Sprout Social Inc (SPT) 2023 Q1 法說會逐字稿

Hello. My name is Chris, and I'll be your conference operator today. At this time, I'd like to welcome everyone to the Sprout Social First Quarter 2023 Earnings Call. (Operator Instructions)

你好。我叫克里斯，今天我將擔任你們的會議接線員。此時，我想歡迎大家參加 Sprout Social 2023 年第一季度收益電話會議。 （操作員說明）

Thank you. Jason Rechel, Vice President of Investor Relations and Corporate Development, you may begin.

謝謝。投資者關係和企業發展副總裁 Jason Rechel，您可以開始了。

Thank you, operator. Welcome to Sprout Social's First Quarter 2023 Earnings Call.

謝謝你，運營商。歡迎來到 Sprout Social 的 2023 年第一季度財報電話會議。

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

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。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)。

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

今天的電話會議將包含根據 1995 年《私人證券訴訟改革法案》的安全港條款作出的前瞻性陳述。前瞻性陳述包括有關財務、業務和客戶趨勢、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、我們的計劃目標和未來運營、增長、產品、投資、舉措、定價、合作夥伴關係或戰略的預期結果以及我們對第二季度的指導2023 年和 2023 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。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。

Forward-looking statements address matters that are subject to risks and uncertainties that could cause actual results to differ materially. For a discussion of the risks and other important factors that could affect our actual results, please refer to our annual report on Form 10-K for the fiscal year ended December 31, 2022, and supplemented by our quarterly report on Form 10-Q for the quarter ended March 31, 2023, each filed with the Securities and Exchange Commission, as well as any future quarterly and current reports that we file with the SEC.

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。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，請參閱我們截至 2022 年 12 月 31 日止財政年度的 10-K 表年度報告，以及我們的 10-Q 表季度報告作為補充截至 2023 年 3 月 31 日的季度報告，每份報告均已提交給美國證券交易委員會，以及我們向美國證券交易委員會提交的任何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 and margins 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，提及盈利能力和利潤率是指非 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，該新聞稿已提供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 and for your time today.

謝謝你，傑森，大家下午好。一如既往地感謝您今天加入我們。

Late last year, we began making pricing changes that we believe will materially improve the long-term growth and margin trajectory of our business by better aligning around an incredibly strong core business while deprioritizing the long tail of low-value business that had begun to anchor our growth. Today, we're going to provide additional detail around our progress here and how those efforts have set us up to raise our forecast for accelerating ARR growth and margin expansion throughout 2023.

去年年底，我們開始進行定價調整，我們認為這些調整將通過更好地圍繞非常強大的核心業務進行調整，同時優先考慮已經開始錨定的低價值業務的長尾，從而顯著改善我們業務的長期增長和利潤率軌跡我們的成長。今天，我們將提供有關我們在這裡取得的進展的更多詳細信息，以及這些努力如何使我們提高對整個 2023 年加速 ARR 增長和利潤率擴張的預測。

During Q1, we saw new business deal sizes more than double year-over-year in addition to 46% year-over-year growth in customers paying us $50,000 or more in ARR and 59% year-over-year growth in customers paying us $250,000 or more in ARR. Leading indicators like RPO and cRPO each meaningfully accelerated during Q1, which helped drive further acceleration in ACV growth alongside record margins and record free cash flow.

在第一季度，我們看到新業務交易規模同比增長一倍以上，支付給我們 50,000 美元或以上 ARR 的客戶同比增長 46%，支付給我們的客戶同比增長 59% 250,000 美元或更多的 ARR。 RPO 和 cRPO 等領先指標在第一季度均顯著加速，這有助於推動 ACV 增長進一步加速，同時創紀錄的利潤率和創紀錄的自由現金流。

We also made meaningful improvement to the quality and health of our customer base with our noncore customers that spend below $2,000 in ARR, now representing 5% of our total ARR, down from 12% of ARR and 50% of logos in 2021.

我們還對 ARR 支出低於 2,000 美元的非核心客戶的質量和健康狀況進行了有意義的改善，目前占我們總 ARR 的 5%，低於 2021 年 ARR 的 12% 和徽標的 50%。

The healthiest 95% of our business delivered greater than 35% year-over-year ARR growth nearly 600 basis points faster than total ARR growth as we continue to shift our resources away from the very low end of our market. These changes are also accelerating new business and expansion momentum within our highest ACV customers with better baseline pricing and focused energy across the team.

隨著我們繼續將資源從我們的低端市場轉移出去，我們最健康的 95% 的業務實現了超過 35% 的同比 ARR 增長，比總 ARR 增長快了近 600 個基點。這些變化還通過更好的基准定價和整個團隊的集中精力，加速了我們最高 ACV 客戶的新業務和擴張勢頭。

By drawing a line in the sand around the entry point to Sprout and properly aligning our focus, we've begun to accelerate the growth in the healthiest parts of our business and expect improvements across key metrics as we replace lower quality revenue with fundamentally healthier unit economics.

通過在 Sprout 的切入點周圍劃清界限並適當調整我們的重點，我們已經開始加速我們業務中最健康部分的增長，並期望在我們用更健康的部門取代質量較低的收入時改善關鍵指標經濟學。

In Q1, we shifted customer success and growth teams away from our smallest ACV customers, and at the same time, changed prices, which we believe accelerated roughly $6 million in churn of low-quality revenue.

在第一季度，我們將客戶成功和增長團隊從我們最小的 ACV 客戶轉移出去，同時改變了價格，我們認為這加速了大約 600 萬美元的低質量收入流失。

As I mentioned, our less than $2,000 customer cohort as a proxy for noncore customers is now less than 5% of total ARR. Until this quarter, these customers have been allocated a meaningful investment in sales and customer success resources, specifically accounting for more than 20% of our total customer success headcount in spite of NDR just barely over 100%, significantly lower than the rest of our customer base. This was an investment with negative ROI, and we believe removing this anchor and shifting resources will position our company for fundamental growth and margin acceleration.

正如我所提到的，我們作為非核心客戶代理的不到 2,000 美元的客戶群體現在不到總 ARR 的 5%。直到本季度，這些客戶已在銷售和客戶成功資源方面獲得了有意義的投資，特別是占我們客戶成功總人數的 20% 以上，儘管 NDR 僅略高於 100%，明顯低於我們其他客戶根據。這是一項投資回報率為負的投資，我們相信移除這個錨點並轉移資源將使我們的公司實現基本增長和利潤率加速。

We've also made great progress on our top of funnel demand since making our pricing changes last November. We anticipated and initially experienced the decline in our top of funnel trial volume while we deemphasized high-volume, low-value leads. However, through the marketing team's exceptional work on content, messaging and SEO, we've seen our overall trial volume move to pre-price change volume levels beginning in March, with further acceleration in April. At far higher price points, we believe this underscores the size of our market and a far greater near-term revenue opportunity.

自去年 11 月調整價格以來，我們在漏斗需求方面也取得了很大進展。我們預計並最初經歷了漏斗頂部試用量的下降，同時我們不再強調高容量、低價值的潛在客戶。然而，通過營銷團隊在內容、消息傳遞和 SEO 方面的出色工作，我們已經看到我們的整體試用量從 3 月份開始上升到價格變化前的水平，並在 4 月份進一步加速。以更高的價格點，我們認為這凸顯了我們市場的規模和更大的近期收入機會。

We believe the shift away from our inefficient low-end business, consistent growth in the healthiest tiers of our business and renewed top-of-funnel demand through March and April positively impacted net new ARR performance in April with enterprise being a positive outlier. We expect that a healthy April performance will continue through Q2 and result in strong net new ARR growth in Q2 and an ongoing acceleration as we progress through the year.

我們認為，從我們低效的低端業務轉移，我們最健康的業務層級的持續增長以及 3 月和 4 月新的漏斗頂部需求對 4 月份的淨新 ARR 表現產生了積極影響，其中企業是一個積極的異常值。我們預計 4 月份的健康表現將持續到第二季度，並導致第二季度新的 ARR 淨增長強勁，並隨著我們今年的進展而持續加速。

In spite of accelerating $6 million in churn during Q1 from our lowest ACV customers, we're pleased to increase our 2023 ARR growth forecast as we further build on these initiatives. We're looking into Q2 with a healthier customer base, consistent new business and expansion execution, improving competitive dynamics and healthy top of funnel demand. Our investments in enterprise also continue to deliver great results, with enterprise Q1 net new ARR growth of greater than 50% year-over-year.

儘管第一季度我們最低 ACV 客戶的流失率增加了 600 萬美元，但隨著我們進一步推進這些舉措，我們很高興上調 2023 年 ARR 增長預測。我們正在尋找第二季度更健康的客戶群，一致的新業務和擴張執行，改善競爭動態和健康的漏斗需求頂部。我們對企業的投資也繼續取得豐碩成果，企業 Q1 淨新 ARR 同比增長超過 50%。

During Q1, our acquisition of Repustate accelerated several facets of our road map in social listening, and we are now quickly extending more sophisticated AI and machine learning across our platform to care, publishing, messaging and employee engagement.

在第一季度，我們對 Repustate 的收購加速了我們在社交聆聽方面路線圖的幾個方面，我們現在正在迅速將更複雜的人工智能和機器學習擴展到我們平台上的護理、發布、消息傳遞和員工敬業度。

Late in Q1, we further built on these advancements with a combination of OpenAI's GPT model. We're going deeper into social customer care routing and workflow functionality and allowing impactful and intuitive AI to greatly build upon existing customer workflows. We're being thoughtful and intentional with our approach to AI to bring the most valuable aspects of these technologies to our customers to tailor unique solutions to social.

在第一季度末，我們結合 OpenAI 的 GPT 模型進一步鞏固了這些進步。我們正在深入研究社交客戶服務路由和工作流功能，並允許有影響力和直觀的 AI 在現有客戶工作流的基礎上極大地構建。我們對我們的 AI 方法深思熟慮和有意識地將這些技術的最有價值的方面帶給我們的客戶，從而為社交量身定制獨特的解決方案。

Premium module attach rates were again strong this quarter, improving by 100 basis points sequentially to nearly 23% of our total customer base. We see ongoing success and opportunity with customers selecting our full suite of products as we continue to see meaningful expansion opportunities to drive each of these metrics higher over time as customers unlock social data to drive business decisions. We believe our road map in AI, social customer care, listening and analytics will unlock even greater value with our premium capabilities in the quarters ahead.

本季度優質模塊附加率再次強勁，環比提高 100 個基點，占我們總客戶群的近 23%。我們看到客戶選擇我們全套產品的持續成功和機會，因為隨著客戶解鎖社交數據以推動業務決策，我們繼續看到有意義的擴展機會以隨著時間的推移推動這些指標中的每一個指標更高。我們相信，我們在人工智能、社交客戶關懷、傾聽和分析方面的路線圖將在未來幾個季度憑藉我們的卓越能力釋放更大的價值。

We are also very excited today to announce an extension of our long-standing strategic partnership with Twitter. Global consumers continue to validate Twitter as one of the most valuable channels for businesses to find the voice of culture, to foster authentic relationships with customers and to provide real-time engagement. Through the strength of our partnership, our customers will continue to have the tools they need to execute a holistic social strategy at scale.

我們今天也非常高興地宣布延長我們與 Twitter 的長期戰略合作夥伴關係。全球消費者繼續將 Twitter 視為企業尋找文化聲音、培養與客戶的真實關係並提供實時參與的最有價值的渠道之一。通過我們合作夥伴的力量，我們的客戶將繼續擁有大規模執行整體社會戰略所需的工具。

All said, our multiyear investments in the most productive parts of our market are coming into focus in 2023. We've meaningfully shed growth and efficiency anchors to fully benefit from our pricing evolution and momentum upmarket, which we believe will make Sprout a clear category winner.

總而言之，我們對市場最俱生產力部分的多年投資將在 2023 年成為重點。我們已經有意義地擺脫了增長和效率錨點，以充分受益於我們的定價演變和高端市場勢頭，我們相信這將使 Sprout 成為一個明確的類別優勝者。

We are continuing to hire incredibly talented people across our company that will uniquely position Sprout to flex all of our competitive advantages to maximize our potential in the years ahead.

我們將繼續在整個公司聘請非常有才華的人才，他們將使 Sprout 處於獨特的位置，以發揮我們所有的競爭優勢，從而在未來幾年最大限度地發揮我們的潛力。

With that, I will turn the call over to Ryan.

有了這個，我會把電話轉給瑞安。

Thanks, Justyn.

謝謝，賈斯汀。

I'm grateful for our customers who continue to see more value in our platform and for our teams who are consistently strengthening the foundation for the future. As Justyn highlighted, we expect that the durability of demand for our products and our strategic alignment around the most productive tiers of our market will position us to accelerate ARR growth through 2023.

我感謝我們的客戶繼續在我們的平台中看到更多價值，也感謝我們的團隊不斷鞏固未來的基礎。正如 Justyn 強調的那樣，我們預計對我們產品的持久需求以及我們圍繞市場中最俱生產力的層級的戰略調整將使我們能夠在 2023 年之前加速 ARR 增長。

Our entire team is pointed at the fastest-growing tiers of our market. This is where we've already built considerable momentum and we believe we have our strongest competitive differentiation. We believe this supports durable and even more efficient growth beyond 2023.

我們的整個團隊都專注於我們市場中增長最快的層級。這是我們已經建立起相當大勢頭的地方，我們相信我們擁有最強大的競爭優勢。我們相信，這將支持 2023 年以後實現持久且更高效的增長。

Our competitive positioning in the mid-market and enterprise continue to strengthen, and our happy customer reviews are a key proof point. In February, 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 as a Top 20 Software Product for enterprise. We are 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. We take great pride in this recognition because it's completely based on the voice of the customer.

我們在中端市場和企業的競爭地位不斷加強，我們滿意的客戶評論是一個關鍵的證明。 2 月，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和企業軟件產品 20 強。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，也是唯一一款橫跨中小企業、中端市場和企業的社交媒體管理軟件。我們對這種認可感到非常自豪，因為它完全基於客戶的聲音。

This type of customer feedback is grounded in delivering value and a strong return on investment. The Forrester Total Economic Impact study recently found that Sprout enabled customers to achieve a return of investment of 233% and a net present value of $1.3 million over 3 years with a payback period of less than 6 months.

這種類型的客戶反饋基於提供價值和強大的投資回報。 Forrester 總體經濟影響研究最近發現，Sprout 使客戶在 3 年內實現了 233% 的投資回報率和 130 萬美元的淨現值，投資回收期不到 6 個月。

This commission study conducted by Forrester Consulting found that our product enabled customers to boost productivity, improve their organic reach on social by 85%, deliver faster response times and save nearly $500,000 in legacy tech costs over a 3-year period.

由 Forrester Consulting 進行的這項佣金研究發現，我們的產品使客戶能夠提高生產力，將他們在社交媒體上的自然影響力提高 85%，提供更快的響應時間，並在 3 年期間節省近 500,000 美元的遺留技術成本。

We believe our distinct advantage in the market comes from a relentless focus and leadership in social, the refined elegance of our product, our unique architecture which enables faster innovation and our highly efficient go-to-market motion. Together, these factors create a winning combination for our company. We are incredibly grateful for our customers who continue to vote Sprout as the industry-leading software, especially in the enterprise.

我們相信我們在市場上的獨特優勢來自於對社會的不懈關注和領導、我們產品的精緻優雅、我們獨特的架構可以加快創新速度以及我們高效的上市行動。這些因素共同為我們公司創造了一個成功的組合。我們非常感謝繼續將 Sprout 評為行業領先軟件的客戶，尤其是在企業中。

Also unique is our opportunity to partner with Salesforce. During Q1, we migrated 96 customers, a handful of which are leveraging our out-of-the-box Service Cloud integration.

我們與 Salesforce 合作的機會也很獨特。在第一季度，我們遷移了 96 個客戶，其中少數正在利用我們開箱即用的 Service Cloud 集成。

When we announced our partnership in March of last year, we shared an estimate of 3,000 to 4,000 Social Studio customers. We transitioned roughly 250 in 2022 and roughly 100 during Q1 of this year.

當我們在去年 3 月宣布我們的合作夥伴關係時，我們估計有 3,000 到 4,000 名 Social Studio 客戶。我們在 2022 年過渡了大約 250 個，在今年第一季度過渡了大約 100 個。

We've also told you to expect positive seasonality from this relationship in each Q4. And looking ahead, we believe that Q1 will be the low watermark for migration this year as contributions grow meaningfully and linearly over the course of 2023.

我們還告訴過您，預計每個第四季度這種關係都會出現積極的季節性。展望未來，我們相信第一季度將是今年移民的低水位線，因為貢獻在 2023 年期間將顯著線性增長。

Social has also been built into Service Cloud for thousands of customers, and this functionality is also unwinding over the next 18 months, which we believe has a potential opportunity that is multiple times larger than Social Studio alone.

Social 也已為數以千計的客戶內置到 Service Cloud 中，並且此功能也將在接下來的 18 個月內展開，我們相信它的潛在機會比單獨使用 Social Studio 大數倍。

Our data, conversations with customers and work with Salesforce's typical multiyear contracts provides visibility into momentum as we work through the opportunity, a majority of which is still in front of us.

我們的數據、與客戶的對話以及與 Salesforce 典型的多年合同的合作讓我們在抓住機遇的過程中看到了勢頭，其中大部分仍然擺在我們面前。

Beyond just this transition, we are more excited for the medium- to long-term opportunities presented by our product integrations that we believe have positioned Sprout as a social standard for all Salesforce customers. We'll have more to share on our work with Service Cloud later this year.

除了這種轉變之外，我們對我們的產品集成所帶來的中長期機會感到更加興奮，我們認為這些集成已將 Sprout 定位為所有 Salesforce 客戶的社會標準。今年晚些時候，我們將分享更多關於我們與 Service Cloud 的合作。

We grew with an amazing list of customers this quarter, including Campbell Soup Company, Universal Pictures, Big Lots, Dave & Buster's, the Ohio Department of Health, (inaudible) Europe, GE Power, EmblemHealth Services, Primera, World Pool U.K. and (inaudible). Building on my conversations with customers, I'd like to share my perspective on our served addressable market and medium-term model framework, which we initially presented at our 2021 Investor Day.

本季度我們的客戶數量驚人，包括金寶湯公司、環球影業、Big Lots、Dave & Buster's、俄亥俄州衛生部、（聽不清）歐洲、GE Power、安保健康保險服務、Primera、World Pool UK 和（聽不見）。基於我與客戶的對話，我想分享我對我們服務的可尋址市場和中期模型框架的看法，我們最初在 2021 年投資者日上提出了這些框架。

We're planning a second Investor Day for September 27 this year in Chicago. We look forward to welcoming many of you there. As we look ahead to this event, I'd like to help refine your expectations.

我們計劃於今年 9 月 27 日在芝加哥舉辦第二個投資者日。我們期待著在那裡歡迎你們中的許多人。在我們展望這次活動時，我想幫助您完善您的期望。

Since 2021, our market has evolved as growing social teams cemented their strategic importance to businesses. These social networks emerge to further fragment the complexity that we're solving for and the use cases evolve to pull in new teams of users. We also believe we've accelerated our momentum upmarket and strengthened our competitive position while materially evolving our pricing strategy.

自 2021 年以來，隨著不斷壯大的社交團隊鞏固了他們對企業的戰略重要性，我們的市場也在不斷發展。這些社交網絡的出現進一步細分了我們正在解決的複雜性，並且用例不斷發展以吸引新的用戶團隊。我們還相信，我們已經加快了在高端市場的發展勢頭並加強了我們的競爭地位，同時實質性地改進了我們的定價策略。

We assessed our served addressable market at $44 billion in 2021, which was based on the addressable number of businesses on social and their segment-level ACVs. From Q2 2021 through Q1 2023, our total ACVs have grown 43%, while our mid-market and enterprise ACVs grew at an even faster rate year-over-year in Q1.

我們評估了 2021 年我們服務的可尋址市場為 440 億美元，這是基於可尋址的社交企業數量及其細分市場級別的 ACV。從 2021 年第二季度到 2023 年第一季度，我們的總 ACV 增長了 43%，而我們的中端市場和企業 ACV 在第一季度的同比增長速度更快。

We anticipate stronger ACV growth ahead as the utility of social continues to grow. We continue to see primarily new greenfield opportunities in the mid-market and lower to mid enterprise with a mix of greenfield, legacy tool replacement and point solution consolidation in the upper enterprise. While we're not prioritizing low ACV logos, these factors in aggregate create significant potential upside to our 2023 SAM forecast as well as our 2025 TAM forecast.

隨著社交效用的持續增長，我們預計未來的 ACV 增長會更強勁。我們繼續在中端市場和中低端企業中看到主要的新綠地機會，在上層企業中混合了綠地、遺留工具更換和點解決方案整合。雖然我們沒有優先考慮低 ACV 標識，但這些因素總體上為我們的 2023 SAM 預測和 2025 TAM 預測創造了巨大的潛在上行空間。

We also outlined plans to grow at least 30% annually through 2025 while expanding margins 100 to 300 basis points per year. The changing quality of our customer base, broadening new business applications in the mid-market and enterprise and expanding opportunity inside our installed base each support ongoing confidence in our ability to outperform this growth target. Meanwhile, we expect that improving total unit economics and net dollar retention as well as expanding total deal sizes over the remainder of 2023 will each contribute to anticipated upside on this margin expansion forecast.

我們還概述了到 2025 年每年至少增長 30% 的計劃，同時每年將利潤率提高 100 到 300 個基點。我們客戶群不斷變化的質量、在中端市場和企業中拓寬新的業務應用程序以及在我們已安裝基礎中不斷擴大的機會都支持我們對超越這一增長目標的能力的持續信心。與此同時，我們預計，在 2023 年剩餘時間內，總單位經濟效益和淨美元保留率的提高以及總交易規模的擴大都將有助於這一利潤率擴張預測的預期上行。

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

我為我們在不確定時期的交付方式感到自豪，並相信我們正在釋放我們全部潛力的道路上。我們的合作夥伴關係勢頭強勁，我們的定價變化與市場產生共鳴，新產品的改進為我們的客戶帶來了巨大的價值，我們相信我們的競爭地位從未如此強大。

We are 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 first quarter results in detail before moving on to guidance for the second quarter and full year 2023.

謝謝，瑞安。現在，我將詳細介紹我們第一季度的業績，然後再介紹第二季度和 2023 年全年的指導意見。

We further aligned our playbook this quarter to our fastest-growing and most efficient segments. Our aim is to provide more detail into the shift with added customer metrics disclosures. Beyond strong growth across our core customer base, we are pleased to raise our forecast for accelerating ARR growth with even greater efficiency this year.

我們在本季度進一步調整了我們的劇本，以適應我們增長最快和效率最高的細分市場。我們的目標是通過增加客戶指標披露來提供有關轉變的更多細節。除了我們核心客戶群的強勁增長外，我們很高興地提高了我們對今年以更高效率加速 ARR 增長的預測。

Revenue for the first quarter was $75.2 million, representing 31% year-over-year growth. Subscription revenue was $74.7 million, up 32% year-over-year. Services revenue was $0.5 million, down nearly 30% year-over-year.

第一季度收入為 7520 萬美元，同比增長 31%。訂閱收入為 7470 萬美元，同比增長 32%。服務收入為 50 萬美元，同比下降近 30%。

ARR exiting Q1 was $309.9 million, up 30% year-over-year. Enterprise net new ARR was up more than 50% year-over-year to a record percentage of our mix. This in part informed the decision to shift customer success resources away from our lowest-value customers which we believe accelerated approximately $6 million of low-value logo churn that have occurred over the course of 2023.

第一季度的 ARR 為 3.099 億美元，同比增長 30%。企業淨新 ARR 同比增長超過 50%，達到我們組合的創紀錄百分比。這在一定程度上決定了將客戶成功資源從我們的最低價值客戶轉移出去的決定，我們認為這加速了 2023 年期間發生的約 600 萬美元的低價值徽標流失。

The strategic change allows us to focus success, support and growth resources around our healthiest customers while improving our total unit economics and overall profitability as we grow. We expect strong net new ARR growth in Q2 and accelerating total ARR growth over the course of 2023.

戰略變革使我們能夠將成功、支持和增長資源集中在我們最健康的客戶身上，同時隨著我們的發展提高我們的總單位經濟效益和整體盈利能力。我們預計第二季度新的 ARR 淨增長強勁，並在 2023 年加速總 ARR 增長。

The number of noncore customers contributing less than $2,000 in ARR declined in Q1 to 10,350 customers, down 31% year-over-year. ARR from these customers was less than 5% of total ARR at the end of Q1.

第一季度 ARR 貢獻低於 2,000 美元的非核心客戶數量下降至 10,350 名客戶，同比下降 31%。這些客戶的 ARR 不到第一季度末總 ARR 的 5%。

Just 2 years ago, the number of less than $2,000 ARR customers was nearly 16,000, which accounted for more than 50% of our total customer count, more than 12% of our ARR. Less than $2,000 customer logo count and ARR have each now declined sequentially each quarter for the past 7 quarters as we focus our product and go-to-market strategies around mid-market and enterprise, a shift we've accelerated over the past 90 days.

就在 2 年前，ARR 低於 2,000 美元的客戶數量接近 16,000，占我們客戶總數的 50% 以上，佔 ARR 的 12% 以上。在過去 7 個季度中，由於我們將產品和進入市場戰略的重點放在中端市場和企業上，我們在過去 90 天內加速了這一轉變，現在每個季度的客戶標識數量和 ARR 均低於 2,000 美元.

The ARR growth rate from customers that contribute more than $2,000 in ARR has exceeded our total ARR growth rate over the past 7 quarters and was consistent with Q4 2022 at greater than 35% in Q1. This focused cohort of more than 23,000 customers now represent more than 95% of our ARR.

貢獻超過 2,000 美元 ARR 的客戶的 ARR 增長率超過了我們過去 7 個季度的總 ARR 增長率，並且與 2022 年第四季度一致，第一季度超過 35%。這個由 23,000 多名客戶組成的重點群體現在占我們 ARR 的 95% 以上。

Given a healthy new business logo growth rate in this cohort, expansion on pricing changes this year, accelerating contribution from partnerships and expanding use cases for our software, we believe that shedding this low-value growth anchor positions Sprout to optimize our growth potential.

鑑於這一群體中新業務徽標的健康增長率、今年價格變化的擴大、合作夥伴關係的貢獻加速以及我們軟件用例的擴大，我們相信擺脫這種低價值增長錨點可以優化我們的增長潛力。

The number of customers contributing more than $10,000 in ARR grew 33% from a year ago. The number of customers contributing more than $50,000 in ARR grew 46% from a year ago, and the number of customers contributing more than $250,000 in ARR grew 59% from a year ago. We also grew with an existing customer this quarter and now have 2 customers paying us more than $1 million in ARR.

貢獻超過 10,000 美元 ARR 的客戶數量比一年前增長了 33%。貢獻超過 50,000 美元 ARR 的客戶數量比一年前增長 46%，貢獻超過 250,000 美元 ARR 的客戶數量比一年前增長 59%。本季度我們還與一位現有客戶一起成長，現在有 2 位客戶向我們支付了超過 100 萬美元的 ARR。

Q1 ACV growth of 26% year-over-year accelerated from Q4 2022. New business deal sizes that more than doubled year-over-year, the exit from a number of low-value logos and ongoing execution on our installed base pricing changes each compounded the underlying expansion of seat counts and premium modules attach rate. We expect the ACV growth will further accelerate through Q3 before beginning to normalize to year-over-year ACV growth rates more consistent with our prior trend.

從 2022 年第四季度開始，第一季度 ACV 同比增長 26%。新業務交易規模同比增長一倍多，退出一些低價值標識以及我們安裝基礎定價的持續執行每一次都發生變化增加了席位數量和高級模塊附加率的潛在擴展。我們預計 ACV 增長將在第三季度進一步加速，然後開始正常化至與我們之前的趨勢更一致的同比 ACV 增長率。

In Q1, non-GAAP gross profit was $58.8 million, representing a non-GAAP gross margin of 78.2%. This is up 180 basis points compared to a non-GAAP gross margin of 76.4% a year ago.

第一季度，非美國通用會計準則毛利潤為 5880 萬美元，非美國通用會計準則毛利率為 78.2%。與一年前 76.4% 的非 GAAP 毛利率相比，這一數字上升了 180 個基點。

Non-GAAP sales and marketing expenses for Q1 were $30.3 million or 40% of revenue, up from 37% 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.

第一季度的非 GAAP 銷售和營銷費用為 3030 萬美元，佔收入的 40%，高於一年前的 37%。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 Q1 were $14.3 million or 90% of revenue, down from 20% a year ago. We continue to make transformative R&D investments to support the future evolution of our platform. Non-GAAP general and administrative expenses for Q1 were $12.5 million or 17% of revenue, down from 22% a year ago. We expect to deliver consistent G&A leverage as a percent of revenue moving forward.

第一季度的非美國通用會計準則研發費用為 1430 萬美元，佔收入的 90%，低於一年前的 20%。我們繼續進行變革性研發投資，以支持我們平台的未來發展。第一季度的非美國通用會計準則一般和行政費用為 1250 萬美元，佔收入的 17%，低於一年前的 22%。我們希望提供一致的 G&A 槓桿作為未來收入的百分比。

Non-GAAP operating income for Q1 was $1.7 million for a positive 2.3% non-GAAP operating margin, an improvement of 440 basis points year-over-year. We are pleased to have a record non-GAAP operating income and record non-GAAP operating margins even as we continue to invest across the business.

第一季度非美國通用會計準則營業收入為 170 萬美元，非美國通用會計準則營業利潤率為 2.3%，同比提高 440 個基點。我們很高興有創紀錄的非 GAAP 營業收入和創紀錄的非 GAAP 營業利潤率，即使我們繼續對整個業務進行投資。

Non-GAAP net income for Q1 was $3.4 million for net income of $0.06 per share based on 55.2 million weighted average shares of common stock outstanding compared to a non-GAAP net loss of $1.4 million and $0.03 per share a year ago.

第一季度的非 GAAP 淨收入為 340 萬美元，每股淨收入為 0.06 美元，基於 5520 萬股已發行普通股的加權平均股，而一年前的非 GAAP 淨虧損為 140 萬美元和每股 0.03 美元。

Turning to the balance sheet and cash flow statement, we ended Q1 with $187.2 million in cash, cash equivalents and marketable securities. This includes cash paid for acquisition of Repustate and is up from $185.8 million at the end of Q4.

轉向資產負債表和現金流量表，我們以 1.872 億美元的現金、現金等價物和有價證券結束了第一季度。這包括為收購 Repustate 支付的現金，高於第四季度末的 1.858 億美元。

Deferred revenue at the end of the quarter was $109.8 million. Looking at both our billed and unbilled contracts, RPO totaled approximately $187.8 million, up from $163.0 million exiting 2022 and up 62% year-over-year. We expect to recognize approximately 76% or $143 million of total RPO as revenue over the next 12 months.

本季度末遞延收入為 1.098 億美元。從我們的已開票和未開票合同來看，RPO 總額約為 1.878 億美元，高於 2022 年結束時的 1.63 億美元，同比增長 62%。我們預計在未來 12 個月內將約 76% 或 1.43 億美元的總 RPO 確認為收入。

Last quarter, we talked about an invoice impact on Q4 billings. While our billings growth rate has historically and will continue to be lumpy from quarter-to-quarter based upon the mix of monthly and annual contracts, the difference this quarter between deferred revenue and RPO was again material. Without quantifying the impact, we continue to expect very strong billings and RPO growth.

上個季度，我們討論了發票對第四季度賬單的影響。雖然根據月度和年度合同的組合，我們的賬單增長率在歷史上一直並將繼續從一個季度到另一個季度起伏不定，但本季度遞延收入和 RPO 之間的差異再次顯著。在不量化影響的情況下，我們繼續預計非常強勁的賬單和 RPO 增長。

Operating cash flow in Q1 was positive $8.3 million compared to $5.4 million a year ago. Free cash flow was positive $7.9 million for a record 11% free cash flow margin. And through strong efficiency, the ongoing shift to annual and multiyear contracts continues to have a positive impact on our free cash flow as we grow.

第一季度的運營現金流為正 830 萬美元，而一年前為 540 萬美元。自由現金流為正 790 萬美元，自由現金流利潤率達到創紀錄的 11%。通過強大的效率，隨著我們的成長，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。

Shifting to formal guidance. For the second quarter of fiscal 2023, we expect revenue in the range of $78.6 million to $78.7 million or a growth rate of 28%. We expect a material amount of low-quality revenue for our model and expect will accelerate through 2023 with a far healthier mix of business led by enterprise.

轉向正式指導。對於 2023 財年第二季度，我們預計收入在 7860 萬美元至 7870 萬美元之間，增長率為 28%。我們預計我們的模式會產生大量低質量收入，並預計到 2023 年將加速增長，企業主導的業務組合將更加健康。

We expect services revenue to decline year-over-year. We expect non-GAAP operating loss in the range of $1.8 million to $1.5 million. This represents an [anticipated] non-GAAP operating margin of negative 2% at the midpoint. As a reminder, we execute a majority of our annual performance-based compensation and R&D hiring in Q2 each year.

我們預計服務收入將同比下降。我們預計非 GAAP 營業虧損在 180 萬至 150 萬美元之間。這表示中點的 [預期] 非 GAAP 營業利潤率為負 2%。提醒一下，我們每年第二季度都會執行大部分基於績效的年度薪酬和研發招聘。

We expect a non-GAAP net loss per share of roughly $0.02, assuming approximately 55.7 million weighted average basic shares of common stock outstanding. In spite of accelerating our migration away from $6 million in low-end ARR during Q1, we are maintaining our full year 2022 revenue forecast to a range of $332.0 million to $333.0 million. This is an expected overall reported growth rate of 31%. We continue to expect services revenue will be lower than 2022 levels.

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 5570 萬股。儘管我們在第一季度加速從 600 萬美元的低端 ARR 遷移，但我們將 2022 年全年收入預測維持在 3.32 億美元至 3.33 億美元之間。這是 31% 的預期整體報告增長率。我們繼續預計服務收入將低於 2022 年的水平。

For the full year fiscal 2023, we now expect total ARR to go at least 225 basis points faster than our reported revenue, up from our prior expectation of ARR growth to exceed revenue by 200 basis points and up greater than 33% year-over-year.

對於 2023 財年全年，我們現在預計總 ARR 將比我們報告的收入快至少 225 個基點，高於我們之前預期的 ARR 增長超過收入 200 個基點，同比增長超過 33%年。

For 2023, we now expect non-GAAP operating income in the range of $2.1 million to $2.4 million. This implies annual non-GAAP operating margin improvement of 225 basis points to 235 basis points, up from our prior margin expansion forecast of 210 basis points to 220 basis points. 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.

對於 2023 年，我們現在預計非 GAAP 營業收入在 210 萬美元至 240 萬美元之間。這意味著年度非 GAAP 營業利潤率提高 225 個基點至 235 個基點，高於我們之前預測的 210 個基點至 220 個基點的利潤率擴張。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。

We now expect non-GAAP net income per share of between $0.07 and $0.08, up from our prior range of $0.03 and $0.04. This will be approximately 56.0 million weighted average basic shares of common stock outstanding.

我們現在預計非 GAAP 每股淨收入在 0.07 美元至 0.08 美元之間，高於我們之前 0.03 美元至 0.04 美元的範圍。這將是大約 5600 萬股已發行普通股的加權平均基本股。

In conclusion, we're very proud of the execution of our team, which underscores the resiliency of our business model and our 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.

總之，我們為我們團隊的執行力感到非常自豪，這凸顯了我們商業模式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。

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) Our first question is from Raimo Lenschow with Barclays.

（操作員說明）我們的第一個問題來自巴克萊銀行的 Raimo Lenschow。

Obviously, a lot to digest here, like the main thing, I think, that investors are struggling a little bit is like ARR came in lower this quarter, but you're actually raising the outlook for the year a little bit. Can you just kind of -- and you talked on the call already, but like what's the -- what are the factors that give you the most confidence here that, that's turning around? Because it does kind of suggest some nice improvements in the back part of the year.

顯然，這裡有很多需要消化的東西，我認為最主要的是，投資者有點掙扎，就像本季度 ARR 下降一樣，但你實際上提高了今年的前景。你能不能——你已經在電話中談過了，但就像是什麼——讓你最有信心的因素是什麼，那就是轉機？因為它確實暗示了今年下半年會有一些不錯的改進。

Raimo, this is Ryan. I'll start here. There's a few things that have given us a lot of confidence. One, as we tried to frame, just the dynamics in the business and the differences between the sub $2,000 customers, which are now 5% of our customer base versus the 95%, and the greater than $2,000, which are growing really well at a 35% growth rate.

雷莫，這是瑞安。我將從這裡開始。有幾件事給了我們很大的信心。第一，正如我們試圖構建的那樣，只是業務的動態以及低於 2,000 美元的客戶之間的差異，現在占我們客戶群的 5% 與 95%，以及超過 2,000 美元的客戶，它們在35%的增長率。

On top of that, we're seeing just really great progress in our enterprise. From an enterprise net add perspective, we are seeing that group up 50% year-over-year. And we have the benefit here also, given the timing of the call, of some data just coming out of April as well. So a lot of the churn dynamics that we saw in Q1 were very different than what we saw in April.

最重要的是，我們看到我們的企業取得了非常大的進步。從企業淨增加的角度來看，我們看到該組同比增長 50%。鑑於電話會議的時間安排，我們在這裡也受益於 4 月份剛剛發布的一些數據。因此，我們在第一季度看到的很多客戶流失動態與我們在 4 月份看到的截然不同。

From a top of funnel perspective, we saw a really nice comeback, thanks to the great work of our marketing team and our inbound model, from a top of funnel perspective, getting back to prepricing changes volume levels and then continuing to just see really great progress from a competitive standpoint in terms of the execution from the sales team. So all those things are really putting us in a great position to have good predictability about the year and the confidence in the team and the opportunity.

從漏斗頂部的角度來看，我們看到了非常好的回歸，這要歸功於我們的營銷團隊和我們的入站模型的出色工作，從漏斗頂部的角度來看，回到定價前的變化量水平，然後繼續看到非常好的從競爭的角度來看，在銷售團隊的執行方面取得進展。所以所有這些事情真的讓我們處於一個很好的位置，可以很好地預測這一年以及對團隊和機會的信心。

And then one follow-up here. Like obviously -- so you said you had 5% left in that lower cohort that you don't want. What's the confidence there? Because like -- could that be the one that kind of goes quicker than you, at the moment, think? Or what's the expectations for how that's kind of moving for the rest of the year?

然後在這裡跟進。很明顯 - 所以你說你在你不想要的較低人群中還剩下 5%。那裡有什麼信心？因為就像——那會是那種比你現在想的更快的人嗎？或者對今年餘下時間的進展情況有何期望？

Yes, Raimo, I think you're kind of at the remaining 5% in the sub $2,000 cohort, if I understood that correctly. Yes. I think as we look at that and what we saw in Q1, there was a bunch of things that were in play there that we mentioned in our prepared remarks in terms of those customers generally are pretty price-sensitive, they're the folks that are the least mature in terms of usage of social media management and the importance of it for their business. And if we think about those folks, they're also probably the most impacted by the macroeconomic.

是的，Raimo，如果我沒理解錯的話，我認為你屬於 2,000 美元以下人群中剩下的 5%。是的。我認為，當我們審視這一點以及我們在第一季度看到的情況時，我們在準備好的評論中提到了很多事情，這些客戶通常對價格非常敏感，他們是那些就社交媒體管理的使用及其對其業務的重要性而言，他們是最不成熟的。如果我們考慮這些人，他們也可能是受宏觀經濟影響最大的人。

And so we certainly saw a bunch of that happen in Q1. But as we look at what we saw in the data coming into and out of April, there have been a really good improvement there and progress made. Our belief based on the data and what we see there is that the customers that remain in that bucket are stickier than the ones that left.

所以我們肯定在第一季度看到了很多這樣的事情發生。但是，當我們查看我們在 4 月份和 4 月份的數據中看到的內容時，那裡確實有了很好的改進並取得了進展。我們基於數據和所見所聞的信念是，留在該桶中的客戶比離開的客戶更具粘性。

We certainly think that over time, over the next few years, those will ultimately likely roll off within that pricing cohort. We also know that as we're adding new customers today, especially with the pricing changes and the opportunities we're seeing up market, that they're being replaced by much larger customers, much stickier customers with greater opportunity to expand.

我們當然認為，隨著時間的推移，在接下來的幾年裡，這些最終可能會在該定價隊列中逐漸消失。我們也知道，隨著我們今天增加新客戶，特別是隨著價格變化和我們在市場上看到的機會，他們正在被更大的客戶所取代，更粘性的客戶有更大的擴展機會。

The next question is from DJ Hynes with Canaccord Genuity.

下一個問題來自 DJ Hynes 和 Canaccord Genuity。

Ryan, of the Social Studio customers that have already made a migration decision, what's your sense in terms of where they fall on the spectrum of customer size or ARR contribution? I mean I think there's a narrative out there that it's been the larger customers that have moved first but would love to get your perspective on that? And any thoughts on kind of the ARR opportunity that remains with Salesforce.

Ryan，對於已經做出遷移決定的 Social Studio 客戶，您認為他們在客戶規模或 ARR 貢獻範圍內的位置如何？我的意思是，我認為有一種說法是，首先採取行動的是較大的客戶，但願意聽取您的看法嗎？以及關於 Salesforce 保留的 ARR 機會的任何想法。

I actually think it is likely the opposite from what we've seen both in terms of what we executed on so far and the visibility into the pipeline that we have in front of us.

實際上，我認為這可能與我們迄今為止所執行的內容以及我們面前的管道可見性方面所看到的相反。

Obviously, we feel great about that partnership. In terms of numbers, we talked about 250 last year. We've got close to 100 in the first quarter. We went live with the integrations of Service Cloud and Tableau in Q4. So we feel like we're just scratching the surface on that opportunity.

顯然，我們對這種夥伴關係感覺很好。就數字而言，我們去年談到了 250 個。我們在第一季度接近 100。我們在第 4 季度開始使用 Service Cloud 和 Tableau 的集成。所以我們覺得我們只是抓住了這個機會的表面。

We also know that Salesforce customers are typically on multiyear contracts. And probably not many people remember this, but we certainly do. We were still competing with Salesforce ending Q4 2021 right up into the first few months of our Q1 of '22 and their end of Q4, and in some cases, losing the customers that were going on ELAs.

我們還知道 Salesforce 客戶通常簽訂多年合同。可能沒有多少人記得這一點，但我們確實記得。在 2021 年第四季度末，我們仍在與 Salesforce 競爭，直到我們 22 年第一季度的前幾個月和第四季度末，在某些情況下，我們失去了使用 ELA 的客戶。

Obviously, we won a fair share of those companies, which is why Salesforce has decided to partner with us. But we see a tremendous amount of opportunity remaining within that base today. The deal sizes are going to continue to impact our $10,000 and $50,000 and, we believe, $250,000 cohorts. But from what I'm seeing in the pipeline, I would say that we're still pretty early on in the opportunity in front of us with a lot ahead of us, and those ACV opportunities still seem like they have a tremendous amount of potential.

顯然，我們贏得了這些公司的公平份額，這就是 Salesforce 決定與我們合作的原因。但我們看到今天該基地內仍有大量機會。交易規模將繼續影響我們的 10,000 美元和 50,000 美元，我們相信還有 250,000 美元的人群。但從我在籌備中看到的情況來看，我想說的是，我們在擺在我們面前的機會中還處於早期階段，還有很多事情要做，而且這些 ACV 機會似乎仍然具有巨大的潛力.

The other piece I'd probably just highlight, which I think is important to note. We know that this opportunity, this relationship is strong. We've closed $350 million over, call it, the last 1.25 years. But if you look at our $2,000 customer account growth over the last 2 years, there's about $10,000 new logos added.

我可能只是強調另一部分，我認為這一點很重要。我們知道這個機會，這種關係很牢固。在過去的 1.25 年裡，我們已經關閉了 3.5 億美元。但是，如果您查看過去 2 年我們 2,000 美元的客戶帳戶增長，就會發現大約有 10,000 美元的新徽標被添加。

And so it's certainly a good opportunity for us. We like the ACVs. We see tremendous amount of opportunity at Salesforce and outside of Salesforce.

所以這對我們來說當然是一個好機會。我們喜歡 ACV。我們在 Salesforce 和 Salesforce 之外看到了巨大的機會。

Yes. Makes sense. And then as a follow-up, I'd love to kind of double-click on what's happening inside the Twitter ecosystem. I mean, obviously, it was nice to see the announcement today. The press release was kind of light on details. There's been lots of changes inside that organization, lots of headlines around kind of their strategy.

是的。說得通。然後作為後續行動，我想雙擊 Twitter 生態系統內部發生的事情。我的意思是，顯然，很高興看到今天的公告。新聞稿在細節上有點輕描淡寫。該組織內部發生了很多變化，很多頭條新聞都圍繞著他們的戰略。

What is your relationship there today? How do you think it might change? And like what are the risks we should be thinking about as it pertains to kind of how Sprout works with Twitter?

你今天在那裡的關係是什麼？你認為它會如何改變？就像我們應該考慮的風險是什麼，因為它與 Sprout 如何與 Twitter 合作有關？

Yes. Great question. This is Justyn. There's definitely a lot of commentary around some of the ecosystem changes, some of the -- the parts of the market that they may not be prioritizing the same that they did before and a lot of the plans that they have for the future.

是的。很好的問題。這是賈斯汀。肯定有很多關於生態系統變化的評論，其中一些——他們可能沒有像以前那樣優先考慮的市場部分，以及他們對未來的許多計劃。

I think as it relates to Sprout, the key takeaway is that this is a very strategic relationship, obviously, a long-standing one that falls into a different bucket than where a lot of the commentary has been. And as far as where we are both in that relationship and with that team, upon the transition, we got to work early, making sure that we are collaborating closely with that team, making sure that we establish the mutual value and strength of that relationship. And as you saw in the announcement today, we got off to a fast start in continuing that strategic relationship.

我認為與 Sprout 相關的關鍵要點是，這是一種非常具有戰略意義的關係，顯然，這是一種長期存在的關係，與許多評論所處的位置不同。就我們在這種關係中以及與該團隊的關係而言，在過渡時，我們必須儘早開展工作，確保我們與該團隊密切合作，確保我們建立這種關係的共同價值和力量.正如您在今天的公告中看到的那樣，我們在繼續保持這種戰略關係方面取得了快速的開端。

So while there may be more change happening within the marketplace, it was important for us to set the foundation for the next several years and work with that team tightly as early as possible to get that done.

因此，雖然市場上可能會發生更多變化，但對我們來說，為未來幾年奠定基礎並儘早與該團隊緊密合作以完成這項工作非常重要。

So we're really happy about that progress. And as I mentioned, a lot of the news and headlines that we're seeing out of the kind of the ecosystem more broadly fall into a different category of partners than where we sit.

所以我們對這一進展感到非常高興。正如我所提到的，我們從這種生態系統中看到的許多新聞和頭條新聞更廣泛地屬於不同類別的合作夥伴，而不是我們所處的位置。

The next question is from Arjun Bhatia with William Blair.

下一個問題來自 Arjun Bhatia 和 William Blair。

Just following up on some of the noncore customer trends. And if we look at it -- if we look at kind of what drove the churn, would you attribute that more to the pricing changes or the reallocation of the kind of customer success resources that maybe were dedicated to those customers in the past?

只是跟進一些非核心客戶趨勢。如果我們看一下——如果我們看一下是什麼導致了客戶流失，您是否會將其更多地歸因於定價變化或過去可能專用於這些客戶的那種客戶成功資源的重新分配？

And maybe I would -- the flip side of that, I would love to hear a little bit about what that customer success reallocation might do in the core customer base in the upmarket that might get a little bit more attention from the sales team?

也許我會——另一方面，我很想听聽關於客戶成功重新分配可能在高端市場的核心客戶群中做些什麼，這可能會得到銷售團隊的更多關注？

Yes. Yes. Great question. This is Justyn. I'll start us off there. Ryan might have more to add. So it's a combination of things that we think went into that, the impact that we saw in Q1. I think to start, that has historically been an unhealthy and declining part of the business for the past several years. That was one of the sort of primary catalyst for some of the changes that we made.

是的。是的。很好的問題。這是賈斯汀。我會從那裡開始。 Ryan 可能還有更多要補充的。所以這是我們認為的各種因素的結合，我們在第一季度看到的影響。我認為首先，在過去的幾年裡，這在歷史上一直是業務中不健康和衰退的部分。這是我們所做的一些改變的主要催化劑之一。

It's a part of the market that is, as we mentioned earlier, less far along with their journey, less sticky in general, less inclined to grow. NDR from that group was at, I think we mentioned, right around 100%.

正如我們之前提到的，這是市場的一部分，隨著他們的旅程走得更遠，總體上粘性更小，增長的可能性更小。我想我們提到過，該小組的 NDR 大約是 100%。

So certainly, very, very different from the bulk of our business. The 95% that we've shared is growing very differently. And so when you layer that on top of some of the macro conditions, the pricing change and the shifts we made internally in terms of resources, all of those things together contributed to some of that acceleration.

所以當然，與我們的大部分業務非常非常不同。我們分享的 95% 的增長方式截然不同。因此，當你將其疊加在一些宏觀條件、定價變化和我們在資源方面內部所做的轉變之上時，所有這些因素共同促成了這種加速。

I think when we think about what that reallocation internally does, we touched on a few of these things. We really think that there's an opportunity here to see better growth, better new business, et cetera, as we align the entirety of the company around what we view as higher value, higher potential customers. So not only improving sort of some of the fundamental financial mechanics of the business by cycling out some of this lower quality revenue, but also giving us upside because we're paying more attention. We've got more resources pointed at opportunity elsewhere in the market in that 95% of our revenue base, where we felt like we had a lot of headroom, and we wanted the talented people that work across our organization all pointed there.

我想當我們考慮內部重新分配的作用時，我們觸及了其中的一些事情。我們真的認為這裡有機會看到更好的增長、更好的新業務等等，因為我們將整個公司圍繞我們認為更高價值、更高潛在客戶的目標進行調整。因此，不僅通過循環出一些質量較低的收入來改善業務的一些基本財務機制，而且還給我們帶來了好處，因為我們更加關注。在我們 95% 的收入基礎中，我們有更多的資源指向市場其他地方的機會，我們覺得我們有很大的空間，我們希望在我們組織中工作的人才都指向那裡。

I think we saw some of that. We referenced the 50% year-over-year ARR growth in enterprise as well as some of the other performance -- solid performance that we saw across the rest of the business all contributing to that.

我想我們看到了其中的一些。我們參考了企業 ARR 同比增長 50% 以及其他一些表現——我們在其他業務中看到的穩健表現都為此做出了貢獻。

And in the backdrop, not just the shift of resources that we made, but also just the focus of additional resources in the future, whether it be product road map, sales and marketing talent, et cetera, all pointed in the same direction is going to be really valuable for us as a company.

而在這個背景下，不僅僅是我們所做的資源轉移，還有未來追加資源的重點，無論是產品路線圖，銷售和營銷人才等等，都指向同一個方向。對我們公司來說真的很有價值。

Perfect. That's helpful. And then you announced this partnership with OpenAI and you're starting to -- it seems like thinking about integrating some generative AI capabilities into the platform. How do you think the advent of generative AI might actually change the role of social media management or a marketing department? And how do you position Sprout kind of to be aligned with some of those trends longer term?

完美的。這很有幫助。然後你宣布與 OpenAI 建立合作夥伴關係，你開始 - 似乎正在考慮將一些生成人工智能功能集成到平台中。您認為生成式人工智能的出現實際上會如何改變社交媒體管理或營銷部門的角色？從長遠來看，您如何定位 Sprout 以使其與其中一些趨勢保持一致？

Yes. Yes. Great question. I think our role in this is to make sure that we're using generative AI, ML, any of the adjacent capabilities to give our customers superpowers that allows them to be more effective and more efficient in the things that they do, where we can improve their optimization, where we can improve their content creation, where we can just make, we think, over time, dramatic improvements to the efficacy, to the output, et cetera, of our customers and allow them to do -- have much greater reach, much greater bandwidth essentially across social channels. And our job is to build the tools that allow them to do that and build them in ways that are unique to social, that are unique to sprout. So that's where we're focused.

是的。是的。很好的問題。我認為我們在這方面的作用是確保我們使用生成式 AI、ML 以及任何相關功能來為我們的客戶提供超能力，使他們能夠在我們可以做的事情上更加有效和高效改進他們的優化，我們可以改進他們的內容創建，我們可以在這裡，我們認為，隨著時間的推移，顯著提高我們客戶的功效、輸出等，並允許他們做 - 有更大的達到，基本上跨社交渠道的帶寬要大得多。我們的工作是構建工具，讓他們能夠做到這一點，並以社交獨有的方式構建它們，這是發芽的獨特方式。所以這就是我們關注的地方。

Some of that, we've talked about already, introduced already. A lot of that, a lot of the more exciting parts of that are yet to come. You'll hear more about this from us as we begin to roll more of that out.

其中一些，我們已經討論過，已經介紹過。很多，其中很多更令人興奮的部分還沒有到來。隨著我們開始推出更多此類產品，您會從我們這裡聽到更多相關信息。

But ultimately, we expect that the -- we should be a multiplier for our customers' efforts. We should be eliminating some of the redundant tasks and allow them to focus on the parts of the work that are more centered around engaging with our customers, building healthy relationships, really expanding our marketing messages, et cetera, and let some of the rest fall in the background and let Sprout take care of that.

但最終，我們希望——我們應該成為客戶努力的倍增器。我們應該消除一些多餘的任務，讓他們專注於與客戶互動、建立健康的關係、真正擴展我們的營銷信息等方面的工作，並讓其餘部分落空在後台，讓 Sprout 來處理。

The next question is from Parker Lane with Stifel.

下一個問題來自 Stifel 的 Parker Lane。

Ryan, some really nice traction in the Salesforce partnership in 4Q and then again this quarter. Curious if you could double back to your comment on the confidence you have in the linearity of that relationship through the year and the number of migrations. Is that driven by things actively in the pipeline, some visibility into the contract durations there? Can you just dig into that a little bit more, please?

Ryan，Salesforce 在第四季度和本季度的合作夥伴關係中有一些非常好的牽引力。想知道您是否可以回過頭來評論您對一年中這種關係的線性度和遷移次數的信心。這是由管道中的積極因素驅動的，對那裡的合同期限有一些可見性嗎？你能再深入一點嗎？

Yes. Happy to Parker. Yes, it is a combination of those things. Certainly, from visibility into the pipeline that we're seeing now and the amount of opportunity, we feel really good about the customers that we're working with.

是的。帕克高興。是的，它是這些東西的組合。當然，從我們現在看到的管道的可見性和機會的數量來看，我們對與我們合作的客戶感覺非常好。

I think I've mentioned this in the past, but we have a joint Slack channel between ourselves and the Salesforce team. And it might be one of the most active channels we have at Sprout with leads going in both directions and collaboration happening in both directions. So we're really excited about that.

我想我過去曾提到過這一點，但我們和 Salesforce 團隊之間有一個聯合的 Slack 渠道。它可能是我們在 Sprout 擁有的最活躍的渠道之一，潛在客戶可以雙向溝通，合作也可以雙向進行。所以我們對此感到非常興奮。

We're being pulled into more conversations, both from a customer perspective, but also an enablement perspective with the sales teams over at Salesforce. So what started as the marketing cloud sales teams has quickly evolved into other teams, including Service Cloud with that integration we released in Q4.

我們正被拉入更多的對話中，既從客戶的角度，也從支持的角度與 Salesforce 的銷售團隊進行。因此，最初的營銷雲銷售團隊迅速發展為其他團隊，包括我們在第四季度發布的具有集成功能的 Service Cloud。

On top of that, we've got a bunch of events coming up that we're really excited about. We have the World Tour next week with our Head of Solutions Engineering, Cortney, having a speaking opportunity there, and then we're going to be at Connections later this year as well. So a combination of visibility into the current pipeline as well as just ongoing traction on a daily basis in terms of lead tasks and collaboration on the open opportunities.

最重要的是，我們即將舉辦一系列讓我們非常興奮的活動。下週我們將與我們的解決方案工程主管 Cortney 一起舉行世界巡迴演唱會，在那裡有演講機會，然後我們也將在今年晚些時候參加 Connections。因此，結合對當前管道的可見性以及每天在領導任務和開放機會協作方面的持續牽引力。

Got it. Understood. And then shifting gears over to the agency channel. I was curious to hear a little bit more about resource allocation there. You talked about the prioritization of customer success and growth resources behind the highest tier customers, but just curious if you could give us a sense of how that is impacting the agency partner channel and what sort of traction you're seeing there at the start of the year here.

知道了。明白了。然後換檔到代理渠道。我很想听到更多有關資源分配的信息。您談到了客戶成功和增長資源在最高層客戶背後的優先級排序，但只是想知道您是否可以讓我們了解這對代理合作夥伴渠道有何影響以及您在開始時看到了什麼樣的牽引力這裡的一年。

Yes. The agency opportunity is one we're really excited about. I think in the past, we've shared in certain parts of that, especially in more of the SMB side of the house, those folks have probably had more macroeconomic pressure on them as well as more price sensitivity.

是的。代理機會是我們非常興奮的機會。我認為在過去，我們在某些方面分享過，尤其是在更多的 SMB 方面，這些人可能對他們有更大的宏觀經濟壓力以及更高的價格敏感性。

The way that we're approaching that channel today is similar to what we've done in the past in terms of investing in those businesses to really have them -- becoming our best referral source, our best pipeline source. And we've continued to see that opportunity from a referral perspective, where a lot of these agencies today have great brand partnerships and great brand relationships, and they're bringing them to Sprout and then contracting directly with us.

我們今天接近該渠道的方式與我們過去在投資這些業務以真正擁有它們方面所做的類似——成為我們最好的推薦來源，我們最好的管道來源。我們繼續從推薦的角度看到這個機會，今天很多這樣的機構都擁有良好的品牌合作夥伴關係和良好的品牌關係，他們將他們帶到 Sprout，然後直接與我們簽約。

So I think a little bit of a dynamic change in terms of the way that business is getting done in the agency world. I think it will be more referral versus direct as we move forward. And we've set the team up from an org structure and strategy perspective in that way, both from a direct sales and a customer success perspective.

因此，我認為在代理世界中開展業務的方式會發生一些動態變化。我認為隨著我們的前進，更多的是推薦而不是直接的。我們從直接銷售和客戶成功的角度，從組織結構和戰略的角度來組建團隊。

The next question is from Elizabeth Porter with Morgan Stanley.

下一個問題來自摩根士丹利的伊麗莎白波特。

I wanted to ask again on the $50,000 kind of customer adds. If we just look at the absolute kind of volume of adds, it looks the lowest level since 1Q '21 at about half the rate of adds that you had in 1Q 2022. I understand the macro was tougher, but just with the incremental resources, you're putting behind large customers, can you help us unpack some of the softness from the absolute logo add perspective? If the customers dropped below that $50,000 threshold, can we see some reacceleration later or any competition at the high end to call out?

我想再次詢問 50,000 美元的客戶添加。如果我們只看添加的絕對數量，它看起來是自 21 年第一季度以來的最低水平，大約是 2022 年第一季度添加率的一半。我知道宏觀更艱難，但只是有了增量資源，你落後於大客戶，你能幫助我們從絕對標誌添加的角度解開一些軟性嗎？如果客戶跌破 50,000 美元的門檻，我們能否在以後看到一些重新加速或高端競爭？

Yes. I think it's a combination of things there. I do think that there's opportunities from a reacceleration standpoint. I think some of this is that just the linearity of the quarters for us as we think about the shape of fiscal year, Q4 being our highest coming off of that. I think that there's a healthy building of pipeline that's happening across the enterprise.

是的。我認為這是多種因素的結合。我確實認為從重新加速的角度來看有機會。我認為其中一些原因是我們考慮財政年度的形狀時對我們來說只是季度的線性，第四季度是我們最高的結果。我認為整個企業正在建立健康的管道。

I do want to point back to just the comment that we shared before around our net ARR being up over 50% from the enterprise perspective. So we feel really good about the opportunity in front of us here, the way that the teams are both building pipeline as well as executing on the deals.

我確實想回到我們之前分享的評論，從企業的角度來看，我們的淨 ARR 增長了 50% 以上。因此，我們對擺在我們面前的機會感覺非常好，團隊正在構建渠道和執行交易的方式。

And part of the reason we just disclosed a little bit more about things like the $250,000 opportunities in front of us as well in terms of the relative size of those opportunities that are coming in.

我們剛剛披露了更多關於我們面前的 250,000 美元機會以及這些機會的相對規模的部分原因。

Got it. And then just as a follow-up, I recognize it's early to be thinking about 2024. But can you shed some incremental light on the drivers that you expect to provide that durable growth against potentially a harder comp just as pricing changes in Social Studio benefited 2023 growth. I know you highlighted some factors like a bigger TAM. But just how quickly can those play out as it relates to 2024 growth? And what are some more specific drivers of your confidence?

知道了。然後，作為後續行動，我認識到現在考慮 2024 年還為時過早。但是，您能否闡明一些驅動因素，您希望這些驅動因素能夠提供持久的增長，以對抗可能更困難的競爭，就像 Social Studio 的定價變化受益一樣2023 年增長。我知道你強調了一些因素，比如更大的 TAM。但是，與 2024 年的增長相關，這些影響能以多快的速度發揮作用？您的信心有哪些更具體的驅動因素？

Yes. This is Joe, Elizabeth. Happy to answer that. I think what gives us the confidence here is really what we've kind of been talking about is our move up into the mid-market enterprise and the investments we're making. If you think about it, we've just started making those investments over the last like 12 months or so, and it's probably the area where we're hiring and focusing the most.

是的。這是喬，伊麗莎白。很高興回答這個問題。我認為讓我們在這裡充滿信心的是我們一直在談論的是我們進入中端市場企業和我們正在進行的投資。如果你仔細想想，我們在過去 12 個月左右才開始進行這些投資，這可能是我們招聘和關注最多的領域。

If you look at, for example, the 50% increase in net new ARR from enterprise, if you look at the fact that our new ACVs across the organization doubled on a year-over basis, we just feel like the deals we're getting into now are much larger, and we believe we're just scratching the surface of that part of our business and those investments.

例如，如果你看看來自企業的淨新 ARR 增加了 50%，如果你看看我們整個組織的新 ACV 同比翻了一番，我們就會覺得我們正在獲得的交易現在的規模要大得多，我們相信我們只是觸及了這部分業務和投資的表面。

And so as we get into the back half of this year and we get into 2024 and then we also think about, for example, some of the investments we're making on the R&D side and the momentum we have in customer care and social listening and some of the other things that we've talked about, we just feel like the growth that we're seeing in the most healthy part of our customers, and then we also look at the NDR that were driving the expansion of those customer base, I think all of those give us a lot of confidence going into 2024.

因此，當我們進入今年下半年並進入 2024 年時，我們也會考慮，例如，我們在研發方面進行的一些投資以及我們在客戶服務和社會傾聽方面的勢頭以及我們討論過的其他一些事情，我們只是覺得我們在客戶中最健康的部分看到了增長，然後我們還研究了推動這些客戶群擴大的 NDR ，我認為所有這些都給了我們進入 2024 年的信心。

The next question is from Michael Turits with KeyBanc.

下一個問題來自 KeyBanc 的 Michael Turits。

Thanks for giving me some of the color both obviously on the Salesforce adds and then on the linear growth and net adds from here. I was wondering if you could help us -- and you said that you think there's quite a big opportunity ahead of you. But how long do you see this opportunity lasting? In other words, do you see that it's mostly a '23 opportunity? Or do you see the Salesforce migrations as continuing into '24? And what might be the magnitude of that impact in '24 versus '23?

感謝您在 Salesforce 增加以及線性增長和淨增加方面給了我一些顏色。我想知道你是否可以幫助我們 - 你說你認為你面前有一個很大的機會。但你認為這個機會能持續多久？換句話說，您是否認為這主要是 23 年的機會？還是您認為 Salesforce 遷移會持續到 24 世紀？ 24 年與 23 年相比，這種影響的大小可能是多少？

This is Ryan. I do see it going through '24 -- I mean the public announcement on that date is the end of '24. From what we know of Salesforce contracts, they're usually multiyear contracts. From what we've seen in terms of conversations with customers, they are spread out over the next 18 months to 2 years. So if we just think about the Social Studio opportunity, I do think that we're going to see it through '23 and we're going to see it through '24.

這是瑞安。我確實看到它經歷了 24 年——我的意思是那個日期的公告是 24 年結束。根據我們對 Salesforce 合同的了解，它們通常是多年期合同。從我們與客戶的對話來看，他們將在未來 18 個月到 2 年內展開。因此，如果我們只考慮 Social Studio 的機會，我確實認為我們會在 23 年看到它，我們會在 24 年看到它。

I would also just highlight, and we shared this a little bit before as well in terms of our perspective around the overall Salesforce ecosystem, the low-hanging fruit is the Social Studio customers, but we're building this partnership and our integration strategy and our product strategy to be one where, if you're a Salesforce customer, Sprout Social is the very best solution for you. And we know that there's a couple of hundred thousand customers in Salesforce.

我還要強調，我們之前也分享過一點關於我們對整個 Salesforce 生態系統的看法，唾手可得的成果是 Social Studio 客戶，但我們正在建立這種夥伴關係和我們的整合戰略，以及我們的產品策略是，如果您是 Salesforce 客戶，Sprout Social 是最適合您的解決方案。我們知道 Salesforce 中有幾十萬客戶。

So yes, the Social Studio one end of '24 and the Salesforce opportunity itself and the ecosystem opportunity itself is much larger and goes well beyond '24.

所以，是的，24 世紀末的 Social Studio 和 Salesforce 機會本身以及生態系統機會本身要大得多，遠遠超出了 24 世紀。

Great. And then I wonder if you could comment on the competitive landscape a bit. You're moving upmarket. Sprint was moving -- I wouldn't say that it has been moving down market necessarily, but they have a lower priced offering now. So are you encountering them more? And do you feel like that's a headwind to you in any way?

偉大的。然後我想知道你是否可以對競爭格局發表一些評論。你正在走向高端市場。 Sprint 正在移動——我不會說它一定是在向下移動市場，但他們現在有一個較低的價格產品。那麼你遇到他們的次數多了嗎？你覺得這對你來說是一個逆風嗎？

Yes. From a competitive perspective, we have not seen anything in the data. And as I look ahead in Q2 and beyond, we have not seen any change to the data or the customers' feedback from that product.

是的。從競爭的角度來看，我們在數據中沒有看到任何東西。展望第二季度及以後，我們沒有看到數據或客戶對該產品的反饋有任何變化。

We're seeing them certainly a lot more in our enterprise space. We're in more deals than ever before from a large enterprise and an enterprise perspective. We feel really great about the win rates that we've seen within that space. So many of the customers that we have the opportunity to share details on are our customers that are moving over to the Sprout platform.

在我們的企業領域，我們肯定會更多地看到它們。從大型企業和企業的角度來看，我們的交易比以往任何時候都多。我們對在該領域看到的勝率感到非常滿意。我們有機會分享詳細信息的許多客戶都是我們正在遷移到 Sprout 平台的客戶。

And I think probably the only other thing I would say there is it will be interesting to watch over the next little while how that materializes. We feel really great, obviously, about the go-to-market motion that we've built and we've honed over 13-plus years. Our 30-day free trial continues to be the best weapon within -- in the space, and we've built the foundation of our business there where the majority of our customers actually get their hands on a keyboard and they're in the product.

而且我認為我唯一要說的另一件事可能是觀察接下來的一點點，同時它如何實現會很有趣。顯然，我們對我們已經建立並磨練了 13 多年的上市行動感覺非常好。我們的 30 天免費試用仍然是該領域最好的武器，我們已經在那裡建立了我們的業務基礎，我們的大多數客戶實際上都在使用鍵盤並且他們在產品中.

So we get excited about the opportunity to have others do the same so they can do an apples-to-apples comparison with Sprout.

因此，我們很高興有機會讓其他人也這樣做，這樣他們就可以與 Sprout 進行同類比較。

So no, not seeing any material change or difference in the market, certainly under enterprise. And in enterprise we're in more deals against upmarket competitors like Sprint growing than ever before.

所以不，在市場上沒有看到任何實質性變化或差異，當然是在企業之下。在企業中，我們與 Sprint 等高端競爭對手的交易比以往任何時候都多。

The next question is from Matthew VanVliet with BTIG.

下一個問題來自 BTIG 的 Matthew VanVliet。

Maybe, Ryan, a follow-up on the last one from a little maybe different viewpoint. I guess, what mix of your deals go to a more formal sort of RFP process or at least a multivendor evaluation from best that you can sort of surmise from the data? And maybe more importantly there, how have win rates tracked since prices were raised? Are you seeing any major changes in that, albeit only a few months? But I'm curious what you're seeing on sort of both of those fronts.

也許，Ryan，從一個可能有點不同的角度對最後一個進行跟進。我想，您的哪些交易組合會進入更正式的 RFP 流程，或者至少是您可以從數據中推測出的最好的多供應商評估？也許更重要的是，自價格上漲以來，贏率是如何追踪的？你看到這方面有什麼重大變化嗎，儘管只有幾個月？但我很好奇你在這兩個方面看到了什麼。

Yes. Thanks, Matt. From an RFP perspective, certainly more common in the enterprise, we definitely are in more RFPs over the last little while than we've historically been in if I rewind a few years ago, and that just goes into the motion of the enterprise.

是的。謝謝，馬特。從 RFP 的角度來看，在企業中肯定更常見，如果我倒帶幾年前，我們在過去一段時間內的 RFP 肯定比我們歷史上的要多，這只是進入了企業的運動。

We feel really great about that opportunity. Certainly, over the last couple of years, we've added resources from a solution engineering and a legal perspective to enable us to be able to respond well to those RFPs and win those deals, we feel really good about that.

我們對這個機會感到非常高興。當然，在過去幾年中，我們從解決方案工程和法律角度增加了資源，使我們能夠很好地響應這些 RFP 並贏得這些交易，我們對此感覺非常好。

We're also, in many ways, asking those customers to go outside of their RFP process and besides checking the box to actually get into the product. And so we really get excited when customers go beyond that process and actually use the technology to inform their decision versus just checking boxes on a spreadsheet.

我們也在很多方面要求這些客戶走出他們的 RFP 流程，除了選中復選框以實際進入產品。因此，當客戶超越該過程並實際使用該技術來告知他們的決定而不是僅僅在電子表格上勾選複選框時，我們真的很興奮。

So a lot in the enterprise, I would say that underneath the enterprise, it's definitely more rare. Those mid-market companies, certainly in the SMB and the agency are not really doing RFPs. From a competitive standpoint, certainly in the RFPs, you'll see multiple competitors. It's usually in the neighborhood of 3. It might be more than that, but it's usually 3 to 4 that are the main competitors that end up in that space.

在企業中有很多，我想說在企業下面，它肯定更罕見。那些中端市場公司，當然是在 SMB 和機構中，並沒有真正進行 RFP。從競爭的角度來看，當然在 RFP 中，您會看到多個競爭對手。它通常在 3 附近。它可能不止於此，但通常是 3 到 4 是最終進入該空間的主要競爭對手。

And then even in the -- underneath the enterprise and the mid-market and SMBs, it tends to be more than just us that are competing for the opportunity unless it is a customer or a company that's used our product before.

然後，即使在企業、中端市場和 SMB 的下方，也往往不僅僅是我們在爭奪機會，除非是以前使用過我們產品的客戶或公司。

And so that, again, I think, is a differentiator for Sprout.That free trial -- and the volume of customers that we've had used the product and come in and used the trial over time, enables us to have really good word of mouth. And oftentimes, we'll see that. We'll see it in the trial surveys, that the customer just evaluated us because they've used us before.

因此，我認為，這又是 Sprout 的一個差異化因素。免費試用——以及我們已經使用過該產品並隨著時間的推移進入並使用試用版的客戶數量，使我們能夠擁有非常好的口碑的嘴。通常，我們會看到這一點。我們會在試用調查中看到，客戶剛剛對我們進行了評價，因為他們以前使用過我們。

So -- and then I think just around the question, we feel really great about the competitive win rates. Q1 was another strong quarter in terms of our ability to compete with everyone else, and we're feeling great about the future here.

所以 - 然後我想圍繞這個問題，我們對競爭性獲勝率感覺非常好。就我們與其他人的競爭能力而言，第一季度是另一個強勁的季度，我們對這裡的未來感覺很好。

All right. Very helpful. And then, Joe, on the margin and free cash flow side, a couple of good quarters here, especially since the prices were raised. How should we think about sort of that on an incremental basis flowing through the model versus using some of that upside to continue to push the accelerator on growth and hiring -- understanding if there's a little bit dropping out of the bottom of the bucket here. But what's sort of the overall viewpoint on the upside that you're gaining from the price increases?

好的。很有幫助。然後，喬，在保證金和自由現金流方面，這裡有幾個好季度，尤其是在價格上漲之後。我們應該如何考慮在增量的基礎上通過模型進行排序，而不是利用其中的一些優勢繼續推動增長和招聘的加速器——了解是否有一點點從這裡的底部掉下來。但是，您從價格上漲中獲得的好處是什麼？

Yes, Matt. So I think you saw a little bit of this in Q1. We overperformed on our Q1 guidance. And then we didn't raise the full year on operating income as much because we wanted to reinvest some of that back in the business. So I think you're going to continue to see that throughout the year. I think we have a high level of confidence to continue to outperform and reinvest that money because we just see the opportunities.

是的，馬特。所以我想你在第一季度看到了一點。我們在第一季度的指導下表現出色。然後我們沒有將全年的營業收入提高那麼多，因為我們想將其中的一部分重新投資於業務。所以我認為你會在全年繼續看到這一點。我認為我們有很高的信心繼續跑贏大盤，並將這筆錢再投資，因為我們看到了機會。

So I think to the extent that we continue to do that, you'll see us reinvest a majority of that money into the business, but not to the extent that we have to not stay within that 100 to 300 basis points. I don't think you'll see us go backwards from the guidance we've given.

所以我認為，如果我們繼續這樣做，你會看到我們將大部分資金重新投資到業務中，但不會達到我們必須保持在 100 到 300 個基點內的程度。我不認為你會看到我們從我們給出的指導中倒退。

So we expect upside to the guidance we expect, to the extent that we overperform, but you'll see us still invest a majority of that back into the business right now just given the opportunity in front of us.

因此，我們預計我們預期的指導會有上行空間，在我們表現超常的情況下，但你會看到我們現在仍然將大部分資金重新投資到業務中，只是因為我們面前有機會。

The next question is from Clarke Jeffries with Piper Sandler.

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

I just wanted to clarify that your current framework on a dollar basis for those noncore customers is that maybe exiting the year ARR contribution from that segment would be flat to down or sort of where guidance kind of implies that ARR number goes.

我只是想澄清一下，對於那些非核心客戶，您當前以美元為基礎的框架是，退出該細分市場的年度 ARR 貢獻可能會持平或下降，或者某種程度上的指導暗示 ARR 數字會發生變化。

And I think as a part of that, could you help us understand on a relative basis how much of that -- of those noncore customers are monthly versus annual customers in terms of when they churned or were they at renewal, just to understand the pricing effect.

我認為作為其中的一部分，您能否幫助我們了解相對基礎上有多少非核心客戶是每月客戶而不是年度客戶，就他們何時流失或續訂而言，只是為了了解定價影響。

Yes. So Clarke, a couple of things there. We're not going to -- we don't necessarily break out on the second part of your question, the percentage of that 5% that's monthly to annual. They obviously skew more towards monthly, but without giving out a direct percentage, you can definitely make the assumption of that.

是的。所以克拉克，那裡有幾件事。我們不會——我們不一定會在你問題的第二部分展開，即每月占每年的 5% 的百分比。他們顯然更傾向於每月，但沒有給出直接的百分比，你絕對可以做出這樣的假設。

As far as how that flows through the rest of the year [ARR], I expect, like we talked about this, we think it's going to be a multiyear process where we talked about this in the earnings release or in the prepared remarks where those customers kind of cycle out of the business. So we don't think it has a material impact to this year's ending ARR. I think you'll see it slightly down from the 5%, but it's not going to be a huge impact on 2023.

至於今年餘下時間的流動情況 [ARR]，我預計，就像我們談到這個一樣，我們認為這將是一個多年的過程，我們在收益發布或準備好的評論中談到了這一點客戶循環退出業務。所以我們認為它不會對今年結束的 ARR 產生實質性影響。我認為你會看到它比 5% 略有下降，但它不會對 2023 年產生巨大影響。

Perfect. And then just a clarifying question on you mentioned a couple of times, enterprise ARR up over 50%. How are you defining that? And is it fair to call maybe the business in the 3 segments, enterprise, mid-market and SMB?

完美的。然後只是澄清你提到過幾次的問題，企業 ARR 超過 50%。你是如何定義的？將企業、中端市場和 SMB 這 3 個細分市場的業務稱為公平嗎？

Yes, so the way we split out those segments is SMB is below 50 employee businesses, 50 employees to 1,000 employees is mid-market and then over 1,000 employees is enterprise.

是的，所以我們劃分這些細分市場的方式是，SMB 是低於 50 名員工的企業，50 名員工到 1,000 名員工是中端市場，然後超過 1,000 名員工是企業。

This is Justyn. I think a distinction there to make is just that our organization of that -- of the customer base is a little more nuanced in that we see there is part of, for example, the SMB market that is more socially sophisticated, that is spending more like a mid-market. That is still a very attractive part of the market for us. If they've advanced beyond those variable price points that we're beginning to shed.

這是賈斯汀。我認為這裡有一個區別，就是我們對客戶群的組織有點細微差別，因為我們看到有一部分，例如，SMB 市場在社會上更加成熟，花費更多就像一個中端市場。這對我們來說仍然是一個非常有吸引力的市場部分。如果他們的價格超過了我們開始放棄的那些可變價格點。

Similarly, with mid-market, there are mid-market companies that outspend some enterprises, et cetera. So when we think about the total opportunity and kind of where we're focusing our resources, I want to make sure not to conflate that less than $2,000 bucket with the entirety of the SMB. We don't quite view it that way. Does that make sense?

同樣，對於中端市場，有一些中端市場公司的支出超過了一些企業，等等。因此，當我們考慮總體機會以及我們將資源集中在哪裡時，我想確保不要將不到 2,000 美元的桶與整個 SMB 混為一談。我們不太這麼看。那有意義嗎？

Yes, absolutely. .

是的，一點沒錯。 .

Maybe one last data point that we're excited about. If I think about one of the recent deals that we closed in the SMB space is $100,000 ACV deal. So to Justyn's point, those sophisticated customers can exist in these spaces in SMB and agency as well. And we're certainly winning those businesses and supporting those customers.

也許是我們感到興奮的最後一個數據點。如果我想一想我們最近在 SMB 領域完成的一筆交易是 100,000 美元的 ACV 交易。因此，就 Justyn 的觀點而言，那些經驗豐富的客戶也可以存在於 SMB 和代理機構的這些空間中。我們肯定會贏得這些業務並支持這些客戶。

The next question is from Rob Oliver with Baird.

下一個問題來自 Rob Oliver 和 Baird。

Ryan, you guys talked about this a little bit, but my first question would be for you just around some of those increased dollars that are going to be moving up to sales and marketing, focus more on, I think, high end and mid-market and enterprise. What's your thought around kind of use of those dollars, support incremental enterprise salespeople?

Ryan，你們談過這個問題，但我的第一個問題是關於一些增加的美元將轉移到銷售和營銷，我認為更多地關注高端和中端 -市場和企業。您對如何使用這些美元、支持增量企業銷售人員有何看法？

And talk about how your sales motion has evolved. I mean I know you said you've been honing it for quite some time. But certainly, this quarter would point to you guys are even accelerating that, moving more towards upper mid-market enterprise. So just get a sense for where you are with enterprise sales reps and how that motion has evolved. And then a quick follow-up.

並談談您的銷售活動是如何演變的。我的意思是我知道你說過你已經磨練它很長一段時間了。但可以肯定的是，本季度將表明你們甚至正在加速，更多地轉向中高端市場企業。因此，只需了解您與企業銷售代表的關係以及該動議是如何演變的。然後快速跟進。

Yes. Yes, absolutely. Yes. You're spot on there. We see a tremendous amount of opportunity in the enterprise. We've been investing in the enterprise, predominantly in enterprise AEs and enterprise leadership as well as some solution engineers to come alongside of them and some outbound BDR reps to support the pipeline generation.

是的。是的，一點沒錯。是的。你就在那兒。我們在企業中看到了巨大的機會。我們一直在投資於企業，主要投資於企業 AE 和企業領導層，以及一些與他們並肩作戰的解決方案工程師和一些支持管道生成的出站 BDR 代表。

From a customer success perspective, we shifted some of those resources that were on the noncore business up into the strategic customers in mid-market and enterprise. So we're doing a much better job there as well, helping those customers, improving the ratios and enabling us to not just improve that gross retention but also to give us a lot more of a foundation to expand from, so investments going through all of those today.

從客戶成功的角度來看，我們將一些用於非核心業務的資源轉移到中端市場和企業的戰略客戶中。因此，我們在這方面也做得更好，幫助這些客戶，提高比率，使我們不僅能夠提高總保留率，還能為我們提供更多的擴展基礎，因此投資貫穿始終今天的那些。

In terms of the dynamics of what's changed on the sales motion, it's a lot of the same things that we've historically been doing. We've been adding more talent that's been used to selling in the enterprise.

就銷售動議的變化動態而言，這與我們過去一直在做的事情有很多相同之處。我們一直在增加更多習慣於在企業中銷售的人才。

The key for us is folks that have the sophistication and the capabilities to close 6-figure and 7-figure transactions, but also have velocity in the way that they approach the business. This is still not one of those businesses where a rep is going to close 1 or 2 deals a year. They're going to be closing multiple accounts in a quarterly basis, probably more of those on a monthly basis. So it's a velocity play for us as well as sophistication up market.

對我們來說，關鍵是那些擁有成熟和能力來完成 6 位數和 7 位數交易的人，而且在他們處理業務的方式上也有速度。這仍然不是銷售代表每年要完成 1 或 2 筆交易的業務之一。他們將每季度關閉多個賬戶，可能更多的是每月關閉一次。因此，這對我們來說是一種速度遊戲，也是成熟市場。

The other thing I think is probably different that I shared just in Matt's question before you is just RFPs. We are doing more of those over the last 12 months than we've ever done before. We're refining our approach to how do we differentiate in an RFP process. But the thing that is underlying all of this that we really get excited about is getting the customers in the product, making sure that they're in there before they sign a contract with us, proving that the product works.

我認為另一件事可能與我在 Matt 的問題中分享的不同，只是 RFP。在過去的 12 個月裡，我們所做的這些比以往任何時候都多。我們正在改進我們如何在 RFP 流程中脫穎而出的方法。但讓我們真正感到興奮的所有這一切背後的事情是讓客戶使用產品，確保他們在與我們簽訂合同之前就在那裡，證明產品有效。

And one of the things that has really stood out in competitive differentiation is our speed to value and our usability and the sophistication of the platform. And so for us, we want our customers in there running reports. We want them connecting all of their social profiles. We want them doing social listening. We want them not just experiencing our technology but our people so that they're really mitigating risk. And we found that, especially in a time like this, customers appreciate having that certainty before they make a decision. And they also appreciate the confidence that we have in leading with the product.

在競爭差異化中真正脫穎而出的一件事是我們實現價值的速度、我們的可用性和平台的複雜性。所以對我們來說，我們希望我們的客戶在那裡運行報告。我們希望他們連接所有的社交資料。我們希望他們進行社交聆聽。我們希望他們不僅體驗我們的技術，還體驗我們的員工，這樣他們才能真正降低風險。我們發現，尤其是在這樣的時期，客戶喜歡在做出決定之前有這種確定性。他們也很欣賞我們在產品領先方面的信心。

So those are some of the things that have evolved, that we've added to over the last little while.

所以這些是我們在過去一段時間內添加的一些已經發展的東西。

Great. That's helpful. And then just a general question for any of you guys. I know DJ asked a little bit earlier about ChatGPT and we saw the press release you guys put out. But just thoughts -- and I know we're going to get more details on this, but clearly, some of what you guys talked about in the press release are enhancements to things that we already hear you guys are doing, which have already saved a lot of time for social media people.

偉大的。這很有幫助。然後是對你們所有人的一般性問題。我知道 DJ 早些時候問過關於 ChatGPT 的問題，我們看到了你們發布的新聞稿。但只是想法——我知道我們將獲得更多細節，但很明顯，你們在新聞稿中談論的一些內容是對我們已經聽到你們正在做的事情的改進，這些事情已經保存社交媒體人有很多時間。

But it just got me thinking about a question I think we're all trying to figure out right now about kind of seat-based versus other types of pricing. And to the extent that there is a tremendous amount of automation from ChatGPT driven -- and more value driven through the Sprout platform, how do you think about that relative to, is it just factored in when you buy Sprout? Is it something you paid out on price for? Is it something that would be an additional module? Is it too early to think about that?

但這讓我想到了一個問題，我認為我們現在都在努力弄清楚基於座位的定價與其他類型的定價。就 ChatGPT 驅動的大量自動化以及通過 Sprout 平台驅動的更多價值而言，您如何看待它相對於購買 Sprout 時是否只是考慮因素？這是你付出代價的東西嗎？它是一個額外的模塊嗎？現在考慮這個是不是太早了？

Yes. Not too early to think about, but probably a little too early to indicate where we think that goes. I think some of the ideas that we're excited about that we're working on internally would probably fall into something that would be monetized.

是的。現在考慮還為時過早，但要表明我們的想法可能有點為時過早。我認為我們正在內部研究的一些讓我們感到興奮的想法可能會變成可以貨幣化的東西。

But I think importantly, when we think about the average social media manager today, the average person that's in our platform is -- has more to do than they can possibly manage. Sprout certainly makes that better, but they're going to continue to be looking to expand those teams, not shrink them, even as the work gets easier.

但我認為重要的是，當我們考慮今天的普通社交媒體經理時，我們平台上的普通人——要做的事情比他們可能管理的要多。 Sprout 確實做得更好，但他們將繼續尋求擴大這些團隊，而不是縮小他們，即使工作變得更容易。

And I think a lot of that has to do with the engagement, the organic conversations that are happening through social, the publishing of content, et cetera. And for all of the potential that we see with ChatGPT and others, I think that the inclination is going to be to offload more of the routine work that is keeping them from having that time to engage with our customers, to put that time into their campaigns and the content that they publish, et cetera.

我認為這在很大程度上與參與、通過社交進行的有機對話、內容髮布等有關。對於我們在 ChatGPT 和其他人身上看到的所有潛力，我認為人們傾向於卸載更多的日常工作，這些工作使他們沒有時間與我們的客戶互動，將時間投入到他們的工作中。活動和他們發布的內容等。

So I think over time, it's going to meter out that we're still going to have larger teams 2 years from now than we do today. I think that we're still going to see seat growth. I think they're going to be able to tackle more of what's on their plate and do a better job of it with a lot of the things that we're going to build. But certainly, there are going to be opportunities for us to monetize that differently than we thought about in the past.

所以我認為隨著時間的推移，我們將在 2 年後擁有比今天更大的團隊。我認為我們仍然會看到座位增長。我認為他們將能夠處理更多他們盤子裡的事情，並用我們將要構建的很多東西做得更好。但可以肯定的是，我們將有機會以不同於我們過去所想的方式將其貨幣化。

Then maybe one other thing I'll just add there, that I think we all get really excited about is, obviously, we're sitting on a really important valuable set of data. And all the work that we're doing with ChatGPT and AI in general, you think about the value of that data and you think about speeding up the discovery of insights and you think about making those insights more usable and able to have wider reach in an organization to make better business decisions.

然後，也許我會在那裡添加另一件事，我認為我們都非常興奮，顯然，我們正坐在一組非常重要的有價值的數據上。以及我們在 ChatGPT 和 AI 方面所做的所有工作，你會考慮這些數據的價值，你會考慮加快洞察力的發現，你會考慮讓這些洞察力更有用，並能夠在更廣泛的領域發揮作用。一個組織做出更好的商業決策。

So if we think about that listening product today, we know that when customers are leveraging this appropriately, they get these data points and these insights that allow them to make great business decisions on products they might create or innovate on competitive positioning on markets they want to go into.

因此，如果我們考慮今天的聆聽產品，我們就會知道，當客戶適當地利用它時，他們會獲得這些數據點和這些見解，使他們能夠對他們可能創造的產品做出重大業務決策，或在他們想要的市場競爭定位方面進行創新進入。

And so when we think about some of the opportunities in front of us, we believe that we can really speed up the manner in which they get those insights so that they get even more utility out of these things, and that social data becomes an even more important part of their business. And a lot of the work that we're doing here will impact all of that.

因此，當我們考慮擺在我們面前的一些機會時，我們相信我們可以真正加快他們獲得這些見解的方式，以便他們從這些東西中獲得更多效用，並且社交數據成為他們業務中更重要的部分。我們在這裡所做的很多工作都會影響所有這些。

There are no further questions. At this time, I'll turn it over to Justyn Howard for any closing remarks.

沒有其他問題了。此時，我將把它交給 Justyn Howard 作任何結束語。

Great. Yes. I just want to thank everyone again for the time today and specifically for the opportunity to get a little more nuanced around this duality that exists in our business with the 95% of our revenue performing incredibly well and where we saw the opportunity and kind of the impetus around the realignment and the pricing changes to really focus and accelerate there and how that's been playing out so far. Certainly more to come over the next several quarters as that continues to accelerate and as we continue to drive the performance that this was all meant to drive. So appreciate your time and energy, and we look forward to chatting with a lot of you more over the next couple of weeks. Thanks, everyone.

偉大的。是的。我只想再次感謝大家抽出寶貴的時間，特別是感謝有機會更細緻地了解我們業務中存在的這種二元性，我們 95% 的收入表現得非常好，我們看到了機會和類型圍繞重新調整和定價變化的推動力，以真正關注並加速那裡，以及迄今為止的進展情況。在接下來的幾個季度中肯定會出現更多，因為它會繼續加速，並且隨著我們繼續推動這一切旨在推動的績效。非常感謝您的時間和精力，我們期待在接下來的幾週內與您進行更多交流。感謝大家。

Ladies and gentlemen, this concludes today's conference call. Thank you for participating. You may now disconnect.

女士們，先生們，今天的電話會議到此結束。感謝您的參與。您現在可以斷開連接。