Financial Data and Key Metrics Changes - Revenue for Q2 2024 was $99.4 million, representing a 25% year-over-year growth [16] - Subscription revenue was $98.5 million, also up 25% year-over-year [16] - Non-GAAP gross profit was $78.6 million, with a non-GAAP gross margin of 79.1%, up 100 basis points from a year ago [17] - Non-GAAP operating income for Q2 was $5.3 million, representing a non-GAAP operating margin of 5.3% [18] - Non-GAAP net income for Q2 was $4.9 million, or $0.09 per share, compared to $3.8 million and $0.07 per share a year ago [18] Business Line Data and Key Metrics Changes - The number of customers contributing more than $10,000 in ARR grew 21% year-over-year [17] - The number of customers contributing more than $50,000 in ARR grew 38% year-over-year [17] - Q2 ACV was $13,403, up 36% year-over-year [17] - Gross retention rates improved across each segment of the business [8] Market Data and Key Metrics Changes - RPO totaled $295.1 million, up 43% year-over-year [19] - Deferred revenue at the end of the quarter was $149.3 million [19] - Operating cash flow in Q2 was $2.1 million, down from $6.3 million a year ago [19] Company Strategy and Development Direction - The company aims to lead the industry by focusing on product innovation, customer engagement, and pipeline creation [7] - The acquisition of Tagger has strengthened premium module attach rates and contributed to growth in influencer marketing [10][11] - The company is enhancing its AI and automation capabilities to provide better insights and efficiency for customers [9][10] Management's Comments on Operating Environment and Future Outlook - Management noted that the buying environment in Q2 mirrored Q1, with longer sales cycles due to new approval processes [7][22] - The company is optimistic about its pipeline and expects strong performance in the second half of the year [15][27] - Management emphasized the importance of customer feedback and product innovation in driving growth [49] Other Important Information - The company has formed a new partnership with Snapchat and is a beta partner for the Threads API [13] - A new Chief Product Officer, Erika Trautman, has been appointed to drive innovation and growth [15] Q&A Session Summary Question: Update on macro environment and pipeline issues - Management indicated that the environment remains similar to Q1, with longer sales cycles due to new decision-making processes [22] Question: Guidance for Social Studio - Management stated that there is no material change in guidance related to Social Studio, with strong momentum expected [24] Question: Pipeline coverage ratios - Management reported that pipeline ratios are the highest ever, with more pipeline created than in previous quarters [27] Question: Pricing model and customer feedback - Management noted that realized price uplift at renewal has been single-digit increases, indicating strong gross revenue retention [29] Question: Impact of verticalization on business - Management highlighted that verticalization has been beneficial, with reps ramping nicely and improved understanding of customer needs [32] Question: Market prioritization of social - Management observed that social customer care is increasingly prioritized by marketing leaders, especially in high-volume interactions [39] Question: Competitive environment and growth opportunities - Management indicated a healthy balance between competitive displacement and greenfield opportunities, with many new customers lacking a platform like Sprout [60] Question: New channels and revenue retention - Management sees new channels as value-add for adoption and usage, enhancing customer engagement without direct monetization [63]

| --- | --- | --- | --- | |-------|--------------|-------|-------| | | | | | | | | | | | | | | | | | | | | | | | | | | | Investor | | | | | Presentation | | | | | | | | | 2024 | | | | Disclaimers 2023 Investor Presentation Forward-Looking Statements This presentation contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. In some cases, you can identify forward-looking statements by ...

Sprout Social (SPT) came out with quarterly earnings of $0.09 per share, beating the Zacks Consensus Estimate of $0.08 per share. This compares to earnings of $0.07 per share a year ago. These figures are adjusted for nonrecurring items. This quarterly report represents an earnings surprise of 12.50%. A quarter ago, it was expected that this developer of cloud software would post earnings of $0.01 per share when it actually produced earnings of $0.10, delivering a surprise of 900%. Over the last four quarte ...

sproutsocial Sprout Social Announces Second Quarter 2024 Financial Results Ahead of Guidance Range Reiterates 2024 Guidance CHICAGO, August 1, 2024 - Sprout Social, Inc. ("Sprout Social", the "Company") (Nasdaq: SPT), an industry-leading provider of cloud-based social media management software, today announced financial results for its second quarter ended June 30, 2024. "We're pleased to share that we're tracking ahead of the plan outlined last quarter," said Ryan Barretto, President and incoming CEO. "Thr ...

CHICAGO, Aug. 01, 2024 (GLOBE NEWSWIRE) -- Sprout Social, Inc. ("Sprout Social", the "Company") (Nasdaq: SPT), an industry-leading provider of cloud-based social media management software, today announced financial results for its second quarter ended June 30, 2024. "We're pleased to share that we're tracking ahead of the plan outlined last quarter," said Ryan Barretto, President and incoming CEO. "Through the dedication and hard work of our teams and strong customer success, we further extended our product ...

SO WHAT: If you purchased Sprout Social securities during the Class Period you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement. To join the Sprout Social class action, go to https://rosenlegal.com/submit-form/?case_id=25140 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email case@rosenlegal.com for information on the class action. WHY: Rosen Law Firm, a global investor rights law firm, reminds purchasers of securities of Sprou ...

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and rules of ethics. DJS Law Group DEADLINE: July 12, 2024 If you are a shareholder who suffered a loss, please contact David Schwartz, the managing partner of DJS Law Group, at [email protected] WHY DJS LAW GROUP? DJS Law Group's primary focus is to enhance investor return through balanced counseling and aggressive advocacy. We specialize in securities class actions, corporate governance litigation, and ...

NEW YORK, July 12, 2024 /PRNewswire/ -- The Gross Law Firm issues the following notice to shareholders of Sprout Social, Inc. (NASDAQ: SPT). CONTACT US HERE: CLASS PERIOD: November 3, 2021 to May 2, 2024 DEADLINE: July 12, 2024 Shareholders should not delay in registering for this class action. Register your information here: https://securitiesclasslaw.com/securities/sprout-social-inc-loss-submission-form/? id=90347&from=4 WHY GROSS LAW FIRM? The Gross Law Firm is a nationally recognized class action law fi ...

CHICAGO, July 11, 2024 (GLOBE NEWSWIRE) -- Sprout Social, an industry-leading provider of cloud-based social media management software, has been recognized by G2's 2024 Summer Reports as a leader in 211 categories spanning all business segments, from small business to mid-market and enterprise, and across every region including EMEA, APAC, and the Middle East. The company earns these recognitions after being named G2's #1 Best Software Product for 2024. These rankings complement Sprout Social's growth in 20 ...

CHICAGO, July 11, 2024 (GLOBE NEWSWIRE) -- Sprout Social, an industry-leading provider of cloud-based social media management software, has been recognized by G2's 2024 Summer Reports as a leader in 211 categories spanning all business segments, from small business to mid-market and enterprise, and across every region including EMEA, APAC, and the Middle East. The company earns these recognitions after being named G2's #1 Best Software Product for 2024. "Our leadership in G2's awards are incredibly meaningf ...