PROS Holdings, Inc. Reports Fourth Quarter and Full Year 2012 Financial Results
Record fourth quarter revenue of $32.7 million, exceeding the high end
of guidance, an increase of 25% over the fourth quarter of 2011.
Record 2012 revenue of $117.8 million, exceeding the high end of
guidance, an increase of 22% over 2011.
GAAP operating income of $2.3 million for the fourth quarter,
exceeding the high end of guidance, and $8.2 million for 2012.
Non-GAAP operating income for the fourth quarter was $4.9 million,
exceeding the high end of guidance, and $17.8 million for 2012.
GAAP earnings per share for the fourth quarter of $0.05, and non-GAAP
earnings per share of $0.11. GAAP net income for the full year 2012 of
$0.17 per share, and non-GAAP net income of $0.42 per share.
HOUSTON--(BUSINESS WIRE)--
PROS Holdings, Inc. (NYSE: PRO), a big data software company,
today announced financial results for the fourth quarter and full year
ended December 31, 2012.
Total revenue for the fourth quarter of 2012 was $32.7 million and
represented an increase of 25% over the fourth quarter of 2011,
exceeding the high end of guidance.
CEO Andres Reiner stated, “We are excited to report another strong
performance in the fourth quarter and full year 2012, exceeding
expectations with record revenues. Our growth was driven by a strong
uptick in new customer signings in our business-to-business industries,
a testament to PROS attractive value proposition for companies
interested in monetizing their big data. I am proud of the PROS team
worldwide for this incredible accomplishment, and believe PROS has never
been in a stronger position as we enter 2013 with great momentum.”
For the quarter ended December 31, 2012, GAAP operating income was $2.3
million, compared with $2.8 million in the fourth quarter of 2011. GAAP
net income for the fourth quarter was $1.4 million, or $0.05 per share,
compared with $2.1 million, or $0.08 per share, in the fourth quarter of
2011.
For the quarter ended December 31, 2012, non-GAAP operating income was
$4.9 million, compared with $4.6 million in the fourth quarter of 2011.
Non-GAAP net income for the fourth quarter of 2012 and 2011 was $3.3
million and $3.2 million, respectively, or $0.11 per share for both
periods.
For the year ended December 31, 2012, GAAP revenue was $117.8 million,
above the high end of guidance, a 22% increase from $96.6 million for
the full year 2011. GAAP operating income was $8.2 million for the full
year 2012, compared with $8.8 million for the full year 2011. GAAP net
income for the full year 2012 was $5.0 million, or $0.17 per share,
compared with $6.4 million, or $0.23 per share for the full year 2011.
For the year ended December 31, 2012, non-GAAP operating income was
$17.8 million, a 14% increase from $15.6 million for the full year 2011.
Non-GAAP net income for the full year 2012 was $11.9 million, or $0.42
per share, compared with $10.7 million, or $0.39 per share for the full
year 2011.
Backlog was $146.5 million as of December 31, 2012, as compared with
backlog of $124.1 million as of December 31, 2011. The portion of
backlog as of December 31, 2012 reasonably expected to be recognized as
revenue within the next twelve months is estimated to be $108.0 million,
an increase of 26% from December 31, 2011.
2012 Business Highlights
Signed new customers across several industries in the fourth quarter,
such as American Standard, Guardian Analytics, O'Reilly Automotive,
Oman Air, Panduit, Stramit Building Products, and Volvo Group Trucks,
among others. These companies joined those who selected PROS earlier
in the year, including ARUP Laboratories, Ecolab, Hewlett Packard,
Kimberly-Clark Professional, Nexidia, Sichuan Airlines, TE
Connectivity, and Zimmer among others.
Filed six new patents, introduced Rebate Optimizer as a new product,
and released new versions of our big data applications for pricing and
sales effectiveness.
Announced participation in Microsoft Dynamics ISV Partnership Program
to provide Microsoft Dynamics CRM customers with actionable, real-time
customer insights that can improve sales performance.
Achieved new product certifications from SAP for integration of PROS
solutions into SAP ERP and SAP CRM, providing the most complete and
seamless integration experience in SAP. Approximately two-thirds of
PROS new B2B customers signed in 2012 run SAP, and more than half of
PROS B2B customers overall run SAP.
Increased annual headcount by 31% to approximately 700 people,
reflecting investments made across the company in support of our
long-term growth.
Executive Vice President and Chief Financial Officer Charles Murphy
stated, “Our strong performance was directly attributable to the
investments we have made to diversify our business, expand our
go-to-market initiatives and increase awareness for our solutions,
resulting in 22% revenue growth for the full year and very strong
backlog entering 2013. We are confident in our ability to grow full year
2013 revenue approximately 22% to 23%. We plan to accelerate our
investments in order to capture the significant opportunity we see in
front of us and believe we can drive growth of 20% or greater for the
next several years while delivering solid profitability.”
The attached table provides a reconciliation of GAAP to non-GAAP income
from operations and net income as well as net income per share available
to common stockholders for the quarter and the year ended December 31,
2012 and 2011.
Financial Outlook
Based on information as of today, PROS anticipates the following:
Total revenue for the first quarter of 2013 in the range of $32.7
million to $33.3 million
GAAP income from operations of $0.3 million to $0.9 million and GAAP
earnings per share of $0.05 to $0.06 for the first quarter of 2013.
GAAP earnings per share includes a tax benefit of approximately $1.1
million related to the 2012 R&E tax credit recorded in the first
quarter
Non-GAAP income from operations of $3.4 million to $4.0 million, which
excludes estimated non-cash share-based compensation charges of
approximately $3.1 million for the first quarter of 2013
Non-GAAP earnings per share, which includes the full impact of the
2012 R&E tax credit recorded in the first quarter, is expected to be
$0.12 to $0.14 for the first quarter of 2013. Excluding the 2012 R&E
tax credit, non-GAAP earnings per share is expected to be $0.08 to
$0.10 for the first quarter of 2013. On a non-GAAP basis there will be
essentially no tax provision in the quarter
Estimated weighted average of 29.0 million diluted shares outstanding
for the first quarter of 2013
Conference Call
In conjunctionwith this announcement, PROS Holdings, Inc. will
host a conference call on February 12, 2013, at 4:30 p.m. (ET) to
discuss the company’s financial results. To access this call, dial (800)
322-5044 (domestic) or (617) 614-4927 (international). The pass code for
the call is 86425356. Additionally, a live webcast of the conference
call will be available in the “Investor Relations” section of the
Company’s web site at www.pros.com.
Following the conference call, a replay will be available at (888)
286-8010 (domestic) or (617) 801-6888 (international). The replay pass
code is 71371803. An archived web cast of this conference call will also
be available in the “Investor Relations” section of the Company’s web
site at www.pros.com.
About PROS
PROS Holdings, Inc. (NYSE: PRO) is a big data software company that
helps customers outperform in their markets by using big data to sell
more effectively. We apply 27 years of data science experience to unlock
buying patterns and preferences within transaction data to reveal which
opportunities are most likely to close, which offers are most likely to
sell and which prices are most likely to win. PROS offers big data
solutions to optimize sales, pricing, quoting, rebates and revenue
management across more than 30 industries. PROS has implemented more
than 500 solutions in more than 50 countries. The PROS team comprises
more than 700 professionals around the world. To learn more, visit .
Forward-looking Statements
This press release contains forward-looking statements, including
statements about PROS’ momentum and future financial performance,
positioning of PROS, in the enterprise and mid-market sectors, the
confidence and optimism of PROS management, customer successes, the
growth and reach of PROS’ reseller network, awareness of PROS sales,
pricing and revenue management optimization solutions, the demands for
PROS solutions, the predictability of the PROS business and PROS’
effective tax rate and the continued reinstatement of the R&E tax
credit. The forward-looking statements contained in this press release
are based upon PROS’ historical performance and its 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
risks related to: (a) the impact that a slowdown in the world or any
particular economy has on PROS’ business sales cycles, prospects’ and
customers’ spending decisions and timing of implementation decisions,
(b) the challenges associated with PROS’ selling its solutions and
successfully installing and delivering the products and services, (c)
the difficulties and risks associated with developing and selling
complex new products and enhancements with the technical specifications
and functionality desired by customers, (d) the risk that the market for
PROS’ sales, pricing quoting, rebate and revenue management optimization
software does not grow as anticipated, (e) the difficulties of making
accurate estimates necessary to complete a project and recognize revenue
and risk that PROS’ revenue model will not continue to provide
predictability of the PROS business, (f) the risk that PROS will not be
able to maintain historical maintenance renewal rates, (g) personnel and
other risks associated with growing a business generally (h) the risk
that modification or negotiation of contractual arrangements will be
necessary during PROS’ implementations of its solutions, (i) the impact
of currency fluctuations on PROS’ results of operations, (j) the risk
that reseller and other relationships do not increase sales of PROS’
solutions, (k) civil and political unrest in regions in which PROS
operate and (l) the risk that we may face increased competition as part
of entering new markets. Additional information relating to the
uncertainty affecting the PROS business are contained in PROS’ filings
with the Securities and Exchange Commission. These forward-looking
statements represent PROS’ expectations as of the date of this press
release. 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 financial information that has
not been prepared in accordance with GAAP. This information includes
non-GAAP income from operations, net income and diluted earnings 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.
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. PROS use of non-GAAP financial measures may not be
consistent with the presentations by similar companies in PROS industry.
PROS Holdings, Inc.
Condensed Consolidated Balance Sheets
(In thousands, except share amounts)
(Unaudited)
December 31,
2012
2011
Assets:
Current assets:
Cash and cash equivalents
$
83,558
$
68,457
Accounts and unbilled receivables, net of allowance of $760 and
$1,130, respectively
38,801
33,864
Prepaid and other current assets
5,067
8,353
Total current assets
127,426
110,674
Restricted cash
329
329
Property and equipment, net
12,788
4,703
Other long term assets, net
5,936
5,553
Total assets
$
146,479
$
121,259
Liabilities and Stockholders’ Equity:
Current liabilities:
Accounts payable
$
3,775
$
4,915
Accrued liabilities
3,258
1,541
Accrued payroll and other employee benefits
7,669
4,790
Deferred revenue
39,774
33,094
Total current liabilities
54,476
44,340
Long-term deferred revenue
2,007
2,850
Long-term accrued liabilities
1,327
126
Total liabilities
57,810
47,316
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;
31,966,432 and 31,432,430 shares issued, respectively; 27,548,847
and 27,014,845 shares outstanding, respectively
32
31
Additional paid-in capital
87,693
77,934
Treasury stock, 4,417,585 common shares, at cost
(13,938
)
(13,938
)
Accumulated other comprehensive loss
(11
)
(11
)
Retained earnings
14,893
9,927
Total stockholders’ equity
88,669
73,943
Total liabilities and stockholders’ equity
$
146,479
$
121,259
PROS Holdings, Inc.
Condensed Consolidated Statements of Comprehensive Income
(In thousands, except share and per share data)
(Unaudited)
For the Three Months Ended December 31,
For the Year Ended December 31,
2012
2011
2012
2011
Revenue:
License and implementation
$
22,190
$
17,540
$
77,656
$
62,975
Maintenance and support
10,533
8,700
40,135
33,664
Total revenue
32,723
26,240
117,791
96,639
Cost of revenue:
License and implementation
7,740
5,406
25,830
19,627
Maintenance and support
1,938
1,744
7,955
6,675
Total cost of revenue
9,678
7,150
33,785
26,302
Gross profit
23,045
19,090
84,006
70,337
Operating expenses:
Selling, marketing, general and administrative
13,691
9,571
48,215
35,891
Research and development
7,093
6,719
27,611
25,671
Income from operations
2,261
2,800
8,180
8,775
Other (expense) income, net
(42
)
(108
)
(163
)
(141
)
Income before income tax provision
2,219
2,692
8,017
8,634
Income tax provision
795
571
3,051
2,284
Net income
$
1,424
$
2,121
$
4,966
$
6,350
Net earnings per share:
Basic
$
0.05
$
0.08
$
0.18
$
0.24
Diluted
$
0.05
$
0.08
$
0.17
$
0.23
Weighted average number of shares:
Basic
27,494,076
26,974,685
27,365,731
26,831,530
Diluted
28,715,202
28,035,591
28,419,956
27,761,958
PROS Holdings, Inc.
Condensed Consolidated Statements of Cash Flows
(In thousands)
(Unaudited)
For the Year Ended December 31,
2012
2011
Operating activities:
Net income
$
4,966
$
6,350
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation and amortization
2,286
1,609
Share-based compensation
9,645
6,832
Excess tax benefits on share-based compensation
(1,686
)
(1,379
)
Tax benefit from share-based compensation
1,573
1,320
Deferred income tax, net
962
315
Provision for doubtful accounts
(326
)
178
Changes in operating assets and liabilities:
Accounts and unbilled receivables
(4,609
)
(6,656
)
Prepaid expenses and other assets
2,215
(2,971
)
Accounts payable
(790
)
2,579
Accrued liabilities
1,700
(392
)
Accrued payroll and other employee benefits
2,879
405
Deferred revenue
5,837
6,053
Net cash provided by operating activities
24,652
14,243
Investing activities:
Purchases of property and equipment, and capitalized internal-use
software development costs
(9,527
)
(3,002
)
Increase in restricted cash
—
(36
)
Increase in short-term investment
—
73
Net cash used in investing activities
(9,527
)
(2,965
)
Financing activities:
Exercise of stock options
1,354
1,874
Excess tax benefits on share-based compensation
1,686
1,379
Tax withholding related to net share settlement of restricted stock
units
(2,814
)
(1,919
)
Debt issuance costs related to credit facility
(250
)
—
Net cash (used in) provided by financing activities
(24
)
1,334
Net increase in cash and cash equivalents
15,101
12,612
Cash and cash equivalents:
Beginning of period
68,457
55,845
End of period
$
83,558
$
68,457
PROS Holdings, Inc.
Reconciliation of GAAP to Non-GAAP Financial Measures
(Dollars 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.
For the Three Months
Quarter over
For the Year
Year over
Ended December 31,
Quarter
Ended December 31,
Year
2012
2011
% change
2012
2011
% change
GAAP gross profit
$
23,045
$
19,090
20.7%
$
84,006
$
70,337
19.4%
Non-GAAP adjustment:
GAAP share-based compensation
486
307
1,451
1,201
Non-GAAP gross profit
$
23,531
$
19,397
21.3%
$
85,457
$
71,538
19.5%
Non-GAAP gross margin
71.9
%
73.9%
72.5
%
74.0
%
GAAP selling, marketing, general and administrative
$
13,691
$
9,571
43.0%
$
48,215
$
35,891
34.3%
Non-GAAP adjustment:
GAAP share-based compensation
1,707
1,067
6,273
4,038
Non- GAAP selling, marketing, general and administrative
$
11,984
$
8,504
40.9%
$
41,942
$
31,853
31.7%
GAAP research and development
$
7,093
$
6,719
5.6%
$
27,611
$
25,671
7.6%
Non-GAAP adjustment:
GAAP share-based compensation
490
450
1,921
1,593
Non- GAAP research and development
$
6,603
$
6,269
5.3%
$
25,690
$
24,078
6.7%
Income from operations
$
2,261
$
2,800
(19.3)%
$
8,180
$
8,775
(6.8)%
Non-GAAP adjustment:
GAAP share-based compensation
2,683
1,824
9,645
6,832
Non-GAAP income from operations
$
4,944
$
4,624
6.9%
$
17,825
$
15,607
14.2%
Non-GAAP income from operations % of total revenue
15.1
%
17.6
%
15.1
%
16.1
%
GAAP net income
$
1,424
$
2,121
(32.9)%
$
4,966
$
6,350
(21.8)%
Non-GAAP adjustment:
GAAP share-based compensation
2,683
1,824
9,645
6,832
Tax impact related to non-GAAP adjustments
(857
)
(741
)
(2,696
)
(2,436
)
Non-GAAP net income
$
3,250
$
3,204
1.4%
$
11,915
$
10,746
10.9%
Non-GAAP diluted earnings per share
$
0.11
$
0.11
$
0.42
$
0.39
Shares used in computing non-GAAP earnings per share
28,715
28,036
28,420
27,762
Detail of non-GAAP share-based compensation expense:
Cost of revenue
$
486
$
307
$
1,451
$
1,201
Selling, marketing, general and administrative
1,707
1,067
6,273
4,038
Research and development
490
450
1,921
1,593
Total share-based compensation expense
$
2,683
$
1,824
$
9,645
$
6,832
Investor Contact: PROS Investor Relations Staci
Strauss-Mortenson, 646-277-1200 Staci.Mortenson@icrinc.com or Media
Contact: PROS Public Relations Yvonne Donaldson,
713-335-5310 ydonaldson@pros.com
Press Release $PRO PROS Holdings, Inc.
HOUSTON--(BUSINESS WIRE)-- PROS Holdings, Inc. (NYSE: PRO), a big data software company, today announced financial results for the fourth quarter and full year ended December 31, 2012.
Total revenue for the fourth quarter of 2012 was $32.7 million and represented an increase of 25% over the fourth quarter of 2011, exceeding the high end of guidance.
CEO Andres Reiner stated, “We are excited to report another strong performance in the fourth quarter and full year 2012, exceeding expectations with record revenues. Our growth was driven by a strong uptick in new customer signings in our business-to-business industries, a testament to PROS attractive value proposition for companies interested in monetizing their big data. I am proud of the PROS team worldwide for this incredible accomplishment, and believe PROS has never been in a stronger position as we enter 2013 with great momentum.”
For the quarter ended December 31, 2012, GAAP operating income was $2.3 million, compared with $2.8 million in the fourth quarter of 2011. GAAP net income for the fourth quarter was $1.4 million, or $0.05 per share, compared with $2.1 million, or $0.08 per share, in the fourth quarter of 2011.
For the quarter ended December 31, 2012, non-GAAP operating income was $4.9 million, compared with $4.6 million in the fourth quarter of 2011. Non-GAAP net income for the fourth quarter of 2012 and 2011 was $3.3 million and $3.2 million, respectively, or $0.11 per share for both periods.
For the year ended December 31, 2012, GAAP revenue was $117.8 million, above the high end of guidance, a 22% increase from $96.6 million for the full year 2011. GAAP operating income was $8.2 million for the full year 2012, compared with $8.8 million for the full year 2011. GAAP net income for the full year 2012 was $5.0 million, or $0.17 per share, compared with $6.4 million, or $0.23 per share for the full year 2011.
For the year ended December 31, 2012, non-GAAP operating income was $17.8 million, a 14% increase from $15.6 million for the full year 2011. Non-GAAP net income for the full year 2012 was $11.9 million, or $0.42 per share, compared with $10.7 million, or $0.39 per share for the full year 2011.
Backlog was $146.5 million as of December 31, 2012, as compared with backlog of $124.1 million as of December 31, 2011. The portion of backlog as of December 31, 2012 reasonably expected to be recognized as revenue within the next twelve months is estimated to be $108.0 million, an increase of 26% from December 31, 2011.
2012 Business Highlights
Executive Vice President and Chief Financial Officer Charles Murphy stated, “Our strong performance was directly attributable to the investments we have made to diversify our business, expand our go-to-market initiatives and increase awareness for our solutions, resulting in 22% revenue growth for the full year and very strong backlog entering 2013. We are confident in our ability to grow full year 2013 revenue approximately 22% to 23%. We plan to accelerate our investments in order to capture the significant opportunity we see in front of us and believe we can drive growth of 20% or greater for the next several years while delivering solid profitability.”
The attached table provides a reconciliation of GAAP to non-GAAP income from operations and net income as well as net income per share available to common stockholders for the quarter and the year ended December 31, 2012 and 2011.
Financial Outlook
Based on information as of today, PROS anticipates the following:
Conference Call
In conjunction with this announcement, PROS Holdings, Inc. will host a conference call on February 12, 2013, at 4:30 p.m. (ET) to discuss the company’s financial results. To access this call, dial (800) 322-5044 (domestic) or (617) 614-4927 (international). The pass code for the call is 86425356. Additionally, a live webcast of the conference call will be available in the “Investor Relations” section of the Company’s web site at www.pros.com.
Following the conference call, a replay will be available at (888) 286-8010 (domestic) or (617) 801-6888 (international). The replay pass code is 71371803. An archived web cast of this conference call will also be available in the “Investor Relations” section of the Company’s web site at www.pros.com.
About PROS
PROS Holdings, Inc. (NYSE: PRO) is a big data software company that helps customers outperform in their markets by using big data to sell more effectively. We apply 27 years of data science experience to unlock buying patterns and preferences within transaction data to reveal which opportunities are most likely to close, which offers are most likely to sell and which prices are most likely to win. PROS offers big data solutions to optimize sales, pricing, quoting, rebates and revenue management across more than 30 industries. PROS has implemented more than 500 solutions in more than 50 countries. The PROS team comprises more than 700 professionals around the world. To learn more, visit .
Forward-looking Statements
This press release contains forward-looking statements, including statements about PROS’ momentum and future financial performance, positioning of PROS, in the enterprise and mid-market sectors, the confidence and optimism of PROS management, customer successes, the growth and reach of PROS’ reseller network, awareness of PROS sales, pricing and revenue management optimization solutions, the demands for PROS solutions, the predictability of the PROS business and PROS’ effective tax rate and the continued reinstatement of the R&E tax credit. The forward-looking statements contained in this press release are based upon PROS’ historical performance and its 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 risks related to: (a) the impact that a slowdown in the world or any particular economy has on PROS’ business sales cycles, prospects’ and customers’ spending decisions and timing of implementation decisions, (b) the challenges associated with PROS’ selling its solutions and successfully installing and delivering the products and services, (c) the difficulties and risks associated with developing and selling complex new products and enhancements with the technical specifications and functionality desired by customers, (d) the risk that the market for PROS’ sales, pricing quoting, rebate and revenue management optimization software does not grow as anticipated, (e) the difficulties of making accurate estimates necessary to complete a project and recognize revenue and risk that PROS’ revenue model will not continue to provide predictability of the PROS business, (f) the risk that PROS will not be able to maintain historical maintenance renewal rates, (g) personnel and other risks associated with growing a business generally (h) the risk that modification or negotiation of contractual arrangements will be necessary during PROS’ implementations of its solutions, (i) the impact of currency fluctuations on PROS’ results of operations, (j) the risk that reseller and other relationships do not increase sales of PROS’ solutions, (k) civil and political unrest in regions in which PROS operate and (l) the risk that we may face increased competition as part of entering new markets. Additional information relating to the uncertainty affecting the PROS business are contained in PROS’ filings with the Securities and Exchange Commission. These forward-looking statements represent PROS’ expectations as of the date of this press release. 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 financial information that has not been prepared in accordance with GAAP. This information includes non-GAAP income from operations, net income and diluted earnings 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.
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. PROS use of non-GAAP financial measures may not be consistent with the presentations by similar companies in PROS industry.
PROS Holdings, Inc.
Condensed Consolidated Balance Sheets
(In thousands, except share amounts)
(Unaudited)
PROS Holdings, Inc.
Condensed Consolidated Statements of Comprehensive Income
(In thousands, except share and per share data)
(Unaudited)
For the Three Months
Ended December 31,
PROS Holdings, Inc.
Condensed Consolidated Statements of Cash Flows
(In thousands)
(Unaudited)
PROS Holdings, Inc.
Reconciliation of GAAP to Non-GAAP Financial Measures
(Dollars 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.
Quarter
over
Investor Contact:
PROS Investor Relations
Staci Strauss-Mortenson, 646-277-1200
Staci.Mortenson@icrinc.com
or
Media Contact:
PROS Public Relations
Yvonne Donaldson, 713-335-5310
ydonaldson@pros.com
Source: PROS Holdings, Inc.