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ServiceSource Reports Third Quarter 2013 Financial Results

ServiceSource ® (Nasdaq: SREV), the global leader in recurring revenue management, today announced its financial results for the third quarter ended September 30, 2013.
  • Revenue: $66.5 million
  • Adjusted EBITDA: $5.3 million
  • Record amount of cash and short term investments: $278.3 million
  • Three new Renew OnDemand subscription deals signed
  • Total subscription bookings up over 300% year-over-year

"During the third quarter, ServiceSource delivered solid progress in several key areas of the business, contributing to revenue and profitability that met or exceeded the high-end of guidance,” said Mike Smerklo, ServiceSource’s Chairman and Chief Executive Officer. “The shift to the Recurring Revenue Economy has accelerated adoption of our Renew OnDemand application, evidenced by a 300% year over year increase in subscription bookings.”

Revenue for the third quarter of fiscal 2013 was $66.5 million, a 13% increase over the $59.1 million delivered in the same period of 2012.

Adjusted EBITDA in the quarter was $5.3 million, compared with $4.8 million for the same period last year.

GAAP net loss in the quarter was $5.5 million, or $0.07 per share, compared with a net loss of $3.6 million, or $0.05 per share for the same period last year.

Non-GAAP net income in the quarter was $2.0 million, or $0.02 per diluted share, compared with a net income of approximately $1.9 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.

Quarterly Conference Call

ServiceSource will discuss its quarterly results and provide third quarter financial guidance today via teleconference at 1:30 p.m. Pacific Time. To access the call within the U.S., please dial (877) 293-5486, or outside the U.S. (914) 495-8592, at least five minutes prior to the start time. A live webcast of the call will also be available at http://ir.servicesource.com/events.cfm under the Events & Presentations menu. A replay of the webcast will also be available on the Company's website at http://ir.servicesource.com.

About ServiceSource International, Inc.

ServiceSource International, Inc. (NASDAQ: SREV) is the global leader in recurring revenue management. Renew OnDemand™, the only cloud application built specifically to grow recurring revenue, automates a highly valuable but typically manual business process. By leveraging big data to give companies a complete view of their customers, Renew OnDemand and our proven services drive higher subscription, maintenance, and support revenue, improved customer retention, and increased business predictability.

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