Pros Holdings, Inc. (PRO) 10-Q Quarterly Report October 2020

— PROS Holdings, Inc. (NYSE: PRO), a provider of AI-powered solutions that optimize selling in the digital economy, today announced financial results for the second quarter ended June 30, 2020.

“Today’s environment has only accentuated the need for businesses to deliver every aspect of commerce digitally,” started CEO Andres Reiner. “We welcomed new customers this quarter and are excited to accelerate their digital selling journeys with our industry leading, AI solutions. We see an attractive, long-term market opportunity in front of us and are confident in our ability to execute upon our strategy to capture it.”

Second Quarter 2020 Financial Highlights

Key financial results for the second quarter 2020 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
	Q2 2020	Q2 2019	Change	Q2 2020	Q2 2019	Change
Revenue:
Total Revenue	$63.7	$63.9	—%	n/a	n/a	n/a
Subscription Revenue	$42.4	$35.1	21%	n/a	n/a	n/a
Subscription and Maintenance Revenue	$54.1	$50.1	8%	n/a	n/a	n/a
Profitability:
Gross Profit	$37.8	$40.3	(6)%	$39.4	$41.9	(6)%
Operating Loss	$(15.1)	$(12.1)	$(3.0)	$(7.5)	$(3.9)	$(3.6)
Net Loss	$(17.2)	$(17.5)	$0.3	$(6.0)	$(2.8)	$(3.2)
Net Loss Per Share	$(0.40)	$(0.44)	$0.04	$(0.14)	$(0.07)	$(0.07)
Adjusted EBITDA	n/a	n/a	n/a	$(5.7)	$(1.8)	$(3.9)
Cash:
Net Cash Used In Operating Activities	$(22.8)	$(3.5)	$(19.2)	n/a	n/a	n/a
Free Cash Flow	n/a	n/a	n/a	$(23.5)	$(5.2)	$(18.3)

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

Recent Business Highlights

•Recognized as a continued Pricing Software Leader in the G2 Summer 2020 Report based upon user reviews of our AI-powered pricing solutions, customer satisfaction, and market presence.

•Named a Major Player in the IDC MarketScape Worldwide Configure Price Quote Applications for Commerce 2020 Vendor Assessment for the strength of our quoting performance, advanced dynamic pricing capabilities, and innovative roadmap.

The following information was filed by Pros Holdings, Inc. (PRO) on Thursday, July 30, 2020 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Pros Holdings, Inc.'s 10-Q Quarterly Report:

Financial - Income Highlight
The change in other income (expense), net for the three and nine months ended September 30, 2020, primarily related to a $2.7 million and $5.0 million, respectively, loss on debt extinguishment recognized in the respective periods of 2019 related to our 2019 and 2047 Notes, which was partially offset by a decrease in interest income during the periods.

Financial - Expense Highlight
Cost of services for the three months ended September 30, 2020 decreased primarily due to the lower utilization of third-party contractors and reduced travel expenses due to the COVID-19 pandemic.
Financial - Expense Highlight
The three and nine-month increase in research and development expenses was primarily due to an increase of $2.2 million and $6.3 million, respectively, in employee-related costs driven by higher headcount and a slight increase in facility and other overhead expenses.
Financial - Earnings Highlight
Services gross profit percentages vary period to period depending on different factors, including the level of professional services required to implement our solutions, our mix of our utilization of employees or third-party contractors, our effective man-day rates, our utilization of third-party system integrators and the utilization of our professional services personnel.
Revenue - Product Highlight
We expect customer bookings and the related revenue and cash flows will continue to be lower than anticipated prior to the pandemic as a result of decreased demand for new subscriptions and services and delays to projects during the COVID-19 pandemic.
Revenue - Product
Our ability to maintain consistent...Read more
Other - Other
Based on demand for their...Read more
Other - Other
We also plan to continue...Read more
Financial - Cash Flow
We define free cash flow,...Read more
Revenue - Product
Our continuing shift to a...Read more
Revenue - Product
In response, we believe that...Read more
Financial - Earnings
The impact of such an...Read more
Other - Other
However, the recent COVID-19 pandemic...Read more
Revenue - Product
While we incurred losses in...Read more
Other - Other
Credit facility There were no...Read more
M & A - Other
Our future working capital requirements...Read more
Revenue - Product
Subscription revenue increased primarily due...Read more
Revenue - Product
Q3 2020 Financial Overview In...Read more
Financial - Expense
The increase was partially offset...Read more
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Due to the uncertain economic...Read more
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If determined the professional services...Read more
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The three and nine-month increase...Read more
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For example, buyers often prefer...Read more
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Investing Activities Net cash used...Read more
Other - Other
Our effective tax rate was...Read more

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Material Contracts, Statements, Certifications & more

Pros Holdings, Inc. provided additional information to their SEC Filing as exhibits

Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 32.1: Section 1350 Certification

Ticker: PRO
CIK: 1392972
Form Type: 10-Q Quarterly Report
Accession Number: 0001392972-20-000147
Submitted to the SEC: Thu Oct 29 2020 4:25:35 PM EST
Accepted by the SEC: Thu Oct 29 2020
Period: Wednesday, September 30, 2020
Industry: Computer Programming Services

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Pros Holdings, Inc. (PRO) SEC Filing 10-Q Quarterly report for the period ending Wednesday, September 30, 2020

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