Good afternoon, everyone, and welcome to Amplitude's Fourth Quarter and Full Year 2025 Earnings Call. I'm John Streppa, Head of Investor Relations, and joining me today are Spenser Skates, CEO and Co-founder of Amplitude, and Andrew Casey, Chief Financial Officer. During today's call, management will make forward-looking statements, including statements regarding our financial outlook for the first quarter and full year 2026, the expected performance of our products, our expected quarterly and long-term growth, investments, and our overall future prospects. These forward-looking statements are based on current information, assumptions, and expectations and are subject to risks and uncertainties, some of which are beyond our control, that could cause actual results to differ materially from those described in these statements. Further information on the risks that could cause actual results to differ is included in our filings with the Securities and Exchange Commission. You are cautioned not to place undue reliance on these forward-looking statements, and we assume no obligation to update these statements after today's call, except as required by law. Certain financial measures used on today's call are expressed 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 planning and forecasting purposes. These non-GAAP financial measures have limitations and should not be used in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. Additional information regarding these non-GAAP financial measures and a reconciliation between these GAAP and non-GAAP financial measures are included in our earnings press release and the supplemental financial information, which can be found on our investor relations website at investors.amplitude.com. With that, I'll hand the call over to Spenser. Good afternoon, everyone, and welcome to Amplitude's Fourth Quarter and Full Year 2025 Earnings Call. Today, I'm going to cover three things. First, our strong Q4 results and progress in the enterprise. Second, how AI is driving demand for analytics and our strategy to deliver. Third, a look at our new AI agents in action and a spotlight on customer stories. Q4 represents one of the strongest quarters in Amplitude history. Our fourth quarter revenue was $91.4 million, up 17% year-over-year, and exceeding the high end of our revenue guidance. Our annual recurring revenue was $366 million, up 17% year-over-year and up $18 million from last quarter. This was our highest net new ARR quarter since 2021. Non-GAAP operating income was $4.2 million, or 4.6% of revenue. Customers with more than 100K in ARR grew to 698, an increase of 18% year-over-year. Over 25 AI companies are now included in that 100K cohort as well. This quarter was marked by balanced execution. No single deal was over $1 million, yet we had our highest ever number of multi-product and 100K ARR lands. I want to talk more about AI and our strategy. Over the past year, AI coding assistants from Anthropic, OpenAI, Cursor, and others have compressed development cycles dramatically. The velocity at which companies are shipping new products has accelerated. When software is this easy to build, it creates a gap between how fast teams can ship features and how fast they can learn if they are working. This shifts the pressure to the right side of the product development loop that you see here, the use and learn side. Understanding how users behave, what works and what doesn't, and what actions to take next, becomes the bottleneck. The constraint is no longer knowing how to build, it is knowing what to build instead. This is the hardest problem in software today. I say that because builders and their AI assistants need a system of context that combines multiple data streams. They need structured behavioral data, they need the correct retention and funnel logic, and they need the right analytical tools exposed in a way that enables AI to reason effectively. The AI then needs to be able to iterate with that system, test hypotheses, refine queries, identify root causes, and recommend actions accurately and repeatedly. This is not something that can be vibe coded over a weekend or replicated accurately with an LLM on a data warehouse. However, it is exactly what Amplitude is purpose-built to do. We have worked with thousands of companies over the past 13 years and amassed the world's largest database of user behavior. Our AI can explore patterns, explain changes, and guide teams on what to do next, more accurately and reliably than any other system. Over the past six months, our agentic analytics platform has reached a 76% success rate on complex production-grade queries. That is seven times better than a straight text-to-SQL approach. With the new agents we launched yesterday, teams can now move from insight to action in minutes, not weeks, using analytics, cohorts, experiments, and messaging in one continuous agentic workflow. Through our MCP integrations with Anthropic, Figma, OpenAI, GitHub, Lovable, and Slack, we are bringing behavioral intelligence to teams where they already work. Understanding user behavior now becomes as simple as asking a question in a chat window. This puts Amplitude in a unique position. The frontier labs are pushing the boundaries of AI models, and they recognize the complexity of analytics, experimentation, and behavioral understanding, so they turn to Amplitude. As I mentioned earlier, more than 25 of the leading AI native companies, including some of the names you see here, are customers with over $100K in ARR with Amplitude. In addition, one of the world's largest frontier AI labs is a seven-figure customer as well. They came to us to replace a manual system built from fragmented internal tools and raw warehouse data. Using Amplitude enterprise analytics and Session Replay, they can now understand activation, engagement, retention, and monetization end to end. With Amplitude MCP, they can offer those insights directly within the AI environments their teams already use, dramatically improving the ability for them to automate development. It's not just AI companies. Companies of all sizes need a system that gives them trusted data, insights, and action to successfully deploy AI in the real world, so they turn to Amplitude as well. This momentum combined to one of our strongest quarters across gross bookings and new ARR, alongside meaningful improvement in churn. Our go-to-market motion has matured. There is a tighter focus on value-based use cases in the enterprise and on expanding with multi-product deployments. We continue to consolidate the fragmented market. Platform win rates are increasing against point solutions, and our newer products are gaining traction. Guides and Surveys, launched less than a year ago, is our fastest growing product to date. We are also seeing a large increase in AI- native usage as agents connect directly to Amplitude. Over the past few months, the total number of queries triggered by AI agents has increased dramatically. In October last year, there were almost none, and today it is 25%. Agents also drove the vast majority of overall incremental query growth. This tells us that customers are trusting agents with analytics work. It also indicates that our platform offers the accuracy and the context needed in production environments. Taken together, this creates a powerful tailwind for Amplitude as we continue building a durable, scalable company that can unlock the next frontier in software. Over the years, we have intentionally expanded beyond core product analytics and into adjacent workflows. We have continued that work and acquired InfiniGrow, an AI-native marketing analytics startup that connects spend, behavior, and revenue impact. InfiniGrow brings strong AI-native engineering talent to Amplitude. This strengthens our platform as a system of context and expands our ability to bring acquisition, activation, and retention into one continuous feedback loop. Yesterday, we launched our global AI agents, specialized agents, and MCP. This represents the start of a fundamental shift in how teams work with their analytics data. Historically, analytics has required humans to do most of the heavy lifting, writing queries, building dashboards, monitoring changes, interpreting results, and then figuring out what to do next. That process does not scale in a world where teams are shipping faster and faster. AI agents change that model. Instead of asking questions one at a time, teams can now delegate work to agents that continuously analyze behavior, surface insights, and guide action. Our agents understand events, funnels, cohorts, experiments, Session Replay, and outcomes because they operate inside a context system specifically designed for them. Agents make life easier by doing the work that slows teams down today. That is very, very different from bolt-on AI tools from SaaS companies that sit outside the data and try to infer meaning after the fact. The best way to see this and understand this is to look at it in action. I want to show you a quick teaser video, and then I'm going to show you a demo of what we've released. Let's go ahead and roll the video. The word of the year is slop. S-L-O-P. The word of the year, 2025, is slop. Today, you can build anything. So a different question emerges: What should you build? Because speed without direction is just noise. Teams move fast and still get it wrong. Not the right thing, just the next thing. But analytics today forces you to stop in a world that moves. Queries, dashboards, analyses. It's slow, it's manual, and hasn't changed in a generation. So we started from scratch. From painful queries to a helpful copilot, from ask Ted in data, to just ask. From tedious grunt work to agents that actually work. Because now that anyone, anywhere, can build the right thing, the question is: What will you build? It's a great question all product builders should ask themselves now, "What will you build?" I want to now walk you through what we've launched on AI analytics yesterday. I'm really excited about the future, and I want to show you Global Agent. Global Agent radically changes how our customers interact with their data. Starting your day with a dashboard is dead. Take a look at this interface. No dashboard, no graphs, no charts, just a chat box, and a few simple prompts if customers need help getting started. I can talk to Global Agent like I talk to a colleague. I'm going to go ahead and ask it: How's our loyalty program doing? In seconds, it comes back with a summary. Notice I didn't use any jargon about event totals or taxonomy, just a regular question. It's calling out some pretty concerning numbers. Only 5% of users who view our welcome page actually go on to join the loyalty program. That is low, so I'm going to click in and investigate more. The Global Agent has followed me to a deep dive on this chart. I can keep investigating with a number, another simple question. Break this down by traffic source. Here's the breakdown. Facebook and Instagram are driving loyalty sign-ups at 5.6% and 5.2%, while Google and direct traffic lag behind. The Global Agent summarizes it perfectly. Social media converts 10%-15% better. Since social media outperforms Google, I might shift ad spend, but looking overall, all the rates are low. So before re-reallocating budget, I'm going to go deeper. Is this a channel problem or an audience problem? Let me ask, do new users convert differently than existing customers? Without AI, this kind of analysis takes a lot of time. Segmenting users, comparing funnels, pulling insights together. The Global Agent does it in seconds, and here it is. 14% conversion for repeat, repeat purchases, 5.4% overall. That's 2.6 times higher. That answers my question. It's an audience issue, not a channel issue. I should reallocate my budget towards repeat purchases. Again, simple language, fast answers, deep learning that anyone can use. Analytics is the perfect use case for agents, so I want to show you specialized agents. Our specialized agents work continuously on specific jobs that would usually take dozens, if not hundreds, of hours. Monitoring dashboards, analyzing Session Replays, processing feedback, running conversion experiments. Legwork now done automatically. We're going to be eating our own dog food on this one. I already have a Session Replay agent set up to monitor our own Session Replay tool, and I have it set in addition to send me a Slack when it has a strong finding. This specialized agent has been watching hundreds of replays and sent me some summarized findings. Users with multiple saved filters type search terms, but cannot find filters without scrolling through for the full list. Power users cannot preview filter criteria before applying, forcing trial-and-error selection. These are all things we should improve. We could have had someone watch all those replays. We could have talked to customers for hours on end, or we could have let these continue to be issues. Instead, I get these findings served to me on a daily basis with a full report and a detailed breakdown with key findings, suggestions on what to explore next, and even a highlighted reset of replays of these issues. Okay, we're going to save the best for last. Finally, I want to show you what I'm most excited about, which is Amplitude MCP. We're releasing a fast-growing library of expert-level workflows that customer can trigger in AI clients like Claude with a simple slash command. I'm going to go ahead and use Amplitude and Claude by typing, use slash create dashboard, and create a dashboard that tracks our gross conversion performance. And I hit Enter, and it goes to work. Instead of me manually creating 15 charts, running the segmentations myself, and piecing together an explanation in a doc, this skill handles it in one click. With MCP apps, Claude is opening and building Amplitude charts right inside itself. It's done it, so I'm, I've now gone to the link it gave me and a perfectly built dashboard with top-level metrics, conversion funnels, and segment breakdowns. Amazing! Moving on to customers. We had a great quarter for new and expansion deals with enterprise companies, including one of the largest music streaming apps, The Cheesecake Factory, Asana, PGA of America, CrossFit, Stewart Title Guaranty Company, Crunch Fitness, Whoop, Once Upon Publishing, and NTT Docomo. I'm going to highlight three examples that demonstrate the power of the platform in different ways. Japanese telecom, NTT Docomo, is using Amplitude across more than 1,000 active users to drive efficiencies at scale. As an early design partner for our AI agents, their data platform team uses agents to streamline analysis across existing dashboards. In one project, an agent reduced campaign analysis time by over 90%. Our AI-powered Session Replay summaries, automatically localized into Japanese, helped UX teams identify issues faster and improve the digital journey for millions of customers. We are now working closely with NTT Docomo to shape our agents' roadmap with feedback on collaboration features and AI-powered insights. Siemens, the $70 billion global technology leader, partnered with Amplitude over three years ago to power analytics across its website presence and broader digital ecosystem. By consolidating onto our AI analytics platform from a series of point solutions, Siemens gained a unified, real-time view of user behavior. Recently, the team organizing their annual user conference used Amplitude to identify their overreliance on direct email and organic channels. They experimented by reallocating spend into targeted web promos, plus paid and organic social. This delivered a 90% year-over-year increase in web traffic and a projected 50% increase in registrations in attendance to their conference. Lastly, we landed one of the largest music streaming apps in the world. We are working with the teams that lead checkout optimization, upgrades, churn prevention, and recovery as they seek to understand the revenue drivers for hundreds of millions of monthly active users. They will use Amplitude Analytics combined with Session Replay to get a holistic view on these monetization drivers. These stories all point to a common theme. From AI startups to global enterprises, customers are betting on Amplitude as the AI analytics platform that will help them thrive in this new era. Before I hand it over to Andrew, I want to be clear on how AI is shaping our opportunity. There is a common misconception in public markets that AI makes analytics either irrelevant or easy to replicate. The exact opposite is true. AI has made software easier to create, but creation is no longer the moat. The real advantage is how quickly a team can learn, iterate, improve, and automate. Agentic analytics is the key. It unlocks the bottleneck on the right side of the product development loop and enables teams to learn as fast as they ship. AI is a structural tailwind for Amplitude. It is why I believe the opportunity ahead is massive and why I'm excited about what's to come. Now, over to Andrew to walk you through the financials. Thank you, Spenser, and good afternoon, everyone. 2025 was a year of innovation, execution, and we delivered a solid base for our future long-term growth strategy. When we met at our Investor Day last March, we laid out a deliberate roadmap to capture the enterprise and accelerate multi-product adoption while leading the industry in innovation. Today's results demonstrate that we haven't just met those goals. We've established a new baseline for durable growth. The enterprise is now our core growth engine. ARR for our enterprise customer cohort is up 20% year-over-year, with higher retention and expansion rates than the rest of our business. This was not by accident or luck. Our AI analytics platform has been designed to be enterprise-grade, with trust and safety of our customers at the center. Our go-to-market team has worked for the past three years to orient our go-to-market motion to focus on the enterprise, increasing customer value through selling our platform and engaging in longer-term contracts. 2025 was the coalescence of this work to focus on our customers' value and creating durable base for future growth. We sustained growth of current RPO greater than 20% throughout the year, and in Q4, total RPO grew 35% year-over-year. Our average contract duration is now above 22 months. In addition to our success in the enterprise, we've also formulated our product and our go-to-market team to embrace our AI platform strategy. By combining niche point product solutions surrounding analytics into our comprehensive platform, we are able to deliver greater value than stitching together point solutions. We also believe that having a platform is essential to the harnessing capabilities of AI to reduce friction in our customers' workflows. In 2025, we did a great job expanding our multi-product attach rate for our customers. 74% of our ARR is from customers with more than one product, up 15 percentage points from last year. We still have a great opportunity to expand our multi-product customers as well. Only 51% of our ARR comes from customers with greater than three products. Looking at a full platform deployment of 5+ products, that percentage is 20%, doubling year-over-year. We have a massive opportunity to expand with our customer base. We believe our market opportunity expands dramatically with the inclusion of our new AI products that promise to expand adoption and use cases. The progress in selling our platform is best exemplified through improvement of our retention and expansion motion, with Dollar-Based Net Retention now above 105% after exiting 2024 at 100%. However, our work is not done. At the beginning of this year, we introduced a new pricing and packaging strategy to our sellers. Let's start with what's not changing. We are not changing our core billing metric of events. We believe this is a great representation of the value our customers receive from our platform, and it is also an appropriate monetization strategy as we center AI engagement on our platform. What has changed is we are centralizing the monetization of our other products, such as Experiment, Session Replay, Guides and Surveys, to be a percentage uplift on the core platform charge, which is events-based. This reduces the friction of adoption of those products by making it easier to understand for our customers and reduces the need to estimate how many sessions or experiments they want to run in the near term. Longer term, this will also encourage greater consumption on our platform, as customers no longer fear overusing certain parts of their contract or under-utilizing others. It's a radical simplification of our pricing that acknowledges our customers' needs for greater cost transparency and certainty on their costs as the volume of data ingested into our platform expands. It also supports our focus of integrating AI into all of our product offerings and expanding customer usage, which could be a tailwind longer term on easier lands and faster platform expansions. In summary, as we transition to an AI analytics company, we have created a more durable base of our business focused on the enterprise. We've driven expansion of our platform through innovation, and we're making it easier for customers to get value quickly and encourage expansion. We've done all this while being disciplined in our spending and driving to non-GAAP profitability with record free cash flow. Looking at the Rule of 40, which we measure based on free cash flow yield and ARR growth, we've now improved from a Rule of 15 in 2024 to over 24 in 2025. We'll continue to focus on driving top line growth in a disciplined manner in 2026. Now, turning to our fourth quarter and full year results, and as a reminder, all financial results that I will be discussing, with the exception of revenue, are non-GAAP. Our GAAP financial results, along with a reconciliation between GAAP and non-GAAP results, can be found in our earnings press release and supplemental financials on the investor relations page of our website. Fourth quarter revenue was $91.4 million, up 17% year-over-year, versus 9% in fiscal 2024. Fiscal year 2025 revenue was $343.2 million, up 15% year-over-year, versus 8% in fiscal 2024. Total ARR increased to $366 million exiting the fourth quarter, an increase of 17% year-over-year and $18 million sequentially. Here are more details on the key elements of the quarter. We had a strong quarter for both new and expansion deals in the enterprise. Platform sales were also particularly strong. 44% of our customers now have multiple products, with 74% of ARR coming from that cohort. The number of customers representing $100,000 or more of ARR in Q4 grew to 698, an increase of 18% year-over-year and up 45 customers since the last quarter, representing the largest sequential increase in this cohort in company history. Additionally, the number of customers representing $1 million or more in ARR grew in Q4 to 56, up 33% year-over-year, demonstrating our ability to land significant accounts and grow them over time. In period, net dollar retention progressed to 105%, led by cross-sell expansions across our customer base. 58% of Q4 gross ARR was driven by expansions across a broad range of customers, with no individual expansion exceeding $1 million. It's still driving meaningful progress in net dollar retention. We will continue to focus on driving net dollar retention higher through our platform strategy. Gross margin was 77% for the fourth quarter, flat to fourth quarter of 2024 and up one point since last quarter. We continue to make progress on optimizing our hosting, driving multi-product contracts, and monetizing our services engagements. We will continue to look for opportunities to incrementally improve gross margin over time. Sales and marketing expenses were 42% of revenue, a decrease of one point from the third quarter. We continue to focus on improving sales efficiencies, driving improvements through our changes in processes, coverage, and expansion of enterprise customers. At the same time, we are investing in future growth while balancing those incremental investments with efficiency gains. In Q1 FY 2026, we will have higher sales and marketing expenses as a percentage of revenue, reflecting timing of events and our annual company kickoff. R&D was 18% of revenue, flat to the fourth quarter of 2024. We expect to continue to invest in the talent and capabilities of our team to drive greater innovation in the future. G&A was 12% of revenue, down four points from the fourth quarter of 2024. We expect G&A to improve as a percentage of revenue over time. Total operating expenses were $66 million, 72% of revenue, down three points sequentially. Operating income was $4.2 million, or 4.6% of revenue. Net income per share was $0.04, based on 141.5 million diluted shares, compared to net income per share of $0.02, with 135.7 million diluted shares a year ago. Free cash flow in the quarter was $11.2 million, or 12% of revenue, compared to $1.5 million, or 2% of revenue, during the same period last year. In the fourth quarter, we managed our cash collections and made meaningful progress on shifting contracts with annual payments in advance. For the full year, we had a record free cash flow of nearly $24 million, or free cash flow margin of 7%. We have conviction in the long-term value of our platform and have used and will use our cash to minimize the impacts of dilution. We have already purchased in the open market under our current buyback, and given the strength in our balance sheet and the underlying business, our board has approved an additional reserve of $100 million to be used for buybacks. Our balance sheet position remains strong and allows us the opportunity to be more aggressive in our M&A strategy to accelerate our R&D roadmap when appropriate. Now, turning to our outlook. As a reminder, the philosophy of how we set guidance is through the lens of execution. We are confident we have the right strategy and the right platform to continue to consolidate the fragmented market. We continue to improve our go-to-market motion and are accelerating our pace of innovation. We have the right monetization strategy to encourage the adoption of our AI tools, and we believe those tools will reduce the barrier to adoption of our full platform, leading to greater monetization opportunities. Our strategy remains consistent with our go-to-market, and is being aided by our simplification of our pricing and packaging. We will continue to focus on gaining new enterprise customers and driving cross-platform sales with our existing customer base. We also believe that with the release of our AI capabilities, our monetization of data ingested in our platform, and the cross-sell opportunities of new products, gives us the right strategy to align the value of our customers receive with our growth opportunities and grow our business in a profitable way. For the first quarter of 2026, we expect revenue to be between $91.7 million to $93.7 million, representing an annual growth rate of 16% at the midpoint. We expect non-GAAP operating income to be between -$4.5 million and -$2.5 million, and we expect non-GAAP net income per share to be between $ -2 and $ -1, assuming basic weighted average shares outstanding of approximately 135.1 million. For the full year of 2026, we expect full year revenue to be between $390 million and $398 million, an annual growth rate of 15% at the midpoint. We expect our full year non-GAAP operating income to be between $7 million and $13 million. We expect non-GAAP net income per share to be between $0.08 and $0.13, assuming weighted average shares outstanding of approximately 145.9 million, as measured on a fully diluted basis. In closing, we are accelerating our pace of innovation, and we're growing the value that we can deliver to our customers. We have confidence in our ability to scale a durable and growing business while also bringing agentic analytics to the world. With that, we'll open up for Q&A. Over to you, John. Thank you, Andrew. We will now turn to Q&A. For the sake of time, please limit yourself to one question and one follow-up. Our first question is going to come from the line of Taylor McGinnis from UBS, followed by Billy Fitzsimmons from Piper Sandler. Taylor, your line should be open. Go ahead. Yeah. Hey, team, thanks so much for taking the question. Maybe just first on, you announced a number of exciting agent offerings this week, and at the same time, you know, you've also seen good traction with third-party agents connecting into Amplitude's platform. So, and then, Spenser, you showed, you know, a really good example of being able to extract insights using Anthropic Claude. So I guess, how do you see Amplitude's agents and these third-party agents evolving? Maybe you could just talk about the differentiation that you anticipate with Amplitude's agents versus what's being done with the third-party agents today. Yeah. To be clear, they both use the same underlying infrastructure. What will happen with either MCP, Model Context Protocol, is a way for external products like Claude or OpenAI's ChatGPT or Cursor to connect into Amplitude and request a set of calls. That is the same infrastructure that both our global agents and our specialized agents use. The way to think about it is there's a whole set of tool calls that are available to these agents. You can say, "Get me a list of events. Get me a retention. You know, get me the list of tools you have, like retention and funnels. Get me the possible properties for this event." And what we'll do is we'll expose that to an orchestrator that we have that basically interprets a query, whether it's in the chat with Global Agent or whether it's external from MCP. And then it'll kind of pull in all the different contexts I talked about, and then you know, spit out the answers that you see. So it's the same underlying infrastructure because the nature and type of questions are the same, whether you're asking it from Claude or Slack or whether you're in Amplitude's UI. Perfect. Awesome. Then, Andrew, maybe just one follow-up for you. If we look at the 4Q numbers, it looked like the upside in the quarter was a little bit lighter than what we've seen in the past. Now, ARR, you know, continued to accelerate, so was that just a function of the quarter being more back-end loaded, or anything to flag in terms of the quarter maybe in any areas coming a little bit below as it, as expected? So first I'd say Q4 was a great quarter for new logo ARR. We had a lot of new customers that are getting value from Amplitude, and they're starting their journey with us. Those tend to be ones which you're working throughout the quarter, and there was a large proportion of ARR that was booked, you know, later than we've seen in prior quarters. And as we mentioned before, we didn't see a lot of really big expansions during the quarter. So it was. It's one of those areas where you're building a lot of opportunity for future growth with these new customers, and, you know, there it's always one where you're competing for when you're going to do a new logo. You have to really compete and show value, and it, you know, sometimes those take a little longer as well. But we're really pleased with all the new customers that have become Amplitude customers, and we think that that sets us up very well for expansions in the future. Great. Thank you guys so much. Good to see you, Taylor. Thank you, Taylor. Thank you, Taylor. Our next question will come from Billy Fitzsimmons from Piper Sandler, followed by Rob Oliver from RW Baird. Billy, good to see you. Your line is open. Good to see you guys, and thanks for taking the question. I guess maybe to start, can you help us think through the NRR improvement, and how much would you contribute or attribute, I should say, to greater upsells and cross-sells versus maybe better, more success in kind of mitigating some of the churn in the business? Sure. So throughout the year, we've seen our customers increasingly adopting more and more of our applications in the platform. You know, when we started off 2025, we specifically were training our sales team how to sell our platform. We were introducing new capabilities. We acquired new capabilities and put those into our platform as well. So predominantly throughout 2025, the improvement in that dollar retention was related to our cross-sell capabilities. And as you were alluding to, in the past, we had situations where we were overselling capacity against analytics, and even with some customers increasing data, it wasn't enough really to offset and contribute materially towards net dollar retention. Now that we're past most of those, capacity-related issues that we, we created for ourselves, we're starting to see customers and their data ingested into our platform contribute towards net dollar retention improvements as well. And so now as we think forward, you know, and, and I've, I've said in the past, that we have full intention to continue to set up our customers and expand with our customers, introducing new innovation, we think that both vectors, both data ingested into the platform, meaning upsells as well as cross-sells, will contribute to further, improvements. Makes sense. And I guess on that note, if I could sneak in one more, can you give us a sense of how the role volume upsells will play in the FY 2026 growth algorithm, especially as you start lapping some of the contract right sizing from the first half of last year? So one of the things we talked about in the call was our introducing our new pricing and packaging that was aligning not only to our enterprise motion, but also towards the implementation of our new AI products. In the past, I would say there were certain times where customers felt very leery about the amount they'd have to pay based on increasing data rates that we were ingesting into the platform, meaning that those rates were so high that they wouldn't be able to see the benefits associated with marginal incremental reductions in the cost of that data. Well, our new pricing and packaging structure rewards our customers now for adding more and more data into the platform so that they're paying marginally, incrementally less. Now, that doesn't mean that it's not gonna contribute growth to Amplitude. As our customers are getting greater value by ingesting more data into the platform, we believe it's fair for us to have some of that, that fair exchange of value. But if you were gonna ask where we're really focused on driving NRR and where that, the biggest benefit will be, it will be continued to show from those cross-sell opportunities, that expansion of our products, because we want our customers to not fear adding more data. We want them to take advantage of implementing more data into our platform, and we want that to scale, especially as they look at longer term contracts with us. Perfect. Thank you. Appreciate it. Thank you, Billy. Our next question will come from Rob Oliver from RW Baird, followed by Clark Wright from DA Davidson. Go ahead, Rob. Great. Thanks. Can you guys hear me okay? Yep, we hear you, Rob. Okay. Okay, great. Thanks. Good to see you. A follow-up there, Andrew, on the pricing and packaging question. So, you know, obviously, you know, enterprises really like predictability. You guys have never been a seat-based model. So, you know, if you can just help us understand in the context of the new pricing model, clearly it sounds like it's driving more engagement, you know, a cross-sell opportunity- Yep. less of a friction experience. But, you know, how does the buyer manage that predictability? And I guess the inverse of that would be, how do you get comfortable on the cost side with AI embedded in? Yeah, it's a great question. We spent a lot of time working with our sales team and our customers and showing how one, the instrumentation within the platform can give them great visibility into the data they're ingesting within it. And we worked with our sellers to help them better understand, you know, as the marginal incremental data into the platform grows, how that then translates into the cost that we're gonna be charging to our customer. We're encouraging to have that conversations as part of the sales process. It's a kinder, gentler way of showing and working with the customer on how they are gonna adopt Amplitude over a period of time, rather than guessing what their data implementation of the platform is gonna be. We're working with them very closely on it and showing how the instrumentation works. Now, the piece that I think is really important, and you, you, you touched on it, but I think it's, we did a lot of work with customers to understand whether we had the right billing metric, whether it's something that they aligned to the value proposition, and we've been testing for quite a while. In fact, over nearly 20% of new ARR that we booked in the quarter was actually using our new pricing and packaging in a pilot stage. So we already know that customers like this. We already know that customers look at it as more transparent. They look at it as less friction, as you were saying. We also believe it positions us very, very well, given that our focus on implementing AI products into our platform is, one, it's reducing the barriers to adoption. Meaning that customers walk away thinking they're getting great value of what they've already invested in Amplitude and are less fearful knowing that they have greater cost, predictability, and transparency, and how that usage is gonna trend over a period of time. Great. Super helpful. And then, thanks, Andrew. Then, Spenser, one quick one for you. Just on InfiniGrow. You guys were very early to the AI acquisitions among our coverage, I think, and very aggressive on it. And, you know, in particular, it looks like to us, like this gives you guys a further opportunity to sort of go for that consolidation play that you guys have talked about. But if you could help us maybe understand what, in particular, what area or what response to what customer need InfiniGrow is gonna help address and how that might accelerate that platform opportunity. Thank you. There were two big things that stood out to us on the InfiniGrow team. I mean, so first, we're just always looking for great talent out there, and so when the right company and the right opportunity comes along, and they're aligned with our vision and excited about it, we're gonna act. With InfiniGrow in particular, there were two big things that stood out about the team. So Daniel, the CEO there, as well as the rest of the group, they've been in it on AI analytics and automating workflows for the last few years and have a ton of, you know, perspective on how the future of the category is gonna be shaped. And, you know, I mean, we're in uncharted territory. Like, we're inventing something new here, AI analytics. And so whenever you get a chance to partner with someone else who's thought about that so deeply, it's a huge deal, and we're gonna. Yeah, we wanna figure out how we can set up a way to work with them. So that's the first one that really stood out about InfiniGrow. The other piece that stood out is they have a lot of familiarity with analysts more on the marketing side versus product management. And particularly as those personas merge over long term and, you know, more customers from legacy martech tools wanna come off and use something bleeding edge, like an Amplitude, we wanna make sure that we're ready to meet them and, you know, serve all their needs and help with that transition. You know, again, they know a lot of those buyers better than almost any other company that we've seen in the analytics space out there. Super helpful. Really helpful. Thanks, guys. Thanks, John. Thanks, Rob. Our next question will come from Clark Wright from DA Davidson, followed by Koji Ikeda from Bank of America. Go ahead, Clark. Awesome. Thank you. You noted the cross-selling opportunities continuing to be an area of strength. What is the natural pathway you are seeing in terms of product adoption, and what is the role that agents are going to play going forward to help drive additional cross-selling motions? I mean, it's great on both fronts. Analytics is the core. We're an analytics platform, something we've been very consistent about. You want to be able to track the core, the base, the foundation of the user journey, and that makes every single other part of the platform more valuable. It makes it easier to do experiments 'cause you can target users as well as measure those more effectively. It makes it better to do Session Replay because you can understand, hey, for a group of users that ran into this error, error, let me see what they did by looking at the Session Replays. It makes guides and surveys better because you can target guides to specific users based on if you see them confused. Analytics is the core in all of these, you know, they become more valuable with analytics and vice versa. In terms of agents, I think the big opportunity there, and I just showed the Session Replay one, is that these other products are actually you know, while we're while we launched AI analytics yesterday, and that was the main focus, these other products are actually capable of being leveraged by AI. The Session Replay specialized agent demo that I shared earlier is a great example, where, you know, you can watch one, two, three, you know, maybe 10 Session Replays, but watch 100. You know, it'll take you a few hours to get through them. To have an agent speed up that analysis, still get all the valuable data, summarize it up, and kind of put it back to you, I mean, that's, you know, you're talking a 100x-fold increase in productivity versus what you might otherwise do. Experiment's the same thing. I mean, one of the things that people ask us a lot is like: Cool, do you have a library of best practices for what sort of web pages or what sort of interactions work and what don't? I mean, our experiment conversion agent will actually suggest those based on best practices of what we know from all the companies that we work with, and so it makes experimentation a lot more powerful, too. The really cool moment is when these all tie together. So you can start out in analytics and say, "Okay, cool, give me my unhappiest users and suggest ideas for what I could do to improve them." Then it says, "Wow, okay, all of these users, they were unhappy because they ran into a page that wasn't working." And then you could have Session Replay agent come in and say, "Okay, well, let's look at what was it on that page." It's like, oh, okay, hey, this button isn't formatted correctly and wasn't labeled, and so that's probably confusing the users. And then you can go even further and say, "Okay, great, let's run. Can you propose a variant, an experiment variant to me that would actually fix it?" And then, you know, it'll propose it, and it'll propose another web page, and you can run the test. You can not know anything about analytics, not know anything about your data taxonomy, not know anything about how to use Session Replay, not know anything how to do experimentation, A/B testing, and do all the work of all of those projects, products from the Global Agents or Specialized Agents interface. I just it's gonna be a massive unlock in terms of the usage. We're obviously most focused on analytics right now, but I'm really excited about some of the other things in the works. It's funny, we already got a we already got some comments on Twitter that like, "Hey, why does it only watch 100 sessions at a time? Why can't you watch 1,000 or 10,000?" We're like, "All right, we're working on it. We're working on it." So Appreciate that. And then, Andrew, there was a reference to increasing win rates versus point solutions. Is that an output of the go-to-market changes as well as the pricing and packaging updates, or are there any other factors that are helping in driving improvements in that metric? Well, I'd say the pricing and packaging is relatively new, so I wouldn't contribute that necessarily to increasing win rates. I think that the biggest thing is, one, our sales team has just worked really hard at demonstrating value of our platform to our clients, and that's really resonating. And the other is, you really have to credit our product team for creating just really great products that work well together. You know, a lot of people claim they have a platform, but the reality is it's a bunch of products that's stitched together. Doesn't look really well. When you have a platform, you have workflows that are instrumented well, and it's easy to interact with the different modules in the product, and that's the way I would characterize our platform today. Every time that customers are adopting more than one product, it's because they're that integration, those workflows seamlessly across our platform are coming through as real value. I mean, I've talked to a number of customers myself, yeah, with the sales team, and they always come back and say, "We're just so far ahead of what everybody else is even representing, you know, an analytics platform to be. On that, like, if I just go through the last 30 buyers I've talked to, in the last month, all they wanna do is be educated about analytics. And how AI is gonna transform analytics and the whole platform. And, you know, they see it coming, they see tons of automation ahead, and they're like: Hey, teach me how I can be relevant. And so when we can offer that to them by, one, providing a view on how the future unfolds, and then, two, offering them the products, tools, and services that actually enable them to be successful and relevant, they wanna spend a ton of time with us. And so the competitive question, especially against the smaller point solutions, is kind of going away. It really is just, you know, is now the right time, and can you help me get to this future fast enough and teach me? Awesome. Thank you. Very good. Thank you, Clark. Our next question will come from the line of Koji Ikeda from Bank of America, followed by Jackson Ader from KeyBanc. Go ahead, George. Hey, Spenser and Andrew, appreciate you taking our question. This is George McGeehan in for Koji. Taking a big step back, you know, one from me on kind of the big picture, where can we expect agentic queries to be, to grow, to become in the mix from 25% today, maybe over the next 12-24 months? Yeah, I mean, you know, none of us have a full crystal ball, but my expectation is the vast majority are going to be done agentically, where you're just going to have agents that run over your data all the time. They're looking at dashboards, they're looking at KPIs, they're trying to find underlying root causes of why things are changing. They're creating suggestions for your product. They're reviewing Session Replays. They're constantly trying out and tweaking new experiments. So I mean, yeah, like, you know, I don't want to put a number out there, but I think the vast majority. I think what we're seeing generally is, you know, if you look at query growth from direct usage of the Amplitude dashboards, you know, it's increasing in line roughly with the size of our business. If you look at agentic query use, it's skyrocketing, as you saw on that chart in the last few months. And so, the amount of leverage. I think the same thing that happened to coding in the last 2 years, where if you look at it, the best software engineering teams, the majority is produced by, the majority of lines of codes are produced by agents. It's mostly humans editing, interpreting them, stitching them together, and kind of giving high-level direction, and that's where the best software engineers are. I think the same thing is going to happen in analytics and data analysts, where the vast majority of the data munging of the tool and figuring out, you know, what query means what thing, and how do you get to, how do you do a segmentation, understand the root cause? Like, that's all going to be automated by agents. And our goal is to be the first company to do that in a big way. Great. Thank you, George. Our next question will come from the line of Jackson Ader from KeyBanc, followed by the line from Scott Berg from Needham. Nate, I believe you're on for Jackson. Your line's open. Great. Hey, this is Nate Steinberg for Jackson Ader. Thanks for taking our questions, guys. Hey, Nate. So implied non-GAAP operating margin for 2026 is roughly 2.5%. I guess we were wondering what specific possible sources of upside do you guys see for that number? Well, I'll tell you, first and foremost, we've been on this path where we're increasingly driving revenue growth faster than we're driving expense growth. And, and rooted within that is efforts on, you know, changing our go-to-market, changing our processes, modernizing our own application architectures, doing the basics of running the business in a very efficient way such that we can continue to go drive growth with leverage. Those same things are, are not just a one-time event. You continue to focus and learn and understand how you can drive and deliver services more effectively. And so we look at the path we have of, in front of us with respect to our growth opportunities, what's our pipelines look like, how well we're managing our cost to serve, with the expectation that sales and marketing will continue to improve on their efficiencies G&A will continue to drive efficiencies as well. So it all kind of culminates in the plan that we put together for 2026. Great, perfect. And then I guess one more follow-up. So regarding customers' analytics budgets, have you guys noticed any trends or changes specifically with AI affecting these budgets? Like, has the current AI landscape affected customers' propensity to invest in analytics in any way? Yeah. Yeah, Yeah, yeah. So I, I'd call it two things. I mean, one, it becomes, it's the bottleneck, right? So you remember that loop I showed at the start, where it's like, okay, you're shipping all the software. Yeah. Is it good? Are we even going in the right direction? So the comparative value of the analytics piece becomes a lot greater and more higher urgency. When you have, like, a year-long roadmap, you know, it's okay if it takes a while to measure the success of it, but when your iteration cycle is measured in weeks or days, like it is with the best of the best companies now, it's like, yeah, you need to know if you're going in the right direction all the time. And then I think the other thing is the buyers, in addition to that, to that, you know, being the pinch point for and the big need in terms of the next big step in product development. They know, they intuitively all know that this whole space is going to get reformatted with AI. And so they, again, they're just desperate for education and someone to show them the way. This is not a case of, you know, like I think one of the differences between selling SaaS and selling AI is, in the SaaS world, it's very much like, okay, talk to your customers, get a list of prioritized features from them, and build it. And, you know, you go back and sell it to them. In this AI world, they don't know. Like, they're like: Is the model capable of this? Can it automatically look at a Session Replay for me? Can it analyze the root cause of a breakage in my funnel? Or, and how, what's the best way to make that happen? And so they're looking at us for all those questions, and this is where sharing the vision of what the future is, as well as being close to the bleeding edge of the technology, is super important. Perfect. Very helpful. Thanks, guys. Great. Thanks, Nate. Our next question will come from the line of Scott Berg from Needham, followed by Nick Altman from BTIG. Ian, I believe you're on for Scott. Your line's open. Hi, this is Ian Black down for Scott Berg. With the new pricing and packaging, are you planning on separately monetizing your AI agents? So most of our AI agents are embedded within our core platform, and so what you see there is we're giving access to customers to utilize more of the platform. That exemplifies all the power of our modules together. So there's a propensity that customers who are utilizing our AI agents are both ingesting more data into the platform, as well as expanding into other modules. Now, we're also going to introduce new products with continually, we've done really well at innovating, and some of those products will come out with more fee charges as well. So we're not worried about the ability for us to monetize our AI capabilities. We're actually very excited about the opportunities as we expand the use cases and usage of our platform. Awesome. Thank you, and congratulations on the good quarter. Thank you. Thanks, Ian. Our next question will come from the line of Nick Altman from BTIG, followed by Elizabeth Porter from Morgan Stanley. Go ahead, Nick. Hi, this is John Gomez on for Nick Altman. Thanks for taking my question. With the shift to agentic democratizing the end user and product analytics, can you just talk about whether you're seeing new users or new lines of business leverage Amplitude, and how that's shifting the go-to-market? So just any commentary on new end users and how that's impacting how you think about the go-to-market strategy would be helpful. Thank you. It's not, it's not really new end users. I mean, it's the same. You're talking about product teams, you're talking about marketing teams, engineering and data teams, and so it's the same people trying to leverage the data. What they're really, again, what they're really desperate for is education. And so when we can show them global agents, specialized agents, MCP, AI feedback, AI visibility, you know, what we're doing with our next products and assistant and LLM analytics, there's always a whole bunch they want to grab onto and say, "Okay, great, teach me how to use this, make it successful," everything else. So that's the biggest difference, is it's one where our go-to-market is. It's about training, getting them to be able to educate, to be able to share the vision, to be able to demo these products and make customers successful. Great. Thank you, John. Our next question will come from the line of Elizabeth Porter from Morgan Stanley, followed by YC Wong at Citi. Go ahead, You're not Elizabeth. Go ahead. Hey, guys. I'm Lucas Sarasola here for Elizabeth Porter tonight. Thanks for taking my questions. So, you know, with the uptick in new app development that we've seen over the past few months, could you walk through your expectations for balancing this potential new demand from smaller customers with your move-up market as you evolve your go-to-market strategy? Yeah, we're doing both. I think one of the things we see on the startups and newer customers is they're very bleeding edge, and so they're trying to push the capabilities of us. And so we've always had a motion where we've taken innovation that we've done with them and bring it to the enterprise in a deliberate way. So we're gonna continue to do that. I think there's actually massive opportunities, particularly with the rise of Vibe Coding, Vibe-coded apps. You know, there's gonna be Vibe-coded analytics, too, that needs to go along with all those applications. You know, it's early, but there's a big opportunity for us there, too. You know, again, the core thing you want in terms of understanding your customers and knowing if you're going in the right direction and building the product is the same, whether you're, you know, the newest startup that was just founded yesterday or, you're, you know, a 100-year-old long-lasting business. And so for us, it's like, you know, we're here to serve all of them. And again, they're very keen on learning the bleeding edge of what's happening in AI analytics. And so if you're able to teach them that, then it doesn't matter your size. Got it. That's super helpful. Then could you speak to the seven-figure deal pipeline in 2026? And then are there any specific verticals in which we see outsized growth already? I mean, we're seeing, like as I said on the call, we're seeing a lot of AI companies use us. You know, we have 25 over 100K, and then we have a seven-figure contract with one of the largest foundational model labs out there, who's been a customer starting last year. And so that's very, very exciting because they're obviously, you know, know what's going on when it comes to what's possible, and they see a future world where we're a really big part in that. Awesome. Thanks, guys. Thank you, Lucas. Our next question will come from YC Wong from Citi, followed by our last question, from Arjun Bhatia at William Blair. Go ahead, YC. Hey, thanks for taking my question. Congratulations on the pretty strong close to the year here. I guess maybe I would just want to touch on, Spenser, you talk about Amplitude being one of the largest database of user behavior. Just given the rapid progress of agent capability across data platform players called Snowflake and Databricks, where we are seeing also customer consolidation towards maybe bigger data platform players. Curious if you're seeing any, like, I think, customer blur of, like, your analytics use cases from Snowflake and Databricks versus Amplitude. I wanna, I wanna make sure, YC, I wanna make sure I understand what you're saying. You're saying, do we see competition from Snowflake and Databricks because of Yeah. a lot of data, too? Well, it's not just data. They are thinking about doing the application side as well. I mean, if you think of Vibe Coding, and then you think of application building, you can make it easier to build. I'm just curious if you see anything, blurring between customer talking about, just use cases between a customer you can use a data platform, like Snowflake, to build if they have Cortex, versus what you would see with Amplitude. So one of the big things that we see is that customers always want the most advanced and bleeding-edge capabilities. I heard this great analogy the other day, where software is very much like sushi. So, you know, it's fine that the gas station at 7-Eleven offers it, but, you know, Jiro in Japan's not, probably not going out of business. In fact, it's gonna create more demand for him. And so from our standpoint, what we think about is: How can we offer the most advanced and robust system for analytics? So if you look at the benchmark that we with hundreds of evals that we released, where we got a 76% accuracy rate, if you look at the Cortex or you look at Databricks Genie, I mean, they're gonna be in the 10% or sub that. You know, we're working on releasing full metrics on that, and that's because the text-to-SQL is only really one part of it. The other t here's two other big parts. The first is the context layer. So what data sources are you bringing together in the right way? Analytics data, Session Replay data, data from interactions and Guides and Surveys, data, you know, from other sources, then interpreting those in the right way. And then giving an LLM agent the right set of tool calls so that they can iteratively query: "Okay, hey, what's my onboarding funnel? Where's the biggest drop on it? Why is the biggest drop on it? What's the biggest difference between users who went to the next step versus the previous step," right? So that's like Just in that example, that's four queries that you're gonna have to do in a row, all correctly. And to do that, you need to prompt the LM in a very particular way. You need to give it the right tool calls, you need to give it the right context. And so we have thought really deeply about because we have the largest repository of user behavioral data in the world, we have thought very deeply, we have seen what you know, millions of analytics queries, what good looks like for millions of analytics queries, and translated that into an agent that does the same. Because, again, you're gonna need to give it all that context and then be able to iteratively query a data system, the differences in accuracy are really, really stark if you were just to roll your own or use a Genie or Cortex versus using an Amplitude. When you're an analyst, that, you know, difference between 76% and 10% is a massive difference in terms of your ability to leverage agentic analytics. No, that's helpful colors. Maybe one for Andrew. The profitability definitely came in, like, well ahead of expectation here. Maybe you guys are leveraging some agents internally that helps you drive better sales efficiency. But curious to see going into next year, like, what can we expect, especially on the free cash flow, that outperformed, probably saw an expansion about four points? Like, curious to see what's your expectation into next year and any other moving parts that we should be aware of or headwind from, to be mindful from the, strong performance this year. Thanks. I think, I think what you're seeing is that, that the efforts we've been doing on sales and marketing, on our cost to serve and our G&A and operating more effectively as a company, it is not just a one effort, one activity. There's, there's multiple activities. Certainly, we're introducing agentic capabilities into our own workflows within the company, and that's certainly contributing to it. But there's, there's so many things structurally we've done to the business to create greater durability, that that's ending in greater abilities for us to drive efficiencies. I'll give you one example. We've, we've talked a lot about our ability to go drive increasing contract duration with our customers, and that our RPO has been growing rapidly. Well, if you don't have to renew your install base every year, or that install base percentage goes down because you're executing more and more longer-term duration contracts with your customers, then the sales team has more time to dedicate towards selling new and expansion deals rather than working on renewals. And so this is just a great example of a strategy we put in place that's gonna accrue benefits for a longer period of time. Great. Thanks. Thank you, YC. Our last question is going to come from Arjun Bhatia, William Blair. I believe Willow is on. Your line is now open. Yep. Thank you. Hi, I'm Willow, on for Arjun Bhatia, and thanks for fitting us in and taking our question. Andrew, in terms of guidance, the full year revenue range seems a bit wider than normal at $8 million. Can you help us understand the reason for this, and what scenarios are contemplated at the low and high ends of the range? I think when we approach our guidance, we approach it with what we think we can go execute in the period. I wouldn't read too much into that other than, you know, we have a breadth of different opportunities that we're going after, both, you know, with our product set, with improvements in our targeting enterprise customers, so I wouldn't read too much into it. Understood. Thank you. Great. Thank you, Willow. That will conclude our fourth quarter earnings call. Thank you for your time and interest, and we look forward to seeing you on the road this quarter as we attend conferences hosted by Baird, Citizens, KeyBanc, Morgan Stanley, and others. Take care.