AMPL Amplitude Inc

• Annual recurring revenue was $281 million, up 10% year-over-year
• Fourth quarter revenue of $71.4 million, up 9% year-over-year
• Fiscal 2023 revenue of $276.3 million, up 16% year-over-year
• Fourth quarter Cash Flow from Operations of $2.3 million and Free Cash Flow of $1.5 million
• Fiscal 2023 Cash Flow from Operations of $25.6 million and Free Cash Flow of $22.4 million, representing a 13 percentage point increase in free cash flow margin year-over-year

Amplitude, Inc. (Nasdaq: AMPL), a leading digital analytics platform, today announced financial results for its fourth quarter and fiscal year ended December 31, 2023.

“Amplitude closed 2023 strong. It was our biggest year ever for product innovation, and we ended Q4 with a record number of new enterprise logo wins," said Spenser Skates, CEO and co-founder of Amplitude. “We see continued validation that our strategic approach - a Digital Analytics Platform with product analytics at its core - is the right one to win in the long term.”

Fourth Quarter 2023 Financial Highlights:

(in millions, except per share and percentage amounts)

 

Fourth Quarter 2023

Fourth Quarter 2022

Y/Y

Change

Annual Recurring Revenue

$281

$255

10%

Revenue

$71.4

$65.3

9%

GAAP Loss from Operations

$(21.5)

$(25.8)

$4.3

Non-GAAP Income (Loss) from Operations

$2.3

$(4.7)

$7.0

GAAP Net Loss Per Share, Basic and Diluted

$(0.16)

$(0.21)

$0.05

Non-GAAP Net Income (Loss) Per Share, Diluted

$0.04

$(0.03)

$0.07

Net Cash Provided by (Used in) Operating Activities

$2.3

$(4.6)

$6.9

Free Cash Flow

$1.5

$(5.9)

$7.4

Fiscal Year 2023 Financial Highlights:

(in millions, except per share and percentage amounts)

 

FY 2023

FY 2022

Y/Y Change

Annual Recurring Revenue

$281

$255

10%

Revenue

$276.3

$238.1

16%

GAAP Loss from Operations

$(102.5)

$(96.6)

$(5.9)

Non-GAAP Income (Loss) from Operations

$(3.5)

$(26.2)

$22.7

GAAP Net Loss Per Share, Basic and Diluted

$(0.77)

$(0.84)

$0.07

Non-GAAP Net Income (Loss) Per Share, Diluted

$0.06

$(0.21)

$0.27

Net Cash Provided by (Used in) Operating Activities

$25.6

$(5.4)

$31.0

Free Cash Flow

$22.4

$(11.2)

$33.6

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, amortization of acquired intangible assets, and non-recurring costs such as restructuring and other related charges. Stock-based compensation expense, exclusive of those related to our restructuring, and the related employer payroll taxes were $23.6 million in the fourth quarter of 2023 compared to $20.6 million in the fourth quarter of 2022, and $89.5 million in the full year 2023 compared to $68.3 million in the full year 2022. Free cash flow is GAAP net cash provided by (used in) operating activities, less cash used for purchases of property and equipment and capitalized internal-use software costs. The section titled "Non-GAAP Financial Measures" below contains a description of the non-GAAP financial measures and reconciliations between historical GAAP and non-GAAP information are contained in the tables below.

Fourth Quarter and Recent Business Highlights:

• Annual Recurring Revenue was $281 million, an increase of 10% year over year and an increase of $8 million compared to the third quarter of 2023.
• GAAP Net Loss per share was $0.16, based on 119.2 million shares, in the fourth quarter of 2023, compared to a loss of $0.21 per share, based on 113.1 million shares, in the fourth quarter of 2022.
• Non-GAAP Net Income per share was $0.04, based on 129.2 million diluted shares, in the fourth quarter of 2023, compared to a loss of $0.03 per share, based on 113.1 million diluted shares, in the fourth quarter of 2022.
• Cash Flow from Operations was $2.3 million, a $6.9 million increase year over year.
• Free Cash Flow was $1.5 million, a $7.4 million increase year over year.
• Launched Session Replay, which combines qualitative and quantitative data to help companies understand the "why" behind user behavior.
• Amplitude hired Francois Ajenstat as the Company’s Chief Product Officer.
• Number of paying customers grew 37% year over year to 2,723.

Financial Outlook:

The first 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 first quarter and full year 2024, the Company expects:

 

First Quarter 2024

Full Year 2024

Revenue

$72.1 - $72.7 million

$291.5 - $294.5 million

Non-GAAP Operating Income (Loss)

$(2.8) - $(2.2) million

$(1.0) - $2.0 million

Non-GAAP Net Income (Loss) Per Share, Diluted

$(0.01) - $0.00

$0.06 - $0.08

Weighted Average Shares Outstanding

120.5 million, basic

133.0 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 fourth quarter and fiscal year ended December 31, 2023, as well as the financial outlook for its first 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 first 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 Company’s restructuring plan, which may not result in anticipated savings or operational efficiencies and could result in total costs and expenses that are greater than expected; 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; and evolving privacy and other data-related laws. Additional risks and uncertainties that could cause actual outcomes and results to differ materially from those contemplated by the forward-looking statements are or will be included under the caption "Risk Factors" and elsewhere in the reports and other documents that the Company files with the Securities and Exchange Commission from time to time, including the Company’s Annual Report on Form 10-K being filed at or around the date hereof. The forward-looking statements made in this press release relate only to events as of the date on which the statements are made. The Company undertakes no obligation to update any forward-looking statements made in this press release to reflect events or circumstances after the date of this press release or to reflect new information or the occurrence of unanticipated events, except as required by law.

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 dollar-based net retention rate (“NRR (TTM)”).

About Amplitude

Amplitude is a leading digital analytics platform that helps companies unlock the power of their products. Over 2,700 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 Winter 2024 Report. Learn how to optimize your digital products and business at amplitude.com.

AMPLITUDE, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands)   December 31, 2023 December 31, 2022   Assets Current assets: Cash and cash equivalents

$

248,491

 

$

218,494

 

Marketable securities, current

 

73,909

 

 

11,971

 

Accounts receivable, net

 

29,496

 

 

22,716

 

Prepaid expenses and other current assets

 

16,624

 

 

20,335

 

Deferred commissions, current

 

11,444

 

 

10,918

 

Total current assets

 

379,964

 

 

284,434

 

Marketable securities, noncurrent

 

—

 

 

71,217

 

Property and equipment, net

 

10,068

 

 

9,408

 

Intangible assets, net

 

609

 

 

2,022

 

Goodwill

 

4,073

 

 

4,073

 

Restricted cash, noncurrent

 

869

 

 

855

 

Deferred commissions, noncurrent

 

26,942

 

 

25,799

 

Operating lease right-of-use assets

 

6,856

 

 

9,593

 

Other noncurrent assets

 

4,303

 

 

6,354

 

Total assets

$

433,684

 

$

413,755

 

Liabilities and Stockholders' Equity Current liabilities: Accounts payable

$

3,063

 

$

490

 

Accrued expenses

 

26,657

 

 

18,699

 

Deferred revenue

 

102,573

 

 

89,993

 

Total current liabilities

 

132,293

 

 

109,182

 

Operating lease liabilities, noncurrent

 

3,604

 

 

7,093

 

Noncurrent liabilities

 

3,034

 

 

2,511

 

Total liabilities

 

138,931

 

 

118,786

 

Stockholders’ equity: Common stock

 

1

 

 

1

 

Additional paid-in capital

 

658,463

 

 

568,889

 

Accumulated other comprehensive loss

 

(181

)

 

(754

)

Accumulated deficit

 

(363,530

)

 

(273,167

)

Total stockholders’ equity

 

294,753

 

 

294,969

 

Total liabilities and stockholders’ equity

$

433,684

 

$

413,755

 

  AMPLITUDE, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share amounts)

Three Months Ended December 31,

 

Year Ended December 31,

 

2023

 

 

 

2022

 

 

 

2023

 

 

 

2022

 

(unaudited) (unaudited) Revenue

$

71,403

 

$

65,258

 

$

276,284

 

$

238,067

 

Cost of revenue (1)

 

18,265

 

 

19,243

 

 

71,923

 

 

70,442

 

Gross profit

 

53,138

 

 

46,015

 

 

204,361

 

 

167,625

 

Operating expenses: Research and development (1)

$

22,198

 

$

22,192

 

$

90,138

 

$

80,589

 

Sales and marketing (1)

 

37,780

 

 

35,169

 

 

153,714

 

 

129,962

 

General and administrative (1)

 

14,749

 

 

14,452

 

 

54,887

 

 

53,636

 

Restructuring and other related charges (1)

 

(52

)

 

—

 

 

8,142

 

 

—

 

Total operating expenses

 

74,675

 

 

71,813

 

 

306,881

 

 

264,187

 

Loss from operations

 

(21,537

)

 

(25,798

)

 

(102,520

)

 

(96,562

)

Other income (expense), net

 

3,537

 

 

2,160

 

 

13,426

 

 

3,981

 

Loss before provision for (benefit from) income taxes

 

(18,000

)

 

(23,638

)

 

(89,094

)

 

(92,581

)

Provision for (benefit from) income taxes

 

543

 

 

407

 

 

1,269

 

 

796

 

Net loss

$

(18,543

)

$

(24,045

)

$

(90,363

)

$

(93,377

)

Net loss per share Basic and diluted

$

(0.16

)

$

(0.21

)

$

(0.77

)

$

(0.84

)

Weighted-average shares used in calculating net loss per share: Basic and diluted

 

119,246

 

 

113,104

 

 

116,938

 

 

111,437

 

(1) Amounts include stock-based compensation expense as follows:

Three Months Ended December 31,

Year Ended December 31,

2023

2022

2023

2022

(unaudited) (unaudited) Cost of revenue

$

1,874

$

2,083

$

7,300

$

6,468

Research and development

 

9,470

 

8,702

 

36,643

 

27,855

Sales and marketing

 

7,727

 

5,669

 

29,404

 

17,143

General and administrative

 

4,209

 

3,938

 

14,085

 

15,757

Restructuring and other related charges

 

—

 

—

 

853

 

—

Total stock-based compensation expense

$

23,280

$

20,392

$

88,285

$

67,223

  AMPLITUDE, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands)

Three Months Ended December 31,

 

Year Ended December 31,

2023

 

2022

 

2023

 

2022

(unaudited)

 

(unaudited)

 

 

 

 

Cash flows from operating activities: Net loss

$

(18,543

)

$

(24,045

)

$

(90,363

)

$

(93,377

)

Adjustments to reconcile net loss to net cash provided by (used in) operating activities Depreciation and amortization

 

1,420

 

 

1,436

 

 

5,620

 

 

4,662

 

Stock-based compensation expense

 

23,280

 

 

20,392

 

 

88,285

 

 

67,223

 

Other

 

633

 

 

104

 

 

(301

)

 

42

 

Non-cash operating lease costs

 

969

 

 

973

 

 

3,917

 

 

3,731

 

Changes in operating assets and liabilities: Accounts receivable

 

2,328

 

 

8,463

 

 

(8,448

)

 

(2,427

)

Prepaid expenses and other current assets

 

3,076

 

 

(221

)

 

3,711

 

 

(1,014

)

Deferred commissions

 

(976

)

 

(444

)

 

(1,670

)

 

(8,032

)

Other noncurrent assets

 

263

 

 

1,400

 

 

2,050

 

 

5,036

 

Accounts payable

 

(3,256

)

 

(1,711

)

 

2,498

 

 

(2,884

)

Accrued expenses

 

793

 

 

(4,349

)

 

11,873

 

 

4,574

 

Deferred revenue

 

(6,447

)

 

(5,468

)

 

12,580

 

 

20,698

 

Operating lease liabilities

 

(1,219

)

 

(1,128

)

 

(4,122

)

 

(3,616

)

Net cash provided by (used in) operating activities

 

2,321

 

 

(4,598

)

 

25,630

 

 

(5,384

)

Cash flows from investing activities: Cash received from maturities of marketable securities

 

12,500

 

 

—

 

 

12,500

 

 

—

 

Purchase of marketable securities

 

—

 

 

(23,478

)

 

—

 

 

(83,190

)

Purchase of property and equipment

 

(284

)

 

(620

)

 

(1,279

)

 

(3,632

)

Capitalization of internal-use software costs

 

(555

)

 

(654

)

 

(1,904

)

 

(2,177

)

Cash paid for acquisitions, net of cash acquired

 

—

 

 

—

 

 

—

 

 

(394

)

Net cash provided by (used in) investing activities

 

11,661

 

 

(24,752

)

 

9,317

 

 

(89,393

)

Cash flows from financing activities: Proceeds from the exercise of stock options

 

1,050

 

 

701

 

 

4,619

 

 

6,910

 

Cash received for tax withholding obligations on equity award settlements

 

397

 

 

3,966

 

 

13,427

 

 

17,992

 

Cash paid for tax withholding obligations on equity award settlements

 

(5,459

)

 

(4,068

)

 

(22,334

)

 

(19,056

)

Repurchase of unvested stock options

 

—

 

 

—

 

 

(648

)

 

(15

)

Net cash provided by (used in) financing activities

 

(4,012

)

 

599

 

 

(4,936

)

 

5,831

 

Net increase (decrease) in cash, cash equivalents, and restricted cash

 

9,970

 

 

(28,751

)

 

30,011

 

 

(88,946

)

Cash, cash equivalents, and restricted cash at beginning of the period

 

239,390

 

 

248,100

 

 

219,349

 

 

308,295

 

Cash, cash equivalents, and restricted cash at end of the period

$

249,360

 

$

219,349

 

$

249,360

 

$

219,349

 

  AMPLITUDE, INC. Reconciliation of GAAP to Non-GAAP Data (In thousands, except percentages and per share amounts) (unaudited)   Three Months Ended December 31, Year Ended December 31,

2023

 

2022

 

2023

 

2022

Reconciliation of gross profit and gross margin GAAP gross profit

$

53,138

 

$

46,015

 

$

204,361

 

$

167,625

 

Plus: stock-based compensation expense and related employer payroll taxes

 

1,874

 

 

2,084

 

 

7,300

 

 

6,468

 

Plus: amortization of acquired intangible assets

 

273

 

 

500

 

 

1,238

 

 

2,017

 

Non-GAAP gross profit

$

55,285

 

$

48,599

 

$

212,899

 

$

176,110

 

GAAP gross margin

 

74.4

%

 

70.5

%

 

74.0

%

 

70.4

%

Non-GAAP adjustments

 

3.0

%

 

4.0

%

 

3.1

%

 

3.6

%

Non-GAAP gross margin

 

77.4

%

 

74.5

%

 

77.1

%

 

74.0

%

Reconciliation of operating expenses GAAP research and development

$

22,198

 

$

22,192

 

$

90,138

 

$

80,589

 

Less: stock-based compensation expense and related employer payroll taxes

 

(9,591

)

 

(8,815

)

 

(37,519

)

 

(28,476

)

Non-GAAP research and development

$

12,607

 

$

13,377

 

$

52,619

 

$

52,113

 

GAAP research and development as percentage of revenue

 

31.1

%

 

34.0

%

 

32.6

%

 

33.9

%

Non-GAAP research and development as percentage of revenue

 

17.7

%

 

20.5

%

 

19.0

%

 

21.9

%

GAAP sales and marketing

$

37,780

 

$

35,169

 

$

153,714

 

$

129,962

 

Less: stock-based compensation expense and related employer payroll taxes

 

(7,854

)

 

(5,760

)

 

(30,206

)

 

(17,386

)

Less: amortization of acquired intangible assets

 

(44

)

 

—

 

 

(175

)

 

—

 

Non-GAAP sales and marketing

$

29,882

 

$

29,409

 

$

123,333

 

$

112,576

 

GAAP sales and marketing as percentage of revenue

 

52.9

%

 

53.9

%

 

55.6

%

 

54.6

%

Non-GAAP sales and marketing as percentage of revenue

 

41.8

%

 

45.1

%

 

44.6

%

 

47.3

%

GAAP general and administrative

$

14,749

 

$

14,452

 

$

54,887

 

$

53,636

 

Less: stock-based compensation expense and related employer payroll taxes

 

(4,270

)

 

(3,979

)

 

(14,447

)

 

(15,967

)

Non-GAAP general and administrative

$

10,479

 

$

10,473

 

$

40,440

 

$

37,669

 

GAAP general and administrative as percentage of revenue

 

20.7

%

 

22.1

%

 

19.9

%

 

22.5

%

Non-GAAP general and administrative as percentage of revenue

 

14.7

%

 

16.0

%

 

14.6

%

 

15.8

%

Reconciliation of operating loss and operating margin GAAP loss from operations

$

(21,537

)

$

(25,798

)

$

(102,520

)

$

(96,562

)

Plus: stock-based compensation expense and related employer payroll taxes

 

23,589

 

 

20,638

 

 

89,472

 

 

68,297

 

Plus: amortization of acquired intangible assets

 

317

 

 

500

 

 

1,413

 

 

2,017

 

Plus: restructuring and other related charges

 

(52

)

 

—

 

 

8,142

 

 

—

 

Non-GAAP income (loss) from operations

$

2,317

 

$

(4,660

)

$

(3,493

)

$

(26,248

)

GAAP operating margin

(30.2

%)

 

(39.5

%)

 

(37.1

%)

 

(40.6

%)

Non-GAAP adjustments

 

33.4

%

 

32.4

%

 

35.8

%

 

29.5

%

Non-GAAP operating margin

 

3.2

%

 

(7.1

%)

 

(1.3

%)

 

(11.0

%)

Reconciliation of net income (loss) GAAP net income (loss)

$

(18,543

)

$

(24,045

)

$

(90,363

)

$

(93,377

)

Plus: stock-based compensation expense and related employer payroll taxes

 

23,589

 

 

20,638

 

 

89,472

 

 

68,297

 

Plus: amortization of acquired intangible assets

 

317

 

 

500

 

 

1,413

 

 

2,017

 

Plus: restructuring and other related charges

 

(52

)

 

—

 

 

8,142

 

 

—

 

Less: income tax effect of non-GAAP adjustments

 

(578

)

 

—

 

 

(708

)

 

—

 

Non-GAAP net income (loss)

$

4,733

 

$

(2,907

)

$

7,956

 

$

(23,063

)

Reconciliation of net income (loss) per share GAAP net income (loss) per share, basic

$

(0.16

)

$

(0.21

)

$

(0.77

)

$

(0.84

)

Non-GAAP adjustments to net income (loss)

 

0.20

 

 

0.19

 

 

0.84

 

 

0.63

 

Non-GAAP net income (loss) per share, basic

$

0.04

 

$

(0.03

)

$

0.07

 

$

(0.21

)

Non-GAAP net income (loss) per share, diluted

$

0.04

 

$

(0.03

)

$

0.06

 

$

(0.21

)

Weighted-average shares used in GAAP and non-GAAP per share calculation, basic

 

119,246

 

 

113,104

 

 

116,938

 

 

111,437

 

Weighted-average shares used in GAAP and non-GAAP per share calculation, diluted(1)

 

129,158

 

 

113,104

 

 

127,364

 

 

111,437

 

Note: Certain figures may not sum due to rounding

(1) For the three and twelve months ended December 31, 2023, the weighted average shares used in the GAAP per share calculation excludes 9.9 million shares and 10.4 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 December 31,

 

Year Ended December 31,

2023

 

2022

 

2023

 

2022

Net cash provided by (used in) operating activities

$

2,321

 

$

(4,598

)

$

25,630

 

$

(5,384

)

Less: Purchases of property and equipment

 

(284

)

 

(620

)

 

(1,279

)

 

(3,632

)

Capitalization of internal-use software costs

 

(555

)

 

(654

)

 

(1,904

)

 

(2,177

)

Free cash flow

$

1,482

 

$

(5,872

)

$

22,447

 

$

(11,193

)

Net cash provided by (used in) operating activities margin

 

3.3

%

 

(7.0

%)

 

9.3

%

 

(2.3

%)

Non-GAAP adjustments

 

(1.2

%)

 

(2.0

%)

 

(1.2

%)

 

(2.4

%)

Free cash flow margin

 

2.1

%

 

(9.0

%)

 

8.1

%

 

(4.7

%)

Note: Certain figures may not sum due to rounding   AMPLITUDE, INC. Historicals - Key Business Metrics (In millions, except percentages) (unaudited)    

September 30, 2022

 

December 31,

2022

 

March 31,

2023

 

June 30, 2023

 

September 30, 2023

 

December 31, 2023

Annual Recurring Revenue (ARR)

$

243

 

$

255

 

$

262

 

$

268

 

$

273

 

$

281

 

Dollar-based Net Retention Rate (NRR)

 

113

%

 

110

%

 

106

%

 

101

%

 

99

%

 

98

%

Dollar-based Net Retention Rate (NRR TTM)

 

123

%

 

119

%

 

114

%

 

108

%

 

105

%

 

101

%

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20240219726172/en/

Investor Relations Yaoxian Chew ir@amplitude.com

Communications Darah Easton press@amplitude.com