Amplitude Announces Third Quarter 2024 Financial Results
Amplitude announced its Q3 2024 financial results, highlighting a 9% YoY increase in Annual Recurring Revenue (ARR) to $298 million and a 6% YoY revenue growth to $75.2 million. The company reported a GAAP net loss of $20 million and a non-GAAP income of $1.6 million. GAAP net loss per share was $0.14, while non-GAAP net income per share was $0.03. Free Cash Flow decreased by $3 million to $4.5 million, with a 5 percentage point drop in Free Cash Flow margin. The number of paying customers grew by 41% YoY to 3,486, and customers with ARR over $100,000 increased by 13% to 567. The company launched new products and formed a strategic partnership with HubSpot. Amplitude also acquired Command AI and hired its first Chief Engineering Officer, Wade Chambers.
Amplitude ha annunciato i risultati finanziari del terzo trimestre 2024, evidenziando un aumento del 9% su base annua nei Ricavi Ricorrenti Annuali (ARR) che raggiungono 298 milioni di dollari, e una crescita del 6% dei ricavi su base annua a 75,2 milioni di dollari. L'azienda ha riportato una perdita netta secondo i principi contabili GAAP di 20 milioni di dollari e un reddito non-GAAP di 1,6 milioni di dollari. La perdita netta GAAP per azione è stata di 0,14 dollari, mentre il reddito netto non-GAAP per azione è stato di 0,03 dollari. Il Flusso di Cassa Libero è diminuito di 3 milioni di dollari, raggiungendo 4,5 milioni di dollari, con un calo di 5 punti percentuali nel margine di Flusso di Cassa Libero. Il numero di clienti paganti è aumentato del 41% su base annua, raggiungendo 3.486, e i clienti con ARR superiore a 100.000 dollari sono aumentati del 13%, arrivando a 567. L'azienda ha lanciato nuovi prodotti e ha costituito una partnership strategica con HubSpot. Amplitude ha anche acquisito Command AI e ha assunto il suo primo Chief Engineering Officer, Wade Chambers.
Amplitude anunció sus resultados financieros del tercer trimestre de 2024, destacando un aumento del 9% interanual en Ingresos Recurrentes Anuales (ARR) a 298 millones de dólares y un crecimiento del 6% en los ingresos interanuales a 75,2 millones de dólares. La compañía reportó una pérdida neta GAAP de 20 millones de dólares y un ingreso no GAAP de 1,6 millones de dólares. La pérdida neta por acción según GAAP fue de 0,14 dólares, mientras que el ingreso neto no GAAP por acción fue de 0,03 dólares. El Flujo de Caja Libre disminuyó en 3 millones de dólares, alcanzando 4,5 millones de dólares, con una caída de 5 puntos porcentuales en el margen de Flujo de Caja Libre. El número de clientes que pagan creció un 41% interanual a 3.486, y los clientes con ARR superior a 100.000 dólares aumentaron un 13% a 567. La compañía lanzó nuevos productos y formó una asociación estratégica con HubSpot. Amplitude también adquirió Command AI y contrató a su primer Director de Ingeniería, Wade Chambers.
앰플리튜드는 2024년 3분기 재무 결과를 발표하며, 연간 반복 수익(ARR)이 9% 증가하여 2억 9,800만 달러에 달했으며, 6%의 연간 매출 성장을 기록하여 7,520만 달러에 이를 것이라고 강조했습니다. 회사는 GAAP 기준 순손실이 2천만 달러로 보고되었고, 비GAAP 기준 수익은 160만 달러라고 밝혔습니다. GAAP 기준 주당 순손실은 0.14달러였고, 비GAAP 기준 주당 순이익은 0.03달러였습니다. 자유현금흐름은 300만 달러 감소하여 450만 달러에 이르렀으며, 자유현금흐름 마진은 5%포인트 감소했습니다. 유료 고객 수는 연간 41% 증가하여 3,486명에 이르렀고, ARR이 10만 달러를 초과하는 고객 수는 13% 증가하여 567명에 도달했습니다. 회사는 새로운 제품을 출시하고 HubSpot과 전략적 파트너십을 체결했습니다. 앰플리튜드는 Command AI를 인수하고 첫 번째 수석 엔지니어링 책임자(Wade Chambers)를 채용했습니다.
Amplitude a annoncé ses résultats financiers du T3 2024, mettant en avant une augmentation de 9% par rapport à l'année précédente des Revenus Rémanents Annuels (ARR) atteignant 298 millions de dollars et une croissance des revenus de 6% par rapport à l'année précédente s'élevant à 75,2 millions de dollars. L'entreprise a déclaré une perte nette selon les normes GAAP de 20 millions de dollars et un revenu non-GAAP de 1,6 million de dollars. La perte nette GAAP par action était de 0,14 dollar, tandis que le revenu net non-GAAP par action était de 0,03 dollar. Le Flux de Trésorerie Disponible a diminué de 3 millions de dollars, atteignant 4,5 millions de dollars, avec une baisse de 5 points de pourcentage de la marge de Flux de Trésorerie Disponible. Le nombre de clients payants a augmenté de 41% par rapport à l'année précédente, atteignant 3 486, et le nombre de clients ayant un ARR supérieur à 100 000 dollars a augmenté de 13%, atteignant 567. L'entreprise a lancé de nouveaux produits et a formé un partenariat stratégique avec HubSpot. Amplitude a également acquis Command AI et a engagé son premier directeur technique, Wade Chambers.
Amplitude hat seine finanziellen Ergebnisse für das 3. Quartal 2024 bekannt gegeben und dabei einen 9%igen Anstieg der Jahreswiederkehrenden Einnahmen (ARR) auf 298 Millionen Dollar sowie ein 6%iges Umsatzwachstum im Jahresvergleich auf 75,2 Millionen Dollar hervorgehoben. Das Unternehmen berichtete von einem GAAP-Nettoverlust von 20 Millionen Dollar und einem Non-GAAP-Einkommen von 1,6 Millionen Dollar. Der GAAP-Nettoverlust pro Aktie betrug 0,14 Dollar, während der Non-GAAP-Nettoertrag pro Aktie 0,03 Dollar betrug. Der Freie Cashflow sank um 3 Millionen Dollar auf 4,5 Millionen Dollar, mit einem Rückgang um 5 Prozentpunkte in der Marge des Freien Cashflows. Die Anzahl der zahlenden Kunden stieg jährlich um 41% auf 3.486, und die Kunden mit einem ARR über 100.000 Dollar erhöhten sich um 13% auf 567. Das Unternehmen brachte neue Produkte auf den Markt und bildete eine strategische Partnerschaft mit HubSpot. Amplitude übernahm auch Command AI und stellte seinen ersten Chief Engineering Officer, Wade Chambers, ein.
- Annual Recurring Revenue increased by 9% to $298 million.
- Revenue grew by 6% YoY to $75.2 million.
- Paying customers increased by 41% YoY to 3,486.
- Customers with ARR over $100,000 grew by 13% to 567.
- Launched new products and formed a strategic partnership with HubSpot.
- GAAP net loss of $20 million.
- Free Cash Flow decreased by $3 million to $4.5 million.
- Non-GAAP income fell by $1.2 million to $1.6 million.
- Cash Flow from Operations decreased by $1.8 million.
-
Annual Recurring Revenue was
$298 million 9% year over year -
Third quarter revenue of
$75.2 million 6% year over year -
Third quarter Cash Flow from Operations of
$6.2 million $4.5 million
"We are on the path to reaccelerating growth," said Spenser Skates, CEO and co-founder of Amplitude. "Product innovation is the biggest driver of long-term value for Amplitude. Our platform continues to evolve to serve more users, more workflows, and more outcomes. Customers see that and are turning to us for our integrated and easy-to-use experience."
Third Quarter 2024 Financial Highlights: |
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Third Quarter 2023 |
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Non-GAAP Income (Loss) from Operations |
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GAAP Net Loss Per Share, Basic and Diluted |
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Non-GAAP Net Income (Loss) Per Share, Diluted |
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Net Cash Provided by (Used in) Operating Activities |
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Free Cash Flow |
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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
Third Quarter and Recent Business Highlights:
-
Annual Recurring Revenue was
$298 million 9% year over year and an increase of$8 million -
GAAP Net Loss per share was
$0.14 $0.15 -
Non-GAAP Net Income (Loss) per share was
$0.03 $0.05 -
Cash Flow from Operations was
$6.2 million $1.8 million -
Free Cash Flow was
$4.5 million $3.0 million -
Number of paying customers grew
41% year over year to 3,486. -
Number of customers representing
$100,000 13% year over year. - Hired Wade Chambers as the Company's first Chief Engineering Officer.
- Launched Amplitude Made Easy, a radically simplified platform experience that makes it easier for more people and more organizations to get started, get insights, and get value faster.
- Announced a global strategic partnership with HubSpot aimed to help Go To Market teams embrace product-led growth and close more deals.
- Acquired Command AI, a startup that provides intuitive, AI-powered user assistance to make software easier to use.
- Launched Web Experimentation, a new product that makes it easy for product managers, marketers, and growth leaders to A/B test and personalize web experiences.
Financial Outlook:
The fourth 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 fourth quarter and full year 2024, the Company expects:
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Fourth Quarter 2024 |
Full Year 2024 |
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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 |
134.9 million, diluted |
131.7 million, diluted |
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 third quarter ended September 30, 2024, as well as the financial outlook for its fourth 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 fourth 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 the leading digital analytics platform that helps companies unlock the power of their products. Almost 3,500 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 Fall 2024 Report. Learn how to optimize your digital products and business at amplitude.com.
| AMPLITUDE, INC. | |||||||
| CONDENSED CONSOLIDATED BALANCE SHEETS | |||||||
| (In thousands) | |||||||
|
|||||||
| September 30, 2024 | December 31, 2023 | ||||||
| (unaudited) | |||||||
| Assets | |||||||
| Current assets: | |||||||
| Cash and cash equivalents | $ |
317,448 |
|
$ |
248,491 |
|
|
| Restricted cash, current |
|
878 |
|
|
— |
|
|
| Marketable securities, current |
|
2,496 |
|
|
73,909 |
|
|
| Accounts receivable, net |
|
29,335 |
|
|
29,496 |
|
|
| Prepaid expenses and other current assets |
|
23,661 |
|
|
16,624 |
|
|
| Deferred commissions, current |
|
14,312 |
|
|
11,444 |
|
|
| Total current assets |
|
388,130 |
|
|
379,964 |
|
|
| Property and equipment, net |
|
15,490 |
|
|
10,068 |
|
|
| Intangible assets, net |
|
145 |
|
|
609 |
|
|
| Goodwill |
|
4,073 |
|
|
4,073 |
|
|
| Restricted cash, noncurrent |
|
— |
|
|
869 |
|
|
| Deferred commissions, noncurrent |
|
26,292 |
|
|
26,942 |
|
|
| Operating lease right-of-use assets |
|
4,074 |
|
|
6,856 |
|
|
| Other noncurrent assets |
|
7,438 |
|
|
4,303 |
|
|
| Total assets | $ |
445,642 |
|
$ |
433,684 |
|
|
| Liabilities and Stockholders' Equity | |||||||
| Current liabilities: | |||||||
| Accounts payable | $ |
2,677 |
|
$ |
3,063 |
|
|
| Accrued expenses |
|
34,791 |
|
|
26,657 |
|
|
| Deferred revenue |
|
114,906 |
|
|
102,573 |
|
|
| Total current liabilities |
|
152,374 |
|
|
132,293 |
|
|
| Operating lease liabilities, noncurrent |
|
518 |
|
|
3,604 |
|
|
| Noncurrent liabilities |
|
2,723 |
|
|
3,034 |
|
|
| Total liabilities |
|
155,615 |
|
|
138,931 |
|
|
| Stockholders’ equity: | |||||||
| Common stock |
|
1 |
|
|
1 |
|
|
| Additional paid-in capital |
|
715,285 |
|
|
658,463 |
|
|
| Accumulated other comprehensive income (loss) |
|
— |
|
|
(181 |
) |
|
| Accumulated deficit |
|
(425,259 |
) |
|
(363,530 |
) |
|
| Total stockholders’ equity |
|
290,027 |
|
|
294,753 |
|
|
| Total liabilities and stockholders’ equity | $ |
445,642 |
|
$ |
433,684 |
|
|
| AMPLITUDE, INC. | |||||||||||||||
| CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||||||||||
| (In thousands, except per share amounts) | |||||||||||||||
| (unaudited) | |||||||||||||||
|
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| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2024 |
2023 |
2024 |
2023 |
||||||||||||
| Revenue | $ |
75,217 |
|
$ |
70,637 |
|
$ |
221,141 |
|
$ |
204,881 |
|
|||
| Cost of revenue (1) |
|
18,744 |
|
|
17,291 |
|
|
57,118 |
|
|
53,658 |
|
|||
| Gross profit |
|
56,473 |
|
|
53,346 |
|
|
164,023 |
|
|
151,223 |
|
|||
| Operating expenses: | |||||||||||||||
| Research and development (1) | $ |
19,037 |
|
$ |
21,797 |
|
$ |
63,135 |
|
$ |
67,940 |
|
|||
| Sales and marketing (1) |
|
40,863 |
|
|
38,475 |
|
|
125,824 |
|
|
115,934 |
|
|||
| General and administrative (1) |
|
16,586 |
|
|
13,997 |
|
|
46,942 |
|
|
40,138 |
|
|||
| Restructuring and other related charges (1) |
|
— |
|
|
— |
|
|
— |
|
|
8,194 |
|
|||
| Total operating expenses |
|
76,486 |
|
|
74,269 |
|
|
235,901 |
|
|
232,206 |
|
|||
| Loss from operations |
|
(20,013 |
) |
|
(20,923 |
) |
|
(71,878 |
) |
|
(80,983 |
) |
|||
| Other income (expense), net |
|
3,901 |
|
|
3,444 |
|
|
11,522 |
|
|
9,889 |
|
|||
| Loss before provision for (benefit from) income taxes |
|
(16,112 |
) |
|
(17,479 |
) |
|
(60,356 |
) |
|
(71,094 |
) |
|||
| Provision for (benefit from) income taxes |
|
742 |
|
|
268 |
|
|
1,373 |
|
|
726 |
|
|||
| Net loss | $ |
(16,854 |
) |
$ |
(17,747 |
) |
$ |
(61,729 |
) |
$ |
(71,820 |
) |
|||
| Net loss per share | |||||||||||||||
| Basic and diluted | $ |
(0.14 |
) |
$ |
(0.15 |
) |
$ |
(0.50 |
) |
$ |
(0.62 |
) |
|||
| Weighted-average shares used in calculating net loss per share: | |||||||||||||||
| Basic and diluted |
|
124,324 |
|
|
117,902 |
|
|
122,601 |
|
|
116,160 |
|
|||
| (1) Amounts include stock-based compensation expense as follows: | |||||||||||||||
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2024 |
2023 |
2024 |
2023 |
||||||||||||
| Cost of revenue | $ |
1,559 |
|
$ |
1,947 |
|
$ |
4,581 |
|
$ |
5,426 |
|
|||
| Research and development |
|
6,994 |
|
|
9,285 |
|
|
24,105 |
|
|
27,173 |
|
|||
| Sales and marketing |
|
8,333 |
|
|
7,843 |
|
|
23,851 |
|
|
21,677 |
|
|||
| General and administrative |
|
4,226 |
|
|
4,010 |
|
|
12,377 |
|
|
9,876 |
|
|||
| Restructuring and other related charges |
|
— |
|
|
— |
|
|
— |
|
|
853 |
|
|||
| Total stock-based compensation expense | $ |
21,112 |
|
$ |
23,085 |
|
$ |
64,914 |
|
$ |
65,005 |
|
|||
| AMPLITUDE, INC. | |||||||||||||||
| CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||||||||||
| (In thousands) | |||||||||||||||
| (unaudited) | |||||||||||||||
|
|||||||||||||||
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2024 |
2023 |
2024 |
2023 |
||||||||||||
| Cash flows from operating activities: | |||||||||||||||
| Net loss | $ |
(16,854 |
) |
$ |
(17,747 |
) |
$ |
(61,729 |
) |
$ |
(71,820 |
) |
|||
| Adjustments to reconcile net loss to net cash provided by (used in) operating activities | |||||||||||||||
| Depreciation and amortization |
|
1,375 |
|
|
1,448 |
|
|
4,137 |
|
|
4,200 |
|
|||
| Stock-based compensation expense |
|
21,112 |
|
|
23,085 |
|
|
64,914 |
|
|
65,005 |
|
|||
| Other |
|
656 |
|
|
(384 |
) |
|
(33 |
) |
|
(934 |
) |
|||
| Non-cash operating lease costs |
|
982 |
|
|
992 |
|
|
2,947 |
|
|
2,948 |
|
|||
| Changes in operating assets and liabilities: | |||||||||||||||
| Accounts receivable |
|
4,862 |
|
|
1,230 |
|
|
(703 |
) |
|
(10,776 |
) |
|||
| Prepaid expenses and other current assets |
|
(2,170 |
) |
|
(3,439 |
) |
|
(7,235 |
) |
|
635 |
|
|||
| Deferred commissions |
|
(2,346 |
) |
|
121 |
|
|
(2,217 |
) |
|
(694 |
) |
|||
| Other noncurrent assets |
|
1,320 |
|
|
(577 |
) |
|
(3,631 |
) |
|
1,787 |
|
|||
| Accounts payable |
|
402 |
|
|
5,425 |
|
|
(307 |
) |
|
5,754 |
|
|||
| Accrued expenses |
|
7,810 |
|
|
2,946 |
|
|
10,593 |
|
|
11,080 |
|
|||
| Deferred revenue |
|
(9,532 |
) |
|
(4,471 |
) |
|
12,333 |
|
|
19,027 |
|
|||
| Operating lease liabilities |
|
(1,447 |
) |
|
(665 |
) |
|
(3,719 |
) |
|
(2,903 |
) |
|||
| Net cash provided by (used in) operating activities |
|
6,170 |
|
|
7,964 |
|
|
15,350 |
|
|
23,309 |
|
|||
| Cash flows from investing activities: | |||||||||||||||
| Cash received from maturities of marketable securities |
|
33,750 |
|
|
— |
|
|
91,250 |
|
|
— |
|
|||
| Purchase of marketable securities |
|
— |
|
|
— |
|
|
(18,352 |
) |
|
— |
|
|||
| Purchase of property and equipment |
|
(16 |
) |
|
— |
|
|
(979 |
) |
|
(995 |
) |
|||
| Capitalization of internal-use software costs |
|
(1,656 |
) |
|
(476 |
) |
|
(4,170 |
) |
|
(1,349 |
) |
|||
| Net cash provided by (used in) investing activities |
|
32,078 |
|
|
(476 |
) |
|
67,749 |
|
|
(2,344 |
) |
|||
| Cash flows from financing activities: | |||||||||||||||
| Proceeds from the exercise of stock options |
|
2,346 |
|
|
1,183 |
|
|
5,603 |
|
|
3,569 |
|
|||
| Cash received for tax withholding obligations on equity award settlements |
|
1,940 |
|
|
807 |
|
|
4,223 |
|
|
13,030 |
|
|||
| Cash paid for tax withholding obligations on equity award settlements |
|
(7,422 |
) |
|
(5,313 |
) |
|
(23,959 |
) |
|
(16,875 |
) |
|||
| Repurchase of unvested stock options |
|
— |
|
|
— |
|
|
— |
|
|
(648 |
) |
|||
| Net cash provided by (used in) financing activities |
|
(3,136 |
) |
|
(3,323 |
) |
|
(14,133 |
) |
|
(924 |
) |
|||
| Net increase (decrease) in cash, cash equivalents, and restricted cash |
|
35,112 |
|
|
4,165 |
|
|
68,966 |
|
|
20,041 |
|
|||
| Cash, cash equivalents, and restricted cash at beginning of the period |
|
283,214 |
|
|
235,225 |
|
|
249,360 |
|
|
219,349 |
|
|||
| Cash, cash equivalents, and restricted cash at end of the period | $ |
318,326 |
|
$ |
239,390 |
|
$ |
318,326 |
|
$ |
239,390 |
|
|||
| AMPLITUDE, INC. | |||||||||||||||
| Reconciliation of GAAP to Non-GAAP Data | |||||||||||||||
| (In thousands, except percentages and per share amounts) | |||||||||||||||
| (unaudited) | |||||||||||||||
|
|||||||||||||||
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2024 |
2023 |
2024 |
2023 |
||||||||||||
| Reconciliation of gross profit and gross margin | |||||||||||||||
| GAAP gross profit | $ |
56,473 |
|
$ |
53,346 |
|
$ |
164,023 |
|
$ |
151,223 |
|
|||
| Plus: stock-based compensation expense and related employer payroll taxes |
|
1,559 |
|
|
1,947 |
|
|
4,581 |
|
|
5,426 |
|
|||
| Plus: amortization of acquired intangible assets |
|
— |
|
|
273 |
|
|
332 |
|
|
965 |
|
|||
| Non-GAAP gross profit | $ |
58,032 |
|
$ |
55,566 |
|
$ |
168,936 |
|
$ |
157,614 |
|
|||
| GAAP gross margin |
|
75.1 |
% |
|
75.5 |
% |
|
74.2 |
% |
|
73.8 |
% |
|||
| Non-GAAP adjustments |
|
2.1 |
% |
|
3.1 |
% |
|
2.2 |
% |
|
3.1 |
% |
|||
| Non-GAAP gross margin |
|
77.2 |
% |
|
78.7 |
% |
|
76.4 |
% |
|
76.9 |
% |
|||
| Reconciliation of operating expenses | |||||||||||||||
| GAAP research and development | $ |
19,037 |
|
$ |
21,797 |
|
$ |
63,135 |
|
$ |
67,940 |
|
|||
| Less: stock-based compensation expense and related employer payroll taxes |
|
(7,151 |
) |
|
(9,395 |
) |
|
(25,165 |
) |
|
(27,928 |
) |
|||
| Non-GAAP research and development | $ |
11,886 |
|
$ |
12,402 |
|
$ |
37,970 |
|
$ |
40,012 |
|
|||
| GAAP research and development as percentage of revenue |
|
25.3 |
% |
|
30.9 |
% |
|
28.5 |
% |
|
33.2 |
% |
|||
| Non-GAAP research and development as percentage of revenue |
|
15.8 |
% |
|
17.6 |
% |
|
17.2 |
% |
|
19.5 |
% |
|||
| GAAP sales and marketing | $ |
40,863 |
|
$ |
38,475 |
|
$ |
125,824 |
|
$ |
115,934 |
|
|||
| Less: stock-based compensation expense and related employer payroll taxes |
|
(8,531 |
) |
|
(8,011 |
) |
|
(24,621 |
) |
|
(22,352 |
) |
|||
| Less: amortization of acquired intangible assets |
|
(44 |
) |
|
(44 |
) |
|
(131 |
) |
|
(131 |
) |
|||
| Non-GAAP sales and marketing | $ |
32,288 |
|
$ |
30,420 |
|
$ |
101,072 |
|
$ |
93,451 |
|
|||
| GAAP sales and marketing as percentage of revenue |
|
54.3 |
% |
|
54.5 |
% |
|
56.9 |
% |
|
56.6 |
% |
|||
| Non-GAAP sales and marketing as percentage of revenue |
|
42.9 |
% |
|
43.1 |
% |
|
45.7 |
% |
|
45.6 |
% |
|||
| GAAP general and administrative | $ |
16,586 |
|
$ |
13,997 |
|
$ |
46,942 |
|
$ |
40,138 |
|
|||
| Less: stock-based compensation expense and related employer payroll taxes |
|
(4,295 |
) |
|
(4,097 |
) |
|
(12,805 |
) |
|
(10,177 |
) |
|||
| Non-GAAP general and administrative | $ |
12,291 |
|
$ |
9,900 |
|
$ |
34,137 |
|
$ |
29,961 |
|
|||
| GAAP general and administrative as percentage of revenue |
|
22.1 |
% |
|
19.8 |
% |
|
21.2 |
% |
|
19.6 |
% |
|||
| Non-GAAP general and administrative as percentage of revenue |
|
16.3 |
% |
|
14.0 |
% |
|
15.4 |
% |
|
14.6 |
% |
|||
| Reconciliation of operating loss and operating margin | |||||||||||||||
| GAAP loss from operations | $ |
(20,013 |
) |
$ |
(20,923 |
) |
$ |
(71,878 |
) |
$ |
(80,983 |
) |
|||
| Plus: stock-based compensation expense and related employer payroll taxes |
|
21,536 |
|
|
23,450 |
|
|
67,172 |
|
|
65,883 |
|
|||
| Plus: amortization of acquired intangible assets |
|
44 |
|
|
317 |
|
|
463 |
|
|
1,096 |
|
|||
| Plus: restructuring and other related charges |
|
— |
|
|
— |
|
|
— |
|
|
8,194 |
|
|||
| Non-GAAP income (loss) from operations | $ |
1,567 |
|
$ |
2,844 |
|
$ |
(4,243 |
) |
$ |
(5,810 |
) |
|||
| GAAP operating margin |
|
(26.6 |
%) |
|
(29.6 |
%) |
|
(32.5 |
%) |
|
(39.5 |
%) |
|||
| Non-GAAP adjustments |
|
28.7 |
% |
|
33.6 |
% |
|
30.6 |
% |
|
36.7 |
% |
|||
| Non-GAAP operating margin |
|
2.1 |
% |
|
4.0 |
% |
|
(1.9 |
%) |
|
(2.8 |
%) |
|||
| Reconciliation of net income (loss) | |||||||||||||||
| GAAP net income (loss) | $ |
(16,854 |
) |
$ |
(17,747 |
) |
$ |
(61,729 |
) |
$ |
(71,820 |
) |
|||
| Plus: stock-based compensation expense and related employer payroll taxes |
|
21,536 |
|
|
23,450 |
|
|
67,172 |
|
|
65,883 |
|
|||
| Plus: amortization of acquired intangible assets |
|
44 |
|
|
317 |
|
|
463 |
|
|
1,096 |
|
|||
| Plus: restructuring and other related charges |
|
— |
|
|
— |
|
|
— |
|
|
8,194 |
|
|||
| Less: income tax effect of non-GAAP adjustments |
|
(261 |
) |
|
(130 |
) |
|
(419 |
) |
|
(130 |
) |
|||
| Non-GAAP net income (loss) | $ |
4,465 |
|
$ |
5,890 |
|
$ |
5,487 |
|
$ |
3,223 |
|
|||
| Reconciliation of net income (loss) per share | |||||||||||||||
| GAAP net income (loss) per share, basic | $ |
(0.14 |
) |
$ |
(0.15 |
) |
$ |
(0.50 |
) |
$ |
(0.62 |
) |
|||
| Non-GAAP adjustments to net income (loss) |
|
0.17 |
|
|
0.20 |
|
|
0.55 |
|
|
0.65 |
|
|||
| Non-GAAP net income (loss) per share, basic | $ |
0.04 |
|
$ |
0.05 |
|
$ |
0.04 |
|
$ |
0.03 |
|
|||
| Non-GAAP net income (loss) per share, diluted | $ |
0.03 |
|
$ |
0.05 |
|
$ |
0.04 |
|
$ |
0.03 |
|
|||
| Weighted-average shares used in GAAP and non-GAAP per share calculation, basic |
|
124,324 |
|
|
117,902 |
|
|
122,601 |
|
|
116,160 |
|
|||
| Weighted-average shares used in GAAP and non-GAAP per share calculation, diluted(1) |
|
131,319 |
|
|
128,140 |
|
|
130,713 |
|
|
126,759 |
|
|||
| Note: Certain figures may not sum due to rounding | |||||||||||||||
| (1) For the three and nine months ended September 30, 2024 and for the three and nine months ended September 30, 2023, the weighted average shares used in the GAAP per share calculation excludes 7.0 million shares, 8.1 million shares, 10.2 million shares, and 10.6 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 September 30, | Nine Months Ended September 30, | ||||||||||||||
2024 |
2023 |
2024 |
2023 |
||||||||||||
| Net cash provided by (used in) operating activities | $ |
6,170 |
|
$ |
7,964 |
|
$ |
15,350 |
|
$ |
23,309 |
|
|||
| Less: | |||||||||||||||
| Purchases of property and equipment |
|
(16 |
) |
|
— |
|
|
(979 |
) |
|
(995 |
) |
|||
| Capitalization of internal-use software costs |
|
(1,656 |
) |
|
(476 |
) |
|
(4,170 |
) |
|
(1,349 |
) |
|||
| Free cash flow | $ |
4,498 |
|
$ |
7,488 |
|
$ |
10,201 |
|
$ |
20,965 |
|
|||
| Net cash provided by (used in) operating activities margin |
|
8.2 |
% |
|
11.3 |
% |
|
6.9 |
% |
|
11.4 |
% |
|||
| Non-GAAP adjustments |
|
(2.2 |
%) |
|
(0.7 |
%) |
|
(2.3 |
%) |
|
(1.1 |
%) |
|||
| Free cash flow margin |
|
6.0 |
% |
|
10.6 |
% |
|
4.6 |
% |
|
10.2 |
% |
|||
| Note: Certain figures may not sum due to rounding | |||||||||||||||
| AMPLITUDE, INC. | |||||||||||||||||||||||
| Historicals - Key Business Metrics | |||||||||||||||||||||||
| (In millions, except percentages) | |||||||||||||||||||||||
| (unaudited) | |||||||||||||||||||||||
|
|||||||||||||||||||||||
| June 30, 2023 | September 30, 2023 | December 31, 2023 | March 31, 2024 | June 30, 2024 | September 30, 2024 | ||||||||||||||||||
| Annual Recurring Revenue (ARR) | $ |
268 |
|
$ |
273 |
|
$ |
281 |
|
$ |
285 |
|
$ |
290 |
|
$ |
298 |
|
|||||
| Dollar-based Net Retention Rate (NRR) |
|
101 |
% |
|
99 |
% |
|
98 |
% |
|
97 |
% |
|
96 |
% |
|
98 |
% |
|||||
| Dollar-based Net Retention Rate (NRR TTM) |
|
108 |
% |
|
105 |
% |
|
101 |
% |
|
99 |
% |
|
98 |
% |
|
97 |
% |
|||||
View source version on businesswire.com: https://www.businesswire.com/news/home/20241106366553/en/
Investor Relations
Yaoxian Chew
ir@amplitude.com
Communications
Darah Easton
press@amplitude.com
Source: Amplitude, Inc.
FAQ
What were Amplitude's third-quarter 2024 revenue and growth rates?
What is Amplitude's Annual Recurring Revenue (ARR) for Q3 2024?
How did Amplitude's Free Cash Flow perform in Q3 2024?
What was Amplitude's GAAP net loss per share in Q3 2024?
How many paying customers did Amplitude have in Q3 2024?
What new strategic partnership did Amplitude announce?
