Business
Sprout Social Announces Second Quarter 2024 Financial Results Ahead of Guidance Range
Reiterates 2024 Guidance CHICAGO, Aug. 01, 2024 (GLOBE NEWSWIRE) -- Sprout Social, Inc. (“Sprout Social”, the “Company”) (Nasdaq: SPT), an industry-leading
About this update from Sprout Social, Inc
[{"type":"text","content":"Reiterates 2024 Guidance\nCHICAGO, 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 leadership, continued to improve our competitive position, and generated record pipeline. We’re building momentum for a stronger second half of the year.” Second Quarter 2024 Financial Highlights Revenue Revenue was $99.4 million, up 25% compared to the second quarter of 2023.Total remaining performance obligations (RPO) of $295.1 million as of June 30, 2024, up 43% year-over-year.Current remaining performance obligations (cRPO) of $212.5 million as of June 30, 2024, up 38% year-over-year. Operating Income (Loss) GAAP operating loss was ($16.5) million, compared to ($14.9) million in the second quarter of 2023.Non-GAAP operating income was $5.3 million, compared to $1.9 million in the second quarter of 2023. Net Loss GAAP net loss was ($16.9) million, compared to ($13.1) million in the second quarter of 2023.Non-GAAP net income was $4.9 million, compared to $3.8 million in the second quarter of 2023.GAAP net loss per share was ($0.30) based on 56.7 million weighted-average shares of common stock outstanding, compared to ($0.24) based on 55.5 million weighted-average shares of common stock outstanding in the second quarter of 2023.Non-GAAP net income per share was $0.09 based on 56.7 million weighted-average shares of common stock outstanding, compared to $0.07 based on 55.5 million weighted-average shares of common stock outstanding in the second quarter of 2023. Cash Cash and equivalents and marketable securities totaled $93.2 million as of June 30, 2024, compared to $95.2 million as of March 31, 2024.Net cash generated by operating activities was $2.1 million, compared to $6.3 million in the second quarter of 2023.Non-GAAP free cash flow was $2.5 million, compared to $6.0 million in the second quarter of 2023. See “Use of Non-GAAP Financial Measures” below for definitions of Non-GAAP operating inco...