Sprout Social Inc (SPT) 2024 Q4 法說會逐字稿

Thank you for standing by. My name is Christina, and I will be your conference operator today. At this time, I would like to welcome everyone to the Sprout Social Q4 2024 earnings conference call. (Operator Instructions)

感謝您的支持。我叫克里斯蒂娜，今天我將擔任您的會議主持人。現在，我歡迎大家參加 Sprout Social 2024 年第四季財報電話會議。（操作員指令）

I would now like to turn the floor over to Alex Kurtz, VP, IR and Corporate Development. Alex, the floor is now yours.

現在我想把發言權交給投資人關係和企業發展副總裁 Alex Kurtz。亞歷克斯，現在輪到你發言了。

Thank you, operator, and welcome to Sprout Social's fourth-quarter 2024 earnings call. We will be discussing the results announced in our press release issued after market close today, and have also released our updated investor presentation, which can be found on our website. With me are Sprout Social's CEO, Ryan Barretto; and CFO, Joe Del Preto.

謝謝接線生，歡迎參加 Sprout Social 2024 年第四季財報電話會議。我們將在今天收盤後發布的新聞稿中討論宣布的結果，並且還發布了我們更新的投資者介紹，可以在我們的網站上找到。和我一起的是 Sprout Social 的執行長 Ryan Barretto；和財務長 Joe Del Preto。

Today's call will contain certain 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.

今天的電話會議將包含某些前瞻性陳述，這些陳述是根據 1995 年私人證券訴訟改革法案的安全港規定做出的。除歷史事實陳述外，所有陳述均為前瞻性陳述。

These include, among others, statements concerning our expected future financial performance, including our Q1 and 2025 outlook, 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.

其中包括有關我們預期未來財務表現的陳述，包括我們的第一季和 2025 年展望以及業務計劃和目標，可以用預期、預計、打算、計劃、相信、尋求、機會或將等詞語來識別。這些聲明僅反映我們截至今天的觀點，不應被視為代表我們在任何後續日期的觀點。並且我們不承擔更新這些聲明的任何義務。

Forward-looking statements address matters that are subject to risks and uncertainties that could cause actual results to differ materially. For 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, 2024, to be filed with the SEC, as well as our most recently filed 10-K and 10-Qs.

前瞻性陳述涉及受風險和不確定因素影響的事項，這些風險和不確定因素可能會導致實際結果大不相同。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，請參閱我們將向美國證券交易委員會提交的截至 2024 年 12 月 31 日的財政年度的 10-K 表年度報告，以及我們最近提交的 10-K 和 10-Q 表。

During the call, we will 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 the reconciliations to most directly comparable GAAP financial measures, are included in our fourth quarter earnings release, which will be furnished to the SEC and is available on our website at investors.sproutsocial.com.

在電話會議中，我們將討論非公認會計準則財務指標，這些指標並非依照公認會計原則編製。這些非 GAAP 財務指標的定義以及與最直接可比較的 GAAP 財務指標的對帳都包含在我們的第四季度收益報告中，該報告將提供給美國證券交易委員會 (SEC)，並可在我們的網站 investor.sproutsocial.com 上查閱。

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

說完這些，讓我把電話轉給瑞安 (Ryan)。瑞安？

Thank you, Alex, and welcome to our fourth quarter earnings call for fiscal 2024. We reported fourth quarter results with revenue of $107.1 million, representing year-over-year growth of 14%. Our current remaining performance obligations, which reached $249.4 million, represented 26% year-over-year growth.

謝謝你，亞歷克斯，歡迎參加我們 2024 財年第四季財報電話會議。我們公佈的第四季業績顯示，營收為 1.071 億美元，年增 14%。我們目前剩餘的履約義務達到 2.494 億美元，年增 26%。

I want to thank the Sprout team for their focused execution to close out 2024. Their hard work in the quarter has allowed us to build a stronger foundation for future growth in 2025 and beyond.

我要感謝 Sprout 團隊在 2024 年結束時的專注執行。他們在本季的辛勤工作為我們2025年及以後的未來成長奠定了更堅實的基礎。

We saw steady improvements in gross retention, continued ACV growth, and momentum in our enterprise segment. The Q4 demand environment remained consistent with Q3, marked by budget scrutiny, cautious investments, and prolonged sales cycles. Given these trends, we're taking a measured approach to FY2025, expecting demand to track with FY2024.

我們看到總留存率穩步提升、ACV 持續成長以及企業部門的發展勢頭強勁。第四季的需求環境與第三季保持一致，特點是預算審查、謹慎的投資和延長的銷售週期。有鑑於這些趨勢，我們對 2025 財年採取了審慎的態度，預計需求將與 2024 財年保持一致。

In Q4, our go-to-market teams delivered strong results in our $50,000 ARR customer net adds and in our cRPO growth, both clear indicators of our success in securing annual and multiyear enterprise agreements. We also saw steady pipeline trends with healthy year-over-year growth across both inbound and outbound channels, particularly in our enterprise business.

在第四季度，我們的行銷團隊在 50,000 美元的 ARR 客戶淨增額和 cRPO 成長方面取得了強勁的業績，這兩項指標都清楚地表明我們成功獲得了年度和多年期企業協議。我們也看到通路趨勢穩定，入站和出站通路均實現了健康的年成長，尤其是在企業業務方面。

Further underscoring this momentum, revenue from the $50,000 segment grew over 35% in FY2024 and continues to represent a larger share of our overall revenue base. These results highlight the ongoing success of our upmarket strategy. We believe the competitive landscape is increasingly favorable for Sprout, creating a unique opportunity to solidify our market position with enterprise-level care, AI functionality, and influencer marketing capabilities.

進一步強調這一勢頭的是，50,000 美元部分的收入在 2024 財年增長了 35% 以上，並繼續占我們整體收入基礎的更大份額。這些結果凸顯了我們的高端策略的持續成功。我們相信，競爭格局對 Sprout 越來越有利，這創造了一個獨特的機會，讓我們能夠透過企業級護理、人工智慧功能和影響力行銷能力鞏固我們的市場地位。

This momentum was evident in Q4 as we closed the largest new business ACV win in Sprout's history with a Fortune 500 financial services company. We also won a strategic opportunity with Under Armour, and I'm excited to share a quote from this amazing brand.

這一勢頭在第四季度得到了明顯體現，我們與一家財富 500 強金融服務公司達成了 Sprout 歷史上最大的新業務 ACV 協議。我們也贏得了與 Under Armour 的策略合作機會，我很高興能分享這個令人驚嘆的品牌的一句話。

We chose Sprout for its innovative features, intuitive interface, and the ability to seamlessly manage publishing, listening, and social engagement all in one platform. With the goal of reaching Gen Z audiences and tapping into deeper insights about this key demographic, Sprout has empowered us to respond quickly and effectively.

我們選擇 Sprout 是因為它的創新功能、直覺的介面以及在一個平台上無縫管理發布、聆聽和社交參與的能力。為了接觸 Z 世代受眾並深入了解這一關鍵人群，Sprout 讓我們能夠快速有效地做出反應。

The integration with Salesforce Service Cloud has also streamlined our customer service process, allowing us to manage inquiries directly from one place. Early successes like the Notre Dame Championship and the NBA All-Star Weekend have shown the true value of Sprout in driving our social media strategy forward. Partnering with these industry leaders, along with other significant enterprise wins this quarter, underscores the value we bring to some of the world's most sophisticated brands.

與 Salesforce Service Cloud 的整合也簡化了我們的客戶服務流程，使我們能夠直接從一個地方管理查詢。早期的成功，如聖母大學錦標賽和 NBA 全明星週末，已經證明了 Sprout 在推動我們的社群媒體策略發展方面的真正價值。與這些行業領袖的合作以及本季度其他重大的企業勝利凸顯了我們為世界上一些最成熟的品牌帶來的價值。

With that as the backdrop, I want to outline why we believe Sprout is uniquely positioned to not just win, but help shape the future of social media management, a market that has become indispensable for brands seeking authentic customer connections and deep business impact. I'll then touch on a few updates on our four key growth drivers before handing the call over to Joe.

在此背景下，我想概述為什麼我們相信 Sprout 具有獨特的優勢，不僅可以贏得勝利，而且可以幫助塑造社交媒體管理的未來，對於尋求真實的客戶聯繫和深遠的商業影響的品牌來說，這個市場已經變得不可或缺。在將電話交給喬之前，我將談談我們四個關鍵成長動力的一些最新情況。

In today's rapidly evolving digital landscape, brands can no longer afford to tackle the complexities of social media without a powerful integrated platform. The question isn't whether they need one, the question is when they will hit the tipping point and which platform will drive their success.

在當今快速發展的數位環境中，如果沒有強大的整合平台，品牌就無法應對社群媒體的複雜性。問題不在於他們是否需要，而是他們何時會達到臨界點以及哪個平台將推動他們的成功。

With a relentless focus on customer impact, a growing partner ecosystem, real-time data insights, and strategic AI integration, we believe we are the mission-critical solution for enterprises looking to lead in social.

透過不懈地關注客戶影響、不斷發展的合作夥伴生態系統、即時數據洞察和策略性人工智慧集成，我們相信我們是尋求在社交領域取得領先地位的企業的關鍵任務解決方案。

Our customers see us as a trusted partner, helping them engage their audiences, drive action, and deliver measurable results. Our customers manage dozens to hundreds of social accounts while integrating insights from CRM, helpdesks, marketing, and collaboration platforms. Rather than juggling multiple tools and networks, they're able to rely on Sprout as their central hub to help orchestrate and optimize their entire social strategy.

我們的客戶視我們為值得信賴的合作夥伴，幫助他們吸引受眾、推動行動並實現可衡量的成果。我們的客戶管理數十到數百個社交帳戶，同時整合 CRM、幫助台、行銷和協作平台的見解。他們不需要同時使用多種工具和網絡，而是可以依靠 Sprout 作為中心樞紐來幫助協調和優化他們的整個社交策略。

This unified approach is a key differentiator in a market crowded with fragmented tools, and it continues to drive our momentum in the enterprise space. Our partner ecosystem also continues to evolve with deepening integrations like Salesforce and expanding relationships with both established and emerging social networks.

在充斥著分散工具的市場中，這種統一的方法是關鍵的差異化因素，它將繼續推動我們在企業領域的發展動能。我們的合作生態系統也不斷發展，不斷深化與 Salesforce 等公司的整合，擴大與成熟和新興社交網路的關係。

This strategic expansion further strengthens our ability to provide a single unified platform. This year we are focused on expanding our footprint of technical and go-to-market integrations with other platforms, but also deepening our international partner reach as well. Our massive data vault isn't just big, we believe it differentiates Sprout from other solutions available in the marketplace.

此次策略擴張進一步增強了我們提供單一統一平台的能力。今年，我們專注於擴大與其他平台的技術和市場整合範圍，同時也深化我們的國際合作夥伴範圍。我們的海量資料庫不僅規模龐大，我們相信，它還使 Sprout 從市場上的其他解決方案中脫穎而出。

Processing more than 1 billion messages per day for almost 30,000 customers, we believe we are uniquely positioned with a deep and proprietary understanding of the content and workflows that drive optimal performance for our customers across all social networks. This dataset fuels our development of cutting-edge solutions and actionable intelligence for our customers.

我們每天為近 30,000 名客戶處理超過 10 億條訊息，我們相信，憑藉對內容和工作流程的深入和專有理解，我們處於獨特的地位，這些理解可以為所有社交網路上的客戶提供最佳性能。該資料集推動了我們為客戶開發尖端解決方案和可操作的情報。

Expect to hear more from us this year about our expanding data strategy. AI is woven throughout the Sprout platform. From automating the everyday to generating content and surfacing predictable insights, Sprout's AI is designed to unlock customer efficiency. Customers are able to elevate their strategic vision and creative execution, all without leaving the platform. Ultimately, Sprout's products win because they anticipate and address our customers' evolving needs.

期待今年我們能就不斷擴展的數據策略聽到更多消息。AI 貫穿整個 Sprout 平台。從日常自動化到產生內容和提出可預測的見解，Sprout 的 AI 旨在提高客戶效率。客戶無需離開平台即可提升他們的策略眼光和創意執行力。最終，Sprout 的產品之所以成功，是因為它們預測並滿足了客戶不斷變化的需求。

We're not just helping customers solve today's challenges, we're helping them build the foundation for future success. Last quarter, I outlined four key growth drivers for Sprout: number one, win the enterprise; number two, drive customer health and adoption; number three, expand our partnership and ecosystem; and number four, drive improved account penetration.

我們不僅幫助客戶解決當今的挑戰，也幫助他們為未來的成功奠定基礎。上個季度，我概述了 Sprout 的四個關鍵成長動力：第一，贏得企業；第二，推動客戶健康和採用；第三，擴大我們的合作夥伴關係和生態系統；第四，提高帳戶滲透率。

So today, I want to take a few minutes to provide some quick updates on each of these key focus areas. To win the enterprise, we intend to expand the pipeline, close more $50,000 deals, and accelerate adoption with a product roadmap built for enterprise needs. Let's start with key product releases in the quarter.

所以今天，我想花幾分鐘時間就每個重點關注領域提供一些快速更新的資訊。為了贏得企業，我們打算擴大管道，達成更多 5 萬美元的交易，並透過針對企業需求建立的產品路線圖來加速採用。讓我們從本季的主要產品發布開始。

For AI, we have seen strong growth in usage of our AI Assist features over the last year and a 300% year-over-year increase in AI-generated content, highlighting the accelerating adoption of our AI capabilities. We also just released Analyze Chart by AI Assist. AI Assist can now help our customers quickly understand the key insights from their social charts with an automated summary of critical metrics.

對於人工智慧，我們看到過去一年來人工智慧輔助功能的使用量強勁成長，人工智慧生成內容較去年同期成長 300%，凸顯了我們人工智慧功能的加速採用。我們也剛發布了 AI Assist 的分析圖表。AI Assist 現在可以透過關鍵指標的自動摘要幫助我們的客戶快速了解社交圖表中的關鍵見解。

This marks our 11th enhancement to our AI Assist capabilities that also includes features like summarizing conversations, enhancing posts, generating posts, and recommending listening queries. For listening, we're expanding social intelligence with deeper, real-time insights from high-impact platforms.

這是我們對 AI Assist 功能的第 11 次增強，其中還包括總結對話、增強貼文、產生貼文和推薦聽力查詢等功能。在傾聽方面，我們正在利用高影響力平台的更深入、即時的洞察來擴展社交智慧。

Our full launch of Sprout's direct connection to Reddit gives brands access to richer conversations, including comments, engagements, and potential impressions, unlocking a valuable source of unfiltered consumer sentiment.

我們全面推出 Sprout 與 Reddit 的直接連接，讓品牌能夠獲得更豐富的對話，包括評論、互動和潛在印象，從而釋放出未經過濾的消費者情緒的寶貴來源。

This builds on our expanded partnership with Reddit announced in February 2024, and we see significant opportunities for growth and innovation in 2025. For care, our latest innovations are built for brands managing high-volume engagement at scale.

這是在我們於 2024 年 2 月宣布的與 Reddit 擴大合作夥伴關係的基礎上建立的，我們看到了 2025 年巨大的成長和創新機會。對於護理而言，我們最新的創新是為管理大規模大量參與的品牌而打造的。

Enhanced automation and governance tools enable agents to move faster with precision, while advanced sentiment analysis across social networks surfaces real-time customer insights. By improving speed, oversight, and intelligence, we're helping brands deliver exceptional service at scale.

增強的自動化和治理工具使代理商能夠更快、更精確地行動，而跨社交網路的高階情緒分析則可以提供即時的客戶洞察。透過提高速度、監督和智能，我們正在幫助品牌大規模提供卓越的服務。

We're strengthening enterprise scalability, security, and compliance to help organizations manage complexity with confidence. Large distributed teams need consistency and control.

我們正在加強企業的可擴展性、安全性和合規性，以幫助組織自信地管理複雜性。大型分散式團隊需要一致性和控制力。

Our new content management tools help enterprises create and distribute approved messaging at scale, aiming to establish brand alignment while reducing risk. Managing access across complex organizations is also critical, which is why our new admin controls simplify role-based permissions, reducing administrative burden, while strengthening security.

我們的新內容管理工具可協助企業大規模建立和分發已批准的訊息，旨在建立品牌一致性並降低風險。管理跨複雜組織的存取也至關重要，這就是為什麼我們的新管理控制簡化了基於角色的權限，減輕了管理負擔，同時加強了安全性。

And as data protection remains a top priority, our beta release of sensitive data masking allows brands to automatically redact personal identifiable information and other sensitive information, assisting with regulatory compliance and protecting customer trust.

由於資料保護仍然是重中之重，我們發布的敏感資料屏蔽測試版允許品牌自動編輯個人識別資訊和其他敏感訊息，協助遵守法規並保護客戶信任。

As AI is tackling more tasks like basic social content creation, authentic human-generated content is more important now than ever. We're seeing a generational shift in how people find and buy products, and as a result, we believe effective influencer marketing has become mission critical. In December, we sunset the Tagger brand, paving the way for the official launch of Sprout Social Influencer Marketing.

隨著人工智慧正在處理越來越多的任務（例如基本的社交內容創作），真實的人類生成內容現在比以往任何時候都更加重要。我們看到人們尋找和購買產品的方式正在發生世代轉變，因此，我們相信有效的影響力行銷已成為關鍵任務。12 月，我們終止了 Tagger 品牌，為 Sprout Social Influencer Marketing 的正式推出鋪平了道路。

In April, we'll launch an overhauled product, making it easier than ever for brands to connect with the right influencers to reach their customers. We've designed AI enhancements that leverage natural language search to help find, recommend, and vet creators that are brand safe and aligned to customer objectives.

四月份，我們將推出一款全新產品，讓品牌比以往更輕鬆地與合適的影響者建立聯繫，從而接觸到他們的客戶。我們設計了人工智慧增強功能，利用自然語言搜尋來幫助尋找、推薦和審查對品牌安全且符合客戶目標的創作者。

In 2025, we're excited to build on this momentum with major product updates planned under the Sprout Social Influencer Marketing brand, further demonstrating our commitment to this important market. I also want to spend a few minutes discussing some additional strategic enterprise wins in the quarter that are also outlined in our earnings presentation.

2025 年，我們很高興能夠藉此勢頭，在 Sprout Social Influencer Marketing 品牌下進行重大產品更新，進一步表明我們對這一重要市場的承諾。我還想花幾分鐘討論一下本季的一些其他策略性企業勝利，這些勝利也在我們的收益報告中概述。

We closed the largest new business win in Sprout's history with a Fortune 500 financial services company in a highly competitive deal. They needed a platform to unify social operations across their entire organization, breaking down silos, streamlining workflows, and transforming complex data into real-time, actionable insights. Sprout won because of our intuitive experience, advanced reporting, and strategic partnership approach.

我們透過一場激烈的競爭與財富 500 強金融服務公司達成了 Sprout 歷史上最大的新業務協議。他們需要一個平台來統一整個組織的社交運營，打破孤島，簡化工作流程，並將複雜的數據轉化為即時的、可操作的見解。Sprout 憑藉其直觀的經驗、先進的報告和戰略合作夥伴方式贏得了勝利。

With premium analytics and listening, this customer can now drive data-informed decisions and execute seamlessly across their large distributed teams, reinforcing Sprout as the platform of choice for enterprises managing social at scale.

憑藉優質的分析和監聽功能，該客戶現在可以推動基於數據的決策，並在其龐大的分散式團隊中無縫執行，從而鞏固了 Sprout 作為企業大規模管理社交的首選平台的地位。

Our second story highlights a major expansion with a Fortune 500 pharmaceutical company that started with just five users in their global corporate marketing team. Due to this team's early success with Sprout, adoption quickly grew, and marketing leaders took notice.

我們的第二個故事講述的是財富 500 強制藥公司的重大擴張，該公司最初只有 5 名全球企業行銷團隊用戶。由於該團隊早期在 Sprout 上取得的成功，其採用率迅速增長，並引起了行銷領導的注意。

The company had long struggled with low adoption of their previous social media management platform, with over 100 users still posting natively, creating inefficiencies and security risks. When they implemented a new policy requiring all social posts to be managed through a centralized platform, they needed a solution that could scale fast and drive adoption.

該公司長期以來一直苦苦掙扎於其先前的社交媒體管理平台採用率低的問題，超過 100 名用戶仍在本地發布帖子，從而造成了效率低下和安全風險。當他們實施一項新政策，要求所有社交貼文透過一個集中平台進行管理時，他們需要一個能夠快速擴展並推動採用的解決方案。

Sprout's intuitive experience, secure access controls, and streamlined workflows made it the clear choice for this customer. Now fully deployed across their organization, Sprout is not only aiding with compliance and efficiency, but also helping to provide deeper insights into their brand's performance, reinforcing our role as the platform enterprises rely on to scale social effectively.

Sprout 的直覺體驗、安全的存取控制和簡化的工作流程使其成為該客戶的明確選擇。Sprout 目前已在整個組織內全面部署，不僅有助於提高合規性和效率，而且還有助於更深入地洞察其品牌的表現，強化我們作為企業依賴的平台的作用，以有效擴大社交規模。

Our third story highlights a major transformation for a Fortune 500 retailer that faced challenges with standardization, inefficient workflows, data inaccuracies, and inadequate support from their previous tool.

我們的第三個故事重點介紹了財富 500 強零售商的重大轉型，該零售商面臨著標準化、工作流程低效、數據不準確以及以前的工具支援不足等挑戰。

Managing social, email, phone, and reviews across multiple systems created unnecessary complexity and slowed their teams down. By switching to Sprout and leveraging our service cloud integration, they consolidated their customer interaction into a single platform, eliminating silos and improving operational efficiency.

跨多個系統管理社交、電子郵件、電話和評論造成了不必要的複雜性並減慢了團隊的速度。透過轉換到 Sprout 並利用我們的服務雲端集成，他們將客戶互動整合到單一平台，消除了孤島並提高了營運效率。

This led to faster resolution times, fewer errors, and reduced manual reporting, driving both agent productivity and customer satisfaction. With a more connected and scalable approach, they now have the insights and agility needed to deliver more seamless customer experiences at scale.

這可以縮短解決時間、減少錯誤並減少手動報告，從而提高代理商的工作效率和客戶滿意度。透過更具互聯性和可擴展性的方法，他們現在擁有了大規模提供更無縫的客戶體驗所需的洞察力和敏捷性。

Our second growth driver is a sharper focus on customer health, onboarding, and adoption to maximize long-term value. In 2025, we are deepening our investment in customer behavioral insights in our 16,000-plus user community and with targeted professional services, all designed to drive success and expansion across the platform. To accelerate adoption and in an effort to maximize ROI, we're also launching new customer education journeys that empower users to unlock Sprout's full potential from day one.

我們的第二個成長動力是更專注於客戶健康、入職和採用，以最大化長期價值。2025 年，我們將增加對 16,000 多個用戶社群的客戶行為洞察的投資，並提供有針對性的專業服務，所有這些都是為了推動整個平台的成功和擴張。為了加速採用並最大化投資回報率，我們還推出了新的客戶教育之旅，使用戶能夠從第一天開始釋放 Sprout 的全部潛力。

Moving on to our third driver, we'll continue to invest in our partnerships with strong global partners that bring Sprout into strategic accounts and expand our reach into some of the largest digital marketing budgets.

接下來是我們的第三個驅動力，我們將繼續投資與強大的全球合作夥伴的合作，將 Sprout 帶入策略客戶，並將我們的影響力擴展到一些最大的數位行銷預算。

We're excited to roll out our new integration with Salesforce's Agentforce Assistant for Service Cloud, reinforcing both our AI leadership and deep partnership with Salesforce. Sprout is the first and only social media solution integrated with Agentforce, enabling businesses to seamlessly connect social data with Service Cloud for complete customer view and faster case resolution.

我們很高興推出與 Salesforce 的 Agentforce Assistant for Service Cloud 的新集成，加強我們的 AI 領導地位和與 Salesforce 的深度合作夥伴關係。Sprout 是第一個也是唯一一個與 Agentforce 整合的社群媒體解決方案，讓企業能夠無縫連接社群資料與 Service Cloud，以獲得完整的客戶視圖並更快地解決案例。

This latest expansion not only strengthens our AI advanced capabilities, but also underscores our commitment to driving smarter, more efficient customer engagement at scale. We're excited to announce that Sprout Social Influencer Marketing now integrates with the Meta Partnership Ads API, making it easier for brands to boost influencer content directly from campaign workflows.

這次最新的擴展不僅增強了我們的人工智慧先進能力，也凸顯了我們致力於大規模推動更智慧、更有效率的客戶參與的承諾。我們很高興地宣布，Sprout Social Influencer Marketing 現已與 Meta Partnership Ads API 集成，使品牌可以更輕鬆地直接從活動工作流程中提升影響力內容。

This allows businesses to amplify creator-driven content through their own ad accounts, leveraging authentic endorsements to reach new audiences more effectively. By streamlining promotion and improving efficiency, this integration helps brands drive stronger engagement and better outcomes.

這使得企業能夠透過自己的廣告帳號擴大創作者驅動的內容，並利用真實的代言更有效地吸引新的受眾。透過簡化促銷和提高效率，這種整合有助於品牌獲得更強的參與度和更好的成果。

Our fourth driver is deepening customer engagement through use case expansion and premium modules, with our field teams seeking to drive greater value across both new and existing customers. In 2025, we're executing a more structured platform selling approach that guides customers through a clear expansion journey, supported by targeted sales incentives to highlight the full value of Sprout. We're also strengthening pipeline generation with a disciplined, playbook-driven approach to account identification and mapping.

我們的第四個驅動力是透過使用案例擴展和高級模組加深客戶參與度，我們的現場團隊尋求為新舊客戶創造更大的價值。2025 年，我們將實施更結構化的平台銷售方式，引導客戶完成清晰的擴展之旅，並透過有針對性的銷售激勵措施來凸顯 Sprout 的全部價值。我們也透過規範的、劇本驅動的方法進行帳戶識別和映射，加強管道生成。

Lastly, we're refining our international sales coverage to focus on key growth markets across Europe, Asia, LATAM, and emerging markets. We believe these efforts will position us to accelerate expansion, increase customer lifetime value, and maximize the impact of our go-to-market strategy.

最後，我們正在完善我們的國際銷售覆蓋範圍，重點關注歐洲、亞洲、拉丁美洲和新興市場的關鍵成長市場。我們相信這些努力將使我們加速擴張，提高客戶終身價值，並最大限度地發揮我們的行銷策略的影響力。

This team, from individual contributors to executive leadership, is aligned, focused, and committed to executing on our vision. Social's role in business continues to evolve, driven by shifting consumer behavior, deeper brand investment, and the increasing need for AI-driven automation.

這個團隊，從個人貢獻者到執行領導，都團結一致、專心、致力於實現我們的願景。隨著消費者行為的轉變、品牌投資的深入以及對人工智慧驅動的自動化的需求日益增加，社交在商業中的作用不斷演變。

These dynamics are expanding our opportunity, and Sprout is well-positioned to help organizations navigate this shift. I'm excited about what's ahead and look forward to sharing our progress along the way.

這些動態正在擴大我們的機遇，而 Sprout 則有能力幫助組織應對這一轉變。我對未來充滿期待，並期待分享我們一路走來的進步。

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

說完這些，我會把話題交給喬討論財務問題。喬？

Thanks, Ryan. I'll now run through our financial results and guidance. Our fourth quarter results were highlighted by quarterly non-GAAP operating margin reaching over 10% for the first time in operating history.

謝謝，瑞安。我現在將介紹我們的財務表現和指引。我們第四季業績的亮點是季度非 GAAP 營業利潤率在營運歷史上首次達到 10% 以上。

Solid sequential growth in cRPO dollars, and the quality of the larger enterprise wins, a few that were outlined earlier by Ryan. We also exited the year with the highest mix of annual and multiyear contract duration in the company's history, as our sales teams continue to increase our enterprise focus.

cRPO 金額連續穩定成長，以及大型企業獲勝的質量，這些都是 Ryan 先前概述過的一些內容。由於我們的銷售團隊繼續加強對企業的關注，我們也以公司歷史上最高的年度和多年期合約組合結束了這一年。

I would also note that Tagger, recently renamed to Influencer Marketing, had one of the strongest growth rates since the acquisition. We continue to see this product as broadening our market opportunity and allowing our field teams increased cross-selling motions.

我還要指出的是，Tagger 最近更名為 Influencer Marketing，自收購以來，其成長率最為強勁。我們繼續認為該產品拓寬了我們的市場機會，並使我們的現場團隊能夠增加交叉銷售活動。

We generated $6.6 million in non-GAAP free cash flow during the quarter and $29.7 million during fiscal 2024, up $19.4 million from a non-GAAP free cash flow in fiscal 2023, up almost 2.9 times on a year-over-year basis.

我們在本季產生了 660 萬美元的非 GAAP 自由現金流，2024 財年產生了 2,970 萬美元，較 2023 財年的非 GAAP 自由現金流增加了 1,940 萬美元，年成長近 2.9 倍。

We remain committed to growing operating leverage on a fiscal year basis and will evaluate our ability to drive greater profitability as the year progresses, but we remain focused on funding key growth initiatives. On to a summary of the quarter.

我們仍致力於在財政年度內提高經營槓桿，並將評估我們在未來提高獲利能力的能力，但我們仍專注於為關鍵成長計畫提供資金。本季進行總結。

Revenue for the fourth quarter was $107.1 million, representing 14% year-over-year growth. Subscription revenue was $105.9 million, up 15% year over year. The number of customers contributing more than $10,000 in ARR grew 7% from a year ago. The number of customers contributing more than $50,000 in ARR grew 23% from a year ago. Q4 ACV was $14,651, up 19% year over year against a strong year-over-year comparison.

第四季營收為 1.071 億美元，較去年同期成長 14%。訂閱收入為1.059億美元，年增15%。為 ARR 貢獻超過 10,000 美元的客戶數量比一年前增長了 7%。為 ARR 貢獻超過 50,000 美元的客戶數量比一年前增長了 23%。Q4 ACV 為 14,651 美元，較上年同期成長 19%，成長強勁。

As Ryan discussed earlier, our strategy to drive ACV growth remains focused on shifting to a higher enterprise mix and strengthening premium module attach rates, such as influencer marketing and customer care. RPO totaled $351.5 million, up from $311.5 million exiting Q3 and up 28% year over year. We expect to recognize 71%, or $249.4 million, of total RPO as revenue over the next 12 months, implying a cRPO growth rate of 26% year over year.

正如 Ryan 先前所討論的，我們推動 ACV 成長的策略仍然專注於轉向更高的企業組合和加強優質模組附加率，例如影響力行銷和客戶服務。RPO 總額為 3.515 億美元，高於第三季的 3.115 億美元，年增 28%。我們預計未來 12 個月內 RPO 總收入的 71%（2.494 億美元）將確認為收入，這意味著 cRPO 成長率為 26%。

Non-GAAP operating income totaled $11.4 million, which is well ahead of the high end of our outlook. This was up from $1.7 million a year ago and equates to a non-GAAP operating margin of 10.7%, a quarterly record for operating margin.

非公認會計準則營業收入總計 1,140 萬美元，遠高於我們預期的最高值。這一數字高於一年前的 170 萬美元，相當於非 GAAP 營業利潤率 10.7%，創下了季度營業利潤率的最高紀錄。

We're pleased that our progress here demonstrates our focus on continued growth and our margin profile. As we noted in our last call, during Q4, we implemented a restructuring to prove the efficiency and effectiveness of our R&D organization. As a result, we recorded a restructuring expense of approximately $3 million that was excluded from our 4Q non-GAAP results.

我們很高興看到我們在這裡取得的進展證明了我們對持續成長和利潤率的關注。正如我們在上次電話會議中指出的那樣，在第四季度，我們實施了重組，以證明我們研發組織的效率和有效性。因此，我們記錄了約 300 萬美元的重組費用，該費用未計入我們的第四季度非 GAAP 業績中。

In 2024, our overall dollar-based net retention rate, or NDR, was 104%, compared to 107% in 2023. Our dollar-based net retention rate, excluding SMB customers, was 108% in 2024, compared to 111% in 2023.

2024 年，我們的整體美元淨留存率 (NDR) 為 104%，而 2023 年為 107%。我們基於美元的淨留存率（不包括中小企業客戶）在 2024 年為 108%，而 2023 年為 111%。

Before moving on to guidance, a few additional comments. Based on the data we gathered in fiscal 2024 that reflects the current macroenvironment and traditional enterprise sales cycles, expect us to take a more measured view on how we look at the business. As Ryan mentioned earlier, we do not expect the demand environment to change in fiscal 2025 from what we experienced in fiscal 2024.

在繼續提供指導之前，我想再說幾點補充意見。根據我們在 2024 財年收集的反映當前宏觀環境和傳統企業銷售週期的數據，我們希望對業務的看法更加慎重。正如 Ryan 先前提到的，我們預期 2025 財年的需求環境不會與 2024 財年的情況改變。

Please also note that during Q1, we implemented a restructuring with a primary focus on customer success. We expect to record a severance expense of approximately $2.6 million that will be excluded from our 1Q non-GAAP results.

另請注意，在第一季度，我們實施了重組，主要專注於客戶成功。我們預計將記錄約 260 萬美元的遣散費，該費用將不包括在我們的第一季非 GAAP 業績中。

For the last quarter, we intend to reallocate resources back into our customer-facing organization. Now on to guidance. For the first quarter of fiscal 2025, we expect revenue in the range of $107.2 million to $108.0 million. We expect non-GAAP operating income in the range of $8.5 million to $9.5 million. We expect non-GAAP net income per share of between $0.14 and $0.16.

最後一個季度，我們打算將資源重新分配到面向客戶的組織。現在開始指導。對於 2025 財年第一季，我們預計營收在 1.072 億美元至 1.08 億美元之間。我們預計非公認會計準則營業收入在 850 萬美元至 950 萬美元之間。我們預計非 GAAP 每股淨利潤在 0.14 美元至 0.16 美元之間。

This assumes approximately 58.5 million weighted average basic shares of common stock outstanding. For the full year 2025, we expect revenue in the range of $448.1 million to $453.1 million. For the full year 2025, we expect non-GAAP operating income in a range of $38.2 million to $43.2 million.

假設已發行普通股的加權平均基本股數約為 5,850 萬股。我們預計 2025 年全年營收將在 4.481 億美元至 4.531 億美元之間。對於 2025 年全年，我們預計非 GAAP 營業收入將在 3,820 萬美元至 4,320 萬美元之間。

We expect non-GAAP net income per share between $0.65 and $0.74, assuming approximately $59.3 million weighted average basic shares of common stock outstanding. A small note about non-GAAP net income per share distribution across the four quarters in fiscal 2025. We expect our second quarter non-GAAP net income per share to have a slight decrease from Q1 due to seasonality in our Q1 to Q2 operating expense trends, and then to grow from Q2 through Q4.

我們預期非公認會計準則每股淨利潤在 0.65 美元至 0.74 美元之間，假設流通在外的普通股加權平均基本股數約為 5,930 萬美元。關於 2025 財年四個季度非 GAAP 每股淨收入分配的簡短說明。我們預計，由於第一季至第二季營運費用趨勢的季節性影響，第二季非 GAAP 每股淨利將較第一季略有下降，但將從第二季到第四季成長。

Looking ahead, we believe the company has the sales capacity to deliver on our outlook for the fiscal year, and we intend to expand free cash flow and operating leverage on an annual basis as we've demonstrated over the last two years. We look forward to continuing to innovate and create more opportunities for our customers to grow with us.

展望未來，我們相信公司擁有實現我們本財年預期的銷售能力，而且我們打算像過去兩年所展示的那樣，逐年擴大自由現金流和經營槓桿。我們期待繼續創新，為客戶創造更多機會，與我們共同成長。

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

因此，Ryan、Alex 和我很樂意回答您的任何問題。操作員？

(Operator Instructions) David Hynes, Canaccord Genuity.

(操作員指示) David Hynes，Canaccord Genuity。

Hey. Good evening, guys. Ryan, thanks for the color. So look, last year, I think, in retrospect, you would have said you entered '24 with a little less pipeline than you would have liked. I'm curious, what that looks like entering '25. And then you outlined initiatives that are underway, right? Account identification and mapping, refining that international go-to-market playbook.

嘿。大家晚上好。瑞安，謝謝你的顏色。所以，我想，回想起來，去年你會說你進入'24年時擁有的管道比你所希望的要少一些。我很好奇，進入 25 年後它會是什麼樣子。然後您概述了正在進行的舉措，對嗎？帳戶識別與映射，完善國際行銷手冊。

Has that work been done? Is it still in progress? Just help me think about what's going to get that pipeline growth going.

這項工作已經完成了嗎？它還在進行中嗎？請幫我思考如何才能推動管道成長。

Hey, DJ. Thanks for the call. Yeah, the best way to frame it as we enter this year, our pipeline has grown. I mentioned that in the prepared remarks that we saw some good growth in Q4 year on year with pipe creation. That was both through inbound and outbound, and specifically within the enterprise group. We've got a bunch of key initiatives that are going in there.

嘿，DJ。感謝您的來電。是的，最好的解釋是，當我們進入今年時，我們的管道已經成長了。我在準備好的評論中提到，我們看到第四季度的管道創建同比出現了良好的成長。這既是透過入站也是透過出站，特別是在企業集團內部。我們正在實施一系列重要措施。

Mike Wolff and the team have had a great focus in on really the key parts of our business where we see a tremendous amount of opportunity and growth, and then just a lot of accountability on pipeline metrics and a lot of focus in on our ideal customer profile. So there's a bunch of those things that are in place today, and we're seeing good success as we end the year.

麥克沃爾夫和他的團隊非常專注於我們業務的關鍵部分，我們看到了巨大的機會和成長，然後非常關注通路指標，並非常關注我們的理想客戶形象。所以，今天已經有很多事情到位了，而且我們在年底看到了良好的成功。

Yeah, helpful. Joe, maybe a follow-up for you. Just curious how we're thinking about the margin guidance for '25, right? I think we're guiding the full year below levels that you've delivered on in Q4. You did the small restructuring.

是的，很有幫助。喬，也許我可以跟進一下。只是好奇我們是如何考慮 25 年的利潤指導的，對嗎？我認為我們對全年業績的預期低於第四季的水平。你做了小規模重組。

I would have thought maybe with a little less growth in '25, we'd get a little bit more margin expansion. That doesn't seem to be set up in the numbers. Just talk through the thinking around margins as it should play out for '25.

我原本以為，也許 25 年的成長會稍微慢一些，利潤率就會稍微擴大一些。從數字上看這似乎沒有得到證實。只需討論一下對 25 年利潤率的思考即可。

Yeah, DJ, thanks for the question. I think similar to what we've done in the past, earlier in the year when we were coming in to the first guide of the year, we wanted to give ourselves flexibility to invest if we see growth opportunities throughout the year. And so, very similar approach we've taken historically.

是的，DJ，謝謝你的提問。我認為與我們過去所做的類似，今年早些時候，當我們制定年度第一份指南時，我們希望如果全年看到成長機會，我們就給自己足夠的投資彈性。這與我們在歷史上採取的方法非常相似。

And then to the extent that we're overperforming on revenue, DJ, you will see incremental leverage in the business. I think we've proven that over the last handful of years that where we start the year from a leverage standpoint, where we end are usually a lot higher. And so, feel good about our ability to overperform over the year on that.

然後，如果我們的收入表現超出預期，DJ，您將看到業務中的增量槓桿。我認為，我們在過去幾年中已經證明，從槓桿率的角度來看，年初的槓桿率與年末的槓桿率通常要高得多。因此，我們對今年能夠超額完成這項任務的能力感到滿意。

Okay. Sounds good. Thank you, guys.

好的。聽起來不錯。謝謝你們。

All right. Thanks, DJ. Next question, please.

好的。謝謝，DJ。請回答下一個問題。

Raimo Lenschow, Barclays.

巴克萊銀行的 Raimo Lenschow。

Perfect. Thank you. I'm still trying to stay on the guidance a little bit. What are the assumptions on the economy that you're putting in there? Because obviously growth comes down further and everyone is getting excited about maybe things are getting better out there. How do you marry that? Thank you.

完美的。謝謝。我仍在努力遵循一些指導。您對經濟做出了哪些假設？因為顯然成長率會進一步下降，而且每個人都對情況可能會好轉感到興奮。你怎麼能嫁給那個人呢？謝謝。

Yeah, thanks for the question, Raimo, (technical difficulty) on the guidance, to your point, one is, I called this out in my prepared remarks. We're taking a little bit more measured approach overall on guidance coming into 2025 or so we've done in the past.

是的，感謝 Raimo 提出這個問題，關於指導（技術難題），就您的觀點而言，一是我在準備好的發言中提到了這一點。總體而言，我們對 2025 年的指導採取了更為謹慎的態度，就像我們過去所做的那樣。

Number two, we called out, we're assuming that the demand environment in 2025 is unchanged from 2024, so it doesn't get any better when you look at our guidance. The other thing is we've got a full year now, if you look at 2024, of sales data and our ability to execute in this demand environment. So I will say coming into this year, we feel a lot more confident about our visibility into our execution in this demand environment.

第二，我們指出，我們假設 2025 年的需求環境與 2024 年保持不變，因此從我們的指導來看，情況不會變得更好。另一件事是，如果你看看 2024 年，我們現在有整整一年的銷售數據和我們在這種需求環境下的執行能力。因此我想說，進入今年，我們對在這種需求環境下的執行能力更有信心。

And then the last thing I'll say is, if you think about the way we ended the second half of Q4 and the momentum we saw in cRPO and the big logo wins, we're really encouraged with the momentum we're seeing up market. And so, feel good about the way we set guidance in 2025.

我最後要說的是，如果你想想我們結束第四季度下半年的方式，以及我們在 cRPO 和大標誌勝利中看到的勢頭，我們對看到的市場勢頭感到非常鼓舞。因此，我們對 2025 年制定的指導方針感到很滿意。

Okay. Perfect. Thank you. And then, Ryan, as we're starting the new year, any changes to the go-to-market, et cetera? Obviously, it's this time of the year where that happens that we should be aware of? Thank you.

好的。完美的。謝謝。然後，Ryan，隨著新的一年的開始，行銷等方面會有什麼變化嗎？顯然，每年的這個時候我們都應該意識到這種情況的發生？謝謝。

Yeah. Thanks for the question. I think, any change to the fiscal and going in the new year, you're going to have some adjustments on the margin, some fine-tuning. I think these are all things that are pretty common course for us through the year, focusing in on revenue operations. We've turned the year faster than we've ever done before, focusing in on pipeline, and then just making sure that the team's off to the races. So nothing else that I'd call out here.

是的。謝謝你的提問。我認為，在新的一年裡，財政政策的任何變化都會進行一些調整和微調。我認為這些都是我們全年都會經歷的很常見的過程，重點在於收入營運。我們以比以往更快的速度度過了這一年，專注於通路建設，然後確保團隊能夠順利投入比賽。所以我在這裡沒有什麼好說的。

Okay. Perfect. Thank you. Good luck.

好的。完美的。謝謝。祝你好運。

All right. Thank you.

好的。謝謝。

Parker Lane, Stifel.

帕克巷，斯蒂費爾。

Hi, guys. Thanks for taking the question today. Ryan, you pretty specifically called out more of a platform selling approach and an orientation around that going forward. Can you just talk about what goes into mapping out the ideal path for a customer going forward, how that's going to impact the dollar-based net retention rates we see here as you start to push more towards that selling motion?

嗨，大家好。感謝您今天回答這個問題。瑞安，你非常明確地提到了更多的平台銷售方法以及未來的發展方向。您能否談談如何為客戶規劃未來的理想路徑，當您開始更努力地推動銷售行動時，這將如何影響我們所看到的基於美元的淨留存率？

Yeah. Thanks for the question. It starts off with making sure that we have the right profile of the customers that we really see a lot of opportunity with. So as I mentioned in the question before, just from a revenue operations perspective, really knowing our ideal customer profile and the accounts there, seen a lot of success from us coming out of Q4 with some of the logos that we've talked about and the land and expands that we've discussed. The product team has just been doing a phenomenal job as we think about the innovation that we've delivered and the cross-section of products that these enterprise customers need.

是的。謝謝你的提問。首先要確保我們擁有正確的客戶資料，以便我們真正看到很多機會。正如我之前在問題中提到的，僅從收入運營的角度來看，真正了解我們的理想客戶資料和那裡的帳戶，我們在第四季度取得了很大的成功，包括我們談到的一些標誌以及我們討論過的土地和擴張。當我們考慮我們所提供的創新以及這些企業客戶所需的各類產品時，產品團隊一直做得非常出色。

So it really is this combination of knowing your ideal customer profile is, making sure that you've got the products that support those customers, and then just enablement and the go-to-market organization and making sure that we're really clear on those opportunities. And that's what's gone into the playbook.

因此，這實際上是了解您的理想客戶資料、確保您擁有支援這些客戶的產品、然後只是支援和進入市場的組織，並確保我們真正清楚這些機會。這就是劇本中的內容。

And Ryan, I wanted to ask you about the AI-generated content. Clearly, a ton of explosion in use cases around that recently. You've seen new video models, updates to those pretty frequently here, and a lot of application for social media. How do you think about Sprout's ability to directly benefit from that content creation explosion here in 2025? And what's the long-term business model to make sure you're extracting enough value from that?

瑞安，我想問你關於人工智慧生成內容的問題。顯然，最近圍繞該主題的用例大量激增。您已經看到了新的視訊模型、這裡的頻繁更新以及大量社交媒體應用程式。您認為 Sprout 能否在 2025 年直接受益於內容創作的爆炸性成長？那麼，什麼樣的長期商業模式可以確保從中獲得足夠的價值呢？

Yeah. We're incredibly excited. As I mentioned in the prepared remarks, you think about the scale that we have with nearly 30,000 customers, and we're processing 1 billion messages a day, there's just so much opportunity within all of that unstructured data to help our customers get even smarter in the places that they're investing.

是的。我們非常興奮。正如我在準備好的發言中提到的，想想我們擁有近 30,000 名客戶的規模，我們每天要處理 10 億條訊息，所有這些非結構化資料中都蘊藏著如此多的機會，可以幫助我們的客戶在他們投資的地方變得更加聰明。

And if you think about the work that we do today from a content creation, a campaign management, insights that we're providing to customers, all these things are just tremendous opportunities. And I think we've now had 11 releases on our AI Assist product, and you can see the value that our customers are getting in terms of speed and productivity and just intelligence in the way that they're showing up in front of customers. So I would expect to hear more from us on this as well.

如果你想想我們今天所做的工作，從內容創作、活動管理到我們為客戶提供的見解，所有這些都是巨大的機會。我認為我們現在已經發布了 11 個 AI Assist 產品，您可以看到我們的客戶在速度、生產力和智慧方面獲得的價值，這些價值以它們呈現在客戶面前的方式呈現。因此我希望也能聽到我們對此的更多看法。

Appreciate the responses. Thanks.

感謝您的回覆。謝謝。

All right. Thanks, Parker. Next question, please.

好的。謝謝，帕克。請回答下一個問題。

Arjun Bhatia, William Blair & Company.

阿瓊‧巴蒂亞 (Arjun Bhatia)，威廉布萊爾公司。

Thank you. Ryan, to start off with you, the platform selling approach is interesting. So when you think about care and influencer, do you have a sense for what portion of the base you think can adopt those products and how you go about finding the right profile that might attract those?

謝謝。瑞安，首先，你說的平台銷售方式很有趣。因此，當您考慮關懷和影響者時，您是否知道哪一部分人群可以採用這些產品，以及如何找到可能吸引這些人群的正確資料？

Like, is every customer a candidate for those? Is it a certain size, a certain industry, a certain vertical? Like, how do you think about just going about that go-to-market change that you talked about earlier?

例如，每個顧客都是這些的候選人嗎？它是特定的規模、特定的產業還是特定的垂直產業？例如，您如何看待先前談到的市場進入變革？

Yeah. Thanks, Arjun. Appreciate the question. I do think every customer is a good target for these things. But when I think about these products, so much of this has to do with their sophistication within social and where they are on the journey.

是的。謝謝，阿瓊。我很感謝你提出這個問題。我確實認為每個顧客都是這些東西的良好目標。但當我考慮這些產品時，很大程度上這與它們在社交方面的複雜程度以及它們在旅途中的位置有關。

More and more upmarket, you're going to see these customers needing care. If we think about it today from a trend perspective, there's a lot of volume that happens in social. For many organizations, it's becoming the number one channel. And so, when you have a lot of volume, you need to manage through that.

在越來越高端的市場中，你會看到這些需要照顧的顧客。如果我們今天從趨勢的角度來思考這個問題，社交領域會發生很多事情。對許多組織來說，它正在成為第一個管道。因此，當你有大量交易量時，你需要對其進行管理。

From an influencer perspective, we're early innings here in terms of the opportunity, but more and more companies are thinking about how organic and paid and now influencer impact their opportunity in front of them. So we're pretty early, and we believe that we have a lot of upside and opportunity in front of us.

從影響者的角度來看，我們在機會方面還處於早期階段，但越來越多的公司正在考慮有機和付費以及現在的影響者如何影響他們面前的機會。所以我們還處於早期階段，我們相信我們面前有很多優勢和機會。

Okay. Helpful. Thank you. And then if I can touch on the net retention metric. I know that's one that you typically only disclose once a year. But I know it's trended down a bit in 2024. I think that was kind of expected. But as you look forward, and you drive more cross-sell, maybe more upsell, more expansions, is that something we should expect to recover in 2025?

好的。很有幫助。謝謝。然後我可以談談淨保留指標。我知道你通常每年只披露一次這個資訊。但我知道到 2024 年這個趨勢會略有下降。我認為這是意料之中的事。但展望未來，您將推動更多的交叉銷售、更多的追加銷售、更多的擴張，我們是否應該期待在 2025 年恢復這一點？

Or is it going to take some time for the go-to-market motion to ramp up, and maybe that's a '26 story? How do you think about the health of the existing customer base, and when net retention might start to inflect higher?

或者說，上市動議是否需要一段時間才能升溫，也許這就是 26 年的故事？您如何看待現有客戶群的健康狀況？淨保留率何時會開始上升？

Yeah, Arjun, this is Joe. I'll take this one. Yeah, we definitely saw pressure on NDR in 2024. And the real area where we saw that was on the expansion within our existing customer base. And that really was a result of the demand environment that we talked about throughout the year.

是的，阿瓊，這是喬。我要這個。是的，我們確實看到 2024 年 NDR 面臨壓力。我們真正看到的是現有客戶群的擴張。這確實是我們全年談論的需求環境的結果。

It definitely put pressure on that part of the business. On the flipside, we were able to offset some of that pressure with really strong improvements on the gross retention side. But probably to the point of your question, on looking forward, if you look at the customers that we're bringing in to Sprout in 2024, for example, these are much higher quality customers. They're on annual multiyear contracts. They're coming in at higher ACVs.

這無疑給該部分業務帶來了壓力。另一方面，我們能夠透過在總留存方面取得顯著進步來抵消部分壓力。但可能回到你的問題，展望未來，如果你看看我們在 2024 年為 Sprout 引入的客戶，你會發現這些都是更高品質的客戶。他們簽訂的是年度多年合約。他們的 ACV 更高。

And so, we believe this overall shift in the quality of our customers will drive NDR higher going forward. And so very optimistic about the ability to improve upon that metric with our move upmarket.

因此，我們相信客戶品質的全面轉變將推動 NDR 的進一步提高。因此，我們對隨著我們向高端市場邁進，提高這一指標的能力非常樂觀。

All right. That's very helpful. Thank you.

好的。這非常有幫助。謝謝。

All right. Thank you. Next question, please.

好的。謝謝。請回答下一個問題。

Scott Berg, Needham.

史考特·伯格，尼德姆。

Hi, everyone. Thanks for taking the questions here. I got a couple of them here. R.B., if I looked at the bookings commentary in Q4, while we know it's a little bit -- the whole environment is behind what you saw last year, I think you sound pretty constructive, especially with the large booking coming out of the quarter with some of the momentum that you have. But if I look at your Q1 guidance, it implies a very de minimis increase on a quarter-over-quarter basis.

大家好。感謝您在這裡回答問題。我這裡有幾件。R.B.，如果我看一下第四季度的預訂評論，雖然我們知道它有點——整個環境落後於去年的情況，但我認為你聽起來非常有建設性，特別是考慮到本季度的大量預訂以及你所擁有的一些勢頭。但如果我看一下您的第一季指引，它意味​​著季度環比增長非常小。

Is there something maybe unique about, I don't know, how you're thinking about Q1? The sales pipelines or maybe those deals in Q4, just trying to understand maybe why the Q1 number isn't -- the guidance you give is a touch higher?

我不知道您對 Q1 的看法是否獨特？銷售管道或可能是第四季度的交易，只是想了解為什麼第一季的數字沒有——您給出的指導數字略高一些？

Yeah, Scott, I'll jump in here, and if R.B. wants to add anything, he can. I think I covered this a little bit earlier, Scott. When we looked at our 2025 guidance, and this includes Q1, we just want to be a little bit more measured with the approach we're taking to guidance this year. We're factoring in the fact that the demand environment doesn't get any better in '25 versus '24.

是的，斯科特，我會加入進來，如果 R.B. 想添加任何內容，他可以添加。斯科特，我想我之前已經談過這一點了。當我們審視 2025 年的指引（包括第一季）時，我們只是希望對今年的指引方法更加謹慎。我們考慮到，2025 年的需求環境相對於 2024 年並沒有任何改善。

And we were very encouraged with the momentum we saw in the second half of Q4, but really want to just be a little bit more measured with the way we give guidance out this year. I think that's really at the heart of it. There's nothing else probably to read into the quarter.

我們對第四季下半年的勢頭感到非常鼓舞，但我們真的希望今年我們給出的指引方式更加慎重一些。我認為這才是問題的核心。本季可能沒有其他值得解讀的資訊了。

Got it. Helpful. And then how do we think about the seasonality of the business? If we go back, I think it was in the Q1 call, you all had talked about as you moved upmarket, you're expecting the business to be a little bit more back-end weighted, typical enterprise sales cycles.

知道了。很有幫助。那我們該如何看待業務的季節性呢？如果我們回顧一下，我想是在第一季的電話會議上，你們都談到了隨著你們向高端市場邁進，你們預計業務會更加註重後端，這是典型的企業銷售週期。

Don't know how much of that you're truly able to see given the change in the end market this year. But as we start thinking about '25, should we see that seasonality be a little bit more pronounced? Or maybe is that not the case? And have you seen something different in the last couple of quarters? Thanks.

考慮到今年終端市場的變化，不知道您真正能看到多少這樣的變化。但是，當我們開始思考25年時，我們是否應該看到季節性更加明顯？或者也許事實並非如此？在過去幾個季度裡，您是否看到了一些不同的情況？謝謝。

Yeah, Scott, I would assume very similar seasonality in '25 versus '24, and that's what we've baked into our guidance that we're definitely more back-end weighted, but I don't think '25 will be any different than the trends you saw in '24.

是的，斯科特，我認為 25 年和 24 年的季節性非常相似，這就是我們在指導中考慮到的，我們肯定更加註重後端，但我不認為 25 年與 24 年看到的趨勢有任何不同。

Very helpful. Thanks for taking my questions.

非常有幫助。感謝您回答我的問題。

All right. Thank you. Next question, please.

好的。謝謝。請回答下一個問題。

Elizabeth Porter, Morgan Stanley.

摩根士丹利的伊麗莎白波特。

Thanks for the question. I wanted to ask a little bit on the influencer marketing rebrand. Just if you could put a finer point on what exactly is changing in the rebrand and what do you think it could unlock in terms of the demand side?

謝謝你的提問。我想問一些有關影響力行銷品牌重塑的問題。您能否更詳細地說明品牌重塑究竟帶來了哪些改變？您認為從需求面來看，它能帶來什麼改變？

Yeah. Thanks, Elizabeth. From a rebrand perspective, I think the main thing to take away here is we've just got a lot of brand equity in Sprout Social, and we wanted to make sure that we were leveraging that brand equity. We also wanted to make it really clear to our customers that this influencer marketing solution is by Sprout Social. So that was a big part of it.

是的。謝謝，伊麗莎白。從品牌重塑的角度來看，我認為這裡最重要的是我們在 Sprout Social 中擁有大量品牌資產，我們希望確保能夠充分利用這些品牌資產。我們也想向客戶明確表示，此影響者行銷解決方案是由 Sprout Social 提供的。所以這是其中很重要的一環。

But as we come back and cover Q1, I'll be sharing a lot more about the product updates that we're releasing here going into Q2. But we're really excited about the environment. We talked a little bit about this on the prepared remarks, but we're seeing a lot of success across a number of verticals. And this is a product that's in the really early innings, and it's a great opportunity for Sprout to lead in this category.

但是，當我們回過頭來討論第一季時，我將分享更多有關我們在第二季發布的產品更新的資訊。但我們對於環境確實感到非常興奮。我們在準備好的發言中討論了一些這個問題，但我們在多個垂直領域都看到了巨大的成功。這是一種處於早期階段的產品，對於 Sprout 來說，這是一個領先該類別產品的絕佳機會。

Great. And then just as a follow-up, I wanted to ask on the ACV, the 19% growth in Q4 has slowed a little bit for the last couple of quarters. So how should we think about that forward trend? Are we starting to hit a stabilization rate as we start to have the go-to-market changes benefiting? Or what's the upside, downside on the ACV growth?

偉大的。然後作為後續問題，我想問 ACV，第四季度 19% 的成長率在過去幾季有所放緩。那我們該如何看待這未來趨勢呢？當我們開始從市場進入變化中獲益時，我們是否開始達到穩定率？或者 ACV 成長的有利之處和不利之處是什麼？

Yeah. We're pleased with the ACV growth here. Clearly, we've seen a lot of great execution in the enterprise, with that business being up 35%. We expect to continue to have more opportunities to land and grow bigger with our customers, especially with our multiproduct opportunities in front of us. So I think it will continue to be one of those pieces that's an important part of our growth story.

是的。我們對這裡的 ACV 成長感到滿意。顯然，我們看到企業中許多出色的執行力，該業務成長了 35%。我們期望繼續有更多的機會與我們的客戶一起合作、共同成長，特別是我們面前的多產品機會。因此我認為它將繼續成為我們成長故事的重要組成部分之一。

Thank you.

謝謝。

Thank you. Next question, please.

謝謝。請回答下一個問題。

[Patrick Schultz]

[派崔克舒茲]

Great. Appreciate you taking my questions. Maybe just first on the partner ecosystem. I know you called that out as a focus area for '25. Just want to dig into that a little deeper. Could you provide some color on the Salesforce relationship and how that performed relative to expectations? And what type of traction you're seeing with other partners?

偉大的。感謝您回答我的問題。也許只是先關注合作夥伴生態系統。我知道您將其稱為‘25’的重點領域。只是想更深入地探討一下這個問題。您能否介紹一下與 Salesforce 的關係以及其表現相對於預期如何？您與其他合作夥伴有何合作？

I know AWS Marketplace was called out last quarter. And is this partner focus more on the technical integration side or the go-to-market side?

我知道 AWS Marketplace 上個季度就被叫停了。該合作夥伴是否更注重技術整合方面或市場進入方面？

Yeah. Thanks, Patrick. Yeah, the Salesforce partnership continued to be a really strong part of our story here as we were in Q4. Now we actually just released the integration into Agentforce and are really excited about the work that we're doing from a Service Cloud perspective with Salesforce. You heard us talk a little bit about the success that we've had there with a Fortune 500 retailer, as well as Under Armour.

是的。謝謝，派崔克。是的，正如我們在第四季度所看到的那樣，與 Salesforce 的合作夥伴關係繼續成為我們故事中非常重要的一部分。現在，我們實際上剛剛發布了與 Agentforce 的集成，並且對於從服務雲角度與 Salesforce 合作所做的工作感到非常興奮。您聽到我們談論了我們與財富 500 強零售商以及 Under Armour 合作所取得的成功。

And then on the greater partnership side, it will be a combination of technical and go-to-market that we see. Just if you think about where we exist today, there's such a great fit with so many organizations in the tech stack, and the data and the workflows that we provide back into things like CRM or helpdesk or marketing automation or any of those tools really enable us to be a great partner. So I think you'll expect to see things on both sides.

從更大的合作方面來看，我們看到的將是技術和市場進入的結合。只要想想我們今天的狀況，就會發現我們與科技領域的眾多組織有著非常契合的關係，而我們提供的數據和工作流程，可以反饋給 CRM、幫助台、行銷自動化或任何此類工具，這確實使我們成為了優秀的合作夥伴。所以我想你會期待看到雙方的情況。

Thanks. Appreciate the color. And maybe just one quick follow-up, too. I know you called out several competitive wins over the past quarter. Just curious on why you think the competitive environment is becoming more favorable for Sprout. Is it certain products that competitors don't offer? I'm just curious to hear what you guys are seeing there and maybe how your win rates have trended in recent quarters.

謝謝。感謝色彩。或許只需一次快速的跟進。我知道你在過去一個季度中取得了幾場競爭勝利。只是好奇您為什麼認為競爭環境對 Sprout 更有利。是否是競爭對手不提供的某些產品？我只是好奇想聽聽你們看到了什麼，以及最近幾季你們的勝率趨勢如何。

Yeah. Thank you. Yeah, I think there's a few things that have really contributed to our success. We continue to have really great momentum from a competitive perspective. I think one of the things it starts with is just really great products.

是的。謝謝。是的，我認為有一些因素確實促成了我們的成功。從競爭角度來看，我們持續保持強勁勢頭。我認為其中一個原因是擁有真正優質的產品。

And if you look at the work that we've been doing across care or influencer or AI, great examples of where our product is showing up and adding a tremendous amount of value. On a lot of the stories that we shared today, these are large organizations.

如果你看看我們在護理、影響者或人工智慧領域所做的工作，你會發現我們的產品有很多很好的例子，並且增加了巨大的價值。我們今天分享的許多故事都來自大型組織。

They're looking for speed to value, speed to adoption. They're looking for ensuring that there's going to be great compliance across a number of users within the platform. These are all things that really weigh heavily in the way that we filter products and the way that we deliver it. So I think those are all just really contributing to the differentiation that we have in the market.

他們尋求的是價值實現速度、採用速度。他們希望確保平台內眾多用戶的良好合規性。這些都是對我們篩選產品和交付產品的方式產生重大影響的因素。所以我認為這些都真正促進了我們在市場上的差異化。

All right. Thanks.

好的。謝謝。

Next question, please.

請回答下一個問題。

(Operator Instructions) Jackson Ader, KeyBanc Capital Markets.

（操作員指示） Jackson Ader，KeyBanc 資本市場。

Great. Good evening, guys. Thanks for taking our questions. The first is on the larger lands. Are the, like, for example, the financial services company that you landed with, are these deals just social media that your customer is RFPing or looking to purchase? Or is there some larger marketing stack or larger marketing decisions that the larger brands are making, and social is a part of that? Thank you.

偉大的。大家晚上好。感謝您回答我們的問題。第一是面積較大的土地。例如，您與金融服務公司達成的交易是否只是您的客戶正在徵求意見或希望購買的社群媒體？或者是否有一些更大的行銷堆疊或更大的行銷決策，而社交是其中的一部分？謝謝。

Yeah. Thanks for the question, Jackson. These are specifically within the realm of social media management. Now they might have different vectors underneath the social media management, whether it be a marketing lens or a customer care lens or an influencer lens. But these wins are primarily just in social media management.

是的。謝謝你的提問，傑克森。這些都屬於社群媒體管理的範疇。現在，他們可能在社群媒體管理下擁有不同的載體，無論是行銷鏡頭、客戶關懷鏡頭還是影響者鏡頭。但這些勝利主要僅體現在社群媒體管理方面。

Okay. Okay. Cool. And then just a housekeeping question. The wind down from Social Studio, I think when we came into 2024, was expected to be like a $10 million benefit. What did that end up being in the last year?

好的。好的。涼爽的。接下來只是一個常規問題。我認為，當我們進入 2024 年時，Social Studio 的結束預計將帶來 1000 萬美元的收益。去年的最終結果如何？

Yeah, Jackson, this is Joe. That's not a number we've talked about in a while. So that's not a number we're disclosing publicly at this point.

是的，傑克遜，我是喬。這不是我們之前談論過的數字。因此，我們目前還不會公開揭露這個數字。

All right. Okay. Thank you.

好的。好的。謝謝。

Thank you. And with no further questions, Ryan, I'll turn the floor back over to you.

謝謝。瑞安，如果沒有其他問題，我會把發言權交還給你。

Great. Thanks, Christina. And I just want to say a huge thank you for everybody joining us tonight and for the thoughtful questions. I want to say a huge thank you to our team for their hard work and contributions to the business. And, of course, to our customers who have put their trust in us and inspire us to do our very best work.

偉大的。謝謝，克里斯蒂娜。我只想對今晚參加我們節目的各位以及提出深刻思考的問題表示衷心的感謝。我要向我們的團隊的辛勤工作和對業務的貢獻表示衷心的感謝。當然，我們也要感謝我們的客戶，他們信任我們，激勵我們盡最大努力。

We're incredibly excited about the opportunities in front of us and look forward to spending more time with all of you in the future. Thanks and have a great night.

我們對眼前的機會感到無比興奮，並期待未來能與大家共度更多時光。謝謝，祝你有個愉快的夜晚。

Thank you. And this does conclude today's conference call. You may now disconnect. Have a great day.

謝謝。今天的電話會議到此結束。您現在可以斷開連線。祝你有美好的一天。