UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
________________
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): July 31, 2012
________________
ServiceSource International, Inc.
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Delaware |
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001-35108 |
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81-0578975 |
(State or other jurisdiction |
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(Commission |
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(IRS Employer |
634 Second Street
San Francisco, California 94107
(415) 901-6030
Not applicable
________________
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))
Item 2.02 - Results of Operations and Financial Condition. On July 31, 2012, ServiceSource International, Inc. issued a press release announcing its results for the quarter ended June
30, 2012. 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 in this current report on Form 8-K and the exhibits 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 9.01 Financial Statements and Exhibits. (d) Exhibits
99.1 |
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Press release dated July 31, 2012 |
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: July 31, 2012
SERVICESOURCE INTERNATIONAL, INC. |
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By: |
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/s/ Paul D. Warenski |
Name: |
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Paul D. Warenski |
Title: |
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Executive Vice President, General Counsel and Secretary |
EXHIBIT INDEX
Exhibit |
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Description |
99.1 |
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ServiceSource Reports Second Quarter 2012 Financial Results
SAN FRANCISCO, July 31, 2012 - ServiceSource (Nasdaq: SREV), the global leader in Service Revenue Management (SRM), today announced financial results for the quarter ended June 30, 2012.
"Our team executed well during the second quarter, which contributed to revenue and profitability that exceeded the high-end of our guidance," stated Mike Smerklo, Chairman and CEO of ServiceSource. "We have made tremendous progress advancing our Avalon platform, which is our next-generation, cloud application suite for managing recurring revenue. We recently launched our first beta customer and are on track for a fall delivery of Avalon, which we believe will have significant impact on our industry and company."
Revenue for the second quarter of fiscal 2012 was $59.7 million, an increase of 23% compared with $48.5 million in the second quarter last year.
Adjusted EBITDA, which excludes stock-based compensation, for the second quarter of 2012 was $4.5 million, compared with $2.8 million for the second quarter of 2011.
Non-GAAP net income for the second quarter of 2012, which excludes stock-based compensation, a deferred tax valuation charge, and the amortization of internally-developed software, was $1.5 million, or $0.02 per diluted share. This represented an increase over the second quarter of 2011 non-GAAP net income of $0.6 million, or $0.01 per diluted share.
"I'm pleased at the discipline shown in the fiscal management of our business, driving a significant decrease in our DSOs to 77 days. This was a primary contributor to over $16 million of operating cash flow in the quarter," added David Oppenheimer, CFO of ServiceSource. "The strength of our second quarter results and ongoing business momentum provide us with confidence in our full year guidance."
GAAP net loss for the second quarter of 2012 was $36.8 million or $0.50 per share, compared with a net loss of $1.1 million, or $0.02 per share, in the same period last year. GAAP net income reflects a $33.1 million one-time, non-cash charge related to a valuation allowance applied to our deferred tax assets.
Recent Business Highlights
Business Outlook
The Company provided the following commentary on its expected business outlook:
Adjusted EBITDA and non-GAAP net income exclude stock-based compensation and amortization of internally-developed software. Non-GAAP earnings per share assume a tax rate of 40% and 74 million basic shares outstanding.
Quarterly Conference Call
ServiceSource will discuss its quarterly results 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. A live webcast of the call will also be available at http://ir.servicesource.com/events.cfm under the Events & Presentations menu. An audio replay will be available between 4:30 p.m. PT July 31, 2012 and 8:59 p.m. PT August 20,
2012 by calling (855) 859-2056 or (404) 537-3406, with Conference ID 98178483. The replay will also be available on the Company's website at http://ir.servicesource.com.
About ServiceSource, Inc.
P>ServiceSource is the global leader in service revenue management, partnering with technology-based companies to optimize maintenance, support and subscription revenue streams, while also improving customer relationships and loyalty. ServiceSource helps customers increase service revenue contract renewal rates, on average, by over 15 percentage points and, in some cases, up to 44 percentage points. ServiceSource delivers these results via a cloud-based solution, combining its Service Revenue Performance Suite™ of applications with dedicated service sales teams, leveraging a proprietary Service Revenue Intelligence Platform™ of transaction data, benchmarks and best practices. ServiceSource offers its service revenue management solution on a unique pay-for-performance business model that enables a success-driven, shared-risk partnership. The Company is headquartered in San Francisco, and manages service revenue performance for customers across the globe in more than 35 languages.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.
For more information on ServiceSource, visit http://www.servicesource.com.
Forward-Looking Statements
The following tables reconcile (i) the business outlook net income (loss) to adjusted EBITDA; (ii) the business outlook net income (loss) to non-GAAP net income (loss); and (iii) the business outlook net income (loss) per share to non-GAAP diluted earnings per share for the second quarter and full fiscal year.
ServiceSource International, Inc. | |||||||||||
Business Outlook | |||||||||||
Reconciliation of Net Income (Loss) to Adjusted EBITDA | |||||||||||
($ in thousands, except per share amounts) | |||||||||||
Three Months Ended | Twelve Month Ended | ||||||||||
September 30, 2012 | December 31, 2012 | ||||||||||
GAAP Net income (loss) range | $ (8,500) | -- | $ (7,500) | $ (48,500) | -- | $ (46,500) | |||||
Income tax (benefit) / expense | 100 | 31,700 | |||||||||
Interest & other expense, net | 250 | 800 | |||||||||
Depreciation & Amortization | 2,750 | 10,500 | |||||||||
EBITDA range | (5,400) | -- | $ (4,400) | (5,500) | -- | ($3,500) | |||||
Stock-based compensation | 5,900 | 21,500 | |||||||||
Adjusted EBITDA Range | $ 500 | -- | $ 1,500 | $ 16,000 | -- | $ 18,000 | |||||
GAAP to Non-GAAP Reconciliation | |||||||||||
GAAP net income (loss) range | $ (8,500) | -- | $ (7,500) | $ (48,500) | -- | $ (46,500) | |||||
Non-GAAP adjustments: | |||||||||||
Stock-based compensation | 5,900 | 21,500 | |||||||||
Amortization of internally-developed software | 900 | 3,200 | |||||||||
Income tax effect on non-GAAP adjustments and | |||||||||||
impact of normalizing the effective income tax rate | 400 | 28,000 | |||||||||
Non-GAAP net income | $ (1,300) | -- | $ (300) | $ 4,200 | -- | $ 6,200 | |||||
GAAP diluted net income (loss) per share | $ (0.11) | -- | $ (0.10) | $ (0.58) | -- | $ (0.56) | |||||
Non-GAAP adjustments: | |||||||||||
Stock-based compensation | 0.08 | 0.26 | |||||||||
Amortization of internally-developed software | 0.01 | 0.04 | |||||||||
Income tax effect on non-GAAP adjustments and | |||||||||||
impact of normalizing the effective income tax rate | 0.01 | 0.34 | |||||||||
Non-GAAP diluted net income per share | $ (0.02) | -- | $ (0.00) | $ 0.05 | -- | $ 0.07 | |||||
Shares used in calculating diluted net income per | |||||||||||
share on a non-GAAP basis | 74,000 | 83,000 |
ServiceSource International, Inc. | ||||||||||||||||
Condensed Consolidated Statements of Operations | ||||||||||||||||
(In thousands, except per share amounts) | ||||||||||||||||
(Unaudited) | ||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2012 | 2011 | 2012 | 2011 | |||||||||||||
Net revenue | $ 59,694 | $ 48,512 | $ 117,268 | $ 94,634 | ||||||||||||
Cost of revenue (1) | 33,882 | 28,229 | 66,458 | 54,365 | ||||||||||||
Gross profit | 25,812 | 20,283 | 50,810 | 40,269 | ||||||||||||
Operating expenses | ||||||||||||||||
Sales and marketing (1) | 14,169 | 11,415 | 27,646 | 22,520 | ||||||||||||
Research and development (1) | 4,298 | 3,390 | 8,879 | 6,103 | ||||||||||||
General and administrative (1) | 10,564 | 7,870 | 20,639 | 15,723 | ||||||||||||
Total operating expenses | 29,031 | 22,675 | 57,164 | 44,346 | ||||||||||||
Loss from operations | (3,219) | (2,392) | (6,354) | (4,077) | ||||||||||||
Interest expense | (70) | (51) | (117) | (384) | ||||||||||||
Other expense, net | (263) | (384) | (307) | (909) | ||||||||||||
Loss before income taxes | (3,552) | (2,827) | (6,778) | (5,370) | ||||||||||||
Income tax provision (benefit) | 33,217 | (1,694) | 31,267 | (21,653) | ||||||||||||
Net income (loss) | $ (36,769) | $ (1,133) | $ (38,045) | $ 16,283 | ||||||||||||
Net income (loss) per common share: | ||||||||||||||||
Basic | $ (0.50) | $ (0.02) | $ (0.52) | $ 0.26 | ||||||||||||
Diluted | $ (0.50) | $ (0.02) | $ (0.52) | $ 0.24 | ||||||||||||
Weighted-average shares used in computing net income | ||||||||||||||||
(loss) per common share: | ||||||||||||||||
Basic | 74,172 | 67,607 | 73,654 | 62,714 | ||||||||||||
Diluted | 74,172 | 67,607 | 73,654 | 69,205 | ||||||||||||
(1) Includes stock-based compensation expense as follows: | ||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2012 | 2011 | 2012 | 2011 | |||||||||||||
Cost of revenue | $ 715 | $ 447 | $ 1,287 | $ 816 | ||||||||||||
Sales and marketing | 1,982 | 949 | 3,656 | 1,870 | ||||||||||||
Research and development | 530 | 269 | 893 | 537 | ||||||||||||
General and administrative | 2,133 | 1,023 | 3,771 | 1,913 | ||||||||||||
Total stock-based compensation | $ 5,360 | $ 2,688 | $ 9,607 | $ 5,136 |
ServiceSource International, Inc. | ||||||||||||
Condensed Consolidated Balance Sheets | ||||||||||||
(In thousands) | ||||||||||||
(Unaudited) | ||||||||||||
June 30, | December 31, | |||||||||||
2012 | 2011 | |||||||||||
Assets | ||||||||||||
Current assets: | ||||||||||||
Cash and cash equivalents | $ 65,586 | $ 65,983 | ||||||||||
Short-term investments | 48,611 | 42,882 | ||||||||||
Accounts receivable, net | 51,391 | 54,095 | ||||||||||
Current portion of deferred income taxes | 203 | 3,526 | ||||||||||
Prepaid expenses and other | 8,404 | 7,945 | ||||||||||
Total current assets | 174,195 | 174,431 | ||||||||||
Property and equipment, net | 33,661 | 26,840 | ||||||||||
Deferred income taxes, net of current portion | 1,341 | 30,238 | ||||||||||
Other assets, net | 1,167 | 1,118 | ||||||||||
Goodwill | 6,334 | 6,334 | ||||||||||
Total assets | $ 216,698 | $ 238,961 | ||||||||||
Liabilities and Stockholders' Equity | ||||||||||||
Current liabilities: | ||||||||||||
Accounts payable | $ 7,525 | $ 8,617 | ||||||||||
Accrued taxes | 3,368 | 4,008 | ||||||||||
Accrued compensation and benefits | 14,751 | 18,665 | ||||||||||
Other accrued liabilities | 8,180 | 7,639 | ||||||||||
Current portion of capital lease obligations | 725 | 706 | ||||||||||
Total current liabilities | 34,549 | 39,635 | ||||||||||
Long-term obligations | 6,094 | 2,310 | ||||||||||
Total liabilities | 40,643 | 41,945 | ||||||||||
Stockholders' equity: | ||||||||||||
Common stock | 7 | 7 | ||||||||||
Treasury stock | (441) | (441) | ||||||||||
Additional paid-in capital | 194,925 | 177,796 | ||||||||||
Retained earnings (accumulated deficit) | (18,627) | 19,416 | ||||||||||
Accumulated other comprehensive income | 191 | 238 | ||||||||||
Total stockholders' equity | 176,055 | 197,016 | ||||||||||
Total liabilities and stockholders' equity | $ 216,698 | $ 238,961 |
ServiceSource International, Inc. | |||||
Condensed Consolidated Statements of Cash Flows | |||||
(In thousands) | |||||
(Unaudited) | |||||
Six Months Ended | |||||
June 30, | |||||
2012 | 2011 | ||||
Cash flows from operating activities | |||||
Net income (loss) | $ (38,045) | $ 16,283 | |||
Adjustments to reconcile net income (loss) to net | |||||
cash used in operating activities: | |||||
Depreciation and amortization | 4,577 | 4,488 | |||
Loss (gain) on disposal of fixed assets | (1) | 46 | |||
Amortization of deferred financing costs | 123 | 298 | |||
Accretion on premium on short-term investments | 445 | 14 | |||
Deferred income taxes | 32,220 | (22,715) | |||
Stock-based compensation | 9,607 | 5,136 | |||
Income tax deficiency from stock based compensation | 362 | - | |||
Changes in operating assets and liabilities: | |||||
Accounts receivable | 2,586 | 4,122 | |||
Advances to customers | - | 18 | |||
Prepaid expenses and other | (811) | (1,958) | |||
Accounts payable | (877) | 1,107 | |||
Accrued taxes | (618) | 1,321 | |||
Accrued compensation and benefits | (3,904) | 3,404 | |||
Accrued payables to customers | - | (30,644) | |||
Other accrued liabilities | 4,145 | 1,128 | |||
Net cash provided by (used in) operating activities | 9,809 | (17,952) | |||
Cash flows from investing activities | |||||
Acquisition of property and equipment | (11,244) | (6,288) | |||
Purchases of short-term investments, net | (24,186) | (42,273) | |||
Sales of marketable securities | 6,210 | - | |||
Maturities of marketable securities | 11,820 | - | |||
Net cash used in investing activities | (17,400) | (48,561) | |||
Cash flows from financing activities | |||||
Net proceeds from issuance of common stock in initial public offering | - | 88,015 | |||
Proceeds from revolving credit facility | - | 23,424 | |||
Repayment of revolving credit facility | - | (23,424) | |||
Repayments of long-term debt and capital leases | (155) | (15,582) | |||
Payments of deferred debt issuance costs | - | (200) | |||
Proceeds from common stock issuances | 7,818 | 2,247 | |||
Income tax deficiency from stock based compensation | (362) | - | |||
Net cash provided by financing activities | 7,301 | 74,480 | |||
Net increase (decrease) in cash and cash equivalents | (290) | 7,967 | |||
Effect of exchange rate changes on cash and cash equivalents | (107) | 752 | |||
Cash and cash equivalents at beginning of period | 65,983 | 22,652 | |||
Cash and cash equivalents at end of period | $ 65,586 | $ 31,371 | |||
* Activity in 2011 resulted from $18.1 million in payments to Oracle/Sun and the related settlement of | |||||
accrued payables owed to Oracle/Sun and amounts owed to the Company by Oracle/Sun. |
Use of Non-GAAP Financial Measures
To supplement its financial statements presented in accordance with generally accepted accounting principles, or GAAP, ServiceSource also provides investors with non-GAAP net income per 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 that the 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 net income per share consists of net income (loss) plus stock-based compensation, amortization of internally-developed software and applying an annual income tax rate of 40% reflecting our estimated tax expense on our core operations. Accordingly, our non-GAAP calculation of net income has excluded a one-time, non-cash income tax charge of $33.1 million recorded during the period ended June 30, 2012 related to a valuation allowance for a substantial portion of the company's deferred tax assets. Results for the six months ended June 30, 2011 reflect a one-time tax benefit related to the conversion of ServiceSource from a limited liability corporation to a Delaware corporation, which has also been excluded from the calculation of non-GAAP net income. Stock-based compensation expenses are 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 rates of return, all of which are difficult to estimate.
EBITDA consists of net income (loss) plus depreciation and amortization, interest expense, other expenses, net, and income tax expense and a deduction for income tax benefit. Adjusted EBITDA consists of EBITDA plus non-cash, stock-based compensation expense. 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 from the operating results the impact of the company's capital structure.
These non-GAAP measures should not be considered a substitute for, or superior to, financial measures calculated in accordance with generally accepted accounting principles in the United States.
The following table provides a reconciliation of net income (loss) to Adjusted EBITDA:
ServiceSource International, Inc. | ||||||||
Reconciliation of net loss to Adjusted EBITDA | ||||||||
(In thousands) | ||||||||
(Unaudited) | ||||||||
Three Months Ended | Six Months Ended | |||||||
June 30, | June 30, | |||||||
2012 | 2011 | 2012 | 2011 | |||||
Net income (loss) | $ (36,769) | $ (1,133) | $ (38,045) | $ 16,283 | ||||
Income tax provision (benefit) | 33,217 | (1,694) | 31,267 | (21,653) | ||||
Interest expense | 70 | 51 | 117 | 384 | ||||
Other expense, net | 263 | 384 | 307 | 909 | ||||
Depreciation | 2,309 | 2,543 | 4,577 | 4,488 | ||||
EBITDA | (910) | 151 | (1,777) | 411 | ||||
Stock-based compensation | 5,360 | 2,688 | 9,607 | 5,136 | ||||
Adjusted EBITDA | $ 4,450 | $ 2,839 | $ 7,830 | $ 5,547 |
ServiceSource International, Inc. | |||||||||||
GAAP To Non-GAAP Reconciliation | |||||||||||
(Dollars in thousands, except per share data) | |||||||||||
(unaudited) | |||||||||||
Three Months Ended | Six Months Ended | ||||||||||
June 30, | June 30, | ||||||||||
2012 | 2011 | 2012 | 2011 | ||||||||
Gross Profit | |||||||||||
GAAP gross profit | $ 25,812 | $ 20,283 | $ 50,810 | $ 40,269 | |||||||
Non-GAAP adjustments: | |||||||||||
Stock-based compensation | ( A ) | 715 | 447 | 1,287 | 816 | ||||||
Amortization of internally-developed software | ( B ) | 318 | 463 | 458 | 807 | ||||||
Non-GAAP gross profit | $ 26,845 | $ 21,193 | $ 52,555 | $ 41,892 | |||||||
Gross Profit % | |||||||||||
GAAP gross profit | 43% | 42% | 43% | 43% | |||||||
Non-GAAP adjustments: | |||||||||||
Stock-based compensation | ( A ) | 1% | 1% | 1% | 1% | ||||||
Amortization of internally-developed software | ( B ) | 1% | 1% | 1% | 1% | ||||||
Non-GAAP gross profit | 45% | 44% | 45% | 45% | |||||||
Operating expenses | |||||||||||
GAAP operating expenses | $ 29,031 | $ 22,675 | $ 57,164 | $ 44,346 | |||||||
Stock-based compensation | ( A ) | (4,645) | (2,241) | (8,320) | (4,320) | ||||||
Amortization of internally-developed software | ( B ) | (317) | (715) | (812) | (1,133) | ||||||
Non-GAAP operating expenses | $ 24,069 | $ 19,719 | $ 48,032 | $ 38,893 | |||||||
Net Income (Loss) | |||||||||||
GAAP net income (loss) | $ (36,769) | $ (1,133) | $ (38,045) | $ 16,283 | |||||||
Non-GAAP adjustments: | |||||||||||
Stock-based compensation | ( A ) | 5,360 | 2,688 | 9,607 | 5,136 | ||||||
Amortization of internally-developed software | ( B ) | 635 | 1,178 | 1,270 | 1,940 | ||||||
Non-recurring income tax items | ( C ) | 33,072 | - | 33,072 | (21,417) | ||||||
Income tax effect on non-GAAP adjustments and | |||||||||||
impact of normalizing the effective income tax rate | ( D ) | (832) | (2,111) | (3,445) | (919) | ||||||
Non-GAAP net income | $ 1,466 | $ 622 | $ 2,459 | $ 1,023 | |||||||
Diluted Net Income (Loss) Per Share | |||||||||||
GAAP diluted net income (loss) per share | $ (0.50) | $ (0.02) | $ (0.52) | $ 0.24 | |||||||
Non-GAAP adjustments: | |||||||||||
Stock-based compensation | ( A ) | 0.07 | 0.04 | 0.13 | 0.07 | ||||||
Amortization of internally-developed software | ( B ) | 0.01 | 0.02 | 0.02 | 0.03 | ||||||
Non-recurring income tax items | ( C ) | 0.45 | - | 0.45 | (0.31) | ||||||
Income tax effect on non-GAAP adjustments and | |||||||||||
impact of normalizing the effective income tax rate | ( D ) | (0.01) | (0.03) | (0.05) | (0.01) | ||||||
Non-GAAP diluted net income per share | $ 0.02 | $ 0.01 | $ 0.03 | $ 0.01 | |||||||
Certain totals do not add due to rounding | |||||||||||
Shares used in calculating diluted net income per share | |||||||||||
on a non-GAAP basis | 79,245 | 75,476 | 79,197 | 69,275 |
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 and 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) |
One-time tax items. We elected to be treated as a corporation under Subchapter C of Chapter 1 of the United States Internal Revenue Code, effective March 1, 2011, and therefore became subject to federal and state tax expense beginning March 1, 2011. As a result of this tax election, we recorded a net deferred tax asset and a one-time non-cash tax benefit of $21.4 million in the first quarter of 2011. During the second quarter of 2012, we recorded a $33.1 million one-time, non-cash charge against a substantial portion of our deferred tax assets, much of which was recorded in connection with electing to be treated as a corporation, because the recoverability of these items for financial reporting purposes is uncertain. We have excluded these items from our non-GAAP measures because they are non-recurring and unique and are not indicative of our core operating performance. |
(D) |
Income tax effect on non-GAAP adjustments and impact of normalizing the effective income tax rate. This adjusts the provision for income taxes to reflect the effect of the non-GAAP items A, B and C noted above on our non-GAAP net income and adjusts the income tax rate to a normalized effective tax rate of 40%. |
ServiceSource International, Inc. | ||||||||
Revenue by Segment | ||||||||
(In thousands) | ||||||||
(unaudited) | ||||||||
Three Months Ended June 30, | ||||||||
2012 | 2011 | |||||||
% of | % of | |||||||
$ | Revenue | $ | Revenue | |||||
NALA | $ 36,961 | 62% | $ 28,686 | 59% | ||||
EMEA | 15,518 | 26% | 14,254 | 29% | ||||
APJ | 7,215 | 12% | 5,572 | 12% | ||||
$ 59,694 | 100% | $ 48,512 | 100% | |||||
Six Months Ended June 30, | ||||||||
2012 | 2011 | |||||||
% of | % of | |||||||
$ | Revenue | $ | Revenue | |||||
NALA | $ 73,073 | 62% | $ 56,431 | 60% | ||||
EMEA | 31,266 | 27% | 29,247 | 31% | ||||
APJ | 12,929 | 11% | 8,956 | 9% | ||||
$ 117,268 | 100% | $ 94,634 | 100% |
Investor Relations Contact for ServiceSource:
Ashley F. Johnson
ServiceSource, Inc.
(415) 901-6030
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