Thu, Jul 25, 10:04 AM (44 days ago)
ServiceNow, Inc.'s Form 10-Q for the quarter ended June 30, 2024, reports a strong financial performance. Key highlights include: - **Revenue Growth**: Total revenues increased by 22% to $2.63 billion for the quarter, driven by a 23% rise in subscription revenues to $2.54 billion. Professional services and other revenues also grew by 13% to $85 million. - **Profitability**: The company's gross profit margin remained robust at 79%. Operating income saw a significant increase, reaching $240 million compared to $117 million in the same quarter last year. - **Earnings**: Net income for the quarter was $262 million, down from $1.04 billion the previous year, with diluted net income per share at $1.26. - **Cash Flow**: Net cash provided by operating activities was $1.96 billion for the first half of 2024, a 32% increase from the previous year. Free cash flow also rose by 33% to $1.58 billion. - **Balance Sheet**: ServiceNow reported strong liquidity with cash, cash equivalents, and investments totaling $8.88 billion. Total assets stood at $18.21 billion, with total liabilities at $9.54 billion. - **Outlook**: The company expects continued revenue growth and stable profit margins, with increased investment in R&D and sales activities. Overall, ServiceNow demonstrates solid financial health, robust revenue growth, and strong cash flow generation, positioning it well for future growth.