ServiceSource Reports Second Quarter 2021 Financial Results

Total Revenue of $46.3 million

GAAP Net Loss of $5.1 million; Non-GAAP Net Loss of $1.4 million

Adjusted EBITDA of negative $0.2 million

DENVER--()--ServiceSource (NASDAQ: SREV), the customer journey experience company, today announced financial results for the three months ended June 30, 2021.

“In the second quarter, our alignment to areas of industry growth and strengthening client demand contributed to acceleration throughout our business and a return to sequential revenue growth,” said Gary B. Moore, ServiceSource’s chairman and chief executive officer. “Companies are recognizing and embracing the importance of generating organizational value and positive outcomes across the entire customer journey experience. Our expertise supporting the priorities of recurring revenue business models, combined with our ability to become a seamless extension of our clients’ go-to-market teams, positions us at the forefront of an attractive long-term market shift. We are pleased with our results in the quarter and expect our trajectory to continue to improve through the remainder of the year.”

Key Financial Results – Second Quarter 2021

  • GAAP revenue was $46.3 million, compared with $47.6 million reported for Q2 2020.
  • GAAP net loss was $5.1 million or $0.05 per diluted share, compared with GAAP net loss of $5.4 million or $0.06 per diluted share reported for Q2 2020.
  • Non-GAAP net loss was $1.4 million or $0.01 per diluted share, compared with non-GAAP net loss of $1.2 million or $0.01 per diluted share reported for Q2 2020.
  • Adjusted EBITDA, a non-GAAP financial measure, was negative $0.2 million, compared with negative $0.4 million reported for Q2 2020.
  • Ended the quarter with $34.8 million of cash and cash equivalents and restricted cash and $15.0 million of borrowings under the Company's $40.0 million revolving line of credit.

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

Key Business Highlights – Second Quarter 2021

  • Successfully renewed or extended approximately 97% of the contract value that was up for renewal during the first six months of the year.
  • Delivered another strong quarter of sales activity with an approximately 7% year-over-year increase in new bookings on a trailing twelve-month basis.
  • Announced our second new client win of the year to deploy a revenue retention program for a leader in the SaaS-based team collaboration market and tripled the size and scope of an inside digital sales program for a cloud-based business communications platform provider.
  • Signed expansions with three of our top ten clients each in excess of $1 million of expected contract value.
  • Broadened our virtual-first operating model to scale our U.S. delivery footprint across ten states.

“We are encouraged by the headway we are making in the business and our stronger positioning to capitalize on a large and growing market opportunity for our solutions,” commented Chad Lyne, executive vice president and chief financial officer of ServiceSource. “The strategic changes and investments we have made throughout the company are beginning to enhance our momentum in the marketplace. We continue to see improvement in the trending of our operational KPIs, the health of our client relationships, and the direction of our financial results. We expect to build on this progress and believe we are tracking favorably to report year-over-year revenue growth in the third or fourth quarter.”

Quarterly Conference Call

ServiceSource will discuss its second quarter 2021 results on July 28, 2021, via teleconference at 4:35 p.m. Eastern 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: 7343248. 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. The related slide presentation and 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 financial management and our expectation to improve our trajectory or return to year-over-year revenue growth in the third or fourth quarter. 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, the contraction in our revenue from one or more of our key clients - either in the ordinary course of business or as a result of macroeconomic conditions resulting from the COVID-19 pandemic - in each case resulting in churn, or our clients not expanding their relationships with us; economic or other adverse events or conditions affecting the technology industry, including as a result of the COVID-19 pandemic; 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) is a global outsourced go-to-market services provider that accelerates B2B digital sales and customer success transformation. Our expert sales professionals, data-powered insights and proven methodologies scale and reimagine customer journey experiences (CJX™) into profitable business outcomes. Backed by more than 20 years of experience, ServiceSource drives billions of dollars in client value annually, conducting commerce in 45 languages and 175 countries. To learn more about how we design, develop and manage CJX solutions that transform the agility, speed, efficiency and value of our clients’ growth initiatives, visit www.servicesource.com.

Trademarks

ServiceSource®, and any ServiceSource product or service names or logos above are trademarks of ServiceSource International, Inc. All other trademarks used herein belong to their respective owners.

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,

 

 

2021

 

    

2020

 

    

2021

 

    

2020

 

Net revenue

    

$

 46,307

 

 

$

 47,638

 

 

$

 91,330

 

 

$

 97,752

 

Cost of revenue(1)

 

 

 35,395

 

 

 

 34,645

 

 

 

 69,462

 

 

 

 70,205

 

Gross profit

 

 

 10,912

 

 

 

 12,993

 

 

 

 21,868

 

 

 

 27,547

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Sales and marketing(1)

 

 

 4,059

 

 

 

 6,142

 

 

 

 8,089

 

 

 

 13,410

 

Research and development(1)

 

 

 1,181

 

 

 

 1,516

 

 

 

 2,341

 

 

 

 2,697

 

General and administrative(1)

 

 

 10,624

 

 

 

 10,619

 

 

 

 22,814

 

 

 

 21,307

 

Restructuring and other related costs

 

 

 54

 

 

 

 236

 

 

 

 974

 

 

 

 703

 

Total operating expenses

 

 

 15,918

 

 

 

 18,513

 

 

 

 34,218

 

 

 

 38,117

 

Loss from operations

 

 

 (5,006

)

 

 

 (5,520

)

 

 

 (12,350

)

 

 

 (10,570

)

Interest and other (expense) income, net

 

 

 (364

)

 

 

 324

 

 

 

 (1,524

)

 

 

 (550

)

Loss before provision for income taxes

 

 

 (5,370

)

 

 

 (5,196

)

 

 

 (13,874

)

 

 

 (11,120

)

Provision for income tax benefit (expense)

 

 

 279

 

 

 

 (161

)

 

 

 (52

)

 

 

 (179

)

Net loss

 

$

 (5,091

)

 

$

 (5,357

)

 

$

 (13,926

)

 

$

 (11,299

)

Net loss per share, basic and diluted

 

$

 (0.05

)

 

$

 (0.06

)

 

$

 (0.14

)

 

$

 (0.12

)

Weighted-average common shares outstanding, basic and diluted

 

 

 97,601

 

 

 

 95,369

 

 

 

 97,424

 

 

 

 95,169

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1) Reported amounts include stock-based compensation expense as follows:

 

 

 

For the Three Months Ended June 30,

 

For the Six Months Ended June 30,

 

 

2021

 

    

2020

 

    

2021

 

    

2020

 

Cost of revenue

    

$

 288

 

 

$

 90

 

 

$

 418

 

 

$

 135

 

Sales and marketing

 

 

 168

 

 

 

 444

 

 

 

 359

 

 

 

 821

 

Research and development

 

 

 17

 

 

 

 1

 

 

 

 32

 

 

 

 19

 

General and administrative

 

 

 601

 

 

 

 740

 

 

 

 2,740

 

 

 

 1,345

 

Total stock-based compensation

 

$

 1,074

 

 

$

 1,275

 

 

$

 3,549

 

 

$

 2,320

 

ServiceSource International, Inc.

Condensed Consolidated Balance Sheets

(in thousands)

(unaudited)

 

 

 

 

 

 

 

 

 

June 30, 2021

 

December 31, 2020

Assets

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

Cash and cash equivalents

 

$

32,464

 

 

$

34,006

 

Accounts receivable, net

 

 

34,596

 

 

 

38,890

 

Prepaid expenses and other

 

 

7,403

 

 

 

9,275

 

Total current assets

 

 

74,463

 

 

 

82,171

 

 

 

 

 

 

 

 

Property and equipment, net

 

 

24,583

 

 

 

29,948

 

ROU assets

 

 

25,290

 

 

 

29,798

 

Contract acquisition costs

 

 

675

 

 

 

872

 

Goodwill

 

 

6,334

 

 

 

6,334

 

Other assets

 

 

4,184

 

 

 

3,490

 

Total assets

 

$

135,529

 

 

$

152,613

 

 

 

 

 

 

 

 

Liabilities and Stockholders' Equity

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

Accounts payable

 

$

2,246

 

 

$

1,204

 

Accrued expenses

 

 

2,568

 

 

 

3,217

 

Accrued compensation and benefits

 

 

16,129

 

 

 

18,342

 

Revolver

 

 

15,000

 

 

 

15,000

 

Operating lease liabilities

 

 

10,008

 

 

 

10,797

 

Other current liabilities

 

 

1,015

 

 

 

1,209

 

Total current liabilities

 

 

46,966

 

 

 

49,769

 

 

 

 

 

 

 

 

Operating lease liabilities, net of current portion

 

 

21,408

 

 

 

25,975

 

Other long-term liabilities

 

 

1,742

 

 

 

1,593

 

Total liabilities

 

 

70,116

 

 

 

77,337

 

 

 

 

 

 

 

 

Stockholders' equity:

 

 

 

 

 

 

Preferred stock

 

 

-

 

 

 

-

 

Common stock

 

 

10

 

 

 

10

 

Treasury stock

 

 

(441

)

 

 

(441

)

Additional paid-in capital

 

 

383,403

 

 

 

379,696

 

Accumulated deficit

 

 

(318,533

)

 

 

(304,607

)

Accumulated other comprehensive income

 

 

974

 

 

 

618

 

Total stockholders' equity

 

 

65,413

 

 

 

75,276

 

Total liabilities and stockholders' equity

 

$

135,529

 

 

$

152,613

 

ServiceSource International, Inc.

Condensed Consolidated Statements of Cash Flows

(in thousands)

(unaudited)

 

 

 

 

 

 

 

 

 

For the Six Months Ended June 30,

 

 

2021

 

 

2020

 

Cash flows from operating activities:

 

 

 

 

 

 

Net loss

 

$

(13,926

)

 

$

(11,299

)

Adjustments to reconcile net loss to net cash provided by (used in) operating activities:

 

 

 

 

 

 

Depreciation and amortization

 

 

7,299

 

 

 

6,819

 

Amortization of contract acquisition costs

 

 

314

 

 

 

515

 

Amortization of ROU assets

 

 

4,745

 

 

 

4,690

 

Stock-based compensation

 

 

3,549

 

 

 

2,320

 

Restructuring and other related costs

 

 

935

 

 

 

645

 

Other

 

 

353

 

 

 

35

 

Net changes in operating assets and liabilities:

 

 

 

 

 

 

Accounts receivable, net

 

 

4,160

 

 

 

1,704

 

Prepaid expenses and other assets

 

 

551

 

 

 

1,299

 

Contract acquisition costs

 

 

(117

)

 

 

(129

)

Accounts payable

 

 

1,061

 

 

 

(2,452

)

Accrued compensation and benefits

 

 

(2,948

)

 

 

(1,431

)

Operating lease liabilities

 

 

(5,532

)

 

 

(4,385

)

Accrued expenses

 

 

(653

)

 

 

(823

)

Other liabilities

 

 

286

 

 

 

(578

)

Net cash provided by (used in) operating activities

 

 

77

 

 

 

(3,070

)

Cash flows from investing activities:

 

 

 

 

 

 

Purchases of property and equipment

 

 

(2,092

)

 

 

(2,596

)

Net cash used in investing activities

 

 

(2,092

)

 

 

(2,596

)

Cash flows from financing activities:

 

 

 

 

 

 

Repayment on finance lease obligations

 

 

(315

)

 

 

(481

)

Proceeds from Revolver

 

 

-

 

 

 

27,000

 

Repayment of Revolver

 

 

-

 

 

 

(7,000

)

Proceeds from issuance of common stock

 

 

136

 

 

 

76

 

Net cash (used in) provided by financing activities

 

 

(179

)

 

 

19,595

 

Effect of exchange rate changes on cash and cash equivalents and restricted cash

 

 

626

 

 

 

(68

)

Net change in cash and cash equivalents and restricted cash

 

 

(1,568

)

 

 

13,861

 

Cash and cash equivalents and restricted cash, beginning of period

 

 

36,326

 

 

 

29,383

 

Cash and cash equivalents and restricted cash, end of period

 

$

34,758

 

 

$

43,244

 

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, non-GAAP net income (loss), non-GAAP 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 following financial tables.

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 and amortization of internally developed software.

Non-GAAP net income (loss) consists of net income (loss) plus stock-based compensation, amortization of internally developed software, restructuring and other related costs, amortization of contract acquisition costs related to the initial adoption of Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers (Topic 606) (“ASC 606”), non-cash interest expense and applying an income tax rate of 26.5% on non-GAAP adjustments. 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 provision for income tax expense (benefit), interest and other expense (income), net and depreciation and amortization. Adjusted EBITDA consists of EBITDA plus stock-based compensation, restructuring and other related costs, and amortization of contract acquisition costs related to the initial adoption of ASC 606.

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,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

 

Net revenue

 

$

46,307

 

 

$

47,638

 

 

$

91,330

 

 

$

97,752

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross profit

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP gross profit

 

$

10,912

 

 

$

12,993

 

 

$

21,868

 

 

$

27,547

 

 

Non-GAAP adjustments:

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock-based compensation

(A)

 

288

 

 

 

90

 

 

 

418

 

 

 

135

 

 

Amortization of internally developed software

(B)

 

1,947

 

 

 

1,313

 

 

 

3,779

 

 

 

2,566

 

 

Non-GAAP gross profit

 

$

13,147

 

 

$

14,396

 

 

$

26,065

 

 

$

30,248

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross profit %

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP gross profit

 

 

23.6

%

 

27.3

%

 

23.9

%

 

28.2

%

Non-GAAP adjustments:

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock-based compensation

(A)

 

0.6

%

 

0.2

%

 

0.5

%

 

0.1

%

Amortization of internally developed software

(B)

 

4.2

%

 

2.8

%

 

4.1

%

 

2.6

%

Non-GAAP gross profit

 

 

28.4

%

 

30.2

%

 

28.5

%

 

30.9

%

Certain totals do not add due to rounding

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP operating expenses

 

$

15,918

 

 

$

18,513

 

 

$

34,218

 

 

$

38,117

 

 

Non-GAAP adjustments:

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock-based compensation

(A)

 

(786

)

 

 

(1,185

)

 

 

(3,131

)

 

 

(2,185

)

 

Amortization of internally developed software

(B)

 

(349

)

 

 

(536

)

 

 

(709

)

 

 

(1,048

)

 

Restructuring and other related costs

(C)

 

(54

)

 

 

(236

)

 

 

(974

)

 

 

(703

)

 

Amortization of contract acquisition costs - ASC 606 initial adoption

(D)

 

(68

)

 

 

(162

)

 

 

(152

)

 

 

(380

)

 

Non-GAAP operating expenses

 

$

14,661

 

 

$

16,394

 

 

$

29,252

 

 

$

33,801

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP net loss

 

$

(5,091

)

 

$

(5,357

)

 

$

(13,926

)

 

$

(11,299

)

 

Non-GAAP adjustments:

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock-based compensation

(A)

 

1,074

 

 

 

1,275

 

 

 

3,549

 

 

 

2,320

 

 

Amortization of internally developed software

(B)

 

2,296

 

 

 

1,849

 

 

 

4,488

 

 

 

3,614

 

 

Restructuring and other related costs

(C)

 

54

 

 

 

236

 

 

 

974

 

 

 

703

 

 

Amortization of contract acquisition costs - ASC 606 initial adoption

(D)

 

68

 

 

 

162

 

 

 

152

 

 

 

380

 

 

Non-cash interest expense

(E)

 

17

 

 

 

17

 

 

 

35

 

 

 

35

 

 

Income tax effect on non-GAAP adjustments

(F)

 

214

 

 

 

600

 

 

 

1,291

 

 

 

1,256

 

 

Non-GAAP net loss

 

$

(1,368

)

 

$

(1,218

)

 

$

(3,437

)

 

$

(2,991

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted net loss per share

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP diluted net loss per share

 

$

(0.05

)

 

$

(0.06

)

 

$

(0.14

)

 

$

(0.12

)

 

Non-GAAP adjustments:

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock-based compensation

(A)

 

0.01

 

 

 

0.01

 

 

 

0.04

 

 

 

0.02

 

 

Amortization of internally developed software

(B)

 

0.02

 

 

 

0.02

 

 

 

0.05

 

 

 

0.04

 

 

Restructuring and other related costs

(C)

 

0.00

 

 

 

0.00

 

 

 

0.01

 

 

 

0.01

 

 

Amortization of contract acquisition costs - ASC 606 initial adoption

(D)

 

0.00

 

 

 

0.00

 

 

 

0.00

 

 

 

0.00

 

 

Non-cash interest expense

(E)

 

0.00

 

 

 

0.00

 

 

 

0.00

 

 

 

0.00

 

 

Income tax effect on non-GAAP adjustments

(F)

 

0.00

 

 

 

0.01

 

 

 

0.01

 

 

 

0.01

 

 

Non-GAAP diluted net loss per share

 

$

(0.01

)

 

$

(0.01

)

 

$

(0.04

)

 

$

(0.03

)

 

Certain totals do not add due to rounding

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares used in calculating diluted net loss per share on a non-GAAP basis

(G)

 

97,601

 

 

 

95,369

 

 

 

97,424

 

 

 

95,169

 

 

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, stock unit 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 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) Restructuring and other related costs. 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 related costs consist primarily of employees' severance payments, related employee benefits, related legal fees 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.

(D) Amortization of contract acquisition costs - ASC 606 initial adoption. Upon adoption of ASC 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 the non-cash amortization expense is not related to or indicative of our ongoing operating performance.

(E) Non-cash interest expense. Under GAAP, we recognize interest expense at the effective interest rate which includes interest costs related to the amortization of debt issuance costs. The difference between the effective interest rate and the contractual interest rate is excluded from our assessment of our operating performance because we believe 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.

(F) Income tax effect on non-GAAP adjustments. This adjusts the provision for income taxes to reflect the effect of the non-GAAP items A, B, C, D and E noted above on our non-GAAP net income (loss).

(G) Shares used in calculating diluted net income (loss) per share on a non-GAAP basis. The share count for basic and diluted earnings per share is the same due to GAAP net losses for the three and six months ended June 30, 2021 and 2020.

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,

 

 

2021

 

    

2020

 

    

2021

 

    

2020

 

Net loss

 

$

 (5,091

)

 

$

 (5,357

)

 

$

 (13,926

)

 

$

 (11,299

)

Provision for income tax (benefit) expense

 

 

 (279

)

 

 

 161

 

 

 

 52

 

 

 

 179

 

Interest and other expense (income), net

 

 

 364

 

 

 

 (324

)

 

 

 1,524

 

 

 

 550

 

Depreciation and amortization(1)

 

 

 3,642

 

 

 

 3,423

 

 

 

 7,299

 

 

 

 6,819

 

EBITDA

 

 

 (1,364

)

 

 

 (2,097

)

 

 

 (5,051

)

 

 

 (3,751

)

Stock-based compensation

(A)  

 

 1,074

 

 

 

 1,275

 

 

 

 3,549

 

 

 

 2,320

 

Restructuring and other related costs

(C)

 

 54

 

 

 

 236

 

 

 

 974

 

 

 

 703

 

Amortization of contract acquisition asset costs - ASC 606 initial adoption

(D)

 

 68

 

 

 

 162

 

 

 

 152

 

 

 

 380

 

Adjusted EBITDA

 

$

 (168

)

 

$

 (424

)

 

$

 (376

)

 

$

 (348

)

 

 

 

 

 

 

 

 

 

 

 

 

 

(1) Depreciation and amortization expense are comprised of the following:

 

 

 

For the Three Months Ended June 30,

 

For the Six Months Ended June 30,

 

    

2021

 

    

2020

 

    

2021

 

    

2020

 

Internally developed software amortization

 

$

 2,296

 

 

$

 1,849

 

 

$

 4,488

 

 

$

 3,614

 

Property and equipment depreciation

 

 

 1,346

 

 

 

 1,574

 

 

 

 2,811

 

 

 

 3,205

 

Depreciation and amortization

 

$

 3,642

 

 

$

 3,423

 

 

$

 7,299

 

 

$

 6,819

 

 

Contacts

Investor Relations Contact for ServiceSource:
Chad Lyne
ServiceSource International, Inc.
investorrelations@servicesource.com

Release Summary

ServiceSource (NASDAQ: SREV) Reports Second Quarter 2021 Financial Results

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Contacts

Investor Relations Contact for ServiceSource:
Chad Lyne
ServiceSource International, Inc.
investorrelations@servicesource.com