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Jun 30, 2021
ServiceNow Q2 2021 Earnings Report
Reported strong financial results for Q2 2021, exceeding guidance across all metrics and raising full-year guidance.
Key Takeaways
ServiceNow announced its Q2 2021 financial results, with subscription revenues reaching $1,330 million, a 31% year-over-year growth. The company's current remaining performance obligations (cRPO) stood at $4.7 billion, representing a 34% year-over-year increase. ServiceNow now has 1,201 customers with over $1 million in annual contract value, marking a 25% year-over-year growth in this customer segment.
Subscription revenues reached $1,330 million, representing 31% year-over-year growth (27% adjusted for constant currency).
Current remaining performance obligations (cRPO) totaled $4.7 billion, a 34% year-over-year increase (31% adjusted for constant currency).
The company has 1,201 customers with over $1 million in annual contract value, reflecting a 25% year-over-year growth.
ServiceNow acquired Lightstep to enhance digital transformation capabilities with insight-driven workflows.
Revenue by Segment
Forward Guidance
ServiceNow provided guidance for the third quarter and full year 2021.
Positive Outlook
- Third quarter subscription revenues are expected to be $1,400 - $1,405 million, representing 28%-29% year-over-year growth.
- Third quarter subscription billings are projected to be $1,320 - $1,325 million, representing 22%-23% year-over-year growth.
- The company anticipates a 30% year-over-year growth in cRPO for the third quarter.
- The company projects a non-GAAP operating margin of 23.0% for the third quarter.
- Full-year subscription revenues are forecasted to be $5,530 - $5,540 million, a 29% increase year-over-year.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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