8-K
false000186669200018666922022-08-032022-08-03

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): August 3, 2022

 

Amplitude, Inc.

(Exact name of registrant as specified in its charter)

 

 

Delaware

 

001-40817

 

45-3937349

(State or other jurisdiction of incorporation)

 

(Commission File Number)

 

(IRS Employer Identification Number)

201 Third Street, Suite 200

San Francisco, California 94103

(Address of Principal Executive Offices) (Zip Code)

Registrant’s telephone number, including area code: (415) 231-2353

Not Applicable

(Former name or former address, if changed since last report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

 

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

 

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

 

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

 

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Securities registered pursuant to Section 12(b) of the Act:

 

 

 

 

 

Title of each class

 

Trading Symbol

 

Name of each exchange on which registered

Class A Common Stock, $0.00001 par value per share

 

AMPL

 

The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.


Item 2.02 Results of Operations and Financial Condition.

 

On August 3, 2022, Amplitude, Inc. (the “Company”) issued a press release announcing its financial results for the three and six months ended June 30, 2022 (the “Press Release”). A copy of the Press Release is furnished as Exhibit 99.1 to this Current Report on Form 8-K.

 

The information furnished under this Item 2.02, including Exhibit 99.1, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference into any other filing under the Securities Act of 1933, as amended (the “Securities Act”), or the Exchange Act, regardless of any general incorporation language in such filing, except as expressly set forth by specific reference in such filing.

 

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

 

Exhibit No.

 

Description

99.1

 

Press Release, dated August 3, 2022, issued by Amplitude, Inc.

104

 

Cover Page Interactive Data File (the cover page XBRL tags are embedded within the inline XBRL document).

 


SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

 

 

 

 

 

 

 

 

 

 

 

AMPLITUDE, INC.

 

 

 

 

Date: August 3, 2022

 

 

 

By:

 

/s/ Hoang Vuong

Name: Hoang Vuong

 

 

 

 

 

 

Title: Chief Financial Officer

 


EX-99.1

 

Exhibit 99.1

Amplitude Announces Second Quarter 2022 Financial Results

Revenue of $58.1 million, up 48% year-over-year
Current Remaining Performance Obligations of $170.2 million, up 46% year over year


San Francisco, CA – August 3, 2022
Amplitude, Inc. (Nasdaq: AMPL), the pioneer in digital optimization, today announced financial results for its second quarter ended June 30, 2022.
 

"We want to help every company build better products through data,” said Spenser Skates, CEO and co-founder of Amplitude. “The second quarter had the biggest set of product launches in our short company history, and was a great quarter of execution by our team. We are building a world class team here at Amplitude. Our focus is on driving sustainable growth against our large and growing market opportunity. We believe that now, more than ever, companies need Amplitude to drive growth and revenue in today’s uncertain environment.”
 

Second Quarter 2022 Financial Highlights:

(in millions, except per share and percentage amounts)

 

Second Quarter 2022

Second Quarter 2021

Y/Y

Change

Revenue

$58.1

$39.3

48%

Remaining Performance Obligations

$227.6

$138.9

64%

Current Remaining Performance Obligations

$170.2

$116.9

46%

GAAP Loss from Operations

$(24.6)

$(9.7)

$(14.9)

Non-GAAP Loss from Operations

$(9.0)

$(4.1)

$(4.9)

GAAP Net Loss Per Share

$(0.22)

$(0.34)

$0.12

Non-GAAP Net Loss Per Share

$(0.08)

$(0.15)

$0.07

Net Cash Provided by (Used in) Operating Activities

$10.6

$(5.1)

$15.7

Free Cash Flow

$8.2

$(5.8)

$14.0

 

Non-GAAP loss from operations and non-GAAP net loss per share exclude expenses related to stock-based compensation expense and related employer payroll taxes, amortization of acquired intangible assets, and non-recurring costs, such as costs related to the direct listing of our Class A common stock (the “Direct Listing”). Stock-based compensation expense and employer-related payroll taxes were $15.1 million in the second quarter of 2022 compared to $3.1 million in the second quarter of 2021. These increases were driven by an increase in the fair value of Amplitude’s common stock and increases in employee headcount. Free cash flow is GAAP net cash provided by (used in) operating activities, less cash used for purchases of property and equipment and capitalized internal-use software costs. The section titled "Non-GAAP Financial Measures" below contains a description of the non-GAAP financial measures and reconciliations between historical GAAP and non-GAAP information are contained in the tables below.

 

 


 

Second Quarter and Recent Business Highlights:

Number of paying customers grew 43% year-over-year to 1,836.
 
Dollar-based net retention rate as of June 30, 2022, was 126% compared to 119% as of June 30, 2021.
 
Amplitude hired Thomas Hansen as the Company’s first President.
 
Amplitude was named a Strong Performer in The Forrester Wave™: Customer Analytics Technologies (CAT), Q2 2022 report.
 
Amplitude announced the launch of Amplitude CDP, the first insights-driven customer data platform (CDP).
 
The G2 Summer 2022 Report ranked Amplitude as the #1 product analytics solution for the eighth quarter in a row, #1 in mobile analytics for the third quarter in a row, and #3 in digital analytics for the sixth quarter in a row.

Financial Outlook:

The third quarter and full year 2022 outlook information provided below is based on Amplitude’s current estimates and is not a guarantee of future performance. These statements are forward-looking and actual results may differ materially. Refer to the “Forward-Looking Statements” section below for information on the factors that could cause Amplitude’s actual results to differ materially from these forward-looking statements.

For the third quarter and full year 2022, the Company expects:

 

 

Third Quarter 2022

Full Year 2022

Revenue

$59.5 - $60.5 million

$232 - $236 million

Non-GAAP Operating Margin

(16%) - (17%)

(15%) - (16%)

Non-GAAP Net Loss Per Share

$(0.08) - $(0.07)

$(0.36) - $(0.34)

Weighted Average Shares Outstanding

112.1 million

111.6 million

 

An outlook for GAAP loss from operations, GAAP operating margin, GAAP net loss per share and a reconciliation of expected non-GAAP loss from operations to GAAP loss from operations, expected non-GAAP operating margin to GAAP operating margin, and expected non-GAAP net loss per share to GAAP net loss per share have not been provided as the quantification of certain items included in the calculation of GAAP loss from operations, GAAP operating margin, and GAAP net loss per share cannot be reasonably calculated or predicted at this time without unreasonable efforts. For example, the non-GAAP adjustment for stock-based compensation expense requires additional inputs such as the number and value of awards granted that are not currently ascertainable, and the non-GAAP adjustment for amortization of acquired intangible assets depends on the timing and value of intangible assets acquired that cannot be accurately forecasted.

Conference Call Information:

Amplitude will host a live video webcast to discuss its financial results for the second quarter ended June 30, 2022, as well as the financial outlook for its third quarter and full year 2022 today at 2:00 PM Pacific Time / 5:00 PM Eastern Time. Interested parties may access the webcast, earnings press release, and investor presentation on the events section of Amplitude’s investor relations website at investors.amplitude.com. A replay will be available in the same location a few hours after the conclusion of the live webcast.

 

 


 

Forward-Looking Statements:

This press release contains express and implied "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding the Company’s financial outlook for the third quarter and full year 2022, the Company’s growth strategy and business aspirations and its market position and market opportunity. These statements are often, but not always, made through the use of words or phrases such as “may,” “should,” “could,” “predict,” “potential,” “believe,” “expect,” “continue,” “will,” “anticipate,” “seek,” “estimate,” “intend,” “plan,” “projection,” “would,” and “outlook,” or the negative version of those words or phrases or other comparable words or phrases of a future or forward-looking nature. These forward-looking statements are not statements of historical fact, and are based on current expectations, estimates, and projections about the Company’s industry as well as certain assumptions made by management, many of which, by their nature, are inherently uncertain and beyond the Company’s control. These statements are subject to numerous uncertainties and risks that could cause actual results, performance, or achievement to differ materially and adversely from those anticipated or implied in the statements, including risks related to: the Company’s limited operating history and rapid growth over the last several years, which makes it difficult to forecast the Company’s future results of operations; the Company’s history of losses; any decline in the Company’s customer retention or expansion of its commercial relationships with existing customers or an inability to attract new customers; expected fluctuations in the Company’s financial results, making it difficult to project future results; the Company’s focus on sales to larger organizations and potentially increased dependency on those relationships, which may increase the variability of the Company’s sales cycles and results of operations; downturns or upturns in new sales, which may not be immediately reflected in the Company’s results of operations and may be difficult to discern; unfavorable conditions in the Company’s industry or the global economy, or reductions in information technology spending, which could limit the Company’s ability to grow its business; the market for SaaS applications, which may develop more slowly than the Company expects or decline; the Company’s intellectual property rights, which may not protect its business or provide the Company with a competitive advantage; and evolving privacy and other data-related laws. Additional risks and uncertainties that could cause actual outcomes and results to differ materially from those contemplated by the forward-looking statements are or will be included under the caption "Risk Factors" and elsewhere in the reports and other documents that the Company files with the Securities and Exchange Commission from time to time, including the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2021 and the Company’s Quarterly Report on Form 10-Q being filed at or around the date hereof. The forward-looking statements made in this press release relate only to events as of the date on which the statements are made. The Company undertakes no obligation to update any forward-looking statements made in this press release to reflect events or circumstances after the date of this press release or to reflect new information or the occurrence of unanticipated events, except as required by law.

Non-GAAP Financial Measures:

This press release includes financial information that has not been prepared in accordance with GAAP. The Company uses non-GAAP financial measures internally in analyzing its financial results and believes they are useful to investors, as a supplement to GAAP measures, in evaluating the Company’s ongoing operational performance. The Company believes that the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating ongoing operating results and trends and in comparing the Company’s financial results with other companies in the industry, many of which present similar non-GAAP financial measures to investors. There are a number of limitations related to the use of non-GAAP financial measures versus comparable financial measures determined under GAAP. For example, other companies in the Company’s industry may calculate these non-GAAP financial measures differently or may use other measures to evaluate their performance. In addition, free cash flow does not reflect the Company’s future contractual commitments and the total increase or decrease of its cash balance for a given period.


Non-GAAP financial measures should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. A reconciliation of the Company’s non-GAAP financial measures to their most directly comparable GAAP measures has been provided in the financial statement tables included below in this press release. Investors are encouraged to review the reconciliation of these non-GAAP financial measures to their most directly comparable GAAP financial measures below.
 

 

 


 

Non-GAAP Gross Profit, Non-GAAP Gross Margin, Non-GAAP Operating Expenses, Non-GAAP Loss from Operations, Non-GAAP Operating Margin, Non-GAAP Net Loss, and Non-GAAP Net Loss per Share.

The Company defines these non-GAAP financial measures as their respective GAAP measures, excluding expenses related to stock-based compensation expense and related employer payroll taxes, amortization of acquired intangible assets, and non-recurring costs, such as costs related to the Direct Listing. The Company excludes stock-based compensation expense and related employer payroll taxes, which is a non-cash expense, from certain of its non-GAAP financial measures because it believes that excluding this item provides meaningful supplemental information regarding operational performance. The Company excludes amortization of intangible assets, which is a non-cash expense, related to business combinations from certain of its non-GAAP financial measures because such expenses are related to business combinations and have no direct correlation to the operation of the Company’s business. Although the Company excludes these expenses from certain non-GAAP financial measures, the revenue from acquired companies subsequent to the date of acquisition is reflected in these measures and the acquired intangible assets contribute to the Company’s revenue generation. The Company excludes non-recurring costs from certain of its non-GAAP financial measures because such expenses do not repeat period over period and are not reflective of the ongoing operation of the Company’s business.

The Company uses non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating expenses, non-GAAP loss from operations, non-GAAP operating margin, non-GAAP net loss, and non-GAAP net loss per share in conjunction with its traditional GAAP measures to evaluate the Company’s financial performance. The Company believes that these measures provide its management, board of directors, and investors consistency and comparability with its past financial performance and facilitates period-to-period comparisons of operations.

Free Cash Flow and Margin. The Company defines free cash flow as net cash used in operating activities, less cash used for purchases of property and equipment and capitalized internal-use software costs. Free cash flow margin is calculated as free cash flow divided by total revenue. The Company believes that free cash flow and free cash flow margin are useful indicators of liquidity that provides its management, board of directors, and investors with information about its future ability to generate or use cash to enhance the strength of its balance sheet and further invest in its business and pursue potential strategic initiatives.

 

Definitions of Business Metrics

Dollar-based net retention rate

The Company calculates dollar-based net retention rate as of a period end by starting with the Annual Recurring Revenue (“ARR”) from the cohort of all customers as of 12 months prior to such period-end (the “Prior Period ARR”). The Company then calculates the ARR from these same customers as of the current period-end (the “Current Period ARR”). Current Period ARR includes any expansion and is net of contraction or attrition over the last 12 months, but excludes ARR from new customers as well as any overage charges in the current period. The Company then divides the total Current Period ARR by the total Prior Period ARR to arrive at the point-in-time dollar-based net retention rate. The Company then calculates the weighted-average of the trailing 12-month point-in-time dollar-based net retention rates, to arrive at the dollar-based net retention rate.



The Company defines ARR as the annual recurring revenue of subscription agreements at a point in time based on the terms of customers’ contracts. ARR should be viewed independently of revenue, and does not represent the Company’s GAAP revenue on an annualized basis, as it is an operating metric that can be impacted by contract start and end dates and renewal rates. ARR is not intended to be a replacement for or forecast of revenue.
 

About Amplitude

Amplitude is the pioneer in digital optimization software. More than 1,800 customers, including Atlassian, Instacart, NBCUniversal, Shopify, and Under Armour rely on Amplitude to help them innovate faster and smarter by answering the strategic question: "How do our digital products drive our business?" The Amplitude Digital Optimization System makes critical data accessible and actionable to every team — unifying product, marketing, developers, and executive teams around a new depth of customer understanding and common visibility into what drives business outcomes. Amplitude is the best-in-class product analytics solution, ranked #1 in G2’s 2022 Summer Report. Learn how to optimize your digital products and business at amplitude.com.

 

 


 

AMPLITUDE, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands)

(unaudited)

 

 

 

 

 

 

 

 

 

 

June 30, 2022

 

 

December 31, 2021

 

Assets

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

Cash and cash equivalents

 

$

310,024

 

 

$

307,445

 

Accounts receivable, net

 

 

27,851

 

 

 

20,444

 

Prepaid expenses and other current assets

 

 

18,778

 

 

 

19,116

 

Deferred commissions, current

 

 

9,703

 

 

 

8,112

 

Total current assets

 

 

366,356

 

 

 

355,117

 

Property and equipment, net

 

 

8,545

 

 

 

4,832

 

Intangible assets, net

 

 

2,571

 

 

 

3,554

 

Goodwill

 

 

4,073

 

 

 

4,073

 

Restricted cash, noncurrent

 

 

851

 

 

 

850

 

Deferred commissions, noncurrent

 

 

23,877

 

 

 

20,573

 

Operating lease right-of-use assets

 

 

10,934

 

 

 

 

Other noncurrent assets

 

 

9,449

 

 

 

11,389

 

Total assets

 

$

426,656

 

 

$

400,388

 

Liabilities and Stockholders' Equity

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

Accounts payable

 

$

548

 

 

$

3,363

 

Accrued expenses

 

 

19,028

 

 

 

17,936

 

Deferred revenue

 

 

98,368

 

 

 

69,294

 

Total current liabilities

 

 

117,944

 

 

 

90,593

 

Operating lease liabilities, noncurrent

 

 

8,744

 

 

 

 

Noncurrent liabilities

 

 

1,914

 

 

 

3,247

 

Total liabilities

 

 

128,602

 

 

 

93,840

 

Stockholders’ equity:

 

 

 

 

 

 

Common stock

 

 

1

 

 

 

1

 

Additional paid-in capital

 

 

524,632

 

 

 

486,354

 

Accumulated deficit

 

 

(226,579

)

 

 

(179,807

)

Total stockholders’ equity

 

 

298,054

 

 

 

306,548

 

Total liabilities and stockholders’ equity

 

$

426,656

 

 

$

400,388

 

 

 


 

AMPLITUDE, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share amounts)

(unaudited)

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue

 

$

58,130

 

 

$

39,254

 

 

$

111,195

 

 

$

72,364

 

 

Cost of revenue (1)

 

 

17,060

 

 

 

12,135

 

 

 

33,123

 

 

 

22,390

 

 

Gross profit

 

 

41,070

 

 

 

27,119

 

 

 

78,072

 

 

 

49,974

 

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

Research and development (1)

 

 

20,306

 

 

 

8,544

 

 

 

36,807

 

 

 

15,529

 

 

Sales and marketing (1)

 

 

34,135

 

 

 

20,040

 

 

 

62,265

 

 

 

36,810

 

 

General and administrative (1)

 

 

11,212

 

 

 

8,282

 

 

 

25,574

 

 

 

13,531

 

 

Total operating expenses

 

 

65,653

 

 

 

36,866

 

 

 

124,646

 

 

 

65,870

 

 

Loss from operations

 

 

(24,583

)

 

 

(9,747

)

 

 

(46,574

)

 

 

(15,896

)

 

Other income, net

 

 

293

 

 

 

32

 

 

 

379

 

 

 

20

 

 

Loss before provision for income taxes

 

 

(24,290

)

 

 

(9,715

)

 

 

(46,195

)

 

 

(15,876

)

 

Provision for income taxes

 

 

278

 

 

 

368

 

 

 

593

 

 

 

646

 

 

Net loss

 

$

(24,568

)

 

$

(10,083

)

 

$

(46,788

)

 

$

(16,522

)

 

Net loss per share

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic and diluted

 

$

(0.22

)

 

$

(0.34

)

 

$

(0.42

)

 

$

(0.57

)

 

Weighted-average shares used in calculating net loss per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic and diluted

 

 

111,036

 

 

 

29,681

 

 

 

110,297

 

 

 

28,808

 

 

 

(1) Amounts include stock-based compensation expense as follows:

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of revenue

 

$

1,669

 

 

$

247

 

 

$

2,592

 

 

$

483

 

 

Research and development

 

 

7,383

 

 

 

1,154

 

 

 

11,667

 

 

 

2,063

 

 

Sales and marketing

 

 

3,206

 

 

 

866

 

 

 

6,445

 

 

 

1,689

 

 

General and administrative

 

 

2,578

 

 

 

752

 

 

 

7,635

 

 

 

1,361

 

 

Total stock-based compensation expense

 

$

14,836

 

 

$

3,019

 

 

$

28,339

 

 

$

5,596

 

 

 

 


 

AMPLITUDE, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

(unaudited)

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

 

Cash flows from operating activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss

 

$

(24,568

)

 

$

(10,083

)

 

$

(46,788

)

 

$

(16,522

)

 

Adjustments to reconcile net loss to net cash used in operating activities

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

1,009

 

 

 

796

 

 

 

1,910

 

 

 

1,337

 

 

Stock-based compensation expense

 

 

14,836

 

 

 

3,019

 

 

 

28,339

 

 

 

5,596

 

 

Other

 

 

(23

)

 

 

182

 

 

 

95

 

 

 

413

 

 

Non-cash operating lease costs

 

 

980

 

 

 

 

 

 

1,789

 

 

 

 

 

Changes in operating assets and liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

Accounts receivable

 

 

(4,638

)

 

 

(9,931

)

 

 

(7,543

)

 

 

(7,805

)

 

Prepaid expenses and other current assets

 

 

2,798

 

 

 

(2,837

)

 

 

338

 

 

 

(5,088

)

 

Deferred commissions

 

 

(2,504

)

 

 

(4,248

)

 

 

(4,895

)

 

 

(5,517

)

 

Other noncurrent assets

 

 

2,776

 

 

 

(1,375

)

 

 

1,940

 

 

 

(2,691

)

 

Accounts payable

 

 

(1,263

)

 

 

856

 

 

 

(2,591

)

 

 

(699

)

 

Accrued expenses

 

 

(878

)

 

 

5,964

 

 

 

2,068

 

 

 

5,227

 

 

Deferred revenue

 

 

23,230

 

 

 

12,596

 

 

 

29,073

 

 

 

20,226

 

 

Operating lease liabilities

 

 

(1,113

)

 

 

 

 

 

(1,382

)

 

 

 

 

Net cash provided by (used in) operating activities

 

 

10,642

 

 

 

(5,061

)

 

 

2,353

 

 

 

(5,523

)

 

Cash flows from investing activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

Purchase of property and equipment

 

 

(1,812

)

 

 

(405

)

 

 

(2,525

)

 

 

(655

)

 

Cash paid for acquisitions, net of cash acquired

 

 

 

 

 

1,725

 

 

 

 

 

 

1,725

 

 

Capitalization of internal-use software costs

 

 

(669

)

 

 

(350

)

 

 

(1,263

)

 

 

(731

)

 

Net cash provided by (used in) investing activities

 

 

(2,481

)

 

 

970

 

 

 

(3,788

)

 

 

339

 

 

Cash flows from financing activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

Proceeds from issuance of redeemable convertible preferred stock, net

 

 

 

 

 

173,302

 

 

 

 

 

 

173,302

 

 

Proceeds from the exercise of stock options

 

 

1,176

 

 

 

3,993

 

 

 

5,165

 

 

 

6,011

 

 

Cash received for tax withholding obligations on equity award settlements

 

 

2,653

 

 

 

1,133

 

 

 

9,995

 

 

 

1,420

 

 

Cash paid for tax withholding obligations on equity award settlements

 

 

(2,374

)

 

 

(1,133

)

 

 

(11,132

)

 

 

(1,420

)

 

Repurchase of unvested stock options

 

 

(13

)

 

 

 

 

 

(13

)

 

 

 

 

Net cash provided by financing activities

 

 

1,442

 

 

 

177,295

 

 

 

4,015

 

 

 

179,313

 

 

Net increase in cash, cash equivalents, and restricted cash

 

 

9,603

 

 

 

173,204

 

 

 

2,580

 

 

 

174,129

 

 

Cash, cash equivalents, and restricted cash at beginning of the period

 

 

301,272

 

 

 

119,788

 

 

 

308,295

 

 

 

118,863

 

 

Cash, cash equivalents, and restricted cash at end of the period

 

$

310,875

 

 

$

292,992

 

 

$

310,875

 

 

$

292,992

 

 

 

 


 

AMPLITUDE, INC.

Reconciliation of GAAP to Non-GAAP Data

(In thousands, except percentages and per share amounts)

(unaudited)

 

 

 

Three Months Ended June 30,

 

Six Months Ended June 30,

 

 

2022

 

 

2021

 

 

 

2022

 

 

2021

 

 

Reconciliation of gross profit and gross margin

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP gross profit

 

$

41,070

 

 

$

27,119

 

 

 

$

78,072

 

 

$

49,974

 

 

Plus: stock-based compensation expense and related employer payroll taxes

 

 

1,669

 

 

 

247

 

 

 

 

2,591

 

 

 

483

 

 

Plus: amortization of acquired intangible assets

 

 

494

 

 

 

429

 

 

 

 

983

 

 

 

651

 

 

Non-GAAP gross profit

 

$

43,233

 

 

$

27,795

 

 

 

$

81,646

 

 

$

51,108

 

 

GAAP gross margin

 

 

70.7

%

 

 

69.1

%

 

 

 

70.2

%

 

 

69.1

%

 

Non-GAAP adjustments

 

 

3.7

%

 

 

1.7

%

 

 

 

3.2

%

 

 

1.6

%

 

Non-GAAP gross margin

 

 

74.4

%

 

 

70.8

%

 

 

 

73.4

%

 

 

70.6

%

 

Reconciliation of operating expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP research and development

 

$

20,306

 

 

$

8,544

 

 

 

$

36,807

 

 

$

15,529

 

 

Less: stock-based compensation expense and related employer payroll taxes

 

 

(7,533

)

 

 

(1,196

)

 

 

 

(12,015

)

 

 

(2,129

)

 

Non-GAAP research and development

 

$

12,773

 

 

$

7,348

 

 

 

$

24,792

 

 

$

13,400

 

 

GAAP research and development as percentage of revenue

 

 

34.9

%

 

 

21.8

%

 

 

 

33.1

%

 

 

21.5

%

 

Non-GAAP research and development as percentage of revenue

 

 

22.0

%

 

 

18.7

%

 

 

 

22.3

%

 

 

18.5

%

 

GAAP sales and marketing

 

$

34,135

 

 

$

20,040

 

 

 

$

62,265

 

 

$

36,810

 

 

Less: stock-based compensation expense and related employer payroll taxes

 

 

(3,268

)

 

 

(870

)

 

 

 

(6,500

)

 

 

(1,709

)

 

Less: direct listing expenses

 

 

 

 

 

(13

)

 

 

 

 

 

 

(13

)

 

Non-GAAP sales and marketing

 

$

30,867

 

 

$

19,157

 

 

 

$

55,765

 

 

$

35,088

 

 

GAAP sales and marketing as percentage of revenue

 

 

58.7

%

 

 

51.1

%

 

 

 

56.0

%

 

 

50.9

%

 

Non-GAAP sales and marketing as percentage of revenue

 

 

53.1

%

 

 

48.8

%

 

 

 

50.2

%

 

 

48.5

%

 

GAAP general and administrative

 

$

11,212

 

 

$

8,282

 

 

 

$

25,574

 

 

$

13,531

 

 

Less: stock-based compensation expense and related employer payroll taxes

 

 

(2,620

)

 

 

(773

)

 

 

 

(7,760

)

 

 

(1,393

)

 

Less: direct listing expenses

 

 

 

 

 

(2,073

)

 

 

 

 

 

 

(2,126

)

 

Non-GAAP general and administrative

 

$

8,592

 

 

$

5,436

 

 

 

$

17,814

 

 

$

10,012

 

 

GAAP general and administrative as percentage of revenue

 

 

19.3

%

 

 

21.1

%

 

 

 

23.0

%

 

 

18.7

%

 

Non-GAAP general and administrative as percentage of revenue

 

 

14.8

%

 

 

13.8

%

 

 

 

16.0

%

 

 

13.8

%

 

Reconciliation of operating loss and operating margin

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP loss from operations

 

$

(24,583

)

 

$

(9,747

)

 

 

$

(46,574

)

 

$

(15,896

)

 

Plus: stock-based compensation expense and related employer payroll taxes

 

 

15,090

 

 

 

3,086

 

 

 

 

28,866

 

 

 

5,714

 

 

Plus: amortization of acquired intangible assets

 

 

494

 

 

 

429

 

 

 

 

983

 

 

 

651

 

 

Plus: direct listing expenses

 

 

 

 

 

2,086

 

 

 

 

 

 

 

2,139

 

 

Non-GAAP loss from operations

 

$

(8,999

)

 

$

(4,146

)

 

 

$

(16,725

)

 

$

(7,392

)

 

GAAP operating margin

 

 

(42.3

%)

 

 

(24.8

%)

 

 

 

(41.9

%)

 

 

(22.0

%)

 

Non-GAAP adjustments

 

 

26.8

%

 

 

14.3

%

 

 

 

26.8

%

 

 

11.8

%

 

Non-GAAP operating margin

 

 

(15.5

%)

 

 

(10.6

%)

 

 

 

(15.0

%)

 

 

(10.2

%)

 

Reconciliation of net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP net loss

 

$

(24,568

)

 

$

(10,083

)

 

 

$

(46,788

)

 

$

(16,522

)

 

Plus: stock-based compensation expense and related employer payroll taxes

 

 

15,090

 

 

 

3,086

 

 

 

 

28,866

 

 

 

5,714

 

 

Plus: amortization of acquired intangible assets

 

 

494

 

 

 

429

 

 

 

 

983

 

 

 

651

 

 

Plus: direct listing expenses

 

 

 

 

 

2,086

 

 

 

 

 

 

 

2,139

 

 

Non-GAAP net loss

 

$

(8,984

)

 

$

(4,482

)

 

 

$

(16,939

)

 

$

(8,018

)

 

Reconciliation of net loss per share

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP net loss per share, basic and diluted

 

$

(0.22

)

 

$

(0.34

)

 

 

$

(0.42

)

 

$

(0.57

)

 

Non-GAAP adjustments to net loss

 

 

0.14