$NOW
ServiceNow, Inc.

2024 Q2 Form 10-Q Financial Statement

#000137371524000169 Filed on May 06, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2024 Q1 2023 Q1
Revenue $2.627B $2.603B $2.096B
YoY Change 22.19% 24.19% 21.72%
Cost Of Revenue $552.0M $520.0M $438.0M
YoY Change 17.2% 18.72% 18.7%
Gross Profit $2.075B $2.083B $1.658B
YoY Change 23.59% 25.63% 22.54%
Gross Profit Margin 78.99% 80.02% 79.1%
Selling, General & Admin $1.192B $1.145B $1.022B
YoY Change 14.51% 12.04% 19.95%
% of Gross Profit 57.45% 54.97% 61.64%
Research & Development $643.0M $606.0M $492.0M
YoY Change 23.42% 23.17% 18.84%
% of Gross Profit 30.99% 29.09% 29.67%
Depreciation & Amortization $88.00M $130.0M $126.0M
YoY Change 0.0% 3.17% 24.75%
% of Gross Profit 4.24% 6.24% 7.6%
Operating Expenses $1.835B $1.751B $1.514B
YoY Change 17.48% 15.65% 19.59%
Operating Profit $240.0M $332.0M $144.0M
YoY Change 105.13% 130.56% 65.52%
Interest Expense $104.0M $101.0M $60.00M
YoY Change 52.94% 68.33% 900.0%
% of Operating Profit 43.33% 30.42% 41.67%
Other Income/Expense, Net -$10.00M -$8.000M -$16.00M
YoY Change -41.18% -50.0% -500.0%
Pretax Income $334.0M $425.0M $188.0M
YoY Change 91.95% 126.06% 121.18%
Income Tax $72.00M $78.00M $38.00M
% Of Pretax Income 21.56% 18.35% 20.21%
Net Earnings $262.0M $347.0M $150.0M
YoY Change -74.9% 131.33% 99.07%
Net Earnings / Revenue 9.97% 13.33% 7.16%
Basic Earnings Per Share $1.27 $1.69 $0.74
Diluted Earnings Per Share $1.26 $1.67 $0.73
COMMON SHARES
Basic Shares Outstanding 205.0M shares 205.0M shares 203.0M shares
Diluted Shares Outstanding 207.8M shares 207.7M shares 204.3M shares

Balance Sheet

Concept 2024 Q2 2024 Q1 2023 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $5.413B $5.110B $4.914B
YoY Change 14.03% 3.99% 22.42%
Cash & Equivalents $2.159B $2.056B $1.852B
Short-Term Investments $3.254B $3.054B $3.062B
Other Short-Term Assets $1.090B $956.0M $711.0M
YoY Change 42.86% 34.46% 17.72%
Inventory
Prepaid Expenses
Receivables $1.518B $1.306B $1.109B
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $8.021B $7.372B $6.734B
YoY Change 21.48% 9.47% 23.74%
LONG-TERM ASSETS
Property, Plant & Equipment $1.606B $2.148B $1.117B
YoY Change 39.9% 92.3% 39.97%
Goodwill $1.239B $1.224B $823.0M
YoY Change 50.91% 48.72% 6.33%
Intangibles $220.0M $224.0M $212.0M
YoY Change 15.18% 5.66% -20.3%
Long-Term Investments $3.472B $3.666B $2.239B
YoY Change 26.72% 63.73% 50.88%
Other Assets $599.0M $2.910B $390.0M
YoY Change 37.39% 646.15% 27.87%
Total Long-Term Assets $10.19B $10.17B $6.880B
YoY Change 22.43% 47.85% 23.94%
TOTAL ASSETS
Total Short-Term Assets $8.021B $7.372B $6.734B
Total Long-Term Assets $10.19B $10.17B $6.880B
Total Assets $18.21B $17.54B $13.61B
YoY Change 22.01% 28.87% 23.84%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $296.0M $223.0M $228.0M
YoY Change 73.1% -2.19% 37.35%
Accrued Expenses $1.163B $1.110B $694.0M
YoY Change 30.24% 59.94% 4.99%
Deferred Revenue $5.615B $5.700B $4.742B
YoY Change 21.72% 20.2% 23.17%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $7.172B $7.033B $5.761B
YoY Change 24.36% 22.08% 18.73%
LONG-TERM LIABILITIES
Long-Term Debt $1.488B $1.488B $1.486B
YoY Change 0.07% 0.13% 0.13%
Other Long-Term Liabilities $127.0M $916.0M $59.00M
YoY Change 101.59% 1452.54% 7.27%
Total Long-Term Liabilities $127.0M $2.404B $59.00M
YoY Change 101.59% 3974.58% 7.27%
TOTAL LIABILITIES
Total Short-Term Liabilities $7.172B $7.033B $5.761B
Total Long-Term Liabilities $127.0M $2.404B $59.00M
Total Liabilities $9.541B $9.437B $8.014B
YoY Change 19.31% 17.76% 14.55%
SHAREHOLDERS EQUITY
Retained Earnings $2.678B $2.416B $488.0M
YoY Change 74.8% 395.08% 454.55%
Common Stock $6.770B $6.466B $5.182B
YoY Change 23.43% 24.78% 32.03%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $8.666B $8.107B $5.600B
YoY Change
Total Liabilities & Shareholders Equity $18.21B $17.54B $13.61B
YoY Change 22.01% 28.87% 23.84%

Cashflow Statement

Concept 2024 Q2 2024 Q1 2023 Q1
OPERATING ACTIVITIES
Net Income $262.0M $347.0M $150.0M
YoY Change -74.9% 131.33% 99.07%
Depreciation, Depletion And Amortization $88.00M $130.0M $126.0M
YoY Change 0.0% 3.17% 24.75%
Cash From Operating Activities $620.0M $1.341B $902.0M
YoY Change 6.9% 48.67% 4.52%
INVESTING ACTIVITIES
Capital Expenditures $271.0M $156.0M $165.0M
YoY Change 105.3% -5.45% 77.42%
Acquisitions $194.0M $0.00
YoY Change
Other Investing Activities $84.00M -$762.0M -$13.00M
YoY Change -115.5% 5761.54% -1400.0%
Cash From Investing Activities -$187.0M -$918.0M -$524.0M
YoY Change -72.26% 75.19% 87.14%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -321.0M -259.0M $5.000M
YoY Change 241.49% -5280.0% -109.8%
NET CHANGE
Cash From Operating Activities 620.0M 1.341B $902.0M
Cash From Investing Activities -187.0M -918.0M -$524.0M
Cash From Financing Activities -321.0M -259.0M $5.000M
Net Change In Cash 112.0M 164.0M $384.0M
YoY Change -159.57% -57.29% -27.13%
FREE CASH FLOW
Cash From Operating Activities $620.0M $1.341B $902.0M
Capital Expenditures $271.0M $156.0M $165.0M
Free Cash Flow $349.0M $1.185B $737.0M
YoY Change -22.1% 60.79% -4.29%

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CY2024Q1 us-gaap Use Of Estimates
UseOfEstimates
<div style="text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Use of Estimates</span></div>The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make certain estimates and assumptions. These estimates and assumptions affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements, as well as reported amounts of revenues and expenses during the reporting period. Such management estimates and assumptions include, but are not limited to, standalone selling price for each distinct performance obligation included in customer contracts with multiple performance obligations, the period of benefit for deferred commissions, valuation of intangible assets, the useful life of property and equipment and identifiable intangible assets, stock-based compensation expense and income taxes. Actual results could differ from those estimates.
CY2024Q1 us-gaap Concentration Risk Credit Risk
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<div style="text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:109%">Concentration of Credit Risk and Significant Customers</span></div>Credit risk arising from accounts receivable is mitigated to a certain extent due to our large number of customers and their dispersion across various industries and geographies. We had one customer, a U.S. federal channel partner and systems integrator, that represented 11% of our accounts receivable balance as of March 31, 2024 and 11% of our total revenues for the three months ended March 31, 2024. Based on our periodic credit evaluations, there have been no historical collection concerns with this customer. There were no customers that individually exceeded 10% of our accounts receivable balance as of December 31, 2023 or our total revenues for the three months ended March 31, 2023. For purposes of assessing concentration of credit risk and significant customers, a group of customers under common control or customers that are affiliates of each other are regarded as a single customer.
CY2024Q1 us-gaap Available For Sale Debt Securities Amortized Cost Basis
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CY2024Q1 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
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CY2024Q1 us-gaap Assets Fair Value Disclosure
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FiniteLivedIntangibleAssetsExpectedAmortizationAfterYearFour
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CY2024Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
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CY2023Q4 us-gaap Property Plant And Equipment Net
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CY2024Q1 us-gaap Depreciation
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CY2023Q1 us-gaap Depreciation
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CY2024Q1 us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
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CY2024Q1 now Share Based Compensation Arrangement By Share Based Payment Award Number Of Equity Incentive Plans
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfEquityIncentivePlans
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CY2023 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
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CY2024Q1 us-gaap Other Comprehensive Income Loss Before Reclassifications Net Of Tax
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CY2023Q1 us-gaap Other Comprehensive Income Loss Net Of Tax
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CY2024Q1 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
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CY2024Q1 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
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CY2024Q1 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
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CY2023Q1 us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
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CY2024Q1 us-gaap Stock Issued During Period Shares New Issues
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CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
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CY2024Q1 us-gaap Stock Issued During Period Shares Stock Options Exercised
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ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
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CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
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CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Number
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CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Exercise Price
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CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Aggregate Intrinsic Value
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CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
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CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
247.92
CY2024Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
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CY2024Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
89000000 usd
CY2024Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested In Period Fair Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1
6000000 usd
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
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CY2024Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions
21000000 usd
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
92000000 usd
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
128000000 usd
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
105000000 usd
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
90000000 usd
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
86000000 usd
CY2024Q1 now Lessee Operating Lease Liability To Be Paid Due After Year Four
LesseeOperatingLeaseLiabilityToBePaidDueAfterYearFour
422000000 usd
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
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CY2024Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
138000000 usd
CY2024Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
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CY2024Q1 now Lessee Operating Lease Lease Not Yet Commenced.Undiscounted Cash Flows
LesseeOperatingLeaseLeaseNotYetCommenced.UndiscountedCashFlows
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CY2024Q1 us-gaap Net Income Loss
NetIncomeLoss
347000000 usd
CY2023Q1 us-gaap Net Income Loss
NetIncomeLoss
150000000 usd
CY2024Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
205108000 shares
CY2023Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
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CY2024Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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207684000 shares
CY2023Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2024Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.69
CY2023Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.74
CY2024Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.67
CY2023Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
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CY2024Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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CY2023Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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CY2024Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
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CY2023Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
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CY2024Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
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CY2023Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
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CY2024Q1 us-gaap Operating Lease Payments
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CY2024Q1 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
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CY2023Q1 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
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CY2024Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
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P9Y
CY2024Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
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0.04
CY2024Q1 us-gaap Purchase Obligation
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CY2024Q1 us-gaap Longterm Purchase Commitment Period
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P5Y
CY2024Q1 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate
57000000 usd
CY2024Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
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CY2023Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
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CY2024Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
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CY2023Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
1358000000 usd
CY2023Q1 now Percentageof U.S.Revenuesin North America
PercentageofU.S.RevenuesinNorthAmerica
0.94
CY2024Q1 now Percentageof U.S.Revenuesin North America
PercentageofU.S.RevenuesinNorthAmerica
0.94
CY2024Q1 now Percentage Of Us Net Property And Equipment North America
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0.78
CY2023Q4 now Percentage Of Us Net Property And Equipment North America
PercentageOfUSNetPropertyAndEquipmentNorthAmerica
0.79
CY2024Q1 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false
CY2024Q1 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false

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