PROS (PRO) 2 Nov 222022 Q3 Earnings call transcript

Greetings. Welcome to the PROS Holdings Third Quarter 2022 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 call is being recorded. to Investor conference Relations. like Overdeput, to now of Director would turn over the Belinda I Thank you.

begin. may You

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

today’s our website Our a pros.com. on SEC release, at Investor call of the of earnings found can section filings, Relations be press replay and

differ President the official With remarks prepared today Reiner, transcript, Chief and note include is those participant once our available. following and Financial which some on business and Officer; Actual Officer. Please be materially that strategy, forecast. will today’s be could projections our Andres statements our website available of includes Chief Our and prospects limitation, from on replaced the me without such Stefan financial commentary call market also opportunities, guidance. immediately will Executive our will statements call including, and future and by forward-looking the and questions, about Schulz, results

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

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

able the the in quarter to to this believe be PROS the our shift price the capabilities is help continues our time to various quarter. XX% to grew in you sellers PROS environment drive digital profitability expect thank PROS digital by the a whether need or of deal team Platform. relevant I on Thank at through profitable strong across Despite businesses We blending in today offer digital face selling. market in. to year. adoption BXB Companies channels well We Platform channel deliver execute revenue engage total while count and at Platform, right we win BXC just of another volatility Good for challenging joining improvements. turning increased the to customer since us you, strong real everyone, macro to delivered least the of afternoon to any Businesses Belinda. today’s drive to Buyers the in call. solution by touchpoints. era. growth in our market the and only with them are breadth delivered a still with in the market doubling over need market revenue been chooses subscription XX%, of every officially It’s a year engage launched the PROS human in

through we highly expansion and to has many key long-term our contributed will in to paths Our platform three believe our success differentiated lands, growth year our platform continue fuel capabilities. Successful areas. extensible strategy this

First, the we in successful value. customers land closely to deliver. comes and lands delivering or else market deliver to our one new platform of easily time believe no significant modularized capabilities I enable value rapid us

examples that website ABB value. multinational to and PROS equipment of at QX, In Just land how just efficiency GE customers points X% price our Healthcare a uplift, Electric basis and we XX% two customers revenue growth look manufacturer a improvement ABB, points drive over margin basis of leading XXX optimization value gain. are subsidiary immediate our XXX with on from on a shows with and platform at XXX assessment of the average profitable of drive GE of QX selected capabilities. modularized electrical our General to in publish generate conglomerate management offering can to

integrate solution VM Essentials improvements amazing new drive complexity materials, and solution designed capabilities, seamlessly platform under or innovate the was sales live We automation that power To rates, an and in efficiency deliver VM AI travel, CPQ the in drive packages can Distribution, to customers XX end-to-end profitable distributor with time for we regardless workflows suppliers of XX could a with released to accelerate with gains. pricing in who power adopt higher scale French customers Any Similarly, customers. even margin business value recently Microsoft construction an and days. their VM management prescriptive for of in faster high weeks get selected growth airline, land designed in win Solution launch Another drive management price end our to Dynamics example we’re activation looking them their with for in and industry to continuing value for their XXX, PROS our to and landing land price strategy, to weeks. new most eight new can airline size customer in advanced BXB to experience. packages optimization growth. to activation to RM profitable is

capabilities. latest Oman, fuel flag by their their Advantage, to by adopt with can usage can platform expansion our journey their Cathay to of the pricing paths. many of to among Pacific Cathay will our we Essentials many Oman extend they PROS Two geographies our QX add expanded Customers carrier modules recovery expand having leading in can Second, partnership They Solution divisions Air. fuel the or new management. our platform. we to examples as and solution expanded their grows grows. with RM new expansion Cathay easily SaaS continuous business Pacific from to with choosing Airways, and solution our saw capabilities. enabling Airways market carrier so Oman RM or in were growth into their national innovations our Air, PROS revenue revenue Pacific migrate Kong dynamic Hong

provides more to on EveryMundo our connects third-party extend Marketplace the eCommerce and drive application to customers we launch Where marketing foundation platform innovations of more wins. offer and products XXX for built our marketplace is a solutions with the ability to like In EveryMundo for digital an customers The the value an the generate to for new partners customers. business. building access of our enterprise extended partners over bring capabilities store customers to to Third, them platform Marketplace, the QX, help ecosystem EveryMundo even market. on developers with applications that can FrontXX

a our commerce buildwith.pros.com also buildwith.pros.com We new omnichannel using their richer Merlin in applications library a pricing provides customers customer developer extending seamless PROS APIs launch experiences, to partners custom with accelerating in providing and with quote our experience. PROS a home and insights customers rich data enterprise market APIs PROS of is retailer their example website. integrate them time their configuration French customer support online on portal, while improvement to services within order PROS their empowering a services of into to one Merlin, Leroy embedded for ecosystem, Leroy provides process configuration, a Platform embed

We leadership our significantly the have over last position several extended years.

That’s times Our per annually. the that transactions volume than SaaS-native AI XX trillion two of Visa solutions year. more transactions process over does

that blue-chip gives many Fortune match. diversity algorithms from on to no our outcomes airlines, and PROS to Our the customers including a others, energy they available drive competitor technology, can other diverse data and and come all of of XXXX roster rely our of what The among growth. customers food, is AI-based wide range volume industries, the profitable Platform

we’re our on profitable driving driving profitable growth own our focused growth. customers, for we’re as Just

of structural to will Stefan being and reprioritization impact initiatives adjustments accelerate improved cover key We’re profitability. on growth about in intentional recently We the his where more made this we invest. remarks.

for customers performance like to Stefan partners, to I’d wrap forward outlook. ongoing PROS. close, to I’d so of for passion that, like cover year to financial dedication look thank call I’m delivering up to XXXX. and With quarter our this the and of over our their to like everything thank their incredible accomplished support I so turn team strong to Before and far shareholders, and I’d global proud to PROS. we’ve another

am we’ve quarter number and and afternoon Thank QX Andres able in delivered sales I you, while non-GAAP year-to-date, more ratio a marketing family. CPQ revenue. improving welcome and as Rapido do third count was that would a to were Rapido strong customers is sales PROS family one drive I’m solution deal expense the Andres, their leading thrilled RVs, than and PROS to highlight support and mobile to We RV and efficiency like manufacturer big new profitable a of and homes. to our our we could We good welcomed a the network and retailers this vast growth. to of to to a French of online seeking I of to revenue Rapido, doubled mentioned, everyone. vans fan of

platform in highlighted the Rapido’s in our key ultimately won his selling we a reasons of market is Andres and end-to-end business. capabilities supporting one the differentiator remarks, us for As omnichannel

up million $XX.X was revenue year-over-year, Now was highlighting XX% in $XX.X our revenue quarter year-over-year. quarter the third and Subscription results. up total million third XX%

Our XX% revenue. third total was recurring quarter revenue of

quarterly And positive last quarter, to gross slightly gross non-GAAP which a Also, XX% year annual is get in up on we with and trend positive the subscription rose an third from Our X% margin be a to we XX% our margin into due services XXXX trends. to and a expect quarter. to as seasonality of fluctuations margins reversed the beyond, losses basis quarter. margins services some for XX% ago

retention revenue rate third gross XX-month trailing the Our XX%. remained in above quarter

margins the to was to exited of outperformance as in efficiencies loss a $XXX.X a operations. our of $X.X and one-time some fourth quarter momentum with business our significantly quarter. outperformance, and expenses, was of raise how cash proud in our benefits third third I’m third to third-party while million million, and driving improved improved our typical, $X.X quarter million. free EBITDA ability to burn flow. our significantly revenue adjusted expect quarter into our into by quarter the we is team which continues the gross This Our for third in our We guidance. greater savings guidance cash combination Free contributing see the was exceeding flow from annual materialized cash driven drive

per Our per share loss $X.XX was share. non-GAAP

trailing quarter quota-carrying approaching ended And personnel quarter by of XX the Our exceeding the quota-carrying XX-months year-over-year XX% strength the quarter. expectations increased the in end to for and with saw demonstrating our and calculated personnel expect we third year. XX the we we the and billings XX% be

As and objectives capacity our our teams for continue greater XXXX. our to efficiencies on to sales I said earlier, in deliver of productivity drive confident are we rep in

turning Now, to guidance.

adjusted year, full we our EBITDA and the are guidance. revenue For raising

of growth of range XX% to a million, subscription the $XXX.XX $XXX midpoint. the $XXX.XX rate and total in million expect in the We revenue million a million, midpoint X% to be growth at XXXX $XXX.X at revenue rate to the to be range

$XX.X We expect million be $XX.X the to XXXX adjusted EBITDA million. in loss range to of

ARR subscription our burn currency to constant at $XXX million to range constant cash flow a million. We maintaining of the annual guidance at of $XX in total $XXX XXXX of be million and million expect and between $XXX range million ARR expect $XX And to $XXX are in for in currency be free million. to we the

while of a historically to currency currency. like would we I impact a rates reminder, related in to provided have guidance PROS. the points ARR constant recent foreign the of mentioning As currency, changes and make Also, couple at

as announcements, so earnings the is might mentioned quarter less and even generated ARR what the ARR, revenue imply. past our than we United of impact is than mix geographic revenue of States, ARR in exchange revenue the less foreign and often though is outside total First, the denominated foreign on last XX% majority our our

U.S. impacted over swing between Accordingly, significantly the months first from and any by the largely the revenue occurred the dollar significant year. billings and seven quarter not full stronger the weren’t U.S. Second, dollar. past euro

these the two full foreign revenue impact and year X% expect our total For to from be revenue for currency under to we recurring reasons, fluctuations. the

While than impact more anticipate for is currently the impact not the year, is the we fourth full a currency each significant growing and X% in impact slightly quarter the foreign quarter.

last Our reported full point ARR the foreign year. impact at end means other from exchange year at impact which on of is hand, this in time, the a currency will ARR, the

now, of we rates exchange a are to decline rates. As at currency X% ARR ARR expecting from about current constant at

XXXX. in year, the a we rates next full similar recurring X% our hold through anticipate impact Assuming the half first of current year to revenue exchange

Now, guidance million, the of in is the to midpoint. We revenue to representing our fourth quarter be anticipate subscription guidance, as shifting back million to a follows. $XX.X growth year-over-year XX% range $XX.X at

total number range caused is imply midpoint. at days quarter to in to negative of dollar. which range $XX.X decline, This holidays the services and growth billable million sequential the U.S. $XX.X things. million Lower because impact the fourth revenue two X% expect We growing from be lower or due the does a by the stronger revenue a of to of

XX% we million. in an year, of $X.X decline estimated million $XX.X quarter of quarter. is a expense are the quarter the on the the services XX%, progress The revenue fourth be EBITDA sequential and improving still between improvement decline loss like quarter midpoint expect growth to fourth last saw based causing a quarter solid in a front We in adjusted this profitability opportunity and over are third us. seasonal in EBITDA. $X.XX last Using while we per Overall, adjusted investing decline on one-time At between third share but non-GAAP share from anticipate making sequential loss outstanding. benefits the the $X.X we an $X.XX of per estimated rate fourth tax shares and in million year, non-GAAP

investments supporting have our business. on to focus growth As we Andres mentioned, our reprioritized for key areas

will approximately we we $X exclude to our of to this charges reprioritization, non-GAAP quarter million, result results. expect from $X the incur severance which As million of in a fourth

the over operator the in our to turn the components to questions, highlight back of Before long-term model. for we some wanted key call I

are future, into strong the targeted revenue today bookings expect We growth about believe trend will XX%. lead and seeing to total that ultimately we of continue the our

targeting next of our XX% target pros.com updates presentation better. projections outperform margins also to long-term or free these our made total in will investor we XX% cash more May. long-term at event margins, and include on provide gross approaching on and EBITDA flow model We’re details our and to We

I passion a eight Additionally, into like embed thank location. and business the than another continued have key investor their we view our separate support. for our materials investor In table to directly and closing, customers to would of presentation rather streamlined in employees rolling providing the metrics quarter

events. thank questions. speaking of call turn we to for will continued support your upcoming I forward the the also Operator? with We look now for back you PROS operator and at over to you our

Bennett proceed. you. with Please Our first Capital Group. from [Operator is Chad Instructions] Thank question Craig-Hallum

on job Thanks and metrics. for Great. the again the in questions. quarter in Nice business improving seeing acceleration taking and my executing the

Thank you, Chad.

you mean, be your heard strengthening. to guys I’ve of So, anomaly of terms this what I are least seems from bit quarter in at a business

mean You of wins, – of EMEA to number on? not concerns good lot Andres, and cite any feel or cited you particularly in I hearing kind of fair about what’s you deal elongation or sales which can a number a Asia-Pac about didn’t travel. EMEA macro Is or just scrutiny. say close overall you’re pretty it cited wins, around guys to rates going you and

question. great is team overall, phenomenally look, executing Yes, our Chad, I think well. Yes,

very being I about time deal I that point there to that of in say I And to that strong. see Asia team massive travel pain drive a ROI, at would the short in really tell customers definitely can think all being solving the clear been in good was in that EMEA show I we really look, in very deals doing you, of able to quarter pleased America to has I the solve. last parts is scrutiny. intentional of in about amount time value a But region. they us have, would our well, need us talked North value the deals, land importance think did world. very was in I

the very and overall pleased So with with results execution.

I’m quarters and it recurring growth has years rate? look you about, billings we and And again, it. overall the standpoint, to at, I right better maybe take aggressive right call been if of the, business on kind quarter subscription couple trailing how around aggressive that think or teens kind being more Stefan, the look growth think I for then maybe [ph] the Got or, like If you then at you BXB from billings, I XX% feeling and a to I at basis. as basis. think XX% the recurring in highlighted for if one strengthening, one about number XX%. little four I think ahead seems year-over-year but looking best And around should billings into upper want trailing I never trailing, talk a here, a accelerated a billing about it of nicely, XX pretty on a the mean subscription And of a you’re you’re travel

Yes.

in happy about, XX%, right And commented I your range. you we’re go mid-teens down seeing to around team forward energy Andres because were elections, level So just the about macro, sustain tamp with we say before got Yes, And willing need I more quite that trailing Chad, and the performance that going and that’s, you’ve as there’s which into of in think of very the more if going can, that of in the probably team some change It’s done the mainly on War number probably with go expectation the, lot our point, we we down is some is we’re comments. you with, we what than go-to-markets things answers the that. to uncertainty that. things the we’re this now. get of our winter working We to the European say that some mid-teens. that probably of were thinking. thank a there macro that that forward. There’s uncertainty have the some thinking that, for sales well. to we’ve going obviously of Mainly performance that, would did and a in have been with addressed really XX-month would to

charge Stefan, in both about real Stefan, guys fourth in and think maybe last million you about I on then you or talked some million one talked did a one quick, business I Okay. to could. the of you And if $X restructuring quarter. $X

that that in year terms in off. next Thanks. go I’ll more cost hop the to the what forward color expect and to savings relevant of in charge? any into Just

question. good Nope, Yep.

really mentioned, a it’s So, reprioritization. we

necessarily really do cost go we weren’t and So, just looking a raw to in savings. just

responsibly grow. You’ll that one investing those areas growth of continue force make are we we about even, But want our but place flow expenses improvement free can free and that look break which our bottom a to fact one approach we’re to intent, see that at grow, going we talked a drive is really our in is going line could, we We’ve in to we do be as to before XXXX. we Being do and number way two, into cognizant cash also wanting sure so where our very and drive the the to forward. flow. to wanted number in cash to want in still

was really until that, a we this it it quarter. obviously QX the So given when that happened effect of upon effort see quarter. not going the beginning it that reprioritization and then, in QX, release we’re executed you’ll see we charge the really And and to of at next

Thanks so much.

Thank you.

next Lane Stifel, Parker question from Please Our is proceed. with

revenue the to be kind personnel ready of we total think marketing that expense quarter? for a Parker. XXXX quota-carrying to of on reduction and contribute should percentage XX. FY eight back of starts Hi, of to you the as Thanks kind on expect kind more able to about going you the for go to you there’s implied Stefan, forward you when of reprioritize right Do my as get guys taking this guys just are after what then and there nice it’s kind the expect Max personnel, to questions. dip deliver right staying that sales and

Yes.

of they to ready hire first around would It where in to new meaningful that but make little ramp, your we more sure a first be we time question X. of be that have like a productivity will bit answer in reps can a the not XXXX. go So, they January amount these personnel. takes to time to I No, to quota-carrying would say

day the three but to for our like looking add XXXX, let’s a as that So make for say last, to sure quarters to one. number they’re as half not of possible those we’d year, on productive to

are our of Your terms about, marketing. where we in second selling question and

model, expense. at think our the the still at and selling we to marketing in look as I XXs as upper be you, we’re looking

marketing the, normal is, a bit a of the from of we focus One ways products. a in demand the are bigger we reduction areas through a really We new change of little our CMO are hired saw make a to invest we recently And you more for of visibility who want bit looking just he a which going is and there. through drive QX our in going reasons in at solution standpoint. more that than on reprioritization can and in

So, expense our see quarter expect back fourth and in come to the next a year. bit I would marketing

as kind And count one just for for very, this continue it, remainder next realize little Got strong somewhat forward expected far next is to maybe the be very year on a the powerful color is? would Just the deal your a about last in of of so year? of the then more people you, Thanks. year-to-date, doubling thinking Is Andres solution that it great. how year, pull year from

were Max Yes, look on we significantly going intent we this was, seeing more ago through. you, come drive strategy would And I a think growth. that year question. to our executed I we’re really that deal great platform with tell

continue see we’ve I and I XXXX, we’d I do and it’s fourth about easier now ASPs, adopt growth. the deal on and to like just to expect come to in to would And good made previously them easier too the the And that to to premature the expect XXX value strength growth, XXX. measurable our but if platform have ROI. very in we’ve anything, get in I think under to range, talked continuing deal talk us quarter have seen say down, to do to ASPs get I see we’re slightly it

also have, get as seeing to the place. expanded in the Medtronic expand. any proud success of right to the value in any companies really GE size is able land paths And the to platform in great that many like to my platform on wanted that platform we’re quarter. very Healthcare, but in have ABB and seeing I not prepare and And move, expanding we the landing be So to AutoZone and remarks, talked material on in business

seeing well the because expansions of we’re next generation lands great our as So, platform. as great both shift to

me. on from it quarter. the Congrats That’s it. next Got

Thank you, Max.

next from proceed. Schulz Robert question Baird. Our with W. is Patrick Please

of Yes. course. like great a thanks a guys, It are good and you Hey progress congrats seems guys on seeing. lot

XX% ask travel the, on environment, should it be seems the like progresses, mix how airline’s So, of and thinking the as how just continues path the airline wanted about that I just we and on much recovery And is revenue this as revenue then I’m also priorities curious of and driving that management recover? growth revenue hear to the airline’s target? to long-term PRO top your in travel thoughts where terms on ranks software continues investment

is That’s great now, growth. year-to-date, the for the of Couple majority a of things. question, driving Patrick. Look BXB

in growth. to So but we’d like low get strategic travel’s long-term. is said, think very the travel travel still early we recovery, We mid-teens to to the

are whether as that from very nowhere focused markets really that or well definitely XXXX experience as be air the all merchandising, whether those, where it close invested that strategic be for there’s we’ve and are of way recovery, is groups, passenger And landing, part offer are the think many been management optimization. in cargo. passenger, it digital still marketing even value, to offer areas, right that the digital air generation expanding AsiaPac We’re to it is levels. that driving whether groups like the to to below now. our on, I thing solutions next we there’s All The pretty shopping, revenue is significant be and cargo travel areas still airlines driving beyond of full are while good a the we’re

So, still we’re of we recovery, recovery would in that travel the we’ve are innings innovations really I confident we’re very the but we position the capitalize the market. great are revenue in early the in feel a say in that that industry. on to resonating done

Thank you quick And then one to more question so much. Great, you.

noted so side. recently a channel expect provide you and how the the see expansion Are partner lean I seeing guys the into you growth And just partner the time? even any to did do entered to with on you long-term were momentum international into channel during reseller the was to that You environment? channel this could Accenture, then customers current you over how you more wondering update starting into if your evolve partner And efforts? macro agreement play

that, But a the a reseller we’re part our part growth. a as strategy you question, And Great Patrick. that promising – big We of but of want motion, partner that us also, And increase our it is of Accenture, the that reseller it I would seeing growth today growth business about for big many our significantly. Accenture others XX% we we’re long-term. motion talked strategy, EY be be closely. broad agreement, would we’re for we’re a it’s results. or I and part driving. working new Look ecosystem innings whether the continuing see significant to to be it they’re say in channel very about early very is say whether of Microsoft contributing But

Awesome. much. guys Thank so you

Thank you.

next Please Our with proceed. Company. Needham and Berg is question from Scott

not about about double up Congrats Andres, of be the sales or on Thanks is couple execution know change little a a we a in for I productivity? some everyone. reprioritizations, and than levels, double straight what changes in year-over-year. but at here. or close quarter probably Hi there, had taking you how there. through It’s companies talked closed some number the you maybe as on far are Stefan Because is but know terms we’re I of how certainly are productivity of the leadership reaching in year-to-date, strategy. goal the sales about go-to-market bit. my it’s talk let’s good went know you items, I your quarter. A guess the a appears questions look more deals quarter. third talks my you? to

we’re goal close getting size. I going Yes, never would to my to probably reaching be not say a

couple significantly look has which There productivity. significantly it more we we’re year-over-year. can quota-carrying better less that of America at that to at very is you deal I for and even or the can ended at drive perspective, driving a XX, we from organization if right the rep higher. travel And being than the I year you much level productivity you increased ago, productivity think I improvement double with still across see is room and tell quarter QCP on a we’re I EMEA, North both would improvements improving. growth, a mean, always seeing if personnel. where the rep execution focused very is intentional very, how we’re believe and XX

Andres, we economics for on like? on that what in involvement or And helps then do areas of what something I that time about item Marketplace, balance But on because outline, key this is that a economic of company? Is look just expansions, today that as can announced meaningful you your Helpful. a time. the your three you all of Help over over the kind ecosystem that this think look it. nice tangible and talked opportunity that’s you really we’ll add-on lands maybe kind the really kind one really at understand what with Got of looks that focus be EveryMundo are less mean kind the like what of extensible generally on side? us

Yes, great question, Scott.

full eCommerce, ecosystem will about want have experience. and several in allow for experience of in front it marketing you you if that that customers not And of more oriented intelligence significant opportunities very think and This every platform capabilities. build just your build of but and on of with platform. of The of end allows One its more on offer it’s experience it order top bring potential lot for more obviously of the they top user third-party creative, all part think marketplace our offering marketing, solution a this our full of I marketplace, our us business. revenue around reasons. tailor-made and capabilities, digital the those has customized companies a the management and be to to partners it digital our

solution. So, customers, the strategic, well better us experience very we as user a for giving see them as this for as on commercially

customer as add any So, more I and activate. is this think both also, opportunity a those PROS, applications, partners applications big can we our

expand So it’s as of also part or well. strategy

the on again. Got good it. quarter Very Congrats helpful.

you. Thank

with Capital Chokshi proceed. Northland question Markets. next Our Please Instructions] Nehal [Operator from is

macro especially quarter, you. this Yes, on you revenue already that question, is growth. thank are may accelerating Congratulations decelerate in subscription to XX% guiding in from have this but XX% quarter, year-over-year XX% strong Why you And June answered given September revenue subscription that? environment. current

take I’ll that. Nehal, Yes,

recall last that at had had QX numbers, if license results. the onetime year back that may popped, we you if was term look actually renewal see can occurred. we a and – go that So you in you our And

renewal. recurring not that’s type So a a of

I subscription currency, that last so getting And year, benefited and did a And a creep this that so percentage into when the on that than we greatly basis. year. our are numbers we’re are impact starting point to currency on more it’s we bit little then at, comment, And from you that, about renewal to a starting two I one side, those little from mentioned but look reasons. year-over-year see not is a slightly the

QX. to we away where I were think we’re you in and those two very comparable take things

term XQ? was what the And license of time that it. the Got one benefit in magnitude

It million. little over was a $X

Great.

Great. believe generation that then is value on this a of study, I correct? assessment, Okay. just second And customer

Yes.

published publicly launched, in our Yes. we’ve website, We’ve it yes.

X% Okay. recall know like and And the think about settings a talking it’s now uplift revenue X% revenue generation, like I I don’t X% of you’re that I first uplift. a, to the

Yes.

generation is about actual average X% The first revenue. more talked X%. The we than

it. I see. Got

actual is So, the average… so this

changes have? No you that

this actual the, of be, No is it greater the actual value X%, which And before the change We was average conservative. bit we’re case a little the X% to said study. is full average. than more happens

average, really XX% point improvement improvements, to basis efficiencies. it’s in So X% and improvement the XXXs margin revenue XXXs X% an on

Awesome. are numbers. Great. fantastic Those

Yes.

would the management the over I conference back comments. have for to question-and-answer turn session. to our We closing like reached of end

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

will Needham November on We Tech The XX. Conference the on Conference also attending Select and on be Stifel November Craig-Hallum Midwest Virtual Alpha One-on-One Growth Conference the XX, November XX,

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

conclude conference. This you. does today’s Thank

your at for participation. may disconnect You your thank time lines and this you