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Pros Holdings, Inc. Reports First Quarter 2021 Financial Results

PROS Holdings, Inc. (NYSE: PRO), a provider of AI-powered solutions that optimize selling in the digital economy, today announced financial results for the first quarter ended March 31, 2021.

“I’m incredibly proud of how our team executed in the first quarter,” stated CEO Andres Reiner. “We exceeded the high end of our guidance range across all metrics and welcomed some amazing new customers to the PROS family. We’re confident in our business and the momentum we’re seeing, and as a result, we’re happy to be able to provide annual guidance once again.”

First Quarter 2021 Financial Highlights

Key financial results for the first quarter 2021 are shown below. Throughout this press release, all dollar figures are in millions, except net loss per share. Unless otherwise noted, all results are on a reported basis and are compared with the prior-year period.

 

GAAP

 

Non-GAAP

 

Q1 2021

 

Q1 2020

 

Change

 

Q1 2021

 

Q1 2020

 

Change

Revenue:

 

 

 

 

 

 

 

 

 

 

 

Total Revenue

$61.4

 

$66.3

 

(7)%

 

n/a

 

n/a

 

n/a

Subscription Revenue

$42.6

 

$43.2

 

(1)%

 

n/a

 

n/a

 

n/a

Subscription and Maintenance Revenue

$52.3

 

$55.7

 

(6)%

 

n/a

 

n/a

 

n/a

Profitability:

 

 

 

 

 

 

 

 

 

 

 

Gross Profit

$34.9

 

$37.6

 

(7)%

 

$36.1

 

$39.1

 

(8)%

Operating Loss

$(20.6)

 

$(21.4)

 

$0.8

 

$(11.6)

 

$(13.1)

 

$1.5

Net Loss

$(22.0)

 

$(22.7)

 

$0.7

 

$(9.7)

 

$(9.8)

 

$0.1

Net Loss Per Share

$(0.50)

 

$(0.53)

 

$0.03

 

$(0.22)

 

$(0.23)

 

$0.01

Adjusted EBITDA

n/a

 

n/a

 

n/a

 

$(9.4)

 

$(11.4)

 

$2.1

Cash:

 

 

 

 

 

 

 

 

 

 

 

Net Cash Used in Operating Activities

$(4.4)

 

$(24.2)

 

$19.7

 

n/a

 

n/a

 

n/a

Free Cash Flow

n/a

 

n/a

 

n/a

 

$(4.6)

 

$(25.5)

 

$20.9

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 new customers that are adopting our digital selling technology such as Dedalus, Deluxe, Florida Water Products, and United Airlines, among others.
  • Designated as one of the 2021 Best Workplaces in Texas by Great Place to Work, in recognition of PROS people first culture and commitment to creating an inclusive environment where employees can bring their authentic selves to work.
  • Named a Microsoft Top 350 U.S. Partner by Redmond Channel Partner, placing PROS in the top 1% of Microsoft partners, continued proof of our successful partnership.
  • Appointed Katrina Klier as Chief Marketing Officer to lead PROS global marketing strategy, responsible for fueling revenue growth by optimizing demand generation, increasing engagement, and amplifying brand visibility.

Financial Outlook

PROS currently anticipates the following based on an estimated 44.3 million basic weighted average shares outstanding for the second quarter of 2021 and a 22% non-GAAP estimated tax rate for the second quarter and a full year 2021.

 

Q2 2021 Guidance

 

v. Q2 2020 at Mid-Point

 

Full Year 2021 Guidance

 

v. Prior Year at Mid-Point

Total Revenue

$61.0 to $62.0

 

(4)%

 

$250.5 to $253.5

 

—%

Subscription Revenue

$43.0 to $43.5

 

2%

 

$176.5 to $179.5

 

4%

ARR

n/a

 

n/a

 

$211.0 to $216.0

 

2%

Non-GAAP Loss Per Share

$(0.23) to $(0.21)

 

$(0.08)

 

n/a

 

n/a

Adjusted EBITDA

$(10.0) to $(9.0)

 

$(3.8)

 

$(36.0) to $(33.0)

 

$(6.9)

Free Cash Flow

n/a

 

n/a

 

$(39.0) to $(35.0)

 

$16.3

Conference Call

In conjunction with this announcement, PROS Holdings, Inc. will host a conference call on Thursday, May 4, 2021, 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, May 18, 2021, at 1-844-512-2921 (toll-free) or 1-412-317-6671 using the pass code 13718107.

About PROS

PROS Holdings, Inc. (NYSE: PRO) provides AI-powered solutions that optimize selling in the digital economy. PROS solutions make it possible for companies to price, configure and sell their products and services in an omnichannel environment with speed, precision and consistency. Our customers, who are leaders in their markets, benefit from decades of data science expertise infused into our industry solutions. To learn more, visit 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 the business impact and duration of the coronavirus (COVID-19) pandemic; our financial outlook; expectations; ability to achieve future growth and profitability; management's confidence and optimism; positioning; customer successes; demand for our software solutions; pipeline; business expansion; revenue; subscription revenue; ARR; non-GAAP 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) the impact of the COVID-19 pandemic, such as the scope and duration of the outbreak and timeframe for recovery of the travel industry, (b) cybersecurity, (c) increasing business from customers and maintaining subscription renewal rates, (d) managing our growth 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, (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, (r) expanding and training our direct and indirect sales force, (s) evolving data privacy, cyber security and data localization laws, (t) our debt repayment obligations, (u) the timing of revenue recognition and cash flow from operations, (v) migrating customers to our latest cloud solutions, and (w) 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 income (loss) from operations or non-GAAP operating loss, annual recurring revenue, adjusted EBITDA, free cash flow, non-GAAP subscription revenue, non-GAAP tax rate, non-GAAP net income (loss) or non-GAAP net loss, and diluted earnings (loss) per share or non-GAAP net 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 income (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 income (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 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, annual recurring revenue, non-GAAP 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 new headquarters noncash rent expense. 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.
  • New Headquarters Noncash Rent Expense: Noncash rent expense is related to our new corporate headquarters and is incurred prior to occupation of this facility. These amounts are unrelated to our core performance during any particular period and 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 the noncash rent expense on the preoccupied new headquarters in order for investors to better understand our business performance and allow investors to compare our operating results with peer companies.

Non-GAAP 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 discount 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 loss per share are calculated by dividing estimates for non-GAAP loss by our estimate of 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 Discount and Issuance Costs: Amortization of debt discount 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.

Annual Recurring Revenue: Annual Recurring Revenue ("ARR") is used to assess the trajectory of our cloud business. ARR means, as of a specified date, the contracted recurring revenue, including contracts with a future start date, together with annualized overage fees incurred above contracted minimum transactions, and excluding perpetual and term license agreements recognized as license revenue in accordance with GAAP. 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, amortization of acquisition-related intangibles, depreciation and amortization, new headquarters noncash rent expense, debt extinguishment fees 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, less capital expenditures (excluding expenditures for PROS new headquarters), purchases of other (non-acquisition-related) intangible assets 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)

 

 

 

 

 

 

 

March 31, 2021

 

December 31, 2020

Assets:

 

 

 

 

Current assets:

 

 

 

 

Cash and cash equivalents

 

$

323,929

 

 

 

$

329,134

 

 

Trade and other receivables, net of allowance of $3,563 and $4,122, respectively

 

53,665

 

 

 

49,578

 

 

Deferred costs, current

 

5,883

 

 

 

5,941

 

 

Prepaid and other current assets

 

10,668

 

 

 

9,647

 

 

Total current assets

 

394,145

 

 

 

394,300

 

 

Property and equipment, net

 

35,629

 

 

 

36,504

 

 

Operating lease right-of-use assets

 

29,044

 

 

 

30,689

 

 

Deferred costs, noncurrent

 

11,735

 

 

 

12,544

 

 

Intangibles, net

 

7,467

 

 

 

8,341

 

 

Goodwill

 

49,563

 

 

 

50,044

 

 

Other assets, noncurrent

 

7,505

 

 

 

7,549

 

 

Total assets

 

$

535,088

 

 

 

$

539,971

 

 

Liabilities and Stockholders’ Equity:

 

 

 

 

Current liabilities:

 

 

 

 

Accounts payable and other liabilities

 

$

6,317

 

 

 

$

4,246

 

 

Accrued liabilities

 

16,734

 

 

 

13,065

 

 

Accrued payroll and other employee benefits

 

17,958

 

 

 

25,514

 

 

Operating lease liabilities, current

 

5,897

 

 

 

5,937

 

 

Deferred revenue, current

 

113,478

 

 

 

99,156

 

 

Total current liabilities

 

160,384

 

 

 

147,918

 

 

Deferred revenue, noncurrent

 

8,528

 

 

 

11,372

 

 

Convertible debt, net, noncurrent

 

287,169

 

 

 

218,028

 

 

Operating lease liabilities, noncurrent

 

42,529

 

 

 

44,099

 

 

Other liabilities, noncurrent

 

1,449

 

 

 

1,517

 

 

Total liabilities

 

500,059

 

 

 

422,934

 

 

Stockholders' 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; 48,933,488 and 48,142,267 shares issued, respectively; 44,252,765 and 43,461,544 shares outstanding, respectively

 

49

 

 

 

48

 

 

Additional paid-in capital

 

518,338

 

 

 

589,040

 

 

Treasury stock, 4,680,723 common shares, at cost

 

(29,847

)

 

 

(29,847

)

 

Accumulated deficit

 

(449,472

)

 

 

(438,773

)

 

Accumulated other comprehensive loss

 

(4,039

)

 

 

(3,431

)

 

Total stockholders’ equity

 

35,029

 

 

 

117,037

 

 

Total liabilities and stockholders’ equity

 

$

535,088

 

 

 

$

539,971

 

 

PROS Holdings, Inc.

Condensed Consolidated Statements of Income (Loss)

(In thousands, except per share data)

(Unaudited)

 

 

 

 

 

Three Months Ended March 31,

 

 

2021

 

 

2020

 

Revenue:

 

 

 

 

Subscription

 

$

42,648

 

 

 

$

43,170

 

 

Maintenance and support

 

9,674

 

 

 

12,523

 

 

Total subscription, maintenance and support

 

52,322

 

 

 

55,693

 

 

Services

 

9,056

 

 

 

10,618

 

 

Total revenue

 

61,378

 

 

 

66,311

 

 

Cost of revenue:

 

 

 

 

Subscription

 

13,801

 

 

 

12,864

 

 

Maintenance and support

 

2,258

 

 

 

2,790

 

 

Total cost of subscription, maintenance and support

 

16,059

 

 

 

15,654

 

 

Services

 

10,433

 

 

 

13,073

 

 

Total cost of revenue

 

26,492

 

 

 

28,727

 

 

Gross profit

 

34,886

 

 

 

37,584

 

 

Operating expenses:

 

 

 

 

Selling and marketing

 

21,564

 

 

 

24,920

 

 

Research and development

 

20,458

 

 

 

19,136

 

 

General and administrative

 

13,454

 

 

 

14,880

 

 

Loss from operations

 

(20,590

)

 

 

(21,352

)

 

Convertible debt interest and amortization

 

(1,576

)

 

 

(2,062

)

 

Other income, net

 

286

 

 

 

831

 

 

Loss before income tax provision

 

(21,880

)

 

 

(22,583

)

 

Income tax provision

 

149

 

 

 

152

 

 

Net loss

 

$

(22,029

)

 

 

$

(22,735

)

 

 

 

 

 

 

Net loss per share:

 

 

 

 

Basic and diluted

 

$

(0.50

)

 

 

$

(0.53

)

 

Weighted average number of shares:

 

 

 

 

Basic and diluted

 

44,245

 

 

 

43,102

 

 

PROS Holdings, Inc.

Condensed Consolidated Statements of Cash Flows

(In thousands)

(Unaudited)

 

 

 

 

 

Three Months Ended March 31,

 

 

2021

 

 

2020

 

Operating activities:

 

 

 

 

Net loss

 

$

(22,029

)

 

 

$

(22,735

)

 

Adjustments to reconcile net loss to net cash used in operating activities:

 

 

 

 

Depreciation and amortization

 

3,068

 

 

 

3,420

 

 

Amortization of debt discount and issuance costs

 

373

 

 

 

1,712

 

 

Share-based compensation

 

8,170

 

 

 

6,347

 

 

Provision for doubtful accounts

 

(559

)

 

 

2,596

 

 

Changes in operating assets and liabilities:

 

 

 

 

Accounts and unbilled receivables

 

(3,610

)

 

 

8,889

 

 

Deferred costs

 

867

 

 

 

763

 

 

Prepaid expenses and other assets

 

(395

)

 

 

(701

)

 

Operating lease right-of-use assets and liabilities

 

(173

)

 

 

868

 

 

Accounts payable and other liabilities

 

2,012

 

 

 

579

 

 

Accrued liabilities

 

3,918

 

 

 

(3,840

)

 

Accrued payroll and other employee benefits

 

(7,573

)

 

 

(20,055

)

 

Deferred revenue

 

11,502

 

 

 

(2,016

)

 

Net cash used in operating activities

 

(4,429

)

 

 

(24,173

)

 

Investing activities:

 

 

 

 

Purchases of property and equipment

 

(1,300

)

 

 

(10,993

)

 

Capitalized internal-use software development costs

 

 

 

 

(412

)

 

Purchase of equity securities

 

(501

)

 

 

 

 

Net cash used in investing activities

 

(1,801

)

 

 

(11,405

)

 

Financing activities:

 

 

 

 

Proceeds from employee stock plans

 

1,596

 

 

 

1,364

 

 

Tax withholding related to net share settlement of stock awards

 

(352

)

 

 

(20,172

)

 

Net cash provided by (used in) financing activities

 

1,244

 

 

 

(18,808

)

 

Effect of foreign currency rates on cash

 

(219

)

 

 

91

 

 

Net change in cash and cash equivalents

 

(5,205

)

 

 

(54,295

)

 

Cash and cash equivalents:

 

 

 

 

Beginning of period

 

329,134

 

 

 

306,077

 

 

End of period

 

$

323,929

 

 

 

$

251,782

 

 

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 March 31,

 

Year over Year

 

 

2021

 

 

2020

 

 

% change

GAAP gross profit

 

$

34,886

 

 

 

$

37,584

 

 

 

(7

)%

Non-GAAP adjustments:

 

 

 

 

 

 

New headquarters noncash rent expense

 

 

 

 

162

 

 

 

 

Amortization of acquisition-related intangibles

 

421

 

 

 

842

 

 

 

 

Share-based compensation

 

826

 

 

 

524

 

 

 

 

Non-GAAP gross profit

 

$

36,133

 

 

 

$

39,112

 

 

 

(8

)%

 

 

 

 

 

 

 

Non-GAAP gross margin

 

58.9

%

 

59.0

%

 

 

 

 

 

 

 

 

 

GAAP loss from operations

 

$

(20,590

)

 

 

$

(21,352

)

 

 

(4

)%

Non-GAAP adjustments:

 

 

 

 

 

 

New headquarters noncash rent expense

 

 

 

 

555

 

 

 

 

Amortization of acquisition-related intangibles

 

867

 

 

 

1,383

 

 

 

 

Share-based compensation

 

8,170

 

 

 

6,347

 

 

 

 

Total Non-GAAP adjustments

 

9,037

 

 

 

8,285

 

 

 

 

Non-GAAP loss from operations

 

$

(11,553

)

 

 

$

(13,067

)

 

 

(12

)%

 

 

 

 

 

 

 

Non-GAAP loss from operations % of total revenue

 

(18.8

)%

 

(19.7

)%

 

 

 

 

 

 

 

 

 

GAAP net loss

 

$

(22,029

)

 

 

$

(22,735

)

 

 

(3

)%

Non-GAAP adjustments:

 

 

 

 

 

 

Total Non-GAAP adjustments affecting loss from operations

 

9,037

 

 

 

8,285

 

 

 

 

Amortization of debt discount and issuance costs

 

373

 

 

 

1,702

 

 

 

 

Tax impact related to non-GAAP adjustments

 

2,895

 

 

 

2,923

 

 

 

 

Non-GAAP net loss

 

$

(9,724

)

 

 

$

(9,825

)

 

 

(1

)%

 

 

 

 

 

 

 

Non-GAAP diluted loss per share

 

$

(0.22

)

 

 

$

(0.23

)

 

 

 

 

 

 

 

 

 

 

Shares used in computing non-GAAP loss per share

 

44,245

 

 

 

43,102

 

 

 

 

PROS Holdings, Inc.

Supplemental Schedule of Non-GAAP Financial Measures

Increase (Decrease) in GAAP Amounts Reported

(In thousands)

(Unaudited)

 

 

 

 

 

Three Months Ended March 31,

 

 

2021

 

2020

Cost of Subscription Items

 

 

 

 

New headquarters noncash rent expense

 

 

 

14

 

Amortization of acquisition-related intangibles

 

408

 

 

683

 

Share-based compensation

 

148

 

 

87

 

Total cost of subscription items

 

$

556

 

 

$

784

 

 

 

 

 

 

Cost of Maintenance Items

 

 

 

 

New headquarters noncash rent expense

 

 

 

26

 

Amortization of acquisition-related intangibles

 

13

 

 

159

 

Share-based compensation

 

104

 

 

66

 

Total cost of maintenance items

 

$

117

 

 

$

251

 

 

 

 

 

 

Cost of Services Items

 

 

 

 

New headquarters noncash rent expense

 

 

 

122

 

Share-based compensation

 

574

 

 

371

 

Total cost of services items

 

$

574

 

 

$

493

 

 

 

 

 

 

Sales and Marketing Items

 

 

 

 

New headquarters noncash rent expense

 

 

 

104

 

Amortization of acquisition-related intangibles

 

446

 

 

541

 

Share-based compensation

 

2,224

 

 

1,866

 

Total sales and marketing items

 

$

2,670

 

 

$

2,511

 

 

 

 

 

Research and Development Items

 

 

 

 

New headquarters noncash rent expense

 

 

 

190

 

Share-based compensation

 

1,826

 

 

1,507

 

Total research and development items

 

$

1,826

 

 

$

1,697

 

 

 

 

 

General and Administrative Items

 

 

 

 

New headquarters noncash rent expense

 

 

 

99

 

Share-based compensation

 

3,294

 

 

2,450

 

Total general and administrative items

 

$

3,294

 

 

$

2,549

 

PROS Holdings, Inc.

Supplemental Reconciliation of GAAP to Non-GAAP Financial Measures

(In thousands)

(Unaudited)

 

 

 

 

 

Three Months Ended March 31,

 

 

2021

 

 

2020

 

Adjusted EBITDA

 

 

 

 

GAAP Loss from Operations

 

$

(20,590

)

 

 

$

(21,352

)

 

Amortization of acquisition-related intangibles

 

867

 

 

 

1,383

 

 

New headquarters noncash rent expense

 

 

 

 

555

 

 

Share-based compensation

 

8,170

 

 

 

6,347

 

 

Depreciation and other amortization

 

2,201

 

 

 

2,037

 

 

Capitalized internal-use software development costs

 

 

 

 

(412

)

 

Adjusted EBITDA

 

$

(9,352

)

 

 

$

(11,442

)

 

 

 

 

 

 

 

 

 

 

 

Net cash used in operating activities

 

$

(4,429

)

 

 

$

(24,173

)

 

Purchase of property and equipment (excluding new headquarters)

 

(203

)

 

 

(957

)

 

Capitalized internal-use software development costs

 

 

 

 

(412

)

 

Free Cash Flow

 

$

(4,632

)

 

 

$

(25,542

)

 

 

 

 

 

 

Guidance

 

 

 

 

 

 

Q2 2021 Guidance

 

 

Low

 

High

Adjusted EBITDA

 

 

 

 

GAAP Loss from Operations

 

$

(22,200

)

 

 

$

(21,200

)

 

Amortization of acquisition-related intangibles

 

900

 

 

 

900

 

 

Share-based compensation

 

9,100

 

 

 

9,100

 

 

Depreciation and other amortization

 

2,200

 

 

 

2,200

 

 

Adjusted EBITDA

 

$

(10,000

)

 

 

$

(9,000

)

 

 

 

 

 

 

 

 

Full Year 2021 Guidance

 

 

Low

 

High

Adjusted EBITDA

 

 

 

 

GAAP Loss from Operations

 

$

(84,400

)

 

 

$

(81,400

)

 

Amortization of acquisition-related intangibles

 

3,400

 

 

 

3,400

 

 

Share-based compensation

 

36,700

 

 

 

36,700

 

 

Depreciation and other amortization

 

8,300

 

 

 

8,300

 

 

Adjusted EBITDA

 

$

(36,000

)

 

 

$

(33,000

)

 

 

Contacts

Investor Contact:

PROS Investor Relations

Belinda Overdeput

713-335-5895

ir@pros.com

Media Contact:

Amanda Parrish

832-924-4731

aparrish@pros.com

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