Amplitude Announces Third Quarter 2024 Financial Results

In This Article:

  • Annual Recurring Revenue was $298 million, up 9% year over year

  • Third quarter revenue of $75.2 million, up 6% year over year

  • Third quarter Cash Flow from Operations of $6.2 million and Free Cash Flow of $4.5 million, representing a 5 percentage point decrease in Free Cash Flow margin year over year

SAN FRANCISCO, November 07, 2024--(BUSINESS WIRE)--Amplitude, Inc. (Nasdaq: AMPL), the leading digital analytics platform, today announced financial results for its third quarter ended September 30, 2024.

"We are on the path to reaccelerating growth," said Spenser Skates, CEO and co-founder of Amplitude. "Product innovation is the biggest driver of long-term value for Amplitude. Our platform continues to evolve to serve more users, more workflows, and more outcomes. Customers see that and are turning to us for our integrated and easy-to-use experience."

Third Quarter 2024 Financial Highlights:

(in millions, except per share and percentage amounts)

 

 

Third Quarter 2024

Third Quarter 2023

Y/Y

Change

Annual Recurring Revenue

$298

$273

9%

Revenue

$75.2

$70.6

6%

GAAP Loss from Operations

$(20.0)

$(20.9)

$0.9

Non-GAAP Income (Loss) from Operations

$1.6

$2.8

$(1.2)

GAAP Net Loss Per Share, Basic and Diluted

$(0.14)

$(0.15)

$0.01

Non-GAAP Net Income (Loss) Per Share, Diluted

$0.03

$0.05

$(0.02)

Net Cash Provided by (Used in) Operating Activities

$6.2

$8.0

$(1.8)

Free Cash Flow

$4.5

$7.5

$(3.0)

Non-GAAP income (loss) from operations and non-GAAP net income (loss) per share exclude expenses related to stock-based compensation expense and related employer payroll taxes and amortization of acquired intangible assets. Stock-based compensation expense and the related employer payroll taxes were $21.5 million in the third quarter of 2024 compared to $23.5 million in the third quarter of 2023. Free Cash Flow is GAAP net cash provided by (used in) operating activities, less cash used for purchases of property and equipment and capitalized internal-use software costs. The section titled "Non-GAAP Financial Measures" below contains a description of the non-GAAP financial measures and reconciliations between historical GAAP and non-GAAP information are contained in the tables below.

Third Quarter and Recent Business Highlights:

  • Annual Recurring Revenue was $298 million, an increase of 9% year over year and an increase of $8 million compared to the second quarter of 2024.

  • GAAP Net Loss per share was $0.14, based on 124.3 million shares, in the third quarter of 2024, compared to a loss of $0.15 per share, based on 117.9 million shares, in the third quarter of 2023.

  • Non-GAAP Net Income (Loss) per share was $0.03, based on 131.3 million diluted shares, in the third quarter of 2024, compared to $0.05 per share, based on 128.1 million diluted shares, in the third quarter of 2023.

  • Cash Flow from Operations was $6.2 million, a $1.8 million decrease year over year.

  • Free Cash Flow was $4.5 million, a $3.0 million decrease year over year.

  • Number of paying customers grew 41% year over year to 3,486.

  • Number of customers representing $100,000 or more of ARR in Q3 grew to 567, an increase of 13% year over year.

  • Hired Wade Chambers as the Company's first Chief Engineering Officer.

  • Launched Amplitude Made Easy, a radically simplified platform experience that makes it easier for more people and more organizations to get started, get insights, and get value faster.

  • Announced a global strategic partnership with HubSpot aimed to help Go To Market teams embrace product-led growth and close more deals.

  • Acquired Command AI, a startup that provides intuitive, AI-powered user assistance to make software easier to use.

  • Launched Web Experimentation, a new product that makes it easy for product managers, marketers, and growth leaders to A/B test and personalize web experiences.