ServiceSource (SREV) Reports Q1 Loss of $0.02

ServiceSource (NASDAQ: SREV) reported Q1 EPS of ($0.02). Revenue for the quarter came in at $45 million versus the consensus estimate of $45.79 million.

Key Financial Results – First Quarter 2021

• GAAP revenue was $45.0 million, compared with $50.1 million reported for Q1 2020.
• GAAP net loss was $8.8 million or $0.09 per diluted share, compared with GAAP net loss of $5.9 million or $0.06 per diluted share reported for Q1 2020.
• Non-GAAP net loss was $2.1 million or $0.02 per diluted share, compared with non-GAAP net loss of $1.8 million or $0.02 per diluted share reported for Q1 2020.
• Adjusted EBITDA, a non-GAAP financial measure, was negative $0.2 million, compared with positive $0.1 million reported for Q1 2020.
• Ended the quarter with $36.5 million of cash and cash equivalents and restricted cash and $15.0 million of borrowings under the Company's $40.0 million revolving line of credit.

“We continued to improve the fundamentals of the Company and had a good start to the year,” commented Chad Lyne, executive vice president and chief financial officer of ServiceSource. “Through our early visibility into the market dynamics and challenges our clients were facing, we were able to adapt and position the business accordingly in response to the anticipated revenue contraction. We are increasingly encouraged by our team’s stronger execution to win new contracts, renew existing scopes of work, and enhance our value with our clients. Although it’s early and more work remains to be done, we are confident our focus and efforts will allow us to deliver on our expectation to return to growth in the second half of the year.”

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

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