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Press Release: PROS Holdings, Inc. Reports Fourth -3-

· 02/04/2021 16:15
PROS Holdings, Inc. Condensed Consolidated Balance Sheets (In thousands, except share and per share amounts) (Unaudited) December 31, 2020 December 31, 2019 ------------------- --------------------- Assets: Current assets: Cash and cash equivalents $ 329,134 $ 306,077 Trade and other receivables, net of allowance of $4,122 and $214, respectively 49,578 65,074 Deferred costs, current 5,941 5,756 Prepaid and other current assets 9,647 9,038 ------------------- ------------------- Total current assets 394,300 385,945 Property and equipment, net 36,504 14,794 Operating lease right-of-use assets 30,689 26,550 Deferred costs, noncurrent 12,544 15,478 Intangibles, net 8,341 14,605 Goodwill 50,044 49,104 Other assets, noncurrent 7,549 6,831 ------------------- ------------------- Total assets $ 539,971 $ 513,307 ==== ============= ==== ============= Liabilities and Stockholders' Equity: Current liabilities: Accounts payable and other liabilities $ 4,246 $ 9,098 Accrued liabilities 13,065 22,748 Accrued payroll and other employee benefits 25,514 32,656 Operating lease liabilities, current 5,937 7,173 Deferred revenue, current 99,156 124,459 ------------------- ------------------- Total current liabilities 147,918 196,134 Deferred revenue, noncurrent 11,372 17,801 Convertible debt, net, noncurrent 218,028 110,704 Operating lease liabilities, noncurrent 44,099 22,391 Other liabilities, noncurrent 1,517 1,281 ------------------- ------------------- Total liabilities 422,934 348,311 ------------------- ------------------- Stockholders' equity: Preferred stock, $0.001 par value, 5,000,000 shares authorized; none issued -- -- Common stock, $0.001 par value, 75,000,000 shares authorized; 48,142,267 and 47,310,846 shares issued, respectively; 43,461,544 and 42,630,123 shares outstanding, respectively 48 47 Additional paid-in capital 589,040 560,496 Treasury stock, 4,680,723 common shares, at cost (29,847) (29,847) Accumulated deficit (438,773) (361,789) Accumulated other comprehensive loss (3,431) (3,911) ------------------- ------------------- Total stockholders' equity 117,037 164,996 ------------------- ------------------- Total liabilities and stockholders' equity $ 539,971 $ 513,307 ==== ============= ==== ============= PROS Holdings, Inc. Condensed Consolidated Statements of Income (Loss) (In thousands, except per share data) (Unaudited) Three Months Ended Year Ended December December 31, 31, -------------------- ---------------------- 2020 2019 2020 2019 --------- --------- --------- ----------- Revenue: Subscription $ 42,897 $ 40,706 $ 170,473 $ 145,327 Maintenance and support 9,663 13,412 44,692 58,184 --------- --------- --------- --------- Total subscription, maintenance and support 52,560 54,118 215,165 203,511 Services 8,298 12,057 37,259 46,823 --------- --------- --------- --------- Total revenue 60,858 66,175 252,424 250,334 Cost of revenue: Subscription 13,520 11,644 51,673 42,339 Maintenance and support 2,303 2,783 9,880 11,052 --------- --------- --------- --------- Total cost of subscription, maintenance and support 15,823 14,427 61,553 53,391 Services 9,496 13,934 43,080 45,726 --------- --------- --------- --------- Total cost of revenue 25,319 28,361 104,633 99,117 --------- --------- --------- --------- Gross profit 35,539 37,814 147,791 151,217 Operating expenses: Selling and marketing 19,300 23,523 87,182 89,553 General and administrative 10,719 11,994 51,075 47,254 Research and development 18,946 17,114 75,614 67,246 Acquisition-related -- 254 -- 502 --------- --------- --------- --------- Loss from operations (13,426) (15,071) (66,080) (53,338) Convertible debt interest and amortization (4,480) (2,418) (11,125) (14,765) Other (expense) income, net (202) 247 897 (354) --------- --------- --------- --------- Loss before income tax provision (18,108) (17,242) (76,308) (68,457) Income tax provision 76 58 676 624 --------- --------- --------- --------- Net loss $(18,184) $(17,300) $(76,984) $(69,081) ======== ======== ======== ======== Net loss per share: Basic and diluted $ (0.42) $ (0.41) $ (1.78) $ (1.72) Weighted average number of shares: Basic and diluted 43,452 42,615 43,301 40,232 PROS Holdings, Inc. Condensed Consolidated Statements of Cash Flows (In thousands) (Unaudited) Three Months Ended Year Ended December December 31, 31, -------------------- ---------------------- 2020 2019 2020 2019 --------- --------- --------- ----------- Operating activities: Net loss $(18,184) $(17,300) $(76,984) $(69,081) Adjustments to reconcile net loss to net cash used in operating activities: Depreciation and amortization 3,750 3,606 14,334 13,870 Amortization of debt discount and issuance costs 3,287 1,956 8,743 11,115 Share-based compensation 5,922 6,446 24,399 24,680 Deferred income tax, net -- (119) -- (119) Provision for doubtful accounts (766) (754) 4,783 (754) Loss on debt extinguishment -- 660 -- 5,660 Changes in operating assets and liabilities: Accounts and unbilled receivables 19,034 (8,385) 10,450 (22,273) Deferred costs 406 (648) 2,749 (3,772) Prepaid expenses and other assets (1,507) (462) (1,376) (5,044) Operating lease right-of-use assets and liabilities 9,805 102 16,974 (61) Accounts payable and other liabilities (6,992) 2,879 (4,817) 2,550 Accrued liabilities 1,652 5,578 (9,848) 15,455 Accrued payroll and other employee

Free Cash Flow: Free cash flow is a non-GAAP financial measure which is defined as net cash provided by (used in) operating activities, less capital expenditures (excluding expenditures for PROS new headquarters), purchases of other (non-acquisition-related) intangible assets and capitalized internal-use software development costs.

Calculated Billings: Calculated billings is defined as total subscription, maintenance and support revenue plus the change in recurring deferred revenue in a given period.

These non-GAAP estimates are not measurements of financial performance prepared in accordance with GAAP, and we are unable to reconcile these forward-looking non-GAAP financial measures to their directly comparable GAAP financial measures because the information described above which is needed to complete a reconciliation is unavailable at this time without unreasonable effort.

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February 04, 2021 16:15 ET (21:15 GMT)