PROS Holdings, Inc., a market-leading provider of SaaS solutions optimizing shopping and selling experiences, today announced financial results for the first quarter ended March 31, 2022.
“I’m proud of our team for delivering a strong start to 2022, evident by the fact that we more than doubled our deal count year-over-year in the first quarter,” stated CEO Andres Reiner. “Our solutions are mission critical to businesses looking to manage inflation and accelerate revenue growth in today’s economy. The innovations we’ve brought to market, coupled with the investments we’ve made in our people, position us well to capitalize on the large market opportunity in front of us.”
First Quarter 2022 Financial Highlights
Key financial results for the first quarter 2022 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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Q1 2022 |
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Q1 2021 |
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Change |
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Q1 2022 |
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Q1 2021 |
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Change |
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Revenue: |
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Total Revenue |
$66.5 |
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$61.4 |
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8% |
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n/a |
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n/a |
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n/a |
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Subscription Revenue |
$48.8 |
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$42.6 |
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14% |
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n/a |
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n/a |
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n/a |
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Subscription and Maintenance Revenue |
$56.6 |
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$52.3 |
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8% |
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n/a |
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n/a |
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n/a |
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Profitability: |
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Gross Profit |
$39.1 |
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$34.9 |
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12% |
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$41.9 |
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$36.1 |
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16% |
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Operating Loss |
$(26.5) |
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$(20.6) |
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$(5.9) |
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$(10.8) |
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$(11.6) |
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$0.8 |
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Net Loss |
$(28.6) |
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$(22.0) |
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$(6.6) |
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$(9.7) |
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$(9.7) |
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$— |
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Net Loss Per Share |
$(0.64) |
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$(0.50) |
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$(0.14) |
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$(0.21) |
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$(0.22) |
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$0.01 |
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Adjusted EBITDA |
n/a |
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n/a |
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n/a |
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$(9.1) |
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$(9.4) |
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$0.2 |
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Cash: |
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Net Cash Used in Operating Activities |
$(11.0) |
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$(4.4) |
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$(6.6) |
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n/a |
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n/a |
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n/a |
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Free Cash Flow |
n/a |
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n/a |
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n/a |
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$(11.5) |
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$(4.6) |
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$(6.8) |
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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 who are adopting PROS solutions such as Abcam, Brunswick, FlyPOP, PLAY Airlines, LaserShip, Wihuri Group, and one of the top five oil majors in the world, among others.
- Won the 2022 AI Excellence Award for Automated Reasoning, demonstrating PROS leadership in developing impactful automated reasoning capabilities delivered through the PROS Platform that help customers win in their markets and generate more than 6% revenue improvement, on average.
- Named a winner in the prestigious 2022 CRM Watchlist for the seventh consecutive year, in recognition of PROS market-leading AI innovations, authentic culture, and deep customer relationships.
- Named to the Constellation ShortListTMfor Price Optimization and Configure, Price, Quote for the fifth consecutive year, in recognition of PROS price optimization and omnichannel selling capabilities that are helping customers deliver on their digital selling objectives.
- Published PROS 2021 ESG Report, highlighting our perspectives on and approach to environmental, social and governance issues that matter most to PROS customers, employees, and investors.
Financial Outlook
PROS currently anticipates the following based on an estimated 45.2 million basic weighted average shares outstanding for the second quarter of 2022 and a 22% non-GAAP estimated tax rate for the second quarter and full year 2022.
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Q2 2022 Guidance |
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v. Q2 2021 at Mid-Point |
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Full Year 2022 Guidance |
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v. Prior Year at Mid-Point |
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Total Revenue |
$66.0 to $67.0 |
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7% |
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$268.0 to $271.0 |
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7% |
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Subscription Revenue |
$49.25 to $49.75 |
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12% |
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$200.5 to $202.5 |
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13% |
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ARR |
n/a |
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n/a |
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$246.0 to $250.0 |
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9% |
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Subscription ARR |
n/a |
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n/a |
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$224.0 to $228.0 |
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16% |
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Non-GAAP Loss Per Share |
$(0.19) to $(0.17) |
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$(0.04) |
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n/a |
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n/a |
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Adjusted EBITDA |
$(8.0) to $(7.0) |
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$(2.8) |
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$(28.0) to $(25.0) |
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$(1.7) |
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Free Cash Flow |
n/a |
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n/a |
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$(25.0) to $(21.0) |
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$(2.8) |
Conference Call
In conjunction with this announcement, PROS Holdings, Inc. will host a conference call on Tuesday, May 3, 2022, at 4:45 p.m. EDT 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 17, 2022, 11:59 PM EDT at 1-844-512-2921 (toll-free) or 1-412-317-6671 using the pass code 13728242.
