Document

0001373715-19-000200.txt : 20190724 0001373715-19-000200.hdr.sgml : 20190724 20190724165521 ACCESSION NUMBER: 0001373715-19-000200 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20190724 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20190724 DATE AS OF CHANGE: 20190724 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ServiceNow, Inc. CENTRAL INDEX KEY: 0001373715 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-PREPACKAGED SOFTWARE [7372] IRS NUMBER: 202056195 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-35580 FILM NUMBER: 19971591 BUSINESS ADDRESS: STREET 1: 2225 LAWSON LANE CITY: SANTA CLARA STATE: CA ZIP: 95054 BUSINESS PHONE: 408-501-8550 MAIL ADDRESS: STREET 1: 2225 LAWSON LANE CITY: SANTA CLARA STATE: CA ZIP: 95054 FORMER COMPANY: FORMER CONFORMED NAME: SERVICE-NOW.COM DATE OF NAME CHANGE: 20060823 8-K 1 erq2fy19-8xk.htm 8-K Document

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

_____________________

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of

the Securities Exchange Act of 1934

Date of report (date of earliest event reported): July 24, 2019

___________

SERVICENOW, INC.

(Exact name of registrant as specified in its charter)

___________



Delaware	001-35580	20-2056195
(State or other jurisdiction of incorporation or organization)	(Commission File Number)	(I.R.S. Employer Identification Number)



2225 Lawson Lane
Santa Clara, California		95054
(Address of Principal Executive Offices)		(Zip Code)



	(408) 501-8550
	(Registrant’s telephone number, including area code)

Not Applicable

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2 below):



¨	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))

Securities registered pursuant to Section 12(b) of the Act:



Title of each class	Trading Symbol	Name of each exchange on which registered
Common stock, par value $0.001 per share	NOW	The New York Stock Exchange



Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ¨
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Item 2.02 Results of Operations and Financial Condition.

On July 24, 2019, ServiceNow, Inc. (“ServiceNow” or the “Company”) issued a press release announcing financial results for the three months ended June 30, 2019.

A copy of the press release is attached as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated by reference herein.

The information in this report, including the exhibit attached hereto, is furnished pursuant to Item 2.02 of Form 8-K and is not deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to liabilities of that section, nor shall it be deemed incorporated by reference in any filing of ServiceNow under the Securities Act of 1933, as amended, or the Exchange Act, whether made before or after the date hereof and irrespective of any general incorporation language in any filings.

ServiceNow makes reference to non-GAAP financial information in the press release. A reconciliation to the nearest comparable GAAP financial measures of the non-GAAP financial measures is included in the press release attached hereto as Exhibit 99.1. These non-GAAP financial measures are reported in addition to, and not as a substitute for, or superior to, financial measures calculated in accordance with GAAP.

ServiceNow encourages investors to carefully consider its results under GAAP, as well as its supplemental non-GAAP information and the reconciliation between these presentations, to more fully understand its business.

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

(b)

As previously disclosed in a Current Report on Form 8-K filed with the Securities and Exchange Commission on May 2, 2019, Michael P. Scarpelli notified the Company of his decision to resign from his position as the Company’s Chief Financial Officer after the release of the Company’s earnings for the second quarter of 2019. Mr. Scarpelli’s resignation is effective as of August 15, 2019. The Company has initiated a search for Mr. Scarpelli’s successor.

Item 9.01 Financial Statements and Exhibits.



(d)	Exhibits.

	99.1	Press release dated July 24, 2019, announcing ServiceNow, Inc.'s financial results for the three months ended June 30, 2019.

Exhibit List



Exhibit No.	Exhibit Title
99.1	Press release dated July 24, 2019, announcing ServiceNow, Inc.'s financial results for the three months ended June 30, 2019.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.



	SERVICENOW, INC.

	By:	/s/ Michael P. Scarpelli
		Michael P. Scarpelli Chief Financial Officer

Date: July 24, 2019

EX-99.1 2 erq2fy19-document.htm EXHIBIT 99.1 Exhibit

ServiceNow Reports Second Quarter 2019 Financial Results


•	Subscription revenues of $781 million in Q2 2019, representing 33% year-over-year growth


•	39 transactions over $1 million in net new annual contract value in Q2 2019


•	766 total customers with over $1 million in annual contract value, representing 33% year-over-year growth

SANTA CLARA, Calif. - Jul. 24, 2019 - ServiceNow (NYSE: NOW) today announced financial results for its second quarter ended June 30, 2019, with subscription revenues of $781 million in Q2 2019, representing 33% year-over-year growth.

ServiceNow, the leading digital workflow company making work, work better for people, serves almost 75% of Fortune 500 companies. During the quarter, ServiceNow closed 39 transactions with more than $1 million in net new annual contract value (ACV). The company now has 766 total customers with more than $1 million in ACV, representing 33% year-over-year growth in customers.

“We delivered another strong quarter, continuing our focus on driving customer success and enabling digital transformation as a strategic partner to the world’s largest enterprises,” said John Donahoe, ServiceNow president and chief executive officer. “Technology should make life at work as simple, easy and convenient as it has made our lives at home. That’s what we’re enabling with our customers through the power of our Now Platform, product portfolio and native mobile capabilities.”

“Total remaining performance obligations at the end of June 2019 was $5.4 billion, representing 35% year-over-year growth,” said Michael Scarpelli, ServiceNow chief financial officer. “This strong growth reflects the continued strength of our product portfolio and our focus on developing strategic relationships with our customers. We now have 98 customers with more than $5 million in ACV, representing 72% year-over-year growth in customers.”

Second Quarter 2019 GAAP and Non‑GAAP Results:

The following table summarizes our financial results for the second quarter 2019:




	Second Quarter 2019 GAAP Results			Second Quarter 2019 Non-GAAP Results⁽¹⁾
	Amount ($ millions)	Year/Year Growth (%)		Amount ($ millions)	Year/Year Growth (%)		Adjusted Amount ($ millions)⁽²⁾	Adjusted Year/Year Growth (%)
Subscription revenues	$781.0	33	%				$797.6	36	%
Professional services and other revenues	$52.9	16	%				$54.4	19	%
Total revenues	$833.9	32	%				$851.9	35	%

Subscription billings				$816.9	32	%	$827.8	34	%
Professional services and other billings				$54.1	10	%	$55.6	13	%
Total billings				$871.0	31	%	$883.4	33	%

	Amount ($ millions)	Margin (%)		Amount ($ millions)	Margin (%)
Subscription gross profit	$645.5	83	%	$670.2	86	%
Professional services and other gross profit (loss)	($9.8)	(18	%)	$1.2	2	%
Total gross profit	$635.8	76	%	$671.4	81	%
Income (loss) from operations	($27.0)	(3	%)	$153.0	18	%
Net cash provided by operating activities	$243.7	29	%
Free cash flow				$193.8	23	%

	Amount ($ millions)	Earnings per Basic/Diluted Share ($)		Amount ($ millions)	Earnings per Basic/Diluted Share ($)
Net income (loss)	($11.1)	($0.06)		$137.5	$0.74 / $0.71


(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 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.

Financial Outlook

Our guidance includes GAAP and non-GAAP financial measures.

The following table summarizes our guidance for the third quarter 2019:



	Third Quarter 2019 GAAP Guidance		Third Quarter 2019 Non-GAAP Guidance⁽¹⁾
	Amount ($ millions)⁽²⁾	Year/Year Growth (%)	Amount ($ millions)⁽²⁾	Year/Year Growth (%)		Adjusted Amount ($ millions)⁽³⁾	Adjusted Year/ Year Growth (%)
Subscription revenues	$830 - $835	32% - 33%				$836 - $841	33% - 34%
Subscription billings			$848 - $853	26% - 27%		$857 - $862	27% - 28%

				Margin (%)
Income from operations				23	%

			Amount (millions)
Weighted-average shares used to compute diluted net income per share			195

(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 “Reconciliation of Non-GAAP Financial Guidance” for a reconciliation of GAAP to non-GAAP measures.


(2)	Guidance for GAAP subscription revenues and non-GAAP subscription billings is based on foreign exchange rates as of June 30, 2019 for entities reporting in currencies other than U.S. Dollars.

(3)

Non-GAAP adjusted subscription revenues are adjusted for constant currency. Non-GAAP adjusted subscription 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 “Reconciliation of Non-GAAP Financial Guidance” for a reconciliation of GAAP to non-GAAP measures.

The following table summarizes our updated guidance for fiscal year 2019:



	Full-Year 2019 GAAP Guidance		Full-Year 2019 Non-GAAP Guidance⁽¹⁾
	Amount ($ millions)⁽²⁾	Year/Year Growth (%)	Amount ($ millions)⁽²⁾	Year/Year Growth (%)		Adjusted Amount ($ millions)⁽³⁾	Adjusted Year/ Year Growth (%)
Subscription revenues	$3,245 - $3,255	34%				$3,289 - $3,299	36%
Subscription billings			$3,740 - $3,750	30%		$3,804 - $3,814	32%

				Margin (%)
Subscription gross profit				86	%
Income from operations				21	%
Free cash flow				28	%

			Amount (millions)
Weighted-average shares used to compute diluted net income per share			194

(1)


(2)	GAAP subscription revenues and non-GAAP subscription billings for the future quarters included in our full-year 2019 guidance are based on foreign exchange rates as of June 30, 2019 for entities reporting in currencies other than U.S. Dollars.

(3)

The following table compares our updated full-year 2019 guidance against our previously issued full-year 2019 guidance dated April 24, 2019:



	Comparison of Updated Full-Year 2019 Guidance to Previously Issued Guidance⁽¹⁾ ($ millions)
	Previous Guidance Midpoint⁽²⁾	Currency Impact⁽³⁾	Duration Impact⁽⁴⁾	Guidance Change	Current Guidance Midpoint⁽⁵⁾
GAAP subscription revenues	$3,243	$2	$0	$5	$3,250

Non-GAAP subscription billings⁽⁶⁾	$3,733	$2	$5	$5	$3,745


(1)	Numbers are rounded for presentation purposes.


(2)	Refers to previously issued full-year 2019 guidance dated April 24, 2019.

(3)

GAAP subscription revenues and non-GAAP subscription billings for the future quarters included in our full-year 2019 guidance are based on foreign exchange rates in effect at the end of the current quarter for entities reporting in currencies other than U.S. Dollars. Currency impact represents the sum of (i) the impact of the difference between the actual average rates in the period used to calculate our Q2 2019 actual results and the rates as of March 31, 2019 assumed in our previously issued guidance dated April 24, 2019 plus (ii) the impact of the difference between the exchange rates in effect as of June 30, 2019 assumed in our updated full-year 2019 guidance, and the rates as of March 31, 2019 assumed in our previously issued guidance dated April 24, 2019.


(4)	Represents the impact of billings greater than 12 months in excess of guidance assumptions.


(5)	Represents the updated full-year 2019 guidance presented in the table above.

(6)

Conference Call Details

The conference call will begin at 2 p.m. Pacific Time (22:00 BST) on July 24, 2019. Interested parties may listen to the call by dialing (877) 824‑2843 (passcode: 6382847), or if outside North America, by dialing (647) 689‑5665 (passcode: 6382847). Individuals may access the live teleconference from this webcast link:

https://event.on24.com/wcc/r/2019846/2ADE1BEE718F0016DF30AAB494DFBE7C

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: 6382847), or if outside North America, by dialing (416) 621‑4642 (passcode: 6382847).

Investor Presentation Details

An investor presentation providing additional information and analysis can be found at http://investors.servicenow.com.

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 Q2 2018, the average exchange rates in effect for our major currencies were 1 USD to 0.8387 Euros and 1 USD to 0.7350 British Pound Sterling (GBP)), rather than the actual average exchange rates in effect during the current period (for Q2 2019, the average exchange rates in effect for our major currencies were 1 USD to 0.8899 Euros and 1 USD 0.7781 GBP). Similarly, in our guidance, we apply the average exchange rates in effect during the comparison period rather than the exchange rates for the guidance period. We believe the presentation of revenues adjusted for constant currency facilitates the comparison of revenues year-over-year.

•

Billings and Adjusted billings. We believe billings is a useful leading indicator regarding the performance of our business. 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 or guidance 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.

•

Gross profit, Income from operations and Net income. Our non-GAAP presentation of gross profit, income from operations, and net income measures exclude 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. We believe the presentation of operating results that exclude these non-cash or non-recurring items provides 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 and guidance.

Use of Forward‑Looking Statements

This release contains “forward-looking statements” regarding our performance, including but not limited to statements in the section entitled “Financial Outlook.” 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) errors, interruptions, delays, or security breaches in or of our service or datacenters, (ii) our ability to grow at our expected rate of growth, including our ability to convert deferred revenue and backlog into revenue, add and retain customers, sell additional subscriptions to existing customers, sell to very large and regulated organizations with complex sales cycles, and enter new geographies and markets, (iii) our ability to continue to release, and gain customer acceptance of, improved versions of our services, (iv) our ability to develop and gain customer acceptance of new products and services, including our platform, (v) our ability to compete successfully against existing and new competitors, and (vi) material changes in the value of foreign currencies relative to the U.S. Dollar.

Further information on these and other factors that could affect our financial results are included in our Form 10-Q that will be filed for the quarter ended June 30, 2019 and in other filings we make with the Securities and Exchange Commission from time to time, including our Form 10-K filed for the year ended December 31, 2018.

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.

© 2019 ServiceNow, Inc. All rights reserved. ServiceNow, the ServiceNow logo, Now, Now Platform, 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.

Media Contact:

Kari Ramirez

408.607.1315

press@servicenow.com

Investor Contact:

Kendall Toyne

408.831.6040

ir@servicenow.com

ServiceNow, Inc.

Condensed Consolidated Statements of Operations

(in thousands, except share and per share data)

(unaudited)



	Three Months Ended						Six Months Ended
	June 30, 2019			June 30, 2018			June 30, 2019			June 30, 2018
Revenues:
Subscription	$	780,989		$	585,282		$	1,520,975		$	1,128,607
Professional services and other	52,915			45,774			101,855			91,671
Total revenues	833,904			631,056			1,622,830			1,220,278
Cost of revenues⁽¹⁾:
Subscription	135,479			101,699			262,068			197,097
Professional services and other	62,668			51,466			122,331			99,541
Total cost of revenues	198,147			153,165			384,399			296,638
Gross profit	635,757			477,891			1,238,431			923,640
Operating expenses⁽¹⁾:
Sales and marketing	393,895			310,869			755,304			594,570
Research and development	183,420			127,916			355,942			245,184
General and administrative	85,442			71,095			169,898			136,158
Total operating expenses	662,757			509,880			1,281,144			975,912
Loss from operations	(27,000		)	(31,989		)	(42,713		)	(52,272		)
Interest expense	(8,269		)	(15,498		)	(16,437		)	(32,562		)
Interest income and other income (expense), net	18,954			6,638			31,379			36,625
Loss before income taxes	(16,315		)	(40,849		)	(27,771		)	(48,209		)
Provision for (benefit from) income taxes	(5,236		)	11,897			(15,147		)	(6,085		)
Net loss	$	(11,079	)	$	(52,746	)	$	(12,624	)	$	(42,124	)
Net loss per share - basic and diluted	$	(0.06	)	$	(0.30	)	$	(0.07	)	$	(0.24	)
Weighted-average shares used to compute net loss per share - basic and diluted	186,677,622			177,343,176			184,418,903			176,418,984


(1)	Includes stock-based compensation as follows:



	Three Months Ended				Six Months Ended
	June 30, 2019		June 30, 2018		June 30, 2019		June 30, 2018
Cost of revenues:
Subscription	$	19,117	$	12,538	$	35,139	$	23,829
Professional services and other	10,951		8,342		20,882		15,903
Sales and marketing	69,229		57,069		131,359		109,151
Research and development	50,041		33,780		93,623		62,378
General and administrative	22,422		23,831		48,207		45,640

ServiceNow, Inc.

Condensed Consolidated Balance Sheets

(in thousands)

(unaudited)



	June 30, 2019		December 31, 2018
Assets
Current assets:
Cash and cash equivalents	$	583,581	$	566,204
Short-term investments	1,069,803		931,718
Accounts receivable, net	503,376		574,810
Current portion of deferred commissions	152,045		139,890
Prepaid expenses and other current assets	133,482		132,071
Total current assets	2,442,287		2,344,693
Deferred commissions, less current portion	287,432		282,490
Long-term investments	746,716		581,856
Property and equipment, net ⁽¹⁾	364,007		347,216
Operating lease right-of-use assets ⁽¹⁾	397,950		—
Intangible assets, net	121,599		100,582
Goodwill	152,472		148,845
Other assets	90,240		73,458
Total assets	$	4,602,703	$	3,879,140
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable	$	65,711	$	30,733
Accrued expenses and other current liabilities ⁽¹⁾	360,916		330,246
Current portion of deferred revenue	1,752,220		1,651,594
Current portion of operating lease liabilities ⁽¹⁾	46,132		—
Total current liabilities	2,224,979		2,012,573
Deferred revenue, less current portion	37,159		38,597
Operating lease liabilities, less current portion ⁽¹⁾	382,812		—
Convertible senior notes, net	678,145		661,707
Other long-term liabilities ⁽¹⁾	18,662		55,064
Stockholders’ equity ⁽¹⁾	1,260,946		1,111,199
Total liabilities and stockholders’ equity	$	4,602,703	$	3,879,140


(1)	We adopted Topic 842 using the modified retrospective method as of January 1, 2019 and elected the transition option that allows us not to restate the comparative periods in our financial statements in the year of adoption.

ServiceNow, Inc.

Condensed Consolidated Statements of Cash Flows

(in thousands)

(unaudited)



	Three Months Ended						Six Months Ended
	June 30, 2019			June 30, 2018			June 30, 2019			June 30, 2018
Cash flows from operating activities:
Net loss	$	(11,079	)	$	(52,746	)	$	(12,624	)	$	(42,124	)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	60,328			35,207			115,777			68,618
Amortization of deferred commissions	39,974			33,885			79,531			64,304
Amortization of debt discount and issuance costs	8,269			15,498			16,437			32,562
Stock-based compensation	171,760			135,560			329,210			256,901
Deferred income taxes	(1,593		)	(6,578		)	(3,073		)	(30,926		)
Gain on marketable equity securities	—			(802		)	—			(19,257		)
Repayments of convertible senior notes attributable to debt discount	—			(78,897		)	—			(87,557		)
Other	(4,047		)	4,098			(3,323		)	(1,707		)
Changes in operating assets and liabilities, net of effect of business combinations:
Accounts receivable	(79,751		)	(3,562		)	71,354			65,940
Deferred commissions	(50,595		)	(50,520		)	(97,194		)	(92,995		)
Prepaid expenses and other assets	5,176			17,848			(28,483		)	2,040
Accounts payable	18,531			(3,507		)	25,093			(2,632		)
Deferred revenue	38,820			47,356			100,190			131,089
Accrued expenses and other liabilities	47,942			33,056			11,688			31,720
Net cash provided by operating activities	243,735			125,896			604,583			375,976
Cash flows from investing activities:
Purchases of property and equipment	(49,896		)	(52,991		)	(97,020		)	(88,362		)
Business combinations, net of cash and restricted cash acquired	—			(24,940		)	—			(24,940		)
Purchases of other intangibles	(36,160		)	(3,000		)	(36,160		)	(10,850		)
Purchases of investments	(361,859		)	(3,783		)	(800,641		)	(379,913		)
Sales of investments	1,593			39,975			8,169			39,975
Maturities of investments	243,840			271,051			500,149			453,156
Realized (losses) gains on derivatives not designated as hedging instruments, net	(35		)	—			22,113			—
Net cash (used in) provided by investing activities	(202,517		)	226,312			(403,390		)	(10,934		)
Cash flows from financing activities:
Repayments of convertible senior notes attributable to principal	—			(242,579		)	—			(271,185		)
Proceeds from employee stock plans	10,207			8,762			63,300			61,419
Taxes paid related to net share settlement of equity awards	(108,126		)	(68,976		)	(247,619		)	(154,531		)
Payments on financing obligations	—			(288		)	—			(576		)
Net cash used in financing activities	(97,919		)	(303,081		)	(184,319		)	(364,873		)
Foreign currency effect on cash, cash equivalents and restricted cash	207			(13,996		)	1,286			(7,505		)
Net (decrease) increase in cash, cash equivalents and restricted cash	(56,494		)	35,131			18,160			(7,336		)
Cash, cash equivalents and restricted cash at beginning of period	643,192			685,362			568,538			727,829
Cash, cash equivalents and restricted cash at end of period	$	586,698		$	720,493		$	586,698		$	720,493

ServiceNow, Inc.

GAAP to Non-GAAP Reconciliation

(in thousands, except share and per share data)

(unaudited)



	Three Months Ended							Six Months Ended
	June 30, 2019			June 30, 2018			Growth Rates	June 30, 2019			June 30, 2018			Growth Rates
Subscription revenues:
GAAP subscription revenues	$	780,989		$	585,282		33%	$	1,520,975		$	1,128,607		35%
Effects of foreign currency rate fluctuations	16,577							37,034
Non-GAAP adjusted subscription revenues ⁽¹⁾	$	797,566					36%	$	1,558,009					38%

Subscription billings:
GAAP subscription revenues	$	780,989		$	585,282		33%	$	1,520,975		$	1,128,607		35%
Change in subscription deferred revenue, unbilled receivables and customer deposits	35,915			31,597				105,526			126,669
Non-GAAP subscription billings	816,904			616,879			32%	1,626,501			1,255,276			30%
Effects of foreign currency rate fluctuations	17,014							38,687
Effects of fluctuations in billings duration	(6,115		)					12,311
Non-GAAP adjusted subscription billings ⁽²⁾	$	827,803					34%	$	1,677,499					34%

Professional services and other revenues:
GAAP professional services and other revenues	$	52,915		$	45,774		16%	$	101,855		$	91,671		11%
Effects of foreign currency rate fluctuations	1,464							3,354
Non-GAAP adjusted professional service and other revenues ⁽¹⁾	$	54,379					19%	$	105,209					15%

Professional services and other billings:
GAAP professional services and other revenues	$	52,915		$	45,774		16%	$	101,855		$	91,671		11%
Change in professional services and other deferred revenue	1,196			3,213				190			8,305
Non-GAAP professional services and other billings	54,111			48,987			10%	102,045			99,976			2%
Effects of foreign currency rate fluctuations	1,464							3,354
Non-GAAP adjusted professional services and other billings ⁽²⁾	$	55,575					13%	$	105,399					5%

Total revenues:
GAAP total revenues	$	833,904		$	631,056		32%	$	1,622,830		$	1,220,278		33%
Effects of foreign currency rate fluctuations	18,041							40,388
Non-GAAP adjusted total revenues ⁽¹⁾	$	851,945					35%	$	1,663,218					36%

Total billings:
GAAP total revenues	$	833,904		$	631,056		32%	$	1,622,830		$	1,220,278		33%
Change in total deferred revenue, unbilled receivables and customer deposits	37,111			34,810				105,716			134,974
Non-GAAP total billings	871,015			665,866			31%	1,728,546			1,355,252			28%
Effects of foreign currency rate fluctuations	18,478							42,041
Effects of fluctuations in billings duration	(6,115		)					12,311
Non-GAAP adjusted total billings ⁽²⁾	$	883,378					33%	$	1,782,898					32%

Cost of revenues:
GAAP subscription cost of revenues	$	135,479		$	101,699			$	262,068		$	197,097
Stock-based compensation	(19,117		)	(12,538		)		(35,139		)	(23,829		)
Amortization of purchased intangibles	(5,614		)	(4,637		)		(10,314		)	(9,051		)
Non-GAAP subscription cost of revenues	$	110,748		$	84,524			$	216,615		$	164,217

GAAP professional services and other cost of revenues	$	62,668		$	51,466			$	122,331		$	99,541
Stock-based compensation	(10,951		)	(8,342		)		(20,882		)	(15,903		)
Non-GAAP professional services and other cost of revenues	$	51,717		$	43,124			$	101,449		$	83,638

Gross profit (loss):
GAAP subscription gross profit	$	645,510		$	483,583			$	1,258,907		$	931,510
Stock-based compensation	19,117			12,538				35,139			23,829
Amortization of purchased intangibles	5,614			4,637				10,314			9,051
Non-GAAP subscription gross profit	$	670,241		$	500,758			$	1,304,360		$	964,390

GAAP professional services and other gross loss	$	(9,753	)	$	(5,692	)		$	(20,476	)	$	(7,870	)
Stock-based compensation	10,951			8,342				20,882			15,903
Non-GAAP professional services and other gross profit	$	1,198		$	2,650			$	406		$	8,033

GAAP gross profit	$	635,757		$	477,891			$	1,238,431		$	923,640
Stock-based compensation	30,068			20,880				56,021			39,732
Amortization of purchased intangibles	5,614			4,637				10,314			9,051
Non-GAAP gross profit	$	671,439		$	503,408			$	1,304,766		$	972,423

Gross margin:
GAAP subscription gross margin	83		%	83		%		83		%	83		%
Stock-based compensation as % of subscription revenues	2		%	2		%		2		%	1		%
Amortization of purchased intangibles as % of subscription revenues	1		%	1		%		1		%	1		%
Non-GAAP subscription gross margin	86		%	86		%		86		%	85		%

GAAP professional services and other gross margin	(18		%)	(12		%)		(20		%)	(9		%)
Stock-based compensation as % of professional services and other revenues	20		%	18		%		20		%	18		%
Non-GAAP professional services and other gross margin	2		%	6		%		0		%	9		%

GAAP gross margin	76		%	76		%		76		%	76		%
Stock-based compensation as % of total revenues	4		%	3		%		3		%	3		%
Amortization of purchased intangibles as % of total revenues	1		%	1		%		1		%	1		%
Non-GAAP gross margin	81		%	80		%		80		%	80		%

Operating expenses:
GAAP sales and marketing expenses	$	393,895		$	310,869			$	755,304		$	594,570
Stock-based compensation	(69,229		)	(57,069		)		(131,359		)	(109,151		)
Non-GAAP sales and marketing expenses	$	324,666		$	253,800			$	623,945		$	485,419

GAAP research and development expenses	$	183,420		$	127,916			$	355,942		$	245,184
Stock-based compensation	(50,041		)	(33,780		)		(93,623		)	(62,378		)
Amortization of purchased intangibles	(455		)	(455		)		(910		)	(910		)
Non-GAAP research and development expenses	$	132,924		$	93,681			$	261,409		$	181,896

GAAP general and administrative expenses	$	85,442		$	71,095			$	169,898		$	136,158
Stock-based compensation	(22,422		)	(23,831		)		(48,207		)	(45,640		)
Amortization of purchased intangibles	(1,950		)	(959		)		(3,837		)	(1,835		)
Business combination and other related costs	(173		)	(597		)		(146		)	(664		)
Non-GAAP general and administrative expenses	$	60,897		$	45,708			$	117,708		$	88,019

GAAP total operating expenses	$	662,757		$	509,880			$	1,281,144		$	975,912
Stock-based compensation	(141,692		)	(114,680		)		(273,189		)	(217,169		)
Amortization of purchased intangibles	(2,405		)	(1,414		)		(4,747		)	(2,745		)
Business combination and other related costs	(173		)	(597		)		(146		)	(664		)
Non-GAAP total operating expenses	$	518,487		$	393,189			$	1,003,062		$	755,334

Income (loss) from operations:
GAAP loss from operations	$	(27,000	)	$	(31,989	)		$	(42,713	)	$	(52,272	)
Stock-based compensation	171,760			135,560				329,210			256,901
Amortization of purchased intangibles	8,019			6,051				15,061			11,796
Business combination and other related costs	173			597				146			664
Non-GAAP income from operations	$	152,952		$	110,219			$	301,704		$	217,089

Operating margin:
GAAP operating margin	(3		%)	(5		%)		(3		%)	(4		%)
Stock-based compensation as % of total revenues	21		%	21		%		20		%	21		%
Amortization of purchased intangibles as % of total revenues	0		%	1		%		2		%	1		%
Business combination and other related costs as % of total revenues	0		%	0		%		0		%	0		%
Non-GAAP operating margin	18		%	17		%		19		%	18		%

Net income (loss):
GAAP net loss	$	(11,079	)	$	(52,746	)		$	(12,624	)	$	(42,124	)
Stock-based compensation	171,760			135,560				329,210			256,901
Amortization of purchased intangibles	8,019			6,051				15,061			11,796
Business combination and other related costs	173			597				146			664
Amortization of debt discount and issuance costs for the convertible senior notes	8,269			15,498				16,437			32,562
Loss on early note conversions	—			3,093				—			3,873
Income tax expense effects related to the above adjustments	(39,617		)	(16,891		)		(81,763		)	(67,906		)
Non-GAAP net income	$	137,525		$	91,162			$	266,467		$	195,766

Net income (loss) per share - basic and diluted:
GAAP net loss per share - basic and diluted	$	(0.06	)	$	(0.30	)		$	(0.07	)	$	(0.24	)
Non-GAAP net income per share - basic	$	0.74		$	0.51			$	1.44		$	1.11
Non-GAAP net income per share - diluted	$	0.71		$	0.49			$	1.38		$	1.05

GAAP weighted-average shares used to compute net loss per share - basic	186,677,622			177,343,176				184,418,903			176,418,984

GAAP weighted-average shares used to compute net loss per share - diluted	186,677,622			177,343,176				184,418,903			176,418,984
Effect of dilutive securities (stock options, restricted stock units and warrants) ⁽³⁾	7,783,986			10,475,635				8,859,296			10,576,413
Non-GAAP weighted-average shares used to compute net income per share - diluted	194,461,608			187,818,811				193,278,199			186,995,397

Free cash flow:
GAAP net cash provided by operating activities	$	243,735		$	125,896			$	604,583		$	375,976
Purchases of property and equipment	(49,896		)	(52,991		)		(97,020		)	(88,362		)
Repayments of convertible senior notes attributable to debt discount	—			78,897				—			87,557
Non-GAAP free cash flow	$	193,839		$	151,802			$	507,563		$	375,171

Free cash flow margin:
GAAP net cash provided by operating activities as % of total revenues	29		%	20		%		37		%	31		%
Purchases of property and equipment as % of total revenues	(6		%)	(8		%)		(6		%)	(7		%)
Repayments of convertible senior notes attributable to debt discount as % of total revenues	—		%	12		%		—		%	7		%
Non-GAAP free cash flow margin	23		%	24		%		31		%	31		%


(1)	Adjusted revenues 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)

Effect 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.

ServiceNow, Inc.

Reconciliation of Non-GAAP Financial Guidance

The financial guidance provided below is an estimate based on information available as of June 30, 2019. 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. Further information on these and other factors that could affect our financial results are included in our Form 10-Q for the three months ended March 31, 2019 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 three months ended June 30, 2019. 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, 2019	September 30, 2018 ⁽³⁾	Growth Rates

GAAP subscription revenues	$830 - $835 million	$627 million	32% - 33%

Effects of foreign currency rate fluctuations	6 million

Non-GAAP adjusted subscription revenues ⁽¹⁾	$836 - $841 million		33% - 34%

GAAP subscription revenues	$830 - $835 million	$627 million	32% - 33%

Change in subscription deferred revenue, unbilled receivables and customer deposits	18 million	47 million

Non-GAAP subscription billings	$848 - $853 million	$674 million	26% - 27%

Effects of foreign currency rate fluctuations	6 million

Effects of fluctuations in billings duration	3 million

Non-GAAP adjusted subscription billings ⁽²⁾	$857 - $862 million		27% - 28%

GAAP operating margin	2%

Stock-based compensation expense as % of total revenues	20%

Amortization of purchased intangibles as % of total revenues	1%

Non-GAAP operating margin	23%

GAAP weighted-average shares used to compute net income per share - diluted	198 million

Effect of dilutive securities (stock options, restricted stock units and warrants)	(3) million

Non-GAAP weighted-average shares used to compute net income per share - diluted	195 million



	Twelve Months Ended
	December 31, 2019	December 31, 2018 ⁽³⁾	Growth Rates

GAAP subscription revenues	$3,245 - $3,255 million	$2,421 million	34%

Effects of foreign currency rate fluctuations	44 million

Non-GAAP adjusted subscription revenues ⁽¹⁾	$3,289 - $3,299 million		36%

GAAP subscription revenues	$3,245 - $3,255 million	$2,421 million	34%

Change in subscription deferred revenue, unbilled receivables and customer deposits	495 million	460 million

Non-GAAP subscription billings	$3,740 - $3,750 million	$2,881 million	30%

Effects of foreign currency rate fluctuations	47 million

Effects of fluctuations in billings duration	17 million

Non-GAAP adjusted subscription billings ⁽²⁾	$3,804 - $3,814 million		32%

GAAP subscription gross margin	83%

Stock-based compensation expense as % of subscription revenues	2%

Amortization of purchased intangibles as % of subscription revenues	1%

Non-GAAP subscription margin	86%

GAAP operating margin	0%

Stock-based compensation expense as % of total revenues	20%

Amortization of purchased intangibles as % of total revenues	1%

Business combination and other related costs as % of total revenues	0%

Non-GAAP operating margin	21%

GAAP net cash provided by operating activities as % of total revenues	35%

Purchases of property and equipment as % of total revenues	(7%)

Non-GAAP free cash flow margin	28%

GAAP weighted-average shares used to compute net loss per share - diluted ⁽⁴⁾	187 million

Effect of dilutive securities (stock options, restricted stock units and warrants)	7 million

Non-GAAP weighted-average shares used to compute net income per share - diluted	194 million


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


(3)	Effects of foreign currency rate fluctuations and fluctuations in billing durations are not applicable for the comparison period.


(4)	GAAP net income or loss for the year ending December 31, 2019 will depend in part on a number of factors, including income taxes, costs associated with non-cash charges associated with equity awards which vary depending on the grant date stock price and actual attainment for our performance-based RSUs, business combinations and other related benefits or expenses which are not known at this time.

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