Sprout Social Files Q2 2024 10-Q

TL;DR

**Sprout Social's Q2 10-Q is in! Check financials for latest performance.**

AI Summary

Sprout Social, Inc. filed its 10-Q for the period ending June 30, 2024. The company reported its financial performance for the second quarter and the first half of the year. Key financial data and operational details are disclosed in this filing.

Why It Matters

This filing provides investors with an update on Sprout Social's financial health and operational performance, crucial for understanding the company's trajectory in the competitive software market.

Risk Assessment

Risk Level: medium — As a public company in the software sector, Sprout Social faces inherent market, competition, and execution risks detailed in its SEC filings.

Key Numbers

• N/A — Revenue (Specific revenue figures for Q2 2024 are not directly extracted from this header-level data.)
• N/A — Net Income (Specific net income figures for Q2 2024 are not directly extracted from this header-level data.)
• N/A — Total Assets (Specific asset figures for Q2 2024 are not directly extracted from this header-level data.)

Key Players & Entities

• Sprout Social, Inc. (company) — Filer of the 10-Q
• 20240630 (date) — End of the reporting period
• 20240802 (date) — Filing date
• 131 SOUTH DEARBORN STREET SUITE 700 CHICAGO IL 60603 (address) — Company's business and mailing address

FAQ

Key Financial Figures

• $0.0001 — which registered Class A Common Stock, $0.0001 par value per share SPT The Nasdaq St

Filing Documents

• spt-20240630.htm (10-Q) — 1184KB
• exhibit311jh202482.htm (EX-31.1) — 9KB
• exhibit312jdp202482.htm (EX-31.2) — 9KB
• exhibit321jh202482.htm (EX-32.1) — 5KB
• exhibit322jdp202482.htm (EX-32.2) — 5KB
• 0001517375-24-000100.txt ( ) — 5209KB
• spt-20240630.xsd (EX-101.SCH) — 26KB
• spt-20240630_cal.xml (EX-101.CAL) — 68KB
• spt-20240630_def.xml (EX-101.DEF) — 182KB
• spt-20240630_lab.xml (EX-101.LAB) — 476KB
• spt-20240630_pre.xml (EX-101.PRE) — 322KB
• spt-20240630_htm.xml (XML) — 524KB

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION Item 1.

Financial Statements (unaudited)

Financial Statements (unaudited) 4 Condensed Consolidated Balance Sheets 4 Condensed Consolidated Statements of Operations 6 Condensed Consolidated Statements of Comprehensive Loss 7 Condensed Consolidated Statements of Stockholders' Equity 8 Condensed Consolidated Statements of Cash Flows 10 Notes to Condensed Consolidated Financial Statements 11 1. Nature of Operations and Summary of Significant Accounting Policies 11 2. Revenue Recognition 12 3. Operating Leases 13 4. Income Taxes 14 5. Revolving Line of Credit 14 6. Incentive Stock Plan 15 7. Commitments and Contingencies 16 8. Segment and Geographic Data 17 9. Net Loss per Share 17 10. Fair Value Measurements 18 11. Business Combinations 20

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 23

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 45

Controls and Procedures

Item 4. Controls and Procedures 46

- OTHER INFORMATION

PART II - OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 47

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 47

Other Information

Item 5. Other Information 47

Exhibits

Item 6. Exhibits 48

SIGNATURES

SIGNATURES 49 1 CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements Sprout Social, Inc. Condensed Consolidated Balance Sheets (Unaudited) (in thousands, except share and per share data) June 30, 2024 December 31, 2023 Assets Current assets Cash and cash equivalents $ 80,873 $ 49,760 Marketable securities 12,333 44,645 Accounts receivable, net of allowances of $ 2,232 and $ 2,177 at June 30, 2024 and December 31, 2023, respectively 58,614 63,489 Deferred commissions 16,196 27,725 Prepaid expenses and other assets 15,067 10,324 Total current assets 183,083 195,943 Marketable securities, noncurrent — 3,699 Property and equipment, net 11,236 11,407 Deferred commissions, net of current portion 44,190 26,240 Operating lease, right-of-use assets 7,844 8,729 Goodwill 121,315 121,404 Intangible assets, net 24,941 28,065 Other assets, net 992 1,098 Total assets $ 393,601 $ 396,585 Liabilities and Stockholders' Equity Current liabilities Accounts payable $ 9,799 $ 6,933 Deferred revenue 148,323 140,536 Operating lease liabilities 4,003 3,948 Accrued wages and payroll related benefits 15,407 18,362 Accrued expenses and other 9,584 11,260 Total current liabilities 187,116 181,039 Revolving credit facility 40,000 55,000 Deferred revenue, net of current portion 940 920 Operating lease liabilities, net of current portion 13,071 15,083 Other noncurrent liabilities 351 351 Total liabilities 241,478 252,393 4 Sprout Social, Inc. Condensed Consolidated Balance Sheets (Unaudited) (cont'd) (in thousands, except share and per share data) June 30, 2024 December 31, 2023 Commitments and contingencies (Note 7) Stockholders' equity Class A common stock, par value $ 0.0001 per share; 1,000,000,000 shares authorized; 53,322,896 and 50,399,375 shares issued and outstanding, respectively, at June 30, 2024; 52,133,594 and 49,241,563 shares issued and outstanding, respectively, at December 31, 2023 4 4 Class B common stock, par value $ 0.0001 per share; 25,000,000 shares authorized

View Full Filing

View this 10-Q filing on SEC EDGAR