Business
Sprout Social Announces Fourth Quarter 2023 Financial Results Above Guidance Range
Expects durable, efficient growth in 2024 CHICAGO, Feb. 20, 2024 (GLOBE NEWSWIRE) -- Sprout Social, Inc. (“Sprout Social”, the “Company”) (Nasdaq: SPT), an
About this update from Sprout Social, Inc
[{"type":"text","content":"Expects durable, efficient growth in 2024\nCHICAGO, Feb. 20, 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 fourth quarter ended December 31, 2023. “We’re pleased to share incredibly strong fourth quarter results,” said Justyn Howard, Sprout Social’s CEO and co-founder. “We're building an enduring software company centered on amazing products, amazing people and overdelivering for our customers every day. We delivered step change growth in current & total contract value bookings and were recently named the #1 best software product by G2, which we believe position Sprout to build on our momentum in 2024.” Fourth Quarter 2023 Financial Highlights Revenue Revenue was $93.6 million, up 34% compared to the fourth quarter of 2022.ARR was $385.2 million as of December 31, 2023, up 30% compared to December 31, 2022.Total remaining performance obligations (RPO) of $275.0 million, up 69% year-over-year. Operating Loss GAAP operating loss was ($18.2) million, compared to ($13.1) million in the fourth quarter of 2022.Non-GAAP operating income was $1.7 million, compared to $0.6 million in the fourth quarter of 2022. Net Loss GAAP net loss was ($20.1) million, compared to ($11.9) million in the fourth quarter of 2022.Non-GAAP net income was $1.0 million, compared to $1.8 million in the fourth quarter of 2022.GAAP net loss per share was ($0.36) based on 56.1 million weighted-average shares of common stock outstanding, compared to ($0.22) based on 54.9 million weighted-average shares of common stock outstanding in the fourth quarter of 2022.Non-GAAP net income per share was $0.02 based on 56.1 million weighted-average shares of common stock outstanding, compared to $0.03 based on 55.2 million weighted-average shares of common stock outstanding in the fourth quarter of 2022. Cash Cash and equivalents and marketable securities totaled $98.1 million as of December 31, 2023, compared to $121.4 million as of September 30, 2023.Net cash (used in) provided by operating activities was ($2.6) million, compared to $3.0 million in the fourth quarter of 2022.Non-GAAP free cash flow was ($0.3) million, compared to $2.6 million in the fourth quarter of 2022. See “Customer Metrics” and “Use of No...