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ServiceNow Reports Financial Results For Second Quarter 2014

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

Second quarter 2014 results:
  • Revenues of $166.8 million, an increase of 63% compared to the second quarter of 2013, and an increase of 20% from the first quarter of 2014.
  • A GAAP net loss for the quarter of $50.4 million, or a $0.35 loss per basic and diluted share, compared with a GAAP net loss of $21.4 million, or a $0.16 loss per basic and diluted share, in the second quarter of 2013.
  • A non-GAAP net loss for the quarter of $9.8 million, or a $0.07 loss per basic and diluted share, compared with a non-GAAP net loss of $7.8 million, or a $0.06 loss per basic and diluted share, in the second 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 $328.9 million, a 7% increase compared to the $308.5 million reported at the end of the prior quarter.
  • Billings of $187.1 million, a 3% increase compared to the $180.8 million reported in the previous quarter and a 59% increase compared to the $117.5 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 continued our momentum in the second quarter, generating greater than expected revenue and adding 169 new customers, bringing our total to 2,364,” said Frank Slootman, president and chief executive officer, ServiceNow. “Our renewal rate remains strong at 98 percent, with upsells representing 33 percent of the total annual contract value booked in the quarter.”

“Our average revenue per customer grew 21 percent in the quarter compared to last year,” added Michael Scarpelli, chief financial officer, ServiceNow. “We also raised our full-year 2014 total revenue guidance by $16 million this quarter, our largest guidance raise ever.”

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