Salesforce.com (CRM), the enterprise cloud-computing company, reported strong fiscal fourth-quarter 2012 results Thursday that showed tremendous cash-flow generation. Quarterly revenue jumped 38%, and deferred revenue (a gauge of future sales growth potential) advanced almost 50%. Though we were impressed with the pace of deferred revenue growth in the period, we caution investors that such a pace was driven more by changes in invoice practices than internal expansion. Salesforce.com’s fourth-quarter GAAP net loss was $0.03, but after excluding stock-based compensation and certain other items, non-GAAP earnings per share was $0.43. For the full-year, Salesforce.com’s GAAP net loss per share was $0.09. Nonetheless, the company’s quarterly operating cash flow came in at $240 million, up 45% year-over-year, and free cash flow (cash flow from operations less capex), expanded at a similar pace, to $195.7 million in the quarter. For the full-year, free cash flow was roughly $440 million, which is nothing to sneeze at. The measure (relative to earnings) also reveals that the market uses cash flow to set equity prices, not earnings, which for Salesforce.com, are expected to be negative again in fiscal 2013. Specifically, the company expects its 2013 GAAP net loss per share to be in the range of ($0.55) to ($0.51) on the heels of roughly a 30% increase in revenue, to $2.95 billion at the high end of its guidance range. On a non-GAAP basis, the firm expects fiscal 2013 non-GAAP earnings per share to come in the range of $1.58 to $1.62 per share. Despite the excellent free cash flow generation, we are sticking with our below-market fair value estimate for the cloud-services provider.