On October 31, 2023, Pros Holdings Inc (PRO, Financial), a leading provider of AI-powered SaaS pricing, revenue management, and digital offer marketing solutions, announced its financial results for the third quarter ended September 30, 2023. The company reported a 10% year-over-year increase in total revenue, reaching $77.3 million. Subscription revenue also saw a significant increase of 16% year-over-year, totaling $60.0 million.
Financial Highlights
The company's Q3 2023 financial results showed significant improvements across several key metrics. The subscription gross margin was 76%, and the non-GAAP subscription gross margin was 78%, up 135 basis points year-over-year. The company's operating loss improved by $8.3 million, and net loss remained stable at $13.9 million. The net loss per share improved by $0.01.
CEO Andres Reiner stated,
We delivered a strong third quarter, exceeding our guidance ranges across all metrics, delivering 16% subscription revenue growth and more than $17 million of improvement to free cash flow year-over-year."
Business Highlights
Pros Holdings Inc (PRO, Financial) welcomed several new customers and expanded its platform within existing customers. The company also announced the go-live of PROS Smart Price Optimization and Management for Qatar Airways Cargo, enhancing the digital buying experience for customers. The company was also recognized as one of the "Best Technology Companies to Work For" by U.S. News.
Financial Outlook
Based on the strong Q3 2023 performance, Pros Holdings Inc (PRO, Financial) has raised its revenue and profitability outlook for the full year 2023. The company anticipates total revenue to be between $302.2 million and $303.2 million, representing a 10% increase from the previous year. Subscription revenue is expected to be between $233.3 million and $233.8 million, marking a 14% increase year-over-year.
Pros Holdings Inc (PRO, Financial) continues to demonstrate strong financial performance and growth, providing value to its shareholders and customers alike.
Explore the complete 8-K earnings release (here) from Pros Holdings Inc for further details.
