The following is a summary of the PROS Holdings, Inc. (PRO) Q1 2024 Earnings Call Transcript:
Financial Performance:
PROS Holdings reported Q1 subscription revenue of $64.3 million, up 15% YoY, and total revenue of $80.7 million, up 10% YoY.
The company's non-GAAP subscription gross margin improved to 79%, up by over 140 basis points YoY.
Adjusted EBITDA stood at $4.6 million, revealing a notable YoY improvement.
Free cash flow burn in Q1 was approximately $4.9 million, equivalent to the previous year.
For Q2 2024, the company expects subscription revenue ranging from $64.0 million to $64.5 million and total revenue between $80.5 million to $81.5 million.
The 2024 full-year guidance anticipates subscription revenue between $263.5 million to $265.5 million and total revenue in the range of $332.5 million to $334.5 million.
Business Progress:
PROS Holdings launched the PROS Copilot for Sales Plugin through a partnership with Microsoft, enabling personalized offers to customers.
The company added new clients like ECE Group and Les Schwab, while existing clients expanded their use of the PROS platform.
With the appointment of Todd McNabb as Chief Revenue Officer, the company expects to accelerate growth in sales and organizational scaling.
PROS Holdings released its 2023 Sustainability Report, exhibiting progress in environmental, social, and governance matters.
The company reported a positive beat of $0.5 million in Q1 earnings.
PROS Holdings is working towards market adoption of its platform powered by AI innovations.
PROS Holdings and Microsoft's integration for marketing their AI-driven dynamic pricing solution marks a significant business progress, expanding its reach and versatility.
There has been a consistent sales cycle time and improvement in win rates, indicating operational efficiency.
More details: Pros Holdings IR
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