I thought it interesting to note some points regarding CRM financials and how they have progressed over the last 5 years. The following are key financial elements measured from FY2010 and then again at the end of FY2014. The trend is startling and surprising given CRM market valuation.
Total Current Assets = Increased $1.0B
Total Current Liabilities = Increased $3.0B
Total LT Debt = Increased $2.0B
Total Outstanding Shares = Increased 100 Million or $5.7B at current market valuation
Needless to say, this trend cannot go forward for long. CRM seemingly has been in the business of selling it's story to the street and then issuing additional shares to pay for poor P&L performance. What I really find hard to believe are the great numbers of "esteemed" financial experts who still promote this company.
Disclosure: I am short CRM.