ServiceNow Reports Financial Results For Fourth Quarter And Fiscal Year 2013

ServiceNow® (NYSE: NOW), the enterprise IT cloud company, today announced its financial results for its fourth quarter and fiscal year 2013.

Fourth quarter 2013 results:
  • Revenues of $125.2 million, an increase of 67% compared to the fourth quarter of 2012, and an increase of 13% from the third quarter of 2013.
  • GAAP net loss of $24.2 million, or a loss of $0.17 per basic and diluted share, compared to a GAAP net loss of $9.9 million, or a loss of $0.08 per basic and diluted share, in the fourth quarter of 2012.
  • Non-GAAP net loss of $3.0 million, or loss of $0.02 per basic and diluted share, compared to a non-GAAP net loss of $0.6 million, or $0.00 per basic and diluted share, in the fourth 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 $266.7 million, an 18% increase over the $225.8 million reported at the end of the prior quarter.
  • Billings were $166.2 million, a 70% increase over the $97.6 million in the same period last year, and a 31% increase over the $127.0 million reported in the previous quarter (see the table entitled “Non-GAAP Billings Reconciliation” for a reconciliation of non-GAAP billings to GAAP revenues).
  • Backlog of $608.4 million, a 61% increase over the $379.0 million reported at the end of 2012. Backlog represents future amounts to be invoiced under our agreements and is not included in deferred revenue. Backlog and deferred revenue combined totaled $875.1 million.

Fiscal 2013 results:
  • Revenues of $424.7 million, an increase of 74% compared to the prior year.
  • A GAAP net loss of $73.7 million, or a loss of $0.54 per basic and diluted share, compared to a GAAP net loss of $37.3 million, or a loss of $0.51 per basic and diluted share, in the prior year.
  • A non-GAAP net loss of $11.0 million, or a loss of $0.08 per basic and diluted share, compared to non-GAAP net loss of $9.7 million, or a loss of $0.14 per basic and diluted share, in the prior year (see the table entitled "Results of Operations GAAP to Non-GAAP Reconciliation" for a reconciliation of these GAAP and non-GAAP financial measures).
  • Billings were $521.0 million, a 68% increase over the $309.4 million reported in the prior year (see the table entitled “Non-GAAP Billings Reconciliation” for a reconciliation of non-GAAP billings to GAAP revenues).

“ServiceNow grew revenues 67% year-over-year in the fourth quarter, a strong finish to a year in which we grew revenues by 74% and added 549 customers, bringing our cumulative customer count to over 2,060 worldwide,” said Frank Slootman, president and chief executive officer, ServiceNow. “During the quarter we also achieved a 96% customer renewal rate, continued to penetrate our installed base with upsells comprising 36% of our total annual contract value signed during the quarter and announced several important product additions.”

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