0001310114-18-000024.txt : 20180806 0001310114-18-000024.hdr.sgml : 20180806 20180806160641 ACCESSION NUMBER: 0001310114-18-000024 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20180806 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20180806 DATE AS OF CHANGE: 20180806 FILER: COMPANY DATA: COMPANY CONFORMED NAME: SERVICESOURCE INTERNATIONAL, INC. CENTRAL INDEX KEY: 0001310114 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-BUSINESS SERVICES, NEC [7389] IRS NUMBER: 810578975 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-35108 FILM NUMBER: 18994774 BUSINESS ADDRESS: STREET 1: 717 17TH STREET STREET 2: 5TH FLOOR CITY: DENVER STATE: CO ZIP: 80222 BUSINESS PHONE: 7208898500 MAIL ADDRESS: STREET 1: 717 17TH STREET STREET 2: 5TH FLOOR CITY: DENVER STATE: CO ZIP: 80222 FORMER COMPANY: FORMER CONFORMED NAME: SERVICESOURCE INTERNATIONAL LLC DATE OF NAME CHANGE: 20041129 8-K 1 pressrelease6302018.htm 8-K Document


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
________________
FORM 8-K
________________
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of report (Date of earliest event reported): August 6, 2018
servicesourcelogo.jpg
________________
ServiceSource International, Inc.
(Exact name of Registrant as specified in its charter)
________________
Delaware
 
001-35108
 
81-0578975
(State or other jurisdiction
of incorporation)
 
(Commission
File Number)
 
(IRS Employer
Identification No.)

717 17th Street, 5th Floor
Denver, CO 80202
(Address of principal executive offices, including zip code)
(720) 889-8500
(Registrant's telephone number, including area code)
________________
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the Registrant under any of the following provisions:
o
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))





Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company o
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Item 2.02 Results of Operations and Financial Condition.
On August 6, 2018, ServiceSource International, Inc. issued a press release announcing its results for the quarter ending June 30, 2018. A copy of the press release is attached as Exhibit 99.1 to this current report on Form 8-K and is incorporated by reference herein.
The information contained in Item 2.02 of this current report on Form 8-K and the Exhibit 99.1 attached hereto shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act") or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, regardless of any general incorporation language in such filing.
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
Effective August 1, 2018, Barry D. Reynolds resigned from the Company’s Board of Directors. Mr. Reynolds does not have any disagreement with the Company on any matter relating to the Company’s operations, policies, or practices, and resigned for personal reasons. Concurrently with the resignation of Mr. Reynolds, the Board of Directors decreased the size of the Board from eight members to seven members. 
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
 
Press release dated August 6, 2018 and entitled "ServiceSource Reports Second Quarter 2018 Financial Results"

EXHIBIT INDEX
Exhibit
Number
 
Description
 
Press release dated August 6, 2018 and entitled "ServiceSource Reports Second Quarter 2018 Financial Results"







SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date:
August 6, 2018
 
 
 
 
 
 
 
 
 
 
 
 
 
SERVICESOURCE INTERNATIONAL, INC.
 
 
 
 
 
 
 
By: /s/ PATRICIA ELIAS
 
 
 
Name : Patricia Elias
 
 
 
Title : Executive Vice President, General Counsel






EX-99.1 2 srev6302018exhibit991.htm EXHIBIT 99.1 Exhibit


ServiceSource Reports Second Quarter 2018 Financial Results
Strong Execution Drives Outperformance Relative to Guidance
Full-Year Outlook Reaffirmed

DENVER, August 6, 2018 - ServiceSource (NASDAQ: SREV), a global leader in outsourced inside sales, customer success and recurring revenue growth and retention solutions, today announced financial results for the three months ended June 30, 2018.

“ServiceSource had another solid quarter that exceeded our top and bottom line expectations, as our teams delivered impressive results for our clients and executed well against our strategic priorities,” said Christopher M. Carrington, CEO of ServiceSource. “We turned in revenue growth that showed strong sequential acceleration, secured more great new logos and valuable client expansions and added to our inside sales and customer success portfolio. Throughout the business, we are seeing continued positive momentum that reaffirms our outlook for the full-year.”

Key Financial Results
GAAP revenue for Q2 2018 was $61.1 million, an increase of 4.9%, compared with $58.3 million reported for Q2 2017.
GAAP net loss for Q2 2018 was $8.9 million or $0.10 per diluted share, favorable compared with GAAP net loss of $13.1 million or $0.15 per diluted share reported for Q2 2017.
Non-GAAP net income for Q2 2018 was $0.8 million or $0.01 per diluted share, compared with non-GAAP net income of $1.5 million or $0.02 per diluted share reported for Q2 2017.
Adjusted EBITDA for Q2 2018 was $3.2 million, compared with $4.7 million reported for Q2 2017.

A reconciliation of GAAP to non-GAAP financial measures is provided following the Consolidated Financial Statement tables contained within this press release.

Key Business Highlights
Solid Q2 sales results with 19 transactions, including 16 expansions and three new logo wins.
Strong uptake for the high growth solutions portfolio, with more than half of new sales transaction value generated from inside sales and customer success.
Over 60% of revenue from clients with multi-year agreements.
Nearly 50% year-over-year growth in team size across the Manila, Sofia, Kuala Lumpur and Okinawa locations.
Key leadership addition with appointment of Denzil Samuels to the role of Chief Marketing and Growth Officer.






Third Quarter 2018 Outlook
For Q3 2018, ServiceSource is providing the following guidance:
Revenue of $60.0 million to $61.0 million.
GAAP net loss per share of $0.03 to $0.04; non-GAAP net income per share of $0.01 to $0.02.
Adjusted EBITDA of $3.5 million to $4.5 million.

Fiscal 2018 Outlook
ServiceSource is reaffirming the following full-year guidance metrics that are based on a number of assumptions that management believes are reasonable at the time of this earnings release:
Revenue of $246.0 million to $249.0 million.
GAAP gross margin of 34.0% to 35.0%; non-GAAP gross margin of 36.5% to 37.5%.
GAAP operating expenses of 37.9% to 38.7%; non-GAAP operating expenses of 32.0% to 32.5%.
GAAP net loss of $18.8 million to $21.8 million; non-GAAP net income of $8.0 million to $10.0 million.
GAAP net loss per share of $0.20 to $0.24; non-GAAP net income per share of $0.09 to $0.11.
Adjusted EBITDA of $19.0 million to $22.0 million.

Please see the second quarter 2018 Earnings Call Deck on the Events and Presentations section of the Investor Relations website (http://ir.servicesource.com/events-and-presentations) for a reconciliation between GAAP and non-GAAP measures in our guidance.

Quarterly Conference Call
ServiceSource will discuss its second quarter 2018 results and 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. Conference ID number: 7659649. In addition, a live webcast of the call will also be available on the Investor Relations section of the ServiceSource website under Events and Presentations. A replay of the webcast will also be available on the Company's website at http://ir.servicesource.com.






Forward-Looking Statements
This press release contains forward-looking statements, including statements regarding our expectations for financial and operational performance, whether our go-forward model will produce anticipated benefits, and whether our improved execution and emerging capabilities will translate into desired results. These forward-looking statements are based on our current assumptions and beliefs, and involve risks and uncertainties that could cause our results to differ materially from our forward-looking statements. Those risks and uncertainties include: a decline in client renewals, the loss of one or more of our key clients or the contraction in our revenue from one or more of our key clients, in each case resulting in churn, or our clients not expanding their relationships with us; the risk of problems implementing our technologies or that our technologies will not meet customer expectations; that the market for our solution is underdeveloped and may not grow; errors in estimates as to the renewal rate improvements and/or service revenue we can generate for our customers; changes in market conditions that impact our ability to sell our solutions and/or generate service revenue on our customers' behalf; the possibility that our estimates of service revenue, opportunity under management, and other metrics may prove inaccurate; our ability to keep customer data and other confidential information secure; our ability to adapt our solution to changes in the market or new competition; problems encountered by our clients in their business that may cause them to cancel or reduce their business with us; our ability to achieve our expected benefits from international expansion; economic or other adverse events or conditions affecting the technology industry; our ability to protect our intellectual property rights; the risk of claims that our offerings infringe the intellectual property rights of others; and other risks and uncertainties described more fully in our periodic reports filed with the Securities and Exchange Commission, which can be obtained online at the Commission's website at http://www.sec.gov. All forward-looking statements in this press release are based on information currently available to us, and except as may be legally required we assume no obligation to update these forward-looking statements.

About ServiceSource
ServiceSource International, Inc. (NASDAQ:SREV) helps the world’s leading brands grow closer to their customers. As a global leader in outsourced inside sales, customer success and recurring revenue growth and retention solutions, ServiceSource expands customer lifetime value by helping companies to more efficiently and effectively find, convert, grow and retain their B2B customer relationships. Trusted by global market leaders in the cloud/XaaS, software, technology hardware, medical device & diagnostic equipment and industrial IoT sectors, ServiceSource sells, manages or renews $9 billion of revenue annually on behalf of its clients. Leveraging a robust technology suite, predictive data models and more than 3,000 revenue delivery professionals speaking 45 languages, only ServiceSource brings to market nearly 20 years of expertise and the ability to drive recurring revenue growth to more than 170 countries. To learn more, visit http://www.servicesource.com.

Connect with ServiceSource:
http://www.facebook.com/ServiceSource
http://twitter.com/servicesource
http://www.linkedin.com/company/servicesource
http://www.youtube.com/user/ServiceSourceMKTG










ServiceSource International, Inc.
Condensed Consolidated Statements of Operations
(in thousands, except per share amounts)
(unaudited)
 
 
 
 
 
 
 
 
 
For the Three Months Ended
June 30,
 
For the Six Months Ended
June 30,
 
2018
 
2017
 
2018
 
2017
Net revenue
$
61,111

 
$
58,262

 
$
119,696

 
$
114,970

Cost of revenue(1)
42,463

 
39,517

 
84,187

 
80,926

Gross profit
18,648

 
18,745

 
35,509

 
34,044

Operating expenses:
 
 
 
 
 
 
 
Sales and marketing(1)
9,252

 
8,620

 
18,490

 
16,960

Research and development(1)
1,780

 
1,243

 
3,296

 
3,485

General and administrative(1)
13,157

 
13,505

 
26,046

 
27,486

Restructuring and other(1)
156

 
5,715

 
209

 
5,715

Total operating expenses
24,345

 
29,083

 
48,041

 
53,646

Loss from operations
(5,697
)
 
(10,338
)
 
(12,532
)
 
(19,602
)
Interest expense and other, net
(2,776
)
 
(2,646
)
 
(5,622
)
 
(4,717
)
Impairment loss on investment securities

 

 
(1,958
)
 

Loss before income taxes
(8,473
)
 
(12,984
)
 
(20,112
)
 
(24,319
)
Provision for income tax expense
(414
)
 
(117
)
 
(427
)
 
(406
)
Net loss
$
(8,887
)
 
$
(13,101
)
 
$
(20,539
)
 
$
(24,725
)
Net loss per share, basic and diluted
$
(0.10
)
 
$
(0.15
)
 
$
(0.23
)
 
$
(0.28
)
Weighted average common shares outstanding, basic and diluted
91,323

 
88,813

 
90,843

 
88,600

 
 
 
 
 
 
 
 
(1) Reported amounts includes stock-based compensation expense as follows:
 
 
 
 
 
 
 
 
 
 
 
For the Three Months Ended
June 30,
 
For the Six Months Ended
June 30,
 
2018
 
2017
 
2018
 
2017
Cost of revenue
$
279

 
$
294

 
$
558

 
$
584

Sales and marketing
833

 
970

 
1,719

 
1,852

Research and development
58

 
(35
)
 
122

 
65

General and administrative
2,257

 
2,466

 
4,139

 
4,411

Total stock-based compensation
$
3,427

 
$
3,695

 
$
6,538

 
$
6,912







ServiceSource International, Inc.
Condensed Consolidated Balance Sheets
(in thousands)
(unaudited)
 
 
 
 
 
June 30, 2018
 
December 31, 2017
Assets
 
 
 
Current assets:
 
 
 
Cash and cash equivalents
$
184,320

 
$
51,389

Short-term investments

 
137,181

Accounts receivable, net
50,583

 
56,516

Prepaid expenses and other
6,081

 
6,112

Total current assets
240,984

 
251,198

 
 
 
 
Property and equipment, net
34,471

 
34,119

Contract acquisition costs
3,294

 

Deferred income taxes, net of current portion
68

 
70

Goodwill and intangible assets, net
6,334

 
6,419

Other assets
4,252

 
3,566

Total assets
$
289,403

 
$
295,372

 
 
 
 
Liabilities and Stockholders’ Equity
 
 
 
Current liabilities:
 
 
 
Accounts payable
$
2,219

 
$
4,574

Accrued taxes
165

 
651

Accrued compensation and benefits
17,517

 
19,257

Convertible notes, net
149,091

 
144,167

Deferred revenue

 
1,282

Accrued expenses
6,433

 
6,625

Other current liabilities
4,696

 
2,104

Total current liabilities
180,121

 
178,660

 
 
 
 
Other long-term liabilities
5,903

 
4,603

Total liabilities
186,024

 
183,263

 
 
 
 
Stockholders’ equity:
 
 
 
Common stock
8

 
8

Treasury stock
(441
)
 
(441
)
Additional paid-in capital
366,125

 
359,347

Accumulated deficit
(263,037
)
 
(246,207
)
Accumulated other comprehensive income (loss)
724

 
(598
)
Total stockholders’ equity
103,379

 
112,109

Total liabilities and stockholders’ equity
$
289,403

 
$
295,372










ServiceSource International, Inc.
Condensed Consolidated Statements of Cash Flows
(in thousands)
(unaudited)
 
For the Six Months Ended June 30,
 
2018
 
2017
Cash flows from operating activities:
 
 
 
Net loss
$
(20,539
)
 
$
(24,725
)
Adjustments to reconcile net loss to net cash provided by operating activities:
 
 
 
Depreciation and amortization
9,744

 
10,801

Amortization of debt discount and issuance costs
4,923

 
4,557

Amortization of contract acquisition costs
930

 

Amortization of premium on short-term investments
(1,197
)
 
(114
)
Deferred income taxes

 
148

Stock-based compensation
6,538

 
6,912

Restructuring and other
482

 
2,901

Impairment loss on investment securities
1,958

 

Other
56

 

Changes in operating assets and liabilities:
 
 
 
Accounts receivable, net
5,593

 
12,239

Deferred revenue
174

 
(1,119
)
Prepaid expenses and other
(434
)
 
(37
)
Contract acquisition costs
(878
)
 

Accounts payable
(2,515
)
 
(825
)
Accrued taxes
(472
)
 
(664
)
Accrued compensation and benefits
(1,647
)
 
(5,164
)
Accrued expenses
(1,339
)
 
(1,508
)
Other liabilities
1,025

 
(364
)
Net cash provided by operating activities
2,402

 
3,038

Cash flows from investing activities:
 
 
 
Acquisition of property and equipment
(7,268
)
 
(9,080
)
Purchases of short-term investments
(480
)
 
(37,806
)
Sales of short-term investments
133,920

 
33,457

Maturities of short-term investments
4,240

 
3,025

Net cash provided by (used in) investing activities
130,412

 
(10,404
)
Cash flows from financing activities:
 
 
 
Repayment on capital lease obligations
(156
)
 
(34
)
Proceeds from issuance of common stock
447

 
616

Payments related to minimum tax withholdings on restricted stock unit releases
(417
)
 
(322
)
Net cash (used in) provided by financing activities
(126
)
 
260

Net increase/(decrease) in cash, cash equivalents and restricted cash
132,688

 
(7,106
)
Effect of exchange rate changes on cash, cash equivalents and restricted cash
243

 
(922
)
Cash, cash equivalents and restricted cash, beginning of period
52,633

 
48,936

Cash, cash equivalents and restricted cash, end of period
$
185,564

 
$
40,908






Use of Non-GAAP Financial Measures
To supplement its Condensed Consolidated Financial Statements presented in accordance with generally accepted accounting principles, or GAAP, ServiceSource provides investors with non-GAAP gross profit, net income (loss), net income (loss) per diluted share and Adjusted EBITDA. A reconciliation of these non-GAAP financial measures to the closest GAAP financial measure is presented in the financial tables below under the heading, "GAAP to Non-GAAP Reconciliation."
ServiceSource believes non-GAAP financial information provided in this release can assist investors in understanding and assessing its on-going core operations and prospects for the future and provides an additional tool for investors to use in comparing ServiceSource's financial results with other companies in the industry, many of which present similar non-GAAP financial measures to investors.
Non-GAAP gross profit consists of gross profit plus adjustments to stock-based compensation, amortization of internally-developed software and amortization of purchased intangible assets.
Non-GAAP net income (loss) consists of net income (loss) plus stock-based compensation, amortization of internally-developed software, amortization of purchased intangible assets, restructuring and other related costs, impairment loss on investment securities, amortization of contract acquisition costs related to the initial adoption of ASC 606, non-cash interest expense and applying an income tax rate of 26.5% and 40.0% as of June 30, 2018 and June 30, 2017, respectively, on non-GAAP adjustments as well as the impact of normalizing the effective income tax rate. Stock-based compensation expense is expected to vary depending on the number of new grants issued, changes in the Company's stock price, stock market volatility, expected option lives and risk-free interest rates, all of which are difficult to estimate.
EBITDA consists of net income (loss) plus depreciation and amortization, interest expense and other income/(expense), and income tax benefit (expense). Adjusted EBITDA consists of EBITDA plus non-cash stock-based compensation expense, amortization of contract acquisition costs related to the initial adoption of ASC 606, restructuring and other related costs and impairment loss on investment securities. ServiceSource uses Adjusted EBITDA as a measure of operating performance because it assists the Company in comparing performance on a consistent basis, as it removes the impact of the Company's capital structure and other non-cash or non-recurring items from operating results.
These non-GAAP measures should not be considered a substitute for, or superior to, financial measures calculated in accordance with GAAP.













ServiceSource International, Inc.
GAAP To Non-GAAP Reconciliation
(in thousands, except per share amounts)
(unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
 
For the Three Months Ended
June 30,
 
For the Six Months Ended
June 30,
 
 
 
 
2018
 
2017
 
2018
 
2017
Net revenue
 
 
 
 
 
   GAAP net revenue
 
$
61,111

 
$
58,262

 
$
119,696

 
$
114,970

  Non-GAAP net revenue
 
$
61,111

 
$
58,262

 
$
119,696

 
$
114,970

 
 
 
 
 
 
 
 
 
 
 
Gross profit
 
 
 
 
 
 
 
 
   GAAP gross profit
 
$
18,648

 
$
18,745

 
$
35,509

 
$
34,044

   Non-GAAP adjustments:
 
 
 
 
 
 
 
 
 
Stock-based compensation
(A)
279

 
294

 
558

 
584

 
Amortization of internally-developed software
(B)
2,830

 
2,986

 
5,509

 
5,483

 
Amortization of purchased intangible assets
(C)

 
247

 
55

 
494

  Non-GAAP gross profit
 
$
21,757

 
$
22,272

 
$
41,631

 
$
40,605

 
 
 
 
 
 
 
 
 
 
 
Gross profit %
 
 
 
 
 
 
 
 
   GAAP gross profit
 
30.5
%
 
32.2
%
 
29.7
%
 
29.6
%
   Non-GAAP adjustments:
 
 
 
 
 
 
 
 
 
Stock-based compensation
(A)
0.5
%
 
0.5
%
 
0.5
%
 
0.5
%
 
Amortization of internally-developed software
(B)
4.6
%
 
5.1
%
 
4.6
%
 
4.8
%
 
Amortization of purchased intangible assets
(C)
%
 
0.4
%
 
%
 
0.4
%
  Non-GAAP gross profit
 
35.6
%
 
38.2
%
 
34.8
%
 
35.3
%
Certain totals do not add due to rounding
 
 
 
 
 
 
 
 
Operating expenses:
 
 
 
 
 
 
 
 
GAAP operating expenses
 
$
24,345

 
$
29,083

 
$
48,041

 
$
53,646

Non-GAAP adjustments:
 
 
 
 
 
 
 
 
Stock-based compensation
(A)
(3,148
)
 
(3,401
)
 
(5,980
)
 
(6,328
)
Amortization of internally-developed software
(B)
(214
)
 
(378
)
 
(367
)
 
(676
)
Amortization of purchased intangible assets
(C)

 
(131
)
 
(30
)
 
(263
)
Restructuring and other
(D)
(156
)
 
(5,715
)
 
(209
)
 
(5,715
)
Amortization of contract acquisition costs - ASC 606 initial adoption
(F)
(420
)
 

 
(846
)
 

Non-GAAP operating expenses
 
$
20,407

 
$
19,458

 
$
40,609

 
$
40,664

 
 
 
 
 
 
 
 
 
Net income (loss)
 
 
 
 
 
 
 
 
  GAAP net loss
 
$
(8,887
)
 
$
(13,101
)
 
$
(20,539
)
 
$
(24,725
)
   Non-GAAP adjustments:
 
 
 
 
 
 
 
 
 
Stock-based compensation
(A)
3,427

 
3,695

 
6,538

 
6,912

 
Amortization of internally-developed software
(B)
3,044

 
3,363

 
5,876

 
6,159

 
Amortization of purchased intangible assets
(C)

 
378

 
85

 
756

 
Restructuring and other
(D)
156

 
5,715

 
209

 
5,715

 
Impairment loss on investment securities
(E)

 

 
1,958

 

 
Amortization of contract acquisition costs -ASC 606 initial adoption
(F)
420

 

 
846

 

 
Non-cash interest expense
(G)
2,502

 
2,316

 
4,932

 
4,557

 
Income tax effect on non-GAAP adjustments and impact of normalizing the effective income tax rate
(H)
129

 
(876
)
 
339

 
494

Non-GAAP net income (loss)
 
$
791

 
$
1,490

 
$
244

 
$
(132
)
 
 
 
 
 
 
 
 
 
Diluted net income (loss) per share
 
 
 
 
 
 
 
 
  GAAP net loss per share
 
$
(0.10
)
 
$
(0.15
)
 
$
(0.23
)
 
$
(0.28
)
   Non-GAAP adjustments:
 
 
 
 
 
 
 
 
 
Stock-based compensation
(A)
0.04

 
0.04

 
0.07

 
0.08

 
Amortization of internally-developed software
(B)
0.03

 
0.04

 
0.06

 
0.07

 
Amortization of purchased intangible assets
(C)
0.00

 
0.00

 
0.00

 
0.01

 
Restructuring and other
(D)
0.00

 
0.06

 
0.00

 
0.06

 
Impairment loss on investment securities
(E)
0.00

 
0.00

 
0.02

 
0.00

 
Amortization of contract acquisition costs -ASC 606 initial adoption
(F)
0.00

 
0.00

 
0.01

 
0.00

 
Non-cash interest expense
(G)
0.03

 
0.03

 
0.05

 
0.05

 
Income tax effect on non-GAAP adjustments and impact of normalizing the effective income tax rate
(H)
0.00

 
(0.01
)
 
0.00

 
0.01

  Non-GAAP diluted net income (loss) per share
 
$
0.01

 
$
0.02

 
$
0.00

 
$
0.00

Certain totals do not add due to rounding
 
 
 
 
 
 
 
 
Shares used in calculating diluted net loss per share on a non-GAAP basis
(I)
91,323

 
88,813

 
90,843

 
88,600







Footnotes to GAAP to Non-GAAP Reconciliation                
(A) Stock-based compensation. Included in our GAAP presentation of cost of revenue and operating expenses, stock-based compensation consists of expenses for stock options, awards and purchase rights under our stock purchase plan. We exclude stock-based compensation expense from our non-GAAP measures because some investors may view it as not reflective of our core operating performance as it is a non-cash expense.
(B) Amortization of internally-developed software. Included in our GAAP presentation of cost of revenue and operating expenses, amortization of internally-developed software reflects non-cash expense for certain software purchases and software developed or obtained for internal use. We exclude these expenses from our non-GAAP measures because we believe they are not indicative of our core operating performance.
(C) Amortization of purchased intangibles. Included in our GAAP presentation of gross margin and operating expenses is amortization of purchased intangible assets. We believe amortization of acquisition-related intangible assets, such as the amortization of the cost associated with an acquired company’s research and development efforts, trade names and customer relationships, are items arising from pre-acquisition activities and therefore are properly determined at the time of an acquisition. Although these intangible assets are continually evaluated for impairment, amortization of the cost of purchased intangibles is a static expense, one that is not typically affected by operations during any particular period.
(D) Restructuring and other. Included in our GAAP presentation, we incurred expenses related to our restructuring effort to better align our cost structure with current revenue levels. Restructuring and other expenses consist primarily of stock-based compensation related to the accelerated vesting of certain equity awards, employees' severance payments, related employee benefits, related legal fees, asset impairment charges and charges related to leases and other contract termination costs. These are one-time in nature costs that are not indicative of our core operating performance.
(E) Impairment loss on investment securities. Included in our GAAP presentation, this impairment of available-for-sale investment securities is equal to the difference between the fair value and amortized cost basis of the securities and was recognized in net loss (amounts were previously recorded in Other comprehensive income (loss) as an unrealized loss) due to our intent to sell these securities to repay our $150.0 million convertible notes due August 1, 2018. This charge is not related to or indicative of our ongoing core operating performance.
(F) Amortization of contract acquisition costs - ASC 606 initial adoption. Upon adoption of Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers (Topic 606) (“ASU 606”) using the modified retrospective approach, we capitalized approximately $3.3 million of previously expensed sales commissions from 2015, 2016 and 2017. Amortization of these amounts are included in our GAAP presentation as sales and marketing expense. We believe this non-cash amortization expense is not related to or indicative of our current or future operating performance.
(G) Non-cash interest expense. Under GAAP, we are required to separately account for liability (debt) and equity (conversion option) components of the $150.0 million convertible senior notes that were issued in August 2013. Accordingly, for GAAP purposes we are required to recognize effective interest expense on our convertible senior notes which includes interest cost related to the amortization of debt issuance costs and the contractual 1.5% interest rate of the note. The difference between the effective interest rate expense and the contractual interest rate expense is excluded from our assessment of our operating performance because we believe that this non-cash expense is not indicative of ongoing operating performance. We believe that the exclusion of the non-cash interest expense provides investors a view of our core operating performance.
(H) Income tax effect on non-GAAP adjustments as well as the impact of normalizing the effective income tax rate. This adjusts (i) the provision for income taxes to reflect the effect of the non-GAAP items A, B, C, D, E, F, and G noted above on our non-GAAP net loss; and (ii) the income tax rate to a normalized effective tax rate of 26.5% for the three and six months ended June 30, 2018 and 40.0% for the three and six months ended June 30, 2017, respectively.
(I) Shares used in calculating diluted net income (loss) per share on a non-GAAP basis. Due to net losses in both periods, the share count for basic and diluted earnings per share is the same.













ServiceSource International, Inc.
Reconciliation of Net Loss to Adjusted EBITDA
(in thousands)
(unaudited)
 
For the Three Months Ended
June 30,
 
For the Six Months Ended
June 30,
 
2018
 
2017
 
2018
 
2017
Net loss
$
(8,887
)
 
$
(13,101
)
 
$
(20,539
)
 
$
(24,725
)
Provision for income tax expense
414

 
117

 
427

 
406

Interest expense and other, net
2,776

 
2,646

 
5,622

 
4,717

Depreciation and amortization
4,941

 
5,669

 
9,744

 
10,775

EBITDA
(756
)
 
(4,669
)
 
(4,746
)
 
(8,827
)
Stock-based compensation
3,427

 
3,695

 
6,538

 
6,912

Amortization of contract acquisition asset costs - ASC 606 initial adoption
420

 

 
846

 

Restructuring and other
156

 
5,715

 
209

 
5,715

Impairment loss on investment securities

 

 
1,958

 

Adjusted EBITDA
$
3,247

 
$
4,741

 
$
4,805

 
$
3,800


Our total depreciation and amortization expense was comprised of the following (in thousands):
 
 For the Three Months Ended June 30,
 
For the Six Months Ended June 30,
 
2018
 
2017
 
2018
 
2017
Purchased intangible asset amortization
$

 
$
378

 
$
85

 
$
756

Internally developed software amortization
3,044

 
3,363

 
5,876

 
6,159

Property and equipment depreciation
1,897

 
1,928

 
3,783

 
3,860

Depreciation and amortization
4,941

 
5,669

 
9,744

 
10,775

Adjustments and other

 
401

 

 
26

Total depreciation and amortization
$
4,941

 
$
6,070

 
$
9,744

 
$
10,801










Investor Relations Contact for ServiceSource:
Chad Lyne
ServiceSource International, Inc.


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