PROS Holdings, Inc. (NYSE:PRO) Q1 2024 Earnings Call Transcript May 7, 2024 4:45 PM ET

Company Participants

Belinda Overdeput - Head of IR
Andres Reiner - President and CEO
Stefan Schulz - CFO

Conference Call Participants

Scott Berg - Needham
Matthew Kikkert - Stifel
Patrick Schulz - Baird
Brian Schwartz - Oppenheimer
Jason Celino - KeyBanc Capital Markets
Nehal Chokshi - Northland Capital Markets
Victor Chang - Bank of America

Operator

Greetings. Welcome to the PROS Holdings First Quarter 2024 Earnings Conference Call. At this time, all participants will be in listen-only mode. The 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, Head of Investor Relations. Please go ahead.

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 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 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. We delivered a strong start to 2024, exceeding the high-end of our guidance ranges across all metrics. We grew subscription revenue by 15% and total revenue by 10%, while delivering a near 300% improvement in adjusted EBITDA year-over-year, reflecting our continued focus on our 2026 goal of being a Rule of 40 company. Core to our strategy to fuel our growth is to continue to bring groundbreaking AI innovations to market and drive market adoption of the PROS Platform with our land, realize, and expand strategy.