Amplitude Inc

Previous wording

Amplitude is a leading Digital Analytics Platform that helps businesses understand how people are using their products so they can build amazing digital experiences that increase acquisition, monetization and retention - and drive revenue growth. We work with almost 3,500 paying customers of various sizes and stages of digital maturity, across many industries, including the teams behind some of the most-beloved digital products in the world. We have experienced significant growth in recent years, with approximately 700 employees in seven global offices.

Current wording

Amplitude is a leading Digital Analytics Platform that helps businesses understand how people are using their products so they can build amazing digital experiences that increase acquisition, monetization and retention - and drive revenue growth. We work with more than 4,000 paying customers of various sizes and stages of digital maturity, across many industries, including the teams behind some of the most-beloved digital products in the world. We have experienced significant growth in recent years, with approximately 740 employees in seven global offices.

Previous wording

At the core of our Digital Analytics Platform is our Behavioral Graph, a proprietary, purpose-built behavioral database that is the largest of its kind. Our Behavioral Graph instantly finds patterns, makes recommendations, and connects customer actions along their journeys to the right business outcomes, like engagement, growth, and loyalty. We architected our Behavioral Graph to power numerous products, beginning with our core product analytics platform. Consistently ranked #1 in multiple categories by G2, Amplitude Analytics provides real-time product data and reconstructed user visits so cross-functional teams can understand what is working and what is not. We have since expanded our offerings to include products that enable teams to build personalized product experiences, test product changes, and improve data quality across their technology stack.

Current wording

At the core of our Digital Analytics Platform is our Behavioral Graph, a proprietary, purpose-built behavioral database that is the largest of its kind. Our Behavioral Graph instantly finds patterns, makes recommendations, and connects customer actions along their journeys to the right business outcomes, like engagement, growth, and loyalty. We architected our Behavioral Graph to power numerous products, beginning with our core product analytics solution. Consistently ranked #1 in multiple categories by G2, Amplitude Analytics provides real-time product data and reconstructed user visits so cross-functional teams can understand what is working and what is not. We have since expanded our offerings to include products that enable teams to build personalized product experiences, test product changes, and improve data quality across their technology stack.

Previous wording

Historically, we have been successful at efficiently growing our customer base and number of customers who have entered into and grown into larger subscriptions with us as evidenced by the growth of our number of paying customers and number of customers that represent greater than $100,000 in annual recurring revenue (“ARR”). As of September 30, 2024 and 2023, we had 3,486 and 2,471 paying customers, respectively, representing an increase of 41% year-over-year. Additionally, as of September 30, 2024 and 2023, we had 567 and 502 customers, respectively, that each represented greater than $100,000 in ARR, representing a 13% increase year-over-year. We believe our relationship with some of the world’s most beloved product-led companies has resulted in increased brand credibility and access to many attractive growth opportunities. As of September 30, 2024 and 2023, our dollar-based net retention rate for the trailing twelve months was 97% and 105%, respectively, for paying customers. Additionally, our ending dollar-based net retention rate for paying customers as of September 30, 2024 and 2023, was 98% and 99%, respectively.

Current wording

Historically, we have been successful at efficiently growing our customer base and number of customers who have entered into and grown into larger subscriptions with us as evidenced by the growth of our number of paying customers and number of customers that represent greater than $100,000 in annual recurring revenue (“ARR”). As of March 31, 2025 and 2024, we had 617 and 521 customers, respectively, that each represented greater than $100,000 in ARR, representing a 18% increase year-over-year. We believe our relationship with some of the world’s most beloved product-led companies has resulted in increased brand credibility and access to many attractive growth opportunities. As of March 31, 2025 and 2024, our dollar-based net retention rate for the trailing 12 months ("TTM") was 98% and 99%, respectively, for paying customers. Additionally, our ending dollar-based net retention rate for paying customers as of March 31, 2025 and 2024, was 101% and 97%, respectively.

Previous wording

We believe that our customers will demand additional features and capabilities beyond our current platform offerings to assist them in optimizing their digital products. We have a history of, and will continue to invest significantly in, developing and delivering innovative products, features, and functionality targeted at our core customer base. In addition, we may choose to add new products and offerings or enhance our platform capabilities through acquisitions. In recent years, we have acquired companies to bolster our predictive analytics and data instrumentation capabilities. Going forward, we may pursue both strategic partnerships and acquisitions that we believe will be complementary to our business, accelerate customer acquisition, increase usage of our platform, and/or expand our product offerings in our core markets.

Current wording

We believe that our customers will demand additional features and capabilities beyond our current platform offerings to assist them in optimizing their digital products. We have a history of, and will continue to invest significantly in, developing and delivering innovative products, features, and functionality targeted at our core customer base. In addition, we may choose to add new products and offerings or enhance our platform capabilities through acquisitions. In recent years, we have acquired companies to bolster our predictive analytics and data instrumentation capabilities and most recently we acquired CommandAI to provide intuitive, AI-powered user assistance to make complex software easier to adopt and navigate. Going forward, we may pursue both strategic partnerships and acquisitions that we believe will be complementary to our business, accelerate customer acquisition, increase usage of our platform, and/or expand our product offerings in our core markets.

Previous wording

Our investment for growth encompasses multiple critical areas, including product expansion, our sales force, sales support, partner ecosystem, and our international presence. We continue to evolve our technology and product offerings, to ensure that we are best serving our customers’ needs. For example, in September 2024, we launched Amplitude Made Easy to simplify the platform experience for customers, and in June 2024, we introduced Warehouse Native to allow customers to unlock insights directly from their data warehouse. Additionally, in October 2023, we introduced Plus to bring the full power of digital analytics to every team for less. We believe the evolution of our technology and product offerings will lead to increased retention and positive customer referrals that will continue to generate expansion opportunities within our existing installed base and from new customers. We plan to continue to invest in our research and development organization to maintain and strengthen our market leadership position, and we believe that attracting the best engineering talent will continue to be critical to our long-term success. As we continue to invest in our platform, we expect our research and development expenses, including those capitalized for internal-use software, to increase in dollar amount over time. Over the longer term, we believe these expenses as a percentage of revenue will decrease, though these expenses as a percentage of revenue could increase in the short term.

Current wording

Our investment for growth encompasses multiple critical areas, including product expansion, our sales force, sales support, partner ecosystem, and our international presence. We continue to evolve our technology and product offerings, to ensure that we are best serving our customers’ needs. For example, in September 2024, we launched Amplitude Made Easy to simplify the platform experience for customers, and in June 2024, we introduced Warehouse Native to allow customers to unlock insights directly from their data warehouse. Additionally, in February 2025, after our acquisition of CommandAI, we launched Guides and Surveys which fully integrates CommandAI's cutting-edge user assistance with our Data Analytics Platform. We believe the evolution of our technology and product offerings will lead to increased retention and positive customer referrals that will continue to generate expansion opportunities within our existing installed base and from new customers. We plan to continue to invest in our research and development organization to maintain and strengthen our market leadership position, and we believe that attracting the best engineering talent will continue to be critical to our long-term success. As we continue to invest in our platform, we expect our research and development expenses, including those capitalized for internal-use software, to increase in dollar amount over time. Over the longer term, we believe these expenses as a percentage of revenue will decrease, though these expenses as a percentage of revenue could increase in the short term.

Previous wording

We will continue to make strategic investments in our sales efforts to pursue attractive growth opportunities and ensure customer success, particularly with larger enterprises where we have experienced significant traction to date. We also plan to invest in our channel partners, such as independent software vendors, and resellers, to extend our reach faster than we could do on our own. Although we previously experienced cost savings due to our restructuring, as we continue to invest in our sales efforts, we expect our sales and marketing expenses to increase in dollar amount over time. Over the longer term, we believe these expenses as a percentage of revenue will decrease over the longer term, though these expenses as a percentage of revenue could increase in the short term.

Current wording

We will continue to make strategic investments in our sales efforts to pursue attractive growth opportunities and ensure customer success, particularly with larger enterprises where we have experienced significant traction to date. We also plan to invest in our channel partners, such as independent software vendors, and resellers, to extend our reach faster than we could do on our own. Although we previously experienced cost savings due to our restructuring, as we continue to invest in our sales efforts, we expect our sales and marketing expenses to increase in dollar amount over time. Over the longer term, we believe these expenses as a percentage of revenue will decrease, though these expenses as a percentage of revenue could increase in the short term.

Previous wording

Finally, we see opportunities to expand offices and headcount internationally to better service targeted international markets where we believe we have significant opportunity to accelerate existing traction and success. For the three and nine months ended September 30, 2024, 40% of our revenue was generated outside the United States. As we seek to expand our business globally, we may be adversely affected by global economic and political instability. For example, as a result of the Russia-Ukraine war and related sanctions, we have terminated certain relationships with customers in Russia. Some of the businesses of our customers in the impacted regions have also experienced disruptions that have affected their ability to pay for our services. See “Risk Factors–Risks Related to Our Business and Industry–Our operations are international in scope, and we plan further geographical expansion, creating a variety of operational challenges.”

Current wording

Finally, we see opportunities to expand offices and headcount internationally to better service targeted international markets where we believe we have significant opportunity to accelerate existing traction and success. For the three months ended March 31, 2025, 39% of our revenue was generated outside the United States. As we seek to expand our business globally, we may be adversely affected by global economic and political instability. For example, as a result of the Russia-Ukraine war and related sanctions, we have terminated certain relationships with customers in Russia. Some of the businesses of our customers in the impacted regions have also experienced disruptions that have affected their ability to pay for our services. See “Risk Factors–Risks Related to Our Business and Industry–Our operations are international in scope, and we plan further geographical expansion, creating a variety of operational challenges.”

Previous wording

We define ARR as the annual recurring revenue of subscription agreements, including certain premium professional services that are subject to contractual subscription terms, at a point in time based on the terms of customers’ contracts. ARR should be viewed independently of revenue, and does not represent our U.S. GAAP revenue on an annualized basis, as it is an operating metric that can be impacted by contract start and end dates and renewal rates. ARR is also not intended to be a forecast of revenue.

Current wording

We define ARR as the annual recurring revenue of subscription agreements at a point in time based on the terms of customers’ contracts, including certain premium services that are subject to contractual subscription terms and Plus customers that we expect to recur. ARR should be viewed independently of revenue, and does not represent our U.S. GAAP revenue on an annualized basis, as it is an operating metric that can be impacted by contract start and end dates and renewal rates. ARR is also not intended to be a forecast of revenue.

Previous wording

We calculate dollar-based net retention rate as of a period-end by starting with the ARR from the cohort of all customers as of 12 months prior to such period-end (the “Prior Period ARR”). We then calculate the ARR from these same customers as of the current period-end (the “Current Period ARR”). Current Period ARR includes any expansion and is net of contraction or attrition over the last 12 months but excludes ARR from new customers as well as any overage charges in the current period. We then divide the total Current Period ARR by the total Prior Period ARR to arrive at the dollar-based net retention rate (“NRR”). We then calculate the weighted average of the trailing 12-month dollar-based net retention rates, to arrive at the dollar-based net retention rate (“NRR (TTM)”).

Current wording

We calculate dollar-based net retention rate as of a period-end by starting with the ARR from the cohort of all customers as of 12 months prior to such period-end (the “Prior Period ARR”). We then calculate the ARR from these same customers as of the current period-end (the “Current Period ARR”). Current Period ARR includes any expansion and is net of contraction or attrition over the last 12 months but excludes ARR from new customers as well as any overage charges in the current period. We then divide the total Current Period ARR by the total Prior Period ARR to arrive at the dollar-based net retention rate (“NRR”). We then calculate the average of the trailing 12-month dollar-based net retention rates, to arrive at the dollar-based net retention rate (“NRR (TTM)”).

Previous wording

We believe our ability to grow the number of paying customers on our platform provides a key indicator of the demand for our platform, growth of our business, and our future business opportunities. Increasing awareness of our platform and its broad range of capabilities, coupled with the mainstream adoption of cloud-based technology, has expanded the diversity of our customer base to include organizations of different sizes across virtually all industries.

Current wording

We believe our ability to grow the number of paying customers on our platform, particularly those spending $100,000 or more a year, provides a key indicator of the demand for our platform, growth of our business, and our future business opportunities. Increasing awareness of our platform and its broad range of capabilities, coupled with the mainstream adoption of cloud-based technology, has expanded the diversity of our customer base to include organizations of different sizes across virtually all industries.

Previous wording

Stock-based compensation expense-related charges include employer payroll tax-related expenses on employee stock transactions, but exclude stock-based compensation costs included in Restructuring and other related charges.

Current wording

Stock-based compensation expense-related charges include employer payroll tax-related expenses on employee stock transactions.

Previous wording

Provision for (benefit from) income taxes consists primarily of income taxes in certain foreign jurisdictions in which we conduct business. To date, we have not recorded any U.S. federal income tax expense, and our state and foreign income tax expenses have not been material. We have recorded deferred tax assets for U.S. federal income taxes for which we provide a full valuation allowance. These deferred tax assets primarily include net operating loss carryforwards of $434.5 million and tax credit carryforwards of $13.0 million, net of reserves as of December 31, 2023, which begin expiring in 2032 and 2033, respectively. We expect to maintain this full valuation allowance in U.S. jurisdictions for the foreseeable future as it is not more likely than not the deferred tax assets will be realized based on our history of losses.

Current wording

Provision for (benefit from) income taxes consists primarily of income taxes in certain foreign jurisdictions in which we conduct business. For the periods presented, the difference between the U.S. statutory rate and our effective tax rate is primarily due to the valuation allowance on deferred tax assets. Our effective tax rate is also impacted by earnings realized in foreign jurisdictions where the statutory tax rates are different from the federal statutory tax rate. We expect to maintain this full valuation allowance in U.S. jurisdictions for the foreseeable future as it is not more likely than not the deferred tax assets will be realized based on our history of losses.

Previous wording

Revenue increased $4.6 million, or 6%, during the three months ended September 30, 2024 compared to the three months ended September 30, 2023. The increase in revenue was primarily due to growth of our paying customer base by 41%, partially offset by partial and full churn among existing customers which marginally outpaced our expansion of existing customers as reflected by our NRR (TTM) of 97% as of September 30, 2024.

Current wording

Revenue increased $7.3 million, or 10%, during the three months ended March 31, 2025 compared to the three months ended March 31, 2024. The increase in revenue was primarily due to growth of our paying customer base, partially offset by partial and full churn among existing customers which marginally outpaced our expansion of existing customers as reflected by our NRR (TTM) of 98% as of March 31, 2025.

Previous wording

Cost of revenue increased $1.5 million, or 8%, during the three months ended September 30, 2024 compared to the three months ended September 30, 2023. The increase was primarily due to an increase of $0.7 million in third-party hosting costs as we increased capacity to support paying customer usage and growth of our paying customer base and $1.0 million in personnel and related expenses, including an increase in allocated overhead costs.

Current wording

Cost of revenue increased $1.3 million, or 7%, during the three months ended March 31, 2025 compared to the three months ended March 31, 2024. The increase was primarily due to an increase of $0.6 million in amortization of capitalized internal-use software development costs and acquired developed technology intangible assets and an increase of $0.5 million in personnel and related expenses, including an increase in allocated overhead costs. The increase was also attributable to an increase of $0.3 million in third-party hosting costs as we increased capacity to support paying customer usage and growth of our paying customer base.

Previous wording

Research and development expenses decreased $2.8 million, or 13%, during the three months ended September 30, 2024 compared to the three months ended September 30, 2023. This decrease was primarily due to a higher percentage of personnel being dedicated to new application development which are capitalized as internal use software costs in the period.

Current wording

Research and development expenses increased $0.6 million, or 3%, during the three months ended March 31, 2025 compared to the three months ended March 31, 2024. The increase was primarily attributable to an increase of $2.1 million in personnel and related expenses, including an increase in allocated overhead costs, offset by a decrease of $1.2 million in stock-based compensation expense and related payroll taxes. The increase was also partially offset by a higher percentage of personnel being dedicated to new application development which resulted in $0.6 million more capitalized as internal use software costs in the period.

Previous wording

Sales and marketing expenses increased $2.4 million, or 6%, during the three months ended September 30, 2024 compared to the three months ended September 30, 2023. The increase was primarily due to an increase of $2.2 million in personnel and related expenses, including an increase in allocated overhead costs and an increase of $0.5 million in stock-based compensation expenses and related payroll taxes.

Current wording

Sales and marketing expenses increased $3.3 million, or 8%, during the three months ended March 31, 2025 compared to the three months ended March 31, 2024. The increase was primarily due to an increase of $3.2 million in personnel and related expenses, including an increase in allocated overhead costs and an increase of $0.9 million in stock-based compensation expenses and related payroll taxes. The increases were partially offset by a decrease of $0.5 million in marketing expenses and a decrease of $0.4 million in the amortization of capitalized commissions.

Previous wording

General and administrative expenses increased $2.6 million, or 18%, during the three months ended September 30, 2024 compared to the three months ended September 30, 2023. The increase was primarily attributable to an increase of $1.6 million in personnel and related expenses, including an increase in allocated overhead costs.

Current wording

General and administrative expenses increased $1.6 million, or 11%, during the three months ended March 31, 2025 compared to the three months ended March 31, 2024. The increase was primarily attributable to an increase of $0.4 million in personnel and related expenses, including an increase in allocated overhead costs, an increase of $0.8 million in consulting fees, and an increase of $0.3 million in subscription software.

Previous wording

Other income (expense), net increased $0.5 million, or 13%, during the three months ended September 30, 2024 compared to the three months ended September 30, 2023. The increase was primarily due to higher interest income of $0.4 million due to a higher combined yield on investments and cash equivalents in the three months ended September 30, 2024.

Current wording

Other income (expense), net decreased $0.9 million, or 25%, during the three months ended March 31, 2025 compared to the three months ended March 31, 2024. The decrease was primarily due to lower interest income of $0.7 million due to a lower combined yield on investments and cash equivalents in the three months ended March 31, 2025.

Previous wording

Provision for (benefit from) income taxes increased $0.5 million, during the three months ended September 30, 2024 compared to the three months ended September 30, 2023, primarily due to increased foreign taxes during the three months ended September 30, 2024 compared to the three months ended September 30, 2023.

Current wording

Provision for (benefit from) income taxes increased $0.4 million, or 83%, during the three months ended March 31, 2025 compared to the three months ended March 31, 2024, primarily due to increased foreign taxes during the three months ended March 31, 2025 compared to the three months ended March 31, 2024.

Previous wording

Since inception, we have financed operations primarily through the net proceeds we have received from the sales of our preferred stock and common stock as well as cash generated from the sale of subscriptions to our platform. We have generated losses from our operations as reflected in our accumulated deficit of $425.3 million as of September 30, 2024. We generated positive cash flows from operating activities for the nine months ended September 30, 2024 and for the year ended December 31, 2023; however, we have historically generated negative cash flows from operating activities. Our future capital requirements will depend on many factors, including revenue growth and costs incurred to support our platform, including growth in our customer base and customer usage, increased research and development expenses to support the growth of our business and related infrastructure, and increased general and administrative expenses to support being a publicly-traded company.

Current wording

Since inception, we have financed operations primarily through the net proceeds we have received from the sales of our preferred stock and common stock as well as cash generated from the sale of subscriptions to our platform. We have generated losses from our operations as reflected in our accumulated deficit of $480.1 million as of March 31, 2025. We generated negative cash flows from operating activities for the three months ended March 31, 2025; however, we have generated positive cash flows from operating activities during the years ended December 31, 2024 and 2023. Our future capital requirements will depend on many factors, including revenue growth and costs incurred to support our platform, including growth in our customer base and customer usage, increased research and development expenses to support the growth of our business and related infrastructure, and increased general and administrative expenses to support being a publicly-traded company.

Previous wording

As of September 30, 2024, our principal sources of liquidity were cash and cash equivalents of $317.4 million and restricted cash of $0.9 million. We also had $2.5 million in marketable securities that provide additional capital resources. Additionally, a substantial source of our cash provided by operating activities is our deferred revenue, which is included on our condensed consolidated balance sheets as a liability. Deferred revenue consists of the unearned portion of billed fees for our subscriptions, which is recorded as revenue over the term of the subscription agreement. As of September 30, 2024, we had $114.9 million of deferred revenue, all of which was recorded as a current liability. This deferred revenue will be recognized as revenue when or as the related performance obligations are met.

Current wording

As of March 31, 2025, our principal sources of liquidity were cash and cash equivalents of $131.2 million and restricted cash of $0.9 million. We also had $151.9 million in marketable securities that provide additional capital resources. Additionally, a substantial source of our cash provided by operating activities is our deferred revenue, which is included on our condensed consolidated balance sheets as a liability. Deferred revenue consists of the unearned portion of billed fees for our subscriptions, which is recorded as revenue over the term of the subscription agreement. As of March 31, 2025, we had $117.0 million of deferred revenue, all of which was recorded as a current liability. This deferred revenue will be recognized as revenue when or as the related performance obligations are met.

Previous wording

Our largest source of operating cash is cash collection from sales of subscriptions to our paying customers. Our primary uses of cash from operating activities are for personnel and related expenses, marketing expenses, and third-party hosting-related and software expenses. For the current period we have generated positive cash flows from operating activities; however, in the last several years, we have generated negative cash flows from operating activities.

Current wording

Our largest source of operating cash is cash collection from sales of subscriptions to our paying customers. Our primary uses of cash from operating activities are for personnel and related expenses, marketing expenses, and third-party hosting-related and software expenses. For the current period we have generated negative cash flows from operating activities; however, we have generated positive cash flows from operating activities during the years ended December 31, 2024 and 2023.

Previous wording

Net cash provided by operating activities of $15.3 million for the nine months ended September 30, 2024 reflects our net loss of $61.7 million, adjusted by non-cash items such as stock-based compensation expense of $64.9 million, depreciation and amortization of $4.1 million, and non-cash operating lease costs of $2.9 million as well as net cash provided by changes in our operating assets and liabilities of $5.1 million. The net cash provided by changes in operating assets and liabilities primarily consisted of collections outpacing revenue recognized as evidenced through the net increase in cash of $11.6 million from changes in accounts receivable and deferred revenue. These changes were primarily offset by $2.2 million driven by additional payments related to deferred commissions during the period.

Current wording

Net cash used in operating activities of $8.0 million for the three months ended March 31, 2025 reflects our net loss of $22.2 million, adjusted by non-cash items such as stock-based compensation expense of $20.6 million, depreciation and amortization of $2.3 million, and non-cash operating lease costs of $1.1 million as well as net cash used in changes in our operating assets and liabilities of $10.1 million. The net cash used in changes in operating assets and liabilities primarily consisted of a $15.4 million increase in accounts receivables due to overall growth of our sales as well as timing of billings and collections partially offset by a $7.3 million increase in deferred revenue corresponding with our increased sales.

Previous wording

Net cash provided by operating activities of $23.3 million for the nine months ended September 30, 2023 reflects our net loss of $71.8 million, adjusted by non-cash items such as stock-based compensation expense of $65.0 million, depreciation and amortization of $4.2 million, and non-cash operating lease costs of $2.9 million as well as net cash provided by changes in our operating assets and liabilities of $23.9 million. The net cash provided by changes in operating assets and liabilities primarily consisted of collections outpacing revenue recognized as evidenced through the net increase in cash of $8.3 million from changes in accounts receivable and deferred revenue. Additionally, decreases in prepaid expenses and other current and noncurrent assets of $2.4 million and an increase in accounts payable and accrued expenses of $16.8 million, also increased operating cash flows during the period.

Current wording

Net cash used in operating activities of $0.05 million for the three months ended March 31, 2024 reflects our net loss of $21.5 million, adjusted by non-cash items such as stock-based compensation expense of $21.1 million, depreciation and amortization of $1.4 million, and non-cash operating lease costs of $1.0 million as well as net cash used in changes in our operating assets and liabilities of $1.8 million. The net cash used in changes in operating assets and liabilities primarily consisted of a $6.8 million increase in accounts receivable due to higher customer billings and a $5.1 million increase in prepaid expenses and other current and noncurrent assets related to an increase in prepayments made in advance for future services. These changes were primarily offset by a net increase in accrued expenses and accounts payable of $10.8 million due to timing of payments made.

Previous wording

Net cash used in investing activities of $2.3 million for the nine months ended September 30, 2023 consisted of $1.3 million in capitalized internal-use software development costs and $1.0 million in purchases of property and equipment.

Current wording

Net cash used in investing activities of $26.4 million for the three months ended March 31, 2025 consisted of $33.7 million of purchases of marketable securities, $0.8 million of capitalized internal-use software development costs, and $0.4 million in purchases of property and equipment. These decreases were partially offset by $8.6 million of cash received from the maturities of marketable securities.

Previous wording

Net cash provided by investing activities of $67.7 million for the nine months ended September 30, 2024 consisted of $91.3 million of cash received from the maturities of marketable securities, offset by $18.4 million of purchases of marketable securities, $4.2 million in capitalized internal-use software development costs, and $1.0 million in purchases of property and equipment.

Current wording

Net cash provided by investing activities of $23.1 million for the three months ended March 31, 2024 consisted of $42.5 million of cash received from the maturities of marketable securities, offset by $18.4 million of purchases of marketable securities, $0.7 million in capitalized internal-use software development costs, and $0.4 million in purchases of property and equipment.

Previous wording

Net cash used in financing activities of $14.1 million for the nine months ended September 30, 2024 consisted of $19.7 million in net tax remittance on equity awards related to the vesting of RSU awards under a withhold-to-cover method, partially offset by $5.6 million in proceeds from the exercise of stock options.

Current wording

Net cash used in financing activities of $6.1 million for the three months ended March 31, 2025 consisted of $7.6 million in net tax remittance on equity awards related to the vesting of RSU awards under a withhold-to-cover method, partially offset by $1.5 million in proceeds from the exercise of stock options.

Previous wording

Net cash used in financing activities of $0.9 million for the nine months ended September 30, 2023 consisted of $3.6 million in proceeds from the exercise of stock options offset by $3.8 million in net tax remittance on equity awards primarily driven by a change in tax withholding settlement method related to vesting of RSU awards from sell-to-cover to withhold-to-cover that occurred in the three months ended September 30, 2023.

Current wording

Net cash used in financing activities of $5.8 million for the three months ended March 31, 2024 consisted of $7.6 million in net tax remittance on equity awards related to the vesting of RSU awards under a withhold-to-cover method, partially offset by $1.8 million in proceeds from the exercise of stock options.

Previous wording

During the nine months ended September 30, 2024, there were no material changes in our contractual obligations and other commitments outside of those disclosed in the 2023 Form 10-K. For further information on our commitments and contingencies, refer to Note 9 in the consolidated financial statements contained within the 2023 Form 10-K.

Current wording

During the three months ended March 31, 2025, there were no material changes in our contractual obligations and other commitments outside of those disclosed in the 2024 Form 10-K, other than an increase in our lease commitments. See Note 9 to our condensed consolidated financial statements included in Part I, Item 1 of this Quarterly Report on Form 10-Q for further information on our commitments and contingencies.

Previous wording

Our unaudited condensed consolidated financial statements are prepared in accordance with U.S. GAAP. The preparation of these unaudited condensed consolidated financial statements requires us to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue, expenses and related disclosures. We evaluate our estimates and assumptions on an ongoing basis. Our estimates are based on historical experience and various other assumptions that we believe to be reasonable under the circumstances. Our actual results could differ from these estimates. There have been no changes to our critical accounting policies and estimates, during the nine months ended September 30, 2024 as compared to those disclosed in Part II, Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations of the 2023 Form 10-K.

Current wording

Our unaudited condensed consolidated financial statements are prepared in accordance with U.S. GAAP. The preparation of these unaudited condensed consolidated financial statements requires us to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue, expenses and related disclosures. We evaluate our estimates and assumptions on an ongoing basis. Our estimates are based on historical experience and various other assumptions that we believe to be reasonable under the circumstances. Our actual results could differ from these estimates. There have been no changes to our critical accounting policies and estimates, during the three months ended March 31, 2025 as compared to those disclosed in Part II, Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations of the 2024 Form 10-K.