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PROS Holdings, Inc. Reports Third Quarter 2019 Financial Results

October 24, 2019 4:15 PM

HOUSTON--(BUSINESS WIRE)-- PROS Holdings, Inc. (NYSE: PRO), a provider of AI-powered solutions that optimize selling in the digital economy, today announced financial results for the third quarter ended September 30, 2019.

“As buyers’ expectations change in the digital economy, Global 2000 companies across industries are turning to us to power their digital sales transformations,” stated CEO Andres Reiner. “Our innovations are resonating in the market, which is leading us to increase our sales pipeline, grow our revenue, and deliver more customer value than ever before. We have the right team, strategy and solutions in place to continue to build upon our market momentum and deliver a strong finish to 2019.”

Third Quarter 2019 Financial Highlights

Key financial results for the third quarter 2019 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

Q3 2019

Q3 2018

Change

Q3 2019

Q3 2018

Change

Revenue:

Total Revenue

$64.2

$49.1

31%

n/a

n/a

n/a

Subscription Revenue

$37.5

$23.9

57%

n/a

n/a

n/a

Subscription and Maintenance Revenue

$51.9

$40.1

29%

n/a

n/a

n/a

Profitability:

Gross Profit

$37.8

$29.6

28%

$39.4

$31.2

26%

Operating Loss

$(12.5)

$(11.9)

$(0.6)

$(4.1)

$(5.1)

$1.0

Net Loss

$(17.3)

$(15.8)

$(1.6)

$(2.5)

$(4.6)

$2.1

Net Loss Per Share

$(0.42)

$(0.44)

$0.02

$(0.06)

$(0.13)

$0.07

Adjusted EBITDA

n/a

n/a

n/a

$(2.2)

$(4.9)

$2.7

Cash:

Net Cash Provided by (Used in) Operating Activities

$4.0

$(1.2)

$5.2

n/a

n/a

n/a

Free Cash Flow

n/a

n/a

n/a

$3.0

$(2.6)

$5.6

The attached tables provide a summary of PROS results for the period, including a reconciliation of GAAP to non-GAAP metrics.

Recent Business Highlights

Financial Outlook

PROS anticipates the following based on an estimated 42.1 million basic weighted average shares outstanding for the fourth quarter of 2019 and a 22% non-GAAP estimated tax rate for the fourth quarter and full year 2019:

Q4 2019 Guidance

v. Q4 2018 at Mid-
Point

Full Year 2019
Guidance

v. Prior Year at Mid-
Point

Total Revenue

$63.85 to $64.35

22%

$248.0 to $248.5

26%

Subscription Revenue

$38.55 to $39.05

37%

$139.5 to $140.0

47%

ARR

n/a

n/a

$220.0 to $222.0

17%

Non-GAAP Loss Per Share

$(0.10) to $(0.08)

$(0.03)

n/a

n/a

Adjusted EBITDA

$(3.0) to $(2.0)

$(0.5)

$(11.5) to $(10.5)

$8.0

Free Cash Flow

n/a

n/a

$(2.0) to $0.0

$(0.5)

Conference Call

In conjunction with this announcement, PROS Holdings, Inc. will host a conference call on Thursday, October 24, 2019, 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 Thursday, November 7, 2019, at 1-844-512-2921 (toll-free) or 1-412-317-6671 using the pass code 13695098.

About PROS

PROS Holdings, Inc. (NYSE: PRO) provides AI solutions that power commerce in the digital economy. PROS solutions bring intelligence to commerce by providing companies with predictive and prescriptive guidance that enables them to dynamically price, configure and sell their products and services across all channels with speed, precision and consistency. To learn more, visit www.pros.com.

Forward-looking Statements

This press release contains forward-looking statements, including statements about our future financial performance; positioning; management's confidence and optimism; customer successes; demand for enterprise sales, pricing, configure-price-quote, revenue management, shopping and merchandising generally and our modern commerce software solutions in particular; business expansion; business predictability; ARR; revenue; subscription revenue; 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 risks related to: (a) threats to the security of our or our customer’s data, (b) potential business or service disruptions from our third party data centers, cloud platform providers or other unrelated service providers, (c) evolving data privacy, cyber security and data localization laws and regulations, (d) our ability to manage our cloud operations, (e) our ability to migrate customers with on-premise software licenses to our latest cloud solutions; (f) our ability to return to profitability following our transition to a cloud strategy; (g) the risk that the markets for our software do not grow as anticipated, (h) the length of our sales cycles, (i) the risk that we will not be able to maintain historical subscription, maintenance, and support renewal rates, (j) competition from vendors of sales, pricing, revenue management, shopping and merchandising, and configure-price-quote solutions, (k) potential unauthorized or improper actions of our personnel, (l) the risk that acquisitions we have completed and may enter into in the future may be difficult to integrate, fail to achieve our objectives, disrupt our business, dilute stockholder value or divert management attention, (m) any downturn in sales to our target markets, (n) potential delays or other challenges related to the implementation of our solutions, (o) personnel risks associated with growing a business generally, (p) the impact that a slowdown in the world or any particular economy has on our business sales cycles, prospects’ and customers’ spending decisions, timing of implementation decisions, payment and renewal decisions, (q) our debt repayment obligations, (r) the impact of currency fluctuations on our results of operations, and (s) civil and political unrest in geographic regions in which we operate. Additional information relating to the uncertainty affecting PROS’ business is contained in our 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 non-GAAP financial measures, including 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 subscription margin can be compared to subscription margin which can be calculated from the income statement 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 in the definition of Non-GAAP income (loss) from operations attributable to cost of subscription. These items and amounts are presented in the Supplemental Schedule of Non-GAAP Financial Measures.

PROS also presents certain information in “constant currency,” which is also a non-GAAP financial measure. Since PROS has operations outside of the United States reporting in currencies other than the U.S. dollar, the comparability of our operating results reported in U.S. Dollars is affected by foreign currency exchange rate fluctuations because the underlying currencies in which we transact change in value over time compared to the U.S. Dollar. These fluctuations may have a significant effect on our reported results. As such, this release contains references to constant currency measures, which are calculated based on currency rates set at the start of a year and held constant throughout the year. Management believes this supplemental information is useful to investors as a framework for facilitating period-to-period comparisons of our business performance excluding the effects of foreign currency exchange rate fluctuations.

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, acquisition-related expenses, amortization of debt discount and issuance costs, new headquarters noncash rent expense, debt extinguishment fees, loss on debt extinguishment and related taxes. Non-GAAP income (loss) from operations excludes the following items from non-GAAP estimates:

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, loss on debt extinguishment 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:

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, integration costs and other one-time direct costs associated with our acquisitions, 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)

September 30, 2019

December 31, 2018

Assets:

Current assets:

Cash and cash equivalents

$

319,162

$

295,476

Trade and other receivables, net of allowance of $968 and $978, respectively

55,986

41,822

Deferred costs, current

5,415

4,089

Prepaid and other current assets

8,764

4,756

Total current assets

389,327

346,143

Property and equipment, net

13,972

14,676

Operating lease right-of-use assets

28,548

—

Deferred costs, noncurrent

15,172

13,373

Intangibles, net

16,191

19,354

Goodwill

48,878

38,231

Other assets, noncurrent

6,650

5,190

Total assets

$

518,738

$

436,967

Liabilities and Stockholders’ Equity:

Current liabilities:

Accounts payable and other liabilities

$

7,003

$

6,934

Accrued liabilities

17,433

9,506

Accrued payroll and other employee benefits

27,420

22,519

Operating lease liabilities, current

7,222

—

Deferred revenue, current

113,430

99,262

Current portion of convertible debt, net

42,343

136,529

Total current liabilities

214,851

274,750

Deferred revenue, noncurrent

14,502

17,903

Convertible debt, net, noncurrent

109,024

88,661

Operating lease liabilities, noncurrent

23,377

—

Other liabilities, noncurrent

1,032

754

Total liabilities

362,786

382,068

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; 46,460,212
and 41,573,491 shares issued, respectively; 42,042,627 and 37,155,906 shares outstanding, respectively

47

42

Additional paid-in capital

518,456

364,877

Treasury stock, 4,417,585 common shares, at cost

(13,938

)

(13,938

)

Accumulated deficit

(344,489

)

(292,708

)

Accumulated other comprehensive loss

(4,124

)

(3,374

)

Total stockholders’ equity

155,952

54,899

Total liabilities and stockholders’ equity

$

518,738

$

436,967

PROS Holdings, Inc.

Condensed Consolidated Statements of Income (Loss)

(In thousands, except per share data)

(Unaudited)

Three Months Ended September 30,

Nine Months Ended September 30,

2019

2018

2019

2018

Revenue:

Subscription

$

37,463

$

23,888

$

100,958

$

66,876

Maintenance and support

14,405

16,238

44,772

49,037

Total subscription, maintenance and support

51,868

40,126

145,730

115,913

License

1,129

1,093

3,663

2,854

Services

11,153

7,856

34,766

25,644

Total revenue

64,150

49,075

184,159

144,411

Cost of revenue:

Subscription

11,039

9,053

30,543

26,308

Maintenance and support

2,632

2,852

8,269

8,762

Total cost of subscription, maintenance and support

13,671

11,905

38,812

35,070

License

51

63

152

200

Services

12,661

7,508

31,792

22,451

Total cost of revenue

26,383

19,476

70,756

57,721

Gross profit

37,767

29,599

113,403

86,690

Operating expenses:

Selling and marketing

21,600

17,513

66,030

53,671

General and administrative

11,553

10,179

35,260

31,013

Research and development

16,878

13,773

50,132

41,517

Acquisition-related

248

—

248

95

Loss from operations

(12,512

)

(11,866

)

(38,267

)

(39,606

)

Convertible debt interest and amortization

(3,717

)

(4,266

)

(12,347

)

(12,671

)

Other (expense) income, net

(1,010

)

521

(601

)

967

Loss before income tax provision

(17,239

)

(15,611

)

(51,215

)

(51,310

)

Income tax provision

108

175

566

176

Net loss

$

(17,347

)

$

(15,786

)

$

(51,781

)

$

(51,486

)

Net loss per share:

Basic and diluted

$

(0.42

)

$

(0.44

)

$

(1.31

)

$

(1.53

)

Weighted average number of shares:

Basic and diluted

41,276

35,676

39,438

33,568

PROS Holdings, Inc.

Condensed Consolidated Statements of Cash Flows

(In thousands) (Unaudited)

Three Months Ended September 30,

Nine Months Ended September 30,

2019

2018

2019

2018

Operating activities:

Net loss

$

(17,347

)

$

(15,786

)

$

(51,781

)

$

(51,486

)

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

Depreciation and amortization

3,435

3,165

10,264

9,785

Amortization of debt discount and issuance costs

2,864

3,029

9,159

8,958

Share-based compensation

6,209

4,957

18,234

16,355

Deferred income tax, net

—

—

—

(252

)

Provision for doubtful accounts

—

—

—

215

Loss on disposal of assets

—

—

—

37

Loss on debt extinguishment

2,734

—

5,000

—

Changes in operating assets and liabilities:

Accounts and unbilled receivables

(2,641

)

(6,796

)

(13,888

)

(13,898

)

Deferred costs

(1,191

)

(875

)

(3,124

)

(1,517

)

Prepaid expenses and other assets

(1,059

)

(1,822

)

(4,582

)

(1,884

)

Accounts payable and other liabilities

76

840

(492

)

2,569

Accrued liabilities

4,646

(2,647

)

9,877

(533

)

Accrued payroll and other employee benefits

6,737

3,985

2,717

(342

)

Deferred revenue

(426

)

10,775

11,009

22,508

Net cash provided by (used in) operating activities

4,037

(1,175

)

(7,607

)

(9,485

)

Investing activities:

Purchases of property and equipment

(1,053

)

(219

)

(3,360

)

(1,406

)

Capitalized internal-use software development costs

(153

)

(1,202

)

(1,021

)

(3,686

)

Acquisition of Travelaer, net of cash acquired

(10,510

)

—

(10,510

)

—

Purchase of equity securities

(112

)

—

(180

)

—

Purchase of intangible asset

—

—

(50

)

—

Net cash used in investing activities

(11,828

)

(1,421

)

(15,121

)

(5,092

)

Financing activities:

Exercise of stock options

—

(59

)

—

1,142

Proceeds from employee stock plans

1,052

886

1,995

1,720

Tax withholding related to net share settlement of stock awards

(2,956

)

(185

)

(21,598

)

(9,153

)

Proceeds from Secondary Offering, net

—

141,954

—

141,954

Payments of notes payable

—

1

—

(54

)

Proceeds from issuance of convertible debt, net

—

—

140,156

—

Debt issuance costs related to convertible debt

(212

)

—

(860

)

—

Purchase of capped call

—

—

(16,445

)

—

Retirement of convertible debt

(60

)

—

(76,018

)

—

Proceeds from termination of bond hedge

—

—

64,819

—

Payment for termination of warrant

—

—

(45,243

)

—

Net cash (used in) provided by financing activities

(2,176

)

142,597

46,806

135,609

Effect of foreign currency rates on cash

(433

)

21

(392

)

352

Net change in cash and cash equivalents

(10,400

)

140,022

23,686

121,384

Cash and cash equivalents:

Beginning of period

329,562

141,867

295,476

160,505

End of period

$

319,162

$

281,889

$

319,162

$

281,889

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 11.

Three Months Ended
September 30,

Quarter
over
Quarter

Nine Months Ended
September 30,

Year over
Year

2019

2018

% change

2019

2018

% change

GAAP gross profit

$

37,767

$

29,599

28

%

$

113,403

$

86,690

31

%

Non-GAAP adjustments:

New headquarters noncash rent expense

166

—

479

Amortization of acquisition-related intangibles

961

1,125

2,988

3,547

Share-based compensation

503

445

1,535

1,325

Non-GAAP gross profit

$

39,397

$

31,169

26

%

$

118,405

$

91,562

29

%

Non-GAAP gross margin

61.4

%

63.5

%

64.3

%

63.4

%

GAAP loss from operations

$

(12,512

)

$

(11,866

)

5

%

$

(38,267

)

$

(39,606

)

(3

)%

Non-GAAP adjustments:

Acquisition-related expenses

248

—

248

95

Debt extinguishment fees

—

—

319

—

New headquarters noncash rent expense

554

—

1,663

—

Amortization of acquisition-related intangibles

1,425

1,790

4,433

5,702

Share-based compensation

6,209

4,957

18,234

16,355

Total Non-GAAP adjustments

8,436

6,747

24,897

22,152

Non-GAAP loss from operations

$

(4,076

)

$

(5,119

)

(20

)%

$

(13,370

)

$

(17,454

)

(23

)%

Non-GAAP loss from operations % of total revenue

(6.4

)%

(10.4

)%

(7.3

)%

(12.1

)%

GAAP net loss

$

(17,347

)

$

(15,786

)

10

%

$

(51,781

)

$

(51,486

)

1

%

Non-GAAP adjustments:

Total Non-GAAP adjustments affecting loss from operations

8,436

6,747

24,897

22,152

Amortization of debt discount and issuance costs

2,855

3,016

9,129

8,921

Loss on debt extinguishment

2,734

—

5,000

—

Tax impact related to non-GAAP adjustments

815

1,461

3,248

4,628

Non-GAAP net loss

$

(2,507

)

$

(4,562

)

(45

)%

$

(9,507

)

$

(15,785

)

(40

)%

Non-GAAP diluted loss per share

$

(0.06

)

$

(0.13

)

$

(0.24

)

$

(0.47

)

Shares used in computing non-GAAP loss per share

41,276

35,676

39,438

33,568

PROS Holdings, Inc.

Supplemental Schedule of Non-GAAP Financial Measures

Increase (Decrease) in GAAP Amounts Reported

(In thousands)

(Unaudited)

Three Months Ended September 30,

Nine Months Ended September 30,

2019

2018

2019

2018

Cost of Subscription Items

New headquarters noncash rent expense

16

—

48

—

Amortization of acquisition-related intangibles

791

947

2,471

2,997

Share-based compensation

71

77

210

165

Total cost of subscription items

$

878

$

1,024

$

2,729

$

3,162

Cost of Maintenance Items

New headquarters noncash rent expense

27

—

83

—

Amortization of acquisition-related intangibles

160

168

486

517

Share-based compensation

48

53

152

185

Total cost of maintenance items

$

235

$

221

$

721

$

702

Cost of License Items

Amortization of acquisition-related intangibles

10

10

31

33

Total cost of license items

$

10

$

10

$

31

$

33

Cost of Services Items

New headquarters noncash rent expense

123

—

348

—

Share-based compensation

384

315

1,173

975

Total cost of services items

$

507

$

315

$

1,521

$

975

Sales and Marketing Items

New headquarters noncash rent expense

99

—

305

—

Amortization of acquisition-related intangibles

464

665

1,445

2,155

Share-based compensation

1,515

779

4,329

3,347

Total sales and marketing items

$

2,078

$

1,444

$

6,079

$

5,502

General and Administrative Items

New headquarters noncash rent expense

91

—

272

—

Debt extinguishment fees

—

—

319

—

Share-based compensation

2,901

2,635

8,521

8,202

Total general and administrative items

$

2,992

$

2,635

$

9,112

$

8,202

Research and Development Items

New headquarters noncash rent expense

198

—

607

—

Share-based compensation

1,290

1,098

3,849

3,481

Total research and development items

$

1,488

$

1,098

$

4,456

$

3,481

Acquisition-related expenses

$

248

$

—

$

248

$

95

PROS Holdings, Inc.

Supplemental Reconciliation of GAAP to Non-GAAP Financial Measures

(In thousands)

(Unaudited)

Three Months Ended September 30,

Nine Months Ended September 30,

2019

2018

2019

2018

Adjusted EBITDA

GAAP Loss from Operations

$

(12,512

)

$

(11,866

)

$

(38,267

)

$

(39,606

)

Acquisition-related expenses

248

—

248

95

Amortization of acquisition-related intangibles

1,425

1,790

4,433

5,702

New headquarters noncash rent expense

554

—

1,663

—

Debt extinguishment fees

—

—

319

—

Share-based compensation

6,209

4,957

18,234

16,355

Depreciation and other amortization

2,010

1,375

5,831

4,083

Capitalized internal-use software development costs

(153

)

(1,202

)

(1,021

)

(3,686

)

Adjusted EBITDA

$

(2,219

)

$

(4,946

)

$

(8,560

)

$

(17,057

)

Free Cash Flow

Net cash provided by (used in) operating activities

$

4,037

$

(1,175

)

$

(7,607

)

$

(9,485

)

Purchase of property and equipment (excluding new headquarters)

(876

)

(219

)

(3,145

)

(1,406

)

Purchase of intangible asset

—

—

(50

)

—

Capitalized internal-use software development costs

(153

)

(1,202

)

(1,021

)

(3,686

)

Free Cash Flow

$

3,008

$

(2,596

)

$

(11,823

)

$

(14,577

)

Guidance

Q4 2019 Guidance

Full Year 2019 Guidance

Low

High

Low

High

Adjusted EBITDA

GAAP Loss from Operations

$

(13,200

)

$

(12,200

)

$

(50,800

)

$

(49,800

)

Amortization of acquisition-related intangibles

1,300

1,300

5,700

5,700

New headquarters noncash rent expense

600

600

2,300

2,300

Share-based compensation

6,400

6,400

24,600

24,600

Depreciation and other amortization

2,300

2,300

8,200

8,200

Capitalized internal-use software development costs

(400

)

(400

)

(1,500

)

(1,500

)

Adjusted EBITDA

$

(3,000

)

$

(2,000

)

$

(11,500

)

$

(10,500

)

Investor Contact:

PROS Investor Relations

Shannon Tatz

713-335-5932

[email protected]

Media Contact:

Amanda Parrish

832-924-4731

[email protected]

Source: PROS Holdings, Inc.

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