Business
Sprout Social Announces First Quarter 2020 Financial Results Above Guidance Range
Revises 2020 GuidanceFirst Quarter Total Revenue of $30.5 Million24,083 Customers as of March 31, 2020 CHICAGO, May 06, 2020 (GLOBE NEWSWIRE) -- Sprout
About this update from Sprout Social, Inc
[{"type":"text","content":"Revises 2020 GuidanceFirst Quarter Total Revenue of $30.5 Million24,083 Customers as of March 31, 2020\n CHICAGO, May 06, 2020 (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 first quarter ended March 31, 2020. “As we all find ourselves in a very challenging time, we’re fortunate to have delivered a strong Q1 and durable growth outlook for 2020. Our data indicates stabilizing business trends through April. More importantly, I’m proud that our team has continued to deliver, adapt and look after the well-being of our people and our customers,” said Justyn Howard, Sprout Social’s CEO and co-founder. “In the first quarter, strong execution and expanding adoption of Sprout Social’s platform drove total revenue growth of 31% year-over-year and organic revenue growth of 41% year-over-year.” “Our diverse customer base, agile team, strong culture and high-volume business model have provided resilience through this crisis, and the ability to make thoughtful decisions and investments in our growth as we look forward.” First Quarter 2020 Financial Highlights Revenue Total revenue was $30.5 million, up 31% compared to the first quarter of 2019.Organic revenue (excluding the impact of legacy Simply Measured revenue) was up 41% compared to the first quarter of 2019.Total ARR was $124.6 million, up 30% compared to the first quarter of 2019.Organic ARR was $123.1 million, up 39% compared to the first quarter of 2019. Operating Income (Loss) GAAP operating loss was ($10.9) million, compared to ($5.4) million in the first quarter of 2019. The increase in operating loss was primarily a result of public-company operating expenses and higher stock-based compensation associated with the achievement of performance based goals.Non-GAAP operating loss was ($7.4) million, compared to ($5.4) million in the first quarter of 2019. Net Income (Loss) GAAP net loss was ($10.5) million, compared to ($5.2) million in the first quarter of 2019.Non-GAAP net loss was ($7.0) million, compared to ($5.2) million in the first quarter of 2019.GAAP net loss per share was ($0.21) based on 50.1 million weighted-average shares of common stock outstanding, compared to ($0.31) based on 16.7 million weighted-average shar...