Boston, MA 05/02/2014 (wallstreetpr) – Servicesource International Inc (NASDAQ:SREV) reported results for first quarter ended March 31, 2014.
The world leader in recurring revenue management reported Non- GAAP revenue to be $67.3 million, up 10% as compared to the same period of last year. It reported loss in adjusted EBITDA of $6.4 million and that in non-GAAP EPS of $0.07 per diluted share. Servicesource International Inc (NASDAQ:SREV) made Free Cash Flow of as much as $1.3 million, ending the first quarter of the year with cash, and cash equivalents as well as short-term investments balance of more than $246.3 million.
Q1’14 versus Q1’13
Servicesource International Inc (NASDAQ:SREV), the leading company in providing cloud based revenue management solutions, has reported to generate GAAP revenue of $66.8 million in the reported quarter, which marks an increase of 9% to $61.1 million as compared to that delivered in the previous year. Non-GAAP revenue, excluding the effect of the decline of deferred revenue in relation to the company’s take- over of Scout Analytics, was almost $67.3 million. This reflects an increase of as much as 10% over last year
For the first quarter period ended March 31, 2014, adjusted EBITDA reported a loss of almost $6.4 million. This is comparable with loss of $0.5 million in adjusted EBITDA in the same quarter of the prior year. GAAP net loss was reported to be $18.7 million in the quarter as compared with the loss of $10.5 million in the same quarter of the prior year. This is equivalent to $0.23 a share, as compared with $0.14 a share for the same period of 2013. Non-GAAP net loss was $5.5 million, up from the $1.5 million of same period last year. Loss in Non-GAAP EPS was reported to be $0.07 per diluted share as compared with the loss of $0.02 a diluted share in the first quarter last year.
