Sprout Social Inc (SPT) 2025 Q1 法說會逐字稿

Thank you for standing by. My name is Kate, and I will be your conference operator today. At this time, I would like to welcome everyone to the Sprout Social first quarter 2025 earnings call.

感謝您的支持。我叫凱特，今天我將擔任您的會議主持人。現在，我歡迎大家參加 Sprout Social 2025 年第一季財報電話會議。

(Operator Instructions) Thank you. I would now like to turn the call over to Alex Kurtz, VP, Investor Relations and Corporate Development. Please go ahead.

（操作員指示）謝謝。現在我想將電話轉給投資人關係和企業發展副總裁 Alex Kurtz。請繼續。

Thank you, operator, and welcome to Sprout Social's first quarter 2025 earnings call. We will be discussing the results announced in our press release issued after market close today and have also released an updated investor presentation, which can be found on our website. With me are Sprout Social's CEO, Ryan Barretto; and CFO, Joe Del Preto.

謝謝接線員，歡迎參加 Sprout Social 2025 年第一季財報電話會議。我們將在今天收盤後發布的新聞稿中討論宣布的結果，並且還發布了更新的投資者介紹，可以在我們的網站上找到。和我一起的還有 Sprout Social 的執行長 Ryan Barretto 和財務長 Joe Del Preto。

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, including our Q2 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.

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。除歷史事實陳述之外的所有陳述均為前瞻性陳述。其中包括有關我們預期未來財務業績的聲明，包括我們的第二季度和 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、機會或將要等詞語來識別。

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. 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 quarterly report on Form 10-Q for the fiscal quarter ended March 31, 2025, to be filed with the SEC as well as our most recently filed 10-K.

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，我們也不承擔更新這些聲明的任何義務。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導致實際結果出現重大差異。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 2025 年 3 月 31 日的財政季度的 10-Q 表季度報告以及我們最近提交的 10-K 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 and the most directly comparable GAAP financial measures are included in our first quarter earnings release. This has been 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調整表和最直接可比較的 GAAP 財務指標均包含在我們的第一季財報中。此文件已提交給美國證券交易委員會 (SEC)，並可在我們的網站 investors.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。瑞安？

Thank you, Alex, and welcome to our first quarter earnings call for fiscal 2025. We reported first quarter results with revenue of $109.3 million, representing year-over-year growth of 13% highlighted by strong revenue execution and operating margin expansion. Our current remaining performance obligations, which reached $255.8 million, represented 21% year-over-year growth.

謝謝你，亞歷克斯，歡迎參加我們 2025 財年第一季財報電話會議。我們公佈的第一季業績顯示，營收為 1.093 億美元，年增 13%，這得益於強勁的營收執行力和營業利潤率的擴大。我們目前剩餘的履約義務達到 2.558 億美元，年增 21%。

Our go-to-market teams delivered another solid quarter with 22% growth in the $50,000 ARR customer cohort. We also landed strategic wins with global brands like Palo Alto, NASCAR, Interscope Records, Avis Budget car rental and Axos Bank. These customers demonstrate our continued execution and strategic fit with the most socially sophisticated enterprise customers.

我們的市場推廣團隊又取得了一個穩健的季度業績，50,000 美元 ARR 客戶群成長了 22%。我們也與 Palo Alto、NASCAR、Interscope Records、Avis Budget 汽車租賃和 Axos Bank 等全球品牌達成了策略合作。這些客戶證明了我們與最具社交經驗的企業客戶的持續執行力和策略契合度。

We are expanding our sales capacity this year and will continue to throughout the first half of the year, which we believe will drive further momentum in our pipeline generation and enterprise coverage as we move into FY 2025 and beyond.

我們今年正在擴大銷售能力，並將在今年上半年繼續擴大，我們相信，隨著我們進入 2025 財年及以後，這將進一步推動我們的通路建設和企業覆蓋範圍。

We're also excited about the continued momentum in our influencer marketing product, which has become increasingly strategic to how we engage with our most socially sophisticated customers. I also wanted to provide a quick update on the macro environment and what we experienced during the quarter.

我們也對影響力行銷產品的持續發展勢頭感到興奮，該產品對於我們與社交能力最強的客戶互動的方式越來越具有戰略意義。我還想簡要介紹一下宏觀環境以及我們在本季經歷的情況。

Q1 tracked is expected with spending patterns similar to those seen in 2024. We continue to see elongated procurement and purchasing processes that were very similar to the prior year. While we expect these impacts to persist through the remainder of 2025, we were encouraged by the enterprise pipeline generation during the quarter, and are seeing the early signs of the improved process and discipline that our new GTM leadership is bringing to the company.

預計第一季的支出模式與 2024 年類似。我們繼續看到與前一年非常相似的延長的採購流程。雖然我們預計這些影響將持續到 2025 年剩餘時間，但本季企業通路的產生令我們感到鼓舞，並且看到了新 GTM 領導層為公司帶來的流程和紀律改進的早期跡象。

Building on last quarter's discussion about Sprout's unique position in the social media management market, I want to share how our products are enabling brand discovery in today's rapidly evolving digital landscape. Also provide updates on our four key growth drivers before handing the call over to Joe.

基於上個季度關於 Sprout 在社群媒體管理市場中的獨特地位的討論，我想分享我們的產品如何在當今快速發展的數位環境中實現品牌發現。在將電話交給喬之前，還請提供有關我們四個關鍵增長動力的最新資訊。

A growing trend we're seeing and hearing from our customers is the ongoing shift from traditional search engines to social platforms for discovery. Research from Forbes shows 46% of Gen Z now prefer social media over conventional search, a behavior that signals where brand engagement is headed. And we believe this isn't a passing trend, but a fundamental rewiring of online behavior that will play out over the next several years.

我們從客戶那裡看到和聽到的一個日益增長的趨勢是，人們正在從傳統的搜尋引擎轉向社交平台進行發現。《富比士》的研究表明，46% 的 Z 世代現在更喜歡社交媒體而不是傳統搜索，這種行為表明了品牌參與度的發展方向。我們相信這不是一種暫時的趨勢，而是未來幾年將發生的網路行為的根本性重塑。

As the majority of search is now zero-click with AI, traditional content strategies face headwinds as their traffic is changing in real time. Social media's authenticity, immediacy and community-driven nature fill the gap, offering businesses strong ROI outcomes. Social platforms enable real-time discovery and customer connections fostering trust and driving conversions. Gen Z's preference for social search provides critical directional data pointing to a future where brands must view their social presence as a top business priority. This shift amplifies the role of influencer marketing, which is central to social search dynamics.

由於現在大多數搜尋都是透過人工智慧進行零點擊，傳統的內容策略面臨阻力，因為它們的流量正在即時變化。社群媒體的真實性、即時性和社群驅動性填補了這一空白，為企業帶來了強大的投資報酬率。社交平台可以實現即時發現和客戶聯繫，從而增進信任並推動轉換。Z 世代對社群搜尋的偏好提供了關鍵的方向性數據，表明未來品牌必須將其社交存在視為首要業務重點。這種轉變擴大了影響力行銷的作用，而影響力行銷對於社群搜尋動態至關重要。

Creators and influencers shape discovery by delivering relatable content that resonates in algorithm-driven feeds guiding consumers from curiosity to purchase. Nearly 70% of consumers trust to influencer recommendations over information from brands according to marketing drive. And Sprouts research shows just about half of consumers make purchases at least once a month because of influencer posts.

創作者和影響者透過提供相關內容來塑造發現，這些內容在演算法驅動的資訊流中產生共鳴，引導消費者從好奇到購買。根據行銷動力，近 70% 的消費者更相信有影響力的推薦，而不是品牌提供的資訊。Sprouts 的研究表明，大約一半的消費者每月至少會因為有影響力的貼文而購買一次商品。

This past quarter, we announced the rebrand of our influencer marketing platform, formerly AGR Media to Sprout social influencer marketing. This product is designed to enable brands to turn creator strategies into a top driver and multiplier of ROI, which is crucial given the role influencer marketing plays in the current digital landscape.

上個季度，我們宣布將我們的影響力行銷平台（原為 AGR Media）更名為 Sprout 社群影響力行銷。該產品旨在使品牌能夠將創作者策略轉變為投資回報率的主要驅動力和倍增器，這對於影響者行銷在當前數位領域所發揮的作用至關重要。

In mid-April, we launched significant enhancements to the product, including AI-powered natural language discovery to enable marketers to identify creators through topic-led search, a customizable brand safety solution to better align creator partnerships with the brand's value and new creator vetting features that reduce the time spent in discovery so marketers can refocus on strategic creative tasks.

四月中旬，我們對產品進行了重大改進，包括基於人工智慧的自然語言發現，使行銷人員能夠透過主題搜尋識別創作者，可自訂的品牌安全解決方案，使創作者合作關係與品牌價值更好地結合起來，新的創作者審查功能減少了在發現上花費的時間，使行銷人員可以重新專注於策略創意任務。

Our reimagined influencer marketing product is grounded in AI and is designed to help brands find and vet the most valuable creators that fit their unique strategy faster and safer than ever before. We are excited about the opportunity this opens for brands to maximize their impact in today's increasingly social first ecosystem, and we look forward to expanding on the success our customers are seeing from these updates next quarter.

我們重新構想的網紅行銷產品以人工智慧為基礎，旨在幫助品牌比以往更快、更安全地找到並審查最符合其獨特策略的最有價值的創作者。我們很高興看到這為品牌在當今日益社交化的生態系統中最大化其影響力提供了機會，我們也期待在下個季度擴大客戶從這些更新中看到的成功。

Equally critical is social customer care as the rise of social search heightens the need for seamless integration of care strategies. Consumers turning to social platforms for discovery expect immediate personalized responses. Sprout updates to its customer care solutions and our brands to meet customers where they are with the goal boosting satisfaction and retention.

社交客戶關懷也同樣重要，因為社交搜尋的興起加劇了對關懷策略無縫整合的需求。消費者轉向社交平台進行探索，期望立即獲得個人化的回應。Sprout 更新了其客戶關懷解決方案和我們的品牌，以滿足客戶的需要，目標是提高滿意度和保留率。

As social search grows integrating robust care strategies is no longer optional, it's essential for building trust and loyalty. These innovations allow us to capitalize on the changes of an increasingly social-driven world and empower brands to reshape the future of the business, delivering measurable value. As we dive into our growth drivers, you'll see how these advancements paired with our vision, are fueling enterprise business and helping solidify our leadership in the market.

隨著社交搜尋的成長，整合強大的照護策略不再是可選項，而是對於建立信任和忠誠度至關重要。這些創新使我們能夠利用日益社會化的世界的變化，並賦予品牌重塑業務未來的能力，從而提供可衡量的價值。當我們深入了解成長動力時，您會看到這些進步如何與我們的願景結合，推動企業業務發展並幫助鞏固我們在市場上的領導地位。

Similar to the last few quarters, I want to provide a quick update on our four key growth drivers for Sprout that include: number one, win the enterprise; number two, customer health and adoption; number three, expand our partnership and ecosystem; and number four, drive improved account penetration. Then I'll 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-plus deals and accelerate adoption with a product road map built for enterprise needs.

與過去幾季類似，我想簡要介紹 Sprout 的四個關鍵成長動力，包括：第一，贏得企業；第二，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。然後，我將花幾分鐘時間對每個重點關注領域提供一些快速更新。為了贏得企業，我們打算擴大管道，達成 50,000 多筆交易，並透過針對企業需求建立的產品路線圖來加速採用。

Let's start with key product releases in the quarter. For AI, we released to generate post by AI assist that enables social media managers to leverage fresh content ideas through generates recommendations. With a few clicks, users can create a range of concepts to captivate their audience. With convenient access from either the publishing calendar or compose window, users are able to generate creative written content in their unique brand voice to help drive productivity and inspiration for their social strategy.

讓我們從本季的主要產品發布開始。對於人工智慧，我們發布了透過人工智慧輔助生成貼文的功能，使社群媒體經理能夠透過產生建議來利用新鮮的內容創意。只需點擊幾下，用戶就可以創建一系列概念來吸引觀眾。透過從發布日曆或撰寫視窗方便地訪問，用戶可以以其獨特的品牌聲音生成創意書面內容，以幫助提高其社交策略的生產力和靈感。

For care, our latest innovations are built for brands managing high-volume engagement at scale. During the quarter, we released our Agentforce integration to be generally available for Service Cloud and Sprout customers. With Sprout and Salesforce's Agentforce, brands can accelerate case resolution time with faster access to multichannel case insights, personalized customer responses through consolidated contact summaries and enhanced brand experience with customer insights across case and channels.

對於護理，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。在本季度，我們發布了 Agentforce 集成，可供 Service Cloud 和 Sprout 客戶普遍使用。透過 Sprout 和 Salesforce 的 Agentforce，品牌可以更快地存取多通路案例洞察，透過整合的聯絡人摘要獲得個人化的客戶回應，並透過跨案例和管道的客戶洞察增強品牌體驗，從而加快案例解決時間。

We also released LinkedIn DMs, which allows teams to reply to private messages sent to a LinkedIn business profile from Sprout smart inbox or cases. By consolidating these messages in one place, care and community management teams can more efficiently engage with private inbound messages that could be sales leads, customer support issues or job candidates.

我們也發布了 LinkedIn DM，允許團隊回覆從 Sprout 智慧收件匣或案件發送到 LinkedIn 商業資料的私人訊息。透過將這些資訊整合到一個地方，護理和社區管理團隊可以更有效地處理可能是銷售線索、客戶支援問題或求職者的私人入站訊息。

We're strengthening enterprise scalability, security and compliance to help organizations manage complexity with confidence. Large distributed teams need consistency and control and we're excited about a new release during Q1 called Dynamic Role Sync, which is designed to provide customers with greater oversight of user permissions and access security.

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，我們對第一季發布的名為 Dynamic Role Sync 的新版本感到非常興奮，該版本旨在為客戶提供對使用者權限和存取安全性的更多監督。

As teams grow to meet the demands of social, brand safety continues to be top of mind for businesses and this release is designed to offer customers further confidence in ensuring the right team members have their proper access.

隨著團隊不斷壯大以滿足社交需求，品牌安全繼續成為企業最關心的問題，此版本旨在讓客戶更有信心確保合適的團隊成員擁有適當的存取權限。

Finally, we were one of the first to market with a key accessibility feature where customers can now add or edit all text on image posts on Instagram and Pinterest Inspro, including using AI assisted image description in one-click.

最後，我們是首批在市場上推出關鍵輔助功能的公司之一，客戶現在可以在 Instagram 和 Pinterest Inspro 上的圖片帖子中添加或編輯所有文本，包括一鍵使用 AI 輔助圖像描述。

Alt Text is a simple but powerful way to make social content more accessible to those globally with the visual impairments. It brings images to life for those using screen readers or other assistive tech and helps brands prioritize inclusivity while reaching a broader audience. This is especially impactful for our customers in state and local government that will need to comply with the updated digital accessibility requirements from the ADA by April 2026.

Alt Text 是一種簡單但功能強大的方法，可以讓全球視力障礙的人更容易存取社交內容。它為使用螢幕閱讀器或其他輔助技術的用戶帶來栩栩如生的圖像，並幫助品牌在覆蓋更廣泛受眾的同時優先考慮包容性。這對我們州和地方政府的客戶來說尤其重要，因為他們需要在 2026 年 4 月之前遵守 ADA 更新的數位無障礙要求。

I also want to spend a few minutes discussing some additional strategic enterprise wins in the quarter that you'll find in our earnings presentation. This quarter, we closed a 7-figure new business deal with a Fortune 500 medical device manufacturer looking to take an enterprise approach to social and to consolidate their tech stack for publishing, engagement, analytics, listening and influencer marketing. They chose Sprout for our ability to deploy quickly. And because of the access they get to our team of expert professional services who can help enable a true enterprise strategy with stronger operations and increased visibility.

我還想花幾分鐘時間討論本季的一些其他策略企業勝利，您可以在我們的收益報告中看到這些勝利。本季度，我們與一家財富 500 強醫療設備製造商達成了一項 7 位數的新業務交易，該製造商希望採取企業社交方式並整合其發布、參與、分析、傾聽和影響力營銷的技術堆疊。他們選擇 Sprout 是因為我們有快速部署的能力。而且由於他們可以接觸到我們專業的專家服務團隊，他們可以幫助實現真正的企業策略，具有更強大的營運能力和更高的知名度。

Now instead of managing silo tech and multiple vendors, they'll be able to manage their entire social strategy in Sprout, which can enable a faster time to value and a stronger ROI. Another new business customer that closed in the quarter was with a Fortune 500 food and beverage manufacturer.

現在，他們無需管理孤立的技術和多個供應商，而是能夠在 Sprout 中管理整個社交策略，從而更快地實現價值並獲得更高的投資回報率。本季簽約的另一個新客戶是財富 500 強食品和飲料製造商。

This was another example of a company using multiple tools and seeking consolidation into one easy-to-use platform. They ultimately wanted a solution where they could understand current customer trends, pair them with their historical great products and amplify that content while receiving immediate feedback on its performance.

這是公司使用多種工具並尋求整合為一個易於使用的平台的另一個例子。他們最終想要一個解決方案，讓他們能夠了解當前的客戶趨勢，將其與歷史上的優秀產品配對，並在獲得其性能的即時反饋的同時擴大其內容。

With Sprout, they're able to centralize marketing and customer support in one intuitive platform to monitor feedback, track campaign success and engage with consumers in real time. We're also now going to be able to generate real-time reports to identify trends, leveraging that data to align with the product strategy and ultimately drive loyalty and repeat purchases.

借助 Sprout，他們能夠在一個直覺的平台上集中行銷和客戶支持，以監控回饋、追蹤活動成功並即時與消費者互動。我們現在還可以產生即時報告來識別趨勢，利用這些數據來配合產品策略，並最終推動忠誠度和重複購買。

The next customer story we want to highlight is a 600,000 expansion win, which highlights the growth opportunities within our existing customer base. This Fortune 500 restaurant chain was already managing their marketing, care and experience through our platform and Service Cloud integration. Our expanded relationship was driven by their acute need to significantly increase their coverage of social profiles across 15,000 locations.

我們要重點介紹的下一個客戶故事是 600,000 的擴張勝利，這凸顯了我們現有客戶群中的成長機會。這家財富 500 強連鎖餐廳已經透過我們的平台和服務雲整合管理他們的行銷、服務和體驗。我們擴大合作關係的原因是，他們迫切需要大幅增加其在 15,000 個地點的社交資料覆蓋範圍。

Now they can easily manage guest interactions and reviews across thousands of locations, helping ensure that messages aren't missed and that complaints are efficiently addressed. This is a great example of how critical social is for the health of our customers' brand and reputation and our ability to meet the needs of a large-scale complex enterprise organization globally.

現在，他們可以輕鬆管理數千個地點的客人互動和評論，幫助確保不會錯過資訊並有效處理投訴。這是一個很好的例子，說明社交對於我們客戶的品牌和聲譽的健康以及我們滿足全球大型複雜企業組織的需求的能力有多麼重要。

Our second growth driver is a sharper focus on customer health, onboarding and adoption to maximize long-term value. This quarter, we successfully implemented a new customer success platform that enhances our ability to score and assess customer health. With this improved visibility, we're better equipped to proactively identify both renewal risks and expansion opportunities. We also continue to strategically scale our customer success team by tailoring our approach based on customer segments. SMB and mid-market customers now benefit from stronger community resources and enhanced technical support, while our enterprise clients receive a higher touch experience through professional services, AI-driven insights and product usage signals.

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。本季度，我們成功實施了一個新的客戶成功平台，增強了我們評分和評估客戶健康的能力。有了這種提高的可見性，我們就能更好地主動識別更新風險和擴展機會。我們也將繼續根據客戶細分來客製化我們的方案，從而策略性地擴大我們的客戶成功團隊的規模。中小型企業和中型市場客戶現在可以受益於更強大的社區資源和增強的技術支持，而我們的企業客戶可以透過專業服務、人工智慧驅動的洞察和產品使用訊號獲得更高的觸覺體驗。

Moving on to our third driver. We will 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.

接下來討論我們的第三個驅動因素。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，並將我們的業務範圍擴大到一些最大的數位行銷預算。

In the first quarter, we added new leaders in product partnerships and channels to lead and expand our efforts across Salesforce, AWS and beyond. We also deepened our sales force alliance with a strong presence at the Sydney World Tour in February, the flagship event for APAC customers. Expect us to ramp up activity on the partnership front in fiscal 2025 as we believe our social network, technical integrations and go-to-market partnerships can be a long-term acceleration to our business model.

在第一季度，我們在產品合作夥伴和通路方面增加了新的領導者，以領導和擴展我們在 Salesforce、AWS 及其他領域的工作。我們也積極參與 2 月的雪梨世界巡迴賽，這是亞太地區客戶的旗艦活動，從而深化了與銷售隊伍的聯盟。我們相信，我們的社交網路、技術整合和市場合作夥伴關係可以長期加速我們的商業模式，因此我們預計在 2025 財年我們將加強合作。

The key focus in the next few quarters will be working to build out our network of international resellers that can increase our access to more European-based customers and over time to replicate this in APAC. Our fourth growth driver is deepening customer engagement through use case expansion and premium modules with our field team seeking to drive greater value across both new and existing customers.

未來幾季的重點將是努力建立我們的國際經銷商網絡，以增加我們接觸更多歐洲客戶的管道，並隨著時間的推移在亞太地區複製這種模式。我們的第四個成長動力是透過擴展用例和進階模組來深化客戶參與度，我們的現場團隊致力於為新舊客戶創造更大的價值。

We built on our momentum from Q4 by launching a multiproduct campaign in Q1 across our go-to-market teams. Multiproduct selling is now a core component of every sales reps compensation plan. To support this shift, we're equipping our reps with a robust set of account-based intent signals to help them identify high potential expansion opportunities and uncover untapped markets.

我們在第一季在整個行銷團隊中發起了一項多產品活動，以延續第四季度的良好勢頭。多產品銷售現在是每個銷售代表薪酬計畫的核心組成部分。為了支持這一轉變，我們為我們的銷售代表配備了一套強大的基於帳戶的意圖信號，以幫助他們識別高潛力的擴張機會並發掘尚未開發的市場。

Looking forward, we believe the strategic investments we are making in robust customer care, integrated AI-powered solutions and influencer marketing will help define this product category in a world where social is not just important but essential. I'm excited about what's ahead and look forward to sharing more progress along the way.

展望未來，我們相信，我們在強大的客戶服務、整合的人工智慧解決方案和影響力行銷方面所做的策略性投資將有助於在社交不僅重要而且必不可少的世界中定義這個產品類別。我對未來充滿期待，並期待分享更多進展。

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

說完這些，我會把責任交給喬來處理財務事宜。喬？

Thanks, Ryan. I'll now run through our financial results and guidance. Our first quarter results were highlighted by a record quarterly non-GAAP operating margin of 11.5%, up over 500 basis points from the year ago period. We generated a record $19.5 million in non-GAAP free cash flow during the quarter, up $8.1 million from our non-GAAP free cash flow in 1Q 2024, an increase of 72% on a year-on-year basis. We remain committed to growing operating leverage on a fiscal year basis, and we'll continue to evaluate our ability to drive greater profitability as the year progresses.

謝謝，瑞安。我現在將介紹我們的財務表現和指導。我們第一季業績的亮點是季度非公認會計準則營業利潤率創下 11.5% 的紀錄，比去年同期增長了 500 個基點以上。我們在本季度創造了創紀錄的 1,950 萬美元非公認會計準則自由現金流，較 2024 年第一季的非公認會計準則自由現金流增加了 810 萬美元，年增 72%。我們仍然致力於在財政年度內提高經營槓桿，並且我們將繼續評估我們在未來提高獲利能力的能力。

On to a summary of the quarter. Total revenue for the first quarter was $109.3 million, representing 13% year-over-year growth. Subscription revenue was $108.7 million, up 13% year-over-year. The number of customers contributing more than $10,000 in ARR grew 6% from a year ago. The number of customers contributing more than $50,000 in ARR grew 22% from a year ago. Q1 ACV was $14,961 up 16% year-over-year.

接下來是本季的總結。第一季總營收為 1.093 億美元，年增 13%。訂閱收入為 1.087 億美元，年增 13%。貢獻超過 10,000 美元 ARR 的客戶數量比一年前增加了 6%。貢獻 ARR 超過 50,000 美元的客戶數量比一年前增加了 22%。Q1 ACV 為 14,961 美元，年增 16%。

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 $360.2 million, up from $351.5 million in Q4 and up 24% year-over-year. We expect to recognize 71% or $255.8 million of total RPO as revenue over the next 12 months, implying a cRPO growth rate of 21% 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併加強影響力行銷和客戶服務等優質模組的附加率。RPO 總額為 3.602 億美元，高於第四季的 3.515 億美元，年增 24%。我們預計未來 12 個月內 RPO 總收入的 71% 或 2.558 億美元將確認為收入，這意味著 cRPO 成長率將達到 21%。

Non-GAAP operating income totaled $12.5 million, which is well ahead of the high end of our outlook. This was up from $6.0 million a year ago that equates to a non-GAAP operating margin of 11.5%, a quarterly record for operating margin. We're pleased that our progress here demonstrates our focus on continued growth and our margin profile.

非公認會計準則營業收入總計 1,250 萬美元，遠遠超出我們預期的最高水準。這一數字高於去年同期的 600 萬美元，相當於非 GAAP 營業利潤率 11.5%，創下了季度營業利潤率的最高紀錄。我們很高興看到我們的進展表明了我們對持續成長和利潤率的關注。

Before moving on to guidance, a few additional comments. Based on our latest data we gathered during Q1, that reflects their current macro environment, expect us to continue to take a measured view on how we look at the business this fiscal year. As Ryan mentioned earlier, we do not expect the demand environment to improve in fiscal year 2025 from what we experienced in fiscal year 2024. We are closely monitoring this dynamic spending environment impacted by tariffs and federal spending cuts.

在繼續提供指導之前，先說幾點補充意見。根據我們在第一季收集的最新數據，這些數據反映了他們當前的宏觀環境，預計我們將繼續以審慎的態度看待本財年的業務。正如 Ryan 之前提到的，我們預計 2025 財年的需求環境不會比 2024 財年有所改善。我們正在密切關注受關稅和聯邦支出削減影響的動態支出環境。

Now on to guidance. For the second quarter of fiscal 2025, we expect revenue in the range of $110.4 million to $111.2 million. We expect non-GAAP operating income in the range of $8.4 million to $9.4 million. We expect a non-GAAP net income per share of between $0.14 and $0.16. This assumes approximately 58.8 million weighted average basic shares of common stock outstanding.

現在開始指導。對於 2025 財年第二季度，我們預計營收將在 1.104 億美元至 1.112 億美元之間。我們預計非公認會計準則營業收入將在 840 萬美元至 940 萬美元之間。我們預計非公認會計準則每股淨收益在0.14美元至0.16美元之間。此假設流通在外普通股加權平均基本股數約為5,880萬股。

For the full year 2025, raising our guidance from the prior quarter and now expect revenue in the range of $448.9 million to $453.9 million. We're also raising our non-GAAP operating income guidance expected to be in the range of $40.7 million to $45.7 million. We now expect non-GAAP net income per share between $0.69 and $0.77, assuming approximately 59.1 million weighted average basic shares of common stock outstanding. We look forward to continuing to innovate and create more opportunities for our customers to grow with us. We appreciate your interest in Sprout Social.

對於 2025 年全年，我們上調了上一季的預期，目前預計營收將在 4.489 億美元至 4.539 億美元之間。我們也提高了非公認會計準則營業收入預期，預計在 4,070 萬美元至 4,570 萬美元之間。我們現在預計非公認會計準則每股淨利潤在 0.69 美元至 0.77 美元之間，假設流通在外的普通股加權平均基本股數約為 5,910 萬股。我們期待繼續創新，為客戶創造更多與我們共同成長的機會。感謝您對 Sprout Social 的關注。

And 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) Raimo Lenschow, Barclays.

（操作員指示）巴克萊銀行的 Raimo Lenschow。

Perfect. Thank you. Congrats on a great start. Ryan, you mentioned some interesting enterprise wins. Can you talk a little bit about what you're seeing there more in the early stages of the pipeline? Like obviously, it's volatile out there. But like it still sounds very interesting that enterprises continue to do some work there. Can you just kind of go a little bit deeper in terms of what you're seeing in the field there, especially on the high end of the customer base?

完美的。謝謝。恭喜您有一個好的開始。瑞安，你提到了一些有趣的企業勝利。您能否稍微談談您在管線早期階段看到的情況？顯然，那裡的情況很不穩定。但企業繼續在那裡進行一些工作聽起來仍然很有趣。您能否更深入地介紹一下您在該領域看到的情況，特別是高端客戶群的情況？

Thanks, Raimo. Appreciate the question. Yes, we had some great wins in the quarter across the board. I think one of the things that's most interesting to us here is just a wide variety of industry and verticals you see, right, even in the Fortune 500, you've got med device, you've got restaurant chains, you've got food and bev. From a pipeline perspective, we've seen some really healthy things from our enterprise team during the quarter. A lot of credit to the team in terms of just the execution in the market right now and the conversations that we're having.

謝謝，雷莫。感謝你的提問。是的，我們在本季度取得了全面勝利。我認為對我們來說最有趣的事情之一是你看到的各種各樣的行業和垂直行業，即使在財富 500 強中，也有醫療設備、連鎖餐廳、食品和飲料。從通路角度來看，本季我們看到企業團隊取得了一些非常健康的進展。就目前市場執行情況和我們正在進行的對話而言，團隊值得稱讚。

I think this really comes down to where our customers are -- and more and more, they're on social, right? We're seeing customers on social 2.5 hours a day and there's a ton of gravity for these enterprise customers to manage them there. They need a platform like Sprout to be able to engage with them, and that's from a marketing perspective, a care perspective and analytics perspective. So these are all the types of things that we're solving for customers today. And the team is finding themselves in more opportunities than before at a larger scale. So just really good progress on the pipeline creation.

我認為這實際上取決於我們的客戶在哪裡——他們越來越多地參與社交，對嗎？我們每天在社群媒體上與客戶見面 2.5 小時，這些企業客戶需要花大量時間在那裡管理他們。他們需要一個像 Sprout 這樣的平台來與他們互動，這是從行銷角度、護理角度和分析角度進行的。這些都是我們今天要為客戶解決的問題。而團隊發現自己擁有比以前更多、更大規模的機會。因此，管道創建確實取得了良好的進展。

Rob Oliver, Baird.

羅伯奧利弗，貝爾德。

Great. Thanks. I appreciate it, guys. I will try to squeeze it. Two part in -- if I can. Ryan, for you. Just, I guess, an extension of Raimo's question, if you can comment a little bit more on the pipeline for enterprise for this year. And I know you've spent some time with Mike trying to make sure you guys identify kind of that ideal customer profile, as you've called it. And I'd be curious what progress you guys are making to make sure you're maximizing your higher touch points at enterprise. Yes, that's two.

偉大的。謝謝。我很感激你們。我會嘗試擠壓它。如果可以的話，分成兩部分。瑞安，為了你。我想，這只是 Raimo 問題的延伸，您是否可以對今年的企業通路發表更多評論？我知道你和麥克花了一些時間試圖確保你們能夠確定那種你們所說的理想客戶形象。我很好奇你們取得了哪些進展，以確保最大限度地利用企業的更高接觸點。是的，是兩個。

Yes. Thanks, Rob. Yes, Mike and the team have been doing a really nice job there. I mean one of the biggest things that we're really focused in on, and you mentioned it in the question is just ideal customer profile. And so one of the benefits for us is with nearly 30,000 customers across so many industries and verticals, we've got a really good sense of where our opportunities exist.

是的。謝謝，羅布。是的，麥克和他的團隊在那裡做得非常出色。我的意思是，我們真正關注的最重要的事情之一，正如您在問題中提到的，就是理想的客戶形象。因此，我們的優勢之一是，我們擁有來自眾多行業和垂直領域的近 30,000 名客戶，因此我們非常清楚自己的機會在哪裡。

And then on top of that, when our customers are on social, we get really good signal in the things that they're doing, right? We also, as you all know, we lead with the product in a trial. So when prospects come in even before they sign a contract and they're in our trial, we get a really good sense of how they're leveraging social, and we get really good data and analytics that the team can use to make sure that we're engaging in the right places.

最重要的是，當我們的客戶進行社交時，我們可以從他們所做的事情中獲得很好的訊號，對嗎？眾所周知，我們也對產品進行了試驗。因此，當潛在客戶在簽訂合約之前就參與試用時，我們就能很好地了解他們如何利用社交，並且我們能獲得非常好的數據和分析，團隊可以使用這些數據和分析來確保我們在正確的地方進行互動。

We're ensuring that they're using the product in the right places and that we're solving their biggest problems. I think from an enterprise perspective, as you might imagine, customer care matters a ton to them. If you're not on social in front of your customers, it's really reputation roulette and these customers care deeply making sure that they're all over it. So those are some of the highlights for the team and where they're spending time with the enterprise.

我們確保他們在正確的地方使用產品，並且我們正在解決他們最大的問題。我認為從企業的角度來看，正如您可能想像的那樣，客戶服務對他們來說非常重要。如果您不在客戶面前進行社交，那麼這實際上就是聲譽輪盤賭，而這些客戶非常關心是否全面了解您的聲譽。這些是團隊的一些亮點以及他們在企業中花費的時間。

Elizabeth Porter, Morgan Stanley.

摩根士丹利的伊麗莎白波特。

Great, thank you very much. I wanted to follow up on your comments, just about a really strong pipeline heading into the year. So could you just give us some more context for some of the pipeline coverage ratios that you're including for 2025 kind of where you may be today versus prior periods. And how that gives you comfort to be able to move through a potentially more difficult macro, although I kind of recognize we're not seeing any of the impact yet today. Thank you.

太好了，非常感謝。我想跟進您的評論，關於今年即將出現的真正強勁的管道。那麼，您能否為我們提供一些有關 2025 年管道覆蓋率的更多背景信息，例如與之前的時期相比，您現在的管道覆蓋率是多少。這能讓你安心地度過可能更困難的宏觀時期，儘管我承認我們今天還沒有看到任何影響。謝謝。

Yes. I appreciate the question. We feel good about the coverage that we've had here. Similar to some of my comments just before the team is doing a really good job in terms of pipeline hygiene, we're seeing really great effort in terms of creation from the top of the funnel.

是的。我很感謝你提出這個問題。我們對這裡所得到的報道感到很滿意。與我之前的一些評論類似，團隊在管道衛生方面做得非常好，我們看到在漏斗頂部的創造方面做出了非常大的努力。

As you might imagine, we're paying very close attention to all of the metrics with pipe creation and pipe velocity certainly, like all of us paying very close attention to the things that are happening in the macro, currently not seeing anything material in terms of changes but paying a lot of attention there.

正如您可能想像的那樣，我們非常密切地關注管道創建和管道速度的所有指標，就像我們所有人都非常密切地關注宏觀上發生的事情一樣，目前在變化方面沒有看到任何實質性的變化，但在那裡投入了大量的注意力。

David Hynes, Canaccord Genuity.

Canaccord Genuity 的 David Hynes。

Hey guys, two for Joe. Joe, I'm getting 6% cRPO based bookings growth. Is that a decent proxy for enterprise bookings growth? And if not, what's it missing? And then the second question is, what are you seeing from a gross retention standpoint in that $10,000 to $50,000 cohort?

嘿，夥計們，喬，兩個。喬，我的 cRPO 訂單量增加了 6%。這是企業預訂量成長的合理指標嗎？如果不是，那麼缺少什麼？那麼第二個問題是，從總留存率的角度來看，您認為 10,000 美元到 50,000 美元的群體的情況如何？

Yes. Thanks for the question, DJ. When we look at cRPO, I think there's a couple of things that we've talked about before. And I think overall, we were pleased with the growth, the over 21% growth in the quarter. I think there's two things that I always skew that number, as we talked about before. Number one, is you've got the seasonality, right, from Q4 to Q1. Q4 is always going to be really strong when it comes to cRPO and then that's going to kind of burn off in Q1 and always be a little bit impacted by that seasonality.

是的。謝謝你的提問，DJ。當我們研究 cRPO 時，我認為我們之前已經討論過一些事情。我認為總體而言，我們對本季超過 21% 的成長感到滿意。我認為有兩件事總是導致這個數字出現偏差，正如我們之前討論過的。第一，您已經了解了季節性，從第四季到第一季。就 cRPO 而言，第四季始終表現強勁，但第一季勢必會減弱，並且總是會受到季節性的影響。

And then number two is just we still have the month-to-month aspect of our business. And so that kind of -- we've talked about this over the longer term, the cRPO growth number is going to be a real good indicator, but we're still at a point where we're still going to converge on that with revenue over time.

第二，我們的業務仍然是按月進行的。所以那種 - 我們已經討論過這個問題，從長遠來看，cRPO 成長數字將是一個非常好的指標，但我們仍然處於一個階段，隨著時間的推移，我們仍然會將收入與其收斂。

With the gross retention side, we continue to see really strong gross retention in the quarter. It was up again quarter-over-quarter. And I think for us, it's a really strong indication of how mission-critical our software is to our customers. And so continue to see improvement on the gross retention, not just in the enterprise, I would say, across our customer base, even down the SMB, we're seeing strong gross retention there.

從總留存率來看，我們本季持續看到非常強勁的總留存率。與上一季相比，這一數字再次上升。我認為對我們來說，這充分證明了我們的軟體對客戶的重要性。因此，我們繼續看到總留存率的改善，不僅僅是在企業中，我想說，在我們的客戶群中，甚至在中小企業中，我們都看到了強勁的總留存率。

Adam Hotchkiss, Goldman Sachs.

高盛的亞當·霍奇基斯。

Hey guys, this is Greyson Sklba on for Adam. I wanted to touch on profitability quickly. Pretty nice beat in the quarter there as well as a nice raise to the full year guide. If you could just talk a little bit about what drove that beat? And if there's any sort of changes or impacts to the full year investment philosophy following the outperformance in the quarter?

大家好，我是 Greyson Sklba，代表 Adam 發言。我想快速談談獲利能力。本季業績表現相當不錯，全年預期也大幅提升。您能否簡單談談是什麼推動了這一節奏？本季的優異表現是否會對全年投資理念產生任何變化或影響？

Yes. Thanks for the question. As far as what drove the beat a couple of things. One, the revenue overperformance was one of the key areas. The other one is some of the hiring that we had in the quarter was more back-end loaded in the quarter.

是的。謝謝你的提問。至於是什麼推動了節拍，有幾件事。首先，收入超額表現是關鍵領域之一。另一個是，我們本季招募的部分人員更集中在後端。

And so that definitely benefited us. But what I will say overall when you look at the full year guide, we're really trying to make sure we're still maintaining some flexibility to adjust for any kind of unknown risk throughout the year. But what I would say is very similar to Q1, if we continue to outperform on the top line, you'll definitely see more leverage in the business throughout the year.

這無疑對我們有利。但總的來說，當您查看全年指南時，我會說我們確實在努力確保我們仍然保持一定的靈活性，以適應全年的任何未知風險。但我想說的是，與第一季非常相似，如果我們繼續在營收上表現出色，你肯定會在全年看到業務中更多的槓桿作用。

Scott Berg, Needham.

史考特·伯格，尼德姆。

Hi, everyone, this is Rob Morelli on for Scott. Congrats on the quarter. I understand the Agentforce integration was still pretty recent. Any commentary you can provide on how that might have impacted pipeline or deal flow for the quarter? And any thought on the sort of contribution this can have for 2025 pipeline trends?

大家好，我是 Rob Morelli，代替 Scott 報道。恭喜本季取得佳績。據我所知，Agentforce 整合才剛起步。您能否就這可能會對本季度的管道或交易流程產生什麼影響提供任何評論？您認為這會對 2025 年管道趨勢產生什麼樣的影響？

Yes. Thanks, Rob. I appreciate the question. We're really excited about Agentforce and partnership. This is just another chapter in terms of the partnership we had with Salesforce growing from the Service Cloud. We're really early there. Obviously, we just went GA with that integration, we had a chance to talk about it a little bit at Sydney.

是的。謝謝，羅布。我很感謝你提出這個問題。我們對 Agentforce 和合作關係感到非常興奮。這只是我們與 Salesforce 合作從服務雲端開始發展的另一個篇章。我們到那兒真的很早。顯然，我們剛剛完成了這項整合，我們有機會在雪梨談論它。

We'll have a chance to talk about it as we head into marketing connections and then again, at reinforce at the end of the year. But nothing else to call out this early in the stage. And as we come back, I think we can share a little bit more color around some of the progress that we're making there in the customer stories.

當我們進入行銷聯繫時，我們將有機會談論這個問題，然後在年底再次討論。但在階段初期，還沒有其他值得關注的事情。當我們回來時，我想我們可以分享更多關於我們在客戶故事中取得的一些進展的資訊。

Allan Verkhovski, Scotiabank.

加拿大豐業銀行的 Allan Verkhovski。

Hey, guys. Thanks for taking the question. Good to see numbers for the full year going up. It's up and bottom line. I noticed your Q2 revenue growth rate that was guided to is higher than what you guided for in Q1. I know the comps are easier, but given the Q1 beat here, can you just maybe talk about the biggest puts and takes with respect to the guided Q2 revenue number? And then a quick follow-up. What drove the current deferred revenue in the quarter to fall for the first time on a sequential basis?

嘿，大家好。感謝您回答這個問題。很高興看到全年數字上升。這是上升和底線。我注意到您預測的第二季營收成長率高於第一季的預期。我知道比較起來比較容易，但考慮到第一季的業績，您能否談談相對於第二季預期收入數字而言最大的利弊？然後進行快速跟進。是什麼原因導致本季遞延營收首次季減？

Yes. Thanks for the question. On the first point, I think when it comes to the Q2 guide and then also on the full year, I think the only thing to call out there is -- and I mentioned this in my prepared remarks is we're just trying to take a very measured approach in the way we guide. It's also -- Ryan called this out as well. We're assuming that the macro is consistent with what we saw in Q1 and most of 2024. And so we feel pretty good about the guidance we set out for the year and our ability to achieve those numbers.

是的。謝謝你的提問。關於第一點，我認為當談到第二季度指南以及全年指南時，我認為唯一需要指出的是——我在準備好的發言中提到過，我們只是試圖在指南中採取非常慎重的態度。這也是——瑞安也提到了這一點。我們假設宏觀情況與我們在第一季和 2024 年大部分時間看到的情況一致。因此，我們對今年制定的指導方針以及實現這些數字的能力感到非常滿意。

As it relates to deferred revenue, I think the biggest impact there is just the fact that we signed such large deals in Q4. And I think Q4 last year, was one of the largest increases we've seen when it comes to annual and multiyear deals and the impact on deferred revenue and as that burns off in Q1, that was just a bigger sequential impact because of the size of the deals where we were landing in Q1 -- or Q4 and that kind of drove that impact on Q1.

就遞延收入而言，我認為最大的影響就是我們在第四季簽署瞭如此大的交易。我認為，就年度和多年期交易以及遞延收入的影響而言，去年第四季度是我們看到的最大增幅之一，隨著第一季的消退，這只是一個更大的連續影響，因為我們在第一季或第四季達成的交易規模較大，這對第一季產生了影響。

Arjun Bhatia, William Blair & Company.

阿瓊‧巴蒂亞 (Arjun Bhatia)，威廉‧布萊爾公司 (William Blair & Company)。

Thank you so much. Ryan, one for you. It seems like there's certainly going to be a lot of focus this year and beyond on cross-sell platform expansion, right, selling the entire Sprout platform as opposed to just individual products, especially with importer marketing and care. I'm curious how we should think about just penetration with those solutions.

太感謝了。瑞安，給你一個。看起來今年及以後肯定會把重點放在交叉銷售平台的擴展上，對吧，銷售整個 Sprout 平台而不是單一產品，尤其是進口商行銷和關懷。我很好奇我們應該如何看待這些解決方案的滲透。

And when you're thinking about increasing the role that they play in your growth rate. Is that mostly going to be through existing customer expansions or through more of the larger kind of enterprise deals that you're trying to -- that you're starting to sell where we'll see attach rates for those increase?

當您考慮增加它們在您的成長率中所發揮的作用時。這主要是透過現有客戶擴張來實現的，還是透過您正在嘗試的更多更大規模的企業交易來實現的——您開始銷售這些交易，我們會看到這些交易的附加率增加？

Yes. Thanks, Arjun. I appreciate the question. You're right. The cross-sell, the multi-products are a really important part of our strategy. We're continuing to see some really healthy trends there. A big part of this and I mentioned this in the prepared remarks, is just making sure that the teams had the right level of training across all the products and then it's built into the commission plans and the compensation models so that's been heading well.

是的。謝謝，阿瓊。我很感謝你提出這個問題。你說得對。交叉銷售和多種產品是我們策略中非常重要的一部分。我們繼續看到那裡的一些真正健康的趨勢。這其中很重要的一部分，我在準備好的發言中提到過，就是確保團隊對所有產品都有適當的培訓，然後將其納入佣金計劃和薪酬模式，以便一切進展順利。

We also, from a penetration perspective, and we shared this before, we continue to see good progress on that, but we're still very early in the penetration rates for clearly, our current customers are almost 30,000 and then lots of opportunity as we're landing new logos. So when I think about the growth rate for existing first new business, it's going to be a bit of both. We see opportunities to go and expand our current customers. And then we see a lot of opportunities on the new business side.

我們也從滲透率的角度來看待這個問題，我們之前也分享過，我們繼續看到這方面的良好進展，但顯然我們的滲透率還處於非常早期的階段，我們目前的客戶數量接近 30,000，隨著我們推出新的標識，我們還將擁有大量的機會。因此，當我考慮現有第一項新業務的成長率時，我會認為兩者兼而有之。我們看到了擴大現有客戶的機會。然後我們在新業務方面看到了很多機會。

From an expansion perspective, in my prepared remarks, I shared a great customer example of a restaurant chain that increased by $600,000 and then on the new business side, we continue to see more of those customers showing up, wanting to solve more than one problem, wanting to do more than one specific area. So both of those things are going to be really important for our growth strategy.

從擴張的角度來看，在我準備好的發言中，我分享了一個很好的客戶案例，一家連鎖餐廳的收入增加了 60 萬美元，然後在新業務方面，我們繼續看到更多這樣的客戶出現，他們想要解決多個問題，想要做多個特定領域。因此，這兩件事對於我們的成長策略都非常重要。

Brian Schwartz, Oppenheimer.

布萊恩·施瓦茨，奧本海默。

Yeah, hi. Thanks for taking my question this afternoon. Ryan, I just wanted to ask about kind of the state of the sales organization. You did say in the introductory comments that you are increasing investments this year in your sales reps, I guess two questions. One is, are you increasing capacity? Or are you just kind of pruning the low performers and then to bring in some new players there?

是的，你好。感謝您今天下午回答我的問題。瑞安，我只是想詢問一下銷售組織的狀況。您確實在介紹性評論中說過，今年您將增加對銷售代表的投資，我想有兩個問題。一是，你們在增加產能嗎？還是你只是想淘汰表現不佳的員工，然後引進一些新員工？

And then along that line, do you feel that you're through the sales transition? Are you happy where the organization is in terms of targeting the upmarket, which is the longer-term strategy for the company?

那麼，沿著這條路線，您是否覺得自己已經完成了銷售轉型？您是否對公司目前瞄準高端市場的現狀感到滿意？高端市場是公司的長期策略嗎？

Yes. Thanks, Brian. I appreciate the question. Yes, it is increasing the capacity. And we tend to see this as we head into the back half of the year as well just in terms of combination of hiring reps, but also having those reps being more productive in the back half. So you'll see naturally the quota-carrying capacity increasing as we head into the back.

是的。謝謝，布萊恩。我很感謝你提出這個問題。是的，它正在增加容量。當我們進入下半年時，我們也傾向於看到這種情況，不僅從招募代表的組合來看，而且這些代表在下半年的生產力也更高。因此，當我們向後走時，你自然會看到配額承載能力不斷增加。

And in terms of the sales transition, yes, we're feeling really good about all the things that we've done. I wouldn't really call out any transitions per se. I think that the biggest thing that Mike and the team have been focused in on as we turn the year was just stability and getting it to fast start.

就銷售轉型而言，是的，我們對所做的一切感到非常滿意。我實際上不會呼籲任何轉變本身。我認為，在新的一年裡，麥克和他的團隊最關注的是穩定性和快速啟動。

So if we think about making sure territories were in place in Q1, very early compensation plans, making sure that the enablement plans were set and that the teams knew exactly where our focus areas were. Those were all things that were achieved really well in the quarter. So feeling really good about where that sales organization is and our opportunity to execute here.

因此，如果我們考慮確保在第一季就確定區域，制定非常早期的補償計劃，確保制定了支援計劃，並且團隊確切地知道我們的重點領域在哪裡。這些都是本季取得的非常好的成績。因此，對於該銷售組織的現狀以及我們在此執行的機會感到非常滿意。

Jackson Ader, KeyBanc Capital Markets.

傑克遜·阿德（Jackson Ader），KeyBanc 資本市場。

Great. Thanks for taking our questions, guys. Our question is about the potential for, I think you mentioned sales cycles elongating if things were to get worse macro economy. And I'm just curious, like, is that because people are just simply trying to hold on to their cash a little longer? Or is there something that's like where because of the area that the Sprout plays, right, social media management, is there something where there are like advertising or social media budgets that might impact how you guys go through business? Thank you.

偉大的。謝謝你們回答我們的問題。我們的問題是，如果宏觀經濟狀況惡化，銷售週期是否會延長？我想您提到了這一點。我只是很好奇，這是不是因為人們只是想再保留現金一段時間？或者是否存在一些問題，因為 Sprout 所處的領域是社群媒體管理，所以廣告或社群媒體預算等可能會影響你們開展業務的方式？謝謝。

Yes, I appreciate the question. One, I would just call out, we're not seeing any of those material changes today. So as I think about the Q1 performance that we saw and early in Q2, the dynamics look the same as they did in 2024. So really nothing to call out there.

是的，我很感謝你提出這個問題。首先，我想說的是，我們今天沒有看到任何實質的改變。因此，當我回顧我們在第一季和第二季初看到的表現時，我發現其動態與 2024 年的情況相同。所以真的沒什麼好說的。

And then I would also just highlight we don't have exposure to traditionally add budgets where we play on the organic side. And again, I'll go back to just the mission-critical nature of the product, right? Our customers are in the app three to four hours a day, they're leveraging it across a variety of use cases. Customer care is one of the biggest ones, our customers need to be where their customers are.

然後我還要強調的是，我們沒有機會在有機方面增加傳統預算。再次，我將回到產品的關鍵任務性質，對嗎？我們的客戶每天使用該應用程式三到四個小時，並在各種用例中利用它。客戶服務是最重要的服務之一，我們的客戶需要在他們的客戶所在的地方。

And more and more, we're seeing consumer behavior change where those customers are showing up in social from a customer service perspective. They are going there for search and for discovery. The brands that work with us are really needing that data, the analytics and the social listening data to inform their strategy.

我們越來越多地看到消費者行為改變，從客戶服務的角度來看，這些客戶開始出現在社交中。他們去那裡是為了搜尋和發現。與我們合作的品牌確實需要這些數據、分析和社交聆聽數據來指導他們的策略。

So we feel really good about the positioning of Sprout and the value that we're adding to our customers. And then if I just think about the gross retention dynamics that we've been seeing and the improvements there, I think it just really shows the resilience of the business.

因此，我們對 Sprout 的定位以及我們為客戶增加的價值感到非常滿意。然後，如果我只考慮我們所看到的整體保留動態和那裡的改進，我認為這確實顯示了業務的彈性。

I will turn the call back over to Ryan Barretto for closing remarks.

我將把電話轉回給 Ryan Barretto 做最後發言。

Great. Thank you very much, and thank you all for joining us and for your thoughtful questions. I want to end by thanking our incredible team here at Sprout. Their dedication and commitment and hard work drives everything that we're achieving. We're incredibly excited about the road ahead and confident in our strategy to deliver meaningful value to our customers and our shareholders. We appreciate your continued support, and we'll talk to you all soon. Thanks for joining us.

偉大的。非常感謝，也感謝大家加入我們並提出深思熟慮的問題。最後，我要感謝 Sprout 出色的團隊。他們的奉獻、承諾和辛勤工作推動了我們所取得的一切成就。我們對未來的道路感到無比興奮，並對我們的策略充滿信心，相信我們能為客戶和股東帶來有意義的價值。我們感謝您一直以來的支持，我們很快就會與您聯繫。感謝您的加入。

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。