Amplitude(US:AMPL)2023-11-06 16:00Financial Performance - Revenue for the three months ended September 30, 2023, was $70,637,000, representing a 14.8% increase from $61,614,000 for the same period in 2022[19] - Gross profit for the three months ended September 30, 2023, was $53,346,000, up from $43,538,000 in the prior year, indicating a gross margin improvement[19] - Operating expenses for the three months ended September 30, 2023, totaled $74,269,000, compared to $67,728,000 in the same quarter of 2022, reflecting a 9.3% increase[19] - Net loss for the three months ended September 30, 2023, was $17,747,000, a decrease from a net loss of $22,544,000 in the same period last year[19] - The company reported a comprehensive loss of $17,480,000 for the three months ended September 30, 2023, compared to a comprehensive loss of $23,124,000 in the same period of 2022[19] - Net loss for the quarter ended September 30, 2023, was $17,747, compared to a net loss of $26,315 for the quarter ended March 31, 2023[22] - Net loss for the nine months ended September 30, 2023, was $71.82 million, compared to a net loss of $69.33 million for the same period in 2022[27] Cash and Assets - Cash and cash equivalents as of September 30, 2023, were $238,525,000, an increase from $218,494,000 as of December 31, 2022[15] - Total assets as of September 30, 2023, were $441,278,000, compared to $413,755,000 as of December 31, 2022[15] - Cash, cash equivalents, and restricted cash at the end of the period were $239.39 million, compared to $248.10 million at the end of the previous year[47] - Cash equivalents, including money market funds, totaled $196,563,000 as of September 30, 2023, up from $168,730,000 as of December 31, 2022, indicating a 16.5% increase[53] - The fair value of available-for-sale securities was $85,331,000 as of September 30, 2023, with gross unrealized losses of $597,000[55] Deferred Revenue and Customer Commitments - Deferred revenue increased to $109,019,000 as of September 30, 2023, from $89,993,000 as of December 31, 2022, indicating growth in customer commitments[15] - Deferred revenue as of September 30, 2023, was $237.58 million, down from $248.18 million as of December 31, 2022[39] - The company recognized $87.3 million in revenue during the nine months ended September 30, 2023, that was included in deferred revenue as of December 31, 2022[38] - The company’s remaining performance obligations as of September 30, 2023, were $237.58 million, with $186.77 million expected to be recognized within the next 12 months[39] Stock and Equity - Total stockholders' equity as of September 30, 2023, was $291,574, an increase from $288,850 as of June 30, 2023[22] - The balance of Class A and Class B shares increased to 118,796 as of September 30, 2023, from 117,490 as of June 30, 2023[22] - The total additional paid-in capital as of September 30, 2023, was $637,157, an increase from $616,953 as of June 30, 2023[22] - The total reserved shares for equity incentive plans increased to 49,123,947 as of September 30, 2023, from 46,868,302 as of December 31, 2022, a growth of 4.5%[64] - The company reported an aggregate intrinsic value of $107,673,000 for stock options as of September 30, 2023[69] Stock-Based Compensation - Stock-based compensation expense for the quarter ended June 30, 2023, was $23,593, up from $22,300 for the quarter ended March 31, 2023[22] - Stock-based compensation expense increased to $65.01 million for the nine months ended September 30, 2023, from $46.83 million in the same period of 2022[27] - The Company recorded $20.7 million and $55.9 million in stock-based compensation expense related to RSUs for the three and nine months ended September 30, 2023, respectively, compared to $13.5 million and $29.8 million in 2022[72] - As of September 30, 2023, total unrecognized stock-based compensation expense related to RSUs was $161.3 million, expected to be recognized over a weighted average remaining vesting period of 2.25 years[73] - The Company recognized $0.6 million and $1.9 million of stock-based compensation expense related to the Employee Stock Purchase Plan (ESPP) for the three and nine months ended September 30, 2023, respectively[77] Expenses and Liabilities - Total accrued expenses increased to $27,233,000 as of September 30, 2023, compared to $18,699,000 as of December 31, 2022, representing a 45.9% increase[51] - The Company incurred non-recurring charges of $8.2 million related to a restructuring plan during the three months ended June 30, 2023[89] Market and Economic Conditions - The company does not expect a 10% increase or decrease in interest rates to materially affect the fair value of its investment portfolio[177] - The majority of subscription agreements are in U.S. dollars, with minimal exposure to foreign currencies, which has not materially impacted historical operating results[178] - A hypothetical 10% change in the value of the U.S. dollar relative to other currencies would not have a material effect on the company's operating results[178] - The company has not entered into derivative or hedging transactions for foreign currency but may consider it if exposure increases significantly[178] - Inflation has not had a material effect on the company's business or financial condition, but significant inflationary pressures could impact costs[179]