PROS Holdings, Inc. (PRO) saw its loss narrow to $20.21 million, or $0.65 a share for the quarter ended Mar. 31, 2017. In the previous year period, the company reported a loss of $20.48 million, or $0.68 a share. On the other hand, adjusted net loss for the quarter narrowed to $7.38 million, or $0.24 a share from a loss of $8.05 million or $0.27 a share, a year ago. Revenue during the quarter grew 5.80 percent to $40.13 million from $37.93 million in the previous year period. Gross margin for the quarter expanded 3 basis points over the previous year period to 58.61 percent. Operating margin for the quarter stood at negative 44.03 percent as compared to a negative 47.39 percent for the previous year period.
Operating loss for the quarter was $17.67 million, compared with an operating loss of $17.97 million in the previous year period.
However, the adjusted operating loss for the quarter stood at $10.84 million compared to operating loss of $11.80 million in prior year period.
Chief executive officer Andres Reiner stated, "We continue to see momentum in our business with a strong start to 2017, driven by 49% growth in subscription revenue. More customers are adopting our machine learning solutions to power modern commerce, realizing value and expanding quickly. We also grew total revenue year-over-year, reaching a key milestone less than two years into our cloud transformation. It’s exciting to see our vision unfold as we execute on our mission of helping customers outperform."
For the second-quarter, PROS Holdings, Inc. forecasts revenue to be in the range of $38.50 million to $39.50 million. Pros Holdings forecasts revenue to be in the range of $162.50 million to $165.50 million for fiscal year 2017. On an adjusted basis, the company expects diluted loss per share to be in the range of $0.27 to $0.26 for the second-quarter.
Operating cash flow remains negativePROS Holdings, Inc. has spent $12.19 million cash to meet operating activities during the quarter as against cash outgo of $2.76 million in the last year period. Cash flow from investing activities was $8.93 million for the quarter as against cash outgo of $35.97 million in the last year period.
The company has spent $2.87 million cash to carry out financing activities during the quarter as against cash outgo of $4.36 million in the last year period.
Cash and cash equivalents stood at $111.87 million as on Mar. 31, 2017, down 5.76 percent or $6.83 million from $118.70 million on Mar. 31, 2016.
Working capital drops significantly
PROS Holdings, Inc. has witnessed a decline in the working capital over the last year. It stood at $62.98 million as at Mar. 31, 2017, down 40.69 percent or $43.21 million from $106.20 million on Mar. 31, 2016. Current ratio was at 1.67 as on Mar. 31, 2017, down from 2.16 on Mar. 31, 2016.
Days sales outstanding went down to 81 days for the quarter compared with 92 days for the same period last year.
Debt moves up
PROS Holdings, Inc. has witnessed an increase in total debt over the last one year. It stood at $123.97 million as on Mar. 31, 2017, up 5.57 percent or $6.55 million from $117.43 million on Mar. 31, 2016. Pros Holdings has witnessed an increase in long-term debt over the last one year. Total debt was 58.83 percent of total assets as on Mar. 31, 2017, compared with 46.90 percent on Mar. 31, 2016.
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