Salesforce.com 2015 Annual Report Download - page 105
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ability to incur additional indebtedness, dispose of assets, make certain acquisition transactions, pay dividends or
distributions, and certain other restrictions on the Company’s activities each defined specifically in the Credit
Agreement. The Company was in compliance with the Credit Agreement’s covenants as of January 31, 2015.
The weighted average interest rate on borrowings under the Credit Facility was 1.7% for the period
beginning October 6, 2014 and ended January 31, 2015. As of January 31, 2015, outstanding borrowings under
the Credit Facility were $300.0 million, which is recorded as a noncurrent liability on the accompanying
consolidated balance sheet.
Interest Expense on Convertible Senior Notes, Term Loan and Revolving Credit Facility
The following table sets forth total interest expense recognized related to the Notes, the Term Loan and the
Credit Facility prior to capitalization of interest (in thousands):
Fiscal Year Ended January 31,
2015 2014 2013
Contractual interest expense ................... $10,224 $10,195 $ 4,313
Amortization of debt issuance costs .............. 4,622 4,470 1,324
Amortization of debt discount .................. 36,575 46,942 25,131
$51,421 $61,607 $30,768
6. Other Balance Sheet Accounts
Prepaid Expenses and Other Current Assets
Prepaid expenses and other current assets consisted of the following (in thousands):
As of
January 31,
2015
January 31,
2014
Deferred income taxes, net ....................... $ 35,528 $ 49,279
Prepaid income taxes ........................... 21,514 23,571
Customer contract asset ......................... 16,620 77,368
Prepaid expenses and other current assets ........... 206,892 158,962
$280,554 $309,180
Customer contract asset reflects future billings of amounts that are contractually committed by
ExactTarget’s existing customers as of the acquisition date that will be billed in the next 12 months. As the
Company bills these customers this balance will reduce and accounts receivable will increase.
Included in prepaid expenses and other current assets are value-added tax and sales tax receivables
associated with the sale of the Company’s services to third parties. Value-added tax and sales tax receivables
totaled $27.5 million and $28.6 million at January 31, 2015 and 2014, respectively.
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