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TheStreet Open House

ServiceNow Reports Financial Results For First Quarter 2014

ServiceNow® (NYSE: NOW), the enterprise IT cloud company, today announced its financial results for its first quarter of 2014.

First quarter 2014 results:

  • Revenues of $139.1 million, an increase of 62% compared to the first quarter of 2013, and an increase of 11% from the fourth quarter of 2013.
  • A GAAP net loss for the quarter of $43.3 million, or a $0.30 loss per basic and diluted share, compared with a GAAP net loss of $13.4 million, or a $0.10 loss per basic and diluted share, in the first quarter of 2013.
  • A non-GAAP net loss for the quarter of $11.7 million, or a $0.08 loss per basic and diluted share, compared with a non-GAAP net loss of $1.9 million, or a $0.01 loss per basic and diluted share, in the first quarter of 2013 (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 $308.5 million, a 16% increase compared to the $266.7 million reported at the end of the prior quarter.
  • Billings of $180.8 million, a 9% increase compared to the $166.2 million reported in the previous quarter and a 64% increase compared to the $110.3 million reported for the same period last year (see the table entitled “Non-GAAP Billings Reconciliation” for a reconciliation of non-GAAP billings to GAAP revenues).

“We are off to a great start in 2014. We exceeded our previously stated financial outlook on revenue, added 134 net new customers and had nine new deals with an annual contract value in excess of $1 million, a record for ServiceNow,” said Frank Slootman, president and chief executive officer, ServiceNow. “We also continued to penetrate our existing customer base, with upsells comprising 34% of our annual contract value signed in the quarter and revenue per customer of $241,000, an increase of 22% from the same period last year.”

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