PROS Holdings, Inc. Reports Second Quarter 2021 Financial Results

HOUSTON--(BUSINESS WIRE)--PROS Holdings, Inc. (NYSE: PRO), a provider of SaaS solutions optimizing shopping and selling experiences, today announced financial results for the second quarter ended June 30, 2021.

“I’m incredibly proud to announce the launch of our next-generation SaaS editions on the PROS Platform,” stated CEO Andres Reiner. “We’re making it possible for every business to adopt our industry-leading technology to drive interconnected sales motions and profitable revenue growth. We’re encouraged by the early response to the PROS Platform launch and we are well-positioned to capture the large market opportunity in front of us.”

Second Quarter 2021 Financial Highlights

Key financial results for the second quarter 2021 are shown below. Throughout this press release all dollar figures are in millions, except net loss per share. Unless otherwise noted, all results are on a reported basis and are compared with the prior-year period.

	GAAP			Non-GAAP
	Q2 2021	Q2 2020	Change	Q2 2021	Q2 2020	Change
Revenue:
Total Revenue	$62.4	$63.7	(2)%	n/a	n/a	n/a
Subscription Revenue	$44.2	$42.4	4%	n/a	n/a	n/a
Subscription and Maintenance Revenue	$52.8	$54.1	(2)%	n/a	n/a	n/a
Profitability:
Gross Profit	$36.0	$37.8	(5)%	$37.4	$39.4	(5)%
Operating Loss	$(16.3)	$(15.1)	$(1.2)	$(6.8)	$(7.5)	$0.6
Net Loss	$(18.0)	$(17.2)	$(0.8)	$(6.3)	$(6.0)	$(0.3)
Net Loss Per Share	$(0.41)	$(0.40)	$(0.01)	$(0.14)	$(0.14)	$—
Adjusted EBITDA	n/a	n/a	n/a	$(4.7)	$(5.7)	$1.0
Cash:
Net Cash Used in Operating Activities	$(5.0)	$(22.8)	$17.8	n/a	n/a	n/a
Free Cash Flow	n/a	n/a	n/a	$(5.7)	$(23.5)	$17.8

The attached table provides a summary of PROS results for the period, including a reconciliation of GAAP to non-GAAP metrics.

Recent Business Highlights

• Expanded accessibility of PROS technology through the launch of next-generation SaaS editions for the PROS Platform – PROS Smart Price Optimization and Management and PROS Smart Configure, Price, Quote – designed to drive harmonized and interconnected omnichannel sales experiences for every business.

• Launched Extensible AI^TM, an industry-first capability that empowers a business to plug their own algorithms into the PROS Platform to deliver new digital selling innovations with industry-leading scale, performance, and security.

• Welcomed new customers that are adopting our digital selling technology such as Eneco, Hawaiian Airlines, Kawneer, LafargeHolcim, and USG Corporation, among others.

• Collaborated with Diggintravel to deliver the Airline Digital Retailing Academy - a comprehensive 5-week training and certification program focusing on how to utilize technology to transform the digital customer experience and fuel post-pandemic recovery, with participation from airlines around the globe.

• Announced a virtual experience for PROS Outperform 2021 Conference, the premier event for pricing, selling, revenue management and eCommerce executives, and industry strategists from across the globe, extending our reach and engagement with our customers and prospects occurring November 16-18.

Financial Outlook

PROS currently anticipates the following based on an estimated 44.4 million basic weighted average shares outstanding for the third quarter of 2021 and a 22% non-GAAP estimated tax rate for the third quarter and full year 2021.

	Q3 2021 Guidance	v. Q3 2020 at Mid-Point	Full Year 2021 Guidance	v. Prior Year at Mid-Point
Total Revenue	$61.7 to $62.7	1%	$250.5 to $253.5	—%
Subscription Revenue	$44.0 to $44.5	5%	$176.5 to $179.5	4%
ARR	n/a	n/a	$212.0 to $217.0	2%
Non-GAAP Loss Per Share	$(0.23) to $(0.21)	$(0.07)	n/a	n/a
Adjusted EBITDA	$(10.0) to $(9.0)	$(3.3)	$(35.0) to $(32.0)	$(5.9)
Free Cash Flow	n/a	n/a	$(38.0) to $(34.0)	$17.3

Conference Call

In conjunction with this announcement, PROS Holdings, Inc. will host a conference call on Tuesday, August 3, 2021, at 4:45 p.m. ET to discuss the Company’s financial results and business outlook. To access this call, dial 1-877-407-9039 (toll-free) or 1-201-689-8470. The live and archived webcasts of this call can be accessed under the “Investor Relations” section of the Company’s website at www.pros.com.

A telephone replay will be available until Tuesday, August 17, 2021, at 1-844-512-2921 (toll-free) or 1-412-317-6671 using the pass code 13720942.

About PROS

PROS Holdings, Inc. (NYSE: PRO) is a leading provider of SaaS solutions that optimize shopping and selling experiences. Built on the PROS Platform, these intelligent solutions leverage business AI, intuitive user experiences and process automation to deliver frictionless, personalized purchasing experiences designed to meet the real-time demands of today’s B2B and B2C omnichannel shoppers, regardless of industry. To learn more, visit www.pros.com.

Forward-looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements about the business impact and duration of the coronavirus (COVID-19) pandemic; our financial outlook; expectations; ability to achieve future growth and profitability; management's confidence and optimism; positioning; customer successes; demand for our software solutions; pipeline; business expansion; revenue; subscription revenue; ARR; non-GAAP loss per share; adjusted EBITDA; free cash flow; shares outstanding and effective tax rate. The forward-looking statements contained in this press release are based upon our historical performance and our current plans, estimates and expectations and are not a representation that such plans, estimates or expectations will be achieved. Factors that could cause actual results to differ materially from those described herein include, among others, risks related to: (a) the impact of the COVID-19 pandemic, such as the scope and duration of the outbreak and timeframe for recovery of the travel industry, (b) cybersecurity, (c) increasing business from customers and maintaining subscription renewal rates, (d) managing our growth effectively, (e) disruptions from our third party data center, software, data, and other unrelated service providers, (f) implementing our solutions, (g) cloud operations, (h) intellectual property and third-party software, (i) acquiring and integrating businesses and/or technologies, (j) catastrophic events, (k) operating globally, including economic and commercial disruptions, (l) potential downturns in sales, (m) software innovation, (n) competition, (o) market acceptance of our software innovations, (p) maintaining our corporate culture, (q) personnel risks including loss of any key employees, (r) expanding and training our direct and indirect sales force, (s) evolving data privacy, cyber security and data localization laws, (t) our debt repayment obligations, (u) the timing of revenue recognition and cash flow from operations, (v) migrating customers to our latest cloud solutions, and (w) returning to profitability. Additional information relating to the risks and uncertainties affecting our business is contained in our filings with the SEC. These forward-looking statements represent our expectations as of the date hereof. Subsequent events may cause these expectations to change, and PROS disclaims any obligations to update or alter these forward-looking statements in the future, whether as a result of new information, future events or otherwise.

Non-GAAP Financial Measures

PROS has provided in this release certain non-GAAP financial measures, including non-GAAP gross profit and margin, non-GAAP income (loss) from operations or non-GAAP operating loss, annual recurring revenue, adjusted EBITDA, free cash flow, non-GAAP subscription revenue, non-GAAP tax rate, non-GAAP net income (loss) or non-GAAP net loss, and diluted earnings (loss) per share or non-GAAP net loss per share. PROS uses these non-GAAP financial measures internally in analyzing its financial results and believes they are useful to investors, as a supplement to GAAP measures, in evaluating PROS’ ongoing operational performance and cloud transition. Non-GAAP gross margin can be compared to gross margin which can be calculated from the condensed consolidated statements of income (loss) by dividing gross profit by total revenue. Non-GAAP gross margin is similarly calculated but first adds back to gross profit the portion of certain of the non-GAAP adjustments described below attributable to cost of revenue. Non-GAAP subscription margin can be compared to subscription margin which can be calculated from the condensed consolidated statements of income (loss) by dividing subscription gross profit (subscription revenue minus subscription cost) by subscription revenue. Non-GAAP subscription margin is similarly calculated but first subtracts out from subscription cost the portion of certain of the non-GAAP adjustments described below attributable to cost of subscription. These items and amounts are presented in the Supplemental Schedule of Non-GAAP Financial Measures.

Non-GAAP financial measures should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. Investors are encouraged to review the reconciliation of these non-GAAP measures to their most directly comparable GAAP financial measure as detailed above. A reconciliation of GAAP to the non-GAAP financial measures has been provided in the tables included as part of this press release, and can be found, along with other financial information, in the investor relations portion of our website. PROS' use of non-GAAP financial measures may not be consistent with the presentations by similar companies in PROS' industry. PROS has also provided in this release certain forward-looking non-GAAP financial measures, including non-GAAP income (loss) from operations, annual recurring revenue, non-GAAP loss per share, adjusted EBITDA, free cash flow, non-GAAP tax rates, and calculated billings (collectively the "non-GAAP financial measures") as follows:

Non-GAAP income (loss) from operations: Non-GAAP income (loss) from operations excludes the impact of share-based compensation, amortization of acquisition-related intangibles and new headquarters noncash rent expense. Non-GAAP income (loss) from operations excludes the following items from non-GAAP estimates:

• Share-Based Compensation: Although share-based compensation is an important aspect of compensation for our employees and executives, our share-based compensation expense can vary because of changes in our stock price and market conditions at the time of grant, varying valuation methodologies, and the variety of award types. Since share-based compensation expense can vary for reasons that are generally unrelated to our performance during any particular period, we believe this could make it difficult for investors to compare our current financial results to previous and future periods. Therefore, we believe it is useful to exclude share-based compensation in order to better understand our business performance and allow investors to compare our operating results with peer companies.
• Amortization of Acquisition-Related Intangibles: We view amortization of acquisition-related intangible assets, such as the amortization of the cost associated with an acquired company's research and development efforts, trade names, customer lists and customer relationships, as items arising from pre-acquisition activities determined at the time of an acquisition. While these intangible assets are continually evaluated for impairment, amortization of the cost of purchased intangibles is a static expense, one that is not typically affected by operations during any particular period.
• New Headquarters Noncash Rent Expense: Noncash rent expense is related to our new corporate headquarters and is incurred prior to occupation of this facility. These amounts are unrelated to our core performance during any particular period and we believe this could make it difficult for investors to compare our current financial results to previous and future periods. Therefore, we believe it is useful to exclude the noncash rent expense on the preoccupied new headquarters in order for investors to better understand our business performance and allow investors to compare our operating results with peer companies.

Non-GAAP loss per share: Non-GAAP net income (loss) excludes the items listed above as excluded from non-GAAP income (loss) from operations and also excludes amortization of debt discount and issuance costs and the taxes related to these items and the items excluded from non-GAAP income (loss) from operations. Estimates of non-GAAP loss per share are calculated by dividing estimates for non-GAAP loss by our estimate of shares outstanding for the future period. In addition to the items listed above as excluded from non-GAAP income (loss) from operations, non-GAAP net income (loss) excludes the following items from non-GAAP estimates:

• Amortization of Debt Discount and Issuance Costs: Amortization of debt discount and issuance costs are related to our convertible notes. These amounts are unrelated to our core performance during any particular period, and therefore, we believe it is useful to exclude these amounts in order to better understand our business performance and allow investors to compare our results with peer companies.
• Taxes: We exclude the tax consequences associated with non-GAAP items to provide investors with a useful comparison of our operating results to prior periods and to our peer companies because such amounts can vary significantly. In the fourth quarter of 2014, we concluded that it is more likely than not that we will be unable to fully realize our deferred tax assets and accordingly, established a valuation allowance against those assets. The ongoing impact of the valuation allowance on our non-GAAP effective tax rate has been eliminated to allow investors to better understand our business performance and compare our operating results with peer companies.

Annual Recurring Revenue: Annual Recurring Revenue ("ARR") is used to assess the trajectory of our cloud business. ARR means, as of a specified date, the contracted recurring revenue, including contracts with a future start date, together with annualized overage fees incurred above contracted minimum transactions, and excluding perpetual and term license agreements recognized as license revenue in accordance with GAAP. ARR should be viewed independently of revenue and any other GAAP measure.

Non-GAAP Tax Rate: The estimated non-GAAP effective tax rate adjusts the tax effect to quantify the impact of the excluded non-GAAP items.

Adjusted EBITDA: Adjusted EBITDA is defined as GAAP net income (loss) before interest expense, provision for income taxes, depreciation and amortization, as adjusted to eliminate the effect of stock-based compensation cost, amortization of acquisition-related intangibles, depreciation and amortization, new headquarters noncash rent expense, and capitalized internal-use software development costs. Adjusted EBITDA should not be considered as an alternative to net income (loss) as an indicator of our operating performance.

Free Cash Flow: Free cash flow is a non-GAAP financial measure which is defined as net cash provided by (used in) operating activities, less capital expenditures (excluding expenditures for PROS new headquarters), purchases of other (non-acquisition-related) intangible assets and capitalized internal-use software development costs.

Calculated Billings: Calculated billings is defined as total subscription, maintenance and support revenue plus the change in recurring deferred revenue in a given period.

These non-GAAP estimates are not measurements of financial performance prepared in accordance with GAAP, and we are unable to reconcile these forward-looking non-GAAP financial measures to their directly comparable GAAP financial measures because the information described above which is needed to complete a reconciliation is unavailable at this time without unreasonable effort.

PROS Holdings, Inc. Condensed Consolidated Balance Sheets (In thousands, except share and per share amounts) (Unaudited)
	June 30, 2021			December 31, 2020
Assets:
Current assets:
Cash and cash equivalents	$	318,326		$	329,134
Trade and other receivables, net of allowance of $1,182 and $4,122, respectively	41,295			49,578
Deferred costs, current	5,879			5,941
Prepaid and other current assets	9,376			9,647
Total current assets	374,876			394,300
Property and equipment, net	34,267			36,504
Operating lease right-of-use assets	27,632			30,689
Deferred costs, noncurrent	11,196			12,544
Intangibles, net	6,596			8,341
Goodwill	49,698			50,044
Other assets, noncurrent	7,238			7,549
Total assets	$	511,503		$	539,971
Liabilities and Stockholders’ Equity:
Current liabilities:
Accounts payable and other liabilities	$	5,265		$	4,246
Accrued liabilities	12,786			13,065
Accrued payroll and other employee benefits	22,543			25,514
Operating lease liabilities, current	6,203			5,937
Deferred revenue, current	101,235			99,156
Total current liabilities	148,032			147,918
Deferred revenue, noncurrent	7,896			11,372
Convertible debt, net, noncurrent	287,542			218,028
Operating lease liabilities, noncurrent	40,837			44,099
Other liabilities, noncurrent	1,468			1,517
Total liabilities	485,775			422,934
Stockholders' equity:
Preferred stock, $0.001 par value, 5,000,000 shares authorized; none issued	—			—
Common stock, $0.001 par value, 75,000,000 shares authorized; 49,020,405 and 48,142,267 shares issued, respectively; 44,339,682 and 43,461,544 shares outstanding, respectively	49			48
Additional paid-in capital	526,926			589,040
Treasury stock, 4,680,723 common shares, at cost	(29,847		)	(29,847		)
Accumulated deficit	(467,518		)	(438,773		)
Accumulated other comprehensive loss	(3,882		)	(3,431		)
Total stockholders’ equity	25,728			117,037
Total liabilities and stockholders’ equity	$	511,503		$	539,971

PROS Holdings, Inc. Condensed Consolidated Statements of Income (Loss) (In thousands, except per share data) (Unaudited)
	Three Months Ended June 30,						Six Months Ended June 30,
	2021			2020			2021			2020
Revenue:
Subscription	$	44,224		$	42,377		$	86,872		$	85,547
Maintenance and support	8,570			11,741			18,244			24,264
Total subscription, maintenance and support	52,794			54,118			105,116			109,811
Services	9,607			9,629			18,663			20,247
Total revenue	62,401			63,747			123,779			130,058
Cost of revenue:
Subscription	13,589			12,392			27,390			25,256
Maintenance and support	2,157			2,610			4,415			5,400
Total cost of subscription, maintenance and support	15,746			15,002			31,805			30,656
Services	10,658			10,948			21,091			24,021
Total cost of revenue	26,404			25,950			52,896			54,677
Gross profit	35,997			37,797			70,883			75,381
Operating expenses:
Selling and marketing	21,190			21,011			42,754			45,931
Research and development	20,095			18,397			40,553			37,533
General and administrative	11,018			13,528			24,472			28,408
Loss from operations	(16,306		)	(15,139		)	(36,896		)	(36,491		)
Convertible debt interest and amortization	(1,576		)	(2,085		)	(3,152		)	(4,147		)
Other income, net	4			146			290			977
Loss before income tax provision	(17,878		)	(17,078		)	(39,758		)	(39,661		)
Income tax provision	168			130			317			282
Net loss	$	(18,046	)	$	(17,208	)	$	(40,075	)	$	(39,943	)
Net loss per share:
Basic and diluted	$	(0.41	)	$	(0.40	)	$	(0.90	)	$	(0.92	)
Weighted average number of shares:
Basic and diluted	44,321			43,304			44,283			43,203

PROS Holdings, Inc. Condensed Consolidated Statements of Cash Flows (In thousands) (Unaudited)
	Three Months Ended June 30,						Six Months Ended June 30,
	2021			2020			2021			2020
Operating activities:
Net loss	$	(18,046	)	$	(17,208	)	$	(40,075	)	$	(39,943	)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	3,024			3,513			6,092			6,933
Amortization of debt discount and issuance costs	373			1,736			746			3,448
Share-based compensation	8,606			5,752			16,776			12,099
Provision for doubtful accounts	(1,131		)	2,690			(1,690		)	5,286
Changes in operating assets and liabilities:
Accounts and unbilled receivables	13,529			(3,773		)	9,919			5,116
Deferred costs	542			863			1,409			1,626
Prepaid expenses and other assets	1,490			1,024			1,095			323
Operating lease right-of-use assets and liabilities	199			5,254			26			6,122
Accounts payable and other liabilities	(1,113		)	(3,104		)	899			(2,525		)
Accrued liabilities	(4,119		)	(2,783		)	(201		)	(6,623		)
Accrued payroll and other employee benefits	4,598			5,076			(2,975		)	(14,979		)
Deferred revenue	(12,937		)	(21,822		)	(1,435		)	(23,838		)
Net cash used in operating activities	(4,985		)	(22,782		)	(9,414		)	(46,955		)
Investing activities:
Purchases of property and equipment	(785		)	(8,205		)	(2,085		)	(19,198		)
Capitalized internal-use software development costs	—			(394		)	—			(806		)
Purchase of equity securities	—			—			(501		)	—
Net cash used in investing activities	(785		)	(8,599		)	(2,586		)	(20,004		)
Financing activities:
Proceeds from employee stock plans	—			—			1,596			1,364
Tax withholding related to net share settlement of stock awards	—			(49		)	(352		)	(20,221		)
Net cash (used in) provided by financing activities	—			(49		)	1,244			(18,857		)
Effect of foreign currency rates on cash	167			(195		)	(52		)	(104		)
Net change in cash and cash equivalents	(5,603		)	(31,625		)	(10,808		)	(85,920		)
Cash and cash equivalents:
Beginning of period	323,929			251,782			329,134			306,077
End of period	$	318,326		$	220,157		$	318,326		$	220,157

PROS Holdings, Inc. Reconciliation of GAAP to Non-GAAP Financial Measures (In thousands, except per share data) (Unaudited)   We use these non-GAAP financial measures to assist in the management of the Company because we believe that this information provides a more consistent and complete understanding of the underlying results and trends of the ongoing business due to the uniqueness of these charges. See breakdown of the reconciling line items on page 10.
	Three Months Ended June 30,						Quarter over Quarter		Six Months Ended June 30,						Year over Year
	2021			2020			% change		2021			2020			% change
GAAP gross profit	$	35,997		$	37,797		(5	)%	$	70,883		$	75,381		(6	)%
Non-GAAP adjustments:
New headquarters noncash rent expense	—			156					—			318
Amortization of acquisition-related intangibles	391			948					812			1,790
Share-based compensation	976			502					1,802			1,026
Non-GAAP gross profit	$	37,364		$	39,403		(5	)%	$	73,497		$	78,515		(6	)%
Non-GAAP gross margin	59.9		%	61.8		%			59.4		%	60.4		%
GAAP loss from operations	$	(16,306	)	$	(15,139	)	8	%	$	(36,896	)	$	(36,491	)	1	%
Non-GAAP adjustments:
New headquarters noncash rent expense	—			554					—			1,109
Amortization of acquisition-related intangibles	885			1,375					1,752			2,758
Share-based compensation	8,606			5,752					16,776			12,099
Total Non-GAAP adjustments	9,491			7,681					18,528			15,966
Non-GAAP loss from operations	$	(6,815	)	$	(7,458	)	(9	)%	$	(18,368	)	$	(20,525	)	(11	)%
Non-GAAP loss from operations % of total revenue	(10.9		)%	(11.7		)%			(14.8		)%	(15.8		)%
GAAP net loss	$	(18,046	)	$	(17,208	)	5	%	$	(40,075	)	$	(39,943	)	—	%
Non-GAAP adjustments:
Total Non-GAAP adjustments affecting loss from operations	9,491			7,681					18,528			15,966
Amortization of debt discount and issuance costs	373			1,726					746			3,428
Tax impact related to non-GAAP adjustments	1,930			1,818					4,825			4,741
Non-GAAP net loss	$	(6,252	)	$	(5,983	)	4	%	$	(15,976	)	$	(15,808	)	1	%
Non-GAAP diluted loss per share	$	(0.14	)	$	(0.14	)			$	(0.36	)	$	(0.37	)
Shares used in computing non-GAAP loss per share	44,321			43,304					44,283			43,203

PROS Holdings, Inc. Supplemental Schedule of Non-GAAP Financial Measures Increase (Decrease) in GAAP Amounts Reported (In thousands) (Unaudited)
	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
Cost of Subscription Items
New headquarters noncash rent expense	—		15		—		29
Amortization of acquisition-related intangibles	391		789		799		1,472
Share-based compensation	178		91		326		178
Total cost of subscription items	$	569	$	895	$	1,125	$	1,679
Cost of Maintenance Items
New headquarters noncash rent expense	—		25		—		51
Amortization of acquisition-related intangibles	—		159		13		318
Share-based compensation	127		62		231		128
Total cost of maintenance items	$	127	$	246	$	244	$	497
Cost of Services Items
New headquarters noncash rent expense	—		116		—		238
Share-based compensation	671		349		1,245		720
Total cost of services items	$	671	$	465	$	1,245	$	958
Sales and Marketing Items
New headquarters noncash rent expense	—		106		—		210
Amortization of acquisition-related intangibles	494		427		940		968
Share-based compensation	2,510		1,965		4,734		3,831
Total sales and marketing items	$	3,004	$	2,498	$	5,674	$	5,009
Research and Development Items
New headquarters noncash rent expense	—		194		—		384
Share-based compensation	2,117		1,368		3,943		2,875
Total research and development items	$	2,117	$	1,562	$	3,943	$	3,259
General and Administrative Items
New headquarters noncash rent expense	—		98		—		197
Share-based compensation	3,003		1,917		6,297		4,367
Total general and administrative items	$	3,003	$	2,015	$	6,297	$	4,564

PROS Holdings, Inc. Supplemental Reconciliation of GAAP to Non-GAAP Financial Measures (In thousands) (Unaudited)
	Three Months Ended June 30,						Six Months Ended June 30,
	2021			2020			2021			2020
Adjusted EBITDA
GAAP Loss from Operations	$	(16,306	)	$	(15,139	)	$	(36,896	)	$	(36,491	)
Amortization of acquisition-related intangibles	885			1,375			1,752			2,758
New headquarters noncash rent expense	—			554			—			1,109
Share-based compensation	8,606			5,752			16,776			12,099
Depreciation and other amortization	2,139			2,138			4,340			4,175
Capitalized internal-use software development costs	—			(394		)	—			(806		)
Adjusted EBITDA	$	(4,676	)	$	(5,714	)	$	(14,028	)	$	(17,156	)
Net cash used in operating activities	$	(4,985	)	$	(22,782	)	$	(9,414	)	$	(46,955	)
Purchase of property and equipment (excluding new headquarters)	(741		)	(306		)	(944		)	(1,263		)
Capitalized internal-use software development costs	—			(394		)	—			(806		)
Free Cash Flow	$	(5,726	)	$	(23,482	)	$	(10,358	)	$	(49,024	)
Guidance
	Q3 2021 Guidance						Full Year 2021 Guidance
	Low			High			Low			High
Adjusted EBITDA
GAAP Loss from Operations	$	(22,000	)	$	(21,000	)	$	(82,100	)	$	(79,100	)
Amortization of acquisition-related intangibles	800			800			3,400			3,400
Share-based compensation	9,200			9,200			35,500			35,500
Depreciation and other amortization	2,000			2,000			8,200			8,200
Adjusted EBITDA	$	(10,000	)	$	(9,000	)	$	(35,000	)	$	(32,000	)