Fourth Quarter 2021 GAAP Results |
Fourth Quarter 2021 Non-GAAP Results(1)
| |||||
Amount ($ millions) |
Year/Year Growth (%) |
Amount
($ millions)(2)
|
Year/Year Growth (%) |
Adjusted Amount ($ millions)(2) | Adjusted Year/Year Growth (%) | |
Subscription revenues | $1,523 | 29 | % | $1,538 | 30 | % |
Professional services and other revenues | $91 | 38 | % | $91 | 38 | % |
Total revenues | $1,614 | 29 | % | $1,629 | 30 | % |
Subscription billings | $2,420 | 32 | % | $2,432 | 33 | % |
Professional services and other billings | $113 | 43 | % | $113 | 43 | % |
Total billings | $2,533 | 33 | % | $2,545 | 33 | % |
Amount ($ billions) |
Year/Year Growth (%) |
Amount ($ billions)(2) | Year/Year Growth (%) | |||
cRPO | $5.7 | 29 | % | $5.8 | 32 | % |
RPO | $11.5 | 29 | % | $11.8 | 32 | % |
Amount ($ millions) | Margin (%) |
Amount ($ millions) | Margin (%) | |||
Subscription gross profit | $1,241 | 82 | % | $1,295 | 85 | % |
Professional services and other gross profit (loss) | ($2) | (2 | %) | $14 | 15 | % |
Total gross profit | $1,239 | 77 | % | $1,309 | 81 | % |
Income from operations | $35 | 2 | % | $367 | 23 | % |
Net cash provided by operating activities | $844 | 52 | % | |||
Free cash flow | $744 | 46 | % | |||
Amount ($ millions) | Earnings per Basic/Diluted Share ($) |
Amount ($ millions) | Earnings per Basic/Diluted Share ($) | |||
Net income | $26 | $0.13/ $0.13 | $296 | $1.49/ $1.46 |
Full Year 2021 GAAP Results |
Full-Year 2021 Non-GAAP Results(1)
| |||||
Amount ($ millions) |
Year/Year Growth (%) |
Amount
($ millions)(2)
|
Year/Year Growth (%) |
Adjusted Amount ($ millions)(2) | Adjusted Year/Year Growth (%) | |
Subscription revenues | $5,573 | 30 | % | $5,496 | 28 | % |
Professional services and other revenues | $323 | 39 | % | $317 | 36 | % |
Total revenues | $5,896 | 30 | % | $5,813 | 29 | % |
Subscription billings | 6,494 | 30 | % | 6,388 | 28 | % |
Professional services and other billings | 356 | 45 | % | 350 | 42 | % |
Total billings | 6,850 | 31 | % | 6,738 | 29 | % |
Amount ($ billions) |
Year/Year Growth (%) |
Amount ($ billions)(2) | Year/Year Growth (%) | |||
cRPO | $5.7 | 29 | % | $5.8 | 32 | % |
RPO | $11.5 | 29 | % | $11.8 | 32 | % |
Amount ($ millions) | Margin (%) |
Amount ($ millions) | Margin (%) | |||
Subscription gross profit | $4,551 | 82 | % | $4,743 | 85 | % |
Professional services and other gross profit (loss) | ($8) | (2 | %) | $51 | 16 | % |
Total gross profit | $4,543 | 77 | % | $4,794 | 81 | % |
Income from operations | $257 | 4 | % | $1,482 | 25 | % |
Net cash provided by operating activities | $2,191 | 37 | % | |||
Free cash flow | $1,867 | 32 | % | |||
Amount ($ millions) | Earnings per Basic/Diluted Share ($) |
Amount ($ millions) | Earnings per Basic/Diluted Share ($) | |||
Net income | 230 | $1.16/ $1.13 | $1,201 | $6.07/ $5.92 |
First Quarter 2022 GAAP Guidance |
First Quarter 2022
Non-GAAP Guidance(1)
| ||||
Amount ($ millions)(2) |
Year/Year
Growth (%)
|
Constant Currency
Year/ Year Growth (%)
| |||
Subscription revenues | $1,610 - $1,615 | 25 | % | 27.5 | % |
cRPO
| 28 | % | 29.5 | % | |
Margin (%) | |||||
Income from operations | 25 | % | |||
Amount (millions) | |||||
Weighted-average shares used to compute diluted net income per share | 203 |
Full-Year 2022 GAAP Guidance |
Full-Year 2022
Non-GAAP Guidance(1)
| ||||
Amount ($ millions)(2) |
Year/Year Growth (%) |
Constant Currency
Year/ Year Growth (%)
| |||
Subscription revenues | $7,020 - $7,040 | 26 | % | 28 | % |
Margin (%) | |||||
Subscription gross profit | 86 | % | |||
Income from operations | 25 | % | |||
Free cash flow | 31 | % | |||
Amount (millions) | |||||
Weighted-average shares used to compute diluted net income per share | 204 |
Three Months Ended | Twelve Months Ended | |||||||
December 31, 2021 | December 31, 2020 | December 31, 2021 | December 31, 2020 | |||||
Revenues: | ||||||||
Subscription | $ | 1,523 | $ | 1,184 | $ | 5,573 | $ | 4,286 |
Professional services and other | 91 | 66 | 323 | 233 | ||||
Total revenues | 1,614 | 1,250 | 5,896 | 4,519 | ||||
Cost of revenues (1):
| ||||||||
Subscription | 282 | 210 | 1,022 | 731 | ||||
Professional services and other | 93 | 69 | 331 | 256 | ||||
Total cost of revenues | 375 | 279 | 1,353 | 987 | ||||
Gross profit | 1,239 | 971 | 4,543 | 3,532 | ||||
Operating expenses (1):
| ||||||||
Sales and marketing | 632 | 534 | 2,292 | 1,855 | ||||
Research and development | 392 | 284 | 1,397 | 1,024 | ||||
General and administrative | 180 | 135 | 597 | 454 | ||||
Total operating expenses | 1,204 | 953 | 4,286 | 3,333 | ||||
Income from operations | 35 | 18 | 257 | 199 | ||||
Interest expense | (7) | (8) | (28) | (33) | ||||
Other income (expense), net | 4 | 4 | 20 | (16) | ||||
Income before income taxes | 32 | 14 | 249 | 150 | ||||
Provision for (benefit from) income taxes | 6 | (3) | 19 | 31 | ||||
Net income | $ | 26 | $ | 17 | $ | 230 | $ | 119 |
Net income per share - basic | $ | 0.13 | $ | 0.09 | $ | 1.16 | $ | 0.61 |
Net income per share - diluted | $ | 0.13 | $ | 0.08 | $ | 1.13 | $ | 0.59 |
Weighted-average shares used to compute net income per share - basic | 199 | 195 | 198 | 193 | ||||
Weighted-average shares used to compute net income per share - diluted | 204 | 202 | 203 | 202 |
Three Months Ended | Twelve Months Ended | |||||||
December 31, 2021 | December 31, 2020 | December 31, 2021 | December 31, 2020 | |||||
Cost of revenues: | ||||||||
Subscription | $ | 33 | $ | 26 | $ | 128 | $ | 98 |
Professional services and other | 16 | 14 | 59 | 52 | ||||
Operating expenses: | ||||||||
Sales and marketing | 96 | 92 | 389 | 320 | ||||
Research and development | 107 | 79 | 395 | 282 | ||||
General and administrative | 50 | 34 | 160 | 118 |
December 31, 2021 | December 31, 2020 | |||
Assets | ||||
Current assets: | ||||
Cash and cash equivalents | $ | 1,728 | $ | 1,677 |
Short-term investments | 1,576 | 1,415 | ||
Accounts receivable, net | 1,390 | 1,009 | ||
Current portion of deferred commissions | 303 | 229 | ||
Prepaid expenses and other current assets | 223 | 192 | ||
Total current assets | 5,220 | 4,522 | ||
Deferred commissions, less current portion | 623 | 444 | ||
Long-term investments | 1,630 | 1,468 | ||
Property and equipment, net | 766 | 660 | ||
Operating lease right-of-use assets | 591 | 454 | ||
Intangible assets, net | 287 | 153 | ||
Goodwill | 777 | 241 | ||
Deferred tax assets | 692 | 673 | ||
Other assets | 212 | 100 | ||
Total assets | $ | 10,798 | $ | 8,715 |
Liabilities and Stockholders' Equity | ||||
Current liabilities: | ||||
Accounts payable | $ | 89 | $ | 34 |
Accrued expenses and other current liabilities | 850 | 668 | ||
Current portion of deferred revenue | 3,836 | 2,963 | ||
Current portion of operating lease liabilities | 82 | 72 | ||
Current debt, net | 92 | - | ||
Total current liabilities | 4,949 | 3,737 | ||
Deferred revenue, less current portion | 63 | 45 | ||
Operating lease liabilities, less current portion | 556 | 423 | ||
Long-term debt, net | 1,484 | 1,640 | ||
Other long-term liabilities | 51 | 36 | ||
Stockholders' equity | 3,695 | 2,834 | ||
Total liabilities and stockholders' equity | $ | 10,798 | $ | 8,715 |
Three Months Ended | Twelve Months Ended | |||||||
December 31, 2021 | December 31, 2020 | December 31, 2021 | December 31, 2020 | |||||
Cash flows from operating activities: | ||||||||
Net income | $ | 26 | $ | 17 | $ | 230 | $ | 119 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||
Depreciation and amortization | 126 | 93 | 472 | 336 | ||||
Amortization of deferred commissions | 83 | 61 | 294 | 218 | ||||
Amortization of debt discount and issuance costs | 2 | 2 | 7 | 24 | ||||
Stock-based compensation | 302 | 245 | 1,131 | 870 | ||||
Deferred income taxes | (13) | (18) | (34) | (24) | ||||
Repayments of convertible senior notes attributable to debt discount | - | (13) | (15) | (82) | ||||
Loss on extinguishment of 2022 Notes | - | 5 | 3 | 47 | ||||
Other | 17 | (3) | 45 | (2) | ||||
Changes in operating assets and liabilities, net of effect of business combinations: | ||||||||
Accounts receivable | (620) | (362) | (401) | (152) | ||||
Deferred commissions | (221) | (144) | (565) | (365) | ||||
Prepaid expenses and other assets | (15) | (13) | (93) | (55) | ||||
Accounts payable | 16 | (36) | 55 | (34) | ||||
Deferred revenue | 913 | 645 | 960 | 711 | ||||
Accrued expenses and other liabilities | 228 | 206 | 102 | 175 | ||||
Net cash provided by operating activities | 844 | 685 | 2,191 | 1,786 | ||||
Cash flows from investing activities: | ||||||||
Purchases of property and equipment | (100) | (134) | (392) | (419) | ||||
Business combinations, net of cash acquired | (7) | 1 | (785) | (107) | ||||
Purchases of intangibles | (7) | (7) | (7) | (13) | ||||
Purchases of investments | (744) | (695) | (2,485) | (2,922) | ||||
Purchases of strategic investments | (43) | (10) | (71) | (12) | ||||
Sales and maturities of investments | 540 | 666 | 2,119 | 1,965 | ||||
Other | 2 | 2 | 14 | 1 | ||||
Net cash used in investing activities | (359) | (177) | (1,607) | (1,507) | ||||
Cash flows from financing activities: | ||||||||
Net proceeds from borrowings on 2030 Notes | - | - | - | 1,482 | ||||
Repayments of convertible senior notes attributable to principal | (2) | (59) | (61) | (1,628) | ||||
Net proceeds from unwind of 2022 Note Hedge | - | - | - | 1,106 | ||||
Proceeds from employee stock plans | 2 | 4 | 167 | 146 | ||||
Taxes paid related to net share settlement of equity awards | (155) | (148) | (612) | (509) | ||||
Net cash (used in) provided by financing activities | (155) | (203) | (506) | 597 | ||||
Foreign currency effect on cash, cash equivalents and restricted cash | (4) | 22 | (25) | 25 | ||||
Net change in cash, cash equivalents and restricted cash | 326 | 327 | 53 | 901 | ||||
Cash, cash equivalents and restricted cash at beginning of period | 1,406 | 1,352 | 1,679 | 778 | ||||
Cash, cash equivalents and restricted cash at end of period | $ | 1,732 | $ | 1,679 | $ | 1,732 | $ | 1,679 |
Three Months Ended | Twelve Months Ended | |||||||||
December 31, 2021 | December 31, 2020 | Growth Rates | December 31, 2021 | December 31, 2020 | Growth Rates | |||||
Subscription revenues: | ||||||||||
GAAP subscription revenues | $ | 1,523 | $ | 1,184 | 29% | $ | 5,573 | $ | 4,286 | 30% |
Effects of foreign currency rate fluctuations | 15 | (77) | ||||||||
Non-GAAP subscription revenues(1)
| $ | 1,538 | 30% | $ | 5,496 | 28% | ||||
Professional services and other revenues: | ||||||||||
GAAP professional services and other revenues | $ | 91 | $ | 66 | 38% | $ | 323 | $ | 233 | 39% |
Effects of foreign currency rate fluctuations | - | (6) | ||||||||
Non-GAAP professional service and other revenues(1)
| $ | 91 | 38% | $ | 317 | 36% | ||||
Total revenues: | ||||||||||
GAAP total revenues | $ | 1,614 | $ | 1,250 | 29% | $ | 5,896 | $ | 4,519 | 30% |
Effects of foreign currency rate fluctuations | 15 | (83) | ||||||||
Non-GAAP total revenues(1)
| $ | 1,629 | 30% | $ | 5,813 | 29% | ||||
cRPO (in billions): | ||||||||||
GAAP cRPO | $ | 5.7 | $ | 4.4 | 29% | $ | 5.7 | $ | 4.4 | 29% |
Effects of foreign currency rate fluctuations | 0.1 | 0.1 | ||||||||
Non-GAAP cRPO(2)
| $ | 5.8 | 32% | $ | 5.8 | 32% | ||||
RPO (in billions): | ||||||||||
GAAP RPO | $ | 11.5 | $ | 8.9 | 29% | $ | 11.5 | $ | 8.9 | 29% |
Effects of foreign currency rate fluctuations | 0.3 | 0.3 | ||||||||
Non-GAAP RPO(2)
| $ | 11.8 | 32% | $ | 11.8 | 32% | ||||
Subscription billings: | ||||||||||
GAAP subscription revenues | $ | 1,523 | $ | 1,184 | 29% | $ | 5,573 | $ | 4,286 | 30% |
Change in subscription deferred revenue, unbilled receivables and customer deposits | 897 | 643 | 921 | 696 | ||||||
Non-GAAP subscription billings | 2,420 | 1,827 | 32% | 6,494 | 4,982 | 30% | ||||
Effects of foreign currency rate fluctuations | 25 | (68) | ||||||||
Effects of fluctuations in billings duration | (13) | (38) | ||||||||
Non-GAAP adjusted subscription billings(3)
| $ | 2,432 | 33% | $ | 6,388 | 28% | ||||
Professional services and other billings: | ||||||||||
GAAP professional services and other revenues | $ | 91 | $ | 66 | 37% | $ | 323 | $ | 233 | 39% |
Change in professional services and other deferred revenue | 22 | 13 | $ | 33 | $ | 13 | ||||
Non-GAAP professional services and other billings | 113 | 79 | 43% | 356 | 246 | 45% | ||||
Effects of foreign currency rate fluctuations | - | (6) | ||||||||
Non-GAAP adjusted professional services and other billings(3)
| $ | 113 | 43% | $ | 350 | 42% | ||||
Total billings: | ||||||||||
GAAP total revenues | $ | 1,614 | $ | 1,250 | 29% | $ | 5,896 | $ | 4,519 | 30% |
Change in total deferred revenue, unbilled receivables and customer deposits | 919 | 657 | 954 | 710 | ||||||
Non-GAAP total billings | 2,533 | 1,907 | 33% | 6,850 | 5,229 | 31% | ||||
Effects of foreign currency rate fluctuations | 25 | (74) | ||||||||
Effects of fluctuations in billings duration | (13) | (38) | ||||||||
Non-GAAP adjusted total billings(3)
| $ | 2,545 | 33% | $ | 6,738 | 29% | ||||
Cost of revenues: | ||||||||||
GAAP subscription cost of revenues | $ | 282 | $ | 210 | $ | 1,022 | $ | 731 | ||
Stock-based compensation | (33) | (26) | (128) | (98) | ||||||
Amortization of purchased intangibles | (21) | (8) | (64) | (36) | ||||||
Non-GAAP subscription cost of revenues | $ | 228 | $ | 176 | $ | 830 | $ | 597 | ||
GAAP professional services and other cost of revenues | $ | 93 | $ | 69 | $ | 331 | $ | 256 | ||
Stock-based compensation | (16) | (14) | (59) | (52) | ||||||
Non-GAAP professional services and other cost of revenues | $ | 77 | $ | 55 | $ | 272 | $ | 204 | ||
Gross profit: | ||||||||||
GAAP subscription gross profit | $ | 1,241 | $ | 974 | $ | 4,551 | $ | 3,555 | ||
Stock-based compensation | 33 | 26 | 128 | 98 | ||||||
Amortization of purchased intangibles | 21 | 8 | 64 | 36 | ||||||
Non-GAAP subscription gross profit | $ | 1,295 | $ | 1,008 | $ | 4,743 | $ | 3,689 | ||
GAAP professional services and other gross loss | $ | (2) | $ | (3) | $ | (8) | $ | (23) | ||
Stock-based compensation | 16 | 14 | 59 | 52 | ||||||
Non-GAAP professional services and other gross profit | $ | 14 | $ | 11 | $ | 51 | $ | 29 | ||
GAAP gross profit | $ | 1,239 | $ | 971 | $ | 4,543 | $ | 3,532 | ||
Stock-based compensation | 49 | 40 | 187 | 150 | ||||||
Amortization of purchased intangibles | 21 | 8 | 64 | 36 | ||||||
Non-GAAP gross profit | $ | 1,309 | $ | 1,019 | $ | 4,794 | $ | 3,718 | ||
Gross margin: | ||||||||||
GAAP subscription gross margin | 82 | % | 82 | % | 82 | % | 83 | % | ||
Stock-based compensation as % of subscription revenues | 2 | % | 2 | % | 2 | % | 2 | % | ||
Amortization of purchased intangibles as % of subscription revenues | 1 | % | 1 | % | 1 | % | 1 | % | ||
Non-GAAP subscription gross margin | 85 | % | 85 | % | 85 | % | 86 | % | ||
GAAP professional services and other gross margin | (2 | %) | (5 | %) | (2 | %) | (10 | %) | ||
Stock-based compensation as % of professional services and other revenues | 17 | % | 21 | % | 18 | % | 22 | % | ||
Non-GAAP professional services and other gross margin | 15 | % | 16 | % | 16 | % | 12 | % | ||
GAAP gross margin | 77 | % | 78 | % | 77 | % | 78 | % | ||
Stock-based compensation as % of total revenues | 3 | % | 3 | % | 3 | % | 3 | % | ||
Amortization of purchased intangibles as % of total revenues | 1 | % | 1 | % | 1 | % | 1 | % | ||
Non-GAAP gross margin | 81 | % | 82 | % | 81 | % | 82 | % | ||
Operating expenses: | ||||||||||
GAAP sales and marketing expenses | $ | 632 | $ | 534 | $ | 2,292 | $ | 1,855 | ||
Stock-based compensation | (96) | (92) | (389) | (320) | ||||||
Amortization of purchased intangibles | - | (1) | (1) | (1) | ||||||
Non-GAAP sales and marketing expenses | $ | 536 | $ | 441 | $ | 1,902 | $ | 1,534 | ||
GAAP research and development expenses | $ | 392 | $ | 284 | $ | 1,397 | $ | 1,024 | ||
Stock-based compensation | (107) | (79) | (395) | (282) | ||||||
Amortization of purchased intangibles | (1) | - | (1) | (2) | ||||||
Business combination and other related costs | $ | (5) | $ | - | $ | (10) | $ | - | ||
Non-GAAP research and development expenses | $ | 279 | $ | 205 | $ | 991 | $ | 740 | ||
GAAP general and administrative expenses | $ | 180 | $ | 135 | $ | 597 | $ | 454 | ||
Stock-based compensation | (50) | (34) | (160) | (118) | ||||||
Amortization of purchased intangibles | (2) | (2) | (10) | (7) | ||||||
Business combination and other related costs | (1) | (2) | (8) | (6) | ||||||
Non-GAAP general and administrative expenses | $ | 127 | $ | 97 | $ | 419 | $ | 323 | ||
GAAP total operating expenses | $ | 1,204 | $ | 953 | $ | 4,286 | $ | 3,333 | ||
Stock-based compensation | (253) | (205) | (944) | (720) | ||||||
Amortization of purchased intangibles | (3) | (3) | (12) | (10) | ||||||
Business combination and other related costs | (6) | (2) | (18) | (6) | ||||||
Non-GAAP total operating expenses | $ | 942 | $ | 743 | $ | 3,312 | $ | 2,597 | ||
Income from operations: | ||||||||||
GAAP income from operations | $ | 35 | $ | 18 | $ | 257 | $ | 199 | ||
Stock-based compensation | 302 | 245 | 1,131 | 870 | ||||||
Amortization of purchased intangibles | 24 | 11 | 76 | 46 | ||||||
Business combination and other related costs | 6 | 2 | 18 | 6 | ||||||
Non-GAAP income from operations | $ | 367 | $ | 276 | $ | 1,482 | $ | 1,121 | ||
Operating margin: | ||||||||||
GAAP operating margin | 2 | % | 1 | % | 4 | % | 5 | % | ||
Stock-based compensation as % of total revenues | 19 | % | 20 | % | 19 | % | 19 | % | ||
Amortization of purchased intangibles as % of total revenues | 2 | % | 1 | % | 2 | % | 1 | % | ||
Business combination and other related costs as % of total revenues | - | % | - | % | 0 | % | - | % | ||
Non-GAAP operating margin | 23 | % | 22 | % | 25 | % | 25 | % | ||
Net income: | ||||||||||
GAAP net income | $ | 26 | $ | 17 | $ | 230 | $ | 119 | ||
Stock-based compensation | 302 | 245 | 1,131 | 870 | ||||||
Amortization of purchased intangibles | 24 | 11 | 76 | 46 | ||||||
Business combination and other related costs | 6 | 2 | 18 | 6 | ||||||
Amortization of debt discount and issuance costs | 2 | 2 | 7 | 24 | ||||||
Other | - | 5 | 3 | 47 | ||||||
Income tax expense effects related to the above adjustments | (64) | (47) | (264) | (186) | ||||||
Non-GAAP net income | $ | 296 | $ | 235 | $ | 1,201 | $ | 926 | ||
Net income per share - basic and diluted: | ||||||||||
GAAP net income per share - basic | $ | 0.13 | $ | 0.09 | $ | 1.16 | $ | 0.61 | ||
GAAP net income per share - diluted | $ | 0.13 | $ | 0.08 | $ | 1.13 | $ | 0.59 | ||
Non-GAAP net income per share - basic | $ | 1.49 | $ | 1.20 | $ | 6.07 | $ | 4.79 | ||
Non-GAAP net income per share - diluted | $ | 1.46 | $ | 1.17 | $ | 5.92 | $ | 4.63 | ||
GAAP weighted-average shares used to compute net income per share - basic | 199 | 195 | 198 | 193 | ||||||
GAAP weighted-average shares used to compute net income per share - diluted | 204 | 202 | 203 | 202 | ||||||
Effects of in-the-money portion of convertible senior notes(4)
| (1) | (1) | - | (2) | ||||||
Non-GAAP weighted-average shares used to compute net income per share - diluted | 203 | 201 | 203 | 200 | ||||||
Free cash flow: | ||||||||||
GAAP net cash provided by operating activities | $ | 844 | $ | 685 | $ | 2,191 | $ | 1,786 | ||
Purchases of property and equipment | (100) | (134) | (392) | (419) | ||||||
Repayments of convertible senior notes attributable to debt discount | - | 13 | 15 | 82 | ||||||
Business combination and other related costs | - | - | 53 | - | ||||||
Non-GAAP free cash flow | $ | 744 | $ | 564 | $ | 1,867 | $ | 1,449 | ||
Free cash flow margin: | ||||||||||
GAAP net cash provided by operating activities as % of total revenues | 52 | % | 55 | % | 37 | % | 39 | % | ||
Purchases of property and equipment as % of total revenues | (6 | %) | (11 | %) | (7 | %) | (9 | %) | ||
Repayments of convertible senior notes attributable to debt discount as % of total revenues | - | % | 1 | % | - | % | 2 | % | ||
Business combination and other related costs as % of total revenues | 0 | % | - | % | 1 | % | - | % | ||
Non-GAAP free cash flow margin | 46 | % | 45 | % | 32 | % | 32 | % |
Three Months Ended | |||
March 31, 2022 | March 31, 2021 | Growth Rates | |
GAAP subscription revenues | $1,610 - $1,615 million | $1,293 million | 25% |
Effects of foreign currency rate fluctuations | $35 million | 2.5% | |
Non-GAAP subscription revenues(1)
| $1,645 - $1,650 million | 27.5% | |
cRPO growth rate | 28% | ||
Effects of foreign currency rate fluctuations | 1.5% | ||
Non-GAAP cRPO growth rate(2)
| 29.5% | ||
GAAP operating margin | 4% | ||
Stock-based compensation expense as % of total revenues | 20% | ||
Amortization of purchased intangibles as % of total revenues | 1% | ||
Business combination and other related costs as % of total revenues | 0% | ||
Non-GAAP operating margin | 25% | ||
GAAP weighted-average shares used to compute net income per share - diluted | 204 million | ||
Effects of in-the-money portion of convertible senior notes(3)
| (1) million | ||
Non-GAAP weighted-average shares used to compute net income per share - diluted | 203 million | ||
Twelve Months Ended | |||
December 31, 2022 | December 31, 2021 | Growth Rates | |
GAAP subscription revenues | $7,020 - $7,040 million | $5,573 million | 26% |
Effects of foreign currency rate fluctuations | $110 million | 2% | |
Non-GAAP subscription revenues (1)
| $7,130 - $7,150 million | 28% | |
GAAP subscription gross margin | 83% | ||
Stock-based compensation expense as % of subscription revenues | 2% | ||
Amortization of purchased intangibles as % of subscription revenues | 1% | ||
Non-GAAP subscription margin | 86% | ||
GAAP operating margin | 5% | ||
Stock-based compensation expense as % of total revenues | 19% | ||
Amortization of purchased intangibles as % of total revenues | 1% | ||
Business combination and other related costs as % of total revenues | 0% | ||
Non-GAAP operating margin | 25% | ||
GAAP net cash provided by operating activities as % of total revenues | 39% | ||
Purchases of property and equipment as % of total revenues | (8%) | ||
Repayments of convertible senior notes attributable to debt discount as % of total revenues | 0% | ||
Business combination and other related costs as % of total revenues | 0% | ||
Non-GAAP free cash flow margin | 31% | ||
GAAP weighted-average shares used to compute net income per share - diluted | 204 million | ||
Effects of in-the-money portion of convertible senior notes(3)
| 0 million | ||
Non-GAAP weighted-average shares used to compute net income per share - diluted | 204 million |
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ServiceNow Inc. published this content on 26 January 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 26 January 2022 21:19:24 UTC.