Sprout Social Inc (SPT) 2023 Q4 法說會逐字稿

Good day, and welcome to Sprout Social, Inc. Conference Call. (Operator Instructions) Please note that today's call is being recorded. (Operator Instructions)

美好的一天，歡迎參加 Sprout Social, Inc. 電話會議。 （操作員說明）請注意，今天的通話正在錄音。 （操作員說明）

I'd now like to introduce the call to Jason Rechel, Vice President of Investor Relations. You may now proceed.

我現在想向投資者關係副總裁 Jason Rechel 介紹這通電話。您現在可以繼續。

Thank you, operator. Welcome to Sprout Social's Fourth Quarter 2023 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，接線生。歡迎參加 Sprout Social 2023 年第四季財報電話會議。我們將討論今天收盤後發布的新聞稿中宣布的結果，並發布了更新的投資者演示文稿，您可以在我們的網站上找到該演示文稿。 。

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

和我在一起的還有 Sprout Social 的執行長賈斯汀·霍華德 (Justyn Howard)；財務長喬·德爾·普雷托；和總裁瑞安·巴雷托。

Today's call will contain forward-looking statements, which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact are forward looking. These include, among others, statements concerning our expected future financial performance and business plans and objectives and can be identified by words such as expect, anticipate, intend, plan, believe, seek, opportunity or will. These statements reflect our views as of today only and should not be relied upon representing our views at any subsequent date. We do not undertake any duty to update these statements. Forward-looking statements address matters that are subject to risks and uncertainties that could cause actual results to differ materially. For a discussion of the risks and other important factors that could affect our actual results, please refer to our annual report on Form 10-K for the fiscal year ended December 31, 2023, to be filed with the SEC as well as our most recently filed 10-K and 10-Qs.

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》的安全港條款做出的。其中包括有關我們預期未來財務表現以及業務計劃和目標的陳述，可以透過預期、預期、打算、計劃、相信、尋求、機會或意願等字眼來識別。這些聲明僅反映我們今天的觀點，不應代表我們在以後任何日期的觀點。我們不承擔更新這些聲明的任何責任。前瞻性陳述涉及可能導致實際結果出現重大差異的風險和不確定性問題。有關可能影響我們實際結果的風險和其他重要因素的討論，請參閱我們將向 SEC 提交的截至 2023 年 12 月 31 日的財年 10-K 表格年度報告以及我們最近的報告提交10-K 和10 -Q。

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

在電話會議期間，我們將討論未依照公認會計原則制定的非公認會計準則財務指標。這些非GAAP 財務指標的定義，以及與最直接可比較的GAAP 財務指標的調節，包含在我們的第四季度收益報告中，該報告已提交給SEC，並可在我們的網站Investors.sproutsocial.com 上獲取。

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

接下來，讓我把電話轉給賈斯汀。

Thank you, Jason, and good afternoon, everyone. Thank you, as always, for joining us.

謝謝傑森，大家下午好。一如既往地感謝您加入我們。

We are proud to deliver a fantastic fourth quarter results. We're entering 2024 with notable momentum and an expanding scope of growth opportunities. Earlier this month, we were rated as the #1 best software product by G2 across the entire software industry, adding to leadership across all of the major categories in which we compete. We believe our product leadership and outstanding execution have Sprout positioned for a breakout year as we define category leadership.

我們很自豪能夠提供出色的第四季業績。我們正以顯著的勢頭和不斷擴大的成長機會進入 2024 年。本月早些時候，我們被 G2 評為整個軟體行業排名第一的最佳軟體產品，進一步增強了我們在所有主要競爭類別中的領先地位。我們相信，我們的產品領先地位和出色的執行力使 Sprout 在我們定義類別領導地位的一年中取得突破。

During Q4, we saw continued record new business ACVs and total ACV growth of 43% year-over-year. We added record net new organic $10,000 and $50,000 customers. And our premium product attach rate is now 30%, with premium product ARR growing greater than 50% year-over-year. We added record net new ARR, a record increase in deferred revenue and step-change increase in RPO and CRPO. New RPO or total contract value bookings was nearly 80% higher than any quarter in our history. New CRPO bookings increased nearly 3x year-over-year.

第四季度，我們看到新業務 ACV 持續創紀錄，總 ACV 年成長 43%。我們增加了創紀錄的淨新有機客戶 10,000 美元和 50,000 美元。我們的優質產品附加率為 30%，優質產品 ARR 年比成長超過 50%。我們增加了創紀錄的淨新 ARR、創紀錄的遞延收入成長以及 RPO 和 CRPO 的階梯成長。新 RPO 或總合約價值預訂量比我們歷史上任何季度都高出近 80%。 CRPO 新訂單量較去年同期成長近 3 倍。

Our focused strategy is yielding powerful results. Our customers are making increasingly large and long-duration investments in social, which we believe will converge reported leading indicators upwards towards CRPO over time. We believe this will have the compounding effect of accelerating the durability and efficiency of our future growth.

我們的重點策略正在產生強而有力的成果。我們的客戶正在社交領域進行越來越大規模和長期的投資，我們相信隨著時間的推移，報告的領先指標將向上趨向於 CRPO。我們相信，這將產生複合效應，加速我們未來成長的持久性和效率。

Our industry is maturing and new research from Deloitte Digital says it far better than we could. Social-first brands are repositioning social media at the core of the entire brand and customer experience as a key strategic priority. Our goal is to make Sprout industry standard publishing an engagement platform and to make social listening, social advocacy, influencer marketing and sophisticated reporting core to the workflow of the world's most innovative brands.

我們的行業正在成熟，德勤數字的最新研究表明，它比我們好得多。社群優先品牌正在將社群媒體重新定位為整個品牌的核心，並將客戶體驗作為關鍵的策略重點。我們的目標是使 Sprout 行業標準出版成為一個參與平台，並使社交聆聽、社交宣傳、影響力行銷和複雜的報告成為世界上最具創新性品牌工作流程的核心。

We see massive potential to unify what should be standard social capabilities for all global businesses and to accelerate premium product attach rates and ACV growth. Exiting 2023, our premium product attach rate increased 30% and total premium module ARR is now growing greater than 50% year-over-year.

我們看到了統一所有全球企業標準社交能力並加速優質產品附加率和 ACV 成長的巨大潛力。到 2023 年，我們的優質產品附加率增加了 30%，優質模組總 ARR 目前年增超過 50%。

CAGR will play an important role in our platform strategy, and the growth potential entering 2024 is proving to be greater than we had planned. It is increasingly clear that social media management and influencer marketing demand live together for both workflow and reporting.

CAGR將在我們的平台策略中發揮重要作用，事實證明，進入2024年的成長潛力比我們的計畫更大。越來越明顯的是，社群媒體管理和影響者行銷對於工作流程和報告的需求是共存的。

We continue to execute on our differentiated value position, with inbound interest coming from a diverse set of current customers and geographies. With more than 3x current Sprout ACVs and a meaningful opportunity to further differentiate Sprout while cross-selling into our customer base, we believe Tagger is on track to achieve our $100 million ARR target.

我們繼續執行我們的差異化價值定位，吸引來自不同現有客戶和地區的興趣。憑藉超過 3 倍的現有 Sprout ACV 以及在向我們的客戶群進行交叉銷售的同時進一步差異化 Sprout 的有意義的機會，我們相信 Tagger 有望實現我們 1 億美元的 ARR 目標。

Stepping back to our broader product strategy. Our customer-led rankings on G2 are an outcome of our aggressive product investments over the past 24 months. We've accelerated our platform investments in AI, Social Customer Care, listening, advocacy and industry-defining integrations. We believe differentiated product integrations with amazing partners like Salesforce, the product-enhancing acquisitions of Tagger and Repustate, and rapidly expanding enterprise capabilities have positioned Sprout to lead our category.

回到我們更廣泛的產品策略。我們在 G2 上以客戶為主導的排名是我們過去 24 個月積極產品投資的結果。我們加快了在人工智慧、社交客戶服務、傾聽、宣傳和行業定義整合方面的平台投資。我們相信，與 Salesforce 等優秀合作夥伴的差異化產品整合、對 Tagger 和 Repustate 的產品增強收購，以及快速擴展的企業能力，使 Sprout 成為我們類別的領導者。

Last week's announcement of Social Customer Care by Sprout is a notable output of this innovation as we seek to establish ourselves as the clear choice for Social Customer Care. We're now delivering faster, more personalized and more complete customer support with AI-powered case management, intuitive reporting and out-of-the-box iterations with leading customer care platforms like Salesforce, Zendesk and Microsoft. Social care is the fastest-growing market in our SAM, and we believe we are well positioned to lead that market.

Sprout 上週宣布的社群客戶服務是這項創新的顯著成果，因為我們力求將自己打造成社群客戶服務的明確選擇。現在，我們透過 Salesforce、Zendesk 和 Microsoft 等領先的客戶服務平台，透過人工智慧驅動的案例管理、直覺的報告和開箱即用的迭代，提供更快、更個人化和更​​完整的客戶支援。社會關懷是我們 SAM 中成長最快的市場，我們相信我們有能力引領這個市場。

We delivered more than 150 material new product enhancements in total during 2023, more than 25% greater than each of the prior 3 years. And we believe our pace in innovation is only getting started. This pace of change also aligns to the pace of change in the market, which is evolving faster than ever.

2023 年，我們總共交付了 150 多項材料新產品增強功能，比前 3 年每年增加 25% 以上。我們相信我們的創新步伐才剛開始。這種變化的步伐也與市場的變化步伐一致，市場的發展速度比以往任何時候都快。

We are proud to elevate our relationship with Reddit earlier this month for Tagger to lead the new creator API with Snapchat, to join Meta's Ad Tech Partner program and to currently be working as an alpha partner for Meta's Threads API. We're deepening our relationships across our partner ecosystem and are proud to be core to many other key 2024 partner priorities that will deliver utility to our shared customers. We believe our single code base, coupled with strong and dynamic partner relationships, are key competitive differentiators for Sprout and are extending our moat as we scale.

我們很榮幸本月早些時候提升了與 Reddit 的關係，讓 Tagger 與 Snapchat 一起領導新的創作者 API，加入 Meta 的廣告技術合作夥伴計劃，並目前擔任 Meta Threads API 的 alpha 合作夥伴。我們正在深化與合作夥伴生態系統的關係，並很自豪能夠成為 2024 年許多其他關鍵合作夥伴優先事項的核心，這些優先事項將為我們的共同客戶帶來實用性。我們相信，我們的單一程式碼庫，再加上強大而充滿活力的合作夥伴關係，是 Sprout 的關鍵競爭優勢，並且隨著我們的規模擴大，我們的護城河正在不斷延伸。

Sprout's recognition as the #1 best software product ranked by G2 highlights the incredible success our customers are having. In fact, during 2023, our customers cumulatively spent more than 6 million hours of time in Sprout and we processed over 1.5 trillion messages and actions for them. We've doubled-down on our thesis that social is maturing and is the primary communication channel between brands and their customers. The continuing maturity of the market is solidifying Sprout's the social system of record, intelligence and action. We aspire to set the bar innovation in our industry and to emerge as the market leader. The logos you'll hear Ryan talk about shortly are equal parts humbling and indicative of where we are as an organization.

Sprout 被 G2 評為排名第一的最佳軟體產品，突顯了我們的客戶所取得的令人難以置信的成功。事實上，2023 年期間，我們的客戶在 Sprout 上累積花費了超過 600 萬小時的時間，我們為他們處理了超過 1.5 兆條訊息和操作。我們加倍強調我們的論點，即社交正在成熟，並且是品牌與其客戶之間的主要溝通管道。市場的持續成熟正在鞏固 Sprout 的記錄、情報和行動的社會系統。我們渴望在業界樹立創新標桿，並成為市場領導者。您很快就會聽到 Ryan 談論的徽標既令人謙卑，又表明了我們作為一個組織的地位。

We outlined our next great growth chapter last fall at Investor Day, and we're executing well as we progress toward our goal of $1 billion in annual revenue. Going into 2024, we believe we have the right team, platform and approach to realize our full potential.

去年秋天，我們在投資者日概述了我們的下一個偉大成長篇章，並且我們正在向年收入 10 億美元的目標邁進，進展順利。進入 2024 年，我們相信我們擁有合適的團隊、平台和方法來充分發揮我們的潛力。

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

這樣，我會將電話轉給瑞安。

Thanks, Justyn. 2023 was a year filled with great progress, milestones and success. We evolved our long-term strategy while proving that we are perfectly positioned to make the largest and most complex customers successful. I have so much gratitude for our team who operate with relentless focus, work ethic and excellent execution and deep appreciation for our customers who put their trust in us every day and are seeing the increasing value of social delivered through our platform.

謝謝，賈斯汀。 2023 年是充滿巨大進步、里程碑和成功的一年。我們制定了長期策略，同時證明我們完全有能力幫助最大、最複雜的客戶取得成功。我非常感謝我們的團隊，他們以不懈的專注、職業道德和卓越的執行力運作，並深深感謝我們的客戶，他們每天都信任我們，並看到透過我們的平台提供的社交價值不斷增加。

Our customers' success is clearly driving our success. So I think it's fitting that I kick off by highlighting the iconic brands that we are fortunate to grow with during Q4, which included X, formerly known as Twitter; DHL International; Brown-Forman Corporation; Kenvue; PG&E Corporation; The CW Network; Archer-Daniels-Midland; U.S. Chamber of Commerce; American Honda Motor Company; Whirlpool; Avis Budget Group; Panasonic; Nationwide Children's Hospital; Sega of America; Grab Taxi; Becton Dickinson and CoStar Group.

客戶的成功顯然正在推動我們的成功。因此，我認為我首先強調我們有幸在第四季度共同成長的標誌性品牌是合適的，其中包括 X（以前稱為 Twitter）；敦豪國際；布朗福曼公司；肯維； PG&E 公司； CW 網路；阿徹-丹尼爾斯-米德蘭；美國商會；美國本田汽車公司；漩渦池；安維斯預算集團；松下；全國兒童醫院；美國世嘉；搭乘計程車； Becton Dickinson 和 CoStar 集團。

Our most sophisticated customers are social-first organizations that rely on Sprout to drive efficiency and innovation. And our new customer, Advanced Micro Devices, is a perfect example of what this looks like. Chris Downey, Director of Social Media in AMD shared, "We are excited to enhance our social strategy with Sprout Social. We are a data-driven organization, and our goal is to empower our teams with intuitive software that can improve efficiency across the organization. With Sprout, we now have the ability to improve our publishing collaboration, streamline social customer care and make impactful decisions with sophisticated reporting capabilities."

我們最成熟的客戶是社會第一的組織，他們依靠 Sprout 來提高效率和創新。我們的新客戶 Advanced Micro Devices 就是一個完美的例子。 AMD 社群媒體總監 Chris Downey 表示：「我們很高興能夠透過 Sprout Social 增強我們的社群策略。我們是一家數據驅動型組織，我們的目標是為我們的團隊提供直覺的軟體，從而提高整個組織的效率借助Sprout，我們現在能夠改善我們的出版協作、簡化社交客戶服務並透過複雜的報告功能做出有影響力的決策。

Focus matters, and we're focused on being the social platform powering the world's most innovative brands. At the same time, customers are highlighting to us that they're seeing our competitors investing less in their teams, in their customers and in their products. This is reinforcing the strength of our strategy and our differentiation. You can see this in the usability of our platform and how leading with the product has become the primary driver in our strengthening win rates in the enterprise. Our recognition as the #1 SaaS software product in G2 is a reflection of all this.

專注很重要，我們致力於成為為世界上最具創新性的品牌提供動力的社交平台。同時，客戶向我們強調，他們看到我們的競爭對手在他們的團隊、客戶和產品上的投資減少了。這增強了我們的策略和差異化優勢。您可以從我們平台的可用性以及產品領先如何成為我們增強企業贏率的主要驅動力中看到這一點。我們被評為 G2 排名第一的 SaaS 軟體產品反映了這一切。

G2 is the world's largest and most trusted software marketplace where 90 million software buyers seek out advice and where rankings are based exclusively on user reviews. Sprout was the best software product overall. This is a reflection of the differentiation of our software and the strategic value our customers derive from our platform and products.

G2 是世界上最大、最值得信賴的軟體市場，有 9,000 萬軟體購買者在這裡尋求建議，排名完全基於用戶評論。 Sprout 是整體上最好的軟體產品。這反映了我們軟體的差異化以及我們的客戶從我們的平台和產品中獲得的策略價值。

Building from this position of product leadership, it was just over a year ago that we've dialed in our strategic focus. We've moved away from the inefficient growth anchor at the low end of our category and accelerated our momentum into the fastest-growing tiers of our TAM where the unit economics are stronger and where we believe our competitive differentiation increasingly stands out.

憑藉這一產品領先地位，我們在一年多前才確定了戰略重點。我們已經擺脫了低端類別的低效成長錨點，並加速了我們的勢頭，進入了 TAM 成長最快的層級，這些層級的單位經濟效益更強，我們相信我們的競爭優勢日益突出。

Digging deeper into the research from Deloitte Digital that Justyn just referenced, social-first brands are 4.7x as likely to use social platforms extensively for customer care; 3.1x as likely to manage paid and organic budgets together; 10.7x as likely to report their influencer marketing strategy is effective; and my favorite, these brands are 8x as likely to have exceeded revenue goals by 25% or more. We have to remember that all of this is driven by consumer behavior and expectations. And social-first brands are beginning to not only see measurable business results but are prioritizing social across the entire organization. And because of this, the deeper we go into the enterprise, the more we're able to unlock new greenfield growth opportunities either because legacy and often siloed technologies couldn't meet the need or because businesses are at the right point in their maturity to adopt a social-first strategy.

深入研究 Justyn 剛剛提到的德勤數位 (Deloitte Digital) 的研究發現，社群優先品牌廣泛使用社群平台進行客戶服務的可能性是其他品牌的 4.7 倍；一起管理付費預算和自然預算的可能性提高 3.1 倍；報告其影響者行銷策略有效的可能性提高了 10.7 倍；我最喜歡的是，這些品牌超過收入目標 25% 或更多的可能性是其他品牌的 8 倍。我們必須記住，所有這一切都是由消費者行為和期望所驅動的。社交優先品牌不僅開始看到可衡量的業務成果，而且在整個組織中優先考慮社交。正因為如此，我們對企業的了解越深入，我們就越能夠釋放新的綠地成長機會，這要么是因為傳統的、通常孤立的技術無法滿足需求，要么是因為企業正處於成熟的正確階段採取社會優先的策略。

Sinclair Broadcast Group is a great example of this. They were a new Q4 customer that moved from managing social natively to standardizing on Sprout. "News never stops, and social is the first place people look for information and updates," said Nickolas James, VP of Social Media at Sinclair Broadcast Group.

辛克萊廣播集團就是一個很好的例子。他們是第四季度的新客戶，從本地管理社交轉向在 Sprout 上進行標準化。 「新聞永遠不會停止，社群媒體是人們尋找資訊和更新的第一個地方，」辛克萊廣播集團社群媒體副總裁尼可拉斯詹姆斯 (Nickolas James) 說。

Without a social media management tool in place, it would be impossible for us to coordinate efforts across nearly 500 accounts. The usability of Sprout's platform creates operational efficiencies that allow our teams to focus on important work they're doing and to deliver even more impactful stories to their communities.

如果沒有適當的社群媒體管理工具，我們就不可能協調近 500 個帳號的工作。 Sprout 平台的可用性提高了營運效率，使我們的團隊能夠專注於他們正在做的重要工作，並向他們的社群提供更具影響力的故事。

Unlocking more value, making our customers' lives easier and helping them get value quickly is all part of our value proposition. Memorial Hermann Health System is a great example of this dynamic. Andy Pape, Head of Content and Social Strategy shared, "Sprout allows our team to punch above our weight. The comprehensive platform provides a user experience that makes it painless to engage our audience, build our brand and manage our reputation at scale. Sprout's powerful analytics makes it easy to report on our successful outcomes and get alignment on our strategies. The user experience is intuitive, which has made our team happier and more efficient since making the switch."

釋放更多價值、讓客戶的生活更輕鬆並幫助他們快速獲得價值是我們價值主張的一部分。赫爾曼紀念醫療體係就是這種動態的一個很好的例子。內容和社交策略主管Andy Pape 表示：「Sprout 讓我們的團隊能夠發揮超乎我們的能力。這個綜合平台提供的用戶體驗使我們可以輕鬆地吸引我們的受眾、建立我們的品牌並大規模管理我們的聲譽。

We continue to focus on expanding our partner ecosystem to further build out our future flywheel. Our partnership with Salesforce continues to set an amazing precedent for future success with other partners. During Q4, we delivered another very strong performance with new logos similar to Q4 of last year, but with 40% more new ARR than Q4 2022. This is not only due to working with more complex social studio deployments as they near end of life but because of our unique integration into Salesforce, which is enabling brands to do more with social than ever before. We have a massive opportunity to execute with Salesforce in 2024. And as we've shared before, we also see an even larger opportunity in the years ahead as we work to make Sprout a standard social platform for any Salesforce customer. We believe our Social Customer Care platform, together with Salesforce Service Cloud, in particular, is the future of omnichannel care.

我們繼續專注於擴大我們的合作夥伴生態系統，以進一步建立我們未來的飛輪。我們與 Salesforce 的合作關係繼續為未來與其他合作夥伴的成功樹立了驚人的先例。在第四季度，我們透過與去年第四季類似的新標誌再次實現了非常強勁的表現，但新ARR 比2022 年第四季度增加了40%。了更複雜的社交工作室部署，而且因為我們與 Salesforce 的獨特整合使品牌能夠比以往更多地利用社交功能。到 2024 年，我們將有巨大的機會與 Salesforce 合作。我們相信，我們的社群客戶服務平台，尤其是 Salesforce Service Cloud，是全通路服務的未來。

As we reflect back on the progress we've made over the past year, I've never been more excited by the differentiation of our platform, the strength of our team and our focused investment strategy to deliver outsized value to all social-first brands. We're excited for 2024 as we continue building a category-defining software franchise.

當我們回顧過去一年所取得的進展時，我對我們平台的差異化、團隊的實力以及為所有社交優先品牌提供巨大價值的重點投資策略感到前所未有的興奮。我們對 2024 年感到興奮，因為我們將繼續打造定義類別的軟體系列。

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

有了這個，我會把它交給喬來處理財務狀況。喬？

Thanks, Ryan. I'll now walk you through our fourth quarter fiscal 2023 results in detail, then moving on to guidance for the first quarter and full year 2024.

謝謝，瑞安。現在，我將向您詳細介紹 2023 財年第四季的業績，然後轉向 2024 年第一季和全年的指導。

Revenue for the fourth quarter was $93.6 million, representing 34% year-over-year growth and well ahead of plan. Subscription revenue was $92.2 million, up 33% year-over-year. Services revenue was $1.4 million, up 175% year-over-year.

第四季營收為 9,360 萬美元，年增 34%，遠遠超出計劃。訂閱收入為 9,220 萬美元，較去年同期成長 33%。服務收入為 140 萬美元，年增 175%。

Total ARR exiting Q4 was $385.2 million, up 30% year-over-year and ahead of our expectations. Record new ARR was led primarily by rapid enterprise new business growth, accelerating premium module attach rates and continued early Tagger momentum. Importantly, we also entered 2024 without low-end ARR that has been unanchored on our performance. Noncore customers further declined in Q4 and now represent less than $800,000 in ARR. This business will no longer be a headwind to growth in 2024. The number of customers contributing more than $10,000 in ARR grew 31% from a year ago. The number of customers contributing more than $50,000 in ARR grew 44% from a year ago.

第四季的總 ARR 為 3.852 億美元，年成長 30%，超出了我們的預期。創紀錄的新 ARR 主要是由快速的企業新業務成長、加速的優質模組附加率以及持續的早期 Tagger 勢頭帶動的。重要的是，我們進入 2024 年時也沒有低端 ARR，而低端 ARR 一直與我們的業績無關。非核心客戶在第四季進一步下降，目前 ARR 不足 80 萬美元。到 2024 年，這項業務將不再成為成長的阻力。 ARR 貢獻超過 50,000 美元的客戶數量比一年前增加了 44%。

Q4 ACV growth was a record 43% year-over-year. Record new business deal sizes and early returns from influencer marketing each compounded ongoing healthy seat expansion and premium module attach rates. We expect rapid ACV growth similar to second half 2023 ACV growth rates to continue over the medium term driven by strength in enterprise, influencer marketing and customer care.

第四季 ACV 年成長創紀錄的 43%。創紀錄的新業務交易規模和影響者行銷的早期回報都加劇了持續健康的席位擴張和高級模組附加率。我們預計，在企業、影響力行銷和客戶服務實力的推動下，ACV 的快速成長將在中期內持續類似於 2023 年下半年的 ACV 成長率。

In Q4, non-GAAP gross profit was $74.2 million, representing a non-GAAP gross margin of 79.3%. This is up 60 basis points compared to a non-GAAP gross margin of 78.7% a year ago.

第四季度，非 GAAP 毛利為 7,420 萬美元，非 GAAP 毛利率為 79.3%。與一年前 78.7% 的非 GAAP 毛利率相比，增加了 60 個基點。

Non-GAAP sales and marketing expenses for Q4 were $39.6 million or 42% of revenue, up from 41% a year ago. We continue to hire aggressively in our enterprise sales and growth organization.

第四季非 GAAP 銷售和行銷費用為 3,960 萬美元，佔營收的 42%，高於一年前的 41%。我們繼續在企業銷售和發展組織中積極招募人員。

Non-GAAP research and development expenses for Q4 were $17.1 million or 18% of revenue, down from 90% a year ago. We continue to invest in our future, and our increasingly targeted investments in AI and social customer care are delivering strong returns.

第四季非 GAAP 研發費用為 1,710 萬美元，佔營收的 18%，低於一年前的 90%。我們繼續投資我們的未來，我們在人工智慧和社會客戶服務方面日益有針對性的投資正在帶來豐厚的回報。

Non-GAAP general and administrative expenses for Q4 were $15.8 million or 17% of revenue, down from 18% a year ago. We expect to deliver consistent G&A leverage as a percent of revenue moving forward.

第四季非 GAAP 一般和管理費用為 1,580 萬美元，佔營收的 17%，低於一年前的 18%。我們預計未來將提供一致的總務及行政費用佔收入的百分比。

Non-GAAP operating income for Q4 was $1.7 million for a 1.8% non-GAAP operating margin, an improvement of 100 basis points year-over-year. Non-GAAP net income for Q4 was $1.0 million for non-GAAP net income of $0.02 per share based on 56.1 million weighted average shares of common stock outstanding compared to a non-GAAP net income of $1.8 million and $0.03 per share a year ago.

第四季非 GAAP 營業收入為 170 萬美元，非 GAAP 營業利潤率為 1.8%，年增 100 個基點。第四季非GAAP 淨利為100 萬美元，以5,610 萬股已發行普通股加權平均計算，非GAAP 淨利為每股0.02 美元，而一年前非GAAP 淨利為180 萬美元，每股為0.03 美元。

Turning to the balance sheet and cash flow statement. We ended Q4 with $98.1 million in cash, cash equivalents and marketable securities. This is down from $121.4 million at the end of Q3 and reflects early repayment on our revolving credit facility.

轉向資產負債表和現金流量表。第四季末，我們擁有 9,810 萬美元的現金、現金等價物和有價證券。這低於第三季末的 1.214 億美元，反映了我們循環信貸額度的提前還款。

Deferred revenue at the end of the quarter was $141.5 million, a record sequential increase.

本季末的遞延收入為 1.415 億美元，創歷史新高。

Looking at both our billed and unbilled contracts, RPO totaled $275.0 million, up from $228.7 million exiting Q3 and up 69% year-over-year. We expect to recognize 72% or $198 million of total RPO as revenue over the next 12 months, implying a CPR growth rate of 62% year-over-year. The acceleration of these metrics reflects our underlying momentum in the enterprise, highlights the rapidly improving quality of our business and revenue to our highest ever quarterly total contract value bookings by nearly 80%.

從我們的計費和未計費合約來看，RPO 總額為 2.75 億美元，高於第三季的 2.287 億美元，年增 69%。我們預計未來 12 個月將 RPO 總額的 72%（即 1.98 億美元）確認為收入，這意味著 CPR 年成長率為 62%。這些指標的加速反映了我們企業的潛在動力，突顯了我們業務品質和收入的快速提高，使我們的季度合約總價值預訂量增加了近 80%。

The mix of our business has changed materially. We have increasingly fewer month-to-month customers, which has been a drag on reported ARR as we have shifted resources to support higher-value customers. Billings and RPO are likely to be increasingly informative leading indicators. We believe that our sustained high growth momentum into mid-market enterprise is likely to converge our reported metrics towards CRPO over the next 12 to 18 months.

我們的業務組合發生了重大變化。我們的月度客戶越來越少，這拖累了報告的 ARR，因為我們已將資源轉移到支援更高價值的客戶。比林斯和 RPO 可能會成為資訊量越來越大的領先指標。我們相信，我們在中端市場企業的持續高速成長動能可能會在未來 12 至 18 個月內將我們報告的指標向 CRPO 靠攏。

Operating cash flow in Q4 was negative $2.6 million compared to positive $3.0 million a year ago. Non-GAAP free cash flow was negative $0.3 million, down from a year ago. While working through the final stages of Tagger integration, accounts receivable also increased by nearly double the amount of Q4 2022, reflecting an expanding enterprise renewal base, which we believe will make our cash flow more seasonally weighted towards Q1 over time.

第四季的營運現金流為負 260 萬美元，去年同期為正 300 萬美元。非 GAAP 自由現金流為負 30 萬美元，較上年同期下降。在完成Tagger 整合的最後階段時，應收帳款也比2022 年第四季成長了近一倍，反映出企業更新基礎不斷擴大，我們相信，隨著時間的推移，這將使我們的現金流更加季節性地偏向第一季。

For the full year 2023, non-GAAP free cash flow was $10.2 million or 3.1% free cash flow margin. We expect free cash flow margin to continue to turn above our non-GAAP operating margins in 2024.

2023 年全年，非 GAAP 自由現金流為 1,020 萬美元，自由現金流利潤率為 3.1%。我們預計 2024 年自由現金流利潤率將持續高於我們的非 GAAP 營運利潤率。

In 2023, our overall dollar-based net retention rate was 107%, down from 109% in 2022. Our dollar-based net retention rate, excluding SMB customers, was 111% in 2023 compared with 116% in 2022. Our strategic change in 2023 and the emphasis on low value, low potential customers accelerated churn in our SMB and agency segments, which was a substantial drag on reported NDR. [Levi's] exit sets Sprout up for very strong NDR in 2024 as we continue to shift our business towards total net retention north of 120% over our medium-term forecast horizon.

2023 年，我們以美元計算的整體淨保留率為107%，低於2022 年的109%。 116%。 [Levi's] 的退出將使 Sprout 在 2024 年實現非常強勁的 NDR，因為我們將繼續將我們的業務轉向中期預測範圍內總淨留存率超過 120% 的目標。

Shifting to formal guidance. For the first quarter of fiscal 2024, we expect revenue in the range of $97.2 million to $97.3 million or a growth rate of more than 29%. We expect non-GAAP operating income in the range of $0.6 million to $0.7 million. This assumes a non-GAAP operating margin of 0.7% at the midpoint. We expect a non-GAAP net income per share of between $0.00 and $0.01. This assumes 56.4 million weighted average basic shares of common stock outstanding.

轉向正式指導。 2024 財年第一季，我們預期營收在 9,720 萬美元至 9,730 萬美元之間，成長率超過 29%。我們預計非 GAAP 營業收入在 60 萬美元至 70 萬美元之間。假設非 GAAP 營業利益率為 0.7% 的中點。我們預計非 GAAP 每股淨利潤在 0.00 美元至 0.01 美元之間。假設已發行普通股的加權平均基本股為 5,640 萬股。

For the full year 2024, we expect total revenue in the range of $425.3 million to $425.5 million, an expected overall reported growth rate of approximately 28%. For the full year 2024, we expect non-GAAP operating income in the range of $50 million to $60 million. This implies annual non-GAAP operating margin improvement of roughly 220 basis points. We expect non-GAAP net income per share between $0.22 and $0.23, assuming 57.0 million weighted average basic shares of common stock outstanding.

對於 2024 年全年，我們預計總收入在 4.253 億美元至 4.255 億美元之間，預計整體報告成長率約為 28%。 2024 年全年，我們預計非 GAAP 營業收入在 5,000 萬美元至 6,000 萬美元之間。這意味著年度非 GAAP 營業利潤率提高約 220 個基點。假設已發行普通股的加權平均基本股數量為 5,700 萬股，我們預期非 GAAP 每股淨利將在 0.22 美元至 0.23 美元之間。

Over the course of 2023, we have aligned our business and our investments around the most productive and fastest-growing segments of our market. We believe we transformed our business model to position us to deliver increasingly durable and increasingly efficient growth.

2023 年，我們將圍繞市場中生產力最高、成長最快的領域調整我們的業務和投資。我們相信，我們轉變了我們的業務模式，使我們能夠實現越來越持久和越來越高效的成長。

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

賈斯汀、瑞安和我很樂意回答你們的任何問題。操作員？

(Operator Instructions) Our first question comes from Raimo Lenschow from Barclays.

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

Congrats from me. First question is on customer momentum. You named some really interesting names that you won this quarter. Can you talk a little bit about where they are coming from? And as part of the insight, could we kind of double-click a little bit on Social Studio because we kind of probably would have expected a little bit more new logos coming from that side. But talk a little bit broadly where are you getting it from and how much Social Studio is contributing there. And then I have one follow-up for Joe.

來自我的祝賀。第一個問題是關於客戶動力。您說出了本季贏得的一些非常有趣的名字。您能談談它們來自哪裡嗎？作為洞察力的一部分，我們是否可以在 Social Studio 上雙擊一下，因為我們可能會期望從那邊出現更多的新標誌。但請廣泛地談談您從哪裡獲得它以及 Social Studio 在那裡做出了多少貢獻。然後我對喬進行了一項後續行動。

Thanks, Raimo. I'll start. This is Ryan. From a pipeline perspective, where the customers are coming from, it tends to be a bunch of different areas that we're excited about. On the call, you heard a lot from some of the competitors that we typically see upmarket. So there's some swaps happening within the market. Typically, we're hearing from our customers that they're challenged with a few things, be it the most complex parts of the platform that they're trying to get access to, like Listening and Reporting, where they're finding great value in Sprout.

謝謝，雷莫。我開始吧。這是瑞安。從管道的角度來看，客戶來自哪裡，往往是我們感到興奮的許多不同領域。在電話會議中，您聽到了很多我們通常認為是高端市場的競爭對手的聲音。因此市場內發生了一些互換。通常，我們從客戶那裡得知，他們面臨著一些挑戰，無論是他們試圖訪問的平台中最複雜的部分，例如傾聽和報告，他們在這些方面發現了巨大的價值在新芽中。

But you're also seeing customers moving away from using just the note tools at all, so directly X or Meta, we called this native in the past. But we've seen customers like Sinclair, a great example, where the needs for social have risen so much that they need a platform like Sprout to be able to manage through engagement with so many different customers as well as being able to manage some of the data. So it's a combination of these greenfield opportunities that we're seeing as well as takeaways and then growth, obviously, on our current accounts.

但您也看到客戶根本不再使用筆記工具，因此直接使用 X 或 Meta，我們過去稱之為原生工具。但我們已經看到像Sinclair 這樣的客戶，這是一個很好的例子，他們對社交的需求增長如此之快，以至於他們需要像Sprout 這樣的平台來管理與如此多不同客戶的互動，並且能夠管理一些數據。因此，這是我們看到的這些綠地機會以及外賣和成長的結合，顯然，在我們的經常帳戶上。

From a Salesforce Social Studio perspective, yes, I'd call out the 40% gain in ARR from those customers. We continue to see a lot of good opportunity with that Salesforce pipeline. We're very excited about the opportunity in front of us in '24. Beyond just the Social Studio, the Salesforce Service Cloud has become a really big opportunity for us within the ecosystem given the integrations we've built into the service cloud. So I think just the headline for you there is we'll continue to see some of those Social Studio swaps this year as well as more opportunity within the rest of the Salesforce ecosystem.

從 Salesforce Social Studio 的角度來看，是的，我會指出這些客戶的 ARR 成長了 40%。我們繼續在 Salesforce 頻道中看到很多好機會。我們對 24 年擺在我們面前的機會感到非常興奮。除了 Social Studio 之外，考慮到我們在服務雲中建立的集成，Salesforce 服務雲已經成為我們在生態系統中的一個真正的巨大機會。因此，我認為您的標題是，今年我們將繼續看到一些 Social Studio 的交換，以及 Salesforce 生態系統的其他部分中的更多機會。

Okay. Perfect. And then, Joe, for you, if I think about it, like the nature of the business is changing, and with that, the numbers are changing. And you mentioned CRP was probably a better way. But we're kind of on a journey. Like, how should we think about judging you this year? And at what point do you feel comfortable kind of swapping some of the metric numbers over?

好的。完美的。然後，喬，對你來說，如果我想一想，就像業務的性質正在改變一樣，數字也在改變。你提到 CRP 可能是更好的方法。但我們正在旅途中。例如，今年我們該如何評價你？什麼時候覺得可以輕鬆交換一些公制數字？

Yes. So good question, Raimo. I called this out in my remarks, I think over the next 12 to 18 months is kind of that time horizon where we believe RPO, CRPO, billings will be better leading indicators for our business. And so our plan every quarter is kind of give you an update on how those are trending and what that time horizon looks like, but we think it's still out over the next couple of years.

是的。問得好，雷莫。我在演講中指出了這一點，我認為在未來 12 到 18 個月的時間範圍內，我們相信 RPO、CRPO、帳單將成為我們業務更好的領先指標。因此，我們每季的計劃都會讓您了解這些趨勢的最新情況以及時間範圍，但我們認為在未來幾年內它仍然會出現。

Our next question comes from Arjun Bhatia from William Blair.

我們的下一個問題來自威廉·布萊爾的阿瓊·巴蒂亞。

I'll add my kudos on a nice Q4. Maybe one for Justyn on the product side. You launched this new social care solution. It sounds very interesting. I think it's one of the areas where you've been getting good traction already. Can you just maybe expand on the incremental capabilities that are a part of the care product, how it differentiates from what you've had in market already? And then when we think about kind of the monetization lever, is this going to be a separate SKU? Or is this part of the core platform?

我會為 Q4 的表現加分。也許是賈斯汀在產品方面的一個選擇。您推出了這個新的社會關懷解決方案。聽起來很有趣。我認為這是您已經獲得良好關注的領域之一。您能否擴展護理產品的增量功能，它與您市場上已有的產品有何不同？然後，當我們考慮貨幣化槓桿時，這會是單獨的 SKU 嗎？還是這是核心平台的一部分？

Yes. Great question. Thanks. So as you mentioned, I think we've been incredibly strong in the Care use case for some time. You've heard a lot of the large wins that we've been talking about in that area, and we've also talked about us wanting to lean in and accelerate our investment there. And for us, that was recognition that this is going to continue to be a driving force for our customers and future customers. It's going to be one of the bigger opportunities that we've got over the next couple of years. And we didn't want to rely on the way that those capabilities were kind of evolving organically. We wanted to put more horsepower behind that. We wanted to reimagine what that looked like. .

是的。很好的問題。謝謝。正如您所提到的，我認為一段時間以來我們在護理用例方面一直非常強大。您已經聽說過我們在該領域談論的許多重大勝利，我們也談到了我們希望加強並加速我們在該領域的投資。對我們來說，這意味著我們認識到這將繼續成為我們的客戶和未來客戶的驅動力。這將是我們未來幾年獲得的更大機會之一。我們不想依賴這些能力有機發展的方式。我們希望為此提供更多動力。我們想重新想像它的樣子。 。

And so what that looks like from a product perspective, reimagining what case management looks like, incorporating AI into those capabilities, building more robust routing and automation around larger care teams. And it is a combination of things that we have released over the last couple of quarters, things that were existing in our product but built and reoriented from what was historically something that was kind of you're doing customer care in social to something that was care-first capabilities and organized and architected that way for the customers that were ready to make that part of their charter and make that part of the way that they work operationally.

因此，從產品的角度來看，重新構想病例管理的樣子，將人工智慧納入這些功能，並圍繞更大的護理團隊建立更強大的路由和自動化。它是我們在過去幾個季度發布的東西的組合，這些東西存在於我們的產品中，但從歷史上你在社交中進行客戶服務的東西構建和重新定位為護理優先的能力，並以這種方式為那些準備好將其納入其章程並使其成為其營運工作方式的一部分的客戶進行組織和架構。

And we know that it's still a small portion of the market at this point that has fully adopted, embraced and kind of operationalized, Social as a Care channel in the way that we're building for, but we fully expect that down the road and in the coming years, that's going to be more and more. And we wanted to build ahead and be ready for that. So it's a combination of a lot of things that our customers have enjoyed, a lot of new things that we've been building and a lot of things that we have planned on our road map moving forward.

我們知道，目前市場中仍然只有一小部分已經完全採用、接受並以我們正在構建的方式運營化「社交即護理」管道，但我們完全期望在未來的道路上，未來幾年，這種情況將會越來越多。我們希望提前做好準備並為此做好準備。因此，它是我們的客戶喜歡的許多東西、我們一直在建造的許多新東西以及我們在未來路線圖上計劃的許多東西的結合。

From a monetization perspective, we're still thinking through exactly how that looks. The biggest monetization lever around care is, obviously, those tend to be very large deployments from a seat perspective. They tend to be on our more expensive plans over longer durations, et cetera. So we feel really good about how that's being monetized indirectly. How that looks from a packaging perspective is something that we'll continue to evolve our thinking on.

從獲利的角度來看，我們仍在仔細思考它的具體外觀。顯然，圍繞護理的最大貨幣化槓桿是，從席位角度來看，這些部署往往非常大。它們往往會出現在我們更昂貴、期限更長的計劃中，等等。因此，我們對如何間接貨幣化感到非常滿意。從包裝的角度來看，我們將繼續發展我們的想法。

Okay. Perfect. That's very helpful. And then maybe one for Joe. The net retention rate for large customers, I think it was 111% to end the year. I was wondering if you could just walk through some of the puts and takes on that because I think the commentary that we're hearing, that your premium module attach rates are increasing. I would have expected that maybe to show up in that net retention rate but perhaps some of the business transition that's having an impact there. Can you maybe just walk us through, now that you're a year out from the transition, how we should expect that to trend in 2024, especially as you continue to move upmarket here?

好的。完美的。這非常有幫助。然後也許是給喬的。大客戶的淨保留率，我認為到年底是 111%。我想知道您是否可以簡單介紹其中的一些內容，因為我認為我們聽到的評論是您的高級模組附加率正在增加。我本來預計這可能會體現在淨保留率中，但也許一些業務轉型會對其產生影響。您能否向我們介紹一下，既然距離轉型還有一年，我們該如何預期 2024 年的趨勢，尤其是當您繼續向高端市場發展時？

Yes, for sure. So Arjun, one thing to call out there, that number is ex SMB, and so it includes our agency business. And especially on the low-end agency side, we had a lot of non-core customers. So if you think about the ARR that we turned in 2023 related to the non-core, there was a chunk of that, that was in the agency, especially on the smaller side of the agency business, that's dragging that number down. If you actually look at the net dollar retention up in the mid-market enterprise, you actually saw really consistent, if not better, net dollar retention in 2023 versus 2022. And so now that we're moving past that non-core kind part of our customer base, in our mind, you're going to see this number that's going to be more majority mid-market enterprise going forward. You'll see acceleration in that net dollar retention as we go into 2024 and beyond. We just have a much healthier kind of starting point. And so we feel really good about how that number will trend.

是肯定的。因此，Arjun，需要指出的一件事是，該數字是前 SMB，因此它包括我們的代理商業務。尤其是在低端代理方面，我們有很多非核心客戶。因此，如果你考慮我們在 2023 年提交的與非核心相關的 ARR，其中有很大一部分是在代理機構中，尤其是在代理業務的較小方面，這拖累了這個數字。如果您實際觀察中端市場企業的淨美元保留率，您實際上會發現 2023 年與 2022 年相比，即使不是更好，也確實保持一致。在客戶群中，在我們看來，您將看到這個數字將成為未來大多數中端市場企業的一部分。進入 2024 年及以後，您將看到淨美元保留率加速成長。我們只是有一個更健康的起點。因此，我們對這個數字的趨勢感到非常滿意。

Our next question comes from DJ Hynes from Canaccord Genuity.

我們的下一個問題來自 Canaccord Genuity 的 DJ Hynes。

Congrats on the G2 award, that's pretty impressive. Ryan, I want to build on the topic that came up in your answer to Raimo's question around the broader sales force ecosystem opportunity. So we've heard lots about your efforts to get more deeply integrated from a product perspective, right, whether that's Service Cloud or Marketing Cloud. I'd love to get more color on the go-to-market strategy and that opportunity. So I guess there's kind of two questions there. One, like how aware are Service Cloud customers of the changes that are coming to their integrated social support when Social Studio reaches end-of-life? And then two, what's the go-to-market strategy to get in front of those folks? Is it happening in tandem with the Salesforce rep? Or is it entirely dependent on direct outreach from Sprout?

恭喜獲得 G2 獎，這真是令人印象深刻。 Ryan，我想以您在回答 Raimo 的問題時提出的有關更廣泛的銷售人員生態系統機會的主題為基礎。因此，我們已經聽到很多關於您從產品角度進行更深入整合的努力，無論是服務雲還是行銷雲。我很想對上市策略和機會有更多的了解。所以我想這裡有兩個問題。第一，當 Social Studio 生命週期結束時，Service Cloud 客戶對他們的整合社交支援將發生的變化了解多少？第二個問題，要在這些人面前展示的進入市場策略是什麼？是否與 Salesforce 代表同時進行？或者它完全依賴 Sprout 的直接推廣嗎？

Yes. Thanks, DJ. In terms of awareness, especially for Social Studio customers, I think there's decent awareness. There's still opportunity within the marketplace. We've been working very closely with that Salesforce team for the last couple of years to get in front of those customers, be it hand-to-hand combat with the AEs and the SEs on accounts. You've seen us at most of the shows that Salesforce does, including the big ones like Connections and Dreamforce, where we've often had keynote speaking opportunities. And then we've just been doing a lot of marketing to them. I still think that there's just a lot of opportunity there given just how big that Salesforce ecosystem is. So even things like the recent customer care launch that we've had here, I think it's another great opportunity for us to continue highlighting the best place to do omnichannel care where Salesforce is in combination with Sprout. So I think it's good today. There's still opportunities for us that we're pressing on as we move forward.

是的。謝謝，DJ。就意識而言，特別是對於 Social Studio 客戶而言，我認為存在著不錯的意識。市場中仍然存在機會。過去幾年，我們一直與 Salesforce 團隊密切合作，以便在客戶面前與 AE 和 SE 就客戶問題進行肉搏戰。您在 Salesforce 舉辦的大多數展會上都見過我們，包括 Connections 和 Dreamforce 等大型展會，我們經常在這些展會上有主題演講的機會。然後我們剛剛對他們做了很多行銷。我仍然認為，鑑於 Salesforce 生態系統有多大，那裡有許多機會。因此，即使像我們最近在這裡推出的客戶服務這樣的事情，我認為這對我們來說也是另一個很好的機會，可以繼續強調 Salesforce 與 Sprout 結合全通路服務的最佳場所。所以我覺得今天很好。在我們前進的過程中，我們仍然面臨著機會。

To the second part of the question, the go-to-market, the majority of the deals that we're in is some combination of a partnership approach to how we're presenting those customers. So sometimes, they'll actually highlight it to us through a flat channel that we have. Sometimes we'll be in the market and we'll identify the opportunity and go back and connect with the Salesforce account team, and they've been excellent in partnering with us there. And then oftentimes, we're going in together and presenting that omnichannel solution between Service Cloud and Sprout. So I think it's a good combination of partnership that we have. And even if they don't bring it to us directly, the #1 play for us is to actually go back to that Salesforce team and bring them into the account.

對於問題的第二部分，即進入市場，我們參與的大多數交易都是合作夥伴關係方式的某種組合，以展示我們如何向這些客戶展示。所以有時，他們實際上會透過我們擁有的扁平管道向我們強調這一點。有時，我們會進入市場，發現機會並返回並與 Salesforce 客戶團隊聯繫，他們在與我們的合作方面非常出色。通常，我們會一起展示 Service Cloud 和 Sprout 之間的全通路解決方案。所以我認為這是我們之間良好的合作關係。即使他們沒有直接將其帶給我們，對我們來說，第一要務就是實際上回到 Salesforce 團隊並將他們帶入帳戶。

Yes. Okay. And this may be for you as well, Ryan, but I'm curious just on doors unlocked that comes with the deemphasis of the F&B business. Like how material has that been? How are those folks being kind of repurposed or utilized inside the organization? Is there any like quantifiable way to think about incremental capacity that's now available for what, I guess, I would call your focus efforts?

是的。好的。瑞安，這可能也適合你，但我很好奇的是，隨著餐飲業務的淡化，門被解鎖了。就像那有多重要？這些人在組織內是如何被重新利用或利用的？是否有任何類似的可量化的方法來考慮增量能力，我想，我會稱之為你的重點工作？

Yes. I mean a lot of that transition was happening through '23. I think it hits in a few different spots, right? It hits in the way in which you are building capacity from an AE perspective. So for us, if I think about that, like there's more investment happening in the mid-market and enterprise, and we're able to do that because of the emphasis that we have there. So just from an AE capacity perspective, that helps. From a marketing perspective, you give a lot more focus to the marketing team on the places that we really want to drive inbound pipeline and opportunity, even the marketing strategies upmarket in the mid-market and enterprise and the approaches we could take. So we would be more focused on the dollars that we spend and what we're hoping to get out of it.

是的。我的意思是，很多轉變都是在 23 年發生的。我認為它有幾個不同的地方，對嗎？它會影響你從 AE 角度建立能力的方式。因此，對我們來說，如果我考慮一下，就像在中端市場和企業中發生了更多的投資一樣，我們之所以能夠做到這一點，是因為我們對那裡的重視。因此，僅從 AE 能力的角度來看，這很有幫助。從行銷的角度來看，您可以讓行銷團隊更加關注我們真正想要推動入站管道和機會的地方，甚至是中端市場和企業的高端行銷策略以及我們可以採取的方法。因此，我們會更加關注我們花費的資金以及我們希望從中獲得的利益。

And then from a customer perspective, that's one of the biggest opportunities for us as well. If you're not handholding really small customers that may not truly understand social who, by the way, end up taking up as much resources oftentimes as the enterprise, you're able to redeploy your resources to focus in on those more social-first sophisticated customers. So we're seeing it across the board. And I think the best way to just think about it is the redeployment of our resources towards those sophisticated customers in the core.

從客戶的角度來看，這對我們來說也是最大的機會之一。如果您沒有掌握可能無法真正理解社交的小客戶，順便說一句，他們最終會經常佔用與企業一樣多的資源，那麼您可以重新部署資源，專注於那些更注重社交的客戶成熟的客戶。所以我們全面看到了這一點。我認為最好的方法就是將我們的資源重新部署到那些成熟的核心客戶身上。

Our next question comes from Parker Lane from Stifel.

我們的下一個問題來自 Stifel 的 Parker Lane。

Joe, I was wondering, with the addition of Tagger, if you could break down the components of ACV growth that you saw in the fourth quarter and what you're anticipating for 2024. I think you mentioned that you expected that to grow at similar rates to what you saw in the second half of the year. So any visibility there would be great.

喬，我想知道，隨著Tagger 的加入，您是否可以分解您在第四季度看到的ACV 增長的組成部分以及您對2024 年的預期。成長利率與您在下半年看到的情況相同。所以任何能見度都會很棒。

Yes. So if I think about the ACV growth in Q4, I think I would stack rank it. We had record new business. ACV is probably the leading indicator followed by like the acceleration that we saw in the premium module attach rates, and then the Tagger piece. Like Tagger still in Q4, although we saw some nice deals, wasn't a significant driver in the quarter overall. And so I would put that probably at the bottom of the list as what we saw what was driving the ACVs in Q4. And then Parker, going into next year, what I was talking about is like we expect to see very similar ACV growth in the first couple of quarters of 2024 that you saw in the back half of 2023. And then we expect that in the back half of 2024 to start to decline but still be higher than the historical kind of ACV growth that you saw from us. And so that's kind of how we see it playing out next year.

是的。因此，如果我考慮第四季度的 ACV 成長，我想我會對其進行排名。我們的新業務創歷史新高。 ACV 可能是領先指標，其次是我們在高階模組連接率中看到的加速，然後是 Tagger 部分。就像第四季度的 Tagger 一樣，儘管我們看到了一些不錯的交易，但這並不是整個季度的重要推動因素。因此，我可能會將其放在清單的底部，因為我們在第四季度看到了驅動 ACV 的因素。然後帕克，進入明年，我所說的是，我們預計在 2024 年的前幾個季度會看到與 2023 年下半年非常相似的 ACV 增長。開始下降，但仍高於您從我們這裡看到的歷史增長水平。這就是我們對明年的看法。

Got it. Very helpful. And then, Justyn, I know you guys expanded your relationship with Reddit earlier this month in an announcement. Can you just talk about the relative importance of that channel to your customer base today and future customers? And what sort of differences do you see in the quality of data that comes out of that channel from others?

知道了。很有幫助。然後，賈斯汀，我知道你們在本月早些時候的一份聲明中擴大了與 Reddit 的關係。您能否談談該管道對您目前的客戶群和未來客戶的相對重要性？您認為該管道的數據品質與其他管道有哪些差異？

Yes, it's a great question. I think Reddit is really unique in the sense that there's a lot of long-form kind of in-depth and multi-threaded conversation happening around brands, around products, around market sentiment, et cetera. And with the channels that our customers have typically relied on for listening, engagement, et cetera, we tend to get kind of the short-form reactions, the messages that lack context, et cetera. And for us to be able to bring both from a listening perspective now and more, in the future, Reddit data into the fold, particularly in some industries, larger brands, where there's a lot of conversation happening there, that just unlocks a whole new level of insight, a whole new level of understanding in the customer voice, et cetera. So that's a phenomenal addition for us, and we're really glad to be working at a higher level with them and deepening that relationship.

是的，這是一個很好的問題。我認為 Reddit 確實很獨特，因為有很多圍繞品牌、產品、市場情緒等進行的長篇深入和多線程對話。透過我們的客戶通常依賴的傾聽、參與等管道，我們往往會得到簡短的回應、缺乏上下文的訊息等。對我們來說，現在和將來，我們都能夠從傾聽的角度將 Reddit 數據納入其中，特別是在一些行業、較大的品牌中，那裡發生了很多對話，這只會解鎖一個全新的領域。力道、對顧客聲音的全新理解程度等等。因此，這對我們來說是一個非凡的補充，我們真的很高興能與他們在更高層面上合作並加深這種關係。

Our next question comes from Adam Hotchkiss from Goldman Sachs.

我們的下一個問題來自高盛的 Adam Hotchkiss。

I guess I wanted to follow up on the go-to-market side to start. How are you guys thinking about the partner opportunity here beyond Salesforce, especially now that you're building your brand upmarket and moving quicker into the enterprise and mid-market space? Do you guys see an opportunity to more significantly build out practices with larger partners to accelerate the push here?

我想我想從進入市場方面開始跟進。你們如何看待 Salesforce 以外的合作夥伴機會，特別是現在你們正在打造高端市場品牌並更快地進入企業和中端市場領域？你們是否認為有機會與更大的合作夥伴更重要地建立實踐，以加速這裡的推動？

Yes. Thanks, Adam. We do, and we have been. We've certainly been highlighting the Salesforce one given the opportunity to really take care of a ton of customers together, but we've historically had a lot of partners within the ecosystem. The way we've always thought about it is what are the things that we can do to best serve our customers. When we think about the rest of their tech stack and the things that are in the background of the way that they do work, what are the things that we need to integrate into to make sure that our workflows are connecting to the workflows that they have internally, that the data is flowing to the right places and that they're more easily able to do their work.

是的。謝謝，亞當。我們確實如此，而且一直如此。我們當然一直在強調 Salesforce，因為它有機會真正共同照顧大量客戶，但我們歷史上在生態系統內擁有許多合作夥伴。我們一直在思考的問題是我們可以做些什麼來最好地服務我們的客戶。當我們考慮他們的技術堆疊的其餘部分以及他們工作方式的背景時，我們需要整合哪些內容以確保我們的工作流程連接到他們擁有的工作流程在內部，數據正在流向正確的地方，並且他們能夠更輕鬆地完成工作。

So you've seen us do things within marketing automation with the likes of Marketo, same with HubSpot. We've got integrations into things like Canva. We've got integrations into other BI tools to allow people to be able to leverage the data and make better holistic business decisions. So we'll continue to look into that opportunity. We've got a bunch today that are actually turned on for our customers and getting great value, but there'll certainly be more as we think about how to solve for these customers and their tech stacks.

所以你已經看到我們在行銷自動化領域與 Marketo 和 HubSpot 等公司合作。我們已經整合到 Canva 之類的東西。我們已經與其他 BI 工具集成，使人們能夠利用數據並做出更好的整體業務決策。因此，我們將繼續尋找這個機會。今天，我們已經有很多產品實際上已經為我們的客戶開啟並獲得了巨大的價值，但是當我們考慮如何為這些客戶及其技術堆疊解決問題時，肯定會有更多。

Okay. That's really helpful. And then just one for Joe on the bigger picture. I think in the past, you've effectively guided us to 25% or so organic compound annual growth to get to your 2028 subscription revenue target. So I'm just curious how you're thinking about the 27.5% or so you've got into next year within the context of that expectation given Tagger will obviously be a bit of a tailwind. How are you contemplating things like macro and some of these other things as offset to some of those benefits?

好的。這真的很有幫助。然後，從更大的角度來看，這只是喬的一個。我認為過去，您有效地引導我們實現了 25% 左右的有機複合年增長率，以實現您的 2028 年訂閱收入目標。所以我只是好奇你如何看待明年 27.5% 左右的預期，因為 Tagger 顯然會有點順風順水。您如何考慮宏觀因素和其他一些因素來抵消其中一些好處？

Yes. So I think, Adam, every time we give guidance, we give it with all those things in consideration, and we don't historically haven't broken out those pieces, but we also give it with a high level of confidence. And to your point earlier, the fact that it's a 25% compounded growth rate, we talked about this, it's a little bit higher in the earlier years like now and then that rate will decline as we get closer to that $1 billion. And so no update on, for example, any change in how we see that playing out to the $1 billion.

是的。所以我認為，亞當，每次我們提供指導時，我們都會考慮到所有這些因素，而且我們歷史上並非沒有分解過這些部分，但我們也充滿信心地提供它。就你之前的觀點而言，事實上這是25% 的複合成長率，我們討論過這一點，在像現在這樣的前幾年，複合成長率有點高，然後當我們接近10 億美元時，複合成長率將會下降。因此，沒有任何更新，例如，我們對 10 億美元的看法有何變化。

Our next question comes from Nicholas Zangler with Stephens Inc.

我們的下一個問題來自 Stephens Inc. 的尼古拉斯·贊格勒 (Nicholas Zangler)。

Congrats on the quarter. I'm curious if you could provide any details on whether the go-to-market strategy has been modified at Tagger or if there's been any change to the monetization strategy, the expected ACR contribution? Or alternatively, are there changes being contemplated now that you've become a little bit more familiar as you've integrated?

恭喜本季。我很好奇您能否提供有關 Tagger 的進入市場策略是否已修改的詳細信息，或者貨幣化策略是否有任何變化以及預期的 ACR 貢獻？或者，既然您在整合過程中變得更加熟悉，是否正在考慮進行一些更改？

Yes. Thanks, Nicholas. From a go-to-market perspective, I mean part of it for us, as we've been integrating the teams and getting up to speed, is being really cross-training all of the folks on our team from an AE and solution engineering and a customer success perspective so that we're fully up to speed with all of the things in influencer marketing. So the beginning parts of this journey have been really having that Tagger team do a lot of enablement for our team, joining a lot of calls for us. And that's continued into this year. What we're seeing right now from our team, which has been really exciting is how quickly our internal team is picking up, just understanding influencer marketing and being able to present the solution and do great discovery and present the value of the influencer product. So I think we're starting to see some really good economies of scale in just having those teams working together. And we're seeing a lot of opportunity within our installed base as well as new logos to be able to present influencer marketing as an opportunity.

是的。謝謝，尼古拉斯。從進入市場的角度來看，我的意思是，我們一直在整合團隊並加快速度，對我們團隊中的所有人員進行真正的交叉培訓，包括 AE 和解決方案工程以及客戶成功的視角，以便我們完全了解影響者行銷的所有內容。因此，這個旅程的開始部分實際上是讓 Tagger 團隊為我們的團隊提供了很多支持，並為我們加入了很多呼籲。這種情況一直持續到今年。我們現在從我們的團隊看到的，非常令人興奮的是，我們的內部團隊正在快速起步，僅僅了解影響者行銷並能夠提出解決方案，進行偉大的發現並展示影響者產品的價值。所以我認為，只要讓這些團隊一起工作，我們就開始看到一些非常好的規模經濟。我們在我們的安裝基礎上看到了很多機會，也看到了新的標誌能夠將影響者行銷作為一個機會。

From a monetization perspective, nothing that I'd really call out in terms of major changes there. Their model is very similar to ours in terms of just thinking about the per user seat approach to how we're doing things. But we'll continue to pay attention and make sure that we feel like it's fully optimized for the opportunity in front of us. But I think the main headline for you, the main goal from a go-to-market perspective, is to make sure that all of our team from AEs to SCs to CSMs have a great handle on influencer marketing and are able to present it to our customers. And this is really going back to the thesis of why Tagger made so much sense for us, which was these customers today want all this managed by one organization, and they want us to be thinking holistically about their social strategy, including influencer marketing.

從貨幣化的角度來看，我並沒有真正指出那裡有什麼重大變化。他們的模型與我們的模型非常相似，只是考慮了我們如何做事情的每個使用者席位的方法。但我們將繼續關注並確保我們感覺它針對我們面前的機會進行了充分優化。但我認為您的主要標題，從進入市場的角度來看的主要目標，是確保我們所有的團隊，從 AE 到 SC 到 CSM 都能很好地處理影響者行銷，並能夠將其呈現給我們的顧客。這實際上回到了為什麼 Tagger 對我們如此重要的論點，即今天的這些客戶希望所有這些都由一個組織管理，他們希望我們全面思考他們的社交策略，包括影響者行銷。

Got it. And then one other question here. Ending the year, a competitor of yours recently noted what they call a heightened level of down-sell in the fourth quarter, and they talked about customers renewing at lower seat counts. Obviously, there's been plenty of layoffs across tech and various industries as of late. I'm curious if Sprout has seen any sort of notable pressure here as well or if that was just isolated.

知道了。然後還有一個問題。年底，您的競爭對手最近注意到第四季度的降價銷售水平更高，並且他們談到客戶會以較低的座位數續訂。顯然，最近科技和各行業都出現了大量裁員。我很好奇斯普勞特是否也在這裡看到了任何顯著的壓力，或者這只是孤立的。

Yes. Thanks for the question. This is Justyn. From our perspective, it is something that seems to be isolated there and maybe unrelated to kind of the broader industry trends. But what we're seeing, and we talked about some of the deals that we did in Q4, we talked about how the size and duration of contracts continues to climb, the seat counts continue to climb, we're just not feeling that. We think that as we continue to do a good job in the parts of the market that we've always been successful in and upmarket into the large enterprise logos that we've been talking about the last couple of quarters, we see this as a growing opportunity and one that is probably as healthy as it's ever been both in terms of pipeline and our outlook, right? And I think that the confidence that we have in where we're guiding the revenue for the year is indicative of that. I think that we see Tagger's upside, we see continued acceleration with the care use cases as upside and a bunch of other things, so that does not reflect our experience or outlook on the market.

是的。謝謝你的提問。這是賈斯汀。從我們的角度來看，這似乎是孤立的，可能與更廣泛的行業趨勢無關。但我們所看到的，我們談到了我們在第四季度所做的一些交易，我們談到了合約的規模和期限如何繼續攀升，席位數量繼續攀升，我們只是沒有感覺到。我們認為，隨著我們繼續在我們一直成功的市場部分做好工作，並進入我們過去幾個季度一直在談論的大型企業徽標的高端市場，我們認為這是一個不斷增長的機會，而且無論是在通路還是我們的前景方面都可能與以往一樣健康，對嗎？我認為我們對今年收入指導的信心就表明了這一點。我認為我們看到了 Tagger 的優勢，我們看到了護理用例的持續加速以及其他一些事情，因此這並不能反映我們對市場的經驗或前景。

Our next question comes from Elizabeth Porter from Morgan Stanley.

我們的下一個問題來自摩根士丹利的伊麗莎白波特。

This is Matt Saltzman on for Elizabeth tonight. So you highlighted Tagger's ACVs are 3 to 4x larger than the Sprout average. I'm just curious, when you look into cross-selling Tagger across the existing installed base, where does that incremental budget come from? I guess to ask another way, are MarTech budgets expanding to absorb the new influencer category? Or is this coming at the expense of other areas of the marketing budget?

我是今晚為伊麗莎白主持的馬特·薩爾茲曼。因此，您強調了 Tagger 的 ACV 比 Sprout 的平均值大 3 到 4 倍。我只是很好奇，當您在現有安裝基礎上交叉銷售 Tagger 時，增量預算從何而來？我想換個方式問，MarTech 預算是否會擴大以吸收新的影響者類別？或者這是以犧牲其他領域的行銷預算為代價的？

Thanks, Matt. The thing that I'd highlight that we're seeing right now is, as those customers think about this, oftentimes, they're thinking about it in the context of how they're thinking about the rest of their paid spend. And so for us, historically, most of the work being done in Sprout from an execution standpoint has been organic-based. We obviously have great analytics between organic and paid, and we can help customers figure out where to really optimize their spend and what's really working. .

謝謝，馬特。我要強調的是，我們現在看到的是，當這些客戶思考這個問題時，他們通常會在他們如何思考其餘付費支出的背景下思考這個問題。因此，對我們來說，從歷史上看，從執行的角度來看，Sprout 中所做的大部分工作都是基於有機的。顯然，我們在自然和付費之間擁有出色的分析能力，我們可以幫助客戶找出真正優化支出的地方以及真正有效的方法。 。

As it relates to the influencer marketing, oftentimes, what you're seeing from these customers is they're thinking about ways to get a better return on investment from their from their marketing spend and their paid spend. And so often, they'll be carving out from there. We've also seen customers already in the market building budget for influencer marketing today and attempting things. And the exciting part for us about that is this market feels very similar to the early days of social media management in that they're still testing and learning and they're looking to us for not just the technology, but also the best practices within the industry.

由於它與影響者行銷相關，通常，您從這些客戶身上看到的是，他們正在考慮如何從行銷支出和付費支出中獲得更好的投資回報。很多時候，他們會從那裡開拓出來。我們也看到客戶已經在市場上為影響者行銷制定預算並進行嘗試。對我們來說令人興奮的部分是，這個市場感覺與社交媒體管理的早期非常相似，因為他們仍在測試和學習，他們不僅向我們尋求技術，而且向我們尋求最佳實踐。

And so that return on paid spend, I think the industry stats right now is, for every dollar invested in influencer marketing, it's about a $4 return. And so they're finding these opportunities to really dig in, and our platform actually shows them really clearly which creators are driving the most opportunity in earned media value, what opportunities across the social networks are places that they want to invest, what are their competitors doing. So the biggest thing I'd highlight here is it's this combination of we're either getting it from other spend categories or they had a spend category, and we're able to actually help them get a better return using Tagger.

因此，我認為目前的行業統計數據顯示，付費支出的回報是，在影響力行銷上投入的每一美元，大約可獲得 4 美元的回報。因此，他們正在尋找這些真正挖掘的機會，而我們的平台實際上非常清楚地向他們展示了哪些創作者正在推動贏得媒體價值的最大機會，而社交網路上的哪些機會是他們想要投資的地方，他們的目標是什麼競爭對手在做。因此，我在這裡要強調的最重要的事情是，我們要么從其他支出類別獲取資金，要么他們有一個支出類別，我們實際上能夠使用 Tagger 幫助他們獲得更好的回報。

Our next question comes from Matthew VanVliet from BTIG.

我們的下一個問題來自 BTIG 的 Matthew VanVliet。

Wonder if you could help us with either the revenue contribution or maybe ARR contribution of Tagger in the quarter and then ultimately, kind of what's baked into growth rates for '24 coming from Tagger.

想知道您是否可以幫助我們了解 Tagger 在本季度的收入貢獻或 ARR 貢獻，然後最終了解 Tagger 的 24 年增長率。

Yes. So Matt, I'll take that one. A couple of things here. We didn't explicitly call out the Tagger contribution in Q4. I think what we talked about coming out of the acquisition that you can kind of model out, $3 million over the final 5 months of the year. And we talked about we were a little ahead of that in Q3, and we slightly outperformed that in Q4. So that'll kind of give you the cadence of the revenue contribution that we had in the quarter. And then ARR, we talked about it was a small contribution. It's not a huge number, like I said, just given that we're just ramping up the team.

是的。所以馬特，我會接受那個。這裡有幾件事。我們沒有在第四季明確指出 Tagger 的貢獻。我認為我們所討論的收購結果可以透過模型得出，今年最後 5 個月將花費 300 萬美元。我們談到我們在第三季度稍微領先，並且在第四季度略勝一籌。這樣您就可以了解我們本季營收貢獻的節奏。然後 ARR，我們談到這是一個小小的貢獻。正如我所說，這並不是一個巨大的數字，只是考慮到我們只是在擴大團隊規模。

If we think about 2024, as of now, the entire sales team is now trained up on Tagger. And so it's now in the bag, and Ryan talked about this, and they're going to sell just like premium analytics or social listening. And so it's not like we have a separate target for Tagger. It's just going to be part of the overall kind of go-to-market motion. And so because of that, we're not specifically kind of calling out what's the Tagger number because we're not managing that as like a separate product as we get into 2024.

如果我們考慮到 2024 年，截至目前，整個銷售團隊都接受了 Tagger 培訓。現在它已經收入囊中，瑞安談到了這一點，他們將像優質分析或社交聆聽一樣進行銷售。因此，我們並沒有為 Tagger 制定單獨的目標。這只是整體上市行動的一部分。因此，我們不會特別指出 Tagger 編號是多少，因為進入 2024 年時，我們不會像單獨的產品一樣管理它。

Okay. Very helpful. And then as you look at kind of where ultimately you think the premium products attach rate can go to, whether it's by '28, the $1 billion mark, or even just over the next couple of years. How much more attach rate is out there? What does the pipeline look like relative to sort of the core subscription growth rate?

好的。很有幫助。然後，當你考慮優質產品的附加率最終會達到什麼水準時，無論是到 28 年、達到 10 億美元大關，還是在未來幾年內。還有多少附加率？相對於核心訂閱成長率，管道是什麼樣的？

Thanks, Matt. Yes, I don't know that we categorize the direction of those numbers, but I'll give you the high level and how we're thinking about it. Today, about 30% of our customers have attached one of the modules and about 7% have two products. And I would say that we have a lot of upside within this entire market, especially as we start thinking about the opportunities that exist even with adding something like Tagger in the influencer side on top of the opportunities that exists across our entire base. We're seeing better attach rates certainly from a new business perspective as we've been more focused in on these social-first sophisticated customers in the mid-market and the enterprise. And as more of our base looks like that, I think that they are great targets for all of these premium modules. And as those customers continue to mature, the opportunity for us to expand the footprint across all of our products, I think, gets greater. So the trajectory is really good, and we see a lot of opportunity in front of us with all the products.

謝謝，馬特。是的，我不知道我們對這些數字的方向進行了分類，但我會向您提供高水平以及我們如何考慮它。如今，約 30% 的客戶已安裝其中一種模組，約 7% 的客戶擁有兩種產品。我想說，我們在整個市場上有很多優勢，特別是當我們開始思考即使在我們整個基礎上存在的機會之外，在影響者方面添加像 Tagger 這樣的東西，仍然存在的機會。從新的業務角度來看，我們肯定會看到更好的附加率，因為我們更專注於中端市場和企業中這些社交優先的成熟客戶。隨著我們的基礎越來越多，我認為它們是所有這些高級模組的絕佳目標。我認為，隨著這些客戶的不斷成熟，我們擴大所有產品足跡的機會就會變得更大。因此，發展軌跡非常好，我們在所有產品中都看到了很多機會。

Our next question comes from Clarke Jeffries from Piper Sandler.

我們的下一個問題來自 Piper Sandler 的 Clarke Jeffries。

Joe, I was wondering if you could help maybe with some precision around the ARR movement in the non-core segment. Helpful that it was $800,000 at the end of the quarter, but wondering if you could help with maybe was it a double-digit million move in ARR during the quarter? Or was organic ARR growth above a certain threshold, say, 30% or not? Any kind of precision there would be helpful. And then one follow-up.

Joe，我想知道您是否可以在非核心部分的 ARR 運動方面提供一些精確的幫助。季度末為 800,000 美元，這很有幫助，但想知道您是否可以提供幫助，也許本季度 ARR 的變動是否達到了兩位數的百萬美元？或者有機 ARR 增長是否超過某個閾值，例如 30%？任何類型的精確度都會有幫助。然後是一個後續行動。

Yes. So Clarke, what we talked about coming out of Q3 is that there was about $10 million left of that non-core ARR. And by the end of the quarter, it is now down to less than $800,000, so that can give you the sense of the churn that we saw there. And if you kind of layer that into the success we saw in the quarter, you can just show it just really reflects the strength that we've seen in the mid-market and enterprise business. So for us, we overperformed in the quarter once you back out that kind of low-end churn, and so we felt really good about the momentum in the business.

是的。所以克拉克，我們談到第三季的結果是，非核心 ARR 還剩下大約 1000 萬美元。到本季末，它現在已降至不到 80 萬美元，因此您可以感受到我們在那裡看到的流失情況。如果你將這一點融入我們在本季看到的成功中，你就可以證明它真正反映了我們在中階市場和企業業務中看到的實力。因此，對我們來說，一旦取消了這種低端客戶流失，我們在本季度的表現就超前了，因此我們對業務的勢頭感到非常滿意。

Perfect. And then just a follow-up. What are your expectations for the progression of operating expenses through the year or any way you could help us with maybe a margin exit rate in Q4? Obviously, kind of putting the pieces in place to get to the '28 targets, it would seem that you're going to start to see a lot more leverage on operating expenses going forward. Maybe a rank order of how you expect the growth of those OpEx items through the year or any kind of exit rate would also be very helpful.

完美的。然後只是後續行動。您對全年營運費用進展的預期是什麼，或者您可以透過什麼方式幫助我們提高第四季度的利潤退出率？顯然，在為實現 28 年目標做好準備後，您似乎將開始看到未來營運支出的槓桿作用將大大增加。也許您預計這些營運支出項目全年成長情況或任何類型的退出率的排名順序也會非常有幫助。

Yes. So Clarke, the way to think about it is, for the year right now, our guidance is about 220 basis points of improvement in operating margin in the business. And I think similar to what you saw in 2023, throughout the year, we overperformed that number. And so as long as we keep executing, we believe there's a lot of upside to that. And then the way that kind of plays out through the year, you'll definitely see, for example, lower operating margin in the beginning of the year as we kind of been very aggressively hiring on the go-to-market side. If you just look at the demand we're seeing, the size of the deals we're seeing, we will definitely drive lower operating margin in the first couple of quarters. And then you'll see us get scale over that. As those folks ramp, as they start to get to full capacity, you'll see more operating leverage in the back half of the year.

是的。因此，克拉克的思考方式是，今年我們的指導是業務營運利潤率提高約 220 個基點。我認為與您在 2023 年看到的情況類似，全年我們的表現都超過了這個數字。因此，只要我們繼續執行，我們相信會有很多好處。然後，從全年的情況來看，你肯定會看到，例如，年初的營業利潤率較低，因為我們在進入市場方面非常積極地招聘。如果你只看我們看到的需求和交易規模，我們肯定會在前幾季降低營業利潤率。然後你會看到我們的規模不斷擴大。隨著這些人的增加，當他們開始滿載運轉時，你會在今年下半年看到更多的營運槓桿。

Our next question comes from Rob Oliver from Baird.

我們的下一個問題來自貝爾德 (Baird) 的 Rob Oliver。

My first one is on Service Cloud. There's rightfully been a lot of focus on Social Studio, but the Service Cloud opportunity is an exciting one. I just wanted to get a sense from you guys about how you're thinking about expectations for 2024 for Service Cloud, how that look from a kind of linearity perspective, and certainly, I would expect it to be Q4 heavy, but how you guys are thinking about that as a contribution.

我的第一個是在 Service Cloud 上。 Social Studio 理所當然地受到了很多關注，但 Service Cloud 機會是一個令人興奮的機會。我只是想了解一下你們對 2024 年服務雲的期望有何看法，從線性角度來看如何，當然，我預計第四季度會很重，但是你們如何看待正在考慮將其視為一種貢獻。

Yes. Thanks, Rob. We continue to be really excited about it. We believe that there is more opportunity in '24 than even last year with the Salesforce ecosystem, specifically the Service Cloud opportunity itself. We're continuing to build against the care opportunity that we have connected to the product that integrates into the Service Cloud console. I think it will take a very similar shape to what we had in '23, certainly in the back half of the year being stronger, especially with the typical buying cycles within mid-market and enterprise. But I think the main thing for you to take away is that we continue to see a really good pipeline on it, and we feel really good about just the value that customers are getting from it. We believe that this is the best place, if you want to do omnichannel and you're on Salesforce as a CRM.

是的。謝謝，羅布。我們仍然對此感到非常興奮。我們相信，24 年 Salesforce 生態系統的機會甚至比去年還要多，特別是服務雲端機會本身。我們將繼續利用我們已連接到整合到 Service Cloud 控制台的產品的護理機會。我認為它將採取與 23 年非常相似的形式，當然在今年下半年會更加強勁，特別是考慮到中端市場和企業內的典型購買週期。但我認為您應該學到的最重要的一點是，我們繼續看到一個非常好的管道，我們對客戶從中獲得的價值感到非常滿意。我們相信，如果您想要開展全通路業務並且使用 Salesforce 作為 CRM，那麼這是最好的地方。

Got it. That's helpful. And then, Joe, just a follow-up to the last question, just on sales head count. It sounds like almost all the salespeople or Sprout salespeople and Tagger is going to be ported into the bag Sprout completely. That said, you said you're hiring a lot of salespeople. So how can we expect that ramp this year? Are you entering this year with a higher degree of immature salespeople that won't meet quota? How should we think about that efficiency gain for the sales force throughout this year?

知道了。這很有幫助。然後，喬，只是最後一個問題的後續問題，只是關於銷售人數。聽起來幾乎所有的銷售人員或Sprout的銷售人員和Tagger都會完全移植到Sprout的包包裡。也就是說，您說您正在招募很多銷售人員。那我們要如何預期今年的成長呢？今年您是否有更多未達配額的不成熟銷售人員？我們該如何看待銷售人員今年全年的效率提升？

Yes, good question, Rob. So we've been hiring over the last couple of months going into this year, like I said, pretty aggressively on the go-to-market side. And so obviously, those folks need to ramp. So we're definitely not at full capacity when you think about the reps and the way they ramp throughout the year, in the first couple of quarters of the year. And then what you'll see is you'll see those folks be at more full capacity by the end of the year, Rob.

是的，好問題，羅布。因此，正如我所說，今年過去幾個月我們一直在招聘，在進入市場方面非常積極。顯然，這些人需要加大力度。因此，當你考慮到銷售代表以及他們全年（前幾季）的成長方式時，我們絕對沒有滿載運作。然後你會看到，到今年年底，你會看到這些人的能力會更加飽滿，羅布。

Our next question comes from Brett from Cantor Fitzgerald.

我們的下一個問題來自 Cantor Fitzgerald 的 Brett。

I just want to touch on, I think, something you said in the prepared remarks. I think you said non-core customers will no longer act as a headwind to growth. I'm curious what that means from a customer count perspective. Have we reached the bottom in terms of customer declines? And should we start to expect customer growth to return?

我想我只想談談你在準備好的發言中所說的話。我認為您說過非核心客戶將不再成為成長的阻力。我很好奇從客戶數量的角度來看這意味著什麼。我們的客戶流失率是否已觸底？我們是否應該開始期待客戶成長的回歸？

Yes, Brett, this is Joe. The year-over-year growth rate of our total customer base will likely still decline and probably trough in Q1. And then we're likely to see an improving trend in the total customer base over the course of 2024. And then I think you would expect to see accelerating total customer base growth into '25. That's kind of how we're seeing it play out.

是的，布雷特，這是喬。我們總客戶群的年成長率可能仍會下降，並可能在第一季觸底。然後我們可能會在 2024 年看到總客戶群的改善趨勢。這就是我們所看到的結果。

We don't have any pending questions as of the moment. I'd now like to hand back over to Justyn for closing remarks.

目前我們沒有任何懸而未決的問題。現在我想請賈斯汀致閉幕詞。

All right. Thank you. Thank you all for your questions. We appreciate the opportunity to share kind of this continued evolution with you, the excitement that we've got around a lot of the indicators, at the growth of the business, the exciting things that we're working on. We look forward to talking to you more about all of those in the coming weeks and months.

好的。謝謝。謝謝大家的提問。我們很高興有機會與您分享這種持續的發展，我們對許多指標、業務的成長以及我們正在從事的令人興奮的事情感到興奮。我們期待在未來幾週和幾個月內與您更多地討論所有這些問題。

I want to thank our team. I want to thank all of our customers. And we look forward to talking to you all soon.

我要感謝我們的團隊。我要感謝我們所有的客戶。我們期待盡快與大家交談。

Thank you so much for attending today's session. We hope you have a wonderful day.

非常感謝您參加今天的會議。我們希望您度過愉快的一天。