Sears, Roebuck and Co.

NYSE-S

Operating Activities	Jul '25	Jan '25	Jul '24
Net Income	-280.2	-149.2	-139.3
Net Income
Depreciation & Amortization	60.6	57	52.4
Depreciation and Amortization
Amortization of Deferred Contract Acquisition Costs
Share-Based Compensation Expense	142.5	144.3	123.2
Stock-Based Compensation Expense
Other Adjustments	-0.3	-4.2	-3.9
Non-Cash Operating Lease Costs
Accretion of Discounts, and Amortization of Premiums on Investments, Net
Net Gain on Strategic Investments
Asset Impairment Charges
Other
Changes in Trade Receivables	56.4	-80.4	59.3
Change in Accounts Receivable
Changes in Accounts Payable	1.5	1.4	0
Change in Accounts Payable
Changes in Accrued Expenses	131	16.3	-6
Change in Accrued Expenses and Other Liabilities
Accrued and Other Liabilities
Change in Accrued Payroll and Benefits
Changes in Unearned Revenue	-25.3	69.5	-12.6
Change in Deferred Revenue
Changes in Other Operating Activities	-35	-65.4	-28.8
Change in Prepaid Expenses and Other Assets
Change in Deferred Contract Acquisition Costs
Change in Operating Lease Liabilities
Other Liabilities
Cash from Operating Activities	51.2	-10.6	44.3
Net Cash Provided by Operating Activities

Investing Activities	Jul '25	Jan '25	Jul '24
Capital Expenditure	-0.4	-0.4	-1.4
Purchases of Property and Equipment
Purchases of Intangible Assets	-12.6	-10.6	-14.7
Purchases of Intangible Assets
Capitalization of Internal-Use Software
Purchases of Investments	-208.1	-361.9	-442.6
Purchases of Investments
Proceeds from Sale of Investments	286.8	332.4	404.7
Proceeds from Sales, Maturities and Return of Capital of Investments
Payments for Business Acquisitions	—	-62.3	-61.6
Cash Paid for Acquisitions, Net of Cash Acquired
Cash from Investing Activities	65.6	-102.8	-115.6
Net Cash Provided by Investing Activities

Financing Activities	Jul '25	Jan '25	Jul '24
Issuance of Short-Term Debt	—	—	—
Proceeds from Revolving Line of Credit
Net Issuance / (Repayments) of Short-Term Debt	—	—	—
Repayments of Long-Term Debt	—	—	—
Repayment of Term Loan
Repayment of Debt
Net Issuance / (Repayments) of Long-Term Debt	—	—	—
Issuance of Common Shares	24.3	34.3	21.6
Proceeds from Exercise of Stock Options
Proceeds from Exercise of Warrants
Proceeds from Issuance of Common Stock Under the Employee Stock Purchase Plan
Proceeds from Initial Public Offering and Private Placement, Net of Underwriting Discounts and Commissions
Repurchases of Common Shares	-52.7	0	-0
Repurchases of Common Stock
Repurchase of Early Exercised Stock Options
Net Issuance / (Repurchases) of Common Shares	-28.4	34.3	21.6
Issuance of Preferred Shares	—	—	—
Proceeds from Issuance of Series E Redeemable Convertible Preferred Stock, Net of Issuance Costs
Proceeds from Issuance of Series F Redeemable Convertible Preferred Stock, Net of Issuance Costs
Net Issuance / (Repurchases) of Preferred Shares	—	—	—
Other Financing Activities	—	-0	—
Payments of Deferred Offering Costs
Cash from Financing Activities	-28.4	34.3	21.6
Net Cash Provided by Financing Activities

Free Cash Flow	Jul '25	Jan '25	Jul '24
Free Cash Flow	50.8	-11	42.9
NOPAT	-328.4	-173	-164.4
Levered Free Cash Flow	-147.8	-70.7	-135.7
Unlevered Free Cash Flow	-196	-94.5	-160.8
Net Change in Cash	88.5	-79.1	-49.7