10/27/2021 | Press release | Distributed by Public on 10/27/2021 14:12
Third Quarter 2021 GAAP Results |
Third Quarter 2021 Non-GAAP Results(1)
|
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Amount ($ millions) |
Year/Year Growth (%) |
Amount ($ millions) |
Year/Year Growth (%) |
Adjusted Amount
($ millions)(2) |
Adjusted Year/Year Growth (%) | |
Subscription revenues | $1,427 | 31 | % | $1,416 | 30 | % |
Professional services and other revenues | $85 | 39 | % | $84 | 38 | % |
Total revenues | $1,512 | 31 | % | $1,500 | 30 | % |
Subscription billings | $1,380 | 28 | % | $1,365 | 26 | % |
Professional services and other billings | $84 | 42 | % | $83 | 41 | % |
Total billings | $1,465 | 29 | % | $1,450 | 27 | % |
Amount ($ billions) |
Year/Year Growth (%) |
Adjusted Amount
($ billions)(2) |
Adjusted Year/Year Growth (%) | |||
cRPO | $5.0 | 32 | % | $5.0 | 32 | % |
RPO | $9.7 | 34 | % | $9.7 | 34 | % |
Amount ($ millions) |
Margin (%) |
Amount ($ millions) |
Margin (%) | |||
Subscription gross profit | $1,163 | 81 | % | $1,213 | 85 | % |
Professional services and other gross profit (loss) | ($1) | (1 | %) | $14 | 17 | % |
Total gross profit | $1,162 | 77 | % | $1,227 | 81 | % |
Income from operations | $74 | 5 | % | $391 | 26 | % |
Net cash provided by operating activities | $320 | 21 | % | |||
Free cash flow | $228 | 15 | % | |||
Amount ($ millions) |
Earnings per Basic/Diluted Share ($) |
Amount ($ millions) |
Earnings per Basic/Diluted Share ($) | |||
Net income | $63 | $0.32/ $0.31 | $314 | $1.58/ $1.55 |
Fourth Quarter 2021 GAAP Guidance |
Fourth Quarter 2021 Non-GAAP Guidance(1)
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Amount
($ millions)(2) |
Year/Year
Growth (%)
|
Amount
($ millions)(2) |
Year/Year
Growth (%)
|
Subscription revenues | $1,515 - $1,520 | 28 | % |
Note: Includes negative impact of foreign currency of $1 million | |||
Subscription billings | $2,305 - $2,310 | 26 | % |
Note: Includes negative impact of foreign currency of $2 million Includes negative impact of billings duration of $7 million |
|||
cRPO
|
27 | % | |
Note: Includes negative impact of foreign currency of 150 bps | |||
Margin (%) | |||
Income from operations | 22 | % | |
Amount (millions) |
|||
Weighted-average shares used to compute diluted net income per share | 203 |
Full-Year 2021 GAAP Guidance |
Full-Year 2021 Non-GAAP Guidance(1)
|
||
Amount
($ millions)(2) |
Year/Year Growth (%) |
Amount
($ millions)(2) |
Year/Year Growth (%) |
Subscription revenues | $5,565 - $5,570 | 30 | % |
Note: Includes foreign currency benefit of $91 million | |||
Subscription billings | $6,379 - $6,384 | 28 | % |
Note: Includes foreign currency benefit of $90 million Includes positive impact of billings duration of $18 million |
|||
Margin (%) | |||
Subscription gross profit | 85 | % | |
Income from operations | 25.0 | % | |
Free cash flow | 31.5 | % | |
Amount (millions) |
|||
Weighted-average shares used to compute diluted net income per share | 202 |
Three Months Ended | Nine Months Ended | |||||||
September 30, 2021 | September 30, 2020 | September 30, 2021 | September 30, 2020 | |||||
Revenues: | ||||||||
Subscription | $ | 1,427 | $ | 1,091 | $ | 4,050 | $ | 3,102 |
Professional services and other | 85 | 61 | 232 | 167 | ||||
Total revenues | 1,512 | 1,152 | 4,282 | 3,269 | ||||
Cost of revenues (1):
|
||||||||
Subscription | 264 | 189 | 740 | 521 | ||||
Professional services and other | 86 | 63 | 239 | 187 | ||||
Total cost of revenues | 350 | 252 | 979 | 708 | ||||
Gross profit | 1,162 | 900 | 3,303 | 2,561 | ||||
Operating expenses (1):
|
||||||||
Sales and marketing | 579 | 454 | 1,660 | 1,321 | ||||
Research and development | 358 | 268 | 1,005 | 740 | ||||
General and administrative | 151 | 109 | 416 | 319 | ||||
Total operating expenses | 1,088 | 831 | 3,081 | 2,380 | ||||
Income from operations | 74 | 69 | 222 | 181 | ||||
Interest expense | (7) | (8) | (21) | (25) | ||||
Other income, net | 1 | (35) | 16 | (20) | ||||
Income before income taxes | 68 | 26 | 217 | 136 | ||||
Provision for (benefit from) income taxes | 5 | 13 | 13 | 34 | ||||
Net income | $ | 63 | $ | 13 | $ | 204 | $ | 102 |
Net income per share - basic | $ | 0.32 | $ | 0.07 | $ | 1.03 | $ | 0.53 |
Net income per share - diluted | $ | 0.31 | $ | 0.06 | $ | 1.00 | $ | 0.50 |
Weighted-average shares used to compute net income per share - basic | 199 | 193 | 198 | 193 | ||||
Weighted-average shares used to compute net income per share - diluted | 203 | 202 | 203 | 203 |
Three Months Ended | Nine Months Ended | |||||||
September 30, 2021 | September 30, 2020 | September 30, 2021 | September 30, 2020 | |||||
Cost of revenues: | ||||||||
Subscription | $ | 33 | $ | 26 | $ | 95 | $ | 72 |
Professional services and other | 15 | 13 | 43 | 38 | ||||
Operating expenses: | ||||||||
Sales and marketing | 101 | 79 | 293 | 228 | ||||
Research and development | 102 | 74 | 288 | 203 | ||||
General and administrative | 40 | 28 | 110 | 84 |
September 30, 2021 | December 31, 2020 | |||
Assets | ||||
Current assets: | ||||
Cash and cash equivalents | $ | 1,400 | $ | 1,677 |
Short-term investments | 1,631 | 1,415 | ||
Accounts receivable, net | 776 | 1,009 | ||
Current portion of deferred commissions | 268 | 229 | ||
Prepaid expenses and other current assets | 213 | 192 | ||
Total current assets | 4,288 | 4,522 | ||
Deferred commissions, less current portion | 524 | 444 | ||
Long-term investments | 1,384 | 1,468 | ||
Property and equipment, net | 740 | 660 | ||
Operating lease right-of-use assets | 606 | 454 | ||
Intangible assets, net | 302 | 153 | ||
Goodwill | 770 | 241 | ||
Deferred tax assets | 694 | 673 | ||
Other assets | 170 | 100 | ||
Total assets | $ | 9,478 | $ | 8,715 |
Liabilities and Stockholders' Equity | ||||
Current liabilities: | ||||
Accounts payable | $ | 64 | $ | 34 |
Accrued expenses and other current liabilities | 604 | 668 | ||
Current portion of deferred revenue | 2,949 | 2,963 | ||
Current portion of operating lease liabilities | 82 | 72 | ||
Current debt, net | 93 | - | ||
Total current liabilities | 3,792 | 3,737 | ||
Deferred revenue, less current portion | 53 | 45 | ||
Operating lease liabilities, less current portion | 568 | 423 | ||
Long-term debt, net | 1,484 | 1,640 | ||
Other long-term liabilities | 47 | 36 | ||
Stockholders' equity | 3,534 | 2,834 | ||
Total liabilities and stockholders' equity | $ | 9,478 | $ | 8,715 |
Three Months Ended | Nine Months Ended | |||||||
September 30, 2021 | September 30, 2020 | September 30, 2021 | September 30, 2020 | |||||
Cash flows from operating activities: | ||||||||
Net income | $ | 63 | $ | 13 | $ | 204 | $ | 102 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||
Depreciation and amortization | 125 | 84 | 346 | 243 | ||||
Amortization of deferred commissions | 75 | 56 | 211 | 157 | ||||
Stock-based compensation | 291 | 220 | 828 | 625 | ||||
Deferred income taxes | (5) | (3) | (21) | (6) | ||||
Repayments of convertible senior notes attributable to debt discount | (2) | (67) | (15) | (69) | ||||
Loss on extinguishment of 2022 Notes | - | 41 | 3 | 42 | ||||
Other | 15 | 8 | 34 | 23 | ||||
Changes in operating assets and liabilities, net of effect of business combinations: | ||||||||
Accounts receivable | (5) | 10 | 219 | 210 | ||||
Deferred commissions | (127) | (77) | (344) | (221) | ||||
Prepaid expenses and other assets | (21) | (10) | (78) | (42) | ||||
Accounts payable | (36) | (36) | 39 | 2 | ||||
Deferred revenue | (38) | (3) | 47 | 66 | ||||
Accrued expenses and other liabilities | (15) | 5 | (126) | (31) | ||||
Net cash provided by operating activities | 320 | 241 | 1,347 | 1,101 | ||||
Cash flows from investing activities: | ||||||||
Purchases of property and equipment | (94) | (91) | (292) | (285) | ||||
Business combinations, net of cash acquired | (40) | (25) | (778) | (108) | ||||
Purchases of investments | (630) | (1,121) | (1,769) | (2,229) | ||||
Sales and maturities of investments | 556 | 533 | 1,579 | 1,299 | ||||
Other | 11 | 2 | 12 | (7) | ||||
Net cash used in investing activities | (197) | (702) | (1,248) | (1,330) | ||||
Cash flows from financing activities: | ||||||||
Net proceeds from borrowings on 2030 Notes | - | 1,482 | - | 1,482 | ||||
Repayments of convertible senior notes attributable to principal | (6) | (1,553) | (59) | (1,569) | ||||
Net proceeds from unwind of 2022 Note Hedge | - | 1,106 | - | 1,106 | ||||
Proceeds from employee stock plans | 70 | 51 | 165 | 142 | ||||
Taxes paid related to net share settlement of equity awards | (142) | (122) | (457) | (361) | ||||
Net cash (used in) provided by financing activities | (78) | 964 | (351) | 800 | ||||
Foreign currency effect on cash, cash equivalents and restricted cash | (10) | 8 | (21) | 3 | ||||
Net change in cash, cash equivalents and restricted cash | 35 | 511 | (273) | 574 | ||||
Cash, cash equivalents and restricted cash at beginning of period | 1,371 | 841 | 1,679 | 778 | ||||
Cash, cash equivalents and restricted cash at end of period | $ | 1,406 | $ | 1,352 | $ | 1,406 | $ | 1,352 |
Three Months Ended | Nine Months Ended | |||||||||
September 30, 2021 | September 30, 2020 | Growth Rates | September 30, 2021 | September 30, 2020 | Growth Rates | |||||
Subscription revenues: | ||||||||||
GAAP subscription revenues | $ | 1,427 | $ | 1,091 | 31% | $ | 4,050 | $ | 3,102 | 31% |
Effects of foreign currency rate fluctuations | (11) | (92) | ||||||||
Non-GAAP adjusted subscription revenues(1)
|
$ | 1,416 | 30% | $ | 3,957 | 28% | ||||
Professional services and other revenues: | ||||||||||
GAAP professional services and other revenues | $ | 85 | $ | 61 | 39% | $ | 232 | $ | 167 | 39% |
Effects of foreign currency rate fluctuations | (1) | (6) | ||||||||
Non-GAAP adjusted professional service and other revenues(1)
|
$ | 84 | 38% | $ | 226 | 35% | ||||
Total revenues: | ||||||||||
GAAP total revenues | $ | 1,512 | $ | 1,152 | 31% | $ | 4,282 | $ | 3,269 | 31% |
Effects of foreign currency rate fluctuations | (12) | (98) | ||||||||
Non-GAAP adjusted total revenues(1)
|
$ | 1,500 | 30% | $ | 4,184 | 28% | ||||
cRPO (in billions): | ||||||||||
GAAP cRPO | $ | 5.0 | $ | 3.8 | 32% | $ | 5.0 | $ | 3.8 | 32% |
Effects of foreign currency rate fluctuations | - | - | ||||||||
Non-GAAP adjusted cRPO(2)
|
$ | 5.0 | 32% | $ | 5.0 | 32% | ||||
RPO (in billions): | ||||||||||
GAAP RPO | $ | 9.7 | $ | 7.3 | 34% | $ | 9.7 | $ | 7.3 | 34% |
Effects of foreign currency rate fluctuations | - | - | ||||||||
Non-GAAP adjusted RPO(2)
|
$ | 9.7 | 34% | $ | 9.7 | 34% | ||||
Subscription billings: | ||||||||||
GAAP subscription revenues | $ | 1,427 | $ | 1,091 | 31% | $ | 4,050 | $ | 3,102 | 31% |
Change in subscription deferred revenue, unbilled receivables and customer deposits | (47) | (10) | 24 | 53 | ||||||
Non-GAAP subscription billings | 1,380 | 1,081 | 28% | 4,074 | 3,155 | 29% | ||||
Effects of foreign currency rate fluctuations | (10) | (93) | ||||||||
Effects of fluctuations in billings duration | (5) | (25) | ||||||||
Non-GAAP adjusted subscription billings(3)
|
$ | 1,365 | 26% | $ | 3,956 | 25% | ||||
Professional services and other billings: | ||||||||||
GAAP professional services and other revenues | $ | 85 | $ | 61 | 39% | $ | 232 | $ | 167 | 39% |
Change in professional services and other deferred revenue | (1) | (2) | $ | 11 | $ | - | ||||
Non-GAAP professional services and other billings | 84 | 59 | 42% | 243 | 167 | 46% | ||||
Effects of foreign currency rate fluctuations | (1) | (6) | ||||||||
Non-GAAP adjusted professional services and other billings(3)
|
$ | 83 | 41% | $ | 237 | 42% | ||||
Total billings: | ||||||||||
GAAP total revenues | $ | 1,512 | $ | 1,152 | 31% | $ | 4,282 | $ | 3,269 | 31% |
Change in total deferred revenue, unbilled receivables and customer deposits | (47) | (12) | 35 | 53 | ||||||
Non-GAAP total billings | 1,465 | 1,140 | 29% | 4,317 | 3,322 | 30% | ||||
Effects of foreign currency rate fluctuations | (10) | (99) | ||||||||
Effects of fluctuations in billings duration | (5) | (25) | ||||||||
Non-GAAP adjusted total billings(3)
|
$ | 1,450 | 27% | $ | 4,193 | 26% | ||||
Cost of revenues: | ||||||||||
GAAP subscription cost of revenues | $ | 264 | $ | 189 | $ | 740 | $ | 521 | ||
Stock-based compensation | (33) | (26) | (95) | (72) | ||||||
Amortization of purchased intangibles | (17) | (9) | (43) | (28) | ||||||
Non-GAAP subscription cost of revenues | $ | 214 | $ | 154 | $ | 602 | $ | 421 | ||
GAAP professional services and other cost of revenues | $ | 86 | $ | 63 | $ | 239 | $ | 187 | ||
Stock-based compensation | (15) | (13) | (43) | (38) | ||||||
Non-GAAP professional services and other cost of revenues | $ | 71 | $ | 50 | $ | 196 | $ | 149 | ||
Gross profit: | ||||||||||
GAAP subscription gross profit | $ | 1,163 | $ | 902 | $ | 3,310 | $ | 2,581 | ||
Stock-based compensation | 33 | 26 | 95 | 72 | ||||||
Amortization of purchased intangibles | 17 | 9 | 43 | 28 | ||||||
Non-GAAP subscription gross profit | $ | 1,213 | $ | 937 | $ | 3,448 | $ | 2,681 | ||
GAAP professional services and other gross loss | $ | (1) | $ | (2) | $ | (7) | $ | (20) | ||
Stock-based compensation | 15 | 13 | 43 | 38 | ||||||
Non-GAAP professional services and other gross profit | $ | 14 | $ | 11 | $ | 36 | $ | 18 | ||
GAAP gross profit | $ | 1,162 | $ | 900 | $ | 3,303 | $ | 2,561 | ||
Stock-based compensation | 48 | 39 | 138 | 110 | ||||||
Amortization of purchased intangibles | 17 | 9 | 43 | 28 | ||||||
Non-GAAP gross profit | $ | 1,227 | $ | 948 | $ | 3,484 | $ | 2,699 | ||
Gross margin: | ||||||||||
GAAP subscription gross margin | 81 | % | 83 | % | 82 | % | 83 | % | ||
Stock-based compensation as % of subscription revenues | 2 | % | 2 | % | 2 | % | 2 | % | ||
Amortization of purchased intangibles as % of subscription revenues | 1 | % | 1 | % | 1 | % | 1 | % | ||
Non-GAAP subscription gross margin | 85 | % | 86 | % | 85 | % | 86 | % | ||
GAAP professional services and other gross margin | (1 | %) | (3 | %) | (3 | %) | (12 | %) | ||
Stock-based compensation as % of professional services and other revenues | 18 | % | 21 | % | 19 | % | 23 | % | ||
Non-GAAP professional services and other gross margin | 17 | % | 19 | % | 16 | % | 11 | % | ||
GAAP gross margin | 77 | % | 78 | % | 77 | % | 78 | % | ||
Stock-based compensation as % of total revenues | 3 | % | 3 | % | 3 | % | 3 | % | ||
Amortization of purchased intangibles as % of total revenues | 1 | % | 1 | % | 1 | % | 1 | % | ||
Non-GAAP gross margin | 81 | % | 82 | % | 81 | % | 83 | % | ||
Operating expenses: | ||||||||||
GAAP sales and marketing expenses | $ | 579 | $ | 454 | $ | 1,660 | $ | 1,321 | ||
Stock-based compensation | (101) | (79) | (293) | (228) | ||||||
Amortization of purchased intangibles | - | - | (1) | (1) | ||||||
Non-GAAP sales and marketing expenses | $ | 478 | $ | 375 | $ | 1,366 | $ | 1,092 | ||
GAAP research and development expenses | $ | 358 | $ | 268 | $ | 1,005 | $ | 740 | ||
Stock-based compensation | (102) | (74) | (288) | (203) | ||||||
Amortization of purchased intangibles | - | (1) | - | (2) | ||||||
Business combination and other related costs | $ | (4) | $ | - | $ | (5) | $ | - | ||
Non-GAAP research and development expenses | $ | 252 | $ | 193 | $ | 712 | $ | 535 | ||
GAAP general and administrative expenses | $ | 151 | $ | 109 | $ | 416 | $ | 319 | ||
Stock-based compensation | (40) | (28) | (110) | (84) | ||||||
Amortization of purchased intangibles | (2) | - | (8) | (5) | ||||||
Business combination and other related costs | (2) | - | (7) | (4) | ||||||
Non-GAAP general and administrative expenses | $ | 107 | $ | 81 | $ | 291 | $ | 226 | ||
GAAP total operating expenses | $ | 1,088 | $ | 831 | $ | 3,081 | $ | 2,380 | ||
Stock-based compensation | (243) | (181) | (691) | (515) | ||||||
Amortization of purchased intangibles | (2) | (1) | (9) | (7) | ||||||
Business combination and other related costs | (7) | - | (13) | (4) | ||||||
Non-GAAP total operating expenses | $ | 836 | $ | 649 | $ | 2,368 | $ | 1,854 | ||
Income from operations: | ||||||||||
GAAP income from operations | $ | 74 | $ | 69 | $ | 222 | $ | 181 | ||
Stock-based compensation | 291 | 220 | 829 | 625 | ||||||
Amortization of purchased intangibles | 19 | 10 | 52 | 35 | ||||||
Business combination and other related costs | 7 | - | 13 | 4 | ||||||
Non-GAAP income from operations | $ | 391 | $ | 299 | $ | 1,116 | $ | 845 | ||
Operating margin: | ||||||||||
GAAP operating margin | 5 | % | 6 | % | 5 | % | 6 | % | ||
Stock-based compensation as % of total revenues | 19 | % | 19 | % | 19 | % | 19 | % | ||
Amortization of purchased intangibles as % of total revenues | 1 | % | 1 | % | 1 | % | 1 | % | ||
Business combination and other related costs as % of total revenues | 1 | % | - | % | 1 | % | - | % | ||
Non-GAAP operating margin | 26 | % | 26 | % | 26 | % | 26 | % | ||
Net income: | ||||||||||
GAAP net income | $ | 63 | $ | 13 | $ | 204 | $ | 102 | ||
Stock-based compensation | 291 | 220 | 829 | 625 | ||||||
Amortization of purchased intangibles | 19 | 10 | 52 | 35 | ||||||
Business combination and other related costs | 7 | - | 13 | 4 | ||||||
Amortization of debt discount and issuance costs | 2 | 5 | 6 | 22 | ||||||
Other | - | 41 | 3 | 42 | ||||||
Income tax expense effects related to the above adjustments | (68) | (48) | (200) | (139) | ||||||
Non-GAAP net income | $ | 314 | $ | 241 | $ | 907 | $ | 691 | ||
Net income per share - basic and diluted: | ||||||||||
GAAP net income per share - basic | $ | 0.32 | $ | 0.07 | $ | 1.03 | $ | 0.53 | ||
GAAP net income per share - diluted | $ | 0.31 | $ | 0.06 | $ | 1.00 | $ | 0.50 | ||
Non-GAAP net income per share - basic | $ | 1.58 | $ | 1.24 | $ | 4.58 | $ | 3.57 | ||
Non-GAAP net income per share - diluted | $ | 1.55 | $ | 1.21 | $ | 4.49 | $ | 3.46 | ||
GAAP weighted-average shares used to compute net income per share - basic | 199 | 193 | 198 | 193 | ||||||
GAAP weighted-average shares used to compute net income per share - diluted | 203 | 202 | 203 | 203 | ||||||
Effects of in-the-money portion of convertible senior notes(4)
|
- | (3) | (1) | (3) | ||||||
Non-GAAP weighted-average shares used to compute net income per share - diluted | 203 | 199 | 202 | 200 | ||||||
Free cash flow: | ||||||||||
GAAP net cash provided by operating activities | $ | 320 | $ | 241 | $ | 1,347 | $ | 1,101 | ||
Purchases of property and equipment | (94) | (91) | (292) | (285) | ||||||
Repayments of convertible senior notes attributable to debt discount | 2 | 66 | 15 | 68 | ||||||
Business combination and other related costs | - | - | 53 | - | ||||||
Non-GAAP free cash flow | $ | 228 | $ | 216 | $ | 1,123 | $ | 884 | ||
Free cash flow margin: | ||||||||||
GAAP net cash provided by operating activities as % of total revenues | 21 | % | 21 | % | 31 | % | 34 | % | ||
Purchases of property and equipment as % of total revenues | (6 | %) | (8 | %) | (7 | %) | (9 | %) | ||
Repayments of convertible senior notes attributable to debt discount as % of total revenues | - | % | 6 | % | - | % | 2 | % | ||
Business combination and other related costs as % of total revenues | 0 | % | - | % | 1 | % | - | % | ||
Non-GAAP free cash flow margin | 15 | % | 19 | % | 26 | % | 27 | % |
Three Months Ended | |||
December 31, 2021 | December 31, 2020 | Growth Rates | |
GAAP subscription revenues(1)
|
$1,515 - $1,520 million | $1,184 million | 28% |
Note: Includes negative impact of foreign currency of $1 million | |||
GAAP subscription revenues(1)
|
$1,515 - $1,520 million | $1,184 million | 28% |
Change in subscription deferred revenue, unbilled receivables and customer deposits | $790 million | $643 million | |
Non-GAAP subscription billings(1)
|
$2,305 - $2,310 million | $1,828 million | 26% |
Note: Includes negative impact of foreign currency of $2 million Includes negative impact of billings duration of $7 million |
|||
cRPO Year-over-year growth | 27% | ||
Note: Includes negative impact of foreign currency of 150 bps | |||
GAAP operating margin | 2% | ||
Stock-based compensation expense as % of total revenues | 18% | ||
Amortization of purchased intangibles as % of total revenues | 1% | ||
Business combination and other related costs as % of total revenues | 0% | ||
Non-GAAP operating margin | 22% | ||
GAAP weighted-average shares used to compute net income per share - diluted | 203 million | ||
Effects of in-the-money portion of convertible senior notes(2)
|
(1) million | ||
Non-GAAP weighted-average shares used to compute net income per share - diluted | 203 million | ||
Twelve Months Ended | |||
December 31, 2021 | December 31, 2020 | Growth Rates | |
GAAP subscription revenues(1)
|
$5,565 - $5,570 million | $4,286 million | 30% |
Note: Includes foreign currency benefit of $91 million | |||
GAAP subscription revenues(1)
|
$5,565 - $5,570 million | $4,286 million | 30% |
Change in subscription deferred revenue, unbilled receivables and customer deposits | $814 million | $696 million | |
Non-GAAP subscription billings(1)
|
$6,379 - $6,384 million | $4,982 million | 28% |
Note: Includes foreign currency benefit of $90 million Includes positive impact of billings duration of $18 million |
|||
GAAP subscription gross margin | 82% | ||
Stock-based compensation expense as % of subscription revenues | 2% | ||
Amortization of purchased intangibles as % of subscription revenues | 1% | ||
Non-GAAP subscription margin | 85% | ||
GAAP operating margin | 4% | ||
Stock-based compensation expense as % of total revenues | 19% | ||
Amortization of purchased intangibles as % of total revenues | 1% | ||
Business combination and other related costs as % of total revenues | 0% | ||
Non-GAAP operating margin | 25.0% | ||
GAAP net cash provided by operating activities as % of total revenues | 37% | ||
Purchases of property and equipment as % of total revenues | (7%) | ||
Repayments of convertible senior notes attributable to debt discount as % of total revenues | 0% | ||
Business combination and other related costs as % of total revenues | 1% | ||
Non-GAAP free cash flow margin | 31.5% | ||
GAAP weighted-average shares used to compute net income per share - diluted | 202 million | ||
Effects of in-the-money portion of convertible senior notes(2)
|
(1) million | ||
Non-GAAP weighted-average shares used to compute net income per share - diluted | 202 million |