Amplitude Inc (AMPL) 2025 Q1 法說會逐字稿

Good afternoon, everyone, and welcome to Amplitude's first quarter 2025 earnings conference call. I'm John Streppa, Head of Investor Relations, and joining me today are Spenser Skates, CEO and Co-Founder of Amplitude, and Andrew Casey, Chief Financial Officer.

大家下午好，歡迎參加 Amplitude 2025 年第一季財報電話會議。我是投資者關係主管 John Streppa，今天與我一起出席的還有 Amplitude 執行長兼聯合創辦人 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 second quarter and full year 2025, the expected performance of our products, our expected quarterly and long-term growth, investments, and our overall future prospects.

在今天的電話會議上，管理層將做出前瞻性陳述，包括有關我們對 2025 年第二季度和全年財務前景、我們產品的預期表現、我們預期的季度和長期增長、投資以及我們整體未來前景的陳述。

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.

這些前瞻性陳述是基於當前資訊、假設和預期，並受風險和不確定性的影響，其中一些是我們無法控制的，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 statements after today's call except as required by law.

有關可能導致實際結果不同的風險的更多資訊包含在我們向美國證券交易委員會提交的文件中。請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 on 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 prepared in accordance with GAAP.

在今天的電話會議上使用的某些財務指標是以非公認的會計準則為基礎。我們在內部使用這些非公認會計準則財務指標來促進我們的財務和業務趨勢的分析以及用於內部規劃和預測目的。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 編制的財務資訊。

Additional information regarding these non-GAAP financial measures and a reconciliation between these GAAP and non-GAAP financial measures are included in our earnings press release and the supplemental financial information which can be found on our investor relations website at investors.amplitude.com.

有關這些非 GAAP 財務指標的更多資訊以及這些 GAAP 和非 GAAP 財務指標之間的對帳包含在我們的收益新聞稿和補充財務資訊中，這些資訊可以在我們的投資者關係網站 investors.amplitude.com 上找到。

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

說完這些，我就把電話交給史賓塞。

Thanks, John. Good afternoon, everyone, and welcome to Amplitude's First Quarter 2025 Earnings Call. Today, I'll go through three key areas. First, our Q1 results in the reacceleration of our business. Second, our platform strategy, and how we are winning the enterprise. And last, product innovation and customer stories.

謝謝，約翰。大家下午好，歡迎參加 Amplitude 2025 年第一季財報電話會議。今天，我將討論三個關鍵領域。首先，我們的第一季業績實現了業務的再次加速。第二，我們的平台策略，以及我們如何贏得企業。最後，產品創新和客戶故事。

Let's start with our Q1 results. We exceeded the midpoint of our revenue and operating loss guidance. Our first quarter revenue was $80 million, up 10% year-over-year. Annual recurring revenue was $320 million, up 12% year-over-year, and up $8 million from last quarter.

讓我們從第一季的業績開始。我們的收入和營業虧損超過了預期的中點。我們第一季的營收為 8000 萬美元，年增 10%。年度經常性收入為 3.2 億美元，年增 12%，比上一季成長 800 萬美元。

Non-GAAP operating loss was $2.1 million. Customers with more than $100,000 in ARR grew to 617, an increase of 18% year-over-year. We are reaccelerating the business. We are growing through platform deals and focus on the enterprise. We are also continuing to improve churn. 2025 is the year of the platform. Every company needs data they can trust, an understanding of their customers and ways to take action.

非公認會計準則營業虧損為 210 萬美元。年平均收入 (ARR) 超過 10 萬美元的客戶成長至 617 位，較去年同期成長 18%。我們正在重新加速業務發展。我們透過平台交易實現成長並專注於企業。我們也持續改善客戶流失率。 2025 年是平台之年。每家公司都需要可信賴的數據、對客戶的了解以及採取行動的方法。

During Q1, we saw more enterprise customers embracing our full digital analytics platform, leading to stronger multiproduct attach rates, more multiyear deals and wider usage across teams. Multiproduct customers now make up 30% of our installed base, and 64% of our total ARR. We are seeing strong enterprise momentum overall. We landed new customers like Hertz and the Economist Group and almost two-thirds of our ARR base comes from enterprise customers.

在第一季度，我們看到更多的企業客戶採用我們的完整數位分析平台，從而帶來了更高的多產品附加率、更多的多年期交易和跨團隊更廣泛的使用。多產品客戶目前占我們安裝基數的 30%，占我們總 ARR 的 64%。我們看到企業整體發展勢頭強勁。我們獲得了赫茲和經濟學人集團等新客戶，我們的 ARR 基礎的近三分之二來自企業客戶。

These deals are bigger and more likely to expand in the future. We have also created a new strategic enterprise accounts team to focus on our top 30 customers and top 30 prospects. That effort is already paying off in Q1, with stronger executive relationships, and more multiproduct wins. We are making steady progress on churn and are past the worst of it.

這些交易規模更大，而且未來更有可能擴大。我們還成立了一個新的策略企業客戶團隊，專注於我們的前 30 名客戶和前 30 名潛在客戶。這項努力已在第一季獲得回報，高階主管關係更加牢固，多產品勝利也更多。我們在客戶流失方面正在取得穩步進展，並且已經度過了最艱難的時期。

Our dollar based net retention reached 101% in Q1, up 5 points from its lowest level in Q2 of last year. As the macro remains challenging, our priority is helping customers derive value from the Amplitude platform as quickly as possible.

我們第一季的美元淨留存率達到了 101%，比去年第二季的最低水準上升了 5 個百分點。由於宏觀經濟依然充滿挑戰，我們的首要任務是幫助客戶盡快從 Amplitude 平台獲取價值。

Moving on to product innovation. When we spoke during Q4 earnings, we had just launched our newest product Guides and Surveys. Guides and Surveys helps customers deliver in-product guidance and feedback that is deeply personalized, a far cry from static pop-ups. It is built on our analytics foundation and is a prime example of how to move from insights to action quickly.

持續進行產品創新。當我們在第四季度收益報告期間進行交談時，我們剛剛推出了最新產品指南和調查。指南和調查可幫助客戶提供高度個人化的產品內指導和回饋，與靜態彈出視窗相去甚遠。它建立在我們的分析基礎上，是如何快速地從洞察轉向行動的典型例子。

Since then, there has been a phenomenal response. We have seen faster adoption, and more incremental ARR in the first quarter than for any other new product to-date, including Experiment and Session Replay, which were very successful in their own right. We've already displaced a number of point solutions and legacy tools with Guides and Surveys, and it is becoming a core element of our platform story. We are getting better at adding to the Amplitude platform.

自那時起，就出現了驚人的迴響。我們看到，第一季的採用速度和增量 ARR 比迄今為止的任何其他新產品都要快，包括 Experiment 和 Session Replay，它們本身就非常成功。我們已經用指南和調查取代了許多點解決方案和遺留工具，它正在成為我們平台故事的核心要素。我們在擴展 Amplitude 平台方面做得越來越好。

In Q1, we also shipped self-serve data deletion, heatmaps, Session Replay for Mobile, and Session Replay Everywhere. Now Session Replay is embedded across the entire Amplitude platform including Analytics, Experiments and Guides and Surveys.

在第一季度，我們還推出了自助資料刪除、熱圖、行動會話重播和隨處會話重播等功能。現在，會話重播已嵌入整個 Amplitude 平台，包括分析、實驗、指南和調查。

Last year we saw the increased influence that marketing leaders had on enterprise deals. To be successful, marketers need to look at the same user data, evaluate the end-to-end customer journey and leverage capabilities outside of Analytics in the same platform. Legacy marketing solutions are not set up to do that. We are making two announcements next week specifically for marketers.

去年，我們看到行銷領導者對企業交易的影響力日益增強。為了獲得成功，行銷人員需要查看相同的用戶數據，評估端到端的客戶旅程，並在同一平台上利用分析以外的功能。傳統的營銷解決方案無法做到這一點。下週我們將專門針對行銷人員發布兩項公告。

First, on Wednesday, May 14, we are launching a series of platform updates that enable marketers to understand conversion, product adoption and customer lifetime value and retention. Our goal is to eliminate the blind spots created by traditional marketing analytics tools.

首先，5 月 14 日星期三，我們將推出一系列平台更新，使行銷人員能夠了解轉換率、產品採用率以及客戶終身價值和保留率。我們的目標是消除傳統行銷分析工具造成的盲點。

Second, we are joining Twilio at SIGNAL, their annual user conference, also on Wednesday to announce that Amplitude is now segment's recommended analytics platform.

其次，我們將於週三與 Twilio 一起參加其年度用戶大會 SIGNAL，並宣布 Amplitude 現已成為該領域推薦的分析平台。

To give you a better idea of what we're releasing, I'd like to show you our latest marketing updates in action. For this demo, I'm an e-commerce marketer looking to increase customer purchases. This screen shows my advertising performance. There are prebuilt metrics on the screen from impressions to customer acquisition cost and return on ad spend so I can best understand my best and worst performing channels.

為了讓您更了解我們發布的內容，我想向您展示我們最新的行銷更新。對於這個演示，我是一名希望增加客戶購買量的電子商務行銷人員。此畫面顯示了我的廣告成效。螢幕上有預先建立的指標，從印像到客戶獲取成本和廣告支出回報率，因此我可以最好地了解我表現最好和最差的管道。

I also see a problem. I'm getting thousands of visitors, but less than 5% of customers make purchases. Why is that? Instead of guessing or needing to switch to another point solution, I can use Amplitude's heatmaps to find out more.

我也看到一個問題。我有成千上萬的訪客，但只有不到 5% 的顧客購買。這是為什麼？我可以使用 Amplitude 的熱圖來了解更多信息，而不需要猜測或切換到另一個點解決方案。

This visual shows my website with hotspots representing customer activity. I can understand where users are engaging and where they're getting stuck. I just found out that this top banner here gets a ton of clicks. I'd like to experiment with new messaging to see if that will drive more purchases. Can do this all on the same screen and Amplitude.

此圖顯示了我的網站上代表客戶活動的熱點。我可以了解用戶在哪裡參與以及在哪裡遇到困難。我剛剛發現這裡的頂部橫幅獲得了大量點擊。我想嘗試新的訊息傳遞方式，看看是否能帶來更多購買。可以在同一個畫面和 Amplitude 上完成所有這些操作。

I highlight and click the banner, and then I can launch an Experiment. What you see now is the visual editor. I can select elements like the banner, update the copy with a new promo code, and go ahead and deploy that Experiment.

我突出顯示並點擊橫幅，然後我就可以啟動實驗。現在您看到的是可視化編輯器。我可以選擇橫幅等元素，用新的促銷代碼更新副本，然後繼續部署實驗。

Finally, still within Amplitude, I see my Experiment results. Users who see the new banner messaging are converting at a higher rate. What you just saw is not possible with any other tool out there, only Amplitude. We want Amplitude to be the default platform for marketers everywhere.

最後，仍然在 Amplitude 中，我看到了我的實驗結果。看到新橫幅訊息的用戶的轉換率更高。您剛才看到的效果是其他任何工具都無法實現的，只有 Amplitude 可以實現。我們希望 Amplitude 成為世界各地行銷人員的預設平台。

At Investor Day, we shared our vision for Amplitude AI agents. Our agents turn Amplitude into a team of experts you lead. These agents are monitoring your data, looking for changes, doing a root cause analysis, watching sessions, forming a hypothesis, suggesting experiments, taking your feedback, shipping changes, monitoring the impact, and then repeating the cycle over again.

在投資者日，我們分享了對 Amplitude AI 代理的願景。我們的代理商將 Amplitude 轉變為由您領導的專家團隊。這些代理正在監控您的數據、尋找變化、進行根本原因分析、觀察會話、形成假設、提出實驗、獲取您的反饋、發送更改、監控影響，然後再次重複該循環。

On June 10, we're hosting an event in San Francisco where we'll announce the closed beta of agents. We will welcome other leading AI companies on stage with us and show some product demos of what Amplitude agents can do, including agents that automatically and iteratively use Analytics and Session Replays for deep analysis to find the root cause of issues.

6 月 10 日，我們將在舊金山舉辦一場活動，宣布特工的封閉測試版。我們將歡迎其他領先的人工智慧公司與我們同台，展示 Amplitude 代理可以執行的一些產品演示，包括自動和迭代使用分析和會話重播進行深入分析以找出問題根本原因的代理。

Agents that automatically create hundreds of variants of the same website to see which performs the best. Agents that automatically create user guides to walk customers through your product. This is the first agent in the data space that is doing anything meaningful beyond code and SQL generation. Our customers are excited about it too. Agents was the top voted new product at multiple of our customer advisory boards this year. Let us know if you'd like an invitation to the June 10 event. I'd love to see you there.

代理商會自動建立同一網站的數百個變體，以查看哪個變體的效果最佳。代理商會自動建立使用者指南來引導客戶了解您的產品。這是資料空間中第一個除了程式碼和 SQL 產生之外還能做其他有意義的事情的代理。我們的客戶也對此感到興奮。Agents 是我們今年在多個客戶諮詢委員會上投票最多的新產品。如果您想獲得 6 月 10 日活動的邀請，請告知我們。我很高興在那裡見到你。

We had a great quarter for new and expansion deals, with enterprise customers including The Economist Group, Hertz, Atlassian, Joe & the Juice, First Horizon Bank, WHOOP, 1Password, Away, Lamond, Syngenta, Zocdoc, and Appfire. I want to talk about three of them in more detail.

本季度，我們在新交易和擴張交易方面表現出色，企業客戶包括經濟學人集團、赫茲、Atlassian、Joe & the Juice、First Horizo​​n Bank、WHOOP、1Password、Away、Lamond、先正達、Zocdoc 和 Appfire。我想更詳細地談談其中三個。

The Economist Group chose Amplitude as its full platform solution to power its digital analytics and experimentation strategy. Like many media organizations, The Economist Group was navigating a complex shift from print to digital and struggling with disconnected tools and low data adoption. Its teams were stitching together insights across analytics providers, warehouses and other point solutions. This made answering even the most basic customer journey questions time-consuming and inconsistent.

經濟學人集團選擇 Amplitude 作為其全平台解決方案，以支援其數位分析和實驗策略。與許多媒體機構一樣，經濟學人集團正在經歷從印刷到數位的複雜轉變，並面臨工具脫節和數據採用率低的問題。其團隊正在整合來自分析提供者、倉庫和其他點解決方案的見解。這使得回答即使是最基本的客戶旅程問題也變得耗時且不一致。

The Economist Group adopted Analytics, Experiment, Session Replay and Guides and Surveys to bring insights and actions together in one place. It now has a single platform to understand how users engage across all its digital properties. Its teams can analyze what drives subscriptions, test experiences in real-time and build smarter engagement flows.

經濟學人集團採用分析、實驗、會話重播以及指南和調查，將見解和行動匯集到一個地方。現在，它擁有一個單一平台來了解用戶如何參與其所有數位資產。其團隊可以分析訂閱的驅動因素、即時測試體驗並建立更聰明的參與流程。

Syngenta is a global ag tech company that helps millions of farmers grow food. Their applications help farmers understand when and how to plant different foods in their local geographies to produce better yields. Syngenta adopted Amplitude in 2021. Today, almost 300 employees use our platform to understand how users differ across regions so they can tailor the experience.

先正達是全球農業科技公司，幫助數百萬農民種植糧食。他們的應用程式可以幫助農民了解何時以及如何在當地種植不同的食物以獲得更好的產量。先正達於 2021 年採用了 Amplitude。如今，近 300 名員工使用我們的平台來了解不同地區用戶的差異，以便他們能夠自訂體驗。

In Q1, Syngenta added Guides and Surveys. Now its team will be able to gather user feedback through NPS and promote key events in a timely, targeted way. This will help its team improve user engagement and increase feature adoption.

在第一季度，先正達增加了指南和調查。現在，其團隊將能夠透過 NPS 收集用戶回饋，並及時、有針對性地推廣關鍵事件。這將有助於其團隊提高用戶參與度並增加功能採用率。

Joe and the Juice, the international juice bar and coffee shop chain, was facing rising demand. The team turned to digital channels and Amplitude to help grow same-store sales. Joe and the Juice realized that its app could be a key tool for driving orders and improving the customer experience at pickup. The team added Experiment and Activation to its existing Amplitude stack and was able to optimize their customer journey. Joe and the Juice can now personalize the ordering and picking up experience for each individual customer. Having all of its data in one place allows the team to move fast, iterate quickly and increase order sizes.

國際果汁吧和咖啡店連鎖店 Joe and the Juice 面臨著不斷增長的需求。該團隊利用數位管道和 Amplitude 來幫助增加同店銷售額。Joe and the Juice 意識到其應用程式可以成為推動訂單和改善客戶取貨體驗的關鍵工具。該團隊在其現有的 Amplitude 堆疊中添加了實驗和激活，並能夠優化他們的客戶旅程。Joe and the Juice 現在可以為每位顧客提供個人化的訂購和取貨體驗。將所有資料集中在一個地方可以讓團隊快速行動、快速迭代並增加訂單量。

Before I hand it over to Andrew, I want to reiterate our continued progress in growing Amplitude. We have successfully returned to double-digit revenue growth. We are the complete end-to-end digital analytics platform for the enterprise. Customers can now use Amplitude to replace any point solution on the market, and we continue to expand the platform's features and functionalities at scale.

在將其交給安德魯之前，我想重申我們在發展 Amplitude 方面取得的持續進展。我們已成功恢復兩位數的營收成長。我們是面向企業的完整端到端數位分析平台。客戶現在可以使用 Amplitude 來替換市場上的任何點解決方案，我們將繼續大規模擴展該平台的特性和功能。

We have also deepened our customer relationships, improved our operational efficiency and created a sustainable growth business. I am proud of the Amplitude team for their focus and dedication in Q1. While there is always more for us to do, we will continue to execute regardless of any changes in the macro environment.

我們也加深了客戶關係，提高了營運效率，創造了永續成長的業務。我為 Amplitude 團隊在第一季的專注和奉獻感到自豪。儘管我們還有很多事情要做，但無論宏觀環境如何變化，我們都將繼續執行。

Thank you for your interest and Amplitude. I'll now hand it over to Andrew to walk through our financial results.

感謝您的關注和 Amplitude。現在我將把時間交給安德魯來介紹我們的財務表現。

Thank you, Spenser, and good afternoon, everyone. I'm pleased with our execution in the first quarter, setting the stage for a strong year as we set out to expand our enterprise customer base and extend the reach of our platform. During our last earnings call we shared our plans to accelerate the growth of our business and that growth would come with greater leverage.

謝謝你，史賓塞，大家下午好。我對我們第一季的業績感到滿意，這為我們擴大企業客戶群和擴展平台覆蓋範圍的強勁發展奠定了基礎。在我們上次的收益電話會議上，我們分享了加速業務成長的計劃，並且成長將帶來更大的槓桿作用。

Our first quarter results are another proof point of the improved execution that our teams exhibiting as both revenue growth and operating income outperformed expectations. The first quarter also showed that we are becoming more strategic partners with our enterprise customers. With total RPO accelerating to 30% growth year-over-year, and long-term RPO accelerating to 72% growth year-over-year.

我們第一季的業績再次證明了我們的團隊執行力的提高，收入成長和營業收入都超出了預期。第一季也表明，我們正在與企業客戶建立更策略性的合作關係。其中整體RPO年增30%，長期RPO年增72%。

We are confident in our strategy as a platform of choice for customers looking to consolidate spend across vendors and believe that we can accelerate our growth without meaningful improvement or clarity in the macro environment. As we explained in our Investor Day, we are focused on two levers to accelerate growth and get more leverage out of our business.

我們對我們的策略充滿信心，作為尋求整合跨供應商支出的客戶的首選平台，並相信我們可以在宏觀環境沒有顯著改善或明朗的情況下加速成長。正如我們在投資者日所解釋的那樣，我們專注於兩個槓桿來加速成長並從我們的業務中獲得更多槓桿。

First, our sellers are focused on the enterprise customer, which we define as customers with greater than 1,000 employees or over $100 million in revenue. Here we had a great quarter from both landing new accounts as well as expanding additional accounts. As Spenser highlighted in his remarks, our push to extend into the marketing persona is directly related to this goal.

首先，我們的賣家專注於企業客戶，我們將其定義為員工人數超過 1,000 人或收入超過 1 億美元的客戶。本季度，我們在獲得新客戶和拓展額外客戶方面均取得了出色的成績。正如斯賓塞在演講中所強調的那樣，我們努力拓展行銷角色與這一目標直接相關。

Enterprises are looking across teams to drive additional growth and improve their customer journey. Our platform can give marketers and product owners a single view into that customer journey and offer differentiated data that can help product owners optimize their in-product experiences. This this gives the marketers unique insights into the behavioral aspects of their customers they've never been able to activate before.

企業正在尋求跨團隊來推動進一步成長並改善客戶旅程。我們的平台可以讓行銷人員和產品所有者對客戶旅程有一個單一的視圖，並提供差異化數據，幫助產品所有者優化他們的產品內體驗。這為行銷人員提供了對客戶行為的獨特見解，而這些方面是他們以前從未能夠啟動的。

The second growth lever is to extend the reach of our platform into all of our customers. Again, this quarter was strong with 30% of our customers being on multiproduct, compared to 21% last year. Our platform works better together and we will continue to sell the platform across both our current customer base as well as new lands. In the first quarter, 42% of our new enterprise customers landed as multiproduct, which is great progress.

第二個成長槓桿是將我們平台的覆蓋範圍擴展到所有客戶。本季表現同樣強勁，30% 的客戶使用多種產品，而去年這一比例為 21%。我們的平台協同工作效果更好，我們將繼續在現有客戶群和新客戶群中銷售該平台。第一季度，我們 42% 的新企業客戶都選擇了多產品，這是一個巨大的進步。

As we increase our enterprise customer base and expand the adoption of our platform, we are becoming more strategic partners with our customers. Contract duration is a key focus for us as it represents customers' commitments to our roadmap and the value they receive.

隨著我們企業客戶群的增加和平台採用範圍的擴大，我們正在與客戶成為更具策略性的合作夥伴。合約期限是我們關注的重點，因為它代表了客戶對我們的路線圖的承諾以及他們獲得的價值。

As we extend the duration of our contracts, we give ourselves greater opportunity to deliver value before renewal. This also provides us greater time to earn the opportunity to expand with customers through sales of additional products. We had a strong renewal quarter and we managed to extend our average contract duration in many of these renewals.

隨著合約期限的延長，我們在續約前有更大的機會實現價值。這也為我們提供了更多時間透過銷售附加產品來贏得與客戶共同拓展的機會。我們的續約季度表現強勁，並且我們成功延長了許多續約合約的平均期限。

Lastly, I want to touch on our ability to drive greater leverage within our business. I'm pleased with our outperformance in the first quarter from our initial expectation, and we will continue to look for additional opportunities to create greater efficiencies. We are focused on a profitable business model and will continue to make incremental improvements each quarter.

最後，我想談談我們在業務中發揮更大槓桿作用的能力。我對我們第一季超出最初預期的表現感到滿意，我們將繼續尋找更多機會來提高效率。我們專注於獲利的商業模式，並將每季繼續不斷改進。

Turning to our first-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 GAAP and non-GAAP results can be found in our earnings press release and the supplemental financials on our IR website.

談談我們的第一季業績。提醒一下，我將要討論的所有財務結果（除收入外）都是非 GAAP 的。我們的 GAAP 財務結果以及 GAAP 和非 GAAP 結果之間的對帳可以在我們的收益新聞稿和 IR 網站上的補充財務報表中找到。

First-quarter revenue was $80 million, up 10% year-over-year and 2% quarter-over-quarter. Total ARR increased to $320 million exiting the first quarter, an increase of 12% year-over-year and $8 million sequentially. Here are more details on the key elements. We had a strong new customer quarter, reflecting balance with expansions. However, macro uncertainty will continue to make every new logo challenging.

第一季營收為 8,000 萬美元，年增 10%，季增 2%。第一季末，總 ARR 增至 3.2 億美元，年增 12%，比上一季成長 800 萬美元。以下是有關關鍵要素的更多詳細資訊。本季度，我們新客戶數量表現強勁，體現了與擴張之間的平衡。然而，宏觀的不確定性將繼續為每個新標誌帶來挑戰。

The number of customers representing 100,000 or more of ARR in Q1 grew to 617, an increase of 18% year-over-year. In-period NRR was 101%, a 1 point increase sequentially. NRR on a trailing 12-month basis was 98%. We continue to make progress on improvements and retention and continue to expect NRR will increase throughout 2025 as we drive greater expansion opportunities.

第一季 ARR 達到或超過 10 萬的客戶數量成長至 617 家，較去年同期成長 18%。期內NRR為101%，較上一季增加1個百分點。過去 12 個月的 NRR 為 98%。我們在改進和保留方面繼續取得進展，並繼續預計隨著我們推動更大的擴張機會，NRR 將在 2025 年全年增加。

Gross margin was 77% for the first quarter, in line with the last quarter. Sales and marketing expenses were 45% of revenue, a slight decrease year-over-year, but up slightly sequentially as we had some one-time events in the first quarter to prepare for the year, such as our sales kickoff. We continue to focus on improving sales efficiencies, driving improvements through our changes in our processes, coverage and expansion of the enterprise customers.

第一季毛利率為77%，與上一季持平。銷售和行銷費用佔收入的 45%，年比略有下降，但環比略有上升，因為我們在第一季有一些一次性活動為今年做準備，例如我們的銷售啟動。我們持續致力於提高銷售效率，透過改變流程、覆蓋範圍和擴大企業客戶來推動改善。

G&A was 15% of revenue, in line with first quarter 2024. G&A will continue to be optimized to improve as a percentage of revenue over time. R&D was 19% of revenue, up 1 percentage point sequentially, primarily due to the acquisition of Command AI.

一般及行政費用佔營收的 15%，與 2024 年第一季持平。總體及行政費用將持續優化，以隨著時間的推移提高其在收入中的佔比。研發佔營收的 19%，比上一季成長 1 個百分點，主要是因為收購了 Command AI。

Total operating expenses were $63 million 79% of revenue, up 2 percentage points sequentially, primarily due to the aforementioned increases in sales and marketing and our acquisition of Command AI. Operating loss was a negative $2.1 million or [2.6%] of revenue, which was approximately $2.4 million better than the midpoint of our guidance.

總營運費用為 6,300 萬美元，佔營收的 79%，比上一季成長 2 個百分點，主要由於上述銷售和行銷的成長以及我們對 Command AI 的收購。營業虧損為負 210 萬美元，佔營收的 [2.6%]，比我們預期的中位數高出約 240 萬美元。

Net loss per share was $0, based on 129.7 million basic shares, compared to net income per share of $0.01 with 130.9 million diluted shares a year ago. Free cash flow in the quarter was negative $9.2 million or 12% of revenue, compared to negative $1.1 million, or 2% of revenue a year ago. This was largely driven by our annual bonus payout, which we expected during the quarter. Going forward, we will shift to a semi-annual payment framework, under which the first payment is expected to occur in the third quarter of 2025.

基於 1.297 億股基本股，每股淨虧損為 0 美元，而去年每股淨收益為 0.01 美元，基於 1.309 億股稀釋股。本季自由現金流為負 920 萬美元，佔營收的 12%，去年同期為負 110 萬美元，佔營收的 2%。這主要是因為我們預計本季會發放年度獎金。展望未來，我們將轉向半年付款框架，預計第一筆付款將在 2025 年第三季進行。

Now turning to our outlook, we have built our business to be more resilient, through both our product positioning as a platform of choice when customers are looking to consolidate spend, and by focusing on operational excellence, we have oriented the business for positive free cash flow, and non-GAAP profitability.

現在轉向我們的展望，我們透過將我們的產品定位為客戶尋求整合支出時的首選平台，並透過專注於卓越運營，使我們的業務更具彈性，我們已將業務導向正自由現金流和非 GAAP 盈利能力。

We continue to operate our business with a focus on investing in areas that we see real return with ROI for our customers. We are not assuming a positive inflection in the macro environment, and believe it will continue to be challenging in the near future. However, we are encouraged by the proof points we are seeing from the strategic changes we've made to our business.

我們將繼續經營我們的業務，並專注於那些能夠為客戶帶來真正回報的領域。我們並不認為宏觀環境會出現正面的變化，並相信在不久的將來宏觀環境仍將充滿挑戰。然而，我們從業務策略變化中看到的證據令我們感到鼓舞。

We expect that every new logo will continue to be tough and buyer scrutiny has not shifted positive over the past six months. As we get through the larger levels of churn, we continue to address structural issues in our go-to-market motion to influence greater retention and incent deep adoption of our platform.

我們預計，每個新標誌都將繼續面臨挑戰，並且過去六個月中買家的審查並沒有發生積極的變化。隨著我們克服了更大程度的客戶流失問題，我們將繼續解決市場進入過程中的結構性問題，以影響更大的保留率並激勵對我們平台的深度採用。

However, the digital channel remains an important investment as ever with companies trying to get deeper connections with their customers. We are building a durable enterprise SaaS business that is enabling us to drive growth as we deliver increasing value to our customers.

然而，對於試圖與客戶建立更深層聯繫的公司來說，數位管道仍然是一項重要的投資。我們正在建立持久的企業 SaaS 業務，這使我們能夠在為客戶提供不斷增加的價值的同時推動成長。

For the second quarter of 2025, we expect revenues to be between $80.3 million and $82.3 million, representing an annual growth rate of 11% at the midpoint. We expect non-GAAP operating loss to be between negative $2.9 million and negative $0.9 million, and we expect non-GAAP net income per share, to be between negative $0.01 and positive $0.01 assuming basic weighted average shares outstanding of approximately 132 million and diluted weighted average shares outstanding 139 million respectively.

對於 2025 年第二季度，我們預計營收將在 8,030 萬美元至 8,230 萬美元之間，中間年增長率為 11%。我們預計非公認會計準則營業虧損將在負 290 萬美元至負 90 萬美元之間，我們預計非公認會計準則每股淨收益將在負 0.01 美元至正 0.01 美元之間，假設基本加權平均流通股約為 1.32 億股，稀釋加權平均流通股數為 1.39 億。

For the full year 2025, we are raising our revenue expectation due to the outperformance in the first quarter to be between $329 million and $333 million, an annual growth rate of 10.5% at the midpoint. We are also increasing our outlook for non-GAAP operating income to be between $0 and positive $5 million, reflecting our focus on growth with leverage. We expect non-GAAP net income per share to be between $0.05 and $0.10 assuming weighted average shares outstanding of approximately 141 million as measured on a fully diluted basis.

對於 2025 年全年，由於第一季的優異表現，我們上調了收入預期，預計收入將在 3.29 億美元至 3.33 億美元之間，中位數年增長率為 10.5%。我們也將非公認會計準則營業收入預期上調至 0 至正 500 萬美元之間，這反映了我們對槓桿成長的關注。我們預計非公認會計準則每股淨收益將在 0.05 美元至 0.10 美元之間，假設以完全稀釋後計算的加權平均流通股數約為 1.41 億股。

In addition, today we announced that our Board of Directors has approved a $50 million share repurchase program that we will use to take advantage of dislocations in our stock price, as well as to help manage future dilution. In my second full quarter as the CFO, I am pleased with the early progress we've made. I'm confident in our ability to build a durable growth model by aligning to the right customers, driving the right types of contracts, investing in greater innovation and building out value for our customers.

此外，今天我們宣布，董事會已批准一項 5000 萬美元的股票回購計劃，我們將利用該計劃來利用股價錯位，並幫助管理未來的稀釋。在我擔任財務長的第二個完整季度中，我對我們所取得的早期進展感到滿意。我相信，透過與合適的客戶保持一致、簽訂合適的合約類型、投資更大的創新並為我們的客戶創造價值，我們有能力建立持久的成長模式。

Our long-term opportunity remains incredibly compelling. With increased discipline and execution, I believe we will be in a great position to capture it.

我們的長期機會仍然極具吸引力。隨著紀律和執行力的加強，我相信我們將處於有利位置來奪取這場勝利。

With that, we'll open it up for Q&A. Over to you, John.

接下來，我們將開始問答環節。交給你了，約翰。

Thank you, Andrew. We will now turn to Q&A. For the sake of time, please limit yourself to one question and one follow up. Our first question will come from Scott Berg at Needham, followed by Arjun Bhatia at William Blair. Scott, your line is open.

謝謝你，安德魯。我們現在進入問答環節。為了節省時間，請限制自己只問一個問題並進行一次跟進。我們的第一個問題來自 Needham 的 Scott Berg，然後是 William Blair 的 Arjun Bhatia。斯科特，你的線路已開通。

Really nice quarter here. I wanted to follow-up on the net new ARR metric. In the quarter it was up $8 million quarter-over-quarter and up 100% year-over-year, especially in a seasonally weak quarter. Can you help us understand the outperformance a little bit? From the new sales side it sounds like your new customer acquisition was pretty good in the quarter, but retention's better as well and even your cross-sell opportunity is better. Sounds like everything's kind of clicking together. But relative to your expectations, maybe 90 days ago, what exactly kind of maybe drove the upside there?

這裡真是個好地方。我想跟進新的淨 ARR 指標。本季度，其營收季增 800 萬美元，年增 100%，尤其是在季節性疲軟的季度。您能幫助我們稍微了解一下這種優異表現嗎？從新銷售方面來看，聽起來您本季的新客戶獲取情況相當不錯，但保留率也更好，甚至您的交叉銷售機會也更好。聽起來好像一切都很順利。但相對於您的預期，也許 90 天前，究竟是什麼因素推動了上漲？

I think the comparison to last year. Last year, we had a lot of over-buys and larger contract churns that we're still working through from 2021 and 2022. Now that we're in 2025, we're really past almost all of that. And so, now it's more of kind of the run rate you'd expect on the churn side.

我認為與去年相比。去年，我們出現了許多超額購買和更大的合約流失，我們仍在努力解決 2021 年和 2022 年的問題。如今，我們已經進入 2025 年，幾乎已經度過了這個階段。因此，現在它更像是您所期望的客戶流失率。

So that was frankly the biggest driver. In addition to that, there were some good enterprise wins and focus and execution there, as well as a broader platform. Now we have Session Replay and Guides and Surveys that we didn't have at the same time next year. And so, we're seeing a lot of customer interest in those two. And so those helped on the margin.

坦白說，這是最大的驅動力。除此之外，還有一些良好的企業勝利、重點和執行，以及更廣闊的平台。現在我們有了會話重播、指南和調查，而這些是我們明年同期所沒有的。因此，我們看到很多客戶對這兩款產品感興趣。所以這些在邊緣上有所幫助。

I also want to be clear, like $8 million in net ARR, it's good progress, but it's very, very far from where we want to be a few years from now.

我還想明確一點，800 萬美元的淨 ARR 是一個很好的進步，但與我們幾年後想要達到的目標相比還相差甚遠。

Helpful. Thanks, Spenser. And then Spenser, you commented on initial traction of, I think it was Surveys and Guides, which was above expectations, or at least above trends on other new products you've launched over the last couple years. We've conducted a number of customer surveys over the last quarter in trying to help better understand how well this platform, kind of newer strategy is resonating with them.

很有幫助。謝謝，史賓塞。然後斯賓塞，你評論了最初的吸引力，我認為是調查和指南，這超出了預期，或者至少高於過去幾年推出的其他新產品的趨勢。上個季度，我們進行了一系列客戶調查，試圖更了解這種平台和新策略在客戶中的反應如何。

And we were actually kind of surprised to hear that a couple customers, even one that was a repeat buyer wasn't as familiar with these other opportunities there. It's kind of an interesting difference relative to the strength that you had in the quarter there. But how do you improve that market awareness around what you all are doing on the product side today to even drive further success in those expansion strategies?

我們實際上有點驚訝地聽說，一些顧客，甚至是一個回頭客，對這些其他機會並不那麼熟悉。與您在該季度的實力相比，這是一個有趣的差異。但是，您如何提高市場對您目前在產品方面所做工作的認識，以進一步推動這些擴張策略的成功？

Yeah, I mean, Scott, that's great that you call out that problem because for the last 10 years we have been known as an analytics company. And so that is why we've made the point in saying, this is the year where we go from analytics to entire platform. And so there's not any magic to it other than continuing to beat the drum and get the word out there.

是的，史考特，你指出這個問題真是太好了，因為在過去的 10 年裡，我們一直被稱為分析公司。這就是為什麼我們要說，今年是我們從分析轉向整個平台的一年。因此，除了繼續宣傳和傳播之外，沒有什麼神奇之處。

I think the progress we've seen is on new lands. Most enterprise new lands will have a component outside of analytics. So that's great. The place where we still have a lot of work to do, which it sounds like was consistent with what you heard, was on our existing customer base, where a lot of them, they're used to viewing us in the analytics box.

我認為我們所看到的進步是在新的土地上。大多數企業新領域都會有分析以外的組成部分。這太棒了。我們還有很多工作要做，這聽起來和你所聽到的一致，那就是我們現有的客戶群，其中許多客戶習慣在分析框中查看我們。

So the easy move is just to renew every year on analytics and not worry about it and continue to grow as they grow their data volume. And so that requires some intentional work on our part to educate them, to help them understand, hey, we have Experiment, hey, we have Session Replay, hey, we have Guides and Surveys.

因此，簡單的辦法就是每年更新分析，而不必擔心它，並隨著資料量的增加而繼續成長。因此，這需要我們有意地教育他們，幫助他們理解，嘿，我們有實驗，嘿，我們有會話重播，嘿，我們有指南和調查。

When we do that universally, like I can't think of a single customer conversation I've had where someone is not interested in those, it's just a question of timing. So we still have a bunch of work with our existing customer base to both educate them as well as get them on. And that will happen as we go through this year.

當我們普遍這樣做時，我想不出在我與客戶交談時有哪個人對此不感興趣，這只是一個時間問題。因此，我們仍需要針對現有客戶群進行大量工作，既要教育他們，又要讓他們參與其中。而這將在今年內實現。

Our next question is from Arjun Bhatia from William Blair, followed by Brent Bracelin from Piper Sandler. Go ahead, Arjun.

我們的下一個問題來自 William Blair 的 Arjun Bhatia，然後是 Piper Sandler 的 Brent Bracelin。繼續吧，阿瓊。

Congrats on the nice start here. I was encouraged, I guess, and pretty excited to hear about some of the marketing products, Spenser, that you guys are launching. It sounds like that's maybe to come, and it'll ramp in the back half of the year.

恭喜你在這裡有了一個好的開始。我想，我很受鼓舞，而且當我聽到你們即將推出的一些行銷產品時，我非常興奮，史賓塞。聽起來這也許即將發生，而且會在今年下半年加速。

But as you're thinking of expanding to this new persona and targeting enterprise buyers, can you maybe just compare and contrast what's different now versus some of the CDP-related products that you guys had tried to push maybe to the marketing buyer over the last couple years? And how are you kind of, how will you measure progress in this? Is this a land product, is this an expand product? How do you think about that piece?

但是，當您考慮擴展到這個新角色並瞄準企業買家時，您能否比較一下現在與過去幾年您試圖向行銷買家推銷的一些 CDP 相關產品之間的區別？您如何衡量這方面的進展？這是土地產品嗎？這是擴張產品嗎？您覺得這件作品怎麼樣？

Yeah, marketing analytics, it's the same set of core capabilities in that you're tracking data from users over time. It's just through a marketing lens versus through a product lens. So some of the questions you're asking are different. I think what we see now, so Analytics is definitely a land product, and what we see now is that there are now a critical mass of customers who are willing to switch either from Google Analytics or from an enterprise legacy marketing analytics to Amplitude full on versus doing it incrementally over time and running both.

是的，行銷分析，它是同一組核心功能，可以隨時間追蹤用戶的數據。這只是透過行銷視角而不是產品視角。所以你問的一些問題是不同的。我認為我們現在看到的是，Analytics 絕對是一種土地產品，我們現在看到的是，現在有大量客戶願意從 Google Analytics 或企業傳統行銷分析完全轉換到 Amplitude，而不是隨著時間的推移逐步轉換並同時運行兩者。

And so, what we've started up, one example is we have a Google Analytics advisory council that I actually met with a few weeks ago and they're like cool, we've made the switch over and technically you guys can do everything that I can in Google Analytics but it's not as easy because I don't get e-commerce reports out of the box or doing some of the ROI spending calculation, and looking at customer -- cost of customer acquisition isn't as straightforward. So can you just provide those out of the box in the same way Google Analytics did? And so, those are some of the things that we're coming out with this quarter and next to make that easier.

因此，我們已經啟動了，一個例子是我們有一個 Google Analytics 諮詢委員會，我幾週前實際上與他們見過面，他們覺得很酷，我們已經完成了轉換，從技術上講，你們可以在 Google Analytics 中做我能做的一切，但這並不容易，因為我沒有開箱即用的電子商務報告或進行一些投資回報率——客戶獲取成本並不那麼簡單。那麼，您能否像 Google Analytics 一樣提供這些開箱即用的功能呢？因此，這些是我們在本季和下一季推出的一些措施，以使這一過程變得更容易。

So I'd say in prior years we didn't have enough capability set to say, I'm willing to bet my business on Amplitude as a system of record for running my marketing campaigns. Now we actually do and we're seeing some early traction on it.

所以我想說，前幾年我們沒有足夠的能力說，我願意將我的業務押注於 Amplitude 作為開展我的行銷活動的記錄系統。現在我們確實這樣做了，並且看到了一些早期的進展。

And so, now it's just scaling it and making it easier so more and more people are willing to make that switch. So it's not just product people coming onto Amplitude, it's the marketing folks that are using Google Analytics or other solutions as well.

所以，現在只是擴大規模並使其變得更容易，以便越來越多的人願意進行這種轉變。因此，不僅是產品人員使用 Amplitude，行銷人員也在使用 Google Analytics 或其他解決方案。

Perfect. That's super-helpful. And then maybe the next question, it's more -- a little bit more on the financials, but I'm curious just the operating leverage in the back half of the year, I'm curious what the main drivers of that are, because it looks like based on your Q2 guidance we're modeling maybe roughly $4 million in operating loss for the first half. That seems to flip for the full year to a positive up to $5 million income. So is that gross margin? Are there some of those M&A cost that are rolling off? What should we think about as the main drivers there?

完美的。這非常有幫助。然後也許下一個問題，更多的是關於財務狀況，但我很好奇下半年的營業槓桿，我很好奇其主要驅動因素是什麼，因為根據你第二季度的指導，我們預計上半年的營業虧損約為 400 萬美元。這似乎意味著全年收入將達到 500 萬美元。那這是毛利率嗎？是否有一些併購成本正在減少？我們應該考慮哪些主要驅動因素？

It's really across the board, Arjun. I mean, when we put our plan together, we plan for optimizations on every aspect, whether it's through gross margins. And the engineering team continually enhancing how our platform runs within our hosting environments, through the sales team adding more and more capabilities through and learning how to sell the platform more effectively.

這確實是全面的，阿瓊。我的意思是，當我們制定計劃時，我們計劃對各個方面進行最佳化，無論是透過毛利率。工程團隊不斷增強我們的平台在託管環境中的運作方式，銷售團隊則不斷增加更多功能並學習如何更有效地銷售平台。

So more new logos, more expansions. Sales productivity typically falls from Q4 to Q1 but then starts to ramp up through the year as they -- as most of the sales reps get adjusted to the new territories, understand how to sell the new products.

因此會有更多新標誌，更多擴展。銷售效率通常從第四季度到第一季下降，但隨後在全年開始上升，因為大多數銷售代表都適應了新的領域，了解如何銷售新產品。

So the sales and marketing line, we're seeing continual efficiencies around. And then G&A, I would say it's just a factor of, we're getting greater leverage out of a constant or pretty well constant level of spend within it.

因此，我們看到銷售和行銷線的效率不斷提高。然後，我想說，一般及行政費用只是一個因素，我們從中恆定或相當恆定的支出水準中獲得更大的槓桿作用。

R&D is the one area where we'll continue to invest, where we see opportunities. And so I would tell you, we targeted 18% to 20% of R&D spend as a percentage of revenue. And I expect we'll be within that range.

研發是我們將繼續投資的一個領域，也是我們看到機會的一個領域。所以我想告訴你，我們的目標是將研發支出佔收入的 18% 到 20%。我預計我們會處於這個範圍內。

Thank you, Arjun. Our next question is from Brent Bracelin from Piper Sandler, followed by Jackson Ader from KeyBanc. Brent, go ahead.

謝謝你，阿瓊。我們的下一個問題來自 Piper Sandler 的 Brent Bracelin，然後是 KeyBanc 的 Jackson Ader。布倫特，繼續。

Great to see three quarters here of accelerating ARR growth. The new product strategy seems to be working here. Maybe Andrew, starting with you, CRPO accelerated to look like 19% growth this quarter. It's the highest in almost two years. You flagged enterprise being almost now two-third of ARR. Is that the big driver of the CRPO? I'd love to have any color on what drove that metric. It looked like that stood out to me as an anomaly. So walk me through what drove that?

很高興看到過去三個季度 ARR 成長加速。新的產品策略似乎正在發揮作用。也許安德魯，從你開始，CRPO 本季加速成長至 19%。這是近兩年來的最高水準。您指出企業現在幾乎佔 ARR 的三分之二。這是 CRPO 的主要動力嗎？我很想知道是什麼推動了這個指標。在我看來，這是一個異常現象。那請跟我講講是什麼原因造成的？

Certainly the focus on enterprise is one that's helping to drive longer term contract duration with our clients as they come up for either renewal or selling new products into clients. And it's especially profound with those customers who have multiproduct, because they think about implementing a multiproduct over not just a 12-month period but over a multiyear period to really get the advantages of scale and efficiency that they often purchase Amplitude to go do.

當然，對企業的關注有助於推動與客戶的長期合約期限，因為他們要么續約，要么向客戶銷售新產品。對於擁有多產品的客戶來說，這一點尤其重要，因為他們考慮的不僅是在 12 個月內實施多產品，而是在多年的時間內實施多產品，以真正獲得規模和效率的優勢，而他們通常購買 Amplitude 就是為了實現這一優勢。

So it's certainly one a greater focus on the enterprise customer. But I'd also tell you that we've made shifts in our go-to-market where most of our enterprise account executives have full responsibility for all the commercial transactions within their territories. And that means that we put incentive frameworks together, and get them focused on driving those multiyear agreements.

因此，我們當然更關注企業客戶。但我還要告訴您，我們在行銷方面已經做出了改變，大多數企業客戶經理對其所在地區的所有商業交易負有全部責任。這意味著我們將激勵框架整合在一起，並讓他們專注於推動這些多年協議。

Oftentimes, when they have conversations with clients, clients, especially enterprise clients, they'll want cost predictability over that project period, and they're willing to agree to a longer term contract duration, which, as you know, gives us that growth in RPO, gives us greater revenue predictability, and, frankly, it'll help us drive greater sales efficiencies, because we're not having to renew all those contracts every year.

通常，當他們與客戶（尤其是企業客戶）交談時，他們會希望在專案期間實現成本可預測性，並且他們願意同意更長的合約期限，如您所知，這會給我們帶來 RPO 的成長，給我們帶來更大的收入可預測性，坦白說，它將幫助我們提高銷售效率，因為我們不必每年續約所有這些合約。

Makes sense. And then Spenser, Guides and Surveys, sounds like you're off to a strong start. My question here for you is really on what's resonating and motivating these customers to switch from a competitor, or are they even switching? Is this a price lever, a feature lever? Just trying to better understand why you're seeing such strong adoption early on Guides and Surveys.

有道理。然後是史賓塞、指南和調查，聽起來你已經有了一個好的開始。我在這裡要問您的問題是，是什麼引起了這些客戶的共鳴並促使他們從競爭對手那裡轉過來，或者他們是否真的在轉過來？這是一個價格槓桿，還是一個功能性槓桿？只是想更好地理解為什麼你在早期就看到了指南和調查如此強烈的採用。

So let me do the comparison of Guides and Surveys to prior products, and then I'll talk about what's resonating on it specifically. It's a more mature product. Obviously before the acquisition, the Command team had spent tons of many years building this out, and so we weren't starting from zero. It was just a question of porting the existing product to the platform. And we did that in four months and got it out there, and we pretty much have almost everything someone on a competitive point solution would want.

因此，讓我將指南和調查與先前的產品進行比較，然後我將具體談論它引起的共鳴。這是一個更成熟的產品。顯然，在收購之前，Command 團隊已經花費了大量的時間來建立這個功能，所以我們並不是從零開始。這只是將現有產品移植到平台的問題。我們在四個月內就做到了這一點，並將其推向市場，我們幾乎擁有了競爭點解決方案所需的一切。

The one exception is mobile Guides and Surveys. But we're literally going to be coming out with that this quarter, and then there's kind of no really real reason to use a competitor. Whereas Session Replay and Experimentation, those were both built in-house, and so the maturity takes a little longer to get to the same level. So that's I think the biggest thing. It's also the sweet product if you caught my demo last time. So that always helps too.

唯一的例外是移動指南和調查。但我們確實會在本季推出該產品，因此沒有真正的理由使用競爭對手的產品。而會話重播和實驗都是內部建構的，因此成熟度需要更長的時間才能達到相同的水平。所以我認為這是最重要的事情。如果您上次看過我的演示，那麼它也是一款很棒的產品。所以這也總是有幫助的。

In terms of the displacement, so it is largely competitive displacements. There's a number of things that are attractive, I think, first, obviously the consolidated price is a big deal in that you can pay us much less by coming onto that than you can pay someone else and it's a win-win for all sides. But the other part of it that's not to be underrated is being able to do the Guides and Surveys in Analytics, from your Analytics platform and having that data connect matters a lot.

就排氣量而言，它在很大程度上是具有競爭力的排氣量。我認為有很多吸引人的地方，首先，顯然合併價格很重要，因為透過合併，你支付給我們的費用比支付給其他人的費用要少得多，這對各方來說都是雙贏的。但另一個不容低估的部分是能夠從您的 Analytics 平台在 Analytics 中執行指南和調查，並且擁有這些數據連接非常重要。

So last time I showed a demo of us detecting user confusion, and we can do that because we track a bunch of analytics data that another point solution and guidance surveys can't have. So it allows you to have all these kind of bells and whistles, and advanced functionality that is quite valuable, and that you don't have if you're just going with something standalone.

上次我展示了我們檢測用戶困惑的演示，我們之所以能夠做到這一點，是因為我們追蹤了一堆其他點解決方案和指導調查無法獲得的分析數據。因此，它允許您擁有所有這些花哨的東西和非常有價值的高級功能，而如果您只是使用獨立的東西，您就不會擁有這些功能。

Our next question is from Jackson Ader from KeyBanc followed by Koji Ikeda from Bank of America. Go ahead, Jackson.

我們的下一個問題來自 KeyBanc 的 Jackson Ader，然後是美國銀行的 Koji Ikeda。繼續吧，傑克遜。

Let's see, I think Spenser, probably first for you on the marketing side and specifically the partnership that you signed with Twilio, what makes Twilio the right partner for this to be, the relationship going forward?

讓我們看看，我認為斯賓塞，首先請您談談行銷方面，特別是您與 Twilio 簽署的合作夥伴關係，是什麼讓 Twilio 成為合適的合作夥伴，以及未來的合作關係？

So let me talk about our strategy, and then I'll answer your question. Our strategy as a whole is we're agnostic to wherever your data sets. So if it's in a CDP, whether it's Segment or something else, if it's in a your own system or your own data warehouse, if you're sending us directly like we're agnostic and we'll work with wherever your data sits.

那麼讓我來談談我們的策略，然後我會回答你的問題。我們的整體策略是，我們不關心您的資料集位於何處。因此，如果它在 CDP 中，無論是 Segment 還是其他東西，如果它在您自己的系統或您自己的資料倉儲中，如果您直接發送給我們，我們是不可知的，我們將處理您的資料所在的任何地方。

In terms of Twilio and Segment in particular, I think they've just had the greatest overlap with us in terms of number of customers. Just very candidly, I think for a number of years we were a little more competitive than we were collaborative, because we had come out with a CDP that's some of the same functionalities. But then we changed that messaging this year and been really clear, look, our goal is not to go own the CDP space, we want you guys to go be successful there and we'd much rather partner.

特別是就 Twilio 和 Segment 而言，我認為他們在客戶數量方面與我們有最大的重疊。坦白說，我認為多年來我們的競爭比合作更加激烈，因為我們推出了具有部分相同功能的 CDP。但今年我們改變了這個訊息，並且非常明確地表示，我們的目標不是擁有 CDP 領域，我們希望你們在那裡取得成功，我們更希望你們合作。

And we think of ourselves as the applications on top of that. And so it was a great opportunity. We had already done a lot of work with Segment and the Twilio team in the past. And in terms of CDPs, they have the most overlap with our buyer set. So technology companies, more enterprisey similar, product or market or buying profile. And so it just -- it made a ton of sense to announce a more formalized partnership that we're doing next week.

我們將自己視為最頂層的應用程式。所以這是一個很好的機會。我們過去已經與 Segment 和 Twilio 團隊合作過很多工作。就 CDP 而言，它們與我們的買家群體重疊最多。因此，科技公司在產品、市場或購買概況等方面與企業更加相似。因此，宣布下週我們將建立更正式的合作關係是非常有意義的。

Okay. And then quick follow-up on geos. Seems like rest of world lagging, right? Like just kind of. So I'm curious what you guys are seeing there. Is it more macro pressure outside the US or is there something, what can you do to kind of get that segment to be like, an engine, a growth driver rather than a laggard?

好的。然後快速跟進地理位置。看起來世界其他地區都落後了，對嗎？就像那樣。所以我很好奇你們在那裡看到了什麼。是美國以外的宏觀壓力更大，或者有什麼辦法，可以讓這個部分成為引擎、成長動力而不是落後者？

I want to be clear, you'll see variation quarter-to-quarter, but everywhere it's early and everywhere it's growing. US is the most mature, but we're still ending one or two of nine in this market. I'd say within APJ, we're more concentrated in tech and startups and SMBs. In Europe it's kind of in between the two. I'm actually going to be going out to Australia and Korea and doing a tour on some of our APJ customers.

我想明確一點，你會看到每季都會有變化，但到處都是早期變化，而且到處都在成長。美國是最成熟的市場，但我們在這個市場上的九個業務中仍有一兩個處於末期。我想說，在亞太及日本地區，我們更專注於科技、新創公司和中小企業。在歐洲，情況介於兩者之間。我實際上要去澳洲和韓國拜訪我們的一些亞太及日本客戶。

And we're just starting to break in the enterprise in a bunch of places there, and so that's, good to see. But it's just earlier. So you'll see variance quarter-to-quarter and it's, I wouldn't read anything into it.

我們剛開始在很多地方開展企業業務，所以看到這一點很高興。但這只是更早而已。因此，您會看到季度與季度之間的差異，我不會對此進行任何解讀。

Thank you, Jackson. Our next question comes from the line of Koji Ikeda from Bank of America followed by Taylor McGinnis from UBS. Go ahead.

謝謝你，傑克遜。我們的下一個問題來自美國銀行的 Koji Ikeda，接著是瑞銀的 Taylor McGinnis。前進。

Hey, this is George on for Koji. I kind of had one just as it relates to the buyback announcement and kind of how you think of capital allocation, whether it be buybacks or comparing that to internal investments and kind of what the philosophy is there. If you could, kind of touch on that.

嘿，我是 George，代替 Koji。我有點擔心，因為它與回購公告有關，以及你如何看待資本配置，無論是回購還是將其與內部投資進行比較，以及其中的理念是什麼。如果可以的話，請談談這一點。

Sure. So, one of the things that I've done since arriving as a CFO is really take a look at our core processes and how we were managing Amplitude. And we're really updating ourselves for scale. And this is just one of those tools that we thought we lacked in order to manage both dilution effectively, and to take advantage of dislocations in the market that may be happening.

當然。因此，自從我擔任財務長以來，我所做的事情之一就是認真審視我們的核心流程以及我們如何管理 Amplitude。我們確實在不斷更新自己以擴大規模。而這只是我們認為缺乏的工具之一，以便有效地管理稀釋，並利用可能發生的市場錯位。

And it's certainly been the case over the last few weeks that we've seen those types of volatile movements that those low, low prices made a lot of sense for us to invest in our own stock. Now, having said that, there's nothing earmarked. It's a pretty broad program. And so, I look at it just as a tool for us to use as we go forward when those times occur.

過去幾週的情況確實如此，我們已經看到了這些類型的波動，這些低價對於我們投資自己的股票來說非常有意義。話雖如此，但還沒有任何指定用途。這是一個相當廣泛的計劃。因此，我將其視為一種工具，供我們在遇到這些情況時繼續前進。

Thanks, George. Our next question comes from the line of Taylor McGinnis at UBS, followed by Clark Wright at D.A. Davidson. Taylor, the floor is yours.

謝謝，喬治。我們的下一個問題來自瑞銀的泰勒麥金尼斯 (Taylor McGinnis)，然後是 D.A.戴維森的克拉克賴特 (Clark Wright)。泰勒，現在請你發言。

Congrats on the results. Maybe first one is for Spenser, there's a lot of concerns out there on the macro, and to the extent that we could see a deterioration. So I'd love for you to just comment on what you're hearing from your customers.

恭喜取得成果。也許第一個問題是對於斯賓塞來說的，宏觀上存在著許多擔憂，我們可能會看到情況惡化。因此，我希望您能就您從客戶那裡聽到的內容發表評論。

And as a follow-up to that question, when we think about how Amplitude and its customer base might differ today versus the last slowdown in 2022, I guess our customer is leaner today. There's been a lot of right sizing and optimization over the last couple years. So is it possible that risk could be less and how are you guys, I guess, better equipped to handle any potential headwinds we could see?

作為這個問題的後續，當我們思考 Amplitude 及其客戶群今天與 2022 年上一次經濟放緩有何不同時，我想我們今天的客戶更加精簡。在過去的幾年中，我們已經進行了大量正確的調整和最佳化。那麼，風險有可能降低嗎？我想，你們如何能更好地應對我們可能看到的任何潛在阻力？

Yeah, I think what made 2022 so damaging for us in particular was just there was a lot of over exuberance in 2021. Now, if I look at the last few years, there hasn't been that. So I think we've just been in a harder -- honestly not even that hard compared to historicals, but a harder macro on a relative basis. I think from in terms of the tariffs, specific impact, we haven't, candidly, we haven't seen any or it's been very minimal.

是的，我認為 2022 年對我們來說之所以如此具有破壞性，是因為 2021 年有太多過度興奮的情況。現在，如果我回顧過去幾年，就不會發生這樣的事情。所以我認為我們正處於一個更困難的時期——老實說，與歷史時期相比，甚至沒有那麼困難，但從相對而言的宏觀角度來看，這是一個更加困難的時期。我認為從關稅的具體影響來看，坦白說，我們還沒有看到任何影響，或者影響非常小。

It hasn't changed any of the buying patterns that we've seen from our customers at all. We're obviously watching it really carefully because we want to make sure that we're set up. I kind of say two things about it in terms of what we're doing.

它根本沒有改變我們從客戶身上看到的任何購買模式。我們顯然在非常仔細地觀察它，因為我們想確保我們已經做好準備。就我們正在做的事情而言，我想說兩點。

One, it's like we've been talking a lot about operating with leverage, no matter the environment, and setting up Amplitude to accelerate. And so good, bad, ugly, whatever on the macro, like we're going to -- all of that is within our control from -- all of the stuff to both accelerate the business and drive leverage is within our control. So we're going to focus on that.

首先，就像我們一直在談論利用槓桿進行操作，無論環境如何，並設定 Amplitude 來加速。因此，無論宏觀是好是壞，我們都將 — — 所有這些都在我們的控制範圍內 — — 所有能夠加速業務和推動槓桿作用的因素都在我們的控制範圍內。因此我們將重點關注這一點。

The second thing I'd say is that even in the worst times, being able to make your digital channel successful and having a great foundation of data is a top priority of the executives that I talk to. And so, even if, you know, let's say AI bubble pops or people cut back on spend, even more or what have you, like we're -- we think we're very well positioned in that.

我想說的第二件事是，即使在最糟糕的時期，能夠使您的數位管道取得成功並擁有良好的數據基礎也是與我交談過的高管的首要任務。因此，即使人工智慧泡沫破裂，或人們削減開支，甚至更多，或諸如此類的情況，我們認為我們在這方面處於非常有利的地位。

Perfect. And then Andrew, maybe on just a similar note and a similar topic, it seems like you guys are on a great path to accelerate closer to mid-teens in the future. So I guess when we think about the potential to see incremental headwinds, is there enough low hanging fruit type growth drivers that give you comfort that we could even see that acceleration support in like to the extent like the macro gets worse, or how are you kind of thinking about those different scenarios, and the levers that you guys have?

完美的。然後安德魯，也許只是在類似的觀點和類似的話題上，看起來你們正走在一條很好的道路上，未來將加速接近十幾歲。因此，我想，當我們考慮看到增量逆風的可能性時，是否有足夠多的低垂果實類型的增長動力讓您感到安心，我們甚至可以看到加速支持，就像宏觀經濟變得更糟一樣，或者您如何看待這些不同的情況，以及您所擁有的槓桿？

So great question. And I would tell you we spent a lot of time as we were building out our guidance, looking forward into our pipelines, how well our sales team is setting up customers for future expansions, the level of interest we're seeing some from our new products. And so, those are the things that Spenser was really referring to. We feel very confident in the levers we're pulling to go real add real value to clients.

這個問題問得真好。我想告訴你，我們花了很多時間來製定指導方針，展望我們的管道，我們的銷售團隊如何為客戶做好未來的擴張準備，以及我們對新產品的興趣程度。所以，這些都是史賓賽真正指的事情。我們對自己為客戶真正增加價值所採取的措施充滿信心。

Even in a period where there's difficult trade-offs and there's more macro pressure, we think we can offer our customers a value for the money solution that really drives greater value for them through consolidation of existing point products, and open their eyes up into how they can drive greater cost efficiency with some of our new products that are coming out very soon.

即使在面臨艱難權衡和更大宏觀壓力的時期，我們認為我們仍可以為客戶提供物有所值的解決方案，透過整合現有的點產品真正為他們帶來更大的價值，並讓他們了解如何利用我們即將推出的一些新產品來提高成本效益。

So certainly there's a little trepidation with the level of uncertainty in the market. And if uncertainty reigns, then invariably that will have a negative impact on the broader macroeconomic scenario. But we want to use the lens of execution when we set up our guidance, and we feel very confident the things that we're doing are resonating with customers, and that we can continue to drive that growth.

因此，市場中的不確定性肯定會引起一些擔憂。如果不確定性佔據主導地位，那麼必然會對更廣泛的宏觀經濟情勢產生負面影響。但是，我們在製定指導方針時希望使用執行的視角，我們非常有信心我們所做的事情會引起客戶的共鳴，並且我們可以繼續推動這種成長。

Great. Thank you, Taylor. Our next question comes from the line of Clark Wright from D.A. Davidson followed by Elizabeth Porter from Morgan Stanley. Clark, go ahead.

偉大的。謝謝你，泰勒。我們的下一個問題來自 D.A. Davidson 的 Clark Wright，接著是摩根士丹利的 Elizabeth Porter。克拉克，說吧。

Can you maybe talk about, I guess this is geared towards difference Andrew, can you talk about the budget scrutiny comments that you mentioned where you're potentially seeing the source of funds to unlock some of the cross-selling opportunities that you guys have definitely been seeing some positive benefits from this quarter?

您能否談談，我想這是針對差異的，安德魯，您能否談談您提到的預算審查意見，您可能會看到資金來源來解鎖一些交叉銷售機會，您肯定從本季度看到了一些積極的好處？

The peer CFOs that I speak to every day, especially in the larger deals that we get involved with, they're all asking the basic premise of what is the return on investment that I'm going to get from the investment in Amplitude. And that's a logical question for them to ask. And typically, what we go through is both where can we help them reduce license expenses and operating expenses associated with a broad set of technologies they've implemented to solve this problem.

我每天都會與同行的財務長交談，特別是在我們參與的較大交易中，他們都會問一個基本前提：我從對 Amplitude 的投資中能獲得多少投資回報。他們問這個問題是合乎邏輯的。通常，我們會考慮如何幫助他們減少為解決此問題而實施的一系列技術相關的授權費用和營運費用。

And then how can we show them through better leverage of Amplitude that they can gain even greater efficiencies and drive greater revenue. So that scrutiny, I think just gets harder and harder, the more that companies are taxed in ways that through tariffs or higher interest rates, or any time when there are increasing expenses CFO, CIOs, Chief Product Officers, Chief Digital Officers, they're all asking the question, how can I get more or less?

然後，我們如何透過更好地利用 Amplitude 來向他們展示他們可以獲得更高的效率並帶來更大的收入。因此，我認為審查會變得越來越困難，公司透過關稅或更高利率等方式徵稅越多，或者每當費用增加時，財務長、首席資訊長、首席產品長、首席數位長都會問這個問題，我怎麼能獲得更多或更少的錢？

And I think we're offering a great solution to do that. So our sales team is getting better and better, at selling the platform. The platform itself shows great ability to drive efficiencies within companies. And so that's where that comment comes from, is that we just never take our eye off the fact that driving customer value is the most important thing.

我認為我們為此提供了一個很好的解決方案。因此，我們的銷售團隊在銷售平台方面越來越好。該平臺本身表現出提高公司效率的強大能力。這就是那條評論的由來，我們永遠不會忽視推動客戶價值是最重要的事實。

And I expect that it is going to continue to challenge us. The reality is some of these smaller point product solutions, they start gaining speed, and losing altitude and they're going to get desperate. So we have to be on our game showing customer value.

我預計它將繼續對我們提出挑戰。現實情況是，一些較小的點產品解決方案開始加速，然後失去高度，並且會變得絕望。因此，我們必須全力展現顧客價值。

I appreciate that clarity. And then in terms of NRR, during the Investor Day you guys mentioned that some of the expansion in recent quarters really has been driven by higher data volumes. Was that the case in this quarter? And are you assuming no uplift then from data volumes and what that could mean on NRR going forward through year end?

我很欣賞這種清晰度。然後就 NRR 而言，在投資者日期間，你們提到最近幾季的部分擴張確實是由更高的數據量所推動的。本季的情況是這樣嗎？您是否認為資料量不會增加？這對年底前的 NRR 意味著什麼？

One of the most important things that we've alluded to both in the Investor Day and as we've introduced new products is the important importance of us trying to create a framework under which the marginal incremental cost of data goes down. And that comes from customers increasingly using a broader set of the platform. So you're going to increasingly see us focus more on selling additional capabilities within the platform and really going after new enterprise customers.

我們在投資者日和推出新產品時提到的最重要的事情之一是，我們試圖創建一個框架，使數據的邊際增量成本下降，這一點非常重要。這是因為客戶越來越多地使用更廣泛的平台。因此，您將越來越多地看到我們更加重視銷售平台內的附加功能並真正吸引新的企業客戶。

In Q1, I would tell you it was really balanced. We had a great new logo quarter, and we had a good expansion quarter as well, but you didn't see the big multimillion dollar expansions. And the progression that you'll see in both, our ARR as a percentage of enterprise customers as well as that NRR percentage comes when you see those big expansions.

在第一季度，我會告訴你它確實很平衡。我們有一個很棒的新標誌季度，我們也有一個好的擴張季度，但你沒有看到數百萬美元的大規模擴張。當您看到這些大規模擴張時，您會看到我們的 ARR 佔企業客戶的百分比以及 NRR 百分比正在增加。

And so, we certainly think that we can go drive those. We certainly believe that churn. It's down to the lowest level in two years. We think that we can continue to drive the strategic changes, and that that'll result in a progressive improvement in NRR.

因此，我們當然認為我們可以推動這些。我們確實相信這種流失。已降至兩年來的最低水準。我們認為，我們可以繼續推動策略變革，這將導致 NRR 的逐步改善。

Thank you, Clark. Our next question comes from the line of Elizabeth Porter from Morgan Stanley, followed by Nick Altmann from Scotiabank. Go ahead, Elizabeth.

謝謝你，克拉克。下一個問題來自摩根士丹利的伊麗莎白波特 (Elizabeth Porter)，然後是加拿大豐業銀行的尼克阿爾特曼 (Nick Altmann)。繼續吧，伊莉莎白。

Great. I think in the past we've talked about Martech stacks kind of coming up to replacement faster, and kind of what that opportunity means for Amplitude. And just given some of the macro uncertainty, sometimes we think that businesses are less likely to do big move just given the trepidation. But on the other hand, there's a big opportunity to save costs. So just curious how you think that this current cycle kind of may play out, and what that means for kind of a faster replacement and opportunity to look at Amplitude?

偉大的。我認為我們過去曾討論過 Martech 堆疊如何更快被取代，以及這種機會對 Amplitude 意味著什麼。考慮到一些宏觀不確定性，有時我們認為企業不太可能因為擔憂而採取重大措施。但另一方面，這也有很大的節省成本的機會。所以只是好奇您認為當前的周期可能會如何發展，這對於更快的替代和觀察振幅的機會意味著什麼？

I think what I'm seeing just candidly, at least in the accounts I'm in, is they're actually more willing to do big moves in order to do spend replacement. So, great example, I was talking with the head of data at Atlassian last quarter, and they were very, very interested in one, how do we make the -- our costs on the data side scale way better than they have been.

我認為，坦白說，至少在我所負責的帳戶中，他們實際上更願意採取重大舉措來進行支出替代。很好的例子是，上個季度我與 Atlassian 的數據主管進行了交談，他們非常感興趣的一個問題是，我們如何讓我們在數據方面的成本比以前更好。

And then two, is there an opportunity to consolidate down a whole bunch of the other vendors and get that within the single platform, because it's cheaper and it's more effective on a whole bunch of fronts. And so when we had that conversation, that changed their mentality from one of like, okay, let me just reduce spend overall to, hey, I'm willing to make a move and consolidate a bunch of other items onto Amplitude.

其次，是否有機會整合一大批其他供應商，並將其納入單一平台，因為這樣更便宜，而且在許多方面都更有效。因此，當我們進行那次談話時，他們的心態就發生了改變，從『好吧，讓我減少總體支出』轉變為『嘿，我願意採取行動，將一堆其他專案整合到 Amplitude 上。

Great. And then as a follow-up on the NRR side, great to see that additional improvement. Sounds like gross retention has been improving for a while. Just given kind of the opportunity with cross-sell, upsell, this consolidation, when can we -- when do you expect to see some of that layer into the NRR and maybe some of the puts and takes that keep that balanced?

偉大的。然後作為 NRR 方面的後續行動，很高興看到額外的改進。聽起來總留存率已經提高一段時間了。只是考慮到交叉銷售、追加銷售和這種整合的機會，我們什麼時候可以——您預計什麼時候能看到其中的一些層面進入 NRR，以及一些保持平衡的投入和產出？

I think that it's going to see a progressive improvement quarter-to-quarter. I think that's what our plan was. And as you may recall, we talked about that the first quarter of our fiscal '25 is one that would reflect the lowest from a linearity perspective in NRR. And so you continue to see that as our sales team ramps you'll see more and more new ARR. We're doing a better and better job of reducing both contraction and logo churn.

我認為它會逐季度逐步改善。我想這就是我們的計劃。您可能還記得，我們​​談到，從 NRR 的線性角度來看，25 財年第一季是最低的季度。因此，隨著我們的銷售團隊的壯大，您將看到越來越多的新 ARR。我們在減少收縮和標識流失方面做得越來越好。

In fact, I would tell you that the big improvement year-over-year was in contraction. Recall that churn? We had a lot of churn that was related to overcapacity buying, or customers contracting for more than they could use. Well, as we right-size those contracts, the base becomes smaller and smaller. Thus, contraction becomes smaller and smaller. So all those factors are working towards driving improving NRR and GRR.

事實上，我想告訴你，與年比來看，最大的改善就是收縮。還記得那次流失嗎？我們遇到的許多客戶流失都是因為產能過剩購買，或是客戶簽訂的合約超出了他們的實際需求。好吧，隨著我們調整這些合約的規模，基礎變得越來越小。因此，收縮變得越來越小。因此，所有這些因素都在努力推動 NRR 和 GRR 的改善。

And but I think the big movements, as I mentioned earlier, will be -- will come when you see those big multimillion expansions in the enterprise space, that's when you see the NRR move more dramatically.

但我認為，正如我之前提到的，大的動作將會到來——當你看到企業領域出現數百萬美元的大規模擴張時，你會看到 NRR 發生更劇烈的變化。

Thank you, Elizabeth. Our next question will come from Nick Altmann at Scotiabank, followed by the -- from the line of Tyler Radke at Citi. Go ahead, Nick.

謝謝你，伊麗莎白。我們的下一個問題來自豐業銀行的 Nick Altmann，然後是花旗銀行的 Tyler Radke。繼續吧，尼克。

Andrew, can you just comment on the contribution from Command AI to both ARR and revenue? And then historically you guys have kind of talked about aspirations to reaccelerate that business. And now that you're two quarters, I guess, removed from doing that acquisition, can you kind of give some updated thoughts there on the path to kind of organically reaccelerating Command AI?

安德魯，您能否評論一下 Command AI 對 ARR 和收入的貢獻？從歷史上看，你們曾談論過重振該業務的願望。現在，我想，距離那次收購已經過去兩個季度了，您能否就如何以有機方式重新加速指揮人工智慧的進程給出一些最新的想法？

I think that we're very, very pleased with how well customers have adopted our product. I think it's, as Spenser mentioned earlier, it's a testimony to the product itself and how well the team's integrated so rapidly. Our sales team picking up the value proposition very quickly in an integrated environment. And so you should think that the amount of ARR we're generating now from Guides and Surveys is well eclipsed what the company had done on its own. And we're certainly expecting that we have a lot of opportunity going forward for that product.

我認為我們對客戶對我們產品的接受程度感到非常非常滿意。我認為，正如斯賓塞之前提到的，這是對產品本身以及團隊整合速度的證明。我們的銷售團隊在整合環境中很快就掌握了價值主張。因此，您應該認為，我們現在從指南和調查中產生的 ARR 數量遠遠超過了公司自己所做的。我們當然期望該產品未來會有許多發展機會。

And then, it's great to see these longer-term commitments from your customers that's showing up nicely in RPO. I guess, can you maybe just talk about, since you guys have started leaning into these longer term commitments, longer duration contracts with your customers, how have sales cycles changed? And I guess the reason I ask is, we're in a dynamic macro. It seems like it could maybe add some variability into the mix, is maybe there's a little bit more hesitancy on doing multiyear commitments.

然後，很高興看到客戶的這些長期承諾在 RPO 中得到了很好的體現。我想，您能否談談，自從您開始傾向於與客戶簽訂這些長期承諾、長期合約以來，銷售週期發生了怎樣的變化？我想我問這個問題的原因是我們處於一個動態宏觀環境。這似乎可能會為情況增添一些變化，也許在做出多年期承諾時會更加猶豫。

So first question, maybe just kind of comment on how the sales cycles have trended as you guys have leaned into that strategy. And then on the flip side of the equation, if we kind of do get into a choppier macro, do you guys sort of revert to kind of more annual deals? Just maybe kind of touch on the longer duration focus here. Thanks.

所以第一個問題，也許只是評論一下當你們傾向於該策略時銷售週期的趨勢如何。那麼，從另一個角度來看，如果我們確實陷入更動盪的宏觀經濟情勢，你們是否會恢復到更年度的交易？或許只是在這裡觸及了較長時間的關注點。謝謝。

I think the first thing was it's somewhat grounded in selling to the enterprise, and what the enterprise really values. And enterprise values cost predictability more than trying to stack up their unit economics that you might find in SMB mid-market or digital native.

我認為首先它在某種程度上是基於向企業銷售，以及企業真正重視什麼。而且，企業價值的可預測性比試圖累積您可能在 SMB 中端市場或數位原生市場中發現的單位經濟效益更高。

The other thing that happens is it kind of depends on the type of customer engagement you have. Whether it's a new logo or that's an expansion. And new logo is what is usually you're finding is trepidation associated with really getting in to understand and get value from the full extent of the platform. There's not that clear understanding.

另一件事是，這取決於您與客戶的互動類型。無論是新標誌還是擴張。而新標誌通常會讓你感到不安，因為你真的需要了解該平台的全部功能並從中獲得價值。還沒有那麼清楚的認識。

So we've been able to work with the sales team not only educating about how best to run constructs with multiyear in mind but also to really drive almost a milestone understanding of how the customer is going to get value and has the perception that they're getting that value in advance of what they're paying for.

因此，我們不僅能夠與銷售團隊合作，教育他們如何最好地運行具​​有多年曆史的構造，而且能夠真正推動幾乎具有里程碑意義的理解，即客戶將如何獲得價值，並讓他們感覺到他們獲得的價值超出了他們所支付的價格。

And so deal constructs really matter. And that was an area where sales is increasingly adopting some of the core frameworks that most of us who've worked in enterprise selling have adopted and used over many, many years.

因此，交易結構確實很重要。在這個領域，銷售越來越多地採用一些核心框架，我們大多數從事企業銷售的人都已經採用並使用了很多年。

With existing customers in an expansion, that's another option that the customer often views as an ability to execute on a long-term roadmap as they're implementing multiple aspects of your platform. And so that cost predictability really matters to them and they have the perception they're going to be able to excise extreme value over what they're paying for.

隨著現有客戶的擴張，這是另一種選擇，客戶通常將其視為在實施平台的多個方面時執行長期路線圖的能力。因此，成本可預測性對他們來說確實很重要，他們認為他們將能夠獲得超出他們所支付的價格的極端價值。

So it kind of depends on the situation, but it doesn't work unless your sales team understands and grounds on customer value, and your customer has the perception that they're getting that value in advance of what they're paying for.

所以這取決於具體情況，但除非您的銷售團隊理解並以客戶價值為依據，而您的客戶認為他們獲得的價值高於他們所支付的價格，否則這種方法行不通。

Thank, Nick. And our last question for the call will come from the line of Tyler Radke from Citi. I believe Ashley Kim is on. Ashley, please go ahead.

謝謝，尼克。我們電話會議的最後一個問題來自花旗銀行的 Tyler Radke。我相信 Ashley Kim 正在直播。阿什利，請繼續。

I just want to say that it was like a very strong quarter for the 100,000 ARR customer ads, but in terms of the total customer ads, it looked a little bit softer. So just wanted to ask if you're seeing any changes in the top of funnel, or trends among different customer segments you'd call out just given the more uncertain macro environment we're in?

我只想說，對於 100,000 個 ARR 客戶廣告來說，這是一個非常強勁的季度，但就整體客戶廣告而言，它看起來有點疲軟。所以只是想問一下，考慮到我們所處的更不確定的宏觀環境，您是否看到漏斗頂部有什麼變化，或者不同客戶群之間的趨勢有什麼變化？

Part of the reason we highlight the 100,000 customer ads is because the total customer ads is a little deceptive. It includes Plus customers and so it's not really that great of a representation. And so we're obviously building this business around our enterprise segment, and that's what we expect to grow to 1 billion plus over time. And so we're not -- yes, we're just. We still report it, because we have in the past, but we're not particularly focused on it.

我們重點強調 100,000 個客戶廣告的原因之一是，客戶廣告總數有點欺騙性。它包括 Plus 客戶，因此它的代表性並不是很好。因此，我們顯然是圍繞企業部門來建立這項業務，我們預計隨著時間的推移，該業務將成長到 10 億以上。所以我們不是——是的，我們只是。我們仍然會報道此事，因為我們過去曾報道過，但我們並沒有特別關注此事。

Thank you, Ashley. That will conclude our first-quarter earnings call. Thank you for your time and interest. We are looking forward to connecting with you live over the next couple of weeks at conferences hosted by Needham, Bank of America, Baird, and D.A. Davidson. Thank you for your interest and take care.

謝謝你，阿什利。我們的第一季財報電話會議就此結束。感謝您的時間和關注。我們期待在接下來的幾週內，在由 Needham、美國銀行、Baird 和 D.A. Davidson 主辦的會議上與您進行現場交流。感謝您的關注並多多關照。