Good afternoon, everyone. Thank you for joining us at the Morgan Stanley TMT Conference. My name's Elizabeth Porter. I'm an analyst on the U.S. software team here, and I'm really pleased to have with us today Amplitude's CEO Spenser Skates, CFO Chris Harms, and Product Officer François Ajenstat. We are going to take audience Q&A, so mics will be going around at the end. And for important disclosures, please see the Morgan Stanley Research Disclosure website at www.morganstanley.com/researchdisclosures. And with that, thanks to the whole team for joining us today. Yeah, very excited to be here. I'm glad François just joined the team back in December and very excited to have him get the opportunity to meet all of you. Great. I think just to start off, Spenser, it'd be great to hear from you a little bit about the background of the company. What was the problem you were trying to solve for customers when you founded Amplitude? Before Amplitude, myself and my co-founders had started a previous company called Sonalight, which was a voice recognition app for Android phones similar to Siri. And at the time, it was obvious to us that the way you should build a better product was by understanding what users were doing, what they would succeed doing, and then what led to problems. And as an example, we had this question that we wanted to answer, which was, how did the accuracy of the voice recognition on the first time you tried it impact long-term retention? And what was interesting at the time is that none of the tools off the shelf at that point in the market, Google Analytics, Adobe, tons of others, were able to do that. And so like a bunch of engineers with some hubris, we ended up building some stuff for ourselves internally, and it took a huge amount of work. But we were able to answer the question. Turns out, voice recognition accuracy is tremendously important for long-term retention if you're a voice app. And when it came time to wind down Sonalight, we were actually really excited at the opportunity to build this infrastructure for tons and tons of other companies. We'd seen lots of other companies really struggle with their ability to understand the user journey, why users were doing what they were doing, and how to translate that into building a better product. One of the other famous events that happened at the same time was Facebook actually had this very famous study on the best predictor of long-term engagement. And they found that if you had added seven friends in the first 10 days, you had an 85% chance of making it at least two months. And to do that, they had built out this enormous data science and data engineering team of hundreds of people and done all this work to crunch the data and kind of came out with that key product insight. And that was the thing that catapulted them from their position they're at about the 100 million user mark at that point to billions of users. And the massive company they are today was by centering the experience around friends from that insight. And we said, hey, everyone out there is going to need this infrastructure, and they're not going to have Facebook's resources to do it. So let's go ahead and build the company that does that. So that was in 2012. We launched the company in 2014. We took off from that point, went to the public markets in 2021 through a direct listing, and have been out there since. Great. And when I think about kind of the market software to help developers build better digital products, it's still a relatively nascent market that's really in the early days. So where does the budget for spend on Amplitude kind of come from? How do you think about the defensibility in just the tight budget environment that we're undergoing at the moment? And who is the buyer in the department that you're often most landing with? Yeah. So we see the product management function as the primary buyer for Amplitude. They're who have the most urgent need to understand that user behavior and have the biggest gap relative to what they have today. Once we start to get to larger scale, we often see other functions pulled in, namely marketing. It's one user journey. It's not a product user journey and a marketing user journey. We see those what are separate functions just starting to it's early, but just starting to converge. And then the other team that gets pulled in is the data team, particularly when you get to the millions or multiple millions in terms of scale, then they start to centralize how you're driving self-service data. In terms of the kind of budget pressures, obviously, we've talked about that on our previous earnings calls. We're seeing a lot of companies that overbought with us in 2021 or 2022 kind of correct those contracts. We expect to get almost all the way through that in the first half of this year. The other really interesting thing that's happening is there's a real desire for consolidation of a lot of this tooling. I mean, we're not the only ones in what I think of as the customer digital experience space. There's lots and lots of other companies. There's the previous gen of tools of Google Analytics and Adobe. There's other new ones like Pendo. What we see is a lot of customers very excited to consolidate down their tooling. What we see playing out is our thesis, which is the analytics is the center of gravity. That's what gets instrumented the first. That's what gets spent the most on. That's the biggest need. Without analytics, all the rest of the stuff in the stack is not particularly useful. So we see companies that are using experimentation to want to consolidate that experimentation to Amplitude. We see companies using other session replay vendors doing the same. As we continue to build out this suite, we expect to see more and more of that. I was just in New York last week, where I got the fantastic opportunity to meet with a ton of our customers. Every single I had 28 conversations with customers. Every single one of those conversations, there was a desire to use something else in the Amplitude suite in addition to the analytics. It's early in that journey for us, but both because not just because of budget pressures, but also because it's a much better experience. There's a real desire to consolidate down to a single platform. We're seeing that be a huge differentiator for us at this point. Great. And kind of doing just a double click first into the downsells before we get to the kind of the broader portfolio, you've been working through kind of these headwinds for a while. How far along are we in terms of that install base renewing? Any sort of trends that you can speak to in terms of what you're seeing in the recent cohorts and the behavior of those renewals? Yeah, we shared in the February kind of prepared remarks and Q&A that the last two quarters, Q3, Q4, of contracts that had renewed for the first time were 5 to 10% points higher than those kind of from the prior period, which really reflected the purchases from 2020 and 2021 as they were going through their renewal cycles. So they were good green shoots in terms of further validation that a lot of the optimization that we're having is very centric to that overbuying from that time period. And as Spenser alluded to, as we give a forward view to it, we see ourselves working through vast majority and really having just the small end of the tail as we enter into the second half of 2024. Great. Then the other side of demand is from new customers, where you're not as constrained to that install base renewing, obviously. So what do you think from kind of the new customer side, where you have an opportunity to be a little bit more diversified? How is that demand trending? And anything that you're doing to adjust kind of the go-to-market to be able to better focus on those customers? So one of the big changes we made coming into this year is focusing our sales team on accounts with high potential to buy, so that potential to get into the hundreds or millions, hundreds of thousands or millions. And I think before that, before Thomas and Chris and a lot of our go-to-market leadership joined, we were running in the same motion, whether a customer was $5 million or $6 million in annual recurring revenue or whether a $10,000. And so we've made the first step forward in driving a lot of specialization there. We also weren't particularly sophisticated in how we segmented our customer base. We looked at employee size, which, as it turns out, for our space is not that great of a measure. We see companies with 100 or a few hundred employees that do spend $1 million plus on Amplitude. And so obviously, we want to make sure that those customers have a good experience. And so we did a whole bunch of work on that. Chris and Thomas and team led a whole bunch of work on that resegmentation of our business to focus our resources up market. And then we introduced a self-service motion with our Plus plan that you can use with a credit card without talking to anyone and then a Velocity team in the middle. In addition to that, the other trend I want to point out is that it is so acknowledging it's very early in the market. And so we still are heavy in terms of our overall customer base on digital native customers, so tech companies or startups and companies in that bucket. What we've been focusing on is how do we make the transition from that group to traditional companies? So we've made great progress, for example, in media, where we've gotten a foothold in companies like NBC, Fox Broadcasting, HBO, Discovery. We've done that in quick service restaurants. We're starting to do that in financial services and other verticals. And so over the next few years, going from what I think of as the digital native early adopter customer base to the rest of the market. Great. And then so you've had some of the focus kind of up market. You mentioned doing a good job looking at your down market customers with this self-service Plus plan. So can you talk to us about what are the characteristics of those customers that are coming to that plan? And really, what's the opportunity to upgrade them? So, we already see, I think, there's a lot of, especially in this day and age, where you think of the product itself as a revenue channel, the more you can get prospective customers to try the product experience in different ways before they're talking to their sales team, the better you're going to do. And we've always had a free plan available to Amplitude, where you can start out and use it for free. But then, if you want any of the more advanced functionality, you have to talk to our salespeople. What we realized is, like, hey, that's a lot of friction. That's an inefficient use of resources. And we want to be able to drive much better product-led growth motion. And so we added some of our paid functionality to a bunch of self-service plans. That's a fantastic way for customers to try out some more advanced functionality at lower volumes and less scale before they go on to the enterprise plans. We've already seen. Now it's early. We just launched that in October of last year. It's already exceeding our internal expectations. And so we want to reinvest quite a bit behind that. We've seen a lot a number of great opportunities where companies have gone to that and then later reached out to our sales team to upgrade. And so I think that's going to be, as I look at two, three, four years from now, one of the most important drivers of growth. And if I can add to that, what's interesting about this whole PLG or product-led growth motion is that it's making us build better products ourselves. It's driving simplicity in our product, making it easier to buy, easier to use, easier to realize value, and easier to scale. And that, I think, will benefit the entire customer base, which is a really, really important thing. In addition to that, by shifting our approach from maybe more of a product-based to a platform strategy, we're bringing the whole value of all the innovations that we've delivered into an easy starting point. And with analytics at the heart, at its core, we're able to differentiate what Amplitude can do and truly enable these customers to start, grow, and be successful with a platform. Great. And on that platform strategy, so as you mentioned, first, kind of the core and where the weight of the gravity is really this Analytics piece. You guys have since done Experiment, which is more of the A/B Testing, Recommend, which is now the CDP offering, and Session Replay is the latest to join. How many customers are multi-product customers today? And how should investors think about the uplift in spend and the impact on retention rates as you go from being just an Analytics customer to adopting the broader portfolio? Yeah. So most of our customers still don't use our analytics only. We've said we shared in the last call that more than 80% are still analytics only. And so one of the focuses this year is we want to drive that penetration way, way deeper and expect that to happen, where we'll get the majority of our customers onto multiple products in the next few years. In terms of the long-term spend uplift, our expectation as we add those other products and as we add more products, François and I have been working on how do we build out the roadmap and get very aggressive on that over the next year. I'd expect a long-term like a 2-3x uplift versus what you're just paying only for the analytics for. Now, again, we're very, very early in that, in that most of our customers are still analytics only. There's a lot of we want to get them onto multiple products. I think you see higher retention rates. Yeah, you see huge, huge spend uplift potential. It's a better experience and more value for the customer overall because it's all integrated in one platform. You've also introduced on the AI side, Amplitude AI, this past summer, some of the products in there like Ask Amplitude and Data Assistant. Can you walk us through what are the features that these products are really enabling and how you stand to benefit from generative AI? Yeah. So the features that we have on Amplitude AI, so one is Data Assistant, which helps you manage your taxonomy. As you can imagine, the data that you track is quite complex for a product. Products have very high surface area. So you're talking hundreds or thousands of data points, distinct data points that you need to track to capture the full experience. And so we want to help you manage that without having to do that manually. And that's what Data Assistant does, is it provides recommendations for changes to event names or properties or recategorizations of your events. We already see hundreds of customers using that today. We have Ask Amplitude as well, which is a chatbot. And it's in early access that allows you to submit like a text question and then get a chart back in response. So, working with a few of our customers developed that. One of the important things on the AI front to understand is that the breakthroughs that you've seen in AI over the last few years have been specifically with text and image generation. And so all the companies that have to deal with text and image generation are the ones that are benefiting from that. I believe that there is going to be a similar sort of disruption within data with how you understand and manage and process large volumes of data for data analysis. However, it's really early. And so we haven't seen the same level of breakthroughs yet in it. Now, our thing is how do we ensure that so one, we do expect that to come. And then two, how do we ensure we're in the bleeding edge of that? We invested quite a bit there. We're the only company that's actually launched functionality publicly within our ecosystem of products. We want to continue to push on the boundary of that. Specifically, I'll even add that I see AI as being core to our entire platform. It is driving simplicity across everything that we do. If we're able to lower the barrier of entry for analytics and for Amplitude, it's going to generate more users, more data into the platform. It is definitely foundational across the platform. We see it obviously in data with our Data Assistant. What that's done is it's increased the governance rates from our customers, essentially the ability to manage that data, which increases customer success, preventing things like churn in the future. We're using it in experimentation. Clearly, there's statistics and key machine learning algorithms that you need to bake in there. We're infusing it in our experience. We're going to be adding machine learning-based recommendations in the product. I think that there's an opportunity here, really, to dramatically lower the barrier of entry and dramatically increasing the value that we can deliver for our customers. And I think that's going to be how we're going to weave that through everything that we do as a core differentiator of our platform. Great. And when we go to the data and kind of what you guys are collecting, you'll often look at some of the other platforms, whether it be kind of the Adobe Omniture, the Google Analytics, collecting sometimes similar data, often kind of for different use cases. But as some of these lines blur between product use cases and marketing use cases, how are you differentiating yourselves and positioning yourself within that competitive landscape against some of the larger platforms? I mean, I think the first is we start with a product orientation, where we are differentiated on product analytics. As companies use product as their core business or a core part of the channel of their business, product analytics becomes actually more differentiated over time. We're seeing other groups, whether it's marketing groups, customer success groups, data groups, aligning around the core value proposition of product analytics. In many cases, some of the more, I'll call them, legacy capabilities from other vendors are really commoditized. They're low value but highly distributed. What we're providing is a new architecture for customers to deliver insights about their product to drive monetization, activation, bless you, of our products. So the fact that we're born in this way with an event-first approach is differentiated. I also see us as being open versus closed. A lot of these other tools are close to their ecosystem. The world is much more open and hybrid today. That's a huge differentiator for us. The ability to integrate with any of the systems that they have is key. And then on the Google Analytics side, they just went through a really painful kind of rip-and-replace scenario that allowed you guys to really benefit from some of the disruption that was happening over there. And as we get closer to that sunset date for Universal Analytics kind of this summer, how should we think about kind of the opportunity, incremental opportunity in 2024 and some of the puts and takes between tailwinds potentially waning as we get closer to that sunset date? Yeah. So the biggest one was actually last year in July, where they sunsetted it for free customers. Now, as the sunset date for paid enterprise customers comes, I'm sure we'll see another tranche of customers. But there's been a steady flow of companies interested in upgrading from the previous generation of products, whether it be Google Analytics, Adobe, to Amplitude and this next-gen stack. And so that continues to be a great channel for us. Great. We talked a lot about kind of the Adobes, the Googles. Help us understand kind of the competitive differentiation when we get to some of the smaller startup companies. You've mentioned Pendo earlier. Kind of how are you guys differentiating there? Yeah. So I think there's two big places that we do better generally. So one is our ability to scale to large data volumes, complex queries, lots of users, enterprise use cases. So we often see companies kind of start out on one of those and then hit a wall and then need to move to Amplitude. The second is the platform approach centered around analytics. Analytics is the key piece. You always see, whether it's experimentation or session replay or other stuff, that consolidating towards analytics, where it's much harder to change your system of analytics. And so the fact that we have one, we have our starting point was there. And that's our flagship. And then two, the whole suite, the complete offering, we're the first vendor that has such a comprehensive suite in the space. We'll continue to add and build our lead on that as we go through this year and next. And so those are the reasons we see companies choose us. You guys have been clearly very busy on kind of the product roadmap. Session Replay was the latest, all the AI news. I think when you guys went public, the target was to launch kind of one or two products a year. Yes. How are we thinking about that into the future of the product portfolio? What are the next prospective areas that make you guys most excited? Well, so I've been on the Amplitude team now for three months. It's been an amazing start. I'm really focusing the team to accelerate our progress on innovation. I talk a lot about being customer-focused and having innovation at our core. That is something that I'm ingraining across the team. We're going to start seeing a very rapid pace of innovation across everything we do. The team has already started on this journey of introducing new products. Obviously, we have CDP. We have our Experiment and feature flagging product. We have Session Replay. What we're seeing is this consolidation of everything. With data at the core and analytics at the core, it actually enables us to power new experiences for our customers, connecting data, insights, and action in a way that isn't possible before. It is truly that connective tissue that enables our customers to do more and have the power to not only know what their customers are doing but understand the why and what to do about it. So as I look at the opportunity in front of us, not only is there the opportunity of simplifying our platform to open it up to more customers, but there's an opportunity of dramatically simplifying or adding value around insight and action that helps our customers really answer deeper questions and solve more problems. With that data at the core, you guys have announced some technology partnerships as well to help put more data into Amplitude. Kind of one of those was a Snowflake partnership. So how should we think about that as it potentially accelerates the process of getting data into Amplitude? Any sort of opportunities for improving kind of the logo side? And as you look across, are there any other technology kind of partners that could be similar to this one in helping you pipe kind of more of that data into Amplitude as being the center? Well, I think first, customers want choice and flexibility. In this world, we're going into a world where data is continuously growing. There are more sources of data that are going up every single day. And so data volumes are growing. Data diversity is growing. Data velocity is growing. And because of our open strategy, data is becoming and is a differentiator of Amplitude versus some of the closed ecosystems that are out there. We've introduced connections to all the data warehouses in the market, whether it's Snowflake, Databricks, Amazon, et cetera. And we're seeing an increased attach of Amplitude with the single source of truth that exists in the organization. And as a result, it's elevating the value in our platform and the value that we're delivering for our customers. From my standpoint, the more that we're connected to the data that matters for our customers, the more that we'll be able to differentiate and deliver value. Snowflake obviously is doing great in the market right now. But our strategy is to connect to all the data that matters to our customers. You're going to see us really leaning into those data partnerships to open up that ecosystem and enable builders to leverage the data that matters to them. I'm going to open it up for questions in a little bit. But before I do, I wanted to get to some financials. First, on the net revenue retention side, Amplitude, like many other businesses, have seen that metric just under pressure as we've been in a tough IT spending environment. Your NRR came down to 98% in the last quarter from around 110% a year ago. So could you just help us unpack the differences in kind of gross retention versus the environment and just the harder-to-do upsells? And you mentioned the optimization of spend that you guys are seeing on the platform, kind of part one. And then part two, how do we think about that rate longer term, especially as you're coming to customers with this broader portfolio? All right. Let's decouple your first question. We've talked about churn. We've talked about the two aspects of churn, both on the partial and the lost. That's been a drag on our GDR. The partial has really been characterized at the high end of the market, high end of our customer base, where they're right-sizing for capacity purchases that they made in 2021 and 2022 that are coming up for renewal. Those customers are staying with us. That's a significant drag. The other has been, and it's a smaller part of our business, has been on the more VC-backed technology companies who are just struggling to survive as that pool of capital has dried up. They are cutting us just to survive. It's not that they're going to a competitor, but they're cutting us to survive. Those two have been very heavy drags on our ability to both drive an NRR number and has been a drag on our GDR. Second point of clarification, Amplitude, our GDR measurement, we do include both full and lost churn. That's a complete lost ARR number. This played a role. Second point, kind of decoupling. Spenser alluded to that 80%+ of our customers are still analytics only. That is a muscle that we have great opportunity to extract value on because it was the muscle that we really started to put in place in 2023. We were not good at selling expansion across the platform. Most of our expansion in that history was really driven by event volume increases. Clearly, those are getting reset, as indicated by the partial. So kind of unpacking the GDR, unpacking the NRR, those are kind of the three facets that are in play that have drove it from north of 110 down to the 98%. As we look forward, our GDR should return back to where it was from a peak perspective, which was 91%, 92%, just as we think about the stickiness that comes implicit and inherent in cross-selling the full platform and the stickiness that's there. That should give us an upside to overachieve that high watermark. Inclusive in that is, as we think about the platform, it's not just in adding a value, but it's a key differentiator. I just want to double-click into the point Spenser made earlier, which is, with analytics at your core, that's a key differentiator as we go expand the platform capabilities and go compete against those who maybe have one or two facets of that product and platform and are trying to move into the analytics side. We think it's a key differentiator, which will play to our ability to drive greater value and greater stickiness with our customers. All of those collectively should really stimulate what we're doing from an expansion standpoint because we will have normalized on event volume as part of the optimization. We'll be at a good kind of foundational place. Then we will execute upon the muscle and discipline and structure that we put in place over 2023 to drive the expansions across multiple products. As we bring more products to the table, like session replay, and as we think about the things that we'll do as we go forward, those will all be contributive to our NRR. I always like to throw out what I think is a reasonable expectation for our NRR target. But I look at Yaoxian as I say that because he starts shaking his head immediately, saying, "Don't do that." But yes, we have great opportunity on our expand muscle. I look forward to a significant spread between our GDR and our NRR in our immediate future as we exit 2024 and head into 2025 and as we look beyond that. And one of the things that you guys have really executed well on, despite this uncertain, kind of tough macro backdrop, is really the expense discipline. You guys showed a really impressive nearly 10 points of margin expansion in fiscal 2023. And as we look into fiscal 2024, the initial guidance contemplates about 150 bips of expansion, kind of hitting that TEFR comp. But where are some of the areas that you see that you have the most opportunity to continue to optimize spend? And how should we think about a normal cadence of operating margin expansion going forward for the business? Yeah. So thank you for acknowledging. We did provide margin expansion in our guide. And we know that the street was expecting more. We tried to lay out the areas that we are incrementally investing in over 2023 and the rationale to why we felt those investments really across five vectors were important things for Amplitude in 2024 and beyond. As we think through kind of the heart of your question, look, our go-to-market, all we have to do is look at our SaaS magic number to go, there are many things that we can do to drive effectiveness and margin expansion there. We've hit upon that. And Spenser alluded to it. We're very focused now on all three elements, facets to our go-to-market across a very direct selling, named account, structured focus, where the majority of our go-to-market resources are focused. The second piece on the other end is how we're managing the plus side and our PLG and driving a much more effective acquisition channel, which then serves as a really good hunting ground for the middle part, which is a demand gen inside sales, inbound type effort, farming our PLG. We're going to drive tremendous effectiveness at the top end by doing the things that we did well in a very focused, disciplined way and not having those people chase what I would consider to be shiny objects. We have a very effective kind of velocity inside team that's being built, driving a lot there. So I expect that there's significant go-to-market margin point expansion for us as we grow and mature from our sub-$300 million top line today. Within the broader gross margin, there is still unit hosting cost margin expansion available to us. We continue to focus on that. We know there will be a little bit of a drag in the near term because we all recognize that professional services for our really high total potential account, ARR, customers, our investments that we shouldn't be making is why we kind of conveyed a little bit of a range, which was lower than where we finished 2023 because we will continue to have unit hosting cost improvements. But they're going to be a little bit more offset by what we're going to do on the pro services, all of which is geared on the pro services towards driving more ARR expansion within our customer base. Great. The last piece I'll finish off, G&A, we're running 14%-15% today. Clearly, economies of scale that are built into there. I look forward to extracting those as we move forward, focusing on technology, systems, AI, and others to drive effectiveness across my team. My best example is we're only a few years out of the direct listing. Much of our SOX compliance today is very manual. Our focus for 2024 is to drive much more automation, effectiveness about how we do those things to comply and driving down kind of that cost of administration. Do we have any audience questions? So I want to hit on the customer account side. You saw really impressive acceleration in Q4. And while some of that's from the self-service solution, you also talked about one of the largest quarters of new enterprise logo wins. So can you just speak to the plan that you guys have in place for focusing more on that enterprise? You talked about some more of the inside sales motion. But anything from a product perspective that you're going to focus on down the road and the overall strategy on kind of getting that piece penetrated faster? So we did see that. That includes Plus customers. And so the bulk of that acceleration, almost all of that acceleration, was from Plus customers. And so we don't recommend we advise not to focus on that overall number. But just in the interest, because we always have disclosed it, we will continue to do so. The important part is the 39 accounts at $1 million and 511 accounts at $100,000 or more. In terms of adoption, I think we just want to create as many entry points for customers as possible to get onto Amplitude. I think Session Replay, it's great. It's an easier, lower-lift implementation. And it requires even less familiarity with data to be able to use. You can just watch what people are doing on your website or app, view their clicks and scrolls, and then get a really good sense of what's happening so that you can turn that into a better product experience. So we're going to be continuing. François and I are working on mapping out what's next after that. We want to continue to deliver 1-2 new products a year. And I think there's a lot of opportunity to consolidate down the space. I want to add to that because there's an important part that's embedded in how we think of our potential and our market opportunity. Anyone there who's doing customer checks will get immediate validation that, from a product perspective, Amplitude is head and shoulders above everyone else and that the core of analytics, we are absolutely the advanced capability company. But it can be hard today to work with us. When we allude to radical simplicity, when we allude to winning simple, it's about shrinking down that complexity of getting started with this, about going from hundreds or thousands of lines of code down to no code or one line of code to start the interfaces immediately and start drawing value. That our ability to make significant progress on that, which we are going to this year. We've already done a few things which we should call out is fundamental to us moving from that early adopter kind of customer base where we've been. That's also been very concentrated in a digital native into a much more digitally focused business unit, product lines in these more traditional companies. And those are going to be $100,000-plus customers. We may enter through a PLG motion some siloed department. But that's the customer count and significance that I think is so embedded in our opportunity. And I also want to give that additional level of insight. When we talk about going from 30 to $39 million-plus customers, I always like to remind people, the ones at the top end are getting to the 10 million threshold. I mean, we really go deep in these organizations. Once you see the value, once the customer sets and business units within these enterprises see the value, those things start to proliferate. We look forward to replicating that playbook across a much broader enterprise customer base as we move forward. Great. We're almost up on time. I think that there's a lot to really look forward with you guys, whether it's segmentation of the go-to-market, focus on upmarket, also down, the opportunity to expand the portfolio. If I had to leave it with kind of one thing, Spenser, that you're most excited about for 2024, kind of what should we tune into most? I think to build on what Chris said, the market is very, very early. You might look at us close to a $300 million ARR company and be like, "Oh, it's a mid-stage maturity." It's very, very early, still heavily concentrated in digital natives, still concentrated among 511 customers that I just talked about. And so what I'm really excited about is making a lot of progress to crossing the chasm and getting to that early majority customer base by making it a lot easier to adopt Amplitude. So we're going to be doing François and I are going to be doing a lot of work on that this year. And so one of the things we're focused on is making sure we have a big we're announcing some bit of big progress every single quarter on that piece. And so looking forward to us executing on that this year. Great. Well, thank you so much for your time today. Thank you. Thank you, guys. Thank you.