PROS (PRO) 25 Jul 232023 Q2 Earnings call transcript

Greetings. Welcome to the PROS Holdings Second Quarter 2023 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, Director of Investor Relations. Please go ahead.

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

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

be also and includes call replaced participant will remarks once be prepared available our following will transcript, website official the available. on by questions the immediately which Our

Financial Reiner, Officer; and Executive me With Officer. and President on today's call Chief Schulz, is Chief Andres Stefan

without limitation, note and include including, in Please guidance. some forward-looking business differ future statements commentary of our could forecast. from materially and opportunities about will today those prospects that the projections Actual market strategy, results our such our statements, and financial

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

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

turn the Andres. you, call to over I'll that, With

metrics. our thank ranges you, today's an for afternoon, exceeding Good second everyone, you Belinda. delivered I'm and we quarter, proud joining call. us all to Thank across share outstanding on guidance

grew and We by by EBITDA. total XX% year-over-year, delivered revenue revenue subscription XX% year-over-year adjusted positive

the a of remarks. which we for As full cover growth outlook his our will outperformance, prepared year, once QX revenue Stefan result profitability again raise and our in will

business constantly demonstrates prices, supply in businesses they response, patterns. time. the rapid elevated everything and sell, couple is price. is have markets, performance in in need today's of they what half There And of last doing constant no they in state how In importance first demand change sell strong the how market. change, currencies, costs, chains, a of real must the our that Our critical for platform question the years

to personalized, and follow disconnected BXB experiences customer employee in seen Further, the the all continues BXC. and are throughout experience touchpoints. diminish trends productivity, buyers digital experience. transparent processes self-service, BXB accurate business the and purchasing we've Manual tools expect deteriorating both that

and their to of To AI. today and embrace meet buyers consistently businesses expectations markets, outperform digitization, need to automation in

than fact, software market and In AI growing next interest software XX% the over we're faster AI believe in years, broader our two already will the grow industry seeing analysts in business.

and for to land landing our continues businesses ever strategy platform. our new results Additionally, we're incredible it greater than realize strategy. this seeing expand easier against to We're velocity. made adopt customers sales our And as has team execute with

customers industries is North specialized cycles example XXXX we time BXB are new we expansions. rapid year-over-year. had with also in expansion We're the XX% sales leading QX. serve, in with American to great faster Across A rapid the value, to distributor the industrial driving

selecting management optimization in new land in Platform price Gen automate their This capabilities. QX, the went to to just as enterprise. customer month, customer IV a across PROS value our latest expanded a adopt then with The solution realized over immediately the customer AI joined price PROS live

customer power enterprise. Platform to experience. Platform better in platform examples The channels. Now their businesses the PROS profitable and digitally solution the selected who sales across leading storage I'll to packaging their to harmonized across QX key a of manufacturer drive in and digitizing provider few sales PROS strategy AI-powered by is customer drive Platform our PODS, QX. of selected share incredible other experience PODS to a a connected a products fuel Novolex, pricing growth, adopted moving PROS

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that of Commerce expanded new QX, market-leading capabilities CPQ omnichannel product Adobe, partnership configuration with with a In capabilities. our offering the with Adobe's combines we reach our CPQ

best-in-class use customers configurator to solution their Adobe's now through e-commerce our channels. and power forward, offers Going products personalized can seamlessly

to diminishing innovate to new setting continue Many through price AI, the with platform. marginal dual aware capabilities unpredictable strategy. powered capacity market patterns brought AI our to costs of we also supply. that price determines We deliver challenge with the struggle industries supply predictive opportunity optimization when neural demand network a in our associated model Recently, AI

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Platform Airlines Singapore AI capacity QX, motion aware growth. and In digitize our profitable fuel of sales to Cargo their optimization PROS advantage selected to take the price

travel digital to our customer share are others, Korean industry, how among solutions market to sales. In to fully PROS Airlines, their new and higher through drive starting sales looking book digitizing adopted customer the win offer In and they passengers JSX travel. customers, conversion Condor airlines more and existing with marketing of inspire experience, QX,

fare based Lufthansa Airlines expanded PROS continue drive more this best-in-class latest automation as using optimize space use options to Platform approach. in And AI-powered revenue fare the our adopting management. the elasticity of pricing, continue an management solution. revenue and lean QX, into by to to next In innovations AI empowering position the the them generation Platform of flexible their PROS dynamic our to

by is be Before Forrester industry in only a cost the the optimization and CPQ, that PROS PROS Leader as solution named I in next Forrester. generation to Wave close, both I'd its on PROS and platform their recognition is unmatched share to category evaluation price CPQ of Gartner Research innovations. with stating the published Leader independent recognizing software QX, like In AI-powered incredible our some of now and science.

of thank Also I'd partners their focus to companies helping like like to thank shareholders mission ongoing our customers, people global their team of and support PROS. relentless outperform. for on I'd our our and for

over to call Stefan outlook. to turn cover our the and performance like to With that, financial I'd

Thank you, afternoon, Andres, and good everyone.

XXXX, highlighting what an of is in position move half up year. us and guidance. raise our our a quarter, by start EBITDA strong the which I first for total results incredible contributing to our to to outlook I'll success another before and revenue put delivered We wrapping

First, land-and-expand far approach our platform market-leading provide our has continued solutions. to access greater selling strategy and to

start in two entry allow Our to an points, over customers at immediate transactions address time. generate more grow packaged years. us natural and resulted with modules pain the ROI over This point, has rapid last significantly

gross to Second, deliver also customers' efficiency. solutions we Through through and with this time been our been to and transformation, reduce have delivery we able go-to-market our improve platform our able margins value. to greater innovations, have

gross team XX a of improvement percentage XX%, which year. services margin over our Additionally, in QX, is point delivered last non-GAAP

revenue on $XX.X in Moving XX% million, quarter was XX% year-over-year. the quarter $XX.X up results. our second to up and Subscription total million, year-over-year revenue was second

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

XX Our the second quarter calculated XX% and increased trailing months. billings for XX% year-over-year

slightly can continue quarter, a metric. is of growth quarterly impact of first rate focus last to The a have size on as higher trailing on we and improvement forecasted was the significant our timing our from than which XX-month why and the we rate, growth quarterly billings many significant billings expected, quarter. The calculated

the from gross in margin Our Non-GAAP delivered remained ago. second margin services team improving Also, XX% the XX%. I quarter. quarter the a trailing retention second quarter, earlier, XX% gross XX-month non-GAAP was in year our as subscription services mentioned rate XX% for revenue professional above

focus to EBITDA result -- a the second improvements. This to We on of We expect adjusted beating XXX% generated digits driving in services in our continued our margins year-over-year. single in upper be outperformance was second than the mid- improvement the more half quarter, the efficiency year. upper positive in from revenue driven guidance and

Our free million. in quarter flow second cash was burn the $X.X

of expenditures outperform historically the experienced year, in burn event. we expected, stronger fourth of the cash the free second the quarter half quarter this flow related our As and and to both free second million in the our positive cash We year. with expecting cash exited $XXX.X in free second of and impacted third investments. cash We was flow quarters are by flow

liability $XXX maturity. We balance our know, these anticipate now as debt cash XXXX on of already time approximately of sheet. balance at many May Additionally, notes of is our on currently investments you a the million our and current sheet with convertible retiring

which three $XX of We in us also the capital future. year added of with provides source additional million an credit, line revolving a

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

Now turning to guidance.

expect to million We $XX.X the at third million, $XX.X of quarter range subscription be XX% to in the representing growth year-over-year revenue midpoint.

between be and adjusted We $XX the expect third range and EBITDA third million total $X.X quarter in $X.X of revenue quarter million. to to of we million $XX expect million,

an Using an based per share earnings anticipate weighted we average between share outstanding. estimated $X.XX XX%, shares of third estimated and quarter non-GAAP XX.X million diluted per of non-GAAP on $X.XX rate tax

to million at total raising are growth we year, to of full X% our the million, a revenue the for $XXX range guidance year-over-year representing midpoint. For $XXX

adjusted year-over-year improvement to our to EBITDA $X.X passion at raising a and to for would range of than employees I $XX closing, $X.X also support. are their million midpoint. We In customers more like and of a our continued thank implies for million, the guidance which million

their forward our to you thank PROS, look also at for speaking our shareholders we We of support continued with upcoming and events.

Operator? back I the will call now operator for the over questions. turn to

with Instructions] Brian from is Please & Our Schwartz question Oppenheimer first Company. [Operator proceed.

sales questions. about wanted Yes, Andres, in cycles. on the a the follow-up commentary Congratulations Thanks my on increase real for the quarter. the around hi. taking to strong momentum

AI is what us some side, a of sales I with job in helping somehow company-specific I of the from light But that also and macro the topic helping strengthening think experienced Stefan the is of cycles follow-up? as coming faster that be have done, business end specifically, accelerating part you AI are can that or then demand good the did that's if And may cycles Thanks. even giving the the just quarter? on a you've these market the a shed of speeding - initiatives the the go-to-market.

Great, Brian. question. Good

very our been, a we give 'XX, tell little our about, as I improvements sales team. we lot we're new So talked quickly. efficiency. I seeing that I think place, quickly, both. And of go-to-market to motions you that focus put launch those There's in late we a credit can bit to we we activate land as bringing on in we would really expand drive and packages would continue can of

seeing Gen what a a hit. I deals, had and land, first would In say would lot was a saw has wanting of and our our of been as quarter. we to AI in we're impact last that overall, that say, implement to positive very companies a AI indicative addition IV I it that,

little would bit a overall, So I you of tell both.

to a think did quickly. that's I overall - for that's BXB and what's resonate, and by we improved sales And expand we quickly I to that get can And XX%. testament growth. have driving really solutions we cycles value about talk deals new can accelerated

we've little a you're much. looking the bookings provide The follow-up Thank results, time. long a at, not you. the U.S., was and revenue we into of again, specifically terms and least geography, just question in at if could color But the then don't best on growth have seen Europe the had backlog. more the what And Europe, I that visibility the U.S., you in so the the seeing it's

wondering some what Thanks. seeing if terms on geographies? just light shed the you're you So of can in

EMEA. strength industries in I to and the energy and BXB in both in from as of in Americas Americas We're the across and BXB all from you, a EMEA seeing our both spread tell and the a perspective out, would and America, geography, U.S. seeing industrial very pretty as to strength much from North technology quarter. did we're to automotive both healthcare, strong chemical well pretty industry And

taking questions. my you Thank for

you. Thank

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

quarter Yes, subscription down afternoon. and that performance first look help for I sequentially, year-over-year with you When you. if Anything the Thanks us would growth. Stefan, one away was square you this the RPO helpful? here. strong questions was billings revenue a offer guys. at taking RPO I curious the to was be figure, there what have that both for can and

Yes. Absolutely, Parker.

and that expand things platform and occurred a this the strategy the we've was - our as was packages just that changes sales of and going through. land, motion one Andres been of that the the have result So realized talking about

are of bit as a our through going change RPOs well. so, And that

so and And up. I'll - going our metrics what to you're short-term come long-term our down RPO call starting to to come metric our see starting

QX - billing All relative that on and QX is same our is typically of in so lowest case basis. the still order the that a was on backdrop

much we're in because come I long-term the see not we And going our continue think of so, see we've XXXX, shorter-term part you're seen this as going as what going RPO go start deals, down trending is I to to the in long-term metrics see our exit year you're focusing that the to think you're RPO latter and past. up to on metric deals short-term of

Understood.

industries just look new share that helpful. rule growth mentioned of new Okay. the Andres, you versus pretty there, after that on you've geographies from target had of all that And strength then, much the at growth the market, we industries. associated Very and the currently how XX maybe much comes that and do When geographies rate large BXB across focus that strategic teams or you think opportunity. underpenetrated that's expanding you going are into of

Just the of - plate? or as where focused split do is currently to far enough outside there you on as concerned, is you're go need your

XX of would goal geographies within question. and already that Parker, Yes, focused, tell we industries that the that I achieve we're we you set. great rule focused can the already long-term a we're

that mean, we confident do grow a with our that position other to expand to that in can it's to don't now great set. to sitting I believe we goal very feel industries. we that we're continuing within platform, reach but industries, we I have these that So, long-term

it. guys. again helpful. Got Thanks Very

Thank you.

is with next question Group. Please from proceed. Chad Craig-Hallum Our Capital Bennett

questions. taking for my Thanks Great.

couple of different here. pack So maybe I'll a things

deal growing it's seeing? year-over-year is any activity, robust the relative deal is to And did year, which you're increased it's know expand, doubling or it's maybe half Stefan, BXB I side - well, I significantly been - deal growth count, Andres year that been now. revenue a I that of not still growth indication deal but or it So matter, has last how the and greater on and the know maybe strategy subscription that to subscription activity how go-to-market a and land But BXB on and just very especially - think, and in of maybe relative was year. growth in for there maybe last than phenomenal, kind like platform place,

deal was Great to question, record another Chad. a perspective from last I would year. quarter tell you that QX compared

So very look, you, while the year do lot and our is tell about. in we year our to rates improving. overall. win think work I strong, last of with that's But you over QX a would last it was talked another has had been improving, the I plus, are like velocity strength done

faster. lighting really was customer then expanding example the the mean to to quickly, gave into We're has that in continuing sell over wins positive. we're BXB value QX, we expansion prove the [ph] month that's I And remarks overall very and just a I net landing in in new power than more before. a strength existing the continuing in value the prepared possible the and is accounts platform to reception had significantly and than also of been seeing see driving really that like not of - typically market new - get and more on that now we can

travel, years on picked or year. you kind travel Stefan, Got just of a And and if on What's standpoint? you the I specifically about the couple a commented see already side have of there. second of true? for contribution I I maybe second now. kind don't maybe just kind qualitatively of think, some this then side But half the backlog would from Is of the I travel - it. Thanks. travel talked of still booked revenue which quantitatively, comfort in you from people has we acceleration if on half deals in asked the know remember, booking in And that up level your think

Yes.

- seeing the IT significantly quite the - nicely, still would you, the the pre-pandemic travel I below what tell spend seeing we're I are have levels. And airlines are we're understaffed. So seeing on would but that is still travel we're recovering side, you, tell airlines

and even than signature when getting traditionally what taking we're So selected, contracts took. through getting longer is it

activity - similar still, is would just the say, do see So getting drive but year, I last uptick to acceleration there. seeing to we not continuing yet,

I yet. the that's think back next not in year, recovered into half we'll but more it and fully see

from And deals. revenue of Yes. book question part your online Chad, second coming previous the about the

time We on those. are with

of the part pick were go-lives. from includes So that done the guide that going of we're revenue up through the bookings some our to earlier

going to So, see happen. are we that

Good. again. Great job Nice Congrats quarter. to hear. the on

Thank you.

you. Thank

question Robert is next Oliver Baird. W. Please Rob from Our with proceed.

Thanks. Great. Good Hi, afternoon. guys.

recover. in first of for say question, you're term guys still strength near I to one your of in kind little that that fair Stefan land on corollary light there but your well on that around bit assume, to just upside motion. slower Andres terms I be I think expand are So, from and as is of think of bit commentary side more And BXB BXB you. commentary the a right it around of sales touched you I is kind to is airlines of the cycles, coming predominantly guess, Is the would market And that also a that just little it, so correct?

Correct. BXB both overall Correct. on what's driving efficiency bookings improvement, really on sales the acceleration is the and Yes. growth. the

then, Great. quarter. I for And mean strong Great. Stefan, you.

just here, full but raise So the small revenue subscription and the guidance despite QX of nitpick was a beat reiterated year. the

and think that? And coming looks about raise we like how the think and should from way to that it? it So maintenance services stuff. is right Thank Is you. the about

we've implied the demand, in an expand new Andres' of and strategy a to and see way in the Yes. with That let is put that happy through booking half what's uptick will in we into And logo about place. think comments land because standpoint. why and you mainly that what give the had guidance me very We're is from color a it, think the right I first but is. little performance

they tick in migrations the little happened the of a been what's year. would thought first where a we have be our half So behind is Rob, that

the as impacts behind, see thinking. is previously is being And little so that, the a little And ARR maintenance the going turn, early we're year. I bit subscription result that next subscription What think expecting later on were happen guide year to we in in means of revenue. a a hold them migrations more to than for and to

a into news slower - migrations year part that's half part we year, the as bear that's this good to the fruition to little first come latter going year. of next of reason go next and but for it early of still is of bit Now the is to the in the the

Okay.

right, Thanks much. very Yes, it. Got that's All helpful. guys. Okay. Appreciate it.

you. Thank

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

Stefan. and I new were Thanks the little connected Andres on ahead which purely slower your something you that to last customer Hi, what's a bit it bit the focused on business, of Rob little guys maybe but other, bit migrations don't net to guess, Is my year to Is for first side? may seem wanted what driver each half seem I here. slowness? there expectations? a on Stefan, to the taking the think? you be here the than to in questions like little the than to of seems more are They what be on a of key answer you I maybe follow-up there indicate expecting. be independent know, we it

solutions been you kind there's a our of leveraging of new eight of for about the years in sale. be that customers versus a point going motions they the value similarities on now over understand in there's reality, it. different what more kind But are - see terms - I a disconnected getting have Scott. migration on of because that lot Yes, from would than intuitively, surface

the within changes do for They've that with up to to our match IT And migrate they're their always line got their cadence doesn't wanting business. theirs. customers to a and wanting time things

our towards big move in opportunities So there the tilted selling a takes effort. that. the that have more a sales to seen our pipeline that. reps and on There's marketing in order And effort strength new with and given that is logos, migrations, place we've

more to years attracted several think this. I logo about reps And we wins. are ago, new talked Naturally,

than we've of do that's that a news is those of going - bit migrations. of But reasons come. delay still seen good the and a why And impacting are the on the those see We some so, be we to see one so had a thought we subscription in initially little what's and and beginning that's of They're our subscription those still going the at year, to ARR later revenue what future. the guide. just

heavier perspective, helpful. Got follow-up than in from it. I especially customer year, your perform, the Very attended conference then May, certainly see obviously, this attendance a And given annual been the relative where was company? would last momentum Andres, off to historically, Because know conference? we a do very the pipeline that I pandemic. good type driver What and of you marketing it's are see for year

of an results of that Overall, creates Yes, a we a a event. deals would Outperform really see our and momentum. always large part great quarter were drives Scott, our a to It event to tends lot And of close question. in great drives new Outperform our well, expansion opportunities. last I lot be event, in as it say lot acceleration

the board would say IV resonated across that I lot of our Gen innovations. new And a AI and the

have seen were we with as of of bit a as Outperform. our of part that we post-Outperform last So, wins interest saw well many quarter quite

all I questions. have. Great. Thanks taking for my That's

Thank you. Scott.

Northland from with proceed. next is Markets. Please question Our Nehal Capital Chokshi

are to, of I'm revenue of or was that upside? drivers, - I XX%. Was the that of is but on billings here the rather some or bigger quarter. Recurring recurring bigger expands think billings? big expands new it guided for which the driver them What's both Outperform quarter, a congratulations June for driver, a up you sure of what year-over-year revenue well of the XX% had and strong one was what Thanks - ahead customers Stefan,

little new customer good strong and year, very definitely higher split I overall but existing. is well, very trending tilting new. seeing It's seen between say talk adds. we We're more new as about new Yes. bit XX-XX would It and was new a towards driving. a Typically, expansions customers. still We've this

to the that we're you opportunity in quite asked not about as talk the little take to we what as bit to I'm pointed question was, see coming, half, I going the because because it a because highlighted. just want second of a Nehal, good out, Andres good reasons saw glad second quarter Yes, you as

But quarters did QX. QX something similar very we're in as expecting to QX, in QX, see we the

because QX the then billings be see down, flattish, in going of So timing slightly of and nice we'll is to a a maybe even recovery QX.

identical almost happen QX. you QX what in So to QX, QX, saw in will

I'm sorry, you say the QX by just deceleration question - clear, down just way, you out mouth. next year-over-year? of my But when be or took to my right down, do you mean

Down year-over-year.

billings So it's prepared I on, really think my look more the I yes, metric, really you XX-month in to the when and of that's amounts can because a movement - the dollar at trailing in highlighted which metric remarks, large, focus a quite timing invoices quarter-to-quarter change rate that basis. growth could a on of material those of be have terms of year-over-year

the calculated So be perform settled best dust to trailing all of end at way can has - growth revenue is the rate. look going of see months we at how when the XX that to in course day, total growth to expect will a you to over billings and it. at look similar it's the our we're XXXX, the And

XX Salesforce achieve time you impacting if one see sneak Do Great. in to price your of announced rule could on average list projected raise And I here. X%. performance? then that

part. I catch Sorry, that didn't last

negatively? Do Salesforce's achieve positively PROS ability you either price to of their impacting see XX or raises rule performance,

that their on But for bringing more front. especially already our and really because just prices them CPQ the positive, us, impacting potentially opportunity overall, higher we high business. creates were don't anything, If see

Why you Why to is wouldn't impact your business? that? expect

it prices. negative raising any negative potential than I If any but in don't positive, don't impact. it's see affecting anything, way see I

Got you. Yes.

you. Thank quick. Exactly Okay.

you. Thank Yes.

Capital Our is from next Celino KeyBanc question proceed. Please with Jason Markets.

me like ancillary just on know for that of is a side. customers IT double-click anything to or some these Nice hear spending to bit. seeing not guess pipeline the products new If curious mentioned more but Thanks share can I'm the kind to we confident you if little levels, wins momentum. quite management you're airline nice strength revenue are I back new for that Is momentum afternoon. can Thanks. a in. upgrades I about it filling logo the pre-pandemic to the digital there. related hear on there? Good offer. you couple - is it you of of

Yes.

of First BXB we've more quarter I did oriented. in seen the all, The clarify want momentum to something. was

So not the terms the year, we technologies travel, momentum BXB. highlight travel, the continuing of in to compared digital seeing like But to see one technology. but we're marketing continuing did of fare we're it's areas the last momentum. It's

interest the experience The of of of the whole seeing areas And invest. airlines solutions those that seeing digital are next-generation future the are RM industry. in of the Think we're ones those retailing, offers. more type about digital creating and you're relevant the we're for in kind passenger travel the how

seeing just an front? update on Perfect. environment. that And then or - maybe any Are that just on the guys less Maybe you competitive anyone trying to clarify prior question competition. on updates

strengthen. competitive sales velocity positioning more, win BXB improve in major Nobody say, to competitive feel rates the our about the I I to No is side. would in talk just seeing continuing that on our general, did We Yes. environment. or we're changes on less continuing

no environment. the overall, changes competitive major So on

Okay. Andres. Thanks

Thank you.

America. is with question proceed. next Our Please Bank from Cheng Victor of

thinking management, as to a we And in success macro? you assumptions Hi, Andres Is quarter, about answered, and for 'XX. Congrats you're which 'XX been to you on about what M&A currently offers your thanks that about solid the - expect thinking I'm bit end taking a compared of you Stefan. has Can side. for the it specifically, market my one of Are baking well? into on have Most outlook. bigger for achieve in the you the growth. growth but are that - - what some talk the some more maybe of and from should airlines addressing? my And assumptions would for level be questions. then

Yes.

So color for I relative asking that Day. Analyst the 'XX, for assume to Victor, gave you're we at our -

We what today. market the are looks change significant like assuming any not from

be assumed today into are market that we that state future. of would So, the steady conditions basically the a what exist

So worse. nothing nothing better or

then of the least expansion assuming TAM So considering that's travel it growth of at that really to business, pertains any And what this the TAM, in for kind we were in were not our assume. in we as we model.

Now upside I do feel like related that. there's to

include that's the that management. see that. offer I to the even we some together month and that expansion to and occur order the that offer we does order achieve help through As so, outperform us gave pulled opportunities But of last not management, as from or color or present TAM think we going TAM maybe model and expansion

Thank it. you. Got

and Ladies we end Overdeput for call to back the gentlemen, session. would you. Belinda our the like over closing comments. have question-and-answer of turn Thank reached to I

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

Leadership We the KeyBanc and in attending and Oppenheimer on Communications August X will Forum Virtual the Internet Vail Technology, on August Conference X. be Technology

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

Thank today's you. will This conclude conference.

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