PROS Holdings, Inc. Reports Third Quarter 2016 Financial Results

PROS Holdings, Inc. (NYSE: PRO), a revenue and profit realization company, today announced financial results for the third quarter ended September 30, 2016.

CEO Andres Reiner stated, "With another solid performance in the third quarter, we are pleased to see that our innovation and cloud strategies continue to help us drive growth and deliver great value to our customers. This has been a breakthrough year for PROS as we have passed several key milestones in our cloud transformation, reflected in our momentum in subscription revenue and annual recurring revenue. We are excited to see our strategic vision unfold as PROS solutions empower our customers to outperform in this era of modern commerce."

Third Quarter 2016 Financial Highlights

Key financial results for the fiscal third quarter are shown below. Throughout this press release, all dollar figures are in millions, except net loss per share. Unless otherwise noted, all results are on a reported basis and are compared to the prior-year period.
 
        GAAP     Non-GAAP
Q3 2016     Q3 2015     % Change Q3 2016     Q3 2015     % Change
Revenue and Bookings:
Revenue $ 38.4 $ 40.9 (6 )% $ 38.4 $ 41.7 (8 )%
Subscription Revenue 9.9 6.9 43 % 9.9 6.9 43 %
Annual Recurring Revenue ("ARR") n/a n/a n/a 114.8 93.8 22 %
Annual Contract Value ("ACV") bookings n/a n/a n/a 5.6 4.5 25 %
Profitability:
Operating Loss (13.1 ) (15.9 ) nm (8.1 ) (6.4 ) nm
Net Loss (15.7 ) (18.2 ) nm (5.7 ) (4.7 ) nm
Net Loss Per Share (0.52 ) (0.61 ) nm (0.19 ) (0.16 ) nm
Adjusted EBITDA n/a n/a n/a (6.9 ) (5.0 ) nm
Cash:
Net cash provided by operating activities 2.2 4.8 (54 )% 2.2 4.8 (54 )%
Free Cash Flow n/a n/a n/a $ 0.5 $ 1.8 (72 )%
 

The attached tables provide a summary of PROS results for the period, including a reconciliation of GAAP to non-GAAP revenue, gross profit, income (loss) from operations, and net income (loss), as well as earnings (loss) per share.

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