Amplitude(AMPL) - 2023 Q1 - Quarterly Report

Financial Performance - Revenue for Q1 2023 was $66,477,000, representing a 25.3$53,065,000 in Q1 2022[17] - Gross profit for Q1 2023 was $47,290,000, up from$37,002,000 in Q1 2022, indicating a gross margin improvement[17] - Operating expenses totaled $76,463,000 in Q1 2023, compared to$58,993,000 in Q1 2022, reflecting a 29.5% increase[17] - Net loss for Q1 2023 was $26,315,000, compared to a net loss of$22,220,000 in Q1 2022, showing a deterioration in profitability[17] - Basic and diluted net loss per share for Q1 2023 was $(0.23), compared to$(0.20) for Q1 2022[17] - Net loss for Q1 2023 was $26,315 thousand, compared to a net loss of$22,220 thousand in Q1 2022, representing an increase of approximately 18.5%[26] - The Company recognized $19.957 million in total stock-based compensation expense for the three months ended March 31, 2023, compared to$13.503 million for the same period in 2022[78] Cash and Assets - Cash and cash equivalents as of March 31, 2023, were $214,062,000, slightly down from$218,494,000 as of December 31, 2022[13] - Total current assets increased to $326,626,000 as of March 31, 2023, from$284,434,000 as of December 31, 2022[13] - Cash, cash equivalents, and restricted cash at the end of Q1 2023 were $214,920 thousand, down from$301,272 thousand at the end of Q1 2022[26] - As of March 31, 2023, total cash, cash equivalents, and restricted cash amounted to $214.9 million, a decrease of 28.6$301.3 million as of December 31, 2022[46] - The fair value of available-for-sale securities as of March 31, 2023, was $84.1 million, with gross unrealized losses of$482,000[53] - The company had cash and cash equivalents of $214.1 million and marketable securities of$84.1 million as of March 31, 2023[168] Liabilities and Equity - Total liabilities rose to $121,311,000 as of March 31, 2023, compared to$118,786,000 as of December 31, 2022[13] - The company reported an accumulated deficit of $299,482,000 as of March 31, 2023, up from$273,167,000 as of December 31, 2022[14] - The company’s total stockholders' equity decreased to $291,220,000 as of March 31, 2023, from$294,969,000 as of December 31, 2022[14] Deferred Revenue and Commissions - Deferred revenue as of March 31, 2023, was $240,358 thousand, down from$248,176 thousand as of December 31, 2022[39] - The company recognized $49.1 million in revenue during Q1 2023 that was included in deferred revenue as of December 31, 2022[38] - Total deferred commissions at the end of Q1 2023 were$36,404 thousand, an increase from $31,075 thousand at the end of Q1 2022[42] Operating Activities - Cash used in operating activities for Q1 2023 was$5,061 thousand, an improvement from $8,289 thousand in Q1 2022[26] - The company reported a significant increase in accounts receivable, which totaled$8,145 thousand in Q1 2023 compared to $2,905 thousand in Q1 2022[26] Stock Options and Compensation - As of March 31, 2023, the total outstanding stock options were 16,169,545, with an aggregate intrinsic value of$130,973 thousand[68] - The total intrinsic value of options exercised for the three months ended March 31, 2023 was $5.2 million, down from$25.6 million in the same period of 2022[69] - Stock-based compensation expense related to Restricted Stock Units (RSUs) for the three months ended March 31, 2023 was $16.6 million, compared to$6.1 million for the same period in 2022[72] - As of March 31, 2023, total unrecognized stock-based compensation expense related to RSUs was $170.6 million, expected to be recognized over a weighted average remaining vesting period of 2.60 years[73] Future Expectations and Risks - The Company expects to incur non-recurring charges of approximately$7 million to $9 million related to a restructuring plan aimed at reducing its global workforce by approximately 13%[91] - The company does not expect a 10% increase or decrease in interest rates to materially affect the fair value of its investment portfolio[168] - The majority of subscription agreements are denominated in U.S. dollars, with minimal exposure to foreign currencies[169] - The company has not entered into derivative or hedging transactions for foreign currency risks, as historical impacts have not been material[169] - A hypothetical 10% change in the value of the U.S. dollar relative to other currencies would not materially affect the company's operating results[169] - The company does not believe inflation has had a material effect on its business or financial condition[170] - Significant inflationary pressures could harm the company's business and results of operations if costs cannot be offset[170]