Amplitude Announces Second Quarter 2024 Financial Results
Amplitude announced its Q2 2024 financial results. Annual Recurring Revenue (ARR) reached $290 million, up 8% YoY. Q2 revenue was $73.3 million, also up 8% YoY. However, Free Cash Flow showed a 19 percentage point decrease to $6.8 million. GAAP Net Loss per share improved to $0.19 from $0.24, but Non-GAAP Net Income per share fell from $0.02 to $(0.00). Operational cash flow decreased significantly from $20.4 million to $9.2 million.
Amplitude's customer base grew by 38%, with 547 customers contributing $100,000 or more in ARR. Key business developments include the appointment of Andrew Casey as CFO, being named a Leader in The Forrester Wave™ report, and launching new integrations and offerings.
Amplitude ha annunciato i risultati finanziari del Q2 2024. L'Annual Recurring Revenue (ARR) ha raggiunto i 290 milioni di dollari, in aumento dell'8% rispetto all'anno precedente. I ricavi del Q2 sono stati di 73,3 milioni di dollari, anch'essi in aumento dell'8% rispetto all'anno precedente. Tuttavia, il Free Cash Flow ha mostrato una diminuzione di 19 punti percentuali, attestandosi a 6,8 milioni di dollari. La perdita netta GAAP per azione è migliorata a 0,19 dollari rispetto a 0,24 dollari, ma l'utile netto non GAAP per azione è sceso da 0,02 dollari a $(0,00). Il flusso di cassa operativo è diminuito significativamente, passando da 20,4 milioni di dollari a 9,2 milioni di dollari.
La base clienti di Amplitude è cresciuta del 38%, con 547 clienti che contribuiscono con 100.000 dollari o più in ARR. Tra i principali sviluppi aziendali ci sono la nomina di Andrew Casey come CFO, il riconoscimento come Leader nel rapporto The Forrester Wave™ e il lancio di nuove integrazioni e offerte.
Amplitude anunció sus resultados financieros del Q2 2024. Los Ingresos Recurrentes Anuales (ARR) alcanzaron los 290 millones de dólares, un aumento del 8% interanual. Los ingresos del Q2 fueron de 73,3 millones de dólares, también un aumento del 8% interanual. Sin embargo, el Flujo de Caja Libre mostró una disminución de 19 puntos porcentuales, situándose en 6,8 millones de dólares. La pérdida neta GAAP por acción mejoró a 0,19 dólares desde 0,24 dólares, pero el ingreso neto no GAAP por acción cayó de 0,02 dólares a $(0,00). El flujo de caja operativo disminuyó significativamente, de 20,4 millones de dólares a 9,2 millones de dólares.
La base de clientes de Amplitude creció un 38%, con 547 clientes que contribuyen con 100.000 dólares o más en ARR. Los principales desarrollos empresariales incluyen el nombramiento de Andrew Casey como CFO, ser nombrado Líder en el informe The Forrester Wave™ y el lanzamiento de nuevas integraciones y ofertas.
Amplitude는 2024년 2분기 재무 결과를 발표했습니다. 연간 반복 수익(ARR)은 2억 9천만 달러에 도달하여 전년 대비 8% 증가했습니다. 2분기 수익은 7천3백30만 달러로, 이 또한 전년 대비 8% 증가했습니다. 그러나 자유 현금 흐름은 19퍼센트 포인트 감소하여 680만 달러로 나타났습니다. GAAP 기준 순손실은 주당 0.19달러로 개선되었으나, 비 GAAP 기준 순이익은 주당 0.02달러에서 $(0.00)로 감소했습니다. 운영 현금 흐름은 2천40만 달러에서 920만 달러로 상당히 감소했습니다.
Amplitude의 고객 기반은 38% 성장하여 547명의 고객이 ARR에서 10만 달러 이상을 기여하고 있습니다. 주요 사업 개발 사항으로는 Andrew Casey를 CFO로 임명한 것, The Forrester Wave™ 리포트에서 리더로 선정된 것, 그리고 새로운 통합 및 제공 서비스의 출시가 포함됩니다.
Amplitude a annoncé ses résultats financiers pour le T2 2024. Le Chiffre d'Affaires Annuel Récurrent (ARR) a atteint 290 millions de dollars, en hausse de 8% par rapport à l'année précédente. Les revenus pour le T2 s'élevaient à 73,3 millions de dollars, également en hausse de 8% par rapport à l'année précédente. Cependant, le Flux de Trésorerie Libre a montré une diminution de 19 points de pourcentage à 6,8 millions de dollars. La Perte Nette GAAP par action s'est améliorée à 0,19 dollar contre 0,24 dollar, mais le Revenu Net Non-GAAP par action est tombé de 0,02 dollar à $(0,00). Le flux de trésorerie opérationnel a diminué de manière significative, passant de 20,4 millions de dollars à 9,2 millions de dollars.
La base de clients d'Amplitude a augmenté de 38%, avec 547 clients contribuant chacun à 100 000 dollars ou plus en ARR. Parmi les développements majeurs de l'entreprise, on note la nomination d'Andrew Casey au poste de CFO, le fait d'être désigné Leader dans le rapport The Forrester Wave™ et le lancement de nouvelles intégrations et offres.
Amplitude hat seine Finanzergebnisse für Q2 2024 bekannt gegeben. Der Jahreswiederkehrende Umsatz (ARR) erreichte 290 Millionen Dollar, was einem Anstieg von 8% im Vergleich zum Vorjahr entspricht. Der Umsatz im Q2 betrug 73,3 Millionen Dollar, ebenfalls ein Anstieg von 8% im Vergleich zum Vorjahr. Der Freie Cashflow zeigte jedoch einen Rückgang um 19 Prozentpunkte auf 6,8 Millionen Dollar. Der GAAP Nettoverlust pro Aktie verbesserte sich auf 0,19 Dollar von 0,24 Dollar, während das Non-GAAP Nettoeinkommen pro Aktie von 0,02 Dollar auf $(0,00) fiel. Der operative Cashflow verringerte sich erheblich von 20,4 Millionen Dollar auf 9,2 Millionen Dollar.
Die Kundenbasis von Amplitude wuchs um 38%, mit 547 Kunden, die 100.000 Dollar oder mehr im ARR beitragen. Zu den wichtigsten Geschäftsentwicklungen gehören die Ernennung von Andrew Casey zum CFO, die Nominierung als Leader im The Forrester Wave™-Bericht und die Einführung neuer Integrationen und Angebote.
- Annual Recurring Revenue (ARR) increased by 8% YoY to $290 million.
- Q2 2024 revenue grew 8% YoY to $73.3 million.
- GAAP Net Loss per share improved from $0.24 in Q2 2023 to $0.19 in Q2 2024.
- Customer base expanded by 38%.
- 547 customers now contribute $100,000 or more in ARR.
- Amplitude was named a Leader in The Forrester Wave™ report.
- Free Cash Flow decreased by 19 percentage points, from $19.3 million to $6.8 million.
- Cash Flow from Operations went down by $11.2 million, from $20.4 million to $9.2 million.
- Non-GAAP Net Income per share fell from $0.02 to $(0.00).
Insights
Amplitude's Q2 2024 results show mixed performance. While revenue grew
The customer growth metrics are positive, with a
Amplitude's positioning as the only Leader in Forrester's Feature Management and Experimentation Solutions Wave is a significant achievement. This recognition, coupled with high scores in critical areas like advanced experimentation and data security, strengthens Amplitude's market position.
The launch of the Snowflake native offering is a strategic move, addressing data residency concerns and potentially opening up new market segments. The new integrations with popular platforms like HubSpot and WordPress should enhance Amplitude's value proposition, making it easier for clients to consolidate their tech stack and derive more value from their data.
However, the modest ARR growth suggests that Amplitude might be facing challenges in a competitive market. The company needs to leverage its technological advantages to accelerate growth and improve financial performance.
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Annual Recurring Revenue was
$290 million 8% year over year -
Second quarter revenue of
$73.3 million 8% year over year -
Second quarter Cash Flow from Operations of
$9.2 million $6.8 million
"Today, companies win or lose based on their digital experience," said Spenser Skates, CEO and co-founder of Amplitude. "Understanding your customers is the key to building better experiences, and that's why companies across almost every industry rely on Amplitude. Our platform approach is differentiated, customers are finding value quickly, and we've never been better positioned to win in the long term."
Second Quarter 2024 Financial Highlights: (in millions, except per share and percentage amounts) |
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Non-GAAP income (loss) from operations and non-GAAP net income (loss) per share exclude expenses related to stock-based compensation expense and related employer payroll taxes and amortization of acquired intangible assets. Stock-based compensation expense and the related employer payroll taxes were
Second Quarter and Recent Business Highlights:
-
Annual Recurring Revenue was
$290 million 8% year over year and an increase of$5 million -
GAAP Net Loss per share was
$0.19 $0.24 -
Non-GAAP Net Income (Loss) per share was
$(0.00) $0.02 -
Cash Flow from Operations was
$9.2 million $11.2 million -
Free Cash Flow was
$6.8 million $12.5 million -
Number of paying customers grew
38% year over year to 3,224. -
Number of customers representing
$100,000 10% year over year. - Amplitude hired Andrew Casey as Chief Financial Officer.
- Named the only Leader in The Forrester Wave™ : Feature Management and Experimentation Solutions, Q3 2024. Amplitude received the highest possible scores in 11 criteria, including advanced experimentation, audience segmentation and targeting, data security and privacy, user interface, analytics, governance, and more.
- Launched Amplitude’s Snowflake native offering, allowing companies to leverage Amplitude’s product analytics capabilities without their data leaving Snowflake.
- Announced new and expanded integrations across Contentful, Hubspot, WordPress, Movable Ink, Humanic, and unitQ that make it easier for companies to understand customer behavior and build better experiences.
- Introduced Data Mutability to keep data in sync with a company's data warehouse, and Data Access Controls (DAC) to confidently control who sees what in Amplitude.
Financial Outlook:
The third quarter and full year 2024 outlook information provided below is based on Amplitude’s current estimates and is not a guarantee of future performance. These statements are forward-looking and actual results may differ materially. Refer to the “Forward-Looking Statements” section below for information on the factors that could cause Amplitude’s actual results to differ materially from these forward-looking statements.
For the third quarter and full year 2024, the Company expects:
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Third Quarter 2024 |
Full Year 2024 |
Revenue |
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Non-GAAP Operating Income (Loss) |
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Non-GAAP Net Income (Loss) Per Share |
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Weighted Average Shares Outstanding |
131.6 million, diluted |
131.4 million, diluted |
Note: On June 12, 2024 the United States Department of the Treasury issued new sanctions related to
An outlook for GAAP income (loss) from operations, GAAP net income (loss), GAAP net income (loss) per share and a reconciliation of expected non-GAAP income (loss) from operations to GAAP income (loss) from operations, expected non-GAAP net income (loss) to GAAP net income (loss), and expected non-GAAP net income (loss) per share to GAAP net income (loss) per share have not been provided as the quantification of certain items included in the calculation of GAAP income (loss) from operations, GAAP net income (loss) and GAAP net income (loss) per share cannot be reasonably calculated or predicted at this time without unreasonable efforts. For example, the non-GAAP adjustment for stock-based compensation expense requires additional inputs such as the number and value of awards granted that are not currently ascertainable, and the non-GAAP adjustment for amortization of acquired intangible assets depends on the timing and value of intangible assets acquired that cannot be accurately forecasted.
Conference Call Information:
Amplitude will host a live video webcast to discuss its financial results for its second quarter ended June 30, 2024, as well as the financial outlook for its third quarter and full year 2024 today at 2:00 PM Pacific Time / 5:00 PM Eastern Time. Interested parties may access the webcast, earnings press release, and investor presentation on the events section of Amplitude’s investor relations website at investors.amplitude.com. A replay will be available in the same location a few hours after the conclusion of the live webcast.
Forward-Looking Statements:
This press release contains express and implied "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding the Company’s financial outlook for the third quarter and full year 2024, the Company’s growth strategy and business aspirations and its market position and market opportunity. These statements are often, but not always, made through the use of words or phrases such as “may,” “should,” “could,” “predict,” “potential,” “believe,” “expect,” “continue,” “will,” “anticipate,” “seek,” “estimate,” “intend,” “plan,” “projection,” “would,” and “outlook,” or the negative version of those words or phrases or other comparable words or phrases of a future or forward-looking nature. These forward-looking statements are not statements of historical fact, and are based on current expectations, estimates, and projections about the Company’s industry as well as certain assumptions made by management, many of which, by their nature, are inherently uncertain and beyond the Company’s control. These statements are subject to numerous uncertainties and risks that could cause actual results, performance, or achievement to differ materially and adversely from those anticipated or implied in the statements, including risks related to: the Company’s limited operating history and rapid growth over the last several years, which makes it difficult to forecast the Company’s future results of operations; the Company’s history of losses; any decline in the Company’s customer retention or expansion of its commercial relationships with existing customers or an inability to attract new customers; expected fluctuations in the Company’s financial results, making it difficult to project future results; the Company’s focus on sales to larger organizations and potentially increased dependency on those relationships, which may increase the variability of the Company’s sales cycles and results of operations; downturns or upturns in new sales, which may not be immediately reflected in the Company’s results of operations and may be difficult to discern; unfavorable conditions in the Company’s industry or the global economy, or reductions in information technology spending, which could limit the Company’s ability to grow its business; the market for SaaS applications, which may develop more slowly than the Company expects or decline; the Company’s intellectual property rights, which may not protect its business or provide the Company with a competitive advantage; evolving privacy and other data-related laws; and the impact of new sanctions related to
Non-GAAP Financial Measures:
This press release includes financial information that has not been prepared in accordance with GAAP. The Company uses non-GAAP financial measures internally in analyzing its financial results and believes they are useful to investors, as a supplement to GAAP measures, in evaluating the Company’s ongoing operational performance. The Company believes that the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating ongoing operating results and trends and in comparing the Company’s financial results with other companies in the industry, many of which present similar non-GAAP financial measures to investors. There are a number of limitations related to the use of non-GAAP financial measures versus comparable financial measures determined under GAAP. For example, other companies in the Company’s industry may calculate these non-GAAP financial measures differently or may use other measures to evaluate their performance. In addition, Free Cash Flow does not reflect the Company’s future contractual commitments and the total increase or decrease of its cash balance for a given period.
Non-GAAP financial measures should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. A reconciliation of the Company’s non-GAAP financial measures to their most directly comparable GAAP measures has been provided in the financial statement tables included below in this press release. Investors are encouraged to review the reconciliation of these non-GAAP financial measures to their most directly comparable GAAP financial measures below.
Non-GAAP Gross Profit, Non-GAAP Gross Margin, Non-GAAP Operating Expenses, Non-GAAP Income (Loss) from Operations, Non-GAAP Operating Margin, Non-GAAP Net Income (Loss), and Non-GAAP Net Income (Loss) per Share.
The Company defines these non-GAAP financial measures as their respective GAAP measures, excluding expenses related to stock-based compensation expense and related employer payroll taxes, amortization of acquired intangible assets, and non-recurring costs such as restructuring and other related charges. The Company excludes stock-based compensation expense and related employer payroll taxes, which is a non-cash expense, from certain of its non-GAAP financial measures because it believes that excluding this item provides meaningful supplemental information regarding operational performance. The Company excludes amortization of intangible assets, which is a non-cash expense, related to business combinations from certain of its non-GAAP financial measures because such expenses are related to business combinations and have no direct correlation to the operation of the Company’s business. Although the Company excludes these expenses from certain non-GAAP financial measures, the revenue from acquired companies subsequent to the date of acquisition is reflected in these measures and the acquired intangible assets contribute to the Company’s revenue generation. The Company excludes non-recurring costs from certain of its non-GAAP financial measures because such expenses do not repeat period over period and are not reflective of the ongoing operation of the Company’s business.
The Company uses non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating expenses, non-GAAP income (loss) from operations, non-GAAP operating margin, non-GAAP net income (loss), and non-GAAP net income (loss) per share in conjunction with its traditional GAAP measures to evaluate the Company’s financial performance. The Company believes that these measures provide its management, board of directors, and investors consistency and comparability with its past financial performance and facilitates period-to-period comparisons of operations.
Free Cash Flow and Free Cash Flow Margin. The Company defines Free Cash Flow as net cash provided by (used in) operating activities, less cash used for purchases of property and equipment and capitalized internal-use software costs. Free Cash Flow margin is calculated as Free Cash Flow divided by total revenue. The Company believes that Free Cash Flow and Free Cash Flow margin are useful indicators of liquidity that provides its management, board of directors, and investors with information about its future ability to generate or use cash to enhance the strength of its balance sheet and further invest in its business and pursue potential strategic initiatives.
Definitions of Business Metrics:
Annual Recurring Revenue
The Company defines Annual Recurring Revenue (“ARR”) as the annual recurring revenue of subscription agreements, including certain premium professional services that are subject to contractual subscription terms, at a point in time based on the terms of customers’ contracts. ARR should be viewed independently of revenue, and does not represent the Company’s GAAP revenue on an annualized basis, as it is an operating metric that can be impacted by contract start and end dates and renewal rates. ARR is also not intended to be a forecast of revenue.
Dollar-Based Net Retention Rate
The Company calculates dollar-based net retention rate as of a period end by starting with the ARR from the cohort of all customers as of 12 months prior to such period-end (the “Prior Period ARR”). The Company then calculates the ARR from these same customers as of the current period-end (the “Current Period ARR”). Current Period ARR includes any expansion and is net of contraction or attrition over the last 12 months, but excludes ARR from new customers as well as any overage charges in the current period. The Company then divides the total Current Period ARR by the total Prior Period ARR to arrive at the dollar-based net retention rate ("NRR"). The Company then calculates the weighted average of the trailing 12-month dollar-based net retention rates, to arrive at the trailing 12-month dollar-based net retention rate (“NRR (TTM)”).
Paying Customers
For purposes of customer count, a customer is defined as an entity that has a unique Dunn & Bradstreet Global Ultimate (“GULT”) Data Universal Numbering System (“DUNS”) number and an active subscription contract as of the measurement date. The DUNS number is a global standard for business identification and tracking. The Company makes exceptions for holding companies, government entities, and other organizations for which the GULT, in the Company’s judgment, does not accurately represent the Amplitude customer or the DUNS does not exist.
About Amplitude
Amplitude is a leading digital analytics platform that helps companies unlock the power of their products. More than 3,200 customers, including Atlassian, NBCUniversal, Under Armour, Shopify, and Jersey Mike’s, rely on Amplitude to gain self-service visibility into the entire customer journey. Amplitude guides companies every step of the way as they capture data they can trust, uncover clear insights about customer behavior, and take faster action. When teams understand how people are using their products, they can deliver better product experiences that drive growth. Amplitude is the best-in-class analytics solution for product, data, and marketing teams, ranked #1 in multiple categories in G2’s Summer 2024 Report. Learn how to optimize your digital products and business at amplitude.com.
| AMPLITUDE, INC. | ||||||||
| CONDENSED CONSOLIDATED BALANCE SHEETS | ||||||||
| (In thousands) | ||||||||
| June 30, 2024 | December 31, 2023 | |||||||
| (unaudited) | ||||||||
| Assets | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ |
282,339 |
|
$ |
248,491 |
|
||
| Marketable securities, current |
|
35,998 |
|
|
73,909 |
|
||
| Accounts receivable, net |
|
34,799 |
|
|
29,496 |
|
||
| Prepaid expenses and other current assets |
|
21,615 |
|
|
16,624 |
|
||
| Deferred commissions, current |
|
13,389 |
|
|
11,444 |
|
||
| Total current assets |
|
388,140 |
|
|
379,964 |
|
||
| Property and equipment, net |
|
13,483 |
|
|
10,068 |
|
||
| Intangible assets, net |
|
189 |
|
|
609 |
|
||
| Goodwill |
|
4,073 |
|
|
4,073 |
|
||
| Restricted cash, noncurrent |
|
875 |
|
|
869 |
|
||
| Deferred commissions, noncurrent |
|
24,869 |
|
|
26,942 |
|
||
| Operating lease right-of-use assets |
|
5,013 |
|
|
6,856 |
|
||
| Other noncurrent assets |
|
8,758 |
|
|
4,303 |
|
||
| Total assets | $ |
445,400 |
|
$ |
433,684 |
|
||
| Liabilities and Stockholders' Equity | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ |
2,276 |
|
$ |
3,063 |
|
||
| Accrued expenses |
|
27,176 |
|
|
26,657 |
|
||
| Deferred revenue |
|
124,438 |
|
|
102,573 |
|
||
| Total current liabilities |
|
153,890 |
|
|
132,293 |
|
||
| Operating lease liabilities, noncurrent |
|
1,518 |
|
|
3,604 |
|
||
| Noncurrent liabilities |
|
2,665 |
|
|
3,034 |
|
||
| Total liabilities |
|
158,073 |
|
|
138,931 |
|
||
| Stockholders’ equity: | ||||||||
| Common stock |
|
1 |
|
|
1 |
|
||
| Additional paid-in capital |
|
695,778 |
|
|
658,463 |
|
||
| Accumulated other comprehensive loss |
|
(47 |
) |
|
(181 |
) |
||
| Accumulated deficit |
|
(408,405 |
) |
|
(363,530 |
) |
||
| Total stockholders’ equity |
|
287,327 |
|
|
294,753 |
|
||
| Total liabilities and stockholders’ equity | $ |
445,400 |
|
$ |
433,684 |
|
||
| AMPLITUDE, INC. | ||||||||||||||||
| CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||||||||||
| (In thousands, except per share amounts) | ||||||||||||||||
| (unaudited) | ||||||||||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2024 |
2023 |
2024 |
2023 |
|||||||||||||
| Revenue | $ |
73,300 |
|
$ |
67,767 |
|
$ |
145,924 |
|
$ |
134,244 |
|
||||
| Cost of revenue (1) |
|
19,485 |
|
|
17,180 |
|
|
38,374 |
|
|
36,367 |
|
||||
| Gross profit |
|
53,815 |
|
|
50,587 |
|
|
107,550 |
|
|
97,877 |
|
||||
| Operating expenses: | ||||||||||||||||
| Research and development (1) | $ |
21,145 |
|
$ |
22,435 |
|
$ |
44,098 |
|
$ |
46,143 |
|
||||
| Sales and marketing (1) |
|
44,144 |
|
|
38,326 |
|
|
84,961 |
|
|
77,459 |
|
||||
| General and administrative (1) |
|
15,686 |
|
|
12,519 |
|
|
30,356 |
|
|
26,141 |
|
||||
| Restructuring and other related charges (1) |
|
— |
|
|
8,194 |
|
|
— |
|
|
8,194 |
|
||||
| Total operating expenses |
|
80,975 |
|
|
81,474 |
|
|
159,415 |
|
|
157,937 |
|
||||
| Loss from operations |
|
(27,160 |
) |
|
(30,887 |
) |
|
(51,865 |
) |
|
(60,060 |
) |
||||
| Other income (expense), net |
|
3,950 |
|
|
3,307 |
|
|
7,621 |
|
|
6,445 |
|
||||
| Loss before provision for (benefit from) income taxes |
|
(23,210 |
) |
|
(27,580 |
) |
|
(44,244 |
) |
|
(53,615 |
) |
||||
| Provision for (benefit from) income taxes |
|
205 |
|
|
178 |
|
|
631 |
|
|
458 |
|
||||
| Net loss | $ |
(23,415 |
) |
$ |
(27,758 |
) |
$ |
(44,875 |
) |
$ |
(54,073 |
) |
||||
| Net loss per share | ||||||||||||||||
| Basic and diluted | $ |
(0.19 |
) |
$ |
(0.24 |
) |
$ |
(0.37 |
) |
$ |
(0.47 |
) |
||||
| Weighted-average shares used in calculating net loss per share: | ||||||||||||||||
| Basic and diluted |
|
122,633 |
|
|
116,174 |
|
|
121,730 |
|
|
115,277 |
|
||||
| (1) Amounts include stock-based compensation expense as follows: | ||||||||||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2024 |
2023 |
2024 |
2023 |
|||||||||||||
| Cost of revenue | $ |
1,548 |
|
$ |
1,687 |
|
$ |
3,022 |
|
$ |
3,479 |
|
||||
| Research and development |
|
8,197 |
|
|
9,309 |
|
|
17,111 |
|
|
17,888 |
|
||||
| Sales and marketing |
|
8,647 |
|
|
7,466 |
|
|
15,518 |
|
|
13,834 |
|
||||
| General and administrative |
|
4,346 |
|
|
2,648 |
|
|
8,151 |
|
|
5,866 |
|
||||
| Restructuring and other related charges |
|
— |
|
|
853 |
|
|
— |
|
|
853 |
|
||||
| Total stock-based compensation expense | $ |
22,738 |
|
$ |
21,963 |
|
$ |
43,802 |
|
$ |
41,920 |
|
||||
| AMPLITUDE, INC. | ||||||||||||||||
| CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||||||||||||
| (In thousands) | ||||||||||||||||
| (unaudited) | ||||||||||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2024 |
2023 |
2024 |
2023 |
|||||||||||||
| Cash flows from operating activities: | ||||||||||||||||
| Net loss | $ |
(23,415 |
) |
$ |
(27,758 |
) |
$ |
(44,875 |
) |
$ |
(54,073 |
) |
||||
| Adjustments to reconcile net loss to net cash provided by (used in) operating activities | ||||||||||||||||
| Depreciation and amortization |
|
1,312 |
|
|
1,403 |
|
|
2,762 |
|
|
2,752 |
|
||||
| Stock-based compensation expense |
|
22,738 |
|
|
21,963 |
|
|
43,802 |
|
|
41,920 |
|
||||
| Other |
|
(450 |
) |
|
(305 |
) |
|
(689 |
) |
|
(550 |
) |
||||
| Non-cash operating lease costs |
|
980 |
|
|
971 |
|
|
1,965 |
|
|
1,956 |
|
||||
| Changes in operating assets and liabilities: | ||||||||||||||||
| Accounts receivable |
|
1,219 |
|
|
(3,861 |
) |
|
(5,565 |
) |
|
(12,006 |
) |
||||
| Prepaid expenses and other current assets |
|
(2,857 |
) |
|
1,321 |
|
|
(5,065 |
) |
|
4,074 |
|
||||
| Deferred commissions |
|
3 |
|
|
(1,127 |
) |
|
129 |
|
|
(815 |
) |
||||
| Other noncurrent assets |
|
(2,042 |
) |
|
892 |
|
|
(4,951 |
) |
|
2,364 |
|
||||
| Accounts payable |
|
(12,056 |
) |
|
(2,793 |
) |
|
(709 |
) |
|
329 |
|
||||
| Accrued expenses |
|
3,290 |
|
|
7,091 |
|
|
2,783 |
|
|
8,134 |
|
||||
| Deferred revenue |
|
21,664 |
|
|
24,143 |
|
|
21,865 |
|
|
23,498 |
|
||||
| Operating lease liabilities |
|
(1,158 |
) |
|
(1,534 |
) |
|
(2,272 |
) |
|
(2,238 |
) |
||||
| Net cash provided by (used in) operating activities |
|
9,228 |
|
|
20,406 |
|
|
9,180 |
|
|
15,345 |
|
||||
| Cash flows from investing activities: | ||||||||||||||||
| Cash received from maturities of marketable securities |
|
15,000 |
|
|
— |
|
|
57,500 |
|
|
— |
|
||||
| Purchase of marketable securities |
|
— |
|
|
— |
|
|
(18,352 |
) |
|
— |
|
||||
| Purchase of property and equipment |
|
(606 |
) |
|
(666 |
) |
|
(963 |
) |
|
(995 |
) |
||||
| Capitalization of internal-use software costs |
|
(1,781 |
) |
|
(425 |
) |
|
(2,514 |
) |
|
(873 |
) |
||||
| Net cash provided by (used in) investing activities |
|
12,613 |
|
|
(1,091 |
) |
|
35,671 |
|
|
(1,868 |
) |
||||
| Cash flows from financing activities: | ||||||||||||||||
| Proceeds from the exercise of stock options |
|
1,463 |
|
|
699 |
|
|
3,257 |
|
|
2,386 |
|
||||
| Cash received for tax withholding obligations on equity award settlements |
|
737 |
|
|
5,898 |
|
|
2,283 |
|
|
12,223 |
|
||||
| Cash paid for tax withholding obligations on equity award settlements |
|
(7,404 |
) |
|
(5,607 |
) |
|
(16,537 |
) |
|
(11,562 |
) |
||||
| Repurchase of unvested stock options |
|
— |
|
|
— |
|
|
— |
|
|
(648 |
) |
||||
| Net cash provided by (used in) financing activities |
|
(5,204 |
) |
|
990 |
|
|
(10,997 |
) |
|
2,399 |
|
||||
| Net increase (decrease) in cash, cash equivalents, and restricted cash |
|
16,637 |
|
|
20,305 |
|
|
33,854 |
|
|
15,876 |
|
||||
| Cash, cash equivalents, and restricted cash at beginning of the period |
|
266,577 |
|
|
214,920 |
|
|
249,360 |
|
|
219,349 |
|
||||
| Cash, cash equivalents, and restricted cash at end of the period | $ |
283,214 |
|
$ |
235,225 |
|
$ |
283,214 |
|
$ |
235,225 |
|
||||
| AMPLITUDE, INC. | ||||||||||||||||
| Reconciliation of GAAP to Non-GAAP Data | ||||||||||||||||
| (In thousands, except percentages and per share amounts) | ||||||||||||||||
| (unaudited) | ||||||||||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2024 |
2023 |
2024 |
2023 |
|||||||||||||
| Reconciliation of gross profit and gross margin | ||||||||||||||||
| GAAP gross profit | $ |
53,815 |
|
$ |
50,587 |
|
$ |
107,550 |
|
$ |
97,877 |
|
||||
| Plus: stock-based compensation expense and related employer payroll taxes |
|
1,548 |
|
|
1,687 |
|
|
3,022 |
|
|
3,479 |
|
||||
| Plus: amortization of acquired intangible assets |
|
62 |
|
|
270 |
|
|
332 |
|
|
692 |
|
||||
| Non-GAAP gross profit | $ |
55,425 |
|
$ |
52,544 |
|
$ |
110,904 |
|
$ |
102,048 |
|
||||
| GAAP gross margin |
|
73.4 |
% |
|
74.6 |
% |
|
73.7 |
% |
|
72.9 |
% |
||||
| Non-GAAP adjustments |
|
2.2 |
% |
|
2.9 |
% |
|
2.3 |
% |
|
3.1 |
% |
||||
| Non-GAAP gross margin |
|
75.6 |
% |
|
77.5 |
% |
|
76.0 |
% |
|
76.0 |
% |
||||
| Reconciliation of operating expenses | ||||||||||||||||
| GAAP research and development | $ |
21,145 |
|
$ |
22,435 |
|
$ |
44,098 |
|
$ |
46,143 |
|
||||
| Less: stock-based compensation expense and related employer payroll taxes |
|
(8,482 |
) |
|
(9,500 |
) |
|
(18,014 |
) |
|
(18,533 |
) |
||||
| Non-GAAP research and development | $ |
12,663 |
|
$ |
12,935 |
|
$ |
26,084 |
|
$ |
27,610 |
|
||||
| GAAP research and development as percentage of revenue |
|
28.8 |
% |
|
33.1 |
% |
|
30.2 |
% |
|
34.4 |
% |
||||
| Non-GAAP research and development as percentage of revenue |
|
17.3 |
% |
|
19.1 |
% |
|
17.9 |
% |
|
20.6 |
% |
||||
| GAAP sales and marketing | $ |
44,144 |
|
$ |
38,326 |
|
$ |
84,961 |
|
$ |
77,459 |
|
||||
| Less: stock-based compensation expense and related employer payroll taxes |
|
(8,837 |
) |
|
(7,660 |
) |
|
(16,090 |
) |
|
(14,341 |
) |
||||
| Less: amortization of acquired intangible assets |
|
(44 |
) |
|
(44 |
) |
|
(87 |
) |
|
(87 |
) |
||||
| Non-GAAP sales and marketing | $ |
35,263 |
|
$ |
30,622 |
|
$ |
68,784 |
|
$ |
63,031 |
|
||||
| GAAP sales and marketing as percentage of revenue |
|
60.2 |
% |
|
56.6 |
% |
|
58.2 |
% |
|
57.7 |
% |
||||
| Non-GAAP sales and marketing as percentage of revenue |
|
48.1 |
% |
|
45.2 |
% |
|
47.1 |
% |
|
47.0 |
% |
||||
| GAAP general and administrative | $ |
15,686 |
|
$ |
12,519 |
|
$ |
30,356 |
|
$ |
26,141 |
|
||||
| Less: stock-based compensation expense and related employer payroll taxes |
|
(4,456 |
) |
|
(2,732 |
) |
|
(8,510 |
) |
|
(6,080 |
) |
||||
| Non-GAAP general and administrative | $ |
11,230 |
|
$ |
9,787 |
|
$ |
21,846 |
|
$ |
20,061 |
|
||||
| GAAP general and administrative as percentage of revenue |
|
21.4 |
% |
|
18.5 |
% |
|
20.8 |
% |
|
19.5 |
% |
||||
| Non-GAAP general and administrative as percentage of revenue |
|
15.3 |
% |
|
14.4 |
% |
|
15.0 |
% |
|
14.9 |
% |
||||
| Reconciliation of operating loss and operating margin | ||||||||||||||||
| GAAP loss from operations | $ |
(27,160 |
) |
$ |
(30,887 |
) |
$ |
(51,865 |
) |
$ |
(60,060 |
) |
||||
| Plus: stock-based compensation expense and related employer payroll taxes |
|
23,323 |
|
|
21,579 |
|
|
45,636 |
|
|
42,433 |
|
||||
| Plus: amortization of acquired intangible assets |
|
106 |
|
|
314 |
|
|
419 |
|
|
779 |
|
||||
| Plus: restructuring and other related charges |
|
— |
|
|
8,194 |
|
|
— |
|
|
8,194 |
|
||||
| Non-GAAP income (loss) from operations | $ |
(3,731 |
) |
$ |
(800 |
) |
$ |
(5,810 |
) |
$ |
(8,654 |
) |
||||
| GAAP operating margin |
|
(37.1 |
%) |
|
(45.6 |
%) |
|
(35.5 |
%) |
|
(44.7 |
%) |
||||
| Non-GAAP adjustments |
|
32.0 |
% |
|
44.4 |
% |
|
31.6 |
% |
|
38.3 |
% |
||||
| Non-GAAP operating margin |
|
(5.1 |
%) |
|
(1.2 |
%) |
|
(4.0 |
%) |
|
(6.4 |
%) |
||||
| Reconciliation of net income (loss) | ||||||||||||||||
| GAAP net income (loss) | $ |
(23,415 |
) |
$ |
(27,758 |
) |
$ |
(44,875 |
) |
$ |
(54,073 |
) |
||||
| Plus: stock-based compensation expense and related employer payroll taxes |
|
23,323 |
|
|
21,579 |
|
|
45,636 |
|
|
42,433 |
|
||||
| Plus: amortization of acquired intangible assets |
|
106 |
|
|
314 |
|
|
419 |
|
|
779 |
|
||||
| Plus: restructuring and other related charges |
|
— |
|
|
8,194 |
|
|
— |
|
|
8,194 |
|
||||
| Less: income tax effect of non-GAAP adjustments |
|
(16 |
) |
|
— |
|
|
(158 |
) |
|
— |
|
||||
| Non-GAAP net income (loss) | $ |
(2 |
) |
$ |
2,329 |
|
$ |
1,022 |
|
$ |
(2,667 |
) |
||||
| Reconciliation of net income (loss) per share | ||||||||||||||||
| GAAP net income (loss) per share, basic | $ |
(0.19 |
) |
$ |
(0.24 |
) |
$ |
(0.37 |
) |
$ |
(0.47 |
) |
||||
| Non-GAAP adjustments to net income (loss) |
|
0.19 |
|
|
0.26 |
|
|
0.38 |
|
|
0.45 |
|
||||
| Non-GAAP net income (loss) per share, basic | $ |
(0.00 |
) |
$ |
0.02 |
|
$ |
0.01 |
|
$ |
(0.02 |
) |
||||
| Non-GAAP net income (loss) per share, diluted | $ |
(0.00 |
) |
$ |
0.02 |
|
$ |
0.01 |
|
$ |
(0.02 |
) |
||||
| Weighted-average shares used in GAAP and non-GAAP per share calculation, basic |
|
122,633 |
|
|
116,174 |
|
|
121,730 |
|
|
115,277 |
|
||||
| Weighted-average shares used in GAAP and non-GAAP per share calculation, diluted(1) |
|
122,633 |
|
|
126,270 |
|
|
130,400 |
|
|
115,277 |
|
||||
| Note: Certain figures may not sum due to rounding | ||||||||||||||||
| (1) For the six months ended June 30, 2024 and for the three months ended June 30, 2023, the weighted average shares used in the GAAP per share calculation excludes 8.7 million shares and 10.1 million shares, respectively, as the effect is anti-dilutive in the period. | ||||||||||||||||
| AMPLITUDE, INC. | ||||||||||||||||
| Reconciliation of GAAP Cash Flows from Operations to Free Cash Flow | ||||||||||||||||
| (In thousands, except percentages) | ||||||||||||||||
| (unaudited) | ||||||||||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2024 |
2023 |
2024 |
2023 |
|||||||||||||
| Net cash provided by (used in) operating activities | $ |
9,228 |
|
$ |
20,406 |
|
$ |
9,180 |
|
$ |
15,345 |
|
||||
| Less: | ||||||||||||||||
| Purchases of property and equipment |
|
(606 |
) |
|
(666 |
) |
|
(963 |
) |
|
(995 |
) |
||||
| Capitalization of internal-use software costs |
|
(1,781 |
) |
|
(425 |
) |
|
(2,514 |
) |
|
(873 |
) |
||||
| Free cash flow | $ |
6,841 |
|
$ |
19,315 |
|
$ |
5,703 |
|
$ |
13,477 |
|
||||
| Net cash provided by (used in) operating activities margin |
|
12.6 |
% |
|
30.1 |
% |
|
6.3 |
% |
|
11.4 |
% |
||||
| Non-GAAP adjustments |
|
(3.3 |
%) |
|
(1.6 |
%) |
|
(2.4 |
%) |
|
(1.4 |
%) |
||||
| Free cash flow margin |
|
9.3 |
% |
|
28.5 |
% |
|
3.9 |
% |
|
10.0 |
% |
||||
| Note: Certain figures may not sum due to rounding | ||||||||||||||||
| AMPLITUDE, INC. | ||||||||||||||||||||||||
| Historicals - Key Business Metrics | ||||||||||||||||||||||||
| (In millions, except percentages) | ||||||||||||||||||||||||
| (unaudited) | ||||||||||||||||||||||||
March 31, 2023 |
June 30, 2023 |
September 30, 2023 |
December 31, 2023 |
March 31, 2024 |
June 30, 2024 |
|||||||||||||||||||
| Annual Recurring Revenue (ARR) | $ |
262 |
|
$ |
268 |
|
$ |
273 |
|
$ |
281 |
|
$ |
285 |
|
$ |
290 |
|
||||||
| Dollar-based Net Retention Rate (NRR) |
|
106 |
% |
|
101 |
% |
|
99 |
% |
|
98 |
% |
|
97 |
% |
|
96 |
% |
||||||
| Dollar-based Net Retention Rate (NRR TTM) |
|
114 |
% |
|
108 |
% |
|
105 |
% |
|
101 |
% |
|
99 |
% |
|
98 |
% |
||||||
View source version on businesswire.com: https://www.businesswire.com/news/home/20240807839354/en/
Investor Relations
Yaoxian Chew
ir@amplitude.com
Communications
Darah Easton
press@amplitude.com
Source: Amplitude, Inc.
FAQ
What was Amplitude's revenue for Q2 2024?
How much did Amplitude's Annual Recurring Revenue (ARR) grow?
What was Amplitude's GAAP Net Loss per share for Q2 2024?
How did Amplitude's Free Cash Flow change in Q2 2024?
What is Amplitude's stock symbol?
How many paying customers did Amplitude have in Q2 2024?
Who was appointed as Amplitude's CFO?
