10-Q
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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

 

FORM 10-Q

 

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2022

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File Number: 001-40817

 

AMPLITUDE, INC.

(Exact Name of Registrant as Specified in its Charter)

 

 

Delaware

45-3937349

(State or other jurisdiction of

incorporation or organization)

(I.R.S. Employer
Identification No.)

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

 

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

 

Title of each class

 

Trading

Symbol(s)

 

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 (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

 

 

Accelerated filer

 

 

 

 

 

Non-accelerated filer

 

 

Smaller reporting company

 

 

 

 

 

 

 

 

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.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No ☒

As of July 28, 2022, there were 66,232,952 shares of the registrant's Class A common stock and 46,073,580 shares of the registrant's Class B common stock, each with a $0.00001 par value per share, outstanding.

 

 

 

 


 

Table of Contents

 

 

 

Page

PART I.

FINANCIAL INFORMATION

6

Item 1.

Financial Statements (Unaudited)

6

 

Condensed Consolidated Balance Sheets

6

 

Condensed Consolidated Statements of Operations

7

 

Condensed Consolidated Statements of Redeemable Convertible Preferred Stock and Stockholders’ Equity (Deficit)

8

 

Condensed Consolidated Statements of Cash Flows

9

 

Notes to Condensed Consolidated Financial Statements

10

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

22

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

37

Item 4.

Controls and Procedures

37

PART II.

OTHER INFORMATION

38

Item 1.

Legal Proceedings

38

Item 1A.

Risk Factors

38

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

69

Item 3.

Defaults Upon Senior Securities

69

Item 4.

Mine Safety Disclosures

69

Item 5.

Other Information

69

Item 6.

Exhibits

70

Signatures

71

 

2


 

SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS

This Quarterly Report on Form 10-Q contains forward-looking statements. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) and the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical facts contained in this Quarterly Report on Form 10-Q may be forward-looking statements. In some cases, you can identify forward-looking statements by terms such as “may,” “will,” “should,” “expects,” “plans,” “anticipates,” “could,” “intends,” “targets,” “projects,” “contemplates,” “believes,” “estimates,” “forecasts,” “predicts,” “potential” or “continue” or the negative of these terms or other similar expressions. Forward-looking statements contained in this Quarterly Report on Form 10-Q include, but are not limited to statements about:

our expectations regarding our revenue, expenses, and other operating results;
our ability to acquire new customers;
our ability to increase usage of our Digital Optimization System and upsell and cross sell additional products;
our ability to achieve or sustain profitability;
future investments in our business, our anticipated capital expenditures, and our estimates regarding our capital requirements;
the costs and success of our sales and marketing efforts, including our ability to grow and maintain our channel partners, and our ability to promote our brand;
the effects of the coronavirus ("COVID-19") pandemic and other global events on our business and the global economy generally, including as a result of any new strains or variants of the virus as well as the recent and developing war in Ukraine;
our reliance on key personnel and our ability to identify, recruit and retain skilled personnel;
our ability to effectively manage our growth, including any international expansion;
our ability to protect our intellectual property rights and any costs associated therewith;
our ability to compete effectively with existing competitors and new market entrants; and
the increased expenses associated with being a public company.

We caution you that the foregoing list does not contain all of the forward-looking statements made in this Quarterly Report on Form 10-Q.

You should not rely upon forward-looking statements as predictions of future events. We have based the forward-looking statements contained in this Quarterly Report on Form 10-Q primarily on our current expectations, estimates, forecasts, and projections about future events and trends that we believe may affect our business, results of operations, financial condition, and prospects. Although we believe that we have a reasonable basis for each forward-looking statement contained in this Quarterly Report on Form 10-Q, we cannot guarantee that the future results, levels of activity, performance, or events and circumstances reflected in the forward-looking statements will be achieved or occur at all. The outcome of the events described in these forward-looking statements is subject to risks, uncertainties, and other factors discussed in Part I, Item 2, “Management's Discussion and Analysis of Financial Condition and Results of Operations” and Part II, Item 1A, "Risk Factors" in this Quarterly Report on Form 10-Q as well as other documents that may be filed by us from time to time with the Securities and Exchange Commission. Moreover, we operate in a very competitive and rapidly changing environment. New risks and uncertainties emerge from time to time, and it is not possible for us to predict all risks and uncertainties that could have an impact on the forward-looking statements contained in this Quarterly Report on Form 10-Q. The results, events, and circumstances reflected in the forward-looking statements may not be achieved or occur, and actual results, events, or circumstances could differ materially from those described in the forward-looking statements.

The forward-looking statements made in this Quarterly Report on Form 10-Q relate only to events as of the date on which the statements are made available. We undertake no obligation to update any forward-looking statements made in this Quarterly Report on Form 10-Q to reflect events or circumstances after the date of this Quarterly Report on Form 10-Q or to reflect new information or the occurrence of unanticipated events, except as required by law. We may not actually achieve the plans, intentions, or expectations disclosed in our forward-looking statements, and you should not place undue reliance on our forward-looking statements. Our forward-looking statements do not reflect the potential impact of any future acquisitions, mergers, dispositions, joint ventures, or investments we may make.

In addition, statements that “we believe” and similar statements reflect our beliefs and opinions on the relevant subject. These statements are based upon information available to us as of the date of this Quarterly Report on Form 10-Q, and while we believe such information forms a reasonable basis for such statements, such information may be limited or incomplete, and our statements should

3


 

not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all potentially available relevant information. These statements are inherently uncertain, and you are cautioned not to unduly rely upon these statements.

You should read this Quarterly Report on Form 10-Q and the documents that we reference in this Quarterly Report on Form 10-Q and have filed as exhibits to our most recent Annual Report on Form 10-K and this Quarterly Report on Form 10-Q, completely and with the understanding that our actual future results may be materially different from what we expect. We qualify all of the forward-looking statements in this Quarterly Report on Form 10-Q by these cautionary statements.

 

4


 

SUMMARY OF RISK FACTORS

Our business is subject to numerous risks and uncertainties, including those described in Part II, Item 1A, “Risk Factors” in this Quarterly Report on Form 10-Q. The following is a summary of principal risks and uncertainties that could materially adversely affect our business, financial condition, and results of operations. This summary should be read in conjunction with the “Risk Factors” section and should not be relied upon as an exhaustive summary of the material risks and uncertainties facing our business.

We have a limited operating history and have been growing rapidly over the last several years, which makes it difficult to forecast our future results of operations and increases the risk of your investment.
We have a history of losses. As our costs increase, we may not be able to generate sufficient revenue to achieve and sustain profitability.
Our business depends on our current customers renewing their subscriptions and purchasing additional subscriptions from us, as well as attracting new customers. Any decline in our customer retention or expansion of our commercial relationships with existing customers or an inability to attract new customers would materially adversely affect our business, financial condition, and results of operations.
We expect fluctuations in our financial results, making it difficult to project future results. If we fail to meet the expectations of securities analysts or investors with respect to our results of operations, our stock price could decline.
We expect to continue to focus on sales to larger organizations and may become more dependent on those relationships, which may increase the variability of our sales cycles and our results of operations.
We recognize revenue over the term of our customer contracts. Consequently, downturns or upturns in new sales may not be immediately reflected in our results of operations and may be difficult to discern.
Our stock price has been, and in the future, may be, volatile, and could decline significantly and rapidly.
Unfavorable conditions in our industry or the global economy, or reductions in information technology spending, could limit our ability to grow our business and materially adversely affect our business, financial condition, and results of operations.
If the market for SaaS applications develops more slowly than we expect or declines, our business would be adversely affected.
Our intellectual property rights may not protect our business or provide us with a competitive advantage, which could have a material adverse effect on our business, financial condition, and results of operations.
We are subject to government regulation, including import, export, economic sanctions, and anti-corruption laws and regulations, that may expose us to liability and increase our costs.
Complying with evolving privacy and other data-related laws as well as contractual and other requirements may be expensive and force us to make adverse changes to our business, and the failure or perceived failure to comply with such laws, contracts, and other requirements could result in adverse reputational and brand damage and significant fines and liability or otherwise materially adversely affect our business and growth prospects.
Our principal stockholders have the ability to influence the outcome of director elections and other matters requiring stockholder approval.
The dual class structure of our common stock has the effect of concentrating voting control with our existing stockholders, executive officers, directors, and their affiliates, which limits your ability to influence the outcome of important transactions and to influence corporate governance matters, such as electing directors, and to approve material mergers, acquisitions, or other business combination transactions that may not be aligned with your interests.

 

5


 

PART I—FINANCIAL INFORMATION

Item 1. Financial Statements

AMPLITUDE, INC.

Condensed Consolidated Balance Sheets

(In thousands, except per share amounts)

(unaudited)

 

 

 

As of
June 30,
2022

 

 

As of
December 31,
2021

 

ASSETS

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

Cash and cash equivalents

 

$

310,024

 

 

$

307,445

 

Accounts receivable, net of allowance for doubtful accounts of $572
   and $
85 as of June 30, 2022 and December 31, 2021, respectively

 

 

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

 

Commitments and contingencies (Note 8)

 

 

 

 

 

 

Stockholders’ equity:

 

 

 

 

 

 

Preferred stock, $0.00001 par value per share; 20,000 shares authorized
   as of June 30, 2022 and December 31, 2021;
zero shares issued and
   outstanding as of June 30, 2022 and December 31, 2021

 

 

 

 

 

 

Class A common stock, $0.00001 par value per share; 600,000 shares
   authorized as of June 30, 2022 and December 31, 2021;
66,224 and 58,725
   shares issued and outstanding as of June 30, 2022 and December 31, 2021, respectively

 

 

1

 

 

 

1

 

Class B common stock, $0.00001 par value per share; 600,000
   shares authorized as of June 30, 2022 and December 31, 2021;
46,070 
   and
51,151 shares issued and outstanding as of June 30, 2022 and
   December 31, 2021, respectively

 

 

 

 

 

 

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

 

 

See accompanying notes to condensed consolidated financial statements.

6


 

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

 

 

17,060

 

 

 

12,135

 

 

 

33,123

 

 

 

22,390

 

Gross profit

 

 

41,070

 

 

 

27,119

 

 

 

78,072

 

 

 

49,974

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Research and development

 

 

20,306

 

 

 

8,544

 

 

 

36,807

 

 

 

15,529

 

Sales and marketing

 

 

34,135

 

 

 

20,040

 

 

 

62,265

 

 

 

36,810

 

General and administrative

 

 

11,212

 

 

 

8,282

 

 

 

25,574

 

 

 

13,531

 

Total operating expenses

 

 

65,653

 

 

 

36,866

 

 

 

124,646

 

 

 

65,870

 

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 attributable to Class A and Class B common stockholders:

 

 

 

 

 

 

 

 

 

 

 

 

Basic and diluted

 

$

(0.22

)

 

$

(0.34

)

 

$

(0.42

)

 

$

(0.57

)

Weighted-average shares used in computing net loss per share attributable to Class A
   and Class B common stockholders:

 

 

 

 

 

 

 

 

 

 

 

 

Basic and diluted

 

 

111,036

 

 

 

29,681

 

 

 

110,297

 

 

 

28,808

 

 

See accompanying notes to condensed consolidated financial statements.

 

7


 

AMPLITUDE, INC.

Condensed Consolidated Statements of Redeemable Convertible Preferred Stock and Stockholders’ Equity (Deficit)

(In thousands)

(unaudited)

 

 

 

Redeemable convertible
preferred stock

 

 

Class A and Class B common stock

 

 

 

Additional
paid-in

 

 

 

Accumulated

 

 

 

Total
stockholders’

 

 

 

Shares

 

 

 

Amount

 

 

Shares

 

 

 

Amount

 

 

 

capital

 

 

 

deficit

 

 

 

equity (deficit)

 

Balance at December 31, 2021

 

 

 

 

 

 

 

 

 

109,876

 

 

$

 

1

 

 

$

 

486,354

 

 

$

 

(179,807

)

 

$

 

306,548

 

Stock-based compensation expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

13,785

 

 

 

 

 

 

 

 

13,785

 

Exercise of stock options

 

 

 

 

 

 

 

 

 

1,603

 

 

 

 

 

 

 

 

3,977

 

 

 

 

 

 

 

 

3,977

 

Vesting of early exercised stock options

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

743

 

 

 

 

 

 

 

 

743

 

Vesting of restricted stock units

 

 

 

 

 

 

 

 

 

31

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Donation of common stock and repurchase of unvested stock options

 

 

 

 

 

 

 

 

 

(3

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cumulative impact of Topic 842 adoption

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

17

 

 

 

 

17

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(22,220

)

 

 

 

(22,220

)

Balance at March 31, 2022

 

 

 

 

 $

 

 

 

 

111,507

 

 

 $

 

1

 

 

 $

 

504,859

 

 

 $

 

(202,011

)

 

 $

 

302,849

 

Stock-based compensation expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

15,155

 

 

 

 

 

 

 

 

15,155

 

Exercise of stock options

 

 

 

 

 

 

 

 

 

329

 

 

 

 

 

 

 

 

1,176

 

 

 

 

 

 

 

 

1,176

 

Issuance of common stock under employee stock purchase plan

 

 

 

 

 

 

 

 

 

176

 

 

 

 

 

 

 

 

2,553

 

 

 

 

 

 

 

 

2,553

 

Vesting of early exercised stock options

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

889

 

 

 

 

 

 

 

 

889

 

Vesting of restricted stock units

 

 

 

 

 

 

 

 

 

286

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Donation of common stock and repurchase of unvested stock options

 

 

 

 

 

 

 

 

 

(4

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(24,568

)

 

 

 

(24,568

)

Balance at June 30, 2022

 

 

 

 

 $

 

 

 

 

112,294

 

 

 $

 

1

 

 

 $

 

524,632

 

 

 $

 

(226,579

)

 

 $

 

298,054

 

 

 

 

 

Redeemable convertible
preferred stock

 

 

Class A and Class B common stock

 

 

 

Additional
paid-in

 

 

 

Accumulated

 

 

 

Total
stockholders’

 

 

 

Shares

 

 

 

Amount

 

 

Shares

 

 

 

Amount

 

 

 

capital

 

 

 

deficit

 

 

 

equity (deficit)

 

Balance at December 31, 2020

 

 

61,717

 

 

 $

 

187,811

 

 

 

27,924

 

 

 $

 

 

 

 $

 

37,704

 

 

 $

 

(104,824

)

 

 $

 

(67,120

)

Stock-based compensation expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2,628

 

 

 

 

 

 

 

 

2,628

 

Exercise of stock options

 

 

 

 

 

 

 

 

 

1,226

 

 

 

 

 

 

 

 

1,488

 

 

 

 

 

 

 

 

1,488

 

Vesting of early exercised stock options

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

179

 

 

 

 

 

 

 

 

179

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(6,439

)

 

 

 

(6,439

)

Balance at March 31, 2021

 

 

61,717

 

 

 $

 

187,811

 

 

 

29,150

 

 

 $

 

 

 

 $

 

41,999

 

 

 $

 

(111,263

)

 

 $

 

(69,264

)

Issuance of redeemable convertible preferred stock, net of issuance costs of $198

 

 

5,419

 

 

 

 

173,302

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock-based compensation expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3,085

 

 

 

 

 

 

 

 

3,085

 

Exercise of stock options

 

 

 

 

 

 

 

 

 

1,690

 

 

 

 

 

 

 

 

2,691

 

 

 

 

 

 

 

 

2,691

 

Vesting of early exercised stock options

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

480

 

 

 

 

 

 

 

 

480

 

Issuance of common stock in connection with an acquisition

 

 

 

 

 

 

 

 

 

1,070

 

 

 

 

 

 

 

 

7,402

 

 

 

 

 

 

 

 

7,402

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(10,083

)

 

 

 

(10,083

)

Balance at June 30, 2021

 

 

67,136

 

 

 $

 

361,113

 

 

 

31,910

 

 

 $

 

 

 

 $

 

55,657

 

 

 $

 

(121,346

)

 

 $

 

(65,689

)

 

See accompanying notes to condensed consolidated financial statements.

8


 

AMPLITUDE, INC.

Condensed Consolidated Statements of Cash Flows

(In thousands)

(unaudited)

 

 

 

Six Months Ended June 30,

 

 

 

 

2022

 

 

2021

 

 

Cash flows from operating activities:

 

 

 

 

 

 

 

Net loss

 

$

(46,788

)

 

$

(16,522

)

 

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

 

 

 

 

 

 

 

Depreciation and amortization

 

 

1,910

 

 

 

1,337

 

 

Stock-based compensation expense

 

 

28,339

 

 

 

5,596

 

 

Other

 

 

95

 

 

 

413

 

 

Non-cash operating lease costs

 

 

1,789

 

 

 

 

 

Changes in operating assets and liabilities: