Amplitude Inc (AMPL) 2025 Q2 法說會逐字稿

Good afternoon everyone, and welcome to Amplitude's Second 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 年第二季財報電話會議。我是投資者關係主管約翰‧斯特雷帕 (John Streppa)。今天與我一起出席的還有 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 third quarter and full year 2025, 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.

在今天的電話會議中，管理層將做出前瞻性陳述，包括有關我們對 2025 年第三季和全年財務前景、我們產品的預期表現、我們預期的季度和長期成長投資以及我們整體未來前景的陳述。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 to -- 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. 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.

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對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。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，您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 Second Quarter 2025 Earnings Call. Today, I'll cover three things. First, our strong Q2 results and momentum in the enterprise. Second, our platform strategy and how we are expanding through acquisition. Third, product innovation, AI developments and a spotlight on our customers. Let's start with Q2 results.

謝謝，約翰。大家下午好，歡迎參加 Amplitude 2025 年第二季財報電話會議。今天，我將講三件事。首先，我們第二季的業績和企業發展勢頭強勁。第二，我們的平台策略以及我們如何透過收購進行擴張。第三，產品創新、人工智慧發展以及對客戶的關注。讓我們從第二季的結果開始。

Our second quarter revenue was $83.3 million, up 14% year-over-year and exceeding the high end of our guidance. Annual recurring revenue was $335 million, up 16% year-over-year and up $15 million from last quarter. We saw our highest net new ARR in 11 quarters. Non-GAAP operating loss was $1.5 million. Customers with more than $100,000 in ARR grew to 634, an increase of 16% year-over-year.

我們第二季的營收為 8,330 萬美元，年增 14%，超過了我們預期的最高水準。年度經常性收入為 3.35 億美元，年增 16%，比上一季成長 1,500 萬美元。我們實現了 11 個季度以來的最高淨新 ARR。非公認會計準則營業虧損為 150 萬美元。年平均收入 (ARR) 超過 10 萬美元的客戶成長至 634 人，年增 16%。

In addition to these results, our multiproduct attach rates continue to grow as customers choose Amplitude as their end-to-end platform. 67% of ARR now comes from multiproduct customers, up from 64% last quarter. 2025 is the year of the platform. Every company needs three things: trusted data on their customers, insights on that data and ways to take action on those insights. Amplitude delivers all three in a single platform.

除了這些結果之外，隨著客戶選擇 Amplitude 作為其端對端平台，我們的多產品附加率持續成長。目前 67% 的 ARR 來自多產品客戶，高於上一季的 64%。 2025 年是平台之年。每家公司都需要三樣東西：關於客戶的可信數據、對該數據的洞察以及根據這些洞察採取行動的方法。Amplitude 在一個平台上提供這三種功能。

In Q2, we saw dozens of new enterprise customers come on board and many existing customers expand their Amplitude footprint. We also saw more traction with marketing teams after announcing a new suite of marketing capabilities in May. We continue to win against legacy vendors and point solutions as companies look to simplify their tech stacks. This is what drove a record level of multiproduct ARR.

在第二季度，我們看到數十家新的企業客戶加入，許多現有客戶也擴大了他們的 Amplitude 業務範圍。在五月宣布推出一套新的行銷功能後，我們也看到了行銷團隊的更大吸引力。隨著企業尋求簡化其技術堆疊，我們繼續克服傳統供應商和點解決方案。這推動了多產品 ARR 達到創紀錄的水平。

We've been deliberately focusing on the enterprise and the progress this quarter is the result of that work. Many of the deals we closed this quarter were years in the making and required multiple steps, including hiring the right reps, building the right named account strategy, finding the right solution fit, instrumenting value, closing the deal and driving impact for customers. Let's shift to product innovation.

我們一直刻意關注企業，本季的進展就是這項工作的成果。我們本季達成的許多交易都經過了多年的籌備，需要多個步驟，包括聘請合適的銷售代表、制定正確的指定客戶策略、找到合適的解決方案、實現價值、完成交易以及為客戶帶來影響。讓我們轉向產品創新。

I have spent a lot of time transforming the Amplitude team to become AI native. Back in June, we ran a week of AI training for the product development team. Then in July, we hosted a week-long hackathon focused on building AI products. I'm going to demo some of the outputs from this shortly.

我花了很多時間將 Amplitude 團隊轉變為 AI 原生團隊。早在六月，我們就為產品開發團隊進行了為期一週的人工智慧培訓。然後在七月，我們舉辦了一場為期一周的黑客馬拉松，重點是建立人工智慧產品。我很快就會演示其中的一些輸出。

We are also leveraging M&A to become AI native and expand the platform and our acquisition of Command AI late last year is a great example. We acquired the company in October of 2024, launched Guides and Surveys four months later. And today, it has the fastest adoption curve of any product in Amplitude's history. Command AI had a mature product backed by an exceptional team. Many individuals from that team are now leading our efforts on AI agents and other AI products.

我們也利用併購成為 AI 原生企業並擴展平台，去年年底對 Command AI 的收購就是一個很好的例子。我們於 2024 年 10 月收購了該公司，並在四個月後推出了指南和調查。如今，它的採用曲線是 Amplitude 史上所有產品中最快的。Command AI 擁有成熟的產品和優秀的團隊支援。團隊的許多成員現在正在領導我們在人工智慧代理和其他人工智慧產品方面的工作。

We continue to use M&A and talent acquisitions to expand our platform and bring great talent into Amplitude. Over the past two months, we've added three exceptional teams.

我們繼續利用併購和人才收購來擴展我們的平台並為 Amplitude 帶來優秀人才。在過去的兩個月裡，我們增加了三支優秀的團隊。

First, we acquired Kraftful, an AI native voice of the customer start-up turning unstructured feedback such as support tickets, app reviews and customer calls into actionable insights. I've admired Yana and Kraftful for years, and I'm excited I get the opportunity to work with her and the Kraftful team to give customers a complete view of the user experience. Kraftful works with tens of thousands of product builders and many Amplitude customers have been asking for voice of the customer insights. We're integrating Kraftful's proprietary AI analysis into our platform.

首先，我們收購了 Kraftful，這是一家客戶新創公司的 AI 原生聲音，它將支援票、應用程式評論和客戶電話等非結構化回饋轉化為可操作的見解。多年來我一直很欽佩 Yana 和 Kraftful，我很高興有機會與她和 Kraftful 團隊合作，為客戶提供完整的使用者體驗。Kraftful 與數以萬計的產品製造商合作，許多 Amplitude 客戶一直在尋求客戶洞察的聲音。我們正在將 Kraftful 的專有 AI 分析整合到我們的平台中。

Second, we acquired the Inari team, an AI start-up focused on surfacing insights from unstructured data using LLMs. The founders, Frank Lee and Eric Kim bring deep expertise in applied AI. They have joined our AI agents team and are already working to accelerate our road map, which I'll demo for you shortly.

其次，我們收購了 Inari 團隊，這是一家專注於使用 LLM 從非結構化資料中獲取見解的人工智慧新創公司。創辦人 Frank Lee 和 Eric Kim 在應用人工智慧方面擁有深厚的專業知識。他們已經加入了我們的人工智慧代理團隊，並正在努力加速我們的路線圖，我很快就會為您示範。

Finally, we acquired the founders of June, a startup that built a distinct product, brand and a thriving community around simplifying product analytics. Two years ago, they created the first product analytics tool to integrate LLMs for generating insights in natural language. The founders, Enzo Avigo and Ferruccio Balestreri bring a product-first philosophy that inspired our thinking for Amplitude Made Easy last year.

最後，我們收購了 June 的創辦人，這是一家新創公司，圍繞著簡化產品分析打造了獨特的產品、品牌和蓬勃發展的社群。兩年前，他們創建了第一個產品分析工具，整合 LLM 以自然語言產生見解。創辦人 Enzo Avigo 和 Ferruccio Balestreri 帶來了產品至上的理念，啟發了我們去年對 Amplitude Made Easy 的思考。

Now that we're working together, we're excited to leverage their expertise to simplify digital analytics while developing the next generation of agent-driven experiences. Now let me share with you what we're building.

現在我們正在合作，我們很高興利用他們的專業知識來簡化數位分析，同時開發下一代代理驅動的體驗。現在讓我與你們分享我們正在建立的內容。

On June 10, we announced the beta program for Amplitude's AI agents. With our agents, what once took teams weeks can now take one person minutes. That changes how product, marketing and data teams build, ship and learn. LLMs allow AI agents to quickly combine taxonomy data, watch thousands of Session Replays, generate insights and then make suggestions for product changes on your behalf. That makes them great product analysts.

6 月 10 日，我們宣布了 Amplitude 的 AI 代理測試版計畫。有了我們的代理，以前需要團隊數週才能完成的工作，現在一個人只需幾分鐘即可完成。這改變了產品、行銷和數據團隊的建構、交付和學習方式。LLM 允許 AI 代理快速組合分類數據，觀看數千個會話重播，產生見解，然後代表您提出產品變更建議。這使他們成為優秀的產品分析師。

The potential benefits of agents are huge. As an example, it normally takes Amplitude about a month to optimize a website conversion workflow from idea generation and experimentation to engineering and launch. With an Amplitude AI agent, the same workflow now takes less than one day. I want to show you Amplitude AI agents in action with a demo.

代理商的潛在利益是巨大的。例如，Amplitude 通常需要大約一個月的時間來優化網站轉換工作流程，從創意生成和實驗到工程和發布。借助 Amplitude AI 代理，相同的工作流程現在只需不到一天的時間。我想透過示範向您展示 Amplitude AI 代理程式的實際運作情況。

When we launch later this year, our customers will be able to leverage ready-to-use templates focused on popular use cases like optimizing conversion flows and analyzing Session Replays. The first agent I want to show you is focused on optimizing website conversions. I'm going to select an event for the agent to optimize. I'm going to choose CTA clicked and then create the agent.

當我們在今年稍後推出時，我們的客戶將能夠利用專注於流行用例（如優化轉換流程和分析會話重播）的現成範本。我想向您展示的第一個代理商專注於優化網站轉換率。我將選擇一個事件讓代理進行最佳化。我將選擇 CTA 點擊，然後建立代理。

The agent will then think and come up with a plan on improving CTAs clicked. As part of this, the agent is identifying which pages are highly correlated with CTA's clicks and is then presenting them as different options. Gone ahead and selected the pricing page since it's one of our highest converting pages.

然後，代理商將思考並提出改進點擊的 CTA 的計劃。作為其中的一部分，代理商正在識別哪些頁面與 CTA 的點擊高度相關，然後將它們作為不同的選項呈現。繼續並選擇定價頁面，因為它是我們轉換率最高的頁面之一。

The agent is now analyzing recent events and Session Replays tied to the pricing page. The agent has identified that buyers are running into dead clicks while interacting with pricing plan headers. The agent takes that learning, contextualize it with Amplitude events and best practices and brainstorms three new strategies for immediate review.

代理現在正在分析與定價頁面相關的最近事件和會話重播。代理商發現買家在與定價計劃標題互動時遇到了無效點擊。代理人利用這些學習成果，將其與 Amplitude 事件和最佳實踐聯繫起來，並集思廣益提出三種新策略以供立即審查。

One of the strategies the agent recommends is making the pricing plan headers animated and clickable based on the Session Replay learning. So let's go ahead and explore that strategy. The agent is creating new variants based on this strategy and is now live generating code for potential strategies we can preview in our experiment visual editor. Let me go ahead and take a look at this first variant here.

代理商推薦的策略之一是根據會話重播學習使定價計畫標題具有動畫效果且可點擊。那麼讓我們繼續探索該策略。代理正在根據該策略創建新的變體，並且現在正在即時生成潛在策略的程式碼，我們可以在實驗視覺化編輯器中預覽。讓我繼續看這裡的第一個變體。

In this, the agent added a hover effect to the pricing plan sections and made them clickable, which optimizes for CTAs clicked. I can review, edit and approve this variant before deploying a new experiment. To summarize, our agent identified issues with pricing page conversion, recommended a strategy for solving it and then created a new page that improves the experience.

在此，代理商在定價計劃部分添加了懸停效果並使其可點擊，從而針對點擊的 CTA 進行了最佳化。我可以在部署新實驗之前審查、編輯和批准此變體。總而言之，我們的代理商發現了定價頁面轉換的問題，提出了解決策略，然後創建了一個可以改善體驗的新頁面。

In addition, we're also building agents that focus on insights. These are always-on analysts that perform hundreds of analyses and automatically surface insights with minimal human work. To do this, let's go ahead and create a dashboard monitoring agent.

此外，我們也正在建立注重洞察力的代理。這些分析師始終在線，可以執行數百項分析，並以最少的人工工作自動提供見解。為此，讓我們繼續建立一個儀表板監控代理程式。

With the dashboard monitoring agent, customers can select a few dashboards they've created on Amplitude and have the agent surface top themes on a weekly basis and then run root cause analysis that explains major changes. I've created the agent and analyzes every chart across each dashboard that I've assigned to it and then surfaces the top insights. In one of these takeaways, if you look at the second one here on the page, the agent identified 71% of testers create agents, 60% generate strategies and new variants, while only 6% have directly deployed an action.

透過儀表板監控代理，客戶可以選擇他們在 Amplitude 上建立的幾個儀表板，並讓代理商每週顯示熱門主題，然後執行解釋重大變化的根本原因分析。我已經創建了代理並分析了分配給它的每個儀表板上的每個圖表，然後顯示出最重要的見解。在其中一個要點中，如果您查看頁面上的第二個要點，代理識別出 71％ 的測試人員創建代理，60％ 的測試人員生成策略和新變體，而只有 6％ 的測試人員直接部署了操作。

With the dashboard agent, customers have unlimited resources to monitor analytics. This saves analysts tons of times and uncovers lots of insights they wouldn't have found otherwise.

透過儀表板代理，客戶可以擁有無限的資源來監控分析。這為分析師節省了大量時間，並發現了許多他們原本無法發現的見解。

Since our announcement in June, we have received a huge amount of customer interest. Customers in the beta have been blown away by what our agents can do. On an onboarding call, the product analytics lead at Hostinger stopped us mid-demo and said, this actually runs an experiment, wow, that is amazing. The co-founder of ResMed called our Session Replay agent a home run, and the product owner at Global Radio said his team was already meeting about how to put our agents' recommendations into action.

自從我們六月宣布這項消息以來，我們已收到大量客戶的關注。測試版客戶對我們的代理商所能做的事情感到震驚。在一次入職電話會議上，Hostinger 的產品分析主管在演示過程中打斷了我們，並說，這實際上是正在進行一項實驗，哇，這太棒了。ResMed 的聯合創始人稱我們的 Session Replay 代理是一個本壘打，而 Global Radio 的產品所有者表示他的團隊已經在開會討論如何將我們代理的建議付諸行動。

We believe Amplitude is the only company in digital analytics doing anything meaningful with AI today. We have the most complete digital analytics platform, and we are out executing everyone else with elite talent. I want to show you one more example.

我們相信 Amplitude 是當今數位分析領域中唯一利用人工智慧做出有意義貢獻的公司。我們擁有最完整的數位分析平台，我們的執行力超越了其他所有擁有精英人才的公司。我想再給你們舉一個例子。

We are also helping companies with AI transformation in other ways. Companies want to know how they rank on LLMs. So we're building LLM brand analytics to answer this question. I'm going to show you a demo of how this works.

我們也透過其他方式幫助企業進行AI轉型。公司想知道他們在法學碩士學位上的排名如何。因此，我們正在建立 LLM 品牌分析來回答這個問題。我將向你展示其工作原理的演示。

With Amplitude, customers will be able to quickly understand how AI is talking about their brand. They can understand the types of queries and prompts that lead to being mentioned by LLMs. If you look here, the bar on the right indicates what percentage of queries Amplitude shows up in. Here, we can see that we rank well in behavioral analytics and digital product analytics and go deeper by looking at more specific prompts. Let's take a look at analytics for marketers.

借助 Amplitude，客戶將能夠快速了解 AI 如何談論他們的品牌。他們可以理解導致被 LLM 提及的查詢和提示類型。如果你看這裡，右邊的條形表示 Amplitude 出現在查詢中的百分比。在這裡，我們可以看到我們在行為分析和數位產品分析方面排名靠前，並且可以透過查看更具體的提示來深入了解。讓我們來看看行銷人員的分析。

You can see what percentage of the time we show up for each prompt and what our rank is in the prompt on the right. For example, when prompting for alternatives for Google Analytics for advanced marketing insights, Amplitude shows up 100% of the time with an average rank of 4.2. We also get the exact ranking per model in this drop-down. For example, we ranked number 8 in GPT-4.1 mini and number 2 in Gemini 2.5 Flashlight.

您可以在右側看到我們在每個提示中出現的時間百分比以及我們的排名。例如，當提示您選擇 Google Analytics（Google分析）的替代方案以獲得高級行銷洞察時，Amplitude 100% 會顯示出來，平均排名為 4.2。我們還可以在下拉式選單中獲得每個模型的準確排名。例如，我們在 GPT-4.1 mini 中排名第 8，在 Gemini 2.5 手電筒中排名第 2。

Customers can also track mentions across various LLM platforms and focus their attention across different models. We can see here that Amplitude ranks quite well with Claude, but we have opportunities for improvement with ChatGPT. We are going to continue to aggressively innovate. This has been a breakout quarter with industry analysts.

客戶還可以追蹤各個 LLM 平台上的提及，並將注意力集中在不同的模型上。我們可以看到，Amplitude 與 Claude 的排名相當不錯，但 ChatGPT 仍有改進的空間。我們將持續積極創新。對於產業分析師來說，這是一個突破性的季度。

Last week, the 2025 Forrester Wave for Digital Analytics Solutions was published for the first time. Of the 10 vendors evaluated, Amplitude was named both a leader and a customer favorite. We received the highest current offering score of any vendor in the report and the highest score possible across 21 criteria. The Forrester report showed that Amplitude is ideal for product-led organizations where product and marketing teams need close alignment and ease of use as a priority. It also recognized our Agentic AI capabilities, intuitive interface and compelling road map.

上週，《2025 年 Forrester Wave 數位分析解決方案》首次發布。在接受評估的 10 家供應商中，Amplitude 被評為領導者和客戶最喜愛的供應商。我們獲得了報告中所有供應商中最高的當前產品分數，並在 21 項標準中獲得了最高分數。Forrester 報告顯示，Amplitude 非常適合產品主導型組織，這些組織的產品和行銷團隊需要緊密協調並將易用性作為優先事項。它還認可了我們的 Agentic AI 功能、直覺的介面和引人注目的路線圖。

Most importantly, the Forrester evaluation showed that customers praise Amplitude's collaborative partner-like approach. We are not just a better analytics tool. We're invested in our customers' long-term success. This is a testament to our platform strategy and the momentum we're seeing as a business.

最重要的是，Forrester 評估顯示客戶對 Amplitude 的合作夥伴式合作方式表示讚賞。我們不僅僅是一個更好的分析工具。我們致力於客戶的長期成功。這證明了我們的平台策略以及我們作為一家企業所看到的發展勢頭。

Amplitude also ranked number 1 in 8 categories in G2's Summer 2025 report, including the top spot in product analytics for the 20th quarter in a row. This recognition positions Amplitude as a clear market leader, setting us apart from legacy vendors and point solutions.

Amplitude 在 G2 的 2025 年夏季報告中的 8 個類別中也排名第一，其中包括連續第 20 個季度在產品分析中名列前茅。這項認可使 Amplitude 成為當之無愧的市場領導者，使我們有別於傳統供應商和點解決方案。

We had a great quarter for new and expansion deals with enterprise customers, including Microsoft, Twilio, Redis, Telenor Denmark, Viator, Chess.com, GoFundMe, Landmark Group and MUSINSA. I'm going to highlight a few.

本季度，我們與企業客戶達成了多項新交易和擴張交易，包括微軟、Twilio、Redis、Telenor Denmark、Viator、Chess.com、GoFundMe、Landmark Group 和 MUSINSA。我將重點介紹其中的幾點。

Viator, a trip advisor company for booking travel experiences, partnered with Amplitude to accelerate product innovation and foster a culture of data-driven decision-making. With Amplitude, Viator has increased its speed to insight and pace of experimentation. Amplitude's self-service analytics has enabled the Viator team to quickly optimize experience, surface bugs faster and improve interface performance, unlocking a 15x ROI in just one year.

Viator 是一家預訂旅遊體驗的旅遊顧問公司，它與 Amplitude 合作，加速產品創新並培育數據驅動決策的文化。借助 Amplitude，Viator 提高了洞察速度和實驗步伐。Amplitude 的自助服務分析使 Viator 團隊能夠快速優化體驗、更快地發現錯誤並提高介面效能，僅在一年內就實現了 15 倍的投資回報率。

Now Viator is expanding with Session Replay, combining behavioral data with visual context to further reduce friction in the traveler journey. With the Amplitude platform at its center, Viator is building faster, smarter and more personalized experiences to help travelers around the world plan unforgettable trips.

現在，Viator 正在透過 Session Replay 進行擴展，將行為數據與視覺環境結合，以進一步減少旅行者旅途中的摩擦。以 Amplitude 平台為核心，Viator 正在建立更快、更聰明、更個人化的體驗，幫助世界各地的旅客規劃難忘的旅程。

Telenor Denmark, part of one of the Nordic's largest telecom groups, turned to Amplitude to power a full transformation of its marketing analytics stack. Replacing a legacy tool set, Telenor chose Amplitude for the unified platform approach and the ability to blend both web analytics with activation capabilities.

丹麥電信 (Telenor Denmark) 是北歐最大的電信集團之一，該公司借助 Amplitude 的力量實現其行銷分析堆疊的全面轉型。Telenor 選擇 Amplitude 來取代傳統的工具集，因為它具有統一的平台方法以及將網路分析與活化功能結合的能力。

Telenor's investment in Amplitude is part of its long-term vision to consolidate analytics, experimentation and activation within a single ecosystem. Centered on behavioral analytics and the capability to scale, Telenor is working on modernizing its marketing ecosystem to drive greater personalization.

Telenor 對 Amplitude 的投資是其在單一生態系統內整合分析、實驗和活化的長期願景的一部分。以行為分析和擴展能力為中心，Telenor 正致力於實現其行銷生態系統的現代化，以推動更大的個人化。

Lastly, we are now working with a leading North American title insurance provider as they transform how digital products are built for consumers and brokers, facing a patchwork of disparate tools and siloed teams, they turn to Amplitude to help unify their approach. Today, they're using Analytics, Experiment, Guides and Surveys and section replay to give product teams shared visibility and control. By consolidating onto the Amplitude platform, they can now analyze behavior, test improvements and drive revenue through better usability, accelerating innovation within a traditionally slow-moving industry.

最後，我們目前正在與北美一家領先的產權保險提供者合作，他們正在改變為消費者和經紀人打造數位產品的方式，面對各種不同的工具和孤立的團隊，他們轉向 Amplitude 來幫助統一他們的方法。今天，他們正在使用分析、實驗、指南和調查以及部分重播來讓產品團隊共享可見度和控制力。透過整合到 Amplitude 平台，他們現在可以分析行為、測試改進並透過更好的可用性來增加收入，從而加速傳統上發展緩慢的行業的創新。

Q2 was a strong quarter for Amplitude. It reflects our years of work refocusing the company on the enterprise and on our strategy to expand the platform. We believe our most recent efforts to re-architect Amplitude to be AI native will accelerate the strategy and drive success in the years ahead. While I'm proud of the team's achievements, we are just at the start. We are still early in our opportunity, and we will continue to execute against the plan we've laid out.

第二季對於 Amplitude 來說是一個強勁的季度。它體現了我們多年來將公司重點重新放在企業上以及擴大平台的策略上的努力。我們相信，我們最近為將 Amplitude 重新建構為 AI 原生平台所做的努力將加速該策略並推動未來幾年的成功。雖然我為球隊的成就感到自豪，但我們才剛開始。我們的機會仍處於早期階段，我們將繼續執行我們所製定的計劃。

I'd now like to turn it over to Andrew to walk you through the financials.

現在我想把時間交給安德魯，讓他向大家介紹一下財務狀況。

Thank you, Spenser, and good afternoon, everyone. The second quarter was another quarter of focused execution, ARR growth acceleration and building on our strategy. Over the past two years, we've created a comprehensive platform, improved our internal workflows and driven growth with leverage. We believe we are on the right track. The work is not finished. We have made progress, and it gives us confidence that our goal for future acceleration.

謝謝你，史賓塞，大家下午好。第二季度是另一個專注於執行、ARR 成長加速和策略建設的季度。在過去的兩年裡，我們創建了一個綜合平台，改善了內部工作流程，並利用槓桿推動成長。我們相信我們正走在正確的道路上。工作尚未完成。我們已經取得了進展，這讓我們對未來加速實現的目標充滿信心。

In Q2, we grew our ending ARR 16% year-over-year compared to 12% last quarter and 8% a year ago. We've increased our dollar-based net retention to 104% compared to 101% last quarter and a low in the second quarter last year of 96%. We increased our free cash flow margin to 22% for the quarter and have generated $8.9 million in free cash flow during the six months ended June 30, 2025, compared to $5.7 million over the same six months last year.

在第二季度，我們的期末 ARR 年增 16%，而上一季為 12%，去年同期為 8%。我們的美元淨留存率已從上一季的 101% 和去年第二季的 96% 的低點提高至 104%。本季度，我們將自由現金流利潤率提高至 22%，並在截至 2025 年 6 月 30 日的六個月內產生了 890 萬美元的自由現金流，而去年同期為 570 萬美元。

In March, we shared our path to acceleration, emphasizing our focus on enterprise customers and expanding our platform capabilities. In the second quarter, we continued to deliver on these goals by increasing sales productivity and with the introduction of new products to our platform.

三月份，我們分享了我們的加速之路，強調了我們對企業客戶的關注以及擴展我們的平台能力。在第二季度，我們透過提高銷售效率和在我們的平台上推出新產品來繼續實現這些目標。

On the go-to-market side, we believe we continue to improve our enterprise land, expand and retain motion. We had a strong quarter of expansions, which was largely driven by our platform deals in the enterprise. This drove our dollar-based net retention up 3 points sequentially. Turning to our platform.

在市場進入方面，我們相信我們將繼續改善我們的企業土地，擴大並保持動力。我們本季的擴張表現強勁，這主要得益於我們在企業領域的平台交易。這使得我們基於美元的淨留存率連續上升了 3 個百分點。轉向我們的平台。

Customers with more than one product accounted for 67% of our total ARR, up from 64% last quarter and 55% in the second quarter last year. Our ability to expand our contracts over the past three quarters has largely been driven by platform upsells, while we overcame headwinds from contract downsells based on volume. However, the growth of data being ingested into our platform has grown 20% year-over-year. And as we get past the headwind of rightsizing our contracts, we believe we can monetize both upsell and cross-sell opportunities to drive further acceleration.

擁有多種產品的客戶占我們總 ARR 的 67%，高於上一季的 64% 和去年第二季的 55%。過去三個季度，我們擴大合約的能力很大程度上得益於平台追加銷售，同時，我們也克服了基於數量的合約降價帶來的阻力。然而，我們平台的數據量年增了 20%。隨著我們克服了合約調整的阻力，我們相信我們可以將追加銷售和交叉銷售機會貨幣化，以推動進一步的加速。

We're creating a more durable business. This is evidenced by creating greater visibility into our future revenue streams and building it in a profitable way. As of June 30, 2025, our RPO growth accelerated to 31% year-over-year compared to 11% in the same quarter last year. Our current RPO is now growing 20% year-over-year, up from only 8% in the second quarter last year. We believe this is the culmination of the work putting focus on the right customers with the right alignment to value.

我們正在創造一個更持久的業務。這可以透過提高我們未來收入流的可見性並以有利可圖的方式建構來證明。截至 2025 年 6 月 30 日，我們的 RPO 成長率年增 31%，而去年同期為 11%。我們目前的 RPO 年成長 20%，而去年第二季僅為 8%。我們相信，這是將重點放在正確的客戶身上並與價值正確結合的工作的頂峰。

As we work toward building a more durable revenue stream, we believe innovation is the base of our future growth. Over the past two years, we have invested in tying our platform together to create more value when used together. We will continue to invest in our platform approach where customers can create their own workflows on top of our platform and become the center of how our customers understand and interact with their customers.

當我們努力建立更持久的收入來源時，我們相信創新是我們未來成長的基礎。在過去的兩年裡，我們投入了大量資金將我們的平台整合在一起，以便在共同使用時創造更多價值。我們將繼續投資我們的平台方法，客戶可以在我們的平台上創建自己的工作流程，並成為我們的客戶理解和與客戶互動的中心。

We're confident in our strategy as a platform of choice for customers looking to consolidate spend across vendors and believe that we're in a good position to accelerate our growth without meaningful improvement or clarity in the macro environment. Now turning to our second quarter results.

我們對我們的策略充滿信心，因為我們是希望整合跨供應商支出的客戶的首選平台，並且相信，即使宏觀環境沒有顯著改善或明朗，我們也有能力加速成長。現在來看看我們的第二季業績。

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 supplemental financials on the Investor Relations page.

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投資者關係頁面上的補充財務報表中找到。

Second quarter revenue was $83.3 million, up 14% year-over-year and 4% quarter-over-quarter. Total ARR increased to $335 million exiting the second quarter, an increase of 16% year-over-year and $15 million sequentially, the highest net new ARR add we've had in 11 quarters. Now here are more details on the elements for the quarter.

第二季營收為 8,330 萬美元，年增 14%，季增 4%。第二季末，總 ARR 增至 3.35 億美元，年增 16%，比上一季成長 1,500 萬美元，這是我們 11 個季度以來的最高淨新 ARR 增幅。以下是有關本季要素的更多詳細資訊。

We had a strong platform expansion sale, especially replacing legacy point solutions. The number of customers representing $100,000 or more of ARR in Q2 grew to 634, an increase of 16% year-over-year and up 17% since the first quarter. In-period NRR was 104%, a 3 point increase sequentially, led by large cross-sell expansions. We expect to make continued improvement in retention and enterprise expansions, which should drive sequential improvements in the second half of 2025.

我們的平台擴展銷售表現強勁，尤其是替換了傳統的點解決方案。第二季 ARR 達到或超過 10 萬美元的客戶數量成長至 634 人，年增 16%，自第一季以來成長 17%。本期 NRR 為 104%，較上一季成長 3 個百分點，主要得益於交叉銷售的大幅擴張。我們預計保留和企業擴張方面將繼續取得進展，這將推動 2025 年下半年的連續改善。

Gross margin was 75% for the second quarter, down 1 point from the second quarter of 2024. Gross margin was impacted by increased data ingestion costs, higher amortization of software development costs and investment in professional services.

第二季毛利率為75%，較2024年第二季下降1個百分點。毛利率受到資料攝取成本增加、軟體開發成本攤提增加以及專業服務投資的影響。

Investment in professional services is the foundation to build our long-term partner strategy and will act as an offset of future potential services expenses as we accelerate ARR. We believe increased data ingestion and professional services costs are [privy] to future revenues, so there is no change to our long-term focus on increasing gross margins.

專業服務的投資是我們建立長期合作夥伴策略的基礎，並將在我們加速 ARR 時抵消未來潛在的服務費用。我們相信，資料攝取和專業服務成本的增加對未來收入有影響，因此我們長期專注於提高毛利率的決心不會改變。

Sales and marketing expenses were 44% of revenue, a decrease of 4% -- 4 points from the second quarter last year, but up sequentially on a dollar basis. We continue to focus on improving sales efficiencies, driving improvement through our changes in process, coverage and expansion of our enterprise customers.

銷售和行銷費用佔營收的 44%，比去年第二季下降 4%（4 個百分點），但以美元計算則較上季上升。我們持續致力於提高銷售效率，透過流程的改變、企業客戶的覆蓋範圍和擴展來推動改進。

G&A was 14% of revenue, down 1 point from the second quarter of 2024. We expect G&A to improve as a percentage of revenue over time. R&D was 18% of revenue, up 1 point from the second quarter of 2024. We expect to continue to invest in the talent and capabilities of our team to drive greater innovation in the future. We expect to continue to attract talent through both recurring -- recruiting as well as opportunistic corporate activity, similar to what we did with Kraftful, June and Inari.

一般及行政費用佔營收的 14%，較 2024 年第二季下降 1 個百分點。我們預計，隨著時間的推移，一般及行政開支佔收入的百分比將會提高。研發佔營收的 18%，比 2024 年第二季上升 1 個百分點。我們希望繼續投資我們團隊的人才和能力，以推動未來更大的創新。我們希望透過經常性的招募和機會性企業活動繼續吸引人才，類似於我們對 Kraftful、June 和 Inari 所做的那樣。

Total operating expenses were $64 million, 76% of revenue, down 3 points sequentially. Operating loss was a negative $1.5 million or 1.8% of revenue. Net income per share was $0.01 based upon 140.2 million diluted shares compared to a net loss per share $0.00 with 122.6 million basic shares a year ago.

總營運費用為 6,400 萬美元，佔營收的 76%，較上季下降 3 個百分點。營業虧損為負 150 萬美元，佔營收的 1.8%。基於 1.402 億股稀釋股份，每股淨收益為 0.01 美元，而去年同期基於 1.226 億股基本股份，每股淨虧損為 0.00 美元。

Free cash flow in the quarter was $18.2 million or 22% of revenue compared to $6.8 million or 9% of revenue during the same period last year. In the second quarter, we managed our cash collections very well and made meaningful progress on shifting to contracts with annual payments in advance. Now turning to our outlook.

本季自由現金流為 1,820 萬美元，佔營收的 22%，而去年同期為 680 萬美元，佔營收的 9%。在第二季度，我們很好地管理了現金收款，並在轉向年度預付款合約方面取得了有意義的進展。現在轉向我們的展望。

While we believe we continue to accelerate our business, we will look for ways to be even more efficient in the future. We have built our business to be more resilient. We believe 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. We continue to operate our business with a focus on investing in areas that we see real return with ROI for our customers. We built our guidance based on what we believe is achievable from our actions and positioning in an evolving market.

我們相信我們將繼續加速業務發展，同時我們將尋找未來更有效率的方法。我們已經使我們的業務變得更具彈性。我們相信，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，並專注於卓越運營，我們已經為業務定位為正自由現金流和非 GAAP 盈利能力。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。我們根據自己在不斷發展的市場中的行動和定位所能實現的目標制定了指導方針。

We believe we will continue to make progress attracting new enterprise customers. As we begin to lap our churn and downsell cohorts, we believe we'll continue to expand through both upsell and cross-sell. While we showed strength on net new ARR in the second quarter, we expect third quarter to be down slightly from a net new perspective, but our year-over-year growth rate should continue to accelerate slightly.

我們相信，我們將在吸引新企業客戶方面繼續取得進展。當我們開始吸引流失和降價銷售的客戶時，我們相信我們將繼續透過追加銷售和交叉銷售來擴大規模。雖然我們在第二季度表現出了淨新增 ARR 的強勁勢頭，但我們預計第三季的淨新增 ARR 將略有下降，但我們的同比增長率應該會繼續略有加快。

Lastly, we are building a durable growth business that will balance incremental investment with the opportunity to create future growth opportunities. So for the third quarter 2025, we expect revenue to be between $85 million and $87 million, representing an annual growth rate of 14% at the midpoint. We expect non-GAAP operating income to be between a negative $2 million and positive $1 million. And we expect non-GAAP net income per share to be between negative $0.00 and positive $0.02, assuming basic weighted average shares outstanding of approximately 133.4 million and diluted weighted average shares outstanding of 144.3 million, respectively.

最後，我們正在建立一個持久成長的業務，以平衡增量投資和創造未來成長機會的機會。因此，對於 2025 年第三季度，我們預計營收將在 8,500 萬美元至 8,700 萬美元之間，中間年增長率為 14%。我們預計非公認會計準則營業收入將在負 200 萬美元至正 100 萬美元之間。我們預期非公認會計準則每股淨收益將在負 0.00 美元至正 0.02 美元之間，假設基本加權平均流通股數約為 1.334 億股，稀釋加權平均流通股數為 1.443 億股。

For the full year of 2025, we are raising our revenue expectation due to the quarter's positive performance. We expect full year revenue to be between $335.2 million and $338.2 million, an annual growth rate of 12.5% at the midpoint. We are adjusting our full -- our range for our full year non-GAAP operating income to be between negative $2 million and positive $3 million, reflecting growth of investments and taking into account the recent acquisitions we mentioned. We expect non-GAAP net income per share to be between $0.04 and $0.08, assuming weighted average shares outstanding of approximately 142.8 million as measured on a fully diluted basis.

對於 2025 年全年，由於本季度的積極表現，我們提高了收入預期。我們預計全年營收將在 3.352 億美元至 3.382 億美元之間，年增率為 12.5%。我們正在調整全年非公認會計準則營業收入的範圍，使其介於負 200 萬美元至正 300 萬美元之間，以反映投資的增長，並考慮到我們提到的最近收購。我們預計非公認會計準則每股淨收益將在 0.04 美元至 0.08 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 1.428 億股。

In closing, I want to reflect on the journey we've been on. In Q2 2024, Amplitude growth rates were declining. Net revenue retention was below 100% and our strategies to reaccelerate growth are still taking shape. We highlighted that we expected the second quarter of 2024 to be the low point, but many were skeptical. A year later, our platform is driving consolidation, and we're increasingly winning new enterprise customers against competitors.

最後，我想回顧一下我們走過的歷程。2024 年第二季度，Amplitude 成長率正在下降。淨收入保留率低於 100%，我們重新加速成長的策略仍在形成中。我們強調，我們預計 2024 年第二季將是最低點，但許多人對此表示懷疑。一年後，我們的平台正在推動整合，我們正在從競爭對手中贏得越來越多的新企業客戶。

Our growth has accelerated, and we see a continued path towards improved growth with leverage. This has only occurred through the focused execution of our employees and a relentless drive towards creating value for our customers.

我們的成長已經加速，我們看到了借助槓桿持續改善成長的道路。這只有透過我們員工的專注執行和不懈努力為客戶創造價值才能實現。

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.

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。

Our first question will come from the line of Rob Oliver at R.W. Baird, followed by Clark Wright from D.A. Davidson. Rob, your line is open.

我們的第一個問題來自 R.W. Baird 的 Rob Oliver，然後是 D.A. Davidson 的 Clark Wright。羅布，你的線路已開通。

Great. Thanks, John. Can you guys hear me okay?

偉大的。謝謝，約翰。你們聽得到我說話嗎？

Loud and clear.

聲音響亮、清晰。

Okay, great. Good afternoon. Thank you very much for taking my questions. I have two.

好的，太好了。午安.非常感謝您回答我的問題。我有兩個。

Spenser, one for you to start. Going back to the Command AI acquisition and through the recent acquisitions you made, it's evident in the demo and then with the announcement that you guys had on AI agents about 1.5 months ago, a tremendous amount of project -- progress on the Agentic AI front. I was wondering if you could help frame for us how much the recent acquisitions and the integrations you guys have done helps accelerate Amplitude's efforts in this regard and how we should think about that starting to get towards monetizable outcomes for you guys? And then I had a quick follow-up for Andrew.

史賓塞，給你先來一個。回顧 Command AI 的收購，透過你們最近進行的收購，這一點在演示中很明顯，然後在大約 1.5 個月前你們宣布了 AI 代理，在 Agentic AI 方面取得了巨大的項目進展。我想知道你們是否可以幫助我們闡述你們最近進行的收購和整合對加速 Amplitude 在這方面的努力有多大幫助，以及我們應該如何看待這些舉措開始為你們帶來可貨幣化的成果？然後我對安德魯進行了快速跟進。

Yes, for sure. So on the AI agents, it's -- I want to be clear, it's early on them. You saw some amazing demos today, but we're in the closed beta. We're going to be looking at launching this later this year.

是的，當然。所以對於人工智慧代理來說——我想明確一點，它們還處於早期階段。您今天看到了一些令人驚嘆的演示，但我們仍處於封閉測試階段。我們將在今年稍後推出該產品。

I think in terms of the -- like the key part about the agents is it just gives every Amplitude customer a tremendous amount of leverage in terms of getting value out of Amplitude, right? So it's always looking over your data to find insights for you, it's proposing strategies and ideas for you to experiment on, it's identifying problems based on Session Replays. And like that already, like that's a huge deal.

我認為就代理商而言，關鍵部分是它為每個 Amplitude 客戶提供了巨大的槓桿作用，使他們能夠從 Amplitude 中獲取價值，對嗎？因此，它總是查看您的數據以為您尋找見解，為您提出策略和想法以供試驗，並根據會話重播識別問題。就像那樣，那是一件大事。

In terms of the monetization, the thing I'd say there, we aren't focused -- I mean, first, we're not focused on that yet. I think if you look at Amplitude as a whole, we have a really strong ability to price high, right? For a company, $335 million in ARR, we have over 40 million customers. And so we've never had problems commanding a premium value. And so I'm confident with how we're going to -- as long as we're creating the value, we'll figure out some way to capture it, whether we charge directly for the agents or otherwise. So -- but we aren't there yet on figuring that out.

就貨幣化而言，我想說的是，我們還沒有集中精力——我的意思是，首先，我們還沒有集中精力於此。我認為，如果從整體來看 Amplitude，我們有很強的高價能力，對嗎？對於一家 ARR 為 3.35 億美元的公司來說，我們擁有超過 4,000 萬名客戶。因此，我們在獲取高價值方面從未遇到任何問題。因此，我對我們的做法充滿信心——只要我們創造價值，我們就會找到某種方法來獲取它，無論我們是直接向代理商收費還是其他方式。所以——但我們還沒有弄清楚這一點。

I think the main thing is to make sure they're valuable for customers and they create a lot. I think what you see in contrast, a lot of other SaaS companies have done is they've kind of slapped some very high-level AI-like functionality on top of some existing workflows and then use it to justify a pricing increase. And like that, to me, it doesn't make any sense.

我認為最重要的是確保它們對客戶有價值並創造很多東西。我認為與之形成對比的是，許多其他 SaaS 公司所做的就是在一些現有工作流程之上添加一些非常高級的類似 AI 的功能，然後用它來證明價格上漲的合理性。對我來說，這沒有任何意義。

Got it. Very helpful. Exciting stuff.

知道了。非常有幫助。令人興奮的事。

And then, Andrew, for you, a lot of progress clearly in your time at the company. I guess, I would focus in on the sales efficiency side that was evident in the numbers this last quarter. Talk about what sort of continued progress or opportunity you have there on the sales efficiency side while also balancing that need to invest, which I know is reflected in part in the back half of the year, but great progress. Thanks.

安德魯，你在公司任職期間顯然取得了很大進展。我想，我會專注於上個季度數據中明顯體現的銷售效率。談談您在銷售效率方面取得了哪些持續的進展或機會，同時平衡投資需求，我知道這在一定程度上反映在下半年，但取得了巨大的進展。謝謝。

Thank you, Rob. I think it's always when we're looking at the territories you've built, how you're assigning the right reps to those territories where we're seeing progress on the pipeline builds that you make. The processes have evolved quite a bit in the sales methodologies. I mean, we shifted much more from a transactional model to a value-oriented sales model. And that's very evident with some of the big deals we've seen that are sold on a platform basis where customers are making multiyear bets with Amplitude to go drive huge efficiencies in their operations.

謝謝你，羅布。我認為，當我們查看您已建立的區域時，您如何將合適的代表分配到這些區域，我們會看到您建立的管道取得進展。銷售方法的流程已經有了相當大的發展。我的意思是，我們已經從交易模式轉向價值導向的銷售模式。我們看到的一些大交易明顯是以平台為基礎進行銷售的，客戶與 Amplitude 進行了多年的合作，以大幅提高其營運效率。

So it's kind of an iterative thing. You continually look at it and really make sure you're making the right investments in the right territories to generate the right coverage and pipeline and constantly looking at your conversion rates. It's something that a lot of enterprise software companies is a mature they go through, and Amplitude has done a great job at coming up that curve. And I'm very pleased with how well the investments we've made in the strategic segments have really started to pay off.

所以這是一種迭代的事情。您要不斷地關注它，並確保您在正確的領域做出正確的投資，以產生正確的覆蓋範圍和管道，並不斷關注您的轉換率。這是許多企業軟體公司在走向成熟時都會經歷的過程，而 Amplitude 在實現這一目標方面做得非常出色。我很高興看到我們在策略領域所做的投資確實開始獲得回報。

Helpful. Okay. Thanks, guys. Good to see you. I appreciate it. Thanks.

很有幫助。好的。謝謝大家。很高興見到你。我很感激。謝謝。

Thanks, Rob. Our next question will come from Clark Wright at D.A. Davidson, followed by Brent Bracelin at Piper Sandler.

謝謝，羅布。我們的下一個問題來自 D.A. Davidson 的 Clark Wright，然後是 Piper Sandler 的 Brent Bracelin。

Awesome. Thank you. It's great to see improvement in the retention metrics. I love to kind of understand if you can quantify how much of that improvement is related to the churn dynamic versus how much is momentum in the upselling motion?

驚人的。謝謝。很高興看到保留指標有所改善。我很想知道您是否可以量化這種改進有多少與客戶流失動態有關，有多少是追加銷售運動的動力？

I can take that one. I think we made really great progress with our platform sales. I mean you're seeing more and more customers value all the components we're putting together. At Amplitude, we say 1 plus 1 isn't 2, it's 11, and it's reflective of the power of the platform as we -- as customers use those applications together. So when we see the really big cross-sells, it's really driving our NRR.

我可以接受那個。我認為我們的平台銷售取得了巨大的進步。我的意思是，你會看到越來越多的客戶重視我們組裝的所有組件。在 Amplitude，我們說 1 加 1 不是 2，而是 11，它反映了當客戶將這些應用程式一起使用時平台的強大功能。因此，當我們看到真正大規模的交叉銷售時，它確實推動了我們的 NRR。

Now having said that, I think that the teams have done a great job as well on working through some really tough volumetric contract structures we've had in the first half, and we're making great strides on gross retention as well. So it's on both fronts, but I have to say both the team understanding how to sell the platform better and the augmentations that our development team has done to our platform are really driving growth.

話雖如此，我認為團隊在解決上半年一些非常艱難的體積合約結構方面也做得很好，而且我們在總保留方面也取得了長足的進步。所以這是兩個方面的問題，但我必須說，團隊了解如何更好地銷售平台，以及我們的開發團隊對我們的平台所做的增強，都真正推動了成長。

Got it. And then a follow-up, if I could here. In terms of just sales enablement, that was a key objective. Andrew, since you've gotten to the firm. I'd love to kind of understand maybe a progress report on where you've started versus where you are today.

知道了。如果可以的話，我會繼續跟進。就銷售支援而言，這是一個關鍵目標。安德魯，既然你已經來到公司了。我很想了解你的進度報告，了解你開始時的進度和現在的進度。

Look, I think it's really about a change in mentality that started with moving into the enterprise and how the enterprise sales process works. It's refining our funnel dynamics where we're making investments so that there's adequate coverage. It's about understanding as opportunities go through the funnel, inspecting that the opportunities are actually progressing towards the close dates that are forecasted and reiterating that we expect to see a ramp in productivity associated with the investments we're making in specific territories.

看，我認為這實際上是一種心態的轉變，這種轉變始於進入企業以及企業銷售流程的運作方式。它正在完善我們投資的漏斗動態，以便獲得足夠的覆蓋範圍。這是為了了解機會如何通過漏斗，檢查機會是否確實朝著預測的截止日期前進，並重申我們期望看到與我們在特定領域進行的投資相關的生產力提升。

So all those things, I think you just kind of bring together with a little bit of rigor and you get better and better outputs. And I think that, that's also one of the reasons why we continue to lean and invest in territories where we see progress. When you see that you're getting more pipeline than the reps that can handle in any given one territory, you start to add more reps. That's your early signal that things are going well.

所以我認為，只要將所有這些事情稍微嚴謹地結合起來，就能得到越來越好的成果。我認為，這也是我們繼續傾向於投資我們看到進步的領域的原因之一。當您發現獲得的管道比特定區域內能夠處理的代表數量還多時，您就會開始添加更多代表。這是事情進展順利的早期訊號。

Awesome. Appreciate that. Have a good one.

驚人的。非常感謝。祝你一切順利。

Thanks, Clark. Our next question will come from the line of Brent Bracelin from Piper Sandler, followed by Elizabeth Porter from Morgan Stanley. Go ahead, Brent.

謝謝，克拉克。我們的下一個問題來自 Piper Sandler 的 Brent Bracelin，然後是摩根士丹利的 Elizabeth Porter。繼續吧，布倫特。

Thank you. Lots of signals. Things are going well there here for the team.

謝謝。很多信號。球隊在這裡一切進展順利。

I guess, Andrew, for you, as we think about six consecutive quarters of accelerating CRPO growth, great to see that back to 20%. How much of that is driven by platform attach rates? You talked about 55% going to 67% relative to customers with one or more products.

我想，安德魯，對你來說，當我們想到連續六個季度加速 CRPO 成長時，很高興看到它回到 20%。其中有多少是由平台附加率所推動的？您談到了相對於擁有一種或多種產品的客戶而言 55% 上升到 67%。

But I know in the past, renewals were being downsized. You do have a data consumption component. I wondered if that might also start to be either flattening or becoming less of a drag going forward. So how much of that improvement in CRPO is tied to platform attach versus actually the consumption trends starting to reverse?

但我知道，過去續約規模一直在縮減。您確實有一個數據消耗組件。我想知道這種情況是否也會開始趨於平穩或不再成為一種阻礙。那麼，CRPO 的改善有多少與平台依附有關，而實際上消費趨勢開始逆轉？

So great question. And I would tell you, it's kind of a bit of both. We see both. We have really strong platform upsells and the sales team understanding and showing customers what their journey is going to be on the Amplitude platform, how they get more value and customers leaning in and making those investments over multiple years. I think we've talked in the past about how increasingly what enterprise customers want when they're making these big transformations, maybe in cases of multiple products that they've had to stitch together, they want a longer-term value-oriented relationship with their partners.

這個問題問得真好。我想告訴你，兩者都有一點。我們都看到了。我們擁有非常強大的平台追加銷售能力，銷售團隊了解並向客戶展示他們在 Amplitude 平台上的旅程，他們如何獲得更多價值，以及客戶如何在未來幾年內傾向於進行這些投資。我想我們過去曾討論過，企業客戶在進行這些重大轉型時，可能在他們必須將多種產品拼湊在一起的情況下，他們越來越希望與合作夥伴建立長期的以價值為導向的關係。

And that's allowed us to increase our contract duration, which right now, it's about 21 months on a dollar-based average. And frankly, I would love for that to get closer above the 30 months average. And so our sales team knows that. They're continuing to go have those conversations with enterprise customers. And the one area I think we need to do a little bit better is on renewals.

這使我們能夠延長合約期限，目前，以美元計算，平均合約期限約為 21 個月。坦白說，我希望這個數字能夠接近 30 個月的平均值。我們的銷售團隊知道這一點。他們正在繼續與企業客戶進行這些對話。我認為我們需要做得更好的一個領域是續約。

Historically, those accounts, those implementations weren't on multiyear contracts. And so we're really pivoting more and more to focus on how do we make sure that the renewals are going there as well. So it's increasing contract duration. But as you said, and we expect that as we get through some of these big headwinds associated with volumetric contracts that we're equally going to see customers wanting to do more and more ingestion into the platform so they can get greater and greater value.

從歷史上看，這些帳戶、這些實施並不是簽訂多年合約。因此，我們確實越來越多地將注意力集中在如何確保續約也能順利進行上。因此，合約期限會延長。但正如你所說，我們預計，當我們克服與容量合約相關的一些巨大阻力時，我們同樣會看到客戶希望越來越多地使用該平台，以便他們能夠獲得越來越大的價值。

And that's certainly what our posture was with the acquisition of Kraftful. It's another data element that customers can bring together, which increases the level of data ingestion, which over the long term, certainly should drive upsells at a much larger basis than they have in the past.

這當然也是我們收購 Kraftful 的立場。這是客戶可以整合的另一個數據元素，它增加了數據攝取的水平，從長遠來看，這肯定會比過去更大規模地推動追加銷售。

Helpful. And as a follow-up for Spenser here, battle for talent. This is one of the quadrants that we're watching here closely. I think it's going to dictate between the winners and losers in AI here. You've been able to attract talent here, Command AI, Kraftful, Inari. What's resonating with these founders to kind of join the Amplitude mission? You're doing something right there. I would love to just double-click into what's resonating with some of these founders that are joining the team.

很有幫助。作為斯賓塞的後續行動，人才爭奪戰。這是我們密切關注的象限之一。我認為這將決定人工智慧領域的贏家和輸家。您已經能夠在這裡吸引人才，Command AI、Kraftful、Inari。這些創辦人為什麼會加入 Amplitude 使命？你正在那裡做一些事情。我很想了解加入團隊的一些創辦人有何共鳴。

So in all of those cases, we are looking for teams that are aligned to our long-term mission. So we're thinking about how can we take data and use that in different ways to help companies build great products. And Command was a great example where they were leading in the Guides and Surveys space. We really liked the approach, and they were willing to join the Amplitude team and have the same impact, accepted a much broader platform. We're the leader in digital analytics today, and that's a really attractive thing for a lot of these teams that have been working for a bunch of years to be able to get access to that customer base and that level of impact.

因此，在所有這些情況下，我們都在尋找與我們的長期使命一致的團隊。因此，我們正在思考如何獲取數據並以不同的方式使用這些數據來幫助公司打造優秀的產品。Command 就是一個很好的例子，他們在指南和調查領域處於領先地位。我們真的很喜歡這種方法，他們願意加入 Amplitude 團隊並產生相同的影響，接受更廣泛的平台。我們是當今數位分析領域的領導者，這對許多已經工作多年的團隊來說非常有吸引力，因為他們能夠接觸到這樣的客戶群和影響力。

And frankly, there's something to be said to just working with other people who are just really passionate about the same mission. I know it sounds so basic, but like you bring kind of enough of them here. I think it was actually James from the Command team that helped lead and bring on and kind of was the first point of contact to bring on both Kraftful, Inari and the folks from June. And so other great people -- just want to work with great people.

坦白說，與對同一使命充滿熱情的人一起工作是件好事。我知道這聽起來很簡單，但你在這裡已經帶了足夠的東西了。我認為實際上是指揮團隊的詹姆斯幫助領導和帶領大家，他是第一個聯繫 Kraftful、Inari 和 June 團隊的人。所以其他的優秀人才——只想與優秀的人一起工作。

The other thing -- the other part I don't want to miss in the talent war is that I mean, [Frank], I hate to say it, but we're a larger company now, we're 800 or so people. And what I think a lot of larger companies are getting wrong on that is they think, okay, hey, I can just hire an AI team that's like a little bit separate from my core team and just have them go innovate. But the reality is if -- as AI disrupts every category and every part of the product, it's like, no, no, no, you're going to have to redo the core of your product.

另一件事——在人才爭奪戰中我不想錯過的另一部分是，我的意思是，[弗蘭克]，我不想這麼說，但我們現在是一家更大的公司，我們有 800 名員工。我認為許多大公司在這方面犯了錯誤，他們認為，好吧，嘿，我可以聘請一個與我的核心團隊稍微分開的人工智慧團隊，讓他們去創新。但現實情況是——當人工智慧顛覆產品的每個類別和每個部分時，你就必須重新做產品的核心。

So like I showed the LLM analytics, customers are now starting to be more interested instead of SEO, they're thinking about how do we rank highly on LLMs. And so we had one of our engineers lead that effort. And that wouldn't have been possible if we hadn't done the AI Week and the AI Hackathon and retrained a lot of the existing team on these new tools. So I think people -- like you need to go deep on a talent basis, both for your existing talent and bring great new talent in. And if you do that, you can successfully transform the business, but it's a hard thing to -- it's a really hard thing to do properly.

因此，就像我展示的 LLM 分析一樣，客戶現在開始對 SEO 更感興趣，他們正在考慮我們如何在 LLM 上獲得較高的排名。因此我們派了一位工程師來領導這項工作。如果我們沒有舉辦人工智慧週和人工智慧黑客馬拉松，也沒有對現有團隊的許多成員進行新工具的再培訓，這一切都不可能實現。所以我認為人們──例如你需要深入了解人才，既要了解現有的人才，也要引進優秀的新人才。如果你這樣做了，你就能成功地轉變業務，但這是一件很難的事情——要正確地做到這一點真的很難。

Helpful. Thank you.

很有幫助。謝謝。

Thanks, Brent. Our next question will come from Elizabeth Porter from Morgan Stanley, followed by Scott Berg from Needham. Elizabeth the floor is yours.

謝謝，布倫特。我們的下一個問題來自摩根士丹利的伊麗莎白·波特 (Elizabeth Porter)，然後是尼德姆的斯科特·伯格 (Scott Berg)。伊麗莎白，請你發言。

Thank you so much. So at your agent launch event in San Francisco recently, I talked to a couple of customers and...

太感謝了。因此，在您最近於舊金山舉行的代理商發布會上，我與幾位客戶進行了交談…

It's coming, by the way.

順便說一句，它即將到來。

Yes, of course. And the customers were saying, look, it's like a no-brainer to be adding on some of these new products like Surveys or Session Replays next analytics. There was this like a long list of one-off solutions they can move over. So two questions.

是的當然。客戶說，看，添加一些新產品（如調查或會話重播分析）是輕而易舉的事。他們可以採用一長串一次性解決方案。所以有兩個問題。

One, it seems that many were still just like learning about the broader portfolio. So I wanted to better understand how you've seen your portfolio awareness evolve and what are the steps you're taking to accelerate that? And then second, how much more of the incremental wallet do you think you can start to address particularly as you add into the fold some of the capabilities from recent acquisitions?

首先，似乎許多人仍然只是想了解更廣泛的投資組合。所以我想更了解您如何看待您的投資組合意識的演變，以及您正在採取哪些措施來加速這一進程？其次，您認為當您將最近收購的一些功能添加到其中時，您可以開始解決多少增量錢包問題？

Yes, for sure. So Elizabeth, I think while I've been talking about the platform piece for years, we've made 2025 the year of the platform, the reality is exactly what you saw, which is that a lot of customers are just kind of waking up to like, Oh, I can actually combine Session Replay and Analytics and Experiment and Guides and Surveys on the same platform. I regularly talk to current customers who have been with us for years that don't fully realize that we could do other parts of the suite for them, as you saw again at the agents launch.

是的，當然。所以伊麗莎白，我想雖然我多年來一直在談論平台部分，我們已經將 2025 年定為平台年，但現實正是你所看到的，那就是很多客戶才剛剛醒來，喜歡，哦，我實際上可以在同一個平台上結合會話重播和分析和實驗和指南和調查。我經常與與我們合作多年的現有客戶交談，他們並沒有完全意識到我們可以為他們提供套件的其他部分，正如您在代理商發布會上再次看到的那樣。

So it's just -- that's part of why -- so that's part of why we've made 2025 year of the platform is that we want everyone in our field to be continually educating new customers and existing customers that we have all these capabilities. I'd say where we've done very well is with new customers. So I mentioned that title insurance company that came on board, they came on board to the whole platform right off the bat. That was fantastic.

所以這只是 - 部分原因 - 所以這也是我們將 2025 年定為平台年的原因之一，我們希望我們領域的每個人都能不斷地教育新客戶和現有客戶，我們擁有所有這些能力。我想說我們在吸引新客戶方面做得非常好。所以我提到了加入的產權保險公司，他們馬上就加入了整個平台。太棒了。

I think where we are -- still have a bunch of work to do is existing customers who have known us for five, six, seven years as just an analytics company that we can do other parts to them. Agents launch is for what it's worth a helpful part of it because you can see how these workflows come together and then obviously, you have to use some of these other pieces in order to do them successfully. So we still have a ways to go. I'd say -- so 67% of ARR.

我認為我們現在還有很多工作要做，現有客戶已經認識我們五、六、七年了，我們只是一家分析公司，我們可以為他們做其他工作。代理啟動是其中非常有用的部分，因為您可以看到這些工作流程如何組合在一起，然後顯然，您必須使用其中的一些其他部分才能成功完成它們。所以我們還有很長的路要走。我想說的是——ARR 為 67%。

But on a customer base, it's still less than 50% that are on multiple products. So especially some of the smaller ones still don't know that we do have these other pieces. So there's no substitute for the work, having the conversations with them, explaining the value of these, training our team to be very comfortable in demoing and pitching and saying, Hey, we can replace a point solution for you if you come to Amplitude.

但從客戶群來看，使用多種產品的客戶仍不到50%。因此，特別是一些較小的公司仍然不知道我們確實有這些其他產品。因此，沒有什麼可以替代這項工作，與他們進行對話，解釋這些價值，培訓我們的團隊非常熟悉演示和推銷，並說，嘿，如果您來到 Amplitude，我們可以為您替換一個點解決方案。

And then lastly, in terms of the wallet share, I think I'd probably -- it's -- what I've seen in total is once you go from that analytics piece only to the whole platform, you're probably around 2x to 3x the total spend that you are on just the analytics piece. Now how you attribute that might vary customer-to-customer, like maybe you're paying an incremental 25% for Experiment or 50% for Session Replay. But once you kind of bundle that all up together and look at that in totality, you're probably talking about 2x to 3x what it is on just analytics alone.

最後，就錢包份額而言，我認為我可能會——這是——我總體上看到的是，一旦你從分析部分轉向整個平台，你的總支出可能是僅在分析部分上的支出的 2 倍到 3 倍。現在，您如何將其歸因於可能因客戶而異，例如，您可能為實驗支付增量的 25% 或為會話重播支付 50%。但是，一旦你將所有這些捆綁在一起並從整體上看，你可能會談論到僅基於分析的結果的 2 倍到 3 倍。

Great. And then just as a follow-up, maybe for Andrew. Really helpful and great to hear about the continued progress in NRR quarter-over-quarter for the back half of the year. Where do you think it should kind of settle out kind of near term? Any thoughts that we can have in mind as we kind of look beyond kind of the back half of the year?

偉大的。然後作為後續行動，也許對安德魯也是如此。真的很有幫助，很高興聽到今年下半年 NRR 逐季持續取得進展。您認為短期內該如何解決？當我們展望下半年時，我們有什麼想法嗎？

Look, I think I would tell you that we -- our long-term aspirations are certainly that we're above 15% in NRR. So that comes with continued progress and execution of the sales team of selling the platform and really showing customers the value they can get out of the multiple products that we have within it. So we've taken a look at our pipeline. We know what it looks like. We know what the opportunities are, and I can tell you that I'm confident that we're going to continue to make progress. And certainly, the Forrester report, highlighting the fact that we are the number 1 in the marketplace will help us with the awareness.

聽著，我想我會告訴你，我們的長期願望肯定是 NRR 超過 15%。因此，這需要銷售團隊不斷進步和執行，銷售平台，並真正向客戶展示他們可以從我們擁有的多種產品中獲得的價值。因此，我們查看了我們的管道。我們知道它是什麼樣子的。我們知道有哪些機遇，我可以告訴你們，我有信心我們會繼續取得進展。當然，Forrester 報告強調了我們是市場第一的事實，這將有助於我們提高知名度。

Thank you.

謝謝。

Thank you, Elizabeth. Our next question will come from Scott Berg from Needham, followed by Koji Ikeda from Bank of America. Go ahead, Scott.

謝謝你，伊麗莎白。我們的下一個問題來自 Needham 的 Scott Berg，然後是美國銀行的 Koji Ikeda。繼續吧，斯科特。

Hi, everyone. Really nice quarter here. I guess two questions for me.

大家好。這裡真是個好地方。我想問兩個問題。

Let's start with sales in the quarter. Your NRR or at least net new ARR in the quarter, excuse me, kind of crushed it versus our expectations. Are the sales improvements being driven more towards volumes of deals or just value and size of transactions? I think the outperformance was so significantly large, just trying to understand where you're benefiting from the most.

讓我們從本季的銷售額開始。您的本季的 NRR 或至少淨新 ARR，對不起，與我們的預期相比有所下降。銷售額的成長是否更取決於交易量，還是僅僅取決於交易價值和規模？我認為業績表現非常出色，只是想了解你從中獲益最多的地方。

All right. What was the distinction you just made, Scott? I just want to make sure I understand that.

好的。史考特，你剛才做出的區分是什麼？我只是想確保我理解這一點。

Volume of deals, the number of transactions or the size of the transactions.

交易量、交易次數或交易規模。

It's -- I mean I hate to say it's both. But if you look at it, I think we had some -- we had a record expand deal in particular that was a big driver. But we also saw a lot of kind of broad-based success across different verticals, companies like Telenor Denmark or the title insurance company I mentioned and as well as like Viator and like Twilio was a first-time customer of ours.

這——我的意思是我不想說這兩者都有。但如果你看一下，我認為我們有一些——特別是我們有一個創紀錄的擴展協議，這是一個很大的推動力。但我們也看到許多不同垂直領域取得了廣泛的成功，像 Telenor Denmark 或我提到的產權保險公司，以及 Viator 和 Twilio 這樣的公司都是我們的首次客戶。

So it was very broad-based. It wasn't like, okay, this was a few large volume expansions. These were all like companies saying, hey, I want to take and deploy Amplitude in a much broader context than I have before versus just like, hey, we're growing in volume.

因此它具有非常廣泛的基礎。這並不是說，好吧，這只是一些大規模的擴展。這些都像公司說的，嘿，我想在比以前更廣泛的背景下採用和部署 Amplitude，而不是像，嘿，我們的數量正在增長。

Helpful there. And then if I go back to your pre-scripted remarks, Spenser, one of the comments you made is you're seeing new traction with marketing teams after the launch of several new solutions here in the spring is, when you look at that marketing analytics space, I assume that's the functionality, at least that you were mentioning. How are those transactions comparing to the analytics space? I know your product journey is still newer there relative to product analytics. But what are you seeing for pricing and sizing there because that market has a significant amount of existing spend out there today?

很有幫助。然後，如果我回到您預先準備好的評論，斯賓塞，您所做的評論之一是，在春季推出幾項新解決方案後，您看到了營銷團隊的新動力，當您查看營銷分析空間時，我認為這就是功能，至少您提到了這一點。這些交易與分析領域相比如何？我知道您的產品歷程相對於產品分析而言還比較新。但是，由於該市場目前有大量現有支出，您認為那裡的定價和規模如何？

Yes. No, absolutely. So maybe to draw -- to helpful -- to draw a comparison, on the platform side, that motion has been a big part of driving our growth. If you look at -- if you break it down net new ARR or attach rate or whatever metric you want to use, it's like, okay, yes, that's very consistent. And that has -- whereas on marketing, that's much earlier.

是的。不，絕對不是。因此，也許可以進行一些比較，從平台方面來看，這種運動是推動我們成長的重要因素。如果你看一下——如果你把它分解成淨新 ARR 或附加率或任何你想使用的指標，它就像，好的，是的，這是非常一致的。而就行銷而言，這要早得多。

If I were to go back two years, almost nobody was using us as replacement for legacy marketing tools. It was like, hey, you're going to bring an Amplitude alongside Google Analytics or something like that. Now what we're seeing in the last few quarters is people are evaluating us as a wholesale replacement for these, but it's still relatively small compared to -- you mentioned, yes, these businesses have many more customers and they are much larger than us. So I think that opportunity we're in the earlier days of, and we have a bunch of work to do to go capture it. And as we do, we'll -- that will be a great growth lever for us over the next few years.

如果回顧兩年前，幾乎沒有人使用我們來取代傳統的行銷工具。就像，嘿，你要將 Amplitude 與 Google Analytics 或類似的東西一起帶來。現在，我們在過去幾個季度看到人們將我們視為這些企業的批發替代品，但與我們相比，我們的規模仍然相對較小——是的，您提到的這些企業擁有更多的客戶，而且規模比我們大得多。所以我認為我們正處於這個機會的早期階段，我們還有很多工作要做才能抓住它。當我們這樣做時，這將成為我們未來幾年的一個巨大的成長槓桿。

Very helpful. Nice quarter. Thank you.

非常有幫助。不錯的季度。謝謝。

Thank you, Scott. Our next question will come from the line of Koji Ikeda from Bank of America, followed by Tyler Radke from Citi. Go ahead, George.

謝謝你，斯科特。我們的下一個問題來自美國銀行的 Koji Ikeda，然後是花旗銀行的 Tyler Radke。繼續吧，喬治。

I appreciate it. [George McGreen] on for Koji. So I wanted to ask on this continued strong momentum we're seeing on the RPO side, especially on the long-term side. I wanted to kind of get a sense of how are conversations going in those strategic deals? Obviously, you guys have added a lot of value to the platform. You've brought in new team members that have expertise speaking on these enterprise strategic deals. How is kind of the tone of conversations going today versus maybe a year ago? And what are kind of the key points that often come up?

我很感激。 [喬治·麥格林] 代替 Koji。所以我想問我們在 RPO 方面看到的持續強勁勢頭，特別是長期方面。我想了解這些戰略交易的談判進度如何？顯然，你們為該平台增加了許多價值。您引進了在談論這些企業策略交易方面具有專業知識的新團隊成員。與一年前相比，今天的談話基調如何？常出現的關鍵點有哪些？

I'd say -- I mean, a lot of times, if I were to go back a few years, we weren't having the right level of conversations. And so we've kind of be stuck in -- at maybe the manager or director level in a lot of these accounts. Now we're consistently -- in all of our large accounts consistently having conversations with the VP and C level folks. And that is helping us have a conversation about how we fit into what their vision for their data stack looks like and how we can help drive a lot of value.

我想說——我的意思是，很多時候，如果我回顧幾年前，我們並沒有進行適當程度的對話。因此，我們可能陷入了困境——在許多這樣的帳戶中，我們處於經理或主管級別。現在，我們一直在與所有大客戶的副總裁和 C 級人員進行對話。這有助於我們討論如何適應他們對資料堆疊的願景以及我們如何幫助實現大量價值。

And so there was a customer that we had come over that was willing to -- have been a customer for many years, but had been on a one-year contract that just moved over to a three-year one because we aligned -- we finally had a review with the head of data there. And that was fantastic to see because it's like, okay, they're making that level of commitment, and that takes a whole bunch of risk off and we say for us and then we know we're going to be investing a lot into making Amplitude successful for you guys on both sides. And so that's very consistent.

因此，我們遇到了一個願意與我們合作的客戶——我們已經是我們的客戶很多年了，但是之前簽訂的是一年期合同，由於我們達成了一致，所以才改為三年期——我們最終與那裡的數據主管進行了審查。看到這一點真是太棒了，因為這就像是，好吧，他們做出瞭如此程度的承諾，這為我們消除了很多風險，我們知道我們將投入大量資金，使 Amplitude 對雙方都取得成功。所以這是非常一致的。

Strategic accounts team was -- it was kind of maybe another call out where it's like you have a dedicated account teams for the top 30 existing customers and top 30 prospects. And so that, again, there's a different profile of seller that we have for there and different profile of the support set so that we make sure that we're having the senior level conversations about how we fit into someone's data strategy.

策略客戶團隊—這也許是另一個呼籲，就像你有一個專門的客戶團隊來負責前 30 名現有客戶和前 30 名潛在客戶。因此，我們再次為那裡的賣家提供了不同的資料，並為支援集提供了不同的資料，以便我們確保與高層進行對話，討論我們如何融入某人的數據策略。

When you start getting into the millions, million-plus range in terms of customer spend, that's a real line item that a lot of people are concerned about. And you need to be strategic for a customer. Otherwise, you're going to be out. And so yes, we just weren't -- if I were to reflect that two or three years ago, we just -- most of the time, we weren't having those conversations. Now by and large, we are.

當客戶支出開始達到數百萬甚至更多時，這才是真正讓許多人擔心的項目。你需要針對客戶制定策略。否則你就會被淘汰。是的，我們只是沒有──如果我回想一下兩三年前，我們只是──大多數時候，我們都沒有進行這些對話。總體而言，我們確實如此。

Now still lots of work for us to do on those by no means over, like we want to continue to make sure those are set up well. Those customers are set up well. We have more work to do in the long tail, but we're in a very different place than we were a few years back.

現在我們還有很多工作要做，例如我們要繼續確保這些都設定好。這些客戶都設定得很好。我們在長尾方面還有很多工作要做，但我們現在所處的位置與幾年前相比已經大不相同了。

Thank you, George. Our next question will come from Tyler Radke at Citi, followed by our last question by Arjun Bhatia from William Blair. Go ahead, Tyler.

謝謝你，喬治。我們的下一個問題來自花旗銀行的 Tyler Radke，最後一個問題來自 William Blair 公司的 Arjun Bhatia。繼續吧，泰勒。

Yes. Thank you very much. Nice net new ARR in the quarter. I wanted to just touch on that.

是的。非常感謝。本季淨新 ARR 不錯。我只是想談這一點。

So you talked about the record expand deal. I was curious if you could elaborate a little bit more on the size of the contract and scope. And then also just talk about what you're seeing among kind of your AI native customers, how those usage trends are going? I know, for instance, Cursor is a customer. And are you seeing your growth sort of scale with the growth of those types of businesses as well?

所以你談到了唱片擴展協議。我很好奇您是否可以更詳細地說明合約的規模和範圍。然後，再談談您在 AI 原生客戶中看到的情況，這些使用趨勢如何？例如，我知道 Cursor 是一位客戶。您是否也看到您的成長規模隨著這些類型的企業的成長而擴大？

Yes, for sure. So obviously, we don't have permission to talk about exactly who it was, so I got to be careful. But they were a customer who had been using us already in some smaller parts of the business as a technology company and then ended up deciding to make a very big bet for one of their kind of core parts of their platform. And so that was a huge deal and -- multimillion dollar deal and a record expansion in a number of ways for us as a company. Now we -- just because we signed it, we got to go prove out the value and do a bunch of work on it, but it's great to see that company willing to make that level of bet on Amplitude.

是的，當然。顯然，我們沒有權限談論具體是誰，所以我必須小心。但他們是一家客戶，作為一家技術公司，他們已經在業務的一些較小的部分使用過我們的產品，然後最終決定在其平台的核心部分之一上投入巨資。所以，這是一筆巨大的交易，價值數百萬美元，對我們公司來說，在許多方面都是一次創紀錄的擴張。現在我們——只是因為我們簽署了它，我們必須去證明它的價值並做大量的工作，但很高興看到該公司願意對 Amplitude 做出如此程度的押注。

In terms of the AI companies, they're still very small as a percentage of our overall customer base. So we have a lot of great ones. You obviously mentioned Cursor, Midjourney. We have Midjourney. We have Character AI. We have a bunch of others. They are -- their growth is helpful, but it is -- it's like -- they're still a very small percentage of the overall customer base and so it's not like that changes anything quarter-to-quarter.

就人工智慧公司而言，它們在我們的整體客戶群中所佔的比例仍然很小。所以我們有很多優秀的人。您顯然提到了 Cursor、Midjourney。我們有 Midjourney。我們有角色人工智慧。我們還有很多其他人。他們的成長是有幫助的，但他們仍然只佔整體客戶群的一小部分，因此每個季度的情況都不會改變。

Great. And just a follow-up on gross margins. You talked a little bit about the puts and takes causing the compression this quarter. But how should we think about -- it almost seems like a little bit of a mini-investment cycle before you get maybe some of the returns either on the agentic side or the new product front. But where should those sort of trough and what's sort of the time line for those investments to monetize and ultimately drive that expansion again?

偉大的。這只是對毛利率的後續關注。您稍微談到了導致本季壓縮的因素。但是我們應該如何思考——這幾乎看起來像是一個小型投資週期，然後你才能在代理商方面或新產品方面獲得一些回報。但是這些低谷應該在哪裡？這些投資實現貨幣化並最終再次推動擴張的時間表又是什麼？

So I'll take that one. So the -- good point, Tyler. I think that the thing we've been signaling is -- let's start with the services side.

所以我會選擇那個。所以——泰勒，你的觀點很好。我認為我們一直在傳達的信號是——讓我們從服務方面開始。

We made investments in services to make sure that we can continue to build out our partner ecosystem. Long-term, we actually believe that our partners will be generating upwards of 20% to 40% of our demand. And so having the capability to go create that and plummet now over the long-term is going to enable us to, one, drive billable utilization associated with resources that are doing implementation services as well as kind of create that top of funnel longer-term. And so the cycle is when you hire new consultants, they take a little while to ramp up and then they start engaging with customers, and that drives that billable utilization.

我們對服務進行了投資，以確保我們能夠繼續建立我們的合作夥伴生態系統。從長遠來看，我們確實相信我們的合作夥伴將滿足我們 20% 至 40% 的需求。因此，擁有創造這種能力並在長期內大幅下降將使我們能夠推動與執行實施服務的資源相關的可計費利用率，並在長期內創造漏斗頂部。因此，當你僱用新的顧問時，他們需要一些時間來適應，然後開始與客戶接觸，這推動了可計費的使用率。

Now we'll never really have great margins associated with services. And we, frankly, would much rather have our partners do the implementation services. This is a cycle where we have to invest in that to make sure that our enterprise clients are successful and we start that flywheel.

現在我們永遠不會真正獲得與服務相關的巨大利潤。坦白說，我們更希望我們的合作夥伴來提供實施服務。這是一個循環，我們必須對其進行投資以確保我們的企業客戶成功，然後我們啟動飛輪。

On the hosting side, look, more data ingestion into our platform long-term is a really good thing. Now remember, we monetize Amplitude service delivery through our subscriptions on two ways. One, it's on the data ingested into the platform; and two, it's into the applications that are used throughout the platform. And so the more data we see customers bringing into the platform, it's a method for us to drive an upsell. But more importantly, it's a reflection of the fact that customers are getting greater and greater value by bringing in more data sets into our system such that they are getting better and better at using the system to drive their outcomes.

從託管方面來看，長期來看，更多的數據被引入我們的平台是一件非常好的事情。現在請記住，我們透過兩種方式透過訂閱將 Amplitude 服務交付貨幣化。一是，它涉及平台所輸入的資料；二是，它涉及整個平台所使用的應用程式。因此，我們看到客戶帶入平台的數據越多，我們就越有可能推動追加銷售。但更重要的是，它反映了這樣一個事實：透過將更多的資料集引入我們的系統，客戶獲得越來越大的價值，從而他們越來越善於利用系統來推動他們的成果。

So I know it's one of those areas where you hate to see a short-term investment not matched by the revenue. But in some cases, you have to make those investments and then expect that you're going to generate the returns over a longer period of time. And so there's no real change in our focus on driving gross margins up. We will continue to focus on it. This quarter, we just kind of found ourselves at the beginning of that investment cycle.

所以我知道這是那些你不願意看到短期投資與收入不符的領域之一。但在某些情況下，您必須進行這些投資，然後期望在較長時間內獲得回報。因此，我們對提高毛利率的關注點並沒有真正的變化。我們將繼續關注此事。本季度，我們正處於投資週期的開始階段。

Thank you.

謝謝。

Thank you, Tyler. And our last question will come from the line of Arjun Bhatia from William Blair.

謝謝你，泰勒。我們的最後一個問題來自威廉布萊爾的阿瓊巴蒂亞。

Hi, team. I'm Willow Miller on for Arjun Bhatia. Thanks for taking our question.

大家好。我是 Willow Miller，代表 Arjun Bhatia 發言。感謝您回答我們的問題。

Asking a follow-up question to the go-to-market questions asked earlier. Can you remind us where you're at in your go-to-market evolution? And is it fair to think about this as more of a continuous evolution? And maybe you can comment on how the sales force is responding to the changes?

對先前提出的市場進入問題提出後續問題。您能否提醒我們一下您在市場開拓上處於什麼階段？將其視為一種持續進化的過程是否合理？您能否評論一下銷售人員對這些變化的反應如何？

Yes, it's definitely continued -- well, so I guess if I were to go back three years to before Thomas and some of the existing team was here on the go-to-market side, we weren't fully ready for the level of enterprise deals that we're doing. Like I mentioned, we're doing a $1 million-plus deal, it just requires a very different level of engagement than the one that we were set up for them. Today, I'd say, yes, we're there for the most part.

是的，這肯定會繼續下去——好吧，所以我想如果我回到三年前，在托馬斯和一些現有團隊還在市場營銷方面的時候，我們還沒有為我們正在進行的企業交易水平做好充分的準備。正如我所提到的，我們正在做一筆價值 100 多萬美元的交易，它所需要的參與程度與我們為他們設定的程度截然不同。今天，我想說，是的，我們大部分時間都在那裡。

Now to your point, it's always an evolution. And so we just did the strategic accounts team this year. We're going to do -- we'll make more changes as appropriate next year in terms of taking things that work there and bring them across the business, and we're going to kind of continue to evolve it.

現在回到你的觀點，它始終是一個進化的過程。因此，我們今年剛成立了戰略客戶團隊。我們將會－明年，我們將在那裡行之有效的方法應用到整個業務方面做出更多適當的改變，並且我們將繼續改進它。

I'm actually really pleased with the Amplitude team and how they responded, like folks have leaned into that like by and large. And so I think some of the longest, most successful sellers here have been a big part of that change or folks in other functions like customer success and marketing have really done a great job of leaning into that change.

我實際上對 Amplitude 團隊以及他們的反應感到非常滿意，就像人們大體上傾向於這樣做一樣。因此，我認為這裡一些最長久、最成功的銷售人員對這一變化做出了巨大貢獻，而客戶成功和營銷等其他職能部門的人員也確實為順應這一變化做出了巨大貢獻。

One of the cultural values we have here at Amplitude is growth mindset. And the idea behind that is that your job is always changing here. And so you have to relearn it and make sure that you're figuring out how you can make an impact with what it is in the future. It doesn't mean because whatever it is, is going to be different from where you were before.

Amplitude 的文化價值之一就是成長心態。背後的想法是，你的工作在這裡總是在變化。所以你必須重新學習它，並確保你弄清楚如何利用它在未來產生影響。這並不意味著無論它是什麼，都會與你以前所處的位置有所不同。

Great. Thank you.

偉大的。謝謝。

Thank you, Willow. That will conclude our second quarter earnings call. Thank you for your time and interest. We look forward to seeing you this quarter on the road as we attend conferences hosted by KeyBanc, Citi and Piper Sandler. Thank you.

謝謝你，Willow。我們的第二季財報電話會議就此結束。感謝您的時間和關注。我們期待本季在參加由 KeyBanc、Citi 和 Piper Sandler 主辦的會議時見到您。謝謝。

Thank you, all.

謝謝大家。

Thank you.

謝謝。