HOUSTON - PROS Holdings, Inc. (NYSE: NYSE:PRO), a company specializing in AI-powered SaaS solutions, today announced the appointment of Jennifer Biry to its Board of Directors as an independent director, effective immediately.
Jennifer Biry brings a wealth of experience to the PROS Board, with over 25 years in accounting, finance, and operational roles. Currently the Chief Financial and Operating Officer at McAfee, Biry oversees a broad portfolio including finance, strategy, and global operations for the cybersecurity firm. Her tenure at McAfee began in 2022, where she manages operations exceeding $2 billion in annual revenue. Before joining McAfee, Biry was the Chief Financial Officer at WarnerMedia from 2020 to 2022 and held several leadership positions at AT&T Communications, including Senior Vice President and Chief Financial Officer of its Consumer segment.
PROS Non-Executive Chairman of the Board, Bill Russell, expressed enthusiasm about Biry's addition, citing her leadership and financial expertise as valuable assets for the company's growth and shareholder value. PROS President and CEO Andres Reiner echoed this sentiment, highlighting her operational expertise as a significant contribution to the company's expansion and market opportunities.
Biry herself remarked on the honor of joining the PROS Board at a time when businesses are increasingly turning to AI solutions. She is looking forward to contributing her experience and knowledge to further the company's success.
The search for the new board member was conducted by Russell Reynolds, a leading executive search firm.
PROS Holdings, Inc. provides AI-powered software for pricing, CPQ (configure, price, quote), revenue management, and digital offer marketing. The company has nearly four decades of industry experience and serves various sectors, including airlines, manufacturing, and services, aiming to drive profitable growth for B2B and B2C companies globally.
This board appointment is based on a press release statement and is part of PROS's ongoing efforts to strengthen its leadership as it leverages AI to enhance business outcomes for its clients.
In other recent news, PROS Holding Inc. has reported robust Q2 results for 2024, surpassing its guidance and achieving a significant profitability milestone of an 80% non-GAAP subscription gross margin. The company has revised its full-year guidance, forecasting higher total revenue and adjusted EBITDA, while also indicating potential delays in reaching its Rule of 40 Company goal due to challenges in the travel industry.
PROS Holding's partnership with Microsoft (NASDAQ:MSFT) and the utilization of generative AI in sales were among the recent developments. The company's Q2 earnings demonstrated an 8% growth in total revenue and a 14% increase in subscription revenue. For the full year, the company expects total revenue between $329 million and $331 million, indicating a 9% growth at the midpoint.
The company also forecasts an impressive 94% year-over-year improvement in free cash flow, projected to be between $20 million and $24 million. Adjusted EBITDA guidance has been elevated to between $21 million and $24 million, signifying a 275% improvement at the midpoint. However, the company has also expressed caution regarding the travel business in the second half due to operational and supply chain challenges faced by airlines.
Despite these challenges, PROS Holding remains confident in achieving its growth and cash flow goals, driven by strong deal volumes, win rates, new customer wins, and expansions, alongside investments in innovation. The company is also planning to expand into new industries on the B2B side, aiming to activate approximately 40 industries at a faster pace.
InvestingPro Insights
PROS Holdings, Inc. (NYSE: PRO) has recently made a strategic addition to its board, which could be pivotal as the company navigates current market conditions. Here are some insights based on InvestingPro data and tips that might be of interest to investors following this development:
- The company's market capitalization stands at $904 million, indicating its mid-sized stature in the industry sector it operates in. This size could make it a unique player, balancing agility with the resources needed to innovate and compete.
- PROS Holdings has experienced a revenue growth of 9.36% over the last twelve months as of Q2 2024, reflecting its ability to expand its business in the competitive AI-powered SaaS solutions space. This growth is a positive sign for potential investors looking for companies with upward trajectories.
- Despite the growth, the company has not been profitable over the last twelve months, with a negative P/E ratio of -20.82, which could be a point of concern for investors seeking immediate profitability. However, this is not uncommon in growth-oriented tech companies that are investing heavily in expansion.
InvestingPro Tips highlight that analysts have revised their earnings upwards for the upcoming period, which might suggest confidence in the company's future performance. Additionally, PROS Holdings is trading near its 52-week low, which could represent a buying opportunity for investors believing in the company's long-term potential. It's important to note that the stock has fared poorly over the last month, which aligns with the broader market trends affecting technology stocks.
For those interested in a deeper analysis, there are additional InvestingPro Tips available at https://www.investing.com/pro/PRO, which could provide further insights into the company's financial health and future prospects.
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