Industry Summary Articles

PROS Holdings, Inc., a leading provider of AI-powered SaaS pricing, CPQ, revenue management, and digital offer marketing solutions, announced financial results for the first quarter ended March 31, 2024.

“We delivered a strong start to 2024, exceeding our guidance ranges across all metrics, driving 15% subscription revenue growth and delivering a near 300% improvement to adjusted EBITDA year-over-year,” stated CEO Andres Reiner. “We continue to be excited about our long-term trajectory as the market continues to embrace AI, and we have the right platform, people, and strategy to capitalize on this market opportunity.”

First Quarter 2024 Financial Highlights

Key financial results for the first quarter 2024 are shown below. Throughout this press release all dollar figures are in millions, except net (loss) earnings per share. Unless otherwise noted, all results are on a reported basis and are compared with the prior-year period.

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

Recent Business Highlights

• Launched the PROS Copilot for Sales Plugin in partnership with Microsoft, making PROS the first vendor to integrate quote insights into Microsoft’s Copilot for Sales; PROS Copilot for Sales Plugin empowers sellers to deliver fast, personalized offers to customers directly from email threads, uniquely harnessing the power of PROS AI combined with Microsoft's generative AI to drive proposals that win.
• Welcomed many new customers who are adopting the PROS Platform such as Air India, Eastern Airways, ECE Group, JetBlue, Les Schwab, and Sky High Dominicana, among others.
• Expanded adoption of the PROS Platform within existing customers including Air Baltic, Cargolux, CITGO, Europcar, Graybar Electric, Hyatt, Securitas, Siemens, and TE Connectivity, among others.
• Chris Allison, PROS Director of Product Management, was elected Vice Chair of the International Air Transport Association’s (IATA) Shop Order Pay Standards Board Advisory Forum (SOPSBAF), responsible for the strategic direction of distribution, offer management, order management and payment standards within the airline industry; Chris’ appointment establishes PROS expertise and leadership in setting the vision for the future of airline retailing.
• Published PROS 2023 Sustainability Report, highlighting our perspectives on and approach to environmental, social, and governance issues that matter most to PROS customers, employees, and shareholders.
• Appointed Todd McNabb as Chief Revenue Officer to lead PROS global go-to-market team to amplify PROS growth opportunity as the market increasingly embraces AI to drive meaningful business outcomes.

Financial Outlook

PROS currently anticipates the following based on an estimated 48.2 million diluted weighted average shares outstanding for the second quarter of 2024 and a 22% non-GAAP estimated tax rate for the second quarter and full year 2024.

Conference Call

In conjunction with this announcement, PROS Holdings, Inc. will host a conference call on Tuesday, May 7, 2024, at 4:45 p.m. ET to discuss the Company’s financial results and business outlook. To access this call, dial 1-877-300-8521 (toll-free) or 1-412-317-6026. 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 14, 2024, 11:59 PM ET at 1-844-512-2921 (toll-free) or 1-412-317-6671 using the pass code 10188161.

To view the original press release, please click here.

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