Sprout Social Inc (SPT) 2022 Q2 法說會逐字稿

Hello, and thank you for standing by. My name is Joanne, and I will be your conference operator today. At this time, I would like to welcome everyone to the Sprout Social Second Quarter 2022 Earnings Call. (Operator Instructions) Thank you. Jason Rechel, Head of Investor Relations and Corporate Development, please go ahead.

您好，感謝您的支持。我叫喬安妮，今天我將擔任您的會議接線員。在這個時候，我想歡迎大家參加 Sprout Social 2022 年第二季度財報電話會議。 （操作員說明）謝謝。投資者關係和企業發展主管 Jason Rechel，請繼續。

Thank you, operator. welcome to Sprout Social's Second Quarter 2022 Earnings Call. We'll be discussing the results announced in our press release issued after the market closed today and have also released an updated investor presentation, which can be found on our website.

謝謝你，接線員。歡迎參加 Sprout Social 的 2022 年第二季度財報電話會議。我們將討論今天收市後發布的新聞稿中公佈的結果，並發布了更新的投資者演示文稿，可在我們的網站上找到。

With me are Sprout Social's CEO, Justyn Howard; CFO, Joe Del Preto; and President, Ryan Barretto.

和我在一起的是 Sprout Social 的首席執行官 Justyn Howard；首席財務官喬·德爾普雷托；和總裁瑞安·巴雷托。

Today's call will contain forward-looking statements which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, among others, statements concerning financial business and customer trends, our expected future business and financial performance and financial condition, performance against our multiyear financial framework, our market size and opportunity, our plans and objectives for future operations, growth, products, investments, initiatives or strategies, and our guidance for the third quarter of 2022 and the full year 2022, and can be identified by words such as expect, anticipate, intend, plan, believe, seek or will.

今天的電話會議將包含根據 1995 年《私人證券訴訟改革法案》的安全港條款作出的前瞻性陳述。前瞻性陳述包括有關金融業務和客戶趨勢、我們預期的未來業務和金融業績和財務狀況、我們多年財務框架的業績、我們的市場規模和機會、我們對未來運營、增長、產品、投資、舉措或戰略的計劃和目標，以及我們對 2022 年第三季度和 2022 年全年的指導，並且可以通過諸如期望、預期、打算、計劃、相信、尋求或意誌等詞來識別。

These statements reflect our views as of today only, should not be relied upon as representing our views at any subsequent date, and we do not undertake any duty to update these statements. Forward-looking statements address matters that are subject to risks and uncertainties that could cause actual results to differ materially. For a discussion of the risks and other important factors that could affect our actual results, please refer to our annual report on Form 10-K for the fiscal year ended December 31, 2021, filed with the Securities and Exchange Commission as well as any future quarterly and current reports that we file with the SEC.

這些聲明僅反映我們今天的觀點，不應被視為代表我們在以後任何日期的觀點，我們不承擔更新這些聲明的任何義務。前瞻性陳述涉及可能導致實際結果出現重大差異的風險和不確定性的事項。有關可能影響我們實際業績的風險和其他重要因素的討論，請參閱我們提交給證券交易委員會的截至 2021 年 12 月 31 日的財政年度的 10-K 表格年度報告以及任何未來我們向 SEC 提交的季度報告和當前報告。

During the call today we will discuss non-GAAP financial measures, which are not prepared in accordance with generally accepted accounting principles. Definitions of these non-GAAP financial measures along with reconciliations to the most directly comparable GAAP financial measures are included in our earnings press release, which has been furnished to the SEC and is available on our website at investors.sproutsocial.com.

在今天的電話會議中，我們將討論非 GAAP 財務指標，這些指標未按照公認會計原則編制。這些非公認會計原則財務指標的定義以及與最直接可比的公認會計原則財務指標的對賬包含在我們的收益新聞稿中，該新聞稿已提供給美國證券交易委員會，可在我們的網站 Investors.sproutsocial.com 上查閱。

And with that, let me turn the call over to Justyn. Justyn?

有了這個，讓我把電話轉給賈斯汀。賈斯汀？

Thank you, Jason, and good afternoon, everyone. Thank you for joining us. I am pleased to be in a fortunate position today to again raise our annual growth and margin goals coming out of a strong quarter. We surpassed $0.25 billion of ARR during Q2 at a faster year-over-year growth rate than when we surpassed $100 million of ARR. This is the output of strong execution across our teams, particularly against the backdrop of a dynamic world around us.

謝謝你，傑森，大家下午好。感謝您加入我們。我很高興今天有幸再次提高我們在強勁季度中的年度增長和利潤率目標。我們在第二季度的 ARR 超過了 2.5 億美元，同比增長率高於我們超過 1 億美元的 ARR 時。這是我們團隊強大執行力的成果，尤其是在我們周圍充滿活力的世界的背景下。

Our business model and culture are perfectly align to help our customers navigate a changing world. Our fundamental growth drivers are strengthening as business use cases of Social continue to increase in criticality, and our world-class team is leveling up every quarter. We believe we have positioned Sprout to thrive now and for many years into the future.

我們的商業模式和文化完美契合，以幫助我們的客戶駕馭不斷變化的世界。隨著社交業務用例的重要性不斷增加，我們的基本增長動力正在加強，我們的世界級團隊每個季度都在升級。我們相信，我們已將 Sprout 定位為現在和未來多年的蓬勃發展。

I'm proud of our execution during Q2. I'm pleased to see the 2-year stacked growth rate of ARR accelerate for the sixth consecutive quarter and to also deliver positive free cash flow for the sixth consecutive quarter. The consistency of this performance and durability of our growth this quarter was driven by outsized contributions from our mid-market and enterprise segments. The number of customers contributing more than $10,000 in ARR grew 47% year-over-year, and our number of customers contributing more than $50,000 in ARR grew 88% year-over-year.

我為我們在第二季度的執行感到自豪。我很高興看到 ARR 的 2 年疊加增長率連續第六個季度加速，並且連續第六個季度提供正的自由現金流。本季度業績的一致性和我們增長的持久性是由我們的中端市場和企業部門的巨大貢獻推動的。貢獻超過 10,000 美元 ARR 的客戶數量同比增長 47%，貢獻超過 50,000 美元 ARR 的客戶數量同比增長 88%。

And even those numbers stop short of the full picture. The ACVs of new business lands grew more than 30% year-over-year and we delivered our largest ever new customer land for social customer care. We also delivered more than 25 new logos from our Salesforce partnership, which has begun to build momentum into what we expect will be a strong second half of the year. Given the heightened level of uncertainty throughout the financial markets, I want to now give a more granular view into the linearity of our quarter and what we're expecting for the balance of the year.

即使是這些數字也無法全面了解。新業務土地的 ACV 同比增長超過 30%，我們為社會客戶服務提供了有史以來最大的新客戶土地。我們還從 Salesforce 合作夥伴關係中交付了超過 25 個新徽標，這已經開始為我們預計下半年的強勁勢頭增添動力。鑑於整個金融市場的高度不確定性，我現在想更詳細地了解我們季度的線性度以及我們對今年剩餘時間的預期。

Net new ARR in the months of April and May was relatively consistent with our healthy trajectory exiting Q1 across new business, retention and growth. Our month of June, however, was one of our strongest ever. Retention and expansion trend lines stayed consistent with April and May, and we delivered a record new business month including incredibly strong large deal momentum in the enterprise. As we look ahead, we currently see steady trends within customer retention and expansion as we remain mission-critical to our customers' workflow.

4 月和 5 月的淨新 ARR 與我們在新業務、保留和增長方面退出第一季度的健康軌跡相對一致。然而，我們的六月是我們有史以來最強勁的月份之一。保留和擴張趨勢線與 4 月和 5 月保持一致，我們創造了創紀錄的新業務月，包括企業中令人難以置信的強勁大筆交易勢頭。展望未來，我們目前看到客戶保留和擴展方面的穩定趨勢，因為我們仍然對客戶的工作流程至關重要。

As our investments in mid-market enterprise sales capacity lean into strong new business demand, and many of our partner and product initiatives begin to impact ARR, we believe we are well positioned to deliver consistently healthy ARR growth into 2023. Because we have always been thoughtful and deliberate about our hiring and pace of investment, we are also currently in a fortunate position not to backpedal on our growth plans. And given the momentum of our strong pipeline, we plan to continue hiring while also keeping a close eye on market conditions and the efficiency of those investments. We believe this positions us to perform well relative to our near-term margin expansion commitments and to further distance ourselves from our competitors and to find further category leadership.

由於我們對中端市場企業銷售能力的投資傾向於強勁的新業務需求，而且我們的許多合作夥伴和產品計劃開始影響 ARR，我們相信我們有能力在 2023 年實現持續健康的 ARR 增長。因為我們一直我們對招聘和投資步伐深思熟慮，我們目前也很幸運，不會影響我們的增長計劃。鑑於我們強大的管道勢頭，我們計劃繼續招聘，同時密切關注市場狀況和這些投資的效率。我們相信，這使我們能夠在近期利潤率擴張承諾方面表現良好，並進一步與競爭對手保持距離，並找到進一步的類別領導地位。

Shifting quickly to second half priorities. Entering the year, we outlined an ambitious R&D plan that we believe puts Sprout in a position to lead our market. The scope of this investment has both high profile and subtle impacts on our customer value proposition. In late May, we joined the TikTok marketing partner program and introduced a new first-of-its-kind TikTok integration, giving customers the ability to build TikTok into their workflow across publishing, engagement and analytics in Sprout.

迅速轉移到下半年的優先事項。進入這一年，我們概述了一項雄心勃勃的研發計劃，我們相信這將使 Sprout 能夠引領我們的市場。這項投資的範圍對我們的客戶價值主張既有顯著的影響，也有微妙的影響。 5 月下旬，我們加入了 TikTok 營銷合作夥伴計劃，並首次推出了全新的 TikTok 集成，使客戶能夠將 TikTok 構建到他們在 Sprout 中的發布、參與和分析的工作流程中。

Today, we announced that support for Instagram Reels went live across our entire customer base. And recently social listening support for comment moderation on LinkedIn also went live, 2 highly requested features from our customers. Last month, our integration with the Salesforce Marketing Intelligence Cloud went live, and we expect that our enhanced integration with Salesforce Service Cloud will go live later this summer.

今天，我們宣布對 Instagram Reels 的支持在我們的整個客戶群中上線。最近，LinkedIn 上對評論審核的社交聆聽支持也上線了，這是我們客戶強烈要求的 2 個功能。上個月，我們與 Salesforce Marketing Intelligence Cloud 的集成上線，我們預計與 Salesforce Service Cloud 的增強集成將在今年夏天晚些時候上線。

Our strategic platform investments in social commerce, messaging, publishing and reporting are making great progress, and our road map in social customer care has been further prioritized. We are working on further integrations with new partners and have multiple opportunities to go deeper at commerce, messaging and listening. Our work here aligns well both to our product road map and to the competitive moats that are strengthening around Sprout as we grow. We believe the combination of our customer scale, our fully unified social media management platform and the breadth and depth of our network and partner integrations are significant and compounding competitive advantages, especially now.

我們在社交商務、消息傳遞、發布和報告方面的戰略平台投資取得了長足的進步，我們在社交客戶服務方面的路線圖得到了進一步的優先考慮。我們正在努力與新的合作夥伴進一步整合，並有多種機會在商務、消息傳遞和聆聽方面進行更深入的研究。我們在這裡的工作與我們的產品路線圖以及隨著我們成長而在 Sprout 周圍加強的競爭護城河非常吻合。我們相信，我們的客戶規模、我們完全統一的社交媒體管理平台以及我們網絡和合作夥伴集成的廣度和深度相結合，具有重要的複合競爭優勢，尤其是現在。

As you'll hear Ryan discuss in greater detail, we believe the market is increasingly shifting in our direction. This comment isn't limited to customers and partners. During Q2, we were fortunate to be recognized as one of the best workplaces in Chicago by Great Places to Work, and we were certified as a great place to work for the fourth consecutive year. The ongoing consistency of our execution and steady demand trend gives us confidence to continue to thoughtfully build our company with amazing people and leaders. I'm incredibly grateful to our people, and we are collectively excited to deliver value to all of our stakeholders in 2022 and beyond.

正如您將聽到 Ryan 更詳細地討論的那樣，我們相信市場正越來越多地朝著我們的方向轉變。此評論不僅限於客戶和合作夥伴。在第二季度，我們有幸被 Great Places to Work 評為芝加哥最佳工作場所之一，我們連續第四年被評為最佳工作場所。我們執行力的持續一致性和穩定的需求趨勢使我們有信心繼續深思熟慮地與優秀的人才和領導者一起建立我們的公司。我非常感謝我們的員工，我們很高興能夠在 2022 年及以後為我們所有的利益相關者創造價值。

With that, I'll turn the call over to Ryan.

有了這個，我會把電話轉給 Ryan。

Thanks, Justyn. This moment provides us with a big opportunity to distance ourselves from our competitors and our peers. I'm incredibly proud of our performance from our teams, and I'm even more excited for what's ahead as we execute and create more momentum from our road map, partnerships and go-to-market strategy. We aren't distracted by the business externalities around us. We're focused on delivering more value to our customers than is expected of us and then being a joy to do business with. We believe this positions Sprout to move ahead as a category-defining company.

謝謝，賈斯汀。這一時刻為我們提供了一個與競爭對手和同行保持距離的大好機會。我為我們團隊的表現感到無比自豪，而且我對未來的發展感到更加興奮，因為我們執行並通過我們的路線圖、合作夥伴關係和進入市場戰略創造更多動力。我們不會被周圍的業務外部因素分心。我們專注於為我們的客戶提供比我們預期更多的價值，然後樂於與我們開展業務。我們相信這使 Sprout 成為一家定義類別的公司。

Justyn highlighted the great work of our product teams, which has our marketing team excited to generate even greater top of funnel pipeline in the periods ahead. The TikTok partnership launched last quarter was clear validation of our market leadership, the speed at which our product teams work and the reach that our marketing teams can deliver. The reception of the Sprout community, our new network for practitioners, which launched during Q1, has been incredible to witness with thousands of engaged customers now actively sharing ideas and best practices. We plan to expand the Sprout community later this year to all practitioners and brands, Sprout customer or not, which will be even more impactful to those looking to uplevel and refine their skills in this dynamic role.

Justyn 強調了我們產品團隊的出色工作，這讓我們的營銷團隊很高興能夠在未來的時期內產生更大的漏斗管道頂部。上個季度啟動的 TikTok 合作夥伴關係清楚地證明了我們的市場領導地位、我們的產品團隊的工作速度以及我們的營銷團隊可以提供的範圍。 Sprout 社區是我們在第一季度推出的新的從業者網絡，令人難以置信的是，成千上萬的參與客戶正在積極分享想法和最佳實踐。我們計劃在今年晚些時候將 Sprout 社區擴展到所有從業者和品牌，無論是否是 Sprout 客戶，這將對那些希望在這個充滿活力的角色中提升和提高技能的人產生更大的影響。

Speaking of practitioners, we talk with you frequently about the organic growth of our category and the fact that Social is increasingly a team sport. According to the LinkedIn 2022 marketing jobs report, the role of social media marketing specialist is the single most in-demand occupation within North American marketing teams. This is a direct result of the rising complexity and expanding use cases of Social and speaks to how mission-critical it is for brands to meet their customers where they are.

說到從業者，我們經常與您談論我們類別的有機增長以及社交越來越成為一項團隊運動的事實。根據LinkedIn 2022年營銷工作報告，社交媒體營銷專家的角色是北美營銷團隊中最受歡迎的職業。這是社交的日益複雜和不斷擴大的用例的直接結果，並說明品牌在他們所在的地方與客戶會面是多麼重要。

In a world where ad budgets and advertising ROI are increasingly being scrutinized, organic social has become more important and more impactful than ever before. Canva, which is a mission to empower everyone in the world to design anything and publish anywhere, highlights the power of this reality as they expanded with Sprout this quarter. Said Canva, our community is at the heart of everything we do. Given our rapidly growing global community, the use of social listening has been key to engaging and fostering authentic conversations with them across social channels. We've been able to proactively engage with them to collect valuable feedback and strengthen brand love. Sprout's all-in-one platform has helped us scale our community engagement and build strong lasting connections.

在廣告預算和廣告投資回報率越來越受到審查的世界中，有機社交變得比以往任何時候都更加重要和更具影響力。 Canva 的使命是讓世界上的每個人都能設計任何東西並在任何地方發布，當他們在本季度與 Sprout 一起擴展時，突出了這一現實的力量。 Canva 說，我們的社區是我們所做一切的核心。鑑於我們快速發展的全球社區，社交聆聽的使用一直是跨社交渠道參與和促進與他們進行真實對話的關鍵。我們已經能夠主動與他們互動，以收集有價值的反饋並加強對品牌的喜愛。 Sprout 的一體化平台幫助我們擴大了社區參與度並建立了牢固的持久聯繫。

Shifting to quarterly performance. What stood out to me the most was our greater than 30% ACV growth in new business lands. Our marketing investments have been targeting more sophisticated buyers and personas in the enterprise. Our sales hiring is focused on mid-market and enterprise and into the explosive expansion of social use cases. We know that the larger our customers land, the faster and the larger they grow with us.

轉向季度業績。對我來說最突出的是我們在新業務領域的 ACV 增長超過 30%。我們的營銷投資一直針對企業中更成熟的買家和角色。我們的銷售招聘專注於中端市場和企業，以及社交用例的爆炸式擴展。我們知道，我們的客戶落地越大，他們與我們一起成長的速度越快、規模越大。

But especially against the backdrop of the current global climate, larger initial deal sizes with Sprout speak to how fundamentally mission-critical it is for brands to get social right. Our product line motion is perfectly suited to feed and grow with customers big and small as they become increasingly sophisticated users of our platform.

但尤其是在當前全球氣候的背景下，與 Sprout 的較大初始交易規模說明了品牌獲得社交權利的根本任務關鍵。我們的產品線運動非常適合與大大小小的客戶一起養活和成長，因為他們成為我們平台的日益成熟的用戶。

As Justyn referenced earlier, more than 25 new logos this quarter came from our Salesforce partnership. As we go deeper with Salesforce Social Studio customers, we've learned several key things. First, these customers are considerably larger than our average customer. Second, pipeline momentum is clearly building for a very strong second half of the year and very strong 2023. And third, we believe our deeper technical integration with Service Cloud will unlock even more opportunity as we create value for our customers and reinforce the value of their existing investments in the Salesforce tech stack. I'm incredibly excited to present at Dreamforce later this quarter where Sprout and Salesforce will build on our partnership together and further articulate our vision for social media management.

正如 Justyn 之前提到的，本季度超過 25 個新徽標來自我們的 Salesforce 合作夥伴關係。隨著我們與 Salesforce Social Studio 客戶的深入交流，我們學到了幾個關鍵的東西。首先，這些客戶比我們的普通客戶大得多。其次，管道動力顯然正在為今年下半年和 2023 年非常強勁。第三，我們相信我們與 Service Cloud 的更深入技術集成將釋放更多機會，因為我們為客戶創造價值並加強價值他們對 Salesforce 技術堆棧的現有投資。我非常高興能在本季度晚些時候在 Dreamforce 上發表演講，Sprout 和 Salesforce 將在我們的合作夥伴關係基礎上進一步闡明我們對社交媒體管理的願景。

One of the first customers we migrated over was Gordon Food Service, the largest privately owned and family managed food service distributor in North America. Sprout's strong team and close partnership with Salesforce made it easy for us to migrate from Social Studio this quarter to Kristin Johnson, Digital Campaign Supervisor at Gordon Food Service. It's incredibly important that we have a centralized social media management platform that is easy to use for different teams across our organization.

我們遷移的第一批客戶之一是 Gordon Food Service，它是北美最大的私營和家庭管理的食品服務分銷商。 Sprout 強大的團隊以及與 Salesforce 的密切合作使我們本季度輕鬆地從 Social Studio 遷移到 Gordon Food Service 的數字營銷主管 Kristin Johnson。擁有一個集中的社交媒體管理平台非常重要，該平台易於用於我們組織中的不同團隊。

Sprout's usability in analytics dashboards foster confidence that we have the right partner to execute our social strategy from publishing to listening. We hope the technology and team behind Sprout will help us elevate our Goodfinds by Gordon program created to find meaningful food solutions that not only taste good but do good, too, and other sustainability initiatives as we lead to choose food that can change our world.

Sprout 在分析儀表板中的可用性增強了我們的信心，即我們有合適的合作夥伴來執行我們從發佈到收聽的社交戰略。我們希望 Sprout 背後的技術和團隊能夠幫助我們提升 Gordon 的 Goodfinds 計劃，該計劃旨在尋找有意義的食品解決方案，不僅味道好，而且效果好，以及其他可持續發展舉措，因為我們引導選擇可以改變我們世界的食物。

The broader group of brands that grew at Sprout this quarter is a cross-section of leading franchises across all segments of the economy. This speaks to both the magnitude of our opportunity and the importance of organic social and includes BT Group, Hertz, Afterpay, Deckers Footwear, Sunoco, Virgin Red, HP, Duolingo, Douglas Elliman, Athenahealth, H. J. Heinz, Block, Porter Airlines, the University of Virginia and close to the [Scripps] heart, Robert Baird.

本季度在 Sprout 增長的更廣泛的品牌群體是所有經濟領域的領先特許經營權的橫截面。這說明了我們機會的重要性和有機社交的重要性，包括 BT Group、Hertz、Afterpay、Deckers Footwear、Sunoco、Virgin Red、HP、Duolingo、Douglas Elliman、Athenahealth、H. J. Heinz、Block、Porter Airlines、the弗吉尼亞大學，靠近[斯克里普斯]的心臟，羅伯特·貝爾德。

I'm proud of what our teams have delivered through the first half of 2022, but I'm even more inspired by what I know we can accomplish in the quarters ahead. Our partnerships are building momentum, our teams are upleveling and new product enhancements are delivering incremental value to our customers. We surpassed $0.25 billion of ARR during Q2 at a faster growth rate than when we surpassed $100 million of ARR. Our powerful and unified platform, disruptive inbound trial model and world-class teams give me confidence we'll continue to scale above our next growth milestones even faster.

我為我們的團隊在 2022 年上半年所取得的成就感到自豪，但我對我們在未來幾個季度可以取得的成就感到更加鼓舞。我們的合作夥伴關係正在形成勢頭，我們的團隊正在升級，新產品的改進正在為我們的客戶帶來增值。我們在第二季度的 ARR 超過了 2.5 億美元，其增長率比我們超過 1 億美元的 ARR 時更快。我們強大而統一的平台、顛覆性的入站試驗模式和世界一流的團隊讓我相信，我們將繼續以更快的速度超越我們的下一個增長里程碑。

And with that, I'll turn it over to Joe to run through the financials. Joe?

有了這個，我會把它交給喬來處理財務狀況。喬？

Thanks, Ryan. I'll now walk you through our second quarter results in detail before moving on to guidance for the third quarter and full year 2022. We're pleased to again deliver very strong growth, positive free cash flow and to raise our expectations for the year, underscoring the mission-criticality of organic social media management.

謝謝，瑞恩。現在，我將向您詳細介紹我們的第二季度業績，然後再進行第三季度和 2022 年全年的指導。我們很高興再次實現非常強勁的增長、正的自由現金流並提高我們對今年的預期，強調有機社交媒體管理的任務關鍵性。

Revenue for the second quarter was $61.4 million, representing 37% year-over-year growth. ARR exiting Q2 was $256.1 million, up 35% year-over-year. We're very pleased with the 2-year stack growth rate of ARR accelerated for now sixth consecutive quarter, which we believe underscores the durability of our growth momentum. Our enterprise new business and pipeline further accelerated during the quarter and our inbound volume remains strong, contributing to our expectation to deliver consistently strong ARR growth. We believe this positions us to continue to deliver durable and efficient growth ahead of our medium-term goals.

第二季度收入為 6140 萬美元，同比增長 37%。第二季度的 ARR 為 2.561 億美元，同比增長 35%。我們對 ARR 的 2 年堆棧增長率連續第六個季度加速感到非常高興，我們認為這突顯了我們增長勢頭的持久性。我們的企業新業務和管道在本季度進一步加速，我們的入境量仍然強勁，有助於我們實現持續強勁的 ARR 增長。我們相信這使我們能夠在我們的中期目標之前繼續實現持久和高效的增長。

We added 820 net new customers in Q2 to finish the quarter with 33,620 customers, up 14% year-over-year. Our net additions were below recent trends during Q2, primarily because we experienced larger-than-normal deal size of the mid-market enterprise new business, which resulted in more than 30% year-over-year growth in new business ACV.

我們在第二季度增加了 820 家淨新客戶，以 33,620 家客戶結束本季度，同比增長 14%。我們在第二季度的淨增加量低於近期趨勢，主要是因為我們經歷了中型市場企業新業務的交易規模大於正常水平，這導致新業務 ACV 同比增長超過 30%。

We've talked about managing the business to ARR in this outsized new business ACV growth meant that we required fewer logos to achieve our goals that previously have been the case. While this trend could continue, we also believe we have strong visibility into new business momentum and healthy new customer additions for the foreseeable future as our sales capacity continues to increase.

我們已經討論過在這種超大的新業務 ACV 增長中將業務管理到 ARR，這意味著我們需要更少的徽標來實現我們以前的目標。雖然這種趨勢可能會持續下去，但我們也相信，隨著我們的銷售能力不斷增加，在可預見的未來，我們對新業務勢頭和健康的新客戶增加有很強的可見性。

The number of customers contributing more than $10,000 in ARR reached 5,800, up 47% from a year ago. The number of customers contributing more than $50,000 in ARR reached 755, up 88% from a year ago. Q2 ACV growth of 19% year-over-year was driven primarily by larger initial deal sizes. We believe there are several factors that will contribute to sustained medium-term ACV growth.

貢獻超過 10,000 美元 ARR 的客戶數量達到 5,800，比一年前增長 47%。為 ARR 貢獻超過 50,000 美元的客戶數量達到 755 家，比一年前增長了 88%。第二季度 ACV 同比增長 19% 主要是由較大的初始交易規模推動的。我們相信有幾個因素將有助於蘋果醋的中期持續增長。

In discussing the remainder of the income statement, please note that unless otherwise stated, all references to our expenses, operating results and share count on a non-GAAP basis to exclude stock-based compensation expense are reconciled to our GAAP results in the earnings press release that was just issued before this call.

在討論損益表的其餘部分時，請注意，除非另有說明，否則所有在非公認會計原則基礎上提及我們的費用、經營業績和股票數量以排除基於股票的薪酬費用的內容均與我們在收益新聞中的公認會計原則結果相一致在此電話會議之前剛剛發布的版本。

In Q2, gross profit was $47.1 million, representing a gross margin of 76.6%. This is up 100 basis points compared to gross margin of 75.6% a year ago and is again our highest gross margin in 5 years as we scale into our financial model.

第二季度，毛利潤為 4710 萬美元，毛利率為 76.6%。與一年前的 75.6% 的毛利率相比，這增加了 100 個基點，並且隨著我們擴展到我們的財務模型，這再次是我們 5 年來的最高毛利率。

Sales and marketing expenses for Q2 were $24.4 million or 40% of revenue, up from 38% a year ago. We're fortunate to hire well throughout the quarter and continue to make meaningful investments in mid-market enterprise sales capacity to master current demand signal that we see.

第二季度的銷售和營銷費用為 2440 萬美元，佔收入的 40%，高於一年前的 38%。我們很幸運在整個季度都聘用得很好，並繼續對中端市場企業銷售能力進行有意義的投資，以掌握我們看到的當前需求信號。

Research and development expenses for Q2 were $12.3 million or 20% of revenue, up from 18% a year ago. Our headcount and absolute expenses again grew substantially this quarter as we continue that trajectory of transforming R&D investments. We believe we're in the process of expanding our market leadership and positioning Sprout as a category-defining software company.

第二季度的研發費用為 1230 萬美元，佔收入的 20%，高於一年前的 18%。隨著我們繼續轉型研發投資的軌跡，本季度我們的員工人數和絕對費用再次大幅增長。我們相信我們正在擴大我們的市場領導地位並將 Sprout 定位為定義類別的軟件公司。

General and administrative expenses for Q2 were $12.2 million or 20% of revenue, up slightly from 90% a year ago. We continue to expect our G&A expenses to increase in 2022 as we enter a more normalized spending environment, but to decrease as a percentage of revenue on an annual basis.

第二季度的一般和管理費用為 1220 萬美元，佔收入的 20%，略高於一年前的 90%。隨著我們進入一個更加正常化的支出環境，我們繼續預計我們的 G&A 費用將在 2022 年增加，但佔收入的百分比將逐年下降。

Non-GAAP operating loss for Q2 was $1.9 million for a negative 3.0% operating margin. We are pleased with the ongoing efficiency improvements as we scale, and we exceeded our expectations this quarter due to revenue outperformance.

第二季度非美國通用會計準則營業虧損為 190 萬美元，營業利潤率為負 3.0%。隨著我們的擴展，我們對持續的效率提升感到高興，並且由於收入表現出色，我們在本季度超出了預期。

Non-GAAP net loss for Q2 was $1.9 million for a net loss of $0.04 per share based on 54.5 million weighted average shares of common stock outstanding compared to net income of $0.0 million and $0.00 per share a year ago.

第二季度非公認會計原則淨虧損為 190 萬美元，每股淨虧損 0.04 美元，基於已發行普通股的 5450 萬股加權平均股，而一年前的淨收入為 0 萬美元和每股 0.00 美元。

Turning to the balance sheet and cash flow statement. We ended Q2 with $181.7 million in cash, cash equivalents and market securities, up from $180.8 million at the end of Q1. Deferred revenue at the end of the quarter was $80.2 million, a strong sequential increase. We continue to progress nicely to our high watermark anticipated in Q4. Again, both our billed and unbilled contracts, our remaining performance obligations, or RPO, totaled approximately $127.6 million, up from $115.9 million as in Q1 and up 57% year-over-year. We expect to recognize approximately 80% of $104.2 million of the RPO as revenue over the next 12 months. Operating cash flow in Q2 was positive $1.3 million compared to $4.4 million a year ago. Free cash flow was positive $0.7 million or a positive 1% free cash flow margin ahead of our expectations.

轉向資產負債表和現金流量表。我們在第二季度末擁有 1.817 億美元的現金、現金等價物和市場證券，高於第一季度末的 1.808 億美元。本季度末的遞延收入為 8020 萬美元，環比強勁增長。我們繼續在第四季度取得預期的高水位線。同樣，我們的已開票和未開票合同、我們的剩餘履約義務或 RPO 總計約為 1.276 億美元，高於第一季度的 1.159 億美元，同比增長 57%。我們預計在未來 12 個月內將 RPO 的 1.042 億美元中的大約 80% 確認為收入。第二季度的經營現金流為正 130 萬美元，而一年前為 440 萬美元。自由現金流為正 70 萬美元或正 1% 的自由現金流利潤率超出我們的預期。

Shifting to formal guidance. For the third quarter of fiscal 2022, we expect revenue in the range of $64.9 million to $65.0 million, a growth rate of greater than 32%. We expect non-GAAP operating loss in the range of $2.4 million to $2.0 million. This represents an anticipated operating margin of negative 3.4%. We expect a non-GAAP net loss per share between $0.04 and $0.03, assuming approximately 54.5 million weighted average basic shares of common stock outstanding.

轉向正式指導。對於 2022 財年第三季度，我們預計收入在 6490 萬美元至 6500 萬美元之間，增長率超過 32%。我們預計非 GAAP 運營虧損在 240 萬美元至 200 萬美元之間。這表示預期的營業利潤率為負 3.4%。我們預計非公認會計原則每股淨虧損在 0.04 美元至 0.03 美元之間，假設大約 5450 萬股已發行普通股加權平均基本股。

For the full year of fiscal 2022, we now expect total revenue in the range of $253.9 million to $250.0 million sic [$254.0 million]. This is an expected overall reported growth rate of more than 35%, up roughly 100 basis points from our prior expected growth rate and tracking well against our medium-term goals.

對於 2022 財年全年，我們現在預計總收入在 2.539 億美元至 2.50 億美元（原文如此）[2.54 億美元]之間。預計整體報告增長率將超過 35%，比我們之前的預期增長率高出約 100 個基點，並且與我們的中期目標保持良好的對比。

For 2022, we announced a non-GAAP operating loss in the range of $5.9 million to $5.7 million. This implies annual non-GAAP operating margin expansion of roughly 110 basis points to 120 basis points, up from a prior margin expansion range of 90 basis points to 110 basis points. We're pleased to forecast faster revenue growth with improved efficiency even as we continue to make growth investments for our future. We expect a non-GAAP net loss per share between $0.11 and $0.10, assuming approximately 54.5 million weighted average basic shares of common stock outstanding.

2022 年，我們宣布非公認會計原則的營業虧損在 590 萬美元至 570 萬美元之間。這意味著年度非公認會計原則營業利潤率將擴大約 110 個基點至 120 個基點，高於之前的 90 個基點至 110 個基點的利潤率擴張範圍。即使我們繼續為我們的未來進行增長投資，我們也很高興地預測收入增長會更快，效率也會提高。我們預計非公認會計準則每股淨虧損在 0.11 美元至 0.10 美元之間，假設大約 5450 萬股已發行普通股加權平均基本股。

In summary, our Q2 financial performance highlights the consistency of our execution and the rising strategic emphasis our customers are placing on social. Our balance sheet and free cash flow strength provide us with future optionality and our pipeline upmarket is robust. Even against the backdrop of a dynamic world around us, we believe we're poised to deliver consistent and efficient growth, which positions Sprout to pull away and forge leadership in the $100 billion market opportunity ahead.

總之，我們第二季度的財務表現突出了我們執行的一致性以及我們的客戶對社交的日益重視的戰略重點。我們的資產負債表和自由現金流實力為我們提供了未來的選擇權，並且我們的高端管道市場穩健。即使在我們周圍充滿活力的世界的背景下，我們相信我們已經準備好實現持續和高效的增長，這使 Sprout 能夠在未來 1000 億美元的市場機會中脫穎而出並建立領導地位。

With that, Justyn, Ryan and I are happy to take any of your questions. Operator?

有了這個，Justyn、Ryan 和我很樂意回答您的任何問題。操作員？

(Operator Instructions) Your first question comes from the line of Michael Turits with KeyBanc.

（操作員說明）您的第一個問題來自 Michael Turits 與 KeyBanc 的行。

Congrats on good results in a tough environment. I guess, sneaking my fundamentals and then one numbers question. On the fundamentals side, maybe you could just talk about -- I mean we've seen some weakness, I would say, in digital marketing demand, including the, say, in paid ads, which I know you're not in. But maybe you're not more -- there more broadly. How do you think that social media management, why does it seem to be holding up better? And then I would just add, maybe just if you could give us a little bit more on those new logos from Salesforce. 25%, great, but what has the trend been there previously?

恭喜在艱難的環境中取得好成績。我猜，偷偷摸摸我的基本面，然後是一個數字問題。在基本面方面，也許你可以談談 - 我的意思是我們已經看到了一些弱點，我會說，在數字營銷需求方面，包括付費廣告，我知道你不在。但是也許你不是更多 - 更廣泛。您如何看待社交媒體管理，為什麼它似乎表現得更好？然後我想補充一下，也許你能給我們更多關於 Salesforce 的新徽標的信息。 25%，很好，但之前的趨勢是什麼？

Yes, sure. Thank you for the question. I'll start with the first half of that question, then Ryan can jump in. In terms of the kind of the dynamic around paid and marketing spend, I think as we've shared before, we don't participate in the advertising space. And so we've got a bit of isolation from the things happening in that part of the market. But in terms of how it flows through to how social media management has remained pretty resilient there, I think it largely comes down to the fact that it's separate functions, right?

是的，當然。感謝你的提問。我將從這個問題的前半部分開始，然後 Ryan 可以加入。就付費和營銷支出的動態而言，我認為正如我們之前分享的那樣，我們不參與廣告領域.因此，我們與市場那部分發生的事情有點孤立。但就它如何流動到社交媒體管理如何在那裡保持相當的彈性而言，我認為這在很大程度上歸結為它是獨立的功能，對吧？

On the one hand, you've got direct advertising with a very specific purpose and budget usually team around it. And on the other, you have very organic side of relationships between brands and their customers, whether that is simple evangelism on the customer side, if it's customer support, presales, postsales, or just general support or commentary back and forth between the brand and the customers. And so that side of it, I think, is -- which is largely what this company was built around and where we focus with our customers, is going to remain consistent. It's going to remain important. It is as important as any other form of communication, I think, increasingly so.

一方面，您獲得了具有非常特定目的和預算的直接廣告，通常圍繞它進行團隊合作。另一方面，品牌與其客戶之間的關係非常有機，無論是客戶方面的簡單宣傳，還是客戶支持、售前、售後，或者只是一般支持或品牌與客戶之間的來回評論。顧客們。因此，我認為，這就是這家公司的主要基礎，也是我們關注客戶的地方，將保持一致。它仍然很重要。我認為，它與任何其他形式的交流一樣重要，而且越來越重要。

On the flip side of that, I think there are some organizations where the organic side of social is very much a hedge against anything that may be less productive on the advertising side. So where those channels might be a little more challenging that we've seen a few different times over the last 3 or 4 years, that organic channel to the extent that brands are earning and cultivating that community as one, that's always going to be available to them with generally very positive returns and results.

另一方面，我認為在一些組織中，社交的有機方面在很大程度上是對沖任何可能在廣告方面效率較低的事情。因此，在過去 3 或 4 年中，我們在幾次不同的時間裡看到這些渠道可能更具挑戰性，而有機渠道在品牌正在賺取和培育社區的程度上，總是可用的對他們來說，通常是非常積極的回報和結果。

So for those 2 reasons, the side of social that we've focused on and that we primarily play in for our customers, I think, continues to be really strong, continues to be growing in importance. And I think that we're at the stage now where the parts of social that are not specific to advertising are very clearly something that is becoming part of workflows across the organization, not just in marketing but through to customer service, sales, support, et cetera. And I expect we'll see that continue for those reasons.

因此，出於這兩個原因，我認為，我們關注的以及我們主要為客戶服務的社交方面仍然非常強大，其重要性繼續增長。而且我認為我們現在處於這樣一個階段，社交部分不是特定於廣告的，很明顯正在成為整個組織工作流程的一部分，不僅在營銷方面，而且在客戶服務、銷售、支持方面，等等。由於這些原因，我希望我們會看到這種情況繼續下去。

And I'll just try on one last point on that one for you, Michael, and then I'll jump to the Salesforce piece. Agreed with everything Justyn just shared. More and more we're hearing from our customers, especially in this type of environment where they might be scrutinizing some of their paid spend or other more expensive areas of spend, the campaigns that they're running from a marketing perspective on social are very efficient. Their customers are there. They get real-time feedback. The data and the analytics that we provide help them be smarter in the campaigns that they're running. So that ends up being one of those value points for our customers. And again, the inbound model for us, those customers are coming in with these needs that they're looking to solve and identifying Sprout as the right solution to do it. So I think those are all the reasons why we're seeing the resilience within our market.

Michael，我將為您嘗試最後一點，然後我會跳到 Salesforce 部分。同意 Justyn 剛剛分享的所有內容。我們從客戶那裡聽到的消息越來越多，尤其是在這種環境中，他們可能會仔細檢查他們的一些付費支出或其他更昂貴的支出領域，他們從社交營銷的角度開展的活動非常高效的。他們的客戶在那裡。他們得到實時反饋。我們提供的數據和分析幫助他們在他們正在運行的活動中變得更聰明。因此，這最終成為我們客戶的價值點之一。再一次，對於我們來說，入站模型，那些客戶帶著他們想要解決的這些需求進來，並將 Sprout 確定為正確的解決方案。所以我認為這些都是我們看到市場彈性的原因。

From a Salesforce perspective, continue to be really excited about the opportunity in front of us. We are still just getting started, as you can see, with the logos we've closed. The trends that we've seen in those deals so far, one, we are getting great participation and interaction from the Salesforce team and intros into many of these customers. As we mentioned before, these customers are larger than our average deal size. They're falling in the 10,000 and 50,000 bucket. And then on top of that, which has been really exciting for the customers, is they're seeing a lot of innovation. They're seeing a lot of features, lots of parts of our product that they had on their wish list that weren't there in Social Studios that are in Sprout.

從 Salesforce 的角度來看，繼續對我們面前的機會感到非常興奮。如您所見，我們還剛剛開始使用我們已經關閉的徽標。到目前為止，我們在這些交易中看到的趨勢是，我們從 Salesforce 團隊獲得了極大的參與和互動，並介紹了許多這些客戶。正如我們之前提到的，這些客戶大於我們的平均交易規模。他們落入 10,000 和 50,000 的桶中。最重要的是，這對客戶來說真的很令人興奮，他們看到了很多創新。他們看到了很多功能，我們產品的很多部分在他們的願望清單上，而在 Sprout 的社交工作室中卻沒有。

And so even if I just think about what we've delivered in the last quarter, things like TikTok and Reels, great examples of innovation that have happened within our platform that they didn't have before and wouldn't have now. So we continue to see a lot of opportunity there and are excited about the relationships that we're developing.

因此，即使我只是想想我們在上個季度交付的東西，比如 TikTok 和 Reels，這些都是我們平台內發生的創新的很好例子，他們以前沒有，現在也沒有。因此，我們繼續在那裡看到很多機會，並對我們正在發展的關係感到興奮。

Your next question comes from the line of Raimo Lenschow with Barclays.

您的下一個問題來自巴克萊銀行的 Raimo Lenschow。

This is Frank on for Raimo. Maybe more at a high level, how have you seen the resiliency of the product suite in prior recessions? And how has the business since evolved to be better suited for any potential downturn?

這是雷莫的弗蘭克。也許在更高的層面上，您如何看待產品套件在之前的經濟衰退中的彈性？自那以後，該業務如何發展以更好地適應任何潛在的衰退？

This is Justyn. I'll take that and anyone else on the team can add some thoughts. If I heard the question correctly, in terms of how the product itself and maybe indirectly the business had fared during previous challenging times, and I think that the resounding answer there is that we've seen both across the last couple of years and certainly across our history as a company that because we are serving a very fundamental and growing need for our customers, because our platform does an incredible job of tying all of the necessary utility into one place and given that it is a mission-critical mode of communication for brands at this stage, I think we've really navigated just about anything that's thrown at us very well, current environment included.

這是賈斯汀。我會接受，團隊中的其他任何人都可以添加一些想法。如果我沒聽錯這個問題，就產品本身以及可能間接的業務在之前充滿挑戰的時期的表現而言，我認為響亮的答案是我們在過去幾年中看到的，當然也看到了我們作為一家公司的歷史，因為我們正在滿足客戶非常基本且不斷增長的需求，因為我們的平台在將所有必要的實用程序捆綁到一個地方方面做得非常出色，並且鑑於它是一種任務關鍵的通信模式在這個階段的品牌，我認為我們已經很好地駕馭了任何拋給我們的東西，包括當前的環境。

The product's role in that, I think, is primarily around making sure that we are offering a well-rounded set of solutions that are really horizontal in their function. They're not specific to one very discrete objective within an organization and therefore have a lot of resiliency regardless of what an organization is going through. For example, when COVID took its first kind of really tough path throughout the world, one of the things that we saw was that businesses that were otherwise struggling were using social as pretty much the only or at least the primary way to stay connected with their audience and with their customers.

我認為，產品在這方面的作用主要是確保我們提供一套全面的解決方案，這些解決方案在功能上是真正水平的。它們並不特定於組織內一個非常離散的目標，因此無論組織正在經歷什麼，它們都具有很大的彈性。例如，當 COVID 在世界範圍內走上第一種真正艱難的道路時，我們看到的一件事是，原本苦苦掙扎的企業幾乎將社交作為與他們保持聯繫的唯一或至少主要方式。觀眾和他們的客戶。

In other scenarios where things are a little more steady state, they're able to shift their efforts into activities that are focused on growing the business, engaging with their customers in different and new ways, developing larger communities. We're starting to see businesses investing more in some of the more forward-looking functions of social such as care, sales, et cetera.

在其他情況稍微穩定一些的情況下，他們能夠將精力轉移到專注於發展業務、以不同的新方式與客戶互動、發展更大的社區的活動上。我們開始看到企業更多地投資於一些更具前瞻性的社會功能，例如護理、銷售等。

And so I think because we're providing just these really fundamental set of business needs through social channels, it's been something that, rain or shine, has a ton of value for our customers, is something that remains very important and certainly very high on the list of things that are must-haves for a business at this point.

所以我認為，因為我們通過社交渠道提供了這些真正基本的業務需求，所以無論風雨無阻，它對我們的客戶都有巨大的價值，仍然非常重要，而且肯定非常重要在這一點上，企業必須擁有的東西清單。

And so we fared very well through a handful of different conditions. And we expect that this year is not done throwing curveballs at us, that we're very well positioned just as we saw in Q2 to really continue to add a ton of value for our customers in those environments.

因此，我們在一些不同的條件下表現得非常好。我們預計今年不會向我們投擲曲線球，就像我們在第二季度看到的那樣，我們處於非常有利的位置，可以在這些環境中真正繼續為我們的客戶增加大量價值。

Maybe just add one point to that, too. Part of the way that the product has been architected is to ensure that we don't have concentration in any specific point. The diversity that we've seen across verticals and industries and segments and the utility of that product has also been really important during difficult times because we've got such a wide remit of the types of companies and the types of use cases we can support.

也許也可以為此添加一點。構建產品的部分方式是確保我們不會專注於任何特定點。我們在垂直領域、行業和細分市場中看到的多樣性以及該產品的實用性在困難時期也非常重要，因為我們擁有如此廣泛的公司類型和我們可以支持的用例類型.

Your next question comes from the line of Elizabeth Porter with Morgan Stanley.

你的下一個問題來自摩根士丹利的伊麗莎白波特。

Congrats on the strong quarter. A benefit we hear about this platform is just a relatively fast time to implementation and the strong ROI. So just in the context of a potentially more scrutiny on IT spend, how are new customers, in particular, thinking about just the willingness to move over to Sprout at this point? Curious if that's coming up in conversations more as a benefit just given the comments that we're hearing overall in the environment about longer deal cycles and that scrutiny on IT spend.

祝賀強勁的季度。我們聽說這個平台的一個好處是實施時間相對較快，投資回報率很高。因此，在可能對 IT 支出進行更嚴格審查的背景下，特別是新客戶如何考慮在這一點上轉移到 Sprout 的意願？考慮到我們在整個環境中聽到的關於更長的交易週期和對 IT 支出的審查的評論，我很好奇這是否在對話中更多地作為一種好處出現。

Thanks, Elizabeth. Yes, it has actually proven to be a really nice strength for us. Again, for our business today, over 90% of our revenue actually touches the product before they ever sign a contract, sign any commercial terms before they become a customer. And we continue to press on the modern way to evaluate and by actually trial the product first to get your hands on the keyboard. And so for us, the conversations we're having with our customers is that we want to mitigate risk for you. We want to ensure that the Sprout solution is going to work perfectly for what you need. And you can actually get into the platform, you can do the sophisticated parts that you need, whether it be analytics or listening or publishing or engaging with your customers and prove that it works.

謝謝，伊麗莎白。是的，事實證明它對我們來說是一種非常好的力量。同樣，對於我們今天的業務，我們超過 90% 的收入實際上在他們簽署合同之前就涉及到產品，在他們成為客戶之前簽署任何商業條款。我們繼續採用現代方式來評估和實際試用產品，以便讓您的手放在鍵盤上。所以對我們來說，我們與客戶的對話是我們希望為您降低風險。我們希望確保 Sprout 解決方案能夠完美地滿足您的需求。你實際上可以進入這個平台，你可以做你需要的複雜部分，無論是分析、傾聽、發布還是與你的客戶互動，並證明它是有效的。

And the benefit of that for us, one, you start to prove out the use cases that you get a chance to experience the technology. You also get a chance to interact with our incredible team, which is a huge value prop for us. But for us, it also means that you do part of the implementation during that trial. And so that is a huge part of the conversations that we have. Again, our sales cycle times around 35 days for -- to trial 41 days for a lead. They stayed pretty consistent through that. And then the conversations that we're having, again, because of the trial have stayed pretty consistent from what we've historically seen. So we see it as a huge strength that we're leading into.

對我們來說，這樣做的好處是，您開始證明您有機會體驗該技術的用例。您還有機會與我們令人難以置信的團隊互動，這對我們來說是一個巨大的價值支柱。但對我們來說，這也意味著您在那次試用期間完成了部分實施。因此，這是我們進行的對話的重要組成部分。同樣，我們的銷售週期大約為 35 天——試用 41 天。他們一直保持一致。然後，我們再次因為審判而進行的對話與我們歷史上看到的情況保持一致。因此，我們將其視為我們正在引領的巨大力量。

Yes. One other thing that I'll point to on that question is just the reality of the conversations on the customer side has been for some time pretty close to nonnegotiable, meaning this isn't something when budgets start to get more scrutiny and start to get looked at or they're looking for areas to make cuts. This isn't typically one that's on the list for a company that's -- for a brand that's invested in social, turning the lights out on this channel or introducing disruption into how effectively they're managing their communities on social is pretty detrimental, particularly if the business is facing a challenging time.

是的。在這個問題上我要指出的另一件事是，客戶方面的對話在一段時間內幾乎是不可協商的，這意味著當預算開始受到更多審查並開始得到看著或者他們正在尋找可以削減的區域。對於一家投資於社交的品牌而言，這通常不會出現在名單上如果企業正面臨挑戰。

And so there are certainly going to be exceptions to this. But given where we come from, the budget that we're coming from, the critical nature of the platform and the function that we serve within the organization, and the price points that we're selling to within the organizations, I think we're pretty well down the list of things that are on the chopping block.

所以肯定會有例外。但考慮到我們來自哪裡，我們來自哪裡的預算，平台的關鍵性質和我們在組織內服務的功能，以及我們在組織內銷售的價格點，我認為我們'重新在砧板上的東西清單上做得很好。

Great. And then just as a follow-up, I wanted to touch on the customer adds. So from a total customer perspective, the net new adds fell below 1,000 for the first time in about 7 quarters, but clearly, we're really seeing that strength in the large customer cohort. So first, just anything to call out with respect to demand trends from those large customers versus the smaller SMB customer segment. Just trying to get a sense if there was any softness in that segment just given some of the more macro sensitivity.

偉大的。然後作為跟進，我想談談客戶的補充。因此，從總客戶的角度來看，淨新增用戶在大約 7 個季度內首次跌破 1,000，但顯然，我們確實在大型客戶群中看到了這種實力。因此，首先，關於這些大客戶與較小的 SMB 客戶群的需求趨勢，我們可以提出任何意見。只是試圖了解該部分是否有任何柔軟度，只是給出了一些更宏觀的敏感性。

Yes. Yes, yes. Yes. So as you mentioned, we're continuing to see the shift that really started kind of in the middle of last year where our emphasis and investment priorities have really become more focused on the mid-market and enterprise. And we're seeing some mix shift in the customer base, not only in the new lands, but also in the top of the funnel and the people that we're targeting. And swapping out some of the highest volume, lower end of the market opportunities with some of the bigger ones, which you're seeing in the momentum that we've got in the mid-market and the enterprise, that you're seeing in the 10,000 and the 50,000 deals.

是的。是的是的。是的。因此，正如您所提到的，我們繼續看到去年年中真正開始的轉變，我們的重點和投資重點真正變得更加專注於中端市場和企業。而且我們看到客戶群發生了一些混合變化，不僅在新領域，而且在漏斗的頂部和我們的目標人群中。並用一些更大的機會交換一些最大的、低端的市場機會，你在我們在中端市場和企業中看到的勢頭中看到，你在看到10,000 和 50,000 筆交易。

And so we'll continue to reinforce the idea that the quality of the revenue yield from our net adds is our primary focus. I do think that at the edges, when we think about the opportunities and logos at the lowest price points in the lowest part of the market, we're definitely seeing some change in composition there toward the mid-market enterprise. Some of that intentional by nature of the areas that we're focusing in our investments. Some of that perhaps a result of some of the things happening in the world right now. But a healthy shift for us nonetheless and one that we're going to continue to focus on the quality of the output of that revenue, and we're feeling really good about that.

因此，我們將繼續強化這樣一種觀點，即淨增加的收入收益質量是我們的主要關注點。我確實認為，在邊緣，當我們考慮市場最低價位的機會和標誌時，我們肯定會看到那裡的中端市場企業的構成發生了一些變化。其中一些是我們在投資中關注的領域的性質。其中一些可能是目前世界上正在發生的一些事情的結果。但對我們來說仍然是一個健康的轉變，我們將繼續關注收入產出的質量，我們對此感覺非常好。

Your next question comes from the line of Arjun Bhatia with William Blair.

您的下一個問題來自與威廉布萊爾的 Arjun Bhatia。

I want to start off with just maybe the growth composition. It seems that you're seeing strengths both across the expansion front and obviously the new customer lands are coming in at pretty strong value. I'm curious how much the -- how much of your growth currently is coming from these net new customers that are landing versus existing customers that continue to expand with Sprout. And then maybe in relation to that, on the new customer front, where are those customers coming from, particularly those larger customers? Are they switching from competitors? Or is that still largely a greenfield opportunity?

我想從增長組合開始。似乎您在擴展方面都看到了優勢，而且顯然新客戶土地的價值非常高。我很好奇你目前的增長有多少來自這些登陸的新客戶，而現有客戶繼續通過 Sprout 擴展。然後也許與此相關，在新客戶方面，這些客戶來自哪裡，尤其是那些大客戶？他們是否從競爭對手那裡轉向？或者這在很大程度上仍然是一個新的機會？

Thanks, Arjun. This is Ryan. Yes. From a growth perspective, it's a pretty healthy balance for us. It's still weighted by new business over expansion, and those trends have continued. You can see it in the new business ACV, number is up 30%, but we feel really good about those lands. You can also see it in the 10,000 and 50,000 growth that we've had. But the new business side from a mid-market enterprise perspective has been really strong and continue down that path, and we're continuing to grow from an expansion standpoint, but more outside of new business than expansion today.

謝謝，阿瓊。這是瑞恩。是的。從增長的角度來看，這對我們來說是一個非常健康的平衡。它仍然受到新業務超過擴張的影響，並且這些趨勢仍在繼續。您可以在新業務 ACV 中看到它，數量增加了 30%，但我們對這些土地感覺非常好。您也可以在我們已經擁有的 10,000 和 50,000 增長中看到它。但是從中端市場企業的角度來看，新業務方面確實非常強大，並繼續沿著這條道路前進，我們從擴張的角度來看正在繼續增長，但更多的是在新業務之外而不是今天的擴張。

And then in terms of where they're coming from on the enterprise side from a large customer perspective, it's a bit of a mix. So we said this before, but we still believe that we're really early in this market today. Even in large enterprises, you'd be surprised how many organizations that you'll come up across that have not invested within social media management. They might be using native tools or they might have had a small investment somewhere, but it's very siloed and it's not a strategy across the organization.

然後從大客戶的角度來看，他們來自企業方面的來源，這有點混合。所以我們之前說過，但我們仍然相信我們今天在這個市場上真的很早。即使在大型企業中，您也會驚訝地發現有多少組織沒有投資於社交媒體管理。他們可能正在使用本地工具，或者他們可能在某處進行了少量投資，但它非常孤立，這不是整個組織的戰略。

So it's been a pretty healthy balance of displacing some of the competitors as well as going in and being able to uncover a really big need where they weren't investing and now they get a chance to invest with Sprout.

所以這是一個非常健康的平衡，既能取代一些競爭對手，又能進入並能夠發現他們沒有投資的真正巨大的需求，現在他們有機會與 Sprout 一起投資。

Got it. That's very helpful. And then one more, if I can. Just in terms of pricing power, I'm curious how you're viewing that lever over the next several quarters and years. Obviously, it seems like you're adding capabilities to the platform, you're adding enterprise requirements, integrations with TikTok. Is there a lever on price that's available? And is that something that you would consider as your product and platform develops?

知道了。這很有幫助。如果可以的話，再來一個。就定價能力而言，我很好奇你如何看待未來幾個季度和幾年的槓桿作用。顯然，您似乎正在向平台添加功能，您正在添加企業需求，與 TikTok 的集成。是否有可用的價格槓桿？在您的產品和平台開發過程中，您會考慮這樣做嗎？

Yes. So I'll start with that one. I think the answer is most certainly yes. I think you've seen it from us historically where, for example, the entry-level pricing for our platform has steadily increased over time. The landing deal sizes have steadily increased over time. And there is, I think, certainly for at least a good chunk of the customer base that we're focused on today and the top of the funnel that we're focused on today, where there is some of that power. To your point, we're, over the course of a couple of years in a lot of cases, doubling the value of the platform that we're giving to customers through product enhancements, additional networks and things like that.

是的。所以我將從那個開始。我認為答案是肯定的。我想你已經從我們的歷史上看到了，例如，我們平台的入門級定價隨著時間的推移而穩步上升。隨著時間的推移，著陸交易規模穩步增加。而且，我認為，至少對於我們今天關注的大部分客戶群和我們今天關注的漏斗頂部來說，肯定有一些力量。就您而言，在很多情況下，在幾年的時間裡，我們通過產品增強、額外的網絡和類似的東西為客戶提供的平台價值翻了一番。

And so we're constantly iterating, testing, developing ideas around that. I will say that I think the last probably 6 quarters specifically have occurred to us to be maybe not the most opportune time to be super disruptive on the pricing side. We have made some changes. And as you've seen from the ACV growth, obviously made a ton of improvements there. We think that there's more meat on the bone to that point long term.

因此，我們不斷迭代、測試、開發圍繞它的想法。我會說，我認為過去可能 6 個季度特別是我們認為可能不是在定價方面產生超級破壞性的最佳時機。我們做了一些改變。正如你從 ACV 的增長中看到的那樣，顯然在那裡做了很多改進。從長遠來看，我們認為骨頭上的肉更多。

Now we always expect to be getting a fair value for our platform and deliver more value than we're getting back. But to your point, that continues to grow over time, the investments and what brands are expecting to spend in this channel. And for a platform like Sprout, I think it's steadily ticking up. So we're going to continually iterate and be responsive to that.

現在，我們始終期望為我們的平台獲得公平的價值，並提供比我們得到的更多的價值。但就您而言，隨著時間的推移、投資和品牌期望在這個渠道上的支出，這將繼續增長。對於像 Sprout 這樣的平台，我認為它正在穩步上升。因此，我們將不斷迭代並對此做出響應。

Your next question comes from the line of Matt VanVliet with BTIG.

您的下一個問題來自 BTIG 的 Matt VanVliet。

Maybe just wanted to dig in a little deeper on the larger ACV trends for new lands, and maybe Ryan, it's best for you. But are you seeing more of that from just the overall size of the customer being significantly larger and you're still landing with kind of a similar footprint relative to the size of the organization? Or are you actually getting maybe more seats earlier on or the number of modules from analytics or listening or attach rates there are actually the bigger reasons for driving those deal sizes larger?

也許只是想更深入地挖掘新土地的更大 ACV 趨勢，也許 Ryan，它最適合你。但是，您是否從客戶的整體規模顯著擴大中看到了更多這種情況，並且您仍然以與組織規模相似的足跡登陸？還是您實際上可能更早獲得更多席位，或者來自分析或聆聽或附加率的模塊數量實際上是推動這些交易規模更大的更大原因？

Yes. Thanks, Matt. So it's definitely getting in front of more enterprise organizations. I'd call it still more of an 80-20 rule in terms of the core -- the majority of the revenue coming from our core products. So think about users versus the add-ons. The add-ons obviously add a lot of value, both in terms of the problems that they solve for customers, but also the ACV opportunity. But the lion's share of the revenue is coming from the core users and licenses.

是的。謝謝，馬特。所以它肯定會出現在更多的企業組織面前。就核心而言，我認為它更像是 80-20 規則——大部分收入來自我們的核心產品。因此，請考慮用戶與附加組件。附加組件顯然增加了很多價值，無論是在他們為客戶解決的問題方面，還是在 ACV 機會方面。但收入的最大份額來自核心用戶和許可證。

And so we're in more deals than we've ever been in the past. We've been investing a lot within this mid-market and enterprise space, been doing more from a top of funnel perspective to attract those prospects and customers. We've been investing in sales capacity to ensure that we have a great team in front of them to take care of those customers and investing on the back end to make sure that we're supporting them well.

因此，我們的交易量比以往任何時候都多。我們一直在這個中端市場和企業領域進行大量投資，從漏斗的角度做更多的工作來吸引這些潛在客戶和客戶。我們一直在投資於銷售能力，以確保我們在他們面前擁有一支優秀的團隊來照顧這些客戶，並在後端進行投資以確保我們能夠很好地支持他們。

So it's getting in front of more of those deals. And we are seeing certainly in those deals, as you're in front of bigger customers, even more opportunity from a license perspective, a user seat perspective. Some of these organizations just have really massive marketing departments or customer care departments. So that tends to be what's driving most of the opportunity. And even in the large accounts that we're landing today, we're still seeing a lot of headroom, a lot of opportunity to grow, be it more users, departments, divisions and obviously, the add-on products as well.

因此，它領先於更多此類交易。我們肯定會在這些交易中看到，因為您在更大的客戶面前，從許可證的角度來看，從用戶席位的角度來看，機會更多。其中一些組織只有非常龐大的營銷部門或客戶服務部門。所以這往往是推動大部分機會的原因。即使在我們今天登陸的大客戶中，我們仍然看到很大的空間，很多增長的機會，無論是更多的用戶、部門、部門，顯然還有附加產品。

All right. Great. And then looking at the TikTok product or even the Instagram Reels product you announced today, are you finding the reception from customers to be strong? Obviously, there's tons of users on those platforms, but are they sort of understanding how they can use those platforms in actual sort of business sense or to monetize those? Or is there an education process from your side of helping them understand and how you can pull analytics to drive more traffic and response there?

好的。偉大的。然後看看你今天宣布的 TikTok 產品甚至 Instagram Reels 產品，你是否發現客戶的反響強烈？顯然，這些平台上有大量用戶，但他們是否了解如何在實際商業意義上使用這些平台或將其貨幣化？或者您是否有一個教育過程來幫助他們理解以及如何利用分析來推動更多的流量和響應？

Yes. Yes, that's a great question. This is Justyn. I think that it tends to be more of -- so it's a little bit different. First, I'll say that the reception has been fantastic. These are 2 of the things that our customers have been asking for above all else. These are things that as the technology has become available and the networks themselves have done what they needed to do to make these products available for our customers, obviously, we're very excited to get them in their hands and our customers are very excited to have them.

是的。是的，這是一個很好的問題。這是賈斯汀。我認為它往往更多——所以它有點不同。首先，我要說接待非常棒。這是我們的客戶一直要求的兩件事。隨著技術的普及和網絡本身已經完成了為我們的客戶提供這些產品所需的工作，這些事情很明顯，我們很高興能將它們交到他們手中，我們的客戶也很高興擁有他們。

I think the answer to the other part of your question is a little more nuanced network to network, right? So Reels and TikTok being of similar media type, I'll call it, I don't know if it's much education as it is just an evolution within the brands of being prepared to better utilize them. It's a different format. It requires different sets of skills to put together short and engaging videos, for example, there's some different habits and behaviors on the consumer side.

我認為您問題另一部分的答案是網絡到網絡的細微差別，對嗎？所以 Reels 和 TikTok 屬於類似的媒體類型，我會這麼稱呼它，我不知道這是否是一種教育，因為它只是品牌內部的一種演變，準備更好地利用它們。這是一種不同的格式。製作簡短而引人入勝的視頻需要不同的技能，例如，消費者方面有一些不同的習慣和行為。

So I think that the awareness and the interest is there. I think that as we've seen with other new media types that have come along, the readiness of brands is going to be a little bit behind the curve, but there's still plenty who are doing a bang-up job who are ready to go and doing really cool things here.

所以我認為意識和興趣就在那裡。我認為，正如我們在其他新媒體類型中所看到的那樣，品牌的準備程度會有點落後，但仍然有很多人正在做好準備工作並在這裡做很酷的事情。

And then with TikTok generally, I think, obviously, a juggernaut and a network that is doing incredibly well and has a lot of really cool new angles on the consumer experience that we haven't seen before. I think that we're still relatively early in brands adoption. Again, when I say early, there's hundreds of thousands that are active and engaged there. But when we think about the maturity of some of the other networks and some of the other media types, those are certainly further along. And we'll just continue to see that tick up as time goes on.

然後總體而言，我認為 TikTok 顯然是一個主宰和一個網絡，它的表現令人難以置信，並且在消費者體驗方面有很多我們以前從未見過的非常酷的新角度。我認為我們在品牌採用方面仍然相對較早。再說一次，當我早點說時，那裡有數十萬人活躍並參與其中。但是，當我們考慮其他一些網絡和其他一些媒體類型的成熟度時，這些肯定會更進一步。隨著時間的推移，我們將繼續看到這種情況。

Yes. The other thing that's interesting about this is, to Justyn's point, our customers are super excited about this video, short-form content matters a ton. And those that are doing it, this is a massive win for them. For those that are still learning about how to participate in developing the skill set internally, we see this as a huge opportunity from a success perspective to drive more awareness and education on how they can leverage these tools, leveraging the Sprout platform.

是的。另一件有趣的事情是，就 Justyn 而言，我們的客戶對這段視頻非常興奮，短片內容非常重要。而那些正在這樣做的人，這對他們來說是一個巨大的勝利。對於那些仍在學習如何參與內部技能開發的人來說，我們認為這是一個巨大的機會，從成功的角度來看，可以提高他們如何利用 Sprout 平台來利用這些工具的意識和教育。

And I can see this internally. Our team has been spending a lot of time just building content and best practices to help those that haven't come on board with it to ensure that they are adopting and they're getting value from it. And then even from a customer community perspective, you can see that a lot of the conversations happening within the communities touch on topics like these. So I think there's a lot of opportunity for the current customers and then more value that we can add along the way.

我可以在內部看到這一點。我們的團隊一直在花費大量時間來構建內容和最佳實踐，以幫助那些尚未加入它的人，以確保他們正在採用它並從中獲得價值。然後即使從客戶社區的角度來看，您也可以看到社區內發生的許多對話都涉及此類主題。所以我認為現有客戶有很多機會，然後我們可以在此過程中增加更多價值。

Your next question comes from the line of Parker Lane with Stifel.

您的下一個問題來自Stifel 的Parker Lane 行。

Curious if you could provide some more context on the performance of the agency channel during the quarter. Is the health of that channel on par with what you saw during the first quarter? Are they starting to see any signs of weakness inside of some of those agencies that are leveraging Sprouts for their end users?

想知道您是否可以提供有關本季度代理渠道表現的更多背景信息。該頻道的健康狀況是否與您在第一季度看到的一樣？他們是否開始看到一些正在為其最終用戶利用 Sprouts 的機構內部有任何弱點跡象？

Yes. Thanks, Parker. So the agency business for us, I would say in Q2, it was a little bit more challenging. Specifically, I'd call it out on the new business portion of that and those that work mostly within the SMB side. As you might imagine, those customers right now are very focused in on retaining existing clients versus expanding and trying to win these new clients.

是的。謝謝，帕克。所以我們的代理業務，我想說在第二季度，它更具挑戰性。具體來說，我會在其中的新業務部分以及主要在 SMB 方面工作的那些部分提出來。正如您可能想像的那樣，這些客戶現在非常專注於保留現有客戶，而不是擴大並試圖贏得這些新客戶。

Despite that, we're still seeing growth within this segment. That agency segment for us has been one filled with evangelists for our business. We've created a business that not only supports them from a software perspective and a services perspective, but we're there to help them build best practices to build their business.

儘管如此，我們仍然看到這一領域的增長。對我們來說，這個代理部門一直是我們業務的傳道者。我們創建了一個業務，不僅從軟件角度和服務角度支持他們，而且我們在那裡幫助他們建立最佳實踐來建立他們的業務。

And we've seen great execution from the people and the teams within the agency at Sprout that are supporting those organizations. So I'd say some headwinds on the new business side. But we feel really confident about this being a point in time for those organizations and us being a great support for their business and vice versa in the future.

我們已經看到支持這些組織的 Sprout 機構內的人員和團隊的出色執行。所以我想說的是新業務方面的一些不利因素。但我們對這對這些組織來說是一個時間點感到非常有信心，我們會在未來為他們的業務提供大力支持，反之亦然。

Got it. Understood. And then on the Salesforce partnership, I think you alluded to 25 customer wins there during the quarter. Can you give us a sense of what share of those are customers whose contracts would be coming to expiration in the next 90 to 180 days versus those that are looking at the functionality of Sprout relative to social studio and saying, we need this today regardless of when our contract expires?

知道了。明白了。然後關於 Salesforce 合作夥伴關係，我認為您在本季度提到了 25 次客戶勝利。您能否告訴我們，其中哪些客戶的合同將在未來 90 到 180 天內到期，而那些正在研究 Sprout 相對於社交工作室的功能並說，我們今天需要這個，不管我們的合同什麼時候到期？

Yes. Directionally, I'd say that it's more of those customers that have upcoming renewals where they were needing to make a decision, they were getting into the market to figure out what's next. And the majority of these accounts that we're in, they were either partnered sales calls with the Salesforce team, intros from the sales force team or back channel referrals with the Salesforce team.

是的。從方向上講，我想說的是更多那些即將續訂的客戶需要做出決定，他們正在進入市場以弄清楚下一步是什麼。我們所在的這些客戶中的大多數，要么是與 Salesforce 團隊合作的銷售電話，來自銷售團隊的介紹，要么是與 Salesforce 團隊的反向渠道推薦。

But they tend to be ones that had upcoming renewals, and there was a catalyst to make a decision. We are doing a lot to continue to partner with Salesforce and prospect into those accounts as they come up for renewal over the next couple of years here. And then this new integration that we're building that we're working on to launch later this quarter, and we'll talk a little bit about more Dreamforce, is something that we're really excited about because I think that a lot of those customers that were on social studio that were deeply integrated with the Service Cloud are going to get tremendous value from what we're building.

但他們往往是即將續約的人，並且有做出決定的催化劑。我們正在做很多工作以繼續與 Salesforce 合作，並在這些客戶在未來幾年內進行續訂時開發這些客戶。然後我們正在構建的這個新的集成，我們正在努力在本季度晚些時候推出，我們將討論更多的 Dreamforce，這是我們非常興奮的事情，因為我認為很多那些在社交工作室上與 Service Cloud 深度集成的客戶將從我們正在構建的產品中獲得巨大的價值。

Your next question comes from the line of Clarke Jeffries with Piper Sandler.

您的下一個問題來自 Clarke Jeffries 和 Piper Sandler。

Ryan, you mentioned the benefit that some of these migration customers were seeing from the innovation. Did any of these migration customers change the fundamental scope of social media management in their organization as part of that migration process?

Ryan，您提到了其中一些遷移客戶從創新中看到的好處。作為遷移過程的一部分，這些遷移客戶是否改變了他們組織中社交媒體管理的基本範圍？

I mean there's been -- there's certainly been some that have expanded the scope of the utilization. So you'll see some that might have started in marketing and been using mostly a marketing use case where we've won care or vice versa. They're doing care and we've won some marketing. My comment was mostly directed at the idea that there was a lot of features and functionality that were in Sprout and/or were coming quickly on the road map that didn't quite exist yet in Social Studio and was on the wish list for customers. And that was a driver when we were having the initial conversations with Salesforce and Social Studio around the fit that we would have for their customers.

我的意思是——肯定有一些擴大了使用範圍。因此，您會看到一些可能已經從營銷開始並且主要使用我們贏得關注的營銷用例，反之亦然。他們在做護理，我們贏得了一些營銷。我的評論主要是針對這樣一種想法，即 Sprout 中有很多特性和功能，並且/或者很快就會出現在 Social Studio 中還不完全存在的路線圖上，並且在客戶的願望清單上。當我們與 Salesforce 和 Social Studio 圍繞我們為他們的客戶提供的契合度進行初步對話時，這是一個驅動因素。

So I mean things like Reddit listening, if we think about Instagram DMs last year, the TikTok, which we obviously released, Reels is another example, there's a bunch of functionality like that, that, as you might imagine, is pretty critical for the practitioners that are counting on these solutions, counting on Sprout every day that they didn't have before.

所以我的意思是像 Reddit 收聽，如果我們考慮去年的 Instagram DM，我們顯然發布的 TikTok，Reels 是另一個例子，有很多這樣的功能，正如你想像的那樣，對於依靠這些解決方案的從業者，每天都依靠他們以前沒有的 Sprout。

So yes, a little bit of expansion certainly on use case and more opportunity there for us. But a lot of these features that didn't exist that existed in Sprout has been a big part of the conversation and the driver.

所以，是的，肯定會在用例上進行一些擴展，並為我們提供更多機會。但是，Sprout 中不存在的許多這些功能已成為對話和驅動程序的重要組成部分。

Yes. I will add anecdotally that I think a lot of folks that we're talking to at this stage in the partnership just focused on -- let's get the solution in place. They're excited about some of the things that we're bringing to the table. But let's get that resolved. We see their wheel spinning around what the additional opportunities may look like, additional departments that can now be brought in and things like that. But I think the first order of business for most of them is to get the solution in place and up and running. And as you know, we're relatively early in those sales processes and conversations.

是的。我要補充一點，我認為在合作夥伴關係的這個階段我們正在與之交談的很多人只是專注於 - 讓我們制定解決方案。他們對我們帶來的一些東西感到興奮。但讓我們解決這個問題。我們看到他們的輪子圍繞著額外的機會可能會是什麼樣子，現在可以引入額外的部門等等。但我認為他們中的大多數人的首要任務是讓解決方案到位並啟動並運行。如您所知，我們在這些銷售流程和對話中相對較早。

Helpful. And then a follow-up, and it's something -- it seems we've kind of talked around for the call is the presence of short-term video -- short-form video. I wanted to ask specifically on the difference between organic changes and users that prioritize different forms of content versus proactive changes by the social networks to change the algorithm and the prioritization of that content. So generally, just have you seen any distinct algorithm changes at those large networks that are prioritizing these short-form video products that makes it sort of a change in the continuity of social for your customers? And then maybe generally speaking, has that been disruptive or additive to the value of Sprout?

有幫助。然後是後續行動，這似乎是我們在電話會議上討論過的短期視頻的存在——短視頻。我想特別問一下有機變化和用戶優先考慮不同形式的內容與社交網絡主動改變以改變算法和內容優先級之間的區別。因此，一般而言，您是否在那些優先考慮這些短視頻產品的大型網絡中看到任何明顯的算法變化，這使得它對您的客戶的社交連續性產生了某種變化？然後也許一般來說，這對 Sprout 的價值是否具有破壞性或附加性？

Yes. So we haven't seen that flow through to behavior changes around the things that our customers are spending all of their time and Sprout doing, engaging, publishing content, measuring analytics, listening, et cetera. So -- but there is a distinct difference, right? And if you look at the recent changes to the Facebook feed, for example, where those were prioritized. They were very much prioritizing the short-form videos. And that does change the consumer experience, I think, quite a bit.

是的。因此，我們還沒有看到圍繞我們的客戶花費所有時間和 Sprout 所做的事情、參與、發佈內容、測量分析、傾聽等行為發生變化。所以 - 但有一個明顯的區別，對吧？如果您查看最近對 Facebook 提要的更改，例如，這些更改的優先級。他們非常重視短視頻。我認為這確實改變了消費者的體驗。

But at least from what we've seen in the press, that may be changing back or has changed back to some degree. So I think most of the end user experience as that's shifting and the networks are prioritizing that short-form video in their own algorithms. But we're also seeing there's an opportunity to opt in or out of what the algorithm has suggested versus what their normal engagement patterns would be. So I don't know how disruptive it really is. I think it will take a few more quarters to figure that out.

但至少從我們在媒體上看到的情況來看，這可能正在變回或在某種程度上已經變回。因此，我認為大多數最終用戶體驗都在發生變化，並且網絡在他們自己的算法中優先考慮短視頻。但我們也看到有機會選擇加入或退出算法建議的內容，而不是他們的正常參與模式。所以我不知道它到底有多大的破壞性。我認為還需要幾個季度才能弄清楚這一點。

But two, I think the spirit of the question and how it's changing things for our end customer.

但是第二，我認為問題的精神以及它如何改變我們的最終客戶。

(technical difficulty)

（技術難度）

I'm back. I dropped. So one of the networks was listening to my answer and maybe didn't like it. But in terms of changes to behavior to what our customers are doing, the value of the platform, et cetera. We've seen a lot of these algorithm changes over the years, and it really hasn't -- hasn't flowed down to the brands and what they're doing.

我回來了。我掉了。所以其中一個網絡正在聽我的回答，也許不喜歡它。但就我們客戶的行為改變、平台的價值等而言。多年來，我們已經看到了很多這些算法的變化，但實際上並沒有——沒有影響到品牌和他們正在做的事情。

I think it probably is increasing the emphasis on them getting internal plans together to be able to tackle short-form video in ways that they haven't in the past. But there again, that's something that we help them out with through our platform and through the tools that we make available to them. Sorry, I don't know how much of that answer cut out, but hopefully, I hit the key points for you.

我認為這可能正在增加對他們制定內部計劃的重視，以便能夠以他們過去沒有的方式處理短視頻。但同樣，這是我們通過我們的平台和我們為他們提供的工具幫助他們解決的問題。抱歉，我不知道這個答案刪掉了多少，但希望我能為你找到關鍵點。

Absolutely.

絕對地。

Your next question comes from the line of DJ Hynes with Canaccord Genuity.

您的下一個問題來自 DJ Hynes 與 Canaccord Genuity 的系列。

All right, Justyn. We'll see if your mic can work for one more, and I'll keep it to one this time. Road map prioritization on social care. I'm just curious, like what are you hearing from customers? What are you seeing in the market that kind of reinforces the bet you're making there? And maybe that's a good segue to talk about the record win in social care you touched on in the quarter.

好的，賈斯汀。我們會看看你的麥克風能不能再用一個，這次我會保留一個。社會關懷路線圖優先順序。我只是好奇，你從客戶那裡聽到了什麼？你在市場上看到了什麼強化了你在那裡的賭注？也許這是一個很好的話題，可以談論您在本季度談到的社會護理方面的創紀錄勝利。

Yes, yes. Sure. So I think that the signals that we're seeing, I mean the most obvious one is just the wins that we're seeing around those use case opportunities. And the large, particularly in the mid-market enterprise opportunities that we're seeing that are oriented around care, typically a high number of users typically land on the higher side of the deal sizes, et cetera. So that's certainly a pulling function and supports why we're prioritizing those things.

是的是的。當然。所以我認為我們看到的信號，我的意思是最明顯的信號就是我們在這些用例機會周圍看到的勝利。而我們看到的以護理為導向的大型企業機會，尤其是在中端市場企業機會中，通常大量用戶通常落在交易規模較高的一側，等等。所以這當然是一個拉動功能，並支持我們為什麼優先考慮這些事情。

The other thing, I think, is just operational maturity within the organization of how they're thinking about care through social channels, where I think for a long time, it was really just kind of this hybrid of community management, and we're going to respond to our community and answer questions there. It's been operationalized in a way that looks a lot more like more typical approaches to customer service, right?

另一件事，我認為，只是組織內部的運營成熟度，他們如何通過社交渠道考慮護理，我認為很長一段時間以來，這實際上只是一種社區管理的混合體，我們正在將回應我們的社區並在那裡回答問題。它的運作方式看起來更像是更典型的客戶服務方法，對吧？

So you've got things like SLAs, you've got things like more complex routing and successful handoffs between agents and things like that. And so there's just a ton of opportunity for us there. I think we do a phenomenal job with this today, as I think is demonstrated in the success that we've seen there. But it's also just a really fascinating part of the road map that has a ton of potential for us where particularly as we're talking with some of our largest customers and the things that they would like to do to further advance their care through social and we can help them support that, there's just a ton of road map there that's really exciting on that front.

所以你有 SLA 之類的東西，你有更複雜的路由和代理之間的成功切換之類的東西。所以那裡對我們來說有很多機會。我認為我們今天在這方面做得非常出色，正如我認為我們在那裡看到的成功所證明的那樣。但這也是路線圖中一個非常吸引人的部分，對我們來說具有巨大的潛力，尤其是當我們與一些最大的客戶交談時，以及他們希望通過社交和我們可以幫助他們支持這一點，那裡有大量的路線圖在這方面真的很令人興奮。

Your next question comes from the line of Michael Rackers with Needham.

您的下一個問題來自 Michael Rackers 與 Needham 的對話。

It's actually Scott Berg here. I guess the question is really more on the macro -- sorry, in regards to your assumptions in the guidance in the back half. I just wanted to gain some clarity in terms of maybe what you're all seeing there. Are the estimates for the back half of the guidance, are they, I don't know, maybe a little bit more cautious than what you've seen historically? I'd love to just maybe a little more color there, that would be great.

這裡實際上是斯科特·伯格。我想這個問題實際上更多地是關於宏觀的——抱歉，關於你在後半部分指導中的假設。我只是想弄清楚你們在那裡看到的可能是什麼。指導後半部分的估計，我不知道，它們是否可能比你在歷史上看到的更加謹慎？我很想在那裡多一點顏色，那會很棒。

Yes, Scott, I think we felt pretty good come out of this quarter, our ability in the macro environment to raise our guidance by more than what we'd be. And so we feel like there's a lot of momentum in the business. And as you know, we're pretty responsible in the way we give guidance. I'd like to give it in a way that we have a high confidence level of hitting. And so I think from that perspective, we feel that we're pretty well positioned to execute on our plan in the back half of the year. And everything that we've given out from a guidance standpoint has taken into consideration kind of the known risks that we have and some of the unknown risks out there. And so I think we factor all that into our guidance for the back half of the year.

是的，斯科特，我認為本季度我們感覺很好，我們在宏觀環境中提高我們的指導的能力超過了我們的預期。所以我們覺得這個行業有很大的發展勢頭。如您所知，我們在提供指導方面非常負責任。我想以一種我們對擊球有高度信心的方式給出它。所以我認為從這個角度來看，我們覺得我們已經準備好在今年下半年執行我們的計劃。從指導的角度來看，我們給出的所有內容都考慮了我們所擁有的已知風險和一些未知風險。因此，我認為我們將所有這些因素都納入了我們對下半年的指導。

Great. Super helpful. That's all I have.

偉大的。超級有幫助。那是我的全部了。

Your next question comes from the line of Brett Knoblauch with Cantor Fitzgerald.

您的下一個問題來自 Brett Knoblauch 和 Cantor Fitzgerald 的台詞。

Just 2 for me. First, with e-com being weaker, large (inaudible) to the macro, can you provide what you're seeing in terms of growth of social commerce and how that's doing and what you're investing on there to kind of further drive that growth?

對我來說只有2個。首先，隨著電子商務在宏觀上變得更弱、規模更大（聽不見），您能否提供您所看到的社交商務增長情況以及它的表現以及您在其中的投資以進一步推動生長？

Yes. Yes. So it's interesting in that it may be surprising to hear that we're actually increasing our investment around some of the commerce things that we're building. And a lot of it has to do with, as we've discussed before, this is a multiyear arc for us. We're very early in the social commerce side of things. There are a lot of fundamental things that we've built, a lot of really cool things that we want to be building for our customers as we look out over the long-term role that social commerce is going to be playing.

是的。是的。所以有趣的是，聽到我們實際上正在增加對我們正在建設的一些商業事物的投資可能會令人驚訝。正如我們之前討論過的，這在很大程度上與這對我們來說是一個多年的弧線。我們在社交商務方面還處於早期階段。我們已經構建了很多基本的東西，我們希望為我們的客戶構建很多非常酷的東西，因為我們著眼於社交商務將扮演的長期角色。

And so while there may be some volatility, broadly speaking, around online commerce, we're fortunate with the air cover of we're early in this, it hasn't been a material part of our performance or the projections that we're making. We've got the time to be able to make sure that we get this right without having to overreact to anything that's happening from quarter-to-quarter.

因此，雖然從廣義上講，在線商務可能存在一些波動，但我們很幸運，我們處於早期階段，但這並不是我們業績或預測的重要組成部分。製造。我們有時間能夠確保我們做到這一點，而不必對每季度發生的任何事情反應過度。

So we're still on our fundamental road map. That hasn't changed, and we're putting more effort and investment there. Nothing super disproportionate or anything else, but it is a team that we are ramping up and continuing to push that road map forward because regardless of, I think, quarter-to-quarter performance there, regardless of any COVID lag that some of the companies that are focused there may see, this is going to be a big part of the industry for a long, long time, and we've got the opportunity to get it right. So it's still an area we're super excited about.

所以我們仍然在我們的基本路線圖上。這並沒有改變，我們正在那裡投入更多的努力和投資。沒有什麼特別不成比例的事情或其他任何事情，但這是一個我們正在加強並繼續推動該路線圖的團隊，因為我認為無論那裡的季度業績如何，無論某些公司有任何 COVID 滯後那些專注於那裡的人可能會看到，這將在很長一段時間內成為該行業的重要組成部分，我們有機會做到這一點。所以這仍然是我們非常興奮的一個領域。

Perfect. That's helpful. And then maybe just on the demand environment. I know we've heard from a couple of companies so far talked about it feels like it was lengthening and also maybe EMEA being particularly weak. Have you seen any of those impact your business? I know EMEA is maybe 17%, 18% of your business.

完美的。這很有幫助。然後也許只是在需求環境中。我知道到目前為止，我們已經從幾家公司那裡聽說過，感覺它正在延長，而且 EMEA 可能特別弱。你有沒有看到這些影響你的業務？我知道 EMEA 可能佔您業務的 17%、18%。

Yes. Thanks, Brett. No, I mean from a just sales cycle perspective, again, because of the trial model, because 90% plus of our revenue touches the product before they buy, we've got a distinct advantage there and that they're coming to us inbound model for reasons. They're in the product. They're starting the implementation. They're investing resources to go through. So it hasn't felt different than what we've had before.

是的。謝謝，布雷特。不，我的意思是從公正的銷售週期的角度來看，再次，因為試用模式，因為我們 90% 以上的收入在他們購買之前就接觸到了產品，我們在那裡有一個明顯的優勢，他們會來我們這裡模型的原因。他們在產品中。他們正在開始實施。他們正在投入資源來度過難關。所以感覺和我們以前沒有什麼不同。

And then from an EMEA perspective, you're right in terms of just the value of that business. The teams performed really well. The growth for them was among the highest that we had this quarter. So we're still feeling really strong about the opportunity there. We also feel like there's a lot of upside, and we're still early within that market. So those 2 areas for us have not been concerns based on performance.

然後從 EMEA 的角度來看，就該業務的價值而言，您是正確的。球隊表現得非常好。他們的增長是我們本季度最高的。所以我們仍然對那裡的機會感到非常強烈。我們也覺得有很多上漲空間，而且我們仍處於該市場的早期階段。因此，對我們而言，這兩個領域並不是基於性能的擔憂。

Yes, we can take one more question. And the question comes from Jim Masaga with FactSet.

是的，我們可以再問一個問題。問題來自 FactSet 的 Jim Masaga。

There are no further questions at this time. I would now like to turn the call back over to the presenters.

目前沒有其他問題。我現在想將電話轉回給演示者。

All right. Yes, thank you. I'm not sure if we're over time or not, but I'll get us out of here quickly. Thank you, as always, for the support. Thanks for the great questions. We look forward to catching up with everyone over the next couple of days, weeks and quarters here. And we'll let you get on with your day. Thank you so much.

好的。是的，謝謝。我不確定我們是否超時，但我會盡快讓我們離開這裡。一如既往地感謝您的支持。謝謝你的好問題。我們期待在接下來的幾天、幾周和幾個季度與大家見面。我們會讓你繼續你的一天。太感謝了。

This concludes today's conference call. You may now disconnect.

今天的電話會議到此結束。您現在可以斷開連接。