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Amplitude, Inc. (AMPL) Q4 2024 Earnings Summary

Executive Summary

  • Revenue and ARR re-accelerated: Q4 revenue was $78.1M (+9% Y/Y; +4% Q/Q) and ARR exited at $312M (+$13M Q/Q, +11% Y/Y), with in-period NRR at 100% and trailing-12-month NRR at 97% .
  • Profitability mixed: non-GAAP operating income was $0.2M (0.3% margin) while GAAP operating margin was -45.4%; free cash flow was $1.5M (2% margin), flat Y/Y .
  • Enterprise momentum: $100K+ customers rose to 591 (+16% Y/Y); RPO reached $308.6M (+29% Y/Y), reflecting longer durations and stronger enterprise engagement .
  • FY25 outlook implies ~10% growth at the midpoint (revenue $324.8–$330.8M), with Q1 FY25 revenue guided to $78.5–$80.5M; management flagged a challenging macro but sees churn stabilization and platform-led expansion .
  • Stock reaction catalysts: evidence of reacceleration (ARR +$13M Q/Q), beat vs Q4 revenue guidance, platform expansion (Guides & Surveys launch) and early AI roadmap (agentic AI in 2H25) may drive multiple and estimate revisions as enterprise wins broaden .

What Went Well and What Went Wrong

What Went Well

  • Platform adoption and enterprise mix improved: 67% of new land ARR in top targeted accounts were multiproduct deals; $100K+ customers reached 591 (+16% Y/Y) as the strategic enterprise team focused on top accounts .
  • Reacceleration signals: ARR grew +$13M Q/Q to $312M, in-period NRR hit 100% and RPO rose 29% Y/Y, indicating improved retention/expansion and longer commitments .
  • Product velocity: Launched Guides & Surveys four months after Command AI acquisition; CEO highlighted 40% increases in self-serve sign-ups and data-sending organizations earlier in 2024, and plans for an agentic AI product in 2H25 .

What Went Wrong

  • Profitability pressure: GAAP operating loss widened Y/Y (Q4 GAAP op margin -45.4% vs -30.2% a year ago), largely reflecting higher stock-based comp and acquisition-related costs; non-GAAP op margin narrowed to 0.3% from 3.2% .
  • Free cash flow held but did not improve: Q4 FCF was $1.5M (2% margin), flat Y/Y, and cash/marketable securities declined Q/Q due to investment activities (including acquisition-related cash) .
  • Macro and churn: Management called out ongoing macro softness, continued pressure at the low end of the market, and residual risk of large account “contractions,” even as churn stabilizes .

Financial Results

MetricQ2 2024Q3 2024Q4 2024
Revenue ($M)$73.3 $75.2 $78.1
GAAP Diluted EPS ($)$(0.19) $(0.14) $(0.26)
Non-GAAP Diluted EPS ($)$(0.00) $0.03 $0.02
GAAP Gross Margin (%)73.4% 75.1% 74.7%
Non-GAAP Gross Margin (%)75.6% 77.2% 77.3%
GAAP Operating Margin (%)(37.1%) (26.6%) (45.4%)
Non-GAAP Operating Margin (%)(5.1%) 2.1% 0.3%
Cash from Operations ($M)$9.2 $6.2 $3.2
Free Cash Flow ($M)$6.8 $4.5 $1.5

KPIs and Operating Metrics

  • ARR & Retention
    • ARR ($M): Q2 $290 ; Q3 $298 ; Q4 $312 .
    • In-period NRR (%): Q3 98% ; Q4 100% .
    • TTM NRR (%): Q3 97% ; Q4 97% .
  • Customer Count ($100K+ ARR): Q2 547 ; Q3 567 ; Q4 591 .
  • RPO ($M): Q4 $308.6 (+29% Y/Y) .

Guidance Changes

MetricPeriodPrevious GuidanceCurrent GuidanceChange
Revenue ($M)Q4 2024$76.0 – $77.0 $78.1 (Actual) Beat prior guidance
Revenue ($M)Q1 2025—$78.5 – $80.5 Initial
Non-GAAP Op Inc (Loss) ($M)Q1 2025—$(5.5) – $(3.5) Initial
Non-GAAP Diluted EPS ($)Q1 2025—$(0.03) – $(0.01) Initial
Revenue ($M)FY 2025—$324.8 – $330.8 Initial (~10% growth midpoint)
Non-GAAP Op Inc (Loss) ($M)FY 2025—$(3.5) – $4.5 Initial
Non-GAAP Diluted EPS ($)FY 2025—$0.05 – $0.10 Initial

Earnings Call Themes & Trends

TopicQ2 2024 (Q-2)Q3 2024 (Q-1)Q4 2024 (Current)Trend
AI/Technology initiativesLaunched Snowflake Native; Data Mutability; Data Access Controls Acquired Command AI; highlighted automated insights/actions roadmap Launched Guides & Surveys; targeting agentic AI product in 2H25 Accelerating
Platform & product breadthEmphasis on platform approach, new integrations Multi-product expansions; Web Experimentation launched 67% of targeted new lands multiproduct; strong enterprise platform push Expanding
Macro/IT spendingSanctions on Russia flagged as a headwind Sanctions and legal costs noted; buyer scrutiny high Macro remains challenging; expect variability with enterprise weighting Cautious
Retention/Churn—In-period NRR 98%; TTM NRR 97% In-period NRR 100%; TTM NRR 97%; churn stabilizing but lower-end pressure Improving
Go-to-Market (Enterprise)—Building higher quality book, longer deals; strategic focus Strategic accounts team on top 30/30; record new enterprise lands Upmarket
Regulatory/legalRussia sanctions impact expected G&A higher from legal/bad debt tied to sanctions G&A up on legal and acquisition expenses Normalizing
Regional trends——Broad-based in EMEA & APJ; limited FX impact given USD billing Stable

Management Commentary

  • “Q4 outperformed on all key metrics… ARR was $312 million, up $13 million from last quarter… Amplitude is reaccelerating” — Spenser Skates, CEO .
  • “2025 is the year of the Amplitude platform… analytics, Session Replay, activation, experimentation, Guides and Surveys work better together in one integrated platform” — Skates .
  • “Operating profit was a positive $0.2 million… approximately $1 million better than our midpoint of guidance… Free cash flow in the quarter was $1.5 million or 2% of revenue” — Andrew Casey, CFO .
  • “In-period NRR was 100%… RPO continues to accelerate, up 29% year-over-year” — Casey .
  • “We are assuming that the macroeconomic environment continues to be challenging… we expect revenue of $78.5–$80.5M in Q1 and $325–$331M for FY25 (10% growth midpoint)” — Casey .

Q&A Highlights

  • Net new ARR drivers: Enterprise focus, longer sales cycles bearing fruit; ~+$2M ARR contribution from Command AI; record new enterprise lands in Q4 .
  • Cross-sell uplift from Guides & Surveys: Early attach suggests 20–50% uplift on top of analytics with potential 2–3x total platform ASP over time; a $200K Guides & Surveys deal closed during launch week .
  • Seasonality and linearity: As enterprise mix rises, Q4 becomes most important; Q1 typically lighter; quarter-to-quarter variability expected based on large deal timing .
  • AI roadmap: Company plans an agentic “Amplitude Agent” in 2H25 to drive automated insights and actions leveraging one of the largest user-behavior data sets .
  • FX/Regional: Majority of contracts in USD; minimal translation impact; Q4 strong across EMEA and APJ .

Estimates Context

  • Wall Street consensus (S&P Global) was unavailable at the time of this analysis due to an API limit, so we cannot provide definitive beat/miss vs. consensus for Q4 2024 or outlook. As a proxy, management’s Q3 guide for Q4 revenue ($76.0–$77.0M) was exceeded by actual Q4 revenue of $78.1M, and non-GAAP operating income finished ~$1M above the guided midpoint .
  • FY25 revenue guidance ($324.8–$330.8M) and Q1 FY25 revenue guidance ($78.5–$80.5M) both imply ~10% growth at the midpoint per management commentary; we would expect Street models to recalibrate for higher enterprise weighting and multi-product attach given RPO and ARR trends .

Key Takeaways for Investors

  • Platform-led upmarket strategy is working: multiproduct lands (67% in targeted accounts) and $100K+ customers (+16% Y/Y) point to healthier unit economics and longer commitments that support durable growth .
  • Reacceleration evidence is building: ARR +$13M Q/Q to $312M, in-period NRR at 100%, and RPO +29% Y/Y bolster visibility into FY25’s ~10% growth framework — a constructive setup for sentiment and potential multiple expansion .
  • Profitability remains a balancing act: Non-GAAP op margin held slightly positive (0.3%) while GAAP losses widened on SBC and acquisition-related costs; tighter sales efficiency and G&A optimization are focus areas for leverage in 2025 .
  • New products can lift ARPU: Guides & Surveys plus Web Experimentation expand TAM and show early cross-sell momentum (20–50% uplift potential), with an agentic AI product targeted for 2H25 to drive automated insights/actions .
  • Macro and SMB remain watchpoints: Management sees continued buyer scrutiny and lower-end pressure; large account “contraction” risk persists even as churn stabilizes — enterprise mix should mitigate variability over time .
  • Tactical trading angle: The combination of a revenue beat vs company guidance, ARR acceleration, and robust RPO can be near-term catalysts; monitor Q1 linearity (seasonally softer) and enterprise deal timing for quarter-to-quarter volatility .
Note: S&P Global consensus estimates were unavailable due to an API rate limit at the time of this request; therefore, we benchmarked against company guidance instead.  
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