Key Developments: ServiceSource International Inc (SREV.OQ)

SREV.OQ on NASDAQ Stock Exchange Global Select Market

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Latest Key Developments (Source: Significant Developments)

Servicesource International Inc announces CEO transition
Monday, 18 Aug 2014 08:00am EDT 

Servicesource International Inc:Mike Smerklo has resigned as CEO.Smerklo will remain Chairman board to ensure a smooth management transition and help guide the company's long-term strategy.Board appoints Chief Financial Officer, Ashley Fieglein Johnson, as Acting CEO, effective immediately and has retained executive search firm to identify permanent CEO.  Full Article

Servicesource International Inc gives Q3 2014 outlook below analysts' estimates; lowers FY 2014 outlook - Conference Call
Thursday, 31 Jul 2014 04:30pm EDT 

Servicesource International Inc:Expects Q3 2014 consolidated revenue to be in the range of $58.5 million to $62.5 million on a non-GAAP basis.Expects adjusted EBITDA loss of $15 million to $18 million for Q3 2014.Forecasts Q3 2014 non-GAAP net loss of $10 million to $12 million or negative $0.12 to $0.14 per share.Says will not update FY 2014 guidance other than to confirm that revenue will be meaningfully lower than the FY 2014 guidance gave previously.Says FY 2014 gross margin, EBITDA, and free cash flow will also be lower than prior FY 2014 guidance.Q3 2014 revenue of $ 71 mln, EBITDA of $(3.4) mln, net income of $(3.09) mln and EPS of $0.03 - Thomson Reuters I/B/E/S.FY 2014 revenue of $294 mln, EBITDA of $(12.70) mln - Thomson Reuters I/B/E/S.  Full Article

GlobalOne joins recurring revenue alliance led by ServiceSource International Inc
Tuesday, 13 May 2014 07:54am EDT 

GlobalOne:Has joined Recurring Revenue Alliance, led by ServiceSource.Recurring Revenue alliance brings together best-in-class applications, platforms, system integrators and other technology companies in order to help businesses solve recurring revenue challenges.GlobalOne brings new solutions, experience and best practices for automating recurring revenue payment process through better data management, integration and analytics.  Full Article

Servicesource International Inc gives Q2 2014 outlook below analysts' estimates; lowers FY 2014 outlook - Conference Call
Thursday, 1 May 2014 04:30pm EDT 

Servicesource International Inc:Expects Q2 2014 consolidated revenue to be in the range of $67 -$72 mln.Expects Q2 2014 non-GAAP net loss of $4 -$6 mln.Expects Q2 2014 adjusted EBITDA loss of $4 -$8 mln.Expects FY 2014 non-GAAP revenue growth in the range of 7-11 pct.Expects FY 2014 adjusted EBITDA to be negative, at or below the low end of prior guidance.Reported revenue of $272.48 mln in FY 2013.Q2 2014 revenue of $75 mln, EBITDA of $(0.21) mln, net income of $(2.05) mln - Thomson Reuters I/B/E/S.FY 2014 revenue of $311 mln, EBITDA of $0.94 mln - Thomson Reuters I/B/E/S.  Full Article

Servicesource International Inc gives Q1 2014 guidance below analysts' estimates; gives FY 2014 guidance; earnings guidance below analysts' estimates - Conference Call
Thursday, 6 Feb 2014 04:30pm EST 

Servicesource International Inc:Expects Q1 2014 total revenue of $67 million to $70 million.Expects Q1 2014 adjusted EBITDA in the range of negative $3 million to negative $6 million.Expects Q1 2014 non-GAAP net loss of negative $0.04 to negative $0.06 per share.Expects FY 2014 revenue guidance of $308 million to $360 million.Expects FY 2014 adjusted EBITDA of between negative $4 million and positive $4 million.Expects FY 2014 non-GAAP net loss in the range of negative $0.04 to negative $0.09 per share.Q1 2014 revenue of $71 million, EBITDA of $3 million and EPS of $(0.03) - Thomson Reuters I/B/E/S.FY 2014 revenue of $311 million, EBITDA of $23 million and EPS of $0.04 - Thomson Reuters I/B/E/S.  Full Article

Servicesource International Inc acquires Scout Analytics
Wednesday, 22 Jan 2014 04:05pm EST 

Servicesource International Inc:Says it has acquired Scout Analytics, a provider of predictive analytics for subscription businesses.Says the transaction closed on Jan.22, 2014 and is expected to be accretive to non-GAAP EPS in 2015.  Full Article

Servicesource International Inc issues Q4 2013 EPS guidance below analysts' estimates; raises FY 2013 guidance-conference call
Tuesday, 5 Nov 2013 09:30pm EST 

Servicesource International Inc:Expects Q4 2013 revenue in a range of $75.5 mln to $79.5 mln.Expects Q4 2013 adjusted EBITDA to be between $7 mln to $10 mln.Expects Q4 2013 non-GAAP net income in a range from $2.5 mln to $4.5 mln or $0.03-$0.05 per share.Raises FY 2013 revenue guidance from the prior range of $270-$274 mln to a range of $271-$275 mln.Raises FY 2013 adjusted EBITDA from $15-$18 mln to $16-$19 mln.Raises FY 2013 non-GAAP net income to $4.5-$6.5 mln or $0.06-$0.08 per diluted share, up from prior guidance of $0.05-$0.07 per share.Q4 2013 revenue of $77.5 mln, EBITDA of $9.6 mln and EPS of $0.06 - Thomson Reuters I/B/E/S Estimate.FY 2013 revenue of $273 mln, EBITDA of $15.5 mln and EPS of $0.06 - Thomson Reuters I/B/E/S Estimate.  Full Article

Servicesource International Inc Announces Pricing Of $130 Million Offering Of 1.50% Convertible Senior Notes Due 2018
Thursday, 8 Aug 2013 08:00am EDT 

ServiceSource International Inc announced the pricing of $130 million aggregate principal amount of convertible senior notes due 2018 in a private placement to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended. The size of the offering was increased from the previously announced $120 million aggregate principal amount. ServiceSource also granted the initial purchasers of the notes a 30-day option to purchase up to an additional $20 million aggregate principal amount of the notes to cover over-allotments, if any. The sale of the notes to the initial purchasers is expected to settle on August 13, 2013, subject to customary closing conditions. ServiceSource expects to use a portion of the net proceeds of the offering of the notes for the cost of the convertible note hedge transactions after such cost is offset by the proceeds of the warrant transactions described above, and to use the remaining proceeds of the offering for general corporate purposes, including working capital, capital expenditures, potential acquisitions and strategic transactions.  Full Article

Servicesource International Inc Announces Proposed $120 Million Offering of Convertible Senior Notes Due 2018
Tuesday, 6 Aug 2013 04:01pm EDT 

Servicesource International Inc announced that its intention to offer, subject to market conditions and other factors, $120 million aggregate principal amount of convertible senior notes due 2018 in a private placement to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the "Act"). ServiceSource also expects to grant the initial purchasers of the notes a 30-day option to purchase up to an additional $20 million aggregate principal amount of the notes to cover over-allotments, if any. ServiceSource expects to use a portion of the net proceeds of the offering of the notes for the cost of the convertible note hedge transactions after such cost is partially offset by the proceeds of the warrant transactions described above, and to use the remaining proceeds for general corporate purposes, including working capital, capital expenditures, potential acquisitions and strategic transactions.  Full Article

Servicesource International Inc Issues Q3 2013 Guidance; Earnings Guidance Below Analysts' Estimate; Raises FY 2013 Revenue Guidance; Lowers FY 2013 Earnings Guidance-Conference Call
Thursday, 1 Aug 2013 04:30pm EDT 

Servicesource International Inc announced for the third quarter of 2013, it expects revenue in the range of $64 million to $67 million, EBITDA to be breakeven to $3 million, non-GAAP net income ranges from a loss of $1.5 million to a profit of $.5 million or negative $0.02 per share to positive $0.01 per share. For fiscal 2013,given the strong performance in H1 the Company is raising revenue guidance from the prior range of $267 million to $270 million, to range of $270 million to $274 million, the Company is lowering forecast for adjusted EBITDA from $21 million to $23 million, to range of $15 million to $18 million, non-GAAP net income for this year is $4 million to $6 million or $0.05 to $0.07 per share, down from prior estimate of $6.5 million to $7.5 million or $0.08 to $0.09 per share. According to I/B/E/S Estimates, analysts on an average were expecting the Company to report revenue of $66 million, EBITDA of $5 million, net income of $1.9 million and EPS of $0.02 for the third quarter of 2013; and revenue of $269 million, EBITDA of $20 million, net income of $6 million and EPS of $0.08 for fiscal 2013.  Full Article

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