This Day On The Street
Continue to site
ADVERTISEMENT
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 Fourth Quarter And Full Year 2013 Financial Results

ServiceSource ® (Nasdaq: SREV), the global leader in recurring revenue management, today announced financial results for the fourth quarter and fiscal year ended December 31, 2013.

  • Reported fourth quarter revenue of $77.2 million and full year revenue of $272.5 million, up 15% and 12% year-over-year, respectively
  • Achieved 2013 adjusted EBITDA of $17.7 million and non-GAAP EPS of $0.06 per diluted share
  • Generated Free Cash Flow of $11.0 million in 2013, ending the year with a cash balance of over $275.1 million
  • Announced 15 customers live on Renew OnDemand
  • Entered 2014 with ARR of $31 million, up 235% year-over-year, with the acquisition of Scout Analytics

"Growth in subscription sales in 2013 plus the addition of Scout Analytics™ allows ServiceSource to enter 2014 with 235% growth in ARR for our subscription business," said Mike Smerklo, Chairman & CEO of ServiceSource. “We now offer the most comprehensive portfolio of cloud applications and managed services, and are excited about the opportunities ahead and confident in our ability to help the world’s largest and most successful B2B companies maximize subscription and recurring revenues across the customer lifecycle."

Revenue was $77.2 million in the fourth quarter, representing a 15% increase over the $67.3 million delivered in the prior year. Revenue for the full year 2013 was $272.5 million, up 12% from $243.7 million in 2012.

For the fourth quarter of fiscal year 2013, adjusted EBITDA was $8.6 million, compared with $8.3 million for the same period last year. GAAP net loss in the quarter was $2.0 million, or $0.02 per share, compared with loss of $1.2 million, or $0.02 per share for the same period last year. Non-GAAP net income in the quarter was $3.2 million compared with $3.6 million for the same period last year. Non-GAAP EPS was $0.04 per diluted share, compared with $0.05 per diluted share for the same period last year.

1 of 6

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
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 18,080.14 +21.45 0.12%
S&P 500 2,117.69 +4.76 0.23%
NASDAQ 5,092.0850 +36.0220 0.71%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs