ServiceNow Reports First Quarter 2021 Financial Results

ServiceNow Reports First Quarter 2021 Financial Results
ServiceNow CEO Bill McDermott.

Santa Clara – ServiceNow (NYSE: NOW), the digital workflow company making work, work better for people, today announced financial results for its first quarter ended March 31, 2021, with subscription revenues of $1,293 million in Q1 2021, representing 30% year-over-year growth, 26% adjusted for constant currency.

As of March 31, 2021, current remaining performance obligations (“cRPO”), contract revenue that will be recognized as revenue in the next 12 months, was $4.4 billion, representing 33% year-over-year growth, 29% adjusted for constant currency. The company now has 1,146 total customers with more than $1 million in annual contract value, representing 23% year-over-year growth in customers.

«Our outstanding start to 2021 is rooted in our relentless focus to make the world of work, work better for people,” said Bill McDermott, ServiceNow president and CEO. “As the leading platform for digital transformation, our empathy for customers inspires our continuous innovation. Over the past 18 months, we doubled the features and functionality in our releases to solve the world’s most pressing challenges. We are humbled to support turning millions of vaccines into vaccinations globally. There is no limit to the opportunities ahead as we strive to become the defining enterprise software company of the 21st century.”

ServiceNow CFO Gina Mastantuono said, “On the heels of a tremendous 2020, the team continued to execute well and delivered another strong quarter of out-performance. We are focused, disciplined, and committed to helping our customers succeed. Every C-suite leader wants to create great experiences for their employees and their customers, and ServiceNow is delivering. The Now Platform offers the speed, flexibility, and innovation companies need. We have strong momentum on our way to becoming a $10 billion revenue company.”

During the quarter, ServiceNow delivered the Now Platform Quebec release with new levels of innovation to help businesses thrive in a new era of work. This included the launch of ServiceNow’s new Creator Workflow with low-code tools that put application development into the hands of “citizen developers.” ServiceNow launched Vaccine Administration Management to help turn vaccines into vaccinations by orchestrating the vaccine management process: distributing, administering, and monitoring vaccines. The acquisition of Intellibot will enable ServiceNow to deliver an unmatched intelligent workflow automation solution tying together RPA, AI, machine learning, and process mining native to the Now Platform. ServiceNow also recently released its Global Impact Report, which includes its environmental, social, and governance initiatives for creating meaningful impact in the world.

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