Artificial Intelligence
Sprout Social Announces First Quarter 2023 Financial Results Above Guidance Range
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CHICAGO, May 02, 2023 (GLOBE NEWSWIRE) — Sprout Social, Inc. (“Sprout Social”, the “Company”) (Nasdaq: SPT), an industry-leading provider of cloud-based social media management software, today announced financial results for its first quarter ended March 31, 2023.
“We are proud to deliver accelerating growth in key leading indicators, alongside record free cash flow,” said Justyn Howard, Sprout Social’s CEO and co-founder. “Customers that spend >$2,000 annually with us now account for greater than 95% of our ARR and delivered 35% ARR growth in Q1, building a strong foundation for accelerating ARR growth this year. Our pricing changes are performing well, our partnerships continue to strengthen and our multi-year investments in AI & automation each provide confidence into durable and efficient growth.”
First Quarter 2023 Financial Highlights
Revenue
- Revenue was $75.2 million, up 31% compared to the first quarter of 2022.
- ARR was $309.9 million, up 30% compared to the first quarter of 2022.
- During Q1, we prioritized customer success and growth resources behind our highest tier customers, which we believe accelerated churn from non-core customers contributing <$2,000 in ARR by roughly $6 million. ARR from customers contributing >$2,000 in ARR grew >35% year-over-year and now represents >95% of total ARR.
Operating Loss
- GAAP operating loss was ($11.9) million, compared to ($9.6) million in the first quarter of 2022.
- Non-GAAP operating income was $1.7 million, compared to a Non-GAAP operating loss of ($1.2) million in the first quarter of 2022.
Net Loss
- GAAP net loss was ($10.3) million, compared to ($9.8) million in the first quarter of 2022.
- Non-GAAP net income was $3.4 million, compared to a Non-GAAP net loss of ($1.4) million in the first quarter of 2022.
- GAAP net loss per share was ($0.19) based on 55.2 million weighted-average shares of common stock outstanding, compared to ($0.18) based on 54.3 million weighted-average shares of common stock outstanding in the first quarter of 2022.
- Non-GAAP net income per share was $0.06 based on 55.2 million weighted-average shares of common stock outstanding, compared to Non-GAAP net loss per share of ($0.03) based on 54.3 million weighted-average shares of common stock outstanding in the first quarter of 2022.
Cash
- Cash and equivalents and marketable securities totaled $187.2 million as of March 31, 2023, up from $185.8 million as of December 31, 2022.
- Net cash generated by operating activities was $8.3 million, compared to $5.4 million in the first quarter of 2022.
- Free cash flow was $7.9 million, compared to $5.1 million in the first quarter of 2022.
See “Customer Metrics” and “Use of Non-GAAP Financial Measures” below for how Sprout Social defines customers, ARR, Non-GAAP operating income (loss), Non-GAAP net income (loss), Non-GAAP net income (loss) per share, free cash flow and the financial tables that accompany this release for reconciliations of these measures to their closest comparable GAAP measures.
Customer Metrics
- Grew total number of customers to 33,861 as of March 31, 2023, up 3% compared to March 31, 2022.
- Non-core customers contributing less than $2,000 in ARR was 10,350 as of March 31, 2023, down 31% compared to March 31, 2022.
- ARR from non-core customers contributing less than $2,000 in ARR declined 31% year-over-year and now represents less than 5% of total ARR.
- Grew number of customers contributing over $10,000 in ARR to 7,107 customers as of March 31, 2023, up 33% compared to March 31, 2022.
- Grew number of customers contributing over $50,000 in ARR to 1,008 customers as of March 31, 2023, up 46% compared to March 31, 2022.
Recent Customer Highlights
- During the fourth quarter, we had the opportunity to help new customers like Campbell Soup Company, Big Lots, Dave & Buster’s, Ohio Department of Health, Samsonite Europe, EmblemHealth Services and Pabst Brewing.
- We executed growth deals with great brands and organizations like Universal Pictures, GE Power, Primera and Whirlpool UK.
Recent Business Highlights
Sprout Social recently:
- Announced new artificial intelligence (AI) investments, starting with additions to listening, publishing, customer care and advocacy (here).
- Released a commissioned Total Economic Impact study conducted by Forrester Consulting that found that a composite organization representative of interviewed Sprout Social customers achieved a return on investment (ROI) of 233% over three years (here).
- Named a Forrester’s 2023 Program of the Year Award winner in the Sales category (here).
Second Quarter and 2023 Financial Outlook
For the second quarter of 2023, the Company currently expects:
- Total revenue between $78.6 and $78.7 million, or growth of 28% year-over-year. Services revenue will be lower than the second quarter of 2022.
- Non-GAAP operating loss between ($1.8) million and ($1.5) million.
- Non-GAAP net loss per share of ($0.02) based on approximately 55.7 million weighted-average shares of common stock outstanding.
“We are pleased to deliver record non-GAAP operating margins and record free cash flow” said Joe Del Preto, CFO. “New business and expansion continue to outperform our expectations and we believe we’re positioned to build on this momentum. We are in the fortunate position today to increase our 2023 ARR and margin expansion targets.”
For the full year 2023, the Company currently expects:
- Total revenue between $332.0 to $333.0 million, or growth of 31% year-over-year. Services revenue will be lower than 2022 levels.
- Total 2023 ARR growth will exceed total reported revenue growth by at least 225bps, up from our prior forecast of at least 200bps and implying growth of greater than 33% year-over-year.
- Non-GAAP operating income between $2.1 million and $2.4 million.
- This range implies year-over-year Non-GAAP operating margin improvement of roughly 225bps to 235bps, up from our prior range of 210bps to 220bps year-over-year.
- Non-GAAP net income per share of between $0.07 and $0.08 based on approximately 56.0 million weighted-average shares of common stock outstanding.
The Company’s second quarter and 2023 financial outlook is based on a number of assumptions that are subject to change and many of which are outside the Company’s control. If actual results vary from these assumptions, the Company’s expectations may change. There can be no assurance that the Company will achieve these results.
The Company does not provide guidance for operating loss, the most directly comparable GAAP measure to non-GAAP operating income (loss), net loss per share, the most directly comparable GAAP measure to non-GAAP net income (loss) per share, or operating margin, the most directly comparable GAAP measure to Non-GAAP operating margin, and similarly cannot provide a reconciliation between its forecasted non-GAAP operating income (loss), non-GAAP net income (loss) per share and non-GAAP operating margin and these comparable GAAP measures without unreasonable effort due to the unavailability of reliable estimates for certain items. These items are not within the Company’s control and may vary greatly between periods and could significantly impact future financial results.
Conference Call Information
The financial results and business highlights will be discussed on a conference call and webcast scheduled at 4:00 p.m. Central Time (5:00 p.m. Eastern Time) today, May 2, 2023. Online registration for this event conference call can be found at https://conferencingportals.com/event/WCLZyewU. The live webcast of the conference call can be accessed from Sprout Social’s investor relations website at http://investors.sproutsocial.com.
Following completion of the events, a webcast replay will also be available at http://investors.sproutsocial.com for 12 months.
About Sprout Social
Sprout Social is a global leader in social media management and analytics software. Sprout’s unified platform puts powerful social data into the hands of more than 30,000 brands so they can make strategic decisions that drive business growth and innovation. With a full suite of social media management solutions, Sprout offers comprehensive publishing and engagement functionality, customer care, connected workflows and AI-powered business intelligence. Sprout’s award-winning software operates across all major social media networks and digital platforms. For more information about Sprout Social (NASDAQ: SPT), visit sproutsocial.com.
Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. In some cases, you can identify forward-looking statements by terms such as “anticipate,” “believe,” “can,” “continue,” “could,” “estimate,” “expect,” “explore,” “intend,” “long-term model,” “may,” “might” “outlook,” “plan,” “potential,” “predict,” “project,” “should,” “strategy,” “target,” “will,” “would,” or the negative of these terms, and similar expressions intended to identify forward-looking statements. However, not all forward-looking statements contain these identifying words. These statements may relate to our market size and growth strategy, our estimated and projected costs, margins, revenue, expenditures and customer and financial growth rates, our Q2 and 2023 financial outlook, our plans and objectives for future operations, growth, initiatives or strategies. By their nature, these statements are subject to numerous uncertainties and risks, including factors beyond our control, that could cause actual results, performance or achievement to differ materially and adversely from those anticipated or implied in the forward-looking statements. 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; 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; the effects and duration of the ongoing COVID-19 pandemic are unpredictable and may materially affect our customers and how we operate our business, and the duration and extent to which the pandemic continues to threaten our future results of operations; unstable market and economic conditions, such as recession risks, effects of inflation, labor shortages, supply chain issues, higher interest rates, the impacts of current and potential future bank failures and geopolitical impacts of Russia’s invasion of Ukraine, could adversely impact our business and that of our existing and prospective customers, which may result in reduced demand for our products; 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; and 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. Additional risks and uncertainties that could cause actual outcomes and results to differ materially from those contemplated by the forward-looking statements are included under the caption “Risk Factors” and elsewhere in our filings with the Securities and Exchange Commission (the “SEC”), including our Annual Report on Form 10-K for the year ended December 31, 2022 filed with the SEC on February 22, 2023, as supplemented by our Quarterly Report on Form 10-Q for the quarter ended March 31, 2023 to be filed with the SEC, as well as any future reports that we file with the SEC. Moreover, you should interpret many of the risks identified in those reports as being heightened as a result of the current instability in market and economic conditions. Forward-looking statements speak only as of the date the statements are made and are based on information available to Sprout Social at the time those statements are made and/or management’s good faith belief as of that time with respect to future events. Sprout Social assumes no obligation to update forward-looking statements to reflect events or circumstances after the date they were made, except as required by law.
Use of Non-GAAP Financial Measures
We have provided in this press release certain financial information that has not been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”). Our management uses these non-GAAP financial measures internally in analyzing our financial results and believes that use of these non-GAAP financial measures is useful to investors as an additional tool to evaluate ongoing operating results and trends and in comparing our financial results with other companies in our industry, many of which present similar non-GAAP financial measures. Non-GAAP financial measures are not meant to be considered in isolation or as a substitute for comparable financial measures prepared in accordance with GAAP and should be read only in conjunction with our consolidated financial statements prepared in accordance with GAAP. A reconciliation of our historical non-GAAP financial measures to the most directly comparable GAAP measures has been provided in the financial statement tables included in this press release, and investors are encouraged to review these reconciliations.
Non-GAAP gross profit. We define non-GAAP gross profit as GAAP gross profit, excluding stock-based compensation expense. We believe non-GAAP gross profit provides our management and investors consistency and comparability with our past financial performance and facilitates period-to-period comparisons of operations, as it eliminates the effect of stock-based compensation, which is often unrelated to overall operating performance.
Non-GAAP gross margin. We define non-GAAP gross margin as non-GAAP gross profit as a percentage of revenue.
Non-GAAP operating income (loss). We define non-GAAP operating income (loss) as GAAP loss from operations, excluding stock-based compensation expense. We believe non-GAAP operating income (loss) provides our management and investors consistency and comparability with our past financial performance and facilitates period-to-period comparisons of operations, as it eliminates the effect of stock-based compensation, which is often unrelated to overall operating performance.
Non-GAAP operating margin. We defined non-GAAP operating margin as non-GAAP operating income (loss) as a percentage of revenue.
Non-GAAP net income (loss). We define non-GAAP net income (loss) as GAAP net loss, excluding stock-based compensation expense. We believe non-GAAP net income (loss) 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, which is often unrelated to overall operating performance.
Non-GAAP net income (loss) per share. We define non-GAAP net income (loss) per share as GAAP net loss per share attributable to common shareholders, basic and diluted, excluding stock-based compensation expense. We believe non-GAAP net income (loss) 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, which is often unrelated to overall operating performance.
Free cash flow. We define free cash flow as net cash provided by (used in) operating activities less expenditures for property and equipment. Free cash flow does not reflect our future contractual obligations or represent the total increase or decrease in our cash balance for a given period. We believe free cash flow is a useful indicator of liquidity that provides information to management and investors about the amount of cash used in our core operations that, after expenditures for property and equipment, is not available for strategic initiatives.
Free cash flow margin. We define free cash flow margin as free cash flow as a percentage of revenue.
Non-GAAP sales and marketing expenses, non-GAAP research and development expenses and non-GAAP general and administrative expenses. Non-GAAP sales and marketing expenses, non-GAAP research and development expenses and non-GAAP general and administrative expenses are defined as sales and marketing expenses, research and development expenses and general and administrative expenses, respectively, less stock-based compensation expense. We believe these non-GAAP measures provide our management and investors with insight into day-to-day operating expenses given that these measures eliminate the effect of stock-based compensation.
Customer Metrics
Annual recurring revenue (“ARR”). We define ARR as the annualized revenue run-rate of subscription agreements from all customers as of the last date of the specified period. We believe ARR is an indicator of the scale of our entire platform while mitigating fluctuations due to seasonality and contract term.
Number of customers. We define a customer as a unique account, multiple accounts containing a common non-personal email domain or multiple accounts governed by a single agreement or entity. We believe that the number of customers using our platform is an indicator not only of our market penetration, but also of our potential for future growth as our customers often expand their adoption of our platform over time based on an increased awareness of the value of our platform and products.
Number of customers contributing less than $2,000 in ARR. We define number of customers contributing less than $2,000 in ARR as those on a paid subscription plan that had less than $2,000 in ARR as of a period end. We view the number of customers that contribute less than $2,000 in ARR as a measure of our non-core customer base.
Number of customers contributing more than $2,000 in ARR. We define number of customers contributing more than $2,000 in ARR as those on a paid subscription plan that had more than $2,000 in ARR as of a period end. We view the number of customers that contribute more than $2,000 in ARR as a measure of our core customer base.
Number of customers contributing more than $10,000 in ARR. We define number of customers contributing more than $10,000 in ARR as those on a paid subscription plan that had more than $10,000 in ARR as of a period end. We view the number of customers that contribute more than $10,000 in ARR as a measure of our ability to scale with our customers and attract larger organizations. We believe this represents potential for future growth, including expanding within our current customer base.
Number of customers contributing more than $50,000 in ARR. We define number of customers contributing more than $50,000 in ARR as those on a paid subscription plan that had more than $50,000 in ARR as of a period end. We view the number of customers that contribute more than $50,000 in ARR as a measure of our ability to scale with large customers and attract sophisticated organizations. We believe this represents potential for future growth, including expanding within our current customer base.
Availability of Information on Sprout Social’s Website and Social Media Profiles
Investors and others should note that Sprout Social routinely announces material information to investors and the marketplace using SEC filings, press releases, public conference calls, webcasts and the Sprout Social Investors website. We also intend to use the social media profiles listed below as a means of disclosing information about us to our customers, investors and the public. While not all of the information that the Company posts to the Sprout Social Investors website or to social media profiles is of a material nature, some information could be deemed to be material. Accordingly, the Company encourages investors, the media, and others interested in Sprout Social to review the information that it shares at the Investors link located at the bottom of the page on www.sproutsocial.com and to regularly follow our social media profiles. Users may automatically receive email alerts and other information about Sprout Social when enrolling an email address by visiting “Email Alerts” in the “Shareholder Services” section of Sprout Social’s Investor website at https://investors.sproutsocial.com/.
Social Media Profiles:
www.twitter.com/SproutSocial
www.twitter.com/SproutSocialIR
www.facebook.com/SproutSocialInc
www.linkedin.com/company/sprout-social-inc-/
www.instagram.com/sproutsocial
Contact
Media:
Kaitlyn Gronek
Email: [email protected]
Phone: (773) 904-9674
Investors:
Jason Rechel
Twitter: @SproutSocialIR
Email: [email protected]
Phone: (312) 528-9166
| Sprout Social, Inc. | |||||||
| Consolidated Statements of Operations (Unaudited) | |||||||
| (in thousands, except share and per share data) | |||||||
| Three Months Ended March 31, | |||||||
| 2023 | 2022 | ||||||
| Revenue | |||||||
| Subscription | $ | 74,742 | $ | 56,780 | |||
| Professional services and other | 470 | 649 | |||||
| Total revenue | 75,212 | 57,429 | |||||
| Cost of revenue(1) | |||||||
| Subscription | 16,633 | 13,757 | |||||
| Professional services and other | 242 | 234 | |||||
| Total cost of revenue | 16,875 | 13,991 | |||||
| Gross profit | 58,337 | 43,438 | |||||
| Operating expenses | |||||||
| Research and development(1) | 17,876 | 13,065 | |||||
| Sales and marketing(1) | 36,905 | 25,612 | |||||
| General and administrative(1) | 15,489 | 14,370 | |||||
| Total operating expenses | 70,270 | 53,047 | |||||
| Loss from operations | (11,933 | ) | (9,609 | ) | |||
| Interest expense | (28 | ) | (71 | ) | |||
| Interest income | 2,020 | 123 | |||||
| Other (expense) income, net | (209 | ) | (108 | ) | |||
| Loss before income taxes | (10,150 | ) | (9,665 | ) | |||
| Income tax expense | 102 | 90 | |||||
| Net loss | $ | (10,252 | ) | $ | (9,755 | ) | |
| Net loss per share attributable to common shareholders, basic and diluted | $ | (0.19 | ) | $ | (0.18 | ) | |
| Weighted-average shares outstanding used to compute net loss per share, basic and diluted | 55,176,425 | 54,277,676 | |||||
| (1) Includes stock-based compensation expense as follows: | |||||||
| Three Months Ended March 31, | |||||||
| 2023 | 2022 | ||||||
| Cost of revenue | $ | 501 | $ | 448 | |||
| Research and development | 3,602 | 1,725 | |||||
| Sales and marketing | 6,570 | 4,218 | |||||
| General and administrative | 2,983 | 2,001 | |||||
| Total stock-based compensation expense | $ | 13,656 | $ | 8,392 | |||
| Sprout Social, Inc. | |||||||
| Consolidated Balance Sheets (Unaudited) | |||||||
| (in thousands, except share and per share data) | |||||||
| March 31, 2023 | December 31, 2022 | ||||||
| Assets | |||||||
| Current assets | |||||||
| Cash and cash equivalents | $ | 78,411 | $ | 79,917 | |||
| Marketable securities | 99,050 | 92,929 | |||||
| Accounts receivable, net of allowances of $1,766 and $1,789 at March 31, 2023 and December 31, 2022, respectively |
36,699 | 35,833 | |||||
| Deferred Commissions | 21,707 | 20,369 | |||||
| Prepaid expenses and other assets | 10,567 | 6,418 | |||||
| Total current assets | 246,434 | 235,466 | |||||
| Marketable securities, noncurrent | 9,709 | 12,995 | |||||
| Property and equipment, net | 11,620 | 11,949 | |||||
| Deferred commissions, net of current portion | 20,201 | 19,638 | |||||
| Operating lease, right-of-use asset | 9,148 | 9,503 | |||||
| Goodwill | 9,012 | 2,299 | |||||
| Intangible assets, net | 3,440 | 2,006 | |||||
| Other assets, net | 66 | 64 | |||||
| Total assets | $ | 309,630 | $ | 293,920 | |||
| Liabilities and Stockholders’ Equity | |||||||
| Current liabilities | |||||||
| Accounts payable | $ | 5,723 | $ | 4,988 | |||
| Deferred revenue | 109,098 | 95,740 | |||||
| Operating lease liability | 3,580 | 3,499 | |||||
| Accrued wages and payroll related benefits | 13,335 | 14,257 | |||||
| Accrued expenses and other | 14,571 | 14,322 | |||||
| Total current liabilities | 146,307 | 132,806 | |||||
| Deferred revenue, net of current portion | 709 | 490 | |||||
| Operating lease liability, net of current portion | 17,369 | 18,287 | |||||
| Other non-current liabilities | 477 | – | |||||
| Total liabilities | 164,862 | 151,583 | |||||
| Stockholders’ equity | |||||||
| Class A common stock, par value $0.0001 per share; 1,000,000,000 shares authorized; 50,873,771 and 48,005,966 shares issued and outstanding, respectively, at March 31, 2023; 50,413,415 and 47,562,911 shares issued and outstanding, respectively, at December 31, 2022 | 4 | 4 | |||||
| Class B common stock, par value $0.0001 per share; 25,000,000 shares authorized; 7,577,526 and 7,370,582 shares issued and outstanding, respectively, at March 31, 2023; 7,667,376 and 7,460,432 shares issued and outstanding, respectively, at December 31, 2022 | 1 | 1 | |||||
| Additional paid-in capital | 415,123 | 401,419 | |||||
| Treasury stock, at cost | (33,832 | ) | (32,733 | ) | |||
| Accumulated other comprehensive loss | (291 | ) | (369 | ) | |||
| Accumulated deficit | (236,237 | ) | (225,985 | ) | |||
| Total stockholders’ equity | 144,768 | 142,337 | |||||
| Total liabilities and stockholders’ equity | $ | 309,630 | $ | 293,920 | |||
| Sprout Social, Inc. | |||||||
| Consolidated Statements of Cash Flows (Unaudited) | |||||||
| (in thousands) | |||||||
| Three Months Ended March 31, | |||||||
| 2023 | 2022 | ||||||
| Cash flows from operating activities | |||||||
| Net loss | $ | (10,252 | ) | $ | (9,755 | ) | |
| Adjustments to reconcile net loss to net cash provided by operating activities | |||||||
| Depreciation of property and equipment | 708 | 696 | |||||
| Amortization of line of credit issuance costs | – | 30 | |||||
| Amortization of premium (accretion of discount) on marketable securities | (882 | ) | 133 | ||||
| Amortization of acquired intangible assets | 366 | 261 | |||||
| Amortization of deferred commissions | 5,855 | 4,020 | |||||
| Amortization of right-of-use operating lease asset | 355 | 179 | |||||
| Stock-based compensation expense | 13,656 | 8,392 | |||||
| Provision for accounts receivable allowances | 353 | 91 | |||||
| Changes in operating assets and liabilities, excluding impact from business acquisition | |||||||
| Accounts receivable | (1,148 | ) | 2,312 | ||||
| Prepaid expenses and other current assets | (4,098 | ) | (2,868 | ) | |||
| Deferred commissions | (7,757 | ) | (6,317 | ) | |||
| Accounts payable and accrued expenses | (1,589 | ) | 1,541 | ||||
| Deferred revenue | 13,554 | 7,338 | |||||
| Lease liabilities | (837 | ) | (651 | ) | |||
| Net cash provided by operating activities | 8,284 | 5,402 | |||||
| Cash flows from investing activities | |||||||
| Expenditures for property and equipment | (383 | ) | (313 | ) | |||
| Payments for business acquisition, net of cash acquired | (6,432 | ) | – | ||||
| Purchases of marketable securities | (30,078 | ) | (66,085 | ) | |||
| Proceeds from maturity of marketable securities | 22,631 | 36,500 | |||||
| Proceeds from sale of marketable securities | 5,571 | – | |||||
| Net cash used in investing activities | (8,691 | ) | (29,898 | ) | |||
| Cash flows from financing activities | |||||||
| Payments for line of credit issuance costs | – | (23 | ) | ||||
| Proceeds from exercise of stock options | – | 6 | |||||
| Employee taxes paid related to the net share settlement of stock-based award | (1,099 | ) | (939 | ) | |||
| Net cash (used in) provided by financing activities | (1,099 | ) | (956 | ) | |||
| Net decrease in cash and cash equivalents | (1,506 | ) | (25,452 | ) | |||
| Cash and cash equivalents | |||||||
| Beginning of period | 79,917 | 107,114 | |||||
| End of period | $ | 78,411 | $ | 81,662 | |||
The following schedule reflects our non-GAAP financial measures and reconciles our non-GAAP financial measures to the related GAAP financial measures (in thousands, except per share data):
| Reconciliation of Non-GAAP Financial Measures | |||||||
| Three Months Ended March 31, | |||||||
| 2023 | 2022 | ||||||
| Reconciliation of Non-GAAP gross profit | |||||||
| Gross profit | $ | 58,337 | $ | 43,438 | |||
| Stock-based compensation expense | 501 | 448 | |||||
| Non-GAAP gross profit | $ | 58,838 | $ | 43,886 | |||
|
Reconciliation of Non-GAAP operating income (loss) |
|||||||
| Loss from operations | $ | (11,933 | ) | $ | (9,609 | ) | |
| Stock-based compensation expense | 13,656 | 8,392 | |||||
| Non-GAAP operating income (loss) | $ | 1,723 | $ | (1,217 | ) | ||
| GAAP operating margin | (16 | %) | (17 | %) | |
| Non-GAAP operating margin | 2 | % | (2 | %) |
| Reconciliation of Non-GAAP net income (loss) | |||||||
| Net loss | $ | (10,252 | ) | $ | (9,755 | ) | |
| Stock-based compensation expense | 13,656 | 8,392 | |||||
| Non-GAAP net income (loss) | $ | 3,404 | $ | (1,363 | ) | ||
| Reconciliation of Non-GAAP net income (loss) per share | |||||||
| Net loss per share attributable to common shareholders, basic and diluted | $ | (0.19 | ) | $ | (0.18 | ) | |
| Stock-based compensation expense | 0.25 | 0.15 | |||||
| Non-GAAP net income (loss) per share | $ | 0.06 | $ | (0.03 | ) | ||
| Reconciliation of free cash flow | |||||||
| Net cash provided by operating activities | $ | 8,284 | $ | 5,402 | |||
| Expenditures for property and equipment | (383 | ) | (313 | ) | |||
| Free cash flow | $ | 7,901 | $ | 5,089 | |||
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Major Factors Driving the Growth of Data Center Chip Market
Because of the growing need for data processing and storage solutions brought about by the quick development of cloud computing, artificial intelligence, and big data analytics, the data center chip market is expanding significantly. High-performance chips are necessary for data centers to process massive volumes of data quickly and efficiently. As a result, advances in chip technology, including CPUs, GPUs, and specialist AI processors, have been made. The need for more resilient and scalable data center infrastructure is fueled in part by the expansion of digital services and Internet of Things (IoT) devices. The market is expanding due to key areas including Asia-Pacific, with its investments in technology and fast digital transformation, and North America, with its top tech businesses and vast data center networks.
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TRENDS INFLUENCING THE GROWTH OF THE DATA CENTER CHIP MARKET:
In data centers, Graphics Processing Units (GPUs) are essential for speeding up computing operations and data processing. They are perfect for managing workloads related to artificial intelligence (AI), machine learning, and large-scale data analytics because of their parallel processing capabilities. The need for GPUs in data centers is growing as these technologies become increasingly essential to corporate operations. Businesses are purchasing GPUs in order to increase the effectiveness of their data processing, lower latency, and boost overall performance. The need for data center chips is being driven by the increasing reliance on GPUs for sophisticated computing activities, which is considerably contributing to the market’s rise. This need is further increased by the growing use of AI and machine learning in a variety of sectors, which puts GPUs at the forefront of the data center semiconductor industry.
Compared to general-purpose chips, Application Specific Integrated Circuits (ASICs) provide better performance and efficiency since they are designed specifically for a given application. ASICs are extensively utilized in data centers for specific tasks including networking, data compression, and encryption. ASICs are becoming more and more common as a result of the growth of cloud computing, big data analytics, and blockchain technology, which has increased demand for high-performance, energy-efficient processors. Their capacity to provide tailored performance for certain applications aids data centers in better workload management, power conservation, and operating expense reduction. The market is expanding as a result of the increased preference for ASICs in data centers, which is fueling the need for specialized data center chips.
Large data centers are important users of data center chips; they are run by well-known IT firms and cloud service providers. To manage enormous volumes of data and provide a wide range of services, these facilities need a great deal of processing power and sophisticated computing skills. High-performance data center chips are becoming more and more necessary as a result of the growth of massive data centers and the rising demand for online streaming, cloud services, and digital transactions. These chips are necessary to ensure effective data management, processing, and storage, which helps big data centers fulfill the increasing expectations of its clientele. Large data center proliferation is anticipated to considerably boost the data center chip industry as the digital economy continues to grow.
Data centers are becoming more and more important to the Banking, Financial Services, and Insurance (BFSI) industry as a means of safely and effectively managing high transaction volumes, consumer data, and financial records. The need for sophisticated data center processors is being driven by the sector’s requirement for real-time data processing, high-performance computing, and strong security measures. BFSI organizations may improve their operational efficiency, guarantee data integrity, and deliver superior client services by utilizing data centers fitted with robust chips. The BFSI sector’s need for data center chips is being driven by the increasing use of online banking, digital banking, and financial analytics tools, all of which increase the requirement for sophisticated data center infrastructure.
The market for data center chips is significantly influenced by the cloud computing industry’s explosive growth. There is a growing need for scalable, effective, and high-performance data center infrastructure as more companies move their operations to the cloud. In order to handle enormous volumes of data, facilitate virtualization, and guarantee flawless service delivery, cloud service providers need sophisticated data center chips. Sturdy data center chips are becoming more and more necessary as cloud-based solutions become more and more popular. Benefits like cost savings, flexibility, and scalability are driving this trend. In places like North America and Europe, where cloud adoption rates are high and data center chip demand is rising rapidly, this tendency is especially significant.
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DATA CENTER CHIP MARKET SHARE
In 2022, North America gained a sizable portion of the market.
In 2022, the GPU made up the largest portion of the market share.
Throughout the projection period, large data centers are expected to gain a significant portion.
The BFSI market is anticipated to be one of the most profitable markets.
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Key Companies:
Advanced Micro Devices IncTaiwan Semiconductor Manufacturing Company LimitedBroadcomHuawei Technologies Co LtdIntel CorporationNVidia CorporationSamsung Electronics Co LtdQualcomm Technologies IncGlobalFoundriesARM LIMITED (SOFTBANK GROUP CORP.)Purchase Chapters @ https://reports.valuates.com/request/chaptercost/ALLI-Auto-2B326/Data_Center_Chip_Market
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DISCOVER MORE INSIGHTS: EXPLORE SIMILAR REPORTS!
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Artificial Intelligence
Industry 4.0 Market to Surpass USD 513.89 Billion by 2031 with Automation Surge | SkyQuest Technology
WESTFORD, Mass., July 26, 2024 /PRNewswire/ — According to SkyQuest, the global Industry 4.0 Market size was valued at USD 133.05 billion in 2022 and is poised to grow from USD 154.6 billion in 2023 to USD 513.89 billion by 2031, growing at a CAGR of 16.2% during the forecast period (2024-2031).
Industry 4.0 or the fourth industrial revolution emphasizes the use of automation and interconnectivity. Employment of advanced technologies such as artificial intelligence, machine learning, robotics, and connected devices to improve the productivity and efficiency of industries. Rapid digitization and advancements in technology are forecasted to bolster the Industry 4.0 market growth over the coming years. The global Industry 4.0 market is segmented into technology, industry vertical, and region.
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Industry 4.0 Market Overview:
Report Coverage
Details
Market Revenue in 2023
$ 154.6 billion
Estimated Value by 2031
$ 513.89 billion
Growth Rate
Poised to grow at a CAGR of 16.2%
Forecast Period
2024–2031
Forecast Units
Value (USD Billion)
Report Coverage
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered
Technology, Industry and Region
Geographies Covered
North America, Europe, Asia Pacific, Latin America, and Middle East and Africa.
Report Highlights
Internet of Things (IoT) technology takes centerstage for Industry 4.0 adoption
Key Market Opportunities
Adoption of smart manufacturing and additive manufacturing practices
Key Market Drivers
Rising demand for automation across all industry verticals
Segments covered in Industry 4.0 Market are as follows:
TechnologyRobots (Traditional Industrial Robots {Articulated robots, Cartesian Robots, Selective Compliance Assembly Robot Arm (SCARA), Cylindrical Robots, Others}, Collaborative Robots), Blockchain in Manufacturing, Industrial Sensors (Level Sensors, Temperature Sensors, Flow Sensors, Position Sensors, Pressure Sensors, Force Sensors, Humidity & Moisture Sensors, Gas Sensors), Industrial 3D Printing, Machine Vision (Camera {Digital Camera, Smart Camera}, Frame Grabbers, Optics, and LED Lighting, Processor and Software), HMI (Offering {Hardware [Basic HMI, Advanced Panel-based HMI, Advanced PC-based HMI, Others], Software [On-premises HMI, Cloud-based HMI], Services}), Configuration ({Embedded HMI, Standalone HMI}, Technology {Motion HMI, Bionic HMI, Tactile HMI, Acoustic HMI}, End-user Industry {Process industries [Oil & Gas, Food & beverages, Pharmaceuticals, Chemicals, Energy & power, Metals & mining, Water & wastewater, Others], Discrete industry [Automotive, Aerospace & defense, Packaging, Medical devices, Semiconductor & electronics, Others]}), AI In Manufacturing (Offering {Hardware [Processor MPU, GPU, FPGA, ASIC, Memory, Network], Software [AI solutions- | On-premises, Cloud |, AI platform- | Machine learning framework, Application program interface |], Services [Deployment & integration, Support & maintenance]}, Technology {Machine learning [Deep learning, Supervised learning, Reinforcement learning, Reinforcement learning, Others], Natural language processing [Context-aware computing, Computer vision]}, Application {Predictive maintenance and machinery inspection, Material movement, Production planning, Field services, Quality control, Cybersecurity, Industrial robots, Reclamation}, Digital Twin {Technology [Internet of Things (IOT), Blockchain, Artificial intelligence & machine learning, Artificial intelligence & machine learning, Big data analytics, 5G], Usage Type [Product digital twin, Process digital twin, System digital twin], Application [Product design & development, Performance monitoring, Predictive maintenance, Inventory management, Business optimization, Others]}, Automated Guided Vehicles (AGV) {Type [Tow vehicles, Unit load carriers, Pallet trucks, Assembly line vehicles, Forklift trucks, Others], Navigation Technology [Laser guidance, Magnetic guidance, Inductive guidance, Optical tape guidance, Vision guidance, Others]}, Machine Condition Monitoring {Monitoring Technique [Vibration monitoring, Embedded systems, Vibration analyzers and meters, Thermography, Oil analysis, Corrosion monitoring, Ultrasound emission, Motor current analysis], Offering [Hardware – Vibration sensors, Accelerometers, Tachometers, Infrared sensors, Spectrometers, Ultrasound detectors, Spectrum analyzers, Corrosion probes], Software [Data integration, Diagnostic reporting, Order tracking analysis, Parameter calculation], Deployment Type [On-premises deployment, Cloud deployment], Monitoring Process [Online condition monitoring, Portable condition monitoring]})IndustryManufacturing, Automotive, Energy, Medical, Semiconductor & Electronics, Food & Beverage, Oil & Gas, Aerospace, Metals & Mining, Chemicals, and OthersRequest Free Customization of this report:
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Internet of Things (IoT) Technology to Remain Indispensable for Industry 4.0
Internet of Things (IoT) remains the most crucial technology in global Industry 4.0 market growth owing to its role in interconnectivity and automation across different verticals. Advancements in connectivity technologies and rising use of automation in different industry verticals are also estimated to help this sub-segment gain an impressive market share. Surging demand for predictive maintenance will also boost the adoption of IoT technology in the long run.
Advanced robotic technologies are also slated to gain traction in the Industry 4.0 market. Growing acceptance of robots and high investments in advancements of robotic technologies are also slated to create new opportunities for providers of advanced robotics in the Industry 4.0 market. The low margin of error and the immense scope of automation are key benefits of robotics that help this sub-segment flourish.
Artificial intelligence (AI) will be another popular technology in the Industry 4.0 world going forward. Increasing demand for continuous monitoring, real-time analytics, and predictive maintenance are slated to help the demand for artificial intelligence in the future. The rising use of IoT devices will also boost the demand for cloud computing technology in the long run.
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Manufacturing Vertical to Spearhead Industry 4.0 Market Development
The manufacturing vertical is estimated to be at the forefront when it comes to Industry 4.0 adoption. The surge in use of robotics, advanced technologies, and smart manufacturing practices sets the tone for Industry 4.0 in this industry vertical. High emphasis on improving manufacturing efficiency, reducing downtime, and maximizing profits are all contributing to the high market share of this sub-segment.
The automotive industry is another vertical where Industry 4.0 market players could invest to get good returns. The high adoption of advanced robotics and other smart manufacturing technologies to maximize production allows this sub-segment to become a crucial one for Industry 4.0 providers. The aerospace and defense industry vertical also shows a lot of promise for Industry 4.0 companies going forward. Growing demand for advanced manufacturing techniques and technologies to create complex aerospace components is helping Industry 4.0 market growth via this segment.
The oil & gas industry is also estimated to embrace Industry 4.0 trend with open hands as they try to improve their operations and promote better resource utilization. High demand for predictive maintenance to reduce downtime and the growing adoption of digital oilfield solutions are estimated to bolster Industry 4.0 market development in the long run.
To sum it up, the application scope for Industry 4.0 is endless as automation and digitization pick up pace around the world. High investments in development of IoT and AI technologies will create better opportunities for Industry 4.0 companies in the future. The manufacturing industry will remain the top revenue generating sub-segment and more opportunities for aerospace, automotive, and oil & gas verticals will be seen over the coming years.
Related Report:
Digital Twin Market
Cyber Security Market
Artificial Intelligence (AI) Market
Internet Of Things (IoT) Market
Machine Learning Market
About Us:
SkyQuest is an IP focused Research and Investment Bank and Accelerator of Technology and assets. We provide access to technologies, markets and finance across sectors viz. Life Sciences, CleanTech, AgriTech, NanoTech and Information & Communication Technology.
We work closely with innovators, inventors, innovation seekers, entrepreneurs, companies and investors alike in leveraging external sources of R&D. Moreover, we help them in optimizing the economic potential of their intellectual assets. Our experiences with innovation management and commercialization has expanded our reach across North America, Europe, ASEAN and Asia Pacific.
Contact: Mr. Jagraj SinghSkyQuest Technology1 Apache Way,Westford,Massachusetts 01886USA (+1) 351-333-4748Email: [email protected] Our Website: https://www.skyquestt.com/
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Artificial Intelligence
Generative AI Cybersecurity Market worth $40.1 billion by 2030 – Exclusive Report by MarketsandMarkets™
CHICAGO, July 26, 2024 /PRNewswire/ — The Generative AI cybersecurity Market is anticipated to experience substantial expansion, ascending from a value of USD 7.1 billion in 2024 to a substantial worth of USD 40.1 billion by the year 2030, according to a new report by MarketsandMarkets™. This growth trajectory reflects a robust compound annual growth rate (CAGR) of 33.4% over the forecast period.
Browse in-depth TOC on “Generative AI cybersecurity Market”
350 – Tables 60 – Figures450 – Pages
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Scope of the Report
Report Metrics
Details
Market size available for years
2019–2030
Base year considered
2023
Forecast period
2024–2030
Forecast units
USD (Million)
Segments Covered
Offering, Generative AI-based Cybersecurity, Cybersecurity for Generative AI, Security Type, End-user, and Region
Geographies covered
North America, Europe, Asia Pacific, Middle East & Africa, and Latin America
Companies covered
Microsoft (US), IBM (US), Google (US), SentinelOne (US), AWS (US), NVIDIA (US), Cisco (US), CrowdStrike (US), Fortinet (US), Zscaler (US), Trend Micro (Japan), Palo Alto Networks (US), BlackBerry (Canada), Darktrace (UK), F5 (US), Okta (US), Sangfor (China), SecurityScorecard (US), Sophos (UK), Broadcom (US), Trellix (US), Veracode (US), LexisNexis (US), Abnormal Security (US), Adversa AI (Israel), Aquasec (US), BigID (US), Checkmarx (US), Cohesity (US), Credo AI (US), Cybereason (US), DeepKeep (Israel), Elastic NV (US), Flashpoint (US), Lakera (US), MOSTLY AI (Austria), Recorded Future (US), Secureframe (US), Skyflow (US), SlashNext (US), Snyk (US), Tenable (US), TrojAI (Canada), VirusTotal (Spain), XenonStack (UAE), and Zerofox (US).
This dramatic surge is being fueled by a number of causes. The primary growth driver is the enhancement of existing cybersecurity tools through generative AI algorithms by improving anomaly detection, automating threat hunting and penetration testing, and providing complex simulations for security testing purposes. These techniques enable various cyber-attack scenarios that can be simulated using the Generative Adversarial Networks (GANs), thus enabling the development of better preparedness and response strategies. On the other hand, it requires special cyber security tools to protect generative AI workloads against unique vulnerabilities such as adversarial attacks, model inversions and LLM poisoning. These tools include differential privacy and secure multi-party computation that are integrated into AI systems for training and deployment data protection purposes.
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Generative AI apps security segment will account for largest market share during the forecast period.
The cybersecurity landscape is rapidly changing for generative AI apps, which are already making their way into chatbots, content creation tools like word processors, and personalized recommendation systems. According to McAfee, 55% of these programs have had security breaches. This highlights the dire need for stronger protective measures from unauthorized access. Several generative AI applications that use adversarial techniques to force the desired reaction out of intelligent machines.
Therefore, there is a pressing demand in the number of developers who ensure that such machines are made more robust through techniques like adversarially trained models and resistant architectures. Finally, the usage of secure enclaves plus hardware-based security measures is growing off late, mainly aimed at safeguarding vulnerable AI computations from being tampered with. For instance, OpenAI has very strict security rules meant to protect GPT models thereby ensuring data integrity and user privacy.
By end-user, government & defense sector is poised to account for larger market share in 2024.
Government as well as defense industries are increasingly resorting to generative AI for cyber security purposes due to the urgency of protecting sensitive information and national security. According to a recent CSIS report, AI is being integrated into the cybersecurity framework of 43% of government agencies which resultantly improves their ability to identify and counter threats. As an example, the United States Department of Defense has started using artificial intelligence (AI) based security solutions backed by generative AI that can create fictitious cyber-attacks, thereby providing them with enhanced preparedness against advanced types of threats.
This technology also helps these sectors handle and analyze large volumes of data more effectively, giving valuable insights that will enable them prevent or mitigate cyber threats. This trend demonstrates an increasing reliance on generative AI in fortifying cyber security measures so as to ensure that critical infrastructure and sensitive data remain secure in today’s intricate digital landscape.
By region, North America to hold the largest share by market value in 2024.
In 2024, North America will be the leading region based on market share due to its excellent technology infrastructure, substantial investments in AI-enabled cybersecurity and the presence of key players. Major cyber security research universities and tech companies such as Google, AWS, CrowdStrike, SentinelOne and IBM are present in this area, pushing them on the forefront of potent risk management technologies and generative AI tools for threat detection. For example, IBM’s security platform powered by AI has improved detection rates for threats up by 40%, thus proving the relevance of AI technology to enhancing cybersecurity.
Moreover, legislative instruments such as Cybersecurity Information Sharing Act (CISA) are being put in place to promote advanced cybersecurity technologies. As internet attacks continue getting more complicated, North American enterprises prefer generative artificial intelligence (AI), so as to enhance their safety measures pertaining to personal data and digital infrastructure.
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Top Key Companies in Generative AI cybersecurity Market:
The major players in the generative AI cybersecurity market include Palo Alto Networks (US), AWS (US), CrowdStrike (US), SentinelOne (US), and Google (US), along with SMEs and startups such as MOSTLY AI (Austria), XenonStack (UAE), BigID (US), Abnormal Security (US), and Adversa AI (Israel).
Browse Adjacent Market: Artificial Intelligence (AI) Market Research Reports & Consulting
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Artificial Intelligence in Cybersecurity Market – Global Forecast to 2028
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About MarketsandMarkets™
MarketsandMarkets™ has been recognized as one of America’s best management consulting firms by Forbes, as per their recent report.
MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.
Earlier this year, we made a formal transformation into one of America’s best management consulting firms as per a survey conducted by Forbes.
The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines – TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.
Built on the ‘GIVE Growth’ principle, we work with several Forbes Global 2000 B2B companies – helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.
To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.
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