(State or other jurisdiction of incorporation or organization) | (Commission File Number) | (I.R.S. Employer Identification Number) |
Not Applicable | ||
(Former Name or Former Address, if Changed Since Last Report) |
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)) |
Title of each class | Trading Symbol | Name of each exchange on which registered | ||||||||||||
(d) | Exhibits. | |||||||
104 | Cover Page Interactive Data File – the cover page XBRL tags are embedded within the Inline XBRL document | |||||||
SERVICENOW, INC. | ||||||||||||||
By: | /s/ Russell S. Elmer | |||||||||||||
Russell S. Elmer General Counsel | ||||||||||||||
Date: April 24, 2024 |
First Quarter 2024 GAAP Results | First Quarter 2024 Non-GAAP Results(1) | ||||||||||||||||
Amount ($ millions) | Year/Year Growth (%) | Amount ($ millions)(3) | Year/Year Growth (%) | ||||||||||||||
Subscription revenues | $2,523 | 25 | % | $2,517 | 24.5 | % | |||||||||||
Professional services and other revenues | $80 | 11 | % | $80 | 11 | % | |||||||||||
Total revenues | $2,603 | 24 | % | $2,597 | 24 | % | |||||||||||
Amount ($ billions) | Year/Year Growth (%) | Amount ($ billions)(3) | Year/Year Growth (%) | ||||||||||||||
cRPO | $8.45 | 21 | % | $8.49 | 21 | % | |||||||||||
RPO | $17.7 | 26 | % | $17.8 | 27 | % | |||||||||||
Amount ($ millions) | Margin (%) | Amount ($ millions)(2) | Margin (%)(2) | ||||||||||||||
Subscription gross profit | $2,082 | 83 | % | $2,161 | 86 | % | |||||||||||
Professional services and other gross profit | $1 | 1 | % | $13 | 16 | % | |||||||||||
Total gross profit | $2,083 | 80 | % | $2,174 | 83 | % | |||||||||||
Income from operations | $332 | 13 | % | $791 | 30 | % | |||||||||||
Net cash provided by operating activities | $1,341 | 52 | % | ||||||||||||||
Free cash flow | $1,225 | 47 | % | ||||||||||||||
Amount ($ millions) | Earnings per Basic/Diluted Share ($) | Amount ($ millions)(2) | Earnings per Basic/Diluted Share ($)(2) | ||||||||||||||
Net income | $347 | $1.69 / $1.67 | $707 | $3.45 / $3.41 |
Second Quarter 2024 GAAP Guidance | Second Quarter 2024 Non-GAAP Guidance(1) | ||||||||||||||||
Amount ($ millions)(3) | Year/Year Growth (%)(3) | Constant Currency Year/Year Growth (%) | |||||||||||||||
Subscription revenues | $2,525 - $2,530 | 21.5% - 22% | 22 | % | |||||||||||||
cRPO | 20.5 | % | 20.5 | % | |||||||||||||
Note: Includes impact from strength of public sector business noted above | |||||||||||||||||
Margin (%)(2) | |||||||||||||||||
Income from operations | 25 | % | |||||||||||||||
Amount (millions) | |||||||||||||||||
Weighted-average shares used to compute diluted net income per share | 208 |
Full-Year 2024 GAAP Guidance | Full-Year 2024 Non-GAAP Guidance(1) | |||||||||||||
Amount ($ millions)(3) | Year/Year Growth (%)(3) | Constant Currency Year/Year Growth (%) | ||||||||||||
Subscription revenues | $10,560 - $10,575 | 21.5% - 22% | 21.5 | % | ||||||||||
Margin (%)(2) | ||||||||||||||
Subscription gross profit | 84.5 | % | ||||||||||||
Income from operations | 29 | % | ||||||||||||
Free cash flow | 31 | % | ||||||||||||
Amount (millions) | ||||||||||||||
Weighted-average shares used to compute diluted net income per share | 208 |
Three Months Ended | |||||||||||
March 31, 2024 | March 31, 2023 | ||||||||||
Revenues: | |||||||||||
Subscription | $ | 2,523 | $ | 2,024 | |||||||
Professional services and other | 80 | 72 | |||||||||
Total revenues | 2,603 | 2,096 | |||||||||
Cost of revenues (1): | |||||||||||
Subscription | 441 | 354 | |||||||||
Professional services and other | 79 | 84 | |||||||||
Total cost of revenues | 520 | 438 | |||||||||
Gross profit | 2,083 | 1,658 | |||||||||
Operating expenses (1): | |||||||||||
Sales and marketing | 923 | 823 | |||||||||
Research and development | 606 | 492 | |||||||||
General and administrative | 222 | 199 | |||||||||
Total operating expenses | 1,751 | 1,514 | |||||||||
Income from operations | 332 | 144 | |||||||||
Interest income | 101 | 60 | |||||||||
Other expense, net | (8) | (16) | |||||||||
Income before income taxes | 425 | 188 | |||||||||
Provision for income taxes | 78 | 38 | |||||||||
Net income | $ | 347 | $ | 150 | |||||||
Net income per share - basic | $ | 1.69 | $ | 0.74 | |||||||
Net income per share - diluted | $ | 1.67 | $ | 0.73 | |||||||
Weighted-average shares used to compute net income per share - basic | 205 | 203 | |||||||||
Weighted-average shares used to compute net income per share - diluted | 208 | 204 |
Three Months Ended | |||||||||||
March 31, 2024 | March 31, 2023 | ||||||||||
Cost of revenues: | |||||||||||
Subscription | $ | 58 | $ | 46 | |||||||
Professional services and other | 12 | 14 | |||||||||
Operating expenses: | |||||||||||
Sales and marketing | 134 | 126 | |||||||||
Research and development | 159 | 135 | |||||||||
General and administrative | 59 | 60 |
March 31, 2024 | December 31, 2023 | ||||||||||
(unaudited) | |||||||||||
Assets | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | 2,056 | $ | 1,897 | |||||||
Short-term investments | 3,054 | 2,980 | |||||||||
Accounts receivable, net | 1,306 | 2,036 | |||||||||
Current portion of deferred commissions | 474 | 461 | |||||||||
Prepaid expenses and other current assets | 482 | 403 | |||||||||
Total current assets | 7,372 | 7,777 | |||||||||
Deferred commissions, less current portion | 930 | 919 | |||||||||
Long-term investments | 3,666 | 3,203 | |||||||||
Property and equipment, net | 1,450 | 1,358 | |||||||||
Operating lease right-of-use assets | 698 | 715 | |||||||||
Intangible assets, net | 224 | 224 | |||||||||
Goodwill | 1,224 | 1,231 | |||||||||
Deferred tax assets | 1,478 | 1,508 | |||||||||
Other assets | 502 | 452 | |||||||||
Total assets | $ | 17,544 | $ | 17,387 | |||||||
Liabilities and Stockholders’ Equity | |||||||||||
Current liabilities: | |||||||||||
Accounts payable | $ | 223 | $ | 126 | |||||||
Accrued expenses and other current liabilities | 1,018 | 1,365 | |||||||||
Current portion of deferred revenue | 5,700 | 5,785 | |||||||||
Current portion of operating lease liabilities | 92 | 89 | |||||||||
Total current liabilities | 7,033 | 7,365 | |||||||||
Deferred revenue, less current portion | 100 | 81 | |||||||||
Operating lease liabilities, less current portion | 693 | 707 | |||||||||
Long-term debt, net | 1,488 | 1,488 | |||||||||
Other long-term liabilities | 123 | 118 | |||||||||
Stockholders’ equity | 8,107 | 7,628 | |||||||||
Total liabilities and stockholders’ equity | $ | 17,544 | $ | 17,387 |
Three Months Ended | |||||||||||
March 31, 2024 | March 31, 2023 | ||||||||||
Cash flows from operating activities: | |||||||||||
Net income | $ | 347 | $ | 150 | |||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Depreciation and amortization | 130 | 126 | |||||||||
Amortization of deferred commissions | 131 | 106 | |||||||||
Stock-based compensation | 422 | 381 | |||||||||
Deferred income taxes | 28 | 7 | |||||||||
Other | (18) | 1 | |||||||||
Changes in operating assets and liabilities, net of effect of business combinations: | |||||||||||
Accounts receivable | 715 | 619 | |||||||||
Deferred commissions | (165) | (159) | |||||||||
Prepaid expenses and other assets | (106) | (64) | |||||||||
Accounts payable | 107 | (46) | |||||||||
Deferred revenue | (10) | 40 | |||||||||
Accrued expenses and other liabilities | (240) | (259) | |||||||||
Net cash provided by operating activities | $ | 1,341 | $ | 902 | |||||||
Cash flows from investing activities: | |||||||||||
Purchases of property and equipment | (135) | (165) | |||||||||
Business combinations, net of cash acquired | (194) | — | |||||||||
Purchases of other intangibles | (21) | — | |||||||||
Purchases of investments | (1,605) | (1,222) | |||||||||
Purchases of non-marketable investments | (42) | (30) | |||||||||
Sales and maturities of investments | 1,073 | 880 | |||||||||
Other | 6 | 13 | |||||||||
Net cash used in investing activities | (918) | (524) | |||||||||
Cash flows from financing activities: | |||||||||||
Proceeds from employee stock plans | 131 | 117 | |||||||||
Repurchases of common stock | (175) | — | |||||||||
Taxes paid related to net share settlement of equity awards | (215) | (112) | |||||||||
Net cash (used in) provided by financing activities | (259) | 5 | |||||||||
Foreign currency effect on cash, cash equivalents and restricted cash | (4) | 1 | |||||||||
Net change in cash, cash equivalents and restricted cash | 160 | 384 | |||||||||
Cash, cash equivalents and restricted cash at beginning of period | 1,904 | 1,475 | |||||||||
Cash, cash equivalents and restricted cash at end of period | $ | 2,064 | $ | 1,859 |
Three Months Ended | ||||||||||||||
March 31, 2024 | March 31, 2023 | |||||||||||||
Gross profit: | ||||||||||||||
GAAP subscription gross profit | $ | 2,082 | $ | 1,670 | ||||||||||
Stock-based compensation | 58 | 46 | ||||||||||||
Amortization of purchased intangibles | 21 | 18 | ||||||||||||
Non-GAAP subscription gross profit | $ | 2,161 | $ | 1,734 | ||||||||||
GAAP professional services and other gross profit (loss) | $ | 1 | $ | (12) | ||||||||||
Stock-based compensation | 12 | 14 | ||||||||||||
Non-GAAP professional services and other gross profit | $ | 13 | $ | 2 | ||||||||||
GAAP gross profit | $ | 2,083 | $ | 1,658 | ||||||||||
Stock-based compensation | 70 | 60 | ||||||||||||
Amortization of purchased intangibles | 21 | 18 | ||||||||||||
Non-GAAP gross profit | $ | 2,174 | $ | 1,736 | ||||||||||
Gross margin: | ||||||||||||||
GAAP subscription gross margin | 83 | % | 83 | % | ||||||||||
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 | % | 86 | % | ||||||||||
GAAP professional services and other gross margin | 1 | % | (17 | %) | ||||||||||
Stock-based compensation as % of professional services and other revenues | 15 | % | 20 | % | ||||||||||
Non-GAAP professional services and other gross margin | 16 | % | 4 | % | ||||||||||
GAAP gross margin | 80 | % | 79 | % | ||||||||||
Stock-based compensation as % of total revenues | 3 | % | 3 | % | ||||||||||
Amortization of purchased intangibles as % of total revenues | 1 | % | 1 | % | ||||||||||
Non-GAAP gross margin | 83 | % | 83 | % | ||||||||||
Three Months Ended | ||||||||||||||
March 31, 2024 | March 31, 2023 | |||||||||||||
Income from operations: | ||||||||||||||
GAAP income from operations | $ | 332 | $ | 144 | ||||||||||
Stock-based compensation | 422 | 381 | ||||||||||||
Amortization of purchased intangibles | 24 | 20 | ||||||||||||
Business combination and other related costs | 13 | 7 | ||||||||||||
Non-GAAP income from operations | $ | 791 | $ | 552 | ||||||||||
Operating margin: | ||||||||||||||
GAAP operating margin | 13 | % | 7 | % | ||||||||||
Stock-based compensation as % of total revenues | 16 | % | 18 | % | ||||||||||
Amortization of purchased intangibles as % of total revenues | 1 | % | 1 | % | ||||||||||
Business combination and other related costs as % of total revenues | — | % | — | % | ||||||||||
Non-GAAP operating margin | 30 | % | 26 | % | ||||||||||
Net income: | ||||||||||||||
GAAP net income | $ | 347 | $ | 150 | ||||||||||
Stock-based compensation | 422 | 381 | ||||||||||||
Amortization of purchased intangibles | 24 | 20 | ||||||||||||
Business combination and other related costs | 13 | 7 | ||||||||||||
Income tax effects and adjustments(1) | (99) | (75) | ||||||||||||
Non-GAAP net income | $ | 707 | $ | 483 | ||||||||||
Net income per share - basic and diluted: | ||||||||||||||
GAAP net income per share - basic | $ | 1.69 | $ | 0.74 | ||||||||||
GAAP net income per share - diluted | $ | 1.67 | $ | 0.73 | ||||||||||
Non-GAAP net income per share - basic | $ | 3.45 | $ | 2.38 | ||||||||||
Non-GAAP net income per share - diluted | $ | 3.41 | $ | 2.37 | ||||||||||
Weighted-average shares used to compute net income per share - basic | 205 | 203 | ||||||||||||
Weighted-average shares used to compute net income per share - diluted | 208 | 204 | ||||||||||||
Free cash flow: | ||||||||||||||
GAAP net cash provided by operating activities | $ | 1,341 | $ | 902 | ||||||||||
Purchases of property and equipment | (135) | (165) | ||||||||||||
Business combination and other related costs | 19 | — | ||||||||||||
Non-GAAP free cash flow | $ | 1,225 | $ | 737 | ||||||||||
Free cash flow margin: | ||||||||||||||
GAAP net cash provided by operating activities as % of total revenues | 52 | % | 43 | % | ||||||||||
Purchases of property and equipment as % of total revenues | (5 | %) | (8 | %) | ||||||||||
Business combination and other related costs as % of total revenues | 1 | % | — | % | ||||||||||
Non-GAAP free cash flow margin | 47 | % | 35 | % |
Three Months Ending | ||||||||
June 30, 2024 | ||||||||
GAAP operating margin | 7 | % | ||||||
Stock-based compensation expense as % of total revenues | 17 | % | ||||||
Amortization of purchased intangibles as % of total revenues | 1 | % | ||||||
Business combination and other related costs as % of total revenues | — | % | ||||||
Non-GAAP operating margin | 25 | % | ||||||
Twelve Months Ending | ||||||||
December 31, 2024 | ||||||||
GAAP subscription gross margin | 81.5 | % | ||||||
Stock-based compensation expense as % of subscription revenues | 2 | % | ||||||
Amortization of purchased intangibles as % of subscription revenues | 1 | % | ||||||
Non-GAAP subscription margin | 84.5 | % | ||||||
GAAP operating margin | 12 | % | ||||||
Stock-based compensation expense as % of total revenues | 16 | % | ||||||
Amortization of purchased intangibles as % of total revenues | 1 | % | ||||||
Business combination and other related costs as % of total revenues | — | % | ||||||
Non-GAAP operating margin | 29 | % | ||||||
GAAP net cash provided by operating activities as % of total revenues | 39 | % | ||||||
Purchases of property and equipment as % of total revenues | (8 | %) | ||||||
Business combination and other related costs as % of total revenues | — | % | ||||||
Non-GAAP free cash flow margin | 31 | % | ||||||
[9T'>!7%WL;MO??>>^]=D")5FB*]BQ4_%1';AP6O%46P-SZQ(]@!4;&C
M@@VPD 0""(+T3@(AM+GG-]F%S>8_
Cover |
Apr. 24, 2024 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Document Period End Date | Apr. 24, 2024 |
Entity Registrant Name | SERVICENOW, INC. |
Entity Incorporation, State or Country Code | DE |
Entity File Number | 001-35580 |
Entity Tax Identification Number | 20-2056195 |
Entity Address, Address Line One | 2225 Lawson Lane |
Entity Address, City or Town | Santa Clara |
Entity Address, State or Province | CA |
Entity Address, Postal Zip Code | 95054 |
City Area Code | 408 |
Local Phone Number | 501-8550 |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Title of 12(b) Security | Common stock, par value $0.001 per share |
Trading Symbol | NOW |
Security Exchange Name | NYSE |
Entity Emerging Growth Company | false |
Entity Central Index Key | 0001373715 |
Amendment Flag | false |
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