2022 Q1 Form 10-Q Financial Statement

#000139297222000048 Filed on May 03, 2022

View on sec.gov

Income Statement

Concept 2022 Q1 2021 Q1
Revenue $66.49M $61.38M
YoY Change 8.33% -7.44%
Cost Of Revenue $27.36M $26.49M
YoY Change 3.28% -7.78%
Gross Profit $39.13M $34.89M
YoY Change 12.17% -7.18%
Gross Profit Margin 58.85% 56.84%
Selling, General & Admin $39.62M $34.55M
YoY Change 14.66% -13.19%
% of Gross Profit 101.24% 99.04%
Research & Development $24.47M $20.93M
YoY Change 16.93% 9.35%
% of Gross Profit 62.53% 59.98%
Depreciation & Amortization $4.647M $3.068M
YoY Change 51.47% -10.29%
% of Gross Profit 11.88% 8.79%
Operating Expenses $64.08M $55.48M
YoY Change 15.51% -5.87%
Operating Profit -$26.50M -$20.59M
YoY Change 28.72% -3.57%
Interest Expense -$1.576M -$1.580M
YoY Change -0.25% -23.3%
% of Operating Profit
Other Income/Expense, Net -$418.0K $286.0K
YoY Change -246.15% -65.58%
Pretax Income -$28.50M -$21.88M
YoY Change 30.24% -3.11%
Income Tax $143.0K $149.0K
% Of Pretax Income
Net Earnings -$28.64M -$22.03M
YoY Change 30.01% -3.11%
Net Earnings / Revenue -43.07% -35.89%
Basic Earnings Per Share -$0.64 -$0.50
Diluted Earnings Per Share -$0.64 -$0.50
COMMON SHARES
Basic Shares Outstanding 45.09M shares 44.25M shares
Diluted Shares Outstanding 45.09M shares 44.25M shares

Balance Sheet

Concept 2022 Q1 2021 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $217.4M $323.9M
YoY Change -32.88% 28.63%
Cash & Equivalents $217.4M $323.9M
Short-Term Investments
Other Short-Term Assets $16.60M $16.60M
YoY Change 0.01% 9.21%
Inventory
Prepaid Expenses
Receivables $52.80M $53.70M
Other Receivables $0.00 $0.00
Total Short-Term Assets $286.8M $394.1M
YoY Change -27.24% 22.94%
LONG-TERM ASSETS
Property, Plant & Equipment $28.14M $35.63M
YoY Change -21.02% 33.43%
Goodwill $107.9M $49.56M
YoY Change 117.76% 1.33%
Intangibles $24.64M $7.467M
YoY Change 230.03% -42.36%
Long-Term Investments
YoY Change
Other Assets $8.119M $7.505M
YoY Change 8.18% 4.77%
Total Long-Term Assets $199.8M $140.9M
YoY Change 41.77% 3.57%
TOTAL ASSETS
Total Short-Term Assets $286.8M $394.1M
Total Long-Term Assets $199.8M $140.9M
Total Assets $486.6M $535.1M
YoY Change -9.06% 17.17%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $7.957M $6.317M
YoY Change 25.96% -50.48%
Accrued Expenses $12.39M $16.73M
YoY Change -25.97% -10.68%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $164.3M $160.4M
YoY Change 2.41% -9.8%
LONG-TERM LIABILITIES
Long-Term Debt $288.7M $287.2M
YoY Change 0.51% 155.52%
Other Long-Term Liabilities $1.182M $1.449M
YoY Change -18.43% 15.0%
Total Long-Term Liabilities $1.182M $1.449M
YoY Change -18.43% 15.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $164.3M $160.4M
Total Long-Term Liabilities $1.182M $1.449M
Total Liabilities $499.4M $500.1M
YoY Change -0.13% 52.89%
SHAREHOLDERS EQUITY
Retained Earnings -$537.3M -$449.5M
YoY Change 19.54% 16.89%
Common Stock $50.00K $49.00K
YoY Change 2.04% 2.08%
Preferred Stock
YoY Change
Treasury Stock (at cost) $29.85M $29.85M
YoY Change 0.0% 0.0%
Treasury Stock Shares 4.681M shares 4.681M shares
Shareholders Equity -$12.82M $35.03M
YoY Change
Total Liabilities & Shareholders Equity $486.6M $535.1M
YoY Change -9.06% 17.17%

Cashflow Statement

Concept 2022 Q1 2021 Q1
OPERATING ACTIVITIES
Net Income -$28.64M -$22.03M
YoY Change 30.01% -3.11%
Depreciation, Depletion And Amortization $4.647M $3.068M
YoY Change 51.47% -10.29%
Cash From Operating Activities -$11.01M -$4.429M
YoY Change 148.68% -81.68%
INVESTING ACTIVITIES
Capital Expenditures $461.0K $1.300M
YoY Change -64.54% -88.17%
Acquisitions
YoY Change
Other Investing Activities $0.00 -$500.0K
YoY Change -100.0%
Cash From Investing Activities -$461.0K -$1.801M
YoY Change -74.4% -84.21%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $1.231M $1.244M
YoY Change -1.05% -106.61%
NET CHANGE
Cash From Operating Activities -$11.01M -$4.429M
Cash From Investing Activities -$461.0K -$1.801M
Cash From Financing Activities $1.231M $1.244M
Net Change In Cash -$10.16M -$5.205M
YoY Change 95.2% -90.41%
FREE CASH FLOW
Cash From Operating Activities -$11.01M -$4.429M
Capital Expenditures $461.0K $1.300M
Free Cash Flow -$11.48M -$5.729M
YoY Change 100.3% -83.71%

Facts In Submission

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EffectOfExchangeRateOnCashAndCashEquivalents
-219000 USD
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-10160000 USD
CY2021Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-5205000 USD
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
227553000 USD
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
329134000 USD
CY2022Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
217393000 USD
CY2021Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
323929000 USD
CY2022Q1 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
45000 USD
CY2021Q1 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
328000 USD
CY2021Q4 us-gaap Stockholders Equity
StockholdersEquity
3584000 USD
CY2022Q1 us-gaap Stock Issued During Period Value Restricted Stock Award Gross
StockIssuedDuringPeriodValueRestrictedStockAwardGross
-212000 USD
CY2022Q1 us-gaap Proceeds From Stock Plans
ProceedsFromStockPlans
1443000 USD
CY2022Q1 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
11225000 USD
CY2022Q1 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-222000 USD
CY2022Q1 us-gaap Net Income Loss
NetIncomeLoss
-28640000 USD
CY2022Q1 us-gaap Stockholders Equity
StockholdersEquity
-12822000 USD
CY2020Q4 us-gaap Stockholders Equity
StockholdersEquity
117037000 USD
CY2021Q1 us-gaap Stock Issued During Period Value Restricted Stock Award Gross
StockIssuedDuringPeriodValueRestrictedStockAwardGross
-352000 USD
CY2021Q1 us-gaap Proceeds From Stock Plans
ProceedsFromStockPlans
1596000 USD
CY2021Q1 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
8153000 USD
CY2021Q1 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-608000 USD
CY2021Q1 us-gaap Net Income Loss
NetIncomeLoss
-22029000 USD
CY2021Q1 us-gaap Stockholders Equity
StockholdersEquity
35029000 USD
CY2022Q1 us-gaap Nature Of Operations
NatureOfOperations
Organization and Nature of Operations<div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">    </span></div><div style="text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">PROS Holdings, Inc., a Delaware corporation, through its operating subsidiaries (collectively, the "Company"), provides solutions that optimize shopping and selling experiences. PROS solutions leverage artificial intelligence ("AI"), self-learning and automation to ensure that every transactional experience is fast, frictionless and personalized for every shopper, supporting both business-to-business ("B2B") and business-to-consumer ("B2C") companies across industry verticals. Companies can use these selling, pricing, revenue optimization, distribution and retail, and digital offer marketing solutions to assess their market environments in real time to deliver customized prices and offers. The Company's solutions enable buyers to move fluidly across its customers’ direct sales, partner, online, mobile and emerging channels with personalized experiences regardless of which channel buyers choose. The Company's decades of data science and AI expertise are infused into its solutions and are designed to reduce time and complexity through actionable intelligence.</span></div>
CY2022Q1 pro Treasury Money Market Funds At Fair Value
TreasuryMoneyMarketFundsAtFairValue
184300000 USD
CY2021Q4 pro Treasury Money Market Funds At Fair Value
TreasuryMoneyMarketFundsAtFairValue
203300000 USD
CY2022Q1 us-gaap Revenue Recognition Customer Acquisitions
RevenueRecognitionCustomerAcquisitions
<div style="text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Deferred costs</span></div><div style="text-indent:36pt"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">    Sales commissions earned by the Company's sales representatives are considered incremental and recoverable costs of obtaining a customer contract. Sales commissions are deferred and amortized on a straight-line basis over the period of benefit, which the Company has determined to be five to eight years. The Company determined the period of benefit by taking into consideration its customer contracts, expected renewals of those customer contracts (as the Company currently does not pay an incremental sales commission for renewals), the Company's technology and other factors. The Company also defers amounts earned by employees other than sales representatives who earn incentive payments under compensation plans that are also tied to the value of customer contracts acquired. Deferred costs were </span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$15.3 million</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> as of March 31, 2022 and December 31, 2021. Amortization expense for the deferred costs was </span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$1.4 million </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">and $1.5 million for the three months ended March 31, 2022 and 2021, respectively. Amortization of deferred costs is included in selling and marketing expense in the accompanying unaudited condensed consolidated statements of comprehensive loss.</span></div>
CY2021Q4 us-gaap Deferred Costs Current And Noncurrent
DeferredCostsCurrentAndNoncurrent
15300000 USD
CY2022Q1 us-gaap Deferred Costs Current And Noncurrent
DeferredCostsCurrentAndNoncurrent
15300000 USD
CY2022Q1 us-gaap Amortization Of Deferred Charges
AmortizationOfDeferredCharges
1400000 USD
CY2021Q1 us-gaap Amortization Of Deferred Charges
AmortizationOfDeferredCharges
1500000 USD
CY2022Q1 us-gaap Capitalized Contract Cost Net
CapitalizedContractCostNet
2200000 USD
CY2021Q4 us-gaap Capitalized Contract Cost Net
CapitalizedContractCostNet
2400000 USD
CY2021Q1 us-gaap Capitalized Contract Cost Amortization
CapitalizedContractCostAmortization
300000 USD
CY2022Q1 us-gaap Capitalized Contract Cost Amortization
CapitalizedContractCostAmortization
300000 USD
CY2022Q1 us-gaap Asset Impairment Charges
AssetImpairmentCharges
1600000 USD
CY2022Q1 us-gaap Deferred Revenue Revenue Recognized1
DeferredRevenueRevenueRecognized1
44300000 USD
CY2021Q1 us-gaap Deferred Revenue Revenue Recognized1
DeferredRevenueRevenueRecognized1
42300000 USD
CY2022Q1 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
433100000 USD
CY2022Q1 pro Revenue Remaining Performance Obligationtoberecognizedwithin12months
RevenueRemainingPerformanceObligationtoberecognizedwithin12months
201100000 USD
CY2022Q1 us-gaap Revenues
Revenues
66492000 USD
CY2022Q1 pro Percentage Of Total Revenue
PercentageOfTotalRevenue
1
CY2021Q1 us-gaap Revenues
Revenues
61378000 USD
CY2021Q1 pro Percentage Of Total Revenue
PercentageOfTotalRevenue
1
CY2022Q1 us-gaap Lessee Operating Lease Renewal Term
LesseeOperatingLeaseRenewalTerm
P15Y
CY2022Q1 pro Lessee Operating Lease Termination Option
LesseeOperatingLeaseTerminationOption
P1Y
CY2022Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
1842000 USD
CY2021Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
2461000 USD
CY2022Q1 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
0 USD
CY2021Q1 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
97000 USD
CY2022Q1 pro Decrease In Right Of Use Asset And Related Lease Liability Due To Modification
DecreaseInRightOfUseAssetAndRelatedLeaseLiabilityDueToModification
2700000 USD
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
7830000 USD
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
9602000 USD
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
5328000 USD
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
4231000 USD
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
4120000 USD
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
4043000 USD
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
23686000 USD
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
58840000 USD
CY2022Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
17150000 USD
CY2021Q4 us-gaap Debt Instrument Fair Value
DebtInstrumentFairValue
299400000 USD
CY2022Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
41690000 USD
CY2022Q1 us-gaap Net Income Loss
NetIncomeLoss
-28640000 USD
CY2021Q1 us-gaap Net Income Loss
NetIncomeLoss
-22029000 USD
CY2022Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
45085000 shares
CY2021Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
44245000 shares
CY2022Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0 shares
CY2021Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0 shares
CY2022Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
45085000 shares
CY2021Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
44245000 shares
CY2022Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.64
CY2021Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.50
CY2022Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.64
CY2021Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.50
CY2022Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
11225000 USD
CY2021Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
8170000 USD
CY2022Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
102700000 USD
CY2022Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P2Y10M24D
CY2022Q1 pro Sharebasedcompensationarrangementbysharebasedpayment Minimum Employee Subscriptionrate
SharebasedcompensationarrangementbysharebasedpaymentMinimumEmployeeSubscriptionrate
0.01
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Maximum Employee Subscription Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardMaximumEmployeeSubscriptionRate
0.10
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Discount From Market Price Offering Date
ShareBasedCompensationArrangementByShareBasedPaymentAwardDiscountFromMarketPriceOfferingDate
0.15
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Discount From Market Price Offering Date
ShareBasedCompensationArrangementByShareBasedPaymentAwardDiscountFromMarketPriceOfferingDate
0.15
CY2022Q1 pro Maximum Amount Contributablebyemployeesunder Espp Halfyearly
MaximumAmountContributablebyemployeesunderESPPHalfyearly
5000 USD
CY2022Q1 pro Maximum Amount Contributable By Employees Under Espp Annually
MaximumAmountContributableByEmployeesUnderESPPAnnually
10000 USD
CY2022Q1 us-gaap Stock Issued During Period Shares Employee Stock Purchase Plans
StockIssuedDuringPeriodSharesEmployeeStockPurchasePlans
49245 shares
CY2022Q1 pro Esp Pcontributionsby Employees
ESPPcontributionsbyEmployees
800000 USD
CY2022Q1 us-gaap Debt Instrument Fair Value
DebtInstrumentFairValue
291400000 USD
CY2022Q1 us-gaap Debt Instrument Face Amount
DebtInstrumentFaceAmount
293750000 USD
CY2021Q4 us-gaap Debt Instrument Face Amount
DebtInstrumentFaceAmount
293750000 USD
CY2022Q1 us-gaap Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net
DebtInstrumentUnamortizedDiscountPremiumAndDebtIssuanceCostsNet
5090000 USD
CY2021Q4 us-gaap Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net
DebtInstrumentUnamortizedDiscountPremiumAndDebtIssuanceCostsNet
5463000 USD
CY2022Q1 us-gaap Convertible Debt
ConvertibleDebt
288660000 USD
CY2021Q4 us-gaap Convertible Debt
ConvertibleDebt
288287000 USD
CY2022Q1 us-gaap Debt Instrument Periodic Payment Interest
DebtInstrumentPeriodicPaymentInterest
1203000 USD
CY2021Q1 us-gaap Debt Instrument Periodic Payment Interest
DebtInstrumentPeriodicPaymentInterest
1203000 USD
CY2022Q1 us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
373000 USD
CY2021Q1 us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
373000 USD
CY2022Q1 us-gaap Interest Expense Debt
InterestExpenseDebt
1576000 USD
CY2021Q1 us-gaap Interest Expense Debt
InterestExpenseDebt
1576000 USD

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