ServiceNow Reports Financial Results For Third Quarter 2013

ServiceNow® (NYSE: NOW), the enterprise IT cloud company, today announced its financial results for its third quarter of 2013.

Third quarter 2013 results:
  • Revenues of $111.3 million, an increase of 73% compared to the third quarter of 2012, and an increase of 9% from the second quarter of 2013.
  • GAAP net loss of $14.7 million, or a loss of $0.11 per basic and diluted share, compared to a GAAP net loss of $13.1 million, or a loss of $0.11 per basic and diluted share, in the third quarter of 2012.
  • Non-GAAP net income of $1.6 million, or earnings of $0.01 per basic and diluted share, compared to a non-GAAP net loss of $5.0 million, or a loss of $0.04 per basic and diluted share, in the third quarter of 2012 (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 $225.8 million, an 8% increase over the $210.0 million reported at the end of the prior quarter.
  • Billings were $127.0 million, an 8% increase over the $117.5 million reported in the previous quarter and a 56% increase over the $81.2 million in the same period last year (see the table entitled “Non-GAAP Billings Reconciliation” for a reconciliation of non-GAAP billings to GAAP revenues).

“ServiceNow delivered 73% year-over-year revenue growth and billed a record $127 million in the third quarter,” said Frank Slootman, president and chief executive officer, ServiceNow. “We grew our total customer count to 1,900, including the addition of 22 net new enterprises from the Forbes Global 2000 list. We also achieved a renewal rate of 97% and upsells comprised more than 29% of our total annual contract value signed during the quarter.”

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