Pros Holdings Inc (PRO) 2025 Q2 法說會逐字稿

Greetings. Welcome to the PROS Holdings second quarter 2025 earnings conference call. (Operator Instructions) As a reminder, this conference is being recorded.

問候。歡迎參加 PROS Holdings 2025 年第二季財報電話會議。（操作員指示）提醒一下，本次會議正在錄音。

I would now like to turn the call over to Belinda Overdeput, Senior Director of Investor Relations. Thank you, Belinda. You may begin.

現在我想將電話轉給投資者關係高級總監 Belinda Overdeput。謝謝你，貝琳達。你可以開始了。

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 are also available on our website and will be replaced by the official transcript, which includes participant questions once available.

謝謝您，接線生。大家下午好，感謝大家的參與。我們的獲利新聞稿、SEC 文件以及今日電話會議的重播均可在我們網站 pros.com 的投資者關係板塊找到。我們準備好的發言稿也可在我們的網站上找到，並將在正式記錄稿發布後替換，其中包含與會者的提問。

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

和我一起參加今天電話會議的還有總裁兼執行長 Jeff Cotten 和財務長 Stefan Schulz。

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括前瞻性陳述，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的預測有重大差異。欲了解更多信息，請參閱我們向美國證券交易委員會提交的文件中所述的風險因素。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 available without unreasonable effort are available in our earnings press release.

提醒一下，在通話期間，我們將討論非 GAAP 指標。我們的收益新聞稿中提供了每項非 GAAP 指標與最直接可比較的 GAAP 指標之間的對帳（在無需付出不合理努力的範圍內）。

With that, I'll hand the call over to Jeff.

說完這些，我就把電話交給傑夫。

Thank you, Belinda, and good afternoon, everyone. Thank you for joining us today. I'd like to start by expressing my gratitude to Andres and the entire PROS team for enabling a smooth leadership transition as I came on board as CEO. After digging into our business over the past couple of months, my excitement has only increased about the future of PROS.

謝謝你，貝琳達，大家下午好。感謝您今天加入我們。首先，我要向安德烈斯和整個 PROS 團隊表示感謝，在我擔任執行長期間，他們讓領導階層的過渡得以順利進行。在過去幾個月深入了解我們的業務後，我對 PROS 的未來感到更加興奮。

Having spent over two decades in enterprise IT services and software, I've seen firsthand how AI is transforming the future of work, and I believe that PROS is at the forefront of this evolution with AI-powered solutions that enable businesses to outperform through intelligent commerce. There is momentum in our business and palpable opportunity to build on it.

我在企業 IT 服務和軟體領域工作了二十多年，親眼目睹了人工智慧如何改變未來的工作方式，我相信 PROS 憑藉著人工智慧解決方案走在了這一變革的前沿，使企業能夠透過智慧商務實現卓越績效。我們的業務發展勢頭強勁，並且有明顯的發展機會。

We delivered a strong second quarter, exceeding the high end of our guidance ranges across all metrics and putting us in a position to raise our full year outlook for both subscription revenue and subscription ARR. In Q2, we grew subscription revenue by 12%, total revenue by 8% and improved adjusted EBITDA by 42% year-over-year. In a dynamic and complex macro environment where businesses are selective and strategic with every dollar spent, we are proud of our results in the quarter and our ability to help our customers navigate these uncertain times.

我們第二季表現強勁，所有指標均超出預期範圍的上限，使我們能夠提高全年訂閱收入和訂閱 ARR 的預期。在第二季度，我們的訂閱收入成長了 12%，總營收成長了 8%，調整後的 EBITDA 年成長了 42%。在動態而複雜的宏觀環境中，企業對每一筆支出都具有選擇性和策略性，我們對本季的業績以及幫助客戶度過這些不確定時期的能力感到自豪。

Our impact continues to be recognized by the market. In Q2, we were named a leader by ISG in the 2025 CPQ Buyers Guide, our fourth consecutive leadership designation from an industry analyst in just 3 quarters. This recognition from ISG, along with previous acknowledgments from Gartner, Forrester and IDC demonstrates our continued leadership in the CPQ space.

我們的影響力不斷得到市場的認可。在第二季度，我們被 ISG 評為 2025 年 CPQ 買家指南中的領導者，這是我們在短短三個季度內連續第四次獲得行業分析師的領導稱號。ISG 的認可以及 Gartner、Forrester 和 IDC 先前的認可證明了我們在 CPQ 領域的持續領導地位。

Our strong value proposition is translating into continued momentum across B2B industries, where businesses are turning to PROS to help them win. Winning in today's market means offering the right products and solutions together with the right pricing and incentives at the right time. The PROS platform gives businesses what they need to optimize their winning formula.

我們強大的價值主張正在轉化為 B2B 產業的持續發展勢頭，企業正在轉向 PROS 來幫助他們取得成功。在當今市場中取勝意味著在正確的時間提供正確的產品和解決方案以及正確的定價和激勵措施。PROS 平台為企業提供最佳化其致勝法寶所需的一切。

In Q2, new customers such as Lennox, Louis Dreyfus, and RHI Magnesita, among others, selected Smart CPQ to bring winning offers to market. Additionally, new customers, including a global life sciences leader and a top US auto parts distributor, plus expanded partnerships with Holcim and Unidas demonstrate how Smart POM is empowering enterprises to take control of their commercial strategies and deliver superior buying experiences to their customers.

在第二季度，Lennox、Louis Dreyfus 和 RHI Magnesita 等新客戶選擇了 Smart CPQ 將成功的產品推向市場。此外，包括全球生命科學領導者和美國頂級汽車零件分銷商在內的新客戶，以及與 Holcim 和 Unidas 擴大的合作夥伴關係，都表明 Smart POM 如何幫助企業掌控其商業策略並為客戶提供卓越的購買體驗。

In the airline industry, we're helping carriers build stronger customer loyalty and drive sustainable growth through intelligent offer optimization and marketing. Momentum in our airline business continued in Q2 with new customer wins such as Air Greenland and ValueJet and expanding partnerships with carriers across the globe and domestically, including American Airlines. By adopting our digital offer marketing solutions, these carriers are empowered to transform inspiration into action, converting more business through compelling offers.

在航空業，我們透過智慧報價優化和行銷幫助航空公司建立更強的客戶忠誠度並推動永續成長。我們的航空業務在第二季度繼續保持強勁勢頭，贏得了格陵蘭航空和 ValueJet 等新客戶，並擴大了與包括美國航空在內的全球和國內航空公司的合作夥伴關係。透過採用我們的數位優惠行銷解決方案，這些業者能夠將靈感轉化為行動，透過引人注目的優惠轉化更多業務。

Another example is Scoot, the low-cost subsidiary of Singapore Airlines, who expanded its partnership with PROS by upgrading to our RM Advantage and adding RTDP, which enables dynamic availability adjustments based on demand to support their growth strategy. This investment highlights their trust in PROS industry-leading forecasting and optimization capabilities to unlock new revenue opportunities and deliver winning offers across their network.

另一個例子是新加坡航空的低成本子公司酷航，它透過升級到我們的 RM Advantage 並添加 RTDP 擴大了與 PROS 的合作夥伴關係，從而可以根據需求動態調整可用性，以支持其成長策略。這項投資凸顯了他們對 PROS 行業領先的預測和優化能力的信任，相信其能夠發掘新的收入機會並在其整個網絡中提供成功的優惠。

Now I want to talk a bit about our priorities as an organization and where we are focused. We're continuing to lead with innovation, building the most complete and intelligent commercial platform to help businesses win. With the introduction of PROS AI agents unveiled at our recent Outperform conference, we're uniquely combining language models with our proprietary numerical models that we've perfected over decades, bringing specialized intelligence to Agentic AI.

現在我想談談我們作為一個組織的優先事項以及我們的重點。我們將持續以創新為先導，打造最完整、最聰明的商業平台，幫助企業邁向成功。隨著我們在最近的 Outperform 會議上推出 PROS AI 代理，我們以獨特的方式將語言模型與我們數十年來完善的專有數值模型相結合，為 Agentic AI 帶來專業智慧。

Our agents are designed to drive goal-oriented execution across a wide range of use cases using deep domain expertise from sales to pricing to rebates and revenue management. Said in a simpler way, our agents are not just conversational or built to enhance user experience, they are designed to act as the most experienced members of your team with decades of knowledge on how to define commercial strategies and win.

我們的代理商旨在利用從銷售到定價到回扣和收入管理的深厚領域專業知識來推動廣泛用例中的目標導向執行。簡單地說，我們的代理商不僅僅是具有對話能力或能夠增強用戶體驗，他們還旨在成為您團隊中最有經驗的成員，擁有數十年關於如何制定商業策略並取得成功的知識。

Right now, our efforts with our new agents are in pilot phases, and we'll be launching for customers to test them in Q3. They are a key to our long-term growth strategy by bringing the value of PROS to life even faster. PROS rich history and continued innovation in AI create a sustainable and expanding competitive advantage for us.

目前，我們與新代理商的合作正處於試點階段，我們將在第三季向客戶推出測試版本。它們是我們長期成長策略的關鍵，因為它們能夠更快地實現 PROS 的價值。PROS 在人工智慧領域的悠久歷史和持續創新為我們創造了可持續且不斷擴大的競爭優勢。

Looking ahead, we'll expand our platform to power end-to-end commercial excellence, further strengthening our capabilities in areas such as rebates and incentives. We'll also enhance platform extensibility to further enable partner innovation as well as go deeper and wider on AI agents.

展望未來，我們將擴展我們的平台，以支援端到端的商業卓越，進一步加強我們在回扣和獎勵等領域的能力。我們還將增強平台的可擴展性，以進一步支持合作夥伴創新，並在人工智慧代理方面走得更深入、更廣泛。

Over the past several quarters, the team has done great work strengthening our go-to-market function, which is evident in our improving sales cycle times, competitive win rates and bookings linearity. With this solid foundation, we're now focused on amplifying these efforts in three key areas.

在過去的幾個季度中，團隊在加強我們的市場進入功能方面做出了巨大努力，這體現在我們不斷改善的銷售週期時間、競爭性贏率和預訂線性度上。有了這個堅實的基礎，我們現在專注於在三個關鍵領域中加大力度。

First, we need to apply the same level of rigor that we've successfully used in late-stage pipeline management and now apply that rigor to the top of the funnel. Through more effective early-stage nurturing, we can further improve lead quality and conversion rates.

首先，我們需要應用在後期管道管理中成功運用的相同嚴格程度，現在將這種嚴格程度應用到漏斗的頂部。透過更有效的前期培育，我們可以進一步提高潛在客戶的品質和轉換率。

Second, we're expanding our market reach through targeted campaigns focused on customer expansion and new logo acquisition in key verticals and product-specific opportunities like rebate management, building on early success from our analyst recognition campaigns. These focus areas are why organizationally we've elevated our leadership team to drive tighter alignment between marketing and sales.

其次，我們正在透過有針對性的活動擴大我們的市場範圍，重點關注客戶擴展和關鍵垂直領域的新標識獲取以及返利管理等特定產品機會，以鞏固我們分析師認可活動的早期成功。這些重點領域就是我們在組織上提升領導團隊以推動行銷和銷售之間更緊密協調的原因。

Finally, we must double down on true strategic platform partnerships, specifically where these partners can broaden the distribution of PROS. This is an area where I see a huge opportunity and where I've had a lot of experience in the past. In fact, we're already making progress in this area as earlier today, we announced a new partnership with Commerce, formerly known as BigCommerce, to combine our enterprise-grade pricing and CPQ capabilities with their portfolio of e-commerce solutions.

最後，我們必須加倍重視真正的策略平台合作關係，特別是這些合作夥伴可以擴大 PROS 的分銷。我看到了這個領域的巨大機遇，而且我過去也在這個領域累積了豐富的經驗。事實上，我們已經在這一領域取得了進展，今天早些時候，我們宣布與 Commerce（前身為 BigCommerce）建立新的合作夥伴關係，將我們的企業級定價和 CPQ 功能與他們的電子商務解決方案組合相結合。

Together, we will equip B2B merchants with real-time dynamic pricing and streamlined product and service configuration so they can win more business with offers that build buyer confidence. Commerce and PROS create the perfect complements to solve the evolving needs of enterprise sellers looking to drive superior buying experiences.

我們將共同為 B2B 商家提供即時動態定價和簡化的產品和服務配置，以便他們能夠透過建立買家信心的優惠贏得更多業務。Commerce 和 PROS 完美互補，以滿足尋求卓越購買體驗的企業賣家不斷變化的需求。

We're at a generational inflection point as AI transforms the future of work. For companies like ours, this creates a rare and compelling opportunity. With a strong foundation, clear focus areas and a differentiated platform, PROS is well positioned to capture long-term value and lead in this next era of enterprise transformation.

隨著人工智慧改變工作的未來，我們正處於一代人的轉捩點。對於我們這樣的公司來說，這創造了一個難得且引人注目的機會。憑藉強大的基礎、明確的重點領域和差異化的平台，PROS 完全有能力抓住長期價值並引領下一個企業轉型時代。

Before I close, I'd like to thank our global team for everything they do to deliver amazing value to our customers and make PROS a truly unique company. I'd also like to thank our customers, partners and shareholders for their ongoing support of PROS.

最後，我要感謝我們的全球團隊所做的一切，他們為我們的客戶提供了驚人的價值，使 PROS 成為一家真正獨特的公司。我還要感謝我們的客戶、合作夥伴和股東對 PROS 的持續支持。

Now I'll hand the call to Stefan to cover our financial performance and outlook.

現在我將把電話交給史蒂芬來介紹我們的財務表現和前景。

Thank you, Jeff, and good afternoon, everyone. As Jeff just shared, we have a great opportunity to continue expanding our growth and profitability. And I'm very excited to support Jeff on the strategy that he just outlined.

謝謝你，傑夫，大家下午好。正如傑夫剛才分享的，我們有一個很好的機會繼續擴大我們的成長和獲利能力。我很高興支持傑夫剛剛概述的策略。

Our team delivered another strong quarter, highlighted by acceleration in both subscription revenue and total revenue while also expanding profitability. Our results reflect our continued commitment to driving profitable growth and position us well for the second half of the year. And as Jeff mentioned, the momentum we're seeing in our business supports increasing our subscription ARR and subscription revenue annual guidance ranges.

我們的團隊又取得了一個強勁的季度，其亮點是訂閱收入和總收入的加速成長，同時獲利能力也在不斷提高。我們的業績反映了我們持續致力於推動獲利成長，並為我們下半年的良好表現做好了準備。正如傑夫所提到的，我們在業務中看到的勢頭支持提高我們的訂閱 ARR 和訂閱收入年度指導範圍。

Now I'll dive into our Q2 results in more detail. We grew subscription revenue 12% year-over-year to $73.3 million and total revenue 8% year-over-year to $88.7 million, both exceeding the guidance ranges. Our second quarter recurring revenue was 86% of total revenue, an increase from 84% reported in Q2 of last year. Our trailing 12-month gross revenue retention continued to be better than 93%. We grew recurring calculated billings in the second quarter by 5% year-over-year and 13% for the trailing 12 months, exceeding our expectations.

現在我將更詳細地介紹我們的第二季業績。我們的訂閱收入年增 12% 至 7,330 萬美元，總收入年增 8% 至 8,870 萬美元，均超出預期範圍。我們第二季的經常性收入佔總營收的 86%，高於去年第二季的 84%。我們過去 12 個月的總收入保留率持續保持在 93% 以上。我們第二季的經常性計算帳單年增了 5%，過去 12 個月成長了 13%，超出了我們的預期。

Our non-GAAP subscription gross margin was 80% in the second quarter, an improvement of over 50 basis points year-over-year. We also delivered 11% non-GAAP service gross margins in the second quarter, increasing from 10% reported last year. With these improvements, our overall non-GAAP gross margin was 69% in the second quarter, increasing from 67% last year.

我們第二季的非公認會計準則訂閱毛利率為 80%，年增了 50 個基點以上。我們第二季的非 GAAP 服務毛利率也達到了 11%，高於去年的 10%。透過這些改進，我們第二季的整體非 GAAP 毛利率為 69%，高於去年的 67%。

We delivered adjusted EBITDA of $7.4 million in the second quarter, exceeding guidance and a 42% improvement over last year. Our free cash flow was $3.2 million in the second quarter, bringing us to $4.3 million in free cash flow generated in the first half of 2025. Compared to the first half of last year, we delivered an improvement of over $3 million.

我們第二季的調整後 EBITDA 為 740 萬美元，超過了預期，比去年同期成長了 42%。我們第二季的自由現金流為 320 萬美元，使我們在 2025 年上半年產生的自由現金流達到 430 萬美元。與去年上半年相比，我們的獲利成長了 300 多萬美元。

And I am pleased to see us start the year with 2 positive cash generation quarters despite the first half of the year being our seasonally high period for cash use. From a balance sheet perspective, we exited the second quarter with $189 million of cash and investments.

儘管上半年是我們的現金使用旺季，但我很高興看到我們在今年開始就有兩個季度實現了正現金產生。從資產負債表的角度來看，我們在第二季結束時擁有 1.89 億美元的現金和投資。

Additionally, in the second quarter, we announced an exchange of $186.9 million of our 2027 notes for $185 million of new notes due in 2030, taking advantage of our favorable bond prices to reduce our debt by approximately $2 million. As a result, the outstanding amount due in September 2027 has been reduced to $79.9 million.

此外，在第二季度，我們宣布將 1.869 億美元的 2027 年票據兌換為 1.85 億美元的 2030 年到期的新票據，利用我們優惠的債券價格將我們的債務減少約 200 萬美元。因此，2027 年 9 月到期的未償還金額已減少至 7,990 萬美元。

Also, once the 2027 notes are fully retired, our total debt will be 12% lower than it was prior to the exchange. While we weren't satisfied with our capital structure before the exchange transaction, we now have a greater degree of financial flexibility. Our second quarter non-GAAP earnings per share was $0.13 per share, also exceeding our guidance.

此外，一旦 2027 年票據全部贖回，我們的總債務將比交換前低 12%。雖然我們對交換交易前的資本結構並不滿意，但現在我們擁有了更大的財務彈性。我們第二季的非公認會計準則每股收益為 0.13 美元，也超過了我們的預期。

Now turning to our forward-looking guidance. For the third quarter, we expect subscription revenue to be in the range of $74.8 million to $75.3 million, representing 12% growth year-over-year at the midpoint. We expect total revenue to be in the range of $90.5 million to $91.5 million, representing 10% year-over-year growth at the midpoint.

現在轉向我們的前瞻性指引。對於第三季度，我們預計訂閱收入將在 7,480 萬美元至 7,530 萬美元之間，以中位數計算年增 12%。我們預計總收入將在 9,050 萬美元至 9,150 萬美元之間，中間值將年增 10%。

We expect adjusted EBITDA between $11 million and $12 million, representing 24% growth year-over-year at the midpoint. And using our non-GAAP estimated tax rate of 22%, we anticipate non-GAAP earnings per share to be in the range of $0.15 to $0.17 per share based on an estimated 48.3 million diluted weighted average shares outstanding.

我們預計調整後的 EBITDA 在 1,100 萬美元至 1,200 萬美元之間，中間值年增 24%。使用我們 22% 的非 GAAP 預估稅率，我們預計非 GAAP 每股盈餘將在 0.15 美元至 0.17 美元之間，基於預計的 4,830 萬股稀釋加權平均流通股。

For the full year, we are raising our subscription ARR to a range of $310 million to $313 million, representing 11% growth year- over-year at the midpoint. We are raising our subscription revenue to a range of $295.5 million to $297.5 million, representing 11% growth year-over-year at the midpoint. We expect total revenue to be in the range of $360 million to $362 million, representing 9% growth year-over-year at the midpoint.

就全年而言，我們將把訂閱 ARR 提高到 3.1 億美元至 3.13 億美元之間，相當於年增 11%。我們將訂閱收入提高至 2.955 億美元至 2.975 億美元之間，以中位數計算，年增 11%。我們預計總收入將在 3.6 億美元至 3.62 億美元之間，相當於年增 9%。

And we expect adjusted EBITDA to be in the range of $42 million to $44 million, representing an improvement of 43% year-over-year at the midpoint. And free cash flow in the range of $40 million to $44 million, a 61% improvement year-over-year at the midpoint.

我們預計調整後的 EBITDA 將在 4,200 萬美元至 4,400 萬美元之間，以中間值計算，年增 43%。自由現金流在 4,000 萬美元至 4,400 萬美元之間，年比中位數成長 61%。

In closing, we delivered strong results with continued progress to our key financial and strategic priorities. We are focused on driving rigor and disciplined execution across all aspects of the customer journey, and we're continuing to expand our competitive moat through innovation. We are well positioned to drive long-term value for our shareholders.

最後，我們取得了強勁的業績，並在關鍵財務和策略重點方面繼續取得進展。我們專注於推動客戶旅程各個方面的嚴謹性和紀律性執行，並將繼續透過創新來擴大我們的競爭優勢。我們已準備好為股東創造長期價值。

I would like to thank our global team and our customers for their continued support of PROS. We also thank you, our shareholders, for your support of PROS, and we look forward to speaking with you at our upcoming events.

我要感謝我們的全球團隊和客戶對 PROS 的持續支持。我們也感謝股東對 PROS 的支持，我們期待在即將舉行的活動中與您交談。

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

我現在將把電話轉回給接線員以回答問題。操作員？

(Operator Instructions)

（操作員指示）

Parker Lane, Stifel.

帕克巷，斯蒂費爾。

Hey, good afternoon, everyone, and thanks for taking the question here. Jeff, you emphasized one of the key priorities is building top of funnel. And I think you mentioned driving tighter alignment between marketing and sales was one of the ways you're going to do that. Could you go a little bit deeper on exactly what initiatives you have in place to build that tighter alignment? And what sort of time line should we expect to see some of those changes in the structure here and approach really benefiting that subscription revenue line?

大家下午好，感謝您在這裡提出這個問題。傑夫，你強調了關鍵優先事項之一是建立漏斗頂部。我認為您提到推動行銷和銷售之間更緊密的協調是您要實現這一目標的方法之一。您能否更深入地說明一下，您採取了哪些措施來建立更緊密的協調？我們應該預期在什麼樣的時間範圍內才能看到結構和方法上的一些變化真正有利於訂閱收入線？

Yes, Parker, thank you for the question. A couple of things. First and foremost, look, our marketing organization has already got a lot of activity going right now on campaigns that we're really dialing in to very specific ideal customer profiles. I'll give you an example. Manufacturing is one that, as I've gotten out to our customer base, there's just so much messaging that we can really tailor to that specific industry that we're going to continue to dial in and then even get into subsegments within manufacturing.

是的，帕克，謝謝你的提問。有幾件事。首先，我們的行銷組織現在已經進行了大量活動，我們真正針對的是特定的理想客戶資料。我給你舉個例子。製造業就是這樣一個行業，正如我向我們的客戶群所了解到的，我們可以針對特定行業進行定制的信息非常多，我們將繼續深入研究，甚至進入製造業的細分領域。

And so then as you get those campaigns defined and launched in market, you've got to align your sales activity to that to make sure that then we have salespeople that have targets aligned against those specific subsegments of industry groups. And so that's the type of alignment here that we're talking about as we continue to evolve our campaigns.

因此，當您在市場上定義和啟動這些活動時，您必須使您的銷售活動與之保持一致，以確保我們的銷售人員的目標與行業群體的特定子部分保持一致。這就是我們在繼續進行活動時所討論的協調類型。

Look, time lines, you're going to be looking at a few quarters out before you start to really see bookings momentum there, right? We've got to get these campaigns out. We've got to then get top-of-funnel activity going. But that's the type of alignment that we're starting to define here for our 2026 planning efforts.

看看時間線，你需要觀察幾個季度之後才能真正看到預訂勢頭，對嗎？我們必須進行這些活動。我們必須啟動漏斗頂端的活動。但這就是我們為 2026 年規劃工作開始定義的協調類型。

Got it. That's good feedback. And then maybe on the other side of the house in travel and airlines, a nice mix of some net new airlines there as well as some expansion activity. Stepping into this role, and you look at the TAM you have there, how would you address that opportunity? How do you see it? What are the things that excites you most about the opportunity in front of you in the travel segment?

知道了。這是很好的回饋。然後也許在旅遊和航空業的另一邊，那裡有一些新航空公司和一些擴張活動的良好組合。擔任這個角色後，看看您擁有的 TAM，您將如何抓住這個機會？您怎麼看？對於旅遊領域面臨的機遇，最讓您感到興奮的是什麼？

Yes. I'm really glad you asked that one. Look, I'll tell you, this has probably been one of my bigger pleasant surprises in stepping into the role. I've actually spent a lot of time with a lot of our airline customers actually since before I joined and now that I've had a chance to get in and meet with many of them.

是的。我很高興你問了這個問題。聽著，我告訴你，這可能是我擔任這個角色以來最大的驚喜之一。事實上，在我加入之前，我已經花了很多時間與我們的許多航空公司客戶在一起，現在我有機會與他們中的許多人見面。

And I will tell you, the airline industry, as you well know, I'm sure you cover a lot of their respective businesses, is going through more complex change than probably any industry, right? They've got massive shifts in their buying patterns in terms of premium products being more in demand than lower fare class products. They're shoving a lot more complexity into ancillary products, et cetera. And all of that creates demand for us.

我要告訴你們，正如你們所知，我相信你們涵蓋了很多相關的業務，航空業正在經歷比任何行業都更為複雜的變化，對嗎？他們的購買模式發生了巨大的變化，高端產品的需求比低端產品更大。他們將更多的複雜性融入輔助產品等等。所有這些都為我們創造了需求。

Our towering strengths are in offer management specifically. And the conversations that we're having now is they're looking at redefining their tech stack as they shift more into an offer and order management type of a tech stack and offer is where they're putting a premium. That's what's going to help them solve a lot of the complexity that they're now facing as they look at trying to seek new revenue sources as they try to shift into this more holistic travel experience.

我們最大的優勢在於報價管理。我們現在的對話是，他們正在考慮重新定義他們的技術堆疊，因為他們更多地轉向報價和訂單管理類型的技術堆疊，而報價是他們重視的地方。這將有助於他們解決當前面臨的許多複雜問題，因為他們正在努力尋找新的收入來源，並嘗試轉向這種更全面的旅行體驗。

And so I have to tell you, I've been really surprised pleasantly at the demand that we're starting to see in the conversations we're now engaging. Now obviously, these are long sales cycles, right? You're at the very beginning of helping them define in many cases, how these new buying patterns are going to operate and then standing up the platforms that we offer today for them and getting those bedded in and implemented. But I'll tell you, there is a lot of demand that we're hearing directly for our offer capabilities.

所以我必須告訴你，我們對我們現在所進行的對話中開始看到的需求感到非常驚訝。現在顯然，這些都是很長的銷售週期，對吧？在許多情況下，您一開始就幫助他們定義這些新的購買模式將如何運作，然後建立我們今天為他們提供的平台，並讓這些平台紮根並實施。但我要告訴你，我們直接聽到了對我們所提供的功能有很多需求。

Got it. Thanks again and congrats on the quarter, Jeff.

知道了。再次感謝並恭喜本季取得佳績，傑夫。

Yeah, thank you.

是的，謝謝。

Nehal Chokshi, Northland Capital Markets.

Nehal Chokshi，北國資本市場。

Thank you and congrats on a good quarter, including billings above expectations. It sounds like that's what's driving the forward subscription raise, which is great. What needs to happen for the remainder of the year in order for subscription growth to further accelerate going into calendar '26?

謝謝您，並祝賀您本季取得了良好的業績，包括超出預期的營業額。聽起來這就是推動遠期認購增加的原因，這很好。為了在 2026 年進一步加速訂閱成長，今年剩餘時間需要做些什麼？

Yes, Nehal, thanks for the question. This is Stefan. I'll take that. So first of all, I mean, we're very happy with where we sit at the midyear point. Obviously, through that, we were able to raise not only our revenue but also our ARR. Our teams continue to do well in the marketplace. Our products continue to be in demand.

是的，Nehal，謝謝你的提問。這是史蒂芬。我會接受的。首先，我的意思是，我們對年中的情況非常滿意。顯然，透過這種方式，我們不僅能夠提高收入，還能提高 ARR。我們的團隊在市場上繼續表現良好。我們的產品持續受到歡迎。

But at this point, we put together a guidance range that we feel represents what we feel like is achievable. Our methodology from a guidance perspective is still the same. We want to provide something we have a high degree of confidence we can achieve, and we feel like we've done that.

但此時，我們制定了一個指導範圍，我們認為這個範圍代表了我們認為可以實現的目標。從指導角度來看，我們的方法仍然是一樣的。我們希望提供一些我們有高度信心能夠實現的東西，而且我們覺得我們已經做到了。

Certainly, there's opportunity to leverage other products, other things that are happening, our agent technology that Jeff highlighted in his prepared remarks. But right now, we're comfortable with where we are. We do see momentum in our business, and there is a possibility that there could be more. But at this point in time, given all the things that are in play, we feel comfortable with where we sit at the $310 million to $313 million on the subscription ARR side.

當然，還有機會利用其他產品、正在發生的其他事情以及 Jeff 在準備好的演講中強調的代理技術。但目前，我們對現狀感到滿意。我們的業務確實出現了成長勢頭，並且還有進一步成長的潛力。但目前，考慮到所有正在發生的事情，我們對訂閱 ARR 方面 3.1 億美元至 3.13 億美元的水平感到滿意。

Any thoughts to share on whether or not growth can accelerate in calendar '26, what needs to happen in order for that -- for growth to accelerate in calendar '26 subscription growth?

對於 2026 年訂閱量是否會加速成長，您有什麼看法？為了實現這個目標，需要做些什麼？

Yes. I think the question that was just asked of Jeff just a few minutes ago, things that we can do around becoming more optimized in the top end of our funnel and progressing opportunities further along in a quicker and faster fashion, certainly something that we can do. We made an announcement also today with our partnership with Commerce and what that means.

是的。我認為幾分鐘前傑夫剛剛問到的問題是，我們可以做些什麼來進一步優化我們的漏斗頂端，並以越來越快的方式進一步推進機會，這當然是我們可以做的事情。我們今天也宣布了與商務部的合作及其意義。

I think Jeff has been very clear in terms of what he wants to prioritize both at outperform and I think even today that we want to leverage more partners as well, have more people -- more feet on the street, not just direct sales reps, but also folks that are advocating on our behalf. So those are several initiatives that are underway now that we feel like will help accelerate the growth rate.

我認為傑夫已經非常清楚地表明了他希望在超越中優先考慮什麼，我認為即使在今天，我們也希望利用更多的合作夥伴，擁有更多的人——更多的街頭人士，不僅僅是直銷代表，還有代表我們倡導的人。因此，我們認為目前正在進行的幾項措施將有助於加快成長率。

Not to mention things that we already had in play around being more efficient in the selling process, having faster time to value, making sure our products can be deployed faster. All those initiatives that were in play before continue to be in play. And we feel like the combination of the things that were already in flight plus the things that Jeff is bringing in to focus on, give us an opportunity to do that.

更不用說我們已經在努力提高銷售流程的效率、縮短價值實現時間、確保我們的產品能夠更快部署。所有先前實施的措施都將繼續實施。我們覺得，已經在進行的事情加上傑夫要關注的事情的結合，給了我們這樣做的機會。

I'll be prepared to talk more about that in the coming quarters as we get through our planning process. As you can imagine, we're going through a little bit of a different planning process now. And -- but once we have some better ideas around that, we'll certainly share those with you.

隨著我們完成規劃過程，我將準備在接下來的幾個季度中進一步討論這個問題。正如您所想的，我們現在正在經歷一個稍微不同的規劃過程。而且——但一旦我們有了更好的想法，我們一定會與你們分享。

That's great. Thank you.

那太棒了。謝謝。

Jeff Van Rhee, Craig-Hallum Capital Group.

Jeff Van Rhee，克雷格-哈勒姆資本集團。

Hey, this is Daniel Hibshman on for Jeff Van Rhee. Thanks for taking my questions. Jeff, just as you're coming on board here, maybe you could share with us as you're taking a very significant role in sales, some more about your background in go-to-market, your philosophy to go-to-market and just generally how you're wanting to posture PROS strategically from a go-to-market perspective?

嘿，我是 Daniel Hibshman，代替 Jeff Van Rhee。感謝您回答我的問題。傑夫，既然您剛加入我們，由於您在銷售中扮演著非常重要的角色，您能否與我們分享一下您在市場進入方面的背景、您的市場進入理念，以及從市場進入的角度，您希望如何戰略性地定位 PROS？

Yes. Great question. First of all, I would tell you, I spent probably at least the last, let's call it, 20 years of my career focusing pretty heavily in specifically go-to-market. And what I would tell you, I spend a lot of time on is not necessarily running the day-to-day sales. Obviously, we have a great sales team and a great sales leader who's doing that. It's really about how do we build what I call the conveyor belt, right? When you think about the demand flow that has to be coming into a business to achieve revenue growth and

是的。好問題。首先，我想告訴你，我職業生涯的最後 20 年可能都花在了專注於行銷上。我想告訴你的是，我花了很多時間並不一定是在進行日常銷售。顯然，我們擁有一支優秀的銷售團隊和優秀的銷售領導者。這實際上是關於我們如何建造所謂的傳送帶，對嗎？當你考慮企業需要哪些需求流才能達到收入成長時，

acceleration, which is obviously what we're all going for here, you've got to really understand what are the different demand channels, right? And when I say channel, I don't mean necessarily just partnerships. And so that's what we're spending a lot of time doing here.

加速，這顯然是我們所有人在這裡追求的目標，你必須真正了解不同的需求管道是什麼，對吧？當我說管道時，我並不一定指合作關係。這就是我們在這裡花費大量時間所做的事情。

I've brought a framework that I have used now at multiple organizations that seems to work really well, where we'll start to really pull apart the top of the funnel and you look at what do we expect from partners over the coming months and quarters. And then you build a detailed plan that says, okay, how many leads do I need to be getting access to via those partners?

我帶來了一個框架，目前我已經在多個組織中使用過，它似乎運行得非常好，我們將開始真正分離漏斗的頂部，看看我們對未來幾個月和幾個季度的合作夥伴有何期望。然後你制定一個詳細的計劃，說好吧，我需要透過這些合作夥伴獲得多少潛在客戶？

How many ops do we want to be creating? What are the conversion rates and then measuring those. We do the same thing with marketing and looking at very specific campaigns and being able to flow a campaign from the leads and the contacts literally that we're out marketing to all the way down to bookings. And then you do the same thing on the direct sales side, right?

我們想要創建多少個操作？轉換率是多少，然後對其進行測量。我們在行銷方面也做同樣的事情，專注於非常具體的活動，並能夠從潛在客戶和聯絡人開始進行活動，從行銷到預訂。然後你在直銷方面也做同樣的事情，對嗎？

We've got lots of opportunity in both our travel and our B2B business to market products that customers don't have. Great example in the travel space is for our revenue management customers going and offering our digital marketing offer capabilities. We've just launched a new agent there that is really exciting. And so we've got to have very specific campaigns to go do that.

無論是在旅遊還是 B2B 業務中，我們都有很多機會來推銷客戶沒有的產品。旅遊領域的一個很好的例子就是我們的收入管理客戶去提供我們的數位行銷服務功能。我們剛剛在那裡推出了一個新的代理，這真是令人興奮。因此我們必須進行非常具體的活動來實現這一目標。

So once again, you'll define the amount of customers we have in our base that do not have digital offer marketing and the campaigns you'll activate against those targets and then flow it down to bookings. And so that's the type of rigor here that I've done at other organizations that we're bringing here. And as Stefan said, we're in the very middle of building that plan from literally top -- very top of the contacts they were marketing to or targeting in our existing customer base, all the way down to bookings.

因此，再次強調，您將確定我們客戶群中沒有數位優惠行銷的客戶數量，以及您將針對這些目標進行的活動，然後將其轉換為預訂。這就是我在其他組織中實踐過的嚴謹態度，我們也將其帶到了這裡。正如史蒂芬所說，我們正處於製定該計劃的過程中，從字面上看——從他們在我們現有客戶群中行銷或定位的聯絡人開始，一直到預訂。

Thanks Jeff. And then just on travel versus B2B performance incrementally over the past 90 days. I didn't hear too much commentary about that in the prepared remarks. So maybe just for either of you -- from either of you, just a little bit more commentary on how travel and how B2B did incrementally over the past 90 days. Thanks.

謝謝傑夫。然後僅對過去 90 天內的旅行與 B2B 表現進行逐步比較。我在準備好的發言中沒有聽到太多關於此的評論。因此，也許你們中的任何一個人都可以對過去 90 天旅遊業和 B2B 業務的進展發表一些評論。謝謝。

So we're pleased with both actually. We continue to see B2B performing well, and our airline business really just continues to get stronger. And especially when you think of a year ago, where we were from an airline perspective, we were talking about some of the challenges. And in the four quarter since, we've been able to see strong and steady progress in that airline business, and that continues through this past quarter as well.

所以實際上我們對兩者都很滿意。我們繼續看到 B2B 表現良好，而且我們的航空業務確實繼續變得更加強勁。尤其是當你回想起一年前，我們從航空公司的角度談了一些挑戰。自此之後的第四季度，我們看到航空業務取得了強勁而穩定的成長，這種勢頭也延續到了上個季度。

Okay, that's it for me. Thanks.

好的，對我來說就這些了。謝謝。

Zane Meehan, KeyBanc Capital Markets.

Zane Meehan，KeyBanc 資本市場。

Great, thank you guys for taking my question. I'm on for Jason Celino today. Jeff, to start with you, the Commerce partnership announcement is super exciting. Just hoping you could give a bit more detail on how that partnership works, both from a go-to-market and monetization standpoint. Is there a co-sell or rev share agreement in place? And then is this something we should expect going forward, more announcements like this?

太好了，謝謝你們回答我的問題。今天我為 Jason Celino 效力。傑夫，首先，商務合作夥伴關係公告非常令人興奮。只是希望您能從市場進入和貨幣化的角度更詳細地介紹一下這種合作關係如何運作。是否有共同銷售或收益分成協議？那麼，我們是否應該期待未來會有更多類似的公告？

Yes, great question. So the way that the partnership works, first of all, what you should expect to see going forward is that when we announce these types of relationships, first of all, they're going to be ones that start at the top of the partner organization.

是的，很好的問題。因此，首先，您應該期望看到的是，當我們宣布這些類型的關係時，首先，它們將從合作夥伴組織的頂層開始。

I believe very much you've got to align strategically on the customer profile you're going after the use cases, and we've got to have real strategic alignment, how the product is going to come together to solve that ideal customer profile and use case. And then after that alignment and how we commercially want the relationship to work, then we start to do the go-to-market structures and activate those campaigns. So all of that work has now been done with what is now known as commerce.

我非常相信，你必須在策略上根據客戶資料和用例進行調整，我們必須有真正的策略協調，產品如何結合起來解決理想的客戶資料和用例。然後，在進行這種協調並確定我們在商業上希望這種關係如何運作之後，我們就開始製定行銷結構並啟動這些活動。所以，所有這些工作現在都是透過所謂的商業來完成的。

Travis and I have spent a lot of time together outlining what we want this future relationship to look like. And so it's starting as a referral relationship where they're activating their customer base. In fact, we already have our first handful of customers where we're actively having conversations currently. And so we will jointly co-sell, and that is what the agreement is to do to start.

我和崔維斯花了很多時間一起規劃我們對未來關係的期望。因此，它以推薦關係開始，他們正在激活他們的客戶群。事實上，我們已經有了第一批客戶，目前正在積極與他們對話。因此我們將共同銷售，這就是協議的開始。

However, the vision here is eventually to get to a reseller model where literally it is their sales organization that is out there marketing and selling the joint solution. And in fact, the same with us being able to co-sell and market the joint product as well. And yes, when I talk about platform partnerships, this is the first example of what you should expect more of to come. We are working on a handful

然而，這裡的願景最終是實現經銷商模式，即他們的銷售組織實際上負責行銷和銷售聯合解決方案。事實上，我們也能夠共同銷售和行銷聯合產品。是的，當我談論平台合作夥伴關係時，這是您應該期待更多未來發展的第一個例子。我們正在努力

of others right now in the pipeline. But this is where you can really change the demand flow and the distribution, right? This is where you're going to get in someone else's demand flow and why we're excited about it because it certainly increased our distribution.

其他項目目前正在籌備中。但這確實是您可以改變需求流和分佈的地方，對嗎？這就是您將進入其他人的需求流的地方，也是我們對此感到興奮的原因，因為它確實增加了我們的分銷。

If I can say one more thing here that I think is important. What I love about this story already is that we're actively working a customer that PROS had a look at a couple of years ago, and the customer decided to make no decision. And this has already given us the right to get back into that customer conversation that I'm not sure we would have without this relationship. So it's very much a tangible example of things to come.

如果我可以在這裡再說一件我認為重要的事情。我喜歡這個故事的原因是，我們正在積極地與 PROS 幾年前考察過的一位客戶合作，但這位客戶決定不做任何決定。這已經賦予了我們重新與客戶對話的權利，如果沒有這種關係，我不確定我們是否會擁有這種權利。所以，這是未來事物的具體例子。

Great. Yeah, very good color. Appreciate it. And then Stefan, relatedly to that, as PROS leans in on the partnership angle, should we expect services to start to moderate a little bit as you lean in? Or should that stay insulated from that objective?

偉大的。是的，顏色非常好。非常感謝。然後，Stefan，與此相關的是，隨著 PROS 傾向於合作角度，我們是否應該預期服務會隨著您的傾向而開始有所緩和？或應該與該目標保持隔離？

That's a great follow-on question. So yes, I think so. I mean you're already seeing some evidence of that. If you look at the year-to- year growth on services, it's already relatively flat, maybe even slightly down through the first half of this year. And I think if you look at the guidance, it would imply roughly a 6% to 8% growth rate for the year in services, which is below what we're doing from a subscription standpoint.

這是一個很好的後續問題。是的，我認為是這樣。我的意思是你已經看到了一些證據。如果你看一下服務業的年成長，你會發現它已經相對持平，甚至在今年上半年略有下降。我認為，如果你看一下指導意見，你會發現它意味著今年服務業的成長率大約是 6% 到 8%，這低於我們從訂閱角度所做的成長。

So yes, I think you'll continue to see that. I think some of the partner models and some of the channels that we're looking at would imply services being performed by other parties. And we're perfectly good with that. Again, just getting as many folks out there that are experts in the PROS solution, we feel like it's to our advantage. And so while it may take away some of the services revenue, our bet is that it's going to yield more subscription revenue, and we feel like that's a pretty good trade.

是的，我認為你會繼續看到這一點。我認為我們正在研究的一些合作夥伴模式和一些管道意味著由其他方提供的服務。我們對此非常滿意。再說一次，只要找到盡可能多的 PROS 解決方案專家，我們就會覺得這對我們有利。因此，雖然它可能會帶走部分服務收入，但我們打賭它將帶來更多的訂閱收入，我們覺得這是一筆相當不錯的交易。

And I want to add on to this as well because I also want you thinking about services revenue a little differently and not just from a partner perspective. Look, this company is obsessed and focused right now on driving subscription recurring revenue. And as we think about services, look, I want to make our products even easier to deploy. As we look at AI and agents, we're actively working today on how we simplify the deployment of our products, number one, for our customers' benefit. But that will also help start to shift the mix over time of services. And right now, services are in service of driving subscription revenue.

我還想補充一點，因為我也希望你們從不同的角度來思考服務收入，而不僅僅是從合作夥伴的角度。看，這家公司現在痴迷於並專注於推動訂閱經常性收入。當我們考慮服務時，我想讓我們的產品更容易部署。當我們研究人工智慧和代理商時，我們正在積極研究如何簡化我們產品的部署，首先是為了客戶的利益。但這也將有助於隨著時間的推移開始改變服務組合。目前，服務正在推動訂閱收入。

Very clear. Thank you both.

非常清楚。謝謝你們兩位。

Victor Cheng, Bank of America.

美國銀行的 Victor Cheng。

Hi, thanks for taking my questions.

你好，謝謝你回答我的問題。

Maybe first of all, on the -- just if you can provide us some more color on the macro environment. I think in the prepared remarks, you said you'd see improving sales cycle. Just wondering specifically for this quarter as well, whether that is still improving? And maybe by region as well, do you see a bit more hesitation maybe in the US compared to other regions as well?

首先，如果您能為我們提供一些有關宏觀環境的更多細節。我認為在準備好的發言中，您說過您會看到銷售週期的改善。只是特別想知道本季的情況是否仍在改善？也許按地區來看，與其他地區相比，您是否發現美國的猶豫程度更甚？

Yes. So in terms of macro, the first thing I'm going to tell you is, look, it absolutely remains to be a challenging sales environment. I think we've been talking about that for a number of quarters now, and that really hasn't changed. It's certainly challenging. What I'd tell you is that, look, we have a number of deals that we work day in, day out that really have no impact at all from any macroeconomic or tariff-related things, right? They sell right through our sales process.

是的。因此，從宏觀角度來看，我要告訴你的第一件事是，看，這絕對仍然是一個充滿挑戰的銷售環境。我想我們已經討論這個問題好幾個季度了，而且事實並沒有改變。這確實很有挑戰性。我想告訴你的是，我們日復一日地進行著許多交易，這些交易實際上完全不受宏觀經濟或關稅相關因素的影響，對嗎？他們透過我們的銷售流程進行銷售。

And then you'll have other deals, most notably in international. So to your point on regional impact, we most notably see this with companies operating outside of the United States that have, in some cases, either delayed projects or in some cases, just flat out, put projects on pause. And so that certainly has some level of impact from an individual customer perspective. But I would say that, that trend really hasn't changed from what I know and the operating environment that we've been in over the last few quarters.

然後你還會有其他交易，最顯著的是國際交易。因此，關於您提到的區域影響，我們最明顯地看到，在美國境外運營的公司在某些情況下要么推遲項目，要么乾脆暫停項目。因此，從個人客戶的角度來看，這肯定會產生一定程度的影響。但我想說的是，根據我所知以及我們過去幾季的經營環境，這種趨勢確實沒有改變。

The flip side of that, though, which I think is also a really interesting point for PROS specifically is that, look, we do have customers that actually our product is even more valuable for and customers that are now seeking us out because they're now dealing with a much more complex environment because of tariffs. In fact, we have a large European aircraft manufacturing customer who has used us to really improve the speed at which they can do quoting with a complex situation like an aircraft configuration. And they could

但另一方面，我認為這對 PROS 來說也是一個非常有趣的點，那就是，我們確實有一些客戶認為我們的產品更有價值，而這些客戶現在正在尋找我們，因為他們現在因為關稅而面臨著更加複雜的環境。事實上，我們有一家大型歐洲飛機製造客戶，他們利用我們的技術真正提高了在飛機配置等複雜情況下進行報價的速度。他們可以

not have handled dealing with tariffs and all of their raw material components and all the costs fluctuating the way they have without our products. So there's sort of a double-edged sword here for us. Certainly, there are individual customers that you see day in, day out that may have some impacts, most notably outside the US. But then we also have a demand driver here for our products for customers who are operating in these environments where they're seeing volatility.

如果沒有我們的產品，我們就無法應對關稅、所有原材料成分以及所有成本的波動。所以對我們來說這是一把雙面刃。當然，你每天見到的個別客戶可能會產生一些影響，尤其是在美國以外。但是，對於那些在波動性環境中營運的客戶來說，我們的產品也存在需求驅動因素。

Got it. Very clear. And then the other -- the second question, maybe, Jeff, I think you mentioned you sat down and spoke with a lot of the airline customers. What you're seeing in terms of, obviously, as we know, airlines are moving to -- from the current PSS architecture to Offer and Order. I think some initial early adopters maintain their best-of-breed versus best-in-class option.

知道了。非常清楚。然後是另一個——第二個問題，傑夫，我想你提到你坐下來與很多航空公司客戶交談過。顯然，正如我們所知，航空公司正在從當前的 PSS 架構轉向「報價和訂單」架構。我認為一些最初的早期採用者會保留他們的最佳品種而不是一流的選擇。

And obviously, with Lufthansa, they remain best-of-breed and continue to pick PROS and to collaborate and codevelop new solutions, whereas some others continue to be best-in-class. I think at this stage, where do you see or where do you expect airlines to be going forward? Will they kind of be aligning to what they used to be? Or do you see this as an opportunity for you to gain more share in that space? Or do you see actually more competition as well given the shift?

顯然，漢莎航空仍然是同類產品中的佼佼者，他們繼續選擇 PROS 並合作開發新的解決方案，而其他一些公司則繼續保持同類產品中的佼佼者。我認為在現階段，您認為或預期航空公司未來會如何發展？它們會恢復到以前的樣子嗎？或者您將此視為您在該領域獲得更多份額的機會？或者您認為，考慮到這種轉變，競爭實際上也會更加激烈？

Yes. So first of all, look, it's a very competitive environment, obviously, in the airline technology platform space. But what I would tell you is a couple of trends that we're seeing. First of all, as I mentioned a little bit ago, most airlines right now that we're interacting with are very much in a planning and a strategy mode of trying to figure out what does their next-gen platform. And when we're having conversations with them, look, they're actually really interested in co-investing with us in a lot of these areas as they're looking across the platform.

是的。首先，航空技術平台領域的競爭顯然非常激烈。但我想告訴你們的是我們看到的一些趨勢。首先，正如我剛才提到的，目前我們接觸的大多數航空公司都處於規劃和策略模式，試圖弄清楚他們的下一代平台是什麼。當我們與他們交談時，我們發現，他們實際上非常有興趣與我們在許多領域共同投資，因為他們正在關注整個平台。

And very specifically, as I mentioned as well a few minutes ago, offer management is where we're spending the majority of the time. That's obviously where our roots are in revenue management and the digital offering capabilities that we have. And so what that tells you is that they're all mostly considering a sort of best-of-breed approach. I think in the industry, there have been big all-encompassing platform players. And certainly, you're going to have airlines where that's going to be fine and they're going to want to continue to go that route.

具體來說，正如我幾分鐘前提到的，我們大部分時間都花在了報價管理上。這顯然是我們的收益管理和數位產品能力的根基所在。這說明他們大多在考慮一種最佳方法。我認為在這個產業中，已經出現了大型的、包羅萬象的平台參與者。當然，有些航空公司會認為這種做法很好，並且願意繼續走這條路線。

But what you see is as they're all trying to get to this sort of broad encompassing travel experience, offer management is really where the strategic differentiation is going to come in and really helping them identify what part of the experience do I want to own? What do I actually -- what can I offer within my company versus third-party services that we want to bring in and offer. And that's where our product is really going to shine. So I would tell you, we're having extensive conversations specifically on offer management. And with those airlines, and I would tell you, it's a significant amount of them, they're very comfortable with the best-of- breed approach.

但你看到的是，當他們都試圖獲得這種廣泛的包羅萬象的旅行體驗時，優惠管理才是真正的戰略差異化所在，並真正幫助他們確定我想擁有哪部分體驗？我實際上能做什麼——我能在公司內部提供什麼，以及我們想要引入和提供的第三方服務是什麼。這正是我們的產品真正閃耀的地方。所以我想告訴你，我們正在就優惠管理進行廣泛的討論。而對於這些航空公司來說，我可以告訴你，其中很大一部分，他們對最佳方案非常滿意。

Thank you.

謝謝。

Patrick Schulz, Baird.

派崔克舒爾茨，貝爾德。

Hey, yeah, good afternoon, everyone. Thanks for taking my questions. Maybe starting off first, it seems like the pace of AI innovation keeps accelerating with pricing models also evolving along the way. When it comes to rolling out the PROS AI agent and other adjacent features, I guess, can you talk about how we should be thinking about the balance between driving use and adoption relative to any monetization efforts? And maybe broadly speaking, how is PROS able to maintain its competitive advantage around AI?

嘿，是的，大家下午好。感謝您回答我的問題。也許首先，人工智慧創新的步伐似乎不斷加快，定價模式也在不斷發展。當談到推出 PROS AI 代理和其他相關功能時，我想，您能否談談我們應該如何考慮推動使用和採用與任何貨幣化努力之間的平衡？從廣義上講，PROS 如何能夠在人工智慧領域保持競爭優勢？

Yes. So on use and adoption versus monetization, I would say right now, we are squarely focused on usage and adoption. We launched 12 agents at our recent Outperform customer event, and we have active adoption across our four B2B agents that we launched, and we have active adoption as well as a healthy pipeline with our travel-based AI agents as well. And so we're actually collaborating with those customers right now that are early adopters of the agents that we've launched around what is the right pricing model.

是的。因此，關於使用和採用與貨幣化，我想說現在我們完全專注於使用和採用。我們在最近的 Outperform 客戶活動中推出了 12 名代理，我們推出的 4 名 B2B 代理也積極採用，我們與基於旅行的 AI 代理也積極採用並建立了健康的管道。因此，我們實際上正在與那些早期採用我們推出的代理商的客戶進行合作，共同探討正確的定價模式。

Right now, obviously, a lot of organizations have launched a consumption-based model. We're obviously evaluating that. But the bottom line is we want to really help build the right model that our customers are going to respond well to ultimately drive usage because I think that's going to be the name of the game, right? If you just think about yourself, everybody is playing with all of these different models right now. And whoever gets the one that is going to become sort of the ubiquitous agent out there that's

目前，顯然很多組織已經推出了基於消費的模式。我們顯然正在對此進行評估。但最重要的是，我們希望真正幫助建立正確的模型，讓我們的客戶做出良好的反應，最終推動使用，因為我認為這將成為遊戲的名稱，對嗎？如果你只考慮自己，你會發現現在每個人都在玩所有這些不同的模型。無論誰得到它，它都會成為一種無處不在的特工

used in a various industry is the one that's going to win. So to me, it's really all about driving adoption, and we'll zero in on the right monetization model. But ultimately, we expect that monetization model to be an outcome-based one, where it's based on the usage of the actual agent itself.

在各行業中得到應用的才是最終獲勝的方法。所以對我來說，這實際上都是為了推動採用，我們將專注於正確的貨幣化模式。但最終，我們期望貨幣化模式是基於結果的模式，即基於實際代理本身的使用。

Okay. Very helpful. Appreciate the color. Maybe just a quick follow-up for Stefan, just on profitability. Adjusted EBITDA is coming above guidance for both quarters so far this year. What's holding you back from raising the full year guidance? Are there any incremental investments that are needing to be made in the second half of the year? Thanks guys.

好的。非常有幫助。欣賞色彩。也許只是對 Stefan 的一個快速跟進，關於盈利能力。今年迄今為止，兩季的調整後 EBITDA 均高於預期。是什麼原因阻礙了您提高全年業績預期？下半年是否需要進行增量投資？謝謝大家。

Yeah, Patrick, good question. Yes, your answer is spot on. I mean you kind of answered the question for me. We're very thrilled with how we've been able to drive more efficiency in our business for the first half of the year. And we do want to take some of that and some of that savings, if you will, and apply that to some of the things that we're wanting to execute on from a selling and marketing perspective. I think it's safe to say you'll continue to see us drive greater and greater efficiencies on the R&D and G&A line items and put more, not just what we save in the R&D and G&A, but actually take some of the extras that we generated in the first half of the year and put that more towards sales and marketing as well. So yes, your assumption is spot on.

是的，派崔克，這個問題問得好。是的，你的回答很正確。我的意思是你已經回答我的問題了。我們對今年上半年能夠提高業務效率感到非常高興。如果你願意的話，我們確實想利用其中的一部分和節省下來的部分資金，將其應用到我們想要從銷售和行銷角度執行的一些事情上。我想可以肯定地說，你將繼續看到我們在研發和一般及行政管理項目上不斷提高效率，投入更多，不僅僅是我們在研發和一般及行政管理方面節省的資金，而且實際上還將上半年產生的一些額外收入更多地用於銷售和營銷。是的，你的假設是正確的。

Thank you. And with that, ladies and gentlemen, we have reached the end of our 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，我們的問答環節到此結束。我想請 Belinda Overdeput 做最後發言。

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 KeyBanc Technology Leadership Forum Conference on August 11 in Park City, the Virtual Oppenheimer Annual Technology, Internet and Communications Conference on August 12, and the Stifel Tech Executive Summit on August 25 and 26 in Park 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 8 月 11 日在帕克城舉行的 KeyBanc 技術領導力論壇會議、8 月 12 日舉行的虛擬 Oppenheimer 年度技術、互聯網和通信會議以及 8 月 25 日和 26 日在帕克城舉行的 Stifel 技術高管峰會。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。

And with that, this does conclude today's teleconference. We thank you for your participation. You may disconnect your lines at this time.

今天的電話會議到此結束。我們感謝您的參與。現在您可以斷開線路。