Q3 2022 Amplitude Inc Earnings Call
Big wins I mentioned earlier other Q3 lands include television.
Yes.
Holiday and qualifications of HEB grocery. We also had notable customer expansion in Q3, including nerd wallet be real Miro, Max rewards and all trails I'm going to share a few customer stories from the third quarter that show what drove some of these wins.
<unk> analytics to establish a more data driven product management strategy for three white label apps with amplitude the team will be able to track user conversion rates validate user journey hypotheses and ultimately increase app subscription rates.
Briefly the most popular education app in the world with more than 300 million users started working with amplitude last year with a cross platform view of its customer journey Greenlee discovered that people, who use us instant answers feature at least five times are far more likely to buy a subscription.
With this insight in mind the friendly team adjusted the product experience to make this feature more accessible and as a result increased free to paid conversions.
Now briefly is expanding its worked with US to include amplitude experiment is team has always had a culture of experimentation, but now as non technical teams will be able to set a product test and analyze outcomes in a much faster pace.
Yeah.
While it will be challenging for the near term.
I view this time as an incredible opportunity for amplitude.
Our digital analytics platform is getting better every day, we are even earlier than we thought in our markets our customers love us and want to do more with us over the long term.
We have the flexibility to play offense to set us up for long term success.
We have done a lot in the one year since becoming public.
We've won more than 500, new customers and announced our biggest set of product launches in company history, we are investing in our people.
We are building a world class team and we are setting the foundation for sustainable durable growth.
Yes.
A recent company all hands I asked our team what is the most important determinant of long term success.
What I told them.
Is that persistence.
Everything else how long it's taken some things day after day month after month year after year.
While it has been an eventful year in the public lens. It's also been an eventful decades since our founding we've been hard at work here amplitude. Since we started this company 10 years ago, and I expect to be hard at work for decades to come.
Thank you for your interest in amplitude I'd now like to turn it over to <unk> to walk through the financial results.
Thanks, Spencer and thanks, again to everyone for joining us today.
Third quarter revenue was $61 6 million up 35% year over year cut.
Customer count was also up 35% year over year to 1913.
Dollar based net retention with 123%.
Yeah.
In the third quarter, we flex our superior product position and strong execution to deliver our best land booking quarters ever.
We signed numerous large deal thanks, our go to market and product teams.
They did a tremendous job in highly competitive differentiation and showing how amplitude hope our customer bill amazing product drive growth and winter categories.
It is also worth mentioning that more than a quarter of our lands in Q3 at Google analytics at the incumbent solution.
We started 2022 with a goal of driving longer term contract and attaching new products.
We're excited to see more large customers signing multiyear deals.
We also crossed a significant milestone of $10 million in <unk> from both experiment and audience product in just one year.
This is strong validation and execution of our strategy, especially in this macro environment.
We mentioned the potential headwinds in the economy during our last earning call and we saw the following specific impact in Q3.
Expansion bookings were lighter than expected as some of our customer business load and budget scrutiny remain elevated.
We saw higher churn from small businesses, who are unable to pay.
And partial churn increase as customer right size due to budget or utilization.
Yeah.
If we look past the near term headwinds are growth vectors have not changed.
We will work to continue to acquire new customers around the world.
Expand across our existing customer base and.
And extend our product leadership and an early an underpenetrated market.
We are confident that we can continue to navigate this environment and come out even stronger.
We're seeing results from prior investments and managing the business for long term sustainable growth.
We're in a great position to stay aggressive.
When the digital analytics category.
Yeah.
Geographically revenue from the U S increased 26% year over year to $37 4 million in Q3 or 61% of total revenue.
International revenue increased 52% to $24 2 million or 39% of total revenue.
As a reminder, we invoiced primarily in U S. Dollar so the strength of the dollar does not have an FX impact on revenue, but it does have a negative impact on new business.
Total <unk> increased to $248 1 million.
Up 63% year over year.
Current <unk> also increased to $183 9 million.
Up 46% year over year or approximately 74% of total RPM.
Our strong growth in <unk> benefited from a steady increase in multi year deal.
Next I'll be discussing non-GAAP results for Q3 going forward.
As a reminder, 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 our IR website.
Gross margin was 74% up more than 300 basis points year over year.
We saw upside to gross margin this quarter with us achieving another credit from our hosting provider.
We expect to continue to operate in a range of 71% to 74% in the near term.
Okay.
Turning to operating expenses in the quarter sales and marketing expense was 45% of revenue compared to 43% of revenue in Q3 2021.
R&D expense was 23% of our morale.
Compared to 19% of revenue in Q3 2021.
As planned we continue to hire across all function at a more measured pace that we had planned for.
Our strong discipline delivered an operating loss of $4 9 million or negative, 8%, beating our guidance of negative 16% to 17% and compared to a loss of $2 3 million or negative 5% in Q3 2021.
Net loss per share was <unk> <unk> based on 112 million shares compared to a loss of bite them with $39 3 million shares a year ago.
Cash cash equivalents in marketable securities were $306 6 million at the end of Q3.
Note. This now includes $59 4 million in U S Treasury bonds classified as non current.
Free cash flow was negative $3 9 million or negative 6% of revenue compared to negative $15 8 million or <unk>, 35% of revenue in a year ago period.
As a reminder, last year cash flow included $10 9 million in direct listing expenses paid in the quarter.
Now onto our outlook.
As always our guidance reflect the most recent customer conversations spend environment and event volume trends.
Here's how we're thinking about some of the financial impact to the model.
Heightened.
<unk> will cause more full and partial return.
We expect the impact on customer account to be larger than the impact on revenue as we see more term with smaller customers.
As a reminder, more than 70% of our revenue come from companies spending more than $100000 a year.
We are expecting lower event volume base expansion as customer growth slows.
Our base case is that higher churn and lower event volume base expansion will persist through the first half of 2023.
If the environment continues to deteriorate the shape of the curve could be longer.
Given the net retention rate is a trailing 12 month number we expect it to decline.
For the fourth quarter, we are expecting revenue between $62, five and $64 5 million, representing an annual growth rate of 28% at the midpoint.
non-GAAP operating margins of negative 10% to 11%.
non-GAAP net loss per share to be between three and four.
Assuming shares outstanding of approximately $113 3 million.
For the full year 2022, we are raising our revenue guidance to between $235 to $237 million with an annual growth rate of $40 to 42%.
This is higher than our prior guidance range of $232 million to $236 million due to our Q3 beat.
We expect non-GAAP operating margins to be between negative 11% to 12% a marked improvement versus our prior guidance of negative 15% to 16%.
And we expect non-GAAP net loss per share to be between 21 and two.
Assuming shares outstanding of approximately $111 6 million.
In summary, we delivered strong Q3 results.
Counting environment, we remain incredibly well positioned to win in digital analytics.
We're in a position to invest as others are retreating and.
And as always we're focused on long term sustainable growth.
With that we look forward to your questions over to you yeah.
As a reminder, please limit yourself to one question and one follow up to the interest of time I mean Youre my concern in the video when called upon our first question comes from Michael <unk> with Keybanc.
Michael.
Hi, This is Michael Mcdevitt countercyclical Terence Thanks for taking my question and congrats on that corner guys. Thanks, Michael.
To the east side, you talked about exceeding expectations internally I know youre, not giving specifics, but I'm curious if you could talk about what Charles customers tier CDP versus the competitors and then those customers generally, replacing an existing CDP provider or they didn't have one speaker in west usually.
It's both.
I think first in a macro environment like this you are getting a bunch of spend consolidation.
Where you are trying to eliminate multiple vendor spending come on to us something like an amplitude and so being able to have a CDP and experiment offering as well as a whole bunch of other stuff on products and marketing analytics helps us drive that.
<unk> with.
Grocery was actually example of they came on net new.
For the first time and they bought decided to buy the full stock outright. They didn't really have anything in place already they had a bunch of people who just joined the company that had been previous amplitude users at another company has decided to go all in with US from the start we.
We are seeing other places where we're already on the analytics and then they are adding in CDP either because they don't have one or to replace an existing vendor. So that's definitely happening too.
And so I think from my standpoint, definitely a lot of strong data points in terms of traction from that as well as experiment.
Great. Thank you.
Great next question comes from cloud Jefferies Piper followed by Elizabeth quarter.
Good luck.
Hello, and thank you for taking the question.
First I wanted to dig into the highest quarter for new land bookings in the Companys history.
Could you dig into any industry or driver that really enabled that and this is the first quarter of sub 100 net adds in 2020 or so.
You were able to still net that strong quarter of new land, even with a lower amount of customers and so you talked about how contract values were trending any drivers of strength there.
Yes, So let me break that down for you I think on one of the big trends that we're seeing is that I think historically it.
It was only very sophisticated more bleeding edge technology companies that were big adopters of amplitude. So this would be the door dashes or the atlassian sort of intuit sort of hub spots of the world that have already embraced this way of building product and we're kind of ready to go when they first met US I think what we're seeing is more of the kind of average a majority.
Technology company I called out Zillow, which was.
Fantastic land in Q3, we had a record another record deal that was actually an eight figure deal over multiple years with the with a household Tech company name.
And so that was exciting to see it so I think <unk>.
Gains from.
Early adopter tech companies to more of the majority of tech companies.
That's something that's happening in a big way now I think on the in terms of total number of customer adds I think it's definitely a more challenging environment for some of the long tail and smaller and earlier stage startups, where the funding is not like it was in 2021 and so because of that a lot of them are cutting back on resources and spend.
Decisions and things like things like that and so.
That's how I met those two things out a clock I just wanted to correct.
And then there was six figure deal it was not an eight figure deal.
Uh huh.
Oh.
Okay.
For that I don't think the only I would add to that is by what we're seeing in terms of acquisition new customer both last quarter and this quarter youre starting to see some companies naturally think of its being digitally native so that's why we're saying so early in this market. Finally, some company that you would think that they have already been doing product analytics and digital analytics for a long time going Hey, Wow, maybe this isn't the best way to whether they are in house.
Elution or they were using some existing marketing solution.
He was there something better as they evaluate and they discover amplitude and theyre moving over to us and obviously those digital company have a lot more that volumes are already have.
Okay.
Okay.
Yeah.
In digital by our new AD the decrease in worldwide prior quarter, but I think some of that also have insurance to smaller businesses.
You mentioned that we are unable to pay.
Great and then.
Just one follow up for.
Another quarter of 48% <unk> growth.
Could you walk us through the divergence between revenue growth and <unk> growth.
Ultimately would you expect them to converge over the near term.
So I wouldn't ask you to focus on the revenue growth I mean, obviously as I mentioned.
On the <unk> is benefiting from the multi year and so as you kind of reach some kind of plateau and multi year R&D that you may actually see a flip between revenue and <unk> and so I would focus on the revenue growth.
Alright, perfect. Thanks, so much.
Great next question from Elizabeth quarter, followed by origin bucket.
Great. Thank you so much I wanted to ask on <unk>. So we did see that bigger decline and just because it is a 12 month rolling number and we obviously see that much quarter to quarter change, that's helping to provide and you called out a couple of headwinds.
A little bit more color on where youre seeing more of that pressure I think churn versus the up sell and any sort of qualifiers.
Yeah.
What was.
Just thinking about the embargoes at the level, we saw in the first half.
Great question, I think that as I mentioned this in his prepared comment in terms of the whiplash I think what youre seeing in 2021, we had some customer who.
Really 12, a massive expansion as their business grew and counted came back from clients to Covid and the post Covid I think what we're seeing actually in 2022 is the accurate with combination.
Okay.
Two things one is expansion kind of being a lot less on those existing customer base and at the same time, you're also seeing churn. We obviously mentioned in Q1, we had a.
Hi term both with glitter.
Deciding not to do business with Russia, and Ukraine. So I think it was yours against our thing is you've got really high expansion that drove a lot of growth in 2021, and then you got lower expansion combined with higher churn is caused by the current macroeconomic and some of the things that happened in Q1, that's going to play into that net retention rate, yes. The only thing I would want to add to that is.
I think from my standpoint, we want to do the right long term thing for our customers and so I think some of them may have been over ambitious.
Rejected out 2021 growth rates for the very long term and so a lot of them are asking us to rightsize spend I don't think were getting a lot of churns and.
In that segment and so what we wanted to.
Okay.
Yeah.
Of course different levels levers to help them out whether from helping them track the ROI of that spend better by seeing what data is being used who is using it to sell.
Selling you know getting them additional products that they are not getting all the usage that they want out of <unk> or in some cases decreasing the volume.
That theyre doing with amplitude I think it starts to make a good point there.
We did the same thing in early 2020, when Covid first hit us and as you guys probably saw when we obviously went public we have solid net retention rate of like 116, I believe at that time and I think the right thing as always do the right.
For the organic standards and other business unit other product lines are going to go and buy experiment and Anna and audience and CDP and so we love the future of where we're at it and we're going to do the right thing for the customer in todays environment Gotcha that makes a lot of sense.
And my second question I, just wanted to ask on the operating margin really nice expansion that you got in the quarter.
Is it holding back on any of those expenses is that more of a reaction to the macro or something more structurally in permanent.
And also just a little bit more color on what were some of the biggest areas of improvement that drove that leverage yeah, I'll kind of talk to a few things actually because at the end of the day.
Okay.
Alright.
Operated very efficiently and you look at our operating margin from last year and they were actually spending what we're actually increasing our investment in product development. We were at 19%. We're now at 3% and so we're actually investing in the increase in expenditures actually for this particularly centered around investments product development. Some self kind of obviously call. It post calling returned to offers and also doing that like amplify and so.
We're actually investing and spending and some of the cut back that that Youre seeing is actually as a result of us kind of bringing in new leadership and them, saying, Hey, let's take a pause on things. We know are not working so that I can actually redeploy and use them.
Okay.
Yeah.
Okay.
New thing that I think we're working on better and everyone just Ben to suspend that seems silly and so I think our ability to turn on operating margins <unk> gross margin is at a very solid number of 74% compared to where we were before somebody wanted us gaining three points and in US also being much more prudent around our investment spend to make sure that we put more into the things are worth.
King and then picking off things that are not.
Great.
Jim.
From Blair Europe , followed by <unk> from Bank of America, Argentina.
Awesome. Thank you.
Spencer and maybe maybe this one.
Hmm.
Sure.
Okay.
Just want to clarify are you seeing churn in larger customers outside of Twitter and is it true churn or is it down so and then just last one on this topic.
As customers do turn where they've got somebody or enterprise what are they going what are they going to are they just saying we don't we don't need anything I guess going back to their in house system going to GAA, what's the replacement for amplitude or if they do decide to shut.
Shut it down yes, well, let me take this one high level and then I can let won't go on some of the details.
So the biggest reasons are either companies or business units getting shut down or going out of business.
Yeah.
Uh huh.
Our ability to secure implementation resources, we must never see someone kind of go backwards and maturity journey, it's not like folks are going to Google analytics or to saying, Hey, I'm going to try to build this in house after having not been successful with amplitude.
And so that never happens.
So I think for us, it's about making sure customers get implemented customers get setup, that's a huge focus of Thomas and Lambert and team in terms of what we want to try to drive in this environment.
The other thing is from our customers I think there is an expectation even for the ones right sizing that they will continue to grow with us long term I just talked to.
Our current seven figure customer a few weeks ago that was like hey, I want to be conscious about how we are spending over then.
Okay.
Okay.
Year.
They're going through spending reevaluation internally in the company, but the expectation is that in out years in 2024 and beyond that they'll continue to grow with us as they have since they start with us five years ago and so for on the customer side.
It's not from a competitive standpoint, we feel really well set up we're always kind of a product. That's the most innovative leading edge in terms of what they are what they were.
Well to do yes.
Yes, I mean, the only thing I can add for you. There that you said you do see churn coming from small businesses that are running.
Okay.
I think the large enterprise customers only have they really turns that we had not adopted into our solution because they are leaving to finish. Your question. There is no. We're not going to go back to something else, it's really either to go out of business or they're just not going to get those questions answered.
I do think that for the good customers, what we're seeing because of the macro environment is there to have a much tighter budget and so they may actually be looking at the data that they are sending in and trying to figure out ways to optimize that now we're actually taking the very different staff on it which is we're saying hey, great react lets hope you I think know Spencer mentioned is in the <unk>.
Fair remarks, we're trying to work around giving more visibility to the data owner to understand what how they're using the data what they did.
Okay.
Okay.
Right.
Okay.
And so that means that in the near term they like Hey, I got budget constraint I got to figure out how they can save a dollar here dollar there we're actually trying to help them identify which event, though it may not be used and how you can actually do about newest marter and so thats going to cost.
Near term issues, but in the long term I think the health of the relationship is going to be really strong.
Yeah, absolutely that makes a lot of sense.
Then just when we when you think about the coming quarters and even going into next year. The Google analytics opportunity are you expecting that to ramp up or is the.
Uh huh.
Okay.
Now in terms of impact on your customers and the migrations that are taking place is that kind of a steady state that you expect to contribute about <unk> I would say I don't know I mean, a third of our new customers coming from Google analytics already pretty significant and so I think we'll expect to continue to see that over the next few quarters I mean, Google just announced that they are.
Standing the sunsetting day for Universal analytics, because why their customers are unhappy and so I think that will continue our focus there in terms of being the bridge.
From previous generation tool to an amplitude.
We will continue to bear fruit and be successful that's a huge part of why we built out a whole bunch of marketing analytics that we talked about on last quarter's earnings call and so I expect to see more lands now will it grow even more I certainly hope so and were investing in that way.
And the business in that way.
Awesome. Thank you very much. Thanks, Greg next question from <unk>, followed by Nick Altman from Scotia Coty. Please.
Hey, guys. Thanks for taking the questions great to see expense are wrong.
Wanted to ask a question on billing.
Hey, guys up Theres kind of a $10 million pull forward and that would help that quarter, but affect the third quarter. So.
I guess, even after adding back that $10 million for the third quarter billings, it's there'll be I mean, we calculate roughly 23% so a pretty big T cell from what we've seen in the past and then when you look at that compared to the billings growth of 60% and I do realize that you just that focus on revenue, but billings has been really topical out there and with this.
Take the Delta I, just wanted to make sure we're understanding any sort of volatility or what could be causing volatility in the billings and how it could potentially affect the florida growth trajectory.
Yeah. Thanks.
Okay.
Okay.
For the second quarter quarter until actually that was a very strong quarter and a big piece of that with obviously like you mentioned the 10 million that we obviously move the renewal base that we hadn't really large expansion happened in the month of April in Q2, and some of those customers were actually supposed to renew in Q3 until yet.
From a billing standpoint, we grew 4% year over year for Q3, considering the fact that the.
Big portion of that renewal base moved over Q2.
Okay.
Okay.
That building a little bit higher than we were expecting.
Then the last thing I would okay. Okay. So unless you get numbers on our building we tend to but just as a reminder, we bill the following month right. So we don't bill on the same months. So then if you. If we have obviously have bookings that actually happened in the month of let's say September theyre going to get built in October or if there is your contracts.
In October Youre, not getting build until October and so that's another that's another factor to catch them into where the building is going to come in so our ability will be pretty lumpy when you look at quarter over quarter and stuff like that.
Got it okay understood.
Yes.
Okay.
Yes.
Uh huh.
Ask your question on what are you guys is coming internationally, while you mentioned your price in USD. So presumably it's a lot it's getting harder for international customers to buy the product. So and then just thinking forward is FX persist at these kind of levels. How are you thinking about packaging pricing internationally to help alleviate any sort of FX headwinds the international sales cycles.
This is actually so its not just international that were looking at this is for the entire customer base.
One of the big opportunities.
Yeah.
Hum.
For us, we're going to be a self service and a whole bunch of other things to allow customers to get started at lower price points or more easily with amplitude as we get into next year, and so thats going to be that wall, allowing someone to hey, let's start small prove out some ROI and then grow with us over time is going to be one of the big levers as we look to next year.
Got it thanks, guys. Thanks for taking the questions for sure Nick Hoffman from Scotia, followed by <unk>.
<unk> from UBS.
Yeah, great. Thanks, guys.
I'm curious if you've seen sort of any change from customers either on the net new side of the equation or at renewal.
Yeah.
Sure.
They're event volume commitments right like just given the macro environment I am curious just from a customer perspective are they taking a little bit more of a conservative approach to their event volume commitments and and so perhaps maybe there's going to be more overages in the future or have you guys not really seen more sort of <unk>.
Group me on an upfront commitments at renewal or even at times.
Tends not to happen as much on the net new side.
Really is on the renewal side that there are some customers that are putting a bunch of pressure on how much what event volume Theyre doing thats why I mentioned that we're going to be doing a whole bunch more on the tooling side too.
Yeah.
Okay, transparency and value can help drive that value.
Zinc for event volume.
One of the other big things as customers want to know that as they continue to scale with us will scale with them and so that's another big area of investment for 2023 is we're going to be doing a whole bunch. Therefore, so for very very large volume customers that we're able to attract more of the data because the more data we can track the more value that that we're able to provide.
Got it and then can you just talk about how overages of trend.
Okay.
Yes.
Okay.
The active given the macro and and as a follow up I guess as it pertains to your guidance philosophy do you typically them embed a certain level of overages in your guidance or is that you know typically the driver of upside, yes, Nick I'll take that one he.
Overseas for us that will be very small percentage of our revenue call. It in.
Under 2% or so because obviously what typically happens is if customers are going over there will actually end up renewing and expanding under contract and that's why we saw for instance in Q2, such a large expansion happen early in that quarter in the month of April will discuss those customer we're already over and so.
Yeah.
Okay.
Yeah.
We are number one the mortgages, we obviously it helps us to have the right contracts. So that we can do what their travel planning and executing on that side, but we haven't seen kind of a call. It again, it's such a small percentage, we haven't seen a big increase or decrease per se on the overages, it's been fairly consistent and if anything it may have gone down slightly because of some of those large customer already.
<unk> expanded like I said in enable isn't it after that with expansion always tend to go down slightly and then and then they begin to build up again.
But it is a small part out at Robinson.
Okay.
Thank you next question.
UBS, followed by Colorado, Kansas City, Kansas, Great. Thanks for taking the question. So sorry to go back and harp on billings, a little of that but it's the softest in the quarter more of a reflection of invoice timing or is it all related to the more flexible payment terms name your changes in duration given the macro and then as a second part as well as its feelings on it.
On adjusted basis for the pulse, where it is kind of in the low twenties should we think of that as a leading indicator going forward to the potential revenue growth next year or maybe not.
Yes, so a couple of things on billing again, the timing of the billing.
In terms of does matter and so therefore, the timing of the bookings also matter into Q on linear that booking happened to be more front end loaded in the quarter and our Q3 bookings were more backend loaded and so now being back in what is actually more normal and typical for us.
So that's why we were talking to you even though we don't guide on billings as we were.
As I mentioned earlier, I think our billing actually kind of with a little bit higher than we thought but that has obviously with our linearity of where where what happened and so.
It happened in the end of the quarter than we had built into the following quarter.
Sure.
Sure.
Okay, great. Thank you and I know you don't want to touch on the low twenty's comment, but could that be if that's kind of a leading indicator for a wrap up there since it's going to be variable quarter to quarter not something two to focus on too much I mean, I would point you to what we guided for Q4 in terms of our.
Our guidance for for that quarter, I think we're guiding to a midpoint of that 20% and as far as the fiscal year 'twenty. Three obviously, we'll wait until the early part of next year to provide guidance on that as we kind of continue to monitor the environment.
Thank you.
Next.
Okay.
Okay.
But.
Yeah, Hi, good afternoon. Thanks for taking the question I wanted to touch just on a go to market side. Obviously, there's been some changes to sales leadership I'm just curious if how youre thinking about maybe some of the changes for next year as you're going through the planning cycle.
It's from a overall messaging or just how you're thinking about organizing or compensating the sales force.
And then secondly, if you could just comment on your overall visibility into next year I know RPM has been outgrowing current Rps you are seeing multiyear contracts, but.
Okay.
I'm sorry.
Your visibility and so forth.
Excited. Thank you Thomas is here and he has already driven lot of changes within the organization up leveled leadership that we have across the board. So tough in a new CMO, who I mentioned are very excited that he brought her and multiple hires across ops sales ops leadership sales leadership enablement.
Enablement, if you buy our other areas and we will continue to evolve the team I think the way I think about setting it up as we're building out the leadership from to take us from here to $1 billion in revenue and Thats, a new kind of stage for us as a company obviously, we've done a great job in Canada.
Okay.
Okay.
Now it's about how do we build the machine that execute for the for the next few years.
In terms of the different sales comp was loved compensating great salespeople voluntary.
I want to make a lot of money come join come join us here at amplitude and.
So that's an area that we're always evaluating how to reward great sellers and great sales performance and want to make sure to set people up while there I think theres a lot.
Just generally on the execution that we're focused on improving so I mentioned, a whole bunch of areas. During the prepared remarks forecasting pipeline growth enablement inspection on top accounts and things like that.
We're seeing a lot of great improvement there Tom has only been here for a few months and so it's still quite a ways for that to play out as we go forward over the next few quarters intelligent cash or a question on visibility I think is a little bit of a mixed bag I think obviously, we're really excited by the fact that we actually have more multi year in <unk>.
<unk> and that we're also starting to see some really great traction on the land side, but I think also the macroeconomic kind of pressure on both kind of partial churn in full turn on those customer base.
It's kind of this is like given some of those clouds too and so at the moment. It seems like we're always chasing one thing and then something else has changed I think like if you were to happen early in the quarter.
Yeah.
Though I'm sorry early in the year, we felt really good about a lot of things and then the question about land was actually going to be more of like hey, how is that going to come out how they're going to play out and as we kind of put a lot of energy and execution on that youre starting to see the benefit from that and now obviously the macro is causing some of those things.
Are we expecting and so but we're going to we're going to work in a managed without too.
Great and then if I could just ask a follow up on competition. So obviously you touched on Google analytics earlier, but just as we think about the reduced VC funding environment and.
Obviously less capital formation.
Yeah.
Yeah.
Okay.
Hi, there.
There if you.
If we can acquire and we're still in great competitive position I think we continue to win a lot of the top growing companies and Bureau, a phenomenal example of that on the consumer side, where they've really taken off in a big way and they're big amplitude customers.
And our focus is continuing on trying to win that I think one of the big things.
As I talked about is like pricing and packaging to make sure that we have more options and opportunities for those people to come on to amplitude I think the value in them is not just in the revenue, but that a lot of those companies.
Okay.
Our leading edge when it comes to how we think about what you guys are looking at and how they're using that to drive product and so we want to make sure to be successful with them, which is why we're doing a bunch on the pricing and packaging fronts as once it making sure it would be very specific targeting.
<unk> grown companies a lot of them a lot of the larger companies both in tech non tech actually look to those startups when they say how should I build out the data driven product first culture and so it's super important for us to win and so we're continuing to do that and we were.
Always a top priority on our end.
Thank you.
Great and with that I am seeing no further questions.
Okay.
Yes.
Okay.
I'll be at the UBS Global TMT conference in December details will be closer to the Investor Relations page of <unk> website at investors <unk> com. Thank you very much for attending our Q3 earnings Conference call. You May now disconnect. Thank you, everyone Hey, guys.