Amplitude, Inc. (NASDAQ:AMPL) Q3 2024 Earnings Conference Call November 7, 2024 5:00 PM ET

Company Participants

Yaoxian Chew - Vice President, Investor Relations
Spenser Skates - Chief Executive Officer & Founder
Andrew Casey - Chief Financial Officer

Conference Call Participants

George McGregor-Henon - Bank of America
Brent Bracelin - Piper
Matt Pryde - Citi
Willow Ahn - Blair
Jack Nichols - KeyBanc
Elizabeth Porter - Morgan Stanley
Clark Wright - DA Davidson

Operator

Yaoxian Chew

During today's call, management will make forward-looking statements, including statements regarding our financial outlook for the fourth quarter and full year 2024, the expected performance of our products, our expected quarterly and long-term growth investments, and our 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 on today's call are expressed in 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 these GAAP and non-GAAP financial measures is included in our earnings press release, which can be found on Investor Relations website at investors.amplitude.com

With that I'll hand the call over to Spenser.

Spenser Skates

Thanks, Yao. Good afternoon, everyone. Welcome to our 2024 third quarter earnings call. I'm going to focus on three sections today. First, Q3 financial results and what we're seeing in the market. Second, how we are going after our market opportunity. Third, Command AI, continued product innovation, and customer stories. I'm pleased to report that we beat all guided metrics this quarter. Our third quarter revenue was $75.2 million, up 6% year over year. Annual recurring revenue was $298 million, up $8 million from the end of the second quarter.

Non-GAAP operating income was $1.6 million or 2.1% of revenue. We now have almost 3,500 paying customers. In Q3, customers representing $100,000 or more of ARR grew to 567, an increase of 13% year-over-year. We put up a better quarter, thanks to execution. This quarter's results are especially encouraging when taking into account the unexpected headwinds from the new Russian sanctions that we discussed on last quarter's call. Here are the highlights.