred
Repurchases of Common Shares	-8,735	-7,829	-7,620	-4,000	—	—	—	—	—	—	—
Repurchases of Common Stock
Repurchase of Unvested Shares
Net Issuance / (Repurchases) of Common Shares	-7,486	-6,289	-5,666	-3,139	1,289	1,321	840	704	650	401	455.5
Common Share Dividends Paid	-1,579	-1,537	—	—	—	—	—	—	—	—	—
Payments of Dividends and Dividend Equivalents
Other Financing Activities	—	—	—	—	—	—	—	—	—	—	—
Purchase of Subsidiary Stock
Proceeds from Issuance of Warrants
Purchase of Convertible Note Hedge
Excess Tax Benefits from Employee Stock Plans
Collection of Notes Receivable from Stockholders
Contingent Consideration Payment Related to Prior Business Combinations
Principal Payments on Capital Lease Obligations
Proceeds from Subsidiary Stock Offerings
Cash from Financing Activities	-9,740	-9,429	-7,477	-3,562	7,838	1,194	164	2,010	221	998	73.2
Net Cash Provided by Financing Activities

Free Cash Flow	LTM	Jan '25	Jan '24	Jan '23	Jan '22	Jan '21	Jan '20	Jan '19	Jan '18	Jan '17	Jan '16
Free Cash Flow	12,895	12,434	9,498	6,313	5,283	4,091	3,688	2,803	2,204	1,698	1,077.2
NOPAT	6,735.7	6,002.9	4,187	324.6	516.5	723.5	53	604.1	389.1	393.4	-84.8
Levered Free Cash Flow	10,131	8,017	5,282	3,367	12,088	7,503	2,488	4,291	1,516	2,108	714.7
Unlevered Free Cash Flow	10,180.7	9,425.9	7,144	3,906.6	4,611.5	4,281.5	3,091	2,479.1	1,974.1	1,581.4	1,059.6
Net Change in Cash	943	500	1,430	1,560	-698	2,024	1,515	100	948	476	257.4