Business
Sprout Social Announces Third Quarter 2020 Financial Results Above Guidance Range
Raises 2020 GuidanceThird Quarter Total Revenue of $33.7 Million25,556 Customers as of September 30, 2020 CHICAGO, Nov. 09, 2020 (GLOBE NEWSWIRE) -- Sprout
About this update from Sprout Social, Inc
[{"type":"text","content":"Raises 2020 GuidanceThird Quarter Total Revenue of $33.7 Million25,556 Customers as of September 30, 2020\n CHICAGO, Nov. 09, 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 third quarter ended September 30, 2020. “We had a breakout quarter with record net new customer additions and record net new ARR,” said Justyn Howard, Sprout Social’s CEO and co-founder. “We’re also pleased to report new technology integrations and the successful expansion of multiple partner relationships. Social is more mission critical than at any point in our history. Our expanding value proposition combined with rapidly emerging tailwinds to our market position Sprout Social for even greater success in the quarters and years to come.” “I am incredibly grateful to our employees, our customers and our partners for their ongoing commitment to success.” Third Quarter 2020 Financial Highlights Revenue Total revenue was $33.7 million, up 27% compared to the third quarter of 2019.Organic revenue (excluding the impact of legacy Simply Measured revenue) was up 34% compared to the third quarter of 2019.Total ARR was $141.9 million, up 30% compared to the third quarter of 2019.Organic ARR was $140.6 million, up 35% compared to the third quarter of 2019. Operating Loss GAAP operating loss was ($6.9) million, compared to ($5.1) million in the third quarter of 2019.Non-GAAP operating loss was ($4.4) million, compared to ($5.1) million in the third quarter of 2019. Net Loss GAAP net loss was ($7.0) million, compared to ($5.0) million in the third quarter of 2019.Non-GAAP net loss was ($4.4) million, compared to ($5.0) million in the third quarter of 2019.GAAP net loss per share was ($0.13) based on 51.9 million weighted-average shares of common stock outstanding, compared to ($0.30) based on 16.9 million weighted-average shares of common stock outstanding in the third quarter of 2019.Non-GAAP net loss per share was ($0.09) based on 51.9 million weighted-average shares of common stock outstanding, compared to ($0.30) based on 16.9 million weighted-average shares of common stock outstanding in the third quarter of 2019. Cash Cash and equivalents and marketable securities totaled $167.3 million as of Septembe...