10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||||||||||
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10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
SERVICENOW, INC. | |||
Ticker: NOW Fiscal Year: 2019 | |||
Consolidated Statements of Comprehensive Income (Loss) | |||
Period Ending Dec 31, 2019 10-K (Filed: Feb 20, 2020) | |||
| (In Thousands) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | |
| Revenues: | |||
| Total revenues | $ 3,460,437 | 2,608,816 | 1,918,494 |
| Cost of revenues: | |||
| Total cost of revenues | 796,645 | 622,658 | 499,862 |
| Gross profit | 2,663,792 [1] | 1,986,158 | 1,418,632 |
| Operating expenses: | |||
| Sales and marketing | 1,534,284 | 1,203,056 | 894,977 |
| Research and development | 748,369 | 529,501 | 377,518 |
| General and administrative | 339,016 | 296,027 | 210,533 |
| Total operating expenses | 2,621,669 | 2,028,584 | 1,483,028 |
| Income (loss) from operations | 42,123 | (42,426) | (64,396) |
| Interest expense | (33,283) | (52,733) | (53,394) |
| Interest income and other income (expense), net | 58,345 | 56,135 | 4,384 |
| Income (loss) before income taxes | 67,185 | (39,024) | (113,406) |
| (Benefit from) provision for income taxes | (559,513) | (12,320) | 3,440 |
| Net income (loss) | 626,698 | (26,704) | (116,846) |
| Net income (loss) per share - basic (in USD per share) | 3.36 | (0.15) | (0.68) |
| Net income (loss) per share - diluted (in USD per share) | 3.18 | (0.15) | (0.68) |
| Weighted-average shares used to compute net income (loss) per share - basic (in shares) | 186,466 | 177,846 | 171,176 |
| Weighted-average shares used to compute net income (loss) per share - diluted (in shares) | 197,223 | 177,846 | 171,176 |
| Other comprehensive income (loss): | |||
| Foreign currency translation adjustments | 20,539 | (1,903) | 23,064 |
| Unrealized gains (losses) on investments, net of tax | 8,751 | (665) | 5,376 |
| Other comprehensive income (loss) | 29,290 | (2,568) | 28,440 |
| Comprehensive income (loss) | 655,988 | (29,272) | (88,406) |
| Product and Service | |||
| Subscription | |||
| Total revenues | 3,255,079 | 2,421,313 | 1,739,500 |
| Total cost of revenues | 549,642 | 417,421 | 315,570 |
| Professional services and other | |||
| Total revenues | 205,358 | 187,503 | 178,994 |
| Total cost of revenues | 247,003 | 205,237 | 184,292 |
| [1] Includes stock-based compensation as follows: Year Ended December 31, 2019 2018 2017Cost of revenues: Subscription$72,728 $48,738 $35,334Professional services and other43,123 32,816 27,401Sales and marketing268,408 228,045 170,527Research and development194,821 135,203 92,025General and administrative83,115 99,151 68,717 | |||
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
SERVICENOW, INC. | |||
Ticker: NOW Fiscal Year: 2019 | |||
Consolidated Statements of Cash Flows | |||
Period Ending Dec 31, 2019 10-K (Filed: Feb 20, 2020) | |||
| (In Thousands, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | |
| Cash flows from operating activities: | |||
| Net income (loss) | $ 626,698 | (26,704) | (116,846) |
| Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
| Depreciation and amortization | 252,114 | 149,604 | 113,875 |
| Amortization of deferred commissions | 168,014 | 143,358 | 99,105 |
| Amortization of debt discount and issuance costs | 33,283 | 52,733 | 53,394 |
| Stock-based compensation | 662,195 | 543,953 | 394,004 |
| Deferred income taxes | (575,765) | (34,180) | (5,724) |
| Realized gain on marketable equity securities | 0 | (19,257) | 0 |
| Repayments of convertible senior notes attributable to debt discount | 0 | (145,349) | 0 |
| Other | (8,921) | 6,177 | (905) |
| Changes in operating assets and liabilities, net of effect of business combinations: | |||
| Accounts receivable | (259,835) | (146,148) | (99,693) |
| Deferred commissions | (255,605) | (239,382) | (190,246) |
| Prepaid expenses and other assets | (29,907) | (19,886) | (34,288) |
| Accounts payable | 21,355 | (4,757) | (5,504) |
| Deferred revenue | 537,249 | 468,856 | 369,242 |
| Accrued expenses and other liabilities | 65,097 | 82,071 | 66,526 |
| Net cash provided by operating activities | 1,235,972 | 811,089 | 642,940 |
| Cash flows from investing activities: | |||
| Purchases of property and equipment | (264,892) | (224,462) | (150,510) |
| Business combinations, net of cash and restricted cash acquired | (7,414) | (37,440) | (58,203) |
| Purchases of other intangibles | (72,689) | (24,400) | (6,670) |
| Purchases of investments | (1,595,667) | (1,295,782) | (1,194,261) |
| Sales of investments | 33,503 | 39,975 | 85,106 |
| Maturities of investments | 1,159,247 | 1,194,687 | 440,590 |
| Realized gains on derivatives not designated as hedging instruments, net | 23,435 | 0 | 0 |
| Net cash used in investing activities | (724,477) | (347,422) | (883,948) |
| Cash flows from financing activities: | |||
| Net proceeds from borrowings on convertible senior notes | 0 | 0 | 772,127 |
| Repayments of convertible senior notes attributable to principal | (9) | (429,645) | (4) |
| Proceeds from issuance of warrants | 0 | 0 | 54,071 |
| Purchases of convertible note hedges | 0 | 0 | (128,017) |
| Repurchases and retirement of common stock | 0 | 0 | (55,000) |
| Proceeds from employee stock plans | 107,868 | 104,160 | 82,567 |
| Taxes paid related to net share settlement of equity awards | (409,715) | (281,010) | (181,938) |
| Payments on financing obligations | 0 | (933) | (4,914) |
| Net cash (used in) provided by financing activities | (301,856) | (607,428) | 538,892 |
| Foreign currency effect on cash, cash equivalents and restricted cash | (186) | (15,530) | 28,013 |
| Net increase (decrease) in cash, cash equivalents and restricted cash | 209,453 | (159,291) | 325,897 |
| Cash, cash equivalents and restricted cash at beginning of period | 568,538 | 727,829 | |
| Cash, cash equivalents and restricted cash at end of period | 777,991 | 568,538 | 727,829 |
| Cash, cash equivalents and restricted cash at end of period: | |||
| Cash and cash equivalents | 775,778 | 566,204 | 726,495 |
| Current portion of restricted cash included in prepaid expenses and other current assets | 2,213 | 2,334 | 1,301 |
| Non-current portion of restricted cash included in other assets | 0 | 0 | 33 |
| Total cash, cash equivalents and restricted cash shown in the consolidated statement of cash flows | 777,991 | 568,538 | 727,829 |
| Supplemental disclosures of other cash flow information: | |||
| Income taxes paid, net of refunds | 20,471 | 17,507 | 7,899 |
| Non-cash investing and financing activities: | |||
| Settlement of 2018 Notes conversion feature | 0 | 773,302 | 0 |
| Benefit from exercise of 2018 Note Hedge | 0 | 766,858 | 0 |
| Property and equipment included in accounts payable and accrued expenses | 56,966 | 25,767 | 15,007 |
| Purchases of intangible assets included in accrued expenses and other liabilities | 0 | 8,500 | 6,750 |
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | ||
SERVICENOW, INC. | ||
Ticker: NOW Fiscal Year: 2019 | ||
Consolidated Balance Sheets | ||
Period Ending Dec 31, 2019 10-K (Filed: Feb 20, 2020) | ||
| (In Thousands, except shares in actual) | ||
| As of | As of | |
| Dec 31, 2019 | Dec 31, 2018 | |
| Assets | ||
| Current assets: | ||
| Cash and cash equivalents | $ 775,778 | 566,204 |
| Short-term investments | 915,317 | 931,718 |
| Accounts receivable, net | 835,279 | 574,810 |
| Current portion of deferred commissions | 175,039 | 139,890 |
| Prepaid expenses and other current assets | 125,488 | 132,071 |
| Total current assets | 2,826,901 | 2,344,693 |
| Deferred commissions, less current portion | 333,448 | 282,490 |
| Long-term investments | 1,013,332 | 581,856 |
| Property and equipment, net | 468,085 | 347,216 |
| Operating lease right-of-use assets | 402,428 [1] | 0 |
| Intangible assets, net | 143,850 | 100,582 |
| Goodwill | 156,756 | 148,845 |
| Deferred tax assets | 599,633 | 20,642 |
| Other assets | 77,997 | 52,816 |
| Total assets | 6,022,430 | 3,879,140 |
| Liabilities and Stockholders Equity | ||
| Current liabilities: | ||
| Accounts payable | 52,960 | 30,733 |
| Accrued expenses and other current liabilities | 461,403 | 330,246 |
| Current portion of deferred revenue | 2,185,754 | 1,651,594 |
| Current portion of operating lease liabilities | 52,668 | 0 |
| Total current liabilities | 2,752,785 | 2,012,573 |
| Deferred revenue, less current portion | 40,038 | 38,597 |
| Operating lease liabilities, less current portion | 383,221 | 0 |
| Convertible senior notes, net | 694,981 | 661,707 |
| Other long-term liabilities | 23,464 | 55,064 |
| Total liabilities | 3,894,489 | 2,767,941 |
| Commitments and contingencies | ||
| Stockholders equity: | ||
| Preferred stock, $0.001 par value; 10,000 shares authorized; no shares issued or outstanding | 0 | 0 |
| Common stock $0.001 par value; 600,000 shares authorized; 189,461 and 180,175 shares issued and outstanding at December 31, 2019 and 2018, respectively | 189 | 180 |
| Additional paid-in capital | 2,454,741 | 2,093,834 |
| Accumulated other comprehensive income (loss) | 25,255 | (4,035) |
| Accumulated deficit | (352,244) | (978,780) |
| Total stockholders equity | 2,127,941 | 1,111,199 |
| Total liabilities and stockholders equity | 6,022,430 | 3,879,140 |
| [1] We adopted Topic 842 using the modified retrospective method as of January 1, 2019 and elected the transition option that allows us not to restate the comparative periods in our consolidated financial statements in the year of adoption. Refer to Note 2 for further details. | ||
| External Links | |
| SERVICENOW, INC. (NOW) Fiscal Year 2019 | |
| Statements of 10-K in Excel | https://www.sec.gov/.../Financial.xlxs |
| Complete 10-K in HTML | https://www.sec.gov/.../10-K.html |
| Complete 10-K in XBRL | https://www.sec.gov/.../10-K-xbrl.zip |