- Subscription revenue of $65.6 million, up 14%
year-over-year.
- Subscription gross margin of 78% and non-GAAP subscription
gross margin of 80%, an improvement of more than 160 basis points
year-over-year.
- Improved operating cash flow by $13.0 million, or nearly 200%,
year-over-year.
PROS Holdings, Inc. (NYSE: PRO), a leading provider of
AI-powered SaaS pricing, CPQ, revenue management, and digital offer
marketing solutions, today announced financial results for the
second quarter ended June 30, 2024.
“We delivered a solid second quarter where we exceeded the
high-end of our guidance ranges across all metrics,” stated CEO
Andres Reiner. “I am proud of our team for building the
market-leading profit and revenue optimization platform which
drives immense value for our customers, powering 4.1 trillion
transactions a year, while delivering to our long-term goal of 80%
non-GAAP subscription gross margin.”
Second Quarter 2024 Financial Highlights
Key financial results for the second quarter 2024 are shown
below. Throughout this press release all dollar figures are in
millions, except net (loss) earnings per share. Unless otherwise
noted, all results are on a reported basis and are compared with
the prior-year period.
GAAP
Non-GAAP
Q2 2024
Q2 2023
Change
Q2 2024
Q2 2023
Change
Revenue:
Total Revenue
$82.0
$75.8
8%
n/a
n/a
n/a
Subscription Revenue
$65.6
$57.3
14%
n/a
n/a
n/a
Subscription and Maintenance Revenue
$69.0
$62.4
11%
n/a
n/a
n/a
Profitability:
Gross Profit
$53.2
$47.2
13%
$55.3
$49.4
12%
Operating (Loss) Income
$(7.2)
$(13.4)
$6.2
$4.4
$(1.0)
$5.3
Net (Loss) Income
$(7.4)
$(13.3)
$5.9
$3.3
$(0.3)
$3.6
Net (Loss) Earnings Per Share
$(0.16)
$(0.29)
$0.13
$0.07
$(0.01)
$0.08
Adjusted EBITDA
n/a
n/a
n/a
$5.2
$0.1
$5.1
Cash:
Net Cash Provided by (Used in) Operating
Activities
$6.4
$(6.5)
$13.0
n/a
n/a
n/a
Free Cash Flow
n/a
n/a
n/a
$6.2
$(6.2)
$12.4
The attached table provides a summary of PROS results for the
period, including a reconciliation of GAAP to non-GAAP metrics.
Recent Business Highlights
- Welcomed many new customers who are adopting the PROS Platform
such as Air Moana, Atlantic Aviation, Dynata, Lao Airlines, Tropic
Air, VitalEdge, and Zeus Fire & Security, among others.
- Expanded adoption of the PROS Platform within existing
customers including Aeromexico, Allegiant Air, Auto Wares, BASF,
Carrier, Cathay Pacific, Hertz, Ingredion, Philippine Air, and
PODS, among others.
- Won Microsoft’s Global ISV Partner of the Year Award for the
second time out of more than 400,000 global partners, recognizing
PROS excellence in AI innovation and successful collaboration with
Microsoft to deliver strategic value to the market, such as the
recent launch of the PROS Plugin for Microsoft’s Copilot for
Sales.
- Hosted the record-breaking 2024 Outperform with PROS
Conference; the event was PROS largest, in-person user conference
ever, featuring 60 customer speakers and attracting business
leaders from around the world eager to learn how digitization,
automation, and AI can transform organizations and drive impactful
business outcomes.
- Achieved top results in G2's Summer 2024 Reports, with
leadership recognition across multiple categories including Price
Optimization and Management and CPQ, emphasizing the immense value
the PROS Platform delivers to customers.
Financial Outlook
PROS currently anticipates the following based on an estimated
47.8 million diluted weighted average shares outstanding for the
third quarter of 2024 and a 22% non-GAAP estimated tax rate for the
third quarter and full year 2024.
Q3 2024 Guidance
v. Q3 2023 at
Mid-Point
Full Year 2024
Guidance
v. Prior Year at
Mid-Point
Total Revenue
$81.5 to $82.5
6%
$329.0 to $331.0
9%
Subscription Revenue
$65.8 to $66.3
10%
$263.5 to $265.5
13%
Subscription ARR
n/a
n/a
$280.0 to $284.0
9%
Non-GAAP Earnings Per Share
$0.08 to $0.10
$—
n/a
n/a
Adjusted EBITDA
$6.5 to $7.5
$1.4
$21.0 to $24.0
$16.5
Free Cash Flow
n/a
n/a
$20.0 to $24.0
$10.6
Conference Call
In conjunction with this announcement, PROS Holdings, Inc. will
host a conference call on Tuesday, July 30, 2024, at 4:45 p.m. ET
to discuss the Company’s financial results and business outlook. To
access this call, dial 1-877-407-9039 (toll-free) or
1-201-689-8470. The live and archived webcasts of this call can be
accessed under the “Investor Relations” section of the Company’s
website at www.pros.com.
A telephone replay will be available until Tuesday, August 6,
2024, 11:59 PM ET at 1-844-512-2921 (toll-free) or 1-412-317-6671
using the pass code 13747137.
About PROS
PROS Holdings, Inc. (NYSE: PRO) is a leading provider of
AI-powered SaaS pricing, CPQ, revenue management, and digital offer
marketing solutions. Our vision is to optimize every shopping and
selling experience. With nearly 40 years of industry expertise and
a proven track record of success, PROS helps B2B and B2C companies
across the globe, in a variety of industries, including airlines,
manufacturing, distribution, and services, drive profitable growth.
The PROS Platform leverages AI to provide real-time predictive
insights that enable businesses to drive revenue and margin
improvements. To learn more about PROS and our innovative SaaS
solutions, please visit our website at www.pros.com.
Forward-looking Statements
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995, including statements about our financial outlook;
expectations; ability to achieve future growth and profitability
goals; management's confidence and optimism; positioning; customer
successes; demand for our software solutions; pipeline; business
expansion; revenue; subscription revenue; subscription ARR;
non-GAAP earnings (loss) per share; adjusted EBITDA; free cash
flow; shares outstanding and effective tax rate. The
forward-looking statements contained in this press release are
based upon our historical performance and our current plans,
estimates and expectations and are not a representation that such
plans, estimates or expectations will be achieved. Factors that
could cause actual results to differ materially from those
described herein include, among others, risks related to: (a)
cyberattacks, data breaches and breaches of security measures
within our products, systems and infrastructure or products,
systems and infrastructure of third parties upon whom we rely, (b)
the macroeconomic environment and geopolitical uncertainty and
events, (c) increasing business from customers, maintaining
subscription renewal rates and capturing customer IT spend, (d)
managing our growth and profit objectives effectively, (e)
disruptions from our third party data center, software, data, and
other unrelated service providers, (f) implementing our solutions,
(g) cloud operations, (h) intellectual property and third-party
software, (i) acquiring and integrating businesses and/or
technologies, (j) catastrophic events, (k) operating globally,
including economic and commercial disruptions, (l) potential
downturns in sales and lengthy sales cycles, (m) software
innovation, (n) competition, (o) market acceptance of our software
innovations, (p) maintaining our corporate culture, (q) personnel
risks including loss of any key employees and competition for
talent, (r) expanding and training our direct and indirect sales
force, (s) evolving data privacy, cyber security, data localization
and AI laws, (t) our debt repayment obligations, (u) the timing of
revenue recognition and cash flow from operations, and (v)
returning to profitability. Additional information relating to the
risks and uncertainties affecting our business is contained in our
filings with the SEC. These forward-looking statements represent
our expectations as of the date hereof. Subsequent events may cause
these expectations to change, and PROS disclaims any obligations to
update or alter these forward-looking statements in the future,
whether as a result of new information, future events or
otherwise.
Non-GAAP Financial Measures
PROS has provided in this release certain non-GAAP financial
measures, including non-GAAP gross profit and margin, non-GAAP
subscription margin, non-GAAP income (loss) from operations or
non-GAAP operating income (loss), subscription annual recurring
revenue, adjusted EBITDA, free cash flow, non-GAAP tax rate,
non-GAAP net income (loss), and non-GAAP earnings (loss) per share.
PROS uses these non-GAAP financial measures internally in analyzing
its financial results and believes they are useful to investors, as
a supplement to GAAP measures, in evaluating PROS’ ongoing
operational performance and cloud transition. Non-GAAP gross margin
can be compared to gross margin which can be calculated from the
condensed consolidated statements of loss by dividing gross profit
by total revenue. Non-GAAP gross margin is similarly calculated but
first adds back to gross profit the portion of certain of the
non-GAAP adjustments described below attributable to cost of
revenue. Non-GAAP subscription margin can be compared to
subscription margin which can be calculated from the condensed
consolidated statements of loss by dividing subscription gross
profit (subscription revenue minus subscription cost) by
subscription revenue. Non-GAAP subscription margin is similarly
calculated but first subtracts out from subscription cost the
portion of certain of the non-GAAP adjustments described below
attributable to cost of subscription. These items and amounts are
presented in the Supplemental Schedule of Non-GAAP Financial
Measures.
Non-GAAP financial measures should not be considered in
isolation from, or as a substitute for, financial information
prepared in accordance with GAAP. Investors are encouraged to
review the reconciliation of these non-GAAP measures to their most
directly comparable GAAP financial measure as detailed above. A
reconciliation of GAAP financial measures to the non-GAAP financial
measures has been provided in the tables included as part of this
press release, and can be found, along with other financial
information, in the investor relations portion of our website.
PROS' use of non-GAAP financial measures may not be consistent with
the presentations by similar companies in PROS' industry. PROS has
also provided in this release certain forward-looking non-GAAP
financial measures, including non-GAAP income (loss) from
operations, subscription annual recurring revenue, non-GAAP
earnings (loss) per share, adjusted EBITDA, free cash flow,
non-GAAP tax rates, and calculated billings (collectively the
"non-GAAP financial measures") as follows:
Non-GAAP income (loss) from operations: Non-GAAP income
(loss) from operations excludes the impact of share-based
compensation, amortization of acquisition-related intangibles and
severance. Non-GAAP income (loss) from operations excludes the
following items from non-GAAP estimates:
- Share-Based Compensation: Although share-based
compensation is an important aspect of compensation for our
employees and executives, our share-based compensation expense can
vary because of changes in our stock price and market conditions at
the time of grant, varying valuation methodologies, and the variety
of award types. Since share-based compensation expense can vary for
reasons that are generally unrelated to our performance during any
particular period, we believe this could make it difficult for
investors to compare our current financial results to previous and
future periods. Therefore, we believe it is useful to exclude
share-based compensation in order to better understand our business
performance and allow investors to compare our operating results
with peer companies.
- Amortization of Acquisition-Related Intangibles: We view
amortization of acquisition-related intangible assets, such as the
amortization of the cost associated with an acquired company's
research and development efforts, trade names, customer lists and
customer relationships, as items arising from pre-acquisition
activities determined at the time of an acquisition. While these
intangible assets are continually evaluated for impairment,
amortization of the cost of purchased intangibles is a static
expense, one that is not typically affected by operations during
any particular period.
- Severance: Severance related to costs incurred as the
Company reprioritized its investments to focus on supporting key
growth areas of its business. As a result of this reprioritization,
the Company incurred severance, employee benefits, outplacement and
related costs. These amounts are unrelated to our core performance
during any particular period, and therefore, we believe it is
useful to exclude these amounts in order to better understand our
business performance and allow investors to compare our results
with peer companies.
Non-GAAP earnings (loss) per share: Non-GAAP net income
(loss) excludes the items listed above as excluded from non-GAAP
income (loss) from operations and also excludes amortization of
debt premium and issuance costs and the taxes related to these
items and the items excluded from non-GAAP income (loss) from
operations. Estimates of non-GAAP earnings (loss) per share are
calculated by dividing estimates for non-GAAP net income (loss) by
our estimate of weighted average shares outstanding for the future
period. In addition to the items listed above as excluded from
non-GAAP income (loss) from operations, non-GAAP net income (loss)
excludes the following items from non-GAAP estimates:
- Amortization of Debt Premium and Issuance Costs:
Amortization of debt premium and issuance costs are related to our
convertible notes. These amounts are unrelated to our core
performance during any particular period, and therefore, we believe
it is useful to exclude these amounts in order to better understand
our business performance and allow investors to compare our results
with peer companies.
- Taxes: We exclude the tax consequences associated with
non-GAAP items to provide investors with a useful comparison of our
operating results to prior periods and to our peer companies
because such amounts can vary significantly. In the fourth quarter
of 2014, we concluded that it is more likely than not that we will
be unable to fully realize our deferred tax assets and accordingly,
established a valuation allowance against those assets. The ongoing
impact of the valuation allowance on our non-GAAP effective tax
rate has been eliminated to allow investors to better understand
our business performance and compare our operating results with
peer companies.
Subscription Annual Recurring Revenue: Subscription
Annual Recurring Revenue ("subscription ARR") is used to assess the
trajectory of our cloud business. Subscription ARR means, as of a
specified date, the contracted subscription revenue, including
contracts with a future start date, together with annualized
overage fees incurred above contracted minimum transactions.
Subscription ARR should be viewed independently of revenue and any
other GAAP measure.
Non-GAAP Tax Rate: The estimated non-GAAP effective tax
rate adjusts the tax effect to quantify the impact of the excluded
non-GAAP items.
Adjusted EBITDA: Adjusted EBITDA is defined as GAAP net
income (loss) before interest expense, provision for income taxes,
depreciation and amortization, as adjusted to eliminate the effect
of stock-based compensation cost, severance, amortization of
acquisition-related intangibles, depreciation and amortization, and
capitalized internal-use software development costs. Adjusted
EBITDA should not be considered as an alternative to net income
(loss) as an indicator of our operating performance.
Free Cash Flow: Free cash flow is a non-GAAP financial
measure which is defined as net cash provided by (used in)
operating activities, excluding severance payments, less capital
expenditures and capitalized internal-use software development
costs.
Calculated Billings: Calculated billings is defined as
total subscription, maintenance and support revenue plus the change
in recurring deferred revenue in a given period.
These non-GAAP estimates are not measurements of financial
performance prepared in accordance with GAAP, and we are unable to
reconcile these forward-looking non-GAAP financial measures to
their directly comparable GAAP financial measures because the
information described above which is needed to complete a
reconciliation is unavailable at this time without unreasonable
effort.
PROS Holdings, Inc.
Condensed Consolidated Balance
Sheets
(In thousands, except share and
per share amounts)
(Unaudited)
June 30, 2024
December 31, 2023
Assets:
Current assets:
Cash and cash equivalents
$
139,086
$
168,747
Trade and other receivables, net of
allowance of $801 and $574, respectively
47,714
49,058
Deferred costs, current
4,433
4,856
Prepaid and other current assets
11,816
12,013
Total current assets
203,049
234,674
Restricted cash
10,000
10,000
Property and equipment, net
20,892
23,051
Operating lease right-of-use assets
14,663
14,801
Deferred costs, noncurrent
10,143
10,292
Intangibles, net
9,078
11,678
Goodwill
107,572
107,860
Other assets, noncurrent
9,503
9,477
Total assets
$
384,900
$
421,833
Liabilities and Stockholders’ (Deficit)
Equity:
Current liabilities:
Accounts payable and other liabilities
$
6,992
$
3,034
Accrued liabilities
14,760
13,257
Accrued payroll and other employee
benefits
19,259
32,762
Operating lease liabilities, current
4,232
5,655
Deferred revenue, current
121,628
120,955
Current portion of convertible debt,
net
—
21,668
Total current liabilities
166,871
197,331
Deferred revenue, noncurrent
3,302
3,669
Convertible debt, net, noncurrent
271,553
272,324
Operating lease liabilities,
noncurrent
25,032
25,118
Other liabilities, noncurrent
1,182
1,264
Total liabilities
467,940
499,706
Stockholders' (deficit) equity:
Preferred stock, $0.001 par value,
5,000,000 shares authorized; none issued
—
—
Common stock, $0.001 par value, 75,000,000
shares authorized; 51,810,281
and 51,184,584 shares issued,
respectively; 47,129,558 and 46,503,861 shares outstanding,
respectively
52
51
Additional paid-in capital
617,894
604,084
Treasury stock, 4,680,723 common shares,
at cost
(29,847
)
(29,847
)
Accumulated deficit
(665,995
)
(647,252
)
Accumulated other comprehensive loss
(5,144
)
(4,909
)
Total stockholders’ (deficit) equity
(83,040
)
(77,873
)
Total liabilities and stockholders’
(deficit) equity
$
384,900
$
421,833
PROS Holdings, Inc.
Condensed Consolidated
Statements of Loss
(In thousands, except per share
data)
(Unaudited)
Three Months Ended June
30,
Six Months Ended June
30,
2024
2023
2024
2023
Revenue:
Subscription
$
65,600
$
57,304
$
129,949
$
113,273
Maintenance and support
3,385
5,093
6,980
10,805
Total subscription, maintenance and
support
68,985
62,397
136,929
124,078
Services
13,028
13,395
25,772
24,896
Total revenue
82,013
75,792
162,701
148,974
Cost of revenue:
Subscription
14,570
14,059
29,183
28,152
Maintenance and support
1,751
1,876
3,613
4,158
Total cost of subscription, maintenance
and support
16,321
15,935
32,796
32,310
Services
12,498
12,636
24,856
25,803
Total cost of revenue
28,819
28,571
57,652
58,113
Gross profit
53,194
47,221
105,049
90,861
Operating expenses:
Selling and marketing
23,537
24,880
46,219
50,890
Research and development
21,786
21,847
46,199
44,138
General and administrative
15,055
13,849
30,117
27,984
Loss from operations
(7,184
)
(13,355
)
(17,486
)
(32,151
)
Convertible debt interest and
amortization
(1,148
)
(1,576
)
(2,350
)
(3,152
)
Other income, net
1,323
1,791
1,781
3,242
Loss before income tax provision
(7,009
)
(13,140
)
(18,055
)
(32,061
)
Income tax provision
377
149
688
230
Net loss
$
(7,386
)
$
(13,289
)
$
(18,743
)
$
(32,291
)
Net loss per share:
Basic and diluted
$
(0.16
)
$
(0.29
)
$
(0.40
)
$
(0.70
)
Weighted average number of shares:
Basic and diluted
47,068
46,101
46,942
46,013
PROS Holdings, Inc.
Condensed Consolidated
Statements of Cash Flows
(In thousands)
(Unaudited)
Three Months Ended June
30,
Six Months Ended June
30,
2024
2023
2024
2023
Operating activities:
Net loss
$
(7,386
)
$
(13,289
)
$
(18,743
)
$
(32,291
)
Adjustments to reconcile net loss to net
cash provided by (used in) operating activities:
Depreciation and amortization
2,191
2,751
4,395
5,752
Amortization of debt premium and issuance
costs
(302
)
373
(586
)
746
Share-based compensation
10,248
10,752
22,948
20,656
Provision for credit losses
11
(20
)
160
88
Gain on lease modification
—
—
(697
)
—
Loss on disposal of assets
—
—
774
35
Changes in operating assets and
liabilities:
Accounts and unbilled receivables
3,271
(8,309
)
1,173
(6,070
)
Deferred costs
(34
)
(84
)
572
341
Prepaid expenses and other assets
(896
)
1,056
174
(1,449
)
Operating lease right-of-use assets and
liabilities
(668
)
(646
)
(1,516
)
(1,237
)
Accounts payable and other liabilities
4,522
2,541
3,885
(1,252
)
Accrued liabilities
91
573
2,418
1,077
Accrued payroll and other employee
benefits
3,100
4,486
(13,511
)
(3,688
)
Deferred revenue
(7,728
)
(6,726
)
330
4,607
Net cash provided by (used in) operating
activities
6,420
(6,542
)
1,776
(12,685
)
Investing activities:
Purchases of property and equipment
(215
)
(277
)
(438
)
(1,823
)
Capitalized internal-use software
development costs
(41
)
—
(58
)
—
Investment in equity securities
—
—
(113
)
—
Net cash used in investing activities
(256
)
(277
)
(609
)
(1,823
)
Financing activities:
Proceeds from employee stock plans
—
—
1,024
1,137
Tax withholding related to net share
settlement of stock awards
(1,823
)
(958
)
(10,161
)
(5,668
)
Settlement of convertible debt
(21,713
)
—
(21,713
)
—
Net cash used in financing activities
(23,536
)
(958
)
(30,850
)
(4,531
)
Effect of foreign currency rates on
cash
35
(32
)
22
(21
)
Net change in cash, cash equivalents and
restricted cash
(17,337
)
(7,809
)
(29,661
)
(19,060
)
Cash, cash equivalents and restricted
cash:
Beginning of period
166,423
192,376
178,747
203,627
End of period
$
149,086
$
184,567
$
149,086
$
184,567
Reconciliation of cash, cash
equivalents and restricted cash to the condensed consolidated
balance sheets
Cash and cash equivalents
$
139,086
$
184,567
$
139,086
$
184,567
Restricted cash
10,000
—
10,000
—
Total cash, cash equivalents and
restricted cash
$
149,086
$
184,567
$
149,086
$
184,567
PROS Holdings, Inc.
Reconciliation of GAAP to
Non-GAAP Financial Measures
(In thousands, except per share
data)
(Unaudited)
We use these non-GAAP financial
measures to assist in the management of the Company because we
believe that this information provides a more consistent and
complete understanding of the underlying results and trends of the
ongoing business due to the uniqueness of these charges.
See breakdown of the reconciling
line items on page 10.
Three Months Ended June
30,
Quarter over Quarter
Six Months Ended June
30,
Year over Year
2024
2023
% change
2024
2023
% change
GAAP gross profit
$
53,194
$
47,221
13
%
$
105,049
$
90,861
16
%
Non-GAAP adjustments:
Amortization of acquisition-related
intangibles
953
1,243
1,906
2,580
Severance
—
—
—
749
Share-based compensation
1,151
985
2,219
1,817
Non-GAAP gross profit
$
55,298
$
49,449
12
%
$
109,174
$
96,007
14
%
Non-GAAP gross margin
67.4
%
65.2
%
67.1
%
64.4
%
GAAP loss from operations
$
(7,184
)
$
(13,355
)
(46
)%
$
(17,486
)
$
(32,151
)
(46
)%
Non-GAAP adjustments:
Amortization of acquisition-related
intangibles
1,300
1,620
2,601
3,426
Severance
—
—
—
3,586
Share-based compensation
10,248
10,752
22,948
20,656
Total non-GAAP adjustments
11,548
12,372
25,549
27,668
Non-GAAP income (loss) from operations
$
4,364
$
(983
)
(544
)%
$
8,063
$
(4,483
)
(280
)%
Non-GAAP income (loss) from operations %
of total revenue
5.3
%
(1.3
)%
5.0
%
(3.0
)%
GAAP net loss
$
(7,386
)
$
(13,289
)
(44
)%
$
(18,743
)
$
(32,291
)
(42
)%
Non-GAAP adjustments:
Total non-GAAP adjustments affecting
income (loss) from operations
11,548
12,372
25,549
27,668
Amortization of debt premium and issuance
costs
(372
)
373
(725
)
746
Tax impact related to non-GAAP
adjustments
(539
)
235
(801
)
1,032
Non-GAAP net income (loss)
$
3,251
$
(309
)
(1,152
)%
$
5,280
$
(2,845
)
(286
)%
Non-GAAP earnings (loss) per share
$
0.07
$
(0.01
)
$
0.11
$
(0.06
)
Shares used in computing non-GAAP earnings
(loss) per share
47,657
46,101
47,732
46,013
PROS Holdings, Inc.
Supplemental Schedule of
Non-GAAP Financial Measures
Increase (Decrease) in GAAP
Amounts Reported
(In thousands)
(Unaudited)
Three Months Ended June
30,
Six Months Ended June
30,
2024
2023
2024
2023
Cost of Subscription Items
Amortization of acquisition-related
intangibles
953
1,243
1,906
2,580
Severance
—
—
—
125
Share-based compensation
235
169
437
294
Total cost of subscription items
$
1,188
$
1,412
$
2,343
$
2,999
Cost of Maintenance Items
Severance
—
—
—
307
Share-based compensation
96
98
233
178
Total cost of maintenance items
$
96
$
98
$
233
$
485
Cost of Services Items
Severance
—
—
—
317
Share-based compensation
820
718
1,549
1,345
Total cost of services items
$
820
$
718
$
1,549
$
1,662
Sales and Marketing Items
Amortization of acquisition-related
intangibles
347
377
695
846
Severance
—
—
—
1,595
Share-based compensation
2,437
3,103
6,065
6,031
Total sales and marketing items
$
2,784
$
3,480
$
6,760
$
8,472
Research and Development Items
Severance
—
—
—
1,008
Share-based compensation
2,114
2,673
5,645
5,023
Total research and development items
$
2,114
$
2,673
$
5,645
$
6,031
General and Administrative
Items
Severance
—
—
—
234
Share-based compensation
4,546
3,991
9,019
7,785
Total general and administrative items
$
4,546
$
3,991
$
9,019
$
8,019
PROS Holdings, Inc.
Supplemental Reconciliation of
GAAP to Non-GAAP Financial Measures
(In thousands)
(Unaudited)
Three Months Ended June
30,
Six Months Ended June
30,
2024
2023
2024
2023
Adjusted EBITDA
GAAP Loss from Operations
$
(7,184
)
$
(13,355
)
$
(17,486
)
$
(32,151
)
Amortization of acquisition-related
intangibles
1,300
1,620
2,601
3,426
Severance
—
—
—
3,586
Share-based compensation
10,248
10,752
22,948
20,656
Depreciation and other amortization
891
1,131
1,794
2,326
Capitalized internal-use software
development costs
(41
)
—
(58
)
—
Adjusted EBITDA
$
5,214
$
148
$
9,799
$
(2,157
)
Net Cash Provided by (Used in)
Operating Activities
$
6,420
$
(6,542
)
$
1,776
$
(12,685
)
Severance
—
579
—
3,749
Purchase of property and equipment
(215
)
(277
)
(438
)
(1,823
)
Capitalized internal-use software
development costs
(41
)
—
(58
)
—
Free Cash Flow
$
6,164
$
(6,240
)
$
1,280
$
(10,759
)
Guidance
Q3 2024 Guidance
Full Year 2024
Guidance
Low
High
Low
High
Adjusted EBITDA
GAAP Loss from Operations
$
(6,000
)
$
(5,000
)
$
(31,200
)
$
(28,200
)
Amortization of acquisition-related
intangibles
1,100
1,100
4,400
4,400
Share-based compensation
10,500
10,500
44,200
44,200
Depreciation and other amortization
900
900
3,600
3,600
Adjusted EBITDA
$
6,500
$
7,500
$
21,000
$
24,000
PROS Holdings, Inc.
Supplemental Reconciliation of
GAAP to Non-GAAP Financial Measures (Continued)
(In thousands)
(Unaudited)
Three Months Ended June
30,
Quarter over Quarter
Six Months Ended June
30,
Year over Year
2024
2023
% change
2024
2023
% change
GAAP subscription gross profit
$
51,030
$
43,245
18
%
$
100,766
$
85,121
18
%
Non-GAAP adjustments:
Amortization of acquisition-related
intangibles
953
1,243
1,906
2,580
Severance
—
—
—
125
Share-based compensation
235
169
437
294
Non-GAAP subscription gross profit
$
52,218
$
44,657
17
%
$
103,109
$
88,120
17
%
Non-GAAP subscription gross margin
79.6
%
77.9
%
79.3
%
77.8
%
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240730249981/en/
Investor Contact: PROS Investor Relations Belinda
Overdeput 713-335-5879 ir@pros.com
Grafico Azioni Pros (NYSE:PRO)
Storico
Da Ott 2024 a Nov 2024
Grafico Azioni Pros (NYSE:PRO)
Storico
Da Nov 2023 a Nov 2024
