Sprout Social Inc (SPT) 2022 Q3 法說會逐字稿

Good day, everyone. My name is Kathy, and I will be your conference operator for today. At this time, I would like to welcome everyone to the Sprout Social Third Quarter 2022 Earnings Conference Call. (Operator Instructions) And Jason Rechel, you may begin.

今天是個好日子。我叫凱西，今天我將擔任你們的會議接線員。在此，歡迎大家參加 Sprout Social 2022 年第三季度財報電話會議。 （操作員說明）Jason Rechel，你可以開始了。

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

謝謝你，運營商。歡迎來到 Sprout Social 2022 年第三季度財報電話會議。我們將討論今天收市後發布的新聞稿中公佈的結果，並發布更新的投資者介紹，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. 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, financial performance and financial condition, performance against our multiyear financial framework, our market size and opportunities, our plans, objectives and expected results for future operations, growth, products, investments, initiatives, pricing or strategies and our guidance for the fourth quarter of 2022 and full year 2022 and can be identified by words such as expect, anticipate, intend, plan, believe, seek or will.

和我一起的是 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 (Ryan Barretto)。今天的電話會議將包含前瞻性陳述，這些陳述是根據 1995 年《私人證券訴訟改革法案》的安全港條款作出的。前瞻性陳述除其他外，包括有關財務、業務和客戶趨勢、我們預期的未來業務的陳述、財務業績和財務狀況、我們多年財務框架的業績、我們的市場規模和機會、我們的計劃、目標和未來運營、增長、產品、投資、舉措、定價或戰略的預期結果以及我們對第四季度的指導2022 年和 2022 年全年，可以用諸如預期、預期、打算、計劃、相信、尋求或意願等詞語來識別。

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.

這些聲明僅反映我們截至今天的觀點，不應被視為代表我們在任何後續日期的觀點，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因素。

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.

有關可能影響我們實際結果的風險和其他重要因素的討論，請參閱我們向美國證券交易委員會提交的截至 2021 年 12 月 31 日止財政年度的 10-K 表格年度報告以及任何未來我們向 SEC 提交的季度和當前報告。

During the call, we'll 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.

在電話會議期間，我們將討論非 GAAP 財務措施，這些措施不是根據公認的會計原則編制的。這些非 GAAP 財務措施的定義，以及與最直接可比的 GAAP 財務措施的調節，包含在我們的收益新聞稿中，該新聞稿已提交給美國證券交易委員會，並可在我們的網站 investors.sproutsocial.com 上查閱。

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

就這樣，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 know this is a busy day, and we appreciate you all being here. To get right into it, we're in the fortunate position today to raise our annual growth and margin guidance for the third time this year. The business environment has changed, and we're mindful of the risks that remain. However, we're in a position today to guide to a record net new ARR in Q4, greater than 30% Q4 revenue growth and greater than 300 basis points of year-over-year margin expansion in Q4. We believe this is a testament to the power of our model, execution of our teams and mission criticality of our software. We also have some exciting go-forward updates to share today that we believe position Sprout to accelerate both growth and efficiency heading into 2023.

謝謝你，傑森，大家下午好。感謝您加入我們。我知道這是忙碌的一天，我們感謝大家的光臨。為了正確地進入它，我們今天處於幸運的位置，今年第三次提高我們的年度增長和利潤率指導。商業環境已經改變，我們注意到仍然存在的風險。然而，我們今天可以指導第四季度創紀錄的淨新 ARR，第四季度收入增長超過 30%，以及第四季度利潤率同比增長超過 300 個基點。我們相信這證明了我們模型的力量、我們團隊的執行力和我們軟件的任務關鍵性。我們今天還有一些令人興奮的前瞻性更新要分享，我們相信 Sprout 將在 2023 年之前加速增長和提高效率。

Some of the highlights from the third quarter include 40% year-over-year growth in customers spending $10,000 or more in ARR, 76% year-over-year growth in customers spending $50,000 or more in ARR and our seventh consecutive quarter of positive free cash flow. Very strong enterprise, new business growth also underscores accelerating growth momentum in billings and RPO as Social continues to cement its strategic importance to the world's largest organizations.

第三季度的一些亮點包括在 ARR 上花費 10,000 美元或更多的客戶同比增長 40%，在 ARR 上花費 50,000 美元或更多的客戶同比增長 76% 以及我們連續第七個季度的正免費現金周轉。隨著 Social 繼續鞏固其對全球最大組織的戰略重要性，非常強大的企業、新業務增長也凸顯了賬單和 RPO 的加速增長勢頭。

We also have a growing pipeline and business stemming from our Salesforce partnership, including sequentially more than doubling the number of new customers joining Sprout this quarter from Salesforce and an exciting new integration with Service Cloud. Conversely, we did experience sensitivity at the low end of our market. Like many software companies, we've seen those customers most affected by an adverse business environment behave differently in Q3. As the economy weakened, the low end of our customer base experienced slower expansion activity and we converted these customers at a slower than typical pace. This reality ultimately capped a portion of our upside and net additions this quarter, though our overall performance remains strong.

由於我們與 Salesforce 的合作夥伴關係，我們的渠道和業務也在不斷增長，包括本季度從 Salesforce 加入 Sprout 的新客戶數量增加了一倍以上，以及與 Service Cloud 的令人興奮的新集成。相反，我們確實對低端市場感到敏感。與許多軟件公司一樣，我們已經看到那些受不利商業環境影響最大的客戶在第三季度的行為有所不同。隨著經濟疲軟，我們的低端客戶群的擴張活動放緩，我們以比平時慢的速度轉換這些客戶。儘管我們的整體表現依然強勁，但這一現實最終限制了我們本季度的部分上漲和淨增。

As you all know, we've been increasingly focused upmarket with our recent successes. We've also learned a great deal. The underlying shift of our resources and focus has been unfolding for several years, and we entered our annual planning period this summer compelled to sharpen our focus and priorities even further.

眾所周知，隨著我們最近的成功，我們越來越關注高端市場。我們也學到了很多東西。多年來，我們的資源和重心發生了根本性的轉變，今年夏天我們進入了年度規劃期，被迫進一步加強我們的重心和優先事項。

As we now look ahead into 2023, we see an exciting opportunity to move faster in service of the fastest-growing parts of our business to fully align our team around that opportunity and to further accelerate our growth. Over the past 12 years, we've developed a duality in our customer base with significant investment as strategic focus going toward 2 dramatically different audiences. At one end of the spectrum, we see approximately 80% of our current revenue and more than 90% of our new revenue growth coming from customers with an average ARR of more than 10x the rest of the customer base.

現在展望 2023 年，我們看到了一個激動人心的機會，可以更快地為我們業務增長最快的部分提供服務，從而使我們的團隊圍繞這一機會全面調整併進一步加快我們的增長。在過去的 12 年裡，我們在客戶群中形成了雙重性，將大量投資作為戰略重點，面向兩個截然不同的受眾。一方面，我們看到大約 80% 的當前收入和超過 90% 的新收入增長來自平均 ARR 超過其他客戶群 10 倍的客戶。

These customers land with similar costs and similar sales cycles as the rest of our customer base, bearing an LTV many multiples higher and net dollar retention north of 120%. At the opposite end of the spectrum, we have a large population of customers contributing a small amount of revenue that are increasingly expensive to acquire, hard to retain and are not mature enough yet to get the full value from Sprout.

這些客戶與我們其他客戶群的成本和銷售週期相似，LTV 高出許多倍，淨美元保留率超過 120%。另一方面，我們有大量客戶貢獻了少量收入，但獲取這些收入的成本越來越高，難以留住，而且還不夠成熟，無法從 Sprout 獲得全部價值。

Our ability to serve all parts of the market has worked in our favor for more than a decade. But as the market, our platform budgets and the strategic value of social media have continued to climb our efforts at the low end of the market have slowly produced lower quality revenue as we've become very affordable to customers that were previously priced out of our offerings. This has come at a high opportunity cost with significant budget and resources applied to an unproductive part of our business and it's created a pose intention to the healthiest parts of our business.

十多年來，我們服務於市場所有部分的能力對我們有利。但隨著市場的發展，我們的平台預算和社交媒體的戰略價值繼續攀升，我們在低端市場的努力慢慢產生了質量較低的收入，因為我們已經變得非常實惠，而這些客戶以前無法承受我們的價格產品。這是以高機會成本為代價的，大量預算和資源被用於我們業務的非生產性部分，並且它為我們業務中最健康的部分創造了一個姿勢意圖。

As a result, we've seen an underlying anchor on our growth margins and our strategic focus. We've also been disproportionately undervaluing what we delivered to our target buyers. Said plainly, we've been under monetizing our platform by trying to serve the low end of the market and our core customers with a pricing model that works for everyone. The last time we made meaningful pricing changes was in 2017, which predates more than 500 material new product enhancements, including the vast majority of features, workflow, networks and integrations in core Sprout today.

因此，我們已經看到了我們的增長利潤率和戰略重點的潛在錨點。我們也一直在不成比例地低估我們交付給目標買家的東西。坦率地說，我們一直在努力通過適合所有人的定價模式為低端市場和核心客戶提供服務，從而使我們的平台獲利。我們上一次做出有意義的定價變化是在 2017 年，那是在 500 多項重要的新產品增強之前，包括當今核心 Sprout 中的絕大多數功能、工作流、網絡和集成。

As we look to realign the entry price to Sprout to match the most productive parts of our business, we've made 2 changes. First, effective this week, we've changed the pricing that new customers see including meaningful price increases across all of our subscription tiers and the addition of an enterprise plan, which includes our premium offerings.

當我們希望重新調整 Sprout 的入門價格以匹配我們業務中最俱生產力的部分時，我們進行了 2 項更改。首先，從本週開始，我們改變了新客戶看到的定價，包括我們所有訂閱層的有意義的價格上漲，以及增加了一個企業計劃，其中包括我們的高級產品。

Second, starting in Q4, we will begin making modest price increases for our existing customers for the first time, many of which are paying the same price they were paying a decade ago. By aligning our pricing, product, go-to-market and customer success strategies around the most productive customers and potential customers, we believe we have the opportunity to accelerate our brand competitive and category leadership as well as our growth.

其次，從第四季度開始，我們將首次開始對現有客戶進行適度提價，其中許多客戶支付的價格與十年前相同。通過圍繞最俱生產力的客戶和潛在客戶調整我們的定價、產品、上市和客戶成功戰略，我們相信我們有機會加速我們的品牌競爭力和品類領導地位以及我們的增長。

Importantly, this evolution in our strategy does not require us to limit our TAM or scale back growing investments in our team. We're simply fully aligning our strategy and team with the customers at the right stage in their journey and maturity with Social. And we're still going to leave with the same inbound product-led motion that's made us so successful. These changes properly reflect the growth and maturity of our industry and the value we're providing to our customers. Our software is more valuable than ever before. Our market is rapidly maturing as companies harness the full power and potential of social.

重要的是，我們戰略的這種演變並不要求我們限制我們的 TAM 或縮減對我們團隊不斷增長的投資。我們只是讓我們的戰略和團隊與客戶在他們的旅程和社交成熟度的正確階段完全保持一致。我們仍然會以相同的入站產品為主導的動議離開，這讓我們如此成功。這些變化恰當地反映了我們行業的成長和成熟以及我們為客戶提供的價值。我們的軟件比以往任何時候都更有價值。隨著公司充分利用社交的力量和潛力，我們的市場正在迅速成熟。

We're seeking to maximize the value of the most productive parts of our market, which currently contribute the vast majority of our growth. By eliminating the strategic tension in our business, optimizing our monetization strategy and pressing on our competitive advantages, we believe we're positioning Sprout to accelerate growth and accelerate efficiency on a multiyear basis. We're energized and excited to unleash our full potential into 2023 and beyond.

我們正在尋求最大化我們市場中最俱生產力的部分的價值，這些部分目前為我們的增長貢獻了絕大部分。通過消除我們業務中的戰略緊張局勢、優化我們的貨幣化戰略並發揮我們的競爭優勢，我們相信我們正在將 Sprout 定位為在多年的基礎上加速增長和提高效率。我們充滿活力和興奮地在 2023 年及以後充分發揮我們的潛力。

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

有了這個，我會把電話轉給瑞安。

Thanks, Justyn. I'm incredibly grateful for our customers who continue to see more value in our platform and for our teams who continue to execute. The global business environment and technology industry are clearly undergoing change. This impacts every team differently. And in our market, our competitors are distracted, backpedaling or both. Meanwhile, we're continuing to invest in the most productive areas of the business and are hiring incredible talent.

謝謝，賈斯汀。我非常感謝我們的客戶繼續在我們的平台中看到更多價值，也感謝我們的團隊繼續執行。全球商業環境和技術行業顯然正在發生變化。這對每個團隊都有不同的影響。在我們的市場上，我們的競爭對手分心、後退或兩者兼而有之。與此同時，我們將繼續投資於業務中最俱生產力的領域，並聘請優秀人才。

We've been on the offensive with the most compelling and innovative product road map that we've ever delivered, very strong momentum from our strategic partnerships and now new monetization and alignment around our healthiest customers. We're working relentlessly to establish Sprout as a category-defining company. This proceed of leadership begins with great teams.

我們一直在攻勢，推出了我們有史以來最引人注目和創新的產品路線圖，我們的戰略合作夥伴關係帶來了非常強勁的勢頭，現在新的貨幣化和圍繞我們最健康的客戶的調整。我們正在不懈努力，將 Sprout 打造成一家類別定義公司。這一領導進程始於優秀的團隊。

During Q3, Great Place to Work in People Magazine named Sprout to their top 100 companies at Care List. [Review], which gathers feedback from thousands of verified sales professionals, ranked Sprout Social as the #1 best public company to work for. Review also named out on the top 20 Best Companies for Diversity & Inclusion, the 20 best companies for professional development and then 20 best companies for culture and leadership. We have a truly special team. In our recent progress survey, our internal engagement score increased 200 basis points from last year. What was amazing to see was that 96% of our team would recommend Sprout as a Great Place to Work. These are the type of teammates that show up every day to take amazing care of our customers.

在第三季度，《人物》雜誌的 Great Place to Work 將 Sprout 列入 Care List 的 100 強公司名單。 [評論] 收集了數千名經過驗證的銷售專業人士的反饋，將 Sprout Social 列為排名第一的最適合工作的上市公司。 Review 還評選出多元化和包容性最佳公司 20 強、職業發展最佳公司 20 強以及文化和領導力最佳公司 20 強。我們有一個真正特別的團隊。在我們最近的進度調查中，我們的內部敬業度得分比去年增加了 200 個基點。令人驚奇的是，我們團隊中 96% 的人會推薦 Sprout 作為理想的工作場所。這些是每天都會出現的隊友類型，他們會非常關心我們的客戶。

Great teams are also that foundation of product leadership and our product teams have been on fire. During Q3, we enhanced our video management functionality with the integration of Instagram Reels. We expanded Listening to include LinkedIn common [augeration], and we expanded our global partnership with Salesforce and launched our Service Cloud integration. We also launched our more integrated employee advocacy solution, which enables brands to manage their employee-driven amplification efforts within the industry's most natively integrated suite.

偉大的團隊也是產品領導力的基礎，我們的產品團隊一直在努力。在第三季度，我們通過集成 Instagram Reels 增強了視頻管理功能。我們擴展了 Listening 以包括 LinkedIn 通用 [augeration]，並且我們擴展了與 Salesforce 的全球合作夥伴關係並啟動了我們的服務雲集成。我們還推出了更加集成的員工宣傳解決方案，使品牌能夠在行業最原生集成的套件中管理其員工驅動的擴大工作。

For a product that remains the industry's highest rated platform across most dimensions on review sites like G2 and TrustRadius, we're continuing to raise the bar and deliver more value to our customers.

對於在 G2 和 TrustRadius 等評論網站上的大多數維度上仍然是業界評級最高的平台的產品，我們將繼續提高標準並為我們的客戶提供更多價值。

Coming back to the Service Cloud integration. We've been working directly with the Salesforce Service Cloud product team since March to build Sprout natively into the Service Cloud console offering a truly unique approach to how Salesforce CRM can now connect with social. This empowers Salesforce customers to manage all of their social customer care directly from Service Cloud without changing their workflow. We changed the game for social customer care with a highly differentiated approach.

回到服務雲集成。自 3 月以來，我們一直與 Salesforce Service Cloud 產品團隊直接合作，將 Sprout 本地構建到 Service Cloud 控制台中，為 Salesforce CRM 現在如何與社交媒體連接提供真正獨特的方法。這使 Salesforce 客戶能夠直接從 Service Cloud 管理他們所有的社交客戶服務，而無需改變他們的工作流程。我們通過高度差異化的方法改變了社交客戶服務的遊戲規則。

As we continue to go deeper into social customer care, we're unlocking increasingly very large customer deployments, with an intuitive, frictionless approach, and we've already seen our first customers go live in early Q4. Even prior to our integration with Service Cloud, our partnership with Salesforce built momentum in Q3 as the number of customers coming to Sprout more than doubled sequentially from Q2. In addition, it was an honor to present at Dreamforce and an incredible opportunity to meet with many of our largest prospects and customers.

隨著我們繼續深入社交客戶服務，我們正在解鎖越來越大的客戶部署，採用直觀、無摩擦的方法，我們已經看到我們的第一批客戶在第四季度初上線。甚至在我們與 Service Cloud 集成之前，我們與 Salesforce 的合作夥伴關係在第三季度就建立了勢頭，因為來到 Sprout 的客戶數量比第二季度增加了一倍多。此外，很榮幸能夠出席 Dreamforce，這是一次難得的機會與我們許多最大的潛在客戶和客戶會面。

Coming out of Dreamforce and on the heels of our Service Cloud integration, September represented our strongest ever month for enterprise pipeline creation, and we're excited to share our new business execution coming out of what we expect will be a strong Q4. Staying on the topic of Salesforce as we transition to customer stores for Q3, we were fortunate enough to win the business of the largest SaaS player, and this is what they had to share about their experience.

在 Dreamforce 和我們的 Service Cloud 集成之後，9 月代表了我們有史以來最強大的企業管道創建月份，我們很高興分享我們預計第四季度的新業務執行情況。當我們在第三季度過渡到客戶商店時，繼續關注 Salesforce 的話題，我們很幸運地贏得了最大的 SaaS 玩家的業務，這就是他們必須分享的經驗。

We're working to lead our industry towards delivering on the business value of Social, said Marissa Kraines, Vice President and Global Head of Social Media at Salesforce. The intuitiveness and ease of use of the product has made for rapid adoption across our teams with a minimal onboarding time. As a result of the completeness of Sprout's product, regular feature enhancements and exceptional customer success efforts, we've accelerated our implementation timeline, and we feel well positioned to be industry leaders for many years to come. The broader super brands that we grew with this quarter is a cross-section of leading franchises across all segments of the economy. This success was clearly felt in our mid-market and enterprise segments. It is also clear in EMEA, which continues to be our fastest-growing geography. This speaks to both the magnitude of our opportunity and the critical nature of social and includes Peloton, JCPenney, [Bachman], Carrier, On AG, Sunrun, Clayton Homes, Compass Canada, Shutterstock, Palantir, Monday.com, Vineyard Vines, Duke Health System and the Department of Health and Human Services.

Salesforce 副總裁兼社交媒體全球負責人 Marissa Kraines 表示，我們正在努力引領我們的行業實現社交的商業價值。該產品的直觀性和易用性使得我們的團隊能夠以最短的入職時間快速採用。由於 Sprout 產品的完整性、定期的功能增強和卓越的客戶成功努力，我們加快了實施時間表，並且我們有信心在未來許多年內成為行業領導者。本季度我們成長的更廣泛的超級品牌是橫跨所有經濟領域的領先特許經營權的橫截面。我們的中端市場和企業細分市場明顯感受到了這種成功。在歐洲、中東和非洲地區也很明顯，它仍然是我們增長最快的地區。這既說明了我們機會的重要性，也說明了社交的重要性，包括 Peloton、JCPenney、[Bachman]、Carrier、On AG、Sunrun、Clayton Homes、Compass Canada、Shutterstock、Palantir、Monday.com、Vineyard Vines、Duke衛生系統和衛生與公眾服務部。

Well, I'm proud of the way we're delivering through an uncertain time. I have never been more certain that we're on the path to unlock our full potential. Our partnerships are building momentum. Our teams are up leveling and new product enhancements are delivering tremendous incremental value to our customers. As we align around the healthiest and most impactful areas of our business, with an incredible team focused on the biggest opportunities, we believe Sprout is well positioned for success in the near and long term. We're hard at work and excited about what we're building.

好吧，我為我們在不確定時期的交付方式感到自豪。我從未如此確信我們正在釋放我們全部潛力的道路上。我們的伙伴關係正在建立勢頭。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巨大的增量價值。當我們圍繞我們業務中最健康和最具影響力的領域進行調整時，我們擁有一支專注於最大機會的令人難以置信的團隊，我們相信 Sprout 已做好準備在近期和長期取得成功。我們努力工作，對我們正在建設的東西感到興奮。

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

有了這個，我會把它交給喬來完成財務。喬？

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

謝謝，瑞安。現在，我將詳細介紹我們第三季度的業績，然後再介紹第四季度和 2022 年全年的業績指引。我們很高興連續第七個季度實現持久增長和正自由現金流，以提高我們對這一年，強調了有機社交媒體管理的使命關鍵性。

Revenue for the third quarter was $65.3 million, representing 32% year-over-year growth. ARR exiting Q3 was $271.3 million, up 33% year-over-year. With the global business environment showing strain, we did see slower Q3 customer activity for both new business and expansion with our lowest touch, least sophisticated customers.

第三季度收入為 6530 萬美元，同比增長 32%。第三季度的 ARR 為 2.713 億美元，同比增長 33%。隨著全球商業環境的緊張，我們確實看到第三季度的客戶活動放緩，包括我們接觸最少、最不成熟的客戶的新業務和擴張。

Our mid-market and enterprise segments continue to outperform our expectations and are powering a disproportionate amount of our net new ARR. Driven by healthy momentum in our enterprise business, our ramping partnerships and previously unanticipated pricing changes, we expect to have a record net new ARR in Q4. We had 638 net new customers in Q3 to finish the quarter with 34,258 customers, up 12% year-over-year.

我們的中端市場和企業細分市場繼續超出我們的預期，並為我們的淨新 ARR 提供了不成比例的支持。在我們企業業務的健康發展勢頭、我們不斷擴大的合作夥伴關係以及之前未預料到的價格變化的推動下，我們預計第四季度的淨新 ARR 將達到創紀錄的水平。我們在第三季度有 638 名淨新客戶，本季度末有 34,258 名客戶，同比增長 12%。

The number of customers continue more than $10,000 in ARR reached 6,111, up 40% from a year ago. The number of customers contributing more than $50,000 in ARR reached 843 up 76% from a year ago and our strongest ever $50,000 net addition quarter outside of a Q4.

ARR 持續超過 10,000 美元的客戶數量達到 6,111 人，同比增長 40%。貢獻超過 50,000 美元 ARR 的客戶數量達到 843 家，比一年前增長 76%，這是我們有史以來最強勁的 50,000 美元淨增季度。

Q3 ACV growth of 90% year-over-year was again driven primarily by larger initial deal sizes. 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, and are reconciled to our GAAP results in the earnings press release that was just issued before this call.

第三季度 ACV 同比增長 90% 再次主要由較大的初始交易規模推動。在討論損益表的其餘部分時，請注意，除非另有說明，否則所有對我們費用、經營業績和股份的引用均基於非 GAAP 基礎，以排除基於股票的補償費用，並與我們的 GAAP 結果進行核對在此電話會議之前剛剛發布的收益新聞稿。

In Q3, gross profit was $50.7 million, representing a gross margin of 77.6%. This is up 220 basis points compared to gross margin of 75.4% a year ago and again represents our highest gross margin in 5 years. Sales and marketing expenses for Q3 were $26.2 million or 40% of revenue, up from 39% a year ago. We're fortunate to hire well throughout the quarter and continue to make meaningful investments in our future.

第三季度，毛利潤為 5070 萬美元，毛利率為 77.6%。這比一年前的 75.4% 的毛利率高出 220 個基點，再次代表我們 5 年來的最高毛利率。第三季度的銷售和營銷費用為 2620 萬美元，佔收入的 40%，高於一年前的 39%。我們很幸運在整個季度都很好地招聘，並繼續對我們的未來進行有意義的投資。

Research and development expenses for Q3 were $13.2 million or 20% of revenue, up from 90% a year ago. Headcount and absolute expense growth continues to match the trajectory of transformative R&D investments. General and administrative expenses for Q3 were $12.7 million or 19% of revenue, down from 21% a year ago. We have normalized our G&A spending and expect to deliver consistent leverage as a percent of revenue going forward.

第三季度的研發費用為 1320 萬美元，佔收入的 20%，高於一年前的 90%。員工人數和絕對費用增長繼續與變革性研發投資的軌跡相匹配。第三季度的一般和行政費用為 1270 萬美元，佔收入的 19%，低於一年前的 21%。我們已經規範了我們的 G&A 支出，並期望提供一致的槓桿作用，作為未來收入的百分比。

Non-GAAP operating expense loss for Q3 was $1.4 million for a negative 2.2% operating margin. We are pleased with the ongoing efficiency improvements as we scale, and we exceed our expectations this quarter due to revenue outperformance. Non-GAAP net loss for Q3 was $1.0 million for a net loss of $0.02 per share based on 54.7 million weighted average shares of common stock outstanding compared to a net loss of $1.8 million and $0.03 per share a year ago.

第三季度的非 GAAP 運營費用虧損為 140 萬美元，運營利潤率為負 2.2%。我們對隨著規模擴大而不斷提高效率感到滿意，並且由於收入表現出色，本季度我們超出了我們的預期。第三季度的非美國通用會計準則淨虧損為 100 萬美元，每股淨虧損為 0.02 美元，基於 5470 萬股已發行普通股的加權平均股，而一年前的淨虧損為 180 萬美元和每股 0.03 美元。

Turning to the balance sheet and cash flow statement. We ended Q3 with $181.9 million in cash, cash equivalents and marketable securities, up from $181.7 million at the end of Q2. Deferred revenue at the end of the quarter was $85.0 million, a strong sequential increase. We continue to progress nicely to our high water mark anticipated in Q4. Looking at both our billed and unbilled contracts, our remaining performance obligations, or RPO, totaled approximately $136.9 million, up from $127.6 million exiting Q2 and up 57% year-over-year.

轉向資產負債表和現金流量表。我們在第三季度末擁有 1.819 億美元的現金、現金等價物和有價證券，高於第二季度末的 1.817 億美元。本季度末遞延收入為 8500 萬美元，環比增長強勁。我們繼續順利地達到第四季度預期的高水位線。查看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 1.369 億美元，高於第二季度結束時的 1.276 億美元，同比增長 57%。

We expect to recognize approximately 81% or $110.3 million of total RPO revenue over the next 12 months. Operating cash flow in Q3 was $1.0 million compared to $4.4 million a year ago. Free cash flow was positive $0.5 million for a positive 1% free cash flow margin ahead of our expectations.

我們預計在未來 12 個月內確認約 81% 或 1.103 億美元的 RPO 總收入。第三季度的運營現金流為 100 萬美元，而一年前為 440 萬美元。自由現金流為正 50 萬美元，自由現金流利潤率為 1%，超出我們的預期。

Shifting to formal guidance. For the fourth quarter of fiscal 2022, we expect revenue in the range of $69.8 million to $69.9 million while a growth rate of 31%. We expect non-GAAP operating loss in the range of $1.0 million to $0.9 million. This represents an anticipated operating margin of negative 1%. We expect a non-GAAP net loss per share of roughly $0.02 assuming approximately 54.8 million weighted average basic shares of common stock outstanding.

轉向正式指導。對於 2022 財年第四季度，我們預計收入在 6980 萬美元至 6990 萬美元之間，增長率為 31%。我們預計非 GAAP 營業虧損在 100 萬美元至 90 萬美元之間。這表示預期的營業利潤率為負 1%。我們預計非 GAAP 每股淨虧損約為 0.02 美元，假設已發行普通股的加權平均基本股約為 5480 萬股。

For the full year fiscal 2022, we now expect total revenue in the range of $254.0 million to $254.1 million. This is an expected overall reported growth rate of greater than 35%. We're pleased to have our third consecutive quarter increase to 2022 annual guidance.

對於 2022 財年全年，我們現在預計總收入在 2.54 億美元至 2.541 億美元之間。這是一個預期的整體報告增長率超過 35%。我們很高興連續第三個季度增加到 2022 年年度指導。

For 2022, we expect non-GAAP operating loss in the range of $5.5 million to $5.4 million. This implies annual non-GAAP operating margin expansion of roughly 130 basis points up from our prior margin expansion range of 110 basis points to 120 basis points. We're pleased to forecast faster revenue growth with improved efficiency even as we continue to make growth investments for our future.

對於 2022 年，我們預計非 GAAP 運營虧損在 550 萬至 540 萬美元之間。這意味著年度非 GAAP 營業利潤率從我們之前的 110 個基點到 120 個基點的利潤率擴張範圍增加了大約 130 個基點。我們很高興地預測，即使我們繼續為未來進行增長投資，效率也會提高，收入會更快增長。

We expect a non-GAAP net loss per share of roughly $0.10, assuming approximately 54.6 million weighted average basic shares of common stock outstanding. Shifting to the financial considerations for the focus we've outlined today. As Justyn and Ryan have discussed, we've tightened our strategic focus around the healthiest customers in our market. We believe this path will unleash our full growth potential. While we're early, I do want to lay out a framework for how we are thinking about this focus.

我們預計非 GAAP 每股淨虧損約為 0.10 美元，假設已發行普通股的加權平均基本股約為 5460 萬股。轉向我們今天概述的重點的財務考慮。正如 Justyn 和 Ryan 所討論的那樣，我們已經加強了圍繞我們市場上最健康的客戶的戰略重點。我們相信這條道路將釋放我們的全部增長潛力。雖然我們還很早，但我確實想為我們如何思考這個重點制定一個框架。

Our lowest tier standard plan has been increased in price by more than 2x, and we've shifted pricing higher across our plans as we begin to appropriately monetize the value we deliver to our customers. They've also begun to implement price increases on existing customers for the first time. In the immediate term, we expect these changes to drive an acceleration in the rate of ACV growth. In the intermediate term, we expect these changes to drive a step function change in ACV growth. In the long term, we expect continued durable ACV growth as the market matures into our sweet spot.

我們的最低級別標準計劃價格上漲了 2 倍以上，並且隨著我們開始適當地將我們提供給客戶的價值貨幣化，我們將整個計劃的定價提高了。他們還首次開始對現有客戶實施提價。在短期內，我們預計這些變化將推動 ACV 增長率的加速。在中期，我們預計這些變化將推動 ACV 增長的階躍函數變化。從長遠來看，隨著市場成熟到我們的最佳位置，我們預計 ACV 將持續持續增長。

Aligned to much higher ACVs and a more sophisticated customer base, we also expect to work towards world-class NDR at or above 120% on a multiyear basis. We're also shortly improving our unit economics. This strategy may price out those customers that are not right yet to invest in Sprout, will result in a smaller number of net new customer additions each quarter. By keeping prices low to cater to the low end of our market, we've been anchoring our growth everywhere else, especially where our customer value proposition increases exponentially, and demand is more in inelastic.

為了與更高的 ACV 和更複雜的客戶群保持一致，我們還希望在多年的基礎上努力實現 120% 或更高的世界級 NDR。我們也在短期內改善我們的單位經濟效益。這種策略可能會排斥那些還不適合投資 Sprout 的客戶，從而導致每個季度淨新增客戶數量減少。通過保持低價以滿足我們低端市場的需求，我們一直在其他地方鞏固我們的增長，尤其是在我們的客戶價值主張呈指數增長且需求更加缺乏彈性的地方。

We expect the impact on margins will be net positive, will not be shy about investing in new sales capacity behind strong enterprise demand signals. All else being equal, we expect to see improvement in our rule 40 calculation through a combination of faster revenue growth and/or stronger margins.

我們預計對利潤率的影響將是淨正的，在強勁的企業需求信號背後將不會羞於投資新的銷售能力。在其他條件相同的情況下，我們希望通過更快的收入增長和/或更高的利潤率來改進我們的規則 40 計算。

In summary, our Q3 financial performance highlights the underlying resiliency of our business model, driven by a very strong enterprise new business ramping contribution from our Salesforce partnership and a powerful pricing evolution, we expect the momentum to strengthen through Q4. As we look forward, we remain confident in our ability to outperform our medium-term goals to deliver greater than 30% annual revenue growth and 100 to 300 basis points of annual operating margin improvement.

總而言之，我們第三季度的財務業績凸顯了我們商業模式的潛在彈性，在我們的 Salesforce 合作夥伴關係和強大的定價演變帶來的非常強大的企業新業務推動下，我們預計這一勢頭將在第四季度加強。展望未來，我們仍然相信我們有能力超越我們的中期目標，實現超過 30% 的年收入增長和 100 至 300 個基點的年度營業利潤率改善。

Even against the backdrop of this business environment, we believe we are positioned to pull away and define category leadership in the $100 billion market opportunity ahead.

即使在這種商業環境的背景下，我們相信我們有能力在未來 1000 億美元的市場機會中脫穎而出並確定品類領導地位。

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) And our first question will come from DJ Hynes of Canacord.

（操作員說明）我們的第一個問題將來自 Canacord 的 DJ Hynes。

Nice to see the strong results and exciting updates as we look forward. Joe, maybe I'll start with you just on the pricing stuff. So I think I've heard you quantify what's happening at the low end, right? You said a 2x increase at the lowest tier. Justyn said earlier that 90% of your growth is coming from customers that are kind of 10x the size of the rest of the base. What's happening to pricing for that majority of customers that are contributing to growth? I'm not sure I heard you quantify it there, and that would be helpful as we think about the model going forward.

很高興看到我們期待的強勁結果和令人興奮的更新。喬，也許我會先和你談談定價問題。所以我想我聽說你量化了低端發生的事情，對吧？你說最低層增加 2 倍。 Justyn 早些時候說，你 90% 的增長來自客戶，這些客戶的規模是其他客戶群的 10 倍。為促進增長做出貢獻的大多數客戶的定價發生了什麼變化？我不確定我是否聽到你在那裡對其進行量化，這在我們考慮未來的模型時會有所幫助。

Yes. So I think if you look at the other plans that we have like on the professionally and the advance, you're probably seeing about close to a 50% to 100% increase on the initial entry price. And then when you get into the enterprise modules there like in the higher end, CJ, that's where we don't have the pricing on the website. So we think there's a lot of opportunity up there.

是的。所以我認為，如果你看看我們在專業和進步方面喜歡的其他計劃，你可能會看到初始入場價格增加了近 50% 到 100%。然後，當您進入高端企業模塊時，CJ 就是我們在網站上沒有定價的地方。所以我們認為那裡有很多機會。

Yes. And this is Ryan, I will maybe just add in there. All of our plans went up in a very healthy way from 2 to 2.5x where they were before. We've added an enterprise plan at the top end where it's a bit more of a custom build and a big driver there was that we know that those customers want to consume a lot more of our products.

是的。這是瑞安，我可能會補充一下。我們所有的計劃都以非常健康的方式從之前的 2 倍增加到 2.5 倍。我們在頂端添加了一個企業計劃，它更像是一個定制構建和一個很大的驅動力，我們知道這些客戶想要消費更多我們的產品。

In our previous pricing strategy, I think we were anchoring ourselves too low with some of the plans, and we know that those enterprise customers do prefer the opportunity to customize the plans for themselves. So our enterprise team is really excited about having the ability to bundle a bunch of our premium products together. So we expect significant increases in the ACV opportunity for them as well.

在我們之前的定價策略中，我認為我們對某些計劃的定位太低，而且我們知道那些企業客戶確實更喜歡為自己定制計劃的機會。因此，我們的企業團隊對能夠將我們的一系列優質產品捆綁在一起感到非常興奮。因此，我們預計他們的 ACV 機會也會顯著增加。

Yes. Yes. That's helpful color. And just one clarification. So you expect to have by the end of Q4 that rolled out to your entire customer base, is that right?

是的。是的。這是有用的顏色。只有一個澄清。所以你希望在第四季度末向你的整個客戶群推廣，對嗎？

This is Justyn. So I'll clarify that the pricing for new business went live earlier this week. You can find that on the website. That is for all new customers who are coming to join Sprout starting Tuesday, late in the day on Tuesday, we rolled that out. For existing customers, we are looking at a different approach there. So I just want to make that clear. We're looking at nominal increases to existing customers' pricing that's going to roll out over the next 12 months to varying degrees, depending on the agreement that they have with us, their tenure, et cetera.

這是賈斯汀。所以我要澄清一下，新業務的定價本週早些時候已經生效。您可以在網站上找到它。這適用於從星期二開始加入 Sprout 的所有新客戶，我們在星期二晚些時候推出了它。對於現有客戶，我們正在尋找一種不同的方法。所以我只想說清楚。我們正在考慮在未來 12 個月內對現有客戶定價進行不同程度的名義上調，具體取決於他們與我們達成的協議、他們的任期等。

Yes. Okay. Perfect. And then just shifting gears, I'd love to ask about the Salesforce adds. Obviously, we saw meaningful acceleration there. I think you had talked about that being more of a renewal dynamic happening at renewal. So maybe it's just timing. But a double versus Q2 feels like it might be something more. So can you just talk about what's happening with that relationship?

是的。好的。完美的。然後只是換檔，我想問一下 Salesforce 添加的內容。顯然，我們在那裡看到了有意義的加速。我想你已經談到在更新時更多的是更新動態。所以也許這只是時機。但與 Q2 的雙倍感覺可能更多。那麼你能談談這種關係發生了什麼嗎？

Yes, happy to. We are continuing to see really great success in growth there coming off of Dreamforce we saw one of our best pipeline months ever, specifically with the enterprise group. The Service Cloud integration that we've been working on that has been in beta where we've got our first set of customers going live now in early Q4 is a great example of that partnership.

是的，很高興。我們繼續看到 Dreamforce 在增長方面取得了巨大的成功，我們看到了有史以來最好的管道月之一，特別是在企業集團方面。我們一直致力於的服務雲集成一直處於測試階段，我們在第四季度初讓第一批客戶上線，這是這種合作關係的一個很好的例子。

We continue to see a lot of progress co-selling with the Salesforce team. So having them intro us into accounts, many of those certainly are customers that are coming off of the Social Studio product, but we're also starting to see some customers that are examples of just Salesforce customers, not necessarily using the social product where they do need Social and Sprout's being introduced as the preferred partner.

我們繼續看到與 Salesforce 團隊的共同銷售取得了很大進展。因此，讓他們向我們介紹客戶，其中許多肯定是來自 Social Studio 產品的客戶，但我們也開始看到一些客戶只是 Salesforce 客戶的例子，不一定使用他們所在的社交產品確實需要將 Social 和 Sprout 作為首選合作夥伴引入。

And our next question will come from Arun Bhatia of William Blair.

我們的下一個問題將來自 William Blair 的 Arun Bhatia。

Perfect. I wanted to touch on some of the comments, I think, that you made around the Q4 pipeline and with it being expected to be the best, I think, ARR -- incremental ARR quarter in history. Is that when you think about the composition of that pipeline, is that going to be mostly existing customer expansions? Or do you -- hoping to see quite a bit of new business in there, whether that's organic at these new pricing plans or with the Salesforce partnership? We just love to understand the dynamics there a little bit.

完美的。我想談談你圍繞第四季度管道發表的一些評論，我認為這將是最好的 ARR——歷史上增量 ARR 季度。當您考慮該管道的組成時，是否主要是現有客戶擴展？或者您是否希望在那裡看到相當多的新業務，無論是這些新定價計劃中的有機業務還是與 Salesforce 合作夥伴關係？我們只是喜歡稍微了解那裡的動態。

Yes. Thanks, Arun. Yes, it's really a combination of both. So we've continued to see really healthy new business and our expansion as well, especially in our upmarket customers and mid-market and enterprised. So it is a combination of those, a really good balance between new business and growth at weighted more to new business in Q4, just given the dynamic of the business in the ending of the year, and certainly will include some of the sales force pipeline that we've been creating sort of in the last couple of quarters here.

是的。謝謝，阿倫。是的，它確實是兩者的結合。因此，我們繼續看到真正健康的新業務和我們的擴張，尤其是在我們的高端客戶、中端市場和企業客戶中。所以它是這些的結合，新業務和第四季度新業務的增長之間的平衡非常好，考慮到年底業務的動態，肯定會包括一些銷售人員管道在過去的幾個季度裡，我們一直在創造某種東西。

Okay. Got it. And then if we just take a step back and if I just think higher level about what's happening in the market and the macro, where are customers just in terms of prioritizing their social investments today on the organic side, particularly where you play? Is that increasing relative to last quarter or the quarter before? Are you seeing it taper off a little bit just as folks are a little bit more cost conscious? Or is there a secular tailwind that you're not seeing -- you're not seeing as big of an impact from macro relative to other areas of the market?

好的。知道了。然後，如果我們退後一步，如果我只是從更高的層次思考市場和宏觀上正在發生的事情，那麼客戶今天在有機方面優先考慮他們的社會投資在哪裡，特別是在你玩的地方？與上一季度或前一季度相比是否有所增加？您是否看到它逐漸減少了一點，就像人們對成本更加敏感一樣？或者是否存在你沒有看到的長期順風——你沒有看到宏觀相對於市場其他領域的影響那麼大？

Yes. I mean, I think there's a couple of different examples of what we're seeing in the market here. As Justyn mentioned in the prepared remarks, in the lower end of the market, I think that's where you're going to see the most compression from a new business perspective and then a little bit from an expansion perspective.

是的。我的意思是，我認為我們在市場上看到的有幾個不同的例子。正如 Justyn 在準備好的發言中提到的那樣，在低端市場，我認為從新業務的角度來看，你將看到最大的壓縮，然後從擴展的角度來看一點點。

As you go upmarket, we're continuing to see really, really healthy demand, and that flows through when you look at just the $10,000 and $50,000 and our pipeline creation and success in our mid-market and enterprise, those customers continue to have the same needs, if not more, they're continuing to need Social as a primary channel to market in times like this, I think there's also an opportunity to continue to look at the organic as a massive opportunity and when you may be cutting paid spend.

當你進入高端市場時，我們繼續看到真正非常健康的需求，當你只看 10,000 美元和 50,000 美元以及我們在中端市場和企業中的管道創建和成功時，這些客戶繼續擁有同樣的需求，如果不是更多的話，他們在這樣的時代繼續需要社交作為主要的營銷渠道，我認為還有機會繼續將有機視為一個巨大的機會，當你可能會削減付費支出時.

From a customer care engagement perspective, where we have a lot of our road map dedicated, customers are increasingly coming in, wanting to ensure that they've got a better answer for how they're solving for customers on social. So really good demand upmarket. And the low end of the market is where most of the compression is coming, but it's being offset by what we've been doing with our larger customers.

從客戶服務參與的角度來看，我們有很多專門的路線圖，客戶越來越多地進來，希望確保他們對如何在社交上為客戶解決問題有更好的答案。所以高端市場的需求真的很好。低端市場是大部分壓縮的來源，但它被我們與大客戶所做的事情所抵消。

And next, we'll go to Raimo Lenschow of Barclays.

接下來，我們將前往巴克萊銀行的 Raimo Lenschow。

I just wanted to go back to the pricing a little bit. Obviously, there is -- you must have done all the math around price elasticity, et cetera. If you think about it and if we -- just to kind of prepare assets for our modeling, like what should we think in terms of the assumptions. Obviously, you might have lower customers, but you might get more churn as well, then you get higher pricing from the guys just being with you. Is there any way you can help us how to think about, how this will play out? Or should we just wait until it kind of hits?

我只是想稍微回到定價。顯然，有——你一定已經完成了所有圍繞價格彈性等的數學計算。如果你考慮一下，如果我們 - 只是為我們的建模準備資產，比如我們應該根據假設考慮什麼。顯然，您的客戶數量可能會減少，但也可能會有更多的客戶流失，然後您會從與您在一起的人那裡獲得更高的價格。你有什麼辦法可以幫助我們思考，這將如何發揮作用？還是我們應該等到它有點命中？

Yes, Ryan. I think the way we're thinking about and we've talked about this before. We really haven't focused on the number of customers that are coming in. So the way we've been talking about this price increase and what we think on the website is I think it's just going to drive higher ACVs going forward. Obviously, the price that coming in is just being much higher for our current customers. So if you think about how do you model to start, I think it's very consistent of what we talked about over the last 3 years, which is we're optimizing for the ARR per customer. So as you continue to look at what our ARR growth is, and then what our ACV growth is.

是的，瑞安。我認為我們正在考慮的方式，我們之前已經討論過這個問題。我們真的沒有關注即將到來的客戶數量。所以我們一直在談論這種價格上漲的方式以及我們在網站上的想法是我認為這只會推動更高的 ACV 向前發展。顯然，對於我們當前的客戶來說，進來的價格要高得多。因此，如果您考慮如何開始建模，我認為這與我們在過去 3 年中討論的內容非常一致，即我們正在針對每個客戶的 ARR 進行優化。因此，當您繼續查看我們的 ARR 增長是什麼，然後是我們的 ACV 增長是什麼時。

I just think you're going to see, as you can imagine, going forward, and I talked about this a little bit in my prepared remarks, you're just going to see a much faster ACV growth in the near term. And then probably over the next immediate term, you're going to see probably a step function change in our ACV growth. So that's how I would think about it from a modeling standpoint.

我只是認為你會看到，就像你想像的那樣，向前發展，我在準備好的發言中談到了這一點，你只會在短期內看到更快的 ACV 增長。然後可能在下一個短期內，您可能會看到我們的 ACV 增長可能發生階躍函數變化。所以這就是我從建模的角度考慮它的方式。

Yes. Okay. Perfect. And then second question for me, as you -- I mean, it's the correct step, and it's good to see. But obviously, you do it in a time when the market is a little bit volatile, market is a little bit volatile. What drove that decision to make that call now versus do it earlier or wait a little bit longer?

是的。好的。完美的。然後是我的第二個問題，就像你一樣——我的意思是，這是正確的步驟，很高興看到。但很明顯，你是在市場有點波動的時候做的，市場有點波動。是什麼促使你決定現在就打電話，而不是早點打電話或等久一點？

Yes. This is Justyn, Raimo. I appreciate the question. So this is something that's been brewing for a while, right? We talked in the prepared remarks about how our entry price having not changed in a long time, which really, over time, kind of changing the dynamic of the long tail at the low end of the market for us. And those customers behave very differently, have different needs. And this was something that we saw as both limiting in the sense that we weren't monetizing the core part of our customer base, the way that we felt like there was certainly appetite for and relative to the value that we are giving to our customers, but also just in terms of attention and resources and opportunity costs.

是的。這是 Justyn，Raimo。我很欣賞這個問題。所以這是醞釀了一段時間的東西，對吧？我們在準備好的評論中談到了我們的入門價格如何長時間沒有改變，隨著時間的推移，這確實在某種程度上改變了我們低端市場長尾的動態。這些客戶的行為非常不同，有不同的需求。在我們沒有將客戶群的核心部分貨幣化的意義上，我們認為這是一種限制，我們覺得肯定有胃口並且相對於我們提供給客戶的價值的方式，而且還只是在註意力、資源和機會成本方面。

So this is something that we felt like was maybe a bit overdue, something that's been brewing for a while. What was important to us to make the right decisions that the data tells us are the right decisions to really align around the part of the customer base that we can best serve and the one that is contributing most to the success of the business, obviously.

所以這是我們覺得可能有點過時的事情，已經醞釀了一段時間。對我們來說，做出數據告訴我們的正確決策很重要的是正確的決策，以便真正圍繞我們可以最好地服務的那部分客戶群和對業務成功貢獻最大的那部分客戶群進行調整，顯然。

And another factor for some of the specific timing, making sure that we were able to get as much data and have this as fully baked as possible as we head into 2023 as we figure out what the priorities and road map and planning look like. We wanted to make sure that we didn't carry this decision with us until '23. The time was right, the delta between those 2 groups of customers was big enough that we felt like we just really wanted to take action here and set ourselves on the right foot heading into the next year.

一些特定時間的另一個因素是，確保我們能夠獲得盡可能多的數據，並在我們進入 2023 年時盡可能全面地烘焙這些數據，因為我們會弄清楚優先事項、路線圖和規劃是什麼樣子的。我們想確保直到 23 年我們才做出這個決定。時間是對的，這兩組客戶之間的差異足夠大，以至於我們覺得我們真的很想在這裡採取行動，並在明年邁出正確的一步。

Our next question will come from Parker Lane of Stifel.

我們的下一個問題將來自 Stifel 的 Parker Lane。

Curious, in light of the more uncertain macro? Are you seeing any meaningful change in the number of channels that customers are looking to support and/or the size of social media management teams inside of the customer base you're serving?

好奇，鑑於更不確定的宏觀？您是否看到客戶希望支持的渠道數量和/或您所服務的客戶群中社交媒體管理團隊的規模發生任何有意義的變化？

Yes. So If I'm understanding the question, we're really just -- and this is a question I'll answer. So come back on and correct me if I had it wrong. But -- we're not seeing a change in terms of the number of networks and profiles that our customers are looking to serve in the communities that they're looking to support if anything, with the addition of TikTok over the last couple of quarters, I think we've seen that tick up a bit.

是的。所以如果我理解這個問題，我們真的只是 - 這是我要回答的問題。所以如果我錯了，請回來糾正我。但是——我們沒有看到我們的客戶希望在他們希望支持的社區中服務的網絡和個人資料的數量發生變化，在過去幾個季度增加了 TikTok ，我想我們已經看到了一點。

And there's nothing in the macro that really changes that dynamic in our -- from our perspective. And I think the same goes with social teams, right? The size of the team is in large part a function of the number of channels to manage the size of the audience, volume of messaging and publishing, et cetera. And that hasn't changed materially, at least not in any of the data that we have.

從我們的角度來看，宏觀上沒有什麼能真正改變我們的動態。我認為社交團隊也是如此，對吧？團隊的規模在很大程度上取決於管理受眾規模、消息傳遞和發布量等的渠道數量。這並沒有發生實質性變化，至少在我們擁有的任何數據中都沒有。

And so that, coupled with the fact that we're bringing in additional use cases, additional departments, et cetera, keeps that on an upward trajectory. I think to Ryan's earlier point to some of the prepared remarks, I think at the lower end of the market and less sophisticated teams, they may not ramp up as quickly as they would have in the past. But once they're kind of entrenched and committed to social strategically, we're not seeing anything there.

因此，再加上我們正在引入額外的用例、額外的部門等等，使它保持在上升的軌道上。我認為對於 Ryan 早些時候針對一些準備好的言論的觀點，我認為在低端市場和不太成熟的團隊中，他們可能不會像過去那樣迅速崛起。但是一旦他們在某種程度上根深蒂固並在戰略上致力於社交，我們在那裡就什麼也看不到了。

Got it. Appreciate that. And then there's a lot of stuff in the news obviously about TikTok and Twitter, curious to hear from some of your top customers, how they're thinking about the prioritization of spend across each of those channels through the remainder of 2022 and into '23?

知道了。感謝。然後，新聞中顯然有很多關於 TikTok 和 Twitter 的內容，很想听聽您的一些頂級客戶的意見，他們是如何考慮在 2022 年剩餘時間和 23 年之前在每個渠道上的支出優先順序的？

Yes. So we're probably not going to have the best perspective on the spend side, just given that we're not involved in the advertising conversations, that's just not part of the ecosystem that we plan. I can tell you anecdotally from our customers, I don't think that the prioritization has changed much. I think we've seen a change over the last 2 years particularly as they think about the mix between Meta, Twitter, TikTok, et cetera, but from the events in the last quarter or so, I don't think that they're thinking about or they haven't expressed a material shift in that.

是的。所以我們可能不會在支出方面有最好的觀點，只是考慮到我們沒有參與廣告對話，這只是我們計劃的生態系統的一部分。我可以從我們的客戶那裡告訴你，我認為優先級沒有太大變化。我認為我們在過去 2 年中看到了變化，特別是當他們考慮 Meta、Twitter、TikTok 等之間的組合時，但從上個季度左右的事件來看，我不認為他們是考慮或他們沒有表達實質性轉變。

I think in both of those cases, they're kind of waiting to understand what happens, right? Those are 2 very different situations that don't really have any kind of outcome at this point. So I think we're -- there are some conversations happening in the background, but I don't know we've seen any of it come through in the spend yet.

我認為在這兩種情況下，他們都在等待了解會發生什麼，對吧？這是兩種截然不同的情況，目前還沒有任何結果。所以我認為我們 - 在後台發生了一些對話，但我不知道我們是否已經看到其中的任何一個在支出中實現。

Congrats on the quarter.

祝賀這個季度。

And next, we will go to Matthew VanVliet of BTIG.

接下來，我們將請到 BTIG 的 Matthew VanVliet。

I guess, first, maybe, Joe or any could help us out on kind of what your buildup in thinking that net dollar retention remains very strong and sort of industry-leading, as you mentioned? How much price are you including in that number of 120-plus given that you sort of mentioned that nominal price increases will be rolling out over time through the existing customer base? Any expectations of what churn might look like, especially at the low end of the market, factoring in that number? And then ultimately, kind of what the upsell, cross-sell comes in? If you could just either stack rank those or give us a little more color.

我想，首先，也許，Joe 或任何人可以幫助我們了解您認為淨美元保留率仍然非常強勁並且在某種程度上處於行業領先地位，正如您提到的那樣？鑑於您提到名義價格上漲將隨著時間的推移通過現有客戶群推出，您在 120 多件中包含多少價格？考慮到這個數字，對客戶流失可能是什麼樣子有什麼期望，尤其是在低端市場？然後最終，加售、交叉銷售會帶來什麼？如果您可以對這些進行堆疊排名或給我們更多顏色。

Yes, Matt, just to clarify the comments. I think when you were talking about the 120% NDR, we believe that, that's kind of like the progression that we'll get to by our mid-term model of 2025. And the reason we have conviction around that is if we look at our current customer base, and we look at the higher mid-market enterprise customers, when we look at the NDR and those customers that we're really starting to focus on the ones that Justyn has talked about that are 10x the low end of the market, they're already close to that 120% or above that 120%. So that's why we think we can get the overall customer base to that level by 2025.

是的，馬特，只是為了澄清意見。我想當你談論 120% NDR 時，我們相信，這有點像我們將在 2025 年的中期模型中取得的進步。我們對此有信心的原因是，如果我們看看我們目前的客戶群，我們著眼於較高的中端市場企業客戶，當我們查看 NDR 時，我們真正開始關注的那些客戶是 Justyn 談到的低端客戶的 10 倍市場，他們已經接近 120% 或高於 120%。所以這就是為什麼我們認為到 2025 年我們可以將整體客戶群達到該水平。

And so from that perspective, we feel really confident based on our current existing customer base even before we kind of put these price increases. And so we do think that's going to be a combination -- to get to that point, the combination of the cross-sell, the ability to upgrade our customer base and also the fact that we know historically that the largest customers that come in are our fastest growing. And so we think about the fact that we're going to be focusing on these higher-quality customers, and we know historically, those are our fastest growing. We believe that over time, that will just shift the overall quality of our customer base and thus bring in what we believe is that 120% NDR in 2025.

因此，從這個角度來看，甚至在我們提高這些價格之前，基於我們目前現有的客戶群，我們就感到非常有信心。所以我們確實認為這將是一個組合——為了達到這一點，交叉銷售的組合，升級我們客戶群的能力，以及我們知道歷史上最大的客戶是我們增長最快。因此，我們考慮了一個事實，即我們將專注於這些更高質量的客戶，而且我們從歷史上知道，這些客戶是我們增長最快的。我們相信，隨著時間的推移，這只會改變我們客戶群的整體質量，從而帶來我們認為 2025 年 120% 的 NDR。

Okay. Helpful. And then as you look at social commerce, it seems like, there's a lot of kind of early excitement in the broader market, but maybe getting to a point where that's a higher mix of e-commerce sales or retail sales, or we want to think about that, is just taking more time. I'm curious, are you still seeing a lot of interest from your customers trying to be kind of poised and ready for when that takes off a little more? Or is there a pushback from how the social networks are going to allow that to happen? Just any update around how you guys are thinking about social commerce and sort of how that maybe is going to evolve into a pricing or a separate SKU potentially?

好的。有幫助。然後當你看社交商務時，似乎在更廣泛的市場中有很多早期的興奮，但可能會達到電子商務銷售或零售銷售的更高組合，或者我們想想一想，只是需要更多的時間。我很好奇，您是否仍然看到您的客戶很感興趣，他們試圖保持鎮定並為起飛的時間做好準備？或者社交網絡將如何允許這種情況發生，是否存在阻力？只是關於你們如何看待社交商務的任何更新，以及它可能如何演變成定價或一個單獨的 SKU 的可能性？

Yes, this is Justyn. So I think in terms of the first part of the question, interest and excitement from the market around this opportunity. I certainly don't think that has slowed down. But I think the characterization that you made is right. I think businesses are eager, excited and ready to gear up for those conversations but largely needing to get a better understanding of where the networks are taking these opportunities, what they're really going to look like as they shake out.

是的，這是賈斯汀。所以我認為就問題的第一部分而言，市場對這個機會的興趣和興奮。我當然不認為這已經放緩。但我認為你所做的描述是正確的。我認為企業渴望、興奮並準備好為這些對話做好準備，但主要需要更好地了解網絡在哪裡利用這些機會，以及它們在擺脫困境時的真正面貌。

And we've seen a lot of success. We've talked about the work that we've done in the social commerce space, still an area that we're very excited about, still an area that we think has a lot of long-term potential, but I've always thought of it as a long-term bet, one that's going to take a little while still to get flushed out for us to be able to size it and things like that.

我們已經看到了很多成功。我們已經談到了我們在社交商務領域所做的工作，這仍然是一個我們非常興奮的領域，仍然是一個我們認為具有很大長期潛力的領域，但我一直認為將其視為一項長期賭注，我們還需要一段時間才能將其淘汰，以便我們能夠確定它的規模和類似的事情。

So I think we're -- we continue to build against that road map. I think we've got a nice collection of capabilities within our platform around that to support our customers. We're not quite at the level where we would typically want to see before we would break that into a different SKU. And so there's some interdependency on some of the work that the networks are doing and we'll be doing in conjunction with them that will influence timing on if we bring an offering, a SKU like that to market and when we do not.

所以我認為我們 - 我們繼續根據該路線圖進行建設。我認為我們的平台中有很多功能可以支持我們的客戶。在將其分解為不同的 SKU 之前，我們還沒有達到通常希望看到的水平。因此，網絡正在做的一些工作存在一些相互依賴性，我們將與他們一起做，這將影響我們是否將產品、像這樣的 SKU 推向市場以及何時不推向市場的時間安排。

The other thing I'll quickly maybe just to add there, it's not exactly social commerce, Matt, in the way you asked the question. But even if the transactions are happening directly on the social networking sites, our customers are still thinking about revenue and revenue growth and social as a channel to get there. And whenever they're doing that they're driving their marketing campaigns through Sprout, the feedback that's coming from those marketing campaigns are happening through our inbox and in customer care through Sprout, the data that they're gathering on the effectiveness on those marketing campaigns and the pipeline that they're generating is also coming through Sprout as well.

另一件事我會很快補充，馬特，按照你問問題的方式，這不完全是社交商務。但即使交易是直接在社交網站上進行的，我們的客戶仍然在考慮收入和收入增長，而將社交作為實現目標的渠道。每當他們這樣做時，他們都會通過 Sprout 推動他們的營銷活動，來自這些營銷活動的反饋通過我們的收件箱發生，並通過 Sprout 在客戶服務中發生，他們正在收集有關這些營銷有效性的數據他們正在生成的活動和管道也來自 Sprout。

So I think that's another piece that even if we're not in the transaction yet for all the platforms, they're still warming up towards that, and we're participating in those conversations with them.

所以我認為這是另一件事，即使我們還沒有在所有平台上進行交易，他們仍在為此熱身，我們正在參與與他們的對話。

And now we will go to Michael Turits of KeyBanc.

現在我們將請 KeyBanc 的 Michael Turits 發言。

This is Michael Vidovic on for Michael Turits. As far as that refocusing on the enterprise customer mix, are you looking to make any changes around the go-to-market or the sales motion, either with more upon sales hires or enterprise-focused sales individuals? Just any changes outside of pricing that you're looking to do would be helpful.

這是 Michael Turits 的 Michael Vidovic。就重新關注企業客戶組合而言，您是否希望圍繞上市或銷售活動做出任何改變，更多地聘用銷售人員或以企業為中心的銷售人員？您希望進行的定價以外的任何更改都會有所幫助。

Yes. Thanks, Michael. We're already doing a lot of those things today. So it's probably just continuing to invest there. So if I think about just the teams themselves, we have some great enterprise leadership and sellers that are already in the marketplace today that are closing a lot of these accounts or growing these accounts that we've spoken about. We're continuing to invest on those teams. We see a tremendous opportunity in front of us from a marketing perspective.

是的。謝謝，邁克爾。我們今天已經做了很多這樣的事情。所以它可能只是繼續在那裡投資。因此，如果我只考慮團隊本身，我們有一些偉大的企業領導和賣家，他們已經在今天的市場上關閉了很多這些賬戶或增加了我們已經談到的這些賬戶。我們將繼續投資於這些團隊。從營銷的角度來看，我們看到了擺在我們面前的巨大機會。

You'll see a lot of our focus and investment going into marketing to those large, sophisticated customers, forms of things like account-based marketing. We also have continued to grow our outbound BDR teams that are building pipeline within those accounts.

你會看到我們的很多重點和投資都投入到面向那些大而精明的客戶的營銷中，比如基於帳戶的營銷。我們還繼續發展我們的出站 BDR 團隊，這些團隊正在這些賬戶中構建管道。

And I also underline, even though we're doing all those traditional enterprise strategies, we also still leverage the product like we always have. So our customers continue to come in and trial the product and that continues to be a major differentiator for us even in the enterprise, and it's one of our number one plays is get their hands on the keyboard. And so for us, we love that in the enterprise, massive differentiator, and so we'll continue to be working on that as well.

而且我還強調，即使我們正在執行所有這些傳統的企業戰略，我們也仍然像往常一樣利用產品。因此，我們的客戶繼續進來試用該產品，這對我們來說仍然是一個主要的差異化因素，即使在企業中也是如此，我們的首要任務之一就是讓他們把手放在鍵盤上。所以對我們來說，我們喜歡企業中的巨大差異化因素，因此我們也將繼續致力於此。

Now we will go to Brett Knoblauch of Cantor Fitzgerald.

現在我們將前往 Cantor Fitzgerald 的 Brett Knoblauch。

In regards to your, I guess, Q4 being a record net new ARR quarter, I think your previous record was just shy under $20 million. How much of a record are we expecting? And then going forward, should we expect kind of net new ARR in '23 to be kind of return to your growth cadence. I guess, so far year-to-date this year, you guys are about flat in terms of what you added in net new ARR versus last year?

關於你，我想，第四季度是創紀錄的淨新 ARR 季度，我認為你之前的記錄略低於 2000 萬美元。我們期望有多少記錄？然後展望未來，我們是否應該期待 23 年的淨新 ARR 能夠回歸您的增長節奏。我想，今年到目前為止，你們在淨新 ARR 中添加的內容與去年持平？

Yes. Brett, I'll take that one. I think just to clarify, I think we talked about as well a record Q4 ARR. We're not going to give much more guidance past that. And then as it relates to 2023, we're probably not in a position to talk about what our guidance will look like and what net ARR will look like in 2023. We'll probably do that in our -- in February when we release year-end and give guidance for next year.

是的。布雷特，我要那個。我想澄清一下，我想我們也談到了創紀錄的第四季度 ARR。我們不會在此之後提供更多指導。然後，由於它與 2023 年有關，我們可能無法談論我們的指導意見以及 2023 年的淨 ARR 會是什麼樣子。我們可能會在我們發布的 2 月份時這樣做年終並為明年做出指導。

Understood. And then I think your kind of medium-term framework, can you just help break down what you guys were assuming the mix would be between customer growth and ACV growth. And maybe within ACV, how much of that was due to pricing or just -- or seat expansion, which I guess was most of the mix versus now between customer growth, seat expansion and now pricing.

明白了。然後我認為你的那種中期框架，你能不能幫助打破你們假設客戶增長和 ACV 增長之間的組合。也許在 ACV 中，有多少是由於定價或僅僅是 - 或座位擴展，我猜這是大部分的組合，而不是現在客戶增長、座位擴展和現在定價之間的組合。

Yes, I can start it off there. This is Justyn. I think the -- probably the best way to characterize how we're thinking about that is the price increases for existing customers are very nominal relative to what you're seeing in the increases on the new business side. And so as we think about the framework, the growing ACVs, growing expansion, the vast majority of that relates to getting closer to a lien on pricing of the new business, winning more deals, particularly in the mid-market enterprise, doing a better job with the expansion of our existing customers, and not a material amount coming from the changes themselves. I think that was the framing of the question, but let me know if I did get that right.

是的，我可以從那裡開始。這是賈斯汀。我認為 - 可能最好的方式來描述我們正在考慮的方式是現有客戶的價格上漲相對於你在新業務方面的增長中看到的是非常名義上的。因此，當我們考慮框架、不斷增長的 ACV、不斷擴大的擴張時，其中絕大部分與新業務定價的留置權、贏得更多交易、尤其是在中端市場企業中做得更好有關與我們現有客戶的擴展一起工作，而不是來自變化本身的實質性數量。我認為這是問題的框架，但如果我做對了，請告訴我。

I think you got it. I guess maybe just same question asked differently. If I look at the number of customers added this quarter, is that a decent run rate in terms of net adds on a quarter on a go-forward basis given maybe the deprioritization of markets?

我想你明白了。我想也許只是同一個問題問的不同。如果我看一下本季度增加的客戶數量，考慮到市場的優先級降低，就前一個季度的淨增加而言，這是一個不錯的運行率嗎？

We talked about this a little bit earlier in the call. I think as far as the number of customers that we're going to add, that's not something we're focused on internally. I think the best way to think about it Brett, is to focus on the ARR that we're getting from those customers and the ACV growth. So I think what you can expect is an acceleration in our ACVs.

我們在電話會議的早些時候討論過這個問題。我認為就我們要增加的客戶數量而言，這不是我們內部關注的重點。我認為布雷特最好的思考方式是關注我們從這些客戶那裡獲得的 ARR 和 ACV 的增長。所以我認為你可以期待我們的 ACV 加速。

And then if you think about the ARR that we talked about a record Q4 and ARR, you can kind of get to what those -- that customer count might look like. But it's not -- I think it's not something that we historically have guided to. It's not a number that we focus on internally. So for us, it's more about the ARR and the ACV growth.

然後，如果您考慮我們談論的創紀錄的第四季度和 ARR 的 ARR，您可以了解那些 - 客戶數量可能是什麼樣的。但它不是——我認為這不是我們歷史上所引導的。這不是我們內部關注的數字。所以對我們來說，更多的是關於 ARR 和 ACV 的增長。

Now we will go to Fiona Hanes of Morgan Stanley.

現在我們將去摩根士丹利的Fiona Hanes。

Fiona on from Elizabeth Parters team. So wanted to follow up on the lot of questioning on the 2025 framework. Previously, you had talked to a 30% revenue year-over-year growth rate. Is that still a reasonable way to think about it? Or is it more of like a 30% CAGR basis, expecting a near-term acceleration from the pricing increases? And somewhat relatedly, how are you factoring in the risk of any macro impact to that? Is there any risk that some of the softening in the economy takes us below that original framework?

來自 Elizabeth Parters 團隊的 Fiona。所以想跟進很多關於 2025 框架的問題。此前，您談到了 30% 的收入同比增長率。這仍然是一種合理的思考方式嗎？或者它更像是 30% 的複合年增長率基礎，預計價格上漲會在近期加速？與此相關的是，您如何考慮對此產生任何宏觀影響的風險？經濟中的一些疲軟是否有任何風險使我們低於最初的框架？

Yes. No, we don't see any change. And just to be clear, it's not a CAGR. It's 30% every year between now and 2025, and we don't think either the macroeconomic conditions or any of the other things we've talked about recently, whether it's the price increases have a material impact on that. We actually feel really good about where the business is going. We've talked about some of the highlights and the momentum we're seeing, what we consider like our core customer base.

是的。不，我們沒有看到任何變化。需要明確的是，這不是複合年增長率。從現在到 2025 年，每年增長 30%，我們認為宏觀經濟狀況或我們最近談到的任何其他事情，無論是價格上漲，都不會對此產生實質性影響。實際上，我們對業務的發展方向感覺非常好。我們已經討論了我們所看到的一些亮點和勢頭，我們認為這是我們的核心客戶群。

And so at this point, we don't see us getting off of that plan right now and something I talked about in my prepared remarks as well as we feel really confident about our ability to continue to hit the 30% every year through 2025.

因此，在這一點上，我們現在沒有看到我們放棄該計劃，我在準備好的發言中談到了一些事情，而且我們對我們在 2025 年之前每年繼續達到 30% 的能力充滿信心。

And now we'll take the next question from Rob Oliver from Baird.

現在我們將接受 Baird 的 Rob Oliver 的下一個問題。

Great. This one is for Justyn or for Ryan. You guys talked a little bit about the macro and stuff. And I kind of wanted to ask because it's a question we've been getting specifically about Twitter. Obviously, historically, a very important relationship for you guys and recognizing that you guys are agnostic, I think, and indeed, adding value across a whole host of social media platforms which is the value you deliver, but there's just a lot of practical things going on there right now. I mean half the staff being let go, potential change in the business model. And some advertisers walking away at least temporarily. So just curious what you guys are hearing. I don't think you guys have posted anything on your blogs yet, just to how customers should be thinking about that, You guys are always real active about that. We follow that. So just curious to hear your thoughts and any implications potentially from that? And then I just had a quick follow-up for Joe.

偉大的。這是給 Justyn 或 Ryan 的。你們談了一些宏觀和東西。我有點想問，因為這是一個我們一直在專門針對 Twitter 提出的問題。顯然，從歷史上看，對你們來說是一種非常重要的關係，並且認識到你們是不可知論者，我認為，事實上，在整個社交媒體平台上增加價值，這就是你們提供的價值，但只有很多實際的東西現在在那裡進行。我的意思是一半的員工被解僱，商業模式可能發生變化。一些廣告商至少暫時離開了。所以很好奇你們聽到了什麼。我認為你們還沒有在博客上發布任何內容，只是關於客戶應該如何考慮這一點，你們一直都很活躍。我們遵循這一點。只是想听聽您的想法以及由此產生的任何潛在影響？然後我對喬進行了快速跟進。

Justyn, I think you're on mute.

賈斯汀，我想你是靜音的。

Now, I'm not. Yes. Thanks for the question. I'll get it started here. So I mean I think, obviously, we're a couple of days in to the leadership changes there. And so I'm going to be really thoughtful and patient about forming kind of longer-term views here. I think obviously, there's a desire to make some changes and make them fast. And most of the ones that we're hearing about being related to monetizing the blue check, I think, is fairly benign in this context and some of the other things that they may look to do. I don't think we have a lot of information on.

現在，我不是。是的。謝謝你的問題。我會在這裡開始的。所以我的意思是，我認為，很明顯，我們在那裡的領導層變動還有幾天時間。因此，我將在這裡形成一種長期觀點，非常周到和耐心。我認為很明顯，人們希望做出一些改變並使它們變得更快。我認為，我們聽到的大多數與將藍色支票貨幣化有關的內容在這種情況下以及他們可能希望做的其他一些事情中都是相當良性的。我不認為我們有很多信息。

We haven't seen from our customers' perspective in terms of the organic work that they're doing on social, the importance of connecting with their audience, et cetera. We haven't seen anything bubbling up there, that really changes the value proposition for them in the near term. I think that advertising is one area that may be a little shaker at the moment, but again, it's not an area that we play in.

我們還沒有從客戶的角度來看他們在社交上所做的有機工作，與他們的觀眾建立聯繫的重要性等等。我們還沒有看到那裡冒出任何東西，這確實會在短期內改變他們的價值主張。我認為廣告是目前可能有點動搖的領域，但同樣，這不是我們參與的領域。

And then it's -- for us and where we want to continue to provide our support and to build alongside Twitter is anything that they're doing to increase the trust and safety and vibrance and growth of that community, we think is going to be positive. We just don't know enough about which of the ideas being floated are going to be priorities exactly how those are going to shake out, et cetera. So we may have more to say. Certainly, we'll guide our customers the best we can as the approach is and some of the different models that they've been talking about come to life for our customers, but a lot of it obviously related to the consumer and the advertising side.

然後是 - 對於我們以及我們希望繼續提供支持並與 Twitter 一起構建的地方，他們正在做的任何事情都是為了增加該社區的信任、安全、活力和增長，我們認為這將是積極的.我們只是不太了解所提出的哪些想法將成為優先事項，確切地說這些想法將如何搖擺不定，等等。所以我們可能有更多的話要說。當然，我們會盡可能地引導我們的客戶，因為我們的方法是，他們一直在談論的一些不同模型為我們的客戶帶來了生命，但其中很多顯然與消費者和廣告方面有關.

Got it. Okay. Yes. That's really helpful. Appreciate that. It's early and I appreciate that. And then, Joe, one for you. I think this was partially answered with the comments on the last question, but it sounds as if the majority of these price increases are going to be on new customers, not existing customers. So just, I guess, from your thought perspective, any additional churn that you would expect or think about as you think about maybe Q4 as some of these renewals start to roll in into next year? Or is it to minimal relative to the value you're adding for you guys to anticipate any additional churn on that price increase?

知道了。好的。是的。這真的很有幫助。感謝。現在還早，我很感激。然後，喬，給你一個。我認為這在最後一個問題的評論中得到了部分回答，但聽起來好像這些價格上漲的大部分將針對新客戶，而不是現有客戶。所以，我想，從您的想法角度來看，隨著其中一些續訂開始進入明年，您可能會在考慮第四季度時期望或考慮任何額外的流失？或者相對於你們為你們增加的價值來說，它是否是最小的，以預期價格上漲會帶來任何額外的流失？

Yes, Rob, thanks for the question. If we think about the fact that we talked about doing a record new record net ARR in Q4, we factored in any potential churn with the price increases. And like Justyn said, the way we're rolling out the price increases for existing customers. It's just going to be more methodical over the next 12 months or so. So I don't think there's any like major impact in any 1 quarter right now from what we can see in our plan to roll these out. And it's like it's not going to be to every single customer, it's going to depend on tenure, the price point they're at and so we don't see any major churn impact in Q4, and that was all factored into our commentary around it being a record Q4 on a net ARR basis.

是的，羅布，謝謝你的提問。如果我們考慮一下我們談到在第四季度創下新紀錄的淨 ARR 這一事實，我們就會考慮到價格上漲可能帶來的任何潛在波動。正如 Justyn 所說，我們為現有客戶推出價格上漲的方式。在接下來的 12 個月左右，它將變得更有條理。因此，我認為從我們推出這些計劃的計劃中可以看出，目前任何一個季度都不會產生任何類似的重大影響。這似乎不會對每個客戶都適用，這將取決於任期、他們所處的價格點，因此我們看不到第四季度有任何重大的客戶流失影響，而這一切都已納入我們的評論中這是創紀錄的第 4 季度淨 ARR 基礎。

And with that, that does conclude today's question-and-answer session. I would like to turn things back to Justyn Howard for any additional or closing comments.

這樣，今天的問答環節就結束了。我想將事情轉回 Justyn Howard 以獲得任何額外或結束評論。

Yes. Just a quick thank you before I let you all get back to your day and all the other things going on. We are appreciative to the team, as always, all of our supporters, investors, we'll be out chatting with you all over the next couple of weeks. Looking forward to that, and we will catch up with you all soon. Thanks again for your time today.

是的。在我讓你們回到你們的一天和所有其他事情之前，快速地謝謝你們。我們一如既往地感謝團隊，我們所有的支持者，投資者，我們將在接下來的幾週內與您聊天。期待這一點，我們很快就會趕上你們。再次感謝您今天的時間。

And thanks, everyone, that does conclude today's conference call. We'd like to thank you again for your participation. You may now disconnect.

謝謝大家，今天的電話會議到此結束。我們再次感謝您的參與。您現在可以斷開連接。