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Sprout Social Announces Fourth Quarter 2024 Financial Results
SPTSprout Social(SPT) GlobeNewswire·2025-02-25 21:05

Core Insights - Sprout Social reported a solid fourth quarter with a 14% revenue growth and a 26% growth in current remaining performance obligations (cRPO), indicating a strong foundation for future growth in 2025 and beyond [2][6][10] Financial Performance - Total revenue for Q4 2024 was 107.1million,up14107.1 million, up 14% from Q4 2023 [6] - GAAP operating loss improved to (13.7) million from (18.2)millioninQ42023,whilenon−GAAPoperatingincomewas18.2) million in Q4 2023, while non-GAAP operating income was 11.4 million compared to 1.7millioninthesameperiod[6]−GAAPnetlosswas(1.7 million in the same period [6] - GAAP net loss was (14.4) million, an improvement from (20.1)millioninQ42023,withnon−GAAPnetincomeat20.1) million in Q4 2023, with non-GAAP net income at 10.7 million compared to 1.0millioninQ42023[6]−Cashandequivalentstotaled1.0 million in Q4 2023 [6] - Cash and equivalents totaled 90.2 million as of December 31, 2024, slightly down from 91.5millionasofSeptember30,2024[6]CustomerMetrics−Thenumberofcustomerscontributingover91.5 million as of September 30, 2024 [6] Customer Metrics - The number of customers contributing over 10,000 in annual recurring revenue (ARR) grew to 9,327, a 7% increase year-over-year [7] - The number of customers contributing over 50,000inARRincreasedto1,718,representinga2350,000 in ARR increased to 1,718, representing a 23% growth compared to the previous year [7] - The dollar-based net retention rate was 104% in 2024, down from 107% in 2023, while the rate excluding small-and-medium-sized business (SMB) customers was 108%, down from 111% [7][8] Business Highlights - Sprout Social launched a new Total Economic Impact study showing a 268% return on investment for customers [13] - The company was recognized by G2's Best Software Awards across seven categories and named a leader in worldwide social media marketing software for large enterprises by IDC Marketscape [13] - Recent customer additions included notable brands such as Under Armour, ESPN, and Rocket Mortgage [9] Financial Outlook - For Q1 2025, the company expects total revenue between 107.2 million and 108.0million,withnon−GAAPoperatingincomeprojectedbetween108.0 million, with non-GAAP operating income projected between 8.5 million and 9.5million[10]−Forthefullyear2025,totalrevenueisexpectedtobebetween9.5 million [10] - For the full year 2025, total revenue is expected to be between 448.1 million and 453.1million,withnon−GAAPoperatingincomebetween453.1 million, with non-GAAP operating income between 38.2 million and $43.2 million [10]