PROS Holdings, Inc., a provider of SaaS solutions optimizing shopping and selling experiences, announced financial results for the second quarter ended June 30, 2021.
“I’m incredibly proud to announce the launch of our next-generation SaaS editions on the PROS Platform,” stated CEO Andres Reiner. “We’re making it possible for every business to adopt our industry-leading technology to drive interconnected sales motions and profitable revenue growth. We’re encouraged by the early response to the PROS Platform launch and we are well-positioned to capture the large market opportunity in front of us.”
Second Quarter 2021 Financial Highlights
Key financial results for the second 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.
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GAAP |
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Non-GAAP |
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Q2 2021 |
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Q2 2020 |
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Change |
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Q2 2021 |
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Q2 2020 |
|
Change |
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Revenue: |
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|
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|
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Total Revenue |
$62.4 |
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$63.7 |
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(2)% |
|
n/a |
|
n/a |
|
n/a |
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Subscription Revenue |
$44.2 |
|
$42.4 |
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4% |
|
n/a |
|
n/a |
|
n/a |
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Subscription and Maintenance Revenue |
$52.8 |
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$54.1 |
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(2)% |
|
n/a |
|
n/a |
|
n/a |
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Profitability: |
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|
|
|
|
|
|
|
|
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Gross Profit |
$36.0 |
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$37.8 |
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(5)% |
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$37.4 |
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$39.4 |
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(5)% |
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Operating Loss |
$(16.3) |
|
$(15.1) |
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$(1.2) |
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$(6.8) |
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$(7.5) |
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$0.6 |
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Net Loss |
$(18.0) |
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$(17.2) |
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$(0.8) |
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$(6.3) |
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$(6.0) |
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$(0.3) |
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Net Loss Per Share |
$(0.41) |
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$(0.40) |
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$(0.01) |
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$(0.14) |
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$(0.14) |
|
$— |
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Adjusted EBITDA |
n/a |
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n/a |
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n/a |
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$(4.7) |
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$(5.7) |
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$1.0 |
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Cash: |
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Net Cash Used in Operating Activities |
$(5.0) |
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$(22.8) |
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$17.8 |
|
n/a |
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n/a |
|
n/a |
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Free Cash Flow |
n/a |
|
n/a |
|
n/a |
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$(5.7) |
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$(23.5) |
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$17.8 |
The attached table provides a summary of PROS results for the period, including a reconciliation of GAAP to non-GAAP metrics.
Recent Business Highlights
- Expanded accessibility of PROS technology through the launch of next-generation SaaS editions for the PROS Platform – PROS Smart Price Optimization and Management and PROS Smart Configure, Price, Quote – designed to drive harmonized and interconnected omnichannel sales experiences for every business.
- Launched Extensible AITM, an industry-first capability that empowers a business to plug their own algorithms into the PROS Platform to deliver new digital selling innovations with industry-leading scale, performance, and security.
- Welcomed new customers that are adopting our digital selling technology such as Eneco, Hawaiian Airlines, Kawneer, LafargeHolcim, and USG Corporation, among others.
- Collaborated with Diggintravel to deliver the Airline Digital Retailing Academy - a comprehensive 5-week training and certification program focusing on how to utilize technology to transform the digital customer experience and fuel post-pandemic recovery, with participation from airlines around the globe.
- Announced a virtual experience for PROS Outperform 2021 Conference, the premier event for pricing, selling, revenue management and eCommerce executives, and industry strategists from across the globe, extending our reach and engagement with our customers and prospects occurring November 16-18.
Financial Outlook
PROS currently anticipates the following based on an estimated 44.4 million basic weighted average shares outstanding for the third quarter of 2021 and a 22% non-GAAP estimated tax rate for the third quarter and full year 2021.
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Q3 2021 Guidance |
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v. Q3 2020 at |
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Full Year 2021 |
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v. Prior Year at |
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Total Revenue |
$61.7 to $62.7 |
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1% |
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$250.5 to $253.5 |
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—% |
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Subscription Revenue |
$44.0 to $44.5 |
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5% |
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$176.5 to $179.5 |
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4% |
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ARR |
n/a |
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n/a |
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$212.0 to $217.0 |
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2% |
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Non-GAAP Loss Per Share |
$(0.23) to $(0.21) |
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$(0.07) |
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n/a |
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n/a |
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Adjusted EBITDA |
$(10.0) to $(9.0) |
|
$(3.3) |
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$(35.0) to $(32.0) |
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$(5.9) |
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Free Cash Flow |
n/a |
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n/a |
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$(38.0) to $(34.0) |
|
$17.3 |
Conference Call
In conjunction with this announcement, PROS Holdings, Inc. will host a conference call on Tuesday, August 3, 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, August 17, 2021, at 1-844-512-2921 (toll-free) or 1-412-317-6671 using the pass code 13720942.
