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Share Name | Share Symbol | Market | Type |
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ServiceNow Inc | NYSE:NOW | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.00 | 0.00% | 716.65 | 84 | 11:27:02 |
ServiceNow® (NYSE: NOW) today announced the financial results for its first quarter 2017.
First Quarter 2017 GAAP Results:
First Quarter 2017 Non-GAAP Results:
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. For the following non-GAAP results, see the section entitled “Statement Regarding Use of Non-GAAP Financial Measures” for an explanation of non-GAAP measures and the corresponding growth rates, and the table entitled "GAAP to Non-GAAP Reconciliation” for a reconciliation of non-GAAP to GAAP measures and corresponding growth rates.
“We’re off to a strong start in Q1, continuing to diversify our business mix,” said John Donahoe, president and chief executive officer, ServiceNow. “Now 73 percent of all our customers license more than one product up from 50 percent two years ago. As Frank passes the torch, the company is well positioned to deliver on its goals with loyal customers and a growing partner ecosystem.”
“We continue to see success with our land and expand strategy, adding 26 new Global 2000 customers in Q1, compared to 21 in the same period last year,” said Michael Scarpelli, chief financial officer, ServiceNow. “We now have 370 customers each paying us more than $1 million in annualized contract value, an increase of 51 percent year-over-year.”
Financial Outlook
Our guidance is based on foreign exchange rates as of March 31, 2017. See the section entitled “Statement Regarding Use of Non-GAAP Financial Measures” for an explanation of non-GAAP measures and the corresponding growth rates, and the table entitled “Reconciliation of Non-GAAP Financial Guidance” for a reconciliation of non-GAAP to GAAP metrics and corresponding growth rates.
For the second quarter of 2017, we expect:
For the full year 2017, we expect:
Conference Call Details
The conference call will begin at 2 p.m. Pacific Time (21:00 GMT) on Wednesday, April 26, 2017. Interested parties may listen to the call by dialing 844.464.3153 (passcode: 95378330), or if outside North America, by dialing +1.508.637.5575 (passcode: 95378330). Individuals may access the live teleconference from the investor relations section of the ServiceNow website at http://investors.servicenow.com.
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 855.859.2056 (passcode: 95378330), or if outside North America, by dialing +1.404.537.3406 (passcode: 95378330).
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 non-GAAP financial measures in addition to, and not as a substitute for, or superior to, financial measures calculated in accordance with GAAP.
We present revenues adjusted for constant currency and corresponding growth rates 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 are converted into U.S. Dollars at the exchange rates in effect during the prior period presented, rather than the actual exchange rates in effect during the current period. We believe the presentation of revenues adjusted for constant currency facilitates the comparison of revenues year-over-year.
We believe billings is a useful leading indicator regarding the performance of our business. We present subscription billings, professional services and other billings, and total billings, and corresponding growth rates, as the applicable revenue plus the applicable change in deferred revenue as presented or derived from the statement of cash flows. While we typically bill customers annually for our subscription services, customers sometimes request, and we accommodate, multi-year billings, which are billings with durations in excess of the typical 12 month term. Accordingly, to facilitate greater comparability in our billings information, we further present billings adjusted for constant billings duration, in addition to adjusting for constant currency. To present this information, we adjust subscription billings and total billings for constant currency as described above, and adjust 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 prior period presented. We also present professional services and other billings and corresponding growth rates adjusted for constant currency as described above.
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 the convertible senior notes, 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, which is a non-GAAP financial measure, is calculated as net cash provided by operating activities plus cash paid for legal settlements, 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. However, our calculation of free cash flow and free cash flow margin may not be comparable to similar measures used by other companies.
The company 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. 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, including but not limited to 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.
Among the important factors that could 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 web hosting, (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 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, and (v) our ability to compete successfully against existing and new competitors.
Further information on these and other factors that could affect our financial results are included in our Form 10-K for the year ended December 31, 2016 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, 2017.
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
Your enterprise needs to move faster, but lack of process and legacy tools hold you back. Every day, thousands of customer requests, IT incidents, and HR cases follow their own paths—moving back and forth between people, machines and departments. Unstructured. Undocumented. Unimproved for years. With the ServiceNow® System of Action™ you can replace these unstructured work patterns of the past with intelligent workflows of the future. Now every employee, customer and machine can make requests on a single cloud platform. Every department working on these requests can assign and prioritize, collaborate, get down to root cause issues, gain real-time insights and drive to action. Your employees are energized. Your service levels improve. And you realize game-changing economics. Work at Lightspeed™. To find out how, visit www.servicenow.com.
© 2017 ServiceNow, Inc. All rights reserved. ServiceNow, the ServiceNow logo, and other ServiceNow marks are trademarks and/or registered trademarks of ServiceNow, Inc., in the United States and/or other countries. Other company and product names may be trademarks of the respective companies with which they are associated.
ServiceNow, Inc. Condensed Consolidated Statements of Operations (in thousands, except share and per share data) (unaudited) Three Months Ended March 31, 2017 March 31, 2016 Revenues: Subscription $ 376,135 $ 267,422 Professional services and other 40,648 38,457 Total revenues 416,783 305,879 Cost of revenues (1): Subscription 70,375 52,781 Professional services and other 46,072 41,479 Total cost of revenues 116,447 94,260 Gross profit 300,336 211,619 Operating expenses (1): Sales and marketing 212,086 158,610 Research and development 84,489 65,924 General and administrative 46,251 41,237 Legal settlement — 270,000 Total operating expenses 342,826 535,771 Loss from operations (42,490 ) (324,152 ) Interest expense (8,678 ) (8,109 ) Interest income and other income (expense), net 7,716 702 Loss before income taxes (43,452 ) (331,559 ) Provision for (benefit from) income taxes (2,790 ) 1,773 Net loss $ (40,662 ) $ (333,332 ) Net loss per share - basic and diluted $ (0.24 ) $ (2.06 ) Weighted-average shares used to compute net loss per share - basic and diluted 168,742,366 162,067,108 (1) Includes total stock-based compensation expense for stock-based awards as follows: Three Months Ended March 31, 2017 March 31, 2016 Cost of revenues: Subscription $ 7,938 $ 6,607 Professional services and other 6,949 6,759 Sales and marketing 38,401 30,998 Research and development 21,801 20,533 General and administrative 14,854 10,411
ServiceNow, Inc.
Condensed Consolidated Balance Sheets
(in thousands)
(unaudited)
March 31, 2017 December 31, 2016 ASSETS Current assets: Cash and cash equivalents $ 439,915 $ 401,238 Short-term investments 535,399 498,124 Accounts receivable, net 278,107 322,757 Current portion of deferred commissions 78,786 76,780 Prepaid expenses and other current assets 64,048 43,636 Total current assets 1,396,255 1,342,535 Deferred commissions, less current portion 61,648 61,990 Long-term investments 326,261 262,658 Property and equipment, net 189,659 181,620 Intangible assets, net 67,755 65,854 Goodwill 96,914 82,534 Other assets 31,771 36,576 Total assets $ 2,170,263 $ 2,033,767 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities: Accounts payable $ 33,658 $ 38,080 Accrued expenses and other current liabilities 144,594 171,636 Current portion of deferred revenue 961,553 861,782 Total current liabilities 1,139,805 1,071,498 Deferred revenue, less current portion 50,440 33,319 Convertible senior notes, net 516,490 507,812 Other long-term liabilities 36,189 34,177 Stockholders’ equity 427,339 386,961
Total liabilities and stockholders’ equity
$ 2,170,263 $ 2,033,767ServiceNow, Inc. Condensed Consolidated Statements of Cash Flows (in thousands) (unaudited) Three Months Ended March 31, 2017 March 31, 2016 Cash flows from operating activities: Net loss $ (40,662 ) $ (333,332 ) Adjustments to reconcile net loss to net cash provided by operating activities: Depreciation and amortization 25,226 17,452 Amortization of premiums on investments 945 1,490 Amortization of deferred commissions 26,180 18,033 Amortization of debt discount and issuance costs 8,678 8,109 Stock-based compensation 89,943 75,308 Deferred income tax (3,291 ) — Other (2,218 ) (330 ) Changes in operating assets and liabilities, net of effect of business combinations: Accounts receivable 47,021 15,811 Deferred commissions (27,195 ) (23,971 ) Prepaid expenses and other assets (22,772 ) (19,808 ) Accounts payable 675 3,387 Deferred revenue 112,447 70,803 Accrued expenses and other liabilities (27,553 ) 245,735 Net cash provided by operating activities 187,424 78,687 Cash flows from investing activities: Purchases of property and equipment (33,186 ) (29,077 ) Business combinations, net of cash acquired (15,035 ) (500 ) Purchase of other intangibles — (5,750 ) Purchases of investments (222,596 ) (180,365 ) Purchase of strategic investments (1,000 ) — Sales of investments 21,789 92,885 Maturities of investments 122,263 91,858 Restricted cash (689 ) (457 ) Net cash used in investing activities (128,454 ) (31,406 ) Cash flows from financing activities: Proceeds from employee stock plans 34,807 19,873 Taxes paid related to net share settlement of equity awards (53,023 ) (28,453 ) Payments on financing obligations (1,415 ) (110 ) Net cash used in financing activities (19,631 ) (8,690 ) Foreign currency effect on cash and cash equivalents (662 ) 2,554 Net increase in cash and cash equivalents 38,677 41,145 Cash and cash equivalents at beginning of period 401,238 412,305 Cash and cash equivalents at end of period $ 439,915 $ 453,450
ServiceNow, Inc. GAAP to Non-GAAP Reconciliation (in thousands, except share and per share data) (unaudited) Three Months Ended March 31, 2017 March 31, 2016 (3) Growth Rates Subscription revenues: GAAP subscription revenues $ 376,135 $ 267,422 41% Effects of foreign currency rate fluctuations 6,521 Non-GAAP adjusted subscription revenues (1) $ 382,656 43% Subscription billings: GAAP subscription revenues $ 376,135 $ 267,422 41% Increase in subscription deferred revenue 102,558 63,873 Non-GAAP subscription billings $ 478,693 $ 331,295 44% Effects of foreign currency rate fluctuations 8,831 Effects of fluctuations in billings duration (21,302) Non-GAAP adjusted subscription billings (2) $ 466,222 41% Professional services and other revenues: GAAP professional services and other revenues $ 40,648 $ 38,457 6% Effects of foreign currency rate fluctuations 694 Non-GAAP adjusted professional services and other revenues (1) $ 41,342 8% Professional services and other billings: GAAP professional services and other revenues $ 40,648 $ 38,457 6% Increase in professional services and other deferred revenue 9,889 6,930 Non-GAAP professional services and other billings 50,537 45,387 11% Effects of foreign currency rate fluctuations 694 Non-GAAP adjusted professional services and other billings (2) $ 51,231 13% Total revenues: GAAP total revenues $ 416,783 $ 305,879 36% Effects of foreign currency rate fluctuations 7,215 Non-GAAP adjusted total revenues (1) $ 423,998 39% Total billings: GAAP total revenues $ 416,783 $ 305,879 36% Increase in total deferred revenue from condensed consolidated statements of cash flows 112,447 70,803 Non-GAAP total billings 529,230 376,682 40% Effects of foreign currency rate fluctuations 9,525 Effects of fluctuations in billings duration (21,302) Non-GAAP adjusted total billings (2) $ 517,453 37% Cost of revenues: GAAP subscription cost of revenues $ 70,375 $ 52,781 Stock-based compensation (7,938) (6,607) Amortization of purchased intangibles (3,572) (2,768) Non-GAAP subscription cost of revenues $ 58,865 $ 43,406 GAAP professional services and other cost of revenues $ 46,072 $ 41,479 Stock-based compensation (6,949) (6,759) Non-GAAP professional services and other cost of revenues $ 39,123 $ 34,720 Gross profit (loss):
GAAP subscription gross profit
$ 305,760 $ 214,641 Stock-based compensation 7,938 6,607 Amortization of purchased intangibles 3,572 2,768 Non-GAAP subscription gross profit $ 317,270 $ 224,016 GAAP professional services and other gross loss $ (5,424) $ (3,022) Stock-based compensation 6,949 6,759 Non-GAAP professional services and other gross profit $ 1,525 $ 3,737 GAAP gross profit $ 300,336 $ 211,619 Stock-based compensation 14,887 13,366 Amortization of purchased intangibles 3,572 2,768 Non-GAAP gross profit $ 318,795 $ 227,753 Gross margin: GAAP subscription gross margin 81% 80% Stock-based compensation as % of subscription revenues 2% 3% Amortization of purchased intangibles as % of subscription revenues 1% 1% Non-GAAP subscription gross margin 84% 84% GAAP professional services and other gross margin -13% -8% Stock-based compensation as % of professional services and other revenues 17% 18% Non-GAAP professional services and other gross margin 4% 10% GAAP gross margin 72% 69% Stock-based compensation as % of total revenues 3% 4% Amortization of purchased intangibles as % of total revenues 1% 1% Non-GAAP gross margin 76% 74% Operating expenses: GAAP sales and marketing expenses $ 212,086 $ 158,610 Stock-based compensation (38,401) (30,998) Amortization of purchased intangibles (117) (18) Non-GAAP sales and marketing expenses $ 173,568 $ 127,594 GAAP research and development expenses $ 84,489 $ 65,924 Stock-based compensation (21,801) (20,533) Amortization of purchased intangibles (455) - Non-GAAP research and development expenses $ 62,233 $ 45,391 GAAP general and administrative expenses $ 46,251 $ 41,237 Stock-based compensation (14,854) (10,411) Amortization of purchased intangibles (525) (101) Business combination and other related costs (219) (311) Non-GAAP general and administrative expenses $ 30,653 $ 30,414 GAAP legal settlements $ - $ 270,000 Legal settlements - (270,000) Non-GAAP legal settlements $ - $ - Income (loss) from operations: GAAP loss from operations $ (42,490) $ (324,152) Stock-based compensation 89,943 75,308 Amortization of purchased intangibles 4,669 2,887 Business combination and other related costs 219 311 Legal settlements - 270,000 Non-GAAP income from operations $ 52,341 $ 24,354 Operating margin: GAAP operating margin -10% -106% Stock-based compensation as % of total revenues 22% 25% Amortization of purchased intangibles as % of total revenues 1% 1% Business combination and other related costs as % of total revenues 0% 0% Legal settlements as % of total revenues 0% 88% Non-GAAP operating margin 13% 8% Net income (loss): GAAP net loss $ (40,662) $ (333,332) Stock-based compensation 89,943 75,308 Amortization of purchased intangibles 4,669 2,887 Business combination and other related costs 219 311 Legal settlements - 270,000 Amortization of debt discount and issuance costs for the convertible senior notes 8,678 8,109 Income tax expense effects related to the above adjustments (20,978) (8,803) Non-GAAP net income $ 41,869 $ 14,480 Net income (loss) per share - basic and diluted:GAAP net loss per share - basic and diluted
$ (0.24) $ (2.06)Non-GAAP net income per share - basic
$ 0.25 $ 0.09 Non-GAAP net income per share - diluted $ 0.24 $ 0.09 Weighted-average shares used to compute net income (loss) per share - basic 168,742,366 162,067,108 GAAP weighted-average shares used to compute net loss per share - diluted 168,742,366 162,067,108 Effect of dilutive securities (stock options and restricted stock units) 8,389,294 8,265,897 Non-GAAP weighted-average shares used to compute net income per share - diluted 177,131,660 170,333,005 Free cash flow: GAAP net cash provided by operating activities $ 187,424 $ 78,687 Purchases of property and equipment (33,186) (29,077) Cash paid for legal settlements - 17,500 Non-GAAP free cash flow $ 154,238 $ 67,110 Free cash flow margin: GAAP net cash provided by operating activities as % of total revenues 45% 26% Purchases of property and equipment as % of total revenues -8% -10% Cash paid for legal settlements as % of total revenues 0% 6% Non-GAAP free cash flow margin 37% 22% (1) Adjusted revenues and the corresponding growth rates are derived by applying the exchange rates in effect during the comparison period rather than the actual exchange rates in effect during the current period. (2) Adjusted billings and the corresponding growth rates are derived by applying the exchange rates in effect during the comparison period rather than the actual 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 foreign currency rate fluctuations and fluctuations in billing durations are not applicable for the comparison period.ServiceNow, Inc. Reconciliation of Non-GAAP Financial Guidance The financial guidance provided below is an estimate based on information available as of March 31, 2017. 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 February 28, 2017, the company's Form 10-Q for the quarter ended March 31, 2017 to be filed with SEC. The company assumes no obligation to update any forward-looking statements or information, which speak as of their respective dates. Three Months Ended Three Months Ended Growth rates June 30, 2017 June 30, 2016 (3) GAAP subscription revenues $400 - $404 million $291 million 38% - 39% Effects of foreign currency rate fluctuations 9 million Non-GAAP adjusted subscription revenues (1) $409 - $413 million 41% - 42% GAAP subscription revenues $400 - $404 million $291 million 38% - 39% Increase in subscription deferred revenue 44 million 42 million Non-GAAP subscription billings $444 - $448 million $333 million 33% - 35% Effects of foreign currency rate fluctuations 11 million Effects of fluctuations in billings duration 5 million Non-GAAP adjusted subscription billings (2) $460 - $464 million 38% - 39% GAAP professional services and other revenues $58 - $59 million $51 million 15% - 17% Effects of foreign currency rate fluctuations 2 million Non-GAAP adjusted professional services and other revenues (1) $60 - $61 million 18% - 20% GAAP professional services and other revenues $58 - $59 million $51 million 15% - 17% Decrease in professional services and other deferred revenue (11) million (9) million Non-GAAP professional services and other billings $47 - $48 million $42 million 12% - 14% Effects of foreign currency rate fluctuations 2 million Non-GAAP adjusted professional services and other billings (2) $49 - $50 million 16% - 19% GAAP total revenues $458 - $463 million $341 million 34% - 36% Effects of foreign currency rate fluctuations 11 million Non-GAAP adjusted total revenues (1) $469 - $474 million 37% - 39% GAAP total revenues $458 - $463 million $341 million 34% - 36% Increase in total deferred revenue from condensed consolidated statements of cash flows 33 million 34 million Non-GAAP total billings $491 - $496 million $375 million 31% - 32% Effects of foreign currency rate fluctuations 13 million Effects of fluctuations in billings duration 5 million Non-GAAP adjusted total billings (2) $509 - $514 million 36% - 37% GAAP operating margin (11%) Stock-based compensation expense as % of total revenues 21% Amortization of purchased intangibles as % of total revenues 1% Non-GAAP operating margin 11% GAAP weighted-average shares used to compute net loss per share - diluted 170 million Effect of dilutive securities (stock options and restricted stock units) 9 million Non-GAAP weighted-average shares used to compute net income per share - diluted 179 million Twelve Months Ended Twelve Months Ended Growth rates December 31, 2017 December 31, 2016 (3) GAAP subscription revenues
$1,670 - $1,685 million
$1,222 million 37% - 38% Effects of foreign currency rate fluctuations 23 million Non-GAAP adjusted subscription revenues (1) $1,693 - $1,708 million 39% - 40% GAAP subscription revenues $1,670 - $1,685 million $1,222 million 37% - 38% Increase in subscription deferred revenue 360 million 289 million Non-GAAP subscription billings $2,030 - $2,045 million $1,511 million 34% - 35% Effects of foreign currency rate fluctuations 28 million Effects of fluctuations in billings duration 6 million Non-GAAP adjusted subscription billings (2) $2,064 - $2,079 million 37% - 38% GAAP professional services and other revenues $190 - $195 million $169 million 13% - 15% Effects of foreign currency rate fluctuations 3 million Non-GAAP adjusted professional services and other revenues (1) $193 - $198 million 14% - 17% GAAP professional services and other revenues $190 - $195 million $169 million 13% - 15% Increase in professional services and other deferred revenue 15 million 11 million Non-GAAP professional services and other billings $205 - $210 million $180 million 14% - 17% Effects of foreign currency rate fluctuations 3 million Non-GAAP adjusted professional services and other billings (2) $208 - $213 million 16% - 18% GAAP total revenues $1,860 - $1,880 million $1,391 million 34% - 35% Effects of foreign currency rate fluctuations 26 million Non-GAAP adjusted total revenues (1) $1,886 - $1,906 million 36% - 37% GAAP total revenues $1,860 - $1,880 million $1,391 million 34% - 35% Increase in total deferred revenue from condensed consolidated statements of cash flows 375 million 300 million Non-GAAP total billings $2,235 - $2,255 million $1,691 million 32% - 33% Effects of foreign currency rate fluctuations 31 million Effects of fluctuations in billings duration 6 million Non-GAAP adjusted total billings (2) $2,272 - $2,292 million 34% - 36% GAAP subscription gross margin 81% Stock-based compensation expense as % of subscription revenues 2% Amortization of purchased intangibles as % of subscription revenues 1% Non-GAAP subscription gross margin 84% GAAP professional services and other gross margin 0% Stock-based compensation expense as % of professional services and other revenues 15% Non-GAAP professional services and other gross margin 15% GAAP total gross margin 73% Stock-based compensation expense as % of total revenues 3% Amortization of purchased intangibles as % of total revenues 1% Non-GAAP total gross margin 77% GAAP operating margin (5%) Stock-based compensation expense as % of total revenues 20% Amortization of purchased intangibles as % of total revenues 1% Non-GAAP operating margin 16% GAAP net cash provided by operating activities as % of total revenues 32% Purchases of property and equipment as % of total revenues (7%) Non-GAAP free cash flow margin 25% GAAP weighted-average shares used to compute net loss per share - diluted 170 million Effect of dilutive securities (stock options and restricted stock units) 9 million Non-GAAP weighted-average shares used to compute net income per share - diluted 179 million (1) Adjusted revenues and the corresponding growth rates are derived by applying the exchange rates in effect during the comparison period rather than the forecasted exchange rates for the guidance period. (2) Adjusted billings and the corresponding growth rates are derived by applying the exchange rates in effect during the comparison period rather than the forecasted exchange rates for the guidance period, and by replacing the forecasted 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.
View source version on businesswire.com: http://www.businesswire.com/news/home/20170426006420/en/
ServiceNowMedia Contact:Joanne Blum, 310-489-7278press@servicenow.comorInvestor Contact:ir@servicenow.com
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