Amplitude, Inc. — Call Transcript 2025

During today's call, management will make forward-looking statements, including statements regarding our financial outlook for the fourth 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. 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. 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. 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. With that, I'll hand the call over to Spenser. Good afternoon, everyone, and welcome to Amplitude's third quarter 2025 earnings call. Today, I'm going to cover three things. First, our strong Q3 results and progress in the enterprise. Second, the AI opportunity within analytics. Third, product innovation and our customers. Let's go ahead and get started with our Q3 results. We delivered another strong quarter, continuing the acceleration we saw in Q2. We exceeded expectations on our core financial metrics and made solid progress against our enterprise strategy. Our third quarter revenue was $88.6 million, up 18% year-over-year, and exceeding the high end of our guidance. Annual recurring revenue was $347 million, up 16% year-over-year, and up $12 million from last quarter. Non-GAAP operating income was $0.6 million. Customers with more than $100,000 in ARR grew to 653, an increase of 15% year-overyear. Our Q3 performance reflects our continued execution against our strategy. We are winning simple by bringing Amplitude to everyone with AI. We are winning the enterprise with broad-based success, with both AI natives and traditional enterprises securing larger multi-year contracts. We are winning the category with multi-product adoption, now representing 71% of our ARR. Finally, we are winning together by leading the shift to being AI native across the entire Amplitude team. I wanted to take a little bit of time to talk about how AI is changing how software gets built. Every single product team runs the same loop: build, ship, use, and learn. The left side of that loop, build and ship, has been transformed by AI. AI coding has made it faster than ever to turn ideas into products. We are now at a point where someone can create a product that is used by millions overnight. By contrast, the right side of this loop, use and learn, remains in the Stone Ages. Companies ask users what they want. Actions are more powerful than words. The best way to understand what people want is to watch what they do. This is what Amplitude solves. Our AI analytics platform helps companies understand how people engage in their product, what they like, where they get stuck, and what keeps them coming back. These behavioral signals are the most powerful indicator for what to build. Automating and scaling that understanding is the next frontier. In this context, analytics is the perfect problem for AI to solve. To use analytics, you have to do a lot of manual work in specifying and setting up your query in between rounds of thinking. AI can handle all of that manual work, freeing up humans to focus on the thinking that leads to great insights. Amplitude has a unique position to build the AI analytics platform of the future. We have the world's largest database of product behavior. We have spent a decade working with world-class analytics teams. Over the past year, we've rebuilt the Amplitude team to be AI native. We've reorganized product development twice, and we've acquired four AI companies. We've trained our engineering, product management, and design teams deeply in AI. The company that disrupts the right side of this loop, the use and learn, the fastest will define the future of this space. We are all in here. Let's get into the details on product innovation. In the last few weeks, we have launched several AI native products here at Amplitude. I want to start with MCP. In October, we announced the public availability of our MCP Server, the top requested feature from our customers. MCP is made for data analytics. It exposes all of Amplitude's functionality so an AI agent can interact with it directly. It allows you to use Amplitude without knowing anything about the Amplitude UI or your data taxonomy. This is the best MCP use case that I have ever seen. Watching an AI agent think, reason, query Amplitude, and then repeat that process iteratively is magical. It shows what is possible in the AI analytics future I talked about earlier. It brings the power of our data to anyone in any workflow. This opens Amplitude up to an entirely new cohort of non-technical users, in turn driving our growth. Let me show you with a quick demo. MCP lets AI tools interact directly with Amplitude data. You can ask a vague question about your product inside any AI model and have it query Amplitude iteratively. Our MCP already has native connections to Claude, Cursor, and GitHub, with more to come soon. For this demo, I'm going to use Claude. I'm going to start with a simple prompt: "Give me high-level web traffic metrics over the last few weeks." Claude will then get context, search web traffic metrics. It has identified that during the week of September 21st, we've had a peak. I can then ask follow-up questions to drill down, investigate the September spike. What's driving this growth? Claude then accesses behavioral insights, checks traffic sources, marketing campaigns, and content performance. It shows that our webinar campaigns and the release of our product benchmark report drove this traffic. To get deeper insights, I'm going to ask, "What are the downstream growth metric impacts by these campaigns?" Claude then queries the campaign data set, downstream conversion funnels, and Salesforce metrics. It concludes that the September campaigns drove a higher number and quality of visitors to the site. Of course, I'm going to want to share these findings so I can prompt it to create an Amplitude notebook for the growth team. In a few minutes, customers can get deep research, insights, and a detailed, shareable notebook that allows them to take action. In addition to the launch of MCP, we expanded the open beta for our AI agents. These agents continually monitor product data, detect anomalies, and surface insights automatically. In June, we launched our closed beta, and then two weeks ago, we opened the beta to all customers. Our focus is now on two agents. The first is the Dashboard Agent, which analyzes charts and proactively flags significant changes. The second is the Session Replay Agent, which reviews thousands of user sessions, detects points of friction, and then shows curated clips that highlight issues. Both are powered by the same behavioral data that MCP can access. They are already helping customers uncover opportunities and resolve issues faster. In addition, last week, we also introduced AI Visibility. As consumers turn to AI tools like ChatGPT, Claude, and Google's AI summary when they search, marketers are flying blind. They have no idea how their company showed up or ranked within the results produced by these new tools. To solve that problem, we launched AI Visibility for free last week. Think of it as SEO for LLMs. It shows where a brand appears or does not across all major AI models, how they rank against competitors, and how they can prove their position. We saw a lot of excitement around the launch with our customers and on social media. The conversation about the future of AI visibility is still going today on Twitter. Let me show you a quick demo of this too. Understanding how your products appear in AI responses and improving it will be the key to increasing awareness. With AI Visibility, customers can now see the percentage of mentions of their product in AI responses. They can also see competitor mentions versus their own, and then topics by visibility. They can dig into prompts to see the exact questions customers are asking and how AI is answering. For example, when people ask LLMs for product-led growth tools, they mention Amplitude 90% of the time. Customers can also learn how to improve their ranking. I can use the analyze page to see how AI interprets the existing content or run a series of simulated changes to test updates before publishing. AI Visibility tracks your brand and helps you turn that visibility into growth. Finally, next week, we will launch AI Feedback. This is our newest AI native product based on the core offering from our Kraftful acquisition in July. We are going from acquisition to new Amplitude product launch in four months. AI Feedback takes user feedback and information from multiple sources and turns it into insights a company can use. By bringing feedback, behavior, and action into a single platform, it helps teams hear customers and understand them. Let me show you with my last demo. AI Feedback is the new way to listen to users at scale and act on their feedback. AI Feedback collects input from all of our customers' feedback sources. You can link Zendesk tickets, Gong call transcriptions, App Store reviews, comments on Reddit and other social media, first-party surveys, and more with no engineering help. In this example, I have already set up AI Feedback for a mobile app and connected it to reviews from the Apple App Store as well as Google Play. Agentic AI processes the massive volume of unstructured data and sorts it into categories like you see here. Our proprietary AI analysis gives product teams the right level of detail. Users can see feature requests to help build a roadmap or can filter by topics like complaints to know which issues to address. Here, there are 26 mentions of reliable read, start, and alert query. I can click in to see specific comments for more detailed information on subtopics. For example, there are four mentions of notifications not syncing across devices. With Amplitude, customers can then turn that feedback into action. We can create a cohort of these 96 users watching session replays of how they interact with notifications or surveying them for more on what they need. Our innovation will accelerate from here. In addition to what I've just shown, over the next few quarters, we'll introduce new AI-first products like automated insights, global chat, assistant, and additional agents that extend our reach. These new capabilities expand who can use Amplitude and strengthen the value of the analytics platform overall. Every new product draws on the same behavioral data set and feeds back into it, creating a single system of improvement. That's what makes our use and learn opportunity so large. Innovation is the biggest driver of long-term growth at Amplitude and our strongest moat in this AI-first world. Let's talk about customers. We had a great quarter for new and expansion deals with enterprise customers, including Bentley Systems, FanDuel, Thomson Reuters, Taco Bell, Global Radio, Empower, Granola, Algolia, and Gusto, among others. I'm going to highlight how a few of them are putting this all to work. Three examples stand out this quarter, each showing the power of the Amplitude platform in a different way. First is FanDuel. They continue to be a great example of platform consolidation at scale. FanDuel is constantly refining its experiences and tailoring them for millions of fans. Connecting real-time feedback to customer experience is critical to their success, and Amplitude powers that loop. FanDuel uses Amplitude end-to-end across multiple product lines. From analytics to guides and surveys to session replay. That unified view helps their teams test, learn, and improve faster. Their expansion and renewal patterns remain among the strongest in our base. Second, Granola. This fast-growing AI startup adopted Amplitude before launch after hearing about us through the AI ecosystem. Today, more than half the company uses Amplitude every day to understand how people use their product and where to iterate next. Granola ships new features quickly and relies on real-time feedback to guide product decisions. Their story is a great example of how AI-native companies are choosing Amplitude to accelerate growth and scale with confidence. Third is Bentley Systems, a global leader in design, construction, and infrastructure software. Bentley selected Amplitude as its single analytics platform across all products. The company previously relied on siloed legacy tools but needed one system to understand usage, drive adoption, and guide feature development. By activating historical data from Databricks and combining it with behavioral insights in Amplitude, Bentley can now test, learn, and implement improvements far more quickly across its portfolio. These stories all point to a common theme. From AI startups to global enterprises, customers are betting on Amplitude as the AI analytics platform that will help them thrive in this new era. We are at the beginning of redefining analytics as an AI-native system that learns, reasons, and acts. Over the next few quarters, we will bring a new wave of AI-native products to market that will reshape how companies use data to build better products. This is just the beginning of the AI era for analytics. I'll now hand it over to Andrew to walk through the financials. Thank you, Spenser, and good afternoon, everyone. We've delivered another solid quarter of acceleration in our ARR, improved operational efficiency, and created greater durability in our future revenue base. Our customers are increasing their pace of innovation and, in turn, need to understand how the changes are being received, how to adapt, and how to implement those changes. As such, we believe Amplitude's importance to the enterprise is increasing. On our business, we have continued to perform against our strategy that we communicated at our investor day earlier this year. We've increased the value our platform can deliver by adding Guides and Surveys, AI agents, our MCP server, and others. We've grown the base of our enterprises we are serving, the number of customers that are using multiple products, and the full platform. We've done all this while improving operational efficiency of the business. We continue to improve the durability of our business as measured by improving our contract duration and remaining performance obligations, or RPO. This quarter, our average contract duration grew to nearly 22 months, up from 19 months just one year ago. Our RPO growth has improved from Q2, with current RPO growth year-over-year accelerating to 22% from 20% last quarter. Long-term RPO growth accelerating to 78% year-over-year, up from 64% last quarter. This results in total RPO growth of 37%, accelerating from 31% last quarter. The growth in our RPO is a direct result from building a more repeatable and scalable go-to-market strategy focused on enterprise customers. Turning to our third-quarter results, as a reminder, all financial results that I'll 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 on our website. Third-quarter revenue was $88.6 million, up 18% year-over-year and 6% quarter-over-quarter. This quarter's growth benefited from better linearity in deal signings earlier in the quarter, growth in our services business, and the strong net new ARR growth we had in Q2. Total ARR increased to $347 million exiting the third quarter, an increase of 16% year-over-year and $12 million sequentially. Here are more details on the key elements of the quarter. We had a strong quarter for both new and expansion deals in the enterprise. Platform sales were also particularly strong. 39% of our customers now have multiple products, with 71% of our ARR coming from that cohort. The number of customers representing $100,000 or more of ARR in Q3 grew to 653, an increase of 15% year-over-year and up 19 customers since last quarter. In-period NRR progressed to 104%, led by cross-sell expansions. Gross margin was 76% for the third quarter, down one percentage point from the third quarter of 2024, but up one percentage point since last quarter. We continue to make progress on optimizing our hosting costs, driving multi-product contracts, and monetizing services engagements. We will continue to look for opportunities to incrementally improve our gross margin over time. Sales and marketing expenses were 43% of revenue, a decrease of one percentage point from the second quarter. We continue to focus on improving sales efficiencies, driving improvement through our changes in process, coverage, and expansion of enterprise customers. At the same time, we are investing for future growth while balancing this incremental investment with efficiency gains. G&A was 13% of revenue, down three percentage points from the third quarter of 2024. We expect G&A to improve as a percentage of revenue over time. R&D was 19% of revenue, up three percentage points from the third quarter of 2024. We expect to continue to invest in the talent and the capabilities of our team to drive greater innovation in the future. Total operating expenses were $67 million, or 75% of revenue, down one percentage point sequentially. Operating income was $0.6 million, or 0.6% of revenue. Net income per share was $0.02 based on 143.2 million diluted shares, compared to net income per share of $0.03 with 131.3 million diluted shares a year ago. Free cash flow in the quarter was $3.4 million, or 4% of revenue, compared to $4.5 million, or 6% of revenue during the same period last year. In the third quarter, we managed our cash collections and made meaningful progress, shifting to contracts with annual payments in advance. Now, turning to our outlook. As Spenser laid out, the world of development, test, and ship is changing rapidly. Analytics and the use of data to understand outcomes and drive action will be more important than ever for enterprises. Our strategy remains consistent with our go-to-market. We will continue to focus on gaining new enterprise customers and driving cross-platform sales with our existing customer base. We also believe that with the release of our AI capabilities, the monetization of data ingested into our platform and cross-sell opportunities of new products gives us the right strategy to align the value our customers receive with our growth opportunities and to grow our business in a profitable way. For the fourth quarter of 2025, we expect revenue to be between $89 million and $91 million, representing an annual growth rate of 15% at the midpoint. We expect non-GAAP operating income to be between $3.5 million and $5.5 million. We expect non-GAAP net income per share to be between $0.04 and $0.05, assuming diluted weighted average shares outstanding of approximately 142.6 million. For the full year of 2025, we are raising our revenue expectation for the full year due to the quarter's positive performance. We expect full-year revenue to be between $340.8 million and $342.8 million, an annual growth rate of 14% at the midpoint. We are adjusting our range for the full-year non-GAAP operating income to be between $0.5 million and $2.5 million, reflecting growth investments. We expect non-GAAP net income per share to be between $0.06 and $0.08, assuming weighted average shares outstanding of approximately 142 million, as measured on a fully diluted basis. In closing, we continue to execute our strategy of growing our enterprise customer base, expanding multi-product attached with our customers, and growing with additional leverage in our business model. This has only occurred through the focused execution of our employees and our relentless drive towards creating value for our customers. With that, we'll open it up for Q&A. Over to you, John. 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 the line of Koji Ikeda from Bank of America, followed by Patrick Schultz. Koji, your line is now open. Yeah, hey, guys. Thanks so much for taking the questions. I wanted to ask. On RPO. You know, I look at ARR, nice growth there, but RPO, real nice, acceleration of 37%, most added sequentially in a long time. Andrew, totally hear you on the repeatable and scalable enterprise aspect of the execution here, but I was hoping you could break it down a little bit by enterprise, mid-market, vertical, maybe even annual contract size and contract duration. You know, what's really driving that 37% growth there? You may recall, Koji, that back in the beginning of the year, we made a lot of efforts at resegmenting our customers, refocusing our sales coverage on the enterprise group of clients. And we even have a stratification that's even larger than that, and we call it STRAT in the enterprise. For those who do not remember, we define enterprise clients as anyone who has 1,000 employees or more or over $100 million in revenue. When we did that, we really had a lot of marketing efforts, focused efforts to show how we are consolidating the space, how customers could increasingly leverage the power of the Amplitude platform, how they get greater value. I would tell you, when you have those conversations with clients, they often look to not just a single tool replacement, but rather a multi-year journey of how they are going to continue to drive value as their business changes, as their business grows. That has led to more strategic conversations and thus deal constructs which have more duration to them. I mentioned earlier, our contract duration has increased overall to 22 months. I will tell you, in the enterprise space, it is even larger. The reason is because so many of those multi-year, million-dollar contracts result in multi-year commitments. That is driving our RPO. You do not do that without getting the sales teams very focused in an execution way and aligning incentives appropriately to drive those outcomes. I would tell you, they have done a great job in multi-year contracts and making sure that our RPO is growing quite rapidly. Thank you. Thank you for that. Maybe a question here for Spenser. You know, in the presentation, you talk about this, I will call it the build, ship, use, and learn circle of life here. Where are enterprises today? Product circle of life, absolutely. Product circle of life. Yeah. Where are enterprises today? You know, where are they investing now, and where are they really going to be investing in the future? You mean in product or in analytics? In that circle. Are they investing more in the build process, the ship process? Are they yet to really start to invest in the use and learn side? That is the real opportunity where you guys—yeah. I think it is much earlier on the use and learn side, right? If you look at the state of the art for how companies do this, it is literally, you know, you go ask, talk to a bunch of customers, you do a focus group, you send out a survey, you are getting lots of qualitative feedback. The point I am trying to make is that if you can master that quantitatively, that is so much more powerful because you can, you know, actions are much more powerful than words. Users are great at describing the problem they have, you know, but it's like that old great Henry Ford quote, if you just listen directly to what they do, they'd ask you for faster horses. The companies like the Facebooks or the Netflixes of the world that have done a great job of that have this incredible edge over anyone else. We see ourselves as bringing that infrastructure much broadly. Now, to your question, it's much, much earlier there. I think we see a lot of excitement. Like I was just in Europe a few weeks ago, and every single customer wants to talk about, yeah, how is my learning side going to get completely disrupted by AI? Like we're already on it on coding. You know, they're having the developers use Cursor and Claude Code and a whole bunch of other, a whole bunch of other coding AI coding tools. They want to know how the same is going to happen in analytics. And so what I was presenting is like, hey, what's our vision for that future? Got it. Thank you so much. Thanks, guys. Thanks for taking the questions. Great. Thank you, Koji. Our next question will come from Patrick Schultz from RW Baird, followed by Elizabeth Porter from Morgan Stanley. Go ahead, Patrick. Yeah, thanks. Appreciate you guys' time this afternoon. Maybe first just thinking about the growth for revenue and ARR, just another very strong quarter. And looking at the Q4 guidance, there's some revenue deceleration implied there. Just wondering if you could provide a little bit more color on what went into that forecast and maybe more broadly. There's always some trade-off between investing for growth and driving profits, but curious to hear how you guys are balancing these two as you head into next year, especially just given the velocity of innovation you guys are seeing. I'd tell you that our guidance is always based upon the lens of execution for us. As we've gotten better and better at executing our enterprise plan, that's given us a lot more visibility into future revenue, and it shows up in our RPO. Rather than go back on what has worked very well for us as we progress this year, we're going to stick with that guidance pattern and stick with what we know we can go execute in the market. We believe that will continue to deliver benefits for us. Now, I'm balancing growth with leverage. If you were a fly on the wall within the Amplitude offices, you'd find that we're often having debates about when to make the right investment, how much leverage can we expect from it, and then how can we make sure that we are continuing to drive towards the expectations we set on investor day back in March. It is always a little bit of a difficult conversation, but I think the teams have learned to manage within those constructs, and we're making the investments that really matter while still delivering progressions on our growth with leverage plan. Yeah, I mean, Patrick, I'll say you don't find the bottleneck to growth is actually not a lot of time spent. It's about how can I retrain this team to be more effective? Andrew and I and with Thomas have been looking at sales productivity and how do we drive that for next year. The teams have really stepped up and done a good job of how do we be really effective. You can get a lot of leverage from AI tooling in this world without a crazy amount of spend. Okay, that's very helpful. Maybe just one quick follow-up too. Very impressive list of customer wins during the quarter. One of your goals over the past year has been to improve the enterprise go-to-market motion. Just can you maybe talk about how some of these improvements have impacted the trends with initial deal wins? What are you seeing in terms of changes to sales cycles, size of initial land, and maybe landing with multiple products? Yeah, I mean, we're, I mean, as I kind of outlined in. All three examples, I mean, I think we're doing everything across the board way better than we were a year or two ago. You're seeing many more multi-years, which is reflected in that RPO growth. You're seeing 71% on multiple products. That's a huge freaking deal. You're seeing customers willing to just invest in analytics, invest in the whole platform. They're very excited about what we're doing on the AI side as well. I got to give a lot of credit to the go-to-market teams for how they've built much stronger relationships with those. Even though I didn't speak to it too much, they've done a phenomenal job. That's why you see ARR re-acceleration as well as all those other numbers. One other just data point to call out, we had a really broad-based set of seven-figure wins. It was five, seven-figure wins in Q3, which was just fantastic to see everything from some of the enterprises, the very traditional enterprises I called out, all the way to we actually had a foundational model company that we can't disclose who it is, but sign up for Amplitude. It is just exciting to see kind of, hey, across the full spectrum, we're doing well. Awesome. Appreciate it, guys. Thank you. Great. Thank you, Patrick. Our next question will come from Elizabeth Porter from Morgan Stanley, followed by Willow Miller from William Blair. Go ahead, Elizabeth. Awesome. Thank you so much. I think one of the really exciting parts about agents is its ability to tie together multiple products across the Amplitude platform. And should we expect kind of a step function increase in multi-product adoption? I know that it was about 70% of ARR, but the customer base is still below 70, which is 40, which is a big opportunity. How does the agent strategy just overall accelerate that mix shift in the broader platform strategy? Okay, so there's what we're doing today, and then there's future. What we're doing today, we are focused on the analytics adoption piece because the more people using analytics, the more people sending us data, the more people querying that data, the more value we create, and that will naturally expand and lead to a whole bunch of these other use cases. The two agents I talked about, the dashboard monitoring agent as well as the Session Replay agent, those are all kind of insights-level agents. Now, what we do have coming and will be in next year is we're going to be doing a lot more on the action side. Suggested experiments, as we showed in June on the last earnings call, where we come up with a strategy for how you can improve conversion on your website, suggested guides for you to send out to your users. Hey, you don't have a new user onboarding guide? We've created one for you. Do you want to go ahead and deploy that? Suggested cohorts of users to target with messaging. I'd say today on the agents front, we're specifically focusing on the analytics and insight layer because that's where we're hearing the most pull from customers, but we'll add a whole bunch of action layer stuff as a fast follow. Great. Just as a follow-up, more on the financial side, as Amplitude moves further up market, should we expect there to be any seasonality in quarter NRR, just given we can have some of these quarters that are heavy in the enterprise deals? How would you frame kind of the cadence and NRR trend and how it could evolve through the year? I'd say that everything is better in the enterprise. Our NRR is much higher than the overall average for the business. We still have cohorts in the SMB and mid-market that have higher churn rates. As we get a higher and higher percentage of our ARR in the enterprise, NRR will continue to progress. We expect that we'll see continued progression in our enterprise content. As we delineated at our investor day back in March, we'll see that progression continue to go up. That drives better gross retention as well. Although we did not see a big progression this quarter, the reality is we have a lot of faith in our long-term expectations of being that 115 that I talked about last quarter. Thank you. Great. Thank you, Elizabeth. Our next question will come from Willow Miller from William Blair, followed by Ian Black from Needham. Go ahead, Willow. Hi, team. I am Willow on for Arjun Bhatia. Thanks for taking our question. I believe in your prepared remarks, you mentioned that you believe the new AI functionality like MCP and agents can open up Amplitude to non-technical users. Can you comment more on this and could this expand your market opportunity? Oh, absolutely. I mean. The hard part, there are two hard parts in analytics today. One is you have to learn an analytics product. As easy as we've made it with Amplitude, you still have to learn our interface, what dropdowns, what type of charts to use, all of that sort of stuff. The other thing you have to learn, and this is the biggest bottleneck in analytics, is the data taxonomy that you have. The problem with particularly product data taxonomies is they are huge. Like the average product has thousands of different things you can do in it, so no one's going to be able to keep that in their head. The huge leverage point you get, which I showed in the MCP demo, is that you can start with a very vague question like, "Show me my onboarding funnel." It will look across your data set to see, okay, which are likely the onboarding events? Let me construct a funnel with them. If you're not happy with the result, you can iterate with it. The point is you're not having to learn our interface or any analytics interface. You're also not really having to learn your data taxonomy. It's leveraging, it's doing the thinking and reasoning for you on specifying the query and constructing it and putting that back in a chart. You're just getting the result and then kind of going back and forth with it. The answer is highly yes. We've set really aggressive internal targets for next year for what we expect, how we expect the adoption of Amplitude to grow because of what we're building. Awesome. Thank you. Thank you, Willow. Our next question will be by Ian Black from Needham, followed by Claire Gerdes from UBS. Go ahead, Ian. Hi, congrats on the great quarter. As you guys start to lap the switch to multi-year contracts that you started last year, is there an impact on sales productivity? No, I do not think that. We certainly look at sales productivity both on a gross and a net basis, but I think that the opportunity for us to continue to drive expansions within our existing customer base is well over $150 million. We said something similar at our investor day when we had even fewer customers. We have done a pretty good job of adding new enterprise clients, and even at the rate that we are adding them, we still think that there is a large footprint within each one of them where we can show great expansion opportunities. Awesome. You mentioned customers increasingly viewing you as key strategic partners. Is there an opportunity to expand your service partner network as you go deeper within your customer base? Yeah, that is one of the other growth engines that is somewhat nascent for us today. I think that as Amplitude becomes increasingly important to enterprise clients, you'll start to see more and more partners look at ways in which they can develop on our platform and create their own value add. That is something that over time we believe will happen. Awesome. Thank you. Thank you, Ian. Our next question comes from Claire Gerdes from UBS, followed by Jackson Ader from KeyBanc. Go ahead, Claire. Hey, yeah, I'm on for Taylor McGinnis. Thanks for taking the question and great to see the results today. I wanted to ask you about some of the newer AI products that you're offering. I know some are still in beta, but as we think about where you are with those and balancing adoption and monetization in the future, I know, again, still very early, but is it more that you're wanting customers to adopt and get familiar and we can expect more of those free at this time? Or how are you thinking about that right now? Yeah, adoption is our key focus. They drive a bunch of value. Customers will track more data. They'll use that data a lot more, more broadly across more users, and that will very naturally lead to more value and upsells and everything else. I mean, if you look at our ASP, we're hovering around $400,000 a year. In a lot of companies, we are the largest spend after their cloud hosting. We have no problems already commanding a premium price point. The key is to be able to consistently deliver value and make that barrier lower and lower, which is what we're doing with MCP and agents and all of the stuff that's targeted at non-technical users. Awesome. Thanks. Just maybe a quick follow-up, a bit broader, but can you just comment on the selling environment right now? Obviously, still a lot going on, but you're putting up a great acceleration. If you could comment on that, that would be great. Thanks. Yeah, I mean, I think there's been, I don't think there's any change quarter to quarter. There's a continued cost consciousness among all customers the same way it's been for the last few years. I think what they're really excited to see is like, hey, does this AI stuff work? Is it legit? Every B2B company under the sun is like pitching them on AI, this, that, or the other thing. What I always say is, show me the demo. That is why I kind of did that on today's call. They are really, really, yeah, a lot of customers very, very excited about that. They want to know how. Can I get 5x, 10x, even more times leverage with leveraging AI agents, MCP, get a lot more insights than I would doing all of that work manually. Awesome. Thanks. Thank you, Claire. Our next question comes from Jackson Ader at KeyBanc, followed by Yixhuan Wang from Citi. Go ahead, Jackson. Great. Good to see you guys. Thanks for taking our questions. The first one is kind of a product question. One of Francois's major initiatives, I guess, if you want to call it that, is a tighter integration between customer feedback and the product roadmap. Kind of getting that flywheel going. I'm curious, what are customers at? Agents are rolled out, you've got AI features and functionalities. What are customers kind of looking for as we head into 2026 that might be able to continue to compound the growth that we've seen? Yeah, I mean, look, just to be really clear, we're in the really early days of Amplitude in this category. I think, let's see, what would I call out? First, take all the AI stuff and set it to the aside. Just with the enterprise execution plus the expanding growth of the platform, that already we expect to continue to accelerate us to the ranges that we talked about on the investor day earlier this year, so beyond the 20%, which in my mind is kind of the bare minimum for this category. You add how this category gets dramatically reshaped by AI, as I've been outlining. The same thing that happened to software engineering with Cursor and with a whole bunch of other AI coding products, that is going to happen to analytics. We see what that opportunity is. We're going to go really aggressive after it. There is a lot of appetite to adopt that. I'm very excited and bullish on it. I think as we see customers adopt and use and get value on that, that'll all translate downstream to Amplitude revenue growth. Okay. All right. Great. The follow-up question is just on the split between, or I guess not split, but just product analytics versus marketing analytics. I know we're getting into kind of new budget territories with the marketing piece. Totally. At what point does that split become material enough to where I'm sure that the high growth rates coming from marketing analytics is able to contribute to a material amount of your overall revenue? Or are we there already No, no, it's early on it. I mean, there's customers that have switched off of legacy marketing analytics products and moved wholesale to Amplitude, like Decathlon's one, Realtor's another. There's a few that have that. That do that, that are saying, "Hey, Google Analytics or Adobe's not working well enough, so let me move on to something like an Amplitude." Now, there's still more for us to build there, and we're going to be—we haven't really talked about what we're going to be doing there, but yeah, we're going to be doing a lot in 2026 that will allow us to capture a significant amount of the marketing budget and have that contribute to growth. Got it. Thank you. Thanks, Jackson. Our next question will come from Yixhuan Wang from Citi, followed by Clark Wright from D.A. Davidson. Line is open. Hi, thanks for taking the question here. Spenser, the AI agent launch over the summer was like pretty big fun fair OSF. So today we've better availability. Could you kind of give us an update? How has customer adoption been? What are some of the most effective use cases you are seeing and the ROI from customers? And then also if there's any update on pricing monetization effort for AI agent as it goes better. Thanks. Yeah, yeah. Let me hit the pricing one first. As I said to Claire earlier, focus is just let's make Amplitude more valuable. We command already an extraordinarily high price point with a lot of our customers, and we are not looking to squeeze them for more. We just want to give them a lot of value. I think it's a common misconception, sorry, misunderstanding about our business relative to other SaaS, as we already command very, very high price points, which is great, but you obviously want to make sure you're consistent about delivering the value. In terms of what use cases work very well, the two I highlighted, dashboard monitoring and session replay, are the big ones that customers use a lot of. I think customers are not ready to trust AI agents to come up with a whole strategy wholesale for them and then recommend a series of actions. They are very excited about using things that can monitor the data and just proactively tell them. This is, in a lot of ways, the holy grail of analytics. Can you tell me when something has changed in my data and deliver that insight as to why it changed? In the MCP demo, we have a—I did not do the demo today, but we have a dashboard monitoring agent that can do the exact same thing at that, deliver kind of a root cause analysis saying, "Hey, you had a spike in September, and here are the particular causes, the product benchmark report, and this other launch that you did." Customers are using and getting a bunch of value, and that is what our focus is in the short term. Same with the session replay. With Session Replay, you will have often millions of sessions, and it is like you cannot watch them all. How can you have AI summarize the highlights for you? And then you can maybe watch three or four that are relevant and be like, "Oh, okay, I can see how the product experience can improve if I make these changes to the app." Got it. That's clear. Andrew, maybe one for you. I think the guide implies a stronger kind of momentum going into Q4. Can you kind of help us understand the dynamic that you're seeing that helped make you raise the guide bigger than a bit in the quarter and kind of how much conservatism you see in the guide and how is the pipeline going to year-end? Thanks. As we moved our business more towards pursuing enterprise opportunities, you have a pattern like many enterprise companies, and we're a calendar year company. All of our reps have end-of-year incentives to achieve and exceed their targets. We typically have our strongest quarter in Q4. That is the first thing. Pipelines and the maturity of those pipelines are something we look at very closely when we are putting together our guidance. What we have seen so far, that gives us confidence. It would be remiss of me if I did not say their RPO gives us great visibility into future revenue periods. The more that the sales team executes on driving greater relationships with clients, more strategic agreements, we are getting those multi-year agreements booked. As I said earlier, the guidance is based on a lens of execution for us. We have pursued that same philosophy throughout this year, and it has led to strong performances. We are going to continue that. Thank you. Congrats on the great result. Thank you for the question. Our last question comes from Clark Wright from D.A. Davidson. Go ahead, Clark. Thanks. Spenser, your product teams have been hard at work this quarter. Every quarter, but yes. We're accelerating. Yeah. And the pace of innovation has been great to see. I was wondering if you could talk to about how you think right now about building versus buying incremental capabilities at this point in time in order to keep up this pace of innovation. Yeah. You always want to be able to do both, I think. Experiment. We actually looked for a while for the right team to come in, but ended up deciding to be able to build was the faster way to get that to market because there was not a company at the time that was the right fit. Conversely, we've bought when we think it makes sense. Our activation back in 2022. Guides and Surveys, now AI Feedback, that made a ton of sense. You're kind of always doing both. I think the important part is we're not religious. Whatever gives us the shortest path to market. With AI Feedback, that would have taken us a year. I'd like to say only a year, but the reality is probably more like two to get to the same point a state-of-the-art product like Kraftful was. The same with Command on Guides and Surveys. That would have taken us two, two to three years, no question, at least to build internally. It's just a much faster path to market. You're always looking at both. The other thing I want to point out is that I think, I mean, I've been really excited to work with the founders that we have. Yana on our Kraftful from Kraftful has done a phenomenal job of kind of educating me about AI and educating a lot of the rest of the company. Same with Enzo and Ferruccio from June, same from Frank and Eric from Inari. They've all done a phenomenal job of they've been building in this space in an AI-native way for a bunch of years. As we're looking to change the makeup of the team to be able to build, to look much more like an AI startup, they're kind of the tip of the spear on that. The explosion of products you've seen has come from ideas seeded by different folks from that group. Just as an example, AI agents was led by James Evans from Command, and then now Frank from Inari is taking it. Yana is working on LLM. Analytics, as well as a bunch of automated insights that we have not even got to talk about yet. You combine that with folks who have been at Amplitude for a long time, and you get just incredible results. Yeah. You kind of pair a lot of long-time product veterans at Amplitude with some folks who have been in the AI ecosystem, and you are just able to be really aggressive about the innovation. Awesome. Just in terms of monetization, you talked about the fact that you are going to be giving away some of these features. How do you think are events going to be the denominator going forward in order to look at really kind of pricing and packaging? Or is there another way to think about that that we should be considering going forward? This is a topic I am very passionate about. A lot of people in the AI space talk about outcomes-based pricing. I think it is an awful idea because you spend a lot of time arguing with your customers about, "Was that a good outcome?" What works much better is the same meter-based pricing that you had in SaaS. Whether that is, in our case, events, some seats, some cases like tickets handled, their size of customer base, or what have you. The customers have been most receptive. They do not want to feel like they are getting screwed. Whenever you try to introduce a new metric or a new way of doing pricing, it raises a huge number of red flags. If you go with something they have already been used to using, like events and data volume, they are extremely comfortable with that. We are not, yeah, we are not planning. While I think there are things we're going to continue to improve about our pricing to better make sure we have a fair exchange of value between us and our customers, we don't want to. We actually are looking to simplify our meters. And that's something we're going to be coming out with next year where we're just going to focus on the events piece. Awesome. Thank you. Great. Thank you, Clark. That will conclude our third quarter earnings call. Thank you for your time and interest. We look forward to seeing you on the road this quarter as we attend conferences hosted by UBS and Needham. Thank you. Thank you, guys.

Speaker 7: During today's call, management will make forward-looking statements, including statements regarding our financial outlook for the fourth 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. 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. Certain financial measures used on today's call are expressed on a non-GAAP basis. During today's call, management will make forward-looking statements, including statements regarding our financial outlook for the fourth quarter and full year 2025, the expected performance of our products, our expected quarterly and long-term growth, investments, and our overall future prospects. during today's call management will make forward-looking statements including statements regarding our financial outlook for the fourth 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. these forward-looking statements are based on current information assumptions and expectations and are subject to risks and uncertainties some of which are beyond our control that could cause actual results to differ materially from those described in these statements Further information on the risks that could cause actual results to differ is included in our filings with the Securities and Exchange Commission. 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. 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 Certain financial measures used on today's call are expressed on a non-GAAP basis. 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. 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. With that, I'll hand the call over to Spenser. We use these non-GAAP financial measures internally to facilitate analysis of our financial and business trends and for internal planning and forecasting purposes. 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. 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. 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 With that, I'll hand the call over to Spenser. with that i'll hand the call over to spenser

Speaker 9: Good afternoon, everyone, and welcome to Amplitude's third quarter 2025 earnings call. Today, I'm going to cover three things. First, our strong Q3 results and progress in the enterprise. Second, the AI opportunity within analytics. Third, product innovation and our customers. Let's go ahead and get started with our Q3 results. We delivered another strong quarter, continuing the acceleration we saw in Q2. We exceeded expectations on our core financial metrics and made solid progress against our enterprise strategy. Our third quarter revenue was $88.6 million, up 18% year-over-year, and exceeding the high end of our guidance. Annual recurring revenue was $347 million, up 16% year-over-year, and up $12 million from last quarter. Non-GAAP operating income was $0.6 million. Customers with more than $100,000 in ARR grew to 653, an increase of 15% year-overyear. Our Q3 performance reflects our continued execution against our strategy. Good afternoon, everyone, and welcome to Amplitude's third quarter 2025 earnings call. good afternoon everyone and welcome to amplitude's third quarter 2025 earnings call Today, I'm going to cover three things. today i'm going to cover three things First, our strong Q3 results and progress in the enterprise. first our strong q3 results and progress in the enterprise Second, the AI opportunity within analytics. second the ai opportunity within analytics Third, product innovation and our customers. third product innovation and our customers Let's go ahead and get started with our Q3 results. let's go ahead and get started with our q3 results We delivered another strong quarter, continuing the acceleration we saw in Q2. we delivered another strong quarter continuing the acceleration we saw in q2 We exceeded expectations on our core financial metrics and made solid progress against our enterprise strategy. we exceeded expectations on our core financial metrics and made solid progress against our enterprise strategy Our third quarter revenue was $88.6 million, up 18% year- over- year, and exceeding the high end of our guidance. our third quarter revenue was $88.6 million up 18% year- over- year and exceeding the high end of our guidance Annual recurring revenue was $347 million, up 16% year- over- year, and up $12 million from last quarter. annual recurring revenue was $347 million up 16% year- over- year and up $12 million from last quarter Non-GAAP operating income was $0.6 million. non-gaap operating income was $0.6 million Customers with more than $100,000 in ARR grew to 653, an increase of 15% year- over year. customers with more than $100,000 in arr grew to 653 an increase of 15% year- over year Our Q3 performance reflects our continued execution against our strategy. our q3 performance reflects our continued execution against our strategy We are winning simple by bringing Amplitude to everyone with AI. We are winning the enterprise with broad-based success, with both AI natives and traditional enterprises securing larger multi-year contracts. We are winning the category with multi-product adoption, now representing 71% of our ARR. Finally, we are winning together by leading the shift to being AI native across the entire Amplitude team. I wanted to take a little bit of time to talk about how AI is changing how software gets built. Every single product team runs the same loop: build, ship, use, and learn. The left side of that loop, build and ship, has been transformed by AI. AI coding has made it faster than ever to turn ideas into products. We are now at a point where someone can create a product that is used by millions overnight. We are winning simple by bringing Amplitude to everyone with AI. we are winning simple by bringing amplitude to everyone with ai We are winning the enterprise with broad-based success, with both AI natives and traditional enterprises securing larger multi-year contracts. we are winning the enterprise with broad-based success with both ai natives and traditional enterprises securing larger multi-year contracts We are winning the category with multi-product adoption, now representing 71% of our ARR. we are winning the category with multi-product adoption now representing 71% of our arr Finally, we are winning together by leading the shift to being AI native across the entire Amplitude team. finally, we are winning together by leading the shift to being ai native across the entire amplitude team I wanted to take a little bit of time to talk about how AI is changing how software gets built. i wanted to take a little bit of time to talk about how ai is changing how software gets built Every single product team runs the same loop: build, ship, use, and learn. every single product team runs the same loop build ship use and learn The left side of that loop, build and ship, has been transformed by AI. the left side of that loop build and ship has been transformed by ai AI coding has made it faster than ever to turn ideas into products. ai coding has made it faster than ever to turn ideas into products We are now at a point where someone can create a product that is used by millions overnight. we are now at a point where someone can create a product that is used by millions overnight By contrast, the right side of this loop, use and learn, remains in the Stone Ages. Companies ask users what they want. Actions are more powerful than words. The best way to understand what people want is to watch what they do. This is what Amplitude solves. Our AI analytics platform helps companies understand how people engage in their product, what they like, where they get stuck, and what keeps them coming back. These behavioral signals are the most powerful indicator for what to build. Automating and scaling that understanding is the next frontier. In this context, analytics is the perfect problem for AI to solve. To use analytics, you have to do a lot of manual work in specifying and setting up your query in between rounds of thinking. By contrast, the right side of this loop, use and learn, remains in the Stone Ages. by contrast the right side of this loop use and learn remains in the stone ages Companies ask users what they want. companies ask users what they want Actions are more powerful than words. actions are more powerful than words The best way to understand what people want is to watch what they do. the best way to understand what people want is to watch what they do This is what Amplitude solves. this is what amplitude solves Our AI analytics platform helps companies understand how people engage in their product, what they like, where they get stuck, and what keeps them coming back. our ai analytics platform helps companies understand how people engage in their product what they like where they get stuck and what keeps them coming back These behavioral signals are the most powerful indicator for what to build. these behavioral signals are the most powerful indicator for what to build Automating and scaling that understanding is the next frontier. automating and scaling that understanding is the next frontier In this context, analytics is the perfect problem for AI to solve. in this context analytics is the perfect problem for ai to solve To use analytics, you have to do a lot of manual work in specifying and setting up your query in between rounds of thinking. to use analytics you have to do a lot of manual work in specifying and setting up your query in between rounds of thinking AI can handle all of that manual work, freeing up humans to focus on the thinking that leads to great insights. Amplitude has a unique position to build the AI analytics platform of the future. We have the world's largest database of product behavior. We have spent a decade working with world-class analytics teams. Over the past year, we've rebuilt the Amplitude team to be AI native. We've reorganized product development twice, and we've acquired four AI companies. We've trained our engineering, product management, and design teams deeply in AI. The company that disrupts the right side of this loop, the use and learn, the fastest will define the future of this space. We are all in here. Let's get into the details on product innovation. In the last few weeks, we have launched several AI native products here at Amplitude. I want to start with MCP. AI can handle all of that manual work, freeing up humans to focus on the thinking that leads to great insights. ai can handle all of that manual work freeing up humans to focus on the thinking that leads to great insights Amplitude has a unique position to build the AI analytics platform of the future. amplitude has a unique position to build the ai analytics platform of the future We have the world's largest database of product behavior. we have the world's largest database of product behavior We have spent a decade working with world-class analytics teams. we have spent a decade working with world-class analytics teams Over the past year, we've rebuilt the Amplitude team to be AI native. over the past year we've rebuilt the amplitude team to be ai native We've reorganized product development twice, and we've acquired four AI companies. we've reorganized product development twice and we've acquired four ai companies We've trained our engineering, product management, and design teams deeply in AI. we've trained our engineering product management and design teams deeply in ai The company that disrupts the right side of this loop, the use and learn, the fastest will define the future of this space. the company that disrupts the right side of this loop the use and learn the fastest will define the future of this space We are all in here. we are all in here Let's get into the details on product innovation. let's get into the details on product innovation In the last few weeks, we have launched several AI native products here at Amplitude. in the last few weeks we have launched several ai native products here at amplitude I want to start with MCP. i want to start with mcp In October, we announced the public availability of our MCP Server, the top requested feature from our customers. MCP is made for data analytics. It exposes all of Amplitude's functionality so an AI agent can interact with it directly. It allows you to use Amplitude without knowing anything about the Amplitude UI or your data taxonomy. This is the best MCP use case that I have ever seen. Watching an AI agent think, reason, query Amplitude, and then repeat that process iteratively is magical. It shows what is possible in the AI analytics future I talked about earlier. It brings the power of our data to anyone in any workflow. This opens Amplitude up to an entirely new cohort of non-technical users, in turn driving our growth. Let me show you with a quick demo. MCP lets AI tools interact directly with Amplitude data. In October, we announced the public availability of our MCP Server, the top requested feature from our customers. in october we announced the public availability of our mcp server the top requested feature from our customers MCP is made for data analytics. mcp is made for data analytics It exposes all of Amplitude's functionality so an AI agent can interact with it directly. it exposes all of amplitude's functionality so an ai agent can interact with it directly It allows you to use Amplitude without knowing anything about the Amplitude UI or your data taxonomy. it allows you to use amplitude without knowing anything about the amplitude ui or your data taxonomy This is the best MCP use case that I have ever seen. this is the best mcp use case that i have ever seen Watching an AI agent think, reason, query Amplitude, and then repeat that process iteratively is magical. watching an ai agent think reason query amplitude and then repeat that process iteratively is magical It shows what is possible in the AI analytics future I talked about earlier. it shows what is possible in the ai analytics future i talked about earlier It brings the power of our data to anyone in any workflow. it brings the power of our data to anyone in any workflow This opens Amplitude up to an entirely new cohort of non-technical users, in turn driving our growth. this opens amplitude up to an entirely new cohort of non-technical users in turn driving our growth Let me show you with a quick demo. let me show you with a quick demo MCP lets AI tools interact directly with Amplitude data. mcp lets ai tools interact directly with amplitude data You can ask a vague question about your product inside any AI model and have it query Amplitude iteratively. Our MCP already has native connections to Claude, Cursor, and GitHub, with more to come soon. For this demo, I'm going to use Claude. I'm going to start with a simple prompt: "Give me high-level web traffic metrics over the last few weeks." Claude will then get context, search web traffic metrics. It has identified that during the week of September 21st, we've had a peak. I can then ask follow-up questions to drill down, investigate the September spike. What's driving this growth? Claude then accesses behavioral insights, checks traffic sources, marketing campaigns, and content performance. It shows that our webinar campaigns and the release of our product benchmark report drove this traffic. You can ask a vague question about your product inside any AI model and have it query Amplitude iteratively. you can ask a vague question about your product inside any ai model and have it query amplitude iteratively Our MCP already has native connections to Claude, Cursor, and GitHub, with more to come soon. our mcp already has native connections to claude cursor and github with more to come soon For this demo, I'm going to use Claude. for this demo i'm going to use claude I'm going to start with a simple prompt: "Give me high-level web traffic metrics over the last few weeks." Claude will then get context, search web traffic metrics. i'm going to start with a simple prompt "give me high-level web traffic metrics over the last few weeks." claude will then get context search web traffic metrics It has identified that during the week of September 21st, we've had a peak. it has identified that during the week of september 21st we've had a peak I can then ask follow-up questions to drill down, investigate the September spike. i can then ask follow-up questions to drill down investigate the september spike What's driving this growth? what's driving this growth Claude then accesses behavioral insights, checks traffic sources, marketing campaigns, and content performance. claude then accesses behavioral insights checks traffic sources marketing campaigns and content performance It shows that our webinar campaigns and the release of our product benchmark report drove this traffic. it shows that our webinar campaigns and the release of our product benchmark report drove this traffic To get deeper insights, I'm going to ask, "What are the downstream growth metric impacts by these campaigns?" Claude then queries the campaign data set, downstream conversion funnels, and Salesforce metrics. It concludes that the September campaigns drove a higher number and quality of visitors to the site. Of course, I'm going to want to share these findings so I can prompt it to create an Amplitude notebook for the growth team. In a few minutes, customers can get deep research, insights, and a detailed, shareable notebook that allows them to take action. In addition to the launch of MCP, we expanded the open beta for our AI agents. These agents continually monitor product data, detect anomalies, and surface insights automatically. In June, we launched our closed beta, and then two weeks ago, we opened the beta to all customers. Our focus is now on two agents. To get deeper insights, I'm going to ask, "What are the downstream growth metric impacts by these campaigns?" Claude then queries the campaign data set, downstream conversion funnels, and Salesforce metrics. to get deeper insights i'm going to ask "what are the downstream growth metric impacts by these campaigns?" claude then queries the campaign data set downstream conversion funnels and salesforce metrics It concludes that the September campaigns drove a higher number and quality of visitors to the site. it concludes that the september campaigns drove a higher number and quality of visitors to the site Of course, I'm going to want to share these findings so I can prompt it to create an Amplitude notebook for the growth team. of course i'm going to want to share these findings so i can prompt it to create an amplitude notebook for the growth team In a few minutes, customers can get deep research, insights, and a detailed, shareable notebook that allows them to take action. in a few minutes customers can get deep research insights and a detailed shareable notebook that allows them to take action In addition to the launch of MCP, we expanded the open beta for our AI agents. in addition to the launch of mcp we expanded the open beta for our ai agents These agents continually monitor product data, detect anomalies, and surface insights automatically. these agents continually monitor product data detect anomalies and surface insights automatically In June, we launched our closed beta, and then two weeks ago, we opened the beta to all customers. in june we launched our closed beta and then two weeks ago we opened the beta to all customers Our focus is now on two agents. our focus is now on two agents The first is the Dashboard Agent, which analyzes charts and proactively flags significant changes. The second is the Session Replay Agent, which reviews thousands of user sessions, detects points of friction, and then shows curated clips that highlight issues. Both are powered by the same behavioral data that MCP can access. They are already helping customers uncover opportunities and resolve issues faster. In addition, last week, we also introduced AI Visibility. As consumers turn to AI tools like ChatGPT, Claude, and Google's AI summary when they search, marketers are flying blind. They have no idea how their company showed up or ranked within the results produced by these new tools. To solve that problem, we launched AI Visibility for free last week. Think of it as SEO for LLMs. The first is the Dashboard Agent, which analyzes charts and proactively flags significant changes. the first is the dashboard agent which analyzes charts and proactively flags significant changes The second is the Session Replay Agent, which reviews thousands of user sessions, detects points of friction, and then shows curated clips that highlight issues. the second is the session replay agent which reviews thousands of user sessions detects points of friction and then shows curated clips that highlight issues Both are powered by the same behavioral data that MCP can access. both are powered by the same behavioral data that mcp can access They are already helping customers uncover opportunities and resolve issues faster. they are already helping customers uncover opportunities and resolve issues faster In addition, last week, we also introduced AI Visibility. in addition last week we also introduced ai visibility As consumers turn to AI tools like ChatGPT, Claude, and Google's AI summary when they search, marketers are flying blind. as consumers turn to ai tools like chatgpt claude and google's ai summary when they search marketers are flying blind They have no idea how their company showed up or ranked within the results produced by these new tools. they have no idea how their company showed up or ranked within the results produced by these new tools To solve that problem, we launched AI Visibility for free last week. to solve that problem we launched ai visibility for free last week Think of it as SEO for LLMs. think of it as seo for llms It shows where a brand appears or does not across all major AI models, how they rank against competitors, and how they can prove their position. We saw a lot of excitement around the launch with our customers and on social media. The conversation about the future of AI visibility is still going today on Twitter. Let me show you a quick demo of this too. Understanding how your products appear in AI responses and improving it will be the key to increasing awareness. With AI Visibility, customers can now see the percentage of mentions of their product in AI responses. They can also see competitor mentions versus their own, and then topics by visibility. They can dig into prompts to see the exact questions customers are asking and how AI is answering. For example, when people ask LLMs for product-led growth tools, they mention Amplitude 90% of the time. It shows where a brand appears or does not across all major AI models, how they rank against competitors, and how they can prove their position. it shows where a brand appears or does not across all major ai models how they rank against competitors and how they can prove their position We saw a lot of excitement around the launch with our customers and on social media. we saw a lot of excitement around the launch with our customers and on social media The conversation about the future of AI visibility is still going today on Twitter. the conversation about the future of ai visibility is still going today on twitter Let me show you a quick demo of this too. let me show you a quick demo of this too Understanding how your products appear in AI responses and improving it will be the key to increasing awareness. understanding how your products appear in ai responses and improving it will be the key to increasing awareness With AI Visibility, customers can now see the percentage of mentions of their product in AI responses. with ai visibility customers can now see the percentage of mentions of their product in ai responses They can also see competitor mentions versus their own, and then topics by visibility. they can also see competitor mentions versus their own and then topics by visibility They can dig into prompts to see the exact questions customers are asking and how AI is answering. they can dig into prompts to see the exact questions customers are asking and how ai is answering For example, when people ask LLMs for product-led growth tools, they mention Amplitude 90% of the time. for example when people ask llms for product-led growth tools they mention amplitude 90% of the time Customers can also learn how to improve their ranking. I can use the analyze page to see how AI interprets the existing content or run a series of simulated changes to test updates before publishing. AI Visibility tracks your brand and helps you turn that visibility into growth. Finally, next week, we will launch AI Feedback. This is our newest AI native product based on the core offering from our Kraftful acquisition in July. We are going from acquisition to new Amplitude product launch in four months. AI Feedback takes user feedback and information from multiple sources and turns it into insights a company can use. By bringing feedback, behavior, and action into a single platform, it helps teams hear customers and understand them. Let me show you with my last demo. AI Feedback is the new way to listen to users at scale and act on their feedback. Customers can also learn how to improve their ranking. customers can also learn how to improve their ranking I can use the analyze page to see how AI interprets the existing content or run a series of simulated changes to test updates before publishing. i can use the analyze page to see how ai interprets the existing content or run a series of simulated changes to test updates before publishing AI Visibility tracks your brand and helps you turn that visibility into growth. ai visibility tracks your brand and helps you turn that visibility into growth Finally, next week, we will launch AI Feedback. finally next week we will launch ai feedback This is our newest AI native product based on the core offering from our Kraftful acquisition in July. We are going from acquisition to new Amplitude product launch in four months. this is our newest ai native product based on the core offering from our kraftful acquisition in july. we are going from acquisition to new amplitude product launch in four months AI Feedback takes user feedback and information from multiple sources and turns it into insights a company can use. ai feedback takes user feedback and information from multiple sources and turns it into insights a company can use By bringing feedback, behavior, and action into a single platform, it helps teams hear customers and understand them. by bringing feedback behavior and action into a single platform it helps teams hear customers and understand them Let me show you with my last demo. let me show you with my last demo AI Feedback is the new way to listen to users at scale and act on their feedback. ai feedback is the new way to listen to users at scale and act on their feedback AI Feedback collects input from all of our customers' feedback sources. You can link Zendesk tickets, Gong call transcriptions, App Store reviews, comments on Reddit and other social media, first-party surveys, and more with no engineering help. In this example, I have already set up AI Feedback for a mobile app and connected it to reviews from the Apple App Store as well as Google Play. Agentic AI processes the massive volume of unstructured data and sorts it into categories like you see here. Our proprietary AI analysis gives product teams the right level of detail. Users can see feature requests to help build a roadmap or can filter by topics like complaints to know which issues to address. Here, there are 26 mentions of reliable read, start, and alert query. I can click in to see specific comments for more detailed information on subtopics. AI Feedback collects input from all of our customers' feedback sources. ai feedback collects input from all of our customers' feedback sources You can link Zendesk tickets, Gong call transcriptions, App Store reviews, comments on Reddit and other social media, first-party surveys, and more with no engineering help. you can link zendesk tickets gong call transcriptions app store reviews comments on reddit and other social media first-party surveys and more with no engineering help In this example, I have already set up AI Feedback for a mobile app and connected it to reviews from the Apple App Store as well as Google Play. in this example i have already set up ai feedback for a mobile app and connected it to reviews from the apple app store as well as google play Agentic AI processes the massive volume of unstructured data and sorts it into categories like you see here. agentic ai processes the massive volume of unstructured data and sorts it into categories like you see here Our proprietary AI analysis gives product teams the right level of detail. our proprietary ai analysis gives product teams the right level of detail Users can see feature requests to help build a roadmap or can filter by topics like complaints to know which issues to address. users can see feature requests to help build a roadmap or can filter by topics like complaints to know which issues to address Here, there are 26 mentions of reliable read, start, and alert query. here there are 26 mentions of reliable read start and alert query I can click in to see specific comments for more detailed information on subtopics. i can click in to see specific comments for more detailed information on subtopics For example, there are four mentions of notifications not syncing across devices. With Amplitude, customers can then turn that feedback into action. We can create a cohort of these 96 users watching session replays of how they interact with notifications or surveying them for more on what they need. Our innovation will accelerate from here. In addition to what I've just shown, over the next few quarters, we'll introduce new AI-first products like automated insights, global chat, assistant, and additional agents that extend our reach. These new capabilities expand who can use Amplitude and strengthen the value of the analytics platform overall. Every new product draws on the same behavioral data set and feeds back into it, creating a single system of improvement. That's what makes our use and learn opportunity so large. For example, there are four mentions of notifications not syncing across devices. for example there are four mentions of notifications not syncing across devices With Amplitude, customers can then turn that feedback into action. with amplitude customers can then turn that feedback into action We can create a cohort of these 96 users watching session replays of how they interact with notifications or surveying them for more on what they need. we can create a cohort of these 96 users watching session replays of how they interact with notifications or surveying them for more on what they need Our innovation will accelerate from here. our innovation will accelerate from here In addition to what I've just shown, over the next few quarters, we'll introduce new AI-first products like automated insights, global chat, assistant, and additional agents that extend our reach. in addition to what i've just shown over the next few quarters we'll introduce new ai-first products like automated insights global chat assistant and additional agents that extend our reach These new capabilities expand who can use Amplitude and strengthen the value of the analytics platform overall. these new capabilities expand who can use amplitude and strengthen the value of the analytics platform overall Every new product draws on the same behavioral data set and feeds back into it, creating a single system of improvement. every new product draws on the same behavioral data set and feeds back into it creating a single system of improvement That's what makes our use and learn opportunity so large. that's what makes our use and learn opportunity so large Innovation is the biggest driver of long-term growth at Amplitude and our strongest moat in this AI-first world. Let's talk about customers. We had a great quarter for new and expansion deals with enterprise customers, including Bentley Systems, FanDuel, Thomson Reuters, Taco Bell, Global Radio, Empower, Granola, Algolia, and Gusto, among others. I'm going to highlight how a few of them are putting this all to work. Three examples stand out this quarter, each showing the power of the Amplitude platform in a different way. First is FanDuel. They continue to be a great example of platform consolidation at scale. FanDuel is constantly refining its experiences and tailoring them for millions of fans. Connecting real-time feedback to customer experience is critical to their success, and Amplitude powers that loop. FanDuel uses Amplitude end-to-end across multiple product lines. From analytics to guides and surveys to session replay. Innovation is the biggest driver of long-term growth at Amplitude and our strongest moat in this AI-first world. innovation is the biggest driver of long-term growth at amplitude and our strongest moat in this ai-first world Let's talk about customers. let's talk about customers We had a great quarter for new and expansion deals with enterprise customers, including Bentley Systems, FanDuel, Thomson Reuters, Taco Bell, Global Radio, Empower, Granola, Algolia, and Gusto, among others. we had a great quarter for new and expansion deals with enterprise customers including bentley systems fanduel thomson reuters taco bell global radio empower granola algolia and gusto among others I'm going to highlight how a few of them are putting this all to work. i'm going to highlight how a few of them are putting this all to work Three examples stand out this quarter, each showing the power of the Amplitude platform in a different way. three examples stand out this quarter each showing the power of the amplitude platform in a different way First is FanDuel. first is fanduel They continue to be a great example of platform consolidation at scale. they continue to be a great example of platform consolidation at scale FanDuel is constantly refining its experiences and tailoring them for millions of fans. fanduel is constantly refining its experiences and tailoring them for millions of fans Connecting real-time feedback to customer experience is critical to their success, and Amplitude powers that loop. connecting real-time feedback to customer experience is critical to their success and amplitude powers that loop FanDuel uses Amplitude end-to-end across multiple product lines. fanduel uses amplitude end-to-end across multiple product lines From analytics to guides and surveys to session replay. from analytics to guides and surveys to session replay That unified view helps their teams test, learn, and improve faster. Their expansion and renewal patterns remain among the strongest in our base. Second, Granola. This fast-growing AI startup adopted Amplitude before launch after hearing about us through the AI ecosystem. Today, more than half the company uses Amplitude every day to understand how people use their product and where to iterate next. Granola ships new features quickly and relies on real-time feedback to guide product decisions. Their story is a great example of how AI-native companies are choosing Amplitude to accelerate growth and scale with confidence. Third is Bentley Systems, a global leader in design, construction, and infrastructure software. Bentley selected Amplitude as its single analytics platform across all products. The company previously relied on siloed legacy tools but needed one system to understand usage, drive adoption, and guide feature development. That unified view helps their teams test, learn, and improve faster. that unified view helps their teams test learn and improve faster Their expansion and renewal patterns remain among the strongest in our base. their expansion and renewal patterns remain among the strongest in our base Second, Granola. second granola This fast-growing AI startup adopted Amplitude before launch after hearing about us through the AI ecosystem. this fast-growing ai startup adopted amplitude before launch after hearing about us through the ai ecosystem Today, more than half the company uses Amplitude every day to understand how people use their product and where to iterate next. today more than half the company uses amplitude every day to understand how people use their product and where to iterate next Granola ships new features quickly and relies on real-time feedback to guide product decisions. granola ships new features quickly and relies on real-time feedback to guide product decisions Their story is a great example of how AI-native companies are choosing Amplitude to accelerate growth and scale with confidence. their story is a great example of how ai-native companies are choosing amplitude to accelerate growth and scale with confidence Third is Bentley Systems, a global leader in design, construction, and infrastructure software. third is bentley systems a global leader in design construction and infrastructure software Bentley selected Amplitude as its single analytics platform across all products. bentley selected amplitude as its single analytics platform across all products The company previously relied on siloed legacy tools but needed one system to understand usage, drive adoption, and guide feature development. the company previously relied on siloed legacy tools but needed one system to understand usage drive adoption and guide feature development By activating historical data from Databricks and combining it with behavioral insights in Amplitude, Bentley can now test, learn, and implement improvements far more quickly across its portfolio. These stories all point to a common theme. From AI startups to global enterprises, customers are betting on Amplitude as the AI analytics platform that will help them thrive in this new era. We are at the beginning of redefining analytics as an AI-native system that learns, reasons, and acts. Over the next few quarters, we will bring a new wave of AI-native products to market that will reshape how companies use data to build better products. This is just the beginning of the AI era for analytics. I'll now hand it over to Andrew to walk through the financials. By activating historical data from Databricks and combining it with behavioral insights in Amplitude, Bentley can now test, learn, and implement improvements far more quickly across its portfolio. by activating historical data from databricks and combining it with behavioral insights in amplitude bentley can now test learn and implement improvements far more quickly across its portfolio These stories all point to a common theme. these stories all point to a common theme From AI startups to global enterprises, customers are betting on Amplitude as the AI analytics platform that will help them thrive in this new era. from ai startups to global enterprises customers are betting on amplitude as the ai analytics platform that will help them thrive in this new era We are at the beginning of redefining analytics as an AI-native system that learns, reasons, and acts. we are at the beginning of redefining analytics as an ai-native system that learns reasons and acts Over the next few quarters, we will bring a new wave of AI-native products to market that will reshape how companies use data to build better products. over the next few quarters we will bring a new wave of ai-native products to market that will reshape how companies use data to build better products This is just the beginning of the AI era for analytics. this is just the beginning of the ai era for analytics I'll now hand it over to Andrew to walk through the financials. i'll now hand it over to andrew to walk through the financials

Speaker 8: Thank you, Spenser, and good afternoon, everyone. We've delivered another solid quarter of acceleration in our ARR, improved operational efficiency, and created greater durability in our future revenue base. Our customers are increasing their pace of innovation and, in turn, need to understand how the changes are being received, how to adapt, and how to implement those changes. As such, we believe Amplitude's importance to the enterprise is increasing. On our business, we have continued to perform against our strategy that we communicated at our investor day earlier this year. We've increased the value our platform can deliver by adding Guides and Surveys, AI agents, our MCP server, and others. We've grown the base of our enterprises we are serving, the number of customers that are using multiple products, and the full platform. We've done all this while improving operational efficiency of the business. Thank you, Spenser, and good afternoon, everyone. thank you spenser and good afternoon everyone We've delivered another solid quarter of acceleration in our ARR, improved operational efficiency, and created greater durability in our future revenue base. we've delivered another solid quarter of acceleration in our arr improved operational efficiency and created greater durability in our future revenue base Our customers are increasing their pace of innovation and, in turn, need to understand how the changes are being received, how to adapt, and how to implement those changes. our customers are increasing their pace of innovation and in turn need to understand how the changes are being received how to adapt and how to implement those changes As such, we believe Amplitude's importance to the enterprise is increasing. as such we believe amplitude's importance to the enterprise is increasing On our business, we have continued to perform against our strategy that we communicated at our investor day earlier this year. on our business we have continued to perform against our strategy that we communicated at our investor day earlier this year We've increased the value our platform can deliver by adding Guides and Surveys, AI agents, our MCP server, and others. we've increased the value our platform can deliver by adding guides and surveys ai agents our mcp server and others We've grown the base of our enterprises we are serving, the number of customers that are using multiple products, and the full platform. we've grown the base of our enterprises we are serving the number of customers that are using multiple products and the full platform We've done all this while improving operational efficiency of the business. we've done all this while improving operational efficiency of the business We continue to improve the durability of our business as measured by improving our contract duration and remaining performance obligations, or RPO. This quarter, our average contract duration grew to nearly 22 months, up from 19 months just one year ago. Our RPO growth has improved from Q2, with current RPO growth year-over-year accelerating to 22% from 20% last quarter. Long-term RPO growth accelerating to 78% year-over-year, up from 64% last quarter. This results in total RPO growth of 37%, accelerating from 31% last quarter. The growth in our RPO is a direct result from building a more repeatable and scalable go-to-market strategy focused on enterprise customers. Turning to our third-quarter results, as a reminder, all financial results that I'll be discussing, with the exception of revenue, are non-GAAP. We continue to improve the durability of our business as measured by improving our contract duration and remaining performance obligations, or RPO. we continue to improve the durability of our business as measured by improving our contract duration and remaining performance obligations or rpo This quarter, our average contract duration grew to nearly 22 months, up from 19 months just one year ago. this quarter our average contract duration grew to nearly 22 months up from 19 months just one year ago Our RPO growth has improved from Q2, with current RPO growth year-over-year accelerating to 22% from 20% last quarter. our rpo growth has improved from q2 with current rpo growth year-over-year accelerating to 22% from 20% last quarter Long-term RPO growth accelerating to 78% year-over-year, up from 64% last quarter. long-term rpo growth accelerating to 78% year-over-year up from 64% last quarter This results in total RPO growth of 37%, accelerating from 31% last quarter. this results in total rpo growth of 37% accelerating from 31% last quarter The growth in our RPO is a direct result from building a more repeatable and scalable go-to-market strategy focused on enterprise customers. the growth in our rpo is a direct result from building a more repeatable and scalable go-to-market strategy focused on enterprise customers Turning to our third-quarter results, as a reminder, all financial results that I'll be discussing, with the exception of revenue, are non-GAAP. turning to our third-quarter results as a reminder all financial results that i'll 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 on our website. Third-quarter revenue was $88.6 million, up 18% year-over-year and 6% quarter-over-quarter. This quarter's growth benefited from better linearity in deal signings earlier in the quarter, growth in our services business, and the strong net new ARR growth we had in Q2. Total ARR increased to $347 million exiting the third quarter, an increase of 16% year-over-year and $12 million sequentially. Here are more details on the key elements of the quarter. We had a strong quarter for both new and expansion deals in the enterprise. Platform sales were also particularly strong. 39% of our customers now have multiple products, with 71% of our ARR coming from that cohort. 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 on our website. 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 on our website Third-quarter revenue was $88.6 million, up 18% year-over-year and 6% quarter-over-quarter. third-quarter revenue was $88.6 million up 18% year-over-year and 6% quarter-over-quarter This quarter's growth benefited from better linearity in deal signings earlier in the quarter, growth in our services business, and the strong net new ARR growth we had in Q2. this quarter's growth benefited from better linearity in deal signings earlier in the quarter growth in our services business and the strong net new arr growth we had in q2 Total ARR increased to $347 million exiting the third quarter, an increase of 16% year-over-year and $12 million sequentially. total arr increased to $347 million exiting the third quarter an increase of 16% year-over-year and $12 million sequentially Here are more details on the key elements of the quarter. here are more details on the key elements of the quarter We had a strong quarter for both new and expansion deals in the enterprise. we had a strong quarter for both new and expansion deals in the enterprise Platform sales were also particularly strong. 39% of our customers now have multiple products, with 71% of our ARR coming from that cohort. platform sales were also particularly strong 39% of our customers now have multiple products with 71% of our arr coming from that cohort The number of customers representing $100,000 or more of ARR in Q3 grew to 653, an increase of 15% year-over-year and up 19 customers since last quarter. In-period NRR progressed to 104%, led by cross-sell expansions. Gross margin was 76% for the third quarter, down one percentage point from the third quarter of 2024, but up one percentage point since last quarter. We continue to make progress on optimizing our hosting costs, driving multi-product contracts, and monetizing services engagements. We will continue to look for opportunities to incrementally improve our gross margin over time. Sales and marketing expenses were 43% of revenue, a decrease of one percentage point from the second quarter. We continue to focus on improving sales efficiencies, driving improvement through our changes in process, coverage, and expansion of enterprise customers. At the same time, we are investing for future growth while balancing this incremental investment with efficiency gains. The number of customers representing $100,000 or more of ARR in Q3 grew to 653, an increase of 15% year-over-year and up 19 customers since last quarter. the number of customers representing $100,000 or more of arr in q3 grew to 653 an increase of 15% year-over-year and up 19 customers since last quarter In-period NRR progressed to 104%, led by cross-sell expansions. in-period nrr progressed to 104% led by cross-sell expansions Gross margin was 76% for the third quarter, down one percentage point from the third quarter of 2024, but up one percentage point since last quarter. gross margin was 76% for the third quarter down one percentage point from the third quarter of 2024 but up one percentage point since last quarter We continue to make progress on optimizing our hosting costs, driving multi-product contracts, and monetizing services engagements. we continue to make progress on optimizing our hosting costs driving multi-product contracts and monetizing services engagements We will continue to look for opportunities to incrementally improve our gross margin over time. we will continue to look for opportunities to incrementally improve our gross margin over time Sales and marketing expenses were 43% of revenue, a decrease of one percentage point from the second quarter. sales and marketing expenses were 43% of revenue a decrease of one percentage point from the second quarter We continue to focus on improving sales efficiencies, driving improvement through our changes in process, coverage, and expansion of enterprise customers. we continue to focus on improving sales efficiencies driving improvement through our changes in process coverage and expansion of enterprise customers At the same time, we are investing for future growth while balancing this incremental investment with efficiency gains. at the same time we are investing for future growth while balancing this incremental investment with efficiency gains G&A was 13% of revenue, down three percentage points from the third quarter of 2024. We expect G&A to improve as a percentage of revenue over time. R&D was 19% of revenue, up three percentage points from the third quarter of 2024. We expect to continue to invest in the talent and the capabilities of our team to drive greater innovation in the future. Total operating expenses were $67 million, or 75% of revenue, down one percentage point sequentially. Operating income was $0.6 million, or 0.6% of revenue. Net income per share was $0.02 based on 143.2 million diluted shares, compared to net income per share of $0.03 with 131.3 million diluted shares a year ago. Free cash flow in the quarter was $3.4 million, or 4% of revenue, compared to $4.5 million, or 6% of revenue during the same period last year. G&A was 13% of revenue, down three percentage points from the third quarter of 2024. g&a was 13% of revenue down three percentage points from the third quarter of 2024 We expect G&A to improve as a percentage of revenue over time. we expect g&a to improve as a percentage of revenue over time R&D was 19% of revenue, up three percentage points from the third quarter of 2024. r&d was 19% of revenue up three percentage points from the third quarter of 2024 We expect to continue to invest in the talent and the capabilities of our team to drive greater innovation in the future. we expect to continue to invest in the talent and the capabilities of our team to drive greater innovation in the future Total operating expenses were $67 million, or 75% of revenue, down one percentage point sequentially. total operating expenses were $67 million or 75% of revenue down one percentage point sequentially Operating income was $0.6 million, or 0.6% of revenue. operating income was $0.6 million or 0.6% of revenue Net income per share was $0.02 based on 143.2 million diluted shares, compared to net income per share of $0.03 with 131.3 million diluted shares a year ago. net income per share was $0.02 based on 143.2 million diluted shares compared to net income per share of $0.03 with 131.3 million diluted shares a year ago Free cash flow in the quarter was $3.4 million, or 4% of revenue, compared to $4.5 million, or 6% of revenue during the same period last year. free cash flow in the quarter was $3.4 million or 4% of revenue compared to $4.5 million or 6% of revenue during the same period last year In the third quarter, we managed our cash collections and made meaningful progress, shifting to contracts with annual payments in advance. Now, turning to our outlook. As Spenser laid out, the world of development, test, and ship is changing rapidly. Analytics and the use of data to understand outcomes and drive action will be more important than ever for enterprises. Our strategy remains consistent with our go-to-market. We will continue to focus on gaining new enterprise customers and driving cross-platform sales with our existing customer base. We also believe that with the release of our AI capabilities, the monetization of data ingested into our platform and cross-sell opportunities of new products gives us the right strategy to align the value our customers receive with our growth opportunities and to grow our business in a profitable way. In the third quarter, we managed our cash collections and made meaningful progress, shifting to contracts with annual payments in advance. in the third quarter we managed our cash collections and made meaningful progress shifting to contracts with annual payments in advance Now, turning to our outlook. now turning to our outlook As Spenser laid out, the world of development, test, and ship is changing rapidly. as spenser laid out the world of development test and ship is changing rapidly Analytics and the use of data to understand outcomes and drive action will be more important than ever for enterprises. analytics and the use of data to understand outcomes and drive action will be more important than ever for enterprises Our strategy remains consistent with our go-to-market. our strategy remains consistent with our go-to-market We will continue to focus on gaining new enterprise customers and driving cross-platform sales with our existing customer base. we will continue to focus on gaining new enterprise customers and driving cross-platform sales with our existing customer base We also believe that with the release of our AI capabilities, the monetization of data ingested into our platform and cross-sell opportunities of new products gives us the right strategy to align the value our customers receive with our growth opportunities and to grow our business in a profitable way. we also believe that with the release of our ai capabilities the monetization of data ingested into our platform and cross-sell opportunities of new products gives us the right strategy to align the value our customers receive with our growth opportunities and to grow our business in a profitable way For the fourth quarter of 2025, we expect revenue to be between $89 million and $91 million, representing an annual growth rate of 15% at the midpoint. We expect non-GAAP operating income to be between $3.5 million and $5.5 million. We expect non-GAAP net income per share to be between $0.04 and $0.05, assuming diluted weighted average shares outstanding of approximately 142.6 million. For the full year of 2025, we are raising our revenue expectation for the full year due to the quarter's positive performance. We expect full-year revenue to be between $340.8 million and $342.8 million, an annual growth rate of 14% at the midpoint. We are adjusting our range for the full-year non-GAAP operating income to be between $0.5 million and $2.5 million, reflecting growth investments. For the fourth quarter of 2025, we expect revenue to be between $89 million and $91 million, representing an annual growth rate of 15% at the midpoint. for the fourth quarter of 2025 we expect revenue to be between $89 million and $91 million representing an annual growth rate of 15% at the midpoint We expect non-GAAP operating income to be between $3.5 million and $5.5 million. we expect non-gaap operating income to be between $3.5 million and $5.5 million We expect non-GAAP net income per share to be between $0.04 and $0.05, assuming diluted weighted average shares outstanding of approximately 142.6 million. we expect non-gaap net income per share to be between $0.04 and $0.05 assuming diluted weighted average shares outstanding of approximately 142.6 million For the full year of 2025, we are raising our revenue expectation for the full year due to the quarter's positive performance. for the full year of 2025 we are raising our revenue expectation for the full year due to the quarter's positive performance We expect full-year revenue to be between $340.8 million and $342.8 million, an annual growth rate of 14% at the midpoint. we expect full-year revenue to be between $340.8 million and $342.8 million an annual growth rate of 14% at the midpoint We are adjusting our range for the full-year non-GAAP operating income to be between $0.5 million and $2.5 million, reflecting growth investments. we are adjusting our range for the full-year non-gaap operating income to be between $0.5 million and $2.5 million reflecting growth investments We expect non-GAAP net income per share to be between $0.06 and $0.08, assuming weighted average shares outstanding of approximately 142 million, as measured on a fully diluted basis. In closing, we continue to execute our strategy of growing our enterprise customer base, expanding multi-product attached with our customers, and growing with additional leverage in our business model. This has only occurred through the focused execution of our employees and our relentless drive towards creating value for our customers. With that, we'll open it up for Q&A. Over to you, John. We expect non-GAAP net income per share to be between $0.06 and $0.08, assuming weighted average shares outstanding of approximately 142 million, as measured on a fully diluted basis. we expect non-gaap net income per share to be between $0.06 and $0.08 assuming weighted average shares outstanding of approximately 142 million as measured on a fully diluted basis In closing, we continue to execute our strategy of growing our enterprise customer base, expanding multi-product attached with our customers, and growing with additional leverage in our business model. in closing we continue to execute our strategy of growing our enterprise customer base expanding multi-product attached with our customers and growing with additional leverage in our business model This has only occurred through the focused execution of our employees and our relentless drive towards creating value for our customers. this has only occurred through the focused execution of our employees and our relentless drive towards creating value for our customers With that, we'll open it up for Q&A. with that we'll open it up for q&a Over to you, John. over to you john

Speaker 7: 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 the line of Koji Ikeda from Bank of America, followed by Patrick Schultz. Koji, your line is now open. Thank you, Andrew. thank you andrew We will now turn to Q&A. we will now turn to q&a For the sake of time, please limit yourself to one question and one follow-up. for the sake of time please limit yourself to one question and one follow-up Our first question will come from the line of Koji Ikeda from Bank of America, followed by Patrick Schultz. our first question will come from the line of koji ikeda from bank of america followed by patrick schultz Koji, your line is now open. koji your line is now open

Speaker 12: Yeah, hey, guys. Thanks so much for taking the questions. I wanted to ask. On RPO. You know, I look at ARR, nice growth there, but RPO, real nice, acceleration of 37%, most added sequentially in a long time. Andrew, totally hear you on the repeatable and scalable enterprise aspect of the execution here, but I was hoping you could break it down a little bit by enterprise, mid-market, vertical, maybe even annual contract size and contract duration. You know, what's really driving that 37% growth there? Yeah, hey, guys. yeah hey guys Thanks so much for taking the questions. thanks so much for taking the questions I wanted to ask. i wanted to ask On RPO. on rpo You know, I look at ARR, nice growth there, but RPO, real nice, acceleration of 37%, most added sequentially in a long time. you know i look at arr nice growth there but rpo real nice acceleration of 37% most added sequentially in a long time Andrew, totally hear you on the repeatable and scalable enterprise aspect of the execution here, but I was hoping you could break it down a little bit by enterprise, mid-market, vertical, maybe even annual contract size and contract duration. andrew totally hear you on the repeatable and scalable enterprise aspect of the execution here but i was hoping you could break it down a little bit by enterprise mid-market vertical maybe even annual contract size and contract duration You know, what's really driving that 37% growth there? you know what's really driving that 37% growth there

Speaker 8: You may recall, Koji, that back in the beginning of the year, we made a lot of efforts at resegmenting our customers, refocusing our sales coverage on the enterprise group of clients. And we even have a stratification that's even larger than that, and we call it STRAT in the enterprise. Y ou may recall, Koji, that back in the beginning of the year, we made a lot of efforts at resegmenting our customers, refocusing our sales coverage on the enterprise group of clients. y ou may recall koji that back in the beginning of the year we made a lot of efforts at resegmenting our customers refocusing our sales coverage on the enterprise group of clients And we even have a stratification that's even larger than that, and we call it STRAT in the enterprise. and we even have a stratification that's even larger than that and we call it strat in the enterprise For those who do not remember, we define enterprise clients as anyone who has 1,000 employees or more or over $100 million in revenue. When we did that, we really had a lot of marketing efforts, focused efforts to show how we are consolidating the space, how customers could increasingly leverage the power of the Amplitude platform, how they get greater value. I would tell you, when you have those conversations with clients, they often look to not just a single tool replacement, but rather a multi-year journey of how they are going to continue to drive value as their business changes, as their business grows. That has led to more strategic conversations and thus deal constructs which have more duration to them. I mentioned earlier, our contract duration has increased overall to 22 months. I will tell you, in the enterprise space, it is even larger. For those who do not remember, we define enterprise clients as anyone who has 1,000 employees or more or over $100 million in revenue. for those who do not remember we define enterprise clients as anyone who has 1,000 employees or more or over $100 million in revenue When we did that, we really had a lot of marketing efforts, focused efforts to show how we are consolidating the space, how customers could increasingly leverage the power of the Amplitude platform, how they get greater value. when we did that we really had a lot of marketing efforts focused efforts to show how we are consolidating the space how customers could increasingly leverage the power of the amplitude platform how they get greater value I would tell you, when you have those conversations with clients, they often look to not just a single tool replacement, but rather a multi-year journey of how they are going to continue to drive value as their business changes, as their business grows. i would tell you when you have those conversations with clients they often look to not just a single tool replacement but rather a multi-year journey of how they are going to continue to drive value as their business changes as their business grows That has led to more strategic conversations and thus deal constructs which have more duration to them. that has led to more strategic conversations and thus deal constructs which have more duration to them I mentioned earlier, our contract duration has increased overall to 22 months. i mentioned earlier our contract duration has increased overall to 22 months I will tell you, in the enterprise space, it is even larger. i will tell you in the enterprise space, it is even larger The reason is because so many of those multi-year, million-dollar contracts result in multi-year commitments. That is driving our RPO. You do not do that without getting the sales teams very focused in an execution way and aligning incentives appropriately to drive those outcomes. I would tell you, they have done a great job in multi-year contracts and making sure that our RPO is growing quite rapidly. The reason is because so many of those multi-year, million-dollar contracts result in multi-year commitments. the reason is because so many of those multi-year million-dollar contracts result in multi-year commitments That is driving our RPO. that is driving our rpo You do not do that without getting the sales teams very focused in an execution way and aligning incentives appropriately to drive those outcomes. you do not do that without getting the sales teams very focused in an execution way and aligning incentives appropriately to drive those outcomes I would tell you, they have done a great job in multi-year contracts and making sure that our RPO is growing quite rapidly. i would tell you, they have done a great job in multi-year contracts and making sure that our rpo is growing quite rapidly

Speaker 12: Thank you. Thank you for that. Maybe a question here for Spenser. You know, in the presentation, you talk about this, I will call it the build, ship, use, and learn circle of life here. Where are enterprises today? Thank you. thank you Thank you for that. thank you for that Maybe a question here for Spenser. maybe a question here for spenser You know, in the presentation, you talk about this, I will call it the build, ship, use, and learn circle of life here. you know in the presentation you talk about this, i will call it the build ship use and learn circle of life here Where are enterprises today? where are enterprises today

Speaker 9: Product circle of life, absolutely. Product circle of life, absolutely. product circle of life absolutely

Speaker 12: Product circle of life. Yeah. Where are enterprises today? You know, where are they investing now, and where are they really going to be investing in the future? Product circle of life. product circle of life Yeah. yeah Where are enterprises today? where are enterprises today You know, where are they investing now, and where are they really going to be investing in the future? you know where are they investing now and where are they really going to be investing in the future

Speaker 9: You mean in product or in analytics? You mean in product or in analytics? you mean in product or in analytics

Speaker 12: In that circle. Are they investing more in the build process, the ship process? Are they yet to really start to invest in the use and learn side? That is the real opportunity where you guys—yeah. In that circle. in that circle Are they investing more in the build process, the ship process? are they investing more in the build process the ship process Are they yet to really start to invest in the use and learn side? are they yet to really start to invest in the use and learn side That is the real opportunity where you guys—yeah. that is the real opportunity where you guys—yeah

Speaker 9: I think it is much earlier on the use and learn side, right? If you look at the state of the art for how companies do this, it is literally, you know, you go ask, talk to a bunch of customers, you do a focus group, you send out a survey, you are getting lots of qualitative feedback. The point I am trying to make is that if you can master that quantitatively, that is so much more powerful because you can, you know, actions are much more powerful than words. I think it is much earlier on the use and learn side, right? i think it is much earlier on the use and learn side right If you look at the state of the art for how companies do this, it is literally, you know, you go ask, talk to a bunch of customers, you do a focus group, you send out a survey, you are getting lots of qualitative feedback. if you look at the state of the art for how companies do this, it is literally you know you go ask talk to a bunch of customers you do a focus group you send out a survey, you are getting lots of qualitative feedback The point I am trying to make is that if you can master that quantitatively, that is so much more powerful because you can, you know, actions are much more powerful than words. the point i am trying to make is that if you can master that quantitatively that is so much more powerful because you can you know actions are much more powerful than words Users are great at describing the problem they have, you know, but it's like that old great Henry Ford quote, if you just listen directly to what they do, they'd ask you for faster horses. The companies like the Facebooks or the Netflixes of the world that have done a great job of that have this incredible edge over anyone else. We see ourselves as bringing that infrastructure much broadly. Now, to your question, it's much, much earlier there. I think we see a lot of excitement. Like I was just in Europe a few weeks ago, and every single customer wants to talk about, yeah, how is my learning side going to get completely disrupted by AI? Like we're already on it on coding. Users are great at describing the problem they have, you know, but it's like that old great Henry Ford quote, if you just listen directly to what they do, they'd ask you for faster horses. users are great at describing the problem they have you know but it's like that old great henry ford quote if you just listen directly to what they do they'd ask you for faster horses The companies like the Facebooks or the Netflixes of the world that have done a great job of that have this incredible edge over anyone else. the companies like the facebooks or the netflixes of the world that have done a great job of that have this incredible edge over anyone else We see ourselves as bringing that infrastructure much broadly. we see ourselves as bringing that infrastructure much broadly Now, to your question, it's much, much earlier there. now to your question it's much much earlier there I think we see a lot of excitement. i think we see a lot of excitement Like I was just in Europe a few weeks ago, and every single customer wants to talk about, yeah, how is my learning side going to get completely disrupted by AI? like i was just in europe a few weeks ago and every single customer wants to talk about yeah how is my learning side going to get completely disrupted by ai Like we're already on it on coding. like we're already on it on coding You know, they're having the developers use Cursor and Claude Code and a whole bunch of other, a whole bunch of other coding AI coding tools. They want to know how the same is going to happen in analytics. And so what I was presenting is like, hey, what's our vision for that future? You know, they're having the developers use Cursor and Claude Code and a whole bunch of other, a whole bunch of other coding AI coding tools. you know they're having the developers use cursor and claude code and a whole bunch of other a whole bunch of other coding ai coding tools They want to know how the same is going to happen in analytics. they want to know how the same is going to happen in analytics And so what I was presenting is like, hey, what's our vision for that future? and so what i was presenting is like hey what's our vision for that future

Speaker 12: Got it. Thank you so much. Thanks, guys. Thanks for taking the questions. Got it. got it Thank you so much. thank you so much Thanks, guys. thanks guys Thanks for taking the questions. thanks for taking the questions

Speaker 7: Great. Thank you, Koji. Our next question will come from Patrick Schultz from RW Baird, followed by Elizabeth Porter from Morgan Stanley. Go ahead, Patrick. Great. great Thank you, Koji. thank you koji Our next question will come from Patrick Schultz from RW Baird, followed by Elizabeth Porter from Morgan Stanley. our next question will come from patrick schultz from rw baird followed by elizabeth porter from morgan stanley Go ahead, Patrick. go ahead patrick

Speaker 4: Yeah, thanks. Appreciate you guys' time this afternoon. Maybe first just thinking about the growth for revenue and ARR, just another very strong quarter. And looking at the Q4 guidance, there's some revenue deceleration implied there. Just wondering if you could provide a little bit more color on what went into that forecast and maybe more broadly. There's always some trade-off between investing for growth and driving profits, but curious to hear how you guys are balancing these two as you head into next year, especially just given the velocity of innovation you guys are seeing. Yeah, thanks. yeah thanks Appreciate you guys' time this afternoon. appreciate you guys' time this afternoon Maybe first just thinking about the growth for revenue and ARR, just another very strong quarter. maybe first just thinking about the growth for revenue and arr just another very strong quarter And looking at the Q4 guidance, there's some revenue deceleration implied there. and looking at the q4 guidance there's some revenue deceleration implied there Just wondering if you could provide a little bit more color on what went into that forecast and maybe more broadly. just wondering if you could provide a little bit more color on what went into that forecast and maybe more broadly There's always some trade-off between investing for growth and driving profits, but curious to hear how you guys are balancing these two as you head into next year, especially just given the velocity of innovation you guys are seeing. there's always some trade-off between investing for growth and driving profits but curious to hear how you guys are balancing these two as you head into next year especially just given the velocity of innovation you guys are seeing

Speaker 8: I'd tell you that our guidance is always based upon the lens of execution for us. As we've gotten better and better at executing our enterprise plan, that's given us a lot more visibility into future revenue, and it shows up in our RPO. Rather than go back on what has worked very well for us as we progress this year, we're going to stick with that guidance pattern and stick with what we know we can go execute in the market. We believe that will continue to deliver benefits for us. Now, I'm balancing growth with leverage. I'd tell you that our guidance is always based upon the lens of execution for us. i'd tell you that our guidance is always based upon the lens of execution for us As we've gotten better and better at executing our enterprise plan, that's given us a lot more visibility into future revenue, and it shows up in our RPO. as we've gotten better and better at executing our enterprise plan that's given us a lot more visibility into future revenue and it shows up in our rpo Rather than go back on what has worked very well for us as we progress this year, we're going to stick with that guidance pattern and stick with what we know we can go execute in the market. rather than go back on what has worked very well for us as we progress this year we're going to stick with that guidance pattern and stick with what we know we can go execute in the market We believe that will continue to deliver benefits for us. we believe that will continue to deliver benefits for us Now, I'm balancing growth with leverage. now i'm balancing growth with leverage If you were a fly on the wall within the Amplitude offices, you'd find that we're often having debates about when to make the right investment, how much leverage can we expect from it, and then how can we make sure that we are continuing to drive towards the expectations we set on investor day back in March. It is always a little bit of a difficult conversation, but I think the teams have learned to manage within those constructs, and we're making the investments that really matter while still delivering progressions on our growth with leverage plan. If you were a fly on the wall within the Amplitude offices, you'd find that we're often having debates about when to make the right investment, how much leverage can we expect from it, and then how can we make sure that we are continuing to drive towards the expectations we set on investor day back in March. if you were a fly on the wall within the amplitude offices you'd find that we're often having debates about when to make the right investment how much leverage can we expect from it and then how can we make sure that we are continuing to drive towards the expectations we set on investor day back in march It is always a little bit of a difficult conversation, but I think the teams have learned to manage within those constructs, and we're making the investments that really matter while still delivering progressions on our growth with leverage plan. it is always a little bit of a difficult conversation but i think the teams have learned to manage within those constructs and we're making the investments that really matter while still delivering progressions on our growth with leverage plan

Speaker 9: Yeah, I mean, Patrick, I'll say you don't find the bottleneck to growth is actually not a lot of time spent. It's about how can I retrain this team to be more effective? Andrew and I and with Thomas have been looking at sales productivity and how do we drive that for next year. The teams have really stepped up and done a good job of how do we be really effective. You can get a lot of leverage from AI tooling in this world without a crazy amount of spend. Yeah, I mean, Patrick, I'll say you don't find the bottleneck to growth is actually not a lot of time spent. yeah i mean patrick i'll say you don't find the bottleneck to growth is actually not a lot of time spent It's about how can I retrain this team to be more effective? it's about how can i retrain this team to be more effective Andrew and I and with Thomas have been looking at sales productivity and how do we drive that for next year. andrew and i and with thomas have been looking at sales productivity and how do we drive that for next year The teams have really stepped up and done a good job of how do we be really effective. the teams have really stepped up and done a good job of how do we be really effective You can get a lot of leverage from AI tooling in this world without a crazy amount of spend. you can get a lot of leverage from ai tooling in this world without a crazy amount of spend

Speaker 4: Okay, that's very helpful. Maybe just one quick follow-up too. Very impressive list of customer wins during the quarter. One of your goals over the past year has been to improve the enterprise go-to-market motion. Just can you maybe talk about how some of these improvements have impacted the trends with initial deal wins? What are you seeing in terms of changes to sales cycles, size of initial land, and maybe landing with multiple products? Okay, that's very helpful. okay that's very helpful Maybe just one quick follow-up too. maybe just one quick follow-up too Very impressive list of customer wins during the quarter. very impressive list of customer wins during the quarter One of your goals over the past year has been to improve the enterprise go-to-market motion. one of your goals over the past year has been to improve the enterprise go-to-market motion Just can you maybe talk about how some of these improvements have impacted the trends with initial deal wins? just can you maybe talk about how some of these improvements have impacted the trends with initial deal wins What are you seeing in terms of changes to sales cycles, size of initial land, and maybe landing with multiple products? what are you seeing in terms of changes to sales cycles size of initial land and maybe landing with multiple products

Speaker 9: Yeah, I mean, we're, I mean, as I kind of outlined in. All three examples, I mean, I think we're doing everything across the board way better than we were a year or two ago. You're seeing many more multi-years, which is reflected in that RPO growth. You're seeing 71% on multiple products. That's a huge freaking deal. You're seeing customers willing to just invest in analytics, invest in the whole platform. They're very excited about what we're doing on the AI side as well. I got to give a lot of credit to the go-to-market teams for how they've built much stronger relationships with those. Even though I didn't speak to it too much, they've done a phenomenal job. That's why you see ARR re-acceleration as well as all those other numbers. Y eah, I mean, we're, I mean, as I kind of outlined in. y eah i mean we're i mean as i kind of outlined in All three examples, I mean, I think we're doing everything across the board way better than we were a year or two ago. all three examples i mean i think we're doing everything across the board way better than we were a year or two ago You're seeing many more multi-years, which is reflected in that RPO growth. you're seeing many more multi-years which is reflected in that rpo growth You're seeing 71% on multiple products. you're seeing 71% on multiple products That's a huge freaking deal. that's a huge freaking deal You're seeing customers willing to just invest in analytics, invest in the whole platform. you're seeing customers willing to just invest in analytics invest in the whole platform They're very excited about what we're doing on the AI side as well. they're very excited about what we're doing on the ai side as well I got to give a lot of credit to the go-to-market teams for how they've built much stronger relationships with those. i got to give a lot of credit to the go-to-market teams for how they've built much stronger relationships with those Even though I didn't speak to it too much, they've done a phenomenal job. even though i didn't speak to it too much they've done a phenomenal job That's why you see ARR re-acceleration as well as all those other numbers. that's why you see arr re-acceleration as well as all those other numbers One other just data point to call out, we had a really broad-based set of seven-figure wins. It was five, seven-figure wins in Q3, which was just fantastic to see everything from some of the enterprises, the very traditional enterprises I called out, all the way to we actually had a foundational model company that we can't disclose who it is, but sign up for Amplitude. It is just exciting to see kind of, hey, across the full spectrum, we're doing well. One other just data point to call out, we had a really broad-based set of seven-figure wins. one other just data point to call out we had a really broad-based set of seven-figure wins It was five, seven-figure wins in Q3, which was just fantastic to see everything from some of the enterprises, the very traditional enterprises I called out, all the way to we actually had a foundational model company that we can't disclose who it is, but sign up for Amplitude. it was five seven-figure wins in q3 which was just fantastic to see everything from some of the enterprises the very traditional enterprises i called out all the way to we actually had a foundational model company that we can't disclose who it is but sign up for amplitude It is just exciting to see kind of, hey, across the full spectrum, we're doing well. it is just exciting to see kind of hey across the full spectrum we're doing well

Speaker 4: Awesome. Appreciate it, guys. Thank you. Awesome. awesome Appreciate it, guys. appreciate it guys Thank you. thank you

Speaker 7: Great. Thank you, Patrick. Our next question will come from Elizabeth Porter from Morgan Stanley, followed by Willow Miller from William Blair. Go ahead, Elizabeth. Great. great Thank you, Patrick. thank you patrick Our next question will come from Elizabeth Porter from Morgan Stanley, followed by Willow Miller from William Blair. our next question will come from elizabeth porter from morgan stanley followed by willow miller from william blair Go ahead, Elizabeth. go ahead elizabeth

Speaker 6: Awesome. Thank you so much. I think one of the really exciting parts about agents is its ability to tie together multiple products across the Amplitude platform. And should we expect kind of a step function increase in multi-product adoption? I know that it was about 70% of ARR, but the customer base is still below 70, which is 40, which is a big opportunity. How does the agent strategy just overall accelerate that mix shift in the broader platform strategy? Awesome. awesome Thank you so much. thank you so much I think one of the really exciting parts about agents is its ability to tie together multiple products across the Amplitude platform. i think one of the really exciting parts about agents is its ability to tie together multiple products across the amplitude platform And should we expect kind of a step function increase in multi-product adoption? and should we expect kind of a step function increase in multi-product adoption I know that it was about 70% of ARR, but the customer base is still below 70, which is 40, which is a big opportunity. i know that it was about 70% of arr but the customer base is still below 70 which is 40 which is a big opportunity How does the agent strategy just overall accelerate that mix shift in the broader platform strategy? how does the agent strategy just overall accelerate that mix shift in the broader platform strategy

Speaker 9: Okay, so there's what we're doing today, and then there's future. What we're doing today, we are focused on the analytics adoption piece because the more people using analytics, the more people sending us data, the more people querying that data, the more value we create, and that will naturally expand and lead to a whole bunch of these other use cases. The two agents I talked about, the dashboard monitoring agent as well as the Session Replay agent, those are all kind of insights-level agents. Okay, so there's what we're doing today, and then there's future. okay so there's what we're doing today and then there's future What we're doing today, we are focused on the analytics adoption piece because the more people using analytics, the more people sending us data, the more people querying that data, the more value we create, and that will naturally expand and lead to a whole bunch of these other use cases. what we're doing today we are focused on the analytics adoption piece because the more people using analytics the more people sending us data the more people querying that data the more value we create and that will naturally expand and lead to a whole bunch of these other use cases The two agents I talked about, the dashboard monitoring agent as well as the Session Replay agent, those are all kind of insights-level agents. the two agents i talked about the dashboard monitoring agent as well as the session replay agent those are all kind of insights-level agents Now, what we do have coming and will be in next year is we're going to be doing a lot more on the action side. Suggested experiments, as we showed in June on the last earnings call, where we come up with a strategy for how you can improve conversion on your website, suggested guides for you to send out to your users. Hey, you don't have a new user onboarding guide? We've created one for you. Do you want to go ahead and deploy that? Suggested cohorts of users to target with messaging. I'd say today on the agents front, we're specifically focusing on the analytics and insight layer because that's where we're hearing the most pull from customers, but we'll add a whole bunch of action layer stuff as a fast follow. Now, what we do have coming and will be in next year is we're going to be doing a lot more on the action side. now what we do have coming and will be in next year is we're going to be doing a lot more on the action side Suggested experiments, as we showed in June on the last earnings call, where we come up with a strategy for how you can improve conversion on your website, suggested guides for you to send out to your users. suggested experiments as we showed in june on the last earnings call where we come up with a strategy for how you can improve conversion on your website suggested guides for you to send out to your users Hey, you don't have a new user onboarding guide? hey you don't have a new user onboarding guide We've created one for you. we've created one for you Do you want to go ahead and deploy that? do you want to go ahead and deploy that Suggested cohorts of users to target with messaging. suggested cohorts of users to target with messaging I'd say today on the agents front, we're specifically focusing on the analytics and insight layer because that's where we're hearing the most pull from customers, but we'll add a whole bunch of action layer stuff as a fast follow. i'd say today on the agents front we're specifically focusing on the analytics and insight layer because that's where we're hearing the most pull from customers but we'll add a whole bunch of action layer stuff as a fast follow

Speaker 6: Great. Just as a follow-up, more on the financial side, as Amplitude moves further up market, should we expect there to be any seasonality in quarter NRR, just given we can have some of these quarters that are heavy in the enterprise deals? How would you frame kind of the cadence and NRR trend and how it could evolve through the year? Great. great Just as a follow-up, more on the financial side, as Amplitude moves further up market, should we expect there to be any seasonality in quarter NRR, just given we can have some of these quarters that are heavy in the enterprise deals? just as a follow-up more on the financial side as amplitude moves further up market should we expect there to be any seasonality in quarter nrr just given we can have some of these quarters that are heavy in the enterprise deals How would you frame kind of the cadence and NRR trend and how it could evolve through the year? how would you frame kind of the cadence and nrr trend and how it could evolve through the year

Speaker 8: I'd say that everything is better in the enterprise. Our NRR is much higher than the overall average for the business. We still have cohorts in the SMB and mid-market that have higher churn rates. As we get a higher and higher percentage of our ARR in the enterprise, NRR will continue to progress. We expect that we'll see continued progression in our enterprise content. As we delineated at our investor day back in March, we'll see that progression continue to go up. That drives better gross retention as well. Although we did not see a big progression this quarter, the reality is we have a lot of faith in our long-term expectations of being that 115 that I talked about last quarter. I'd say that everything is better in the enterprise. i'd say that everything is better in the enterprise Our NRR is much higher than the overall average for the business. our nrr is much higher than the overall average for the business We still have cohorts in the SMB and mid-market that have higher churn rates. we still have cohorts in the smb and mid-market that have higher churn rates As we get a higher and higher percentage of our ARR in the enterprise, NRR will continue to progress. as we get a higher and higher percentage of our arr in the enterprise nrr will continue to progress We expect that we'll see continued progression in our enterprise content. we expect that we'll see continued progression in our enterprise content As we delineated at our investor day back in March, we'll see that progression continue to go up. as we delineated at our investor day back in march we'll see that progression continue to go up That drives better gross retention as well. that drives better gross retention as well Although we did not see a big progression this quarter, the reality is we have a lot of faith in our long-term expectations of being that 115 that I talked about last quarter. although we did not see a big progression this quarter the reality is we have a lot of faith in our long-term expectations of being that 115 that i talked about last quarter

Speaker 6: Thank you. Thank you. thank you

Speaker 7: Great. Thank you, Elizabeth. Our next question will come from Willow Miller from William Blair, followed by Ian Black from Needham. Go ahead, Willow. Great. great Thank you, Elizabeth. thank you elizabeth Our next question will come from Willow Miller from William Blair, followed by Ian Black from Needham. our next question will come from willow miller from william blair followed by ian black from needham Go ahead, Willow. go ahead willow

Speaker 11: Hi, team. I am Willow on for Arjun Bhatia. Thanks for taking our question. I believe in your prepared remarks, you mentioned that you believe the new AI functionality like MCP and agents can open up Amplitude to non-technical users. Can you comment more on this and could this expand your market opportunity? Hi, team. I am Willow on for Arjun Bhatia. hi team. i am willow on for arjun bhatia Thanks for taking our question. thanks for taking our question I believe in your prepared remarks, you mentioned that you believe the new AI functionality like MCP and agents can open up Amplitude to non-technical users. i believe in your prepared remarks you mentioned that you believe the new ai functionality like mcp and agents can open up amplitude to non-technical users Can you comment more on this and could this expand your market opportunity? can you comment more on this and could this expand your market opportunity

Speaker 9: Oh, absolutely. I mean. The hard part, there are two hard parts in analytics today. One is you have to learn an analytics product. Oh, absolutely. oh absolutely I mean. i mean The hard part, there are two hard parts in analytics today. the hard part, there are two hard parts in analytics today One is you have to learn an analytics product. one is you have to learn an analytics product As easy as we've made it with Amplitude, you still have to learn our interface, what dropdowns, what type of charts to use, all of that sort of stuff. The other thing you have to learn, and this is the biggest bottleneck in analytics, is the data taxonomy that you have. The problem with particularly product data taxonomies is they are huge. Like the average product has thousands of different things you can do in it, so no one's going to be able to keep that in their head. The huge leverage point you get, which I showed in the MCP demo, is that you can start with a very vague question like, "Show me my onboarding funnel." It will look across your data set to see, okay, which are likely the onboarding events? Let me construct a funnel with them. As easy as we've made it with Amplitude, you still have to learn our interface, what dropdowns, what type of charts to use, all of that sort of stuff. as easy as we've made it with amplitude you still have to learn our interface what dropdowns what type of charts to use all of that sort of stuff The other thing you have to learn, and this is the biggest bottleneck in analytics, is the data taxonomy that you have. the other thing you have to learn and this is the biggest bottleneck in analytics is the data taxonomy that you have The problem with particularly product data taxonomies is they are huge. the problem with particularly product data taxonomies is they are huge Like the average product has thousands of different things you can do in it, so no one's going to be able to keep that in their head. like the average product has thousands of different things you can do in it so no one's going to be able to keep that in their head The huge leverage point you get, which I showed in the MCP demo, is that you can start with a very vague question like, "Show me my onboarding funnel." It will look across your data set to see, okay, which are likely the onboarding events? the huge leverage point you get which i showed in the mcp demo is that you can start with a very vague question like "show me my onboarding funnel." it will look across your data set to see okay which are likely the onboarding events Let me construct a funnel with them. let me construct a funnel with them If you're not happy with the result, you can iterate with it. The point is you're not having to learn our interface or any analytics interface. You're also not really having to learn your data taxonomy. It's leveraging, it's doing the thinking and reasoning for you on specifying the query and constructing it and putting that back in a chart. You're just getting the result and then kind of going back and forth with it. The answer is highly yes. We've set really aggressive internal targets for next year for what we expect, how we expect the adoption of Amplitude to grow because of what we're building. If you're not happy with the result, you can iterate with it. if you're not happy with the result you can iterate with it The point is you're not having to learn our interface or any analytics interface. the point is you're not having to learn our interface or any analytics interface You're also not really having to learn your data taxonomy. you're also not really having to learn your data taxonomy It's leveraging, it's doing the thinking and reasoning for you on specifying the query and constructing it and putting that back in a chart. it's leveraging it's doing the thinking and reasoning for you on specifying the query and constructing it and putting that back in a chart You're just getting the result and then kind of going back and forth with it. you're just getting the result and then kind of going back and forth with it The answer is highly yes. the answer is highly yes We've set really aggressive internal targets for next year for what we expect, how we expect the adoption of Amplitude to grow because of what we're building. we've set really aggressive internal targets for next year for what we expect how we expect the adoption of amplitude to grow because of what we're building

Speaker 11: Awesome. Thank you. Awesome. awesome Thank you. thank you

Speaker 7: Thank you, Willow. Our next question will be by Ian Black from Needham, followed by Claire Gerdes from UBS. Go ahead, Ian. Thank you, Willow. thank you willow Our next question will be by Ian Black from Needham, followed by Claire Gerdes from UBS. our next question will be by ian black from needham followed by claire gerdes from ubs Go ahead, Ian. go ahead ian

Speaker 3: Hi, congrats on the great quarter. As you guys start to lap the switch to multi-year contracts that you started last year, is there an impact on sales productivity? Hi, congrats on the great quarter. hi congrats on the great quarter As you guys start to lap the switch to multi-year contracts that you started last year, is there an impact on sales productivity? as you guys start to lap the switch to multi-year contracts that you started last year is there an impact on sales productivity

Speaker 8: No, I do not think that. We certainly look at sales productivity both on a gross and a net basis, but I think that the opportunity for us to continue to drive expansions within our existing customer base is well over $150 million. We said something similar at our investor day when we had even fewer customers. We have done a pretty good job of adding new enterprise clients, and even at the rate that we are adding them, we still think that there is a large footprint within each one of them where we can show great expansion opportunities. No, I do not think that. no i do not think that We certainly look at sales productivity both on a gross and a net basis, but I think that the opportunity for us to continue to drive expansions within our existing customer base is well over $150 million. we certainly look at sales productivity both on a gross and a net basis but i think that the opportunity for us to continue to drive expansions within our existing customer base is well over $150 million We said something similar at our investor day when we had even fewer customers. We have done a pretty good job of adding new enterprise clients, and even at the rate that we are adding them, we still think that there is a large footprint within each one of them where we can show great expansion opportunities. we said something similar at our investor day when we had even fewer customers. we have done a pretty good job of adding new enterprise clients and even at the rate that we are adding them we still think that there is a large footprint within each one of them where we can show great expansion opportunities

Speaker 3: Awesome. You mentioned customers increasingly viewing you as key strategic partners. Is there an opportunity to expand your service partner network as you go deeper within your customer base? Awesome. awesome You mentioned customers increasingly viewing you as key strategic partners. you mentioned customers increasingly viewing you as key strategic partners Is there an opportunity to expand your service partner network as you go deeper within your customer base? is there an opportunity to expand your service partner network as you go deeper within your customer base

Speaker 8: Yeah, that is one of the other growth engines that is somewhat nascent for us today. I think that as Amplitude becomes increasingly important to enterprise clients, you'll start to see more and more partners look at ways in which they can develop on our platform and create their own value add. That is something that over time we believe will happen. Yeah, that is one of the other growth engines that is somewhat nascent for us today. yeah that is one of the other growth engines that is somewhat nascent for us today I think that as Amplitude becomes increasingly important to enterprise clients, you'll start to see more and more partners look at ways in which they can develop on our platform and create their own value add. i think that as amplitude becomes increasingly important to enterprise clients you'll start to see more and more partners look at ways in which they can develop on our platform and create their own value add That is something that over time we believe will happen. that is something that over time we believe will happen

Speaker 3: Awesome. Thank you. Awesome. awesome Thank you. thank you

Speaker 7: Thank you, Ian. Our next question comes from Claire Gerdes from UBS, followed by Jackson Ader from KeyBanc. Go ahead, Claire. Thank you, Ian. thank you ian Our next question comes from Claire Gerdes from UBS, followed by Jackson Ader from KeyBanc. our next question comes from claire gerdes from ubs followed by jackson ader from keybanc Go ahead, Claire. go ahead claire

Speaker 1: Hey, yeah, I'm on for Taylor McGinnis. Thanks for taking the question and great to see the results today. I wanted to ask you about some of the newer AI products that you're offering. I know some are still in beta, but as we think about where you are with those and balancing adoption and monetization in the future, I know, again, still very early, but is it more that you're wanting customers to adopt and get familiar and we can expect more of those free at this time? Or how are you thinking about that right now? Hey, yeah, I'm on for Taylor McGinnis. hey yeah i'm on for taylor mcginnis Thanks for taking the question and great to see the results today. thanks for taking the question and great to see the results today I wanted to ask you about some of the newer AI products that you're offering. i wanted to ask you about some of the newer ai products that you're offering I know some are still in beta, but as we think about where you are with those and b alancing adoption and monetization in the future, I know, again, still very early, but is it more that you're wanting customers to adopt and get familiar and we can expect more of those free at this time? i know some are still in beta but as we think about where you are with those and b alancing adoption and monetization in the future i know again still very early but is it more that you're wanting customers to adopt and get familiar and we can expect more of those free at this time Or how are you thinking about that right now? or how are you thinking about that right now

Speaker 9: Yeah, adoption is our key focus. They drive a bunch of value. Customers will track more data. They'll use that data a lot more, more broadly across more users, and that will very naturally lead to more value and upsells and everything else. I mean, if you look at our ASP, we're hovering around $400,000 a year. In a lot of companies, we are the largest spend after their cloud hosting. We have no problems already commanding a premium price point. The key is to be able to consistently deliver value and make that barrier lower and lower, which is what we're doing with MCP and agents and all of the stuff that's targeted at non-technical users. Yeah, adoption is our key focus. yeah adoption is our key focus They drive a bunch of value. they drive a bunch of value Customers will track more data. customers will track more data They'll use that data a lot more, more broadly across more users, and that will very naturally lead to more value and upsells and everything else. they'll use that data a lot more more broadly across more users and that will very naturally lead to more value and upsells and everything else I mean, if you look at our ASP, we're hovering around $400,000 a year. i mean if you look at our asp we're hovering around $400,000 a year In a lot of companies, we are the largest spend after their cloud hosting. in a lot of companies we are the largest spend after their cloud hosting We have no problems already commanding a premium price point. we have no problems already commanding a premium price point The key is to be able to consistently deliver value and make that barrier lower and lower, which is what we're doing with MCP and agents and all of the stuff that's targeted at non-technical users. the key is to be able to consistently deliver value and make that barrier lower and lower which is what we're doing with mcp and agents and all of the stuff that's targeted at non-technical users

Speaker 1: Awesome. Thanks. Just maybe a quick follow-up, a bit broader, but can you just comment on the selling environment right now? Obviously, still a lot going on, but you're putting up a great acceleration. If you could comment on that, that would be great. Thanks. Awesome. awesome Thanks. thanks Just maybe a quick follow-up, a bit broader, but can you just comment on the selling environment right now? just maybe a quick follow-up a bit broader but can you just comment on the selling environment right now Obviously, still a lot going on, but you're putting up a great acceleration. obviously still a lot going on but you're putting up a great acceleration If you could comment on that, that would be great. if you could comment on that that would be great Thanks. thanks

Speaker 9: Yeah, I mean, I think there's been, I don't think there's any change quarter to quarter. There's a continued cost consciousness among all customers the same way it's been for the last few years. I think what they're really excited to see is like, hey, does this AI stuff work? Is it legit? Every B2B company under the sun is like pitching them on AI, this, that, or the other thing. What I always say is, show me the demo. That is why I kind of did that on today's call. They are really, really, yeah, a lot of customers very, very excited about that. They want to know how. Can I get 5x, 10x, even more times leverage with leveraging AI agents, MCP, get a lot more insights than I would doing all of that work manually. Yeah, I mean, I think there's been, I don't think there's any change quarter to quarter. yeah i mean i think there's been i don't think there's any change quarter to quarter There's a continued cost consciousness among all customers the same way it's been for the last few years. there's a continued cost consciousness among all customers the same way it's been for the last few years I think what they're really excited to see is like, hey, does this AI stuff work? i think what they're really excited to see is like hey does this ai stuff work Is it legit? is it legit Every B2B company under the sun is like pitching them on AI, this, that, or the other thing. every b2b company under the sun is like pitching them on ai this that or the other thing What I always say is, show me the demo. what i always say is show me the demo That is why I kind of did that on today's call. that is why i kind of did that on today's call They are really, really, yeah, a lot of customers very, very excited about that. they are really really yeah a lot of customers very very excited about that They want to know how. they want to know how Can I get 5x, 10x, even more times leverage with leveraging AI agents, MCP, get a lot more insights than I would doing all of that work manually. can i get 5x 10x even more times leverage with leveraging ai agents mcp get a lot more insights than i would doing all of that work manually

Speaker 1: Awesome. Thanks. Awesome. awesome Thanks. thanks

Speaker 7: Thank you, Claire. Our next question comes from Jackson Ader at KeyBanc, followed by Yixhuan Wang from Citi. Go ahead, Jackson. Thank you, Claire. thank you claire Our next question comes from Jackson Ader at KeyBanc, followed by Yixhuan Wang from Citi. our next question comes from jackson ader at keybanc followed by yixhuan wang from citi Go ahead, Jackson. go ahead jackson

Speaker 10: Great. Good to see you guys. Thanks for taking our questions. The first one is kind of a product question. One of Francois's major initiatives, I guess, if you want to call it that, is a tighter integration between customer feedback and the product roadmap. Kind of getting that flywheel going. I'm curious, what are customers at? Agents are rolled out, you've got AI features and functionalities. What are customers kind of looking for as we head into 2026 that might be able to continue to compound the growth that we've seen? Great. great Good to see you guys. good to see you guys Thanks for taking our questions. thanks for taking our questions The first one is kind of a product question. the first one is kind of a product question One of Francois's major initiatives, I guess, if you want to call it that, is a tighter integration between c ustomer feedback and the product roadmap. one of francois's major initiatives i guess if you want to call it that is a tighter integration between c ustomer feedback and the product roadmap Kind of getting that flywheel going. kind of getting that flywheel going I'm curious, what are customers at? i'm curious what are customers at Agents are rolled out, you've got AI features and functionalities. agents are rolled out you've got ai features and functionalities What are customers kind of looking for as we head into 2026 that might be able to continue to compound the growth that we've seen? what are customers kind of looking for as we head into 2026 that might be able to continue to compound the growth that we've seen

Speaker 9: Yeah, I mean, look, just to be really clear, we're in the really early days of Amplitude in this category. I think, let's see, what would I call out? First, take all the AI stuff and set it to the aside. Just with the enterprise execution plus the expanding growth of the platform, that already we expect to continue to accelerate us to the ranges that we talked about on the investor day earlier this year, so beyond the 20%, which in my mind is kind of the bare minimum for this category. Yeah, I mean, look, just to be really clear, we're in the really early days of Amplitude in this category. yeah i mean look just to be really clear we're in the really early days of amplitude in this category I think, let's see, what would I call out? i think let's see what would i call out First, take all the AI stuff and set it to the aside. first take all the ai stuff and set it to the aside Just with the enterprise execution plus the expanding growth of the platform, that already we expect to continue to accelerate us to the ranges that we talked about on the investor day earlier this year, so beyond the 20%, which in my mind is kind of the bare minimum for this category. just with the enterprise execution plus the expanding growth of the platform that already we expect to continue to accelerate us to the ranges that we talked about on the investor day earlier this year so beyond the 20% which in my mind is kind of the bare minimum for this category You add how this category gets dramatically reshaped by AI, as I've been outlining. The same thing that happened to software engineering with Cursor and with a whole bunch of other AI coding products, that is going to happen to analytics. We see what that opportunity is. We're going to go really aggressive after it. There is a lot of appetite to adopt that. I'm very excited and bullish on it. I think as we see customers adopt and use and get value on that, that'll all translate downstream to Amplitude revenue growth. You add how this category gets dramatically reshaped by AI, as I've been outlining. you add how this category gets dramatically reshaped by ai as i've been outlining The same thing that happened to software engineering with Cursor and with a whole bunch of other AI coding products, that is going to happen to analytics. the same thing that happened to software engineering with cursor and with a whole bunch of other ai coding products that is going to happen to analytics We see what that opportunity is. we see what that opportunity is We're going to go really aggressive after it. we're going to go really aggressive after it There is a lot of appetite to adopt that. there is a lot of appetite to adopt that I'm very excited and bullish on it. i'm very excited and bullish on it I think as we see customers adopt and use and get value on that, that'll all translate downstream to Amplitude revenue growth. i think as we see customers adopt and use and get value on that that'll all translate downstream to amplitude revenue growth

Speaker 10: Okay. All right. Great. The follow-up question is just on the split between, or I guess not split, but just product analytics versus marketing analytics. I know we're getting into kind of new budget territories with the marketing piece. Okay. okay All right. all right Great. great The follow-up question is just on the split between, or I guess not split, but just product analytics versus marketing analytics. the follow-up question is just on the split between or i guess not split but just product analytics versus marketing analytics I know we're getting into kind of new budget territories with the marketing piece. i know we're getting into kind of new budget territories with the marketing piece

Speaker 9: Totally. Totally. totally

Speaker 10: At what point does that split become material enough to where I'm sure that the high growth rates coming from marketing analytics is able to contribute to a material amount of your overall revenue? Or are we there already At what point does that split become material enough to where I'm sure that the high growth rates coming from marketing analytics is able to contribute to a material amount of your overall revenue? at what point does that split become material enough to where i'm sure that the high growth rates coming from marketing analytics is able to contribute to a material amount of your overall revenue Or are we there already or are we there already

Speaker 9: No, no, it's early on it. I mean, there's customers that have switched off of legacy marketing analytics products and moved wholesale to Amplitude, like Decathlon's one, Realtor's another. There's a few that have that. That do that, that are saying, "Hey, Google Analytics or Adobe's not working well enough, so let me move on to something like an Amplitude." Now, there's still more for us to build there, and we're going to be—we haven't really talked about what we're going to be doing there, but yeah, we're going to be doing a lot in 2026 that will allow us to capture a significant amount of the marketing budget and have that contribute to growth. No, no, it's early on it. no no it's early on it I mean, there's customers that have switched off of legacy marketing analytics products and moved wholesale to Amplitude, like Decathlon's one, Realtor's another. i mean there's customers that have switched off of legacy marketing analytics products and moved wholesale to amplitude like decathlon's one realtor's another There's a few that have that. there's a few that have that That do that, that are saying, "Hey, Google Analytics or Adobe's not working well enough, so let me move on to something like an Amplitude." Now, there's still more for us to build there, and we're going to be—we haven't really talked about what we're going to be doing there, but yeah, we're going to be doing a lot in 2026 that will allow us to capture a significant amount of the marketing budget and have that contribute to growth. that do that that are saying "hey google analytics or adobe's not working well enough so let me move on to something like an amplitude." now there's still more for us to build there and we're going to be—we haven't really talked about what we're going to be doing there but yeah we're going to be doing a lot in 2026 that will allow us to capture a significant amount of the marketing budget and have that contribute to growth

Speaker 10: Got it. Thank you. Got it. got it Thank you. thank you

Speaker 7: Thanks, Jackson. Our next question will come from Yixhuan Wang from Citi, followed by Clark Wright from D.A. Davidson. Line is open. Thanks, Jackson. thanks jackson Our next question will come from Yixhuan Wang from Citi, followed by Clark Wright from D.A. our next question will come from yixhuan wang from citi followed by clark wright from d.a Davidson. davidson Line is open. line is open

Speaker 2: Hi, thanks for taking the question here. Spenser, the AI agent launch over the summer was like pretty big fun fair OSF. So today we've better availability. Could you kind of give us an update? How has customer adoption been? What are some of the most effective use cases you are seeing and the ROI from customers? And then also if there's any update on pricing monetization effort for AI agent as it goes better. Thanks. Hi, thanks for taking the question here. hi thanks for taking the question here Spenser, the AI agent launch over the summer was like pretty big fun fair OSF. spenser the ai agent launch over the summer was like pretty big fun fair osf So today we've better availability. so today we've better availability Could you kind of give us an update? could you kind of give us an update How has customer adoption been? how has customer adoption been What are some of the most effective use cases you are seeing and the ROI from customers? what are some of the most effective use cases you are seeing and the roi from customers And then also if there's any update on pricing monetization effort for AI agent as it goes better. and then also if there's any update on pricing monetization effort for ai agent as it goes better Thanks. thanks

Speaker 9: Yeah, yeah. Let me hit the pricing one first. As I said to Claire earlier, focus is just let's make Amplitude more valuable. We command already an extraordinarily high price point with a lot of our customers, and we are not looking to squeeze them for more. We just want to give them a lot of value. I think it's a common misconception, sorry, misunderstanding about our business relative to other SaaS, as we already command very, very high price points, which is great, but you obviously want to make sure you're consistent about delivering the value. Yeah, yeah. yeah yeah Let me hit the pricing one first. let me hit the pricing one first As I said to Claire earlier, focus is just let's make Amplitude more valuable. as i said to claire earlier focus is just let's make amplitude more valuable We command already an extraordinarily high price point with a lot of our customers, and we are not looking to squeeze them for more. we command already an extraordinarily high price point with a lot of our customers and we are not looking to squeeze them for more We just want to give them a lot of value. we just want to give them a lot of value I think it's a common misconception, sorry, misunderstanding about our business relative to other SaaS, as we already command very, very high price points, which is great, but you obviously want to make sure you're consistent about delivering the value. i think it's a common misconception sorry misunderstanding about our business relative to other saas as we already command very very high price points which is great but you obviously want to make sure you're consistent about delivering the value In terms of what use cases work very well, the two I highlighted, dashboard monitoring and session replay, are the big ones that customers use a lot of. I think customers are not ready to trust AI agents to come up with a whole strategy wholesale for them and then recommend a series of actions. They are very excited about using things that can monitor the data and just proactively tell them. This is, in a lot of ways, the holy grail of analytics. Can you tell me when something has changed in my data and deliver that insight as to why it changed? In terms of what use cases work very well, the two I highlighted, dashboard monitoring and session replay, are the big ones that customers use a lot of. in terms of what use cases work very well the two i highlighted dashboard monitoring and session replay are the big ones that customers use a lot of I think customers are not ready to trust AI agents to come up with a whole strategy wholesale for them and then recommend a series of actions. i think customers are not ready to trust ai agents to come up with a whole strategy wholesale for them and then recommend a series of actions They are very excited about using things that can monitor the data and just proactively tell them. they are very excited about using things that can monitor the data and just proactively tell them This is, in a lot of ways, the holy grail of analytics. this is in a lot of ways the holy grail of analytics Can you tell me when something has changed in my data and deliver that insight as to why it changed? can you tell me when something has changed in my data and deliver that insight as to why it changed In the MCP demo, we have a—I did not do the demo today, but we have a dashboard monitoring agent that can do the exact same thing at that, deliver kind of a root cause analysis saying, "Hey, you had a spike in September, and here are the particular causes, the product benchmark report, and this other launch that you did." Customers are using and getting a bunch of value, and that is what our focus is in the short term. Same with the session replay. With Session Replay, you will have often millions of sessions, and it is like you cannot watch them all. How can you have AI summarize the highlights for you? In the MCP demo, we have a—I did not do the demo today, but we have a dashboard monitoring agent that can do the exact same thing at that, deliver kind of a root cause analysis saying, "Hey, you had a spike in September, and here are the particular causes, the product benchmark report, and this other launch that you did." Customers are using and getting a bunch of value, and that is what our focus is in the short term. in the mcp demo we have a—i did not do the demo today but we have a dashboard monitoring agent that can do the exact same thing at that deliver kind of a root cause analysis saying "hey you had a spike in september and here are the particular causes the product benchmark report and this other launch that you did." customers are using and getting a bunch of value and that is what our focus is in the short term Same with the session replay. same with the session replay With Session Replay, you will have often millions of sessions, and it is like you cannot watch them all. with session replay, you will have often millions of sessions and it is like you cannot watch them all How can you have AI summarize the highlights for you? how can you have ai summarize the highlights for you And then you can maybe watch three or four that are relevant and be like, "Oh, okay, I can see how the product experience can improve if I make these changes to the app." And then you can maybe watch three or four that are relevant and be like, "Oh, okay, I can see how the product experience can improve if I make these changes to the app." and then you can maybe watch three or four that are relevant and be like "oh okay i can see how the product experience can improve if i make these changes to the app."

Speaker 2: Got it. That's clear. Andrew, maybe one for you. I think the guide implies a stronger kind of momentum going into Q4. Can you kind of help us understand the dynamic that you're seeing that helped make you raise the guide bigger than a bit in the quarter and kind of how much conservatism you see in the guide and how is the pipeline going to year-end? Thanks. Got it. got it That's clear. that's clear Andrew, maybe one for you. andrew maybe one for you I think the guide implies a stronger kind of momentum going into Q4. i think the guide implies a stronger kind of momentum going into q4 Can you kind of help us understand the dynamic that you're seeing that helped make you raise the guide bigger than a bit in the quarter and kind of how much conservatism you see in the guide and how is the pipeline going to year-end? can you kind of help us understand the dynamic that you're seeing that helped make you raise the guide bigger than a bit in the quarter and kind of how much conservatism you see in the guide and how is the pipeline going to year-end Thanks. thanks

Speaker 8: As we moved our business more towards pursuing enterprise opportunities, you have a pattern like many enterprise companies, and we're a calendar year company. All of our reps have end-of-year incentives to achieve and exceed their targets. As we moved our business more towards pursuing enterprise opportunities, you have a pattern like many enterprise companies, and we're a calendar year company. as we moved our business more towards pursuing enterprise opportunities you have a pattern like many enterprise companies and we're a calendar year company All of our reps have end-of-year incentives to achieve and exceed their targets. all of our reps have end-of-year incentives to achieve and exceed their targets We typically have our strongest quarter in Q4. That is the first thing. Pipelines and the maturity of those pipelines are something we look at very closely when we are putting together our guidance. What we have seen so far, that gives us confidence. It would be remiss of me if I did not say their RPO gives us great visibility into future revenue periods. The more that the sales team executes on driving greater relationships with clients, more strategic agreements, we are getting those multi-year agreements booked. As I said earlier, the guidance is based on a lens of execution for us. We have pursued that same philosophy throughout this year, and it has led to strong performances. We are going to continue that. We typically have our strongest quarter in Q4. we typically have our strongest quarter in q4 That is the first thing. that is the first thing Pipelines and the maturity of those pipelines are something we look at very closely when we are putting together our guidance. pipelines and the maturity of those pipelines are something we look at very closely when we are putting together our guidance What we have seen so far, that gives us confidence. what we have seen so far that gives us confidence It would be remiss of me if I did not say their RPO gives us great visibility into future revenue periods. it would be remiss of me if i did not say their rpo gives us great visibility into future revenue periods The more that the sales team executes on driving greater relationships with clients, more strategic agreements, we are getting those multi-year agreements booked. the more that the sales team executes on driving greater relationships with clients more strategic agreements, we are getting those multi-year agreements booked As I said earlier, the guidance is based on a lens of execution for us. as i said earlier the guidance is based on a lens of execution for us We have pursued that same philosophy throughout this year, and it has led to strong performances. we have pursued that same philosophy throughout this year and it has led to strong performances We are going to continue that. we are going to continue that

Speaker 2: Thank you. Congrats on the great result. Thank you. thank you Congrats on the great result. congrats on the great result

Speaker 7: Thank you for the question. Our last question comes from Clark Wright from D.A. Davidson. Go ahead, Clark. Thank you for the question. thank you for the question Our last question comes from Clark Wright from D.A. our last question comes from clark wright from d.a Davidson. davidson Go ahead, Clark. go ahead clark

Speaker 5: Thanks. Spenser, your product teams have been hard at work this quarter. Thanks. thanks Spenser, your product teams have been hard at work this quarter. spenser your product teams have been hard at work this quarter

Speaker 9: Every quarter, but yes. We're accelerating. Every quarter, but yes. every quarter but yes We're accelerating. we're accelerating

Speaker 5: Yeah. And the pace of innovation has been great to see. I was wondering if you could talk to about how you think right now about building versus buying incremental capabilities at this point in time in order to keep up this pace of innovation. Yeah. yeah And the pace of innovation has been great to see. and the pace of innovation has been great to see I was wondering if you could talk to about how you think right now about building versus buying incremental capabilities at this point in time in order to keep up this pace of innovation. i was wondering if you could talk to about how you think right now about building versus buying incremental capabilities at this point in time in order to keep up this pace of innovation

Speaker 9: Yeah. You always want to be able to do both, I think. Experiment. We actually looked for a while for the right team to come in, but ended up deciding to be able to build was the faster way to get that to market because there was not a company at the time that was the right fit. Conversely, we've bought when we think it makes sense. Our activation back in 2022. Guides and Surveys, now AI Feedback, that made a ton of sense. You're kind of always doing both. I think the important part is we're not religious. Whatever gives us the shortest path to market. With AI Feedback, that would have taken us a year. I'd like to say only a year, but the reality is probably more like two to get to the same point a state-of-the-art product like Kraftful was. Yeah. yeah You always want to be able to do both, I think. you always want to be able to do both i think Experiment. experiment We actually looked for a while for the right team to come in, but ended up deciding to be able to build was the faster way to get that to market because there was not a company at the time that was the right fit. we actually looked for a while for the right team to come in but ended up deciding to be able to build was the faster way to get that to market because there was not a company at the time that was the right fit Conversely, we've bought when we think it makes sense. conversely we've bought when we think it makes sense Our activation back in 2022. our activation back in 2022 Guides and Surveys, now AI Feedback, that made a ton of sense. guides and surveys now ai feedback that made a ton of sense You're kind of always doing both. you're kind of always doing both I think the important part is we're not religious. i think the important part is we're not religious Whatever gives us the shortest path to market. whatever gives us the shortest path to market With AI Feedback, that would have taken us a year. with ai feedback that would have taken us a year I'd like to say only a year, but the reality is probably more like two to get to the same point a state-of-the-art product like Kraftful was. i'd like to say only a year but the reality is probably more like two to get to the same point a state-of-the-art product like kraftful was The same with Command on Guides and Surveys. That would have taken us two, two to three years, no question, at least to build internally. It's just a much faster path to market. You're always looking at both. The other thing I want to point out is that I think, I mean, I've been really excited to work with the founders that we have. Yana on our Kraftful from Kraftful has done a phenomenal job of kind of educating me about AI and educating a lot of the rest of the company. Same with Enzo and Ferruccio from June, same from Frank and Eric from Inari. They've all done a phenomenal job of they've been building in this space in an AI-native way for a bunch of years. The same with Command on Guides and Surveys. the same with command on guides and surveys That would have taken us two, two to three years, no question, at least to build internally. that would have taken us two two to three years no question at least to build internally It's just a much faster path to market. it's just a much faster path to market You're always looking at both. you're always looking at both The other thing I want to point out is that I think, I mean, I've been really excited to work with the founders that we have. the other thing i want to point out is that i think i mean i've been really excited to work with the founders that we have Yana on o ur Kraftful from Kraftful has done a phenomenal job of kind of educating me about AI and educating a lot of the rest of the company. yana on o ur kraftful from kraftful has done a phenomenal job of kind of educating me about ai and educating a lot of the rest of the company Same with Enzo and Ferruccio from June, same from Frank and Eric from Inari. same with enzo and ferruccio from june same from frank and eric from inari They've all done a phenomenal job of they've been building in this space in an AI-native way for a bunch of years. they've all done a phenomenal job of they've been building in this space in an ai-native way for a bunch of years As we're looking to change the makeup of the team to be able to build, to look much more like an AI startup, they're kind of the tip of the spear on that. The explosion of products you've seen has come from ideas seeded by different folks from that group. Just as an example, AI agents was led by James Evans from Command, and then now Frank from Inari is taking it. Yana is working on LLM. Analytics, as well as a bunch of automated insights that we have not even got to talk about yet. You combine that with folks who have been at Amplitude for a long time, and you get just incredible results. As we're looking to change the makeup of the team to be able to build, to look much more like an AI startup, they're kind of the tip of the spear on that. as we're looking to change the makeup of the team to be able to build to look much more like an ai startup they're kind of the tip of the spear on that The explosion of products you've seen has come from ideas seeded by different folks from that group. the explosion of products you've seen has come from ideas seeded by different folks from that group Just as an example, AI agents was led by James Evans from Command, and then now Frank from Inari is taking it. just as an example ai agents was led by james evans from command and then now frank from inari is taking it Yana is working on LLM. yana is working on llm Analytics, as well as a bunch of automated insights that we have not even got to talk about yet. analytics as well as a bunch of automated insights that we have not even got to talk about yet You combine that with folks who have been at Amplitude for a long time, and you get just incredible results. you combine that with folks who have been at amplitude for a long time and you get just incredible results Yeah. You kind of pair a lot of long-time product veterans at Amplitude with some folks who have been in the AI ecosystem, and you are just able to be really aggressive about the innovation. Yeah. yeah You kind of pair a lot of long-time product veterans at Amplitude with some folks who have been in the AI ecosystem, and you are just able to be really aggressive about the innovation. you kind of pair a lot of long-time product veterans at amplitude with some folks who have been in the ai ecosystem and you are just able to be really aggressive about the innovation

Speaker 5: Awesome. Just in terms of monetization, you talked about the fact that you are going to be giving away some of these features. How do you think are events going to be the denominator going forward in order to look at really kind of pricing and packaging? Or is there another way to think about that that we should be considering going forward? Awesome. awesome Just in terms of monetization, you talked about the fact that you are going to be giving away some of these features. just in terms of monetization you talked about the fact that you are going to be giving away some of these features How do you think are events going to be the denominator going forward in order to look at really kind of pricing and packaging? how do you think are events going to be the denominator going forward in order to look at really kind of pricing and packaging Or is there another way to think about that that we should be considering going forward? or is there another way to think about that that we should be considering going forward

Speaker 9: This is a topic I am very passionate about. A lot of people in the AI space talk about outcomes-based pricing. I think it is an awful idea because you spend a lot of time arguing with your customers about, "Was that a good outcome?" What works much better is the same meter-based pricing that you had in SaaS. Whether that is, in our case, events, some seats, some cases like tickets handled, their size of customer base, or what have you. The customers have been most receptive. They do not want to feel like they are getting screwed. Whenever you try to introduce a new metric or a new way of doing pricing, it raises a huge number of red flags. If you go with something they have already been used to using, like events and data volume, they are extremely comfortable with that. This is a topic I am very passionate about. this is a topic i am very passionate about A lot of people in the AI space talk about outcomes-based pricing. a lot of people in the ai space talk about outcomes-based pricing I think it is an awful idea because you spend a lot of time arguing with your customers about, "Was that a good outcome?" What works much better is the same meter-based pricing that you had in SaaS. i think it is an awful idea because you spend a lot of time arguing with your customers about "was that a good outcome?" what works much better is the same meter-based pricing that you had in saas Whether that is, in our case, events, some seats, some cases like tickets handled, their size of customer base, or what have you. whether that is in our case events some seats some cases like tickets handled their size of customer base or what have you The customers have been most receptive. the customers have been most receptive They do not want to feel like they are getting screwed. they do not want to feel like they are getting screwed Whenever you try to introduce a new metric or a new way of doing pricing, it raises a huge number of red flags. whenever you try to introduce a new metric or a new way of doing pricing it raises a huge number of red flags If you go with something they have already been used to using, like events and data volume, they are extremely comfortable with that. if you go with something they have already been used to using like events and data volume, they are extremely comfortable with that We are not, yeah, we are not planning. While I think there are things we're going to continue to improve about our pricing to better make sure we have a fair exchange of value between us and our customers, we don't want to. We actually are looking to simplify our meters. And that's something we're going to be coming out with next year where we're just going to focus on the events piece. We are not, yeah, we are not planning. we are not yeah we are not planning While I think there are things we're going to continue to improve about our pricing to better make sure we have a fair exchange of value between us and our customers, we don't want to. while i think there are things we're going to continue to improve about our pricing to better make sure we have a fair exchange of value between us and our customers we don't want to We actually are looking to simplify our meters. we actually are looking to simplify our meters And that's something we're going to be coming out with next year where we're just going to focus on the events piece. and that's something we're going to be coming out with next year where we're just going to focus on the events piece

Speaker 5: Awesome. Thank you. Awesome. awesome Thank you. thank you

Speaker 7: Great. Thank you, Clark. That will conclude our third quarter earnings call. Thank you for your time and interest. We look forward to seeing you on the road this quarter as we attend conferences hosted by UBS and Needham. Thank you. Great. great Thank you, Clark. thank you clark That will conclude our third quarter earnings call. that will conclude our third quarter earnings call Thank you for your time and interest. thank you for your time and interest We look forward to seeing you on the road this quarter as we attend conferences hosted by UBS and Needham. we look forward to seeing you on the road this quarter as we attend conferences hosted by ubs and needham Thank you. thank you

Speaker 9: Thank you, guys. Thank you, guys. thank you guys