Pros Holdings Inc (PRO) 2023 Q4 法說會逐字稿

Greetings and welcome to the PROS Holdings' fourth quarter 2023 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 conference is being recorded. I would now like to turn the conference call over to Belinda Overdeput, Director of Investor Relations.

您好，歡迎參加 PROS Holdings 2023 年第四季財報電話會議。此時，所有參與者都處於只聽模式。正式演講後將舉行問答環節。（操作員指示）謹此提醒，本次會議正在錄製中。我現在想將電話會議轉給投資者關係總監 Belinda Overdeput。

Thank you, operator. Good afternoon, everyone, and thank you for joining us. Our earnings press release, SEC filings, and a replay of today's call can be found on the investor relations section of our website at pros.com. Our prepared remarks will also be available on our website immediately following the call and will be replaced by the official transcript, which includes participant questions, once available. With me on today's call is Andres Reiner, President and Chief Executive Officer; and Stefan Schulz, Chief Financial Officer.

謝謝你，接線生。大家下午好，感謝您加入我們。我們的收益新聞稿、SEC 文件以及今天電話會議的重播可以在我們網站 pros.com 的投資者關係部分找到。我們準備好的評論也將在電話會議後立即在我們的網站上發布，一旦發布，將被正式記錄所取代，其中包括參與者的問題。與我一起參加今天電話會議的是總裁兼執行長 Andres Reiner；和財務長史蒂芬·舒爾茨。

Please note that some of the commentary today will include forward-looking statements including, without limitation, those about our strategy, future business prospects, and market opportunities, and our financial projections and guidance. Actual results could differ materially from such statements in our forecast. For more information, please refer to the risk factors described in our SEC filings. PROS assumes no obligation to update any forward-looking statements to reflect future events or circumstances.

請注意，今天的一些評論將包含前瞻性陳述，包括但不限於有關我們的策略、未來業務前景和市場機會以及我們的財務預測和指導的陳述。實際結果可能與我們預測中的此類陳述有重大差異。欲了解更多信息，請參閱我們向 SEC 提交的文件中描述的風險因素。PROS 不承擔更新任何前瞻性陳述以反映未來事件或情況的義務。

As a reminder, during the call, we will discuss non-GAAP metrics. Reconciliations between each non-GAAP measure and the most directly comparable GAAP measure, to the extent to which available without unreasonable effort, are available in our earnings press release. Before I turn the call over, I’d like to remind investors and analysts of our upcoming 2024 Outperform With PROS conference, which will take place May 20 to 22 in Orlando, Florida. Outperform With PROS is one of the world’s preeminent AI conferences, where you will hear from experts across industries on how to use AI to drive business forward.

提醒一下，在電話會議期間，我們將討論非 GAAP 指標。每個非公認會計準則衡量標準與最直接可比較的公認會計準則衡量標準之間的調節（只要無需不合理的努力即可獲得）可在我們的收益新聞稿中找到。在我轉交電話之前，我想提醒投資者和分析師注意我們即將舉行的 2024 年 Outperform With PROS 會議，該會議將於 5 月 20 日至 22 日在佛羅裡達州奧蘭多舉行。Outperform With PROS 是世界上最傑出的人工智慧會議之一，您將在會中聽到各行業專家關於如何利用人工智慧推動業務發展的見解。

We will also host a panel for investors and analysts on the 22. Registration is open on our website. With that, I'll turn the call over to you, Andres.

我們也將在 22 日舉辦投資者和分析師小組討論會。我們的網站已開放註冊。這樣，我會把電話轉給你，安德烈斯。

Thank you, Belinda. Good afternoon, everyone, and thank you for joining us on today's call. I'm so proud of what our team accomplished in 2023. We had an incredible year. Last year, we delivered 14% subscription ARR growth year-over-year, significantly outperforming the high end of our guidance range.

謝謝你，貝琳達。大家下午好，感謝您參加今天的電話會議。我對我們團隊在 2023 年的成就感到非常自豪。我們度過了令人難以置信的一年。去年，我們的訂閱 ARR 年比增長了 14%，明顯超出了我們指導範圍的上限。

We grew our total revenue by 10% and subscription revenue by 15%, while generating $11.4 million in free cash flow, an outstanding improvement of over $33 million year-over-year. We set a goal to get to a rule of 10 in 2023 and we outperformed that goal by reaching rule of 14. We continue to be laser-focused on delivering to our long-term goal of being a rule of 40 company. The PROS value proposition has never been more relevant, as businesses continue to lean into digitization, automation, and AI to drive operational efficiencies and fuel revenue growth.

我們的總收入成長了 10%，訂閱收入成長了 15%，同時產生了 1,140 萬美元的自由現金流，年增超過 3,300 萬美元。我們設定的目標是在 2023 年達到 10 條規則，並且我們透過達到 14 條規則超越了該目標。我們將繼續專注於實現成為 40 家公司的長期目標。隨著企業繼續依靠數位化、自動化和人工智慧來提高營運效率並推動收入成長，PROS 價值主張從未如此重要。

We continue to launch groundbreaking AI innovations that are captivating the market. We are an innovation company at our core. Every year, we provide new innovations to inspire our customers and last year was no different. We added over 400 new features across the PROS platform in 2023, including revolutionary industry-first innovations, such as capacity aware optimization, collaborative quoting, and dynamic ancillary pricing, to name a few.

我們不斷推出吸引市場的突破性人工智慧創新。我們的核心是一家創新公司。每年，我們都會提供新的創新來激勵我們的客戶，去年也不例外。2023 年，我們在 PROS 平台上增加了 400 多項新功能，其中包括業界首創的革命性創新，例如容量感知優化、協作報價和動態輔助定價等。

We constantly innovate to drive even more value to our customers and help them thrive in the era of AI. The strategic changes we made in late 2021 with the launch of the PROS platform, made our market-leading AI innovations easier than ever to adopt through our land, realize, and expand strategy. The ongoing success of these changes was evident again in 2023 and in Q4, as we experienced a record-breaking quarter for deal volumes. In Q4, we drove incredible wins in new customer acquisition and expansions across B2B and travel.

我們不斷創新，為客戶創造更多價值，幫助他們在人工智慧時代蓬勃發展。我們在 2021 年底推出 PROS 平台，做出了策略調整，使我們市場領先的人工智慧創新比以往任何時候都更容易透過我們的落地、實現和擴展策略來採用。這些變革的持續成功在 2023 年和第四季再次顯現出來，我們經歷了交易量破紀錄的季度。第四季度，我們在 B2B 和旅遊領域的新客戶獲取和擴張方面取得了令人難以置信的勝利。

Now, I will highlight a few of our amazing Q4 wins starting with new customers. Schneider Electric and Castrol both selected the PROS platform to fuel their growth strategies. Schneider Electric, a global leader in energy technology, chose to activate our price optimization and management solution to drive winning prices in real time that continuously adjust to market changes. Castrol, a leading manufacturer of industrial lubricants, chose to activate our optimization, price management, and CPQ solutions to drive a superior customer experience by optimizing and automating their global sales process.

現在，我將重點介紹我們在第四季度贏得的一些令人驚嘆的新客戶。施耐德電機和嘉實多都選擇了 PROS 平台來推動其成長策略。全球能源技術領導者施耐德電機選擇啟動我們的價格優化和管理解決方案，以即時推動獲勝價格，並不斷適應市場變化。嘉實多是工業潤滑油的領先製造商，選擇啟動我們的優化、價格管理和 CPQ 解決方案，透過優化和自動化其全球銷售流程來推動卓越的客戶體驗。

In travel, we're winning new customers around the globe. From world class airlines to brand new startups, all of whom want to lead the travel industry in innovation. For example, Saudia, the flag carrier of Saudi Arabia, and Really Cool Airlines, a new start up set to take flight this year, both selected the PROS platform in Q4. Saudia is activating our revenue management and group sales optimizer solutions to power profitable growth with dynamic, market relevant offers and a seamless sales experience.

在旅遊領域，我們正在全球贏得新客戶。從世界級的航空公司到全新的新創公司，所有人都希望引領旅遊業的創新。例如，沙烏地阿拉伯國家航空沙烏地阿拉伯航空和今年即將起飛的新創航空公司Really Cool Airlines都在第四季度選擇了PROS平台。沙烏地阿拉伯航空正在啟動我們的收入管理和集團銷售優化解決方案，透過動態的、與市場相關的優惠和無縫的銷售體驗來推動獲利成長。

Really Cool Airlines is activating our revenue management solution to offer a personalized and seamless integrated travel experience to their customers. Now, on to some of our incredible expansions in Q4. Thanks to our continuous focus on innovation and value realization, we're seeing customers such as Smith & Nephew, Air Canada, and Japan Airlines, among many others, continue to expand on the PROS platform. Smith & Nephew, a global medical technology company, continues to expand CPQ across more geographies and business units, to drive even more value by powering a seamless sales experience across their global enterprise.

Very Cool Airlines 正在啟動我們的收入管理解決方案，為客戶提供個人化、無縫的全面旅行體驗。現在，讓我們來看看我們在第四季度的一些令人難以置信的擴展。由於我們對創新和價值實現的持續關注，我們看到 Smith & Nephew、加拿大航空和日本航空等客戶繼續在 PROS 平台上進行擴展。全球醫療技術公司 Smith & Nephew 繼續將 CPQ 擴展到更多地區和業務部門，透過在其全球企業中提供無縫銷售體驗來推動更多價值。

Japan Airlines and Air Canada have been customers of PROS for two and three decades, respectively. And because of the innovation and success they drive with PROS, they continue to expand adoption of the PROS platform. Japan Airlines expanded their use of our digital offer marketing solution and upgraded to our ultimate edition of group sales optimizer. Japan Airlines also added their cargo business on our platform, with the adoption of our price optimization and management solution in Capacity Aware Optimization AI.

日本航空和加拿大航空分別是 PROS 的客戶已有二十年和三十年。由於他們透過 PROS 推動的創新和成功，他們繼續擴大 PROS 平台的採用。日本航空擴大了我們的數位優惠行銷解決方案的使用範圍，並升級到我們的團體銷售優化器的終極版本。日本航空還在我們的平台上添加了貨運業務，並採用了我們在容量感知優化 AI 中的價格優化和管理解決方案。

These expansions enhance Japan Airlines' ability to drive winning offers across their passenger group and cargo businesses. Air Canada chose to activate our corporate sales solution and upgrade to the ultimate edition of our real time dynamic pricing solution. PROS' corporate sales enables Air Canada to drive a frictionless sales experience for their corporate contracts business. With RTDP Ultimate, Air Canada drives even more value through our latest AI innovations for continuous pricing, empowering them to price fares across the spectrum with the best willingness to pay AI to date.

這些擴張增強了日本航空在其客運集團和貨運業務中推動獲勝報價的能力。加拿大航空選擇啟動我們的企業銷售解決方案並升級到我們的即時動態定價解決方案的終極版本。PROS 的企業銷售使加拿大航空能夠為其企業合約業務帶來無摩擦的銷售體驗。借助 RTDP Ultimate，加拿大航空透過我們最新的持續定價人工智慧創新技術推動更多價值，使他們能夠以迄今為止最願意支付人工智慧的方式對各種票價進行定價。

As I said before, we are an innovation company. We're committed to continuously innovating, to provide even more value to our customers. This commitment extends beyond what our customers need now to address what they will need to drive success for decades to come. This is why we have immense pride in seeing longstanding customers like Japan Airlines and Air Canada continue to expand their partnership with PROS by adopting our latest innovations.

正如我之前所說，我們是一家創新公司。我們致力於不斷創新，為客戶提供更多價值。這項承諾不僅限於我們的客戶現在的需求，還滿足他們在未來幾十年推動成功所需的需求。這就是為什麼我們非常自豪地看到日本航空和加拿大航空等長期客戶透過採用我們的最新創新來繼續擴大與 PROS 的合作夥伴關係。

Our innovations are not only driving expansions, but are also inspiring customers to migrate to the cloud like we saw in Q4 with Hewlett Packard Enterprise. HPE has been a valued PROS customer for a decade, and now, they're transitioning to the PROS platform to take advantage of our latest innovations in price optimization and management, including our industry leading real time pricing engine in our Gen IV AI. This is such an exciting time at PROS. Today, more businesses are focused on how they can use digitization, automation, and AI to drive profitable growth than ever before, and we are well positioned to capitalize on this market opportunity.

我們的創新不僅推動了擴張，還激勵客戶遷移到雲端，就像我們在第四季看到的惠普企業一樣。十年來，HPE 一直是重要的 PROS 客戶，現在，他們正在過渡到 PROS 平台，以利用我們在價格優化和管理方面的最新創新，包括我們第四代 AI 中領先業界的即時定價引擎。這對 PROS 來說是一個令人興奮的時刻。如今，越來越多的企業比以往任何時候都更加關注如何利用數位化、自動化和人工智慧來推動利潤成長，我們已做好充分利用這個市場機會的準備。

And as I said before, we are laser focused on our goal to achieve a Rule of 40. This means, we must continue to innovate to expand our growth and drive greater efficiency every year, which brings me to our strategic focus areas for 2024. First, we'll continue focusing on our land, realize, and expand strategy. In 2023, this strategy continued to help us drive accelerated deal velocity, improve rep productivity by nearly 20%, and reduce customer time-to-value.

正如我之前所說，我們正專注於實現 40 條規則的目標。這意味著，我們必須每年繼續創新，以擴大成長並提高效率，這讓我想到了我們 2024 年的策略重點領域。首先，我們將繼續專注於我們的土地，實現並擴展策略。2023 年，該策略持續幫助我們加快交易速度，將代表生產力提高近 20%，並縮短客戶實現價值的時間。

We achieved a notable 28% reduction in B2B new logo sales cycle times year-over-year. We also achieved a 20% reduction in time to value across our core offerings year-over-year, while simultaneously driving significant expansion of our Services gross margin, an outstanding achievement. In 2024, we will continue to innovate to extend our market leadership position, bringing even more solutions to market, further expanding the value realization potential for our customers. Second, we will continue to expand our platform by expanding our marketplace.

我們的 B2B 新商標銷售週期較去年同期顯著縮短了 28%。我們的核心產品價值實現時間年減了 20%，同時推動服務毛利率大幅成長，這是一項出色的成就。2024年，我們將持續創新，擴大我們的市場領導地位，為市場帶來更多解決方案，進一步擴大客戶的價值實現潛力。其次，我們將繼續透過擴大市場來擴大我們的平台。

Our marketplace currently holds over 140 solutions, over half of which are developed by partners. In 2024, we will introduce more of our offerings and extend access to a wider ecosystem of partners, driving even more value to our customers and the market. Finally, we will continue our legacy of being a pioneer and leader in AI by infusing AI into every aspect of our business. Not only we will continue to innovate to deliver market-leading AI innovations through our platform, but we're embracing AI innovation to drive efficiency across every aspect of our business.

我們的市場目前擁有 140 多個解決方案，其中超過一半是由合作夥伴開發的。2024 年，我們將推出更多產品，並拓展更廣泛的合作夥伴生態系統，為我們的客戶和市場創造更多價值。最後，我們將透過將人工智慧融入我們業務的各個方面，延續我們作為人工智慧領域先驅和領導者的傳統。我們不僅將繼續創新，透過我們的平台提供市場領先的人工智慧創新，我們還將擁抱人工智慧創新，以提高我們業務各個方面的效率。

Our organization aims not only to transform how we operate, but establish a new standard for how enterprises should use AI to power their operations moving forward. Before I close, I want to say how proud I am of our amazing team for their unwavering dedication to our mission of helping people and companies outperform, where employees embody our core values of ownership, innovation, and care for each other, for our customers and our communities. I want to thank our global team for making PROS an exceptional company and congratulate all of them for their great achievements. I'd also like to thank our customers, partners, and shareholders for their ongoing support of PROS. With that, I'd like to turn the call over to Stefan to cover our financial performance and outlook.

我們組織的目標不僅是改變我們的營運方式，而且還為企業如何使用人工智慧推動其營運向前發展建立新標準。在結束之前，我想說，我為我們出色的團隊感到多麼自豪，他們堅定不移地致力於我們幫助個人和公司取得優異成績的使命，員工體現了我們的核心價值觀，即主人翁精神、創新以及互相關心和關心客戶和我們的社區。我要感謝我們的全球團隊讓 PROS 成為一家傑出的公司，並祝賀他們所有人的巨大成就。我還要感謝我們的客戶、合作夥伴和股東對 PROS 的持續支持。說到這裡，我想將電話轉給 Stefan，介紹我們的財務表現和前景。

Thank you, Andres, and good afternoon, everyone. I am very happy with the results our team posted in 2023 and how everyone on our team contributed to our success. On a year-over-year basis, our total revenue grew $27.6 million, while our EBITDA improved by $20.9 million and free cash flow improved by $33.1 million. To further emphasize this point, in 2023, we added $0.76 for every incremental revenue dollar to our EBITDA and added $1.20 for every incremental revenue dollar to our free cash flow.

謝謝你，安德烈斯，大家午安。我對我們團隊在 2023 年的成果以及團隊中的每個人為我們的成功所做的貢獻感到非常滿意。與去年同期相比，我們的總營收成長了 2,760 萬美元，EBITDA 增加了 2,090 萬美元，自由現金流增加了 3,310 萬美元。為了進一步強調這一點，到 2023 年，我們的 EBITDA 每增加 1 美元收入就增加 0.76 美元，而我們的自由現金流則每增加 1 美元收入就增加 1.20 美元。

Additionally, we continued to improve our subscription gross margin and turned our services gross margin from a negative percentage in 2022 to a positive percentage in 2023. All of this was accomplished while continuing to grow our business. We delivered subscription ARR that was $5 million higher than the high end of our guidance. During our Analyst Day in May of 2023, we discussed our long-term financial goals for total revenue growth and free cash flow margin, including our target of reaching a rule of 40 in 2026.

此外，我們繼續提高訂閱毛利率，並將服務毛利率從 2022 年的負百分比轉變為 2023 年的正百分比。所有這一切都是在我們繼續發展業務的同時完成的。我們交付的訂閱 ARR 比我們指導的上限高出 500 萬美元。在 2023 年 5 月的分析師日期間，我們討論了總收入成長和自由現金流利潤率的長期財務目標，包括到 2026 年達到 40 的目標。

At that time, our most recent fiscal year was a rule of 2, and our first goal was to achieve a rule of 10 in 2023. As a result of our strong performance in 2023, we actually achieved a Rule of 14. We are very pleased with our 2023 results and are focused on making further progress towards our long-term goal in 2024. Now, I'll cover our results in a little more detail.

當時，我們最近一個財年是2規則，我們的第一個目標是在2023年達成10規則。由於我們在 2023 年的強勁表現，我們實際上實現了 14 條規則。我們對 2023 年的業績感到非常滿意，並致力於在 2024 年實現我們的長期目標取得進一步進展。現在，我將更詳細地介紹我們的結果。

Subscription revenue in the fourth quarter was $60.8 million, increasing 14% year-over-year, and $234 million for the full year, increasing 15% year-over-year. Total revenue in the fourth quarter was $77.5 million, increasing 9% year-over-year, and $303.7 million for the full year, increasing 10% year-over-year. Recurring revenue for the fourth quarter and the full year was 84% of total revenue, and our trailing 12-month gross revenue retention rate continued to be better than 93%. Our subscription ARR was $259 million or $257.9 million on a constant currency basis, increasing 14% year-over-year and significantly exceeding guidance.

第四季訂閱營收為 6,080 萬美元，較去年同期成長 14%；全年訂閱營收為 2.34 億美元，較去年同期成長 15%。第四季總營收為 7,750 萬美元，年增 9%；全年總營收為 3.037 億美元，較去年同期成長 10%。第四季和全年的經常性收入佔總收入的 84%，過去 12 個月的總收入保留率持續高於 93%。我們的認購 ARR 為 2.59 億美元，以固定匯率計算為 2.579 億美元，年增 14%，大大超出指導值。

As Andres mentioned, our team also drove a strong fourth quarter and full year of customer wins, welcoming both new customers and expanding our existing partnerships. Our fourth quarter recurring calculated billings increased 22% year-over-year and 9% for the trailing 12 months. Our non-GAAP subscription gross margins were 78% for both the fourth quarter and the full year, increasing from 77% in 2022. We delivered 5% non-GAAP services gross margin in the fourth quarter, getting us to a year-end non-GAAP services gross margin of also 5%, which is a significant improvement from a loss of 1% in 2022.

正如安德烈斯所提到的，我們的團隊也推動了第四季和全年的客戶贏得，歡迎新客戶並擴大我們現有的合作夥伴關係。我們第四季的經常性計算帳單年增 22%，過去 12 個月成長 9%。我們第四季和全年的非 GAAP 訂閱毛利率均為 78%，高於 2022 年的 77%。我們在第四季度實現了 5% 的非 GAAP 服務毛利率，使我們的年底非 GAAP 服務毛利率也達到 5%，這比 2022 年 1% 的虧損有了顯著改善。

Collaborative innovation between our professional services and product teams drove the impressive 20% year-over-year reduction in time-to-value that Andres mentioned, while simultaneously driving higher efficiency in how we deliver our offerings. Our Services margin expansion is a result of this collaboration, and I want to congratulate our teams for their achievements in this area. Non-GAAP total gross margins were 66% in the fourth quarter and 65% for the year, improving from 64% in 2022. We generated $13.6 million in free cash flow in the fourth quarter.

我們的專業服務和產品團隊之間的協作創新推動了 Andres 提到的價值實現時間同比縮短了 20%，同時提高了我們提供產品的效率。我們的服務利潤率的擴大是這次合作的結果，我要祝賀我們的團隊在這一領域取得的成就。非 GAAP 總毛利率第四季為 66%，全年為 65%，較 2022 年的 64% 有所改善。第四季我們產生了 1,360 萬美元的自由現金流。

As a result, we generated $11.4 million in free cash flow for the year, significantly outperforming our guidance. We typically experience stronger cash flow results in the fourth quarter, and this year, our results were even better than expected as the percentage of on time collections improved. We generated adjusted EBITDA of $2.5 million in the fourth quarter, which puts our adjusted EBITDA for the full year at $6 million, an impressive improvement from our loss of $14.9 million in 2022. We fell just short of our Adjusted EBITDA guidance in the fourth quarter and the full year because of an increase in our incentives, due to our outperformance on revenue and free cash flow for the year.

結果，我們今年產生了 1140 萬美元的自由現金流，大大超越了我們的指導。我們通常會在第四季度看到更強勁的現金流結果，而今年，我們的結果甚至比預期，因為按時收款的百分比有所提高。第四季調整後 EBITDA 為 250 萬美元，這使得我們全年調整後 EBITDA 達到 600 萬美元，比 2022 年 1,490 萬美元的虧損有了顯著改善。由於我們今年在營收和自由現金流方面表現出色，激勵措施有所增加，我們第四季度和全年的調整後 EBITDA 指引略低於預期。

From a balance sheet perspective, we exited the year with $178.7 million of cash and investments. We also finalized the convertible debt exchange transaction we announced in Q3, which pushed the maturity of most of our debt out to 2027. Our non-GAAP earnings per share for the fourth quarter was $0.02 per share, bringing us to a non-GAAP earnings per share for 2023 of $0.05 per share. Turning now to our guidance, with stated growth rates and amounts at the midpoint of the ranges.

從資產負債表的角度來看，我們在這一年結束時擁有 1.787 億美元的現金和投資。我們也完成了第三季宣布的可轉換債務交換交易，這將我們大部分債務的到期日推遲到 2027 年。我們第四季的非 GAAP 每股收益為 0.02 美元，這使我們 2023 年的非 GAAP 每股收益為 0.05 美元。現在轉向我們的指導，規定的成長率和金額處於範圍的中點。

For the full year, we expect subscription ARR of $289 million to $292 million, representing 12% growth year-over-year. We anticipate full year subscription revenue to be in the range of $263 million to $265 million, representing 13% growth year-over-year, and total revenue to be in the range of $332 million to $334 million, representing 10% growth year-over-year. We anticipate full year adjusted EBITDA of between $16 million and $19 million, representing an improvement of $11.5 million year-over-year, and free cash flow in the range of $22 million to $26 million, an improvement of $12.6 million year-over-year. Turning now to guidance for the first quarter of 2024, we expect subscription revenue to be in the range of $63 million to $63.5 million, representing a 13% increase year-over-year, and total revenue to be in the range of $79 million to $80 million, representing a 9% increase year-over-year.

我們預計全年訂閱 ARR 為 2.89 億美元至 2.92 億美元，年增 12%。我們預計全年訂閱收入將在 2.63 億美元至 2.65 億美元之間，年增 13%，總收入將在 3.32 億美元至 3.34 億美元之間，年增 10% -年。我們預計全年調整後 EBITDA 為 1,600 萬美元至 1,900 萬美元，年增 1,150 萬美元，自由現金流為 2,200 萬美元至 2,600 萬美元，年增 1,260 萬美元。現在轉向 2024 年第一季的指引，我們預計訂閱營收將在 6,300 萬美元至 6,350 萬美元之間，年增 13%，總營收將在 7,900 萬美元至 7,900 萬美元之間8,000萬美元，年成長9%。

We expect first quarter adjusted EBITDA of between $700,000 and $1.7 million, which is an improvement of $3.5 million over the first quarter last year. As a reminder, it is typical for our business to have higher expenses in the first quarter. Using an estimated non-GAAP tax rate of 22%, we anticipate Q1 non-GAAP earnings per share at breakeven to $0.02 per share, based on an estimated 48.1 million diluted weighted average shares outstanding. In closing, I would like to thank all of our employees around the world for their continued hard work and dedication to PROS.

我們預計第一季調整後 EBITDA 在 70 萬至 170 萬美元之間，比去年第一季增加 350 萬美元。提醒一下，我們的業務第一季的費用通常較高。根據估計的 22% 的非 GAAP 稅率，我們預計第一季的非 GAAP 每股盈餘將達到損益平衡點，每股盈餘為 0.02 美元，基於估計的 4,810 萬股稀釋加權平均流通股。最後，我要感謝我們世界各地的所有員工的持續辛勤工作和對 PROS 的奉獻。

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

我還要感謝我們的股東對 PROS 的持續支持，我們期待在即將舉行的活動中與您交談。我現在將把電話轉回給接線員詢問問題。操作員？

(Operator Instructions) Brian Schwartz, Oppenheimer.

（操作員說明）Brian Schwartz，Oppenheimer。

Well, thank you for taking my questions this afternoon. Congratulations on the good sales execution in 4Q. Maybe starting there, the upside that you saw in the billings of the CRPO, was it driven more by net new logos or from expansion activity?

好的，謝謝你今天下午回答我的問題。恭喜第四季度的良好銷售執行情況。也許從這裡開始，您在 CRPO 的賬單中看到的好處，是更多地受到淨新徽標還是擴張活動的推動？

Great question, Brian. So, overall, we saw a very good momentum both in new logo acquisitions and expansion. I would tell you for the year we ended pretty similar to every year, about 50% net new and 50 expansions, so it's a really, really strong balance between new logo wins and great expansion opportunities within the customer base. We did see great strength across all industries in all geographies, frankly. It was a very strong quarter.

好問題，布萊恩。因此，總體而言，我們在新徽標收購和擴張方面都看到了非常好的勢頭。我想告訴你，我們結束的這一年與每年都非常相似，大約有50% 的淨新增和50 次擴展，因此，新徽標的贏得和客戶群內巨大的擴展機會之間確實實現了非常非常強大的平衡。坦白說，我們確實看到了所有地區所有行業的強大實力。這是一個非常強勁的季度。

Then the follow-up question that I had, Andreas, it's about the new generative AI functionality and the embedded AI functionality. Are you starting to see that as the customers, are they starting to experience improvements and productivity and conversions? And then, if so, can you talk about the monetization path for PROS to be able to capture some of the increasing benefits that your customers are likely seeing from all this new generative AI and embedded AI functionality in the products? Thanks.

安德烈亞斯，我的後續問題是關於新的生成人工智慧功能和嵌入式人工智慧功能。您是否開始看到，作為客戶，他們是否開始體驗到改進、生產力和轉換？然後，如果是這樣，您能否談談 PROS 的貨幣化路徑，以便能夠從產品中的所有這些新的生成式 AI 和嵌入式 AI 功能中獲得您的客戶可能看到的一些不斷增加的好處？謝謝。

Yeah, Brian, great question. I would tell you, AI now is a very important area for many of our customers and we're seeing our latest generation, for example, our Gen IV technology in all of our new AI models, drive significant revenue and margin uplift. Because, historically, we've always put a focus on value realization, measuring the uplift that our models drive, we're seeing that drive faster expansions and adoption. One of the things that PROS that's been different than many other tech companies is we've always monetized AI because we're an AI-first company from the very beginning.

是的，布萊恩，好問題。我想告訴你，人工智慧現在對我們的許多客戶來說是一個非常重要的領域，我們看到我們最新一代的技術，例如，我們所有新人工智慧模型中的第四代技術，推動了收入和利潤的大幅提升。因為從歷史上看，我們一直專注於價值實現，衡量我們的模型所帶來的提升，我們看到這將推動更快的擴展和採用。PROS 與許多其他科技公司不同的一點是，我們始終將人工智慧貨幣化，因為我們從一開始就是一家人工智慧優先的公司。

So all of our solutions incorporated AI and they're seeing the value of the newer algorithms drive even better results on their business and better revenue uplift, both in the travel industry and in the B2B industries. And I would tell you that now what we're seeing is many companies have mandates from Board down, executive teamsdown to deploy AI technology, and we believe the area of commerce and the future of digital retail playing a key role in how B2B companies and the travel industry will win. So definitely, our solutions are resonating quite strong in the market.

因此，我們所有的解決方案都融入了人工智慧，他們看到了新演算法的價值，可以在旅遊業和 B2B 行業中推動他們的業務取得更好的成果，並提高收入。我想告訴你，現在我們看到的是，許多公司從董事會到執行團隊都有部署人工智慧技術的授權，我們相信商業領域和數位零售的未來在 B2B 公司和企業如何發展中發揮關鍵作用。旅遊業將獲勝。毫無疑問，我們的解決方案在市場上引起了強烈反響。

Yeah, I think one thing to add to that. Belinda did a really wonderful job of kind of predicting that question in our Investor deck, which is just posted on page 13, there is a quote in there that speaks directly to that point about the value they're getting from AI..

是的，我想補充一件事。貝琳達（Belinda）在我們的投資者套牌中預測了這個問題，做得非常出色，該套牌剛剛發佈在第 13 頁，其中有一句話直接說明了他們從人工智慧中獲得的價值。

Thank you.

謝謝。

Chad Bennett, Craig-Hallum Capital Group.

查德·貝內特，克雷格·哈勒姆資本集團。

Great. Kudos also on the sales performance in the quarter, on subscription ARR and billing specifically. Maybe for Stefan, the outperformance there was -- you talked about the billing’s growth being 22%. If that's correct, year-over-year, which I think was quite a bit better, at least from what I was thinking and I think maybe the directional narrative going into the quarter that you gave last quarter, and the $5 million outperformance on your subscription ARR exiting the year.

偉大的。也對本季的銷售業績、特別是訂閱 ARR 和計費表示讚賞。也許對於 Stefan 來說，表現出色——您談到賬單增長了 22%。如果這是正確的，與去年同期相比，我認為這要好得多，至少從我的想法來看，我認為也許是您上個季度給出的季度的方向性敘述，以及您的500 萬美元的優異表現當年退出的訂閱 ARR。

I guess the question is, was there anything, from a timing standpoint or, I don't want to call it unnatural, where maybe you kind of pulled in some business into this year that maybe could have slipped into Q1 or was targeted for Q1 and it makes that ARR comp a little more difficult when you at least initially guide for this year?

我想問題是，從時間的角度來看，有沒有什麼事情，或者，我不想稱之為不自然，也許你在今年引入了一些業務，這些業務可能會滑入第一季度或針對第一季度當你至少在今年開始指導時，這會讓ARR 比較變得更加困難？

Yeah, Chad, I don't think so. You know, when we sat here 90 days ago and had the conversation, and to your point, set the guidance, we're looking at several pads of how we think the quarter can work out. And we we assume we don't assume that every every scenario is going to play out. I will say our teams in the field executed extremely well on the opportunities we had in and many of those pads actually came together as we went through the quarter, which is really what drove the outperformance, if you will, on our on our bookings metric.

是的，查德，我不這麼認為。你知道，當我們 90 天前坐在這裡進行對話並就你的觀點制定指導時，我們正在研究我們認為本季如何運作的幾個墊子。我們假設我們不會假設每個場景都會發生。我想說的是，我們的現場團隊在我們所擁有的機會上執行得非常好，並且在我們整個季度中，許多這樣的墊子實際上聚集在一起，這確實是推動我們的預訂指標表現優異的原因（如果你願意的話） 。

So I feel as we look into 2024 now and you know, when we look at our pipeline and we look at the opportunities we have, we still feel good, and a lot of that momentum can carry forward into 2024.

因此，我覺得，當我們現在展望 2024 年時，你知道，當我們審視我們的管道和我們擁有的機會時，我們仍然感覺良好，並且很多勢頭可以延續到 2024 年。

Okay. And then, just looking at the geo split, EMEA performed really well year-over-year. I think it was up something like 30% year-over-year by my math. Is that a function of travel bookings coming back? Maybe Andres, can you just speak to the strength of travel bookings in the quarter and then how you're thinking about the travel business heading into this year?

好的。然後，只要看看地理分佈，歐洲、中東和非洲地區的年比表現就非常好。根據我的數學計算，我認為它比去年同期增長了 30% 左右。這是旅遊預訂回來的功能嗎？也許安德烈斯（Andres），您能否談談本季旅行預訂的強勁勢頭，以及您如何看待今年的旅行業務？

Yeah, great question, Chad. I would tell you that the strength in Europe is both the B2B business performed very well last year in Europe and our travel business. I talked about Q3 being a better quarter, and I talked about Q4, we expected travel to do better, and I would tell you that, that played out probably even better than what I expected. And I would say in the quarter, both B2B and travel outperformed our expectations. And if we think about Europe, Europe definitely has been performing very well over the last year, pretty consistent on both B2B and travel.

是的，很好的問題，查德。我告訴大家，歐洲的優勢在於去年歐洲的B2B業務表現非常好，還有我們的旅遊業務。我談到第三季度是一個更好的季度，我談到第四季度，我們預計旅遊業會做得更好，我會告訴你，結果可能比我預期的還要好。我想說的是，在本季度，B2B 和旅遊業的表現都超出了我們的預期。如果我們考慮歐洲，歐洲在去年的表現肯定非常好，在 B2B 和旅行方面都非常穩定。

Got it. Thanks so much. Nice job to finish the year

知道了。非常感謝。幹得好，結束這一年

Thank you.

謝謝。

Jason Celino, KeyBanc Capital Markets.

Jason Celino，KeyBanc 資本市場。

Great, thanks for taking my questions. Similar line of questioning, sorry that it’s modeling related and hopefully you can follow along. But when I look at the 2024 subscription ARR guidance, if you look at it from an incremental dollars to be added perspective, it looks like it will be flat or the same number of incremental dollars added in '24 as it was in '23. Are you assuming that sales efficiency and maybe the macro for travel and B2B to remain the same, at least initially?

太好了，感謝您回答我的問題。類似的問題，抱歉，它與建模相關，希望你能跟進。但是，當我查看 2024 年訂閱 ARR 指南時，如果從要添加的增量美元的角度來看，它看起來會持平，或者 24 年添加的增量美元數量與 23 年相同。您是否假設銷售效率以及旅遊和 B2B 的宏觀策略至少在最初階段保持不變？

Yeah, as we always do at the beginning of the year, there's a number of things we take into consideration, Jason. And if you go back to last year, it was a very similar approach that we took. We have pretty good visibility to what we see happening in the first six months; not as good visibility to the back half of the year, and that is certainly factored into our guidance. As you know from working with us over the last several years, we're definitely having strong seasonality that trends to be biased towards the back half of the year.

是的，正如我們在年初所做的那樣，我們會考慮很多事情，傑森。如果你回到去年，我們採取了非常相似的方法。我們對前六個月發生的情況有很好的了解；今年下半年的能見度不那麼好，這肯定是我們的指導因素之一。正如您在過去幾年與我們的合作中所知道的，我們肯定有很強的季節性，趨勢是偏向下半年。

I would say that a lot of that seasonality, while we've taken it into consideration to some degree not completely because, of your point around things that are going on with the macro, and just not having as good a visibility to the back half of the year, we've taken that into consideration in our guidance. And obviously, we'll be providing updates to that as we go throughout the year.

我想說的是，很多季節性因素，雖然我們在某種程度上不完全考慮到了它，因為你對宏觀上正在發生的事情的觀點，只是對後半部分沒有很好的可見性今年，我們已在我們的指導中考慮到了這一點。顯然，我們將在全年中提供更新。

Okay. Then just the follow-up and to clarify Chad's prior question. If I think about the travel business in '23, did it grow? And then, directionally, are you expecting travel -- what are you expecting for '24?

好的。然後是後續行動並澄清乍得之前的問題。如果我想想 23 年的旅遊業務，它有成長嗎？然後，從方向上來說，你是否期待旅行——你對 24 世紀有什麼期待？

Yeah, so our travel business definitely grew. We talked about it last quarter. We started to see a turning of the corner in terms of the momentum in that industry, at least as it relates to their willingness to invest in IT. We saw that again happening in the fourth quarter, as Andres mentioned. We do have a lot of optimism that, that will continue as we go through 2024 as well.

是的，所以我們的旅遊業務確實成長了。我們上個季度討論過這個問題。我們開始看到該行業勢頭出現轉折點，至少與他們投資 IT 的意願有關。正如安德烈斯所提到的，我們在第四季再次看到這種情況發生。我們確實非常樂觀，這種情況在 2024 年也將持續下去。

Yeah, Jason, the only thing I'll add is, as we talked about the back half of the year was very strong for travel, especially Q4. I expect to travel back to a more normal year and the travel team is executing really well. A lot of the innovations that we did during COVID is what the travel industry needs. And I think what's exciting for me is seeing a lot of the innovations that we've worked on during COVID and our investments in innovation paying off now in the examples of Japan Airlines or Air Canada or Air Europa, all of them, and winning Saudia.

是的，傑森，我唯一要補充的是，正如我們所說，今年下半年的旅行非常強勁，尤其是第四季。我希望旅行回到更正常的一年，旅行團隊執行得非常好。我們在新冠疫情期間所做的許多創新正是旅遊業所需要的。我認為令我興奮的是看到我們在新冠疫情期間所做的許多創新，以及我們在創新方面的投資現在得到了回報，例如日本航空、加拿大航空或歐洲航空，所有這些公司，並贏得了沙特阿拉伯航空。

We're seeing strong success in new lands and we're seeing success in customers continuing to expand to the latest generation innovations. And as I look at this year, I feel very good. It's early in the year, we don't want to get ahead of ourselves, but we feel very good.

我們在新的領域看到了巨大的成功，我們看到客戶在不斷擴展到最新一代創新方面取得了成功。回顧今年，我感覺非常好。現在是年初，我們不想超前，但我們感覺很好。

Excellent. Thank you.

出色的。謝謝。

Yeah.

是的。

Scott Berg, Needham & Company.

史考特‧伯格，李約瑟公司。

Hi, this is Rob Morelli on for Scott Berg. Thanks for taking the question. Congratulations on the quarter. A little bit of an expanded question based on what was already asked, but you noted some noteworthy expansions in your remarks, particularly in the travel sector. Heading into 2024, how should we think about the mix between expansions and net new logos, particularly in the travel sector, given the land and expand initiative you put in place in 2023? Thanks.

大家好，我是史考特·伯格的羅布·莫雷利。感謝您提出問題。恭喜本季。基於已經提出的問題，提出了一些擴展的問題，但您在演講中指出了一些值得注意的擴展，特別是在旅遊業。進入 2024 年，考慮到您在 2023 年實施的土地和擴張計劃，我們應該如何考慮擴張和淨新徽標之間的組合，特別是在旅遊業？謝謝。

Yeah, great question. Think about for all of PROS combined, think of the same 50/50 split. As we look at the year, we're seeing it play out pretty similar 50% net new, 50% existing. Think of travel being geared more to 30% new, 70% existing, or 40%/60% split between new and existing in that zip code.

是的，很好的問題。考慮所有 PROS 的組合，考慮相同的 50/50 分割。當我們回顧這一年時，我們看到它的表現非常相似，50% 是淨新的，50% 是現有的。想像一下該郵遞區號中 30% 的新旅行、70% 的現有旅行，或 40%/60% 的新旅行和現有旅行。

We still see new logo acquisitions opportunities, but we see a lot of expansion paths in the travel industry within our customer base. There's a lot of innovation that we've done over the last two to three years, and we're seeing airlines want to adopt those latest generations, so we see a lot of opportunity within the existing base.

我們仍然看到新標誌的收購機會，但我們在我們的客戶群中看到了旅遊業的許多擴張路徑。在過去的兩到三年裡，我們做了很多創新，我們看到航空公司希望採用最新一代的產品，因此我們在現有基地中看到了很多機會。

Got it. Thanks for the color. And then turning my attention to the guide, it looks like 2024 revenue estimates came in slightly below some expectations. Can you provide some insight into what's potentially driving this? Is it less Services revenue? Services going more to partners? License revenues? Any color would be appreciated. Thank you.

知道了。謝謝你的顏色。然後我將注意力轉向該指南，看起來 2024 年的收入預期略低於一些預期。您能否提供一些關於潛在推動因素的見解？服務收入是否減少？服務更多流向合作夥伴？授權收入？任何顏色都會受到讚賞。謝謝。

Yeah, actually, we're continuing to expect services to execute the same way it did in 2023. We do leverage partners but I don't think you're going to see us leverage partners to a much greater degree, so fairly consistent is how we're modeling it. I think it really comes down to how we look at our guidance at the beginning of the year, both from a bookings and from a revenue perspective.

是的，實際上，我們繼續期望服務能夠像 2023 年一樣執行。我們確實利用合作夥伴，但我認為您不會看到我們在更大程度上利用合作夥伴，因此我們建模的方式相當一致。我認為這實際上取決於我們如何看待年初的指導，無論是從預訂還是收入的角度來看。

We're taking into consideration to a much greater degree what we see happening in the first half, not nearly as much in the second half, mainly because of our own visibility, but secondly, because of the market conditions and a little bit of uncertainty there, especially what's going on internationally. We're taking that into consideration as well.

我們更多地考慮了上半年發生的情況，而不是下半年，這主要是因為我們自己的能見度，其次是因為市場狀況和一些不確定性在那裡，特別是國際上正在發生的事情。我們也在考慮這一點。

Got it. Appreciate all the color. Congratulations again.

知道了。欣賞所有的顏色。再次恭喜。

Thank you.

謝謝。

Rob Oliver, Baird.

羅布·奧利弗，貝爾德。

Great, thanks, good evening. Thanks for taking my questions. Andres, one for you to start. Just any color you could provide on ACBs? And I know you guys have been making a concerted effort over the last year or two as part of this go-to-market change to really bring those down to more of a land and expand motion, and it seems to be working, but would love to know where you guys are with that relative to your thought of getting down to that [200,000] level. Then I had a quick follow-up.

太好了，謝謝，晚上好。感謝您回答我的問題。安德烈斯（Andres），一個讓你開始的。您可以在 ACB 上提供任何顏色嗎？我知道你們在過去的一兩年裡一直在共同努力，作為這種進入市場的變革的一部分，以真正將這些轉變為更多的土地和擴大運動，而且它似乎正在發揮作用，但會我很想知道你們對於降到[200,000] 水平的想法的看法。然後我進行了快速跟進。

Yeah, Rob, great question, I'm glad you asked. From an average sale, we're now in that average of $200,000, so we really are excited about that. I think that's why we really like the results in Q4 because our average continues to be in that zone. We did have record deals in Q4, so we are seeing the motion of the land, realize and expand strategy really play out.

是的，羅布，好問題，我很高興你問。從平均銷售額來看，我們現在的平均銷售額為 20 萬美元，因此我們對此感到非常興奮。我認為這就是為什麼我們非常喜歡第四季度的結果，因為我們的平均值仍然處於該區域。我們在第四季度確實達成了創紀錄的交易，因此我們看到了土地的動向，實現和擴展策略真正發揮了作用。

We wanted to build that consistency scaling model and we're getting better and better. We're not done. There's work that we need to do to continue to improve, but we're seeing that play out. Our ASP has remained fairly consistent and we're seeing this is the right ASP that we expect in this year as well.

我們希望建立一致性擴展模型，並且我們做得越來越好。我們還沒完成。我們需要做一些工作來繼續改進，但我們正在看到這一點的表現。我們的平均售價保持相當穩定，我們發現這也是我們今年預期的正確平均售價。

Got it, okay, that’s great to hear, thanks. And then, Stefan, for you, I guess I'm going to ask the guidance question a different way and limit it to subscription and subscription ARR guide. Loud and clear about the conservatism relative to how you guys have visibility in the first half versus the second half and totally get that. I’d just be curious to know maybe what macro or industry factors you guys have factored into that number?

明白了，好的，很高興聽到這個消息，謝謝。然後，Stefan，對於你來說，我想我會以不同的方式提出指導問題，並將其限制為訂閱和訂閱 ARR 指南。大聲而明確地談論了相對於你們在上半場和下半場的可見性的保守主義，並且完全明白這一點。我只是想知道你們在這個數字中考慮了哪些宏觀或行業因素？

It was a bit below our number. Just say, for example, with travel, it really seems like after a period of not seeing spend there you're starting to see that spend come back. Has that been factored forward on the B2B side? And then what macro industry thoughts you have relative to that guidance would be—any color would be helpful. Thank you.

這比我們的數字略低一些。舉個例子，在旅行方面，在一段時間沒有看到在那裡消費之後，你真的開始看到消費回來了。B2B 方面是否已考慮到這一點？然後，您對該指導的宏觀行業想法是什麼——任何顏色都會有幫助。謝謝。

Yes, Rob. I would say, expanding on a comment I made on the last question, really, a lot of what's happening from a worldwide perspective, especially with the Ukraine and Russia, and Palestine and Israel, and how that escalation is taking place and the impact that it's having on some airlines. There are some airlines that are feeling the impact of that, whether they've lost routes they can take or they’re having to divert because they can't go over certain airspace, especially in Europe and in the Middle East, and Far East for that matter. While that hasn't directly impacted us to date, it is something that we see could have its potential down the road.

是的，羅布。我想說的是，擴展我對最後一個問題的評論，實際上，從世界範圍的角度來看，正在發生很多事情，特別是烏克蘭和俄羅斯、巴勒斯坦和以色列，以及升級是如何發生的以及其影響.有些航空公司有這種情況。有些航空公司已經感受到了這種影響，無論是失去了可以選擇的航線，還是因為無法飛越某些空域而不得不改道，特別是在歐洲、中東和遠東地區。東方就此事而言。雖然迄今為止這還沒有直接影響我們，但我們認為它在未來可能具有潛力。

I would also say there's still a little nervousness about the impact of inflation or whether we're out of the wood’s here there or not, and that certainly was a part of our thinking as well. And the last thing I would say is, when we look at the year, our first half of the year versus our second half of the year, we historically have a very strong second half of the year. We did take a little bit of the macro factors and apply that to the second half of the year, probably a little more so, which has a bigger impact on subscription ARR, to your point, and that is certainly factored into our guidance ranges. Hopefully that helps. Is there anything else we can help you there or Andres do you have anything to add?

我還想說，對於通貨膨脹的影響或我們是否已經擺脫困境仍然有些緊張，這當然也是我們思考的一部分。我要說的最後一件事是，當我們回顧這一年時，上半年與下半年相比，從歷史上看，我們下半年的表現非常強勁。我們確實考慮了一些宏觀因素，並將其應用到下半年，可能更多一些，這對訂閱 ARR 產生更大的影響，就您的觀點而言，這肯定已納入我們的指導範圍。希望有幫助。我們還有什麼可以幫助您的嗎？Andres 您還有什麼要補充的嗎？

Yeah, maybe the only thing that I will add is, look, we're pleased where we started to guide for the year. We're guiding to a rule of 17, coming off of a rule of 14. If you look at historically the way that we guide, it has not changed. You can go look a year ago, two years ago. We never want to let down and we want to make sure we're guiding based on the same approach every year, so we're pleased where we are.

是的，也許我要補充的唯一一件事是，看，我們很高興我們今年開始指導。我們正在指導 17 條規則，而不是 14 條規則。如果你回顧歷史，我們指導的方式並沒有改變。你可以去看看一年前、兩年前。我們永遠不想失望，我們希望確保每年都基於相同的方法進行指導，因此我們對目前的情況感到滿意。

We're not seeing any impact in terms of deal delays. If anything, we're seeing our sales cycles are improving, our rep productivity is improving, our deal growth is improving. So we're not seeing any effect across any industry at this point, but we have to be cognizant with what we're hearing from other companies reporting about concerns in the economy. We want to make sure we're setting the right expectations, but sitting here at the very beginning of the year guiding to a rule of 17, we're really pleased with that and really excited about executing towards the year.

我們沒有看到交易延遲造成任何影響。如果有的話，我們看到我們的銷售週期正在改善，我們的代表生產力正在提高，我們的交易成長正在改善。因此，目前我們還沒有看到任何行業受到任何影響，但我們必須認識到我們從其他公司聽到的有關經濟問題的報告。我們希望確保設定正確的期望，但在今年年初指導 17 條規則時，我們對此感到非常滿意，並且對今年的執行感到非常興奮。

Great. Thanks, Stefan. Thanks, Andres. Really appreciate all the details and the color. Thanks.

偉大的。謝謝，斯特凡。謝謝，安德烈斯。真的很欣賞所有的細節和顏色。謝謝。

Thank you.

謝謝。

Parker Lane, Stifel.

帕克巷，斯蒂菲爾。

Hi, guys, thanks for taking the question. Congrats on the quarter and the improvement in the rule of 40. Stefan, staying on that rule of 40, I think your expectations for 2026 are around 16% to 21% growth. With the benefit of this guide for next year, I was wondering if you can help characterize what the path looks like from 2024 to 2026, and what's the two or three things that you guys need to do most in order to achieve that target for '26?

嗨，夥計們，感謝您提出問題。恭喜本季以及 40 法則的改進。Stefan，堅持 40 的規則，我認為您對 2026 年的預期是 16% 到 21% 左右的成長。借助明年的這份指南，我想知道您是否可以幫助描述一下從 2024 年到 2026 年的發展道路，以及為了實現這一目標，你們最需要做的兩三件事是什麼？26？

Yeah, so that's a great question. As we look out from a, to your point, going from the 10% guide that we had for ’24, going into a 16% to 21% there's a couple of things that are going to play on that: One, we want to continue to leverage the land, realize and expand motion that we've had. We've been very happy with what's going on in the last couple of years. That's going to have to be a motion that we continue to execute upon.

是的，這是一個很好的問題。當我們從 24 年的 10% 指導值轉向 16% 到 21% 的指導值時，有幾件事會影響到這一點：第一，我們希望繼續利用土地，實現並擴大我們已有的行動。我們對過去幾年發生的事情感到非常滿意。這將是我們繼續執行的一項動議。

I don't think it's going to change anytime soon: people's willingness to spend money on large ticket items, and so being able to get in, sell a value and then go back and expand on that the next month or next quarter later, I think it's going to continue to be a very important part of what we're doing. I think, similarly, a lot of the innovation that Andres was talking about, especially in some of the new capabilities that we've done with our AI, is also going to be something that's going to be very important for us. As companies look more and more to AI to grow their business and make themselves more efficient, they're going to be looking for different capabilities that can do that and our engineering team has done a great job to date and they've got several other things that they have lined up to do that as well.

我認為這種情況不會很快改變：人們願意花錢購買大件商品，因此能夠進入，出售有價值的商品，然後在下個月或下個季度後回去擴展該商品，我我認為這將繼續成為我們正在做的事情中非常重要的一部分。同樣，我認為安德烈斯談到的許多創新，特別是我們用人工智慧實現的一些新功能，也將成為對我們非常重要的東西。隨著公司越來越依賴人工智慧來發展業務並提高效率，他們將尋找可以做到這一點的不同功能，而我們的工程團隊迄今為止做得很好，他們還有其他幾個他們也為此做好了準備。

It's pretty basic, right? It's basically build products that you think customers are going to get value from and then package it and sell it in a way that they can consume it and get value from it and then expand from it.

這是非常基本的，對吧？它基本上是建立你認為客戶將從中獲得價值的產品，然後將其包裝並以他們可以消費它並從中獲得價值的方式進行銷售，然後從中擴展。

Got it. That makes sense. And then, Andres, one for you. I think the second focus area you talked about for '24 was the expansion of the marketplace. Can you talk a little bit about how widespread the adoption of these 140 solutions are amongst your client base today? And with the expansion of that marketplace, what sort of impact do you expect that to have on the top line in the coming years?

知道了。這就說得通了。然後，安德烈斯，給你一份。我認為您談到的 24 年第二個重點領域是市場的擴張。您能否簡單談談這 140 種解決方案在您當今的客戶群中的採用程度如何？隨著該市場的擴張，您預計這會對未來幾年的營收產生什麼樣的影響？

Yeah, great question, Parker. So I would tell you today, little, impact of the current customer base, because we're launching that marketplace and we're adding more and more solutions. If you think about our platform transition in 2021 was first layout the platform strategy and the marketplace is a key component. And you're seeing now we're going to continue to add new packages on our platform that are easy to activate for our customers that bring more value.

是的，很好的問題，帕克。所以今天我想告訴你們，當前客戶群的影響很小，因為我們正在推出這個市場，我們正在添加越來越多的解決方案。如果你想想我們2021年的平台轉型首先是佈局平台策略，而市場是關鍵組成部分。您現在看到，我們將繼續在我們的平台上添加新的軟體包，這些軟體包很容易為我們的客戶激活，從而帶來更多價值。

We see that as a key component of our strategy of getting to the rule of 40 and driving accelerated growth into 2026. The other component that I wanted to add that I think is very strategic for us to get there is our focus on AI; not just providing AI for our customers, but infusing AI into every aspect of our business. We're really looking at setting the standard for how AI is used in the enterprise from every area. Think about from marketing, from sales, legal, all the way into implementations, customer success, and across every aspect of the organization.

我們認為這是我們實現 40 法則並推動 2026 年加速成長策略的關鍵組成部分。我想補充的另一個部分是我們對人工智慧的關注，我認為這對我們實現這一目標非常具有戰略意義；不僅僅是為我們的客戶提供人工智慧，而是將人工智慧融入我們業務的各個方面。我們確實正在考慮為企業各個領域如何使用人工智慧制定標準。從行銷、銷售、法律、一直到實施、客戶成功以及組織的各個方面進行思考。

We want to equip our teams to really thrive in the generation of AI. And I think you're going to continue to see us lean in to drive efficiencies, while we're driving the latest innovations in AI for our customers with easier adoption that's going to help to drive growth. At the same time, we're driving process and automation internally to make us more scalable for the future. So I think those are the two key strategic components that get us to the rule of 40.

我們希望讓我們的團隊能夠在人工智慧的時代真正蓬勃發展。我認為您將繼續看到我們致力於提高效率，同時我們正在為客戶推動人工智慧的最新創新，更容易採用，這將有助於推動成長。同時，我們正在內部推動流程和自動化，以使我們在未來更具可擴展性。所以我認為這是讓我們實現 40 規則的兩個關鍵策略組成部分。

Very helpful feedback. Thanks again and congrats again.

非常有幫助的回饋。再次感謝並再次恭喜。

Thank you.

謝謝。

Nehal Chokshi, Northland Capital Markets.

Nehal Chokshi，北國資本市場。

Yes, thank you for taking my question. I’ll zero in subscription revenue growth here. For Q1, guiding at 13% year-over-year growth, for the full year guiding 13% year-over-year growth, which then implies a relatively flat year-over-year growth profile as you go across the quarters. Yet, Stefan, you talked about how typically, you don't have great visibility beyond six quarters. What gives you confidence to guide effectively to still 13% year-over-year growth on the subscription revenue on the back-half?

是的，謝謝您回答我的問題。我將這裡的訂閱收入成長為零。第一季的年成長指引值為 13%，全年的年成長指引值為 13%，這意味著各季度的年成長情況相對穩定。然而，斯特凡，您談到了通常情況下，您在六個季度之後就沒有很好的可見性。是什麼讓您有信心有效引導下半年訂閱營收年增 13%？

Yeah, one of the major benefits to seeing our travel industry start to see a better result is the fact that we get longer visibility into the future. Because, as you know, we don't always get to recognize that revenue upon execution. So we have a much longer tail and a better vision into the future when we have those types of contracts because the revenue recognition gets delayed and we kind of have a vision of when that's going to happen. That's really the biggest reason for it, is lining up deals that we can see coming online as we go throughout the year.

是的，看到我們的旅遊業開始取得更好的成果的主要好處之一是我們對未來有了更長遠的了解。因為，如您所知，我們並不總是能夠在執行時確認該收入。因此，當我們簽訂這些類型的合約時，我們的尾巴會更長，對未來也有更好的願景，因為收入確認會被延遲，而且我們對何時會發生這種情況有所了解。這確實是最大的原因，是我們全年都可以看到線上交易的排隊。

Okay, got it. And then just going back to this Rule of 40 guidance for calendar '26, which is consistent with what you guys talked about from your May 2023 Investor Day, the cadence with which you index up the rule of 40 score per year needs to accelerate significantly from '24 to '25 to '26. Do you remain confident that that acceleration and that cadence of the incremental Rule of 40 score can indeed transpire?

好，知道了。然後回到 26 日曆的 40 分規則指導，這與你們在 2023 年 5 月投資者日所談論的內容一致，每年索引 40 分規則的節奏需要顯著加快從'24到'25到'26。您仍然相信 40 分規則的增量規則確實能夠實現這種加速和節奏嗎？

We do. I would say there is a buy-in in the organization about what we want to become as a company in building to that rule of 40. We're not necessarily thinking and focusing on rule of 40, we're thinking about how we become more efficient. Andres talked about infusing AI in everything we do, how we can leverage that type of capability to be more efficient in just about every aspect of our business. Then at the same time, like as mentioned earlier on the earlier question about our growth rate accelerating from today to 2026, how we can also leverage AI to provide more and better value for our customers.

我們的確是。我想說的是，公司內部對於我們希望成為一家公司以實現 40 條規則的目標有共識。我們不一定要考慮和關注 40 法則，我們要考慮如何變得更有效率。安德烈斯談到了將人工智慧融入我們所做的一切中，以及我們如何利用這種能力在我們業務的各個方面提高效率。同時，就像前面提到的關於我們的成長率從今天到 2026 年加速的問題，我們如何利用人工智慧為我們的客戶提供更多更好的價值。

So at the same time, we're being more efficient. We want to leverage a lot of that into how we can help our customers get more value as well. So our organization is 100% bought into driving that type of a benefit, and yes, we do acknowledge that every year we've got to make progress in order to achieve that rule of 40. But I'm with Andres. I feel very good about what we accomplished in the first year with that objective and even in the second year.

因此，同時，我們的效率也提高了。我們希望充分利用這些來幫助我們的客戶獲得更多價值。因此，我們的組織 100% 致力於推動此類福利，是的，我們確實承認每年我們都必須取得進展才能實現 40 的規則。但我和安德烈斯在一起。我對我們在第一年甚至第二年實現這一目標所取得的成就感到非常滿意。

So achieving a rule of 20, we said we would do a fairly linear progression, and we're pretty close to that at a rule of 17, so I feel very good about progress we have made with this type of guidance for 2024. I feel like we're on the right path to get where we need to be in 2025, and then ultimately, in 2026.

因此，在達到20 條規則後，我們表示我們將進行相當線性的進展，而我們在17 條規則下已經非常接近這一目標，所以我對我們在2024 年通過此類指導所取得的進展感到非常滿意。我覺得我們正走在正確的道路上，能夠在 2025 年實現我們需要達到的目標，最終在 2026 年實現這一目標。

Great. Thank you very much.

偉大的。非常感謝。

Thank you.

謝謝。

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

謝謝。女士們、先生們，問答環節已經結束。我想將電話轉回貝琳達·奧德普特（Belinda Overdeput），讓其致閉幕詞。

Thank you for listening to today's call. We look forward to speaking with you at conferences and events this quarter. We will be attending the Wolfe Research March Madness Conference on February 27 in New York City. If you have any questions following today's call, please contact us at ir@pros.com. Thank you and goodbye.

感謝您收聽今天的電話。我們期待在本季度的會議和活動中與您交談。我們將參加 2 月 27 日在紐約市舉行的沃爾夫研究瘋狂三月會議。如果您在今天的電話會議後有任何疑問，請透過 ir@pros.com 與我們聯繫。謝謝，再見。