ServiceSource (SREV) Reports In-Line Q1 EPS, Revenues Beat; Withdraws FY20 Guidance

ServiceSource (NASDAQ: SREV) reported Q1 EPS of ($0.02), in-line with the analyst estimate of ($0.02). Revenue for the quarter came in at $50.1 million versus the consensus estimate of $47.25 million.

Key Financial Results – First Quarter 2020

• GAAP revenue was $50.1 million, compared with $55.5 million reported for Q1 2019.
• GAAP net loss was $5.9 million or $0.06 per diluted share, compared with GAAP net loss of $5.7 million or $0.06 per diluted share reported for Q1 2019.
• Non-GAAP net loss was $1.7 million or $0.02 per diluted share, compared with $1.1 million or $0.01 per diluted share reported for Q1 2019.
• Adjusted EBITDA was $0.1 million, compared with $1.0 million reported for Q1 2019.
• Ended the quarter with $49.5 million of cash and cash equivalents and restricted cash, with $27.0 million of borrowings under the Company's $40.0 million revolving line of credit.

“In the face of dynamic macroeconomic conditions brought about by the COVID-19 pandemic, we delivered a strong quarter with solid execution throughout the business. We performed well against our financial objectives, delivered impressive results and outcomes for our clients, and made further progress on our strategic priorities,” said Gary B. Moore, ServiceSource’s chairman and chief executive officer. “I am incredibly proud of how our leadership team and our employees around the world transitioned to a 100% virtual work-from-home environment in a matter of days. We demonstrated the strength and resilience of our operating model and ensured uninterrupted service for the market-leading brands that rely on us. As we move forward, we will continue prioritizing the safety and well-being of our employees, supporting and leading our clients through this period of uncertainty, and investing in our business for the long term.”

2020 Outlook

As a result of the COVID-19 pandemic and the increasing level of uncertainty on the size or duration of its global economic impact, ServiceSource is withdrawing the fiscal year 2020 contextual outlook that was provided on February 20, 2020.

For earnings history and earnings-related data on ServiceSource (SREV) click here.

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