ServiceNow, Inc
(NYSE:NOW)

ServiceNow, Inc. provides enterprise cloud computing solutions that defines, structures, consolidates, manages, and automates services for enterprises worldwide. It operates the Now platform that offers workflow automation, artificial intelligence, machine learning, performance analytics, electronic...

Website: http://www.servicenow.com

Founded: 2003

Full Time Employees: 22,166 (Sep 2023)

Founder: Fred Luddy

CEO: Bill McDermott

Sector: Technology

Industry: Software-Application

Information Technology SaaS

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At a glance:

Subscription Revenue Remains the Core Growth Engine: ServiceNow’s business model is primarily subscription-based, with recurring revenues from its Now Platform driving the majority of sales and supporting strong revenue visibility through renewals and multi-year contracts.
Expansion Within Existing Customers Supports Durable Growth: A key driver is land-and-expand adoption across IT workflows into broader enterprise use cases (e.g., employee and customer workflows), increasing average contract values through additional modules and seats.
Profitability and Cash Generation Supported by High Gross Margins: As a software platform company, ServiceNow typically benefits from high gross margins and operating leverage, with scalability improving operating margins and supporting robust cash flow generation as the installed base grows.
Large Enterprise Focus and Strategic Partnerships Strengthen Competitive Position: ServiceNow emphasizes large enterprise deployments and ecosystem partnerships (systems integrators, hyperscalers, and ISVs), which can accelerate adoption, deepen integrations, and reinforce customer stickiness.
Key Risks Include Competitive Pressure and IT Spending Cycles: Execution depends on continued enterprise demand and successful product innovation; competitive dynamics (including platform and point-solution vendors) and shifts in macro/IT budgets can influence growth rates and deal cycles.

Bull Thesis:

Expanding Platform & Total Addressable Market (TAM): ServiceNow continues to successfully expand its platform beyond its core IT Service Management (ITSM) into areas like IT Operations Management (ITOM), HR Service Delivery (HRSD), Customer Service Management (CSM), and industry-specific solutions. This broadens its total addressable market significantly, driving new growth vectors and cross-sell opportunities within existing customer bases.
High Customer Retention & Sticky Platform: Once implemented, ServiceNow's platform becomes deeply embedded in an organization's critical workflows and operations, leading to high switching costs and strong customer retention rates. This 'stickiness' provides a predictable recurring revenue stream and allows for consistent upsell and cross-sell opportunities as customers expand their use cases.
Strategic AI Integration (Now Assist): ServiceNow is aggressively integrating generative AI capabilities, notably through 'Now Assist,' across its platform. This enhances agent productivity, automates routine tasks, improves user experience, and offers new insights, positioning the company as a leader in applying AI to enterprise workflow automation and potentially driving new adoption and monetization opportunities.
Persistent Demand for Digital Transformation: Enterprises globally continue to prioritize digital transformation initiatives to improve efficiency, reduce costs, and enhance employee and customer experiences. ServiceNow's platform is a critical enabler for these efforts, providing a unified system of action that streamlines workflows across various departments, ensuring sustained demand for its offerings.

Bear Thesis:

Intensifying Competition Across Verticals: As ServiceNow expands into new domains (e.g., HR, customer service, industry solutions), it faces increasing competition from established players like Salesforce, Workday, Microsoft, and SAP, as well as numerous niche providers. This could lead to pricing pressure, longer sales cycles, or slower market share gains in certain segments.
Premium Valuation & Market Sensitivity: ServiceNow consistently trades at a premium valuation (e.g., high price-to-sales multiples) compared to many software peers. This high valuation makes the stock particularly sensitive to any perceived slowdown in growth, macroeconomic headwinds, or shifts in investor sentiment towards high-growth tech companies, potentially leading to significant share price volatility.
Macroeconomic Headwinds & Budget Constraints: A prolonged global economic downturn or rising interest rates could lead enterprises to tighten IT budgets, delay new software implementations, or reduce expansion plans. This could impact ServiceNow's new bookings, renewal rates, and overall revenue growth, especially for large, multi-year contracts.
Complexity and Cost of Implementation: While powerful, implementing and customizing ServiceNow's platform can be complex, time-consuming, and expensive, often requiring specialized consultants. This high initial investment and ongoing management complexity could be a barrier for some potential customers or lead to slower adoption rates, particularly for mid-market enterprises.

Main Competitors:

Salesforce, Inc. ($CRM) (Service Cloud, Lightning Platform, MuleSoft), Salesforce competes significantly in Customer Service Management (CSM) with its Service Cloud, offering robust tools for customer support and field service. Its Lightning Platform and MuleSoft provide low-code/no-code development and integration capabilities that directly overlap with ServiceNow's App Engine, allowing customers to build custom enterprise applications and automate workflows.
BMC Software, Inc. (BMC Helix (ITSM, ITOM, AIOps)), A long-standing competitor in the IT Service Management (ITSM) and IT Operations Management (ITOM) space, BMC's Helix platform directly rivals ServiceNow's core IT workflow offerings. They provide comprehensive solutions for IT service delivery, operations, and automation, often targeting similar large enterprise clients with a focus on hybrid IT environments.
Atlassian Corporation ($TEAM) (Jira Service Management, Jira Software, Confluence), Atlassian's Jira Service Management (JSM) is a direct competitor in the ITSM market, particularly strong among developer teams and mid-market companies. While ServiceNow targets larger enterprises with complex needs, Atlassian is expanding its enterprise capabilities, offering a more developer-centric and often more cost-effective alternative for IT and business service desks.
Microsoft Corporation ($MSFT) (Dynamics 365 (Customer Service), Power Platform (Power Apps, Power Automate), Azure management tools), Microsoft competes on multiple fronts. Dynamics 365 offers customer service capabilities that rival ServiceNow's CSM. Its Power Platform (Power Apps, Power Automate) is a powerful low-code/no-code development suite that directly competes with ServiceNow's App Engine for custom application development and workflow automation across the enterprise. Azure's management and monitoring tools also overlap with IT Operations Management (ITOM).

Moat:

ServiceNow's primary competitive advantage (moat) lies in its unified, cloud-native platform that delivers end-to-end digital workflow automation across IT, HR, Customer Service, Security, and other enterprise functions. This single-platform approach provides a consistent user experience, a unified data model, and easier cross-functional integration compared to disparate point solutions. While the market is fragmented with numerous competitors, few offer the same breadth and depth of workflow capabilities on a single architecture. Competitors range from traditional ITSM/ITOM vendors (like BMC) to CRM giants expanding into service management (Salesforce), developer-centric platforms (Atlassian), and broad enterprise suite providers (Microsoft, SAP, Oracle) leveraging their existing customer bases and low-code tools. ServiceNow differentiates itself by focusing on complex enterprise workflows, scalability, and increasingly, embedding AI/ML to drive greater automation and intelligence, aiming to be the 'platform of platforms' for enterprise digital transformation.

Income Statements:

Quarterly

Annual

Unit: USD	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-09-30	2016-06-30	2016-03-31	2015-12-31	2015-09-30	2015-06-30	2015-03-31	2014-12-31	2014-09-30	2014-06-30	2014-03-31	2013-12-31	2013-09-30	2013-06-30	2013-03-31	2012-12-31	2012-09-30	2012-06-30

revenues:
subscription	3,299,000,000	3,113,000,000	3,005,000,000	2,866,000,000	2,715,000,000	2,542,000,000	2,523,000,000	2,365,000,000	2,216,000,000	2,075,000,000	2,024,000,000	1,860,000,000	1,742,000,000	1,658,000,000	1,631,000,000	1,523,000,000	1,427,000,000	1,330,000,000	1,293,000,000	1,184,181,000	1,091,386,000	1,015,528,000	994,702,000	899,194,000	834,910,000	780,989,000	739,986,000	666,139,000	626,567,000	585,282,000	543,325,000	497,232,000	455,421,000	411,007,000	376,135,000	344,604,000	318,934,000	290,679,000	267,422,000	244,702,000	223,208,000	200,461,000	179,907,000	166,751,000	150,367,000	132,724,000	117,375,000	104,878,000	92,992,000	80,376,000	71,558,000	62,886,000	55,279,000	46,820,000
professional services and other	108,000,000	102,000,000	83,000,000	91,000,000	82,000,000	85,000,000	80,000,000	72,000,000	72,000,000	75,000,000	72,000,000	80,000,000	89,000,000	94,000,000	91,000,000	91,000,000	85,000,000	79,000,000	67,000,000	66,149,000	60,586,000	55,314,000	51,638,000	52,580,000	50,923,000	52,915,000	48,940,000	49,302,000	46,530,000	45,774,000	45,897,000	49,138,000	42,749,000	60,696,000	40,648,000	41,062,000	38,722,000	50,633,000	38,457,000	40,948,000	37,942,000	46,255,000	32,057,000	31,253,000	28,345,000	34,033,000	21,715,000	20,352,000	18,267,000	21,846,000	14,381,000	12,276,000	9,066,000	9,954,000
total revenues	3,407,000,000	3,215,000,000	3,088,000,000	2,957,000,000	2,797,000,000	2,627,000,000	2,603,000,000	2,437,000,000	2,288,000,000	2,150,000,000	2,096,000,000	1,940,000,000	1,831,000,000	1,752,000,000	1,722,000,000	1,614,000,000	1,512,000,000	1,409,000,000	1,360,000,000	1,250,330,000	1,151,972,000	1,070,842,000	1,046,340,000	951,774,000	885,833,000	833,904,000	788,926,000	715,441,000	673,097,000	631,056,000	589,222,000	546,370,000	498,170,000	471,703,000	416,783,000	385,666,000	357,656,000	341,312,000	305,879,000	285,650,000	261,150,000	246,716,000	211,964,000	198,004,000	178,712,000	166,757,000	139,090,000	125,230,000	111,259,000	102,222,000	85,939,000	75,162,000	64,345,000	56,774,000
yoy	21.81%	22.38%	18.63%	21.34%	22.25%	22.19%	24.19%	25.62%	24.96%	22.72%	21.72%	20.20%	21.10%	24.34%	26.62%	29.09%	31.25%	31.58%	29.98%	31.37%	30.04%	28.41%	32.63%	33.03%	31.61%	32.14%	33.89%	30.94%	35.11%	33.78%	41.37%	41.67%	39.29%	38.20%	36.26%	35.01%	36.95%	38.34%	44.31%	44.26%	46.13%	47.95%	52.39%	58.11%	60.63%	63.13%	61.85%	66.61%	72.91%	80.05%
qoq	5.97%	4.11%	4.43%	5.72%	6.47%	0.92%	6.81%	6.51%	6.42%	2.58%	8.04%	5.95%	4.51%	1.74%	6.69%	6.75%	7.31%	3.60%	8.77%	8.54%	7.58%	2.34%	9.94%	7.44%	6.23%	5.70%	10.27%	6.29%	6.66%	7.10%	7.84%	9.68%	5.61%	13.18%	8.07%	7.83%	4.79%	11.58%	7.08%	9.38%	5.85%	16.40%	7.05%	10.80%	7.17%	19.89%	11.07%	12.56%	8.84%	18.95%	14.34%	16.81%	13.34%
cost of revenues:
total cost of revenues	774,000,000	724,000,000	651,000,000	631,000,000	584,000,000	552,000,000	520,000,000	516,000,000	496,000,000	471,000,000	438,000,000	415,000,000	400,000,000	389,000,000	369,000,000	374,000,000	350,000,000	329,000,000	299,000,000	279,104,000	251,704,000	232,939,000	223,366,000	211,453,000	200,793,000	198,147,000	186,252,000	168,162,000	157,858,000	153,165,000	143,473,000	134,360,000	127,280,000	121,685,000	116,447,000	104,936,000	102,837,000	96,649,000	94,260,000	90,909,000	81,888,000	79,717,000	76,899,000	70,638,000	66,086,000	58,938,000	53,114,000	45,378,000	41,575,000	35,998,000	32,308,000	32,308,000	27,574,000	22,891,000
gross profit	2,633,000,000	2,491,000,000	2,437,000,000	2,326,000,000	2,213,000,000	2,075,000,000	2,083,000,000	1,921,000,000	1,792,000,000	1,679,000,000	1,658,000,000	1,525,000,000	1,431,000,000	1,363,000,000	1,353,000,000	1,240,000,000	1,162,000,000	1,080,000,000	1,061,000,000	971,226,000	900,268,000	837,903,000	822,974,000	740,321,000	685,040,000	635,757,000	602,674,000	547,279,000	515,239,000	477,891,000	445,749,000	412,010,000	370,890,000	350,018,000	300,336,000	280,730,000	254,819,000	244,663,000	211,619,000	194,741,000	179,262,000	166,999,000	135,065,000	127,366,000	112,626,000	107,819,000	85,976,000	79,852,000	69,684,000	66,224,000	53,631,000	42,854,000	36,771,000	33,883,000
yoy	18.98%	20.05%	16.99%	21.08%	23.49%	23.59%	25.63%	25.97%	25.23%	23.18%	22.54%	22.98%	23.15%	26.20%	27.52%	27.67%	29.07%	28.89%	28.92%	31.19%	31.42%	31.80%	36.55%	35.27%	32.96%	33.03%	35.20%	32.83%	38.92%	36.53%	48.42%	46.76%	45.55%	43.06%	41.92%	44.16%	42.15%	46.51%	56.68%	52.90%	59.17%	54.89%	57.10%	59.50%	61.62%	62.81%	60.31%	86.33%	89.51%	95.45%
qoq	5.70%	2.22%	4.77%	5.11%	6.65%	-0.38%	8.43%	7.20%	6.73%	1.27%	8.72%	6.57%	4.99%	0.74%	9.11%	6.71%	7.59%	1.79%	9.24%	7.88%	7.44%	1.81%	11.16%	8.07%	7.75%	5.49%	10.12%	6.22%	7.82%	7.21%	8.19%	11.09%	5.96%	16.54%	6.98%	10.17%	4.15%	15.61%	8.67%	8.63%	7.34%	23.64%	6.04%	13.09%	4.46%	25.41%	7.67%	14.59%	5.22%	23.48%	25.15%	16.54%	8.52%
gross margin %	77.28%	77.48%	78.92%	78.66%	79.12%	78.99%	80.02%	78.83%	78.32%	78.09%	79.10%	78.61%	78.15%	77.80%	78.57%	76.83%	76.85%	76.65%	78.01%	77.68%	78.15%	78.25%	78.65%	77.78%	77.33%	76.24%	76.39%	76.50%	76.55%	75.73%	75.65%	75.41%	74.45%	74.20%	72.06%	72.79%	71.25%	71.68%	69.18%	68.17%	68.64%	67.69%	63.72%	64.32%	63.02%	64.66%	61.81%	63.76%	62.63%	64.78%	62.41%	57.02%	57.15%	59.68%
operating expenses:
sales and marketing	1,056,000,000	1,128,000,000	1,054,000,000	1,027,000,000	944,000,000	960,000,000	923,000,000	847,000,000	799,000,000	832,000,000	823,000,000	722,000,000	697,000,000	722,000,000	673,000,000	632,000,000	579,000,000	557,000,000	524,000,000	533,853,000	453,410,000	426,519,000	441,234,000	416,005,000	362,975,000	393,895,000	361,409,000	319,163,000	289,323,000	310,869,000	283,701,000	260,292,000	227,015,000	247,224,000	212,086,000	188,857,000	166,491,000	186,506,000	158,610,000	133,909,000	117,899,000	136,574,000	110,057,000	95,764,000	84,002,000	91,937,000	69,416,000	57,337,000	47,336,000	52,291,000	38,226,000	29,481,000	28,140,000	26,909,000
research and development	750,000,000	734,000,000	703,000,000	668,000,000	626,000,000	643,000,000	606,000,000	562,000,000	549,000,000	521,000,000	492,000,000	454,000,000	456,000,000	444,000,000	414,000,000	392,000,000	358,000,000	333,000,000	314,000,000	284,297,000	268,292,000	245,081,000	226,657,000	202,328,000	190,099,000	183,420,000	172,522,000	148,662,000	135,655,000	127,916,000	117,268,000	104,559,000	98,465,000	90,005,000	84,489,000	73,933,000	75,018,000	70,364,000	65,924,000	58,443,000	55,822,000	53,276,000	49,848,000	42,026,000	39,683,000	35,439,000	31,110,000	23,869,000	20,819,000	17,951,000	16,039,000	13,235,000	10,783,000	9,272,000
general and administrative	255,000,000	271,000,000	229,000,000	257,000,000	225,000,000	232,000,000	222,000,000	242,000,000	213,000,000	209,000,000	199,000,000	194,000,000	187,000,000	175,000,000	179,000,000	181,000,000	151,000,000	139,000,000	126,000,000	135,146,000	109,234,000	104,037,000	105,748,000	93,476,000	75,642,000	85,442,000	84,456,000	79,176,000	80,693,000	71,095,000	65,063,000	60,291,000	52,465,000	51,526,000	46,251,000	41,543,000	40,085,000	36,071,000	41,237,000	33,247,000	33,581,000	30,384,000	29,392,000	26,260,000	23,440,000	24,914,000	21,631,000	18,007,000	16,179,000	15,325,000	12,279,000	9,676,000	11,195,000	6,819,000
total operating expenses	2,061,000,000	2,133,000,000	1,986,000,000	1,952,000,000	1,795,000,000	1,835,000,000	1,751,000,000	1,651,000,000	1,561,000,000	1,562,000,000	1,514,000,000	1,370,000,000	1,340,000,000	1,341,000,000	1,266,000,000	1,205,000,000	1,088,000,000	1,029,000,000	964,000,000	953,296,000	830,936,000	775,637,000	773,639,000	711,809,000	628,716,000	662,757,000	618,387,000	547,001,000	505,671,000	509,880,000	466,032,000	425,142,000	377,945,000	388,755,000	342,826,000	304,333,000	281,594,000	292,941,000	535,771,000	225,599,000	207,302,000	220,234,000	189,297,000	164,050,000	147,125,000	152,290,000	122,157,000	99,213,000	84,334,000	85,567,000	66,544,000	52,392,000	50,118,000	43,000,000
income from operations	572,000,000	358,000,000	451,000,000	374,000,000	418,000,000	240,000,000	332,000,000	270,000,000	231,000,000	117,000,000	144,000,000	155,000,000	91,000,000	22,000,000	87,000,000	35,000,000	74,000,000	51,000,000	97,000,000	17,930,000	69,332,000	62,266,000	49,335,000	28,512,000	56,324,000	-27,000,000	-15,713,000	278,000	9,568,000	-31,989,000	-20,283,000	-13,132,000	-7,055,000	-38,737,000	-42,490,000	-23,603,000	-26,775,000	-48,278,000	-324,152,000	-30,858,000	-28,040,000	-53,235,000	-54,232,000	-36,684,000	-34,499,000	-44,471,000	-36,181,000	-19,361,000	-14,650,000	-19,343,000	-12,913,000	-9,538,000	-13,347,000	-9,117,000
yoy	36.84%	49.17%	35.84%	38.52%	80.95%	105.13%	130.56%	74.19%	153.85%	431.82%	65.52%	342.86%	22.97%	-56.86%	-10.31%	95.20%	6.73%	-18.09%	96.61%	-37.11%	23.09%	-330.61%	-413.98%	10156.12%	488.67%	-15.60%	-22.53%	-102.12%	-235.62%	-17.42%	-52.26%	-44.36%	-73.65%	-19.76%	-86.89%	-23.51%	-4.51%	-9.31%	497.71%	-15.88%	-18.72%	19.71%	49.89%	89.47%	135.49%	129.91%	180.19%	102.99%	9.76%	112.16%
qoq	59.78%	-20.62%	20.59%	-10.53%	74.17%	-27.71%	22.96%	16.88%	97.44%	-18.75%	-7.10%	70.33%	313.64%	-74.71%	148.57%	-52.70%	45.10%	-47.42%	440.99%	-74.14%	11.35%	26.21%	73.03%	-49.38%	-308.61%	71.83%	-5752.16%	-97.09%	-129.91%	57.71%	54.45%	86.14%	-81.79%	-8.83%	80.02%	-11.85%	-44.54%	-85.11%	950.46%	10.05%	-47.33%	-1.84%	47.84%	6.33%	-22.42%	22.91%	86.88%	32.16%	-24.26%	49.79%	35.38%	-28.54%	46.40%
operating margin %	16.79%	11.14%	14.60%	12.65%	14.94%	9.14%	12.75%	11.08%	10.10%	5.44%	6.87%	7.99%	4.97%	1.26%	5.05%	2.17%	4.89%	3.62%	7.13%	1.43%	6.02%	5.81%	4.72%	3.00%	6.36%	-3.24%	-1.99%	0.04%	1.42%	-5.07%	-3.44%	-2.40%	-1.42%	-8.21%	-10.19%	-6.12%	-7.49%	-14.14%	-105.97%	-10.80%	-10.74%	-21.58%	-25.59%	-18.53%	-19.30%	-26.67%	-26.01%	-15.46%	-13.17%	-18.92%	-15.03%	-12.69%	-20.74%	-16.06%
interest income	115,000,000	116,000,000	115,000,000	106,000,000	108,000,000	104,000,000	101,000,000	86,000,000	82,000,000	74,000,000	60,000,000	-7,000,000	-8,000,000	-6,000,000	-6,000,000	-7,000,000	-7,000,000	-7,000,000	-7,000,000	-7,708,000	-7,980,000	-8,488,000	-8,570,000	-8,475,000	-8,371,000	-8,269,000	-8,168,000	-8,938,000	-11,233,000	-15,498,000	-17,064,000	-16,813,000	-16,566,000	-11,337,000	-8,678,000	-8,532,000	-8,389,000	-8,248,000	-8,109,000
other income	7,000,000											35,000,000	19,000,000	13,000,000	4,000,000	4,000,000	1,000,000	6,000,000	9,000,000
income before income taxes	694,000,000	471,000,000	555,000,000	463,000,000	516,000,000	334,000,000	425,000,000	347,000,000	299,000,000	174,000,000	188,000,000	183,000,000	102,000,000	29,000,000	85,000,000	32,000,000	68,000,000	50,000,000	99,000,000	13,360,000	25,433,000	62,030,000	48,362,000	34,186,000	60,770,000	-16,315,000	-11,456,000	1,955,000	7,230,000	-40,849,000	-7,360,000	-24,880,000	-22,768,000	-57,904,000	-43,452,000			-54,266,000
provision for income taxes	192,000,000	86,000,000	95,000,000	79,000,000	84,000,000	72,000,000	78,000,000	52,000,000	57,000,000	-870,000,000	38,000,000	33,000,000	22,000,000	9,000,000	10,000,000	6,000,000	5,000,000	-9,000,000	17,000,000	-3,288,000	12,575,000	21,264,000	131,000	-564,538,000	20,172,000	-5,236,000		-5,060,000	-1,175,000	11,897,000		-700,250	1,420,000		-2,790,000	1,744,000	2,877,000	-4,641,000	1,773,000	1,724,000	1,199,000	1,504,000	987,000	1,417,000	602,000	661,000	1,167,000	545,000	663,000	739,000	564,000	849,000	321,000	-352,000
net income	502,000,000	385,000,000	460,000,000	384,000,000	432,000,000	262,000,000	347,000,000	295,000,000	242,000,000	1,044,000,000	150,000,000	150,000,000	80,000,000	20,000,000	75,000,000	26,000,000	63,000,000	59,000,000	82,000,000	16,648,000	12,858,000	40,766,000	48,231,000	598,724,000	40,598,000	-11,079,000	-1,545,000	7,015,000	8,405,000	-52,746,000	10,622,000	-27,807,000	-24,188,000	-56,473,000	-40,662,000	-32,589,000	-36,258,000	-49,625,000	-333,332,000	-37,378,000	-41,030,000	-61,925,000	-58,093,000	-44,663,000	-41,050,000	-50,363,000	-43,311,000	-24,232,000	-14,713,000	-21,405,000	-13,358,000	-9,931,000	-13,053,000	-8,724,000
yoy	16.20%	46.95%	32.56%	30.17%	78.51%	-74.90%	131.33%	96.67%	202.50%	5120.00%	100.00%	476.92%	26.98%	-66.10%	-8.54%	56.17%	389.97%	44.73%	70.02%	-97.22%	-68.33%	-467.96%	-3221.75%	8434.91%	383.02%	-79.00%	-114.55%	-125.23%	-134.75%	-6.60%	-126.12%	-14.67%	-33.29%	13.80%	-87.80%	-12.81%	-11.63%	-19.86%	473.79%	-16.31%	-0.05%	22.96%	34.13%	84.31%	179.00%	135.29%	224.23%	144.00%	12.72%	145.36%
qoq	30.39%	-16.30%	19.79%	-11.11%	64.89%	-24.50%	17.63%	21.90%	-76.82%	596.00%	0.00%	87.50%	300.00%	-73.33%	188.46%	-58.73%	6.78%	-28.05%	392.55%	29.48%	-68.46%	-15.48%	-91.94%	1374.76%	-466.44%	617.09%	-122.02%	-16.54%	-115.93%	-596.57%	-138.20%	14.96%	-57.17%	38.88%	24.77%	-10.12%	-26.94%	-85.11%	791.79%	-8.90%	-33.74%	6.60%	30.07%	8.80%	-18.49%	16.28%	78.73%	64.70%	-31.26%	60.24%	34.51%	-23.92%	49.62%
net income margin %	14.73%	11.98%	14.90%	12.99%	15.45%	9.97%	13.33%	12.11%	10.58%	48.56%	7.16%	7.73%	4.37%	1.14%	4.36%	1.61%	4.17%	4.19%	6.03%	1.33%	1.12%	3.81%	4.61%	62.91%	4.58%	-1.33%	-0.20%	0.98%	1.25%	-8.36%	1.80%	-5.09%	-4.86%	-11.97%	-9.76%	-8.45%	-10.14%	-14.54%	-108.98%	-13.09%	-15.71%	-25.10%	-27.41%	-22.56%	-22.97%	-30.20%	-31.14%	-19.35%	-13.22%	-20.94%	-15.54%	-13.21%	-20.29%	-15.37%
net income per share	2.42	1.86	2.22	1.86	2.09	1.27	1.69	1.44	1.18	5.12	0.74	0.74	0.39	0.1	0.38	0.13	0.32	0.3	0.42	0.08	0.07	0.21	0.25	3.21	0.22	-0.06	-0.01	0.04	0.05	-0.3	0.06	-0.16	-0.14	-0.33	-0.24	-0.19	-0.22	-0.3	-2.06	-0.23	-0.26	-0.4	-0.38	-0.3	-0.28	-0.35	-0.3	-0.093	-0.11	-0.16	-0.1
weighted-average shares used for eps calculation	207,630	207,164	206,820	205,834	206,158	205,644	205,108	204,137	204,464	204,021	203,385	201,430	202,045	200,955	200,088	198,094	198,600	197,815	196,624	193,096	193,237	191,319	190,163	186,466	188,074,303	186,677,622	182,061,579	177,846,023	178,719,694	177,343,176	175,482,833	171,175,577	171,883,190	170,419,083	168,742,366	164,533,823	165,378,836	163,838,755	162,067,108	155,706,643	156,930,506	154,465,367	151,601,880	145,355,543	146,335,519	144,456,675	142,060,025		137,456,531	134,454,085	129,782,029
other comprehensive income:
foreign currency translation adjustments	-11	115	36	-96	50	-17	-30	78	-64		13	55	-51	-62	-12	-4	-20	14	-31	44,122	24,937	17,577	-20,393	5,807	5,507	-410	9,635	-2,115	1,655	6,992	-8,435	-615	3,389	10,221	1,872	-3,733	203	-1,989	680	-149	-2,689	3,720	-4,059	-5,003	-6,710	511	175	305	758	-201	-1,166
unrealized gains on marketable securities, net of tax	7
unrealized gains on derivative instruments, net of tax	36	-99	-52
other comprehensive income	32	21	-2	-48	58	-10	-31	120	-66	-21	32	70	-72	-84	-50	-14	-22	14	-38
comprehensive income	534	406	458	336	490	252	316	415	176	1,023	182	220	8	-64	25	12	41	73	44	59,302	34,661	84,918	8,596	604,348	46,687	-7,860	12,813	-8,417.5	10,982																							-10,293	-13,013	-9,209
other expense		-3,000,000	-11,000,000	-17,000,000	-10,000,000	-10,000,000	-8,000,000	-9,000,000	-14,000,000	-17,000,000	-16,000,000
unrealized gains on investments, net of tax		5	14																			26,575
other comprehensive loss:
unrealized gain on investments, net of tax				11	60	-3	-13	-1	-2	-21	19	-20.25	-21	-22		-2.25	-2			1,049.75	-3,134		-19,242	2,233.5	582	3,629	4,723	-40.75	922	1,983	-3,068	1,310.75	-2,864	524	7,583	-935	-615	505	1,633
unrealized loss on derivative instruments, net of tax				-7.5	-52
unrealized gain on derivative instruments, net of tax						10	12
unrealized losses on investments, net of tax															-38				-7
interest income and other income																				-5,017,500	-35,919,000	8,252,000	7,597,000	14,149,000	12,817,000	18,954,000	12,425,000	10,615,000	8,895,000	6,638,000	29,987,000	5,065,000	853,000	-7,830,000	7,716,000
other comprehensive income, net of tax																				6,580	21,803	44,152	-39,635	5,916.5	6,089	3,219	14,358	12.25	2,577	8,975	-11,503	5,181.25	525	10,745	9,455							3,406	-3,565	-1,461.5	-6,922	876	200	186	1,170			-362	40	-485
benefit from income taxes																											-9,911,000				-17,982,000			-1,431,000																	-33
comprehensive loss																														-43,771	-881	-28,288	-23,663	-45,728	-31,207	-37,257	-36,670	-51,109	-331,019	-39,188	-43,830	-58,519	-61,658	-50,454	-47,972	-49,487	-43,111	-12,525.5	-13,543	-22,081	-14,478
legal settlements
interest and other income																																				1,186,250	1,783,000	2,260,000	702,000					-6,562,000	-5,949,000	-5,231,000	-5,963,000	-4,326,000	600,000	-1,323,000	119,000	456,000	615,000	41,000
income before provision for income taxes																																				-30,845,000	-33,381,000		-331,559,000	-35,654,000	-39,831,000	-60,421,000	-57,106,000	-43,246,000	-40,448,000	-49,702,000	-42,144,000	-23,687,000	-14,050,000	-20,666,000	-12,794,000	-9,082,000	-12,732,000	-9,076,000
other comprehensive gain:
other comprehensive gain, net of tax																																				104.25	-412	-1,484	2,313
legal settlement																																							270,000,000
interest and other expense																																								-5,462,750	-11,791,000	-7,186,000	-2,874,000
unrealized gain on investments																																								27	-173	-491	772	44.5	-212	365	25	-4.5	412	-475	13
tax provision																																								9.75	-62	-177	278
other comprehensive loss, net of tax																																								-739.75	-2,800									-676	-1,120
tax effect
net loss attributable to common stockholders - basic and diluted																																																-12,369,000	-14,713,000	-21,405,000	-13,358,000
net income per share	2.42	1.86	2.22	1.86	2.09	1.27	1.69	1.44	1.18	5.12	0.74	0.74	0.39	0.1	0.38	0.13	0.32	0.3	0.42	0.08	0.07	0.21	0.25	3.21	0.22	-0.06	-0.01	0.04	0.05	-0.3	0.06	-0.16	-0.14	-0.33	-0.24	-0.19	-0.22	-0.3	-2.06	-0.23	-0.26	-0.4	-0.38	-0.3	-0.28	-0.35	-0.3	-0.093	-0.11	-0.16	-0.1
basic																																																				-0.02	-0.11	-0.32
diluted																																																				-0.02	-0.11	-0.32
weighted-average shares used for eps calculation	207,630	207,164	206,820	205,834	206,158	205,644	205,108	204,137	204,464	204,021	203,385	201,430	202,045	200,955	200,088	198,094	198,600	197,815	196,624	193,096	193,237	191,319	190,163	186,466	188,074,303	186,677,622	182,061,579	177,846,023	178,719,694	177,343,176	175,482,833	171,175,577	171,883,190	170,419,083	168,742,366	164,533,823	165,378,836	163,838,755	162,067,108	155,706,643	156,930,506	154,465,367	151,601,880	145,355,543	146,335,519	144,456,675	142,060,025		137,456,531	134,454,085	129,782,029
basic																																																135,415,809				73,908,631	117,698,005	27,788,547
diluted																																																135,415,809				73,908,631	117,698,005	27,788,547
other comprehensive income before tax:
foreign currency translation and remeasurement adjustments																																																				-119.75	57	-468
unrealized loss on short-term investments																																																				-8.5	-17
includes stock-based compensation as follows:
unrealized loss on investments																																																						-17

Balance Sheets:

Quarterly

Annual

Unit: USD	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2018-02-28	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-09-30	2016-06-30	2016-03-31	2015-12-31	2015-09-30	2015-06-30	2015-03-31	2014-12-31	2014-09-30	2014-06-30	2014-03-31	2013-12-31	2013-09-30	2013-06-30	2013-03-31	2012-12-31	2012-09-30	2012-06-30

assets
current assets:
cash and cash equivalents	2,725,000,000	3,124,000,000	3,369,000,000	2,304,000,000	1,885,000,000	2,159,000,000	2,056,000,000	1,897,000,000	1,112,000,000	1,663,000,000	1,852,000,000	1,470,000,000	1,248,000,000	1,664,000,000	2,252,000,000	1,728,000,000	1,400,000,000	1,362,000,000	1,821,000,000	1,676,794,000	1,348,294,000	837,309,000	808,725,000	775,778,000	622,925,000	583,581,000	639,722,000	566,204,000	703,629,000	704,846,000	682,854,000	726,495,000	726,495,000	1,104,871,000	1,173,457,000	439,915,000	401,238,000	325,067,000	289,113,000	453,450,000	412,305,000	349,073,000	325,354,000	307,981,000	252,455,000	235,086,000	329,275,000	337,920,000	366,303,000	121,094,000	120,233,000	144,782,000	118,989,000	116,976,000	65,482,000
marketable securities	2,686,000,000
accounts receivable	1,548,000,000	1,696,000,000	1,359,000,000	2,240,000,000	1,308,000,000	1,518,000,000	1,306,000,000	2,036,000,000	1,168,000,000	1,093,000,000	1,109,000,000	1,725,000,000	898,000,000	853,000,000	824,000,000	1,390,000,000	776,000,000	781,000,000	645,000,000	1,009,415,000	631,055,000	631,992,000	615,234,000	835,279,000	539,416,000	503,376,000	422,559,000	574,810,000	424,698,000	367,598,000	371,008,000	434,895,000	434,895,000	291,903,000	279,088,000	278,107,000	322,757,000	220,089,000	197,296,000	190,263,000	203,333,000	159,768,000	143,206,000	142,720,000	159,171,000	111,164,000	109,246,000	107,932,000	108,339,000	84,527,000	92,765,000	79,844,000	78,163,000	55,924,000	47,334,000
current portion of deferred commissions	559,000,000	551,000,000	533,000,000	517,000,000	502,000,000	482,000,000	474,000,000	461,000,000	417,000,000	401,000,000	392,000,000	369,000,000	330,000,000	323,000,000	322,000,000	303,000,000	268,000,000	255,000,000	241,000,000	228,924,000	202,741,000	191,877,000	182,830,000	175,039,000	158,241,000	152,045,000	144,629,000	139,890,000	126,185,000	119,068,000	115,867,000	118,690,000	118,690,000	96,811,000	85,097,000	78,786,000	76,780,000	62,657,000	57,232,000	55,588,000	51,976,000	47,583,000	44,346,000	42,344,000	43,232,000	36,376,000	34,105,000	32,887,000	31,123,000	24,835,000	21,171,000	17,690,000	14,979,000	12,236,000	10,219,000
prepaid expenses and other current assets	846,000,000	896,000,000	781,000,000	668,000,000	591,000,000	608,000,000	482,000,000	403,000,000	394,000,000	362,000,000	319,000,000	280,000,000	292,000,000	322,000,000	282,000,000	223,000,000	213,000,000	205,000,000	182,000,000	191,467,000	181,474,000	170,582,000	149,092,000	125,488,000	128,483,000	133,482,000	145,185,000	132,071,000	115,262,000	115,305,000	117,092,000	77,681,000	77,681,000	66,881,000	54,666,000	64,048,000	43,636,000	37,281,000	36,647,000	46,534,000	29,076,000	45,305,000	43,998,000	53,860,000	35,792,000	27,787,000	23,828,000	32,044,000	23,733,000	12,919,000	9,093,000	10,176,000	13,596,000	5,675,000	4,671,000
total current assets	8,364,000,000	9,275,000,000	9,270,000,000	9,187,000,000	7,696,000,000	8,021,000,000	7,372,000,000	7,777,000,000	6,046,000,000	6,603,000,000	6,734,000,000	6,654,000,000	5,476,000,000	5,332,000,000	5,442,000,000	5,220,000,000	4,288,000,000	4,225,000,000	4,524,000,000	4,521,842,000	3,966,881,000	3,337,122,000	2,805,861,000	2,826,901,000	2,297,213,000	2,442,287,000	2,374,486,000	2,344,693,000	2,292,185,000	2,351,629,000	2,489,926,000	2,410,564,000	2,410,564,000	2,127,492,000	2,111,027,000	1,396,255,000	1,342,535,000	1,126,907,000	1,097,889,000	1,193,258,000	1,085,635,000	981,607,000	954,074,000	983,934,000	906,986,000	821,399,000	844,659,000	828,625,000	797,749,000	342,419,000	376,809,000	447,236,000	422,089,000	331,877,000	152,082,000
deferred commissions, less current portion	1,017,000,000	1,017,000,000	1,012,000,000	999,000,000	946,000,000	928,000,000	930,000,000	919,000,000	807,000,000	777,000,000	777,000,000	742,000,000	650,000,000	640,000,000	655,000,000	623,000,000	524,000,000	494,000,000	471,000,000	444,068,000	374,438,000	355,684,000	339,727,000	333,448,000	293,086,000	287,432,000	283,124,000	282,490,000	247,681,000	239,523,000	233,715,000	85,530,000	85,530,000	69,041,000	67,984,000	61,648,000	61,990,000	44,597,000	39,716,000	36,417,000	33,016,000	29,595,000	28,193,000	27,696,000	29,453,000	25,319,000	22,484,000	21,575,000	21,318,000	16,716,000	13,786,000	12,295,000	11,296,000	9,734,000	8,151,000
long-term marketable securities	4,266,000,000
strategic investments	1,508,000,000
property and equipment	2,127,000,000	1,985,000,000	1,885,000,000	1,763,000,000	1,718,000,000	1,606,000,000	1,450,000,000	1,358,000,000	1,199,000,000	1,148,000,000	1,117,000,000	1,053,000,000	914,000,000	876,000,000	798,000,000	766,000,000	740,000,000	732,000,000	693,000,000	659,641,000	564,007,000	547,253,000	470,969,000	468,085,000	400,858,000	364,007,000	350,651,000	347,216,000	297,371,000	286,953,000	267,454,000	245,124,000	245,124,000	231,304,000	213,501,000	189,659,000	181,620,000	176,106,000	166,551,000	154,244,000	144,714,000	132,713,000	124,902,000	115,438,000	104,237,000	96,977,000	96,483,000	86,200,000	75,560,000	68,642,000	57,253,000	54,284,000	42,342,000	39,086,000	35,452,000
operating lease right-of-use assets	807,000,000	818,000,000	810,000,000	693,000,000	661,000,000	675,000,000	698,000,000	715,000,000	699,000,000	656,000,000	682,000,000	682,000,000	581,000,000	604,000,000	583,000,000	591,000,000	606,000,000	466,000,000	455,000,000	454,218,000	457,726,000	463,220,000	464,576,000	402,428,000	405,424,000	397,950,000	393,561,000
intangible assets	391,000,000	319,000,000	230,000,000	209,000,000	214,000,000	220,000,000	224,000,000	224,000,000	242,000,000	191,000,000	212,000,000	232,000,000	234,000,000	257,000,000	266,000,000	287,000,000	302,000,000	310,000,000	221,000,000	153,367,000	155,826,000	163,857,000	171,049,000	143,850,000	112,947,000	121,599,000	93,252,000	100,582,000	84,006,000	87,726,000	82,553,000	86,916,000	86,916,000	68,970,000	72,587,000	67,755,000	65,854,000	60,726,000	64,873,000	46,246,000	43,005,000	44,527,000	47,432,000	49,916,000	54,526,000	58,304,000	5,290,000	5,771,000	5,796,000	6,189,000
goodwill	1,820,000,000	1,778,000,000	1,305,000,000	1,273,000,000	1,291,000,000	1,239,000,000	1,224,000,000	1,231,000,000	1,204,000,000	821,000,000	823,000,000	824,000,000	794,000,000	803,000,000	774,000,000	777,000,000	770,000,000	793,000,000	361,000,000	240,764,000	231,949,000	211,416,000	207,605,000	156,756,000	153,902,000	152,472,000	151,184,000	148,845,000	143,133,000	143,007,000	128,685,000	128,728,000	128,728,000	108,097,000	104,430,000	96,914,000	82,534,000	84,425,000	83,115,000	57,364,000	55,669,000	55,547,000	57,412,000	54,913,000	55,016,000	58,344,000	8,622,000	8,689,000	8,724,000	8,526,000
deferred tax assets	1,217,000,000	1,340,000,000	1,361,000,000	1,385,000,000	1,444,000,000	1,447,000,000	1,478,000,000	1,508,000,000	1,505,000,000	1,551,000,000	640,000,000	636,000,000	604,000,000	642,000,000	686,000,000	692,000,000	694,000,000	665,000,000	643,000,000	673,111,000	620,890,000	594,155,000	586,021,000	599,633,000
other assets	272,000,000	864,000,000	764,000,000	763,000,000	635,000,000	599,000,000	502,000,000	452,000,000	450,000,000	436,000,000	390,000,000	359,000,000	336,000,000	340,000,000	305,000,000	212,000,000	170,000,000	152,000,000	106,000,000	100,040,000	73,791,000	71,795,000	73,670,000	77,997,000	91,865,000	90,240,000	78,004,000	73,458,000	59,505,000	59,417,000	50,943,000	49,600,000	49,600,000	39,753,000	35,082,000	31,771,000	36,576,000	39,000,000	37,755,000	24,683,000	22,346,000	18,387,000	18,014,000	8,120,000	8,089,000	6,218,000	5,125,000	4,766,000	3,973,000	3,625,000	2,143,000	2,138,000	2,387,000	1,507,000	4,613,000
total assets	21,789,000,000	22,051,000,000	20,972,000,000	20,383,000,000	18,434,000,000	18,207,000,000	17,544,000,000	17,387,000,000	15,091,000,000	14,923,000,000	13,614,000,000	13,299,000,000	11,106,000,000	11,102,000,000	10,993,000,000	10,798,000,000	9,478,000,000	9,187,000,000	8,822,000,000	8,715,057,000	7,705,459,000	6,521,309,000	6,197,416,000	6,022,430,000	4,756,808,000	4,602,703,000	4,398,895,000	3,879,140,000	3,581,442,000	3,472,884,000	3,704,485,000	3,397,904,000	3,397,904,000	3,069,515,000	2,924,406,000	2,170,263,000	2,033,767,000	1,813,114,000	1,714,338,000	1,874,043,000	1,807,052,000	1,662,888,000	1,563,311,000	1,493,642,000	1,425,079,000	1,304,612,000	1,262,243,000	1,224,261,000	1,168,476,000	578,736,000	542,333,000	515,953,000	478,114,000	382,204,000	200,472,000
liabilities and stockholders’ equity
current liabilities:
accounts payable	146,000,000	211,000,000	309,000,000	68,000,000	165,000,000	296,000,000	223,000,000	126,000,000	69,000,000	171,000,000	228,000,000	274,000,000	195,000,000	265,000,000	166,000,000	89,000,000	64,000,000	98,000,000	109,000,000	34,236,000	51,456,000	85,757,000	73,904,000	52,960,000	61,906,000	65,711,000	38,668,000	30,733,000	43,223,000	30,656,000	37,715,000	32,109,000	32,109,000	20,752,000	24,478,000	33,658,000	38,080,000	30,012,000	41,095,000	39,621,000	37,369,000	30,654,000	20,966,000	18,192,000	17,829,000	11,416,000	22,463,000	22,664,000	7,405,000	7,930,000	10,016,000	9,770,000	9,604,000	5,680,000	8,550,000
accrued expenses and other current liabilities	1,267,000,000	1,378,000,000	1,109,000,000	1,369,000,000	1,058,000,000	1,163,000,000	1,018,000,000	1,365,000,000	1,001,000,000	893,000,000	694,000,000	975,000,000	657,000,000	705,000,000	661,000,000	850,000,000	604,000,000	608,000,000	484,000,000	668,093,000	442,288,000	446,653,000	370,997,000	461,403,000	319,792,000	360,916,000	306,161,000	330,246,000	251,545,000	273,994,000	250,738,000	244,605,000	244,605,000	177,553,000	173,508,000	144,594,000	171,636,000	124,670,000	113,131,000	336,613,000	101,264,000	84,681,000	83,085,000	72,190,000	79,497,000	69,410,000	64,297,000	48,619,000	68,130,000	49,664,000	46,791,000	40,432,000	48,042,000	32,038,000	29,658,000
current portion of deferred revenue	6,347,000,000	6,802,000,000	6,737,000,000	6,819,000,000	5,457,000,000	5,615,000,000	5,700,000,000	5,785,000,000	4,440,000,000	4,613,000,000	4,742,000,000	4,660,000,000	3,491,000,000	3,686,000,000	3,850,000,000	3,836,000,000	2,949,000,000	3,023,000,000	2,994,000,000	2,962,579,000	2,274,269,000	2,250,719,000	2,215,265,000	2,185,754,000	1,761,532,000	1,752,220,000	1,711,060,000	1,651,594,000	1,363,217,000	1,320,928,000	1,292,638,000	1,280,499,000	1,280,499,000	1,082,346,000	1,019,304,000	961,553,000	861,782,000	743,657,000	697,855,000	672,049,000	593,003,000	519,486,000	487,582,000	450,544,000	409,671,000	338,451,000	316,287,000	294,223,000	252,553,000	210,545,000	192,365,000	178,911,000	153,964,000	128,970,000	113,167,000
current portion of operating lease liabilities	107,000,000	104,000,000	103,000,000	102,000,000	106,000,000	98,000,000	92,000,000	89,000,000	91,000,000	90,000,000	97,000,000	96,000,000	89,000,000	87,000,000	87,000,000	82,000,000	82,000,000	80,000,000	77,000,000	72,236,000	67,934,000	65,742,000	60,895,000	52,668,000	49,331,000	46,132,000	41,952,000
total current liabilities	7,867,000,000	8,495,000,000	8,258,000,000	8,358,000,000	6,786,000,000	7,172,000,000	7,033,000,000	7,365,000,000	5,601,000,000	5,767,000,000	5,761,000,000	6,005,000,000	4,432,000,000	4,743,000,000	4,852,000,000	4,949,000,000	3,792,000,000	3,908,000,000	3,664,000,000	3,737,144,000	2,835,947,000	2,848,871,000	2,721,061,000	2,752,785,000	2,192,561,000	2,224,979,000	2,097,841,000	2,012,573,000	1,818,957,000	1,837,041,000	2,098,016,000	2,100,631,000	2,100,631,000	1,280,651,000	1,217,290,000	1,139,805,000	1,071,498,000	898,339,000	852,081,000	1,048,283,000	731,636,000	634,821,000	591,633,000	540,926,000	506,997,000	419,277,000	403,047,000	365,506,000	328,088,000	268,139,000	249,172,000	229,113,000	211,627,000	166,688,000	151,805,000
deferred revenue, less current portion	115,000,000	110,000,000	117,000,000	95,000,000	77,000,000	85,000,000	100,000,000	81,000,000	46,000,000	45,000,000	53,000,000	70,000,000	63,000,000	58,000,000	57,000,000	63,000,000	53,000,000	49,000,000	50,000,000	45,346,000	37,749,000	31,399,000	40,477,000	40,038,000	41,286,000	37,159,000	36,722,000	38,597,000	41,244,000	44,389,000	50,244,000	39,884,000	39,884,000	42,298,000	47,491,000	50,440,000	33,319,000	18,048,000	15,130,000	10,468,000	10,751,000	8,917,000	15,112,000	12,789,000	12,567,000	12,344,000	12,565,000	14,249,000	14,169,000	15,256,000	17,675,000	15,854,000	16,397,000	18,976,000	17,902,000
operating lease liabilities, less current portion	804,000,000	815,000,000	806,000,000	687,000,000	650,000,000	669,000,000	693,000,000	707,000,000	682,000,000	635,000,000	655,000,000	650,000,000	551,000,000	572,000,000	548,000,000	556,000,000	568,000,000	427,000,000	420,000,000	422,779,000	429,661,000	436,499,000	440,938,000	383,221,000	388,483,000	382,812,000	380,944,000
long-term debt	1,491,000,000	1,490,000,000	1,490,000,000	1,489,000,000	1,489,000,000	1,488,000,000	1,488,000,000	1,488,000,000	1,487,000,000	1,487,000,000	1,486,000,000	1,486,000,000	1,485,000,000	1,485,000,000	1,484,000,000	1,484,000,000	1,484,000,000	1,483,000,000	1,611,000,000	1,640,153,000	1,705,533,000
other long-term liabilities	211,000,000	209,000,000	162,000,000	145,000,000	142,000,000	127,000,000	123,000,000	118,000,000	93,000,000	63,000,000	59,000,000	56,000,000	52,000,000	50,000,000	55,000,000	51,000,000	47,000,000	45,000,000	40,000,000	35,154,000	22,853,000	29,611,000	27,557,000	23,464,000	18,489,000	18,662,000	18,562,000	55,064,000	47,419,000	54,076,000	53,267,000	43,239,000	43,239,000	38,546,000	37,136,000	36,189,000	34,177,000	34,944,000	31,954,000	30,293,000	23,317,000	35,385,000	34,442,000	33,694,000	33,076,000	19,244,000	19,489,000	18,924,000	17,183,000	7,745,000	7,591,000	7,059,000	5,537,000	4,839,000	2,510,000
total liabilities	10,488,000,000	11,119,000,000	10,833,000,000	10,774,000,000	9,144,000,000	9,541,000,000	9,437,000,000	9,759,000,000	7,909,000,000	7,997,000,000	8,014,000,000	8,267,000,000	6,583,000,000	6,908,000,000	6,996,000,000	7,103,000,000	5,944,000,000	5,912,000,000	5,785,000,000	5,880,576,000	5,031,743,000	4,042,503,000	3,931,321,000	3,894,489,000	3,327,335,000	3,341,757,000	3,203,944,000	2,767,941,000	2,561,258,000	2,581,174,000	2,839,322,000	2,813,772,000	2,813,772,000	2,518,124,000	2,441,980,000	1,742,924,000	1,646,806,000	1,450,611,000	1,390,056,000	1,571,687,000	1,240,238,000	1,145,954,000	1,100,198,000	1,038,732,000	996,404,000	887,197,000	864,126,000	820,519,000	774,217,000	291,140,000	274,438,000	252,026,000	234,709,000	190,936,000	175,119,000
commitments and contingencies
stockholders’ equity:
preferred stock, 0.001 par value...
common stock, 0.001 par value...
treasury stock	-2,451,000,000	-1,871,000,000	-1,513,000,000	-1,219,000,000	-926,000,000	-704,000,000	-707,000,000	-535,000,000	-282,000,000
additional paid-in capital	8,928,000,000	8,513,000,000	7,768,000,000	7,402,000,000	7,126,000,000	6,770,000,000	6,466,000,000	6,131,000,000	5,847,000,000	5,485,000,000	5,182,000,000	4,796,000,000	4,507,000,000	4,186,000,000	3,925,000,000	3,665,000,000	3,516,000,000	3,298,000,000	3,133,000,000	2,973,797,000	2,872,335,000	2,712,090,000	2,584,298,000	2,454,741,000	2,360,621,000	2,238,782,000	2,164,930,000	2,093,834,000	2,007,218,000	1,889,727,000	1,819,410,000	1,731,367,000	1,731,367,000	1,670,339,000	1,577,713,000	1,476,899,000	1,405,317,000	1,343,604,000	1,268,714,000	1,207,104,000	1,140,545,000	1,051,480,000	953,831,000	887,111,000	799,221,000	737,509,000	670,242,000	626,382,000	573,791,000	443,083,000	409,842,000	383,796,000	348,803,000	286,376,000	39,061,000
accumulated other comprehensive loss	-17,000,000	-49,000,000	-70,000,000	-68,000,000	-20,000,000	-78,000,000	-68,000,000	-37,000,000	-157,000,000	-91,000,000	-70,000,000																					-889,000	-889,000	-408,000	-933,000	-11,678,000	-21,133,000	-16,465,000	-16,053,000	-14,569,000	-16,882,000	-15,072,000	-12,272,000	-15,678,000	-12,113,000	-6,322,000		-276,000	-476,000	-662,000	-1,832,000	-1,156,000
retained earnings	4,841,000,000	4,339,000,000	3,954,000,000	3,494,000,000	3,110,000,000	2,678,000,000	2,416,000,000	2,069,000,000	1,774,000,000	1,532,000,000	488,000,000	338,000,000	188,000,000	108,000,000	88,000,000
total stockholders’ equity	11,301,000,000	10,932,000,000	10,139,000,000	9,609,000,000	9,290,000,000	8,666,000,000	8,107,000,000	7,628,000,000	7,182,000,000	6,926,000,000	5,600,000,000	5,032,000,000	4,523,000,000	4,194,000,000	3,997,000,000	3,695,000,000	3,534,000,000	3,275,000,000	3,037,000,000	2,834,481,000	2,673,716,000	2,478,806,000	2,266,095,000	2,127,941,000	1,429,473,000	1,260,946,000	1,194,951,000	1,111,199,000	1,020,184,000	891,710,000	865,163,000	584,132,000	584,132,000	551,391,000	482,426,000	427,339,000	386,961,000	362,503,000	324,282,000	302,356,000	566,814,000	516,934,000	463,113,000	454,910,000	428,675,000	417,415,000	398,117,000	403,742,000	394,259,000	287,596,000	267,895,000	263,927,000	243,405,000	191,268,000
total liabilities and stockholders’ equity	21,789,000,000	22,051,000,000	20,972,000,000	20,383,000,000	18,434,000,000	18,207,000,000	17,544,000,000	17,387,000,000	15,091,000,000	14,923,000,000	13,614,000,000	13,299,000,000	11,106,000,000	11,102,000,000	10,993,000,000	10,798,000,000	9,478,000,000	9,187,000,000	8,822,000,000	8,715,057,000	7,705,459,000	6,521,309,000	6,197,416,000	6,022,430,000	4,756,808,000	4,602,703,000	4,398,895,000	3,879,140,000	3,581,442,000	3,472,884,000	3,704,485,000	3,397,904,000	3,397,904,000	3,069,515,000	2,924,406,000	2,170,263,000	2,033,767,000	1,813,114,000	1,714,338,000	1,874,043,000	1,807,052,000	1,662,888,000	1,563,311,000	1,493,642,000	1,425,079,000	1,304,612,000	1,262,243,000	1,224,261,000	1,168,476,000	578,736,000	542,333,000	515,953,000
short-term investments		3,008,000,000	3,228,000,000	3,458,000,000	3,410,000,000	3,254,000,000	3,054,000,000	2,980,000,000	2,955,000,000	3,084,000,000	3,062,000,000	2,810,000,000	2,708,000,000	2,170,000,000	1,762,000,000	1,576,000,000	1,631,000,000	1,622,000,000	1,635,000,000	1,415,242,000	1,603,317,000	1,505,362,000	1,049,980,000	915,317,000	848,148,000	1,069,803,000	1,022,391,000	931,718,000	922,411,000	1,044,812,000	1,203,105,000	1,052,803,000	1,052,803,000	567,026,000	518,719,000	535,399,000	498,124,000	481,813,000	517,601,000	447,423,000	388,945,000	379,878,000	397,170,000	437,029,000	416,336,000	410,986,000	348,205,000	317,842,000	268,251,000	99,044,000	133,547,000	194,084,000	195,702,000	139,485,000	22,795,000
long-term investments		4,655,000,000	4,335,000,000	4,111,000,000	3,829,000,000	3,472,000,000	3,666,000,000	3,203,000,000	2,939,000,000	2,740,000,000	2,239,000,000	2,117,000,000	1,517,000,000	1,608,000,000	1,484,000,000	1,630,000,000	1,384,000,000	1,350,000,000	1,348,000,000	1,468,006,000	1,259,951,000	776,807,000	1,077,938,000	1,013,332,000	1,001,513,000	746,716,000	674,633,000	581,856,000	457,561,000	304,629,000	451,209,000	391,442,000	391,442,000	424,858,000	319,795,000	326,261,000	262,658,000	281,353,000	224,439,000	361,831,000	422,667,000	400,512,000	333,284,000	253,625,000	266,772,000	238,051,000	279,580,000	268,635,000	255,356,000	132,619,000	92,342,000
common stock																					195,000	191,000	190,000		189,000	188,000	185,000		179,000	178,000	177,000			173,000	171,000	170,000		165,000	164,000	162,000		157,000	155,000	153,000		148,000	145,000	143,000		139,000	136,000	133,000		123,000	29,000
current debt															88,000,000	92,000,000	93,000,000	99,000,000
accumulated other comprehensive income												-102,000,000	-172,000,000	-100,000,000	-16,000,000	34,000,000	48,000,000	70,000,000	56,000,000	94,229,000	51,575,000	29,772,000	-14,380,000	25,255,000	19,631,000	13,542,000	10,323,000	-4,035,000	-1,418,000	-3,995,000	-12,970,000																600,000						-36,000	326,000	286,000
common stock 0.001 par value...																				196,000				189,000				180,000				174,000	174,000				167,000				160,000				150,000				140,000				126,000
accumulated deficit																-4,000,000	-30,000,000	-93,000,000	-152,000,000	-233,741,000	-250,389,000	-263,247,000	-304,013,000	-352,244,000	-950,968,000	-991,566,000	-980,487,000	-978,780,000	-985,795,000	-994,200,000	-941,454,000	-1,146,520,000	-1,146,520,000	-1,118,713,000	-1,094,525,000	-1,038,052,000	-997,390,000	-964,801,000	-928,543,000	-890,341,000	-557,009,000	-519,631,000	-478,601,000	-416,676,000	-358,583,000	-313,920,000	-272,870,000	-222,507,000	-179,196,000	-154,964,000	-140,251,000	-118,846,000	-105,488,000	-95,557,000	-82,504,000
convertible senior notes																						696,123,000	701,288,000	694,981,000	686,516,000	678,145,000	669,875,000	661,707,000	653,638,000	645,668,000	637,795,000	630,018,000	630,018,000	1,156,629,000	1,140,063,000	516,490,000	507,812,000	499,280,000	490,891,000	482,643,000	474,534,000	466,831,000	459,011,000	451,323,000	443,764,000	436,332,000	429,025,000	421,840,000	414,777,000
current portion of convertible senior notes																													160,972,000	211,463,000	516,925,000	543,418,000	543,418,000
current portion of deferred tax assets																																																				660,000	660,000	1,544,000	1,544,000
restricted cash																																																						37,000	37,000
liabilities, convertible preferred stock and stockholders’ equity
current portion of deferred rent																																																					17,000		430,000
deferred rent, less current portion																																																					1,148,000	433,000	2,902,000
convertible preferred stock, 0.001 par value...
stockholders’ equity
total liabilities, convertible preferred stock and stockholders’ equity																																																					478,114,000	382,204,000
convertible preferred stock																																																							68,481,000
deferred income taxes, noncurrent																																																							174,000
liabilities, convertible preferred stock and stockholders’ deficit
stockholders’ deficit:
total stockholders’ deficit																																																							-43,128,000
total liabilities, convertible preferred stock and stockholders’ deficit																																																							200,472,000

Cashflow Statements:

Quarterly

Annual

Unit: USD	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-09-30	2016-06-30	2016-03-31	2015-12-31	2015-09-30	2015-06-30	2015-03-31	2014-12-31	2014-09-30	2014-06-30	2014-03-31	2013-12-31	2013-09-30	2013-06-30	2013-03-31	2012-12-31	2012-09-30

cash flows from operating activities:
net income	502,000,000	385,000,000	460,000,000	384,000,000	432,000,000	262,000,000	347,000,000	295,000,000	242,000,000	1,044,000,000	150,000,000	150,000,000	80,000,000	20,000,000	75,000,000	26,000,000	63,000,000	59,000,000	82,000,000	16,648,000	12,858,000	40,766,000	48,231,000	598,724,000			-1,545,000				10,622,000																					-9,931,000	-13,053,000
adjustments to reconcile net income to net cash from operating activities:
depreciation and amortization	194,000,000	172,000,000	160,000,000	154,000,000	144,000,000	136,000,000	130,000,000	154,000,000	146,000,000	136,000,000	126,000,000	118,000,000	109,000,000	105,000,000	101,000,000	126,000,000	125,000,000	115,000,000	106,000,000	93,033,000	84,720,000	82,390,000	76,238,000	72,331,000	64,006,000	60,328,000	55,449,000	43,112,000	37,874,000	35,207,000	33,411,000	32,067,000	29,401,000	27,181,000	25,226,000	23,366,000	22,264,000	20,000,000	17,452,000	16,399,000	15,100,000	15,033,000	13,824,000	13,325,000	12,104,000	8,692,000	7,938,000	7,836,000	6,613,000	5,339,000	4,364,000	4,664,000
amortization of deferred commissions	161,000,000	148,000,000	145,000,000	147,000,000	140,000,000	132,000,000	131,000,000	126,000,000	115,000,000	112,000,000	106,000,000	97,000,000	92,000,000	86,000,000	83,000,000	83,000,000	75,000,000	70,000,000	66,000,000	60,440,000	55,976,000	51,734,000	49,481,000	45,788,000	42,695,000	39,974,000	39,557,000	35,991,000	43,063,000	33,885,000	30,419,000	35,011,000	29,664,000	24,407,000	26,180,000	23,475,000	20,785,000	18,924,000	18,033,000	17,486,000	16,774,000	15,684,000	15,597,000	14,872,000	12,763,000	12,486,000	11,149,000	9,539,000	7,828,000	6,631,000	5,366,000	4,446,000	3,920,000
stock-based compensation	492,000,000	499,000,000	470,000,000	454,000,000	426,000,000	444,000,000	422,000,000	413,000,000	413,000,000	397,000,000	381,000,000	363,000,000	361,000,000	352,000,000	325,000,000	303,000,000	291,000,000	281,000,000	256,000,000	245,399,000	219,929,000	216,840,000	188,285,000	170,051,000	162,934,000	171,760,000	157,450,000	142,644,000	144,408,000	135,560,000	121,341,000	105,627,000	100,442,000	98,066,000	89,943,000	83,120,000	81,087,000	78,065,000	75,308,000	68,182,000	65,111,000	66,346,000	58,074,000	45,996,000	41,490,000	37,604,000	29,229,000	20,856,000	17,851,000	14,828,000	12,046,000	9,349,000	8,213,000
deferred income taxes	124,000,000	16,000,000	32,000,000	51,000,000	-5,000,000	24,000,000	28,000,000	17,000,000	30,000,000	-911,000,000	7,000,000	18,000,000	0	-1,000,000	-2,000,000	-13,000,000	-5,000,000	-17,000,000	1,000,000	-18,041,000	-3,263,000	-1,650,000	-1,527,000	-572,923,000	231,000	-1,593,000	-1,480,000
other	-19,000,000	58,000,000	4,000,000	-20,000,000	-6,000,000	-7,000,000	-18,000,000		-11,000,000	-3,000,000	1,000,000	8,000,000	-10,000,000	4,000,000	15,000,000	11,000,000	12,000,000	7,000,000	15,000,000	-3,134,000	-661,000	-969,000	2,271,000	-4,300,000	-1,298,000	-4,047,000	724,000	1,675,000	6,209,000	4,098,000	-5,805,000	65,000	-342,000	-1,502,000	-2,218,000	-105,000	-1,389,000	862,000	-330,000	-830,000	-1,153,000	-2,297,000	-1,943,000	-2,496,000	-383,000	-2,097,000	507,000
changes in operating assets and liabilities, net of effect of business combinations:
accounts receivable	141,000,000	-302,000,000	901,000,000	-981,000,000	228,000,000	-216,000,000	715,000,000	-852,000,000	-83,000,000	16,000,000	619,000,000	-785,000,000	-66,000,000	-51,000,000	562,000,000	-620,000,000	-5,000,000	-130,000,000	354,000,000	-361,706,000	10,260,000	-8,774,000	208,789,000	-288,166,000	-43,023,000	-79,751,000	151,105,000	-153,602,000	-58,486,000	-3,562,000	69,502,000	-140,773,000	-8,698,000	4,018,000	47,021,000	-109,345,000	-22,728,000	-8,844,000	15,811,000	-45,552,000	-16,642,000	903,000	10,436,000	-49,850,000	-4,837,000	-2,071,000	-27,000	-22,518,000	8,903,000	-12,953,000	-2,938,000	-22,276,000	-8,342,000
deferred commissions	-171,000,000	-136,000,000	-155,000,000	-252,000,000	-155,000,000	-141,000,000	-165,000,000	-264,000,000	-173,000,000	-121,000,000	-159,000,000	-197,000,000	-132,000,000	-100,000,000	-137,000,000	-221,000,000	-127,000,000	-103,000,000	-114,000,000	-143,863,000	-77,420,000	-73,184,000	-70,797,000	-97,296,000	-61,115,000	-50,595,000	-46,599,000	-86,861,000	-59,526,000	-50,520,000	-42,475,000	-72,155,000	-41,061,000	-34,092,000	-27,195,000	-57,269,000	-30,793,000	-24,426,000	-23,971,000	-25,974,000	-21,336,000	-17,432,000	-15,400,000	-26,671,000	-19,149,000	-14,734,000	-13,232,000	-20,049,000	-14,114,000	-11,511,000	-9,269,000	-8,650,000	-7,449,000
prepaid expenses and other assets	23,000,000	-83,000,000	-139,000,000	-65,000,000	-15,000,000	-146,000,000	-106,000,000	-20,000,000	-47,000,000	-72,000,000	-64,000,000	34,000,000	-1,000,000	-26,000,000	-46,000,000	-15,000,000	-21,000,000	-54,000,000	-3,000,000	-12,507,000	-9,267,000	-12,038,000	-20,391,000	-4,338,000	2,914,000	5,176,000	-33,659,000	-21,405,000	-521,000	17,848,000	-15,808,000	-19,272,000	-14,921,000	10,827,000	-22,772,000	-9,767,000	-1,732,000	9,807,000	-19,808,000	-2,046,000	-889,000	10,861,000	-18,887,000	-3,154,000	-1,285,000	7,809,000	-8,910,000
accounts payable	-85,000,000	-101,000,000	234,000,000	-94,000,000	-130,000,000	65,000,000	107,000,000	46,000,000	-98,000,000	-44,000,000	-46,000,000	56,000,000	-24,000,000	71,000,000	69,000,000	16,000,000	-36,000,000	-14,000,000	89,000,000	-35,375,000	-35,532,000	16,645,000	20,679,000	-8,733,000	4,995,000	18,531,000	6,562,000	-9,815,000	7,690,000	-3,507,000	875,000	5,584,000	-3,228,000	-8,535,000	675,000	5,071,000	-8,353,000	-3,659,000	3,387,000	6,473,000	6,678,000	1,628,000	6,000	6,331,000	-7,084,000	-1,099,000	12,075,000	156,000	-283,000	1,346,000	-1,471,000	4,993,000	-1,069,000
deferred revenue	-449,000,000	-116,000,000	-148,000,000	1,534,000,000	-263,000,000	-82,000,000	-10,000,000	1,302,000,000	-128,000,000	-129,000,000	40,000,000	1,060,000,000	-112,000,000	-65,000,000	21,000,000	913,000,000	-38,000,000	10,000,000	75,000,000	644,453,000	-2,703,000	9,401,000	59,847,000	401,794,000	35,265,000	38,820,000	61,370,000	294,798,000	42,969,000	47,356,000	83,733,000	187,968,000	47,932,000	33,215,000	112,447,000	149,148,000	46,620,000	33,596,000	70,803,000	80,088,000	25,255,000	34,696,000	55,861,000	76,042,000	29,039,000	21,140,000	42,172,000	40,073,000	13,758,000	14,845,000	25,729,000	21,764,000	16,295,000
accrued expenses and other liabilities	-100,000,000	176,000,000	-287,000,000	323,000,000	-125,000,000	149,000,000	-240,000,000	375,000,000	-95,000,000	155,000,000	-259,000,000	240,000,000	-32,000,000	38,000,000	-203,000,000	228,000,000	-15,000,000	84,000,000	-195,000,000	206,181,000	4,560,000	42,042,000	-77,826,000	99,804,000	-46,395,000	47,942,000	-36,254,000	72,721,000	-22,370,000	33,056,000	-1,336,000	64,097,000	10,825,000	20,975,000	-27,553,000	46,399,000	16,549,000	-226,002,000	245,735,000	21,331,000	6,174,000	7,199,000	-1,517,000	10,446,000	-5,545,000	15,122,000	-21,328,000
net cash from operating activities	813,000,000	716,000,000	1,677,000,000	1,635,000,000	671,000,000	620,000,000	1,341,000,000	1,605,000,000	311,000,000	580,000,000	902,000,000	1,162,000,000	265,000,000	433,000,000	863,000,000	844,000,000	320,000,000	300,000,000	727,000,000	685,525,000	241,452,000	368,054,000	491,568,000	421,211,000	210,178,000	243,735,000	360,848,000	289,612,000	145,501,000	125,896,000	250,080,000	184,786,000	141,890,000	128,725,000	187,424,000	132,687,000	96,718,000	-148,171,000	78,687,000	105,072,000	63,065,000	79,588,000	67,366,000	47,624,000	25,000,000	42,059,000	24,217,000	36,267,000	20,720,000	9,736,000	15,023,000	16,671,000	9,077,000
capital expenditures	-235,000,000	-190,000,000	-205,000,000	-253,000,000	-202,000,000	-262,000,000	-135,000,000	-261,000,000	-136,000,000	-132,000,000	-165,000,000	-144,000,000	-162,000,000	-151,000,000	-93,000,000	-100,000,000	-94,000,000	-91,000,000	-107,000,000	-134,000,000	-91,656,000	-110,464,000	-83,207,000	-79,003,000	-88,869,000	-49,896,000	-47,124,000	-88,113,000	-47,987,000	-52,991,000	-35,371,000	-34,654,000	-46,753,000	-35,917,000	-33,186,000	-21,450,000	-31,183,000	-23,852,000	-29,077,000	-24,893,000	-20,768,000	-15,121,000	-26,699,000	-8,880,000	-18,094,000	-16,437,000	-10,968,000	-16,262,000	-16,824,000	-11,820,000	-10,415,000	-9,910,000	-11,930,000
free cash flows	578,000,000	526,000,000	1,472,000,000	1,382,000,000	469,000,000	358,000,000	1,206,000,000	1,344,000,000	175,000,000	448,000,000	737,000,000	1,018,000,000	103,000,000	282,000,000	770,000,000	744,000,000	226,000,000	209,000,000	620,000,000	551,525,000	149,796,000	257,590,000	408,361,000	342,208,000	121,309,000	193,839,000	313,724,000	201,499,000	97,514,000	72,905,000	214,709,000	150,132,000	95,137,000	92,808,000	154,238,000	111,237,000	65,535,000	-172,023,000	49,610,000	80,179,000	42,297,000	64,467,000	40,667,000	38,744,000	6,906,000	25,622,000	13,249,000	20,005,000	3,896,000	-2,084,000	4,608,000	6,761,000	-2,853,000
cash flows from investing activities:
purchases of property and equipment	-235,000,000	-190,000,000	-205,000,000	-253,000,000	-202,000,000	-262,000,000	-135,000,000	-261,000,000	-136,000,000	-132,000,000	-165,000,000	-144,000,000	-162,000,000	-151,000,000	-93,000,000	-100,000,000	-94,000,000	-91,000,000	-107,000,000	-134,000,000	-91,656,000	-110,464,000	-83,207,000	-79,003,000	-88,869,000	-49,896,000	-47,124,000	-88,113,000	-47,987,000	-52,991,000	-35,371,000	-34,654,000	-46,753,000	-35,917,000	-33,186,000	-21,450,000	-31,183,000	-23,852,000	-29,077,000	-24,893,000	-20,768,000	-15,121,000	-26,699,000	-8,880,000	-18,094,000	-16,437,000	-10,968,000	-16,262,000	-16,824,000	-11,820,000	-10,415,000	-9,910,000	-11,930,000
business combinations, net of cash acquired	-139,000,000	-58,000,000	-18,000,000	-31,000,000	-41,000,000	153,000,000	-194,000,000	0				-34,000,000	0			-7,000,000	-40,000,000	-513,000,000	-225,000,000	411,000	-24,699,000	0	-82,948,000										-5,000,000	-6,502,000	-15,035,000	0	0
purchases of other intangibles	-9,000,000	0	-34,000,000	-10,000,000	0	-9,000,000	-21,000,000																	-35,329,000	-1,200,000			-10,800,000	-2,750,000	-3,000,000	-7,850,000	-500,000	0			-3,900,000	0
purchases of marketable securities
purchases of strategic investments																											-284,000					-750,000	-100,000
sales and maturities of marketable securities
net cash from investing activities	-551,000,000	-423,000,000	-217,000,000	-738,000,000	-658,000,000	-187,000,000	-918,000,000	-444,000,000	-525,000,000	-674,000,000	-524,000,000	-874,000,000	-629,000,000	-800,000,000	-280,000,000	-359,000,000	-197,000,000	-614,000,000	-437,000,000	-176,519,000	-702,244,000	-243,075,000	-385,034,000	-198,732,000	-122,355,000	-202,517,000	-200,873,000	-247,139,000	-89,349,000	226,312,000	-237,246,000	-517,545,000	-210,090,000	-27,859,000	-128,454,000	-25,210,000	-51,591,000	-241,000	-31,406,000	-60,743,000	-71,672,000	-64,994,000	-34,334,000	-43,203,000	-141,014,000	-57,028,000	-75,683,000	-309,647,000	-36,736,000	-45,401,000	-11,011,000	-66,904,000	-129,133,000
cash flows from financing activities:
proceeds from employee stock plans	117,000,000	0	153,000,000	0	106,000,000	0	131,000,000	1,000,000	76,000,000	0	117,000,000	0	71,000,000	1,000,000	105,000,000	2,000,000	70,000,000	0	95,000,000	3,266,000	51,444,000	24,148,000	66,908,000	2,641,000	41,927,000	10,207,000	53,093,000	3,723,000	39,018,000	8,762,000	52,657,000	5,819,000	35,856,000	6,085,000	34,807,000	11,315,000	20,912,000	14,278,000	19,873,000	20,001,000	31,663,000	11,945,000	29,739,000	14,831,000	25,093,000	6,597,000	22,214,000	8,126,000	16,003,000
repurchases of common stock	-584,000,000	-361,000,000	-298,000,000	-296,000,000	-225,000,000	0	-175,000,000	-256,000,000
taxes paid related to net share settlement of equity awards	-190,000,000	-185,000,000	-253,000,000	-175,000,000	-173,000,000	-137,000,000	-215,000,000	-126,000,000	-127,000,000	-94,000,000	-112,000,000	-75,000,000	-111,000,000	-91,000,000	-150,000,000	-155,000,000	-142,000,000	-124,000,000	-191,000,000	-147,934,000	-122,113,000	-112,857,000	-125,700,000	-78,913,000	-83,183,000	-108,126,000	-139,493,000	-59,742,000	-66,737,000	-68,976,000	-85,555,000	-50,808,000	-43,781,000	-34,326,000	-53,023,000	-31,340,000	-28,781,000	-31,333,000	-28,453,000	-192,000	-157,000
business combination				0	0
net cash from financing activities	-657,000,000	-546,000,000	-398,000,000	-471,000,000	-292,000,000	-321,000,000	-259,000,000	-381,000,000	-333,000,000	-94,000,000	5,000,000	-75,000,000	-40,000,000	-178,000,000	-51,000,000	-155,000,000	-78,000,000	-149,000,000	-124,000,000	-203,492,000	963,378,000	-102,211,000	-61,028,000	-76,281,000	-41,256,000	-97,919,000	-86,400,000	-174,321,000	-68,234,000	-303,081,000	-61,792,000	-47,226,000	-8,046,000	613,795,000	-19,631,000	-24,987,000	-9,007,000	-13,068,000	-8,690,000	21,180,000	31,978,000	96,000	29,739,000	15,678,000	25,666,000	6,274,000	23,154,000	519,618,000	15,249,000	11,082,000	22,621,000	52,246,000	171,455,000
foreign currency effect on cash, cash equivalents and restricted cash	-4,000,000	9,000,000	5,000,000	-9,000,000	5,000,000	-9,000,000	-4,000,000	5,000,000			1,000,000	8,000,000	-12,000,000	-44,000,000	-5,000,000	-4,000,000	-10,000,000	7,000,000	-18,000,000	22,106,000	7,821,000	5,787,000	-10,649,000	6,253,000	-7,725,000	207,000	1,079,000	-5,937,000	-2,088,000	-13,996,000	6,491,000
net change in cash, cash equivalents and restricted cash	-399,000,000	-244,000,000	1,067,000,000	417,000,000	-274,000,000	103,000,000	160,000,000	785,000,000	-551,000,000	-189,000,000	384,000,000	221,000,000	-416,000,000	-589,000,000	527,000,000		35,000,000
cash, cash equivalents and restricted cash at beginning of period	0	0	2,310,000,000	0	0	0	1,904,000,000	0	0	0	1,475,000,000	0	0	0	1,732,000,000	0	0	0	1,679,000,000	0	0	0	777,991,000	0	0	0	568,538,000	0	0	0	727,829,000
cash, cash equivalents and restricted cash at end of period	-399,000,000	-244,000,000	3,377,000,000	417,000,000	-274,000,000	103,000,000	2,064,000,000	785,000,000	-551,000,000	-189,000,000	1,859,000,000	221,000,000	-416,000,000	-589,000,000	2,259,000,000	326,000,000	35,000,000	-456,000,000	1,827,000,000	327,620,000	510,407,000	28,555,000	812,848,000	152,451,000	38,842,000	-56,494,000	643,192,000	-137,785,000	-14,170,000	35,131,000	685,362,000
cash, cash equivalents and restricted cash at end of period:
cash and cash equivalents	-399,000,000	-245,000,000	3,369,000,000	419,000,000	-274,000,000	103,000,000	2,056,000,000	785,000,000	-551,000,000	-189,000,000	1,852,000,000	222,000,000	-416,000,000	-588,000,000	2,252,000,000	328,000,000	38,000,000	-459,000,000	1,821,000,000	328,500,000	510,985,000	28,584,000	808,725,000	152,853,000	39,344,000	-56,141,000	639,722,000	-137,425,000	-1,217,000	21,992,000	682,854,000
restricted cash included in prepaid expenses and other current assets	0	1,000,000	8,000,000	-2,000,000	0	0	8,000,000	0	0	0	7,000,000	-1,000,000	0	-1,000,000	7,000,000		-3,000,000	3,000,000	6,000,000		-578,000	-29,000	4,123,000
total cash, cash equivalents and restricted cash shown in the condensed consolidated statements of cash flows	-399,000,000	-244,000,000	3,377,000,000		-274,000,000	103,000,000	2,064,000,000		-551,000,000	-189,000,000	1,859,000,000		-416,000,000	-589,000,000	2,259,000,000		35,000,000	-456,000,000	1,827,000,000		510,407,000	28,555,000	812,848,000		38,842,000	-56,494,000	643,192,000		-14,170,000	35,131,000	685,362,000
supplemental disclosures of other cash flow information:
interest paid	11,000,000	0	11,000,000	0	11,000,000	1,000,000	11,000,000	0	11,000,000	1,000,000	11,000,000	1,000,000	12,000,000	0	11,000,000	5,000,000	21,000,000	0	15,000,000																																	0	1,000
income taxes paid, net of refunds	52,000,000	93,000,000	36,000,000	47,000,000	71,000,000	91,000,000	21,000,000	24,000,000	40,000,000	41,000,000	22,000,000	12,000,000	12,000,000	12,000,000	9,000,000	-10,000,000	26,000,000	8,000,000	12,000,000	13,796,000	15,549,000	2,901,000	6,966,000	4,615,000
non-cash investing and financing activities:
property and equipment included in accounts payable, accrued expenses and other liabilities	26,000,000	-16,000,000	56,000,000	6,000,000	-21,000,000	-19,000,000	89,000,000	-19,000,000	25,000,000	-9,000,000	47,000,000	40,000,000	-25,000,000	-14,000,000	73,000,000																											5,112,000	14,206,000
fair value of common stock issued for business combinations	0
purchases of investments		-1,182,000,000	-1,140,000,000	-1,079,000,000	-1,292,000,000	-1,055,000,000	-1,605,000,000	-829,000,000	-984,000,000	-1,599,000,000	-1,222,000,000	-1,227,000,000	-1,037,000,000	-1,112,000,000	-662,000,000	-716,000,000	-630,000,000	-495,000,000	-644,000,000	-704,791,000	-1,121,347,000	-579,919,000	-527,819,000	-339,976,000	-455,050,000	-362,143,000	-438,498,000	-467,784,000	-438,246,000	-3,783,000	-376,130,000	-547,845,000	-286,976,000	-132,094,000	-222,596,000	-84,267,000	-254,032,000	0	-180,365,000	-169,615,000	-211,671,000	-199,132,000	-132,364,000	-160,610,000	-119,471,000	-106,456,000	-134,856,000	-337,235,000	-48,681,000
purchases of non-marketable investments		-134,000,000	-4,000,000	-32,000,000	-61,000,000	-46,000,000	-42,000,000	-19,000,000	-10,000,000	-16,000,000	-30,000,000	-29,000,000	-2,000,000	-35,000,000	-101,000,000
sales and maturities of investments		1,100,000,000	1,181,000,000	728,000,000	911,000,000	1,040,000,000	1,073,000,000	654,000,000	915,000,000	1,073,000,000	880,000,000	545,000,000	569,000,000	554,000,000	577,000,000	540,000,000	556,000,000	491,000,000	532,000,000	666,460,000	533,585,000	452,824,000	312,560,000
repayments of convertible senior notes attributable to principal												0	0	-88,000,000	-6,000,000	-2,000,000	-6,000,000	-25,000,000	-28,000,000	-58,824,000	-1,553,128,000	-13,502,000	-2,236,000					-118,125,000	-40,335,000	-242,579,000	-28,606,000
total cash, cash equivalents and restricted cash shown in the consolidated statements of cash flows
settlement of 2022 notes conversion feature												0	0	212,000,000	21,000,000	9,000,000	25,000,000	89,000,000	102,000,000	195,838,000	56,680,000	19,027,000	3,728,000
benefit from exercise of 2022 note hedge												0	0	212,000,000	21,000,000	9,000,000	24,000,000	89,000,000	102,000,000	195,165,000	56,413,000	18,312,000	3,552,000
amortization of debt discount and issuance costs																			2,000,000	2,492,000	4,928,000	8,488,000	8,570,000	8,475,000	8,371,000	8,269,000	8,168,000	8,938,000	11,233,000	15,498,000	17,064,000	16,813,000	16,566,000	11,337,000	8,678,000	8,532,000	8,389,000	8,248,000	8,109,000	7,973,000	7,839,000	7,707,000	7,578,000	7,451,000	7,325,000	7,202,000	7,081,000
repayments of convertible senior notes attributable to debt discount																0	-2,000,000	-6,000,000	-7,000,000	-13,449,000	-66,534,000	-1,693,000	-282,000					-43,716,000	-14,076,000	-78,897,000	-8,660,000
loss on extinguishment of 2022 notes																0				4,954,000
purchases of intangibles																				-6,690,000	0
net proceeds from borrowings on 2030 notes																				0
net proceeds from unwind of 2022 note hedge																				0
others															-1,000,000
net increase in cash, cash equivalents and restricted cash																			148,000,000	327,620,000	510,407,000	28,555,000	34,857,000	152,451,000	38,842,000	-56,494,000	74,654,000	-137,785,000	-14,170,000	35,131,000	-42,467,000
current portion of restricted cash included in prepaid expenses and other current assets																										-353,000	3,470,000	-360,000	-3,277,000	3,463,000	2,508,000
total cash, cash equivalents and restricted cash shown in the consolidated statement of cash flows
property and equipment included in accounts payable and accrued expenses																9,000,000	5,000,000	21,000,000	28,000,000	7,908,000	-67,908,000	53,587,000	41,252,000	30,400,000	-5,374,000	2,938,000	29,002,000	749,000	-9,000	739,000	24,288,000	5,686,000	-6,709,000	7,173,000	8,857,000	5,690,000	-4,367,000	5,665,000	8,393,000						-6,449,000	1,581,000	11,088,000	-1,619,000	8,669,000	-9,466,000	6,157,000	-2,534,000	-1,955,000
realized gains on derivatives not designated as hedging instruments																				2,091,000	1,873,000	984,000	-3,620,000	1,693,000	-371,000	-35,000	22,148,000
payments on financing obligations																												-177,000	-180,000	-288,000	-288,000	-2,233,000	-121,000
settlement of 2018 notes conversion feature
benefit from exercise of 2018 note hedge
purchase of intangible assets included in accrued expenses and other liabilities
unrealized gains on non-marketable securities
realized gain on marketable equity securities
business combinations, net of cash and restricted cash acquired																												-12,500,000	0
sales of investments																								2,457,000	22,877,000	1,593,000	6,576,000	0	0			7,138,000	0	56,179,000	21,789,000	31,710,000	173,403,000	0	92,885,000
maturities of investments																								258,840,000	400,258,000	243,840,000	256,309,000	333,058,000	408,473,000	271,051,000	182,105,000	89,993,000	128,648,000	99,686,000	122,263,000	53,085,000	59,932,000	66,662,000	91,858,000	101,415,000	56,972,000	70,274,000	76,386,000	57,097,000	67,450,000	22,500,000	44,668,000	39,098,000	35,005,000
net proceeds from borrowings on convertible senior notes																																0	0
proceeds from issuance of warrants																																0	0
purchases of convertible note hedges																																0	0
repurchases and retirement of common stock																																0
non-current portion of restricted cash included in other assets
purchases of intangible assets included in accrued expenses and other liabilities
gain on marketable equity securities																												0	0
benefit from exercise of 2018 note hedges
net loss																												7,015,000	8,405,000				-24,188,000	-56,473,000	-40,662,000	-32,589,000	-36,258,000	-49,625,000	-333,332,000	-37,378,000	-41,030,000	-61,925,000	-58,093,000	-44,663,000	-41,050,000	-50,363,000	-43,311,000		-14,713,000	-21,405,000	-13,358,000
adjustments to reconcile net loss to net cash from operating activities:
changes in operating assets and liabilities:
deferred income tax																												-1,883,000	-1,371,000	-6,578,000	-24,348,000	-3,023,000	-1,304,000	-1,460,000	-3,291,000	1,671,000	1,331,000
purchase of strategic investments
benefit from 2018 note hedges																													80,825,000	422,666,000	44,510,000
financing obligation for purchases of other intangibles
unrealized gain on marketable equity securities																															-18,455,000
business combination, net of cash and restricted cash acquired
financing obligation for property and equipment																															5,033,000
amortization of premiums on investments																																584,000	802,000	761,000	945,000	980,000	946,000	1,309,000	1,490,000	1,684,000	1,768,000	1,782,000	1,830,000	2,040,000	2,185,000	2,045,000	1,814,000	1,317,000	1,208,000
principal payments on convertible senior notes
intangible assets included in accrued expenses and other liabilities
financing obligations for purchases of other intangibles
restricted cash																																	91,000	-141,000	-689,000	112,000	289,000	-154,000	-457,000	186,000	-474,000	35,000	31,000	0	0	0	-55,000	-3,000	-11,000			37,000	0
foreign currency effect on cash and cash equivalents																																	7,660,000	18,881,000	-662,000	-6,319,000	-166,000	-2,857,000	2,554,000	-2,277,000	348,000	2,683,000	-7,245,000	-2,730,000	-3,841,000	50,000	-71,000	-1,029,000	1,628,000	34,000	-840,000	0
net increase in cash and cash equivalents																																	-68,586,000	733,542,000	38,677,000	76,171,000	35,954,000	-164,337,000	41,145,000	63,232,000	23,719,000	17,373,000	55,526,000	17,369,000	-94,189,000	-8,645,000	-28,383,000	245,209,000	861,000	-24,549,000	25,793,000	2,013,000	51,494,000
cash and cash equivalents at beginning of period																																	0	0	401,238,000	0	0	0	412,305,000	0	0	0	252,455,000	0	0	0	366,303,000	0	0	0	118,989,000
cash and cash equivalents at end of period																																	-68,586,000	733,542,000	439,915,000	76,171,000	35,954,000	-164,337,000	453,450,000	63,232,000	23,719,000	17,373,000	307,981,000	17,369,000	-94,189,000	-8,645,000	337,920,000	245,209,000	861,000	-24,549,000	144,782,000	2,013,000	51,494,000
repurchases of common stock from stockholders
purchases of strategic investment																																			-1,000,000
payments on financing obligation																																			-1,415,000		-113,000	-113,000	-110,000	-111,000
proceeds related to deferred payments on purchase of other intangibles
payments related to deferred payments on purchase of other intangibles
supplemental disclosures of non-cash investing activities:
changes in operating assets and liabilities, net of effect of acquisitions:
purchase of strategic investment																																									0
deferred payments on purchase of other intangibles
business combination, net of cash acquired																																							-500,000
purchase of other intangibles																																							-5,750,000
tax benefit from employee stock plans
net proceeds from (offering costs paid in connection with) follow-on offering
purchase of convertible note hedge
income taxes paid
tax benefit from exercise of stock options																																									-584,000				-573,000	323,000	-940,000		754,000	-720,000	-1,851,000	-1,161,000	-276,000
acquisition, net of cash acquired																																									0	0	-1,100,000	0				0
sale of investments																																									104,269,000	88,950,000	49,412,000	69,190,000	28,914,000	43,365,000	25,528,000	4,755,000	7,105,000
net proceeds from initial public offering																																																				-15,000
net proceeds from issuance of common stock																																																				0	0
purchases of common stock and restricted stock from stockholders																																																				0	0
conversion of preferred stock to common stock
exercise of stock options included in prepaid and other assets
offering costs not yet paid
offering costs paid in connection with follow-on offering
taxes paid																																																				283,000	170,000
bad debt expense																																																	295,000	304,000	283,000	236,000
lease abandonment costs																																																	28,000	28,000	298,000	-455,000
prepaid expenses and other current assets																																																	-3,015,000	1,924,000	3,918,000	-6,779,000	-961,000
other assets																																																	-1,503,000	-17,000	-230,000	-332,000	1,921,000
accrued expenses and other current liabilities																																																	-2,928,000	9,294,000	-9,012,000	18,304,000	2,659,000
other long-term liabilities																																																	38,000	665,000	53,000	1,772,000
offering costs in connection with follow-on offering																																																	0
proceeds from early exercise of stock options																																																				-75,000	0
deferred tax assets
offering costs in connection with initial public offering
amortization of premiums on short-term investments																																																			1,095,000	743,000
purchases of short-term investments																																																			-55,946,000	-93,704,000
maturities of short-term investments																																																			55,350,000	36,673,000
net proceeds from follow-on offering																																																			-698,000
proceeds from exercise of stock options																																																			21,468,000	614,000	216,000
expense for preferred stock warrants
loss on disposal of property and equipment																																																				0	0
deferred rent																																																				730,000	-2,899,000
sale of short-term investments																																																				0
net proceeds from issuance of convertible preferred stock
cash at beginning of period																																																				0	0
property and equipment acquired under capital leases
vesting of early exercised stock options																																																				319,000	398,000
accretion of preferred stock dividends and issuance costs																																																				0	0
deferred offering costs not yet paid																																																					-2,139,000
depreciation
amortization of premium/discount
foreign currency effect on cash

ServiceNow, Inc(NYSE:NOW)

ServiceNow, Inc
(NYSE:NOW)