DENVER–(BUSINESS WIRE)– ServiceSource (NASDAQ: SREV), a global leader in outsourced inside sales, customer success and recurring revenue growth and retention solutions, and customer journey experience, today announced financial results for the three months and year ended December 31, 2017.
“With a strong finish to 2017, ServiceSource has reached an inflection point and is positioned well to return to growth in 2018,” said Christopher M. Carrington, CEO of ServiceSource. “On the financial side, we turned in sequential revenue growth of 13.6% and achieved the highest Adjusted EBITDA in the history of the company. On the sales front, we wrapped up another impressive year by signing seven new logos in the quarter and 15 for the year, while also earning long-term contract extensions from two of our top-five clients. I continue to be pleased with the positive response we are receiving for our market-leading solution set of inside sales, customer success and revenue retention. Our transformation is moving forward and we continue to gain momentum in the marketplace as the go-to partner to help our clients grow closer to their customers, achieve faster revenue growth and drive higher customer lifetime value.”
Key Financial Results – Fourth Quarter 2017
Key Financial Results – Full Year 2017
A reconciliation of GAAP to non-GAAP financial measures is provided following the consolidated financial statement tables contained within this press release.
For Q1 2018, ServiceSource is providing the following guidance:
For fiscal 2018, ServiceSource is providing the following guidance:
Please see the fourth quarter 2017 Earnings Call Deck on the Events and Presentations section of the Investor Relations website (https://ir.servicesource.com/events) for a reconciliation between GAAP and non-GAAP measures in our guidance.
Quarterly Conference Call
A replay of the fourth quarter 2017 results and financial guidance webcast is available at https://ir.servicesource.com.
To read the full Press Release please visit https//ir.servicesource.com/releases.cfm.
This press release contains forward-looking statements, including statements regarding our expectations for financial and operational performance, whether our go-forward model will produce anticipated benefits, and whether our improved execution and emerging capabilities will translate into desired results. 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 our forward-looking statements. Those risks and uncertainties include: a decline in client renewals, the loss of one or more of our key clients or the contraction in our revenue from one or more of our key clients, in each case resulting in churn, or our clients not expanding their relationships with us; the risk of problems implementing our technologies or that our technologies will not meet customer expectations; that the market for our solution is underdeveloped and may not grow; errors in estimates as to the renewal rate improvements and/or service revenue we can generate for our customers; changes in market conditions that impact our ability to sell our solutions and/or generate service revenue on our customers’ behalf; the possibility that our estimates of service revenue, opportunity under management, and other metrics may prove inaccurate; our ability to keep customer data and other confidential information secure; our ability to adapt our solution to changes in the market or new competition; problems encountered by our clients in their business that may cause them to cancel or reduce their business with us; our ability to achieve our expected benefits from international expansion; economic or other adverse events or conditions affecting the technology industry; our ability to protect our intellectual property rights; the risk of claims that our offerings infringe the intellectual property rights of others; and other risks and uncertainties described more fully in our periodic reports filed with the Securities and Exchange Commission, which 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 except as may be legally required we assume no obligation to update these forward-looking statements.
ServiceSource International, Inc. (NASDAQ:SREV) helps the world’s leading brands grow closer to their customers. As a global leader in outsourced inside sales, customer success and recurring revenue growth and retention solutions, ServiceSource expands customer lifetime value by helping companies to more efficiently and effectively find, convert, grow and retain their B2B customer relationships. Trusted by global market leaders in the cloud/XaaS, software, technology hardware, medical device & diagnostic equipment and industrial IoT sectors, ServiceSource sells, manages or renews $9+ billion of revenue annually on behalf of its clients. Leveraging a robust technology suite, predictive data models and more than 3,000 revenue delivery professionals speaking 45 languages, only ServiceSource brings to market over 15 years of expertise and the ability to drive recurring revenue growth to more than 170 countries. To learn more, visit https://www.servicesource.com.