SPY391.77+4.27 1.10%
DIA319.70+4.31 1.37%
IXIC13,581.85+116.65 0.87%

Press Release: PROS Holdings, Inc. Reports Fourth -4-

· 02/04/2021 16:15
benefits 3,495 5,220 (7,106) 7,937 Deferred revenue (7,450) 14,073 (31,690) 25,082 --------- --------- --------- --------- Net cash provided by (used in) operating activities 12,452 12,852 (49,389) 5,245 Investing activities: Purchases of property and equipment (4,942) (1,911) (28,493) (5,271) Capitalized internal-use software development costs (421) (415) (1,686) (1,436) Acquisition of Travelaer, net of cash acquired -- -- -- (10,510) Purchase of equity securities (168) (113) (281) (293) Purchase of intangible asset -- -- -- (50) --------- --------- --------- --------- Net cash used in investing activities (5,531) (2,439) (30,460) (17,560) Financing activities: Proceeds from employee stock plans -- -- 2,824 1,995 Tax withholding related to net share settlement of stock awards (147) (2,155) (20,481) (23,753) Proceeds from issuance of convertible debt, net -- -- 146,925 140,156 Debt issuance costs related to convertible debt (344) -- (1,019) (860) Purchase of capped call -- -- (25,335) (16,445) Settlement of convertible debt -- (21,660) -- (97,678) Proceeds from termination of bond hedge -- -- -- 64,819 Payment for termination of warrant -- -- -- (45,243) --------- --------- --------- --------- Net cash (used in) provided by financing activities (491) (23,815) 102,914 22,991 Effect of foreign currency rates on cash 352 317 (8) (75) --------- --------- --------- --------- Net change in cash and cash equivalents 6,782 (13,085) 23,057 10,601 Cash and cash equivalents: Beginning of period 322,352 319,162 306,077 295,476 --------- --------- --------- --------- End of period $ 329,134 $ 306,077 $ 329,134 $ 306,077 ======== ======== ======== ======== PROS Holdings, Inc. Reconciliation of GAAP to Non-GAAP Financial Measures (In thousands, except per share data) (Unaudited) We use these non-GAAP financial measures to assist in the management of the Company because we believe that this information provides a more consistent and complete understanding of the underlying results and trends of the ongoing business due to the uniqueness of these charges. See breakdown of the reconciling line items on page 11. Quarter Year Three Months Ended over Year Ended over December 31, Quarter December 31, Year ---------------------------- ---------------------------- 2020 2019 % change 2020 2019 % change ------------- ------------- ---------- ------------- ------------- ---------- GAAP gross profit $ 35,539 $ 37,814 (6)% $ 147,791 $ 151,217 (2)% Non-GAAP adjustments: New headquarters noncash rent expense -- 167 417 646 Amortization of acquisition-related intangibles 886 907 3,586 3,895 Share-based compensation 587 490 2,132 2,025 --------- --------- --------- --------- Non-GAAP gross profit $ 37,012 $ 39,378 (6)% $ 153,926 $ 157,783 (2)% ======== ======== ======== ======== Non-GAAP gross margin 60.8% 59.5% 61.0% 63.0% GAAP loss from operations $(13,426) $(15,071) (11)% $(66,080) $(53,338) 24% Non-GAAP adjustments: Acquisition-related expenses -- 254 -- 502 Debt extinguishment fees -- -- -- 319 New headquarters noncash rent expense -- 555 1,479 2,218 Amortization of acquisition-related intangibles 1,363 1,398 5,507 5,831 Share-based compensation 5,922 6,446 24,399 24,680 --------- --------- --------- --------- Total Non-GAAP adjustments 7,285 8,653 31,385 33,550 --------- --------- --------- --------- Non-GAAP loss from operations $ (6,141) $ (6,418) (4)% $(34,695) $(19,788) 75% ======== ======== ======== ======== Non-GAAP loss from operations % of total revenue (10.1)% (9.7)% (13.7)% (7.9)% GAAP net loss $(18,184) $(17,300) 5% $(76,984) $(69,081) 11% Non-GAAP adjustments: Total Non-GAAP adjustments affecting loss from operations 7,285 8,653 31,385 33,550 Amortization of debt discount and issuance costs 3,277 1,945 8,703 11,074 Loss on debt extinguishment -- 660 -- 5,660 Tax impact related to non-GAAP adjustments 1,736 1,375 8,645 4,623 --------- --------- --------- --------- Non-GAAP net loss $ (5,886) $ (4,667) 26% $(28,251) $(14,174) 99% ======== ======== ======== ======== Non-GAAP diluted loss per share $ (0.14) $ (0.11) $ (0.65) $ (0.35) Shares used in computing non-GAAP loss per share 43,452 42,615 43,301 40,232 PROS Holdings, Inc. Supplemental Schedule of Non-GAAP Financial Measures Increase (Decrease) in GAAP Amounts Reported (In thousands) (Unaudited) Three Months Ended December Year Ended 31, December 31, -------------- ----------------- 2020 2019 2020 2019 ------ ------ ------ --------- Cost of Subscription Items New headquarters noncash rent expense -- 16 42 64 Amortization of acquisition-related intangibles 714 747 2,928 3,249 Share-based compensation 126 70 423 280 ------ ------ ------ ------- Total cost of subscription items $ 840 $ 833 $3,393 $ 3,593 ----- ----- ----- ------ Cost of Maintenance Items New headquarters noncash rent expense -- 27 64 110 Amortization of acquisition-related intangibles 172 160 658 646 Share-based compensation 64 45 242 197 ------ ------ ------ ------- Total cost of maintenance items $ 236 $ 232 $ 964 $ 953 ----- ----- ----- ------ Cost of Services Items New headquarters noncash rent expense -- 124 311 472 Share-based compensation 397 375 1,467 1,548 ------ ------ ------ ------- Total cost of services items $ 397 $ 499 $1,778 $ 2,020 ----- ----- ----- ------ Sales and Marketing Items New headquarters noncash rent expense -- 104 283 409 Amortization of acquisition-related intangibles 477 491 1,921 1,936 Share-based compensation 978 1,666 6,536 5,995 ------ ------ ------ ------- Total sales and marketing items $1,455 $2,261 $8,740 $ 8,340 ----- ----- ----- ------ General and Administrative Items New headquarters noncash rent expense -- 95 262 367 Debt extinguishment

(MORE TO FOLLOW) Dow Jones Newswires

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