Amplitude, Inc. (NASDAQ:AMPL) Q4 2023 Earnings Conference Call February 20, 2024 5:00 PM ET
Corporate Participants
Yaoxian Chew - Vice President, Investor Relations
Spenser Skates - Chief Executive Officer and Founder
Criss Harms - Chief Financial Officer
Conference Call Participants
Koji Ikeda - Bank of America
Taylor McGinnis - UBS
Rob Oliver - Baird
Tyler Radke - Citi
Elizabeth Porter - Morgan Stanley
Arjun Bhatia - Blair
Nick Altmann - Scotia
Yaoxian Chew
Yaoxian Chew, Vice President of Investor Relations. Joining me here are Spenser Skates, CEO and Co-Founder of Amplitude; and Criss Harms, the company’s Chief Financial Officer.
During today's call management will make forward-looking statements including statements regarding our financial outlook for the first quarter and full year 2024. The expected performance of our products, our expected quarterly and long-term growth, investments and overall future prospects. These forward-looking statements are based on current information, assumptions and expectations and are subject to risks and uncertainties, some of which are beyond our control that could cause actual results to differ materially from those described in these statements.
Further information on the risks that could cause actual results to differ is included in our filings with the Securities and Exchange Commission. You are cautioned not to place undue reliance on these forward-looking statements, and we assume no obligation to update these statements after today's call, except as required by law.
Certain financial measures used in today's call expressed on a non-GAAP basis. We use these non-GAAP financial measures internally to facilitate analysis of our financial and business trends and for internal planning and forecasting purposes. These non-GAAP financial measures have limitations and should not be used in isolation from or as a substitute for financial information prepared in accordance with GAAP.
A reconciliation between this GAAP and non-GAAP financial measures is included in our earnings press release, which can be found on our Investor Relations website at investors@amplitude.com.
With that, I'll hand the call over to Spenser.
Spenser Skates
Thanks, Yao, and good afternoon, everyone. I'm excited to welcome you to the Amplitude Q4 and 2023 earnings call.
We have a lot to share today, and we're going to cover it in 3 main sections. First, our financial results for Q4 and 2023 overall. Second, the maturation of Amplitude in 2023, including an update on innovation and customer wins. And thirdly, our views on 2024.
Let's start with the Q4 and full year financial highlights. Our fourth quarter revenue was $71.4 million, up 9% year-over-year. Annual recurring revenue was $281 million, up $8 million from the end of the third quarter. We've grown our customer base to more than 2,700. 511 of those customers pay us more than $100,000 per year, up from 480 at the end of 2022. We also have 39 who pay us more than $1 million a year, up from 30 at the end of last year.