From:Joel Gascoigne
To:Shareholders
Subject:February 2024 Shareholder Update
Date:March 25, 2024

February 2024 Shareholder Update

ℹ️ Sent to shareholders on March 25, 2024

Hi there,

I’m here with the metrics and key updates for Buffer for February 2024. This is a shorter update, however the results are some of the strongest we’ve seen in years. Please reply with comments or questions.

Key numbers

MRR
$1,517,409 +0.87%
ARR
$18,208,908 +0.87%
Customers
56,145 -0.04%
MAU
156,495 +1.82%
ARPU
$27.02 +0.90%
Team Size
71 -4 people
Revenue Per Employee
$256,456 +6.55%
Net Income
-$77,857 -26.79%
Bank Balance
$3,285,977 +0.87%
Runway
26 months 2 years, 2 months
  • It’s great to see our strong growth from January continue. In fact, we saw a stronger growth rate and net MRR increase in February despite it being a month with 2 fewer days.
  • These great results are due to the New Buffer segment continuing to perform strongly, while our Legacy segment continues to decline and become a smaller portion of our overall MRR. Read more about this shift in the recent Annual Shareholder Letter.
  • We’re forecasting continued growth in the coming months and are on track for a growth year overall for 2024.
  • I’ve included our Revenue per team member metric as this is something we’ll be working to grow as we head towards profitability. At $256,456, this is the highest number we’ve seen for this metric in the past year.

Note-worthy updates and reflections

Positive year-over-year growth rate

With our great February results, we are now seeing positive YoY growth in MRR/ARR overall (February 2024 is a 1.3% increase from February 2023). We’re delighted to be in a very strong position so early in 2024, and it’s now clear that we have the opportunity for a great year overall for Buffer.

More flexibility in link shortening

We added more flexibility to our link shortening functionality in the composer. Buffer users can now select a default shortening option (buff.ly, bit.ly or a custom domain), and can additionally shorten or unshorten links individually when they create each post. Read more

Various UX and conversion rate improvements

We made a variety of improvements during February to our upgrade and cancellation flows, while we worked iteratively towards some of our more significant upcoming new features.

Preparing for retreat, and working towards larger updates

February was a quieter month on the customer-facing updates, as we prepared for our retreat (more to come on that in the March update), and continued to work towards significant new features. We have a significant upgrade to our Create space coming soon, including a new board view for content planning. We’ve also been working towards a revamped Publish experience for switching between the queue, calendar, drafts and approvals and improved UX for viewing one, multiple, or all channels at once.

That’s it for February. I’ll be back in touch soon for the March update. A small note that I’ll be heading out on family leave sometime in early April as my wife Jess and I are expecting a baby boy (Milo is excited to be a big brother). If he arrives before I have a chance to send the next shareholder update, our Head of Finance Jenny will be in touch with the latest metrics.

Thanks for the long-term support as we’ve turned around the decline,

More Updates