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TheStreet Open House

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.

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