ServiceNow, Inc. Announces Unaudited Consolidated Earnings for the Fourth Quarter and Full Year Ended December 31, 2012; Provides Earnings Guidance for the First Quarter and for the Full Year of 2013
January 30, 2013 at 04:16 pm
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ServiceNow, Inc. announced unaudited consolidated earnings for the fourth quarter and full year ended December 31, 2012. For the quarter, total revenues were $75,162,000 against $39,178,000 for the same period a year ago. Revenue was above outlook, primarily due to strength in new business and renewal bookings during the quarter, coupled with better-than-expected utilization within its services business. Loss from operations was $9,538,000 against $5,182,000 for the same period a year ago. Loss before provision for income taxes was $9,082,000 against $5,899,000 for the same period a year ago. Net loss attributable to common stockholders was $9,931,000 against $6,960,000 for the same period a year ago. Basic and diluted loss per share was $0.08 against $0.32 for the same period a year ago. Net cash provided by operating activities was $16,671,000 against $3,536,000 for the same period a year ago. Purchases of property and equipment were $9,910,000 against $5,442,000 for the same period a year ago. Positive free cash flow was $6,761,000 against Negative free cash flow of $1,906,000 for the same period a year ago. Non-GAAP loss from operations was $189,000 against $1,936,000 for the same period a year ago. Non-GAAP income before provision for income taxes was $267,000 against Non-GAAP loss before provision for income $2,653,000 for the same period a year ago. Net loss attributable to common stockholders was $614,000 against $3,716,000 for the same period a year ago. Non-GAAP Basic and diluted loss per share was $0.00 against $0.17 for the same period a year ago.
For the year, total revenues were $243,712,000 against $128,072,000 for the same period a year ago. Loss from operations was $37,584,000 against $1,129,000 for the same period a year ago. Loss before provision for income taxes was $35,980,000 against $101,000 for the same period a year ago. Net loss attributable to common stockholders was $37,656,000 against $2,282,000 for the same period a year ago. Basic and diluted loss per share was $0.51 against $0.11 for the same period a year ago. Net cash provided by operating activities was $48,766,000 against $39,977,000 for the same period a year ago. Purchases of property and equipment were $42,066,000 against $14,635,000 for the same period a year ago. Free cash flow was $6,700,000 against $25,342,000 for the same period a year ago. Non-GAAP loss from operations was $9,647,000 against profit from operations $8,700,000 for the same period a year ago. Non-GAAP loss before provision for income taxes was $8,043,000 against profit before provision for income taxes of $7,571,000 for the same period a year ago. Non-GAAP net loss attributable to common stockholdersbasic and diluted was $10,052,000 against profit attributable to common stockholders was $1,391,000 for the same period a year ago. Non-GAAP basic and diluted loss per share was $0.14 against basic and diluted earnings per share of $0.05 for the same period a year ago.
The company provided earnings guidance for the first quarter of 2013. For the first quarter of 2013, the company expects total revenues between $81.5 and $82.5 million, representing sequential growth between 8% and 10%. The company expects subscription gross margins between 73% and 74%, up from 70% in the fourth quarter of 2012, primarily due to the completion of the migration from its previous generation data centers. The company expects professional services and other gross margin between 0% and 4%, and overall gross margins between 62% and 63%. The company expects an operating margin between negative 4% and negative 2%, and a net loss per basic and diluted share between negative $0.05 and negative $0.04, with weighted-average shares outstanding of approximately 129 million.
For the full year 2013, the company expects revenues to be in the range of $387 to $392 million, representing year-over-year growth between 59% and 61%. The financial guidance discussed is on a non-GAAP basis, except for revenues, and excludes stock-based compensation expense and the related income tax impact. The company expects 2013 capital expenditures to be flat to slightly up on a year-over-year basis, driven in large part by ongoing investments in its cloud infrastructure and facilities build-out to accommodate its rapidly growing organization.
ServiceNow, Inc. is specialized in the development of digital workflow solutions. The group delivers applications to automate the IT operations of companies, optimize employee workflows, improve business processes, etc.
Net sales by revenue source are divided between sales of subscriptions (96.8%) and professional services (3.2%).
Net sales are distributed geographically as follows: North America (63.6%), Europe/Middle East/Africa (25.6%) and other (10.8%).
ServiceNow, Inc. Announces Unaudited Consolidated Earnings for the Fourth Quarter and Full Year Ended December 31, 2012; Provides Earnings Guidance for the First Quarter and for the Full Year of 2013