$PRO
PROS Holdings, Inc.

2023 Q3 Form 10-Q Financial Statement

#000139297223000098 Filed on July 25, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2023 Q2
Revenue $77.25M $75.79M
YoY Change 9.81% 10.87%
Cost Of Revenue $28.46M $28.57M
YoY Change 3.09% 3.36%
Gross Profit $48.79M $47.22M
YoY Change 14.15% 15.96%
Gross Profit Margin 63.15% 62.3%
Selling, General & Admin $34.42M $38.73M
YoY Change -3.35% 2.3%
% of Gross Profit 70.56% 82.02%
Research & Development $22.21M $21.85M
YoY Change -4.71% -6.64%
% of Gross Profit 45.52% 46.27%
Depreciation & Amortization $2.549M $2.751M
YoY Change -24.92% -27.62%
% of Gross Profit 5.22% 5.83%
Operating Expenses $56.63M $60.58M
YoY Change -3.89% -1.11%
Operating Profit -$7.842M -$13.36M
YoY Change -51.54% -34.97%
Interest Expense $2.086M -$1.576M
YoY Change -232.36% 0.0%
% of Operating Profit
Other Income/Expense, Net -$4.288M $1.791M
YoY Change -203.13% -89650.0%
Pretax Income -$13.63M -$13.14M
YoY Change 0.21% -40.58%
Income Tax $241.0K $149.0K
% Of Pretax Income
Net Earnings -$13.87M -$13.29M
YoY Change 0.11% -40.69%
Net Earnings / Revenue -17.95% -17.53%
Basic Earnings Per Share -$0.30 -$0.29
Diluted Earnings Per Share -$0.30 -$0.29
COMMON SHARES
Basic Shares Outstanding 46.20M shares 46.04M shares
Diluted Shares Outstanding 46.23M shares 46.10M shares

Balance Sheet

Concept 2023 Q3 2023 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $159.1M $184.6M
YoY Change -23.08% -14.23%
Cash & Equivalents $159.1M $184.6M
Short-Term Investments
Other Short-Term Assets $16.75M $17.63M
YoY Change -5.08% -1.46%
Inventory
Prepaid Expenses
Receivables $49.69M $54.16M
Other Receivables $0.00 $0.00
Total Short-Term Assets $225.5M $256.4M
YoY Change -16.59% -4.16%
LONG-TERM ASSETS
Property, Plant & Equipment $23.92M $38.71M
YoY Change -8.44% 41.58%
Goodwill $107.4M $107.7M
YoY Change 0.65% 0.36%
Intangibles $12.98M $14.43M
YoY Change -34.53% -34.57%
Long-Term Investments
YoY Change
Other Assets $8.863M $16.74M
YoY Change -20.1% 105.27%
Total Long-Term Assets $206.3M $177.6M
YoY Change 8.31% -8.58%
TOTAL ASSETS
Total Short-Term Assets $225.5M $256.4M
Total Long-Term Assets $206.3M $177.6M
Total Assets $431.9M $434.0M
YoY Change -6.3% -6.02%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.741M $6.874M
YoY Change -31.55% 14.99%
Accrued Expenses $16.76M $38.76M
YoY Change 25.14% 205.24%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $21.64M $143.0M
YoY Change
Total Short-Term Liabilities $183.0M $305.0M
YoY Change 13.42% 94.1%
LONG-TERM LIABILITIES
Long-Term Debt $272.5M $147.5M
YoY Change -5.83% -48.96%
Other Long-Term Liabilities $1.190M $32.90M
YoY Change 19.12% 2989.01%
Total Long-Term Liabilities $1.190M $180.4M
YoY Change 19.12% 16840.85%
TOTAL LIABILITIES
Total Short-Term Liabilities $183.0M $305.0M
Total Long-Term Liabilities $1.190M $180.4M
Total Liabilities $486.7M $485.4M
YoY Change -0.38% -0.29%
SHAREHOLDERS EQUITY
Retained Earnings -$637.1M -$623.2M
YoY Change 11.07% 11.34%
Common Stock $51.00K $51.00K
YoY Change 2.0% 2.0%
Preferred Stock
YoY Change
Treasury Stock (at cost) $29.85M $29.85M
YoY Change 0.0% 0.0%
Treasury Stock Shares
Shareholders Equity -$54.88M -$51.45M
YoY Change
Total Liabilities & Shareholders Equity $431.9M $434.0M
YoY Change -6.3% -6.02%

Cashflow Statement

Concept 2023 Q3 2023 Q2
OPERATING ACTIVITIES
Net Income -$13.87M -$13.29M
YoY Change 0.11% -40.69%
Depreciation, Depletion And Amortization $2.549M $2.751M
YoY Change -24.92% -27.62%
Cash From Operating Activities $8.718M -$6.542M
YoY Change -196.96% 238.79%
INVESTING ACTIVITIES
Capital Expenditures $345.0K $277.0K
YoY Change -553.95% -189.94%
Acquisitions
YoY Change
Other Investing Activities -$113.0K $0.00
YoY Change -100.0%
Cash From Investing Activities -$458.0K -$277.0K
YoY Change 502.63% -41.93%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -23.74M -958.0K
YoY Change -1955.98%
NET CHANGE
Cash From Operating Activities 8.718M -6.542M
Cash From Investing Activities -458.0K -277.0K
Cash From Financing Activities -23.74M -958.0K
Net Change In Cash -15.48M -7.777M
YoY Change 98.74% 222.97%
FREE CASH FLOW
Cash From Operating Activities $8.718M -$6.542M
Capital Expenditures $345.0K $277.0K
Free Cash Flow $8.373M -$6.819M
YoY Change -193.92% 320.15%

Facts In Submission

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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:120%">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 their customers to provide the buyers of their products the ability to move fluidly from one sales channel to another, whether direct, partner, online, mobile or other emerging channels, each with a personalized experience regardless of which channel is used. 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>
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RevenueRemainingPerformanceObligation
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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;text-indent:36pt"><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 also tied to the value of customer contracts acquired. Deferred costs were $14.5 million and </span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$14.8 million</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> as of June 30, 2023 and December 31, 2022, respectively. Amortization expense for the deferred costs was $1.5 million and </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 for the three months ended</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> June 30, 2023 and 2022, respectively, and $2.9 million for both the six months ended June 30, 2023 and 2022. Amortization of deferred costs is included in </span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">selling and marketing expense in the accompanying unaudited condensed consolidated statements of comprehensive loss.</span></div>
CY2023Q2 us-gaap Deferred Costs Current And Noncurrent
DeferredCostsCurrentAndNoncurrent
14500000 usd
CY2022Q4 us-gaap Deferred Costs Current And Noncurrent
DeferredCostsCurrentAndNoncurrent
14800000 usd
CY2023Q2 us-gaap Amortization Of Deferred Charges
AmortizationOfDeferredCharges
1500000 usd
CY2022Q2 us-gaap Amortization Of Deferred Charges
AmortizationOfDeferredCharges
1400000 usd
us-gaap Amortization Of Deferred Charges
AmortizationOfDeferredCharges
2900000 usd
us-gaap Amortization Of Deferred Charges
AmortizationOfDeferredCharges
2900000 usd
CY2023Q2 us-gaap Capitalized Contract Cost Net
CapitalizedContractCostNet
1300000 usd
CY2022Q4 us-gaap Capitalized Contract Cost Net
CapitalizedContractCostNet
1600000 usd
CY2023Q2 us-gaap Capitalized Contract Cost Amortization
CapitalizedContractCostAmortization
200000 usd
CY2022Q2 us-gaap Capitalized Contract Cost Amortization
CapitalizedContractCostAmortization
300000 usd
us-gaap Capitalized Contract Cost Amortization
CapitalizedContractCostAmortization
400000 usd
us-gaap Capitalized Contract Cost Amortization
CapitalizedContractCostAmortization
600000 usd
CY2023Q2 us-gaap Asset Impairment Charges
AssetImpairmentCharges
0 usd
CY2023Q2 us-gaap Asset Impairment Charges
AssetImpairmentCharges
0 usd
CY2023Q2 pro Revenue Remaining Performance Obligationtoberecognizedwithin12months
RevenueRemainingPerformanceObligationtoberecognizedwithin12months
204200000 usd
CY2023Q2 us-gaap Revenues
Revenues
75792000 usd
CY2023Q2 pro Percentage Of Total Revenue
PercentageOfTotalRevenue
1
CY2022Q2 us-gaap Revenues
Revenues
68362000 usd
CY2022Q2 pro Percentage Of Total Revenue
PercentageOfTotalRevenue
1
us-gaap Revenues
Revenues
148974000 usd
pro Percentage Of Total Revenue
PercentageOfTotalRevenue
1
us-gaap Revenues
Revenues
134854000 usd
pro Percentage Of Total Revenue
PercentageOfTotalRevenue
1
CY2023Q2 us-gaap Lessee Operating Lease Renewal Term
LesseeOperatingLeaseRenewalTerm
P15Y
pro Lessee Operating Lease Termination Option
LesseeOperatingLeaseTerminationOption
P1Y
us-gaap Operating Lease Payments
OperatingLeasePayments
4195000 usd
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
243000 usd
pro Decrease In Right Of Use Asset And Related Lease Liability Due To Modification
DecreaseInRightOfUseAssetAndRelatedLeaseLiabilityDueToModification
1000000 usd
pro Decrease In Right Of Use Asset And Related Lease Liability Due To Modification
DecreaseInRightOfUseAssetAndRelatedLeaseLiabilityDueToModification
2700000 usd
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
4598000 usd
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
5019000 usd
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
4057000 usd
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
4039000 usd
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
3965000 usd
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
4029000 usd
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
19223000 usd
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
44930000 usd
CY2023Q2 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
13611000 usd
CY2023Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
31319000 usd
CY2022Q2 us-gaap Net Income Loss
NetIncomeLoss
-22406000 usd
us-gaap Net Income Loss
NetIncomeLoss
-32291000 usd
CY2023Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
46101000 shares
CY2022Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
45222000 shares
CY2023Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0 shares
CY2022Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0 shares
CY2023Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
46101000 shares
CY2022Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
45222000 shares
CY2023Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.29
CY2022Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.50
CY2023Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.29
CY2022Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.50
CY2023Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
10752000 usd
CY2022Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
10766000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
20656000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
21991000 usd
CY2023Q2 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
91000000 usd
us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P2Y9M18D
CY2023Q2 pro Sharebasedcompensationarrangementbysharebasedpayment Minimum Employee Subscriptionrate
SharebasedcompensationarrangementbysharebasedpaymentMinimumEmployeeSubscriptionrate
0.01
CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Maximum Employee Subscription Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardMaximumEmployeeSubscriptionRate
0.10
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Discount From Market Price Offering Date
ShareBasedCompensationArrangementByShareBasedPaymentAwardDiscountFromMarketPriceOfferingDate
0.15
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Discount From Market Price Offering Date
ShareBasedCompensationArrangementByShareBasedPaymentAwardDiscountFromMarketPriceOfferingDate
0.15
pro Maximum Amount Contributablebyemployeesunder Espp Halfyearly
MaximumAmountContributablebyemployeesunderESPPHalfyearly
5000 usd
pro Maximum Amount Contributable By Employees Under Espp Annually
MaximumAmountContributableByEmployeesUnderESPPAnnually
10000 usd
CY2023Q2 us-gaap Stock Issued During Period Shares Employee Stock Purchase Plans
StockIssuedDuringPeriodSharesEmployeeStockPurchasePlans
0 shares
us-gaap Stock Issued During Period Shares Employee Stock Purchase Plans
StockIssuedDuringPeriodSharesEmployeeStockPurchasePlans
55149 shares
pro Esp Pcontributionsby Employees
ESPPcontributionsbyEmployees
1000000 usd
CY2023Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
184600000 usd
CY2023Q2 us-gaap Debt Instrument Fair Value
DebtInstrumentFairValue
285300000 usd
CY2022Q4 us-gaap Debt Instrument Fair Value
DebtInstrumentFairValue
263700000 usd
CY2023Q2 us-gaap Debt Instrument Face Amount
DebtInstrumentFaceAmount
293750000 usd
CY2022Q4 us-gaap Debt Instrument Face Amount
DebtInstrumentFaceAmount
293750000 usd
CY2023Q2 us-gaap Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net
DebtInstrumentUnamortizedDiscountPremiumAndDebtIssuanceCostsNet
3225000 usd
CY2022Q4 us-gaap Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net
DebtInstrumentUnamortizedDiscountPremiumAndDebtIssuanceCostsNet
3971000 usd
CY2023Q2 us-gaap Convertible Debt
ConvertibleDebt
290525000 usd
CY2022Q4 us-gaap Convertible Debt
ConvertibleDebt
289779000 usd
CY2023Q2 us-gaap Debt Instrument Periodic Payment Interest
DebtInstrumentPeriodicPaymentInterest
1203000 usd
CY2022Q2 us-gaap Debt Instrument Periodic Payment Interest
DebtInstrumentPeriodicPaymentInterest
1203000 usd
us-gaap Debt Instrument Periodic Payment Interest
DebtInstrumentPeriodicPaymentInterest
2406000 usd
us-gaap Debt Instrument Periodic Payment Interest
DebtInstrumentPeriodicPaymentInterest
2406000 usd
CY2023Q2 us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
373000 usd
CY2022Q2 us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
373000 usd
us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
746000 usd
us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
746000 usd
CY2023Q2 us-gaap Interest Expense Debt
InterestExpenseDebt
1576000 usd
CY2022Q2 us-gaap Interest Expense Debt
InterestExpenseDebt
1576000 usd
us-gaap Interest Expense Debt
InterestExpenseDebt
3152000 usd
us-gaap Interest Expense Debt
InterestExpenseDebt
3152000 usd
CY2023Q2 us-gaap Severance Costs1
SeveranceCosts1
0 usd
us-gaap Severance Costs1
SeveranceCosts1
3600000 usd
CY2023Q2 pro Cash Payments For Severance And Other Related
CashPaymentsForSeveranceAndOtherRelated
600000 usd
pro Cash Payments For Severance And Other Related
CashPaymentsForSeveranceAndOtherRelated
3700000 usd
CY2023Q2 us-gaap Other Liabilities
OtherLiabilities
700000 usd
CY2023Q2 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2023Q2 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2023Q2 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false
CY2023Q2 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false

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