Amplitude Inc (AMPL) 2023 Q3 法說會逐字稿

Hello, everyone. Welcome to Amplitude's 3rd Quarter 2023 Earnings Conference Call.

大家好。歡迎參加 Amplitude 2023 年第三季財報電話會議。

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.

我是周耀賢，投資人關係副總裁。和我一起的還有 Amplitude 的執行長兼共同創辦人 Spenser Skates；以及該公司財務長 Criss Harms。

During today's call, management will make forward-looking statements, including statements regarding our financial outlook for the 4th quarter and full year 2023; the expected performance of our products; our expected quarterly and long-term growth investments; and our overall future prospects. These forward-looking statements are based on current information, assumptions and expectations that are subject to risks and uncertainties, some of which are beyond our control that could cause actual results to differ materially from those described in these statements.

在今天的電話會議中，管理層將做出前瞻性聲明，包括有關我們第四季度和 2023 年全年財務前景的聲明；我們產品的預期性能；我們預期的季度和長期成長投資；以及我們對未來的整體展望。這些前瞻性陳述是基於當前資訊、假設和預期，存在風險和不確定性，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陳述中描述的結果有重大差異。

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 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資訊包含在我們向美國證券交易委員會提交的文件中。請您注意不要過度依賴這些前瞻性陳述，我們不承擔在今天的電話會議後更新這些前瞻性陳述的義務，除非法律要求。

Certain financial measures used in today's call are expressed on a non-GAAP basis. We use 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 have limitations and should not be used in isolation from or as a substitute for financial information compared 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.

今天的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 財務指標具有局限性，不應獨立於 GAAP 財務資訊使用，也不應取代 GAAP 財務資訊。這些 GAAP 和非 GAAP 財務指標之間的調整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。

With that, I'll hand the call over to Spenser.

這樣，我就把電話轉給史賓賽。

Thanks, Yao, and good afternoon, everyone. Welcome to our 3rd quarter earnings call, and thank you for taking the time to join us. For today's Q3 2023 call, I'm going to cover 3 main topics: first, our Q3 financial results alongside a macro and execution update; second, observations on our evolving market opportunity in category; and third, an update on platform development and some customer stories. Let's start with the summary of the 3rd quarter.

謝謝姚老師，大家下午好。歡迎參加我們的第三季財報電話會議，感謝您抽出時間參加我們的會議。在今天的 2023 年第三季電話會議中，我將討論 3 個主要主題：首先，我們第三季的財務表現以及宏觀和執行更新；其次，對我們不斷變化的品類市場機會的觀察；第三，平台開發的最新情況和一些客戶案例。我們先來回顧一下第三季的情況。

We closed the 3rd quarter with $70.6 million in revenue, up 15% year-over-year. Annual recurring revenue was $273 million, up $5 million from the end of the 2nd quarter. We were profitable on a non-GAAP basis and generated another $7.5 million of positive free cash flow this quarter. We now have almost 2,500 customers. To put these numbers in context, I'll provide an update on how we're executing on the state of the macro and on how we see our category evolving.

我們第三季的營收為 7,060 萬美元，年增 15%。年度經常性收入為 2.73 億美元，比第二季末增加 500 萬美元。我們在非 GAAP 基礎上實現盈利，本季又產生了 750 萬美元的正自由現金流。我們現在擁有近 2,500 名客戶。為了將這些數字放在上下文中，我將提供有關我們如何執行宏觀狀態以及我們如何看待我們的類別發展的最新資訊。

On execution, our new ARR was more broad-based this quarter. We welcomed a number of organizations of all sizes to Amplitude compared to Q2, which was marked by a couple of large expansion deals. Total churn, while still high, was lower than the previous quarter. We also drove an incredible company-wide effort to launch our Plus plan. I'll talk more about it shortly, but the Plus plan gives a self-service options for start-ups, small businesses and first-time enterprise prospects. Given it's a product-led growth motion, it also allows us to incrementally redirect our sales efforts towards larger enterprise prospects and customers.

在執行方面，本季我們的新 ARR 基礎更加廣泛。與第二季相比，我們迎來了許多各種規模的組織加入 Amplitude，第二季的特點是幾項大型擴張交易。總流失率雖然仍然很高，但低於上一季。我們還在全公司範圍內做出了令人難以置信的努力來推出我們的 Plus 計劃。我稍後會詳細討論，Plus 計劃為新創公司、小型企業和首次創業的潛在客戶提供自助服務選項。鑑於這是一個以產品為主導的成長動力，它也使我們能夠逐步將我們的銷售工作轉向更大的企業前景和客戶。

The new leaders we brought into the company continue to raise the bar across the board from disciplined and rigorous inspection to elevating customer relationships. We are also beginning to think bigger. We've been able to grow deal scope and deal sizes significantly with some customers this quarter as we start to sell more strategically across different buyers. The macro environment remains challenging on a number of fronts. Our customers continue to recalibrate their own growth expectations under new demand and interest rate environments. We continue to battle the same ongoing themes of optimization and macro-driven churn as customer budget pressures remain stubbornly persistent. This will take time to work through.

我們引入公司的新領導繼續全面提高標準，從紀律嚴明的檢查到提升客戶關係。我們也開始考慮更大的問題。本季度，隨著我們開始更有策略地向不同買家進行銷售，我們已經能夠大幅擴大與一些客戶的交易範圍和交易規模。宏觀環境在許多方面仍然充滿挑戰。我們的客戶在新的需求和利率環境下持續重新調整自己的成長預期。由於客戶預算壓力仍然頑固地持續存在，我們將繼續與優化和宏觀驅動的客戶流失等相同的持續主題作鬥爭。這需要時間來解決。

On the digital analytics category, it remains in its early days, and we continue to see evidence that our approach is the right one. Adobe, Google and many others have built great businesses on the back of a web traffic and marketing-centric view of the world. Billions of dollars are currently being spent by companies of legacy software, data scientists and complex implementations to try to understand the digital customer experience. This approach breaks down for today's realities. Customer data is now more fragmented than ever across multiple data sources and touch points.

在數位分析領域，它仍處於早期階段，我們不斷看到證據表明我們的方法是正確的。 Adobe、Google和許多其他公司在網路流量和以行銷為中心的世界觀的基礎上建立了偉大的業務。目前，遺留軟體、資料科學家和複雜實施的公司正在花費數十億美元來嘗試了解數位客戶體驗。這種方法在當今的現實中已經失效。現在，客戶資料在多個資料來源和接觸點上比以往任何時候都更加分散。

Growing global regulation and an increased focus on privacy means a heightened importance on first-party data. Legacy approaches and point solutions only provide a snapshot when it comes to trying to understand your customer. Amplitude tells you what your customers do and how they behave across the entire customer journey.

全球監管的不斷加強和對隱私的日益關注意味著第一方資料的重要性日益提高。在嘗試了解客戶時，傳統方法和單點解決方案只能提供一個快照。 Amplitude 告訴您客戶的行為以及他們在整個客戶旅程中的行為。

Market awareness continues to grow alongside increasing customer sophistication. Our platform breadth resonates with users across multiple departments, product, data, engineering, marketing and more. As customers understand the criticality of product data, we also see increasing signs of previously siloed pools of spend coming together across marketing, product and data budgets. We see increasing opportunities for us to grow wallet share and expand our addressable markets.

隨著客戶成熟度的提高，市場意識不斷增強。我們的平台廣度與多個部門、產品、數據、工程、行銷等領域的使用者產生共鳴。隨著客戶了解產品數據的重要性，我們也看到越來越多的跡象表明，以前孤立的支出池正在行銷、產品和數據預算中匯集在一起。我們看到增加錢包份額和擴大潛在市場的機會越來越多。

One notable sports gaming customer expansion from the quarter really brings these dynamics to life. Amplitude had been the solution of choice for their leading digital products since 2016. Product teams were historically given their own choice of toolkits. That agility came with the trade-offs of sprawling costs and unsuccessful implementation. Recognizing the need for a more complete view of the customer journey, their VP of Marketing and MarTech recently took over additional responsibilities for product analytics. Over the course of our relationship, we've worked with them to execute on their vision for one provider across their entire digital product portfolio.

本季一項值得注意的體育遊戲客戶擴張確實將這些動態變為現實。自 2016 年以來，Amplitude 一直是其領先數位產品的首選解決方案。產品團隊歷來都有自己選擇的工具包。這種敏捷性伴隨著巨大的成本和不成功的實施的權衡。認識到需要更全面地了解客戶旅程，他們的行銷和行銷技術副總裁最近承擔了產品分析的額外職責。在我們的合作過程中，我們一直與他們合作，在他們的整個數位產品組合中實現他們對一家提供者的願景。

This quarter, they went wall to wall with Amplitude. Amplitude Analytics, CDP and Experiment are displacing several fragmented marketing and point solutions across their products. We're helping them personalize customer experiences, embrace rapid testing and drive insights to action with one singular platform. We think we can help many more of our customers execute on that vision. With that backdrop, let's recap product development.

本季度，他們與 Amplitude 進行了全面的交流。 Amplitude Analytics、CDP 和 Experiment 正在取代其產品中的一些分散的行銷和單點解決方案。我們正在幫助他們透過單一平台實現個人化客戶體驗、接受快速測試並推動洞察付諸行動。我們認為我們可以幫助更多的客戶實現這個願景。在此背景下，讓我們回顧一下產品開發。

It was an excellent quarter for innovation. We are growing our platform. I'm very excited to announce that Session Replay is coming to Amplitude early next year. Session Replay is a great entry point for companies who are earlier on their analytics journey. It provides video-like replays that give a more accurate picture of how digital products are being used through actions like clicks, cursor movements and scrolling. When combined with analytics, teams can quickly identify the issues user having understand why they're having them and recommend improvements. With a visual comparison of the before and after, teams will be able to see if a problem like low engagement is resulting from user, design or performance issues and how widespread specific issues are. Session Replay removes the guesswork behind behavior and improves the user experience across the board.

這是創新的絕佳季度。我們正在發展我們的平台。我非常高興地宣布 Session Replay 將於明年初登陸 Amplitude。對於早期進行分析的公司來說，會話重播是一個很好的切入點。它提供類似影片的重播，可以更準確地了解如何透過點擊、遊標移動和滾動等操作使用數位產品。與分析結合，團隊可以快速識別使用者的問題，了解他們為什麼會遇到這些問題，並提出改進建議。透過前後的視覺比較，團隊將能夠了解參與度低等問題是否是由使用者、設計或效能問題造成的，以及特定問題的普遍程度。會話重播消除了行為背後的猜測，並全面改善了使用者體驗。

As I mentioned earlier, we launched our Plus plan in mid-October. Plus solves the issue we've been hearing for years, namely that pricing for analytics is challenging. It can be expensive to go from free to paid plans. And if those plans are priced by events, smaller companies either overpay or ration what they track, which undermines the whole purpose of analytics. That is where Plus comes in. The plan offers the best of Amplitude Analytics, CDP and Experiment starting at just $49 per month. And it's the first digital analytics platform to be launched in a self-service package. With this launch, we are growing distribution and can now serve the low end of the market more efficiently. Early traction is encouraging with multiple 5-figure sign-ups in the 1st few weeks since launch.

正如我之前提到的，我們在十月中旬推出了 Plus 計劃。 Plus 解決了我們多年來一直聽到的問題，即分析定價具有挑戰性。從免費方案轉為付費方案可能會很昂貴。如果這些計劃是根據事件定價的，那麼小公司要么支付過高的費用，要么定量分配他們追蹤的內容，這會破壞分析的整體目的。這就是 Plus 的用武之地。該計劃提供最好的 Amplitude Analytics、CDP 和 Experiment，每月只需 49 美元起。它是第一個以自助服務包形式推出的數位分析平台。透過此次發布，我們正在擴大分銷範圍，現在可以更有效地服務低端市場。早期的吸引力令人鼓舞，自推出後的第一周內註冊人數就達到了 5 位數。

As it relates to AI, I'll provide a brief update on our recent launch and what we're seeing in the market. Data governance is like physical health. Companies should be proactive about data and cleanup and taxonomy. And we should exercise and eat vegetables every day as well, but few people end up doing it in practice. That is where Amplitude can help. Amplitude's AI data assistant is a friendly individualized personal trainer for anyone who wants to get their product data in better shape.

由於與人工智慧相關，我將簡要介紹我們最近推出的產品以及我們在市場上看到的情況。數據治理就像身體健康。公司應該積極主動地進行資料清理和分類。我們也應該每天運動、吃蔬菜，但很少人真正做到這一點。這就是 Amplitude 可以提供幫助的地方。 Amplitude 的 AI 數據助理是一位友好的個人化私人教練，適合任何希望獲得更好狀態的產品數據的人。

In less than 3 months since launch, our AI data assistant has been a huge hit with hundreds of our customers already using it to improve their governance practices. What would normally take weeks and months of effort is being broken down into bite-size chunks that can be tackled in minutes and hours. Organizations that use data assistant see a big uptick in data governance scores and more than a 30% average lift engagement. Cleaner data leads to more impactful insights, happier users and better business outcomes.

自推出以來不到 3 個月，我們的人工智慧資料助理就受到了巨大的歡迎，數百名客戶已經使用它來改善他們的治理實踐。通常需要花費數週和數月時間的工作現在被分解為可以在幾分鐘和幾小時內處理的小塊。使用資料助理的組織發現資料治理得分大幅上升，平均提升參與度超過 30%。更乾淨的數據可以帶來更有影響力的見解、更快樂的使用者和更好的業務成果。

On to customers. We want to stand out customers in the generative AI space. Amplitude is the platform of choice for some of the biggest, brightest and best names in generative AI, helping them guide their businesses in ways that our competitors cannot match.

交給客戶。我們希望在生成人工智慧領域中脫穎而出。 Amplitude 是產生人工智慧領域中一些最大、最聰明和最好的公司的首選平台，幫助他們以我們的競爭對手無法比擬的方式指導他們的業務。

Midjourney is a pioneer in AI image generation, revolutionizing art and imagination in the same way ChatGPT has transformed the written work. They've developed and productized text to image generation and are the AI success story in image generation. They are evolving rapidly with the product service area growing from web to mobile to multiservice. With a small but incredibly sophisticated technical team, Amplitude was the right solution to give them leverage on time, resources and efforts. They're engaged with our entire platform from day 1 across Analytics, Experiment and CDP. Amplitude will enable Midjourney to understand free-to-pay conversions, correlate demographics to user patterns and A/B test changes on their users' experiences.

Midjourney 是人工智慧影像生成領域的先驅，它徹底改變了藝術和想像力，就像 ChatGPT 改變了書面作品一樣。他們開發了文字到圖像生成並將其產品化，是人工智慧在圖像生成領域的成功案例。隨著產品服務領域從網路發展到行動再到多服務，它們正在迅速發展。 Amplitude 擁有規模雖小但極其複雜的技術團隊，是讓他們充分利用時間、資源和精力的正確解決方案。他們從第一天起就參與我們整個平台的分析、實驗和 CDP。 Amplitude 將使 Midjourney 能夠了解免費到付費的轉化，將人口統計數據與用戶模式關聯起來，並對其用戶體驗進行 A/B 測試變化。

Another win I'm really excited about is Character AI, a neural language model chatbot service. Character AI empowers users to easily create and interact with a variety of characters that feel alive with contextual conversations and human-like responses. They're one of the fastest-growing AI companies. They've adopted Amplitude for both Analytics and Experiment and viewed Amplitude as the best long-term partner given their needs to rapidly scale their product.

我真正興奮的另一個勝利是角色人工智慧，一種神經語言模型聊天機器人服務。角色人工智慧使用戶能夠輕鬆創建各種角色並與之互動，這些角色透過上下文對話和類似人類的反應而充滿活力。他們是成長最快的人工智慧公司之一。他們採用 Amplitude 進行分析和實驗，並考慮到快速擴展產品的需求，將 Amplitude 視為最佳的長期合作夥伴。

This is just the start. Amplitude has always been able to capitalize on ways of technological innovation. We remained well positioned to benefit from the ongoing swell of AI product and company formation. With the proliferation of digital products and experiences, the need for Amplitude only grows.

這只是開始。 Amplitude 始終能夠利用技術創新的方式。我們仍然處於有利地位，可以從人工智慧產品和公司組建的持續成長中受益。隨著數位產品和體驗的激增，對 Amplitude 的需求只會不斷增長。

We had some other incredible wins this quarter. We welcomed Playrix in Q3 as one of the top 3 mobile gaming companies in the world. Their games are played by 120 million people every month. Previously, they relied on a smaller mobile analytics vendor, which was too outdated for their current needs and couldn't provide them with the right level of flexibility. Playrix is moving to a multiproduct strategy. Multiple teams, including product and marketing, needed to simplify the usage of their internal platform to shorten time to insights. Through a highly competitive process, Amplitude stood out as a winner based on both our ease of use and on our unmatched ability to deliver a unified view of their users across different games.

本季我們還取得了一些其他令人難以置信的勝利。我們在第三季迎來了 Playrix，成為全球三大行動遊戲公司之一。每月有 1.2 億人玩他們的遊戲。以前，他們依賴較小的行動分析供應商，該供應商對於他們當前的需求來說太過時了，並且無法為他們提供適當的靈活性。 Playrix 正在轉向多產品策略。包括產品和行銷在內的多個團隊需要簡化內部平台的使用，以縮短獲得洞察的時間。在激烈的競爭過程中，Amplitude 憑藉我們的易用性以及在不同遊戲中為用戶提供統一視圖的無與倫比的能力而脫穎而出，成為贏家。

We also won another large global sports organization this quarter. Over time, the organization had lost trust in the data provided by their large legacy MarTech provider. Users across data, analytics, marketing and advertising desperately needed stronger support and more open integrations. With the seamless combination of Amplitude Analytics and CDP, this customer will be able to recommend the best video and articles to their user base and drive engagement. With a blueprint of their user behavior, they can improve their mobile app experience to maximize sponsor revenues and retention.

本季我們也贏得了另一個大型全球體育組織。隨著時間的推移，該組織對其大型傳統 MarTech 提供者提供的數據失去了信任。數據、分析、行銷和廣告領域的用戶迫切需要更強大的支援和更開放的整合。透過 Amplitude Analytics 和 CDP 的無縫結合，該客戶將能夠向其用戶群推薦最佳影片和文章並提高參與度。透過使用者行為藍圖，他們可以改善行動應用程式體驗，從而最大限度地提高贊助商收入和保留率。

Through this period of change, we are delivering on profitable growth while balancing thoughtful investments. We are growing alongside our customers in extending our platform. We're confident the challenges we are enduring in the short term will set us up to be a stronger company in the longer term.

在這段變革時期，我們在實現獲利成長的同時平衡深思熟慮的投資。我們與客戶一起成長，擴展我們的平台。我們相信，短期內所面臨的挑戰將使我們在長期內成為一家更強大的公司。

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.

至此，感謝您對 Amplitude 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. I'm proud of our recent performance. We beat the midpoint of all guided metrics as well as achieved our commitment of being free cash flow positive for 2 consecutive quarters. Inclusive, we beat the top end of the range of the revenue guide, and we are raising our Q4 revenue guidance from what was implied in our August guide.

謝謝斯賓塞，也謝謝今天加入我們的所有人。我對我們最近的表現感到自豪。我們超越了所有指導指標的中點，並實現了連續兩個季度自由現金流為正的承諾。包容性方面，我們超出了收入指南範圍的上限，並且我們正在提高我們 8 月指南中暗示的第四季度收入指南。

I'm energized by what lies ahead of us. We are well positioned for an increasing portion of customer wallet share. This will become increasingly evident as the role of product increases in importance across different buyers, as legacy approaches break down and as siloed pools of spend continue to come together.

我對我們面前的事物感到充滿活力。我們處於有利位置，可以增加客戶錢包份額。隨著產品在不同買家中的重要性不斷增加、傳統方法的崩潰以及孤立的支出池繼續聚集在一起，這一點將變得越來越明顯。

Our operational execution is improving. Our medium-term visibility has improved from earlier in the year, as it relates to both new ARR forecast predictability and ARR churn risk.

我們的營運執行力正在改善。我們的中期可見度比今年早些時候有所改善，因為它與新的 ARR 預測可預測性和 ARR 流失風險有關。

We're improving capital allocation. Our Plus plan will better serve the lower end of the market, while our people-led sales efforts will increasingly focus on accounts with higher potential and long-term value.

我們正在改善資本配置。我們的Plus計劃將更好地服務低端市場，而我們以人為本的銷售工作將越來越關注具有更高潛力和長期價值的客戶。

Now on to our 3rd quarter results. As a reminder, all financial results that I'll be discussing, with the exception of revenue 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.

現在我們來看看第三季的業績。提醒一下，我將討論的所有財務結果（收入和資產負債表數據除外）都是非公認的會計準則。我們的 GAAP 財務表現以及 GAAP 和非 GAAP 業績之間的調整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。

Third quarter revenue was $70.6 million, up 15% year-over-year. Total ARR exiting Q3 increased to $273 million, an increase of 12% year-over-year and $5 million sequentially. Here's more detail on key elements of ARR.

第三季營收為 7,060 萬美元，年增 15%。第三季的總 ARR 增至 2.73 億美元，年增 12%，季增 500 萬美元。以下是有關 ARR 關鍵要素的更多詳細資訊。

We again saw sequential growth in customer count and ARR across both our 1 million plus and our 100,000-plus ARR base. New ARR was fairly evenly split between land and expand. In direct contrast to the large expansion-driven performance in the prior quarter, this was more broad-based. Churn remains elevated and slightly lower in absolute dollar terms than Q2 and in line with our expectations.

我們再次看到我們 100 萬以上和 10 萬以上 ARR 基礎上的客戶數量和 ARR 連續增長。新的ARR在土地和擴張之間相當均勻地分配。與上一季由大規模擴張驅動的業績形成鮮明對比的是，這一業績的基礎更為廣泛。客戶流失率仍然較高，但以絕對美元計算略低於第二季度，符合我們的預期。

Themes here have been consistent. First theme, as companies come up for renewals, they're often resetting and optimizing for new expected levels of growth. The substantive portion of these legacy multiyear contracts are expected to be reset by the end of Q2 2024. The second theme, cost pressures persist, particularly with smaller customers. Competitive losses remain rare as these smaller customers are choosing to not use a solution from any provider to preserve cash.

這裡的主題是一致的。第一個主題是，當公司進行更新時，他們通常會重新調整和優化以實現新的預期成長水準。這些遺留多年合約的實質部分預計將在 2024 年第二季末重置。第二個主題是成本壓力持續存在，特別是對於小型客戶。由於這些較小的客戶選擇不使用任何提供者的解決方案來保留現金，因此競爭損失仍然很少見。

In-period NRR dropped to 99%. As stated, land and expand were fairly evenly splitted in Q3, meaning new ARR from expand was lower than the prior quarter. Churn, while down from the prior quarter, remains sizable. Combination of the 2 factors resulted in the in-period NRR dropping below 100%. NRR on a trailing 12-month basis declined sequentially to 105%.

期內NRR下降至99%。如上所述，第三季土地和擴建的分配相當均勻，這意味著擴建帶來的新 ARR 低於上一季。客戶流失率雖然較上一季下降，但仍相當大。這兩個因素的結合導致期內 NRR 降至 100% 以下。過去 12 個月的 NRR 連續下降至 105%。

Gross dollar retention this quarter was in the mid-80s. As a reminder, Amplitude includes both ARR reductions from fully churned and lost customers and ARR reductions from partially churned and retained customers in our GDR metric. Gross margin was 78.7%, up 4 percentage points year-over-year, mainly reflecting the improvements made in our unit hosting costs and the margin impact of restructuring our services team in the second quarter, both of which we have covered previously.

本季的美元保留總額處於 80 年代中期。提醒一下，Amplitude 在我們的 GDR 指標中既包括完全流失和流失客戶的 ARR 降低，也包括部分流失和保留客戶的 ARR 降低。毛利率為78.7%，年增4個百分點，主要反映了我們的單位託管成本的改善以及第二季服務團隊重組對利潤率的影響，這兩點我們之前已經討論過。

Total operating expenses were $53 million, down sequentially and growing 4% year-on-year. Here, we remain measured around our pace of hiring following the restructuring completed in the 2nd quarter. Operating profit was a positive $2.8 million or 4% of revenue, a 12 percentage point improvement on a year-over-year basis. Net income per share was $0.05, based on $128.1 million of fully diluted shares compared to a loss of $0.03 with 112.0 million shares a year ago. Free cash flow was positive $7.5 million or 11% of revenue. Free cash flow saw a benefit this quarter from higher collections and timing of certain payments.

總營運費用為 5,300 萬美元，季減，年增 4%。在這裡，我們仍然衡量第二季完成重組後的招募速度。營業利潤為正 280 萬美元，佔營收的 4%，年增 12 個百分點。每股淨利潤為 0.05 美元，基於 1.281 億美元的完全稀釋股票，而一年前為 1.120 億股，虧損 0.03 美元。自由現金流為正 750 萬美元，佔營收的 11%。本季自由現金流受益於較高的收款和某些付款的時間安排。

Now on to our outlook. For the 4th quarter, we are raising the revenue outlook that was applied in our August guide, with a Q4 revenue guide of between $71.3 million and $71.9 million, representing an annual growth rate of 10% at the midpoint. We expect non-GAAP operating income between positive $1.3 million and $1.9 million. We expect non-GAAP net income per share to be between $0.02 and $0.03, assuming shares outstanding of approximately 129.8 million as measured on a fully diluted basis.

現在談談我們的展望。對於第四季度，我們上調了 8 月份指南中的收入預期，第四季度收入指南在 7,130 萬美元至 7,190 萬美元之間，年增長率中點為 10%。我們預計非 GAAP 營業收入將在 130 萬美元至 190 萬美元之間。我們預計非 GAAP 每股淨利潤將在 0.02 美元至 0.03 美元之間，假設以完全攤薄計算的已發行股票約為 1.298 億股。

For the full year, we expect revenue to be between $276.2 million and $276.8 million, an annual growth rate of 16%. We expect non-GAAP operating loss between $4.5 million and $3.9 million, and we expect non-GAAP net income per share to be between $0.05 and $0.06, assuming shares outstanding of approximately 127.8 million as measured on a fully diluted basis.

我們預計全年收入將在 2.762 億美元至 2.768 億美元之間，年增長率為 16%。我們預期非GAAP 營業虧損在450 萬美元至390 萬美元之間，假設以完全稀釋計算的已發行股數約為1.278 億股，我們預期非GAAP 每股淨利將在0.05 美元至0.06 美元之間。

As it relates to 2024, we will provide more detailed guidance on our 4th quarter earnings call in February. However, I do want to provide some additional context for your modeling purposes. We have expressed a 0 add net ARR expectation for the 4th quarter of 2023 in our prior earnings calls. Coupled with a net ARR add of $18 million year-to-date through September 30, this implies a year-over-year growth rate of ARR for the year that is below 10%.

由於涉及 2024 年，我們將在 2 月的第四季財報電話會議上提供更詳細的指導。但是，我確實想為您的建模目的提供一些額外的上下文。我們在先前的財報電話會議中表達了 2023 年第四季 0 淨 ARR 的預期。再加上截至 9 月 30 日的年初至今 ARR 淨增加 1800 萬美元，這意味著今年 ARR 的同比增長率低於 10%。

There is a high correlation between the current year ARR growth rate and the subsequent year revenue growth rate within our revenue model. We expect new ARR to be relatively balanced between land and expand over the coming quarters. Accordingly, given the magnitude of churn that we have been commenting, we expect in-period NRR to be below 100%.

在我們的收入模型中，當年的ARR成長率與下一年的收入成長率之間存在高度相關性。我們預計新的 ARR 將在土地之間相對平衡，並在未來幾季擴大。因此，考慮到我們一直在評論的客戶流失程度，我​​們預計期內 NRR 將低於 100%。

As stated earlier, as companies come up on renewals, they are often resetting and optimizing for new expected levels of growth. The substantive portion of these legacy multiyear contracts should be reset by the end of Q2 2024. Taking this into account, ARR reacceleration should become mechanically easier in the back half of 2024.

如前所述，當公司進行更新時，他們通常會重新調整和優化以實現新的預期成長水準。這些遺留多年合約的實質部分應在 2024 年第二季末之前重置。考慮到這一點，ARR 重新加速應該在 2024 年下半年變得更加容易。

In summary, Q3 shows our ability to adapt quickly to the new environment. We're delivering on free cash flow. We're investing appropriately against opportunities that we expect will drive long-term value. And above all, we're committed to improving execution.

綜上所述，第三季顯示了我們快速適應新環境的能力。我們正在提供自由現金流。我們正在針對我們預計將推動長期價值的機會進行適當的投資。最重要的是，我們致力於提升執行力。

With that, I'll open for Q&A. Over to you, Yao.

接下來，我將開始問答環節。交給你了，姚。

Great. Thanks, Criss. (Operator Instructions) Our first question comes from Koji Ikeda from Bank of America, followed by Elizabeth Porter from Morgan Stanley.

偉大的。謝謝，克里斯。 （操作員說明）我們的第一個問題來自美國銀行的 Koji Ikeda，其次是摩根士丹利的 Elizabeth Porter。

Great. So in the prepared remarks, you called out Midjourney and a couple of other AI vendors out there, and that's so interesting. So just question on how to think about the AI category from an app's perspective. Maybe what is it about this category? Or maybe the right question is, is there something structurally different about the way AI apps are created that makes Amplitude better positioned as a digital analytics company versus others out there?

偉大的。因此，在準備好的演講中，您提到了 Midjourney 和其他一些人工智慧供應商，這非常有趣。所以只是問如何從應用程式的角度思考人工智慧類別。也許這個類別有什麼意義？或者也許正確的問題是，人工智慧應用程式的創建方式是否存在結構上的不同，使得 Amplitude 作為數位分析公司比其他公司更好地定位？

I think the key thing with AI as a way of technological innovation is that it's all about who has the best user experience for their AI application. And because of that, companies in that category are looking for every single competitive edge they can. And that's what led to Midjourney becoming an Amplitude customer. That's what led to Character AI becoming an Amplitude's customer. That's what we've seen from AI companies in general.

我認為人工智慧作為一種技術創新方式的關鍵在於誰的人工智慧應用程式擁有最佳的使用者體驗。正因為如此，該類別的公司正在尋求一切可能的競爭優勢。這就是 Midjourney 成為 Amplitude 客戶的原因。這就是導致 Character AI 成為 Amplitude 客戶的原因。這就是我們從人工智慧公司身上看到的普遍情況。

I would compare AI to actually previous ways of technological innovation. We've seen stuff like VR, crypto, mobile, SaaS, all of the new companies that those categories created ended up becoming, day 1, Amplitude's customers from the very, starting out with us small, growing with us, growing -- us growing with them over time as they continue to scale. And so AI is very similar in that way in that the digital product is the only competitive advantage you have.

我會將人工智慧與先前的技術創新方式進行比較。我們已經看到了諸如 VR、加密貨幣、行動、SaaS 之類的東西，這些類別創建的所有新公司從第一天起就最終成為 Amplitude 的客戶，從小規模開始，與我們一起成長，成長——我們隨著時間的推移，隨著他們不斷擴大規模，他們也會隨之成長。因此，人工智慧在這方面非常相似，因為數位產品是你擁有的唯一競爭優勢。

And so for us as a platform, given we're the best, most sophisticated, now with the launch of the Plus plan, we also have the easiest entry point. There's kind of no reason for someone to choose anyone else besides an Amplitude. You're not going to choose some of the legacy MarTech vendors. You're not going to choose the smaller companies in the space, you're going to go with Amplitude.

因此，對於我們作為一個平台來說，鑑於我們是最好的、最成熟的，現在隨著 Plus 計劃的推出，我們也擁有了最簡單的切入點。除了振幅之外，沒有理由選擇其他人。您不會選擇一些傳統的 MarTech 供應商。你不會選擇該領域較小的公司，你會選擇 Amplitude。

Got it. And on that Amplitude Plus, does that potentially open new doors for new types of customers to try out the technology? And I guess how does the upsell process from Plus to the broader Amplitude platform work? And then last question on Amplitude Plus is, is there some sort of scale that from a revenue perspective that Amplitude Plus customers can grow to?

知道了。在 Amplitude Plus 上，這是否可能為新型客戶嘗試該技術打開新的大門？我想從 Plus 到更廣泛的 Amplitude 平台的追加銷售流程是如何運作的？關於 Amplitude Plus 的最後一個問題是，從營收角度來看，Amplitude Plus 客戶是否可以成長到某種規模？

Yes. So we've already seen multiple 5-figure sign-ups just straight away from the 3 weeks the Plus plan has been out. So already like very, very promising in terms of a new channel for growth for Amplitude. It's one that I and the rest of the team are very excited about.

是的。因此，在 Plus 套餐推出後的 3 週內，我們已經看到了多個 5 位數的註冊人數。因此，就 Amplitude 的新成長管道而言，已經非常非常有希望了。我和團隊其他成員對此感到非常興奮。

I think the key part -- so obviously, customers can sign up, they can start with free, they can go to the paid plan, they could scale with that paid plan over time. But I think an underrated aspect of it as well is just exposing more people broadly to Amplitude. You get more customers signing up for free because they know, hey, this is only going to be $49 a month or whatever it is if I'm at a certain level. And so I can figure that out without having to go through the whole sales process and talk to someone. And it also is a great way to introduce them to some of the enterprise functionality they may want.

我認為關鍵部分 - 很明顯，客戶可以註冊，他們可以從免費開始，他們可以轉到付費計劃，他們可以隨著時間的推移擴展該付費計劃。但我認為它的一個被低估的方面就是讓更多的人廣泛接觸 Amplitude。你會吸引更多的客戶免費註冊，因為他們知道，嘿，每月只需 49 美元，或者如果我達到一定水平的話，就可以了。所以我可以弄清楚這一點，而不必經歷整個銷售流程並與某人交談。這也是向他們介紹他​​們可能想要的一些企業功能的好方法。

And so we've already seen Plus customers that started on Plus and then ended up upgrading to enterprise plans. And so we see multiple instances of that already, even though it's only been out for a very short amount of time. So absolutely, in terms of a new channel. And it's all about just, okay, no matter where you're at, if you want to start up free, if you want to just pay by credit card and have that be easy or if you want to use some more sophisticated features, we're going to be the best choice in the space.

因此，我們已經看到 Plus 客戶開始使用 Plus，然後最終升級到企業計劃。因此，我們已經看到了多個這樣的實例，儘管它只出現了很短的時間。就新通路而言，絕對是如此。這一切都是為了，好吧，無論您在哪裡，如果您想免費啟動，如果您想透過信用卡付款並讓這變得簡單，或者如果您想使用一些更複雜的功能，我們將是該領域的最佳選擇。

Next question is Elizabeth Porter from Morgan Stanley, followed by Nick Altmann from Scotia.

下一個問題是來自摩根士丹利的伊麗莎白·波特，然後是來自斯科細亞省的尼克·阿爾特曼。

This is Fiona on for Elizabeth Porter. I wanted to ask on the go-to-market changes. It sounds like leaning into products like growth has been a focus for you as you look to add more customers through a no-touch model on free plans and then eventually migrate them to higher value plans over time. So I'm curious if there's any update to share here. Are you seeing any progress with this acquisition channel bringing new logos into the funnel? And then what are the key hurdles that you're seeing converting these customers from free to paid? And how are you planning to address this over time?

這是伊麗莎白·波特的菲奧娜。我想詢問有關上市的變化。聽起來，傾向於成長等產品一直是您關注的焦點，因為您希望透過免費規劃的非接觸模式來增加更多客戶，然後隨著時間的推移最終將他們遷移到更高價值的計劃。所以我很好奇這裡是否有任何更新可以分享。您是否看到此收購管道將新徽標引入管道方面取得了任何進展？那麼，您認為將這些客戶從免費轉變為付費的主要障礙是什麼？隨著時間的推移，您打算如何解決這個問題？

Yes. For sure, Fiona. So again, as I said with Koji, like we are seeing new customers come on to free right out the gate, come on to paid, and then some of those customers upgrade to the enterprise plan. And so it has been a successful launch, even though it's only been out there for a few weeks at this point.

是的。當然，菲奧娜。所以，正如我對 Koji 所說的那樣，我們看到新客戶一開始就免費，然後付費，然後其中一些客戶升級到企業計劃。因此，它的發布是成功的，儘管它目前只推出了幾週。

I think that in terms of, yes, for us, it's just making sure that kind of no matter where you're at, you're able to scale with Amplitude over time and that we have the most compelling offering. And so while we don't expect the Plus plan to have a massive revenue impact in the short term, we know that just as a new way to acquire customers out there and have now upgraded, it's going to be a good one.

我認為，是的，對我們來說，只是確保無論您在哪裡，您都能夠隨著時間的推移隨著 Amplitude 進行擴展，並且我們擁有最引人注目的產品。因此，雖然我們預計 Plus 計劃不會在短期內產生巨大的收入影響，但我們知道，作為獲取客戶的新方式並且現已升級，它將是一種很好的方式。

In terms of obstacles, that's something that we've been working on since prior to the Plus plan. So one of the big things that we saw was -- one of the gates to being able to get started with Amplitude was what we call activation. So being able to send us data from your product.

就障礙而言，這是我們在 Plus 計劃之前就一直在努力解決的問題。所以我們看到的一件大事是——能夠開始使用 Amplitude 的大門之一就是我們所說的激活。因此能夠向我們發送您產品的資料。

And so one of the things that we did as part of the launch of the Plus plan was we introduced new ways to do that from a low code or no code fashion. So being able to put a Java bookmarklet in or being able to transfer your existing Google implantation over. And so that's actually increased the, what we call the activation rate, which is from sign-up to data in multiple percentage points through that effort. So that's been good to see. We're obviously using Amplitude to look at every single part of that customer journey and figure out where we can optimize, and there's still a lot more for us to go.

因此，作為推出 Plus 計劃的一部分，我們所做的事情之一就是引入了新方法，以低程式碼或無程式碼方式實現這一目標。因此能夠放入 Java 書籤或能夠轉移現有的 Google 植入。因此，這實際上提高了我們所說的激活率，即透過這項努力從註冊到資料的多個百分點。所以很高興看到這一點。顯然，我們正在使用 Amplitude 來查看客戶旅程的每個部分，並找出可以優化的地方，而且我們還有很多工作要做。

Nick Altmann from Scotia, followed by Clarke Jeffries from Piper.

來自 Scotia 的 Nick Altmann，其次是來自 Piper 的 Clarke Jeffries。

Awesome. The first one is just on the macro. I appreciate the update. Can you guys just maybe talk about what you sort of saw in October and how November has trended relative to 3Q in terms of whether you're seeing incremental pressure, things get a little bit hairier in terms of the macro or things are kind of stable as 3Q?

驚人的。第一個只是宏觀的。我很欣賞這個更新。你們能否談談你們在 10 月份看到的情況以及 11 月份相對於第三季度的趨勢如何，無論是壓力增加、宏觀方面情況變得有點棘手還是情況穩定作為3Q？

I think we've continued to see similar pressure, as Criss articulated earlier. It's not gotten significantly worse. It also hasn't gotten better. That's obviously hitting us on the churn side, which we're not happy about and we're doing quite a bit to address. But the macro pressures remain consistent, and we expect them to remain consistent as we look through the next few quarters. I think as we get into the later half of 2024, we see a lot -- some of that potentially alleviating. But again, it's early to say.

我認為我們繼續面臨類似的壓力，正如克里斯早些時候所闡述的那樣。情況並沒有變得更糟。情況也沒有好轉。這顯然對我們的客戶流失造成了打擊，我們對此並不滿意，但我們正在做很多工作來解決這個問題。但宏觀壓力仍然存在，我們預計未來幾季它們也將保持一致。我認為，進入 2024 年下半年，我們會看到很多情況——其中一些可能會有所緩解。但話又說回來，現在說還太早。

Awesome. And then just the second question was really around -- it's for Criss. You guys sort of talked about there's sort of multiyear customers renewing over the next 3 quarters. And then after, you sort of lapped that. You'll have a much better sense as to when things can kind of reaccelerate. I guess my question is, when you look at the renewal period in 4Q versus 2Q of next year, is there any sort of big delta there? And I guess the essence of the question is, will sort of post 4Q, will you guys kind of have enough visibility to kind of make that call a little bit more firmly? Or I know 2Q is sort of a big bookings period, a big renewal period for you guys. So how much visibility will you have sort of post 4Q? Or will we really have to kind of wait until 2Q next year?

驚人的。然後第二個問題就真正出現了——是問克里斯的。你們談到了未來三個季度會有一些多年客戶續約。然後，你就完成了。你會對事情何時能夠重新加速有更好的感覺。我想我的問題是，當你看看第四季與明年第二季的續約期時，是否有較大的增量？我想問題的本質是，在第四季之後，你們是否有足夠的知名度來使這項決定更加堅定？或者我知道第二季對你們來說是一個大的預訂期，一個大的續約期。那麼第四季之後你會有多少知名度呢？或者我們真的要等到明年第二季嗎？

Yes. No, no, I can give you insight. As it pertains to the absolute value of contracts that are up for renewal, both in Q4 as it was in Q3, and as it will be in Q1 and Q2, they're all fairly commensurate in sets. As we've talked about, one of the things I'm proud about is the operational improvements we've made in our kind of medium-term visibility to churn risk. So against the backdrop of the absolute value of those, of the ARR attributed to those multiyear contracts. Clearly, that's the easy part of the math and the subjective risk assessment made significant improvements on.

是的。不，不，我可以給你見解。由於它涉及待續約合約的絕對價值，無論是在第四季度還是在第三季度，以及在第一季度和第二季度，它們在數量上都相當相稱。正如我們所討論的，我感到自豪的一件事是我們在中期可見性方面對客戶流失風險進行了營運改進。因此，在這些多年合約的絕對值的背景下，ARR 就歸屬於這些多年合約。顯然，這是數學中最簡單的部分，主觀風險評估對此做出了重大改進。

What we've tried to convey is that the churn levels that really hit their peak for us in that Q2 2023 period. We've tried to convey, while still large, should be down from that peak as we progress through this quarter, Q3, as we progress into Q4. But those are going to stay still in relatively large amounts based on how we're scoping the assessment for optimization and the other elements. But then mechanically, there's just not that same value of the multiyear contracts in our renewal base beginning in Q3 of next year. What we will have is much more of the contracts that we did in 2023, up for their annual renewal. And much of what we did this year that it's been on a multiyear, we're not going to see those again until '25 and '26.

我們試圖傳達的是，我們的客戶流失水準在 2023 年第二季確實達到了高峰。我們試圖傳達的訊息是，雖然規模仍然很大，但隨著我們進入本季（第三季）和進入第四季度，我們的業績應該會從高峰下降。但根據我們如何確定最佳化和其他要素的評估範圍，這些將保持相對較大的數量。但從機械角度來看，從明年第三季開始，我們的續約基礎中的多年合約的價值就不一樣了。我們將擁有更多 2023 年簽訂的合同，並等待年度續約。我們今年所做的大部分工作都是多年的，直到 25 年和 26 年我們才會再次看到這些。

So I think we'll be able to, as we're conveying now on a pretty good view into both the Q4 and of the 1st half of next year, when we speak again next in more detail into 2024 in February, I think we'll be able to give you a pretty concrete view of what those dynamics are. And we'll clearly work that into our revenue guide for the year.

因此，我認為我們將能夠，正如我們現在對第四季度和明年上半年的情況表達的那樣，當我們在 2 月份再次更詳細地討論 2024 年時，我認為我們將能夠讓您對這些動態有一個非常具體的了解。我們將明確地將其納入我們今年的收入指南中。

Next question, Clarke Jeffries from Piper, followed by Tyler Radke from Citi.

下一個問題是來自 Piper 的 Clarke Jeffries，接著是花旗銀行的 Tyler Radke。

I just wanted to get a gauge sort of on really the cohorts of different customers as it's split between maybe digital native and new digital builder. I wanted to get an update on sort of any return or change in behavior in sort of traditional industries as they maybe return to the prospect of digital investments, and then what you see as the receptivity on budget at this current point for the digital natives. It's been, I think, a cost rationalization environment for a long time. Just an update there on maybe tone or bottoming maybe in terms of their kind of purchasing appetite at this point.

我只是想對不同客戶群的真實情況進行衡量，因為它可能分為數位原生和新數位建構者。我想了解傳統行業的任何回報或行為變化的最新情況，因為它們可能會回歸數位投資的前景，以及您認為當前數位原住民對預算的接受程度。我認為，長期以來，成本合理化環境一直存在。只是就他們目前的購買興趣而言，可能是基調或觸底的更新。

Yes, I'm happy to take that. Look, I'm going to harken back to we've made a lot of operational improvements in the last 9 months, and it's given us increased visibility. So with those additional kind of levels of business insight to us, I'll hit on a couple of themes of reiterating and then add another one.

是的，我很樂意接受。看，我要回顧我們在過去 9 個月中所做的許多營運改進，這讓我們提高了知名度。因此，隨著我們對業務洞察力的增加，我將重申幾個主題，然後再添加一個主題。

On the digital native, which is still a significant portion of our ARR base, we are experiencing what we talked about right from the churn. Those large organizations, multiyear contracts, reflective of the dynamics with the pandemic as those contracts are coming up for renewal, we're resetting. So we've seen increasing pressure on the net ARR side of our business. It's been tied to the digital native. The other side of that barbell being, right, the small -- really the VC-backed technology companies that they're just struggling to survive.

數位原生代仍然是我們 ARR 基礎的重要組成部分，我們正在體驗我們剛剛談到的流失。那些大型組織的多年期合約反映了疫情的動態，因為這些合約即將續簽，我們正在重置。因此，我們看到我們業務的淨 ARR 方面的壓力越來越大。它與數位原生代息息相關。槓鈴的另一面是小型的——實際上是創投支持的科技公司，他們只是在努力生存。

And that's been just a steady down within the digital native of our net ARR contribution. Not from our ability to continue to drive new ARR, but really just the headwind from the churn. So just kind of validating the things that we've seen there and very specific to the digital native space, which is really predominantly technology industry companies.

我們的淨 ARR 貢獻在數位原生中一直在穩步下降。並非來自我們繼續推動新 ARR 的能力，而實際上只是來自客戶流失的逆風。因此，只是驗證我們在那裡看到的東西，並且非常具體地針對數位原生空間，這實際上主要是科技業公司。

As it pertains to the traditional company, really with the exception of Q3 because we did have a large churn, like that part of the business has continued to click along really well. Our growth rate within that space has been north of 24% year-over-year growth for the last 12 quarters or 11 quarters. So that part of the business has done well.

對於傳統公司來說，除了第三季之外，因為我們確實有很大的客戶流失，就像這部分業務繼續進展順利一樣。在過去 12 個季度或 11 個季度中，我們在該領域的成長率一直高於 24%。所以這部分業務做得很好。

I think one of the dynamics that we're picking up from some of the other software companies is that some of the technology companies have been at the forefront of the budget pressures resetting. Good news for us. That should be an indication because of our digital native concentration, perhaps we're closer to that than others. Traditional company perhaps is reflected in increased churn that we saw this quarter. Those are maybe facing a little bit more buying pressure and scrutiny as we go forward. That's the dynamic that we're seeing in Amplitude between those 2 segments of our business.

我認為我們從其他一些軟體公司得到的動態之一是，一些科技公司一直處於預算壓力重置的最前線。對我們來說是個好消息。這應該是一個跡象，因為我們對數位原生的關注，也許我們比其他人更接近這一點。傳統公司也許反映在我們本季看到的客戶流失率增加。隨著我們的前進，這些可能會面臨更多的購買壓力和審查。這就是我們在 Amplitude 中看到的這兩個業務部門之間的動態。

Yes, certainly. And then I think just basically an update on the competitive environment. Any update there in terms of whether or not some of the packaging changes do you think could specifically change the dynamic maybe in the mid-market in the self-serve offering and whether you think that there is a specific opportunity in terms of getting to that insight factor that you think maybe specifically the competitive dynamic you could take advantage of. Just curious on ex Google Analytics, what will you see from a competitive standpoint?

是的，當然了。然後我認為基本上只是競爭環境的更新。關於您認為某些包裝變化是否會具體改變自助服務中端市場的動態以及您是否認為在實現這一目標方面是否有特定機會的任何更新您認為可能特別是您可以利用的競爭動態的洞察力因素。只是對前 Google Analytics 感到好奇，從競爭的角度來看您會看到什麼？

Competitively, we continue to do very, very well, particularly against a lot of the point solutions. So if you're a stand-alone A/B test vendor, if you're a standalone CDP vendor, if you're a standalone Session Replay vendor, kind of no real reason not to consolidate that onto Amplitude. One, it's going to be a better experience because you can use Analytics to power those things and those things make the Analytics better. And two, we can offer a much lower total cost of ownership. We're dealing with less vendors, we can give discounts. And so we're actually seeing that effect across the base. It's not just mid-market. We're seeing it at enterprise. I was just at our Customer Advisory Board a month or 2 ago. And so this is like our top 20 customers in the U.S. And we presented the -- both the existing products we had in Experiment and CDP, our road map for Session Replay, some of the other things that were coming down the pipe.

在競爭方面，我們繼續做得非常非常好，特別是在許多單點解決方案方面。因此，如果您是獨立的 A/B 測試供應商、如果您是獨立的 CDP 供應商、如果您是獨立的會話重播供應商，那麼沒有理由不將其整合到 Amplitude 上。第一，這將是一種更好的體驗，因為您可以使用 Analytics 來支援這些事物，而這些事物使 Analytics 變得更好。第二，我們可以提供更低的總擁有成本。我們與較少的供應商打交道，我們可以給予折扣。所以我們實際上在整個基地都看到了這種影響。這不僅僅是中端市場。我們在企業中看到了這一點。一兩個月前我才剛加入我們的客戶諮詢委員會。這就像我們在美國的前 20 位客戶，我們展示了我們在實驗和 CDP 中擁有的現有產品、我們的會話重播路線圖以及即將推出的其他一些產品。

And out of 20 customers, all 20 were interested in expanding their capabilities with Amplitude. So whether that be on Experiment, whether it be at Session Replay, whether it be on CDP targeting. And so I think, in particular, we're doing very, very well against the point solutions. And so it's increasing validation of our view of the convergence of the category and the much bigger TAM that's available outside of product analytics.

在 20 位客戶中，所有 20 位客戶都有興趣透過 Amplitude 擴展他們的功能。因此，無論是在實驗中，無論是在會話重播中，還是在 CDP 定位中。所以我認為，我們在單點解決方案方面做得非常非常好。因此，這進一步驗證了我們對該類別的融合以及產品分析之外可用的更大 TAM 的看法。

Next question, Tyler Radke from Citi, followed by Patrick Schulz from Baird.

下一個問題是來自花旗銀行的泰勒拉德克 (Tyler Radke)，隨後是來自貝爾德 (Baird) 的帕特里克舒爾茨 (Patrick Schulz)。

So a couple of questions on Q4. Criss, I think I heard your commentary just around expecting flattish ARR, so 0 net new ARR heading into Q4. I guess certainly the last 2 quarters have surprised the upside. You've added net new ARR in the last 2 quarters. And with Q4 typically being a larger bookings quarter for you, I guess, would the reason why you would expect it to be flattish into Q4, are you expecting churn to be higher in Q4 than you saw in Q2, Q3? Just kind of help us understand the puts and takes into the guidance because it would seem like you should be able to do better just on a seasonal basis in terms of the new bookings in Q4.

關於第四季的幾個問題。 Criss，我想我聽到你的評論只是預期 ARR 持平，因此進入第四季度淨新 ARR 為 0。我想過去兩個季度的上漲肯定令人驚訝。您在過去 2 個季度中增加了淨新 ARR。我想，由於第四季度對您來說通常是一個較大的預訂季度，因此您預計第四季度的預訂量將持平，您是否預計第四季度的客戶流失率會高於第二季度、第三季？只是幫助我們了解指南中的看跌期權和看跌期權，因為就第四季度的新預訂而言，您似乎應該能夠在季節性基礎上做得更好。

Yes. No, what's been interesting being here now 3 quarters is Amplitude does not -- has not historically had that Q4 pop, which is much more enterprise-driven. We've talked about the renewal base being -- we actually concentrated in the 1st half of the year, Q1 and Q2, just on a historical basis. One of the things I expect will shift with time is having a more concentrated Q4 relative to the rest of the quarters of the year. It could mean very focused on winning the enterprise, both across the digital native space and the traditional company. But that's not what we have. So that's kind of the insight at a macro level, right?

是的。不，有趣的是，現在已經三個季度了，Amplitude 沒有——歷史上沒有出現過第四季度的流行，這更多是企業驅動的。我們已經討論過更新基礎 - 我們實際上集中在今年上半年，第一季和第二季度，只是從歷史角度來看。我預計隨著時間的推移會發生變化的一件事是，相對於今年其他季度，第四季度的情況會更加集中。這可能意味著非常專注於贏得企業，無論是在數位原生領域還是傳統公司。但這不是我們所擁有的。這就是宏觀層面的見解，對嗎？

At the detailed level, like we clearly have a pipeline that we're feeling adequate levels of confidence as it pertains to Q4. And we've got, as I said, a pretty good track record in how we're performing on the new ARR. But there are some dynamics that are playing on the churn side that I'm trying to assess and I felt it was prudent to continue the theme of the 0 ARR expectation as it pertains to that contribution in Q4.

在詳細層面上，我們顯然有一個管道，我們對第四季有足夠的信心。正如我所說，我們在新 ARR 上的表現有著非常好的記錄。但我正在嘗試評估流失方面的一些動態，我認為繼續 0 ARR 預期的主題是謹慎的，因為它與第四季度的貢獻有關。

Okay. And just a follow-up on the 1st half of next year. So I think it was Q1 of this year where you talked about some of the churn and headwinds that you're seeing in the business. I guess why wouldn't that have completely normalized in the Q2 quarter? And I guess as you think about the pathway to reacceleration, I guess, what gives you the confidence that this isn't going to be kind of an ongoing issue as customers come up to renew their contracts that they continue to optimize and try to shrink their spend?

好的。這只是明年上半年的後續行動。所以我認為今年第一季您談到了您在業務中看到的一些流失和逆風。我想為什麼這種情況在第二季沒有完全正常化？我想當你思考重新加速的途徑時，我想是什麼讓你有信心這不會成為一個持續存在的問題，因為客戶會續簽他們的合同，他們會繼續優化並試圖縮小規模他們的花費？

Yes. No, mechanically, there were some 3-year contracts that they are coming up for renewal in the 1st half year of 2024. So they're playing a role, even though we've been talking about the theme for a while as some of those 2-year contracts were coming up or 3 years and starting with 4 coming up as they played through the 2023 year.

是的。不，從機械角度來看，有一些 3 年期合約將在 2024 年上半年續約。因此，他們正在發揮作用，儘管我們已經討論這個主題一段時間了，因為一些人這些合約要么是2 年期，要嘛是3 年期，從4 年期開始，直到2023 年為止。

As it pertains to the second part of the question on what kind of gives me confidence on just the mechanics of it being easier is we know that, that customer base is subject to optimization. It's a fairly meaningful rightsizing of their usage of our software that's more commensurate with the levels of the customer demands that they're having now and that we're resetting. We're able to get that visibility. As I said, we definitely raised the bar on our operational insight across many facets of the business.

由於它涉及問題的第二部分，即哪種方式讓我對它的機制更有信心，我們知道，客戶群需要優化。這是對他們對我們軟體的使用進行相當有意義的調整，更符合他們現在以及我們正在重置的客戶需求水準。我們能夠獲得這種可見性。正如我所說，我們確實提高了我們在業務許多方面的營運洞察力的標準。

And this is one of those areas where got better delineation to the renewal base of sales. The customers are in play, those that are more likely. And it gives me, as I look into the Q3 and Q4, we don't have that same inherent headwind and it should just be mechanically easier for us as long as we continue to perform at the same new ARR levels and some new element of macro force doesn't weigh its way in.

這是更好地界定銷售更新基礎的領域之一。客戶正在參與其中，那些更有可能的客戶。當我研究第三季和第四季時，它給了我這樣的結論：我們沒有同樣的固有逆風，只要我們繼續在相同的新ARR 水平和一些新元素上表現，這對我們來說應該會更容易。宏觀力量無法發揮作用。

The other I'd call out just to give a little more color on it has been that I think I want to give a huge amount of credit to both Thomas and Nate. I think prior to that, we really were only looking at customers that were coming up for renewal in the current quarter or Q plus 1. But since the work that Nate has done over the last 6 months since being here at Amplitude, I think we've really up-leveled our view. And so we have much better visibility into what our expectations around the renewal base is as we look at Q1, Q2, Q3 and so on of next year. Now obviously, like there's obviously still risk in all of that, but we have our arms around those in a much better fashion than we've had previously. So yes, there's been a big change in operational execution.

另一個我想說的只是為了給它更多的色彩，我想我想給予托馬斯和內特很大的榮譽。我認為在此之前，我們實際上只專注於本季度或 Q 加 1 即將續訂的客戶。但自從 Nate 在 Amplitude 以來的過去 6 個月裡所做的工作以來，我認為我們確實提升了我們的觀點。因此，當我們展望明年的第一季、第二季、第三季等時，我們可以更了解我們對續訂基礎的期望。現在顯然，所有這些顯然仍然存在風險，但我們以比以前更好的方式擁抱這些風險。所以，是的，營運執行方面發生了很大的變化。

Next question, Patrick from Baird, followed by [Rachel] from Blair.

下一個問題是來自貝爾德的派崔克，然後是來自布萊爾的[雷切爾]。

I know you guys made some changes earlier this year around sales leadership and just the account ownership process in general. Can you talk about how your sales and go-to-market teams are positioned as you head into 2024? Just maybe from a head count and operational standpoint, just particularly as your PLG motion gains traction with the recently announced Plus plan, are there any other modifications you're going to make?

我知道你們今年早些時候圍繞銷售領導力和一般客戶所有權流程做了一些改變。您能談談進入 2024 年時您的銷售和市場推廣團隊的定位嗎？也許從人數和營運的角度來看，尤其是隨著您的 PLG 動議受到最近宣布的 Plus 計劃的推動，您還會做出任何其他修改嗎？

I think one of the biggest ones is refocusing our accounting [acts] on a smaller number of higher potential accounts, and so allowing the PLG motion to do the more kind of route. If you're going to pay a few thousand dollars or $10,000 or $20,000, you can just self-serve and that's not a high leverage use of the salesperson's time. We want them to be thinking about how can they go after accounts that can be $100,000 or $200,000 or more. And so as we look at 2024, we're looking at driving increased focus through that. Now we've been a sales-based solution since the start of the company. We don't expect that to change in a crazy way as we go into next year. But I think the addition of PLG allows the driving of focus to much higher value accounts.

我認為最大的挑戰之一是將我們的會計[行為]重新集中在較少數量的較高潛力帳戶上，從而允許 PLG 動議採取更多類型的路線。如果您要支付數千美元、10,000 美元或 20,000 美元，您可以自助服務，這並不是對銷售人員時間的高槓桿利用。我們希望他們思考如何才能獲得 10 萬美元、20 萬美元或更多的帳戶。因此，當我們展望 2024 年時，我們希望透過這一點來推動更多的關注。自公司成立以來，我們一直是基於銷售的解決方案。我們預計明年這種情況不會發生瘋狂的改變。但我認為 PLG 的加入可以將注意力集中到更高價值的帳戶上。

Okay. Very helpful. Just a follow-up too for Criss, maybe. You guys have done a great job improving profitability in the past quarters. And I appreciate some of the color you provided on 2024. Not trying to push for guidance here, but, how are you thinking about the trade-off between investing for growth as the macro stabilizes, as you anniversary some of those customer renewals relative to ongoing margin improvement. Just want to get a better understanding of those trade-offs.

好的。很有幫助。也許這只是克里斯的後續行動。在過去的幾個季度中，你們在提高獲利能力方面做得非常出色。我很欣賞您在 2024 年提供的一些資訊。並不是試圖在這裡尋求指導，但是，隨著宏觀穩定，您如何考慮投資成長之間的權衡，因為您的一些客戶續訂週年紀念日相對於利潤率持續改善。只是想更了解這些權衡。

Yes. No, look, you've heard me say I have huge conviction in the market opportunity that we have, a huge conviction in the operational changes we're making that we'll be even in a better position to execute upon. I think we have great growth potential as we work our way through this, and I look forward to helping enable Thomas and team to drive a lot of that. If given the choice, we're going to lead towards growth and reinvesting into our organization. We think it's a really sizable market opportunity that's emerging. It's converging with the existing legacy ones. We want to be really well positioned to be the dominant player in the long term. That's where we're going to.

是的。不，你聽我說，我對我們所擁有的市場機會充滿信心，對我們正在做出的營運變革充滿信心，我們將能夠更好地執行這些變革。我認為，在我們努力解決這個問題的過程中，我們擁有巨大的成長潛力，我期待著幫助湯瑪斯和團隊推動這項進程。如果有選擇，我們將引領成長並對我們的組織進行再投資。我們認為這是一個正在出現的非常巨大的市場機會。它正在與現有的遺留系統融合。從長遠來看，我們希望處於真正的優勢地位，成為主導者。這就是我們要去的地方。

Next question, [Rachel]. Are you from Blair? Followed by Taylor McGinnis from UBS.

下一個問題，[雷切爾]。你是布萊爾人嗎？緊隨其後的是瑞銀 (UBS) 的泰勒麥金尼斯 (Taylor McGinnis)。

The customer example you guys gave of the wall-to-wall deployment was interesting. I'm curious if you're seeing more existing customers leveraging CDP to consolidate the stack or if it's still mostly resonating with new customers.

你們提供的全面部署的客戶範例很有趣。我很好奇您是否看到更多現有客戶利用 CDP 來整合堆疊，或者它是否仍能引起新客戶的大部分共鳴。

Sorry, Rachel. What was that last part, if it's mostly what?

對不起，雷切爾。如果主要是什麼的話，最後一部分是什麼？

Resonating with new customers.

與新客戶產生共鳴。

Oh, it's a big play on existing customers. So I mentioned that out of the 20 folks at our Customer Advisory Board, all 20 were interested in some capabilities beyond Analytics. For some of that was CEP, for some of that was Experiment, for some of that was what we had in Session replay. And so, yes, we see huge growth potential within our existing customer base by allowing them to use the full suite of software, not just the Analytics portion, and consolidate existing point players. So the wall-to-wall deployment was a great example of that. Midjourney was another great example of that where they bought the whole suite out of the box. So we're seeing it both with our existing customers and with new ones.

哦，這對現有客戶來說是一個很大的挑戰。所以我提到，在我們客戶諮詢委員會的 20 名成員中，所有 20 名成員都對分析之外的一些功能感興趣。其中有些是 CEP，有些是實驗，有些是我們在會話重播中進行的。因此，是的，我們看到了現有客戶群的巨大成長潛力，允許他們使用全套軟體，而不僅僅是分析部分，並整合現有的積分玩家。因此，牆到牆的部署就是一個很好的例子。 Midjourney 是另一個很好的例子，他們開箱即買了整套套件。因此，我們在現有客戶和新客戶中都看到了這一點。

Awesome. So just a follow-up on that. Is there any other changes you need to make on the go-to-market motion to improve the cross-sell? Is it more just waiting for those recent changes to continue materializing?

驚人的。所以只是後續行動。為了改善交叉銷售，您還需要對上市動議進行任何其他更改嗎？是否更多的是等待這些最近的變化繼續實現？

I mean there's -- we're continuing -- I think there's quite a bit of education of the team that we're working on. So we've done things like training on some of our new offerings, including Experiment. We trained on Experiment a quarter or 2 ago. We're training on CDP now. When we do a launch of Session Replay, we're going to have to train the field on that. And so then from their customers who have to understand we have these and then adopt them when the right point and time comes in their buying cycle. So obviously it's not just you click a switch and then all of a sudden the entire customer base adopts it. It's a whole process. But we're well underway with it.

我的意思是——我們正在繼續——我認為我們正在對團隊進行相當多的教育。因此，我們做了一些新產品的培訓，包括實驗。我們在一、兩個季度前進行了實驗訓練。我們現在正在進行 CDP 培訓。當我們啟動會話重播時，我們將不得不對此進行培訓。因此，他們的客戶必須了解我們擁有這些，然後在他們的購買週期中出現正確的點和時間時採用它們。顯然，這不僅僅是你點擊一個開關，然後突然整個客戶群都採用它。這是一個完整的過程。但我們正在順利進行中。

And the thing I'm excited about is just it's very promising. Almost, I was just talking with our President, Thomas, who came back from Asia for a 2-week trip out there. Every single customer he talked to was interested in one of the new offerings. So it's just I think, again, a lot of validation of our thesis on the category convergence, a lot of validation of our ability to upsell them. Now we actually have to go and do it, but all the ingredients are there.

我感到興奮的是它非常有前途。幾乎，我剛剛正在與我們的總統托馬斯交談，他從亞洲回來進行為期兩週的旅行。他交談過的每一位客戶都對其中一個新產品感興趣。因此，我再次認為，我們對品類融合的論文進行了大量驗證，並對我們追加銷售它們的能力進行了大量驗證。現在我們實際上必須去做，但所有的成分都在那裡。

Next question from Taylor McGinnis, followed by Michael Vidovic from KeyBanc.

下一個問題來自 Taylor McGinnis，隨後是來自 KeyBanc 的 Michael Vidovic。

The first one is just if I look at the gap between annualized revenue and ARR, it looks like it narrowed a bit in the quarter. And then also if I look at CRPO and total RPO, I think those were both down sequentially. So was there any deterioration that you might have seen in terms of like macro or maybe there was something on the churn side with a larger customer that might have explained some of that at the end of the quarter?

第一個是，如果我看看年化收入和 ARR 之間的差距，看起來這個季度有所縮小。然後，如果我查看 CRPO 和總 RPO，我認為它們都按順序下降。那麼，您是否在宏觀方面看到了任何惡化，或者可能在季度末出現了大客戶流失的情況，這可能解釋了其中的一些情況？

Well, on the -- on taking the annualized revenue of where we finished June 30 and dividing it by 4 and adding $3 million and change, it's usually a pretty good proxy for what our Q3 revenue is going to be, even though I explicitly guided it. And similar mechanics are in play for Q4, right? Taking our September 30 ARR divided by 4, kind of adding $3 million for the overages and pro services that we do, that's probably a pretty good proxy to kind of validate that and really rationalize the relationship between the ARR and the revenue.

好吧，將我們 6 月 30 日結束的年化收入除以 4，再加上 300 萬美元並進行更改，這通常可以很好地代表我們第三季度的收入，儘管我明確指導它。第四季也有類似的機制，對吧？將我們 9 月 30 日的 ARR 除以 4，為我們提供的超額費用和專業服務增加 300 萬美元，這可能是一個很好的代理，可以驗證這一點並真正合理化 ARR 與收入之間的關係。

As it pertains to the role of RPO, like that's definitely a reflection of the 2nd half of the year having a smaller renewal base. It has a reflection of those multiyear contracts kind of weaving their way through. It's just the mechanics of the RPO timing, both from a total RPO to kind of current RPO as those 1-year contracts again are more concentrated in the first half of the year. I wouldn't read any more on the RPO than just those mechanics of the cyclical nature between H1 and H2.

由於它與 RPO 的作用有關，這絕對反映了今年下半年更新基數較小的情況。它反映了那些多年期合約的逐漸形成。這只是 RPO 時間安排的機制，從總 RPO 到當前 RPO，因為這些 1 年期合約再次更加集中在上半年。除了 H1 和 H2 之間的週期性機制之外，我不會閱讀更多關於 RPO 的內容。

Perfect. And then, Criss, I know you talked about like the level of renewals being pretty similar over the next couple of quarters, but in just -- in terms of the composition of them, I'm hoping you can give a little bit more color there. So as we think about what could happen to optimization levels versus what we've seen, any thoughts that you can give on the level of VC-backed companies that might be in that, some of the more challenged verticals, how that looks for larger customers versus smaller customers? Anything composition-wise that you could share?

完美的。然後，克里斯，我知道你談到未來幾季的續訂水準非常相似，但就其構成而言，我希望你能提供更多的色彩在那裡。因此，當我們考慮優化水平與我們所看到的相比可能會發生什麼時，您可以對可能存在的風險投資支持的公司的水平提出任何想法，一些更具挑戰性的垂直行業，如何尋找更大的客戶還是小客戶？可以分享什麼構圖方面的內容嗎？

Well, the composition point that we've been discussing is those are the multiyear and that those were the ones that had the highest natural inclination for some resetting and some optimization. And that the levels we have for Q4 is relatively commensurate with where we've been in Q3 and Q2. It's relatively commensurate where we will be in Q1 and Q2, and that would drop off fairly considerably when we get into Q3 of next year.

好吧，我們一直在討論的組成點是那些是多年的，那些是那些最自然傾向於進行某些重置和優化的那些。我們第四季的水平與第三季和第二季的水平相對相稱。我們在第一季和第二季的情況相對相稱，當我們進入明年第三季時，情況將大幅下降。

As it pertains to kind of the other slices, I haven't really given more on those. Other than to give you the flavor, I can lean very heavily or much more heavily on the work that Thomas and Nate and team have done around our operational rigor and having much more clarity about within those risk profiles, much closer to the accounts, up and down a larger stack to be much more precise on our trend forecasting, which is one of the other things I tried to allude to.

由於它涉及其他切片，因此我並沒有真正給出更多資訊。除了為您帶來風味之外，我可以非常或更多地依賴托馬斯和內特及其團隊圍繞我們的嚴格運營所做的工作，並且對這些風險狀況有更清晰的了解，更接近於帳戶，並進行更大的堆棧，以便更準確地預測我們的趨勢，這是我試圖提到的其他事情之一。

I'm really proud of how precise our internal outlooks have been for the last couple of quarters and I expect that they will continue for the next few quarters. While it's a large number might come half forward, at least we have great visibility into that large number and some of the composites around it. But I haven't shared more than that.

我對過去幾季我們內部展望的精確程度感到非常自豪，我預計未來幾季也將如此。雖然這個數字很大，但至少我們對這個大數字和它周圍的一些複合材料有很好的了解。但我沒有分享更多。

Our final question comes from Michael Vidovic from KeyBanc.

我們的最後一個問題來自 KeyBanc 的 Michael Vidovic。

Just a couple of quick ones on the CRPO, following up on that question. I guess would you expect the metric to, call it, continue decelerating into the next quarter? Or is that just more of an anomaly, call it, this quarter and where you should see a stabilization near term?

就這個問題，我簡單介紹一下 CRPO 的一些狀況。我想您是否預計該指標會在下個季度繼續減速？或者這只是本季的異常現象，短期內應該會趨於穩定？

I would expect in the February that it will continue to be what you would characterize as a deteriorating number, but then I would expect it to pick back up in the March 31 and the June 30 numbers, just reflective of those contracts kind of getting the -- that's the cyclical nature that I'm trying to refer to as it pertains to the CRPO and RPO in general.

我預計 2 月份的數據將繼續呈現惡化的趨勢，但隨後我預計 3 月 31 日和 6 月 30 日的數據會有所回升，這只是反映了這些合約在某種程度上得到了改善。 ——這就是我試圖提及的周期性性質，因為它總體上與CRPO 和RPO 有關。

Okay. And then just with the launch of Amplitude Plus, I guess do you see any risk around maybe customers that might have been on your traditional, call it, enterprise plan now moving down to that, I call it, starter tier on a lower price point?

好的。然後，隨著 Amplitude Plus 的推出，我想您是否看到了可能採用傳統（稱之為）企業計劃的客戶周圍的任何風險，現在轉向了（我稱之為）較低價格點的入門級計劃？

So in absolute terms, we do expect some that are on our growth plans to potentially move down. We try to do the analytics to support that. What Thomas and I were very clear on was, this was absolutely the right thing for the company. It is going to enable for all the reasons that Spenser laid out. And then one of the points that we made in the prepared remarks that we haven't really elaborated on in the Q&A, it does really free up a significant portion of the sales team that has been serving that into the market in a direct selling motion and frees their time to focus on those that have the high potential ARR.

因此，從絕對值來看，我們確實預計我們的成長計劃中的一些可能會下降。我們嘗試進行分析來支持這一點。湯瑪斯和我都非常清楚，這對公司來說絕對是正確的事情。它將實現斯賓塞所闡述的所有原因。然後，我們在準備好的評論中提出的一點，我們在問答中沒有真正詳細闡述的一點，它確實釋放了銷售團隊的很大一部分，他們一直在以直銷的方式向市場提供服務並騰出時間專注於那些具有高潛在ARR 的領域。

There's a really big difference between closing a $40,000 account, maybe $50,000 at its maximum, and a $40,000 account that has the potential to get to $200,000 or $400,000 or over $1 million. And our ability to profile and identify that latter target customer, that's a lot of the work that we've been doing for the last couple of quarters. And so I'm very energized by what we're doing, have conviction around and working, and our ability to just drive incremental growth because of the focus of not having chased what I think are smaller, less potential ones. I think it's a big part of our success criteria here.

關閉一個 40,000 美元的帳戶（最高可能達到 50,000 美元）和一個有可能達到 200,000 美元、400,000 美元或超過 100 萬美元的 40,000 美元帳戶之間存在著很大的區別。我們有能力分析和識別後者的目標客戶，這是我們在過去幾季所做的大量工作。因此，我對我們正在做的事情充滿活力，對周圍的工作充滿信心，並且有能力推動增量成長，因為我們沒有專注於追逐我認為較小、潛力較小的業務。我認為這是我們成功標準的重要組成部分。

Thank you so much. And with that, I'm seeing no further questions in the queue.

太感謝了。至此，我在隊列中看不到更多問題了。

We will be at the D.A. Davidson Technology Summit and UBS Global Technology Conference in November and the Scotiabank Global Tech Conference in December. Details will be posted on our IR website. Thank you for attending our Q3 earnings conference call. You may now disconnect.

我們將在 D.A.戴維森技術高峰會和瑞銀全球技術會議（11 月）以及豐業銀行全球技術會議（12 月）。詳細資訊將發佈在我們的 IR 網站上。感謝您參加我們的第三季財報電話會議。您現在可以斷開連線。

Thank you, everyone.

謝謝大家。