Investment Memo: AMPL

Amplitude, Inc. provides a digital optimization system to analyze customer behavior within digital products in the United States and internationally. It offers Amplitude analytics for insights of customer behavior; Amplitude Recommend, a no-code personalization solution that helps to increase customer engagement by adapting digital products and campaigns to every user based on behavior; Amplitude Experiment, an integrated solution that enables teams to determine and deliver the product experiences for their customers through A/B tests and controlled feature releases; Amplitude Behavioral Graph, a proprietary database for deep, real-time interactive behavioral analysis, and behavior-driven personalization instantly joining, analyzing, and correlating any customer actions to outcomes, such as engagement, growth, and loyalty; and data management, a real-time data layer for planning, integrating, and managing data sources to create a foundation with identity resolution, enterprise-level security, and privacy solutions. The company also provides customer support services related to initial implementation setup, ongoing support, and application training. It delivers its application over the Internet as a subscription service using a software-as-a-service model. The company was formerly known as Sonalight, Inc. and changed its name to Amplitude, Inc. in December 2014. Amplitude, Inc. was incorporated in 2011 and is headquartered in San Francisco, California.

🏛️ Investment Memo: AMPL

Recommendation: {{ACTION}} (Target: ${{PRICE}}) Current Price: ${{CURRENT_PRICE}} Implied Upside: {{UPSIDE}}%

1. The Executive Thesis (The "Elevator Pitch")

The Opportunity: [Focus on asymmetry. e.g. "A mispriced compounder trading at 12x FCF despite 20% growth."]
The Portfolio Fit: [Explain correlation. e.g. "This asset provides exposure to AI growth but with Utility-like defensive cash flows."]

2. The "Quality" Scorecard

Capital Allocation: [Does management buy back stock or waste money? Recent M&A track record?]
ROIC Trend: [Is it >15%? Is it rising or falling? Why?]
The "Moat" Durability: [Why will margins remain high for 5 years? Switching costs or Network effects?]

3. Valuation & Margin of Safety

Base Case: [Assumptions: {{GROWTH}}% growth, {{MULTIPLE}}x multiple = ${{PRICE}}/share]
Bear Case (The "Kill" Criteria): [What happens if growth hits 0%? e.g. "Even with 0% growth, the 5% dividend yield provides a floor."]

4. Key Risks (Pre-Mortem)

Risk 1: [Customer Concentration (>10% of revenue)]
Risk 2: [Regulatory headwinds]
Risk 3: [Management turnover]

Disclaimer: This is for informational purposes only and does not constitute financial advice.

Investment Memo: AMPL

🏛️ Investment Memo: AMPL

1. The Executive Thesis (The "Elevator Pitch")

2. The "Quality" Scorecard

3. Valuation & Margin of Safety

4. Key Risks (Pre-Mortem)

AMPL Valuation Model

Market Update: AMPL - 2025-12-22

Investment Memo: AMPL

Market Update: AMPL - 2025-12-22