ServiceSource International, Inc. Announces Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2018; Provides Earnings Guidance for the Third Quarter of 2018 and Reaffirms Earnings Guidance for the Full-Year 2018
For the six months, the company's net revenue was $119,696,000 against $114,970,000 a year ago. Loss from operations was $12,532,000 against $19,602,000 a year ago. Loss before income taxes was $20,112,000 against $24,319,000 a year ago. Net loss was $20,539,000 or $0.23 per basic and diluted share against $24,725,000 or $0.28 per basic and diluted share a year ago. Net cash provided by operating activities was $2,402,000 against $3,038,000 a year ago. Acquisition of property and equipment was $7,268,000 against $9,080,000 a year ago. Non-GAAP net income was $244,000 against non-GAAP net loss of $132,000 a year ago. LBITDA was $4,746,000 against $8,827,000 a year ago. Adjusted EBITDA was $4,805,000 against $3,800,000 a year ago.
The company provided earnings guidance for the third quarter of 2018. For third quarter 2018, the company expects revenue of $60.0 million to $61.0 million; GAAP net loss per share of $0.03 to $0.04; non-GAAP net income per share of $0.01 to $0.02; and Adjusted EBITDA of $3.5 million to $4.5 million. The company expected adjusted net income between $1 million and $2 million. Normalized tax rate of 26.5%.
The company reaffirmed earnings guidance for the full-year 2018. The company reaffirms revenue of $246.0 million to $249.0 million; GAAP gross margin of 34.0% to 35.0%; non-GAAP gross margin of 36.5% to 37.5%.; GAAP operating expenses of 37.9% to 38.7%; non-GAAP operating expenses of 32.0% to 32.5%; GAAP net loss of $18.8 million to $21.8 million; non-GAAP net income of $8.0 million to $10.0 million; GAAP net loss per share of $0.20 to $0.24; non-GAAP net income per share of $0.09 to $0.11. Adjusted EBITDA of $19.0 million to $22.0 million. CapEx between $14 million and $17 million and free cash flow between breakeven and positive $3 million.