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ServiceSource Reports First Quarter 2014 Financial Results

ServiceSource ® (Nasdaq: SREV), the global leader in recurring revenue management, today announced financial results for the first quarter ended March 31, 2014.
  • Reported first quarter Non-GAAP revenue of $67.3 million, up 10% year-over-year
  • Reported adjusted EBITDA loss of $6.4 million and non-GAAP EPS of $0.07 loss per diluted share
  • Generated Free Cash Flow of $1.3 million, ending the quarter with cash, cash equivalents and short-term investments balance of over $246.3 million

“Revenue this quarter came in below our expectations and we are moving aggressively to implement operational changes that will better align us with our customers,” said Mike Smerklo, Chairman & CEO of ServiceSource. “Our market opportunity and value proposition remain strong, as shown by several significant expansions in the quarter. To strengthen execution in each of our businesses, we will implement measures to better align our go-to-market engine and increase the effectiveness of our internal operations.”

GAAP revenue was $66.8 million in the first quarter, representing a 9% increase over the $61.1 million delivered in the prior year. Non-GAAP revenue, which excludes the impact of the reduction of deferred revenue in connection with our acquisition of Scout Analytics, was $67.3 million, reflecting a 10% increase over prior year.

For the first quarter of fiscal year 2014, adjusted EBITDA was a loss of $6.4 million, compared with loss of $0.5 million for the same period last year. GAAP net loss in the quarter was $18.7 million, or $0.23 per share, compared with loss of $10.5 million, or $0.14 per share for the same period last year. Non-GAAP net loss in the quarter was $5.5 million compared with $1.5 million for the same period last year. Non-GAAP EPS was $0.07 loss per diluted share, compared with $0.02 loss per diluted share for the same period last year.

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