Amplitude Inc (AMPL) 2023 Q2 法說會逐字稿

Hello, everyone. Welcome to Amplitude's Second Quarter 2023 Earnings Conference Call. I'm Yaoxian Chew, Vice President of Investor Relations. Joining me are Spenser Skates, CEO and Co-Founder of Amplitude and Criss Harms, the company's Chief Financial Officer. During today's call, management will make forward-looking statements, including statements regarding our financial outlook for the third quarter and full year '23, the expected performance of our products, our expected quarterly and long-term growth, investments and overall future prospects. These forward-looking statements are based on current information, assumptions and expectations and are subject to risks and uncertainties, some of which are beyond our control and could cause actual results to differ materially from those described in these teams.

大家好。歡迎參加 Amplitude 2023 年第二季度收益電話會議。我是周耀賢，投資者關係副總裁。與我一起的還有 Amplitude 首席執行官兼聯合創始人 Spenser Skates 和該公司首席財務官 Criss Harms。在今天的電話會議中，管理層將做出前瞻性聲明，包括有關我們第三季度和23 年全年的財務前景、我們產品的預期業績、我們預期的季度和長期增長、投資和總體未來前景的聲明。這些前瞻性陳述基於當前信息、假設和預期，並受到風險和不確定性的影響，其中一些風險和不確定性超出了我們的控制範圍，可能導致實際結果與這些團隊所描述的結果存在重大差異。

Further information on the risks that could cause actual results to differ is included in our filings with the Securities and Exchange Commission. You are cautioned not to place undue reliance on these forward-looking statements, and we assume no obligation to update these statements after today's call, except as required by law.

有關可能導致實際結果不同的風險的更多信息包含在我們向美國證券交易委員會提交的文件中。請您注意不要過分依賴這些前瞻性陳述，並且我們不承擔在今天的電話會議後更新這些陳述的義務，除非法律要求。

Certain financial measures used on today's call are expressed on a non-GAAP basis. We used these non-GAAP financial measures internally to facilitate analysis of our financial and business trends and for internal planning and forecasting purposes. These non-GAAP financial measures are limitations and should not be used in isolation from or as a substitute for financial information prepared in accordance with GAAP. A reconciliation between these GAAP and non-GAAP financial measures is included in our earnings press release, which can be found on our Investor Relations website at investors@amplitude.com. With that, I'll hand the call over to Spenser.

今天電話會議中使用的某些財務指標是在非公認會計原則的基礎上表示的。我們在內部使用這些非公認會計原則財務指標，以促進對我們的財務和業務趨勢的分析以及內部規劃和預測的目的。這些非 GAAP 財務指標存在局限性，不應單獨使用或替代根據 GAAP 準備的財務信息。這些 GAAP 和非 GAAP 財務指標之間的調節包含在我們的收益新聞稿中，您可以在我們的投資者關係網站 Investors@amplitude.com 上找到該新聞稿。這樣，我就把電話轉給斯賓塞。

Thanks, Yao, and good afternoon, everyone. Welcome to our second quarter earnings call. We appreciate you taking the time to join us. I'll be talking to 3 topics: our Q2 results and an update on our execution. The progress we're making with platform and product innovation. And our competitive landscape and customer adoption.

謝謝姚老師，大家下午好。歡迎參加我們的第二季度財報電話會議。我們感謝您抽出時間加入我們。我將討論 3 個主題：我們的第二季度業績和執行情況的最新情況。我們在平台和產品創新方面取得的進展。以及我們的競爭格局和客戶採用率。

Let's start with a summary of the Q2 financials. We closed the second quarter with $67.8 million in revenue, up 17% year-over-year. This is above the high end of the guidance we gave in Q1. Annual recurring revenue was $268 million. Our total customer count increased to 2,344 customers. Non-GAAP gross margin improved to 77.5%, up 3 percentage points year-over-year. This contributed to our first non-GAAP profitable EPS quarter.

讓我們首先概述第二季度的財務狀況。我們第二季度的收入為 6,780 萬美元，同比增長 17%。這高於我們在第一季度給出的指導的上限。年經常性收入為 2.68 億美元。我們的客戶總數增加至 2,344 名。非 GAAP 毛利率提高至 77.5%，同比上升 3 個百分點。這為我們第一個非公認會計原則盈利的每股收益季度做出了貢獻。

We generated record operating cash flow of $20.4 million and positive free cash flow of $19.3 million. With this result, we expect to be firmly in free cash flow positive territory as a company going forward.

我們創造了創紀錄的 2,040 萬美元運營現金流和 1,930 萬美元的正自由現金流。有了這個結果，我們預計作為一家公司，未來將堅定地處於自由現金流正值區域。

I'm pleased with our revenue beat, especially given the persistent challenges in the macro environment. Let me touch on a couple of those for a moment. Larger companies continue to optimize for their current level of end customer activity. We remain exposed to startups who are feeling that pressure more intensely. Continued cost cutting is causing churn to tick up as macro ripple effects work their way to that portion of our customer base. While difficult, we believe these short-term challenges are just a temporary part of this macro cycle. There are several areas that fuel our cautious optimism here.

我對我們的收入增長感到滿意，特別是考慮到宏觀環境中持續存在的挑戰。讓我暫時談一下其中的幾個。較大的公司繼續針對當前的最終客戶活動水平進行優化。我們仍然面臨著感受到更強烈壓力的初創公司。隨著宏觀連鎖反應影響到我們這部分客戶群，持續的成本削減導致客戶流失率上升。雖然困難重重，但我們認為這些短期挑戰只是宏觀週期的暫時組成部分。有幾個領域激發了我們的謹慎樂觀態度。

We see how our platform approach is resonating with customers, improving our competitive position against legacy and point solutions. Win rates remained robust in Q2 and we continue to win deals against as well as replace legacy players. We continue to refine our integrated go-to-market efforts, get closer to our customers and build on the strong pipeline we saw in Q2. We are executing with urgency as a company. A lot is happening under the surface. New leaders are raising the bar. I'm pleased with the progress we're making here as a team.

我們看到我們的平台方法如何與客戶產生共鳴，從而提高我們相對於傳統解決方案和單點解決方案的競爭地位。第二季度的勝率依然強勁，我們繼續贏得交易並替換傳統玩家。我們繼續完善我們的綜合上市工作，拉近與客戶的距離，並以我們在第二季度看到的強大渠道為基礎。作為一家公司，我們正在緊急執行。表面之下正在發生很多事情。新領導人正在提高標準。我對我們作為一個團隊在這裡取得的進展感到高興。

We're focused on what we can control. This means operating responsibly against our growth outlook while leaning into the massive opportunities that lie ahead. Our mission is to help companies build better digital products and experiences. I'll take this opportunity to provide a clear framework for our ongoing efforts. The first pillar is what we call win simple, shorthand for how we're making it easier for everyone to get started with Amplitude.

我們專注於我們可以控制的事情。這意味著我們要根據我們的增長前景負責任地運營，同時抓住未來的巨大機遇。我們的使命是幫助公司打造更好的數字產品和體驗。我將藉此機會為我們正在進行的努力提供一個清晰的框架。第一個支柱是我們所說的“win simple”，是我們如何讓每個人更輕鬆地開始使用 Amplitude 的簡寫。

Many companies need more help getting started in driving digital maturity. Today's customers demand an experience that's effortless, offers fast time to value and meets them where they are. One key facet of win symbol is improving the user experience and we've been hard at work there.

許多公司需要更多幫助來推動數字化成熟度。當今的客戶需要一種輕鬆的體驗，能夠快速實現價值並滿足他們的需求。獲勝符號的一個關鍵方面是改善用戶體驗，我們一直在這方面努力工作。

Last quarter, we talked about early positive feedback around our new chart creation flow and layouts. We introduced more improvements in Q2, including industry-specific templates and a new homepage experience. We are striving to make Amplitude easier to adopt. We've doubled the conversion rate of users finding insights from templates and are seeing continuing week-on-week improvements in uptake. In some cases, we've seen users create their first Amplitude chart 40% faster.

上個季度，我們討論了有關新圖表創建流程和佈局的早期積極反饋。我們在第二季度引入了更多改進，包括行業特定的模板和新的主頁體驗。我們正在努力讓 Amplitude 更容易被採用。我們已經將通過模板獲取見解的用戶轉化率提高了一倍，並且每週的使用率都在持續提高。在某些情況下，我們發現用戶創建第一個 Amplitude 圖表的速度提高了 40%。

The second pillar is win the enterprise. As part of our path to $1 billion and beyond, we are focused on meeting the needs of traditional enterprises. We are leading with use cases, taking a value-based selling and delivery approach and expanding the audiences we focus on. Product and behavioral data is important to everyone in an organization. Marketing teams can target the right customers, engineering teams can identify bugs and data teams can make detailed recommendations, all from product signals.

第二個支柱是贏得企業。作為我們邁向 10 億美元及以上之路的一部分，我們致力於滿足傳統企業的需求。我們以用例為主導，採用基於價值的銷售和交付方法，並擴大我們關注的受眾。產品和行為數據對組織中的每個人都很重要。營銷團隊可以瞄準正確的客戶，工程團隊可以識別錯誤，數據團隊可以提出詳細的建議，所有這些都來自產品信號。

We are already seeing this approach bear fruit. It drove one of our largest ever expansions in the quarter with an enterprise customer that's been with us since 2015.

我們已經看到這種方法取得了成果。它推動了我們在本季度與自 2015 年以來一直與我們合作的企業客戶進行的最大的擴張之一。

The third is win the category. Every business with a digital product and a digital experience for its customers' needs to know more about what those customers love, what causes them to get stuck and what keeps them coming back. Our vision for the future state is one where real-time operationalized product data is mission-critical to shaping dynamic and adaptive digital products and experiences.

三是贏得類別。每個為客戶提供數字產品和數字體驗的企業都需要更多地了解客戶喜歡什麼、是什麼導致他們陷入困境以及是什麼讓他們成為回頭客。我們對未來狀態的願景是，實時可操作的產品數據對於塑造動態和自適應數字產品和體驗至關重要。

The lines between product, web and marketing analytics are blurring and the spaces will start to converge. Companies of all shapes and sizes are finding that legacy approaches cannot sufficiently address the universal needs of acquisition, retention and monetization. Everyone wants to understand their customers better.

產品、網絡和營銷分析之間的界限正在變得模糊，空間將開始融合。各種類型和規模的公司都發現，傳統方法無法充分滿足收購、保留和貨幣化的普遍需求。每個人都想更好地了解他們的客戶。

Amplitude tells you exactly what your customers do and how they behave. We represent the best way to listen to your customers in an age of digital transformation. The center of gravity continues to shift toward product as more companies realize this. We have the strategic high ground in this convergence and intend to lead this massive category. Underpinning those 3 pillars is win together, the glue that binds at all.

幅度可以準確地告訴您客戶的行為以及他們的行為方式。我們代表了在數字化轉型時代傾聽客戶意見的最佳方式。隨著越來越多的公司意識到這一點，重心繼續向產品轉移。我們在這一融合中擁有戰略制高點，並打算引領這一龐大類別。支撐這三個支柱的是共同的勝利，這是粘合在一起的粘合劑。

The systems and processes that helped us grow from $10 million in revenue to where we are today will not be the ones that take us to $1 billion and beyond. We are systematically up-leveling every area of our business so we can deliver exceptional value for our customers. When our customers win, we win.

幫助我們從 1000 萬美元收入增長到今天的系統和流程不會是那些幫助我們達到 10 億美元甚至更高的系統和流程。我們正在系統地提升業務的各個領域，以便為客戶提供卓越的價值。當我們的客戶獲勝時，我們就獲勝。

Against that strategic backdrop, let's turn our attention to product development progress in Q2. Our platform approach is resonating with customers. We are benefiting from vendor consolidation, an increasing number of companies chose to land with a combination of analytics, experiment and CDP in the first half of 2023.

在這樣的戰略背景下，我們來看看第二季度的產品開發進展。我們的平台方法引起了客戶的共鳴。我們受益於供應商整合，越來越多的公司選擇在 2023 年上半年結合分析、實驗和 CDP 落地。

CFOs have been given a mandate to mercilessly target duplicative or inefficient spend. In this environment, we continue to see point solutions suffering disproportionately. Many customers struggled to deliver on the data insights and actions that are so critical to product and engineering teams. We think that the majority of our base get benefit from the addition of experiment. Traction here remains encouraging as some of the largest wins in Q2 included experiment upfront. Our CDP solution also continues to mature rapidly with Amplitude now close to parity with many CDP market leaders in terms of connections.

首席財務官被賦予了無情地打擊重複或低效支出的任務。在這種環境下，我們繼續看到單點解決方案遭受不成比例的影響。許多客戶都在努力提供對產品和工程團隊至關重要的數據洞察和行動。我們認為我們的大多數人都從增加實驗中受益。這裡的吸引力仍然令人鼓舞，因為第二季度的一些最大的勝利包括預先的實驗。我們的 CDP 解決方案也繼續快速成熟，Amplitude 現在在連接方面已接近許多 CDP 市場領導者。

Our approach to CDP has primarily been about reducing friction and duplicative costs for our smaller customers. In Q2, we saw increased interest from multiple enterprise customers expressing a need for holistic solution across data and analytics.

我們的 CDP 方法主要是減少小客戶的摩擦和重複成本。在第二季度，我們看到多個企業客戶的興趣增加，表示需要跨數據和分析的整體解決方案。

We announced warehouse native Amplitude at Snowflake summit in June. Our warehouse native approach is all about extending what has made Amplitude successful, being the most open, agnostic and trusted way to access and find insights from our customers' data. By providing access to Amplitude product insights directly from the data warehouse, we're making it easier for data teams to manage data and for product teams to use those insights confidently.

我們在 6 月份的 Snowflake 峰會上宣布了倉庫原生 Amplitude。我們的倉庫原生方法旨在擴展 Amplitude 的成功之處，成為訪問客戶數據並從中找到見解的最開放、最不可知且最值得信賴的方式。通過直接從數據倉庫訪問 Amplitude 產品見解，我們使數據團隊能夠更輕鬆地管理數據，並使產品團隊能夠自信地使用這些見解。

Companies are taking deferring approaches as it relates to governance and storage of their data. We want to be wherever our customers are along their journey. We believe this warehouse native option will be a natural on-ramp for many enterprise customers who have already made significant investments in their warehouse strategy.

公司正在採取推遲方法，因為這涉及數據的治理和存儲。我們希望成為客戶旅途中的任何地方。我們相信，對於許多已經在倉庫策略上進行了大量投資的企業客戶來說，這種倉庫原生選項將是一個自然的入口。

While early, we also believe this can be additive to our core amplitude value proposition in many ways, including potential new personas and workloads. AI developments are an exciting opportunity for us to evolve how users engage with and find value from our platform. Product teams follow and iteratively build, ship, use, learn. Companies like GitHub and Figma have made massive improvements to the build and ship phases with AI that made it possible for developers to go from prototype to production in record time.

雖然還處於早期階段，但我們也相信這可以在很多方面增加我們的核心振幅價值主張，包括潛在的新角色和工作負載。人工智能的發展對我們來說是一個令人興奮的機會，可以改進用戶如何參與我們的平台並從我們的平台中發現價值。產品團隊遵循並迭代構建、交付、使用、學習。 GitHub 和 Figma 等公司利用人工智能對構建和交付階段進行了巨大改進，使開發人員能夠在創紀錄的時間內從原型到生產。

At Amplitude, we're using AI to improve the use and learn phases. AI greatly accelerates the ability to get value out of huge quantities of data. We've amassed one of the largest databases of digital customer behavior in the world. We spent the past 10 years pioneering the behavioral graph. We've already helped product teams leverage AI and ML techniques with our recommendation engine and product monitoring.

在 Amplitude，我們使用人工智能來改進使用和學習階段。人工智能極大地加快了從海量數據中獲取價值的能力。我們積累了世界上最大的數字客戶行為數據庫之一。我們在過去 10 年裡開創了行為圖。我們已經幫助產品團隊通過我們的推薦引擎和產品監控來利用人工智能和機器學習技術。

Today, we're really excited to introduce Amplitude AI, a suite of AI-powered features. Here are 2 highlights. The first is ask Amplitude, which uses AI to shorten the learning curve for anyone getting started with Amplitude. Type in a question like how long does it take for new versus returning users to make a purchase and will show a chart with the answer you need.

今天，我們非常高興地推出 Amplitude AI，這是一套人工智能驅動的功能。這裡有 2 個亮點。第一個是 Ask Amplitude，它使用人工智能來縮短任何開始使用 Amplitude 的人的學習曲線。輸入一個問題，例如新用戶與回訪用戶需要多長時間才能進行購買，然後會顯示一個圖表，其中包含您需要的答案。

The second is data assistant, which uses AI to make data governance effortless. It determines the most important ways to improve your data quality and automate certain updates. By improving data quality and trust, we're helping customers get value from Amplitude faster. We're also releasing functionality that automates formula creation and short naming. Teams can pick from a variety of suggestions so they can move fast and stay in control. These new features will help us accelerate time to value and expand the base of users we speak to, enabling us to win simple.

第二個是數據助手，它利用人工智能讓數據治理變得毫不費力。它確定了提高數據質量和自動執行某些更新的最重要方法。通過提高數據質量和信任度，我們正在幫助客戶更快地從 Amplitude 獲得價值。我們還發布了自動創建公式和短命名的功能。團隊可以從各種建議中進行選擇，以便他們可以快速行動並保持控制。這些新功能將幫助我們加快實現價值的速度並擴大我們所接觸的用戶群，使我們能夠輕鬆獲勝。

We believe AI will dramatically improve the caliber of digital products and experiences and amplitude will help make that happen. I'd like to talk about our second quarter success with customers from multiple industries. We both landed and grew our relationship with customers around the world like Careem, Beachbody, Western Union, Alteryx, Cloudflare, Carta and TaxJar. Other customers this quarter included airlines and supermarket chains. It's clear that the need for Amplitude is a universal one.

我們相信人工智能將極大地提高數字產品和體驗的質量，而幅度將有助於實現這一目標。我想談談我們第二季度與來自多個行業的客戶取得的成功。我們與 Careem、Beachbody、Western Union、Alteryx、Cloudflare、Carta 和 TaxJar 等世界各地的客戶建立並發展了關係。本季度的其他客戶包括航空公司和連鎖超市。顯然，對振幅的需求是普遍的。

We expanded with a brand name global sports organization to help drive global fan acquisition growth. This is a fantastic case study of the opportunity ahead of us as traditional enterprises continue with their digital transformation. To succeed, they needed to unify user data to personalize the fan experience across digital and nondigital properties. Marketing and product managers needed a shared view of the customer journey in a way to test hypotheses, target relevant audiences and personalized content features.

我們通過全球知名體育組織進行了擴張，以幫助推動全球粉絲增長。這是一個精彩的案例研究，展示了傳統企業繼續數字化轉型所面臨的機遇。為了取得成功，他們需要統一用戶數據，以個性化數字和非數字資產的粉絲體驗。營銷和產品經理需要對客戶旅程有一個共同的看法，以測試假設、定位相關受眾和個性化內容功能。

The organization's direct-to-consumer arm was already using Amplitude, but other teams used a combination of legacy tooling and marketing technologies. They couldn't scale, which caused major delays in massive engineering requirements. Amplitude's digital analytics platform was the clear choice for the business and we're excited to help grow the subscriber base and in turn, increase the company's broadcast rights to the tune of billions a year.

該組織的直接面向消費者部門已經在使用 Amplitude，但其他團隊結合使用了遺留工具和營銷技術。它們無法擴展，這導致大規模工程需求的嚴重延遲。 Amplitude 的數字分析平台是該企業的明智選擇，我們很高興能夠幫助擴大用戶群，進而將公司的廣播權增加到每年數十億美元。

Spin by OXXO is a financial app that provides mobile payments transactions, deposit funds, cash withdrawals and card services. Spin has been an Amplitude customer since 2020. Over the last 18 months, they have upgraded plans, added Amplitude experiment and most recently in Q2 led to competing CDP for Amplitude. Their expanding use of Amplitude has enabled them to optimize their user journey, manage high user growth and accelerate their presence in the LatAm market.

Spin by OXXO是一款提供移動支付交易、存款、現金提取和卡服務的金融應用程序。 Spin 自 2020 年以來一直是 Amplitude 的客戶。在過去 18 個月裡，他們升級了計劃，添加了 Amplitude 實驗，最近在第二季度導致了 Amplitude 的 CDP 競爭。他們不斷擴大對 Amplitude 的使用，使他們能夠優化用戶旅程、管理用戶的高速增長並加快在拉丁美洲市場的佔有率。

Spin has grown from 0 to 5 million users in just 1 year. Their goal is to double this by December and we want to help them achieve that. Against the backdrop of a challenging macro, we're steadfastly positive about our long-term potential and the opportunities in front of us. I believe in our ability to deliver in the months and years ahead. I'm incredibly proud of our entire team for everything they've done so far this year. With that, thank you for your interest in Amplitude. I'd now like to turn it over to Criss to walk through the financial results.

Spin 的用戶在短短一年內就從 0 增長到 500 萬。他們的目標是到 12 月將這一數字翻一番，我們希望幫助他們實現這一目標。在充滿挑戰的宏觀背景下，我們對我們的長期潛力和麵前的機遇始終保持樂觀。我相信我們有能力在未來的幾個月和幾年裡交付成果。我為我們整個團隊今年迄今為止所做的一切感到無比自豪。至此，感謝您對 Am​​plitude 的興趣。我現在想把它交給 Criss 來詳細介紹一下財務結果。

Thanks, Spenser, and thanks to everyone joining us today. Amplitude's Q2 results demonstrate steady execution against a challenging environment. In the face of uncooperative macro, we expect to be firmly in free cash flow positive territory as a company going forward. We are intentionally shaping Amplitude to drive more operating leverage at scale. We've made strong progress, which I believe will eventually position us for reaccelerating growth.

謝謝斯賓塞，也感謝今天加入我們的所有人。 Amplitude 第二季度的業績表明，在充滿挑戰的環境中，公司的執行力依然穩定。面對不合作的宏觀形勢，我們預計作為一家公司，未來將堅定地處於自由現金流正值區域。我們正在有意塑造 Amplitude，以大規模推動更高的運營槓桿。我們已經取得了巨大進展，我相信這最終將使我們重新加速增長。

Now on to our second quarter results. As a reminder, all financial results that I will be discussing, with the exception of revenue, remaining performance obligations and balance sheet figures are non-GAAP. Our GAAP financial results, along with a reconciliation between GAAP and non-GAAP results, can be found in our earnings press release and supplemental financials on our IR website.

現在我們來看看第二季度的業績。提醒一下，我將討論的所有財務業績（收入、剩餘履約義務和資產負債表數據除外）均為非公認會計原則（non-GAAP）。我們的 GAAP 財務業績以及 GAAP 和非 GAAP 業績之間的調節表可在我們的收益新聞稿和 IR 網站上的補充財務報告中找到。

Second quarter revenue was $67.8 million, up 17% year-over-year. Total ARR increased to $268 million, an increase of 18% year-over-year and $6 million sequentially. Here's more context. Implicit in the color on revenue guidance we provided in the prior quarter was projected record high levels of churn in Q2. Those expectations came to fruition consistent with our internal projections of a 50-50 split between full and partial churn. Of note, within partial churn, we saw significant optimizations with 2 large customers, one of which is a crypto company and one of which is a large digital native customer. Within full churn was the expected concentration of accounts in the predominantly technology start-up segment and commercial segment.

第二季度收入為 6780 萬美元，同比增長 17%。總 ARR 增至 2.68 億美元，同比增長 18%，比上一季度增長 600 萬美元。這是更多背景信息。我們在上一季度提供的收入指引的顏色中隱含著預計第二季度的客戶流失率將創歷史新高。這些期望的實現與我們的內部預測一致，即完全流失和部分流失之間的比例為 50:50。值得注意的是，在部分流失中，我們看到了 2 個大客戶的顯著優化，其中一個是加密貨幣公司，另一個是大型數字原生客戶。在全面流失的情況下，預計賬戶主要集中在科技初創企業領域和商業領域。

New ARR in Q2 saw a rebound from the prior quarter. This was marked by a particularly large expansion as a longtime customer drastically grew both the scope and volume of their Amplitude relationship. That expand deal was not the only one for the quarter. We again saw sequential growth in customers across both our $1 million-plus and $100,000-plus ACV base. Accordingly, our mix in Q2 was a little over 2:1 between expand and land new ARR. Lastly, we had strong execution on our newer products with Experiment and CDP together now exceeding $20 million ARR.

第二季度的新 ARR 較上一季度有所反彈。隨著長期客戶大幅擴大其 Amplitude 關係的範圍和數量，這一擴張的標誌是特別大的擴張。這項擴大交易並不是本季度唯一的交易。我們再次看到 100 萬美元以上和 100,000 美元以上 ACV 基礎上的客戶數量連續增長。因此，我們在第二季度的擴張和新 ARR 之間的比例略高於 2:1。最後，我們對新產品執行力很強，Experiment 和 CDP 的 ARR 總額現已超過 2000 萬美元。

NRR, on a trailing 12-month basis declined sequentially to 108%. In period NRR was 101%, down from 118% in Q2 2022. Gross retention this quarter was in the mid-80s. Total RPO was $246 million, up 8% year-over-year. Current RPO was $192 million, flat sequentially but up 13% year-over-year and represented approximately 78% of total RPO. Gross margin was 77.5%, up 3 percentage points year-over-year and quarter-over-quarter. This was primarily due to the restructuring of our customer success organization in April and continuing improvements in unit hosting costs.

過去 12 個月的 NRR 連續下降至 108%。期內 NRR 為 101%，低於 2022 年第二季度的 118%。本季度的總留存率為 80 年代中期。 RPO 總額為 2.46 億美元，同比增長 8%。目前的 RPO 為 1.92 億美元，與上一季度持平，但同比增長 13%，約佔總 RPO 的 78%。毛利率為77.5%，同比和環比增長3個百分點。這主要是由於四月份我們的客戶成功組織進行了重組以及單位託管成本的持續改善。

Sales and marketing expenses were $31 million or 45% of revenue, down from 53% a year ago. R&D expenses were $12.9 million or 19% of revenue, down from 22% a year ago. G&A expenses were $9.8 million or 14% of revenue, down from 15% a year ago. Operating loss was a negative $0.8 million or a negative 1% of revenue, a 14 percentage point improvement on a year-over-year basis and an 11 percentage point improvement on a sequential basis.

銷售和營銷費用為 3100 萬美元，佔收入的 45%，低於一年前的 53%。研發費用為 1,290 萬美元，佔收入的 19%，低於一年前的 22%。 G&A 費用為 980 萬美元，佔收入的 14%，低於一年前的 15%。運營虧損為負 80 萬美元，即收入負 1%，同比改善 14 個百分點，環比改善 11 個百分點。

Net income per share was $0.02 based on 126.3 million of fully diluted shares compared to a loss of $0.08 with 111 million shares a year ago. All of the operating figures I just conveyed are exclusive of the restructuring charges we incurred in Q2 that approximated $8 million.

根據 1.263 億股完全稀釋的股票計算，每股淨利潤為 0.02 美元，而一年前根據 1.11 億股計算，每股淨利潤為 0.08 美元。我剛剛傳達的所有運營數據均不包括我們在第二季度產生的約 800 萬美元的重組費用。

Free cash flow was a positive $19.3 million or 29% of revenue, a 14 percentage point improvement on a year-over-year basis. This free cash flow figure incorporates a negative $3.8 million cash impact from our April restructuring. Finally, cash, cash equivalents and marketable securities were $319 million at the end of Q2.

自由現金流為正 1,930 萬美元，佔收入的 29%，同比提高 14 個百分點。這個自由現金流數字包含了我們 4 月份重組帶來的 380 萬美元的負面現金影響。最後，第二季度末的現金、現金等價物和有價證券為 3.19 億美元。

Now on to our outlook. For the third quarter, we are expecting revenue between $69.7 million and $70.3 million representing an annual growth rate of 14% at the midpoint. Non-GAAP operating income between positive $0.6 million and $1.0 million; non-GAAP net income per share to be between $0.02 and $0.03 assuming shares outstanding of approximately 128.3 million as measured on a fully diluted basis.

現在談談我們的展望。我們預計第三季度的收入將在 6,970 萬美元至 7,030 萬美元之間，年增長率中點為 14%。非 GAAP 營業收入在正 60 萬美元至 100 萬美元之間；假設按完全稀釋基礎計算的已發行股票約為 1.283 億股，則非 GAAP 每股淨利潤將在 0.02 美元至 0.03 美元之間。

For the full year, we are raising our 2023 revenue guidance to be between $273.6 million and $275.6 million, an annual growth rate of 15% to 16%. We expect non-GAAP operating loss between $7.6 million and $5.2 million, and we expect non-GAAP net income per share to be $0.02 to $0.04, assuming shares outstanding of approximately 127.6 million as measured on a fully diluted basis.

對於全年，我們將 2023 年收入指導上調至 2.736 億美元至 2.756 億美元之間，年增長率為 15% 至 16%。我們預計非 GAAP 運營虧損在 760 萬美元至 520 萬美元之間，假設按完全稀釋計算的已發行股數約為 1.276 億股，我們預計非 GAAP 每股淨利潤為 0.02 美元至 0.04 美元。

As you adjust your models, keep in mind the following: we finished Q2 better than we expected, but we still see a very challenging macro environment. Total Q2 ARR performance was positively impacted by a single large expansion. We believe renewal dynamics will remain challenging for the rest of the year. We're coming up on a slightly smaller renewal base in the second half versus first half, and this renewal base steps up in the first quarter of 2024.

在調整模型時，請記住以下幾點：我們第二季度的業績好於預期，但我們仍然看到一個非常具有挑戰性的宏觀環境。第二季度總體 ARR 表現受到單次大規模擴張的積極影響。我們認為，今年剩餘時間裡，更新動態仍將充滿挑戰。與上半年相比，我們下半年的續訂基數略小，而這一續訂基數將在 2024 年第一季度有所增加。

We also think that optimizations will persist into 2024 as our customers continue to deal with their own varying levels of demand. Restructuring charges will impact free cash flow negatively by approximately [3.4] in Q3.

我們還認為，隨著我們的客戶繼續滿足自己不同水平的需求，優化將持續到 2024 年。重組費用將對第三季度的自由現金流產生約 [3.4] 的負面影響。

Starting with August 15, RSU vesting date, we will begin utilizing more of a withhold to cover approach to taxes rather than exclusively using the sell-to-cover approach, which we have done historically. We estimate using $5 million to $6 million in this cycle. At a minimum, we intend to continue this approach through the November 2023 cycle, and we'll update you in the future with more specificity on our approach for 2024. We expect about $3 million of interest income per quarter. And finally, gross margins should remain in the 77% to 78% range.

從 8 月 15 日（RSU 歸屬日）開始，我們將開始更多地採用預扣稅法來繳納稅款，而不是像我們以往那樣專門使用“出售以繳納稅款”的方法。我們估計此週期將使用 500 萬至 600 萬美元。至少，我們打算在 2023 年 11 月的周期中繼續採用這種方法，並且我們將在未來向您提供有關 2024 年方法的更多具體信息。我們預計每季度利息收入約為 300 萬美元。最後，毛利率應保持在 77% 至 78% 的範圍內。

In summary, this quarter was better than expected, but we're not satisfied. We're pleased to be operating as a free cash flow positive company. We're hard at work on improving the business and investing in key areas that we believe will eventually lead to reaccelerating growth.

總而言之，本季度好於預期，但我們並不滿意。我們很高興成為一家自由現金流為正的公司。我們正在努力改善業務並投資於我們相信最終將帶來重新加速增長的關鍵領域。

With that, I will open up for Q&A. Over to you, Yao.

接下來，我將進行問答。交給你了，姚。

(Operator Instructions) Our first question comes from Koji Ikeda of Bank of America followed by Patrick Schulz from Baird.

（操作員說明）我們的第一個問題來自美國銀行的 Koji Ikeda，其次是來自 Baird 的 Patrick Schulz。

So the first question here really on kind of the 3 growth metrics here, looking at RPO, I guess it's CRPO and RPO, thinking about the decel there. But the billings was good against a tough comp, and then you also raised the full year revenue guidance but the revenue guide implies flat, 4Q revenue growth. So really, how to reconcile all that with what sounds like to be maybe a stabilizing to slightly improving demand environment? I mean I guess, what is the key metric to look at here to judge the underlying fundamental growth?

因此，這裡的第一個問題實際上是關於這裡的 3 個增長指標，看看 RPO，我想是 CRPO 和 RPO，考慮那裡的減速。但在艱難的競爭中，帳單表現良好，然後您還提高了全年收入指導，但收入指導意味著第四季度收入增長持平。那麼，實際上，如何將所有這些與聽起來可能穩定到略有改善的需求環境相協調呢？我的意思是，我想，判斷潛在的基本增長的關鍵指標是什麼？

Koji, as always, you are very good with your math. Look, I focus on the ARR. The $6 million sequential was a very positive upside for us. But we do acknowledge it was significantly impacted by one large expansion. As we look through the remainder of the year as we consider -- our focus on the win enterprises, all that we're doing within our operating functions across go-to-market and R&D and G&A., we recognize we'll be in a different operating position in the future. But against the macro conditions of churn and others, we have continued implicit in our revenue guide a very neutral performance of new ARR across Q3 and is a corresponding impact into Q4 revenue.

Koji，一如既往，你的數學非常好。看，我專注於 ARR。 600 萬美元的連續銷量對我們來說是一個非常積極的優勢。但我們確實承認它受到了一次大規模擴張的重大影響。當我們回顧今年剩下的時間時，我們會考慮——我們對獲勝企業的關注，以及我們在進入市場、研發和一般管理方面的運營職能範圍內所做的一切。我們認識到，我們將處於未來的經營定位不同。但針對客戶流失等宏觀情況，我們繼續隱含在我們的收入指南中，第三季度新 ARR 的表現非常中性，並對第四季度的收入產生了相應的影響。

Got it. I wanted to touch upon that large expansion deal. I thought it was pretty interesting is that you called out it was a customer since 2015. So maybe talk a little bit more about this customer. Was it a department expansion, new product expansion? And I think maybe more importantly is, did this customer optimize in the past year, now is coming back to expansion? And maybe this is in an early indication or some sort of green shoots that other large customers that have optimized in the past could start coming back to expand with you guys?

知道了。我想談談那項大型擴張交易。我覺得很有趣的是，你稱這是 2015 年以來的客戶。所以也許可以多談談這個客戶。是部門擴張、新產品擴張嗎？我認為也許更重要的是，這個客戶在過去的一年裡是否進行了優化，現在又恢復了擴張？也許這是一個早期跡象，或者是某種新芽，其他過去優化過的大客戶可能會開始回來與你們一起擴張？

Yes. I think there's a few things that happened. So one, I think it's representative of larger expansions that we've seen in the past. Obviously, in 2021, we saw a number of large expansions just generally across our customer base for customers who have been using us for many years. And so this was in that vein where the amount of volume and the scope of the deployment continued to increase, and they wanted to set up an ELA so that they didn't have to worry about further volume increases in the future.

是的。我認為發生了一些事情。因此，我認為它代表了我們過去見過的更大規模的擴張。顯然，在 2021 年，我們在我們的客戶群中看到了一些大規模的擴張，這些客戶群已經使用我們多年了。因此，數量和部署範圍不斷增加，他們希望建立一個 ELA，這樣他們就不必擔心未來數量進一步增加。

We also had a new product introduced as part of this. So that was really exciting to see as well. And then the last thing, just to call out very candidly, I think we had Nate, in particular, a new CRO, did a really great job of building a really strong relationship with one of the key executives there that was instrumental in driving this new ELA. So a very, very positive signal. Again, just a single data point. I think it speaks to the broad opportunity that is going to happen as the macro does come back. And so we'll obviously take the wind, and we're thinking about how do we be more systematic and scale that motion across our entire go-to-market team.

作為其中的一部分，我們還推出了一款新產品。所以這也非常令人興奮。最後一件事，只是非常坦率地指出，我認為我們的Nate，特別是一位新CRO，在與一位關鍵高管建立了非常牢固的關係方面做得非常出色，這對推動這一進程發揮了重要作用新的 ELA。這是一個非常非常積極的信號。同樣，只是一個數據點。我認為這說明了隨著宏觀經濟的回歸，將會出現廣泛的機會。因此，我們顯然會順勢而為，我們正在考慮如何更加系統化並在整個上市團隊中推廣這一行動。

Next, Patrick Schulz from Baird, followed by Nick Altmann from Scotia.

接下來是來自 Baird 的 Patrick Schulz，隨後是來自 Scotia 的 Nick Altmann。

I guess first, I just wanted to touch on the competitive environment a bit. I believe the no new day-to-day for Google Analytics was in July, and you guys have proved to talk about this being an opportunity for Amplitude to take share. Curious if you guys have seen any changes to your win rates over the past few quarters, particularly as the macro has remained challenged and vendor consolidation continues?

我想首先，我只是想談談競爭環境。我相信 7 月是 Google Analytics 的日常工作，你們已經證明這是 Amplitude 搶占市場份額的機會。想知道過去幾個季度你們的勝率是否有任何變化，特別是在宏觀經濟仍然面臨挑戰且供應商整合仍在繼續的情況下？

Yes. So Google Analytics has been huge for us. So there's actually 3 dates with Google Analytics. The free plan sunset date was July, as you mentioned. Google optimized a sunsetting in October and then the enterprise version of Universal Analytics is sunsetting next year. And so we're going to expect to see continued -- customers continue to migrate from Google Analytics to Amplitude. You see that show up in a number of ways. Obviously, we called out a number of wins last quarter that were specifically Google Analytics replacements.

是的。所以穀歌分析對我們來說意義重大。所以實際上有 3 個與 Google Analytics 相關的日期。正如您提到的，免費計劃的日落日期是七月。谷歌在10月份優化了日落，然後企業版Universal Analytics將於明年日落。因此，我們預計客戶會繼續從 Google Analytics 遷移到 Amplitude。你會發現這一點以多種方式出現。顯然，我們在上個季度取得了一些成果，特別是 Google Analytics 的替代品。

And then just the increase in customer count broadly is another thing that's driven by that. We've created -- I think what we're seeing is the convergence of marketing, product and experience analytics. And so we're going to continue to drive on improving our capabilities in both marketing and experience analytics so that we're set up to drive full consolidation in the category. I think the last thing I'll comment on Google Analytics is though, even though the sunset date has already happened, there are still lots of teams that maybe they're on GA4, but the experience is not working out, and so they're still evaluating other vendors now. And so we're seeing that contribute towards more Amplitude evaluations and growth in our business.

然後，客戶數量的廣泛增加是由此推動的另一件事。我們已經創造了——我認為我們所看到的是營銷、產品和體驗分析的融合。因此，我們將繼續努力提高我們在營銷和體驗分析方面的能力，以便我們能夠推動該類別的全面整合。我想我對 Google Analytics 的最後評論是，儘管日落日期已經發生，但仍然有很多團隊可能正在使用 GA4，但體驗並不理想，所以他們'現在仍在評估其他供應商。因此，我們看到這有助於更多的 Amplitude 評估和我們業務的增長。

Okay. I appreciate the color, response is very helpful. And then, Criss, maybe this one is for you guys have raised profitability guidance once again. So it's clear this is a big focus for you guys internally. You've been on the job now for a little over a quarter. So just curious where you see the biggest opportunities to better leverage the expense base. Aside from just the natural benefit you guys will see to margins as revenue recovers. Just maybe how you're thinking about the trade-off between investing for growth once we get through the challenging macro and improving profitability?

好的。我很欣賞這個顏色，回复非常有幫助。然後，克里斯，也許這是你們再次提高盈利指引的原因。所以很明顯這是你們內部的一個重點。現在你已經工作了四分之一多一點了。所以只是好奇你在哪裡看到了更好地利用費用基礎的最大機會。除了自然收益之外，隨著收入的恢復，你們還會看到利潤率。一旦我們度過了充滿挑戰的宏觀環境，您如何考慮增長投資與提高盈利能力之間的權衡？

Yes. No, all good points. When we talked about the April restructure that was very much for me, a restructuring, right, getting very focused on how we invested in the go-to-market functions. The changes that Thomas was implementing there, the reduction we did on the customer success and obviously, its impact on the gross margin impact. Inclusive in that is we've continued to make engineering investments to improve our unit hosting cost. Some of the changes I've weaved into the Q3 and Q4 really reflect on an expense structure, not necessarily a decision between investing or dropping into profitability, but more fine-tuning kind of my expense calibration of where we're heading.

是的。不，所有的優點。當我們談論四月份的重組時，這對我來說非常重要，一次重組，對，非常關注我們如何投資於上市功能。托馬斯在那裡實施的改變，我們對客戶成功所做的減少，顯然，它對毛利率的影響。其中包括我們繼續進行工程投資以提高我們的單位託管成本。我在第三季度和第四季度所做的一些變化確實反映了費用結構，不一定是投資或盈利能力下降之間的決定，而是對我們前進方向的費用校准進行了更多的微調。

As we think into the future, we're going to continue to make that trade-off. One of the things I will point to is we did increase our investment and we're continuing to plan to increase our investment into our professional services organization, both our recurring subscription, technical account managers as well as more of our implementation professional services capacity in bench. One of the pillars that we focus on is win the enterprise, we recognize kind of the whole product delivery concept for them and the integral role that those 2 functions both at the implementation as well as a dedicated technical account person moving forward play.

當我們思考未來時，我們將繼續進行這種權衡。我要指出的一件事是，我們確實增加了投資，並且我們繼續計劃增加對我們的專業服務組織的投資，包括我們的定期訂閱、技術客戶經理以及更多的實施專業服務能力。長椅。我們關注的支柱之一是贏得企業，我們認識到他們的整體產品交付概念，以及這兩個職能在實施過程中以及專門的技術客戶所發揮的不可或缺的作用。

We'll continue to make those choices. As you work through our numbers, you'll see that -- look, our SaaS magic number is not where we want it to be. Thomas, Nate and the rest of the team is really focused on operationalizing discipline and really driving a much more return on effort within our go-to-market motion. As that starts to come to fruition, we've talked about we really put that as the basis to our growth into 2024 as we start to be more effective on that front as well as leveraging our PLG motion more on the bottom end. So for us, it is very much of making more effective use of the investment levels that we've kind of recalibrated at coming out of the April restructure.

我們將繼續做出這些選擇。當您研究我們的數字時，您會發現——看，我們的 SaaS 神奇數字並不是我們想要的。 Thomas、Nate 和團隊的其他成員真正專注於實施紀律，並在我們的上市行動中真正推動更多的努力回報。隨著這一目標開始實現，我們已經談到，我們確實將其作為我們到 2024 年增長的基礎，因為我們開始在這方面更加有效，並在底部更多地利用我們的 PLG 動議。因此，對我們來說，更有效地利用我們在四月份重組後重新調整的投資水平非常重要。

Next question from Nick Altmann from Scotia, followed by Taylor McGinnis from UBS.

下一個問題是來自斯科舍省的 Nick Altmann，隨後是來自瑞銀的 Taylor McGinnis。

I don't see Nick. Taylor from UBS, followed by Elizabeth Porter from Morgan Stanley.

我沒有看到尼克。瑞銀集團的泰勒，摩根士丹利的伊麗莎白·波特緊隨其後。

This is Claire Gerdes on for Taylor. So just one on the guide. You raised the fiscal '23 revs a little more than the 2Q beat. And when we back into the 4Q implied rev's guide, it implies sequential growth of only 1-ish percent, so below 3Q. Is that just conservatism? Or is there anything specific to 4Q that we should be keeping in mind? .

我是泰勒的克萊爾·格德斯。所以指南上只寫了一篇。您將 23 財年的轉速提高到略高於第二季度的水平。當我們回到第四季度隱含轉速指南時，它意味著環比增長僅為 1%左右，因此低於第三季度。這只是保守主義嗎？或者說 4Q 有什麼特別值得我們注意的嗎？ 。

You also clearly inclusive in the full year guide was the ARR performance in Q2 and the contribution it's going to give us to the rest of the year. And then again, reflective of some of the points we made on the macro conditions, our expectation on the Q3 ARR performance as embedded into our guide is really a day 0 neutral position. Therefore, a really nominal contribution into the Q4 period. I would equate almost all of the increase in the revenue guide, reflective of what's in the rearview mirror, both from the Q2 revenue beat as well as the overall ARR performance and the way it will play out through the rest of the year.

您還明確地將第二季度的 ARR 表現及其對今年剩餘時間的貢獻納入全年指南中。再說一遍，反映了我們對宏觀條件提出的一些觀點，我們對納入指南的第三季度 ARR 表現的預期實際上是 0 天的中性立場。因此，第四季度的貢獻確實是名義上的。我將收入指南中幾乎所有的增長等同起來，反映了後視鏡中的情況，包括第二季度的收入增長、整體 ARR 表現以及今年剩餘時間的表現。

Next question from Elizabeth Porter from Morgan Stanley, followed by Arjun Bhatia from Blair.

下一個問題是來自摩根士丹利的伊麗莎白·波特，然後是來自布萊爾的阿瓊·巴蒂亞。

I wanted to follow up on your comment around just the convergence of marketing, product and experience analytics. So could you give us some color on how does the mix of users has changed over the last year since the IPO? And then how does that change your access to budgets as you're addressing kind of a larger base? Are you seeing any sort of improvement in the budget that you guys are able to address and speak to.

我想跟進您關於營銷、產品和體驗分析融合的評論。那麼，您能否向我們介紹一下自 IPO 以來用戶組合在過去一年中發生了怎樣的變化？那麼，當您面對更大的基數時，這會如何改變您獲得預算的機會呢？你們是否看到預算方面有任何改進，你們能夠解決並談論這一點。

Yes, for sure. So first, I'd say product has historically been our main persona since we started the company and that has been the predominant user base. I think the change that we've seen is more and more marketing teams use Amplitude. So that was in the single digits when we first started to think about marketing analytics. And now it's in the teens in terms of total percentage of our user base. And so we've definitely seen an uptick in because of our marketing analytics capabilities and because of the convergence that I talked about. I think marketing is also essential to win the enterprise.

是肯定的。首先，我想說，自從我們成立公司以來，產品一直是我們的主要角色，也是主要的用戶群。我認為我們看到的變化是越來越多的營銷團隊使用 Amplitude。所以當我們第一次開始考慮營銷分析時，這個數字只有個位數。現在，就我們用戶群的總百分比而言，它已經達到了十幾歲。因此，由於我們的營銷分析能力以及我談到的融合，我們確實看到了增長。我認為營銷對於企業的取勝也是至關重要的。

I think what we've seen is that, particularly in the traditional enterprises, marketing tends to control the budget. And so it's not just a question of just getting in product. Like as an example, I was visiting 1 of our large media customers in the U.K. a few months ago, and the Chief Product Officer there was a huge supporter and champion of us, and they were trying to get us into the mainstreaming app of their media product, and they had to bring in the CMO as well. Now after the CMO saw we had a bunch of marketing capabilities. They're like, "Hey, this is great, we're signed off on this." We'd love to expand with Amplitude.

我認為我們看到的是，特別是在傳統企業中，營銷往往會控制預算。因此，這不僅僅是進入產品的問題。舉個例子，幾個月前，我拜訪了我們在英國的一家大型媒體客戶，那裡的首席產品官是我們的巨大支持者和擁護者，他們試圖讓我們進入他們的主流應用程序媒體產品，他們還必須引入首席營銷官。現在，在首席營銷官看到我們擁有大量營銷能力後。他們會說，“嘿，這太棒了，我們已經同意了。”我們很樂意通過 Amplitude 進行擴展。

And so I think instead of -- in the technology industry, you may start in product and then expand to marketing over time. I think what we're seeing in the traditional enterprise is you often want to land with marketing right away. And then to the last part of your question, absolutely allows us to get more budget. So a huge, huge deal from that standpoint. I think what we've seen in the last 5 years is a ton of innovation in the digital analytics space.

所以我認為，在技術行業，你可以從產品開始，然後隨著時間的推移擴展到營銷。我認為我們在傳統企業中看到的是你經常希望立即進行營銷。然後到你問題的最後一部分，絕對可以讓我們獲得更多預算。從這個角度來看，這是一件非常非常大的事情。我認為過去 5 年我們在數字分析領域看到了大量創新。

We've obviously been the leader in that. And what you're going to see over the next 5 years is you're starting to see the signs of consolidation, both in terms of analytics, Experiment, CDP as well as along with dimensions of marketing and experience analytics. So we'll continue to come out with more offerings there, so that we able to drive that consolidation and come out on the top.

我們顯然是這方面的領導者。在接下來的 5 年裡，您將開始看到整合的跡象，無論是在分析、實驗、CDP 方面，還是在營銷和體驗分析方面。因此，我們將繼續在那裡推出更多產品，以便我們能夠推動整合併脫穎而出。

Great. And then just as a follow-up on some of the Amplitude AI announcements, how should we think about those impacting the financial model? Is it more incorporating features and that's going to attract kind of more customers and improve retention rates? Or is there some sort of direct monetization that you guys see an opportunity to pursue?

偉大的。然後，作為一些 Amplitude AI 公告的後續行動，我們應該如何考慮那些影響財務模型的因素？它是否會更多地融入功能，從而吸引更多的客戶並提高保留率？或者你們認為有某種直接貨幣化的機會嗎？

Yes, we're not doing any direct monetization at this time. It's all about that first pillar I talked about very simple. So how do you make it much easier for customers who aren't familiar with digital analytics to onboard and get value out of what we do. And so the Ask Amplitude is a great example of that. You just type in your question into a text box. You get an answer back. You don't have to do anything about how to use Amplitude. You don't have to know anything about your data taxonomy, it's going to pull the full insight together for you.

是的，我們目前沒有進行任何直接貨幣化。這都是關於我談到的第一個支柱，非常簡單。那麼，如何讓不熟悉數字分析的客戶更輕鬆地加入並從我們的工作中獲得價值。 Ask Amplitude 就是一個很好的例子。您只需在文本框中輸入您的問題即可。你會得到答复。您無需對如何使用 Amplitude 進行任何操作。您不必了解有關數據分類的任何信息，它將為您提供完整的見解。

A lot of the stuff around the data management that I talked about also is about making it much easier to manage data at scale. And so again, we're not -- it's making a lot of existing things that we do significantly easier, particularly for companies that aren't used to using digital analytics.

我談到的許多有關數據管理的內容也是為了讓大規模管理數據變得更加容易。再說一次，我們不是——它使我們做的許多現有事情變得更加容易，特別是對於那些不習慣使用數字分析的公司來說。

Next question from Arjun Bhatia from Blair followed by Clarke Jeffries from Piper.

下一個問題是來自 Blair 的 Arjun Bhatia，隨後是來自 Piper 的 Clarke Jeffries。

Spenser, maybe going back to the CDP and the marketing persona aspect. Can you touch on where the Amplitude CDP is from a future parity perspective with some of the stand-alone CDPs that are in the market or even other CDP that are part of a broader marketing tech stack because there are those other offerings there? And how have you been navigating kind of switching personas to get more into the marketing department versus your historical advantage, which has been in product.

Spenser，也許回到 CDP 和營銷角色方面。您能否從未來與市場上的一些獨立 CDP 甚至是作為更廣泛的營銷技術堆棧一部分的其他 CDP（因為還有其他產品）同等的角度來看，Amplitude CDP 處於什麼位置？以及你如何通過角色轉換來更多地進入營銷部門，而不是你在產品方面的歷史優勢。

Yes. So on CDP it's close to -- the main thing you're evaluating a lot of these companies on is number of connections. So how many different end points can you send data to. And as you imagine, there's like a long tail of hundreds of different possible end points. We're close to parity with a lot of the leading CDPs that we see out there on that, and that's why we saw that switch over from OXXO. And we're continuing to see customers use it as an option. On CDP, in particular, we're not as religious about saying, "Hey, you got to be on the Amplitude CDP." For us, it's just offering another option to get data.

是的。因此，在 CDP 上，您評估許多此類公司的主要依據是連接數量。那麼您可以將數據發送到多少個不同的端點。正如您想像的那樣，就像一條由數百個不同的可能終點組成的長尾巴。我們在這方面與許多領先的 CDP 接近平起平坐，這就是為什麼我們看到 OXXO 的轉變。我們繼續看到客戶將其作為一種選擇。特別是在 CDP 上，我們並不那麼虔誠地說：“嘿，你必須加入 Amplitude CDP。”對於我們來說，它只是提供了另一種獲取數據的選擇。

Our belief is that data is just going to live in tons of different places in the enterprise, whether that be CDP, whether it's a cloud data warehouse, whether that's internal store or what have you. And so the more we can work with the better and the more we can commoditize data access, the better. In terms of -- sorry, Arjun, what was your question on the marketing side?

我們的信念是，數據將存在於企業中的大量不同位置，無論是 CDP、雲數據倉庫、內部存儲還是您擁有的其他存儲。因此，我們可以合作的越多越好，並且我們可以將數據訪問商品化得越多越好。抱歉，阿瓊，您在營銷方面的問題是什麼？

To just get access to the marketing persona to the CMO versus historically, you've been selling more to product teams.

與以往相比，為了讓首席營銷官了解營銷角色，你需要向產品團隊銷售更多產品。

Yes. I think we're seeing it more requirement within traditional enterprise to get into marketing right away, as I mentioned earlier. And so I think that's why we're kind of developing those things. I think we've seen our user base within marketing go up from the single digits to now we're in the teens in terms of total percentage of end users who are in the marketing function that allows us to capture more budget. It's now -- I think the recognition from our side is that the power center hasn't shifted fully to product within these non-tech companies. And so you have to come in right off the back making the marketing team happy with an end-to-end customer view, not just product anymore.

是的。正如我之前提到的，我認為我們看到傳統企業越來越需要立即進入營銷領域。所以我認為這就是我們開發這些東西的原因。我認為我們已經看到營銷領域的用戶群從個位數上升到現在，就參與營銷職能的最終用戶總百分比而言，我們已經達到了十幾歲，這使我們能夠獲得更多預算。現在，我認為我們的認識是，權力中心尚未完全轉移到這些非科技公司的產品上。因此，您必須立即介入，讓營銷團隊對端到端客戶視圖感到滿意，而不僅僅是產品。

Okay. Got it. That makes sense. And then maybe just a broader question. It seems like as we're looking at Q2 results as we're looking at the forecast. It seems there's an impact from a small number of customers, right, that might drive volatility one way or the other. Can you touch on just customer concentration at a high level? And as you look through the remainder of the year, do you see other potential high-dollar customers that could have an impact on your forecast one way or another. I guess, just how are you thinking about that for the rest of the year?

好的。知道了。這就說得通了。然後也許只是一個更廣泛的問題。看起來我們在看第二季度的結果時就像在看預測一樣。似乎有少數客戶的影響，對吧，這可能會以某種方式推動波動。您能談談高水平的客戶集中度嗎？當您回顧今年剩餘時間時，您是否會看到其他潛在的高收入客戶可能會以某種方式影響您的預測。我想，今年剩下的時間你是怎麼想的？

Yes. I mean, I think relative to most other companies that our size, we definitely have a lot of million dollar customers. And so that leads to the concentration of volatility that you aligned, Arjun. I think I was part of 2 of those. Obviously, crypto has been a tough space and so that was a resizing by that customer. That was also part of the other resizing by the technology company that Criss mentioned. I think in both those cases, those customers are -- they went through layoffs, they're looking for short-term help on the budget side and they just need to make those changes.

是的。我的意思是，我認為相對於我們規模的大多數其他公司，我們肯定擁有很多價值數百萬美元的客戶。因此，這導致了你所調整的波動性的集中，阿瓊。我想我是其中兩個的一部分。顯然，加密貨幣一直是一個艱難的領域，因此該客戶調整了規模。這也是克里斯提到的科技公司其他規模調整的一部分。我認為在這兩種情況下，這些客戶都經歷過裁員，他們正在尋求預算方面的短期幫助，他們只需要做出這些改變。

Amplitude usage at those customers has actually been up and so that's been great to see. I think they expect to continue to grow with us over time in the long term. So that's a very positive thing. This is just kind of more short-term volatility as they're readjusting their expectations of end customer growth. We've looked at stuff for both Q3 and Q4, and we kind of expect those rightsizing to continue as we go through this year. I think Q2 is the single largest quarter in terms of total dollars up for renewal. So that's going to be hit the hardest from a churn standpoint. So I don't think we'll see exactly this -- Q2 is going to be the high point from an absolute dollar standpoint, but we'll see similar stuff happen in Q3 and Q4, and we've kind of already baked that in.

這些客戶的振幅使用率實際上有所上升，因此很高興看到這一點。我認為從長遠來看，他們希望繼續與我們一起成長。所以這是一件非常積極的事情。這只是一種更短期的波動，因為他們正在重新調整對最終客戶增長的預期。我們已經研究了第三季度和第四季度的內容，我們預計這些規模調整將在今年繼續下去。我認為第二季度是續約金額增幅最大的一個季度。因此，從客戶流失的角度來看，這將受到最嚴重的打擊。因此，我認為我們不會確切地看到這一點——從絕對美元的角度來看，第二季度將是最高點，但我們會看到第三季度和第四季度發生類似的事情，而且我們已經做好了準備在。

Next question from Clarke Jeffries from Piper followed by Gil Luria from D.A. Davidson.

下一個問題是來自 Piper 的克拉克·杰弗里斯 (Clarke Jeffries)，隨後是來自 D.A. 的吉爾·盧里亞 (Gil Luria)。戴維森。

Spenser, I wanted to ask about the AI technologies that you're announcing and maybe more broadly, which do you think is a larger opportunity in terms of the solution set today, whether it's a conversational interface or something that's more along the data management lines. I had imagined Amplitude has been using machine learning for a long time. And really the step function is on the language, natural language processing side. And so just wanted to get your thoughts on what it means long term. And then I have a follow-up for Criss.

斯賓塞，我想問一下您正在宣布的人工智能技術，也許更廣泛地說，您認為就當今的解決方案集而言，哪一個是更大的機會，無論是對話界面還是更沿著數據管理路線的東西。我原以為 Amplitude 已經使用機器學習很長時間了。實際上，階躍函數是在語言、自然語言處理方面。所以只是想了解一下您對這長期意味著什麼的想法。然後我有克里斯的後續行動。

Yes. So I don't have all the clear answers in terms of here's the contribution, but let me give you our current thesis on the space. So the first thing to understand is we have one of the largest data sets in real data in the world. And if you think about what AI is really good at, it's really good at extracting and summarizing insight from large volumes of data. And so I think it has the opportunity to supercharge what analytics does, whether that's from the instrumentation side and just making sure you're collecting the right data, whether that's the taxonomy side, making sure you're categorizing, whether that's the insight generation or whether that's turning that insight into action with experiments and things like that.

是的。因此，就這裡的貢獻而言，我沒有所有明確的答案，但讓我向您介紹我們目前關於該領域的論文。因此，首先要了解的是，我們擁有世界上最大的真實數據集之一。如果你想想人工智能真正擅長什麼，它真的很擅長從大量數據中提取和總結洞察力。因此，我認為它有機會增強分析的功能，無論是從儀器方面，還是確保您收集正確的數據，無論是分類方面，還是確保您進行分類，無論是洞察生成或者是否通過實驗或類似的事情將這種洞察力轉化為行動。

So I think AI impacts all of it. Right now, if you look at how companies leverage analytics, it's all human-based for each of those steps I outlined. I think AI can get orders of magnitude more leverage for all of them. And so I think you're going to see a transformation of the space with AI. Now we're very, very early days in it. The thing I'm excited about is we're the first company in digital analytics to come out with any LLM based technology that improves it.

所以我認為人工智能會影響這一切。現在，如果你看看公司如何利用分析，你會發現我概述的每一個步驟都是以人為基礎的。我認為人工智能可以為所有這些人帶來更多數量級的影響力。所以我認為你會看到人工智能帶來的空間轉變。現在我們還處於非常非常早期的階段。讓我感到興奮的是，我們是數字分析領域第一家推出任何基於法學碩士的技術來改進它的公司。

So I already mentioned the Ask Amplitude, I mentioned the data taxonomy tools, I mentioned that the formula suggestions and the chart name suggestions. And so I'm like -- I think that's a first step, but there's going to be a lot more behind that. I think long term, it's all about how can you operationalize this data in different places across the business. And I think AI is going to accelerate our ability to do that across all the different fronts. And so I think there's an order of magnitude, more value that can be generated versus the manual stuff that people go through today. So very, very early, but I think it's going to be a really important part of the future of digital analytics.

所以我已經提到了 Ask Amplitude，我提到了數據分類工具，我提到了公式建議和圖表名稱建議。所以我想——我認為這是第一步，但後面還會有更多的事情。我認為從長遠來看，關鍵在於如何在整個企業的不同地方操作這些數據。我認為人工智能將加速我們在所有不同領域實現這一目標的能力。因此，我認為與人們今天所經歷的手動操作相比，可以產生更多的價值。雖然還非常非常早，但我認為這將成為數字分析未來的一個非常重要的部分。

Absolutely. And then Criss, I just wanted to ask about stock-based comp. If you could give us sort of any expectations on how that would trend maybe over the near term? How cost base is being factored in? And so maybe we have a little bit more of a conversation about GAAP operating profitability. You mentioned that withhold to cover, but I was just wondering if you could maybe lay out the stock-based comp trend.

絕對地。然後克里斯，我只是想問一下基於股票的補償。您能否給我們一些關於近期趨勢的預期？如何考慮成本基礎？因此，也許我們可以更多地討論一下 GAAP 運營盈利能力。您提到了扣留金額，但我只是想知道您是否可以列出基於股票的比較趨勢。

Yes. I do know that it peaked as a percent of revenue in this last quarter. It has been trending up. I think we're 32%, 33% rate. Obviously looking to have that kind of tail off with time. I have not spent a lot of time on the kind of forward-looking outlook, really calibrating kind of just where we've been. Obviously, making changes as we think about how we're using cash to withhold the recovery that you alluded to, if there's -- I'll just say, Clark, I'll go do more into the forward-looking. It has not been one of the areas I prioritized this last quarter.

是的。我確實知道它佔收入的百分比在上個季度達到了頂峰。一直呈上升趨勢。我認為我們的比例是 32%、33%。顯然，隨著時間的推移，這種情況會逐漸消失。我並沒有花太多時間討論這種前瞻性的前景，真正校准我們所處的位置。顯然，當我們考慮如何使用現金來抑制你提到的複蘇時，我們會做出改變，如果有的話——我只想說，克拉克，我會在前瞻性方面做更多的事情。這並不是我上個季度優先考慮的領域之一。

Next question right from Gil Luria from D.A. Davidson, followed by Tyler Radke from Citi.

下一個問題來自 D.A. 的 Gil Luria。戴維森（Davidson），其次是花旗銀行（Citi）的泰勒·拉德克（Tyler Radke）。

You mentioned verticalization of the platform. Maybe can you just talk about what that means in your go-forward picture is for how the platform can evolve over time? And then maybe just in addition to that, how the go-to-market changes in order to compensate that.

您提到了平台的垂直化。也許你能談談這在你的未來願景中意味著平台如何隨著時間的推移而發展嗎？除此之外，可能還需要改變進入市場的方式來彌補這一點。

Yes. So I think there's obviously various degrees of verticalization. We're taking the very first step, which is how can we take the existing Amplitude product and offer templates and guides for people from specific vertical industries like media or e-commerce or financial services or B2B, so that they instrument a bunch of stuff and then we have a bunch of dashboards that come right out of the box. I think that's a -- for me, that's both a part of the win simple as well as win the enterprise. A lot of those customers are looking for guidance from us like -- they don't even know what questions to ask out of the data. So hey, tell me the 20 events I should instrument, (inaudible) those, then I can get lots of different charts and insights out of you without having to really thinking figure out all of that on my own. And so very, very excited about that.

是的。所以我認為顯然存在不同程度的垂直化。我們正在邁出第一步，即如何利用現有的 Amplitude 產品，為來自媒體、電子商務、金融服務或 B2B 等特定垂直行業的人們提供模板和指南，以便他們能夠利用大量的東西然後我們就有了一堆開箱即用的儀表板。我認為這對我來說，既是贏得簡單的勝利，也是贏得企業的一部分。許多客戶正在尋求我們的指導——他們甚至不知道要從數據中提出什麼問題。所以，嘿，告訴我我應該分析的 20 個事件，（聽不清）那些，然後我可以從你那裡得到很多不同的圖表和見解，而不必自己真正思考弄清楚所有這些。對此非常非常興奮。

I think in Thomas and Nate in the very -- we're kind of -- we're before even really thinking about that candidly. I think that's going to be kind of a many year thing in terms of refocusing the sales force. We're still too small to really specialize from a vertical standpoint. We've done it one-off in different territories as an example, having AEs who are in New York have a -- having a few AEs that have a concentration of financial services customers and things like that so that you have AE specialized in the business problems and use cases of the specific verticals. But we're quite far off from doing anything more drastic there. And so that will be a kind of many year journey as we continue to grow and get more advanced in our motion.

我認為在托馬斯和內特身上，我們甚至在真正坦誠地考慮這一點之前。我認為，就重新調整銷售隊伍而言，這將是一個持續多年的事情。從垂直角度來看，我們還太小，無法真正專業化。舉個例子，我們在不同的地區一次性完成了這一任務，讓紐約的 AE 擁有一些集中了金融服務客戶的 AE 以及類似的東西，這樣你就有專門從事金融服務客戶的 AE 了。特定垂直領域的業務問題和用例。但我們距離採取更激烈的行動還很遠。因此，這將是一段多年的旅程，我們將不斷成長並在我們的行動中取得更大進步。

Next question, Tyler Radke from Citi, followed by Michael Turits from KeyBanc.

下一個問題是來自花旗集團的泰勒·拉德克 (Tyler Radke)，隨後是來自 KeyBanc 的邁克爾·圖里茨 (Michael Turits)。

So I wanted to ask you, Spenser, about the Amplitude warehouse native offering that you talked about. Maybe you could just give some more examples like what are the new types of use cases in users that you're seeing with that product? And kind of what's the -- what does it streamline? What is that kind of unlock for you?

所以我想問你，Spenser，關於你談到的 Amplitude 倉庫本機產品。也許您可以提供更多示例，例如您在該產品中看到的用戶的新用例類型是什麼？它簡化了什麼？對你來說，這種解鎖是什麼？

So the key thing -- so let me explain what it is and I'll explain why we've done it and how it fits in the strategy. The key thing with warehouse native is that -- there's been a lot of companies that have decided to use the cloud data warehouse as their source of truth for product behavioral data. And so in that world, it's much easier if you have an application that already runs natively on top of Snowflake and that plugs in directly to that data set without having to send the data over to Amplitude. So we just have a native application running within a Snowflake instance directly on top of that data, and that allows you to get all of the -- a lot of the digital analytics functionality that we have right out of the box. And so it's -- think of it as it takes 10% of the time to get set up if you already have the data, data warehouse than with the traditional process of Amplitude implementation.

所以關鍵的是——讓我解釋一下它是什麼，我將解釋我們為什麼這樣做以及它如何適應戰略。倉庫本機的關鍵在於，許多公司已決定使用雲數據倉庫作為產品行為數據的真實來源。因此，在那個世界中，如果您有一個已經在 Snowflake 之上本機運行並且直接插入該數據集而無需將數據發送到 Amplitude 的應用程序，那就容易多了。因此，我們只是在 Snowflake 實例中直接在該數據之上運行一個本機應用程序，這樣您就可以獲得我們開箱即用的所有數字分析功能。因此，如果您已經擁有數據和數據倉庫，那麼與傳統的 Amplitude 實施流程相比，您需要花費 10% 的時間來進行設置。

Strategically in terms of why we're doing it. I think there's 2 big things. The first is that our expectation is that data is just going to live in lots of different places. Cloud data warehouse is going to be one of them. So the more prolific we are with the data sources that we work with, the more we're going to win the overall space and easier it is going to be to get on Amplitude. So it's all about meeting customer where they're at.

從戰略上講，我們為什麼要這樣做。我認為有兩件大事。首先，我們的期望是數據將存在於許多不同的地方。雲數據倉庫將是其中之一。因此，我們使用的數據源越豐富，我們就越能贏得整體空間，也就越容易進入 Amplitude。因此，這一切都是為了滿足客戶所在的位置。

The second thing is that warehouse native, and I want to make this clear because there's been a little confusion on this is that it's an on-ramp to the more advanced capabilities.You can think of it like a light version of Amplitude. And then over time, as you want more speed, as you want more functionality and flexibility, you upgrade to the more sophisticated versions of Amplitude over time. And so really, it's a distribution play to tap into currently Snowflake's customer base, but we'll get to more of the cloud data warehouses over time. And that will, again, enable us to work with whatever your data sources, warehouse CDP, et cetera.

第二件事是倉庫本機，我想澄清這一點，因為對此存在一些困惑，因為它是更高級功能的入口。您可以將其視為 Amplitude 的輕型版本。然後隨著時間的推移，當您想要更快的速度、更多的功能和靈活性時，您就會隨著時間的推移升級到更複雜的 Amplitude 版本。事實上，這是一種利用當前 Snowflake 客戶群的分銷策略，但隨著時間的推移，我們將獲得更多的雲數據倉庫。這將使我們能夠使用您的任何數據源、倉庫 CDP 等。

Okay. So kind of broadening out beyond the product persona with those additional (inaudible)?

好的。那麼，通過這些額外的（聽不清）來擴大產品角色之外的範圍？

A lot of -- so some companies, the data persona is driving the evaluation of this. And so it helps us fit for those sort of customers for like data-led organizations. So you have product-led organizations, you have marketing-led organizations, you have data-led organizations, and it varies by industry and company size. And this is an offering that's really great for ones that have where the data leader has a ton of influence.

很多——所以有些公司，數據角色正在推動對此的評估。因此，它可以幫助我們適應數據主導型組織的此類客戶。因此，你有產品主導的組織，你有營銷主導的組織，你有數據主導的組織，並且它因行業和公司規模而異。對於那些數據領導者擁有巨大影響力的公司來說，這是一項非常好的產品。

Awesome. And for Criss, I wanted to ask you a follow-up. I appreciate all the color around the dynamics in the quarter between the expansions and churn. I guess as we think about renewal rates today. I think you talked about 85%, which is below kind of where your target level is. How do you think about that recovering in the back half? And then as we go into '24, it sounds like you're still expecting some optimizations, but does that go back into the low 90s? And then just given the momentum you're seeing in terms of new customers and expansions, do you think the business can accelerate simply from improving renewal rates without kind of seeing that improvement in expansions?

驚人的。至於克里斯，我想問你一個後續問題。我欣賞本季度擴張和流失之間動態的所有色彩。我想當我們今天考慮續訂率時。我認為您談到了 85%，這低於您的目標水平。您如何看待下半場的恢復？然後，當我們進入 24 世紀時，聽起來您仍然期待一些優化，但這會回到 90 年代嗎？然後，鑑於您在新客戶和擴張方面看到的勢頭，您是否認為業務可以僅通過提高續訂率來加速，而無需看到擴張方面的改善？

Well, we definitely want both. I definitely expect both. But yes, let's talk about the renewals. Spenser talked about his history with the 2 customers, large ones that did the optimizations this year. We expect them to continue. We are just getting kind of rightsized with that. On a natural level, is that kind of unfolds in this temporary period, I would expect us to get back to GDRs north of 90%. Just as we're getting kind of recalibrated on their levels. As we said, we think this is a temporary. That will obviously give us some uplift. Inclusive in that is we're getting deeper with these customers at executive levels. We're talking about the value that Experiment brings CDP. We're starting to share on a product road map perspective, how we both see warehouse native Amplitude and others. We think the cross-selling motion will be a really meaningful part of our expand story. It is not just about kind of volume model. So I look forward to all of that coming to fruition in as shorter period as time as possible.

嗯，我們肯定兩者都想要。我絕對期待兩者。但是，是的，我們來談談續約。 Spenser 談到了他與 2 個客戶的歷史，這兩個客戶都是今年進行優化的大客戶。我們希望他們能夠繼續下去。我們正在對此進行適當調整。在自然層面上，如果這種情況在這段時間內發生，我預計我們將回到 90% 以上的東德。就像我們正在重新調整他們的水平一樣。正如我們所說，我們認為這是暫時的。這顯然會給我們帶來一些提升。包容性在於我們正在與這些客戶的高管層進行更深入的接觸。我們談論的是實驗給 CDP 帶來的價值。我們開始從產品路線圖的角度分享我們如何看待倉庫原生 Amplitude 等。我們認為交叉銷售動議將成為我們擴展故事中真正有意義的一部分。這不僅僅是體積模型的問題。因此，我期待所有這些都能在盡可能短的時間內實現。

I also want to be really clear, like macro is tough. So that's driving both rightsizing and customers at the low end, but we're not sitting here. I'm not happy with where it's at. So there's a -- it's a top focus of what we're doing with Thomas and the go-to-market team.

我也想明確一點，宏觀是很難的。因此，這推動了規模調整和低端客戶的發展，但我們不會坐視不理。我對它所處的位置不滿意。因此，這是我們與托馬斯和市場推廣團隊合作的首要焦點。

Next question from Michael Turits from KeyBanc, and last question from Nick Altmann.

下一個問題來自 KeyBanc 的 Michael Turits，最後一個問題來自 Nick Altmann。

This is Michael Vidovic. Just looking at the customer adds in the quarter, are you seeing higher adds due to how recent the MTU pricing change was? And we should expect it to potentially slow in the back half of the year? Or do you think the current level as is relatively sustainable here?

這是邁克爾·維多維奇。只要看看本季度的客戶增加量，您是否會因為 MTU 定價變化的最新情況而看到增加量增加？我們應該預計它在今年下半年可能會放緩？或者您認為目前的水平相對可持續嗎？

Yes, I think you're going to see this on an ongoing basis. We've -- as part of our kind of win simple efforts, we made that MTU change, as you mentioned, and that's led to big jumps in customer adds, both Q1 and Q2, and I think we'll expect that to continue to persist going forward. We're also not done in terms of the improvements on the product-led growth motion. There's quite a bit more that we want to do to improve that and optimize that and that will help us both win the low end of the market, and also just having another entry point in the simple onboarding process for customers broadly.

是的，我想你會持續看到這一點。正如您提到的，作為我們贏得簡單努力的一部分，我們對 MTU 進行了更改，這導致第一季度和第二季度的客戶數量大幅增加，我認為我們預計這種情況會持續下去去堅持前進。我們還沒有完成以產品為主導的增長運動的改進。我們還需要做更多的工作來改進和優化這一點，這將幫助我們贏得低端市場，並且在簡單的入職流程中為廣大客戶提供另一個切入點。

And then just on the -- you talked about ramping up professional services. I guess what's driving that? Is it just longer implementation times (inaudible) Enterprise? I guess just in your perspective, how do you characterize that?

然後就在——您談到了加強專業服務。我猜是什麼推動了這一點？僅僅是實施時間更長（聽不清）的企業嗎？我想從你的角度來看，你如何描述這一點？

I think we were just undersourced just as we were oversourced on the customer success team, we were undersourced on the pro services. I gave it just as an anecdotal example of look, as we see areas that need incremental investment, we're not going to hesitate to do that. That being said, free cash flow positive obviously gives us a ton of flexibility about what we're doing, getting to a non-GAAP EPS kind of positive state this last quarter, great milestone and as I said, we're kind of guiding the Q3 on a profitability standpoint. All I was trying to indicate there is that when we see the areas that meet the incremental investment, weren't going to hesitate to do it.

我認為我們的資源不足，就像我們在客戶成功團隊上的資源過多一樣，我們在專業服務方面的資源也不足。我給出的只是一個軼事例子，當我們看到需要增量投資的領域時，我們會毫不猶豫地這樣做。話雖如此，自由現金流為正顯然為我們正在做的事情提供了很大的靈活性，在上個季度達到非公認會計準則每股收益的積極狀態，這是一個偉大的里程碑，正如我所說，我們正在提供指導從盈利能力的角度來看，第三季度。我試圖表明的是，當我們看到滿足增量投資的領域時，我們會毫不猶豫地去做。

Last question from Nick Altmann from Scotia. I think we have you at this time, Nick.

最後一個問題來自斯科舍省的尼克·阿爾特曼。我想現在我們有你了，尼克。

Just a followup on Tyler's question on the renewal side of the equation. When you look at the gross renewal rates for the enterprise side of the business versus more of the SMB side of the business, how meaningful is the delta there in terms of the gross renewal rates?

只是泰勒關於更新方面的問題的後續。當您比較企業方面的總續訂率與更多中小型企業方面的業務時，總續訂率方面的增量有多大意義？

So I know that I have it. I'm visualizing the chart in my head, but I don't want to call it out without having looked at it again. When we do the call back, I'm happy to give you that spread.

所以我知道我擁有它。我在腦海中想像著這張圖表，但我不想在沒有再看一遍的情況下把它叫出來。當我們回電時，我很樂意為您提供差價。

Okay. Fair enough. And then earlier, you talked about how actually the second half maybe has less of a renewal base and 2Q is actually a pretty significant renewal quarter for you guys. I guess I wanted to ask how you're sort of thinking about renewals with your customers? And sort of what are sort of the levers that you're pulling to combat those? Is it more discounts? Is it trying to sign shorter-term deals? Like what are sort of the things you're doing on your side of the equation to help maintain customer spend and sort of lift those renewal rates in the second half?

好的。很公平。然後早些時候，您談到實際上下半年的續訂基礎可能會減少，而第二季度對你們來說實際上是一個相當重要的續訂季度。我想我想問一下您是如何考慮與客戶續訂的？您正在採取哪些手段來應對這些問題？是不是折扣更多了？它是否試圖簽署短期協議？比如你在等式方面做了哪些事情來幫助維持客戶支出並在下半年提高續訂率？

Yes. I mean there's a ton. It's the top priority from both a product and a go-to-market standpoint. I think there's a lot of different plays. So one is actually going towards longer-term contracts, but offering more discounting is a lever. I think even in cases where customers are looking to down-sell finding other areas within the business where we can expand to or cross-sell new products like Experiment and CDP. That's actually worked quite effectively, and we're going to continue to do that as more customers become aware of our offerings in those areas.

是的。我的意思是有很多。從產品和進入市場的角度來看，這都是重中之重。我覺得有很多不同的玩法。因此，人們實際上傾向於簽訂長期合同，但提供更多折扣是一種槓桿。我認為，即使客戶希望降價銷售，也可以在業務中尋找其他領域，我們可以擴展到或交叉銷售新產品，例如 Experiment 和 CDP。這實際上非常有效，隨著越來越多的客戶意識到我們在這些領域的產品，我們將繼續這樣做。

And then cases where like the crypto company that we had mentioned where it's just like, hey, we had to go through a layoff, this is -- you just don't have budget. We ultimately want to be good long-term partners. And so we'll work with them to figure out a level on a rate that makes sense because our expectation is these customers are going to be with us for a long term. And on both sides, we want to -- they know as they get back to growth and we'll grow with them and want to work with them to do that.

然後，就像我們提到的加密貨幣公司一樣，嘿，我們必須經歷裁員，這就是 - 你只是沒有預算。我們最終希望成為良好的長期合作夥伴。因此，我們將與他們合作，確定一個合理的費率水平，因為我們的期望是這些客戶將長期與我們合作。在雙方方面，我們都希望——他們知道，當他們恢復增長時，我們將與他們一起成長，並希望與他們合作做到這一點。

And so I think the one -- the other thing I'd call out is our predictability into this cycle has gotten much, much better. Thomas and Nate has done a fantastic job of driving that. We landed pretty much where we expected within Q2. And as we look to Q3 and Q4, those are also within the bounds of what we were looking at earlier. And so I think we've gotten still more to go, but a lot better on the predictability front. And so that helps us get in front of it much earlier as well as control it so that we can make sure to keep those customers.

所以我認為我要指出的另一件事是我們對這個週期的可預測性已經變得好多了。托馬斯和內特在這方面做得非常出色。我們在第二季度幾乎達到了預期。當我們觀察第三季度和第四季度時，這些也在我們之前觀察的範圍內。因此，我認為我們還有更多工作要做，但在可預測性方面要好得多。因此，這有助於我們更早地應對並控制它，以便我們確保留住這些客戶。

Great. Thank you. With that, I'm seeing no further questions in queue. We will be at the Citi Global Technology Conference and Piper Sandler Growth Franchise Conference in September. Details will be posted on our IR website. Thank you very much for attending our Q2 earnings conference call. You may now disconnect.

偉大的。謝謝。至此，我發現隊列中不再有任何問題了。我們將參加 9 月份的花旗全球技術會議和 Piper Sandler 增長特許經營會議。詳細信息將發佈在我們的 IR 網站上。非常感謝您參加我們的第二季度收益電話會議。您現在可以斷開連接。

Thanks, everyone.

感謝大家。