November 5, 2012

ServiceSource Reports Third Quarter 2012 Financial Results

 

SAN FRANCISCO, CA -- (Marketwire) -- 11/05/12 -- ServiceSource® (NASDAQ: SREV)

  • Reports revenue of $59.1 million, up 18% year-over-year
  • Achieves Adjusted EBITDA of $4.8 million, up 60% year-over-year and non-GAAP EPS of $0.02 per diluted share
  • Releases Renew OnDemand, the world's only cloud service application suite specially built to maximize recurring revenue

ServiceSource® (NASDAQ: SREV), the global leader in recurring revenue management, today announced financial results for the quarter ended September 30, 2012.

"During our third quarter, in the face of some challenging headwinds, we hit several key milestones, including strong new additions to ACV and expansions in our customer base, revenue at the high end of the range and outperformance on EBITDA. In addition, we released Renew OnDemand™, the industry's only purpose-built cloud application for maximizing recurring revenue," stated Mike Smerklo, Chairman and CEO of ServiceSource.

Revenue for the third quarter of fiscal 2012 was $59.1 million, an increase of 18% compared with $50.1 million in the third quarter last year.

Adjusted EBITDA for the quarter, which excludes stock-based compensation, was $4.8 million, compared with $3.0 million for the third quarter of 2011.

GAAP net loss for the third quarter of 2012 was $3.6 million or $0.05 per share, compared with a net loss of $2.8 million, or $0.04 per share, in the same period last year.

Non-GAAP net income for the third quarter of 2012, which excludes stock-based compensation and the amortization of internally-developed software, was $1.9 million, or $0.02 per diluted share. This represented an increase over the third quarter of 2011 non-GAAP net income of $1.1 million, or $0.01 per diluted share.

David Oppenheimer, CFO, added, "While we continue to be encouraged by our execution around our core growth strategies, our positive long-term outlook is balanced in the near-term by challenges in converting ACV to revenue for a handful of new engagements, the timing of signing new ACV in the year and weakening economic conditions, which are adversely impacting certain customers in our portfolio. As a result, we are revising our guidance with respect to revenue growth for the fourth quarter and fiscal 2012."

Recent Business Highlights

  • ServiceSource released Renew OnDemand, the world's only cloud application suite built specifically to maximize recurring revenue.
  • The company signed new customers, Qualcomm and CCH, a Wolters Kluwer business, as well as expansion agreements with BMC, Google and Microsoft, among others.
  • The Company was named among the Top 500 Software Companies by Software Magazine, and Montclair Advisors listed ServiceSource as one of the 2012 Top 250 SaaS companies in the world.

Business Outlook

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

  • Fourth quarter 2012: The Company expects revenue for the fourth quarter of 2012 to be in the range of $62.0 to $64.0 million, adjusted EBITDA of approximately $3.0 to $4.0 million, GAAP net loss of $5.8 to $6.8 million and non-GAAP net income per fully diluted share to be between a penny and two cents.

    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 80 million fully diluted shares outstanding.
  • Full year 2012: Based on fourth quarter outlook, the Company is revising its revenue guidance for 2012 to be $238.0 to $240.0 million. Revised 2012 adjusted EBITDA guidance is estimated to be $15.5 to $16.5 million, GAAP net loss of $47.5 to $48.5 million and non-GAAP net income per diluted share in the range of six to eight cents. The Company's guidance for GAAP net loss reflects the $33.1 million one-time, non-cash tax charge recorded in the second quarter of 2012.

    Adjusted EBITDA and non-GAAP net income exclude stock-based compensation, the one-time tax charge and amortization of internally-developed software. Non-GAAP earnings per share assume a tax rate of 40% and 79 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. A replay of the webcast will also be available on the Company's website at http://ir.servicesource.com.

About ServiceSource International, Inc.

ServiceSource is the global leader in recurring revenue management. The world's most successful companies rely on us to maximize subscription, maintenance and support revenue; improve customer retention; and increase business predictability and insight. ServiceSource delivers results with Renew OnDemand™, the world's only cloud application built specifically to manage and grow recurring revenue, which can be combined with our industry-leading services and unique pay-for-performance model.

With over a decade of experience focused exclusively in growing recurring revenue, our services and applications are based on proven best practices and global benchmarks. The Company is headquartered in San Francisco, and has over $7 billion under management for customers in more than 150 countries and 40 languages.

ServiceSource, and any ServiceSource product or service names or logos mentioned 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. To connect with ServiceSource, visit us on Twitter, Facebook, LinkedIn and YouTube.

Forward-Looking Statements

This press release contains forward-looking statements, including statements regarding ServiceSource's future expected financial results, including its positive long-term outlook, the timing and our ability to convert ACV into revenue, our ability to improve the renewal rates of our customers, economic conditions and their impact on our customers, and the availability of our Renew OnDemand platform and its expected economic impact. 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 effectively sell and implement our Renew OnDemand platform 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; and (iii) the business outlook net income (loss) per share to non-GAAP diluted earnings per share for the fourth 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

                              December 31, 2012        December 31, 2012

                           -----------------------  -----------------------





GAAP Net income (loss)

 range                     $  (6,800) -- $  (5,800) $ (48,500) -- $ (47,500)

Income tax (benefit) /

 expense                                       250                   31,800

Interest & other expense,

 net                                            50                      350

Depreciation &

 Amortization                                3,500                   10,600

                           ---------  -- ---------  ---------  -- ---------

EBITDA range               $  (3,000) -- $  (2,000) $  (5,750) -- $  (4,750)

Stock-based compensation                     6,000                   21,250

                           ---------  -- ---------  ---------  -- ---------

Adjusted EBITDA Range      $   3,000  -- $   4,000  $  15,500  -- $  16,500

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





GAAP to Non-GAAP

 Reconciliation





GAAP net income (loss)

 range                     $  (6,800) -- $  (5,800) $ (48,500) -- $ (47,500)

Non-GAAP adjustments:

Stock-based compensation                     6,000                   21,250

Amortization of

 internally-developed

 software                                    1,450                    3,500

Income tax effect on non-

 GAAP adjustments and

 impact of normalizing the

 effective income tax rate       290          (110)    28,980        28,580

                           ---------  -- ---------  ---------  -- ---------

Non-GAAP net income        $     940  -- $   1,540  $   5,230  -- $   5,830

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





GAAP diluted net income

 (loss) per share          $   (0.09) -- $   (0.07) $   (0.61) -- $   (0.60)

Non-GAAP adjustments:

Stock-based compensation                      0.08                     0.27

Amortization of

 internally-developed

 software                                     0.02                     0.04

Income tax effect on non-

 GAAP adjustments and

 impact of normalizing the

 effective income tax rate                    0.00                     0.36

                           ---------  -- ---------  ---------  -- ---------

Non-GAAP diluted net

 income per share          $    0.01  -- $    0.02  $    0.06  -- $    0.08

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



Shares used in calculating

 diluted net income

 pershare on a non-GAAP

 basis                                      80,000                   79,000

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





                     ServiceSource International, Inc.

              Condensed Consolidated Statements of Operations

                  (In thousands, except per share amounts)

                                (Unaudited)



                                Three Months Ended      Nine Months Ended

                                  September 30,           September 30,

                              ---------------------   ---------------------

                                 2012        2011        2012        2011

                              ---------   ---------   ---------   ---------



Net revenue                   $  59,090   $  50,088   $ 176,358   $ 144,722

Cost of revenue (1)              34,544      28,034     101,002      82,399

                              ---------   ---------   ---------   ---------

Gross profit                     24,546      22,054      75,356      62,323

                              ---------   ---------   ---------   ---------

Operating expenses

  Sales and marketing (1)        13,512      12,144      41,158      34,664

  Research and development

   (1)                            4,416       3,547      13,295       9,650

  General and administrative

   (1)                           10,000       8,969      30,639      24,692

                              ---------   ---------   ---------   ---------

Total operating expenses         27,928      24,660      85,092      69,006

                              ---------   ---------   ---------   ---------

Loss from operations             (3,382)     (2,606)     (9,736)     (6,683)

Interest expense                    (70)        (27)       (180)       (349)

Other income (expense), net         190         309        (124)       (662)

                              ---------   ---------   ---------   ---------

Loss before income taxes         (3,262)     (2,324)    (10,040)     (7,694)

Income tax provision

 (benefit)                          322         501      31,589     (21,152)

                              ---------   ---------   ---------   ---------

Net income (loss)             $  (3,584)  $  (2,825)  $ (41,629)  $  13,458

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



Net income (loss) per common

 share:

  Basic                       $   (0.05)  $   (0.04)  $   (0.56)  $    0.21

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

  Diluted                     $   (0.05)  $   (0.04)  $   (0.56)  $    0.19

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



Weighted-average shares used

 in computing net income

(loss) per common share:

  Basic                          74,667      69,464      73,994      69,989

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

  Diluted                        74,667      69,464      73,994      72,208

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



(1) Includes stock-based

 compensation expense as

 follows:

                                Three Months Ended       Nine Months Ended

                                   September 30,           September 30,

                              ---------------------   ---------------------

                                 2012        2011        2012        2011

                              ---------   ---------   ---------   ---------

Cost of revenue               $     763   $     470   $   2,050   $   1,286

Sales and marketing               2,180       1,111       5,836       2,981

Research and development            562         327       1,455         864

General and administrative        2,148       1,060       5,919       2,973

                              ---------   ---------   ---------   ---------

Total stock-based

 compensation                 $   5,653   $   2,968   $  15,260   $   8,104

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





                     ServiceSource International, Inc.

                   Condensed Consolidated Balance Sheets

                               (In thousands)

                                (Unaudited)



                                              September 30,    December 31,

                                                   2012            2011

                                              -------------   -------------

Assets

Current assets:

  Cash and cash equivalents                   $     110,277   $      65,983

  Short-term investments                                  -          42,882

  Accounts receivable, net                           58,506          54,095

  Current portion of deferred income taxes              363           3,526

  Prepaid expenses and other                          6,965           7,945

                                              -------------   -------------

Total current assets                                176,111         174,431

Property and equipment, net                          35,332          26,840

Deferred income taxes, net of current

 portion                                              1,496          30,238

Other assets, net                                     1,193           1,118

Goodwill                                              6,334           6,334

                                              -------------   -------------

Total assets                                  $     220,466   $     238,961

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



Liabilities and Stockholders' Equity

Current liabilities:

  Accounts payable                            $       5,577   $       8,617

  Accrued taxes                                       1,026             924

  Accrued compensation and benefits                  16,775          21,749

  Other accrued liabilities (including

   deferred revenue of $2,815 and $593 at

   September 30, 2012 and December 31, 2011,

   respectively)                                      9,237           7,639

  Current portion of capital lease

   obligations                                          733             706

                                              -------------   -------------

Total current liabilities                            33,348          39,635

Long-term obligations                                 6,060           2,310

                                              -------------   -------------

Total liabilities                                    39,408          41,945

                                              -------------   -------------

Stockholders' equity:

  Common stock                                            8               7

  Treasury stock                                       (441)           (441)

  Additional paid-in capital                        203,667         177,796

  Retained earnings (accumulated deficit)           (22,213)         19,416

  Accumulated other comprehensive income                 37             238

                                              -------------   -------------

Total stockholders' equity                          181,058         197,016

                                              -------------   -------------

Total liabilities and stockholders' equity    $     220,466   $     238,961

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





                   ServiceSource International, Inc.

            Condensed Consolidated Statements of Cash Flows

                            (In thousands)

                              (Unaudited)

                                               Nine Months Ended

                                                 September 30,

                                         -----------------------------

                                              2012            2011

                                         -------------   -------------

Cash flows from operating activities

Net income (loss)                        $     (41,629)  $      13,458

Adjustments to reconcile net income

 (loss) to net cash used in operating

 activities:

  Depreciation and amortization                  7,092           7,109

  Loss on disposal of fixed assets                   -              46

  Amortization of deferred financing

   costs                                           135             325

  Accretion on premium on short-term

   investments                                     577              87

  Deferred income taxes                         32,534         (22,229)

  Stock-based compensation                      15,260           8,104

  Tax benefit from stock-based

   compensation                                   (266)         (2,382)

Changes in operating assets and

 liabilities:

  Accounts receivable                           (4,237)          6,433

  Prepaid expenses and other                       734          (2,169)

  Accounts payable                              (1,087)             73

  Accrued taxes                                     85           3,201

  Accrued compensation and benefits             (5,094)          3,410

  Accrued payables to customers                      -         (30,640)    *

  Other accrued liabilities                      5,050             789

                                         -------------   -------------

Net cash provided by (used in)

 operating activities                            9,154         (14,385)

                                         -------------   -------------



Cash flows from investing activities

Acquisition of property and equipment          (17,049)         (8,784)

Purchases of short-term investments,

 net                                           (31,100)        (47,854)

Sales of marketable securities                  52,050             961

Maturities of marketable securities             21,415           1,000

                                         -------------   -------------

Net cash provided by (used in)

 investing activities                           25,316         (54,677)

                                         -------------   -------------



Cash flows from financing activities

Net proceeds from issuance of common

 stock in initial public offering and

 follow-on offering                                  -         111,105

Proceeds from revolving credit facility              -          23,424

Repayment of revolving credit facility               -         (23,424)

Repayments of long-term debt and

 capital leases                                   (234)        (15,747)

Payments of deferred debt issuance

 costs                                               -            (200)

Proceeds from common stock issuances            10,279           7,198

Tax benefit from stock-based

 compensation                                      266           2,382

                                         -------------   -------------

Net cash provided by financing

 activities                                     10,311         104,738

                                         -------------   -------------



Net increase (decrease) in cash and

 cash equivalents                               44,781          35,676

Effect of exchange rate changes on cash

 and cash equivalents                             (487)            (35)

Cash and cash equivalents at beginning

 of period                                      65,983          22,652

                                         -------------   -------------

Cash and cash equivalents at end of

 period                                  $     110,277   $      58,293

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



* 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 gross profit, net income, 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 gross profit consists of gross profit plus stock based compensation and amortization of internally-developed software.

Non-GAAP net income consists of net income (loss) plus stock-based compensation, amortization of internally-developed software and applying an 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 nine months ended September 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.

 






                     ServiceSource International, Inc.

           Reconciliation of Net Income (Loss) to Adjusted EBITDA

                               (In thousands)

                                (Unaudited)



                            Three Months Ended         Nine Months Ended

                               September 30,             September 30,

                         ------------------------  ------------------------

                             2012         2011         2012         2011

                         -----------  -----------  -----------  -----------



Net income (loss)        $    (3,584) $    (2,825) $   (41,629) $    13,458

Income tax provision

 (benefit)                       322          501       31,589      (21,152)

Interest expense                  70           27          180          349

Other income (expense),

 net                            (190)        (309)         124          662

Depreciation                   2,504        2,621        7,092        7,109

                         -----------  -----------  -----------  -----------

EBITDA                          (878)          15       (2,644)         426

Stock-based compensation       5,653        2,968       15,260        8,104

                         -----------  -----------  -----------  -----------

Adjusted EBITDA          $     4,775  $     2,983  $    12,616  $     8,530

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





                     ServiceSource International, Inc.

                      GAAP To Non-GAAP Reconciliation

              (Dollars in thousands, except per share amounts)

                                (unaudited)



                              Three Months Ended       Nine Months Ended

                                 September 30,           September 30,

                            ----------------------  -----------------------

                               2012         2011       2012         2011

                            ----------   ---------  ----------   ----------

Gross Profit

  GAAP gross profit         $   24,546    $ 22,054  $   75,356   $   62,323

  Non-GAAP

   adjustments:

    Stock-based

     compensation     ( A )        763         470       2,050        1,286

    Amortization of

     internally-

     developed

     software         ( B )        432         389         890        1,196

                            ----------   ---------  ----------   ----------

  Non-GAAP gross

   profit                   $   25,741    $ 22,913  $   78,296   $   64,805

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



Gross Profit %

  GAAP gross profit                 42%        44%          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                           44%        46%          44%          45%

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

Certain totals do not

 add due to rounding

Operating Expenses

GAAP operating

 expenses                   $   27,928    $ 24,660  $   85,092   $   69,006

Stock-based

 compensation         ( A )     (4,890)    (2,498)     (13,210)      (6,818)

Amortization of

 internally-developed

 software             ( B )       (355)      (789)      (1,167)      (1,922)

                            ----------   ---------  ----------   ----------

Non-GAAP operating

 expenses                   $   22,683    $ 21,373  $   70,715   $   60,266

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



Net Income (Loss)

  GAAP net income

   (loss)                   $   (3,584)  $ (2,825)  $  (41,629)  $   13,458

  Non-GAAP

   adjustments:

    Stock-based

     compensation     ( A )      5,653       2,968      15,260        8,104

    Amortization of

     internally-

     developed

     software         ( B )        787       1,178       2,057        3,118

    One-time tax items( C )          -           -      33,072      (21,417)

    Income tax effect

     on non-GAAP

     adjustments and

     impact of

     normalizing the

     effective income

     tax rate         ( D )       (949)      (228)      (4,394)      (1,147)

                            ----------   ---------  ----------   ----------

Non-GAAP net income         $    1,907     $ 1,093  $    4,366   $    2,116

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



Diluted Net Income

 (Loss) Per Share

  GAAP diluted net

   income (loss) per

   share                    $    (0.05)   $ (0.04)  $    (0.56)  $     0.19

  Non-GAAP

   adjustments:

    Stock-based

     compensation     ( A )       0.07        0.04        0.20         0.11

    Amortization of

     internally-

     developed

     software         ( B )       0.01        0.01        0.03         0.04

    One-time tax items( C )          -           -        0.42        (0.30)

    Income tax effect

     on non-GAAP

     adjustments and

     impact of

     normalizing the

     effective income

     tax rate         ( D )      (0.01)       0.00       (0.06)       (0.01)

                            ----------   ---------  ----------   ----------

  Non-GAAP diluted net

   income per share         $     0.02      $ 0.01  $     0.03   $     0.03

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

Shares used in

 calculating diluted

 net income per share

 on a non-GAAP basis            79,859      77,093      78,220       72,208

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



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 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, they are non-cash in nature 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 September 30,

                                  -----------------------------------------

                                          2012                  2011

                                  -------------------   -------------------

                                               % of                  % of

                                      $       Revenue       $       Revenue

                                  ---------  --------   ---------  --------



NALA                              $  37,647        64%  $  31,952        64%

EMEA                                 14,159        24%     12,365        25%

APJ                                   7,284        12%      5,771        11%

                                  ---------  --------   ---------  --------

                                  $  59,090       100%  $  50,088       100%

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





                                       Nine Months Ended September 30,

                                          2012                  2011

                                  -------------------   -------------------

                                               % of                  % of

                                      $       Revenue       $       Revenue

                                  ---------  --------   ---------  --------



NALA                              $ 110,720        63%  $  88,383        61%

EMEA                                 45,425        26%     41,612        29%

APJ                                  20,213        11%     14,727        10%

                                  ---------  --------   ---------  --------

                                  $ 176,358       100%  $ 144,722       100%

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



 

Source: ServiceSource

 

 

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