PROS Holdings, Inc. (NYSE:PRO) Q1 2019 Earnings Conference Call Transcript
Apr 25, 2019 • 04:45 pm ET
Greetings. Welcome to PROS Holdings First Quarter 2019 Earnings Conference Call. (Operator Instructions). As a reminder, this conference is being recorded.
I will now turn the conference over to your host, Shannon Tatz, Vice President of Investor Relations. Thank you, you may begin.
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. With me on today's call is Andres Reiner, President and Chief Executive Officer; and Stefan Schulz, Chief Financial Officer. Please note that some of the commentary today will include forward-looking statements including, without limitation, our guidance, our strategy, future business prospects, revenue, margin and market opportunities. Actual results could differ materially from our current forecast. For more information, please refer to the risk factors described in our SEC filings, PROS assumes no obligation to update and forward-looking statements to reflect future events or circumstances.
As a reminder, during the call we will discuss non-GAAP metrics. Reconciliations between our non-GAAP measures and the most directly comparable GAAP measures, to the extent available without unreasonable effort, are available in our earnings press release. With that, I'll turn the call over to you, Andres.
Andres D. Reiner
Thank you, Shannon, and thank you, everyone, for joining us on today's call. I'm pleased to announce that we had an incredible start to 2019. We grew subscription revenue by 45% and we increased deal volume by over 40% year-over-year in the first quarter. We're seeing the market and our solutions come together at just the right time, which is fueling our growth and giving us confidence to improve our revenue outlook for the year. I'd like to share a little about what we're seeing in our market and how we're positioning ourselves to capitalize on the attractive market opportunity in front of us. As AI matures and more companies have strategic mandates around digital transformation, we're benefitting from a tailwind in our market.
Our vision is to be the AI platform powering commerce in the digital economy, and companies are coming to us with greater sense of urgency to transform how they sell. The top of our sales funnel is growing as we're engaging companies earlier in their buying journey. Just last quarter, our social media engagements grew 300% over the same period last year. Another factor helping us sell more is better competitive positioning. We're differentiating based on the value we deliver with our AI. So I'd like to share what makes our AI unique. When you hear the term AI in the market, people and companies are often referring to cognitive AI. This AI mimics human behavior to help people interact with computers through technologies like chat bots or digital assistants. Companies apply cognitive AI to their core technologies to improve the user experience like how Siri helps you interact with your iPhone or how we use Monet to help our customers to interact with our solutions.