PRO - Earnings call transcript Q3 2020

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Operator

Welcome to the PROS Holdings Third Quarter 2020 Earnings Conference Call. At this time all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. [Operator Instructions] As a reminder, this conference is being recorded. I would now like to turn the conference over to Shannon Tatz, Vice President of Investor Relations. ahead. go Please

Shannon Tatz

Good us. operator. And you thank Thank afternoon, joining for you, everyone.

Our the a call Executive section the limitation, filings projections. operating three our results particular, of of change call SEC of there and Reiner, without of me earnings on and release, financial the press is the could Actual company's prospects call and site us contemplated results the Officer the and pros.com. of found at Officer. today. today Andres the business any is is estimate means on Today's Web pandemic. significant Financial that and could can on forecast. the replay Investor In results uncertainty from Chief strategy, our Relations Chief commentary home. impact and This of Consistent about in with President note at With be today's and the hosting those around information forward-looking today, impact this from available include differ Stefan Schultz, COVID-XX future best our statements our our COVID-XX Please market global statements, teams will are some including opportunities business as duration based on and that materially time our such outlook of

to SEC For more statements information, events assumes future PROS filings. our obligation factors to no update the in please forward-looking reflect refer or described to any risk circumstances.

effort our release. to I'll which the measure to reminder, to extent GAAP the without call comparable discuss that, metrics. unreasonable most measure Andres. a non-GAAP Reconciliations between As the and With are each earnings non-GAAP call, you during turn will in we the over press available available directly

AndresReiner

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our Now leading our their power customers commerce joint with can online platform. digital market channels

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help address latest for Sales today. of innovation challenges Group airlines Additionally, our the we to released

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leader quarter. we personalize Now detection to prices Diversity Diversity third the and customers. share capture is expanded critical I'd global with like few to and incredibly adapt solution selected Diversity partner playing growth guidance to our quarter, examples in as with based is solution their cleaning needs. on existing prevention their proud infection and safely. business We're the offers opportunities. and Last a helping Diversity to also hygiene opportunity Last from customer's in help unique a quarter, them a that role a businesses in welcome reopen new customer. customer facilities we

smart next of into international a physicians, Airways been than and company clinics two to health For for the a leading the chose more customer example Qatar and our tests technology, leaning Sales diagnostics experience has With ensure Group quarter provider solutions. example, better decades OneSearch to COVID and to migrate chose plans to generation receive last our Airways. across and to their to customers our as self-serve hospitals diagnostics migrate a Qatar such CPQ Final optimizer is guidance faster. solutions. customer deliver patients to world our

world These just across advance few the With helping solutions, our examples Cup XXXX. sell we're travelers a to customers reimagine win era. deliver how to FIFA will Airways of for in the of the these in Qatar experience a booking how they are World self-serve digital group poised be frictionless in

the comment pace our of on the I'll Now business. shift

to be supporting feel the associated base testament start about While to new demand travel thank cover amazing for outlook. half customer and focus will I that how with customers PROS. innovations selling for your In first want our and turn provide. and of our unwavering market to detail. to some ongoing customers the COVID. more the opportunity. value. attractive of recovery, continues continues business logo COVID that with our pipeline to bringing help and our a bXb, to The With partners our our support with our market that, renewals, which and value mission. to lead is our of your putting customers over cover we're focused the we're team their digital I'll remains which the solutions of customers our commitment continuing our financial to to thank continued impact the retention the global grow airlines on to our best-in-class, Stefan Stefan performance significant year, the us in over area capture way is in pleased shareholders, Overall, on dollar on is will and We're call airline to faster on excited pressure the deliver retention time we're we of main helping improving achieve market smaller travel, continue we're effect In to

Stefan Schulz

would you, conference. you and to our thanks Thank Outperform extend everyone my virtual attended Andres. I to Also, on of best call your to like who too today's families. wishes to all

innovations the fully Andres XXX% all prepared join, more to able online to conference several driving successfully our sessions than weren't I'd marketing in in you ever mentioned team for and and customer his more feature sessions If the are first virtual on year-over-year. remarks. our event new like registrants a increase available executing congratulate information

Total Now increasing turning was million quarter, a was million third million representing $X.X the and year-over-year. decline revenue subscription of Revenue $XX.X $XX year-over-year. our to X%

as XX-month slightly recurring which calculated revenue X% to highest was The mark percent recurring up revenue year-over-year. portion $XXX increased Our XX%, quarterly of million, our sequentially revenue our and of billings was date. deferred our trailing a total was

on Moving X by gross margins to point lower percentage up gross subscription revenues. improvements largely Non-GAAP subscription to services were metrics, percentage sequential points gross down sequentially, driven non-GAAP our to were XX%, margins margin. total X profitability year-over-year, our due XX%, slightly

largely loss adjusted EBITDA for to cost additional was higher expected, Our and revenue expected $X.X the due total million than realized than quarter. was in which the we better quarter, savings

hiring, as the continue We to in virtual the variable taken We've of from virtual work team across reduced benefit lower as spend, a our a continued to working business sales drive well result compensation, as first realize benefit steps additional to travel from our program expenses world. our also savings of reduced environment. lower

is personnel XX from quota-carrying of of to below year, the by it's and result, As beginning number of a the expected year. the slightly the end down be the

now of save to As a previous a XXXX, million in actions, forecast. result we of expect total our $XX is which above $X million these

flow cash deferrals. burn payment which third our in was $XX.X quarter increase slightly was and in from driven mainly the expectations was free million, below customer Our an

third call $XX million balance proceeds transactions. to $XXX.X payment million, From were accounts deferrals receivable to the a our our a of from offering As after was in balance of provided cash due customers. quarter of related with quarter, end sheet up of the convertible we debt $XXX.X a approximately ended purchase successful perspective, the million transaction Net of completion within September. the sequentially $XXX.X capped to million early this included

with as we our vision selling. digital invest balance further strong of financial great us provides powering Our in flexibility to cash look

having business. impacted related Many to want I be is customers, guidance, continue cover COVID. by cover in impact I before those our the significantly of on industries COVID continuing Now our to travel especially

the longer areas, impacted improvement our we has economy will hoped. aspects impact we and seen it signs to business. The pandemic than of in the is pandemic continues impact While last have clear global several the had slight originally certain of

this bookings billion our and down $XX new subscription are from existing be from to anticipated customers year. year approximately last by First,

amend payment cash three mentioned Second, as earlier, a million this and XXXX in collections has first fourth finally, total of $XX we granting agreed in delaying the terms. contracts. smaller to some into quarter of the of the hardest XXXX. I have by signed previously quarters into our customers And And out extended we instances, and a of of have hit impact had number to responded of

some the business, as one after delay these in to We from contract QX year could this annualized we insights million. declared future into provide bankruptcy. the information certain agreed customer be XXXX. We added currently and impact revenue agreed $XX customers our agreements, a case, a customer from is restructure for do will full of years our in and rebound expect to be our this recovered I COVID. much implementations With guidance contractual to to changes example, cancel impact up For estimate

ARR ARR. million We or our $XXX impact at million restructurings end of are customer bookings, the and contract annual to XXXX. expect and negatively recurring in in-year revenue the $XXX be to expected customer bankruptcies estimated between Lower

Our range revenue rate gross is the estimated of to retention the be XX%. XX% to in for expected year

in our be which the renewal last XX% consistent gross absent retention impact from the Now would XX% revenue rate to our rate of COVID, with range, year. is

in year-over-year range X% up expect midpoint. to We be million, million subscription of the QX $XX.X at revenue the to $XX.X

expected lower We restructurings has expect reduced all midpoint. for million customer the the at we range be pandemic resulting from contract in $XXX.X growth rate full bankruptcies our million, customer and revenue subscription up in-year $XXX.X XXXX. significantly XX% Again, to year to year-over-year of COVID the the bookings

be between revenue expect million the and and million quarter year. million fourth and We $XXX.X the to $XXX.X million full for in $XX.X between $XX.X total

adjusted year. million quarter the $XX.X fourth between for million million our $X.X $XX.X and and full loss to and $X.X between expect EBITDA We in the be million

Our to full to estimated us million the by efforts our cost adjusted loss reduced minimize year. for will reduction allow EBITDA $XX an to the

and the by payment be of improvement higher million XXXX a half free expect our this million earlier. quarter year. than of full the cash largely And for deferrals $XX flow burn what million $XX implies in cash last is significant a but we to to which XXXX, the free the We from flow $XX between first impact back million of roughly burn and mentioned forecasted that I customer driven $XX half

at in approaching will an based per the purposefully outstanding. pandemic XX.X as we with with Lastly, We events. share will with be market a more an of anticipated $X.XX more on digital challenges opportunity, our remain shares quarters you realize we impact are long-term to we XX% PROS least quarter, estimated our insights forward and value long-term our look our non-GAAP loss between and and rate you forward. non-GAAP continue We for view. at of up fourth million estimated and to committed confident share to We in delivering several speaking $X.XX powering to your these basic this important per customers believe selling tax are thank we customers support for going upcoming

So turn the back Operator? with questions. to that, let call for operator me over the

Operator

this At first we session. question-and-answer [Operator time, you. ahead. will conducting Thank with be from Tom question Instructions] a go comes Please Stifel. Roderick Our

Tom Roderick

start points the user some of kind conference data from of world. you're think with to lot seeing just what operator. around your Brazilian airline a kind rip going customers I'm I Andres, of outperform and you probably from of, they're from one your But of indicative I'll airline

we maybe and day as all the departures to something but fell, world, similar, not are operator where of to numbers that March the around XX day. the think I a we're way the seeing has departures were we back XXX But, sort operating mass are recovered a in and they recovering. look like XXX since recoveries, was

So buy, the there the I context, pretty patterns numbers spending you how at net and well. where love off hanging given do software they not new that it's I to the return, not think normalcy guess you've understand hear that in like to this growth if when the are that conversations are strategically. they and and Looks what all in level? environment necessarily some can But least subscription of an are low level your think churn might revenue I'd into that going. discussions

Andres Reiner

of aligned I Yes, region the there's to all the still they're to commerce, on for close and my about varies Qatar and more been collaboration look, some they're it support in see seen value impacted by than But starting some, have world in. area around other They airlines with around very slight you question. look, think digital and ton the Hey, DSO. been but tell and our will new I recovery with closely remarks we've of prepared them talked areas, overall, customers. more great very of specially depending expanding I see solutions we've a it innovation have

in are means abilities seen it's harder taking that important can it's airlines or which airlines passengers, as to all think I leaning any can be really are and you self-serve now those many out whether individual cancel group, you've that them, time much self-serve. at senses for passengers more

them been of well customer lot support on in a let them way innovation So focused we full that frictionless quickly. help our both a has how to improve as experience adapt and

our by going be our and new pricing value also they back innovate say focused future launched we them would supporting I are capabilities recovery aren't should to how plan So recover. to we're and that the towards I very overall, with process, through airlines airlines constrained -- as very and of as conversations as the are think that are what think a them that future classes, new which high we helping bounce well building improving, dynamic fare be look, on

Tom Roderick

more on really, then, just airlines down to maybe of news this it your platforms that's likely maintain and to those actually that the and are more from customers? points how data downstream much activity how forever, like up to XX%, Magento of to transactional but to in nature people to of and could And the most we're about pivot little really getting pricing on e-commerce just the how side, helpful. side tied ancillary BXB the how it existing complimentary solutions tied and the last customers that can that shop. dynamic Right, all GMV e-commerce are side, behavior the really, a be is, flip Talk bit the are BXB to leaning -- quarter, Demandware I on change Yes. your of is has XXX% bad much results GMV not purchasing

Andres Reiner

that on strategic powering solution channels. being SAP typical BXB, bit And But use quarter, seeing well this a guidance e-commerce, and in them and of but our not I our price we We looking a On platform brand e-commerce one remarks. logo as support perspective and company this they company launched of to guidance and well, this we're both digital we're think predominantly in BXB Magento and the connector, Yes. lot as and about our your lot a direct-to-consumer BXB marketplaces launched their we from model historically they looking what from help CPQ with and a commerce very seeing the talked only wins about prepared a perspective. -- marketplaces, of of in of beyond due negotiated driving we're price the what the of how companies where experiences see my that solution thinking, also direct-to-consumer and models demand at little some an BXC of area. cases in we're can brought probably strong -- frankly, last companies just think BXB seeing control especially both we area

we kind So then are of the direct those on in looking model. resonating the that see areas just more sales and areas, those focusing areas at market companies

Operator

Next question Stan comes Please ahead. with from Zlotsky go Stanley. Morgan

Elizabeth Elliott

is what what quarter, you're BXB quarter? trends Stan. Elliott was change some for cycle. of curious some was your how color kind expecting on on of I so sales you customer lengthening next the mentioned this are this cycles, Hi, Last selling conversations for quarter there and like expecting that Elizabeth and

Andres Reiner

great a question. That's Yes.

saw So slight in a we've what first seen the half. improvement we from

back help what move QX. positive action seeing internally, forward. And more now and understand think needed their to trying So definitely, them that customers to seeing in their trying lot organizations, to to to of of it still, go-to-market. COVID a say, what we're and understand But was wanting a we're take impacting I we're they not how pre-COVID. them, would was support And uptick I we to also do saw

to innovation We scope, bit smaller we're market with seeing areas faster time quite in well. land a in also much where this allow them well the much did in of as and resonate we value to

Elizabeth Elliott

more follow-up so see we could is where the And year Thank return see to for yet? just a side. start if color. digging to onto much XXXX Curious, as the bookings Great. expect still you travel then you the

Andres Reiner

call point would premature. But going environment I improve would to that to load premature say at that still say would this continues the to hope continue I We into and their still factors XXXX increase. We is see historical back monitor travel improving. slightly to out year. call things to we're still norms that it's say premature will would XXXX. next but to be out and And continuing say, I

Operator

Next question comes Alex go RBC Please Capital from Markets. Zukin with ahead.

Robert Simmons

what Simmons color for questions. for customer this X% is on of base through more situation, Robert our for much Alex, have them you bankruptcy of how could Chapter I your if on a seen XX%? us you pay like Hi, And little terms in far, continue is taking bankruptcy actually to thanks give XX? so wonder or either this filed your

Stefan Schulz

Yes.

So any in seen take that. is last haven't Robert, We bankruptcies increases I'll really the Stefan, quarter. this in

at we So what seeing the looking very about now. we're thinking at that is of we were and last the impact to were numbers similar quarter end the

a So that the of a as to in And of percentage total, that then, it's be same. terms number remains small percentage. very the

small we But nine. It think calculus. last really been had missed I it's a factored talked eight it time so into bankruptcies. But we one. about one, had unfortunately was it was had So the

an seen consistent that we've customers right is impact, it's quarter. with now, last which we So were where with nine

Robert Simmons

content? you describe be the And been or Protocol [indiscernible] to able designated as have

Andres Reiner

Yes.

the date. bankruptcies of fact they leveraged time to bankruptcy happened. cancel had on I So, the That's the contract talked that about the quarter, only to last rules had we one that's where was the there think

necessarily all how use I with are the the to at in bills, And vendor, not not have term other cases, the so depends in due. continue other but to many think than or us all cases, looking on one, to that continuing to that, been to case, in all, to their just going this use and And continued pay they're determine it going And is payments for whether critical you're but pre-petition the and haven't but work think we that or customers they're that, I eight, us doesn't us. actually. our not, handle really continuing term are

Robert Simmons

talk geography? better or by Europe, a great. then, can where what getting just little Okay, performing, And is seen Like, Americas, bit worse? the you've these you how Asia

Andres Reiner

we've with Yes. But Americas. of handle most seen Europe, performing demand we have and that. we've been that, of impact perform Europe, rest continuing how seen been one these been areas well, the it's areas and that strong out have seen we're the to pleased I'll see the it's world we're coming of frankly,

Operator

JPMorgan. comes Please from go ahead. question Jackson Next with Ader

Jackson Ader

Great. taking guys. questions, my Thanks for

of the year. start sales I in those weighted the the started would -- compared expected BXB that out there sales us of cohort heavily same you great. will First the beginning of the be maybe assume the the year, up can you just And one follow of give as at can any they XXXX, tenure than for were at any reps, as toward cohort well more maybe quick color the XXXX. give you but those be here on reps decline the of the then, a reps, the look mix remaining on to and reps, But in end toward sense the

Andres Reiner

Yes.

points. of couple So

reduction changes personnel. talked terms So to of that in the quota-carrying Stefan about

performance has XXXX. of the And predominantly, preparing some positions preparation early has All getting advance side, been that was for in fourth us quarter oriented. some travel and on in eliminated it really the happened an for we for that

but organization, in pretty continuing invest preparing no we terms continue sales strong XXXX. have tenure average major in sales to expect of changes in team we to start for a So the build to it, that,

Jackson Ader

their factor because pandemic, the this actually something Was thanks. kind at week, decision for day need cloud. the the of -- because A&A they or it up to for into their on digitalization about a the follow release, was And planned there accelerated, did move release a press that all? other the the Was was other great, all the then of Okay, press along?

Andres Reiner

initiative very COVID. them go you to them and strategic Yes, leverage this very strategic them, they was tell for a was generation wanted will continue able be that started latest a early to and initiative very I our this important to And for was that live for during technology in that commented this was we jointly very hand, in go-live our it teams. amongst one strategic of hand initiative huge was our generation I latest fully that them. between science. we and a success did work for was a organizations And virtual very both and our But

Operator

Next question comes Please ahead. from KeyBanc. Jason Celino with go

Jason Celino

taking Hi, no of you interest? has about which you approach of thanks the be solutions for interesting? modes into my making high-end leaning where for it which touch would most question. both or immediate channels, you opportunities company's talked then And seeing the Andres, One online, touch think more and these do

Andres Reiner

Yes.

both to as or how So as both a negotiated more solutions, low we're in supporting we're guidance lean well more areas, channels, they're touch partner traditional seeing of e-commerce. organizations seeing for CPQ and leveraging by

mix, an solution a selling we're combined. the CPQ seeing where guidance and of seen solution terms to and In incremental we've where lot our

really our platform non-negotiated to the both support channels. and negotiated integrated help So getting

Jason Celino

three quick to project Okay, with And implementing cloudy, teams your are confidence then, your months I know visibility of kind some one processes you. that are, your we of internal When kind great. about pretty then, think one but ago? opportunities? pipelines for what versus And still visibility, future things Thank Stefan. today and in maybe sales you're

Stefan Schulz

our cycle more because focus shifting process, typically doing Andres the an transactions customer. don’t we're of from, the BXB kind those approval are are from things When about around of our the times, predictable require to some as talked say opportunities, and of they much land transactions, higher Yes. larger

future look. even us you process. normal a because is an there also take how, larger risks, And less are because the so better And typically times feel in some imagine, transactions, predictable, more to that's the as are giving of going for of might transactions approval

motion land into seeing we that the beyond. quarter develop and third forward really and QX in think moving I started So, to the we're

better us get pipeline just a to that's that how going help I going feel think convert. to is of

And we it. go fourth so first from we did to continue some we'll point, we the as saw see into to coming the and QX one momentum that ideally, was And well. see that as quarter that Andres'

Operator

Our Chad Craig-Hallum. question ahead. with Please from next comes go Bennett

Chad Bennett

my Great. questions. Thanks for taking

first. maybe So for Stefan

me guess, So payment the in a terms. that's billings are or numbers year-end ARR for of account to in But they're in reflected just contract gave you assume or recurring those your they couple revenue on million XX are I relief indicated related also million the amendments in number? on receivables reflected kind in reflected XX the you customers I deferred in and are they that still side? number

Stefan Schulz

Yes.

in question, good So those Chad, be calculated terms, they you billings would be payment and clarity, so the deferral the counted. invoice will number if of just for would would the million, in number, $XX be ARR their and they

cases that is component, in number the other to many you're not. referring million The $XX

may cases, be included, we not will -- many will it had built it. have because in it be cases Some not

Chad Bennett

obviously. And that wouldn't be in the ARR,

Stefan Schulz

That is correct.

Chad Bennett

Or of quarter is the anticipate headwind Do then, you this for I think year or behind into we do terms we guess do two? worst heading the activity or kind end? more you? And of in next kind of of

Andres Reiner

say, can we in worst have customers work you, the we our perspective, with. just not can actually them but new with from contract we to behind been, how I'd work come customer working been structurally a them that besides really and is all we're reality find ways, and certainly hard love I tell the success to have with working us, has team a that

together customers tremendous work So this there's time help put of along amount our been during a to period.

So I that will tell you, regard. we're pretty our engaged in customers with

with all just about had certainly our have customers this we of And point. so conversations at

they to say. to seen We've ways is long were where question still there. passenger of we itself and play we improvement, some think start one how came earlier this pre-pandemic, get before up remains, see hard is, out? really but to we the to really questions I just metrics a think closer when do to I going go that the boarding it's get have continue to

Chad Bennett

the I OpEx of XX basis. flattish the the in maybe is ahead you reflected kind cited, million of me, but on then, maybe full P&L? much for one far, just year. of How us? And in that think was in last I thus a dollar mean, one is much savings how cost for And sequentially

Andres Reiner

QX million So the actually is from QX. number through $XX

So -- should it generated. quite quarter. to in the all what's is, it bit be of that's of going fourth coming bulk And where is a you of the it its is, where see

way. third, off we just real So guided is more last not a clarify, at the that to we And beginning a what of this versus to not the Chad -- quarter. than let's had quick, put spent it quite little year, of spend bit by necessarily the way, what

So make points sure the the to same. just reference

Operator

Please Next question Josh go Reilly with Needham. ahead.

Josh Reilly

accelerate you you. timelines guys. current launch will This away that will Josh environment? kind the in interest What the airlines from the think do big market then the pricing fair clients think the adopting for Thank for Scott. are following move from strategy And dynamic how class seeing COVID that for at Do on system? their product of three is you pricing Hey, you Outperform? adjust

Andres Reiner

Yes.

a I would interest. So of tell lot there's you that

start But have furlough, a internal we still coming that don't they're right a biggest in it's and new airlines now as back our bringing definitely right reception now on resources people think that is in algorithms. coming employees I some from they to of initiative. the when they challenge out to -- was on see to will from willingness that interests but embark hard strong new staff predict And I very light pay be. back positive the to standpoint, will believe there very there's

Operator

turn Ladies like of back Tatz closing the for Q&A the and remarks. have call would I the to to Shannon reached session. gentlemen, we end

Shannon Tatz

We for and today's this speaking you call. quarter. Thank at listening with you forward look to conferences to events

Stefan As Conference our of available playback content mentioned, from our our Outperform site. on Web Customer is

TIMT RBC This the the November Markets on Stifel quarter attending XX; Conference XXl; Global Conference XX. SaaS Needham Midwest we on on be will Conference Growth and Capital November November The

with marketing also will We be in December. virtually Baird

have ir@pros.com any today's goodbye. you at us please following you questions If Thank contact call, and

PROS (PRO) 1 Nov 202020 Q3 Earnings call transcript