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PROS Holdings, Inc. Reports Fourth Quarter and Full Year 2019 Financial Results

February 6, 2020 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 fourth quarter and full year ended December 31, 2019.

“We are excited by the continued strong momentum in our business as we have achieved a 48% subscription revenue CAGR over the past four years,” stated CEO Andres Reiner. “We enter this decade excited about our market opportunity and committed to our mission of helping people and companies outperform as we power sales in the digital era.”

CFO Stefan Schulz said, “In 2019 we accelerated our total revenue growth rate to 27% while improving our non-GAAP recurring gross margins to 76%. Our AI innovations are more efficiently helping customers drive their digital selling transformations. We have strong momentum coming into 2020 and remain on track to achieve our long-term growth objective.”

Fourth Quarter and Full Year 2019 Financial Highlights

Key financial results for the fourth quarter and full year 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

Q4 2019

Q4 2018

Change

Q4 2019

Q4 2018

Change

Revenue:

Total Revenue

$66.2

$52.6

26%

n/a

n/a

n/a

Subscription Revenue

$40.2

$28.3

42%

n/a

n/a

n/a

Subscription and Maintenance Revenue

$53.6

$44.0

22%

n/a

n/a

n/a

Profitability:

Gross Profit

$37.8

$33.2

14%

$39.4

$34.7

14%

Operating Loss

$(15.1)

$(9.6)

$(5.5)

$(6.4)

$(2.6)

$(3.8)

Net Loss

$(17.3)

$(12.8)

$(4.5)

$(4.7)

$(2.1)

$(2.6)

Net Loss Per Share

$(0.41)

$(0.34)

$(0.07)

$(0.11)

$(0.06)

$(0.05)

Adjusted EBITDA

n/a

n/a

n/a

$(4.6)

$(2.0)

$(2.6)

Cash:

Net Cash Provided by Operating Activities

$12.9

$15.2

$(2.3)

n/a

n/a

n/a

Free Cash Flow

n/a

n/a

n/a

$11.0

$14.1

$(3.1)

GAAP

Non-GAAP

FY 2019

FY 2018

Change

FY 2019

FY 2018

Change

Revenue:

Total Revenue

$250.3

$197.0

27%

n/a

n/a

n/a

Subscription Revenue

$141.2

$95.2

48%

n/a

n/a

n/a

Subscription and Maintenance Revenue

$199.3

$160.0

25%

n/a

n/a

n/a

Annual Recurring Revenue ("ARR")

n/a

n/a

n/a

$219.8

$189.3

16%

Annual Recurring Revenue in constant currency

n/a

n/a

n/a

$220.4

$190.5

16%

Profitability:

Gross Profit

$151.2

$119.8

26%

$157.8

$126.2

25%

Operating Loss

$(53.3)

$(49.2)

$(4.1)

$(19.8)

$(20.1)

$0.3

Net Loss

$(69.1)

$(64.2)

$(4.8)

$(14.2)

$(17.9)

$3.7

Net Loss Per Share

$(1.72)

$(1.86)

$0.14

$(0.35)

$(0.52)

$0.17

Adjusted EBITDA

n/a

n/a

n/a

$(13.2)

$(19.0)

$5.9

Cash:

Net Cash Provided by Operating Activities

$5.2

$5.7

$(0.5)

n/a

n/a

n/a

Free Cash Flow

n/a

n/a

n/a

$(0.9)

$(0.5)

$(0.4)

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 43.1 million basic weighted average shares outstanding for the first quarter of 2020 and a 22% non-GAAP estimated tax rate for the first quarter and full year 2020:

Q1 2020 Guidance

v. Q1 2019 at Mid-Point

Full Year 2020 Guidance

v. Prior Year at Mid-Point

Total Revenue

$65.5 to $66.0

17%

$288.5 to $290.5

16%

Subscription Revenue

$40.5 to $41.0

34%

$193.0 to $194.0

37%

ARR

n/a

n/a

$257.0 to $259.0

17%

Non-GAAP Loss Per Share

$(0.23) to $(0.22)

$(0.12)

n/a

n/a

Adjusted EBITDA

$(12.0) to $(11.5)

$(7.2)

$(13.6) to $(11.6)

$0.6

Free Cash Flow

n/a

n/a

$(5.0) to $(3.0)

$(3.1)

Conference Call

In conjunction with this announcement, PROS Holdings, Inc. will host a conference call on Thursday, February 6, 2020, 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, February 20, 2020, at 1-844-512-2921 (toll-free) or 1-412-317-6671 using the pass code 13697793.

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 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; management's confidence and optimism; positioning; customer successes; demand for our software solutions; 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) cybersecurity, (b) maintaining subscription renewal rates, (c) potential downturns in sales, (d) implementing our solutions, (e) software innovation, (f) maintaining our corporate culture, (g) disruptions from our third party data center, software, data, and other unrelated service providers, (h) evolving data privacy, cyber security and data localization laws, (i) cloud operations, (j) managing our growth effectively, (k) operating globally, including economic and commercial disruptions, (l) personnel risks including loss of any key employees, (m) the timing of revenue recognition and cash flow from operations, (n) competition, (o) market acceptance of our software innovations, (p) development of our target markets, (q) increasing business from existing customers, (r) migrating customers to our latest cloud solutions; (s) expanding and training our direct and indirect sales force, (t) our debt repayment obligations, (u) returning to profitability, and (v) acquiring and integrating businesses and/or technologies. 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 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, new headquarters noncash rent expense and debt extinguishment fees. 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)

December 31, 2019

December 31, 2018

Assets:

Current assets:

Cash and cash equivalents

$

306,077

$

295,476

Trade and other receivables, net of allowance of $214 and $978, respectively

65,074

41,822

Deferred costs, current

5,756

4,089

Prepaid and other current assets

9,038

4,756

Total current assets

385,945

346,143

Property and equipment, net

14,794

14,676

Operating lease right-of-use assets

26,550

—

Deferred costs, noncurrent

15,478

13,373

Intangibles, net

14,605

19,354

Goodwill

49,104

38,231

Other assets, noncurrent

6,831

5,190

Total assets

$

513,307

$

436,967

Liabilities and Stockholders’ Equity:

Current liabilities:

Accounts payable and other liabilities

$

9,098

$

6,934

Accrued liabilities

22,748

9,506

Accrued payroll and other employee benefits

32,656

22,519

Operating lease liabilities, current

7,173

—

Deferred revenue, current

124,459

99,262

Current portion of convertible debt, net

—

136,529

Total current liabilities

196,134

274,750

Deferred revenue, noncurrent

17,801

17,903

Convertible debt, net, noncurrent

110,704

88,661

Operating lease liabilities, noncurrent

22,391

—

Other liabilities, noncurrent

1,281

754

Total liabilities

348,311

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; 47,310,846 and 41,573,491 shares issued, respectively; 42,630,123 and 37,155,906 shares outstanding, respectively

47

42

Additional paid-in capital

560,496

364,877

Treasury stock, 4,680,723 and 4,417,585 common shares, at cost, respectively

(29,847

)

(13,938

)

Accumulated deficit

(361,789

)

(292,708

)

Accumulated other comprehensive loss

(3,911

)

(3,374

)

Total stockholders’ equity

164,996

54,899

Total liabilities and stockholders’ equity

$

513,307

$

436,967

PROS Holdings, Inc.

Condensed Consolidated Statements of Income (Loss)

(In thousands, except per share data)

(Unaudited)

Three Months Ended December 31,

Year Ended December 31,

2019

2018

2019

2018

Revenue:

Subscription

$

40,207

$

28,316

$

141,165

$

95,192

Maintenance and support

13,412

15,723

58,184

64,760

Total subscription, maintenance and support

53,619

44,039

199,349

159,952

License

499

662

4,162

3,516

Services

12,057

7,912

46,823

33,556

Total revenue

66,175

52,613

250,334

197,024

Cost of revenue:

Subscription

11,547

9,060

42,090

35,368

Maintenance and support

2,783

2,840

11,052

11,602

Total cost of subscription, maintenance and support

14,330

11,900

53,142

46,970

License

97

51

249

251

Services

13,934

7,507

45,726

29,958

Total cost of revenue

28,361

19,458

99,117

77,179

Gross profit

37,814

33,155

151,217

119,845

Operating expenses:

Selling and marketing

23,523

18,335

89,553

72,006

General and administrative

11,994

10,289

47,254

41,302

Research and development

17,114

14,140

67,246

55,657

Acquisition-related

254

—

502

95

Loss from operations

(15,071

)

(9,609

)

(53,338

)

(49,215

)

Convertible debt interest and amortization

(2,418

)

(4,315

)

(14,765

)

(16,986

)

Other income (expense), net

247

1,188

(354

)

2,155

Loss before income tax provision

(17,242

)

(12,736

)

(68,457

)

(64,046

)

Income tax provision

58

24

624

200

Net loss

$

(17,300

)

$

(12,760

)

$

(69,081

)

$

(64,246

)

Net loss per share:

Basic and diluted

$

(0.41

)

$

(0.34

)

$

(1.72

)

$

(1.86

)

Weighted average number of shares:

Basic and diluted

42,615

37,154

40,232

34,465

PROS Holdings, Inc.

Condensed Consolidated Statements of Cash Flows

(In thousands) (Unaudited)

Three Months Ended December 31,

Year Ended December 31,

2019

2018

2019

2018

Operating activities:

Net loss

$

(17,300

)

$

(12,760

)

$

(69,081

)

$

(64,246

)

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

Depreciation and amortization

3,606

3,270

13,870

13,055

Amortization of debt discount and issuance costs

1,956

3,069

11,115

12,027

Share-based compensation

6,446

5,098

24,680

21,453

Deferred income tax, net

(119

)

(211

)

(119

)

(463

)

Provision for doubtful accounts

(754

)

(3

)

(754

)

212

Loss on disposal of assets

—

—

—

37

Loss on debt extinguishment

660

—

5,660

—

Changes in operating assets and liabilities:

Accounts and unbilled receivables

(8,385

)

4,348

(22,273

)

(9,550

)

Deferred costs

(648

)

(2,569

)

(3,772

)

(4,086

)

Prepaid expenses and other assets

(462

)

1,971

(5,044

)

87

Accounts payable and other liabilities

2,981

1,362

2,489

3,931

Accrued liabilities

5,578

3,297

15,455

2,764

Accrued payroll and other employee benefits

5,220

6,172

7,937

5,830

Deferred revenue

14,073

2,144

25,082

24,652

Net cash provided by operating activities

12,852

15,188

5,245

5,703

Investing activities:

Purchases of property and equipment

(1,911

)

(69

)

(5,271

)

(1,475

)

Capitalized internal-use software development costs

(415

)

(927

)

(1,436

)

(4,613

)

Acquisition of Travelaer, net of cash acquired

—

—

(10,510

)

—

Purchase of equity securities

(113

)

(45

)

(293

)

(45

)

Purchase of intangible asset

—

(125

)

(50

)

(125

)

Net cash used in investing activities

(2,439

)

(1,166

)

(17,560

)

(6,258

)

Financing activities:

Exercise of stock options

—

—

—

1,142

Proceeds from employee stock plans

—

—

1,995

1,720

Tax withholding related to net share settlement of stock awards

(2,155

)

(257

)

(23,753

)

(9,410

)

Proceeds from Secondary Offering, net

—

—

—

141,954

Payments of notes payable

—

—

—

(54

)

Proceeds from issuance of convertible debt, net

—

—

140,156

—

Debt issuance costs related to convertible debt

—

—

(860

)

—

Purchase of capped call

—

—

(16,445

)

—

Settlement of convertible debt

(21,660

)

—

(97,678

)

—

Proceeds from termination of bond hedge

—

—

64,819

—

Payment for termination of warrant

—

—

(45,243

)

—

Net cash (used in) provided by financing activities

(23,815

)

(257

)

22,991

135,352

Effect of foreign currency rates on cash

317

(178

)

(75

)

174

Net change in cash and cash equivalents

(13,085

)

13,587

10,601

134,971

Cash and cash equivalents:

Beginning of period

319,162

281,889

295,476

160,505

End of period

$

306,077

$

295,476

$

306,077

$

295,476

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
December 31,

Quarter
over
Quarter

Year Ended
December 31,

Year over
Year

2019

2018

% change

2019

2018

% change

GAAP gross profit

$

37,814

$

33,155

14

%

$

151,217

$

119,845

26

%

Non-GAAP adjustments:

New headquarters noncash rent expense

167

48

646

48

Amortization of acquisition-related intangibles

907

1,077

3,895

4,624

Share-based compensation

490

396

2,025

1,721

Non-GAAP gross profit

$

39,378

$

34,676

14

%

$

157,783

$

126,238

25

%

Non-GAAP gross margin

59.5

%

65.9

%

63.0

%

64.1

%

GAAP loss from operations

$

(15,071

)

$

(9,609

)

57

%

$

(53,338

)

$

(49,215

)

8

%

Non-GAAP adjustments:

Acquisition-related expenses

254

—

502

95

Debt extinguishment fees

—

—

319

—

New headquarters noncash rent expense

555

185

2,218

185

Amortization of acquisition-related intangibles

1,398

1,694

5,831

7,396

Share-based compensation

6,446

5,098

24,680

21,453

Total Non-GAAP adjustments

8,653

6,977

33,550

29,129

Non-GAAP loss from operations

$

(6,418

)

$

(2,632

)

144

%

$

(19,788

)

$

(20,086

)

(1

)%

Non-GAAP loss from operations % of total revenue

(9.7

)%

(5.0

)%

(7.9

)%

(10.2

)%

GAAP net loss

$

(17,300

)

$

(12,760

)

36

%

$

(69,081

)

$

(64,246

)

8

%

Non-GAAP adjustments:

Total Non-GAAP adjustments affecting loss from operations

8,653

6,977

33,550

29,129

Amortization of debt discount and issuance costs

1,945

3,065

11,074

11,986

Loss on debt extinguishment

660

—

5,660

—

Tax impact related to non-GAAP adjustments

1,375

617

4,623

5,244

Non-GAAP net loss

$

(4,667

)

$

(2,101

)

122

%

$

(14,174

)

$

(17,887

)

(21

)%

Non-GAAP diluted loss per share

$

(0.11

)

$

(0.06

)

$

(0.35

)

$

(0.52

)

Shares used in computing non-GAAP loss per share

42,615

37,154

40,232

34,465

PROS Holdings, Inc.

Supplemental Schedule of Non-GAAP Financial Measures

Increase (Decrease) in GAAP Amounts Reported

(In thousands)

(Unaudited)

Three Months Ended December 31,

Year Ended December 31,

2019

2018

2019

2018

Cost of Subscription Items

New headquarters noncash rent expense

16

5

64

5

Amortization of acquisition-related intangibles

736

901

3,207

3,898

Share-based compensation

70

53

280

218

Total cost of subscription items

$

822

$

959

$

3,551

$

4,121

Cost of Maintenance Items

New headquarters noncash rent expense

27

9

110

9

Amortization of acquisition-related intangibles

160

165

646

682

Share-based compensation

45

57

197

242

Total cost of maintenance items

$

232

$

231

$

953

$

933

Cost of License Items

Amortization of acquisition-related intangibles

11

11

42

44

Total cost of license items

$

11

$

11

$

42

$

44

Cost of Services Items

New headquarters noncash rent expense

124

34

472

34

Share-based compensation

375

286

1,548

1,261

Total cost of services items

$

499

$

320

$

2,020

$

1,295

Sales and Marketing Items

New headquarters noncash rent expense

104

35

409

35

Amortization of acquisition-related intangibles

491

617

1,936

2,772

Share-based compensation

1,666

1,049

5,995

4,396

Total sales and marketing items

$

2,261

$

1,701

$

8,340

$

7,203

General and Administrative Items

New headquarters noncash rent expense

95

33

367

33

Debt extinguishment fees

—

—

319

—

Share-based compensation

2,930

2,515

11,451

10,717

Total general and administrative items

$

3,025

$

2,548

$

12,137

$

10,750

Research and Development Items

New headquarters noncash rent expense

189

69

796

69

Share-based compensation

1,360

1,138

5,209

4,619

Total research and development items

$

1,549

$

1,207

$

6,005

$

4,688

Acquisition-related expenses

$

254

$

—

$

502

$

95

PROS Holdings, Inc.

Supplemental Reconciliation of GAAP to Non-GAAP Financial Measures

(In thousands)

(Unaudited)

Three Months Ended December 31,

Year Ended December 31,

2019

2018

2019

2018

Adjusted EBITDA

GAAP Loss from Operations

$

(15,071

)

$

(9,609

)

$

(53,338

)

$

(49,215

)

Acquisition-related expenses

254

—

502

95

Amortization of acquisition-related intangibles

1,398

1,694

5,831

7,396

New headquarters noncash rent expense

555

185

2,218

185

Debt extinguishment fees

—

—

319

—

Share-based compensation

6,446

5,098

24,680

21,453

Depreciation and other amortization

2,208

1,576

8,039

5,659

Capitalized internal-use software development costs

(415

)

(927

)

(1,436

)

(4,613

)

Adjusted EBITDA

$

(4,625

)

$

(1,983

)

$

(13,185

)

$

(19,040

)

Free Cash Flow

Net cash provided by operating activities

$

12,852

$

15,188

$

5,245

$

5,703

Purchase of property and equipment (excluding new headquarters)

(1,481

)

(69

)

(4,626

)

(1,475

)

Purchase of intangible asset

—

(125

)

(50

)

(125

)

Capitalized internal-use software development costs

(415

)

(927

)

(1,436

)

(4,613

)

Free Cash Flow

$

10,956

$

14,067

$

(867

)

$

(510

)

Guidance

Q1 2020 Guidance

Full Year 2020 Guidance

Low

High

Low

High

Adjusted EBITDA

GAAP Loss from Operations

$

(23,200

)

$

(22,700

)

$

(58,300

)

$

(56,300

)

Amortization of acquisition-related intangibles

1,400

1,400

5,500

5,500

New headquarters noncash rent expense

600

600

700

700

Share-based compensation

7,700

7,700

31,000

31,000

Depreciation and other amortization

1,800

1,800

8,200

8,200

Capitalized internal-use software development costs

(300

)

(300

)

(700

)

(700

)

Adjusted EBITDA

$

(12,000

)

$

(11,500

)

$

(13,600

)

$

(11,600

)

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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