ServiceNow Reports Second Quarter 2021 Financial Results

ServiceNow Reports Second Quarter 2021 Financial Results
ServiceNow CEO Bill McDermott.
  • Subscription revenues of $1,330 million in Q2 2021, representing 31% year‑over‑year growth, 27% adjusted for constant currency
  • Current remaining performance obligations of $4.7 billion as of Q2 2021, representing 34% year‑over‑year growth, 31% adjusted for constant currency
  • 1,201 total customers with over $1 million in annual contract value, representing 25% year‑over‑year growth

Santa Clara ‑ ServiceNow (NYSE: NOW), the digital workflow company making work, work better for people, today announced financial results for its second quarter ended June 30, 2021, with subscription revenues of $1,330 million in Q2 2021, representing 31% year‑over‑year growth, 27% adjusted for constant currency.

As of June 30, 2021, current remaining performance obligations (“cRPO”), contract revenue that will be recognized as revenue in the next 12 months, was $4.7 billion, representing 34% year‑over‑year growth, 31% adjusted for constant currency. The company now has 1,201 total customers with more than $1 million in annual contract value, representing 25% year‑over‑year growth in customers.

“I’m so proud of our team’s performance, significantly exceeding the high end of our guidance across all metrics, which is reflected in our strong full‑year guidance raise,” said Bill McDermott, ServiceNow president and CEO. “Business leaders worldwide are facing ‘do or die’ moments in a forever changed world. They are leveraging the flexibility of the Now Platform to create innovative digital solutions needed to solve the biggest challenges of our time. In partnership with our customers, we workflow a better world.”

ServiceNow CFO Gina Mastantuono said, “Q2 was a tremendous quarter, showcasing the power of our business model and our ability to drive a balance of growth and profitability. The team demonstrated exceptional execution, and we saw strong demand across all regions and workflows. We are the platform for digital business, and we are well on our way to becoming a $15+ billion revenue company.”

During the quarter, ServiceNow hosted Knowledge 2021, where customers, partners, and developers from 141 countries came together to address how they are using digital workflows to grow their business, become more resilient, and reshape their industries. At Knowledge 21, ServiceNow released new solutions to power the manufacturing and healthcare and life sciences industries by helping customers increase their agility, resilience, and productivity. In Q2, the company also acquired next‑generation observability leader Lightstep to help customers accelerate digital transformation with insight‑driven, action‑oriented workflows. To support customers as they prepare for a hybrid workplace, ServiceNow recently announced an integration with Microsoft’s new Windows 365 solution to let users easily access Cloud PCs directly through Microsoft Teams. The company also launched enhancements to its Workplace Service Delivery solution to give customers consumer‑grade employee experiences and optimize real estate planning, enabling productivity and flexibility in the new world of work. (ServiceNow/mc/ps)

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