PROS (PRO) 30 Jul 242024 Q2 Earnings call transcript

Greetings. Welcome to the PROS Holdings Second Quarter 2024 Earnings Conference Call. [Operator Instructions] As a reminder, this conference is being recorded. I would now like to turn the conference call over to Belinda Overdeput, Senior Director of Investor Relations.

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

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

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

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

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

] platform, Good market-leading on high improvement achieved subscription subscription margin. high trillion delivered a in despite afternoon, profit XXX% margins. by positive for achieving improvement yielding of significant I'm extremely thank while a Thank first XX% total adjusted X.X gross profitability you, a guidance X% subscription to expanded metrics. expenses. In customers We team transactions of non-GAAP powering free which [ results building joining grew revenue gross solid optimization cash our XX% flow Year date, of year, a by We us delivering metrics we've goal ranges value and immense and revenue for EBITDA while milestones. Belinda. drives our for revenue both and QX, the today's also we second long-term you end quarter, everyone, the delivered call. exceeding across all year-over-year, seasonally XXX% in and proud our with half

the that second business. our XXXX. enjoying in the the and continue and half Typically, for bookings, certainly cautious These airlines respect strong to Now passenger challenges. with in supply is impact was and face we're processes challenges seasonally the airline Despite to case lengthen operational [ demand, Travel half, strong cycles. approval ] second chain being sales cost

our to detail. We for becoming our Stefan strong. travel year-over-year, As and We've in be achieving bookings considerable committed outlook progress, of long-term goal which our a XX impacting long-term remain XXXX, fully goal our assuming made more company. achieving our in confidence cover result, we're Rule of down will is will a

what our fuels conviction. Here's

favorable strong First, we ever, increasingly continued the value volumes proposition PROS than see relevant dynamics, platform and driving and rates. win deal both more of is the competitive

improvement, Our for clear [ ] [ and and activity. growth top prioritizing margin initiatives revenue means value a driving expansion their proposition is why by ] process as more board fueling customers supported strong are

and sales chose the platform innovation price chose the optimization. starting points, Second, a countries over highlight activate platform wins. faster the data the PROS growth strategy. medical smart PROS partner that around deliver on our selected accelerate realize, X to rates, depth expand channel. goals activation PROS help to that them time win their value, company globe. Dynata, leading platform e-commerce land, we future from Smart partnership sales and The their with regional drive customer of empowering to company of support to a their and offers. breadth to and span a to direct Dynata team With for examples as of share and strategic expansion CPQ global devices their land initial objectives. and quote activate new is top selected beginning the invest PROS sales accelerate winning these market-leading in solution A Smart CPQ, global increased platform a their QX first-party will the our to XXX time to accelerate our continue drive in with few to to QX of platform can bolstering I

expand on as with platform. platform our announce the expansions. few multiple drive underscoring of the value globally, A decided Now, expanding I they success operations. QX, PROS to global BASF's with highlighting expansions our platform across shared continued Ingredion to proud the We're that of quarters Ingredion's ago We're has PROS, regional to solution. also PROS

these BASF largest diminishing Sales drive locations. priority the in strategic customer This for XX Hertz making the cost and their opportunity uses in allows by customer powered one how at innovations With highlighting price solution experience. Philippine enabling data based travel North of Airlines strategy our expanded between outcomes drive excellence supply featured Generative had of always remarkable of success and seamless to conversion conference deployment. Hertz business expanded turnout with speakers and the the even AI solution data inflation We ever. their will face has neural activate. is The across frictionless more technology PROS of its AI we platform of all real demand, digital better organizations. and uses set customer network central which pricing prices platform platform, to by end-to-end volatility, activating to in-person to are Outperform power sales our customer a faster easier across global event to and a PROS a This of our a the just achieved As fluctuating group use This largest America innovations chemical time. to record-breaking core producer, PROS a with showcased who by a systems in the aware for and who May, optimization third-party XX capacity world's and are. real-time many significant years, integration Optimizer. driving AI PROS channels, GSO, the their transformation sales to patent-pending chain growth fleet platform Airlines, making innovations new to been experience. Innovation use stories win AI increased Philippine a capacity for choosing business on against demand power PROS, assess share we activate driving supply over released them Group motion to PROS

strengthen like unified has drive change centralized further of McNabb, Todd generation Officer, all a Chief thank over strategy. I our their land, demand will turn Stefan global Finally, the our across productivity, our to drive to our thank Revenue We're customers partners phases expand to customer the to and flywheel, go-to-market communities. rigor like is their that and our building outlook. cover journey, and ongoing Travel go-to-market financial engine would team to and will success. PROS, dedication our performance and teams. unified for a This revenue to realize, from to would I our customer that, to for the incredible passion also shareholders customers, support call and of BXB I scale and PROS. With

component is more goal. to range afternoon, of as our Thank This profitability you, good pillar Andres, organization. becoming XX an A our efficient core Rule of attaining the to strategy is and a everyone. key

total years. Comparing points over So the our X while points. our I made basis revenues the by XX% by non-GAAP years XXX margins wanted subscription X we to improving gross start year ago, results by have from our by grown margins XXX last discussing we per progress basis and our have non-GAAP

improvement basis expenses We resulting point also by X% in have of our X,XXX time, operating span of year a EBITDA rate adjusted per in reduced a margin. during that our

we new We have in drive in efficient of even initiatives the have our underway future. to and more become every more company, efficiencies part

$XX.X year-over-year, revenue was year-over-year, on and I'll $XX both some quarter second guidance. results. million, XX% Now up million, share up total more our exceeding revenue Subscription details was X%

to were gross Our second billings and XX% year-over-year. for than rate revenue below bookings $XX recurring better. Services than because be of our quarter our X% was retention year-over-year was which services trailing service expansions, X% the XX-month revenue trailing new less second total million, of XX% expectations down increased related require was subscription or revenue, bookings portion the months. This slightly higher and a in logos. Calculated -- to revenue quarter continues XX subscription from our XX%

billings point trend where be expected last expect to the to QX is stronger. year, forward, in to similar the lowest year calculated follow be a Looking and at growth we to QX

growth expect billings for rate total to calculated For the growth. we the approximate revenue year,

put second this we our XX%, the achievement Andres gross As year-over-year To perspective, XX% highlighted, an of margin non-GAAP subscription points increased quarter, of and an into margin a XXX years high. goal all-time X ago. basis subscription targeted first over to in improvement

at the attaining the process, the we XX% of we margins time. and our volumes Given AI data really see didn't sophistication subscription

a we ago. services, subscription and eventually and an a operations long-term our margin improved team that Day our set Analyst of engineering efficiency goal path months the XX cloud our as at to XX% saw As

this XX% have achieved a achieved Now updated have of is milestone. and planned, and that now true to this hard innovation engineering our we work team's testament it earlier goal we than

SaaS the cash exceeding than of year margin EBITDA cash free free notes. XXX $XX.X a generated in guidance From in more million second first net $X.X for XX% second significantly adjusted and cash quarter improving balance company. perspective, exited $X year-over-year. the improvement half non-GAAP the the the was the gross settlement convertible of nearly basis as generated quarter, in flow an XXX% investments, of of million the we and first in quarter, points delivered the and time XXXX an Our over million year. We overall positive $XXX.X a with year-over-year over second our quarter, last improvement of second million of million the of We remaining of sheet flow during $X.X

share, per quarter guidance. share second $X.XX per Our earnings exceeding was non-GAAP also

guidance. to turning Now,

As Andres in creates facing second risk mentioned, us the are we challenge operational some for airlines believe, half. the

it revenue guidance. activity typically to noted lower the our services from expansions. Accordingly, believe, some impact Additionally, the because adjust total to our and stronger-than-anticipated had attached expansion components service revenue earlier is that comes prudent of we some of I

year, $XXX our revenue X% the midpoint, services we growth we We anticipate from now X revenue representing So total at million $XXX and in are what anticipating previous between guidance revising was in are because guidance. million, areas. lower our for the implied full of

$XXX now of a X% at million million, between representing anticipating and improvement free the subscription growth million are $XX and ARR $XX representing million, midpoint. flow between at XX% $XXX we cash We of midpoint. And expect the year-over-year

$XXX.X third for $XX the million, quarter. representing guidance midpoint, guideline the at for subscription revenue representing $XXX.X million, a between We million are are $XX our raising reiterating we and and guidance to at and of growth for the of improvement midpoint. Shifting range the previous XXX% between EBITDA XX% million adjusted

$XX.X the between subscription XX% and expect $XX.X the at range We million, midpoint. million revenue be representing of to in growth

$XX.X and million revenue to at representing total million, the range expect of $XX.X We in midpoint. X% be growth between the

We an $X.XX per estimated to we $X.XX we EBITDA $X.X average between million growth progress progress and Andres's since non-GAAP goal we of towards $X.X in ranges saying and for want a flow share expect using of continue confident anticipate achieving a million will reach and conviction we X estimated long-term to continue being of over We've in of we goal. outstanding. I based third the at on XX%, our to and adjusted comments echo Rule rate revenue set and earnings that this make our margin little free considerable non-GAAP XX million shares company. that to have a XX.X diluted goal year weighted cash ultimately ago, are total tax quarter made

we of Although thank approximately likely and this X for acknowledge our PROS. the goal that would closing, year. In push conditions by global I will support airline the achievement customers to also the our team of their continued current in like space

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

Instructions] first Stifel. of the question Parker comes Lane Our line from with [Operator

what on time challenges Travel Andres, facing? to some I about a when them? the more they're and do behind was they a what conversations the customers if those anticipate importantly, you're line hearing into with potential for go more you And wondering the you're the are could bit you of thinking about having detail challenges in put

with close question, Great working airline would I tell look, customers. very Parker. you, we are our

team working we're changes also and myself numerous value We're help help support support area. they're the little wanting to in back areas with in fact, activate. think get to and operational right team airlines to where and focus the smaller their are as seeing teams. CEOs their with of top making as well executive is In now What with is had we and them I that line, they provide of them some executive investment can drive meetings

we to tell is pay out in, we're [ them like deals areas had in in, always, stronger, due for continuous would we're them has has to willingness the them. they leaned I we're as is times help components that with to activate convinced that's supporting believe. to that we're ] when as support and I going been of And in approach, always close operational the to airline But to challenges feel you lean supporting challenges that. and tell guidance ever can pricing, started, face is Definitely is it whether to our marketing, be leaning [indiscernible] process. I consistent the in our can what and we consistent the be these in that there So airline come we've off in in them industry, industry what their platform while happen. an we've impact QX, we're with support been through you teams and that, providing going get

And maybe for then, and you. bit Stefan, ticked up little I a marketing quarter-over-quarter. see one sales

go-to-market and You Travel BXB. also of of unification talked the about the

term in that efficiencies the what near here, can unification drive are and your thoughts wondering, both Just potential the in on long-term? stages initial the

BXB Yes. Outperform with tell really had to organization a see the do more event, second we Parker, activities. your that one [ do the organization in our to marketing -- was to would the organization. is what cost. result benefits be Travel that We continue and expect ] up come quarter to up to bringing that I the you drove point, and tick efficiency more of, along the as

I perform you'll said, line that see well. item think, So continue to that

order other slightly think to I to as compare might through of continue last we want we make go marketing pipeline. primarily rest because to year, up investments as funnel be improve to in the year and you of it our the our

the Needham from comes question of line with Scott Berg next Our & Company.

I first growth revenue would starting comfortable of, and about we'll getting of for it, not to the ARR that an high early, end question the thinking into a year, call revenues rate given here growth for the Stefan, by year? on would next 'XX, us X% here -- you with that is it's XX% be too know your way you guidance, or drive growth calendar if have I into exit the why in here single-digit year subscription your current right point next XX% start Or with? but

Yes.

what first We're one subscription planning So make yet. I comment guess, leading can be. of to just second, all, say a when 'XX through really that dictate through our is we will is at what I ARR that process go is I'm not But look revenue our factor Scott, not going to that to the going on that. metric,

the The other from in-quarter is part what happens bookings.

some that products And help ancillary sell to that think, things doing situation you improve doing starting question I their be airline the Parker's things offset think would things earlier, a respond so, from I to situation, which to ARR. the we're to actually can subscription we're might see doing our the we could what be to that There's respond to go-to-market. point, that

So at a year. point growth upper that would we next not this to are be single-digits rate for in conceding the

that we things However, respond are rate you give better ]. I answer we're ] But could point this that growth give starting what to to a a can might some like. look think to doing [ also than there not [ prepared us be environment

the be profitability 'XX opportunity into is, if comment, how lag that for then it that believe that yourself on there think XX Or growth going this the Rule to pushing more do in particular, I what's about now in components was might right probably you're if but related or Travel the well? tackle around the calendar we to from of Stefan's or details don't want your component of segment is pushing push? last 'XX, what X following revenue as And Will now? I goal some given the year on Andres know one up

we me, the focus we're on if with realize, opportunity our and can XX% the cash said, in you, I XX% and Yes. changing executing I'll and XX% improved last volumes I on about on year you you, and land, revenue strategy. continuing XX% what free To the aren't components XX% tell we're to to expand to remember, continue deal growth look, we're very focus market We perspective. on improve, on my Scott, cycles give BXB excited had our improve consistency. XX%. always how flow. side, you tell to can sales year-to-date,

to Todd Travel, and execute changes think to continuing unify drive on with going about it's effect, pleased the -- and a continuing to what rigor. I'm making all that land So as continue build expand But growth payoff the flywheel more that I we're of to on this. our to believe build big realize, land, I year he's bit organization, is strategy very we we opportunities and and we XX% to because that's have and next strategy. And and a are the our lands expect are down little execute over a beyond. small ASPs on can get trying

around ] for So our best are our customers business. outcome drive to [ and possible like, we for this the rallying

just the drive they trying in, in cognizant better letting to So to help and for support us in of go support the future. but outcomes growth of and and business improve, to this. we're all not continue We're growth need areas we're be them to them

Yes.

speak, to that we're I how growth to a to achieve accelerated want XX start XX. to of of an about fast that, be we've year, challenges revenue of We the I think, to the the we Rule just sustainable. achieve think how that happens not a couple achieve can But of have that's XX. we so through ways referenced want to be Rule add Rule a nice rate. could there's and comeback it to way a mean, once

putting Andres's on X to be to working off that the could at we're can XX% XX% So side, foundation margin. also years platform we to just growth a rate have flow but and basically XX% then of come many to in [ a the that ] point, that year, for not cash for generating shows more be XX% revenue free that

to it's push ahead level us think but ] to just really the that you performance decided for delivering a because to take multiple going year, for reason count X be and what to X [ find us So we it on to year that's we that years. went so XX, of is not of consistent Rule can

Our line question the from Patrick comes with next Schulz of Baird.

Maybe first at I in a more this. the just progressed? that a how partnership of Microsoft earlier has you interest Outperform talk Can partnership. event year, the about on there think this little was customer lot bit

pipeline of Just curious half has that to into and this how XXXX build translated second year well? into the looking as

Yes.

motion, technology to overall, opportunities of We're but the with adopting It's and excited. to we're collaborate on on Year pipeline, in this both our I an for continue partnership. deals time. on sales the Generative Partner the jointly very opportunity generation won the from sales the early next on So of just of we're collaboration, stage technology. where the a the sales And opportunity. you believe, excited the very I We're work we of copilot, many areas innovating. ahead. tell look, AI pleased would sales power is We innovations, second In about the Microsoft this

very So good. we feel overall,

had generated could And registrants, you the the very, Outperform at was this very As year it excited Outperform, X than more I ago. and you X,XXX very positive, Outperform, double we XX from compared that about speakers. opportunities tell to customer year feedback we're saw,

Some with Microsoft played of into these that. innovations

feel So very overall, good. we

been I Maybe customer's the has demand this more a deals quarter? relative And a But How maybe quarter of a follow-up last environment to to just too general updated quick viewpoint, from willingness anything Travel? expectations. on appreciate broader outside Travel last on as sign is commentary the quarter, the macro. relative to all changed the from

tell would through. not you, the to a be Yes. look, difficult Great question, Patrick. It's environment very selling to environment. get deals continues easy I

on. now, think fast few I our that ensuring that bets has value, can sell Because companies we're right to ROI, on time team been quantified right level. the selling focused they're at a are we taking very investing

hard So very continues you, the would very, environment. tell environment be to I selling

best Our the is to doing best the outcomes. drive team

I in seeing BXB think consistent the year. the average size deal remained side, we're with last

go little require they services which trying move highlight. that consistent value allows and them example, a get division We're in selling and doing to going a -- last ] more say in strategy seeing from into an value, that we as adopted would we're story starting I more those very we're is get well. I in they to not and motion. And a for you, well on to Ingredion platform, would quarter, in one [ no platform to we're a tell activate, to expansions, expansions. the have to that that's because is We're BASF working reduce. customers journey lot to So couple of seeing to expanding the ] we customers on it ago. years getting great they We're [ more leveraging a and and X, play faster because global,

land, no about selling But that. is it believe expand that environment, realize, I overall, definitely So a strategy working. is doubt difficult

question next of the Capital comes Markets. Our from with Jason KeyBanc Celino line

cautiousness? anything see if lot some on I the recently. Wondering caused vendor a know that just these side, started airline software a of companies Travel of Maybe for some had there you to of their with extra of of to security maybe some curious travel do reprioritization purchases? this was when that trouble

days [ of you late what to started industry, travel and probably That you, impact compounded of when into recover to the this the lot many have pretty would to they was as impact to And broad with a ] obviously, it. a But on see that. say, imagine, quarter incident quarter would had we that focus back had CrowdStrike do effect. bit a in getting that from and tell I beginning question. is the would the to Great Yes. I the operational.

guidance And impact that overarching just then, have the an if into how curious for customer decision-making, had thought the more have up. coming election Or ask, year. prior obviously on even the but given guide? question We kind the of you've just the built QX on U.S. I years elections like I'd dynamics? in a I'm of

Yes.

only I've X election here So been can't result occurred for I it. any dynamic sort previous and of that a cycles as of recall

a it's and question of because a lot haven't to we think discussion good I there's it -- looking in really I know it. an of are from how around seen But impact invest. there's terms topic customers

didn't to into relates election. factor as the we our guidance one way or it So other the anything

Our next Oppenheimer. line comes from with the of Schwartz Brian question

out terms average you're I the logos? still environment BXB there ] in QX, duration if business sales to just you in you times seeing in tough or for of consistent want new ask any QX versus what pretty [ cycle in saw downtick

question. Great

organization, more focused. improvements. unifying the that we've in driving by is the to consistency I So organization. in say I and on Todd that, XX% across I think think I those and the still improved the we're wouldn't to would changes overall, tell on [ we're that overall, declared pleased But And and even We're focused We're rigor improvement, that. I victory. with the that QX, are seeing on, BXB making year-to-date. I ] you, would QX execution. And motion, our that's would times helping improve I cycle sales have jointly consistent improvement think, I say it's say

seeing also for A implied revenue something follow-up that subscription you're when growth normalized in exiting business for your confidence giving The reaccelerate that question QX. the and to I Stefan. year? QX to you the was reacceleration guidance customers as subscription on comps. is guide you you're there just for either you're It had or the thinking for from is pipeline hearing guidance Is about even the

Yes, Brian.

And you that X a all accelerated we're look rate. knew because year subscription we we at because guiding to subscription when much revenue from growth specifically, ago. we in of some half our ago year planned QX recognitions benefited that higher was a X number of had lower So, along second

that QX returning and expected better dip along dip in that of back you're kind to So see a then fourth to quarter. -- in all the growth seeing was a we rate

pointed between bookings. you bit we that that. you increase certainly are guiding QX So to were deals would expecting also is of that recognition, we the what's of starting and little the sequential have new into QX to we are out, tell what but backlog revenue And the from be the driving a as that. I built expected

half. forecast than did to full though we've half, in the to the even So bookings half see second from half a mostly we still booking adjusted we words, to second other year. first our still down expect the second we to are relative good expecting In year the more see the in

feel a see increase is QX. a we guidance of over part bit and of QX the like while that an So can

coming season? impacted in customers you was I Was of mostly the in, ahead add-on and that if you just buying Stefan, that on any then, or expansion activities more with could good XQ. in Did Or headcount? sales renewal their of early more kind expansion at And by activity renewals? had have just all squeeze one it of

Yes. Brian, renewals. of we time see to it's but predominant part from that a not time, our

on had the quarter -- that but to We perspective. attached our may to would have anything say were pretty second were time. abnormal relate that's that small had number much -- a Most I see we from a that little that not early, renewals were So in expansions normal. of did pretty

Craig-Hallum Van Capital the Group. next Rhee line with of Our Jeff comes question from

got couple. I've a

this quarter? BXB on expectations on the First, enterprise BXB hit the side, bookings did

with I bookings would side. say the BXB the bookings on -- we're pleased the

guess, of there bookings I expectations? terms any guide, implicit BXB so the in change forward to the was And

due BXB [ is forward expectations. ] No. guide -- I so not all the the in to would say change Travel, all

which started, data it got to then with it And to applicability Specifically, terms product, to of marketplace? lot it's get in broader X about experience of markets you you've more the having advantages. kind I'm -- vertical out product? on the more Gen curious were less It impact it's a that at more of to seen the a takes industries. seen older the opening bit get Have would enough up not able seem prior give that in you hear

to time already general, we're tell going within us of BXB it drive would industries to the into acquire is it's very we But platform long-term [ XX And really is in. ] have after but could the focus in, been is new our we're one this it beauty the innovating believe, we've the serve been -- industries that for can side. expand. area. And activation, all the [ and on industries for industry customers dynamic. of of on beauty so to to could about and very we within much towards we any my can help deep innovations this in pay it industries. focused expand very, we're industries. industries the the us going can to our I dramatically. us fast and innovation, just is opportunity these and And activation, technology in the to aren't much in we've Look, want wanted go and about And That data the that deeper. ], deeper We going value go you, product with model reducing help We

go of plenty after ] go deep. we TAM to have So [ and

do how right those activate industries us -- even now we is that particular for faster. So

just if in. I sneak one last could Maybe

know, anything a and into pushing respect quantity ago? and now opportunities, to you're what Just side? you even, land share I'd don't land of that size like that's I more price to broadly a trade-off versus more love sense of expand maybe a BXB X typical speaking, the And but looks how get the with As year and playing? can and

Yes.

land And and executed fast range. drive was that our -- to tell ago, years X place ] great So I strategy to X a we would It's zone on our XXX,XXX kind the to average on [ that last consistent. you BXB ] of that size to to goal that remains me [ the this expansion. and in is platform get to range. that's year the And year -- deal XXX,XXX

consistent. I it And last So year-to-date expect I say, the exactly tell you, year. that as would same would is I remain to would was

question next with Markets. Capital the Nehal line Chokshi comes of from Northland Our

albeit it that expected. have expansions is sounds more correct? land did than Implicitly, than A, less like you expected,

BXB the that is correct. On side,

Yes, Nehal..

Yes.

And on it that -- ] [ why your side? less-than-expected lands is the BXB

to technologies we're expansions macroenvironment sell easier drive quantified into had, that obviously you, that and with to are would expand this focus would land cases And that and depending having tell margin on coming for do I because and difficult those. I lot I in incredible you, look, would in in. driving a see say And executed it's between lands particular where initiatives those in the quarter pipeline it. going as a is on we've are executing. to And achieved organization. we discussed, the changes do uplift I we and to you're you've around many read has of the and help too expansions, seen up they've that. value, any most value the on efficiency tell to you're much wouldn't customers

resources where they've that, it's already So that seen allocating want and them them we're scale, They helping helping into those sell improvement. accounts. to accelerate is to margin go drive

a free context lower still expectations? cash are the of get EBITDA 'XX I guidance in don't [indiscernible] the Stefan, flow then, why ] quite bookings [ but And we guiding travel higher lower

Yes.

cash. range that some it's XXXX. won't the get relates it's payments as So the the be I the of we that's year such items for relative get mean really when until -- realized occurring between some this to provided incentive EBITDA timing that the we to of guidance we improvement in profit benefits the when

for the see won't see improvement, EBITDA flow you free cash impact the few you'll but another So months.

So example. that's one

Our question next line Cheng of comes the with of from Bank America. Victor

asked, I them Most been if has of may. X, but

forward had split guidance, you that QX, BXB year mind BXB new you to Firstly, new with existing? previously, with well, versus previously, And not XX-XX the and I existing, remember some logos. full split. on color BXC, are expecting but across is more close new us in I split remember a still a just as what the versus of it's right Can more give And now? on going for lower

Yes.

we percentage existing half seeing opportunities. now, right say for see strong we're higher back of the So I than new. new a would

where are this expect wouldn't XX-XX and I we existing to So But that expecting We're a that XX-XX to between would split closer probably typically in we're year I range. new definitely split. say maintain. XX-XX expecting versus a

And regarding... maybe one

a we great X by landed remarks, incredible go BXB. my And and but -- are I and mean, in prepared just we the a there's there's both Travel on and that lands lands we that lands some a a very we're the into customers way, there lot companies, some it, is like new really highlighted then of device top incredible medical still And few of have didn't having. but lot

the that with happy we're lands getting. very we're So

other And how any they their long-term? on FTC's potentially limit limit maybe and make do And kind value can one can your you the comments customers regarding think the of data use of will the maybe usage? you proposition in is, study kind clients' market data the

segregation it's At point, this clear in see we've more would data say as -- [ We between process to We had perspective, I this responding customers. just the more of From that. market. the always we're too Yes. early. understand to see them ] trying as

a the beginning. that's and So no help algorithm customer, can data the from for the train from algorithm or been customer very another

pricing EIA personal The our and other area that in help we their do focus algorithms. use identifiable is data, to the don't

right us and us for This to see learning trying just So any the don't for I is understand it's market. FTC this implications. -- broad now,

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

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

the on Francisco. the Markets Virtual TMT We on and Vail, XXth will Xth be September attending Leadership in Capital Conference Wolfe August Internet on Conference in the Technology Forum KeyBanc Communications and San Research August XXth, Technology, Oppenheimer

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