I analyzed them a few weeks ago, the main point was that the stock-based compensation kills the operating efficiency of the whole business. The stock grew up more than 13% over the last month and more than 5% over the last 6 months. As we can see, the growth last months is caused by the company's 10Q filling. $NOW, ServiceNow, Inc. / 60 The company changed the definition of the customer, as they said, "to better align to a global standard for business identification and tracking". The company started tracking the different entities of the same company as one customer. Previously they tracked all the entities as the different accounts and therefore customers. The problem is the following: the company announced that as of Sep-2015 it had around 2,804 customers and as of Sep-2014 around 2,176. If we go back to the 10Q filling last year, the total number of customers as of Sep-2014 will be 2,514, which is 15% higher than the figure announced this year. Why do I think this is a problem? If we compare the data in the current 10Q filling, we will have the following:ARPA grew up 15%Cost of revenue per customer grew up by just 4%Sales and marketing expenses per customer grew up 15%Customer acquisition cost went up from $2.1M to $4.6MResearch and development per customer grew up 15% as well Due to my curiosity, I wanted to compare current 10Q report with the one from last year. I got the following interesting results:ARPA grew up 33%Cost of revenue per customer grew up 20%Sales and marketing expenses per customer grew up 33%Customer acquisition cost went up from $2.1M to $0.5MResearch and development per customer grew up 34% as well I think that some operating and financial metrics look better with the data provided in the latest 10Q report. The fact is that margins are still deeply negative and mostly because of the stock-based compensation. I am not sure that the company will fix it in close future, so I will avoid this stock. Perhaps it will change another definition next year, so it will be more difficult to evaluate the metrics. Do you have them in the portfolio?