This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

ServiceSource Reports Second Quarter 2013 Financial Results

ServiceSource ® (Nasdaq: SREV), the global leader in recurring revenue management, today announced its financial results for the second quarter ended June 30, 2013.
  • Total subscription bookings up nearly 40% quarter-over-quarter
  • Revenue: $67.7 million
  • Adjusted EBITDA: $4.4 million
  • Record amount of cash and short term investments: $132 million
  • Four new Renew OnDemand subscription deals signed

“The outperformance of our cloud offering, Renew OnDemand, combined with our managed services, drove strong performance for ServiceSource this quarter,” said Mike Smerklo, ServiceSource’s Chairman and Chief Executive Officer. “As our results demonstrate, ServiceSource has gained momentum in the first half of the year.”

“We’re proud to announce that Dell is live on Renew OnDemand as part of a global implementation,” added Mr. Smerklo, “Dell is building solutions and partnering with leading companies to leverage the cloud and big data as part of their strategy to get closer to their customers.”

Revenue for the second quarter of fiscal 2013 was $67.7 million, a 13% increase over the $59.7 million delivered in the same period of 2012.

Adjusted EBITDA in the quarter was $4.4 million, compared with $4.5 million for the same period last year.

GAAP net loss in the quarter was $4.9 million, or $0.06 per share, compared with a net loss of $36.8 million, or $0.50 per share for the same period last year. GAAP net loss for 2012 reflects a $33.1 million one-time, non-cash charge related to a valuation allowance applied to our deferred tax assets.

Non-GAAP net income in the quarter was $1.5 million, or $0.02 per diluted share, compared with a net income of approximately $1.5 million, or $0.02 per diluted share for the same period last year.

A reconciliation of GAAP to non-GAAP financial measures has been provided in the financial statement tables included in this press release.

1 of 4

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $93.99 0.00%
FB $102.01 0.00%
GOOG $682.40 0.00%
TSLA $151.04 0.00%
YHOO $27.04 0.00%


Chart of I:DJI
DOW 15,973.84 +313.66 2.00%
S&P 500 1,864.78 +35.70 1.95%
NASDAQ 4,337.5120 +70.6750 1.66%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs