Sprout Social, Inc. (SPT) Earnings Call Transcript & Summary

Good morning, and welcome to Sprout Social 2021 annual meeting of Stockholders. It's my pleasure to introduce jJustyn Howard, Chair of the Board of Directors and CEO of Sprout Social.

Thank you for the introduction, and good morning, everyone. Welcome to the Sprout Social 2021 annual meeting of Stockholders. An agenda that outlines the order of business for this meeting has been made available on our virtual meeting web portal, virtualshareholdermeeting.com/spt2021, which is hosted by Broadridge Financial. The web address is contained in our notice of this meeting as well, which began mailing to stockholders on April 9, 2021, to stockholders of record as of March 30, 2021. A copy of this notice and our 2021 proxy statement can be found on the virtual annual meeting web portal. This meeting is also being audio and webcast live. A copy of it will be posted in 24 hours at the same web address as this meeting. As noted on the agenda, following the conclusion of the meeting, we will have a brief Q&A session for stockholders. Questions may be placed by stockholders throughout this presentation and the virtual meeting web portal, where they remain in queue until the Q&A session. I would now like to introduce my colleagues who are in attendance. With us are the members of the Sprout Social Board of Directors: Peter Barris; Karen Walker; Aaron Rankin; Steven Collins; Raina Moskowitz; and Jason Kreuziger. Jason has served as a member of our Board since 2016 and will not be standing for reelection. Our team and the Board would like to thank Jason for his partnership and dedicated service to the company. We also have two company officers here today, joining me are Heidi Jonas, General Counsel and Secretary; and Jason Rechel, our Head of Investor Relations. Lastly, I would like to recognize Shaun Goldfarb from PricewaterhouseCoopers, who has worked on the audit of the company's financial statements for or previous fiscal years and is with us today. We appreciate your work, Shaun. Heidi will serve as Secretary of the meeting and will now take us through the formal portion of our meeting.

Thank you, Justyn. Good morning, everyone. Please note that I have delivered an affidavit of the mailing of the notice of the meeting, which states that notices at this meeting commenced mailing on April 9, 2021, to all stockholders of record as of the close of business on March 30, 2021, the record date for this meeting. This Affidavit will be filed with the minutes of this meeting. I've been advised by our inspector of election, Gerry Lane of Broadridge Financial Solutions, that immediately prior to the proceedings, a majority of the voting power of our issued and outstanding shares of common stock are represented by proxy at today's meeting. Since the majority of the company's voting power, is represented here today, a quorum is present and the business of the meeting may proceed. At this time, I call the meeting to order. I'd like to remind everyone that the rules of conduct have been posted on the virtual meeting web portal. These rules will apply to the Q&A session. The polls are now open. When the polls close, I will announce the results. Many of you have already mailed or otherwise delivered your proxy card and therefore, intend to have your shares voted by the legal proxy. If you have provided your proxy card, your shares will be voted in accordance with your instructions. If you've not already voted and wish to vote or if you wish to change your vote, the polls will remain open until we announce the closing of the poll. You may vote by clicking the voting button on the virtual meeting web portal and following the instructions there. Stockholders who have sent in proxies or voted via telephone or internet and do not want to change their vote, do not need to take any further action. The first item of business is the election of one director to the Sprout Social Board of Directors. The candidate who has been nominated to serve as a director by Sprout Social's Nominating and Corporate Governance Committee, and the Board of Directors is Justyn Howard. The proxy statement made available to you describes this qualification. The Sprout Social Board of Directors recommends you vote for this candidate. The second item of business is to ratify the appointment of PricewaterhouseCoopers LLP, as the company's independent registered public accounting firm for the fiscal year ending December 31, 2021. Their appointment is discussed in our proxy statement. The Sprout social Board of Directors recommends you vote for the ratification of the appointment of PricewaterhouseCoopers LLP. If you wish to vote, you may do so now by clicking on the vote button. I will pause to give stockholders a chance to finish voting. [Voting] I now declare the polls closed. A voting report dated as of today has been delivered to me by Broadridge Financial Solutions and the inspector of election, stating that, Justyn Howard has been elected as a director by the stockholders. Justyn Howard received more than a plurality of the votes cast. Ratification of the appointment of PricewaterhouseCoopers LLP and as prosocial independent registered public accounting firm for the fiscal year ending December 31, 2021, has been approved by the stockholders by the affirmative vote of the majority of the votes cast. The final results will be detailed in a current report on Form 8-K, which we will file with the SEC. With that, I'll hand it back to Justyn.

Thank you, Heidi. And this completes the formal portion of this meeting. Since there are no other matters properly scheduled to come before the meeting, I hereby adjourn the meeting, and we'll move to Q&A. For our Q&A segment, please make sure your questions follow the rules of conduct, which are available on the web portal. Questions must be relevant to the annual meeting and brief. Also, we can't answer any questions that would solicit material nonpublic information, such as questions related to guidance and changes in our business since the filing of our most recent quarterly report with SEC. Please enter any questions into the Q&A portal now. Heidi will read their questions allowed, and we'll pause to give stockholders time to enter their questions.

We're not seeing any questions. We will wait a little longer to give stockholders a chance to submit a question. Seeing there are no questions, we'll conclude the webcast at this time. Justyn?

Yes. Thank you all for attending our annual meeting. We appreciate your support and your investment. Have a wonderful day.

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.