PROS Holdings Inc. Q1 2010 Earnings Call Transcript
Also these statements are based solely on the present information and are subject to risks and uncertainties that could cause actual results to differ materially from those projected in the forward-looking statements. Please refer to our Form 10-Q, Form 10-K and other filings with the SEC in the risk factors contained herein. Also, please note that a replay of today’s webcast will be available in the Investor Relations section of our website at www.prospricing.com.
I would also like to point out that the company’s use of non-GAAP financial measures is explained in today’s earnings press release, and a full reconciliation between each non-GAAP measure, and the most directly comparable GAAP measure is provided in the tables accompanying the press release, distributed earlier today, and can also be find on our website in the Investor Relations section.
With that, I’d like to turn the call over to Bert.
Bert WinemillerThank you, Charlie, and thanks to those of you listening to our call. With the challenging 2009 behind us, we have made great progress on our strategic initiatives that will position us to serve the large long term market opportunity for our high return on investment, pricing optimization software products. We are pleased with our financial performance in the first quarter of 2010, especially while we continue to invest in our product in sales and marketing initiatives. For the first quarter, we are reporting revenue of $17.3 million, which was at the high end of our guidance and was an increase over the fourth quarter. Non-GAAP operating income was $2.2 million for the first quarter, which was also at the top end of our guidance. I'm also very pleased to report that our backlog is up over the end of 2009. PROS is a global company with revenue diversified across geographies and our target industry sectors. Revenue that came from outside the US represented 56% of the first quarter 2010 revenue and 62% of first quarter license and implementation revenue came from our target industry sectors of manufacturing, distribution and services.
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