ServiceSource International, Inc. (NASDAQ:SREV) Files An 8-K Results of Operations and Financial Condition

ServiceSource International, Inc. (NASDAQ:SREV) Files An 8-K Results of Operations and Financial Condition

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Item 2.02 Results of Operations and Financial Condition.

On May 8, 2017, ServiceSource International, Inc. issued a press
release announcing its results for the quarter ended March 31,
2017. A copy of the press release is attached as Exhibit 99.1 to
this current report on Form 8-K and is incorporated by reference
herein.
The information in this current report on Form 8-K and the
exhibits attached hereto shall not be deemed “filed” for purposes
of Section 18 of the Securities Exchange Act of 1934, as amended
(the “Exchange Act”) or otherwise subject to the liabilities of
that section, nor shall it be deemed incorporated by reference in
any filing under the Securities Act of 1933, as amended, or the
Exchange Act, regardless of any general incorporation language in
such filing.
Item 2.05 and 2.06 – Costs Associated with Exit or Disposal
Activities; Material Impairments
During the second quarter of 2017, the Company initiated several
strategic changes across the organization intended to better
align its cost structure with current business and market
conditions, including a headcount reduction and the reduction of
office space in two locations. The Company expects to complete
the majority of these actions in the second and third quarters of
2017.
The Company estimates total one-time costs related to these
changes incurred during the second and third quarters of 2017
will be between $4.5 million and $5.2 million, including
approximately $1.2 million of non-cash impairment charges for
certain leasehold improvements and other property and equipment,
approximately $3.0 million of cash charges relating to employee
severance and other benefits and approximately $0.7 million of
cash charges relating to facility lease costs.
The estimated costs and charges are preliminary and may vary
based on several factors, including the timing of implementation
and changes in underlying assumptions and projections.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
99.1
Press release dated May 8, 2017


About ServiceSource International, Inc. (NASDAQ:SREV)

ServiceSource International, Inc. (ServiceSource) is a provider of customer and revenue lifecycle solutions that improve enterprise revenue relationships. The Company operates through two segments: Managed Services, and Cloud and Business Intelligence (CBI). Based on the science of Revenue Lifecycle Management (RLM), the Company provides business to business (B2B) companies with technology-enabled services and solutions that allow growing and retaining revenue from existing customers, directly or through a channel. Its solutions are based on solutions in the Revenue Lifecycle category. The components of its cloud solution consist of a suite of managed services and cloud technologies, and include ServiceSource Revenue Analytics, Renew OnDemand and ServiceSource Customer Success. Its managed services include renewal selling services, up-sell and cross-sell services, enablement and quoting services, warranty services, customer success services and onboarding services.

ServiceSource International, Inc. (NASDAQ:SREV) Recent Trading Information

ServiceSource International, Inc. (NASDAQ:SREV) closed its last trading session up +0.09 at 3.85 with 160,366 shares trading hands.

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