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ServiceNow Reports Financial Results for Fourth Quarter and Fiscal Year 2012

ServiceNow (NYSE: NOW), the enterprise IT cloud company, today announced its financial results for its fourth quarter and fiscal year 2012.

Fourth quarter 2012 results:

  • Revenues of $75.2 million, an increase of 92% compared to the fourth quarter of 2011, and an increase of 17% from the third quarter of 2012.
  • A GAAP net loss for the quarter of $9.9 million, or a loss of $0.08 per basic and diluted share, compared to a GAAP net loss of $6.8 million, or a loss of $0.32 per basic and diluted share, in the fourth quarter of 2011.
  • A non-GAAP net loss for the quarter of $0.6 million, or a loss of $0 per basic and diluted share, compared to a non-GAAP net loss of $3.6 million, or a loss of $0.17 per basic and diluted share, in the fourth quarter of 2011 (see the table entitled “Results of Operations GAAP to Non-GAAP Reconciliation” for a reconciliation of these GAAP and non-GAAP financial measures).
  • Deferred Revenue of $170.4 million, a 15% increase over the $147.9 million reported at the end of the prior quarter.
  • Billings were $97.6 million, a 20% increase over the $81.2 million reported in the previous quarter and a 58% increase over the $61.9 million in the same period last year (see the table entitled “Non-GAAP Billings Reconciliation” for a reconciliation of non-GAAP billings to GAAP revenues).
  • Backlog of $379.0 million, an 81% increase over the $209.9 million reported at the end of 2011. Backlog excludes deferred revenue as it represents future amounts to be invoiced under our agreements.

Fiscal 2012 results:

  • Revenues of $243.7 million, an increase of 90% compared to 2011.
  • A GAAP net loss for the year of $37.3 million, or a loss of $0.51 per basic and diluted share, compared to a GAAP net loss of $1.7 million, or a loss of $0.11 per basic and diluted share, in 2011.
  • A non-GAAP net loss for the year of $9.7 million, or a loss of $0.14 per basic and diluted share, compared to non-GAAP net income of $5.8 million, or income of $0.05 per basic and $0.04 per diluted share, in 2011 (see the table entitled “Results of Operations GAAP to Non-GAAP Reconciliation” for a reconciliation of these GAAP and non-GAAP financial measures).
  • Billings were $309.4 million, a 72% increase over the $179.4 million reported in 2011 (see the table entitled “Non-GAAP Billings Reconciliation” for a reconciliation of non-GAAP billings to GAAP revenues).

“ServiceNow’s 92% revenue growth in the fourth quarter was a strong finish to our fiscal year, a year in which we delivered 90% revenue growth and added 538 customers, bringing our cumulative customer count to 1,512 worldwide,” said Frank Slootman, president and chief executive officer, ServiceNow. “During the quarter we also achieved a customer renewal rate of 98% and upsells compromised more than 32% of our total annual contract value signed during the quarter, a testament to the value our existing customers are finding in the ServiceNow platform.”

“We continued to show growth across our key financial metrics and we exceeded our previously stated outlook on revenue and non-GAAP EPS,” added Michael Scarpelli, chief financial officer, ServiceNow. “Deferred revenue grew sequentially by 15%, marking the sixth consecutive quarter of double digit sequential growth, and we generated $16.7 million in operating cash flow for the quarter.”

Financial Outlook

The financial guidance discussed below is on a non-GAAP basis, except for revenues, and excludes stock-based compensation expense and the related income tax impact (see table which reconciles these non-GAAP financial measures to the related GAAP measures). Negative numbers are shown in parentheses.

For the first quarter of 2013, we expect:

  • Total revenues between $81.5 and $82.5 million, representing sequential growth between 8% and 10%. Our total first quarter revenues estimate consists of subscription revenues between $69 and $69.5 million and professional services and other revenues between $12.5 million and $13 million.
  • Subscription gross margin between 73% and 74%, professional services and other gross margin between 0% and 4%, and overall gross margin between 62% and 63%.
  • Operating margin between (4%) and (2%).
  • A loss per basic and diluted share between $0.05 and $0.04 with weighted-average shares outstanding of approximately 129 million.

For the full year 2013 we expect revenues to be in the range of $387 to $392 million, representing year-over-year growth between 59% and 61%. Our total annual revenues estimate consists of subscription revenues between $327 and $329 million and professional services and other revenues between $60 and $63 million.

Fourth quarter highlights

  • In November, ServiceNow closed its follow-on public offering, in which ServiceNow and selling shareholders sold 16,100,000 shares of common stock at a price of $28.00 per share, including the exercise in full by the underwriters of their option to purchase 2,100,000 shares of common stock. Of the 16,100,000 shares of ServiceNow’s common stock sold in the follow-on public offering, 1,897,500 shares were sold by ServiceNow and 14,202,500 shares were sold by selling stockholders. The offering generated net proceeds to the company of $50.6 million.
  • In November, ServiceNow ranked 33rd on the Deloitte Technology Fast 500, a list of the 500 fastest growing technology companies.
  • In December, Inc. Magazine recognized ServiceNow with a HirePower award, which honors America's top 100 job creators. According to Inc., ServiceNow was the #1 job creator in the software industry and #14 overall.

Conference Call Details

ServiceNow will host a conference call to discuss its financial results for the fourth quarter of 2012 to begin today at 2 p.m. PDT (22:00 GMT). Interested parties may listen to the call by dialing 866.272.9941 (passcode: 20843149), or if outside North America, by dialing 617.213.8895 (passcode: 20843149). Individuals may access the live teleconference from the investor relations section of the ServiceNow web site at http://investors.servicenow.com. The webcast will be archived for a period of 30 days.

An audio replay of the conference call will also be available two hours after the call and will run for 30 days. To hear the replay interested parties may dial 888.286.8010 (passcode: 15709467), or if outside North America, by dialing 617.801.6888 (passcode: 15709467).

Statement regarding use of non-GAAP financial measures

The company reports non-GAAP results for gross margins, operating margins, net income or loss, basic and diluted income or loss per share, free cash flow and billings in addition to, and not as a substitute for, or superior to, financial measures calculated in accordance with GAAP.

The company’s financial measures under GAAP include stock-based compensation expense. Management believes the presentation of operating results excluding stock-based compensation expense provides useful supplemental information to investors and facilitates the analysis of the company’s core operating results and comparison of operating results across reporting periods. Management also believes that this supplemental non-GAAP information is therefore useful to investors in analyzing and assessing the company’s past and future operating performance.

Free cash flow, which is a non-GAAP financial measure, is calculated as GAAP net cash provided by operating activities reduced by purchases of property and equipment. Management believes information regarding free cash flow provides investors with an important perspective on the cash available to invest in our business and fund ongoing operations. However, our calculation of free cash flow may not be comparable to similar measures used by other companies.

Billings is calculated as revenue plus the change in total deferred revenue. Management believes billings offers investors useful supplemental information regarding the performance of our business, and will help investors better understand the sales volumes and performance of our business.

The company encourages investors to carefully consider its results under GAAP, as well as its supplemental non-GAAP information and the reconciliation between these presentations, to more fully understand its business. Reconciliations between GAAP and non-GAAP results are presented in the tables of this release.

Use of forward looking statements

This release contains “forward-looking statements” regarding our performance, including in the section entitled “Financial Outlook.” Forward-looking statements are subject to known and unknown risks and uncertainties and are based on potentially inaccurate assumptions that could cause actual results to differ materially from those expected or implied by the forward-looking statements. If any such risks or uncertainties materialize or if any of the assumptions prove incorrect, our results could differ materially from the results expressed or implied by the forward-looking statements we make.

Among the important factors that could cause actual results to differ materially from those in any forward-looking statements are (i) possible fluctuations in our financial and operating results, (ii) our ability to grow at our expected rate of growth and anticipated revenue run rate, including our ability to convert deferred revenue and unbilled deferred revenue into revenue, successfully deploy new customers, and continue to release, and gain customer acceptance of, new and improved versions of our service, and (iii) errors, interruptions, delays, or security breaches of our service or web hosting.

Further information on these and other factors that could affect our financial results are included in our Form 10-Q for the quarter ended September 30, 2012 and in other filings we make with the Securities and Exchange Commission from time to time, including our Form 10-K that will be filed for the fiscal year ended December 31, 2012.

We undertake no obligation, and do not intend, to update these forward-looking statements, to review or confirm analysts’ expectations, or to provide interim reports or updates on the progress of the current financial quarter.

About ServiceNow

ServiceNow is the enterprise IT cloud company. We focus on transforming enterprise IT by automating and standardizing business processes and consolidating IT across the global enterprise. Organizations deploy our service to create a single system of record for enterprise IT, lower operational costs and enhance efficiency. Additionally, our customers use our extensible platform to build custom applications for automating activities unique to their business requirements. For more information, visit www.servicenow.com.

ServiceNow and the ServiceNow logo are registered trademarks of ServiceNow. All other brand and product names are trademarks or registered trademarks of their respective holders.

ServiceNow, Inc.
Condensed Consolidated Statements of Operations
(in thousands, except share and per share data)
(Unaudited)
       
Three Months Ended Year Ended
December 31, December 31, December 31, December 31,
2012 2011 2012 2011
 
Revenues:
Subscription $ 62,886 $ 34,555 $ 204,526 $ 110,886
Professional services and other   12,276     4,623     39,186     17,186  
Total revenues   75,162     39,178     243,712     128,072  
Cost of revenues (1):
Subscription 20,076 8,750 63,258 24,288
Professional services and other   12,232     7,241     40,751     22,336  
Total cost of revenues   32,308     15,991     104,009     46,624  
Gross profit   42,854     23,187     139,703     81,448  
Operating expenses (1):
Sales and marketing 29,481 18,521 103,837 52,896
Research and development 13,235 4,273 39,333 11,276
General and administrative   9,676     5,575     34,117     16,046  
Total operating expenses   52,392     28,369     177,287     80,218  
Income (loss) from operations (9,538 ) (5,182 ) (37,584 ) 1,230
Interest and other income (expense), net   456     (717 )   1,604     (1,129 )
Income (loss) before provision for income taxes (9,082 ) (5,899 ) (35,980 ) 101
Provision for income taxes   849     906     1,368     1,758  

Net income (loss)

$

(9,931

)

$

(6,805

)

$

(37,348

)

$

(1,657

)

Net income (loss) attributable to common stockholders - Basic and Diluted

$

(9,931

)

$

(6,960

)

$

(37,656

)

$

(2,282

)

 

Net income (loss) per share attributable to common stockholders:

Basic $ (0.08 ) $ (0.32 ) $ (0.51 ) $ (0.11 )
Diluted $ (0.08 ) $ (0.32 ) $ (0.51 ) $ (0.11 )

Weighted-average shares used to compute net income (loss) per share attributable to common stockholders:

Basic   124,000,655     21,515,078     73,908,631     20,154,088  
Diluted   124,000,655     21,515,078     73,908,631     20,154,088  
                 
(1) Includes total stock-based compensation expense for stock-based awards as follows:
Three Months Ended Year Ended
December 31, December 31, December 31, December 31,
2012 2011 2012 2011
Cost of revenues:
Subscription $ 1,415 $ 473 $ 3,929 $ 997
Professional services and other 610 122 1,574 273
Sales and marketing 3,337 1,210 10,189 2,583
Research and development 2,375 441 6,496 965
General and administrative 1,612 1,000 5,749 2,652
                                 
 
ServiceNow, Inc.
Condensed Consolidated Balance Sheets
(in thousands)
   
December 31, December 31,
2012 2011
ASSETS (Unaudited)
Current assets:
Cash and cash equivalents $ 118,989 $ 68,088
Short-term investments 195,702 -
Accounts receivable, net 78,163 44,860
Current portion of deferred commissions 14,979 6,087
Prepaid expenses and other current assets

13,596

9,928
Current portion of deferred tax assets   660   1,544  
Total current assets

422,089

130,507
Deferred commissions, less current portion 11,296 4,597
Property and equipment, net 42,342 20,695
Other assets   2,387   524  
Total assets $

478,114

$ 156,323  
 
LIABILITIES, CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ EQUITY (DEFICIT)
Current liabilities:
Accounts payable $ 9,604 $ 9,411
Accrued expenses and other current liabilities

48,042

25,608
Current portion of deferred revenue 153,964 91,087
Current portion of deferred rent   17   455  
Total current liabilities

211,627

126,561
Deferred revenue, less current portion 16,397 13,549
Deferred rent, less current portion 1,148 2,935
Other long-term liabilities 5,537 2,532
Convertible preferred stock - 68,172
Stockholders’ equity (deficit)   243,405   (57,426 )

Total liabilities, convertible preferred stock and stockholders’ equity (deficit)

$

478,114

$ 156,323  
 
ServiceNow, Inc.
Condensed Consolidated Statements of Cash Flows
(in thousands)
(Unaudited)
       
Three Months Ended Year Ended
December 31, December 31, December 31, December 31,
2012 2011 2012 2011
 
Cash flows from operating activities:
Net loss $ (9,931 ) $ (6,805 ) $ (37,348 ) $ (1,657 )

Adjustments to reconcile net loss to net cash provided by operating activities:

Depreciation and amortization 4,664 1,221 13,506 3,015

Amortization of premiums on short-term investments, net

743 - 1,337 -
Amortization of deferred commissions 4,446 1,931 13,710 5,873
Stock-based compensation 9,349 3,246 27,937 7,470
Tax benefit from exercise of stock options (1,161 ) (41 ) (1,694 ) (62 )
Deferred tax assets (746 ) - (746 ) -
Bad debt expense 236 - 384 -
(Gain) loss on disposal of property and equipment - 72 (1 ) 132
Lease abandonment costs (455 ) - 2,467 -
Changes in operating assets and liabilities:
Accounts receivable (22,276 ) (19,728 ) (33,341 ) (27,496 )
Deferred commissions (8,650 ) (5,282 ) (29,175 ) (11,701 )
Prepaid expenses and other current assets

(6,779

) (1,575 )

(2,537

) (3,667 )
Other assets

(332

) (42 )

(367

) (310 )
Accounts payable 4,993 723 4,887 2,589
Accrued expenses and other current liabilities

18,304

6,551

22,948

10,790
Deferred rent 730 (68 ) (2,227 ) 3,085
Deferred revenue 21,764 22,759 64,845 51,348
Other long-term liabilities   1,772     574     4,181     568  

Net cash provided by operating activities

 

16,671

    3,536    

48,766

    39,977  
Cash flows from investing activities:
Purchases of property and equipment (9,910 ) (5,442 ) (42,066 ) (14,635 )
Purchases of short-term investments (93,704 ) - (240,626 ) -
Sale of short-term investments - - 1,025 -
Maturities of short-term investments 36,673 - 42,473 -
Restricted cash   37     -     45     150  
Net cash used in investing activities   (66,904 )   (5,442 )   (239,149 )   (14,485 )
Cash flows from financing activities:
Net proceeds from initial public offering (15 ) - 169,784 -
Net proceeds from follow-on offering 50,561 50,561
Proceeds from exercise of stock options

614

316

2,963

1,625
Proceeds (buyback) from early exercise of stock options (75 ) 30 949 1,487
Tax benefit from exercise of stock options 1,161 41 1,694 62
Net proceeds from issuance of common stock - - 17,848 -

Purchases of common stock and restricted stock from stockholders

  -     (15 )   (1,960 )   (15 )
Net cash provided by financing activities  

52,246

    372    

241,839

    3,159  
Foreign currency effect on cash and cash equivalents  

-

    586    

(555

)   980  
Net increase (decrease) in cash and cash equivalents 2,013 (948 ) 50,901 29,631
Cash and cash equivalents at beginning of period   116,976     69,036     68,088     38,457  
Cash and cash equivalents at end of period $ 118,989   $ 68,088   $ 118,989   $ 68,088  
 
Calculation of free cash flow (a non-GAAP measure):
Net cash provided by operating activities $

16,671

$ 3,536 $

48,766

$ 39,977
Purchases of property and equipment   (9,910 )   (5,442 )   (42,066 )   (14,635 )
Free cash flow $

6,761

  $ (1,906 ) $

6,700

  $ 25,342  
 
ServiceNow, Inc.
Results of Operations GAAP to Non-GAAP Reconciliation
(in thousands except share and per share data)
(Unaudited)
           
Three Months Ended

December 31, 2012

December 31, 2011

GAAP Adjustments (1) Non-GAAP GAAP Adjustments (1) Non-GAAP
Reconciliation of gross profit:
Revenues:
Subscription $ 62,886 $ - $ 62,886 $ 34,555 $ - $ 34,555
Professional services and other   12,276     -     12,276     4,623     -     4,623  
Total revenues   75,162     -     75,162     39,178     -     39,178  
Cost of revenues:
Subscription 20,076 (1,415 ) 18,661 8,750 (473 ) 8,277
Professional services and other   12,232     (610 )   11,622     7,241     (122 )   7,119  
Total cost of revenues   32,308     (2,025 )   30,283     15,991     (595 )   15,396  
Gross profit:
Subscription 42,810 1,415 44,225 25,805 473 26,278
Professional services and other   44     610     654     (2,618 )   122     (2,496 )
Total gross profit $ 42,854   $ 2,025   $ 44,879   $ 23,187   $ 595   $ 23,782  
 
Reconciliation of operating expenses:
Operating expenses:
Sales and marketing $ 29,481 $ (3,337 ) $ 26,144 $ 18,521 $ (1,210 ) $ 17,311
Research and development 13,235 (2,375 ) 10,860 4,273 (441 ) 3,832
General and administrative   9,676     (1,612 )   8,064     5,575     (1,000 )   4,575  
Total operating expenses $ 52,392   $ (7,324 ) $ 45,068   $ 28,369   $ (2,651 ) $ 25,718  
 
Reconciliation of income (loss) from operations, provision for income taxes, net income (loss), net income (loss) per share, and pro forma net income (loss) per share:
Income (loss) from operations $ (9,538 ) $ 9,349   $ (189 ) $ (5,182 ) $ 3,246   $ (1,936 )
Income (loss) before provision for income taxes $ (9,082 ) $ 9,349 $ 267 $ (5,899 ) $ 3,246 $ (2,653 )
Provision for income taxes   849     32     881     906     2     908  
Net income (loss) $ (9,931 ) $ 9,317   $ (614 ) $ (6,805 ) $ 3,244   $ (3,561 )

Net income (loss) attributable to common stockholders - Basic and Diluted

$

(9,931

)

$

9,317

 

$

(614

)

$

(6,960

)

$

3,244

 

$

(3,716

)

Net income (loss) per share attributable to common stockholders:

Basic $ (0.08 ) $ 0.08   $ (0.00 ) $ (0.32 ) $ 0.15   $ (0.17 )
Diluted $ (0.08 ) $ 0.08   $ (0.00 ) $ (0.32 ) $ 0.15   $ (0.17 )

Weighted-average shares used to compute net income (loss) per share attributable to common stockholders:

Basic   124,000,655     -     124,000,655     21,515,078     -     21,515,078  
Diluted   124,000,655     -     124,000,655     21,515,078     -     21,515,078  
 
                         

(1) Adjustments include stock-based compensation and the related tax effect.

 
ServiceNow, Inc.
Results of Operations GAAP to Non-GAAP Reconciliation
(in thousands except share and per share data)
(Unaudited)
           
Year Ended

December 31, 2012

December 31, 2011

GAAP Adjustments (1) Non-GAAP GAAP Adjustments (1) Non-GAAP
Reconciliation of gross profit:
Revenues:
Subscription $ 204,526 $ - $ 204,526 $ 110,886 $ - $ 110,886
Professional services and other   39,186     -     39,186     17,186     -     17,186  
Total revenues   243,712     -     243,712     128,072     -     128,072  
Cost of revenues:
Subscription 63,258 (3,929 ) 59,329 24,288 (997 ) 23,291
Professional services and other   40,751     (1,574 )   39,177     22,336     (273 )   22,063  
Total cost of revenues   104,009     (5,503 )   98,506     46,624     (1,270 )   45,354  
Gross profit:
Subscription 141,268 3,929 145,197 86,598 997 87,595
Professional services and other   (1,565 )   1,574     9     (5,150 )   273     (4,877 )
Total gross profit $ 139,703   $ 5,503   $ 145,206   $ 81,448   $ 1,270   $ 82,718  
 
Reconciliation of operating expenses:
Operating expenses:
Sales and marketing $ 103,837 $ (10,189 ) $ 93,648 $ 52,896 $ (2,583 ) $ 50,313
Research and development 39,333 (6,496 ) 32,837 11,276 (965 ) 10,311
General and administrative   34,117     (5,749 )   28,368     16,046     (2,652 )   13,394  
Total operating expenses $ 177,287   $ (22,434 ) $ 154,853   $ 80,218   $ (6,200 ) $ 74,018  
 
Reconciliation of income (loss) from operations, provision for income taxes, net income (loss), net income (loss) per share, and pro forma net income (loss) per share:
Income (loss) from operations $ (37,584 ) $ 27,937   $ (9,647 ) $ 1,230   $ 7,470   $ 8,700  
Income (loss) before provision for income taxes $ (35,980 ) $ 27,937 $ (8,043 ) $ 101 $ 7,470 $ 7,571
Provision for income taxes   1,368     333     1,701     1,758     20     1,778  
Net income (loss) $ (37,348 ) $ 27,604   $ (9,744 ) $ (1,657 ) $ 7,450   $ 5,793  

Net income (loss) attributable to common stockholders - Basic

$

(37,656

)

$

27,604

 

$

(10,052

)

$

(2,282

)

$

3,281

 (2)

$

999

 

Net income (loss) attributable to common stockholders - Diluted

$

(37,656

)

$

27,604

 

$

(10,052

)

$

(2,282

)

$

3,673

 (2)

$

1,391

 

Net income (loss) per share attributable to common stockholders:

 

Basic $ (0.51 ) $ 0.37   $ (0.14 ) $ (0.11 ) $ 0.16   $

0.05

 

Diluted

$ (0.51 ) $ 0.37   $ (0.14 ) $ (0.11 ) $ 0.15   $ 0.04  

Weighted-average shares used to compute net income (loss) per share attributable to common stockholders:

Basic   73,908,631     -     73,908,631     20,154,088     -     20,154,088  
Diluted   73,908,631     -     73,908,631     20,154,088     11,425,466

 (3)

  31,579,554  
                         

(1) Adjustments include stock-based compensation and the related tax effect.

 

(2) Adjustment includes stock-based compensation and the related tax effect, and an allocation of net income to participating preferred stockholders.

 

(3) The effects of these dilutive securities were not included in the GAAP calculation of diluted income (loss) per share for the year ended December 31, 2011 because the effect would have been anti-dilutive.

 
ServiceNow, Inc.
Non-GAAP Billings Reconciliation
(in thousands)
(Unaudited)
         
Three Months Ended Year Ended

December 31,

September 30,

December 31,

December 31, December 31,
2012 2012 2011 2012 2011
Total revenues $ 75,162 $ 64,345 $ 39,178 243,712 128,072
Deferred revenue, end of period 170,361 147,946 104,636 170,361 104,636

Less: deferred revenue, beginning of period

  147,946   131,069   81,877   104,636   53,288
Billings $ 97,577 $ 81,222 $ 61,937 $ 309,437 $ 179,420
 
ServiceNow, Inc.
Reconciliation of Non-GAAP Financial Guidance
 

The financial guidance provided below is an estimate based on information available as of January 30, 2013. The company’s future performance and financial results are subject to risks and uncertainties, and actual results could differ materially from the guidance set forth below. Some of the factors that could affect the company’s financial results are stated above in this press release. More information on potential factors that could affect the company’s financial results is included from time to time in the company’s public reports filed with the SEC, including the company’s prospectuses filed on June 29, 2012 and November 15, 2012, the company's Form 10-Q for the quarter ended June 30, 2012 filed on August 10, 2012, and the company's Form 10-Q for the quarter ended September 30, 2012 filed on October 31, 2012. The company assumes no obligation to update any forward-looking statements or information, which speak as of their respective dates.

 
Three Months Ended
March 31, 2013
 
Non-GAAP subscription gross margin 73% - 74%
 
Stock-based compensation expense (2%)
 
GAAP subscription gross margin 71% - 72%
 
Non-GAAP professional services and other gross margin 0% - 4%
 
Stock-based compensation expense (7%)
 
GAAP professional services and other gross margin (7%) - (3%)
 
Non-GAAP total gross margin 62% - 63%
 
Stock-based compensation expense (3%)
 
GAAP total gross margin 59% - 60%
 
Non-GAAP operating margin (4%) - (2%)
 
Stock-based compensation expense (12%)
 
GAAP operating margin (16%) - (14%)
 
Non-GAAP basic and diluted net loss per share ($0.05) - ($0.04)
 
Stock-based compensation expense ($0.08)
 
Incremental non-GAAP tax expense (1) $0.03
 
GAAP basic and diluted net loss per share ($0.10) - ($0.09)
     
(1) Incremental non-GAAP tax expense reflects the increase to GAAP tax expense related to the non-GAAP stock-based compensation expense adjustments.

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Cloudian on Tuesday announced immediate availability of Cloudian HyperStore appliances and Cloudian HyperStore 5.0 software. Flash-optimized, rack-ready HyperStore appliances make it easy to economically deploy full-featured, highly scalable S3-compliant storage with three enterp...
Enthusiasm for the Internet of Things has reached an all-time high. In 2013 alone, venture capitalists spent more than $1 billion dollars investing in the IoT space. With “smart” appliances and devices, IoT covers wearable smart devices, cloud services to hardware companies. Nest...
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WaveMaker on Tuesday announced WaveMaker Enterprise, licensed software that enables organizations to run their own end-to-end application platform as a service (aPaaS) for building and running custom apps. WaveMaker Enterprise is a commercially available rapid API app development...
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RICHARDSON, Texas, Sept. 16, 2014 /PRNewswire/ -- Anritsu Company introduces a 32-channel synchro...