Billy Fitzsimmons

Billy Fitzsimmons asked about the drivers behind the improvement in Dollar-Based Net Retention (NRR), specifically how much was attributable to greater upsells and cross-sells versus mitigating churn, and then inquired about the expected role of volume upsells in FY26 growth, especially after contract right-sizing.

Answer

CFO Andrew Casey stated that the NRR improvement throughout 2025 was predominantly due to cross-sell capabilities and increased adoption of applications within the platform. He added that with past capacity-related issues resolved, data ingestion is now also contributing. For FY26, Andrew Casey explained that the new pricing rewards customers for adding more data with marginally less cost, but cross-sell opportunities will remain the biggest driver for NRR improvement.

Billy Fitzsimmons from Piper Sandler asked about the drivers behind Amplitude's Net Retention Rate (NRR) improvement, specifically the balance between increased upsells/cross-sells and better churn mitigation. He followed up by inquiring about the expected contribution of volume-based upsells to the FY 2026 growth algorithm, particularly as the company laps prior contract right-sizing efforts.

Answer

Andrew Casey, CFO of Amplitude, stated that the NRR improvement in 2025 was primarily driven by cross-sell capabilities and the adoption of more platform applications. He noted that with past capacity issues resolved, data ingestion (upsells) will increasingly contribute. For FY 2026, he expects both data volume upsells and cross-sells to drive NRR, with the new pricing model designed to encourage greater data ingestion by offering marginal cost reductions, though cross-sells remain the primary NRR driver.

Billy Fitzsimmons asked about the drivers behind the lower non-GAAP operating margin guidance for FY 2026 (7.7% at midpoint vs. 12.3% in 2025), seeking a breakdown between expected gross margin compression from AI investments and product ramp versus incremental OpEx investments. He also inquired about Figma's perspective on AI-related efficiencies in R&D and their potential to increase product velocity in 2026.

Answer

Praveer Melwani, CFO, Figma, confirmed that the lower operating margin reflects continued investment in AI, impacting both gross margin and OpEx, signaling confidence in the large opportunity for AI features. Dylan Field, Co-Founder and CEO, Figma, emphasized the intent to invest responsibly to capture the sizable opportunity. Praveer added that Figma is experimenting with various tools to augment the team and gain efficiency, not to replace talent, and will continue to hire while complementing with AI-driven efficiencies.

Billy Fitzsimmons asked about the drivers behind the lower FY2026 operating income guidance (7.7% non-GAAP operating margin vs. 12.3% in 2025), seeking a breakdown between expected gross margin compression from AI investments and incremental OpEx. He also asked for directional commentary on 2026 gross margins and how Figma is thinking about AI-related efficiencies on the R&D line.

Answer

Praveer Melwani, CFO, Figma, confirmed that AI investments are impacting both gross margin and operating income, signaling a significant opportunity to take more AI features to users, driving investment for long-term growth. Dylan Field, Co-Founder and CEO, Figma, emphasized the intent to invest responsibly to capture the sizable opportunity. Melwani added that Figma is experimenting with tools to augment its team and gain efficiency, rather than replacing talent, and will continue to hire.

Billy Fitzsimmons asked for a breakdown of the expected Adjusted EBITDA margin expansion in 2026, differentiating between structural scale benefits and AI-driven efficiencies, and requested additional anecdotes or examples of increased R&D velocity due to AI.

Answer

Nir Debbi, Co-founder and President, attributed a significant portion of the expected EBITDA margin expansion to AI efficiencies across R&D (code writing, deployment, QA), sales and marketing (lead generation), fraud handling, product classification, and finance. Amir Schlachet, CEO, emphasized the interdependence of scale and AI, with Global-e's unique and growing data asset fueling AI models to generate value.

Billy Fitzsimmons of Piper Sandler asked for a breakdown of the expected Adjusted EBITDA margin expansion in 2026, differentiating between structural scale benefits and AI-driven efficiencies. He also requested additional anecdotes or examples of how AI has recently increased R&D velocity.

Answer

Co-founder and President Nir Debbi indicated that a significant portion of the expected EBITDA margin expansion in 2026 and beyond is attributable to AI, particularly in R&D where it enables continued development and growth without meaningful headcount increases (e.g., writing/deploying code, QA). He also cited AI's role in sales and marketing for lead generation and optimizing various company functions like fraud handling, product classification, and finance. Co-founder and CEO Amir Schlachet added that scale and AI are interdependent, as Global-e's unique and growing data asset fuels AI models to generate tangible value.