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     633  0 Kommentare ServiceNow Reports First Quarter 2021 Financial Results

    ServiceNow (NYSE: NOW), the leading digital workflow company making work, work better for people, today announced financial results for its first quarter ended March 31, 2021, with subscription revenues of $1,293 million in Q1 2021, representing 30% year-over-year growth, 26% adjusted for constant currency.

    As of March 31, 2021, current remaining performance obligations (“cRPO”), contract revenue that will be recognized as revenue in the next 12 months, was $4.4 billion, representing 33% year-over-year growth, 29% adjusted for constant currency. The company now has 1,146 total customers with more than $1 million in annual contract value, representing 23% year-over-year growth in customers.

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    "Our outstanding start to 2021 is rooted in our relentless focus to make the world of work, work better for people,” said Bill McDermott, ServiceNow president and CEO. “As the leading platform for digital transformation, our empathy for customers inspires our continuous innovation. Over the past 18 months, we doubled the features and functionality in our releases to solve the world’s most pressing challenges. We are humbled to support turning millions of vaccines into vaccinations globally. There is no limit to the opportunities ahead as we strive to become the defining enterprise software company of the 21st century.”

    ServiceNow CFO Gina Mastantuono said, “On the heels of a tremendous 2020, the team continued to execute well and delivered another strong quarter of out-performance. We are focused, disciplined, and committed to helping our customers succeed. Every C-suite leader wants to create great experiences for their employees and their customers, and ServiceNow is delivering. The Now Platform offers the speed, flexibility, and innovation companies need. We have strong momentum on our way to becoming a $10 billion revenue company.”

    During the quarter, ServiceNow delivered the Now Platform Quebec release with new levels of innovation to help businesses thrive in a new era of work. This included the launch of ServiceNow’s new Creator Workflow with low-code tools that put application development into the hands of “citizen developers.” ServiceNow launched Vaccine Administration Management to help turn vaccines into vaccinations by orchestrating the vaccine management process: distributing, administering, and monitoring vaccines. The acquisition of Intellibot will enable ServiceNow to deliver an unmatched intelligent workflow automation solution tying together RPA, AI, machine learning, and process mining native to the Now Platform. ServiceNow also recently released its Global Impact Report, which includes its environmental, social, and governance initiatives for creating meaningful impact in the world.

    First Quarter 2021 GAAP and Non-GAAP Results:

    The following table summarizes our financial results for the first quarter 2021:

     

    First Quarter 2021
    GAAP Results

     

    First Quarter 2021 Non-GAAP Results(1)

     

    Amount

    ($ millions)

    Year/Year
    Growth (%)

     

    Amount
    ($ millions)

    Year/Year
    Growth (%)

    Adjusted
    Amount
    ($ millions)(2)

    Adjusted
    Year/Year
    Growth (%)

    Subscription revenues

    $1,293

    30%

     

     

     

    $1,256

    26%

    Professional services and other revenues

    $67

    31%

     

     

     

    $65

    27%

    Total revenues

    $1,360

    30%

     

     

     

    $1,321

    26%

     

     

     

     

     

     

     

     

    Subscription billings

     

     

     

    $1,365

    29%

    $1,315

    25%

    Professional services and other billings

     

     

     

    $70

    46%

    $68

    42%

    Total billings

     

     

     

    $1,435

    30%

    $1,383

    25%

     

     

     

     

     

     

     

     

     

    Amount
    ($ billions)

    Year/Year
    Growth (%)

     

     

     

    Adjusted
    Amount
    ($ billions)(2)

    Adjusted
    Year/Year
    Growth (%)

    cRPO

    $4.4

    33%

     

     

     

    $4.3

    29%

    RPO

    $8.8

    34%

     

     

     

    $8.6

    30%

     

     

     

     

     

     

     

     

     

    Amount
    ($ millions)

    Margin (%)

     

    Amount
    ($ millions)

    Margin (%)

     

     

    Subscription gross profit

    $1,065

    82%

     

    $1,106

    86%

     

     

    Professional services and other gross profit (loss)

    ($4)

    (6%)

     

    $9

    14%

     

     

    Total gross profit

    $1,061

    78%

     

    $1,115

    82%

     

     

    Income from operations

    $97

    7%

     

    $372

    27%

     

     

    Net cash provided by operating activities

    $727

    53%

     

     

     

     

     

    Free cash flow

     

     

     

    $627

    46%

     

     

     

     

     

     

     

     

     

     

     

    Amount
    ($ millions)

    Earnings per
    Basic/Diluted
    Share ($)

     

    Amount
    ($ millions)

    Earnings per
    Basic/Diluted
    Share ($)

     

     

    Net income

    $82

    $0.42/ $0.41

     

    $306

    $1.55/ $1.52

     

     

    (1)

    We report non-GAAP financial measures in addition to, and not as a substitute for, or superior to, financial measures calculated in accordance with GAAP. See the section entitled “Statement Regarding Use of Non-GAAP Financial Measures” for an explanation of non-GAAP measures, and the table entitled “GAAP to Non-GAAP Reconciliation” for a reconciliation of GAAP to non-GAAP measures.

    (2)

    Non-GAAP adjusted subscription revenues, professional services and other revenues, total revenues and professional services and other billings, cRPO and RPO are adjusted for constant currency. Non-GAAP adjusted subscription billings and total billings are adjusted for constant currency and constant billings duration. See the section entitled “Statement Regarding Use of Non-GAAP Financial Measures” for an explanation of non-GAAP measures, and the table entitled “GAAP to Non-GAAP Reconciliation” for a reconciliation of GAAP to non-GAAP measures.

    Note: Numbers rounded for presentation purposes.

    Financial Outlook

    ServiceNow will provide forward-looking guidance in connection with this quarterly announcement on its earnings conference call and webcast.

    Conference Call Details

    The conference call will begin at 2 p.m. Pacific Time (22:00 GMT) on April 28, 2021. Interested parties may listen to the call by dialing (833) 513‑0567 (Passcode: 6380767), or if outside North America, by dialing (236) 714‑2186 (Passcode: 6380767). Individuals may access the live teleconference from this webcast link:

    https://event.on24.com/wcc/r/3079908/98C398329F784744CCE4E95CB0BFA353

    An audio replay of the conference call and webcast will be available two hours after its completion and will be accessible for 30 days. To hear the replay, interested parties may go to the investor relations section of the ServiceNow website or dial (800) 585‑8367 (Passcode: 6380767), or if outside North America, by dialing (416) 621‑4642 (Passcode: 6380767).

    Investor Presentation Details

    An investor presentation providing additional information, including forward-looking guidance, and analysis can be found at http://investors.servicenow.com.

    Financial Analyst Day

    ServiceNow will host its Financial Analyst Day virtually on Monday, May 10th. The event will feature presentations by senior executives, who will provide updates on the company’s corporate and product strategy, financials and customer momentum. A webcast will be available the day of the event at http://investors.servicenow.com.

    Event Details:
    May 10, 2021 from 10:00 am ‑ 12:30 pm Pacific Time

    Statement Regarding Use of Non-GAAP Financial Measures

    We report the following non-GAAP financial measures in addition to, and not as a substitute for, or superior to, financial measures calculated in accordance with GAAP.

    • Adjusted revenues. We present revenues adjusted for constant currency to provide a framework for assessing how our business performed excluding the effect of foreign currency rate fluctuations. To present this information, current period results for entities reporting in currencies other than U.S. Dollars (“USD”) are converted into USD at the average exchange rates in effect during the comparison period (for Q1 2020, the average exchange rates in effect for our major currencies were 1 USD to 1.10 Euros and 1 USD to 1.28 British Pound Sterling (“GBP”), rather than the actual average exchange rates in effect during the current period (for Q1 2021, the average exchange rates in effect for our major currencies were 1 USD to 1.21 Euros and 1 USD to 1.38 GBP). We believe the presentation of revenues adjusted for constant currency facilitates the comparison of revenues year-over-year.
    • Billings and Adjusted billings. We define subscription billings, professional services and other billings, and total billings as the applicable revenue plus the applicable change in deferred revenue, unbilled receivables and customer deposits as presented or derived from the statement of cash flows. We adjust billings for constant currency, as described above, and for constant duration by replacing the portion of multi-year billings in excess of twelve months during the current period with the portion of multi-year billings in excess of twelve months during the comparison period. We believe these adjustments facilitate greater comparability in our billings information year-over-year. We believe billings is one indicator of the performance of our business.
    • Adjusted remaining performance obligations and current remaining performance obligations. We present cRPO and remaining performance obligations (“RPO”) and related growth rates adjusted for constant currency, as described above, to provide a framework for assessing how our business performed. We believe the presentation of cRPO and RPO and related growth rates adjusted for constant currency facilitates the comparison of cRPO and RPO year-over-year, respectively.
    • Gross profit, Income from operations, Net income and Net income per share - diluted. Our non-GAAP presentation of gross profit, income from operations, and net income measures exclude certain non-cash or non-recurring items, including stock-based compensation expense, amortization of debt discount and issuance costs related to our convertible senior notes, loss on early note conversions, amortization of purchased intangibles, legal settlements, business combination and other related costs, and the related income tax effect of these adjustments. The non-GAAP weighted-average shares used to compute our non-GAAP net income per share - diluted excludes the dilutive effect of the in-the-money portion of convertible senior notes as they are covered by our note hedges, and includes the dilutive effect of time-based stock awards, the dilutive effect of warrants and the potentially dilutive effect of our stock awards with performance conditions not yet satisfied at forecasted attainment levels to the extent we believe it is probable that the performance condition will be met. We believe these adjustments provide useful supplemental information to investors and facilitates the analysis of our operating results and comparison of operating results across reporting periods.
    • Free cash flow. Free cash flow is defined as net cash provided by (used in) operating activities plus cash paid for legal settlements and repayments of convertible senior notes attributable to debt discount, reduced by purchases of property and equipment. Free cash flow margin is calculated as free cash flow as a percentage of total revenues. We believe information regarding free cash flow and free cash flow margin provides useful information to investors because it is an indicator of the strength and performance of our business operations.

    Our presentation of non-GAAP financial measures may not be comparable to similar measures used by other companies. We encourage investors to carefully consider our results under GAAP, as well as our supplemental non-GAAP information and the reconciliation between these presentations, to more fully understand our business. Please see the tables included at the end of this release for the reconciliation of GAAP and non-GAAP results.

    Use of Forward-Looking Statements

    This release contains “forward-looking statements” regarding our performance. Forward-looking statements are subject to known and unknown risks and uncertainties and are based on potentially inaccurate assumptions that could cause actual results to differ materially from those expected or implied by the forward-looking statements. If any such risks or uncertainties materialize or if any of the assumptions prove incorrect, our results could differ materially from the results expressed or implied by the forward-looking statements we make.

    Factors that may cause actual results to differ materially from those in any forward-looking statements include: (i) the continued impact and duration of COVID-19 on our business, future financial performance and global economic conditions including the effectiveness, extent and duration of mitigation efforts such as “shelter in place”, availability of vaccinations and similar directives; (ii) our ability to compete successfully against existing and new competitors, (iii) our ability to comply with evolving privacy laws, data transfer restrictions, and other foreign and domestic standards related to data and the Internet, (iv) our ability to predict, prepare for and respond promptly to rapidly evolving technological, market and customer developments, (v) errors, interruptions, delays, or security breaches in or of our service or data centers, (vi) our ability to grow our business, including converting remaining performance obligations into revenue, adding and retaining customers, selling additional subscriptions to existing customers, selling to larger enterprises, government and regulated organizations with complex sales cycles and certification processes, and entering new geographies and markets, (vii) our ability to develop and gain customer acceptance of new and improved products and services, including those acquired through strategic transactions, and (viii) material changes in the value of foreign currencies relative to the U.S. Dollar. Additionally, these forward-looking statements involve risk, uncertainties and assumptions, including those related to the continued impacts of COVID-19 on our business, future financial performance and global economic conditions. Many of these assumptions relate to matters that are beyond our control and changing rapidly, including, but not limited to, the timeframes for and severity of social distancing and other mitigation requirements, the timing of headwinds from COVID-19, the continued impact of COVID-19 on new or existing customers’ purchasing decisions and the length of our sales cycles, renewal timing or billings terms, particularly for customers in certain industries highly affected by COVID-19. Significant variation from the assumptions underlying our forward-looking statements could cause our actual results to vary, and the impact could be significant.

    Further information on these and other factors that could affect our financial results are included in our Form 10-K filed for the year ended December 31, 2020 and in other filings we make with the Securities and Exchange Commission from time to time, including our Form 10-Q that will be filed for the quarter ended March 31, 2021.

    We undertake no obligation, and do not intend, to update these forward-looking statements, to review or confirm analysts’ expectations, or to provide interim reports or updates on the progress of the current financial quarter.

    About ServiceNow

    ServiceNow (NYSE: NOW) is making the world of work, work better for people. Our cloud-based platform and solutions deliver digital workflows that create great experiences and unlock productivity for employees and the enterprise. For more information, visit: www.servicenow.com.

    2021 ServiceNow, Inc. All rights reserved. ServiceNow, the ServiceNow logo, Now, and other ServiceNow marks are trademarks and/or registered trademarks of ServiceNow, Inc. in the United States and/or other countries. Other company names, product names, and logos may be trademarks of the respective companies with which they are associated.

    ServiceNow, Inc.

    Condensed Consolidated Statements of Operations

    (in millions, except per share data)

    (unaudited)

     

    Three Months Ended

     

    March 31, 2021

     

    March 31, 2020

    Revenues:

     

     

     

    Subscription

    $

    1,293

     

    $

    995

    Professional services and other

    67

     

    51

    Total revenues

    1,360

     

    1,046

    Cost of revenues (1):

     

     

     

    Subscription

    228

     

    160

    Professional services and other

    71

     

    63

    Total cost of revenues

    299

     

    223

    Gross profit

    1,061

     

    823

    Operating expenses (1):

     

     

     

    Sales and marketing

    524

     

    441

    Research and development

    314

     

    227

    General and administrative

    126

     

    106

    Total operating expenses

    964

     

    774

    Income from operations

    97

     

    49

    Interest expense

    (7)

     

    (9)

    Other income, net

    9

     

    8

    Income before income taxes

    99

     

    48

    Provision for income taxes

    17

     

    Net income

    $

    82

     

    $

    48

    Net income per share - basic

    $

    0.42

     

    $

    0.25

    Net income per share - diluted

    $

    0.41

     

    $

    0.24

    Weighted-average shares used to compute net income per share - basic

    197

     

    190

    Weighted-average shares used to compute net income per share - diluted

    202

     

    200

    (1) Includes stock-based compensation as follows:

     

    Three Months Ended

     

    March 31, 2021

     

    March 31, 2020

    Cost of revenues:

     

     

     

    Subscription

    $

    29

     

    $

    22

    Professional services and other

    13

     

    12

    Operating expenses:

     

     

     

    Sales and marketing

    93

     

    70

    Research and development

    88

     

    59

    General and administrative

    33

     

    26

    ServiceNow, Inc.

    Condensed Consolidated Balance Sheets

    (in millions)

    (unaudited)

     

    March 31, 2021

     

    December 31, 2020

    Assets

     

     

     

    Current assets:

     

     

     

    Cash and cash equivalents

    $

    1,821

     

    $

    1,677

    Short-term investments

    1,635

     

    1,415

    Accounts receivable, net

    645

     

    1,009

    Current portion of deferred commissions

    241

     

    229

    Prepaid expenses and other current assets

    182

     

    192

    Total current assets

    4,524

     

    4,522

    Deferred commissions, less current portion

    471

     

    444

    Long-term investments

    1,348

     

    1,468

    Property and equipment, net

    693

     

    660

    Operating lease right-of-use assets

    455

     

    454

    Intangible assets, net

    221

     

    153

    Goodwill

    361

     

    241

    Deferred tax assets

    643

     

    673

    Other assets

    106

     

    100

    Total assets

    $

    8,822

     

    $

    8,715

    Liabilities and Stockholders’ Equity

     

     

     

    Current liabilities:

     

     

     

    Accounts payable

    $

    109

     

    $

    34

    Accrued expenses and other current liabilities

    484

     

    668

    Current portion of deferred revenue

    2,994

     

    2,963

    Current portion of operating lease liabilities

    77

     

    72

    Total current liabilities

    3,664

     

    3,737

    Deferred revenue, less current portion

    50

     

    45

    Operating lease liabilities, less current portion

    420

     

    423

    Long-term debt, net

    1,611

     

    1,640

    Other long-term liabilities

    40

     

    36

    Stockholders’ equity

    3,037

     

    2,834

    Total liabilities and stockholders’ equity

    $

    8,822

     

    $

    8,715

    ServiceNow, Inc.

    Condensed Consolidated Statements of Cash Flows

    (in millions)

    (unaudited)

     

    Three Months Ended

     

    March 31, 2021

     

    March 31, 2020

    Cash flows from operating activities:

     

     

     

    Net income

    $

    82

     

     

    $

    48

     

    Adjustments to reconcile net income to net cash provided by operating activities:

     

     

     

    Depreciation and amortization

    106

     

     

    76

     

    Amortization of deferred commissions

    66

     

     

    49

     

    Amortization of debt discount and issuance costs

    2

     

     

    9

     

    Stock-based compensation

    256

     

     

    188

     

    Deferred income taxes

    1

     

     

    (2

    )

    Repayments of convertible senior notes attributable to debt discount

    (7

    )

     

     

    Other

    15

     

     

    3

     

    Changes in operating assets and liabilities, net of effect of business combinations:

     

     

     

    Accounts receivable

    354

     

     

    209

     

    Deferred commissions

    (114

    )

     

    (71

    )

    Prepaid expenses and other assets

    (3

    )

     

    (20

    )

    Accounts payable

    89

     

     

    21

     

    Deferred revenue

    75

     

     

    60

     

    Accrued expenses and other liabilities

    (195

    )

     

    (78

    )

    Net cash provided by operating activities

    727

     

     

    492

     

    Cash flows from investing activities:

     

     

     

    Purchases of property and equipment

    (107

    )

     

    (83

    )

    Business combinations, net of cash acquired

    (225

    )

     

    (83

    )

    Purchases of investments

    (644

    )

     

    (528

    )

    Sales and maturities of investments

    532

     

     

    313

     

    Other

    7

     

     

    (4

    )

    Net cash used in investing activities

    (437

    )

     

    (385

    )

    Cash flows from financing activities:

     

     

     

    Repayments of convertible senior notes attributable to principal

    (28

    )

     

    (2

    )

    Proceeds from employee stock plans

    95

     

     

    67

     

    Taxes paid related to net share settlement of equity awards

    (191

    )

     

    (126

    )

    Net cash used in financing activities

    (124

    )

     

    (61

    )

    Foreign currency effect on cash, cash equivalents and restricted cash

    (18

    )

     

    (11

    )

    Net increase in cash, cash equivalents and restricted cash

    148

     

     

    35

     

    Cash, cash equivalents and restricted cash at beginning of period

    1,679

     

     

    778

     

    Cash, cash equivalents and restricted cash at end of period

    $

    1,827

     

     

    $

    813

     

    ServiceNow, Inc.

    GAAP to Non-GAAP Reconciliation

    (in millions, except cRPO, RPO and per share data)

    (unaudited)

     

     

    Three Months Ended

     

     

     

    March 31, 2021

     

    March 31, 2020

     

    Growth Rates

    Subscription revenues:

     

     

     

     

     

    GAAP subscription revenues

    $

    1,293

     

     

    $

    995

     

     

    30%

    Effects of foreign currency rate fluctuations

    (37

    )

     

     

     

     

    Non-GAAP adjusted subscription revenues(1)

    $

    1,256

     

     

     

     

    26%

     

     

     

     

     

     

    Professional services and other revenues:

     

     

     

     

     

    GAAP professional services and other revenues

    $

    67

     

     

    $

    51

     

     

    31%

    Effects of foreign currency rate fluctuations

    (2

    )

     

     

     

     

    Non-GAAP adjusted professional service and other revenues(1)

    $

    65

     

     

     

     

    27%

     

     

     

     

     

     

    Total revenues:

     

     

     

     

     

    GAAP total revenues

    $

    1,360

     

     

    $

    1,046

     

     

    30%

    Effects of foreign currency rate fluctuations

    (39

    )

     

     

     

     

    Non-GAAP adjusted total revenues(1)

    $

    1,321

     

     

     

     

    26%

     

     

     

     

     

     

    cRPO (in billions):

     

     

     

     

     

    GAAP cRPO

    $

    4.4

     

     

    $

    3.3

     

     

    33%

    Effects of foreign currency rate fluctuations

    (0.1

    )

     

     

     

     

    Non-GAAP adjusted cRPO(1)

    $

    4.3

     

     

     

     

    29%

     

     

     

     

     

     

    RPO (in billions):

     

     

     

     

     

    GAAP RPO

    $

    8.8

     

     

    $

    6.6

     

     

    34%

    Effects of foreign currency rate fluctuations

    (0.2

    )

     

     

     

     

    Non-GAAP adjusted RPO(1)

    $

    8.6

     

     

     

     

    30%

     

     

     

     

     

     

    Subscription billings:

     

     

     

     

     

    GAAP subscription revenues

    $

    1,293

     

     

    $

    995

     

     

    30%

    Change in subscription deferred revenue, unbilled receivables and customer deposits

    72

     

     

    60

     

     

     

    Non-GAAP subscription billings

    1,365

     

     

    1,055

     

     

    29%

    Effects of foreign currency rate fluctuations

    (39

    )

     

     

     

     

    Effects of fluctuations in billings duration

    (11

    )

     

     

     

     

    Non-GAAP adjusted subscription billings(2)

    $

    1,315

     

     

     

     

    25%

     

     

     

     

     

     

    Professional services and other billings:

     

     

     

     

     

    GAAP professional services and other revenues

    $

    67

     

     

    $

    51

     

     

    32%

    Change in professional services and other deferred revenue

    3

     

     

    (3

    )

     

     

    Non-GAAP professional services and other billings

    70

     

     

    48

     

     

    46%

    Effects of foreign currency rate fluctuations

    (2

    )

     

     

     

     

    Non-GAAP adjusted professional services and other billings(2)

    $

    68

     

     

     

     

    42%

     

     

     

     

     

     

    Total billings:

     

     

     

     

     

    GAAP total revenues

    $

    1,360

     

     

    $

    1,046

     

     

    30%

    Change in total deferred revenue, unbilled receivables and customer deposits

    75

     

     

    57

     

     

     

    Non-GAAP total billings

    1,435

     

     

    1,103

     

     

    30%

    Effects of foreign currency rate fluctuations

    (41

    )

     

     

     

     

    Effects of fluctuations in billings duration

    (11

    )

     

     

     

     

    Non-GAAP adjusted total billings(2)

    $

    1,383

     

     

     

     

    25%

     

     

     

     

     

     

    Cost of revenues:

     

     

     

     

     

    GAAP subscription cost of revenues

    $

    228

     

     

    $

    160

     

     

     

    Stock-based compensation

    (29

    )

     

    (22

    )

     

     

    Amortization of purchased intangibles

    (12

    )

     

    (7

    )

     

     

    Non-GAAP subscription cost of revenues

    $

    187

     

     

    $

    131

     

     

     

     

     

     

     

     

     

    GAAP professional services and other cost of revenues

    $

    71

     

     

    $

    63

     

     

     

    Stock-based compensation

    (13

    )

     

    (12

    )

     

     

    Non-GAAP professional services and other cost of revenues

    $

    58

     

     

    $

    51

     

     

     

     

     

     

     

     

     

    Gross profit:

     

     

     

     

     

    GAAP subscription gross profit

    $

    1,065

     

     

    $

    835

     

     

     

    Stock-based compensation

    29

     

     

    22

     

     

     

    Amortization of purchased intangibles

    12

     

     

    7

     

     

     

    Non-GAAP subscription gross profit

    $

    1,106

     

     

    $

    864

     

     

     

     

     

     

     

     

     

    GAAP professional services and other gross loss

    $

    (4

    )

     

    $

    (12

    )

     

     

    Stock-based compensation

    13

     

     

    12

     

     

     

    Non-GAAP professional services and other gross profit

    $

    9

     

     

    $

     

     

     

     

     

     

     

     

     

    GAAP gross profit

    $

    1,061

     

     

    $

    823

     

     

     

    Stock-based compensation

    42

     

     

    34

     

     

     

    Amortization of purchased intangibles

    12

     

     

    7

     

     

     

    Non-GAAP gross profit

    $

    1,115

     

     

    $

    864

     

     

     

     

     

     

     

     

     

    Gross margin:

     

     

     

     

     

    GAAP subscription gross margin

    82

    %

     

    84

    %

     

     

    Stock-based compensation as % of subscription revenues

    2

    %

     

    2

    %

     

     

    Amortization of purchased intangibles as % of subscription revenues

    1

    %

     

    1

    %

     

     

    Non-GAAP subscription gross margin

    86

    %

     

    87

    %

     

     

     

     

     

     

     

     

    GAAP professional services and other gross margin

    (6

    %)

     

    (23

    %)

     

     

    Stock-based compensation as % of professional services and other revenues

    19

    %

     

    23

    %

     

     

    Non-GAAP professional services and other gross margin

    14

    %

     

    0

    %

     

     

     

     

     

     

     

     

    GAAP gross margin

    78

    %

     

    79

    %

     

     

    Stock-based compensation as % of total revenues

    3

    %

     

    3

    %

     

     

    Amortization of purchased intangibles as % of total revenues

    1

    %

     

    1

    %

     

     

    Non-GAAP gross margin

    82

    %

     

    83

    %

     

     

     

     

     

     

     

     

    Operating expenses:

     

     

     

     

     

    GAAP sales and marketing expenses

    $

    524

     

     

    $

    441

     

     

     

    Stock-based compensation

    (93

    )

     

    (70

    )

     

     

    Non-GAAP sales and marketing expenses

    $

    431

     

     

    $

    371

     

     

     

     

     

     

     

     

     

    GAAP research and development expenses

    $

    314

     

     

    $

    227

     

     

     

    Stock-based compensation

    (88

    )

     

    (59

    )

     

     

    Amortization of purchased intangibles

    (1

    )

     

     

     

     

    Non-GAAP research and development expenses

    $

    225

     

     

    $

    168

     

     

     

     

     

     

     

     

     

    GAAP general and administrative expenses

    $

    126

     

     

    $

    106

     

     

     

    Stock-based compensation

    (33

    )

     

    (26

    )

     

     

    Amortization of purchased intangibles

    (4

    )

     

    (3

    )

     

     

    Business combination and other related costs

    (2

    )

     

    (3

    )

     

     

    Non-GAAP general and administrative expenses

    $

    87

     

     

    $

    74

     

     

     

     

     

     

     

     

     

    GAAP total operating expenses

    $

    964

     

     

    $

    774

     

     

     

    Stock-based compensation

    (214

    )

     

    (155

    )

     

     

    Amortization of purchased intangibles

    (5

    )

     

    (3

    )

     

     

    Business combination and other related costs

    (2

    )

     

    (3

    )

     

     

    Non-GAAP total operating expenses

    $

    743

     

     

    $

    613

     

     

     

     

     

     

     

     

     

    Income from operations:

     

     

     

     

     

    GAAP income from operations

    $

    97

     

     

    $

    49

     

     

     

    Stock-based compensation

    256

     

     

    188

     

     

     

    Amortization of purchased intangibles

    17

     

     

    10

     

     

     

    Business combination and other related costs

    2

     

     

    3

     

     

     

    Non-GAAP income from operations

    $

    372

     

     

    $

    250

     

     

     

     

     

     

     

     

     

    Operating margin:

     

     

     

     

     

    GAAP operating margin

    7

    %

     

    5

    %

     

     

    Stock-based compensation as % of total revenues

    19

    %

     

    18

    %

     

     

    Amortization of purchased intangibles as % of total revenues

    1

    %

     

    1

    %

     

     

    Business combination and other related costs as % of total revenues

    0

    %

     

    0

    %

     

     

    Non-GAAP operating margin

    27

    %

     

    24

    %

     

     

    Net income:

     

     

     

     

     

    GAAP net income

    $

    82

     

     

    $

    48

     

     

     

    Stock-based compensation

    256

     

     

    188

     

     

     

    Amortization of purchased intangibles

    17

     

     

    10

     

     

     

    Business combination and other related costs

    2

     

     

    3

     

     

     

    Amortization of debt discount and issuance costs

    2

     

     

    9

     

     

     

    Other

    2

     

     

     

     

     

    Income tax expense effects related to the above adjustments

    (55

    )

     

     

     

     

    Income tax benefit from the release of a valuation allowance on the deferred tax assets

     

     

    (51

    )

     

     

    Non-GAAP net income

    $

    306

     

     

    $

    207

     

     

     

     

     

     

     

     

     

    Net income per share - basic and diluted:

     

     

     

     

     

    GAAP net income per share - basic

    $

    0.42

     

     

    $

    0.25

     

     

     

    GAAP net income per share - diluted

    $

    0.41

     

     

    $

    0.24

     

     

     

    Non-GAAP net income per share - basic

    $

    1.55

     

     

    $

    1.09

     

     

     

    Non-GAAP net income per share - diluted

    $

    1.52

     

     

    $

    1.05

     

     

     

     

     

     

     

     

     

    GAAP weighted-average shares used to compute net income per share - basic

    197

     

     

    190

     

     

     

     

     

     

     

     

     

    GAAP weighted-average shares used to compute net income per share - diluted

    202

     

     

    200

     

     

     

    Effects of in-the-money portion of convertible senior notes(3)

    (1

    )

     

    (3

    )

     

     

    Non-GAAP weighted-average shares used to compute net income per share - diluted

    201

     

     

    197

     

     

     

     

     

     

     

     

     

    Free cash flow:

     

     

     

     

     

    GAAP net cash provided by operating activities

    $

    727

     

     

    $

    492

     

     

     

    Purchases of property and equipment

    (107

    )

     

    (83

    )

     

     

    Repayments of convertible senior notes attributable to debt discount

    7

     

     

     

     

     

    Non-GAAP free cash flow

    $

    627

     

     

    $

    409

     

     

     

     

     

     

     

     

     

    Free cash flow margin:

     

     

     

     

     

    GAAP net cash provided by operating activities as % of total revenues

    53

    %

     

    47

    %

     

     

    Purchases of property and equipment as % of total revenues

    (8

    %)

     

    (8

    %)

     

     

    Repayments of convertible senior notes attributable to debt discount as % of total revenues

    1

    %

     

    %

     

     

    Non-GAAP free cash flow margin

    46

    %

     

    39

    %

     

     

     

     

     

     

     

     

    (1)

    Adjusted revenues, cRPO, RPO and the corresponding growth rates are derived by applying the average exchange rates in effect during the comparison period rather than the actual average exchange rates in effect during the current period.

    (2)

    Adjusted billings and the corresponding growth rates are derived by applying the average exchange rates in effect during the comparison period rather than the actual average exchange rates in effect during the current period, and by replacing the portion of multi-year billings in excess of twelve months during the current period with the portion of multi-year billings in excess of twelve months during the comparison period.

    (3)

    Effects of dilutive time-based stock awards, in-the-money portion of convertible senior notes and warrants are included in the GAAP weighted-average diluted shares in periods where we have GAAP net income. We exclude the in-the-money portion of convertible senior notes for non-GAAP weighted-average diluted shares as they are covered by our note hedges. We include stock awards with performance conditions not yet satisfied for non-GAAP weighted average diluted shares at forecasted attainment levels to the extent we believe it is probable that the performance condition will be met.

    Note: Numbers rounded for presentation purposes.

     



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    ServiceNow Reports First Quarter 2021 Financial Results ServiceNow (NYSE: NOW), the leading digital workflow company making work, work better for people, today announced financial results for its first quarter ended March 31, 2021, with subscription revenues of $1,293 million in Q1 2021, representing 30% …

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