$PRO
PROS Holdings, Inc.

2012 Q4 Form 10-Q Financial Statement

#000139297212000018 Filed on November 01, 2012

View on sec.gov

Income Statement

Concept 2012 Q4 2012 Q3 2011 Q3
Revenue $32.72M $29.91M $25.21M
YoY Change 24.71% 18.66% 60.66%
Cost Of Revenue $9.680M $8.669M $6.333M
YoY Change 35.38% 36.89% 19.94%
Gross Profit $23.05M $21.24M $18.80M
YoY Change 21.37% 13.02% 80.74%
Gross Profit Margin 70.42% 71.02% 74.57%
Selling, General & Admin $13.69M $12.38M $9.350M
YoY Change 43.05% 32.41% 0.21%
% of Gross Profit 59.41% 58.28% 49.74%
Research & Development $7.090M $7.049M $6.843M
YoY Change 5.51% 3.01% 40.8%
% of Gross Profit 30.77% 33.18% 36.4%
Depreciation & Amortization $740.0K $610.0K $410.0K
YoY Change 76.19% 48.78% 17.14%
% of Gross Profit 3.21% 2.87% 2.18%
Operating Expenses $20.78M $7.049M $6.843M
YoY Change 27.56% 3.01% -51.78%
Operating Profit $2.261M $1.812M $2.589M
YoY Change -15.95% -30.01% -168.31%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net -$40.00K -$15.00K -$90.00K
YoY Change -63.64% -83.33%
Pretax Income $2.220M $1.797M $2.590M
YoY Change -17.47% -30.62% -168.88%
Income Tax $800.0K $441.0K $658.0K
% Of Pretax Income 36.04% 24.54% 25.41%
Net Earnings $1.424M $1.356M $1.932M
YoY Change -32.86% -29.81% -180.17%
Net Earnings / Revenue 4.35% 4.53% 7.66%
Basic Earnings Per Share $0.05 $0.05 $0.07
Diluted Earnings Per Share $0.05 $0.05 $0.07
COMMON SHARES
Basic Shares Outstanding 27.46M shares 27.43M shares 26.93M shares
Diluted Shares Outstanding 28.36M shares 27.84M shares

Balance Sheet

Concept 2012 Q4 2012 Q3 2011 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $83.60M $72.60M $66.40M
YoY Change 22.04% 9.34% 25.05%
Cash & Equivalents $83.56M $72.64M $66.40M
Short-Term Investments $0.00
Other Short-Term Assets $5.100M $4.800M $8.100M
YoY Change -39.29% -40.74% 3.85%
Inventory
Prepaid Expenses
Receivables $39.56M $47.00M $27.70M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $127.4M $124.4M $102.3M
YoY Change 15.14% 21.62% 27.24%
LONG-TERM ASSETS
Property, Plant & Equipment $12.79M $10.70M $4.200M
YoY Change 171.91% 154.71% 31.25%
Goodwill $0.00
YoY Change
Intangibles $0.00
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.351M $5.708M $6.000M
YoY Change -75.67% -4.87% 106.9%
Total Long-Term Assets $19.05M $16.74M $10.20M
YoY Change 80.0% 64.07% 67.21%
TOTAL ASSETS
Total Short-Term Assets $127.4M $124.4M $102.3M
Total Long-Term Assets $19.05M $16.74M $10.20M
Total Assets $146.5M $141.1M $112.5M
YoY Change 20.8% 25.46% 30.06%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.775M $5.931M $4.400M
YoY Change -23.19% 34.8% 193.33%
Accrued Expenses $3.258M $3.881M $8.800M
YoY Change 111.42% -55.9% 49.15%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $54.48M $53.68M $41.20M
YoY Change 22.86% 30.3% 41.58%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $1.327M $2.800M $1.200M
YoY Change 953.17% 133.33% 0.0%
Total Long-Term Liabilities $1.327M $2.800M $1.200M
YoY Change 953.17% 133.33% 0.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $54.48M $53.68M $41.20M
Total Long-Term Liabilities $1.327M $2.800M $1.200M
Total Liabilities $57.81M $56.46M $42.40M
YoY Change 22.18% 33.15% 39.93%
SHAREHOLDERS EQUITY
Retained Earnings $14.88M $13.47M
YoY Change 50.08%
Common Stock $32.00K $32.00K
YoY Change 3.23%
Preferred Stock
YoY Change
Treasury Stock (at cost) $13.94M $13.94M
YoY Change 0.0%
Treasury Stock Shares 4.418M shares 4.418M shares
Shareholders Equity $88.67M $84.69M $70.10M
YoY Change
Total Liabilities & Shareholders Equity $146.5M $141.1M $112.5M
YoY Change 20.8% 25.46% 30.06%

Cashflow Statement

Concept 2012 Q4 2012 Q3 2011 Q3
OPERATING ACTIVITIES
Net Income $1.424M $1.356M $1.932M
YoY Change -32.86% -29.81% -180.17%
Depreciation, Depletion And Amortization $740.0K $610.0K $410.0K
YoY Change 76.19% 48.78% 17.14%
Cash From Operating Activities $13.78M $3.920M $2.470M
YoY Change 337.46% 58.7% -132.8%
INVESTING ACTIVITIES
Capital Expenditures -$2.760M -$2.690M -$620.0K
YoY Change 157.94% 333.87% 72.22%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00 $0.00
YoY Change
Cash From Investing Activities -$2.760M -$2.690M -$630.0K
YoY Change 157.94% 326.98% 75.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -110.0K 260.0K 170.0K
YoY Change 175.0% 52.94% -5.56%
NET CHANGE
Cash From Operating Activities 13.78M 3.920M 2.470M
Cash From Investing Activities -2.760M -2.690M -630.0K
Cash From Financing Activities -110.0K 260.0K 170.0K
Net Change In Cash 10.91M 1.490M 2.010M
YoY Change 434.8% -25.87% -126.07%
FREE CASH FLOW
Cash From Operating Activities $13.78M $3.920M $2.470M
Capital Expenditures -$2.760M -$2.690M -$620.0K
Free Cash Flow $16.54M $6.610M $3.090M
YoY Change 291.94% 113.92% -143.1%

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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Organization and Nature of Operations</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">PROS Holdings, Inc., a Delaware corporation, through its operating subsidiaries (the &#8220;Company&#8221;), is a leading global provider of pricing and revenue management software. This software is an emerging category of enterprise applications designed to allow business to make better sales decisions to significantly improve business agility in dynamic markets. The Company offers its large enterprise and mid-market customers secure and scalable software solutions which optimize pricing and product mix on a real-time basis by applying advanced forecasting and optimization technologies to their relevant enterprise and market data. The Company&#8217;s software solutions are engineered to work together with existing customer information technology, including private and public cloud environments, and support the real-time, high volume transaction processing and database requirements of some of the world&#8217;s largest and most sophisticated businesses. The Company also provides professional services to configure its software solutions to meet the specific integration and process needs of each customer. The Company provides its software solutions to enterprises across a range of industries, including manufacturing, distribution, services and travel.</font></div></div>
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ProvisionForDoubtfulAccounts
-2000 USD
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
-257000 USD
us-gaap Research And Development Expense Software Excluding Acquired In Process Cost
ResearchAndDevelopmentExpenseSoftwareExcludingAcquiredInProcessCost
20518000 USD
CY2011Q3 us-gaap Research And Development Expense Software Excluding Acquired In Process Cost
ResearchAndDevelopmentExpenseSoftwareExcludingAcquiredInProcessCost
6843000 USD
CY2012Q3 us-gaap Research And Development Expense Software Excluding Acquired In Process Cost
ResearchAndDevelopmentExpenseSoftwareExcludingAcquiredInProcessCost
7049000 USD
us-gaap Research And Development Expense Software Excluding Acquired In Process Cost
ResearchAndDevelopmentExpenseSoftwareExcludingAcquiredInProcessCost
18952000 USD
CY2012Q3 us-gaap Restricted Cash And Investments Noncurrent
RestrictedCashAndInvestmentsNoncurrent
329000 USD
CY2011Q4 us-gaap Restricted Cash And Investments Noncurrent
RestrictedCashAndInvestmentsNoncurrent
329000 USD
pro Shares Issuable Upon Vesting Of Msus Maximum
SharesIssuableUponVestingOfMsusMaximum
2.00
CY2012Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
13470000 USD
CY2011Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
9927000 USD
us-gaap Revenues
Revenues
70399000 USD
CY2011Q3 us-gaap Revenues
Revenues
25208000 USD
CY2012Q3 us-gaap Revenues
Revenues
29913000 USD
us-gaap Revenues
Revenues
85068000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
5008000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
6962000 USD
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.61
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0028
CY2012Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Authorized
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized
6368000 shares
CY2012Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant
688501 shares
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P1Y10M17D
CY2012Q3 us-gaap Stockholders Equity
StockholdersEquity
84692000 USD
CY2011Q4 us-gaap Stockholders Equity
StockholdersEquity
73943000 USD
us-gaap Tax Benefit From Stock Options Exercised1
TaxBenefitFromStockOptionsExercised1
1621000 USD
us-gaap Tax Benefit From Stock Options Exercised1
TaxBenefitFromStockOptionsExercised1
1210000 USD
CY2012Q3 us-gaap Treasury Stock Shares
TreasuryStockShares
4417585 shares
CY2011Q4 us-gaap Treasury Stock Shares
TreasuryStockShares
4417585 shares
CY2012Q3 us-gaap Treasury Stock Value
TreasuryStockValue
13938000 USD
CY2011Q4 us-gaap Treasury Stock Value
TreasuryStockValue
13938000 USD
us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-indent:16px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Use of estimates</font></div><div style="line-height:120%;text-indent:16px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company&#8217;s management prepares the unaudited condensed consolidated financial statements in accordance with GAAP. The Company makes estimates and assumptions in the preparation of its unaudited condensed consolidated financial statements, and its estimates and assumptions may affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the unaudited condensed consolidated financial statements, and the reported amounts of revenue and expenses during the reporting periods. Actual results could differ from those estimates. The complexity and judgment required in the Company&#8217;s estimation process and issues related to the assumptions, risks and uncertainties inherent in the application of the percentage-of-completion method of accounting affect the amounts of revenue, expenses, unbilled receivables and deferred revenue. Estimates are also used for, but not limited to, receivables, allowance for doubtful accounts, useful lives of assets, depreciation, income taxes and deferred tax asset valuation, valuation of stock options, other current liabilities and accrued liabilities. Numerous internal and external factors can affect estimates. The critical accounting policies related to the estimates and judgments are discussed in the Company&#8217;s Annual Report on Form 10-K for the year ended </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">December&#160;31, 2011</font><font style="font-family:inherit;font-size:10pt;"> under management&#8217;s discussion and analysis of financial condition and results of operations. There have been no significant changes to the Company&#8217;s critical accounting policies as described in the Company&#8217;s Annual Report.</font></div></div>
CY2011Q3 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
914000 shares
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
906000 shares
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
997000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
27689804 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
28320181 shares
CY2012Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
28362582 shares
CY2011Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
27842057 shares
CY2011Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
26928195 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
27322940 shares
CY2012Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
27426269 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
26783812 shares
pro A2007 Equity Incentive Plan Evergreen Provision
A2007EquityIncentivePlanEvergreenProvision
900000 shares
pro A2007 Equty Incentive Plan Evergreen Plan
A2007EqutyIncentivePlanEvergreenPlan
0.035
CY2011Q4 pro Account And Unbilled Receivables Net
AccountAndUnbilledReceivablesNet
33864000 USD
CY2012Q3 pro Account And Unbilled Receivables Net
AccountAndUnbilledReceivablesNet
46953000 USD
pro Accounts And Unbilled Receivables
AccountsAndUnbilledReceivables
12832000 USD
pro Accounts And Unbilled Receivables
AccountsAndUnbilledReceivables
336000 USD
pro Award Vesting Period Maximum
AwardVestingPeriodMaximum
4
pro Award Vesting Period Minimum
AwardVestingPeriodMinimum
3
pro Base Rate Borrowings Maturity Date
BaseRateBorrowingsMaturityDate
5
pro Total Shareholder Return Period For Vesting Of Msus
TotalShareholderReturnPeriodForVestingOfMsus
2
CY2012Q1 pro Increase In Number Of Shares Reserved For Issuance Under Plan
IncreaseInNumberOfSharesReservedForIssuanceUnderPlan
900000 shares
CY2012Q3 pro Selling General And Administrative Expenses
SellingGeneralAndAdministrativeExpenses
12383000 USD
CY2011Q3 pro Selling General And Administrative Expenses
SellingGeneralAndAdministrativeExpenses
9352000 USD
pro Selling General And Administrative Expenses
SellingGeneralAndAdministrativeExpenses
34524000 USD
pro Selling General And Administrative Expenses
SellingGeneralAndAdministrativeExpenses
26320000 USD
pro Tax Withholding Related To Net Share Settlement Of Restricted Stock Units
TaxWithholdingRelatedToNetShareSettlementOfRestrictedStockUnits
2411000 USD
pro Tax Withholding Related To Net Share Settlement Of Restricted Stock Units
TaxWithholdingRelatedToNetShareSettlementOfRestrictedStockUnits
1610000 USD
CY2012Q3 pro Treasury Money Market Funds At Fair Value
TreasuryMoneyMarketFundsAtFairValue
58000000 USD
CY2011Q4 pro Treasury Money Market Funds At Fair Value
TreasuryMoneyMarketFundsAtFairValue
58000000 USD
dei Amendment Flag
AmendmentFlag
false
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q3
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2012
dei Document Period End Date
DocumentPeriodEndDate
2012-09-30
dei Document Type
DocumentType
10-Q
dei Entity Central Index Key
EntityCentralIndexKey
0001392972
CY2012Q4 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
27457781 shares
dei Entity Filer Category
EntityFilerCategory
Accelerated Filer
dei Entity Registrant Name
EntityRegistrantName
PROS HOLDINGS, INC.

Files In Submission

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0001392972-12-000018-index-headers.html Edgar Link pending
0001392972-12-000018-index.html Edgar Link pending
0001392972-12-000018.txt Edgar Link pending
0001392972-12-000018-xbrl.zip Edgar Link pending
FilingSummary.xml Edgar Link unprocessable
Financial_Report.xls Edgar Link pending
logoa12.jpg Edgar Link pending
pro-20120930.xml Edgar Link completed
pro-20120930.xsd Edgar Link pending
pro-20120930_cal.xml Edgar Link unprocessable
pro-20120930_def.xml Edgar Link unprocessable
pro-20120930_lab.xml Edgar Link unprocessable
pro-20120930_pre.xml Edgar Link unprocessable
pro2012930-10q.htm Edgar Link pending
pro2012930ex311.htm Edgar Link pending
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pro2012930ex321.htm Edgar Link pending
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