Q3 2024 Pros Holdings Inc Earnings Call Transcript
Key Points
- Pros Holdings Inc (PRO) exceeded the high-end of their guidance ranges across all metrics for the third quarter.
- Subscription revenue grew by 12% year-over-year, with total revenue up 7%, both surpassing expectations.
- The company achieved a 448% improvement in adjusted EBITDA and a 217% improvement in free cash flow year-to-date.
- The PROS Platform continues to innovate with AI, launching new solutions like the embedded AI agent in their Search Engine Marketing solution.
- Approximately 50% of bookings in Q3 came from new logos, indicating strong market penetration and customer acquisition.
- CEO Andres Reiner announced his retirement, which may lead to uncertainty during the transition period.
- The travel industry, a significant market for PROS, is experiencing slower investment pace, impacting potential growth.
- Despite strong performance, geopolitical risks and macroeconomic uncertainties could impact future results.
- Professional services growth has lagged behind subscription growth, indicating potential challenges in service delivery or demand.
- The company maintained its subscription ARR guidance, reflecting caution due to external market conditions.
Greetings. Welcome to PROS Holdings Third Quarter 2024 Earnings Conference Call. (Operator Instructions) As a reminder, this conference is being recorded. I would now like to turn the conference over to Belinda Overdeput, Senior Director of Investor Relations. Please go ahead.
Thank you, operator. Good afternoon, everyone, and thank you for joining us. Our earnings press release, SEC filings and a replay of today's call can be found on the Investor Relations section of our website at pros.com. Our prepared remarks are also available on our website and will be replaced by the official transcript, which includes participant questions once available. With me on today's call is Andres Reiner, President and Chief Executive Officer; and Stefan Schulz, Chief Financial Officer.
Please note that some of the commentary today will include forward-looking statements, including, without limitation, those about our strategy, future business prospects and market opportunities and our
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