Business
Sprout Social Announces First Quarter 2022 Financial Results Above Guidance Range
ARR growth of 39% year-over-yearFirst quarter total revenue of $57.4 Million, up 41% year-over-year CHICAGO, May 03, 2022 (GLOBE NEWSWIRE) -- Sprout Social,
About this update from Sprout Social, Inc
[{"type":"text","content":"ARR growth of 39% year-over-yearFirst quarter total revenue of $57.4 Million, up 41% year-over-year CHICAGO, May 03, 2022 (GLOBE NEWSWIRE) -- Sprout Social, Inc. (“Sprout Social” or 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, 2022. “2022 is off to a great start and we believe it's shaping up to be a transformative year for our company,” said Justyn Howard, Sprout Social’s CEO and co-founder. “We are executing well against our investment strategy, our product innovation is unlocking new ways for customers to realize the power of social, and our new partnerships have accelerated our path towards industry leadership. I’m incredibly proud of our team for continuing to raise the bar and deliver for our customers.” First Quarter 2022 Financial Highlights Revenue Revenue was $57.4 million, up 41% compared to the first quarter of 2021.ARR was $239.1 million, up 39% compared to the first quarter of 2021. Operating Loss GAAP operating loss was ($9.6) million, compared to ($6.2) million in the first quarter of 2021.Non-GAAP operating loss was ($1.2) million, compared to a Non-GAAP operating loss of ($2.3) million in the first quarter of 2021. Net Loss GAAP net loss was ($9.8) million, compared to ($6.4) million in the first quarter of 2021.Non-GAAP net loss was ($1.4) million, compared to a Non-GAAP net loss of ($2.5) million in the first quarter of 2021.GAAP net loss per share was ($0.18) based on 54.3 million weighted-average shares of common stock outstanding, compared to ($0.12) based on 53.4 million weighted-average shares of common stock outstanding in the first quarter of 2021.Non-GAAP net loss per share was ($0.03) based on 54.3 million weighted-average shares of common stock outstanding, compared to Non-GAAP net loss per share of ($0.05) based on 53.4 million weighted-average shares of common stock outstanding in the first quarter of 2021. Cash Cash and equivalents and marketable securities totaled $180.8 million as of March 31, 2022, up from $176.9 million as of December 31, 2021.Net cash generated by operating activities was $5.4 million, compared to net cash generated by operating activities of $3.6 million in the first quarter of 2021.Free cash flow was $5.1 million, compared to $3.4 million i...