July 31, 2012

ServiceSource Reports Second Quarter 2012 Financial Results

SAN FRANCISCO, CA -- (Marketwire) -- 07/31/12 -- ServiceSource (NASDAQ: SREV)

  • Reports revenue of $59.7 million, up $11.2 million, or 23% from Q2 2011
  • Achieves adjusted EBITDA of $4.5 million and Non-GAAP EPS of $0.02 per diluted share
  • Launches first beta customer on Avalon, on track for Fall 2012 General Availability
  • Delivers second quarter operating cash flow of over $16 million

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

  • ServiceSource launched its first Avalon beta customer and is on track for General Availability in the second half of the year.
  • ServiceSource added a new SaaS logo to its customer base, with the recent signing of Jive Software, a leading provider of social business solutions.
  • The Company signed several new expansions including Hitachi Data Systems, Mitel, and Red Hat, among others.
  • The Company announced FrontRange Solutions, a Q1 new customer, as the 10th addition to its growing number of enterprise-wide relationships. FrontRange will use ServiceSource's end-to-end cloud application suite, analytics and channel management capabilities combined with dedicated global ServiceSource sales teams.
  • ServiceSource broadened its visibility in the industry with multiple accolades, including being honored as a 2012 Technology Services Innovator Finalist by TSIA; named in the Top 25 of "America's Fastest-Growing Technology Companies" by Forbes Magazine; and recognized as the 10th "Fastest Growing Enterprise Technology Company" by ZDNet.

Business Outlook

The Company provided the following commentary on its expected business outlook:

  • Third quarter 2012: The Company expects revenue for the third quarter of 2012 to be in the range of $57.5 to $59.5 million, adjusted EBITDA of approximately $0.5 to $1.5 million, GAAP net loss of $7.5 to $8.5 million and non-GAAP net loss per share to be between breakeven to a loss of $0.02 per share.

    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.

  • Full year 2012: The Company reiterated its guidance for 2012 revenue of $246 to $249 million, adjusted EBITDA between $16 to $18 million and non-GAAP net income per diluted share in the range of $0.05 to $0.07. Reflecting the one-time, non-cash charge related to the deferred tax assets and the revised outlook on GAAP taxes for the year, the Company has revised its guidance for GAAP net loss to range from $46.5 to $48.5 million.

    Adjusted EBITDA and non-GAAP net income exclude stock-based compensation, the one-time charge for the deferred tax valuation allowance, and amortization of internally-developed software. Non-GAAP earnings per share assume a tax rate of 40% and 83 million 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.
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
This press release contains forward-looking statements, including statements regarding the availability of our Avalon platform and its expected impact on the industry, ServiceSource's future expected financial results, and our ability to improve the renewal rates of our customers. 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 those expressed or implied in our forward-looking statements. Those risks and uncertainties include, without limitation, changes in market conditions that impact our ability to generate service revenue on our customers' behalf; errors in estimates as to the service revenue we can generate for our customers; risks associated with material defects or errors in our software or the effect of data security breaches; our ability to bring our Avalon platform into general release in a timely and effective manner, without significant disruptions to our customer base; our ability to adapt our solution to changes in the market or new competition; our ability to protect our intellectual property rights; general political, economic and market conditions and events; and other risks and uncertainties described more fully in our periodic reports and registration statements filed with the Securities and Exchange Commission, and 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 we assume no obligation to update these 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 Months 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%

             ============ ===========  ============ ===========



Source: ServiceSource International, Inc.

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