PROS (PRO) 8-K Pros Holdings, Inc. Reports Third Quarter 2017 Financial Results

EXHIBIT 99.1

PROS HOLDINGS, INC. REPORTS THIRD QUARTER 2017 FINANCIAL RESULTS

• Subscription revenue up 60% year-over-year.

• Recurring revenue comprised 79% of total revenue, compared with 72% in the same period last year.

HOUSTON – October 26, 2017 — PROS Holdings, Inc. (NYSE: PRO), a cloud software company powering the shift to modern commerce, today announced financial results for the third quarter ended September 30, 2017.

CEO Andres Reiner stated, “We are pleased with our strong third quarter results and the great response that we are seeing in the market for our modern commerce solutions. Customers are embracing our machine learning innovations, and with nearly 80% of our revenue now recurring, we are in full stride as a cloud company. We are executing toward a strong finish in 2017 as we carry out our mission of helping our customers outperform.”

Third Quarter 2017 Financial Highlights

Key financial results for the third quarter 2017 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 with the prior-year period.

	GAAP								Non-GAAP
	Q3 2017			Q3 2016			% Change		Q3 2017			Q3 2016			% Change
Revenue:
Total Revenue	$	41.9		$	38.4		9	%	n/a			n/a			n/a
Subscription Revenue	15.8			9.9			60	%	n/a			n/a			n/a
Subscription and Maintenance Revenue	32.9			27.5			20	%	n/a			n/a			n/a
Profitability:
Operating Loss	(17.8		)	(13.1		)	nm		(9.9		)	(8.1		)	nm
Net Loss	(21.2		)	(15.7		)	nm		(6.9		)	(5.7		)	nm
Net Loss Per Share	(0.67		)	(0.52		)	nm		(0.22		)	(0.19		)	nm
Adjusted EBITDA	n/a			n/a			n/a		(9.2		)	(6.9		)	nm
Cash:
Net Cash (Used in) Provided by Operating Activities	(8.5		)	2.2			nm		n/a			n/a			n/a
Free Cash Flow	n/a			n/a			n/a		$	(9.8	)	$	0.5		nm

The attached tables provide a summary of PROS results for the period, including a reconciliation of GAAP to non-GAAP metrics.

Recent Business Highlights

• Named to the Constellation ShortList^TM for Pricing Optimization, and the Constellation ShortList^TM for Configure, Price, Quote Solutions, in recognition of PROS unique machine learning solutions that deliver personalized and frictionless buying and selling experiences for customers.

• Showcased modern commerce innovations at Microsoft Envision and Microsoft Ignite Conferences; featured augmented reality in PROS Smart CPQ for Dynamics 365; co-led a keynote presentation with Microsoft executives Ron Huddleston, Microsoft Corporate Vice President for One Commercial Partner (OCP) and Toni Townes-Whitley, Microsoft Corporate Vice President for Industry.

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• Extended leadership position in travel industry with keynote presentations and innovation spotlights at ATPCO Elevate 2017 Global Conference, the London Aviation Festival, and the T2RL Flight Global PSS Conference; featured end-to-end travel offer optimization solution with integrated revenue management, dynamic pricing, eCommerce, merchandising, shopping and search capabilities.

• Created a charitable organization, PROS Cares, following the events of Hurricane Harvey to provide recovery and housing assistance to employees affected by the storm, and to support PROS ongoing community outreach.

Financial Outlook

PROS anticipates the following for the fourth quarter 2017, based on an estimated 32.0 million basic weighted average shares outstanding, and a 36% non-GAAP estimated tax rate for the fourth quarter and full year 2017:

	Q4 2017 Guidance	v. Q4 2016 at Mid-Point	Full Year 2017 Guidance	v. Prior Year at Mid-Point
Total Revenue	$44.0 to $45.0	11%	$166.5 to $167.5	9%
Subscription Revenue	$17.5 to $18.0	62%	$59.0 to $59.5	55%
ARR	n/a	n/a	$156.0 to $158.0	28%
Non-GAAP Loss Per Share	$(0.20) to $(0.17)	n/a	n/a	n/a
Adjusted EBITDA	$(6.7) to $(6.2)	n/a	$(35.5) to $(35.0)	n/a
Free Cash Flow	n/a	n/a	$(33.0) to $(30.0)	n/a

Conference Call

In conjunction with this announcement, PROS Holdings, Inc. will host a conference call on Thursday, October 26, 2017, at 4:45 p.m. ET to discuss the Company’s financial results and business outlook. To access this call, dial 1-877-407-9039 (toll-free) or 1-201-689-8470. The live webcast of the conference call can be accessed under the “Investor Relations” section of the Company’s website at www.pros.com.

Following the call, an archived webcast will be available in the “Investor Relations” section of the Company’s website at www.pros.com. A telephone replay will be available until Thursday, November 9, 2017, at 1-844-512-2921 (toll-free) or 1-412-317-6671 using the pass code 13671921. An archived webcast of this conference call will also be available in the “Investor Relations” section of the Company’s website at www.pros.com.

About PROS

PROS Holdings, Inc. (NYSE: PROS) is a cloud software company powering the shift to modern commerce by helping companies create personalized and frictionless buying experiences for their customers. Fueled by dynamic pricing science and machine learning, PROS solutions make it possible for companies to price, configure and sell their products and services in an omnichannel environment with speed, precision and consistency. Our customers, who are leaders in their markets, benefit from decades of data science expertise infused into our industry solutions. To learn more, visit www.pros.com.

Forward-looking Statements

This press release contains forward-looking statements, including statements about our future financial performance; positioning; management's confidence and optimism; customer successes; demand for enterprise revenue, profit realization and modern commerce software solutions; business expansion; business predictability; ARR; revenue; adjusted EBITDA; free cash flow; shares outstanding and effective tax rate. The forward-looking statements contained in this press release are based upon our historical performance and our current plans, estimates and expectations and are not a representation that such plans, estimates or expectations will be achieved. Factors that could cause actual results to differ materially from those described herein include risks related to: (a) our ability to execute on our cloud-first strategy, (b) reduced revenue and cash flow resulting from our transition to a cloud-first strategy, (c) threats to the security of our or our customer’s data, (d) potential business or service disruptions from our third party data centers, cloud platform providers or other unrelated service providers, (e) market acceptance of our new products and product enhancements, (f) the risk that the markets for our software does not grow as anticipated, (g) the length of our sales cycles, (h) the

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risk that we will not be able to maintain historical maintenance, support and subscription renewal rates, (i) competition from vendors of sales, pricing, revenue management and configure-price-quote solutions as well as from companies internally developing their own solutions, (j) potential unauthorized or improper actions of our personnel, (k) the risk that acquisitions we have and may enter into in the future may be difficult to integrate, fail to achieve our objectives, disrupt our business, dilute stockholder value or divert management attention, (l) any downturn in sales to our target markets, (m) potential delays or other challenges related to the implementation of our solutions, (n) the difficulties of making accurate estimates necessary to complete a project and recognize revenue, (o) personnel risks associated with growing a business generally, (p) the impact that a slowdown in the world or any particular economy has on our business sales cycles, prospects’ and customers’ spending decisions, timing of implementation decisions, payment and renewal decision, (q) our debt repayment obligations, (r) the impact of currency fluctuations on our results of operations, and (s) civil and political unrest in geographic regions in which we operate. Additional information relating to the uncertainty affecting PROS’ business is contained in our filings with the Securities and Exchange Commission. These forward-looking statements represent PROS’ expectations as of the date of this press release. Subsequent events may cause these expectations to change, and PROS disclaims any obligations to update or alter these forward-looking statements in the future, whether as a result of new information, future events or otherwise.

Non-GAAP Financial Measures

PROS has provided in this release certain financial information that has not been prepared in accordance with GAAP. This information includes non-GAAP income (loss) from operations, annual recurring revenue, adjusted EBITDA, free cash flow, tax rate, net income (loss) and diluted earnings (loss) per share. PROS uses these non-GAAP financial measures internally in analyzing its financial results and believes they are useful to investors, as a supplement to GAAP measures, in evaluating PROS’ ongoing operational performance and cloud-first transition.

Non-GAAP financial measures should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. Investors are encouraged to review the reconciliation of these non-GAAP measures to their most directly comparable GAAP financial measure as detailed above. A reconciliation of GAAP to the non-GAAP financial measures has been provided in the tables included as part of this press release, and can be found, along with other financial information, in the investor relations portion of our website. PROS' use of non-GAAP financial measures may not be consistent with the presentations by similar companies in PROS' industry. PROS has also provided in this release certain forward-looking non-GAAP financial measures, including non-GAAP income (loss) from operations, annual recurring revenue, adjusted EBITDA, free cash flow and non-GAAP tax rates (collectively the "non-GAAP financial measures") as follows:

Non-GAAP income (loss) from operations: Non-GAAP income (loss) from operations excludes the impact of stock-based compensation, amortization of acquisition-related intangibles, acquisition-related expenses, amortization of debt discount and issuance costs, and related taxes. Non-GAAP income (loss) from operations excludes the following items from non-GAAP estimates:

• Share-Based Compensation:  Although share-based compensation is an important aspect of compensation for our employees and executives, our share-based compensation expense can vary because of changes in our stock price and market conditions at the time of grant, varying valuation methodologies, and the variety of award types. Since share-based compensation expense can vary for reasons that are generally unrelated to our performance during any particular period, we believe this could make it difficult for investors to compare our current financial results to previous and future periods. Therefore, we believe it is useful to exclude share-based compensation in order to better understand our business performance and allow investors to compare our operating results with peer companies.

• Amortization of Acquisition-Related Intangibles:  We view amortization of acquisition-related intangible assets, such as the amortization of the cost associated with an acquired company's research and development efforts, trade names, customer lists and customer relationships, as items arising from pre-acquisition activities determined at the time of an acquisition.  While these intangible assets are continually evaluated for impairment, amortization of the cost of purchased intangibles is a static expense, one that is not typically affected by operations during any particular period.

• Acquisition-Related Expenses: Acquisition-related expenses include integration costs and other one-time direct costs associated with our acquisitions. These amounts are unrelated to our core performance during any particular period and are impacted by the timing and size of the acquisitions. We exclude acquisition-related expenses to provide investors a method to compare our operating results to prior periods and to peer companies because such amounts can vary significantly based on the frequency of acquisitions and magnitude of acquisition expenses.

• Amortization of Debt Discount and Issuance Costs: Amortization of debt discount and issuance costs are related to our convertible notes. These amounts are unrelated to our core performance during any particular period, and therefore, we

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believe it is useful to exclude these amounts in order to better understand our business performance and allow investors to compare our results with peer companies.

• Taxes: We exclude the tax consequences associated with non-GAAP items to provide investors with a useful comparison of our operating results to prior periods and to our peer companies because such amounts can vary significantly. In the fourth quarter of 2014, we concluded that it is more likely than not that we will be unable to fully realize our deferred tax assets and accordingly, established a valuation allowance against those assets. The ongoing impact of the valuation allowance on our non-GAAP effective tax rate has been eliminated to allow investors to better understand our business performance and compare our operating results with peer companies.

Annual Recurring Revenue: Annual Recurring Revenue ("ARR") is used to assess the trajectory of our cloud business. ARR means, as of a specified date, the contracted recurring revenue which includes both subscription and maintenance contracts, plus overage fees incurred above contracted minimum transactions, and excludes perpetual license, term license and service agreements, which are current and contracted with a future start date. ARR should be viewed independently of revenue and any other GAAP measure.

Non-GAAP Tax Rate: The estimated non-GAAP effective tax rate adjusts the tax effect to quantify the impact of the excluded non-GAAP items.

Adjusted EBITDA: Adjusted EBITDA is defined as GAAP net income (loss) before interest expense, provision for income taxes, depreciation and amortization, as adjusted to eliminate the effect of stock-based compensation cost, amortization of acquisition-related intangibles, depreciation and amortization, integration costs and other one-time direct costs associated with our acquisitions, and capitalized internal-use software development costs. Adjusted EBITDA should not be considered as an alternative to net income (loss) as an indicator of our operating performance.

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 additions to property, plant and equipment, purchases of other (non-acquisition-related) intangible assets and capitalized internal-use software development costs.

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.

Investor Contact:

PROS Investor Relations
Shannon Tatz

713-335-5932

ir@pros.com

Media Contact:

PROS Public Relations
Yvonne Donaldson

713-335-5310

ydonaldson@pros.com

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PROS Holdings, Inc.

Condensed Consolidated Balance Sheets

(In thousands, except share and per share amounts)

(Unaudited)

	September 30, 2017			December 31, 2016
Assets:
Current assets:
Cash and cash equivalents	$	157,359		$	118,039
Short-term investments	—			15,996
Accounts and unbilled receivables, net of allowance of $760	34,641			33,285
Prepaid and other current assets	12,123			6,337
Total current assets	204,123			173,657
Property and equipment, net	14,471			15,238
Intangibles, net	28,972			12,650
Goodwill	38,309			20,096
Other long-term assets	6,754			6,013
Total assets	$	292,629		$	227,654
Liabilities and Stockholders’ Equity:
Current liabilities:
Accounts payable and other liabilities	$	4,203		$	2,744
Accrued liabilities	7,693			7,279
Accrued payroll and other employee benefits	13,312			18,349
Deferred revenue	73,092			68,349
Total current liabilities	98,300			96,721
Long-term deferred revenue	18,672			11,389
Convertible debt, net	210,312			122,299
Other long-term liabilities	756			639
Total liabilities	328,040			231,048
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; 36,319,135 and 35,001,236 shares issued, respectively; 31,901,550 and 30,583,651 shares outstanding, respectively	36			35
Additional paid-in capital	202,905			175,678
Treasury stock, 4,417,585 common shares, at cost	(13,938		)	(13,938		)
Accumulated deficit	(221,205		)	(160,259		)
Accumulated other comprehensive loss	(3,209		)	(4,910		)
Total stockholders’ equity	(35,411		)	(3,394		)
Total liabilities and stockholders’ equity	$	292,629		$	227,654

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PROS Holdings, Inc.

Condensed Consolidated Statements of Income (Loss)

(In thousands, except per share data)

(Unaudited) 

	Three Months Ended September 30,						Nine Months Ended September 30,
	2017			2016			2017			2016
Revenue:
Subscription	$	15,809		$	9,852		$	41,457		$	27,196
Maintenance and support	17,124			17,666			52,332			51,103
Total subscription, maintenance and support	32,933			27,518			93,789			78,299
License	603			2,419			3,883			8,178
Services	8,401			8,447			24,800			26,873
Total revenue	41,937			38,384			122,472			113,350
Cost of revenue:
Subscription	7,868			4,808			19,605			12,342
Maintenance and support	2,859			3,416			8,886			10,266
Total cost of subscription, maintenance and support	10,727			8,224			28,491			22,608
License	73			38			210			199
Services	6,924			7,380			21,718			24,594
Total cost of revenue	17,724			15,642			50,419			47,401
Gross profit	24,213			22,742			72,053			65,949
Operating expenses:
Selling and marketing	16,980			13,641			50,625			47,725
General and administrative	10,324			9,253			30,514			27,910
Research and development	14,046			12,964			42,429			39,454
Acquisition-related	613			—			613			—
Loss from operations	(17,750		)	(13,116		)	(52,128		)	(49,140		)
Convertible debt interest and amortization	(4,094		)	(2,339		)	(9,078		)	(6,943		)
Other income (expense), net	347			(26		)	315			(139		)
Loss before income tax provision	(21,497		)	(15,481		)	(60,891		)	(56,222		)
Income tax (benefit) provision	(271		)	227			55			490
Net loss	$	(21,226	)	$	(15,708	)	$	(60,946	)	$	(56,712	)
Net loss per share:
Basic and diluted	$	(0.67	)	$	(0.52	)	$	(1.93	)	$	(1.87	)
Weighted average number of shares:
Basic and diluted	31,867			30,469			31,527			30,341

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PROS Holdings, Inc.

Condensed Consolidated Statements of Cash Flows

(In thousands)

(Unaudited)

	Three Months Ended September 30,						Nine Months Ended September 30,
	2017			2016			2017			2016
Operating activities:
Net loss	$	(21,226	)	$	(15,708	)	$	(60,946	)	$	(56,712	)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	3,042			2,423			7,047			7,396
Amortization of debt discount and issuance costs	2,853			1,620			6,363			4,786
Share-based compensation	5,571			3,192			17,665			14,445
Deferred income tax, net	(486		)	22			(453		)	64
Provision for doubtful accounts	—			(87		)	—			(226		)
Changes in operating assets and liabilities:
Accounts and unbilled receivables	(278		)	10,419			(141		)	12,899
Prepaid expenses and other assets	(5,320		)	58			(6,301		)	(746		)
Accounts payable and other liabilities	(1,104		)	(1,092		)	1,734			(2,546		)
Accrued liabilities	(760		)	247			(473		)	887
Accrued payroll and other employee benefits	2,879			2,955			(5,722		)	709
Deferred revenue	6,290			(1,836		)	11,379			11,885
Net cash (used in) provided by operating activities	(8,539		)	2,213			(29,848		)	(7,159		)
Investing activities:
Purchases of property and equipment	(540		)	(1,185		)	(1,235		)	(6,524		)
Acquisition of Vayant, net of cash acquired	(34,130		)	—			(34,130		)	—
Capitalized internal-use software development costs	(688		)	(497		)	(1,996		)	(569		)
Purchase of intangible asset	(75		)	—			(75		)	—
Purchases of short-term investments	—			(56,006		)	—			(144,934		)
Proceeds from maturities of short-term investments	6,009			47,000			15,992			96,500
Net cash used in investing activities	(29,424		)	(10,688		)	(21,444		)	(55,527		)
Financing activities:
Exercise of stock options	1,071			406			6,347			420
Proceeds from employee stock plans	759			620			1,535			1,090
Tax withholding related to net share settlement of stock awards	(1,489		)	(405		)	(7,243		)	(5,244		)
Payments of notes payable	—			(105		)	(155		)	(196		)
Debt issuance costs related to Revolver	(25		)	—			(150		)	—
Debt issuance costs related to convertible debt	(2,673		)	—			(2,673		)	—
Proceeds from issuance of convertible debt, net	—			—			93,500			—
Net cash (used in) provided by financing activities	(2,357		)	516			91,161			(3,930		)
Effect of foreign currency rates on cash	(290		)	16			(549		)	54
Net change in cash and cash equivalents	(40,610		)	(7,943		)	39,320			(66,562		)
Cash and cash equivalents:
Beginning of period	197,969			103,151			118,039			161,770
End of period	$	157,359		$	95,208		$	157,359		$	95,208

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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 9.

		Three Months Ended September 30,						Quarter over Quarter		Nine Months Ended September 30,						Year over Year
		2017			2016			% change		2017			2016			% change
GAAP gross profit		$	24,213		$	22,742		6	%	$	72,053		$	65,949		9	%
	Non-GAAP adjustments:
	Amortization of intangible assets	1,055			490					2,017			1,476
	Share-based compensation	479			544					1,569			1,720
Non-GAAP gross profit		$	25,747		$	23,776		8	%	$	75,639		$	69,145		9	%
Non-GAAP gross margin		61.4		%	61.9		%			61.8		%	61.0		%
GAAP loss from operations		$	(17,750	)	$	(13,116	)	35	%	$	(52,128	)	$	(49,140	)	6	%
	Non-GAAP adjustments:
	Acquisition-related expenses	613			—					613			—
	Amortization of intangible assets	1,713			737					3,062			2,288
	Severance	—			1,070					—			1,070
	Share-based compensation	5,571			3,192					17,665			14,445
	Total Non-GAAP adjustments	7,897			4,999					21,340			17,803
Non-GAAP loss from operations		$	(9,853	)	$	(8,117	)	21	%	$	(30,788	)	$	(31,337	)	(2	)%
Non-GAAP loss from operations % of total revenue		(23.5		)%	(21.1		)%			(25.1		)%	(27.6		)%
GAAP net loss		$	(21,226	)	$	(15,708	)	35	%	$	(60,946	)	$	(56,712	)	7	%
	Non-GAAP adjustments:
	Total Non-GAAP adjustments affecting loss from operations	7,897			4,999					21,340			17,803
	Amortization of debt discount and issuance costs	2,844			1,620					6,337			4,786
	Tax impact related to non-GAAP adjustments	3,602			3,418					12,012			12,598
Non-GAAP net loss		$	(6,883	)	$	(5,671	)	21	%	$	(21,257	)	$	(21,525	)	(1	)%
Non-GAAP diluted loss per share		$	(0.22	)	$	(0.19	)			$	(0.67	)	$	(0.71	)
Shares used in computing non-GAAP loss per share		31,867			30,469					31,527			30,341

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PROS Holdings, Inc.

Supplemental Schedule of Non-GAAP Financial Measures

Increase (Decrease) in GAAP Amounts Reported

(In thousands)

(Unaudited)

		Three Months Ended September 30,					Nine Months Ended September 30,
		2017		2016			2017		2016
Cost of Subscription Items
	Amortization of intangible assets	874		319			1,504		962
	Share-based compensation	58		31			187		185
	Total cost of subscription items	$	932	$	350		$	1,691	$	1,147
Cost of Maintenance Items
	Amortization of intangible assets	170		161			482		483
	Share-based compensation	45		89			218		246
	Total cost of maintenance items	$	215	$	250		$	700	$	729
Cost of License Items
	Amortization of intangible assets	11		10			31		31
	Total cost of license items	$	11	$	10		$	31	$	31
Cost of Services Items
	Share-based compensation	376		424			1,164		1,289
	Total cost of services items	$	376	$	424		$	1,164	$	1,289
Sales and Marketing Items
	Amortization of intangible assets	658		247			1,045		806
	Severance	—		1,070			—		1,070
	Share-based compensation	909		(918		)	3,313		2,559
	Total sales and marketing items	$	1,567	$	399		$	4,358	$	4,435
General and Administrative Items
	Amortization of intangible assets	—		—			—		6
	Share-based compensation	2,864		2,235			8,546		6,267
	Total general and administrative items	$	2,864	$	2,235		$	8,546	$	6,273
Research and Development Items
	Share-based compensation	1,319		1,331			4,237		3,899
	Total research and development items	$	1,319	$	1,331		$	4,237	$	3,899
Acquisition-related expenses		$	613	$	—		$	613	$	—

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PROS Holdings, Inc.

Supplemental Reconciliation of GAAP to Non-GAAP Financial Measures

(In thousands)

(Unaudited)

		Three Months Ended September 30,						Nine Months Ended September 30,
		2017			2016			2017			2016
Adjusted EBITDA
	GAAP Loss from Operations	$	(17,750	)	$	(13,116	)	$	(52,128	)	$	(49,140	)
	Acquisition-related expenses	613			—			613			—
	Amortization of intangible assets	1,713			737			3,062			2,288
	Severance	—			1,070			—			1,070
	Share-based compensation	5,571			3,192			17,665			14,445
	Depreciation	1,329			1,686			3,985			5,108
	Capitalized internal-use software development costs	(688		)	(497		)	(1,996		)	(569		)
	Adjusted EBITDA	$	(9,212	)	$	(6,928	)	$	(28,799	)	$	(26,798	)
Free Cash Flow
	Net cash (used in) provided by operating activities	$	(8,539	)	$	2,213		$	(29,848	)	$	(7,159	)
	Purchase of property and equipment	(540		)	(1,185		)	(1,235		)	(6,524		)
	Purchase of intangible asset	(75		)	—			(75		)	—
	Capitalized internal-use software development costs	(688		)	(497		)	(1,996		)	(569		)
	Free Cash Flow	$	(9,842	)	$	531		$	(33,154	)	$	(14,252	)
Guidance		Q4 2017 Guidance						Full Year 2017 Guidance
		Low			High			Low			High
Adjusted EBITDA
	GAAP Loss from Operations	$	(15,500	)	$	(15,000	)	$	(67,200	)	$	(66,700	)
	Amortization of intangible assets	2,300			2,300			5,500			5,500
	Share-based compensation	5,800			5,800			23,500			23,500
	Depreciation	1,300			1,300			5,300			5,300
	Capitalized internal-use software development costs	(600		)	(600		)	(2,600		)	(2,600		)
	Adjusted EBITDA	$	(6,700	)	$	(6,200	)	$	(35,500	)	$	(35,000	)

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