These assumptions, uncertainties and risks include that, among others: we may not be able to sustain our revenue and customer growth rate in the future, including due to risks associated with our strategic focus on enterprise customers; price increases have and may continue to negatively impact demand for our products, customer acquisition and retention and reduce the total number of customers or customer additions; our business would be harmed by any significant interruptions, delays or outages in services from our platform, our API providers, or certain social media platforms; if we are unable to attract potential customers through unpaid channels, convert this traffic to free trials or convert free trials to paid subscriptions, our business and results of operations may be adversely affected; we may be unable to successfully enter new markets, manage our international expansion and comply with any applicable international laws and regulations; we may be unable to integrate acquired businesses or technologies successfully or achieve the expected benefits of such acquisitions and investments; unstable market, economic, and political conditions, such as recession risks, effects of inflation, trade tensions, changes in government spending, labor shortages, supply chain issues, high interest rates, and the impacts of current and potential future bank failures and ongoing overseas conflicts, have and could continue to adversely impact our business and that of our existing and prospective customers, which may result in reduced demand for our products; we may not be able to generate sufficient cash to service our indebtedness; covenants in our credit agreement may restrict our operations, and if we do not effectively manage our business to comply with these covenants, our financial condition could be adversely impacted; any cybersecurity-related attack, significant data breach or disruption of the information technology systems or networks on which we rely could negatively affect our business; changing regulations relating to privacy, information security and data protection could increase our costs, affect or limit how we collect and use personal information and harm our brand; and risks related to ongoing legal proceedings.
We believe non-GAAP net income per share provides our management and investors consistency and comparability with our past financial performance and facilitates period-to-period comparisons of operations, as this non-GAAP financial measure eliminates the effect of stock-based compensation, amortization expense and restructuring charges, which are often unrelated to overall operating performance.Non-GAAP free cash flow.
Consolidated Balance Sheets (Unaudited)(in thousands, except share and per share data) March 31, 2025 December 31, 2024Assets Current assets Cash and cash equivalents$100,902 $86,437 Marketable securities 1,000 3,745 Accounts receivable, net of allowances of $3,119 and $2,169 at March 31, 2025 and December 31, 2024, respectively 64,783 84,033 Deferred Commissions 21,803 20,184 Prepaid expenses and other assets 19,057 15,816 Total current assets 207,545 210,215 Property and equipment, net 10,902 10,951 Deferred commissions, net of current portion 52,327 51,653 Operating lease, right-of-use asset 10,985 11,326 Goodwill 121,315 121,315 Intangible assets, net 20,621 21,914 Other assets, net 962 967 Total assets$424,657 $428,341 Liabilities and Stockholders' Equity Current liabilities Accounts payable$7,260 $6,984 Deferred revenue 173,952 178,585 Operating lease liability 3,504 3,747 Accrued wages and payroll related benefits 16,002 20,567 Accrued expenses and other 13,378 10,869 Total current liabilities 214,096 220,752 Revolving credit facility 20,000 25,000 Deferred revenue, net of current portion 944 1,101 Operating lease liability, net of current portion 13,960 14,543 Other non-current liabilities 348 351 Total liabilities 249,348 261,747 Stockholders' equity Class A common stock, par value $0.0001 per share; 1,000,000,000 shares authorized; 54,787,894 and 51,845,950 shares issued and outstanding, respectively, at March 31, 2025; 54,219,684 and 51,277,740 shares issued and outstanding, respectively, at December 31, 2024 4 4 Class B common stock, par value $0.0001 per share; 25,000,000 shares authorized; 6,536,301 and 6,329,357 shares issued and outstanding, respectively, at March 31, 2025; 6,687,582 and 6,480,638 shares issued and outstanding, respectively, at December 31, 2024 1 1 Additional paid-in capital 578,328 558,391 Treasury stock, at cost (37,422) (37,422)Accumulated other comprehensive income 1 3 Accumulated deficit (365,603) (354,383)Total stockholders’ equity 175,309 166,594 Total liabilities and stockholders’ equity$424,657 $428,341 Sprout Social, Inc.
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