Amplitude(AMPL) - 2022 Q3 - Quarterly Report

Financial Performance - Revenue for the three months ended September 30, 2022, was $61,614,000, representing a 35.5% increase from $45,473,000 in the same period of 2021[19] - Gross profit for the three months ended September 30, 2022, was $43,538,000, up from $31,491,000 in the prior year, indicating a growth of 38.4%[19] - The net loss for the three months ended September 30, 2022, was $22,544,000, compared to a net loss of $36,559,000 for the same period in 2021, showing an improvement of 38.4%[19] - Revenue for the nine months ended September 30, 2022, was $172.8 million, a 47% increase from $117.8 million in the same period of 2021[180] - Net loss for the nine months ended September 30, 2022, was $69,332 thousand, compared to a net loss of $53,081 thousand for the same period in 2021, indicating an increase in losses[29] Cash and Liquidity - Cash and cash equivalents as of September 30, 2022, were $247,248,000, down from $307,445,000 as of December 31, 2021[16] - Total cash, cash equivalents, and restricted cash at the end of the period was $248,100 thousand, down from $319,694 thousand at the end of the same period in 2021[29] - As of September 30, 2022, the company had cash and cash equivalents of $247.2 million and long-term marketable securities of $59.3 million[192] - Net cash used in operating activities for the nine months ended September 30, 2022, was $786 thousand, a decrease from $20,609 thousand in the same period of 2021[29] - Net cash used in investing activities was $64.6 million for the nine months ended September 30, 2022, primarily due to $59.7 million in purchases of marketable securities[199] Deferred Revenue and Future Obligations - The company reported a deferred revenue of $95,460,000 as of September 30, 2022, up from $69,294,000 as of December 31, 2021, indicating growth in future revenue recognition[16] - For the nine months ended September 30, 2022, the revenue recognized from deferred revenue was $66.3 million, with total remaining performance obligations of $248.1 million[55] - The unrecognized transaction price related to remaining performance obligations increased from $170.1 million as of December 31, 2021, to $248.1 million as of September 30, 2022[55] Operating Expenses - Total operating expenses for the three months ended September 30, 2022, were $67,728,000, slightly down from $68,259,000 in the same period of 2021[19] - Research and development expenses rose by $3.1 million, or 17%, to $21.6 million for the three months ended September 30, 2022, driven by increased headcount[174] - Sales and marketing expenses increased by $10.3 million, or 47%, to $32.5 million for the three months ended September 30, 2022, due to higher personnel costs and commissions[175] - General and administrative expenses decreased by $14.0 million, or 51%, to $13.6 million for the three months ended September 30, 2022, primarily due to reduced professional services costs[176] Stock-Based Compensation - Stock-based compensation expense for the nine months ended September 30, 2022, was $46,831 thousand, significantly higher than $20,137 thousand for the same period in 2021[29] - The total stock-based compensation expense for the three months ended September 30, 2022, was $18.5 million, an increase from $14.5 million in the same period of 2021[99] - The company recorded stock-based compensation expenses of $13.5 million and $29.8 million related to RSUs for the three and nine months ended September 30, 2022, respectively, compared to $7.2 million for the same periods in 2021[93] Customer Metrics - As of September 30, 2022, the company had 1,913 paying customers, a 35% increase from 1,417 in the previous year[121][130] - The dollar-based net retention rate was 123% as of September 30, 2022, compared to 121% in the previous year[122][130] Assets and Liabilities - Total assets increased to $428,261,000 as of September 30, 2022, from $400,388,000 as of December 31, 2021[17] - Total liabilities rose to $133,225,000 as of September 30, 2022, compared to $93,840,000 as of December 31, 2021[17] - The accumulated deficit increased to $249,123,000 as of September 30, 2022, from $179,807,000 as of December 31, 2021[17] Accounting and Controls - There were no changes in internal control over financial reporting that materially affected the company during the most recent fiscal quarter[213] - The company's disclosure controls and procedures were deemed effective as of the end of the reporting period, providing reasonable assurance for timely disclosures[212] - Management believes that while controls are effective, they cannot prevent or detect all errors and fraud due to inherent limitations[214]