Amplitude Inc (AMPL) 2024 Q3 法說會逐字稿

Hello everyone, welcome to Amplitude's third quarter 2024 earnings conference call. I'm Yaoxian Chew, Vice President of Investor Relations. Joining me are Spenser Skates, CEO and co-founder of Amplitude, and Andrew Casey, Chief Financial Officer.

大家好，歡迎參加 Amplitude 2024 年第三季財報電話會議。我是周耀賢，投資人關係副總裁。與我一起的還有 Amplitude 執行長兼共同創辦人 Spenser Skates 和財務長 Andrew Casey。

During today's call, management will make forward-looking statements, including statements regarding our financial outlook for the fourth quarter and full year 2024, 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 and 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. 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.

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2024 年全年的財務展望、我們產品的預期業績、我們預期的季度和長期增長、投資以及我們的整體未來前景的聲明。這些前瞻性陳述是基於當前資訊、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陳述中描述的結果有重大差異。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，除非法律要求，否則我們不承擔在今天的電話會議後更新這些陳述的義務。

Certain financial measures used in today's call are expressed in 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 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 Investor Relations' website at investors.amplitude.com.

在今天的電話會議中使用的某些財務指標是按照非公認的會計原則（non-GAAP）計算。我們在內部使用這些非公認會計準則財務指標，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，不應單獨使用或取代根據 GAAP 準備的財務資訊。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 2024 third quarter earnings call. I'm going to focus on three sections today. First, Q3 financial results and what we're seeing in the market. Second, how we are going after our market opportunity. Third, command AI, continued product innovation, and customer stories. I'm pleased to report that we beat all guided metrics this quarter. Our third quarter revenue was $75.2 million, up 6% year-over-year. Annual recurring revenue was $298 million, up $8 million from the end of the second quarter. Non-GAAP operating income was $1.6 million, or 2.1% of revenue. We now have almost 3,500 paying customers.

謝謝姚老師，大家下午好。歡迎參加我們的 2024 年第三季財報電話會議。今天我主要講三個部分。首先，第三季的財務業績以及我們在市場上看到的情況。第二，我們如何抓住市場機會。第三，指揮人工智慧、持續產品創新和客戶故事。我很高興地報告，本季我們超越了所有指導指標。我們第三季的營收為 7,520 萬美元，年增 6%。年度經常性收入為 2.98 億美元，比第二季末增加 800 萬美元。非 GAAP 營業收入為 160 萬美元，佔收入的 2.1%。我們現在擁有近 3,500 名付費客戶。

In Q3, customers representing $100,000 or more of ARR grew to 567, an increase of 13% year-over-year. We put up a better quarter thanks to execution. This quarter's results are especially encouraging when taking into account the unexpected headwinds from the new Russian sanctions that we discussed on last quarter's call. Here are the highlights.

第三季度，ARR 100,000 美元或以上的客戶增至 567 家，年增 13%。由於執行力，我們取得了更好的季度業績。考慮到我們在上季度電話會議中討論的俄羅斯新制裁帶來的意外阻力，本季的業績尤其令人鼓舞。以下是亮點。

Our integrated platform approach is uniquely suited for this moment. Customers are looking to us to drive consolidation. Today, 23% of our annual contracted customers use more than one of our products. Our competitive position remains strong, particularly against point solutions and legacy players. One callout this quarter is Google Analytics, whose customers are dissatisfied with its persistent usability problems and unresolved privacy issues. This is creating a long tail of opportunities for Amplitude. We are building a higher quality book of business.

我們的整合平台方法非常適合此時此刻。客戶希望我們推動整合。如今，我們 23% 的年度簽約客戶使用了不只一種我們的產品。我們的競爭地位仍然強勁，特別是相對於單點解決方案和傳統廠商。本季值得關注的一個問題是谷歌分析，其客戶對其持續存在的可用性問題和未解決的隱私問題感到不滿。這為 Amplitude 創造了長尾機會。我們正在建立更高品質的商業手冊。

Last quarter, I spoke to promising signals across pipeline and attach rates. We believe the nature of larger sales is changing for the better as we make progress to win the enterprise. We are starting customer conversations differently, reaching key decision makers and demonstrating fast value in ways we weren't before. We saw continued healthy growth in our 100k or more ARR customer base and a stronger mix of multi-year deals this quarter. It's worth noting just how different the nature of these deals is compared to the wins we were seeing a couple years ago. We delivered several million-dollar-plus expansions, the majority of which were multi-product wins. I am again encouraged by the continued green shoots that we have been calling out.

上個季度，我談到了整個管道和附加費率的有希望的信號。我們相信，隨著我們在贏得企業方面取得進步，更大的銷售的性質正在變得更好。我們以不同的方式開始客戶對話，接觸關鍵決策者並以前所未有的方式展示快速價值。本季度，我們看到 10 萬或更多 ARR 客戶群持續健康成長，且多年期交易組合更加強勁。值得注意的是，這些交易的性質與我們幾年前看到的勝利有多麼不同。我們交付了數個價值數百萬美元以上的擴展，其中大部分是多產品的勝利。我再次對我們一直呼籲的持續萌芽感到鼓舞。

Cohort health continues to improve. Newer customer cohorts are demonstrating healthier gross and net retention patterns. Customer utilization is showing stability quarter to quarter. We are entering Q4 with strong enterprise pipeline and feel confident in our ability to execute. I've said that ARR and revenue re-acceleration are both well within our reach.

隊列健康狀況持續改善。新客戶群表現出更健康的總保留模式和淨保留模式。客戶利用率逐季維持穩定。我們正在進入第四季度，擁有強大的企業管道，並對我們的執行能力充滿信心。我已經說過，ARR 和收入重新加速都是我們所能做的。

This quarter sets us firmly on that path. While we are making progress, there is still plenty of work to do. We are past the significant majority of overbought-to-optimization contracts, but churn is still too high. The macro environment is still choppy. Buyer scrutiny remains high, especially for larger deals. Digital natives remain on the defense, while M&A and layoffs are an unpredictable variable impacting end-user demand. Next, I want to share a quick update on the team.

本季讓我們堅定地走上這條道路。雖然我們正在取得進展，但仍有大量工作要做。我們已經度過了絕大多數超買優化合約，但流失率仍然太高。宏觀環境依然動盪。買家的審查仍然很高，尤其是對於較大的交易。數位原生代仍處於防禦狀態，而併購和裁員是影響最終用戶需求的不可預測的變數。接下來，我想分享團隊的最新動態。

We hired Wade Chambers as Chief Engineering Officer. Wade has an incredible perspective on what a great engineering organization looks like at scale and will bring that to amplitude. I've talked to many leaders across Silicon Valley who consider Wade to be the best engineering leader working today for this stage of company.

我們聘請韋德·錢伯斯 (Wade Chambers) 擔任首席工程長。韋德對於一個偉大的工程組織在規模上的樣子有著令人難以置信的洞察力，並將把它發揮到極致。我與矽谷的許多領導者交談過，他們認為韋德是當今公司現階段工作的最佳工程領導者。

Most recently, he was the CTO and SVP of Engineering at Included Health. Previously, he led engineering at Twitter, Telepart, Proofpoint, Yahoo, Opsware, and Netscape. Wade has been an advisor to Amplitude for eight years, and I have learned a huge amount from him. He has a courageous and first-principles approach to tackling tough challenges. His ability to build and run high-functioning teams will enable us to drive execution at scale. I am thrilled to be working with him.

最近，他擔任 Included Health 的技術長和工程資深副總裁。在此之前，他曾在 Twitter、Telepart、Proofpoint、Yahoo、Opsware 和 Netscape 領導工程。韋德擔任 Amplitude 的顧問已經八年了，我從他那裡學到了很多。他以勇敢和第一原則的方式來應對嚴峻的挑戰。他建立和管理高效團隊的能力將使我們能夠大規模推動執行。我很高興能和他一起工作。

Moving to product updates. We had a big launch with Amplitude Made Easy in September as part of WinSimple. We rebuilt the Amplitude platform to make it easier for new users to get started. We are now offering users a single line of code to get up and running, auto-capture and visual tagging, default dashboards out of the box, and bundling of session replay and experiment SDKs. We've already begun our enterprise rollout following encouraging signals in our self-service motion.

轉向產品更新。作為 WinSimple 的一部分，我們在 9 月發布了 Amplitude Made Easy 的大型產品。我們重建了 Amplitude 平台，讓新用戶更容易上手。我們現在為用戶提供一行程式碼即可啟動和運行、自動捕獲和視覺標記、開箱即用的預設儀表板以及會話重播和實驗 SDK 的捆綁。在我們的自助服務行動中發出令人鼓舞的信號後，我們已經開始進行企業部署。

New self-service sign-ups have increased by 40%. We've also seen a 40% increase in new organizations who are sending data per week. Session replay activation has more than doubled as a result of these changes. We are reducing data frictioning, widening the top-of-funnel, and encouraging multi-product behavior. Our mission is to help companies build better products. Our thesis is that analytics is positioned to be the center of gravity for workflows that touch customer and product data. Without analytics, the rest of the stack is much less useful. Amplitude's platform continues to evolve to serve more users, more workflows, and more outcomes.

新的自助服務註冊量增加了 40%。我們還發現每週發送資料的新組織增加了 40%。由於這些更改，會話重播激活量增加了一倍以上。我們正在減少資料摩擦，擴大漏斗頂部，並鼓勵多產品行為。我們的使命是幫助公司打造更好的產品。我們的論點是，分析被定位為涉及客戶和產品資料的工作流程的重點。如果沒有分析，堆疊的其餘部分就沒那麼有用了。Amplitude 的平台不斷發展，以服務更多的使用者、更多的工作流程和更多的成果。

To win the digital analytics category, we need to deliver the data and insights customers need and help them take the actions that will drive acquisition, growth, retention, and expansion. We see immense opportunity for AI to let us deliver more customer value.

為了贏得數位分析類別，我們需要提供客戶所需的數據和見解，並幫助他們採取推動收購、成長、保留和擴張的行動。我們看到人工智慧有巨大的機會讓我們提供更多的客戶價值。

There are two areas of near-term focus. The first is automated insights, which we can surface to customers proactively without human intervention. The second is automated actions, where Amplitude can recommend and take actions that we know will improve the end-customer experience. More on these to come at a future date.

近期重點有兩個領域。第一個是自動化洞察，我們可以主動向客戶展示這些洞察，無需人工幹預。第二個是自動化操作，Amplitude 可以推薦並採取我們知道將改善最終客戶體驗的操作。有關這些的更多資訊將在未來發布。

Our recent Command AI acquisition accelerates this ambition. Teams around the world use Amplitude to gain a deeper understanding of user behavior and build great digital experiences. However, customers are often asking us for more. They want a way to take action to influence or learn more about the trends they're uncovering with their analysis. Command AI does this through form factors like guides to help with onboarding, messages to share in-app announcements, and the ability to get user feedback in real-time through surveys.

我們最近收購 Command AI 加速了這項雄心壯志。世界各地的團隊使用 Amplitude 來更深入地了解使用者行為並打造出色的數位體驗。然而，客戶經常向我們提出更多要求。他們想要一種方法來採取行動來影響或更多地了解他們透過分析發現的趨勢。Command AI 透過各種形式來實現這一點，例如幫助入職的指南、分享應用程式內公告的訊息以及透過調查即時獲取用戶回饋的能力。

Command AI provides intuitive AI-powered user assistance to make complex software easier to adopt and navigate. Their product offers in-product nudges and tours, onboarding guides, and surveys delivered in a way that resonates with users rather than annoying them like these tools all too often do.

Command AI 提供直覺的 AI 支援的使用者協助，使複雜的軟體更易於採用和導航。他們的產品提供產品內的提示和導覽、入門指南和調查，以與用戶產生共鳴的方式提供，而不是像這些工具經常做的那樣煩擾他們。

Command AI's user-focused approach helps create a customer journey that is personalized and unobtrusive. Users love it because it sets them up to be successful. Companies love it because they can encourage the behaviors they want and help users find value faster. In all our strategic conversations with Command AI, it was clear that there would be strong strategic and cultural fit. Their number one position in the G2 digital adoption platform's ranking is strong validation of market momentum. Their amplitude integration was already one of their most popular integrations they offered. Everything they do is more powerful when combined with our platform capabilities.

Command AI 以使用者為中心的方法有助於創建個人化且低調的客戶旅程。用戶喜歡它，因為它可以幫助他們取得成功。公司喜歡它，因為它們可以鼓勵他們想要的行為並幫助用戶更快地發現價值。在我們與 Command AI 的所有策略對話中，很明顯，兩者之間會有很強的策略和文化契合度。他們在 G2 數位採用平台排名中的第一名有力地驗證了市場勢頭。他們的幅度積分已經是他們提供的最受歡迎的積分之一。當與我們的平台功能結合時，他們所做的一切都會變得更加強大。

Analytics and cohorting add context and targeting for guides. Experiment lets users test which interventions and messages are the most effective. Session replay ties user feedback to end product behavior. These are just a few examples of the power of behavioral data driving the right actions. We expect to release an integrated experience early next year.

分析和分組為指南添加背景和目標。實驗讓使用者測試哪些介入措施和訊息最有效。會話重播將使用者回饋與最終產品行為連結起來。這些只是行為數據推動正確行動的力量的幾個例子。我們預計將於明年初發布整合體驗。

Product and behavioral data is important to everyone in an organization. We extended our partnership with HubSpot this quarter, allowing teams to combine the power of HubSpot with Amplitude's customer behavior data. With this latest integration, go-to-market teams can easily track product usage alongside traditional CRM data.

產品和行為數據對組織中的每個人都很重要。本季我們擴大了與 HubSpot 的合作關係，讓團隊能夠將 HubSpot 的強大功能與 Amplitude 的客戶行為數據結合。透過這項最新集成，上市團隊可以輕鬆追蹤產品使用情況以及傳統 CRM 數據。

Customers can see Amplitude charts in their HubSpot dashboards and target customer cohorts based on product usage or other key buying signals. Teams can also bring HubSpot data into Amplitude to understand marketing campaign performance. Our own product-qualified leads at Amplitude convert better than the average, and we're excited to bring that power into hundreds of joint customers.

客戶可以在 HubSpot 儀表板中查看 Amplitude 圖表，並根據產品使用情況或其他關鍵購買訊號確定目標客戶群。團隊還可以將 HubSpot 數據引入 Amplitude，以了解行銷活動的績效。我們在 Amplitude 的產品合格銷售線索的轉換率高於平均水平，我們很高興能夠將這種力量帶給數百個共同客戶。

Lastly, we continue to grow our platform with the launch of web experimentation. A-B testing tools are often difficult to use and scale, requiring engineering resources. They lack flexibility and introduce page slowness, which impacts conversion rates. With web experimentation, Amplitude now offers a self-serve way to easily run A-B tests across product features and websites. Visual editing and point-and-click interaction reduces the need for engineering support. We are making it easy for product managers, marketers, and growth leaders to A-B test and personalize web experiences.

最後，我們透過推出網路實驗來繼續發展我們的平台。A-B 測試工具通常難以使用和擴展，需要工程資源。它們缺乏靈活性並導致頁面緩慢，從而影響轉換率。透過網路實驗，Amplitude 現在提供了一種自助方式，可以輕鬆地在產品功能和網站上執行 A-B 測試。視覺化編輯和點擊式互動減少了對工程支援的需求。我們讓產品經理、行銷人員和成長領導者能夠輕鬆地進行 A-B 測試和個人化網路體驗。

Turning to Customers In Q3, we landed and grew with customers like Realtor.com, Playrix, DigitalOcean, Fanatics Commerce, Traveloka, ONAG, Philips, Radio France, Joe and the Juice, and Thomson Reuters. We saw continued success this quarter, displacing multiple-point solutions as customers looked to us to drive vendor consolidation.

轉向客戶 在第三季度，我們獲得了 Realtor.com、Playrix、DigitalOcean、Fanatics Commerce、Traveloka、ONAG、飛利浦、法國廣播電台、Joe and the Juice 和湯森路透等客戶並不斷成長。本季我們看到了持續的成功，取代了多點解決方案，因為客戶希望我們推動供應商整合。

Realtor.com helps millions of home shoppers find their dream home. They provide a comprehensive list of for-sale properties nationwide, as well as information and tools to make informed real estate decisions. Amplitude began working with the Realtor.com product team three quarters ago. We delivered fast value by unlocking behavioral insights, democratizing data access, and helping the team ship the right experiences faster. Our initial success helped raise awareness that we could solve larger problems across the organization.

Realtor.com 幫助數百萬購屋者找到他們的夢想家園。他們提供全國待售房產的完整列表，以及做出明智的房地產決策的資訊和工具。Amplitude 在第三季前開始與 Realtor.com 產品團隊合作。我們透過解鎖行為洞察、實現數據存取民主化並幫助團隊更快地提供正確的體驗來快速交付價值。我們最初的成功幫助人們認識到我們可以解決整個組織中更大的問題。

Realtor.com was looking to streamline access to data with a single, unified view of the customer journey to generate actionable insights and better meet consumer needs. By supporting a simplification of Realtor's digital tech stack, we are reducing friction and increasing trust between the marketing, analytics, and product organization.

Realtor.com 希望透過單一、統一的客戶旅程視圖來簡化資料訪問，以產生可行的見解並更好地滿足消費者需求。透過支援簡化房地產經紀人的數位技術堆疊，我們正在減少行銷、分析和產品組織之間的摩擦並增強信任。

This win speaks strongly to the opportunity ahead for Amplitude. Our growing platform breadth, combined with an increasing pull outside of our core product persona, shows that Amplitude can be the single pane of glass for our customers' digital needs. We also grew an ongoing partnership with a major global sports organization this quarter. They say that personalized fan experiences are a priority advancing them towards their goal of 100 million paying subscribers, which in turn drive billions of dollars in broadcast rights.

這場勝利有力地說明了 Amplitude 未來的機會。我們不斷成長的平台廣度，加上我們核心產品形象之外的日益增長的吸引力，表明 Amplitude 可以成為滿足客戶數位需求的單一管理平台。本季我們也與一家主要的全球體育組織建立了持續的合作關係。他們表示，個人化的粉絲體驗是推動他們實現 1 億付費訂閱者目標的首要任務，進而帶來數十億美元的轉播權。

Over six years, Amplitude has grown steadily from powering their direct-to-consumer arm to a far more strategic deployment across the organization. Usability, scalability, and cost frustrations with their legacy MarTech providers had reached a breaking point. In contrast, Amplitude gave their marketing and product teams a shared and unified view of the customer journey to test strategies, target audiences, and tailor content.

六年來，Amplitude 穩步發展，從為其直接面向消費者的部門提供支持，發展到在整個組織內進行更具策略性的部署。傳統 MarTech 提供者的可用性、可擴展性和成本問題已經達到了臨界點。相比之下，Amplitude 為他們的行銷和產品團隊提供了客戶旅程的共享且統一的視圖，以測試策略、目標受眾和客製化內容。

This quarter, they are going all-in with every part of our digital analytics platform as part of a three-year agreement. Our footprint across their organization continues to grow as we are being implemented across dozens of teams and subsidiary leagues. We believe this marks the start of a larger shift in workflows off their legacy MarTech providers towards Amplitude. Their forward-thinking approach is great validation of our platform vision. We see many similar situations out there and think this can open more opportunities for MarTech replacements with other enterprise clients. DigitalOcean, a leader in cloud services, has partnered with Amplitude to revolutionize their marketing and product-led growth strategies. DigitalOcean is looking to build an entirely new muscle in product-led growth. Previously, DigitalOcean relied on a disjointed toolkit, Looker for reporting on Snowflake and Pendo for user insights. This required data analyst work, which limited both broader team accessibility and the ability to take action.

本季度，作為三年協議的一部分，他們將全力投入我們數位分析平台的每個部分。隨著我們在數十支球隊和附屬聯盟中實施，我們在他們組織中的足跡不斷擴大。我們相信，這標誌著工作流程從傳統 MarTech 提供者轉向 Amplitude 的更大轉變的開始。他們的前瞻性思維方法很好地驗證了我們的平台願景。我們看到許多類似的情況，並認為這可以為 MarTech 與其他企業客戶的替代品提供更多機會。DigitalOcean 是雲端服務的領導者，它與 Amplitude 合作，徹底改變了他們的行銷和產品主導的成長策略。DigitalOcean 正在尋求在產品主導型成長中建立全新的力量。在此之前，DigitalOcean 依靠脫節的工具包 Looker 來報告 Snowflake，並依賴 Pendo 來獲取使用者見解。這需要數據分析師的工作，這限制了更廣泛的團隊可訪問性和採取行動的能力。

By consolidating onto Amplitude, DigitalOcean has been able to streamline their processes, eliminate fragmentation, and enable comprehensive data analysis. DigitalOcean aims to derive specific insights related to user onboarding, feature adoption, and engagement metrics. With Amplitude, they can more efficiently analyze user behavior on their cloud platform and pinpoint bottlenecks in onboarding flows to enhance the user experience.

透過整合到 Amplitude，DigitalOcean 能夠簡化流程、消除碎片並實現全面的資料分析。DigitalOcean 旨在獲得與使用者入門、功能採用和參與度指標相關的具體見解。借助 Amplitude，他們可以更有效地分析雲端平台上的使用者行為，並找出引導流程中的瓶頸，以增強使用者體驗。

I've been very intentional about repeating these three statements. First, our thesis is that analytics is the center of gravity for any workflow that touches customer and product data. Second, product and behavioral data is important to everyone in an organization.

我一直非常有意地重複這三句話。首先，我們的論點是，分析是任何涉及客戶和產品資料的工作流程的重點。其次，產品和行為數據對組織中的每個人都很重要。

Third, product innovation is the biggest driver of long-term growth and shareholder value for Amplitude. Nothing has changed about our long-term opportunity. We remained well-positioned to win the category as the convergence of buyers and budgets across product, marketing, and experience continues. We have a unique position to be the platform leader that drives continued consolidation of fragmented tooling and legacy offerings.

第三，產品創新是Amplitude長期成長和股東價值的最大驅動力。我們的長期機會沒有任何改變。隨著產品、行銷和體驗方面買家和預算的不斷融合，我們仍然處於贏得該類別的有利位置。我們擁有獨特的地位，成為平台領導者，推動分散的工具和遺留產品的持續整合。

I've said before that we are going to drive re-accelerating growth for Amplitude regardless of the macro environment. We are on that path and will keep executing with urgency. We are not here to build a single-digit growth business.

我之前說過，無論宏觀環境如何，我們都將推動 Amplitude 重新加速成長。我們正走在這條道路上，並將繼續緊迫地執行。我們來這裡不是為了建立個位數成長的業務。

Thank you for your interest and amplitude. I'd now like to turn it over to Andrew to walk you through the financial results.

感謝您的興趣和熱情。現在我想請安德魯向您介紹財務表現。

Thank you, Spencer. And thanks to everyone joining us today. I'm happy to report that we exceeded all guided metrics this quarter.

謝謝你，史賓塞。感謝今天加入我們的所有人。我很高興地報告，本季我們超出了所有指導指標。

Now that I've had some time to work with the team, I'm happy to share that many of my early instincts about the business have been proven right. Amplitude has the right product focus to meet critical business needs and a customer-obsessed culture focused on solving difficult problems. Our platform is uniquely set up to win against the market backdrop of vendor consolidation and the convergence of product, marketing, and experience analytics. We haven't quite turned the corner yet, but the signs are there.

現在我已經有一些時間與團隊合作，我很高興與大家分享，我對業務的許多早期直覺已被證明是正確的。Amplitude 擁有滿足關鍵業務需求的正確產品重點，以及專注於解決難題的以客戶為中心的文化。我們的平台經過獨特設計，能夠在供應商整合以及產品、行銷和體驗分析融合的市場背景下獲勝。我們還沒有完全走出困境，但跡像已經存在。

Cohort health continues to improve, and we are building a higher-quality book of business, making progress on our efforts to win the enterprise. Our platform is growing with new product capabilities and our customer use cases, but there is more to do.

隊伍健康狀況持續改善，我們正在打造更高品質的業務，在贏得企業的努力中不斷進步。我們的平台隨著新產品功能和客戶使用案例的發展而不斷發展，但還有更多工作要做。

As part of my first official earnings call with Amplitude, I'd like to share some overarching financial principles. Hopefully, none of these comes as a surprise.

作為我與 Amplitude 舉行的第一次正式財報電話會議的一部分，我想分享一些整體財務原則。希望這些都不會讓人感到驚訝。

First, we are not a growth-at-all-costs company. We are investing appropriately to drive accelerating growth, while generating positive free cash flow. And we plan that our growth will come with leverage. There are caveats. We deal with capital allocations decisions every day, and we may adapt this approach when we have attractive opportunities that drive long-term value at the expense of short-term results.

首先，我們不是一家不惜一切代價成長的公司。我們正在適當投資以推動加速成長，同時產生正的自由現金流。我們計劃我們的成長將伴隨著槓桿作用。有一些警告。我們每天都會處理資本配置決策，當我們有有吸引力的機會以犧牲短期結果為代價來推動長期價值時，我們可能會採用這種方法。

Now, turning to our third quarter results, As a reminder, all financial results that I will be discussing, with the exception of revenue, are non-GAAP. Our GAAP financial results, along with a reconciliation between our GAAP and non-GAAP results, can be found on our earnings press release and supplemental financials on our IR website. Third quarter revenue was $75.2 million, up 6% year-over-year and 3% quarter-over-quarter. Total ARR increased to $298 million, exiting Q3. An increase of 9% year-over-year, and $8 million sequentially.

現在，轉向我們的第三季業績，提醒一下，我將討論的所有財務業績（收入除外）都是非公認會計原則的。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。第三季營收為 7,520 萬美元，年增 6%，季增 3%。第三季的 ARR 總增至 2.98 億美元。年增 9%，季增 800 萬美元。

Here are more details on key elements of the quarter. New ARR was largely expansion-driven this quarter. As Spenser mentioned, we had several expansions that exceeded seven figures. Linearity was more pronounced than normal in the quarter, as our mix of enterprise business continues to grow. The number of customers representing 100,000 or more of ARR in Q3 grew to 567, an increase of 13% year-over-year. In-period NRR was 98%, and NRR on a trailing 12-month basis was 97%.

以下是有關本季度關鍵要素的更多詳細資訊。本季新的 ARR 主要是由擴張驅動的。正如斯賓塞所提到的，我們有幾次擴展超過了七位數。隨著我們的企業業務組合持續成長，本季的線性比正常情況更加明顯。第三季ARR 10萬及以上的客戶數量增加至567家，較去年同期成長13%。期內 NRR 為 98%，過去 12 個月的 NRR 為 97%。

Large expansions contributed to the better-than-expected result. Gross margin was 77% for the third quarter, down 2 percentage points year-over-year, and up one percentage point quarter over quarter. The sequential margin increase was driven primarily by optimizations with our hosting services.

大規模擴張促成了好於預期的結果。第三季毛利率為77%，較去年同期下降2個百分點，較上季上升1個百分點。利潤率環比成長主要是由我們的託管服務優化所推動的。

Sales and marketing expenses were 43% of revenue, flat year over year. Sales efficiency is not where we'd like it to be and we are focusing at driving improvements, investing against increasing proof points to better enable our enterprise success. G&A was 16% of revenue, up 2 percentage points year-over-year, reflecting increases in legal expenses and bad debt expenses related to new Russian sanctions. G&A also needs to improve as a percentage of revenue over time. Total operating expenses were $56 million, up 7% year-on-year. We had previously estimated a negative impact to operating profit of $4 million due to new Russian sanctions, the actual net impact ended up being closer to a negative $3 million.

銷售和行銷費用佔收入的 43%，與去年同期持平。銷售效率並未達到我們想要的水平，我們專注於推動改進，根據不斷增加的證據點進行投資，以更好地實現我們的企業成功。G&A 佔收入的 16%，年增 2 個百分點，反映出與俄羅斯新制裁相關的法律費用和壞帳費用的增加。隨著時間的推移，管理費用佔收入的百分比也需要提高。總營運費用為5,600萬美元，較去年同期成長7%。我們先前預期俄羅斯新制裁會對營業利潤產生 400 萬美元的負面影響，但實際淨影響最終接近 300 萬美元。

Operating profit was $1.6 million, or 2% of revenue, which represents a 2-percentage-point decline on a year-over-year basis. Net income per share was $0.03, based on 131.3 million diluted shares, compared to net income per share of $0.05, with 128.1 million diluted shares a year ago. Free cash flow in the quarter was positive $4.5 million, or 6% of revenue, compared to $7.5 million, or 11% of revenue, a year ago. Now, let me take a moment to talk about our philosophy as it relates to mergers and acquisitions.

營業利潤為 160 萬美元，佔營收的 2%，年減 2 個百分點。每股淨利潤為 0.03 美元（基於 1.313 億股稀釋後股票），而一年前每股淨利潤為 0.05 美元（基於 1.281 億股稀釋後股票）。本季自由現金流為正 450 萬美元，佔營收的 6%，而一年前為 750 萬美元，佔營收的 11%。現在，讓我花點時間談談我們與併購相關的理念。

There are three questions we always ask ourselves for every opportunity we look at. First, can we accelerate our strategy through what we're buying, and are we better together? Is there a strong, long-term cultural fit, and does this make financial sense? Elements of our product strategy always involve a buy-versus-build decision, and we will continue to balance both, all in the service of building a more robust platform.

對於每一個機會，我們總是問自己三個問題。首先，我們能否透過購買的產品來加速我們的策略？是否存在強大、長期的文化契合度，是否具有經濟意義？我們產品策略的要素始終涉及購買與建構決策，我們將繼續平衡兩者，一切都是為了建立更強大的平台。

Now, turning to Outlook. We are assuming that the macroeconomic environment continues to be challenging in the near future. Every new logo remains tough, and buyer scrutiny remains high. We think caution continues to be warranted. Stabilization is simply not enough. We believe that every incremental point of market share in this stage of the cycle will be magnified on the recovery. We plan to reinvest appropriately against our platform opportunity, and we will not shy away from making big bets where we see favorable outcomes. We are reinvesting against increasing proof points to better enable enterprise success.

現在，轉向 Outlook。我們假設宏觀經濟環境在不久的將來繼續充滿挑戰。每個新標誌仍然很嚴格，買家的審查仍然很高。我們認為繼續保持謹慎是有道理的。僅僅穩定還不夠。我們相信，在周期的這個階段，市場佔有率的每一個增量都會在復甦時被放大。我們計劃針對我們的平台機會進行適當的再投資，我們不會迴避在看到有利結果的情況下進行大賭注。我們正在針對不斷增加的證據進行再投資，以更好地促進企業成功。

On gross margin, we believe we have the ability to drive continued efficiencies with our hosting providers over the medium term. However, any material expansion will likely be offset with continuing investments we're making in professional services, especially for larger enterprise customers. All numbers and guidance include the impact of the Command AI acquisition and associated feeds.

就毛利率而言，我們相信我們有能力在中期內與託管提供者一起持續提高效率。然而，任何實質的擴張都可能會被我們在專業服務方面的持續投資所抵消，特別是對於大型企業客戶。所有數位和指導都包括 Command AI 收購和相關提要的影響。

For the fourth quarter of 2024, we expect revenue to be between $76 million and $77 million, representing an annual growth rate of 7% at the midpoint. We expect non-GAAP operating loss to be between a negative $2.1 million and a negative $0.1 million. And we expect non-GAAP net income per share to be between $0.00 and $0.01, assuming diluted shares outstanding of approximately $134.9 million.

對於 2024 年第四季度，我們預計營收將在 7,600 萬美元至 7,700 萬美元之間，年增長率中點為 7%。我們預計非 GAAP 營運虧損將在負 210 萬美元至負 10 萬美元之間。假設稀釋後的流通股約為 1.349 億美元，我們預期非 GAAP 每股淨利將在 0.00 美元至 0.01 美元之間。

For the full year, we are raising our full-year revenue outlook to be between $297.1 million and $298.1 million, an annual growth rate of 8% at the midpoint. We are reducing our outlook for non-GAAP operating loss to be between negative $6.3 million and negative $4.3 million. We expect non-GAAP net income per share to be between $0.04 and Sixth Sense, assuming shares outstanding at approximately $131.7 million, as measured on a fully diluted basis. I'm confident in our ability to drive long-term growth to a level above where we are today. Our long-term opportunity remains incredibly compelling.

對於全年，我們將全年營收預期上調至 2.971 億美元至 2.981 億美元之間，年成長率中點為 8%。我們將非 GAAP 營運虧損預期下調至負 630 萬美元至負 430 萬美元之間。我們預計非 GAAP 每股淨利潤將在 0.04 美元至 Sixth Sense 之間，假設已發行股票以完全攤薄計算約為 1.317 億美元。我對我們將長期成長推動到高於今天水平的能力充滿信心。我們的長期機會仍然令人難以置信。

With increased discipline and execution, I believe we'll be in a great position to capture it. With that, I'll open it up for Q&A.

隨著紀律和執行力的加強，我相信我們將處於有利地位來捕捉它。這樣，我將打開它進行問答。

Over to you, Yao.

交給你了，姚。

(Event Instructions) Koji Akeda, Bank of America.

（活動說明）Koji Akeda，美國銀行。

Hey, thanks guys, this is George McGregor-Henon for Koji. I wanted to start out with kind of a bigger picture question, just about, you know, with all this talk of AI agents, and how they're becoming more powerful. And, you know, maybe we'll see one day where they become so fully functioning that they can interact with apps on their own. I kind of wanted to ask, in a world like that, how does Amplitude play in to kind of capture the interactions that the AI apps or AI agents have with apps?

嘿，謝謝大家，我是 Koji 的 George McGregor-Henon。我想從一個更大的問題開始，你知道，關於人工智慧代理的所有討論，以及它們如何變得更強大。而且，你知道，也許有一天我們會看到它們的功能變得如此全面，以至於它們可以自己與應用程式互動。我有點想問，在這樣的世界中，Amplitude 如何發揮作用來捕捉人工智慧應用程式或人工智慧代理與應用程式的互動？

Yeah, so we're talking a very different world from the one that we live in today. I'll give you kind of two different views as to how we plan. So I think first is there's always some interface between the human world and the digital world. And our thing is how do we capture all those touch points and help companies make those experiences be the best They possibly can be. So even with agents, you know, there's a point where you're asking them to go do something. If you look at any of the trends for times humans spend interfacing with digital, the stuff is just, you know, continuing to go up and to the right. And so, you know, even if you're delegating more and more tasks to agents, you know, in net, I expect humans will spend more time, more and more time interfacing with the digital world. And so that's just a great thing for us. The second opportunity I'd like to call out with respect to AI agents is a little more, you know, and this is like, you know, exactly how it's how is it going to play out, but that one of the really exciting things about our position in that world is we have this enormous repository of data of customer behavior, one of the largest in the world. And so if you think about, okay, We get to train that on not just humans, but AI agents in that world and help figure out, okay, well, how can you make an AI agent more successful in this digital experience or this digital interface versus one where you're not tracking that? And so we think of it as like, hey, we instrument a digital product journey, and whether it's a human using it or an AI using it, you want to maximize that as a company, no matter what.

是的，所以我們談論的是一個與我們今天所處的世界截然不同的世界。關於我們如何規劃，我將向您提供兩種不同的觀點。所以我認為首先，人類世界和數位世界之間總是存在某種介面。我們的事情是如何捕捉所有這些接觸點並幫助公司盡可能地提供最好的體驗。因此，即使有了特工，你也知道，有時你會要求他們去做某事。如果你觀察人類與數位化互動的任何趨勢，你會發現這些東西只是，你知道，繼續向上和向右。所以，你知道，即使你將越來越多的任務委託給代理，你知道，在網路中，我預計人類將花費越來越多的時間與數位世界互動。所以這對我們來說是一件很棒的事。我想指出的關於人工智慧代理的第二個機會是更多一點，你知道，這就像，你知道，它到底是如何發揮作用的，但這是真正令人興奮的事情之一我們在這個世界中的地位是我們擁有龐大的客戶行為資料儲存庫，這是世界上最大的儲存庫之一。所以，如果你想，好吧，我們不僅要對人類進行訓練，還要對那個世界中的人工智慧代理進行訓練，並幫助弄清楚，好吧，如何讓人工智慧代理在這種數位體驗或這種數位化中更成功介面與您不追蹤的介面？因此，我們認為，嘿，我們為數位產品之旅提供工具，無論是人類使用它還是人工智慧使用它，無論如何，作為一家公司，你都希望最大限度地發揮這一點。

Could I ask one, too, just in terms of, where are you guys, could you give a little bit more color perhaps on where you guys are seeing room for incremental investments, kind of what's giving confidence there, just kind of in regards to revenue guide going up and reform operating income guide going down a bit.

我也可以問一個問題，就你們在哪裡，你們能否提供更多的信息，也許你們看到了增量投資的空間，是什麼給了人們信心，就像關於收入指導上升，改革營業收入指導略有下降。

Yeah, so obviously we did the command AI acquisition, which is driving the bulk of the change and guidance on operating income side. As we go into next year, I'd say the biggest place we want to continue to invest is in product innovation. And so that means continuing to build the teams, continuing to so that we can ship a lot of stuff and be on the bleeding edge there. There are tons of things customers are asking us for. A big part of why we did the Command AI acquisition is because customers were asking us for this sort of functionality and we wanted to be able to deliver it. I expect us to continue to be very aggressive with getting new products and innovation out to market and we'll grow the team. On the go-to-market side, we've made the investment that we need to make, and so what we're going to be looking to do is drive re-acceleration through Q4 and 2025 with roughly the level of investment and the headcount that we have. The places that will make adjustment is we'll continue refocusing that motion more and more upmarket to the enterprise side over time, while automating the low end of the market with self-service and either fully or semi-automated ways.

是的，很明顯我們進行了人工智慧收購，這推動了營業收入的大部分變化和指導。當我們進入明年時，我想說我們想要繼續投資的最大地方是產品創新。因此，這意味著繼續建立團隊，繼續這樣我們就可以交付很多東西並處於最前沿。客戶向我們提出很多要求。我們收購 Command AI 的一個重要原因是客戶要求我們提供此類功能，而我們希望能夠提供它。我希望我們能夠繼續積極地將新產品和創新推向市場，並且我們將壯大團隊。在進入市場方面，我們已經進行了需要進行的投資，因此我們要做的是在第四季度和 2025 年之前以大致的投資水平和我們擁有的人數。需要進行調整的地方是，隨著時間的推移，我們將繼續將這項運動的重點越來越多地轉移到企業端，同時透過自助服務和完全或半自動化的方式實現低端市場的自動化。

Brent Bracelin, Piper.

布倫特·布萊斯林，派珀。

Thank you, guys. Quick question here for me. First one is going to be around the Command AI. Could you talk a little bit about – it sounds like you had an integration with them existing. How much overlap, customer overlap, was there with that platform? And could you just quantify the revenue opportunity there? Typical customer might spend $85,000 in Amplitude. Could it provide if you bundle both, could it provide a 10%? 20%? 50% uplift? Would love to better understand the overlap in economics and one quick follow up for you, Andrew.

謝謝你們，夥計們。快速問我一個問題。第一個是圍繞著命令人工智慧。您能談談嗎？該平台有多少重疊、客戶重疊？您能否量化那裡的收入機會？典型客戶可能會在 Amplitude 上花費 85,000 美元。如果兩者捆綁的話可以提供10%嗎？20%？提升50%？安德魯，我很想更了解經濟學中的重疊部分，並為您做一個快速跟進。

Yeah, so I think command A I gives us two big new opportunities from a product standpoint. And then one additional thing on the A I front. So first is guides and the second is surveys and so doing those in the forms of interacting back with your customers is very valuable to tie with our analytics. And, you know, I think I expect over the long term, yeah, majority of our accounts could use this sort of functionality with the analytics. Now, in terms of uplift, it's early to say, but, you know, you could easily see 20%, 50%, potentially more depending on the criticality of that functionality to your business. The other thing I'll call out on the Command AI side is actually their user assistant product, which we're really excited about, which is basically an end user, like a, it's an agent that exists to help the end users of our customers. So you have this thing that pops up on the website that says, hey, what do you want to do? And then it figures out how to guide you through the experience and you can interact with it in different ways. to help you get things done on the product. And they've actually, so even though that's a new product for them in the last year, they've actually seen the most growth from that new product. So I expect, you know, this is going to be a big part of our offering in the same way that, you know, we expect Experiment and Session Replay and a whole bunch of our other stuff to be as well.

是的，所以我認為從產品的角度來看，命令 A I 為我們帶來了兩個重大的新機會。然後是 A I 方面的另一件事。因此，首先是指南，第二是調查，因此以與客戶互動的形式進行這些調查對於與我們的分析相結合非常有價值。而且，你知道，我認為從長遠來看，我們的大多數帳戶都可以使用這種分析功能。現在，就提升而言，現在說還為時過早，但是，您知道，您可以輕鬆看到 20%、50%，甚至可能更多，具體取決於該功能對您業務的重要性。我要在Command AI 方面提到的另一件事實際上是他們的用戶助理產品，我們對此感到非常興奮，它基本上是一個最終用戶，就像一個代理，它的存在是為了幫助我們的最終用戶顧客。所以你的網站上會彈出這樣的東西，上面寫著，嘿，你想做什麼？然後它會找出如何引導您完成體驗，並且您可以以不同的方式與之互動。幫助您完成產品上的工作。事實上，儘管這對他們來說是去年的新產品，但他們實際上已經從該新產品中看到了最大的成長。所以我預計，這將成為我們產品的重要組成部分，就像我們期望實驗和會話重播以及我們的其他許多東西一樣。

Maybe just to add on to that, the Comand-A acquisition was really one that brought great product capabilities and a great team. There was very little revenue overlap, and it's a very small company, but they had such a great offering that when we did our analysis, it was very clear that it was much better for us to bring them on as part of the team than try to go build that ourselves. So it will absolutely be a better-together story.

也許補充一點，收購 Comand-A 確實帶來了強大的產品能力和優秀的團隊。收入重疊很少，而且這是一家非常小的公司，但他們提供的產品非常出色，當我們進行分析時，很明顯，我們將他們作為團隊的一部分比嘗試要好得多我們自己去建造它。所以這絕對會是一個更好的故事。

Certainly makes sense. And then just for you, Andrew, if you think about NetNew ARR, pretty healthy in light of some of the headwinds you had relative to some of the Russia contract changes there, the distributor. You mentioned it was mostly on the expansion side. Why now? Why do you think you saw some big expansions? I mean, the last time I think we talked, you were a little more nervous around renewals and downsizing, and we've seen that kind of pressure on NRR for the better part of the last couple of years. What changed?

當然有道理。然後，就你而言，安德魯，如果你考慮 NetNew ARR，考慮到你與分銷商那裡的一些俄羅斯合約變更相關的一些不利因素，NetNew ARR 相當健康。您提到這主要是在擴展方面。為什麼是現在？您認為為什麼會看到一些大型擴充？我的意思是，我認為我們上次交談時，您對續約和裁員感到更加緊張，並且在過去幾年的大部分時間裡，我們都看到了 NRR 面臨的這種壓力。發生了什麼變化？

I think this is where Spenser was talking about earlier. We made investments early on this year about moving more and more of our sales coverage to enterprise clients. We're introducing more and more product capabilities, and that better together, value for the money, driving greater efficiencies in their operations, really made sense to a number of our existing clients, and they trusted us, and we earned the right to have those expansions. Now, I think that we need to have more of that. We need to be broader with our customers. We need to see more of customers who are recognizing Amplitude as the consolidator in the market. So we've got our work cut out for us, you know, but definitely is very positive in that respect. It's just got to be broader.

我想這就是斯賓塞之前談到的地方。我們在今年年初進行了投資，將越來越多的銷售覆蓋範圍轉移到企業客戶。我們正在推出越來越多的產品功能，更好地結合在一起，物有所值，提高他們的營運效率，這對我們的許多現有客戶來說確實有意義，他們信任我們，我們贏得了擁有那些擴充。現在，我認為我們需要更多這樣的東西。我們需要更廣泛地與客戶接觸。我們需要看到更多的客戶認識到 Amplitude 是市場上的整合者。所以我們已經完成了我們的工作，你知道，但在這方面絕對是非常積極的。它只是必須更廣泛。

Yeah. Brent, just to give you one example, The realtor contract that we did, typically in the past, that would have taken us a few years to get that point. Because we built relationships with the Chief Marketing Officer, Chief Product Officer, and Head of Data at Realtor, we were able to accelerate that from a few quarters from the first trial deployment to a full end-to-end deployment across multiple products. And so, you know, I attribute that back to the focus on when the enterprise and the execution there and the great things that Thomas and folks across the Board and go to market have been doing to be able to drive that expansion to do the one with the global Sports League to do a lot of the very larger ones that we did this past quarter. Now, as Andrew said, we certainly have our work cut out for us in terms of replicating and scaling that as we go into Q4 in 2025 but some great early fruit points, very helpful. Thank you.

是的。布倫特，僅舉一個例子，我們通常在過去簽訂的房地產經紀人合約需要幾年時間才能達到這一點。由於我們與 Realtor 的首席行銷長、首席產品長和資料主管建立了關係，因此我們能夠在幾個季度內加速從首次試驗部署到跨多個產品的完整端到端部署。因此，你知道，我將其歸因於對企業和執行力的關注，以及托馬斯和整個董事會以及進入市場的人們一直在做的偉大事情，以便能夠推動擴張以實現這一目標與全球體育聯盟合作開展了許多我們在上個季度開展的大型活動。現在，正如安德魯所說，當我們進入 2025 年第四季時，我們在複製和擴展方面肯定有我們的工作要做，但一些很好的早期成果點非常有幫助。謝謝。

Matt Pryde, Citi.

馬特普賴德，花旗銀行。

Hey guys, thanks so much. I was wondering if we could just dig into the increase in operating loss expectations and if that should be a normal cadence like heading into next year.

嘿夥計們，非常感謝。我想知道我們是否可以深入研究營業虧損預期的增加，以及這是否應該是像明年那樣的正常節奏。

Matt, I'll take this one. Matt, I would tell you that what really colored our guidance change on op loss was related to assuming the operating expenses associated with command AI, the deal-related expenses, and some of the ongoing legal expenses we have with outstanding lawsuits. That's really the predominance of the change.

馬特，我要這個。馬特，我想告訴你，真正影響我們對營運損失的指導變化的因素與承擔與指揮人工智慧相關的營運費用、與交易相關的費用以及我們與未決訴訟相關的一些持續法律費用有關。這確實是變化的優勢。

Got it. And last quarter, you mentioned that your average deal size in the pipeline was up about 25%. I guess in terms of the size of the deals, has that changed at all in the most recent quarter? in terms of the size of deals that you're seeing in the pipeline?

知道了。上個季度，您提到您的平均交易規模增加了約 25%。我想就交易規模而言，最近一個季度有什麼變化嗎？就您正在醞釀中的交易規模而言？

Well, I would tell you that we talked about the number of deals that we saw that were over seven figures in the quarter. So that should tell you that when we've seen that earned right to expand with clients, they're rewarding us with those larger deal sizes. So I think that that speaks to the potential of our ability to execute in a broader sense with our customers and drive those big deal sizes. Got it. Thank you.

好吧，我想告訴你，我們討論了本季度看到的超過七位數的交易數量。因此，這應該告訴您，當我們看到贏得了與客戶一起擴展的權利時，他們會以更大的交易規模獎勵我們。因此，我認為這說明了我們在更廣泛的意義上與客戶一起執行並推動這些大筆交易規模的潛力。知道了。謝謝。

(Event Instructions) Arjun Bhatia, Blair.

（活動說明）Arjun Bhatia，布萊爾。

Hi, this is [Willow Ahn] for Arjun Bhatia. Thanks for taking our question. So, I'm going to start off with the self-service A-B testing and web experimentation announcement. How are you monetizing this product, and how has early customer reception been?

大家好，我是 Arjun Bhatia 的 [Willow Ahn]。感謝您提出我們的問題。因此，我將從自助 A-B 測試和網路實驗公告開始。您如何透過該產品獲利？

It's very similar to our other products out there. We're directly selling it. We've already seen some deals that have been closed, even though WebExperiment's only been out for about a month at this point. I think the key thing with WebExperimentation is it's very friendly for marketers and growth teams, and so teams that might not have access to engineering resources to make coding changes, where they can just point and click on a website in order to run an A-B test. We've already monetized it in a few of our enterprise deals, and I think it's a great combination with our traditional server-side experimentation and feature flagging.

它與我們的其他產品非常相似。我們是直接賣的。我們已經看到一些交易已經完成，儘管 WebExperiment 目前只推出了大約一個月。我認為 WebExperimentation 的關鍵在於它對行銷人員和成長團隊非常友好，因此可能無法存取工程資源來進行編碼更改的團隊，他們只需指向並單擊網站即可運行 A-B 測試。我們已經在一些企業交易中將其貨幣化，我認為它與我們傳統的伺服器端實驗和功能標記完美結合。

Can you comment on the competitive environment? Has there been changes? Are you seeing new players you haven't traditionally seen, like marketing players, for example?

能評論一下競爭環境嗎？有變化嗎？您是否遇到了傳統上沒有見過的新參與者，例如行銷參與者？

I'd repeat the themes that I've been talking about the last few quarters, which is that both versus the legacy MarTech players as well as versus the point solutions, there is a drive towards consolidation and a drive towards buying the next generation stack. Part of the reason that we're being so aggressive with launching these other products, Web Experimentation, the Command AI Acquisition, we're going to be getting out Mobile Session Replay soon, is because there's a lot of asks for consolidation from our customer base where they want to use all the same provider and they want to standardize on whoever they've chosen for analytics, which is us. I think the one call-out I'd say that's a little bit more interesting this quarter is we see a lot of increased dissatisfaction with Google Analytics 4, where a lot of their enterprise customers have been forced to use that for the first time for the last quarter in Q3, and they're realizing the lack of depth as well as a whole bunch of issues around the privacy side makes it so that they have to go find something else, and that's where they ended up talking to us.

我想重複過去幾季我一直在談論的主​​題，即與傳統的 MarTech 參與者以及單點解決方案相比，都存在著整合的動力和購買下一代堆疊的動力。我們如此積極地推出這些其他產品、網路實驗、命令人工智慧採集、我們很快就會推出行動會話重播，部分原因是因為我們的客戶提出了很多整合要求他們希望使用所有相同的提供商，並且希望對他們選擇的分析人員（即我們）進行標準化。我認為本季更有趣的一點是，我們看到人們對 Google Analytics 4 的不滿日益增加，許多企業客戶被迫第一次使用 Google Analytics 4。以及圍繞隱私方面的一大堆問題使得他們不得不去尋找其他東西，這就是他們最終與我們交談的地方。

Thanks for taking our questions.

感謝您回答我們的問題。

(Event Instructions) Jackson Ader, KeyBank.

（活動說明）Jackson Ader，KeyBank。

Hey guys, this is Jack Nichols on for Jackson Ader. I wanted to touch on if you guys could talk about how contract renewals are coming in relative to your expectations.

大家好，我是傑克森·阿德的傑克·尼可斯。我想談談你們是否可以談談合約續約情況與你們的期望相比如何。

I think so We are past the significant majority of the optimization from 2021 and 2022, so that's been great, and we expect to, you know, there's still a tail of them, but that's continuing to reduce as we go into Q4 and 2025 as far as the visibility we have. I think newer cohorts also tend to be healthier, both on growth and net dollar retention, so that's good. But I would caveat that overall with we are not happy with where renewal rates are at and need to continue to make progress as we go through 2025. And as we do, that will naturally lead to acceleration of business. One, a big part of our like me talking a lot about when the enterprise is to focus away from SMB and mid-market customers where you have a lot of tech startups that frankly are not doing well and so the renewal rates are adversely impacted.

我認為是的，我們已經完成了2021 年和2022 年的大部分優化，所以這很好，我們預計，你知道，仍然會有一些優化，但隨著我們進入第四季度和2025 年，優化的數量會持續減少就我們所擁有的可見度而言。我認為新的群體也往往更健康，無論是在成長還是淨美元保留方面，所以這很好。但我要警告的是，總的來說，我們對續訂率並不滿意，需要在 2025 年繼續取得進展。當我們這樣做時，這自然會導致業務加速。第一，像我這樣的人經常談論企業何時將注意力從中小企業和中端市場客戶轉移開，那裡有很多科技新創公司，坦白說，它們表現不佳，因此續訂率受到不利影響。

Great, that makes sense. Maybe as a follow-up, can you talk about kind of the levers that you can pull to increase the sales efficiency that you guys were talking about early on the call?

太好了，很有道理。也許作為後續行動，您能否談談您可以採取哪些措施來提高你們在電話會議早期討論的銷售效率？

I think it so I think it as I was saying on an earlier question I think it will naturally as a result of like we've built out the team that we need to and then as we go into Q4 in 2025 an acceleration on the top line will naturally lead to a whole bunch of metrics there improving.

我認為是的，正如我在之前的問題上所說的那樣，我認為這會很自然地發生，因為我們已經建立了我們需要的團隊，然後當我們進入 2025 年第四季度時，頂部會加速生產線自然會導致一系列指標的改善。

Do you want to? I think it's a natural evolution of how a sales force, when increasingly focused on an enterprise motion, invariably those sales cycles are longer, so you have to be a little bit more focused on delivering and proving out your value over a period of time. We're also introducing a lot of new product capabilities that are augmenting an increasingly stronger value proposition in a better-together platform story. And the sales team is getting more and more adept at demonstrating that to new and existing clients who maybe didn't think about Amplitude to solve some of those really complex problems in the past. So I think this is one where we have to be diligent, we have to be focused, and we have to be wanting to have a little bit of patience as we get better and better at that execution.

你想要_____嗎？我認為這是銷售人員的自然演變，當銷售人員越來越關注企業動態時，銷售週期總是會更長，因此您必須更加專注於在一段時間內交付和證明您的價值。我們也推出了許多新的產品功能，這些功能在更好的平台故事中增強了日益強大的價值主張。銷售團隊越來越善於向新客戶和現有客戶展示這一點，這些客戶過去可能沒有考慮過使用 Amplitude 來解決一些非常複雜的問題。所以我認為我們必須勤奮，必須專注，並且隨著我們的執行力越來越好，我們必須要有一點耐心。

Actually, just to be really clear on that, one of the big drivers that we're going to focus on in 2025 is adoption of the full platform. We are at 23% multiple product adoption, which, you know, great progress, but we need, I want to get that to 100% because we see those customers are much stickier in terms of their renewal rates, they buy way more, they get to much higher ASPs, there's just a lot more value created from buying the whole platform, so that's going to be a really big focus of ours.

實際上，要明確這一點，我們在 2025 年要關注的主要驅動因素之一是完整平台的採用。我們的多種產品採用率達到 23%，這是巨大的進步，但我們需要，我希望達到 100%，因為我們看到這些客戶在續訂率方面更具黏性，他們購買更多，他們獲得更高的平均售價，購買整個平台會創造更多的價值，所以這將成為我們的重點。

Thank you guys for answering.

謝謝你們的回答。

Elizabeth Porter, Morgan Stanley.

伊莉莎白‧波特，摩根士丹利。

Great. Thank you so much. I wanted to ask on the command AI acquisition. It sounds like there has been a lot of disruption in the space also with a walkme kind of taken out. So I just wanted to get your view on how bright this market is for consolidation and what the go-to-market process looks like there.

偉大的。太感謝了。我想問一下關於AI指令取得的問題。聽起來這個空間已經發生了很多混亂，隨身聽也被拿走了。所以我只是想了解這個市場的整合前景如何，以及那裡的上市流程是什麼樣的。

Very, very right for consolidation. The reason we did this acquisition is because our customers have been asking us for a consolidated solution. It makes no sense to run a standalone tool, whether that be WalkMe or something else. They'd much rather integrate it all on one platform, not just because there's lower cost of ownership, but because you can target users a lot better. So if you have the analytics data, you know when and where to send a nudge or a pop-up to the user, as opposed to just kind of blanket spamming your entire customer base. So yeah, I think we're going to see quite a bit of adoption of it as we launch it next year.

非常非常適合整合。我們進行這次收購的原因是因為我們的客戶一直要求我們提供統一的解決方案。運作獨立工具是沒有意義的，無論是 WalkMe 或其他工具。他們更願意將所有內容整合在一個平台上，不僅因為擁有成本較低，而且因為您可以更好地定位用戶。因此，如果您擁有分析數據，您就知道何時何地向用戶發送推播或彈出窗口，而不是向整個客戶群發送垃圾郵件。所以，是的，我認為當我們明年推出它時，我們將會看到它被大量採用。

Great. And then just as a follow-up, I wanted to touch on the pipeline. Understanding there's still two months left in the year, how would you characterize the pipeline thus far heading into 2025 relative to the year-or-no period?

偉大的。然後作為後續行動，我想談談管道。今年還剩兩個月，您如何描述迄今為止進入 2025 年的管道相對於“一年或一年”時期的特徵？

It's early to call it out for 2025. I'd say Q4 we're entering with strong pipelines, so that's good to see. Obviously a bunch of work on the execution front to convert it. And the early signals that we see in Q1 and Q2 are similar, but it's early to say exactly where we'll land. I do want to call out, from a pipeline standpoint, we are in a much better spot than we were a year or two ago in terms of the repeatability of our processes. And also in terms of the enterprise out, I think before, we were kind of bucketing everything all in the same where you know, you have S&B and midmarket pipeline be like, oh, we hit our pipeline number when actually, you know, not high enough percentage of it is quality enterprise pipeline. We've since changed that. And so there's a much, much stronger enterprise pipeline.

現在就宣布 2025 年為時過早。我想說的是，我們進入第四季時有強大的管道，所以很高興看到這一點。顯然，在執行方面需要進行大量工作來轉換它。我們在第一季和第二季看到的早期訊號是相似的，但現在確切地說我們將落在哪裡還為時過早。我確實想指出，從管道的角度來看，在流程的可重複性方面，我們比一兩年前要好得多。而且就企業而言，我認為以前，我們有點把所有東西都放在同一個地方，你知道，你有 S&B 和中端市場管道，哦，我們達到了管道數量，但實際上，你知道，不是其中足夠高的比例是優質企業管道。我們已經改變了這一點。因此，企業通路更加強大。

Great. Thank you.

偉大的。謝謝。

Clark Wright, D.A. Davidson.

克拉克·賴特，D.A.戴維森。

So, quick question in terms of the long-term RPO number. Accelerated to 49% year-over-year. That's pretty astonishing, given kind of the buying environments and what you're talking about. I'd love to kind of maybe dig into that, what you're seeing, if it's more of the long-term commitments by the enterprises or if it's directly an outcome of your enterprise go-to-market motion changes. Is there anything to call it there? And then I'll have one follow-up.

那麼，關於長期 RPO 數字的快速問題。年比加速至49%。考慮到購買環境和您所談論的內容，這真是令人驚訝。我很想深入研究你所看到的，如果它更多的是企業的長期承諾，或者它是否是你的企業進入市場運動變化的直接結果。那裡有什麼可以稱呼的嗎？然後我會進行一項後續行動。

So I can take that one, Spencer. It absolutely is a result of the focus we've had on building stronger, deeper relationships with clients, aligning our contracts to how customers view their value accretion over a period of time. Enterprises buy in very different ways than SMB and mid-market do. They don't consider a new vendor or an existing vendor for those types of contracts without having really understood how best to partner with them to drive that long-term value. It's one that we want to do that as well with our clients because it enables us to have, as you surmise, a much better view on the long-term revenue. It gives us greater predictability, and I think it gives us a lot of confidence that we're doing things in the right way, especially since most of those contracts, those customers, have bought into the full platform.

所以我可以接受那個，史賓塞。這絕對是我們專注於與客戶建立更牢固、更深層關係的結果，使我們的合約與客戶如何看待他們在一段時間內的價值增值保持一致。企業的購買方式與中小企業和中端市場截然不同。在沒有真正了解如何最好地與他們合作以推動長期價值的情況下，他們不會考慮為此類合約選擇新供應商或現有供應商。我們也希望與我們的客戶一起這樣做，因為正如您所猜測的那樣，這使我們能夠更好地了解長期收入。它給了我們更大的可預測性，我認為這給了我們很大的信心，讓我們相信我們正在以正確的方式做事，特別是因為大多數合約和客戶都已經購買了整個平台。

And then just following up, are you assuming anything in terms of 4Q from IT budget flushes, or does that represent potential upside?

接下來，您是否對第四季度的 IT 預算激增做出了任何假設，或者這是否代表了潛在的上升空間？

I wouldn't say we've geared our guidance based upon any form of expectations on budget flushes.

我不會說我們的指導是基於任何形式的預算激增預期。

Got it.

知道了。

Thank you.

謝謝。

Great. With that, I'm seeing no further questions in queue. Thank you very much. We know it's a very busy night for earnings. We appreciate so many of you joining the call today. will be in RBC Capital Markets Global TMT Conference in November and at the UBS Global Technology and AI Conference and the Scotiabank Global Technology Conference in December. Details will be posted on our IR website. Thank you very much for attending our Q3 earnings conference call. You may now disconnect.

偉大的。至此，我發現隊列中不再有任何問題了。非常感謝。我們知道對於收入來說這是一個非常繁忙的夜晚。我們感謝你們今天加入電話會議。將於 11 月參加加拿大皇家銀行資本市場全球 TMT 會議，以及 12 月參加瑞銀全球技術與人工智慧會議和豐業銀行全球技術會議。詳細資訊將發佈在我們的 IR 網站上。非常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。