Sprout Social Inc (SPT) 2022 Q4 法說會逐字稿

Good day and welcome to the Sprout Social Fourth Quarter 2022 Financial Results Call. Today's call is being recorded. (Operator Instructions) Thank you. And now I'd like to turn the conference over to Jason Rechel, Vice President of Investor Relations and Corporate Development. Please go ahead.

美好的一天，歡迎參加 Sprout Social 2022 年第四季度財務業績電話會議。今天的通話正在錄音中。 （操作員說明）謝謝。現在我想將會議轉交給投資者關係和企業發展副總裁 Jason Rechel。請繼續。

Thank you, operator. Welcome to Sprout Social's Fourth Quarter 2022 Earnings Call. We'll be discussing the results announced in our press release issued after market closed 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 的 2022 年第四季度財報電話會議。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.

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。

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 opportunity, our plans, objectives and expected results from our future operations, growth, products, investments, initiatives, pricing or strategies, and our guidance for the first quarter of 2023 and the full year 2023 and can be identified by words such as expect, anticipate, intend, plan, believe, seek or will.

前瞻性陳述包括但不限於有關財務、業務和客戶趨勢的陳述、我們預期的未來業務、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、目標和預期結果我們未來的運營、增長、產品、投資、舉措、定價或戰略，以及我們對 2023 年第一季度和 2023 年全年的指導，可以用諸如預期、預期、打算、計劃、相信、尋求或將要。

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，並且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, 2022, to be filed with the Securities and Exchange Commission, as well as future quarterly and current reports that we file with the SEC.

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，請參閱我們向美國證券交易委員會提交的截至 2022 年 12 月 31 日止財政年度的 10-K 表格年度報告，以及作為我們向美國證券交易委員會提交的未來季度和當前報告。

During the call, we'll discuss non-GAAP financial measures, which are not prepared in accordance with generally accepted accounting principles. In particular, references to profitability refer to non-GAAP operating income, non-GAAP net income and non-GAAP earnings per share.

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。特別是，提及盈利能力是指非 GAAP 營業收入、非 GAAP 淨收入和非 GAAP 每股收益。

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.

這些非 GAAP 財務指標的定義，以及與最直接可比的 GAAP 財務指標的調節，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。

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

有了這個，讓我把電話轉給 Justyn。賈斯汀？

Thank you, Jason, and good afternoon, everyone. Thank you, as always, for joining us. We had a remarkably strong fourth quarter, and I'm incredibly proud of our team for the results that we'll be sharing with you today.

謝謝你，傑森，大家下午好。一如既往地感謝您加入我們。我們有一個非常強勁的第四季度，我為我們的團隊感到非常自豪，因為我們今天將與您分享的結果。

Despite a challenging environment, Sprout delivered record net new ARR in Q4 and an acceleration across our business. Social continues to gain criticality, and our strong execution puts us in a favorable position today to guide towards profitable accelerating ARR growth in 2023.

儘管環境充滿挑戰，但 Sprout 在第四季度實現了創紀錄的淨新 ARR，並加速了我們整個業務的發展。社交繼續變得至關重要，我們強大的執行力使我們今天處於有利位置，可以引導 2023 年實現盈利加速 ARR 增長。

We're building a durable business that we believe will define our category, and we appreciate your support as we continue on this journey.

我們正在建立一個持久的業務，我們相信這將定義我們的類別，我們感謝您在我們繼續這一旅程時的支持。

I'll begin today with our notable breakout in net new ARR. We believe several multiyear trends are beginning to take shape in our business, including a clear prioritization of customer investment in social, further definition of our leadership in the enterprise, very strong partnership momentum and a fantastic execution on our pricing changes.

今天，我將從我們在淨新 ARR 方面的顯著突破開始。我們相信，我們的業務正在形成數個多年趨勢，包括明確優先考慮客戶在社交方面的投資、進一步明確我們在企業中的領導地位、非常強勁的合作勢頭以及我們對定價變化的出色執行。

With rapidly expanding deal sizes, we delivered 35% year-over-year growth in customers paying us $10,000 or more in ARR and 59% year-over-year growth in customers paying us $50,000 or more in ARR.

隨著交易規模的迅速擴大，我們為我們支付 10,000 美元或以上 ARR 的客戶實現了 35% 的同比增長，為我們支付 50,000 美元或以上 ARR 的客戶實現了 59% 的同比增長。

Exceptional new business strength in the enterprise and the early benefits of our pricing changes delivered meaningful acceleration in our rate of ACV growth, alongside a record quarterly non-GAAP operating profit. Taken with better-than-expected retention, top-of-funnel quality and conversion data under our new pricing plans, and we are planning to deliver profitable and accelerating ARR growth this year.

企業中卓越的新業務實力和我們定價變化的早期好處顯著加快了我們的 ACV 增長率，同時創下了創紀錄的季度非 GAAP 營業利潤。考慮到我們新定價計劃下的留存率、漏斗頂部質量和轉化數據好於預期，我們計劃在今年實現盈利並加速 ARR 增長。

Our original thesis on social's role in business transformation has never been more relevant than it is today. We believe strongly from the beginning that social was going to become the epicenter of the customer relationship, and we saw social with horizontal, critical to the entire enterprise, fast-moving and highly disruptive to the way that brands attract, engage, service and retain customers.

我們最初關於社會在商業轉型中的作用的論點從未像今天這樣切合實際。我們從一開始就堅信社交將成為客戶關係的中心，我們看到社交對整個企業至關重要，對品牌吸引、參與、服務和保留的方式具有快速和高度顛覆性顧客。

We were committed to a single code base that could deliver innovation at the speed of social, coupled with an elegant UI, to empower customer adoption and success. We maintained a stubborn focus on the core problems to solve, while others became distracted. And we were careful not to chase easy revenue at the expense of our vision or future technical debt.

我們致力於單一代碼庫，以社交的速度提供創新，並結合優雅的 UI，以增強客戶的採用和成功。我們固執地專注於要解決的核心問題，而其他人卻分心了。我們小心翼翼，不要以犧牲我們的願景或未來的技術債務為代價來追求輕鬆的收入。

Now, social is the preferred communication channel for consumers, and it has become critical for business success. Across marketing, customer care, support, sales, operations, HR, business intelligence and product teams, customers rely on Sprout day in and day out to meet their objectives and succeed.

現在，社交是消費者首選的溝通渠道，它已成為企業成功的關鍵。在市場營銷、客戶服務、支持、銷售、運營、人力資源、商業智能和產品團隊中，客戶日復一日地依靠 Sprout 來實現他們的目標並取得成功。

Our commitment to our people and culture has also never been more important. We believe that being a great place to work and a great place to be a customer are deeply connected. We were recently honored to be named Glassdoor's 2023 Best Places to Work List for the fourth consecutive year.

我們對我們的人民和文化的承諾也從未如此重要。我們相信，成為理想的工作場所和成為客戶的理想場所是緊密相連的。我們最近有幸連續第四年被評為 Glassdoor 的 2023 年最佳工作場所名單。

Our deliberate and methodical pace of hiring, ongoing investments in our people and culture, and commitment to our values have allowed us to aggressively pursue our objectives while building a career destination for our people to grow and thrive.

我們深思熟慮和有條不紊的招聘步伐、對我們的員工和文化的持續投資以及對我們價值觀的承諾使我們能夠積極追求我們的目標，同時為我們的員工打造一個職業發展和繁榮的目的地。

The combination of our thesis on the market and the strength of our team have prepared us for the breakout opportunity we see today and have afforded us the ability to continue our investment in our product, innovation and people in any environment. We believe Sprout is now uniquely positioned to pull away in 2023.

我們對市場的看法與我們團隊的實力相結合，使我們為今天看到的突破性機會做好了準備，並使我們能夠在任何環境下繼續對我們的產品、創新和人員進行投資。我們相信 Sprout 現在處於獨特的位置，可以在 2023 年離開。

Entering the year, we believe our full pricing, product, go-to-market and customer success strategies are aligned to the most productive parts of our market, where we're already winning and we are best positioned to provide outsized value to our customers within our platform.

進入這一年，我們相信我們的全面定價、產品、上市和客戶成功戰略與我們市場中最俱生產力的部分保持一致，我們已經在這些部分取得勝利，並且我們最有能力為我們的客戶提供超大價值在我們的平台內。

Another strong reinforcement of our strategy, our upmarket momentum and the success of our pricing changes is the strength we saw this quarter in our premium products. In Q4, we saw nearly 40% more new customers purchasing Premium Analytics than any prior quarter, more than 2.3x more existing customers adding Premium Analytics than any prior quarter and in total, across new business and expansion, added more than 80% net new analytics ARR than any prior quarter.

我們的戰略、高端市場勢頭和定價變化的成功的另一個有力加強是我們在本季度看到的優質產品的實力。在第 4 季度，我們發現購買 Premium Analytics 的新客戶比上一季度增加了近 40%，添加 Premium Analytics 的現有客戶比上一季度增加了 2.3 倍以上，並且在新業務和擴展方面，新客戶淨增 80% 以上分析 ARR 高於任何前一季度。

Total Premium Analytics ARR roughly doubled year-over-year, and our social listening module grew greater than 50% year-over-year.

Total Premium Analytics ARR 同比大約翻了一番，我們的社交聆聽模塊同比增長超過 50%。

Beyond the strong execution against our pricing changes, another highlight was a series of new business wins in Q4 that serve to validate our emerging leadership at the high end of the enterprise. The usability of our platform, combined with powerful sophisticated enterprise functionality, is resonating at the high end of the market more than ever.

除了針對我們的定價變化的強有力執行之外，另一個亮點是第四季度的一系列新業務勝利，這有助於驗證我們在高端企業中的新興領導地位。我們平台的可用性與強大的複雜企業功能相結合，比以往任何時候都更能在高端市場引起共鳴。

We're also very excited to bring our recent acquisition of Repustate into this mix. Repustate will allow us to accelerate multiple dimensions of our product [roadmap] in social listening and extend AI and machine learning across our platform to social customer care, publishing, messaging and employee engagement.

我們也很高興將我們最近收購的 Repustate 納入這一組合。 Repustate 將使我們能夠在社交聆聽中加速我們產品 [路線圖] 的多個維度，並將 AI 和機器學習擴展到我們平台上的社交客戶服務、發布、消息傳遞和員工參與。

We believe our meaningful investments in AI and ML will strengthen the value we deliver to our customers, and we'll unlock multiple new monetization paths from this technology over the next 12 to 18 months.

我們相信我們在 AI 和 ML 方面的有意義的投資將加強我們為客戶提供的價值，並且我們將在未來 12 到 18 個月內通過這項技術開啟多條新的貨幣化途徑。

Our priorities and focus for 2023 are clear. We're going to continue to execute on our compelling product roadmap, continue to execute on our pricing evolution and momentum upmarket and continue to press our competitive advantages to make Sprout the clear category winner.

我們 2023 年的優先事項和重點很明確。我們將繼續執行我們引人注目的產品路線圖，繼續執行我們的定價演變和推動高端市場，並繼續發揮我們的競爭優勢，使 Sprout 成為明顯的類別贏家。

As we continue to hire across the organization and invest in the most productive parts of our business, we're excited to balance strong growth with profitability for the first time. We are fortunate to be operating from a unique position of strength, and we believe we're on the path to realize our full potential in the years to come.

隨著我們繼續在整個組織招聘員工並投資於我們業務中最俱生產力的部分，我們很高興首次實現強勁增長與盈利能力的平衡。我們很幸運能夠在獨特的優勢地位開展業務，我們相信我們正在走在未來幾年充分發揮潛力的道路上。

With that, and for more on the success of the quarter, I'll turn the call over to Ryan.

有了這個，為了更多地了解本季度的成功，我會把電話轉給瑞安。

Thanks, Justyn. I'm grateful for our customers who continue to see more value in our platform and for our teams who continue to execute.

謝謝，賈斯汀。我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。

The technology industry is clearly undergoing change. And as Justyn highlighted, the thoughtful nature of our organizational planning, combined with the durability of demand for our software, has positioned us to accelerate ARR growth through 2023.

技術行業顯然正在發生變化。正如 Justyn 強調的那樣，我們組織規劃的深思熟慮，加上對我們軟件需求的持久性，使我們能夠在 2023 年之前加速 ARR 增長。

Our competitors have spent the last 6 months distracted and pulling back on investments, which has and will continue to impact the product roadmap and customer support.

在過去的 6 個月裡，我們的競爭對手分心並撤回了投資，這已經並將繼續影響產品路線圖和客戶支持。

They're struggling with structural business challenges, and we've begun to see an inflection point in migrations away from our competitors to the Sprout platform. This migration spans all market segments and reinforces confidence that Sprout is building a category-defining company.

他們正在努力應對結構性業務挑戰，我們已經開始看到從我們的競爭對手遷移到 Sprout 平台的轉折點。這種遷移跨越了所有細分市場，增強了人們對 Sprout 正在打造一家類別定義公司的信心。

Earlier this month, Sprout was recognized by G2's Annual Best Software Awards for the seventh consecutive year. We are featured in 7 categories, including Best Global Software Companies and is a top 20 software product for enterprise.

本月早些時候，Sprout 連續第七年獲得 G2 年度最佳軟件獎。我們入選 7 個類別，包括全球最佳軟件公司，並且是企業軟件產品的前 20 名。

We're the only social media management software recognized in the top enterprise software category and the only social media management software ranked across SMB, mid-market and enterprise.

我們是唯一一款在頂級企業軟件類別中獲得認可的社交媒體管理軟件，也是唯一一款橫跨 SMB、中端市場和企業的社交媒體管理軟件。

As I told the team in our 2023 kickoff, it's winning time.

正如我在 2023 年開球時告訴團隊的那樣，現在是勝利的時刻。

I'm proud that we are building a company where employees are aligned and rally around opportunity. It's through this lens that we've executed so well on our recently implemented pricing changes and our increased focus around our most advanced customers. Work like this is why people choose to join and build their career at Sprout.

我很自豪我們正在建立一家員工團結一致並圍繞機遇團結起來的公司。正是通過這個鏡頭，我們在最近實施的價格變化和我們對最高級客戶的更多關注方面執行得非常好。像這樣工作是人們選擇加入 Sprout 並發展他們的職業生涯的原因。

The execution from our teams is being led with an urgency to move quickly, excitement to work alongside our ideal customers and empathy in putting the customer first.

我們團隊的執行力受到快速行動的緊迫感，與我們理想的客戶一起工作的興奮以及將客戶放在首位的同理心。

I want to share pricing feedback from the field as changes went into effect during the month of December. We had roughly 200 more customers canceled in December as compared to the prior 6-month rolling average. The smallest 100 of our customers that canceled had an average ACV of $936. And the average ACV of the 200 smallest customers that canceled in December was $1,056.

隨著更改在 12 月份生效，我想分享來自該領域的定價反饋。與之前 6 個月的滾動平均值相比，我們在 12 月份取消了大約 200 名客戶。我們取消的最小 100 位客戶的平均 ACV 為 936 美元。 12 月份取消的 200 名最小客戶的平均 ACV 為 1,056 美元。

Across the entire customer base, our dollar-based net retention rate shifted materially higher than the rolling 6-month average as the initial uplift more than offset low value logo cancellation.

在整個客戶群中，我們以美元為基礎的淨保留率大幅高於滾動 6 個月的平均水平，因為最初的提升抵消了低價值徽標的取消。

Anecdotal feedback was even more encouraging. Many customers have begun to use pricing increases as an opportunity to upgrade their plan, add users or add premium modules as they reprioritize their investment in social. These trends have so far resulted in better-than-expected ARR performance within a customer base.

軼事反饋更令人鼓舞。許多客戶已經開始將價格上漲作為升級他們的計劃、添加用戶或添加高級模塊的機會，因為他們重新確定了對社交網絡的投資。到目前為止，這些趨勢已導致客戶群中的 ARR 性能好於預期。

Our new business will begin with our lowest ACV customers. In our monthly paying customer cohort, we added less than half the number of logos during December as compared to the trailing 6-month average, but added 5% more new business ARR.

我們的新業務將從 ACV 最低的客戶開始。在我們的每月付費客戶群體中，與過去 6 個月的平均水平相比，我們在 12 月增加的徽標數量不到一半，但新業務 ARR 增加了 5%。

And our largest 100 new business lands in the month of December averaged 63,000 ACV, more than 7x our total average ACV and more than 60x the average ACV of the smallest 100 customers to cancel. Overall, new business ACV more than doubled year-over-year.

我們最大的 100 個新業務在 12 月份的平均 ACV 為 63,000，是我們總平均 ACV 的 7 倍多，也是最小的 100 個取消客戶的平均 ACV 的 60 倍以上。總體而言，新業務 ACV 同比增長了一倍以上。

We're maintaining our [era] of growth at the lowest paying tier of our market with far fewer logos. And now we're accelerating our monetization within the sweet spot of the market, where our platform delivers tremendous business value. The customers we're landing today are higher quality across the board, creating NDR benefits that we believe will compound for a very long time.

我們在我們市場的最低支付層級保持我們的[時代]增長，徽標少得多。現在，我們正在市場的最佳位置加速我們的貨幣化，我們的平台在那裡提供了巨大的商業價值。我們今天登陸的客戶全面質量更高，創造了 NDR 收益，我們相信這些收益將在很長一段時間內復合。

Some of the larger logos are attributable to the great work we're doing with Salesforce. We announced our integration with service cloud at Dreamforce in September, and this highly differentiated integration went live in Q4.

一些較大的徽標歸功於我們與 Salesforce 所做的出色工作。我們在 9 月份宣布與 Dreamforce 的服務雲集成，這種高度差異化的集成在第四季度上線。

Also during Q4, we introduced our integration with Tableau that will empower our customers to strengthen their view of the customer with social data, particularly in the enterprise. A 360-degree view of the customer now, including Sprout, has never been more important.

同樣在第四季度，我們推出了與 Tableau 的集成，這將使我們的客戶能夠通過社交數據加強他們對客戶的看法，尤其是在企業中。現在，包括 Sprout 在內的 360 度客戶視圖從未像現在這樣重要。

Last quarter, I talked about momentum coming out of Dreamforce and the record pipeline. I'm proud to report that we added 175 new logos from our partnership during Q4, bringing our 2022 total to more than 250 logos.

上個季度，我談到了 Dreamforce 和唱片管道的勢頭。我很自豪地報告，我們在第四季度從我們的合作夥伴關係中添加了 175 個新徽標，使我們的 2022 年總數達到 250 多個。

As we continue to bring our products closer together with differentiated and out-of-the-box integrations and to accelerate our marketing and sales playbook, we expect a very strong relationship to continue to build well into 2023. To this point, we currently have a larger pipeline than we did 90 days ago. And we're focused on ensuring that our sales capacity matches demand.

隨著我們繼續通過差異化和開箱即用的集成將我們的產品更緊密地結合在一起，並加快我們的營銷和銷售手冊，我們預計我們將在 2023 年繼續建立非常牢固的關係。到目前為止，我們目前有比我們 90 天前更大的管道。我們專注於確保我們的銷售能力與需求相匹配。

The broader group of customers that we grew with skews up market and includes notable brands like Hormel Foods, Six Flags Entertainment, Synopsys, Visteon, Booz Allen Hamilton, Carrier, Square, Standard Insurance, The University of Michigan, Sotheby’s, The University of Kentucky, Vitamin Shoppe, Orangetheory Fitness, Q2 Holdings and Louisiana State University.

與我們一起成長的更廣泛的客戶群體傾斜了市場，包括著名品牌，如荷美爾食品、六旗娛樂、新思科技、偉世通、博思艾倫漢密爾頓、開利、Square、標准保險、密歇根大學、蘇富比、肯塔基大學、Vitamin Shoppe、Orangetheory Fitness、Q2 Holdings 和路易斯安那州立大學。

The theme from larger organizations that are selecting Sprout is that they are upgrading, which we believe is indicative of the fact that the market is moving in our direction.

選擇 Sprout 的大型組織的主題是他們正在升級，我們認為這表明市場正在朝著我們的方向發展。

Now, first story comes from electronic design firm, Synopsys. "We're excited to up-level our social program this quarter with Sprout," said Michael Lopez, Head of Social Media at Synopsys. "It is a key component of our 2023 strategy, and we look forward to having it further our publishing, listening and reporting capabilities."

現在，第一個故事來自電子設計公司 Synopsys。 Synopsys 社交媒體主管 Michael Lopez 表示：“我們很高興能在本季度通過 Sprout 提升我們的社交計劃。 “這是我們 2023 年戰略的關鍵組成部分，我們期待著它進一步提升我們的發布、傾聽和報告能力。”

"We're excited to up-level our social strategy by working with Sprout," said Laurie Remias, Director of Global Brand and Communications at Visteon Corp. "We have a new vision for social, centered on building broader brand awareness and improving talent acquisition across our global footprint that includes more than 10,000 employees.

偉世通公司全球品牌與傳播總監 Laurie Remias 表示：“我們很高興通過與 Sprout 合作來提升我們的社交戰略。我們對社交有一個新的願景，以建立更廣泛的品牌知名度和提高人才為中心收購我們的全球足跡，包括 10,000 多名員工。

The usability of social publishing, listening and advanced analytics from our single platform gives us the tools we need to extend Visteon's brand equity as we enable the future of digital mobility."

我們單一平台的社交發布、聆聽和高級分析的可用性為我們提供了擴展偉世通品牌資產所需的工具，因為我們實現了數字移動的未來。”

I'm proud of the way we're delivering through an uncertain time, and nowhere on the path to unlock our full potential. Our partnerships have strong momentum. Our pricing changes are resonating within the market. New product enhancements are delivering tremendous value to our customers. And our competitive positioning has never been stronger.

我為我們在不確定時期的表現方式感到自豪，而且在釋放我們全部潛力的道路上無處可去。我們的伙伴關係勢頭強勁。我們的定價變化在市場上引起了共鳴。新產品的改進為我們的客戶帶來了巨大的價值。我們的競爭定位從未如此強大。

We're recruiting and hiring amazing enterprise sales talent, and we're focused on the most successful tiers of our market. We're excited for the work ahead as we continue to scale a category-defining company.

我們正在招募和僱用出色的企業銷售人才，我們專注於我們市場中最成功的層級。隨著我們繼續擴大一家類別定義公司的規模，我們對未來的工作感到興奮。

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 fourth quarter results in detail before moving into guidance for the first quarter and full year 2023. We're pleased to deliver record net new ARR, durable growth and positive free cash flow for the eighth consecutive quarter. We expect to outperform our medium-term financial goals in 2023 and deliver accelerating growth with non-GAAP profitability.

謝謝，瑞安。在進入第一季度和 2023 年全年的指導之前，我現在將詳細介紹我們的第四季度業績。我們很高興連續第八個季度實現創紀錄的淨新 ARR、持久增長和正自由現金流。我們預計將在 2023 年超越我們的中期財務目標，並以非 GAAP 盈利能力實現加速增長。

Revenue for the fourth quarter was $69.7 million, representing 31% year-over-year growth. Subscription revenue was $69.2 million, up 31% year-over-year and nicely ahead of our plan.

第四季度收入為 6970 萬美元，同比增長 31%。訂閱收入為 6,920 萬美元，同比增長 31%，遠超我們的計劃。

However, we experienced materially greater-than-expected inflection in partnership demand and offered pre-implementation and onboarding for all 175 Social Studio customers during Q4. This resulted in a $0.8 million to $1.2 million shortfall in services revenue relative to our plan.

然而，我們在合作夥伴需求方面經歷了比預期大得多的變化，並在第四季度為所有 175 名 Social Studio 客戶提供了預實施和入職服務。與我們的計劃相比，這導致服務收入出現 80 萬至 120 萬美元的缺口。

We've adjusted our forecast methodology and expect services revenue to be lower than 2022 levels, moving forward, to the possibility that will continue this playbook. ARR as in Q4 was $296.6 million, up 32% year-over-year. Enterprise new business was exceptionally strong in Q4.

我們已經調整了我們的預測方法，並預計服務收入將低於 2022 年的水平，向前邁進，以繼續這個劇本的可能性。第四季度的 ARR 為 2.966 億美元，同比增長 32%。企業新業務在第四季度異常強勁。

We set a net new ARR record at enterprise and mid-market, while SMB and agency each accelerated in the month of December as pricing changes went into effect.

我們在企業和中端市場創造了淨新的 ARR 記錄，而隨著定價變化的生效，SMB 和代理機構在 12 月份各自加速增長。

We had 132 net new customers in Q4 to finish the quarter with 34,390 customers, up 8% year-over-year. The number of customers contributing more than $10,000 in ARR reached 6,652, up 35% from a year ago.

我們在第四季度有 132 個淨新客戶，本季度末有 34,390 個客戶，同比增長 8%。貢獻超過 10,000 美元 ARR 的客戶數量達到 6,652，比一年前增長 35%。

The number of customers contributing more than $50,000 in ARR reached 972, up 59% from a year ago. Quarterly 10,000 and 50,000 net customer adds were in line with our prior quarterly high watermark, even at materially higher price points and with rapidly expanding total deal size.

貢獻超過 50,000 美元 ARR 的客戶數量達到 972 家，比一年前增長 59%。每季度 10,000 和 50,000 名淨客戶增加與我們之前的季度高水位線一致，即使在價格大幅上漲且總交易規模迅速擴大的情況下也是如此。

Q4 ACV growth of 22% year-over-year began to accelerate, driven by enterprise new business momentum and the initial contribution from pricing changes.

在企業新業務動能和定價變化的初步貢獻的推動下，Q4 ACV 同比增長 22% 開始加速。

In Q4, non-GAAP gross profit was $54.8 million, representing a non-GAAP gross margin of 78.7%. This is up 300 basis points compared to a non-GAAP gross margin of 75.7% a year ago. We continue to scale favorably into our business model and benefit from a typically low services contribution this quarter.

第四季度，非美國通用會計準則毛利潤為 5480 萬美元，非美國通用會計準則毛利率為 78.7%。與一年前 75.7% 的非 GAAP 毛利率相比，這一數字上升了 300 個基點。我們繼續有利地擴展我們的業務模型，並受益於本季度通常較低的服務貢獻。

Non-GAAP sales and marketing expenses for Q4 were $28.6 million or 41% of revenue, up from 39% a year ago. We are fortunate to hire well throughout the quarter and continue to make meaningful investments in our future, particularly in enterprise and customer growth roles.

第四季度的非美國通用會計準則銷售和營銷費用為 2860 萬美元，佔收入的 41%，高於一年前的 39%。我們很幸運在整個季度都招聘到了很好的人才，並繼續對我們的未來進行有意義的投資，特別是在企業和客戶增長方面。

Non-GAAP research and development expenses for Q4 were $13.3 million or [90%] of revenue, down from 20% a year ago. We've continued to make transportive R&D investments to support the future evolution of our platform.

第四季度的非美國通用會計準則研發費用為 1330 萬美元，佔收入的 [90%]，低於一年前的 20%。我們繼續進行運輸研發投資，以支持我們平台的未來發展。

Non-GAAP general and administrative expenses for Q4 were $12.3 million or 18% of revenue, down from 21% a year ago. We expect to deliver consistent G&A leverage as a percent of revenue, moving forward.

第四季度的非美國通用會計準則一般和行政費用為 1230 萬美元，佔收入的 18%，低於一年前的 21%。我們希望在未來提供一致的 G&A 槓桿佔收入的百分比。

Non-GAAP operating income for Q4 was $0.6 million or a positive 0.8% non-GAAP operating margin, improvement of more than 550 basis points year-over-year. We are pleased with the ongoing efficiency improvements as we scale, even as we prioritize growth investments in the business.

第 4 季度的非美國通用會計準則營業收入為 60 萬美元，或非美國通用會計準則營業利潤率為 0.8%，同比提高超過 550 個基點。我們對隨著規模不斷擴大而不斷提高的效率感到滿意，即使我們優先考慮對業務的增長投資。

Non-GAAP net income for Q4 was $1.8 million for net income of $0.03 per share, based on 55.2 million weighted average shares of common stock outstanding compared to a non-GAAP net loss of $2.7 million and $0.05 per share a year ago.

基於 5520 萬股已發行普通股的加權平均股，第四季度的非 GAAP 淨收入為 180 萬美元，每股淨收入為 0.03 美元，而一年前的非 GAAP 淨虧損為 270 萬美元和每股 0.05 美元。

Turning to the balance sheet and cash flow. We ended Q4 with $185.8 million in cash, cash equivalents and marketable securities, up from $181.9 million at the end of Q3.

轉向資產負債表和現金流量。我們在第四季度末擁有 1.858 億美元的現金、現金等價物和有價證券，高於第三季度末的 1.819 億美元。

Deferred revenue at the end of the quarter was $96.2 million. Looking at both our billed and unbilled contracts, our remaining performance obligations, or RPO, totaled approximately $163.1 million, up from $136.9 million as in Q3, a record sequential increase and up 51% year-over-year. We expect to recognize approximately 75% or $122 million of total RPO's revenue over the next 12 months.

本季度末的遞延收入為 9620 萬美元。從我們的已開票和未開票合同來看，我們的剩餘履約義務或 RPO 總計約為 1.631 億美元，高於第三季度的 1.369 億美元，創下連續增長記錄，同比增長 51%。我們預計在未來 12 個月內確認約 75% 或 1.22 億美元的 RPO 總收入。

I do want to call out a typical invoicing pattern. Approximately 10 million of customer contracts were signed during Q4 but not invoiced to the customer until January. Lining to accounting rules, this $10 million was captured an RPO but not deferred revenue on our year-end balance sheet. We estimate our normalized billings growth rate to be between 35% and 40% over both Q4 and Q1.

我確實想指出一種典型的發票模式。第四季度簽署了大約 1000 萬份客戶合同，但直到 1 月份才向客戶開具發票。根據會計規則，這 1000 萬美元是在我們年終資產負債表上的 RPO 而不是遞延收入。我們估計我們的標準化賬單增長率在第四季度和第一季度都在 35% 到 40% 之間。

Operating cash flow in Q4 was positive $3.0 million compared to $2.5 million a year ago. Free cash flow was positive $2.6 million or a positive 3.7% free cash flow margin ahead of our expectations. For the full year 2022, free cash was $8.8 million or 3.5% free cash flow margin.

與一年前的 250 萬美元相比，第四季度的運營現金流為正 300 萬美元。自由現金流為正 260 萬美元或 3.7% 的正自由現金流利潤率超出我們的預期。 2022 年全年，自由現金為 880 萬美元或 3.5% 的自由現金流利潤率。

In addition to strong efficiency, the ongoing shift to annual and multiyear contracts continues to have a positive impact on our free cash flow as we grow.

除了高效之外，隨著我們的發展，向年度和多年合同的持續轉變繼續對我們的自由現金流產生積極影響。

In 2022, our overall dollar-based net retention rate was 109%, down from 112% in 2021. Our dollar-based net retention rate, excluding SMB customers, was 116% in 2022 compared with 118% in 2021.

2022 年，我們基於美元的整體淨保留率為 109%，低於 2021 年的 112%。我們基於美元的淨保留率（不包括 SMB 客戶）在 2022 年為 116%，而 2021 年為 118%。

Lower expansion activity in our SMB and agency segments weighed on net expansion activity, primarily amongst our lowest-value customers. However, we believe our quickly changing mix towards mid-market and enterprise, pricing changes and the strategic alignment around our most sophisticated customers put Sprout on a tangible path to improve dollar-based net retention north of 120% by 2025.

我們的 SMB 和代理部門的較低擴張活動拖累了淨擴張活動，主要是我們的最低價值客戶。然而，我們相信，我們快速變化的中端市場和企業組合、定價變化以及圍繞我們最成熟的客戶的戰略調整使 Sprout 走上了一條切實可行的道路，到 2025 年將以美元為基礎的淨保留率提高 120% 以上。

Shifting to formal guidance. For the first quarter of fiscal 2023, we expect revenue in the range of $75.0 million to $75.1 million or a growth rate of 31%. We expect services revenue to decline year-over-year.

轉向正式指導。對於 2023 財年第一季度，我們預計收入在 7500 萬美元至 7510 萬美元之間，增長率為 31%。我們預計服務收入將同比下降。

We expect non-GAAP operating loss in the range of $0.7 million to $0.5 million. This represents an anticipated non-GAAP operating margin of negative 0.8%. We expect a non-GAAP net loss per share of roughly $0.01, assuming 55.4 million weighted average basic shares of common stock outstanding.

我們預計非 GAAP 營業虧損在 70 萬至 50 萬美元之間。這表示預期的非 GAAP 營業利潤率為負 0.8%。我們預計非 GAAP 每股淨虧損約為 0.01 美元，假設流通在外的普通股加權平均基本股為 5540 萬股。

For the full year fiscal 2023, we expect total revenue in the range of $332 million to $333 million. This is expected overall reported growth rate of 31%. We expect services revenue will be lower than 2022 levels.

對於 2023 財年全年，我們預計總收入在 3.32 億美元至 3.33 億美元之間。預計總體報告增長率為 31%。我們預計服務收入將低於 2022 年的水平。

For the full year fiscal 2023, we expect total ARR to grow at least 200 basis points faster than reported revenue, implying full-year ARR growth of at least 33%.

對於 2023 財年全年，我們預計總 ARR 增長至少比報告收入快 200 個基點，這意味著全年 ARR 增長至少 33%。

We believe that year-over-year ARR growth will accelerate in 2023 and grow faster than reported revenue due to a growing mix of our enterprise and mid-market segments, tailwinds from our pricing changes and outside contribution from our partnerships.

我們認為，ARR 的同比增長將在 2023 年加速，並且由於我們的企業和中端市場細分市場的組合不斷增加、我們的定價變化帶來的順風以及我們合作夥伴的外部貢獻，增長速度將快於報告的收入。

We do not intend to guide ARR each year, however 2023 will be unique. Our installed base pricing changes will layer into our financial model over the course of the year, providing a benefit to 2023 ARR and partial benefit to revenue in both 2023 and 2024.

我們不打算每年指導 ARR，但 2023 年將是獨一無二的。我們安裝基礎定價的變化將在這一年中融入我們的財務模型，為 2023 年的 ARR 帶來好處，並為 2023 年和 2024 年的收入帶來部分好處。

For 2023, we expect non-GAAP operating income in the range of $1.6 million to $2.0 million. This implies annual non-GAAP operating margin improvement of 210 basis points to 220 basis points for the full year of non-GAAP profitability for the first time.

對於 2023 年，我們預計非 GAAP 營業收入在 160 萬至 200 萬美元之間。這意味著年度非 GAAP 營業利潤率首次提高 210 個基點至 220 個基點，實現非 GAAP 全年盈利。

We're pleased to improve our rate of non-GAAP operating margin expansion and expect to deliver durable, profitable growth on a non-GAAP basis. We expect non-GAAP net income per share between $0.03 and $0.04, assuming approximately 56.0 million weighted average basic shares of common stock outstanding.

我們很高興提高非 GAAP 營業利潤率的增長速度，並期望在非 GAAP 基礎上實現持久的盈利增長。我們預計非 GAAP 每股淨收入在 0.03 美元至 0.04 美元之間，假設已發行普通股的加權平均基本股約為 5600 萬股。

Finally, I'll expand on Ryan's comments regarding pricing changes. Both new business and existing customer pricing changes were communicated in early November, making the month of December the first month of effective pricing changes. As such, Q4 saw a partial and early contribution.

最後，我將詳述 Ryan 關於定價變化的評論。新業務和現有客戶的定價變更均在 11 月初進行了通報，使 12 月成為生效定價變更的第一個月。因此，第四季度看到了部分和早期的貢獻。

In the installed base, overall feedback has been receptive, understanding both the value we deliver to our customers and enhanced innovation that we have delivered since most customers began their subscriptions with us.

在已安裝的基礎上，總體反饋是可以接受的，了解我們為客戶提供的價值以及自大多數客戶開始訂閱我們以來我們提供的增強創新。

Low return was higher than normal by approximately 200 logos in the month of December. However, these are weighted to low-value logos, and average ACVs of the 200 small logos churn was 1,056.

12 月份的低迴報率比正常水平高出約 200 個標誌。但是，這些都是針對低價值徽標加權的，200 個小徽標流失的平均 ACV 為 1,056。

As Ryan shared, the average ACV of the 100 small logos that canceled the month of December had an ACV of $936 compared with an average ACV of $63,000 for 100 largest new business logos in the month of December.

正如 Ryan 分享的那樣，12 月份取消的 100 個小徽標的平均 ACV 為 936 美元，而 12 月份取消的 100 個最大的新商業徽標的平均 ACV 為 63,000 美元。

We saw fewer-than-normal customer downgrade in December as compared to the prior 6-month rolling average. We saw many customers expand seats or adopt incremental premium modules as a means to expand [spend] with us rather than absorbing a pure price increase. In fact, the attach rate of customers having purchased a premium module increased by 160 basis points sequentially from Q3, roughly double the cadence over the prior 4 quarters.

與之前的 6 個月滾動平均值相比，我們發現 12 月份的客戶降級次數低於正常水平。我們看到許多客戶擴大席位或採用增量高級模塊作為與我們一起擴大 [消費] 的手段，而不是吸收純粹的價格上漲。事實上，購買優質模塊的客戶的購買率從第三季度開始連續增加了 160 個基點，大約是前 4 個季度的兩倍。

December net dollar retention set a monthly record. December total new business ARR set a monthly record. Growth in logos were lower than prior trend line, consistent with our expectation. And new business ACVs in December more than doubled on a year-over-year basis. We expect these trends to each continue.

12 月淨美元保留率創下月度記錄。 12 月新業務總量 ARR 創月度新高。徽標的增長低於之前的趨勢線，符合我們的預期。 12 月份的新業務 ACV 同比增長了一倍多。我們預計這些趨勢將繼續下去。

In 2023, compared to the prior period, we expect to add a lower volume of customers that will be stickier and higher value and expect to turn a modestly higher volume of very low-value customers. The trade-up is a meaningful tailwind to ARR growth, ACVs, cash flow and NDR.

到 2023 年，與上一時期相比，我們預計將增加更少的粘性更高、價值更高的客戶，並預計將適度增加極低價值客戶的數量。以舊換新對 ARR 增長、ACV、現金流和 NDR 來說是一個有意義的順風。

We expect new business ACV to continue to be materially higher than prior levels. In total, our customer growth in 2023 will likely be below historical trend lines, but ACV growth will further and more meaningfully accelerate from our Q4 exit rate.

我們預計新業務 ACV 將繼續大幅高於之前的水平。總的來說，我們 2023 年的客戶增長可能會低於歷史趨勢線，但 ACV 增長將從我們的第四季度退出率進一步加速。

In conclusion, we're very proud of the execution from our teams, which underscores the resiliency of our business model and value of our software. Social has never been more important or more valuable to our customers, and we believe we're in a unique position to pull away from our competitive set and emerge as a category-defining company in a $100 billion market. Now we expect to deliver that growth with profitability as we continue to scale.

總之，我們為團隊的執行力感到非常自豪，這凸顯了我們業務模型的彈性和我們軟件的價值。社交對我們的客戶來說從未像現在這樣重要或有價值，我們相信我們處於獨特的地位，可以擺脫我們的競爭格局，並在價值 1000 億美元的市場中成為一家定義類別的公司。現在，隨著我們繼續擴大規模，我們希望通過盈利來實現這種增長。

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) We'll take our first question from Raimo Lenschow with Barclays.

（操作員說明）我們將從 Raimo Lenschow 和巴克萊銀行提出我們的第一個問題。

Two quick ones, if I may. First of all, the customer wins you pointed out like Synopsys, Square are kind of in the group that I historically would have never kind of imagined for Sprout Social because it kind of seems higher up in the market.

兩個快速的，如果可以的話。首先，你像 Synopsys 和 Square 指出的客戶贏得了我在歷史上從未想過的 Sprout Social 的群體，因為它在市場上似乎更高。

Can you talk a little bit about the pipeline activity that you see in that kind of cohort? It seems like more on the higher end to where you played historically. And how that's kind of evolving?

你能談談你在那種隊列中看到的管道活動嗎？它似乎更像是你歷史上玩過的地方的高端。那是如何演變的？

And then one for Joe. Like NRR kind of ticked down both for, like, the total, but also look at slightly higher. Can you talk a little bit about the moving pieces that are -- that we should consider there as we think about that number?

然後一個給喬。就像 NRR 一樣，總的來說，它既有下降的趨勢，也有略微走高的趨勢。你能談談我們在考慮這個數字時應該考慮的移動部分嗎？

Thanks, Raimo. This is Ryan. I'll start off on the first question around the customer wins in the large enterprise. And this is -- this has been a huge opportunity for us and something that we've seen a lot of success with, thus far, and I think it just continues to become more pronounced every quarter.

謝謝，雷莫。這是瑞安。我將從圍繞大型企業客戶贏得的第一個問題開始。這是 - 這對我們來說是一個巨大的機會，到目前為止我們已經看到了很多成功，而且我認為它每個季度都會變得更加明顯。

There's a few things that are really tailwinds for us here. I think one has just been the historical success from those enterprise customers. And I think we shared before, one of the things that has really differentiated us is the way that we built this product. It's incredibly intuitive, but it's also incredibly sophisticated.

這裡有幾件事對我們來說真的很順風。我認為其中之一就是那些企業客戶的歷史性成功。我想我們之前分享過，真正讓我們與眾不同的一件事是我們構建這個產品的方式。它非常直觀，但也非常複雜。

And in previous quarters, we've shared some amazing wins from some Fortune 500s and Fortune 10s that have been in that group. And in these accounts, they typically have large populations of users that are accessing the product. And that can be across marketing and care and sales and across the entire organization. That usability becomes incredibly important work.

在前幾個季度，我們分享了該集團中一些財富 500 強和財富 10 強的驚人勝利。在這些帳戶中，他們通常有大量用戶正在訪問該產品。這可以跨越營銷、護理和銷售，也可以跨越整個組織。這種可用性成為非常重要的工作。

You layer on top of that, that we've built these incredible products across our analytics and social listening and advocacy, and these are products that our customers want, and they want them all in one place.

最重要的是，我們通過分析、社會傾聽和宣傳構建了這些令人難以置信的產品，這些是我們的客戶想要的產品，他們希望它們都集中在一個地方。

They don't want to buy it from multiple vendors. They want it in one suite and platform. And they love that they are getting it with the same UI and the same UX. And so that organic build that we have here with that single code base has really differentiated us.

他們不想從多家供應商處購買。他們希望它在一個套件和平台中。他們喜歡使用相同的 UI 和相同的 UX 來獲得它。因此，我們在這裡使用單一代碼庫進行的有機構建確實使我們與眾不同。

The final piece that I'll just highlight is that our teams have done an amazing job both driving awareness in the enterprise, but also executing really well against these opportunities, going out and building pipeline with these accounts, taking great care of these customers through the evaluation process as well as when we win them and making sure that they get implemented quickly and that they're getting great user adoption.

我要強調的最後一點是，我們的團隊做了出色的工作，既提高了企業的意識，也很好地抓住了這些機會，走出去並與這些客戶建立管道，通過以下方式非常關心這些客戶評估過程以及我們何時贏得它們，並確保它們得到快速實施，並確保它們得到很好的用戶採用。

So all those things are really contributing to the success that we're continuing to see in the enterprise. And I think it really stands out when you start to look at the 50,000 wins, which are now at 59% growth year-over-year.

因此，所有這些都真正有助於我們在企業中繼續看到的成功。而且我認為，當您開始查看 50,000 場胜利時，它真的很突出，現在同比增長 59%。

And then, Raimo, on the [MDR] front, puts and takes, we talked about this before. Where we saw pressure throughout the year was on the SMB, low-end SMB and then low end on the agency side. If you look at our mid-market enterprise, actually, the net dollar retention on that is well above the 116 number we gave ex SMB because that factors in the agency.

然後，Raimo，在 [MDR] 方面，我們之前談過這個。我們全年看到壓力的地方是 SMB、低端 SMB，然後是代理端的低端。如果你看一下我們的中端市場企業，實際上，淨美元保留率遠高於我們給前 SMB 的 116 個數字，因為這是該機構的因素。

And if we think about where the business is shifting, we think about the move up in the mid-market enterprise, we do expect upside to these numbers through in 2023. And then we also expect, like we talked about, to get to 120% overall by 2025.

如果我們考慮業務轉移的方向，我們會考慮中端市場企業的上升，我們確實預計到 2023 年這些數字會有上升空間。然後我們還預計，就像我們談到的那樣，達到 120到 2025 年的總體百分比。

And early indications of what we're seeing, especially up in the mid-market enterprise with the pricing changes, with the new logos that we're landing, they're just higher quality. And so the overall customer base, we believe, over the next couple of years, is -- the quality of it is going to totally change. And so it gives us a lot of confidence as we move forward.

以及我們所看到的早期跡象，特別是在價格變化的中端市場企業中，隨著我們登陸的新標誌，它們只是質量更高。因此，我們相信，在接下來的幾年裡，整體客戶群的質量將會完全改變。因此，在我們前進的過程中，它給了我們很大的信心。

We'll take our next question from Arjun Bhatia with William Blair.

我們將接受 Arjun Bhatia 和 William Blair 的下一個問題。

Congrats on the quarter. I want to start with the -- I think, Justyn, you mentioned that customers are increasingly prioritizing social. And it seems like it's coming through your enterprise numbers.

祝賀這個季度。我想從——我想，Justyn，你提到客戶越來越重視社交。它似乎來自您的企業編號。

But with the net new customers that you're seeing come in, particularly maybe in December, what differences are you noticing in terms of the scope of their Sprout deployment? Are there any particular use cases or departments that are more involved, less involved than you've seen historically? Maybe just some color on that would be helpful.

但是隨著您看到的淨新客戶的加入，尤其是在 12 月，您注意到他們的 Sprout 部署範圍有何不同？是否有任何特定用例或部門比您以往看到的涉及更多或更少？也許只是一些顏色會有所幫助。

Thanks, Arjun. I'll start there. It's Ryan. I think all of this is part and parcel of the really focused motion that we have into sophisticated customers, which tend to skew certainly in the mid-market and enterprise. Those customers today that we're seeing come in, they're prioritizing social. They realize that it's a critical part of their business strategy.

謝謝，阿瓊。我將從那裡開始。是瑞安。我認為所有這些都是我們真正專注於復雜客戶的行動的一部分，這些客戶肯定傾向於中端市場和企業。我們今天看到的那些客戶進來，他們正在優先考慮社交。他們意識到這是他們業務戰略的重要組成部分。

They see it beyond marketing into things like customer service, customer care. They see it contributing to the revenue growth from a sales perspective. And they really, really want to capture the data that exist in social and leverage it to make business decisions.

他們認為它超越了營銷，進入了客戶服務、客戶關懷等領域。從銷售的角度來看，他們認為這有助於收入增長。他們真的非常想捕獲社交中存在的數據並利用它來做出業務決策。

So when I think about the specifics of what we're seeing with those customers today, it's usually across multiple departments. So certainly in the marketing department and customer care.

因此，當我考慮我們今天在這些客戶身上看到的具體情況時，通常涉及多個部門。所以當然是在營銷部門和客戶服務部門。

But even outside of that, they're trying to think about how they can consume that data to help them with making decisions, grabbing insights from that social data, which could contribute to which products they need to evolve or perhaps introduce which markets they want to go into, how they want to compete.

但即使除此之外，他們也在嘗試考慮如何使用這些數據來幫助他們做出決策，從這些社交數據中獲取見解，這可能有助於他們需要發展哪些產品，或者可能會引入他們想要的市場進入，他們想如何競爭。

And so we're seeing this also manifest itself in multiple products. So those lands are bigger. They're coming in for the core use cases across marketing and customer care, but then they're also adding in things like our social listening and analytics.

所以我們看到這也體現在多種產品中。所以那些土地更大。他們加入了營銷和客戶服務的核心用例，但隨後他們也加入了我們的社交聆聽和分析等內容。

So generally, we're getting across a larger population. They're more sophisticated users with deeper demands. And again, they want to see all these solutions in one place because they think it's really important, given the horizontal nature of social, that their team has equal access to the technology and the data.

所以總的來說，我們正在接觸更多的人群。他們是具有更深層次需求的更成熟的用戶。而且，他們希望在一個地方看到所有這些解決方案，因為他們認為考慮到社交的水平性質，他們的團隊能夠平等地訪問技術和數據非常重要。

Arjun, this is Justyn. One thing I'll add there is just I think, zooming out a bit, what we're seeing is just a rise in the [slope] at the front end of the maturity curve, right? We've got customers who have been investing in social for a varying amount of time. We've got organizations that are at different stages in terms of their investment, their sophistication. And their maturity was social.

Arjun，這是 Justyn。我要補充的一件事是我認為，縮小一點，我們看到的只是成熟度曲線前端 [斜率] 的上升，對嗎？我們有一些客戶在不同時間段內對社交進行投資。我們的組織在投資和成熟度方面處於不同階段。他們的成熟是社交的。

And so we're seeing more and more companies come into the funnel with more sophisticated demands. They've proven use cases within their organizations. They're looking to operationalize social in ways that has just continuously climbed year-over-year for the last several years as that maturity climbs.

因此，我們看到越來越多的公司帶著更複雜的需求進入漏斗。他們已經在他們的組織內證明了用例。隨著成熟度的攀升，他們正在尋求以在過去幾年中逐年攀升的方式來實施社交。

And so we're seeing more of those. We're seeing them at a higher -- certainly a higher deal size, but just a higher level of maturity and involvement across the organization overall. And I think that, that's going to be a trend that we're going to continue to see because we're still very early, I believe, broadly in social adoption within these organizations.

所以我們看到了更多。我們看到他們的交易規模更高——當然是更大的交易規模，但整個組織的成熟度和參與度更高。而且我認為，這將成為我們將繼續看到的趨勢，因為我相信，在這些組織中廣泛採用社會採用我們還處於早期階段。

That is helpful. And then another one I want to touch on Salesforce. It seems like you got some pretty good traction there in Q4. But I think you pointed out the Social Studio customers, but obviously, the opportunity in Salesforce is much larger, right, beyond the core Social Studio customers.

這很有幫助。然後我想談一談 Salesforce。看起來你在第四季度獲得了相當不錯的牽引力。但我認為你指出了 Social Studio 客戶，但顯然，Salesforce 的機會要大得多，對，超出了核心 Social Studio 客戶。

Can you talk a little bit about what you're seeing in the rest of the Salesforce space, maybe those core service (inaudible) customers that weren't using Social Studio before? How are you thinking about penetrating that base? And where are we in that process today?

您能否談談您在 Salesforce 其他領域看到的情況，也許是那些以前沒有使用 Social Studio 的核心服務（聽不清）客戶？你打算如何滲透那個基地？我們今天在這個過程中處於什麼位置？

Yes. I'd say, we're really early in that process today. We're incredibly excited about the partnership that we have and how it's continued to develop and mature. As you mentioned, the service cloud piece, that service cloud integration went live in Q4, alongside of Tableau, which went live in Q4. And we added those to the integrations that already exist with the sales cloud and with Slack.

是的。我想說，我們今天真的處於這個過程的早期階段。我們對我們擁有的合作夥伴關係以及它如何繼續發展和成熟感到非常興奮。正如你提到的，服務雲部分，服務雲集成在第四季度上線，與 Tableau 一起上線，後者在第四季度上線。我們將這些添加到銷售雲和 Slack 已經存在的集成中。

And so that's really all contributing to Sprout being the best choice for any customer that's really invested in Salesforce CRM. And so all of that has really helped.

因此，這一切都有助於 Sprout 成為任何真正投資於 Salesforce CRM 的客戶的最佳選擇。所以所有這些都真的很有幫助。

I think the other piece is from a go-to-market perspective, we're seeing tremendous support from the Salesforce sales teams in the field, getting in front of the customers. So many of the logos that we spoke about were joint sales, where we had a chance to go in with that Salesforce AE and partner with that customer.

我認為另一部分是從進入市場的角度來看，我們看到了現場 Salesforce 銷售團隊的巨大支持，在客戶面前。我們談到的許多徽標都是聯合銷售，我們有機會與 Salesforce AE 合作並與該客戶合作。

And from a service cloud perspective, even the customers that are not on Social Studio, that are moving over, that are great service cloud users, they're thinking about social data. They're thinking about that 360-degree view of the customer and how social data taps into that.

從服務雲的角度來看，即使是那些不在 Social Studio 上的客戶，那些正在遷移的客戶，那些服務雲的優秀用戶，他們也在考慮社交數據。他們正在考慮客戶的 360 度視角以及社交數據如何利用這一點。

And Sprout has clearly become the best option for those companies to be able to integrate these platforms together and to leverage that data to make better decisions for their customer base.

Sprout 顯然已成為這些公司能夠將這些平台集成在一起並利用這些數據為其客戶群做出更好決策的最佳選擇。

So it's a great, great partnership across the product and go-to-market teams. And again, I'd say, we're early. We think we have a tremendous opportunity here in partnering with Salesforce for years to come, not just against the Social Studio opportunity, but the entire customer base.

因此，這是跨產品和上市團隊的非常非常好的合作夥伴關係。再一次，我想說，我們來早了。我們認為我們在未來幾年與 Salesforce 合作是一個巨大的機會，不僅僅是針對 Social Studio 的機會，而是針對整個客戶群。

We'll take our next question from Elizabeth Porter with Morgan Stanley.

我們將與摩根士丹利一起接受伊麗莎白·波特的下一個問題。

I just wanted to understand some of the composition of the record-high net new ARR a little bit more. I know you hit on some of the drivers, but was there any outsized, you'd say, contribution from either kind of the new customers landing at higher prices, existing at higher renewals or just closing of more of those Salesforce deals following momentum out of Dreamforce?

我只是想多了解一下創紀錄的淨新ARR的一些構成。我知道你找到了一些驅動因素，但你會說，是否有任何過大的貢獻來自以更高價格登陸的新客戶、以更高的續訂率存在的新客戶，或者只是在勢頭消失後關閉更多的 Salesforce 交易夢想力量？

And I'm just trying to get a better sense for how durable the net new ARR added in Q4, and what drivers could moderate or even accelerate into 2023?

我只是想更好地了解第四季度淨新增 ARR 的持久性，以及哪些驅動因素可以緩和甚至加速到 2023 年？

Thanks, Elizabeth. It's Ryan. I'll start off there. I think from a durable nature, one of the things that we're really proud of is just the consistency of execution across our teams. And so we certainly have seen the new business plans as well as our current customer base increase in size, which you can see in the 10,000 and 50,000.

謝謝，伊麗莎白。是瑞安。我將從那裡開始。我認為從持久性的角度來看，我們真正引以為豪的事情之一就是我們團隊執行力的一致性。因此，我們當然已經看到新的業務計劃以及我們當前的客戶群規模增加，您可以在 10,000 和 50,000 中看到。

But I think what also is really important here is that there isn't a dramatic concentration in one single account or a couple of accounts that skewed this whole number in one direction. There's a lot of consistency in terms of just the increase in average ACVs across all of these customers.

但我認為這裡真正重要的是，單個賬戶或幾個賬戶並沒有顯著集中，從而使整個數字向一個方向傾斜。就所有這些客戶的平均 ACV 的增長而言，存在很多一致性。

I think I'd probably go back to something I commented on just a few minutes ago just in terms of the composition is we're seeing these sophisticated customers coming in with needs that are more than what might have been the core use case a few years ago, right?

我想我可能會回到我幾分鐘前評論過的內容，就組成而言，我們看到這些老練的客戶帶來的需求比核心用例更多幾年前，對吧？

They're thinking about this across marketing, customer care. They're thinking about the value of social data as it relates to our analytics product and our social listening product.

他們在營銷和客戶服務方面都在考慮這個問題。他們正在考慮社交數據的價值，因為它與我們的分析產品和社交聆聽產品相關。

So the main points are that we're seeing it across many customers, which you can see in the volume in the 10,000 and 50,000. And we're seeing it across our core use cases as well as the add-ons. So that, for us, just reinstates the confidence we have in the durability of this.

所以要點是我們在許多客戶中看到它，你可以在 10,000 和 50,000 的數量中看到。我們在核心用例和附加組件中看到了它。所以，對我們來說，只是恢復了我們對它的持久性的信心。

Yes. The only thing I'll call out, Liz, with you now is like on the pure number itself, Q4 is always going to be -- and consistently has been a high watermark net new ARR quarter. So I think that is consistent with what we've seen in the last couple of years.

是的。 Liz，我唯一要說的是，Liz，現在和你在一起就像純粹的數字本身一樣，第 4 季度永遠是——並且一直是一個高水位淨新 ARR 季度。所以我認為這與我們在過去幾年中看到的情況一致。

All those factors are definitely going to lead into 2023, but just calling out that we definitely see outsized kind of momentum, especially upmarket in Q4 outside versus the rest of the year.

所有這些因素肯定會影響到 2023 年，但我們肯定會看到巨大的勢頭，尤其是與今年餘下時間相比，第四季度以外的高端市場。

Yes. Got that. And then just a follow-up on the margins. Great to see the 210-plus bps of margin expansion. I just wanted to know if it's in line -- largely in line with the initial target for 100 to 300 that you provided before the pricing change?

是的。了解。然後只是對利潤率的跟進。很高興看到利潤率增長超過 210 個基點。我只是想知道它是否符合 - 很大程度上符合您在定價更改之前提供的 100 到 300 的初始目標？

So just wanted to understand now that there's a pricing change, would there otherwise be some sort of upside to profitability? And are you offsetting that with accelerating investments elsewhere in the business?

所以現在只想了解價格發生變化，否則盈利能力會有某種上升趨勢嗎？您是否通過加速對業務其他方面的投資來抵消這一影響？

Yes. So that's a great question, Liz. I think right now, obviously, just being 60 days into the pricing changes, we want to make sure we get a little bit more information before we start kind of adjusting our investments.

是的。所以這是一個很好的問題，Liz。我認為現在，很明顯，價格變化剛剛過去 60 天，我們希望確保在開始調整投資之前獲得更多信息。

But to the extent that we continue to see the success we saw towards the end of Q4 and into Q1 and we start outperforming due to the pricing changes, I do think that's a more efficient set of revenue that we're going to acquire. And then at that point, we kind of look at do we reset the model, do we look at investments.

但就我們繼續看到我們在第四季度末和第一季度看到的成功而言，並且由於定價變化我們開始表現出色，我確實認為這是我們將獲得的一組更有效的收入。然後在這一點上，我們有點看我們是否重置模型，我們是否看投資。

Outside of making incremental investments, we would expect to outperform the margin guidance we gave, assuming we outperformed the revenue number because of the pricing changes. But obviously, we want to make sure that there's not other opportunities to invest in the business before we make those types of decisions.

除了進行增量投資之外，假設我們由於定價變化而超過收入數字，我們預計會超過我們給出的利潤率指導。但顯然，在我們做出這些類型的決定之前，我們希望確保沒有其他機會投資於該業務。

We'll take our next question from Parker Lane with Stifel.

我們將與 Stifel 一起接受 Parker Lane 的下一個問題。

This is [Matthew Kicker] on for Parker. To start off, when you're looking at the top line growth outlook for 2023, how much of that growth would you attribute to those pricing changes that you announced last year?

這是帕克的 [Matthew Kicker]。首先，當您審視 2023 年的收入增長前景時，您會將這種增長中有多少歸功於去年宣布的那些定價變化？

Yes. So Matt, we're probably not calling those out specifically what's the impact of the pricing change. I think when we think about the guidance that we gave coming into this year, we contemplated all of that. We contemplated, "Hey, what's the momentum we're seeing in Salesforce? What's the momentum we're seeing in pricing changes on existing customers, what is the new pricing on the website?"

是的。所以馬特，我們可能不會特別指出定價變化的影響。我認為當我們考慮今年給出的指導時，我們考慮了所有這些。我們考慮，“嘿，我們在 Salesforce 中看到的勢頭如何？我們在現有客戶的定價變化中看到的勢頭如何，網站上的新定價是多少？”

So I think all of that was factored into the guidance we gave. When we talked about this fall, we'd like to come into the year giving guidance at a really high confidence level. And so to the extent that these things continue from what we saw late last year, we feel pretty good about the guidance, but not something that we specifically would call like x percent coming from price changes. That's not something historically that we've done.

所以我認為所有這些都已納入我們提供的指導中。當我們談到今年秋天時，我們希望在今年以非常高的信心水平提供指導。因此，如果這些事情從我們去年年底看到的情況繼續下去，我們對指導感覺很好，但不是我們特別稱之為 x% 來自價格變化的東西。從歷史上看，這不是我們做過的事情。

Got it. And then changing pace a little bit, as you look across the base, what share of your customers would you say fully embrace TikTok as a social channel? And how big of a differentiator is your support for that channel in social media?

知道了。然後稍微改變一下步伐，當你環顧整個基地時，你會說你的客戶中有多少完全接受 TikTok 作為社交渠道？您對社交媒體中該渠道的支持有多大差異化因素？

Yes. Great question. This is Justyn. So I think that we're still -- and we've seen similar kind of adoption curves with other networks in the past. I think we're still pretty early. Certainly, there's a lot of energy and excitement about TikTok. I think the number of organizations that have embraced it the same way that they've embraced some of the other social networks is -- we're still on the early side there.

是的。很好的問題。這是賈斯汀。所以我認為我們仍然 - 過去我們已經看到與其他網絡類似的採用曲線。我認為我們還很早。當然，TikTok 充滿活力和令人興奮。我認為以與接受其他一些社交網絡相同的方式接受它的組織數量是——我們仍處於早期階段。

I think our functionality is category leading. I think we've got a lot of momentum with our initial release that we talked about a few quarters ago, releasing TikTok functionality across the entire platform in one go. We've seen great adoption there. We've got a roadmap of things that we want to continue to build.

我認為我們的功能是類別領先的。我認為我們在幾個季度前討論的初始版本中獲得了很大的動力，一次性在整個平台上發布了 TikTok 功能。我們在那裡看到了很大的採用率。我們已經有了我們想要繼續構建的東西的路線圖。

We're also seeing a lot of really exciting things from that team in terms of the capabilities that they're turning on as they make more investment in their partners, their APIs, et cetera. So feeling great about that.

我們還看到該團隊在他們對合作夥伴、API 等方面進行更多投資時正在啟用的功能方面取得了很多非常令人興奮的事情。所以感覺很好。

I think that we've got -- I wouldn't want to handicap what the adoption curve looks like. I think it's faster than most efforts that we've seen historically, but I'd still put us relatively early from a -- how do we operationalize this across the organization beyond kind of the initial use cases. So we'll see that develop. I think probably a lot of movement there in 2023.

我認為我們已經 - 我不想阻礙採用曲線的樣子。我認為它比我們歷史上看到的大多數努力都要快，但我仍然認為我們相對較早地從一個 - 我們如何在最初的用例之外在整個組織中實施它。所以我們會看到它的發展。我認為 2023 年可能會有很多動作。

We'll take our next question from Michael Turits with KeyBanc.

我們將通過 KeyBanc 接受 Michael Turits 的下一個問題。

I just -- this may have been asked before, I'm not sure, but maybe you could talk about some of these things in terms of forward-looking indicators that give you the most confidence. A solid quarter, but obviously a tough environment and a very good guide. So level of confidence in that guide, and what are the things that give you the most confidence there?

我只是 - 這可能以前被問過，我不確定，但也許你可以根據前瞻性指標來談談其中一些事情，這些指標會給你最大的信心。一個堅實的季度，但顯然是一個艱難的環境和一個很好的指導。那麼對該指南的信心程度，什麼是讓你最有信心的事情？

Yes. Michael, good question. So I think for us, there's a couple of things. One is if we look at -- first of all, Ryan talked about it, as we think about the momentum we're seeing with the price changes on existing customers, let's start there, we've seen very little pushback. The only areas that pushed back are on the really low end of the market.

是的。邁克爾，好問題。所以我認為對我們來說，有幾件事。一個是如果我們看——首先，Ryan 談到了這一點，當我們考慮我們看到的現有客戶價格變化的勢頭時，讓我們從那裡開始，我們看到的阻力很小。唯一被推遲的領域是真正低端的市場。

And so overall, we feel really good about our strategy to roll out those price increases across 2023 because we just haven't seen a lot of churn from that.

因此，總的來說，我們對我們在 2023 年推出這些價格上漲的戰略感到非常滿意，因為我們只是沒有看到很多人因此而流失。

Then you layer in what we saw on the new pricing on the website so far. I know it's early 60 days in, what we talked about, we doubled our new business ACV doubled in December from -- on a year-over-year basis. We like the momentum that we're seeing in the mid-market enterprise. We talked about the attach -- the increase in the premium attach rates.

然後你將我們在網站上看到的新定價分層。我知道現在是 60 天之初，我們所談論的是，我們的新業務 ACV 在 12 月份翻了一番——與去年同期相比翻了一番。我們喜歡我們在中端市場企業中看到的勢頭。我們談到了附加費——保費附加費率的增加。

And so we're just seeing a lot of momentum in what we consider the healthiest part of our business. And then you layer in the success that we're seeing with the Salesforce relationship, and we still think -- like Ryan said, I think we're really early in that opportunity, not only with the Salesforce Studio customers, but the customers across all of the Salesforce kind of ecosystem with the service cloud integration.

因此，我們只是在我們認為最健康的業務部分看到了很大的動力。然後你將我們在 Salesforce 關係中看到的成功分層，我們仍然認為 - 就像 Ryan 所說的那樣，我認為我們真的很早就抓住了這個機會，不僅是 Salesforce Studio 客戶，還有整個客戶所有 Salesforce 類型的生態系統都與服務雲集成。

So there's a couple of things there. Now obviously, we're early in the year, and we see a lot of momentum right now, but those are kind of the key things, Michael, that we're seeing that kind of give us confidence, going into 2023.

所以那裡有幾件事。現在顯然，我們在今年年初，我們現在看到了很多勢頭，但這些是關鍵的事情，邁克爾，我們看到這給了我們信心，進入 2023 年。

Thanks, Joe. I'd give you a second one or a follow-up. There's -- it's not necessarily quantitative question, which is (inaudible) ACV 8,000-ish, 9,000 rounded, it's not that I want you to tell me where that's going to go long term, but how do you think about that long term in terms of your opportunity, whether you -- given the order of magnitude or just telling you where you're addressing the market?

謝謝，喬。我會給你第二個或跟進。有 - 這不一定是定量問題，這是（聽不清）ACV 8,000 左右，9,000 四捨五入，並不是我想讓你告訴我長期的發展方向，而是你如何看待這個長期你的機會，無論你 - 給出數量級還是只是告訴你你在哪裡解決市場問題？

But obviously, that's one of the places you look at the model and see like, "Hey, this could be something really different."

但很明顯，這是你看模型的地方之一，就像，“嘿，這可能是真正不同的東西。”

Yes. So -- this is Justyn. A couple of things that I think are really powerful as we think about where ACVs go, where deal sizes and just our customer investments go long term as we're adding more value really come from the past for us.

是的。所以——這是賈斯汀。當我們考慮 ACV 的去向、交易規模和我們的客戶投資的長期發展時，我認為有幾件事真的很強大，因為我們正在為我們增加更多價值，這確實來自過去。

So when we look at average deal sizes several years back and the consistent trend line that we've seen since day 1 of those continuing decline, when we look at the dollar value of our top decile 5 years ago, being smaller than our average customer size is today, when we see numbers like we talked about earlier of the top 100 customers, and the average is there, there's no scenario where -- that we contemplate where we don't continue to see consistent growth in the ACV.

因此，當我們查看幾年前的平均交易規模以及自這些持續下降的第一天以來我們所看到的一致趨勢線時，當我們查看 5 年前我們最高十分位數的美元價值時，它小於我們的普通客戶今天的規模，當我們看到我們之前談到的前 100 名客戶的數字時，平均水平就在那裡，我們沒有考慮到我們不會繼續看到 ACV 持續增長的情況。

Some of that is due to our execution. Some of that is due to just the continued investment and where we are in the maturity curve that I mentioned earlier and the value of social to these businesses.

其中一些是由於我們的執行。其中一些是由於持續的投資以及我們在我之前提到的成熟曲線中所處的位置以及社交對這些企業的價值。

So if we were to extrapolate some of what's happened in the past, when we look at our top decile versus our average and how that's grown into -- one has grown into the other, we think that there's a lot of headroom in where these things go.

因此，如果我們要推斷過去發生的一些事情，當我們查看我們的最高十分之一與我們的平均水平以及它如何成長為 - 一個已經成長為另一個時，我們認為這些事情有很大的空間去。

And the other thing I'll point to is just if we look at the growth, 10,000 and 50,000 and what the trajectory of that has looked like, and certainly, many customers eclipsing that by a good deal. That trend line for us is very reliable. And as we mentioned in the prepared remarks, something that we think accelerates in 2023.

我要指出的另一件事是，如果我們看看增長，10,000 和 50,000，以及它的軌跡是什麼樣的，當然，許多客戶遠遠超過了它。這條趨勢線對我們來說非常可靠。正如我們在準備好的評論中提到的那樣，我們認為某些事情會在 2023 年加速。

We'll take our next question from Matt VanVliet with BTIG. And hearing no response, move on to [Clark Jeffries] with Piper Sandler.

我們將接受來自 BTIG 的 Matt VanVliet 的下一個問題。沒有聽到任何回應，繼續與 Piper Sandler 的 [Clark Jeffries]。

First question is you've established a pretty impressive cadence here in Social Studio conversions, 25, 50 and 175, but still very early there, single-digit percentage of the few thousand potential customers. Do you have a sense on what that -- those numbers look like in 2023? Or maybe give us a sense on how much larger the pipeline of active conversations are compared to that 250.

第一個問題是，您在 Social Studio 轉換中建立了令人印象深刻的節奏，分別為 25、50 和 175，但仍處於早期階段，在幾千名潛在客戶中的百分比僅為個位數。你知道那些數字在 2023 年會是什麼樣子嗎？或者也許可以讓我們了解與 250 個相比，活躍對話的管道要大得多。

Yes. Happy to. Thanks, Clark. This is Ryan here. We continue to see quite a bit of momentum. I think in the prepared remarks there, we just shared that the pipeline heading into this year is bigger than it had been ending the year. So we're continuing to see really good momentum in the conversations that we're having with the Social Studio customers.

是的。高興。謝謝，克拉克。我是瑞安。我們繼續看到相當大的勢頭。我認為在準備好的發言中，我們只是分享了進入今年的管道比年底更大。因此，我們繼續在與 Social Studio 客戶的對話中看到非常好的勢頭。

There's still a decent amount of time left on the process (technical difficulty) for Social Studio. So we think that those will happen over time. But we're certainly working in partnership here with Salesforce and the Salesforce account teams to get in front of these accounts. So we feel really good about the momentum, heading into this year. We think that there's plenty of upside.

Social Studio 的流程（技術難度）還有相當長的時間。所以我們認為這些會隨著時間的推移而發生。但我們肯定會在這裡與 Salesforce 和 Salesforce 客戶團隊合作，以站在這些客戶面前。因此，我們對進入今年的勢頭感到非常滿意。我們認為有很多上升空間。

We're going to continue to look for additional product opportunities to add even more value to Social Studio customers, but also Salesforce customers in general. So we haven't really broken out that number specifically, but I would say that the pipeline looks really healthy, and the opportunity continues to look really good for us for this year and the year after.

我們將繼續尋找更多產品機會，為 Social Studio 客戶以及一般的 Salesforce 客戶增加更多價值。所以我們還沒有真正具體地打破這個數字，但我會說管道看起來非常健康，而且今年和後年的機會對我們來說仍然非常好。

Great. And then just a question maybe for Joe. Maybe just to round out this whole conversation around the focus upmarket and the cancellations in the low end. Was the gross additions number on a logo basis in the sort of cohort below 10,000 consistent with prior quarters and really they don't only change here or cancellations?

偉大的。然後可能只是問喬的問題。也許只是為了結束圍繞高端市場的焦點和低端取消的整個對話。在 10,000 人以下的群體中，基於徽標的總增加數量是否與前幾個季度一致，他們真的不只是在這裡改變或取消嗎？

No. We've talked about this before. As we got into the pricing changes on the website, Clark, towards the end of November and December, we talked about this for -- we're going to land way more mid-market enterprise customers.

不，我們以前談過這個。當我們在 11 月底和 12 月底進入網站上的定價變化時，克拉克，我們談到了這一點——我們將吸引更多的中端市場企業客戶。

So overall, we're going to see less net new -- even gross because we're just not bringing in that low-end SMB. We're bringing a lot of those customers in on the low price point plan. You're definitely going to see less gross new logos as well, given the pricing changes on the website.

所以總的來說，我們將看到更少的淨新——甚至是總的，因為我們只是沒有引入低端的 SMB。我們在低價計劃中吸引了很多這樣的客戶。考慮到網站上的定價變化，您肯定也會看到更少的新徽標。

But that's by design. I mean the ARR that we're generating from those customers is dwarfing the number of customers in the ARR we would have gotten from that low end of the market, so that was a conscious change, and we feel really good about that trade-off that we've been seeing so far.

但這是設計使然。我的意思是，我們從這些客戶那裡獲得的 ARR 使我們從低端市場獲得的 ARR 客戶數量相形見絀，所以這是一個有意識的改變，我們對這種權衡感到非常滿意到目前為止我們已經看到了。

And I'll maybe add to that and just use this as an opportunity to kind of continue the conversation we've been having for the last couple of years, which is around the focus on the revenue from the new customer adds.

我可能會補充一點，只是以此為契機，繼續我們過去幾年一直在進行的對話，重點是新客戶增加的收入。

And maybe like the cleanest way to illustrate this is If you look back early 2021 when we had some of the high watermark quarters from a net adds perspective versus Q4, where we added roughly twice as much revenue from a substantially smaller net adds number, and this is consistent with where we've wanted to make sure that we were pointing all of you that the revenue yield, particularly with the price changes and the move to the mid-market enterprise, is going to be the focus for us, continue to be the focus for us since you're going to see that continue to play out.

也許最簡單的說明方式是，如果你回顧 2021 年初，從淨增加的角度來看，我們有一些高水位線的季度，而第四季度，我們從一個小得多的淨增加數量中增加了大約兩倍的收入，並且這與我們想要確保我們向你們所有人指出的一致，即收入收益率，特別是價格變化和向中端市場企業的轉移，將成為我們關注的重點，繼續成為我們的焦點，因為你會看到它繼續發揮作用。

We'll start to have more visibility to establish baselines, but the net ARR, especially as we're contemplating those much smaller customers cycling out of the business over time, is going to be the thing we want to continue to focus on.

我們將開始有更多的可見性來建立基線，但淨 ARR，尤其是當我們考慮隨著時間的推移退出業務的那些規模小得多的客戶時，將成為我們想要繼續關注的事情。

We'll take our next question from DJ Hynes with Canaccord Genuity.

我們將接受 DJ Hynes 和 Canaccord Genuity 的下一個問題。

One for Ryan to start and then a follow-up for you, Joe. So Ryan, does the light touch trial-led go-to-market model resonate as well at the high end of the market? Or do you need any refinement there as you focus more on the enterprise? And maybe that bridges into a conversation around kind of how you plan to invest in the sales org in '23.

一個是 Ryan 開始的，然後是你的後續行動，Joe。那麼 Ryan，以輕觸試驗為主導的上市模式是否也在高端市場引起共鳴？或者當您更加關注企業時，您是否需要在那裡進行任何改進？也許這會引發一場關於你計劃如何在 23 世紀投資於銷售組織的對話。

Yes. DJ, it is the same motion, and we are incredibly excited about that trial motion, especially in the enterprise, because it is incredibly differentiated.

是的。 DJ，這是相同的動作，我們對這種試驗動作感到非常興奮，尤其是在企業中，因為它具有令人難以置信的差異化。

Most enterprise solutions, certainly in our space, but I think in many software categories, don't lead with a product in the enterprise. They usually lead with really heavily customized demos and really long sales cycle times and heavy services. And that's the opposite of the way that we approach the market.

大多數企業解決方案，當然是在我們的領域，但我認為在許多軟件類別中，都不會以企業產品為主導。他們通常以非常定制化的演示、非常長的銷售週期和繁重的服務為主導。這與我們接近市場的方式相反。

And we've seen great excitement and progress in having these conversations with customers. Even when we get RFPs from enterprise customers, we certainly fill those out for them, but we make it incredibly important for them to actually get their hands on the keyboard and get into the product, to get into the trial to prove that Sprout is going to fit them perfectly for what they need before they sign a contract.

我們在與客戶進行這些對話時看到了極大的興奮和進步。即使當我們從企業客戶那裡獲得 RFP 時，我們也肯定會為他們填寫這些內容，但我們讓他們真正接觸鍵盤並進入產品、進入試用以證明 Sprout 正在運行變得非常重要在他們簽訂合同之前，讓他們完全滿足他們的需求。

So it's actually been, I'd call it, a secret weapon for us in the enterprise. It's something that we try and have every customer engage with the product because we're so proud of the product itself, and we know that it works really well for our enterprise customers.

所以它實際上一直是我們企業的秘密武器。這是我們嘗試讓每個客戶都參與產品的事情，因為我們為產品本身感到自豪，而且我們知道它對我們的企業客戶非常有效。

And then in terms of investment from a capacity perspective, we've been adding to a variety of our teams, certainly outsized investment going into our mid-market and enterprise teams and the teams that are supporting them across solution engineering and outbound BDRs and customer success as well, but that continues -- the mid-market and enterprise continue to be the largest part of our business and fastest-growing.

然後從容量的角度來看，在投資方面，我們一直在增加我們的各種團隊，當然有超額投資進入我們的中端市場和企業團隊，以及在解決方案工程和出站 BDR 和客戶方面支持他們的團隊也取得了成功，但這種情況仍在繼續——中端市場和企業仍然是我們業務中最大的部分，而且增長最快。

Yes. Perfect. Good to hear. Joe, and the follow-up for you is just with the focus on the enterprise, what's your expectation for the mix of business that will come in with annual billing terms versus month-to-month?

是的。完美的。很高興聽到。喬，你的後續行動只是關注企業，你對年度計費條款與月度計費條款的業務組合有何期望？

Yes. So DJ, we expect that to continue to be heavily weighted towards annual. I think historically, our overall customer base is probably more closer to -- like we've talked about this on an annual paying side, probably more 60-40. But I can tell you right now, the new business coming in is substantially higher than that ratio.

是的。所以 DJ，我們預計這一點將繼續偏重於年度。我認為從歷史上看，我們的整體客戶群可能更接近——就像我們在年度支付方面討論過的那樣，可能更接近 60-40。但我現在可以告訴你，進入的新業務遠高於該比率。

And so I do think you'll continue to see that kind of trend line continue through 2023, 2024. We've got a long way to go to make that mix. I'd love to get that mix to 85%, 90% annual versus month-to-month. And I think we can get there over time, but you're definitely going to see -- the new business coming in on an ARR basis is definitely more heavily weighted towards the annual.

所以我確實認為你會繼續看到這種趨勢線持續到 2023 年、2024 年。我們還有很長的路要走才能實現這種組合。我希望將這種混合比例提高到 85%，每年 90%，而不是每月。而且我認為我們可以隨著時間的推移到達那裡，但你肯定會看到——以 ARR 為基礎的新業務肯定更傾向於年度。

So does that mean we should see more cash operating leverage than non-GAAP operating margin leverage?

那麼這是否意味著我們應該看到比非 GAAP 運營利潤率槓桿更多的現金運營槓桿？

Yes. So what we've talked about is, yes, we expect -- and we talked about this, we're very consistent. We expect a couple of hundred basis points of improvement over operating margin for free cash flow. Free cash flow should be a couple of hundred basis points ahead of operating leverage, DJ. So we expect that trend to continue. .

是的。所以我們談論的是，是的，我們期望——我們談論過這個，我們非常一致。我們預計自由現金流的營業利潤率將提高數百個基點。自由現金流應該比經營槓桿高幾百個基點，DJ。因此，我們預計這種趨勢將繼續下去。 .

We'll take our next question from Matt VanVliet with BTIG.

我們將接受來自 BTIG 的 Matt VanVliet 的下一個問題。

Hopefully, it's working this time. Can you hear me all right?

希望這次能奏效。你能聽到我說話嗎？

You're there. We can hear you Matt.

你在那兒。我們可以聽到你的聲音，馬特。

All right. Sorry about that. I had to switch phones. Okay. So I guess when looking at the Salesforce partnership, a couple of clarifying questions. I know you kind of touched on a little bit of this earlier, but curious, how much of the sort of 250-plus customers you signed this year were, in fact, Social Studio customers?

好的。對於那個很抱歉。我不得不換手機。好的。所以我想在查看 Salesforce 合作夥伴關係時，有幾個需要澄清的問題。我知道您之前稍微談到了這一點，但好奇的是，您今年簽下的 250 多個客戶中有多少實際上是 Social Studio 客戶？

So should we think about most of what's come in so far as being that first component of the partnership and the more recent part has expanded beyond that?

那麼，我們是否應該考慮將大部分內容作為合作夥伴關係的第一個組成部分，而最近的部分已經超出了這個範圍？

And then also within that, on the average ACV that you're getting from those Salesforce partnerships, customers, understanding it's very early, but are they consistently in sort of the 10,000 or even the 50,000 bucket? Any kind of directionality on the size of the customers that you're getting would also be helpful.

然後也在其中，您從那些 Salesforce 合作夥伴關係中獲得的平均 ACV，客戶，了解它還很早，但他們是否始終處於 10,000 甚至 50,000 的桶中？您獲得的客戶規模的任何類型的方向性也會有所幫助。

Yes. Happy to answer both of those, Matt. Yes, in terms of the logos coming over, a majority of them are the Social Studio customers, not service cloud. And we launched that integration. We talked about it at Dreamforce in Q3, but it didn't go live until Q4. So just really recently.

是的。很高興回答這兩個問題，馬特。是的，就過來的標識而言，他們中的大多數是 Social Studio 客戶，而不是服務雲。我們啟動了該集成。我們在第三季度的 Dreamforce 上討論過它，但直到第四季度才上線。所以就在最近。

And so for us, we see tremendous opportunity with the rest of the service cloud customers that might not be Social Studio customers today, but certainly, the value of what we do is going to be incredibly important for them as they think about the 360 customer record.

因此，對我們來說，我們看到了其他服務雲客戶的巨大機會，這些客戶今天可能不是 Social Studio 客戶，但可以肯定的是，當他們考慮 360 客戶時，我們所做的事情的價值對他們來說將非常重要記錄。

So we see a lot of upside. But what you're seeing right now is really the Social Studio customers. There's some overlap, but I would say it's small in comparison to what was just core Social Studio for us.

所以我們看到了很多好處。但您現在看到的實際上是 Social Studio 客戶。有一些重疊，但我會說與我們的核心 Social Studio 相比，它很小。

And then from an ACV perspective, you're spot on. Those customers generally fit within that 10,000 and 50,000. So they're a perfect fit for our area of focus and -- where we're already supporting customers today. So we're really excited about how they just generally fit into our strategy.

然後從 ACV 的角度來看，你就在現場。這些客戶通常在 10,000 和 50,000 之間。因此，它們非常適合我們關注的領域，以及我們今天已經在支持客戶的領域。因此，我們對它們通常如何融入我們的戰略感到非常興奮。

Okay. Great. And then when you look at the international markets, I know you've kind of had some additional investments, especially in Europe of late. But curious on what you're seeing trends there. Is the macro seemingly impacting some of those customers to a greater extent?

好的。偉大的。然後當你看看國際市場時，我知道你有一些額外的投資，尤其是最近在歐洲。但對您在那裡看到的趨勢感到好奇。宏觀經濟是否似乎在更大程度上影響了其中一些客戶？

The war in Ukraine is sort of more top of mind and right in front of them. And anything from kind of an ACV perspective that you're seeing there? Are you getting as much uplift or is that sort of yet to come as the price increases roll through over -- across the pond?

烏克蘭戰爭是他們最關心的問題，就在他們面前。從 ACV 的角度來看，您在那裡看到了什麼？隨著價格上漲在整個池塘中翻滾，您是否獲得了同樣多的提升，或者那種尚未到來的提升？

Yes. From an international perspective, we continue to be really excited about the opportunity and really excited about the execution that we're seeing from the team, especially in EMEA. EMEA continues to be the fastest-growing part of our business. .

是的。從國際角度來看，我們繼續對這個機會感到非常興奮，並對我們從團隊中看到的執行力感到非常興奮，尤其是在歐洲、中東和非洲。 EMEA 仍然是我們業務中增長最快的部分。 .

Certainly, there's things that are happening in the macro in those markets, but our team in Europe has just been executing incredibly well. We've seen really good ACV uplifts from that group as well, both from our current customer and a new business perspective. We see a lot of headroom in terms of the total addressable market in EMEA.

當然，這些市場的宏觀環境正在發生一些事情，但我們在歐洲的團隊一直表現得非常好。從我們當前的客戶和新業務的角度來看，我們也從該組看到了非常好的 ACV 提升。就 EMEA 的總潛在市場而言，我們看到了很大的發展空間。

And then certainly, when we think about the rest of the world as well where we have smaller investments, but we'll continue to invest over time, there's a tremendous amount of TAM that we haven't got to yet that we're excited about. So we feel really good about the trends that we're seeing. It's operating very similarly to North America today and performing well with some upside.

然後當然，當我們考慮到世界其他地方以及我們投資較小但我們將隨著時間的推移繼續投資時，有大量的 TAM 我們還沒有得到，我們很興奮關於。因此，我們對所看到的趨勢感到非常滿意。它的運作與今天的北美非常相似，並且表現良好並有一些上升空間。

(Operator Instructions) We'll take our next question from Brett Knoblauch with Cantor Fitzgerald.

（操作員說明）我們將接受 Brett Knoblauch 和 Cantor Fitzgerald 的下一個問題。

Just want to make sure I heard you correctly. Did you say total churn in December was 200 customers? Or was that just a reference point for the average ACV of the smallest 200 customers?

只是想確定我沒聽錯。您是說 12 月的總流失量是 200 位客戶嗎？或者這只是最小的 200 位客戶的平均 ACV 的參考點？

And then off the back of that, I guess what percentage of your customer base have you rolled out the price increases to? And do you expect kind of similar levels of churn throughout the year? Or is there a quarter or 2 where there's a bigger renewal cycle and you would expect kind of bigger churn?

然後在背後，我猜你的客戶群中有多少百分比是你推出的價格上漲？您預計全年會有類似程度的客戶流失嗎？或者是否有一個或兩個季度的更新周期更大，您會預計會有更大的流失？

Yes. So what we talked about was that -- we had, on average, the December -- we had 200 logo churn higher in December than we had over the trailing average. So that wasn't the total low return. That was just the increase we saw in December.

是的。所以我們談論的是 - 平均而言，12 月 - 我們在 12 月的徽標流失率比過去的平均水平高出 200 個。所以這不是總的低迴報。這只是我們在 12 月份看到的增長。

And then we talked about the average ACV of the smallest 200 is about $1,000 of the logos that churn. And so overall, we're not super worried about that churn. That's really low end of the market, and that's what we kind of expected. Actually, it was probably -- we had less turnover from an ARR standpoint.

然後我們談到了最小的 200 個平均 ACV 大約是流失徽標的 1,000 美元。所以總的來說，我們並不非常擔心這種流失。這確實是低端市場，這正是我們所期望的。實際上，從 ARR 的角度來看，我們的營業額可能較少。

As you know, Brett, we're not really focused so much on the logo churn at Sprout. We're more focused on the ARR growth and retaining our highest quality customers. That remained really strong. I think we talked about it on the call we had our highest NDR in December on the revenue side. So feel really good about the momentum there.

如你所知，Brett，我們並沒有真正關注 Sprout 的徽標流失。我們更專注於 ARR 的增長和留住我們最優質的客戶。那仍然非常強大。我想我們在 12 月份的收入方面的 NDR 最高的電話會議上談到了這一點。所以對那裡的勢頭感覺非常好。

As far as the price increases, we've talked about this before. They kind of come evenly through, like, December of this year through -- of last year through December of next year, so it was probably evenly over 12 months.

至於價格上漲，我們之前已經討論過了。從今年的 12 月到 - 去年的 12 月到明年的 12 月，它們有點均勻地出現，所以它可能平均超過 12 個月。

And like we talked about this earlier, we saw -- from an ARR standpoint, we saw very low pushback and very low churn. We might have saw a higher logo churn, but on an ARR standpoint, we didn't get a lot of pushback overall, and we don't anticipate a lot of pushback going forward either, just based on the customers we've already talked to.

就像我們之前談到的那樣，我們看到——從 ARR 的角度來看，我們看到了非常低的阻力和非常低的流失率。我們可能看到徽標流失率更高，但從 ARR 的角度來看，我們總體上沒有遇到太多阻力，而且我們預計未來也不會遇到太多阻力，只是基於我們已經談過的客戶到。

So no real impact. We don't believe materially on our ARR. But you might see, like we talked about, a little bit of impact on our lower churn.

所以沒有實際影響。我們不相信我們的 ARR。但是你可能會看到，就像我們談到的那樣，對我們較低的客戶流失率有一點影響。

We'll take our next question from Andrew DeGasperi from Berenberg Capital Markets.

我們將從 Berenberg Capital Markets 的 Andrew DeGasperi 那裡回答下一個問題。

This is Stephanie on for Andrew. I'm wondering on when you move up market and gain these more sophisticated customers, if you see -- how we should think about potential product investments or R&D investments going forward?

這是安德魯的斯蒂芬妮。我想知道你什麼時候進入市場並獲得這些更成熟的客戶，如果你看到 - 我們應該如何考慮未來的潛在產品投資或研發投資？

Yes. Great question. Thank you. This is Justyn. So I think, generally, you've seen from us over the last probably 3 and 4 years our product roadmap, R&D investments, the way that we've organized the product team and the products that we've been putting out in the market. sort of we're ahead of the progress that we've seen in the mid-market and enterprise.

是的。很好的問題。謝謝。這是賈斯汀。所以我認為，總的來說，在過去的 3 和 4 年裡，你已經從我們這裡看到了我們的產品路線圖、研發投資、我們組織產品團隊的方式以及我們投放市場的產品.在某種程度上，我們領先於我們在中端市場和企業中看到的進步。

I think in anticipation of that, right, as our customers were getting more sophisticated as we're being pulled higher up into the market. So we've been building against those problems and really focused -- our roadmap has been biased for the sophisticated in the mid-market enterprise for quite some time. So you should expect that to continue, certainly.

我認為這是對的，因為隨著我們被推向更高的市場，我們的客戶變得越來越成熟。因此，我們一直在針對這些問題進行建設並真正專注——我們的路線圖在相當長的一段時間內一直偏向於中端市場企業的成熟企業。所以你應該期望這種情況會繼續下去，當然。

But it's also true that as we see larger deals, more sophisticated customers across larger organizations that we are being -- we're exploring how we can be a better platform for those customers with a more intense lens.

但同樣真實的是，當我們看到更大的交易、我們正在成為的更大組織中更複雜的客戶時——我們正在探索如何通過更強烈的視角為這些客戶提供更好的平台。

And so figuring out how we can be building the tools that the largest of our customers need to be successful, that comes in the way of areas like collaboration across the team, compliance, et cetera. You're going to see more investment and a lot of the things with the large organizations and the larger enterprise need maybe biased more in 2023 than you've seen from us historically.

因此，弄清楚我們如何構建我們最大的客戶成功所需的工具，這涉及跨團隊協作、合規性等領域。到 2023 年，你將看到更多的投資和大型組織的很多事情，以及大型企業的需求可能比你從歷史上看到的更偏向。

But the short answer is we've been building for that space for quite some time. You're not going to see material strategic shifts in the R&D focus and investment. You're going to see incremental -- continued investments to meet the needs of our largest customers.

但簡短的回答是我們已經為那個空間建造了相當長的一段時間。你不會看到研發重點和投資方面的重大戰略轉變。你會看到增量 - 持續投資以滿足我們最大客戶的需求。

We'll take our final question from Patrick Schultz with Baird.

我們將與 Baird 一起接受 Patrick Schultz 的最後一個問題。

Just on the recently announced Repustate acquisition, I believe you noted that the financial impact should be immaterial to near-term financial goals, but could you just talk a little bit more about the rationale behind the acquisition? And how does advanced technology such as machine learning, AI, et cetera, better positions Sprout competitively over the longer term and potentially drive some operating leverage?

就最近宣布的 Repustate 收購而言，我相信你注意到財務影響對近期財務目標來說應該是無關緊要的，但你能多談談收購背後的理由嗎？機器學習、人工智能等先進技術如何在長期內更好地定位 Sprout 的競爭力，並可能推動一些運營槓桿？

Yes. Yes. Sure. So yes, that team -- the technology behind it are -- that organization is one that we've been familiar with for some time and the tech that they've been building. I think -- thinking about how we're able to leverage that near term in things like our listening products and our customer care tools and the engagement side and even into things like publishing and other areas of application, I think, are going to be -- accelerate roadmap in ways, in areas that we wanted to get to very quickly in 2023.

是的。是的。當然。所以是的，那個團隊——它背後的技術——那個組織是我們已經熟悉了一段時間的組織，也是他們一直在構建的技術。我認為 - 考慮我們如何能夠在我們的聽力產品和我們的客戶服務工具以及參與方面，甚至在出版和其他應用領域等方面利用這一近期，我認為，將會是——在我們希望在 2023 年快速實現的領域，以多種方式加速路線圖。

I think we mentioned in the prepared remarks also we see some opportunities to increase monetization in some areas with that addition, specifically applying and layering their technologies on top of what we have today.

我認為我們在準備好的評論中提到，我們也看到了一些增加某些領域貨幣化的機會，特別是在我們今天擁有的技術之上應用和分層他們的技術。

What's even more interesting, though, I think, is with the area that, that team has been focused on for as long as they have and thinking about how AI, ML and some of the related technologies can advance our customers' pursuits in social, make them more effective and give them greater -- reach, greater horsepower in their social efforts is where we start to get really excited.

不過，我認為更有趣的是，該團隊一直專注於這個領域，並思考人工智能、機器學習和一些相關技術如何推動我們客戶在社交方面的追求，使他們更有效，並給予他們更大的影響力，讓他們在社會努力中發揮更大的作用，這讓我們開始感到非常興奮。

So thinking about not only how we can layer their technologies, their existing technologies as well as ones that they've been working on, but also embedding that team across our platform to start thinking about new ways and innovative ways that we can start to leverage things like generative AI and machine learning into other parts of the platform, I think that's where we start to think about out into 2024 and beyond where we're going to see a lot of really exciting opportunity, leveraging, again, some of the things that team has built, but more specifically, their expertise and the things that they've been focused on and applying that to our R&D work.

因此，不僅要考慮我們如何將他們的技術、他們現有的技術以及他們一直在研究的技術分層，還要考慮將該團隊嵌入我們的平台，開始思考我們可以開始利用的新方法和創新方法像生成人工智能和機器學習之類的東西進入平台的其他部分，我認為這是我們開始考慮到 2024 年及以後我們將看到很多真正令人興奮的機會的地方，再次利用一些東西該團隊已經建立，但更具體地說，他們的專業知識和他們一直關注的事情，並將其應用於我們的研發工作。

And that concludes the presentation for today. I'd like to turn the call back over to Justyn Howard for any additional or closing remarks.

今天的演講到此結束。我想將電話轉回 Justyn Howard 以徵求任何補充意見或結束意見。

Great. Thank you so much. Yes. I'll make a closing brief. Just appreciate everyone's time today. We'll look forward to spending time with everyone in the coming days and weeks. And have a wonderful day. Thank you all.

偉大的。太感謝了。是的。我會做一個總結簡報。只是感謝大家今天的時間。我們期待在接下來的幾天和幾週內與大家共度時光。祝你有美好的一天。謝謝你們。

Thank you. That does conclude today's presentation. Thank you for your participation, and you may now disconnect.

謝謝。今天的演講到此結束。感謝您的參與，您現在可以斷開連接。