Prospects. These forward-looking statements are based on current information, assumptions, and expectations, and are subject to risks and uncertainties, some of which are beyond our control. That could cause actual results to differ materially from those described in these statements. Further information on the risks that could cause actual results to differ is included in our filings with the SEC. You are cautioned not to place undue reliance on these forward-looking statements, and we assume no obligation to update these statements after today's call, except as required by law. Certain financial measures used on today's call are expressed on a non-GAAP basis. We use these non-GAAP financial measures internally to facilitate analysis of our financial and business trends and for internal and forecasting purposes. These non-GAAP financial measures have limitations and should not be used in isolation from or as a substitute for financial information prepared in accordance with GAAP. Reconciliation between these GAAP and non-GAAP financial measures is included in our press release, which ends on our investor relations website at investors.amplitude.com. All right, you'd be surprised how much practice that took. All right. Great. All right, so now for the afternoon we've got planned. First, we'll start with Spenser. He's going to share a little bit about where we've come from and where we're going. Then Francois will share about our platform, some demos, and some discussion of the future of our platform. After him, Thomas will come up and discuss the transformation of our go-to-market organization and how we're going after the enterprise. He'll be joined by a great customer of ours from the NBA to discuss their digital journey with Amplitude. Last, Andrew will get up here and bring it all together to share some thoughts on our growth algorithm and business model as we build a durable growth model. Some quick housekeeping. We will have time for Q&A at the end of the day. For those in the room, please save your questions for the end. For online, we also have a Q&A box that you can submit questions, and that will pull some from. All right, thank you for bearing with me. Now, for the real show, please welcome the Co-founder and CEO of Amplitude, Spenser Skates. Thank you, John. OK, very, very excited to be here and do this. For those of you who have seen us before, a big part of the reason why we wanted to do this today was because a lot has changed since we last did a deep dive with the public markets back in 2021 as part of our listing. It is a completely different management team. We have gone from an analytics company to a platform company. There has been the rise of AI. Quite a lot about how I think about Amplitude's opportunity going forward and how we are set up to execute on it has changed and improved. We thought this—Andrew and I were talking about it, and we thought this was a perfect time to reintroduce ourselves to the public markets, to a lot of you, and to everyone else out there. OK, I'm going to start off today by going through the vision and how I think about where Amplitude fits in the world and the massive opportunity which sits in front of us. Before I get into that, there are four key takeaways I want everyone here to have from today. The first is that we have an incredibly large market opportunity. I think one of the biggest misunderstandings in looking at Amplitude, you know, our $300 million in ARR business, we're growing just around 10% today, is how early we are in our category. We are a concentrated bet on digital. As digital products proliferate, as data to support those products proliferates, we directly benefit from that. That is kind of the macro thesis as I think about what is the big wave that we are betting Amplitude on. The second is we are very aggressively innovating and have big opportunities with AI. I always say that innovation is the largest driver of long-term growth for Amplitude. We are going to share a bunch on that today. The third is that we are an enterprise-focused business. I think this is, particularly for those of you who may have known us for a while, maybe misunderstood, as we have made a big concentrated effort over the last few years to shift from technology companies, SMBs, startups, to traditional enterprises. We will go through a bunch of that shift today. The last is that people always ask us about the macro, but we want to set up Amplitude to be durable growth regardless of the macro. Good, bad, whatever the opportunities may be, we are setting ourselves up for some great growth as we are early in a large market. Great. All right, I want to introduce you quickly to who you will be meeting today. I'm Spenser Skates, CEO and Co-founder of the business. Been with Amplitude, started the business 13 years ago with my two co-founders. The management team has changed since our public listing, so I wanted to make sure everyone here got an opportunity to meet them today. First up, we got Thomas Hansen, our President. Thomas, you just want to wave. He runs all of go-to-market. That's sales, marketing, customer success, and revenue ops. Next, we have Andrew, our CFO, KJ, CHRO, Wade, our Chief Engineering Officer, and Francois, our Chief Product Officer. Francois is actually going to be giving a live demo on stage. A little bit dangerous. He always plays it close to the edge, which I appreciate. In all seriousness, we've got a fantastic team to scale Amplitude. The thing I want to call out here is I've been very, very deliberate about how I've built this team over the last three years. There's been a lot of change internally. There's been a lot of change in the market. I wanted to make sure to create a team that would set us up from here to $500 million to a billion and beyond it. I am very, very excited to be working with this phenomenal group of folks. All right, let's get into the Amplitude story. The Amplitude story, I actually wanted to kind of paint the arc of the company so that you had better context about where we came from. That informs a lot about where we're going. The Amplitude story actually starts before Amplitude back in 2012. This is me on stage with my co-founder, Curtis, pitching a company called Sonalight at Y Combinator's Demo Day. For those of you who don't know, Sonalight was a voice recognition app that helped you talk to your phone and send and receive text messages. You could have your phone in your pocket and have a conversation with it. This is before Siri and Alexa and the whole rise of a lot of the voice products that had come out. One of the biggest problems we had at Sonalight was we really wanted to understand our customers and what they valued. We wanted to know what kept them coming back to the product. We wanted to know where they got stuck. We wanted to know what they liked to engage with. We wanted to know what they didn't like and what was friction. It was obvious to us that the best way to do this was by looking at data. It was obvious to us, OK, you have all these customers going through your application. By looking at the data of what they're doing, that's the best signal by far, even more so than what they tell you. The problem was that user behavior was a black box to us. There is a lot—it's not obvious, OK, look at the data. This was actually a really, really hard problem for us to solve and figure out at Sonalight. There are kind of two aspects to that problem I want to share with you. The first is that the average surface area of products is actually very large. The average product has thousands of different touch points. That is thousands of different things your users could do, and you have to figure out how they all connect together. The second aspect of the problem is that each user takes a completely different journey through the application. It is not like I have the same journey through an app as Andrew has the same journey as all of you. It is more like a random walk. Each of us is doing totally, completely different things. If the data has those aspects of complexity to it, how can you start answering the questions that I talked about earlier? If you want to figure out what generates revenue, if you want to figure out how to improve your trial conversion rate, if you want to figure out what users are doing before they leave your application, these are actually really—it might sound like simple questions, but they're actually really difficult problems to solve. We took a step back and we said, OK, why is this? Why is this problem hard? Why is there no off-the-shelf tools to do this? This is the reason. Digital had undergone a shift from a marketing channel to the product and value delivery itself. What do I mean by that? Why does that mean it's hard to understand and look at the data? All the existing infrastructure tooling and data tooling for digital applications had been built with digital as a marketing channel. If you're Google Analytics, if you're Adobe, if you're any part of the MarTech ecosystem, this is what you're trying to help optimize. If you're NBC, you're looking at—if you were NBC and you were kind of to go back a decade or two, digital was just another marketing channel for you. It was just another way to advertise your product to end users, to help them understand the different shows you had, when they can watch it, where they can watch it, things like that. You weren't actually getting any value beyond that. This was not just true for NBC. This was true for all of media. It is not just true for all of media. This is true for every single company. They view digital as a marketing channel. You have this whole generation of infrastructure and data tooling behind it that is optimized for helping you understand digital as a marketing channel. What had changed with Sonalight and what had changed when we started Amplitude as a company was digital had transformed into the product and value delivery itself. Now, instead of just users coming to your site and leaving, they are spending hours in your product. They are doing thousands of different actions. They are getting value in all sorts of different ways. This is actually the growth driver of your business. If you are a media company, you see all your legacy TV cable channels shrinking. It is actually digital that is the growth driver. Because of that, now as a company, you have all sorts of new questions about your users, like I talked about before. How do you optimize your free trial conversion? How do you get people engaged with it? The infrastructure tooling in the market did not work. This is what led us to start Amplitude. We saw this gap. We saw thousands of other companies with this gap. We saw a lot of folks in the ecosystem. We said, hey, there is an opportunity to build something better. I want to take you through a little bit of the history of the data ecosystem just so you can understand kind of the qualitative differences and what it means for these different generations of analytics. The first set of analytics, you all may be familiar with the BI space that started in the 1990s with companies like BusinessObjects that were trying to understand single points in time. You had user transactions about, hey, I bought this many products at this store in this geo. You'd slice and dice those products in tons of different ways. That was the extent of your understanding of your customer from a digital standpoint. Fast forward 15 years from then, and digital evolved to a marketing channel where now all of a sudden you can interact with your customers on the web. You can actually get a bunch of information about them. You can see how they're hearing about you. This leads to the rise of Omniture, which was acquired by Adobe and the whole MarTech ecosystem. Fast forward to today, and what you have is now you have a much, much broader digital experience where you're actually delivering value to your customers where they're spending hours, days, weeks, years in your digital products. That requires a whole new set of analytics to go with it. At Amplitude, we saw ourselves as kind of the evolution from transactional data to kind of linear funnel digital marketing to now what we think of as digital as the product and value delivery itself. This is, again, a very, very, very different piece of infrastructure. This is kind of the founding thesis and how we think about the opportunity for us long term. All right, I want to break that down for you just a little more concretely to show you how one of our customers uses behavioral data in this way. Just to quickly introduce you, DoorDash, who you probably all know, founded in 2013. They ended up entering the food delivery business, which was an incredibly competitive category. There were tons of other companies in it, so Postmates, Uber Eats, Grubhub, Caviar, lots and lots of others that were trying to do the exact same thing. DoorDash wanted to figure out what edge they could create over the other businesses. They looked at the data to try to figure that out. One of their competitors at the time, Uber Eats, actually focused their whole business around fast delivery time. They wanted to deliver your order if you had made an order from a restaurant in 30 minutes or less. DoorDash said, OK, we think we can figure out something that actually the user cares more about than fast delivery. Let's look at the data to try to find out what that is. Quick quiz for the audience here. Does anyone know? DoorDash looked at it, and they looked at what was the number one thing that had to happen in the first delivery in order for you to do a repeat delivery? Any guesses from the room? What was that? What accuracy of what? What do you mean? Make sure you get the right food. Make sure you get the right food. Make sure you get the right food. OK, good guess. Other guesses? Get it on time. OK, very good. Number one thing was accurate delivery estimates. Making sure this was actually the big problem in food delivery. If you did not get your food on time, you were much less likely to come back. Whereas if you did, you would have—whereas if you did not—sorry. If you didn't get your food on time, you were less likely to come back. If you did, you were much more likely to come back. It makes sense. If you didn't get your food, you'd be grumpy and hungry and angry and all of that. It may sound very obvious me saying this to all of you now, but it wasn't. It wasn't obvious to Uber Eats, who was focused on fast delivery time. It wasn't obvious to Caviar or Postmates or any of the other companies in the space. What did DoorDash do? They optimized around this. They worked a lot on having accurate delivery estimates. They worked a lot on incentivizing drivers to be on time. They worked a lot on proactive reach-outs if they knew your food was going to be late. Fast forward to today, what happened? DoorDash is now the leading product by far. They own a majority of the food delivery market in the United States. This all came back to that insight on behavioral data about their customers. Because they understood their customers better, they were able to create a better overall experience. Now they are the winner in this space. You have heard of tons of companies who have done this: Facebook, Netflix, lots of others. Our thing is, how can we bring this same value to everyone else in the ecosystem? Everyone wants those same insights that DoorDash had and that we had at Sonalight. I want to walk you through the platform really quickly. You will be seeing this a lot today just to talk to you about what is here. Because, as I mentioned, one of the biggest changes over the last few years is we've gone from an analytics company to a platform company. It all starts at the bottom with data. You need to have great data. This is table stakes, but a lot of companies fail to get this right. If you don't get the right data in, you're going to get garbage out in terms of what you can understand about your customers. One of our things is we work with any—we've made a point of expanding to lots of different data sources, from warehouses to CDPs to tons of others. You go to insights. This is what we started the company around, and this is what we do better than anyone else in the world. Finally, and this is what we've been focused on the last few years, you can translate those insights to action. How can you, on the basis of your insights, create an intervention in the product, whether that be through an experiment, whether that be through a guide, whether that be through targeting a group of users? The other thing I want to call out here is this is not just our vision. This is something our customers are pulling us aggressively to. Thomas and I have talked to hundreds of executives in the last year. Every single one wants something beyond analytics from us. Every single one. I was surprised to see that. I knew we would get some pull. Their big thing is they want to consolidate onto a single stack. It makes sense, not just from a cost reduction standpoint, but also because these products worked a lot better together. From the insights you get, you can measure experiments better. You can trigger a guide at the right time and so on. These are all the capabilities that are interwoven. That's something that we're not just pushing. Actually, we're being kind of pulled to the market. They're saying, hey, how fast can you come out with this? How fast? We launched Guides and Surveys a few weeks ago. Very first question is, hey, how fast can you guys have it for mobile? A lot of opportunity here for us to take our lead in analytics and use it to consolidate the market. Great. Today, quickly, fast forward, we don't just have DoorDash. We have tons of companies across many, many different verticals. We have companies in retail. We have companies in media. We have companies in software. Where we started, we have companies in financial services. We have consumer. We have wellness, industrial, and so on. You're going to be hearing from one of them later today as well. The point is, very, very everyone needs the software. Every company is becoming a digital product company and we're the infrastructure to support them. All right, that's where Amplitude is today. I want to talk about where this category is going next. I've been teasing and previewing AI, and now is the time for us to finally talk about what our AI strategy is at Amplitude. I think a lot of companies will slap AI on their category and call it a day. It actually goes very, very deep in our space. AI is incredible at finding patterns in massive amounts of data. That is exactly what we have with Amplitude. There is a huge number of leverage points in it. It is going to fundamentally change how digital analytics is done in companies. Later this year, we are going to be launching an Amplitude Agent. Agents are going to completely change how companies use digital analytics. Right now, the biggest issue is even though we have Amplitude, and even though it is much easier to get insights, you are still bottlenecked on humans going into the system. You have to make a query on a dashboard. You have to know what you are looking for. You have to know which of the thousands of events you want to sift through. You want to know how you aggregate your millions of users. It is hard. It's still hard for companies to do that successfully, even though we've focused on ease of use since day one. The leverage with AI is now you have automated agents that can be going over those billions of data points all the time for you. It's like every single user of Amplitude having hundreds of analysts themselves that they can send out to look at different tasks and do different things within the product to extract those insights like I talked about earlier with DoorDash. The second thing that's actually really exciting on the AI agent front is because we have hooks into the product with the action layer, so with Guides and Surveys, with experimentation, it's not just we can automate tons of insights, but we can actually channel those insights into a pipeline for action. We can change your product experience proactively in ways that we know you'll like that a human might not even have thought of. That's an incredibly exciting thing as well. Last part I'll say, we made a point of how much we hate hype on the AI stuff here at Amplitude. We're actually going to show you a demo of a bunch of this stuff shortly after this with Francois. All right, I want to talk about why we are uniquely- positioned to solve these problems at Amplitude. I think this is kind of an underrated piece of it, of the AI question when it comes to data analytics. There are three big factors. The first is we have the largest repository of behavioral data in the world. The second is we have an action layer that allows you to actually interface and change parts of the product. The third is we have an open ecosystem of integrations. I want to walk you through them. The first is I want to give you guys a quick sense of the scale of the data set we have. I want to use ChatGPT as a kind of easy contrast to who you guys are familiar with. ChatGPT 3.5 was trained on about 570 GB of open source internet text. Crawling tons of websites, trying to figure out patterns in the text there, synthesizing them up back into a product. In comparison, the data set that we have at Amplitude is 10,000 x larger. We have a 5 PB repository of events. It is continuing to grow. Data just continues to grow exponentially. The second big attribute of our data set is that there's no open source equivalent. There's no one, you can't just go crawl on the web for this. There's only a handful of companies that even have something close to comparable. There's only a few companies that could even have the data. If you're starting a new company today, it's actually very, very difficult to replicate that. As you all know, the ability of models to learn scales with the size of the data inputted into them. There's tremendous opportunity for us to extract insight of this data and reshare that with our customers to help them build better products. The second thing which I hinted at earlier is that we are not just about creating insights. This is actually, I think, one of the biggest customer misunderstandings that we have today is that we have the ability to act on that. There are tons—so it's one thing to just generate a ton of insights and to kind of be buried in a sea of data. If you can slice and dice very finely your user base and what they want and what they like, you can actually create very specific interventions in the product. You can create different variations of websites and test them to see what works better. You can create a guide to help you get your users through the most critical onboarding flows. You can intervene when you see your users confused or needing help in your product. This is also--even though there are companies with this data, it doesn't help if they can't translate that data into action. This unification between insights and action is the core part of the Amplitude value proposition. All right, I want to bring it all together for you to give you a taste of where we're going. In this end state--again, we're going to be launching this this year. In this end state, our customers are going to have agents that are continually extracting insights from your product all the time. You're going to surface, hey, these users, there's a problem with this part of the flow, or these users have this preference. From that, we can then take action on the basis of this data. Think about the examples that I have up here. We can immediately detect if there's a bug in a critical workflow. I'll give you guys a quick story around this. About a year ago, one of our largest customers, Coinbase, had a critical bug in their onboarding flow that they didn't detect with their existing infrastructure tooling. This bug was causing them to lose millions of dollars a day in terms of sign-ups and people using the platform. What they found in Amplitude, because Amplitude had triggered an alert for them that told them for their Android segment of users, there was a massive decrease in conversion that was unexpected. That alerted the rest of the team. They could rally the team, make a fix, and then recover from that bug. Massive, massive savings to their company. The problem with that is that required someone to be monitoring. They were lucky they were monitoring their charts all the time. Instead, imagine if Amplitude is just doing that for you, and we can detect changes in critical conversion flows and surface them. From there, not just surface them, but say, hey, let's trigger a rollback, or let's trigger a change in this particular part of the product experience. Another great example, we can run tons of experiments all the time across our customer base. The biggest bottleneck to trying out different variations of your product today is the engineering team creating those different variations. It's actually a lot—if you talk to any company, it's a huge amount of work to spin up an experimentation practice. What if instead of having to spin up that experimentation practice, you hit a few switches in Amplitude, and we are now just constantly running variations on your websites and different experiments for you automatically? Now, all of a sudden, you have much better experience. Last is personalization. AI is phenomenal at identifying micro-segments of your customer base that respond well to particular interventions. As a product manager or marketer, you might think of you have three personas. What if you really have hundreds of different personas that are all interested in their own particular content and their own particular category? Again, this is where there's huge leverage from AI agents. Now you're in this world where the product is autonomously getting better all the time based on the data that your users are using it with. You are dynamically creating changes and reacting to the users. I get a different product experience as Francois, get a different one from Andrew, get a different one from all of you because we have products that are personalized. You are now in this world where you no longer have to have every single change go through a product manager or engineer. You are now in this world where the product is getting better by itself all the time. That is massively valuable. We call this vision at Amplitude the vision of self-improving products because we think this is where the world is going to go. Our goal is to build the platform that gets customers there. The last thing I want to leave you with is our mission. We built Amplitude to help companies build better products. Again, we are very, very early on that journey. We're excited that a lot of you are already part of that. If we fulfill that, the business is orders of magnitude larger than what it is today if we execute that right. With that, I'm going to go hand it off to Francois to actually show you the product and roadmap and some awesome demos. Francois, please come on stage. All right. All right, All right, thank you, Spenser. And good afternoon, everyone. It is so great to be here with all of you to share our product strategy and product direction and how we're innovating to deliver even more value for customers. As I talk about the product strategy, it's really important that you'll see how we are consolidating use cases on Amplitude, how we're consolidating personas on Amplitude, and how we're accelerating the speed of outcomes for customers using Amplitude. And we're doing all this for the mission statement. We help companies build better products. And this really matters because today, every company is a digital company. Every company needs access to customer data to improve their experiences because success and failure is the difference on how you serve your customers and doing that effectively. And if you look at the opportunity, it is growing exponentially. There are more applications being generated every year that generate more data than ever before. The number of websites that need to be analyzed continues to grow exponentially. Now in the AI era, the number of AI applications is growing exponentially as well. Each and every one of these solutions generates data about their customers. Each and every one of them needs access to digital analytics to help them build great applications that delight their customers and drive business outcomes. This is really what we're trying to do at Amplitude. However, there are some large challenges that our customers face today. First is that the tools available to product and marketing teams are just separate. They're different siloed solutions. We see that teams need to converge together. It's no longer product or marketing. There is a convergence happening in the marketplace where they need a single application that brings together the entire customer journey. In addition, with the increasing number of customer touchpoints, it makes it really hard for customers to understand their own customers. You have data from all these different places that need to come together to get a single view of their customers. In addition, security, compliance, and regulations are continuing to increase, which is putting even more pressure on customers to make sure that they're managing their customer data effectively. Unfortunately, most of the tools available at their disposal are slow, inflexible, and expensive. What customers want is they're trying to improve customer acquisition. They're trying to get more customers using their products. They're trying to increase engagement in their products. They're trying to improve retention, reduce errors, and improve the visibility into their applications. This is fundamental to get the return on investment on all of their digital footprint. They need access to data. Amplitude is the solution that bridges that divide by providing a self-service analytics platform that anyone can use regardless of their skill sets. This is really important. Time and time again, customers are choosing Amplitude for self-service, for our ease of use, for the flexibility that we deliver. Not only that, the speed of insight is unparalleled in the industry. Being able to get answers at the speed of thought about their customers and taking that into action is critical to our differentiators. We built a platform that is integrated. As we'll talk more of the platform, it's not just about having the different capabilities bundled together. is about working better together and having one platform that simplifies our customers' technology estate, reduces their costs, and accelerates the value. Importantly, we are also building an open and flexible platform where we integrate with our customers' technology, where we can leverage the investments that they have made and enable them to go even further. Amplitude really becomes the hub of knowledge for customer data to enable them to drive outcomes effectively. This is why we have built the broadest and deepest digital analytics platform on the market. We have been accelerating our pace of innovation. I think many of you have seen that through the past year, delivering new products such as Session Replay, Web Experimentation, revamping our experience with Amplitude Made Easy. In fact, last year, we delivered more than 230 new capabilities to this platform. This is one new capability every single business day of last year. We are accelerating that pace even further. When you look at this platform, we started with just product analytics. That was the core of Amplitude initially. We expanded to marketing analytics. We have expanded the whole platform. It all starts with data, as Spenser mentioned. Data is the oxygen that powers all of Amplitude. In many instances, we are the system of record of behavioral data. We also leverage data from other systems. We have built the world's leading digital analytics solution. We are now also a system of insight for our customers, combining quantitative analytics with qualitative analytics. You can see not only what happened, but why did it happen in one integrated solution. Increasingly, we're now becoming the system of action, enabling people to turn those insights into action that drive those outcomes, with activation to bring that behavioral data to different systems, experimentation to ensure you're driving the right outcomes, and our latest capability around guides and surveys to be able to connect to customers and understand right at the point of usage what is going on in the application. This is a unique platform. This is the market-leading platform. We are bringing all of these things together, again, in a complete and integrated platform that delivers self-service at scale with the speed of insight that customers expect. This is key. Not only that, usage of our platform has grown exponentially as well. The amount of data that we're ingesting has been increasing over 30% year-over-year. The number of experiments run on our platform has grown almost 100% year-over-year. The number of questions that are being answered by Amplitude is growing exponentially as well. We are seeing not only this trend of data and digital applications, but we are seeing customers using our platform so much more than ever before, which is a great testament of the value that we deliver and the outcomes that we generate. As I mentioned, this is an integrated platform. We want the whole to be greater than the sum of the parts. Internally, we kind of joke around and we say that it is not 1 + 1 is 3. It is 1 + 1 is 11. It should be amplifying each capability on top of each other. We want this platform to be better together. Because not only are we bringing the use cases and consolidating them on Amplitude, we are also consolidating personas on Amplitude as well. If you look at what customers are trying to do, whether on the product team trying to drive user adoption, or in the growth team trying to increase monetization, or if you are in marketing trying to create personalized experiences, they all need the full power of Amplitude to deliver that value. Take, for instance, a product manager looking to improve their onboarding journey. They are going to use our analytics to understand their funnels. They are going to use Session Replay to see where users are frustrated and stumbling down. They are going to connect with their users using surveys right at that point of engagement. We have seen customers like Homebase increase the adoption of their key features by over 54%. Now, take, for instance, the growth teams. Classic growth team driving monetization. They need our cohorting capabilities to segment their users. They are going to guide them to ensure they drive the right outcomes. They are going to do a lot of experimentation to ensure that they are improving the results they have. Of course, they are going to be analyzing the qualitative side of the platform to see where the users are struggling. Customers like MySwimPro have been using Amplitude to improve their average revenue per user because they have a better understanding of their customers. Of course, marketers need Amplitude to deliver personalized experiences. This is even more important today as you look at getting a return on marketing investment. They're able to use our heat mapping capabilities to see where users are engaging, web experimentation to do different tasks to see what actually drives conversion, our cohorting capabilities to segment the users, and of course, activating it across different marketing platforms that they have in their ecosystem. We've seen customers like Evaneos really increase their click-through rate and really getting more value out of the platform. This is how we're bringing these different personas together. When you look at the customer journey, the customer journey isn't owned by one team and a customer. It is owned by the entire company. The teams need to come together. As I've personally met with hundreds of customers over the last few months, I've seen it firsthand where product and marketing are coming together at the table for the first time ever brought together by Amplitude. This is a power to really seeing the whole journey come together at once. What's really, really powerful is that when you think about the alternative, without Amplitude, customers would have to integrate over 40 different point solutions. In every single one of these categories, there's different disconnected solutions that are poorly integrated, that don't work together, and create more costs, more frustration for customers. Amplitude is consolidating this entire market. We are saving our customers money, simplifying their technology stack, and delivering more value through our platform. This is the opportunity that we are creating for customers and for the market. This platform is what we are talking about with our customers every single day. This platform is our differentiator. This platform really comes together in a very unique way that no other vendor is able to do. What I thought I'd do is instead of continuing in slides, I thought I'd show live, real running products. You guys ready for live demos? All right. This is real, by the way. No, this is real code. Demoed by a chief executive. Who knows what will happen? It actually shows you the ease of use of our platform if you can be an executive using Amplitude. All right. All of you guys are going to be power users by the end of this session. First thing I'd want to do is just show you Amplitude. When most customers log into Amplitude, they essentially see a cockpit about their product, their digital experiences. They see real-time data about what's going on their website. They can engage directly with their application. As I mentioned before, as we're consolidating use cases, you have details around product insights right here, one click away. You can see feature engagement data right here. You can see which features are engaging more with others. For marketers, we also have the ability to bring in marketing channel data and campaign data together in one environment. It is one platform bringing together product and marketing insights. Users can come in and answer any kinds of questions. We built an opinionated layer on top of the data to solve particular use cases, whether they want to segment their users, drive funnels, drive retention, see their journeys. All of this is built specifically for digital analytics. This is not just a generic visualization solution. This is a solution powering digital applications. We built all of these solutions right here, one click away in the platform. Let's do what most customers do, they'll run a funnel. With a single click, we're going to do a funnel, and we're going to select the right project. Great. We want to see, I'm a product manager, and I want to look at my onboarding journey. If we want to see how many people start the sign-up process and then move on to completing the sign-up process, just a click and you get insights. Maybe they will start the money transfer process, and there you go. Right away, you can see some insights. We see that there's a problem. Nearly 70% of the users are dropping off of the funnel. It's a massive problem. With Amplitude, every time you have an insight, actions are one click away. I like to joke around that insights without action is a missed opportunity. We want our customers to get as many opportunities as possible. If I look at, for instance, the users that complete that sign-up, when I click, you see different actions that are available. For instance, I might want to look at the user journeys of those users. You can see how people go from starting to sign up to completing the sign-up process. Different classes of users engage with our product in different ways. In our case, we see a problem, 70% drop-off. Why is that going on? Sometimes the data does not tell you the full picture. This is where our Session Replay capabilities really come to the table. Now we can bring replays only of those users that have dropped off of the funnel. I will look at this one right here. A replay is essentially a recreation of a user journey. Every time you see that red line going through, that's essentially the mouse movement for the users. You can really understand and get empathy for that customer. We're going a step further. With AI, we can now generate AI summaries of those replays. We get automatically AI-generated text summarizing that session. We don't have to go in and watch 20 hours of videos. AI can solve those problems for us. We highlight the key moments in that session, whether that was a positive session or a negative one, being able to filter on where there's opportunities for improvement. We provide suggested actions on how to improve the outcomes for that customer. Those actions become really, really important as we start talking about agentic AI and how those will power the platform. All right. We understand that there's a funnel drop-off. We see the replays. The next thing I'd like to do is actually survey those users to understand why they didn't complete their journeys. With a single click, I'm now going to look at that subset of users. We are going to build a survey together. We are going to call this survey Investor Day. We are going to say, why did you not complete sign-up? This is our new Guides and Surveys capability. We will say too complicated, not what I expected, something else. That is how easy it is to create a survey at Amplitude. This is easy. This is fast. This is This is self-service within our platform. Of course, we can target this survey to a number of different users. You can see the cohort of users that we built dynamically as we were analyzing. Not only that, we can choose when to engage the users, whether it's based on time or maybe when they're frustrated. Let's capture that moment right away. They might be doing rage clicks or looking confused. We can bring up that survey to help them to success directly in our platform. Our platform goes so much further. Because we have experimentation capabilities built into Amplitude, we can experiment on anything, including surveys. With one click, I'm going to run an experiment. I'm going to do an A/B test to see maybe there's different kinds of surveys that will better engage my users. You'll see right here in the middle, we have our treatment one and two for that survey. For this second one, we're going to do what a lot of customers want to do, which is to do an NPS survey. We're going to do a rating. Maybe we want to have stars or emojis. In my case, I want to see who are my promoters or my detractors, all built into one platform. Consider what I did. I did some analysis looking at funnels. I then looked at the journeys. I then moved on to session replays, launched a survey, experimented with that survey, all in one platform, all staying in the flow. Without Amplitude, that would be cobbling together a Frankenstein set of technologies and trying to bring it all together. Great. That's one example of how our platform comes together to deliver more value for our customers. Let me give you another example. Imagine that I'm a marketer. I've created a landing page. This is a landing page for our store. We have here what we call a heat map. Heat maps are a great way of seeing how end users are engaging with your website and with your application. We can see at the top that there is a lot of people clicking on the toolbar. That is a high-value area. We have not optimized it. In fact, when I select it, you see that there were 27 clicks representing 4% of the users. What about the full toolbar? As I move around, I see direct feedback. See how many users are actually engaged on the full toolbar. Boom, right there. 33% of the users clicking on that toolbar, yet it is not optimized. We can do better than that. Of course, remember, at every insight, there is an action. We've brought session replays right here to see what those users were actually doing and engage and understand what was happening right there. In my case, I'd like to create a cohort. I'd like to re-engage with those users. And I'll call this Analyst Day Users Performing from All Users. Save. Now that cohort, think of it as a segment of users. Those can be both dynamic or static, which is in this case, it's static. I can activate that across our platform and use the cohort to analyze the sessions in a chart, run an experiment, guide them, survey them. Or I can actually connect them to the over 100 different applications that Amplitude is connected with. They can re-engage them with Braze or connect to AppsFlyer or launch a campaign in Salesforce. Wherever customers need behavioral data, Amplitude is the platform that delivers that easily. In our case, let's go run a web experiment. We saw experimentation before on our survey. In this case, we'll call this Analyst Day. We're going to run a web experiment. This is another example of how we're bringing ease of use and self-service to a very complex domain called experimentation. Let's do an experiment all together. This is point and click experimentation. Click. Every time I move, you see that blue outline. This shows you the area that I'm looking to experiment on. In this case, we're going to experiment on that toolbar because it's the area we saw all that engagement. I'd like to change the text. Rather than free returns, we are going to call this Analyst Day Coupon, 15% off. Everybody gets that discount. I'm going to make it really big so everybody can see it. Boom. We are going to change the color to make it really pop. We are going to make that blue. We have made that change right here. We can see the control, what it looked like before. Just really simple. No data scientist required, no developer. This is simple. This is powerful. This is how we are democratizing experimentation for all of our customers. Democratization and empowerment is key to accelerating velocity. We are doing that in one integrated platform. Now we are going to save that. We are going to run our variants. We can define our goals. There are a lot of advanced statistical capabilities in the platform. These are those users that we were targeting right here with that segment that we built dynamically together earlier. Just wanted to give you that view of really the power of Amplitude and how our capabilities are coming together to solve more and more customer challenges. Let's go back to slides, please. Thank you. Spenser, thank you very much. What I showed you isn't just a demo. This is what's going on every day in our customers. These are the capabilities that they're bringing together to drive value and to drive outcomes. Amplitude, with our pace of innovation, is bringing that all together in one simple yet powerful environment that delivers more. Now let's talk about AI. As Spenser mentioned, we see AI as a tremendous opportunity to deliver even more value faster for our customers. When you think about where we are trying to go, prior to Amplitude, the world was more of these printed maps. You could get a map and ahead of time try to figure out where you wanted to go. But Amplitude really ushered in a new world. It's kind of like bringing Google Maps to every business where you can help navigate your application to help avoid traffic patterns or reduce congestion tolls. We help our customers figure out where they need to go by understanding the world around them. The future of Amplitude is much more like a self-driving car. It is like the Waymo that drives itself. It is powered by our behavioral data using our actions capability to help customers go further faster. We have been investing in AI for years. We started with predictive analytics, providing capabilities such as anomaly detection or behavioral clustering. In fact, our customers are using this already today, looking at our anomaly detection, being able to, using machine learning algorithms, figure out where the data patterns are changing. Or using behavioral clustering to automatically create those clusters that we did earlier, we can actually use AI to build those dynamically. Or behavioral predictions to know not just what customers are doing today, but what the predictions and the forecast might be in the future to help them plan more effectively. Now, two years ago, with the rise of generative AI and ChatGPT, we've been adding generative AI capabilities to our platform, Ask Amplitude and Data Assistant. The Data Assistant is a core part of Amplitude. That's actually really important to improve data quality and data trust. We've brought generative AI deeply integrated into the platform to improve quality, automatically suggest descriptions, automatically group the data. That is improving the data quality and increasing user success. Ask Amplitude is our natural language query capability to be able to interact with Amplitude in a very natural way. You do not even have to use the simple dropdowns I had. You can just ask the question and get a visual response. Usage of Ask Amplitude has increased 600% in the last year alone, which means more users getting more value into our platform. We are now entering the agentic AI era where we are on the path to delivering self-improving products. As Spenser mentioned, later on this year, we will be delivering Amplitude Agents to deliver a new kind of value to our customers. We are uniquely- positioned to win in this market because of our behavioral data, a very unique data set that's optimized for this set of use cases, our action capabilities that enable our agents to not only just tell you what's going on, but actually to do something about it and drive those outcomes automatically. With our ecosystem, our agents can work not only with Amplitude data, but all of the data and all the applications that our customers are expecting to work with. These three capabilities are extremely unique to Amplitude, but it's empowering the next generation of Amplitude Agents will be coming later this year. We're going to be starting pilots with customers very soon. They're really exciting because it helps our customers go further and solve new kinds of problems automatically. What I thought I'd do is actually show you an early preview of how these agents will work for our customers. You'll see not only agents being deployed, but also configuring an agent together to see the kind of power and flexibility that I'll bring for our customers. Let's go back to the demo machine. Did I do OK for demo one? All right. Check out demo two. For this demo, consider that I'm a product manager at Chick-fil-A. I love chicken sandwiches. I'm noticing that there are some issues going on with the app. I didn't notice it. We actually have an Amplitude Agent that's continuously monitoring the app and the website and proactively notified me of a change. Really moving with these agents, we're moving from a reactive era to a proactive era where the machines and the agents are going to proactively tell our customers when there are issues or opportunities. In this case, we see that there is a spike in refunds. We want to know more. Of course, I can click on it directly in my product and see, in fact, this is an issue. Now I want the agent to actually perform the analysis. The agent will actually look at all of the data, try to understand the patterns, and do some analysis for me and write the report. Clearly, it found this issue with out-of-stock Christmas plushies. I told you the main findings. Using natural language, we can not just provide the charts, but tell the users why there's a spike in refunds. It's because they selected Marry Me Chicken to all, and customer support tickets have increased. Our agents, one of the issues of the agents is they're often black boxes. Not with Amplitude. We show all of the work. With a single click, we're now bringing together all of the analysis that the agent performed to help build trust and understanding. We can see, in fact, that refunds did increase. We see which products or which orders generate those refunds. We can see that there was actually a lot of frustration. Our heat mapping capabilities were analyzed as well. A lot of people were clicking on this, a lot of rage clicks. The agent analyzed the survey responses. In fact, it was the wrong toy selected. Great. The agent did that work. This would be like hiring 100 analysts to continuously monitor my website, my product. The Amplitude Agent did that 24/7, all the time on any part of the product. We think our agent can go even further. Sometimes it's great to know that there's a problem, but I don't often know what to do about it. You could also talk to the agent and say, hey, agent, can you explore different solutions, different ways of solving this problem? With a single click, the agent will now recommend different interfaces to use that will reduce refunds. It's analyzing it all. You can see on the right-hand side, it says, popover could be a good way of creating your interface to reduce those refunds. Maybe a banner might be better, or a pin. I kind of like that as popover. Let's use that one. Just like you might have gone to Midjourney to create images or any other AI tool, Amplitude can generate interfaces automatically. Why? Because we have the action layer. We can experiment on websites. We can experiment with guides and surveys. The agent can create all of those. Now let's go ahead and deploy that experiment. Now it is going to configure the rules, make the changes, and put it out there. Consider what we did. The agent proactively notified us of an issue, showed us its analysis, explored alternatives, and we deployed it, all in less time it takes to get a cup of coffee. That is the power of the Amplitude Agent. That agent can do so much more. Now, as I'm looking at all the metrics for our website, the agent in the background is analyzing millions of session replays and showcasing the customer journey in new ways. We think the agent can actually pull out all of the standard journeys that our customers go through and provide a visual metaphor, a visual way to navigate your product. No longer will you be looking at events and properties. You'll be navigating it like your customers do and interacting with it in a powerful way. This is enabled because our agents are continuously monitoring all of these replays. Now here's that page that we deployed. We can see the improvements since that deployment. The last thing I want to show you is how easy it is to create and deploy one of these agents. We're going to do that by setting up the Autopilot. This is our current test name for the agent. We are going to run the Amplitude Autopilot. The first thing you need to do is define a goal. What are you hiring your agent to do? These are goals based on all the use cases we have in Amplitude, whether it is increasing conversions, reducing drop-offs, improving user satisfaction, or you could type your own prompt to tell the agent what you need them to optimize. In our case, we are going to improve conversions. Next, you now have a very important task to choose the level of autonomy of your agent. The agent we saw before was, in fact, an insight agent. It analyzed my website 24/7, but it was augmenting the human. It is still a human in the loop. We think some of the agents may actually suggest actions and ask, I found this problem. Would you like me to run this action for you? We saw that if you call back to the Session Replay AI, where we have the suggested actions, it can now run those for you. It is validating with the human. It is still the agent and the human working side by side. Maybe you actually want the agent to run autonomously and run 24/7 without human intervention. That is what we are going to do in our case. We are going to deploy that agent. It is going to be an autonomous agent focused on improving conversions. It is going to be running 24/7. It is going to be continuously operating. It will be continuously focusing on improving that metric. Now that our agent is deployed, you can see on the right-hand side, the agent is running. It is doing some analysis. It is changing the call to action. It's going to run a new experiment. It's going to analyze the experiment results. It's just going to keep going and going. Not only is it running, it's also giving you a full log because transparency matters to build trust on these agents. You're giving all of that feedback all throughout running that agent. Remember that this is bringing together our data capabilities, our insight capabilities, our action capabilities. We see customers will be deploying lots and lots of these agents performing a number of different tasks to optimize different parts of the website. Every product manager, every marketer may have their own agent helping them do their jobs. You may have corporate agents that run different jobs to optimize the experience. These are Amplitude Agents. let's go back to slides, please. The agents are really building on our vision of creating self-improving products. Spenser mentioned it, but we really see the future where Amplitude is not only telling you what's going on in your product, but continuously monitoring and optimizing your product to drive better outcomes. We are building the broadest and deepest analytics solution on the market. We are accelerating innovation to solve more customer use cases, consolidating them on Amplitude, consolidating personas, and accelerating the impact. Hopefully, that gave you a good sense of how we're innovating, how we're thinking about the product strategy, and how we're thinking about the opportunity. The next step is to talk about how we're going to bring this to market and help more and more customers get value for that. For that, I'd like to bring up my good friend, Thomas Hansen. All right, everyone. Good afternoon. What a killer demo. Francois and I, we get to travel quite a bit together. We have just returned from Europe last week, where we ran our customer advisory boards, our executive advisory boards, the same also in New York a month ago and in San Francisco. The customer response to what we're sharing is incredible. As a matter of fact, it's not one of these situations where, as a go-to-market leader, Francois and I, we are out selling. The customers are actually asking for exactly what we're delivering, which is an integrated platform. It's a very, very different situation to be in compared to what we did three years ago as a pure product analytics company. Good afternoon, everyone. It's great to see some familiar faces here from prior similar days that I've been at UiPath and Carbon Black, where I had an opportunity to scale those businesses from hundreds of millions to billions. That's exactly what we want to do here. We have one North Star for go-to-market for Amplitude. That is, how do we take the current business from $300 million, roughly, to a billion and beyond? The opportunity is very exciting. We think there's three core areas to focus on for the business. Number one, focus on the enterprise segment. As Spenser outlined earlier on, historically, we have focused on startups, often digital natives, smaller businesses. We did a repivot around about two and a half years ago. We are now hardcore focusing into the enterprise. That is where the spend is at. That is where the opportunity is at. Number two, we believe that there is a significant opportunity to work with our customers and to do exactly what they're asking us for. That is to help them to consolidate into one platform, one pane of glass instead of the, was it 40, Francois? 40-point solutions out there, of which many customers have handfuls that they're on today. We see a significant platform consolidation opportunity. It is about the customer. It's about value for the customer. We believe, as we continue to scale the business, that this is where we, through the ongoing demonstration of not just fast time to value, but high ROI, can make a real difference in that market. To get all of this done here, of course, you need a team. Not only, since I joined Amplitude two and a half years ago, I have partnered with Spenser in building the new C-level team that you've seen here already today, but we also introduced a brand new team to the go-to-market organization in Amplitude. I am very confident in the leaders we have on board. They've actually all been on board for around about two, two and a half years. They come from top companies with scale experiences. What we have in place now today is a set of leaders that not only are stage-appropriate, can run the business as it is today, but also have the set of experiences and capabilities to take it to a billion and beyond. Now, when you drive change at top level and you really try to do something transformational, typically, you also see that change going further down in the organization. As no surprise, when you look at our sales leadership throughout our entire global organization, as well as all VPs across the go-to-market organization, around about 75% of the leaders are either new to the company or have been promoted in the last couple of years. Significant transformation in flight as we've been growing this company. In terms of how we go to market, we've also transformed our approach. First of all, it's been around focus. Where do we invest? First, from a country perspective, we've zoomed in on nine geographies, nine countries. This is where we deploy the bulk of our resources. We do the bulk of our marketing. We really engage. Those nine countries, they're illustrated in the lighter blue on the slide, represent roughly 80% of our top-line revenue and ARR today. Now, if you move on to the next tier of countries, which is 14 countries that's represented by the darker blue on the slide, that represents around about 15% of our total ARR. The difference between the first nine countries and the next section of 14 is, in the first nine, we have direct presence. We engage directly with customers. In the second tier of countries, we have lighter coverage. We work more with partners to lower cost of sales and to get more scale in a lower-cost fashion. Finally, for the rest of the world, which constitutes roughly 5% of our business, this is exclusively partner-led. We don't invest into marketing. We have no people on the ground. We don't fly in to close a deal. It's about focus and being disciplined in how we deploy and allocate our resources. Secondly, as Spenser mentioned earlier on, we started out with a heavy focus on digital native startups, smaller companies. We still service startups and SMBs and small teams in larger companies. We are allowing that to be automated. We allow that to be run by PLG, by a product-led growth engine, a classic self-serve engine. Having that in place now for almost a year and a half with success has allowed us to take very, frankly, expensive resources, move them up market, and really focus the people in the business on where the opportunity is, where the TAM and where the SAM is at. That is in enterprise. That is where the bulk of our investments are going today, both in terms of people, sales, but also in terms of marketing. Now, finally, from a core persona perspective, in the earlier days, I would say, frankly, until three, four years ago, the core focus from a persona perspective was on the product team, the product leader. What we're seeing now is the convergence of marketing and product. As a consequence, those are the groups of folks, of leaders that we work with from a go-to-market perspective. Focus is a key word here. We have been setting the business up for re-acceleration. We have identified that there are three core levers that will allow us to accelerate the business further. No surprise, it's enterprise. It's platform and consolidation. Then it's around efficiency and sales productivity. Let me talk you through each of these three areas in a little bit more detail. Number one, as we look at our enterprise business over the past year, and we have focused our resources and investments in here far deeper, we have seen a year-over-year growth in net ARR of 88% in enterprise. That is correct. Lucky eight, by the way. Just to clarify, net ARR is new minus churn equals net ARR, in case there was any confusion. Now, how we have accomplished that is, as I mentioned earlier on, significant reallocation of our resources into the enterprise segment. We now have two-thirds of our ARR base coming from enterprise customers. That compares to 60% a year ago. We are seeing significantly larger deals in enterprise. The ACV is typically 6x higher than non-enterprise. We're continuing to land logos at a strong pace. We now have more than 750 enterprise customers, of which we've landed alone in the past year, 159. When you look at our customer count all up, we talk about it every quarter. Last quarter, we announced almost 600 customers above $100,000 and 42 customers above $1 million. Real good progress made. Now, all these learnings that we've seen over the past year have given us confidence and conviction that we are on the right path in terms of investing into enterprise. This year, in January, we have also formed another strategic investment into our strategic enterprise segment. This is a small team of top-end sellers, sales engineers, value engineers focused on the top 60 customers and prospects in Americas. This is a segment that today constitutes roughly 30% of our ARR as a business and a segment we believe we have significant opportunity to go and grow even further. We are very excited about that. We brought in a very strong leader to run that business for us. Moving on to the platform consolidation. Now, again, the last year has seen a significant difference in terms of the shape of our business. In the past year, roughly, in the past half year, roughly 50% of our new ARR is coming from non-product analytics products. Session Replay, Experimentation, Activation, formerly known as CDP, and so forth. Significant progress with our customers. They are not only seeing the vision, but they are buying into the vision. We have also learned that not only is this a very good thing for our customers, that is what counts, but it is also good for the Amplitude business. Multi-product deals are significantly larger, typically 6x larger than the average single product deal only. The renewal rate is 10 points, not percent, 10 points higher for customers that are on two-plus products versus customers just on analytics. We're also finding that platform customers are more likely to sign multi-year contracts. Significant data points towards this being the right direction. Now, we have made a lot of progress. More than 50%, actually 57% of our top 600 customers are today buying more than one item on our platform, but not necessarily our full platform. We have significant opportunity to expand with those that are already on the platform with more than one product. There's also 43% of our 600-ish largest customers that today are only on product analytics. We have opportunity, significant opportunity for growth. What you'll see from my friend Andrew in a few minutes is how that alone puts us strongly to the path of first $500,000,000 and then $1 billion. Now, we, of course, also have to have a very close eye on our sales and marketing efficiency. That is a journey that we're on. Just in the past year, we've seen year-over-year a 37% increase in sales productivity. That's happened through a couple of key focus areas. One, we have taken a very hard look at the accounts we were managing through our enterprise segment. We actually cut that in half, really zoomed in on those with higher propensity to come with us. We also become far better in terms of the technology we're leveraging within Amplitude, within the go-to-market organization. Of course, we are leveraging AI. There's no surprise there. We have also become far better in consolidating the products we ourselves use internally to reduce the time that our sellers and sales engineers spend internally, freeing them up to focus externally. I would think it comes as no surprise that we have also aligned our sales incentives around the few things that really matter, which, of course, is selling into the enterprise, landing the enterprise logos, and platform growth. As a consequence, we are now on par with benchmarks for the industry at roughly $1.1 million net ARR per enterprise seller. Of course, that is a point in time we are not satisfied. We will continue to push on that to go higher, to drive higher levels of efficiency and productivity. Now, it is, of course, all about the customer. We have roughly 2,500 customers globally, excluding our PLG Plus plan customers. Of those 2,500, roughly 750 are enterprise clients. They are across all industries, all verticals, all geos, but with concentration, as you heard earlier on, into our tier-one nine countries. What is so interesting about it is we are seeing even the more traditional, larger, older perhaps enterprise companies such as JP Morgan Chase, Walmart, Ford Motor Company come with us at significant volume. The market is, as long as we are still early in the category, the market is coming with us. Very encouraging signs. I would like to share with you a few customer stories. I want to start with perhaps a more recent one, a more modern version of how you perhaps go about landing customers. This is a classic from free through PLG into PLS product-led sales. This is The Browser Company. Went very fast through the maturity cycle of working with us. Through the community, they identified that they wanted to leverage our solution to go and test their product-market fit back in 2020. As they got to PMF, to product-market fit, and launched their Arc internet browser in 2023, they upgraded to our entry-level growth plan. We detected through our propensity analysis, usage patterns through our sales ops team that there was an opportunity here to do something bigger, to do something bolder. We engaged from a sales perspective, from a pre-sales perspective. We showcased the power of the platform. A month later, moved a client that just a few months earlier was paying zero into paying mid-six figures on an annual basis. Significant opportunity through this PLG motion, not just to serve startups and SMBs and small teams and large companies, but also to go and do really fast, significant business for the company. Now, I'm going to move on to three more examples, but I want to just thematically call out a theme you're going to see throughout the next three slides, the next three customer examples. What you'll see here is all three are an example of how we as Amplitude have moved from, let's call it the initial volume upsell-based sales motion that we leveraged in the earlier days and throughout the early years of COVID, and how that has transitioned into a full platform solution value-orientated sale. Let's have a look at the first one. Francois, the half-chicken sandwiches. I think you're all familiar with the RBI, Restaurant Brands International. We're very proud of the work we've done with them over the years. We did an initial small land with them for the back then brand new Burger King app. That went pretty well. That allowed us very fast to expand into Tim Hortons and Popeyes. As the world went into lockdown and COVID, we saw a very fast upsell into additional units. Gradually, we got into talking to all the key stakeholders, not just in the brands I mentioned, but additional brands, and expanded into more than 10 geographies across the world. That afforded us the opportunity to go and talk the consolidation platform play. Today, we are at a place where, with them across the world, they're leveraging our activation, CDP solution, as well as Session Replay, and are also doing some early tests with our warehouse native analytics offering. Now, we have more work to do with them. It's a global distributed company, so there's a lot of work ahead of us. We're really proud of the progress we've made with them and the feedback we are getting from them. A pretty good, straightforward, stock-standard example of land, expand platform. Another good example of that is the work we've done with FanDuel. Wonderful customer that, of course, has gone through incredible scale as the category that they work in has gone through amazing growth. What really stands out here in terms of our learnings with them is the partnership they've taken with us in really leaning in and providing us feedback on both products that they have and products that they are piloting. Truly an amazing partnership where we're learning from their input, what we're building for them, and together ensuring that so many other customers are going to see the value from our platform in a much broader way. Finally, onto a very interesting example, let's call it company four in the entertainment industry. What is so interesting about this company is we have tested here some of our new thinking, myself, Andrew, Francois, our new thinking on pricing, packaging, and licensing. This is really about leveraging best practices from leading industry companies that you're all familiar with, like ServiceNow and Microsoft. How can we get an enterprise agreement structure in place that provides our customers with flexibility and a vehicle that provides them full access to our entire platform in a cost-efficient, value-centric manner? That's exactly what we landed with this customer here, where they today essentially have full access to all our current and all our future products during the term of the contract. It's a formula we are excited about. We're testing with more customers. Andrew and I and others are working more on other ideas around our pricing, packaging, and licensing that we believe will allow us to grow even faster in the enterprise. Now, talking about great customers, this is where I want to move off slides and invite my good friend, Chris Benyarko, the EVP from NBA, onto the stage. Chris, come and join us. Do you want to sit down? I think we're going to sit down, right? Yeah. All All right. So, Chris. You should sit, actually. Standing next to you. I know. Just standing on this stage. I don't need the extra foot here as well. Great to see you here. Thanks for joining us. Perhaps start by telling us a little bit about yourself. How long have you been with the NBA? What do you do there? Yeah. I've been with the NBA. This is my 21st season. My first season was also LeBron's first season. I started about a week before his first game, but his NBA career is probably going better than mine is at this point. When I first started, I was a backend engineer. I worked on content management systems and the web just before mobile web and mobile apps and kind of transitioned naturally as the space transitioned. We've always had a culture of being focused on innovation. I naturally was able to progress into working on the mobile web, mobile app, direct-to-consumer, social media. Kind of picked all those things up. Fast forward now, oversee a team for our direct-to-consumer products, our NBA app, nba.com network of sites, our membership program, NBID, direct-to-consumer. We do quite a bit of distribution of media too, so an extensive broadcast technology operations team. A little busy. Very, very. Whenever I see you, you're always on one or another phone. There's something going on with the broadcast on an event. It's pretty exciting. In terms of your fan base, how has the work with your fan base evolved in driving loyalty engagement? What are you learning there? You know, the biggest thing, we kind of made a decision a few years back that we had all these fans across the globe, 1 billion+ followers on social media, tons of people watching us on TV. Then we took a step back and said, how many of these actual fans do we know? If you think about all the people that actually go to an NBA game, and I'm sure all of you have been to a game, and someone gave you a ticket or you got a ticket to go to a suite or whatever the case may be. Between the league and the teams, the actual how much we knew about our fans was actually limited. We made an effort to say, let's really invest in our digital properties, go direct-to-consumer, not only in terms of selling content, but also providing content directly there, and really built out a platform and then built a suite of digital products that sit on top of it. To this date, since we launched that platform in 2022, we have had 100 million digital transactions go through that. We have a lot of first-party data, a lot of implicit and explicit information we know about our customers. It allows us to serve them better. Yeah. Fantastic. Let's talk a little bit about Amplitude. What kind of insights did you initially gain from Amplitude? What did you learn? I mean, a broad set of things. I would say one of the key things that was important about Amplitude as a tool compared to a lot of other tools, a lot of analytics tools very much were just counters, almost bean counters. Two people came to this page, three people came to that page. Really understanding the complete journey is what we started to understand, that how people consume content first thing in the morning and where they go and how to increase their engagement was very different than before the game. We started learning a lot about that does not only change through all of the typical factors you account in terms of where someone lives or how old they may be, but also different fans follow teams in different ways. We were able to kind of grab those insights. Other fans, we were able to move them along their journey by encouraging them to take actions that we saw were successful with others. Fantastic. We have been working together for a number of years. Talk us a little bit more through the journey. You started with product analytics. Then what happened after that? When we first started, we started with analytics. We actually started in just our international version of our app. We were really just blown away by all the insights that we were able to get. We really got to take this and expand out to other applications. We moved into some of our other leagues, to our teams. One of the biggest things that we grabbed from that, and we said we really is important to motivate going through, is that we would show people examples. I remember one of the first times Amplitude came in, I realized that you actually use your own product to gain a lot of insights and things that are going on. Because it's really hard, especially my background coming as an engineer. You approach someone, and the first thing you say is like, I want to rip out this piece of code, and I want to put in this new piece of code. They all kind of have that fatigue of, hey, it's only one line of code, and in one day you'll be up live. You always have that aspect you're trying to manage through. The ability that we had in Amplitude, and very quickly we could show the value that we were getting. We also had other leads excited about it. It made getting it into other applications a lot easier. Right, right. You moved beyond just analytics. Now you're also leveraging experimentation and Session Replay. What have you learned from that? What are the takeaways from that? I got to admit, I was in here a little early, so I saw the multi-products. Definitely a multi-product customer. I think integrated solutions are very important, allowing you to be innovative, allow you to move fast, allow you to be also efficient. As we transferred from analytics and also added in experiments, that allowed us to say, OK, now that we see what's actually happening, let's put an experiment in the marketplace to see if we can actually change that behavior. Really good experimentation usually means most of them fail. What it allows you to do is to say, OK, I can do a test here, do a test here, find one that works, and then just really not even double down, but triple down on it, and then activate it with marketing, start to talk about that feature on social. It allows everyone to get very pointed direction, and then it drives results. Every time you're experimenting after that. Obviously, we're going to be transitioning to also including Guides and Surveys. That whole approach of the customer journey and making it easier, I think it's important to have that integrated solution. Did you just say that you're also going to come with us on Guides and Surveys? Yes, I am. That's news, by the way. That's good news. I like that. That's very good. Do you have a survey product today? No, we don't. One thing even is important about, I'm excited about using the survey product in this solution, it's not only to survey about digital consumption and behavior. As some of you might be aware, we had a trade that was quite talked about in the news and covered from there is now that we know a lot about the fans that are coming through our products, we actually can service the broader set of the company and actually do surveys to things that may not be directly about the NBA app, but more about how they're feeling about fandom and kind of driving that business across the board, even though that's not directly direct-to-consumer in terms of selling a streaming service, but it may be very beneficial to our NBA teams and tickets and merch and other things they may be selling. Very good, very good. Initially, the website international, we've now expanded onto many more properties of the NBA. What's the plan here? The plan is we are across all of our digital properties, we have analytics, some of them on experiments, and the plan to get fully kind of across the board with everyone kind of using the solutions moving forward. Fantastic. Very, very good. Now, I have saved the most important question for last. I have to disclose, I do know the answer, but I think you might find this interesting. Looking at the WNBA and the NBA, who are your two favorite teams? First, knowing some of your background, I would have expected maybe to get a question about a Seattle franchise. You did not give me that one. I do get the question a lot. I love them all. There is no difference in between them. I would say I was born in Toronto. I grew up in New York. My wife's from San Diego. That'll give you some hints to kind of what my household may be like. In general, I root for all the teams the same. Fantastic, fantastic. Chris, thank you so much for joining us. It's a pleasure working with you. Thanks for sharing your insights with the team here. With that, thank you. Thank you, Tom. Thank you. Really appreciate it. I am going to hand over now to the brain and the beauty of this operation to our CFO, to Andrew. Andrew. Thank you, Thomas. Here we go. All right. I get the auspicious role of closing out our Investor Day. What I'd like to do is share a little bit about some financial information with you all to help you understand how we're building a durable growth business. First and foremost, you should understand we're focused on three basic priorities for our financials. First and foremost is growing our net new ARR. Now, if you don't know, 99% of our business is from our subscription. And our subscription ARR is the precursor to our revenue growth. If we drive net new ARR, obviously we're going to drive our growth. You heard Francois and Spenser and even Thomas talk about the investment in the platform. I can tell you that the platform is increasingly enabling us to reach a broader set of customers. It's enabled us to drive greater efficiencies to our model. It's enabling us to provide greater and greater values for our clients. This is an area you might say it's more of a product-related area, but I will tell you this cascades down into the financials as well. If you've heard me on any of the earnings calls, you'll know that all this focus on growth and investment, we're still trying to be very disciplined about making sure that that growth results in increasing amounts with leverage. I want you to know we have multiple growth drivers in our business. First and foremost is the investment in our platform. It is the source through which we are generating value for our clients. It's the way in which we're driving convergence in the markets that Francois talked about earlier. We see this market convergence happening between product, marketing, and customer analytics. Really, it's all about trying to understand how our businesses, our customers' businesses, are better interfacing with their clients. Because of the progress we've made, we're increasingly appealing to a broader set of enterprises, and that's allowing us to acquire new customers. I'll talk a little bit more about that. When we land quickly with those customers and we prove out value, we earn the right to go show them how we can drive that consolidation story. We earn the right to go offer a broader set of capabilities that drives our expansions. That's opening up a whole set of new use cases for us. We're able to go after a whole set of areas that we didn't even anticipate before. That's opening up to greater personas and greater industries. Thomas talked about it earlier. It's not just the digital natives anymore. It's also classic enterprise businesses that are trying to figure out how they better digitally engage with their clients. Now, longer term, when you think about our growth areas and where we're investing, we'll continue to invest in greater coverage, expanding internationally. Ultimately, we'll start developing a broader set of partners that can help us reach out to a broader set of industries and prove out more and more cases of automation and efficiencies. Now, I want to hit on this again because I think it's really important for you to understand a little bit of the history. Because through our innovation, we're actually driving this market consolidation. In a period where we've had difficult macro backdrops, our sales team has actually been able to come and showcase to clients how they can get a value for the money for investing in Amplitude. Many times we can go into a client, we can actually show them, hey, you can consolidate multiple different technologies on us. We can save you on licensing. We can drive greater efficiencies. And guess what? We'll lean into that value proposition so you have the perception that you're getting value as you're deploying. It is really, really important. The fact is that we're not just going after the long tail of technologies that have been out there, that have been created around the analytics story. We're actually going up right against the very historical install bases of Google and Adobe. OK, Thomas mentioned about two years ago, he started changing the way in which we were interacting and targeting our clients. He changed the customer segmentation. He changed the coverage model. He started changing the sales processes. At that same time, we were building out multiple other capabilities that were attractive to enterprise clients. That has enabled us to drive greater acquisition of enterprise clients. We're seeing it that they have 2.5 x higher lands than we do with non-enterprise clients. This became a new cohort that we're starting to disclose. You'll see us talk about this more and more and more. For us in particular, we drew the line at companies who have 1,000 employees or more or have over $100 million in revenue. Now, why do we have an OR on that? We're in that category. We're increasingly selling to companies that have aspirations to drive their digital engagement and grow. This is an easy way for us to segment both traditional and non-traditional enterprise clients. They're landing at 2.5 x higher. The great thing is we're increasingly showing greater value as they adopt. The integration that they drove at last year with our Amp Easy showcased that all our products are not different things that you have to install, but rather they're one integrated environment where customers can show great value. They're rewarding us with 4x higher expansion rates. The enterprise class is buoying our growth. If you think about it over the last couple of quarters, an acceleration of our ARR, it's because we're adding more enterprise clients and they're seeing the value in it. It's helped to offset, frankly, some of the churn we've had from COVID-related and zero interest rate periods where people overbought. I want to give you another data point. When we're appealing to enterprises, they're increasingly adopting a broader set of the platform. They have 2x higher rates of adoption than our non-enterprise clients when they originally started. In fact, we're starting to see more and more customers land the full product suite, not just a normal journey that Thomas was showing where they land with analytics and they move on sequentially. Rather, they see the broadness of the portfolio and they're landing with a desire to have access to all the products. Now, when that happens, we see that the enterprises are deploying at a 6x higher rate on ARR. You can imagine that our focus is on driving more and more enterprise clients and driving more and more of those enterprise clients to adopt the full platform of Amplitude. Over the last year, we made all these changes. We made all this focus. We reconstituted how we're thinking about enterprise. We actually saw an increase in the amount that we're seeing from enterprise clients. We went from 60% of our ARR to 65% of our ARR. We expect, as we are on our journey to $500 million and $1 billion, that that percentage is going to continue to increase. We changed where our sales resources are focused. They're focused on the enterprise. Our marketing is focused on the enterprise. Our products are increasingly appealing to the enterprise. That is the underpinnings of our growth and our improvement in our net dollar retention rate. We went from 96% in Q2 to 98% in Q3 to 100% in Q4. We are intending to increasingly drive greater acquisition of enterprise clients and expand with those clients to improve our net dollar retention rate as well. Our growth algorithm is really not that hard. We're a classic enterprise land, expand, retain model. Over the next few years, as we start driving our business growth to that $500 million ARR point, we're going to add new enterprise logos at a compound annual growth rate of about 12%. If you look at the way that Thomas's team is driving greater and greater sales efficiency, the way they're targeting customers, this seems a very reasonable goal for us to go after. We saw the most enterprise clients land with us in the last quarter. We are starting to see the benefits of the investments that we've been making in our coverage and our product come to fruition through greater acquisitions of enterprise clients. Now, if you look at the base of enterprise clients we have today, about 750 of them, you'll notice that they have about an average of $270,000 average ARR. Over the next few years, we expect that we can add additional value to each of those existing customers as well as new customers and grow the average. We talk about it many times on the call that we're not expecting a major improvement in macro to go drive our business. The fact of the matter is we have had difficulties around SMB and mid-market churn over the last few years. The non-enterprise segment, although it's going to grow, is not going to grow at the same rate. You might still see a classic SMB mid-market churn rate within it. We believe that we can add greater and greater value for that cohort and increase their average dollar size. Not a tremendous amount, but enough that actually will drive our path to that greater than $500 million. OK, now, the reality is even in our existing customer base, we see that our largest customers are adopting a multi-product platform approach than the smaller ones. We see that at 57% of our largest customers are adopting multi-product. When they do, it's resulting in 4x higher average ARR. Thomas mentioned it earlier. We still have a great opportunity to just go sell our existing set of products and capabilities into our existing customer base to the tune of at least $160 million in ARR. The motion that you're seeing is starting to result in the acceleration of our growth. It's doing it in a material way. In fact, some of the things that we did in the latter part of last year as we were really honing on our enterprise message, we started pulling other levers and making changes to our incentive program to really align our strategic objectives and what the sales motion was putting in place. That has enabled us to expand our contract duration. Our contract duration, when you have multi-product, you're leaning into a customer's value proposition, is really, really good. It puts a very strong, durable framework around even when you have macro issues. Our RPO has increased by 29% year-over-year. Our long-term RPO has increased by 67%. Here's a little secret. When you drive greater contract durations, the amount that you have to renew each year falls. When you have to renew less of your contract base every year, guess what? It shows up in greater productivity for the sales team because they can increasingly focus on driving greater value for their clients and showcasing all our new products and driving expansions. If you do the math, our churn is going to go down because we're driving the right type of durable engagements with our clients, providing value, increasingly driving a consolidation story. It's resulting in the right frameworks and contract duration. Now, I want to talk a little bit about we talk a lot about growth and all the things that are behind our growth. I want to actually share with you too the mechanisms and levers we're pulling to drive leverage. Over the last year, we've done a lot of work to increasingly instrument and drive process changes to improve how our business is operating. We're improving our gross margin. You could see that in the estimates that I gave at the last earnings call. Improving the gross margin. We're improving sales efficiency. We're driving greater efficiencies in our G&A line. On R&D, I will tell you, I looked at it. We were a little bit underinvested as a percentage of revenue. As part of the Command AI acquisition, we brought a team over. That's helped to get up to 18%. I still think we're a bit light there as far as driving growth in our future business. As we map to $500 million and $1 billion, we're going to continue to drive greater and greater actions to drive efficiencies. On the gross margin line, it's about driving increasing optimization associated with how we're delivering our subscription service. You heard Francois talk about the enormous amount of data that's being presented and all the different ways in which customers are engaging clients in different mechanisms, whether that's on kiosks or wearables or applications or websites. That is increasing amounts of data. The time that people are spending in those environments is increasing. All that data pressure is coming down on us. We have to continue to drive optimizations to make sure that our gross margins are continuing to improve. Now, over the short term, as I've said a couple of different times on our earnings call, as we invest in the enterprise, we're going to have to invest in services capabilities. Because even if our products are perfect, customers are not. Sometimes they need a helping hand to really understand how best to integrate within their environment and drive the right types of outcomes. We're going to be investing to go create that partner ecosystem that, frankly, can do the delivery for us so we don't have to invest as much. The thing is that we found too is as we add more products to a customer's capabilities, the actual marginal incremental cost associated with investing data drops, which is a great thing. We have all these things working toward us. In that $500 million ARR range, we can get above 80%. As we drive to $1 billion, we even think we can go further than that. All right, on the sales and marketing side, look, this is about hardcore enterprise coverage improvement, sales processes. Thomas was talking about earlier about pricing packaging, how we do deal constructs. It is about really scaling the capability for the team to sell the broad value that we have and making sure that we're increasingly generating the right focus on our demand gen. So they're focusing on the right customers. That demand gen is resulting in the right campaigns to do conversions. All this is how a company scales. We're increasingly believing that as we get to $500 million, we can drive that down to 38%-41%. Even beyond that, as we go to $1 billion ARR, that 30% range, 30%-32% range. On R&D, actually, we're going to try and keep it in that range of 18%-21% between $500 million and $1 billion. That means both inorganic and organic growth and making sure that we're investing in the future products that our customers will need. On the G&A side, this isn't rocket science. This is coming in. It's renegotiating contracts. It's getting vendor consolidation. It's driving down facilities costs. It's about not investing in G&A as fast as your revenue growth, driving efficiencies more and more. As we go closer to $500 million, that'll get closer to 10%-12% of revenue. As we get closer to $1 billion, we want to get that below 10%. That's an 8%-10% range. Now, here's the crux. As we drive greater efficiencies, that obviously shows up in improvements in operating margin. In my guidance in 2025, you probably noticed we're moving from unprofitable full year to profitable. As we drive forward, we want to make sure that as we grow, we're driving a profitable result for that so we can increasingly drive towards that Rule of 40 picture. OK, in closing, I just want you guys to understand that we are investing and focusing on driving value for our customers. We believe there's a huge market opportunity for us to do that. It's incredibly important that we understand that this market is early, but there's so much going on that's driving that convergence. We're rapidly innovating our products. We're introducing cutting-edge AI into their capabilities to drive efficiencies and optimizations for our enterprise customers. The enterprise focus we have with our go-to-market team is very, very aligned with the products we're creating. There's a strong feedback loop as we start working with our customers and they're giving us feedback on what we could do better that we're constantly ingesting that and focusing on the future. Hopefully, you understand that because we're focusing on enterprises, they have higher gross retention rates. They have higher net retention rates. They have higher lifetime values. And they typically contract us for longer durations. In fact, the customers that are both enterprise and multi-product, the average contract duration is already up at 25 months. Now, we're pushing for closer and closer to 30. But as we get there, it becomes more and more durable. So with that, we can move to question and answer. All right, we're going to have the entire leadership team, not just those I presented, join us. Get ready for questions. And as we get the mics, I'll throw one out there. This one's a little bit over. Yeah, yeah. Just turn it. No further. Yeah, yeah. I can see. I'll sit here. That's great. Let's see. All right, our first question came in online. And then our second question will go to Jackson in the back over there. Maybe for Francois or Spenser, we should o ver 230 different features and products last year. That's pretty incredible pace. You're talking about re-accelerating, continuing to accelerate that pace of innovation this year. I'm sure we're going to get some questions on AI in the room. Outside of the AI products that we're shipping later this year, what are we focused on? How are we thinking about the opportunity from the product roadmap for this year? Yeah, I think first to understand, now with the addition of Guides and Surveys, that represents the core platform. There's not really a point solution out there that you need to use aside from Amplitude. We're able to offer consolidation for our customers among all of those different pieces. We're not slowing down on it. I think within each of those products, there's a lot to do. For example, on Guides and Surveys, I called out we need to launch a mobile version. That is coming in Q2. On analytics, there is a bunch of marketing analytics capabilities we are focused on building to take out a lot of the legacy players who are moving their entire system of record on digital from marketing analytics solutions to Amplitude. There is a whole bunch more in Session Replay. There is still a lot to do and be aggressive about on the core platform. I think outside of that, the big bet is AI agents that you saw. That is where we have our top people within Amplitude focused on. Actually, a bunch of folks from my co-founders are working on that, a bunch of folks on the command team are working on that. We are continuing to invest behind there. I think there's incredible opportunity on a number of different places in terms of automating insights and automating actions. One of the things that we're actually looking at beyond that is what we call Copilot, which is like a Q&A help bot, for example. There are a lot of adjacencies where it's like, OK, we have this repository of behavioral data. How can you activate it in different places? We will be coming out with quite a bit more on that. What I'll add is, I mean, you've all seen the pace of innovation, really pushing for a breathtaking pace of innovation. Because innovation is our lifeblood. It is how we're going to differentiate for our customers. The way that I think about where the roadmap is coming together, supporting what Spenser said, is first, we're accelerating the platform strategy, adding more capabilities, the richness of the platform. That is really, really critical to the success of our customers. Second, Spenser mentioned, it's about accelerating the marketing consolidation opportunity as well. Customers are frustrated with Google and Adobe, the lack of innovation in their platforms, the lack of flexibility, the rigidity. We are making Amplitude the best place for all those customers to migrate to. We're seeing that happening quickly. We're innovating to address as many of the opportunities on that front. The third is really around the enterprise. As we invest more in the enterprise go-to-market, we're continuing to work closely with our customers to ensure we have the right capabilities to be able to scale with them, have the right security, compliance, and automation capabilities to enable you to go there. Of course, all of that will then power our agentic AI capabilities, which we're really excited about. They build on the whole platform. All the innovation is really propelling the opportunity for our customers to drive more success. Great. Thank you. All right, we'll go to Jackson. Then we'll come down here to Liz. Thank you. Not sure if this is on or not. OK, it sounds like it is. Jackson Ader, KeyBanc Capital Markets. Thanks, guys, for doing this. Quick clarifying question, Andrew. How quickly did enterprise ARR grow last year in 2024? We talked about, Thomas talked about on his slides that the focus on the enterprise and new definition was growing 88% year-over-year. 80% net new. But ARR less churn. That overall business, the ARR growth rate, do we have that number? That grew 80%? I'll pop ahead for that. I'll give it to you. OK. You guys should do the math. 60%-65%. OK. 60%-65% of the base. The reason that I asked to clarify is simply because it seems like the implication for, call it the next four years or so, is like mid-teens growth for the enterprise, just doing some same kind of back-of-the-envelope math. Right? It sounds kind of more exciting than that. Right? I'll be honest. What is the governor on the enterprise growth rate in the next three to four years? The governor is really just us getting more and more the sales team understanding and selling the platform story to a broader set of enterprise customers. Frankly, getting over some of, I think, the broader market malaise within the application space. If we're able to showcase even with that, there's extreme value by consolidating on Amplitude, then certainly we think that we can accelerate the growth of the enterprise segment. Got it. OK, one more real quick one. Gosh, what was it? The top 60 customers that make up like 30% of the ARR? 30 customers, 30 prospects. Yeah. Got it. OK, great. What's like the total wallet for just if you think about those customers? What would be the TAM of just those 60 customers that you could seemingly go after and tackle in the next couple of years? Just look at those current 30 customers. We have to follow up with precision with you. The order of magnitude is 3x-4x current ARR, current revenue. There is significant opportunity. That means selling the entire platform. It means expanding into all those companies, divisions, groups, geographies, and so forth. There is significant opportunity. Got it. Thank you. The vast majority of the logos you see in the traditional enterprise, we are very early. NBA is kind of an exception in that they have kind of deployed us wall to wall. 95% +, it is like we are only on a portion of their company. There is a lot more, as Thomas said. Got it. Thank you. Thank you. All right, we will come up here to Liz. Then we will go to Scott Berg after that. Great. Thanks. Elizabeth Porter from Morgan Stanley. Spenser, first question for you is, could you just talk a little bit how the market has evolved as it relates to people's willingness to essentially turn over the reins a little bit for the data-driven approach as opposed to the gut-based instinct? That was really what product developers would use, especially as it relates to going to this always-on AI to drive that decision? As a second, maybe for Andrew, once this rolls out, what does it look like? Is it more consumption versus tiered subscriptions? How do you balance the kind of a price to get customers willing to try out this new approach versus maximizing the value for the company? I think historically, you've seen product teams, to your point, be gold around ship the roadmap. Did you get this release out? Did you get this feature by this date? I think what we're seeing a change in the most sophisticated teams, starting in tech but increasing in non-tech, like I was just talking with Chris from NBA about this, is they are now focused on how do I drive better customer engagement. Their top-line goal is not get this release out. It's, hey, I need to grow my retention by 10% this year. I need to grow my conversion rate this much. That translates to hundreds of millions or billions in revenue for the company. In order to get their arms around that, that's what drives the need for an Amplitude. Because it's like, OK, how can you possibly do that if you don't understand how that data breaks down and what's going on in the user journey? I think we're still, frankly, it may be surprising to hear this, but we're still early in this transition. That's part of why I talk we're early in the market. Because most product teams, they're still thinking about this way. The best have started to go from the kind of ship the roadmap approach to the quantitative, let's actually focus on driving user engagement and conversion retention and the revenue of the business. It's still very early for that. I think the best, we talk a lot about kind of the previous generation. The same thing happened in marketing a decade or two ago, where if you were a CMO, I mean, literally, this is like what the show "Mad Men" is based off of. Right? It's about, hey, do you create a marketing campaign that zips and connects with someone? Now it's like, if you're a CMO, you're expected to show up with metrics on your campaigns. Hey, what's my breakdown of ROI per channel? Where am I getting most engaged from your users? You're expected to be operational and very quantitative. It's like a given. A CMO wouldn't dream of showing up to an executive team meeting without that data. We're seeing that same transition happening for kind of the rest of the digital experience, not just marketing as a channel. Now it's like, hey, as your digital product team, you're expected to understand the same thing too. On pricing and packaging, first, I think I'd tell you that the vast majority of our customers have a pricing meter that's based on the number of events they ingest within the platform. We think about it in terms of that was our early foray into really align a customer, how they thought about the value proposition that analytics provides with the variable rate in which they were actually using it. As we introduced more products, that became more complex. Because there were lots of other products that have different meters. It really led us to understand that this is a little bit too much of a burden for customers to go through as they're adopting new products and the complexity associated with license administration. The interesting thing is that as we go forward and we're adding more capabilities around it, customers are not telling us that events aren't the right meter. In fact, it may be the best proxy still on value. That value proposition changes dramatically because they're able to use more and more capabilities. You heard Francois talk earlier about how customers are increasingly driving experimentations using our analytics. The usage of that is certainly driving greater value. The proxy on that is maybe still the data that they actually ingested. We are going to be introducing new pricing and packaging that makes the journey for enterprise customers less frictionless, that it incents adoption. As we add agentic to it, it is certainly an additional aspect to that value proposition. What I have seen a lot of companies do so far is they talk about it in terms of it is some additional volume metric. I am not so sure that the value proposition has changed. Rather, we are adding more to the value proposition. Think about it in terms of if we were charging $100 before, maybe that same set of services with a broader set of applications is actually worth $200. This is an area where you'll see us talk about more and more throughout the rest of the year. Know that it's certainly not our objective to make the adoption path full of friction. We want to do the opposite. We want to create as much adoption as we can. Because the more customers use our platform, the greater value they get, the greater value they get, the more they're going to be willing to engage with us. Great. Thank you. We'll go to Scott and then Taylor. All right, thanks everyone for doing this today. I guess I got two here. I'm going to continue on the theme around, I guess, agents and whatnot. How much of the platform does a customer have to consume to implement your agents strategy? 2024 is kind of, I guess it's 2025 now. It's kind of the year of agents and application software. Right? So how much of the platform do they really have to use? The second question is on a financial question. $500 million of ARR, it's obviously higher than what you guys are today. What growth rate assumptions are underpinning that model? Because 10%, while it's a nice number, I guess how does that move or ebb and flow at a higher or slower maybe revenue growth rate than what you're thinking? Thanks. I'll start on the question about agents. As Thomas and I have been meeting with customers and sharing the roadmap, literally 100% of our customers are saying, we want to engage with you on agents. What's interesting about it is that when you look at our platform, think of every one of the words in the platform as new skills that the agent has access to. There are more capabilities. Yes, analytics is the foundation. As you add other platform elements, the agents become more functional. They have more capabilities to solve more problems. A lot of these customers were really thinking about it less in terms of the platform capabilities. Really, if we bring all this together, oh my god, we can actually solve new problems in new ways. They can start with just analytics, as we saw from the analytics agent. The agents get better, smarter, and more capable the more of their platform they have access to. On that, just one key point to emphasize. If you think about it, what underpins everything here is data. We just have to ingest the event data once, not five times for five different point solutions, which many enterprises are dealing with today from five different vendors. Our opportunity here lies in our fundamental COGS is one-time event ingestion. For us to go aggressively into the market and outprice our competition, all the point solutions, bring the customers onto our platform in a very advantageous manner for the customers, it works. It's a very strong story. You automate it with the agentic approach. I would only add to that is you instrument it once, and then you get to build on that. Not only can it see the events specifically as you went through the platform, it can start to recognize the user and all of the details around that user. It can radiate out to the cohorts that are involved in that. You get to use all of that. On the growth side, Scott, we've been slowly but surely progressing our sales productivity. We've been adding more capabilities for customers. That is expanding the ability for us to drive ARR higher on each engagement. I tell you, we're still overcoming some of the past associated with the period of overcapacity sales as a result of COVID and from the zero-interest period. That has kind of dampened down our growth. If we hadn't had some of those self-inflicted wounds, if you will, we'd already be mid-teens. When we think about getting to that $500 million ARR, it's certainly one that we're expecting to continue to accelerate our growth. There are some things we have to continue to do. We still have to execute. We still have to go after customers. We still have to make sure those customers understand the value. We have to increasingly appeal to that value-for-the-money story in a period where there's a difficult macro. All those things are kind of underpinning it. Do we believe we can go do it? Absolutely. Otherwise, we wouldn't put up those numbers. Now you're just asking, when can we do it? OK. That's the real story. Great. Thank you. All right, we'll go with Taylor. Then we'll come up here. Yeah, hey, Taylor McGinnis with UBS. Thank you guys so much for taking the time today. Two-part question. The first one would be, I want to touch on the usage metrics because I thought that was very interesting. I think you talked about event volume growth growing 30%, which is obviously a lot higher than revenue growth and where your NRR is today. When you just think about the opportunities to monetize that, maybe it's a function of some of the cross-sell opportunities today. Could you maybe elaborate a little bit more there? Might be monetization as it relates to AI agents. I'd love to get your initial thoughts on what that could look like. Andrew, for you, when you think about the bridge to get to NRR of 110%-115%, could you just break that down for us? I don't know if you can give us what enterprise and non-enterprise NRR is today, how much of that is mixed, how much of that is churn, volume growth, cross-sell, just any color there I think would be really helpful. On data volume growth, 30% year- on- year, amazing revenue growth, a good deal less than that. I think I actually heard a really good metaphor for this last week, which is kind of like bandwidth, which is bandwidth is increasing 30% year-on-year. But unit economics are dropping by 20%. The overall market for that is increasing 10%. I think there's a very similar dynamic here, where to Francois's point, the amount of data, so the amount of applications are increasing. The amount of time people are spending in those applications are increasing more than that. The amount of data those applications is kind of being increasing even more than the time spent. The more data to us, the more value we can generate in all sorts of ways, whether through insights or the agentic or interventions we can do or what have you. We think a lot about, OK, we're continually reducing the cost of incremental data to be sent to us. That way, because the more data that gets sent, the more value is generated. The value metric, to Thomas's point earlier on COGS, it's like once that's in, there are tons of ways and tons of applications to activate that data. The insights and the analytics product are one. You have the Session Replay. You have Experiments you can run them on. You can have Guides. You can have other interventions where you activate it through messaging products. We have this thing which is like, yeah, don't bet against the growth of data. We're betting for it. We want to reduce the cost on, so there's more of an incentive for customers to send more of it. That will enable more and more use cases, which will allow us, the aggregate, to grow and for us to charge more. Yeah, maybe just to add, I mean, as I mentioned during the talk, the reality is we're adding more applications that don't necessarily have the same marginal incremental cost associated with data ingestion. The more we're able to add to value, then you get those higher ARR values. It goes without saying, enterprises are higher on NRR. If you think about it, over the last year, you've seen us increase our NRR every quarter. Vast majority of that is not related to volume expansions. That is related to our ability to actually expand with existing clients. Throughout 2024, we had a very, especially Q1 through Q3, there were not nearly as many new logos as there were expansions. In fact, in Q3, you saw us talk about that our quarter was buoyed by a number of multi-million dollar expansions. That is the potential. In Q4, we saw many more new logos actually land, enterprise new logos, giving us better balance. As we think about it over a period of time, if we are able to continue to drive that better balance, new logos and expansions, it gives us confidence we can increasingly drive the overall customer base, including enterprise and non-enterprise, to that 115%+. It's just a reflection of that increasing value that we're driving for them and the increasing ARR associated with every multi-product implementation. Great. Thank you. All right, we'll come up here to Brent and then we'll go to Koji after that. Thank you. Wade, I'd be curious. You've been a consultant for the company for a long time. You joined full-time in October. Why now? And what are your one or two top priorities? Francois, if you could follow up, we're moving from human-driven product analytics to agent-driven analytics. I'm just trying to understand, do you think that changes the volume characteristics of what people do from small cohort analysis and small experimentation to managing everything? Or is the agent strategy all about cross-sell and getting everybody on all the products? One quick follow-up for Andrew. Thanks. Yeah, for me personally, the volume of data that's coming through and the ability for people to make more intelligent decisions with all of that data in the current landscape of where AI is a big challenge for most, that's just a huge opportunity. If you look around, I felt like we were prepared to actually go and provide better products, platforms, and services, and even engines that can help actually prepare that or propel that moving forward. When I saw the size of the opportunity and I knew the team, it was just a no-brainer for me to go focus on this personally moving forward. From the things that I am trying to affect early on, it is really about making sure that we've built leverage into our products and services that we can continue to leverage and make sure that we have the right teams focused on the biggest initiatives internally. Nothing more complicated than that. You've been an amazing partner since joining. Really excited to be working with you on innovation. Talk about agentic. It's interesting because as we talk to customers and they think about the opportunity, they really think about it in two ways. Number one is, can they get more essentially virtual FTEs? What would it look like if I could augment my team by 100 people where somebody is doing work 24/7, it's always on, and doing more analysis than before? They're looking at essentially getting more value out of the data that they have in Amplitude. Second is the kinds of jobs that they do will be multifaceted. Some of them are actually small jobs where you have to do it consistently 24/7, right? Website optimization, user onboarding. It's a thing that has to happen at all times, whether it's the middle of the night or on the weekends, you have to work through it. We see that the agents will really play three roles. One is to be the assistant to help you increase the leverage you have on the data. Second is to do work on your behalf so that the people become smarter or focus on more strategic projects. The third is really more of the operational monitoring set of use cases where the agents always have your back and they're running that work. Ultimately, what we're trying to focus on is what are the right metrics that each agent will go and work on and how do they continuously improve to move those metrics forward. Really connecting the data we have in Amplitude with the outcomes that customers are trying to drive, the agents actually will make that opportunity flourish. Helpful color there. Save the tough one for you, Andrew. Great presentation around the future direction where you're going, hopefully get the North Star on enterprise. We're in an environment that's pretty challenging. We got tariff wars. We have recessionary fears. What are you seeing on the ground right now? Are larger deals getting tougher to actually close or not? Just give us a quick snapshot of what you're seeing in the field from a demand perspective this quarter. Thanks. One of the things we've talked about a couple of times on our earnings calls has been that we're not depending on the fact that macro gets better. In fact, you even saw in our broad build to the $500 million in ARR, we're not expecting that the non-enterprise group necessarily grows that dramatically. In fact, I think that we're expecting, even with the latest changes in tariffs and other things that are in the marketplace, that you're right, it could get more difficult from a macro perspective. That just means that we need to lean harder on really providing that value for the money proposition for our sellers as they go out and showcase how every CFO, every CIO, every CMO, that if they standardize on Amplitude, they actually save in licensing. They can actually save on the number of people they need, the total cost of ownership, how they're managing their data. This is about automation. It's about automating your business practices and how you're engaging with your customers. Yes, it's difficult sometimes to make investment decisions and make changes in your technology. I'm not denying that sometimes enterprises can look at that as maybe this isn't the right time. If it's really underpinning the benefit of their long-term business and we can show that they can actually save money over the short term, then that's a sales method that we're going to continue to flex. What's been interesting is it still is a company priority. I mean, you look at the one channel that's growing for all these companies is digital. And everyone's very clear that this is going to be data-driven. Now the question is how, who do we go with, what does that look like? That's where we're excited about the case that we put together as the platform consolidator for that. Never waste a good crisis. I mean, there's never been a better time for companies that are looking to save money to actually consolidate four, five, six-point solutions into one platform. In some ways, not always, but in some ways this does help us. Great. Thank you. All right, our next question will come from Koji and then we'll go to Arjun over here. Hey, guys. Koji Ikeda from Bank of America. Thanks for doing this. Maybe this question is a follow-up to what Brent just asked, kind of thinking about two growth drivers that I kind of see with the business. One, currently with the consolidation opportunity, which sounds nice, but that's more of consolidation of current deployments out there and current workflows. Maybe what's a little bit more exciting is the future, the products that you have and the potential to change the way that companies think about digital analytics. And so what does it look like in the future for digital analytics? How does the end market maybe change the way that they're thinking about digital analytics using agentic AI and balancing maybe the consolidation as a growth driver versus agentic AI in the future to get you to that $1 billion goal in ARR? What does it look like? I think if you look at the history of data, and I kind of alluded to this in my opening section, what you've seen is that data is getting to more places and more functions. Historically, it's only been the purview of central data teams, and those are the ones that used data and analytics. Then you see addition of marketing teams that are expecting to be data-driven. Now it's like, while product teams are leading the charge, it's almost every single function in an organization has some touchpoint with digital. In order to better understand how to optimize that touchpoint, you're going to need to look at data. Whether you're—we talked obviously about product, marketing, and growth, but we even see, say, customer support teams that are leveraging Amplitude to see what is it that someone did before they hit a ticket. Or you see sales and customer success teams seeing, OK, how is someone actually using the product so that we can create product-qualified leads when they hit this trigger point? Because no matter what function you are, you're touching some part of the digital journey and you need data for that. Now the opportunity with AI is, I think one of the missteps I see some companies in their approach is that they are saying, hey, I have all these data problems. Give it to a data leader. They figure it out. Their job is to just provide insights for the rest of the company. What we found in working with our customers is that does not work. You need to scale it so that product managers, marketers, growth teams, all these folks are self-serving because the number of people who know how to write, say, a SQL query in a company, tiny, tiny percentage, whereas the number of people that need access to the data, massive. What you want to do is, OK, how can you find ways to easily enable it for them? I think what is exciting about--we went from, OK, SQL queries on this data to now Amplitude, kind of the point-and-click interface Francois showed you in the demo, to now with the agentic stuff, you have a chat interface to say, OK, what are different methods I can use to drive conversion? Or where are people getting stuck in my product and how make changes? We do the work of sifting through those thousands of data points across millions of users and coming back to you with ideas. That enables--it's kind of like that's kind of the last frontier, right? You are going from, hey, you got to know SQL to, hey, you need to know the data taxonomy to you do not need to know anything about it. You just need to work with this agent and it is going to give you the leverage. I will add maybe an analogy. As I was describing earlier, the path that we have been on prior to Amplitude being physical maps to then Amplitude being the GPS that is with you at all times to self-driving cars. I mean, think about the world that we have been in, right? GPSs haven't been in your pocket until the last decade. Now each and every one of us has that power. It's in our cars. It's on our phones. It's everywhere. That's the same potential that we want to drive. We want to bring that same power to any builder, any person that is trying to improve the customer experience. That's a nice analogy in a different category. I come from two different places prior to Amplitude. I was at Microsoft on the Excel team. I was at Tableau in transforming the BI industry. In both of those cases, the technology has dramatically democratized access to data. Excel was for finance people. It became for everyone. BI was for IT. It became for all business users. Amplitude is trying to democratize it and bring it everywhere. The patterns have existed. We're going down that same journey. As Spenser mentioned, we're early in the category. We have to continue to democratize it and make it easy and accessible for every single person that needs access to customer data. The acceleration with AI actually will propel that, I think, 100x because the complexity decreases dramatically. Great. Thank you. All right, our next question will come from Arjun. Then our last one will come from Nick. All right, perfect. Thank you, guys, for having us. Maybe one for Spenser. I think the consolidation vision is quite compelling, especially given how fragmented the market is. Can you maybe just touch on why is Amplitude the right place to consolidate and why is analytics the right place to consolidate on versus all those other vendors, I think, in experimentation and CDP and Session Replay also want to consolidate and also want agentic? What's the edge that you have? Thomas, I'd be curious to hear kind of what customers are saying in terms of how difficult it is to actually rip out some of their existing tooling that they have implemented in some of those areas. The reason we started with analytics is because analytics is the system of record for the customer journey. If you have that data in place, it is much easier to leverage that for all the other use cases, whether that be experimentation, the Guides, Session Replay, targeting, more. What we've seen in the market, and that was kind of a founding thesis and why we started in this, is because we saw this infrastructure needs to be built. Where do we start? analytics, because that's the system of record. What we've seen, Thomas will talk about a little bit, but what we've seen in practice is it is much easier to move off of those other tools than to move your analytics data. Your analytics data, it's large. It's complex. It's cumbersome. It's like one of the rules in big data, the bigger your data, the harder it is to move around. By starting there, whereas a feature experimentation platform or Session Replay or some of these other things that attach onto that, those are much easier to change out. We're never seeing anyone consolidate away from our analytics onto, let's say, an experimentation platform analytics, whereas we're seeing tons of moves the other way. The last thing I'll offer on this is that I think we studied Omniture and Adobe quite closely in order to understand how this market would play out. They did the exact same play. I mean, their first acquisition, their first acquisition was Omniture. They added Test & Target. They added a whole suite of messaging and associated products with it. That is because of the exact same dynamics in the MarTech ecosystem. Yeah, the biggest thing I'd say, Arjun, is talk to the customers about what they find hardest to move. You'll consistently hear that move to analytics. The reason I'm excited about that is because, yeah, OK, we have an early lead in digital analytics for the enterprise that can convert into lead for the entire category. To build on that, Arjun, the more complex customer move is when you move them off an existing product analytics vendor, like, say, Adobe or GA. We have worked very hard both with our own professional services organization, but also with partners across the world to optimize that experience. It is now an experience where for the average customer, it is a two to three-month period until they go live and they are seeing value. As a matter of fact, we can do it much quicker. It is just a question of availability of resources at the customer side, typically, that holds us back. When you then go forward and look at the other modules, the other products on the platform, whether it is experimentation or Session Replay, by and large, a much lighter lift. Some of those solutions, specifically experimentation, is a little bit towards the heavier end. We have built a number of migration tools to ease that migration and to speed it up. Typically, the core challenge is on the core product analytics. There we made a ton of progress. Can I ask one follow-up to Andrew? Just on the medium-term, long-term targets, was there a kind of a timeline that we should think about $500 million and $1 billion in ARR? In the future, Arjun. To be clear, we want to be growing a lot faster than we are today. We have said that before. I think 20% is kind of the minimum year-on-year, is the minimum. That is the bare minimum for the space. Really, we want to set up a place where a few years from now we are going 30% or more. OK, perfect. Thank you. Thank you. Our last question? All righty. Nick Altmann from Scotiabank. Thank you, guys, so much. Spenser, you guys have been public for a handful of years now. That's come with some success as well, some challenges from the [ZIRP] cohort and the low end. It's good to see you guys are focusing on the enterprise side a little bit more going forward. When you think about three to five years, we'll call it the medium term, right? You guys have kind of invented this category in a way of product analytics. We understand that the world's going to be more digital. There's going to be more applications focusing on user acquisition, user retention. What can you give us that can give us confidence that in three to five years' time, this space categorically will be more important, that the TAM will be bigger than it is today, that you'll be able to garner a larger portion of marketing budgets, product budgets, et c? What can you tell us that can give us confidence that, categorically speaking, product analytics in three to five years is going to be a much different TAM, so to speak, or end market? Thank you. Yeah, I mean, this is where I didn't even say, don't look at me. This is where you look at the customers. To your point, yeah, digital, that's been everyone gets that. That's 10 years old at this point. I think the key change we've seen in the last five years is that every C-level exec, they want, they know data is a fundamental pillar of a successful digital strategy. That is very, very clear to them. Now, the part that's an open question is how will that manifest in the market? There's a lot of different point solutions. There's a lot of folks building in-house. There's a lot of different ways that this can happen. Now, we believe we have the best approach for that, where we have a vertically integrated end-to-end platform to do it. I think what you'll see is while a lot of companies, say, in the technology business may opt to build this in-house, and even then, a lot of those are our current customers of Amplitude as we went through, I think it's very, very clear to me, and more importantly, if you all talk to the customers, that they realize they got to buy some off-the-shelf software to do this. Now, we're early in this. I think one of the challenges is, to your point, the crazy spike in 2021, where you had crazy spend and zero interest rate. We were 60% year-on-year growth. And honestly, a lot of it was fake in retrospect. We're kind of getting to the tail end of that now. To be clear, it was real revenue, not fake. It was real revenue. But it wasn't sustainable. It wasn't sustainable growth rates and sustainable value. It was more like a sugar high, so to speak. The unfortunate thing is that's masked the underlying trend of we kind of shared it on the enterprise growth in a number of different slices, whether you look at net ARR, whether you look at logos, whether you look at expansion rates, whether you look at the platform attach. All of that is happening. Part of the goal of today was to kind of communicate some of those metrics to all of you so you could understand and model the businesses. I'd kind of go back to the customers and seeing, OK, every single one, even non-customers of Amplitude, they're clear that data is a fundamental part of their digital strategy. Now what the market is deciding is where that's going to consolidate to. That's, again, we believe we're the best- positioned as a vertically end-to-grind integrated platform that started in analytics and is branching out onto these other things to do it. There are alternative ways that people are trying to solve it out there. I think if you look at both historically as well as, hey, how do you think this is all going to consolidate down, we feel best set up by far. I think the other thing we mentioned was that there is an install base of legacy applications that have formed their way into what we affectionately call marketing analytics. You can determine what level of TAM you want to assign to that. There are big companies out there. Increasingly, we're appealing to them. They're starting to use Amplitude versus those legacy technologies. Even if that market did not grow at all, which we certainly believe it will, there's a healthy install base that we can go after. Yeah, I mean, the question I'd frankly ask is, OK, it's clear there's spend on this thing between analytics, experimentation, a bunch of these other functionality. Where does that consolidate down to as the market matures? That would be the question I would ask. Great. Thank you. That is all the time we have for Q&A. I'll pass it to Spenser for any closing remarks. I just wanted to say thank you all so much for taking the time to come meet us, meet the team. Very, very appreciative of those who are current holders of Amplitude. Very interested in continuing to build our relationships with you and with potential new holders. Yeah, thank you again. Great. Thank you.