Sprout Social (SPT) 10-Q3 May 232023 Q1 Quarterly reportFinancial data

Company Profile

Cover Page

Cover Page - shares	3 Months Ended
Cover Page - shares	Mar. 31, 2023	Apr. 28, 2023
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2023
Document Transition Report	false
Entity File Number	001-39156
Entity Registrant Name	SPROUT SOCIAL, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	27-2404165
Entity Address, Address Line One	131 South Dearborn St.
Entity Address, Address Line Two	Suite 700
Entity Address, City or Town	Chicago
Entity Address, State or Province	IL
Entity Address, Postal Zip Code	60603
City Area Code	(866)
Local Phone Number	878-3231
Title of 12(b) Security	Class A Common Stock, $0.0001 par value per share
Trading Symbol	SPT
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Central Index Key	0001517375
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Amendment Flag	false
Class A common stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		48,047,160
Class B common stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		7,350,582

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
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 assets	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
Current liabilities
Accounts payable	5,723	4,988
Deferred revenue	109,098	95,740
Operating lease liabilities	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 liabilities, net of current portion	17,369	18,287
Other Liabilities, Noncurrent	477	0
Total liabilities	164,862	151,583
Commitments and contingencies (Note 6)
Stockholders’ equity
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
Class A common stock
Stockholders’ equity
Common stock	4	4
Class B common stock
Stockholders’ equity
Common stock	$ 1	$ 1

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Allowance for doubtful accounts	$ 1,766	$ 1,789
Class A common stock
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized value (in shares)	1,000,000,000	1,000,000,000
Common stock, shares issued (in shares)	50,873,771	50,413,415
Common stock, shares outstanding (in shares)	48,005,966	47,562,911
Class B common stock
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized value (in shares)	25,000,000	25,000,000
Common stock, shares issued (in shares)	7,577,526	7,667,376
Common stock, shares outstanding (in shares)	7,370,582	7,460,432

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Revenue
Total revenue	$ 75,212	$ 57,429
Cost of revenue
Total cost of revenue	16,875	13,991
Gross profit	58,337	43,438
Operating expenses
Research and development	17,876	13,065
Sales and marketing	36,905	25,612
General and administrative	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 (in dollars per share)	$ (0.19)	$ (0.18)
Weighted-average shares outstanding used to compute net loss per share, basic and diluted (in shares)	55,176,425	54,277,676
Subscription
Revenue
Total revenue	$ 74,742	$ 56,780
Cost of revenue
Total cost of revenue	16,633	13,757
Professional services and other
Revenue
Total revenue	470	649
Cost of revenue
Total cost of revenue	$ 242	$ 234

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Net loss	$ (10,252)	$ (9,755)
Net unrealized gain (loss) on available-for-sale securities, net of tax	78	(160)
Comprehensive loss	$ (10,174)	$ (9,915)

Condensed Consolidated Statem_3

Condensed Consolidated Statements Stockholders Equity (Unaudited) - USD ($) $ in Thousands	Total	Voting Common Stock	Additional Paid-in Capital	Treasury Stock	Accumulated Deficit	Accumulated other comprehensive loss
Beginning balance (in shares) at Dec. 31, 2021		54,153,771		3,026,400
Beginning balance at Dec. 31, 2021	$ 145,210	$ 5	$ 351,774	$ (30,824)	$ (175,745)	$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of stock options (in shares)		13,545
Exercise of stock options	6		6
Stock-based compensation	8,392		8,392
Issuance of common stock from equity award settlement (in shares)		239,875
Issuance of common stock from equity award settlement	0
Taxes paid related to net share settlement of equity awards (in shares)				13,865
Taxes paid related to net share settlement of equity awards	(939)			$ (939)
Other Comprehensive Income (Loss), Net of Tax	(160)					(160)
Net loss	(9,755)				(9,755)
Ending balance (in shares) at Mar. 31, 2022		54,407,191		3,040,265
Ending balance at Mar. 31, 2022	142,754	$ 5	360,172	$ (31,763)	(185,500)	(160)
Beginning balance (in shares) at Dec. 31, 2022		55,023,343		3,057,448
Beginning balance at Dec. 31, 2022	142,337	$ 5	401,419	$ (32,733)	(225,985)	(369)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	13,704		13,704
Issuance of common stock from equity award settlement (in shares)		353,205
Issuance of common stock from equity award settlement	0
Taxes paid related to net share settlement of equity awards (in shares)				17,301
Taxes paid related to net share settlement of equity awards	(1,099)			$ (1,099)
Other Comprehensive Income (Loss), Net of Tax	78					78
Net loss	(10,252)				(10,252)
Ending balance (in shares) at Mar. 31, 2023		55,376,548		3,074,749
Ending balance at Mar. 31, 2023	$ 144,768	$ 5	$ 415,123	$ (33,832)	$ (236,237)	$ (291)

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 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	0	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)	0
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	0
Net cash used in investing activities	(8,691)	(29,898)
Cash flows from financing activities
Payments for line of credit issuance costs	0	(23)
Proceeds from exercise of stock options	0	6
Employee taxes paid related to the net share settlement of stock-based awards	(1,099)	(939)
Net cash used in 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

Nature of Operations and Summar

Nature of Operations and Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of Operations and Summary of Significant Accounting Policies	Nature of Operations and Summary of Significant Accounting Policies Nature of Operations Sprout Social, Inc. (“Sprout Social” or the “Company”), a Delaware corporation, began operating on April 21, 2010 to design, develop and operate a web-based comprehensive social media management tool enabling companies to manage and measure their online presence. Customers access their accounts online via a web-based interface or a mobile application. Some customers also purchase the Company’s professional services, which primarily consist of consulting and training services. The Company’s fiscal year end is December 31. The Company’s customers are primarily located throughout the United States, and a portion of customers are located in foreign countries. The Company is headquartered in Chicago, Illinois. Principles of Consolidation and Basis of Presentation The unaudited condensed consolidated financial statements and accompanying notes were prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and the applicable regulations of the United States Securities and Exchange Commission (“SEC”) regarding interim financial reporting. The Company has prepared the unaudited condensed consolidated financial statements on a basis substantially consistent with the audited consolidated financial statements of the Company as of and for the year ended December 31, 2022, and these unaudited condensed consolidated financial statements include all normal recurring adjustments necessary for a fair statement of the results of the interim periods presented but are not necessarily indicative of the results of operations to be anticipated for the full year or any future period. The consolidated balance sheet as of December 31, 2022 included herein was derived from the audited consolidated financial statements as of that date but does not include all disclosures including certain disclosures required by GAAP on an annual basis. The unaudited condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All significant intercompany transactions and balances have been eliminated in consolidation. The unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022, filed with the SEC on February 22, 2023. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates, judgments and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. The Company bases its estimates on historical experience and on other assumptions that its management believes are reasonable under the circumstances. Actual results could differ from those estimates. The Company’s estimates and judgments include, but are not limited to, the estimated period of benefit for incremental costs of obtaining a contract with a customer, the incremental borrowing rate for operating leases, calculation of allowance for credit losses, valuation of assets and liabilities acquired as part of business combinations, useful lives of long-lived assets, stock-based compensation, income taxes, commitments and contingencies and litigation, among others. The Company is not aware of any events or circumstances that would require an update to its estimates and judgments or a revision of the carrying value of its assets or liabilities as of May 3, 2023, the date of issuance of this Quarterly Report on Form 10-Q. Actual results could differ from those estimates. Summary of Significant Accounting Policies The Company’s significant accounting policies are discussed in Note 1, “Nature of Operations and Summary of Significant Accounting Policies” in the Notes to Consolidated Financial Statements as of and for the year ended December 31, 2022 included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022, filed with the SEC on February 22, 2023. There have been no significant changes to these policies during the three months ended March 31, 2023, except as noted below. Business Combinations The Company recognizes and measures the assets acquired and liabilities assumed in a business combination based on their estimated fair values at the acquisition date. Any excess or deficiency of the purchase consideration when compared to the fair value of the net assets acquired, if any, is recorded as goodwill or gain from a bargain purchase. Such valuations require that management make estimates and assumptions, especially with respect to the identifiable intangible assets. The estimates in valuing intangible assets include, but are not limited to, the time and expense to recreate the assets, future expected cash flows from the asset, useful lives, and discount rates. The estimates are inherently uncertain and subject to revision as additional information is obtained during the measurement period for an acquisition, which may last up to one year from the acquisition date. During the measurement period the Company may record adjustments to the fair value of tangible and intangible assets acquired and liabilities assumed, with a corresponding offset to Goodwill. After the conclusion of the measurement period or the final determination of the fair value of assets acquired or liabilities assumed, whichever comes first, any subsequent adjustments are recorded to earnings.

Revenue Recognition

Revenue Recognition	3 Months Ended
Revenue Recognition	Mar. 31, 2023
Revenue from Contract with Customer [Abstract]
Revenue Recognition	Revenue Recognition Disaggregation of Revenue The Company provides disaggregation of revenue based on geographic region in Note 7 and based on the subscription versus professional services and other classification on the condensed consolidated statements of operations, as it believes these best depict how the nature, amount, timing and uncertainty of revenue and cash flows are affected by economic factors. Deferred Revenue Deferred revenue is recorded upon establishment of unconditional right to payment under non-cancellable contracts and is recognized as the revenue recognition criteria are met. The Company generally invoices customers in advance in monthly, quarterly, semi-annual and annual installments. The deferred revenue balance is influenced by several factors, including the compounding effects of renewals, invoice duration, timing and size. The amount of revenue recognized during the three months ended March 31, 2023 and 2022 that was included in deferred revenue at the beginning of each period was $44.1 million and $32.4 million, respectively. As of March 31, 2023, including amounts already invoiced and amounts contracted but not yet invoiced, $187.8 million of revenue is expected to be recognized from remaining performance obligations, of which 76% is expected to be recognized in the next 12 months, with the remainder thereafter.

Operating Leases

Operating Leases	3 Months Ended
Operating Leases	Mar. 31, 2023
Leases [Abstract]
Operating Leases	Operating Leases The Company has operating lease agreements for offices in Chicago, Illinois, Seattle, Washington, and Dublin, Ireland. The Chicago lease expires in January 2028, the Seattle lease expires in January 2031, and the Dublin lease expires in June 2024. These operating leases require escalating monthly rental payments ranging from approximately $47,000 to $280,000. Under the terms of the lease agreements, the Company is also responsible for its proportionate share of taxes and operating costs, which are treated as variable lease costs. The Company’s operating leases typically contain options to extend or terminate the term of the lease. The Company currently does not include any options to extend leases in its lease terms as it is not reasonably certain to exercise them. As such, it has recorded lease obligations only through the initial optional termination dates above. The following table provides a summary of operating lease assets and liabilities as of March 31, 2023 (in thousands): Assets Operating lease right-of-use assets $ 9,148 Liabilities Operating lease liabilities 3,580 Operating lease liabilities, non-current 17,369 Total operating lease liabilities $ 20,949 The following table provides information about leases on the condensed consolidated statements of operations (in thousands): Three Months Ended March 31, 2023 2022 Operating lease expense $ 648 $ 503 Variable lease expense 893 866 Within the condensed consolidated statements of operations, operating and variable lease expense are recorded in General and administrative expenses. Cash payments related to operating leases for the three months ended March 31, 2023 and March 31, 2022 were $2.0 million and $1.8 million, respectively. As of March 31, 2023, the weighted-average remaining lease term is 5.7 years and the weighted-average discount rate is 5.5%. Remaining maturities of operating lease liabilities as of March 31, 2023 are as follows (in thousands): Years ending December 31, 2023 $ 3,464 2024 4,406 2025 4,205 2026 4,298 2027 4,392 Thereafter 3,604 Total future minimum lease payments $ 24,369 Less: imputed interest (3,420) Total operating lease liabilities $ 20,949

Income Taxes

Income Taxes	3 Months Ended
Income Taxes	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The provision for income taxes for interim periods is generally determined using an estimate of the Company’s annual effective tax rate, excluding jurisdictions for which no tax benefit can be recognized due to valuation allowances. The Company’s effective tax rate differs from the U.S. federal statutory rate primarily due to a valuation allowance related to the Company’s federal and state deferred tax assets. There is no provision for domestic income taxes because the Company has historically incurred operating losses and maintains a full valuation allowance against its net deferred tax assets. For the three months ended March 31, 2023, the Company recognized an immaterial provision related to foreign income taxes. The Company assesses all available positive and negative evidence to evaluate the realizability of its deferred tax assets and whether or not a valuation allowance is necessary. The Company’s three-year cumulative loss position was significant negative evidence in assessing the need for a valuation allowance. The weight given to positive and negative evidence is commensurate with the extent such evidence may be objectively verified. Given the weight of objectively verifiable historical losses from operations, the Company has recorded a full valuation allowance on its deferred tax assets. The Company may be able to reverse the valuation allowance when sufficient positive evidence exists to support the reversal of the valuation allowance.

Incentive Stock Plan

Incentive Stock Plan	3 Months Ended
Incentive Stock Plan	Mar. 31, 2023
Share-Based Payment Arrangement [Abstract]
Incentive Stock Plan	Incentive Stock Plan Stock-based compensation expense is included in the unaudited condensed consolidated statements of operations as follows: Three Months Ended March 31, 2023 2022 (in thousands) 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 $ 13,656 $ 8,392

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Mar. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Contractual Obligations The Company has non-cancellable minimum guaranteed purchase commitments for primarily data and services. Material contractual commitments as of March 31, 2023 that are not disclosed elsewhere are as follows (in thousands): Years ending December 31, 2023 $ 10,529 2024 3,936 2025 2,243 2026 445 2027 236 Thereafter — Total contract commitments $ 17,389 Legal Matters From time to time in the normal course of business, the Company may be subject to various legal matters such as threatened or pending claims or proceedings. There were no material such matters as of and for the period ended March 31, 2023. Indemnification In the ordinary course of business, the Company often includes standard indemnification provisions in its arrangements with third parties, including vendors, customers, investors, and the Company’s directors and officers. Pursuant to these provisions, the Company may be obligated to indemnify such parties for losses or claims suffered or incurred. It is not possible to determine the maximum potential loss under these indemnification provisions due to the Company’s limited history of prior indemnification claims and the unique facts and circumstances involved in each particular provision. There were no material obligations under such indemnification agreements as of and for the period ended March 31, 2023.

Segment and Geographic Data

Segment and Geographic Data	3 Months Ended
Segment and Geographic Data	Mar. 31, 2023
Segment Reporting [Abstract]
Segment and Geographic Data	Segment and Geographic Data The Company operates as one operating segment. The Company’s chief operating decision maker (“CODM”) is its chief executive officer, who reviews financial information for purposes of making operating decisions, assessing financial performance and allocating resources. The Company’s CODM evaluates financial information on a consolidated basis. As the Company operates as one operating segment, all required segment financial information is found in the condensed consolidated financial statements. Long-lived assets by geographical region are based on the location of the legal entity that owns the assets. As of March 31, 2023 and December 31, 2022, there were no significant long-lived assets held by entities outside of the United States. Revenue by geographical region is determined by location of the Company’s customers. Revenue from customers outside of the United States was approximately 27% and 28% for the three months ended March 31, 2023 and 2022, respectively. Revenue by geographical region is as follows (in thousands): Three Months Ended March 31, 2023 2022 Americas $ 59,111 $ 45,230 EMEA 12,500 9,454 Asia Pacific 3,601 2,745 Total $ 75,212 $ 57,429

Net Loss per Share

Net Loss per Share	3 Months Ended
Net Loss per Share	Mar. 31, 2023
Earnings Per Share [Abstract]
Net Loss per Share	Net Loss per Share Basic net loss per share is calculated by dividing the net loss by the weighted average number of outstanding shares of common stock for each period. Diluted net loss per share is calculated by giving effect to all potential dilutive common stock equivalents, which includes stock options, restricted stock units, and restricted stock awards. Because the Company incurred net losses each period, the basic and diluted calculations are the same. Basic and diluted net loss per share are the same for each class of common stock, as both Class A and Class B stockholders are entitled to the same liquidation and dividend rights. The following table presents the calculation for basic and diluted net loss per share (in thousands, except share and per share data): Three Months Ended March 31, 2023 2022 Net loss attributable to common shareholders $ (10,252) $ (9,755) Weighted average common shares outstanding 55,176,425 54,277,676 Net loss per share, basic and diluted $ (0.19) $ (0.18) The following outstanding shares of common stock equivalents were excluded from the calculation of diluted net loss per share for each period, as the impact of including them would have been anti-dilutive. March 31, 2023 2022 Stock options outstanding 57,010 84,510 RSUs outstanding 2,779,378 2,674,435 Total potentially dilutive shares 2,836,388 2,758,945

Fair Value Measurements

Fair Value Measurements	3 Months Ended
Fair Value Measurements	Mar. 31, 2023
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements The Company measures certain financial assets at fair value. Fair value is determined based upon the exit price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants, as determined by either the principal market or the most advantageous market. Inputs used in the valuation techniques to derive fair values are classified based on a three-level hierarchy, as follows: • Level 1: Quoted prices in active markets for identical assets or liabilities. • Level 2: Observable inputs, other than Level 1 prices, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. • Level 3: Unobservable inputs that are supported by little or no market activity. The following tables present information about the Company’s financial assets that are measured at fair value and indicate the fair value hierarchy of the valuation inputs used (in thousands): March 31, 2023 Level 1 Level 2 Level 3 Total Marketable Securities: Commercial paper $ — $ 41,398 $ — $ 41,398 Corporate bonds — 31,231 — 31,231 U.S. agency securities — 21,326 — 21,326 U.S. Treasury securities — 12,783 — 12,783 Asset-backed securities — 2,021 — 2,021 Total assets $ — $ 108,759 $ — $ 108,759 December 31, 2022 Level 1 Level 2 Level 3 Total Marketable Securities: Commercial paper $ — $ 43,489 $ — $ 43,489 Corporate bonds — 33,183 — 33,183 U.S. Treasury securities — 14,145 — 14,145 U.S. agency securities — 12,950 — 12,950 Asset-backed securities — $ 2,157 $ — 2,157 Total assets $ — $ 105,924 $ — $ 105,924 Marketable securities are classified within Level 2 because they are valued using inputs other than quoted prices that are directly or indirectly observable in the market. The carrying amounts of certain financial instruments, including cash held in banks, cash equivalents, accounts receivable, accounts payable and accrued liabilities, approximate fair value due to their short-term maturities and are excluded from the fair value tables above. For the periods presented, the Company held investment-grade marketable securities which were accounted for as available-for-sale securities. As of March 31, 2023 and December 31, 2022, there was not a significant difference between the amortized cost and fair value of these securities. The gross unrealized gains and losses associated with these securities were immaterial in the periods presented. The following table classifies our marketable securities by contractual maturity (in thousands): March 31, 2023 December 31, 2022 Due in one year or less 99,050 92,929 Due after one year and within two years 9,709 12,995 Total 108,759 105,924

Business Combinations

Business Combinations	3 Months Ended
Business Combinations	Mar. 31, 2023
Business Combination and Asset Acquisition [Abstract]
Business Combination Disclosure	Business Combinations On January 19, 2023, the Company completed the acquisition of all of the outstanding equity of Repustate, Inc. The acquisition is expected to increase the Company’s power, breadth and automation of social listening, messaging, and customer care capabilities with added sentiment analysis, natural language processing (NLP) and artificial-intelligence (AI). The total purchase consideration for the acquisition was approximately $8.4 million, consisting of approximately $6.8 million in cash paid at the closing of the acquisition and a holdback of $1.6 million in cash to be paid as purchase consideration after the one-year anniversary of the closing of the acquisition, assuming no claims by the Company against the holdback amount for post-closing purchase price adjustments or indemnification matters. The purchase price allocation as of the date of acquisition was based on a preliminary valuation and is subject to revision as more detailed analyses are completed, and additional information about the fair value of assets and liabilities acquired become available. The following table summarizes the preliminary fair values of assets acquired and liabilities assumed as of the date of acquisition (in thousands): January 19, 2023 Cash and cash equivalents $ 366 Intangible assets 1,800 Goodwill 6,713 Deferred tax liability (477) Other net tangible assets and liabilities assumed (4) Total consideration $ 8,398 Deferred consideration related to holdback (1,600) Cash and cash equivalents acquired (366) Cash paid for acquisition of business, net of cash acquired $ 6,432 The excess of purchase consideration over the fair value of net assets acquired was recorded as goodwill, and is primarily attributable to expected post-acquisition synergies from integrating the technology into Sprout’s platform. The goodwill is not deductible for income tax purposes. The fair values of the tangible and identifiable intangible assets acquired and liabilities assumed are based on management’s estimates and assumptions. These estimates are based on preliminary information and may be subject to further revision as additional information is obtained during the measurement period, which may last up to 12 months from the date of the acquisition. The primary areas that remain preliminary as of March 31, 2023 relate to the fair values of intangible assets acquired and goodwill. The Company expects to finalize the fair value measurements as soon as practicable, but not later than one year from the date of acquisition. The estimated useful lives and fair values of the identifiable intangible assets at acquisition date were as follows (in thousands): Fair Value Expected Useful Life Customer Relationships $ 200 1 year Acquired Technology 1,600 5 years $ 1,800 The changes in the carrying amount of goodwill during the three months ended March 31, 2023 were as follows (in thousands): Goodwill balance as of December 31, 2022 $ 2,299 Addition - acquisition of Repustate 6,713 Goodwill balance as of March 31, 2023 $ 9,012 We have included the financial results of Repustate in our condensed consolidated financial statements from the date of acquisition. Separate financial results and pro forma financial information for Repustate have not been presented as the effect of this acquisition was not material to our financial results.

Nature of Operations and Summ_2

Nature of Operations and Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	The unaudited condensed consolidated financial statements and accompanying notes were prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and the applicable regulations of the United States Securities and Exchange Commission (“SEC”) regarding interim financial reporting. The Company has prepared the unaudited condensed consolidated financial statements on a basis substantially consistent with the audited consolidated financial statements of the Company as of and for the year ended December 31, 2022, and these unaudited condensed consolidated financial statements include all normal recurring adjustments necessary for a fair statement of the results of the interim periods presented but are not necessarily indicative of the results of operations to be anticipated for the full year or any future period. The consolidated balance sheet as of December 31, 2022 included herein was derived from the audited consolidated financial statements as of that date but does not include all disclosures including certain disclosures required by GAAP on an annual basis. The unaudited condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries.
Principles of Consolidation	All significant intercompany transactions and balances have been eliminated in consolidation.
Use of Estimates	The preparation of financial statements in conformity with GAAP requires management to make estimates, judgments and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. The Company bases its estimates on historical experience and on other assumptions that its management believes are reasonable under the circumstances. Actual results could differ from those estimates. The Company’s estimates and judgments include, but are not limited to, the estimated period of benefit for incremental costs of obtaining a contract with a customer, the incremental borrowing rate for operating leases, calculation of allowance for credit losses, valuation of assets and liabilities acquired as part of business combinations, useful lives of long-lived assets, stock-based compensation, income taxes, commitments and contingencies and litigation, among others. The Company is not aware of any events or circumstances that would require an update to its estimates and judgments or a revision of the carrying value of its assets or liabilities as of May 3, 2023, the date of issuance of this Quarterly Report on Form 10-Q. Actual results could differ from those estimates.
Deferred Revenue	Deferred revenue is recorded upon establishment of unconditional right to payment under non-cancellable contracts and is recognized as the revenue recognition criteria are met. The Company generally invoices customers in advance in monthly, quarterly, semi-annual and annual installments. The deferred revenue balance is influenced by several factors, including the compounding effects of renewals, invoice duration, timing and size.
Business Combinations Policy	The Company recognizes and measures the assets acquired and liabilities assumed in a business combination based on their estimated fair values at the acquisition date. Any excess or deficiency of the purchase consideration when compared to the fair value of the net assets acquired, if any, is recorded as goodwill or gain from a bargain purchase. Such valuations require that management make estimates and assumptions, especially with respect to the identifiable intangible assets. The estimates in valuing intangible assets include, but are not limited to, the time and expense to recreate the assets, future expected cash flows from the asset, useful lives, and discount rates. The estimates are inherently uncertain and subject to revision as additional information is obtained during the measurement period for an acquisition, which may last up to one year from the acquisition date. During the measurement period the Company may record adjustments to the fair value of tangible and intangible assets acquired and liabilities assumed, with a corresponding offset to Goodwill. After the conclusion of the measurement period or the final determination of the fair value of assets acquired or liabilities assumed, whichever comes first, any subsequent adjustments are recorded to earnings.

Operating Leases (Tables)

Operating Leases (Tables)	3 Months Ended
Operating Leases (Tables)	Mar. 31, 2023
Leases [Abstract]
Summary of operating lease assets and liabilities	The following table provides a summary of operating lease assets and liabilities as of March 31, 2023 (in thousands): Assets Operating lease right-of-use assets $ 9,148 Liabilities Operating lease liabilities 3,580 Operating lease liabilities, non-current 17,369 Total operating lease liabilities $ 20,949
Schedule of lease cost	The following table provides information about leases on the condensed consolidated statements of operations (in thousands): Three Months Ended March 31, 2023 2022 Operating lease expense $ 648 $ 503 Variable lease expense 893 866
Schedule of remaining maturities of operating lease liabilities	Remaining maturities of operating lease liabilities as of March 31, 2023 are as follows (in thousands): Years ending December 31, 2023 $ 3,464 2024 4,406 2025 4,205 2026 4,298 2027 4,392 Thereafter 3,604 Total future minimum lease payments $ 24,369 Less: imputed interest (3,420) Total operating lease liabilities $ 20,949

Incentive Stock Plan (Tables)

Incentive Stock Plan (Tables)	3 Months Ended
Incentive Stock Plan (Tables)	Mar. 31, 2023
Share-Based Payment Arrangement [Abstract]
Schedule of stock-based compensation expense	Stock-based compensation expense is included in the unaudited condensed consolidated statements of operations as follows: Three Months Ended March 31, 2023 2022 (in thousands) 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 $ 13,656 $ 8,392

Commitments and Contingencies (

Commitments and Contingencies (Tables)	3 Months Ended
Commitments and Contingencies (Tables)	Mar. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Schedule of contractual commitments	Material contractual commitments as of March 31, 2023 that are not disclosed elsewhere are as follows (in thousands): Years ending December 31, 2023 $ 10,529 2024 3,936 2025 2,243 2026 445 2027 236 Thereafter — Total contract commitments $ 17,389

Segment and Geographic Data (Ta

Segment and Geographic Data (Tables)	3 Months Ended
Segment and Geographic Data (Tables)	Mar. 31, 2023
Segment Reporting [Abstract]
Schedule of revenue by geographical region	Revenue by geographical region is as follows (in thousands): Three Months Ended March 31, 2023 2022 Americas $ 59,111 $ 45,230 EMEA 12,500 9,454 Asia Pacific 3,601 2,745 Total $ 75,212 $ 57,429

Net Loss per Share (Tables)

Net Loss per Share (Tables)	3 Months Ended
Net Loss per Share (Tables)	Mar. 31, 2023
Earnings Per Share [Abstract]
Schedule of basic and diluted net loss per share	The following table presents the calculation for basic and diluted net loss per share (in thousands, except share and per share data): Three Months Ended March 31, 2023 2022 Net loss attributable to common shareholders $ (10,252) $ (9,755) Weighted average common shares outstanding 55,176,425 54,277,676 Net loss per share, basic and diluted $ (0.19) $ (0.18)
Schedule of shares excluded from the calculation of diluted net loss per share	The following outstanding shares of common stock equivalents were excluded from the calculation of diluted net loss per share for each period, as the impact of including them would have been anti-dilutive. March 31, 2023 2022 Stock options outstanding 57,010 84,510 RSUs outstanding 2,779,378 2,674,435 Total potentially dilutive shares 2,836,388 2,758,945

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
Fair Value Measurements (Tables)	Mar. 31, 2023
Fair Value Disclosures [Abstract]
Schedule of financial assets measured at fair value	The following tables present information about the Company’s financial assets that are measured at fair value and indicate the fair value hierarchy of the valuation inputs used (in thousands): March 31, 2023 Level 1 Level 2 Level 3 Total Marketable Securities: Commercial paper $ — $ 41,398 $ — $ 41,398 Corporate bonds — 31,231 — 31,231 U.S. agency securities — 21,326 — 21,326 U.S. Treasury securities — 12,783 — 12,783 Asset-backed securities — 2,021 — 2,021 Total assets $ — $ 108,759 $ — $ 108,759 December 31, 2022 Level 1 Level 2 Level 3 Total Marketable Securities: Commercial paper $ — $ 43,489 $ — $ 43,489 Corporate bonds — 33,183 — 33,183 U.S. Treasury securities — 14,145 — 14,145 U.S. agency securities — 12,950 — 12,950 Asset-backed securities — $ 2,157 $ — 2,157 Total assets $ — $ 105,924 $ — $ 105,924
Investments Classified by Contractual Maturity Date	The following table classifies our marketable securities by contractual maturity (in thousands): March 31, 2023 December 31, 2022 Due in one year or less 99,050 92,929 Due after one year and within two years 9,709 12,995 Total 108,759 105,924

Business Combinations (Tables)

Business Combinations (Tables)		3 Months Ended
Business Combinations (Tables)	Jan. 19, 2023	Mar. 31, 2023
Business Combination and Asset Acquisition [Abstract]
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed	The following table summarizes the preliminary fair values of assets acquired and liabilities assumed as of the date of acquisition (in thousands): January 19, 2023 Cash and cash equivalents $ 366 Intangible assets 1,800 Goodwill 6,713 Deferred tax liability (477) Other net tangible assets and liabilities assumed (4) Total consideration $ 8,398 Deferred consideration related to holdback (1,600) Cash and cash equivalents acquired (366) Cash paid for acquisition of business, net of cash acquired $ 6,432
Schedule of Acquired Finite-Lived Intangible Assets by Major Class	The estimated useful lives and fair values of the identifiable intangible assets at acquisition date were as follows (in thousands): Fair Value Expected Useful Life Customer Relationships $ 200 1 year Acquired Technology 1,600 5 years $ 1,800
Schedule of Goodwill		The changes in the carrying amount of goodwill during the three months ended March 31, 2023 were as follows (in thousands): Goodwill balance as of December 31, 2022 $ 2,299 Addition - acquisition of Repustate 6,713 Goodwill balance as of March 31, 2023 $ 9,012

Revenue Recognition (Details)

Revenue Recognition (Details) - USD ($) $ in Millions	3 Months Ended
Revenue Recognition (Details) - USD ($) $ in Millions	Mar. 31, 2023	Mar. 31, 2022
Revenue from Contract with Customer [Abstract]
Revenue recognized previously deferred	$ 44.1	$ 32.4
Revenue expected to be recognized	$ 187.8
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-04-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue expected to be recognized, percentage	76%
Revenue, remaining performance obligation, period	12 months

Operating Leases - Narrative (D

Operating Leases - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Lessee, Lease, Description [Line Items]
Operating lease, right-of-use assets	$ 9,148		$ 9,503
Operating lease liability	20,949
Payments related to operating leases	$ 2,000	$ 1,800
Weighted-average remaining lease term	5 years 8 months 12 days
Weighted-average discount rate	5.50%
Minimum
Lessee, Lease, Description [Line Items]
Monthly rental payments	$ 47
Maximum
Lessee, Lease, Description [Line Items]
Monthly rental payments	$ 280

Operating Leases - Summary of o

Operating Leases - Summary of operating lease assets and liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Leases [Abstract]
Operating lease, right-of-use assets	$ 9,148	$ 9,503
Operating lease liabilities	3,580	3,499
Operating lease liabilities, net of current portion	17,369	$ 18,287
Total operating lease liabilities	$ 20,949

Operating Leases - Lease cost (

Operating Leases - Lease cost (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Leases [Abstract]
Operating lease expense	$ 648	$ 503
Variable lease expense	$ 893	$ 866

Operating Leases - Remaining ma

Operating Leases - Remaining maturities of operating lease liabilities (Details) $ in Thousands	Mar. 31, 2023 USD ($)
Leases [Abstract]
2023	$ 3,464
2024	4,406
2025	4,205
2026	4,298
2027	4,392
Thereafter	3,604
Total future minimum lease payments	24,369
Less: imputed interest	(3,420)
Total operating lease liabilities	$ 20,949

Incentive Stock Plan (Details)

Incentive Stock Plan (Details) - USD ($) $ in Thousands	3 Months Ended
Incentive Stock Plan (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Mar. 31, 2022
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation	$ 13,656	$ 8,392
Cost of revenue
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation	501	448
Research and development
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation	3,602	1,725
Sales and marketing
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation	6,570	4,218
General and administrative
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation	$ 2,983	$ 2,001

Commitments and Contingencies_2

Commitments and Contingencies (Details) $ in Thousands	Mar. 31, 2023 USD ($)
Commitments and Contingencies Disclosure [Abstract]
2023	$ 10,529
2024	3,936
2025	2,243
2026	445
2027	236
Thereafter	0
Total contract commitments	$ 17,389

Segment and Geographic Data (De

Segment and Geographic Data (Details) $ in Thousands	3 Months Ended
Segment and Geographic Data (Details) $ in Thousands	Mar. 31, 2023 USD ($) segment	Mar. 31, 2022 USD ($)
Segment Reporting [Abstract]
Number of operating segments \| segment	1
Disaggregation of Revenue [Line Items]
Total revenue	$ 75,212	$ 57,429
Americas
Disaggregation of Revenue [Line Items]
Total revenue	59,111	45,230
EMEA
Disaggregation of Revenue [Line Items]
Total revenue	12,500	9,454
Asia Pacific
Disaggregation of Revenue [Line Items]
Total revenue	$ 3,601	$ 2,745
Geographic Concentration Risk \| Revenue from Contract with Customer Benchmark \| Outside of the United States
Disaggregation of Revenue [Line Items]
Concentration risk percentage	27%	28%

Net Loss per Share - Basic and

Net Loss per Share - Basic and diluted net loss per share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Earnings Per Share [Abstract]
Net loss attributable to common shareholders	$ (10,252)	$ (9,755)
Weighted average common shares outstanding (in shares)	55,176,425	54,277,676
Net loss per share, basic and diluted (in dollars per share)	$ (0.19)	$ (0.18)

Net Loss per Share - Shares exc

Net Loss per Share - Shares excluded from the calculation of diluted net loss per share (Details) - shares	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total potentially dilutive shares (in shares)	2,836,388	2,758,945
Stock options outstanding
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total potentially dilutive shares (in shares)	57,010	84,510
RSUs outstanding
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total potentially dilutive shares (in shares)	2,779,378	2,674,435

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	$ 108,759	$ 105,924
Marketable securities, noncurrent	9,709	12,995
Marketable securities	99,050	92,929
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	0	0
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	108,759	105,924
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	0	0
Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	31,231	33,183
Corporate bonds \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	0	0
Corporate bonds \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	31,231	33,183
Corporate bonds \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	0	0
Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	41,398	43,489
Commercial paper \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	0	0
Commercial paper \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	41,398	43,489
Commercial paper \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	0	0
U.S. Treasury securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	12,783	14,145
U.S. Treasury securities \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	0	0
U.S. Treasury securities \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	12,783	14,145
U.S. Treasury securities \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	0	0
Asset-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	2,021	2,157
Asset-backed securities \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	0	0
Asset-backed securities \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	2,021	2,157
Asset-backed securities \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	0	0
U.S. agency securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	21,326	12,950
U.S. agency securities \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	0	0
U.S. agency securities \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	21,326	12,950
U.S. agency securities \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	$ 0	$ 0

Business Combinations - Narrati

Business Combinations - Narrative (Details) $ in Thousands	3 Months Ended
Business Combinations - Narrative (Details) $ in Thousands	Mar. 31, 2023 USD ($)
Business Combination and Asset Acquisition [Abstract]
Business Combination, Consideration Transferred	$ 8,400

Business Combinations - Fair Va

Business Combinations - Fair Value of Assets and Liabilities Assumed (Details) - USD ($) $ in Thousands		3 Months Ended
	Jan. 19, 2023	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Schedule Of Identified Assets Acquired And Liabilities Assumed [Line Items]
Goodwill		$ 9,012		$ 2,299
Payments for business acquisition, net of cash acquired		$ 6,432	$ 0
Repustate Inc.
Schedule Of Identified Assets Acquired And Liabilities Assumed [Line Items]
Cash and cash equivalents	$ 366
Intangible assets	1,800
Goodwill	6,713
Deferred tax liability	(477)
Other net tangible assets and liabilities assumed	(4)
Total consideration	8,398
Deferred Consideration Related to Holdback	(1,600)
Cash and cash equivalents acquired	(366)
Payments for business acquisition, net of cash acquired	$ 6,432

Business Combinations - Intangi

Business Combinations - Intangible Assets Acquired (Details) - Repustate Inc. $ in Thousands	Jan. 19, 2023 USD ($)
Business Acquisition [Line Items]
Fair Value	$ 1,800
Customer Relationships
Business Acquisition [Line Items]
Fair Value	$ 200
Expected Useful Life	1 year
Technology-Based Intangible Assets
Business Acquisition [Line Items]
Fair Value	$ 1,600
Expected Useful Life	5 years

Business Combinations - Changes

Business Combinations - Changes in Goodwill (Details) - Repustate Inc. $ in Thousands	Jan. 19, 2023 USD ($)
Acquired Indefinite-Lived Intangible Assets [Line Items]
Addition - acquisition of Repustate	$ 6,713
Goodwill balance as of March 31, 2023	$ 6,713