Sprout Social Inc (SPT) 2024 Q1 法說會逐字稿

Thank you for standing by. My name is Dee, and I will be your conference operator today. At this time, I would like to welcome everyone to the Sprout Social First Quarter 2024 Earnings Call. (Operator Instructions)

謝謝你的支持。我叫 Dee，今天我將擔任你們的會議操作員。此時，我謹歡迎大家參加 Sprout Social 2024 年第一季財報電話會議。 （操作員說明）

I would now like to turn the call over to Jason Rechel, Vice President of Investor Relations. Please go ahead.

我現在想將電話轉給投資人關係副總裁 Jason Rechel。請繼續。

Thank you, operator. Welcome to Sprout Social's First Quarter 2024 Earnings Call. We'll be discussing the results announced in our press release issued after the market closed today and have also released an updated investor presentation, which can be found on our website. With me are Sprout Social's CEO, Justyn Howard; CFO, Joe Del Preto; and President, Ryan Barretto.

謝謝你，接線生。歡迎參加 Sprout Social 2024 年第一季財報電話會議。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。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 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責任。

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, filed on February 23, 2024, as well as any future 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，請參閱我們於 2024 年 2 月 23 日提交的截至 2023 年 12 月 31 日的財政年度的 10-K 表格年度報告以及任何未來的報告。我們向SEC 提交的報告。

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

在電話會議期間，我們將討論非公認會計準則財務指標，這些指標不符合公認會計原則。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，均包含在我們的第一季財報新聞稿中，該新聞稿已提供給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. Justyn?

接下來，讓我把電話轉給賈斯汀。賈斯汀？

Thank you, Jason, and thank you to everyone for joining us. We always appreciate your time.

謝謝你，傑森，也謝謝大家加入我們。我們始終感謝您的寶貴時間。

I'm excited to get us started today by expanding on our news to promote Ryan Barretto to CEO before handing things over to him. Ryan and I have had an incredible partnership over the past 8 years, but it only took me a few of those years to recognize that he should and would become our CEO. Several years ago, we both agreed and committed that it didn't matter which role either of us were in as long as we put Sprout in the best position to win and that we were in it together. That's why we're so excited about the natural progression of this transition.

我很高興今天能夠開始，在將事務移交給他之前，先詳細介紹一下將瑞安·巴雷托 (Ryan Barretto) 提拔為首席執行官的消息。 Ryan 和我在過去 8 年裡建立了令人難以置信的合作夥伴關係，但我只花了幾年時間就認識到他應該而且將會成為我們的執行長。幾年前，我們都同意並承諾，只要我們讓斯普勞特處於獲勝的最佳位置並且我們在一起，我們扮演哪個角色並不重要。這就是為什麼我們對這一轉變的自然進展感到如此興奮。

Throughout our time together, Ryan has often had the biggest impact in the areas typically aligned with the CEO role. And I've often made my biggest impact when I can think deeply about our biggest opportunities, get frantic with our data and push our product strategy forward. Over time and as we've grown, the role of the CEO has changed,and naturally became more aligned with areas where Ryan is exceptional. The same skills and perspectives that allowed me to architect our success over the past 14 years aren't the same things required of the role today, and conversely, I've had far less time for the areas where I can bring exponential value to the business. Together, we're an incredible team.

在我們共事的這段時間裡，瑞安常常在與執行長角色相關的領域中產生最大的影響。當我能夠深入思考我們最大的機會、瘋狂地處理我們的數據並推動我們的產品策略向前發展時，我常常會產生最大的影響。隨著時間的推移和我們的成長，執行長的角色發生了變化，自然而然地變得更加符合 Ryan 所擅長的領域。過去 14 年讓我取得成功的技能和觀點與今天的職位所要求的技能和觀點不同，相反，我在可以為公司帶來指數級價值的領域所花的時間要少得多。在一起，我們是一支令人難以置信的團隊。

Adjusting the positions we play to match where we're heading gives us the opportunity to add significantly more value and move faster in capturing the opportunity ahead of us. In a moment, I will turn it over to Ryan to talk about how we intend to make that happen. But first, I want to say thank you and congratulations to Ryan. As a founder, Board member, team member and shareholder, I am as excited as I've ever been about the opportunity in front of us with you leading this incredible team.

調整我們的位置以配合我們的前進方向，使我們有機會大幅增加更多價值，並更快地抓住我們面前的機會。稍後，我會將其交給 Ryan，讓他討論我們打算如何實現這一目標。但首先，我想對瑞安表示感謝和祝賀。身為創辦人、董事會成員、團隊成員和股東，我對您領導這個令人難以置信的團隊所面臨的機會感到前所未有的興奮。

Thank you, Justyn. I'm deeply grateful for this opportunity. It's been an amazing honor to work alongside Justyn for the last 8 years, building this team and business together. Getting the opportunity to step into the CEO role with his continued partnership and support creates an amazing foundation for me and for Sprout. I want to thank the Sprout Board of Directors for your ongoing trust, my team for putting me in this position, our shareholders for your commitment and our customers for your advocacy and for helping us get better every day.

謝謝你，賈斯汀。我非常感謝這個機會。在過去 8 年裡與 Justyn 一起工作，共同建立這個團隊和業務，我感到非常榮幸。在他持續的合作和支持下，我有機會擔任首席執行官，為我和 Sprout 奠定了良好的基礎。我要感謝 Sprout 董事會的持續信任，感謝我的團隊讓我擔任這個職位，感謝我們的股東的承諾，感謝我們的客戶的支持和幫助我們每天都變得更好。

I want to be really clear upfront on my goals and aspirations for this team. We are here to win. This will be a winner-take-most market, and I believe Sprout is best positioned to be that winner in a growing market. We have the #1 product in software, an award-winning culture and the team most well-known for driving customer success. I'm going to be deeply focused on raising the bar on all of these competitive advantages. We intend to drive excellence in everything we do and to deliver outsized value for our employees, customers and shareholders along the way. Our team can expect me to lead from the front as we work to deliver here.

我想提前明確我對這支球隊的目標和願望。我們來這裡是為了勝利。這將是一個贏家通吃的市場，我相信 Sprout 最有能力在不斷成長的市場中成為贏家。我們擁有排名第一的軟體產品、屢獲殊榮的文化以及以推動客戶成功而聞名的團隊。我將專注於提高所有這些競爭優勢的標準。我們致力於在我們所做的一切事情上追求卓越，並在此過程中為我們的員工、客戶和股東創造巨大的價值。我們的團隊可以期待我在前線領導我們努力實現這一目標。

Let's start with Q1 results. We had a strong quarter on many dimensions, but ultimately didn't meet our revenue goals. After a record back half of 2023, where the majority of our focus was deeply weighted on closing deals versus creating new pipeline, we walked into 2024 with a different business. We're now enterprise-heavy, and the linearity of our business has changed materially which affects our revenue recognition and planning. Our months, quarters and years are now more heavily weighted to traditional enterprise buying cycles. We underestimated the magnitude of this shift and the quickly changing dynamics in our customer mix.

讓我們從第一季的結果開始。我們在許多方面都有一個強勁的季度，但最終沒有達到我們的收入目標。在 2023 年下半年創紀錄的業績之後，我們的大部分注意力都集中在完成交易而不是創建新的管道上，但我們進入了 2024 年，業務有所不同。我們現在以企業為主，我們業務的線性發生了重大變化，這影響了我們的收入確認和規劃。現在，我們的月份、季度和年份更加重視傳統企業購買週期。我們低估了這種轉變的幅度以及客戶組合中快速變化的動態。

On top of this, we made several important strategic decisions heading into Q1, such as building new vertical sales teams, accelerating promotions in our mid-market and enterprise teams, adjusting our account coverage model and prioritizing Tagger enablement for all of our customer-facing teams. We thought we could manage these changes without disruption, but they collectively set us back. I believe each of these moves support our long-term strategy and better positions us for the future. But in the short term, there were execution headwinds that were self-induced. Although Q1 net new revenue added was less than Q1 of last year and not where we expected it to be, there was a lot of important learning, progress and momentum coming out of this process. I own this and fully expect us to be much better going forward.

除此之外，我們在第一季做出了幾項重要的策略決策，例如建立新的垂直銷售團隊、加速中端市場和企業團隊的促銷、調整我們的客戶覆蓋模型以及優先考慮為所有方面客戶的Tagger 啟用團隊。我們認為我們可以在不造成乾擾的情況下管理這些變化，但它們共同阻礙了我們。我相信這些舉措都支持我們的長期策略，並為我們的未來做好更好的準備。但在短期內，存在著自我引發的執行阻力。儘管第一季淨新增收入低於去年第一季度，也沒有達到我們的預期，但這個過程中帶來了許多重要的學習、進步和動力。我擁有這一點，並完全期望我們未來能做得更好。

Our go-to-market order is now better positioned for scalable growth. Our total pipeline increased 37% year-over-year. Premium module attach rates continue to rapidly increase, and our gross retention is overperforming planned, each positioning Sprout for another strong annual performance. CAGR ARR meaningfully accelerated in growth and is seamlessly folding into our platform strategy. And we expect that our Q1 added new ARR will be our low watermark with strong sequential growth over the year.

我們的上市訂單現在可以更好地實現可擴展的成長。我們的總管道數量年增 37%。優質模組的附加率繼續快速增長，我們的總保留率超出了計劃，這都為 Sprout 帶來了又一個強勁的年度業績。 CAGR ARR 顯著加速成長，並無縫融入我們的平台策略。我們預計，第一季新增的 ARR 將是我們的低水位，全年較上季成長強勁。

Shifting to the go-forward. Entering 2023, we took an important strategic step of deprioritizing the very low end and unproductive parts of our business. Coming into 2024, with that business largely cycled out, we have new clarity on where to optimize and redraw our teams and go-to-market efforts to accelerate our path to $1 billion in revenue. While we believe this is a powerful unlock for both our growth and efficiency, the benefits will not materialize overnight. We believe that redrawing our go-to-market model around the most successful cohorts is a massive unlock to our future potential. We know that our best customer cohorts are our most efficient customers to acquire. They are the most efficient expansion opportunities, and they are the least likely to cancel, each by orders of magnitude. We will invest aggressively against these cohorts with improved economic efficiency. At the same time, we plan to de-invest in the parts of the market where these attributes don't exist, even if this results in walking away from immediate revenue.

轉向前進。進入 2023 年，我們採取了重要的策略步驟，取消業務中低端和非生產性部分的優先順序。進入 2024 年，隨著該業務基本上退出，我們對在哪裡優化和重新劃分我們的團隊以及進入市場的努力有了新的認識，以加速我們實現 10 億美元收入的道路。雖然我們相信這對我們的成長和效率來說是一個強有力的釋放，但好處不會在一夜之間實現。我們相信，圍繞最成功的群體重新制定我們的進入市場模式將極大地釋放我們的未來潛力。我們知道，我們最好的客戶群是我們最有效獲取客戶的方式。它們是最有效的擴張機會，也是最不可能被取消的機會，每個機會的數量級都是不同的。我們將針對這些族群積極投資，提高經濟效益。同時，我們計劃減少對不存在這些屬性的市場部分的投資，即使這會導致直接收入的流失。

We're already beginning to realize the benefits to gross retention from our 2023 model changes being nicely ahead of Q1 plan here. And we believe that by prioritizing the market cohorts where we can predict future economic potential,and get surgical with where we will allocate our time, we can scale a durable, efficient upmarket land-and-expand motion. We believe the results will be higher future NDR and improved efficiency across the entire organization.

我們已經開始意識到 2023 年模型變更對總保留率的好處，遠遠超出了第一季的計畫。我們相信，透過優先考慮可以預測未來經濟潛力的市場群體，並對我們將分配時間的地方進行手術，我們可以擴大持久、高效的高端市場土地和擴張運動。我們相信，結果將是未來更高的 NDR 和整個組織的效率提高。

As we all know, with compounding SaaS models, our Q1 performance does flow through the year from a revenue perspectives. But the downward pressure from Q1 revenue flowing through, the changing linearity of the business and the need to create space as we execute on our go-to-market changes, I needed to tighten up our forecast to ensure we deliver on our commitments. The underlying realities at our business today is orders of magnitude different from the business you knew at the time of our IPO. Once a completely inbound highly transactional model, we're now enterprise-heavy and are constructed that way from products to customer success. Because of this, we should be measured on different metrics that properly align with this current state.

眾所周知，透過複合SaaS模式，從營收角度來看，我們第一季的業績確實貫穿全年。但是，第一季收入的下行壓力、業務線性的變化以及我們在執行上市變化時創造空間的需要，我需要收緊我們的預測，以確保我們兌現我們的承諾。我們今天業務的基本現實與您在我們首次公開發行時所了解的業務有很大不同。我們曾經是一個完全入站的高度交易模型，現在以企業為重，並且從產品到客戶成功都是這樣建構的。因此，我們應該根據與當前狀態正確一致的不同指標來進行衡量。

As I transition into the CEO role, I want to ensure that we move forward with this in mind. We told you that ARR growth should have a similar trajectory to revenue growth while metrics like RPO and CRPO are more appropriate indicators of performance trends for our business. As such, we'll no longer be disclosing ARR on a go-forward basis, an approach that is consistent with enterprise SaaS companies in our peer set, including our direct competitors.

當我過渡到執行長的角色時，我想確保我們在前進時牢記這一點。我們告訴過您，ARR 成長應該與營收成長有類似的軌跡，而 RPO 和 CRPO 等指標更適合我們業務的績效趨勢指標。因此，我們將不再揭露未來的 ARR，這種方法與我們同業中的企業 SaaS 公司（包括我們的直接競爭對手）一致。

We've been consistently sharing for 4 years that we don't measure our success in total logos or total customer count, and our sales team are not measured or compensated on these metrics. We're now at a point where a single large enterprise customer is worth more than hundreds of smaller customers. With enterprise being the priority, total logo count is not a key performance indicator of our current business. As such, we'll no longer be disclosing total customer count. Further, with the goal of transparency, we had previously disclosed logo numbers and contributions from our partner channel. However, we recognize that this has actually served as more of a distraction than a helpful data point. So we won't be continuing that practice. The idea that all of our growth comes from temporal partner contributions is unfounded. So I want to ensure that everyone has the same understanding and more clarity into the actual data.

四年來，我們一直強調，我們不會用標誌總數或客戶總數來衡量我們的成功，而且我們的銷售團隊也不會根據這些指標來衡量或獲得報酬。我們現在正處於一個大型企業客戶的價值超過數百個小型客戶的階段。由於企業優先，標誌總數並不是我們目前業務的關鍵績效指標。因此，我們將不再揭露客戶總數。此外，出於透明度的目標，我們先前揭露了徽標編號和合作夥伴管道的貢獻。然而，我們認識到，這實際上更多的是分散注意力，而不是有用的數據點。所以我們不會繼續這種做法。我們所有的成長都來自於合作夥伴的臨時貢獻的想法是沒有根據的。所以我想確保每個人對實際數據都有相同的理解和更清晰的理解。

Salesforce partner revenue, including both Social Studio and non-Social Studio business accounted, for slightly less than 15% of our new business in 2023 and less in 2022. This amounts to a roughly 3% contribution to our total 2023 revenue growth, which I believe is significantly less than many may have previously assumed. We value our partnership with Salesforce and other key partners, and we see a strong opportunity for future growth that powers through a 3% potential headwind in 2025, especially given all the opportunities we are creating within our ecosystem.

Salesforce 合作夥伴收入（包括 Social Studio 和非 Social Studio 業務）占我們 2023 年新業務的比例略低於 15%，2022 年則更少。相信遠低於許多人先前的假設。我們重視與 Salesforce 和其他主要合作夥伴的合作夥伴關係，我們看到了未來成長的巨大機會，可以克服 2025 年 3% 的潛在逆風，特別是考慮到我們在生態系統中創造的所有機會。

We have a tremendous opportunity in front of us, and I'm excited about the innovation and change that we're driving the business to deliver on our goals. We're aligning ourselves with the best and fastest-growing cohorts of our market, which you can see in our 44% large customer growth, 41% ACV growth and ongoing rapid growth in RPO and CRPO. We expect we're going to see both accelerating new business, accelerating expansion momentum and improving efficiency over a multiyear period of time as we build on our product leadership, world-class culture and history of overdelivering for our customers every day. I'm excited to bring Justyn and our founder's original vision to life as Sprout defines how businesses can operationalize social.

我們面前有一個巨大的機會，我對我們推動業務實現目標的創新和變革感到興奮。我們正在與市場上最好、成長最快的群體保持一致，您可以從我們 44% 的大客戶成長、41% ACV 成長以及 RPO 和 CRPO 的持續快速成長中看到這一點。我們預計，隨著我們每天為客戶提供產品領先地位、世界一流的文化和超額交付的歷史，我們將在多年的時間內加速新業務、加速擴張勢頭並提高效率。我很高興能夠將 Justyn 和我們創辦人的最初願景變為現實，因為 Sprout 定義了企業如何經營社交。

And with that, I'll turn it over to Joe. Joe?

有了這個，我會把它交給喬。喬？

Thanks, Ryan. I'll now run through our financial results and guidance. Revenue for the fourth quarter was $96.8 million, representing 29% year-over-year growth. Subscription revenue was $95.8 million, up 28% year-over-year. Services revenue was $1.0 million, up 112% year-over-year.

謝謝，瑞安。我現在將介紹我們的財務表現和指導。第四季營收為 9,680 萬美元，年增 29%。訂閱收入為 9,580 萬美元，年增 28%。服務收入為 100 萬美元，年增 112%。

Despite underestimating the impact of the strategic changes Ryan outlined earlier, we continue to deliver top quartile growth in SaaS. The number of customers contributing more than $10,000 in ARR grew 24% from a year ago. The number of customers contributing more than $50,000 in ARR grew 44% from a year ago. ARR growth approximated subscription revenue growth in Q1, which underperformed our plan for the reasons Ryan outlined. We have materially fewer net customer losses compared with the back half of 2023, consistent with the early benefits from our model change. You should think about Q1 ARR be even smaller as a percentage of the full year compared with prior periods, and you should continue to think about the rate of growth of total customer base improving throughout 2024.

儘管低估了 Ryan 先前概述的策略變革的影響，我們仍然在 SaaS 領域實現了前四分之一的成長。 ARR 貢獻超過 10,000 美元的客戶數量比一年前增加了 24%。 ARR 貢獻超過 50,000 美元的客戶數量比一年前增加了 44%。 ARR 成長接近第一季的訂閱收入成長，但由於 Ryan 概述的原因，其表現低於我們的計劃。與 2023 年下半年相比，我們的淨客戶損失大幅減少，這與我們模式變革的早期效益一致。您應該認為第一季的 ARR 佔全年的百分比比之前的時期還要小，您應該繼續考慮 2024 年總客戶群的成長率有所改善。

Q1 ACV was $12,892, up 41% year-over-year. As we lapped our first full quarter of new business pricing, new business ACV again grew double digits year-over-year, and we expect strong ACV growth to continue over the medium term through my rapidly shifting enterprise mix, strengthening premium module attach rates, influencer marketing and customer care.

第一季 ACV 為 12,892 美元，年增 41%。隨著我們完成新業務定價的第一個完整季度，新業務 ACV 再次同比增長兩位數，我們預計透過我快速轉變的企業組合、加強優質模組附加率，中期內 ACV 將繼續強勁增長，有影響力的營銷和客戶關懷。

In Q1, non-GAAP gross profit was $76.0 million, representing a non-GAAP gross margin of 78.5%, up 30 basis points from a year ago. Non-GAAP sales and marketing expenses for Q1 were $37.2 million or 38% of revenue, down from 40% a year ago. We continue to hire aggressively in our enterprise sales and growth organizations.

第一季度，非 GAAP 毛利為 7,600 萬美元，非 GAAP 毛利率為 78.5%，較去年同期成長 30 個基點。第一季非 GAAP 銷售和行銷費用為 3,720 萬美元，佔營收的 38%，低於一年前的 40%。我們繼續在企業銷售和成長組織中積極招募。

As our customer base has shift away from SMB and into enterprise, we have changed our accounting for deferred commission amortization from 3 years to 5 years. This is consistent with our peers in enterprise software. The accounting change resulted in a $4.4 million reduction in Q1 sales and marketing expenses, and we expect an operating income and benefit in all future periods. This accounting change has no impact on cash flow and will mean that our non-GAAP operating margins and non-GAAP free cash flow margins are likely to be increasingly correlated moving forward.

由於我們的客戶群已從中小企業轉向企業，我們已將遞延佣金攤銷的會計處理從 3 年更改為 5 年。這與我們的企業軟體同行是一致的。會計變更導致第一季銷售和行銷費用減少 440 萬美元，我們預計未來所有期間的營業收入和效益。這項會計變更對現金流沒有影響，這意味著我們的非 GAAP 營業利潤率和非 GAAP 自由現金流利潤率未來可能會越來越相關。

Non-GAAP research and development expenses for Q1 were $18.3 million or 19% of revenue, roughly flat from a year ago. We continue to invest in our future and are increasingly targeted investments in AI and Social Customer Care and are delivering strong returns. Non-GAAP general and administrative expenses for Q1 were $14.5 million or 15% of revenue, down from 17% a year ago. We expect to deliver consistent G&A leverage as a percent of revenue moving forward.

第一季非 GAAP 研發費用為 1,830 萬美元，佔營收的 19%，與去年同期大致持平。我們繼續投資我們的未來，並越來越有針對性地投資於人工智慧和社會客戶服務，並正在帶來豐厚的回報。第一季的非 GAAP 一般和管理費用為 1,450 萬美元，佔營收的 15%，低於一年前的 17%。我們預計未來將提供一致的一般行政費用槓桿佔收入的百分比。

Non-GAAP operating income for Q1 was $6.0 million for a 6.2% non-GAAP operating margin. Non-GAAP net income for Q1 was $5.7 million for non-GAAP net income of $0.10 per share, based on 56.3 million weighted average of common stock outstanding, compared to non-GAAP net income of $3.4 million and $0.06 per share a year ago.

第一季非 GAAP 營業收入為 600 萬美元，非 GAAP 營業利潤率為 6.2%。第一季非GAAP 淨利為570 萬美元，非GAAP 每股淨利為0.10 美元（基於5,630 萬股已發行普通股的加權平均數），而一年前的非GAAP 淨利為340 萬美元，每股為0.06 美元。

Turning to the balance sheet and cash flow statement. We ended Q1 with $95.2 million in cash, cash equivalents and marketable securities. This is down from $98.1 million at the end of Q4. Deferred revenue at the end of the quarter was $147.1 million. Looking at both our billed and unbilled contracts, RPO totaled $290.0 million, up from $275.0 million exiting Q4 and up 54% year-over-year. We expect to recognize 73% or $210.6 million of total RPO as revenue over the next 12 months, implying a CRPO growth rate of 48% year-over-year. We continue to believe that all our leading indicators are converging towards CRPO over time. Operating cash flow in Q1 was a record $11.2 million, up from $8.3 million a year ago. Non-GAAP free cash flow was a record $11.3 million, up from $7.9 million a year ago.

轉向資產負債表和現金流量表。第一季末，我們擁有 9,520 萬美元的現金、現金等價物和有價證券。這比第四季末的 9,810 萬美元有所下降。本季末的遞延收入為 1.471 億美元。從我們的計費和未計費合約來看，RPO 總額為 2.90 億美元，高於第四季的 2.75 億美元，年增 54%。我們預計未來 12 個月將 RPO 總額的 73%（即 2.106 億美元）確認為收入，這意味著 CRPO 年成長率為 48%。我們仍然相信，隨著時間的推移，我們所有的領先指標都將向 CRPO 靠攏。第一季的營運現金流達到創紀錄的 1,120 萬美元，高於一年前的 830 萬美元。非 GAAP 自由現金流達到創紀錄的 1,130 萬美元，高於一年前的 790 萬美元。

Shifting to formal guidance. For the second quarter of fiscal 2024, we expect revenue in the range of $98.5 million to $98.6 million or growth rate of more than 24%. We expect non-GAAP operating income in the range of $4.6 million to $5.0 million, which assumes a non-GAAP operating margin of 4.9% at the midpoint and includes an estimated benefit of our deferred commission accounting change. We expect the non-GAAP net income per share between $0.07 and $0.08. This assumes 56.6 million weighted average basic shares of common stock outstanding.

轉向正式指導。對於 2024 財年第二季度，我們預計營收在 9,850 萬美元至 9,860 萬美元之間，成長率超過 24%。我們預期非 GAAP 營業收入在 460 萬美元至 500 萬美元之間，假設非 GAAP 營業利潤率為 4.9% 的中點，並包括我們遞延佣金會計變更的預期收益。我們預計非 GAAP 每股淨利潤在 0.07 美元至 0.08 美元之間。假設已發行普通股的加權平均基本股為 5,660 萬股。

For the full year 2024, we are reducing total revenue to the range of $405.0 million to $406.0 million. This assumes a greater than 20% organic Sprout revenue growth and accelerated Tagger subscription revenue growth and incorporates each of the changes Ryan outlined. For the full year 2024, we are raising non-GAAP operating income to the range of $28 million to $29 million. This divides annual non-GAAP operating margin improvement of roughly 560 basis points. Excluding the accounting change, we are reiterating our prior non-GAAP operating income guidance, which now implies year-over-year non-GAAP operating margin improvement of 240 basis points. We expect non-GAAP net income per share of between $0.45 and $0.46, assuming 57.0 million weighted average basic shares of common stock outstanding. We believe we've transformed our business model to position us to deliver increasingly durable and increasingly efficient growth.

對於 2024 年全年，我們將總收入減少至 4.05 億美元至 4.06 億美元之間。這假設 Sprout 的有機收入成長超過 20%，Tagger 訂閱收入成長加速，並納入了 Ryan 概述的每項變更。 2024 年全年，我們將非 GAAP 營業收入提高至 2,800 萬美元至 2,900 萬美元。這使得年度非 GAAP 營業利潤率提高了約 560 個基點。不包括會計變更，我們重申先前的非 GAAP 營業收入指引，這意味著非 GAAP 營業利潤率年增 240 個基點。假設已發行普通股加權平均基本股為 5,700 萬股，我們預期非 GAAP 每股淨利將在 0.45 美元至 0.46 美元之間。我們相信，我們已經改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) Your first question comes from the line of Raimo Lenschow with Barclays.

（操作員說明）您的第一個問題來自巴克萊銀行的Raimo Lenschow。

Ryan, first question for me is like -- if you think about the go-to-market changes, if you think about software, historically, that usually takes like 2 to 3 quarters or go-to-market changes to kind of settle down the organization. Can you speak a little bit like how you see -- like maybe more specifically, compared to your prepared remarks, what you did there? And is that 2 to 3 quarter kind of math still valid? And then I had one follow-up.

Ryan，我的第一個問題是——如果你考慮一下上市變化，如果你考慮一下軟體，從歷史上看，通常需要 2 到 3 個季度或上市變化才能穩定下來該組織。您能說一下您的看法嗎？那種 2 到 3 個季度的數學仍然有效嗎？然後我進行了一項後續行動。

Yes. Thanks, Raimo. Yes. I mean, we're kind of, I would say, most of the way through some of those things today. We made a lot of those shifts heading into Q1. If I think about the things that we did, really important strategically for where we're going as a market organization. If you think about the investments into things like vertical sales in the account coverage that we implemented in the enablement that we're doing as a team, so all those things were playing through in Q1.

是的。謝謝，雷莫。是的。我的意思是，我想說，今天我們已經完成了其中的大部分事情。我們在第一季做出了很多這樣的轉變。如果我考慮一下我們所做的事情，對於我們作為一個市場組織的發展方向來說，這在策略上非常重要。如果您考慮我們作為一個團隊在支援中實施的帳戶覆蓋範圍內的垂直銷售等投資，那麼所有這些事情都在第一季完成。

When we think about the guidance they've all been factored through both the compounding of the subscription revenue through the year as well as the impact of the changes that we're making through Q2 and getting the rest of our team ramped. So they've all been factored in here. And I think a good portion of it has been felt in Q1, and we feel really good as we're going into Q2 with where our teams at.

當我們考慮指導時，它們都考慮到了全年訂閱收入的複合，以及我們在第二季度所做的改變和讓我們團隊的其他成員增加的影響。所以它們都被考慮到這裡了。我認為第一季已經感受到了很大一部分，當我們進入第二季時，我們的團隊所處的位置感覺非常好。

Yes. And then since -- maybe it's for all of you. Like since you took away ARR, like now we kind of need to kind of think like, okay, how do I judge you and how do I judge the progress of the business. And Joe, you said like ARR is probably with -- it's a trough in Q1. Like is there any kind of handholding you want to give us here? Or you would just kind of need to wait for the outcomes.

是的。從那時起——也許這適合你們所有人。就像自從你拿走了 ARR 以來，就像現在我們需要思考，好吧，我如何判斷你以及我如何判斷業務的進展。喬，你說 ARR 可能是——這是第一季的低谷。您想在這裡給我們什麼幫助嗎？或者您只需要等待結果。

Yes. I'll start on that one. I think just going back to the rationale here, the linearity of our business and the composition of our customer base has been changing in really material ways. As we've been going through this transformation upmarket and becoming more back-end loaded, we view revenue and RPO as the best indicators for our business. And that's consistent with our peers. We also believe that for all of you, this is going to be the most accurate and a less complicated and less noisy way to measure our business.

是的。我將從那一個開始。我認為回到這裡的基本原理，我們業務的線性和客戶群的組成一直在以真正實質的方式改變。隨著我們一直在經歷這種高端市場轉型並變得更加後端負載，我們將營收和 RPO 視為我們業務的最佳指標。這與我們的同行一致。我們也相信，對你們所有人來說，這將是衡量我們業務的最準確、最簡單且噪音較小的方式。

So I'd highlight the revenue in the RPO as sort of the lagging leading indicators that are going to give you good indication of where the business is going. And we realize that this is a change, and we've added some work to all of you tonight. And so our team will make sure that we are providing the right level of support as you dial in your models.

因此，我強調 RPO 中的收入是一種落後的領先指標，可以很好地表明業務的發展方向。我們意識到這是一個改變，今晚我們為大家增加了一些工作。因此，我們的團隊將確保在您撥入模型時提供適當的支援。

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

你的下一個問題來自阿瓊·巴蒂亞 (Arjun Bhatia) 和威廉·布萊爾 (William Blair) 的對話。

Maybe to start just on the guidance, and obviously, we took a pretty big cut to the full year number here. But maybe for Joe. If I think about it historically, at least over the last couple of years, I think there hasn't really been that much room for -- or cushion in the guidance for variability in the business. And now it seems like there's some more changes that are coming from an operational and strategic perspective. And so can you just walk us through maybe what you're baking into the guidance and how much cushion you've left yourself as you work through some of these changes over the course of 2024 (inaudible)?

也許只是從指導開始，顯然，我們對全年的數字進行了相當大的削減。但也許對喬來說。如果我從歷史角度思考，至少在過去的幾年裡，我認為對於業務變化的指導並沒有太大的空間或緩衝。現在看來，從營運和策略角度來看，還有更多的變化。那麼，您能否向我們介紹一下您在指南中添加的內容，以及您在 2024 年完成這些變化時給自己留下了多少緩衝（聽不清楚）？

Yes. So Arjun -- and some of this Ryan covered, but I'll kind of reiterate the things that are baked in there. First, all the kind of go-to-market changes that Ryan indicated are kind of baked in the guidance and how that kind of -- we're still making those changes. They'll flow into Q2, but we feel really good about the momentum, the fact that the flow-through on revenue, the soft Q1 revenue that we had and how that flows through.

是的。 Arjun 和 Ryan 介紹了其中的一些內容，但我會重申其中的內容。首先，瑞安指出的所有進入市場的變化都在指導中有所體現，以及我們仍在進行這些變化。它們將流入第二季度，但我們對這種勢頭感到非常滿意，事實上，收入的流動、我們第一季的軟收入以及它的流動方式。

And then the other thing we've kind of factored in here is our business is definitely becoming more Q3-, Q4-weighted. And so when we look at the full year, we're putting way more weight in the back half of the year and thus we wanted to take revenue down to a level that we felt like a high level of confidence to execute through these changes and give us an opportunity to have a successful back half of 2024.

然後我們在這裡考慮的另一件事是我們的業務肯定會變得更加註重第三季、第四季的權重。因此，當我們展望全年時，我們會更加重視下半年，因此我們希望將收入降低到我們對執行這些變化充滿信心的水平，讓我們有機會在 2024 年下半年取得成功。

Okay. Got it. And then, Ryan, for you. The -- you mentioned something in your prepared remarks, and I may have missed the details. But you mentioned that there is some immediate revenue that you might walk away from it was -- if it wasn't the right strategic fit for you long term. Can you just help flesh that out for us? What is it that you're deprioritizing? Is that different from what the transition that we've been talking about over the last year or so? And maybe how much more complexity does that add into your go-to-market motion as you try to reallocate resources to the ideal customer profile for you?

好的。知道了。然後，瑞安，為你。您在準備好的發言中提到了一些內容，我可能錯過了細節。但你提到，如果它不適合你的長期策略，你可能會放棄一些直接的收入。你能幫我們充實一下嗎？你正在降低優先順序的是什麼？這與我們在過去一年左右討論的過渡有什麼不同嗎？當您嘗試將資源重新分配給理想的客戶檔案時，這可能會為您的上市行動增加多少複雜性？

Yes. Thanks for the question. I mean, step one of a lot of the change that we were making last year was getting the composition of our customer base to a place where we felt like it perfectly matched our ideal customer profile and really transforming both the inbound and outbound motions, so our new customers as well as our current customer base. In going through that, the next part of it and the biggest opportunity is really identifying where our most sophisticated customers live and where we had the greatest opportunity to be able to maximize our investment.

是的。謝謝你的提問。我的意思是，我們去年所做的許多改變的第一步是讓我們的客戶群構成達到一個我們認為完全符合我們理想的客戶檔案的水平，並真正改變入站和出站動作，所以我們的新客戶以及我們現有的客戶群。在經歷這個過程中，下一部分和最大的機會是真正確定我們最成熟的客戶居住在哪裡，以及我們在哪裡有最大的機會來最大化我們的投資。

And so as we've looked at the data and looked at our customer base and the cohorts of customers, we've identified some really exciting opportunities for us to really put our teams, majority of which in the upmarket and mid-market enterprise, again some amazing opportunities when we think about our outbound motions and where we invest our time prospecting as well as where we think about our marketing efforts and all of the inbound actions that we take to drive really healthy inbound.

因此，當我們查看數據並查看我們的客戶群和客戶群時，我們發現了一些真正令人興奮的機會，可以讓我們的團隊（其中大部分在高端和中端市場企業）真正投入使用，當我們考慮我們的出站動作、我們投入時間進行勘探、我們考慮我們的行銷工作以及我們為推動真正健康的入站而採取的所有入站行動時，再次發現一些驚人的機會。

And so it was really a commentary that we've identified pockets of just the overall opportunity that we don't want to go as hard at because we know that it has different metrics like CAC and higher churn rates compared to the opportunity with some of these cohorts that just convert faster, they land bigger, they stay longer. So it was really a comment on focusing on our team on some of these areas that we've just got more surgical with, with the data that we've got in our business.

因此，這實際上是一個評論，我們已經確定了整體機會中的一些部分，但我們不想那麼努力，因為我們知道與某些機會相比，它具有不同的指標，例如CAC 和更高的流失率。因此，這實際上是對我們團隊重點關注的一些領域的評論，我們剛剛利用我們在業務中獲得的數據進行了更多手術。

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

您的下一個問題來自 DJ Hynes 與 Canaccord Genuity 的合作。

Ryan, if I interpret your comments right about Q1 softness, it sounds like it was a function of kind of shots on goal, right, a little bit less pipeline generation in the second half of '23. I'd be curious to kind of extrapolate from that and ask about like sales cycles. What are you seeing? I mean, Sprout has always had really quick close rates and short sales cycles. Is that changing now with the push to enterprise? I mean, you talk more about Q3-Q4 weighting. Maybe that's more tied to budget cycles. But I'd love to hear, just specifically on sales cycles, what you're seeing.

Ryan，如果我正確地解釋了你對第一季度疲軟的評論，聽起來這是一種射門的函數，對吧，23 年下半年的管道生成有點少。我很想從中推斷並詢問類似的銷售週期。你看到什麼了？我的意思是，Sprout 的成交率一直非常快，銷售週期也很短。隨著企業的推動，這種情況現在會改變嗎？我的意思是，您更多地談論了 Q3-Q4 權重。也許這與預算週期更相關。但我很想聽聽您所看到的情況，特別是關於銷售週期的情況。

Yes. Thanks for the question, DJ. Yes, you're right. I mean, we are definitely seeing lengthening of our sales cycles as the composition of the customer base and the prospect base is changing. These are larger opportunities, they are larger lands and they have larger opportunities for expansion. And so it is changing.

是的。謝謝你的提問，DJ。你是對的。我的意思是，隨著客戶群和潛在客戶群的組成發生變化，我們肯定會看到銷售週期的延長。這些都是更大的機會，它們是更大的土地，並且有更大的擴張機會。所以它正在改變。

We've -- we still feel like we're in a great position because we leverage our product in an effort to get customers to more quickly see the value and realize that Sprout is a great fit. But we also see ourselves in more RFPs today than we ever did before, which is a really positive thing for the business. If you look at some of the logos that we've been talking about over the last few quarters and even this quarter, the likes of P&G and Universal Pictures and American Honda, great examples of large companies that land much bigger for us and have much bigger expansion opportunities later.

我們仍然覺得自己處於有利地位，因為我們利用我們的產品來努力讓客戶更快地看到價值並認識到 Sprout 非常適合。但我們今天也看到自己收到的 RFP 比以往任何時候都多，這對業務來說確實是一件積極的事情。如果你看看我們在過去幾季甚至本季一直在討論的一些標誌，例如寶潔公司、環球影業公司和美國本田公司，這些都是大公司的很好的例子，它們對我們來說規模更大，擁有更多的資源。

So I would say that the lengthening of the cycle is a dynamic in our business, which ties to a lot of the commentary around the back-loaded nature of where our business is transforming.

因此，我想說，週期的延長是我們業務的一個動態，這與圍繞我們業務轉型的後載性質的許多評論有關。

Yes. Okay. And then maybe as a follow-up. Just with all that's happening from a regulatory standpoint surrounding TikTok, can you remind us like, a, how material that is to the business from a revenue standpoint today? And then b, I'd love to pick up any industry chatter that you're hearing, how folks are thinking about this. Like what would happen if TikTok were to go away in the U.S.? Any comments there would be helpful.

是的。好的。然後也許作為後續行動。從圍繞 TikTok 的監管角度來看發生的所有事情，您能否提醒我們，從今天的收入角度來看，這對業務有多重要？然後，我很樂意了解您所聽到的任何行業討論，以及人們如何看待這個問題。如果 TikTok 在美國消失會發生什麼事？那裡的任何評論都會有幫助。

Yes. I think the biggest thing to highlight here is we don't really monetize specifically on any of the network. So if you think about just our customer strategy, the way that they think about it is they think about social holistically. And they've got all these different channels that they need to execute against. And so much of this is actually dictated by where their community and their customer base is, and that's where they lean in.

是的。我認為這裡要強調的最重要的事情是我們並沒有真正在任何網路上專門獲利。因此，如果你只考慮我們的客戶策略，他們思考的方式就是從整體上思考社交。他們擁有需要執行的所有這些不同管道。這在很大程度上實際上是由他們的社區和客戶群所在的位置決定的，而這正是他們所依賴的地方。

TikTok has obviously been a great partner for us. We're really excited about the products we've built alongside of them. But at the same time, when we look at our customers, they typically have multiple networks that they're leveraging. And so any changes that happen here from a brand perspective will just mean that they end up leaning heavier in some other social network where the traffic goes, where their customers go and where they will spend time.

TikTok 顯然是我們的一個很好的合作夥伴。我們對與他們一起開發的產品感到非常興奮。但同時，當我們觀察我們的客戶時，他們通常擁有多個正在利用的網路。因此，從品牌角度來看，這裡發生的任何變化只會意味著他們最終會更傾向於流量流向、客戶流向以及他們會花時間的其他社交網路。

And so for us, that's a huge part of the importance of the work that we do is making sure that we have excellent partnerships and that our products add a ton of value across all of the social networks.

因此，對我們來說，我們所做工作的一個重要部分是確保我們擁有良好的合作夥伴關係，並且我們的產品在所有社交網路上增加大量價值。

And this is Justyn. I'll add thoughts on the ecosystem commentary. I think at this stage, there's not a lot -- I don't think brands are contemplating in a big way that there's an inevitable disruption here with TikTok. That's just the sentiment that we kind of feel from customers. It's been talked about for a while. They'll kind of see what happens, but not shifting around their time and energy at this point.

這是賈斯汀。我將添加對生態系統評論的想法。我認為在現階段，沒有太多——我認為品牌並沒有在很大程度上考慮 TikTok 不可避免地會受到干擾。這就是我們從客戶身上感受到的情緒。這件事已經被談論了一段時間了。他們會看看會發生什麼，但此時不會改變他們的時間和精力。

And then broadly, I think that platform is powerful in a lot of ways, and we value the partnership there. What's sticky about that for consumers and brands is the very short form and unproduced video content. And should something happen and TikTok become unavailable, then that effort is just going to shift to something else with that same sort of characteristic and footprint. Reels is one example. There's others.

總的來說，我認為該平台在許多方面都很強大，我們重視那裡的合作夥伴關係。對於消費者和品牌來說，最棘手的是非常短的形式和未製作的影片內容。如果發生什麼事情並且 TikTok 變得不可用，那麼這種努力就會轉移到具有相同特徵和足跡的其他東西。捲軸就是一個例子。還有其他人。

So it's building a spot in the market based on the type of content. The network itself is the carrier of that, but this is part of a social strategy. And that type of content as part of the social strategy and the engagement that it provides is something that's going to be part of the ecosystem, part of the landscape regardless of where it is.

因此，它根據內容類型在市場上佔有一席之地。網路本身是其載體，但這是社交策略的一部分。這種類型的內容作為社交策略的一部分及其提供的參與度將成為生態系統的一部分，無論它在哪裡，都是景觀的一部分。

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

你的下一個問題來自 Parker Lane 和 Stifel 的對話。

Ryan, maybe just to double down on one earlier. You referenced that the sales changes happens really before the start of the year. A lot of it took place in Q1, but it's still lingering here in 2Q. When we look at your tight guidance range, how confident are you that peak disruption in go-to-market is behind us and that there's not going to be any level of additional sales execution risk here in 2Q?

瑞安，也許只是為了早點加倍努力。您提到銷售變化實際上是在年初之前發生的。其中很多發生在第一季度，但到了第二季度仍然揮之不去。當我們查看您嚴格的指導範圍時，您對進入市場的高峰中斷已經過去以及第二季度不會出現任何程度的額外銷售執行風險有多大信心？

Yes. Thanks for the question, Parker. And just to clarify, decisions were made in Q1 and the implementation of those changes -- sorry, the decisions on all this happened in Q4 and the execution of it happened in Q1.

是的。謝謝你的提問，帕克。需要澄清的是，決定是在第一季度做出的，並實施了這些變化——抱歉，所有這些決定都發生在第四季度，執行發生在第一季度。

And going to guide, we feel good about the way that we've built out the guide for Q2 and the rest of the year. The majority of the actions that needed to take place and the changes with the sales teams and some of the enablement that we're doing happened within the quarter. So we feel good about all that, and that's being contemplated within the guide.

至於指南，我們對第二季和今年剩餘時間指南的製定方式感到滿意。需要採取的大部分行動以及銷售團隊的變化以及我們正在做的一些支援都在本季內發生。因此，我們對這一切感到滿意，並且指南中正在考慮這一點。

I think it's also helpful context here, just to talk about the type of changes that we're talking about, this -- where a big change in go-to-market strategy might take a couple of quarters to take hold, this is a layer lower than that, in that we're talking about some pretty tactical decisions around account coverage, spending time with the team on Tagger enablement, things like this. So rather than a large kind of strategic change or going after a different part of the market or something like that, these are some tactical things that, from a time energy and calorie spent in Q1 perspective, created some headwind for us.

我認為這裡的背景也很有幫助，只是談談我們正在談論的變化類型，這——進入市場策略的重大變化可能需要幾個季度才能生效，這是一個比這更低的一層，因為我們正在討論一些圍繞帳戶覆蓋範圍的相當戰術決策，花時間與團隊一起進行標記器啟用，諸如此類。因此，這些不是大規模的戰略變革或追求市場的不同部分或類似的事情，而是一些戰術性的事情，從第一季花費的時間、精力和卡路里的角度來看，給我們帶來了一些阻力。

But I just want to make sure it's clear that we're not talking about some radical change that's going to take a while to play out. Most of it, things like the enablement, et cetera, are done, that's a binary thing, and that the momentum stutter is fairly finite.

但我只是想確保我們清楚，我們不是在談論一些需要一段時間才能實現的根本性改變。大多數事情，例如支持等，都已經完成了，這是一個二元的事情，而且動量口吃是相當有限的。

Got it. Appreciate that feedback. And then Ryan, one more. You talked a lot about aligning your go-to-market around your best customer cohorts. From our perspective, should we interpret that to mean $10,000, $50,000 cohorts? Or is there a level of depth beyond that so that customers under $10,000 that are providing the right signals are still going to be emphasized here?

知道了。感謝您的回饋。然後是瑞安，又一個。您談了很多關於圍繞最佳客戶群調整行銷的內容。從我們的角度來看，我們是否應該將其解釋為 10,000 美元、50,000 美元的群組？或者是否存在超出此深度的深度，以便在此仍會強調提供正確信號的 10,000 美元以下的客戶？

Yes. There's -- sorry, this is Justyn. But this is a project that I spent a lot of time on, so I'll jump in here.

是的。抱歉，這是賈斯汀。但這是一個我花了很多時間的項目，所以我會在這裡加入。

I think that when we talk about taking that next step beyond moving past the very low end of the customer base and now we've got a customer based on the whole that is much healthier that's going to have better unit economics, et cetera, there's a next layer there, which is now rather than assuming that, okay, the rest of that customer base kind of behaves similarly, performed similarly, et cetera, being able to get a much clearer look at different patterns across different industry types, B2B versus B2C, different approaches to social, different social footprints, things like that, allows us to recognize that there are -- there's variance in any given segment, so let's say, enterprise, companies that have a very, very different growth profile even with similarly sized -- other similarly sized companies.

我認為，當我們談論採取下一步行動，超越極低端的客戶群時，現在我們有了一個基於整體的客戶，他們更加健康，將擁有更好的單位經濟效益，等等，下一層，現在不是假設，好吧，該客戶群的其餘部分的行為相似，表現相似，等等，能夠更清楚地了解不同行業類型（B2B 與B2B）的不同模式B2C、不同的社交方式、不同的社交足跡，諸如此類的事情，讓我們認識到，任何特定細分市場都存在差異，所以可以說，企業、即使具有相似的成長概況的公司也有非常非常不同的成長概況規模——其他類似規模的公司。

Where rather than painting with a broad brush, we're able to categorize these further and look at opportunities where there are -- if we look at even under $10,000, there's a dramatic difference in potential in, let's call it, the $10,000 to $15,000 bucket. Within that group of customers, very, very different behavior and potential. And now we've dialed that in and figured out where should we be spending our calories, where should we be spending our time. Thinking about how we'll talk to those different groups differently and how we show up the market with those different groups differently is a really powerful unlock, and that's kind of some of the background on those points.

我們不是用粗略的畫筆進行繪畫，而是能夠對這些進一步分類，並尋找存在的機會——如果我們考慮甚至低於10,000 美元的資金，我們可以稱之為10,000 美元到15,000 美元之間的潛力存在巨大差異。在這群客戶中，行為和潛力非常非常不同。現在我們已經確定了我們應該在哪裡花費卡路里，我們應該在哪裡花費時間。思考我們將如何以不同的方式與這些不同的群體交談，以及我們如何以不同的方式向這些不同的群體展示市場，這是一個非常強大的解鎖，這就是這些觀點的一些背景。

Your next question comes from the line of Adam Hotchkiss with Goldman Sachs.

你的下一個問題來自高盛的 Adam Hotchkiss。

Great. I guess to start, how should we think about the performance of your direct and partner channels in the quarter? Is it fair to say that sales productivity was just below where you thought it'd be despite the record RFPs you mentioned? Or is there just more of a ramp that your direct sales force has to get through before you can reaccelerate ACV? Just anything around sales productivity or morale would be useful.

偉大的。我想首先，我們應該如何考慮您的直接管道和合作夥伴管道在本季的表現？儘管您提到了創紀錄的 RFP，但可以公平地說，銷售生產力僅低於您的預期嗎？或者，在重新加速 ACV 之前，您的直銷團隊是否還需要經歷更多的階段？任何有關銷售效率或士氣的事情都會有用。

Yes. I think some of it's actually what you said at the latter part of your comment. It's just -- some of this is a natural ramp for folks, is we had some new hires and then changing rules happening within Q1. And we expect to see that ramp coming into full play here as we go into Q2 and going forward.

是的。我認為其中一些實際上是您在評論的後半部分所說的。只是 - 其中一些對人們來說是自然的增長，我們僱用了一些新員工，然後在第一季度發生了規則的改變。我們預計，當我們進入第二季度並繼續前進時，這種增長將在這裡充分發揮作用。

From a partnership and distribution channel perspective, we saw relative good strength there as well and feel really good about the back half of the year and the partnerships that we have created. So I think these are all just natural things that are playing out in our business model today as more and more of our team is more focused upmarket.

從合作夥伴和分銷管道的角度來看，我們也看到了相對良好的實力，並對今年下半年和我們建立的合作夥伴關係感覺非常好。因此，我認為這些都是我們今天的商業模式中自然發生的事情，因為我們團隊中越來越多的人更專注於高端市場。

Okay. That's really helpful. And then I'd just be curious how you now think about the $1 billion revenue target. I know that your prior long-term guidance implied something like a 25% or 26% CAGR. And based on that guidance, we're going to be -- the guidance that you gave, we're going to be a little bit below that exiting this year. Are you continuing to stick with that outlook today? And how should we think about your confidence in reaccelerating growth once we get past the end of this year?

好的。這真的很有幫助。然後我很好奇您現在如何看待 10 億美元的收入目標。我知道你們之前的長期指導意味著複合年增長率約為 25% 或 26%。根據該指導，我們將 - 您提供的指導，我們將略低於今年現有的指導。今天您仍然堅持這種觀點嗎？我們該如何看待您對今年年底過後重新加速成長的信心？

Yes. We still very much have this in sight and in focus. The Q1 impact, when you think about in isolation, is relatively small. It's a relatively small number relative to the $1 billion target. And our intention here is really to set up Sprout to accelerate to and through that number. And so we think about that $1 billion target certainly as the next milestone, but not the finish line for us. And so much of the work that Justyn actually just even touched on, from a go-to-market perspective, will impact our time lines and just how fast we can get there.

是的。我們仍然非常關注並關注這一點。當你單獨考慮時，第一季的影響相對較小。相對於 10 億美元的目標來說，這個數字相對較小。我們的目的實際上是讓 Sprout 加速達到並突破這個數字。因此，我們認為 10 億美元的目標肯定是下一個里程碑，但不是我們的終點。從進入市場的角度來看，賈斯汀實際上剛剛觸及的許多工作都將影響我們的時間表以及我們能多快到達那裡。

So I'd say no changes right now. And as we have more data to share on this in future quarters, we'll definitely come back to you and share that.

所以我想說現在沒有任何改變。隨著我們在未來幾季有更多這方面的數據可以分享，我們一定會回來與您分享。

Your next question comes from the line of Rob Oliver with Baird.

你的下一個問題來自 Rob Oliver 和 Baird 的對話。

Yes. Great. Ryan, just -- I think you said in your prepared remarks, you made reference to the quickly changing dynamics in the customer base, just paraphrasing if I didn't get it exactly correctly. And I assume that reference is, in part, the move to enterprise. But I wanted to know if there's anything else being referenced there as well, because clearly, the move upmarket for you guys is one that's been telegraphed from when you kind of -- you got out of the lower end of customers sort of beginning last year and then sort of through the end of the year. So just curious what you meant by those dynamics and there's something in addition to just, hey, our customers are getting bigger that you wanted to call out.

是的。偉大的。瑞安，我想你在準備好的發言中說過，你提到了客戶群中快速變化的動態，如果我沒有完全正確地理解的話，只是解釋一下。我認為參考部分是向企業的轉變。但我想知道那裡是否還有其他內容被提及，因為很明顯，你們向高端市場的轉變是從去年開始你們就擺脫了低端客戶的時候就已經傳達出來的。所以我只是好奇你所說的這些動態是什麼意思，除了「嘿，我們的客戶正在變得越來越大」之外，還有一些你想要喊出來的東西。

Yes. Thanks, Rob. It's really that. We've -- if you think about it, the business is really transformed. It's very different from the business we knew at IPO that was highly transactional in inbound with a lot of small SMB-type business.

是的。謝謝，羅布。確實是這樣。如果你仔細想想，我們的業務確實發生了轉變。這與我們在 IPO 時了解到的業務有很大不同，後者在入境交易中涉及大量小型中小企業類型的業務。

And when we think about today, the opportunity that we have in front of us, the way that our customer dynamics have changed, the way that our capacity and staffing models have changed and the customers that we're in front of, it's a lot more of these larger, sophisticated customers that come with larger opportunities to land and larger opportunities to grow and longer sales cycle. So it was really more a comment on that and the changing dynamics of the business that we've been going through.

當我們想到今天，我們面前的機會，我們的客戶動態變化的方式，我們的能力和人員配置模式變化的方式以及我們面前的客戶，這是很多更多的大型、成熟的客戶帶來了更大的落地機會、更大的成長機會和更長的銷售週期。所以這實際上更多的是對這一點以及我們正在經歷的業務動態變化的評論。

Great. Okay, helpful. And then just one other. And I can't remember if it was you or Joe that referenced the sales force contribution in '23. And I think you were seeking there, I think, to indicate that, hey, we're not dependent on Salesforce. However, I think you guys said it was down year-over-year from '22, which was surprising to me because coming into the end of life of Social Studio, plus with the momentum around the Salesforce customer service, native integration. So I'd be curious -- and I know you've been -- and I've seen you with some of the world tour events for Salesforce. So I'd be curious to hear, is this a deemphasis of the Salesforce partnership? I know you've already been talking about it more in the context of a longer-term opportunity, but just want to help us, if you can frame those comments relative to Salesforce.

偉大的。好的，有幫助。然後只是另一個。我不記得是你還是喬提到了 23 年銷售人員的貢獻。我認為您正在尋求表明，嘿，我們並不依賴 Salesforce。然而，我想你們說它比 22 年同期有所下降，這讓我感到驚訝，因為 Social Studio 即將結束，再加上圍繞 Salesforce 客戶服務、本機整合的勢頭。所以我很好奇——我知道你一直很好奇——而且我在 Salesforce 的一些世界巡迴演唱會中見過你。所以我很想知道，這是否是對 Salesforce 合作關係的淡化？我知道您已經在長期機會的背景下更多地談論它，但如果您能將這些評論與 Salesforce 相關的話，只是想幫助我們。

Yes. This is Justyn. I want to start with just a quick clarification. That wording might've been a little tricky, but it was up significantly year-over-year from '22 to '23. We were saying that it was a smaller contribution in '22. But want to make sure that that's heard. I'll let Ryan comment on the forward momentum, which is still something that we are very excited about, a lot of opportunity in front of us. So I want to make sure that we don't take away the wrong things from those comments.

是的。這是賈斯汀。我想先快速澄清一下。這種措辭可能有點棘手，但從 22 年到 23 年，這一數字比去年同期顯著上升。我們說過，22 年的貢獻較小。但要確保人們聽到了這一點。我會讓 Ryan 評論一下前進的動力，這仍然是我們非常興奮的事情，我們面前有很多機會。所以我想確保我們不會從這些評論中刪除錯誤的內容。

Yes. I would just add, we still feel great about that partnership. You're right. We were at New York World Tour. We will be at Connections, where CMO Scott will be speaking next month. And so we feel really great about the relationship and the opportunity, especially around a lot of the other product lines beyond Social Studio.

是的。我想補充一點，我們仍然對這種夥伴關係感覺很好。你說得對。我們參加了紐約世界巡迴演唱會。我們將在 Connections 上發表講話，首席行銷長 Scott 將於下個月在那裡發表講話。因此，我們對這種關係和機會感到非常高興，尤其是在 Social Studio 之外的許多其他產品線方面。

The commentary is really to make sure that we are properly framing the size and the impact of the business on our overall growth levers and the impact on Sprout. And so that was what the commentary was about.

這些評論實際上是為了確保我們正確地確定業務的規模和對我們整體成長槓桿的影響以及對 Sprout 的影響。這就是評論的內容。

Your next question comes from the line of Rob Morelli with Equity Research (sic) [Needham & Company]..

您的下一個問題來自 Rob Morelli 與 Equity Research（原文如此）[Needham & Company] 的對話。

This is Rob Morelli on for Scott Berg. I'd love to get some color regarding the early results for your customer care solution. Have you seen any incremental upsell activity with this new release? Or is it still too early to tell?

我是羅布·莫雷利 (Rob Morelli)，替補斯科特·伯格 (Scott Berg)。我很想了解有關您的客戶服務解決方案的早期結果的一些資訊。您是否看到此新版本有任何增量追加銷售活動？還是現在說還太早？

Yes. Thanks for the question. We're really excited about what we're seeing in Care. I think there's been a lot of great feedback from customers today. If you think about some of the stuff that we've been building out just in terms of our prioritization of cases and routing of cases and the analytics that come along with agent productivity, we feel really good about the opportunity that we're developing in the marketplace.

是的。謝謝你的提問。我們對在 Care 中看到的一切感到非常興奮。我認為今天客戶提供了很多很好的回饋。如果您考慮我們一直在案件優先順序和案件路由以及與座席生產力相關的分析方面構建的一些東西，我們對我們正在開發的機會感到非常滿意市場。

Our customer feedback has been really strong because we know they are seeing more and more volume showing up in social, and it is critical for them to be in front of these customers every single day. We know that the expectations for consumers on social is much higher than any other channel. And so showing up fast and intelligently is what they expect when they're leveraging a platform like Sprout.

我們的客戶回饋非常強烈，因為我們知道他們看到社群媒體上出現的數量越來越多，對他們來說每天都在這些客戶面前至關重要。我們知道消費者對社交的期望遠高於任何其他管道。因此，當他們利用像 Sprout 這樣的平台時，他們所期望的是快速、聰明地展示。

So we are seeing lots of good opportunity. There's still lots of roadmap that the team has been working on. And I think you'll expect to see, as we go through the year, more and more features and functionality added in there and more and more success stories from us on that note.

所以我們看到了很多好的機會。團隊仍在製定許多路線圖。我想您會期望看到，隨著我們度過這一年，其中添加了越來越多的特性和功能，以及我們在這方面的成功案例。

Got it. And then regarding the go-to-market shifts, you touched on continuing to enable customer-facing teams with Tagger while also noting Tagger ARR meaningfully accelerated. Has this, I guess, outperformance shifted your outlook for Tagger for the remainder of the year? And I guess, what's the overall opportunity here with the remainder of the year?

知道了。然後，關於進入市場的轉變，您談到繼續使用 Tagger 為面向客戶的團隊提供支持，同時也注意到 Tagger ARR 顯著加速。我想，這種優異的表現是否改變了您對 Tagger 今年剩餘時間的展望？我想，今年剩餘時間的整體機會是什麼？

Yes. All that's contemplated in the guide. I'd highlight we feel really good just about the way that the team and the product is performing. There's clearly a ton of value that we're being able to deliver to customers. A big part of the thesis that we had shared with all you before is that this is an area that our customers really cared about, and they were either doing this very manually, trying to figure out how to build a strategy around this or were leveraging things like groups like agencies to execute.

是的。指南中考慮了所有這些。我想強調的是，我們對團隊和產品的表現感覺非常好。顯然，我們能夠為客戶提供大量價值。我們之前與大家分享的論文的一個重要部分是，這是我們的客戶真正關心的一個領域，他們要么非常手動地執行此操作，試圖找出如何圍繞此制定策略，要么正在利用像機構這樣的團體來執行。

And so what we've seen from our customers today is that they really appreciate the ability to be able to do their influencer discovery in our platform, to be able to find the right folks that they should be leveraging for their strategy to be able to run campaigns through spread and then properly report on the ROI from all that, all in one place with one team. And so we've seen a lot of great progress so far, both from a new business perspective as well as going back to our current customer install base and attaching it. So all this has been sort of contemplated within in the guide. But we certainly see good progress, and we'll continue to update you on the things that are progressing here.

因此，我們今天從客戶身上看到的是，他們非常欣賞能夠在我們的平台上發現影響者的能力，能夠找到他們應該利用的合適人選來實施他們的戰略，從而能夠通過傳播開展營銷活動，然後正確報告所有這些的投資回報率，所有這些都在一個團隊的一個地方完成。因此，到目前為止，我們已經看到了許多巨大的進步，無論是從新的業務角度還是回到我們目前的客戶安裝基礎並附加它。因此，所有這些都在指南中得到了考慮。但我們確實看到了良好的進展，我們將繼續向您通報進展。

Your next question comes from the line of Jackson Ader with KeyBanc Capital Markets.

您的下一個問題來自 KeyBanc Capital Markets 的 Jackson Ader。

The first one is, Joe, I think you mentioned that there were still some go-to-market changes that are being -- I guess, still being made or still being kind of flowed through here in the second quarter. Just curious, which ones have already gone into effect? And which ones are still out there?

第一個是，喬，我想你提到，第二季度仍然有一些進入市場的變化——我猜，仍在進行或仍在進行中。只是好奇，哪些已經生效？哪些仍然存在？

Yes. My comment was more about not necessarily the changes are still going on, but the impact of those has been contemplated in our Q2 guide in the back half of the year, Jackson. That's what I was referring to.

是的。我的評論更多的是關於不一定這些變化仍在繼續，但這些變化的影響已經在我們今年下半年的第二季度指南中考慮到了，傑克遜。這就是我指的。

Okay. So all of the go to -- just for clarity, all the changes that you plan to make have already been made?

好的。那麼，為了清楚起見，您計劃進行的所有更改都已經完成了嗎？

I'll defer to Ryan to reiterate what he was talking about earlier.

我將聽取 Ryan 的意見，重申他之前所說的內容。

Yes. I think the commentary is really more along the lines of -- the changes have been made in Q1 and just a flow-through through Q2 as folks ramp into the roles and then also just the focus areas that we're talking about in terms of where we're directing the go-to-market teams. But there's -- and this ties back to something that Justyn said earlier, there's no pivotal shifts that we're making in Q2 that should impact any of the data that we shared.

是的。我認為評論實際上更多的是——第一季度發生的變化，只是隨著人們逐步進入角色而貫穿第二季度，然後也是我們正在談論的重點領域我們在那裡指導市場推廣團隊。但這與賈斯汀之前所說的有關，我們在第二季度做出的關鍵轉變不會影響我們共享的任何數據。

Got you. Okay. And then I'm just curious about the time line. Like when in the first quarter did these changes go into effect? And then how soon after those -- that time, did you start to see the issues in deal closures and pipeline and things like that?

明白你了。好的。然後我只是對時間軸感到好奇。例如這些變化是在第一季什麼時候生效的？然後，在那之後多久——那時，您開始看到交易關閉和管道等方面的問題？

Yes. And I want to call out, there was a few things that we highlighted here that all contributed to just the Q1 performance. We've highlighted some of the things that we believe were self-induced from an execution perspective in terms of introducing some new teams and changing some of the account coverage and taking the team off the floor for enablement. Those are all things that impacted the amount of customer-facing time that we had in Q1. There are other things that we highlighted as well, just in terms of where our focus was in Q4 with execution versus building pipeline for Q1. And just some of this is also just the natural shift in our business that we've highlighted around longer sales cycles and larger deals that are going to fall in the back half. So just highlight that all of those things contributed to the end result.

是的。我想指出，我們在這裡強調的一些事情都對第一季的表現做出了貢獻。我們強調了一些我們認為從執行角度來看是自我引發的事情，包括引入一些新團隊、改變一些客戶覆蓋範圍以及讓團隊離開現場以進行支援。這些都是影響我們第一季面對客戶的時間的因素。我們也強調了其他一些事情，就我們的重點是第四季的執行與第一季的建置管道而言。其中一些也只是我們業務的自然轉變，我們強調了更長的銷售週期和更大的交易將在後半段下降。因此，只需強調所有這些因素都對最終結果做出了貢獻。

And then clearly, the piece that we haven't spent any time on but we're aware of and we've generally not leaned into but we know that it exists is just the macro environment that we're operating in is challenging. And as I think about all of these things -- and you've seen it from us over the last few years, this team has been able to navigate all of those headwinds and execute really well. And if we're operating in a different macro environment, I think these things probably wouldn't have shown up in Q1.

然後很明顯，我們沒有花任何時間但我們意識到並且我們通常沒有深入研究但我們知道它存在的部分只是我們所處的宏觀環境具有挑戰性。當我思考所有這些事情時 - 你已經從我們身上看到了過去幾年的情況，這個團隊已經能夠克服所有這些逆風並且執行得非常好。如果我們在不同的宏觀環境中運營，我認為這些事情可能不會出現在第一季。

So just wanted to make sure that we're properly framing all of those things. And I'd clarify that the self-induced changes or strategy shifts that we had made going into Q1 were really about sales focus and time in front of customers.

所以只是想確保我們正確地構建了所有這些事情。我想澄清的是，我們在第一季所做的自我引發的變化或策略轉變實際上是關於銷售重點和在客戶面前的時間。

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

你的下一個問題來自伊莉莎白波特與摩根士丹利的對話。

You have Ryan Bressner on for Elizabeth here. Just kind of curious if we could touch on Tagger here. Just how is progress to the platform? How ramped is the sales team with this? And just how much work is there still have to do here?

瑞安·布雷斯納 (Ryan Bressner) 為伊麗莎白辯護。只是有點好奇我們是否可以在這裡談談 Tagger。平台進展如何？銷售團隊對此的反應程度如何？這裡還有多少工作要做？

Yes. We've seen a lot of great progress. We've been really excited about the things that the team has been shipping. From a sales team perspective, the maturity of the sales team, we did a lot of enablement in Q1 across our entire customer-facing or to make sure that we're up to speed with all of the elements of influencer in our Tagger platform. So we're seeing really good progress from there, and that's why we called it out as well just in the prepared remarks.

是的。我們已經看到了很多巨大的進步。我們對團隊交付的東西感到非常興奮。從銷售團隊的角度來看，銷售團隊的成熟度，我們在第一季在整個面向客戶的方面做了很多支持，或者確保我們能夠跟上 Tagger 平台中影響者的所有元素。因此，我們從那裡看到了非常好的進展，這就是為什麼我們也在準備好的發言中指出了這一點。

Our customers really see value in this. We believe it is the best solution that is on the market. We've got this really exciting opportunity to educate customers on the value of influencer and how this can nicely fit into the social strategy. And then we're bringing along this incredible technology that allows them to execute. And then when you think about the value of the return on investment, you put it against the rest of the things that we do in core Sprout, it provides customers with really great opportunities to increase their share of voice and their brand and their only generation in revenue.

我們的客戶確實看到了其中的價值。我們相信這是市場上最好的解決方案。我們有這個非常令人興奮的機會來教育客戶了解影響者的價值以及如何將其很好地融入社交策略。然後我們帶來了這種令人難以置信的技術，使他們能夠執行。然後，當您考慮投資回報的價值時，將其與我們在核心Sprout 中所做的其他事情進行比較，它為客戶提供了真正的絕佳機會，以增加他們的話語權、品牌和他們唯一的一代的份額在收入方面。

So lots of good progress. The team's ramping really well, and we expect to continue coming back to you sharing the progress we're making with the team and with customers.

取得了很多良好的進展。團隊的發展非常順利，我們希望繼續與您分享我們與團隊和客戶的進展。

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

您的下一個問題來自 BTIG 的 Matt VanVliet。

You guys talked about quite a bit of changing dynamics in the business: going after a different customer set over the last couple of years, the product is expanding quite a bit. What gives you confidence that the go-to-market team, especially the sales reps you have in place are trained, have the right skills, are the right folks to lead this different market motion and go after a different set of customers, especially as you're making changes and it doesn't seem to be sticking right away.

你們談到了業務中相當多的動態變化：在過去幾年裡，為了追求不同的客戶群，產品正在大幅擴展。是什麼讓您相信市場進入團隊，特別是您現有的銷售代表經過培訓，擁有適當的技能，是領導這種不同的市場運動並追求不同客戶群的合適人選，尤其是你正在做出改變，但它似乎並沒有立即堅持下去。

Yes. Thanks for the question. I mean, I think the first thing that I'd highlight is we've seen a lot of success in this customer base of market. If we look at the $50,000 being up 44%, the ACV being up 41% and the metrics in RPO being up 54% and CRPO being up 48%, there's a lot of good signal in the execution that we've seen. Then you add in a bunch of the logos that we've talked about over 2023. And here, in Q1, we're seeing good execution from this team. A lot of this, when we think about Q1 is also, again, just the shape of the way that our years are going to go in this new model as we shift the business.

是的。謝謝你的提問。我的意思是，我認為我要強調的第一件事是我們在這個市場客戶群中看到了很多成功。如果我們看看 50,000 美元上漲了 44%，ACV 上漲了 41%，RPO 指標上漲了 54%，CRPO 上漲了 48%，我們在執行中看到了很多好的訊號。然後添加我們在 2023 年討論過的一堆徽標。當我們考慮第一季時，其中許多也正是我們在這種新模式下隨著業務轉型而將要經歷的歲月的形狀。

We've also, over time, just continued to add really great talent to the team. When I look at the folks that we have on the squad today, they're really, really excellent. We've taken the great people that have been at Sprout that have continued to own their skill set and prove that they can execute, and we've complemented them with great folks from across the SaaS industry that have joined our team.

隨著時間的推移，我們也不斷為團隊增添真正優秀的人才。當我看到今天我們隊裡的人時，他們真的非常非常優秀。我們聘請了 Sprout 的優秀人才，他們繼續擁有自己的技能並證明他們有執行能力，我們還聘請了來自 SaaS 行業的優秀人才加入我們的團隊。

So I think it's a combination of seeing it in the data today,and then feeling like we've been raising the bar and the talent we're bringing in. And we're confident that you're going to see the fruit beared in future quarters here as we get into the back half.

所以我認為這是今天在數據中看到的結合，然後感覺我們一直在提高標準和我們引進的人才 我們相信你會看到成果當我們進入後半部分時，未來的幾個季度都會在這裡。

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

你的下一個問題來自克拉克·傑弗里斯和派珀·桑德勒的對話。

Ryan, I think we've touched on a lot, but what comes to mind is sort of endogenous, exogenous. And I think the biggest framework that we've always appreciated with the guidance is it seems like the guidance is really set by the ARR that you exit at the prior quarter at. And so when we think about that time spent away from customers aspect, was there anything surprising in terms of retention characteristics? Or was there just that lack of time in front of customers that may have contributed to something that you'd characterize as worse retention metrics?

瑞安，我想我們已經談了很多，但我想到的是內生的和外生的。我認為我們一直欣賞該指導的最大框架是，該指導似乎實際上是由您在上一季退出的 ARR 設定的。因此，當我們考慮遠離客戶的時間時，在保留特性方面有什麼令人驚訝的嗎？或者是否只是缺乏與客戶接觸的時間，這可能導致了您所描述的更糟糕的保留指標？

And then I have sort of one follow-up for Joe.

然後我對喬進行了一項後續行動。

Yes. Thanks for the question. I wouldn't characterize retention metrics within my commentary. In fact, our gross retention performed nicely above plan within the quarter. I think a lot of that is the moving upmarket and the dynamic of these larger customers that are going to have a greater lifetime value and be growing faster with us. I think a lot of that is also the strategic shifts that we had made last year and changing the dynamic of our customer base and the folks that we were proactively targeting and going after.

是的。謝謝你的提問。我不會在評論中描述保留指標。事實上，本季我們的毛保留率表現優於計畫。我認為其中很大一部分原因是高端市場的發展和這些大客戶的活力，這些大客戶將擁有更大的終身價值，並與我們一起更快成長。我認為這很大程度上也是我們去年做出的策略轉變，改變了我們的客戶群以及我們主動瞄準和追求的人群的動態。

And if I think about it, for us, it was really this combination of not enough customer-facing time from an execution perspective within the quarter. I feel good about the work that the team did to create future opportunity. Our pipeline was up 37% within the quarter, but we just didn't get the number of deals we want to get done in the quarter. And for me, that's this combination of we didn't cultivate enough of it in Q4 and then we didn't have enough time executing on deals in Q1. And then the shifting in that business model into the back half add some natural pressures behind it as well.

如果我仔細想想，對我們來說，從執行的角度來看，這實際上是本季度內沒有足夠的面向客戶的時間的結合。我對團隊為創造未來機會所做的工作感到滿意。我們的管道在本季度內增長了 37%，但我們只是沒有達到我們想要在本季度完成的交易數量。對我來說，這就是我們在第四季度沒有培養足夠的這種組合，然後我們在第一季沒有足夠的時間執行交易。然後，該業務模式向後半部的轉變也增加了背後的一些自然壓力。

And then, Joe, just before we put ARR to bed, I was hoping you could maybe frame maybe the exit growth rate of the business in any way you would choose, just as we think about maybe a seasonality of the business that puts less time for ARR booked to be recognized as revenue, just any way to frame maybe gross in net new ARR. Do you expect that to be higher in the second half year-over-year versus the Q1 commentary of being down year-over-year?

然後，喬，就在我們將 ARR 付諸實施之前，我希望您能以您選擇的任何方式製定業務的退出增長率，就像我們考慮業務的季節性可能會減少時間一樣對於將預訂的ARR 確認為收入，可以透過任何方式將總收入納入淨新ARR。您預計下半年這一數字會比去年同期更高，而不是第一季的年減嗎？

Yes. Clarke, I think one of the things that you said definitely makes sense, which is -- and Ryan talked about this, our years are becoming more Q3-, Q4-loaded. And then within the quarters, like even in the third month in the quarter now becoming really heavily weighted. And so if you think about where our ARR is going to be, I think it's definitely going to be higher, for example, than what our implied revenue growth rate is. And so I think from that perspective, you're definitely going to see way more ARR come from the back half of the year. Clarke, I think that's a fair assumption as we move up into the enterprise business.

是的。克拉克，我認為你說的一件事絕對有道理，那就是——瑞安談到了這一點，我們的歲月正變得越來越多第三季、第四季。然後在季度內，甚至在該季度的第三個月，現在權重變得非常重。因此，如果你考慮我們的 ARR 將會是多少，我認為它肯定會高於我們的隱含收入成長率。因此，我認為從這個角度來看，今年下半年你肯定會看到更多的 ARR。克拉克，我認為當我們進入企業業務時，這是一個合理的假設。

Your next question comes from the line of Surinder Thind with Jefferies.

您的下一個問題來自 Surinder Thind 與 Jefferies 的對話。

When I kind of think about all of the changes that were made on the quarter, how should we actually think about the impact on the opportunity pipeline here? Has it effectively been reset at this point? Do we need a couple of quarters to rebuild it? Also given more focus on enterprise, which even has a longer sales cycle, so is there perhaps a larger-than-anticipated air pocket here that we should be thinking about?

當我思考本季所做的所有變化時，我們實際上應該如何考慮對這裡機會管道的影響？此時是否已有效重置？我們需要幾個季度的時間來重建它嗎？另外，考慮到企業更關注企業，甚至銷售週期更長，那麼這裡是否可能存在比預期更大的氣泡，值得我們考慮？

Yes. Thanks for the question. First off, all of those things are being contemplated and factored into the guide. I also want to highlight, we -- my commentary was walking into Q1, we didn't have enough pipeline built to close in Q1 that we needed to cover. And if I think about that combination -- and so much of that was tied to the back end being so much more loaded than years past. And you can see it in the numbers that we delivered in Q3 and Q4. And so a lot of that time was focused in on execution, meaning that we walked in, in Q1 with not as much as we would want to be ready to close in Q1. And then you add in some of the changes that we implemented there with -- meaning that we just didn't have enough time, customer-facing time to go execute.

是的。謝謝你的提問。首先，所有這些事情都在考慮中並納入指南中。我還想強調，我們——我的評論是在進入第一季時，我們沒有建立足夠的管道來在第一季關閉我們需要涵蓋的內容。如果我考慮一下這種組合——其中很大一部分與後端的負載比過去幾年要多得多有關。您可以從我們在第三季和第四季交付的數字中看到這一點。因此，大部分時間都集中在執行上，這意味著我們在第一季進入時，並沒有像我們希望的那樣準備好在第一季關閉。然後添加我們在那裡實施的一些更改——這意味著我們沒有足夠的時間、面向客戶的時間來執行。

I feel really good about the pipeline that we've created. We're up 37% within Q1. We also have a bunch of pipeline that we walked into the year with that wasn't ready to close in Q1, that is very much alive and active for this year. We've also been in more longer-type sales cycles, RFPs, for example, from larger companies that are going to be back-end loaded. So we feel really good about the opportunity in front of us. You take all that and you add in that our ramps -- our reps are continuing to ramp and the maturity of the team continues to get better, and we feel really good about the opportunity that we have in front of us.

我對我們創建的管道感覺非常好。第一季我們成長了 37%。我們還有很多管道進入今年，尚未準備好在第一季關閉，但今年它們非常活躍且活躍。我們也處於更長類型的銷售週期，例如，來自將被後端加載的大公司的 RFP。因此，我們對擺在我們面前的機會感到非常滿意。你把這一切都考慮在內，再加上我們的進步——我們的代表正在繼續進步，團隊的成熟度也在不斷提高，我們對擺在我們面前的機會感到非常滿意。

Got it. And then -- and kind of just shifting back to the decision to no longer report ARR. Is there perhaps a structural change in the business maybe that you're feeling that there's more churn in the business that makes it less predictable over a 12-month period, more -- perhaps you're going down the path of more transactional types of revenues? How should -- I like -- I'm a little puzzled by the decision there because, by definition, right, it's the revenue over the next 12 months. But you -- that's on the books, right?

知道了。然後——又回到了不再報告 ARR 的決定。業務是否可能發生結構性變化，也許您覺得業務中出現更多的流失，使其在 12 個月內變得更難以預測，也許您正在走上更多交易類型的道路收入？應該如何——我喜歡——我對那裡的決定有點困惑，因為根據定義，正確的是，這是未來 12 個月的收入。但你——這是在書上的，對吧？

Yes. This is Justyn. I'll jump in at what I think the spirit of the question is here. We actually see it the other way. I think that if you look at how pronounced the move over the last couple of years has been towards the back of period, whether it be a quarter, a month or the full year, it has created a lot of noise in the ARR numbers, in the ARR comparison. We have a business that is shifting toward the end of the year. The weigh and -- this is different than where our company was when we came out where it was highly predictable. It was smooth across months. It was smooth across quarters. It was smooth across the year.

是的。這是賈斯汀。我將直接談談我認為問題的實質所在。我們實際上從另一個角度看待它。我認為，如果你看看過去幾年的變化有多明顯，無論是一個季度、一個月還是全年，它都會在 ARR 數字中產生很多噪音，在ARR比較中。我們的業務將在年底發生轉變。權衡之後——這與我們公司當時的情況不同，當時我們的情況是高度可預測的。幾個月來都很順利。各季度的情況都很順利。全年都很順利。

And so as we go through this transition as a publicly traded company sharing metrics like this, we're going through this in real time using a metric that is challenging at scale in an enterprise at a business. And it's not, we think, the best indicator for the health of the business. It is going to be -- it is going to have big differences between the first half of the year and the second half of the year. And it's -- we don't think the best way nor the most productive way for us to be measuring the business or for us to be thinking about our internal decisions that we're making, executing on our long-term strategy to build the best value for this company.

因此，當我們作為一家共享此類指標的上市公司經歷這一轉變時，我們正在使用一個在企業規模上具有挑戰性的指標來即時經歷這個過程。我們認為，這並不是衡量業務健康狀況的最佳指標。今年上半年和下半年將會有很大的差異。我們不認為衡量業務的最佳方式也不是最有效的方式，也不是我們思考我們正在製定的內部決策、執行我們的長期策略以建立這家公司的最佳價值。

The only other thing I'll add there is that -- and we commented on this in our prepared remarks is that retention outperformed plan for Q1, and we anticipate that we're going to continue to have strength there. And also just highlight the RPO and CRPO, I think, are really great indicators of the health of the business and where the business is going.

我要補充的唯一一件事是——我們在準備好的評論中對此發表了評論，第一季的保留率超過了計劃，我們預計我們將繼續在這方面保持優勢。我還強調了 RPO 和 CRPO，它們確實是衡量業務健康狀況和業務發展方向的重要指標。

Your next question comes from the line of Brian Schwartz with Oppenheimer.

你的下一個問題來自布萊恩·施瓦茨和奧本海默的對話。

Ryan, lots of transparency on what's going on with the business, and you talked a little bit about the macro. Can I just touch upon that? Do you feel that the macro had changed at all, had deteriorated at all since you last reported Q1? Because it's been pretty tough for a while now and just wondering if you feel like it was the same or had deteriorated somewhat in the first quarter.

瑞安，業務進展非常透明，你也談到了一些宏觀的問題。可以簡單談一下嗎？自上次報告第一季以來，您是否認為宏觀經濟發生了根本變化，甚至出現了惡化？因為現在已經有一段時間相當艱難了，只是想知道你是否覺得第一季的情況是一樣的還是有所惡化。

And sorry, just to clarify, compared to what time frame?

抱歉，我想澄清一下，與什麼時間框架相比？

The last time you updated us, so your -- last time you updated us in February.

您上次更新我們的時間是在二月。

Yes. Yes. I mean, I think the first thing that I'll highlight, and I want to say it again, for those that have been following the story and alongside of us, I don't think we've really ever leaned into the macro. We certainly acknowledge that this is a more challenging environment to execute within. But we've always just really been focused in on controlling the things that we can control and making sure that we're highly accountable to our own execution.

是的。是的。我的意思是，我認為我要強調的第一件事，我想再說一遍，對於那些一直關注這個故事並與我們並肩作戰的人來說，我認為我們從未真正關注過宏觀經濟。我們當然承認，這是一個更具挑戰性的執行環境。但我們一直專注於控制我們可以控制的事情，並確保我們對自己的執行高度負責。

But like all of you, we listen to the calls from our peers. And we network within the industry, and we see the things that we see within our own business as well. And so I would highlight that the things that we have seen within the business is you're seeing more scrutiny on budgets, you're seeing more decision-makers involved in making decisions. I think in some cases, it's probably elongating some of the sales cycles.

但和你們所有人一樣，我們傾聽同行的呼聲。我們在業界建立了網絡，我們也看到了我們在自己的業務中看到的東西。因此，我想強調的是，我們在企業中看到的事情是，你會看到對預算的更多審查，你會看到更多的決策者參與決策。我認為在某些情況下，它可能會延長一些銷售週期。

Those are all things that are happening. And for us, the way we think about it is how do we make sure that we absolutely show up at our best for our customers, how do we make sure that we are really clear on the value that we can deliver for them, how do we make sure that we're differentiating against the competition in every conversation and making sure that our customers see just how Sprout can help them with their share of voice, with their pipeline, with their NPS, with their customers.

這些都是正在發生的事情。對我們來說，我們思考的方式是我們如何確保我們絕對為客戶展現出最好的狀態，我們如何確保我們真正清楚我們可以為他們提供的價值，如何確保我們在每次對話中都能在競爭中脫穎而出，並確保我們的客戶看到Sprout 如何幫助他們分享話語權、管道、NPS 和客戶。

So I would say, I think for most folks, it exists in the environment today. We're really just focusing on controlling what we can control and delivering on our goals.

所以我想說，我認為對大多數人來說，它存在於當今的環境中。我們實際上只是專注於控制我們可以控制的事情並實現我們的目標。

And then my follow-up question for Joe. Thank you very much for the color on the seasonality that we should expect for CRPO and RPO. But what can you share for us in terms of your growth expectations for CRPO this year?

然後是我要問喬的後續問題。非常感謝您對 CRPO 和 RPO 所預期的季節性的顏色。那麼您對 CRPO 今年的成長預期有什麼可以分享給我們的嗎？

Yes. So we still see Q1 as kind of like the low watermark in the way that you should look at those metrics. And you could expect those to be steady and continue to increase throughout the year with Q4 being the high watermark part of the year, just given the way the curve of our business, so low watermark in Q1 and then high watermark in Q4.

是的。因此，我們仍然認為第一季有點像低水位線，您應該查看這些指標。您可以預期這些將保持穩定，並在全年中繼續增長，第四季度是一年中的高水位線，就我們業務的曲線而言，第一季的水位線較低，第四季度的水位線較高。

That concludes our Q&A session. I will now turn the conference back over to Justyn Howard for closing remarks.

我們的問答環節到此結束。現在我將把會議轉回賈斯汀·霍華德致閉幕詞。

All right. Thank you. I know everyone's got a busy schedule tonight. I'll keep this quick.

好的。謝謝。我知道今晚大家都很忙。我會盡快保持這一點。

But really appreciate the opportunity to talk to you about what's going on in the business, some of the things that we're excited about. I think that kind of contrary to the backdrop of Q1, the excitement that Ryan and I have, we've been jamming in a way that feels that energy and opportunity in front of us feels something it came to 4 or 5 years ago. The plans that we have, the strategy changes that we've got in motion, the foundation that we've built on top of making the adjustments that we need to make in expectations with all of you to be able to outdeliver is something that has us incredibly energized. You'll see that play out from us across the year.

但我真的很高興有機會與您談論業務中正在發生的事情，以及一些我們感到興奮的事情。我認為這與第一季的背景相反，瑞安和我的興奮，我們一直在以一種感覺我們面前的能量和機會的方式感覺四五年前的東西。我們所製定的計劃、我們正在進行的策略變更、我們在做出調整的基礎上建立的基礎，我們需要根據你們所有人的期望進行調整，以便能夠超額交付。您將在這一年中看到我們的表現。

I appreciate the chance to check a bit more with some of your folks later on and over the next several weeks. So appreciate your time and look forward to catching up with you all soon.

我很高興有機會在接下來的幾週內與你們的一些人進行更多的核實。感謝您抽出寶貴的時間，並期待盡快與大家見面。

Ladies and gentlemen, that concludes today's call. Thank you all for joining. You may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝大家的加入。您現在可以斷開連線。