PROS Holdings, Inc. (NYSE:PRO) Q3 2023 Earnings Conference Call October 31, 2023 4:45 PM ET
Company Participants
Belinda Overdeput - Director, IR
Andres Reiner - President & CEO
Stefan Schulz - CFO
Conference Call Participants
Chad Bennett - Craig-Hallum Capital Group
Rob Oliver - Baird
Jason Celino - KeyBanc Capital Markets
Scott Berg - Needham
Parker Lane - Stifel
Camden Levy - Oppenheimer
Victor Cheng - Bank of America
Operator
Greetings. Welcome to the PROS Holdings Third Quarter 2023 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 call over to Belinda Overdeput, Director of Investor Relations.
Belinda Overdeput
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 will be available on our website immediately following the call 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 financial projections and guidance. Actual results could differ materially from such statements and our forecast.
For more information, please refer to the Risk Factors described in our SEC filings. PROS assumes no obligation to update any forward-looking statements to reflect future events or circumstances.
As a reminder, during the call, we will discuss non-GAAP metrics. Reconciliations between each non-GAAP measure and the most directly comparable GAAP measure, to the extent to which available without unreasonable effort, are available in our earnings press release.
With that, I'll turn the call over to you, Andres.
Andres Reiner
Thank you, Belinda. Good afternoon, everyone, and thank you for joining us on today's call.
I am proud to share we delivered a strong third quarter, exceeding our guidance ranges across all metrics. We grew subscription revenue by 16% year-over-year, total revenue by 10% year-over-year and delivered $5.6 million in positive adjusted EBITDA, an improvement of $7.8 million year-over-year. Our results are a testament to our team's relentless focus on driving profitable growth to achieve our goal of being a Rule of 40 company by 2026.