Delaware | 001-35580 | 20-2056195 | ||||
(State or other jurisdiction of incorporation or organization) | (Commission File Number) | (I.R.S. Employer Identification Number) |
4810 Eastgate Mall | ||
San Diego, California | 92121 | |
(Address of Principal Executive Offices) | (Zip Code) |
¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
(d) | Exhibits. | ||||
99.1 | Press release dated July 31, 2013, announcing ServiceNow, Inc.’s financial results for the three months ended June 30, 2013. |
SERVICENOW, INC. | ||
By: | /s/ Michael P. Scarpelli | |
Michael P. Scarpelli Chief Financial Officer |
Exhibit No. | Exhibit Title |
99.1 | Press release dated July 31, 2013, announcing ServiceNow, Inc.’s financial results for the three months ended June 30, 2013. |
• | Revenues of $102.2 million, an increase of 80% compared to the second quarter of 2012, and an increase of 19% from the first quarter of 2013. |
• | A GAAP net loss for the quarter of $21.4 million, or a loss of $0.16 per basic and diluted share, compared to a GAAP net loss of $8.7 million, or a loss of $0.32 per basic and diluted share, in the second quarter of 2012. |
• | A non-GAAP net loss for the quarter of $7.8 million, or a loss of $0.06 per basic and diluted share, compared to a non-GAAP net loss of $1.6 million, or a loss of $0.06 per basic and diluted share, in the second quarter of 2012 (see the table entitled "Results of Operations GAAP to Non-GAAP Reconciliation” for a reconciliation of these GAAP and non-GAAP financial measures). |
• | Deferred revenue of $210.0 million, an 8% increase over the $194.8 million reported at the end of the prior quarter. |
• | Billings were $117.5 million, a 6% increase over the $110.3 million reported in the previous quarter and a 63% increase over the $72.1 million in the same period last year (see the table entitled “Non-GAAP Billings Reconciliation” for a reconciliation of non-GAAP billings to GAAP revenues). |
• | Total revenues between $104 and $106 million, representing year-over-year growth between 62% and 65%. Our total third quarter revenue estimate consists of subscription revenues between $88 and $89 million and professional services and other revenues between $16 and $17 million. |
• | Subscription gross margin of approximately 75%, professional services and other gross margin between 7% and 9%, and overall gross margin of approximately 65%. |
• | Operating margin between (3%) and (2%). |
• | A net loss per basic and diluted share between ($0.03) and ($0.02) with weighted-average shares outstanding of approximately 137.5 million. |
• | In May, ServiceNow hosted Knowledge13™, our annual global user conference, in Las Vegas. With nearly 4,000 attendees, doubling last year’s attendance, Knowledge is the largest gathering of IT professionals using cloud services to transform service delivery across the enterprise. |
• | In May, ServiceNow announced: |
◦ | ServiceNow App Creator enabling ‘citizen developers’ to easily create intuitive enterprise applications on the ServiceNow Service Automation Platform. |
◦ | ServiceNow for iPad which provides IT with the ability to view and interact with their work anytime, anywhere. |
◦ | ServiceNow Cloud Provisioning, a new orchestration application that enables IT to automate the entire cloud management lifecycle. |
◦ | ServiceNow CMDB data certification, a new capability in the ServiceNow CMDB (Configuration Management Database) that ensures data remains accurate, current and relevant. |
• | In July, ServiceNow announced the acquisition of Mirror42. The new ServiceNow Performance Analytics product provides users with Key Performance Indicator (KPI)-driven dashboards and scorecards that work transparently with all ServiceNow applications. |
ServiceNow, Inc. | |||||||||||||||||||
Condensed Consolidated Statements of Operations | |||||||||||||||||||
(in thousands, except share and per share data) | |||||||||||||||||||
(Unaudited) | |||||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||||
June 30, 2013 | June 30, 2012 | June 30, 2013 | June 30, 2012 | ||||||||||||||||
Revenues: | |||||||||||||||||||
Subscription | $ | 80,376 | $ | 46,820 | $ | 151,934 | $ | 86,361 | |||||||||||
Professional services and other | 21,846 | 9,954 | 36,227 | 17,844 | |||||||||||||||
Total revenues | 102,222 | 56,774 | 188,161 | 104,205 | |||||||||||||||
Cost of revenues (1): | |||||||||||||||||||
Subscription | 20,219 | 14,239 | 38,531 | 25,251 | |||||||||||||||
Professional services and other | 15,779 | 8,652 | 29,775 | 18,876 | |||||||||||||||
Total cost of revenues | 35,998 | 22,891 | 68,306 | 44,127 | |||||||||||||||
Gross profit | 66,224 | 33,883 | 119,855 | 60,078 | |||||||||||||||
Operating expenses (1): | |||||||||||||||||||
Sales and marketing | 52,291 | 26,909 | 90,517 | 46,216 | |||||||||||||||
Research and development (2) | 17,951 | 9,272 | 33,990 | 15,315 | |||||||||||||||
General and administrative | 15,325 | 6,819 | 27,604 | 13,246 | |||||||||||||||
Total operating expenses | 85,567 | 43,000 | 152,111 | 74,777 | |||||||||||||||
Loss from operations | (19,343 | ) | (9,117 | ) | (32,256 | ) | (14,699 | ) | |||||||||||
Interest and other income (expense), net | (1,323 | ) | 41 | (1,204 | ) | 533 | |||||||||||||
Loss before provision for (benefit from) income taxes | (20,666 | ) | (9,076 | ) | (33,460 | ) | (14,166 | ) | |||||||||||
Provision for (benefit from) income taxes | 739 | (352 | ) | 1,303 | 198 | ||||||||||||||
Net loss | $ | (21,405 | ) | $ | (8,724 | ) | $ | (34,763 | ) | $ | (14,364 | ) | |||||||
Net loss attributable to common stockholders - Basic and Diluted | $ | (21,405 | ) | $ | (8,878 | ) | $ | (34,763 | ) | $ | (14,672 | ) | |||||||
Net loss per share attributable to common stockholders: | |||||||||||||||||||
Basic | $ | (0.16 | ) | $ | (0.32 | ) | $ | (0.26 | ) | $ | (0.55 | ) | |||||||
Diluted | $ | (0.16 | ) | $ | (0.32 | ) | $ | (0.26 | ) | $ | (0.55 | ) | |||||||
Weighted-average shares used to compute net loss per share attributable to common stockholders: | |||||||||||||||||||
Basic | 134,454,085 | 27,788,547 | 132,298,095 | 26,452,100 | |||||||||||||||
Diluted | 134,454,085 | 27,788,547 | 132,298,095 | 26,452,100 | |||||||||||||||
(1) Includes total stock-based compensation expense for stock-based awards as follows: | |||||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||||
June 30, 2013 | June 30, 2012 | June 30, 2013 | June 30, 2012 | ||||||||||||||||
Cost of revenues: | |||||||||||||||||||
Subscription | $ | 1,996 | $ | 706 | $ | 3,790 | $ | 1,238 | |||||||||||
Professional services and other | 1,065 | 277 | 1,886 | 469 | |||||||||||||||
Sales and marketing | 4,822 | 2,482 | 8,807 | 3,953 | |||||||||||||||
Research and development | 3,715 | 1,541 | 6,829 | 2,202 | |||||||||||||||
General and administrative | 3,230 | 1,451 | 5,562 | 2,513 | |||||||||||||||
(2) The Company recorded an out of period adjustment during the quarter ended June 30, 2012 to reflect the correction of an immaterial error related to software development costs of $0.7 million that was improperly capitalized during the quarter ended March 31, 2012. The correction of this error had no effect on the results of operations for the six months ended June 30, 2012. |
ServiceNow, Inc. | ||||||||||
Condensed Consolidated Balance Sheets | ||||||||||
(in thousands) | ||||||||||
June 30, 2013 | December 31, 2012 | |||||||||
(Unaudited) | ||||||||||
ASSETS | ||||||||||
Current assets: | ||||||||||
Cash and cash equivalents | $ | 120,233 | $ | 118,989 | ||||||
Short-term investments | 133,547 | 195,702 | ||||||||
Accounts receivable, net | 92,765 | 78,163 | ||||||||
Current portion of deferred commissions | 21,171 | 14,979 | ||||||||
Prepaid expenses and other current assets | 9,093 | 14,256 | ||||||||
Total current assets | 376,809 | 422,089 | ||||||||
Deferred commissions, less current portion | 13,786 | 11,296 | ||||||||
Long-term investments | 92,342 | — | ||||||||
Property and equipment, net | 57,253 | 42,342 | ||||||||
Other assets | 2,143 | 2,387 | ||||||||
Total assets | $ | 542,333 | $ | 478,114 | ||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||||
Current liabilities: | ||||||||||
Accounts payable | $ | 10,016 | $ | 9,604 | ||||||
Accrued expenses and other current liabilities | 46,791 | 48,059 | ||||||||
Current portion of deferred revenue | 192,365 | 153,964 | ||||||||
Total current liabilities | 249,172 | 211,627 | ||||||||
Deferred revenue, less current portion | 17,675 | 16,397 | ||||||||
Other long-term liabilities | 7,591 | 6,685 | ||||||||
Stockholders’ equity | 267,895 | 243,405 | ||||||||
Total liabilities and stockholders’equity | $ | 542,333 | $ | 478,114 |
ServiceNow, Inc. | |||||||||||||||||||||||
Condensed Consolidated Statements of Cash Flows | |||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
June 30, 2013 | June 30, 2012 | June 30, 2013 | June 30, 2012 | ||||||||||||||||||||
Cash flows from operating activities: | |||||||||||||||||||||||
Net loss | $ | (21,405 | ) | $ | (8,724 | ) | $ | (34,763 | ) | $ | (14,364 | ) | |||||||||||
Adjustments to reconcile net loss to net cash | |||||||||||||||||||||||
provided by operating activities: | |||||||||||||||||||||||
Depreciation and amortization | 5,339 | 2,826 | 9,703 | 4,872 | |||||||||||||||||||
Amortization of premiums on investments | 1,138 | 98 | 2,233 | 98 | |||||||||||||||||||
Amortization of deferred commissions | 6,631 | 3,001 | 11,997 | 5,344 | |||||||||||||||||||
Stock-based compensation | 14,828 | 6,457 | 26,874 | 10,375 | |||||||||||||||||||
Tax benefit from exercise of stock options | (720 | ) | 703 | (2,571 | ) | (257 | ) | ||||||||||||||||
Deferred tax assets | — | (174 | ) | — | (174 | ) | |||||||||||||||||
Bad debt expense | 304 | — | 587 | — | |||||||||||||||||||
Lease abandonment costs | 28 | — | 326 | — | |||||||||||||||||||
Changes in operating assets and liabilities: | |||||||||||||||||||||||
Accounts receivable | (12,953 | ) | (4,781 | ) | (15,891 | ) | (2,723 | ) | |||||||||||||||
Deferred commissions | (11,511 | ) | (7,823 | ) | (20,780 | ) | (13,076 | ) | |||||||||||||||
Prepaid expenses and other current assets | 1,924 | 1,031 | 5,842 | 5,203 | |||||||||||||||||||
Other assets | (17 | ) | (1,882 | ) | (247 | ) | (1,956 | ) | |||||||||||||||
Accounts payable | 1,346 | (470 | ) | (125 | ) | 963 | |||||||||||||||||
Accrued expenses and other current liabilities | 9,294 | 915 | 282 | 1,960 | |||||||||||||||||||
Deferred revenue | 14,845 | 15,764 | 40,574 | 26,786 | |||||||||||||||||||
Other long-term liabilities | 665 | (2 | ) | 718 | (33 | ) | |||||||||||||||||
Net cash provided by operating activities | 9,736 | 6,939 | 24,759 | 23,018 | |||||||||||||||||||
Cash flows from investing activities: | |||||||||||||||||||||||
Purchases of property and equipment | (11,820 | ) | (11,668 | ) | (22,235 | ) | (20,226 | ) | |||||||||||||||
Purchases of investments | (128,817 | ) | (8,575 | ) | (184,763 | ) | (23,919 | ) | |||||||||||||||
Sale of investments | 43,298 | 1,025 | 43,298 | 1,025 | |||||||||||||||||||
Maturities of investments (1) | 52,101 | — | 107,451 | — | |||||||||||||||||||
Restricted cash | (163 | ) | — | (163 | ) | 8 | |||||||||||||||||
Net cash used in investing activities | (45,401 | ) | (19,218 | ) | (56,412 | ) | (43,112 | ) | |||||||||||||||
Cash flows from financing activities: | |||||||||||||||||||||||
Payment of follow-on offering costs | — | — | (698 | ) | — | ||||||||||||||||||
Proceeds from employee stock plans | 10,362 | 832 | 31,830 | 2,133 | |||||||||||||||||||
Proceeds from early exercise of stock options, net | — | 137 | — | 1,024 | |||||||||||||||||||
Tax benefit from exercise of stock options | 720 | (703 | ) | 2,571 | 257 | ||||||||||||||||||
Net proceeds from issuance of common stock | — | — | — | 17,848 | |||||||||||||||||||
Purchases of common stock and restricted stock from | |||||||||||||||||||||||
stockholders | — | (891 | ) | — | (1,960 | ) | |||||||||||||||||
Offering costs in connection with initial public offering | — | (1,164 | ) | — | (1,164 | ) | |||||||||||||||||
Net cash provided by (used in) financing activities | 11,082 | (1,789 | ) | 33,703 | 18,138 | ||||||||||||||||||
Foreign currency effect on cash and cash equivalents | 34 | (590 | ) | (806 | ) | (650 | ) | ||||||||||||||||
Net increase (decrease) in cash and cash equivalents | (24,549 | ) | (14,658 | ) | 1,244 | (2,606 | ) | ||||||||||||||||
Cash and cash equivalents at beginning of period | 144,782 | 80,140 | 118,989 | 68,088 | |||||||||||||||||||
Cash and cash equivalents at end of period | $ | 120,233 | $ | 65,482 | $ | 120,233 | $ | 65,482 | |||||||||||||||
Calculation of free cash flow (a non-GAAP measure): | |||||||||||||||||||||||
Net cash provided by operating activities | $ | 9,736 | $ | 6,939 | $ | 24,759 | $ | 23,018 | |||||||||||||||
Purchases of property and equipment | (11,820 | ) | (11,668 | ) | (22,235 | ) | (20,226 | ) | |||||||||||||||
Free cash flow | $ | (2,084 | ) | $ | (4,729 | ) | $ | 2,524 | $ | 2,792 | |||||||||||||
(1) In the six months ended June 30, 2013, maturities of investments includes the effect of the correction of an immaterial error of $3.0 million related to securities that were improperly classified as short-term investments instead of cash and cash equivalents as of December 31, 2012. |
ServiceNow, Inc. | |||||||||||||||||||||||||
Results of Operations GAAP to Non-GAAP Reconciliation | |||||||||||||||||||||||||
(in thousands except share and per share data) | |||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||
Three Months Ended | |||||||||||||||||||||||||
June 30, 2013 | June 30, 2012 | ||||||||||||||||||||||||
GAAP | Adjustments | Non-GAAP | GAAP | Adjustments | Non-GAAP | ||||||||||||||||||||
Reconciliation of gross profit: | |||||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||||
Subscription | $ | 80,376 | — | $ | 80,376 | $ | 46,820 | — | $ | 46,820 | |||||||||||||||
Professional services and other | 21,846 | — | 21,846 | 9,954 | — | 9,954 | |||||||||||||||||||
Total revenues | 102,222 | — | 102,222 | 56,774 | — | 56,774 | |||||||||||||||||||
Cost of revenues (1): | |||||||||||||||||||||||||
Subscription | 20,219 | (1,996 | ) | 18,223 | 14,239 | (706 | ) | 13,533 | |||||||||||||||||
Professional services and other | 15,779 | (1,065 | ) | 14,714 | 8,652 | (277 | ) | 8,375 | |||||||||||||||||
Total cost of revenues | 35,998 | (3,061 | ) | 32,937 | 22,891 | (983 | ) | 21,908 | |||||||||||||||||
Gross profit: | |||||||||||||||||||||||||
Subscription | 60,157 | 1,996 | 62,153 | 32,581 | 706 | 33,287 | |||||||||||||||||||
Professional services and other | 6,067 | 1,065 | 7,132 | 1,302 | 277 | 1,579 | |||||||||||||||||||
Total gross profit | $ | 66,224 | $ | 3,061 | $ | 69,285 | $ | 33,883 | $ | 983 | $ | 34,866 | |||||||||||||
Reconciliation of operating expenses: | |||||||||||||||||||||||||
Operating expenses (1): | |||||||||||||||||||||||||
Sales and marketing | $ | 52,291 | $ | (4,822 | ) | $ | 47,469 | $ | 26,909 | $ | (2,482 | ) | $ | 24,427 | |||||||||||
Research and development (2) | 17,951 | (3,715 | ) | 14,236 | 9,272 | (2,273 | ) | 6,999 | |||||||||||||||||
General and administrative | 15,325 | (3,230 | ) | 12,095 | 6,819 | (1,451 | ) | 5,368 | |||||||||||||||||
Total operating expenses | $ | 85,567 | $ | (11,767 | ) | $ | 73,800 | $ | 43,000 | $ | (6,206 | ) | $ | 36,794 | |||||||||||
Reconciliation of loss from operations, provision for (benefit from) income taxes, net loss, net loss per share, and pro forma net loss per share: | |||||||||||||||||||||||||
Loss from operations | $ | (19,343 | ) | $ | 14,828 | $ | (4,515 | ) | $ | (9,117 | ) | $ | 7,189 | $ | (1,928 | ) | |||||||||
Loss before provision for (benefit from) income taxes | $ | (20,666 | ) | $ | 14,828 | $ | (5,838 | ) | $ | (9,076 | ) | $ | 7,189 | $ | (1,887 | ) | |||||||||
Provision for (benefit from) income taxes (1), (2) | 739 | 1,253 | 1,992 | (352 | ) | 110 | (242 | ) | |||||||||||||||||
Net loss | $ | (21,405 | ) | $ | 13,575 | $ | (7,830 | ) | $ | (8,724 | ) | $ | 7,079 | $ | (1,645 | ) | |||||||||
Net loss attributable to common stockholders - Basic and Diluted | $ | (21,405 | ) | $ | 13,575 | $ | (7,830 | ) | $ | (8,878 | ) | $ | 7,079 | $ | (1,799 | ) | |||||||||
Net loss per share attributable to common stockholders: | |||||||||||||||||||||||||
Basic | $ | (0.16 | ) | $ | 0.10 | $ | (0.06 | ) | $ | (0.32 | ) | $ | 0.26 | $ | (0.06 | ) | |||||||||
Diluted | $ | (0.16 | ) | $ | 0.10 | $ | (0.06 | ) | $ | (0.32 | ) | $ | 0.26 | $ | (0.06 | ) | |||||||||
Weighted-average shares used to compute net loss per share attributable to common stockholders: | |||||||||||||||||||||||||
Basic | 134,454,085 | — | 134,454,085 | 27,788,547 | — | 27,788,547 | |||||||||||||||||||
Diluted | 134,454,085 | — | 134,454,085 | 27,788,547 | — | 27,788,547 | |||||||||||||||||||
(1) Adjustments include stock-based compensation and the related tax effect. (2) Adjustment includes $0.7 million of additional research and development expenses, and the related tax effect, that were recorded during the quarter ended June 30, 2012 for the correction of an immaterial error related to software development costs that were improperly capitalized during the quarter ended March 31, 2012. |
ServiceNow, Inc. | |||||||||||||||||||||||||
Results of Operations GAAP to Non-GAAP Reconciliation | |||||||||||||||||||||||||
(in thousands except share and per share data) | |||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||
Six Months Ended | |||||||||||||||||||||||||
June 30, 2013 | June 30, 2012 | ||||||||||||||||||||||||
GAAP | Adjustments | Non-GAAP | GAAP | Adjustments | Non-GAAP | ||||||||||||||||||||
Reconciliation of gross profit: | |||||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||||
Subscription | $ | 151,934 | — | $ | 151,934 | $ | 86,361 | — | $ | 86,361 | |||||||||||||||
Professional services and other | 36,227 | — | 36,227 | 17,844 | — | 17,844 | |||||||||||||||||||
Total revenues | 188,161 | — | 188,161 | 104,205 | — | 104,205 | |||||||||||||||||||
Cost of revenues (1): | |||||||||||||||||||||||||
Subscription | 38,531 | (3,790 | ) | 34,741 | 25,251 | (1,238 | ) | 24,013 | |||||||||||||||||
Professional services and other | 29,775 | (1,886 | ) | 27,889 | 18,876 | (469 | ) | 18,407 | |||||||||||||||||
Total cost of revenues | 68,306 | (5,676 | ) | 62,630 | 44,127 | (1,707 | ) | 42,420 | |||||||||||||||||
Gross profit: | |||||||||||||||||||||||||
Subscription | 113,403 | 3,790 | 117,193 | 61,110 | 1,238 | 62,348 | |||||||||||||||||||
Professional services and other | 6,452 | 1,886 | 8,338 | (1,032 | ) | 469 | (563 | ) | |||||||||||||||||
Total gross profit | $ | 119,855 | $ | 5,676 | $ | 125,531 | $ | 60,078 | $ | 1,707 | $ | 61,785 | |||||||||||||
Reconciliation of operating expenses: | |||||||||||||||||||||||||
Operating expenses (1): | |||||||||||||||||||||||||
Sales and marketing | $ | 90,517 | $ | (8,807 | ) | $ | 81,710 | $ | 46,216 | $ | (3,953 | ) | $ | 42,263 | |||||||||||
Research and development | 33,990 | (6,829 | ) | 27,161 | 15,315 | (2,202 | ) | 13,113 | |||||||||||||||||
General and administrative | 27,604 | (5,562 | ) | 22,042 | 13,246 | (2,513 | ) | 10,733 | |||||||||||||||||
Total operating expenses | $ | 152,111 | $ | (21,198 | ) | $ | 130,913 | $ | 74,777 | $ | (8,668 | ) | $ | 66,109 | |||||||||||
Reconciliation of loss from operations, provision for income taxes, net loss, net loss per share, and pro forma net loss per share: | |||||||||||||||||||||||||
Loss from operations | $ | (32,256 | ) | $ | 26,874 | $ | (5,382 | ) | $ | (14,699 | ) | $ | 10,375 | $ | (4,324 | ) | |||||||||
Loss before provision for income taxes | $ | (33,460 | ) | $ | 26,874 | $ | (6,586 | ) | $ | (14,166 | ) | $ | 10,375 | $ | (3,791 | ) | |||||||||
Provision for income taxes (1) | 1,303 | 1,792 | 3,095 | 198 | 141 | 339 | |||||||||||||||||||
Net loss | $ | (34,763 | ) | $ | 25,082 | $ | (9,681 | ) | $ | (14,364 | ) | $ | 10,234 | $ | (4,130 | ) | |||||||||
Net loss attributable to common stockholders - Basic and Diluted | $ | (34,763 | ) | $ | 25,082 | $ | (9,681 | ) | $ | (14,672 | ) | $ | 10,234 | $ | (4,438 | ) | |||||||||
Net loss per share attributable to common stockholders: | |||||||||||||||||||||||||
Basic | $ | (0.26 | ) | $ | 0.19 | $ | (0.07 | ) | $ | (0.55 | ) | $ | 0.38 | $ | (0.17 | ) | |||||||||
Diluted | $ | (0.26 | ) | $ | 0.19 | $ | (0.07 | ) | $ | (0.55 | ) | $ | 0.38 | $ | (0.17 | ) | |||||||||
Weighted-average shares used to compute net loss per share attributable to common stockholders: | |||||||||||||||||||||||||
Basic | 132,298,095 | — | 132,298,095 | 26,452,100 | — | 26,452,100 | |||||||||||||||||||
Diluted | 132,298,095 | — | 132,298,095 | 26,452,100 | — | 26,452,100 | |||||||||||||||||||
(1) Adjustments include stock-based compensation and the related tax effect. |
ServiceNow, Inc. | ||||||||||||||
Non-GAAP Billings Reconciliation | ||||||||||||||
(in thousands) | ||||||||||||||
(Unaudited) | ||||||||||||||
Three Months Ended | ||||||||||||||
June 30, | March 31, | June 30, | ||||||||||||
2013 | 2013 | 2012 | ||||||||||||
Total revenues | $ | 102,222 | $ | 85,939 | $ | 56,774 | ||||||||
Deferred revenue, end of period | 210,040 | 194,765 | 131,069 | |||||||||||
Less: deferred revenue, beginning of period | 194,765 | 170,361 | 115,757 | |||||||||||
Billings | $ | 117,497 | $ | 110,343 | $ | 72,086 |
ServiceNow, Inc. | ||
Reconciliation of Non-GAAP Financial Guidance | ||
The financial guidance provided below is an estimate based on information available as of July 31, 2013. The company’s future performance and financial results are subject to risks and uncertainties, and actual results could differ materially from the guidance set forth below. Some of the factors that could affect the company’s financial results are stated above in this press release. More information on potential factors that could affect the company’s financial results is included from time to time in the company’s public reports filed with the SEC, including the company's Annual Report on Form 10-K filed on March 8, 2013, the company's Form 10-Q for the quarter ended March 31, 2013 filed on May 8, 2013 and the company's Form 10-Q for the quarter ended June 30, 2013 to be filed with the SEC. The company assumes no obligation to update any forward-looking statements or information, which speak as of their respective dates. | ||
Three Months Ended | ||
September 30, 2013 | ||
Non-GAAP subscription gross margin | 75% | |
Stock-based compensation expense | (2)% | |
GAAP subscription gross margin | 73% | |
Non-GAAP professional services and other gross margin | 7%-9% | |
Stock-based compensation expense | (9)% | |
GAAP professional services and other gross margin | (2%) - 0% | |
Non-GAAP total gross margin | 65% | |
Stock-based compensation expense | (4)% | |
GAAP total gross margin | 61% | |
Non-GAAP operating margin | (3%) - (2%) | |
Stock-based compensation expense | (17)% | |
GAAP operating margin | (20%) - (19%) | |
Non-GAAP basic and diluted net loss per share | ($0.03) - ($0.02) | |
Stock-based compensation expense | $(0.14) | |
Incremental non-GAAP tax expense (1) | $0.01 | |
GAAP basic and diluted net loss per share | ($0.16) - ($0.15) | |
(1) Incremental non-GAAP tax expense reflects the increase to GAAP tax expense related to the non-GAAP stock-based compensation expense adjustments. |
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